Full text of Commercial and Financial Chronicle : December 25, 1937, Vol. 145, No. 3783

The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.

dec 23
1937

^&RAnt\

COPYRIGHTED IN 1937 BY WILLIAM B. DANA COMPANY, NEW

YORK.

ENTERED AS SECONO-Cl ASS MATTER JUNE 23, 1879,

ATTHE POST OFFICE AT NEW YORK, NEW YORK, UNDER THE ACT

NEW YORK, DECEMBER 25, 1937

VOL. 145.

OF MARCH 3, 1B7B.

jSSggS

NO. 3783

brooklyn trust

NATIONAL

of

Chartered 1866

OF

George V. McLaughlin

RK

President

"jt

BROOKLYN

NEW YORK

CHASE

THE

BANK

company

THE

CITY

The

Member Federal Deposit Insurance

Corporation

YORK

is

tra-

bankers' bank.

a

many

served

BANK

NEW

CHASE

ditionally
For

OF

years

it has

large number

a

of banks and bankers

COMPANY

as

New York

correspondent

and

depository.

reserve

White, Weld & Co.
Members New York Stock Exchange

Amsterdam

PREFERRED

?

United States

STOCKS

Representatives' Offices
Paris '

Deposit Insurance Corporation

Boston

New York
London

Member Federal

Government

Buenos Aires

Securities
Yhe

Hallgarten & Co.

Brown Harriman & Co.

FIRST BOSTON
CORPORATION

Establshed 1850

Incorporated
63 Wall

Street, New York

Telephone: BOwling Green 9-5000
NEW YORK

BOSTON

PHILADELPHIA

London

Chicago

AND OTHER

;

SAN FRANCISCO

Chicago

Philadelphia

Washington

San Francisco

CHICAGO

NEW YORK

Boston

Representatives in other leading Cities

PRINCIPAL CITIES

Wertheim & Co.
120

The

Broadway

State and

New York
Amsterdam

London

NewYirkTrust

Municipal Bonds

CARL M. LOEB & CO.
61

Barr Brothers & Co.

BROADWAY

Capital Funds

NEW YORK

.

.

$37,500,000

INC.

Chicago

New York

Amsterdam

Berlin

London

Paris

ioo broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON

EDWARD B. SMITH & CO.
New York

31 Nassau Street

BOSTON

PHILADELPHIA
CLEVELAND

AVE

NEW YORK

LONDON

European Representative s Office:
8 KING

WILLIAM STREET

Service

to

Banks and

Dealers since

1888

HORNBLOWER
&

WEEKS/
Established 1888

.

LONDON, E. C 4
40

Correspondent

Edward B. Smith & Co., Inc.
Minneapoli*

CHICAGO




St. Louis

NEW YORK

*
Members

Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit

Wall Street

Insurance Corporation

New

Cleveland,

York, Boston, Chicago,
Philadelphia and

Detroit Stock Exchanges

Financial

n

Dec. 25.

Chronicle

1937

BAKER, WEEKS
A. G. Becker & Co.

& HARDEN

Incorporated

Je&W.Seligman & Co.

Investment Securities
Established 1893

Members

No. 54 Wall Street

New York Stock Exchange
New York Curb Exchange

Investment Securities

NEW YORK

Philadelphia Stock Exchange
Chicago Board of Trade

Commercial Paper

52 WALL

STREET, NEW YORK
London Correspondents

Graybar Building, New York

New York

Chicago

Commercial Trust Bldg., Philadelphia
Buhl Building, Detroit
6 Lothbury, London, E. C. 2
Bourse Building, Amsterdam

And Other Cities
,

SELIGMAN BROTHERS

Foreign

Leading

Out-

Investment Bankers and Brokers

NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Chief Office in New Zealand: Wellington
P. R. M. Hanna, General Manager

BIRMINGHAM

Head Office: 8 Moorgate, London. E. C. 2,
Eng.
Subscribed Capital
....£6,000,000

HARTFORD

Paid up

Capital

£2,000,000

Reserve Fund

£1,000,000

Currency Reserve..........

MARX & CO.

Specialists in Connecticut
Securities

BIRMINGHAM, ALABAMA

£500,000

The Bank conducts every description
business connected with New Zealand.

of banking

Correspondents throughout the World
London Manager, A. O. Norwood

PUTNAM & CO.
MUNICIPAL

SOUTHERN

CORPORATION

AND

Members New York. Stock Exchange
6

BONDS

CENTRAL ROW

Tel. 5-0151. A. T. T.

HARTFORD

Teletype—Hartford 564

Australasia and New Zealand

DETROIT

BANK OF

ST. LOUIS

NEW SOUTH

WALES

(ESTABUSHED 1817)

MICHIGAN MUNICIPALS
and

Paid

Missouri and Southwestern

CORPORATION

BONDS

Up Capital

£8,780,000
6,150,000
8,780,000

Reserve Fund
Reserve

Liability of Proprietors

Stocks and Bonds
£23,710,000

WATLING, LERCHEN & HAYES
Members

York Stook Exch.

New

Detroit Stook Exchange

834 BUHL

New York Curb Assoc.

Chicago Stock Exch.

BLDG.,

Smith, Moore & Co.

830 BRANCHES AND AGENCIES in the
Australian States, New Zealand, Fiji,
Papua,
Mandated Territory of New Guinea, and

St. Louis

DETROIT

The First Boston

St. Louis Stock

Corp. Wire

Aggregate Assets 30th Sept., 1937. £123,145,000
A. C. DAVIDSON, General
Manager

Exchange

The

London,

Bank

transacts

ever
description of Aus¬
Business.
Wool
and
other
Produce Credits arranged.

tralasian

Banking

Head

Office:

George Street, SYDNEY

London Offices:
ST.

LOUIS

29 Threadneedle

MICHIGAN MUNICIPALS

47

Street, E.C.2
Berkeley Square, W.l

Agency Arrangements with Banks throughout
the U. S. A.

Charles A. Parcel Is &. Co.
Members of Detroit Stock
Exchange

PENOBSCOT BUILDING, DETROIT, MICH

3rn{

i,

Ca

BAINT LOUIS

NATIONAL BANK

9090UVX rt

MILWAUKEE

of EGYPT
Members St. Louis Stock

Exchange

WISCONSIN
CORPORATION SECURITIES

Head

Office

FULLY

.

PAID

CAPITAL

RESERVE FUND

.

Cairo

£3,000,000
8,000,000

....

Teletype—Milwaukee 92
LONDON AGENCY

EDGAR, RICKER&CO.
■

750 North Water

6 and

7, King William Street, E. C. 4

Street,
Branches in all the

Milwaukee, Wis.

1937 Cotton Handbook

principal Towns in
EGYPT and the SUDAN

Containing

Foreign

American Cotton

Crop

Statistics

Hong Kong & Shanghai

'

also

BANKING CORPORATION

All European and Brazilian Statistics

NATIONAL BANK OF INDIA, LIMITED

Incorporated In the Colony of Hongkong. The
liability of members is limited to tbe extent and

Together with much useful and reliable

Bankers to the Government in Kenya Colony

-nlan5.er. Prescribed by Ordinance No. 6

of the

information for the Cotton Trade

Colony.

(Hongkong Currency) H$50,000,000
Paid-up Capital (Hongkong
Currency).._HJ20,000,000
Reserve Fund in Sterling

Reserve Fund in Silver

rency)-------------Reserve Liability of Proprietors
kong Currency)

A, G.
71

PRICE $1.00
Subscribed

H310.000,000
(Hong¬
H320,000,000

KELLOGG, Agent

WALL STREET, NEW YORK




(Special rates for quantity orders)

£4,000,000

Paid

£6,500 000

(Hongkong Cur-

Biahopsgate, London, E. C.

In India, Burma,
Ceylon, Kenya
Colony and Aden and Zanzibar

Branches

SEASON 1937-1938

Authorised Capital

and Uganda

Head Office: 26,

of 1929

£2,000,000

Capital...
Up Capital

Reserve Fund

£2,200,000

The Bank conducts every description of banking

COMTELBURO, LIMITED
BEAVER

ST.

NEW

YORK

and

exchange business

Trusteeships and

Executorships also

undertaken

Volume

Financial

145

Chronicle

in

Notices

thiWESTERN UNION
Telegraph Company

NOTICE
that

IS

GIVEN

HEREBY

the

principal amount of The
Western
Union
Telegraph
Com¬
pany's Collateral Trust Bonds, 5%.
amounting to $8,745,000, maturing
January 1, 1938 will be paid at the
office of the Treasurer,

Street, New York City,
January 3, 1938.

60 Hudson
on

and after

No coupons are

attached to the
payable
January 1,1938. This interest will be
paid with the bonds which should be
accompanied by income tax certifi¬
cates of ownership covering the in¬

i

Where to,

A

bonds for 6 months' interest

terest.

It's all the
words
70

K.

telephone. It carries your

your

foreign lands, to

across

the continent, to some
of ships at

a score

sea, or

just

corner.

HUNTINGTON, Treasurer.

Every day
Dividends

over

MANUFACTURING

AMERICAN

to

quickly, clearly

around the
G.

same

please?

COMPANY

Noble and West Streets

Brooklyn, New York
The Board of Directors of the American Manu¬

Company has declared
the
regular
dividend of $1.25 per share on 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.

facturing
quarterly

as

Bell

than 67 million calls are made

more

System wires. Yet

though the entire system

your

calls

through

go

were yours.

Speed, convenience and low cost are what make
telephone so valuable in your every day life.

the

Stock of the

Preferred

ROBERT

B.

BROWN,

Treasurer.

BROOKLYN TRUST

BELL

SYSTEM

TELEPHONE

COMPANY
Dividend No. 218
A semi-annual dividend of
o

1 the

Brooklyn

2% on capital stock
Company has been de¬

Trust

;

■

clared for payment on January 3. 1938, to stock¬
holders of record at the close of business December

No dividend will be paid on fractional

24, 1937.
*

WILLARD

P.

SCHENCK, Secretary.

December 16, 1937.

One of

a

Series,"A Five-Vear Record"*

Electric Bond and Share Company
$6 and $5 Preferred Stock Dividends
f

67%

lAEREASE

TAXES

The

regular
quarterly
dividends
of $1.50
per share on the $6 Preferred Stock and $1.25
per share on the $5 Preferred Stock of the Com¬
pany have been declared for payment February 1,
1938, to stockholders of record at the close of
business January 6, 1938.
A.

C.

RAY,

5'/£ VEARS

in
An

increase

of 67% in taxes

on

companies in

Treasurer.

Associated

the

System

recorded between

was

1932 and June 1937. In the 12 months ended

Notices
THE

BRUNSWICK AND
RAILROAD

WESTERN

THE BRUNSWICK AND

RAILROAD

WESTERN

COMPANY

the

previous similar period was

COMPANY

The $1,406,000 outstanding 4% Bonds, secured
by First Mortgage of The Brunswick and Western
Railroad Company, maturing January 1st, 1938,
together with interest coupon maturing January
1st, 1938, will be paid upon presentation at office
of United States Trust Company of New York.
45 Wall Street, New York City.

alone

19 37

30,

June

In

one

electric

large

all types

from

taxes exceed the total

residential customers for

levied upon
are

kinds of taxes

different

40

COMPANY, Successor.

levies

H. L. Borden, Vice-President.

The

Little

Ferry National Bank, located at
Little Ferry, in the State of New Jersey, is closing
affairs.
All note holders and other creditors
of the association are therefore hereby notified
to present the notes and other claims for pay¬
its

The

are

companies in the Associated System.
in

addition

many

By ATLANTIC COAST LINE
RAILROAD

the

of service in the home.
than

More

There

company,

revenue

increase over

22%.

fees, duties, and

paid to regulatory bodies.
contribution

which Associated

the

to

has increased

to

make

as

the following

cost

of

government

companies have been

rapidly in recent

asked
years,

table shows:

ment.

LOFTUS

Dated November 23,

V. BUNN,

President.

1937.

1932

.......

1934

.

1935

......

1936

Harper & Turner
Investment Bankers
EXCHANGE

BUILDING

PHILADELPHIA
Business Established 1912




...

...

.

.

.

.

.

1937*

12,938,000
13,750,000

15,135,000

16,965,000'

*12 months ended June

INC.

STOCK

$10,125,000
11,131,000

1933

ASSOCIATED GAS
& ELECTRIC SVSTEIA

w

nmmttrial §r
No. 3783.

DECEMBER 25, 1937

Vol. 145

CONTENTS

Editorials
Financial Situation

page

4011

..

___4023

A Bend in the New Deal Road.
The Limits of American

Foreign Policy.-

.4025

....

Comment and Review

4026

Capital Flotations for the Month of November.
Week

on

the

—4015

European Stock Exchanges

4016

Foreign Political and Economic Situation

4020 & 4058

Foreign Exchange Rates and Comment
Course of the Bond Market

4027

Indications of Business Activity

4028
4014
4057

Week

on

the New York Stock Exchange

Week

on

the New York Curb Exchange

..

News
4036

Current Events and Discussions
Bank and Trust

4055

Company Items

General Corporation and Investment News

Dry Goods Trade
State and

4106
.4145

-

4146

Municipal Department

Stocks and Bonds
Foreign Stock Exchange Quotations

4060 & 4071
4063

Dividends Declared

4104

Auction Sales
New York Stock
New York Stock

.4072

Exchange—Stock Quotations

Exchange—Bond Quotations -.4072 & 4082

New York Curb

Exchange—Stock Quotations

4088

New York Curb

Exchange—Bond Quotations

..4092

Other Exchanges—Stock

and Bond Quotations.

.4094
.4099
Over-the-Counter Securities—Stock & Bond Quotations .4102

Canadian Markets—Stock and Bond Quotations

Reports
Foreign Bank Statements

....

...

Course of Bank Clearings

Federal Reserve Bank Statements
General Corporation

and Investment News

Commodities
The Commercial Markets and the

Crops

Cotton

Breadstuff s

Published Every Saturday
Morning by the William B. Dana Company, 25 Spruce

Street, New York City

Herbert D. Seibert, Chairman of the Board and
Editor; William Dana Seibert, President and Treasurer;

William D. Riggs Business
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
& Smith, 1 Drapers' Gardens, London, E. O.
Copyright 1937 byWilliamBDana Company.
Entered as second-class matter June
23,1879, at the post office at New York, N. Y., under the Act of March 3.1879.
Sutecriptions
£United States and Possessions, 115.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year, $9.75 for 6 months,
South and Centra! America,
Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter ,45 cents
P®
e
Contract and card rates on request. NOTE; On account of the fluctuation in the rates of exchange, remittances

0t£ep offices;

8tate0613>.

for foreign

London—Edwards

subscriptions and advertisements




must be made in

New York funds.

The Financial Situation
AS IS USUAL when business conditions have taken

fx

extraordinary turn for the

an

worse,

a

large part of the time and effort of business
being devoted to

now

what lies in store for

become

word to

a

an

chasing power"
months to

us.

Inventories

conjure with.

likely to
almost

come are

Previous

statisticians.

studied with

be
as

be slow and

How

and

tions

are

In

It

of

to

man

at

about

the

confront

his

timidity

be

as

has

tends

done

do.

to

The

cial factors, many

in¬

artifi¬

new

of

men

at present,

1.

active in busi¬

ness

are

to the experi¬

ence

injected into the

rent

situation

have

future.
it is

2.

this

The

cur¬

obvi¬

tax

so

are

not

more

thought

how

soon

and

or

as

does not live in the
can

well

that conclu¬
Neither

be given to determining

more

long

as to

attention to

be expected than to the
once

run.

run,

it has

relatively

The business

but must

man

so manage

his

stay in business while he is yet

alive and active.

some one

debt retirement

At the

must

Statesmanship

give considerations of economic

statesmanship the attention that they deserve if the




plan¬
com¬

By and large,
that

appears

this

tinction has been

made and
served

as

in

dis¬

faithfully

carefully ob¬

actual

practice
years,

and it is to this fact that

as

we

owe

the fortunate cir¬

that

cumstance

versity
months

are

of
has

with

the

not

the

ad¬

past

the

few

found

usual

us

of

crop

and

difficult

time, it is disconcerting to find,

same

appears to

be the

that from which
a

more

case,

we are

vigorous and

that
now

even

such

a

as

reversal

as

suffering does not evoke

a more

compelling demand for

prompt and far-rdaching changes in the faulty public

policies that
as

a

are

responsible for the difficulties.

people, whatever

few leaders of

that

may

We

be true of the relatively

practical economic thought,

have become almost

appear

to

incurably obsessed with the idea

by tinkering with the economic system

better the condition of

we can

mankind—provided the tinker¬

ing is of the right sort—and correspondingly willing to

bargain,

group

treatment for

Economic

Yet

as

are

practical work-a-day

solidity of "recovery"

proximate than in the long

long-term

adjustments to make.

made its appearance; more interest in the

affairs that he

far

so

a

that clearly

it

We

altogether unanimous.

may

one

mitments.

President

much time and effort

seems to

"recovery"

for

dis¬
situa¬

merely offers

underlying

ought to be made to happen;

soundness

that

during the past few

just what is going to happen than to inquiry
what

bids

execu¬

ning and long-term

every

obviously right

op¬

profit,

a

possible.

is it unreasonable that in this

world

an

a

however,

profit and

unpalatable but,
perfectly true.
More

this, two, and only two, comments

reductions

being spent in diagnosis and prognosis,
sions reached

will,

tion

reason

hardly strange that

sees

tinguish between

in order.
The President is

The
no one

The wise

case.

tive

does not go nearly far
ought not merely to reduce
expenditures "to a figure which will closely
approximate the estimated tax receipts," but
to curtail them to the
point where substantial

forecasting the

For

are

glad to get

are

enough.

ously greatly complicated
the task of

things.

of affairs needs

suggest to him that he

the

he goes, and deserves full support.

that have

been

all

not

re¬

things

and it is well that such is

on

know, they

you

As to all

of them

utterly

year

the

to

first

portunity to make

possible expendi¬
ture of Federal funds within their
counties,
but I know you will agree with me that if we
legislated with that as the principal objective
in mind, there would not be any Democratic
Party and there would not be any solvent
government after a few years."

ac¬

or

a

States

ideas about what the Gov¬
ernment

that

than three thousand counties in the United

false

or

important

he believes he

"The above facts may be

matter

no

*

a

Federal-aid highways, the
Congress can, in its wisdom, reduce other
appropriations to make up the difference.

prospects that

how much he may

cused of

dollars

and
as

proceed with vigor when

ing between two and three hundred million

mind

well,

things first, but it

also

are

"If the Congress decides to keep on spend¬

the right

own

him,

first

is

perfect right consti¬
tutionally to exceed the budget, but, if the
budget is exceeded, obviously the Congress
must accept full responsibility
*
*
*.

He must,

moreover, reserve

to make up

It is

member

*

Congress has

sound

business

President has said, to put

essential.

*

to

so

in

finance.

to

"The

future.

Indeed, he must do
stay in business.

Appropriations

receipts.
That means that we ought to
appropriations which may be desirable

use

sound

a

the

of

basis

man

not

a

would merely constitute the first steps in a
long series that must be taken before we shall again

recovery

are

com¬

such

program

tax

at his disposal

arriving

be encouraged

portant that leaders of thought in the business

cut off

for the business

are to

a

but which

pro¬

It is, however, equally im¬

munity should bear in mind the fact that

"The Administration is making an honest
to cut the budget down to a figure

proper

for

means.

effort

alto¬

gether fitting and

judgment

available

which will closely approximate the estimated

course,

every means

every

President said in part:

are

community.

is,

by

letter sent during the week to a mem¬
Congress who had expressed himself as
"surprised and disappointed" that the Presi¬
dent should want Congress to reduce Federal
appropriations for road construction, the

gathered together in the
business

the

as

Holding Company Act, and

Congress

ber of

ques¬

three

or

"death sentence" in the

on

Those Road

de¬

being asked

wherever two

adopted

measure

find ourselves upon a

preceded it?

similar

such

no

other similar calls upon

soon may we rea¬

Will

profits tax law be repealed,

posed wages-hours bill; condemnation of the so-called

being

throw

may

material

Demands that such harmful legisla¬

the undistributed

that there be

business
are

as

make

to

to avoid substantial

are

at the very least, be basically amended; insistence

or,

during the
as

indeed if they

will

or

corresponding to the
These

tion

"pur¬

available

vigorous and positive,

cline that has

of

indeed, mankind, is

or

retrogression.

much is

as

numerous

upturn in business ?

an

halting

is

men

How long will the receding

trend of activity continue ?

it be

Almost

Estimates

avidity for what light they

sonably expect

progress,

have of late

periods of adversity

the present situation.

very

attempt to discover just

said of interest rates.

being

Nation or,

with

group,

this, that

or

for "protection," special
the other

dustry and trade, and for largesse.

branch

Any

of in¬

one

even

moderately familiar with the lobbies that organize
and flock to Washington whenever any important

Financial

4012

of this

proposed does not need to he convinced

is

measure

repeated collapse of structures erected

the

hold
the majority of people is doubtless

artificialities does not do more to break the

upon

of such ideas upon

considerable

in

of

acceptance

due

measure

widespread

the

to

so-called cyclical theory that is

a

The

positively oriental in its fatalism.
who has been told

often that

so

cated

by

Dec.^25, 1937

other regime that operated the gov¬

any

ernment upon

unpleasant fact.

That

Chronicle

average man

of prosperity are

eras

down

It is therefore to be set

this theory.

the direct

as

out-of-pocket cost of semi-man¬

aged economy embodying either the particular fea¬
of the New Deal or other features possibly

tures

in

more

keeping with common sense. Let it be care¬

fully noted, moreover, that this burden of taxation
to meet (although as a matter of fact

is necessary
does

it

is

what

of

current outgo exclusive of the

meet)

not

known

social insurance,

since

inevitably followed by periods of depression and diffi¬

cost

culty, who has been unable to read the daily press for

nothing of consequence is either being expended on

few months,

past, particularly during the past

years

finding constant reference to the ''business

without

cycle" and endless discussion as to whether we are

of the

either

with

obligations incurred in connection

insurance

unemployment

old

or

age

pensions.

cycle, all with

We should still have the National Labor Relations

strong implication that such "movements" come

Board, the Securities and Exchange Commission, a

in this

now

a

account

as

and go

that

or

much

do the tides, and that the best that
to shorten or to modify their course

within certain limits
of the

by tinkering with various parts

machine, is not nearly

two and

get four

he otherwise would be.

as

into the situation
we

them upon us.
of them all.

of

course

the

have

through governmental action,

manage

or

business affairs badly,

our

some perverse

fate imposes

And here is the most important truth
The

more

economic

more

the

more

more

undertake to manage the

we

events

by| imposing restraints

violent the fluctuations in

costly their
leave

we

the

consequences

economic

devices, and particularly the
refrain from

tended

not for

will

severe

be

the

tinkering

tinkering, but for
reason

or

merely

in¬

frequent

It

experiencing.

a

the

for

modified

tures,

to

the

eliminate

proposed

nitely shelved,
Federal

the

most

nature

were

stantial

of

profits tax

objectionable

fea¬

legislation

defi¬

wages-hours

President's

desires

about

any way

altered

even

increase

in

result.

implying that if the New

in this limited

the

rate

Where

of

should

degree

busines
we

a

sub¬

activity

stand if

this

actually given effect, but proved to be

business

should find

and

never

community?

one

taxes

is

point improved

as

we

upon a

before believed possible in peace

enormously high.

excessive

Well, first of all

public expenditures continuing

taxes, though at

still

the dictators were,

munity to bear. A well known and highly respected
a

Congressional Committee the other day that as long
Administration had the power to alter the

the

as

gold value of the dollar there would always be un¬

assertion that

an

any

as

He might

long as this Administration or

other has extraordinarily large powers of dic¬

tatorship

business relations and business oper¬

over

ations there will be a

disturbing element of uncer¬

tainty about the whole business situation.
Taxes for Non-Revenue

We

should

Purposes

complicated system of

forces taking the

natural

the

form

but for changing the normal course
Historically, and perhaps at

events.

present moment, the most important

of this
on

revenue

economic

the

have the

imposition of taxes not for the purpose of

the

of

still

with

interference

example

system is found in the customs duties, which
hand have greatly

one

encouraged retaliatory

restrictions

by other countries,

have served

as

the defense of,

and on the other

if not the occasion

times,

to form,

Some part of this burden of

chargeable to sheer waste,

ex¬

theory
farmer
with the equivalent of the "protection" given indus¬
try in the form of the tariff. To be sure, these prac¬
tices long antedate the New Deal, but the Adminis¬
tration has done little to

sert that the New Deal has

duced

inevitable

large part of

ingredient of the operation of the

added to rather than re¬

the difficulties faced

by importers, and cer¬

tainly it has from the first been the
the

idea

of

tured

products.

practical effect of the iniquitous Hawley-

McCumber

piled

upon

the indefensible Fordney-

duties, with all that has happened during

the years

the

great as it ever was, and there is no

now




tries to do, and it would be clupli-

manufac¬

But whoever is to be held respon¬

National Government when it undertakes to do all

things it

champion of

extending "protection" to the farmer

allegedly corresponding to the tariff on

Smoot tariff

a

devaluation is

consideration, it is probably safe to as¬

sible, the

plums past and present, but

modify the tariff system.

Indeed, if the indirect effect of dollar
taken into

travagance, and the distribution of gratuitous po¬

an

banking fraternity told

member of the investment

litical
it is

would not impose an element of

perpetual uncertainty hard for the business com¬

merely constitute a device for providing the

any

the be-all and the end-all of the "concessions" made

scale

places of extraordinary power,

but let it not be supposed that any

so,

for, agrarian subsidies which in New Deal

not

the

rightly

in¬

program were

to

general attitude and views of the

minimizing the importance of such steps

and without in

would

its

the

and

be

undistributed

expenditures granted—all without

tention of

Deal

what would
the

were

the

at

who hold these

raising

greater concreteness, let us con¬

moment

a

situation

vitally.

system of economic semi-dictatorship, no matter who

of

Only First Steps

sider

and

different kind of

it ought.

For the sake of

directed
men

demand

cessation of all tinkering, as in

a

of business

certainty concerning our monetary unit.

periods of disorder

as we are now

branches

all

almost

affect

to

equally as well have broadened his statement into

were

great gainjf adversity brought

a

more

logic and

if they

as

to make rulings and

issue, in their discretion, orders which cannot fail

own

its

to

carefully and fully

more

bodies, and above all the

The

become.

machine

using the banks

difficulty such

would be

prosperity and

instruments of inflation, the less

as

and the less
and

we

and injecting stimulants into the body economic,

upon

we

that

course,

either inject artificial factors

we

both, and not because

or

of

official

other

half dozen

President himself with powers

Complaint about this state of affairs is today largely

and downs in general business condi¬

chiefly because

else because

likely to add two to

so

The truth of the matter is,

these large ups
tions

a

as

be done is

can

"phase" of such

is still as
indication of

to warp our economic system,

Financial

Volume 145

This, notwithstanding

early important correction.
the

substantial

obvious

and

relationship

between

4013

Chronicle

machine would under similar circumstances. High
interest rates when they arise naturally perform a

ultra-protective system—and incidentally our

useful economic function, and low rates when arti-

rigid restriction of immigration—and the lack of
complaint at Wash-

ficially induced are harmful. What we need in this
country, perhaps more than anything else, is a renewal of faith in an unmanaged economy applied

course

that favorite instrument

to all branches and all phases of business, whether
agriculture, industry, trade or finance. The real

of the economic managers,

and of a good many who

this

competition

in labor

both

about which there is

ington

on

think

not

of themselves

the monetary
other

no

tion of
much

circles

industrial

and

much

the part of employers.

There remains of

do

so

as

economic managers,

Probably

and banking systems.

department of

our

as

to

headway

man

here. Yet both experience and the

as

that

"manager money" is

aged economy."
in other

names

following

as

any

Such tactics

days, but who

ficulties in 1929 and

dangerous and

as

other form of "manwere

called by other

doubt that the dif-

can

during the

immediately

years

in large part to be traced to the

were

tinkering with money and credit that began during
the World War and continued in

doubt

or

an-

course no one

that, by whatever name they are called,

substantially the
further

and

form

one

And of

other until the bubble burst?
can

same

tactics have been continued

developed since 1933.

Because, prob-

ably, the New Deal for one reason or another has
not

yet succeeded in blowing a bubble comparable

to that of the late
seem

'twenties, relatively few observers

really to understand just where its dollar de-

valuation, its

now

priming, its banking and credit

pump

policies have
If

one

may

brought

us.

judge by the comments constantly

heard and read

all sides, all but the very elect

on

take it for granted
se

that high interest rates

evil, that low money rates are

an

that the fact that such rates

taken

be

but that we must have less management,
;

Federal Reserve Bank Statement

planning and general management gained so

much to be avoided

as

ers,

economic life has the no-

existing state of things ought to warn any thoughtful

lesson of the current situation is not that we need
better "economic management" or different manag-

as

are now

indication

one

of

are per

blessing, and

a

very

great

low is to

underlying

QEASONAL influences are reflected rather more

O

modestly than usual in the current banking
statistics. Currency in circulation increased $85,000,000 in the week ended Dec. 22, which is considerably under normal expectations and therefore
in keeping with the tendency in evidence ever since
the current business recession started. In coming
weeks a decline of currency is assured, and it then
will be interesting to note whether the Federal Reserve banks again liquidate any or all the $37,825,000
of

open

market holdings of United States Govern-

ment securities added in November. Chiefly because
of the currency outflow from banks the reserve deposits of member banks with the 12 regional institu-

tions showed a sizable reduction in the statement
week. But this reduction was modified by large
Treasury expenditures from its general account,
such sums naturally finding their way quickly into
member bank deposits. The net result of these variations is a decrease of $50,000,{>00 for the week in
the excess reserves of member banks over legal re¬
quirements, the new estimate being $1,010,000,000. .
There are several additional items of interest in
the current statistics. Figures on foreign bank and
other deposits with the regional institutions suggest that some large gold transactions once again

Other deposits, which include

strength in the current situation, differentiating it

have taken place.

from

cash of our stabilization fund,

previous periods of depression. Few there are

indeed,
who

even

are

among

willing in

critics of the Administration,
unequivocal terms to

express

disagreement with the New Deal policy of artifi-

cially easy

policy

Yet the consequences of this

money.

and its accompaniments are

plainly most

unpleasant to contemplate. While enabling the Federal

Treasury

to

"create purchasing power," and

incidentally to meet the costs of most disgraceful

political spending, "easy money" policies have converted the

banking System into

ment trusts

system of invest-

a

holding enormous quantities of Treas-

ury

obligations, with demand liabilities dangerously

out

of

proportion to capital funds.

dnced the

where

earning

additional

power

capital

largely unavailable.

They have

re-

of the banks to the point

from

earnings

becomes

Equally important, they have

placed great quantities of purchasing media in the
hands

of institutions and individuals

which could

easily result in disastrous inflation, given appropriate

circumstances, without further increase in bank

deposits—a
heads at

under

that hangs heavily

over

our

is, of

course,

that the rate of interest

price of money, and like other prices it acts,
normal

conditions,

as

of the most im-

one

portant balance wheels for the economic
When this

"governor" is removed

or

the economic machine tends to act




also reveal that an important change was made in
the character of open market holdings of Treasury
securities, although the aggregate was unchanged,
The regional

banks sold $20,000,000 of Treasury

bonds, and acquired an equal amount of notes,
This corrects, in part, the large acquisition of bonds
over the quarter-date financing period, when the

regional banks apparently turned in February notes
under the exchange offering for eight-year bonds,
The monetary gold stock of the country remained
statement week, at $12,765,-

quite unchanged in the

all times.

The truth

is the

hazard

increased no less than
$78,285,000. Foreign bank deposits receded $27,601,000 at the same time. There is, of course, no
necessary correspondence between these sets of figures, but it at least is a reasonable surmise that our
stabilization fund has sold large quantities of gold
to foreign central banks.
The relatively small decline of foreign bank deposits may be accounted for,
if the surmise is correct, by Treasury repayments
of discount bills in the statement week. It is known
that foreign banks hold goodly amounts of such bills
as temporary investments.
The banking statistics

system,

tampered with,

just

as any

other

itself suspicious
place and domestic production naturally continued. Gold certificate holdings
of the regional banks dipped $1,517,000 to $9,120,390,000, while a reduction of "other cash" caused
larger inroads on total reserves, which fell $30,600,000, but this official stability is
since some imports took

Financial

4014

339,000

$9,413,668,000.

to

reflected in part

was

$4,346,383,000.
banks fell

by $53,076,000 to

Total deposits with the 12 regional

$57,766,000 to $7,477,202,000, with the

count variations

bank

increase

currency

gain of Federal Re¬

a

in actual circulation

notes

serve

The

through

consisting of

balances

reserve

by

ac¬

decrease of member

a

$29,503,000

$6,854,-

to

decrease of the Treasury general account

904,000;

a

balance

by $78,947,000 to $152,593,000;

drop of

a

foreign bank deposits by $27,601,000 to $188,837,000,
and

increase of other

an

$280,868,000.

The

deposits by $78,285,000 to
ratio fell to 79.6% from

reserve

Discounts by the regional banks increased

79.8%.

Chronicle

Dec.

sion.

Words

which

is

swift decline of

show

quite unchanged at $2,825,000, and hold¬

ings of United States Treasury securities

were

un¬

changed in total at $2,564,015,000.

acreage

000 acres,

only 120,000

seedings of last
Dec.

1

that date in

10 years
now

for

a

Of course, so

Administration
recent

place much confidence in

(18.5%)

same as on

favorably

compare

season

it is impossible to

estimate, but at

an

any

with 685,000,000 bushels produced

seedings, of which 10,666,000
abandoned

were

by

fails to grasp the full

measures

and

in

with

The

harvest

average

10 years

was

acres

This

time.

12.6%.

1922-31

Rye seedings this

9.5% less than last

abandonment in the

place of drastic governmental curtailment
view

a

to

achieving

situation.

this

calculated to

a

year,

when 7,593,000

acres were

74% of

normal, compared with 71% Dec. 1, 1936, but much
lower than the average
10 years

bear the

of 85% for the date in the

session

The New York Stock Market

inspire confidence, but it is at least
a more

realistic view will begin

Jan. 3.

on

into

taken

due

securities

Government

institutional investors
securities if

simply

modest buying.

reflected

little

and

Railroad, utility and in¬

dull

and

on

week.

The

the

ceeded

Much

pre-holiday sessions usually

are

dull, and

modestly

was

better tone

a

here

there, but still no indication of large-scale buy¬

For¬

eign exchanges were held to former levels by the
various stabilization and
cations

equalization funds.

appeared, however, of

our own

stabilization fund to

Indi¬

large gold sales

some

one or

another of

European central banks.
the

touched

New

new

Stock

York

high

stocks touched

Exchange three stocks

levels for the

new

year

while

109

On the New York

low levels.

Curb Exchange three

stocks touched

new

high levels

For the week

and 74 stocks touched

1,000,000 shares in each of the full periods.

previous the high and low figures for the New York

of

the

activity resulted

from

ordinary tax
on

the

Exchange became transposed and should have
two

Stock

was

manufacturing

a

little

buying of steel and

stocks,

apparently on the
theory that the sharp drop of recent months will
offset

at

least

But the

in

part by

a

great bulk of stocks merely drifted

idly, with changes for the week of
whatever.

early in

recovery

The

no

significance

apathy occasioned by general

uncer¬

low levels.

read

endeavors.

There

new

Curb

stocks

1938.

There

ing by the industrial users of raw materials.

trend, for the sales and purchases balance in these

be

irregular.

present occasion the transactions barely ex¬

switching, and therefore had little net effect

other

were

dollar issues

quiet, with changes small

were

instances.

most

resources

corporate bonds also

changed, and foreign

Commodity markets
in

advances, as

forced to buy such

speculative interest

some

remained

likewise

United States

small

are

Best-rated

dustrial bonds with
idle

showed

they desire to place their large

at work.

of cash

were

consideration, but the conclusions

again uncertain and confusing.

were

On

SMALL and irregular movements marked the quiet
trading
the New York stock market this

hardly

are

In the listed bond market all these matters

by

1923-32.

popular blame

matters

prevail when Congress again meets in the regular

the

on

balance the

necessary

these

All

possible to hope that
to

amount to 6,869,000 acres,

Condition of the crop on Dec. 1 was

sown.

of the capital

The budget remains far out of balance,

to who shall be made to

and
year

meaning of

repeal of the corpo¬

as

surplus tax and modification

year's abandonment is also expected to be between

15% and 20%.

The belief

events, and still is disinclined to adopt such

sensible remedial

of

of about 630,000,000 bushels.

crop

1936

as

The Department finds indications

early in the

rate it compares

crop

condition for the date in the

average

1928-32.

from the

less than the record high

Condition of the

1936, but does not

82%

are

is placed at 57,492,-

76% of normal, exactly the

was

with the

acres

year.

to an

the voting of

save

spreading in the business community that the

Rye Report

acreage

depressed
came

country apparently is to be treated to a test of skill

THE Agricultural Department this fall to winter
Tuesday the
planted announced last
Wheat

the

Congress

special expenses incurred in traveling.
is

for

wheat and rye.

unprecedentedly
Some comfort is

from

improvement

no

encf with nothing accomplished

as

Winter Wheat and

by the

general business.

The special session of

levels.

gains levy.

were

change the picture, however,

leading cities, but heavy manufacturing indus¬

tries

receded $52,000 to
bills

1937

gained from continued good department store sales
in

rate

Holdings of bankers'

not

sharply limned

$349,000 to $16,121,000, while industrial advances

$18,380,00.

do

25,

On
the

stocks

new

touched

low lebels.

new

high lebels and 81

Call loans

on

the New York

Exchange remained unchanged at 1%.
the

New

York

half-day session

shares;

on

Stock Exchange
on

Saturday last

Monday they

were

the sales at
were

500,550

1,398,563 shares;

on

Tuesday, 1,283,640 shares; on Wednesday, 1,154,500
shares;

on

Thursday, 1,056,750 shares, and

day, 835,160 shares.

on

Fri¬

On the New York Curb Ex¬

tainty regarding the trend of business and politics

change the sales last Saturday were 112,020 shares;

naturally

on

accentuated

was

Merry-making conquered
financial

district

But there is
tone

of

no

on

the

as

even

the week

of Christmas.

eve

dubiety prevails everywhere

as

an

throughout the Nation

rent

episode is to be called

as

a

the

to whether the

recession

or a

Monday, 268,190

shares;

on

shares;

on

Tuesday,

Wednesday, 237,010 shares;

on

247,841

Thursday,

224,265 shares, and on Friday, 186,240 shares.
under¬
year

An idle debate is in prog¬

ress




on.

the dull spirits of the

disguising the fact that

slowly moves to its end.

wore

cur¬

depres¬

Saturday's market
the

was

firm and closed higher

on

strength of the rejection by the House of the

wages
among

and hours bill, which caused

so

business interests generally.

the favorable

news

of the week

much concern

Buoyed

up

by

previous, the market

Financial

Volume 145

4015

Chronicle

on

Monday, and with the steel shares

Anaconda Copper closed yesterday at 32% against"

to blaze the way,

advancing tendencies became quite

31%

opened strong

general and market leaders harvested gains of from
to

one

three

session.

On

or

more

points at the finish of the

on

Friday of last week; American Smelting &

Refining at 49% against 48%, and Phelps Dodge at

26% against 27%.

divided; one part

Leading trade and industrial reports reflect a

managed to continue the upward trend of earlier

further downturn in operations, which may be due

sessions, while profit-taking in

in part to holiday influences.

Tuesday the list

was

took the other and resulted in

closing.

The

days had

a

ing prices

approach of the Christmas holi-

ican Iron and Steel Institute at 23.5% of capacity

upon

trading, and little

Wednesday.

on

Open-

irregular and turned lower as the

were

session got

under

The lack of interest evinced

way.

trading for the day left prices at the close prac-

The trend of prices

tically at the day's low levels.
Thursday

on

Steel operations for

the week ending today were estimated by the Amer-

in evidence

was

mild form over-

irregularly higher

dampening effect

enthusiasm

in

near

a

an

Friday reflected little, if any,

and

against 27.4% last week and 77.0% at this time last
Production of electric power for the week

year.

ended Dec. 18 was reported by the Edison Electric
at 2,202,200,000 kilowatt hours against

Institute

2,196,105,000 in the previous week and 2,278,303,000
in the corresponding week of last year.

Car load-

ings of revenue freight in the week ended Dec. 18

reported by the Association of American Rail-

change from Wednesday's session, continuing dull

were

and:

Net changes at the

roads at 603,292 cars, a decline of 18,839 cars from

for the most part inconsequen-

the preceding week and of 126,756 cars from the

mostly lower throughout.

close, however,

were

tial.

General Electric closed

43%

on

Friday of last week; Consolidated Edison

Co. of N. Y. at
Elec.

yesterday at 44 against

at

22% against 24%; Columbia Gas &

8% against 9; Public Service of N. J. at

similar week of 1936.

As indicating the course of the commodity markets,

the December option for wheat in Chicago

closed yesterday at 85%e. against 94%c. the close

Friday of last week.

December corn at Chicago

32% against 33%; J. I. Case Threshing Machine at

on

92

closed yesterday at 59c. as against 57%c. the close

against 93%; International Harvester at 67%

Friday of last week.

December oats at Chicago

against 66; Sears, Roebuck & Co. at 62% against

on

59%; Montgomery Ward & Co. at 34% against 34%;

closed yesterday at 32%c. as against 31%c. the close

at 36

Wool worth

against 36. and American Tel. &
O

J

on

Friday of last week.
4/

Western Union closed

The spot price for cotton here in New York closed

yesterday at 24% against 23% on Friday of last

yesterday at 8.43c. as against 8.31c. the close on

week; Allied Chemical & Dye at 169 against 162;

Friday of last week.
The spot price for rubber
yesterday was 15.12c. as against 16.06c. the close

Tel. at

E.

147% against 146%.

I. du Pont de Nemours at

National

Cash

national

Nickel

117% against 115%;

Register at 16% against 1.7; Interat

against

46%

44%;

National

on

Friday of last week.

Domestic copper closed

yesterday at 10%c. to 11c., the close on Friday of

Dairy Products at 13% against 14; National Biscuit

last week.

at

yesterday was
18 7/16 pence per ounce as against 19 1/16 pence
on Friday of last week, and spot silver in New York
closed yesterday at 44%c., the close on Friday of

18% against 18%; Texas Gulf Sulphur at 27%

against 27; Continental Can at 40% against 40%;
Kodak

Eastman
Brands

Mfg.

at

107%

at

at

166%

against 161;

Standard

7% against 8% ; Westinghouse Elec. &

against

106%;

Lorillard at 16%

against 16%; U. S. Industrial Alcohol at 21 against
21; Canada Dry at 15% against 14%; Schenley Distillers at

25% against 25, and National Distillers at

20% against 20%.
The steel stocks closed
than

on

closed
last

hem

Friday

a

yesterday materially higher
ago.

United States Steel

yesterday at 59% against 57% on Friday of

week; Inland Steel at 75% against 70; BethleSteel

at

623/8 against 55%, and Youngstown

Sheet & Tube at
group,

3%

week

on

42% against 38%.

In the motor

Auburn Auto closed yesterday at 3% against
Friday of last week; General Motors at 32

against 32%: Chrysler at 53% against 55, and Hupp
Motors

at

1% against 1%.

In the rubber group,

Goodyear Tire & Rubber closed yesterday at 18%

against 19%
Rubber at

on

15% against 16.
change

Friday of last week; United States

25% against 26%, and B. F. Goodrich at

for

the

The railroad shares show irregular
week.

Pennsylvania RR.

closed

yesterday at 22% against 21% on Friday of last
week; Atchison Topeka & Santa Fe at 38%. against
40; New York Central at 18% against
Pacific at 87

18%; Union

against 84%; Southern Pacific at 21

against 21%; Southern Railway at 13% against
13%, and Northern Pacific at
Among the oil stocks,

11% against 12%.

Standard Oil of N. J. closed

yesterday at 46 against 45% on Friday of last wek;
Shell Union Oil at 17% against 1634, and Atlantic
Refining at 19%. against 20%.




In the copper group,

In London the price of bar silver

last week.

cable
unchanged at
$4.99%, the close on Friday of last week, and cable
transfers on Paris closed yesterday at 3.39%c. as
against 3.39 9/16c. the close on Friday of last week,
In

the matter of the foreign exchanges,

transfers on London closed yesterday

^

European! toe

,

.

ar e s

fITTLE activity was reported on stock exchanges
in the principal European financial centers in
the week now ending, as a holiday atmosphere p re¬
vailed everywhere. The approach of the long Christmas suspension kept dealings to a small total in
London, Paris and Berlin, principally because spec-

attempt ventures in the
because investors preferred to remain aloof. Brokers took advantage of
the occasion to gain a respite from customary activities, and this likewise tended to restrict the turnover.
Notwithstanding these considerations, the
price tendency in the European markets generally
favored holders of securities. Small gains were recorded in most divisions of the several markets. The
pessimism induced by sharp recessions in the New
York market seems to have run its course, for the
time being at least, and more attention was paid the
relatively satisfactory course of commercial events
in the European countries than the decline in the
United States. The international political atmosphere remained clouded, but it seems that the inulators were disinclined to

thin markets, but also in part

Financial

4016
vestment

community in Europe is becoming accus¬

tomed to

uncertainty

Holiday influences

that

on

score.

Dec. 2st mi

occasioned

the orders
the active

apparent on the London

were

Chronicle

only fractional advances in

issues, while most of the market remained

Fixed-interest issues were mo¬

dull and unchanged.
tionless.

Not much

Monday was slow, with gilt-edged issues

ation

on

Wednesday,

unchanged and industrial stocks mildly irregular.

store

kept commitments to a small scale.

Stock

Exchange from the start of the week.

trading

and

sues

received

commodity securities, and also modest demand

also

some

There

other

for

on

The

was

in

interest

little

a

gold,

copper

Anglo-American trading favorites.

thusiasm

lacking.

was

Changes

But real

Tuesday

on

en¬

were

sections of the

alike

oil stocks

were

able reports
ened at

commodity division,

drifted

lower

unfavor¬

on

from New York. The holiday mood deep¬

London, Wednesday, and trading

desul¬

was

British funds remained in fair demand, while

tory.

industrial
stocks

stocks

held

to

on

former

again improved, and

American favorites also

a

initial

offset

Changes

declines

in

were

shares

changes

gained

were

noted in gilt-

stocks in

somewhat

small in all sections,

Anglo-American issues

by late advances.

brief and

Copper

little buying of Anglo-

Thursday small recessions

better demand.

figures.

reported. In slow trad¬

was

edged issues, with industrial

as

were

The session yesterday
unimportant.

were

slightly, while

other

was

Commodity
groups

were

neglected.

any

market, for buying and selling orders

Trade Treaties

TERMS of a temporary trade pact between Sat¬
Italy became known last the
United States and

urday,

day after signatures to the accord were

one

attached in Rome.

The

be

a

preliminary to

which may

agreement is understood-to

more

general understanding,

possibly be of the reciprocal tariff type

which

Secretary of State Cordell Hull favors as

means

of lowering

Under the

temporary treaty most of the discrimina¬

tions of recent years are

swept aside and trade re¬

lations between the two countries
sonable basis.

It

seems

clear that

placed

on

the Paris Bourse

was

extremely dull

Monday, with international problems and

un¬

on a rea¬

important mutual

benefits will be derived from the instrument.

document

current

a

barriers to international trade.

replaces

for the time

The

being

a

treaty negotiated in 1871, which was permitted to
lapse because of its archaic provisions.

Trading
last

Thursday, and hardly

on

the smallest possible scale.

degree. Copper and

a

favorites in the

international issues

ing

were

the Boerse

on

firm, while advances in textile shares stimu¬

were

lated the industrial section to

but

were 011

Most is¬

but there

Firm conditions prevailed in all

done.

was

small, but advances were more numerous, despite

Gilt-edged loans

Sessions

small declines.

ended for the week
business

the holiday suspensions in

as

modicum of support,

a

the continued

modesty of trading.

change was reported in the situ¬

takes to

Italy under¬

grant the United States most-favored-nation

treatment, with a few necessary exceptions, while
States grants

certainty about the French budget alike inclining

the United

investors and traders to

are

to

Italy of the lower tariff rates already negotiated

guaranteed against exchange fluctuations were in

in

reciprocal trade treaties with other countries.

demand, but other issues drifted idly.

This arrangement means

ties showed

more

national section

advance

in

losses than

gained

some

gains, but the inter¬

stimulus from

Trading

departments. Rentes

French equities showed modest
national section movements
There

mod¬

strikes, and fears that the

session.

of

in equities.

the

Holiday influences

while declarations of

were

a

sharp ad¬

occasioned

a

dominant

were

unimportant
Rentes

were

on

securities

stable,

irregular.

were

over

Bank of France shares

gain in all French bank stocks.

Inter¬

Trading

was

yesterday, and most issues drifted lower.

In¬

ternational issues

Dealings
business

on

was

were

the

resumed

of the Christmas

011

Boerse

were

modest

as

Monday, with the approach

holidays the major factor despite

exempt, much as our special concessions to

are

exempt in most-favored-nation pacts with
Also

countries.

which

bearing

on

the situation. A good deal of

tariff rates,

but also quota restrictions and exchange

controls.

American

with

war

by the Panay incident and its drastic and

far-reaching repercussions within the United States.
A

good deal of questioning has arisen because Presi¬

dent

Roosevelt

so

far

worship. The limited trans¬




fractional variations, with

quiet session

on

has

refused

to

invoke

the

neutrality legislation in the Sino-Japanese conflict,
ish insurrection.
debate
which

regarding
the

recent

Even

the

Some inquiry

Tuesdav, but

more

pointed has been the

so-called Ludlow

which remained tabled,

national referendum

on

a

pro¬

constitutional

amendment

to

declare

except in case of invasion.

war

proposal,

special session of Congress con¬

a

noted in another

Foreign Policy

SLOW but steady clarification ofFar East ispolicy
respect to the
in the American being
forced

That measure,

numerous.

out that the most-

provisions include not only import

sidered.

gains and losses equally

cur¬

satisfaction with the accord was expressed at Wash¬

vides for

mere

privileges

are

expire at the end of this year and therefore

have little

tivities back into pagan

was

exempt

rently granted by Italy to various Balkan nations,

efforts of the Nazi authorities to translate the fes¬

actions resulted in

It is specifed in

despite the rapid application of that law in the Span¬

only exceptions.

the Berlin

important dis¬

on

in the

dividend of 35 francs

a

the normal disbursement

dull

be

gold-mining issues, and by smaller gains in

trading of that period.

national

The international

development by

Thursday, and changes
modest

will

favored-nation

fractionally, while larger

generalization

special concessions to be

ington, where it was pointed

reflected

other stocks.

will end.

selling of French securities, in that

recessions appeared

vance

some

receded

some

Rentes

section

con¬

that

a

granted to Austria by Italy at the start of 1938

other

a re¬

in turn

by Italy against the United

certain

that

accord

In the inter¬

larger, but irregu¬

in recent years

States
the

Cuba

labor-capital situation might again get out of
trol caused

criminations exercised

dull, and

Wednesday of

on

re¬

a very

were

were

gains.

were

indications

were

of French sit-in

currence

sharp

a

was on

scale, Tuesday, and changes also

est in almost all

lar.

French equi¬

Royal Dutch shares, occasioned by

ports of liberal dividends.
small

Rentes that

prudence.

deprive Congress of the power to

Obviously

enough, such suggestions might conceivablv occasion

Volume

the

Financial

145

impression abroad that the United States will

not resort to

in any event

arms

tection of its citizens in
lel has been
tween the

of

drawn

whatever, for

foreign countries.

pro¬

A paral¬

frequently in recent weeks be¬

present situation of this country and that

England early in 1914, when apparent disunity

Chronicle

4017

venting further

occurrences

Hull

disclosed

Thursday that additional

on

ugly disclosures crystallized sentiment through¬
the

United

States, and full support

In London the attacks

With such

circumstances

leaders in the United States
their

full

and

bird,

Panay

was

lately have made known

House

of

unreserved

of

support

President

Roosevelt, in the present crisis of relations between
United

the

closed

on

States and

Tuesday

Japan.

The President dis¬
of telegrams,

exchange

an

which

many

plainly in mind,

which former Governor Alfred M.

in

Landon, the Re¬

publican candidate for the presidency in 1936,

em¬

cautious

occurred

sunk, occasioned

were

Chamberlain

thony Eden.

"old

support

were

American tradition that

water's

edge."

politics

at the

cease

This basic principle needs reitera¬

tion, Mr. Landon said, because
Congress appeared to be
that

coopera¬

pledged, in observance of the

members of

many

creating the impression

they do not trust the conduct of foreign affairs

by the President.

In

reply to this communica¬

a

tion, President Roosevelt emphasized the American
desire for peace,
have

ity

rejected

be assured by closing

can

that whether

world

large

suggestion "that ultimate

like

we

to the fact

our eyes

it*or not

we

are

a

part of

of other nations and peoples."

country owes, Mr. Roosevelt added, "some
of

cooperation and

the

of

standards

cations

at

This

measure

conduct

helpful to the ultimate

Just before these communi¬

published, Secretary of State Cordell

were

that

indicated

this time

from

a

leadership in maintaining

even

goal of general peace."
Hull

secur¬

will

there

of American

China, where they

be

the

national

of the incidents.

of peace,

desired

the

American

or

a

Mr. Chamberlain declared,
are

not unmindful

of inter¬

forgetful of British interests.

given, however, of the

was

prevent

course

that

The

assurances.

French

Government,

ac¬

cording to Paris reports of Tuesday, is anxious to
avoid

entanglement in the Far Eastern difficulties,

but is

willing to join in suitable

moves

to maintain

foreign prestige in the Far East.
Within

Japan the sinking of the Panay and the

foreign repercussions of that and other incidents
caused

consternation.

that grave

schisms

became

It

were

slowly

evident

developing between the civil

government at Tokio and the victory-mad militarists
who

And it also became

actually did the sinking.

increasingly evident that President Roosevelt em¬
barrassed the Japanese to an

extraordinary degree

by his insistence that Emperor Hirohito be informed
fully of the reactions in the United States.

The

re¬

overshadow
war

Detailed reports
last week-end

the

develop¬

being waged by Japan
of

were

the

made avail¬

sinking of the

gunboat by airplane squadrons of the in¬

As such reports seeped into the Japa¬

unwillingly.

capital, varying accounts of the official atti¬
appeared in dispatches.

reported

Japan by the Panay incident of Dec. 12, and this

over

obligations

to

While still anxious to

might be pursued if Japan failed to furnish the

nese

tension caused between the United States and

able

An¬
indi¬

Japan apparently were rendered slowly and almost

protecting the lives and

THERE was little relaxation this week of the

against China.

cause

No indication

tude

to

was

troops and naval vessels

Far East

continued

Secretary

ports to Tokio by the army and navy leaders of

no

legitimate activities of American citizens.

occurrence

Foreign

withdrawals

are

ments in the undeclared

But only the most

of the Japanese authorities

ability

recurrence

but added that Americans always

every

the

cated, is awaiting proof of the determination and

serve

tion and

that

fresh debate in the

made by Prime Minister

and

the British Government

fullest

a

The British Government, it

phatically arrayed the opposition behind the Execu¬
The

ex¬

gunboat Lady- <t;
time

same

Commons, Tuesday.

expressions

Neville

the

at

was

all sides in this crisis.

on

the British

on

tive in international

affairs.

repre¬

out

to

fight.

With

The

tended the Administration

support the Austrian policy under the impression

like nature.

a

sentations would be made to the Tokio authorities.

is believed to have induced the German Government

that Great Britain would not

of

complete reports at hand, Secretary of State Cordell

The Japanese

were

day to be ready to offer the desired

one

apology, and on the next to be unwilling to do any¬
thing further.

This confusion plainly resulted from

conflicting accounts supplied by the Japanese

the

It seems, moreover,

militarists.

be taken in response

that the action to

to American demands must be

satisfactory to the Japanese army and navy, as well
as

is

to the United
a

States, and the problem obviously

highly difficult one.

Early in the week it ap¬

vaders, and the merciless machine gunning of the

peared that Colonel Kingoro Hashimoto, a leader

ship by Japanese river launches as she went down.

in

These

accounts

vessel all

and American

mistake.
the

agreed that identification was readily

pos¬

airplanes, and simply unavoidable for

Japanese river craft.

that

over,

a

observers

on

Chinese

sible for the
the

increasingly incredible the

contentions that it was all

Japanese
British,

made

a

It

was

established,

more¬

Japanese boarding party looked the

Panay over four hours before the ship was attacked
and sunk.

Even the tenders bearing the wounded

from the sinking Panay were attacked, it ap¬

away

pears.
second

Nor did it improve the situation when a
American seaman succumbed last Sunday to

wounds he received in the
In

Japanese attack.

Washington these disclosures increased the de¬

mand

for

assurances

satisfactory apologies from Japan, and
that proper steps




will be taken for pre-

the

firing
of his

Tokio

military revolt of 1936, ordered the

the Panay, and that officer was relieved
command. But the degree to which the Tokio
on

Government and

the militarists in China are pur¬

by subse¬
Hashimoto could not be

suing divergent courses was illustrated

quent reports that Colonel
reached.
tinued

to

Throughout all the confusion, Tokio con¬
insist

vessel was not

that the firing

doubt that Tokio

to

on

the American

intentional, and there is little reason
desires to see things in this

light.
Although the Japanese may have gained a little
military renown by their conquest
China, their activities in some
than offset such
the

prestige.

invaders was followed

from the former

of great parts of

places have far more

The fall of Nanking to
by

a

Chinese capital.

period of silence
But over the last

4018

Financial

week-end

eye-witness reports lrom white observers

told of the most horrible
of

the Chinese

vading
an

city and its inhabitants by the in-

The lack of

army.

kind of restraint by

any

whose leaders have boasted long and loudly

army

of its

looting, killing and raping

chivalry beggars description.

atrocities and acts of vandalism
of control

measure

a

The wholesale

brought under

were

early this week, but only by

great effort on the part of the few responsible leaders

of the

events

invading force.

deepened immeasurably the bitterness felt

toward the
held
the

Throughout China these

Japanese, and foreign political observers

unanimously that Japan thus had thrown

away

opportunity of placating the conquered popula-

tion of northern and eastern China.

the

were

officers

Japanese

disgraceful

of the junior

some

reported to be keeping the full account

were

General

from

that

acts

So

Iwane

Matsui,

mancler in central China.

the

Japanese

With the fall of

com-

Chronicle

for it

Dec.

major objective, and only

lona

are

protected and shortened.

of the

conquered

the Chinese

the north
sorts of

reported this week.

area was

In

burning mills and all

were

enterprises in Shantung, in the obvious

Franco toward Great Britain offended the Italian

something to do with the

that loyalist forces have been augmented and their

training improved.

evenly matched than at

more

ing the insurrection, and

possible.

against the invaders spread rapidly, and

long and

a

is anticipated,

now

There is always

a

chance,

diplomatic

pressure

of

one

kind

or

compromise.

a

seems

the other

on

that

or

another will lead
~

Diplomatic Journeyings
/^VNLY vague

indications

available,

as

yet,

regarding the results of the conversations

Vy

con-

ducted by the French

Foreign Minister, Yvon Del-

of his tour of Poland, Rumania,

course

Czechoslovakia,

and

Prague last Saturday.
Central

and

are

Eastern

which

ended

at

These allies of France in

Europe

obviously

in-

were

formed of the joint Anglo-French reactions to the

conversations held in Germany last month by Lord

.

Spanis

simple military basis

hand, that intervention will be modified,
to

are

previous time dur-

any

on a

indefinite prolongation of the conflict thus

an

Yugoslavia

that Province.. Guerilla fighting

wearing campaign of this nature

The two opposing forces

considered by independent military experts as

now

pectation that the Japanese forces will attempt to
upon

defense of Teruel.

poor

Apart from such considerations, however, it is clear

bos, in the

down

reports

some

supporters of the Spanish fascists and possibly had

ex-

swoop

In

it is suggested that diplomatic overtures by General

Nanking

slow rounding out

a

that communications between Madrid

means

and the Mediterranean cities of Valencia and Barce-

Japanese militarists are believed to have attained
their

1957

25.

War

Halifax, Lord President of the British Council. But

EVENTS change in the relative status of the loyal- reveal littlefrom the real nature of the discussions,
in the Spanish civil war suggest a de- dispatches of the capitals of the four countries
cided

ists and

terly

insurgents, Avho have been contending bit-

over

Iberian

Peninsula.

parently
the

the last 17 months for mastery of the
In

surprise attack that

a

carried out with modern

was

captured the city of Teruel,

front.

This town

was

Ionia.

the advance post

of the insur-

offensive against Cata-

Indeed, the insurgent spokesmen predicted

rather

boastfully for months that

would

develop which might well end the

defeat of the
leased many

service

on

other

fronts, and for

heart.

Latest

most

men

re-

for

were

reported in

were

the
with

some

insurgent
Franco

at

developments indicate that the insur-

endeavors

known late last

insurgents

to

capture

week, and it would

were

with
the

temperatures low.

loyalists

Teruel

became

appear

that the

taken by surprise, for the attack

developed in the midst of

were

a

however, that the French Minister

appears,
many

blinding snowstorm,

Official announcements by

issued last Saturday to the effect

that the

tour, and it is chiefly the minor aspects that gained
public notice.

the

of

end

Thus, the Franco-Czech statement at

the

conversations

the unity

stressed

in

Prague

of views, mutual

merely

faith in the

League of Nations, and an intention to extend

Despite such tendencies, it is evident that

demand for colonies probably in the forefront.

It is rumored that the British Government is
of the

British

formulating
French

a

Commonwealth,
policy

sources come

with

acceptable

the

to

idea

all.

indications that Paris is lean-

ing definitely to the idea of Franco-German
prochement

announcement

a

few hundred

was

made

on

completed,

Tuesday that the investsave

desperate Nationalists who preferred

to die rather than surrender.

ists
on

for the presence of

The victorious

loyal-

immediately started to consolidate their hold
the

territory.




This gain is highly significant,

of

From

as a means

spirit possibly is behind

of keeping the peace.
a

new

rap-

This

agreement between

the two countries to avoid expulsions of

press corre-

spondents, reached last Sunday in Berlin.

One

ap-

parently candid report from Paris suggested last

Saturday that the trip made by M. Delbos leaves

spondent, declared that the countries visited

fighting early this week,

con-

ducting long conversations with the various nations

house

ment had been

funda-

a

mental reexamination of many aspects of European

much

hand-to-hand

an

existing trade treaty.

insurgent outpost had been completely surrounded, with its fall imminent.
After house-toand

cov-

aspects of international relations in the

diplomatic relations is taking place, with the Ger-

discouraged,

gent press service outran General Franco's armies;,

Loyalist

It

ered

man

awaiting

of them

was

discussions

time the loyalists

Madrid, who held out bravely

anxiously

as

because

fresh

and

a

disorganized

as

against the insurgent attacks,
drive

The

loyalists along the Bay of Biscay

Even the citizens of

dispatches

soon

war.

thousands of General Franco's

depicted

were

offensive

on

that

League of Nations meeting takes place in January,

the Aragon

an

vaguely

would follow with British representatives when the

on

expected to launch

rather

ap-

gent forces, and from it General Francisco Franco
was

suggested

and

arms

greatest tactical skill, the loyalists early this

week

M. Delbos returned to Paris last Sunday, and it

This

to

be desired, from

the

French

viewpoint,

dispatch, sent by the Associated Press

tremely

anxious to develop their

trade

correare ex-

relations

with Germany, even at the possible expense of lessened

amity with France.

The great question

Anglo-Italian relations remains unsolved, to all
pearances.

of
ap-

Foreign Secretary Anthony Eden stated

in the House of Commons, Monday, that Italy had

Volume

been

Financial

145

informed

of

the

unfortunate

impression

cre¬

by radio propaganda against Great Britain in

Palestine and other troubled
The

Italian

greeted this statement with a

press

simulation of

of the Near East.

areas

surprise, and

admission that the

an

The entire Medi¬

propaganda in Arabic continues.
terranean

problem thus remains uncertain, and it

may

be because of this fact that British officials

now

are

said to be

Foreign Money Rates

,
■■

ated

4019

Chronicle

.-mm'.

■-

on

11-16%

of

the

negotiated

this end in

to

recent years.

months'

bills,

last week.

H%«

President

that

President, Rafael L. Trujillo, ad¬

Roosevelt

mediation

would

Gondra accord of
the

the

over

be

last

acceptable

week-end

the

under

1923, in the endeavor to adjust

dispute occasioned by

Haitian

that

charges

large numbers of Haitians had been killed when they
entered Dominica in search of

gainful employment.

The Pan-American Conciliation Pact of

the

and

1929, which

Haiti invoked

question therefore exists of

no

acceptability of mediation to that country. The

charges

amazing in the extreme and deserve in¬

are

vestigation.

According to

ered when

Caribbean

island

shared

search

of work.

The

however

much

naturally might
ciliation

claims,

slaught¬

were

they crossed the Dominican border of the

dents,

and

Haitian

12,000 citizens of that country

some

was

latest

feeling evoked by such inci¬

cause a

offered

was

by the two countries in

they

may

be

the

dent

exaggerated,
But

resort to arms.

after the Bank

Washington last Monday.

con¬

country did not desire to afftTrii the

slightest ground for

disturbance of the

a

of

peace

profound

a

in

solution

Cardenas of

cooperation

an

with

intention to seek
President

Lazaro

The previous

ago.

was

£503,-

circulation

£28,942,000 which is approximately

which

annually in that period, reaching a

occurs

high point just before Christmas. Gold holdings in
the week ended Dec. 22 fell off

£259,639 and this,
7
7

So

together with the expansion in circulation, brought
about

decline of

a

portion of

deposits)
and

dropped

to

26.1%

from

with 30.2%

compares

Nov. 24 last the

The

£7,621,000 in reserves.

pro¬

to liabilities (reserves divided by

reserves

proportion

was

30.1%

a year ago.

43.5%.

a

On

Public de¬

posits decreased £661,000 and other deposits £5,130,The latter consists of bankers' accounts which

964.

off

fell

£5,165,823 and other accounts which

Loans

£34,859,000.
creased

rose

securities

government

on

in¬

and those on other securities,

£1,450,000

Other securities consist of discounts and
£363,115 and securities which

£420,720.

advances which fell off
increased

£783,835. No change was made in the 2%
Below

bank rate.

we

show the different items with

comparisons for previous

years:

BANK OF ENGLAND'8 COMPARATIVE STATEMENT

Dec. 22,

Dec. 23,

Dec. 25,

Dec. 26,

1937

1936

1935

1934

Dec. 27;
1933

509,315,000 474,115,501 424,506,785 405.163,800 391.981.846

Circulation

22,155,674
9,878,364
12,145,847
21,733,856
Public deposits
10,771,000
134,713.195 110,987,860 109,187,815 125,644,157 137,760,473
Other deposits
89,139,575 101,215,838
72,079,234
72,220,236
98,215,704
Bankers' accounts.
30,497,491

Other accounts

96,458,165

Other securities

28,986,230
7,485,633
21,500,597

Securities
Reserve notes & coin
Coin and bullion

31,987,000
327,303,576

36,544,635
88,036,692
30,150,528
16,755,681
13,394,847
20 965.737
12.804,173
40,102,614 36,155,435 47,624,979 59,704,882
314,278,185 200,662,220 192,788,779 191,080,728
38,707,624
83,120.883
27,413,044
6,447,907

36,404,582
87,541,413
18,245,866
7,578,577
10,607,289

37,108,581
81,855,001
21,305,207
8,501,034

Proportion of reserve
to liabilities

Mexico, and President Laredo Bru

year

a

normally expected amount of the seasonal rise

Dlsct. & advances.

satisfaction, in his reply, and

was

reached last August 4, just

was

Govt, securities

President Roosevelt expressed

America.

•

new

Holiday, when the figure

Presi¬

telegram to Mr. Roose¬

a

.

with £474,115,561 at

Since Nov. 24 last, notes in

have increased
the

by the United States, Mexico

Trujillo remarked in
that his

velt

Friday

on

a

compares

corresponding date

Cuba, and Dominican acceptance of the offer
announced in

•

market rate remains at

open

Dec.

peak circulation

total

treaties

■'

England Statement

£509,315,000, which

week ago,

being informed of developments.

call at London

on

Bank of

implements the Gondra accord, also is called into
are

•

3%% and in Switzerland at 1%.

play, and under its terms all American republics
these

''

•

against 11-16@M% on Friday of

as

Money

At Paris the

877,456.

The Dominican

vised

;•

,

were

ended

in accordance with the pro¬

means,

treaties

•

CIRCULATION 22, £7,361,000 to in the week
of the Bank rose,
high of

THERE between American republics will be set¬
pute is reason to believe that the latest dis¬
by peaceful

<

Friday of last week, and 11-16% for three-

on

contemplating large additions

Haitian-Dominican Dispute

visions

<

IN bills Friday market discount as against short
LONDON open 11-16@%%} rates for

to the navy.

tled

*

'

Bank rate

30.20%

35.16%
2%

29.79%

2%

20.10%
2%

2%

•

...

37.33%
2%

Cuba.

Bank of France Statement

Discount Rates of Foreign

Central Banks

THE Bank offrom 5% to 43/2,%. 17The 5% rate had
Poland on Dec. reduced its dis¬
count rate

been in effect since Oct. 25,
was

lowered from 6%.

centers are shown in

Present rates at the leading

the table which follows:

Pre¬

Rate in

Effect

Dale

vious

Dec. 24

Established
Mar.

July

Batavta

4

July

Belgium

2

May

Bulgaria

6

Aug. 15 1935
Mar. 11 1935

Austria

Canada

234

Chile

4

Colombia..

4

10 1935
1 1935

15 1935

Hungary

4

Aug. 28 1935

434
234

India.

3

Nov. 29 1935

Ireland

3

June 30 1932

7

Italy

4 34

May

4 34

Java

18 1933

5

Jugoslavia

1 1936

4

Jan.

2 1937

4

Oct.

19 1936

England

2

June 30 1932

Estonia

5

Finland

4

Sept. 25 1934
Dec.
4 1934

France

3

Nov. 12 1937

Danzig

Germany
Greece.

.

.

.

.

4

6

Sept. 30 1932
41937

Jan.




a

Circulation

90,402,487,180 francs.

a year ago ag¬

gregated 86,598,164,605 francs and the year before

18 1936

commercial

bills

Rale

of

699,000,000

francs, while credit balances abroad and advances

234
434
334
334

against securities rose 3,000,000 francs and 32,000,-

5

showed another

francs

000

respectively.

3.65

Apr.

6 1936

Jan.

14 1937

5

Feb.

1 1935

July

1 1936

6

4

434
334

334

Morocco

5

Norway

4

Dec.

5 1936

334
234
534
434
334

Poland

434

Dec.

17 1937

5

Portugal...

4

Aug.

il 1937

434

Rumania

Dec.

7 1934

6

South Africa

434
334

May 15 1933

5

July

10 1935

5

Sweden

234

Dec.

1 1933

Switzerland

134

Nov. 25 1936

2

is

now

58,932.453,323 francs.

Gold

amounted to 60,358,742,140 francs and the

3

7

of which

4

Spain

total

last year

The Bank's gold holdings

slight increase of 209,924 francs, the

ex

534
634

May 28 1935

dicounted

francs and in creditor current accounts of 97,000.000

vious

3

Japan

24 1935

Jan.

.

3.29

July

3

2 1936

4~

Lithuania..

vakia

1

Dec.

Jan.
.

Date

Established

2

Czechoslo¬

Denmark

Effect

Holland

1 1936

334
334

Argentina..

Prc-

Dec. 24

Country

to

French

Rale in

Rate

showed

740,000,006 francs, ivhich brought the total down

80,407,825,720 francs. Decreases were also shown in

RATES OF FOREIGN CENTRAL BANKS

DISCOUNT

Country

1933, at which time it

THE statement for the week ended Dec. 16
further decline in note circulation of

...

.

.

534

previous year 66,297,148,852 francs.
tio

rose

and

to

71.58% two

items with

The reserve ra¬

53.93%, compared with 60.42%
years

ago.

Below

are

comparisons for previous

a year ago

the various

years:

Financial

4020
BANK OF FRANCE'S COMPARATIVE

Chronicle

Dec.

STATEMENT

Bankers'

1937

25,

Acceptances

Changes
for Week

Dec. 18,

Dec. 16, 1937

Francs

Francs

Dec. 20. 1935

1936

Francs

Francs

+209.974 58.932,453,323 60,358.742,140 66.297,148,852
8,430,581
4,484,374
20.261,307
+3.000,000

Gold holdings..

Credit bals. abroad.
■French commercial

No change

b Bills bought abr'd

9,409,192,418

1,451,615,391
3,605,244,868

3,794.929,860

—699.000,000

Adv. against securs.

7,075,482,431

8.057.874,776
934,625,167

+32,000,000

bills discounted.,

1,318,625,431
3,292,257,347

—97,000,000 18,884,856,021 13,303,392,287 12,206,197,101

Credit current accts.

cTemp. ad vs. with¬
Propor'n of gold on
hand to sight Iiab.

53.93%

+0.42%

Includes bills purchased In France,

71.68%

60.42%

b Includes bills discounted abroad,

Since the statement of June 29, 1937, gold valuation has been at rate
per

gold valuation

was

Rep¬

c

Treasury on 10-bllllon-franc credit opened at Bank.

on

gold. 0.9 fine,

of 43 nog,

franc; previous to that time and subsequent to Sept. 26, 1936.
49 mg. per franc; prior to Sept. 26. 1936, there were 66.6 mg.

of gold to the franc.

/-

issued by the

as

December

slight increase in gold and bullion of

a

41,000 marks, which raised the total to 70,606,000
Gold

and the year

a

stood at 66,384,000 marks

year ago

showed

%% bid and 9-16% asked.

un¬

are

rates as those reported by the

same

marks, other daily maturing

The t3tal of circulation is

market acceptances

5,029,900,000 marks, compared with 4,634,532,000
marks last year

and 4,089,963,000 marks the previous

year.

The

it

1.55% and two

was

furnish

the

previous

ratio stands at 1.51%;

reserve

years ago

different

with

items

a year ago

2.14%.

Below

we

comparisons for

SPOT DELIVERY

—180 Day*—
Bid
Asked

Assets—

Silver and other coin.
Advances

.

Reichsmarks

Reichsmarks

Reichsmarks

82,434,000

66.384,000

70,606,000

20,239,000
20,333,000 < 28.191,000
5,242,000
5,476,000
5,543,000
"+243" (KJO
+ 396,000 5,240,896,000 4,777,474,000 3,943.876.000
166,746,000
170,863,000
177,820,000

.

"—772",000

....

Investments

+ 559,000

Other assets

55,288,000

53 410,000

523,110,000

662.695,000

718,168,000

55,928,000
397,812,000
772,098,000

877,106,000

Liabilities—

Notes in circulation

+ 24,000,000 5,029,900,000 4,634,532,000 4,089 963,000
800,277,000
+ 1,033,000
740,070,000
704,287,000

Oth. daily matur. oblig.
Other liabilities

298,572,000

314,483,000

332,823,000

Propor'n of gold & for'n
curr. to note

"

H

60 DayS'

••

30 Days

■

1

FOR

Asked

Bid

Asked

X

Prime eligible bills....

Bid

X

Xt

X

X»

DELIVERY WITHIN THIRTY DAYS

%% bid

-

Eligible non-member banks.H% bid

Discount Rates of the Federal Reserve Banks

THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates

The

following is the schedule of rates
the

of

classes

various

now

in effect

the different

at

paper

DISCOUNT RATES OF FEDERAL RESERVE BANKS

+ 41,000

Res've in for'n currency

■ ■

1937 Dec. 23, 1936 Dec. 21, 1935

Dec. 23.

Reichsmarks

Bills of exch. & checks..

Asked

Bid

Changes

for Week

Of which depos. abr'd

Bid

Reserve banks:

REICHSBANK'S COMPARATIVE STATEMENT

Gold and bullion

Asked

H

90 Days
Asked

1

—120 Days—

160 Days—
Bid

Ms

H
1

for

years:

follows:

are as

Eligible member banks

now

The rates for

Federal Reserve Bank of New York.
open

obligations of 1,033,000 marks and notes in circulation
marks.

The Federal

Open market dealers

changed at $2,825,000.
quoting the

run¬

120-day

holdings of acceptances remain

marks, bills of exchange and checks of 396,000 marks,

of 24,000,000

%% for bills

ning from 1 to 90 days; %% for 91- to

Prime eligible bills

investments of 559,000

The bill-buying rate

of the New York Reserve Bank is

increase of 243,000

an

%% bid and

are

9-16% bid and %% asked; for five and six-months,

Reserves

before at 82,434,000 marks.

in foreign currency

Federal Reserve Bank of New York

and including 90 days

Reserve Bank's

'HE statement for the third quarter of
showed

for bills up to

There has

scarce.

The official quotation

change in the rates.

no

bills, and 1% for 121- to 180-day bills.

Bank of Germany Statement

marks.

been

7-16% asked; for bills running for four months,

No change 26,918.460.497 14,998,092.309

out int. to State..

resenting drafts

light and prime bills have been

—740,000,000 90,402,487,180 86.598,164,605 80,407,825,720

Note circulation

«

THE market for prime bankers' acceptancesbeen
been quiet this week.
Transactions have has

clrcul'n.

New York

2.14%

1.55%

1.51%

Rate in

Federal Reserve Bank

t'K:

Date

Dec. 24

Previous

Established

Effect on

Rate
2

1

2 1937
Aug. 27 1937

IX

Sept.

4 1937

2

11 1935

2

Boston

IX

New York

Philadelphia

Sept.

Cleveland

May

IX

Aug. 27 1937

2

Atlanta

IX

Aug. 21 1937

2 '

Chicago

IX

Aug. 21 1937

2

St. Louis.

IX

Sept.

2 1937

2

IX
ix
IX
IX

Aug. 24 1937

Richmond

Minneapolis
Kansas City..
Dallas

.

__

.

.

San Francisco

Money Market

2
2

Sept. 3 1937
Aug. 31 1937

Course of Sterling

,

2
2

3 1937

Sept.

■

Exchange

TRANSACTIONS inentirely of York money mar¬ STERLING trading in all financialfirm undertone
the New routine nature
although exchange displays a markets shows
ket

this
all

almost

were

week, and rates
departments.

rates

last

to

an

extraordinary
and

days, and awards

Call loans

on

ease

commercial

was

paper

The Treasury sold

were

at

an average

of

annual bank discount basis.

on an

the New York

for all transactions,

mained at

motionless in

were

issue of $50,000,000 discount bills

0.102%, computed
1%

bill

previous figures.

Monday

due in 91

to

way,

Bankers'

held

again

With the quarter-date Treasury

financing out of the
prevalent.

a

once

Stock

Exchange held

while time loans

re¬

lx/i% for maturities to 90 days and 1%%

for four to six months'

datings.

the seasonal

exchange equalization funds.
bankers'
tween

Money Rates

ruling quotation all through the week for both
continues

renewals.

quiet,

this week.
90

no

market

for

time

new

money

transactions having been reported

Rates continued nominal at

134%

UP

to

days and 1%% for four to six months' maturities.

The

market

very

active this week.

for

prime commercial

and the demand has
at

The

1% for all maturities.




paper

has been

Paper has been in good supply

been/ brisk.

The

range

for sterling

$4.99% an<^ $4.99% f°r

sight bills, compared with

a range

of be¬

The range

for cable transfers has been between $4.99 11-16 and

$4.99 15-16,

compared

$4.99% and $5.00 1-16

with
a

a

week

range

Transfers of funds in settlement of
mercial

accounts

are*

still

weeks.

factor

a

a

of

between

ago.

year-end
in

the

com¬

foreign

lesser degree than in

Transfers

on

gift account

are

fully completed and the last week of the year should

was

and

The

operation of the

$4.99 9-16 and $5.00 last week.

exchange market though to

DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
loans

incident to the holidays.

this week has been between

the past two

New York

dulness

steadiness is due to the

extreme

Rates

are

quoted

customarily bring foreign exchange

business to

a

practical standstill.
As

a

seasonal matter

sterling should continue firm

in terms of dollars until around

the trend

generally turns in favor of dollars until the

approach of autumn.
factors will be operative

largely

upon

doubtless to

Whether

or

not these seasonal

in the coming months depends

the outcome of international events and
some

extent upon

upward business trend
upturn

mid-January, when

occurs

on

the resumption of

an

Unless such

an

this side.

here, the London and other foreign

Volume

Financial

145

markets feel

apprehensive

to the future of their

as

the deficit

optimistic statements on

London continue to give out

by the end of the

the business situation there, in
ters
a

is in

British business quar¬

apprehension is felt and there are signs of

some

retardation in

The hesitancy

productive output.

large part attributable to the practical cessation

of Britain's great
and defense

housing

program.

The armament

Although the program is

expected to gather momentum in the coming year
and to last for four
more

five years more,

or

it can little

than offset the effect of the virtual

of the

The

housing

completion

impression should not be received, however,

actual retardation in the

practically boom conditions which have prevailed in
at

now

year.

Circulation is also at

history.

circulation of the Bank of

vacation

England of £509,316,000

high level of business activ¬

Bank

statement

of the bank's advances in November was

average

£216,989,000, compared with £189,516,500 outstand¬
on

in

November

with

averaged

£90,101,624,

as

compared

of the British authorities to conclude

trade agreement

motivated by

with the United States is doubtless

the desire to stimulate international

trade and promote exports to
domestic

trade,

which

offset

any

decline in

been extremely active

has

On Dec. 21 Dr. Paul Van

Zeeland, former Belgian

Premier, announced from Paris that a plan for world

cooperation which he has prepared at the

request of the British and French governments
be made

will

impossible that the balance

offset:

:

Chamberlain

Minister

told the

House

Commons that final decision as to whether or not

suggestions made

of

the

Van Zeeland should be

by Dr.

consider¬

very

be entirely

can

Myv>

At present

both London and Amsterdam markets

report renewed activity in American issues, indicating
the cessation of the outflow of foreign
side.

funds from this

Any increase in business confidence here

result in

a

stimulation of this renewed interest

tions of

There

are

will

on

the

vast accumula¬

capital in both Amsterdam and London which

would eagerly move into American issues on any sign
of business
is

much

confidence, for it is believed that there

more

for capital appreciation in the

scope

United States than in any
British

810,028,
of

against

1936.

period

other part of the world.

gold imports for 11 months totaled £283,£278,529,904 in the

a year ago.

that the United States

000,000 of gold to
and

British

European

are

European interests in the past

French

gold
The

Treasury declines to explain
between official

total

remark
the

disclosed

are

transferred to
funds

or

Secretary* of
of the gold

any

to

the

move¬

by recent discrepancies

figure with respect to gold movements

gold holdings.

was:

was

equalization

banks.

central

which

inclined to believe

parted with not less than $250,-

Much of this

few months.

and

£207,-

were

£70,781,672 in the corresponding

Foreign exchange experts

the

period

same

Exports for the 11 months

Mr.

Morgenthau's only

"All three instruments which

stabilization fund,

and the tripartite

we

have,

the gold sterilization fund,

agreement, work in conjunction

working extremely well."

are

Money continues extremely

easy

and abundant in

London and the authorities expect to carry on over
the

year-end without undue stringency.

Call

against bills continues unchanged at 34%into the new year was

public before the end of the year.

Prime

figure

appear

and

during the past several years.

economic

the trade deficit will be approxi¬

ably but the lack of international trade makes it

ments

£74,414,000 at the end of 1936.

The eagerness
a

Bills discounted by the Bank

Dec. 31, 1936.

ing

year

249,644, against

for November
showed deposits at the high record of £501,813,752,
an increase over Dec. 31, 1936 of £13,499,450.
The
Midland

the

ity

It is believed in London that

Invisible items will reduce this

record high. Present

period of £503,877,456.
indication of the

an

a

with the previous high record of the August

compares

As

Retail business
the highest level in its

during the past

Britain is

Great

in

increase of £76,185,000 over

an

year ago.

part of foreign investors.

program.

that there is at present any

Great Britain

a

mately £90,000,000 greater than at the close of 1936.

expenditures have only just about begun

themselves felt.

to make

gated £387,200,000,

While official sources in

production schedules.

own

4021

Chronicle

134%

1%%•

t°

money

Credit

arranged early this week at

Two-months

bills

quoted

are

23-32%; three-months 11-16%; four-and six-months

Gold

21-32%.

on

offer in the London

open

market

adopted must rest with the governments concerned.

continued to be taken for unknown destination, be¬

involved in the plan:

lieved to be chiefly for account of hoarding interests.

Two

major proposals

are

First, the creation of an international fund to main¬
tain

stability of foreign exchanges; mechanism for

releasing frozen international credits; establishement
of

an

"economic center"

stimulate international

to

trade; second a world conference, to be summoned
at

some

dispatches

on

Dec. 20 stated that it is

expected that the next stage in the Anglo-American
trade negotiations,

Saturday last there

Monday £212,000,

day £587,000,

on

on

that is, formal announcement by

the United States of its intention to negotiate,

Thursday £307,000 and

At the Port of New York the

accompanied by

a

list of commodities on
prepared to

which the United States Government is

British foreign
on

trade continues to show

an

unfavor¬

visible account but it is confidently

believed in London that this can be overcome
invisible items.

showed

20.5%

a

rise of

over

by the

For 11 months of the year imports

22.1% and exports

1936.

an

Friday

gold movement for

was as

York,
|
|

Imports
$143,000 from Bolivia
Net Change in

increase of

follows:

DEC. 16-DEC. 22, INCLUSIVE
Exports
None

,

Gold Earmarked for Foreign Account
$2,250,000

Note—We have been notified that approximately $56,000 of gold was
received at San Francisco from Australia.

The

above

figures

are

received from Ecuador.
the metal
account.

or

for the

week ended

of gold

On Thursday $289,300
There

were

no

on

was

exports of

change in gold held earmarked for foreign

On

Friday

there

were

no

imports

or

exports of the metal or change in gold held earmarked
for foreign account.

November added another £10,-

Gold held in the inactive fund, as indicated in the

months aggre-

daily Treasury statements issued during the week

867,000 to the trade deficit, which for 11




on

Reserve Bank of New

GOLD MOVEMENT AT NEW YORK,

Wednesday.

consider making concessions.

able balance

on

Wednes¬

reported by the Federal

will

by the end of December. It is thought that

this will be

on

$586,000.

Decrease:

be reached

available £101,000,

was

Tuesday, £497,000,

the week ended Dec. 22, as

indefinite later date.

London

On

Financial

4022
ended last

changes

Tuesday,

The day-to-day

follows.

was as

and

GOLD HELD IN THE TREASURY'S INACTIVE FUND

Dote«,
Dec.

Daily Change
+$2,074

Amount

...

$1,232,622,013

16

not exceed

Dec.

Dec.

17

1,232,626,321

+4,308

Dec.

18

1,232,635,692

1,232,650,540

+14,848

1,232,662,176

+11,636

amount to

would hold 8,000,000,000 francs
covered by tax

not

Finance

would

revenues

M. Paul Reynaud,

28,000,000,000 francs.

+9,371

Dec. 20

charges

former

25, 1957

20,000,000,000 francs because at the year-

end the Treasury

calculations:

are our own

Chronicle

Dec.

21

Increase for the Week

Ended Wednesday

questioned M.

Minister,

Bonnet's

estimate, asserting that the Government would re¬

which

francs,

46,000,000,000

quire

would have to obtain in the

the

Treasury
of

some

stated that

fully

form of loans

$42,236

Canadian exchange was

Montreal funds ranged between a

during the week.
discount of
The

rate

steady and relatively quiet

9-64% and

discount of 3-64%.

a

following tables show the

Paris, the

on

London check

mean

market gold price, and the

open

Monday,

Dec. 20

Tuesday, Dec. 21

Wednesday, Dec. 22..
147.17
Thursday,. Dec. 23
147.16
Friday,
i Dec. 24-..____ 147.19

147.16
147.14

However,

Saturday, Dec. 18

139s. 9^d.

Wednesday, Dec. 22... 139s. 8d.

Monday,

139s. 9^d.

Thursday,

Dec. 23... 139s. 8d.

139s. 9d.

Friday,

(FEDERAL RESERVE BANK)

Dec. 20

Monday,

Wednesday, Dec. 22..
Dec. 23
Friday,
Dec. 24

$35.00
35.00
35.00

Saturday, Dec. 18
Tuesday, Dec. 21.

$30.00
35.00
35.00

Thursday,

Referring to day-to-day rates sterling exchange on

Saturday last

was

Bankers' sight

firm.

transfers

cable

@$4.99 13-16;

$4.99%.

On Monday the pound

trading.

The

bankers'-

was

range

was

$4.99%

$4.99 11-16@

were

was

firm in limited

$4.99 11-16@$4.99% for

sight and $4.99%@$4.99 15-16 for cable
On

transfers.

Tuesday the pound continued dull in

limited trading.

Bankers' sight

$4.99 11-16@

was

On

$4.99%; cable transfers $4.99%@$4.99 15-16.
Wednesday exchange
a

range

and

sight

Thursday

London continued steady in

The range was

dull market.

bankers'

on

$4.99%@$4.99% for

exchange

was

dull

$4.99 13-16@$4.99 15-16

for

cable

Friday sterling continued steady in
The range was $4.99

The

Closing quotations

On

transfers.

a

limited market.

11-16@$4.99 13-16 for bankers'

$4.99%@$4.99%

and

demand and
cial

steady.

and

$4.99%@$4.99% for bankers' sight and

was

sight

On

$4.99 13-16@$4.99 15-16.

Friday

on

cable

for
were

transfers.

$4.99 11-16 for

$4.99% for cable transfers.

Commer¬

sight bills finished at $4.99%: 60.-day bills at

$4.98 11-16;

90-day bills at $4.98 5-16; documents

for payment

(60 days)

ai

grain bills at $4.99%.
ment closed at

$4.98 11-16; and seven-day

Cotton and grain for

pay¬

$4.99%.

Exchange

pressure.

intervention

francs

are

at

of

the

equalization fund

discounts.

but

future

Thirty-day francs

are

at

nearly three points under the basic cable rate and

90-day francs

are

renewed pressure

capital

seems

around 9% points discount.

and consequent hesitancy of French

to have been caused by recent debates

in the Chamber of

the

The

Deputies, where

one

element of

Popular Front urged the imposition of exchange

control.

However,

Finance

Minister

Bonnet

as¬

serted

positively that the Government would not

adopt

exchange

measures

control

or

any

beyond what might be

other

regulatory

necessary to

thwart

In the

debates which took place on Dec.

Finance Minister's statement of the
ments for 1938 was

18 the

Treasury require¬

seriously questioned.

M. Bonnet

maintained that the loan requirements for 1938 would




seems

in the

certain that they have not been

There

be

can

question that the French Treasury

no

need of assistance.

and nine-year Treasury
offer

Dec.

since

better

than

1

4,000,000,000 francs

have

to

seem

expected.

was

The 5% three-, six-

bonds which have been

on

been subscribed

Up to Dec. 18 about

taken, chiefly by country

were

investors who have been attracted

by the excessively

high yield of around 6%%.
This loan will
from

vances

months

the

of

the Treasury

save

from seeking ad¬

Bank of France in the first few

the

coming

year.

However,

informed

observers in Paris and London have asserted that the
French Government has
of

inquired into the possibility

loan in London.
are not especially

negotiating another large
that the London banks

seems

It
re¬

ceptive to the idea and that they would demand a

rigid gold guaranty, if not
for

such

credit.

a

a

gold deposit

as

collateral

considerations

Political

might,

however, outweigh all financial objections.

According to
"Times"

a

Paris dispatch to the New York

Dec. 18 the

on

gold recently shipped from

the United States to France
terms of the

was

bought under the

tripartite agreement by the French con¬

trol fund in October and

November, with dollars sold

by French capitalists who had been repatriating their
funds.
which

The

gold belongs to the stabilization fund

keeps separate accounts from those of the
The

Bank of France.

imported gold, therefore,

was

merely deposited in the vaults of the Bank of France
of the fund and will

the control fund has too much
francs

enter the Bank's

only when bought by the Bank if and when

to

intervene

in

the

gold and not enough

exchange

market.

A

$5,000,000 gold shipment scheduled to go on the
Normandie

on

Sunday will bring such total French

gold acquisitions since November 8 to $40,250,000.
The

French

Popular Front Cabinet on Dec. 21

voted relaxation of the Government-enforced 40-hour
work

week,—the keystone of its original program for

economic reform

Blum.

This

sponsored by former Premier Leon

action

was

recommendations of the
mission
program

appointed

taken in accordance with

special governmental Com¬

time ago to formulate a
industrial production.

some

to promote

Other recommendations are
Government preparatory to

speculators.

or

Bourse, which has been stagnant for

absorbed in working capital requirements.

reserves

FRENCH francs are giving is held steadyrenewed
The spot rate indication of by the

is not reflected in French bank

presence

of the

action

for account

Continental and Other Foreign

last few months.

If 10,000,000,000 francs have returned to

is in urgent

PRICE PAID FOR GOLD BY THE UNITED STATES

in the

States,

deposits, which have remained stationary,

Dec. 24...139s. 7Kd.

Dec. 20.

spokesman

wholesale repatriation of capital is in

no

months, and it

LONDON OPEN MARKET GOLD PRICE

Tuesday, Dec. 21.

United

the

from

France, their

MEAN LONDON CHECK RATE ON PARIS

147.15

Government

The

10,000,000,000 francs had been repatriated, chiefly

sight.

price paid for gold by the United States:
Saturday, Dec. 18

description.

crees

under the emergency

ment several months ago.

being studied by the

the promulgation of de¬
powers voted by Parlia¬
These recommendations
special credit facilities

include various fiscal reforms,
for

industry, both medium and long-term, Govern-

Volume

Financial

145

ment aid for firms

and

desiring to modernize equipment

plant facilities, financing of public contracts,

authorization

of

special

and under¬

arrangements

standings between various units of

an

Dec. 17 to

The

October 25,

following

table

81,038,000

liabilities is

Argentine

paper

the

of the

relation

33.32

on

dollar:

was
Old Dollar_ New Dollar

Parity

Parity

a

(guilder)

32.67

23.12% to 23.14%

68.06

55.59

40.20

of the European currencies

gold and allowed to "float" on June 30, 1937.

The London check rate

147.19, against 147.18

New York

sight bills

on

Paris closed

on

on

Friday of last week; cable

transfers

against

3.39%,

In

Antwerp

2.39 9-16.

belgas closed at 16.97 for bankers' sight bills and at
16.97 for cable

Final

transfers, against 16.99% and 16.99%.

for Berlin marks

quotations

bankers'

40.30 for

were

sight bills and 40.30 for cable transfers, in
Italian lire closed

comparison with 40.30 and 40.30.

5.26% for bankers' sight bills and at 5.26% for cable
transfers,

5.26%.

and

5.26%

against

Austrian

schillings closed at 18.91, against 18.91; exchange
Czechoslovakia at
arest at

3.51%, against 3.51%;

0.74%, against 0.74%;

against 18.97%; and

on

on

on

Finland at 2.21%, against

on

Greek exchange closed at 0.91%, against

2.21%.
0.91%.

war

is firm.

francs and

vian

units

are

a

guilders quoted either flat
and

countries

in

in

Holland

continued

has

to

although at present there

due chiefly to

Dutch imports for

season.

11 months of the year

at a premium

or

marked falling off in employment

the first

totaled 1,423,000,000 guilders,

against 902,000,000 guilders a

Nov.

move

Business in the Scandina¬

the basic cable rate.

the inclement

30

year ago.

figures

to

against

666,000,000 guilders in the

Bankers'

sight

transfers at

EXCHANGE on thefrom Easternweeks. Itpresents
aspects Far recent countries is esti¬
new

mated that the total Japanese
known

reserves

gold

of the Bank of

reserves,

including

Japan together with

hidden reserves, now amount to about $500,000,000.
About

$260,000,000 of this is held by the Bank of

Japan and the remainder is held in hidden

resources

of-the Government.

Japan has lost approximately

one-third of its total

gold

movement

The

the

since the gold

Up to Dec. 18, the

of gold from Japan

shipments

finance

resources

began last March.

total exports

were

$245,300,000.

originally needed in order to

were

rapidly growing trade deficit.

quently the conflict with China caused

Subse¬

drain

a new

the Japanese balance of payments.

upon

Closing quotations for
29.10, against 29.11

yen

checks yesterday

Friday of last week.

on

were

Hong¬

kong closed at 31.30@31%, against 31.30@31%;

Shanghai at 29%@29 25-32, against 29%@29 25-32;

THE following table indicates the amounts of gold
bullion (converted into pounds sterling at

par

of

exchange) in the principal European banks

to

shown for the

against 23.12% and 23.12%.

1937

of—

Checks

on

1935

1934

£

£

£

314,278.185

corresponding

Germany b.

482,869,937
1.906,850
87,323,000
42,675,000
55,800,000
106,582,000
82,534.000
25,453,000
6,552,000
6.603,000

on

Friday

transfers,

Copenhagen checks

finished at 22.32 and cable transfers at 22.32, against
22.31 and 22.31.

1936

£

Banks

310,170.807
2,511,600
c87,323.000
a25,232,000
113.820.000
97.701,000
77,647,000

Swiss francs closed

Sweden closed at 25.77

and cable transfers at 25.77, against

corresponding dates in the previous

four years:

327,303.575

Amsterdam finished

25.76 and 25.76;

Spain

Nat. Belg..

Switzerland
Sweden

Denmark

.

26,103,000
6,545.000
6,602,000

.

Norway

2,877,900

17.038,760

90.679.000

90.449,000
76.595.000

6,555.000

64,361,000
70,170,000
71,515,000
69.393,000
15,822.000
7.396.000

6,602,000

6,582,000

42,575,000
62,710.000
98,903,000

46.743,000

22,080,000

76.711,000
77.900.000

67,616,000
14,426,000
7,397,000
6,573,000

aJAmount held Dec. 31. 1936, latest figures available,

b Gold holdings of the

Bank of Germany are exclusive of gold held abroad, the amount of which Is now

reported at £1,016,650.
c Amount held Aug. 1, 1936, the latest figure available.
The gold of the Bank of France was revalued on July 23, 1937, at 43 milligrams
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,
when the gold was given a value of 49 milligrams to the franc as compared with
65.5 mgs. previously.

On the basis of 65.5

mgs.,

approximately 125 francs equaled

£1 sterling at par; on basis of 49 mgs., about 165 francs equaled £1 sterling, and at
43 mgs., there are

and 25.11.

about 190 francs to £1.

di Bend in the New Deal Road
The

legislative record of the session of Congress

dollar fluctuations.

gressional annals. Not

At this

season

the South Ameri¬

practically dormant because of the

prolonged holiday observances.
Bank in its

191,686,728
615,562.263

1,212.476.972 1,100,474,062 1,248,570.813 1,241,854,741
Prev. week. 1,080,340,516 1,202,908,713 1,097,907,795 1,260,154,650 1.236,674.631

which ended

home of

£

192,788.779

656,986,134

Total week. 1,080,958,982

EXCHANGE on in close sympathy with sterlingfirm, moving the South American countries is
are

200,662,220
530,377.191
3,064.650
90,202,000

1933

Norway finished at 25.12 and cable

transfers at 25.12, against 25.11

markets

of

by special cable yesterday (Friday); comparisons

us

are

Netherlands

on

as

respective dates of most recent statements, reported

France

55.60%, against 55.61; and commercial

on

Gold Bullion in European Banks

England...

at 23.13 for checks and at 23.13 for cable

while checks

and Calcutta at 37.75, against 37.74.

Italy

sight bills at 55.55, against 55.55.

tral

Peru is

—-—♦

guilders,

1,050,000,000

were

55.60, against 55.61 on Friday of last week; cable

can

were

Chilean exchange

24%, against 24%.

The export

period of 1936.
at

Brazilian

rates,

independently firm with future

increase in recent months

is

5.40@5.55.

v.-;;

The Holland guilder

sympathy with sterling.

and Swiss francs

over

market

Manila at 50 3-16, against 50 3-16; Singapore at
58%, against 58%; Bombay at 37.75, against 37.74;

EXCHANGE on The countries neutral during the
the Scandinavian
close

free market close

or

nominally quoted at 5.19, against 5.19.

Buch¬

Poland at 18.97%,

free

or

against

nominal at

no

Friday

the French center finished at

on

at

on

Friday of last week.

3.39%, against 3.39%

5.40@5.50,
is

The unofficial

unofficial

to 55.61

Sept. 26 and Oct. 3, 1936.

b The franc cut from

at

5.26%

8.91

19.30

(franc)

New dollar parity as before devaluation

between

to

5.26

5.26

Switzerland
Holland

3.39%
16.96% to 16.99%

16.95

Italy (lira)

Friday, official

on

29.35@29.40, against 29.32@29.35.

milreis,

3.3914 to

6.63

13.90

_____

Range
This Week

a

3.92

Belgium (belga)__

closed

pesos

Friday of last week; cable transfers at 33.33,

against 33.32.

(franc)..;

ratio of gold to total sight

reserve

88.24%.

leading European currencies to the United States

b France

The bank's ratio of gold to notes

pesos.

128.97% and its

quotations, at 33.33 for bankers' sight bills, against

1933.

shows

4023

foreign exchange fund) amounts to 128,561,000
Gold abroad and foreign exchange total

pesos.

The 5% rate had been

4%% from 5%.

in effect since

sion of

is

industry.

The Bank of Poland reduced its rate of rediscount
on

Chronicle

Nov.

1,224,417,000




The Argentine Cen¬

30 statement shows
pesos.

gold at

Gold at home (exten¬

tration

session
nor

at

abruptly

measures
was

called

for

on
a

Tuesday is unique in Con¬
single

was

next

session

of the Adminis¬
special

approved by the two houses,

is the outlook for the

the

one

whose enactment the

adoption of

definitely

clear.

any

of them

The

Black-

4024

Financial

Connery

and hours bill, after being wrenched

wages

from the hands of the Committee
tion of members of the

Committee

with

longed debate.

for

Rules by

on

House, has

Labor

on

loaded down

Each house passed

is

a

the pro-

control

crop

acceptable to Secretary Wallace

parently, to President Roosevelt, and
committee has the task of

neither of
to

work,

reconciling two

else of evolving

ap-

measures

be made

can

bill.

a new

or,

conference

a

which, opponents declare,

or

The housing

bill of the Senate has also gone to conference.
bill for

The

reorganizing the executive departments and

bureaus

in committee when the session

was

and it still

debate, and in the refusal to

opened,

reposed there when the houses adjourned.,

Nevertheless, the record
tially negative.
legislation

viding for the payment of the traveling

expenses of

Washington and their

respee-

live homes.

is, of course,

Not only did he fail to obtain

open one.

forward

as

urgent need, but he is left under
sional

leaders, if reports

regard

a

special session

cept to
be

come

neither

when it

led

nor

things for which they
Roosevelt
cordial

was

led

was

were

to

ex-

into doing any of the

believe, in

consequence of the

reception which he met with

his western

on

of these projects should take, but

was

forthcoming that the public in general wanted

either of them in
any

Yet the

form.

evidence

istration been

was

of legis-

Not since the defeat of the

so

too much to

widespread

or so

pronounced.

to Presidential

dictation, the opposition should

well-rounded legislative
program,
program to
Not

space

of five

only does the organization of construe-

time, but Administration

ership in Senate and House

leadership developed.

faced with

and pushing the

completion, all in the short

tive resistance take

a

lead-

must be set aside and

It

is

no

wonder

a

that,

continuing industrial and business

de-

pression for which the Administration and Congress
are both
responsible, and conscious of a public opinand

increasingly hostile to Administration policies
methods, Congress should have floundered. It

would have been

gratifying indeed if the

before it had been

measures

definitely rejected and the legisla-,
January session, but there

tive slate cleared for the
is

the recent

has been,

one

he has

as

in the past and break Congressional

opposition

he has broken it before.

hears

that,

Congress

when

one

reassembles,

he

as

rumors

will

"crack

recalcitrant members. His remarks

upon

conference

press

Already

on

percentage of the press and
of

inen

at

Tuesday, in which, accord-

ing to the New York "Times," he "accused

inculcating

small

a

large

a

minority of

phychology of fear

a

which had had much to do with prevailing economic
conditions in the country," suggest that the old de-

vice of attacking the "economic royalists" and

start

may

again be used to

act finally upon the Administration
it

be made to

can

ap-

respon-

backfire that will bring Congress to terms,

a

It cannot be denied that the failure of

Congress to

measures

before

give color to the contention that,

without Executive leadership, legislation is not to be

expected.
There

velt

significant indications that Mr. Roose-

are

intends
to

even

to

defy it.

put

pressure

upon

Congress, and

He has already served notice that

ground of encouragement in the stubborn opposi-

tion which

some




of the measures

cratic members, must take the responsibility.
has also refused to yield in his demand for

tion

in

encountered, in the

the

Federal

a

He

reduc-

appropriations for road

con-

struction, and in that connection has pointed out, in
a letter to Representative
Cartwright, "that Federal
aid highways give relatively little help to the several
million

on

Americans
In

both

of

who

these

are

actually

matters

of

budget his

reduced
course

pressing

Roosevelt is

moves

expenditures

and

in the di¬

a

balanced

will be approved,

On the other hand, his action

reappointing

in

Mr,

good ground, and as long as he

rection

It

expect that, after years of subservi-

quickly succeed in marshaling its forces in orderly
and disciplined
fashion, framing a consistent and

ion

as

not to develop into a permanent impairment of his

need."

*

session, fruitless though it

was not wasted.

no

court-packing bill has the opposition to the Admin-

new

barren

as

be expected to let the situ-

in the budget, Congress, and particularly its Demo-

any

weeks.

it is.

if appropriations exceed the amount recommended

departments that he has advocated, he greatly misinterpreted the state of public opinion, for not only
was Congress unable to
agree upon the form that

ence

not

and

wages

with its accompaniments of further crop
control, or the sweeping reorganization of executive

was

has

legislation, Federal housing, the ever-normal

granary

lation,

as

leadership, he will have to assert himself

specially convened. If Mr.

tour, that the country earnestly desired
hours

choice

called, the members could

spurred

Congress

sibility for the country's ills

either necessary or deno

and

having

The Congres-

siderable, and while the Congress had

for,

pealing to those who charge "capital" with

to be believed, did not

are
as

called

was in

cloud for

a

special session at all.

put

was

something of which the country

summoned the

of the

any

legislation which he asked for, and which

an

essen-

If the rebuff which Mr. Roosevelt has received is

business

The rebuff to President Roosevelt

he

another session

his

the members between

sides is

The country will not stand for

that trace very

pro-

both

on

Mr. Roosevelt has not obtained the

can

and

one

of them in

litically, neither side

down"

the usual

agree to any

ation remain

only bill with the least trace of general interest,
was

1937

shown that it is able to legislate independently. Po-

The

slight,

25,

the form in which they had been cast.

consideration,

amendments offered in

Dec.

frank and cogent criticisms that they met with in

peti-

back to the

gone

further

a

bill, but the Senate and House bills differ radically,
neither

Chronicle

on

Wednesday in

Collector of Internal Revenue for

a

West Virginia district after the

same

a

appointee had

been rejected by the Senate Judiciary Committee
is not only a defiance of the Senate but also, it would
seem,

an

attempt to

Senator Holt.
has been

an

ods of the

undermine

the

influence

of

Senator Holt, it will be remembered,

outstanding critic of the financial meth-

Treasury and the proposed reorganization

of

the executive
departments, and it was his objection, it is reported, that caused the nomination to

be

rejected. The appointment, however,

was

desired

by Senator Neely, Senator Holt's colleague, who has
strongly supported the Administration, and for that
support he
The

now

most

has his reward,

discreditable

that offers the most

situation,

and

the

one

opportunity for political bar-

gaining and vote swapping, is the

one

presented by

the agricultural bill and the wages and hours bill,

If what
a

was

said and done in the recent session is

reliable indication, neither of these bills,

nor any

Volume

Financial

145

amended form of

either,

Chronicle

be passed without the

pies.

support of those members who also favor the other,

cans

A

good

security

to

both

can

members in each house

many

bills, but

enough to have determined
be
if

opposed

were

appreciable number, perhaps

an

vote, were believed to

a

ready to yield their opposition to farm control

they could have control of

others

prepared to yield

were

and hours, while

wages

and hours if

on wages

they could have farm control. Both sides,

long history

be assured by closing

can

fact that, whether
a

our

we

Ameri-

we

like it

or

our eyes

to the

not, we are a part of

large world of other nations and peoples. As such

we owe some measure

of cooperation and even lead-

ership in maintaining standards of conduct helpful
to the ultimate goal of general peace."

1

Mr. Roosevelt has not always been happy in his

pressed by the American Federation of Labor,

were

references to American history, and his interpreta-

and is not

modified control of wages

a

greatly opposed to

crop

Committee for Industrial

has

But throughout

have rejected every suggestion that ultimate

moreover,

which wants

the

4025

and hours

control, and by

Organization, which

great interest in either project.

no

The remarks

conference

dicating

purpose

into accord. We have had

groups

press

interpreted

were

than

more

in-

as

and labor

bring the farm

to

war

and international cooperation needs qualifica-

tion,

Outside of New England, the country clam-

ored for

Secretary Wallace, at his

Wednesday,

on

a

of

tion of the attitude of the American people toward

one oc-

casion to criticize Executive interference with

legis-

South

war

with England in

all for

were

which

quarrel

nourished, and

the
a

war

1812. The West and

with Mexico, in 1845, in a

United

States

declaration of

had

war

sedulously

against Spain,

in-1898, which could have been avoided if President
McKinley had chosen to do

so, was

enthusiastically

lation, particularly the notorious lobbying by Ad-

supported.

ministration agents

desired to live at peace with all the world, but they

and the summoning of members

Undoubtedly the American people have

to the White House to receive Presidential instruc-

have

tions.

seemed to carry an affront to American dignity or

Unfortunately, there is

kind of

evidence that this

no

thing is to be abandoned. Mr. Roosevelt

mains firm in

demanding

tion, and while he

wages

re-

and hours legisla-

be willing to accept some-

may

been

peculiarly

prestige. Being

an

sensitive

that

intelligent people, they have also

forgotten that there

never

incidents

to

are

other nations and

peoples, and that certain relations with them

were,

thing less than the Blaek-Connery bill, lie may be

accordingly, inevitable, but not until the Wilson

counted upon

philosophy of internationalism took temporary

essential

to exert himself actively to obtain the

substance

Senate

Neither the

that

of
nor

objectionable

the House

measure,

agricultural bill

exactly pleases Secretary Wallace, but here, again,
a

compromise is evidently sought that will assure
for

votes

substance

the

of

what

is

wanted.

departmental reorganization bill is also
ministration
its

It is this situation which

dependence that
bore

of

is

no

to expect

reason

clouded

is

was

language, and the collapse of the Brussels

was

made in

the special session
a

handful

but the next session must

It will be the greatest

possible mis-

opposition to bills in which

an ag-

determined, if possible, not to have is

postpone still longer the possibility of a balanced

Nothing could play

more

Roosevelt's hands than to mix
cial

extravagance.

that the

opposition

directly into Mr.

opposition and finan-

The special session
can

has shown

impede legislation, and that

showing, all things considered, is to be accounted a

It remains for the opposition to show, in the

gain.
next

Mr. Roosevelt's reply, in short, harks back to the

vague

by support of other measures which will

budget.

1919 have not encouraged its revival,

What

gressive minority of members does not believe and
which it

session, that it is able to legislate.

said at that time

which

reply

President Roosevelt made

on

Tuesday to the telegram in which Governor Landon,
of
a

Kansas, renewed the pledge which he had given
year

ago

of support for the President's foreign

policy, is a somewhat disturbing document.

"I be-

iieve," Mr. Roosevelt wrote, "that the overwhelming
majority of our countrymen, regardless of politics,
race,

creed

to this

or

color, from the days of Washington

hour, have desired to pursue the even tenor

of their way

at peace with all nations and all peo-




was

clothed in rather

Conference did not help to clarify it, but the im-

pression
among

was

nevertheless given that certain nations,

them the United States, ought to cooperate

in dealing with conduct by other nations which, in
their judgment,

endangered civil

as

well as political

rights and contravened the obligations of international law.
is

It

the intrusion

closely related

of this idea,

and of others

to it, that tends to aggravate the

present controversy with Japan and threatens to
embarrass

American

foreign policy generally.

In

explanaby spokesmen for Japan, the Panay incident

spite of repeated and profuse apologies and
tion

seems

to have made no progress

toward settlement,

What the facts of the case are has not

been agreed

by both parties, and some of the Japanese
contentions do not appear to be at all well founded,

upon

but the American

The Limits of American Foreign Policy
The

Wilson im-

Congress will face when

produce constructive legislation if independence is
take if continued

which President

January. The vigorous show of in-

measures,

to be effective.

ultimate goal of general peace."

of mission

sense

aggressive ideas that permeated his Chicago speech.

%

only the negative fruit of holding up

important

mission of "cooperation and

and the experiences of attempted cooperation since

be pressed.

it reassembles in

duct helpful to the
The

a

and while the likelihood of

program,

not

States had

leadership in maintaining standards of con-

planted, moreover, hardly survived the World War,

form, seems remote, there
it will

United
even

the Ad-

on

except possibly in a greatly modified

passage,

that

The

pos-

session of the public mind have they felt that the

ciliatory.

temper is more insistent than con-

There can be no question of the right and

duty of the Administration to protest

against de-

liberate aggression and to deal with it by such
means as are at its command. When the American

Government, however, declares, as it did in its note
of Dec. 14, that American vessels were in the Yangtze River "by uncontested and incontestable right,"
it is practically asserting the right of American citizens to enter and remain in a war zone and enjoy,
while there, full protection for themselves and their
property. There is no such recognized right in inter-

Financial

4026
law.

enter

remain in

or

a

war

zone

do

and while their Government may

whatever

of

risk

properly demand

their

or

injury

or

loss results either

general conflict or the inevitable accidents or

from

mistakes of

war.

Unhappily, it is far from clear

that the attack upon
American vessels was

contention

can

at their peril,

destroyed, they must take

property is deliberately
the

so

they are deliberately attacked

if

redress

of

facts

the

should be

suggestion of cooperation with other Powers,

Mr. Roosevelt had
he made his

it

gave

clearly shows that the idea of cooperation and Amer¬
leadership is still lingering in his mind.

ican

determining where

blame

the situation is not

most

operation which has been commonly urged in Eu¬
is of a kind that would shift to the United

States

possibility. The need of
moment, for Congress as well as for the country,

however, is still at least a

action that may look toward war or

a

The friends of peace, accordingly,

extremely ill-advised if they give any counte¬

whatever to the Ludlow resolution

calling for

of that

It is

The

and

more

some

billions of unpaid and

evident that, outside of Great

Britain, concern over events in China and their pos¬
sible consequences

is much less in Europe than it

country, and that even the British Gov¬

is in this

notwithstanding assertions that British

ernment,

Congress could vote a declaration of war.

War, and

undertaking.
more

interests

fore

will be

protected, is carefully refraining

forcing the issue. Some explanation, of course,

from

resolution, which was introduced in the House of

is to be found in the fact that

Representatives last February, was revived after the

to the

Panay attack and is scheduled for consideration on
The

Jan. 10.

adoption of such an amendment would

revolutionize the constitutional system

right to declare war—a right which it has
only on the recommendation of the Presi¬

dent—and commit the
of national

crisis, to

decision, under circumstances
a

popular vote in which pas¬

sion, prejudice and ignorance would count equally
intelligence and deliberation.

It would ham¬

East, those of Great Britain excepted, are

To Germany and Italy, however,

relatively small.

war

exercised

with

foreign country, and that Continental interests in

elected body representing the people,

as an

to

some

extent to

fect upon

the positions of Britain and Russia. It is

conflict

which, while geographically remote, has

a

repercussions ,upon the political situation in

direct

Europe. For the United States to abandon its inde¬

pendent position, accordingly, and allow its policy

ously interfere with preparations for national de¬

Powers

fense, and leave an enemy Power free to act while

in

by the supposed interests of other

to be determined

referendum

being organized and its result

was

President Roosevelt has done well to

ascertained.

the

country should support him in his oppo¬

as

well

as

its own,

ambitions

and

with

directly concerned, and upon whose

outcome it could exercise no

determining influence.

disturbing, therefore, to have such ideas as

It is

and "leadership" injected into the

"cooperation"

Japanese controversy.

sition.

would be to involve itself

controversies

European

which it is not

register at once his opposition to it, and Congress
and

France, the Sino-Japanese

important mainly because of its probable ef¬

is

string the diplomatic powers of the President, seri¬

a

nothing comparable

Panay attack has been suffered by any other

the Far

and

Congress,
of the

by depriving

Europe

virtually repudiated war debts are one of the fruits

national referendum would be required be¬

a

which

The United States has had

experience of such cooperation on a large scale

one

in the World

constitutional amendment under which a majority

vote in

and responsibilities

burdens

itself is loth to assume.

impede the efforts of the Administration to reach a

nance

acquaintance with recent diplomatic

cursory

it can in accepting
responsibility for what has occurred and in giving
assurances against a repetition.
A war with Japan,
to have gone as far as

peaceful solution.

editorial

suggestions of Anglo-American action in China. The

rope

will be

Post," ayi influential English newspaper
regarded as reflecting the views of Foreign

history, however, shows that the international co¬

It would be idle to insist that

the

The

"Yorkshire

Secretary Eden, has been outspoken in its

placed.

is to avoid any

Chicago speech, the Brussels Conference

set-back, but his reply to Governor Landon

a

unintentional, but the Ameri¬

and

If

anything definite in mind when

which is

help in ascertaining the

1937

especially Great Britain, is, however, insidious.

serious, and this notwithstanding that Japan ap¬
pears

25,

the gunboat Panay and other
not

does

case

The

non-combatants who elect to

Alien

national

Dec.

Chronicle

The United States is not re¬

ized

popular pressure, nor the mistaken zeal of those

sponsible for the conduct of Japan, and it has no
mission to reform international morals.
Its sole

who

repeatedly voice their desire for peace, will'be

duty in the present juncture is to uphold

It is also

earnestly to be hoped that neither organ¬

used to stir up

toward

for

war.

demands for other steps that look

A naval demonstration in the

Pacific,

example, would almost certainly be regarded by

Japan

as an

unfriendly act, and the breaking off of

its citizens

matic

or

their property,

means as

surances

for the future and a

points in dispute.

nothing for the protection of American interests in

adheres to this line

nary.

would

as a war

prelimi¬

Nothing that the Administration could do
be

likely to stop the informal boycott of

Japanese goods that is developing in various parts
of the

peaceful settlement of

As long as the Administration
it will be entitled to the benefit

of the doubt in whatever means
a

reminder

vate

it

may

employ, with

in pri¬
better than no

that, in international as well as

matters, half a loaf may be

bread.

country, but any official recognition of the

boycott would greatly prejudice the American posi¬
tion.

and obtain, by diplo¬

long as such means can be used, as¬

diplomatic relations, in addition to accomplishing
China, would obviously be viewed

American

rights, insist upon reparation for open attacks upon

As long

draw upon

as

diplomacy has

any

resources

New

Capital Flotations for the Month

to

November 1937

in pursuit of a settlement, such resources

should be used, and

there should be

no

interference

by Congress or the public with the diplomatic au¬
thority which
cises.




the Administration properly

exer¬

In

our

months
Dec.

summary

ended

of capital flotations for the 11

Nov.

30,

1937

(see

"Chronicle,"

11, pages 3716-3720), the sum of $134,000,000
government" was omitted. This item.

"other foreign

Volume

Financial

146

when added

the

to

that total up to

refunding column, would bring

$1,812,517,953 and the grand total

for the 11 months to

$3,736,991,490.

foreign

financing

government

for

There was

no

month

of

the

"long-term bonds and notes" in the

refunding and grand total columns for the month
of

November, 1936, should be deducted the

$25,000,000,
be

of

respectively.

made

from

the

This

deduction

same

corporate totals of new

corporate issues for the month of November, 1936,

leaving the totals for refunding for that month and
the

grand total $129,926,507 and $239,003,750, re¬

spectively.
The Course of the Bond Market
Bond prices

this

have undergone general price improvement

A firm undertone has prevailed

week.

advances in any group.
at

115.14

average

stood

Thursday, which is the high point for this

on

These high grades

attained in August.

group

without wide

The high-grade, Aaa,

than half way up

are now more

from the year's low to the January high.

Speculative bonds

have advanced

the rails being most

moderately

this

week,

active, but also being characterized by

declines in individual

U. S. governments have again

cases.

shown fractional improvement

and they, too,

are

at their

August highs.
In

a

comparatively light volume high-grade

railroad bonds have moved irregularly in an
MOODY'S BOND PRICES

(Based

u.

s.

AU

St. Louis

Govt.

Corp.*

many

San Francisco

In

a

P.

U.

Indus

week in which

able

feature

which

the
or

utility

bond

market.

Among bonds

approached previously established high

transaction.

Moody's computed bond prices and bond yield
are given in the following tables:

AU 120

1937

BOND

Corp.

AVERAGES

averages

(REVISED)

Individual Closing Prices)

120 Domestic

tic

Averages

YIELD
on

120 Domestic Corporate *

Domes¬

Corporate by Groups *

by Ratings
Aaa

Baa

Aa

5.87

5.05

4.00

3.64

5.86

5 04

4 01

3.65

5.05

4.02

3.65

5.09

4.02

3.66

5.12

4.02

3.66

5.11

4.02

3.66

5.92

5.11

4.02

3.66

5.91

5.10

4.02

3.66

5.09

4.01

3.66

5.10

4.02

3.66

5.11

4.02

3.66

5.90

5.09

4.03

3.67

4.31

5.90

5.09

4.03

3.67

3.22

3.56

4 24

3.23

3.57

4.24

3.24

3.57

4.29

5.86

4.25

3.23

3.58

4 30

5.90

4.27

3.23

3.58

4.31

5.95

4.26

3.24

3.58

4.30

5.92

15..

4.27

3.24

3.59

4.31

14—

4.26

3.24

3.58

4.30

4.26

3.24

3.58

4.30

5.90

4.26

3.24

3.59

4.29

6.90

4.26

3.24

3.59

4.30

5.92

9—

4.26

3.24

3.59

4.30

8—

4.26

3.24

3.59
3.61

100.00

106.54

Dec. 23—

4.23

22- 109.63

96 23

114 93

108.08

95.46

73.76

83.87

100.00

106.54

22—

109.74

95.95

114.72

107.88

95.29

73.87

84.01

99.83

106.36

21-

20- 109.68

95.95

114.51

107.88

95.13

73.87

83.87

99.66

106.36

20-

18- 109.69

95.78

114.72

107.69

94.97

73.42

83.33

99.66

106.17

18-

17- 109.55

95.46

114.72

107.69

94.81

72.87

82.93

99.66

106.17

17-

16- 109.48

95.62

114.51

107.69

94.97

73.20

83 06

99.66

106.17

16-

15- 109.41

95.46

114.51

107.49

94.81

73.20

83.06

99.66

106 17

14- 109.35

95.62

114.51

107.69

94.97

73.31

83.19

99.66

106.17

13- 109.33

95.62

114.51

107.69

94.97

73.42

83.33

99.83

106.17

13-

109.36

95.62

114.51

107.49

95.13

73.42

83.19

99.66

106.17

11

10- 109.38

95.62

114.51

107.49

94.97

73.20

83.06

99.66

106.17

10-

9- 109.40

95.62

114.51

107.49

94.97

73.42

83.33

99.48

105.98

8- 109.26

95.62

114.51

107.49

94.81

73.42

83.33

99.48

105.98

—

U. I Indus.

4.28

4.23

83.73

P.

4.27

4.27

73.53

R.

5 06

3.56

95.46

R.

5.89

3.21

108.08

—

major developments have been absent,

% to 110%.
Lower grades have been mixed with a slight
tendency toward betterment.
Industrial bonds have improved for the most part this
week, the best gains being made in the second-grade and
speculative classifications.
In the steel group, National
Steel 4s, 1965, were unchanged at 107, and Otis Steel 4%s,
1962, lost 4% at 67.
Phelps Dodge conv. 3%s, 1952, rose
% to 101 %.
Rubber bonds advanced, Goodrich 4%s, 1956,
advancing 1 to 94.
On the other hand, meat packing bonds
were off fractionally, as were building company issues, the
feature of the latter group being a decline in Walworth 4s,
1955, of 2 points to 66.
Among foreign bonds, German issues have maintained
previous price levels, while Japanese continued to decline
and Italians advanced moderately.
An exceptionally heavy
loss of 12 points was suffered by Dominican ext. 5%s, 1961,

115.14

11

St. Louis-

levels, Cincinnati Gas & Electric 3%s, 1966, closed at 103
on
Thursday, up % since last Friday; Pacific Tel. & Tel.
3%s, 1966, at 104%, were up %; Westchester Lighting 3%s,
1967, advanced % to 102%; Detroit Edison 4s,- 1965, rose

96.23

—

of

attained

Dec. 23- 109.65
21

registered.

4%s, 1978, declined % to 12.

MOODY'S

R.

%

off 1% at

strength in high grades probably has been the most notice¬

Daily
k.

1955, lost

Among the de^

1975, declined 2% to 46%.

(Based

Baa

Illinois Central 4s,

62; Erie 5s,

120 Domestic

Aa

groups.

faulted rails small losses have been

Corporate by Groups *

Aaa

Medium-

were

tic

Averages

on

point at 52%; Southern Pacific 4%s, 1981,

(REVISED)

by Ratings

Domes¬

Bonds

4%s, 1977, advanced 1 % point to 104%.

Average Yields)

120 Domestic Corporals *

120

1937

Daily

on

effort to reach

4s, 1995, closed at 109%

gen.

grade and speculative railroad bonds have scored fractional

on one

of

market

Atchison

Thursday, gaining % since last Friday; Virginian Ry. 3%s,
1966, lost % at 104%; Pittsburgh Cincinnati Chicago &

leaving these totals $119,809,207 and

$216,016,000,
should

sum

4027

higherllevels.

losses in

November, 1937.
From the item

Chronicle

4.00

3.64

7-

109.26

95.13

114.30

107 11

94.49

72.76

82.66

99.31

105.79

7-

4.29

3.25

4.33

5.96

5.14

4.04

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

106.92

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

4.31

3.25

3.63

4.34

6.00

5.19

4.04

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

4.40

3.76

5.69

3.69

94.49

5.60

3.68

6-

5.66

95.13

114.30

3- 109.28

94.81

114.30

106.73

94.33

72.32

82.00

99.30

105.79

3

—

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

Weekly—
Nov.26— 109.14

93.37

113.89

106.17

93.37

69.37

79.70

98.62

104.30

3.66

4.40

6.28

5.37

4.08

94.65

114.09

106.92

94.33

71.89

81.22

98.97

106.36

NOV.2J-

3.27

19-. 109.30

4.32

3.26

3.62

4.34

6.04

5.25

4.06

3.65

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

95.46

73.53

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

Oct. 29-

4- 109.31

2
1

—

12.
5-

3.68

5.65

Weekly—

108.59

95.62

114.09

108.77

95.78

114.30

107.49

5.78
5.72

108.60

9611

114.00

106.73

95.78

74.89

84.01

99.14

107.11

4.23

3.26

3.63

4.25

5.77

5.04

4.05

3.61

5.66

22- 108.34

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- 108.44

96.28

113.48

107.11

95.62

75.24

85.93

98.11

107.17

16.

4.22

3.29

3.61

4.26

5.74

4.90

4.11

3.66

6.75

8- 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

5.69

108.36

98.45

113.48

108.68

97.95

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— 108.47

98.45

113.27

108.46

98.11

79.20

88.95

100.00

107.69

Sept.24-

4.09

3.30

3.64

4.11

5.41

4.69

4.00

417-- 108.36

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

5.23

4.68

3.97

3.52

5.33

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

3.96

3.28

3.48

4.02

5.07

4.48

3.91

3.50

6.28

3.96

4.45

Oct. 29-

1

—

3.68

6.39

108.04

100.70

113.68

109.64

99.66

83.60

92.12

101.58

109.24

3-

Aug. 27— 108.28
20- 108.86

100.70

113.89

109.44

99.86

84.01

92.59

101.68

109.24

3.49

4.02

5.04

3.91

8.60

5 28

114.09

109.84

100.00

84.41

92.75

101.94

109.64

Aug. 2720-

3.27

101.06

3.94

3.26

3.47

4.00

6.01

4.44

3.89

3.48

5.33

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

5 08

6- 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

6 00

4 37

3 88

3 45

5.09

100.70

3.23

3.43

3.96

5.02

4.37

3.89,

3.47

6.13

109.52

101.58

114.72

110.63

84.28

93.85

101.94

109.84

July 30—

3.91

23- 109.22

101.76

114.09

110.63

100.88

85.10

94.97

101.76

109.24

23-

3.90

3.26

3.43

3.95

4.96

4.30

3.90

3.50

5.13

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

9

108.59

101.58

113 89

110 24

100 63

85.24

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

2-

108.39

109.84

100.00

July 30
16-

100.38

113.68

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

June 25— 108.36

100.70

113.48

109.64

99.83

83.87

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- 108.44

101.41

113.89

110.24

100.35

85.10

95.13

100.70

109.24

18-

3.92

3.27

3.45

3.98

4.96

4.29

3 96

3.50

5.13

11- 108.53

101.76

113.89

110.43

100.70

85.65

95.95

100.88

109.24

11-

3.90

3.27

3.44

3.96

4.92

4.24

3.96

3.50

5.11

108.59

101 58

113 48

110 24

100.35

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

5.19

4.26

4-

May 28— 108.73

101.41

113.27

110.04

100.35

85.65

95.62

100.53

108.85

May 28-

3.92

3.30

3.46

3.98

4.92

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

5.33

3.91

3.34

3.51

3.99

4.81

4.25

3.93

3.56

5.37

7- 108.03

101.58

112.45

109.05

100.18

87.21

95.78

101.23

108.08

7-

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

23- 107.17

100.70

111.23

107.89

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

107.79

100.70

111.03

107.88

99.48

87.21

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

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

6.33

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

108.40

101.23

111.84

108.27

99.48

87.93

96.11

100.70

107.30

Mar.25—

3.93

3.37

3.53

4.03

4.76

4.23

3.96

3.60

5.33

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

5.26

109.24

100.35

89.40

97.45

101.76

108.27

12-

3.87

3.32

3.50

3.98

4.66

4.15

3.90

3.55

5.30

16

Mar.25.

,109.32

101.23

111.84

12.. 110.76

102.30

112.86

5- 111.82

19-

103.74

114.09

110.43

90.75

98.45

103.38

109.44

5-

3.79

3.26

4.55

3.90

4.57

4.09

3.81

3.49

5.24

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

6.13

102.84

91.51

99.66

3.75

3.22

3.41

3.84

4.52

4.02

3.76

3.46

5.18

Feb. 26.

101.78

11— 112.20

104.48

114.93

111.03

104.30

110.04

11—

5— 112.34

105.04

115.78

111.84

103.38

91.66

100.00

105.04

110.63

5-

3.72

3.18

3.37

3.81

4.51

4.00

3 72

3.43

5.19

112.21

105.41

116.64

112.25

103.56

91.51

100.00

105.04

111.43

29—

3.70

3.14

3.35

3.80

4.52

4.00

3.72

3.39

5.34

22- 112.39

106.17

117.72

113.27

104.30

92.38

101.23

105.79

112.05,
J.U5,

22„

3.66

3.09

3.30

3.76

4.47

3.93

3.68

3.36

15- 112.53

106.36

118.16

113.48

104.48

92.28

101.23

106.17

5.25
112.:

15-

3.65

3.07

3.29

3.75

4.47

3.93

3.66

3.35

5.41

3.65

3.08

3.27

3.75

4.49

3.03

3.66

3.35

5.43

3.64

3.07

3.27

3.74

4.46

3.92

3.66

3.34

5.08

29

Jan.

Jan.

112.71

106 36

117.94

113.89

104.48

91.97

101 23

106.17

112.
5.25

8_.

High 1937 112.78
Low 1937 107.01

106.54

118.16

113.89

104.67

92.43

101.41

106.17

112.45

Low 1937

8.

1

93.37

109.64

105.98

93.21

69.27

79.57

96.28

104.30

High 1937

105.41

117.29

113.07

103.74

90.75

100.18

105.41

111.23

Deo .23'36

97 11

110.63

106.36

94.33

80 96

88 51

98.28

105.41

Deo.23'35

1

Yf. Ago

Dec .23'36 112.33

2 Yrs.Ago
Dec 23*35 107.57

5.39

4.40

3.48

3.67

4.41

6.29

5.38

4.22

3.76

5.78

3.70

3.11

3.31

3.79

4 57

3.99

3.70

3.40

5.64

4.17

3.43

3.65

4.34

5.27

4.72

4.10

3.70

6.45

Yr. Ago

2 Yrs.Ago
-

computed from average yields on the basis oI one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to illustrate in a more comprehensive way the relative levels and the relative movement of
field averages, the latter being the truer picture of the bond market
•

These pricee are




Financial

4028

Dec.

Chronicle

Indications of Business
STATE

THE

Friday Night, Dec. 24, 1937.

figures showing a drop instead of a

gain

During the past three months

earlier figures indicated.

Commerce" index figures show a total drop

the "Journal of

The latest preliminary figure

30% in business activity.

of

weekly decline, last

This is the twelfth consecutive

week's revised
as

registered this

decline In business activity was

Another
week.

EPITOME

TRADE—COMMERCIAL

OF

.

A sharp reduction in coal output and further

losses in merchandise loadings,
motive activity were

steel production and auto¬

the factors playing a considerable part
Although steel production has

weekly decline.

in the latest

in

reached the lowest levels

of

forerunner

a

"Iron Age" states in its current summary.

time in January,

the steel industry emphasized

its survey of

in

The review

and likelihood

buying plans,

shipbuilding plans, 1938 rail

bright spots in the outlook, although admitting

as

that any gain in the output rate

the small side.

on

next

during 1937.

than was the case in some instances

year

lows for

other major lines will

some

reach

long period in the final week of the month,

a

but this had been

Employers have made unusual

expected.

provide all the work possible up to Christmas, and

effort to

shutdowns

brief

production of

indicated that

advices

Trade

steel, automobiles and
new

scheduled

are

intervening

week

the

in

48 to
Springfield,
Mo., 40 to 44; Oklahoma City, 42 to 50; Salt Lake City,
12 to 40; Seattle, 34 to 38; Montreal, 8 to 24, and Winnipeg,
Dallas, 46 to 52; Kansas City, 34 to 42;

54;

below

18

bonus reports, with some of

good sprinkling of employee

the

dis¬

making special

manufacturing companies

largest

4

to

above.

Moody's Commodity Index Higher

Moody's Index of Staple Commodity Prices advanced
moderately this week, closing at 151.6 on Friday as com¬
pared with 148.2 last Friday.
The principal change was
a sharp increase in hog prices.
The movement of the Index during the week, with com¬

is

parisons,

Dec.

follows:

as

Dec.

Fri.f
Sat.,

--148.2 2 Weeks ago, Dec. 10..
148.2 Month ago, Nov. 24
148.5 Year ago, Dec. 24.
149.1 1936 High—Dec. 28
149.8
Low—May 12
150.9 1937 High—Apr. 5.
Low—Nov. 24
151.6

17
18

Mon.,
Tues.,
Wed.,

Dec.

20

Dec.

21___

Dec.

22

Thurs.

Dec. 23-—

Fri.,

Dec.

-

—

tributions, in some cases larger than for 1936.
December

of

last

Production of electricity in
2,202,200,000 kilowatt hours in

Dec.

18,

a

decrease of 3.3%

the

under the corre¬

6,095,000 kilowatt hours over the previous week, when it
stood at 2,196,105,000, and a decrease of 76,103,000 under the
total of 2,278,303,000 in the corresponding week of last year.
"Christmas

this week

such proportions

buying assumed

&

Bradstreet,

reported

Inc.,

Gains

today.

over

whole,
the trade agency said.
"On the final lap of gift buying,
shoppers jammed retail stores until the late evening clos¬
ing hours," the report continued.
"The unexpected strength
of the last

to 10%

minute demand

A

Car

loadings of

railroads totaled

on

some

merchants the

record."

freight carried by the Nation's

revenue

in the week ended last Satur¬
day, the Association of American Railroads reported today.

603,292

cars

This represented a decline of 18,839, or
ous

week,

1936

and

week.

today

ministration

Federation

of

from the like

Labor estimated

The American Federation of

Labor figure

Leon Henderson, Works

Progress Ad¬

after

economist,

"around

There

3% from the previ¬

17.4%

increases through the year had sustained

wage

discovered

at

or

than 1,000,000 jobs had been lost since Septem¬

more

buying power.

loss

American

The

ber, but that
was

drop of 126,756,

a

yesterday

had

2,000,000" since Sept.

nothing extraordinary in

was

developments.

Following

a

estimated

the

to

and

eastern

generally

day's (Dec. 22) closing prices the index stood at 85.2, as
compared with 85.7 (revised) for the preceding week and
89.7 a year ago, the "Annalist" said, adding:
Meat prices again declined sharply,

steady,

Almost

higher.

slightly

dairy

all

widespread

portions
over

the

of

Rocky

There

was

Mountains,

the

throughout

Coal Commission,

changed,

as

above normal.

peratures

very

and

Eastern

a

little

States

precipitation

temperatures

In the western portions

have

tended

to

tinuously since October.
There

was

THE

,

WEEKLY

"ANNALIST"

rise

above

west

continued

to

of

the

range

of the country tem¬
normal

almost

con¬

unusually

cold weather,

the

line

only to central South Carolina, northcentral Georgia, and the south-central parts of Alabama and
Mississippi.
In the New York City area during the past
week

the

it

was

weather

was

generally cold and clear, though at

became unseasonably mild.
Today
raining and cold here, with temperatures ranging
temperature

from 28 to 38 degrees.




WHOLESALE

COMMODITY

(1926=100)

Wednesday,
Dec. 23, 1937

Farm

i

Tuesday,

15, 1937

Dec.

84.6

22, 1936
99.3

77.3

81.2

90.0

89.1

103.8

.

x61.0

89.7

Fuels

x79.0

*61.3

Food products
Textile products

Metals.

Wednesday,
Dec.

85.1

products

103.9

95.1

67.1

82.1

Building materials

68.9

68.9

Chemicals.

88.9

88.9

86.5

Miscellaneous

75.0

74.9

71.7

85.2

x85.7

89.7

commodities

All
*

Preliminary.

x

Revised.

Revenue

Loadings

Car

Freight

Drop

Cars in

18,839

Week Ended Dec. 18

freight for the week ending Dec. 18,
This is a drop of 18,839 cars or
3% from the preceding week; a decrease of 126,756 cars,
or 17.3, from the total for the like week of 1936, but a gain
of 2,626 cars or 0.4% above the total loadings for the corre¬
sponding week of 1935.
For the week ended Dec. 11, 1937,
loadings were 15.7% below those for the like weeks of 1936,
and but 0.9% above those for the corresponding week of 1935^
Loadings for the week ended Dec. 4, 1937, showed a loss
of 16.4% when compared with 1936 and a drop of 2.4% when
comparison is made with the same week of 1935.
The first 18 major railroads to report for the week ended
Dec. 18, 1937, loaded a total of 283,369 cars of revenue
freight on their own lines, compared with 291,003 cars in
the preceding week and 348,846 cars in the seven days ended
Dec. 19, 1936.
A comparative table follows:
Loadings of

revenue

1937, totaled 603,292

cars.

AND

RECEIVED FROM

CONNECTIONS

(Number of Care)

The forecast

was

Loaded on
Weeks

Dec.

for cloudy tonight

18

1937

during

of freezing reaching

times-the

OF

INDEX

PRICES

was

The temperature for the week as

no

were

quotations used by the "Annalist" have not been

reac¬

whole averaged above normal in nearly all sections of the

country.

were

Grains

the market has reached a stalemate and actual prices are not

the central

Precipitation

country.

interior

and

ground.

available.

REVENUE FREIGHT LOADED

part of the week; the latter part was mostly fair,
for light to moderate snowfall in more northern

sections.

lost

while barley regained some lost

Although coal prices have been revised by the National Bitumi¬

ground.

the week's weather

the first

except

although livestock quotations

products

wheat and corn declining,

with

period of persistentiy low tem¬

weather

warmer

job

1.

peratures since the middle of November, there was a
tion

Ended

slight decline in prices carried the "Annalist" Index of

for the country as a

brought to

largest volume for the week

Commodity

Week

During

the

previous week ranged from 10% to 30%, and over the like
1936 period from 2%

Point

0.5

Wholesale Commodity Prices to a new low for the year, it
was announced on Dec. 23 by the "Annalist."
At Wednes¬

develoimients in other trade divisions were obscured,"

Dun

Wholesale

of

Index

Weekly
Declined

Prices

the

sponding week of last year, according to the Edison Electric
Institute.
Output for the latest week showed a gain of

that

144.6

The dividend

year.

totaled

States

ended

week

208.7
162.7
228.1

Dec, 22—Index at New Low for Year

payments, however, in the main compare unfavorably with
United

148.5
144.6
..206.5

-

—

24

"Annalist"

nous

On the brighter side there was

between the two holidays.
a

26 to 34;

Charleston, 48 to 52; Milwaukee, 28 to 32; Savannah,

It also gave the tentative

be

opinion that steel labor is more likely to cooperate with
producers

Baltimore, 30 to 48; Pitts¬

burgh, 26 to 34; Portland, Me., 20 to 42; Chicago,

for January and February

is likely to

Overnight at

tonight.

warmer,

replenishment purchases by miscellaneous con¬

of inventory
sumers,

may

buying interest some

widespread

more

Somewhat

22 to 42 degrees;

was

Cincinnati, 30 to 40; Cleveland, 24 to 32; Detroit, 16 to 26;

increase in

years, spotty

some

inquiries and orders is becoming more apparent, and
be

Boston it

with a revised figure of 74.9 for the pre¬

of 72.8 compares

ceding week.

Activity

Saturday.

and

1937
25.

Own

Lines

Ended—

1937

20.226

22,008

22,057

24,188

25,836

33,760

Chesapeake & Ohio Ry
Chicago Burlington & Qulncy RR.
Chicago Mllw. St. Paul & Pac. Ry

20,523

21,828

25,253

Chicago & North Western Ry—

3,320

Ry.

Gulf Coast Lines
International Great Northern RR

Missouri-Kansas-Texas
Missouri

Pacific

RR

RR

Weeks

19 Dec. 8
1937
1936

Dec. 11 Dec.

Baltimore & Ohio RR

Atchison Topeka & Santa Fe

Received from Connections

5,166
14,400

Ended—

Dec. 11
1937

Dec.

19

1936

5,008

6,423

13,335

17,344

6,880

8,839

7,359
7,766
7,940

7,688

15,860

16,245

17,148

18,728

18,576

9,668

13,795

20,429
15,793

7.336

13,721

10,431

9,899

3,407

3,185

1,407

1,617

12,539
1,425

2,698

9,409

2,237

2,344

4,255

4,348

4,806

2,657

2,581

3,122

14,964

15,569

16,671

8,577

8,710

10,322

34,163

34,615

46,172

1.676

1,728

2,184

44,855

39,833

36,865

3,739

3,857

5,015

18,222

18,640

23,384

3,651

4,790

Pennsylvania RR
Pere Marquette Ry

50,255

49,309

66,140

9,965
3,690
34,891

8,681

Norfolk & Western Ry

33,357

44,056

5,201

5,292

6,975

5,874

6,062

6,534

New York Central Lines

N. Y. Chicago & St. Louis Ry...

Southern Pacific Lines

Wabash Ry

x

3,736

7,105

4,660

26,947

28,096

x7,959

5,267

5,937

9,342

5.337
7,036
x7,720 110,076

8,136

10,730

283,369 291,003 348,846 184,261 174,561 222,517

Total
Excludes

Orleans

3,353
25,845
V 5,130

Pittsburgh & Lake Erie RR

11,848

RR.

care

Co.

Interchanged between S. P. Co.-Pacific Lines and Texas & New

Volume

LOADINGS

TOTAL

AND

In the Western Districts alone, loading

.<

of live stock for the week of Dec. 11,

totaled 11,183 cars, a decrease

RECEIPTS FROM CONNECTIONS

(Number of Cars)

cars

1,646

Dec. 11,

1937

cars

Dec.

1937

of 266

totaled 26,908 cars, a decrease of 1,113 cars below

the preceding week, and 7,377 cars below

19, 1936

below the preceding week, and

below the corresponding week in 1936.

Forest products loading

Weeks Ended—

Dec. 18,

4029

Chronicle

Financial

145

Ore loading amounted to

8,618

the corresponding week in 1936.
decrease of 1,900 cars below the

cars, a

23,286

26,619

preceding week, but an increase of 462 cars above the corresponding week

Illinois Central System

23,451
31,789

33,471

35,454

in

St. Louis-San Francisco Ry

12,245

12,982

15,186

Chicago Rock Island & Pacific Ry.

77,259

69,739

67,485

Total

1936.

S:""'?—'.

.

Coke loading amounted to

' ]yV

in 1936.

Loading of
This

cars.

reported

as

in

follows:

decrease of 116,965 cars or 15.8% below the

week in 1936 and

a

reported

:

\

'

,

revenue

freight in 1937 compared with 1936 and 1930

1,206

cars or

two-tenths of 1% below the preceding week.

the corresponding week in

16,785 cars below

1936.

totaled 35,035 cars, a decrease of 2,748

Grain and grain products loading
cars

below the preceding week, and 820 cars

the preceding week, but an increase

of 1,149 cars below

of 1,442 cars above the corresponding

1936.

Live stock loading amounted to 14,738 cars, a decrease

REVENUE

of 436 cars below

below the corresponding week in 1936.

the preceding week, and 2,040 cars

FREIGHT LOADED AND RECEIVED FROM

4....

Total Revenues

744,353

36,929,269

Total......

34,770,049

44,627,817

we undertake to show also the loadings
roads and systems for the week ended Dec. 11.
During this period only 26 roads out of a total of 138 roads
showed increases when compared with the same week last

In the

following

for separate

year:

1936

1935

from Connections

Freight Loaded

Railroads

1937

1936

1937

Total Loads Received

Total Revenue

from Connections

1937

1935

1936

Southern District—(Concl.)

Eastern District—

Ann Arbor........

554

539

630

1,083

Bangor & Aroostook

1,708
7,081
1,707

1,783
8,741
1,947

1,855
7,538
1,441

256

283

8,854
2,080

11,651
2,602

Boston & Maine

Chicago Indianapolis & Louisv,

1,365

14

Delaware & Hudson

Delaware Lackawanna <fc West.

Detroit & Mackinac

12

43

80

1,538
5,957

923

9,591

4,938
8,564

1,813
7,100
5,917

2,338
8,604
7,155

227

Central Vermont

26

1,260
4,895
9,137

Central Indiana

345

203

86

113

2,131

Detroit Toledo & Ironton

3,095

2,715

1,266

219

Grand Trunk Western

382

376

3,103

11,696
3,905

Detroit & Toledo Shore Line.

Erie

13,547
5,488

10,939
4,746

12,875
7,066

1,804
1,048
7,309
2,551

164

Lehigh Valley.......—----Maine Central

Monongahela
Montour.——

—

New York Central Lines

N. Y; H. H. & Hartford
Ontario & Western

N. Y, Chicago & St. Louis—

Pittsburgh & Lake Erie
Pere Marquette

164

153

1,557
8,320
2,652
4,340
2,292
34,615
8,478
1,449
3,857
3,737
5,292

Lehigh & Hudson River
Lehigh & New England

1,554

3,343
5,020
2,540
43,988
10,687
1,839
5,204
7,070
7,434

1,553
8,579
2,960
3,908
1,410
36,864
10,397
2,055
4,301
4,971
6,250

10,281

200

335

22

48

47,046
13,543
1,902
11,581
6,845
6,593

20

26

524

307

420

395

330

243

273

Pittsburgh & West Virginia—

1,135

1,350

880

1,260

1,625
1,104
10,437

537

558

656

576

837

5,267
3,210

5,939
4,020

5,286

3,682

8,136
2,492

132,414

164.987

139,342

145,018

Rutland.

Wabash..

Wheeling & Lake Erie
Total..——.—-.—-----

967

342

413

398

939

Richmond Fred. & Potomac...

333

330

323

4,033

8,800

8,925

18,295

21,123

7,291
18,893

4,054
12,791

420

464

406

812

137

179

149

593

98,558

110,005

90,316

59,052

1,563
9,899
2,764
7,336
3,066

999

Norfolk Southern.

Seaboard Air Line
Southern System
Tennessee Central

..

Winston-Salem Southbound

Total

....

1,889

36,865
10,258
1,352

8,681
5,336
5,062

3,862

187,750

Northwestern District—
586

833

720

13,795
2,615
18,576
4,340

15,346

2,566
20,831
4,433

13,520
2,004

Duluth Mlssabe & I. R

674

872

Duluth South Shore & Atlantic-

530

633

503

348

7,585

5,744

4,563

Belt Ry, of Chicago

Chicago & North Western.....
Chicago Great Western.......
Chicago Milw. St. P. & Pacific
Chicago St. P. Minn. & Omaha

Elgin Joliet & Eastern

4,337

355

590

529

728

.594

145

Green Bay & Western

378

250

171

10,547

9,109

2,192

548

Great Northern

341

10,051

IT. Dodge Des Moines & South-

599

510

517

299

Minneapolis & St. Louis—Minn. St. Paul & 8. S. M
Northern Pacific

377

244

68

1,624
5,051
9,406

Lake Superior & Ishpeming

1,727
5,368
10,953

1,553
4,589
9,282

1,739
2,165

2,956

164
..

Total

133

87

244

1,862

1,206

85,072

72,638

40,942

22,008

22,269
3,309

18,906
2,715

5,008
1,934

387

.

1,891

2,876

Spokane Portland & Seattle.

924

73,861

Spokane International

301

343

81

16,245
2,004
11,749

17,985
2,282
12,450
3,374
1,669
4,379

14,592

7,688

1,346
10,929

851

952

25,836
1,333

Bessemer & Lake Erie..;

33,556
2,945

26,993
2,122

13,335
1,042

16,841
2,235

433

Cambria & Indiana
Central RR. of New Jersey..

397

316

7

8

1,304
5,771

Buffalo Creek & Gauley.

1,449
6,783

1,275
5,565

7

21

10,285

12,531

System-

Atch. Top. & Santa Fe
Alton

Bingham & Garfield

Chicago Burlington & Quincy..
Chicago & Illinois Midland

—.

493

62

734

52

74

Chicago Rock Island & Pacific.

Cumberland & Pennsylvania.

258

372

340

29

33

Chicago & Eastern Illinois

Ligonier Valley

144

242

252

18

46

Colorado & Southern..

Long Island
Penn-Reading Seashore Lines

586

618

760

2,581
1,183
33,357
15,790

2,700
1,634
45,073

—

852

956

66,952
14,721
15,263

56,970

12,068
5,776
82

—-

West Virginia Northern

987

49,309

93

79

3,670

Western Maryland

3,952

12,693
9,031
3,176

Denver & Rio Grande Western-

Fort Worth & Denver

19,531
3,025

0

0

North Western Pacific

7,497

—

108,270

148,982

121,791

85,896

112,201

Nevada Northern............
... .

Toledo Peoria & Western
Union Pacific System.

15

1,139
1,512

1,570

1,325
2,062
1,667

647

787

810

348

33

55

0

21,155

17,221

4,704

310

341

985

15,636

12,672

8,025

595

704

14

1,691

1,588

1,393

106,260

114,336

96,146

47,810

5,052

Pocahontas District—

21,828
18,640
4,695

Virginian

4,356

3,539

6,880
3,651
1,469
1,010

46,097

Norfolk & Portsmouth Belt Line

25,654
22,848

20,565
18,557

934

963

674

53,821

43,335

13,010

8,789
4,714
1,240

15,513

113

1,539

Western Pacific

Norfolk & Western.

1,083

838

572

Utah

Chesapeake & Ohio

2,625

1,002
1,130
2,177
1,802

15,476

Peoria & Pekin Union.

6,199

7,953
2,339

1,401
3,745

279

-

1,283

2,886

18,994

City

Illinois Terminal

2,956
1,271
3,521
1,018
1,323
1,810

15

Denver & Salt Lake

Southern Pacific (Pacific)

Total

18,140
3,927

Central Western District—

Allegheny District—
Akron Canton & Youngstown
Baltimore & Ohio

Pennsyl vania System
Reading Co
Union (Pittsburgh)

1,142

968

Piedmont Northern

4,709'
17,125
9,687
1,843
1,523
8,689
2,874

Pittsburgh Shawmut & North.

Pittsburgh & Shawmut

Cornwall

739,096

Total Loads Received

1937

787,072

622.131

CONNECTIONS (NUMBER OF CARS)—WEEK ENDED DEC. 11

Freight Loaded

Railroads

New York

,017,319
,627,637
623,337

Week of Dec.

below the corresponding week

In the Western Districts alone, grain and grain products loading

for the week of Dec. 11, totaled 22,252 cars, a decrease

week in

,182,943

Four weeks in November
Week of Dec. 11

week in 1936.

in 1936.

,812,088
,115,708

Five weeks in October...

IfcCoal loading amounted to 157,001 cars, an increase of 30,833 cars above
the preceding week, but a decrease of 13,663 cars below the corresponding

745,295

,976,522

Five weeks in July
Four weeks in August

Four weeks in September

decrease of 4,949 cars below the preceding week, and

2,786,742
3,572,849
2,954,522
3,062,378
4,097,448
3,014,667

,897,704

Four weeks in June..

1936.

,003,498

,955,241

Five weeks in May_.--„

Loading of merchandise less than carload lot freight totaled 150,116 cars,
a

Four weeks in March
Four weeks in April

week, and 71,899 cars below the corresponding

4,246,552
3,506,899
3,515,733
3,618,960
4,593,449
3,718,983
4,475,391
3,752,048
3,725,686
4,751,349
3.191.342

2,974,553
2,512,137
2,415,147
2,543,651
3,351,564

,316,886
,778,255

Five weeks in January..
Four weeks in February.

freight loading totaled 223,243 cars, a decrease of 21,196

below the preceding

week in

of

1930

1936

1937

Miscellaneous
cars

Total

770

Southwestern District—

180

112

Burlington-Rock Island..

144

178

130

Fort Smith & Western..

Total.

257

256

185

213

2,895
1,993

1,617
2,698
1,209
1,853
1,075

158

Alton & Southern

Gulf Coast Lines

146

208

210

157

169

Atl. & W. P.—W. RR. of Ala-

583

816

722

1,085

Coast..

532

700

620

845

9,188
3,313

10,141
4,500

8,518
3,521

4,141
2,329
1,184
1,822

1,531
1,001
4,853
2,838
1,191
2,144

Atlanta Birmingham &

Atlantic Coast Line

Central of Georgia

3,407

International-Great Northern-

Southern District—
Alabama Tennessee & Northern

1,728

3,344
2,358

265

203

172

2,076
1,344

2,046

1,665

1,535

1,372

Kansas Oklahoma & Gulf

Kansas

City Southern

Louisiana & Arkansas

140

389

402

761

795

880

656

219

Missouri & Arkansas

209

192

172

247

4,348

4,707
17,204

4,698

14,191

2,581
8,710

206

..

469

333

1,286

1,087

Columbus & Greenville

424

386

266

283

322

Missouri-Kansas-Texas Lines.

Durham & Southern

164

87

106

360

338

Missouri Pacific...

869

1,025

Florida East Coast—
Gainsville Midland

Georgia

-

715

861

965

31

...

—

106

97

670

1,371

1,663

...

Macon Dublin & Savannah

Mississippi Central
Mobile & Ohio..

Nashville Chattanooga <fc St. L.

Note—Previous year's figures

37

Natchez <fe Southern

379

329

509

511

St. Louis Southwestern

1,593
19,685
19,038

1,077

986

Texas & New Orleans

24,162
21,206

1,608
24,492
25,383

9,891
4,433

12,066

120

185

163

345

483

Wichita Falls & Southern—

Wetherford M. W. & N. W

5,370

196

180

135

273

374

1,974

1,946
2,813

1,481

1,551
2,065

68

45

•-

Texas & Pacific

Terminal RR. Assn. of St. Louis

116

116

104

7,857

4,007

2,784
7,953
5,133
1,899

8,715
2,542
8,360
5,455
2,650

2 344

2 045

6,675
4,798
2,201

18,162

213

228

225

88

27

15

38

35

56,671

61,893

53,082

58,556

1,950

2,235

revised.

2,646

* Previous figures.

2,754

Total.

21

194

7,600

Quanah Acme & Pacific.......
St. Louis-San Francisco

297

Louisville & Nashville




51

963

15,569

—

1,445

Georgia & Florida
Gulf Mobile & Northern
Illinois Central System

36

740

401

272

325

Midland Valley

360

Clinchfield

483

Litchfield & Madison

Louisiana Arkansas & Texas

1,247

Charleston & Western Carolina

follows:

week

freight for the week of Dec. 11 was a decrease

revenue

week
the corre¬

decreases compared with the corresponding

in 1930.

Loading of

of 303 cars above the
corresponding week

1[£ \,

All districts also reported decreases, compared with

1936.

Loading of

corresponding

decrease of 122,222 cars or 16 4% below the same

^

cars, an increase

sponding week in 1930, except the Pocahontas which showed an increase.

freight for the week ended Dec. 11 totaled 622,131

revenue

was a

All districts

reviewing the

The Association of American Railroads, in
week ended Dec. 11,

6,472

preceding week, but a decrease of 4,843 cars below the

3,016

3,959

Financial

4030
Number

A

of

New

Dec. 1 Below

Freight Cars on Order
a Year.Ago

sharp drop in the number of new freight cars on order
1 this year compared with the same period in 1936
shown by reports just received from the Class I rail¬

Dec.

on

was

roads by the

public

on

New

with
of

freight

18,805

freight

of

Association of American Railroads and made
Dec. 20.
The Association's report disclosed that:
care

Nov.

on

cars

order

on

1 this year totaled

Dec.

on

Chronicle
TABLE

locomotives

steam

order

on

Dec.

on

last year

Class

70,168

freight

new

the first

in

with

compared

cars

this

installed

year

39,556

the

in

in

92.2

96.1

95.4

103.8

106.0

*105.0

al05.2

106.6

*73.6

a93.6

114.2

56.7

80.1

111.0

Manufacturing

Cotton consumption

period

this year,

in service compared with 77 in

put
the

period

same

the

in

months'

11

first

there

32,

and

freight

cars

were

New

in

included

1937

of

the

in

and

above

the

New

1935,

in

months

11

342

the

88.0

67.8

68.2

60.8

83.2

102.7

a112.7

*105.7

al31.5

129 9

65.5

75:6

82.8

70.9

62.8

90.7

89.8
03.0

_.

In

the

period two years ago,

locomotives leased

94.2

a

acquired

figures.

not

are

COMBINED

INDEX

SINCE

1937

1936

January

104.2

92.3

105.7

89.0

86.7

March

106.8

89.5

84.4

April......

.

81.7
106.4

Revised.

II—THE

TABLE

ea;.

a98.3

*89.4

Combined Index

Preliminary.

.

83.8

February

year

102.

otherwise

or

•

Lead production.

were

period last

same

-

89.3

Zinc production

period last year and 31 in
Diesel locomotives installed

same

59.

locomotives

-

-

Mining

period last

same

steam

new

electric and
totaled

same

55.0

37.0

Cement production

♦

the

135.5

114.0

61.7

Rayon consumption
Boot and shoe production
Automobile production

267.

In

109.1

*90.1
105.4

811k consumption

6,754 two years ago.
Of the new freight cars installed so far
this year, coal cars totaled 35,897;
box cars, including both plain and
automobile, 27,531; flat cars, 1,753; stock cars, 505, and miscellaneous
cars,

77.7

*80.8
06.3

Pig iron production
Textiles

and

year

-

Bteel Ingot production

com¬

service

99.4

96.1

81.6

Lumber production

months

11

AND

Sept., 1937

Oct., 1937

86.2

Electric power production

and three two years ago.

railroads

I

Nov,. 1937

V-

Wool consumption

totaled 156

7

25,

ACTIVITY

BUSINESS

Miscellaneous

pared with 111 on the same day in 1936 and 14 on the same day in 1935.
New electric and Diesel locomotives on order totaled 40 compared with
five

OF

Other

12,566 compared

this year

1

INDEX

Freight car loadings

8,076 greater than on the same date two years ago.
New

"ANNALIST"

;'y

1937, and 19,844 on Dec. 1, 1936.
The number
Dec. 1 this year, however, was an increase

1.

I- -THE

COMPONENT GROUPS

order on

on

Dec.

1932

1935

1934

1933

87.2

94.1

107.0

....—.

1932

JANUARY.

79.6

67.5

73.4

83.2

66.1

71.4

84.6

62.5

69.8

82.8

66.8

69.2

85.9

110.0

95.9

81.8

86.4

77.3

64.3

106 7

97.6

82.0

83.8

87.5

63.9

July

108.9

102.4

82.7

78.0

94.0

August

111.0

102.5

84.9

75.1

87.5

64.4

September.

106 4

102 9

86.1

71.4

82.0

68.5

a98.3

103.3

89.1

74.6

78 5

69.2

*89.4

107.1

92.0

76.0

75.3

68.8

110.5

96.7

82.4

77.5

May,.*,
June

"Annalist"

Monthly

creased

Index

of

Business

Activity

De¬

Sharply During November to Lowest Level

Since February, 1936

-

October.

.......

November...

—

December

"Drastic curtailment in

steel

ingot and pig iron produc¬

♦

Preliminary.

a

62.9

;

Re vised.

tion, combined with more moderate declines in production
schedules of other

leading industries and

of freight shipments,
'Annalist'

the

Index

resulted in

reduced volume

a

further sharp

a

of Business Activity

to 89.4

Wholesale

(prelimi¬

for

August,

the

monthly review of business conditions by H. E. Hansen

the peak

in the Dec.

for the last

17 issue of the

Continuing the

recovery," according to

"Annalist"

(New York).

"The

secutive

piled

by

week

ended

months,

age

almost

or

much

as

lowest

the

level

in

as

since

1924

the

depression,
1936."
It is

February,

further stated:
The
was

most

duction
was

the

to

the

level

level

in

adjusted

the

since

November,

of the combined index

index of steel
Next

1934.

since

March,

indexes

Substantial

1936.

of

freight

shown

by the adjusted

production, silk
Steel

consumption

buying continued

receded

at

zinc

and

decline

to

decrease

decrease

carried

to

82,838

the

seasonally

month,

Output

from

tons

automobile pro¬

Less

decreases

severe

production,

power

also

lumber

production.
last

alarmingly fast rate.

an

seasonal

below

of electric

indexes

production

adjusted

activity

day showed

per

130,488

mill

in

tons

contrary to

a

October,

production

again

index

and

68.7

thiB

points

the

high level for last August.
Although wide syclical fluctuations
production are characteristic of the industry, the rate of decline has

in

been

rapid

more

the

industry's

than

purchaes

by

from

railroad

the

level,

though they

last

mills
of

tained

the

were

increase

at

but

the

trade

had

been

construction

level,

even

of

since

the

Some

but

middle

had

the

the

105.7
the

for

from

131.5

date.

to

year

Seasonally adjusted
high

new

normally a sharp
As

this

The

record

new

used

of

October

passenger

marked

in

at

car

the

slow

situation, however,

textile

industry

index

figures

dropping to

became

adjustment
since
ers
i

1923.)

to

which

the

first

because

tions.

adjusted

Consumption

activity

market,
The
since

the

business

have

been

not

in

last

Last

being

gain

index,

occurs

production

week

attracted

some

by

goods
of

last

of

1936.

while

year.

been

backlogs.

December

favorable).
July,

this

as

a

Boot

of

April.




silk

been

Group

commodities.

(1926-1928=100)
Preced'g
Week

Dec.

18, Dec.

1937

Year

Month

Ago

Ago

11, Nov.

20, Dec.

1937

19,

1936

1937

80.3

63.9

65.4

90.4

68.5

66.2

107.3

69.3

69.6

71.0

83.4

46.2

Fats and oils

Cottonseed oil.,..
23.0

84.9

79.2

62.4

68.1

*77.1

Foods

25.3

Farm products
Cotton

showing.

.

70.1

68 1

107.8

74.7

78.3

83.8

84.0

79.9

80.4

79.2

81.3

82.4

62.4

Textiles

.

43.1

70.8

83.8

Livestock.

45.1

70.4

*74.0

Grains..

82

62.2

66.1

75.8

98.6

98.4

99.5

90.8

78.4

peak

7.1

Building materials

83.4

83.4

84.6

83.5

Chemicals and drugs

95.5

95.5

96.4

96.3

Fertilizer materials

72.9

73.1

73.2

69.2

.3

Fertilizers

79.8

79.9

79.9

75.9

.3

a

in

Metals..

1.3

.3

to

rose

the

6ame

Farm

96.5

96.5

96.5

92.7

*78.0

78.5

79.8

82.8

as

orders coming

by

100.0

production.

......

...

machinery

All groups combined

♦New 1937 low.

consump¬

these

consumption,

sharply

Wholesale
Week

upward

further

a

Commodity
Ended

Dec.

Prices Dropped 0.5% During
According to United States

18,

Department of Labor

weav¬

decline,

Sales,

price

however,

curtailment

developed
of

in

in

the

finished

have

been

consumption
at
.

a

shoe

is

high

mill

6ales

goods

losing
an

level

commodity prices of the Bureau of
States Department of Labor, for
the week ended Dec. 18 declined 0.5% from the preceding
"week, according to an announcement made on Dec. 23 by
Commissioner Lubin.
In issuing the announcement Mr.
Labor

Statistics, United

Lubin stated:

in

on

ground

important
last

until

production

inventory reports

consumption

week by the indexes

Week

Per Cent

Miscellaneous commodities

inventories

rayon

further

whole

and

the

index

Latest

Fuels

this

has

been

industry

The rayon consumption index established its recovery
Wool consumption has dropped sharply since last

the

the

in

6.1

new

November.

low

Cotton

(latest

included

The index of wholesale

and

maintained

declines in livestock quota¬

WEEKLY WHOLESALE COMMODITY PRICE INDEX

The index

now

stands at 81.5%

of the week ended Dec.

industries

having

because

series

price

10.8

year's

much

showed

also

in

A small drop

the net result of an advance in

during

registered

17.3

the year when

in

has

support

the

were

point

compared with that for the preceding month.
19,393 hales as compared with 21,059 bales in
of

increases

the

as

slight

in

follows

high

October

restrict

1923,

trend

index

product prices was

Compiled by the National Fertilizer Association.

also

inventories.

yarn

low as it was last week.

a

production cost.

activity

December,

again

since

our

as

advances.

main¬

occur,

industry, the adjusted

rayon

level

the

last

is

prices.

although

outnumbered advances
by 41 to 23; in the preceding week there were 30 declines and 23 ad¬
vances;
in the second preceding week there were 38 declines and 22

favorable.

not

to

long-term
in

consumption

planned.

since

more

and

level

beginning

declining

low

(The

was

a

non-durable

September

peak

day
the

buyers
to

exception,

are

per

below

is

is

industries

forced

by the

made

small

was

normally

continued

relation

cloth

cotton

hut the decrease

October;

goods

was

new

is

Slight

Declines

two

of

Last month's curtailment again reflected the effort of

reduce both

The

a

available.

for

farm

been

cotton, mixed trends in grains, and widespread

October

fairly good

backlogs wiped out and
because of the liquidation

partly

price index

index of

in

for

below

and meat

'

August,
a

the result

largely

Not since May of last year

large extent lower meat prices.

a

Bears to the

did

With

The largest decline was shown
tion

for

far

not

were

non-durable

rate,

the

a

147.2

was

livestock

of

equip¬

upward trend

rise

registrations

car

and

year

that for other industries.

retailers,

and

trend

repreenting the prices of textiles, metals and miscellaneous

anticipated
low

railroad

The sales market has made

level for the

December.
The

for

to

food

Each Group

October

of

the

dairy products and fruits fell off somewhat, the drop in the group average
reflected

ago.

hopeful

more

index

all-commodity

downward

Total Index

demand.

the

the

in
the

of

sharpest drop during the week was in the food price average;

adjusted production index for November is estimated to have fallen sharply
to

continuation

a

The

decline

week's

Last
of

industry is doing better than expected.

models.

new

of

in

of

Railroad

schedules

became

miscellaneous

assemblies

introduction

small

industries.

production

in

fairly

a

lower

to

One

volume

recessions.

the

support

construction

the

and

Automobile

Little

been

however, rose sharply above
far below the total of a year

continued

materialized,

has

month,

December,

moderate

and

business

post-war

producers.

equipment

orders

Steel

previous

disappointments

automobile

ment

weeks

in

greatest

78.5%

against

as

A month ago it stood at 79.8%, and a year
ago at 82.8%.
The highest point reached this year was
88.8%, in the middle of July.
The Association's announce¬
ment, under date of Dec. 20, continued:

in

and

78.0%

registered

preceding week.

importance

reductions

loadings,

car

duction, rayon consumption and cotton consumption.
were

ingot pro¬

in

in the seasonally adjusted index of pig iron

lowest

occurred

the drop

in

the seasonally adjusted

in

lowest

marked dip

a

to

important single factor

Bharp decrease

a

18

Dec.

com¬

Fertilizer Association, during the
dropped to the lowest point since

Last week the index, based on the 1926-28 aver¬

100%,

of

downward trend for the thirteenth con¬

National

the

June, 1936.

at

Declined

Again

the wholesale commodity price index,

week,

combined index, which has lost 21.6 points in the last three

stands

Average

Price

Association

from 98.3 for October, 106.4 for September and 111.0

nary)

Commodity

During Week Ended Dec. 18, Reaching New Low
Level for Year, According to National Fertilizer

drop in

index

has

been

receding

since

12 consecutive weeks.
a

month

ago at

of the 1926

average.

With the exception

4, the composite index has moved downward for
For the preceding week the index stood at

81.9,

82.9 and a year ago at 83.7, showing declines of 0.5%,

1.7% and 2.6%, respectively.
for the week ended April

The highest point reached this year was

3—88.3—and the accumulated decline has been

7.7%.
Decreases in wholesale prices for foods, farm products and textile
ucts

largely accounted for the decline in the general index.

averages

were

materials.

also reported for

Two groups

prod¬

Slightly lower

hides and leather products and building

of commodities—metals and metal products and

Financial

Volume 145
chem cals

and

levels than for the previous week.

drugs—showed higher

Fuel and lighting materials, housefornishing goods
modities remained

and miscellaneous com¬

In

Following the advance of the preceding week, raw material prices turned

correspond¬
ing week of November and 11.4% lower than a year ago.
Semi-manufac¬
tured commodity prices moved into the fifth week of decline and fell 0.6%.
The index—77.6—is 2.6% below that of four weeks ago and 6.2% below
the level for the week ended Dec. 19, 1936.
The index for the finished
products

November,
above

a

The present index—75.2—is 2.3% below the

Compared with the corresponding week of

dropped 0.5%.

group

year ago.

products,"

for the corresponding week

The index for the group is 1.3% below the level
of last month and 0.6%

Industrial commodity

above that for last year.

farm prod¬

measured by the index for "all commodities other than

as

Com¬

unchanged from the level of last week.

and foods" remained

ucts

week before.

pared with the index for

month

a

ago,

for

the

the

World's

total.

increased

following is

from

November

below

last

of

Fair

totals

tract

last

since

for

$11,550,500

the

for

contracts
as

work

for

which was reported.
In fact,
only $599,800 of the November

project will have greater influence

only

Holden,

S.

new. contracts

the current month were not responsible

public

accounted

contracts

this

out that

future con¬

upon

estimated

the

of

been

has

total

date.

to

Total

of

T.

total,

construction

Corp., pointed

Dodge

Fair during

representing

construction,

this

gain

non-residential

1937

of

ainounted

$2,703,-

to

$2,475,600,300 for the corresponding 11 months

compared with

year,

months

11

first

9%.

gain of

a

amounted

building,

38%

and

segregated by classes of

When

17%

to

for

utilities.

public

19%

building,

residential

for

Construction

public works during this period declined 20%.

CONSTRUCTION

CONTRACTS AWARDED—-37
ROCKY

STATES

EAST OF

THE

MOUNTAINS

H

Lubin's announcement

Mr.

5%

and

November

the

W.

amount

However,

awarded

of

F.

of

York World's

industrial commodity prices are

0.6% lower and compared with a year ago they are 1.8% higher.

The

New

for

about

commenting

the

of

total

:'';i7':,77,''

672,400

non-agricultural commodity prices are 0.5% lower than the

October

the

Vice-President

They are 2.2%

1.3%.

prices of finished products are down

According to the index for "all commodities other than farm

prices,

below
year.

unchanged.

downward 0.1%.

4031

Chronicle

New Floor

No. Of
Projects

of

Valuation

Space (Sq. Ft.)

Dec. 23:
Wholesale

of foods again turned sharply downward during the

prices

week and fell 1.2%.

responsible
for the drop.
Average prices of dairy products and cereals averaged lower
and "other foods" were higher.
Important food items showing price de¬
clines were butter, rye and wheat flour, corn flakes, lemons, oranges, dried

and

cottonseed

77,055,000
61,408,600

9,912

29,336,900

$198,464,600

7,180

19,985,500
14,623,300
338,700

$68,440,700
65,895,300
73,868.200

11,269

34,947,500

$208,204,200

87,001

224,659,800

$861,876,300

36,213
13,330

186,124,000

6,580,600

1,046,962,300
794,833,800

136,544

417,364,400

$2,703,672,400

77,517

203,546,200

$736,136,500

35,384
14,801

167,013,400

5,482,300

880,303,700
859,160,100

127,702

376,041,900

$2,475,600,300

Total construction

1936—Residential building

Non-residential building........

products

Total construction...

raw

beans,

cocoa

index

group

silk, and silk

copra, eggs,

cured herring,

1937—Residential building

Total construction.

The sub-groups of knit goods, woolen and

yarns.

burlap, jute, and twine,

1936—Residential building.

Non-residential building

remained unchanged from the preceding week.

hogs,

3-1% in livestock and poultry prices, principally steers,

Barley,

bacco,

and

good to choice claves, cotton, eggs, seeds, leaf to¬

corn,

NEW CONTEMPLATED

WORK

below that of

a

The sub¬

unchanged from the preceding week.

were

responsible for the decline of 0.1% in the hides and leather

were

products

Average

group.

for

prices

and

shoes

products,

other leather

including harness, gloves and luggage, remained firm.

Valuation

Projects
Month

Weakening prices for goatskins, kip and sheep skins, and union back sole

No. of

No. of

of cement, plumbing and heating materials, structural steel, and

building materials

1936

1937

because of lower

building materials declined 0.2%

for

prices for concrete blocks, yellow pine lath and paint materials.

leather

MOUNTAINS

of a month ago and 16 .5%

year ago.

Average prices

groups

REPORTED—37 STATES EAST OF THE

ROCKY

territory and foreign wools, registered higher average prices.

The current index—73.2—is 3.6% below the level

other

Total construction.

decline

peanuts, and Ohio wool, caused the farm products group index to

0.3%.

...

Public works and utilities

,

and lambs, together with lower prices for oats, rye. wheat, hay,

ewes

............

Non-residential building
Public worts and utilities...

Lower prices were

0.6%.

declined

worsted goods, and other textile products, including

A decrease of

...

First 11 Months—•

reported for men's dress trousers, cotton textiles except print cloths, and
muslin,

2,997
1,092

Public worts and utilities.......

and coconut oil showed higher average prices.
textile

.

Hominy grits, corn meal, fresh apples, pota¬

oil.

(New York market), bacon,

The

13,690,000
481,700

smoked mackerel, lard, oleo oil. raw sugar, edible

and cured pork,

pepper

1,102

Ore., markets), fre6h beef, mutton,

beans, potatoes (Chicago and Portland

toes

$60,001,000

Public worts and utilities

The sharp decline in

5,938
2,872

15,165,200

Non-residential building

prices for meats and fruits and vegetables was largely

average

fresh

1937—Residential building.........

The index for the group is 4.2% below the average

for the preceding week and 6.3% under a year ago.

tallow

Month of November—

Valuation

Projects

of November—
$90,750,400

8,117

$100,408,200

116,576,800
214,478,000

2,553

108,154,000

969

820

130,580,100

10,617

$421,805,200

11,490

#339,142,300

104,800
40,906
14,652

$1,320,853,400
1,564,192,700
1,627,630.600

94,555
35,755
14,779

$1,100,357,200
1,094,655,900
1,313,296,400

160,438

$4,512,676,700

145,089

$3,508,309,500

6,712
2,936

Residential building

Non-residential building
Public works and utilities

Total construction

The index for the chemicals and drugs group advanced 0.3%, primarily
due to higher prices for copra, granulated salt, coconut
Lower

prices

Mixed fertilizers and drugs and pharma¬

palm kernel oil, and menthol.
ceuticals showed
The

index

First 11 Months—

Residential building
Non-residential building
Public works and utilities....

change.

no

for

oil, and tankage.

reported for acetic and tartaric acid, inedible tallow,

were

the

products group increased

0.2%.

steel and trucks accounted for the rise.

scrap

Total construction

Non-

and

metals

Advancing prices for

metal

ferrous metals declined because of lower prices for antimony, electrolytic

The agricultural implements sub-group remained at

and pig tin.

copper,

No

change in the general level

reported for the groups of fuel and

was

lighting materials, housefurnishing goods, and miscellaneous commodities.
Bituminous

and

coal

tional

declines

were

crude

rubber,

and

feed

cattle

reported
other

oil and soap chips.

showed

prices

housefurnishings,

products,

for petroleum

miscellaneous

Frac¬

minor advances.

commodities,

cylinder

including

The remaining sub-groups for the three groups were

unchanged from the preceding week.
The

index

of the

Electric Production During Week Ended Dec. 18 Totals

HI

the level of the week before.

of

Bureau

Labor

Statistics

includes

784

price series

2,202,200,000 Kwh.
in its weekly statement,
production of electricity by the electric
light and power industry of the United States for the week
ended Dee. 18, 1937, totaled 2,202,200,000 kwh., or 3.3%
below the 2,278,303,000 kwh. produced in the correspondin r
week of 1936.
The Institute's statement follows:
The

disclosed that the

PERCENTAGE INCREASE

weighted according to their relative importance in the country's markets,
and is based

on

the average

for the

year

1926

as

of com¬

five weeks and for Dec. 19, 1936, Dec. 21, 1935, Dec.

22. 1934, and Dec. 23,

1933:

Major Geographic
Regions

Dec. 18,

Dec.

Dec.

18

11

4

NOV.

Nov.

Dec.

Dec.

Dec.

Dec.

27

20

19

21

22

23

1937

Farm products..

1937

1937

1937

1936

1935

1934

1933

81.9

82.0

82.0

82.9

83.7

80.4

76.7

70.4

73.2

.

1937

81.5

(1926=100)
All commodities

73.4

73.9

73.4

75.9

87.7

77.3

71.2

54.8

80.7

81.5

83.2

85.1

85.3

75.4

98.2

98.3

99.8 100.2 101.8 100.5

96.2

86.4

89.2

Textile

69.5

69.9

69.8

70.0

70.5

75.7

72.7

69,7

76.0

Fuel and lighting materials..

78.6

78.6

78.6

78.6

78.6

77.5

75.7

75.0

74.4

Metals and metal products..

96.4

96.2

96.3

96.1

96.6

88.8

86.2

85.5

y Week

Dec. 11.1937

Dec.

Ended
1937

4,

yWeek End
Nov. 27. 19 r

xl2 0

xll.5

xl2.5

0.4

xO 8

x2.1

0.2

Central Industrial

x6.8

x7.1

x6.9

x5.8

West Central

xl.O

xl.O

xl.6

x0.9

xl.O

Southern States

x2.8

x5.4

x3 0

2.5

11.4

11.6

10.6

0.1

2.5

3.5

5.3

x3.3

......

x2.1

x4.1

x3.2

;

Rocky Mountain
Pacific Coast.
.

Total United States.

61.6

Hides & leather products.

1937

x7.8

New England

Dec.

Week Ended

Week Ended

Middle Atlantic

Commodity Groups

OVER PREVIOUS YEAR

100.

The following table shows index numbers for the main groups
modities for the past

Electric Institute,

Edison

83.2

Foods

.

.

.

.

.

...

.

79.7

_

products

.......

80.7

93.0

93.0

93.7

93.8

89.2

85.2

84.7

Chemicals and drugs..

79.1

78.9

79.4

79.6

79.8

85.4

80.2

78.1

92.1

92.1

92.1

92.1

92.1

84.3

82.2

82.5

81.9

Miscellaneous

74.8

74.8

75.1

75.0

75.4

74.4

67.5

71.1

75.3

75.7

75.4

77.0

84.9

*

*

y

Adjusted to Include holiday conditions both years.

RECENT WEEKS (THOUSANDS OF

KILOWATT-HOURS)

Per Cent

65.5

75.2

Decreases,

DATA FOR

73.4

Housefurnishing goods

x

*
*

Building

9^2.8

materials

Raw materials..

..-

Semi-manufactured articles..

77.6

78.1

78.4

78.9

79.7

82.7

*

*

Finished products...

85.5

85.9

85.9

86.1

86.6

83.7

*

*

83.4

83.8

83.8

84.0

84.5

82.9

commodities

All

farm

other

farm

other

77.8

2,320,982
2,154,276
2,280.792
2,265,748
2,275,724

4

Sept. 18
Sept. 25

83.7

83.7

83.9

83.9

84.2

82.2

78.8

78.2

77.6

Oct.

2

Oct.

Construction Contracts Awarded in November

16

2,280,065
2,276.123

23

2,281,636

Oct.

Not computed.

9

Oct.
Oct.

*

30

2,254.947

6

2,202,451

Nov.

2,176,557

Nov. 13

The
ects

volume

of

public expenditures for construction proj¬
undertaken in November in the 37 Eastern States in¬

creased

20%

when

compared

with

October and 4%

com¬

pared with November of last year. This record, as reported
by F. W. Dodge Corp., represents a reversal of the declin¬
ing trend of publicly-financed construction which has been
in effect since last July.
On the other hand, privatelyfinanced construction during November declined 15% from
the October level,
Total

which is somewhat more than seasonal.
both public and private work,
$198,464,600 for November, which was 2%

contracts,

amounted

to

including




1937

1929

1932

1935

1936

Sept.
73.7

1936

1937

from

Sept. 11
81.0

than

products and foods..

Change
Week Ended

♦

than

products

commodities

All

...

85.3

Dec.

4

2,224,213
2,065,378
2,152,643

Dec.

11

2,196,105

Dec

18

2,202,200

Nov. 20

Nov. 27

October

...

Sales

of

+ 8.6

1,809,716

1,464,700

1,761,594

2,098,924

+ 2.6

1,752,066

1,423,977

1,674,588

2,028,583
2,170.807

+ 12.4

+ 5.5
+ 5.0

2,170.127
2,166,656

+ 5.1

1.863,086

+ 4.1

1,895,817

1,476,442
1,490,863
1,499,459
1.506,219
1,507,503
1,528,145
1.533,028

1,806,259
1.792,131

2,157,278
2,169.442
2,168,487

1,827,513
1,851,541
1,857,470
1,863,483
1,867,127

2,175,810
2,169.480
2,169,715
2,196,175
2,133,511
2,243,916
2,278,303

+ 1.2

1,897,180

+ 0.3

1,913,684

2,135,598

+ 4.4
+ 5.1

+2.5

1,938,560

—6.0

+0.9

1,953,119
1,876,684

—2.1

1,969,662

1,525.410
1,520,730
1,531,584
1,475,268
1,510,337
1,518,922

—3.3

1,983,431

1.563,384

Electricity

to

and

1,777,854
1.819.276

1,806,40

1,798,633
1.824.163
1,815.740
1,798,169
1,793,584
1.818.164
1,718,009

1,806,222
1,840,865

Revenues

from

Ultimate Consumers

The following statistics covering 100% of the electric
light and power industry were released on Dec. 15 by the

Edison Electric Institute:

Financial

4032

Month

week's

Last
Percent
1936 y

Change^

6,823,878.000
3,085,904,000

6,512,701,000
3,083,928,000

133,762,000

9,596,629,000

and

and

feet,

185,056,000

orderB

received,

136,153,000

147,942,000

288,642,000 feet.

+ 3.3

+ 0.1

161,703,000

+ 74.5

82,869.000

282,146,000
90,941,000

Energy purchased from other sources.
Net International Imports

+ 9.7

Total

373,087,000

244,572,000

+ 52.5

47,217.000
112,213,000

47,460.000
130,894,000

—14.3

159,430,000
10,123,439,000
1,615,330,000

178,354,000

—10.6

9,662,847.000

+ 4.8

1,616,187,000
8,046,660,000

—0.1

1,352,004,000
1,370,979,000
4,579,853,000
196,736,000
360,839,000
106.283,000

+ 12.5

79,966,000

—3.9

8,046,660,000

+ 5.7

$177,392,700

+ 5.1

..

Deductions from Supply—

Energy used In electric railway departments
Energy used In electric and other depts
Total
Total energy for distribution

Energy lost in transmission, distribution, Ac.
Kilowatt-hours sold to ultimate customers..

8,508,109,000

—0.5

+ 5.7

Sales to Ultimate Customers (Kwh.)—

Domestic servloe.

1,520,359,000

Commercial—Small light and power (retail).

1,551,683,000
4,712,480,000

Large light and power (wholesale)

187,771,000
355,260,000

Municipal street lighting
Railroads—Street and lnterurban..

103,698,000
76,858,000

Electrified steam

Municipal and miscellaneous
Total sales to ultimate customers

8,508,109,000
$186,456,100

from ultimate easterners

+ 13.2

+2.9
—4.6
—1.5

—2.4

12 Months Ended Oct. 31

Percent
1936

1937

Change

Kilowatt-hours Generated (.Net) x-

74,584,523,000 67,291,801,000
40,407,635,000 36,823,401,000

By water power

+ 10.8

114992158,000 104115202,000
4,601,425,000 2,961,249,000

By fuel

(net)

energy

de¬

a

an

1936, and an
increase of 38.5% over October, 1935.
The volume of whole¬
sale financing for October, 1937, amounted to .$134,010,305,
an increase of 72.3% when compared with September, 1937;
an increase of 78.2% compared with October,
1936, and an
increase

of

increase of

2.6%

as

70.5%

compared with October,

1935.

October,

over

for October shows the amount of retail auto¬
mobile receivables outstanding which was reported for the
The report

the

in

time

first

1937,

August,

Comparable

statement.

organizations, are
given in the October 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 re¬
ceivables outstanding at the end of October, 1937, as re¬
ported by the 224 organizations, amounted to .$1,212,121,145.
These 224 organizations accounted for 95.2% of the total vol¬
ume
of retail financing
($109,256,168) reported for that
month by the 456 organizations.
Figures of automobile financing for the month of Septem¬
ber were published in the Dec. 18 issue of the "Chronicle,"
figures,

all as reported by 224 identical

+ 10.4

+ 9.7

3886.

page
Total kilowatt-hours generated

to $109,256,168,

16.4% when compared with September, 1937;

of

crease

financing for October, 1937,

organizations amounted

456

the

for

volume of retail

dollar

The

Additions to Supply—

Purchased

and

Automobile Financing in October

Total kilo watt-hours generated

revenue

442 identical softwood mills was

production of

feet

+4.8

9,909,782,000

Reports

feet, and a year ago it was 181,572,000 feet; shipments were, respectively,
feet

Kilowatt-hours Generated, (Net) x:

Total

Mill

Identical

1937

By water power

11,105,000

was

feet.

of October

By fuel

1937
25,

Production

6,028,000 feet, or 46% below production.

were

SALES

SOURCE AND DISPOSAL OF ENERGY AND
TO ULTIMATE CONSUMERS

Dec.

Chronicle

AUTOMOBILE FINANCING

+ 55.4

2,211,007,000

—8.3

117566 406,000 104865444,000

+ 12.1

Energy lost in transmission, distribution, &c. 17,602,808,000 17,254,370,000
Kilowatt-hours sold to ultimate customers.. 99,963,598,000 87,611,074,000

+ 14.1

Energy used In electric railway & other depts.

2,027,177,000

Total energy for distribution...

Total

from ultimate customers

revenue

35.4

35.1

Wholesale
Year
and

725
4.72

—6.1

$2.92

$2.85

Basic Information

-

in

Number

in

Number

in

of

Thou¬

of

Thou¬

of

Thou¬

sand

Cars

sand

Cars

sand

Dollars

Summary for

Orga nizations

Idem ical

456

Dollars

Dollars

Dollars

of Oct. 31

as

Number

+ 2.5

792

revenue per

Cars

Volume

Volume

Volume

Cars

Thousand

+ 9.2

4.43

consumption per customer (kwh.)
kwh. (cents)
Average monthly bill per domestic customer.
ann.

Average

in

Unclassified

New Cars

Total

ing

Volume

Month

—0.3

Domestic Service (Residential Use)—

Avge.

Used and

Financ¬

+ 8.2

$2,187,070,400 $2,021,694,200

Important Factors—
Percent of energy generated by water power.

Retail Financing

+ 2.0

a—

1937—

1936

1937

77,760

October

Generating capacity (kw.)- -Steam.

24,089,919
9,399,586

Water power
Internal combustion

9,609,000
678,500

Total generating capacity In kilowatts
Number of Customers—

Domestic service

ended Oct.

34,448,200

commercial, large)..

(736,398)

73,250

Commercial—Small light and power
Large light and power
Other ultimate customers

57,578

324,435

October

75,207

275,747

ultimate customers

21,584,902
3,791,098
559,719
66,149
26,001,868

x As reported to
the Federal Power Commission, with deductions
plants not considered electric light and power enterprises,

y

41,318

221,655

for certain

ended Oct.

Total 10

Ended

Week

Movement,

Tlie lumber

industry during the week ended Dec. 11, 1937,
of the 1929

duction

weekly average of production and
average 1929 shipments.
The week's reported pro¬
was 4%
less than new business booked and 6%

greater

than

42%

of

since

fell

early

below

reported shipments.
May that production

is

(itself

week
curtailed)

much

Reported production and shipments
orders were slightly heavier, than in the

new

Reported production, shipments and orders
corresponding week of 1936.
National production reported for the week ended Dec. 11,
1937, by 6% fewer mills was 6% below the output (revised
figure) of the preceding week; shipments were 9% below
week;

orders

new

1%

were

week's orders, according to reports to the National Lumber
Manufacturers Association from regional associations cov¬
mills.

Production

shown

in

the

week

ended

1937,

11.

Dec.

softwood
was

by softwood mills reporting for both 1937 and 1936

25% below output in corresponding week of 1936; ship¬
were 28%
below last year's shipments of the same
week; new orders were 49% below orders of the 1936

as

The

During
feet

of

Association

the week ended

hardwoods

booked orders of

Mills,

were:

feet;

below

orders

production,

153,106,000

but West

regions

production

combined;

feet.

Revised

158,929,000

in

the

Western
week

reported

shipments

below

those of

corresponding week of

shipments below

feet;

feet;

140,815,000

155,571,000

shipments,

below

last year's

pine and

ended

three

cypress

shipped

figures for the preceding week

feet.

Coast,

Dec.

production.

week,

1936;

and

all

all

pine reported

Northern
11, and

All

all

these

except

ordere

reported

regions
but West

softwood

Coast

reported

but Southern

regions

reported production below that of similar 1936 week.

Lumber

orders

wood

mills

same

mills.

reported for the week ended Dec.

totaled

148,899,000

Shipments

as

feet,

reported

or

for

8% below
the

same

ended Oct.

or

2% below production.

Reports
or

51%

from

below

104 hardwood

production.




Production
mills

give

Shipments

was

new
as

by 450 soft¬

1937,

11,

the

production

week

were

137,740,000
business

reported

55,341
72,085

306,458

122,158

258,335

100,695

145,244

of

39,699
75,906

77,651
74.187

214,387

October...

206,153

129,782
96,275

as/

for

feet.

5,440,000

the

same

feet,

week

76,562

176,676

45.596

58,486

162,060

42,210

82,047

46,114

132,340

31,536

73,236

42,178

132,917

32,009

Total 10 mos.

1,083,820 2,460,931
a

Of

these

organizations,

this number 39.7%
c

910,501 1,038,546 570.659 1.422,385 339,842

discotninued automobile financing,
b Of
59.8% were used cars, and 0.5% unclassified,
discontinued automobile financing,
d Of this
58.7% used cars, and 0.6% unclassified.

37,

have

were new cars,

Of the 382 organizations, 24 have

number 40.7% were new cars,

RETAIL AUTOMOBILE RECEIVABLES

OUTSTANDING END OF MONTH

As Reported by 224 Identical Organizations*

,

$

1,027,526,044
February...1,019,141,962

January
March

1,056,017,095

April
May

1,106,521,475
1,164,568,870

June

1,217,156,358

1936

1937

$

1937

$

1,248.800,302
689.063,760 July
1,266,953,395
674,711,360 August
728,338,498 September._l,253,926,346
1.212.121.145
806,325,166 October
886.991,761 November
958,036,566 December..

1936

$

1.010,461,745
1,039,063,562
1.044,854,445
1,022.762,192
1,018,048,313
1,035,994,308

♦No data available prior to 1936.

November

production in November was not as great as
in the corresponding months of 1936 and 1935 and did not
show nearly as great an increase over October as did Novem¬
ber of the two preceding years.
Production in October this
year, however, was especially heavy.
Passenger car output,
which comprises the bulk of the total, was slightly smaller
than in October and greatly under November, 1936 and 1935.
Commercial vehicles, on the other hand were turned out in
more
than twice the number produced in October and in
considerably greater quantity than in November, 1936.
Of the November total of 360,063 vehicles, 295,328 were
Automobile

the

134,787,000

34,159
34,880

483,144
1,348,137 3,444,257 1,387,156 1,561,050 904,012 1,883,207

September.

passenger cars
•

feet,

143.907

44,024

Automobile Output in
148,845,000

mills produced

535

47,988

76,411

1936—

reported;

1937,

11,

softwoods

154,339,000

571;

orders,

All

and

further

Dec.

85,395

Total 10 mos.

ments

week.

1,610,381 932,781 2,033,990 521,351

1936—

above that

ering the operations of important hardwood and

45,710

960,111 1,077,880 592,409 1,543,458 367,702
1,112,021 2,681,338
Ident ical Orga nizations
179,457 50,033
74,210
122,828
124,243
302,285
75,140
147,655 41,248
101,366 62,184
103,433
130,093 d249,021

October.......

all appreciably below the

shipments of that

49,041

175,661

mos.

preceding week.

were

190,383

60,791

292

September

first

the

orders.

new

less, and

were

This

79,109

100,086

562,840
ended Oct. 1,541,199 3,516,169 1.449,302 1,503,578 886,462 2,012,591

Dec. 11, 1937

stood at 44%

134,052

Total 10 mos.

October

Lumber

82,148
78,903

229,302

78,577

Summary for

of

160,073

1935—

October

September

Report

128,150
106,501

ended Oct. 1,384,450 3,644,371 1,454,133

Revised monthly series.

Weekly

53,745
44,643

193,166

Total 10 mos.

September
Total

76,945
64,612

(270.236)

26,914,430

_

127,486
105,480

1936—

34,104,369

(879,679)
(301,371)
22,402,568
3,873,288
565,324

.

130,690
109,256

2,175.430 606,965
1,586,750 3,736,997 1,526,624 1,561,567 919,659

September

Farms in Eastern area (Included with domestic)

Farms In Western area (Included with

b265,553

Total 10 mos.

614,864

24,160,700

320,652

134,010

September

and 64,735, commercial items.
comprising data for the entire industry,
this week by Director William L. Austin,
Census, Department of Commerce.

These statistics,

were

released

Bureau of the

Volume

Financial

145

The table below is based
facturers

in

United

the

on

data received from 88

manu¬

making passenger cars
and 72 making trucks (eight of the 24 passenger car manu¬
facturers also making trucks). It should be noted that those
making both cars and trucks have been included in the
number shown as making passenger cars or trucks, re¬
spectively.
Figures for passenger cars include those for
taxicabs. The figures for trucks include those for ambulances,
funeral cars, fire apparatus, street sweepers, and buses, but
the number of special purpose vehicles is very small and
hence a negligible factor in any analysis for which the figures
might be used.
Canadian production figures are supplied
by the Dominion Bureau of Statistics. Figures of automobile
production in October, 1937, 1936, and 1935 appeared in the
Dec. 4 issue of the "Chronicle," page 3566.
v
NUMBER OF

States, 24

VEHICLES

With

the

Sunday shut-downs ending Dec. 12, the oil
vitally interested in the meeting of the Texas
Railroad Commission held during the week to act on a
possible extension of this order or a complete Sunday shut¬
down.
A complete Sunday shutdown was ordered by the
Commission but this announcement was quickly followed by
another statement in which the Commission indefinitely
suspended its original order and left matters standing as
they were, i. e., East Texas restored to a seven-day pro¬
duction week and other fields operating on their former basis.
Stocks of domestic and foreign crude petroleum at the
close of the Dee. 12 week were up 129,000 barrels to 303,163,000 barrels, the Bureau of Mines reported Dec. 21.
The increase was comprised of a gain of 159,000 barrels in
domestic stocks, partially offset by a decline of 30,000

industry

was

barrels in stocks of domestic crude.

(INCLUDING CHASSIS)

There

crude oil

were no

Canada (Production)

United States (Factory Sales)

4033

Chronicle

price changes posted this week.

Prices of Typical Crudes per Barrel at

Year and

(All gravities where A. P. I. degrees

Month

Total (All

Passenger

Vehicles)

Total (AU Pass'ger
Cars
Vehicles)

Trucks,

Cars

&c.

Trucks

Bradford, Pa........
Lima (Ohio Oil Co.)
Corning, Pa........

1937—

298,662

31,214

8,103

7,378

360,063

295,328

64,735

16,574

13,793

2.781

4,483,281

3,671.478

811,803

186,348

138,247

48,101

October

224,688

190,242

34,446

4,448

913

November...

394,987

341,085

53,902

5,361
10,812

10,086

3,955,405

3,244,163

711,242

141,911

112,412

Tot. 11 mos.end.Nov.

1.35

Darst Creek

1.09

1.35

Central Field, Mich

i;42

Western Kentucky
Mid-Cont't, Okla., 40 and above...
Rodessa, Ark., 40 and above......

1.40
1.25

Sunburst, Mont
Huntington, Calif., 30 and over
Kettleman Hills, 39 and over

0.90

Petrolia,

1.22
1.22
1.42
2.10

29,499

.

$1.27

Rusk, Texas, 40 and over

Illinois

726

October

1.25

.1.27

Smackover. Ark.. 24 and

329,876

725

November...

Wells

not shown)

are

.....$2.20 1 Eldorado, Ark., 40.

over.

1.30

Canada

1936—

Tot. 11 mos.end.Nov.

REFINED

PRODUCTS—GASOLINE

PANSION1—LARGEST

SHOW

S1IA.RP

SINCE

GAIN

1-WEEX

BY

LIFTED

DOMESTIC

GASOLINE

DEMAND—JANUARY

EX¬

FEBRUARY

OPERATIONS

REPORTED—REFINERY
OIL

STOCKS

FUEL

;>

DEMAND

1935—

272,043
395,059

213,310

58,733

8,273

6,803

November............

336,914

58,145

13,491

10,916

Tot. 11 mos.end.Nov.

3,542,406

2,909,222

633,184

159,088

124,8S6

34,192

UP 8%

1,470
2,575

October. .........i...

Stocks of finished and unfinished

gasoline showed a sharperthe Dec. 18 week, spurred by
production of fuel oil hit its winter

than-seasonal increase during

rising refinery operators

as

pace.

Petroleum

and

Demand

Its

Products—January

Estimated

Decline of 84-500

at

able—Texas

Sunday

Deferred—Crude

Daily

December

Then

Ordered,

Shutdown
Stocks

Rise

January

was

estimated

Dec. 21 by the United

on

States Bureau of Mines at 3,406,800 barrels.
sents

2,775,000-barrel gain in inventories to 73,288,000 barrels,
which is about 15,000,000 barrels more than was held at the

Production Exceeds Allow¬

demand for crude oil during the initial

average

month of

Oil

The largest 7-day period gain shown since last February
was disclosed in the American Petroleum Institute report of a

Forecast

Barrels

3,406,800

Barrels from

Shown by Bureau—Oil

Oil
Daily-

Crude

This

repre¬

decline of 84,500 barrels from the market estimate for

a

the current month, but is 227,200 barrels more than actual

production for January, 1937, and is 6 % above actual demand
for that month.

comparable time last year.
Holdings at refineries gained 1,849,000 barrels to 41,742,000 barrels while bulk terminal holdings were up 686,000
barrels to 24,462,000 barrels.
Stocks of unfinished motor
fuel

During this period, it was continued, stocks showed a net
decline of 4,106,000 barrels, including an increase of 414,000
in foreign stocks, which would make a total decline of 4,520,000 in domestic

grades.
pointed out that the addition of this amount to
crude oil production gave an indicated demand for domestic
crude over this period of 3,626,000 barrels daily.
At least
100,000 barrels of this apparent demand, the Bureau added,
represented the crude runs equivalent to a gasoline stock in¬
was

in

November, 1937, of about 1,400,000 barrels
compared with the corresponding month last year.
The Bureau's estimated crude oil

of crude to stills moved up 20,000
barrels as refineries increased operations
^-point to 77.9% of capacity.
Stocks of fuel oil were off
235,000 barrels to 119,119,000 barrels as winter increases in

1,350,900 Illinois;..
678,300 Montana.
566,600 Kentucky
238,400 New York
179,300 Ohio
103,100 West Virginia

_.

....

Louisiana

...

Kansas

New Mexico

Wyoming

55,500

Michigan.

..

54,100

.

_

».

.

nificance.

Arkansas

N.

35,200

Total.

__

week

average

still

downs

in

was

the

The American

was

indicated

by

Shell Eastern

.07%

$.05
-.05%
,06%-.07

Gulf ports

.05%

Tulsa....

04%-. 04%

_

$1.25

under
East

the

Texas

Petroleum

influence

field

of

which

Institute

the

ended

Sunday
on

$1.05

New Orleans C
(California 24 plus D
$1,00-1.25 Phila., Bunker C

1.35

Gas Oil,. F.O.B. Refinery or Terminal

$.04%!

z

I
Included
..$.175

$.1651 Buffalo....

|Boston

.19

Not including 2%

Service Station, Tax

INewark

..$.19

Brooklyn......

$.053

28-30 D...

Gasoline,
New York

z

$.02%-.03

(Tulsa.....

iChicago—

(Bayonne)—

27 plus

....

.181

city sales tax.

12.

reports for

dip in production, a 200-barrel decline cutting output
to 178,700 barrels daily, against the
State allowable of
176,700 barrels and the United States agency's recommenda¬
tion of 186,000 barrels daily production.

Crude

Average

Daily

Ended

up

against the State quota of 253,975 and the Bureau's total
of 244,000 barrels.
Although California producers pared their daily production
total by 2,700 barrels, the 710,200-barrel total compared
with 674,600 fixed by the Central Committee of California
Oil Producers and the Federal recommendation of 679,400
barrels.
Kansas was another member of the "Big Five" to




INew Orleans..$.05%-.05%
ITulsa
.03%-.04

shut¬

Dec.

this period
25,400 barrels, and
comparing with the December estimate of 3,491,300 barrels
set by 4the Bureau of Mines.
The total, however, was
294,150 barrels above the comparable 1936 period.
Texas showed the sharpest gain, an advance of 12,450
barrels, lifting the total to 1,331,450, against the State
quota of 1,396,842 fixed Dec. 16 and the Federal suggestion
of 1,399,800 barrels daily.
Oklahoma was up 9,9.50 barrels
to 570,150 barrels, against the State allowable of 550,000
barrels and the Federal recommendation of 588,800 barrels.
Louisiana showed a rise of 3,900 barrels to 243,200 barrels,

a

.03%-.05

2.201

Diesel 28-30 D

3,406,800

crude oil production during the Dec. 18

Car, F.O.B. Refinery

$.04

Oil, F.O.B. Refinery or Terminal

(Bayonne)—

Bunker C

z

output of 3,439,850 barrels daily,

show

.08% New Orleans..

$.05% I Los Angeles
Fuel

N. Y.

crude oil exports
shippers' reports, the

Bureau concluded.

Daily

Cities—

.$.07% Chicago..

Gulf

INorth Texas

(Bayonne)

N. Y.

January

.

Kerosene, 41-43 Water White, Tank
New York—

An estimated total of 6,000,000 barrels in

during

Texas.....

J-8.07%
Socony-Vacuum.. .08
Tide Water Oil Co. .08%
Richfield Oil(Cal.) .07%
Warner-Quinlan.
.07%
Oil

Other

New York—

York—

Stand.

51.000

_

Car Lots, F.O.B* Refinery

U. S. Gasoline (Above 65 Octane), Tank
New

as

27,400
13,100
14,300
13,900
9,500
9,600
4,300
2,300

.....

Indiana

....

_

Colorado

Pennsylvania

without market sig¬

confined to local changes which were

requirements (in barrels)
_

...

fuel oil

January at 36,500,000 barrels, which is 8%
better than the apparent demand last January.
Export
demand was put at 3,800,000 barrels as reports from shippers
indicated a continuance of the high level of foreign shipments.
Prices of refined products were dull in the principal markets
as
1937 moved into its final weeks.
Readjustments were
for

.

...

Oklahoma.

runs

The Bureau of Mines estimated domestic motor

demand

by States, follow:
Texas..
California

240,000 barrels to 7,084,000 barrels.

demand oared inventories.

Bureau's report indicated that production between
Oct. 30 and Dec. 4 averaged around 3,497,000 barrels daily.

crease

up

average

barrels tc 3,220,000

The

It

were

Daily

Dec.

American

The

Oil

Production

During

18 Placed at 3,439,850

Petroleum

Institute

Week

Barrels

estimates

that

the

daily average gross crude oil production for the week ended
Dec. 18, 1937, was 3,439,850 barrels.
This was a gain of
25,400 barrels over the output of the previous week, but
the current week's figure was below the 3,491,300 barrels
calculated by the United States Department of
to be the total of the restrictions imposed by

the Interior
the various

oil-producing States during December.
Daily average
production for the four weeks ended Dec. 18, 1937, is
estimated at 3,416,800 barrels.
The daily average output
for the week ended Dec. 19, 1936, totaled 3,145,700 barrels.
Further details, as reported by the Institute, follow:
Imports of petroleum
United
a

for domestic use and receipts in bond at principal
Dec. 18 totaled 982,000 barrels,

States ports for the week ended

daily average

of 140.286 barrels, compared with a daily average of 183,143
11 and 150,321 barrels daily for the four

barrels for the week ended Dec.
weeks

ended

Dec.

18.

Receipts of California oil at Atlantic
ended

Dec.

compared with a daily average
Dec. 18.

and Gulf Coast ports for the

week

of 10,714 barrels,
of 9,607 barrels for the four weeks ended

18 totaled 75,000 barrels, a daily average

Financial

4034

Report* received from refining companies owning 89 0% of the 4,159,000
barrel

estimated

capacity of the United

potential refining

daily

stills,

Indicate that the industry as a whole ran to

States

Bureau of Mines

on a

basis, 3,220,000 barrels of crude oil daily during the week, and that all com¬

transit and in pipe
week, 73,288,000 barrels of finished and unfinished

panies had in storage at refineries, bulk terminals, in
lines

of the end of the

as

gasoline and 119.919,000 barrels of gas and

week

the

1936

of

Bureau of Mines basis, produced an average of 725,000 barrels

dally during the week.

with

corresponding

The

cumulative

CRUDE OIL PRODUCTION

production of soft coal in

approximately

3.6%

ahead

that

of

in

The United States Bureau of Mines, in its

stated that production

weekly report,

of anthracite in Pennsylvania shows
ending Dec. 11.
Total

increase during the week

marked

a

Four

of M.,

Weeks

Dept. of

State

Week

interior

Allowable

Ended

Change
from

Calcu¬

Dec. 1

Dec. 18,

Previous

Week

Ended

over

Dec. 19,

ganizations follows:

Ended

Dec. 18,
1937

Week

1937

lations

32.8%

production in the preceding week. Compared with the same
week a year ago, there was a decrease of 6.2%.
The consolidated report of both the above-mentioned or¬

(Figures in Barrels)

R.

of

that

1937 to date
1936; the
cumulation of both hard and soft coal in 1937 to date, 2.3%
stands

output is estimated at 1,141,000 tons, a gain of

DAILY AVERAGE
/

25,1937

ahead of 1936.

fuel oil.

charging capacity of all cracking units indicates th^t the industry as a
on a

in

duction

Dec.

Dec. 11 amounted to 10,882,000 tons.

by companies owning 94.8% of the potential

Cracked gasoline production

whole,

Chronicle

1936

ESTIMATED UNITED STATES PRODUCTION OF COAL AND BEEHIVE
COKE (IN NET TONS)

Dec.)

Kansas

550,000

570,150

+9,960

186,000

176,700

178,700

—200

77,600

......

+7,850
+600

Panhandle Texas.

72.950

32,800
191,450

71,960

+500

East Texas

418,700

+750
+900

Southwest Texas

248,850

+ 1,950

Coastal Texas

194,400

+ 150

Total Texas

597,400
173,600
67,000
64,150

72,550
33,250
190,200
95,150
417,350
244,800
193,950

—250

94,700

West Texas.

563,550
176,400

32,900

166,800
86,750

445.800

179,200
169,600

Bituminous coal:

Dec. 4, 1937

Dec. 11. 1937

Week Ended—

588,800

Oklahoma

Dec. 12, 1936

a

cl0,014,000
cl ,669.000

8,080,000
1.347,000

10.882,000
1,814,000

Total, Including mine fuel
Daily average

1,141,000

859,000

1,216,000

190,200

143,000

202,700

Commercial

1,087,200

818,000

1,158,000

32,100

35.600
5,933

57,900
9,650

Total, Including mine fuel

Dally average
Pennsylvania anthracite: b

production.!

Beehive coke:
United States total

........

5,350

Dally average

1,399,800 x1596842 1,331.450 + 12,450 1,319,200 1,212,200
1937

Calendar Year to Date f—
North Louisiana

74,100
169,100

Total Louisiana....

253,975

244,000

+3,350
+550

73,700
169,200

162,050

243,200

Coastal Louisiana

'"■'+3,900

242,900

241,450

1936

1929

79,400
Bituminous coal:

a

425,836,000

411,194.000

1,448,000

1,401,000

1,737,000

h46,538,000

h51,472.000

h68,521,000

613,000

Total, Including mine fuel
Dally average
b

180.300

240,000

-

513,415,000

Pennsylvania anthracite:
Arkansas

33,900

—2,450

44,850

127,200
51,800

Eastern

Michigan

43,750

131,250
51,700
51,950
15,350

+ 2,050

4,400

+300

107,750

+ 100

Wyoming...

57,100
15,800

Montana

Colorado

4,400

New Mexico.

107,600

104,100

28,000
116,000

Total, including mine fuel—
Dally average

—700

132,900
53,200

+ 2,550

51,250

48.450

+ 150

15,350
4,250
106,250

18,200

United States totsl

3,750
85,650

Dally average

27,500

Commercial production.!...

Total east of Calif.. 2,811,900

679,400

2,729,650 + 28,100 2,710,100 2,552,200
y674,600

710,200

S3,491,300

—2,700

706,700

Allowable effective Dec. 1 revised to 1,396,542 effective Dec.
figures this report reflects shut-down on Dec. 12.
x

y

593,500

3,439,850 + 25,400 3,416,800 3,145,700
15.

g

g

3,076,400

1.648,300

6.230.000

10,428

5,587

21,119

of historical comparison and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from authorized
operations, c Subject to revision, f Sum of 50 full weeks ended Dec. 11, 1937, and
corresponding 50 weeks of 1930'and 1929.
g Comparable data not yet available,
Includes for purposes

h Sum of 49 weeks ended Dec. 4.

WEEKLY

ESTIMATED

East Texas

1 Excludes mine fuel.

PRODUCTION

OF COAL,
THOUSANDS OF NET TONS)

(IN

Recommendation of Central Committee of California Oil Producers.

g

Beehive coke:

a

California

—

STATES

(The current estimates are based on railroad car loadings and river shipments

Note—The figures indicated below do not include any estimate of any oil which
might have been surreptitiously produced.

and are subject to

revision on receipt of monthly production reports from district

and State sources, or of final annual returns from the operators.)

CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED DEC.

18,

BY

Week Ended—

1937

Dec.

State

Dec. 4
Crude Runs

Finished and
Unfinished Gasoline

Stocks

of
Finished

Reporting

Daily

East Coast..

Total

669

P.

P.

Aver¬

tial

Rate

Oper¬

C.

498

Gas

Unfin'd

C.

ated

age

669 100.0

and

in

At Re¬

Terms.. Nap'tha
&c.
Distil.
fineries

74.4

5,678

11,267

1,209

Fuel

Oil

13,232

Appalachian.

146

129

88.4

102

79.1

1,021

1,686

248

1,106

Ind., Ill.,Ky.
Okla., Kan.,

529

489

92.4

436

89.2

5.480

5,019

707

6,765

Mo

452

383

84.7

278

72.6

3,735

2,318

499

355

Inland Texas

201

56.6

112

55.7

1,636

259

370

683

85.7

8,267

260

1,799

141

83.9

1,092

450

495

3,358

Texas Gulf..
La. Gulf

833

797

95.7

174

168

96.6

No. La.-Ark.

91

40

69.0

82

68

Rocky Mtn.
California...

89

62

69.7

39

62.9

1,559

79

635

821

746

90.9

556

74.5

9,852

2~501

1,320

73.829

38,612

23,842

3,130

620

Reported

58

...

3,702

Est. unrpd-.

63.7

457

89.0

2,885

292

77.9

335

512

6,794 116,999
290

2,920

Avge.

1935

1929

1923

2

2

4

2

8

8

251

218

264

219

427

349

85

91

76

71

160

83

Colorado

157

170

176

299

253

Georgia and North Carolina

*

*

*

8

8

1,162

Alaska

.......

Alabama
Arkansas and Oklahoma

Dec. 18 '37

4.159

4,159

Dec. 18 '37

4,159

4,159

3,220
3,200

41,742

24,462

7,084 119,919

39,893

23,776

6,844 120,154

xDec. 18 '36

z3,002

Estimated Bureau of Mines basis,

35,457

1,058

1,348

1,744

1,535

334

452

405

474

514

75

71

86

83

116

Kansas and Missouri

175

148

173

181

188

159

Kentucky—Eastern

670

539

912

692

982

584

205

204

"

179

250

185

368

28

30

35

39

62

9

8

18

18

19

21

Montana

79

77

78

66

82

64

New Mexico

32

30

39

36

61

56

—

69

North and South Dakota.

Gas

Company

Statistics

Tennessee..

first

American

10 months

natural

gas

for

Month

819,200 in the first 10 months
corresponding period of 1937.
The

manufactured

gas

the
the

same

natural
of

crease

Sales

period
while
an

period

of

the

companies
an

preceding

utilities

gas

4.7%,

rising

of 1936 to

$300,125,600 for the 10 months,

from

of

manufactured

natural

reported

year,

revenues

of

while

1.1%

increase

of

an

of

in¬

10.2%

over

the

10

months'

corresponding

period

of

last year.
A

significant feature of the data reported by the manu¬
gas companies was an increase during the year
of nearly 21% in the number of customers
using gas for

factured

house heating

the

week

This is

ended
an

Dec.

11

increase

is

of

current

estimated

at

1,934,000 tons,

10,014,000
or 23.9%

over the output in the
preceding week, and is the highest
figure recorded for any week since the end of March.
Pro¬




292

204

260

193

21

38

41

60

57

2,029

1,455

2,041

1,132

427

660

518

716

692

135

148

136

156

173

*

*

*

1

s5

85

8,080

c

40

1,307

495

7,233

8,482

11,942

9,900

10,581

859

954

1,298

1,173

1,852

1,806

8,939

8,187

11,879

9,655

13,794

11,706

racite from published records of the Bureau of Mines.

•

Alaska, Georgia, North
* Less than

Carolina, and South Dakota Included with "other Western States."
1,000 tons.

Tin

Export

Quotas Reduced from 110% to 70%
Tonnage for First Quarter of 1938

of

Standard

The

International Tin

Committee, meeting in London on
70% of standard
of 1938 from 110% for the

Dec. 10, lowered the export quota for tin to
current

the first quarter

The 110% export rate had been set for
For the first quarter, a 100%

quarter.

the last two quarters of 1937.

quota

in

was

effect.

London, Dec. 10, it
The

cut

slightly

was

higher

committee

greater

than

gave

action.

It
low

ducers

Commission, in its

weekly coal report, stated that the total production of soft
in

100

237

9 a Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. & G.,
on the B. & O. in Kanawha, Meson, and Clay counties,
b Rest of State, in¬
cluding the Panhandle District and Grant, Mineral, and Tucker counties, c Includes
Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anth¬

lands

Weekly Coal Statistics

tons.

103

18
143

1,402

a
-

bituminous coal

ducers,

net

113

15

97

136

Northern b_

Bolivia,

coal

95

18
106

42

Washington
West Virginia—Southern

between

purposes.

The National Bituminous Coal

123

15

66

285

tonnages for

300,898,900,000 cubic feet, a gain of 4.3%,
gas sales were 1,105,266,400,000 cubic
feet,

of

98

16

-

Utah

over

revenues

$358,104,600,

reported for the

gas

599

2,818

$658,230,200 in the

increase

aggregated

$628,-

7.9%.

totaled

593

2,796

and

Gas Association reported that
during the
1937 revenues of the manufactured and

increased

544

1,981

of

of

industry

591

2,587

72

Texas..

Total

October, 1937
The

s27

420

1,457

121

Pennsylvania bituminous

All coal

of

859

60

518

1,585

Ohio.

Pennsylvania anthracite d

Summary

59

76

37

6,431 108,842

December 1936 dally average.

z

121

Michigan

Maryland

Other Western States

19,284

,

398

-

Indiana..
Iowa

Wyoming

U.S.B. of M.

195
*

1,173

Illinois

Virginia

xEst.tot.U.S

x

Dec. 7

1936

Western

3,718
1,724
12,120

.

Dec. 7

1937

Stocks of

to Stills

District
Poten¬

Dec. 5

1937

Daily Refining
Capacity

Nov. 27

and

surrendered

East
thus

Indies,
would

to

Associated

advices

from

by most trade

expected

by advocates of

producers

who

left-over

a

would

authorities,

although
The

drastic curtailment.

have

been

from

production

by

hurt

the

old

the

quotas

producers.

Congo

their

and

French

arrears

under

Malaya and Nigeria,
be

Press

stated:

permissible

high

Belgian

than

desired

relief

divided

In

was

able

to

operate

Indo-China,
the

1937

which
output

the largest
at

about

are

rates

producers.

80%

of

minor
to

pro¬

Nether¬

These pro¬

their

standard

tonnages during the first quarter.
The

next

meeting will be held at The Hague, Feb.

Production

under the

18, 1938.

70% quota would be about 140,000 tons annually,

prorated among all producers, plus about 11,500 tons of unfilled quotas.

The following communique of the International Tin Com¬

mittee

was

issued in New York

on

Dec. 16 by the New York

Volume
office

of

Financial

liS

International

the

and Development

Tin Research

Council:

.

-

,

Tin Committee

International

Steel

'-IS

V'

adjustments provided

the

Belgian Congo

French Indo China

2,168

Nigeria

3,278

467

14,322

Malaya.

Figures
the end

7,232

Netherlands East Indies...

2,066
6,570

.........

Bolivia

for

for

the

1937

of

last

not

four

countries

the carryover at

exclusive of

are

yet known.

and

the country's

issue of Dec. 23 stated that despite

production to 23L£% of

steel ingot

capacity, spotty improvement in orders and

inquiries is becoming
of

apparent, possibly a forerunner

more

widespread buying interest some time in January.
Meanwhile a further reduction in operations may occur
more

during the mid-holiday week as some mills, which now are
trying to give as much employment as possible just before
Christmas, will be shut down this Thursday or Friday until
New Year's Day. The "Age" further reported:
The recent moderate gain in steel scrap prices

Sells at 10^c.,
Valley—Lead Reduced Early in Week—Zinc Dull

Non-Ferrous Metals—Domestic Copper
"Metal

and

reported that though
been

showing

Markets"

Mineral

more

Lower

Zinc

prices were established dur¬

dull and

prices

consumers

Silver was
42per ounce, with the

at

Quicksilver

unchanged at 44 %c.
important change

no

The publication further

abroad.

good volume

for the week.

stated:

The

plus

rumors

A small tonnage was sold on that

Sales for the week totaled

tons in the
were

previousfcweek.
confined

price levels

unattractive

appear

abroad

compared with 8,441

larger

to

active

Present

small-tonnage lots.

numerous

The quotation

fairly

was

insufficient to influence our

was

5,501 tons,

Producers reported more inquiries, but actual

principally to

inventory-taking-time.
Buying

sharp drop in apparent

of price-shading, influenced some sellers to reduce the price on

day at the higher figure, but. the volume
quotation.

a

substantial increase in domestic stocks,

a

Dec. 16 from 10%c., to lOJic. Valley.

sales

composite price up to $13.58, the

scrap

consecutive weekly advance and 66c. a

November.

<

Much of this week's

more

hopeful news comes out of Chicago, where one

important producer has had the largest sales since the week

Operations in that

area are

consumers

steady

closed

10%}C.,{ Valley.

at

substantial

with

week,

the

during

because of

largely

resulting in a net reduction of only a

half point in the district average to 23 % %.

Sentiment throughout the industry is decidedly

marked change in the situation,

any

probably will be

bring

some

but

on

improved, not because of

the ground that the worst

bound to

with the passing of 1937 and that 1938 is

over

improvement, though it may be of very moderate proportions

in the early part of the year at least.

Tangible evidences of
consumers'

stocks,

for the better are found in the condition of

a turn

1199336524.;

not all,

though

which in many,

normal size and will soon require

instances are below

replenishment.

It is apparent that most of such early improvement as may come

the next month

This, of
the

was

a

contribute

a

the railroads and

great deal of tonnage during

or so.

course, is an

case

market.

in 1938

of depleted inventories of miscellaneous

the major outlets—building construction,

the automobile industry—may not

year

off-season for building contracts, except when, as
there is

ago,

price incentive to rush them into the

a

The Government's housing bill, whatever stimulus it may event¬

ually afford, will be slow in getting into motion so far as steel requirements
are

concerned.

The railroads

to

cutting their orders so small that they are reluctant

are

accept even the small over-runs

which are sometimes unavoidable in

However, it is probable that a favorable decision on higher

mill practice.

freight rates will bring out
back.

tonnages sold to Japanese and Bussian interests.

of Sept. 24.

also helped out by an increase by one company,

which almost offset losses by others,

consumers as

unsatisfactory domestic statistics indicating

consumption for November and

Chicago,
third
ton above the year's low point in

a

bringing the "Iron Age"

will result from the replenishment

Copper

has not gone further at

rise of 50c. a ton has occurred at

Pittsburgh and Philadelphia, but

The London

less nominal.

were more or

market for metals showed

Copper sold in

lead, tin, antimony,

copper,

quotably unchanged.

was

so-called official quotation
was

Dec7 23

interest in the market, the total volume

ing the last week in domestic
offered to domestic

issue of

of non-ferrous metals have

consumers

of sales remains small.

and cadmium.

its

in

Improvement

Show Some

Inquiries

further recession in

a

making

Orders

The "Iron Age" in its

7'7"v7....Vi

^

in the communique of the
Internationa] Tin Committee following its meeting of Dec. 10, 1937, the
permissible exports for the quarter, January to March, 193S, will be as
follows:;.. .7:7,7:7'7'
•7:';7.':7-'7;7'7
"7'/;
■. _■
After

4035

Chronicle

a

good deal of buying that is now being held

For example, railroads centering at

Chicago are expected to place

between

f With

demand tor lead quiet, the market opened on Dec. 16 with the

announcement that

the price had

This
4.75c., New York, the contract settling basis

established the quotation at
of the American Smelting &

been reduced one-quarter cent.

Refining Co., and at 4.60c., St. Louis.

lower quotation did not bring in much new business in the

The

week that ended

150,000 and 200,000 tons of rails, when the freight rate issue is

settled.

Lead

The Burlington, whose program

its

own

shops

was

for the building of 1,250 cars In

announced in October, is now taking some of the steel.

The St. Louis-Southwestern has received Court permission to spend $1,244,443 for cars, locomotives, rails and machinery,
has ordered 275 flat

and

cars

the Louisiana & Arkansas
indefinite

the United States Army will buy an

cars,

number of tank

Brazillian railroad is inquiring in this country

a

yesterday, sales for the period totaling around 1,900 tons,

for 250 freight cars.

fr The refined-lead statistics for November, showing an increase in stocks of
12,927 tons, caused little or no uneasiness among producers, though the

activity next year with the awarding of 12 cargo ships

Stocks at the end of November totaled

gain was larger than expected.

113,573 tons, against the low for this year of 90,742 tons at the close

September and 176,960 tons

slumped to 33,853 tons, which

of

Domestic shipments for November

a year ago.

with a monthly average for the

compares

Long quiescent, the shipbuilding industry Will enter upon a new era

Commission,

on

which bids have been requested by

will take 55,300 tons
as

much

as

Structural steel

7:77:7

Zinc

;

include 2,700 tons for a

Trade in zinc during the week was dull, sales of the Prime Western divi¬
sion for the seven days ended

Dec. 18 totaling only 735 tons, compared

with 1,661 tons in the previous week.
a

strong influence

on

rapidly increasing stocks.
tons

Lack of demand for metal is exerting

mine operators to curtail ore

production in view of the

Unfilled orders for zinc were reduced to 56,116

during the week, and shipments to consumers in the same period

totaled 3,120 tons.

The price remained unchanged at 5c., St. Louis.

week

was

quiet, with the exception of Tuesday,

Dec. 21, when about 250 tons changed hands here.

Prices averaged a little

lower than in the preceding week, largely on unfavorable news from domestic

consuming

Permissible

centers.

exports

were

move to

establish

a

announced

for

first

the

confirm the view that supplies will be ample for

quarter, tending to

a

There were rumors of another

generally reduced rate of industrial activity.

in Houston,

Dec. 16, 42.000c.; Dec. 17,

41.125c.; Dec. 18. 41.000c.; Dec. 20, 40.750c.; Dec. 21, 40.500c.; Dec. 22.
41.250c.
PRICES OF METALS

<"E*

On the labor front the action of the

wage contracts

Straits

Lead

Tin

Zinc

THE

New York

New York

St. Louis

St. Louis

be begun Feb. 7.

"IRON

9.900

9.575

43.500

4.75

4.60

5.00

Dec. 17

9.900

9.675

42.625

4.75

4.60

5.00

9.725

42.500

4.75

Dec.

9.900

18

4.60

5.00

Dec. 20......

9.900

9.725

42.250

4.75

4.60

5.00

Dec. 21

9.900

9.725

42.000

4.75

4.60

5.00

9.900

9.750

42.750

4.75

4.60

5.00

9.900

9.696

42.604

4.750

4.600

5.00

Dec. 22

Average.

.

Dec. 18 are:
Domestic copper f.o.b.
refinery, 9.963c.; export copper, 9.625c.; Straits tin, 43.229c.; New York lead,
4.875c.; St. Louis lead, 4.725.: St. Louis zinc, 5.000c., and silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies. They are reduced to the
basis of cash, New York or St. Louis, as noted.
All prices are In cents per pound.
Average prices

lor calendar week ended

Copper, lead and zinc quotations are based on sales
deliveries; tin quotations are for prompt delivery only.

for both prompt and future

Finished Steel

2.274c. (.

One year ago

1934..

Copper

Lead

Tin, Std.

Spot

3M

40be

40sie

(Bid)

3M

Spot

Spot

3M

Zinc

Spot

3M

191

15»i«

15l5i«

15%

15%

Dec. 17

39 %

40%

44

190%

189%

15

15»i«

40b«

40 %

44

186%

185%

15%
15%

15%

Dec. 20

I5»i«

15»H

15*i#

Dec. 21

40%
40%

40%
40%

44

188%
189%

187%

15%

15»u

15»H

15%

188%

15%

15i»u

15%

15%

Dec. 16

Dec. 22

44

44

191%

for the first session of the
and tin are the official closing buyers*

Prices for lead and zinc are the official buyers' prices
London Metal

prices

Exchange; prices for copper

All are In pounds sterling per long ton (2,240 lb.).




2.330c.
2.084c.
2.124c.
2.008c,
1.867c.
1.926c.

Mar. 2
Mar. 10
Jan.
8
Jan.
2
Apr. 18
Feb.
2

Jan. 13

1.945c.

Dec, 29

Pig

21, 1937, $23.25 a Gross Ton

Iron

/Based on average of basic Iron at Valley
furnace and foundry Irons at Chicago.

$23.25]
23.25|
19.731

One week ago

One year ago...

Philadelphia,
Buffalo,
Valley
Southern Iron at Cincinnati.

$23.25
19.73
18.84
17.90
—.......
16.90
14.81
15.90

1937

1935

19341

............

1932

and

Low

High

Mar. 9
Nov. 24
Nov. 5
May
1

$20.25
18.73
17.83
16.90

Dec,

5

13.56

Jan.
Jan.

5
6

13.56
14.79

Steel Scrap

Feb.
Aug.
May
Jan.
Jan.
Dec.
Dec.

16
11
14

27
3
6
15

.

21. 1937. S13.58 a Gross Ton* fBased on No. 1 heavy, melting steel
ago..
$13,421
quotations at Pittsburgh, Philadelphia
12.92!
and Chicago.

One week

One month ago.

One year ago--..-——

1933.1

17.75L

...

-

$21.92
17.75
i.
13.42
..........
13.00
12.25
8.50
11.33
-

-

-

1931.

The

—-

luow

High

1936

Electro.

Mar. 9
Dec. 28
Oct.
1
Apr. 24
Oct.
3
Oct.
4

2.037c.

i-

1935

Copper, Std.

Low

High

1936..

X>eo.

85% of the United States output.

2.605c.
2.330c.
2.130c.
2.199c.
2.015c,
1.977c.

_

1937

Dally London Prices

COMPOSITE PRICES

AGE"

21, 1937, 2.605c. a Lb.
(Based on steel bars, beams, tank plates
One week ago
2.605c. ]
wire, rails, black pipe, sheets and hot
One month ago
2.605c. |
rolled strips.
These products represent

One month ago
Dec. 16

Negotiations for renewal

Dec.

Dec.

Dom.,Refy. Exp., Rejy.

negotiate new

"without instructions" may be significant of a more con¬

1931..

Electrolytic Copper

convention of the Steel Workers

Organizing Committee in authorizing the union leaders to

1932

J." QUOTATIONS)

& M

Mich.

for the Delaware aqueduct,

New York.

1933

DAILY

York, and 2,500 tons

Texas, and 1,200 tons for a power house at Lansing,

About 10,000 tons of sheet piling will be required

1937

"buffer pool."

Chinese tin, 99%. was nominally as follows:

12,000 tons, of which

New projects out for bids
hospital in Pittsburgh, 2,700 tons for a city hall

of existing contracts are to

for tin last

These ships

Club stadium.

ciliatory attitude on wages and other conditions.

Tin

Demand

week were only

in the

lettings

for altering the Detroit Base Ball

;7'7'777;

Feb. 1.

Standard Oil tank ships, which may require

of steel.

20,000 tons of steel, may be awarded in January.

2,560 tons is for the Bronx-Whitestone Bridge, New

first 11 months of the current year of 49,265 tons.

of

by the Maritime

American

Iron and

Steel

Mar.
Dec.
Dec.
Mar.
Aug.
Jan.
Jan.

$12.92
12.67
10.33
9.50
6.75
6.43
8.50

30
21
10
13
8
12
6

Institute

on

Nov
JuDe
Ap .
Be >t.
Jan.
July
Dec.

Dec. 20

16
9
23
25
3
5
29

an¬

nounced that 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 23.5% of
capacity for the week beginning Dec. 20, compared^with
27.4% one week ago, 31.0% one month ago, and 77.0%

Financial

4036

year ago.
This represents a decrease of 3.9jpoints, or
14.2%, from the estimate for the week ended Dec. 13,1937.
Weekly indicated rates of steel operations since Nov. 23,
1936, follow:

one

1936—

Nov

Dec. 21
Dec. 28

77.0% Apr.

June

.85.8%
74.3% Mar. 1
87.3%
75.9% Mar. 8
88.9%
76.6% Mar. 15
89.6%
79.2% Mar. 22
77.0% Mar. 29.....90.7%

Nov. 30
Dec.

7

Dec.

14

1937—

4....-.79.4%
Jan. 11
78.8%
Jan. 18
80.6%
Jan. 25
77.9%
Feb.
1
79.6%
Feb.
8
80.6%
Feb.

15

Apr.
Apr.
May
May

May
May

81.6% May

Feb. 22

June

82.5%

June

June

July
July

July

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%

Apr.

Jan.

1937—

1937—

1937—

23

July

Auk.

Aug.
Aug.
Aug.
Aug.

Sept.

Sept.
Sept.

14

76.6%
21.....75.9%
28.
75.0%
5
67.3%
12
82.7%
19.....82.5%
26
84.3%
2.....85.5%
9
.84.6%
16.....83.2%
23.....83.8%
30
84.1%
7
71.6%
13
80.4%
20
76.1%

Sept. 27

Dec.

6

Dec.

13

74.4%
66.1%
63.6%
55.8%
52.1%
48.6%
41.0%
36.4%
31.0%
29.6%
27.5%
27.4%

Dec. 20

23.5%

Oct.

4

11

Oct.
Oct.

18

Oct.

25

Nov.

1

Nov.

8

Nov. 15
Nov. 22
Nov. 29

With

downward

increase in general

industry

checked

and some

buying, backed by development of various large projects,

Chicago 24%, Eastesn Pennsylvania 29%, Birmingham,
Detroit

higher total than in October.

in small orders for consumers who

practically all

depleted their stocks and need material immediately.
large, but indicates an upward trend.

have

Total tonnage is not

It is believed this buying would be

19%,

49%

Ala.,

and

Youngstown advanced six points to 30%, Cleveland five

52%.

points to 36 and Cincinnati 25 points to 54.

Wheeling lost six points to

16, New England six points to 30, and St.

24%, Buffalo five points to
Louis four points to 16.

Automobile assemblies last week

face

of the

82,025,

were

a

decline of 3,740 from the

Ford was the only major producer to increase output in

preceding week.

general

and

curtailment

2,500

gained

25,115.

to

General

Motors assembled 30,825, compared with 31,800 the week before: Chrysler's

19,600 the preceding week: the independents

15,850, against

output was

Approach of the holiday season probably

produced 10.235, off about 1,500.
further decline and

cause

substantial increases

no

expected until

are

1.

V;.'''"-'
'
In sharp contrast to lagging steel demand in this country Great Britain
castings,

the third time this year it

of steel ingots

broken into higher levels.

has

November production was 1,178,300 tons, exceeding the previous record.of

1,163,000 tons in September and 1,109,500 tons in March.
For

instances indications for December point to a

Expectation

holidays during the

Last week the rate was unchanged at Pittsburgh

fortnight.

next

and

steel

Some sellers find their bookings larger than in November and in a few

business is

Various adjustments to meet delivery

decline.

a

is that somewhat lower schedules will result from the

and steel

the situation appears better.

This

last week failed to show

in November established a new all-time record for production

the

in

movements

2S, 1937

requirements resulted in a balance, the rate remaining at 27%.

after Jan.

Dec. 20, stated:

on

Dec.

For the first time since the week of Sept. 11 the national operating rate

will

"Steel" of Cleveland, in its summary of the iron

markets,

Chronicle

third

the

week

consecutive

Because of

prices has advanced.

the

an

composite

of steel

making

33 cents.

scrap

advance at Chicago, with the price

holding at other centers, the composite has reached $13.41,

advance of

an

The iron and steel composite was advanced two cents, to $38.90,

by stronger

scrap

The composite of finished

prices.

steel prices is

un¬

changed at $61.70.

heavier except for the approach of the year's end, with the usual tendency
to hold

inventory to

Decision of

minimum.

a

western steel maker

a

continue production

to

of steel at its

present rate through the holidays, even if the semifinished product must be

piled, indicates confidence in

a

renewed demand early in the

year.

Approximately 21,000 tons of plates, shapes, bars, sheets and strip for
battleships building in the Brooklyn and Philadelphia

yards have been

navy

distributed widely among a number of steel makers.

Various
tonnages.
to

projects

large

are

promise

important

some

Inquiry by the Texas Co. for 24,000 tons of pipe line for export

Colombia, South America, where
Bids Feb.

vessels involve about

of interest.
on

Steelmaking

220-mile line is to be built

interests

Steel is estimated at 26

1

by the Maritime Commission for 12

96,000 tons of steel

for

.

The following table gives a comparison of the percentage

cargo

the largest peacetime order

lA%, against 29% in the week before and

Leading independents are credited with about 2714%.

ago.

compared with 28% in the two preceding weeks

of production

corresponding week of previous years, together with the

approximate changes, in points, from the week immediately preceding.

A structural inquiry for 6,000 tons in New York is another

cargo tonnage.

of New York

a

U. 8.

33% two weeks

with the nearest

pipe fabricators.

matter

which

maturing

Steel ingot production for the week ended Dec. 20, is
placed at 27% of capacity according to the "Wall Street
Journal" of Dec. 22. This compares with 28% in the previous
week and 30% two weeks ago.
The "journal" further
reported:

Independents

U. S. Steel

Industry

Award is expected this week by the Standard Oil Co.

eight to 12 tankers

apparently

scrap

each requiring about 5,000 tons of steel.

pointing

is

the

way

better

to

business

in the steel industry, the long decline is prices being halted and a slight rise

1937

—1

27

—2^

26 H

27 K

1

—

1936

81

+ 1

70

89

+2

1935

54

—2

46

—1

61

—3

+4

30

+2

42

+4

1934

37

first

1933

33

30

35

Important tonnage appearing in the market will be the signal for a rise in

1932

15

14 J*

1931

14 M
24

—1
—3

indicated.

General sentiment of

and

consumers

dealers is

that

the

Higher quotations for railroad lists indicate greater confidence.

prices.

25

—1

23

—1

41

—3

29

—3

62 H

—

1930

34

for

1929

68

tonnage to apply on contracts at much higher prices they indicate inability

1928

83

+3

85

+3

81

+2

to

1927

67 X

+4

70^

+5

65

+3

While

some

present

quotations

are

based

on

prices

by dealers

paid

buy at less, in the face of present supplies.

The Week with the Federal Reserve Banks

During the week ended Dec. 22 member bank
balances
bank
in

decreased

reserves

arose

circulation,

$29,000,000.

Reductions

from increases of

$5,000,000

in

member

in

Treasury

cash

inactive gold, and $50,000,000 in non-member

of member

banks

on

Dec.

22

were

by increases

estimated to

com¬

Dec. 22,

1937,

during

were as

the
follows:

week

and

the

Iter ease

year

(+)

or

ended

Decrease

(—)

Since

Dec. 22, 1937
$

Bills discounted

Dec. 15, 1937
$

Dec. 23, 1936
$

16,000,000

Bills bought
S. Government securities
Industrial
advances (not including
U.

_

$13,000,000 commitm'ts—Dec. 22)
Other Reserve bank credit
Total Reserve bank credit.
Gold stock

New York

Dec.

Assets

1936

$

$

Loans and investments—total..

7,869

7,981

8,800

1,936

1,944

2,114

Loans—total

3,518

3,570

3,666

649

666

625

Commercial,

industrial,

and

agricultural loans:
On securities

233

233

*

31

31

1,561

1,576

*

400

414

*

Open market paper.

194

194

*

28

29

#

Loans to brokers and dealers.

714

732

42

43

carrying securities.227

232

76

77

130

13

13

49

2

1

Otherwise secured & unsee'd

Other loams

for

1,067

44

purchasing or

Real estate loans

128

130

36

........

*

48

Loans to banks

Other loans:'

*

14
6

•'

;

On securities

231

236

*

21

22

*

Otherwise secured & unsee'd

194

189

*

36

36

*

3,046

3,111

3,647

929

920

359

359

452

102

103

96

U. S. Govt, obligations

1,124

Obligations fully guaranteed by
United States Government.._
Other securities

946

Reserve with Fed. Res. banks..
Cash in vault

941

1,035

256

255

269

2,515

2,530

2,465

595

613

581

69

33

31

41

71

73

88

160

164

200

468

470

503

58

59

75

5,732

5,826

6,452

1,458

1,496

1,587

665

662

614

455

454

451

364

364

203

65

65

72

1,972

2,021

1,2,428

530

524

634

69

...

Balances with domestic banks..

Other assets—net

60

Liabilities—
Demand deposits—adjusted
Time deposits
United States Govt, deposits
Inter-bank deposits:

Domestic banks

7

6

5

14

26
364

20

19

26

18.000,000

1,484

1,483

1,451

247

247

236

+27,000,000

—18,000,000

153,000,000

+ 85,000,000
+ 5,000,000
—79,000,000

+1,283,000,000
—98,000,000

739.000,000

+ 50,000,000

+217,000,000

Non-member deposits and other Fed¬

387

378

—7,000,000

57.000,000

*

Comparable figures not available.
♦

+348,000,000

-

+116,000,000
+1,536,000,000

+1,000,000

Complete

Returns

of

Member

Banks

Returns of Member Banks in New York
City and
Chicago-—Brokers' Loans

Below is the statement of the Board of Governors of the

System for the New York City member

Chicago member banks for the cur¬
week, issued in advance of full statements of the member

of

the

Federal

Reserve System for the Preceding Week
As

explained above, the statements of the New York and

Chicago member banks
taneously

with

the

are

figures

given

for

out

the

selves, and covering the same week,




*

366

—29,000.000

banks and also for the

23

Dec.

$

3

6,855,000,000
6,681,000,000
3,625,000,000

rent

15

1937

$

405

Memoer bank reserve balances

Reserve

Dec.

$

v

1937

367

+99,000,000

Federal

23 Dec. 22

1936

Other liabilities

+ 5,000,000

Reserve accounts

Chicago

Dec.

Foreign banks
Borrowings

+ 27,000,000

eral

City

15

1937

Capital account

+

2,630,000,000

Treasury cash

Dec.

lhY000,666

.

2,658,000,000
12,765,000,000

Money in circulation

22

+7,000,000

3,000,000

2.564,000,000

Treasury currency

Treasury deposits with F. R. bank..

CITIES

(In Millions of Dollars)

be

parison with the preceding week and with the corresponding
date last year will be found on
pages 4070 and 4071.
Changes in the amount of Reserve bank credit outstanding
items

CENTRAL RESERVE

1937

The statement in full for the week ended Dec. 22 in

related

IN

deposits and

approximately $1,010,000,000, a decrease of $50,000,000 for
the week.
Inactive gold included in the gold stock and
Treasury cash amounted to $1,233,000,000 on Dec. 22, un¬
changed for the week.
The principal changes in
holdings of bills and securities
were an increase of
$20,000,000 in United States Treasury
notes and a decrease of
$20,000,000 in United States bonds.

and

ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS

than

$5,000,000 in
Treasury currency, and a decrease of $79,000,000 in Treas¬
ury deposits with the Federal Reserve banks.
Excess re¬
serves

Monday:

money

other

other Federal Reserve accounts, offset in
part
of $27,000,000 in Reserve bank credit and

hi

banks, which latter will not be available until the coming

reserve

$85,000,000 in

64

j*

—

until the

011

Thursday,

Reserve

banks

simul¬
them¬

instead of being held

following Monday, before which time the statistics

covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors
returns

of

of the

the

Federal

entire

body

Reserve System

of

respecting the

reporting member banks of

Volume

the

Financial

145

Federal

Reserve

System for the week ended with the

The condition

statement

000,000

in

and

a

weekly reporting member banks in

deposits and

government

domestic banks,

$78,000,000

decrease of $32,000,000

deposits credited to
deposits-adjusted.

in

demand

in

$8,000,000 in
New York City and $17,000,000 at all reporting member banks.
Loans
to brokers and dealers in securities decreased $38,000,000 in New York
City and $33,000,000 at all reporting member banks.
Holdings of United States Government direct obligations
increased
$62,000,000 in New York City, $23,000,000 in the Chicago district, and
$21,000,000 in the San Francisco district, all reporting member banks
showing a net increase of $154,000,000 for the week.
Holdings of obliga¬
tions fully guaranteed by the United States Government and holdings of
"other securities"
increased
$17,000,000 each at all reporting member
Commercial,

industrial

and

agricultural

increased

loans

banks.

dgposits-adjusted

$91,000,000

decreased

York

New

in

City,

$23,000,000 in the Boston district, and $32,000,000 at all reporting member

$20,000,000
deposits increased in nearly

banks, and increased $25,000,000 in the Cleveland district and
in

the

all

districts,

San

Francisco

district.

the principal increases being $136,000,000 in New York City,

$28,000,000

the

in

reporting member banks
increased

$25,000,000

being'?$267,000,000.
Deposits

banks.

York

New

in

in

San

the

Francisco

increase at all

district, the total

Boston

$85,000,000

member

reporting

Deposits credited to domestic
and $78,000,000 at all

City

credited

banks

foreign

to

increased

York City.

in New

$8,000,000

district,

Chicago

$22,000,000 in

district, and
banks

Government

Dec.

on

A

15,

for the week.

increase of $4,000,000

an

of the principal assets and liabilities of the

summary

reporting member banks, together with changes for the week
and year ended Dec. 15, 1937, follows:
Increase

(+)

Decrease

or

(—)

Since

Dec. 15,

1937

Dec: 16, 1936
+
%

Dec. 8, 1937

Assets—
Loans and investments—total

+179,000,000 —1,207,000,000

21,668,000,000

Loans—total.

'

9,500,000,000

+431,000,000

—9,000,000

Commercial, industrial, andagri-

'

cultural loans:

476,000,000

Open market pa per..
Loans to brokers and dealers in

purchasing

for

loans

654,000,000

+ 2,000,000
+ 7,000,000

Loans to banks

+17,000,000
+ 27,000,000

Other loans:

Obligations

guaranteed

fully

—2,000,000
*
*
+154,000,000 —1,143,000,000

733,000,000
825,000,000
8,167,000,000

On securities
Otherwise secured and unsec'd
U. S. Govt, direct obligations

by

—120,000,000
—375,000,000
+ 58,000,000
—92,000,000
—629,000,000

+17,000,000
+17,000,000
+ 74,000,000
—3,000,000
+ 66,000,000

1,119,000,000
Other securities
2,882,000,000
Reserve with Fed. Res. banks—.. 5,365,000,000
Cash In vault
337,000,000
Balances with domestic banks
1,869,000,000
United States Government

-

attack

Japanese naval

destroyed
with

on

Tsingtao, probably in cooperation

drive into Shantung, was feared as a result

mills

were

at

The British
British warships

Tsingtao today.

lying in the harbor and three more
Weihaiwei on the north Shantung coast.

Suffolk

at

was

of the Japanese mills was

Destruction
a

appeared

had

warships

Japanese

cruiser

cotton-spinning concerns,

500,000 spindles

the port.

of

seizure

big Japanese

nine

to

and normally employing 24,006 Chinese
These mills hitherto had been held as hostages against Japanese

workers.

No

belonging

total of

a

Chinese

long-planned

elsewhere

China.

in

It

viewed in informed quarters here
the Japanese from inroads
the Tsingtao crisis might

to deter
suggested that

maneuver
was

to attack Canton.

delay Japanese plans

Shanghai shipping firms said the Chinese had blocked the
entrance to the inner harbor of Tsingtao.
Previously it was reported the
Reports

to

Japanese mills at Tsingtao,

mined all

Chinese had
when

forces

Japanese

ready to blow them up

landed.

Tsingtao weeks ago to
strengthen lines along the Y'ellow River against a Japanese Army invasion
of Shantung from the north.
About 5,000 Chinese marines remained in
the port, and their
commander, Admiral Shen Hung-lieh, announced his
Chinese

Most

The

troops

if

fight

to

withdrawn

were

attacked.

the Japanese

of

formation

autonomous

new

a

from

Government

at

Nanking, presumably, it is said, replacing the Chinese re¬
gime of Generalissimo Chiang Kai-shek which fled from the
former capital a month ago was announced by Japanese
officials, according to Associated Press advices from Shanghai
Dec. 23, from which we also quote:
commission" was
his Japan¬
ese sponsors as a 61-year-old philanthropist and head of the Nanking branch
of the Red Swastika Society—Chinese counterpart of the Red Cross—since
The

announcement

said that the new "autonomous

headed by Tao Hsi-shan,

hitherto obscure, who was described by

are

Vice-Chairmen and eight other

members. The
both obscure

Wang Chunsheng and Cheng Lang-po,

...

The Japanese Army

announced the capture of Nanking December 13 and

and navy commanders in this area made a triumphal
Recent Japanese military operations on an arc west
and north of Nanking have been described as designed to prevent any
Chinese counter-attack which would upset Japanese plans for a new pro¬
entry four days later.

visional regime at Nanking.
Ten days ago a

proclaimed under

"provisional government of China" was

Peiping, which the Japanese renamed Peking.
It
aspired to be the government of all China and raised the five-barred flag of
the Peking regimes which ruled China before the Nationalist revolution
of 1926-1928.
How the Peking and Nanking regimes are to be reconciled
Japanese auspices at

has not been

made clear.

reported by the Associated
Shanghai, that nearly six months of
Japanese invasion have cost China at least $750,000,000
(American) in physical property damage.
Millions have
shared this loss in shattered homes, destroyed factories,
Under date of Dec. 23 it was

Liabilities—

14,675,000,000
—32,000,000
—950,000,000
5,192,000,000
+ 9,000,000
+161,000,000
United States Government deposits
684,000,000
+ 267,000,000
—16,000,000
"b&iilc deposits *
1 ■
,
•'r, \-.-r.,.
' v-..
, vv i.. \>wDomestic banks.'.....
5,074,000,000
+ 78,000,000 —1,116,000,000
Foreign banks
415,000,000
+ 7,000,000
—35,000,000
Borrowings
—
17,000,000
+4,000.000
+14,000.000
Demand deposits—adjusted.

*

7;^:V":VK

Japan's highest army

*

...

1,170,000,000
84,000,000

dispatch from Shanghai, dated

Press

■

with an
of the destruciton of rich
Japanese properties at the port by Chinese troops.
,
Authoritative foreign dispatches from Tsingtao 6aid Chinese there had
A

army

Chinese.

carrying securities...*...—.-

Time

Another Associated

Dec. 20, said:.

The commission has two

or

Real estate loans

■

north

Vice-Chairmen

—338,000,000

—33,000,000

913,000,000

securities

I--

large

Chinese-Japanese hostilities began.
*
*
*

—2,000,000
+19,000,000

574,000,000

On securities

Otherwise secured and unsec'd 4,071,000,000

Other

conditions among the
Chinese populations of Tsingtao, Shantung Province port 390 miles
of here by sea, and Canton, the Chinese metropolis of the south.

intention

Borrowings of weekly reporting member banks amounted to $17,000,000

and Chekiang

would begin new drives into Anhwei
v:

soon

early Japanese attacks caused near-panic

of

Fears

as

Demand

but

resting,

Provinces,

101 lead¬
ing cities shows the following principal changes for the week ended
Dec. 15:
Increases of $179,000,000 in total loans and investments, $154,000,000 in United States Government direct obligations, and $74,000,000
in reserve balances with Federal Reserve banks, and a decrease of $33,000,000 in loans to brokers and dealers in securities; increases of $267,of

He said the Japanese troops

long unless the Chinese ceased all resistance.
were

close of business Dec. 15:

4037

Chronicle

deposits

Press, in accounts from

ruined crops.

Comparable figures not available.

of

Teruel—

Communiques Assert Insurgents Driven

from Key

Government

Planned—New

at

Nanking

marked

the

on

British

steamer

Woosung in

a

flight from

obstructed
Meanwhile other Japa¬
nese troops were concentrated in preparation for an attack
on
Canton, in southern China.
On Dec. 20 two United
States warships arrived at the city of Tsingtao in Shantung,
following destruction
of Japanese cotton mills at that
port, with a reputed loss of 250,000,000 yen. The mills were
Hankow, but were turned back by a boom which

down the Yangtze River.

passage

Chinese, and it was expected that the Japa¬
would retaliate with a naval attack.

burned by the
nese

conflict was last referred to in the
''Chronicle" of Dec. 11, page 3738.
Associated 'Press ad¬
vices of Dec. 21 from Shanghai, in discussing the situation
The

Sino-Japanese

Hankow, said:

at

Foreign

national train

launches

clear

the

the

cruiser

Hankow,

one

expected attack in central China.

an

British

The
to

to

in

cruiser

could

Capetown, part of the

boom

river

pass

and

reached

Wuhu.

Woosung's

convoy,

was

able

It was not known whether

other military obstructions

in the Yangtze, includ¬

ing the partly destroyed boom at Kiangyin, blocking passage to Shanghai.
The cruiser has been bottled up in the Yangtze for months by the ChineseJapanese war.
Hankow

dispatches

Sunday

[Dec.

19J

said the

United States Embassy

preparing for its own departure from Hankow, and that of 300
Americans, in view of the Japanese advance up the Yangtze Valley toward

there

that

from
was

was

capital of China.
Hankow is about 600 miles by river
400 miles above Nanking, the former capital, which
week ago.
Iwane
Matsui, commanding Japanese forces in the Y'angtze

provisional

Shanghai

and

captured by the Japanese a

General

Valley,

on

announced the advance into the interior would be resumed before




Capture

Other Fronts in Civil War

military action in the Spanish civil

weeks occurred this week when loyalist forces
of Teruel on the eastern front.
Gov¬
ernment statement asserted that the loyalists had captured
the beseiged city and had driven insurgent troops from all
strategic points.
According to Associated Press advices
Dec. 23 from Teruel, 400 insurgents in half a dozen buildings
connected by underground passages still held out that night
against the government captors of Teruel.
The further
Associated Press advices Dee. 23 said:
for many

attacked the key city

with machine guns and rifles from their shellof National Defense Indalecio Prleto
would be rescued.

They fired continuously

shattered refuges in what Minister
called a forlorn hope they

Included a seminary and the civil guard
believed to have plenty of food but little

Buildings held by the insurgents
barracks.

The besieged 400 were

ammunition, no water
The road to

were

captured.

and guns to

and no light.

Sagunto, south of Teruel, was

and trucks loaded

with prisoners.

jammed with outgoing refugees

Prieto said more than a 1,000 insurgents

Meanwhile, incoming trucks rushed water,

ammunition

the government forces in the city.

Officers asserted the government army

of China's three temporary capitals,
to arrange for evacuation of the refugees on an inter¬
Canton, southern metropolis, before Japan's war machine

officials

attempting

were

City—Little Action
The first important
war

Japanese troops continued their successful drive in China
this week, as they mobilized for an attack on Hankow, one
of the three Chinese temporary capitals.
Three hundred
American and British women and children on Dec. 21 em-

Claims

Government

Spanish
Japanese Forces Threaten Hankow, Canton, and
Tsingtao—United States and Britain Act to Pro¬
tect Nationals in Cities Where Naval Attacks Are

suffered only 900 casualties during
taken so

They declared the insurgents were

the whole battle

for Teruel.

by surprise that

they offered little resistance until the

third day of the

offensive.

Yesterday (Dec. 24) the Associated Press

reporting from

the central front
announced that all insurgent resistance within Teruel had
been crushed.
Aside from the fighting at Teruel, and
occasional bombing of other cities by insurgent airplanes,
there was little action on the Spanish fronts, as cold weather
delayed military advances.
The civil war in Spain was last
referred to in the "Chronicle" of Dec. 4, page 3572.
As¬
sociated Press advices of Dec. 20 from Hendaye, France, said:
Madrid that General Staff headquarters on

A

Foreign Legionnaires was reported
when it tried to raise the siege.
Govern¬
of planes ambushed the motorized col¬
the advices said, and its convoy of insurgent planes fled.

column

of

insurgent

Moors and

destroyed by government planes
ment
umn,

machine gun

nests and fleets

Financial

4038
Government

The

fire.

through

quickly reached the

fought

assault

iirst
after

cemetery

a

column

second

the

said

dispatches

Teruel

entered

its

column

2,000

of

way

extended

industrial
the

[Military

trucks

of

said the .insurgents had weakened their
moving reinforcements to relieve Teruel.
have been taking thousands of insurgent

Madrid

at

by

Spain

throughout

positions
Trains

advices

said

were

to

organizations

["The enemy has been forced to abandon his advertised offensive against
from the north as well as against Almeria on the south, and has

and

sterling,I will'be
will^be

payment

equipment such

the German concern will supply mainly

hydro-electric installations, machinery for

as

from coal, steel

production of synthetic gasoline

It

equipment.

plants, and other

expected locally that the respective orders will be placed

was

early next year so that deliveries against the contract can begin toward
the end of 1938, it was reported.

Negotiations regarding this credit

begun in Berlin in the summer of 1936 and

artillery into the area.

troops and heavy

and

Under the credit arrangement

The storming of the city began last

ijailroad station.

firms

1937

guaranteed by the bank, the report stated.

fell

government hands.

Manchurian

to

night in bitter sub-zero cold after all the heights surrounding the cemetery
into

Dec. 25,

The credit, which is in the amount of 2,000,000 pounds

men

45-rainute preparatory artillery
to the arsenal, and the third

a

Chronicle

were

were

concluded last fall in

Hsinking, according to the report.

Madrid
lost

said

initiative,"

the

dispatch

government

a

Valencia.

from

"The

Withdrawal of Italy from

ground we have chosen."]
During the six days of the offensive 20 outlying towns and positions
were
reported lost by the insurgents.
The government was said to have
captured 250 square miles of the insurgent spearhead, which for months
insurgents have had to meet us on the

Valencia-Madrid

the

menaced

has

line.

communications

zation—Payment

Completed

Another Associated Press dispatch of Dec. 19 from Madrid

Dec. 16 by the International
notice

insurgent city

strategic
ment's

would

Snow

first

when

it

six

the

to

Teurel

from

announced

was

that

received

was

16

persons

Edward

the

killed

and

injured

32

Fourteen

of the

dead

around

children and the other

were

losses

the

to

Teruel,

two

enemy.

The communique
fourth

"The

because

offensive

the

of

during the first three days.
abandon

the

times

to

us

during

several

remained
with

intact

loss of

a

at

the

was

break

to

place,

all

the

circle

The

as

also

Teruel,

completely

tried

but

it

frustrated

dead."

enemy

Dec.

of

date

United

14

Dress

from

accounts

Hendaye stated that Generalissimo Francisco Franco had
assembled his chief insurgent commanders in Saragossa that
night to complete plans for what was described at the
"win-the-war" offensive against loyalist Spain.
advices added:

frontier

These

as

a

link

generals

mands

summoned

the northern army;

brigades;

Yague,

Miguel
defender

Aranda,

of

Saragossa

Jose

are

Fidel

Davila, who

They

today

the Foreign Legion,

commands

arrived

the

at

and general

studying maps

and

Miguel

base

northern

staff

is

plans

unions

have

to

massed

vital

Madrid

sever

of

movement

because
from

a

successful

Valencia

campaign

and

vehicles

from

rebel

territory to Gibraltar,
would be closed entirely on Thursday [Dec. 16], indicating
that the offensive might begin then.
Earlier advices from

Hendaye [Dec. 12] said that the insurgent armies that day
launched their long-awaited general offensive, according to
announcement

They
Teruel

advices

by insurgent authorities at Irun.
we

[the insurgents]

From

quote:

struck simultaneously

on

offensives

Brunete

at

and

Toledo

long besieged capital, while the drive

were

on

directed at

Madrid,

Spain's

the Teruel front is faced toward

Valencia.

today

Saragossa.

near

war

and

only one

gave

They

further
said

details of
massed

Friday's
fleets

air

planes had clashed.

When

100

gent

war

with

a

Twenty-five government planes
insurgent plane was lost, it was said.

the

[Dec.

totaling

were

with

regard

though

to

with¬

her

so

little less expected

only

Germany resigned

when

finally followed the German

hesitation,

some

will

of whether the two European members in
insist

that

Japan, too, cut this remaining

difficulty that Italy has had in the I. L. O. has been that the
delegates' right

not free

are

challenged,

to sit

in

Italy.

on

the ground

invariably
that

trade

The Japanese worker delegates have not been

they

and

the annual conference

in

worker delegates

by other

these

columns

have

considerable

shown

Italian

Nations

(Nov.

week ago,

a

Italy's League dues

independence,

often

dues,

of

total

a

page

to the "Times"

Government

noted

was

3893.
Indicating that
fully paid for 1937, recent wireless

are

Geneva

has

completed

1,383,628

stated:

payment of

gold

francs,

its

1937 League of

became

it

known

today

29).

This payment was

after

made
after

Premier

visit

his

to

government

Since

the

appreciated in League circles because it was

more

Mussolini's

Benito

Chancellor

Adolf

diatribe

last

Hitler

and

for money by requiring that all

pressing need

10% of their capital

in

after

against
he

the

had

League,

shown

corporations hand

over

bis

to

addition to other taxes.

to give the government their gold wedding

asking Italian women

rings, Italy has paid Geneva nearly a million dollars to help keep alive a

League whose meetings she has

At

attended in this period.

never

Committee

meeting of the Portuguese holders of Brazilian bonds
recently held at Oporto, a committee was appointed to
represent the holder's claims, according to a report by the
American Consulate General made public Dec. 20 by the
United States Department of Commerce.
The Commerce
Department further announced:
a

After the committee had been organized, it called upon the Prime Minister
to

request that the Government take action to assist them in reaching an

agreement with the Brazilian Government concerning the payment of the

10]

It

was

reported locally that the Portuguese Government hoped to discuss

the situtation with the Brazilian Government in the
to the

near

future, according

report.
^

Brazilian Government Suspends Remittances on Bonds
Until New Agreement Is Reached
The

Brazilian

Governemnt

has

advised

Dillon,

Read

&

Co., New York, that the present economic situation of Brazil
compelled the government to take the measure of suspend¬
ing remittances until a new agreement could be reached.
In

this

connection

the

monthly

service

provision

due

the 5% 20-year funding bonds of 1931 has
not yet been received by the paying agent.

1937,

on

down

150

insur¬

$315,500 of
Gold

planes suddenly swooped, putting the government fleet to flight
of its strength lost in a few minutes.
number of fresh insursions in government cones
renewed resistance.
One insurgent squadron invaded

meeting

fe ^

bonds, the report stated.

State

Bonds

of
Due

demption Feb.

quarter

The

Chase

Aragon front, eaBt of Saragossa, bombing the outskirts of Castejon del
A government communique said the raid was checked with a
damage.

German Firm Extends Credit to Manchurian Firms for

New

Wales External 5%
1957, Drawn for Re¬

South

Feb.

1,

1

National

a

Puetente.

minimum of

0.,

aloofness
a

270

shot

.

government planes encircled the supposed raiders,

Insurgent planes made

Saturday,

accord

challenged

Dec. 15,

Insurgent dispatches
battle

Italy, after

advices from

the Toledo, Brunete and

insurgent communique announced the government lines had collapsed
under the offensive, which hit "like a bolt of lightning."

aerial

L.

was

Italy's withdrawal from the League of Nations
in

fronts.

An

The

I.

of

since sanctions,

It

than

more

that the La Linea frontier, now re¬
by the rebels to prevent espionage activities and

same

the

in

League

criticizing the Japanese Government and employers.

Gibraltar reported

an

message

for

possibly iso¬
late Catalonia, wealthiest Spanish province, from the rest
of loyalist territory.

the

policy

same

the

Protective

reported

were

considered

would

stricted

of the

receipt

last

350,000 men, 400 planes and 1,000 pieces of artillery between
the Pyrenees border and Teruel for their Aragon drive,
which

wireless message

a

Portugal Organizes Brazilian Bondholders

rebels

there

Government gives

Organization.

Geneva.

been

offensive.

The

with

has

remained

worker

fascist

com¬

Sebastian Solchagas, commander of the Navarre

who

Oviedo.

of

night and spent all
the

to

following the

immediate difference.

raises the question

now

with

has

the

The

in

acknowledged

she

that

fact

The

Under

Director,,

no

anti-Comintern

the

hard to force

enemy

about

being

attempts

successful

as

very

but

day

every

many

Teruel

against

Enemy shock troops tried
without success.
The

attack,

Labor

diplomatic etiquette requires.

as

Japan

example

thus

said:

day

0.

makes

women.

desperate effort to break through
all attempts were beaten back with heavy

but

Italian

15 the

contained

were

Acting

been

has
L.

I.

The main

The communique said insurgents made a
circle

Dec.

International

the

quitting the League.

large number of persons were basking in the sun.

the

Phelan,

polite terms

Italy
the

by jubilant government

were

large insurgent shell landed in a street in southern Madrid, where

a

from

above advices

a

news

withdrawal

its

Labor Organization at Geneva:

on

Geneva, Dec. 16, to the New York "Times," which like¬

drawal

velocity of 50 miles an hour and in bitter cold.
36 inches deep on the mountain battle ground.

reaching

before

officials,

m.

a.

eye-witness accounts of battle for Teruel told of fierce fighting

from

was

Just

civilians and
territory before 9

all

the city and. enter government

blizzard

a

for

Dues

wise said:

in

night, carrying a gov¬
insurgent soldiers who

sent into Teurel last

were

safety

of

promise

leave

The
in

communique

-

prisoners of war

ernment

a

from

the

escape.
Ten

of

The

govern¬

said, would make a final
the city this morning after civilians had been given a chance

assault upon

to

Spain, had fallen before the

Eastern

in

command,

high

army

secretariat that

your

that the Ja6t defenses of Teruel,

surprise offensive.

The

.

communique said today

League
^

1937

Receipt of the following telegram from Italian Foreign
dated Dec. 15, was announced on

Inform

government

Italy's

.

Minister Galeazzo Ciano,

said:
A

International^ Labor Organi¬

of

Bank,

New

York,

successor

fiscal

agent, has drawn by lot for redemption at par on Feb. 1,

1938, $315,500 principal amount of State of New South
Wales, Australia, external 30-year 5% sinking fund gold
bonds due Feb. 1, 1957, for account of the sinking fund.
The bonds become payable at the corporate trust depart¬
ment of the bank, 11 Broad Street, New York, on the re¬
demption date.

Delivery of German Merchandise
A German firm with

concluded
in

an

Hsinking,

according to

headquarters at Cologne has recently

for

the

delivery

of

German

Certificates

merchandise,

report to the United States Department of
Commerce by the office of the American Commercial Attache

Manufacturers

a

at Berlin made

public Dec. 18.

Commerce Department also said:




An

announcement

by the

Available

for

Payment of Jan. 1 Interest on
Deposit for El Salvador Bonds
Issued Under Readjustment Agreement of 1936

Funds

agreement with the Central Bank of Manchou,

has

funds

on

of

Trust

Co.,

to

pay

hand

certificates of deposit
of

New York, announces that it
interest due Jan. 1, 1938, on

issued under readjustment agreement

April 27, 1936, for Republic cf El Salvador series A, B

and C bonds.

Volume

York Stock

New

Exchange

4039

Chronicle

Financial

145

New York

Dues $200 for 1938

Raises

The Governing Committee of the New York Stock Ex¬
change recently voted to increase members' dues $200 for
1938 to $1,000, payable in quarterly payments of $250 each.
During the present year members have paid $200 a quarter,
or a total of $800 a year, and prior to this year the dues were
on
the $1,000-a-year basis.
No reason was given for in¬
creasing the dues for 1938.

During November
The

total

short

interest

existing

Other than

104

specialist:

as

273

.

The number of reports in the

more

than

62

317

122

465

598

_

.

various classifications may total more than

received because, at times, a single report may carry
classification.

one

*Note—On the New York Curb Exchange the round-lot transactions of specialists

'■

of the opening of

as

866

*210

.

Decreased

New York Stock Exchange

1,074

-

entries in
on

Curb

Exchange

Reports showing transactions:

the number of reports

Short Interest

York

New

Stock

Exchange

"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
as well as those of the specialist.

dealer,

compiled from information obtained
by the New York Stock Exchange from its members, was

business

Nov. 30, as

on

announced by the Exchange

1,184,215

shares, it

Dec. 18.

This compares with 1,214,082 on Oct. 29

was

on Nov. 30, 1936.
following tabulation is shown the short interest
existing at the opening of the last business day of each month

the

31

..

Jan.

—

30

June

/K:v>■/^

■

Round-lot

transactions

members

of

except

■■■'

s

■

.1,230,679

July 30
Aug. 31

1,012,186
1,049,964
944,957
—1.007,736
966,935
967,593
—1,214, 82
1,184,215

Apr.

—

May 28
June 30

1,136,814

—

Sept. 30
Oct.

1,314,840
1,426,522

29

Nov. 30

—

Odd-Lot Trading on New York Stock Exchange During
Week Ended Dec. 18

for the week ended Dec. 18 of the daily

summary

STOCKS

Total for
Week

Per

Cent, b

7,057,910

transactions

of

specialists and odd-lot dealers in stocks in whlcb registered:
Initiated on the floor—Bought

569,810
529,400

-

Initiated off the floor—Bought

229,300
324,074

—

Sold
Total
Round-lot

corrected figures on odd-lot transactions

3.92

553,374

transactions

of

specialists

In

stocks

registered—Bought

in

which
769,790
714,650

-

10.51

1,484,440

Total
Total round-lot transactions of members, except transactions
of odd-lot dealers in stocks in which registered—Bought..

1.568,900
1,568,124

Sold

of odd-lot dealers

7.79

1,099,210

Total..
2.

Sold

A

ALL

27, 1937

Total volume of rounl-lot sales effected on the Exchange

1,199,064

30

1937—
—1,132,817
1,117,059 Jan. 29
1,138,358 Feb. 26

30

May 29

Mar. 31

—

1,103,399 Oct. 30.
....1,246,715 Nov. 30..1,175,351 Dec. 31

28

Mar. 31

Apr.

996,399
974,338
—1,011,670
1,066,184

1.032.788 July 31-—-—
927.028 Aug. 31.
Sept. 30

31

Feb.

■;;vvv?.'

IN

(SHARES)

MEMBERSa

OF

Week Ended Nov.

1937—

1936—

1936—

ACCOUNT

Sold

1935

Dec.

EXCHANGE—TRANSACTIONS

STOCK
FOR

1.

since Nov. 29, 1935:
Nov. 29

YORK

on

and with

1,230,579
In

NEW

Total

3.137,024

22.22

and

specialists in stocks, rights and warrants on the New
York Stock Exchange, was made public on Dec. 23 by the
Securities and Exchange Commission, continuing a series of
current figures being published weekly by the Commission.
The figures for the week ended Dec. 11 were given in our
issue of Dec. 18, page 3897.
The data published are based upon reports filed daily with
the Commission by odd-lot dealers and specialists.
The
following are the figures for the week ended Dec. 18:
ODD-LOT

TRANSACTIONS

OF

ODD-LOT

DEALERS AND

SPECIALISTS

Transactions for account of odd-lot dealers in stocks in which

registered:
1.

Sold...
Total
2.

DEC.

ENDED

18,

89,760

—

..

In odd lots (including odd-lot transactions of

SALES

CURB

YORK

Shares

No. Ord.

FOR

ACCOUNT

OF

MEMBERSa

Value

Ord.

No.

Shares

Value

Dec. 16

Dec.

17 and

18—

Total for week..

229,819
159,199
164,326

$7,391,599
6,000.209
5,175,618
5,614,712

254,386

8,968
7,193
6,269
6,136
10,010

8,216,016

176,244

38,576

983,974 $32,398,154

6,229
5,300

157,017

5,107

134,640
148,426
196,693

5,311
7,331
29,278

147,910

$5,202,046
4,816,278

members,

of

Initiated

on

Total

2.

during the week ended Nov. 27 in trading in
stocks on the New York Stock Exchange for the account of
all members, except odd-lot dealers, in relation to total
trading, was made known on Dec. 23 by the Securities and
Exchange Commission.
During the same week, however,
the percentage of trading by members of the New York
Curb Exchange for their own account to total transactions
was below the previous week ended Nov. 20.
During the week ended Nov. 27, according to the SEC, the
total round-lot volume of trading for the account of members
of the Stock Exchange was 3,137,024 shares, which was
22.22% of total transactions on the Exchange ofj7,057,910
shares.
In the preceding week ended Nov. 20jthe Stock
Exchange members' transactions of 3,622,438Jlshares was
22.06% of total trading of 8,208,280 shares.
On the Curb
Exchange member trading for theirjown account during the
week ended Nov. 27 was 515,330 shares, or 21.47% of total
trading of 1,200,065 shares; this compares with a percentage
during the previousjweek of 22.33%, member trading|during
that week having amounted to 612,020 shares and total

36,585
42,905

—

-

of

specialists

registered—Bought

in

stocks

In

which
189,760
151,230

—

-

-

-

Total

members:
278,895
236,435

Bought
-

-

515,330

Total.

Odd-lot transactions of specialists in

Bought.
Sold

71,631

—

—

—

74,917

The

—

——

term

"member"

Includes

all

Exchange

partners, including special partners.
b Percentage

21.47

stocks in which registered:

.

Total
a

14.21

340.990

-

-

Total round-lot transactions for accounts of all
Sold

3.31

79,490

—

transactions

Round-lot

3.95

94,850

-

-

Sold

members,

146,548

their firms and

their

„

of members' transactions to total Exchange transactions.

In cal¬

the total of members' transactions Is compared with
that the total of members' trans¬
actions Includes both purchases and sales, while the total exchange volume includes

culating

these percentages

twice the total exchange volume for the reason

only sales.

New York Stock

Exchange Revises Rules

on

Proxies—

Regulations Designed to Aid Corporations in
Obtaining
Majority
Representation, at
Share¬
holders Meetings—Committee on
Stock List to
Consider Percentage of Stock Required for Quo¬
New

volume to 1,370,055 shares.
The data issued by the SEC is in the series of current

fig¬
being published weekly in aecordance|with its program
Congress in June, 1936, on the
"Feasibility and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended Nov. 20 were given in the "Chronicle" of
Dec. 18, page 3896.
The Commission in making available

52,550
42,300

initiated off the floor—Bought

Sold

An increase

Per

of

the floor—Bought.....

Total

Trading on New York Stock and New York
Curb Exchanges During Week Ended Nov. 27

Cent, b

1,200,065

except transactions

Sold

5,082,624
6,568,823

Member

STOCKS

specialists in stocks In which registered:
1.

4,215,269

784,686 $25,885,04

transactions

ALL

(SHARES)

27,1937

Total volume of round-lot sales effected on the Exchange

Round-lot
13

IN

EXCHANGE—TRANSACTIONS

PURCHASES

{Customers' Orders to Sell)

Trade Date

Dec. 15..

2,210.309

—

—

,

Total for
Week

NEW

1937

{Customers' Orders to Buy)

Dec.

905,576
1,304,733

Sold..................... ww....

Week Ended Nov.

Deo. 14

specialists):

Bought..

Total

4.07

574,310

.......

-

IN STOCKS, RIGHTS AND WARRANTS ON THE NEW YORK STOCK

EXCHANGE—WEEK

484,550

In round lots—Bought

ures

embodied in its report to

The figures

given for total round-lot volume for the New York Stock

Exchange and the New York
sales

Curb

of stock effected

from the volume reported

week ended Nov. 27 on the New
was

Exchange
on

by the ticker.

those

the

represent

exchanges

as

volume

York'Stock Exchange. 7,057,910 shares,

9.1% larger than the volume reported

on

the ticker.
same

On the New

week, 1,200,065

shares, exceeded by 6-1% the ticker volume (exclusive of rights and

rants).
_

The

data

published

Stock Exchange and

members.

are

based

the New

upon

reports

war¬

I*#** 4

filed with the!New York

York Curb Exchange by their respective

These reports are classified as follows:




of

distinguished

The total round-lot volume for the

York Curb Exchange total round-lot volume in the

regulations prescribing the conditions under which
Exchange

members and member firms of the New York Stock

give proxies on stock registered in their names were re¬
Exchange on Dec. 22. The revised rules are the
a study by John M. Hancock, of Lehman Brothers,
and A. A. Berle Jr., both members of the Exchange advisory

may

vised by the
result of

the data for the week ended Nov. 27 said:

all round-lot

rum

The

committee and who acted

as a

special sub-committee of the

J. M. B. Hoxsey, Executive As¬
sistant of the Committee on Stock List, explained on Dec. 22
Committee

on

Stock List.

as amended, "are designed to increase the
responsibility of members of the Exchange in
obtaining and giving proxies upon stock registered in their
names as directed by the beneficial owners where such owners
are known, and to remove as far as possible any obstacles
which the rules of the Exchange may have formerly inter¬
posed to obtaining proxies necessary to provide a quorum for

that the rules,

affirmative

Financial

4040
stockholders' meetings.

corporations

or

The rules provide means by which
others desiring to obtain proxies upon stock

avail themselves of the opportunity
Exchange members."

inj'Street names"

Stock List also announced

on

that it "is concerned with the growing
tions to adopt

on

tendency of

Dec. 22

less than 50% of their voting stock as a quorum
meetings/' After the 1938 annual meeting

corporation, the Committee said, it "will consider

carefully the proportion of stock required under its charter
or by-laws to provide a quorum as it may affect the eligibility
of the securities of such corporation for listing."
In a letter sent to members of the Exchange in explanation
of the action taken by the Exchange in revising its proxy
Charles R. Gay, President,

rules,

25, 1937

ing of injunctions in any proper proceedings, or to exempt any person from

of the penalties

any

prohibitions provided by the Act in respect of viola¬

or

tions of the Act or any rules or

"When

Clarifies

SEC

regulations thereunder.

Issued"

Rules

Under

Securities

Exchange Act—Modifications to Become Effective

corpora¬

for stockholders'
of any

Dec.

may

to enlist the aid of

The Committee

Chronicle

Jan.

3

The

regulations under the Securities Exchange Act of 1934
governing "when issued" trading on exchanges have been
revised by the Securities and Exchange Commission, it was
announced
tive

The revised rules will become effec¬

Dec. 20.

on

Jan. 3.

The

modifications, the Commission said, are
largely clarifications and simplifications.
Only two changes
of substance have been made, the Commission explained:

said that "corporations

on

Under the old rules, "when issued" trading was listed to the

have

where the security to be issued would ultimately be traded.

on

new

complained of growing difficulties in obtaining proxies
stock in 'Street names,' whether or not such stock is in

the possession or under the control of those in whose names
it stands."
As a result, he said, "there is a tendency to re¬
duce the percentage of stock necessary
ever not otherwise required by law, to
of

the

amount

of

for a quorum, wher¬
less than a majority
stock outstanding."
Mr. Gay

voting

'

continued:
that

its

tended

rules

own

quorums were

object to these practices because of the
increase

to

the

difficulty which

the low

Thus the effect of the rules restricting the

seeking to avoid.

rights of members in giving proxies has been, in some cases, the opposite
of that contemplated, and has tended, instead of broadening the basis of

of

control

corproations,

to

narrow

it

to

relatively

the

proportions represented by the decreased quorums.
dition,

Governning Committee has amended

the

inconsequential

To remedy this con¬

Section

10 of Chapter

XIV of its rules, and the Committee on Stock List has adopted a resolution

giving

notice

rules, "when issued" trading is also possible on the Exchange where

the security

that

whereby

provisions

unduly

low

percentages

of out¬

standing stock constitute a quorum will affect the eligibility of securities
for listing.

In setting forth the essential provisions of the amended
rules, Mr. Gay, in his letter, said:

Secondly,
be issued

vote a proxy

a

member

for shares registered in his

or

its

or

provided

owners

of stock registered in the name of such member or firm and in its

instructions, if any, received;

Paragraph F supplements paragraph
member or firm to transfer into its

C by making it obligatory for

own

name

a

certificates of stock listed

the Exchange and registered in the name of a previous holder

of record,

requested by the committee on Securities;

firms registered thereon to give a proxy to vote any stock registered in

of such member

name

possession

control,

or

or

firm, whether

thus providing

for

or not

cases

such stock is in his

or

its

of failure to receive in¬

structions under paragraph B or C, as well as for voting stock in his or its
name

but not in his

effective

or its

possession or control.

This permission becomes

+»

and

not include authorization for a merger,

consolidation or dissolution, or for

the reclassification of any outstanding security.

Group Confer on Self
Regulation—Representatives of Broker-Dealer As¬
sociations Urge Changes in Securities Exchange

dealers

conferred

change

Commission

methods

It will be noted that this rule

removes

the prohibition

heretofore enforced

under conditions designed to protect the public interest as well as that of

members of the Exchange.

In spite of the permissive nature of paragraph

the hope that

express

Exchange members and member firms will

cooperate fully with all persons,
ment or

whether representing corporate manage¬

otherwise, whom comply with the conditions provided in the rules

for obtaining such cooperation.

Sales

on National Securities
Exchange During November
Reported Below October and Year Ago by SEC

The dollar value of sales

on all registered
securities ex¬
November amounted to $1,490,044,243, the
Securities and Exchange Commission announced on Dec.
21, a decrease of 25.8% from the value of sales in October,
and a decrease of 47.2% from November, 1936.
The Com¬

changes

in

mission said:
Stock sales, including rights and warrants, had a value of $1,339,666,114*

decrease of 26.7% from October.

a

decrease of 17.2 from October.

Bond sales

were

valued at $160,360,866,

Total sales of stock, including rights and warrants, in November were

69,062,055 shares
of bonds sold

was

or

34.9% under October's total.

$223,973,235,

a

Total principal amount

decrease of 16.5% from October.

The two leading New York exchanges accounted for 96.5% of the value
of all sales

on

registered exchanges, 96.1% of stock sales and 99-9% of bond

The total value of sales
of

on

all exempt

exchanges

was

$733,691,

a

decrease

34.2% from October.

SEC Strengthens

Proxy Rules Under Securities
Exchange Act

An amendment to its rules under the Securities Exchange
Act of 1934 covering proxies was announced by the Securities
and Exchange Commission on Dec. 20 permitting the Com¬

mission to obtain

an

injunction where it is felt that the public

interest requires such action.
The amendment was made to
Rule LA-7, which was made to read as follows:
Rule LA7. Effect
in the rules

or

of Violation—Subject to the proviso below, nothing

regulations promulgated by the Commission pursuant to

Section 14 of the Securities Exchange Act shall be construed to prescribe
limit the authority of the holder or holders of any proxy, consent or

or

authorization, and failure to comply with such rules and regulations shall
not invalidate any action

taken pursuant to

a proxy,

consent or authorization:

Provided. however, that this rule shall not be construed to prevent the grant¬




with

issued

a

associations
with

view

to

of

brokers

Securities

the

working

out

and

and
Ex¬

uniform

of over-the-counter markets.

A

said that several of the conferees had suggested amend¬

ence

that

to

20

by the Commission following the confer¬

ments to the Securities

of

disclose

Exchange Act of 1934 which would
an official status similar

associations

organized

attitude

but said that the "Commission

which

with

The

exchanges.

Commission's

the

the earnestness

statement did not
the suggestion,

toward

expressed its gratification at
appear to be ap¬

these groups

proaching their problems.
The

following is the statement issued by the SEC:
1, when the Commission's new rules prohibiting manipulation

Since Oct.
and

other

became

deceptive

fraudulent

or

of

representatives

the

of

the

in

over-the-counter markets

various associations
of

of

brokers

and

dealers

This afternoon, at the request

of these rules.

representatives

Commission,

practices

Commission has had numerous conferences with indi¬

effective, the

concerning the enforcement

leading associations conferred with
uniform methods of self-

the Commission with the objective of working out

the enforcement activities of the various
other and the enforceemnt activities of
At the meeting, several
of the conferees suggested that, in order to enable the associations to under¬
take effective programs of enforcement, certain amendments to the Securi¬
ties Exchange Act of 1934 might be advisable.
Such legislation, it was
regulation and
members
the

of

the

of

whole

coordinating

group

with each

with those of the Commission.

group

suggested, would he designed to implement the present work of these volun¬

and give them an official

tary associations

status similar to that of the

This proposal was taken under consideration by the

organized exchanges.

conclusion of the meeting the Commission expressed its
the earnestness with which these groups appear to be
approaching their problems.
b

group.

the

At

gratification

at

Those present at the conference were:
Francis

of

a

leading
Dec.

on

of self-regulation

statement

vidual

under certain conditions against the giving of such proxies and that it does

I

Over-the-Counter

Representatives of

the 10th day preceding the date set for the meeting, provided

on

the action to be taken at the meeting, and provided that such action does

D,

hearing is requested and if the notice is not

new

SEC

that the person signing the proxy has no knowledge of any contest as to

so

no

General Rules
Regulations under the Securities Exchange Act of 1934:
rule, JD-4, takes the place of the old Rules JD-4
through JD-12; a new Rule AN-15 replaces the old Rules
AN-lo, AN-16 and AN-17.
The application forms have been
modified accordingly.
Form 4-J, an exemption statement,
has been replaced by Form 15-AN and Forms 3-J and 5-J,
amendment forms, have been replaced by Form 8, the stand¬
ard amendment form under the Securities Exchange Act.
A

give tlieir voluntary

Paragraph D permits, under certain conditions, members of the Exchange
the

If

be withdrawn when

The revision affects the following rules of the

directed by the

possession or under its control and to give proxies in accordance with the

or

demand.

upon

may

and

member or member firm, under

a

stated conditions, to solicit instruction as to the giving of proxies from the

so

This notice has the effect of automatically

A hearing as to the adequacy of such notice is

remedied.

Act to Give Them Official Status

Paragraph C makes it obligatory for

if

are

notice of deficiency to

a

application for "when issued" trading

withdrawn the application is regarded as abandoned.

owner

on

an

delaying the effectiveness of the registration, but

member firm to give

name as

A similar change has

right is listed.

or

change in procedure provides for

a

by the commission if

does not comply with the rules.

The essential provisions of the amended rules are as follows:

Paragraph B makes it obligatory for
or

bearing the warrant

been made with respect to trading in issued warrants.

the deficiencies

The Exchange has hesitated to

fact

Exchange
Under the

Bonner, of Blair,

Investment

Bankers

Bonner & Co.,

Conference;

Chicago, of the Chicago Group

Edward E.

Chase, of Maine Securities

Maine Investment Dealers Association;

Ralph Crane,
Con¬
ference; Frank Dunne, of Dunne & Co., New York, of the New York
Security Dealers Association; Francis Frothingham, of Coffin & Burr,
Boston, President of the Investment Bankers Association of America;
William
Fuller, of Fuller, Cruttenden & Co., Chicago, of the Chicago
Group of Investment Bankers Conference; Wallace H. Fulton, of Wash¬
ington, Director, Investment Bankers Conference, Inc., and also repre¬
senting California Security Dealers Association; B. Howell Griswold Jr.,
of Alex Brown & Sons, Baltimore, Chairman of Investment Bankers Con¬
ference ; Joseph Hostetler and Murray Hanson, of Baker, Hostetler, Sidlow &
Patterson, Cleveland, counsel for Investment Bankers Conference; Waldo
Kendall, of Minot, Kendall & Co., of Boston, of the New England Security
Dealers Association;
Virgil C. McGorrill, of State Investment Co., Port¬
land, of Maine Investment Dealers Association, and George Stevenson, of
Stevenson, Gregory & Co., Hartford, of the Connecticut Group of the
Co., Portland,

of

Brown,

Investment

of the

Harriman

Bankers

&

Co.,

New

York,

of the Investment Bankers

Conference.

Inquiry Into Service Charges by Mem¬
York Stock Exchange—In Letter to
President Gay Withholds Comment on Proposed
Increase in Commission Rates

SECLSuggests
bers

of

New

A tentative

Commission

suggestion that the Securities and Exchange
a study and investigation "of the

undertake

question of service charges by members of the New
Exchange, particularly those of specialists, floor
traders
and odd-lot dealers,"
was
made by Chairman

whole

York Stock

Volume liS

Financial

0. Douglas of the SEC in a letter to Charles R.
Gay, President of the New York Stock Exchange.
The
letter was in answer to one by Mr. Gay submitting to Mr.
Douglas the repdrt of the Stock Exchange's Committee on
Quotations and Commissions for an 11% increase in nonmember commissions, a 5% increase in member commissions,
and authorizing the imposition of a $2 minimum monthly
service charge on inactive accounts.
The report of the Com¬
mittee on Quotations and Commissions has been adopted by
the Governing Committee and is now before the members
of the Exchange.
Reference to the report was made in our
issues of Dec. 18, page 3897, and Dec. 11, page 3740.
Mr. Douglas, in his communication, said that the desire

Chronicle

William

the commission rates of commission houses

to increase

"is

readily understood, but whether or not these increases are
either appropriate or adequate, the Commission does not
feel itself prepared to say." He admitted that the approval
of the Commission is not prerequisite to adoption of the pro¬
posed rates, but said that the law "does give us a power of

suggesting and compelling specified changes in rules and
practices of exchanges."
In commenting on Mr. Douglas' suggestion to investigate
service charges by members of the Stock Exchange, Mr. Gay
said that he hoped to discuss the situation with the SEC
Chairman shortly.
He indicated that he assumed that Mr.

Douglas refers to the compensation received by members
"because the constitution and rules of the

reference

no

service

charge

Exchange make;
charges except for the proposed
inactive accounts."
by Mr. Douglas to President Gay follows:

service

to
on

The letter sent

4041

They (the bills) will be issued in bearer form only, and in
of

denominations

$1,000,

$10,000,

$100,000,

$500,000,

No tender for

or

$1,000,000

.;

(maturity value).

must

amounts

and

an amount

be in multiples

the basis of 100,

less than $1,000 will be considered.

Each tender

The price offered must be expressed

of $1,000.

with not more than three decimal places,

e.

g.,

on

99.125.

Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from
ment securities.

responsible and recognized dealers in invest¬

Tenders from others must be accompanied by a

deposit
10% of the face amount of Treasury bills applied for, unless the tenders

of

accompanied by

are

bank

an

express

guaranty of payment by an incorporated

trust company.

or

Immediately after the closing hour for receipt of tenders

on

Dec. 27, 1937,

all tenders received at the Federal Reserve banks or branches thereof up
the

to

closing hour will be opened and public announcement of the

ceptable prices will follow

as

soon

as

ac¬

possible thereafter, probably on the

following morning.

The Secretary of the Treasury expressly reserves the

right to reject

all tenders

amount

any or

or

parts of tenders, and to allot less than the

applied for, and his action in

any

such respect shall be final.

Those

submitting tenders will be advised of the acceptance

or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the

Federal Reserve banks in cash

or

other immediately available funds on Dec.

29, 1937.
The Treasury bills will be exempt, as to principal and interest, and any

gain from the sale

or

other disposition thereof will also be exempt, from

all taxation, except estate and inheritance taxes.

(Attention is invited to

Treasury Decision 4550, ruling that Treasury bills
gift tax.)

No loss from the sale

shall be allowed

as

deduction,

a

are not

exempt from the

or

other disposition of the Treasury bills

or

otherwise recognized, for the purposes

of any tax now or hereafter imposed

by the United States

possessions.

'

Treasury Department Circular No. 418,

us

or

any

of its

amended, and this notice

prescribe the terms of the Treasury bills and govern the conditions of their
issue.

Charles R. Gay, President, New York Stock Exchange,
11 Wall Street, New York City.

Dear Mr. Gay:

Tenders

I regret that
the report

to

sions

on

I have been unable

nounced

We recognize that many "commission houses" which transact a brokerage

business for the general investing public constitute a very important cog in
the machinery of our financial markets, since they supply by far the largest

portion of business of any of the groups who operate on our exchanges.
Their financial strength and stability are of paramount importance in our

A desire to increase their commissions is readily understood, but

system.
whether

these

not

or

The statute

does

increases

either

are

appropriate

feel itself prepared to say.

Commission does not

make

not

although it does give us

a

our

approval a

adequate,

or

the

'
prerequisite to adoption

of suggesting and compelling specified

power

changes in rules and practices of exchanges.
Whether that

enacted

should be exercised if these recommendations

power

or

rejected, it is impossible to indicate at present.

the general program

Secretary of

I have read

the Committee's report and have discussed it with the Commission.

has

$50,098,000 Accepted at Average Rate of 0.102%

the subject of "Commissions and Service Charges" which you were

kind enough to forward to me with your letter of Dec. 8, 1937.

either

of $126,308,000 Received to Offering of $50,000,000 of 91-Day Treasury Bills Dated Dec. 22—

sooner to give my personal attention

of your Exchange's Committee on Quotations and Commis¬

are

But

of

of the

$50,000,000,

or

Time, Dec. 20.

The Treasury bills are dated Dec. 22, 1937
on March 23,
1938. Previous reference to
the offering was made in our issue of Dec. 18, page 3900.
Regarding the accepted bids to the offering, Secretary

and will mature

Morgpnthau's announcement of Dec. 20 had the following
to say:
Total

applied for, $126,308,000
Total accepted, $50,098,000
Range of accepted bids:
High
—100.
Low
—
99.971 equivalent rate approximately 0.115%
Average price — 99.974 equivalent rate approximately 0.102%
(50% of the amount bid for at the low price was accepted.)

without public hearings)

or

Henry Morgenthau Jr. an¬
offering last week
thereabouts, of 91-day Treasury bills

and the branches thereof up to 2 p. m., Eastern Standard

which the Committee on Quotations and Commissions

study and investigation (either with

whole

Treasury

totaled $126,308,000, of which $50,098,000 were accepted.
The tenders were received at the Federal Reserve banks

proposed has suggested to our minds whether it might not be desirable

to make a

the

Dec. 20 that the tenders to the

on

question of service charges by members of the New York

Stock Exchange, particularly those of specialists, floor traders and odd-lot
dealers.

This

would

necessarily

entail

a

of

consideration

situation of members of your exchange with respect to

the

financial

the amount of capital

invested, the risks incurred, the expenses of operation, and the profit or
loss

incurred.

Kr While this is merely a tentative suggestion on the part of the Commission ,
you may feel at liberty to transmit the contents of this letter to your mem¬
bership, if you should so desire.
Faithfully yours,
WILLIAM

O.

DOUGLAS, Chairman.

The following is the letter sent by Mr. Gay to members of
the Stock Exchange in transmitting Mr. Douglas' com¬
munication:
Dec. 17. 1937.

To the Members of the New York Stock Exchange:
I

am

enclosing herewith copy of

a

Treasury Not In Sympathy With Plan to Control
Monetary Exchange, Secretary Morgenthau Says—
Proposal Had Been Advanced by Former Prime
Minister Van Zeeland of Belgium
At his press conference Dec. 23 Secretary of the Treasury
Henry Morgenthau Jr. said that the United States Treasury
is not contemplating participation in any international
agency to control world monetary exchange.
The Secretary
made this declaration in answer to a query regarding a pro¬

posal of former Prime Minister Paul Van Zeeland of Belgium
to establish such an agency.
In a Washington dispatch
under date of Dec. 23 to the New York "Herald Tribune"

of Dec. 24 it

was

stated:

letter received from Chairman Douglas
Mr. Van Zeeland's suggestion was made this week following conferences

of the SEC.

The Commission does not

express

approval or disapproval of the pro¬

posed amendments to the Constitution of the Exchange adopted by the

with

will

non-member

increase

by

commissions

approximately

regarding economic stabilization to

powers

be attained

The United States is the leading member of the tri-partite agreement

Governing Committee last Wednesday (Dec. 15) which, if approved by the
membership,

European

through exchange stabilization and reduction of trade barriers.
it was felt that its

and

participation in such a scheme would be in keeping with

members, but to-day's denial by Mr.

11%, and member commissions by approximately 5%, and which will also

customary procedure of tri-partite

authorize the imposition

Morgenthau indicates that the United States, for the present is maintaining

of

a

minimum service charge on inactive accounts.

I hope to have an opportunity in the near future to discuss with

Mr.

Douglas his reference to "service charges by members of the New York
Stock Exchange, particularly those of specialists, floor traders and odd lot
dealers."

I

assume

Mr. Douglas refers to the compensation received by

these members, because the Constitution and Rules of the Exchange make

reference to service charges except for the proposed service charge on

no

inactive accounts.

a

watchful waiting policy regarding European economic problems.
Mr.

and make no service charge.

Floor traders receive

Odd lot dealers receive

no

commission, but

no

Government

Bills—To

Announcement of

and

be

Dated

Dec.

29,

91-Day

1937

offering of $50,000,000, or there¬
abouts, of 91-day Treasury bills, dated Dec. 29, 1937, and
maturing March 30,1938, was made on Dec. 23 by Secretary
of the Treasury Henry Morgenthau, Jr.
Tenders will be
a new

received at the Federal Reserve banks, or the branches there¬

to 2 p. m., Eastern Standard Time, Dec. 27, but will

not be received at the

Treasury Department, Washington.
The bills, which will be sold on a discount basis to the

highest bidders, will,
face

tight

The

declined to make any comment or announcement regarding
financing, sterlized gold or future policy.

Belief Expressed by President Roosevelt That Recession
Results From Psychology of Fear Fostered by Press

amount

on

their maturity date, be payable at

without

Press

CHAS. R. GAY, President..

New Offering of $50,000,000, or Thereabouts, of

their

on

he said.

Secretary also

Faithfully yours,

^

up

"The lid is

budget message goes to Congress,"

commission

buy and sell securities at a small differential in price.

of,

the President's

until

Specialists and floor brokers receive their compensation

from other members of the Exchange.

Treasury

Morgenthau declined to comment on budgetary developments which

followed the December 15 income tax collection date.

interest.

An

issue

of

similar

Minority

After Talks
a

With Utility Executives

The discussion

which culminated in his accusations that the fear psy¬

fostered came after he had conferred with two
Frank R. Phillips, President of the Duquesne Light Co.
of Pittsburgh, and William H. Taylor, President of the Philadelphia Electric

chology was deliberately

utility executives,
Co.

These officials came from

The

the




at

press

and declaring that they

of Dec. 23:

Interests—Comments

conference on Dec. 21 President Roosevelt is
said to have emphasized his belief that the business recession
resulted, not from the fear of what the Government might
do, but largely from a psychology which he is reported as
saying was being fostered by a minority of business men and
a number of newspapers.
The New York "Times" reporting
this from Washington Dec. 21 continued:
At

securities in amount of $50,004,000 will mature on Dec. 29.

following is from Secretary Morgenthau's announcement

Business

Conference After Folks at Press Conference

the conference describing it as "very helpful"

"prudent investment" principle of valuation
in Justice

of
for public utilities, as set

agreed with Mr. Roosevelt in his interpretation

Brandeis's

dissenting

opinion 13 years ago in the rate case

Financial Chronicle

4042
of the Southwestern Bell Telephone Co. v.

The President has
principle.

Missouri.

recently expressed favor for this prudent investment

Brandcis Sentence Discussed
At the start of his press

As regards

conference Mr. Roosevelt

that the incident resulted from disregard of American rights by the Japanese

This stated that the actual money

discussion, but only a single sentence.

forces, it was entirely due to a mistake, as has-been described in

armed

Vas asked about the
had notlbeen under

found after appropriate check-up to have
included, should be the basis for rate making.
saying thatiby such

desire to state that while it is concluded in your Excellency's note

dent, I

above mentioned.

my note

He said the whole Brandeis opinion

utility conference.

Dec. 2s, mi

the circumstances surrounding the present unfortunate inci¬

As

result of thorough investigations which

a

then in all

put into a plant, less any items

made quite clear to your

Aldermen for a franchise, or buying
property at a figure above its worth, or not developing property bought
at a low figure but waiting for the opportunity to write up its capital figure.
Such practices, the President said, are contrary to sound policies and
the prudent Investment theory was a

executives agreed that

under it.

They could sell bonds, the President said they told him,

"junior" money.

but that would make their capital structures too heavy.

he asked them if the

Government was interfering, to which they replied

not.

was

There

the

People did not

At this point the President said

junior Investments.

enter into

to

want

fear

was

As regards a guaranty
that the Japanese navy

minority who were trying

President said he told them of two business men who

toj create the

the utilities.

impression that the Government was waging war on

The

recently[jcame to

see

him, and he repeated the accounts for the correspondents.

or

Charles L.

Lenz, Washington correspondent of the New
following to say in

Office authorities to

have repeatedly

Last night

Washington;

Florida;

Pepper,

Minton,

Senators!jNorris, (Ind.,
Senators[Schwellenbach,

Indiana;

Wagner, New York, and Brown, New Hampshire.

Green,

Rhode

Island;

And

convinced that the President has not receded

one

bit from the position

taken earlier by him on the power question.
recalled

that

Senator

Minton

is

mandatory consideration of "prudent

legislation

in the

investment"! as the basis

useful property.

to'base

The Administration's fight to compel public utilities

a

Government

Japanese

of achieving more

"realistic" values is to be carried forward without

diminuation, it

was

means

and effectively to the

due to

mistake

a

staff members

Moreover,

lutely all possibility of a recurrence of

"seyen little T. V. A.'s" which at the special
in theiHouse^Judiciary

into stnags that left it resting

isjendeavoring to
incidentsfof a similar

taken by the Japanese Government, the recall of

ures

It is

flying

according

preclude abso¬
character.

the! commander

fervent

my

Government

hope that

of the

United

the rights and interests

fact will be fully appreciated by the

the

States that this drastic step has

been taken

thefJapanese Government to safeguard
United States and^other third!Powers. The

of the

formaltles have been concluded.

Under date of Dec. 23 United Press advices from

Washing¬

ton stated.
Secretary of State Cordell Hull announced today that the United States

sentations to the

now

received! complete reports
on

the Panay bombing

on

the basis thereof to make additional repre¬

Japanese Government.

The additional representations,

wilfbe

he said,

made through Ambas¬

sador Grew in Tokio and will be in the nature of new evidence supporting

previous demands.
The complete reports include the official report to the Navy from Lieut .-

Committee, although passed last session by the Senate.

Commander J. J. Hughes, in charge of the Panay, on the loss of his
the

President

Roosevelt

Says United States Will Not
Foreign Policy of "Peace at Any Price"—
Writes in Reply to Pledge of Cooperation from
Ex-Governor
Landon—Secretary Hull Says We
Will Keep Troops and Naval Vessels in China—
Japanese Insists Panay Bombing was a Mistake

The intimation that the United

States will not follow

a

at any price was conveyed by Presi¬

peace

dent Roosevelt, in replying on Dec. 21 to
former Governor Alf M.

a

telegram from

Landon of Kansas, who was Re¬

publican Presidential candidate in 1936.

Mr. Landon had

telegraphed the President pledging his support in Mr. Roose¬
velt's foreign policy, particularly in the Far Eastern crisis,
which has become

more

tense

Ambassador Joseph C. Grew at Tokio by
Japanese Foreign
Minister Koki Hirota

yesterday (Dec. 24) it is reiterated that
the sinking of the Panay "was
entirely due to a mistake"
as asserted in a
previous note given in our issue of a week
the

According to the note of yesterday the commander of
flying force

involved—Admiral

Teizo

Mitsunami

has

been removed from his post

and the commander of the flying
squadron which did the bombing and "all others responsible"
for the attack have been

note,

as

punished," according to law.

given in United Press

The

accounts from Tokio follows:

Regarding the unfortunate incident occurring on the
Yangtze River
about 26 miles above Nanking on the 12th
instant, in whichlJapanese naval
aircraft attacked by mistake the U. S. S.
Panay and three merchant ships
belonging to the Standard Oil Co.. causing them to sink

orlburn,

result that

casualties

previously to send

were

your

caused among those

Excellency

with the

aboard, Ifhad the honor

my note dated Dec.

14.

|g

Your

Excellency's note No. 838, which was sent|,by direction of the
Government of the United States, after
describing thefjoccurrence of the
acts of the Japanese forces in the
attack were

of the American embassy at

Japanese reply to American protests
Japanese army and navy leaders reiterated
that the bombing had been an accident.
Survivors of the
attack, who were transported to Shanghai were said to assert
however, that after Japanese airplanes had bombed the
Panay the vessel was subjected to machine gun attack from
Japanese on the bank of the Yangtze River. Major General
Kumakichi Harada, Japanese Military Attache in Shanghai,
asserted on Dec. 20 that the Panay had shelled the Japanese
positions before the attack, but he later retracted that state¬
the incident

ment.

made

assurance

authorities

or

force

or

whatsoever."




unlawful interference by any
Japanese
.

with

House.

Mr.

the

of

old

pledged

President:
American

This

is

your

Landon

on

20, 1937.

expense

of

confront

and

at the Gridiron

ago

that

politics

support

principle, and

there

the

year

tradition

in the spirit

Dinner,

at

cease

the

m

the

difficult

water's

foreign

edge,

I

situations

Administration.

grand

a

that

means

A

cooperation

you

confronting
It

Landon

Mr.

Mr.

the President:

must

be

must

we

evidence

demagogic

no

good

our

playing

of

faith in it.

politics

at

the

us.

country's

unity

dangerous

in

situations

such

a6

now
e

Therefore,

I

want to renew my pledge, especially in view of the fact
members of Congress, of both parties, seem to have forgotten
this basic principle of American politics and
by their actions help create

that

the

so

many

impression

tion of

foreign nations that they do not trust

on

foreign affairs.

They would hamstring

your

your

Administra¬

conduct of extremely

delicate foreign situations.

These members

are

pursuing the

same dangerous course

members of the British Parliament who early
that
I

England either would not
congratulate

would

take

away

you

the

the American
us

on

your

power

or

in 1914

to maintain

firm

"no"

to

the respect of

You

war.

want

a

Alf

M.

peace

that
both

that will

the other nations of the world.
M.

LANDON.

Topeka,

White House, Washington, Dec.

21, 1937.

Landon,
Kan.

My dear Governor Landon:
me

and I

replying, the President said:
The

Hon.

the impression

the proposed legislation

of Congress to declare

ALF

In

followed by those

gave

could not fight under any circumstances.

people want peace, but they

complete and

will insure that hereafter the
interests of
Americans nationals and property in China will not
be subjected to attack

White

President:

Dear

formally

that definite and specific

correspondence

the

at

Topeka, Kan., Dec.
The

steps have been taken which

by the Japanese armed forces

public

Dec. 20 telegraphed

enable

comprehensive indemnifications, and

Roosevelt's

President
was

carried out with complete disregard of the
rights of the}United States,
taking American life and destroying American
property, both public and
of the

the Panay at the time of

was on

Prior to the official

on

know

private; and states that "in these circumstances the
Government
United States requests and expects of the
Japanese Government a

Nanking who

the attack.

incident, concludes that the

recorded expression of regret and an
undertaking to make

vessel;

inquiry! which investigated the Panay
alllwitnesses available; and the

testimony from

sworn

report to the State Department from George Atcheson Jr., second secretary

by Japanese sinking of the

United States gunboat Panay (referred to in the "Chronicle"
of Dec. 18, page 3892).
In a note handed to American

ago.

findings of the naval court of

sinking and took

Follow

foreign policy of

of

solely because of the sincere wish of

expected that the Administration next session will push for enactment by

ran

the

been) duly) dealt| with

the flying force has significance of special importance.

has decided

just closed

the

It needs hardly to be emphasized that of all the above-mentioned meas¬

has

Congress of the bill creating

the!commander of

fleet,

on

of precaution.

measures

of the

and recalled

post

The Japanese Government thus

to law.

Incident and

session

from his

squadron and all others responsible have

mody and Ervine E. King, master of the Washington State Grange.
today

States'vessels

stated above, the commander of the flying force

as

immediately relieved

was

Government

was

-

authorities.

Although the attack on the man-of-war and other United
was

White House conference participated in by Acting Federal Power Com¬

meeting and last night's conference it

possible

every

of the communication of the intelligence thereof speedily

missioner Clyde Seavey, Rural Electrification Administrator John M. Car-

of this

carefully*

studying

China, the whereabouts of American interests and nationals, and

ities in

their rates

This follows similar views expressed early last month following

As the result

are

effectively the above stated aims, while they have

already taken steps to ascertain in still closer contact with American author

«'

sponsoring

for rate making in contrast to the present observance of the value of used

indicated.

"

the

means

They declined to reveal

what had transpired at the meeting, but indications were given that they

on

been given against infringement or unwarranted inter¬

ference with the rights and interests of the United States and other third

the President conferred with what was characterized as the

Neb.), La Foilette (Prog., Wis.), and Democratic

and

hitherto to the observance of instructions which

grounds of failure to take the fullest

liberal power bloc of the Senate when visited by

Senate for

in the light of the present untoward incident

pay,

attention than

greater

concerned

Power Bloc Parley Held

was

sacrificeiof strategic advantage in attacking Chinese

at the

even

Furthermore, rigid orders have been issued to military, naval and Foreign

improved

part under date of Dec. 21:

It

third Power are present, in order to avoid recurrence of a similar

any

troops."

York "Journal of Commerce" had the

were

for the future, I wish to inform your Excellency

issued without delay strict orders to "exercise the

greatest caution in every area where»warsbips and other vessels of America

general agreement, Mr. Roosevelt said, that a large part of

caused by a small

aforementioned note.

cations, no word need be added to what I said in my

Powers.

was a

on

Excellency's note, namely, a recorded expression of regret and indemnifi¬

and that their difficulty was to get

for money to expand their output,

was

I trust this has been

detailed[explanations

With reference to the first two items of the requests mentioned In your

mistake,

their need now

Mr. Roosevelt said Mr. Phillips and Mr. Taylor told him

it

pretty} good

expressed the belief that a great many companies would

rule of thumb and
act

Mr. Roosevelt added that be and the two utility

Excellency through the

since

estab¬

the 23d instant by our naval and military authorities.

exceptions he meant graft paid to

should not be tolerated.

nowthasjbeen!fully

unintentional.

lished that the attack was entirely

been dishonestly or uselessly

The President went on to expound his own theory,

have' been continued

possible ways to find the real causes, it

to meet the

The

generous

problems which confront

relations during these troublous times.

our

spirit of your telegram

helps

country in the field of foreign

Volume

pledge which you gave at the Gridiron Dinner a year ago

The
force

all

of

of

politics,

velt in

good example.

a

creed

of Conference Between President and
Congressional Leaders Before Close of Session

or

The

of

and all peoples.

and

nations

other

such

As

to pursue the even

desired

have

all nations

we

of cooperation and even

measure

leadership in

FRANKLIN D.

ROOSEVELT.

1937, in which

you

citizens from the area

ships and

Dec.

Congress.
Regarding the action on the President's program
advices Dec. 21 from Washington to the New York "Times"
said:

18, 1937.

After prolonged debate in

today's action, also rest in conference

rebellion against administration

of the types and degrees of protection which this govern¬
should afford to its citizens abroad presents many difficulties and

The question
ment
is

tion

gations and certain practices.
In the light of peculiar features inherent in the situation, all of
major Powers have developed and employed, with authorization by
Chinese Government, methods for safeguarding the lives and interests

When the session assembled, the legislative

for

jurisdiction and various of its

system of extraterritorial

rights

sentative Rayburn, the

such

as

prevails,

now

many

of

our

naval

American

The

the

and

vessels

"The

and

vessels

These

have never

troops

longer

no

the Ways and Means

mid-February.
Senator McNary predicted that

had in any sense any mission of

in China the American

During the current situation

the

in

areas

not be

very

bringing to my attention your

foreign relations.
yours,

Saito, Japanese Ambassador to the United States,
radio broadcast on Dec. 19, asserted that the bombing
Panay was a "shocking

of the
"all

necessary

steps

blunder" and declared that

being and will be taken so that

are

guarantees of safety will be assured to
and interests."
In his address he said:
The attack made last Sunday

all foreign persons

by Japanese naval aircraft on the American

the Yangtze River
people are grieved
beyond expression of words on account of the unfortunate occurrence.
Apologies and regrets have gone officially and unofficially from all quar¬
ters
in Japan to your representatives and to your citizens
residing in
gunboat Panay and the three Standard Oil vessels on
was a shocking blunder.
The Japanese Government and

country.

my

■

,

is

What

mortal

impossible to redeem is the loss of life.
No compensation
can make for that is adequate for the families bereft.

man

which
This,

thought that such a blunder could
occurred, and they were amazed when the news of it came.
But now
it has occurred, they are doing their best to see that no repetition

have

that
of

authorities

similar
The

had,

incidents

naval

officer

of

should
who

course,

no

Wednesday [Dec.

occur.
was

in

command of

assured all foreign persons




22] or Thursday [Dec. 23], as commonly thought, came
Majority Leader Sam Rayburn, of Texas, asked for a

in the House when

since Senator Alben W. Barkley, of Kentucky,
informed him that it was the purpose of the Senate to
the Housing bill today, then asked for conferees on both sides and
of a couple of hours

pass

adjourn.
Too Late to Do
The reason no effort was

Business

made immediately to confer and effect reconcile¬

the members of the House
Even Representative Henry Steagall
Chairman of the House Banking and Currency Committee, and naturally
a leading conferee, had taken his departure for Alabama.
It was by grace of
a gentlemen's agreement not to rise the point of "non quorum" that the
House was able to function at all today.
The oniy ceremony connected with the House adjournment was the ap¬
housing bills waa that nearly all

ment of the two

had

gone

home for the holidays.

committee of two, Mr. Rayburn and Mr.

pointment of a

Snell, to wait

the President to see if there was anything further he wished to com¬
municate before the special session came to end.
That being done, Mr.

upon

speech to an almost empty House in which he recalled
Speaker Champ Clark always closed a session with the words
"A Christmas Carol," which he wished to all members:
"God bless us every one."
When Mr. Rayburn had moved for adjournment and Speaker William
that the late

of Tiny Tim in

B. Bankhead

had let fall the gavel there were a few feeble yips from the floor.
Senator Barkley frankly explained the lack of a quorum

In the Senate,

of even one

of a joint

the aircraft squadron in

and interests.

other necessary steps
safety will, In the

the reason for the truncated session and the lack of passage
When he called for adjournment and the passage

major bill.

resolution to Inform the

President that "the two houses, having

session, are ready to adjourn," there
half a dozen Republican Senators.
await the action of the House intervened, after which

completed the business of the present
were open

Shanghai has been dismissed and recalled home.
All
are
being and will be taken so that guaranties of
iuture, be

The obsequies of the session were very

in the House as

therefore, we must deplore.
Our

answered the post-recess gavel of Vice-President John N.
short, requiring not more
than three minutes on either side of the Capitol.
The first intimation that adjournment would come today instead of
Eight Senators

Garner.

Rayburn made a little

.

instructions from home, I have myself offered official
expression of regrets to your government.
Amends, of course, all Japanese
are
only too anxious to make.
Indemnities our government has already
declared its intention to pay.
The material loss is hardly of moment.
under

Acting

-v:-,.'"^

Saturday.

majority leader, had
HULL.

Hirosi
a

attended the final session of the
Christmas as early as last

the rest having gone home for

house,

recess

CORDELL

Perhaps 60 members

the Senate to act.

;

grateful for your courtesy in

Sincerely

in

Apparently sobered by a sense of its own futility, the House adjourned
the customary horse-play or singing of songs while waiting for

1937, outlining: the policy on which:
the situation in the Far

in

adjournment of the session was discribed in Washing¬
York "Herald Tribune" as follows:

without

is proceeding with reference to
(

am

our

consideration and indicated that it might

reached during the regular session.

The

release

regard to the situation in the Far East, and I assure you that
welcome at all times thoughtful views and comment on
any phase

we

Senator Barkley said the proposal had not even

ton advices to the New

lower

East.

of

mentioned by President Roosevelt
leaders

call as a fifth Item on the legislative program,

uniformly reticent.

reached the stage of committee

military and naval

connection there is enclosed a press

the department on Aug. 23,

government

Im

January.

anti-trust legislation

his special session

were

involved.

possible interest in this

views

stubborn opposition" to the

"very

On the subject of
in

important service in

have rendered

issued by
the

there would be "considerable debate"

Federal reorganization program
He also predicted a determined
effort to curb appropriations for the 11 supply bills scheduled to come up
at that time.
■'
v-P
and

when the Senate reconvened in

protecting the lives of American
nationals,
in assisting in evacuating Americans from areas of special
dangers, and in making possible the maintenance of uninterrupted com¬
munications with our national and our diplomatic and consular establish¬
Of

had been accomplished than
Nor a
outlook, Mr. Rayburn said he expected
Committee to report out a tax-revision measure by

comparable period of his experience in the House.

any

they may depart.

whereby

ments

the President's desk by Feb. 1."

will be ready to lay it on

optimistic as to the regular session

opportune moment for such a

forces

we

Representative Rayburn insisted that more

We

for.

called

the housing amendments will have a

Anti-Lynching Bill Is disposed of, and I expect
the Senate by the middle of January

during

had thought a few months ago that the
withdrawal was near at hand. The present,
however, does not seem an opportune moment for effecting that withdrawal.
Officers
of the American
Government have repeatedly and earnestly
advised
American citizens, in face of dangers incident to residence in
China, to withdraw and are making every effort to provide safe means
is

on

The reorganization bill will be taken up early in

and

contingents of American
China were placed and have

It has long been the desire and expectation of the American
that they shall be withdrawn when their appropriate function

Government

committee

conference

January, as soon as the

unauthorized violence.

aggression.

much time that otherwise

the House to send tax legislation to

there

disorder and

saved

undoubtedly

has

report ready for Jan. 3.

nationals cannot

solely for the purpose of assisting in the maintenance of
order and security as affecting the lives, the property and the legitimate
activities of American nationals, especially in regard to conditions of local
been kept

hoped,

would have been
consumed during the regular session," Senator Barkley said.
"The con¬
ference on the Agriculture Bill will doubtless report in ample time for the
program to become[effective for 1938 crops.

small

have been maintained in

forces which

leader, agreed with Repre¬
had
off the regular session to beginon Jan.3.

"While the session did not complete as many measures as was
it

suddenly disavow or cut themselves off from the past, nor can the Amer¬
ican Government suddenly disavow its obligations and responsibilities.
landed

that preliminary stages

House majority leader that the special session

cut six weeks to two months

concomitants.

many

situation

a

of the session, the House and Senate lead¬

considered during the next regular session will be ex¬

Senator Barkley, the Senate majority

pedited.

incurred various obligations.

and

In

offered by several administration

ership agreed that they rested largely upon the fact

nationals of this and other countries have, during
several generations, gone to China, established themselves there in various
occupations and activities and subjected themselves to both the advantages
and to the disadvantages of the conditions prevailing there, and the Amer¬
ican
Government has, along
with other governments, accepted various
Concurrently,

and capital gains taxes and

making the session worth while.

of legislation to be

is still in existence the

there came about and there

instance,

as

As to the accomplishments

by the peculiarities thereof.

warranted

Thus,

consideration given to them thus far was

leaders

and

be appropriate to the situation

property of their nationals believed to

agenda were dwarfed by de¬

These demands continued today and the

other aids to business"recovery.

the
the
and

the House in open

The regional planning proposal

demands.

mands for revision of the undistributed profits

certain interests, certain obli¬

during more than a century certain rights,

The wage and hour

left in committee for revision.

was

regard to which opinions may very readily differ.
In a situa¬
such as has prevailed in the Far East there have been developed
in

one

committee.

back to its originating committee by

measure was sent

East

Far

Senate and House the farm bill was sent to

conference with mandatory provisions which administration spokesmen said
would make the measure unworkable.
The housing amendments, after

of Dec. 13,
of American
affected by the present conflict in the

Smathers:
I have received your letter
inform me that you favor the withdrawal

Senator

dear

My

Hull said:

and hour, crop,
planning—Later

President Roosevelt sent to the Congress a message recom¬

States
naval forces in China
for the protection of its interests.
Senator Smathers had
written Mr. Hull that he favored withdrawal of United
States ships and nationals from the Sino-Japanese conflict.
In his reply, Mr.

Dec. 21, at 5:10

mending the enachment of housing legislation.
As the
session adjourned the Wage and hourjbill was recommitted
to Committee by the House, and the farm bill and housing
bill were in conference after havingjpassed both branchesjof

letter

keep its present military and

will

Seventy-fifth Congress, which

the

four objectives at the special session, wage
Government reorganization and regional

the ultimate goal of general

Secretary of State Hull on Dec. 20 revealed in a
to Senator Smathers of New Jersey that the United

of

Nov, 15, came to an end on

day earlier than expected, without enacting any of
the legislation sought by President!Roosevelt in his message
when Congress convened.
The President's message, as was
indicated in our issue of Nov. 20, page 3257, had to do with

V'

peace,

on

p. m.—a

peoples.

some

owe

session

extra

convened

'

maintaining standards of conduct helpful to

Enacted—Legislative Situa¬

Calling Sesion

tion Subject

regardless
color, from the days of Washington to this

overwhelming majority of our countrymen,

the

race,

but gives

tenor of their way at peace with
:v'
But throughout our long history
we Americans have rejected every
suggestion that ultimate security can be assured by closing our eyes to
the fact that whether we like it or not, we are a part of a large world
hour,

.

that

Adjournment of Extra Session of Seventy-Fifth Con¬
gress—None of Bills Asked for by President Roose¬

carried

The renewal

which prompted it.

motive

patriotic

not only strengthens the hand of the government,

citizens

our

believe

I

the

of

because

that pledge

of

4043

Chronicle

Financial

145

smiles on the faces of

A short recess to

turned up for the final scene.
Vice-President Garner snapped "without objection,

exactly eight Senators
As

adjourned sine die,** Senator

the Senate stands
Barkley stepped across the aisle and shook

1 4044

Financial

hands with

The

Senator Charles L. McNary, of Oregon, the minority

Vice-President

hastened out

his private

to

room

Chronicle

leader.

Senator O'Mahoney objected to a provision permitting the importation

and the other six

from

members gathered up papers and drifted out.

The process had taken 2 H minutes, or half a minute less than in the

House.

congressional
the House

and hour bill

wage

item in

another

wbich followed

leaders,

this

the

(detailed mention of which is made in
issue) resulted in the Administration

In

Designed

reached

four

X. To

to

White

the

at

House

The others

conference.

meetings, of the House and

hold

one

world

Philippines

session

far

so

program

chided

The moment

were:

Mr.

House's

Votes

Recommit

to

Committee—While

Bill

for its members.
opened the conference with a slight reference
wages

hours

and

to convene Nov.

bill,

planning

amendments to the anti-trust laws was re¬
16, page 2481, and Nov. 20,

and

ferred to in

15, with a view to action on the wage and

control, government reorganization, regional

crop

these columns Oct.

3279.

page

Reported to Senate Seeks to Place Wool Within
Scope of Commodity Exchange Act—Would Auto¬
matically Place New York Wool Top Exchange
Under Federal Supervision

The Senate Agricultural Committee on Dec. 19 favorably
reported to the Senate the O'Mahoney bill seeking to include
wool within the scope of the Commodity Exchange Act of
1936, and thereby automatically placing the New York
Wool Top Exchange under Federal supervision.
The legis¬
lation was drafted by Senator O'Mahoney, of Wyoming,
following a hearing held recently in Washington by a special
Senate investigating committee at which the operations of
the Wool Top Exchange were both criticized and defended.
In Washington advices, Dec. 19, to the New York "Journal
of Commerce" of Dec. 20, it was stated:
tives

charged

drying

up

of the committee investigation, wool grower representa¬

that

of the

operations

summer

prices to the grower.
of 60c.

clip is

a

on

the

exchange

responsible for

are

street financial operations

On the next year's clip, it

was

and

depression

contended,

a

exchange appeared be¬

fore the committee in sharp defense of the organization's operations

to

price
cost

wool

of

price

half grown.

days later, members and officials of the

flatly denied growers'
the

the

pound, clean, has already been fixed, despite the fact that the

as yet

Two

charges

wool

that

Instead,

manipulation.
of

Labor

distribution

and

it

excessive
was

wool

testified,

eliminates

the

speculation
the

price

exchange

"risk"

has

and
led

he

which

Senate action on the O'Mahoney bill will be de-

which

ended

ported

as

death

had

Bill

to

Is

to

Be

Taken

Up

Dec.

on

President

17,

Black-Connery

the

Roosevelt

conferred

with

Dec.

on

15

22.

speical

President's

the

at

the

at

passage

Nov.

on

of

the

session,

call,

Representative Rayburn was

legislation.

his insistence

the legislative

ing

tives

for

urged

and
re¬

declaring that recommittal of the bill meant the

indicated

The

that the

situation

President is said to have
bill be passed, in discuss¬
Dec.

on

20

with

Representa¬

(Dem.) of Massachusetts, Meade (Dem.) of
York, and McKeough (Dem.) of Illinois.
Others with
Healey

New

the President

Senators

said to have conferred

is

on

that day

Representatives Bankhead and Rayburn.
According to advices from Washington
to the New York "Times," Dec. 20, one of the results of
the conference, the reaching of the decision to develop a
new wage and hour bill at the coming regular session, the
Smith,

Barkley

The
bill

abolish

and

motion

recommit the wage and hour

17 to

Dec.

on

Representative

by

be to limit hours of

labor.

child

offered

was

and

which would

principal objectives of
labor

A.

Fred

Hartley

Jr.

of New Jersey.
It was noted in United Press ac¬
counts from Washington on Dec. 17 that despite the fact
that the President had demanded a wage and hour bill at

(Rep.)

the

session, there has been

special

no

indication that he

approved the bill passed by the Senate at the last session
or that he favored changes made by the House.
From the
advices

same

Nevertheless,
N.

Y.)

for

before

that

is

earlier

Norton

Mrs.

John

Chairman

and

the

the Hartley

vote on
would

recommit

to

vote

a

Administration

the

Bavburn

(Dem.,
appealed
Mr. Rayburn

O'Connor

J.

Rules Committee, two Administration spokesmen,

of the

warned

quote:

we

Mr.

party; loyalty

be

motion.

vote against

a

a

bill to which

pledged.
protested vigorously against what she

had

described
and
her

bill with every amendment possible"
to committee.
She appealed to
colleagues to consider the bill on its merits.
as

plot

down

"load

to

kill

a

then

it

by

sending

the

back

it

The shelving of the bill was
of

brought about by a coalition

Republicans and dissatisfied labor-

Southern Democrats,

ites, said the United Press, which in noting that the

South¬

Congress had blocked every Administration effort to
dislodge the bill from the House Rules Committee, also
stated in its Washington advices, Dec. 17:
^

Sugar Agreement Ratified by Senate—
Party to Five-Year Pact to

They

sharply rebuked

were

of

the

United States Becomes

out

Stabilize World Sugar Market

fortnight ago when the

a

Committee

signed

by

bill was blasted
majority of the

membership.

The

Senate

on

Dec.

20 ratified

The

the

international sugar

agreement for the regulation of production and marketing of

which

signed by the United States and 21 foreign
May at a conference in London. The United
States thus becomes a party to the agreement, which went
into effect on Sept. 1, and which will remain in effect for
five years.
The agreement was ratified by the Senate on
Dec. 20 after the understanding was made that if legislation
setting up our own sugar quota system is terminated, the
tariff on full duty sugar will be maintained at a rate not
higher than that now existing, said a Washington account,
sugar,

was

countries last

Dec. 20, to the New York "Times" of Dec. 21.
Previous
reference to the agreement was made in our issue of
Sept. 4,
page

Hour

ern

ferred-until the regular session convenes in January.

International

bill,

convened

business.

It is anticipated that

Insistence

Committee,

hour

which

lessens

from the

as

and

Wage

congressional leaders on Dec. 20 to insist on action on the
proposed legislation, which was one of the five measures

whom

In the course

the present

as

Representative Rayburn
Re¬
"Death" of Legislation, a New

President's

at

and

wage

were

Bill

long

as

Thus, it is considered to

Regular Session

House

expenses

calling of the special session by President Roosevelt

The

hour

the

of

the

Following the action of the House in recommiting to the

outlined by the leaders themselves after the
humorously over the failure of the special

Roosevelt

shelving

sugar,

such as high subsidies

toward international cooperation.

as a gesture

House

bill Friday night, the
leaders began their defense of the session's activities, stressing the amount
of spade work that had been done on his program.
They talked with the President for an hour and a half, according to
authentic reports, arid evolved the plan of action as outlined above.
the

to

of

marketing

sugar

of

Senate Conference Committee on the

anything except mileage

.

have little if any practical effect on our national economy and to consist

them

vote

to

on

bound not to export to the free market

are

at

the

and

production

arrangement with the United States continues.

garded Action

had

the

of such a development

States agrees under the terms of the pact to continue Im¬

United

and to hold It there until acted upon.
3. To start a new wages and hours bill early In the new session with emphasis
more on limitation of hours of labor and abolition of child labor.
was

Senator

appointed by

porting from the free market the smallest amount not imported and the

Dill would be placed before the Senate

This

been

of policy under which all signatories would

statement

a

reduction of "fiscal" burdens

a

crop-control bill during the holiday vacation with a view to having this measure
ready for final action early In the forthcoming regular session.
2. To fix a definite date on which the Gavagan-Wagner-Van Nuys antl-lynching

President

had

committee

a

many countries.

entirely

was

that

paid for uneconomic production and disproportionate tariffs assessed by

con¬

a

the housing law amendments

through

put

granted independence before 1940,

were

stabilize

to

includes

The

decision

question from Senator McKellar as to whether there was

answer to a

undertake

pi her Decisions Reached
The

beet

and

cane

Philippines if they

treaty

recovery-spurring private building
campaign but also to spread on the record an accomplishment for the
special session, which has nothing much to show for its labors thus far
except a bill providing mileage for members and other expenses.
not only to start

was

purpose

sugar

Includes Statement of Policy

tinued:
The

own

President tp set up reciprocal agreements in event

dispatch from Washington to the New York "Times,"
20, were Vice-President Garner, Speaker Bankhead
and Democratic leaders Senator Barkley and Representa¬

advices to the "Times"

our

obligation for the United States to continue tariff-free purchasing from

Thomas of Utah recalled

Dec.

the

of

regardless

any

a

part,

market,

States

the

before the adjournment of the special ses¬
Among those with whom the President talked, said

In

United

growers," Senator O'Mahoney said.

of the legislation

Rayburn.

his

"In this treaty we are saying to the world to come and get your share of

recommittal by

the

leadership placing its full support behind the amendments
the Federal Housing Act with a view to the completion

tive

the

was

be allocated to domestic producers who, he said, would eventually demand

to

sion.

It

year.

permission to expand their acreage and production.

Dec. 17 to the House Labor Committee of the

on

countries" of whatever part of its guaranteed quota

position that if the islands failed to ship the full quota, the deficiency should

Dec. 20 between President Roosevelt and

on

"foreign

Philippines failed to ship into the United States each

The galleries in the Senate were almost untenanted.

A conference

Dec. 25, 1937

1517.

From the account

quoted above

we

also take the following:

The Senate advised, and consented to, the international five-year
pact
after Senator O'Mahoney made an unsuccessful attempt to insert a reserva¬
tion that the annual quota of 800,000 tons of

raw sugar

Rules

Dixie

most

of

the

a

Republicans then

directed their

Their crusade was aided by President
Federation of Labor, who saw the defeat

of

the

Green

Industrial

the right

that the

appealed

to

Act be administered by the Justice

recommit the bill on the
The rival Committee
House measure as a "start in

members

to

"highly objectionable" to labor.

Organization

indorsed

the

defeat for the Administration, Be
workers actually would have come
it been adopted.
Among thoee

fight against the bill ended in

knew

under

was

American

proposal

direction."

As the
one

the

then

and

ground that it
for

of

Federation's

Department

how

the

many

of

terms

of the
the

Nation's

measure

had

cooperative dairy plant workers,
agricultural workers,
professional workers, and employees of weekly and semi-weekly newspapers.
Foes today succeeded in scrapping the section which would limit the
courts to questions of law in reviewing cases under the Act; won approval
of the so-called farm amendment permitting overtime work without extra
exempted
tobacco

pay

in

are

wholesale

warehouse

dairying

food

employees,

and

marketers,
railroad

employees,

agricultural industries, and eliminated a provision
prosecution for each separate violation when

making employers subject to
a

violation

covers

more

than

one

employee.

and 50,000 tons of

apply only for the duration of United States obligations to the insular




and

petition

a

attempts to make the bill impotent.
William

Martin Amendment Beaten

refined, which the instrument would guarantee to the Philippines, should

possession under the Philippine Independence Act.

Democrats

by

The

tive

first

John

important vote today came

on

an

amendment by Representa¬

^A. Martin (Dem., Colo.) to substitute the provision of the

Volume

Senate-approved
interstate

bill

barring
for

commerce

ployment of
industries
Mr.

Financial

145

the

where

the

Martin's

the

Robert

produced

the

of

age

limit is

age

amendment

by Representative

goods

all

section of

children under

fixed

defeated

was

except
16

at

by

child

with

which

bill

House

14

the

in

em¬

the

ened*
has

and

these

1.

the

with
salient

An amendment

voice vote.

a

by

which

administrative

administrative

features

the

bill

the

revised,

completely

single administrator in the Department of Labor,

committees

maximum

in interstate

commerce.

Prohibition

industries,

a

of

hours

40

week

a

to 40c.

industries operating

on

The Senate bill proposed the same scales.
below the

employment of children

exempted

unless

down to

by

Children's

the

of

age

the

Bureau of

in mo6t

14

Department

Labor, and bans employment of children under 16 in the more hazardous

industries.

The

Senate voted

from

ban

to

interstate

all goods

commerce

Encouragement of collective bargaining to improve wage scales.

As

to the

House

action

in

the first time that

was

Democratic

majority,

tration

measure,

bill

a

as

recommitting the bill without

House, controlled by the overwhelmingly

refused

to

such

approve

Adminis¬

important

an

and ranks with the Senate's defeat of the court-packing

setback

from

nificant

has

the

for the

two

New

Deal.

The

House

is

action

especially sig¬

the

of

case

action

to

as

The Committee agreed, strangely enough, at the request
turers, to increase the tax
the differences in taxes

on

Observers here saw

in

House action

the

strong

support

for important modifications in the undistributed profits

and other business taxes.
Second, It indicates a definite preference on the part of the Hcuse for the American
Federation of Labor, headed by William Green, against the aggressive Committee

for Industrial

It

also

Organization, headed by John L. Lewis.

immediately after

came

the Democratic leaders had warned the House that such action would
the

end

of

the

wage-hour

the box-match rate and raise

An item

bearing

The Sub-Committee decided to retain

jbhe paper-book match tax.

the action of the Sub-Committee in

on

3904, in which it

page

had

on

tax

on

was

our

issue of

Dec. 17 rejected a Republican proposal to
undistributed

Tread way,

the

soon

House completed

the

as

death

is the

He
of

told

He

measure.

of

$416,000,000

Ways and

House

A dispatch from Washington to the

this is learned said that
Representative Treadway produced an "impartial" estimate
to show that the decline in receipts would not be more than
$77,000,000 "without any improvement in present business."
From the dispatch we also quote:
Tribune," from which

Means Tax Sub-Committee, which has voted 6 to

"a

consideration of the legislation* Repre¬

vote

to

bill

recommit,

Treadway bill to the full Committee.
This

provides for repeal of the undistributed profits tax

measure

them

vote

to

the

entire

He

measure.

appealed for support to pass the bill and place it in conference.
Mr.

members

the

at

the

a

As

added

He

that in

the

event

to

bill

measure

study.

of further

come

13

Dec.

on

this

is

stab
the

returned to

was

A

deliberate

a

vote

to

recommit

the back."

in

discharge

"Improved business conditions, which are bound to follow the repeal

by

adopted

the

Committee.

the

a

week

a

ago

vote of

(page 3902),
285 to 123 a
House Rules

measure

rewriting of the bill, adopted

an

providing for the administration of the law by

amend¬
a

single

administrator in the Department of Labor instead of a fiveboard

On the same
date the Labor Committee declined to support the proposals
of the American Federation of Labor, and the House on
man

proposed in the Senate bill.

as

rate

bill.

Earlier in the month (Dec. 8)

Court decision Dec. 6 in the Dravo
At

the

time, advices to

same

Dec. 8, from which we quote

Committee

—Repeal of Certain Nuisance Taxes Tentatively
Recommended—Progress on Tax Relief Noted by
Representative O'Connor
the

With
Dec.

Representative

21,

leader

was

as

Special Session Ends

reported

as

Rayburn,

the

House

on

majority

stating that he expected the Ways and

Means Committee to report out a tax

revision

by

measure

A Washington dispatch Dec. 21 to the New

mid-February.

York "Times," indicated this, its advices

Two administrative changes in the revenue
on,

laws were tentatively decided

Mr. Vinson said, as follows:

1.

Mr. Vinson said the Committee felt advantages

should
2.

not

be available to

To require all

non-resident alien spouses.

individuals to file returns when their gross receipts

whether or not they consider themselves

exceed $25,000,
may

file a joint
of such returns

To take away the right of a non-resident alien spouse to

return.

be avoiding taxation, either innocently or

taxable.

Some

willfully, Mr. Vinson said,

should determine this.
changes would add some revenue, the Chairman said.

and this requirement
These

Treadway Bill to Treasury
Committee submitted to the

Treasury Department for study the

by Representative Treadway of Massachusetts,

Committee

declined

to

ranking Republican

undistributed-profits tax.
The
report on the measure,
as
asked by

to repeal the

make

a

Mr. Treadway.

The bill,
the

tax

which is regarded as representing the Republican

question,

would raise normal corporation taxes

which

the date on

postpone

resolution which

corporations must file their returns
It would dofer to July 1, 1938. the

undistributed profits.

for the surtax on

application of the tax to all taxable years commencing
and ending prior to July 1, 1938The author argued that

when it might

attitude on
and repeal
It would

12 y2% levy for the capital-gains tax.

Representative Celler of New York introduced today a
would

1%

1937 the undistributed corporate profits tax.

retroactively for

after Dec. 31, 1936,

such a plan would spur business by relieving it

of the necessity of turning over much money to

continuing:

and Means

but that in view of the Court's

would be made.

decision no recommendations

substitute a flat

ending of the special session of Congress

"Times"

likewise, said:

said there had been estimates indicating that $155,000,000 a year

member of the Committee,

Expected to Be Reported Out of
by Feb. 15 Says Representative Rayburn

case.

the New York

Representative Vinson of Kentucky, Chairman of the Ways
group,

<

Bill

of

municipal employees, or levying on the interest of
securities now tax exempt, after study of the Supreme

bill

Revision

the Sub-Committee decided

present all thought of taxing salaries

State and

The

Tax

If

additional $77 ,000,000

by 2% instead of 1%."

Dec. 15 rejected the Federation's hill as a substitute for the
Administration

Treadway, "would more than
be lost in present revenue.

by simply increasing the normal corporate income tax

this could be done

might be realized from taxing these sources,

from the
The House Labor Committee on Dec. 3, taking

action toward
ment

recommit

to

reported in these volumns

was

House

motion

motion

"nothing would

direct stab

the

"a

that

bill."

committee,
is

the floor by Representative O'Connor
Rules Committee.
Mr. O'Connor told

Rayburn was followed on
N. Y.), Chairman of the

(Dem.,

method of

taxing capital gains.

to abandon for the

against

and

place would increase the normal corporate tax by 1% and impose a

in its

it is recommitted,

if

and hour legislation."

influence

to

up' Treasury esti¬

3 against reporting the

members of Congress desire to impose a tax to raise an

urged that the members not permit objections to particular sections

the

Means

loss would accompany

revenue

of the undistributed profits tax," said Mr.

Democratic leader, took the floor in behalf of the

the

wage

repeal the

preposterous the Treasury's recent

as

capital gains levy.

"Herald

mean

measure.

"Direct Stab in the Back"
As

ago ,

18 Representative

On Dec.

profits.

ranking Republican of the

Committee declared

week

a

noted that the Sub-Committee

make up for the $77,000,000 which would

sentative Rayburn, the

The tax on

imposed on the different types.

now

ordinary boxed matches is two cents for 1,000, while rhe tax on paper book

123^% limit on capital gains to replace the present elaborate

,

significant that defeat of the bill

was

of the manufac¬

mate," Mr. Treadway said in commenting on the action of the Ways and

Standpoints Indicated

First, It Indicates a strong sentiment to give business a breathing spell from new

legislation.

Washington

This situation grew out of

matches.

paper

and doubtless comes closer to the fact than the 'cooked

regulatory

advices

matches,

"This figure is the judgment of one of the best actuaries in the country

standpoints.
Two

$25,

repeal of the undistributed profits tax and sensible revision of

instructions, advices to the "Wall Street Journal" of Dec. 18
from its Washington bureau said, in part:
It

over

said:

estimate that

produced with child labor.
4.

the

considering tax revision appeared in

hour and

of

Treasury of

Dec. 21 to the New York "Herald Tribune" from

and the
five-man adminis¬

2. Authorization to the administrator to fix minimum wages up

3.

In

taxes.

employees

representing

trative board.

an

the

to

matches is one-half cent for 1,000.

employers,
The Senate bill proposed the appointment of

public.

loss

000,000 out of the total $660,000,000 yield from all nuisance

years.

(Dem., Ga.),

repeal of the above-named nuisance

will result in the

taxes

hazardous

provisions:

Appointment of a

assisted

Ramspeck

five-man

Senate's

4045

It is stated that the

from

labor

prohibits

more

proposed to sub¬
agency
for the House pro¬
vision calling for a single administrator and a committee set-up similar
to the old N. R. A. arrangement, was defeated 134 to 77.
Already riddled with more than 100 amendments which added thousands
of workers to those exempted by the Senate, with child labor bans weak¬
stitute

Chronicle

the tax collector at a time

be needed to continue employment.

Chairman O'Connor of the House Rules Committee said:
"The progress

of the

made toward tax relief alone would justify the existence

special session.

"As

to

be solved overnight.

cannot
taxes,

subject

a

considerable

session,

of

which accumulated during a century and a half of its

the United States,

existence,

The social, economic and political problems

which

progress

hats

captured the stage

been

made

toward

during the special

modification

and

possibly a general overhauling of our tax laws.
"No

such

progress

would

ever

have

been in special session and afforded a
tax system.

There is

the regular session

every assurance

affording relief

as to

been made if Congress

forum for criticism of

had

our

not

present

of the enactment of laws early in
the corporate surplus tax and the

Although it remains to be placed among the special session "accomplish¬

ments,"

a

Ways and Means Sub-Committee reported today that it had

to

$25,000,000

ask for repeal

of several nuisnace taxes affecting receipts of

tooth

records,
paste

chewing gum,

and

brewers'

crude oil, sporting

malt.

It

was

goods, furs,

cameras,

further decided to recommend

retention of the present tax of two cents a 1,000 on boxed matches and to
increase the levy on paper box matches from a

1.000.




In response to

free to disclose the details of his conversation

inquiries he asserted that he did not believe the subcom¬

mittee's proposed substitute

Mr.

for the undistributed profits tax would cause

lose any revenue.

Vinson said that the tax situation was unchanged, as

White House and subcommittee,
on

the

President.

half cent to two cents per

with the reservation that the

of corporate earnings.

admit that his group is working on this

President

was

President

undistributed profits tax

subcommittee tighten in a workable fashion

Section 102 of the revenue law which imposes

able" retention

between the

from the time when his group last called

At that time the understanding was that

Roosevelt agreed to the House substitute for the

a year.

Among the nuisance taxes recommended for repeal were those on phono¬

graph

Mr. Vinson said he was not

with the President.

the Government to

capital gains tax, and possibly other provisions of our tax laws."

decided

Representative P>ed Vinson, Chairman of the House Ways
called on President
Roosevelt on Dec. 23, and said, following the interview, that
he had "brought the Chief down to date on the tax situation."
This was noted in advices to the "Wall Street Journal" of
Dec. 24 from its Washington bureau, which added:
and Means subcommittee on tax revision,

penalty taxes on "unreason¬

Mr. Vinson, who has declined to
section, refused to say whether the

satisfied with work done by the committee since their

White House call.

last

Financial

4046

Special Session of Congress

Farm Bill in Conference as

Adjourns—Legislation Embodying Ever Normal
Granary Plan of Secretary Wallac Provides for
Compulsory Crop Surplus Control—Bill Passed by
Senate Differs from That Adopted by House

the
New York "Times" as "the most complex and far-reaching
farm relief proposal to pass either house in the history of
the Nation," the Administration farm bill, embodying the
ever-normal granary plan of Secretary of Agriculture Wal¬
lace, was passed by the Senate on Dec. 17 by a vote of
advices Dec. 17 from Washington to

in

Described,

motion by Senator King
Agriculture and
Forestry was rejected by the Senate on Dec. 17 by a vote
of 29 for to 59 in opposition.
Earlier the present month the
House—or Jones—farm bill was passed by that body by a
vote of 276 to 130 (not 268 to 129 as at first reported), and
in that case, also,, before final action, a move to send the
bill back to committee was defeated.
The adoption of the
bill by the House was noted in our Dec. 11 issue, page 3748.
In the Senate the 59 votes for the adoption of the bill were
cast by 54 Democrats, three Republicans, one Independent,
and one Progressive.
The 29 votes in opposition were those
of 14 Democrats, 13 Republicans and two Farraer-Laborites.
With the ending, on Dec. 21, of the special session which
convened on Nov. 15, the two bills are now in conference
for the adjustment of their differing provisions.
As to
final Senate action, the Washington advices, Dec. 17, to the
Prior to its adoption

59 to 29.

a

bill to the Committee on

recommit the

to

"Times" said:
It

lthe bill]

that

automatically to conference with the expectation

was sent

would

it

the

at

emerge

with

session

regular

of its

many

drastic

along the lines of the House bill.
tactics he adopted in disposing

compulsory features modified

of the
Supreme Court reorganization plan, Vice-President Garner pushed the farm
bill through to final passage by refusing to recognize members who wanted
to speak further on the measures and its many amendments.
When the gavel fell for the final roll-call order, at least half a dozen
Using

the

members
unable

were

to

parliamentary

same

their

on

clamoring

feet

Mr.

recognition.

for

Garner

would be only a little more than the

production

On

which

passed by the Senate provides, as
compulsory control of

does the Jones bill of the House, for

surplus crops of cotton, wheat, corn, tobacco and rice; dif¬
fering materially from the House bill in language but not
in

principle in

far as compulsory control of the market¬

so

ing of surplus crops are concerned, the New York "Journal
of Commerce" observed, the measure clothes the Secretary
of Agriculture

with broad powers to establish an ever-nor¬

both

shipments of the commodities to market under a system
of marketing quotas upon the approval of the growers.

Reporting the differing provisions

soil

of

conserving

penalty taxes.

and

allotments

Marketing Quotas

on

be

cannot

quotas

Marketing

invoked on

of the five major crops
their application

any

until two-thirds of the growers voting approve

unless and

advance by local and county committees.
normally planted to soil-depleting crops

by referenda to be conducted in

addition to diverting acreage

In

land to grasses and legumes, the measure prevents
intensive cultivation from being used as pasture for

planting retired

and

land

of

out

taken

for

barter.

gift or

sale,

appropriates $275,000,000 of the $500,000,000

bill

The

is to remain available for conservation payments

$225,000,000
In addition

the $275,000,000 available for parity

to

bill

stipulated

parity payments if
The bill limits expenditures
by the Agricultural Adjustment Administra¬
insufficient.

amount proves
of the law

administration

time.

for the first

tion

advices, Dec. 17, to the New York "Herald
17, it was noted that until Vice-President
the chair the debate, under the five-minute

In Washington

took

Garner

rule, had been taken up chiefly with disposing of a
tude of amendments offered by Senator Theodore G.

an

come

bill

the

of

quotas
the two

bushels

of

case

established

everybody else.

amendment through, and that
A. Hatch, Democrat of New

only a single instance did he get an
reconsideration, after Senator Carl

In

on

be reduced

by

It provided that no cotton acreage should

to his aid.

come

than 5%.

more

.

.

.

wheat and corn, theoretically
The Senate bill, how¬
ever, has a clause providing that if there are not sufficient funds appro¬
priated the sums available shall be prorated.
This is regarded as a likely
eventuality, since the House has not provided for parity payments, and it
holds the purse strings.
Also, President Roosevelt has said that he will
veto
farm measure requiring more than $500,000,000 unless new
any
Parity payments would be made on cotton,

bring the prices up to that from 1909 to 1914.

to

provided along with it.

is

revenue

.

.

.

the program down, the Senate
An amendment by Senator McNary to

spite of an effort to hold the cost of

In

refused

advise any upper limit.

to

$500,000,000 was defeated.

to

limit the cost

day before final action was taken on the bill the
on Dec. 16 defeated, by a vote of 39 to 26, the efforts

The

bill

Senate

House

bill;

the

and

bushels

2,555,000,000

the

bill

and

Differences
almost

between

under

Leader

real farm

com¬

the

will be

bill

Senate

the

under

House

2,859,000,000

and

under the

bales

847,000,000

Senate

bill and

in

other

Barkley

the

of

be written

afforded the

Senate,
in

who

respect
the

striking

one

are

marked that

so

conference

write

to

probability

expressed

conference when he

safeguarding the

to

Both

program.

new

a

that

the

urging the Senate

was

bills

dairy

industry

provide

that

their

convert

idle

into

acreages

The advices from which

to

appear

against

benefit

of the five major crops—cotton,

growers

who

nal

is

in

adverse effects

of

coincide.
any

This

shall

payments

corn,

to speed passage of the Pope-McGill farm
Senate flatly refused to adopt the program and
programs involving purchase of wheat, wool, apples and other com¬
modities, which had been offered as riders to the farm bill.

be denied

purposes.

before

on

..yesterday

the

confront

ment

the

cessful

end

the

49
of

vigorous
39

to

the

refused

five-year

a

protest

of

the

to

its

reverse

incorporated in the bill

farm

bill's

The

sponsors.

fight

upon

the part

of

the

the farm production

industry

dairy

to

curtailment programs

The

Senate

Majority
ment

was

Leader

able to reach

Barkley

shortly after 4
and

tutes,

motions

p.

speedy vote

had maneuvered
m.

to

a

the

passage

on

membership

limiting further debate

recommit

to

a

of the bill after

maximum

of

into

an

agree¬

amendments,

on

substi¬

five

minutes

each

for

to

meet

the

this

Senate

speedily

been

had

agreement

rejected

two

reached

consideration

substitutes

which

was

had

been

Senators Josh Lee (Dem., Olcla.) and William Gibbs McAdoo

providing
control

for

The Lee
tute

was

between
be

a

features

domestic allotment
of

proposal

defeated
the two

pegged

investment,

the

to

rejected by

was

by

until

sponsored by Chairman Smith

Jones

members

Southern

told

bought.
(Dem., N.

of Senator Hatch
Jesse

Chairman

been

had

bales

6,000,000

supported

and

Committee

Agriculture

On amendment

of
that

guarantee
the

was

compared

as

to

offered

CCC

the

strict

crop

a

for

markets

Drastic
and

rice

that

40

to

The major

46.

the McAdoo bill

the cost of production
bill offered a parity

Lee

difference

provides that prices

plus

a

4%

payment.

return

Both

offering

bill,

definitely" accomplish
farmers

stood

the

Senator

McAdoo

said

that

it

would

earlier

by the House
their

idle

to

were

the

upon

operations of cotton, wheat, corn, tobacco

in

the

is

of idle lands for dairying purposes

day by 41 to 38.

virtually the

same as

that written in the House

the

lands

farm

for

the production

of dairy products for the market.

United Press advices from Washington, Dec.
Ellison

Chairman

cultural
farm

Committee

bill

the

would

during

D.

Smith,

said

delay

Dem.,

yesterday

formal




of

obtaining

only

a

small

income

"simply
from

21, stated:

South Carolina, of the Senate Agri¬

Senate

and

deliberation until

House conferees on the
after Congress convenes

regular session Jan. 3.

Proponents
delayed

bill

week ago and denies growers of the five major crops all
Soil Conservation Act unless they agree not to utilize

a

under

for

uses

new

studies

amend¬

of

late

as

farm

the
as

Feb.

1

program

without

said its final enactment
seriously endangering its

could be
operation

1938.

on

and

the objective in view and added that the fact that

chance

out such

appropriating $1,000,000
cotton and developments of new
be made by the Departments of

Wagner-Steagall

Housing

Bill

in

Conference

Both House and Senate Pass
his

Corporation

carry

La.)

(Dem.,

to prevent utilization

amendment

benefits

of

The

growers

restricted.
In

probably

could

would

permit the farmer unlimited production, but his domestic marketing would
be

lowered to 10c.,

Finance

Commerce.

and

restrictions

voted

Overton

Senator

abroad.

Agriculture

The

by

investigation

an

for

voice vote while the McAdoo substi¬

was

without involving any considerable sum of money.
before recessing until tomorrow the Senate also rejected an

offered

ment

by

(Dem., Calif.)
the

M) it

Reconstruction

the

program

and

proposal.

roll call vote of

a

substitutes

while

plan

Pope-McGill

hastened

is

(Dem., S. C.) of
by the entire cotton
States delegation originally provided that the Commodity Credit Corpora¬
tion
was
to purchase
cotton until the price reached 12c. a pound, or
Senate

Senator.
After

obstacles that

bill.

was

the government.

reached

was

be the last of the major

to

of the night session tonight at 11:07, agree¬
an hour earlier tomorrow and seek passage of

Upon conclusion

The cotton amendment,

Just

Senate

against reconsidering the amendment, marking suc¬

have their interests protected in
of

bill

believed

is

of the farm bill, and a vote tomorrow on the measure

passage

expected.

had

quote continued:

dairy amendment which had been

over

Senate voted

the

of

passage

the

Seek Passage Today

a

Shortly

session

bill,

amendment

since

Dairy Amendment Upheld
decision

night

in

control

surplus

other

wheat, rice and tobacco—

for dairying

pasture

wTe

part:
Meeting

the

the two bills

instance

prices of cotton to 10c. a pound. Advices to the "Jour¬
of
Commerce" on that date, reporting this, added,

lift

The

respects

force the govern¬

buying program in an attempt to

huge cotton

a

13,300,000 barrels under the

Many expect that this will be done, including Majority

bill will

ment into

House bill.

speed passage of the Pope-McGill bill.
In

to

bills

two

opportunity

every

the

under

the

bushels

1,050,000,000

17,500,000

cotton,

13,900,000

bill, it is believed.

to

A

operate under

to

reaches

supply

reserve

20,900,000 bales under the House bill; rice,
Senate

Floor

of the marketing

House bill.

the

in

the Jones

in

when

wheat,

the

under

corn,

under

allow the operation

would

those

drastic than

more

bills follows:

the

bill;

it

below

far

far

of the time when marketing quotas would begin

parison
In

because

House,

levels

at

is

Bilbo,

he submitted one, Senators would cry "vote," and then
"aye" from Senator Bilbo and a chorus of "no" votes from

time

Every
would

multi¬

In part, these advices also said;

of Mississippi.

Democrat

of cotton States members of the Senate to
bill

[Senate]

payments, however,

appropriates "such sums as are necessary" for

the

the
for

to rice and

producers.

tobacco

bureau, Dec. 17, said:
respects the

regularly appro¬

priated for soil conservation purposes to be used for making payments on
account
of parity goals
for wheat, cotton and corn.
The remaining

Senate

most

intended

the resulting milk or dairy products were

grazing purposes when

advices to the "Journal of Commerce" from its Washington

In

Senate inserted a
system for wheat,
the last session.

/

...

Referendum

bills, the

of the two

the

contemplated by the Senate bill is based on a complicated
conservation, adjustment contracts, benefit payments for
soil and reducing acreage, on marketing quotas, acreage

The program

the five major farm crops and to regulate

mal granary for

also take the following:

Schwellenbach,

Senator

title in the bill providing a crop insurance
had approved in a crop insurance bill during

it

system

by

amendment

an

separate

was

Pope-McGill bill

"Times" advices, Dec. 17, from Wash¬

In addition to the

ington, which we quote above, we

Mexico, had

The

to the point where
domestic allotment.

surpluses this would tend to cause them to cut acreages

was

them.

see

1937

25,

Tribune," Dec.

-

.

Dec.

Chronicle

their

The Wagner-Steagall housing
on

Dec.

21

after

the

Senate

on

After

Measure

bill was sent to conference
that

day had

passed the

Volume

by

measure

Financial

145v

the bill a
following a roll
standing vote of 267 to 30.
Before the

of 66 to 4; the House adopted

a vote

call, taken after
Senate action

a

bill

date the measure

Dec. 19 voted unanimously to report

on

full

the

to

Senate Banking and

subcommittee of the

a

Currency Committee
the

debentures

to

the

it

as

high

(Dec. 18, by a vote of 324 to 23,

week ago

Dec. 20, and on the latter

committee,

garding the subcommittee's action a dispatch from

Wash¬

Roosevelt

The

of

measure

of the

and is counted on by
construction.

private

stimulate

to

is Chairman,

Bulkley

Senator

which

of

as

1934 Act

$2,500 for making improvements on existing houses.

to

accepted, however, the major House amendments by which govern¬
insurance up to 90% of appraised value would be extended on
mortgagee on properties costing $6,000 or less and 80% for the next
It

the measure.
Nov. 29 by Senator
Wagner, who as Chairman of the Banking Committee sought in vain for
an
immediate consideration.
He met with sturdy opposition in the com¬
The

full

The

original

committee

mittee, and

bill

make further changes in

may

finally forced to appoint a subcommittee to

was

from

advices

with

Washington

respect

thereto

stated:

which

for

repairs

the

Senate

will

be

the

on

rested

Senator

Lodge

directing

payment

before

nothing

it

if finally

amendment,

while

living,

which

on

to random

recesses

of

repairs are undertaken under the Act.

or

the

said

an

would

enacted,

"unworkable."

measure

successive

standard

the

officials

housing

the

With

the House listened

between

to

act,

on

speeches

foreign affairs and the American

terminate debate

sought to

Senate leaders

the

Three

the

times

the

awaiting

that

message

for

recessed

House

requested a conference with

of

total

a

more

hours

than four

the Senate had passed the amendments and
the House to iron out differences in their

respective measures.

"Herald Tribune" from Wash¬

Advices to tbe New York

ington had the following to say as to the Senate action,
Dec. 21:

for

Lodge's amendment provided

such

by

let

as

President,"

of pay for workmen

that rates

and

projects
now

and

do

the

to

amendment

instances and to thus hike the cost of

where

point
will

agencies

90%

more

make

they

to

loans,

build
even

when they have to be the
scale has been in accordance with this

by the government,

of losing all

have been observed in every instance.

immediately

to

the
the

Garner, who had assumed
for the last few minutes of

"ramrodding"

session.

According

record

the

one-fifth

of

manner

amendment lost.
Senator McNary was
the ayes and nays.
According to the
taken only in case it can muster the

the
is

vote

those present.

of

by

up

the

Those

in

favor

of

the

there

announced

He

call.

roll

Senator

was

invoke

74

present, the requisite number was only 15.

a

their hands.

The

sufficient number

that since there were

He had counted 17 hands

The Vice-President replied that he had only counted 12.

himself, he said.

willing, he said, to count again.
high,

on

up

not

McNary then said

to

and

roll

the

call

was

This time there were 18 hands
ordered.
The result was over¬

whelming for the Lodge amendment, with 50 ayes and only 17 nays.
this

Following
Follette
bill

came

which

Jr.,
rural

to

offered by Senator Robert M. La
the benefits of the housing
adopted by voice vote after a 6hort

amendment

an

calculated

was

It

communities.

to

was

extend

debate.
One

cut

The

amendment

more

Garner

by Senator

further

all

Senate

While

was

the

then

vote

Henrik Shipstead,

and Vice-President

vote for third reading and engrossment which
amendments without unanimous consent being given.

jammed through

off

a

in

in

position

a

favor

came

North

Dakota;

of

the

to vote
bill

on

the housing bill itself.
its overwhelming

John

a

as

G.

surprise.

Townsend

Only

of

Lynn J. Frazier of
William E. Borah of

Senators

Delaware1;

principal differences between the House and Senate measures is that
House limits
insurance to a gross of
$2,000,000,000.
The Senate

The

The
years

from competing with

side.

Continuing,

extend

it

another

amortization

in

the

amendments
the Repub¬
"Times" advices from Wash¬

it

the

from

came

of wrangling, the measure was adopted
Banking and Currency Committee, except

hours

10

almost

after
as

the addition of

the

said:

(Dec. 18)

exactly
for

House on the bill, on Dec. 18,

that Administration forces in

bill, these proposals coming chiefly from

to the

lican

three words.

was offered by Representative Mott of Oregon.
"property," in a section dealing with appraisals,
by the addition of the words "urban or rural," so as to leave no doubt
that country homes would be eligible to benefits the bill would confer. . . .
The bill amending the Housing Act, highly technical
in nature, was
debated only by members who have given special study to workings of

amendment

The

It

adopted

the word

qualified

the law.

led by Representative Wolcott of Mich¬
member of the Banking and Currency Committee,
by Representative Luce of Massachusetts.
Votes on the various amending proposals followed party lines, for the
most part.
Toward the end of the long session, which lasted until
nearly 9 o'clock tonight, members made little or no pretense of listening
to the reading of the seemingly countless amendments Mr. Luce had to
offer.
Representative Steagall of Alabama, Chairman of the Banking and
Currency Committee, and his majority aides offered no argument against
attack

the changes was

on

igan, ranking Republican
aided

and

they were voted down

completed reading
The

its

measure

as

automatically as fast as the clerk had

them.
approved would so amend the Housing

the Banking

of

words

Act as, in the

Committee's report, to "maintain the

soundness of

and at the same time stimulate a large amount of new
which is such an important concern of industry, labor and

operations

construction,

It

seek to accomplish this objective

would

by converting the $2,000,000

insurance into a revolving fund, with maximum
outstanding liability limited to the same amount and by insuring only
new construction
mortgages after July 1, 1939.
.
.
.
present limit on mortgage

Representative Maverick of Texas, one of the
the wage bill,
.
.
.
saw little merit,

for,

Housing Act amendments.
housing bill is a slight improvement,

concerned,
"The

leaders of the floor fight
so far as recovery was

the

in

but very slight, and will

"Interest is still too high—the Nation must
understand, and those who lend money must understand, that in England
housing was accomplished by an interest rate of 8%.
The present
not

bill

bring recovery," he said.

is

5y2%.
in

"We

Congress

have

and scared.
The Democratic
In such a situation, conditions of business
What we ought to do is to boldly face
else we will get a first-class depression."
become cautious

party is breaking its pledges.
and labor will only get worse.
the facts and go

ahead, or

$1,000,000,000

on

approval of the President.

the Senate bill against 20
provides associations may issue

period is made 25 years in

House.

The




Senate

bill

Administration's bill to encourage the
to $16,000,000,000 worth of privately
homes was recorded by the House Banking
Committee on Dec. 16, at which time Associ¬

Approval of the
of

new

up

from Washington stated:
after Nathan Straus, Admin¬
istrator of the United States Housing Authority, had announced the ear¬
marking of an additional $33,700,000 of public funds for slum clearance
and low-cost housing programs in seven cities.
That brought the amount
earmarked in the Housing Authority program to $105,300,000.
Through the private and public housing programs President Roosevelt
hopes to better business generally.
'
Members of the House committee said that in the bill they approved no

ated Press accounts
The

change

committee's action came a short time

was

and

interest

made

in the

service

by a previous decision
houses

$6,000

provision for reducing from 5^% to 5% the
allowed to institutions making loans insured

charge

by the Federal Housing

Administration.

The committee, they said, stood

to permit 10% down payments and 90% loans on
and to provide for the portion of cost between

costing up to $6,000

and

Under the

foreseen,

was

Idaho, and Lodge, all Republicans, were against it.

would

be restricted
field.

would

exemption of

Mortgage associations

quickly repulsed all but one of the

the House

or

somewhat

nature

the

mortgage associations.

With the final action by the

financed

vote stuck

holding the record

counted.

Vice-President

was

reported to the

like the House bill, provides for tax

government

and Currency

He

the inclusive charge

to

date, referring to the bill as

issued by national

construction

Lodge Amendment Adopted

raised

was

his feet asking for

on

rules,

ruling,

his

to

immediately
consent

changes

it was noted in the "Times"

voice vote by Vice-President

a

his best

chair and

Federal guaranty.

Lodge first introduced the amendment it was put almost

Senator

When

Senate

same

The Senate measure,

serious effect will be that

before

they do not check constantly during the course of the work they

the risk

run

who wish

persons

many

estimate

labor standards

that

and

The first effect will be to raise the

quoted.

The second and much

so.

other

be

to

underwritten

case

and

For houses above the $5,000 mark,

last-minute

the

debentures
set

twofold, according to informed

will be

provisions

practical guarantors that the wage
In

of

Department

scale in most

rate to union

though

a

government alike."

these

who refused

housing
banks

for work of similar nature in the same

pay

Labor with the approval of the
"adequate labor standards shall be -maintained" on

the

that

of

will

not

interest

for

under the Senate bill.
Under the
Va% service charge.
A charge of 5^4%
insurance only for those dwellings costing
made

be

not

Senate, the "Times" observed:

be less

construction.

effect

observers
wage

of

"previous rates

locality,

The

will

provide that the aggressive
amount of principal obligations of all mortgages insured and outstanding
at any one time shall not exceed $2,000,000,000,
"except that with the
approval of the President such aggregate amount may be increased to not
exceeding $3,000,000,000."

them,

Senator

engaged on construction work insured by the government shall not

all

to $2,500
what was behind

provide the government insurance of loans up

5%%.
of

The

the housing amendments.

than

r

measure

and rehabilitation.
It could not be learned
to cut out this important feature.

$5,000.

Thus,

amendment by
of prevailing wages in localities
adopted

Senate

the

came,

residential construction

new

Federal

v

adjournment

as

where

the housing measure and sending it to conference,

Before passing

on

the House

One of

move

made

be

will

ington

make

•

is thrown out by the
The House had revived this title of the 1984 Housing

charges

less than

vis-a-vis the House measure is that the
project is $1,350 a room and $1,150 on

provision
large-scale

Title

of

would

Service

Prevailing Wage Clause Voted

where

a

on

Senate committee.

time by

a

housing amendments to insist on its own amendments
to the measure, the adjournment agreement was
effected when the Senate
finally reversed its Banking and Currency Committee and restored House
amendments for Federally insured loans for residential repairs up to $2,600.
conferees

it

the House says

private associations in the small home

dilatory tactics in the Senate and a demand
by Representative Rankin, Democrat of Mississippi, that the House instruct
Threatened for

its

while

projects.

On the

special session (Dec. 21), and the

of the adjournment of the

capital

:

important

room

small-scale

study it.

of the bill by the Senate came on the day

The passage

"Times"

in the Senate on

introduced

was

a

One

$10,000 house.

a

on

their

times

day (Dec. 20) the same paper, from its

present Housing Act there is

ment

$4,000

15

20 times.

as

.

Another

Act

struck out
passed by the House late yesterday the revived title
by which the government was authorized to insure loans

subcommittee,

the

up

Administration

of

extent

guaranteed.
limit

The whole

would amend the National Housing Act,

The bill

go

On the preceding

ington to the New York "Times" stated:
the

may

Washington bureau, reported:
The bill as reported by Senator Robert F. Wagner, Chairman of the
Banking and Currency Committee, guarantees 90% of the first $6,000
mortgage on a $10,000 home.
The remaining $4,000 would be 80%

Re¬

reported by the full committee.

was

4047

Chronicle

land,

on

20% down payment and 80% loan.
required, either in cash
all dwellings covered by FHA mortgage insurance.

$10,000

a

present law a 20% down payment is

in
3746;
on page 3581 the introduction of the bills to carry out the
recommendations of President Roosevelt for housing legis¬
lation was noted, while the President's message embodying
References to committee

these

columns

hearings on the bill appeared

Dec. 4, page 3581, and Dec. 11, page

his recommendations was

given on page 3579.

Financial

4048
United

States

Supreme Court Prohibits Use of Testi¬
mony Based on Wire Tapping—Seven-to-Two De¬
cision Is Written by Justice Roberts—Dissenting
Opinion
by Justice Sutherland—Statement
by
Attorney General Cummings

Evidence obtained
used

in

ruled

criminal

Dec. 20 in

on

whether

a

conversations

which formed the first test

criminals.

of

vote of 5 to 4 that a

decision

in

was

effect

in 1028, when it decided

a

by

a

Washington State law insuring secrecy

of

telephone and telegraph messages did not prohibit con¬
victions in a bootlegging case.
The Communications Act
was
passed three years ago.
The majority opinion on
Dec. 20 was written by Justice Roberts, and was con¬
curred in by Chief Justice Hughes and Justices Brandeis,
Butler, Stone, Cardozo and Black.
The dissenting opinion
written

was

Justice
In

and

shared

was

in

by

McReynolds.

The

Dec. 20 said,

on

majority

ruled

that

cepting communications
enforcement

phrase

a

same

as

prohibiting

any

from

person

inter¬

Federal law

10

else.

anyone

25,

1937

immunity;

was

theory of tax
affecting the Government's right to tax
employees are soon to be argued and decided.
noted in Washington advices to the New York
cases

salaries of State
This

was

"Times" which added:
Ever since the court at the last term held the
salary of William W. Brush,

New York City water engineer, immune from taxation there has been
anxiety
lest the principle of this ruling be widely extended.
Today's decision made
Government officers feel much more hopeful.

In the same account it was stated that in the two Dec. 6
decisions of the Supreme Court, revenue experts were inclined
toward the view that they might modify the
long established

rule under which

taxing
vice

State Government has been barred from

a

instrumentality of the Federal Government

an

In part we quote further from the
on the date indicated:

versa.

and

Washington

advices to the "Times"
Chief Justice

Hughes in the majority opinions, sustained by Justices
Stone, Cardozo and Black, held that West Virginia and Wash¬

Brandies,

constitutionally entitled to levy upon the gross income of
Government dams in the Kanawha and Ohio Rivers and at

were

contractors on

Grand Coulee.

divulging their contents applied

or

the

agents

in part:

Dec.

handed down (Dec. 6) that while the ma¬
jority ruling in two tax cases ruled on applied only to con¬
tractors, Government representatives saw in them an in¬
dication that the court might revise the entire

ington State

summarizing the opinions, Associated Press Washing¬
advices

ton

Sutherland

by Justice

the decision

gov¬

by listening to telephone

The

of the court's ruling

reversal

to

as

Communications Act forbids the

evidence obtained

use

States Supreme Court

United

the

case

Federal

the

ernment to

by tapping telephone wires cannot be

trials,

Chronicle

A severely critical minority finding, read by Justice
Roberts, and supported
by Justices McReynolds. Sutherland and Butler, asserted that the majority

opinion shattered court rulings of a 100 years.

The

Department of Justice had contended that Congress did not intend
prohibit wire tapping to obtain evidence, but Associate Justice Owen J.
Roberts, who read the majority opinion, insisted that the law included

The result

was

victory for the Government, which

a

won

a

decision in

to

another

Federal

Two principal questions lay at the heart of the two cases
decided; first,
whether the State tax imposed an unconstitutional burden on the Govern¬

officers

Assistant

"within

its

sweep."

Justices

George Sutherland and James Clark McReynolds dis¬
They asserted that the decision would "necessarily have the effect
of enabling the most depraved criminals to further their criminal
plans
over the telephone,
in the secure knowledge that even if these plans involve
sented.

kidnaping and

murder,

their

telephone

conversations

can

be

never

decision

The

alcohol

will

Callahan,

receive

Hugh

sentence

wire-tapping
"For
to

years,"

the

used

one

in

Justice

morality

of

convicted

men

They

Robert

and

others

was

four

trials.

new

Brown

the

and

that

means

year

Frank

are

Gottfried.

and

York

C.

of

smuggling

Lardone,

Nardone

day each.

a

"In

the

Roberts

the

said,

practice

drew

three-year

a

Evidence

obtained

by

wire-tapping

by

with

officers

respect

to

obtain

grave

the view of many that the practice involves a

think

we

within

its

Federal

sweep

officers

another

wrong.

is

it

as

well

as

well

judgment must be reversed and the
further

for

Chief

unduly

.

receipts of

its activities within the borders of the State does

not

fere in any substantial way with the performance of Federal functions
and is

exaction.". ;

v;::' •;

'■

Justice

a

Inter¬

valid

r

Roberts replied in an

oral statement

from

the

bench,

later repeated in the written minority opinion:
"The decision

runs counter to

the settled rule that

State may not, by taxation,
burden or impede the United States in the exercise of its
delegated powers.
The
judgment seems to me to overrule a century of precedents and to leave the
a

application

of the rule uncertain and unpredictable."

written

so

Justice

remanded

cause

who

wrote the

dissenting opinion,

case

West Virginia appealed from an injunction
granted by a

three-judge Federal
the Dravo
a

to the District

court against collection of

a

$135,761 tax levied against

Contracting Co.

In the second, the Silas Mason

Co., David H. Ryan and others asked

the court to overrule the Washington State Supreme
Court, which had held
that their income received from the Grand Coulee Dam work

proceedings in conformity with this opinion."

Sutherland,

In the first

to

as

others.

as

'J-

recognized

principle is that the sovereign is embraced by general words of
statute intended to prevent injury and wrong.
Court

not

'

light of these circumstances

"That

"The

was

jurisdiction.

"We hold that the West Virginia tax so far as it is laid
upon the gross

respondent derived from

To this

"controversy has raged

of

correct

Naturally the paramount controversy was over the first inquiry, and
this Chief Justices Hughes found in the West Virginia case
(later

duplicated by the other):

obtaining their conviction.

principle leads to the application of Ihe statute
include

hampered and that the State exercised

L.

Austin

evidence.
"It has been

majority

Justice Hughes ruled in each instance that the Government

upon

New

in

also.

case

ment; second, whether the State had proper jurisdiction over the
territory
where the contractor's
work was performed.
For the

inter¬

cepted by officers of the law and revealed in court."

major

Chief Justice Hughes delivered the Dravo decision first.

said:

"My abhorrence of the odious practice of the town gossip, the peeping torn, and
the private eavesdropper Is quite as strong as that of any of my brethren.
"But to put the sworn officers of the law, engaged In the detection and
appre¬
hension of organized gangs of criminals, in the same category is to lose all sense
of proportion.
"In view of the safeguards against abuse of power furnished
by the order of the

taxable.

was

Justice Roberta

then read the minority opinion, after which the Chief Justice
handed down
the other findings, with which the minority again
disagreed but without a
written statement,

Both

cases

with the

were

argued at the last term, but reargument

Attorney General instructed

Attorney General, and In the light of the deadly conflict constantly being waged
between the forces of law and order and the desperate criminals who Infest the

first the matter of jurisdiction

ordered,
Govern¬

ment's views.

land, we well may pause to consider whether the application of the rule
forbids an Invasion of the privacy of telephone communications is not

was

to appear and present the

which

being carried

In the present case to a point where the necessity of
public protection against crime
Is being submerged by an overflow of sentimentality."

In his

17 page decision in the Dravo

General

over

Reed, who argued the

still held

control

lands leased

over

case

Mr. Hughes carefully reviewed

the territory.

case

a

He agreed with Solicitor

short time ago,

that West Virginia

by the Government and

the river

over

beds.

Announcement

the

to

effect

that

evidence

obtained

by

tapping telephone wires crossing State lines will not be used
by the Department of Justice, in view of the court decision,
was
made by United States Attorney General Cummings
Dee. 21, according to a dispatch on that date from Wash¬
ington to the New York "Times," which went on to say:
on

The

fact

that

the

Attorney

General

specifically

Then passing to the question of tax immunity, he held that the
Dravo
Co. was an independent contractor and that the tax was not
really upon
an

Cites

"interstate

mentioned

implied that the department was not yet satisfied whether tele¬
phonic conversations solely within a State border were also barred by the
court

Supreme Court opinion after another to support his view,

one

he incidentally made a statement later construed to

ruling.

The

mean

that the

majority,

for the present at least, considered Government securities still tax
exempt.

wires"

7-to-2

instrumentality of Government.
Quoting

"There is
with

respect

Difference in

ineluctable logic

no

Government

to

which

Issues

makes the

bonds applicable

to

doctrine
the

of immunity

earnings of

an

in¬

dependent contractor rendering services to the Government," Mr. Hughes

Attorney General conferred today with several of his aides, notably
Brien McMahon, the Assistant
Attorney General in charge of the criminal
division, and William B. Barron, the special department attorney who

said.

represented

affect

the

government

the

in

Nardone

settled

case

by

the

court

yesterday.
"The

dence

of

the

Supreme

Court

settles

obtained.by tapping of interstate
and

shall,

we

of

be

course,

wires

the

proposition

not

is

governed

admissible

that
in

accordingly,"

evi¬

Federal

Mr.

Cum¬

view

decision

of

the

fact

rendered

ment

officers

mend

that

in

the

Supreme

the Olmstead

yesterday such

case

practice

Court
several

had

the

on

sanctioned

years

ago,

part

of

and

the

until

law-enforce¬

the prosecution

agent

in

"There

conduct

"Any
must

was

this

court

open

as legal,
no responsible
person would recom¬
of officers acting in good faith, as did the Treasury
who, with the approval of the trial judge, testified in

would

the

investigative

units

concerned,

have

indicated

least,
any

to

be

this

in

in

the

here

that

obtain

Federal

his

to

convictions

without

is

that

a

at

of

So

far

a

tax which

'would operate

respecting

would

continuing security.

directly

Vital

the permanent relations

con¬

of the

are

not

found in connection

with

contracts

made

of

immunity from non-discrimiatory local taxation." and that the
an

Decision

He also said that it

U.

S.

of

Federal

But




page

necessarily true that the cost to the Govern¬

even

if there

was

an

might be willing to absorb the tax.

increased cost, the tax would not be

as

"The argument ignores the power of Congress to protect the
performance
of the National Government and to prevent interference

legislation

is

therewith through any attempted State action," he stated.
Justice Roberts, in his dissent, went back to John Marshall in

for

the

it

was

present

at

evidence

of

to

prove the

case

majority

of McCulloch

vs.

wrong.

an

attempt

He quoted the former Chief Justice in the

Maryland, and said the principle there laid down

forbade taxation by a State "of property of the Federal Government
or

salary" of

any

or

of

of its officers.

"The tax in question is plainly imposed upon the operations of the Federal

Supreme

3747—It

invalidated,

on.

of the function

time."

Court

Upholding

Contractors—Opinion

prohibited upon the principle announced in McCulloch
ever

burden and is

a

vs.

Maryland and

since consistently applied in the decisions of the court," Justice Roberts

concluded.

Brief reference to the recent decision of the United States

11,

not

He dismissed the suggestion that if a 2% tax was upheld, West
Virginia

It

large number of

wire-tapping

Supreme Court in which, in a 5-to-4 decision
taxes levied against Federal contractors was
Dec.

was

ment would be increased, as a contractor

Government; it falls squarely within the definition of such

of

Taxation

concern

immunity "which, if it exists, pertains to the Government and

which the Government disclaims."

the office

Given in Dravo Case

columns

to

asserted

such

Congress.

conversations,

endeavor,

help

a

present

interstate

would
the

the

are

for

r

State

involved

as

might try to impose a levy up to 50% or more.

matter

there

Government.

only

department

distinguishing between

cases.

subject

express

spoke

for

reason

future

the

connection

opinion

no

Cummings

and

011

character.

Recent

obligation

Government to investors in its securities and its ability to maintain its credit

he went

by tapping wires.

every

decision

legislation

remembered

I

to

seem

to

Mr.

obtained

matters

further

While

there

—considerations which

regarded

case,

to

prior

be

are

a

borrow before it is exercised' and which

Government's

Chief Justice Hughes held that the Dravo Co. had "no constitutional
right

practice of wire-tapping
the

the

from time to time for the services of independent contractors."

mings said.
"In

the power to

siderations

decision

courts,

"That doctrine recognizes the direct effect of
on

was

it

upheld State

made in these

stated

at

the

time

Points

made

in the

Washingtn State

cases

were

covered in

the

Dravo

opinion previously delivered.
Soon after these rulings were made,

the

cases

This

case

the court granted review in

affecting the Government's right to tax the salary of

a

one

of

State agent.

involved salary received from 1931 to 1935 by Clarence M. Freed-

Financial

Volume 14S
of

man

Philadelphia

Although the Government appointed him and

done under

was

liquidation cases of the Pennsylvania

as a lawyer in

Department of Banking.
his work

from funds of banks he helped

liquidate.

of

Nine New York

Clearing House Banks Cleared of Lia¬
bility in Failure of Harriman National Bank &
Trust Co.—Appellate Division of New York Su¬
preme Court Affirms Decision Dismissing
Govern¬
Suit to Recover Deposits

ment

Appellate Division of the New York Supreme Court on
Dec. 17 unanimously affirmed a decision of Supreme Court
Justice Shientag dismissing a Government suit to recover
$2,842,616 from nine member banks of the New York Clear¬
ing House to complete the payment of depositors in the
closed Harriman National Bank & Trust Co. of New York.

The action, which was brought in the name of the Comptrol¬
ler of the Currency, was previously referred to in our issue of
March 20, 1937, page 1885.
In commenting on the decision
on

Dec. 17

The "Times" added:

by

clearing house committee in 1932 to prevent the Harriman bank

a

from closing.
to pay a

Originally 20 banks

were

named

as

defendants, but 11 chose
The legality of these

total of $3,592,943 rather than fight the suit.

payments was not questioned in Justice Shientag's decision.
Because the

Appellate Division's decision

must obtain its

the

unanimous the plaintiff

was

permission or the permission of the Court of Appeals to carry

further.

case

Justice Shientag based his ruling primarily on the failure of the bank
Presidents who negotiated the agreement to submit it to their boards of
directors for ratification.
The nine defendants who
ers

Trust Co.,

were

cleared of liability

by the ruling

are

Bank¬

Chemical Bank and Trust Co., the Continental Bank and

Trust Co., the Fifth Avenue Bank, the First National Bank, Guaranty Trust

placing

which

will

New York Wins

Victory in Literage Case

another

victory Dec. 19 in the years-old
Literage case when a special federal court of
handed down a decision at Trenton, N. J. dis¬
missing a suit brought by the Board of Public Utility Com¬
missioners of that state indirectly attacking the decision of
the Interstate Commerce Commission in the literage case.
won

New Jersey
three judges

The suit

actually brought to set aside

was

an

in

Italy,

position.

advantageous

more

a

the commercial

in

appear
two

treaty

under negotiation.

now

exceptions

temporary.

very

The other is permanent and concerns preferential tariff advantages which
Italy is according to Austria after Dec. 31, 1937.
These preferences are

similar

the

to

and Cuba and

preferential

so

were

obtaining between the United States
by the United States.

system

not resisted

ICC Allows Further Rate Increase

The

Interstate

Commerce

Commission

Dec.

on

18

ap¬

proved freight rate increases estimated to return $15,000,000
to $20,000,000 annually to railroads.
The increase, effective Dec. 20, were allowed by approving
tariffs proposed by the railways on specific commodities
after the ICC granted on Oct. 19, 1937 increases estimated to
bring in $17,500,000 annual revenue.
While approving most of the proposed tariffs, the Com¬
mission suspended the new rate schedules on five commodities
specifying these become effective July 20, 1938 instead of
Dec. 20, 1937,
A hearing will be held in the meantime to
determine the fairness of these proposed rates.
These were on industrial sand in carloads, seeds in carloads
between the intermountain and Pacific Coast territories,
rough rolled glass, sulphur in carloads via water lines be¬
tween

New York

trade

specified.
One concerns preferential advan¬
which Italy accords to Albania, Austria, Bulgaria, Hungary and
Yugoslavia, which will expire at the end of this year and therefore are

animal

and

trade.

international

in

treatment

tages

Title Guarantee and Trust Co.

Two individuals, Percy H. Johnston

more

most-favored-nation

of

American

are

Co., Bank of the Manhattan Co., Public National Bank and Trust Co., and
William C. Pattern, also were defendants.

placing her

as

extension

it was

arrangement,

furthermore, not only undertakes to stop discriminating against this coun¬
try but grants the United States the benefit immediately of Article 8,

made

was

The complaint alleged that the banks were liable because of an agreement
made

thus

by the Appellate Division, the New

York "Times" of Dec. 18 said that the decision

without opinion.

the

said, was
in line with the general broad position

signing the temporary

in

Under the temporary arrangement, Italy grants the United States mostfavored-nation treatment as regards customs rates, quotas and
exchange,

There

The

handed down

'

Italy's action
regarded here

^

The dispatch

definitely improved for the negotiation of one.
continued:

the salary was actually derived

State officials,

4049

Chronicle

North

Atlantic

and

South

Atlantic

and

ports,

on

poultry feed in carloads in Illinois and Southern
transportation territories.
Commodities upon which the Commission allowed freight
increases included virtually everything not in the so-called
"heavy-loading classification," covered by the Oct. 19,1937
or

order.
Some of the increases

were:

4 cents

a

hundred

on

fresh meat

and

packing products, 3 cents on long hauls of sugar, 1 to 2
cents
on
brick and clay products, peanuts, fertilizers,
vegetable oil, malt liquors and liquor containers, salt, soda,
oil well supplies, and glass containers.

order of the Commission re¬

quiring that freight rates between Camden and points in northern New

Jersey should be no lower than the rates between Philadelphia and northern
New Jersey points.

The basis of the attack

Minimum Bituminous Coal Prices of NBCC Effective

was that the Commission in the

Some

literage case had held that northern New Jersey should be crouped with the
port of New York for rate making.

Made

Portion of Oklahoma

heard the arguments in the

case

just decided

were

Slightly modified from those announced by the National

Judge Davis of the U. S. Circuit Court of Appeals, Judge Avis and Judge
Forman of the U. S. District Court of New Jersey. The opinion, was written

Bituminous Coal Commission

by Judge Forman.

schedules,

dismissing the suit yesterday, the court held:

First, that the grouping of northern New Jersey with New York for ratemission in the literage case in which the state of New

Jersey was a party:
Second, that if New Jersey had desired to appeal from that decision it

In

case was decided.

to the* contention of New Jersey that it was
hearing, the court held that the state had had
ample opportunity to present its side in the literage case and
that the commission in approving the grouping of New
Jersey with New York had merely confirmed a rate adjust¬
ment existing for many years and upon which basis the busi¬
ness of the country had been built
up.
There was no ground, the court held, for considering the
commission's action arbitrary or otherwise unlawful.
answer

denied

full

a

of

Temporary

Trade

States and
The

signing in Rome of

ment between the United

by the

United

to

visional

clause,

trade

effective at 12:01

hearings.

effective,

replacing

The provisional

and Count

in

until

Italian

"Count
which

on

17

pro¬

immediately
expired two days

a

in

Galeazzo

permanent

and

Ciano,
treaty

American

Italian

Foreign

Minister,

will

Phillips

have

The NBCC

a

commercial

accord

the

which

notes in
basis of moststill

is

being

1871, made at Florence.

The old treaty expired
dispatch from Washington, Dec. 17, to the
New York "Times," it was explained that the treaty under
In

negotiation
believed

a

is not

that

of

on

minimum

several

formal

petitions

for

prices

railroad fuel.

on

schedules appeared in our

Dec. 9 announced

to

that

and

Iowa,

It

will

become

similar

Commission

said

a

scale of minimum coal

proposed

spondingly

below

the

addition

for

all

different

Also

district

coal

mines

the coal

in
was

Dec.

on

prices adopted

producers

proposed

provisions

of

east

27.

the

the two

in

United

In

hand-loaded

5c.

to 15c.

domestic grades.
applying to all coal

per

ton

and corre¬

sold

by code

into box

cars.

This was

not

a

necessary

said.

provisions

prices

were

industrial coals,

on

on

producers are allowed to charge 25c.

Commission

than

areas

135

for

other

the

districts,

prices

for

this

In the other districts there was a

apply to all the market areas.

variation

slight

general

the

States,

other

in

by

prices

the Oklahoma-Arkansas

extra

ton

to

the

effective

that the

levels

members,

in

affect

will

Washington, Dec. 9, it was also stated:

the

In

effect

in

now

Press advices from

depending on

the

section

of

the country

to

to be shipped.

The modifications made

as

a
a

reciprocal trade agreement, but it is
result
of
the
improved commercial

arrangements between the two countries the prospects have




understood to have met general objections
and are expected to result in the abandon¬
proposed move for an injunction against the

are

operators

by

ment

of

a

of the prices, said

continued
Earlier

:

•

today

original

Washington advices, Dec. 15,

York "Journal of Commerce" of Dec. 16, which

to the New

its

by the NBCC in the price sched¬
areas in Iowa and east of the

for the coal producing

adoption

favored-nation treatment provided in the commercial treaty

15.

date

Mississippi

Mississippi
exchanged

According to Associated Press accounts from Washington,
Dec.
17, the arrangement continues in effect the most-

Dee.

rejected

15 pending

prices for Arkansas and Haskell, Le Flore and Sequoyah
Counties, Oklahoma, providing for lower rate on house¬
hold grades and higher prices on industrial sizes.
The scale,

ules

negotiated."

of Feb. 26,

in

The modifications

Dec.

on

reference to the price
issue of Dec. 4, page 3583.

remain

is negotiated.

Ambassador

awaiting signature of

nation,

Dec. 16.

m.,

Commission

effective

the

which

communique issued after the signing said:

Clano

a.

Previous

became

which

the two nations guarantee a continuation of traffic on

favored

the

the most-favored-nation

and

agreement

an

Rome,

produced

agreement, signed by United States Ambassador William

Phillips
force

Dec.

from

Ac¬

The advices added:

earlier.

An

accounts

Dec. 17.

on

coal

stay or suspension of the price schedules, including one by
the American Association of Railroads asking for a stay

above
arrange¬

bituminous

by the Commission
The

Nov. 30, the minimum price

on

for

Mississippi and in the State of Iowa be¬

made

The

Italy

Washington

agreement, based
on

United

mine,

were

States and Italy was made known

Press

signed

was

Between

temporary commercial

a

State Department at

cording

Pact

the

came

States.

Signing

at

east of the

areas

making purposes had been held lawful by the Interstate Commerce Com¬

should have done so at the time the literage

—

Areas

for

of
Mississippi and in Iowa—Petitions for
Delay Denied—Scale Announced for Arkansas and

New Jersey as between Philadelphia and New York.

In

Schedules

in

East

The effect of the Commission's order in

this instance was to require the same rates between Camden and northern

The three judges who

Modifications

rule

the

Commission

prohibiting

y;

entered

substitution

-

.

:y" v/;

order temporarily modifying
by a producer of higher price

an

It

6uch

cases

the

for the grade or size coal ordered.
substitution
may
be made in emergency

is now provided that
after approval by

grade coals

Commission.

Modifications made by the Commission
not

given

regulatory

out

in

body

detail

said:

in minimum price schedules were

by the Commission.

In

a

formal

statement the

r

in

prices on smaller sizes of

took

orders

petitions were dismissed because thef price modification
the complaints they contained, it was stated.

of

lists

number

a

of

after

said that if Congress

and

few years."

a

Representative Dies told the President hq was confident a majority

of

care

The Commission

25, 1937

did not balance the budget there would not be any Democratic party
there would not be any solvent government

number

A

"I do not think you overstated the case when you

.
.
.
'In a
coal In the Eastern territory have been

relief was justified It was^pranted.

where temporary

esses

general way
changed.

Dec.

Chronicle

Financial

4050

of the

House would give "the fullest co-operation possible" if Congress is assured

that in announcing its minimum price
errors crept in.
These errors are being

also pointed out

that

typographical

policy."

will be all down the line and will be a consistent

"the curtailment

of the nation, including the wages of

whole financial structure

"The

West Virginia, asking a
stay in the effective date of, the minimum prices the Commission ordered a
public hearing in the case to be held here on Dec. 28.
Bequests lor postponement of the effective date of minimum prices con¬

workers, the benefits of the aged and the income of widows and orphans, is

tinued before the Coal Commission today.

appoint a committee to draw up a complete program for budget balancing.

dismissing the petition of Carter Coal Co.,

In

Mr. Dies wrote.

Mesnick, Governor Herbert H. Lehman

Through Assistant States Attorney

the form of

manufacturers in

he said, would then try to obtain

program,

resolution approved by as many of the House as possible."

stand you have

taken and to

you

assure

will find in the conference

you

Bupporfc than is now predicted," the letter concluded.

more

Consumers' Counsel of the Commission, con¬
increase the annual coal hill of its

minimum prices would

the

tending

of New

the

through

postponement

a

"Again permit me to congratulate you upon the courageous and patriotic

York, stating that it represented 1,600
the State, all large consumers of coal, filed a petition for

Industries

that the caucus would undertake to

Roosevelt

approval by the entire conference "so that it may be transmitted to you in

the largest of which is the

government itself.

Associated

.

Mr.

Leaders in the economny

requested postponement of the prices on the ground that they

of New York

.

.

Dies advised

Mr.

,

would affect consumers in that State, among
State

dependent upon the balancing of the budget at the earliest possible date."

membership.
A

of

number

ment

of

coal

date

pending

asking temporary postpone¬
hearings on their complaints

public

against certain provisions in the price

Farm

Six-Point

companies also appeared,

effective

the

Program Adopted by American Farm
Price Stability and

Federation—Provides

Bureau

Surplus Crop Control—Secretary Wallace Urges
Farm, Capital, and Labor Unite for "Balanced

schedules.

Abundance"
RFC

Acts

to

Cancel

$2,675,000,000 of

Notes

Held

adopted a six-point farm program designed to stabilize
prices and provide surplus crop control.
The delegates to
the convention from New York State voiced opposition to the

Jessee H. Jones, Chairman of the Reconstruction Finance
Corporation, announced on Dec. 16 that a bill is being
prepared for submission to Congress providing for the can¬
cellation of about $2,675,000,000 of RFC notes held by the
Treasury for funds expended for relief and for other govern¬
mental agencies.
At a press conference, Mr. Jones explained
the proposal as a bookkeeping operation designed to meet
criticism directed at the Corporation that it was carrying
no

same

United Press advices from Chicago, Dec.

bill

a

to

equalize

price

levels

im¬

industrial

of

Federal

marketing

farm

for American-grown

of

orders

stabilize

to

the

(crop control).

surpluses from market channels under a system
upon
warehouse or trust receipts (ever-normal

crop

based

loans

and

agreements

Secretary of Agriculftire Henry A. Wallace addressed the
convention on Dec. 13. and in advocating a policy of "bal¬
abundance"

anced

summarized

Press advices from Chicago,
defined

He

produce more farm

folks"

would

counties and municipalities the last half of 1932 and the early part of 1933,

turn

out

Dec. 13:

abundance"

"balanced

would

advanced to States,

as

products

under which

system

a

for

the city

products for farm

more

United

in

follows

as

to

The Secretary's

goods."

out more

further

were

labor and capital

agriculture,

urged

together to turn

remarks

The items aggregate approximately $2,676,000,000 and include $1,783,-

and $500,000,000 each for the years 1933,

conservation).

granary).

* |g

? =

tariffs

agricultural commodity

any

Withholding
of

RFC notes held by the Treasury for moneys expended for relief and for

was

Federal

and

price level of

"pull

000,000 for direct relief, $283,000,000 of which

industrial

for development of hew outlets

program

State

Dec. 16:

other governmental agencies by direction of Congress.

(soil

products.

preparing a Bill for presentation to Congress that will cancel

are

soil fertility

of

agricultural commodities.

A

preparation which would "authorize the Commodity
Corporation to borrow direct with government
guarantee instead of through RFC as heretofore."
This
measure, Mr. Jones said, is being drafted in accordance with
President Roosevelt's message to him last October approving
corn loan in which the President requested such legislation.
The President's message to Mr. Jones was referred to in our
ssue of Nov. 6, page 2944.
The following is the announcement issued by Chairman
We

maintenance

in

reduction

A

was

Credit

on

and

Restoration

Agricultural tariffs protecting domestic markets from competing
ports which force American prices below "parity" levels.
-

in

Jones

15, voted to sup¬
"statement of policy" which recommended:

port a

and

time that

terming compulsory crop control as unwanted "col¬
The convention, according to

program,

lectivism and regimentation."

recoverable value.

Mr. Jones also disclosed at the

Federation, at the closing

session, Dec. 15, of its recent annual convention in Chicago,

Treasury—Bill Being Drafted for Submission to
Congress—Another Measure in Preparation Would
Authorize CCC to Borrow Directly

asset items which had

Bureau

Farm

American

The

by-

agriculture

market and the

"city

use.

Stressing the cooperation of agriculture, labor and business, Mr. Wallace

1934 and 1935 to the Federal

said

Emergency Relief Administrator. IK#! i
| ; |
1
The other items are advances for the capital of Home Loan Banks and

"An

the Home Owners' Loan Corpporatlon; to the Land Bank Commissioner

of

farm prices were of on use if workers and business men

high
afford

not

to

unusually large number of forces

agriculture,"

could

them.

pay

at work to destroy the

are

unity

Wallace said.

Mr.

for loans to Joint Stock Land banks, and for loans to farmers (later used
as

Edward

capital of the Federal Farm Mortgage Corporation); to the Secretary of
Federal

and

Farm

Mortgage Corporation; to the. Federal

on our

fundsjlor

The

these purposes in lieu

aB

RFC notes representing these

officers

borrow

we

direct

as

a

also preparing a bill which will authorize the CCC

with

government

compulsory

guarantee

instead

of through

RFC

First

to

the

a

year.

told the President he would call

caucus

leader




an

that

be

"to

prosperous a

industry

labor

among

the three groups."

the resolutions asserted that if

willing to permit restoration of free competition,

were

for

making

resolutions

would

longer

no

related

request

support

to:

agricultural

and

Labor—Oppose

ening of
to

a

there is

recommend
legislation

working hours and

"parity"

no

further need for gigantic Federal relief

relief responsibility to States.
increasing further disparity through short¬
higher wages until farm prices are restored
return

relationship.

Steps to Balance Budget Urged by J. Herbert
Case—Offers to Savings Bankers Program to Effect

Immediate

Reduction

in

Federal

Federal

program
bert

*

.

of progressive reduction of expenditures, J. Her¬
told the Officers Forum of the Savings Bank
in New

York

City

on

Dec. 21.

The national

in our whole

political economy. He pointed out that although
savings bank
deposits approximate $10,000,000,000 and
assets
of life insurance companies total $26,000,000,000,

social and
)

or

Government must immediately embark on a

budget, he said, has become a central factor

increase in revenue."

Repeal

Case

Association

:

Deficit—-Would

Tax—Cooperation of Government

and Business
The

"I have just read with profound pleasure your letter
addressed to Congeesman Cartwright relative to the
necessity of balancing the budget either
or

statement

in reading

Vice-President,

Relief—We maintain

opposej every effort you wu™
budget and will clamor for bigger appropriations to be dis¬

decrease of Federal expenditures

"collectivism and regimentation."

"maladjustment

for the

agriculture

expenditures

said that most of these so-called liberals will

Mr. Dies wrote.

a

appropriations—Favor adequate appropriation
legislation.
Transportation—Opposition to increased freight rates.

immediately after

f

was

Agricultural
effective

Congress convenes to draft and agree upon a definite program to balance
the budget and support the President's
economy program in the House.
He predicted that at least 100
Democrats^would join the movement, but

tributed among their constituents."

list

presented by the

fair economic balance among agriculture,

a

Modify Profits
a

unwanted

as

as

Federal

quote,

continued:

a

program

State delegates, who criticized

the

budget-balancing
we

presented

of

Other

majority in Congress that it

The advices from which

and

"organized

after reading Mr. Roosevelt's letter to
Representative Cartwright of Oklahoma, Chairman of the House Roads Com¬
will have to take the blame if it disturbs nis

as

Government."

of the Southern Democratic bloc which worked to defeat the
Wage and Hour bill.
United Press advices from Washington
on Dec. 23,
reports that Mr. Dies wrote to the President

mittee, warning the Democratic

1937"

laws, tariffs and labor and business monopolies were blamed by

Smith,

business

President Roosevelt's economy demands has been made
by

through

Federation's farm

the resolutions

delegates

Earl

Representative Dies Promises President Roosevelt to
Organize Movement in House to Support Presi¬
dent's Economy Drive—To Call Caucus to
Agree on
Program Toward Balancing Budget
A promise to organize a movement in the House to
support

to balance the

of the "AAA of

labor."

Federal

Representative Martin Dies (Democrat) of Texas,

control

crop

on

nation must maintain

heretofore.

Mr. Dies

the

to

as

and

plans for next

The following,

the pending House farm bill, which
President Edward O'Neal and other

Resolutions Committee came from New York

are

Fed¬

Smith, of

Earl

"tragedy for agriculture."

Only opposition

recoverable assets to the extent of their

In accordance with the President's message to me when he
approved the

loan,

indorsed provisions

convention

Congress, but remained silent on
was
described earlier by Federation

probable value.
corn

and

on

to

terns are necessarily carried on the books of the Treasury but the items

only treated by the Treasury

15,

the closing session, Dec. 15, is from the Chicago
United Press account of that date quoted above:
bearing

books they are treated separately from

the regular activities of the corporation.

are

Dec.

on

of the

President

reelected

was

term

.

Congress used this method of providing
of direct appropriations and

third

a

Detroit, 111., was reelected Vice-President.

Housing Ad¬

to the Governor of the FarmJfCredit Administration; for
Regional Agricultural Credit Corporatios and for Disaster Loan Corpora¬

ministrator;

tion; and other similar minor items

O'Neal

A.

for

eration

Agriculture for crop loans; for capital of Commodity Credit Corporation

Volume

Financial

145

these amounts combined
the

Federal

deficit.

of

proposed course
action designed to reduce the deficit, Mr. Case said:
The undistributed

the

investor at

of

small.

capital
markets.

profits tax,

the expense
should

It

has

gains

it

underwriting

upon

involved
have

in

be

We

have,

it

is

of

new

the flow

not

capital

into

solve

not

be

should

however, that

employment.

the

underlying

of

problem

the
we

still

are

him

active

employs its

depends

if

now

still

and

ought

we

he

large

measure

and

of

if

long

so

subsidies those

promote

to

so

this

If

cooperation.
in

nees

the

Both

is

to

get

attitude

pressure

and

to

this

made costly

1938
to

did

mark

union

longer

refuse

we

it.

face

to

for vindictive-

of business toward

or

sound

sound

and

enterprise

problem

Our

finance

in

today
private

our

I

have

seemed

where

afford

can

the

I

points

enables

to

that

which

the most important,

respects perhaps

some

feel.

We

most

perilous

have

reference

already

are

they

as

be

are,

weigh

can

there

when

and

be

exaggerated
sometimes

as we

under the
neither

time

'38.

What

it

may

not

leaders

Substantial

Lasting Recovery Looked for
by H. H. Heimann of National Association
Credit
Men—Dependent on Cooperation of

Government, Business, Labor, and Agriculture
Observing that "as
of

evidence

ment

that

more

see

enter 1938 there is an

we

of

adds

abundance

agriculture, labor, business and govern¬
clearly that their mutual welfare is de¬

this

"should

that

perception,

sounder

they

toward

move

then 1938

basis, leading the way to

on

much

a

Heimann

was

number of years."
This comment by Mr.
contained in his monthly review of business

sent

the

Association's

lasting for

ery

to

a

manufacturing

banking,

and

do

mental

that

be

of

that

realize

centered

has

in

largely

come

new

a

emphasis

on

least

at

one

of

out

capital

every

such a year, in which con¬
that really calls for alert, efficient

as

it is

The

the

to

This,

prosperity.
will

agriculture.

as

the methods

penalize
1938

spending is not the way

now

well for the new year.
of group subsidization,

as

they benefit those engaged in agricultural pursuits.

in

turn,

brought
should

focus

to

cause

the

return

a

responsibility of public
of the assumption of

responsibility and protection of prerogatives by those who have been elected
the

by

people.

government,

Since

is

it

a

this

in

is

accordance

an

abundance of credit at

be

be

a

half

to
of

failures

6ure,

1938, but
will

be

this

the

with

our

basic

ideas

exceptionally low rates.

There

continuation of increased failures during the first
should level off later in the year.
The increased

consequence

of

the excesses

the

will

business

basis

to

men

be
a

long

as

whether

reverse

not

our

we

have

in

as

they
would

can

realization

to come.

that

our

profit

debt if

reduction of

among

possibilities ahead.
It is doubtful
to an equitable increase of taxes




such

debt

government

capital and

to

labor

business.

minority in

a

to

irresponsible

the

Jersey—Addresses

by

Governors

Dec. 21 of the

on

new

vehicular Lincoln

held in connection with the ceremonies

was

Mr. Ferguson presided at

Gov. Lehman of New York

was

the speaker

of the

tunnel, while Gov. Hoffman
spoke at the Weehawken end.
Secretary Ickes of the De¬
partment of the Interior and Mayor La Guardia were
speakers at the luncheon.
In introducing Secretary Ickes
Mr. Ferguson said:
Our official records state that it took three years

build the Lincoln Tunnel.

There

are a

took considerably longer, although

with

few of

us

and

seven

months to

here who would say that it

fur engineers would perhaps not agree

1

us.

We remember days back in 1931 when
the need for

a new

Port Authority studies had showed

crossing under the Hudson between the George Washing¬

Bridge and the Holland Tunnel.
States of New
we

York and New Jersey were agreed upon the plan.

thought, stood ready to finance the project; but our dream was
We

shortlived.

were

of events convinced

us

at the low

that there

point of a depression and the harsh logic
was no

market for bonds.

Prospects looked dark for a new Hudson River Tunnel; but in spite of

depression, traffic

the river continued to mount.

across

Here

was a

It seemed a bad

project that was needed, one that would furnish

employment on a large scale, one that would pay for

itself—but no money

started.

to get

We turned to

The Government had determined upon a

Washington.

policy of supporting self-liquidating projects that would create employment.
The Federal Public Works Administration lent an attentive ear to our re¬

They showed that confidence

They felt confidence in our program.

quest.

by advancing a loan of $37,500,000 and it was with this sum that the wheels
set in motion and the Lincoln Tunnel begun.

were

I

been repaid.

happy to be able to report that this loan has since

am

We have received from the Federal Government an outright grant of three
and one-half to four million dollars and in addition the

PWA has recently

agreed to give us further assistance towards the construction

of the second

tube and the necessary approaches.

particularly happy to have with us today the man who personally

are

tor of the

Mr.

than any other for the support which we have found

I present to you the Honorable Harold L.

in the PWA.

Federal Emergency Administration

Ferguson

spoke

Ickes, Administra¬

of Public Works."

follows in introducing Mayor

as

of New York Authority, I want to extend a most

On behalf of The Port

cordial welcome to you who are our guests today.

It is appropriate that

representative citizens of New York and New Jersey

should join with us in

celebrating the opening of the Lincoln Tunnel.
new

another link, forged in friendship and

Interstate crossing is

hail the successful completion

to

of

a

an«neighbors that we meet
project from which so many com¬

munities will benefit.
The Lincoln

Tunnel is

more

than a tube under the river.

approaches as well, linking it to the important arteries
In the planning and construction

have depended to a

we

sistance given us

only an important

system of the great City of New
years,

of such approaches

considerable degree upon the cooperation and as¬

part of the progressive program

a

It includes

of traffic on both

by the City of New York.

Lincoln Tunnel is not

The
also

Interstate artery.

It is

for modernizing the transportation

That program has, during recent

York.

moved along at an impressive pace, thanks largely to the intelligent

leadership of this City Administration.

In part

Gov. Lehman spoke as follows at the dedication

exercises:
I

see

ment

taxation

There is, however,

seriously object

government

accomplished by

see

both

,

in the Lincoln Tunnel, not only a

but beyond this, a new evidence

splendid engineering accomplish¬

of successful cooperation between

joint agency,
learned to approach their

Through the Port of New York Authority, their

people of New York and New Jersey have

joint problems in a new way.
the

1938

for years

general willingness to absorb heavy taxation on an equitable

business

reduce

side

diminished

New

at the Manhattan end

the

On

by

practices

Fair

deserves.

check

by the Port Authority.

hawken Plaza.

States.

of '37.

Taxation

bills

he

the functions both at the Manhattan Plaza and the Wee-

of

constructive force.

1938 will have

will,

and

sides of the river.

particularly

is growing

sharply

more

to permanent

recognition that past methods as well
being contemplated for bringing price parity to farm¬

much

This,

augurs

mark the peak

There

as

sees

officials.

therefore,

probably

in

ers

to

of view that reckless

point

1938

resistance

a

benefits

however,

cooperation between neighboring States; and it is

the easy acceptance of experimental
economics, for there was a sharp veering towards the time-tried and proven
conservative methods of solving our economic woee.
Many have been won
with

opens

apparent,

new

is owned

This

Spending
1938

is

the next few years,

tunnel, under the Hudson River, which connects
Mid-town Manhattan and Weehauken, N. J. was built and

:

•

that labor

Tunnel, between New York and New Jersey was marked by
addresses by Federal, State and City officials, and a parade
participated in by all branches of the United States military
organizations.
Frank C. Ferguson, Chairman of the Port
of New York Authority presided at the dedication, and the

five years

distinguished

And

ingenious management.

'38,

in

grow

within

life

crystallization of

A

LaGuardia

conserving

capital becomes necessary,

in our

Ceremonies

funda¬

on

increase capital.

seeking to

servation

'37

sounder basis for '38.

presages a

must

men

should

though earnings

Out of the very adversity that char¬

1937.

the

would,
labor

is responsible more

satisfactory year even

a

few months of

last

the

Business

and

earnings of

thinking

efforts
from

the

reach

not

acterized

1

the whole, should be

on

him

it

The dedication

"We

Earnings
1938,

to
end

this

to

factor

a

inevitable.

is

Lehman and Hoffman, Mayor LaGuardia,
Secetary
Ickes and F. C. Ferguson of Port Authority Feature

In part, he said:

wholesaling members.

public opinion.

continue

measures

capital

legislation could do much to protect the average work¬

to

unfair

York

substantial recov¬

very

a

realization

a

will be

recovery

in

the

of

between

definite

so

which will

point,
result

labor,

and

predicament.

pendent upon a spirit of cooperation," Henry H. Heimann,
Executive Manager of the National Association of Credit
Men,

become

labor-capital "conflict.
legislation eventually
and labor, '37

recent

enactment

responsibility

Dedication of Vehicular Lincoln Tunnel Between New

ton

in 1938

of

has

the

of

peak

witness

mutual

Such

insure

organized

The

to

this

should

Bankers,

Trend

the

not

may

insure

labor

on

in

and

man

to

today?

accomplish

indiscriminate use

definite turning point in

a

this

if not

the

accomplish

implications.

their

It

true—that

can

was

the

agreement.

be

remote

so

what cooperation

conditions

it illustrates

in

believe to

hope and

effort may not

difficult
nor

I

because

only

now

goodwill

formidable

already shown

policies

our

of

men

common

and

because it has

it

responsible politician would seriously propose

any

this

understanding,

mentioned

have not

I

emphasize what

basis for

a

consider

run

make

on

to

me

obstacles

my

We have not reached the point in America
with the virtue of self-reliance, and I doubt

trifle

to

long

have.

we

and

in

beneficiaries.

so-called

we

many

them,

altogether too obvious.

whether in
that

One of

in

mentioned, and that is the effect of continued public subsidies

not

the

upon

anything today it means,

citizenship

artificially high silver prices,

marked

luncheon which

life.

means

stake.

at

greenbacks,

accountability and responsibility

opinion

the

and

judgment, that Federal
expenditures must be aggressively and progressively reduced, and Teduced
without delay.
I have tried to show something of the human values which
are

probably

necessary

groups

the penalty for which can

mistakes,

of

devaluation,

Although

hinder economy

or

room

no

toward business

government

the

promote

public

If

forward, there is

move

our

inflation through the various

Labor

Congress

not

or

constituents,

its

of

comprising

groups

prevent serious

against

back to work and safeguard the future by doing everything

men

possible

of

have

heavier

grow

to

are

attitude

government.

only

we

issuance

1937

final plea this evening, gentlemen, is for a fresh venture in

iny

of all

part

The repeal of legislation authorizing further devalu¬

of the profit from the
and other measures of
type would do much to make the situation more comfortable.

hearty cooperation of business.
And

the

on

vigilance to

Congress was

help.
The

Whether

powerful.

the

upon

stop

he preached more spending;

as

economy?

independence

to

are

we

building up

to be

now

preaches

politically

recently asserted

in

ease

remains,

politics is going to need

emergency,

follow

repeal

reducing

for

to stop draining for current

are

public credit which

quite ready to follow the President
it

unjust taxes,
Its immediate
Federal expendi¬
the problem by stimulating

The

problem.

emphasize the necessity

Meanwhile

unforeseen

will

I believe they

will hardly balance the budget of itself.

to

mortgaging the future, if
some

extent

important as they

these steps,

even

tures, and its ultimate effect should be to

reserves

that

to

developments.

new

1938

disposal.

on

restrictions

The

and

securities,

in

our

Organized

forget,

however necessary,
effect

of

of

issues

tax

concentrated the risks

unduly

clear,

now

at

in our security

factor

modified.

substantially

need

determined

a

original

liberalized.

must

do

are,

be

should

stabilizing

a

The

revised.

drastically

or

but

is

means

ation,

judgment, has temporarily favored

my

repealed

anything

flotation

the

obstructed

should

in

a

of the worker, and big business at the expense

be

been

think

I

discussing

The

$1,000,000,000 below

still about

are

In

4051

Chronicle

reduction

spending.

was

also partially

I

see

in

the Lincoln Tunnel new

and heartening proof that great im¬

by a public agency with an ability
standard of industrial efficiency and with

provements can be planned and executed
which measures up to our highest
a

selfless devotion to the

Government.

before.

public? good which reflects

This the Port of New York

Tunnel in

the

our highest

ideal of

Authority has demonstrated

north—the Holland
south—the Staten Island bridges—our first Union Inland

The great George Washington Bridge on our

Financial

4052

fact

that

record of intelligence and integrity has

administered by an agency whose

said:

earned it the confidence of the community it serves.

As Governor of New York, it is a satisfaction to know that the

It is

Port

behalf of world peace, he never lost faith in the superiority

the taxpayers.

more

ment of reason to

Authority bonds, secured by the revenues from these great facilities.

as

statement:

dedicate here today a great new link in the highways

we

of

We open new vistas of health and learning and commerce, we strike

people.
off

Secretary of State, played a distinguished and gifted part in the develop¬

IfcThe river of steel and

with

and rubber and glass that will flow through
It flows to no sea of oblivion. Rather

copper

whole people.

No single

undertaking for

an

any

of

could do it.

men

In this provision of highways

It is too vast

the

use at

common cost

and for the

common

born in Potsdam, N. Yr, and spent his
early life on a farm in Minnesota where his family moved
when he was nine years old.
Besides being Secretary of
State and Ambassador to the Court of St. James, Mr. Kellogg

other function.

any

Secretary Ickes sketched, from the standpoint of the
Federal Government, some of the early history of the under¬
taking: and in his address made the following comments:

also served

In order to obtain impartial figures, we had asked the Bureau of Labor

Its findings

United States Senator from Minnesota and

as

a

Judge of the Permanent Court for International Justice.
He was winner in 1929 of the Nobel peace prize.
The follow¬
ing summary of Mr. Kellogg's public career is from the New

Statistics of the United States Department of Labor to make a special in¬

quiry into the job-creating aspects of this project.

'

Mr. Kellogg was

benefit, Government justifies

common

justifies it in

policy

He will be mourned not only In his own country, but

be bad charted.

throughout the entire civilized world.

and tunnels and bridges for the

its existence perhaps more than it

war as a

unshaken in his devotion to the course which

To the last Mr. Kellogg was

less than the whole of us by action through our

He had the courage

be pursued by civilized governments.

to

Governments, local, State and National.

hight

realization of this

a

by the renunciation of

and to take his stand for world peace

great that we can accomplish it only as a

man or group

and with

forever be associated.

brush aside difficulties which might have baffled a less determined man

to

of miles of street and

highway to the destination chosen by its driver.
whole enterprise is so

unfaltering energy, devoted himself at the

deep wisdom and

ideal in treaty form his name will

it breaks into a million streams flowing back uphill into the United States,
each rivulet and each single car speeding over millions

' ^

leader in the public life of this country, Mr. Kellogg,

of his career to the ideal of universal peace

this great tunnelis a river in reverse.

This

in the Department of State.

us

For many years a

shackle from the ankles of mankind.

one more

foreign relations of the United States, is deeply regretted by all

ment of the

We give billions of minutes to millions of

sends his goods by motor car.

or

of Frank B. Kellogg, who, as Ambassador at London and as

The passing

of individual

By this much we broaden the limits of life for every one who travels

liberty.

Secretary of State Hull, expressing his own regret as well
that of the State
Department, issued the following

than $200,000,000 has today been invested in

From Gov. Hoffman's remarks we quote:
So

An indefatigable worker in
of the arbitra¬
physical force in the government of man.

the passing of Frank B. Kellogg.

has gone in

gratifying evidence of the confidence we all feel in the Port Au¬

a

thority to know that

figure in our national life and in world affirs

An outstanding and sincere

Lincoln

Tunnel, like these other great facilities, has been financed and constructed
without placing a new burden upon

25, 1937

velt

public Improvements can be ably constructed, efficiently

great

Dec.

paid to the former Statesman were those of President Roose¬
and Secretary of State Cordell Hull.
The President

Building—bear witness to the

Terminal in the Port Authority Commerce

Chronicle

were most

York "Herald-Tribune" of Dec. 22:

interesting and enlightening and bore out what I had always contended,
In

namely, that the indirect, and to the thoughtless, the invisible benefits that
result from
more

public works of this and similar types,

project has furnished

than six

more

hours of construction-site labor to

an

one-third million

average

of 1,300 wage-earners.

The

employment peak was reached in November, 1936, when 2,800
given work.
went

$1.09.

Throughout the period of construction

more

than $6,898,000
of

The production

procimately

of

15

raw

million

working

five others

were

man-hours

of labor.

In

other

for

words,

on the tunnel during the last three years,

the days

Cooperation

timber, petroleum products and many other items

between the

Federal

of

these

dreams

that

has

magnificant accomplishment is

a

come

and

local

their effect.

the

Lincoln

Tunnel.

It will stand

and local communities join hands and work together on the solid

He

on

seek the

was

defeated by Henrik Shipstead.

very

friendly with

as

Secretary

of

In London

Then Charles Evans

President

State.

Kellogg in Wash¬

of St. Jame's.

large part in the Dawes plan negotiations.

a

Coolidge called

Secretary of State from March 4, 1925, to March 4, 1929.

was

his

27, 1928. amid

the Nobel Peace Prize in

seven

under-river highway.

1929, was

Through that instrument, signed

world, renounced

policy."

The idea probably originated in

and pride that I, as spokesman for the men who built the Lincoln Tunnel,

.

of international good will, the high

a flurry

"as an instrument of national

.

The most important, a docu¬

contracting parties, including all the great powers of the
war

.

extradition treaties his years

the State Department saw 76 pacts signed.

in Paris on Aug.

Ferguson in part said:

a new

caused him to

man,

Minnesota was considerably
had

the great surprise he was to give the wiseacres.

ment which was to win for Mr. Kellogg

foundation

of New York Authority, it is with pleasure

the people of New York and New Jersey

.

.

the so-called Kellogg-Briand Pact of Paris.

At the Manhattan Plaza Mr.

open to

.

What with liquor, arbitration, customs and

as

of public support and approval.

As Chairman of The Port

When

Ambassador home and made him his chief Cabinet officer.

This

be done when the Federal Government

can

Kellogg
came

Hughes resigned

credit not only to the PWA and the States

of New York and New Jersey, but to all of our people.

permanent evidence of what

Mr.

President Coolidge who had become

he took

had been unrealizable dreams.

is

itself.

for him to seek re-election in 1922 (in the Senate)

came

Then, in 1924,

communities

war

home with his peace

radical than it had been and the senior La Folett's vituperations

more

pro¬

of the

came

the leader of the mild reserva-

was

ington, made him Ambassador to the Court

Government

true

Kellogg

make very little effort over his campaign.

duced in widely separated parts of the country.

A strong advocate

especially comfortable to be a mild reservationist in

Mr. Kellogg's belief that the office should

approximately

employed at other places in 40 different States.

has resulted in achievements which seemingly,

not

was

of the "battalion of death."

When the time

every

spent for steel and iron products: $2,000,000 for stone, glass and

coal,

It

tionists.

Facts established by the Department of Labor showed that some $5,000,-

chemicals,

and President Woodrow Wilson

war was over

treaty under his arm Senator

materials, their fabrication into finished products

clay, while the remainder, approximately $10,000,000. went for machinery

One

committeeman from Min¬

of interlude.

preparedness, he worked hard for it until the country entered the war.

the

work away from the site as it did here in New York and in New Jersey.

was

His only previous national political
national

Republican

as

and then he worked hard for an efficient conduct

'

and their transportation from other States resulted in the creation of ap-

000

been

His six years in the Senate were a sort

The Lincoln Tunnel project created about two and a half times as much

two men

of the American Bar As¬

elected President

was

traveling on the Pacific Coast in 1916 when he received

nesota in 1912.

the pockets of workmen who drew an average hourly wage of

into

had

experience

were

men

Kellogg

was

He accepted and was elected.

Senate.

man-

and

He

telegram from 80 Minnesota editors asking him to be a candidate for the

a

apparent direct results.

This

Mr.

1912

sociation.

exceeded greatly the

resolution introduced in the Senate

a

earlier by Senator William E. Borah, of Idaho, and subse¬

years

The people of both States, I know, join with men in honoring the men whose

quently proposed by Premier Briand as a bi-lateral agreement between

work

France and the United States.

we

celebrate today—for it is to them that this day belongs.

It

Speaking at the Weehawken Plaza Mr. Ferguson said
among other things:
Lincoln Tunnel is

The

an

integral

of that board plan

part

which
in

for which

The Port of New York Authority was created—that is, to make it possible

natural

water

IfcThe Lincoln

barriers

between sections.

Tunnel, providing

a

brought the signatories together in

1928.

when

for people and commerce to move with speed and efficiency around this great
Port District without regard to the artificial barrier of a State line or the

Secretary Kellogg, however, who undertook to broaden the pro¬

was

posal outlawing war to all nations, and it was his energy and persistence

The ink

the

idealistic gesture for peace

an

scarcely dry on the hopeful and historic document

and Asiatic

diplomats of European

countries realized that

once

YvVY'V' 'Y-Ayy^:Y.v-

.yV-.-Y\^y

pinion.

1929, Secretary Kellogg returned to his law practice.

the next

more,

year

he

was

take Charles Evans Hughe's place on the Permanent Court

highway system; it will

Justice at The Hague, generally

communities

prove a

thus

stimulus to the progress and future growth

provided with

metropolis—and it furnishes at the

same

direct and

a

time

quick route to the

a new avenue

for city dwellers

to reach the open spaces on the other side of the river.

From the New York *'Times"
An idea

of the dimensions

of the

we

new

his home in St. Paul and The Hague, having

of two-lane roadways,

following:

Lincoln Tunnel

between curbs, 21H
13

may

be gained

Death

a

Ultimate cost of complete project,
Cost

of depressed

highway

across

Robert

—Co-Author
Winner

of

feet.

Johns

Ambassador

Bingham

$10,000,000.

Prize—Also

Senator—Tributes

by

Served

as

President

Roosevelt

and|Secretary Hull
""Frank Billings Kellogg, Secretary of State under President
Calvin Coolidge, former Ambassador to Great Britain, and
co-author of the Kellogg-Briand world peace pact,
Dec. 21 in St. Paul on the eve of his 81st birthday.
stricken

with

cerebral

pneumonia set in




on

thrombosis

Dec. 18.

several

Among the

weeks
many

died

He

on

was

and
tributes

ago

the

was

20

Dec.

of

Kellogg, Former Secretary of State
Kellogg-Briand Peace Pact was

and

Bingham,
Great

to

had

who

Britain

since

been United States Am¬
1933, died on Dec. 18 in

Hopkins Hospital, at Baltimore, Md.
His death was
to abdominal
Ilodgkin's disease, a rare malady
nature
has never been
exactly determined.
Mr.

whose

$74,800,000

Peace

Bingham, United States Ambas¬
Britain—Expressions of Condolence

ascribed

total of 32 fans.

of

Nobel

W.

bassador
31

on

Death of Frank B.

W.

George
feet.

feet.

Palisades,

Robert

by President Roosevelt, Secretary Hull, and King

Maximum depth from river suface to top of tunnel. 75 feet.

buildings with

of

sador to Great

External diameter of cast iron and cast steel shell in general,

Three ventialtion

become one of the most active

justices of the court, in spite of his advanced years.

take the

Length of south tube, portal to portal, 8,215 feet.
Length of north tube, portal to portal, 7,400 feet.
Length of each tube, under river, 4,600 feet.
Width

of International

For nearly five

called the World Court.

before his resignation in September, 1935, he passed his time between

years,

from the following data supplied by the Port Authority:

Operating headroom clearance,

And

brought out of retirement, this time to

for buses, for trucks, across the river, is an important link in our modern

of the

it

contained no enforcement clause, no penalties beyond international public

'

Once more, in

swift and safe route for passenger cars,

was

at

G6

Funeral services were held
Mr. Bingham was publisher
"Courier-Journal" and "Times."
Presi¬

years

old.

Louisville, Ky.

Louisville

Mr. Bingham's death, said:

dent Roosevelt, commenting on
I

feel

the

the

of Ambassador

loss

friend

but,

as

one

Nation, he exercised

decent
United

his country.

All of

us

an

of

the

foremost

citizens

is

with

Ambassador
His

career

the

have suffered a heavy loss.

deepest

Bingham.
was

of

active and consistent influence

statement:

Secretary of State Hull said in a
It

He was not only an old

Bingham keenly.

Kentucky and of
in the cause of
government and high ideals in politics.
As Ambassador of the
States to Great Britain he truly represented the best interests of

personal

sorrow

He

throughout

was
one

that
a

I learn of the death this evening of

close

of true

friend
civic

of

many

service

in

years' standing.
fields.
He

many

Volume
had

been

145

Financial

outstanding

neighboring districts.
try's journalists and
was

as

in

agricultural

He

was

Ambassador

our

highest value.

He

was

But

faithful

a

perhaps

Great

to

in

Kentucky

the most distinguished

among

editors.

leadership
his

Britain,

most

where

of the

his

work

of

was

"the

the

of

message

condolence

death

the

on

dorff

"Marse

Their

papers

Before

and

and

the

Louisville

his

suffrage
his

"Times,"

which

he

acquired

first

had

papers

Mr.

were

in

the

Ambassador,

as

ardently

in

the

also,

the World

General

Russian

honor

no

stranger

times and had passed

many

Mr.

Bingham
of

the

and

under

the

will

of

school

campaign

at

1933.

taken

ville,

degree

associate

an

of

the

at

the

law

later establishing the

of

a

his

Franklin

D.

to

war

German

1862.

the

of

statue

a

not

only

Hindenburg,

Quartermaster-

propaganda

unite the

to

combat

vast

a

force

von

As

arms.

headquarters

to

and

German

the

and

people

of

the

After War

so invulnerable by
compelling the resignation of three German

credited with

he

when

had

had

been

not

fear

no

presented

in the

course

the

North

of

University
of

Louisville

of

Pryor, O'Neal

of Bingham

and

culminated

in

putsch, which
He

&

& Davies

1897.

Pryor,

was

with

displeasure;

Lord.

Count

Emperor
at

but
von

William

general

General

Westarp,
declaring:

headquarters,

for

Emperor cannot touch him."
to

Sweden, where he wrote

a book defending
Berlin, where the government

Munich,
and

that he

acting in plotting

was

...

resulted

acquitted

November,
General

in

returned

1923,

the

in

Ludendorff

so-called

being

tried

raths¬

for

his

to Prussia.

Elected to Reichstag

.

After
to

acquittal,

General

Ludendorff

elected

was

Reichstag, but he retired from the past shortly afterward.
The growing Nazi movement received the cold shoulder from

In fact, a daily

his wife started,
was

suspended

General
Nazi

his

Ludendorff's

in April,

press

merit

personal

when

1932,

several occasions.

on

as

soldier

a

he celebrated

himself.

was

exploited

the

fiftieth

opinion

but he alienated public

service,

army

paper called "Die Volkswarte," which he
attacking the Nazi party.
Its publica¬
by

the

in the

big memorial

ceremony at Tannenberg.
Moreover,
birthday honors from Herr Hitler in 1935.

yon

anniversary

of

following year
Hindenburg in a

declined to accept

he

...

In

•

March

with

Herr

ing

that

coolness

Mr.

deputy
General

editorials

ran

by the Hitler regime

by his refusal to join Chancellor Hitler and General

W.

county attorney of Jefferson County, Kentucky, from 1903 to
1907, and was appointed Mayor of Louisville in 1907, the courts;
having
held that his predecessor was not
legally elected.
In 1911 he was appointed
judge of the Jefferson Circuit Court but declined the nomination to

Fascist

a

the

and

He

William

his

Ludendorff.

Louis¬

in

imperial

son,

Virginia and

in

the

Supreme War

monarchy.

life.

family.
Mr.
headmaster, graduating

Carolina

the

Later he returned to

war.

keller

He had visited London

was

above

of

disfavor of

or

restoration of the

a

was

succeed

head

erected

tremendous

a

With General

permitting him to reside despite allegations

the Bingham

father

his

firm

firm

of Konigsberg

supporters, sent a message to
General Ludendorff is indispensable

"Only

Davies.
He

afterward

soon

his

the favor

party,

in Scotland, where his

seasons

member

a

while

he attended the Universities
law

of the

general

After the armistice he went

had

of

of

one

tion

his

in

growing strength
movements in the latter part of the conflict.

was

Bismarck

Ludendorff

1888.

became

city

To Sweden

they

Democratic

the British Isles

to

hunting

direction

in Poeen

Ludendorff's political strength had become

1917 that he

purchase

His

.

Later

and

through which he endeavored

the

peace

General

from

Bingham, had lived with his Scottish wife for many years, v ■
Bingham was born in Orange County, N. C., on Nov. 8, 1871.
He
the great-grandson of William Bingham, who came from Ireland in
1785 to found the Bingham School at
Asheville, N. C., which ever since

received

The

successes

established

sustain

German

Mr.

in

War,

Ludendorff became

Robert

Bingham attended the

born

was

Hindenburg in the glory of liberating East

von

invasion.

General

also in

section

These

was

and

lie

1932.

Bingham

been

farmer,

a

military affairs but in German politics.

and

Was

has

of

eon

his

field.

newspaper

the

supported

changed
ownership.

affairs

his credentials to King George V on
May 23,
several

•

Bingham's

experience

participation

as

ministries.

policies

under

appointment
quiet

Roosevelt in
Mr.

anti-prohibition

was

but

his

with

from

General

Henry" Watterson.

woman

constant

shared

political

Although they had had a long tradition as Democratic newspapers, after
Bingham took them over there were occasions when they supported
Republican candidates, or stood aside and criticized candidates of both

the

beginning of

he shared

Mr,

of

the

in

group
of publisher-diplomats which
included Walter Hines Page, of
Doubleday Page; Colonel William B.
Harvey, of Harper & Bros., and Whitelaw Reid, of the New York "Tribune,"
Since 1918 Mr. Bingham had been
publisher of the Louisville (Ky.)

"Courier-Journal"

regarded

by many

upon

staff

Prussia

the New York

career,

looked

was

commanding the eastern armies.
By his belated participation in the battle of Tannenberg, General Luden¬

When President Roosevelt selected Robert Worth
Bingham in 1933 to
fill the premier diplomatic
poet of Ambassador to the Court of St. James,
he added
another
member
to
the

parties.

Ludendorff,

in

In commenting on Mr. Bingham's
"Herald Tribune" of Dec. 19 said:

accepted

Ludendorff

General

military master of Germany."

the

general

Bingham.

Colonel

soldier,

was

studying in the Berlin Military Academy he was appointed in 1895
Captain on the Great General Staff, becoming a Lieutenant-General soon

after

Mr.

of

real

Hindenburg in the popular mind

von

After
a

King George and Queen Elizabeth of Great Britain also
a

greater

General

by his loyalty and sense of fair play, he won the respect, confidence and
friendship of the people and government to which he was accredited.
His
passing will leave a sense of genuine grief in both countries.

cabled

the

as

coun¬

stood for and,

we

4053

Indeed, while General

service

conspicuous

interpreter of all that

Chronicle

the

and

this

of

Hitler

all

in

General

year

Munich, and

"difficulties

developed almost

and

Ludendorff

an

had

long conference
official communique was issued say¬
had

grievances"

a

been

removed.

A

new

immediately, however, and General Ludendorffs

Bingham then joined the firm of Kohn, Bingham, Sloss and Spindle
and became associated with various business
enterprises.
He was VicePresident of the Louisville Carriage and Taxicab Co. and the Danville
Water Co., and was a director of B. F.
Avery & Sons Co. of Louisville, the

seventy-second birthday anniversary, last April, passed without any official
honors such as had been anticipated.

American

Death

Creosoting Co., Liberty Bank & Trust Co. of Louisville, and
Louisville & Nashville Railway Co.
In 1923 he became Chairman of the Executive
Committee of the National
Council of Cooperative Marketing Associations.
His work with the com¬
the

mittee, especially in
Association
official

the

and

organizing

During

the

Army, but

World

for

not

believe

the

United
that

self-imposed

War

Mr.

States

until

House

Bangham

of

Representatives.

volunteered

eyesight.

but

declined,

should

hold

public

appointment

service

He also

Senate,

his

for

office.

that

He

the

invited

was

explaining

in

he

held

to

to

did
this

Ambassador.

as

Mr. Bingham's appointment as Ambassador
by President
Roosevelt was noted in our issue of March

25, 1933, page

1974.

Reports were current when" Ambassador Bingham
left England, late in November, that he
planned to resign
because of his ill health, and at the time it was
reported
that Joseph P. Kennedy, Chairman of the United
States
Maritime Commission, might be named to succeed him.
Sir Ronald

Lindsay, the British Ambassador, who

sented the British

Mr.

repre¬

Government at the funeral services for

Bingham, issued

statement

a

in

Washington, Dec. 19,

saying:
Mr.

had

endeared

contacts

had

himself

lay.

but

friendly feelings
and

his

death

friends.

to

also
and

will

be

to

come

not

many,

far

in

his

wider

simple

bring

a

well-known

a

only

of

sense

in

circles

honesty

figure

in

London,

throughout

of

the

had

purpose

deep grief

England, and he

where

his

to

his

official

His

country.

won

all

countless

and
his

at

internationally known

home

Dr. Yissering received his education at the Uni¬

old.

versity of Leyden and became
made

a lawyer in 1890.
He was
Secretary of the Amsterdam Stock Exchange Society

five

years later,
and after holding several financial po¬
sitions with the government became financial adviser to the

Chinese
over

Government in 1911.
The following year he took
the presidency of the Bank of The Netherlands.
After

the World War Dr.

tion of

normal

invitation

several

Amsterdam

Yissering devoted himself to the restora¬

economic

and,

the

representatives

many

Governments

Sir Ronald

were

in

attendance

Marvin

of
at

United
the

is

in

it

1920

between

South

Africa
and

to

the Turkish

Sum-

Death

War

Ludendorff—German

World

Commander
General

Friedrich

Wilhelm

Eric

Ludendorff,

the

at

New

and

his

at

home

York

his
in

"Herald

1922.

and
on

the

the

He

Turkish

adviser to

was

restoration

of

the

Government

pound in 1928.

Union

of

standard

in

stabilization

of

gold

on

the

In 1931 Dr. Vissering became

member of the Board of the Bank for International Set¬
tlements at Basle, Switzerland.

a

The failure of the efforts

was

to effect

an

adjustment of the

differences between the American Federation of Labor and
the Committee for Industrial

Organization was made known
when the committees representing both bodies
came together again after the suspension of conferences on
Dec. 3, reference to which was made in these columns
Dec. 11, page 3753.
Under date of Dec. 21 United Press
advices from Washington said:
on

Dec. 21,

The collapse of the

who

Adjust Differences Between A. F.

of L. and C. I. O.

besides

Mclntyre of the White House
President
Roosevelt;
Hugh R.

State, and George T.
merlin, chief of protocol of the State Department.
General

noted

Europe,
met

Tribune," he published in 1920 the "Amsterdam Memoran¬
dum," which led to the holding of economic conferences

and

H.

secretariat,
representing
Wilson, Assistant Secretary of

of

in

economists

English

States

services

conditions

foreign

Failure of Efforts to

Among

financier, died on
Blomendaal, Holland.
He was 72

in

hearts,

,

British

19

years

1925

Bingham

Vissering, former President of the Bank of The

Dec.

Kentucky

Vissering, Former President of Bank

of Bank for International Settlements

Gerard

Growers'

the

of

publishers

ruling

Tobacco

Netherlands

rejected because of his

was

run

Burley

Marketing
Tobacco Growers* Association, brought him the

Dark

congratulations

the

of Gerard

of The Netherlands—Was Former Member of Board

had

been

10-week meetings after a 20-minute session today,
Both factions Immediately sought to avoid public

expected.

Quartermaster General and chief strategist of the German
army during the World War, died in a hospital at Munich
on
Dec. 20 after a long illness.
He was 75 years old.

further conversations useless.

General

Germany's last surviving
During the war he was chief

statement

Paul

directing its destiny."

Ludendorff

World War military
of staff under

The New

said,

career,
General
machine

the

Central Powers,
esteem

in

one

figures.

Field Marshal

York

"Sun"

World

was

War.

of

..

known
No

von Hindenburg.
21, in commenting

Dec.

of

in part:

Ludendorff

in

was

as

other

except General von

Federation's

"brains"

commander
was

of
in

the
the

held in

German
armies
more

three-man

negotiating

Committee

issued

a

formal

charging that the "responsibility for the failure of our conference

squarely with the Committee for Industrial

his

Organization and those

capitulation to the arrogant demand that the organizations and members
of the American

Hindenburg,
Germany during that period.




The

rests

blaming each other for adopting a position which would make

The statement further charges the C. I. O. with demanding "complete

on

;.

the

criticism by

of

war

the

popular

Federation of Labor should hereafter submit to the will,

whim and fancy of John

L. Lewis."

It held that acceptance
"act of treason" and

of Mr. Lewis' peace terms would have been

an

"we could not possibly subject the public as well aa

labor to such an inconceivable

relationship."

Financial

4054

would issue no statement defining their

C. I. O. Officials said they
would

but

rest

on

public remarks of

position
their

Philip Murray, chairman of

committee.

peace

M. Harrison,
saying,
It's all off." He added that the C. I. O. delegates had not
original position, that they had offered no new proposals
brief session when George

Negotiations ended after a
chairman of the A. P. of L.
"we broke up.

changed their

negotiators, left the conference room

continue."

and that "it is useless to

from
unity is

It is stated in Washington press
reenter politics in Rumania.
Before coming to Washington, in 1929, Mr. Davila was a
leader of the National Peasant party, and it is reported
that he may join in the reorganization of the party.
Mr.
Davila entered the diplomatic corps of Rumania in 1927,
when he was named Minister to Warsaw, Poland.
from the

available if some likely formula to restore

which clash in some industries and which
month ago that the peace talks

were

prepared when it became obvious a

were

doomed.

Mr. Lewis conferred with

the heads of the 32 C. I. O.

international unions

those of the A. F. of L. The C. I. O. group
their original demands as the price of peace.

today before his negotiatiors met
ordered to stand pat on

was

Also, it was understood that

first convention,

a step

the C. I. O. soon would discuss plans

which would complete the

and definitely set it up as a dual

for its

break with the Federation

labor organization.

talks collapsed over the issue of

The peace

jurisdiction to be enjoyed by

the rival organizations.

President William Green of the

Meantime,

Federation and Mr. Lewis

publicly blamed each other for the death of the wages-hours bill in the House
and Mr. Green threatened labor reprisals against the Congressmen who

substitute.
Mr. Green hailed the House
action in recommitting the bill for further study as a "victory for labor."
He said that the measure, which was supported by the O. I. O., was a

voted against the Federation's

"poorly-drawn, ill-considered and highly
have victimized the nation's

intends

he

that

to

Named Head of Republican Com¬
Program'—150 to Be Appointed to Body
Which
Will Draft Party's Campaign Policies—
~Orval W. Adams of A. B. A* Named to Committee

objectionable" bill which would

workers."

Frank

Glenn

Dr.

mittee

of the dealdock must be placed upon the
American Federation of Labor."
It was learned that both factions will strike at once to carry out longMr. Murray said the "onus

Unionization campaigns

diplomatic corps.

accounts

found later.

range

on

of the University of Wisconsin,
Chairman of the party's Com¬
mittee on Program, which will draft campaign policies for
the next congressional and presidential elections.
A partial
list of the 150 persons who will compose the committee was
also made public by Mr. Hamilton.
Mr. Hamilton said that
members of the committee represent "the feelings and views
of every section of the Union and of all social and economic
President

former

Frank,

had been selected to serve as

groups."

dispatch from Chicago to the

Under date of Dec. 17, a
New York "Times" said:

appointment of the former President of the

The

which

Committee,

Executive

yesterday.
Frank's qualified acceptance was made

Anniversary- Issue

Mr. Hamilton's statement read:

of its twentieth anniversary, the B. C.
Forbes Publishing Co., New York, had issued a special an¬
niversary issue of its publication "Forbes" bearing date of
Dec. 15.
The publication portrays a pageant of 20 years of
American industrial progress from 1917 to 1937.

"As

In commemoration

deliberations

the

of

result

a

Merged

Freres

with Underwriting Affiliate,
Inc.—Consolidation Effective

1—New Firm to

Jan.

Be Known

Lazard Freres

as

and

position which he occupies exceptionally qualified him
Mr. Frank he authorized me to make

the preeminent

After a visit with

this honor.

the

following statement:

"

'It

I

able

am

to

accept

this position

cannot

know

for

a

& Co.

of Lazard Freres an¬
of a new partnership,
to be known as Lazard Freres & Co., to consolidate the
businesses
heretofore separately
conducted by the New
York Stock Exchange form of Lazard Freres and its whollyowned affiliate in the underwriting field, Lazard Freres &
banking

international

The

nounced

on

21

Dec.

The merger will take place on Jan.

Co., Inc.

announcement said that the firm, which is one

financial houses,

oldest

1, 1938. The
of America's

tionship which has existed for more than 58 years with
Freres & Cie., of Paris, leading French banking
firm, and Lazard Brothers & Co., Ltd., of London, one of
Great Britain's most important banking houses.
Partners
in the new

member of the

firm, which will continue as a

New York Stock Exchange,

will be Frank Altschul, Stanley

Dr.

Raymond D. McGrath, George L. Burr, James
Harrison and George Ramsey. Offices
will remain at 120 Broadway, with branch offices in Bos¬

ton, Philadelphia and Chicago.
An announcement bearing on the merger had the

ing to say:
activities, heretofore separately conducted, is a
logical development designed to meet more effectively existing conditions
in the securities business, as it has become increasingly apparent that the
The

present merger

fulfillment

the

of

of

capital

needs

of American

require the full development of underwriting
needs
The

can

be

industry in the future will
facilities through which these

a

further

step

in

the

history

of

Lazard

Freres.

dealer in commercial bills and foreign exchange,
and as a large shipper of gold both to and from Europe, the firm, in
more
recent years, has expanded its activities through assuming a part
in the new capital market.
Since the formation of Lazard Freres & Co.,
Inc., in 1934, the underwriting and distribution of securities has become
a
major activity of the house.
While the merger is intended primarily to augment the position of the
firm in the underwriting field, it is believed that it will also contribute
to a broader development of the other servces for which Lazard Freres
has been distinguished in the past.
On many occasions, in time of money
stress, the firm and its affiliated Paris and London houses has helped to
For

relief

many years

world

the

shipments which it has arranged.
the firm has handled the investment accounts of clients

through the

noted

which

mittee

be

would

Hamilton released a partial list of members of the com¬
Dr. Frank heads.
Names of additional members, he said,

announced

the nominees would

Under

terms

mittee

action

as

it

Hamilton suggested

Committee

it was learned definitely that

as

the Republican National Com¬

the Committee on ProgTam is to take 6uch

will

to

be

work out and develop

to

financed

remained

a

from

London

where

he

had attended

a

from Feb. 28, 1938.

Reference to the renewal of the

a

general
Mr.

problem tonight.

that the Committee on Program set up its own Finan¬
raise funds for expenses, which might run as high

$100,000.

Dr. Frank was President of the

editor,

author, lecturer and

Educator,

1937, when he was ousted
politics and
government interference in with academic freedom aimed at Governor
Philip LaFollette.
Son of a country school teacher, Dr. Frank was born
at Queen City, Mo., Oct. 1, 1887, and was educated in Missouri schools,
later taking degrees at Northwestern University.
He has received also
to January,

University of Wisconsin from 1925

by the Board of Regents in proceedings marked by charges of

numerous

in

1916,

social

in

"Century
with

honorary citations.

Frank,

Boston

associated with the late Edward A.

was

researches,

Magazine."

He

from

and

was

William

President

former

a

1919

of

member

Howard

Taft,

to

1925

was

an

Filene of
of

editor

the group of leaders
drafted

a

covenant

who,
the

for

League of Nations which was considered by the Paris peace conference
1918 and

It

in

1919.

was

indicated

Dec. 18 that among additions to the

on

Republican party's new Committee on Program announced
at

of Orval W. Adams of
President of the American Bankers Asso¬

St. Louis that day was the name

Salt

Lake

City,

ciation.

Senate Confirms

on

Nominations of John

N.

Frank

as

W. Hanes and

Members of SEC

Dec. 15 confirmed the nominations of John

W. Hanes of North Carolina and Jerome N. Frank of New
York

Gibson, President of Manufacturers Trust Co.

meeting of short-term German creditors and at which the
so-called German "standstill" agreement was renewed for a
year

soon

consider necessary

may

Jerome

Normandie

as

adopted by

resolution

the committee

over.

Harvey D. Gibson, President of the Manufacturers Trust
Co., New York, returned on Dec. 23 aboard the French
liner

tomorrow,
serve.

a

for the Republican party.

platform
How

of

Chicago last month,

in

cial

in the first caucus yesterday

chairmanship.

Tonight Mr.

The Senate

D.

liberal educator, still lives in Madison, although

a

as

gold

Return From German Standstill Conference of Harvey

I

of Dec. 16 by Geoffrey Parsons Jr.
Tribune" had the following to

whose names turned up

leaders

12

the

on

Dr.

is

Long known as a large

bring

Frank,

among

met.

consolidation

shall

with the university.
He is now editor of "Rural
Progress," a Mid-West farm journal.
...
The Executive
Committee chose him without • extended dispute from

as

follow¬

I

affairs,

longer connected

no

A. Russell,

A. Jackson, John D.

business

honor and obligation of my life.

in part:

say,

will contin-ue the traditional rela¬

Lazard

and

personal

my

the greatest
few days.' "

York "Herald

New

the

to

arrange

as

St. Louis dispatch

A

house

the formation

Executive Committee of the

of the

Committee concerning the choice of a Chairman for
the Program Committee, which was appointed Thursday at St. Louis, I
came to
Chicago today to tender the position to Mr. Glenn Frank.
"The committee felt that his constructive attitude toward national affairs
Republican National

for

Lazard Freres & Co.,

tonight by

long conference with Dr. Frank.

National Chairman Hamilton after a

Forbes Issues Twentieth

University of Wisconsin

decided upon by the Republican
concluded a four-day meeting in

Chairman of the Policy Committee was

as

National

St. Louis

,

Chairman of the Republican
announced on Dec. 16 that Dr. Glenn

Hamilton,

M.

D.

John

National Committee,

Announcement of Dr.

Lazard

1937

Mr. Harrison said that negotiators

As a concession to future peace

both factions would be

Dec. 25,

Chronicle

sion.

as

Hanes and Mr. Frank
Dec.

Commis¬
Mr.
given in our issue of

members of the Securities and Exchange

Reference to President Roosevelt's nomination of
on

Dec. 10

was

3756. Mr. Hanes was named for the term
that expires on June 5, 1940 to succeed James D. Ross, re¬
signed. Mr. Frank was nominated for the term that ends on
June 5,1942, succeeding James M. Landis, resigned.
11,

page

agreement was made in these columns of Dec. 18, page 3894.
President

Charles A. Davila, Rumanian Minister to United States,
•

Reported

as

Having Resigned—Expected to Reenter

Politics in Rumania
Charles
States

for

A.

Davila,

the

last

years,

Minister
was

to

reported

Nominates

E.

K.

Burlew to

Be

of Interior—To Succeed

Late Theodore A. Walters
on

Dec. 20 nominated Ebert K. Bur-

the

United

lew, of Pennsylvania, to be First Assistant Secretary of the

as

having

Interior,

resigned his post this week and is expected to retire soon




Roosevelt

Assistant Secretary

President Roosevelt

Rumanian

eight

First

succeeding

the

late Theodore

A. Walters.

Burlew has been with the Interior Department

Mr.

since 1923,

when

he became Administrative Assistant under

Hubert
the

He

Work.

has

The

department.

also

Burlew's

taking

later

was

first connection

civil

a

service

transferred

test

private

clerk

the

government

a

clerkship

Post

Office

secretary

Postmaster

to

to

Secretary

is

Trust

in

the

War

serving

Department,
Will

General

private

as

A.

L.

service

of

the

the

merit

system

The death

be

in

addition, six members of the headquarters staff of the

of

the

high

same

our

William

quality.

other

Aside frcm

Walters

deserved

a

referred

was

these

in

to

col¬

SEC

assistant director has been

engaged in Government enforcement

National Recovery Administration.

with its telephone inquiry.

He left the

NRA

do

to

Since joining the SEC in 1936, Mr.

manipulation

cases

before the Commission and

Mr. Treanor

was

born in Pittsfield, Mass. in 1904.

He

graduated

was

from Holy Cross in 1924, and from Boston University Law School in 1927.

He practiced law in Boston in the interim before coming to

Washington

of

Federal

Reserve

Bank

of

New

York—Owen

D.

Young to Remain Acting Chairman of Bank

dent

of

Bank, effective Jan. 1, 1938.
assigned to the foreign function of the
Federal Reserve Bank, which is under the general
supervision
of L. W. Knoke, Vice-President.
The position is a new one
created by the bank.
An announcement by the bank also
had the following to say:
Mr. McKeon will be

Mr. McKeon has been employed in banks, and worked in

department of banks, during most of his business

employed for about 11

years at

Co., New York,

and

the foreign

After having been

career.

the Colonial Bank and the Central Union

having worked for

a

short

time,

also,

as

Assistant Cashier of that

an

Assistant Vice-President in charge of the
In November,

the National

bank in

1925

and,

in

He

an

foreign exchange trading depart¬

1931, when the Bank of America

City Bank of New York, Mr. McKeon

absorbed by

was

was

appointed

an

Cashier in the foreign exchange trading department of the Na¬

It was made known on Dec. 20 that Owen D.
Young will
probably remain Acting Chairman of the Federal Reserve
Bank of New York unless he should decline to

serve.

Ac¬

cording to Dec. 20 accounts from Washington to the New
York "Journal of Commerce" of Dec. 21, officials of the
Reserve System have expressed that they "have heard no
discussions of any changes in New York."
Mr. Young
consented to serve as Acting Chairman after the change of
Reserve Bank personnel which followed enactment of the
1936 banking law.
Public Relations Council Formed by A. B, A.

Expansion of the public relations activities of the Amer¬
Bankers

Association,

under the auspices

Council composed

Relations
the

Dr. Harold
The

Association.

of a Public
of bankers in various sections

interested in

country

17 by

this subject, was announced
Stonier, Executive Manager of the

personnel

of

the

Council

includes

two

past Presidents of the Association, the President and three
other members of the Financial Advertisers Association, the
Executive

Vice-President

of

the

Illinois

Bankers

Associa¬

tion, and two other public relations executives of banks.

bring to

Chairman,

Dr.

Harold

Executive

Manager

of

the

American

V.

Fleming

President

the

Riggs

National

Bank,

Washington,

President of the A. B. A., 1935-36.
Rudolf S. Hecht, Chairman of the Board, Hibernia National Bank, New
La., President of the A.

William H.

scheduled

will be attended

Bankers

Feb.

for

The

15-17.

conference

large company of bankers, trust execu¬
tives and business leaders from all sections of the country.

by

a

Those serving on the committee in addition to

Mr. 'Potter

.

J.
New

Stewart Baker,

Chairman of the Board Bank of the Manhattan

Baldwin, President and Chairman of the Board Empire Trust

New York.

Co.,

Donald

H.

of New

1

Campbell,

M.

Financial

Co.,

B. A., 1934-35.

the

,

Colt, President Bankers Trust Co.,
L.

York.
City

of the

Chase National Bank

-.

...

New York.

Gates, President the New York Trust Co., New York.

Gibson, President Manufacturers Trust Co., New York.

S.

Gray

Jr.,

President

Central

Hanover

Bank

&

Co.,

Trust

York.

Frank

K.

Houston,

President of

President

the New York

Bank &

Chemical

Trust Co.,

New York,

State Bankers Association.

George Y. McLaughlin, President Brooklyn Trust Co., Brooklyn,

N. Y.

Pierson, Chairman of the Board Irving Trust Co., New York.

Lewis

E.

J.

C.

Traphagen, President Bank of New York & Trust Co., New York.

J.

H.

Boston,

S.

Bucklin,

President the National

Mass.

S.

C.
and

Co., Newark, N. J.
Shawmut Bank of Boston,

Bacheller, President Fidelity Union Trust

Walter

Newhali,

Granting

Merle

E.

President the

Annuities,

Selecman,

Pennsylvania Co.

Philadelphia,

for Insurance on Lives

Pa.

Deputy Manager of the American

Bankers Associa¬

tion, New York, N. Y., Secretary of the Trust Division.

coming conference was referred to in these columns

The

Dec.

4, page 3595.

_______

ABOUT

ITEMS

BANKS,

TRUST

COMPANIES,

&c.

New York commodity exchanges
Dec. 31, the same as they did on Dec. 24,

Several of the leading
will close

early on
day preceding Christmas.
The New York Cotton Ex¬
change will close at 1 p. m. on Dec. 31, while the New York
Coffee & Sugar Exchange, the Commodity Exchange, Inc.,
the New York Produce Exchange and the New York Cocoa
Exchange will close at noon.
The Liverpool Cotton Exchange closed at 12:30 p. m. on
Dec. 24 and will remain closed until 11 a. m. Dec. 28.
The
the

Exchange will also be closed on Jan. 1

and 3, 1938.

—4

With

a

view to releaving Christmas rush at the

bank tellers, the

windows of

Sterling National Bank and Trust Co., New

York, on Dec. 22 installed in its lobby for the use of depositors
a
"Photographic Teller", a newly invented banking robot

and records them phot*?100 items per minute.
It is stated that while the new robot was made with the
Christmas crowds in mind, the "Photographic Teller" will
be a permanent addition to the working force of the Sterling
Bank.
Sterling Bank has installed this
"Photographic
Teller" in both its 42nd St. at Lexington Ave. office and its
office at Broadway at 39th St.

which

receives

a

check

deposits

speed of

as many as

——♦

Case, former Chairman of the Board of the
New York Federal Reserve Bank, has been appointed a
member of the Investment Advisory Committee of the
J.

Herbert

Lawyers Trust Co., New York.
$

The New York State Banking

Department on Dec. 17 an¬

approval of plans to reduce the capital stock of
the Equitable Trust Co., New York City, from $7,000,000,
consisting of 280,000 shares of the par value of $25 each, to

$500,000, consisting of 20,000 shares of the par value of $25
each.

Winston-Salem, N. C.

Eastman, member of the Senior Advisory Council of the
Association and Vice-President of the State Street

Advertisers

Boston,

President

York.

Sloan

S.

New

Co.,

York.

Leroy W.

Neal, President of the Financial Advertisers Association and

Vice-President of the Wachovia Bank & Trust Co.,

Ralph

American

the

nounced its

Association.

Robert

Trust

annual

twenty-seventh

of

close the annual midwinter trust conference of

a

I
Stonier,

D. C.,

Orleans,

the

Division, who is Vice-President of the
Co., Baltimore, Md.
The banquet will

Association

the

The members are:

Bankers

for

Division

Trust

Trust

graphically at

Dec.

Trust

was

1927,

tional City Bank, where he has remained until the present time.

of

,:Y.:

a

foreign exchange broker in New York, he joined the Bank of America in
New York, in 1922, as assistant manager of its foreign department.

ican

Banquet Com¬
Banquet-—

Conference

Feb. 17 in New York City

Committee

the

the

Maryland

and

Assistant Vice-President of the

Assistant

Chairman of

Trust

Association in New York City at the Waldorf-Astoria Hotel,
on
Feb. 17, it is announced by Robertson Griswold, Presi¬

William

Appointed Assistant Vice-President

The Board of Directors of the Federal Reserve Bank of
New York on Dec. 22 appointed John William McKeon an

ment.

A.

Potter, Chairman of the Board of the Guar¬

Banquet

banquet

Harvey D.

W. McKeon

appointed

B.

anty Trust Co. of New York, has been named Chairman of

Artemus

in 1933.

Trust

Advertising Director.

Lindsay Bradford, President City Bank Farmers Trust Co., New

the Courts.

of

A.

Be Held

are:

ment of the Securities Exchange Act of 1934 and the Securities Act of 1933,

John

Assistant

con¬

Treanor has been supervisory attorney on matters relating to civil enforce¬
and he has handled several

for

mittee

the

special investigations for the Federal Communications Commission in
nection

Wilson,

William C.

Director

activities since 1933, when he was in charge of litigation in a number of
for

T.

To

Tfeanor, Jr. Appointed Assistant
Trading and Exchange Division of

new

R.

William C. Potter Named

3594.

page

Exchange Commission announced on
Dec. 21 the appointment of James A. Treanor, Jr. to the post
of Assistant Director of the Trading and Exchange Division
of the Commission, succeeding Ganson Purcell, who re¬
cently was made Director of that division.
Mr. Treanor's
work will deal primarily with the enforcement of the antimanipulative provisions of the Securities Exchange Act of
1934, the Commission explained.
It said:
The

:

of

The Securities and

States

They are:

E.

William

con¬

recognition

A.

pf

Council.

the

Federal service.

be

will

«*.

James

on

Kuhns, editor of "Banking."
Selecman, Secretary of the Trust Division and Manager of the
advertising department.
Marie

First Assistant Secretary

in the position of

advancement

serve

Baxter, Advertising Manager of the magazine "Banking."
Gibson, Director of the Association's news bureau.

Lester

his

Mr.

of

Dec. 4,

umns

government

will

believe

I

Dime

Alden B.

Burlew, said:

the

to

Interior

sideration,

of the

Stout, Executive Vice-President Poudre Valley National Bank,
Colo.

Collins,

In

Work.

I
have found
Mr.
Burlew's knowledge of government procedure,
his
ability, loyalty and devotion to duty of inestimable value, and I feel that

his

Executive

Graettinger, Executive Vice-President Illinois Bankers Association,

Claude
Fort

Secretary of the Interior Ickes, commenting on the nomi¬
of Mr.

of the Wells Fargo Bank &

Co., San Francisco, Calif., both members of the Financial Advertisers
'■T-'V

Association will
nation

Bank, Neenah,

Manufacturers

Assistant Cashier

became

later

and

W. Wickland,

L.

M.

Subsequently he was

Hayes,

Pickard, President of the National

Fernald, Secretary and Public Relations
Savings Bank of Brooklyn, Brooklyn, N. Y.

after
Department.
He
1910,

in

came

4055

Association.
R.

secretary to the Third Assistant Postmaster General.
confidential

20,

C.

Wis., and G.

of

Dec.

Washington,

N.

Secretary

officer

budget

as

of Dec. 21:

with

for

the

to

served

following,

from the New*'York "Times"
Mr.

Chronicle

Financial

Volume 145

Mass.




*

Following the meeting of the Board of Directors of the
Bank of the Manhattan Co. New York, held Dec. 23, F.
Abbot

Goodhue, President, announced the promotion of Al-

Financial

4056
F.

Iloelil

to

Assistant

Cash-

Grove from Assistant

and Curtiss C.

bert
iers

increase over the previous 12 months
The company's deposits now stand at $103,910,(against $109,833,022 in the previous year) and its total
resources at $120,996,058
(as compared with $127,019,901).
Albert A. Jackson, President of the institution, in his re¬
marks to the shareholders at the annual meeting on Dec. 20,
of

Authorizations were issued Dec.

16 to the Manufacturers

Co., New York, to open a branch office after
Feb. 1 at 205-209 Montague St., Brooklyn, N. Y., upon dis¬
continuance of a branch at 32 Court St., Brooklyn, and to
Safe Deposit

branch office at 37-39 Avenue B,

a

open

1

Feb.

after

New York City,

discontinuance of a branch at 55 Ave¬

upon

B.

nue

York

pneumonia in the Muhlenberg Hospital, Plainfield, N. J.,
of 58. Mr. Nash founded his firm more than 30

of

at the age

He was a member of the New York Curb Ex¬
change and the New York Ileal Estate Securities Exchange.
ago.

years

$2,527,236,

an

$245,829.

103

attention

called

difficulty

continued

the

to

employing

of

Mr. Jackson said that until
general business in the country revives, with a consequent
at remunerative rates.

money

with which to carry on, the outlook for

for funds

demand

and senior member of the New
Stock Exchange firm of Nash & Co., died on Dec. 21
B Nash, founder

William

1937
25,

At the end of the year undivided profits

last year.

as

same

totaled

Presidents.

Vice

Dee.

Chronicle

satisfactory earnings by any conservatively managed

com¬

is not encouraging, and felt that it was proper in this

pany

bring to the attention of the shareholders the
the

connection to

"still mounting costs of operation and the fact that in

past two years governmental taxes have more than doubled
in amount."
He added that "the hesitancy of business to go
forward

of

face

the

in

uncertainty

the

to what

as

regu¬

»

At

;

meeting of the Board of Directors of Empire Trust

a

elected

George was

21, George B. St.

Dec.

held

New York,

Co.,

the unexpired term

President, it was announced on Dec. 22.

Mr. Chappell, who

has been associated with the institution since

1920, when he

will have
office of Central Hanover, which is
for business about March 1. Mr. Chappell
the foreign department,

of

employ

charge of the London

expected to open
was

made Assistant Manager of the foreign department

of

appointed an
Assistant Vice-fPresident.
He has served in the representa¬
tive offices of the bank in London, Paris and Berlin.
Born
in Baltimore in 1897, Mr. Chappell was graduated from
Wesley an University in 1919, after serving during the war
bank

1925, and five years later was

in

Second Lieutenant with

as

♦

ap¬

K.

Alfred

Chicago "Tribune" of Dec. 21, that
stockholders of the Mutual National Bank of Chicago, 111.,
at their annual meeting on Jan. 12, will be asked to approve
a plan, recommended by the directors, to increase the bank's
outstanding capital stock to $400,000 (par value $100 a share)
from $300,000, according to an announcement to that effect
by Fred H. Korthauer, a Vice-President of the institution,
on Dec. 20.
The paper continued:
Present stockholders will be offered the right to purchase one new share

Rights, which will go to stockholders of record at the time of the meeting,

«

caused directors to make plans to increase the

lyn, was moved recently to the new and larger quarters at

18

Highway, where extensive alterations have been

offices

during the last few months.
Manufacturers Trust

of

Co.

the

Borough of

United

Directors of the

States Savings Bank of Detroit,

Mich., at their regular December meeting, promoted Thomas
E. Bryan from the post of Cashier of the institution to
from

Vice-Presidency, and advanced Edward Anderson

a

the office of

to Cashier.

Mr.

past

been

has

Bryan

22

associated

the

with

Mr.

Chairman of the Board of Trustees
Co. of Utica, N. Y. and

prominent in financial and industrial circles
York, died at his home in Clinton, N. Y., on
long illness. Mr. Rogers, who was 72 years

in Central New

Dec. 22 after

a

After graduating from Harvard in

old, was born in Utica.

Bryan

United

Bank

Savings

Central Savings

left the old

having

years,

Building to enter the United bank's employ

Charles Butler Rogers,

"Free Press"

part, as follows:

ever

of the First Citizens' Bank & Trust

Auditor

Assistant Vice-President and

an

In noting the changes, the Detroit

19 outlined the banking careers of the two officers,

of Dec.

in

This is one of the
in

Brooklyn.

for many years

$9,000,000

outstanding capital stock,

the Vice-President said.

that of

office of Manufacturers Trust Co.
New York, formerly located at 1709 Kings Highway, Brook¬
Kings Highway

1717 Kings

by May 1 and payment made by July 1, according to

must be exercised

S. Johnson as Assistant Secretaries; Ed¬

foreign department.

in progress

three shares held if the plan is approved, Korthauer said.

at $100 for each

Barrett and Barrett W. Stevens as Assistant Treas¬

and John W. Ackley Jr. as Assistant Manager of the

The

-U-'.:'

It is learned from the

Growth of the bank, which now has deposits of approximately

the following

Ammidon,

Hoyt

Allen,

Ernest

Fricke and Harry
win W.
urers,

also announced

Ilanover

Central

The

pointments:

of the late Edgar C. Felton.

the proposed plan.

Field Artillery.

the

the financial exchanges."

on

S. Zinsser was elected a member of the Board to fill

Hanover Bank & Trust

Co., New York City, has elected Hubert B. Chappell a Vice-

the

recessions

severe

John

*

The Board of Trustees of Central

the

caused

Vice-President of the company.

a

entered

latory legislation may be impending, coupled with the more
or
less chaotic situation in the Nation and the world, has

Bank in

bookkeeper in 1916.

as a

the

for

Majestic

the

.

.

.

since.

Mr.

Anderson

been

has

post
and

the bank's staff early

joined

steadily advanced

Cashier.

as

the

at

made Cashier in 1923, and has held that post continuously

was

age

through

A native of

as

clerk

a

in

one

1934

as

Auditor, and

an

positions to his new

entered the banking

Newfoundland, he

field

Bank of Canada at Rose Blanche, Nfld.,

of 15 with the Royal

later moved to Detroit to enter

Bank

in

junior executive

the employ of the former

of that bank's branches.

Dime Savings

...

1888, he attended the University of Berlin, later returning
Utica

to

clerk.

made

was

1894 and

in

when the

First

First

the

death.

President.

became

Bank

as

a

(1931)
Co.

Subsequently

the Citizens'

and

Among

his

the

trustee of Hamilton

He

years.

was

Board,

numerous

the office he

other

Trust

.

trustee

of

the

years

Savings

of Donnocona

Cotton

Cereals

Patent

of

Co.

Co.

of

at

his

Bank

of

Utica

Aid Association since

organization and was long its treasurer.

dent

held

Mr. Rogers
and Treasurer

interests,

College for 38

since 1897, director of the Homestead
its

National

Vice-President of the institution in

National Bank

Chairman of

elected

33

1927

a

merged to form the present institution, Mr. Rogers was

were

was

entered

he

where

He

He

was

presi¬

A

Paper Co.; director of Utica Mohawk Valley
Knitting Mills.

James

Adger Reynolds, President of the National Union

derhook

on

Dec. 23.

He

86 years

old.
Mr. Reynolds
entered the employ of the bank as a clerk in 1867 and served
in every capacity, including President of the institution for
the last 14 years.
He was a former Chairman of Group
was

Five of the New York State Bankers Association and served
10 years as Village President.

of

aggregating close to $500,000 and representing a
dividend payment of 18% were scheduled to be in the hands
of 6,000 depositors of the State Bank of Binghamton, Binghamton,
week,

N.

Y.,

William

announced

Vermilion,

on

R.
Dec.

will

tion

(which

The dividend

payment

was

author¬

Ely W. Personius in Broome

Previous dividends paid to depositors in the liqui¬
17%.

dation of the bank amounted to

Trust

Net profits of $1,873,853 for the year ended Nov.
30, 1937,
reported by the Girard Trust Co. of Philadelphia, Pa.,

a

decrease

■fiscal year.
holders

in

of

$116,645 when compared with the preceding

During the period $1,600,000
four

quarterly




dividends

of

paid to share¬
$400,000 each, the

was

and

all

also

viz.: the Citizens
Falls; the First Na¬

Sioux

First

the

be consummated

on

National

Jan.

South Dakota.

be

an

The

affiliate

of

Bank

of

under the title

1

organiza¬

new

the

First

Bank

Stock

Corp.)
will have paid-in capital and surplus of
$350,000, undivided profits of more than $100,000, and de¬
posits in excess of $3,000,000.
The "Commercial West" of
Dec. 18,

authority for the foregoing, added, in part:

Present
offices

of

service

to

quarters of

E.

the

new

each of the three merging hanks

institution,

depositors will

Assistant
To

hank

will

is

unterrupted.

will be utilized

Fall6,

Sioux

at

bank will

Officers of the

D. Greene, T. S. Harkison,

-

attention

proper

have

an

local

to

each

interests,

Committed made

Advisory

to work in

up

of

of

the

new

from

its

own

office
men

close cooperation with officers and directors.

"Register,"

insolvent

as

and

Cinkle, Cashier, and Harry Dirks and Henry Frick,

learned from

Moines
west

continue

headquarters

Cashiers.

assure

community,

It

have

to

Stevens, President; W. H. Jarmuth, F.

Vice-Presidents; F. J.

Davenport, Iowra, advices to the Des

banks—the

18.

Dec.

on

Home

that

Savings

depositors

of

three

Bank and the North¬

Davenport Savings Bank, both of Davenport, and the

ceive

Savings Bank of Bettendorf, Iowa—were to

mas, announcement to

examiners

The

$320,315

payments totaling
in

some

Columbia

re¬

time before Christ¬

that effect having been made by the

charge of the institutions
"State"

of

Dec.

16

011

Dee. 17.

indicates

that

checks,

representing a 5% dividend, were
mailed on Dec. 15 to 10,000 depositors of the defunct Central
Union Bank of South Carolina, the head office of which was
totaling

in

$81,000

and

Columbia, S. C., making

creditors, according to
are

Co.

Huron,

will

in

19.

&

of

of the National Bank of

liquidation, by the middle of this
White, State Superintendent of Banks,

now

ized by Supreme Court Justice

County.

Bank

Bank

Bettendorf

Checks

banks,

National

Dakota

National
tional

be W.

Bank of Kinderhook, N. Y., and actively associated with the
institution for 70 years, died suddenly at his home in Kin¬

South

tliree

Stock Corp.,

Geneva, formerly Treasurer

and Oneita

of

merger

affiliates of the First Bank

merman

and

institution.

J.

The

Roy

a

a

total of 30% paid to unsecured

statement given out by S. J. Zim¬

Barron,

bank,

which

conservator-receivers of the
branches in Rock Hill,

had

York, Due West and Greenwood, closed its doors in March,

1933, at the beginning of the "bank holiday," and has bCen
in

process

of

liquidation since that

time.

In

a

letter ad-

Volume
dressed
Bank

E.

to

P.

Miller,

Chairman

the

of

fiscal

State Board of

There
of

is

inclosed

observe

that

is

the

have

we

of

as

Dec.

Union

Central

1,

1937,

Bank

to

unsecured

paid

already

25% of their deposits.

representing
tion

statement

a

of

When the

$17,867,600

reflecting the result

You will

date.

that

depositors

or

$411,372.96,

The

the

bank's

indebtedness

been

reduced

to

been

made

that

Our

to

$185,039.45,

liquidation

to the

the

to

Reconstruction

Finance

operations show

our

a

increased

its

institution
of

contingency

permission

maintain

to

a

branch

in

Out

vv-;'

of

♦
on

♦

Idaho

First

National

.

Bank

of

Boise, Boise,

•'

Idaho,

is
♦

office
Cali¬
fornia-Montgomery office in San Francisco, on Dec. 14 was
appointed head of a new public relations department, and
will begin his new duties at the bank's head office on Jan. 1
next.
The Los Angeles "Times" of Dec. 15, from which this
is learned, reported other changes in the bank's personnel
follows:

the bank's thousands of staff members, Frank F. Risso was named a ViceHe will be transferred within

a

week from Transamerica Corp.

Following Mr. Gock in the Managership of the California-Montgomery
office will be Charles P. Partridge, Vice-President .now in charge of business
Mr. Partridge has also been appointed a member of

the bank's general finance committee.
succeed Mr. Partridge as head

will also

become

a

member

of the general

operating

committee.

He
Vice-

of

other

and

institution,

the

Total

,

loans

in

Governments,

$12,765,000
last

over

a

loans

tially
of

Canada,

of

liabilities to

$200,563,727,

previous

amount

to

and

year

which,

public,

the

of

a

of

are

of

approximately

reversal

might be expected

the

in

Provin¬

approximately

Current loans outside of
$4,000,000

trend

lower

current loans

in

of

commercial

in view of the present stock

call loans both in Canada and abroad have been substan¬

Call

reduced.

the

years,

As

increase

an

it does after a steady decline

as

seven

municipalities and

to

the previous year.

$101,147,198

to

encouraging.

about

investments

the

from

including loans

to

amount

Coming

year.

period

is

$25,927,482 show an increase
to be represented in United
Total

of the bank.

65.53%

are

compared with

as

amounting

than

$23,398,096

of

or

Public

reflection of present conditions rather than of deliberate policy.

a

Current

securities.

the history

assets

understood

is

hand

on

$245,606,374

securities.

Government

amounting to

increase

Government

increase

an

liquid
is

course,

cial

a

loans

Canada amount

in

while

$6,700,000,

abroad

they

total

$19,392,906,
$10,070,583, a

to

a

reduction
of

decrease

$4,500,000.
Tlie

annual

Royal Bank
13.

general

meeting of the shareholders

Canada

of

will

be held in Montreal

of the
on

Jan.

1938.

Mr. Ferrog-

The

The

sixty-third annual report of the Banque Canadienne
(head office Montreal) covering the fiscal year
ended Nov. 30, 1937, is now available.
Earnings for the
period amounted to $983,775 (against $962,246 on Nov. 30,
1936), from which, in conformity with the new practice of
Canadian chartered banks, was deducted $159,547 to take
care of Dominion and
Provincial taxes (as compared with
$194,311 last year) and a contribution to pension fund of
$50,000 (against $40,000 last year), leaving net profits of
$774,228, which when added to $230,796, the balance to
credit of profit and loss brought forward from the preceding
fiscal
year,
made $1,005,024 available for distribution
(comparing with $955,795 last year).
From this sum the
following allocations were made: $560,000 to take care of four
quarterly dividends of $140,000 each; $85,000 written off
bank premises, and $125,000 representing provision for pay¬
ment to the Treasurer of the Province of, Quebec, under
Statute 14, Geo. V. Ch. 3, leaving a balance of $235,024
(against $230,795 a year ago) to be carried forward to the
current fiscal year's profit and loss account.
Total resources
of the institution are given in the report as $147,816,293 (as
compared with $137,041,112 on Nov. 30, 1936), of which
$81,377,383 are liquid assets, while total deposits (savings
and current) are shown at $125,593,215 (up from $li8,089,955 a year ago).
The institution has a paid-up capital of
$7,000,000 and a reserve fund of $5,000,000
Nationale

thirty-seventh annual report of the Provincial Bank
(head office Montreal) covering the fiscal year

Canada

of

#

ended Nov.
net

30, 1937, has recently been published.

Commerce

It shows

profits for the period—after making appropriations to

contingency accounts, out of which accounts full provision
for bad and doubtful debts has been made—of $444,410 (as

against $402,678 the previous year), which

when added to

the balance to credit of profit and lose brought
the preceding fiscal year, made $676,347
available for distribution.
From this amount the following

$231,937,
forward

from

appropriations were made: $240,000 to pay four quarterly
dividends at the rate of 6% per annum; $103,440 to take
care of Dominion and Provincial taxes;
$50,000 written off

$50,000 to provide for contingencies, leaving
carried forward to the current

real estate, and
a

balance of $232,907 to be

fiscal

year's

shown

in

the

profit

and

statement

loss
as

account.
$56,981,408

Total

assets

(comparing

are

with

a year ago),
of which $39,912,017 are liquid
77.11% of the bank's liabilities to the public.
Total deposits are given in the report as $48,484,032 (as
compared with $42,749,131 last year), of which $39,100,361
are
interest-bearing deposits.
The bank's paid-up capital
remains unchanged at $4,000,000, but the reserve fund and

$51,513,910
assets,

or

surplus have increased to

$1,232,907 from $1,231,937 a year
the shareholders will

The annual general meeting of
be held in Montreal on Jan. 13 next.
ago.

THE

♦

Bank of

annum;

per

Canada and other banks, while
and Provincial

Canadian

This

high record in

new

<

than

British

$316,568,917,

giaro is Vice-President and Manager of the Oakland main office.

The Canadian

made:

were

$168,638,928 is represented by cash

by Dominion

$13,937,353.

States

Chairman of the Board W. E. Blauer, was made Chairman of the general

operating committee and F. A. Ferroggiaro, Vice-Chairman.

the

of

resources

stand at $869,538,112,

Of this amount,

represented

R. J. Barbieri. Vice-President, will

of the business extension department.

Total

account.

market situation,

where for the past five years he has served as Treasurer.

extension activities.

following allocations

dividends at the rate of 8%

pay

with

compared

increase of $207,138).

liquid position is strong, total readily realizable assets being $514,-

Canada

To assist President L. M. Giannini keep an intimate personal contact with

President.

loss

securities

Vice-Chairman of the Board of the Bank of

America National Trust & Savings Association (head
San Francisco, Calif.) and at present Manager of the

as

appropriations to

(as

year, or an

the

amount

and

taxes

$3,711,379

of

deposit with the Bank of

on

Shoshone County, Idaho.

A. J. Gock,

this

671,335.

Dec.

on

Provincial

,

$411,379 to be carried forward to the current year's profit

The

granted permission by the Comptroller of the Currency
13 to operate a branch in the City of Wallace,

was

Royal Bank of Canada (head

released this week and makes a very

gain over last year
of $14,000,000, while total deposits at $756,0S9,697 are higher
than at any period in the bank's history, with the single
exception of 1929. The deposit gain during the year under
review aggregated $10,000,000.
The report goes on to say:

Arizona.

The

meeting in Toronto on Jan. 11, 1938.

was

and

report shows,

branch in the City of Yuma,

a

of

and

Dec. 16 granted per¬
the First National Bank of Arizona at Phoenix,

Phoenix, Ariz., to maintain

be

000 contributed

Comptroller of the Currency

mission to

President

$200,000 transferred to bank premises account, and $300,to Pension Fund Society, leaving a balance

the Town

Morenci, Greenlee County, Ariz.
The

rest,

Arscott, General Manager.
The
submitted to the shareholders of the

reserves,

$2,800,000 to

'

:;'v'

H. Logan is

S.

year.

$3,504,241 in the previous

of Dec. 15,

from $400,000 to $600,000.
On
Currency granted the

stock

capital

as

date the Comptroller of the

same

Dominion

for

National Bank of Phoenix, Ariz.,

and

satisfactory showing. The report, which covers the fiscal
year ended Nov. 30, 1937, shows net profits, after providing

carried on without cost
substantial net profit for the

♦——

the

will

office Montreal)

benefit of the depositors.

Tlie Valley

capital

♦

has not only been

of the bank

last

as

The annual statement of the

Corporation.

depositors, but

same

bank at their annual

having

$981,124.19

aggregating

payments

the

statement

has

Corporation

bank's

The

year.

of the institution and A. E.

depositors will

by unsecured

realized

amount

last

over

fund, at $30,000,000 and $20,000,000, resnectively,

reserve,

remain

dividend under contempla¬

be $492,758.48, leaving $1,154,009.30 unpaid.
You will observe from the statemen
that secured depositors have been paid $5,583,611.77,
and that we
have paid under order of the court $89,176.75 to settle preferred claims.
paid,

quick assets, while

are

deposits (including both public and government de¬
posits) are given at $560,675,901, a gain of approximately

requesting

liquidation

our

year), of which $407,009,161

total

permission to pay the dividend,
Mr. Zimmerman (as printed in the paper) said, in part:*
Control,

4057

Chronicle

Financial

145

Curb

market

CURB

EXCHANGE

prices have been irregular with a strong

(head office Toronto)
this week published its seventy-first annual report covering

tendency to

the

have been occasional flurries

fiscal

ended Nov.

30, 1937.

It shows net profits
for the 12 months, after deducting Dominion and Provincial
year

Government

taxes

(including

tax

on

note

$902,939 and appropriations to contingent
which

of

was

provision

to

credit of

for

bad

and

doubtful

debts

profit and loss brought forward from

previous 12 months, made

tribution.
to

full

of

fund, out

made, of $2,934,117, which when added to $715,516, the

balance
the

fund

circulation)

reserve

take

This

care

sum

was

$3,649,633 available for dis¬
as
follows: $2,400,000

allocated

of four quarterly dividends at the rate of 8%

$260,307 transferred to pension fund, and
$250,000 written off bank premises, leaving a balance of
$739,326 to be carried forward to the current fiscal year's

per

annum;

profit and loss account.
Total resources

are

shown in the statement as $650,899,539

(comparing with $637,737,903




at the end of the preceding

downward during most of the week. There
of activity among the specialties
and there has also been a moderate amount of speculative
attention in the oils, mining and metal stocks and public
utilities, but spasmodic periods of selling have kept the up¬
swing in check and most of the gains have been small and
without special significance.
The volume of dealings was
fairly large on Monday but gradually simmered down as the
week

move

progressed.
price movements were apparent during the ab¬
breviated trading session on Saturday.
Home of the high
priced stocks registered moderate gain* oat the changes were
generally in minor fractions.
Considerable irregularity ap¬
peared among the oil shares and public utilities were inclined
to move downward due to profit taking.
Mining stocks were
quiet and industrial specialties moved within a narrow range.
The transfers were light, the sales being 112,000 shares with
Mixed

Financial

4058
292 issues traded in.

There

were

1937
25.

85 advances and 98 declines

registered as the market closed.
Prominent in the list of
gains were American Cyanamid B, 2 points to 27; Fisk
Rubber pref., 2 points to 58; National Steel Car, 8 points to
33; Sherwin-Williams, 1 point to 89; South Penn Oil, 1 point
to 38 and Public Service of Oklahoma 6% pref., 5M points
to 84.

Dec.

Chronicle

'.

,

,

Active trading and improving prices were

Foreign Exchange orders transacted in all
currencies

MANUFACTURERS TRUST COMPANY

.

,

quoted in the New Yoik market.

the dominating

PRINCIPAL OF7ICE AND FOREIGN DEPARTMENT*

features of the dealings on Monday.
While the gains were
well scattered through the list, they were not particularly

55

BROAD STREET. NEW

noteworthy, except in a few specialties like Pepperell Manu¬
facturing Co. which moved ahead 2% points to 72; Aluminium
Ltd. which climbed up 3 points to 73, Niles-Bement-Pond

YORK

federal Keserve System

Member

Member New York Clearing House Association
Member Federal Deposit Insurance Corporation

which

improved 4 points to 36 and Colt's Patent Arms, 3
to 56.
Other gains included Aluminum Co. of
America, 234 points to 81; Humble Oil, 2% points to 6534;
Jones & Laughlin Steel, 2% points to 36; New England Tel.
& Tel., 2 points to 102; Newmont Mining, 334 points to
6134; National Power & Light pref., 3% points to 64%; and

FOREIGN

points

Chesebrough Manufacturing Co., 2% points to 100.
The
were up to 268,000 shares, the best turnover in

EXCHANGE

CERTIFIED

RATES

BY

FEDERAI

SERVE

H

BANKS TO TREASURY UNDER TARIFF ACT OF 193
DEC.

18,

1937, TO DEC

24.

1937. INCLUSIVE

Noon buying Rale for Cable Transfers in New
Value in United Stales Moneu

Country and Monetary

York

Unit
Dec.

Dec. 20

18

Dec. 21

Dec. 22 |

Dec. 23

Dec. 24

transfers

several weeks.
Curb

stocks

edged forward during the early trading on
Tuesday, and while there were a number of prominent issues
that registered moderate advances, a part of these gains was
canceled as late profit taking checked the forward movement.
Oil stocks and mining issues attracted the most of the
speculative attention, but there was also a good demand for
some of the high priced
specialties, particularly Pepperell
Manufacturing Co. which forged ahead 434 points to 7634Aluminium Ltd. advanced 5 points to 78 and Jones & Laughlin
Steel, 1 % points to 3734.
Humble Oil was the strong spot
in the oil group and surged upward 3 points to 6834The
transfers were 248,191 shares which was somewhat lower
than the sales on Monday.
Irregular price trends were apparent during most of the
dealings on Wednesday, and while there were a number of
substantial gains scattered through the list, a goodly share
of these were among the high priced specialties.
Public
utilities were fractionally down and mining and metal stocks
were comparatively
quiet. Oil shares were weak and slipped
downward from fractions to a point or more.
Noteworthy
among the declines were Aluminium Ltd., 2 points to 76;
Consolidated Gas & Electric of Baltimore, 2 points to 65;
New Jersey Zinc, 134 points to 5934; and
Royal Typewriter,
134 points to 42. The volume of trading was approximately
237,000 shares with 119 advances and 188 declines.

prices were again apparent on Thursday, many
prominent market leaders moving downward from fractions
to 2

or

points.
This was due to some extent to the
usual evening-up operations in advance of the Christmas
holiday. There were a few of the trading favorites that were
able to hold their gains but the list, as a
whole, was lower
than the preceding close.
Outstanding among the declines
were Aluminium Ltd., 2
points to 74; Brown Co. pref., 4%
points to 2234; Mead Johnson, 3 points to 97; Newmont
Mining, 2 points to 59; Sherwin-Williams, 2 points to 87;
Detroit Steel pref., 134 points to 18; Florida Power So
Light
pref., 2 points to 3734; and Jones & Laughlin Steel, 134
points to 3534Narrow price changes and light
dealings were the domin¬
ating characteristics of the curb market trading on Friday.
Specialties continued to attract some speculative attention
though the gains were fractional. In other parts of the list
prices were lower. Brown Co. pref. was the weak spot and
dipped 334 points to 19. As compared with Friday of last
week prices were lower, American Gas & Electric
closing last
night at 27 J4 against 2834 on Friday a week ago; American
Light & Traction at 13 against 1434; Consolidated Gas of
Baltimore at 63% against
68; New Jersey Zinc at 5834
against 60; Newmont Mining Corp. at 58 against 59 and
more

Sherwin Williams Co. at
DAILY

TRANSACTIONS

THE

NEW

Stocks

Dec. 24.

of
Shares)

1937

Saturday

YORK

CURB

Bonds (Par Value)

247.841

Wednesday
Thursday

237,010
224,265

Friday

Domestic

268,190

Tuesday

-

Foreign

Government

Corporate

Total

.188942*

.188914*

.188883*

.188883*

.169919

.169794

.169671

.169630

$9,000

$718,000

14,000

31,000
27,000
54,000

17,000

1,678,000
1,427,000
1,271,000

44,000

1,264,000

20,000

685,000

1.275,566

$6,572,000

$336,000

$135,000

$7,043,000

Week Ended Dec. 24

31,000

.012725*

,012725*

.012725*

.012725*

.012725*

.035129

035129

.035120

.035119

.035121

223095

.223112

.223116

.223056

L997500

4 .998166

.997750

.998250

.022087

022087

.022100

.022080

.022062

.033952

.033967

033967

.033947

.033957

.033952

France, franc

1936

1937

.555896

.198325*

2,227,746

102,407,412

$6,572,000
336,000
135,000

$9,139,000

$413,880,000

$780,460,000

507,000
210,000

12,387,000
9,741,000

18,630,000

$7,043,000

$9,856,000

$436,008,000

$812,010,000

12,920,000

.009162*

.555946

.198500*

.402957

.052608

.198375*

198375*

.198375*

.198375*

.052598

052601

.052603

.052609

.555935

.251079

251100

.251112

.251129

.251077

.189433

.189433

189433

.189433

.189450

.045216

.045216

045137

.045310

.045275

.045262

.007296*

.007367*

007364*

.007364*

.007407*

.007407*

Spain, peseta

.060642*

.062500*

062142*

.062142*

.061250*

.061625*

Sweden, krona...
Switzerland, franc

.257545

.257558

257608

.257590

.257604

.257570

.231221

.231228

,231294

.231335

.231289

.231246

Yugoslavia, dinar

.023180*

.023271*

023200*

.023190*

.023190*

.023180*

..

.189400

Asia—

China—
Chefoo (yuan) dol'r

294687

.294791

.294479

.294479

.294479

.294479

Hankow(yuan) dol'r

294687

.294791

.294479

.294479

.294479

.294479

Shanghai (yuan) dol
Tientsin (yuan) dol'r
Hongkong, dollar,_
India, rupee

294687

.249791

.294479

.294479

.294479

.294479

294687

.294791

.294479

.294479

.294479

.294479

311750

.311906

.311906

.311906

.311984

.311906

377140

.377171

.377215

.377209

.377221

.377203

Japan, yen

290862

.290760

.290829

.290820

.290804

.290787

Singapore (S. S ) dol'r

586125

.586125

.586125

.586125

.586125

.586125

Australasia—

.982678* 3,983169* 3.983333 * 3.981614* 3.981927*3.980989*
,011041 *4.013281 *|4.012812* 4.011979* 4.012187*4,011458*

Australia, pound
New Zealand, pound.
Africa—

South Africa, pound,. 4.951785* 4.951718* 4.952265* 4.951718* 4.952421* 4.950937*

America—

999375

Mexico, peso
Newfoundland,

.999134

.998978

.998918

.998677

.998605

999166

.999166

.999166

.999166

.999166

.999166

277500

Canada, dollar
Cuba, peso

.277500

.277500

.277500

.277500

.277500

j .996484

.996517

.996406

.996191

.996132
.333200*

,996875

dollar

South America—

Argentina,

333133*

peso

Brazil mllrels (free)

.333191*

.333216*

.333166*

.333225*

.054142

,054714

.054642

.054812

.054242

.054285

ChlJe, peso—official..

,051720*j

.051720*

.051720*

.051720*

.051720*

.051720*

export-

,040000*

.040000

.040000*

.040000*

.040000*

.040000*

Colombia. peso

,548000*

.548000*

.548000*

.548000*

.548000*

.549500*

Uruguay,

,800000*

.800000*

.800000*

.800000*

.800000*

.800000*

*

..

peso

Nominal rates; firm rates not available.

COURSE

Bank

OF

BANK

CLEARINGS

clearings this week will again show

pared with

a

decrease com¬

Preliminary figures compiled by

a year ago.

us,

based upon telegraphic advices from the chief cities of the

country, indicate that for the week ended today (Saturday,
Dec. 25) bank clearings from all cities of the United States
from which it is

possible to obtain weekly returns will be
17.3% below those for the corresponding week last year.
Our preliminary total stands at $5,354,974,311, against
$6,474,024,807 for the same week in 1936. At this center
there is a gain for the week ended Friday of 1.7%.
Our
comparative summary for the week follows:
Per

Clearings—Returns by Telegraph
Week Ending Dec. 25

1937

$3,097,209,201
264,212,445

New York...........

1936

$3,046,026,516
254,589,629
293,000,000

+ 10.9

Cent

+ 1.7

+3.8

325,000,000

Boston

176,630,138
83,625,190
76,900,000
136,972,000
112,710,597
82,055,031
85,747,700
57,043,814

187.142,000

—5.6

71,735,558
69,200,000

+ 16.6

St.

City

Louis.

San

Francisco

..

Baltimore

Eleven cities, five days
Other cities, five days

+ 19.1
—12.8

79,801,626
72,530,074

+ 18.2

49,018,150

+ 16.4

$4,367,324,030
725,391,195

+ 18.1

$5,354,974,311

Detroit

Cleveland

+ 11.1

129.280,477

$4,498,106,116
856,868,195

Pittsburgh

115,000,000

$5,092,715,225
1,381,309,582

+5.1

$6,474,024,807

—17.3

Holiday

+2.8

+3.0

$5,354,974,311

Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not he available
until noon today.
Accordingly, in the above the last day
has to be estimated.

present further below, we are able to give final and complete

certifying
daily to the Secretary of the Treasury the buying rate for

results

cable transfers in the different countries of the world.

of

record for the week just passed:

cases

In the elaborate detailed statement, however, which we

Pursuant to the requirements of Section 522 of the Tariff
of 1930, the Federal Reserve Bank is now




.009164*

.555939

.251091

of the week in all

RATES

Act

a

.402926

.009166*

555921

132,480,116

FOREIGN EXCHANGE

give below

.

.052600

Total all cities for week

Total

j

.402919

009157*

.402917
.009162*

.555917

1936

1,275.566

Bonds

Foreign government..
Foreign corporate

.996750

,402911

.402957

.009162*

Germany, relchsmark
Greece, drachma
Holland, guilder
Hungary, pengo
Italy, lira
Norway, krone
Poland, zloty
Portugal, escudo
Rumania, leu

All cities, one day.

1937

Domestic

$

.223066

.012725*

Total all cities, five days

Jan. 1 to Dec. 24

New York Curb

Stocks—No. of shares.

169917

.035125

Kansas

$12,000
127,000
85,000

Sales at

.188942*

$

Philadelphia

$697,000
1,537,000
1,311,000
1.223,000
1.193,000
611,000

Exchange

.188871*

Chicago

186,240

S Total

$

.223087
Denmark, krone
England, pound sterl'g 4 .997375
.022062
Finland, markka

EXCHANGE

Foreign

112,020

Monday

$ r

8734 against 88.

AT

(Number
Week Ended

S

.169903

Austria, schilling
Bleglum, belga
Bulgaria, lev
Czechoslo'kia, koruna

North

Lower

S

Europe-*

We

for

the

week

week ended Dec. 18.
20.4%, the aggregate
clearings for the whole country having amounted to
$7,106,614,242, against $8,927,522,981 in the same week in

For that week there

previous—the

was

a

decrease of

Volume

Financial

145

4059

Chronicle

there was a decrease of 12.6%,
clearings at this center having recorded a loss of
24.9%.
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) there is a falling off of 24.9%, in the Boston
Reserve District of 17.4%, and in the Philadelphia Reserve
District of
15.5%.
In the Cleveland Reserve District
the totals show a decrease of 12.2%, in the Richmond
Reserve District of 6.8%, and in the Atlanta Reserve Dis¬
trict of 3.9%.
In the Chicago Reserve District the totals
are smaller by 13.6%, in the St. Louis Reserve District by
16.8%, and in the Minneapolis Reserve District by 11.4%.
The Dallas Reserve District enjoys a gain of 3.0%, but the
Kansas City Reserve District suffers a loss of 12.5% and
the San Francisco Reserve District of 5.2%.
Outside of this city

1936.

Week Ended Dec. 18

the bank

Clearings at—
Inc. or

1937

following

we

furnish

a summary

SUMMARY

OF BANK

S

(strict

—

451,681

485,683

123,267,238

Detroit

147,223,796
4,223,672

+ 0.4

3,446,240

Lansing

2,056,464

Ind.—Ft. Wayne

—5.5

—22.3

Terre Haute...

14,487,000
1,232,109

6,196,621
24,219,127

—7.1

5,047,817

+ 1.7

18,355,036
1,047,717
8,209.504
3,205,172

Wis.—Milwaukee

5,758,252
24.642,389

Iowa—Ced. Raps.

1,229,508

1,169,055

+ 5.2

Des Moines

8,722,734

10,180.344

—14.3

Sioux City

3,416,680

3,667,553

—6.8

13,070,000
674,147
4,381,152
14,588,614
733.484

9,450,180

2,464,926

717,094

392,679

+ 82.6

296,681

672,288

338,266,615
813,627

394,959,943

—14.4

309,362,565

—30.0

719,256

246,356,028
584,458

4,033,460
1,402,498
1,475,423

1,162,485
5,209,436
1,523,302
1,404,583

—22.6

3,493,498

542,632,706

628,287,099

111Blooming ton

Chicago.
Decatur

84,822,185
2,035,910
1.092,114
772.536

942,533

—3.8

1,882,997

20,226,000
1.463,052

South Bend...

—18.4

21,023,000

1,243,751

Indianapolis...

438.582

476,587
99,356,160
2,762,459
1,429,326

—16.3

2,047,557
1,315,466

Grand Rapids.

%

Chi cago—
—7.0

Mich.—AnnArbor

...

—7.9

829,866

+5.0

1,006,718

2,666,263
626,472
845.000

—13.6

472,259,994

386.174.339

Eighth Federa I Reserve Dis trict—St. to uis—
114,100,000 —17.5
94,100,000
43,438,156 —12.7
37,939,488
Ky.—Louisville..
28,858,082 —20.4
22,959,038
Tenn.—Memphis

94,300,000
31,951,221
21,056.849

76,200,000

Rockford

;;

CLEARINGS

%

1934

1935

$

Seventh Feder al Reserve D

by Federal Reserve

A

Dec.

S

Peoria

In the

districts:

1936

Springfield
Total (18 cities)

Inc.or

Week Ended Dec. 18, 1937

1936

Dec.

1936

1937

1934

Mo.—St. Louis..
Federal
1st

2d

12 cities

5th

Richmond

.

5.812,140,823

—24.9

4,365,822,877

4,384,705,813

510,726,763

—15.5

393,684,566

345,846,624

278,860,511

St.

Minneapolis 7

172,763,341

—6.8

129,684,302

111,479,583

184,460,170

—3.9

148,825,145

391,000

—16.8

186,905,238

147,831,070

120,594,185

131,724,264

542,632,706

628,287,099

—13.6

472,259,994

386,174,339

155,542,526

186,905,238

—16.8

147,831,070

120,594,185

Ninth Federal

112,509,455

127,042,252

—11.4

100,094,586

85,888,032

Minn.—Duluth..

142,629,852

162,959,064

-12.5

143,679,395

122,225,238

80,121,367

77,780,811

+3.0

67,623,880

60,544,685

293,411,077

•«

4

Louis..

155,542,526

399,070,727

177,181,121

18

Chicago

9th

523,000

509,000

Quincy.

161,001,188

309,472,598

—6.2

250,007,856

210,055,572

350,562,775

• S

8th

X

+ 6.9

X

644,000

26,386,126
17,617.059

X

X

X

218,848,224

il

10

7th

111.—Jacksonville

—12.2

M

6

Atlanta

%

243,732,604

431,774,129
•

5

Cleveland..

4th

309,969,414

4,365,382,006

U

Philadelphia 10

6th

S

%
-17.4

355,914,095

293,866,040

**

13

York

New

3d

S

S

Reserve Dists.

Boston

Total (4 cities)

.

-

Reserve DIs trict

—

Minn eapolis

3,129,018
65,724,601

—22.6

•«

10th KansaaCity 10

•a

2,461,495
54,987,322
22,369,658

6

11th Dallas

•a

Fran..11

12thSan

7,106,614,242

—20.4

6,808,343,596

6,411,819,163

3,294,293,688

—12.6

2,565,541,349

2.135.846,411

349,249,464

345,149.107

+1.2

367,363,973

354,830,779

...32 cities

Canada

We

8,927,522,981

2,878,604,754

112 cities

Total

Outside N. Y. City.

add

now

our

Minneapolis...

74,570,488

St. Paul
N. Dak.—Fargo.

28,141,536
2,343,882

S.Dak.—Aberdeen

M

737,678

3,722,956
83,465,581
33,264,753
2.174.975
716,148

Mont.—Billings.

666,897

751,496

—11.3

556.465

432,174

3,167,137

2,956.343

+7.1

2,729,770

3,388,446

112,509,455

127,042,252

—11.4

100,094,586

85,888,032

~

.

Helena

Total (7 cities).

Reserve Dis trict—Kans

Tenth Federal

Week Ended Dec. 18

1937

Kan.—Topeka
1935

Dec.

1936

1934

Reserve Diet rict—Boston

Colo .-Colo. Spgs.

New Bedford..

Springfield

—10.0

545,716

2,420,092
310,411,756

—14.5

2,064,327

—18.8

271,981.399

886.406

—16.4

420,093
995.851

+ 17.3

667,708
435,969

—13.3

787,875

3,605.902

Lowell

677,834

2,069,116
252,065,507
741,420
492,832
863,310

Fall River

3,612,876
2,375,355

—0.2

2.839,956

—5.0

14,259,954
4,638,973

—6.0

1,402,098
14.417,415

—9.1

3,706,480

13,951,200

—6.6

1,263,705

—59.7

9,862,200
1.258,271

2,255,859
13,406,023
4,217,094
13,029,200
509,718

Worcester

Conn.—Hartford
New Haven...

R.I.—Providence
N.H.—Manches'r

634,170

551,358
1,674,299
211,661,732

as

City

157,523
103,473

+2.9

93,887
70,493

1,982,615
26,511,831
2,673,198

—0.1

3,116,477

2,717,133
33,585,654
1,998,243
3,515,648
96,985,878
3,206,438
671,533

—40.3

—8.5

Pueblo.
Total (10 cities)

36,047,052
2,459,464
4,532,682
111,452,277
3,631,063
697,609

736,927

—14.1

737,972

1,706,130

142,629,852

Wichita
St. Joseph

_%

610,059

Mass.—Boston..

1,714,767

769,677

..

Mo.—Kan. City.

Portland

804,472

631,804

Omaha
Inc. or

___

25,142,844
2,007,616

+7.8
+3.0

155,706

3,205,827
32,973,187
1.727.015
3,556,097
96,286,398
3,256,134

Lincoln

Clearings at—

Federal

—15.4

131,807

93,012
131,701

Neb.—Fremont.
Hastings

First

—10.7

detailed statement showing last week's

figures for each city separately for the four years:

Me.—Bangor

2,881,837

162,959,064

—12.5

143.679,395

122,225,238

1.167,978
51,835,408
7,255,029

38,701,037

12,700.000

—29.8
—21.5
—13.6
—10.4

+ 10.3

2,620,278

82,965,335
3,098,755
502,716

632.196
282,026
761.282
2,742,878
1.339.389

11,334,749
3,184,561
9,211,900

356,234

Eleventh Fede ral Reserve

3,902,000
1,077.943
3,116,312

+ 10.6
+5.2

3,442,000

+29.4

3,020,532

2,126,742

77,780,811

+3.0

67.623.880

50,544,685

Twelfth Feder al Reserve D istrict—San

Franci

Ft. Worth

....

Galveston

Total (6 cities).

—16.1

—22.4

625,123

+0.9

506,442

7,678.903
1,120,893
27,400,000
653,209
531,261

1,134,509
4.031,793

80,121,367

Wichita Falls-

,

+3.3

902.933

5,225,891
X

243.732,604

7.943,059
1.062,503
33,900,000

1,791,015

+ 18.4
+0.7

1,554,024
60,547,481
8,538.560
4,315,000

..

Dallas

La.—Shreve port.

309.969,414

District—Da lias—

1,312,466
60,110,276
8,261,814

Texas—Austin

355,914,095

—17.4

Feder al Reserve D istrict—New
12,678,785
13.725,229
N. Y—Albany..
1,388,302
1,118,088
Blnghamton...
44,700,000
37.500,000
Buffalo

York-

697,583
889,009

293,866,040

Total (12 cities)

Second

541,123
897,301

Elmlra
Jamestown..

4,228,009,488 5,633,229,283

New York

+8.3
—19.6

—24.9 4.242,802,247 4,275,972,752

6,204,072

38,396,437
9,129,000
1,098,855
32,281,674
19,493,241
5,029,742
4,313,280
175,658,000

Wash—Seattle—

Spokane
Yakima

Rochester.

9.174,488

8,321,185

Syracuse

4,606.593

4,718,850

—2.4

3,860,707
4,583,533

2,940,421

+31.3

8,102,386
3,887,457
2,702,982

4,546,171

+ 0.8

3,344,225

3,284,554
1,712,909
2,996,128

446,442

463.251

—3.6

350,000

500,682

21,421,250
39,497,764

27,444,617

—21.9

19,905,672

20,028,419

San Jose

3,146,858

70,123,366

—43.7

40,690,781

36,622,031

Santa Barbara.

2,108,390
2,755,600

WestchesterCo.

Conn.—Stamford
N. J.—Montclalr
Newark
Northern N.J.

+ 10.3

Ore.—Portland..
Utah—S. L. City
Calif.—L. Beach.
Pasadena
San

Francisco

.

Stockton
Total (13 cities) 4,365,382,006 5,812,140,823

Third Federal Reserve Dlst rict—Philad elphla
—8.9
509,370
464,156
...
—28.4
*600,000
429,581
Bethlehem

Pa.—Altoona

+8.0

300,370

1,973,259
416,000,000
1,639,435
3,316,300

+ 16.1
—15.6

1.105,863
382,000,000
1,213,473

4,841,400

Total (10 cities)

431,774,129

510,726,763

..

Reading..
Scranton

886,531

Wilkes-Barre.

1.847,075

York

Fourth

Feder

Ohio—Canton...
Cincinnati...
Columbus

Youngstown

..

2,994,540
1,005,821
1,424,297

—26.8

2.551,800

3,598,784
1,076,926
1,486,994
5,908,000

-15.5

393.684,566

345,846,624

73,209,094

-10.1
—5.9

57.679,421
87,926.856

45,218,670

120,147,674
17,399,900

-25.0

11,426,800

10,659,500

2,429,430

293,411.077

Total (5 cities).

-29.5

1,644.961

1,095,195

-15.6

120,182,473

97,597.552

..

...

S. C.—Charleston
.

D.C.—Wash'gton
Total (6 cities).

Sixth Federal

Tenn.—Knoxvllle
Nashville

Ga.—Atlanta

64,277,307

399,070,727

—12.2

278,860,511

218,848,224

...

372,784
3,257,000
46,616.055
1,375,389
84,712,814
24,667,146

161,001.188

Macon

Fla—Jacksonville
Ala.—Blrm'ham
.

Mobile

Miss.—Jackson..

143.365
3,208,000

—5.3

38,088,802

32,267,774

+7.6

1,029,004

968,973

—8.6

66.923,582

58,003,340

—3.3

20,574,463

16,888,131

—11.2

3,656,000
49,223,554
1,278,493
92,685.334
25,500,150

5,211,446

19,953,573
64.300,000

17,330,000
21,427,027
1.720,803
x

129,684,302

—1.8

3,436,848

+ 1.3

16,423,153

—8.4

55,400.000

—15.5

1,285,968

5,307,861
19,705,978
70,200,000
1,774,235
1,254,215

—16.2

19,803.000

—12.5

23,037,971

—7.0

1,715,603

+0.3

1,038,712
17,506,000
18,327,541
1.327,027

x

111,479,583

2,906,660
13,251,918
47,700,000
1,235,287
1,066,359
14,896,000

19,788,320

1.154,787

166,066

179,517

—7.5

112,029

44,521,461

41,481,790

+ 7.3

33,967,867

120,478
29.604,455

Total (10 cities)

177,181,121

184,460.170

—3.9

148,825.145

3,066,384

—2.3

144.913,000

+ 12.8

2,605,766

+5.8

3,182,808
1,726,268
2,216,665

2,636,473
126,241,695
1,880,809
1,318,236
1,386,549

309,472,598

—5.2

250.007,856

210,055,572

+ 17.0

—12.6 2,565 541,349 2,135,846.411

Week Ended Dec. 16

Clearings at—
Inc. or

1937

1936

Dec.

1935

1934

%

Canada—

+ 14.1

123,859,202
92,771,290

—25.8

68,465,318

—11.2

+20.0
+ 23.7

16,639,843
16,972,571
4,352,364

+ 19.4

2,216,628

—3.2

130,412,455
104,642,445
53.163,686
16.711,048
4,825,068
4,395,606
2,319,538
3,653,216
6,685,419
1,785,157
1,389,699

396,810

115,034,679
108,397,438
39,656,997
18,121,377
16,904,950
4,630,104
2,353,357
5,154,502
6,223,569
1,578,733
1,678.189
2,997,263
4,300,367
3,964.118
345,970

+ 14.7

323,963

356,669

633,479

536,766

+ 18.0

532,853

1,366,560

—8.0

1,634.154

467,687
1,634,795

111,365,600
123,627,240
29,406,744
16,099,261
20,283,798
5,725,653
2,809,945
5,249,276
5,896,859
1,811,905
1,550,680
2,647,382
4,020,102
3,427,465

Winnipeg
Vancouver

Ottawa

Quebec.....
Halifax
Hamilton

Calgary
St. John.
Victoria
Edmonton

Regina
Brandon

...

Lethbridge

+ 1.8

4,823,743

+ 12.9

6,928,007

+ 14.8
—7.6

1,695.374
1,660,993
3,206,701

—11.7

—13.5

4,331,540
4,484,237

—6.5

2,830,720

5,170,076

4,331,284

Moose Jaw

660,253

1.484,842
704,687

—6.3

686,236

585,929

Brantford

994,147

963,416

720,280

1,010,307
681.902

New Westminster

703,006

+3.2
+7.5
+ 17.7

964,348

Fort William

670,062
597,163

166,348

198,362

—16.1

279,300

Peterborough...
Sherbrooke.

689,156

641,263
618.469

708,882

666,866

+25.2

593,339

1,167,878

—1.8

720,735
1,011,788
2,097,697

Saskatoon

774.609

+7.5

582,075

739,946
518,331
248,783

1,100,701
3,254,281

1,141,060
3,314,825

—3.6

Prince Albert...-

320,017

2,935,607
341,320

820,250

364,364
895.985

—12.2

Moucton

—8.5

905.014

884,134

Kingston..

587,652

+10.3
+ 1.5

572.486

584,298

659,794

592,598
452,661

Kitchener
Windsor

327.616

Chatham..

692,971

532,616
682,752

Sarnla

447,432

506,142

—11.6

534.657

999,602

954,720

+4.7

806,395

660.481

349.249.464

345,149,107

+ 1.2

367,363,973

354.830.779

—

Sudbury..

131,724,264




4,060,969
3,318,032

179,815,000
2,790,441
1,801,426

—20.4 6,808,343,696 6.411,819,163

x

La.—New Orleans

Vicksburg

+ 0.8
—8.2

Medicine Hat..

—6.8

Reserve Dlst rict—Atlant

*1,500,000
1,050,745

Augusta

—10.9

222,451
2.846,000

419.810

172,763,341

28,741,024
16,893,269

+ 1.8

Outside New York 2,878,604,754 3,294,293,698

London

Reserve Dlst rict—Rlchm ond—

Fifth Federal

W.Va.—Hunt'ton
Va.—Norfolk

Md.—Baltimore

350,562,775

—10.8

25,061,427
9,021,000
609,662
24,853,269
14,080,079

7.106,614,242 8,927,522,981

x

185,884,629

921,763

(112

Montreal

x

65,788,457

x

total

Toronto
-

x

156.946,008

34,965,058
10,070,000

—3.4

1,110,257

—2.6

al Reserve D istrict—Clev eland

1,712,670

Mansfield

Pa.—Pittsburgh.

—25.8

331,000,000

—30.1

—1.7

Grand

cities)
258,185
1,089,005

113,060,340
13,055,300

Cleveland

Richmond

+ 15.9

318,473

652,622

348,599

N.J.—Trenton..

Lancaster

Philadelphia

435,780

376,392

1,699,561
493,000,000
1,414,282
3,374,274
1,269,081
1,896,596
6,615,000

—12.7

12,306,000
1,137,324
36,203,592
19,149,404
4,991,807
4,697,083

—24.9 4,365,822,877 4,384,705,813
Total (11 cities)

Chester—...

SCO—

43,974,755

Total (32 cities)

*

Estimated,

x

Figures not available.

Financial

4060

Dec. 8, 1937:
Dec.

on

compared with the previous Wednesday.

„

i

-

.

12s.
12s.
12s.
12s.
12s.

—139s. lid.

Average

....

.

Equivalent Value
of & Sterling
12s. 1.64d.

139s. n%d.
139s. ll%d.
139s. lid.
9d.
139s. lid.

4IIIHI

Dec.

.

.

Ounce

140s.

...........

Dec. 6
Dec.
Dec. 8.

Courtaulds S A Co
De. Beers

...

Per Fine

Dec!

Cone Goldfields of 8 A.

.

Distillers Co

Quotations during the week:

Dec. 2

Central Min & Invest.

The Continent continued to

8d. and 10d.

dollar parity varying between

i.esd.

1.68d.
1.72d.
1.90d.
1.72d.

12s. 1.72d.

Tues.,
Dec. 21

Canadian Marconi

Ford Ltd...

Holiday

A

2/1%
25/9
148/9

Hudson Bay Min A 9m

Imp Tob of G B A I._
London Midland Ry_.
Metal Box

£29%
'

'

v \

.....

registered from mid-day on Nov. 29 to mid-day on Dec. 6:
■'"-V

Rand Mines..........
Rio Tinto

£88,463
-

-

Hongkong...

5,029
8,164

Netherlands.

—

—

Belgium

145,250

France

38,862
276,800
87,096

Other countries.

British India
New Zealand

-—

Canada

—

Peru.-

—

British Guiana
Netherlands

Switzerland

Kaisar-i-Hind

Vest

from

Bombay

Dec.

on

4

probability that the London Silver Agreement of 1933, which expires at
the end of the

year^would not be renewed.

ness" which." had

This added to the nervous¬

already'been caused" in Bombay by

ments of silver from China and

the recent large ship¬

by uncertainty regarding the future

course

of the silver policy of the United States of America,
the 6th inst.

On

from

the market was faced with

of selling,

wave

a

mainly

India, to which little resistance could be offered and consequently

prices fell Id. for cash and 1 %d. for two months delivery, the respective
quotations being 18 7-16d. and 18 3-16d., at which, however, the bulk
of selling orders ceased to be

operative; the cash quotation

was

the lowest

since May 1, 1934 and that for forward since Oct. 27, 1933.

At the level mentioned America proved
willing
to

prices had made

a

of confidence and by today silver

a measure

slight recovery to 18 %d. and 18 5-16d. for the respective

deliveries.

'

t

-

As regards the London Silver Agreement, a
lapse at the end of the year
a real bear factor,
although the prospect has exercised a senti¬

should not be

mental effect.

Present conditions

not the same

are

90/£41%

£4»i«

£4213i

48/-

48/6
38/9
25/9
26/4%

38/25/6
26/4 %

£8

£7%

£8

received by cable

as

Dec.

Dec.

Dec.

Dec.

Dec.

20

21

22

23

24

u.

116

(6%)
G.

117

,.135

135

135

134

171
119

170

170

119

118

118

119

118

118

119

124
141

124

124

124

141

142

;134^'V:V:S.
164

'?VVT-

142

Holl-

131

131

131

day

113

113

113

.154
143

131
113
154

154

154

155

144

144

144

144

150

150

150

150

150

Deutsche Relchsbahn (German Rys pf 7%). 131
Dresdner Bank 4%)....
......
—.113

(7%)

Hamburg Elektrlzltaetswerke (8%)
Hapag

77

Mannesmann Roehren

116

170
(5%)—119

Deutsche Bank (5%)
Deutsche Erdoel (6%)

Farbenlndustrle I. G.
Gesfuerei (6%)

116

-—-119
124
141

Llcht (8%)

Commerz-und Privat-Bank A.
Dessauer Gas 05%)...

117

(4%%)

Nordeutscher Lloyd
Reichsbank (8%)

114
80

..........

78

78

114

114

78

78

207

--

'14

114

—

—

204

205

206

232

232

232

177

177

178

178

179

202

203

203

204

204

204

Rheinische Braunkohlen (8%)
Salzdeturth (6%)
Siemens & Halske (8%)..

232

buyers and Were ready

absorb all offerings; this, together with a statement made
by Mr. Morgenthau that the United States Treasury would continue the Government's

present silver policy, restored

18/9

£41%

-Per Cent of Par-—/
Berliner Handels-Gesellschaft

gradually, but was accentuated by prominence given in the'press to the

£8%
£19%

v';

18/9
90/-

18

Berliner Kraft

sharp fall in prices during the week; the decline started

a

£19

Dec.

Allgemelne Elektrizitaets-Geselischaft

SILVER
was

£29%
69/3

£8%

STOCK EXCHANGE

carries

gold to the value of about £70,000.

There

£83ie

£7%

£833,947

_

147/6

Wltwatersrand

Areas

THE BERLIN

sailed

which

26/4%

75/7%
47/3
£12%
106/6
16/3
22/3
6/3
2/26/-

£12%
106/6
16/3
22/3
6/2/26/147/6
£29%
70/-

48/38/3
25/6
26/3

.

Closing prices of representative stocks
each day of the past week:

£721,626
SS.

"Ickers-.

:

4/9

/47/3

-K: £43I32

48/38/3
25/7 %

50/37/6
25/6
26/4%

United Molasses

163,183
2,805

5,064
50,000
9,968

Other countries

£4*MJ

Ltd

£66%
£24

75

2/26/148/%
£29%
70 h
£8%
£19%
18/9
90/£41%

19/90/£41%
£5

£66%
5/-

22/3

£19%

45/3
108/9

£24

75/7%
47/3

£8

89/4%
£41%

Shell Transport
Triplex Safety Glass...

Unilever

6

£19%
18/6

Roan Antelope Cop M.
Rolls Royce

6,930

'

Portugal

The

£35,000
126,050
342,425
164,484

__

£12%
106/6
17/-

£71Ju

Royal Dutch Co

Exports

Imports

British West Africa

Tanganyika TerritoryKenya

67

'r\ 1'\.

.....

United Kingdom imports and exports of gold,

The following were the

£12

22/6
61-.

......

Gaumont Pictures ord.

£66%

5/3
£23%

107/17 h
22/3
6/2/1%
25/9
148/9
£29%
68/6

Dec. 24

45/3
108/9

109/4%

5/1%
£23%
75/7%
47/-

Fri.,

..

Dec. 23

45/3

£66%

17 /-

Thurs.,

,

Dec. 22

45/3
109/4%

105/3

......

Electric A Musical Ind.

1937

received by cable

as

Wed

Dec. 20

45/3
108/9
£66%
5/3
£23%
74/4 %
46/9
£11%

25,

EXCHANGE

Dec. 18

''V:-'

Cable A W ord.

and prices were maintained at a premium

be the chief source of demand

STOCK

Mon.,

Boots Pure Drugs
British Amer Tobacco.

market about £1,750.000 of bar gold was available at the

daily fixing during the week under review.
over

LONDON

Sat.,

:.':V/

England gold reserve against notes amounted to £326,406,625

1, showing no change as

In the open

THE

Co. of London, written under date of

Samuel Montagu &

The Bank of

Dec.

Quotations of representative stocks

the weekly circular of

the following from

reprint

MARKETS

SILVER

AND

GOLD

ENGLISH

THE

We

Chronicle

in

as

1933 when large

accumulations of stocks, added to new production, were such
depressing
factors.
Since then, the American Silver Purchase Act of 1934 has come into

COMPLETE PUBLIC DEBT OF THE UNITED STATES
The statement of the public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Aug. 31,
1937, delayed in publication, has now been received, and as

interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,

making comparison with the
CASH AVAILABLE

date in 1936:

same

TO PAY

MATURING OBLIGATIONS

effect and the American Government has, besides
acquiring under various

Aug. 31, 1937

Aup. 31,1936

agreements the main proportion of new output, taken huge quantities of
silver from other sources.

As it is stated that the Silver Policy is to con¬

tinue, the lapsing of the London Silver Agreement should not be viewed
with any alarm.

The following were the United Kingdom
imports and exports of silverf

registered from mid-day

Nov. 29 to mid-day on Dec. 6:

on

Imports

Balance end of month by daily statements, Ac
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated Items

New Zealand
Irish Free State..

...

Other countries—

£29,507
3,709
z4,912
1,864

x

Iraq
Kenya

...

United States of America
France

Norway

_

.

;

Switzerland
Other countries

Settlement

on

War

715,058

....

Total

Balance, deficit (—)

or

647,267,166

3,600,120

Savings certificates

warrant checks

on

22,613,958
619,960,866
3,683,030
1,009,312

511,731,792

Discount accrued

£36,518
x1,850
x5,775
48,590
4,615
2,666
1,425
2,528

—29,842,501

1,873,849,702

36,632,415
470,784,199

Deduct outstanding obligations:
Matured Interest obligations

Disbursing offlcere' checks

Aden.

+2396396,582 +1226,582,536

surplus (+)

INTEREST-BEARING DEBT OUTSTANDING
Interest Aug.

£39,992
z

Coin

tender in

of legal

tender

the United

in

the

£103,967

-

United

Kingdom,

x

Coin

not

of

lega

Kingdom.

IN LONDON

IN NEW YORK

-Bar Silver per Oz. Std.
Cash
2 Mos.

Dec. 2

19%d.

Dec.
Dec.
Dec.
Dec.
Dec.

4

19 9-16d.
19 7-16d.

6

18 7-16d.

7

18%d.

3

•„?;

19%d.

The highest rate of
rom

{Per Ounce .999 Fine)
Dec. 1.

19 7-16d.
19 5-16d.
18 3-16d.

Dec.
Dec.
Dec.
Dec.

18 3-16d.
18 5-16d.

8_.__18%d.
Average—19.03 Id.

45 cents

2.....45
3—.....

.......

4

cents

45 cents
45 cents

6...
Dec. 7_

45 cents

45 cents

18.823d.

exchange

Dec. 2 to Dec. 8

New York recorded during the period
$5.00% and the lowest $4.98%.

was

Title of Loan—

'

3s of 1961

on

Payable
Q.-M.

3s convertible bonds of 1946-1947

Q.-J.

Certificates of Indebtedness

Quotations during the week:

31, 1937
$

49,800,000
28,894,500

FINANCIAL

MARKET—PER

CABLE

The
as

daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,

Silver, per oz.d

Gold, p. fine

oz.

Consols, 2%%.
British

The

States

Fri.,

Dec. 23

Dec. 24

18%d.

18 7-16d.

18 5-16d.

19d.

18%d.

139s.9%d. 139s.9%d. 139s.9d.

18 ll-16d.

139s.8d.

139s.8d.

139s.7%d.

Holiday

£74 7-16

£74%

£74%

Holiday

£101%

£101%

£101%

£101%

£101%

Holiday

on

£112%

£112%

£112%

£112%

£112%

£74%

£74%

the

same

per

ounce

(in cents) in the United

days has been:

444,579,000
758,955,800

1,036,702,900

1,036,762,000

M.-S.

489,080,100

489,087,100

J.-D.

...

Treasury bonds of 1951-1955
Treasury bonds of 1941
4%s-3%s Treasury bonds of 1943-1945
3Ms Treasury bonds of 1944-1946.

352,993,950

544,870,050

818,627,000

M.-S.

8s

454,135,200

352,993,450

J.-D.

8 %s

454,135,200

J.-D.
M.-S.

755,469,500
834,463,200
1,400,534,750
1.518,737,650
1,035,874,400

544,914,050
818,646,000
755,476.000

F.-A.

A.-O.
A.-O.

8s Treasury bonds of 1946-1948

J.-D.

44%
50.00

44%
50.00

44%
50.00

44%

3Ms Treasury bonds of 1949-1952

J.-D.

491,375,100

491,377,100

M.-S.

2,611,107,650

M.-S.

1,214,428,950

M.-S.

1,223,496,350
1,626,687,650

2,611,155,700
1,214,453,900
1,223,496,850
1,626,688,150

J.-D.

2Ms Treasury bonds of 1956-1959

M.-S.

981,838,050

J.-D.

1,786,362,050

2%s Treasury
U. S. Savings
U. S. Savings
U. 8. Savings
Unclassified

bonds of 1949-1953

bonds, series A
bonds, series B
bonds, series C

186,361,294
347,561,711
273,382,513

sales..

..............

3s Adjusted Service bonds of 1945

77.57

s




77.57

77.5

193.452.374
172.218.375

57,262,008
370,483,000

541,968,350

4%s Adjusted Service bonds, (Govt. Life Insurance
Fund series

1946)

500,157,956

....

2Mb Postal Savings bonds

Treasury notes.....
Treasury bills

J.-J.
118,367,560
119,974,320
.....11,487,593,250 11,886,191,550
2,652,922,000
2,353.452,000

.......

Aggregate of interest-bearing debt
do interest

...

.....36,453,104,592

Bearing

Matured, Interest eeased

............

Total debt
Deduct Treasury surplus or add Treasury deficit

494,386,248

32,620,588,569
592,933,514

100,311,480

163,886,940

a37,047,802,320 33,377,409,023
+2396396,582 +1226,582,536

77.57

b34,651,405,738 32,150,826,487

44%
Total gross debt Aug. 31, 1937, on the basis of daily Treasury
statements, way
$37,045,040,598.38, and the net amount of public debt redemption and receipts
in transit, Ac., was
$2,761,721.55.
b No reduction is made on account of obliga
a

50.00

50.00

77.57

77.57

Treasury

(newly mined)

834,474,100

1,400,570,500
1,518,858,800
1,035,884,900

2%s Treasury bonds of 1955-1960
2Mb Treasury bonds of 1945-1947
2Mb Treasury bonds of 1948-1951

Net debt

Closed
50.00

758,955,800

,

(for¬

U. S. Treasury.
S.

Thurs.,

Dec. 22

price of silver

Bar N. Y.

U.

Wed.,

Dec. 21

4%—

1960-90

eign)

Tues.,

Dec. 20

S

49,800,000
28,894,500
106,707,000

J.-D.

3% %—

W. L_.
British

Mon.,

Dec. 18

Aug. 31,1936

A.-O.

......

4%s Treasury bonds of 1947-1952
3s Treasury bonds of 1944-1954
B%s Treasury bonds of 1946-1956
3%s Treasury bonds of 1943-1947
3%s Treasury bonds of 1940-1943
3%s Treasury bonds of 1941-1943
3Mis Treasury bonds of 1946-1949

2Mb Treasury bonds of 1951-1954

ENGLISH

1,903,692,203

+5,937,523

2,908,128 374

Exports

Belgium

2,902,190,851

tions of foreign governments or other investments.

Volume

Financial

145

CONTINGENT

OF

LIABILITIES

1937

of Contingent Liability

Amount

Principal

Detail—

31,

AUG.

STATES.

UNITED

THE

Total

Interest

a

Guaranteed by the United Stalest
Federal Farm Mortgage Corp.:

236,482,200.00
103,147,500.00

1,418,278.13

98,028,600.00

3k% bonds of 1944-64
3% bonds of 1942-47
2k % bonds of 1942-47
1H% bonds of 1939

869,700,689.47
99.497,667.49
237,388,715.10
104,565,778.13
100,872,915.00

7,615,089.47
1,469,067.49
906,515.10

862.085,600.00

3% bonds of 1944-49

750,915.00

100,122,000.00

12,159,865.19 bl412,025,765.19

*1,399,865,900.00
Federal Housing Administration:

118,614.49

593.13

119,207.62

3% bonds, series A, 1944-52
954,099,650.00
2k % bonds, series B, 1939-49.-1,147,313,675.00
2% bonds, series E, 1938
49,532,100.00
lh% bonds, series F, 1939
325,254 750.00
2k% bonds, series G, 1942-44
461,008,825.00

9,540,996.60
2,629,260.50
41,276.75
1,219,705.31
1,728,783.09

963,640,646.50
1.149,942,935.50
49,573,376.75
326,474,455.31
462,737,608.09

f2,937,209,000.00 15,160,022.15

g2952,369,022.15

3% debentures...
Home Owners' Loan Corporation:

-

I

i

^

Reconstruction Finance

■

■

——

Corp.:

945,342.95

295,722,666.67

IH% notes, series K

c296,668,009.62

Tennessee Valley Authority
Total, based

—

-

4,661,182,004.58

1,267,749,526.20 32,009,326.75

dl299,758,852.95

upon guarantees..

-

On Credit of the United States:

Secretary of Agriculture
Postal Savings System:

1

....

j

Funds due depositors

Total, based

upon

^

^

credit of the

United States

1.299,758,852.95

...

Other Obligations:
Fed. Res

*

e4242,968,158.25

notes (face amount)

Includes only bonds Issued and outstanding.

a After deducting amounts of funds deposited
with the Treasurer
States to meet Interest payments.

b Does not include $10,000,000 face amount

of the United

of bonds and accrued Interest thereon,

held by Treasury and reflected in the public debt.
c Does
not Include $3,480,000,000 face amount

#

of notes and accrued Interest
thereon, held by Treasury and reflected in the public debt.
d Figures as of June 30, 1937—figures as of Aug. 31, 1937, not available.
Offset
by cash in designated depository banks amounting to $136,217,912.81, which i»
by the pledge of collateral as provided in the Regulations of the Posta*
Savings System having a face value of $137,661,393.25, cash in possession of System

secured

amounting

e

$64,309,518.33,

to

securities with

a

the

Government

and

and

Government-guaranteed

face value of $1,090,681,770 held as investments,

In actual circulation,

and other assets.

exclusive of $8,948,461.75 redemption fund

deposited in

Reserve notes held by the
The collateral security for Federal Reserve notes issued are (1)

Treasury and $307,999,500 of their own Federal

Issuing banks.

$4,600,632,000 in gold certificates and credits with the Treasurer of the United
States payable in gold certificates, (2) United States Government securities of a
face value of $20,000,000, and (3) commercial paper of a face amount of $21,162,000.
f Includes only unmatured

bonds issued and outstanding.

Funds have been de¬

posited with the Treasurer of the United States for payment of matured bonds which
have not been presented for redemption.

g Does not include $25,000,000 face amount of Series "H" bonds and
Interest thereon, held by Treasury and reflected in the public debt.

MONTHLY

REPORT

RATIONS

GOVERNMENTAL

ON

accrued

CORPO¬

CREDIT AGENCIES AS OF OCT.

AND

31, 1937
The monthly report of the Treasury Department, showing
assets and liabilities as of Oct. 31, 1937, of governmental

corporations and credit agencies, financed wholly or in part
by the United States, was contained in the Department's
"Daily Statement" for Nov. 30, 1937.
The report is the
41st such to be issued by the Treasury, the last previous one,
for Sept. 30, 1937, appeared in our issue of Nov. 27, 1937,
page 3441.
The report for Oct. 31 shows in the case of agencies
financed wholly from Government funds a proprietary in¬
terest of the United States as of that date of $2,639,757,692
which compares with $2,628,743,966, Sept. 30, 1937.
The Government's proprietary interest in agencies financed

and partly from private
$1,257,800,082. This
compares with $1,222,183,188 as of Sept. 30, 1937.
In the
case of these Government agencies, the Government's pro¬
prietary interest is the excess of assets over liabilities, ex¬
clusive
of
interagency items, less the privately-owned
partly from
funds

as

Government

of Oct. 31

was

funds

shown to be

interests.
FOOTNOTES FOR

ACCOMPANYING TABLE

Non-stock (or Includes non-stock proprietary Interests).

•

b Excess Inter-agency assets

'deduct).

Deficit (deduct)

c

d Exclusive of Inter-agency assets

and liabilities (except bond Investments).

e

Also Includes real estate and other property

t

Adjusted for lnter-agency Items and Items In transit.

held for sale,

& Includes legal reserves and undivided profits
h Subject to minor

totaling $5,818,403.

qualification as Indicated under liabilities of RFC and FHA,

the latter being included under captaion "Other."

Includes

1

U.

8.

Housing

Corporation,

U. S.

Railroad Administration,

U. S.

Spruce Production Corporation, and notes received on account of sale of surplus war
supplies

Includes Disaster Loan Corp.; Electric Home and Farm Authority; Farm Credit
(crop-production and other loans); Farm Security Administration;
Industries. Inc.; Indian Rehabili¬
tation loans. Inland Waterways Corporation; Puerto Rico Reconstruction Adminis¬
tration; Rural
Electrification Administration; The RFC Mortgage Company;
Tennessee Valley Associated Cooperatives, Inc.; Tennessee Valley Authority; loans
to railroads and lnter-agency interest held by the United States Treasury.
j

Administration

Federal Housing Administration; Federal Prisons

estimated amount of uncollectible obligations held by the

k Net after deducting

Farm

Credit Administration.

I Includes

subscriptions
m

Shares

due to Federal Land banks from the U. 8.

$3,607,271
to
of

Federal savings

paid-in
State

building

and

loan

and loan associations,

n

Assets not classified.

associations,

$36,885,770;

shares

of

$166,316,700

Less than $1,000.

o

Treasury for

surplus.

Includes only the amount of capital stock held by the

United States,
q
r

In liquidation.
Represents capital stock,

paid-in surplus, and other proprietary lnter-agency

Interests which are not deducted from the
corresponding organizations.
■

capital stock and paid-in surplus of the

Excludes unexpended balance of appropriated




funds

Chronicle

4062

Financial

TREASURY

STATEMENT

SHOWING

APPROPRIATIONS AND
RELIEF

The various

Chronicle

AS

OF

NOV.

agencies of the Federal Government^ it is shown in

a

Dec.

EXPENDITURES

30,

1937

RECOVERY

FOR

25,

AND

1937

tabulation given in the Treasury's "Daity Statement"

of Nov. 30, appropriated $21,023,260,263 for recovery and relief up to the end of November, which
compares with $21,047,-

218,235 appropriated

of Oct. 30, 1937.

as

The figure for Nov. 30 does not include amounts advanced under the Kerr-Smith

Tobacco Act, the Bankhead Cotton Control Act and the Potato Control Act of 1935, which laws

were repealed by Congress
February, 1936, after the United States Supreme Court had held the Agricultural Adjustment Act unconstitutional* The
Treasury's tabulation for Nov. 30 follows:

in

,

.

FUNDS APPROPRIATED AND ALLOCATED FOR RECOVERY AND
AS

RELIEF, EXPENDITURES THEREFROM
OF

AND

UNEXPENDED BALANCES

NOVEMBER 30. 1937

Sources oj Funds

Expenditures

Appropriations

Statutory and Executive Allocations
Organizations
National

Reconstruction

Industrial

Emergency

Emergency

Appropriation

Relief

Fiscal Year

Finance

Recovery

Specific

Corporation

Act

Act 1935,

Total

Fiscal Year

1937 and

1938

Prior

Unexpended

Years b

Appropriation

Acts of 1935,
Approved
Approved
June 16,1933 June 19, 1934 1936 & 1937

Agricultural aid:
Agricultural Adjustment Administration
Federal Farm Mortgage Corporation:

in'int.'rates

Reduction

cl

60,770,787

37,455,672

198,226,460

198,226,460
200,000,000

5,000,000

200,000,000
5,000,000

125,000,000
189,000,000
103,950,000

125,000,000
189,000,000
103,950,000

200,000,000
on

mortgages

1,338,088

Federal Land banks:

Capital stock
Paid

• n

surplus

-

Reduction In Int. rates on mortgages.

-r:'"v''r.

Relief*

.r.:r

Civilian Conservation Corps

h604,861,788
h332,399,220
93,101,630

152,068,851

480,590,000

934,842,359

321,061,433
83,929,314

594,936,258

399,482,873

317,558,174

Department of Agriculture, relief

15,456,253

911,040,000 3,083,402,998
88,960,000
820,842,094
1,326,657,496
83,929,314

906,422 3,074,249,696
79,594
817,423,102

Public highways

255,488,217

438,041,640
256,300,525

83,339,960

829,966,871

Rural Electrification Administration

Administration...
-

3,339,397
7,301,464

8,011
V*
I* 1
86,548,062
54,018,699
'35,228,016
345,492,737
165,808,554

1

River and harbor work A flood control.

All other

8,246,878

948.610 1,318,407,420
1,354
83,919,948

(Including work relief):

Works Progress

m
a*
878,405
36,223,587
7,091,746

120,064,745
142,160,468
81,401,999

•:

Fed'l Emergency Relief Admlnlstrat'n.d
Civil Works Administration

Public works

3,661,911

4,056,850
10,615,943

'2,239
93,708,085

506,899,690
186,582,712
15,481,673
4,040,059,226
88,679,684
563,892,419

1,200,431,787
536,591,323
46,500,000

61,981,673
4,040,059,226
1,565,878,935

52,640,264 1,061,243,460
15,395,238
467,177,385
15,079,950
11,673,706
534,458,341 3,160,108,148

103,527,139 1,296,543,241

■

V

Aid to home owners:
Home-loan

system:

Homo-loan bank stock

125,000,000
200,000,000

Home Owners' Loan Corporation
Federal savings and loan associations.

Emergency housing
U. S. Housing Authority
Federal Housing Administration......
Farm Security

125,000,000
200,000,000
50,000,000
106,031,188
31,504,396
57,621,074
497,383,942

150,000,000
22,476,244
6,823,225
1,000,000
26,182,626

3,223,696

19,307,748
50,000,000

Administration k

4,992,568
25,000,000

83,554,943
24,681,171

56,621,074

467",977",618

4,734,900

120,006,100
200,000,000
49,952,826
82,490,030

~~lF099
22,998,652
3,720,209
6,329,287
67,181,948

259,000
36,074

"542,505
27,784,186
4,083,233
74,694,525

47",208",553
355,507,468

Miscellaneous:
Federal Deposit Insurance Corporation.

150,000,000

Administration toi Industrial Recovery.
Tennessee Valley Authority

Subtotal

........—......

Revolving funds (net):
Agricultural aid:

2,152,911,605 2,556,664,455 1,101,187,021 7,418,908,073 1,628,121,074 14857792,230

150,000,000
24,245,466
75,000,000

60,167

859,474,834 13137 010,229

861,307,166

g5,316

e

Commodity Credit Corporation
Farm Credit

150,000,000
24,300,317
75,000,000

Administration

3,000,000
60,000,000

90,371,736

16,884,473

593,137,735

57,635,551

.....

115,187,865

321,018,907

1335,400,441

338,400,441
441,777,540

25,885,478
g9.269.268

122,125,135
372,346,241

190,389,827
78,700,567

1,029,344,508

47,238,469

618,869,623

363,236,415

858,059

18,166,574

27,225,365

216,885,778

Public works:
Loans

and

grants to States,

ipalities, Ac...
Loans to railroads...

munic¬

...—

......

Miscellaneous:

Export-Import Bank of Washington.

1,250,000

45,000,000

46,250,000

Reconstruction Finance Corporation-

direct loans and expenditures

Subtotal

3,644,010,665 3,644,010,665
57,635,551

657,387,735

205,559,601

5,423,012 1,697,331,270 1,941,256,382

337,903,381 4,241,296,884 5,499,783,155

70,135,751 2,828,838,845 2,600,808,558

2,210,547,157 3,214,052,191 1,306,746,623 7,756,811,454 5,869.417,959 20357575,386

........

929,610,586 15965 849,074 3.462,115,724

...

Total

■m

Unallocated funds...............

80,000

The

emergency

324,472

expenditures

665,684.877

665,684.877

929,610,586 15965 849.074 4,127,800,602

Included In this statement for the period

prior

to the fiscal year 1934 include only expenditures on account of the Reconstruction
Finance Corporation and subscriptions to capital stock of Federal Land banks under
authority of the Act of Jan. 23, 1932.
Expenditures by the several departments
and establishments for public works under the Emergency Relief and Construction

Act of 1932 were made from general disbursing accounts, and,
therefore, are not
susceptible to segregation from the general expenditures of such departments and
establishments on the basis of the dally Treasury statements.
cThe sum of $160,770,787.95 represents the
balance
under
appropriations
provided by the Acts of May 12, 1933, May 25, 1934 and Aug. 24. 1935.
d Includes expenditures made by Federal
Surplus Commodities Corporation from
funds provided for the Federal Emergency Relief Administration.
e

Expenditures

ments and

are

stated

on

a

net basis,

collections, the details of which

ment below.

664,267,230

2,210,027,157 m3215065 365 ii1307071,096 O8421078.684 5,869,417,959 21023 260.263

Grand total

b

1,013,174

are

1. e.. gross expenditures less repay¬
set forth In the supplementary state¬

(li;

Corporation Is authorized

to purchase marketable securities acquired by the Federal

Emergency Administration of Public Works.
the Reconstruction Finance

The

purchase of such securities by

Corporation Is reflected

as expenditures of the Recon¬
credits against expenditures of the Federal
Emergency Administration of Public Works.

struction

Finance

Corporation and

as

/

J Includes $700,000 allocated for savings and loan
Sec. 11 of the Act of April 27, 1934.

promotion

as

authorized

by

k Includes allocations and expenditures on account of subsistence homesteads
m

Exclusive of the $84,769,354.29 transfer referred to In note o, and $165,280.14

carried to the surplus fund of the Treasury.

Exclusive of the $40,224,759.65 and $47,704,412.27 transfers referred to In
note o, and $5,500,000 transferred to salaries and
expenses. Farm Credit Admlntratlon; and $25,674,731.83 carried to the surplus fund of the Treasury.
n

o Includes $4,000,000,000
specific appropriation under the Act of April 8, 1935,
$1,425,000,000 specific appropriation under the Act of June 22, 1936, $789,000,000
specific appropriation under Act of Feb. 9, 1937, $1,500,000,000 specific appro¬

f Net. after deducting repayments to the Reconstruction Finance
Corporation.
g Excess of credits (deduct).

was

priation under the Act of June 29, 1937, and transfers of unexpended balances as
follows: From the Reconstruction Finance Corporation, $500,000,000; from the
appropriation of $3,300,000,000 for National Industrial Recovery, $84,769,354.29;

by the President as follows:
Federal Emergency Relief Administration,
$604,995,000, of which $131,542.23 has been transferred to the Emergency Relief
appropriation and $1,669.70 carried to the surplus fund of the Treasury, Civil Works
Administration $344,925,000, of which amount
$7,300,000 has been transferred to
the Emergency Relief appropriation,
$5,218,250 transferred to the Employees'

vided In the Emergency Appropriation Act of 1935,
approved June 19, 1934, $40,224,759.65; from the appropriation of $899,675,000 for emergency relief and publlt
works provided In the Emergency Appropriation Act of 1935, approved June 19,
1934, $47,704,412.27; from the appropriation of $950,000,000 for emergency relief

h The appropriation of $950,000,000
provided in the Act of Feb.

15,

1934,

allocated

Compensation Commission, and $7,529.21 carried to the surplus fund of the Treas¬
ury,

leaving

an

unallocated balance of $80,000.

I Under the provisions of the
Emergency Appropriation Act. fiscal year 1935,
and the Emergency Relief Appripriation Act of
1937, the Reconstruction Finance
-

DETAILS OF REVOLVING

FUNDS

INCLUDED

IN

from

the appropriation of $525,000,000 for relief In stricken agricultural areas pro¬

and civil works

provided in the Act of Feb. 15, 1934, $7,431,542.23; from unobli¬
gated moneys referred to In Sec. 4 of Act of March 31, 1933, $21,527,113.76, and
moneys transferred pursuant to Sec. 15 (f) of the Agricultural Adjustment Act,

$12,921,502.64, less transfer of $7,500,000 to War Department under Act of July 19,
1937.
GOVERNMENT RECEIPTS

AND

EXPENDITURES

This Month

Fiscal Year 1938

Organizations
Repayments and
Payments

Commodity Credit Corporation

^

...

Farm Credit Administration
Loans and grants to States, municipalities, Ac...
Loans to railroads

Export-Import Bank of Washington..
Reconstruction Finance Corporation—direct loans A
expenditures
•

Excess of repayments and collections (deduct).




Net

Collections

Expenditures

Repayments and

i

Payments

$20,236,543.64

$637,110.90

$19,599,432.74

$30,190,483.45

202,442.89
15,224,843.29

1,941,868.68
31,331,112.36

al,739,425.79
al6,106.269.07

86,848,270.27

734,080.36

10,590.00

'509,658*61
41,115,554.67

86.072.16
17,831,443.76

423,586.45
23,284,110.91

1,865,965.19
227,695,245.61

Net

Collections

Expenditures

$4,305,005.40
10,003.348.97

$25,885,478.05

39,501.335.97
119,054.88

47,346,934.3

1,007,905.33
222,272,233.02

a9,269,268.6
al08,464.8
858,059.8
5,423.012.5

Volume

4063

Financial Chronicle

145

NATIONAL BANKS

INCREASED
10—-The Citizens National Bank of Wellsville, Wellsville, Amount
Y.
From $100,000 to $160,000. Amount of increasee
$60,000
14—The National Bank of Richmond, Richmond, Mich.
CAPITAL STOCK

COMMON

Dec.
N.
Dec.

12,625

Amount of increase

From $37,375 to $50,000.

Dec. 15—The Richland National Bank of Sidney, Sidney,
From $40,000 to $50,000.
Amount of increase-----

Mont.

10,000

15—The Valley National Bank of Phoenix, Phoenix,
From $400,000 to $600,000.
Amount of increase

Dec.

Ariz.

,

200,000

LIQUIDATIONS

VOLUNTARY

Dec. 10—The Old National Bank of New

Dec. 16—The First National Bank of Altamont,

Trust
Trust

New York——

25,000
lb.

in
^

Location of branch,
Certificate No. 1396A.

Co. of Albany, Albany,

Albany County, N.

Village of Altamont,

Y.

Boise, Idaho. Location
Wallace, Shoshone County,

Dec. 13—The Idaho First National Bank of Boise,
of branch,

St., in the City of

524 Cdear

Idaho^ Certificate No. 1397A.

^

dec. 1&—The Valley"National Bank of Phoenix, Phoenix, Ariz. ' "Location
of branch, Unincorporated Town of Morenci, Greenlee County, Ariz.

Dec. 21

Jan.

Dec.

Dec.

Buffalo Insurance Co.

Dec.

15

Dec.

Dec.

23

Dec.

23

Dec. 20

Jan.

Dec. 20

Jan.

Dec. 31

Jan.

Dec. 31

(quar.)

Extra.

Burkhart (F.) Mfg.

.

(quar.l

$2.20 preferred

California-Oregon Power Co., 7% pref. (qu.)__.
6% preferred (quarterly)
6% preferred series of 1927 (quar.)_ — -,
Canada Cement Co., Ltd., 6H% preferred.

Mar.

28

Feb.

Jan.

20

Feb.

Jan.

20

Jan.

20

Dec.

Dec.

Jan.

Jan.

Jan.

Dec.

Jan.

Dec. 22

Jan.

—

28

Feb.

Feb.

trust)

Feb.

Mar.

Additional
Canadian Bronze Co.,
Common (interim)

Dec.

|

--j

Litd., common

Canadian Starch Co., Ltd
Canadian Tube & Steel Products,
Cannon Shoe Co.

Dec. 16—First National Bank of Arizona, Phoenix,

Phoenix, Ariz. Location

Yuma, Yuma County, Ariz.

Certificate No. 1399A.

—

pref

(quarterly)

Extra

will,be succeeded
by Sherwood & Reichard, 40 Wall St., New York City.
They will specialize
in bonds of municipalities located in New York State and high-grade
general market municipal issues.
Partners in the new firm will be Stanley L.
—As of Jan. 3,1938, the

partnership of Sherwood & Co.

Sherwood and Fred W. Reichard.

—"The Business Recession, Why and How

& Co., 30
in which they express the opinion that the events
the result of an economic situation rather than

which has been prepared for

Broad St., New York City,

of the past six months are

Far" is the title of a phamplet

distribution by Schatzkin, Lowei

Government policy.

York City have prepared a book
answering 34 questions about taxes and tax exempt bonds.
The company
also has available a graph showing tax exempt municipal bond prices in
—Darby & Co.,

1 Wall Street, New

and money rates.

relation to Federal income taxation

—John Acken has become associated

Dec.

22

Dec.

15

Dec.

Dec.

17

Dec.

Dec. 28

Dec.

Dec. 28

Dec.

—

Jan.

Dec.

Cincinnati Postal Terminal & Realty
6 H % preferred

Dec.

Dec. 31

Jan.

Dec. 31
Dec.

23

Dec.

Dec.

29

Jan.

Jan.

5

Dec.

Co.,

Jan.

Jan.

Ry—

Preferred

(quarterly)
Cleveland Ry. Co. (resumed)
Certificate of deposit (resumed)
Clinton Trust Co. (quar.)
Colon Development, 6% preferred
Colonial Ice Co., $7 preferred (quar.)
Preferred series B

Dec.

Dec. 31

are grouped in
two separate tables.
In the
bring together all the dividends announced the
current week.
Then we follow with a second table in which

Dividends
we

tjie dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
we

show

(Hartford)-------pref. (quar.)-_

The dividends announced this week are:
Per

Name of Company
Acadia Sugar Refining

-

Share
,

15c

Jan.
Jan.

30c
15c
15c

Jan.

$15*
$15*
85*c

-

Alaska Juneau Gold Mining (quar.)
Extra
r

Albemarle Paper Mfg. Co., 7% pref. (quar.)
Alberta Wood Preserving Co. 7% pref. (quar.)..
...

tS5
$1H
$15*

(quar.)

(quarterly)

5% prior preferred (quar.)
American Screw Co. (quar.)

Jan.

1 Dec. 24
3 Dec. 23
1 Dec. 23

Jan.
Jan.

5

-

-

_.

Dec.

$2
$1
$2

Dec.
Jan.

$1

July

$2 X

Anglo-Norwegian Holdings, Ltd., 7% pref
Appleton-Century Co. (special)
Preferred (quarterly)
Arcade Cotton Mill (irregular)
Arkansas Fuel Oil Co., 6% pref. (qu.)_
Associated Real Estate Corp., 6% pref. (s.-a.)_Assoc. Real Estate Corp. 6% pref. (s.-a.)
Atlantic City Sewerage Co. (quar.).
Atlas Acceptance Corp., A & B
5% preferred
I,
Avery (B. F.) & Sons, pref. (quar.)._Axelson Mfg. Co. (quar.)

Jan.

4 Dec. 21

July

5 June 25

Dec.

'III

Dec. 27 Dec. 21
5 June 25

Jan.

31 Dec. 29
3 Dec. 22
3 Dec. 22

■25c

Dec.

24 Dec.

18

15c

Dec.
Dec.

30 Dec.
28 Dec.

21

$3
$3
25c

Dec.

28 Dec. 24

Jan.

Jan.

5c

Jan.

$2

Jan.

37 He
15c

Jan.
Jan.

25c

Jan.

50c

Dec.

50c

Dec.

10c

Dec.

(quar.)

Extra

Baldwin Co

9
21 Dec.
4 Dec. 21

$2
$15*

Extra

f

—

3 Jan,
3 Dec.

24
3

20

3 Dec. 20
1 Dec. 26
8.
15 Jan.
15 Jan.
26 Dec.
26 Dec.
24 Dec.

8

20
20

22

t$l

Dec.

tsi

Dec.

30 Dec. 20*
30 Dec. 20

15c

Dec.

28 Dec. 23

37 He

Dec.

28 Dec.
28 Dec.

partic. pref

prior preferred-

Bankers Securities Corp.,

1 Dec. 24
21 Dec.
9

20c

—

Preferred (semi-ann.)

Badger Paint & Hardware Stores

3 Dec. 20
1 Dec. 24-

(initial)

—

C

.

Bartgis Bros, (quar.)
6% con v. preferred (quar.)
Bartlett (H. S.) & Co. (extra)
Basic Industries Shares (bearer)
Baxter Laundries Corp., 8% preferred
Bellanca Aircraft Corp., common

Dec.

23
18

13.138c Dec. 31
Dec. 22 Dec. 21
25c
Dec. 27 Dec. 22
50c

Payable in 4%

four year notes.
.....
Cement 6% pref
Birmingham Electric Co. $7 preferred
$6 preferred
—
Birmingham Fire Insurance (Alabama)
Birtman Electric Co

Dec.

t$3
t$15*
t$l H

Jan.

40c

Bessemer Limestone &

27 Dec.
3 Dec.

18

Jan.

13

25c
75c

Blauner's, common
Preferred (quarterly)

*

Bourbon Stock Yards Co.

— —.

—

i




—

3 Dec. 13
3 Dec. 20
Dec. 24 Dec. 20
6
Jan. 20 Jan.
Feb.

75c

Jan.

1
15 Feb.
2 Dec. 27

$1 Jan,
$1X' Dec. 28 Dec. 21
Dec. 28 Dec. 21
$1H

pref. (quar.)
Dominion Tar & Chemical, pref. (quar.)
Driver (W. B.) Co. (initial)
Duquesne Light Co., 1st 5% cum. pref.

Dec.

Dec.
Feb.

Jan.

22

Feb.

Jan.

22

Dec.
Dec.
Dec.
Dec.

Dec.
Dec.

Dec. 21

$2

Dec.

27 Dec. 20

Jan.

Dec.
Dec.

28 Dec. 20
31 Dec. 18

Jan.

3 Nov. 15

1 Dec. 23

3

Jan.

25c

Jan.

20 Jan.

Dec.

23 Dec. 20

Dec.
Jan.

23 Dec, 20
3 Dec. 23

5

10.096c Dec. 31
20 Dec.

10

Dec.

Dec.

23 Dec. 20

Jan.
Jan.

20 Dec. 31
3 Dec. 30

Jan.

3 Dec. 30

Dec. 31 Dec. 23
1 Jan.

Feb.

14

Dec.

20

Jan

15 Dec. 31

10c

Dec.

2

Dec.

21

25c

Jan.

24

Feb.

3 Dec.
18 Jan.
1 Jan.

$6

Dec.

14 Dec.

10

$15*
$1H
$15*

Jan.

3 Dec.

15

Feb.

1

Jan.

6

Feb.

1 Jan.

6

40c

(qu.)._

-

$15*

M

Jan.

8

15

$2

Dec.

24 Dec. 20
24 Dec. 20

$1

Dec.

22 Dec.

Dec.
Jan.

22 Dec. 20
3 Dec. 24

30c

Dec.

28 Dec. 21

25c

Jan.

1 Dec.

87 He
37 He

Jan.

1 Dec.
1 Dec.

t$lH

Dec.

75c

Dec.

8oc

$25*
25c

Empire Trust Co. (quar.)

(quar.) —

Extra

$15*
30c
10c

+$15*

7% pref
Froedtert Grain & Malting Co., Inc.—
Florida Portland Cement.

30c

Partic. conv. nreferred

4c

Brewing Co
preferred (quar.)
Gardner Electric Light Co. 5% pref. (s.-a.)
General Alloys, 7% cumul. pref. A
General Development Co.
General Fire Extinguisher Co. (irregular)
General Mills, Inc. (guar.)
General Optical Co., inc., pref

Fuhrmann & Schmidt

$15*
$2H
t35c

Fuller Brush Co., 7%

60c
$1
75c
-

Dec.

Jan.

20

18
18
18

23 Dec. 21
24 Dec. 17
1 Jan.
27 Dec.

15

Dec. 27 Dec.
Dec. 20 Dec.

17

1 Jan.

15

Feb.
Dec.

Feb.

Dec.
Jan.

Dec.

17
9

28 Dec. 18
3 Dec. 23
24 Dec. 16

28 Dec. 18
20 Dec. 27
Dec. 23 Dec. 17
Jan.
10
Feb.

Dec.
Dec.

20

(quar,)_--_.-

-.

Dec.

Dec.

Jan.

Jan.

20c

Co., Inc., pref. (quar.).
Station (guar.)

75c
20c

>rp.
General Shoe Cor

Gray Telen. Pay

Jan.

$15*

$3
$2
t$15*
t$15*

Eagle Lock Co. (quar.)
- — - East Pennsylvania RR. 6% gtd. (s.-a.)
Eastern Steel Products, Ltd
Edisoi (T. A.), Inc. (extra)
Edmonton City Dairy 6H% Pr®f- (quar.).
Electric Bond & Share Co., $6 preferred-.
$5 preferred.
Electrographic Corp
Elizabeth town Consol. Gas
Empire Telep. Co., common
Class A&B preferred
-

Gotham Silk Hosiery

$2
25c

u

17
17
Dec. 31

$1
$1

Dominion Rubber Co.,

Preferred (s.-a.) _
Gimbel Bros.. 6% pref.

Dec.

Dec.

15c

—

Equitable Investment Corp
Evans Products Co. (div. omitted)
Family Loan Society, Inc. (quar.)
$3H partic. preferred (quar.)
$3 H partic. preferred (extra)
Federal Chemical Co. 6% preferred
Fiberloid Corp. (quar.)
Fibreboard Products, Inc., 6% pref.
Filtrol Co. of California

23

Dec.

S1H

(guar.)

Dixon (Joseph)

Durham Mfg. Co—

Dec.

Dec.

15c
-

Extra

Dec.

Dec.

15c

—

Crucible Co_.
Dome Mines, Ltd
Dominion Fire Ins. Co. (Ont.) (s.-a.)---

Jan.

Dec.

12c

(quar.)
Dewey & Almy Chemical Co. (initial)

24 Dec.

21

15
15
22

2H%

Series B

Dec.

3 Dec. 20

5

Feb.
Jan.

Feb.

$1

Detroit Gasket & Mfg. Co.

Diversified Trust Shares series
Dixie Home Stores (quar.).-

Jan.

Jan.

Mar.

til

Deposited Bank Shares N. Y. series A
Payable in cash or trust sh. ctfs.

of New York

Dec. 20

Jan.

50c

ofT-20th shT com 7 of cash

Darling Stores Corp. $2pref. (quar.)-.
Dennison Mfg. Co., preferred
Denver Union Stock Yards

Discount Corp.

31

$15*

ATtf9

Class B, new

Dec.

7.064c
8.832c
7.064c
8.832c

28 Dec. 22
21 Dec. 17

Jan.

—

Amoskeag Co., common (s.-a.)
SpecialCommon (semi-ann.)
Preferred (semi-ann.)

Extra

1 Jan.

Jan.

pref

Extra

i
1

Feb.

-

American Products Co. $1H par tic.

Brink's, Inc

Feb.

3 Dec. 20
5
1 Jan.

Dec.

-

Bankers Securities Corp.,

1 Nov. 20
3 Dec. 18
15 Dec. 31
3 Dec. 22

23

$15*.
85*c

—

Optional payment

13

Dec.

15c

Series AA

OlITlAA Pf Afifl

Dec.

20c

(quarterly)
Coon (W. B.) Co. (quar.)
7% preferred (quar.)_Corporate Trust Shares, orig. series

Dec.

American Arch Co

American Colortype, 5% preferred
American Hair & Felt, 6% 1st pref.
2nd $5 preferred

Dec.
Jan.

$15*

Affiliated Fund. Inc
Air Associates, Inc., $7 pref. (quar.).
Alabama Fuel & Iron Co. (quar.)

(quar.).

Holders

Feb.

Dec.

5c

(s.-a.)_.- —
(quar.)---

(modified)

15

Mar.

Jan.

+50c

Daniels & Fisher Stores

20c
7Hc

Co..

6% preferred (guar.)

American Beverage, pref.
Akron Brass Co. (quar.)

When

Payable of Record

Jan.

50c

$1H

nn

preferred

--------------v«.

(modified)

3

Dec. 21

Dec.

Preferred

Series AA

3

17

Dec.

Dec.

75c

Consolidated Traction Co. of N. J.

Accumulative series

10'Jan.

Dec.

$15*

pref
Lobster, Inc. (quar.) —

Accumulative series

15
15

Jan.

Jan.

Inc. (quar.)

(resumed)

Extra-

Jan.

Jan.

Consolidated Film Industries,

•

Dec.

Feb.
Jan.

25c

(quar.)

7% preferred (quarterly)
Prior preferred (quarterly)
Consolidated Dry Goods Co. 7%

Dec. 20
Dec. 23

Jan.

pf. (qu.)_

Connecticut River Power Co. 6%

Continental Steel Corp., com.

Dec. 20

Dec.

6H% preferred (quar.)
Commercial Discount (Los Angeles), 8% pref—
7% preferred (quarterly)
Commodity Corp. (reduced)
Commonwealth Securities, Inc., $6 pref

Consolidated

Dec. 20

Jan.

Special

first

Dec. 28

Dec.

Consolidated Bakeries of Canada

DIVIDENDS

Dec, 23
Dec. 23

Jan.

Columbia Mills, Inc. (quar.)
Columbus & Southern Ohio Elec. 6%

Consolidated Cigar Corp.

21

Dec.

preferred

Consolidated Car Heating Co.,

21

31 Jan.

Jan.

(quarterly)

Connecticut Fire Insurance

31 Jan.

Jan.

Jan.

pref-_

5% preferred (quar.)
Cleveland Cliffs Iron Co., preferred

Columbus Auto Parts,

15 J an,
1
1 Dec. 30
1 Dec. 30

Jan.

(quarterly)

Citizens Wholesale Supply, 7%

1
21

Dec.
Jan.

Consolidated Assets Co—

with Dunne & Co.

5

Dec.

Carpel Corp. (irregular)
Carpenter (L. E.) & Co. (quar.)
Carpenter (L. E.) & Co. (initial, quar.) —
Case (J. I.), 7% preferred (quar.)-Century Electric Co
Central Power Co., 7% cum. pref. (qu.) —
6% cum. preferred (quar.)
Channon (H.) Co. 6% preferred
Chicago Venetian Blinds (quar.)

Cleveland Cincinnati Chic. & St. L.

NOTICES

10
22

-

5H% preferred (quarterly)
Capital Management Com. (liquidating)-

6% preferred (quarterly)

CURRENT

27

Dec. 31

Jan.

Chilton Co. common

Certificate No. 1398A.

of branch, City of

Dec. 21

'

-

-

Brown Forman Distillery Co., $6 pref
Buffalo General Laundry Corp. preferred

Carbons Consol., Inc

BRANCHES AUTHORIZED

N. Y.

Dec. 21

Dec.

Jan.

Preferred (quarterly)

Effective Dec. 11,1937.
Liq. Agent:
Millard Frink, Altamont,
New York.
Absorbed by, The National Commercial Bank & ^
Trust Co. of Albany, New York, Charter No. 1301.J-lfcfc.»~idl

Dec. 11—The National Commercial Bank & Trust

Jan.

Jan

Broad Street Investing, com
Common

(interim)—I

Dec.

British-American Tobacco Co., ord.

Canadian American Trust Shares (2nd

$100,000

Brighton, Pa

Effective, Dec. 4, 1937.
Liq. Agent:
Beaver County
Co., New Brighton, Pa.
Absorbed by, Beaver County
Co., New Brighton, Pa.

Payable of Record

Share

Name of Company

Holders

When

Per

following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
The

Jan.

Dec. 31

$15*
$15*

Jan.

Jan.

10

l'Jan.

12

25c

Jan.

Feb.

3

15 Dec. 30

4064

Financial
When

Per

Name of Company

Share

Greenwich Gas Co. $1 M pref. (quar.)
Group Corp., 6% preferred

Extra

t75c

Harris-Seybold Potter Co., $5 pref. (quar.)
Hartford Gas Co. (quar.)
Preferred (quarterly)
Hatfield-Campbell Creek Coal Co., 5% pref--_Haughton Elevator Co., $6 prior pref. (quar.)Haverty FurnitureCo.'s, Inc., conv. pref
Hawaiian Electric Co. (monthly)
-

Extra

--

_

Heath (D. C.) & Co. 7% pref. (quar.)
Hecker Products Corp. (quar.)

Jan.
Jan.

15 Dec. 31
3 Dec. 20

Jan.

3 Dec. 31

sim

Jan.

1 Dec.

50c

Dec.

60c
15c

Dec.
Jan.
Dec.

SIM
37 He

Jan.

—

--

Island Creek Coal Co.
Preferred (quarterly)_

-

15

15

1 Jan.
15 Jan.
28 Dec.

10
4

18

Jan.

10 Dec. 31

Dec.

30 Dec.

Dec.

31 Dec.

5c

Jan.
Dec.

25 Jan.
28 Dec.

15
15

Dec.

28 Dec. 15
Dec. 31 Dec. 24
Jan.

Dec.

3 Dec. 16
28 Dec. 15
28 Dec. 15
3 Dec. 20
3 Dec. 20
3 Dec. 20
29 Dec.

Dec.
Jan.
Jan.

50c

Jan.

24
3 Dec. 29

t$2
25c

(quar.)

Dec.

SIM

_

Jan.

1 Dec.

50c

Kansas City Fire & Marine Insurance (No.)

30c

Kellogg Switchboard Supply (quar.)
Preferred (quar.).:
Kemper-Thomas (resumed)Kendall Refining Co-_
Kinsey Distilling Co., 80c. prior pref——
--

15c

Jan.

31 Jan.

$1M

Jan.

60c

Dec.

50c

Dec.

31 Jan. 11
22 Dec. 22
27 Dec. 16

20c

--

__L_

21

Dec. 31 Dec. 23
Dec. 31 Dec. 23
Dec. 24 Dec. 17

Dec.

70c
—

—

Dec.

$2

Dec.

50c

;

Kirby Lumber (initial)
Kobe, Inc., common...
Kresge Dept. Stores, Inc., 1st 4% pref
Kuppenheimer (B.) & Co., Inc. (s.-a.)_
Laclede-Christy Clay Products (special)
Lawyers Trust Co
Lehigh Power Security (irregular)
Liberty Loan Corp., class A & B (quar.)__Class A & B (extra)
Lisk Mfg. Co., LtdLone Star Gas, 6M% pref. (quar.)
Loomis-Sayles Second Fund, Inc

Dec.

$1

Jan.

50c

Jan.

25c
35c

—

Dec.

29 Dec.
29 Dec.

20

23 Dec.
30 Dec.

20

5c

$1

—

Dec.

30c

$1.63

Lyons-Magnus, Inc., class A

Feb.

25c

$6
—

Class A (quar.)

21

Dec.

24

Dec.

20

Dec.

20

Dec.

20

24 Dec.

18

Jan.

t50c
-

27
28

10 Dec. 31
24

3 Dec.
28 Dec.

3
Dec. 23
Dec. 30
Dec. 30

10c

—

Manufacturers Life Insurance Co
Mar-Tex Oil Co. (quar.)

Jan.

11

5c

1 Jan.

19

10 Jan.
Dec. 24 Dec.

17

2 Dec.

29

Jan.
Dec.

22 Dec.

3

16

5c

Martel Mills Corp. (quar.)
Maritime Telep. & Tel eg. Co.

-

_

_

_

McLellan Stores, 6% pref. (quar.)
Medusa Portland Cement (irregular)-----

—

Michigan Baking, Inc
$7 preferred (quar.)

-

---

—

Non-cum. prior pref...
Middlesex Products Corp. (quar.)Mill Creek & Mine Hill Navigation RR. Co..—
Mississippi Power Co., $7 prer. (quar.).
$6 preferred (quarterly)

Moloney Electric Co., class A
Montreal Light, Heat & Power Consol. (quar.)
Montreal Telegraph

15

3 Dec.

15

Jan.
Jan.

3 Dec.
20 Dec.

31

18

Dec.

27 Dec.

17

Dec.

27 Dec.

17

Feb.

1 Jan.

20

Jan.

25 .Jan.

20

Dec. 24 Dec.

22

$1H

Jan.

Dec.

22

10c

Jan.

15 Dec.

24

SIM

Feb.

1 Dec.

24

25c

Feb.

1 Dec.

24

37Hc

Dec.

15 Dec.

7

Jan.

13 Jan.

SIM
SIM
SI H
$5

2

Jan.

3 Dec.

20

Jan.

3 Dec.

20

Dec.

29 Dec.

13

38c

National Distillers Products (quar.)
National Fire Insurance (quar.)_

31

15 Jan.

Jan.

15 Jan.

$2

Jan.

15 Dec.

3
31

Dec.

27 Dec.

24

20c

Dec.

28 Dec.

75c

-

31

15 Dec.

Jan.

25c

(extra)--

Mutual Investment Fund Shares
National City Lines, $3 pref. (quar.)

31 Dec.

Jan.

$2M
75c

—

Jan.

68c

—

— ————- — -

Mountain States Telep. & Teleg.
(quar.)

Feb.

1 Jan.

4

15
20

50c

5M% convertible preferred stock
Preferred (quar.)
-

Feb.

1 Jan.

50c

National Power & Light Co.,
$6% pref. (quar.).
National
Pump
Co.,
stock
div. payable in

Jan.

3 Dec.

23

S1H

Feb.

1 Dec.

27

Dec. 26 Dec.

15

20

13Mc
.

—_

Dec.

26 Dec.

20

50c

,

National Steel Car Corp
Newark Consol. Gas Co. (s.-a.)
New York Auction Co., Inc__
Niagara Falls Smelting & Refining (quar.).

Jan.

15 Dec.

31

S2H

Jan.

3 Dec.

21

15c

Niagara Fire Insurance (N. Y.) (qyar.)
Norfolk & Western Ry., pref.
(quar.)
North American Finance
Corp.. cl. A (quar.)
North & JuddMfg. Co.
(quar.)

Dec. 27 Dec.

23

25c

Dec.

24 Dec.

15

$2

Dec.

24 Dec.

15

Dec.

Extra.

30 Dec.

24

Feb.
Dec.

31 Dec.

20

Jan.

3 Dec.

20

Dec.

22:Dec.

17

Jan.

7% preferred.6% preferred
5M% preferred

19 Jan.

25c

37 He

—

Northeastern Water & Electric
Northern Central Ry. Co
Northern Indiana Public Service Co.—

15,Dec.

31

31

t$2M
t$2M

Northern States Power (Del.),
7% pref. (quar.).
6% preferred (quar.)
Northern States Power
(Minn.), $5 pref. (quar.)
Northwestern Bell Telephone
(quar.)
North West National Insurance
(quar.)
Oahu Sugar Co.
(monthly)
—

Ohio Leather Co

Dec.

23 Dec.

Dec.

23 Dec. 21

t2.05M

Dec.

23 Dec.

21
21

SIM

Jan.

20 Dec.

31

SI H

Jan.

20 Dec.

31

SIM
SI H
SIM

Jan.

15 Dec.

31

Dec.

28 Dec.

24

Dec.

31 Dec.

20c

Jan.

15 Jan.

20
5

35c

Dec.

24 Dec.

20

SIM

Jan.

3 Dec.

24

$2

7% preferred (quar.).
8% preferred (quar.).
Oils & Industries, Inc

Jan.

50c

Participating preferred
Old Dominion Fire Insurance
Co., Inc
Oshkosh B'Gosh, Inc. (extra)
Otter Tail Power Co.
(Minn.), $5M pref

-----

50c
25c

35c

3 Dec. 24
Dec. 27 Dec. 17
Dec. 27 Dec. 17
Jan.
3 Dec. 22
Dec. 22 Dec. 15

tll.04H Dec.

22 Dec.

15

1 Dec.

15

22 DeC.

15

tSIM

Parker Rust-Proof Co. common
($2M
Common (no par) (quar.)

1 Dec.
15 Jan.

Dec.

17 Dec.

Jan.

15 Dec.

70c

Dec. 1 ODec.
Dec. 10 Dec.

Jan.

20

Jan.

15

Jan.

50c

50c
25c

Jan.

SIM

Jan.

20c

SIM
35c

tSl
35c
20c

$2
$2
$2

—

Rochester Button Co

j

$2.10
$6

Dec.

22 Dec.

20

Dec.

15 Dec.

1

Dec.

15 Dec.

1

Feb.

1 Jan.

20

Mar.

1 Feb.

10

Feb.

10

37 He
37 He

SI

$1H
25c

SIM

Dec.

2

Jan.

———— -—-

rate of 1-100 sh. of pref. for each sh. of cornStandard National Corp., 7% pref. (quar.)
Standard Wholesale Phosphate & Acid Works—

State Street Investment Corp. (quar.)

Feb.

19

Dec.

Dec.

18

Dec.

15c

Dec.

18
22
Dec. 27
Dec. 15
Dec. 15

Jan.

Jan.

Jan.

Jan.

Jan.

Jan.

$2
20c

Dec.

6
Dec. 21
Dec. 24
Dec. 17

Feb.

Jan.

Dec.

Jan.

Dec. 18
Dec. 31
Dec. 22
Dec. 22

Dec.

Dec. 22

Dec.
Jan.

$2
SI.12
25c

Jan.
Jan.

31

SIM

Dec.

Dec. 24

30c
75c

Jan.

Dec. 30
Dec. 31
Dec. 17

Jan.

■

•»'

(quar.)
Sterling Aluminum Products, Inc
Stetson (John B.) preferred (s.-a.)
Strawbridge & Clothier, 7% preferred
Suburban Electric Security, pref

—

Dec.
Dec.

$2

Preferred

Dec.

50c

:

Dec.

SIM

»*•«»'.«*

Participating preferred (quar.)
Participating preferred (partic. div.)
Steel Co. of Canada
(equalizingjdividend)
Quarterly

SIM
75c

-«*

Stearns (Frederick) & Co.—

Feb.

Jan.

43 Mc
43 Mc
45c

Feb.

Jan.

7

Feb.

Jan.

7

Dec.

Dec. 24
Dec. 30
Dec. 15

SI

Dec. 24
Dec. 24
Dec. 24

Jan.

t75c
tSIM

Jan.

Dec.

7

Sundstrand Machine Tool Co

25c

Dec.

Dec. 20
Dec. 22

Supervised Shares, Inc. (quarterly)
Taylor-Colqutt Co. (quar.)
Taylor Markets (quarterly)

12c

Jan.

Dec.

Extra.

50c

Jan.

60c

Title Insurance Corp. of St. Louis

Jan.

15

Dec

23

Jan.

Dec.

SIM

Tip-Top Tailors, Ltd. (quarterly)
7% preferred (quarterly)

Dec.

Feb.

Dec.

15c

Texas Hydro-Electric Corp. S3H cum.
pref

Jan.

15c

t25c

_

Telautograph Corp. (quar.)_

Jan.

Dec.

16

Dec.
Dec.

Dec.

17

Dec.

17

Dec.

15

50c

Special—
i
Toledo Light & Power Co., pref. (quar.)
Torrington Water (quarterly)
Towle Mfg. Co.
— —

—

50c

—

SIM
50c

-

Jan.

Dec.

Truscon Steel preferred

—

-

-

Clqtch Co

-

Union Public Service Co. (Minn.)
7% pf. A & B.
$6 preferred C & D (quar.)Union Sugar Co__
:

$2
$8
20c

tsio

Dec.

Dec.

18

Jan.

Dec.

20

SIM
SIM

Jan.

Dec. 20
Dec. 20
Dec. 22

Jan.

25c

Dec.
Jan.

Dec.

Jan.

Dec. 27

Jan.

SIM

Dec.

Dec. 27
Dec. 24

Feb.

Jan.

Feb.

Jan.

75c

$2

—

;;

Walworth Co. stock dividend
Payable in 6% pref. stock at rate of 7-100ths
share of such pref. stock for each common
share held.
Warren Foundry & Pipe (quar )

21

Jan.

SIM
SIM
SIM
SIM

50c

Feb.

Jan.

Dec.
Jan.

Dec. 20
Dec. 24

Apr.
July

June 25

Oct.

Sept.24

Dec.

SIM
-

27

12
Dec. 23
Dec. 28

Dec.

12

Dec.

27

Mar. 26

17

Class B-.

Feb.

Jan.

15

50c

Feb.

Jan.

25c

Warren Foundry & Pipe (quar.)
Wehle Brewing Co

Dec.

Dec.

15
18

50c

SIM

Dec.

Dec.

Dec.

Dec.

17

Jan.

25c

(quar.)_

Western United Gas & Elec.,
6H% pref. (quar.)
6% preferred (quar.)
West Virginia Pulp &

Dec.
Dec.

15

Jan.

18

10c

Jan.

15
Dec. 21

$3

Paper Co

Wichita Union Stockyards, 6% pref.
(s.-a.).
Wieboldt Stores, Inc. (quar.)
1

Jan.

Jan.

25c

Extra

Dec. 24

SIM
t$8M

-

10
Dec. 24

Jan.
Jan.

Dec.

24

Dec.

Dec.

22

37 He
37 He

preferred (quar.)
(quar.)
Corp., 6% pref
Woodward Lothrop, Inc. (quar.)

Dec.

75c

6%

Prior preferred
Wood Preserving

Dec.

50c

68 Mc

Preferred (quar.)

Western Massachusetts Cos.

Dec. 22

Dec. 24
Dec. 20
Dec. 23

Dec.

50c

Upper Michigan Power & Light Co., pref
Waltham Watch Co. class B (initial)--

Prior preferred (quar.)
Prior preferred (quar.)

Dec.
Dec.

50c
75c

—

United Milk Products
S3 participating preferred (quar.)
S3 participating preferred (partic. div.)
United Pacific Insurance (Seattle)
United States Hoffman Machinery
preferred
Universal Leaf Tobacco Co., Inc.
Extra

Prior preferred (quar.)
Prior preferred (quar.)

16

Jan.

Dec.

$2M
(extra)

28

Dec. 20
8
Dec. 14

Jan.

—

F'inal.

Towne Securities Corp., 7% cum. pref
Tradesmen's National Bank & Trust Co.
Travelers Fire Insurance
Troxel Mfg. Co
Twin Disc

31
Dec. 20
Dec. 28

Dec.

25c

Dec.
Dec.

Dec. 23
Dec. 23
Dec. 23

7% preferred (quarterly)
Worcester Suburban Electric

SIM
75c

Dec.

Wurlitzer (Rudolph) preferred
(quar.)

SIM

Jan.

Dec. 21

Young (J. S.) Co. (quar.)
Preferred (quar.)______

Si H

Jan.

Dec. 24

SIM Jan.

Dec. 24

Below

Dec.

Dec.

16

give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the
preceding table.
we

Per

When

Share

Name of Company
Abbott Laboratories

Payable

40c

(quar.)

Extra

20c

Preferred (quarterly)
Acme Glove Works, Ltd.

22

Agricultural Insurance Co. (N. Y.) (quar.)
Air Associates, Inc. preferred
(quar.)

Jan.

3

75c

Jan.

3

$1

Jan.

Jan.

15

3

3

40c

1

Jan.

3

25c

Extra..

Jan.

25c

Agnew-Surpass Shoe Stores, pref. (quar.)

22

Jan.

12Mc
SIM

Extra
Aetna Insurance Co.
(quarterly)
Aetna Life Insurance
(quar.)

Dec. 28 Dec.
Dec. 27 Dec.
1 Dec.

Dec. 29
Dec. 29

46 Mc

(quar.)
6M% preferred (quar.)
Aetna Casualty & Surety Co.
(quar.)

23

20

10

50c

—

—

24 Dec.

Jan.

18
20

Mar.

Squibb (E. R.) & Sons, common.
Payable in $6 cum. 1st pref. stock at the

SpGci&I

18

Dec.

Jan.

75c

Springfield Fire & Marine Insurance—
-

Dec.

Dec.

6%
6%
12Mc
SIM

35c

Southern Canada Power Co. common (quar.)
Southern Fire Insurance Co
Southern New England Telephone (quar.)
i

Dec.
Feb.

Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.

SIM

Security Storage (quarterly)
Simplex Paper Corp
Slattery (E.T.), 7% preferred (quar.)
Smyth Mfg. Co. (final)

-

31
15

Feb.

37 He
50c

Russeks Fifth Avenue, Inc.. common
St. Joseph Iiy., Lt., Heat & Pow. Co., 5% pref—
Seaboard Finance (quar.)
:

-

fl5c
10c

SI H preferred (quar.)
Robertson (H. H.) (extra)
Rolls-Royce, Ltd., ord. reg. (interim)
Amer. dep. rec. for ord. reg. (interim)

-

10
Dec. 24
Dec. 24

2

25c

Payable at such time as said stock is turned
in for exchange into
$2M par com. stock
Patchogue Plymouth Mills
Peaslee-Gaulbert Corp., 6% pref.
(quar.)
Common (extra)
Penn-Federal Corp., 4H% pref.
(s.-a.)

25

75c
9c

SI

Railway Eequipment & Realty Co.-^
6% preferred (quar.)
Railway & Light Securities.
Preferred (quar.)
Reed Drug Co. (initial)
Reed-Prentice Corp., 7% preferred
Re-Insurance Corp. of New Icork
Rhinelander Paper (initial)-----Richmond Frederick burg & Potomac RR. (s.-a.)
Non-voting common (semi-ann.)
Dividend obligation
Riverside Cement Co., SIM partic. A—

-

23
Dec. 22
Jan.

20c

—

Public Service of N. J., 6% pref. (monthly)
Quebec Power Co. (quar.)
■_

Special—

Dec.

$2
25c

3

lMc
par)

When

Payable

tSIM

Premier Shares, Inc
Preferred Accident Iasurance (N. Y.) (special)
Protective Indemnity Co
Extra

31

8c

—

Pennsylvania Industries, 6% pref
Perry-Fay Co
Philadelphia Co. common (quar.)
Piedmont & Northern Ry. (quar.)

16

50c

7% preferred (quarterly)
Pan America Airways

Per

15

Jan.

5c

1.1

Jan.

30c

(quar.)

Dec.

tSlH
;

Jan.

t SI .14

Pacific Lumber Co
Pacific Truck Service, Inc




3 Dec.

Jan.

50c

Medusa Portland Cement Co. ,cl. A 6% pref—

Fertilizer Co.

Jan.

t$10M
t$3.90
$1H
$1H

McCrory Stores Corp., pref. (quar.)

$5H preferred
$6 preferred
$6 preferred
Pacific American Fisheries, Inc
Pacific Coast Aggregate, Inc
Pacific Gas & Electric Co

18

17c

-

8% 2d preferred

common

16

3 Dec.

40c
_

McCaskey Register Co., 7% 1st preferred

Montreal Tramways (quar.)- — Morris (Philip) & Co., Ltd., Inc

22 Dec.

Jan.

17 He
17 He

(quar.)

7% preferred (quar.)__

Marsh (M.) & Sons, Inc. (quar.)
Massachusetts Investors Trust (quar.)

Dec.

75c

1937
25,

Share

Name of Company

—

50c

37 He

20
17

Jan.

Extra

Murphy (G. C.) Co.,

15

t50c
tSl

—

Johnson Publishing Co., 8% preferred

Preferred

20 Dec.
20 Dec.
17 Dec.

SIM

t43Mc
t40Hc
SIM

—

-

Johnson Service Co.

Dec.

SIX

% preferred B
Iowa Public Service Co. $7 1st pref. (quar.)
S6M 1st preferred (quar.)._
$0 1st preferred (quar.).
-

Feb.
Jan.

50c

—

Industrial Acceptance Corp., $2 class A
International Pulp Co. 7% pref. (quar.)
Iowa Electric Co. 7% prer
6M

Dec.

$1

—

--

Dec.
Dec.

50c

20

29 Dec. 22
29 Dec. 22
3 Dec. 23
23 Dec. 15
1 Dec. 23

15c

15c

-

Pacific Guano &
Extra

15 Dec. 31

SIM

—

Hibbard, Spencer, Bartlett. & Co. (extra)
Holeproof Hosiery Co. 2M % pref. (quar.)
Home Dairy, $2 class A...--.--Hooker Electrochemical Co., 6% pref. (quar.)_Idaho Maryland Mines (extra)
Illuminating Shares, class A (quar.)
—

Jan.

$1

-_

Hyde Park Breweries Assoc.. Inc-------

Extra-

27 Dec. 21

$10

—

3 Dec. 20
23 Dec. 20

Dec.

SIM
S2M
sin

Gulf Power Co., $6 preferred (quar.)
Guenther Publishing Co-

Dec.

25c

——

_

Jan.

Dec.

Holders

Payable of Record

31 He

—

Grummen Aircraft Engineering Corp
Guarantee Co. of North America (quar.).

Chronicle

Jan.

3
3

UM% Jan.
—

—

75c

Jan.

3

SIM

Jan.

3

Financial

Volume 145

Per

Name of

Share

Company

Air Reduction Co. (quar.)
Extra.

25c

Jan.

25c

Jan.

3%

Feb.

SIM
SIM
S4M
SIM
$3

Jan.

Albany & Susquehanna RR. (s.-a.)
(Sspecial)
Allegheny & Western Ry. Co
Allied Laboratories, Inc. (quar.)

.

Jan.

3 Dec.

Jan.

3 Dec.
Dec.

13
13
15

Jan.

Dec. 20

Jan.

Dec.

20

Dec.

Dec.

13

15c

Dec.

13

British American Oil Co.

Jan.
Jan.

Dec.
8
Dec. 31

17

Feb.

Jan.

17

Dec.

Dec.

15

Dec.

Dec.

15

Dec.

Dec.

15

S3M
25c

Jan.

Dec.

In

Jan.

Dec.

9

75c

Jan.

Dec.

9

1M %
SIM
SIM
68Mc

Jan.

Dec. 20*

Jan.

Dec.

19

Dec.

Dec.

15

Jan.

Dec.

18

50c

Jan.
Jan.

SIM

Jan.
Jan.

3 Dec.
3 Dec.

15 Dec. 15
3 Dec. 17

Jan,

Extra

American Fork & Hoe preferred (quar.)
American Gas & Electric Co. pref. (quar.)

SIM
SI M

17

Jan.

15 Jan.

5

1 Jan.

8

75c

Dec.

$2

American Hide & Leather preierred tquar.)
American I. G. Chemical Corp.. com. A

Dec.

25c

Common B

20c

American H ome Products Corp

Monthly

3 Dec.

Feb.

31 Dec. 23
28 Dec. 24

Dec. 28 Dec. 24
Dec. 24 Dec. 14*
3 Dec. 14*

20c

_

American Investment Co. of 111., 8% pref. (qu.)

(quarterly)—,
Metals, Inc. (no action)
American Mfg. Co., common
Preferred (quar.)_.
American Optical Co 7% pref. (quarterly)
American Republics Corp
American Rolling Mill (com. div. omitted)
Preferred (quar.)
American Ship Building Co
American Snuff Co. (quar.)
preferred

Jan.

50c

Jan.

1 Dec.

20

43Mc

Jan.

1 Dec.

20

Machine &

Dec.

31 Dec.
31 Dec.

15

SIM
SIM
30c

Jan.

3 Dec.
Dec. 27 Dec.

18

SIM

Jan.

15 Dec. 20

SI

Dec.

15

15

15

.-

pref.

Angostura-Wupperman Corp. (final)
Apex Electrical Mfg. Co
Preferred (quarterly
Appalachian Electric Power $7 preferred
Arkansas Power & Light Co., $7 pref
$6 pref. (quar.)_.
i
Armour & Co. (Del.), preferred (quar.)
Armour & Co. (111.) $6 preferred (quar.)
7% preferred (quar.)
Arundel Corp. (quar.)
-

-

$1.40 pref. (quar.)

9

Jan.

2 Dec.

9

Jan.

2 Dec.

9

Jan.

3 Dec.

6

Jan.

3 Dec.

6

Jan.

3 Dec.

10

SIM

American Tobacco Co., pref. (quar.)
American Water Works & Electric Co., 1st
Anchor Cap Corp. $6M preferred (quar.)

1 Jan.
2 Dec.

SIM
SIM

American Thermos Bottle $7 pref. (quar.)
American Thread Co.. Dref (semi-ann.)

Feb.

Jan.

50c

American Superpower Corp., 1st pref
American Surety Co
American Telephone & Telegraph (quar.)

50c
75c

SIM

(quarterly)

American Sugar Refining (quar.)
Preierred (quar.)

Jan.

3 Dec.

9

15 Dec.
Jan.
3 Dec.
Jan.
1 Nov.
Jan.
3 Dec.
Jan.
3 Dec.
Jan.
3 Dec.
Dec. 28 Dec.
Dec. 28 Dec.
Dec. 28 Dec.
Jan.
3 Dec.

15

S2M
87 Mc
12Mc
1M%
SIM
10c

Jan.

2 Dec.

10

SIM
SIM

Jan.

10

Jan.

2 Dec.
2Dec.

25c

Jan.

3 Dec. 21

35c

Feb.

H

75c
w----_

SI

SIM
S2M
SIM
SI

SI

Jan.

15
Dec. 31 Dec. 15
Jan.
l'Dec. 15
31 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec.

Jan.

1 Dec.
1 Dec.

10
10

10
13

15
Dec. 31 Dec. 20
5
Feb.
1 Jan.

Jan.

S2M

Feb.

1 Dec.

31

S3
75c

Jan.

3 Dec

15

12 Mc
25c
75c

Jan.

Dec.
Jan.

Jan.

25c

Jan.
Dec.

27 Dec.

i

21
3 Dec
Dec. 21

30c

Jan.

12Mc

Jan.

20 Jan.

20c

Dec.

2c

Extra

.

Bank of the Manhattan Co. (quar.)
Bank of New York & Trust (quarterly)
Bank

of

Yorktown

(N.

Y.)

(quar.)

Iron

1M%
SIM
SIM

Jan.

1 Nov. 30
1 Nov. 30

Jan.

3 Dec.

Jan.

Jan.

3 Dec.
3 Dec.

37 Mc

Jan.

50c

Jan.

Jan.

50c

3%

Jan.
Jan.

15

3 Dec. 14
3 Dec. 24
3 Dec. 18
3 Dec. 18
1 Dec. 24
1 Dec. 15
1 Dec. 15
__

Dec. 30 Dec

16

15 Dec. 31

Jan.

25c

Jan.

3 Dec.

14

50c

Extra

Jan.

3 Dec.
3 Dec.

14
15
10

SIM

(quar.)

Jan.

50c

Preferred (quarterly)
Beech Creek RR. Co

Jan.

14

SI

Jan.

3 Dec.
3 Dec.

25c

Jan.

3 Dec.

10

SI

Jan.

3 Dec.

15

Preferred (quar.)
SIM Jan.
25c
Jan.
Belding-Heminway Co
Bell Telephone of Canada (quar.)
:$2 Jan.
Jan.
Bell Telep. of Penna.. 6M% pref. (quar.)
SIM
Dec.
Benson & Hedges, preferred
S2M
Dec.
Bethlehem Steel Corp. 7% pref. (quar.)
SIM
Dec.
25c
5% preferred (quar.)
These divs. declared Oct. 28 will be paid on
Dec.24 instead of Jan.3,as published previously
Jan.
30c
Bickfords, Inc. (quar.)
Jaa.
62 Mc
$2M preferred (quar.)
...
25c
Dec.
Birdsboro Steel Foundry & Machine (extra)
Dec.
25c
Black & Decker Mfg. (quar.)
Bliss (E. W.) Co.. 1st preferred
t$18.76 I
t S2079
Second preferred A
tS3.565
Second preferred B
- —
One-half of above divs. are payable Dec. 10
remaining half payable Jan. 3.
Jan.
Boston Elevated Ry. Co. (quar.)
Jan.
Boston Insurance Co. (special)
—
$4 Jan.
Quarterly




10
10

SIM

Bayuk Cigars, Inc., 1st preferred
Beatrice Creamery Co. (quar.)

Beidiug-Corticelli, Ltd. (quar.)

Jan.

SIM

Works Corp., payable In stock

Beech-Nut Packing Co. common
Extra

Jan.

68 Mc
40c

Extra

Barker Bros. Corp 514 % preferred
Bastian Blessing Co. (quar.).
Preferred (quarterly)..
Bath

Jan.

50c

Bangor & Aroostook RR. Co., common
Cumulative preferred
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quarterly)
Bankers Trust Co

Dec.

62c

15
27 Dec. 22
27 Dec. 22

3 Dec.

15

31 Jan.

3
15 Dec. 23
15 Dec. 20
27 Dec. 17

lig

17
15 Dec. 31

Jan.

15 Dec. 31

Apr.

15 Apr.

Jan.

3 Dec. 24
1
3 Dec.
28 Feb. 14

$2
40c

Jan.

SI

Feb.

SIM

Jan.

87 Mc

Jan.

SIM
SIM

Jan.

3 Dec.

20

Jan.

45c

Jan.

3 Dec.
1 Dec.

17
10

SIM
25c

3 Dec. 24
3 Dec. 24

Dec. 31 Dec.
Dec. 31 Dec.
Feb.

1 Jan.

15

40c

Jan,
Jan.

3 Dec.
3 Dec.

15

50c

50c
SI
75c

Jan.

3 Dec.
3 Dec.

Jan.
Jan.

Jan.

30c

17

17
20

3 Dec. 20
3 Dec. 20
3 Dec. 15

J an.

Jan.

Jan.
Jan.

Jan.

3 Dec.
3 Dec.

10

3 Dec.
3 Dec.

15

2 Dec.

Jan.

10

15
15
31

Feb.

15 Jan.

Feb.

15 Jan. 31
1 Dec. 20

Jan.

3 Dec. 15
3 Dec. 22
3 Dec. 22

Jan.
Jan.

Jan.

Jan.
Jan.
Jan.

nk%

Jan.

J75c

Jan.

$2

Jan.

3 Dec. 22
5 Dec. 22
25 Dec. 31
15 Dec. 31
3 Dec. 15
3 Dec. 15

Feb.

1 Dec.

28

Jan.

15 Dec.

31

15c

Jan.

15

25c

Jan.

3 Dec.
3 Dec.

t44c
140c

—

Jan.

tSIM

if*

Jan.

3 Dec. 17
15 Dec. 31
1
1 Dec.

SIM

Jan.

40c

Jan.

$2
SIM

Jan.
Jan.

1 Dec.
1 Dec.

15

$2

Jan.

1 Dec.

20

50c

20

Jan.

1 Dec.

Jan.

50c

Jan.

2 Dec.
3 Dec.

Capital Administration, pref.
Capital City Products
Carnation Co., common

75c

Jan.

(quar.)

18

Jan.

3 Dec.
3 Dec.
20 Jan.

Jan.

20 Jan.

18
10
10

Jan.

20 Jan.

10

Mines. Central Yioleta Sugar Co. — .

— —

Chain Belt Co

Jan.

Jan.

SIM
SIM
SIM
$1
SIM
SIM
20%

Jan.

Jan.
Jan.

-

- -

3 Dec.
3 Dec.

24

11
11

Dec.

29 Dec.

9

SIM

Jan.

1 Dec.

12

SIM

Jan.

15

S3 M

Dec.

1 Dec.
31 Dec.

SI
SIM

Jan.

3 Dec.

17

Jan.

2 Dec.
1 Dec.

20

Dec.

10

tSIM
tSIM
tSIM

Jan.

4c

$6 preferred

15
18
20

15c

(quarterly)
Carolina, Clinchfield & Ohio (quarterly).
Stamped (quarterly)--Common (quarterly)
Carolina Power & Light, $7 pref. (quar.)
$6 preferred (quar.)
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%rum 1st preferred (s-a.)._ —
Central Hanover Bank & Trust Co. (quar.)__,_
Central Illinois Light Co., 4M % uref
Central Maine Power, 7% preferred
6% preferred

1

1 Dec.
2 Dec.

50c

Preferred

Central Patricia Gold

15

10 Dec. 27
Dec. 31 Dec. 17
Dec. 31 Dec. 17
Jan.
3 Dec. 17

37Mc

Jan.

50c
30c

15

10

Jan.

1

Jan.

1 Dec.
3 Dec.

15

Dec.

28 Dec.

20

Dec.

27 Dec.

10

16

SI M
45c

(quar.)

.

City Baking Co. 7%

15

3 Dec.

20

Jan.

1

Dec.

8

Jan.

$2

SIM
S2M
SIM
62 Mc

1

1 Dec.
1

8
»

Dec.

28 Dec.

18

Jan.

3 Dec.

20

Jan.

3 Dec.
3 Dec.
1 Dec

15

Jan.
Jan.

1 Dec.

13

SIM
SI. 12

-

Dec.

75c

-

Jan.

3 Dec.

15

Jan.

Jan.

Jan.

15
13

17

SIM

pref. (quar.).

City Investing Co

Dec.

Jan.

75c
SI

-

Jan.

75c

Chicago Burlington & Quincy
Chicago Daily News $7 pref. (quar.)
Chicago Junction Ry. & Union Stockyards
6% preferred (quar.)
Chicago Pneumatic Tool, $2M pref. (quar.)
S3 preferred (quarterly)
Cincinnati Gas & Electric, pref. (quar.)
Cincinnati & Suburban Telephone (quar.)

Preferred

17*
17*

SIM

Cannon Mills Co

Preferred

1

50c

.,

Chesapeake & Ohio Ry. (quar.)

Backstay Welt Co. (quarterly)
Baldwin Rubber Co. (quarterly)
BancOuio Corp. (quarterly)

Jan.

35c

Breweries, Ltd., preferred
Canadian Canners, Ltd., conv. pref. (quar.)
First preferred (quar.)
Canadian Car & Foundry, 7% pref. (quar.)
Canadian Celanese, Ltd
Preferred (quar.)
Canadian Cottons, Ltd. (quar.)
Preferred (quarterly)
Canadian Fairbanks Morse, pref. (quar.)
Canadian Foreign Investment (quar.)
Preferred (quarterly)
Canadian General Electric (quar.)
Canadian Oil Co.
Ltd. 8% pref. (quar.)
Canadian Westinghouse Co. (quar.)
Canadian Wirebound Box, class A (quar.)

24
__

J50c

60c

Canadian

28'Dec.

3lDec. 24
21 Dec. 24
15 Dec. 28

15

Jan.

SIM

—

Chesapeake Corp

Jan.

15

3 Dec.
3 Dec.

Jan.

SIM

11

Jan.

17

3 Dec.

15c

7% cumulative preferred (quar.)
(quar.)
(Toronto, Ont.) (qu.)

11

20c

15
17

Jan.

75c

Canada Permanent Mtge.
Canada Southern Ry. (s-a)

Dec.

$1.45

15

50c

40c
(Uuarterly)
37Mc
California Packing (quarterly)
62 Mc
Preferred (quarterly)
Calif. Water & Telephone Co. 6% pref. (quar.)_
37, Mc
75c
Camden & Burlington Co. Ry. (s.-a.) —
tl2Mc
Canada Bread Co., preferred B
62 Mc
Preferred B (quarterly)
SIM
1st preferred (quarterly)
Canada Foundry & Forging, class A (resumed).
t$L
Canada Northern Power Corp., Ltd
|30c

Dec.
_

Avon Genaseo & Mt. Morris RR. (s.-a.)

8% preferred (quar.)

(quarterly)
Burco, Inc., $3 preferred (quar.)
Burry Biscuit Co.. pref. (quar.)
Burlington Steel Co
Burt (F. N.)
Preferred (quar.)
Calamba Sugar Estate (extra)
Preferred (quarter! y)

Champion Paper & Fibre 6% preferredChemical Bank & Trust (quarterly)

Jan.

20c

Autoline Oil Co

10

Dec. 31 Dec.

30c

Extra

22

SIM

tSIM

Preferred (quarterly)
Atlanta, Birm. & Coast Co., 5% pref. (s.-a.)
Atlanta Gas Light Co., 6% cumuf. pref
Atlantic City Fire Insurance (quar.)
Atlantic Refining Co., pref. (quar.)
Atchison Topeak & Santa Fe, pref. (s.-a.)
Attleboro Gas Light Corp. (quar )-..
Autocar Trucks cum partic. pref
Automatic Voting Machine (quar.)
Automobile Finance (Greenwood) (quar.)
6% preferred (quar.)
Automobile Insurance Co. (quar.)

20
30
10
17
17

Jan.

I25c

Preferred (quar.)

Associates Investments (quarterly)
Extra, -i

Jan.

20
20
7
3 Dec. 15
3 Dec. 15

30c

SIM
SIM
SIM
SIM

120c

Assoc. Breweries of Canada (quar.)
Extra

Co.

Canada Packers, Ltd.

25c

Extra

British Columbia Power Corp.,

Bulova Watch

16

Dec.

3 Dec.
29 Dec.
Dec. 30 Dec.
Dec. 30 Dec.

Jan.
Dec.

20c

20

16

Dec.

Jan.
3 Dec. 18
Mar. 25 Mar. 10
Jan. 25 Dec. 22

J25c

(quar.)

20

Dec.

Dec.

Jan.

SIM

6% preferred (quar.)
American District Telegraph of New Jersey—
Preferred (quarterly)
American Express Co. (quar.)

•

class A stock
Brooklyn-Manhattan Transit—
Preferred (quar.)
Preferred (quar.)
Brooklyn Trust Co. (semi-ann.)
Brooklyn Union Gas
Brown Fence & Wire Co., pref. A (semi-annual).
Bruce (E. L.) Co., 7% cum. preferred (quar.) —
3M% cumulative preferred (quar.)
Brunswiclc-Balke-Collender Co. pref. (quar.) —
Bucyrus-Erie Co. preferred
Bucyrus-Monighan, class A (quar.)
B let Wheel Co., 1st pref. (quar.)
—
First preferred (participating dividend)
Buffalo Niagara & Eastern Power, 1st pref
Prior preferred (quar.)
Building Products class A & B (quar.)
—
Class A & B (extra)

Dec.

Holders

When

Payable of Record

Payable in 7% cum. pref. stk., $100 par.

21

25c

American Cities Power & Light, pf. (quar.)
Option payment of l-16th sh. of cl. B or cash.
American Crystal Sugar

Asbestos Mfg. Co.

SI

Dec.

60c

American Can Co., pref. (quar.)
American Cast Iron Pipe 6% pref. (quar.)
American Cigarette & Cigar Co. pref. (quar.)_-

50c
25c

-

Dec.

SIM

American Bakeries Corp. 7% pref (semi-annual)
American Bank Note Co
Preferred (quar.)

Preferred

Stock dividend

Jan.

12Mc

7% preferred (quar.)

American

Light & Power Co., ordinary.
Preferred (quar.)
Bridgeport Gas Light Co. (quarterly)
Bridgeport Machine Co

SIM
SIM

75c

Class A (extra)

50c

t50c
SIM

Brazilian Traction

Brillo Mfg. Co. class A (quar.)
Common (quar.)

SIM

Aluminum Manufacturing, Inc. (quar.)
7% preferred (quar.)
Amalgamated Leather Cos., 6% pref. (quar.)
Amalgamated Sugar Co., pref. (quar.)
American Bakeries Co. class A (quar.)

50c

Boston Herald-Traveler Corp. (quar.)
Bower Roller Bearing Co., common

60c

(qu.)_-

(quar.)

Share

Name of Company

10c

Extra

7%

15 Dec. 31
15 Dec. 31
15 Jan.
4

15c

Allied Stores Corp., 5% pref. (quar.)
Aluminum Co. of Amer. (Pa.), 6% pref.
Aluminum Industries

Per

Holders

When

Payable of Record

Alabama Great Southern RR. Co. preferred
Alabama Rower Co., $7 pref. (quar.)
$6 preferred (quarterly)

4065

Chronicle

—

(quarterly)

Pa.). 7% pref. (qu.) —Products (quar.)
Clearfield A Mahoning Ry. (s.-a.)-- — -.
Cleveland Electric Illuminating $4M pref_
Cleveland Graphite Bronze Co
Clinton Water Works Co., 7% pref. (quar.)
Cluett Peabody & Co., pref. (quar.)._
Cohn & Rosenberger, Inc—
—
Coleman Lamp & Stove.
—.
—---

Citizens Water (Wash.,
Claude Neon Electric

Fob.

3 Dec.
1 Jan.

24

SI

Jan.

4 Dec.

27

SIM
SIM

Jan.

25c

Jan.

3 Dec. 27
3 Dec. 20
3 Dec. 17

Jan.

SIM
SIM

Jan.

3 Dec.
1 Dec.

20

Jan.

SI.30

Dec.

29 Dec.

21

SIM
SIM

Jan.

15 Jan.

Jan.

3 Dec.
28 Dec.

70c

Dec.

SIM

Dec.

SIM
Colgate-Palmolive-Peet pref. (quar.). —
10c
Commercial Alcohols. Ltd., 8% pref. (quar.)-..
SI
Commercial Investment Trust, common (quar.)
1.06 M
S4M conv. preference (quarterly)
$
75c
Commonwealth & Southern Corp. $6 preferred,.
SIM
Commonwealth Utilities Corp., 7% pfd. A (qu.)
SIM
6% preferred B (quar.)
SIM
6M% preferred C (quar.)
.........
SIM
Commonwealth Water & Light, $7 pref. (quar.).
SIM
$6 preferred (quarterly)
$1
Confederation l.uv Assoc
(Ont.) (quarterly)-.
SI
Congress Cicrar Co., Inc..—
-—
75c
Connecticut Gas & Coke Securities ($3 pref.)...

Jan.
Jan.
Jan.

21

3
21
20

28 Dec. 24
6
1 Doc.
1

15 Jan.
1 Dec.

10*

Dec.

10*

Jan.

1

Jan.

3 Dec. 10
3 Dec. 15
3 Dec. 15
1 Feb. 15

Jan.
Jan.

Mar.

3

2 Dec. 23
2 Dec. 23
27 Dec. 17

31 Dec. 17
Dec.
9

Dec.
Dec.

9

3 Dec.
3 Dec.
3 Dec.

10
14

9

20

Dec.

24

Dec.

28 Dec.

14

Jan.

3 Dec.

15

20c

Jan.

75c

Jan.

3 Dec.
1 Dec.

18

Connecticut Light & Power (quar.)

3

20

3 Dec.

Connecticut General Life Insurance

24 Dec.
24 Dec.

3 Dec.

S3

Feb.

Connecticut & Passumpsic

River RR. Co.—

6% preferred (semi-annual)
Co isolidated Aurcraft (initial)
Preferred (quar.)
Consolidated Edison Co. (N. Y.), pref. (quar.).
Consolidated Elec. Light <fc Power Co. (Balt.)--

Dec.

31

50c

Dec.

1 Jan.
27 Dec.

75c

Dec.

25 Dec.

-

3
20
14

3

Feb.

1 Jan.

90c

Jan.

3 Dec.

15

Jan.

3 Dec.

15

SIM

90c

3 Dec.

15

Jan.

3 Dec.

15

SIM
150c
—

Jan.

SIM

Laundries Corp., pref. (quar.)
Consol. Mining & Smelting, (Can.) (s.-a.)
Consolidated
Extra

15

SIM

5% preferred (quar.)
Consol. Gas of Baltimore (quar.).—
Preferred (quarterly)

14

Jan.
Jan.

Feb.

1 Jan.

15

Dec.

31 Dec.

8

tSIM

Dec.

31 Dec.

8

Financial

4066
Per
Share

Name of Company
Consolidated Oil

Feb.

$2

Jan,

U2&

—

1 Dec.

1 Dec.

Jan.

1 Dec.

17

60c
10c
6c
10c
25c

(quar.)

26c

Corp—

"8

-

Crura & Forster pref. (quar.)
......
Curtis Publishing 7% preferred..—

Darby Petroleum Corp. (s.-a.)
....
Davega Stores Corp.....
Preferred (quar.)
Davidson-Boutell Co. 6% preferred (quar.)

—

...

preferred-

$1
26c

—

...

3734c
31*o
$1*

-

20c

3 Dec. 20
Dec. 27 Dec. 20
3 Dec. 15

Jan.

$2

Jan.

15 Dec. 27

$2

Jan.

_6*c
c

Dec.

Dec. 20

Mar.

2

$1*
10c

Feb.

Jan.
Jan.
Jan.
Jan. 15
Dec. 27
Jan.
1

Dec. 20
Dec. 20

16

Dec. 20
Dec. 20
Dec.* 18

Dec.

10

4 Dec. 24

3734c

Jan.

62>4c

Jan.
Jan.
Jan.
Jan.

Jan.

3 Dec. 10
3 Dec. 10
15 Dec. 31
13 Jan.
3
3 Dec. 15
3 Dec. 15
3 Dec. 15
3 Dec. 15
15 Dec. 31
l'Dec. 21
4 Dec.
4

Jan.
Jan.

Jan.

4c

...

$2

$1*
$1*

...

.

4 Dec.

2 Dec.

Jan.

3 Dec.

Feb.

50c

$1*
$2
$134

$135

Electric Auto-Lite Co
Elmira & Williamsport RR. 7% preferred
El Paso Electric Co., $6
pref. (quar.).
...
El Paso Natural Gas Co

40c

$1.60
$134
50c

...

.....

Special year-end dividend
Emerson Drug Co. 8% pref.
(quar.)
Empire District Electric, 6% pref
Empire Safe Deposit Co. (quarterly)
Emporium Capwell Corp. (quar.)
....
4>t% cum. preferred A (qu.)...............
Endicott-Johnson Corp...........
Preferred (quarterly)
Engineers Public Service $5 preferred-....*-*.
$5 preferred (quarterly)

20c

....

,50c
$3

-

...

........

.........
........

$6 preferred$6 preferred (quarterly)
Esquire-Coronet, Inc. (quar.)

$134
25c

1
1

Dec. 28 Dec.

10

Dec. 27 Dec. 21
Jan.

3 Dec.

20

15 Dec. 31
Dec. 29 Dec. 18
Dec. 29 Dec. 18

Jan.

Jan.

3 Dec.

15

Dec. 30 Dec. 18
Dec. 30 Dec. 23
Jan.
3 Dec. 18
Jan.

2 Dec.

23

75c

Jan.

1 Dec.

24

$134
t$2)U
$134
t$254
$1*
t$3
$134

Jan.

1 Dec.
3 Dec.

24

Jan.

Jan.

3 Dec.

10

Dec.

10

Dec.
Dec.

10
10

Dec.

10

15c

t734c
50c

50c

5% preferred (semi-ann.)
Federal Insurance (J. C., N. J.) (quar.)
Federal Light & Traction.......
Federated Dept. Stores, Inc., 4*% pref
Feltman & Curme Shoe Stores
pref. (quar.)
Fidelity & Deposit Co. (Md.) (extra)
Fidelity & Guaranty Fire Corp
Fidelity Phenix Fire Insurance (s.-a.)
Special year-end (dividend)
Fifth Ave. Bank of N. Y.
(quar.)

1 Dec.

5634c

30c

......

1 Dec.

75c

...

Jan.
3
Jan.
3
Jan.
3
Jan.
3
Jan.
3
Dec. 31
Dec. 30

10

Dec.

15

Dec.

15

8

Jan.
1 Dec.
Dec. 31 Dec.
Dec. 31 Dec.

15
9
9

35c

Jan.
3 Dec. 23
Dec. 27 Dec. 23
$1.0634 Dec. 14 Jan. 19

8734c

Jan.

2 Dec.

$1
50c

Jan.
Jan.
Jan.
Jan.

3 Jan. 29
3 Dec. 22

.

,

80c

20c

1

10 Dec. 31
10 Dec.

31

$6
50c

Jan,

Filene's (Wm.) & Sons, pref.
(quar.)
Finance Co. of Pennsylvania
(quar.)
Firestone Tire & Rubber Co

1834c
$234

Jan.

50c

Jan.

20 Jan.

5

First National Bank (Totos River, N.
J.) (qr)..
First National Bank of N. Y.
(quar.)...
First National Stores (quar.)

8734c
$25
6234c
$134
$134
$134

Jan.

3 Dec.

22

Jan.
Jan.
Jan.
Jan.

3 Dec.

16

Fifth Avenue Coach

...

7% 1st preferred--.
Fishman (M. H.), 7% pref.
(quar.)

5% preferred (quarterly)
Florsheim Shoe, class A

25c

Class B

Food Machinery Corp

4*%

"

Freeport Sulphur Co.. pref. (quar.)
Fulton Service Corp. (increased)..

...

3 Dec.
3 Dec.

15
22

18

3 Dec.

(N. Y.) (quar.)..
Fyr Fyter Co., class A (quar.)
Extra..

4
3 Nov. 26
10 Dec. 31

Jan.
Jan.

10 Dec.

Jan.

31
3 Dec. 23
23

15

Jan.

2 Dec.

15

Feb.

1

$234
...

•

25c
25c

Gannett Co., Inc., $6 conv. pref
General American Investors, pref. (quar.)
General Cigar Co., Inc., 7% preferred (quar.)

....

7% preterred (quar.)—
....

.

..

_

$134
$134
$134
$134
$134
$134

1 Dx. 31

3 Dec. 20
3 Dec. 15
3 Dec. 15

(quar.)

(quarterly)

Greening (BO Wire Co., Ltd. (initial)
—Water & Gas System, 6% pref
Greyhound Corp. (quarterly)
Extra, 1-20th share of 5% $10 par pref. stock.
Preferred
(quarterly)
Group No. 1 Oil Corp
Group Securities, Inc.— j
Agricultural Shares

3 Dec.

27 Dec. 17
1 Dec. 22

1354c
$100

3 Dec.

2.9c

Dec.
Dec.

4.9c

Extra

Dec.

.lc

Dec.

.7c

.lc
2.9c

Dec.
Dee.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.

.lc
4.6c

Aviation Shares...
Extra

Dec.

2.3c
3.2c

Building Shares
Extra

1.8c

2.5c
1.5c

Chemical Shares
Extra

2c

Distillery & Brewery Shares
Electrical Equipment Shares
Extra

6.3c

Food Shares

2.1c

1.7c

Industrial Machinery Shares

...

Investing Co. Shares
Extra

Merchandising Shares
Extra.

Mining Shares.-.....

4.3c
.9c

Dec.

.4c

Dec.

2.4c

Dec.

1.6c

Railroad Shares
Railroad Equipment Shares..

1.7c
3c

Dec.
Dec.
Dec.

3.6c

Dec. 27 Dec.

-

'

Steel Shares

Extra

——

Tobacco Shares
Utilities Shares

—

.4c

Dec.

27 Dec.

3c
2.6c

Dec.

27 Dec.

Dec.

27 Dec.

Dec.

27 Dec.

.4c

Guaranty Trust Co. of N. Y. (quar.)
Hackensack Water Co., el ass A pref. (quar.)
Hamilton Cotton Co., $2 conv. pref

-

—

Jan.

Dec.

Dec.

3%

Jan.

15

15*
13

Dec. 29 Dec. 14
Jan.
3 Dec. 20.
Jan. 15 Dec. 20
Jan. 15 Dec. 20
Jan.
2 Dec. 15

Jan.
Mar.

3 Dec. 20
1 Feb.

18

June

1 May

20

Jan.

3 Dec.

24

Dec. 30 Dec. 20

10

27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11
27 Dec. 11

Extra
Petroleum Shares........i...
Extra.
-

15

3 Dec. 20
27 Dec. 17

1.1c

Extra

Automobile Shares..

.

10

15
15

3 Dec. 23
1 Dec. 16
1 Dec. 16

Dec.
Dec.

Jan.

11
11
11
11
11
3
17

Harbison-Walker Refractories Co., pref. (quar.)

Jan.

15
Dec. 15
Nov. 30
Dec. 17
Jan.
6

Harding

Jan.

Dec.

18

Jan.

Dec.

15

Jan.

Dec.
Dec.

11*

Dec.
Dec.

1
17

Hamilton

Jan.

Paper 6% preferred (quar.)

Dec.

Hamilton United Theatres, Ltd., 7% pref
Hanover Fire Insurance (quar.).

Carpets

-

Hartford Fire Insurance (quar.)...
Hazel-Atlas Glass Co. (quar.)___

--

Hecla

Mining Co..
)
Hedley Mascot Gold Mines, Ltd. (quar.)
E.) & Co. (quarterly)

Heller (Walter
Extra

*■'Preferred

Jan.

Dec.

-

Jan.

Dec.

9

Dec.

17

Dec.
Dec.

10
10

Jan.

ii;

17

Dec.

Jan.

-

is

Dec.

Dec.

Jan.

:i3i

.quarterly)

Helme (Geo. W.) common
Extra

Dec.

10

Dec.

Dec.

21

31 He

Dec. 24
Dec. 24

Jan.

Dec.

1

50c

Jan.

Dec.

Jan.
Dec.

Dec.
Dec.

Dec.

-

Jan.
Jan.

25c

Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (monthly)
Hickock Oil prior preferred (quar.)
5% preferred (quarterly)

Dec.

17
17
16
16

Dec.

18

..

—

Hilton Davis Chem cal Co. common
Holland Furnace Co
Preferred (quarterly)

Hollinger Consol. Gold Mines (monthly)—
Extra
Holmes (D. II.), Ltd.
(quar.)
Home Tel. & Tel. Co. (Ft. Wayne,
Preferred (semi-annual)

Jan.

Ind.)—

■'

Jan.

-

3

Dec. 30 Dec. 12
1 Dec. 21
3 Dec. 20

Hooker Electrochemical Co. (corrected)-.
Horn & Hardart Baking of N. J. (quar.)

Jan.

Houdaille-Hershey class A

Jan.

Household Finance Corp.. com. (quar.)

Jan.

15 Dec. 31*

15 Dec. 31*
27 Dec. 17
Dec. 27 Nov. 27

Jan.

5% preferred (quarterly)
Houston Oil Co. of Texas, preferred
Humble Oil & Refining Co. (quar.)-.

Dec.

Huron & Erie Mtge. Co. (Ont.)

(quar.)
Hussman-Ligonier (quar.)*
Preferred (quarterly)
_■
Huttig Sash & Door Co. 7% preferred (quar.)..
Hygrade Sylvania Corp
:

Jan.

Illinois Central RR. Co. leased line

Jan.

Imperial Life Assurance of Canada (quar.)
Imperial Tobacco Co. of Canada, ord.;
Independent Pneumatic Tool (quar.)
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
Industrial Rayon Corp
Ingersoll-Rand Co. pref. (s.-a.)
Installment Credit Corp. 7% preferred (s.-a.) —
Insurance Co. of N. Amer. (semi-ann.)

Jan.

Feb.

Extra

■

Jan.

Dec.

31 Dec.
27 Dec.
3 Dec.

Dec.

Jan.
Jan.

1 Dec.

Jan.

1 Dec. 11
3 Dec. 20
6
3 Dec.

Jan.
Jan.

30 Dec. 10
15 Dec. 31

Jan.

15 Dec. 31

Dec.

Preferred (semi-annual)
i
Common (extra)
. —
International Business Machines (stock div.).—

Jan.
Jao.

Apr.

25c
^

t$154
$1*

3 Dec.
3 Dec.

21

21

3 Dec. 21
1 Mar. 15

15 Dec. 20
Dec. 31|Dec.
1
Dec. 31;Dec.
1
Feb.
1 Jan.
3
fJan.
3 Dec.
3
Jan.

International Harvester Co. (quar.)
International Nickel of Canada
Prcforrod

4

Jan.
Jan.

International Ocean Telegraph (quar.)

10

17
7
7
3 Dec.
3 Dec.
7

Jan.

—

;

3 Dec. 10
3 Dec. 11
3 Dec. 31

Jan.

Intercolonial Coal (semi-annual)

Extra

3 Dec. 15
1 Jan. 20

Dec. 30 Dec. 20
Dec
30 Dec. 201

_

,

3 Dec.

3 Dec.

$134

3 Dec.

Greenwich

_

Dec. 31 Dec.
Dec. 31 Dec.
Dec. 27 Dec.

20c

Fulton Trust Co.




Jan.

3 Dec. 31

25 Jan.

25c

preferred

Foresight Foundation, Inc., class A (s.-a.)
Fox (Peter) Brewing Co. (common)

Payable in 4% scrip.

1234c
6234c
$134

Jan.

10c

III

......

General Fireproofing Co pref. (quarterly)
General Gas & Electric, $6 pref. B

Preferred

10

3 Dec. 31

(quar.)

-

Dec.

3 Dec.

Great Western Electro Chemical 6% pref. (qu.).
Great Western Life Assurance Co. (quar.)
Great Western Sugar

Jan.

Jan.
Jan.

3 Dec.

(quarterly)

Extra

3c

334%

60c

T.) Co
5% preferred

10

25 Jan. 10
Jan. 21 Jan. 15
2 Dec. 15
Jan.
Dec. 31 Dec. 20
Dec. 27 Dec. 18
Jan.
1 Dec. 15
Jan.
1 Dec. 15
Jan.
3 Dec. 17
Jan.
1 Dec. 15
4
Jan.
3 Dec.
Jan.
4
3 Dec.

$1*

Grant (W.

1
15 Feb.
3 Dec, 15
J5 Jan.

75c

Eastman Kodak Co., common...............
Preferred (quarterly)..

Preferred

Gorton-Pew Fisheries Co.

15

Jan.

$1*
$1*
3734c
$134

preferred

(quarterly)
Goldblatt Bros., Inc. (quar.)
Opt. payment l-40th of a sh. of com. or cash
Preferred (quarterly)
Gold & Stock Telegraph (quarterly)
Goodyear Tire & Rubber (Canada) (quar.)

21

Jan.

10c

50c

Preferred

4

50c

Eastern Steamship Lines preferred (quar.)
Eastern Steel Products, pref. (quar.)

Easy Washing Machine, A & B (no action).
Ecuadorian Corp., Ltd., common (quar.)
Preferred (semi-ann.)
Eddy Paper Corp

Jan.

Jan,
Jan.

$2
$1*
$1*

_

Eason Oil Co.
(quarterly)-.
Eastern Gas & Fuel Assoc., 434% pref.
(quar.).

Jan.

4>4% convertible preferred
Globe Knit Works 7% pref. (s.-a.)
Globe-Wernicke preferred (quar.)
Godchaux Sugars, Inc., class A

...

Jan.

UlH

'

20

Dec. 27 Dec. 24
Dec. 27 Dec. 24
Jan.
3 Dec. 20

;$i*

...

6

Jan.

50c

...

Exceisior insurance Co. (N. Y.)
Falconbridge N ickel Mines, Ltd.
Faultless Rubber Co. (quar.)
Federal Bake Shops

Jan.

1 Dec. 15
2 Dec. 20
1 Feb. 21

UlH

$634 preferred (quarterly)

4

|$1*

(quar.)
Dow Drug Co., preferred (quarterly)..
Draper Corp
Special
Driver-Harris Co. pref. (quar.)
*
......
Duke Power Co. pref.
(quar.)
Duplan Silk (semi-annual)
Preferred (quar.)
;
Du Pont de Nemours (E. I.) & Co. debenture-$434 preferred
Duro-Test Cop
Eagle Picher Lead Co preferred (quarterly).—
Early & Daniel Co., pref. (quar.).

|534 preferred

15 Jan.

V68c

Preferred

*

Jan.

35c
25c

(quar.)

......

3 Nov. 30

*ia Mar.

Co

Dodge Mfg. Corp. (irregular)
Dominion Coal Co., Ltd., pref. (quar.)...
Dominion Glass Co. (quarterly).....

6%

Jan.

—

Glen Alden Coal
Glens Falls Insurance Co. (quar.)
Glidden
Co

10*

15

15
17

31 Dec. 20
27 Dec. 17
27 Dec. 17
27 Dec. 17
3 Dec. 15
3 Dec. 15
15 Jan.
1
1 Dec. 20
1 Jan. ' 3
28 Dec. 16
2 Dec. 15
3 Dec. 17
3 Dec. 17
25
1 Dec. 20
1 Dec. 18
1 Dec. 18

Preferred (quarterly)
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quarterly)
Georgia RR. & Banking Co. (quar.)
Gibson Art Co. (quar.)..
......
Gillette Safety Razor Co. $5 conv. pref. (quar.).

10

11
21

1 Jan.

3 Dec.
1 Dec.

Extra

10
13

(quarterly)

General Tire & Rubber, pref. (quar.).
General Water Gas & Electric (quar.)

31

10
10

17
1 Dec. 17
27 Dec*. 17
2 Dec. 17
3 Dec. 10
3 Dec. 10
1 Dec.

General Telep. Allied Corp., $6 pref. (qu.)._—
General Telep. Corp. $3 conv. pref. (quar.).....
General Time Instruments prer. (quar.)

20
10

Jan.
Jan.

—

&ominion Textile Co., Ltd.
Preferred (quarterly)

16 Dec.

10s

Dejay Stores, Inc. (quar.)
De Long llook & Eye (quar.)
Darby Oil & Refining Co., $4 pref.
Detroit Edison Co. (final)...................
Detroit Hillsdale & Southwestern RR. (s.-a.)—
Detroit Paper Products
Preferred (quarterly)
Devoe & Raynolds, A & B (quar.)
Preferred (quar.)
Diamond Match Co.,
pref. (semi-ann.)—
Diamond Shoe Corp. (quar.).....
634% preferred (quar.)
Second preferred (semi-annual)
Diamond state Telep., 634% pref. (quar.)
Diamond T Motor Car Co. (quar.)
Di Giorgio Fruit Corp., $0 partic. preferred—Divco Twin Truck (quar.)
Dixie Vortex Co., common (quar.).
...—
Class A (quarterly)
—
Dobeckmun

Jau.

Jan.
3 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 28 Dec.
Jan.
3 Dec.
Jan.
3 Dec.
Dec. 28 Dec.
Mar. 31 Mar.

Holders

3 Dec.
1 Jan.

class A

General Railway Signal Co., common
Preferred (quarterly)
.

10

Dec. 28 Dec.

$1 *

Extra

Preferred

15

$1

When

Payable of Record

General Printing Ink. common
Preferred
(quarterl y)

16

Jan.

Jan.

634% preferred (quar.).
(quar.)
(quar.)__.
..
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.)—
Cream of Wheat Corp., stock transfer ctfs
Creameries of America, Inc., com. (quar.)
otli
Continental Steel Corp.
Preferred

General Paint Corp.. com. and

3 Dec. 13
10 Dec. 31
10 Dec. 31
3 Dec. 15
3 Dec. 15

Jan.

Special year-end dividend
Continental Telep. Co. 7% partic. pref. (quar.).

25, 1937

General Mills, Inc.. Dref. (quar.)
General Motors Corp. preferred (quar.)

10*

1 Dec.

$1*

20c

Crow's Nest Pass Coal Co

Jan.

Jan.
Jan.

$1*

80c

Crown Central Petroleum (Md.)
Crown Cork International Corp., class A
Crown Zellerbach

15

Jan.
Jan.
Jan.
Jan.

(quar.)..

Continental Insurance Go. (s.-a.)—

Per
Share

Name of Company

3 Dec. 17
3 Dec. 15
3 Dec. 20
3 Dec. 20
1 Dec. 17

Jan.

$1

Consumers Power Co., $5 pref. (quar.)
►•$434 preferred (quar.)
Continental Bank & Trust Co. (quar.)
Continental Can Corp., Inc., $434 pref
Continental Gas & Electric, prior pref.

15 Jan.

Jan.

Dec.

Holdere

Payable of Record

20c

Corp. (quar.)

Consolidated Retail Stores, Inc., 8% pref
Consumers Gas of Toronto (quar.)

De Beers Consol. Mines,

When

Chronicle

Volume

Financial

145

Per
Name

Share

of Company

When

Intertype Corp., 1st pref. (quar.).
2d preferred (semi-annual)

3 Dec.
3 Dec.
—

27 Dec.
3 Dec.
3 Dec.

Common

Investors Corp. of R. I.,

2nd cumul. pref.

$6 preferred (quarterly)
Investment Foundation, Ltd.,
Preferred (quarterly)

15 Dec.

preferred-

15 Dec.

27 Dec.
3 Dec.

Iron Fireman Mfg. Co. (extra).

Irving Trust Co. (quar.)
Jamaica Public Service Ltd. (quar.)
Preferred A & B (quar.).
Johns-Manville

3 Dec.

3 Dec.
1 Dec.

Corp. pref. (quar.).

3 Dec.

Joliet & Chicago RR. Co

15 Jan.

Joplin Water Works, 6% pref. (quar.).

27 Dec.

Kalamazoo Stove & Furnace Co.

1 Dec.

Kahn (B.) & Sons (quar.).
1st preferred (quar.)

1 Dec.
1 Dec.

Kansas City Power & Light pref. B (quar.)
Kansas Electric Power, 7% pref. (quar.).

3 Dec.
3 Dec.

6% preferred (quar.)
Kansas Gas & Electric. S6

2 Dec.

pref. (quar.)

13
2 Dec. 20
3 Dec. 20
1 Dec. 15
2 Dec.

7% preferred (quarterly)
Kansas Power Co., $6 cum. pref

(quar.).

$7 cumul. preferred (quarterly).
Katz Drug Co., pref. (quar.)
Kaufmann Dept. Stores, Inc., preferred.
(Quarterly)
.
Kentucky Utilities, 6% pref. (quar.).
Kerlyn Oil Co. class A (quar.)
Keystone Public Service Co. $2.80 pref.
Kimberly-Clark Corp. (quar.)
Preferred (quar.)
Kings County Lighting Co., 7% ser. B. pf.
6% series C preferred (quar.).
5% series D preferred (quar.).

13
15
15
22
20
20
31
31
16
14
15
15
17
20
3
18
20
20
14
15
15
13

31 Dec.
28 Jan.
15 Dec.
3 Dec.
—

3 Dec.

3 Dec.
3 Dec.
1 Dec.

(qu.)

1 Dec.
1 Dec.

10
10
27
10
15
14
14
15
15
15

3 Dec. 24

King-Seeley Corp. 5H%'conv. pref. (quar.)
Kinney (G. R.) Co., Inc., pref. (iiitial)
Klein (D. Emil) pref. (quar.)
Knapp-Monarch, $2H Pref. (quar.).
Koppers Co. 0% preferred (quar.)..
Kroehler Mfg. Co. 6% pref. A (quar.).
Kroger Grocery & Baking Co., 6% pref. (quar.).
7% preferred (quar.)
Lackawanna RR. Co. of N. J.

31 Dec. 24
3 Dec. 20
1 Jan. 20
3 Dec.
3

Laclede Steel

27 Dec.

Co

3 Dec.

Lambert

17
17
2 Dec. 15
3 Dec. 14
7 Dec. 24

8H% cumul. conv. preferred (quar.).
Lib by, McNeill & Libby pref. (semi-annual)
Liggett & Myers Tobacco pref. (quar.)
Link Belt Co., pref. (quar.) —
(Quarterly)
...
Preferred (quar.)
Lionel Corp. (interim)
Liquid Carbonic (quarterly)
Lock Joint Pipe Co. (monthly)
8% preferred (quar.)

27 Dec. 20
1 Dec. 10
2 Dec. 15
1 Feb. 15
1 Mar. 15
3 Dec. 20

31 Dec.
31 Dec.
1 Dec.

3 Dec.

3 Dec.

Extra

Ix>ng Island Lighting Co. 7% spr. A pref. (qu.)_
6 % series B preferred (quarterly)._
Loose-Wiles Biscuit Co pref. (quarterly).
Lord & Taylor (quar.)
Louisville Gas & Elec. Co. (Ky.), 7% pref. (qu.)
6% preferred (quar.).
5% preferred (quar.).

1 Dec.

15

1 Dec.

17
17

3 Dec.

15 Dec. 31
15 Dec. 31
15 Dec. 31
30 Dec. 20
3 Dec.
2

3/He
*1

3 Dec.
3 Dec.

Lykens Valley RR. & Coal Co. (s.-a.).
Lynchburg & Abingdon Telegraph Co. (semi-an.)'

15
15

15 Dec. 31*

MacAndrews & Forbes Co., common.

15 Dec. 31*
15 Dec. 31*

....

(quarterly)

preferred (quar
McCord Radiator & Mfg. class A (stock div.) —
H of 1 sh of funding stock for each cl. A held.

15 Dec. 31

UH

lOjDec.

.

1

Jan.

4
2 Dec. 20

Jan.

2 Dec. 20

Jan.

5 Dec.

Jan. 14 Jan.

Publishing
(A. G.) & Co., class B (quar.).

Mc Graw Hill

McKee

15

31 Dec.

Locke Steel Chain Co.

Extra

18
20
31
20
11
11

3 Dec.

Loew's, Inc. (quar.)...

Preferred

11

15 Jan. 10
2 Dec. 20

McColl Frontenac Oil

Class B (extra)
McKeesport Tin Plate Corp., com.
•

Jan.

3 Dec.

Jan.

15 Dec.

Jan.

Quay-Norris Mfg. (interim)...
Mahon (R. C.) Co., preferred A (quar.).
Convertible preferred (quarterly).
Manoning Coal RR
Preferred (semi-ann.)
Magor Car Corp., common
Preferred (quarterly)
Mc

15 Dec.

Dec. 29 Dec.

15
23
31
31
22

3 Dec. 21
Dec. 31 Dec. 23

Jan.

Dec. 31 Dec. 23
Jan.
3 Dec. 20

Manischewitz (B.) Co. pref. (quar.).

Jan.

Co., (quar.)
(quarterly)
Mapes Consol. Mfg. Co. (quar.)...
Margay Oil Corp
Manufacturers Trust

Jan.

Preferred

Jan.

3 Dec. 15
15 Dec. 31
2 Dec. 15

20
17
20
15
15
Dec. 25 Dec. 15
Dec. 27 Nov. 29
10 Dec.
3 Dec.
3 Dec.
Dec. 31 Dec.
Dec. 31 Dec.

Jan.

Marine Midland Corp

Jan.

pref. (quar.)
Marshall Field & Co., 6% pref. (quar.)
7% preferred (quar.)

Jan.

Marion Water Co., 7%

....

•

Mascot Oil Co
Massachusetts

Lighting Cos.

(quar.)

Jan.

Memphis Natural Gas, pref. (quar.)
Mengel Co. 1st preferred
For period from July 1 '37 to Dec. 31 '37.
Merchants Bank of New York (quar.).
Merck & Co., Inc., preferred

Montgomery Ward 3c
Class A

Co., Inc.

(quarterly).




15 Dec.

31

13
13

Dec. 31 Dec. 15
Jan.
3 Dec. 20

Ltd., 6% pref. (s.-a.)

Mesta Machine Co., common
Metropolitan Edison Co., $6 pref.
Middlesex Water Co., 7% prei. (s.-a.)
Midland Grocery Co 6% pref. (s.-a.)__
Midland Oil Corp., $2 pref
Midland Steel Products 8% pref. (quar.)
$2 non-cumulative
Midwest Piping & Supply Co., Inc., common...
Miller Wholesale Drug Co
Minnesota Power & Light, 7% pref.
7% preferred (quarterly—
6% preferred
0% preferred (quarterly)-$6 preferred
$6 preferred (quarterly)
Mississippi River Power Co., 6% pref.Mississippi Valley Public Service Co.—
6% preferred B (quarterly)
Mitchell (J. S.) & Co., 7% pref. (quar.)Mobile 3c Birmingham RR., 4% pref. (s.-a.)—.
Monarch Knitting Co., Ltd., 7% preferred
Monongahela Valley Water Co.—
7% preferred (quarterly)
Monroe Chemical Co. pref. (quar.).

31

Dec. 28 Dec.
Dec. 28 Dec.

Extra

15 Dec.

Jan.

$8 preferred (quarterly)
$6 preferred (quarterly)..
Mead Johnson & Co., common
Melchers Distilling,

Dec.

10
10

Preferred (quarterly)
Moore (Wm.R.) Dry Goods (quar.)-.
Morris & Essex RR. Co

Jan.

Dec.

10

Jan.

Jan.

Jan.

Dec.

Morris Finance Co., class A, common
Class A common (extra)

Dec.

Dec.

Dec.
Dec.

Dec. 10
Dec. 10
Dec. 10

Class B, common

(quar.)

(quarterly)

—

Dec. 31 Dec.

10

Dec. 30 Dec. 20
1 Dec. 18

Jan.

Jan.

Dec.
Jan.

1 Dec.

10

29 Nov. 30

3 Dec. 27

3 Dec. 22
Dec. 29 Dec. 24
1 Dec. 15
Jan.

Jan.

Jan.

1 Dec.

Jan.

1 5Jan.

Dec. 27 Dec.

15
8
15

Jan.

3 Dec.

Jan.

3 Dec.

Jan.

3 Dec.

Jan.

3 Dec.

Jan.

3 Dec.

Jan.

3 Dec.

Jan.

3 Dec.

Jan.

2 Dec. 20

Jan.

10
10
10
10
10
10
15

3 Dec.

Jan.

$1X

HX

3 Dec.

18
1

Jan.

87 He
50c

Dec.
Dec.
Jan.

Class B, common (extra)
Preferred (quarterly)

Morrison Cafes Consol. 7% pref.!(quar.)
Morris town Securities Corp., common

Jan.

Extra

3 Dec.

10

15 Jan.
1 Dec.

3
14

15 Dec. 10
3 Dec. 17

2

3
10

Dec.

10

Dec.

24

Doc.

15

Jan.

Jan.

.

Nov. 30

Jan.

**

..

Dec. 24

an.

Murphy (G. C.) Co., 5% preferred
Mutual System, Inc. (quar.)

Nov. 30
Dec. 31
Dec. 15
Dec. 21

Jan.

7% preferred (quarterly)
Myers (F. E.) & Co
Nashville & Decatur RR. 7H% gtd.(s.-a-)
National Battery Co., preferred (quar.)

Dec.

—

Jan.

Dec. 20

National Bond & Share

Jan.

National Breweries, Ltd. (quar.).-.Preferred (quarterly)
..

Jan.

Dec. 31
Dec. 15

National Candy 1st & 2d pref. (quar.)
National Cash Register (quar.)

Jan.
Jan.

National Casket Co., pref.

__

Jan.

15

Dec.

Dec.

Nov. 29

Jan.

Dec. 31

Jan.
Feb.

Jan.

Feb.

—

National Grocers Co., 7% preferred
National Lead Co. pref. B
National Power & Light, pref.
National Standard Co. (quar.)

Dec. 15
Dec. 13
Dec. 30

Jan.

(quar.)
pref. A 8c B (qu.)

National Dairy Products Corp.
National Fuel Gas Co. (quar.)

Dec. 27

-

(quar.)

Jan.

Dec.

15
21

Jan.

-

of N. J
--

Navarro Oil (quar.)
Extra

Dec. 13
Dec. 24

Dec.

Neptune Meter, class A & B
New England Power Assoc., 6%

Bee. 15
1

Dec.

Jan.
Jan.

Nationa lSugar Refining Co.
Natomas Co

Jan.

preferred

Jan.
Jan.

$2 preferred

(quar.)

New Jersey Water Co., 7% pref. (quar.)..
New York Hanseatlc Corp. (extra)
New York & Harlem RR. Co
...

28 Dec. 24

(quar.)

Dec.

Jan.

27 Dec. 22
2 Jan. 20

Common.

Preferred

May 10

Jan.
-

28 Dec. 22

Lang (John A.) & Sons, Ltd. (
Lehigh Portland Cement Co. pref. (quar.)
Lehman Corp. (quarterly)
Lewis (Edgar P.) & Sons, Inc., common

Lunkenheimer Co

June

A pref. (s.-a.)

Extra

New Hampshire Fire Insurance Co.
New Jersey & Hudson River RR. &

2 Dec.

Holders

Payable of Record

Share

Name of Company
Monsanto Chemical Co. $4 H class
Moore Corp., Ltd. (quarterly)

3 Dec. 13
1 Dec. 15
27 Dec.

When

Per

Holders

Payable of Record

International Power Co. 7% preferredInternational Shoe Co. (quar.)
International Silver Co., preferred.

4067

Chronicle

ec.

Dec. 24
Dec. 17
Dec.
Dec.
Dec.

15
15
15

Jan,

Dec. 21
Dec. 20

Jan.
Jan.

Dec." 15"

Jan.

Ferry (s.-a.)

15
10

Jan.

Dec.

New York Lackawanna & Western..

Jan.

Dec.

New York Mutual Tel eg.

Jan.
Jan.

Dec. 31
Deo. 15

Jan.

Dec.

Jan.
Jan.

Dec. 18*
Dec. 15

Preferred

Co. (s.-a.)

New York Power & Light Corp.,

7% pref

$0

preferred
New York Trust Co. (quar.)
Newport Electric Corp., 6% pref. (quar.)

—

Dec.

Dec.
Dec.

15

Mar.

Rayon Corp—

15

Jan.

Feb.

15

3 Dec. 16
3 Dec. 15
3 Dec. 15
Dec. 15

Telegraph (semi-annual)

Norwich & Worcester RR. Co., 8% pref
Nova Scotia Light & Power Co. (quar.)

Ogilvie Flour Mills Co., Ltd. (bonus).
Ohio Edison Co., $5 preferred (quar.)
$6 preferred (quar.)
—
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Public Service Co., 7% pref. (monthly)...
6% preferred (monthly)
5% preferred (monthly)
Ohio Service Holding Corp., $5 non-cum. pref..
Oklahoma Natural Gas 6% prior pref. (quar.)—
Old Joe Distilling Co. 8% pref. (quar.)
Omnibus Corp. pref. (quar.)
Orange & Rockland Electric 6% preferred (qu.)
5% preferred (quar.)
Ottawa Car Mfg. Co. (resumed)
Pacific & Atlantic Telep. (s.-a.)
Pacific Can Co. (no action taken)
Pacific Gas 8c Electric (quar.)
Pacific Indemnity Co. (quar.)

15
15
15
Dec. 15

Dec.

Dec.

Dec.

Dec.
Dec.

Dec.

50c

Dec. 31

Jan.

Dec.

Jan.

Dec.

Jan.

(quar.)
Pacific Public Service, 1st preferred
Pacific Southern Investment, pref.
Pacific Tel. & Tel. Co. pref. (quar.)
Page-Hersey Tubes (quarterly)

Dec. 31

Jan.

Dec.

15

Dec.

31

Jan.

Dec.

12

Jan.

Jan.

Dec.

Dec.

Dec.

pref. (quar.)
pref. (quar.)
preferred (quar.)

Dec.

Jan.

Paramount Pictures. Inc., 1st

Dec. 21

3

23

Dec.
Feb.

15

Jan.

Dec.

15

Jan.

Dec.

15

Jan.

Dec.

Jan.

Dec.

Jan.

Dec.

15
15
15

Jan.

Dec.

10

Jan.

(quarterly

Dec.

Jan.
Feb.

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., $0.60 pref. (monthly)
$6.60 preferred (monthly)
$0.60 preferred (monthly).....
$6 preferred (quar.)..
Perfection Stove Co. (quar.)
Pfaudler Co. (quar.)
—- — - —
Philadelphia Baltimore & Washington (s.-a.)__.
Philadelphia Co., $6 preference (quar.)
$5 cumul. preference (quarterly)
Philadelphia Electric Power, 8% pref. (qu.)
Philadelphia & Trenton RR. (quar.)
Phillips Packing Co., pref. (quar.)
..$
Phoenix Finance Corp., 8% pref. (quar.)
Phoenix Insurance (quar.)

Dec. 22

Jan.

$7 pref. (quar.)
Peninsular Telephone Co. (quar.)
7% preferred (quar.)
—...
Penna. Power & Light, $5 pref. (quar.)
$6 preferred (quarterly)
—
$7 preferred (quarterly)
Penn. Water & Power Co., common (quar.)
Pathe Film Corp.,

Dec. 10
Dec. 20
Dec. 20

Jan.

Jan.

Dee.

5

15

Dec. 20
Jan.

20

Feb.

21

Feb.

21

Dec.

20

Dec. 20

Dec.
Dec.

15
1

Dec.

1

Dec.
Dec.

10
3
16

Dec.

31

Jan.

Dec.

15

Dec.

Meter (year-end)

22

Dec.

pref. (quarterly)....

15

Dec.

Extra

16

Dec.

Pr0f6IT0(l

1

Dec.

10

Dec.

Co.

Pittsburgh Sc'rew & Bolt'Corp. pref. (quar.)
Plough, Inc..
Plymouth Cordage Co. (quar.)
Pocahontas Fuel Co. 6% pref. (s.-a.)
Power Corp. of Canada, Ltd., 6% cum. pf.(qu.)
6% non-cum. preferred (quarterly).
Premier Gold Mining (quar.)
Pressed Metals of America (quar.).
Procter & Gamble, 8% pref. (quar.).
Prosperity Co., Inc., pref. (quar.).
Providence Gas Co..
Public Investing Co. (semi-ann.).
Public National Bank & Trust (quar.).
Public Service Co. of Colorado, 7% pref. (mo.).
6% preferred (monthly)
1
5% preferred (monthly)

12
21

Jan.

Parke Davis & Co

Pioneer Gold Mines of 3. C.. Ltd
Pittsburgh Ft. Wayne & Chicago Ry.

Dec. 27

Jan.

Paraffine Cos., Inc.,

Pitney Bowes Postage

15
15

Jan.

Extra

Phoenix Securities, $3

15

Jan.

Extra

$5 preferred

15

15
15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec. 22
Dec. 22
Dec. 15
Dec.

Pacific Lighting Corp., pref.

Second

15

1 Dec. 23

75c

0% prior preferred (quarterly)
Northwestern

15

Dec.

Jan.

Niagara Alkali Corp., 7% pref. (quar.)
Niagara Wire Weaving (quar.)..
North American Co. prer. (quar.)
North American Edison Co., preferred

Dec.

Jan.

New York Transit Co

North American

15

1(»
3

Jan.

Dec.

20c

15

Jan.

W

Dec. 31

Jan.

Dec.

20

Jan.

Dec.

31

Jan.

Dec. 31

Jan.

Dec.

17

Dec.

Dec. 22

Jan.

Dec.

24
20

Dec.

Dec.

Dec.

Dec.

Dec.
Dec.

13
15*

Jan.

Dec.

21

Jan.

Dec.

15

Jan.

Dec.

Jan.

Dec.

15
15

Financial

4068

7% prior lien stock (quar.)
6% prior lien stock (quar.)--—
Prudential investing Corp. (quar.)
—
Prudential investors $6 pref. (quar.)
Pure Oil Co.,, 5% preierred (quar.)
—
5M% preferred (quarterly)---6% preferred (quarterly)
Quaker Oats Co. pref. (quar.)
Queens Borough Gas & Electric Co.—
0% cum. preferred (quarterly)
Railroad Employees' Corp., class A & B com—
Preferred (quarterly)
Ralston Steel Car (special)
Preferred (quar.)
Rath Packing, pref. (quar).
Rayonier, inc
$2 preferred (initial quar.)
Reading Co.. 2nd preferred (quar.)-—
Reliance Electrical & Engineering Co., com
Reliance Mfg. Co., pref. (quar.)
Remington Kand, inc
Preferred (with warrants)
Rensselaer & Saratoga RR. (s.-a.)
Reynolds Metals Co., 5M% cum. pref. (quar.)—
Reynolds (R. J.) Tobacco Co.

Jan.
Jan.

6c

SIM

Jan.

1 Dec.

10

Jan.

1 Dec.

Jan.

iW

1 Dec.

10
10

28 Feb.

1

Feb.

•

75c

—

Jan.

30c
20c
40c

Jan.

sim

—

33 1-3c
50c
50c
50c

25c

SIM
25c

$iri
%

Class B

Dec.

Dec. 28 Dec.
3 Dec.

Jan.

1 Dec.

Jan.

1 Dec.

Jan. 13

Jan.
Jan.

Jan.
Jan.

Jan.
Jan.

Rice-Stix Dry Goods, 1st pref. (quar.)
2nd preferred (quarterly)

SIM
SI M

Jan.

Rich*8, inc., 6M% preierred (quar.)
Richman Bros. Co. (quarterly)
Richmond Water Works Corp., 6% pref. (quar.)
Riverside Silk Mills, class A (quar.)
Roberts Public Market. Inc. (quar.)
Roeser & Pendleton, inc. (quar.)
Quarterly

»1H

—

Common

——

Jan.

;

Jan.

Jan.

Dec.

31 Dec.

Dec.

31 Dec.

Dec.

31 Dec.
1 Dec.

SIM Jan.

1 Dec. 21
3 Dec. 22

1 Dec.

25c

Dec.

31 Dec.

Dec.

31 Dec.
1 Dec.

10
10

.SIM

Jan.

1 Dec.

Dec.

28 Dec.
2 Dec.

S3
SI H
25c

Jan.

SIM
20c

10
16

__

20
15 Dec. 31

Jan,

1 Dec.

16

Jan.

3 Dec.

Jan.

3 Dec.

15
7

Dec.

27 Dec.

HP:

16
27 Dec. 16
27 Dec. 16
Dec. 30 Dec. 27
Jan. 20 Dec. 28
Jan.
3 Dec. 22
Jan.
1 Dec. 17
Jan.
3 Dec. 20

SIM

Jan.

30c
20c

Jan.

5c
10c

Feb.

50c
62 Mc
20c

-

—

—

_

-

Association.-

SI H
M

pf. (qu.)

cum. conv.

Sherwin-Williams of Canada, pref
Silver King Coalition Mines Co
S. M. A. Corp. (quar.)

25c

a

20c

Smith

(Howard) Paper Mills, pref. (qu.)
Smith (L. C.) & Corona Typewriters, Inc
Preferred (quar.)
Sonotone Corp
South Carolina Power Co., $6 pref. (quar.)
—

Dec.
Dec.

Feb.

Jan.
Jan.

3 Dec.

20
3 Dec. 20
15 Jan. 25
15 Jan. 25
3 Dec. 15
3 Dec. 15

Jan.

3 Dec.

Jan.

3 Dec.
3 Dec.

15

31

27 Dec.

14

Dec. 30 Dec.

10

3 Dec.

15

Jan.

25c

SIM
5c

—

-

South

SIM
37Mc
77 Mc
SIM
SIM
SIM

Pittsburgh Water Co., 7% pref. (quar.)
6% preferred (quarterly)
5% preferred (semi-ann.)
South Porto Rico Sugar Co., com. (quar.)
50c
Preferred (quar.)
2%
Southern Calif. Edison., original pref. O (quar.)
34Mc
Original preferred (quar.)
1 37Mc
Southern Calil. Gas, pref. (quar.)
37Mc
Preferred A (quar.)
37 Mc
Southern Canada Power Ltd., 6% pref.;
tlM%
Southern Pine Chemical Co. 6% pref
HP
South West Penna. Pipe Line
50c
Southwestern Bell Telephone
S2M
(quar.)
Preferred (quar.)
SIM
Southwestern Gas & Electric, 7 % pref. (qu.)
SIM
Spartan Mills (semi-ann.)
$4
Spencer Kellogg & Sons. Inc. (quar.)
40c
Springfield Gas & Electric Co. $7 pref. (quar.)_
SIM
Staley (A. E.) Mfg. Co. 7% pref. (s.-a.)
3M %
Standard Brands, Inc., common
20c
(quar.)—
S4M cum. pref. (quar.)
SI M
Standard Fuei 6M % pref. (quar.)
SI H
Standard Oil of Ohio preferred (quar.)
SIM
—

15

15 Dec.
Dec. 27 Dec.

Jan.

Dec.

6
_

14

__

Dec.

28 Dec.

10

10

Dec.

28 Dec.

Jan.

15 Jan.

3

Jan.

15 Jan.

Feb.

19 Feb

3
10

Jan.
Jan.

3 Dec.

9

Jan.

3 Dec.

9

Jan.
Jan.
Jan.

15 Dec. 20
15 Dec. 20
15 Dec. 31
15 Dec. 31
15 Dec.
1 Dec.

20
20

31 Dec.
Dec. 31 Dec.

24

Jan.
Jan.

Dec.
Jan.
Jan.
Jan.

Dec.
Jan.
Jan.

1 Dec.
3 Dec.

3 Dec.
31 Dec.
3 Dec.
1 Dec.

Jan.
3 Dec.
Mar. 15 Mar.

15*
20
15
24
15

15
20
3
1

Jan.

1 Dec.

Jan.
Jan.

15 Dec.
1 Dec.

75c

Dec.

27 Dec.

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.)

31Mc

Feb.

50c

Dec.

15 Jan. 29
30 Dec. 17

Stix-Baer & Fuller 7% pref. iquar )
Stokely Bros. & Co. (no common div. action)—
7% conv. preferred (quar.)

43 Mc

-

Standard Steel Construction Co.. S3 cl. A
Standard Steel Spring Co., common.!

tSIM

_

7%

non-conv.

SIM

Dec. 30 Dec.

SIM
15c

Jan.

SIM
SIM

Dec.

Jan.
Jan.

31 Dec.
3 Dec.

15
31
15
21

17
18

20

3 Dec. 20
3 Dec. 17

Dec. 31 Dec.

15

Jan.

Dec.

16

43Mc

preferred (quar.)

43 Mc

Jan.

Dec.

16

Dec.

Dec.

3

Stone & Webster, Inc. stock dividend
Four-fifths of a sh. of Engineers P.

S. Co
1-10th of a sh. of Sierra Pacific
Co. com. for each sh. of Stone &
Webster capital stock held.

com.

&

Power

Sudbury Basin Mines

10c

Sun Life Assurance of Canada
Sun Oil Co. preferred (quar.)

Jan.

3 Dec.

14

JS3M

Jan.

1 Dec.

16

68Mc

Superheater Co. all outstanding stock (quar.)
Supersilk Hosiery Mills 5% pref. (s.-a.)
Supertest Petroleum, Ltd. (s.-a.)

Dec.

28 Dec.

8

25c

Jan.

15 J an.
1 Dec.

5

S2M

Jan.

50c

Jan.

25c

Jan.

Extra
Preferred B

75c

Jan.

50c

3 Dec.
3 Dec.
3 Dec.

Jan.

(semi-ann.)
Sussex RR. (s.-a.)
Sweets

Steel Co__

Swift & Co

15c
-

30c

3 Dec.
Dec. 29 Dec.
1 Dec.

Jan.

17
17
17

17
10
20
1

Sylvanite Gold Mines (quar.)
Symington-Gould Corp

5c

Dec.

25c

Jan.

31 Nov. 25
18 Dec. 31

Tacony-Palmyra Bridge, class A (quar.)

50c

Dec.

31 Dec.

15

Common

50c

Dec.

SIM

Feb.

31 Dec.
1 Dec.

15

Preferred

15c

Jan.

(quarterly)
(quarterly)
Talcott (James) Inc., common
5M% participating preferred (quar.)
Tamblyn (G.) Ltd. (quar.)
5% preferred (quarterly)




3 Dec.

15

Jan.
Jan.

3 Dec.
3 Dec.

15
15

„—

— m mm

mmmmmmm mm mmm

— mm m mm m mm mm m m

—

—

—

-

Truax-Traer

Coal

1 Dec.

68Mc

Jan.

1 Dec.

20c

Jan.

62Mc

Jan.

3 Dec.
3 Dec.

17

15
15
15
15

10

Jan.

3 Dec.

Jan.

3 Dec.

15

Jan.

2 Dec.

10
8

27 Dec.
Dec. 27 Dec.
Dec.

15

8

3 Dec.
3 Dec.

10

Dec. 27 Dec.
3 Dec.

20

3 Dec.
3 Dec.

15

Jan.

Jan.
Jan.

Jan.
Jan.

Jan.

15

15
3 Dec. 20

Feb.

1 Jan.

Jan.

3 Dec.
3 Dec.

Jan.

10

Dec. 30 Dec.

5

15
15

Jan.

1 Dec.

16
17

20c

Jan.

31 Jan.

21

1M
$3
SIM

Co

Jan.

Tubize Chatillon, class A (no action taken)

7% preferred (quar.)
Tunnel RR. St. Louis (s.-a.)
Twin State Gas & Electric, prior lien (quar.)
Union Carbide & Carbon Corp
Union Electric Co. of Mo.,
Union Pacific RR...

Common

Jan.

90c

—;

SIM

Feb.
Jan.

1 Jan. 18
15 Dec. 31

20c

Apr.

15 Mar. 21

15c

—

-

July 15 June 30
Dec. 26 Dec. 16
8
3 Dec.
Jan.
Jan.
3 Dec. 10

S3
75c

SIM
25c

Jan.

75c

United Industrial Loan Bank

15
3

15
1
Jan.
3 Dec.
Dec. 27 Nov. 24
Dec. 27 Nov. 24

20c

-

United Dyewood Corp., pref. (quar.)
Common (quar.)—

(Brooklyn)

Extra

United New Jersey RR. & Canal (quar.)
United Securities, Ltd. (quar.)

Jan.

S2M
S2M
15%

Jan.

S2M
— —

United Shoe Machinery (quar.)
Preferred (quar.)

50c
62 Mc

37Mc
12Mc
17Mc
tS6
S2M
SIM

United Stockyards (quar.)
Preierred (quarterly)

United Stores Corp., $6 pref
United States Gauge Co. (s.-a.)

7% preferred (s.-a.)
United States Gypsum Co. (quar.)
Preferred (quar.)

50c

SIM
tSIM

United States Leather Co., 7% preferred
United States Playing Card (quarterly)
Extra

Jan.

Jan.
Jan.
Jan.
Jan.

Jan.

Jan.

3 Dec. 10
15 Dec. 20
3 Dec. 20
3 Dec. 20
3
6 Dec.

10 Dec. 20
15 Dec. 2f
5 Dec. 14
5 Dec.

15 Jan.

14
3

3
15 Jan.
Dec. 27 Dec. 20

Jan.

3 Dec. 20
3 Dec. 20
8
Dec. 31 Dec.
8
Jan.
3 Dec.
Jan.
Jan.

Jan.

3 Dec.

10

25c

United States Sugar Corp pref. (quar.)
Preferred (quar.)———

(quar.)——a—y

United States Trust Co. (quar.)
Universal-Cyclops Steel Corp. (quar.)

Jan.

1 Dec.

16

25c

—

United States Smelt., Ref. & Min. Co. commonPreferred (quar.)

Jan.

SI

Jan.

1 Dec.
15 Dec.

10

87 Mc

Jan.

15 Dec.

28

Jan.

15 Dec.

15

SIM
SIM
SIM
15c

—

25c

Utah-Idaho Sugar—a*--——■
Preferred

3 Dec.
1 Dec.
3 Dec.

Jan.

20c

United Chemicals, Inc., $3 cum. & partic. pref—
United Corp. S3 cum. preferred (quar.)

Preferred

3 Dec.

Jan.

80c

Union Premier Food Stores, Inc. (quar.)
Extra

3 Dec. 20
15

Jan.

SIM
SIM

7% pref. (quar.)

2c
15c

(quar.)

16

15 Mar. 15
15 June 15
Jan.
3 Dec. 21
Dec. 28 Dec. 17

Apr.

July

Dec. 31 Dec.
Dec. 31 Dec.

18
18

Utica Clinton & Bingham ton RR
Deoenture (semi-ann.)

S2M

Van Camp Milk Co., pref. (quar.)
Ventures, Ltd., new

—

—

Vermont & Boston Telegraph Co

Virginia Public Service. 7 % pref. (quar.)
Virginian Ry., pref. (quarterly)
Vulcan Detinning pref. (quar.)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
Wagner Baking Corp. 7% preferred (quar.)
Waukesha Motor Co. (quar.)
Wayne Knitting Mills pref. (s.-a.)
Wayne Pump Co__
Wellington Fund, Inc. (quar.)

—

Extra

class A

6% preferred--*—

7% preferred

.

—.—

Oct.

10
15

Jan.

15
16

Jan.

2 Dec.

17

Dec. 30 Dec.
Dec. 30 Dec.
Dec. 29 Dec.

15
15
15

15
15

Dec. 30 Dec.
Feb. 15 Jan.

17
21
21

Jan.

Feb.
Feb.

15 Jan.
1 Jan.

15

5

Feb.

1 Jan.

5

Jan.

3 Dec.

15

Dec. 31 Dec.
28 Dec.

24

90c

Dec.

Jan.

SIM
SIM
SIM

—

(quar.)

21

1 -3-38 Dec.
Dec. 31 Dec.

Jan.

50c

SIM
SIM
SIM
SIM
SIM
SIM
SIM

20 Oct.

3 Dec.
3 Dec.

12Mc

75c

Co

10

3 Dec.

tSIM

$6 cum. preferred

Jan.

15 Dec.
15 Dec.

15
20

Dec.

50c

Dec.

30 Dec.

15

Jan.

31 Dec.

31

25c

Apr. 30 Mar. 31

25c

July

25c

5% preferred (semi-annual)
Western Pipe & Steel Co. (quar.)

20
3 Dec. 3i
3 Dec. 31
30 Dec. 15

25c

Western N. Y. & Penna. RR. (s.-a.)

Oct.

50c
—-

______

Westinghouse Air Brakes (quar.)
Quarterly
Quarterly
Quarterly
Westminster Paper Co. (semi-ann.)
Westmoreland, Inc
Weston Electrical Instrument class A (quar.)
Weston (Geo.) Ltd
West Texas Utilities, preferred
Preferred (quarterly)

11
11

3 Dec.
2 Dec.

30c

West Point Mfg. (quar.)
West Virginia Water Service Co.—

Western Grocers, Ltd.
Preferred (quar.)

15

Feb.

Jan.

5c

—

—

West Penn Power Co.,

1 Jan.
20 Jan.

Apr. 20 Apr.
July 20 July

Jan.

15c

—

6% preferred
7% preferred

10

1

50c

West Jersey & Seashore RR. Co. (s.-a )
West Kootenay Power & Light 7 % pref——
West Penn Electric Co.,

17
15

Dec.

1 Dec.

SIM

-

_

1 June

Jan,
July
Jan.

Jan.

10c

Wellington Oil Co. of Del. (special)
Wesson Oil & Snowdrift Co., Inc

Extra

SIM
SIM
SIM
SIM
SIM
SIM
SIM

Dec. 27 Dec. 16
Jan.
3 Dec. 27

25c

Extra

Western Electric

SI
25c

$2

-

-

Jan.

o

—

15

Jan.

—

—

United Molasses Co., Amer. dep. rec. ord. reg—
Less tax and deposit expenses.

1 Dec.

Jan.

3 Dec.

15
15
15*
15*

Jan.

12Mc
17Mc

3 Dec.

Jan.

United Fruit Co. (quar.)

__

Holders

Jan.

14
14
14

Jan.

'v

;

10
21

SIM

-

5M%

1 Dec.
3 Dec.

When

Payable of Record

10c

United Bond & Share Ltd., common
Common.--

Jan.

1937

5% first preierred (quar.)
SIM
6% preferred (quar.)
SIM
7% preferred (quar.)
SIM
7.2% preferred (quar.)
SI-80
50c
6% preferred (monthly)
60c
7.2% preferred (monthly).
1*0X38 Corp
50c
Texas Pacific Land Trust, ctfs. of prop, int
20c
Sub-share ctfs. for sub-shs. in ctfs. of prop. int.
20c
Texon Oil & Land Co., common
15c
Tidewater Associated Oil Co. preferred (quar.)
SIM
Title Insurance Co. of Minn, (semi-ann.)
SIM
Toledo Edison Co., 7% pref. (monthly)
58 l-3c
50c
6% preferred (monthly)
412-3c
5% preferred (monthly)
30c
Tomngton Co
Trade Bank (N. Y.) (quar.)
15c
Traders Financial Corp. 6% preferred A (qu.)_
SIM
7% preferred B (quar.)
SIM
Travelers Insurance Co. (quar.).
S4
Tri-Continental Corp., 6% pref. (quar.)..
SIM

1 Mar. 10

Jan.

25,

Tennessee Electric Power Go.—

Extra dividend is optional cash or stock.
United Biscuit Co. of America, pref. (quar.)_

SIM

—

South Penn Oil Co
Extra

Apr.

Share

20
3 Dec. 10

SIM

Extra

5% preferred A (quarterly)
Seaboard Surety Co. (special)
Sears, Roebuck & Co. (extra)
Securities Holding Corp. 6% pref
Selected Industries, $5M pref. (quar.)
Servel, Inc. preferred (quarterly)
Shamrock Oil & Gas 6% pref. (quar.)
6% conv. preferred (semi-ann.)
Shawinigan Water & Power (quar.)

20
15

July

S3 Jan.

(quar,)_
Safeway Stores, Inc., 5% preferred (quar.)
6% preferred (quarterly)
7% preferred (quarterly)
Samson United Corp
San-Nap-Pak Mfg. Co., 70c. pref. (quar.)
Saratoga & Schenectady RR. (s.-a.)
Schenley Distillers Corp. pref. (quar.)
Scovill Mfg. Co
Scranton Electric $6 pref. (quar.)
Seaboard Commercial Corp. (quar.)

4

1 Dec.

25c

Preferred

Shell Union Oil Corp.

3 Dec.

SI M
SI
SI M

3% 2d preferred (semi-ann.)
St. Louis, Rocky Mtn. & Pacific Co., common..

Shawmut

3 Dec.

Jan.

Jan.

30c

(quarterly)Bridge Co., 6% 1st pref. (s-a)

Extra

.Jan.

25c

Preferred

■

4

S2M

Russell Motor Car Co. (quar.)
Extra--—
St. Louis

21*

3 Dec.
1 Dec.

15
Jan.
1 Dec. 15
Dec. 31 Dec. 15
Jan.
1 Dec. 21

25c
25c

—

—

15

3 Dec.
3 Dec.

25c

-

Rome & Clinton RR
Root Petroleum, $1.20 pref. (quar.)
Rubinstein (Helena) class A (quar.)

15
15

23
3 Dec. 13
3 Dec. 13
3 Dec. 15

20c

—

15
20

3 Dec.

50c

SIM

Quarterly

17*

Dec. 23

Dec. 27 Dec.
Jan.

15

20 Dec. 31*
28 Dec. 15

Jan.

60c

75c

1 Dec.

Dec. 28 Dec.

Name of Company

Tech-Hughes Gold Mines (quarterly)

3'Dec.

20
3 Dec. 20
Dec. 28 Dec. 18
Jan. 15 Dec. 31

SIM
SIM

1M%
SIM

Per

Payable of Record

Public Service Co. of Oklahoma—

Dec.

I Holders

When

Per

Share

Name of Company

Chronicle

Jan.
Jan.

30 June 30
31 Sept. 30

—

May

1

25c

Jan.

3 Dec.

15

—

50c

Jan.

3 Dec.

20

20c

—

25c

Jan.

3 Dec.

15

tsi
SIM

Jan.

3 Dec.
3 Dec.

15
15

20c

Dec.

SIM
SIM
SIM

Jan.

28 Dec.
2 Dec.

Jan.

2 Dec.

Jan.

3 Dec.

—

Weyenberg Shoe Mfg. Co
Whitaker Paper Co
Preferred (quar.)
Whitman (Wm.) & Co., Inc.. 7% pref. (qu.)
Will & Baumer Candle, pref. (quar.)

Willys-Overland Motors, pref. (quar.)
Wiser Oil Co. (quarterly)
Wood ley Petroleum Co. (quar.)
Woodley Petroleum Co
Wright-Hargreaves Mines, Ltd. (monthly)
Extra
Interim

(special)
Wrigley (Wm.) Jr. Co. (monthly)
(Special)

Jan.

m

mmmmmmm

10

18
18

$2

Jan.

1 Dec.

18
20

15c

Jan.

1

Dec.

15

25c

Jan.

3 Dec.
Dec. 27 Dec.

12

10c
10c

Dec.

10c

Jan.

5c

Jan.

10c

Jan.

25c

Jan.

25c

Dec.

13
27 Dec. 13
3 Nov. 24
3 Nov. 24
15 Dec.
1
3 Dec. 20
27 Dec. 20
1 Jan.

20
19

Monthly

25c

Feb.

Monthly
Monthly

25c

Mar.

1 Feb.

25c

Apr.

1 Mar. 19

15c

Jan.

3 Dec.

6

SIM

Jan.

1 Dec.

9

Yale & Towne Mfg. Co

Youngstown Sheet & Tube Co. 5M % pref. A—
*

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,
a tax of 5% of the amount of such dividend will be made.

deduction of

Volume

Financial

145

Chronicle

Weekly Return of the New York City
Clearing House
The

weekly statement issued by the New
Clearing House is given in full below:
STATEMENT

OF

ASSOCIATION

MEMBERS

FOR

THE

OF

THE

WEEK

ENDED

*
*

Clearing House

NEW

YORK

date last year:

1937

18,

Deposits,

Deposits,
Average

Average

Assets—

Bank of Manhattan Co-

National City Bank.—-

20,000,000
77,500,000
20,000.000

Guaranty Trust Co

90,000,000

Manufacturers Trust Co

42,861,000

Cent Hanover Bk&Tr Co

140,180.000
13,252,400
25,804.400
390.076,000
58.932.400 al,439,798.000
54,330,900
419,397,000
180,657,900 61,290,038,000
457.089,000
44,247,000
686,096,000
.68,756.100

21.000.000

Corn Exch Bank Tr Co.

15,000,000

First National Bank.--.

10,000,000
50.000.000

Irving Trust Co
Continental Bk & Tr Co

241,780,000
17,632,600
423,382,000
105,095,400
61,140,100
460,897,000
4,095,300
40,785,000
126,158,500 cl ,848,356,000
47,154,000
3,529,900
<2742,491,000
76,151,400
12,745,000
1,301,800
90,873,000
9,061,900
280,598.000
28,125,700

4,000,000

Chase National Bank

100,270,000

Fifth Avenue Bank

500,000

Bankers Trust Co

25,000,000

Title Guar & Trust Co..

10,000,000

Marine Midland Tr Co-

5,000,000
12,500,000

New York Trust Co

Other cash

56,688.000

Secured

51,769,000
2,933,000

Total

49,470,000
2,483.000
10,291,000

80,906,000

523,431,000

894,916,300

9,167,972,000

682,514,000

c

Total U

National, Sept. 30, 1937; State, Sept. 30, 1937; trust
"

INSTITUTIONS NOT
NATIONAL

AND

4,305,000

4,592,000

4,583,000

1,004,000
4,584,000

1,100,000
6,051,000

216,814,000
333,211,000
189,679,000

222,584,000
327,441,000
189,679,000

129,985,000
357,682,000
157,576,000

739,704,000

739,704,000

645,243,000

750,319,000

749,597,000

656,986,000

71,000

4,144,000

71,000
5,947,000

85,000
5,667,000

166,892,000

193,335,000

185,870,000

9,969,000
10,833,000

—

S. Government securities..

9,969,000

10,866,000

10,693,000

30,423,000

$277,809,000; 6$94,106,000;

Due from foreign banks

Federal Reserve notes of other banks—
Uncollected items

banks and trust

IN ^CLEARING

BUSINESS FOR THE

3,387,000
1,205,000

1,004,000

-

Total bills and securities

number of

3,993,000
312,000

5,028,000

discounted

Treasury bills

publishes regularly each week
companies which
are not members of the
New York Clearing House.
The
following are the figures for the week ended Dec. 17:
a

bills

395,000

4,633,000

Treasury notes

The New York "Times"
of

obligations,

United States Government securities:
Bonds

$126,899,000; <*$41,959,000.

returns

Govt,

Bills bought In open market
Industrial advances

7,976,700
8,665,900

a

by U. S.

direct or fully guaranteed
Other bills discounted-—

7,000,000

*

3,612,756,000 3.537.089,000 3,458,235,000

Bills discounted:

7,000,000

Includes deposits in foreign branches as follows:

3,542,410,000 3,458,263,000 3,400,897,000
1,437,000
1,318,000
1,435,000
77,389,000
69,028,000
55,903,000

f

Total reserves

88,993,000
51,241,000
24.849,000
4.909,000
8,384,000
2,442,000

Public Nat Bk & Tr Co.

As per official reports:
companies, Sept. 30, 1937.

$

hand and due from

on

United States Treasury _x
Redemption fund—F. R. notes

40,270,000

171,931,000
13,074,000

Comm'l Nat Bk & Tr Co

—

*

'

37,363,000
2,573,000
51,196,000

Totals

$

$;!-;.

Gold certificates

11,655,000

75,331,000

1937 Dec. 15, 1937 Dec. 23,1936

Dec. 22,

$

Chem Bank & Trust Co.

Dec. 22, 1937,
comparison with the previous week and the corresponding

in

HOUSE

Time

Profits

6.000.000

following shows the condition of the Federal Reserve

Bank of New York at the close of business

DEC.

"

Bank of N Y & Trust Co

York

New
The

City

Net Demand

Undivided

Capital

Members

Condition of the Federal Reserve Bank of

York

CLEARING

SATURDAY,

Surplus and

4069

-

—

Bank premises
All other assete—————

Total assets

4,554,984,000 4,506,701,000 4,348,132,000

HOUSE WITH THE CLOSING OF
FRIDAY, DEC. 17, 1937 C?

WEEK ENDED

BANKS—AVERAGE

STATE

FIGURES

Liabilities—
.'
F. R. notes in actual circulation.,

Loans,

Other Cash,

Res, Dep.,

Dep. Other

Disc, and

Including

N. Y. and

Banks and

Gross

Investments

Bank Notes

Elsewhere

Trust Cos.

Deposits

Deposits—Member bank

reserve

955,207,000
966,056,000
924,419,000
2,986,485,000 2,980,729,000 2,891,216,000

acc't—

U. S. Treasurer—General account

19,997,000

Other deposits
Manhattan—

$

Grace National

S

$

$

29,442,000

68,213,000
238,164,000

Foreign bank...

78,539,000
158,578,000

115,237,000
24,587,000
95,725,000

$

19,519.400
20,019,000

130,900

7,989,000

2,968.700

26,737,300

851,000

2,681,000

28,976,000

4.431,777

332,968

8,950,000
3,199,591

188,905

7,009,916

Brooklyn—
Lafayette National-

6,265,200

356,700

1,593,700

416,600

7,739,004

People's National-__

4,886.000

110,000

716,000

399,000

5,505,000

Sterling National
Trade Bank of N Y_

_

TRUST COMPANIES—AVERAGE

Loans,

Banks and

Deposits

Investments

2,672,000

Y. and

Elsewhere

of

Ratio

total

$

$

53,282.300

S

S

4,465,800

1,658.278

1,313,612

8.885,560

Fiduciary

11,090,449

*1,201,980

2,359,041

Fuiton___

20,553.600

*6.338,700
27,076.200 *11,262,600

434,500

Federation

Lawyers

-

325*600

968,500

66,684,700
10,104,247

Commitments

12,325,366
23,108,600

67,846,966

25,398.506

15,289,850

76.835,000

3,964,000

39,748,000

30.674,285

2,210,892

10,162,613

make

industrial

84.2%
579,000

85.4%

ad¬

4,612,000

4,598,000

t "Other cash" does not Include Federal Reserve notes

64,000 112,548,000
37,305,251

Kings County...

to

vances.

78,648,690

Brooklyn—
Brooklyn

84.4%
606,000

—

37,412,200

United States.

------

9,474,000

and

Contingent liability on bills purchased
for foreign correspondents.--

$

11,916.200

*7,439,300
241,090

-

7,744,000
8,849,000

4,554,984,000 4,506,701,000 4,348,132,000
deposit

to

reserve

F. R. note liabilities combined
Manhattan—

Empire

50,825,000

Gross

Trust Cos.

169,621,000
50,435,000

51,474,000
7,744,000
9,117.000
2,646,000

7,744,000
9,117,000

...

Total liabilities

Dep. Cther

182,176,000
51,049,000

51,474,000

All other liabilities

N.

Cash

154,006,000
51,056,000

Capital paid in
Surplus (Section 7)-..-..
Surplus (Section 13b)-Reserve for contingencies

FIGURES

Res. Dep.,

Disc, and

3,312,859,000 3,247,288.000 3,126.765,000
Deferred availability items

or a

8,665,000

bank's

own

Federal

Reserve bant notes.
x

•/

These are certificates given by the

over

from the

Reserve banks when the dollar was, on Jan. 31, 1934, devalued from

100 cents to 59.06 cents,
*

Includes amount with Federal Reserve as follows:
Empire, $5,314,700; Fidu¬
ciary, $821,915; Fulton, $6,032,000; Lawyers, $10,572,500.

■

United States Treasury for the gold taken

these certificates being worth less to the extent of the

difference, the difference Itself having been appropriated

as

profit by the Treasury

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.
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
These

Commencing with the statement of May 19, 1937, various changes
described in

an

were made in
announcement of the Federal Reserve Bank of New York of April 20,

the breakdown of loans
1937, as follows:

reported in this statement, which

as

were

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
carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market

paper," instead of in "all other loans," as formerly.

Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural loans" and "other loans
be segregated as "on securities" and "otherwise secured and unsecured."

would each

A more detailed explanation of the revisions was
ASSETS

published in the May 29, 1937, issue of the "Chronicle," page 3590.

AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN

Federal Reserve Districts—

Total

ASSETS

Boston

Loans and Investments—total

New York

Phila.

%

$

$

$

101 LEADING CITIES BY DISTRICTS,

$

Atlanta

Chicago

St. Louis

$

Cleveland Richmond
S

ON DEC. 15, 1937 (In Millions of Dollars

$

$

Minneap. Kan. City
$

Dallas

San Fran.

$

$

$

21,668

1,217

8,857

1,127

1,857

648

565

3,000

663

392

685

512

2,145

9,500

658

4,018

462

721

254

295

999

324

182

280

252

1,055

"

Loans—total

...

Commercial, Indus, and agricul. loans:
On securities

#

.

574

35

247

44

43

15

12

50

49

10

17

11

41

4,071

265

1,701

170

252

98

148

560

148

81

158

149

341

Open market paper

476

81

206

20

20

15

4

50

10

7

23

3

37

Loans to brokers and dealers

913

36

745

19

24

5

6

49

5

1

4

3

16

654

37

308

36

40

19

15

90

13

9

13

15

59

1.170

83

238

60

176

30

27

87

47

6

21

21

374

84

6

49

2

3

2

3

5

9

1

1

3

733

62

268

50

120

30

26

47

12

15

11

79

Otherwise secured and unsecured

Other loans for

purchasing or carrying

securities
Real estate loans
Loans to banks
Other loans:
On securities

..

13

Otherwise secured and unsecured..

825

53

256

61

43

40

54

61

31

55

28

38

105

United States Government obligations

8,167

408

3,328

310

814

284

160

1,412

198

154

245

182

672

Obligations fully guar, by U. S. Govt-

1,119

23

407

92

62

45

34

196

46

14

46

28

126

Otber securities

2,882

128

1,104

263

260

65

76

393

95

42

114

50

292

Reserve with Federal Reserve Bank..

5,365

308

2,640

222

334

129

105

818

140

73

163

113

320

337

40

78

20

42

19

11

67

10

6

12

11

Balances with domestic banks

1,869

108

158

136

174

113

95

317

91

77

209

172

219

Other assets—net

1,296

80

558

88

105

39

38

91

23

17

23

29

205

14,675

976

6,374

785

1,091

412

329

2,223

412

263

491

407

912

5,192

270

1,070

271

730

193

183

870

183

121

145

127

1,029

684

40

374

25

17

14

17

89

9

2

14

22

61

5,074

194

2,084

257

305

211

186

712

225

113

346

192

249

Cash in vault

21

LIABILITIES
Demand deposits—adjusted
Time deposits

-

United States Government deposits..

v

Inter-bank deposits:

Domestic banks

1

Foreign banks
Borrowings
Other liabilities

Capital account




415

2

1

7

8

379

3

1

848

27

37 b

25

19

25

6

22

8

8

3

7

319

3,630

238

1,017

227

349

93

89

370

89

57

93

82

326

m.

mm

m.

m.

-

14

17

14

1

2

Financial

4070

Dec.

Chronicle

25, 1937

Governors of the\Federal Reserve System
followingjwas issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Dec. 23,
showing the condition'of the twelve Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.^Thelsecond table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents^and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
Weekly Return of the Board of

The

COMBINEDJRESOURCES AND LIABILITIES OF THE FEDERAL

RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 22.

1937

1
Dec.

Dec.

22,
1937

ciphers (000) omitted

Three

Nov. 24,

1937

Nov.

1937

$

$

10,

Nov.

Dec

27.

Oct.

3.

20. J

1936

1937
$

I

*

%

Nov.

1937

1937

1937

I

%

17,

S

9,126,391
9,421

8,851,876
12,741
199,574

283,366

313,180

311.282

322,264

9,122,402
9,940
319,183

806,008

9,124,896
9,381
308,145

9,413,668

9,444,007

9,442,877

9,453,956

9,451,525

9.458.406

9,440,280

9.442,422

9,451,301

9,064,191

11,699

12,004

12,210

12,072
4,961

6,265

7,369

17,890
5,536

7,029

5,180

14,414
4,282

16,950

3,768

11,597
4,266

14,711

4,422

18,121

15,772

17,390

17,033

15,863

18.696

20,976

24,319

23,426

8,882

—

2,825
18,380

2,825
18.432

2,825

2,832
19.332

2,832
19.352

3,088

18,689

2,831
19,256

2.830

18,450

2,828
18,464

2,828

19,450

24,999

.......

738,073
1,168.463
648,179

738.073

489,576

1,158.463

1.158,463
629,654

1,347,163

640,054

738,073
1,158,463
629,654

738.073

1,168,463
657,479

2,536,590

2,526,190

2.526.190

2,430,227

2.579.730

2.572,693

2,571.896

2,467,196

9,121,907
8.920

9,120,390

l

9.912
Other cash
Total reserves

Bills discounted:
Secured by U.
direct or fully

-

guaranteed

Total bills discounted

Bills bought In open

market

Industrial advances....

...

Treasury notes

securities..

9,787

738,073
1,168,463

9.124.891

771,539

738.073

1,134,997

1,168,463

657,479

657,479

657.479

657.479

2,564,015

2,564,015

2,564,015

2.564,015

2,554.715

2,601,044

2.602,680

2,602,340

2,601.295

2,695.498

........—--

Total U. 8. Government

9,688

9.123,898
9,287
325,221

751,539

—

Treasury bills

9.121,905

1,154,997

securities—Bonds.

United States Government

9,121,907

obligations

S. Government

Other bills discounted

Other

Dec. 1,

1937

1937

S

ASSETS

Dec. 8,

15,

2,564,015

securities

.................

:

738,073

9,381

315.489

1,853

593,488

......

Foreign loans on gold........*.**-*.-^

2,601,341

Total bills and securities.................
Gold held abroad

173

173

173

221

25,427

27,262
581,920
45,364

28.526
622,341
45,435

747,244

40,730

40,807

40,147

12,771.542

12.710,564

12,760,479

12,390,915

4,249.618

4,277,419

4,284.159

4,256.097

4,350,488

6.922,400
135,165
266.227
237,178

6,879,403
139,237
272,742
209,879

6,888,943

^227,788

6.950.730
94,046
265.891
218.679

6,507,490
250,560
74,383
181,428

181

181

178

178

175

21,629
681,498

23,358
774.034

26,314

25,784

569,040

premises

45,251

All other assets

36,956

45,284
36,066

45,269
46,223

44,161

25,892
589,718
45,344
43,850

23.785
736,957
45,365
42,470

12,800.524

12,923,974

12,732.584

12,841,932

12,757,802

12,902,656

4,346.383

4.293,307

4.294.885

4,279,489

4.264,829

181

Due from foreign banks

1

banks.

Federal Reserve notes of other

Uncollected
Bank

Items

Total assets

670,245
45,268

LIABILITIES
Federal Reserve notes In actual

circulation...

—

Total deposits....

6,884,407
231.540
216,438

6.836.282

6,906.472

241.843

176,637

202,583

219,700

272,492
186,855

6,948.927
113,302
270,068
214.742

7,534,968

7.523,763

7,542,456

7,547,039

7,560,970

7.501.261

7.481,493

7,529,346

7,013,861

742,234
132,505
145,854

595,440
132,682
145,854
27,615

624.534

672,619

8,339

35,742
7,579

12,841,932

12,757,802

12,902,656

12,771,542

12,710,564

12.760,479

80.0%

80.0%

80.1%

80.1%

80.3%

80.2%

2,586

2,219

2,326

13,522

14,403

14,488

18,533

145,854

145,854

27,615
35,697

27,615

9,301

27,615
35,733
11.987

145,854
27,616
35.709

12,923.974

12,732,684

79.6%

79.8%

79.9%

Surplus (Section 13-B)
.-J

liabilities

Total liabilities

Ratio of total reserves to deposits
Reserve note liabilities

liability

bills

35,734
8,338

and Federal

combined...

on

purchased

for

27,615

1,680

1,683

1,888

2.169

12,955

13,137

13,249

13,316

13,431

13.326

Commitments to make Industrial advances...

1,785

2,486

12,841

correspondents

foreign

8,151

132.505

....

......

Reserve for contingencies....

Contingent

35,709

8,823

132,518
145,854

12,800,524

Surplus (Section 7)

other

132,683
145,854
27.615
35,768
8,582

595,428

744,682
132,550

110,826
253,936

642,771
132,541
145.854
27.615
35,742

669,928

...

Capital paid In...

All

225,938

560.213
132,534

625,146
132,619
145,854
27,615
35,673

10,032

Deferred availability Items..

48,082

7,477,202

Foreign banks

deposits

45,365
41.720

23,834

6,854,904
152,593
188,837
280,868

Deposits—Member banks' reserve account...
United States Treasurer—General account.
Other

638.847

13,903

16,903

130,624
145,501

27,088

34,248
16,486

12,390,915

79.8%
.

_

21,064

Maturity Distribution of Bills and
Short-term Securities—
914

16-30 days bills discounted

15,349

14,889

21,956

21,044

381

478

247

180

704

650

823

826

1-15 days bills discounted....i

604

628

403

426

429

515

237

277

347

448

492

421

>

7,757
189
-

176

31-60 days bills discounted

972

434

625

61-90 days bills discounted.

426

428

275

383
679

808

933

966

552

758

760

836

748

339

16,121

17,390

17,033

15,863

18,696

20,976

24,319

23,426

8.882

15,772

586

485

544

232

171

1,615

1,545

767

297

1,269

1,269

1,451

1,990

539

485

544

232

513

1,966

117

412

Over 90 days bills

discounted

Total bills discounted.

1-15 days bills bought In open market
16-30 days bills bought In open market

173

174

1,451

1,919

*""353

297

196

2,310

548

1,107

"""791

25

1,288

615

2,828

2,828

2,831

2,832

2,832

2,830

2,825

2,825

3,088

2,825

1,037

1,091

922

1,226

1,032

1,014

1,086

1,212
270

"""268

31-60 days bills bought In open market
61-90 days bills bought In open market
Over 90 days bills bought In open

market

Total bills bought In open market..

-

advances.

244

323

288

337

468

257

799

751

842

866

916

784

712

802

624

689

791

827

876

734

515

392

15,626

15,576

15,878

16,256

16,519

15,675

16,259

22,218

18,380

Over 90 days industrial advances

596

758

15,749

61-90 days Industrial advances

V

563

471

31-60 days Industrial advances

271

584

>

16-30 days industrial advances

industrial

921

1,305

1-15 days industrial advances

Total

-

18,432

18,450

18,464

18,589

19,256

19,332

19,352

19,450

24,999

28,285
38,083
54,053
147,937
2,295,657

31,255
32,103

31,370

51,768

57,016

145,392

29,685
31,370
60,168
52,853

2,294,197

141,932
2,277,987

29,539
31,255
59,486
139,147

2,266,763

2,352,114

61,374
2,292,917

2,564,015

2,554,715

2,536,590

2,526,190

2,526,190

2,430,227

4,609,218
331,799

4,604,267
320,108

4,612,569
356,472

4,646,501

4,256,097

4,350,488

4,637,132
23,186

4,616,838

2,203,067

24,385
63,926
180,299
2,246,394

2,279,085

33,103
41,783
57,681
147,816
2,283,632

2,564,015

1-15 days U. S. Government securities

2,564,015

2,564,015

2,564,015

26,333
27,720
66,471

16-30 days U. S. Government securities
31-60 days U. 8. Government securities

49,011

240,424

61-90 days U. S. Government securities
Over 90 days U. S. Government securities

Total U. 8. Government securities

46,083
26,333
141,932
70,582

16,187

28,285

565

11,011
12,940

51,985

1-15 days other securities...

16-30 days other securities...
31-60 days other securities

61-90 days other securities...
—

Over 90 days other securities.
Total

other securities.

Federal Reserve Notes—

Issued to Federal Reserve Bank by F. R. Agent

In actual

4,669,198
375,891

4,709,922
363,539

Held by Federal Reserve Bank

circulation

4,665,962

4,623,603

4.608,797

371,077

344,114

343,968

4,615,443
365,825

4,293,307

4,346,383

4,294,885

4,279,489

4,264,829

4,249,618

4,277.419

4,284,159

4,705,632
14,801
20,000

4,690,632
16,677

4,645,632
16,450
20,000

4,644,632
15,293
20.000

4,654,132
18,195
20,000

4,643,132
20,443
20,000

4,645,132

20,000

4,740,433

4,727,309

4.682,082

4.679,925

4,692.327

4,683,575

4,689,070

296,013-

Collateral Held by Agent as Security for
Notes Issued to Bank—

Gold ctfs.

on

hand and due from U. 8. Treas..

By eligible paper

.........

....

Total collateral

4,765,750

*

"Other

x

These are certificates given by the

cents on Jan.

cash"

4,730,632
15,118
20,000

United States Government securities

does

not

Include

Federal

Reserve

■

notes,

f

Revised




. .

. .

,v_.

.

32,000
4,692,318

7,397
95,000-

4,719,235

figure.

United States Treasury for the gold taken over from the Reserve banks

31, 1934, these certificates being worth less to the extent of the difference, the difference Itself

provisions of the Gold Reserve Act of 1934

23,938
20,000

.

.

.

when the dollar was devalued

having been appropriated as profit

from 100 cents to 59.06 <
by the Treasury under-

Volume

Financial

145

Chronicle

4071

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. 22. 1937

Three Ciphers (000) Omitted
Federal Reserve Agent at—

Total

Boston

New York

%

3

3

Cleveland Richmond

Phila.

RESOURCES

3

Gold

certificates

and

hand

on

3

Atlanta

Chicago

St. Louis

3

%

3

$

Dallas

Minneap. Kan. City
3

5

5

San Fran.

W

3

.

due

from United States Treasury

505.902 3,542,410
850
1,318

9,912

Redemption fund—Fed. Res. notesOther cash *

283.366

Total reserves

489,321
586

722

853

1,507

701

806

453

69,028

19,241

20,649

18,001

11,699

34,259

12,244

7,504

535,626 3,612,756

9,120,390

509,148

690,052

324,678

242,606 1,797,194

297,161

197,239

28,874

9,413,668

674,681

305,824

229,340 1,702,174

189.282

284,111

268,420

185,946

682,979

554

245

21,844

11,484

1,197
28,539

290,818

197,675

712,715

290

Bills discounted:

Secured by U. S. Govt, obligations,
direct and (or) fully guaranteed —

11,699

Bills bought in open market
Industrial advances

817

415

1,471

125

312

35

297

172

739

233

234

1,441

79

13

249

297

127

5

961

5,028

3.020

1,050

649

2.912

204

325

284

1,094

299

295

293

269

80

200

762

1,775

127

750

237

642

464

968

73,157
112,432
64,002

39,394

82,055
127,026

34,462

28.780

72,310

32,909
50,670
28,844

37,392
21,285

36,717
56,426
32,120

29,231

60,540

32,899
50,559

24,332

333,211
189,679

3,675
63,561
97,085
55,607

25,574

1,524
65,069
99,986
50,917

180,794

739,704

216,853

249,591

134,396

112,238

281,991

112,483

83,009

125,263

99,731

221,962

190.833

750,319

223,841

251,672

136,930

115,376

283,298

113,123

83,989

126,901

101,078

223,981

205

18.380

2,873

1,004
4,583

54,751

216,814

1,154,997

84,144

657,479

47,899

2,564,015

2,001,341

2,825

Treasury notes

Treasury bills
Total U. S. Govt, securities
Total bills and securities
Due from foreign banks.

110

99

353

54

78

80

44,926

181

13

71

18

16

8

6

21

3

2

5

5

21,629

466

906

2.204

2,948

2,289

26,815

92,460

40,174

2,700

2,195
1,359

4,001

2,109

3,265

35,081
3,159
1,665

28,878
1,357

36,950

1,195
20,589
1,522
1,299

604

56,392

2,242
31,765
2,345
1,330

1,632

63,173

1,827
61,668
0,215
3,936

1,172

681,498
45,251

4,144
166,892

1,338

3,346
3,212

447,969

305,835

459,101

330,935

985,730

Fed. Res. notes of other banks
Bank

2,281

395

751,539

U. 8. Government securities—Bonds.

Uncollected

4,633

110

10,121

Total bills discounted.

851

4,422

Other bills discounted

items

premises

i-i———

All other resources

Total resources

12,800,524

57,611

4,836

9.969
10,833

3,006

4,490

2,220

800.850 1,021,386

795,226 4.554,984

524,100

390,501 2,183,787

13

LIABILITIES
F. R. notes in actual circulation

4,346,383

290,003

966.056

325,720

444,657

217.856

160,740 1,002,134

184,536

140.012

170,193

89,302

349,174

6,854,904

396,400 2,986,485
19,997
5,577

449,083
18.901
17,367

216,809
13.859
8,117

171,739

998,856

9,017

33,887

6,607

1,967

21,897
1,227

5,832
5,474

2,973

123,621
6,682
4,342
3,092

185,457

3,030

203,250
7,060
5,663
5,859

234,679

68,213
238,164

357,849
7,424
18,500
1,949

348

8,187
6,474
2,583

530,676
16,170
13,403
15,558

419,875 3.312,859

385,722

488,381

241.758

189,330 1,055,807

221,832

137,737

246,333

201.701

575.807

61,069

154,006

50,051

30,995
3,807
4,655

1,174

18,607
2,893
3,116
1,003
2,013

32,511
4,083
3,613
1,142

35,073

12,959
14,323
1,007
3,121

21,596
4,402
5,616

28,766

51,056

49,438
4,888
4,869
3,422
1,497

80,680

9,383
9,826
2,874
1,570

36,145
10,046
9,645
2,121
2,013

10,032

626

2,672

55,292
12,258
13,362
4,325
3,000
1,171

887

372

409

365

454

345

339

779

800,850 1,021,386

524,100

447,969

305,836

459,161

330,935

985,730

Deposits:
Member bank

reserve account

U. S. Treasurer—General account.

Foreign
Other

152,593
188,837
280,868

bank

deposits

Total deposits

7,477,202

Deferred availability items

625,146
132,619
145,854
27,615

Capital paid in
Surplus

(Section 7)

Surplus (Section 13-B)
Reserve for contingencies
All other liabilities
Total liabilities

12'800,524

Contingent liability on bills purchased
for foreign correspondents
Commitments to make Indus, advs—
*

"Other cash" does

1,680
12,841

not Include Federal

13,780

4,118

51,474

7,744

9,117

795,226 4.554.984

754

1,714

390,561 2,183,787

545

3,877

3,851
1,262
1,847

941

123

606

165

154

72

59

195

50

39

49

49

119

1,722

4,598

143

701

1,640

350

10

170

51

112

269

3,009

Reserve notes.

RESERVE

FEDERAL

Three

12,907

21,504
1,416
7,006
1,613

STATEMENT

NOTE

Ciphers (000) Omitted

Federal Reserve Bank of—

Total

Boston

New York

S

3

Cleveland Richmond

Phila.

$

3

Federal Reserve notes:

s

Atlanta

Chicago

3

3

3

3

3

3

San Fran.

DaUas

St. Louis Minneap. Kan. City

%

3

330,759 1,094.666
128,610
46,756

343,982

468,191

231,676

18,262

23,634

13,820

184,907 1,037,197
18,107
35,063

197,600
13,064

144,705
4,753

181,260
11,067

97,912
8,610

391,007
41,833

290.003

966,056

325,720

444,057

217,856

160,740 1,002,134

184,536

140,012

170,193

89,302

349,174

4,730,632

In actual circulation

4,709,922
363,539
4,346,383

Issued to F. R. Bank by F. R. Agent

Held by Federal Reserve Bank

341,000 1,100,000
894
4.997

347,000
2,581

471.500

232,000

166,000 1,040,000

200,632

147,000

182,000

99,500

404,000

945

649

204

325

188

1,065

299

295

188,076 1,040,204

200.957

147,188

183,065

99.799

404,295

Collateral held by Agent as security
for notes issued

Gold certificates

banks:

to

and

hand

on

from United States Treasury

Eligible

due

15,118

paper

U. S. Government securities.
Total collateral

United

4,765,750

Government

States

York Stock

2,076
20.000

20,000
349.581

341,894 1,104,997

Securities

Exchange—See following

on

232,649

472,445

Transactions

New

the

at

Stock and Bond
United States

Rates

quoted

are

the

Averages—See

Dec. 29 1937
5 1938

12 1938

Jan.

19 1938

Jan.

26 1938

Feb.

2 1938

Feb.

9 1938

Feb.

-

10 1938

—

Feb. 23 1938
Mar.

2 1938

Mar.

9 1938—

-

Mar. 10 17184191938
Mar. 23 1938

Mar. 30 1938

Stock

page

Asked

Bid

April 13 1938
April 201938
April 27 1938

0.15%
0.5%
0.5%
0.5%
0.5%
0.8%
0.8%
0.8%
0.8%
0.11%
0.11%
0.12%
0.12%
0.1-%
0.11%

Asked

0 1938

PARIS BOURSE

each

41938

0.11%
0.11%
0.11%
0.13%

Francs

Francs

May 111938

0.13%

Bank of France

6,300

6,400

6,400

6,400

May 18 1938
May 25 1938

0.13%
0.13%
0.14%
0.14%
0.14%
0.14%
0.14%
0.15%
0.15%
0.15%

Banque de Paris et Des Pays Baa

1,111
417

1,120
420

1,115
416

1,118
414

May

June

11938

June

81938

June 15 1938,

June 22 1938
June 29 1938

July
61938
July 13 1938
July 20 1938

day of the past week:
Dec. 18 Dec. 20 Dec. 21
Francs

Banque de l'Unlon Parisienne—
Canadian

243

238

236

235

26,000

25,200

615
1,210
36

006

1,210
39
416

25,000
605
1,200
37
470

25,300

617

708
160
218

676
160
219

445

450

1,400

1,280
1,210
270
485

1,230
36
495

Cie Generale d'Eleetricite
Generale Transatlantique—

Citroen B

491

073
180

677
170

220
448

219
443

1,380
1,210
275

Comptoir Nationale d'Escompte
Coty S A
Courrieres

—

Credit

Eaux Lyonnalse cap

Energie Electrique du Nord——

018

Kuhlmann

Quotations for United States Treasury Notes—Friday,
Dec. 24

1,070
774
786
367
23
1.931
69.60
67.00
67.70
75.50
74.30
98.80
6,140

Liquide
Lyon (P L M)
L'Alr

Nord

Ry

Orleans Ry 6%....—---------

Figures after decimal point represent one

or

more

32ds of

Pathe

Capital

Pechlney

point.

Rentes, Perpetual 3%

-----

1917
1918
Rentes 4)4%, 1932, A
Rentes 4H%. 1932 B—
Rentes 5%. 1920
Royal DutchSaint Gobaln C & C
Schneider <fc Cie.———.——
Societe Francaise Ford
Societe Generale Fonciere
Society Lyonnalse.-----—
Societe Marseillaise
Tublze Artificial Silk preferred..
Rentes 4%,

Rentes 4%,

Int.

Int.
Rate

Maturity

Bid

101.3

Ashed

101.5

Rate

Maturity
Mar. 15 1940...

Dec. 151938...

1

Dec. 15 1941...

1 H%
1 H%

100.7

100.9

Mar. 15 1942...

Sept. 15 1939...

101.12

101.14

Dec.

Dec. 151939...

1

H%
1 H%

101.12

101.14

Sept. 151942...

100.25
101.12

100.27
101.14

June 15 1939...

1H%
134%
1 H%
1 H%

June 15 1941

—

Mar. 151939...
Mar. 15 1941...
June 15 1940...
Dec.

15 1940...

H%

15 1942

...

Sept. 151938...

101.10

101.12

Feb.

101.18

101.20

101.17

101.19

June 15 1938...
Mar. 15 1938...




1 1938...

1 H%
1 H%
1 H%
2%
2K%
2H%
2H%
2H%
3%

Bid

101.26
101.20

Asked

101.28
101.22

101.16

101.18

102.28
102.13

102.30
102.15

101.28

101.30

100.6

mmmmm

101.20

101.22

101.9

101.11

Union d'Electricite.

Wagon-Lite....

6,200

241

Cie Distr d'Electricite
Cie

Dec. 22 Dec. 23 Dec. 24
Francs
Francs
Francs

25,300

Pacific

Canal de Suez cap

Credit Commercial de France.-

a

4087.

Quotations of representative stocks as received by cable

Lyonnaise—1,380
1,230
HOLI282
Energie Electrique du Littoral.. DAY
472

April

Exchange,

for discount at purchase.
THE

Jan.

York

Treasury Bills—Friday, Dec. 24

Bid

Jan.

New

Daily, Weekly and Yearly—See page 4087.

page.

—

1,951
1,069

476
027
1,070
780
087
360
23
1,952
69.00
07.70
67.60
75.50
74.30
94.80

6,110
1,982
1,027
63
100

1,210
267
473
617

1,060

175

1,380
1,190

1.916
69,60
67.00
67.00
75.50
74.25
94 75
6,040
1,954
1,020
64
100
1,215

306
25
1,940
69.50
67.60
67.50

75.30
74.10
94 60
6,090
1,960
1,040
60
100

1,212

—-

----

140
383

143
383

142
374

473
140
380

91

90

89

86

—-

1,050

776

64
100
1,220
>

37

619

1,050
779
782
305
23

h'm

366

69.40

67.40
67.30
75.10

73.90
94.40

5,980

60

Dec.

4072

Stock and Bond Sales—New York Stock

1937
25,

Exchange

DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless they are the only transactions of the day.
account is taken of such sales in computing the range for the year.

No

,

United States Government Securities
Below

furnish

we

the New York Stock Exchange

on

daily record of the transactions in Treasury, Home Owners' Loan and

a

Federal Farm Mortgage

Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
Daily Record of U. S. Bond Prices Dec. 18 Dec. 20 Dec. 21 Dec. 22 Dec. 23 Dec. 24
High

116.27

116.24

116.24

116.27

116.24

116.24

116.24

116.27

116.24

5

Low.

107.7

107.9

107.11

107.8

107.4

107.6

Close

107.7

107.9

107.11

107.8

107.6

[High

112.10

107.6

112.10

112.4

112.4

112.8

112.8

112.1

112.2

2 J*s, 1951-54

112.8

112.1

112.3

110.19

56

3

2 J*s, 1956-59.

110.19

110.19

110.19
1

Low.

107.14

Close

2

104.2

103.30

104.3

103.28

104

104.3

103.29

Low.

105.7

[Close

105.7

69

13

105.10

105.6

105.8

105.9

105.6

105.10

105.6

10

99.25

99.29

99.24

99.23

99.26

99.24

99.21

99.24

99.17

99.18

99.19

99.24

99.26

99.18

99.23

99.26

18

14

33

81

16

13

102.17

102.15

102.18

102.16

102.16

102.18

102.16

102.14

102.15

102.12

102.10

102.16

102.16

102.14

102.18

102.12

102.16

102.18

24

11

36

52

105

24

103.16

103.20

103.16

103.20
103.20

1

15

1

103.6

103.5

103.10

103.17

Low.

103.6

103.5

103.7

103.5

103.2

103.10

103.6

103.5

103.7

103.5

103.10

103.17

11

11

3

103.23

103.19

High

3s, 1944-49

Total sales in $1,000 units.

1

106.3

Low.

106.3

106.7

[Close

106.3

Federal Farm Mortgage

106.7

106.7

107.3

107.1

Low.

106.29

106.31

107.1

106.29

106.31

107.1

1

103.26
103.26

103.20

103.19

103.26

103.23

103.19

*2

4

1

High

2%s, 1942-47

107

5

*1

103.7

Low.

Federal Farm Mortgage

107

Close

103.7

Close
Total sales in $1,000 units..

107.3

Total sales in $1,000 units...

1

High

3s, 1942-47.

Total sales in $1,000 units
106.31

101

Close

105.1

High

High

101

99.25

103.16

105.1

1

100.24

Low.

Federal Farm Mortgage

105.1

105.8.

Total sales in $1,000 units

101

100.27

101

101

Close

104.2

105.8

101

19

100.30

36

High

3 J*8, 1944-64

104.2

104.1

105.7

101

100.28

101

Total sales in $1,000 units...

104.1

Close

3s, 1946-48

Federal Farm Mortgage

104.2

[High

101

2

Close

104.6

12

101.7

38

1

Total sales in $1,000 units..

104.1

52

100.31

101.2

33

9

[High
| Low.

2>*s, 1945

Low.

■

100.28

100.31

64

Low.

107.14

Total sales in $1,000 units

100.31

101.6

23

100.28

Total sales in $1,000 units

Total sales in $1,000 units...

104.1

101.5

101.6

101.7

1

2Mb. 1949-53.

107.14

(High

101.2

99.25

5

33*s, 1943-47.

101.2

100.29

vyy

110.22

50

101.7

101.4

101

16

110.22

110.19

101.6

101

Low.

Total sales in $1,000 units...

17

46

High

22

High

33*8. 1941-43.

102.5

24

101

112.6

110.22

Low.

Total sales in $1,000 units

33*8, 1940-43.

101.31

102.1

101.2

112.6

35

I Close

33*8, 1946-50.

3s, 1951-55

101.26

101.28

101.6

112.6

112.8

23

110.19

High

101.28

101.31

9

112.8

yV

102.5

101.31

101.28

5

112.5

Close

102.1

101.28

101.7

107.9

112.5

Low.

Total sales in $1,000 units...

101.28

102

107.9

13

102.4

10

107.8

21 Dec. 22 Dec. 23 Dee. 24

Dec.

102

102

107.9

Total sales in $1,000 units—

107.11

Dec. 2(

1?

102

Treasury
2 J*s, 1948-51.

107.7

High

4s, 1944-54

Dec.

40

Total sales in $1,000 units

33*8. 1943-45

S. Bond Prices

116.24

1

Daily Recrod of U

116.24

Close

43*8, 1947-52

116.24

Low.

Treasury

27

[High

105.29

105.31

Low.

105.29

105.31

105.29

105.31
8

105.23

105.24

Total sales in $1,000 units

[High
33*s, 1949-52

Low.

105.21
105.23

106.31

-(Low.

106.30

107

Close

106.31

107

Total sales in $1,000 units...

14

33*8, 1941

[High

[ Close

107.1

103.9

103.6

103.17

103.7

18

6

34

30

High

101.15

101.14

101.15

101.10

101.15

101.21

Low.

101.15

101.14

101.14

101.10

101.18

101.14

101.15

101.14

101.15

101.10

101.15

101.21

2

3

19

5

27

107.2

Home Owners' Loan

107
107

High

107

25*8, 1942-44

100.31

101

101.1

100.29

27

101

101.7

107.1

107.6

107.7

107.3

107.1

107.5

107

107.1

107.6

107

100.29

100.29

100.29

100.29

100.30

101.2

100.29

100.31

101.1

100.29

101

101.7

2

29

8

10

includes

only

sales

43

6

107.2

107.3

*

107.2

Low.

.Close
Total sales in $1,000 units...

8

Total sales in $1,000 units...

30

High

102.1

Low.

102.1

101.29

102

101.25

Close

102.1

102

102

101.26
23

51

Total sales in $1,000 units...

102.1

11

102.5

82

bonds.

102.1

1

101.24

101.29

2

101.31

t Deferred delivery sale.

above

table

of

coupon

Transactions in registered bonds were:

102,1

102

36

Odd lot sales,

Note—The

107.2
22

•«n

23*8. 1955-60.

103.2

103.2

103.9

12

25*s. series B, 1939-49..

107.2

107

103.2

103.9

1

Home Owners' Loan

107.4

107.1
10

107.3

1 Low.

33*8. 1944-40

107

103.17

103.5

103.4

Total sales in $1,000 units...

3

105

(High

103.6

103.3

103.5

Close
Total sales in $1,000 units

.'/■-'J

105.24

52

3s, series A, 1944-52

105.23

[Close
Total sales in $1,000 units...

103.7

103.5

Close

105.23

103.5

Low.

High

105.23

11

Home Owners' Loan

105.23

Close

33*8, 1946-49

Low.

Total sales in $1,000 units..

101.31

High

103.26

103.27

103.22

103.20

103.26

103.21

8

87

United States

103.23

Total sales in $1,000 units...

...102

to

107.4

to

102

15

Treasury Bills—See previous

page.

103.23

Close

107.4

2

103.23

Low.

Treasury 3J*s, 1943-1945
Treasury 2j|s, 1955-1960

23*8. 1945-47.

United
page..

States

Treasury

Notes,

&c.—See

previous

'■

-

New York Stock Record
LOW

AND

Saturday
Dec.

Dec. 22

$ per share
38

*29%

48i2

45%

Q

9%

38

43%
46

9%
21

*1934
*2112
*134
52%

21
2214
2
5234

*1934
*21%
*178

1

1

1

1

*62

67

*62

67

*16
*16

1712
8

162

*834

123s
712

5378
47%
*12i4

2i4
*20

625g
*55

1278

53

11

lls4

1%

2

5434

11%

1%
17%
1634

163i2
9

1234
7&8
54

4834

1234
2l4
22%
63

57i2
13
♦

37%
*29%
46

9%

38

$

per

37

Sales

STOCKS

share
37

Dec.

$ per share

3658

365s

*365s

3714

43%
48i2

*2914
*47%
938
1984

43%
48*2

9%

2134
1%
53%
%

2134
17fl

*20

*134
53%

1

1

1

67

*62

67

54

11%

11%

1%

1%

1834

16%

17%

17%
17%

17

17

18

17%

48%

*16%

1734

18%

17%
*8%

8%
8%
166% 168

166

11%
1%
18%
18
18

17%
18%
8%
168

9

*834

9

12%

127fl

1234

127«

7%

7%

7%
50%

7%

2%
*20
64

50%
54

1234
2%
2134
65

51%
12%
2%
*20

61%

20

20

134
5334

53

134
53
7o

*62

III4

Par

1%
1634
*15%
*15i2

1%

1734

*15

74%

Air Reduction Inc
No par
Air Way El Appliance..No par

44% Nov 24
12 Oct 19

Aia A

97

Mar 11

8

Oct 19

13,400
1,200

17

Vicksburg RR Co. .100
Alaska Juneau Gold MIe
10

~6~600

5,700
600

Albany A Susq RR
Allegheny Corp
55*%Pref A with $30
55* %Pre! A with $40
5 5* % Pre! A without

100

21l2

834
7i2

*45

50

500

4,600

16,700
700

Apr

12%

Jan

warlOO

10

1,400

Alpha Portland Cem

1,600

Amalgam Leather Cos Inc
6% eouv preferred..

300

61

6,900

61

600

1214

1212

50*2

50*2

12%

% In receivership,

12l2
52%
a

3,800

Amerada Corp..

Def'd delivery,

6%
n

Preferred

New stock,

6*8
34

Oct 18
Oct 19

8I2 Oct 19
H4 Oct 19

1

19

60

Oct 20

5D2 Nov 23
5312 Oct 19

pat

Cash sale,

Oct 19

4978 Nov 26

10

Oct 19

50l2 Dec 23

.50
r

Nov 23

8I2 Dec 14
10

par

Am Agric Chem (Del)..No par
American Bank Note
10

40

Oct 19

6i2 Oct 19

No par

..No

58% Feb 17
62% Feb 18
46% Mar 15

145

5%. preferred..
..100
ALUs-Chalmers Mfg....No par

35,900

Oct 19

13

No pw

Corp.....No

Feb 11

IOI2 Oct 19

pref.No par

23g
2114

60

178 Aug

2%
12%

123g

f21%

July

5% Feb 18

5H2

*58

Jan

Mar

13

59

214

61

2
91

69% Feb 11

49U
123g

61

*58

Allied Stores

5% Jan 25
100% Jan 22
16% Feb 25
160
Aug 10

Oct

Oct 19

Allen Industries Inc
1
Aided Chemical A D70.N0 par
Allied Kid Co
5
Allied Mills Co Inc
No par

12

7

37%

Jan

xl% Jan
68
Apr

Oct 19

1,300

7

5

80% Jan

Feb

22%

Oct 20

4,200

834

Oct

4% Jan 26

x

Ex-div.

y

237a Apr 12
258% Mar 9

Feb

3534

11

par

8

12

Oct 15

3
9

11

No

169

*778
168

conv

1

Oct 19

28% Feb
36
Jan

warlOO

Allegheny BteeJ Co

$2.50 prior

146

Oct 19

Nov

9% Apr
177i June

warlOO

1,600

7*8

8

6,700

par

5,300

7

Nov

Address Multlgr Corp
10
Advance Rumely......N# par

No

16l2

f21l2

this day.

70

Apr

No par

1714

64

52%

Mar

223s Mar 11

Express

17iS

1278
2l2

127«

42
69

Nov 23

Adams

I6I4

2>4

12%
*50%

6

Aug 13

1658

*12%

127g

8

Mar

1734

13

62

Mar

69
85

17

51*4

2%

55

Nov 26

600

I6I2

Highest

share $ per share

Nov 22

200

1%
1634

per

37

*1578

49

2134

114

16%

$

36

Adams-Mlllls

4,700

share

44

26

778
1712
16%
ll2

1

per

Acmt Steet Co

400

1112

Year 1936

Lowest

Abbott Laboratories...No pat
Abraham A Straus....No par

9,800

72

*15

8
8%
166i2 16734
834
834
12i8
1212

%

share

5384

78

1634

per

178

IDs

17l2

$

912

*62

Range for Previous

Lots

Highest

1934
205s

*134

1
72

III4

53

*58

on

20

9%

50

13

Bid and asked prices, no sales

19l2

50

62

52%

914
1912

50%

*58%

52%

Lowest

"""506

19%
21%
17«
54%

On Basis of lOQ-Share

EXCHANGE

600

*2914
*47

9%

50%
51%
12%

Shares

49

*19%

9

$ per share

Range Since Jan. 1

STOCK

Week

43%,

20

11

Dec. 24

*30

I984

*62

23

NEW YORK

the

*47

97fi

18




CENT

Friday

47

1734

53

PER

Thursday

43%

17%

17
1734
18
17%
8%
8%
163% 168
87fi
87«
1234
12%
7%
734
£51% 51%
4834
52%
12%
12%
2%
2%
*20% 2134
65
6278
57
59%
13
1234

8

$ per share

1%

18

1734
1634
1634
17i2
1734

53

23

NOT

for
Dec. 21

*±4%

1*2
17*2
1634

SHARE,

Wednesday

*29%

11%

PRICES—PER

Tuesday

38%
43%

Q

SALE

Dec. 20

18

$ per share
*38

HIGH

Monday

Jan

12% Jan
Apr
207, July
27

15% Not

21% Jan
88% Not

6% Apr
103

Not

17% Sept
195

Mar

5% Not
61% Not
60% Not
60

Not

64% Not
40%

Oet

157

Jan

17% Aug 14
33% Jan 16
217, Mar 6

23

Aug
Jan

20% Not

85

69

Jan

90

Not

35%

Jan

81

Dee

Mar

9

83% Jan 22
39%

Jan 28

8h Mar 13

62% Mar 15
1147, Mar 11
101% Jan 22
41%

Jan 16

75% Feb

Ex-rights.

4

6%

19*4 May
4

Oct

31% Nor

245
34

Aug
Not

34% Not
5% Dec

39% Dee
125% Mar

75

Jan

49

July

36

Dec

65%

65

Jan

73

89

Not

Apr
Nov

1 Called for redemption.

Volume

New York Stock Record—Continued—Page 2

145

AND

Dec.

18

43

1

*115% 123%
73
7378

44

♦115

7334
166

168

♦165

26%
49%
16%

$ per share

♦92

25

7l2

7

16%
1512
*80%

1634
15l2
87

166
51

17%

♦92

150

95

95

95%
♦

% per share

Shares

25

47%
75

*115% 122
74%
7634
165% 165% *164% 168
27
28%
2734 28%
48
50
51
49%
17
16%
17
17%
*92
150
*93% 150%
95
95
*94%
95%

28%

1678

$ per share
46
47

$ per share

120

73

75

51

150

*93%
♦

4534
120

123%

273s

27%
50
I684

Dec. 22

*

25
7

7%
*14%
15%

7%
14%
16

14%
*14%

♦80

87

*80%

7%
14%
15%
87
4%

*

20

19%
11

11

3%

1%

3%

24%
35%

1%

1%

18

18

♦17

3%

7%

21%
62%

22%
62%

7%
22%
64%

14%

14%

14

*4%
r3i

4%

4%
31

*101

105

*27

31%
*101

28

1%

18

*16%

7%

700

20

100

1«4
*16%

23

1%
*16%
634
2134

134

18%
7

6834
17%

17%

34

32%

105

105

2634

684

7%

42%

43%

35%

34

35

104%
2634
6%
40%
33%

13%

14%

13%

14

12%

*161

165

*161

1%

*134

1»4
18
6%
2238

600

100

18

*10%

26%

26%

4834

125

125

52

*125

130

126

*50

51

*50

51

126

*122

126

33%

34%

34%

8%
2434

2434

8%

8%

25

*106% 109

*108

19

*17

*17

62

6234

64

64%

63%
139

*138% 139

6%
13%

6%

6%

13%

13%

*87

88

*87

4%
27%

5%

8%

8%

25%

109

*108

4%
28%
5%

4%

28%
534

3534
834
25%

34%
8%
24%

1083s *108
18

17%
17%
148% 149%
61
60%

18%

147% 14834

146% 147%

62%

35

35%

25%

*5034
*122

148

Apr

33%

4,800

Amer Metal Co Ltd

2484 Nov 22

68% Mar 10

27

Apr
Apr

1
9

118

Dec

6% conv preferred
100
American News Co new No par

100

240

Amer Power A Light..-No par

3

34

14,700
2,100
2,200

13%

50,000

Am Rad A Stanu San'y.No par

400

41%

41%
33%
1234

10

165

19%
68

19%

68

1634

15%

19,100

19%

68

16

4,300
2,800

64%
139

6%

13%
88

87

*84

4%

2734

27

534

35

*31%

33%

*48%

49%

*31%

34%

33%

49%

49%
18%

17%

*13%

102

14

3%
25%

4

25

*24

18%
*102

14

*3%
25%

15

*3%

18

102

*13%
*3%

25%

32%
*48

17%
102

105

6

95

*■

85

"7%

♦
—-

37%

634

*6%

3%

334

*

85

85

"6%

73s

7%

38%

*

"6%

7%

*67

70

70

70

*55

69%

*55

82

*70

81

*79

81

*70

*119

95%

5%

37

38%
7

6%

334

3%
*

'''mm

m

»

1,900
mm'mm-

:
~

_

62

*60

62

*80

97%

*94%

5%

538

43,200

5%

100
'mm

38

mm-

10,400

37%

6%
3%

*638

7%

800

3%

3%

1,600

*

85

""<334

7

8,500

68

*58

68

100

*70

80%

*70

80%

33

*35%

36

35%

34

34

73

73

*71

73

7134

72

72

73

73

72

70

70

70

70

*70

72

*70

72

41%

41

42

3934

41%

38%

39%

38%

79

72

74

72%

73

71

72

70

70

69

5%

5%
10%
20%

2034

11

*10434 IO734 *10434 10734
8
8%
7%
7%
*41
*41
41%
41%
44

44

44

44

*108

112

112

112

5%

-

112

5%

3%
3

5%

5%

3%

5%

3%

334

3%
*234

*234
*19

3

112

*100

114

5%

5%

5%

3%

334

4

3

234

234
19%
3%

3%

334

20%
4%

19%

3%

22%
334

20%

3%

8%

8%

8%
12%

9%
12%

8%

9

8%
11%

22%

25

26%
5%

2534
5%

25%

3%

*100

*5%
3%
234
*18%
3%

112

*100

334

7% preferred
100
Armstrong Cork Co.-.No par

96

Feb

30

Oct 19

Arnold Constable Corp

4% Oct 19
2% Oct 19
80
Nov 27

Artloom Corp

Associated

6

...No par
100

11%

14%

12

15%

14%

12

1434

15%

12%
15%

14%
*30

*30

33

*30

33

*30

32%

*81

90

90

90

*85

90

89®4

17%

17

17%

17

*9

1334
*10%

10%

30

30

30

14

14%
10%

9%

30
14

*10%

10%

*110% 112

10

17%
10%

29

9%

*28%

17%

*110% 112

*1534

16

16

16

*93

96

*93

42

42
♦29%
*95% 102
734
7%
8534
*83%
1234
12%

*95% 102

734

*8234

734
12%

17%

17%

33

33

56%

5734

100

8,500

1,200

1,100

20

30

4

20,400

8%
11%

12,800

*94

*29%
*96

*7%
*83%

*

*29%

96

*95

7%
*83%
12%

7%

7%

*94

42

*29%

102

*95

7%

17%

3334

32%
60%

33

32%

33%

32

62%

61%

63%

60%
14%
94%
23%
1334

734

8534
12%

30%
26%

64

42

96

734

12

"29%

12%

27

*29%

42

102

*16%

15

18%

9%

*27%

96

*83

13%
12%
*15%

29%

*94

*94

17

1334

27

96

96

8534
12%

24%

*

61%

8534

15

15

15

92%
24%

93

93%

24

1434

12%
*15%

1234
18%
64

26%

24,700

*

26

15

94%

2434
15%
12%
18%
64

"30%

*14%

95

23%
14%

2334

12

12%
26%

*16
*

14%

64

32%

"31%

2634

26%

32%
26%

Bid and asked prices: no sales on this day.




12

*83

6% preferred

23%

13%

'♦

■

"30%
25%

55

31%
26%

"31%

3334
2534

55

25%

J In receivership,

a Def.

29

Mar 13

5

Oct 19

6% preferred

100

9

Oct 19

44

Jan 18

.25

18

Oct 19

37

Mar 11

4% conv pre! series A—.100
Corp
1

Atlas

60

6% prelerred

1013s Sept 29
7% Oct 19
39% Oct 19

—No par

38

6% conv preferred... ..100

110

Atlas Powder

Jan

4% June

7%

Jan
Jan

104

47%

Jan

84

Jan

Aug

128

Deo

Feb

7%

Jan

8%

Jan

96

Jan

12% Apr

62% Mar
18% Nov
22% Feb
May
27% Nov

108

96

Dec

112

Oct

98

Feb

124

Oct

09

Jan

90%

Jan

107

Oct

21% Apr
11
Apr
13% Apr

49

Deo

31%

Oot

Automobile.-No par

XAuburn

No par

Austin Nichols

15 prior A
Avla'u Corp of Del

No par
(The)
3

Vot

Loco Works..No par

tr

Baltimore

—

118%

Deo

62% Mar 10
94

Mar 11

48

Jan

84

Nov

133

Jan 13

*112

Jan

131

Nov

14

June

62% Mar
0% Jan
11% Jan

9
2
1
26
12
29

0% Jan
23% Aug
40% Mar
47% Mar

30
18
17
17

Oct 19

8%

.100

A Ohio—

6
6

64*4 Nov
35% Apr

2

Dec

6

13

ctfs

18% Mar

26% June
109
Sept

88% Aug

Nov 26

4% Oct 19
3% Dec 13
2
Sept 25
15% Oct 19
2% Oct 19
3% Sept 10
3
8ept11

No par

Atlas Tack Corp

116% Feb

Oct 19
Oct 19

18% Jan

36*4 Feb
9% Feb

Barker Brothers

—

-

4% preferred

11,100

8% Nov 22

Ne par

20

Bayuk Cigars inc.—..Ne par
1st prelerred
...
100
Beatrice Creamery
26

30%

Feb

26% June
6% June

64% Mar

29% June
,3
Apr

46% Jan
7% Mar

2% July
2% July

"16%
21

Apr
Apr

39

Deo

10%

11%
9%

Jan

Deo
Dec

"27%

Nov
41% Oct

delivery,

Jan 21

42

13%

Jan

49%

Feb

38% Deo
2% Nov

Jan 21

36% Feb 1
20% Jan 17
116

Aug 16

14% Jan
16% June
110

May

13% Oct 19

28% Feb

9

18

Jan

Nov 10

10634 Mar

8

100

Aug

30

Feb

Deo
22% Nov
28%
116

Deo

28% Nov
105

July

Dec 17

43% Feb 19

35

9084 Oct 19

114% July 14

86

Feb

7% Oct 19

16*4 Feb

8

13

Dec

16% Mar

82% Dec 10

88% July

4

83

June

Bethlehem Bteel

8%
15
41

(Dei)-No pw

14

20
100

Boeing Airplane Co

9

New stock,

r

Oct 19

153s Dec 13
3

30% Feb 11
23*4 Jan 5

62*4 Jan 8
105% Mar 11
20

Jan 18

129% Feb 16
6934 Feb 10
38

Jan 21

29% Mar 10
32% Jan
94%

7

Jan 16

42% Oct
112

Dec

21%

Jan

89% May
32% Oot

20

Jan

26%

48

Jan

72

46*4

Apr

77%

Dec

16%

Apr

20

Dec

107% July

Oct
Nov

136% Nov

23

Jan

66%

Deo

28%

Dec

*34%
24%

Dec
Deo

14% July
18% May
77% July

38% Nov
120

Oct

100
5

50
16

Oct 19

49*4 Mar

3

16%

Apr

3738

Dec

5

21

Oct 19

48% Feb 13

40%

Dec

63%

Mar

Bohn Aluminum A Brass
n

Oct 19

Nov 29

13% Nov 24

Ho par

Biumentbai A Co pref

Oct 19

85% NOV 24
23

Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Blaw-Knox Co

Oct 19
Oct 19

313s Dec 24

Bloomlngdale Brothers.No par
m

32

24% Nov

20

7% preferred

mm-

Feb 11

No par
Belgian Nat Rys part pref
Bendlx Aviation
6
Beneficial Indus Loan—N« par
Best A Co
No par
5% prelerred

49,700
2,700

Oct 19
Oct 20

46

92

Beldlng-Hemlnway

500

mm

Oct 19

9%
108

Ne par
50

Beech-Nut Packing Co

1,700
1,200
2,700
4,900
■

Nov 24

10

5H% preferred
.—60
Barnsdall OH Co...........6

$5 preferred w w

~

21

*

66% Mar 17

Atlantic Refining

Beech Creek RR—

23%

*15%

9
7

9

300

12%

*15% '26%

Feb

43% Mar

2,900

13%

12

104

Oct 19

15

14%
12%

94»4May

10%

1,800
2,500
62% 124,600

23%

122

110%

8

900
m.

93%

Jan

67% Feb 18

110% Feb

16%

15

9

Oct 19

32

93

5

Jan 28

Mar

Dec 22

—

8534
1234

15

2434 Mar

10

11,700
1,000

734

95

70% Mar 13
16% Feb 27
17% Jan 21
100
July 23

89

42

61

6

30

102

62

Jan

111

Jan

66%

99% Mar
126

1,200

96

32%

13% Feb 27

100

410

12

May

106%

Bangor A Aroostook.......60
Conv 6% preferred
100
Barber Co Ino
10

30

16%
31%

118

6

Feb 18

3,200

„

17

24

•

50

17%

1434

"28%

100

13

92%

12%

4,000

17

91%

*15%

14

32

10

32% Nov 23

Atl G A W I 88 Lines..Ne par

1334

29%

Jan

Apr

8

Mar

46

Assoc Investment Co.-No par

2,500
1,800

12,200

17%
9%

10

60

37

121% Feb
111

Dec 23

Atlantic Coast Line RR—100

90

z29%

Nov

33

5,400

32

12%

*14%

13%

30%

Nov

7

101

Oct 19

32%

17%

33%
58%
*14%
92%

*24

30%
13%

43

July

125

18

200

*16%

June

9

Dec 24

3,600

17

80% Deo
26>4 Mar

3

Nov 20

69

3

16%

55% Nov

9

58

—100

3%

*85

Feb

Feb 18

50

89

70%

7% Mar
60
Deo

June 29

112

89

Feb

37% Jan 12
10% Feb 10

88

900

11

Oct

11%

97

106

8%
11%
14%

17

86

12%

*10

*30

27%

109% Sept

Feb 13

111

Dec 16

25%

14
14
13%
14%
14%
14%
13%
10%
10%
10%
10%
*10%
10%
10%
10%
*110% 112
*110% 112
*110% 112
*110% 112
15
15
15%
15%
15%
15%
15%
15%

105

*29%

*

17

12%
15%
32%
8934
18%
10%

3% July
May

15%

70

5%

8%

62*4 Sept

Feb

Jan
May

83

Dec

7% Sept

Jan

100

2d preferred

Assented...

83S
11%
13%

6% Oct 19

1

Dry Goods

4

Mar

Jan

6% 1st preferred—....100

Baldwin
9

62% Dec 18

N* par

|6 conv pref

Oct 19

Feb

; Deo

36

7134 Dec 22

3%
*2%
*18%
3%

20

4%

6

Oct 18

Jan

102%

18

28

$5 pref without warrants 100

5%

5%
3%
234

Illinois

93

26%

190% Nov

160

Feb 23

6% pref with warrants.. 100

1,500

5
5%
*5%
5%
5%
10
10
*10
1034
11%
1034
10%
20
19%
19%
1934
19%
20%
20%
10434 10434 *104% 10734 *104% 10734 *10434 10734
8 <
8%
8%
8%
8%
8%
8%
8%
41
41
41%
41%
41%
41%
41% 41%
45
45
46
45%
44%
4534
*44% 45

5%

10%

20%

26

27%
534
1034
20»4

Armour A Cool

24% Dec 24
11634May 4

Sept

104

69% Mar 10

Atch Topeka A Santa Fe..l00

70

96%

Archer Daniels Mldl'd.N# par

2% Oct 19

146

Jan

24

14,900

39%

27%

Jan 12

Feb 23

Jan

63% Aug

8% June

79% Feb 23

60

130
,

41

10

*234

1,000

33%

4034

20%

*19

33

20
No par

7% preferred
—100
Armour&Co(Del)pf 7% gldlOO

7%

73

*70

5%

33

7

Mining

Preferred

.

*55

7

69%
80%

72

27

-■

3734

74

27

-

300

98%

97%

85

"634

*119

96

35

26%

79

20

73%

88% Mar
136

Jan

Oct 19

Andes Copper

A P W Paper Co

Mar

Apr

7

100

87

19%

Oct 26

100

20% Mar

149% Apr

92®4

Feb

14% Jan 18

96

70

8

Jan

1

107

No par

35

*70%

26

S5 prior conv pref

4

129

3
29% Jan 13
20% Feb

$6.50 conv preferred. No par

*17
*17%
17%
17%
101% 101% *101% 104
15
15
*13%
*13%
3%
3%
*2%
3%
25%
24% 25
25%

17%
102

*70

39%

1

99% Feb

160% Jan 26

600

33

*73

34%

Oct 19
Dec 15
Oct 19
Oct 19

8

Jan 28

2434 Aug

85

*70

Oct 19
Oct 20

3%
25%
3%
X27%

Jan

97

*80

6%
3%

8
82

25% Jan 26

Oct 19

61

37%

99

Oct 20

97%

6%
3%

187

10

*80

6%

Oct 19

39

*60

334

Oct 19

24% Nov

62

37%

14

60% Dec 21

No par
..100

Feb

143% Jan 13

140

No par

Preferred

68% Jan 29
148

Anchor Cap Corp

97%

3%

Deo

36

Woolen

Amer Zinc Lead A Smelt

Deo
Nov

24% Dec
48% Apr

16 1st preferred

5,800
7,700

45%

162% Mar

26% Jan 20
66% Jan 11

Am Water Wks A E3ec.No par

American

28*4 Nov
103

8% Dec 23
24% Dec 23
104% Oct 11

154

Anaconda W A Cable—N# par

*60%

634

*31

10

Jan

Jan
Deo

61% Dec 13
128%May 13
4% Oct 19

100

2,500

5%

5%

6% preferred

Jan

06% Mar 11

66®4

64

25

Common class B.

Nov

145%

26

Am Type Founders Ino

25%

Anaconda Copper Mlnlng—60

*80

3734

27

Co.—100

Tobacco

Apr

Feb 20

600

97%
38%

3%

100

Amer Telep A Teleg

18

37

Den

20% Apr

Am Sumatra Tobacco.-No par

American

31

6

Oct 19

Nov 16

100

Preferred

165% Aug

73% Jan*21

46
125

American Sugar Refining.. 100

July

Jan

23% July

Mar 19

Jan 28

134

22% Oct 19

2

26

6% preferred

Amer Bteel Foundries ..No par
American Stores
No par

J

Feb

136% Jan
57% Mar
133% Jan

Dec

100

Snuff

American

122

167

68

7

Nov 23

98,400

62

3634
*638

19,000

4%
27%

4%

100

Preferred

par

41

3

43

29

Oct 19

24% Dec

Feb

36

'mmmmmm

6

5%

12%
87

*80

4%
27%
5%

6,000

Amer Ship Building Co.No par

Smelting A Refg-Ne

45% Mar 11
101% Aug 18

48

*80

6

6%

12%

12%
88

500

139

6

7%

American Seating Co.-No par

Jan 21

170

1534 Dec 21

American Safety Rasor— 18.60

Amer

Oct 23

15% Oct 19
Dec 14

66

32%

*01

5%

62

61%
139

6%

140

25
100

33

62%

6%

62%
139

100

4H% conv pref

48

6%

6

62%
*80

60%

6038

60%

Preferred

American Rolling Mill

Oct 19

32%

*119

96"

200

9,450
3,500
9,250

Oct 19

9%

Jan

15

64% Nov

87% Sept
74% Sept
27% Jan

Feb

18%

Oct 19

26

par

29%

Feb

36%

31

...No

Jan

16% Nov
48% Deo
122% Nov

Apr

87% Jan 18
72% Jan 12
29% Feb 3

...No par

<6 preferred

24

14% July

7%

16 preferred

Jan

Feb

16% Jan 13

48

25%

«•— — m

18%

147% 147%

*17

31% Dec

32%

*94%
5%
*60%

9534

97%

300

106% 106%

148

129% Feb

9% Apr
23% Apr

Oct 19

48

97%

*93%

8%

Nov 20

26% Dec 21

3134

25%

25%

*31

25,500
2,000
3,700

125

50

35

14%
3%

*95

¥534

5%

------

Oct 19

33%

*3%

*1334

14%
3%

*119

*119

*119

*80

88

4%

34

10434

6%
12%

2734

47%
17%

*17

139

5%

33

*102

0O38
6134

4%
28%

*30

35

146

5%

49%

100

50%
162

*122

106% 108
*17
18%

18

14834

4

32%

*49

5034

1,700
1,630

25

4%
28%

4%
29%
5%

126

126

8%
24%

60%

87

50

8%
2434

109

No par

6%

34%

8%

53

100

2634

105

3334

24%

Preferred

14% Oct 19

6%

105

*157

165

6% Oct 19

*26%

34

8%

434 Mar
27% Feb
17% Mar
58% Feb

May

126

25%

Oct 20

10

33

35%

61% Nov
6% Jan

2% Sept
16% Sept

21

*122

6034
62
62
03
6234
139
139
*138% 139
6%
6%
6%
6%
1234
13%
13%
13%

63

32%

*28

5034

51%
126

Jan

66

500

*121

50%

*49

*121

37

8

126%

126

46

3
16
15
11
4
6

31,000

130

100

Oct

Oct

62% Mar

Feb

10%

127% *126

Jan

Deo

4%

6

13% Jan 20

28%
4934

*126

13

22%

31%

Feb

29% Mar

10%

49%

14

No par

pref

non-cum

Amer Internet Corp
No par
American Locomotive.-No par

Oct

11% Mar 13

Oct 19

28%
49%

5134

6%

Ice

Fob

65% Mar 13

Oct 19

10%

'

American

1

14%
175

60% Deo
21% July
8% Mar

3

28%

50

American Home Products

Oct
Oct
Oct
Oct

Sept
Deo

Apr

21

19
19
19
19

2%
20%
32%
1%

Oct

Aug

8%

25

Oct 19

734 Oct 19

10

Jan

32

101

58% Jan 22

68% Jan 18

534 Oct 19

60

175

Apr
Apr

10%

10%

52%

Hawaiian SB Co

3%
934

38% Jan 22

Oct 19

17

No par

89

9% Mar
60% Deo

13>4 Jan 22

19

par

7% July
20% July
16% Jan

6% Apr
29®4 Jan
12
Apr

2% Oct 19

preferred A...No par

6% preferred..

4

Nov

Amer Mach A Fdy Co..No par
Amer Mach A Metals..No par

800

28

11

27%

50

49%

2d

16 preferred

Jan 18
Mar

27

2,900

11%
28%

11

Si

...No

2

13% Jan 28

Deo
Oct
Deo
Deo
Nov

87% May

2,000

17

28%

99% Mar

60% Deo
Deo

4%

68%

10%

$7 preferred

3

33% Jan 21

Deo

120%
113%
35®4
16%
36®8

14%

16%

26%
51%

23% Mar

30*4 Mar 31

Deo

174

Nov

63

4%
3234

6734

11

Jan 25

Dec

137% July

111

14

17

27%

Oct 19
Oct 19
Oct 19

29

share

70%

100

63

1
11

11
*26

4

per

141

Apr

14%
4%
33%
105
2634
634
42
34%
1338

19%
67%
16%

19%

Oct 19

Dec

Highest

67

67

1534

17%

90

22%
5%
8%
12%

Oct 19

30% Apr

22

4,700
8,400

634

20
67%

1934

86

per

*16%
6%
21%

66%

6834

17%

33

2634

161

4

$

104% Feb 4
3334 Aug 25
150
Apr 25
112
Aug 12

17

35%

7%
44%
36%

1934

Feb

Oct 19

11% Oct 19

225

1,400
1,300

27%

161

71

36

Oct 19

35%

7

20

May

Oct 19

35

26%

165

162

Power ...No par

35

13%
4%

19%
67%

9

5

n

35

67

19%

Jan

American Hide A Leather._.l

4%

67

174

175

Amer A For

Amer

14%

19%

9,000
2,400

1,100

67

44

Dec

Oct 19

2,900

4%

1334

110

Nov 29

II

14%

13%

9

2

358
23%

67

36

Jan

80

11

14%
4%
33%

44%

121

100

3%
23%

68

13

72% Dec 14
151% Oct 22
15% Oct 19

Encaustlo Tiling.. 1

6% 1st preferred
American

3%

1%
18%

105

May

Corp--20

24%

14%
4%
3234
*101

124

American Crystal Sugar....10

3%

68

105

Am Comm'l Alcohol

24%

14%
4%
32%

35%

*161

10

*1534

65

4334

165

10

19%
11%

23%

12%
*161

2138

23

35%

7

Feb 18

Deo

Amer European 8ecs--.No par
Amer Express Co
100

10

3,700

21%

23%

43%

27%

7

3,800
2,600

21%
1038

634
22

2734
7%
44%
3634

6%

Apr

160

100

~2"666

20%
10%

334

35

40

1

No par

24

3%

80% Feb 18

109

100

6% preferred

share %

% per share

Am Coal Co of N J(Alleg Co)25
American Colortype Co
10

4

*11

No par

Preferred

Lowest

Highest

S per share
28
Oct 19

Am chain A Cable Inc.iV# par

American Chicle

4

11%

.100

'"26b

25

22% 1
11%

*20

7%

6,600

4

*15

26

American Car A Fdy

2,100

4

20

100

Preferred

.

*11

11%

24%
35%

35

35%

*35

11%

11%

334
24%
35%
1%

6,800

oonv pref

American Can

300

4%

*16%

3%

*23%

*

6*4%

13,100

97

*95

97
25

Am Brake Shoe A FAy.Ne par

10

6%
6%
6%
684
7%
11%
1238
12%
12%
13%
1434
143g
14%
15
15
81
81
*80%
87
87
4
4%
4%
4%
4%
*6
*6
734
7%
8
*176% 300
*176% 300
300

*80%
4%

21%

11%

3%
24

24

17

20

*95

Par

Year 1936

100-Share Lots

Lowest

8,500

45 - 46
45% 46%
*115% 123%
*115% 132
74
75%
73%
.4%
167
167
*164% 167
26% 27
27
26%
47
47
46%
48
16% 16%
16%
16%
*93% 105% *93% 105%

25
7

12%
14%

4
4%
438
4%
4%
*0
8
*6%
8
*6%
8
*6%
*176% 300
*176% 300
*176%
*176l2 300
4
4%
438
4%
4%
4%
4%
22
2212
21%
22% 2334.
22% 23
11
11
I
11%
11% *10%
♦10%
11

*17%

On Basis of

Week

Dec. 21

46%

EXCHANGE

Dec. 23

Thursday

Range fm Previous

Range Since Jan. 1

STOCKS

NEW YORK STOCK

the

CENT

Friday
Dec. 24

Wednesday

Tuesday

% per share j % per share
42

SHARE, NOT PER

SALE PRICES—PER

HIGH

Monday
Dec. 20

Sales

for

LOW

Saturday

4073

Cash sale,

x

Dec

Ex-dlv.

y

Ex-rlghts.

^ Called tor redemption

New York Stock Record—Continued—Page 3

4074
AND

Saturday
Dec.

HIGH SALE PRICES—PER SHARE, NOT PER CENT
Tuesday

Wednesday

Thursday

Friday

Dec. 21

Monday
Dec. 20

i

18

8TOCKS

NEW YORK STOCK
EXCHANGE

the

Dec. 22

Dec. 23

Dec. 24

On Basis of

Week

100-Share Lots

Lowest

Highest

Lowest

1937
25,

Range for Previous
Year 1936

Range Since Jan. 1

Sales

for

LOW

Dec.

Highest

'

88i2

88i2

40

40

__

12i2

4114

40

40

40

40

125s
17i8

123g

27

1284
1718
27
414

1214

17

123s
17l8
26l4

17

17U

17

17U

25i2

26

26i2

26

*a4

27

*25

29

2214
2684

29h

8»4
22

29

•65s

8i«

7i2
9lS
2714
1978
3514

1978
36
87$

19«4

*35i2
*814

8i2
8I4

81$

81$

8Z7$'

♦76l4
51$

*7614

514

47
32

1958
0*4
17h
25g

17is
258

2634

29l2
I84

7

7

9

9l8

884

7i2
958
28i4
20i2
36
85s

678

27l2

8

♦76U

85s

8378

2812
20
36
884
8i2'

8378)

6

♦35

I984

63g

17i8
2i2

*7614
47g

6i4

4

7

1712

1714

23g
76s

8

14
7i2

♦1212
758

14
778

1212

10i2

1978

198g

8h

33s

338

97«

978

314
*984

32

32l2

31

3212

16l2

IOI4
35
16j2

312
103g

20

1612
20i8
*4884

17

20

13

1718
2014

20

20

*3212

1234
148s

1284

15&S

45

45

15s
77«

48

♦45

17
2034
51
178
8I4
13

1434

51
1»4
8
1234
1478

*4778
134
784

8

8

8

30i8
•55s
♦3684

30i8
6
45

2958
634

87
83

1518
*334

1658
418

93

94

95

378

102

31*4

♦7i2
45U

3812
8

2514

312

684
514

38i2
784

814

30
32

3218
8

373s

7®8
48

4812
3814

89

89

5

38

*89

*114
314

Hz
3i2
188

253s

29

*1*4
Hz
412
11

11

ll3g

II84

♦28i2

30

29

30

29

43g
1112
*28l2

145s

684

*53s
*95

712
29iz
*

I84

U2

1

114

1

258
11

*28l2

1

1

2U

214

2

2i4

2

2i4

9

9

9

9

158

2

9i2

9i2
1278
4i2

111*

55i8
1178

62

62

62

63

75

58

58

*50

12

62

II84

62

557$
6212

*58

♦68

3

3

22

*20

21

20

107

107

*107

2478

2514
90

372384
*

2384
90

2358
*

20l8

20i2

108

107

24
90

107

23i2
►

23i2
*

*95I2
23i4

23i2
98

*

98

♦121s
16i8

39

165g

1714

*7i2
II84

9

8

*1218

lll2
984

1134
10

95

9712
'2312

2312
!■

98

*i2i"8

39

1738
7l2

1734

II84

11

1134

10

17i8

17i8

1714

912
1714

17

17

17

17

17

6778

6778

69

70

7H4

14

14i2

1458

I1414

*27

2914

2812

28i2

9

9is
7478

9i8

95g

28i2
9l8

74
65

65

3612

3738
85i8

*79

39l2
*84

714
2

*43

♦Bid

8

9i2

173g
17i8
72

*

11

17

*1678

9i8

39

*1218
17

17
17

714
2

3714

38l2

3784

38l4

4314

44

4278

44

7i8
2

43

93

*80

92

Dee

45

388 Mar 17
10i8 Feb 19
884 Mar

8

27i2 Jan 14
22i8 Jan 29
167gMar 3

Oct 18

179
113

100
No par

Collins A Alkman
Colonial Beacon

100

Oil—No par

Colo Fuel A iron Corp.No par

Southern

100

260

Colorado A

610

100
100
Columbia Broad SysIncclA2.50
4% let preferred
4% 2d preferred

2.50

Class B

4 i/i % conv

300

Jan

Jan

8

July

325g Oct
30 U Jan
1484 Dec
Dec

51

Jan

8984 Nov

45

Mar

23
50

Nov
Nov

484

Jan

13i2 Nov

Aug 10
Oct 18

2384
156i2

Jan

46ig Mar

7

107U

Jan.

Oct 19

48i« Aug 16

33

82

Oct

90

J an
Jan
July

200

Oct

III84

Dec

47i2

Oot
Deo

Jan 14

82

Feb

90

471$ Mar 31

50i2 Feb 26

48

Mar

51

24i2Nov26
13i2 Oct 19

41

2978 July 15

48

Apr

1

13278June

3

124

Jan

129

Oct 19

170i2 Apr

2

84

Jan

134

Nov

9

655s

Jan

56i2 Jan 29
8i2 Oct 19
95

? Dec21

2034

Oct

Dec 24

Dec
July

12084 Dec
9334

8

Oct 19

9834 Nov 24
26
Jan 18

69

June

2584 Mar 19
104i2 Jan

6234 Feb
11284 Mar

77U

58

Nov

13

June

21U

Dec

100

Aug

1061*

Feb

39i2 Apr

66*4 Nov
30

Oct

Oct 19

6178 Feb

28U Sept

48

Dec

512 Oct 19

2714 Mar

19

Dec

36U

Feb

Oct 19

30

Jan

19i8

Jan

377$ Mar

8^8 Oct 21
I67a Dec 18
1634 Dec 15

29

Jan

16

Jan

36

32

Aug

11U
9

45

Apr

8I4

Jan

94

Jan

31

May
Dec

z45s

Oct 19

14

Jan

65

a;68i2 Oct 19

108

65

Dec 18

101

33i2

Oct 19
Dec 14

114

3714 Dec 23
Dec 21

120

80

Mar

3D2 Aug

39i2

69U

1361* Aug

Jan

9012

Jan

Jan
Jan
23ia July
108*4 Oct

Jan

80*4

Jan

103

Jan

44

Jan

Jan

8OI4 Jan
Jan

100U July
55

Jan

97

Jan

x45i*
5D4

Aug

847g Sept
128

Nov

91*4 Nov
136

Nov

'35. No par

86

Oct 19

21U Jan

14U June

24&s

Feb

4i8 Jan

2U Apr

5i*

Feb

7

714

19,700

Commercial

Solvents__No par

2

21S

28,900

Commonw'lth A Sou—No par

1

Oct 19

42

4212

3,000

34

Oct 19

series—Novaf
r

8

138»4 Nov

23

2i8
43i2

New stock,

"3"" "Feb

Jan

4618 Jan
2078 Jan

$6 preferred

Feb

Jan
Jan

39i2 Jan

100

Feb

85i2
15U
727g

12534 Apr

preferred

57$

25

Oct 19

$4.25 conv pf ser

n

7

Nov 23
Oct 19

Comm'l Invest Trust--No par

100

Jan

173s Sept

10

Commercial

Feb

1

1058 Mar
48

1934

27

6% preferred series A—100
6% preferred
100
Credit
10

130

Mar 11

Apr

t c—No par

v

Columbia Gas A Elec.-No par

1,300

80

13514 Feb 11
218s Feb 18

li2

3i2 Apr
3U Apr

preferred.No par

12.75 conv

27g

Aug 28

9

102«4June 21

5% conv preferred

Def. delivery,

24?g

Feb

179

73s

a

Oct

12i2 Apr

33

No par
Co—100

5

t In receivership,

478
12&S

Dec 14

6% preferred

Jan

684 May

20

No par

12

337g Nov

278 Apr
2i2 Apr

Feb 18

Class A

May

4

July 15

Colgate-Palmolive-Peet No par

Jan

6

714 Mar 17
638 Mar

74

52i8 Nov 23

4

19i2 Feb 17

92

200

3U Jan
8ig Deo
25g Feb
145g Dec

U2 Apr

Oct 19

100

77«4 Nov

100

314 Mar 18

Dec 21

Preferred

Jan

258s May

Dec 10

Climax

Jan

51

Jan 20

2

Coca-Cola Co (The)..-No par

10,800

I8I4 Mar 6
123gMay 19
32

58

39,300

81

8

60

9lg

81

6i2 Oct 19

Mar

100
100
5

Columbia Pict

81

Oct 19

1

Nov

59

Oct 15

4

Oct 19

Columbian Carbon v t c No par

81

6
4

22U

Mar 11

Oct 19

4,200

10,200

90i2Mar
687aMar
100

11

300

73

Apr

36

1,300

73

69ig

Chile Copper Co...—
25
Chrysler Corp
—6
City Ice A Fuel
..No par

2,600

74

Deo

Jan

Feb 13

48

3

lSg Oct 19

Deo

38*4

Apr

28*4 Dec 14
7$ Dec 23

721* Deo
111

Aug

May
Jan

Oct 19

Nov

19U Mar

Mar

114

1

Oct

74

19

278

Oct 19

Nov

101

"fa*

7$

12"
108

4

Feb

Oct 19

"l'ioo

60

Feb 10

Oct 19

Special guar 4%
50
Molybdenum..No par
Cluett Peabody A Co..-No par

3,200

82

j an

"57" Feb

63i4June 10

111

3

Clev Graph Bronze Co (The).l
Clev A Pitts RR Co 7% gtd.50

1,000
2,800

814 June
67i2 Sept

12

700

12,700

4784

23&S Feb 10

10

Clev El Ilium »4.50 pf.No par

8,800

863s Mar 10

No par

50

97i2 May

484 Mar 16

U8 Oct 19

127g

865g

7i2
2i8

900

Apr

13i2 Mar 17

2% Dec 23
634 Oct 19

Clark Equipment
C C C A St Louis Ry

Apr

Oct 19

100

6H % preferred
City Investing Co
City Stores

6i2

Oct 19

5% preferred
100
JChicago A North Weet'n.100

70

65

2

10

Jan 14

115

35*

84 Oct 19

25sNov 24

28l2

S4i8

*82

120

2,100

3

1

10i8 Dec 22

Preferred

4184 Jan 15

2

Chicago Mall Order Co
6
JChlc Mil St P A Pac.-No par

1278

65

712
2i8

Oct 19

Dec 15

28i2
85s

3378

93

Nov 24

31

89

13l2

65

3912

x40

tChlc A East III Ry Co... 100
6% preferred
100
IChlcago Great Western.. 100
4% preferred
100

1,300

3412

73

4,200

3,300

65

86

200

17iS

3378

4018

No par
25

100

173s

68

2
251s Nov 23

103i2 Dec

Oct 19

Chicago Pneumat Tool. No par
13 oonv preferred.—No par

1678
*67

3514 Nov 24
Zl$ Oct 19
1812 Oct 19

6

2914

67

Sept 23'

100

Preferred series A

9,000

2,300

1738

17

95

JChlc Ind A Loulsv 4% pf.100

11

35

3834

1,800

9
10l2

73

86

1,500

*8*8

34

397g

100

2,000

_

6

Checker Cab

100

*7l2
1018

11

17

39
17i8

*60

86

No par

Common

98

17l8
8i2

17i8

23l2

*

72

*70i8
37i2
*86i2
714

6% prior preferred..—100
ChampPap A Fib Co 6% pf 100

1,500

97l2'

23

233s

9i8
17i8

735s

700

1

Certain-Teed Products..

2

70

72
►

and asked prices;no sales on this day.




*712
*1038

1078

9i8

87

4234

1038
*9i8

17

834

*80

758
2i8
4314

*1218

1738
784

9i2

90

73a

39

17U
7i2

Cerro de Pasco Copper.No par

T,700

80

96

96
98

67

*79

2

*l2l"8

23
*

127g
*2814
8l2

363g

7i2

2334

1314
2914

~35~

2i8
4312

*95l8

70i2

75

387S

96

98

lb",300

75

68

37i8

*83

t

100

Preferred

62

1314
*28i4

*7214

70

*9412
2334

200

61

14i2
28i2

"36I4

*

40i8
86

39

1758
8i4

*858
167g

13i2

95l2
237g

Century Ribbon Mills—N# par

14i2 Mar

7% preferred
100
6% preferred
100
Chicago Yellow Cab—No par

36
37
37
39
41
3714
3484
3512
3934
38l2
3338
1434
1538
1434
1518
1484
14l2
1484
1434
15i4
1538
1478
*112i2 124
*11012 120
*11012 120
♦112i2 124
*112i2 124
*110t2 120
115
115
115
115
115
112
115l2 11512 114
11212 11212 112
57
*57
58
58
57
58
58
*57l2
59
*5718
5712 *57
9
9
9
9
914
914
918
9U
9l2
9iS
9l8
9I4

97

2484 Jan 11

Oct 19

JChlc Rock Isl A Pacific.—100

325g
1514

"97

Oct 19

3l2

5,100

2334

Sept

4

1,900

108

86

8

*50

80

54

Central RR of New Jersey. 100

102",600

*

90

7

Deo

Central Vloleta Sugar Co...19

12

*23

397g

1,700

50
5412

24

Apr

1,200

1178

*23

2312

Dec

19

Dec

53

108

106

Dec

2i8

*20

9

8

10714 Jan 26

*3614

2Qi4

Jan
Deo

110

June

48*4 Mar

115

June 29
Oct 19

Chllds Co

*107U 108

4D4May 20

32f4

96

720

278
2038

May

9ig

4,100

278

Nov

"2184

371*

Chickasba Cotton Oil

3

x91

Nov

1,800

75

Jan

May
Jan

3,100

27g
2Q14

July

5484

IO6I4 Aug 11

6^

412

627g

June

143

253t

10

*50

318
20i2

"Feb

188

Jan

125s Jan 28

12l2

50

984

684 May
92i2 Jan
116

3914 Jan 12

7,800

314
1034
30
1

1

"

Oct 19

438

5414
1214
6278

Feb

Dec

103*4

Oct 19

*9i2

12

75

Oct 16

100

2

2

1212

*36l4

63

Dec 21

21

3538June

1
Central 111 Lt 4H% pref-100

4l2

5278

•

90

5% preferred

30

10

1214

145s Dec 24

100

12l2

567g

1312 Nov 19
278 Oct 19

..No par

prior pref

4i2

50

3

7%

Celotex Co

1288

978
12lz
458

12

3i8

107

*2038
107

i

3i«

Dec 15

*938

978
1214
4l2
*36i4
54i2

Jan

Nov 22

21,400

*168

91

40

lis

7$

Jan 18

97

1&8

2

106

Oct

Jan xlOO

No par

734

1

*28i2

87

5% preferred
100
Celanese Corp of Amer.lVo par

29i2
1041*

412

1

8

Caterpillar Tractor

100

Nov

53

Feb

Nov 12

85

Feb

18i2

102

Oct

1,700

1

6884 Nov

Apr

1234 May
4524 Jan

8

90

8,300

1

2%

78

Feb

37

6
9
18i2Mar 11
62 U Jan
2

129«4 Jan 22

HZ

29l2

1

37i2 Dec 16

17i2Mar

61i2 Jan

9i2 Apr 20
19184 Aug 3

4,900

2l2

Nov 24

514 Dec 16

Aug

16

Deo 16

118

1

60

Capital Admin class A
1
93 preferred A
10
Carolina Clinch A Ohio Ry.100

Oct 19

678

60

Jan

Nov 23

10

1

Pro

Jan

107g

82i2 Jan

7i2

Apr

30*4

54

Jan 14

61

97

"l~566

238

28

6

80

1014

H8

IIS4

No par

Cannon Mills

Dec

100

1018

2i2

1088 Apr

100

10l2
lh
15s

1

3814 Mar 19

Preferred

5

238

18i2 Nov
40U

Oct 21

37U

Nov

3

Jan
Jan
Jan

52

6l2

5s
6

30

24

684

Apr
Apr

Jan 12

100

418

278

Feb 25

Central Foundry Co

10

Dec

373* Feb 13

Case (J I) Co

*278

1084

Feb

2,900
640

700

Mar

Sept 29

100
5

5

318
1112

30U

44

Canadian Pacific Ry

Chesapeake A Ohio Ry

V$

22

2

100
25

Canada Sou Ry Co...

Chesapeake Corp

*1

2

48U
52*8
51$
20ig

Stamped
Carpenter Steel Co
Carriers A General Corp

9,200

"Oct

9

'

10,900

118

Jan 11

34*8 Mar

10l2 Oct 19
0i2 Oct 19

341$
3312

16i2 Apr
54*8 June

1218 Oct 19

Oct 19

Dec
Dec

69»s

Apr

25

1978 Dec 24
Oct 19

22,900

414

91

Central Agulrre Assoc..No par

3

,

Oct 19

6,300

32

*30

24

1

Campbell W A C Fdy_.Ao par
6

9

9U Feb 25
3384 Mar 9

4

Canada Dry Ginger Ale

363s Feb

Oct 19

1

50

35i2

llf2 Jan
20«4 Apr

183s July 14

6

Calumet A Hecla Com Cop. .6

Callahan Zinc-Lead

10484

3634

10 i

2

Jan 18

45U

338

314
10

Oct 19

15

Mar 22

36

lis

55

17,000
1,000
1,000

584 Dec 14

65i4 Mar

1,300

63

3

1

10
1212
434
50
66l2
12

30

Oct 19

50

45l2

2i2

*938
123g
458
*3614

4,900

17,500

.

IOI4

283s

28

*114

H8

10
127g
45g
50
575s

25

25

*58

I84

1

*9i8
127g
45g
*3514
5584

15j8
92

No par

3538

Ha

127g
4i2
♦35U

5138
100

6% conv preferred a

Butte Copper A Zinc—

Byers Co (A M)
Partlc preferred

5% preferred

2,100

3i8

4l8
*278
10i8

418

California Packing

384
92

93i8

H4

1184
39

1,700

330

2,000

100

JBush Term Bldg gu pf ctfa 100
Butler Bros
10

2,600

1,700

26

..1

Burlington Mills Corp

30
6
No par
....100
Byron Jackson Co..—-No par

1,900
2,700

i658
,

No par

-

7i2
4514

21*
*218

,

77e
2812
5l2
45

3

5
IOI4

*28l2

48

*H4

484

314

65s Mar
29ig Dec
88i2 Deo
3384 Oct
4884 Dec

31
1658
20
52

92i2
184

H4
314

1112

33U Nov

Jan

*9084

15s

1184
30

Dec

25s

9

4,600

Bullard Co

378s

1

H8
178
Hz
484

298s

*88

32l2
7h
47

414

10l2

3

5084

3784
784

*90

93i8

„

36UMar

99

718
6i2

36

48i2
3814

-

16*4 Nov

100

29

*27g
101$

5

Dec

334

10

10414

II4
318
H4

is8
3l2

2

*101i2

7iz
4514

8

*90

18U Mar

92

63

30

4734
37i2

385s
9018

3184 Nov

83

2514

7«4

30

*784

784
4812

Apr

6i8 Oct 19
16*4 Oct 19
2U Oct 19

14i8
13i8

87

15l2

29

Mar

14

Apr

1

"i638

104«4

10414 *100
*28

32

l8g

I84
H4

178
188
*484

♦

8«8

4514 Feb

*

92

36i4

3884
8I4
31

Feb 16

Sept

1578 May

115i2 Sept

Jan

Oct 19

5l4
*3684

52l2

*4i2
*95

10484

13

85

120

734

100

678

115

Jan

1514
738
18i2
314

28i2

378
90*z
100

10

7J8
65g

37i2
78s
28i8

3984
8I4

104i2

10

*96

10484

484

1

1

10

107ft sent
9i8 Jan

7

98

Dec

Jan

*41

33s

*684
*514

7
6U

212 Oct 19
Oct 19

No par

117^8 Mar 12
148s Jan 11

21»4

Jan

*

314
10112 10H2 *101l2

Oct 19

Jan
Dec

8I4

9,000

ieh

3l2

35

21U Feb

Oot

22i$

2i2

"9" 800

283s

338

35g

76I4 Dec 24
2U Oct 19

100

7% preferred

3

24i2 Jan 11

Oct

57

65*a

1

1%

2888

100
No par

Burtd (E G) Mfg

106

2

62*4 Jan 14
50
Jan
7

Feb

7^8
12l2
15l2

87

*59

6l2 Oct 19

9784 Feb
44i2 May
45
Sept
8% May
87, Jan

102i2 Jan

II84 Jan 29

ll2

612

2514

69

29

Oct 19

5

7% preferred

20
220

7h

45

"

6

58U Sept

39

197S
*477$

778
29

15l8

24*8 Dec 24
187$ Dec 22
35U Dec 16

12U Mar
5U2 Mar

Jan

1«4 Oct 19

884

83

*88

2512

69

29l2

188
*284
103g

16

40U

Jan 12

7i2 Nov 24

714

48

5U2

53

100

30i8
16^8

384

92

63

484

484
6
1084

105s
n8
17g
Hz
412

1

165s
*50

Bucyrus-Erle Co

8

Oct 19

50i2 July

Jan
Dec

4i2
33

Bruns-Balke-ColIendef-lVa par

6,800

Jan

41

Jan 13

38i2 Jan 14

Debentures..

12

100

2,200

Jan 23

8

6i2 Dec 17

800

*3i8

W2

No par

Brown Shoe Co

47

Oct 19

Apr

69

8

15

100

400

1

Feb

647g Mar

Dec

47

N» par

1212

*

100

3,600

287s Dec 22

~1878

yW$ July
43U Apr

JBush Terminal

1512

8812

3,000

168

5l2

53

5212
100

25U

*95

47

H4
434

ll4
*414
*234
10l2

5314

I6I4

29

31

*1U
3i2
*U4
43g
*234
10i2

99

99

100

10

8

314

9U2

10

3218

Hz

*ll4
314

96

1,900
8,700

784

*3684

167g
4
95
99l2

500

11

Burroughs Add Mach__Aro par

18i2

52

*

83

163g
37g

10
658
6I4

92

*89

♦

90

*58

5l2
42

53i2 Feb 13

5i2 Nov

1,200

32
I684
20

784

Oct 19
Dec 23

Oct 19

11
14
23

Bulova Watch...—~~No par

3i8
912

2884

18

7

Jan

Us July

34

Apr

Budd Wheel

*12i4

7h
18i2

♦41

87

18
378

102

463g
37i2

37

612
*3634
♦

155s

*100

8

534
42

1,000

6

25

Brlggs

Aug

lli2

605s Aug 25

No par
Bristol-Myers Co
5
Brooklyn A Queens Tr.No par
$6 preferred...
No par
Bklyn-Manh Transit—No par
$6 prerfered series A.No par
Brooklyn Union Gas—No par

Bridgeport Brass Co—No par
Brlggs & Stratton

Nov

*32%

"25^ "Jan

1,700
2,100
6,200
8,800

12i8

8
29l2

1,300

l2 Oct 19
173s Dec 23

47

June

1584 Mar 23

Manufacturing.No par

Bower

900

8,200

Oct 19

4i2 Jan
Aug
23U Feb
597$ Feb

JBotany Cons Mills class A-50
Roller Bearing Co.17

300

12,600

3

100

share

per

IOOI4 Apr

80*8 June
39

3,700

15l8

44

784
29i2

8

90

3978

28

♦42

Borg-Warner Corp
Maine RR

—.5

Boston &

Jan 18

28

share %

per

378

7

1234

*477g
ll2
7l2

51
16s
778
127g
16

12l2
16l2

30

12

1634
20

11,000
1,900

I684 Dec 24
2414 Oct 19

Jan 22

93

4612 Apr 13
25
Aug 16

$

19
7U
1714
214

1718
214
*7h

8

30l2

Dec 15

1
—15

share

29l2

7i8

9

12

Bond Stores Inc
Borden Co (The)

12,600

3«4

23g

7h

Oct 19

per

29

1784

3i8

share
7684 Oct 19

39

$ per

$

♦18l2

1714
23g
*712

I8I4

300

76i4
484
42l2

42

19

7

2578
37«
lis
1712
8U
20l2
25U
293s
1«4
65S
8i8
2418
191s
3578
8»4
8

76i4
45s

5

44
37g
29i8

19

20i2

75g

13
I6I4

10484

*412
*95

32

134
8i8

*101

102

984

6l2

10484
38i4
3712
778
7S8
2884
2884
♦100
10414

52

35g

658

•484

99

100

2834

*101

9i2

♦95

96

25l4

3i2

3l2

9i2

*1684
37g

43g

2884

51

83

*

63

*58

17

*812
77s

80

484

3Hg
17i8

*35

8i2
8i8

*4212
378
29i8

76s
19
3i2
984

2014
*4778
158

87

*

95

2514

26
63

♦101

534
»36«4

45

9812
63l2
IOOI4 IOOI4
I684
165s

28

33s

734
30

30i8
678

98

*90

712
187g
314
9«4
30l2

45

52

95

28

*

9812

9812
5012
100
10012
I6I4
16l2
9812

49l2

*58

1284
16i2

16l2

16

*24l2

163
784

87

*

*90

*49

83

*

•

20l8

8I4

*3684

♦

758

24la
187$

19

3578

77$

1314

1%

26

19

23g
76g

8

8

25

7h
1784

2t2

8

612

83s

*35

31
1978

2i2

*2 9

168
634

8

4

30l2
19l2

8

29

8

15s
65s

5l8

4

4684

12l2
778
193g
33g
10

♦12l2
7i2

29

46

32
20U
714

67g

20i8
2514

837gr *76i4

43

4

17

814
2li4
25i8

8

2014

8I4

31l2
19l2

*34
17i2

8

8

4684

2014
678
1712
2i2

34
173s

Class B

3,700
14,500

12

17

2514
334

Bon Ami class A

90

40*2

12

16*4

25

7
9
27l2
19
3584

8i2
2612
1878

19l2
3514
884

8

8

*158

*3934

No par
No par

Shares

90

4

*378
84
173s

7g

418
3214

3214

19l2
6I4

9
22i2

26

1678
25

1778
884
2112
2634
29
2

47

4

4

4

32

2H2

614

5

45i2

45

914
23
2684

♦I84

2678

♦26

18

18

29l2
I84

878

17$
7
9j8

*15s

ll4

*34

18

18

25l2
334
♦84
1712
83g
2U4
2684
2878

412

MI4

4i2
1*4

*414

li4
18?«
0
2214

*88

90

12

25

*414
*7$

*88

*40
17

•18

88i2

127a

41i4

*40

13

♦125g

87

$ per share

$ per share

0 per share

$ per share
*87
90

$ per share
88
88I4

S per share

Par

Cash sale,

x

Ex-dtv.

y

75&8

Ex-rights

Jan

59U

Apr

82

1 Palled tor redemption.

Feb

Volume

LOW

AND

Dec.

Dec

18

$ per share
6*4

2Hj
•8

♦6%
21*4

21*8

*5*4

15*8
6*4

*70*4
*1*8

*8

0i2
7

14i2
*6%

74
1*2
7i2
2412
98X2
5
9%

*

*

67

7i2
24%
98

*4*4
9

*100

3i2
%

4i2
*18

84*4

12*4
1»2
*73l2
39%

13

1%

1*8

714
24X2
9814

Shares

22%

23*4

16

6X4

8

*5*8

17*8

*

24i2

25*8

1*4
7*8

25
97i2

9714

98i4

*

67

"76"

72

1*4
714

40%

40l2
*106

8

7%
29

29

IX4

Hs

612

23l2

97

97

97

97

1412

100
w w

100

63

1

1

6

2,500

23*4
9712
412

%2 partlc pref
..No par
Consol Edison of N Y..No par

7%

4i2

5
9*8

9

9i8

*8
4*4

1512
50i2
60*4

93

90%

23

22l2

8

8

8

33%

33

*6418

65

64

3214

33
83

36i2
36i2
3412

*%
6i2

5,000

tConsolidated Textile..No par

2,100

Consol Coal Co (Del) v 10..25

3

Oct 19

800

16

Oct 19

80*4 Oct 19

13%

13

133s

12i2

13
158

12*4

13

4,300

Continental Bak class A No par

7l2 Oct 19

1%

74

31%
15%
50i2

1*2
73X2
40*4

31

31*4

14*4

15
50*8
615s

*50l4

74

74

n2
73*2

39

40*4

39

107*2 10712
714
7*8
28*4
29*8
li8
IX4
30*4
3084
*14*8
1434

107

15s

50*4

714
29*8
IX4
3034
*1414
60

5OI4

73*2

600

40*2

13,700
500

107

712
29*2
13s
3158
14*4
60

80

*65

*15

15%

*5418
♦24X2

2314
*7

5*4

4414
3*4
1412
60

28

23l2
7x2
14

14

5%
43

3%
14%
54%
*2412
23l2
71s
*13%

35

♦1318
16l2

7X2
*214

2X2

8

418

15

5*4

4312

214

*2i2

212

9414

95

96

96

95*4

*5i8

12

*5%

12

*5%

42

1514
*54*8
*24*2

60
30

25*8

7%

*714

1378

14

7*4

5I2

3%

4

16%

8%

2*4

102
25

22 >8

1312

16*4
7*8

»2X4
98

97

8i2

4*8

*5i8
*13

-

70
15

5*4

4234
4

16*8
60
---

26
73s
137g

2*2
8*2

*13

33

33

*3412
21%
*31%

34

34

2114

33i2
*2114

36

2H4

21%

21

21i2

32

31*2
658
145s

31lZ
6%
15*8

70

6*4

14*4

69i2
*14%
*3112
19l2
5414

15*4

15%

70

70

70

16%

*14%

20

5512

100% 100%

26l2

914
*%
*»4

*2l2

31*4
19%
62%

31*4

10

x2
1

**4

2*4

*2l2

*11

12

12

♦111

115

*112

10
1

584
I6H2

*158*4
*177g
3*4
18*4
65g
4

13*4
4412

1

2%
12%

52%
6%

53

39i2

40*4

110*2 110.12

43-

26*4

26

34

*5g
*2*4

1714
35

103*2

2i2
12%

11*4

*1*4

28*4

*58
*2*4
1714
33*4
103

46*2

*5g
*2i2
17*g

34
3

17*4

44

4214
2634
*4

*40

3

I7I4

35

35

35

103

*100

103

*58
23g

17*2
*34*4
*100

6*2

6*2

6*2

49i2

52*2

49*2
53*2

50
53*2

48

52l2

73s
11*2

8*2
312
10
15s
2

28*4

*54

2

712
11*4
*7*g

3i2
97g

H2
*1*4
*9*4

29i2

30*4
11*4

2912
11%

61

2*g
7*2
12
734

3%
10

1*8
2
11
3OI4
—-

31
12

63*2

*51

60

*54

2

2

2

*1*2
*1*4

7%
12
812
3*4
8*2
1%
2

10

IOI4

7I2
11*4
*8X4
3^8
8*2

30*4

305s

1,500

600

21

9*4
**8
*5g

*214

914
*38
*%
*214

1

2*4

200

914

11

*10

115

*112

II8I4

110

110

110
114

2914
12*4

30

*1*2
134
97g
2914

28*g

*62
*95

3

278

*3*8

334

3*2

1*4

178

1*4




3
3*2
178
17

Apr

69X2 Oct
8212 Juno

35

49*8 Nov

Dec 24
Oct 19

108*4 Apr 15
81*4 Mar 3
MarlO

$*ov26

135

*8 Oct 19

3

80

Oct 19

3

Jan 11

17*8 Jan
127

13*4 Dec 24

43

Oct 18

4

39*4 Dec 23

4

14*8 Jan 12

2*4 Oct 19
Dec 22

70

Jan 11
Mar

1

20*8 Feb 11

6
4

6

86

Jan 14

Nov 20

62

Feb 27

I8I4N0V 23

27

I8I2

Jan 16

714 May

28

Apr
95X2 Apr
H4 Sept
9

4

90

Oct 19

12*2 Oct 19
96X2 Oct 21
19i2Nov 23
2058 NOV 20

5

Nov

Nov

107

Deo

IO8I4

Deo

Jan

32% Nov

6

Jan

27

"l9%

27

Feb

109

Jan

Apr

"7*8

1

24

31*4 Mar

33X2 Nov

Jan

54*4
23ig

tDenv A Rio Gr West 6%pfl00
100

Detroit Edison

6% non-cum preferred..100
Devoe A Raynolds A..N0 par
No par

Match

Diamond

8% participating pref
26
Diamond T Motor Car Co. .2

Ltd No par

Distil Corp-Seagr'e

5% pref with warrants..100
Dixie-Vortex Co
Ne par
No par

Class A

1*4 Oct 19

Dome Mines Ltd

No par

Douglas Aircraft
Dow Chemical Co

No par

Dresser (SR)Mfg conv

Class B

A No par
No par

.

No par

Jan

_

1078 Feb 18

at)

128

22

May 19

4

May
Apr

12*8 Oct 15

30

May 13

13

June

17

a:32i2 Dec
18*4 Oct 19

76i8 Feb 19
36i2 Feb 2

42

Jan

4012

40ig Feb 4
23
Apr 10

30ia
3712

Oct

Occ 15

Oct

43

5

30

6i2

3

Dec 23

_

-

1161*

Jan

10
Oct 19
6OI2 Oct 20

29

Mar 17

96

Mar

9

93

Deo

Oct 15

26

Feb

9

19

Oct

Oct 19

4114 Jan 25
46*4 Feb 17

40

Aug

15
27

Oct 19
Dec

5

2

19
26*2 Oct ._

79*2 Nov 26
21
Dec 24
9
Oct 19
*4 Oct 25
12 Oct 19
112 Oct 19
10
Oct 19

5512 Dec 18
12*8 Mar 8
7714 Jan 25
143*4 July 13
65

Jan 16

39x4 Jan

1*8
3i|
8I4
1712

7

Jan 5
Feb 19
Jan 16
Jan 19

8214

29

Jan

51

Deo

Jan

36X4

Deo

1%

Jan

512

% May
lig Jan
4% July

13ia Aug
Feb

120

Apr

184*4 Nov

Feb

1361*

par
par
par

Apr

17

Mar

6
4

156

Apr

185

Aug

162

July

166

Mat

2812

Jan

4012 Nov

16

Mar 17

5*4
30*4

4712 Nov

Oct 19

18

10

Apr
Apr
Apr

6

Dec

6%

Jan

27

Oct 19

32*4

Jan

26% Dee
9414 Deo

Oct 19

Oct 19

Feb 23

714 Feb

6

26*8 Jan 14
9214 Jan 7
87

8

2912

Jan

87%

39%

Dec

55x4

x2
li2

J*n
Jan

1%

Feb

614

Deo

Jan

8

Jan 18

33

Nov 24

1(0

Nov 30

3

Oct 19

29

Jan 18

60

Feb 11

115X2 Jan 19
17*% Jan 16

22*4 Nov

63i2 July
Aug

110

Jan
Jan

84*4 Oot
89i2 June

65

Jan

97

41
45

Nov

Feb 19

61

Nov 23

86I2 Feb 10

*2

2*8

1*4 Oct 19

7

9*4 Jan 15
23% Mar 17

11

30

29*2

2,200
7,800

Evans Products Co

13g

*1*8

1X2

112
914
29*8

77s
1*8
1*8
914

110

10

2978

*95

29"

105
3

1*4

1*4
17

sales on this day,

400

1,050

28"

2~25O

*9

11

1,700

*75

80

100

*62

70

*60

70

*95

105

*95

105

278
314
15g
16

*28*4
97s

27*4

278

2*4

3*4
1*4
16%

1*4

t In receivership,

Oct 19

H4 Oct 14

preferred

86

1

23*2 Oct 19
150
Mar 31
26
Oct 18
7*2 Oct 19
Nov 24

100

preferred

Oct 19

74

Co.—100
100

60
90

Nov 29
Oct 19

278

2,500

Federal Motor Truck..No par

2

Oct 19

300

Federal Screw Works.-No par

1*4

1,800

Federal Water Serv A ..No par

♦3U
16

7

712 Oct 18

8%

6% preferred
100
Fajardo Bug Co of Pr Rico. 20
Federal Light A Tractlon..l6

80

2778
978

Oct 19

25
100

Fairbanks Co

Fairbanks Morse A Co-No par

"

3

Exchange Buffet Corp. No par

3,600

29%

*95

Oct 19
814 Oct 19
6
Oct 19
4*4

I6I4

Federal Mln A Smelt

Preferred

2,500

a Det. delivery,

Federated Dept Stores.No par

n

New stook.

t Cash sale.

2*4 Oct 19
II4 Oct 19
Dec 12

16

* E*-dlv.

6I4

35% Mar 17
28I4 Mar 17

16

11*4

1418 Jan 21
3414 Mar 3
6*4 Jan 21
5% Jan 28

12

28

Jan 28

71% Jan 15
21014 Jan 14

Apr
Apr
Apr

Oot

29

Oct

15% Aug
40% Jan

Jan

2*8 June
8i2 Apr
34*4 Jan

Deo

Deo

Jan

21014

Deo

Feb

61X2
27*4
101i2

Deo

92

Mar

Jan

150

Mar 11

37

129

Apr

2

11% Feb 19

IH2 Feb 25
6

Jan 14

43*4 Mar

y Ex-rlghto.

4

Aug
69% Mar
7%
3

212
20x2

4*4 Mar

71*4

Apr

Jan

814 Mar
25

84

Jan 11

Deo

Jan

4

70

29% Jan 18

June

I8I4 Sept

Jan

23ig July
4%

10%

Deo

34i2

122i2
31%
18*4

103

Feb

July

48

No par

85^ preferred w w..No par
36 preferred
No par

78X4 Jan 30

69

4512

35 conv preferred

81

2914 Deo
116

16is

1,100

3

Jan

Jan

1,800

Oct2i

Deo

712

57*8

3*8

Feb

44X2 Jan 16

1*2 Oct 19
14l2 Oct 19

5
6

Feb

7*4

Oct 19

50

100
100

15% Nov
17%

Oct 19

24
22

Jan 19

Cleaner

Deo

4512 Feb 11

3712 Feb 11

*51

1st preferred
2d preferred

12%

Oct 19

2

Equitable Office Bidg. .No par
Erie Railroad...
100

Deo

116

Oct 19

3

12 Oct 19

3
60

Dee

*11114 June
6I2 July

15*2
3*4
36$
6l8

1512 Oct 19

par

100
1

Deo

Nov 18

57*8

7*8

Jan

133

*52

4%
4%

Oct

I8I4

129

6H2

Eureka Vacuum

Jan

8*4

114

47*4

3%

3

Oct

Jan 10

Corp

7%

Deo

6II2 June
12% Deo

41X2 Jan
712 Apr
50*8 Jan

122

5% preferred
Engineers Public Service

1018

40%

Jan
Dee
Nov

1801a Jan 18
1351s Feb 19

El Paso Natural Gas

8*8
3*2
8*8

26

Oct 20

No
86 preferred
No
Elec Storage Battery.-No
JElk Horn Coal Corp..No
6% preferred

Ills

34*8
95x2

Jan

Aug

Nov 24

preferred

5*2

Deo

Nov 20

Electric Power A Light-No par

5

Oct
Jan

63

98

No par
6
3

Endlcott-Johnson

Feb

21*8

130

Elec A Mus Ino Am shares—

37

11%

106

Electric Auto-Lite (The)
Boat

I8I4 Apr

153

100

-100

6% non-voting deb
34.60 pref...

Schlld

9%' Feb

0

7

Oct 19

88% Dec

Oot
Feo

I)A Co 20

preferred

Du P de Nemourt(E

29

*45*4
*5014

1*8

Jan

70X2

52

H2
9*8

Jan
Apr
Deo

914 Mar
21% Deo

Jan
Sept
361a May

48

I84

114

Deo

IOX2

6OI2

9%

44>2
2414

69

46l4

8*8
1*8

Deo

1414 Mar
129

Apr

1,100

700

Deo

14% Apr

4,000

3,400

20

Oct
Deo

19X2

17*4

8

3%

36*4

Electric

2,900

66*4
125

Dee

58*8 Mar 17

41,900

"i",ioo

191*

24iz Mar 17

EltJngon

2i8

Jan

6814 Nov

Oct 19

3,100
14,000

6*4
1034

Sept

6>8 Jan
6312 Jan
35i2 May
1678 June
9912 Mar

91X2 Nov

Oct 19

34
101*2

2*8
6%

Dec

Oct 29

"3", 100

1,900

Deo

44

6l2

5*8

170

4714 Jan 28
2514 Apr 13

Nov

240

46

Apr

Oct 19

100

17*8
335g

Dec

66X4

63*8 Aug

7% Mar
5012 Deo

164

""200

25

48I2
53*2
57I2
2*8
7*4

27g

17

3

Deo

Oct

2

300

Mar

Aug

150

2,100

Feb

4

447t

July

8% cum preferred
..100
Eaton Manufacturing Co
4

*4

46

4

4,300

26

36i2 Apr
2ig Apr
2818 June

41

Aug 16

1,800

Jan

24*8 Mar

158

198

32,200

8714

IOI4 Mar 16
3

66X2 Feb

Nov 24

7,100

26X4 Mar
35% Nov

7114 Jan 15
17H2 Jan 14

144

44

25*2
*58
*2*2

8

Feb 13

77

112

42

*42*2

35*8 Mar

11512 Jan 22

1,700

Deo

1712 June

4*2

69I2

68

Bid and asked prices: no

34

102

*75

105

17*2

Z34

*100

11

*95

*4
2*2

35

75

*62

17

17*4

*38
'

25

103

76

70

17

♦2*8

111

1212

105

17

2I2
17*2

80

*75

*95
3

*5a

33s
77s

*62

2
17

42

*4

3l2

70

3
334

44

July 19

10912 Oct 27
2i2 Oct 19

120

Jan
Deo

Nov

10712 Oct 21

1,000

1*8
914
3778

Nov

No par

114

June

4

Duquesne Light 6% lit pf.100
Eastern Rolling Mills
5
Eastman Kodak (N J)-No par

110*4

115

1,600

*8 May
2

12x4 June

6

Duplan Silk

i~6~3o6

12*4 Nov

8

8%

116*4 117*8
131*2 131*2

131*4 131*4

512 Sept

13

fDuluth S 8 A Atlantic...100
6% preferred
100
DunhllJ International
1

115

117

Deo

106X8 June

Delaware Lack A Western..60

300

13

9*8 Nov
17x4

Jan

100

400

2*4

11

8

3*2
8X4

4,900

X2
1

Apr

Feb
Oct
July

32i2 Dec 22
8*2 Oct 19

17,300
42,300

7

37g Apr
1112
101

109

35*8 Sept

I6I2 Oct 19

6612

Jan

Dec 21

34

35

4178

102

Feb

377s Nov

No par
Dominion Stores Ltd.-No par

54*2
*6i8

20lg
48*8

Mar

Doehler Die CastlngCo No par

40

6%

Apr
Apr

1514
2714

15*8 Mar
43*8 Jan
4614 July

2,400

96i4

9

80

*

""70

19*4

96

1134

105

*16X4

800

21

lli8

*95

*17g

1434

6712

98i2

25

26

*95

*95

80

500

2,600
7,700

26i8
97s
X2

*8i8

*60

*278
*33s

600

2,900

313s
65g

*20

6%
10*4

7*4

*75

*75

63*4
39*2

*40*2

42

25*4

612

*95

1034

5278
*6X4
38*2

15

6912

*43

45

51

*95

30*4

6*4

35
21

*113

115

47*4

493s

1034

*10

119*4

11012 11012

6*2

2*8

*8*8
312
*9*2
*H2

31*8
6i2
14*2
67*2

*112

115

131*4 13134

6

60

7*8

X2

2i2
*11

49*2

*2

*33*2
20*8

6
6
6*8
6*8
63g
612
6*4 ~~6~%
578 "6*8
5*4
166
166*4
165
167
1645s 166
167
167
167*4
165
163
*15812 161
*158l2 161
161
*168*2 161
161
*15814
*158*4
161
17*4
18*4
17*2
18
18%
18*8
I884
18
18*8
18%
18
312
314
3*2
3*2
384
3*2
3%
3*4
37g
384
37g
17
16*8
1714
16*4
1718
18*8
1784
17*2
185s
185s 2:17*4
8*8
7*4
8*8
8*4
8*8
7*2
7*8
718
73g
67g
6%
4
4
4
4
3*4
378
3*4
334
4
4
4
13
13
13
1314
13*2
13*8
14ig
13&8
14*8
1334
13*2

26

*51

32

21*4

Nov

71s

109

23*4 Mar

Det A Mackinac Ry Co—100

19

97

26%

*%

*113

42

*50*4

6%

1

118

43

6*2

35

»313s

400

Nov

95

Jan

418 Sept

Dlesel-Wemmer-Gllbert.... 10

7,600

1.400

85

72x4

Jan
Dec

Oct 19

20

Preferred

65*4 June

6714
63*4

2

..No par

Delaware A Hudson

8X2

35

♦112

26

*47

*33*2
20*4

500

Deere A Co new

6,100

2l4

19

131*4 132

44*4

50

96

*3112

121

*4H2

800

28,800
1,400

Deo

Jan

8ig Oct 19

Davega Stores Corp

Jan

19*4

Jan

1

A

33X2

June

1*8

Jan 16

6

19

115

»25i2

17*4

*13

19

Class

Aug

8

15*4 May

1

Curtlss-Wright

15

10*8

10912 Jan
8*8 Mar

No par

Preferred

Dec
Jan

26*4 Mar

Jan 15
1007s Feb 3
66X2 Jan 8

28*4 Nov 23

5
Conv 6% pref
25
Dayton Pow <fc Lt 4H % Pf-100

35

119

46i2
4214

*33

♦5i8

60
par

Jan

share

Aug 13

400

7

*2

Cudahy Packing
Curtis Pub Co (The)...No

16

per

28*4

"5",100

7

196

100

151*
44X2

Jan 14
Jan 15
Feb 17
Jan 9
Dec 2

37

7*8

2512

8*2

100
10

July

Apr 13

115

...No par

Preferred

7

307g Aug

92xs Aug 16
37*8
37*4
5x4
109*4
69ig
108X2

6

21

100

......

(The)

1312 Feb 26
177t Apr 6
Jan 23
10*8 Jan 4
1*8 Feb 27
1314 Apr 6
52*4 Apr 6

1057g

Oct 19

Crucible Steel of America. .100

Preferred

Jan 12

108

Nov 23

60

pref

conv

497g Jan 23

7

No par

35

9

21

8858 Dec

25%

*24i2

214

..5

9*2 Oct 19
46*4 Nov 27
60*2 Oct 20
153
Apr 14
3
Oct 19
22*2 Nov 20

24

26*2

98

Crown Zellerbach Corp

Mar 11

5*4 Jan 20

49

88 preferred
No par
Cutler-Hammer Inc newNo par

60

2X4

N» per

Mar

95

Oct 19

7g
24

54*8 Dec 20

*54l8

*5X8

Pref ex-warrants

2

87

18*4 Jan

share

7

Oct 19

Oct 19

23

Cushman's Sons 7% pref-.100

60

*7

pref w w..No par

July

187g Jan 15

25*4 Jan 23
42*4 Jan 23
37g Feb 11

10

*54%
*24*2
25*8

19

19%

10

45

■100

35,700

*31l2

♦113

*113

115

114

60,200

16*4

34

18%

*112

115

4,800

40*4
4*8

*3112

♦%

*11

118
121*4
115*8 11734
131*4 131*4 *131*4 13214
110*8 110l2
11012 11012

5,200

32

9*4

*h
*2x2

2*4
12%

2,100

6*4

I6I4

*%

h

14l2

2514

conv

Cuba RR 6% pref
Cuban-American Sugar

6*8

25*8

32.25

130

1334

39*4
378
1578

100

Cuba Co

5%
V:

25

Co

6% eonv pref

600

30

*15

h

1/99X2

11,800

4,700

16*4

10%

IOOI4 101

200

1458

4

100

No par

No par

4

*15

10

38*4

9%
*%

1578

Preferred

Coty Inc

Crown Cork A Seal

15,200

5X2

I6I4

97

6

39

25

15

25

No par

80

70

96l2
*20

*6

6

25

3934
384

42

Corn Products Refining

Crosley Radio Corp

100

♦15

*20

53%

3%
*70

Continental Steel Corp.Nf par
Corn Exch Bank Trust Co..20

Crane

10678 Dec 17
6*2 Oct 19

1

6

Cream of Wheat ctfa__.No par

14,900

6l2
I4I4
*67*2

6%
15*8

19%
52%
6X4
40*4
9912
26%

38

38

*22

15
•15

16%

♦3112
19*4
5312

5*2

6*2
4%
80

Motors

Continental OH of Del

2,800

*4

7012
16%

6%
70

32

20

6I4

*6
37

6*4

4

*13

19

19

6*4

*5i2

98

99

*13

3412
21%
31%
6%
16%

900

90

14
14
14
1378
*10112 102*2 *10H2 10212
24
24i2
235s
2478
22*2 22*2
22*8
22*8
2214
*13
1378
13*8
13*8
13*4
16
16
15*4
15*4
I684
712
7*4
714
718
8

19

31%

1

*70*4
14*8
6I4

39

*80*4
*4

90

No par

1,000

1,200

2578

♦13

32

10,000

102

19

♦31%

100

5,100

61

36

3614
68

Dec 23

Continental

,.600

978

Oct 18

39

Continental Insurance...82.50

310

3412

60

35

*80

6i2

4*g

934

63

34

*5*2

*31l2

3412
103s

62*2

90

58

70

25

14

8X4

*3112
9*4

$4.50 pref

65

20

5,700

7,100

Oct 19

1

100

preferred

Continental Can Ino

4,200

35

3734

35*8
*75

%
6X2

*10U2 102
♦101l2 102
25
26%
26%
25i8
2514
22
22% 22%
22%
22%
13%
14
13%
13%
*1314
17
17%
17
17%
16%
7*4

35

64

♦101X2 102

24%
21*4

36

64

15%

7%

7%
14x4

36

101s

80

25

25

22*8
7%
3714

8%

No par

Continental Diamond Fibre. .5

22,300
1,200

93

22*8
7X2
3684

3212
10l2

90

43%
3*4
1512
*54%
*24l2

....

93

32l2

36X4

5%

54%

93

2212
712
37l8

65

15

5*4
43%
3%
15%

*35

93

22X2
714
3512

3312
10*4

*5l2
4%

75

15

5%
43i2
3%
13*4

38i2

*73

15

2258
*712
3612

Class B

3,300

62

9112
22%
8
38*8

9H2

8

61

3,200

i*8

367g

91i2

22*4

%

414

•65

Oct 16

*8

3g
4*4
18

10*4 Oct 19

*63%

6i2

4

*4

2% Oct 19

Container Corp of America. 20

34*4

6I4

Consol RR of Cuba 6% pf.100

Dec 23

600

*82

4

*%

1,200

314 Oct 19
7
Oct 19

9,100

*4

4

100

83*2

33X2
10%

11

6

Consol Laundries Corp
5
Consol Oil Corp
No par
35 preferred
Nt par

13*8?

34

83

*33i2
10i2

100

1,500
28,100

83*2

35%

35

83

31X2
*75

10*4

*3312

Nov 26

13

*91%
22%

65i4

36X2
34X2

92

preferred

8334

7%

3214
*3314
*3314
10%

No par

85

1,000

13%?

50

2212

8

Oct 19

83*4

31%
14*4

92

*22

4% Oct 19

1338

17i2

17

17

6214
61l2
61*8
61*4
60%
60
60*4
60*4
*16578 16734 *16578 167*4
16734
167*4* 165
•166X2 167*4 166i2 166l2* 165
4
378
4*4
4
414
378
3%
4
4
4
4
*3%
2712
28l2
2714 28i8
27*4
28i2
28
2 6X4
2714
28i2
2714
28%
*90

Oct 21
Oct 19

22

37,300

*9884 105*4
3%
33g

3*2
3g
43g

preferred

6H % prior pref

14*81

1*8
73*2
4114
40%
107
*107i2 10778
107
7X2
75g
7*4
712
29
29X2
29% 29*4
1*8
1*4
1%
1%

7%
29i2
IX4
32%

50 x8

30*4

*8
414

26

Consol Film Industries

""150

70

No par

Jan 14

22

2,000

3,400

884

19ig Feb 11
45*2 Mar 11
1914 Jan 23

Oct 19

8

Highest

per

8 per share

57s Dec 20

1*8

Consolidated Cigar

13i2

41

42%

14X2

6

100

*3*8

36,000

14x2

1X2

107

31

9

90

9

I8X4

Nov 24

8

233s
9712

2418

*412

Cigar
No par
Conn Ry A Ltg 4H % Pref-100
C0D80I Aircraft Corp
1

67

24%

100

Congress

300

1*8
5%

70

1*8

24

i6I2

Congoieum-Nalrnlnc.-No par

4*4 Oct 19
65
Oct 18

8

70

1*8
5*2

1*4

Conde Naat Pub Ino...No par

5% preferred v 10
100
Consumers P Co34.50pfNo par

74

50l2

17

400

share
4*8 Oct 19
20
Dec 23

8 per

13

76

*50

*6*8

Par

4,600

7
22i2
8i2

Year 1936

Lowest

Highest

14%

14%
13%
1*4

IX4
30%
*14x4

812
6I4
17
714
67

"70"

70

1*8

9ig

13i8
13i2
1%

7

6*8

6I4

*6*8
*2034
*712

7
21*2

*7*2
6i4
I6I4

6X4

165s

67
*70

70%
1*8
7i2

20

8

8

*6

*6i8

6i8

223a

6*4
1714
6i4

8

9ij

16%
6%

6*8

21i2

7

4%

*74

76
107

*7%

Dec. 24
$ per share

67

7014

^

13

29

Dec. 23

$ per share

5
5
6
*4X2
5
9
9U
9i8
9%
9*8
101*8
*100
101*8 *100
103
101*8 *100
3i2
3i2
*3i2
3%
3*8
312
3l2
*3s
I2
*8
Xo
*8
38
%
414
4*4
4X2
4X2
4l2
412
4l2
18
*18
19
17*4
17*4 *17
19*8
8334
8334
84*4'
85X2
85i2 *8358 84I2

12*4

♦106

5%
15i2
*6i2

Dec. 22

$ per share

*6i8

8
23

Range for Previous

100-Share Lets

Lowest

Week

$ per share

% per share

7

~

EXCHANGE

the

Dec. 21

20

On Basis of

YORK STOCK

NEW

for

Friday

Thursday

Wednesday

Tuesday

Range Since Jan. 1

STOCKS

Sales

SHARE, NOT PER CENT

SALE PRICES—PER

HIGH

Monday

Saturday

4075

New York Stock Record—Continued—Page 4

145

Jan

Apr
Jan
Jan

Deo
Dec

1231a Nov

1214 Mar
6

Deo

6

Oct

46i4 Nov

1 Called for redemption.

New York Stock Record—Continued—Page 5

4076

Dec.

18

% per share

•663s

70
29%
203s

29

20'a
*90

2938

16

68

16%

$

per

3014

Friday

the

Dec. 23

Dec. 24

share

% per share

$ per share

$ per share

Shares

*23

26"2

18

18

29

2934

4,800

Fed Dept Stores 4 H% pi--100
Fidel Phen Fire Ins N Y__2.60

20%

20%

20

20%

20%

20%

3,200

Firestone Tire A Rubber-—10

93

91

91

29%
18%

28%
16%

29%

25

26

27

30

*17%
*2%

19

18%
2%

18%
2%

*91

29

18%

17

*88%

3014

31

31

31

*8512

87

87

87

88

88

183s
*66i2

183s
7214

18l2

19%
7214

183g

*2%

2l2

*67

2

2U

412
40'2

2234
*10534
*27l2
♦1H2
*134

*4%

15%
90

90

5l2
6%

5%
6

100

*90

43

4234

5%
6%

|

31%
*1%
*33%
51%

*118%
3278

31

1,100
1,900

90

400

17%
66

66

6,000

11%,

r

2

3%
13%
*14%

1,200

16

16

30

*87

90

90

*87

90

*87

90

6%

*85

43%

4434
734

*87

6%

*67

6%

6%
*90

100

*90

100

5%

5%

5%
6%

5%

6%

6%

6%

*90

100

*20

75

75

25%

75

*24

25

75

25%

*67

24%

74

*66

3,700

*23

4,100
....

1,200
5,300
1,700
200

74

24%

24%

1,000

24%
24%
120
*106
■"'m
120
120
*106
111
*106
*106
120
*106
120
44
80,000
4434
43%
44%
45%
43%
4434
453s
45%
43%
4378
31
7,200
3134
32%
31%
32%
3134
32%
31%
31%
30%
31%
1%
3,600
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
50
50
45
50
*33%
*33%
*33% 50
*33%
*33%
45
52
1,000
52
51%
50%
50%
52
61% 52
51%
,*50%
52
120
118% 118% *118% 119
118% 118% 118% 118% *118% 119
119
32
33
32%
32% 146,700
32%
32% 3334
33%
33%
33% A. 33%
mmm~m

115% 11578
*31%
34
5%
5%
978
10
*9834 10034
*134
178
22% 2234
*85%
99
1%
1%
17

17

26

26%

28%

2878
12%

12

115% 115%
34
5

34

115

35

5

5%

10
9%
*98% 100-%
1%
*1%

23

934
99

1%
23

23%

*85%
1%
17%
26%
28

1234

99

115

11534

#34

#85%
1%

34

22%
*85%

23%
99

17%
27%

28

29

1%
17%
27%

29

28

28

27

12

12%

13%

16

16

*16

17%

17

95

95

95

95

12

12

12

1134

1134

10

*93%
1134
9%

57

57%

68

17

17

*93%
934
57

8%

8%
*5178

8%

10

53%

53

5334

23

2234

2234

23%
52%

52

*48

*48

9%
58

8%

734
*53

23%
*50

434

*9%
100

103
99% *100
1%
*1%
1%

1%
17%

13

*33

5%
9%

5%
9%

5%
10

17

1%

34

#

"11%

10

9%
58

68

8%

5

5

*100

180

1%

700

22%

4,400

99

1%
1634

17

17

17

26%

27%

27

26

99

27

25

2734
2534

1%
17%
2834
27%
12%
17%

11%
*16%
*

23

1%

12%

"10%

11%
934

9%
58%
7%

58

1134
*16%

18
95

*

99

1%

mmmmmm

10,100

1,100

10,000
560

12

4,600

18

700

95

"10%

11%
9%
58%

22

23%

*51%
22%

54

2384
52

50

50

*48

51%

*48

2%

2

23

preferred

S3

40

"«

2

2%

3

3

3

*85

92

*85

16%
*5234
19%
♦773s

16%
54
19%
7934

4

4

*55

58

1%
*4%
*1%
1334
14%

1%
4%
134

16%
*52

1934
77%
3%
*65

2%

2%
3

3%
92

*85%

16%
53%
20%
77%

16%
*52%
19%
76%
334

4%

*55

58

1%

1%
4%

*

13%

2434

25

133s
25%

28

2734

27%

127%
*40
64%
17%
1734
10

*8%
*1%

10
9

*20

1%
24%

*5

5%

1%

*5%
18

*24%

25

*32
6

*8834

*40 ~

1%
1334

14%
25%
20%
13%
25%

27

20%
13%
25%
2734

1%
23

#

15

18

10

10%

8%
1%

24

6

8%

1%

*5

51

300

19

19,300

77

24

18%
*77%

334

334

1%
4

1%
*13%
1434

1334

700

14%

4,300
1,500

1334
15

1%

13%
2534

20%
13%
25%

27%
125

64%
1734

24%
26%
*

*40~

64%

17%

17%

10%

9%

934

8%

*8%

8%
1%

100

223s Nov 26

100

1%

24

20

*5

17%

17%

*16%

17

1,200
300

100

*32

34

6%
19%

6%
19%
*97%
*88%

6%
19%
99%

6%
19%
99%

6

"2",200

20

*1934

20

400

*99

6%
1934
9934

6%
*1934

*99

97

99

*95

97

50

99

*90

99

*88%

99

99

*8834

99

22

22%
122%

*8834
22%

*121
6

6

68

60

60

95

6%
93

6

*88

22%
6

95

6%

6%

93

88

2%
95

6%
88

2

97

*85

2234
121

23

23%

*121

128

6%

6%

60

60%

*60%

*2

2%

r

2%

*93%
6%

121

88

6%

*94

6%

6%
*89

97

6%
93

6%

*94%
6%
*89

45

*40

44

*40

44

*40

86%

*85%
*17%

22%

23

86

86

17

17

*16%

17%

17

17

21

21

22

23

23%

23%

*98

99

98%

98%

96

96

9%
19
mmmm

9%

18%
*101

86

86

10

9%

19
mmmm

19

*101

9%
19%
mmmm

53

52

53

52

27

*25%
9%

26

*25%

*49%

51%

*49%

51%

79%

79%

79

79

7

46%

7%
47%

1%

1%

6%
47%
1%

7%
47%
1%

5

5

9%

*49

52

*79

79%
7%

46%
2

5%
6%
1%
11%
19%
39

6%

*5

6%
1%
11%
19%

9%

5%
7%

9

7%
1%
11%

88

*86

88

20

20
*17%
21% 2184
*97% 100
9%
934
19% 19%

100

9%
19%

934

19%

*101

*101

52%

53%

26

25

25

9%

20

19%

*37

39

37

40

7

7

7

7%

40

*85%
*17%
21%
97

24%

50

50

51%

51%

79

79

79

79

6%
47

1%

634

47%
1%
5%

44

1%
11%
19%

11%
19%

1%
*4%
6%
1%
1034
19%

37

37

37

*4%
7

7

7%
1%

7%
%

*634

1,600
60

97

200

40%
88
20
21%
98

*9%
19%

53*

5234
2334
8%

7

100

934
19%

10,900
100

4,200
20
200
400
200

2.700
50

5234
2334
8%

9

51

6%
4534

700

8,100
400

1,000
100

*37

7%

Dec 16

Oct 19

Nov 18

64% Jan 29

14

Jan

48

Oct 19

65% Jan 18

68

July

100

117

6%

preferred

10

General Motors Corp

No par

15 preferred

Gen Outdoor Adv A—No par

No par

Common

1

General Printing Ink

No par

26 preferred
Gen Public Service
Gen

1
31% Oct 19
May

*6%
a

Feb

60% Jan
15% Feb

Dec 16

1

70% Feb 11

122% Feb

2
9
1

19

Jan 19

Oot

53%

Jan

118

Jan

18%

Jan

5%

Jan

106

Jan

1% Dec 16

6% Jan 13

3% Apr

Oct 19

32% Apr

100
1
No par

85

Nov 16

4
117% Jan 22

6% preferred
Gen Realty A Utilities

26 preferred
General Refractories

No par

Gen Steel Cast 26 pref.No par
Gen Theat Equip

Corp.No par

1

Oct

8

14

Oct 19

18

Oct 19

„

13% Oct 19
9% Oct 19

Gen Time Instru Corp .No par

16

Dec 16

100

95

Nov 29

General Tire A Rubber Co__ 5

8

Oct 19

6% pref

25 conv
Glmbel

33%

6

32%

Jan

—

Gobel (Adolf)

1
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100

%« Dec

8

1% Oct 19
2

Oct 19

96

Oct 28

43% Feb 11
4

30% July

24

Aug 30

20% Feb

1

88% Feb 23

9
9

51% Jan 28
58% Jan 18
>ii Oct 2
6% Feb 25
8% Feb 19
115

Feb 17

No par

13

Oct 19

62

Dec 22

87% Mar 11

16% Oct 19

47% Mar 11

No par

25 conv preferred
Gotham Silk Hose

No par
100

Preferred

Graham-Paige

Gran by Consol MSA P
Grand Union Co tr ctfs

96

1% Oct 19

6

3

1

pref series..-No par

conv

Granite City Steel

141

Oct 19

1

Motors

No

par

50% Mar 11

76% Dec 21
3% Oct 18
65

Oct 19

1% Oct 19

Grant (W T)

5% pref-.

100
100

Preferred

Mar 11

13% Jan 18

Jan
June

Jan 12

5% Jan 22

Hackensack

47% Jan

5

28%

Jan

16

Jan

129

Dec

3

8

12

Oct 15

3% Oct 19
12

Oct 19

24

Dec 22

25

26% Apr 17
434 Oct 19

10

Apr
Apr

16

24% Aug

25

Hall Printing

3%

1
8

100

Water

1% July

48% Feb

22% Dec 10
8
66%May 20

32%

Jan

2

31

Jan

145% Mar 2
64% Mar 10

136

39% Mar 10

22

Apr

14%

Deo

11% Mar 18
4% Jan 11

100

8% Apr

27% Feb

7a Oct 19

preferred

Jan
Sept

21% July
*100
Deo

2

15

16% Feb

8%

13%
74

Feb

77

7% Oct 19

6% preferred.

Jan

6% Nov

9

7% Oct 19

Gulf Mobile A Northern.. 100

3%
116

Oct 19

No par

Guantanamo Sugar

Oct

14% Nov 20

10

10

preferred

Jan

5

1

6J4 %

6%
84

37% Dec
62% Sept

Jan

Greyhound Corp (The)-No par

Co. 100

13% June
Aug

70

4% Feb

50% Sept 14
15% Oct 19

Green Bay A West RR
Green (H L) Co Inc

July

105% Jan

6% preferred
No par
Goodyear Tire A Rubb.No par

Goodrich Co (B F)

Apr
Apr

17

90% Mar

Oct 25

Apr

88

49% Oct 19
20% Oct 19
43

Jan

2

26% May

33% Jan 25

29% Mar

preferred.—.60

106

7
4

7% Oct 19

No par

(The)

conv

6% Jan 20

48% Jan
70% Feb

No par

26 preferred

4J4%

65% Feb

No par

Brothers

GUdden Co

23

16

Mar 20

110

Jan

16

No par

8

Jan

50% Mar

Jan

9

1% July
24
July

17% Mar
59% Mar
34% Feb

6
6

30%

Jan

8

30

Jan

Jan

7

33

June

59

36

20% Feb 10

9%

6

Jan

Jan

19

Oct 19

31

Feb 16

14

Jan

100

95

Nov 26

108

Feb 18

*104

Dec

92

Oct 26

105

Jan 22

100

June

Hamilton Watch Co.—No par

6%

preferred.

Dec 23

1

5

Oct 19

100
2

60

25

81

Hecker Prod Corp v t o-No par

6

Oct 19

26

88

Dec 21

126

Feb

9

12% Aug
117
May

100

129

Nov 24

166

Jan

6

150% July

6H% preferred w w
Hayes Body Corp
Hazel-Atlas Glass Co

Helme (GW)

120

Jan

12

Jan

Dec 22

104

Nov

1% Oct 19
Nov 23

Jan 14

4%

Apr

117% Aug 13

99%

Dec

8

15% Jan 25

11

Oct 19

50

Nov 24

100

125

May 22

No par

40

Dec 24

No par

83

Nov 26

111

Hlnde A Dauche Paper Co. 10

17

Dec 15

37

6%

cum

preferred

Hershey Chocolate
24

conv

Holland

preferred

No par

Furance

No par
—.100
12.60
Houdallle-Herahey cl A .No par
7% preferred
Homes take Mining

39% Feb 11
64
Dec 6
135% Feb

2

67% Jan 21
Jan 19
June

52% Feb

Nov 19

120% Jan

9% Dec 22

30«4 Mar

16% Oct 19

43% Jan
114% Mar

5
4
9
7
3

Aug

58% Sept
102
Sept

4

15% Oct 19

,25% Apr
126

93

109

Oct 19

*39%

Oct 19

53% Dec 14

30%
108
9

19%

Jan
June
Jan

Jan

108

Feb

407

Dec

23

Oct 19

41

5

39% June

No par

6

Oct 19

27% Feb 11

22% July

stk.No par

44

Oct 19

73

Jan 11

64%June

100

79

Dec 14

94

Mar 20

Class B
Household Fin

com

5% preferred
Houston OH of Texas
A

6

Feb 26

17% Jan 11
107
Feb 26

Hercules Powder new—No par

Motors

v

t C..25

Manhattan

100

5

6% preferred

100

-

Hupp Motor Car Corp

510

58% Mar
140

No par

Hercules

Hudson Motor Car

Def. delivery,

Jan

Oct 19

121

6% preferred

8,700
13,200
1,800
190

30%

18

100

Harbison-Walk Refrao. No par

Hat Corp of America ol A

12,600

7%

124

Oct 25

z99

%

3% Jan 18

21% Oct 19
3% Oct 19
8% Oct 19

111

9

Railway Signal—No par

1%
1834

Jan

33

No par

7

39

140

16 conv pref series A-No par
No par

Gen'l Gas A Elec A

Howe Sound Co

1%

In receivership,

z99

Feb

Hudson

5%

19%

Jan
Deo

Apr

4,400

1%

37

Jan

70%
49

52% Jan 23
152
Jan 13

33%

300

1034

Oct

Jan

34%

8,700

*4%
6%
1%
10%
1834
_

Jan

7

5%
17

44% Feb

6%

5%
7%
1%

Apr
Apr

64% Jan 21

Holly Sugar Corp

1%

11%

141

10%

34

45%

45

Jan

42%

28% Nov 23
>4 Oct 19

80%

634

Dec

No par

1,800

lV, 900

78

8% May

No par

2,700

53%

51

*79

16%
97

Foods

General Mills

No par

Illinois Central

1
100

17% Jan 22

6%

Jan

Oct 19

90% Mar 10

48%

Jan

1% Oct 19
3% Oct 19

5% Jan 21

Oct 19

4

1% Oct 19

30

72

Jan 20

58

Jan

25% Mar 11

11

May

Oct 19

Dec 21

Cash sale,

s

Apr

671 j Mar 11

16
37

r

13% May

4% Aug 17
38

100

n New stock

15% Jan 21
23% Feb 17

3% June
8% Apr

Oct 19

8

Leased lines 4%
100
RR Sec ctfs series A... 1000

6% preferred series A

Jan

434 Oct 19
37

Ex-div.

y

Feb

Ex-rights

Mar 17

18%

Oot
Feb

Apr
Dee

53% Feb
7% Aug

11% May
Nov

Electric

5% conv preferred.-No par
.Hollander A Sons (A)—
5

2334

97%

100

General

Preferred

"2", 166

*101

9

8%

Bid and asked prtoes; no gales on tnls day.




43

52%

7%
1%
11%
20%

1%

11%

*97

*40

43%

"4~800

1,900

93

Jan

Hanna (M A) Co 25 pf. No par

70

6%

Jan

General

7% preferred class A

2

2

*132% 150
*132% 150
*132% 150
*132% 150
*133% 150
*133% 150
14%
14%
14
14%
14%
14
*14%
14%
14%
14%
14%
13%
57
57
55
57%
57%
57%
57%
56%
57%
56%
5534
54%
*125
*125
130
128% *125
*125
127
127
128%
125% 128% *125

6%

1,400

*20

34

95

*

1,800

*32

95

*36

4,100
16,500

34

*94

634
1%
11%
19%

m

*32

2

*5

mmmm-

34

*60

6%
45%
*1%

mmm

*32

2

93S

mm

34

68

5234

'mm

*32

124

4
4

3%

126% Mar 31

42% Jan

5

6

Mar

23% Oct 19
23% Oct 19

24

5%

65

Great Western Sugar.-No par

34

6

4

Feb 11

14

32% Mar

Great Northern pref

25

22

Feb

153

1,900

*24

*121

Oct 13

28% Mar

25

6%

117

Oct 19

*24

21%

19% Jan

Dec

24%

99

Oct 19

Dec 21

5

6%

86% Feb

5

10

24

6%

31% Nov 22

22

25

19%

105% Jan

Nov

20

25

6%
19%

15% Mar

6

91

19% Feb

10

25

100

6% Oct 19

1
9
6
17
14

No par

preferred

Jan 16

33

106% Jan 28

20

27
125

1%

Oct 19

Jan

Gt Nor Iron Ore Prop. No par

*20

5%

Nov 23

2% Oct 19
6% Oct 19
14% Oct 19
66
Oct 25

5

7% cum preferred

45% Dee
127

15% July 19
*39%June 21

73

2,900
3,800
23,500

26

13

*24%

2

*25

1,800
2,100

18

*60

*18%

13,500

1%
4

20%

8%
*1%

—

1%

25%

17%
9%

m

4%
1%

20%

*40"

m

18

2

*101

m

18

68

9%

4,400
'mi

18

2

*84%

900

4

18%

*60

*40

10,700

79
58

*55

58

15%

25%

#

10%

24

15%
*4934

19

27

13%

26%
27%

19

*5%

16

5134

25%
20%
12%
24%

25%
20%

8%
*1%

92

1%
4%
1%
1334
1434

1%

125

*40~

3

*85%

3%

4%
134
1334

64%
18%

*20

6

64%

27%

2,900
1,600

2%

3

3

3% Oct 19

—No par
No par

General Cigar Inc

48% Deo

35%
23% July
Nov 2135

13% Dec 20
10% Oct 19
88
4

Dec
Dec

11% Mar

108

47%

Oct 19

100

Mar 25

31% Apr

Oot 19

50

32% Jan 13
117

July

63

8

8

400

9

Jan

3

56

8,200

95% July

4

No par
Gen Am Transportation
5
General Baking
6
|8 1st preferred
No par
Bronze

56%
34%

18% Jan 12

7% Mar

preferred.. .No par

92

*55

18

124

*89

1%
4%

3%
58

10%
9

21
21%
21%
*121
♦121% 124
6
6%
634

6

*55

*8%
*1%

10%

*21

76%

4

68

125

18%

18

19%

*2534
20

*40"

18

*97

27

*

9

76%
3%

78

15%

1%

28

27
20%

20

Oct 19

Gillette Safety Rasor.-No par

77

16%
5234

19%

15

24%

*26%
*20%
13%

15

16

52

Oct 19

7,500
1,600

1834

16%
20

1%
4%
1%
13%

1%
1334
14%
2534
20%
13%

1334

3

18

102

10,700

*85%
15%
5134

92

52%

1334

4%

*85%

*2%

3

3

3

92

2%

2%

2%

83

Jan 14

Apr

48% Jan

preferred

7%

June

24%

1

Rights.-.-..
2

Dec 10

Gen Amer Investors.--No par

Class A

32

3% Aug

9

3

40

8

53%
2234

3

25% Mar

1% Oct 18

No par
Gannet Co conv S6 pf--No par
Gar Wood Industries Inc
3

Cable

58% Nov
42% Dee

Dec

45

10

—

General

105% Nov

Apr

30% Sept

20% Oct 19
6% Oct 19

Gamewell Co (The).

General

Feb

40

Sept

136

5,800

11%
9%

734
52%
22%

8%
5334

conv

100%

54% Feb

11% Oct 19
66
Dec 23
234 Oct 19

58

9%
58

8

734
*52%

54

1,500

102

1%
2134
*85%
1%

1%

1,900

9%

4%
9%

934

300

33

*1%
22%
*85%

23

95

*32

35

100

2,500

11434 115%

11434 115

115%

17

Francisco Sugar Co

16

100

45%

45%
7%

75

2,800
7,500

5%

5%

5%

45
45
45%
44%
4634
7%
7%
7%
7%
7%
7%
73s
121% *115
121%
*115
121% *115
121% *115
4
*334
3%
3%
3%
334
3%
334
11
11%
11%
11%
11%
11%
12%
11%
22
23
23
25
24
22%
*23% 2434

45

10

Foster-Wheeler

Galr Co Inc (Robert)

14%
*14%

14

14%

534
6%

98

4,600

120

3%
14%

5%

Oct 20

334

10

14%

334

Oct 19

80

share S pot share
105
Deo
115% Nov
38
49% Nov
Apr
36% Dec
x24% Jan
per

9
1
6
6
9
1

107% Feb
62% Mar
46% Feb

27

pre!

conv

3%
14%

2,900

23%

108% Mar 9
45% Jan 18
41% Mar 11

—100

4H%

S

share

per

I Folianabee Brothers.-No par
Machinery Corp
100

Food

1% Oct 19

Gabriel Co (The) cl A-No par

23

22%

1334

3%

Dec 16

170

30

8

15

1,200

500

Nov

No par

Florence Stove Co

2

4

50

15

4

90

28% Dec 17
11% Oct 19

Florahelm Shoe class A.No par

11

4

*40

*10%
1%

16% Oct 19

S

58% Feb
39% Mar
9% Feb
58
Apr

2

4

*105% 110
10534 10534 *105% 110
25
25
25
27%
*27% 29%
11%
*1%

22% Oct 19

Dec 22

11

10

*

50

22%

2 per share
x65
Oct 19

Highest

Lowest

Highest

22

11%
1%

70

4

23

(The)——No par

Fllntkote Co

preferred...No par
No par
F*k'n Simon A Co Inc 7% pf 100
Free port Sulphur Co
10
6% conv preferred.—-—100
Fuller (Q A) prior pref.No par
S6 2d preferred
No par

*55

*40

50

2234

18

17%

17%

14

25

43%

30

89

2%

15

7%
73s
121%
12H4 *115
3%
4
3%
12%
1134
1134
1178
23
23
24%
24%

*106

30%

3%
I334

100

*85

714

i 80

600

16

4

*23

1,100

4%
1334

*115

*66

17%

90

4

13%
*14%

*88

First National Stores.-No par

89

72%
4%

*40

4

*14l2

6% preferred series A—100

4,335
15,800

30

1834

*4

*40%
2212

1478

378
*14

100

29

89

2%

*67

4
4%
4%
50
*40
50
23
23
23
2234
*10534 HO
*10.534110
110
*27% 29%
*27% 30
30
12
12
12% *11%
1212
2
1%
*134
1%
2

*4%
40

28%
1634

92

17%

72%

93

*90

17

900

3134

2%
31

19

*67

18%

xl8

16%
2%
3134

16%

23

22

24

*16l2
2i4
*3012

*6734

68%

67%

93

*2134

27

•17

29%

20%

1634

*23

68

30

68%
30%

68

29

29«4

29%

1678

Par

1937

Year 1936

IQO-Share Lots

Lowest

67%
2934

*91

93

30

On Basis of

Week

20%

20%

29

16i8

Thursday

Dec. 22

67%
293s

68

29l2
20iS
*90

93

2834

Wednesday

Dec.

I per share

NEW YORK STOCK
EXCHANGE

21

Tuesday

Monday
Dec. 20

Saturday

STOCKS

for

25,

Range for Previous

Range Since Jan. 1

Sales

NOT PER CENT

SHARE,

PRICES—PER

4LE

Dec.

June

T Called for redemption.

Volume

LOW

AND

New York Stock Record—Continued—Page 6

145

SALE PRICES—PER

HIGH

NOT PER

SHARE,

Dec.

*7

Dec. 21

$ per share

*7

7%

17%
*80

72

11%
*3%

3%

21%

96

96

4

3%
3 34

2134

22%

2234

22%

98

94

94

93

93

24%

25

4

4

10%

10%

137

*24%

*140

139

138

7%

4

7%
434

4%

9

8%

8%

*8%

7%

45
45
45%
*126
*1261 132

23%

95

*91

96

*93

4

3%

378

978
2%

10%

97g

2%

2%

1,700
15,600

10%
234

*23

23

23

24

138

2,600

138

9

46%
*126

8%

9%

45%

47%

46

6,800

10,000

1,900

47

39%

39%

39%

40%

3834

39%

37

38%

*3%

3%

3%

3%

3%

3%

*3

3%

6%

1% Oct 19

70,700
22,400

*70

76

*70

76

76

*70
7

*10%
*71

9%

100

93

Dec 22

111% July 16

107

Apr

2% Oct 19
Oct 19

Agricultural. .No par

2

Oct 19

*116

22

*116

35%

3%

220

100

18% Oct 19

127% Nov 22

189

Jan

4

Internat

53% Nov 22
Nov 30
138

120

Aug

6

56%

Jan

105%

Deo

Jan 18

148%

Jan

160

Apr

Prior preferred

Harvester

No par

Preferred.

100

3

1% Oct 19

15% Apr

9

4%

Jan

8

Feb

Internat Mining Corp

6

Oct 19

18%

Ian

7

13%

Deo

18%

Dec

37

Nov 23

73%

tfarlO

127%May 27
7% Oct 19

135%

1

Int Nickel of Canada__No par

Preferred

100

Inter Pap & Pow Co
Class B

15
No par

8»4Sept 13
4% Sept 10

No par

5% conv pref

33

100

*8%

to
to

1%

Nov

75

70

71

*70

76

110

Feb 19

60

June

93

Nov

6%
7%

10%

71

*9%

10%

10

23%

23%

*22

*116

118

700

Kaufmann Dept Stores.S12.50

15

Oct 19

Kay ser (J) A Co

5

13

Nov 20

*74%

87

*74%

87

Kelth-Albee-Orpheum pf__100

80

Nov 20

Kelsey Hayes Wheel conv cl AI
Class B
1

7

Oct 19

4

Oct 19

Kendall Co $6 pt pf A.No par

90

Nov 29

Kennecott Copper

28% Nov 8
6% Oct 19
19% Nov 19
1% Oct 19

4684 Apr 14

1
No par

20% Oct 13

No par
10

12

4%
*

734
20%
1%

87

*7434
8

9

"38%

*

7%

39%

"39%

8

734
*20

17%

15%

16%

16%

534
2634

*5

*17%

%

%

4%
2634

2%

6%
*%
3%

2634

18%
36%

*2%

*25

%

%
3%

27

26%
10

8
27

25%

25%

86%

89

89

88%

89

89%

9034

16%

*133% 135%

16%

23

Oct 19

20%

*125

20%

Link Belt Co

No par

33

Nov 24

Liquid Carbonlo Corp. No par

14

Oct 19

1%
37%
3%
18%
104

16%

126

21%
28%

29

28

1034

10%

10%

25

2434

25%

24%

25

12%
5%

10%

7%

*6

6%
1234

13

634

5%

6

10%

*10%

2%

*1%

7%

*6%
*6%

634

*11

13%
6

5%

10%

10%

2%
7%

7%
13

6
11

1%

1%

1%

1%

1%

1%

6%

6%

6%

6%

6%

6%

*34

1%

*%

1%

1

1

*3

5

*3%

5

*3%

5

7

8%

8%

9%

1%

*1%

2%

1%

1%

30%
8%
3%
35

23%
37%
5%

90

12%
9%
79%

*25

8%

30

*25

17%
3%

35%

23%
*151

37%
5%
23%

3%
23%
157

37%
5%

87«

8%
18%

19%

3%
34%

35%

18%

35

28

30

8%
18%

87«

23%
*153
37
*5

3

3%

34%

2378

2378
157

*154

37%
5%

36%
5

28

87g
19
3
35

24%
157

37%

5%
23%

9%

23%

23%

90

75

75

75%

75%

13

*75

23%

12%

13

12

12

9%
76%

9%
*75

9%

79%

Bid and asked prices; no sales on




23%

9%
*75

Lily Tulip Cup Corp.—No par
Lima Locomotive Wka.No par

1,500

1034

*1%

100

82% Oct 19
83% Oct 19
151
May 20
15% Oct 19
18% Oct 19

1,700

*16

1%
35%
3%
18%
103

16%

1%
36%
378

18%
103

16%

1%
35%
3%
17%
*103

16%

135% *135
135% 135% *135
16
16
16%
16%
16%
55
56
55%
55% 55%
17
17%
18%
16%
16%
*29
33
33
*30
*29%

20%

167

100

Oct 19

32
32
32%
37
*39% 40
38%
18
18
18
18%
18%
48
48%
49%
48% 48%
104%
10434 *103% 104% *104

33%

17%
32%

6,200

36

28

2%

*163

25

8

400

11

*1%

165

Tobacco..25

Preferred

233s Nov 23

1
6

17%

7%

*75

•

Oct 19

1%

24

*76%

21

Oct 19
Nov 24

Liggett A Myers
Series
B

200

27%
rl0%

24%
*1%
6

*6%
127g
5%
11

1%
6%
*1
4

9%
*1%
27%
8%
18%
*2%
33%
23%

28%
10%
24%

2%
6

7%
13

534
11

27%
*10%
24%
*1%
*5%
7

*10%

5%

1

June 22

6,900

Lone Star Cement Corp No par

Oct 19

Long Bell Lumber

18

2,700
2,700

106

10

36

3%

16%
135%

5,600

16%

1,500
1,600
5,100

50

55

17%
34

100
30

6,600

2778
10%
24%

7,900
2,500
3,200

2%
10

5%

5%

5,000

11

1%
4%

3

23%

1,000
1,200
9,300

1%

10

19%

20%

23%

3
35

23%

*154

157

*154

37

37

37

5

5

5

22%

22%

*22%

5%

1,400

23

400

*76

90

*78

90

20

12

12

12

12

2,600

9

2,600

9

9%

79%

*75

79%

8%
*75

X In receivership,

79%

100

a Def, delivery,
•

Feb 30

15%

2

Jan 16

47% Jan 23
24%

Jan 14

27%

Jan 14

Mar

6

17% Mar

1

Oct 29

14% Oct 19

Macy (R H) Co Inc

27

Madison Square

8% Oct 19
18% Oct 19

No par
Gard—No par
Magma Copper
10
X Manatl Sugar—
100
Certificates of deposit-—100
Preferred
————100
Pref ctfs of deposit.—..100

Apr
Apr

32% Nov

4%

7%
12

June

Jan
July

26%

Feb

18% Nov
18% Deo

Apr
Apr

180

8%

Jan

22

Oot

July

4

Feb

9% Apr

19

Oot

43%June 10
21% Feb 11
58% Jan 9
79

Jan 16

15% Mar

2

29

5
4

Aug

113% Feb

89

May

12

Jan

38% May
47% Jan
7

May

25

May

97

Mar

97% Mar

114

Jan 28

175

Jan 13

160

Oct

23%May 6
83% Feb 15

19

Apr

25%

63

Aug 14

36

July

26% July 26
87% Aug 11

43

Apr

110

Jan 23

3% Feb

75% Mar 11
10% Jan 26
43% Jan 8
110
May 12
8
147% Jan 20
28% Jan 13
28% Feb

Mar 17

36

Feb 11

Jan

a04% Feb

45% Nov

35%
3%

*38%
107

21%

Nov

123% Nov
21% Nov
65

Nov

80% Nov
13

31%
115

116%
170%

Nov

Jan
Jan

Jan
Dec

Feb
63% Nov
23%
55

Deo

67%

Dec

108% *_ly

Apr

2!

3%

Jan
Jan

61%

Feb
Deo

8% Mar

Oct

45

Jan

May

113

8ept

Apr

26%
151

Jan
Jan

140

Dec

20

May

30%

67% Jan
22% July

102%

Oct

36

Feb

42

Jan

33

Oot

Oot

9
8

127%
27%

Jan
Jan

134% Nov
49% Oct

58% Mar 8
15% Jan 20

40%

Apr

65% Nov

8%

Jan

15%

Deo

Mar 10

34%

Jan

67

Nov

7% Jan 12

1%

Jan

9

Dec

7%

Jan

35%

Dec

132% Feb
62% Mar

63
7

Mar 30

30

Jan 11

6
6

Dec

1

Deb

7

21% Apr 6
16% Jan 11
Jan 14

18

Nov

7

June

32

Dec

67%

4% Oct 19

16% Jan 20

12%

Dec

23%

Feb

9% Oct 19

29% Jan 30<
6% Feb 17
14% Feb 13
3% Mar 29

17%
2%
8%
1%
6%
18%
2%

May
Jan

24%

Deo

41

Oct 19

1% Oct 19
5% Oct 19
1

100
100
100

3
7

Dec 20

1

2fl

13s Oct 19
Oct 21

8% Dec 15
10

Co

Oct 19

1% Oct 19

Martin-Parry Corp

20

Masonite Corp

r Cash sale.

18% Nov

15%

Oct 15

10

Marshall Field A Co...No par

New stock,

20%

94%

Oct 16

Sept 10
Oct 19

1
No par
No par
Mathleson Alkali Wks.No par
7% preferred
100
May Department Stores... 10
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr. No par
$6 1st cum pref
No par
McCall Corp
No par
McCrory Stores Corp
1
6% oonv preferred
100

Nov

1

1

Shirt—.......25
Maracalbo Oil Exploration.. 1
Marine Midland Corp
6
Market Street Ry—
100

a

61

1

6

-No par

6% 2d preferred
M ariln-Rock well Corp

Oct 19

1% Oct 19

Manhattan

Martin (Glenn L)

Apr

Feb

123% Nov 19
18% Oct 19

No par

Jan

30

24% Mar 17

preferred..—...No par

6%

Mack Trucks Inc

Oct

63% Nov

51% Feb
203

41% Mar 11

MacAndrews A Forbes

107

6

13% Oct 19
26«4 Oct 20

preferred.

""l~,906

71

35% July
29% Jan

48% Nov 24

prior preferred

157

37

Deo

7%

1
10

Steel

6%

300

46%

Louisville A Nashville...—100
Ludlum

6%

15,500
36,800
1,000
3,900
2,800

Jan

3% May

99

160

230

2%

27%
8%

2%

125

Louisville Gas A El A ..No par

940

10

8%

35

100

7%

Oct 30

15% Oct 19

X Manhattan Ry 7% guar. 100
Modified 6% guar
100

*%

34%

preferred

17% Dec 24
101

10

Mandel Bros

1%
4-%

*25

—.100

5%

180

6%

9

preferred

Lorlllard (P) Co

300

6%

4%

Loose Wiles

2% Oct 19

A...No par
Biscuit
25

7

*10%
1%

*1%

Inc

Loft

13

1%

2%
27%
8%
19%

No parr

16.50 preferred

32

6%

10%

45% Nov 24
99% Nov 24

.—.—No par

Inc

Loew's

No pur

4,400

*123% 126
123% 125
20
20% 20%
20%

9%

this day.

11,700

1%

Oot

18%

938 Mar 30

Jan 18

5

700

24%

18%

23

700

17% June

8

Oct 19

3

50

34

4,500

20% Mar

2

No par

89

Jan

Jan 18

Llbby McNeill A Llbby No par
Life Savers Corp
6

25%

28%

3%

Llbbey Owens Ford Gl.No par

86

69% Mar 10

% Oct 19

Lerner Stores Corp

88%

Feb

No par

1,000

7

*5i8
*23%

12%
9%

55

Nov 12

8

86

Jan

Dec

4

4% Oct 19

Lehn A Fink Prod Corp

1%

157

37i8

16%

Oct 19

100

1,100

89%

Jan

24%

17%
87

19% Jan 14
109% Feb

50

1,300

8

17%

23%

18%
*103

16%

14

100

6,000

25

*534

*151

18%
104

Lehigh Portland Cement—25

6% conv preferred
Lehman Corp (The)

Feb
Nov

28%

15% July

978
2478

27%

Dec

24

37%

86

19%

23% Feb 11

36% Nov
33%
110

27% Mar 11

37

89

Jan

.

24%

*25%
85%

80

Dec 22
5% Oct 19

11

No par
5

10

26%

Jan 14

9% Oct 19

No par

24%

*7%
25%

Jan

Deo

Jan

Lane Bryant

Lehigh Valley Coal

Jan

17

23%

5

Dec

Apr
Apr
48% Aug

41% Jan 14

38

77g

19%

Jan 18

Mar

50%

Jan

24%

7%

39% July

05% July

37%
7%

10

10,600

Dec

Dec

32

39

29%

28%

*6

34i2

4%

600

Deo

133

Nov

Lambert Co (The)

Lehigh Valley RR

ia«

33%

100

Lee Rubber A Tire

110

Jan 16

Feb

76% May

61

Oct 19

preferred

27%

93% Nov
152

28

8

5%

44%
35

Jan
May

35% Aug
19% June
20% Apr

25%

*10%

7%

17

1%
36%
*3%

37%

126

6%

*3i8

163s

*103

1%

*124

20%

12%
5%

8%

18

*103

49

4934
104

*123% 126

16%

x25%
9%

165

33

6%

*25

16%
135%

26%

*16

*31

*10%

5%

18%
106

78
37«
25%

Oct 19

Oct 19

4% conv preferred

6

4

24% Nov 30
14% Oct 19
6

3,200
2,200

16

15% Nov 24

No par
No par

Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100

1,300
1,800

99%
%

Co

Oct 19

37g
24%
97g

18

1%
36%
3%

......

7s

165

104

4,300

6

4%
25%

*16

33

17%
*30%

*3%
*7%
*1%

334

6

*159

18%

55

1734

10%
1%
6%
1%

38

*97

6%

18

135% 135%
16%
16%
56
55%
18
17%

135

54%

2%

1%

16%

165

18

12%

99%

6%

*16

36

11%

*5%
12%
15%

16

*159

32%

11

%

86

18%

18

11

450

29%

*3%

89%

34

*103

11

29%

40

%

86

35

37%
334

30

15

4%

88%

18%
49%

49% 50%
10334 10334

6%

90

35

1%

*13

15%

*97

17%
100

89

33%

17%

25

25%

89%

18%

54

11

25%
*86

37%

16%

31

7%

33

18%

*16%

20%
28%

10%
25%
38%

16%

16%

*123% 126

2534
9%
*24%
38%
7%
*25%

16%
32

183s

165

27

7%

8

86

106

%
*3%

4%

38

334

6%

34

3%

25%

37

17
*96

6%

Kresge (S 8) Co

15

6

17%

6,700

preferred

6,400

13

100

$5 prior preferred

15%

12%

6%

$8

510

257g

*5%

*96

150

12%

Kress (S H) A

7

7

28

Kresge Dept Stores

12%

18

Kinney (G R) Co...

100

12%

100

No par

Klmberly Clark

400

*29

11%

1,-500

2%

Keystone Steel A W Co No par

5%

*5%

11

700

25%
15%

15

*13%

31

2,800

16%

7

2934

778

1978

16

13

10

*34

16

77g

*19%
*2%

No par

*5

11%

3834

3134

15%

62,400

38%

14% Oct 19

100

*25

16

1234
17%

25%

38%

27

"38"

......

preferred

5%

*5
*25

*5%

10

37%

5%

4%
89%

*

4%

12%

14

11%

37%
734

1%

*12

16%

4%

1,700
4,100

77g

*20

2%
28

13%
15%

7

24

49

15%

*2%

77g
20

1234

10

*102% 104

*24%

15%

7%
*19%

38%

12

3734

18%

*5

"37%

*20

15

1534

89%

35

23%

31%

7%

20%
2%

*

700

7%

7%
4%

31

10

*160

39%

48

16%

17

*10

37%

16%

*2%

7%
4%

4%

*14

26%

15%

7%

*20

534

23%

165

20

15

*96

*3%

"§8%
734

xl5

20%

87

89%

8

*20

19

*%

39%

1634

6%

434
*

28

*24

7

7%

4%
91

20%
2%
26%

20%
1%

99%

6*8

*7434

8%

4%

434
90

87

21

Sept

26

800

20

Oct

Apr

121

Jan

6

16%

*96

*1%

Nov

13

Jan

13

*17%

10

116

Mar 17

13

1134
*5%
12%

6%

Mar 17

29

46

16%

1234

*6

121

Oct 19

6

16%

11%

*1%

15% Nov 23
115% Apr 8

Kansas

13

11%

24

64% Nov 24'

13

*5%
*12%

28%

121%

16%

35

*10%

City P A L pf ser B No par
City Southern
100

126

2

20

34%

20%

Kan

Feb

31% Nov

Jan

13

33%

31

1,500

Apr

22%

Feb 15

Kalamazoo Stove A Furn___10

10

-

113

107

126

17

17%

16%

-

8%

Jan

136

900

16
...

8%
*19%

Jan

15

24% Aug

88

21

183s

18

15%
*118

8%

82

58%

13

*7434
*8%

Oot

Feb

37% Nov

8

680

74

1001

Apr

4

Steel pref.. 100

Preferred

10%

19%

5

Jones & Laugh

90

120

11% Sept

Jan

87%

17

878

30

Jan

165

*19%

87

Apr

Aug

65% Nov 22
120 Mar 18

13

15%

*103

16

127

49% Nov 24

No par

11,900

118

8%

Sept 23

No par

500

86%

16

1 1116

preferred

26% Jan 30
30
Apr 15

Johns-Manvllle

507g

84%

74

Nov 29

20% Oct 19

1

Jewel Tea Inc

*50%
120

$6

......

Dec 22

9

.No par

17%

1534

1%
36%
3%

Intertype

Island Creek Coal

118

*116

71

100

Corp

500

400

5078

74%

Preferred

10

12%
23%

*22

36% Jan 18
107% Apr 6

20%

16

48%

10%
71

9%

Oct 19

13

26

*18

*67

9%

17

534
2634

15%

10%

10

118

9

23

8% Nov 10

preferred

20%

6

*159

15% Feb 19

121

73%

120

*8

Oct 19

6% Oct 23

86%

*120

16%

*118

4

Foreign share ctfs
No par
Interstate Dept Stores.No par

7%

80

13%

16%

*7%
*25%

16%
....

Inter Telep & Teleg._._No par

3,500
2,800

118

85

73%

23,400

7%

20%
17%

16

26%

71%
16%

Oct 19

6%

7%

13

17

6%

72

65

6%

23%

*50%

*119% 121

100

67s

10

*116

6

7%

'

70%

10%
*67

Dec

13%

25

*18

61% Nov

35

34

100

18

20%

17

*24%
15%

Oot
Oot

Jan

Jan 30
Feb 16
Jan 25
Jan 4

53%

5%

9%

24

*5%

Jan

19%

4% Sept 25

Oct

240

71

118

1634

3

11%
10%

Apr

23%

*118

Jan

Feb 16

9%

383s

20%

-

Deo

3%

10

9%

90
CO

-

Deo

8%

9%
20%
17%

9%

5

5

-

14%

Jan

15

39

11

*119% 121

16%

Jan

1%

47

51

-

2%

6

Mar 11

88%

*1634

6

52

50%

*118

Apr
Apr

9i»

Oct 19

86%

17%

18

68% Sept 22

Oct 19

89

——

66% Nov
136
Nov

16

5034

9%
20%
*17%
*13%
*74%

Feb

19% Sept 22

2% Oct 19

Internat Rys of Cent Am.. 100

43% May

125%

Deo

19% Oct 19

87

17%

5

10%

30

50%

*118

Jan

Apr

2%

100

9%

71%

Jan 29

No par

87

71%'

Dec 24

16%

No par

50%

70

Oct 19

Int Hydro-Elec Sys cl A
25
Int Mercantile Marine.No par

Shoe

83

67

Deo

International Sliver

50%

67

Deo

International

51%

121

7%
194

500

82%

*119%

Apr

700

80

121

162

22% July
160

200

*50%
121

5% Mar

18%

39

73

*116

Deo
Deo

2% July

33

39

7%
10%

*22%

118

5%
18%

Apr 14
Apr 14

21

*71,

z9%

22

Jan

9% July

33

6%

23

2%

*17%

7%

118

*22%

Mar 16
Mar 11

*20%

634

*71

Jan

Jan

18

7%

9%

11%
28%
9%
63%

7%
18%

48% Nov
112
8ept

33

7%

11

Dec

21

7%
10%

73

10%

17%

634

11

Jan 20

Dec

33

7%

*9%

Oct

5

Jan 18

24%

*20%

734

*71

9%

6

13%

Jan

18%

7%

75

7%

6%

33% Feb 23

Feb

33%

6%

7%
7%
11%

Nov

20%

18%

*32

Dec

122

18

32

*2034

1834

140

8A
67%
28%
49%

21

3134
*18

21%
32%

32%
18%

147

Aug

88% July

Int Business Machines.No par

9,800

37

36

2034

21%
32%
1934

21

*1834

*20

May

125

preferred
International Salt

36

36

106

Feb

*32

*35

37%

5

143
July 30
131% Mar 6

144

May

6

share

15% Nov
41% Nov

37

_

per

Jan

4%

64% Apr 20

No par

Highest

25% May

22% Jan 20
47% Apr 20

Oct 19

Voting trust certlfs. .No par
36

36

37

share S

20

No par

Rubber

Iron..

Internat

per

100
No par

preferred

Intercont'l
Interlake

......

8%

3%

3%

*3%

Oct 16

X Inter bo ro Rap Transit

Class C
33

38

36

Nov 24

58% Nov 23
6% Oct 19
3% Oct 19

%

share

per

'

132

7%

8%

8%

8%

*126

46%
132

*126

132

72

No pari

Interchemlcal Corp

100

46%

Oct 19

132

1(X

Steel

$

5% Oct 19

-No pt"

preferred....

Lowest

Highest

share

per

16

No par

Inspiration Cons Copper.-.20
Insuranshares Ctfa Inc
1

300

1,310

*142% 146
*142% 146
*140% 146
7
7
7
6%
7%
6%
7%
4
4
378
4
37g
4%'
434
8%
8%
8%
8%
8%
8%
8%

67%

.•

,

6%
Inland

40

4

*378

10%
2%
24%
13834
70%

138% 138%
67
68%

1,100
3,500
1,200

23%

19,600

132

*126

934

9%

9%

45%

4534
132

23

146

334

7%

2%
24%
138%
68%

22%

17%

68%

713s

69%
*140

146

10

234
25%

234

234
25

137%
71%
68%

67%

4

4

10%

3%
934
234

*23%

9%

6,750
13,500

84

4

rl36% 136%

7%
3%
*8%

Ingersoll Rand

10

76

84

73%
11%

4

*94

142

85
85
86
85
90
*85%
*130% 132
*130% 132
*130% 132
76
75
75%
74%
76%
75%
12
11%
11%
11%
11%
123g
11%
4
4
4
*378
4%
*3%
*3%
3%
3%
3%
3%
3%
334
3%

1,800

*130% 132

7

6%

17%

9

10

Industrial Rayon

7
18

22%

9%
234

142

700

5,200

17%

4

4

Indian Refining

6%

7

18

21%

*3%
9%
*2%

Par

Shares

17%

73%
12%

1134
*3%

11%

3%
21%

Lowest

Week

24

$ per share

6%

84

*130% 132

72%

Dec.

$ per share

Previous

Year 1936

100-Share Lots

EXCHANGE

17%

18

82

82
132

71

22

$ per share

7%

7%
17%

7%

17%

18

132

67

Dec.

Dec. 20

$ per share

18

% per share

On Basis of

YORK STOCK

NEW
the

Range for

Range Since Jan. 1

STOCKS

Sales

CENT
Friday

Thursday
Dec. 23

Wednesday

Tuesday

Monday

Saturday

4077

Oct 18

22% Oct 19
142
May 17
34

Nov 23

39

20

Jan 21

39

Jan 20

6% Mar 27

51%
30%
29%
13%

Mar

4

Mar I u

Jan

6% Mar

Apr

12% Aug

Jan
July
Jan
July

3% Mar
23

Nov

45

Nov

7%

Dec

May

66% Nov

11%

Jan

25% Nov

Apr 30

~~0%

Apr

"12"

Mar

Feb

5

41% Jan

8

~27%

Apr

~42%

Nov

Jan 25

153%

Jan

74

Jan 10

163

Deo

66% Mar 11

43% May

70

Nov

21%

165

15% Jan 11

13% Apr

22% Dec 23

44

Jan 13

43% Dec

55

Feb

3

45

Jan 13

44

Nov

60%

Apr

75

Nov 21

111

Jan 22

103

Jan

110%

Oct

12

Dec 22

36

2

29

Feb

37

Dec

4% Oct 19
35

June

7% Oct 19
*66

*

Oct 19

Ex-dlv.

Jan

24% Feb 11
106% Mar

tBx-rtghta.

2

2% May
92

June

Feb

23% Nov
101% Dec

T Called for redemption.

Dec. 20

18

Dec.

13%
8%
36%

8%
38i4

8^8
39

21%
,7

21%
7%

31

31

7%

12%

13%
79

12%
•66%

59%
♦41

42%
5

*4%

19

19

16%

♦16

39

39

8«4

>8%
19%

1934

22

22

96

•63% 6334
*100% 10134

6%

6%

2

*1%
1%
♦15%
234
103s

16

21%

134

86%

2

3%
14%

15

14%

88%

11%

39

%
18%

1134

I

88

19

21%

39%

%
17%
11%

18%
1184

18

19%

Mengel Co. (The)

130

80

5
67

58

2,000

'

12
53

*52%

102

102

12

11%
62

101%
6%
15%
46%
45%

1%
*1%

1534
2%

1%

1534
2«4

10%

12%

13%

13%

11%
*834

11%
8%

10%
13%
11%
9%
18%

10%

11%
9

160

18%
*156% 160

15

15

18%

18%
15
♦

^

84

♦4l"

42%

1634

16%
13%

14

106% 108

1434

k634
*4%

634

20%

20%

5

13%

85

3

21%
37%
%
17%
11

17%

108%

6%

4%

20%

7%
4%
21%

5,300
1,000

2%

2%

39,200

90

♦eijj-

71

*37

3%

9

9

♦8%

*22%

24
71

2334
*61%

*11%

^12%

14%
37%

15
37%

Mother Lode Coalition.No par
Motor Products Corp..No par

4,800

Mueller Brass Co

5

5

3,300

57

61

130

*11

10

13%
11%

13%
11%

12

1,100

r51%

51%

3,300

*9834 102
5%
5%

40

44

45

10%

♦

42%

10

10%
13%
11%

13%

*

84

"41%

41%
17

.45

^21%

»3% ^3%
*9%
10%
♦112% 115
♦
((140
*%

3%

3%

9

9

9

2334

23%
*61%

23%

71

71

44

37

37

*37

*100

106

*100

106

10%
13%

*11

14

*11

13

*11

37%

19

18%

18%

80,300

*2134

22

21%

22

2,1<X)

42%
2134
4%
9%

41

41

21%

1,500

4%

890

9%
9%
112% 114

23

45%

45%

46%

4334

4384

*41

22

22

22%

21%

21%

4

4%

4%
9%

4%
1034

*21%
4%
9%

9%

%

%
57

1

1034
1034
*115
*11434 118
♦111
*111
123

%

%
*50

57

2%

2%

6%

6%

123

*50

10

57

2%

2%

6%

6%

6

6%
1%
7%
46%

*1%
7%
45%

*93%

96

1234

*93%
11%

96

13

*93%
12%

96

12%
31

31

♦25

31%

*30

31%

2

2

22
13

10%
7

24

24

128

►2
*16%
13%
30

10%
*93

6»4
24%

*48

8% tt.8%

22

13%

*16%
13%

31%
10%
9784

*93

634

30

10%
684
24%

50

834

2
22

1384
3034
10%
96

684
25%

128

10%

*52%

2434

*126% 128
*126% 128
10%
11
11%
10%
10%
57
55
55
57
*54%

14%

14%

46%

46%

♦14

15

*44

47

♦114

114
66

67%
10

10

4%
15%
•7
♦

4«4

15%
7»4

69

14

14

44

44

*114

70%

10

10

4%
15%
*7%

15%

68%
10%

*48

8%

2

*16%

50

884

12%
2

22

13%

1334

2934

30%

Nat Depart Stores

6%

50

8%

*97%
*93%
11%
*30
2

*16%
13%

197

50

8%

Nat

105% 105%
20%
21%

36,200

38,300

*97%

99

96

96

11%

*93%
11%

31%

*30

31%

10

*2

2%

1,000

22

13%

*16%
13%

106% Dec 20
104% Oct 19
5% Oct 19

100

11%

2~5~8(X)

22

13%

20,400

Mar 17
Mar

4% Oct 19

$2 pref

40

13%
*44

13%
48

13%
*44

10%

10%

11

10%

5
15

*7%

13%
48

*114

5%
15

8%

*4%
13%
*7

*51

55

*13

48

~6~7~
10%
5%
14%
7%

6434
♦10%

—

7,000

22

30

"7%

July

Dec 20

Dec 14

75

500
50

"m6O

11

2,100

5

5

150

15

784
a

12% Jan 15
13% Feb 25
57% Feb 13

109

Jan 11

37

Mar 17

10% June
32»4

Apr

41

Apr

"12%
13%
60

Nov

Jan
Nov

Sept 21

6 484 Mar 10

64% Nov
110

Nov

10%

Feb

104% Apr

43

Apr

Apr

40

Deo

29

Nov 26

98% Feb 10

32%

Jan

83

Deo

15% Oct 191

55% Mar It

Jan

Oct 19

72

Mar 17

27%
17»4

30% Nov 24

par

100

Jan 22

36%

Jan

"3%

July

14

Oct 19

234 Oct 20

12% Jan 22

Jan

31% Mar 19

15

Oct 19

6

No par

25% Jan 22

10% May

...50

110

Oct 19

135

Jan 20

119

Jan

50

Conv preferred

113

Nov 24

137

Mar 12

125

Jan

% Oct 18
69
Oct 23

2

7

1

Feb 10

90

Jan

3

Apr

97

Jan

Oct 15

984 Mar

8

4% Oct 19

26% Feb
6% Feb
19% Feb
76% Jan
10284May
112%May

25
11
11
22
3
5

484 Mar

3

2

100

1

Shlpbldg Corp part stk..l
7% preferred
100

Oct 19

3

Oct 15

30

1NY Ontario A Western.. 100
N Y

Oct 19

7% Apr
4

July

9% Apr
57

May

83

Mar

93%

Apr

63%June 14

100
100

% Oct 19
180
Oct 19

272

Jan 14

210

Jan

100

102

114

Jan

8

105

May

Adjust 4% pref
North American Co

73

preferred

June

Apr

9

8

14% Oct 19
48%June 18

No par
50

North Amer Aviation

3

1

Oct 19

34% Jan 14
57% Feb 3
17% Jan 21

No Amer Edison $6 pf.No par

93

Oct 27

104% Jan

91

Oct 14

105

Pacific

50

9% Oct 19
Dec 20

100

8

Jan 28

Aug

2

Jan

19

No par

9

Oct 19
Nov 23

22% Apr 5
73
Apr 20

5% Oct 19
20% Oct 19

..No par

6% preferred

100

Otis Steel

125

6% Oct 19

No par

52

1 st pref. .No par

Outboard Marine A Mfg
5
Outlet Co
No par
100

Owens-Illinois Glass Co.

.

12.50

51%
984
2%
7%

10

1st preferred

No par

pref

4

No par
r

Cash sale,

Dec 16

12% Dec
44
114

Pacific Amer Fisheries Inc.—5

Pacific Coast

Nov 10

x

8

6% Mar

July
Jan

8

Jan

19% Mar

Oct 19
v

1

45% Jan 21

24% Apr
123

Jan

Feb

3

24% Mar

8

12% July

97

8

79

140

28
75

Ex-dlv.

Jan

17

107

115

Oct 19
Oct 19

24%

Feb 13

4

Nov 20
Oct 19

Aug
12% Aug

26% Feb 16
114

Dec 21

May

Jan1

50

40

Elevator

Jan

3

Oct 19

Nov 19

Feb

6%
98

Jan 18

15

6% Oct 19

52%

53% Jan 22

31

Ohio Oil Co

23% Apr

97% Apr
23% July

Telegraph...50

1% Oct 19

1% Aug

36% Mar 11

Norwalk Tire A Rubb..No par
Preferred
50

New stock

Jan

No par
No par

X Norfolk Southern
Norfolk A Western

n

Feb

Oct 29

Nov 24

9

X N Y N H A Hartford... 100

2d

Feb
Deo

Dec 14

36% Dec 23
99% Nov 8

X N Y Investors Ino...No par
N Y Lack A West Ry Co.. 100

20

78

80% Oct 30
75

87

preferred series A... 100

5% preferred

Pet, delivery,

1%

Deo
Feb

9

N Y A Harlem

160

3

4184 Jan 18

Preferred

67

*7

1

Oct 27

65

NYC Omnibus Corp.-No par
New York Dock
No par

conv

Jan

Nov

No

York'Central

$5.50

%

61%
14%

26% Nov 12

N Y Chlo A St Louis Co.—lOO

—

15

t In receivership.

Dec

9% May

No par

N Y Air Brake

300

15

*44

♦114

54

61% Jan 22
1484 Jan 14
2% Jan 18

19% Nov 24

8,300

55

147

Jan

""800

*50

36% Nov
Dec

171

Apr

634

54

37% Apr

Jan

26% June

10% Oct 19

Newport Industries

Northwestern

1

Oct

3% Dec 23
6% Oct 19
22% Dec 15

100
100
1

Oct

13784

No par

4H % conv serial pref...100
Newberry Co (J J)
No par

28

155

No par
1

25% June

Jan 29

Natomas Co

Nelsner Bros Inc

3

18% Apr 22
Jan 22

63% Dec 20

40

Apr

150

100
100

Otis

Dec

10

171

9

5H% prior pref
6% prior pref
National Tea Co..

Northern

Oct

107

%

National Supply (The)PcnnalO

6%

21

10784

57%

25
26
25% 26
24% 26
126% 126% *126% 128
♦126% 128
10% 11
10% 10%
10% IO84
54

Apr
Apr

Jan 18

90

6%

Dec

21

99% Aug 14

24

6%

100

Oct 19

55

8% preferred A
100
Oppenhelm Coll A Co.-No par

6%

Dec

Mar 11

%Sept 9
% Sept 11

Oliver Farm Equip
No par
Omnibus Corp (The)vtc No par

6%

Oct
Jan

30%

Oct 19

3,600

6%

9% Apr
153

44

July

4,700

28

12% Apr
2 8®4

Oct 19

127

100
..25

6% 2d preferred
Steel Corp

6%

8

38

National

New

26% Feb

112% Mar 11
112 May 20
24% Mar 9

13'

I784 Dec

1

10

10

9734

20% May

10% Jan 28

98

29%

3

35

28%

10

♦93

103% Feb

Oct 19

10

10
98

3384 Jan 13

Northern Central Ry Co

99

2

Jan 18

Oct 19

6% preferred B

1,200

9%

167

2

4

Lead

National

50

50%

8%

9

17

Gypsum Co

$7 pref series A
800

Mar

183$ Jan 21

10

N Y Steam $6 pref

1%
*192% 197

24

333s Mar

No par

preferred.

Nat Enam A 8tamplng.No par

180

*1

50

14% Dec 22
90
Aug 20

*93

28%

10

Bid and asked prices; no salea on this day,




2,300
13,100

95

193

No par

Nat Distillers Prod

108

66

7%

1%

784

45%

*87

1%

Oct 19

Oct 19

Products..-No par
100
100

7% pref class A
7% Pref class B

4,600

*97

69

6

"V, 800

5%

95

68

15%

~~3"666

2%

108

*1

69%

5

40

57

♦97

8

6% Oct 19
17% Dec 14
145 May 18

12

Nat Dairy

10% pref

*87

*93

♦114

15%
7%

4%

8%

1%
684
♦44

*105% 108% *105% 108% *105% 108%
2134 22%
20% 2134
20% 20%

98

50%

57

47% Mar 11

57% Aug 17

123

%

2%

1%

13,200

%

2%

7%
44%

*52%

*111

*52%
2%
534

97%

8%

22%

123

%

98

97

*6%

110

6%

42

116%

♦111

%

98

30%

30
*93

♦105

1%

6

44%

21

116% *114

*97

2

*16%
12%

5%

43

1

23

Oct 20

Mar

38% Feb 25

230

24

Jan

10

71

Oct 19

1,800

21%
3%

23%

43

x24% Jan 28

Oct 19

5% pref series A
X New Orl Tex A Mex

18%

97

31%

2

14

1984

97

*31

""eoo

106

19

21%
50%

12%

71

1,700

21%
5034
8%

97

*61%

36»4

1
1%
7%
7%
47
46%
95
*90% 101% *90% 101% ♦90% 101%
*90%
*100% 108
*100% 108
*100% 108
*100% 108
*1
*1
*1
1%
1%
1%
»*1
fc 1%
196
196
198
198
fl90% 190% 193% 195

*92%
12%

71

3634

6%

r;*92j

400

36

6%

|8

"Vioo

36

21%

1

Oct 19

13

5,700

37%

20%
24%

Apr

Dec 24

5

90

39

""*500

37%

19»4

14

44

Nat Rys of Mex 1st 4% pf.100

39

20%

44% May

102% July

6,300

2,400

37%

M«r 13

Oct 19

2.100

Jan

2084 Feb 11

Nov 19

16,300

May

21

108% Jan 26

5

7,400

'
70

8

Apr

18

9

*11

100

w w

99% Mar 19
36% Feb 11

Oct 19

Nov 23

Nat Mall A St Cast's Co No par

23

*37

A

Jan

15% Aug 16 1

3

National Power A Lt..-No par

9

*100

ser

9% Dec 13
50

102

3,000

23

11%

100

Dec 15

153

9

37

4% Oct 19
52

100
100

38

*2%

*50%

3%

10

7% preferred A

38

123

Jan
Jan

28% Apr
iai.

No par

10

14

115

Dec

60%
«4

18

13%

115

Jan

41%

10

9,100

13%

6%

110

200

13,900

90

3%

5% pref

200

12,500

1284

2%

♦105

1,600

No par

Nat Cash Register

mmmmmm

14%

*111

3584

Feb 17

Nat Bond A Share Corp No par

60

13%

6%

5) 21%,

20,800

14%

3%

MarlO

66% Jan 18

Feb 13

Nat Bond A Invest Co.No par

*,

15% 114%

2%

1%
5%

—

600

6,600

14%

%

44

3%

3,100

Jan

19% Aug
May

79

46

Mfg

cum pref...

Sept

Mar 15

Myers F A E Bros

7%

Jan
Jan

5%
14%

69

26

conv

National Biscuit

2% Aug
284 Jan
I684 June

Oct 19

51

Nat Aviation Corp

16,900

Jan

1% July

Dec 10

1684 Dec 16

3,600

270

Jan

57%

30

3% Feb 26
38% Jan 15

Co class B
1
preferred...No par
Munsingwear Ino
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America...10
$7

6%

21

5

...

Jan

3%

12% Mar 17
40% Jan 23
107% Aug 27
109
Sept 24

-1

Wheel

Mulllns

Oct 19

21%

2

37% Dec 17
% Dec 23
12% Oct 19
8% Oct 19

60

2,600

24,400

m mm —

41%
1634

106

*100

14

38

No par

Essex

No par
Nash-Kel vlnator Corp
6
Nashv Chatt A St Louis..100
National Acme
1

23

*61%
36%

37

2%

1%
»534

3%

*834

106

*73

5,900
300

84

"41%
16%

90

23

37

L61%

-42

*73

45

23%

45

3%

90

*12

18343 1934 *>19%
23%

3%

105

2,800
2,300

5

*100

''£37%

♦100)1.106

*21

*70

3%

*61%

*22%

3%
8%
24

3%
8%

$4.50 preferred
No par
Mont Ward A Co Ino.-No par

Nov 23

x71

27,500

65

♦42

45

*70

6% Mar 17

%
17%

11%
11%
53
*50%
*9884 102
5%
5%

558

84

1% Dec 18
1% Oct 19
13% Dec 23

2

10

Motor

5

100
100
20

Morris A

11

Apr

34

934 Mar 17

130

17%

4
8

34% Mar 17

700

11

5% Mar
6% Jan

Oct 19

39%

17

16% Mar 11
108
Aug 3
2% Jan 23

5% Oct 19

*37

%
17%

% Dec 16
1% Dec 24
% Oct 19
158s Nov 26

5

100

38

%
1784
11%
I884

Dec 14

52

No par

A

Morrel (J) A Co

5

13%

90

Dec

22

I684
16%
14
14
14
13%
13%
13%
*107% 111
107% 107% *107% 111
*106% 108% *106% 108% *106% 108% *106% 108%
6%
*6%
6%
684
684
6%
6%
684
5
*4%
5%
5%
*4%
5%
*4%
*4%
21%
21%
21%
21%
20% 21%
2084 21%

90

Apr

119

35%

18%
7%

*70

x65

MarlO

34%
*21%

£>%

♦70

Mar 17

35%
21%

19
19
19
*1784
18
*17»4
18
*1734
18%
7
7
7
7%
7%
7%
7%
7%
7%
27
29
29
30
2784 29%
2784
28
28%
28%
2734 28%
*155
158%
158% *155
*155
155
158% *155
*155
158%
158%
158%
145
145
145
*130
*130
*130
145
135
145
i.136% 136% *130
22
19% 20%
20% 20%
21% 2134
2I84
21%
21%
21%
21%
8
8
8
7%
8%
734
8%
8%
8%
8%
L8%
34
*%
84
34
*%
*%
34
*%
*%
:*%
84
%
%
%
*%
♦%
*%
♦%
k*%
%
66
67
68
65
63% 65
6334
66% 6734
6534
67% 68%
21
21
21%
20
21
2I84
21%
21% 21%
1934 120
21%
22
23
23%
22% 23%
22%
23% 24%
23% 25%
*22% e26
70
68
68
70
68
65
65
*67
68% 68%
63% 65

♦1734 22%
7%„
7%

Mo-Kan-Texas RR

*61

12

*41%
16%

120
124

*

52

*

84

*75

Nov 24

98% Oct 19
4% Oct 19

111

102

12

4% leased line ctfs
Mission Corp

5,500

9%
18%

9

Mar

...100
100
No par

preferred

3,200

11
11%
11%
10
9%
9%
9%
884
9%
18
18%
18%
18%
18%
18%
18%
*156
160
*156
160
*156% 160
*156% 160
14%
14%
14%
14%
14%
14%
14%
14%

11%

Feb

88

*110

10

10%
1334

42%
42%
42% 42%
17
16%
16%
16%
14
13%
14%
13%
107%
106% 106% *106

108% ♦106

106

10%

110

111

1%

34

6%

45

2

Jan 22

*110

19

5%

534

Jan

106

Monsanto Chemical Co

11%

51%

122

2.300

9%
1%

Jan

Oct 26

preferred-No par

series

Apr

Nov 24

Minn St Paul ASS Marie. 100

Preferred

Jan

xl7%

87

53

520

584

100

Minn Mollne Pow Impl No par

7%

40%

48% Mar

3,600
1,600

Jan

5

26% Feb 23

72% Mar

Oct 19

pf—100

conv

31%

Jan 16

41

3

3384 Nov 23
4% Oct 19
15

1,700
2,500

10

8

Dec

Jan

6% May

9

Minn-Honeywell Regu.No par
4% conv pref ser B
100
$6.60

55%

Jan 13

16% Feb
47«4 Mar

No par

Mtlw El Ry A Lt 6%

400

86

Oct 19

120

80

Jan
Dec

93% Aug 13

Dec 14

91

100

Dec

1284

3538 Mar 10

1st pref

cum

x95

Oct 19

14

60

102

45

45

47

*45

10%

156%

5%

634

6%

53

102

102

8%

20

Feb 16

101

14

87

%

12

11%

11%

*52

11%
52

*100

Midland Steel Prod

3784 Jan
11% Apr
x95

10

Mld-Contlnent Petrol

86

1734

60

60

*57

61

5

13%

38

5%

5%

6% f!5%

5

55

5

Miami

Oct

8% Apr

8

14

Meeta Machine Co

June

112% Jan 14
34'4 Apr 19

1
Oct 19
Dec 22
Dec 23
Dec 14

3

1,600

Copper

Jan

share $ per share

38%

16% Mar 17
47% Jan 12

18

1st pref
Merch A Mln Trans Co.No par
conv

7,000
6,900

'

r*

6%

1
50

88

21%

%
17%
11%
18%

%

$5.50 pref ser
Melville Shoe

14%

3634

*37

134

37%

400

1,800
2,600

96

*92
*

5384

No par

51%
4134
4%

18%
16%
40%
8%
19%
2084

11%
66%

28% Jan 19
42% Jan 14
42% Mar 24

per

16

$

$ per share
21
Sept 21

19

Oct 19

78% Dec

No par
No par
B w w'sNo par

88

111

21%

21%

39%

Corp

$6 pref series A

fMissouri Pacific
5% conv preferred..
Mohawk Carpet Mills

14%
8884

35%

37%

36%

Mead

10

per

6

100

preferred

284
9%
1%
2%
13%

3

♦110

111

♦110

19%

15%

1%

3

3,300

1134

$

1

Stores

conv

300

10%

88

3%

30% Dec 17

preferred

conv

McLellan

6%

1%
1%
1584
2%
9%
1%

1%

10%
1%

8%
20

♦1%
1%

2%

2%

40

19%

93

No par

93

1,800

3,400

4,600

16

16

♦134

17

21%

*1%

10%

36%
2134
38%
%
19
1134

3534
*21%
38%
%
18%

35%

1

♦15

21%

93

%
1%

%

*1%

10%

111

♦110

111

l

3

*18

96

30% Oct 19
19% Oct 19
5% Oct 19

~65~ 66%
65% 67«4
101% 101% *10084 102
6%
6%
6%
6%
55
52%
52%
*52%
%
%
%
%

53

53

16

4%

884

*92

98

lh

1%

3

17

19%

55

"41%

40%

8%
19%
20%

*92

*%

15%
88

1134

40

10%
134

3

17

*15

8%
20

21%

99

2%

16%
86%

■

16%
40%

8%

20
22%

"

18%
16%

18%

Mclntyre Porcupine Mlnes._5
McKeeeport Tin Plate
10
McKesson A Robbtns
5

68

434

*4

19%

*16

9

*1

3

2%
10%

1%
~

%

41%

♦

40%

20%
16%
40%

16

3

18

4%

3934
8%
19%
22%

16

16

15%

21%
*36%

41%

4%
19%

♦53

3

3434

54

41%

434

*92

♦15%
86%
♦100

54

41«4

4%
*19%

*

5384
41%

"53%

64

41

%
1%
1%

1%
1%

1%
16
3
103g

1%

66%

11%

68

734 Dec 15

90

*70

12%

66% *..

54

55

*%

%

*%

♦66%

12%

1

9,500

7%

6%

McGraw Elec Co new

McGraw-Hill Pub Co..No par

5,500

31

31

90

11%

12

13%
79

7

39%
20%
7%

31%
7%

*70

90

*70

90

20%

7

7

12%

96

20%

31

7%

*70

20%

54

55

♦62

31%

7%

93
92
92% *91
92
92%
69
67
70%
68%
64
66
101% 101% *100% 101% ♦100% 101%
684
6%
6%
634
6%
634

961

♦92%

31%

7%

38%

1,300

share
12% Oct 19

4,800

13%
11%

38%

6%

7%

7

31%

Par

6,600

13%
10%

13%

20%

7%

9%

•92

21%

31%

23

*91%

20%

7%

7

37%

11

13%
10%
37%

13%
11%

9%

21 %

2034

79
64%
42%
4%
2034
16%
39%

22

share

37

9%

13%

♦66%
54%
42%
4%
*19%
16%
39%
834
19%

per

*13

37

90

*70

90

*70

21%
7%
31%
8

7%
31%

7%

♦734

$

13%
10%

13%

14%
9%
38

21%

14

Week

Shares

Lowest

Highest

Lowest

Dec. 24

$ per share

100-Share Lots

EXCHANGE

the

$ per share

23

Dec.

Dec. 22

$ per share

$ per share

$ per share
*1334

Tuesday
Dec. 11

J Monday

Saturday

1937

25,

Range for Preeious
Year 1936

Range Since Jan. 1
On Basis of

STOCK

YORK

NEW

for

Friday

Thursday

Wednesday

STOCKS

Sales

SHARE, NOT PER CENT

SALE PRICES—PER

HIGH

AND

LOW

Dec.

New York Stock Record—Continued—Page 7

4078

Mar

Dec

Jan 26
Jan 12

47

Jan

9

114

July

June

10384 Aug 11
23

Jan

7

15% Feb

1

Mar

3

40

27% Feb
Ex-rlghts.

2

13

July
3% Jan
8% July
4% Jan

1 Called for redemption

'A

Volume

LOW

AND

New York Stock Record—Continued—Page 8

145

HIGHISALE PRICES—PER

STOCKS

Sales

NOT PER CENT

SHARE,

NEW

for
Dec.

Dec. 22

% per share

$ per share

*12i8
2634
3734
12i2

27

13

27ig
3778

125g
111% 11U2

13712 *13684 140

*13

13J8
43s
*784
*118

45

38

45s
814
1%

133s

45

133s

412

*7«4
*1%

38i2
9912

4l2
9

1%

*44

49

3814
*9U2
105s

3814
9912
1078

*91%
1034

*88

92

z92

92

9234

9334

8658

87

84

84

1034
2478

Zl034

11

103s

11

10 >g

10

*22

2478

105s
2478

10l2
2478

258

212

105s
*22

11

*22

*22

2478

31

31

31

31

z303s

3034

2l2
3078

18

18

18i2

18l2

*1812

1878

18

212

*15s

1%

614

6%

234

2l2

1%

63s

6

10%
4%

42

42

42

42

64i4
23g

64%

64%

65%

2%

*2%

1012
4

10%

*10S4

4%

4%
41%
64%
2%
4%
22%

*20l2

22%

21

2%
4%
21%

*1434

15%

15

15

2II4

2I84

22

23

4

4%

4%

258

1%

*1%
6%
10%
4%

*15

2234
*31

32

32

*31

*112

114

*112

*35

37

36

36%

36

*3%

5%
1334

*4%

4l2
•13

4%
17

36
37

*1334
10&8
*5i8
26%
36%
*

13

37%
37%
14%
11

3%

*6%
♦51

.

6334

2%

*2%
4

4%
22%
15%
23%
32%

15

22%
*30

35%
*4%
14%

373s

37

3734

39
38

11

283s
37

*38

*60

65

*63

70
2

*184

2

*134

2

4

*3%

3%

%

*3%
%
82%

3%

%

82%

8%

*6%

734

*6%

%
83%
8%

%

82%

♦3%
%
83%

83%
8%

3%
%

68

♦51

413s

30

684
21%

30

634
*21
*

7%

"7%
*32%
5%

53

53

7%
*1134

«

13

*234
*2734
634
21%

634

21%
*

*51

413s

39%
*234
*3734

40%

3

35

634

21%

*

"6%

6%

7%

*

"7%

7%

7%

12%

1134

39

12%
38%

7%
13

38

38

*23%

25

23

23

23

*35

41

38

38

38

1

1

*34

P 1%
♦60

fcl434
*%

17%
*10

11%

*2%
*%
*3%
9%

12

9

1*4

1%

95

*60

1434

15

1

*%
17%

17%
11%

*10

11%
2%

11%
*2%

9

*9

1%

1%

95

*60
15

1534
1

*%

*%

334
10

3%
9%

10

10

*9%

3%
10%
10%

*29

31

30

30

44%

'

2984
45%

45

45%
44%
*115% 116
*115% 110
■l 33%
3334
34%
3334
9634
97%
9634
96%

*lll"i»
*93

tk

7%
A 1534
6%

^♦65
it

48%
4%

11% »11%W1134
94

7%

7%

16

16

6%

6%

75

*50

49%

49%
4

4%

21

21

1*2434

21

25

25

*29

30

*29

*20

20%

*27

30%

*23%

24%

*3%

*30

23%

4

*30%

20%

40

*1

*8%
834
♦10

13%
♦62
•

11

13%

1 18%
*65

1.63%

*63

21%

10

%

%
OO U<

83

i

•

......

*

8%

8%
10%
13%

10%

13%

*62

2%

*

*

38

"*6%

50

2%
19%

18%
69%

19%
69%

65

62

03%
14%

*83%

87

*50

70

*50

15

15

*83

90

73g

43%

44%

*57%
*9%

59%

5%
*9%
54%

5%

10

10

15%
*85

73s
44%

14%
2834
86%

*29

70

*50

91

88

88

7%
45

7%

734

44%
*57%
*9%

4434

5%

53g

934

3

9%
nl8%
22%
*2%

5%
934
19%

34%

34

58%
*9%
53g

58%

*9%

10

56

56
22

*2%
33%
1%
234

70

153s

22

1%
2%

86%

15%

54%

34%

80

14%
32

1534

22

3

13%

1%
2%

1%

2%

59

13%

15%
♦85

7%
43%
*57%

23

*9%
53s
9%
*18%

300

Pittsburgh Coal of Pa

5

700

Pitts Coke A Iron

54

440

15 conv pref
Plttsb Screw A Bolt

2%

Bid and asked prices; no -alee on this day

Vf&




Oct 19

Oct 19
Dec 14

36

4i2 Oct 19

87% Jan 6
64
July 26
9i2 Jan 20

74% Jan 13
20»4 Apr 5
333s Jan 18
Feb 17

56

18% Jan

2

100

6% preferred

25

Oct 19

76i2 Jan 22

par

5

Dec 13

Mar

U2 July

167s Mar
358 Jan

Mar

101«4 July

66

784
68

Apr

18

Nov

May

88

Mar

528s

Deo

38% Jan
6% July
70
July

11% Deo
84

Feb

Deo
Jan

8

Jan

18%

275s
4984

Deo
Deo

37%

7ig June
35% Apr

02% Aug
18%

Deo

77

Dee

14U Aug 16
10012 Aug 14
1378

Deo

29

Deo

110

Deo

Deo 17

'30

Dec 11

100
25
100
100

9

6,600

7%

180
.90

200

1%

*84

1%

CorpNo

*9

2

*60

2%
95

12

2

95

1,700

Conv pref unstamped

1,720

Pittsburgh A West Va
Plttston Co

18

18%

6,700

11%

*10%

11%

100

10%

10%

234

2%
*%

2%

300

1

1

3%

3%

334

9%

9%

9-%

9,800

9%

9

9%

2,900

28%

600

48
45%
*116% 118
33
32%
9634
*95%
*106% 108
*123% 125

6,000

29

11

28%

3,600

1,600

Pond

Pocahon_.lVo par

Creek

No par

Poor A Co class B

No par

Class B

J Postal Tel A Cable 7% Pf-100
Pressed Steel Car Co Inc.
1

Procter A Gamble

No par

5% pf (ser oi Feb. 1 '29). 100
J..No par

Pub Serr Corp of N

No par

15 preferred

34

34%

12,500

6% preferred
100
7% preferred...
..100
8% preferred.
-.100
Pub Ser El A Gas pf *5. No par
Pullman Inc..
No par

1134

12

50,000

Pure OU (The)

*136

140

*112%

96%
7%

*94

16

*15%

7

6%

0%

....

112
96

6%

61,100

47

21

*22

24

500

26%
1934

4%

5,900
14,100
600

25

700

26%
1934

$2

600

1,000
200

4% 1st preferred

100

4 %

4

4

40

*38

45

10

1

1

300

1%
10

*7%

8%
1034
13%
6584

8%
10

4%

10

600

100

8%
10%

1,000

13

13%

1,100
5,900

*62

6584

2%

12,200

18%

19

*66

69

69

69

800

*62%

70

*62

70

13%

1334

1,100
3,600

3134

500

80

1434

91

*85

7%
44%

7%
43%
*57%
*9%

59

10

•

270

80

*50

15%

*9%

66,300

*27%

69%

69%
1434
91

4,500
100

7%

44%

4,300

7,400

59

10

10

......

5%

5%

5%

5%

9%
*18%

9%

9

9

*18%
*22%
*2%

19%

200

24%
2%

500

33

33%

*1

1%

8,200
2,600
3,300

3

23%
*2%

34%

33%
1

2%

19%
23%
2%
34

1%
2%

X In receivership

2%

2%

a Pel

5
100

Preferred..

A Co
No par
1st preferred
100
Reliable Stores Corp. ..No par
Rellanoc Mfg Co..
10
Rets (Robt)

...

...1

Remington-Rand

Preferred with warrants..25
RdnsselaT A Sar RR

74

"2%

2%
19%

...

2d preferred

Real Silk Hosiery

100

*

21,200
2,100

25
50
50
—60

preferred

Reading

24

*57%

28

Jan 12

Reo

Motor

Co

Car

Republic Steel Corp

100
5

..No par

6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass
5
Class A
10

7% preferred..........100
5M% preferred
100
Reynolds Metals Co—No par
6H% oonv pref
100
Reyno ds Spring
1
Reynolds (R J> Tob class B.10
Common
10
Rhine Westphalia EH A

Richfield
Rltter

Roan

OU

Dental

Pow

Corp

No par

Mfg

No par

Antelope

Copper Mines

Ruberold Co (Thr)

No par

Rutland RR 7% pref

delivery.

8% Oct 19
% Oct 19

St Joseph

Lead....

100
10

X St Louis-San Francisco.. 100
6%
n

preferred..........100

New stock,

r

Cash sole,

85g Feb 1
141
July 14

1% May

,47U Mar

6

14

June

2%

Oct

58%

Jan

21

Jan

Jan 12

li2

Apr

Oct 19

2978 Apr 22

1178

Jan

11% Dec 21

2212 Aug 30
33 >8 Feb 4
ll7s Jan 22

20

May

12

Jan

13

7

Oct 19

U2 Oct 19
84 Oct 19
2i2 Oct 19
5i8 Oct 19
5% Oct 19

3

378 Jan 22

15i2 Jan 20
317s Feb 11

4*8

Jan

1% Jan
6% May

17i2

Oot

31

Feb 10

1784

Oot

20

Oct 19

86

Feb 11

67%

Oot

43U

Oct 19

65% Jan 15

114i2Mar 25

118'2 Jan 4
62»4 Jan 21

303s Oct 19
Oct 20

91

10312 Oct 19

112% Feb

4*8 Deo

1318 Dec

1
434 Oct 19

248)) Feb 3
11214 Feb 27

25

30

Dec

23

23

Dec

8

Oct 19

3i8
40

Dec 23

1

Sept 11
Oct 21

8

8% Dec 23
984 Oct 19

Oct 19

8%

01% Nov

8

Dec 11

78

I84 Oct 19
12%

Oct 19

69

Nov 25

62

Dec 22

9

Oct 19

20% Nov 24
80 i Deo 21
60

Nov 19

1234 Oct 19

July

144% July
164
July
114

Apr

Jan

697g Deo

16

Aug

247g Mar

103

367s

May

13384 Apr

95g May

117ia Mar
20% Nov
19% Oot

187g Jan 21

16ig

12«4 Mar

9*4 May
83>2 Jan
08% Apr

80

26% Dec24
18% Nov 24

Dee

91U May

115

2
Dec 20

56

Feb 15

8

195s Dec

Deo
Deo
Deo
Deo
Deo
Deo

23»4 Feb 25

107

4634 Dec 23
214 Oct 19

9612 Dec

4

Deo

13ia
28U
28%
73U

384

July

Jan

72% Feb

Feb
Deo
Mar

130

112

June 17

Apr

113

Jan 25

110

Apr

Feb

113is

Sept 29

128

384
27*4
20%
295g
11%

Deo
Nov

122i2 Feb
50ia Nov

146

132

Oct 18

103%
1131s

30i2
9%
11214
41U

Apr

162 >8

140%

85

39

Apr
Apr
Apr

Oct 25

25% Oct 19

8

40% May
II584 Deo

Jan 20
Jan 25

128% Jan 21

117

No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer_ ..No par
(5 preferred B
No par
13 50 conv 1st pref. .No par
tRadlo-Ketth-Orph
No par
Raybestoe Manhattan.No par
Rayonler Inc..
1
Purity Bakeries

34

10

Oct 22

1% Oct 19
X97% Apr 29

684 Oct 19

*22%

7%
44%

Jan 12

l07%June 28

*25

14%

4

U8% conv preferred.....100
6% preferred...
100

30

18%

45

Dec

49

2

Dec 24

84 Nov 24

37

884 Oct 19

110

5,200

21

4%

21%

74

23

Ne par

200

7%
10%

46%
4%

47%

100

75

*51

75

20

24

"2%

5
50

5% conv 1st pref
5% conv 2d pref

700
100

No par
5

Porto Rlc-Am Tob cl A.No par

130

8,600

(The)

Plymouth OH Co

200

28%

13

No par

6% preferred
Pittsburgh United

...

1%

*%

1%

10

13%

1284

20

*334

No par

48^4 Dec 2
4% Oct 19

}

12

59

1%
2%

4

20U

1

Jan 16

Oot

12

Jan

*85

1%

Oct 19

3% Feb

9512 Aug 31
20

102i2

Dec

90%
734
44%

1%

27

Jan
Jan

Apr

80

3434

100

30% Oct 19
234 Oct 19

jan

3%
8%

7i2

80

22%

2%

Pirelli Co of Italy "Am shares'

Nov 22

50

81%

2

Jan 12

23i2

*50

22%
♦2%
3334

3

26

Oct 19

55s Oct 19

8

7% Feb
14

8

70

5%
9%
19%

1] Oct 15
65

100% Jan

8

'

10

Oct 19

56>4 Dee
545g Aug

MarlO

81

15%

Oct 18

8% conv pref... 100

7%
33%

7

14

80

Dec U

2

100

*40

29%

*50

Jan

Mar

13%

32

Jan

45i2

Mar

28

*29%

10% June
255s

54i2 Jan 14

43

*

72

13% Feb 19
6978 Mar 10

18U Deo
19is Mar

20

6534

64

13%
28%
*83%

Preferred

30

1034
1334

19%
71%

19%

Oct 19

3

2%

5

12®g June

18*2 Nov 22
34l2Nov26
62

No par

2158 Mar 11

122

20

65

70

Nov

93s Oct 19

Nov

Oct 19

8%
*10%

65

Deo

31

122

Dec 17

*7%

1834

90

Jan

8

40

64

Jan

16

38

28

334

2%

56

Phillips Petroleum

*22%

75

8

Jan 11

No par

8%

"2%

7

Jan

25

7% pref class B
100
5% pref class A
100
5H 1st scr conv prior pref 100
Pitts Term Coal Corp.. ....1

834

*

Jan

91

38%

*1

*62

87

No par

*4

Oot

Oct 15

No par
100

*32%

7%

58

7i2 Feb
46i2 Aug

Pittsburgh Steel Co

1%

1034
13%

10%
13%
65

Jan

310

8%

8%

Apr

4

300

8%

10

75

"~2%

*1

1%

38

12

4%

40

1%
*8%

10

74

"2%

*38

3%

11684 Jan 27
65% Feb 6

Oot

59i2 Nov
11684 June

39

6%

24

40

Feb

Mar

*37

4034

30%

*35

1

30
110

Deo

*10%

*23

*22%
334

9

45

Dec 15

Phillip Morris A Co Ltd...10

20

28% Apr

10% Mar
74

2784 July

12

25

*30

Mar

June

5%
53%
7%

16

2834
20%

24

Phlla A Read C A I

Plllsbury Flour Mills

21

30%

63

17

Feb

Nov 26

Phillips Jones Corp
7% preferred

Pierce Oil

7

4%

*22%
3%

2
Feb 1
Feb 10
Mar 17
Feb

73

11212 NOV
678 Jan

11

50

1,000

22

*24%
2834
20%

Mar

3*8 June
4% Jan
2884 Jan

Apr

35

No par

1,500

*21%

25

Aug

69

10

35

50

preferred....

7% preferred

6%

*51

21

60

8

37%

251# Apr
04% Jan

25

tPhlla Rapid Tran Co

20%

*94

6%

29

Phelps-Dodge Corp..
Philadelphia Co 6% pref

Phoenix Hosiery

...

"

ll7g Apr
17i2 Nov
3®4 Deo

41 ■

22®4

par

No

6%

25,500

35

1134
UD*i# llli»i« *11126m

75

*30

4

9,200

68

*51

12

4834

20%

2

Jan
0% June
10% May
1% Jan

23

9

12i2
70%
29«4
60*4

Deo

Apr

40®4 May

Jan

683 Jan 23

Deo

Deo
Deo
5U Jan
47U Mar
32% Nov

103*4 Mar

64

25

174

100

Milk

20%

28%

96%
7%
16%

25

30

4,400

xftS0

7

*6%

68

9

10%

*2834

25%
2034
30%
23%

Dec

110% Sept 27

June

8% Aug
17% Jan
2'4 July

Jan

Oct

4% Apr
74i2 Apr
97% Feb
109i2 Dec

100

6% Prior preferred
5% preferred

30

45%

4%
21%

6% conv preferred
100
People's G L A C (Chic).. 100

$0

200

4

8%

*34

30

70

13%

•

21

31

No par

50

2

*10%
10%
*2%
*%
3%
9%

63s

Peoples Drug Stores

65

18

47%
43s

Oct 19

1,000

5

*3%

*%
17%

*55

20

50

Petroleum Corp of Am
6
Pfelffer Brewing Co
No par

*134

83

38

3%

634

Pennsylvania RR

59

Dec

2058

"7%

1

75

Oct 19
Nov 24

pref ser A

conv

78g Feb 18

Apr

July
7% Aug

23l2
135s

*10

11%
11%
2%

50

15
14

17

4,200
2,100
24,700

4

1%
18%

18%

28%

*2%
33%
1%
2%

48%
4%

par

No par

Penn G1 Sand Corp v t cNo par

Pet

2

14

*16

10

57% Nov 23
1% Oct 19
2% Oct 19

5

38

13%

7%

Coal A Coke Corp
Penn-Dlxle Cement
No

Penn

Nov23

37

par

4

27%

*%

7%
16%

No

Mar

38

14%

11%

2l2 Oct 19

3
No par

(J C)

6

17

4%
26%

143s

*94

par

4484 Feb

48% Mar

2,400

65

.*60

94%

Peerless Corp

634

95

6334

13%

*20

6%
*50

Penney

21%

*60

70

28%

7%

634
75

50%
4%

*62^65

67%

2%

*16

40

*8%
8%
10%
13%

834

7%

16

1

10

76%

""2%

*358

7%

*30

1%

94%

Penlck A Ford

6,600

35

95

II34V12%

94

10i2 Jan

38

2

112 111«m1112»M 111«!»111«II
94

8% Feb 25

237g Mar 11

27%

*9

12%

5

Oct 19

10%

•

11

Jan

Oct 19

780

45%
45%
45%
45%
116
110% *11534 1171, *11584 H8
33
34%
3384
32%
3384
32%
96%
96%
96%
*95%
9034
96%
*107
108
108
*107
107% 107% *106% 107% *106% 108
*123
125
125
*123
125
125
*123
*123
*123% 125
137
137
*135% 142
*135% 138
*135% 137
*135% 142
*112%
*112%
*112% 114
112% 112% *112%
363s Jk35%
3434
35%
3534
34%
36%
33%
34% 35%

F

Oct 19

34%

8

EnterpriVo

3

2

934
10%

1

90

4

Parke Davis & Co

*234
*2734

12

*28

18% Oct 19

1

C M

3

2

10%
29%

200% Jan 28
26>4 Jan 28

Oct 19

8

1

40

*9

10%

inc

39%

2

33s

80% Oot 19

10

40

12

3%

67
103

28>4 Jan 28

x95

2,300
2,200

38

1

MarlO

1097s Mar 18

812 Oct 19

100

6% 1st preferred
6% 2d preferred

Apr

678 Jan
12% Aug
13s Jan
18% Jan

32i2Nov 23
Sept 30

100

Patlno Mines <k

2,900

11®4

1

No par

4% conv preferred
Paramount Pictures Inc

1,600

25

1034

Parafflne Co Inc

Oct 19

37

*2%

Oct 19

9

24

1

29

preferred

100

38

10

1

100

4% Jan 25
121
May 13

Pere Marquette

24

*9%

3

1

Oct 19

3,700

10%
4%

*

1%

*10

1

400

*21

11%
11%
2%

par

Oct 15

*30

11%
11%
2%
*%
3%

J Pan handle Prod & Ref No

Jan 20

Oct 19

38

18

17i8

3

24

1

6

123g Feb 18

Oct 19

22

*31

18%

29»4 Apr

1218 Oct 19

10

Corp

100

*21

18

18%
11%
11%

July

Peoria A Eastern

23%

153s

152

100

38

•

Jan

15

f
*9

140

Oct 19

600

34

7%
12%

*84

2

35%
434

39

1%

Jan

7% Jan 14

114

39

39

149

U4 Oct 19"

14%
10%

38

52

52

54

Apr 28

1,100

36

*3%

Deo

133

3
295s Aug 25

3034

*6%
*32%

153

Oct 19

36%

5%

*32%
5%

Oil

Jan

Oct 19

300

Dec

118

7

Utah

58814 July
47%

4

4

Park

4484 Dec
14% May

share

395s Nov
41
July

Jan

No par
Pan-Amer Petrol & Transp._5

conv

Jan

152

Packard Motor Car

8%

Deo

Nov 22

12

35%

7%
3434

"*6%

3434

*5%

9

30®4

110

28

*1384

38

38

Jan 14

5334

44% Jan

30

Highest

share S per

100

*21

634

*0%
21

213g

10% Oct 19

Jan 12

per

100

6% preferred

*284
*2734
634

35

38

z34»4 Oct 19

No par

39%

3

32*4 Jan 14

Oct 19

No par

14%

*51

Oct 19

Parker Rust Proof Co. _.2.60

3784

*134
*3%
%
81%
*6%

68

*32%

*12%
38%

1%

*6%

68

38

7%
3434
5%
54

"7%

39%

3

38

3434
6

*51

68

4034
*234

30

38

84

13%
3634

*63

"*i34

2

5

37%

I

share

per

34%
*4%
*13%

35%

20

$

Parmelee Transporta'n.No par
Pathe Film Corp
No par

100

*30

share

11

No par

Pac Western

per

Lowest

Highest

600

1,600

31%

22%

Corp

Park-Tllford

li'ooo

Year 1936

100-Share Lots

22

25

Pacific Mills

800

35,200

23

*112

65

*

27

Pacific Ltg

t

Corp (Cal).lO

Pacific Telep «fc Teleg

10,100

800

32

27%
38%

4%

5%

Pacific Finance

Pacific Gas & Electric

500

114

5

5

1,200

5i"700

15%
22%

20
*14

13%
3634
r3734
*1334
10%
434

Par

30

20

4

1434

*4%

""400

41%
64%
*2%
334

6

10%
4%

20%

35

2,100
34,900

1%
6%
IO84
4%
41%
6434
2%
3%

1%

*30

11

37

18%

*112

14%

1034

31%

22%

38

*1334

14%

On Basis of
Lowest

150

2l2
31%
18is

23s

4

36%
5%
14%
38%

250

24%

1434

20%
15%
23%
31%
114

*112

*22

20%

4%

*20%

37%
5%
15%

3734
*1334
10%

65%
2%

27%

"*6%

♦34

66%

5

*32%
*5%

4%
42%
63%
2%

27%

5

3%

*

10%

4%
43%

36%

*234
634

1034

4%
42

30

4034

*21

1034

4%

38

11

6

42

39

14%

6

1,800

3,500

1012

10%

1%
6%
10%
4%
42%
64%
2%

1%

6

6%
10%

1%

27%

5%

40%

*2784

*1434

1818

1%

1%

114

31

8.300

94

*86

2l2
3U8
18>8

214

18

36%

%
80

*112

*22

258
3U4

27%

70

^L"2"

37%
37%
*1334
10%

32%
114

200

*12
*12
13
13
123a
12i2
12i8
*12i8
27%
27%
2678
27is
265s
26i2
2058 2718
37%
37%
3734
373s
373S
37i2
3714
37i2
14
13%
13%
13i2
13i2
143s
13i8
12i2
♦111
115
111
111
im2 iiu2
11U2 11U2
*137% 140
*137i2 140
*13712 140
*13634 140
13
12%
12%
125s
133s
1212
133s
13%
438
4%
43g
414
4l2
414
438
4i2
95S
*734
*734
8i2
*734
834
812
*734
1%
*1%
u4
1!2
♦U8
u8
1'8
Us
52
42 I8
*38
44
44
*44
45
4218
40
39
39
38%
39
3912
3912
3818
*91%
95%
95i2
*9U2 99i2 *9U2 99i2 *9U2
10
95g
10
10l8
10i2
934
103s
1078

Range for Previous

Range Sine* Jan. 1

STOCK

Shares

Dec. 21

3734
3734
12l2
12%
♦111% 113
137

f ;per share

Thursday

13

2 684

$ per share

YORK

EXCHANGE

Week

Wednesday

$ per share

S per share
*12

Dec. 23

Tuesday

18

the

Friday
Dec. 24

Monday
Dec. 20

Saturday

4079

Nov

6
5

Jan 15

10i8 Apr 19
37% Aug 25
26

Oct

14% Jan
108i2 June
80

July

5

Jan

107g Nov

2878

Jan

383g Nov

35i2

Jan

5084

39

Jan

50

Deo

37

Jan

47

Nov

Deo 11

29i2 Dec 13
47

Mar

8

Jan 11

49

4384 Jan

8

133s Jan 16
Jan 20

83

4% Mar

5

978

Jan

05%

Oct

l7g

Apr

18*i
100

4%

Oot

Jan
Deo

Deo

Mar

5

12% May

31

228s Feb

8

16

24!g Nov

30

35% Mar 31
29i8 Mar 9
94U Jan 30
Feb 18

110

9i2 Feb 18
47% Mar 11

Apr 23

124

110% Mar 10

Aug

171* Aug
81

Deo

99ig Sept
4% July
107g
77

Apr
May

78% May

49% Apr 14

10

98

24%June

Apr 14
139
Apr 17
9584 Jan 26
303$ Jan 14

Apr

"25"

Deo

Nov

90%jNov
114

Apr

8% Mar
297g Deo
128

Deo

10414

Oot

3984 Dee
79i| Deo
138

Oct

Dec

98

Nov

22% May

34

Feb

117

Jan

90

Apr

92

105

Apr

7% Dec 23
40% Dec 7

34U Jan 22

25

July

30U Nov

8

50

65

Oct 19

67

Jan 26

Apr
687g Sept

60t| Nov
655g Feb

10% Nov 9
4ig Oct 19

14

Feb 23

80

9

Nov 12

Nov 26

44*8 Nov 23
17% Oct 19
1

Oct 19

26i2 Nov 24
1

Oct 19

1%

Oct 15

z Ex-dlv.

y

112

Jan

58

Jan

8

Oct 29
4
80% Mar 10

8»4 Nov

135g

Jan

"Feb

35~"

Mar

75»4

Deo

0%

31% Feb
38

June

32

Jan

4

934 Feb 19
65
Mar 11

4«4 Mar 17
IDs Feb25

Ex-rlghts.

19%

583
22

June

"lOift "Feb

July

50«s Deo
35g Mar
6>4 Dee

1%

Jan

28g

Jan

1 Called for redemption

New York Stock Record—Continued—Page 9

4080
LOW

AND

SALE PRICES-PER

HIGH

NEW

for
Saturday

Monday

Tuesday

Dec.

Dec. 20

Dec. 21

18

$ per share

♦6*4

*5«4
*11

25

♦11

*534

7%

*11

25

80

2134

21%

22

21%

80%

74

75%
8634

87

87

86

101

100

8634

87

101

100

1438

75

%

h
6

o

*36%

%
2%
23%
*3%

5%

38

38

%
2«4

%
2l2
24
334

2334
334

59%
13%

6034
1334

6034

7%

7%
18%

734

*18

♦60%

4%
*46%
*27
17

*96%
7

13%

18%
61

62%

4%

4%

47

47%
27%
17%

*25%

%

1,800

25%

10,200

16%

15

15%

*15%

25%

25%

2584

24%

25%

75%

75%

74%

75

584

%
*584

6%

24%
*74%
h
*5%

38%
7J
3%

38%

38%

%

%

34

3

3

*234

22%

22%

21%

4

4

%

684

534

38

38

3

3

23%

22

23

*334
62

3%
63%

3%
6234

3%
6334

13%

13%

13%

7%

734
19

7%
18%

13%
784
19

14%
7%

1834

19

61

61

4%

3

61

61%

62

4%

434
27

25

17%

17%

20%

20%

20%

3

3

3

3

31%
*87%

31%

31

32%

*87%

92

76

76

77

79

*97

100

*97

100

*19

21

*19

20

*12

12%

*12%
11%
15%

12

12%

*17%
32

*88%
78%
*97

19%
*10%
1134

18

32%

31%
*88%

92
81

77

100

99

*97

7%

7%

21

20%

3

1784

*97

3

18

*17%

*19%
*11

22%

13%

1334

22

22%

*28%
3%
♦37%
2%
*7%
•

31

3%
41
258

22%
13%
2234
*28%
*3

*35

2%
*8

8
75

23%
14%

*20%
14%

*22%
*21

14%

*12%

13%

13%

*37%
10%

40

40

10%
5384

10%

53
8

39

*3

13%

2234
*28%

*28%

*21

23%

23%
15%
13%
40%

15%

3

6%

5%
11%

11

11

11%

22%
25%

24

12
24%

24

25%

27%

26%

*1

1%
29%

*1%
293s
34%

*1

"45%

46%

46%

20%

20%

20%

20%

6684

56%

57

10

10%

*7

6684
10%
7%

14%

14%

14%

5

5%
45%

5

34%

n

42

*10%

4534
120

120

*35

7%

45%

*118%
12%

1234
28%

13%
28%

2%
16%

2%
15%

20

20

15%
*19%

*8%
16%

11

*9

1634

16%

23%

23%

2384

10

10

10

7?«

*634

*39%
43g
684
41

29

2%

7%

7%

8%

100

21%
♦22%
56

21%
23%
55

434
*57

3%

3%

35i

~*I%
*4%
13

3%
12%

*83J

*

6

*45
8

*1%
54%
*9%
76

82%

82%
22%
24%

*22

23%
*

8

5,500
200

75

22

16%

""560

16%

*20%

16%

70

7%

7%

""800

42
2%

*

22

40,400

13

13

*12%

14

400

40%

40%
934

*39

41

40

8«4

8%

734
7%
107% 107% *106%
3
3
3%
4%
4%
434

25%

1%

*1

1

1

56%
934

1%
29%
34%
39%
46%
22%
5634
9%

7%
13%

7%
14%

7%
12%

5%
48%

5

29

8

26,200

6%

preferred

..

6%

70

*57

3%
35

2%
13%

434

3%
*_

3%

8

3%
84

6%
9%
2I84

2

55%
10%

4%
14

3%
13%
15%
82%

82%
22%
25%

3

65% Jan 20
11% Mar 16

6»4 July

63% June

Sparks Wlthlngton
.'No par
Spear A Co
1
$5.50 preferred
No par
Spencer Kellogg A Sons No par
8 perry Corp (The) vtc
1

1% Oct 19

77% Mar 17
9% Jan 28

7

Oct 19

31

Feb 26

73% Sept 20

94

Feb

2

20

Oct 19

36

Jan

2

Spiegel Inc
Conv $4.50 pref

Square D Co class B

*4%
13%
3

6,800

JStand Gas A El Co...No

5%
*7%
384
*80

11%

41%

11%

10%

6%

5%

8

7%
334

12%
42%
11%
6%
7%
3%
83%

3%
83%

83

6

6

6

*7%

9
22

*734
20%

28

27

*4%
*401
8

*184
54

434
49%

8%
2

55%
10%
78*4

6

4%
*46

52

19%
86

82

82

82

82

*22

22*4
26*8

77%

22%
25%

on tht»

23

26*4

rUy

18% NOV

9% July
6% Apr

13*4 Mar
9% Feb

2% Oct 19

8

9%

Jan

27%

Dec

Jan 12

24*4

Apr

62

Dec

72%

Dec

$4 preferred

No par

5

Oct 19

32% Mar

$6

prior pref

No par

10

Oct 19

65

$7 cum prior pref

No par

14

Oct 19

72% Jan

1

Nov 22

4

Jan 11

2

Feb

3%

Standard Oil of Calif..No par

28% Oct 19

50

Feb 19

35

Aug

47%

Feb

Standard Oil of Indiana

26

26% Oct 19

50

Feb

9

Jan

48%

Deo

Standard Oil of Kansas

10

30% May 14

43

1034

5,700
800

2434

25%

4,700

*%
28%

1%

400

Stand Investing Corp..No dot

29%
3434

28,400
13,100

cum

7

26*4 Apr

32*4

Jan

Dec

8

25

31

Deo

Nov 24

76

Mar

9

55%

Jan

70%

Deo

Nov 26

48

Mar

5

24*4 May

40*4

Oct

56%

56

2,500

Sterling Products Inc

54

Nov

8

75

Jan 29

65

4,600

Stewart-Warner

5

6% Oct 19

21

Feb 11

16%

Apr

78% Nov
24% Apr

1

7

6% Oct 19

17% Jan 20
33% Jan 29

3

20

•

56

9%

9%

5

5%

6%

6%

45

400

45

Nov

60

Dec

7*4 Mar

2

3

Jan

2,500

Superior Steel

1% Oct 19
Oct 19

47% Mar 11

Sutherland Paper Co

10

18

Oct 13

39% Jan 25

50

Oct 19

20% Apr

(The)

734

Symington-Gould Corp ww__l

434 Oct 19

23*4 Jan 20

16

1

4% Oct 19

17% Jan 21

12% Nov

...9
60
5

6% Oct 19

1534 Jan

mmm„mm

46,700

1,700

Without warrants
Talcott Inc

(James).

5)4% preferred
Telautograph Corp.
Tennessee Corp

42

25

500

2

$3.60

"5",500

434

*4%

484

900

13%
2%

13%

1,800

2%

"700

1,400

*11%
15%

*11

11*4

300

15%

15

15%

9,300

79%

80%

78%

79

1,000

15% Nov 19

64% Mar

28

Jan

19

Oct 19

48

Feb 19

337j Apr

55

Oct 19

64

Jan 13

69

3% Oct 20

100

55

1

No

pref

pref

Nov 23

2% Oct
Sept
1% Oct
4% Dec

36

10

100

Tide Water Assoc Oil
conv

Jan

Jan
9% June

No par

Thompson (J R)
26
Thompson Prods Inc..No par
Thompson-Starrett Co.No par

$4.50

6

Nov

7%

No par

Third Avenue Ry

com

15% Jan 28

6

33

No par

Thermotd Co.!

$3 50

Mar 30

16% Jan 22

6*4 May
5% Apr
28% Jan

...

conv

$3 dlv conv pref

..

"l%

3

9% Mar 15
44

100

Preferred

70

Oct 19

15% Mar

Nov

pref

Thatcher Mfg

The Fair.

8% Jan 12
65% Apr 22

1

Texas A Pacific Ry Co

200

67% Feb

Oct 19

23«4 Oct 19
5% Oct 19
5% Oct 19

10

Land Trust

Texas Pacific

5

Nov

28% Apr

10

19
25
19
21

Oct 19

1% Oct 19
6% Oct 19
13% Oct 19

par

10

13*4 Mar
93% Jan
13% Feb
a:40
Sept

1
4
3
2

8% Jan 13
15% Mar 6

28% Feb 11
10% Jan 25
40*4 Jan 25

Nov 24

21% Feb 4
98% Aug 13

834 Oct 19

28% Feb 11

77

No par

15%

Deo

8
3

5% Oct 19
3434 Oct 19

4

5

Texas Corp (The)

400

4%

1%

3

Oct

13% Nov
26% Nov
35% Jan
20% Deo

Swift International Ltd

900

58

13

37%

Jan

2,400

12,300

14

Dec

Jan

4,800

4,000

8%

1%

6%

15% Oct 19
22% Oct 19

Swift A Co

8

3%

23

6*4 Mar
42%

25

10,400

8%

35

9% July

20% Jan 20
28% Mar 8
33% Mar 31

Texas Pacific Coal A Oil

3%

4

8

Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par

*

Jan

100

6,900

3%

125

Sweets Co of Amer

900

22

*284

125

8,900

35

Dec
Oct

Jan

5,600

*57

Mar

Jan

8%

70

91

27

3%
27%

4%

30%
15%

118

100

8%

*55

Jan
Jan
Dec

3

384

*21%

14%
9%
70

20% July 12

6% preferred
Sunshine Mining Co

8%

5

Feb 17

77% Jan 11

61»4 Feb

300

58

*4%

44% Dec 16
118
Aug 6
Oct 19

3,000

27

Oct 19

Oct 19

6%
4184

21%

3%

No par

Dec 14

9

4%

21%

♦

Sun Oil

1

5,400

21

*57

No par

(The)

18

*6%
41%

*20

*4%

Stokely Bros A Co Inc

Jan

10

3,800

*434

21

*55

10

Mar

Superheater Co (The)..No par
Superior Oil
1

160

12,900

6%

*39%

3%

11%

11% t

11%

1158

4,600

Tlmken Detroit Axle

42

42

41%

42%

5,900

Oct 19

79

Feb

4

11

10%

11

6,600

Timken Roller Bearing .No par
Transamerica Corp
2

36

10%

10

Oct 19

17

Aug

5%
*7%
3%

6

•82%
*584

83

Mar

8% June
85

Oct

9%
13

Jan
Dec

65% Dec
8% Deo
44*4 Nov
15% Feb
14% Mar
July

49

48% Nov

63%

Oct

16

Nov

110

Feb

8% May

12% Mar

3%

Jan

*9%

8%
24%
4%

Jan

Jan

13%
32*4
8%
39*4
21*4

Feb
Nov
July
Mar
Feb
Deo

JaD

27%

Deo

26

14*4

Jan
Jan

Apr

2

*4%
*41

7%
1%
50

81%

9

75%
18%
86%

..10

6

6

7,500

Transcont A West'n Air Inc.6

4

Oct 19

22% Jan 11

7%

7%

75s

1,100

3*4

3%

3%

12,000

Transue A Williams St'l No par
Trl-Contlnental Cor p.. No par

5% Oct 19
33s Oct 19

27% Jan 22
11% Mar 8

6

8

83

*8

4%

4934
7%
134
52

9%

100

6

*82%
*5%

27

19%

2% Oct 19

20

21%

87

14% Apr

42

2 684

86

21*4 Apr

Starrett Co (The) L 8..No par

21

53%
9%
78%
19%
8684

9%

Oct 20

Standard Oil of New Jersey.26

21%
2784
4%
49%
2

8

16% Jan 20

107% Dec 23
12% Jan 22
14% Mar 8

48% Mar

8

500

8

8

43*4 Nov

Nov

59,100

884

7*4
*1*4

53*4 Mar

24% Aug

2134

13%

82

Jan

39%

13%

82

101

par

37

44

46%

"l%

82%

Nov

7% Oct 19

1

Oct
Jan

95% Apr 28

Nov 23

16

1,200

Oct

92%
36*4

28*4 Feb 11

49

No par

9*4 Mar
27

73% June
29*4 May
15% Apr
13% Jan

45%
*20%

2%
484

15%

Jan 18

__1
No par

$4.50 pref
Stand Comm Tobacco

21

3%

13%

Aug 14

60

Jan

Oct
Oct

*35

7*4

5

3

*12

35

No par

Standard Brands

22%

34%

23*4 J&n 12

Oct 20

8% Oct 19

2

2,200

Oct 19
Dec 17

Apr

82

21%

*6%

8%
8%
2234

35

10
13
40

Splcer MfgCo
No par
$3 conv preferred A..No par

6*4
6%

Dec

11% Nov

46%

9%

28%

15%

Bid end asked prices.: no saloe




3%

"*1%

47% 0"t
26% Dec

Mar

56

70

♦

2%
4%
14%
3%
13%
15%

32% July

160

21%

45

12%
42%
11

78»4

1984
86%

384
35

~*i%

28

484
49%
8%

*57

Feb

45%

*35

6%

*4%

70

Jan

25

Jan

1% Oct 19
35% Oct 19

3%
4%

10%

3434
39%

58

434

160

32% Jan 13

155

Oct 25

Spalding (A G) A Bros.No par
1st preferred
100

2,760
37,900
600

*21

29%

34%

22

11%
534

19%

2%

*55

12%
42%

85

2034
16%
13%
40%

3%

*37%
2%

75

*2084

11

19%

*7%
*22%
*20%
15%

58

11%
41%

85

2%

8%

22%

86%

10
77

2%

31

*3

38

21%
22%

83

54%

38

21%
22%
434

25

64%

21%

*55

2

1734 Oct 19|

130

.100

59

8%

8%
*1%
54%
9%
7734
19%
85%
82%
22%
24%

8% preferred
Southern Calif Edison

Jan

8*4

83

8%
2

20

July

7% Feb
35% Aug

34

8%

*46

42% Jan 12

Dec

*28%

3%

28

13

50

20% Oct 19

5.900

Nov

17% Nov
114

28

31

384
26%
8%

21%
27%
*4%

So Porto Rico Sugar...No par

Mar

3% July
26
Apr

Mobile A Ohio Stk tr ctfs 100

3

4

1584

5

4,600

12% May
110

*28%

8%

5

9

Jan

8%

55

June

6% Feb 26

Jan

24%

21

115

1% Oct 19

Apr

26

4

Dec

19

26

29

30%

Sept

12*4

8%
8%

4

21

23%

41*4

3

27

*4%

Oct 19
Mar 18

Jan

29*4 Feb 15
23% Aug 14

6

40%

15%

21%

13

110

72

60% Mar

43

*7%

Socony Vacuum OH Co Inc. 15

2,100

28%

1234 Dec 17
934 Oct 19

85

40% June

8

South Am Gold A Platinum. 1

48
49
49
46% 48
*47% 49
120
120
120
*118% 120
*118% 120
*118% 120
13%
13%
13%
14*4
13%
13%
13%
14%
14%
31
31
2934
30
29%
30%
32%
30%
31%
2%
2%
2%
2%
2%
2%
2%
2%
2%
15
15%
15%
14%
14%
1484
1434
15%
1434
20
19% 20%
20%
20% 20%
20%
19%
19%
11
*9
10
10
*9%
10
10
*8%
-^8%
16%
1634
17%
1634
16%
16%
16%
16% 16%
24
24
24%
2484
24% 25%
23%
23%
23%
10%
9%
10%
10
9%
9%
9%
10%
984
8
8
7%
734
7%
784
7%
7%
7%

42%

Mar

54% Jan 11
40% feb 16

43% Mar 17

10%

*39%

120

Oct 19

47% Dec
Apr

132

65% Mar 11

22

45

June 17

13

Oct
Jan

Jan
Dec

4~o6O

Stone A Webster

4%
6%

96

Jan

Sept

Oct 19

10%

634

54

Solvay Am Corp 5 M % pref 100

45,200
"

Studebaker Corp

6%
*39%
*4%

MarlO

Oct 18

22

47

19%
97%

197

Oct 19

5

5

60% Apr 22
102% Feb 4

Nov 24

14%
48%
6*4

9

11

734

Nov 23

Dec

127% Nov

15

23

15%
5%

88

Snider Packing Corp...No par

14,400

5

26% Nov 24
67

Smith A Cor Typewr._No par

8,700

z3% June

No par
10

Smith (A O) Corp

Dec

8*4 July
19*4 Jan

100

6% preferred
$6 preferred

"""766

Marl6

102

25
100

Skelly Oil Co
Sloes Sheff Steel A Iron

25,300

13

27

*7%

Saw A Steel ..No par

Nov 26

17

42%

"*6~

...

5%

3%

6%
8%
21%

Slmonds

91

100

100

42%
3%
28%

*

preferred

conv

7%

12%
16%

84

6

100

434
6%

334

Nov

28%

100

6%

5%

45

Apr

Southern Pacific Co

*39%
484

*784

Apr

14*4

13%

4%
13%

11%
11%
41%
41%
10% 111%
5%
5%
784
784
334
3%

30%

1284

"*!%

434

8

Southern Railway

634

3%

Feb

3434 Feb 19
105% Feb 2
17% Mar 11

6,700

434

»

2

13

15%

18%
1134
*11%
1134
11%
1534
15%
15%
114
*111% 114
2%
2%
2%
24
24%
23%
142
*130% 142
22
22%
21%

6%
41%
3%
27%
83s

*57

70

18%

12%

*4%

*434

100

II84

684

55

434

*97

19%

*22%

7«4 f 7%

2,900
100

4*4

3%

44

14% Nov 22

Slmms Petroleum

300

684

28%
8%

8%

24% Oct 20

No par

*7%

*7%
14%

5%

45

4

Dec

Co .No par

4% Apr 21
26
Oct
8

21

684

64

Sbeaffer (W A) Pen

Simmons Co

79

104% Dej
11% Deo

Jan

68

31

July
Jan

8,400
700

19*4 Nov
32% Dec

89

4*4

2,500

17%

31% Nov

Jan
Jan

43%

3

17%

Jan

11%
20*4

1

2% Nov 4
17% Dec 13

19

101% Nov

Jan 21

Dec

17% Oct 19

10%

10

MarlO

Dec

7% Nov

Jan

Feb

334 Oct 19

No par
10

23

56*4

120

44

69%
15%

14-

13%

7%

7

28

334

56%
9%

4

Apr

65

20%

20%

45%
*20%

Feb

17% Feb 10

42% Mar 10

2

2

3

3

Dec
Deo

60

20%

21

53%

*35

Dec 15

Feb

2%
8%

44

7%

20

47%

Oct 19

5% Oct 19

11%
24%
27%

20%

34

6% Oct 19

Sliver King Coalition Mines.6

99

56%

40

12% Dec 15

6,900

8

4%

4134

28

46%
20%

15

*39%
4%
6%
41%

45

*35

3% July

98% Aug 18

15

Feb

No par

$5 conv pref..

7%

21%

34%

30% Aug

1

Shell Union Oil

54

29%

5

30

20%
734

35

64% Apr
11% Mar

4934 Nov 23

.No par
No par

Jan

2
2

5,200
200

9%
54

30

Oct 19

3% Oct 19

%

2% Jan
8% Jan

15,600

10%

434

1% Oct 19
16

4%

20%

45% Jan 14

Sharpe A Dobme
No par
$3.60 conv pref ser A.No par

934
7%

634

7%

29%
34%

5%

34% Nov 26
»4 Oct 19

18

5434

"3"

101 «4 Mar

1% May
7% June

37,600

57%
2234
7%
8
106% 10634
3%
3%

3

Dec

27

22%

*10684

93

9
23% Feb 10

1334

55%
21%
8%

7%

934

37% July

3% Feb

21%

*39

10

61*4 Mar 17

1734
*97

114% Mar

98% Mar 15

27

7%

June

Oct

17% Nov
55% Nov

17%
99

11

21%

15%

13%

108

110% Sept

13%

40%
10%

22%
25%

29%
3434

1534

Nov

6

3

2

21%

*14

53%
21%

1%
30%
35%
40%
46%

16

114

Jan

Feb

27% Mar

20%

75

20%

Aug

113

2134
13%

*7%
►

Dec

22%

*37%

8%

5

8

99

6

13%

2%

2%

Dec

Mar

25

200

8834

21%

38

75

96

103

49% Nov

21%

37

8

July

14

37

2%

27

23%

*35

*22%

4,400

30%

19%

31
3%

2%

1,300

4%

(F G)
Sharon Steel Corp
Shattuck

Jan 13

46

113

3% Oct 19

100

4-2% preferred

Oct

37

47

8834

11%

22%

*3

8%
76

60%

4%

Line

Air

i

15

Jan

7%

Dec

9

share

per

Jan

18

Dec 20
Oct 19

Highest

share $

2034Mar 5
37% Mar 11

*45

30

*11

12%
15%

3

21%

3

31

60%

62%
4%
47%

3,900

*97

20

3

63

3%
5

4%

14%

23%

10%
5334

8

2134

23%

14
23

3%

10634 107

*106%

22%

20%

21
8%

20%

23%
14%
23%
31

18%

*7434

15
15%
15%
1534
15%
15%
*111% 113
*111% 114
*111%
*111% 114
*111% 114
2%
2%
2%
2%
2%
2%
2%
2%
2%
24
24%
24%
24%
24%
24% 24%
2434 2434
132
130
*130%
*130% 142
*130% 142
*130% 142
21%
21%
21%
21%
2134
21%
21%
21%
21%

21%

*18

92

*8834

12

12%

27,100

77

30%

92
100

1134
12%
1584

63

J Seaboard

per

74% Nov 29
% Oct 19

Seagrave Corp
No par
Rears, Roebuck A Co..No par
Servel Inc
1

8% preferred
Scott Paper Co

Lowest

I

share

per

24% Dec 18

Seaboard Oil Co of Del.No par

300

1,000

75

31%
8034

20

5,100

6,500

*25%
17%
*9634
7%

2I84

22%
4%

14,300

29

7%

11,500

210

7%

*25%

96%

%

*37

13%

28

1734

400

7%

*45

96%
7%

6%
38%

13%

48

11

100
...1
100
No par
No par

6K% preferred
JSchulte Retail Stores

1,000

1,200

7%
18%

*45

86

z98

No par
Schenley Distillers Corp.....6

%

Nov 10

1934 Oct 24
70
Dec 22

100
100
100

6% preferred
6% preferred
7% preferred
Savage Arms Corp

$

share

3% Oct 29

No par

75%

13%

17%

Safeway Stores

per

10

100

*4

%

63%

7%

48

18%
96%
784

260

13

434
»4634
18

*100

62%

62

434

484

88%
100

62%

47%

18%

11%

360

101%
16%

88

23%

234

18%

11%

300

334
62%

18%

92%

72%
88%

24

*18

21

71%
88%

%

3

3

6,900

%

7%
20%
*234

20»4

20%

100

17%

7%

1934

71

20%
72%

16

96%

99

20

88

75%

38

38%
%

21%

101

T

*5%

5% preferred

25

15

$

t St Louis Southwestern.. 100

7%

*9

87

75
'

*4%

7%
25

100

25%
'

'70

100

15

15
2534
75%

5%

25

76

*14%
25%
75%
%

14%

24lS

100

*4%
*9

71%

20%

2134

80

$ per share

7%

Par

Shares

25

*11

8012

2134

*4%

7%
25

$ per share

Range for Previous
Year 1936

Lou

Highest

Lowest

Week

24

Dec.

Dec. 23

22

$ per share

$ per share

$ per share

7%

Dec.

On Basis of 100-Share

STOCK

YORK

25, 1937

EXCHANGE

the

Friday

Thursday

Range Since Jan. 1

STOCKS

Sales

NOT PER CENT

SHARE,

Wednesday

Dec.

1,400
100

20%

9%
20%

8,300

26%

26%

2,300

4%

4%

300

45

45

10

7%

7h

4,300

*1%

300

50

1%
5I84

3,900

9

9%

9,800

$6 preferred

82

No par

Truax Traer Coal.....No par
Truscon Steel
10

75

76%

28,628

19

19%

4,600
3,400

*22

23

*22

25

26

26

% In receivership,

23
27
a

Def

500

64,000
dell wry.

4% pref erred

......

Union Tank Car

»

New «t«ck

r

Oct 19

25

Oct 19

Oct 19

22

Nov 24

10*4 Oct 19

.6
r

Apr

74% Nov

14% Jan
10% May
7% Jan

27% Apr
22% Dee

93

Jan

4% Jan
7% Apr
22% June
31% Apr
8*4 May
65% Jan

12
110

Feb

Oct

9% Nov
28

Dec

38% Nov

47*4 NOV

17% Dec

Mar 29

78

100

Oaeh vnie.

Jan 20

61% Nov 23
17% Oct 19
80
Nov 23

No par

United Aircraft Corp

94

9

Union Pacific...........-100

800

Mar 13

17% Jan 22

Oct 19

1% Oct 19
46% Nov 24

Union Carbide A Carb. No par
Union Oil California.......25

87%
8134

50

Nov 23

7

Under Elliott Fisher Co No par
Union Bag A Pap new.No par

86*4
8I84

3

40

No par

77

Mar

26% Mar 8
40% Mar 13

2% Oct 19

1

19*8
87*4
81%

12

25

Twin City Rap Trans..No par
Preferred
100
Ulen a Co

109% Jan 21

7% Oct 16
18% Oct 19

20th Cen Fox Film Corp No par
$1.60 preferred
No par

Twin Coach Co

Dec 15

4% Oct 19

12%
66

Et-dlv.

v

109

Dec

b% Jan 25
100% Jan 8
18% Sept 17

2% June
74% June

102% Deo

Feb 20

"71% "Jan

105% Nov

20*4 Aug
108% Jan
90% Jan
22% Jan
20% Apr

100

111

28% Feb

4

148% Mar 16
99% Jan 13

31% Feb
35% Mar

Ei-nght*

4
5

8%

28%

Jan

Feb

149*4 Aug
June

31%

Feb

32%

Feb

T Ciller L.r redempt on.

Volume

LOW

New York Stock Record—Concluded—Page 10

145

SALE PRICES—PER

HIOH

AND

NEW

Monday

Saturday
Dec.

Dec.

18

7%
*8

*17%
♦113

7%

17%

8%
17i2

♦113

...

38

39%

18%
3%

18l2
3%
32%

18%

7

♦834

*70%

,

fc 5~s
33

3%
3212
678

7

8

17%

40%
1812
334
33i2
7

Dec. 23

Dec. 24

$ per share

$ per share

40%

8

3%
3234
7

39%

40%

187g

187g

33g

3%
32%

18%
3%
31%
6%
8%

32

6%

6%

Q

9

9

9

9

9

*73

77

74

74

*71

32

32

578
3234
56%

534
32%

32%

56%

57%

33

578
3214

6

56

56

*6%

8

8

8

69

70

*164%
7%
*31%

*1

1%

"7%
33

*1

IJ*I%

*6%
8«
71%
*164%
7%

7%
8%

8%
8%

71

74%

"7%

20%

7%
31%
20%
6%
9%

21%

6

6

6%

6%

9

9

9

21

*65

21%

75

9%

*65

75

*65

28%

28%

5%

5%

5%

5%

29%
5%

27%

28%

7%
8%
72%

9%

26%

30

"7%
21%
6%
9%

56

56%

62%

62

63

54%
62%

67

66

66

66

66

58%
5758
10758 108%

59%

61%

109

110

61%
59%
109% 111%

118

119

1.50

150

*4%

4%

2

4%

2

60

2%

4,300

United Drug Ino

8%

1,300

United Dyewood Corp

10%

54

*136

**31

87

10%

10%

No par

9

Oct 19

66% Jan
14% Nov

105% 105%
4%
4%

No par

101

Oct 20

1,000

6%

7

3,000

*70%

75

7%

*1

[

—

7%

30

307g

20%

20%
578

9%

9

75

*70

28%

29

28

47g

5

26%

5%
27%

25%

26%

53%

54%

51%

53

62

62%

62

63

4%
25%
51%
61%

66%

*63

66

63

60

16%
*19%

16%

16%

19%

2058

*97

102

40

*97

40

3-%

40%

3%

U S Freight

No par

5,900

U 8 Gypsum

20
100

-

7%

-

2,400

7%

3%

*56

63

*54

*119

125

*119

2%
3%

3%

*278

5

♦3%

*7%

8

7%

19

*71%

1.8%

19

19%
72%

72%
8%

U 8 Industrial Alcohol.par

6

2,000
2,400

U S Leather

75

—

«

-

-

2%
*37

678

U S Kealty A Impt

No par

26%

U S Rubber.

No par

62

24,000
5,900
2,220

63

300

51%

500

2%
*37

6%

16%
19%
102

40%
4

%
%
32
*19%
17%
16%
197g
19%
*97% 105
40
40%
378
3%
26
107

*3%
*14

*34

*18%
10%
2%
*35

6%

4

11%
18%
14%
25%
2%
*1%
*28%
74%

11%
19%

26

2%

28%

90

90

96%

96%

*31%

24

*85"

15

15

13
*22
*

*85"

24

24

24

105

*80

*14

14%

34%

*32

3434

13

12%
*22%

25

24%
105

*80

26%

2534
27%
111
112%
128% 128%

129

22

90

25

25% 27
108% 111%

*32

90

2534
105

*

12%

25%
*80

62%

58

14%

*14%

10%

10%

10%

10%

*1%

2

*13%
*2%
2%
5%
5%

15

*55

56

15

2%
2%

4%

5

5%

5%

55

55%

12%

12%

13

13%

36%

3678

16%

37%
17%

37%

16%

77

63

63

*45

19%

17%

*10

*178
14

*2%
2%
5

5%
*5434
13%
36%
17%

14%
2%
2%
5%
5%
56

18

18%

14%
26%
2%
1%
287g
74%

*2%
36%
6%

25%
*2%
1%
28%
*74%

16%
4%
*7%
1%
278

2578
26%

14%
*32

12%

60

43%

"

37

*36

90

26%
105

62%
10%

10

10

15

2

5%
5%
56

38%
*73%
15%

*278

39%
76%
15%
3

*73%
15%

*2%




257g
2%
*1%

2%

1%

28

28%

6%

8% Feb

5

5

Apr

84% Jan 11

67% May

58% Jan 20

30

June

39% Mar 11

16%

Apr

28%

Jan
Feb

Oct 19

Oct 19
14% Oct 19
97
Oct 19

16

9%

35% Nov 24
2% Oct 19

Apr

1

Oct 19

%

67%

Jan
July

47g Jan 13
2% Jan 20

% Oct 19

7,900

"""600
1,700
300

26,900
330

Walk(H)Good A W Ltd No par
Preferred
No par
Ward Baking class

Class B...
Preferred

Webster Elsenlohr

No par

Wells Fargo A

Co

1

900

$4 conv preferred

60

West Penn El class

957g

80

7%

110

6%

118

118

118

118

30

132

15

14%
*32

34%

23%
*75

57%
*14%
97g
*10

1%

5%
5%

*54%
127g
36%
17%

110

127g
22%
*

25

24

105

*75

57%
15
10

10%

1%
14

2%
2%
5%

5%

55%
13

367g
17%

*53%
14

9%
10

100
400

1,100
15,400
15,200

24,400
100

1,100

34%
13

2,300
500

22%
...

"70

no

90

24%
+

m +

~

«

200

62%
15

500

7,600

97g
10

400

600

1%

1%

13%
2%
2%
5%
5%
*54%
12%

13%
2%

800

2%

6,200

5%

4,200

5%
55%
12%

7,300

36

36%

13,600

16%

17

900

200

2,800
2,500
10

*28

39

*30

39

44

*43

44

83

84

85

89%

880

59

60

26%

27

597g
26%

2,000
2,100

9%
73%

74%

597g
26%
9%
70%
14%
42%

15

42

41%

41%

43%

76%

75

75

13%

14

2%

3

13%
27g

97g

14
3

*70

137g
27g

9%
72

_

""206

24,900
890

43%

2,500
51,200

76%

100

147g

14%
3

7% pref.100

100

preferred
Maryland

Co—.10
-100

2d preferred

100

Western

*43

14%

6%

Western Auto Supply

38

15%
44%

West Penn Power

1,500

15

105

100
100,

preferred
preferred

2,500

133

105

*85"

80

No par
No par
A.-No par

Wesson Oil A Snowdrift

74

92

16,400
1,900

4%

100

Western Pacific...

6%

100

preferred

Telegraph.100
Westlngh'se Air Brake.No par
Westlnghouse El A Mfg
50
1st preferred
--50
Weston Elec Instrum't.No par
Class A
No par
Westvaco Chlor Prod.-No par
5% conv preferred
30
Wheeling A L Erie Ry. Co. 100
5
conv preferred—100
Wheeling Steel Cor p..-No par
Preferred
100
$5 conv prior pref
No par
WhiteDent'lMfgCo(The 88) 20|
White Motor Co
1.
White Rk Mln Sprctf.-No par
White Sewing Mach...No pari
Western Union

$4 conv

preferred..—No par
Gas
6

2

Oct 16

2% Oct 19
2% Oct 19
6% Dec 15
18

Oct 19

72

44% Jan 20
115
47

Mar

5

May 12

3%

xll0%

Dec 14

40

Apr

10
Woolworth (F W) Co
10
WorthlngtonPAM(Del)No par
Preferred A 7%
100
Preferred B 6%
-100
Prior prel 4H% series...10
Prior pref 4 H % 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
Young Spring A Wire..No par
Youngstown 8 A T
No par
5 4% preferred
100
Zenith Radio Corp
Zontte Products

Corp

No par
1

—

Feb 15

109

xll4%

Mar

Jan

Mar 12

70

Aug

122% Jan 11
10% Mar 16
18% Mar 16

120

8% Nov
Nov

102

Aug

16

Mar 17

19% F*b U
49

Feb

8

9%

Apr

157g

Jan
Jan

MarlO

21

Apr

2% Oct 19
9

Nov 24

16

Oct 19

46

11% Oct 19

38% Feb 19

Oct 19

Nov

12% Dec
49% Nov

44

5

7% Mar

39% Deo

18

Jan

86
Feb
137% June

fli

69% Jan 23
12% Jan 25
35% Jan 16

Dec 16

41% Dec
131% Aug

Jan

1078
2%
47%
9%

26% Dec 22
4% Oct 19

114% May
13% Deo

Apr

Jan
Apr
Apr
Jan
Apr
Jan
Apr

Oct 19

Dec
Nov
Aug
July
8% Deo
68% Deo

30

6%
26%
1778

Oct 19

Oct
Deo

4% Feb

1978 Jan

77g

57

30%
49%
116
48%

10% Mar

Oct 20

2

2%

Jan

5

4% June

17

8
50% Feb 1
10% Feb 26
99% Mar 2

6% Mar

2% Aug

92% Aug 18
18% Mar 11

4%

19%

Apr

6%

June

20

Nov

62

Nov

7% Nov
106

Nov

18% Deo
69

Deo

12% Deo
38% Deo
37% Deo
39% Deo

60% Aug 10

2% Oct 19
1
July 15
23% Oct 19
73% Nov 20

9% Feb

1

2% Jan

6

56

Mar 17

84% Feb 4
Aug 26

1

Aug

33% June
78

Feb

116%

Jan

Jan

116% Deo

8%

Apr

12% Feb
23% Sept

Feb 11

96

Jan

76

Oct 23

103

Aug 26

87

Feb

16

Oct 19

2% Oct 19
5% Oct 19
1

Oct 15

123% Mar

11% Mar

5

23% Mar

6

4% Mar 17

1% Oct 19

11% Mar 17

23% Dec 14
17% Oct 19

83% Jan 22

87% Nov 23
113
Oct 18

167% Jan 22

10% Oct 19

30% Jan 22
39 May 6

31% Nov 19
10% Oct 19

57% Mar
170

6

Jan 22

27% Feb 23

70

Dec 17

3478 Jan 7
115
Apr 13

90

Dec 10

126

21% Dec 16

19

Oct 19

75

Nov 23

57

Dec 15

65

Aug

6

Mar 11

8% Oct 19

126% Aug 14
90% Aug 31
23%May 15
33% Feb 16
1878 Jan 25

1% Oct 19

6% Mar 22

Oct 19

46% Jan 4
6% Jan 25
5% Sept 7
12
Sept 7

14% Oct 19
6

11

Oct 19

47g Dec 20

107

111%

109

9

Feb
Jan

9

108

Oct 20

117% Oct 19

2%

52% Deo
83% Deo

115% Jan 8
29% July 12

Jan

Oct 25

110% Apr

"ii%

Sept
Apr
Sept
124% Sept

91%

84
88

1% Oct 19

Woodward Iron Co

115

4% Jan
28% Aug

51% July 15

2% Dec 21

100

6

Oct 19

Willys-Overland Motors
1
6% conv pref...
10
Wilson A Co Ino
No par
preferred

6

Oct 19

3%

Wilcox OH A

$6

12% Apr

74% Apr

32

20

100

1,800

2

1

Wayne Pump Co

Dec

117% Feb

33

74

133

5

__

No par
J Warren Bros
No par
$3 convertible pref.-No par
Warren Fdy A Pipe
No par
Waukesha Motor Co
6
$3.85 conv pref

88

105

A—No par
No par
100

Warner Bros Pictures

*87

*85"

-No par

Walworth Co

*90

75

*75

No par
% Pref with warrants 100

95

*

No par

Co...

Walgreen

87

*32

100
100
100

700

60

10%

52

600

II,100

100

44

113

100
100

Detlnnlng

1%
28%

112% 112% f*112% 113
16
16
16% .16%
*4
4
4%
4%
8%
*7%
8%
*7%
1%
1%
1%
*1%
2%
2%
2%
2%
25% 26%
24% 25%
27
25% 27
26%
106% 109
106% 109

18% Oct 19
105 June 29

100

preferred

5%
Vulcan

87

14%

100,

8

*93

*130

No par

Chem

preferred

6%

2%

*45

*28

Va-Carollna

*86%

74%
92

15

15%
278

1,100

2,200
2,500
4,500

75

13%
278

900

18%

15%

16%

10

14%
26%

10%

76%

5

Vlck Chemical Co

Preferred

14

77%

*73%

60

18

27

4078

....100

1st preferred

zl0% Dec 16

Virginia Ry Co 6% pref—.100

10

14%

26%
97g

76%
3

"l'.eOO

5

Van RaalteCoInc

7%

38

*63

60

'41%

500

37

60

83

40

Apr
Oct

Vanadium Corp of Am.No par

27g

100

59%

16

11

*45

60%

10%

Oct 25

160

9

10

187g

*63

85

80

Oct 19

131

5

6,400

73

60

60

9%

1

46

9

Jan

9% Feb

Apr

43

100

79

15%

Mar

169

Aug

19%

*45

79

77%

136

Dec

^Utilities Pow A Light A
1
Vadsco Sales
..No par
Preferred
100

18

2%
2%

60%

16

Oct 22

Apr 29
278 Oct 19

147

Apr

79?g

4,100

25%

*12%

77

10

114

75%

154% Nov
144
July
168
July

Nov

600

2%
2%

60

80

Jan

92

4,800

13%'

61

16

115%

165

4%

24%

79

27

Jan 22

150

115

13%

13

10

13%
2%
2%
5%
5%
*54%

6%
*34

23

43

25%
978
76%
15%

Jan

Jan

4

12%

*77

25%

Jan

46%

Mar

13

23

*42

25

68%

50

7%

37

6%

13

44%
87%

43%

Mar 11

75% Jan 18

126%Mar 11

153

5% preferred A
6% preferred B
Waldorf System

*63

*28

105

48% Nov 23
100% Oct 19

Jan 18

4

*85%"

34%

177g

*45

103% Nov

Feb 18

Jan 19

12

*1%
28%
74%

14%

13%

36

72% July

118

Jan 21

137g
25%
*2%

27%
133

36%

60

Jan

45% Nov 23
52% Nov 23
63
Oct 21

108

18

26%

17%

*45

47

49% Nov
101
Nov

29

3,100

*18%
10%
2%

35

3%

16%
4%
8%
1%
27g

13

*28

Jan

Universal Pictures 1st pref.100

5

7%

Dec

Apr

"""130

3%

7%

Dec

19%

7%

16%

9

May 17

tWabash Railway

43

6378

Jan

19% Jan 12

72% Mar 31

72% Mar

86

"3",300

73

7%

40

12

108% 111%
133

72

42%
187g
10%
27g

35

119

36%

*45

3%
20

21%

Oct 18
Oct 19

24

2i

2%

*19%

193g

Jan
Jan
Sept

164

preferred

7%

7%

104

Nov 29
Oct 20

Universal Leaf Tob

2%
3%
*3%

5

Apr

97g

Nov 26

*110% 118

2%
3%

*35%
6%

112% 112%

13%

37

24%

2%

90

37%
17%

60

*24%
9?8
*76%

7%
42%
*183g
10%

8

*10%

*10%

*178

2

*45

*37

72*

73

*53%
*14%

10%
10%

*30

60%

19

19%

42%
187g
11%
278
37
6%
3434
37g
11%

25%

15

10%

2%
5%
5%

*7%

*80

58

14-%

10%
10%

*2%
2%

7%

105

26

15

*14

7%

"96"

105

62%

278

3%
*3%

*23

90

10%
*10%
*178

2

3%

3%

105

~90"

*59%
*14%

*60

3%

119

24%

Jan

4

119

1%

71

Mar

*118

3

Mar 30

112

98

87

3

18%

135

119

*1%

Aug

9

94

1%

10

Oct 23

87%

3

15% Mar 13
22% Mar 17

6% Oct 19
65
Dec 14

Apr

87

8

69

May

93

8

20% Nov
62% Nov

4

96

8%

Jan

14

2

Jan

39%

125% Nov
169% Feb

31% Aug
4% Oct

9

5

2%

23% Nov

Aug

87g
49

Mar 22

43% Feb

7

88

4%

70

May

Jan

96

4%

160

23% Mar 22

16% Oct 19
3% Oct 19

Oct 19

3

12% Jan

87

4%

Feb 10

37

90

*7%
1%
*2%

13

105

90

4%

3434

22

287g
74%

113% 113% *112% 113
16%
16%
16%
16%

"15"

*12%

90

3

Feb

172

Oct 20

97%

*127

*13%

*

74%

26%
2%

137

53

Dec 20

3%

15

24% June
80% May

3478 Jan 13

Nov 23

154% Nov 4
6% Oct 19
30
Dec 23

3

14%

4

Apr

Virginia Iron Coal A Coke. 100

34%

34

Jan

20% Jan 19

Va El A Pow $6 pref—No par

*72

4%

Nov

5

10

50

7%

34

100

Jan

110

3%

10%
27g
41%
67g

"20" "Feb

Jan

2

*106% 107
*1067g 107
*105% 107
3%
4%
3%
*3%
3%
3%
*13
14
*13
14
15%
15%

5

187g

Apr

91

20

2

73

4% Oct 20
5% Oct 19

13

3

3,500

2%
3%

Jan

3% Jan 28

3%

*110% 118

19%

113% July

47

125

7%

100% Feb

24%

*119

3%

24% Mar

Nov 23

% Oct 19

40

125

*3%

9

6% Dec 15
70

*3%
24%

3%

24-%

*110% 118

34%

28%
74%

109

par

Jan

8

40

40

*3%

24%

*119

7

28%
73%

40

3%

125

45

90

107

No

1

109

16% Feb

Doc
Nov

135

20

*119

1%

*127

Stockyards Corp

Jan 14

1137s Jan 14

8%

100

*97% 105

125

2%

3

73%

235s
24%

No par
100

S Tobacco
Preferred

17

Mar

No par

16%

*119

18%

*1%

*19

20
*19%
*97% 105

25%

z7%

1%

*19%
16%

40%

41%
*18%

2%

1%

U

8%

32

16%

32

3%
24%

8%

25%
2%

278
24%
24%

100

Preferred....

16 conv pref. A

%

40

41%

90

*758
*1%
278

100

United Stores class A ..No par

60

14%

4%
8%

50

Preferred

U 8 Steel Corp

United

2,600

%

*54

19%

16

20
105

72%
8%
41%

14%

4%

..100
50

2,300

i%

60

8%

19

16

20

72%

1478
25%

113% 113%

16

19%

19%

*118

*19%

17

19

*14%

87

32

16%

19%

*19

119

*19%

*97

1

1%
%

%

%

*10%

*54

7%

*10%

*85%

16

1

1%

11

52%

60

12

*118

4%

107g

*54

3%

12

97%
*85%

11

58

5

12

25%
*2%
*1%
28%

8% 1st preferred
U S Smelting Ref A Mln

2,500

60

56

2%

38

4%

26%
107

*110% 118

59%
125

*33%
4%

4%

20

20

31

11%

7

100

U 8 Pipe A Foundry

7,400

31

*10%

45

-

5,300

4%

31

1878

2%

Prior preferred..

31

10%

1058

No par

Partic & conv class A .No par

30

41%

40%

50

9,400

1,100

8%
40%
*18%

4058
*18%

Corp—6

5H% oonv pref

800

21

I,1001 Universal-Cyclops Steel Corp 1

16
15% *14
*110% 118
*110% 118

2%

U S Hoffman Mach

30

11

F*14

3

preferred

28%

*35

60

100

prererred

50

26%
24%
24%
24%
*105% 107
*10558 107
4
3
3%
*3%

2

*35

Conv

9% Mar 11

3% Oct 19

No par

2,600

-

60% 151,700
59%
4,400
107% 107%

58%
107% 109

100

120

9

29%

No par

$6 first preferred

7%

-

7%
*28%

21

*70

USA Foreign Secur

72%

707g
*165

10

6%

7%

7%

-

preferred

U S Dlstrlb Corp

1%

6%

72%
-

$5

United Pa per board

200

1%
6%

United Gas Improvt

100

140

%

June

86% Mar 19

50

19%

July

Oct 19

Fruit

*136

%

20

4

Feb
29% Aug
105

52

United

140

19%

%

*%
*19

Jan

No par

57g

1

Jan

5,300
26,600

87g

31

15
93

Feb

57

52

1%

26% Apr 19
106% Feb 26

6% Oct 19
Dec 22
2% Oct 19

74

9%

16%

56%

*136

33

4878 Aug

57%

54

1

Apr
Apr

10% Apr

50% Nov

140

*30%

8

32% June

*54

1%

Mar

2

*136

34%

16

Jan

63

55g

11

Oct 19

5

35% Nov

Oct 19

56

11

8% Jan 14
4678 Jan 14

2

Jan

24

140

11

Oct 19

25% Oct 19

96% Nov

22%
6%
40%

Mar 17

Jan

6

5%

56

*31

1

10
100

Preferred

*136

1

34%

5

55

11

5412
*136

140

No par

33% Nov

68

3

6

9%

60

No par

preferred

Feb

United Eng & Fdy

6

*35

60

$3

140

11

10%

53

*35

United Corp

30

4-%
60

*35

35

6%

3%

150

*24

18% Dec 18

32%

119

*145

United Carr Fast Corp No par

1,200
36,100
4,900

120
120
119
119
*120% 128
*118% 120
*143% 148
*143% 148
*143% 150
*143% 150
4%
4%
4%
4%
4%
4%
4%
4%
2
2
2
2
2%
2%
2%
2%
2%

*115

91

117

United Electric Coal Cos

207g

61%

36% Dec 17

Oct

1,000

9%

59%

18%

No par

United Carbon

37% Nov

111

2,100

*165

7%

109% 110

Oct 15

25% Sept

32

*63

55%

62

27

72%

75

110

Jan

16% Apr
24% Mar

5%
*31%

6

47g

100

13

24% Jan 12
31% Feb 10
30% Jan 11
117% Feb 6

57g
317g

6%
7%
70%

31%

29

Oct 19

Highest

share $ per share

82

*1

8%

*70

Oct 19

per

*71

20%

75

7

15

\

share

57

8

....

7%

30

55
*66

27

8

71%

31

31%

5%
27%
56%
62%

26%

*6%

4,700

40

6% Oct 19

No par
No par

United Biscuit

per

5%
31%

57g

1%

*1

*165

*164

33

*31

.ill1:

1,400

5

$

$ per share

82

57%
5578
56%
10%
10%
10%
10%
10%
1058
10%
10%
10%
10^8
106
*105
106
*105
*104 « 105% *104% 106
♦102i2 106
:
4%
4%
4%
4%
*4%
5
478
k4%
434 .0 47g
7
6%
7%
6%
7
7
67g
7%
634
7
70
a70
70%
a70%
*70
75
*69
75
*70^
75
♦1

Un Air Lines Transport

United Amer Bosch

-

Preferred

19%
3%
33%

81

Q

Par

Lowest

Highest

Lowest

*113

40%

7

M

17%

Year 1936

100-Share Lots

EXCHANGE

12,700

8

39

*70%
578

9

81
57S

17%

17%

17%

7%

7%
*7%
17%

7%
8

*77g
*113

39%
187S
3%
31%
6%

4H4
19
334
33
7%

7%

7%

*113

*18%

On Basis of

8TOCK

Shares

17%

17%

YORK

Week

7%
*778

778

*7

*113

..

38

32

7%

7i2

*7i2
17%

7%
9%

the

$ per share

$ per share

$ per share

$ per share

Friday

Dec. 22

Dec. 21

20

Thursday

Range for Previous

Range Since Jan. 1

STOCKS

Sales

NOT PER CENT

SHARE,

Wednesday

Tuesday

4081

12% Feb 27

4% Oct 19
52
Nov 29

91% Mar

12% Dec 14
Oct 19

65% Jan 20

12

Oct 19

47

Jan 22

Apr

178 Nov
6% Aug
72% May
34% Jan
94% Jan
123% Jan
22% June
36% Oct
19% June
31% Nov
99

34

4

Feb

97g

Feb

96% Nov
X6078 Deo
153% Oct
160

33%

Oct

Jan

39

Jan

32

July

35%

91
Jan
July xl20

Oct
Nov

Oct

21% July
84
July

3978 Deo
109% Feb

Feb
Apr

28% Nov
17% Nov
6% NOV

Apr

43

18%

13% July
3%
16

2%

Jan

Nov

5% Mar

6% June
June

11

Jan

87

Jan

44%

Apr

71

Nov

23%

Apr

66

Apr

36%
86%

Deo
Deo

47

Jan

80%

Oct

13% Dec 13

35

15

110

102

54% Oct 20
40

Oct 19

2

112% Mar 25
100
MarlO
40% Dec

1

44

Dec 22

54

Nov

5

38

Oct 19

70

34% Nov

3

Jan

140*4 Sept

128

Mar

6

62%

58% Oct 19

76

Jan

7

63

Aug

79

Feb

22% Nov 22
7% Oct 19

62% Jan 27

33%

51

Nov

37% Feb 16

8%

Apr
Jan

Jan 23

83%

Jan

70% Dec 24
14% Dec 23

142

34% Nov 24
70
Oct 25

1017sMar

12

2%

Oct 19

Oct 19

46% Feb 15
115

6

Jan 27

43% Aug 31
9% Jan 16

42% July
41% Jan
105
Jan
11%

Jan

6% July

23% Dec
163% Doc
55

Apr

87*4

Oot

122

Aug
42% Nov
9% Jan

4082

Dec.

25,

1937

YORK STOCK EXCHANGE
NEW

Record,Bond
Friday, Weekly and Yearly
NOTICE—Prices are "and Interest"—except for Income and defaulted bonds.

Cash and deferred delivery gales
the only transactions of the week, and when selling outside of the regular weekly range are shown in
account is taken of such sales in computing the range for the year.

are

unless they are

occur.^No

Week's

Friday

!i

BONDS

Y. STOCK EXCHANGE
Week Ended Dec. 24

1ST.

Last

Range

Sale

*1

Price

Bid

c

Low

High

Since

c

BQ&5
No.

BONDS

Range

Is

Asked

dk

N.

Inter st Period

STOCK

EXCHANGE
Ended Dec. 24

Week

Jan. 1
Low

Y.

O

15 1947-1952 A
16 1943-1945 A

Treasury 3*8—June

16 1943-1947

Treasury 3s
8ept
Treasury 3s
June
Treasury 3*8—June
Treasury 3*8—Mar.
Treasury 3*8—June
Treasury 3*8—Dec.

16 1951-1955 M S
15 1946-1948 J I)

104.2

15 1940-1943 J

106.7
107

Treasury 2*8.. .June
Treasury 2*8—Sept.
Treasury 214s.-.Dec.

116.27

AT 113 16121.14

A

107.4

107.11

37

M N

112.1

112.10

100

J

D

110.19

110.22

107.14

107.14

103.28

104.6

147

105.1

105.6

106.3

106.7

106.29

56
2

104 .2

109.26

109 .12115.20
107 12114.9

Mar. 15 1944-1964
May 15 1944-1949

3s

J

Copenhagen (City) 5s.

.

—

.

.

-

D

F

Nl

30

102 .10107.30

F

A

7

104 .20107.27

J

J

107.3

37

54

54

13

51

80

83

84

6

83

99

♦Costa Rica (Rep of)

18

36*

102 .24108.18

Nl

S

♦101*

104 .24108.24

F

A

103*

103*

104

109.25

F

*95

101

99

104.30

J

J

100 .18106.16

J

D

101*
66*

103*
71*

1951 A

O

103

3

A

O

103*

103*
103*
105*

49

102 .20 108.24

58

102.1

205

103.27

110

101.26

102.5

156

99 2

104.16

101.7

100.28

101.7

186

98 4

101

100.24

98

101 22

-

59

101

99.17

99.29

175

102.18

252

103.28

2

103.17

28

103.19

103.26

7

*102

102.20

103.16

101. 27102.18

Czechoslovakia (Rep of) 8s

A

J

External gold 6 Ms

J

F

A

O

101.7

.

.

.

M

105.23

IVI

104.10

A

M

S

99.24105.3

101.21 101.8

101.21

83

98.28103.2

101.7

101.7

98

98.16102.31

17*

O

A

(Republic of) 7a

20

30

100

100*

4

97

101

*16

100

20

—

.

J

J

6

6*

30

6

6

6*

26

6

6*

11

6

20

^External a f 7s aeries D

1945 J

J

6

6*
6*

33

6

20*

5M
5*

French Republic 7 Ms stamped. 1941
7 Ms unstamped
1941

sec a

♦External

sec s f

O

5*

5*

11

f 7s 2d series. 1957 A

O

5*

5*

5

7s 3d series. 1957 A

O

Antwerp (City) external 6s
1958 J
Argentine (National Government)—

99

1971 M N

96*

1972 F

A

88*

8 f extl

1972 A

O

88*

loan 4s Apr

Australia 30-year 5s
External 6s of 1927

....1955 J
1957 M

External g 4 Ms of 1928

Austrian (Govt) a

J

1957 J

95*
87*
87*
104*
104*
99*
103*

104*

S

......

1956 IVI N

l7a_.

99

1

5*
97

Belgium 25-yr extl 6 Ms
External

a

f 6s

100*

J

1945 F A
1949 M S
1955 J

External 30-year s f 7a

a f 6

1955 J

D

Ms of 1927... 1957 A

♦7s (Central Ry)

1952 J

Brisbane (City) s f 6s

1957 IVI

Sinking fund gold 5s
20-year s f 6s

..1958 F
1950 J

♦Budapest (City of) 6s
...1962
HBuenos Aires (City) 6 Ms B-2.1955
♦Buenos Aires (Prov) extl 6s... 1961
♦6s stamped.
1961
♦6 Ms stamped
1961
Extl

f

4Ms-4Ms
Refunding a f 4*8-4*8
Extl re-adj 4*b-4*s
Extl a f 4*b-4*s
8% external a f $ bonds
a

J

s

f 7s

D

107*
20

16(5*

105*
96

96

....

Canada (Dom of) 30-yr 4s
5s

♦5*s of 1930 stamped..—
♦5 Ms unstamped

J

D

7-year

21*

O

21*

D

20

S

♦Farm Loan

♦Farm Loan

a
s

88* 103*

J

79

80

95*

f

55

59

3

59"

82
81*
81M

61

81

20*

7

19

44

2

40

7

99

3

107*

1

20

106*
98*

14

27

113

7
1

98

26

60*
100*

105* 109

17*
25*
124*
92* 119*

102

105* 130

25*
22*

99

212

2tM

124

6

18*
21*

....

31*
28*
25*

30

"31"

"31*

40

20*

30

25*

2

23

30 M

1

23*
29*
29*

42
32*

46

104*

31
11

98

20*

9

D

104M

115*

39
3

....

4

26

18M

25 M
25

24

112

21*

122

21 *
18

21*

117

18

47

20*

30

20*

100

2

7

102

2

21*

22*
100.21
106

80

25
....

.....

80

2

18

18
47 M
97* 103 M
97* 103M
99 * 105M

21H
100

33 M

102 M

97 * 106 M
80

34

26*

26*

10

25

35*

25*

26*

17

25

28

Helslngfors (City) ext 6 Ms
196(
Hungarian Cons Municipal Loan—

51

78 *
63 M

92

69*

A

69

69*

15

64

85 M

O

69*

70*

20

65 M

86 M

O

92*

95*
19*

J

O

J

J

s

19

17

15*

105*

18

18*
18*

4

18

18

18

2

17*

18

1

a57*

2

18

A

a57*
*114*
78*

D

"so"

S

80

J

62*

Japanese Govt 30-yr sf6Ms—.1954 F A
Extl sinking fund 5 Mb
1965 Nl N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O

71*
63*

♦Leipzig (Germany) s f7s
1947 F
Lower Austria < Province) 7*s_1950 J

92* 101*

18*
18

IVI N

Italy (Kingdom of) extl 7s
1951 J
Italian Cred Consortium 7sser B,'47 IVI
Italian Public Utility extl 7s... 1952 J

1

7

1960 M N

f 5s

8

....

105"

~l05~"

Nl N

F

Irish Free State extl

19*
*

J

J

♦Hungarian Land M Inst 7 Ms.1961
♦Sinking fund 7 Ms ser B
1961

A

"19*

9

....

80

33

104

17*

18

47*
111

25

20 M
107

30*
30*
30*
27*
02M

115*

65*

93 M

80

82

8

05

94

*60

63

16

57

82 M

71*

80*

62

63

67

67* 100 M
52*
89*

42

42

2

22

....

*

A

"98*

98*

6*

D

6*
3*

144

2

29*
19*
95

43
26
100M

93M

68*

F

A

s

1976 F
..1976 A

80

1
——

"26*

O

J

59 M
47M

20

100

*80

s

A

109 * 118M
99
103 M

*100

IVI

25 M
105 * 111

18M

a99*

J

29
35
.....

20*

FA

110

101* 110H

s

35

99 M 103M

104*

D

*29

104* 110M

5

100*

27

102

29

94 M

104

J

1977 IVI

*70

69*

.

.

.

.

.

....

84*

♦Medellin

D
(Colombia) 6 Ms
1954 J
♦Mexican Irrlg assenting 4 Mb.1943 M N
♦Mexico (US) extl 6s of 1899 £ 1945 Q
J

*2*
*

5

8
....

6*

17

2*

8*

5*

6

3

8
11*

13

3

11*

4

"3*

11

....

71*

71*

9

67

88

1984 J

53

53

1

48 M

65 M

J

1968 M
1960 A

J

31*

N

O

112*
100*
100*

J
J

♦Farm Loan 6s ser A Apr 16 1938 A
♦Chile (Rep)—Extl a f 7s
1942 M
♦External sinking fund 6s
1960 A
♦Extl sinking fund 6a...Feb 1961 F

♦Ry ref extl a f 6s
Jan 1961 J
♦Extl sinking fund 6s..Sept 1961 M
♦External sinking fund 6s
1962 Nl
♦External Blazing fund 6a... 1963 IVI
♦Chile Mtge Bank 6 Ms
1957 J
♦Sink fund 6Mb of 1926
1961 J
♦Guar a f 6s..
1961 A

S

33*

10

22

33 M

99*
93*

a56*

J

33 M

100

94*

1954 J

1950 M

21M

112*
99*

......

1987 J

Oct 15 1960 A

14

107*

J
J

33*

32*

33*

55

108*

30

104 M 110M
109 * 114M

112*

21

100*
100*

31

97

22

96 M 103M

99*

7

98

99*

94*

40

91

95

a56*

4

45

60

101M

♦Assenting 5s of 1899
♦Assenting 5s large..
♦Assenting 5s small

1946 Q

3

3

♦48 of 1904

1975 M N

6a..July 15 1960

♦Guar sf6a

8

101

24*

25*

M N

80

99

D

1944 J

f 6s

59

25

AO

26

99*

A

A

30-year 3s
♦Carlsbad (City) a f 8s
♦Cent Agric Bank (Ger) 7s

63*

101

22

68

104*

18*
21*
19*
19*
19*

24

O

...1961 J

2Mb...

82

4

*20

104*

20

D

Aug 15 1946 F

3*s_._

59*

64

113

"161"

1965

88*
88*

113*
a99*

114*

1952 M N

10-year 2*»

25-year

....

59

99

J

96*

.

108

IVI

1967 J

♦Stabilization loan 7 Ms

82*

44

Y6

10M

Bulgaria (Kingdom of)—
♦Secured

79

63*

1

65
70

"26"

102

103*

Bergen (Norway) extl s f 5s...1960 M S
♦Berlin (Germany) a f 6 Ms
1950 A O
♦External sinking fund 6s
1958 J D

♦External

97* 101M

79

German Govt International—

17M

20*
*106*

J

♦Brazil (U 8 of) external 8s
1941 J
♦External a f 6 Ms of 1926...1957 A

104* 107*
100* 103 M

45

*

"26*

J

A

♦Bavaria (Free State) 6*8

71*

47*

103
105 M
103* 105 M

German Prov A Communal Bks

8 f external 4 *8
8 f extl conv loan 4s Feb
conv

2

5*

5*

D

1

101* 105

10

59

......

16 M

♦External

11
331

35

55

55

S

J

20

J

6*

....

45

65

Nl N

20*

J

7s 1st series....1957 A

100* 105*
101
104*
97* 102

101*

*

O

J

I.

30

1945 J

a f

3

100*

"63*

A

M

5

17*

1945 J

♦External

....

99*

O

7s series C

f 7s series B

....

100*

79

O

101

17*

104*

105*
alOl*
100*

S

99.6

103.17

100.29

"71*

S

101.8

103.17 103.2

O

8 f

1

18
.

90

106.10

100.11105.17

A

.

1963 IVI N

18

77

103.18

96 6

1951 M N

7s

103.17

.

Estonia

♦Antioqula (Dept) coll 7s A...1945

93

1

107

.

A

1948 A

96

10

99*
97*
82

43

J

♦Gtd sink fund 6s

58

31

30*
30*
101M
100M

97*

157

107.6

.

...

s

1947 F

18*

107.4

103.17 103.2

J

18*
18*

105.24

101.24

.

99.26

A

1
1
5

105.31

102.5

IVI N

1942-1944 J

18*
18*

104 .24108.24

102.18 102.10

J

18*
99*
97*

22

103.20

»

102.1
.

8

♦Gtd sink fund 6s

b

High

20

18*
18*
18*
98*

......

A

Agriculture IMtge Bank (Colombia)

♦External

Low

High

83

106.28

Govt. & Municipals—

♦External

Since
Jan. 1

~~54~~

Ml N

101

A

1 1939-1949 F

Akershus (Dept) Ext 6a

Bonds Sold

82

104 .28110.18

M N

Foreign

Range

Asked

105.21

D

Home Owners' Loan Corp—
3a series A
May
1 1944-1952 IVI N

2*s series B..Aug.
2Mb series Q

dk

106.30

107

D

1 1942-1947 IVI

Mar.

A

105.23

..

.

D

16 1942-1947 J

—.Jan.

2*s

O

F

Federal Farm Mortgage Corp—
3a

Bid

Price

Low

116.24

15 1949-1953 J
Dec. 15 1945 J

Treasury 2*a

Friday

High

107.9

O

15 1941-1943 M S
15 1946-1949 J D
D
16 1949-1952 .)
Aug. 16 1941 F A
16 1944-1946 A O
15 1956-1960 M 8
15 1945-1947 M S
15 1948-1951 M S
15 1951-1954 J D
16 1956-1959 M S

Treasury 2*s
Mar.
Treasury 2*S—Sept.
Treasury 2 Mb... Sept.

Range or

Salt

y

D 112.6
15 1944-1954 J
16 1946-1956 Nl S

Treasury 3*0—Apr.

Week's

Last

which they

Foreign Govt. & Mun. (Cont.)

Treasury 4*s.._Oct.
Treasury 3*s
Oct.
Treasury 4s.Dec.
Treasury 3*s.._Mar.

Treasury 3*s

disregarded in the week's range,

footnote In the week in

Friday

or

Friday

(J. S. Government

3*8

a

1954 J

D

.....

.....

1954 J

D

2*

2*

21

2

3

3

18

2*

9M

2*

2*

33

1M

9

♦Assenting
♦Assenting
♦Assenting
♦{Treas 6s

3

4s of 1904
4s of 1910 large
4s of 1910 small

2*

of *13 assent(large) *33

♦{Small
Milan

J

Y'j
J

*

J
J

♦Sec extl

s

65

62

65

36

59

11*

10*
10*
60*

11*

28

10*

♦Sec extl s f 6 Ms
♦Montevideo (City) 7fl

34

...1959 M

1952 J

S

D

10

32 M
26 *

54*

34*

17

26 M

40 M

♦6s series A
1959 M N
New So Wales (State )extl 5a_.1957 F A
External s f 5s
...Apr 1958 A O

33

O
N

O

33
.

.

.

—

.

.

*

16*

A

16*

J

16*
16*

S
8

N

16*
......

D
D
O

14*
14*
14*

34

10

30*

48 M

Norway 20-year extl 6a

16

16*

36

12

16*

92

12

25 M
25

20-year external 6s

15*
15*
15*
15*
15*
15*
13*
13*
14

16*

81

16*

110

16*

21

12

25

12

24 M
24*
24*
24*
21*

11M

18

12

16*

52

12

14*

40

10M

14*

55

11

14*

37

37

16*

9*

21*
21*

13*
13

8

33*

40

9*

1958 Nl

f 6 Mb

34

12

AH
2*

9

O

33

35

4

6*

A

(City, Italy) extl 6Ms... 1952

J

35

....

82

Mlnaa Geraes (State)—

O

......

*1*

3*

External sink fund 4Mb..
External s I 4 *s
4s

a

f ext loan

1943 F

A

...1944 F

A

1956 M

S

1985 A
1963 F

Municipal Bank extl s f 6a.—1970
♦Nuremburg (City) extl 6s
1952
Oriental Devel guar 6s.
Extl deb 5 Ms

Oslo (City) af 4Mb
Panama (Rep) extl 5 Ms
♦Extl s f 5s ser A

1962 IVI N

13*

14*

11*
33*
20*

12

3

9*
8M

22

♦Chilean Cons Munic 7i
1960 M S
♦Chinese (Hukuang Ry) 5s
1951 J D
♦Cologne (City) Germany 6 Ms. 1950 IVI B
Colombia (Republic of)

33*

2

33 M

1

18M

26 M

13*

119

♦Nat Loan extl

s

78

12*
12*

38

13*

38

♦Nat Loan extl

B f

F

"l06*
...

"104*

1955 A

76

57*

1

50

68*

101

4

100

105*

101

3

100

105

106

106*

4

106*
104*

107

10

104*
103*
102*
102*

40

104* 108*
105* 109
101M 100 M

103

"161*

101*
102*
20

58
55

O

1953 J

33

101

......

A

1953 Nl S
1958 M N

10*

58*

101

O
A

D

6
2

D

58

54*
101*
103*

20

62*
58*
102

104*
42*
41*

10

99* 104*

30

95* 102*

3

102* 104*
17
25*

1

22
37
4

18

52*
47*

85

79*

97* 103M
103

107

54

85

73

20*

J

57*

"101"

10*
61

♦6s

of

♦6s extl

1928
a

Oct 1961 A

O

Jan 1961 J

f g

J

13

13*

12*
12*

21*

♦Stamped
♦Pernambuco (State of) 7s
♦Peru (Rep of) external 7s

1
For footnotes

see

page 4087.




1947

M

S

41

10*

6s 2d ser..1961 A

D

""9*

O

9*
64*

1940 A

O

1947 A
1950 J

O
J

9*
12

..1959 M S

f 6s 1st ser.. 1960 J

♦Poland (Rep of) gold 6a
♦Stabilization loan a f 7a—
♦External sink fund g 8a

*38

1963 Nl N
1963 Nl N

9*
9*

....

13

39*

21

9*

76

10*
12*
11*
11*
65*

68

9*

26

45

9*

26
65*

20

11

30*
28

39

47

80

78

80

35

60

80

62*

60*

62*

54

45*

64

62*

Volume

145

New York Bond Record—Continued—Page 2
Friday

BONDS

N.

Y. 8TOCK
Week

Last

EXCHANGE

Ended Dec.

Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City of) 8s
1961 J
♦Extl loan 7Hs.
1966 J
Prague (Greater City) 7 %B
1952 M N

Bid

1946 A

O

1953 F

Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A
♦6s extl s f g
1968 J

96

35

20 %

21

1

19H
108H

108

12

109

1

♦24

O

♦7s extl loan of 1926
♦7s municipal loan

9%

20 %

106

113

Big Sandy 1st 4s
Boston A Maine 1st 5s A C
1st M 5s series II

14

14

12H
9H

11

56

10H

10

11

35

"69"

11

♦Saarbruecken (City) 6s

1953 J

J

♦20 H

30

Sao Paulo (City of. Brazil)—
♦8s extl secured s f

1952 M N

11

12

1957 M N

11?*

10H
9H

11%

1936 J

J

16M

16H

19

J
1950 J
1956 M S

13H

13

14?*

40

9%

33

10

82

38 %

11H

32 H

7

69

10H

32H

60

83 H

25 H

43

20H

27

10

10%

44

9H

35%
34%

7

16%

44

38

12%

1

San Paulo (State of)—

.

♦6s extl Dollar loan

Secured

s

g

12%

11

12

16

10

34 H

50

37

45 %

98

5

6Hs

O
D

♦19

19 H

25

1946 J

♦Saxon State Mtge Inst 7s

♦Sinking fund

12H
11X
47

"l2~~

43H
35%

1968 J
1940 A
1945 J

f 7s

D

*19

22

25

J

Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962 M N

1962 M N

♦7s series B sec extl

♦Silesia (Prov of) extl 7s
1958 J
♦Slleslar Landowners Assn 6s..1947 F

D

50

Syria (Province of) 7s
Sydney (City) s f 5 Ha

1946 F

A

Taiwan Elec Pow s f 5 %a
Tokyo City 5s loan of 1912

1971 J

J

22%

18H

23%

18?*

J

'106%

99?*

O

92%

92 H

O

122

47%

90

56

48

91H

46%

33

42 H

85 H

{♦Boston ANY Air Line 1st 4s 1955 F A
J {♦Botany Cons Mills 6 Ha.—1934 A O
♦Certificates of deposit....

9H

9%

10%
8%

17

1st g 4?*s series JJ

Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3?*s__1966 M N
Bklyn Manhat Transit 4Ha...l966 M N
Bklyn Qu Co A Sub con gtd 58.1491 M N
1st

5s

1941 J

stamped

Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s

1945 M N

1957 M N
F

J {♦Burl

33

56 %

40 H

57

♦Certificates of deposit...
{Bush Terminal 1st 4s
Consol 5s

31H
103?*

28

31H

90H

98 H

101 %

106

57 %

16

49

78 %

52 H

3

49%

61

8

50

80 %

102

5

99% 103

♦Warsaw (City) external 7s.-.1958
Yokohama (City) extl 6t.
1961

F A
J D

♦

107

102H
68H
91H

deb 6s

102

101

D

1st

4s series B

cons

J
J

3

45

72

"23
120

9%
9%

8

9

32

15

7

31

85%

with

6s

46H

50 %
50

51H

14

47

70H
70?*

Guaranteed gold 6s
Guar gold 4%b

51

48

47

78

83H

To

88

100H

57

099 H
60

39

39 H

60

60

64 H

38

51H

86 H

*65

99H

99H

60

60 H

55

80

52 H

55

59H

55

109?*

90

90

90

89 H

105?*

103
54

54

1948

a57

Alb A Susq 1st guar 3 Hs
Coll A

conv 5s

♦Coll A

65H
>

"33 %

1950

101

057

101

65H
~33%

68

67

48
83 H

1942

Allied Stores Corp deb 4 Ha
4 Ha debentures

1952 M S

Alplne-Montan Steel 7s

1955 M
2030 M

108*

102

1950

A Ills-Chalmers Mfg conv 4s

107%
94

85

1951

204
....

94

4
1

85

158

*98

"57 %

57 %

103

59H

213

103H

103H

103?*

"24

J

92H

92 H

96 H

12

Amer I G Chem conv 5 Ha
Am Internat Corp codv 6HB--1949 J

101H

59

96 H
93 H

24H
80

72 H
102 H

107?* 112H
92
101H
85
100?*
105 H
96

*95

96

93% 102 H
54%
87%
87

43

~io

66

34
2

3?*s debentures
8?*s debentures
♦Am Type Founders

1961 A

1966 J
conv

Amer Wat Wks A Elec 6s

O

D

deb. 1950 J

Anaconda

Cop Mln s f deb 4
♦Anglo-Chilean Nitrate—
S f Income deb—

A. 1975 M N

Ha 1950 A

O

O

s

f 4s

ser

C (Del)

99

109H

86 % 106%

"look

104

24

109 % 118

116

118

118H

116

Guaranteed gold 4 Hs
1956
Guaranteed gold 4Hs_.Sept 1951

A

Canadian Northern deb 6 HS---1946
Canadian Pac Ry 4% deb stk perpet J

J

100 %

124H
86

86 H

1946 M S

101 %

1944 J

112H

1st A cons g 6s ser A.Deo 15 1952

107%

Conv gold 4s of 1909
Conv 4s of 1905

1955 J

1995 M N

96?* 102 %

15

38 %

74

Craig Valley 1st 5s

93

1

106
42

109H
103H

86

104 H

50

8

107

104?*
HI?*
112H

25

93

105

75 H 100 %

80

99 H

104?*
111?*
♦111H
*113H

1

116

*96

100

103

103

1

104?* 107
110

114

110H 113H
118?* 118?*
98
111H
99% 116

93 H

24

85% 105?*

76 H

74

77

91

73%

88

88

88 H

4

88

99 %
106 %

75H

74H

75H

52

74

99 H

33

34

3

27
28

60 H
54

59 H

30 %

59H

59 H

19H

22

"2
19

92

17H

85H

99 H 107 %

77%

80

164

73 % 108 %

44?*

252

40

94%

82?*

156

79

D

48 H

51H

173

116H
103 H

"61H

41H
81H
47?*
71H
61H

*102

N

J

Con ref 4a
4s stamped

55

13

65

128

46

67 H 106
51
107 %

57?*
43?*

50

99%

40H

106

38 H

34 H

34 H

37

415

33

93 H
82 H

1996

40?*

40?*

44

233

38H

104%

104?*
108?*

112

1943
1951

Beech Creek ext 1st g 3 Ha

I

1948
1960

For footnotes see page 4087.

118H

22

112H
104 %

11

108%

4

11

69%

*93"

1951

Bell Telep of Pa 6s series B




73

104

"40 H

Battle Creek A Stur 1st gu 3s. .1989

1st A ref 5s series C

102

-.I960

1951

31

10
18

34

90

244

28 H

60 H 125%
109
102

106

97%

90
104%
100H 108 H
38
75 H

32 H

35?*

28

88 H

27H

29

25%

78 H

99%

99%

"72%

72%

A

100

103H

O

93% 112H
97% 108 H

74 H

66% 104?*

M N

93
90

76

116

116

M N

116

M

S

63

M

S

*105H

M N

105H
119H

88

M

a

120

95?*

*

\

95H
95H
*106 %
*106%
*113%

63H

105%

55
96?*
104 H 108
105H 109

121

116H 128 H

96

93 H 102?*

96

92 H 102H

108

107 H 111

105?* 111H
108
120?*

*109%
*107 %

1941

95 H

92

125 H

109 J* 116

1949

A

27%
108%

108

4s

——1958

1st A ref 5s series A

S

1977

{{♦Chicago A East 111 1st 6s...1934
MN
{♦C A E 111 Ry {new Co) gen 5s. 1951
♦Certificates of deposit....

1982

{♦Chicago Great West 1st 4s—1959
{♦Chic Ind A Loulsv ref 6s
♦Refunding g 5s series B
♦Refunding 4s series C

69

22

108H

58?*

J

1947
J
1947

11

104

28

107?* 113H

20

117?*
101?* 116?*

1093*

43

104 H 119

*88

15%

16H
16

*107

To%

16%

83

90

15H
14H

MN
M S

108H
110H
109H
105?*

108H

M

...1971

Chicago A Erie 1st gold 5s

30

104

J

...1949 J

Illinois Division 4s

27%
106%
109%
108%

18

107

88

'130

10

16

9

110

107
253

110

101?*
46?*

45%
124

15

51H

J

*11

20

12 %

44?*

J

*10?*
11%

20

13

43

10?*

39?*

83 H

*29

77 H

Bangor A Aroostook 1st 5s

40

24

10

M N

1946

1st A ref 4 Hs series B

81%

S

35%
27%

1989

General

108

104 H 111

41%

Ref A gen M fie series F

A

1989

2d consol gold 4g

Chic Burl A Q—111 Dlv 3H8-—1949

D

2000

23?*

44

Potts Creek Branch 1st 4s

112

O

4Hs

23 H

6

107

R A A Dlv 1st con g 4s

100

1st gold 5s

Ref A gen 5s series D

81?*
36 H

25

V

106

1996

Chic A Alton RR ref g 3s

92

*85

Tol A Cln Dlv 1st ref 4s A—.1959

40

25

43 H

J

112

93H

22

J

97 H

71

64

96 %
♦1061*

J

100

Refund A gen 5s series A

1st 3Ha-5a-_1950

93

18

106?* 116

Baldwin Loco Works 5s stmpd.1940 M N
Bait A Ohio 1st g 4a
July 1948 A O

Conv

S

!*■ S
M 7
F
May 1940 J

101
37

106?*
•

13

7J*

O

1992

104?* 109 %
103?* 110

105

60

70 H

6H

A

J

1939

General gold 4 Ha

86?*

85
5

33

62 H

J

1948

Ref A lmpt M 3 Hs ser E

105H

Southwest Dlv

Certaln-teed Prod 6Hs A

42 H

101

1995
July 1948 A
Ref A gen 6s series C
1995
PLEAWVaSyiref 4s
1941 M

111?*

22

62%

J

Central Steel 1st g s f 8s—i—1941

995* 107

105"

J
1941 J

106?*

107

7?*

F

1961

{♦Cent RR A Bkg of Ga coll 5s 1937
68 extended to May 1 1942

23

87

6

112,1

Through Short L 1st gu 4s...1954
F
Guaranteed g 5s__
1960

34

105

deb 4?*s.l939

90H 105H
50
83 H
101 %

9H

*102%

Cent Pacific 1st ref gu gold 4s__ 1949

104

101

J
1st 30-year 5s series B
1944 J
J
Atl Coast Line 1st cons 4s July 1952 M 8
General unified 4 Ha A
1964 J D
10-year coll tr 5s
-.May 1 1945 M N
LAN coll gold 4a
Oct 1952 M N
Atl A Dan 1st g 4s
-.1948 J
J
Second mortgage 4s
-.1948 J
Atl Gull A W I SS coll tr 5s
1959 J

~15

109 H 115?*
98 % 110H

"95

A

—1987

General 4s

30 %
43

101

Austin A N W 1st gu g 5s

Central of N J gen g 5s

103?*

103

1944 J

6

99 H

105H

23

.1987 J

4s

Champion Pap A Fibre deb 4?*s *50

105H

J

128 H

80
99 J*

13

118H

116H
110H 116

120

24
11

121
121

24 J*

"10"

1951

Ches A Ohio 1st con g 5s

°
J

118?*

113

114?*
114H
112?*
110H

12?*
•

*

1966

gu

6
*

Cent Hud G A E 1st A ref 3 Ha. 1965 M

110H

D

conv

O

M S

Cent Illinois Light 3 Hs

200

♦

1962 M S
1946 J D

7

119H

54

70

M S

Cent 111 Elec A Gas 1st 5«

96% 102%

D

{♦Auburn Auto

A

23H
// *75
11H
11H
6H
6H
6%

1941

95

1960 J

Atl A Charl A L 1st 4 Ha A

D

A

1941

91

1955 J

Atl Knox A Nor 1st g 5s

Central Foundry mtge 6s
Gen mortgage 6s

"l2

1948 J
1965 J
1958 J

A

J

75?*
24 J*

♦Mid Ga A Atl Dlv pur m 6s. 1947
♦Mobile Dlv lat g 5s
1946

305

103H
103

33

60

75

♦Ref A gen 5 Ha series B
1959
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4s_.1951
♦Mac A Nor Dlv 1st g 5s
1946

101

109

*>

20

85

60

D

F

"94"

93

*83

A

{♦Central of Ga 1st g 5a—Nov 1945
M N
♦Consol gold 5s
1945

613

Conv deb 4 Ha

Cal-Arlz 1st A ret 4 Ha

F

1948

111H 114

85H
85H

109?*

101%
107%

J

1198

1947

1001.! 113

Conv gold 4s of 1910

Rocky Mtn Dlv 1st 4s

Carriers A Gen Corp deb 5s w w 1950 MN

Cart A Adlr 1st gu gold 4s
Celotex Corp deb 4Hs ww
♦Cent Branch U P 1st g 4s

50

39H

""87

9
24
...

55

101 %

30
39 H

101H
97%

96%
*45

1938

103

1995 Nov

Trans-Con Short L 1st 4s

101 %

1960
—1949

60

92 %

103?*

J

Dec 1 1954

113

*105

"94

116H
114J*
113?*
124?*
86 %
101%
113%

113?*
113H

113?*

S

J

119

Coll trust 4 Ha

Warm Spring V 1st g 5s

O

73 H

113?*
116?*
118H

D

100*«
101 J*

100H
100?*

1957 J
—.1995 A

83

53

H3H

June 15 1955

112H

Atchison Top A Santa Fe—
General 4s

41

102 H 105?*
42
7H

14

*118

100i»i

Jan

Adjustment gold 4s
Stamped 4s

90?*

106

A

Ref Almptmtge3Haser D..1996

1967

{Ann Arbor 1st g 4s
1955 Q
Ark A Mem Bridge A Term 5s. 1964 M S
Armour A Co (Del) 4s series B.1955 F A
1st M

113

J

ser

3

10H

93

100

Amer

Telep A Teleg—
20-year sinking fund 5H8---1943 M N
J
^Convertible debenture 4 Ha. 1939 J

83

104

1970

{♦Cent New Eng 1st

8

S

71
38

1953 J D
1949 M N

American Ice s f deb 6s

74

96% 107

108H

103?*

76

57

98

108%

110

51

54

36

99 H

H0H 115

74

1998

Am A Foreign Pow deb 5s

112H
103?*

72 H

1950

Allegh A West 1st gu 4s.Allegh Val gen guar g 4a

93?* 105%
76

*92H
73

1949

conv 5s

♦5s stamped

90
98
82

1946
Alleghany Corp coll trust 5s.-.1944

41H

106

89H
97H

.1943

assented

warr

108H 112H
104?* 105?*

105H

Guaranteed gold 5s.__._July 1969
Guaranteed gold 5s
Oct 1969

24

S

Albany Perfor Wrap Pap 6s.-.1948

109

102

~44%

10

1957

53 H

1947

A 5s

87

103H 107
100

55

Canadian Nat gold 4 Ha

53 H

1943

cons

6

106

111

41 %

1942

50%

1952

Ala Gt Sou 1st

24

122 H

65

9

1962

53 %

10-year deb 4?*s stamped.. 1946
Adriatic Elec Co extl 7s

100?* 132?*

104

5s A

cons gu

Caro Clinch A Ohio 1st 5e
J

106

19

42

41%

Canada Sou

Collateral trust 4 Hs
{♦Car Cent 1st guar 4s

1948 M

115H

17

*105?*

"42%

O

1955

51

INDUSTRIAL

{{♦Abitibl Pow A Paper 1st 5s. 1953

83

74"

42

100

110

110?*

1952

53 %

COMPANIES

Adams Express coll tr g 4s
Coll trust 4a of 1907

37

*83

A
D

1940

Coll trust gold 5s
AND

47% 104
55

106

*99H

5s equip trust ctfs

RAILROAD

108H
104H
70?*

106

{Bush Term Bldgs 5s gu......1960
conv

34?*
7%
41?*
7%
41H
39% 101H
97% 105?*

9

F

J

M N

C R A Nor 1st A coll 5s 1934 A

CalPack

77

107

92

8%

60

103?*

J

360

44%

...

*74"

69H

47

50

47^

I

11

103

-

73H

56H

47%

41

22

42

39H
102H

A

J

1950
Bruns A West 1st gu g 4s
1938
Buffalo Gen Elec 4 Ha ser B
1981
Buff Nlag Elec 3Hs series C..1967
Buff Roch A Pitts consol 4 Ha. 1957

8

42

103

112

107

8

A

..1947 M N
1950 J D

1st lien A ref 6s series A
Debenture gold 6s
1st lien A ref 5s series B
Brown Shoe s f deb 3?*a

*108

J

F

1950

24

56

A O

1952,MN

_.

106H
99H

53 %

33

50 H
56 H

1979 M N

3H-4r4H% extl readj

Venetian Prov Mtge Bank 7S..1952
Vienna (City of) 6s

25

89 H

50 H

♦Camaguey Sugar 7s ctfs

External s f 6H8 guar
1961 A O
Trondhjem (City) 1st 5Hs
1957 M N
♦Uruguay (Republic) extl 8s.-.1948 F A
♦External s I 6s
1960 M N
♦External s f 6s
-.1964 M N

20
99 J*

93

50%
42%

33

56

M S

1952

23

100H

47 H

25

103?*

103?*

23

50 %
42 H

56 %

A

1955 F

28"
27
26 H

22

21%

47H

33

*27 %
*94

High

20"

1955 M N
1961 A O

30 %

56 H

Low

1944 J D
1967 M S

31 %

A

No

26 H

22H

.

32 %
32 H

High

25%

A

O

M 4%s ser D..1960 J
1966 A

33

10?*

{♦8s extl loan of 1921

cons

Since

Jan. 1

*103
D

Cons mtge 3?*s series E

34 H

38 %

♦7s extl Water loan

Beth Steel

Range

Asked

A

32 H

64

♦8s external

♦Berlin Elec El A Undergr 6 Ha 1956 A

104H 113H

9%

A

f

25 H

100

17H
16?*

Belvldere Delaware

10H

O

s

Bid

Price

Low

25?*

31

115

1952 A

♦6 Hs extl secured

sft.

cons 3 Ha..1943 J
♦Berlin City Elec Co deb 6 Ha—1051 J
♦Deb sinking fund 6 Ha
1959 F
♦Debenture 6s
1955 A

33 %

"22

1959 F

Rome (City) extl 6Hb.'
♦Roumanla (Kingdom of) 7s

Range or
Friday

Sale

Week

20

12H
11H

9%

11

D

1966 M N
1967 J D

92

36 %

10H

9%

Last

STOCK EXCHANGE
Ended Dec. 24

Y.

High

10H

17

19H

11

Low

11

11H
11H

109

A

of) 8s

6Hb

No.

Hit7

BONDS

N.

Jan. 1

96

~20%

Queensland (State) extl s I 78—1941 A O
25-year external 6s
1947 F A
♦Rhine-Main-Danube 7s A
1950 M S
sec

Since

Asked

10H
9%

10 %

♦Prussia (Free State) extl 6 Ha. 1951 M S
♦External s f 6s
1952 A O

♦Extl

A

Low
11

'

♦Rio de Janeiro (City

jRange

Friday

Pries

Week's

Friday

Range or

Sala

24

4083

Week's

119

126?*

127?*

21
4

1966

J

♦1st A gen 6s series B_.May 1966 J

J

J

J

D

1956

Chic L 8 A East 1st 4H«

1969

May 1 1989
♦Gen 4Hs series E
May 1 1989 J
♦Gen 4?*s series F_—May 1 1989 J
F
{♦Chic Mllw St P A Pac 5s A..1975
A
♦Conv adj 6s
Jan 1 2000
♦Gen 4 Ha series C

{♦Chic A No West gen g 3Hs~1987

48

6?*

15

92 H

6H

26?*
28 H
107?*
110J* 112?*
5%

93

*iio%

♦General

27

29

151

25

26 H
30 H

14

25

66
67?*

143

28

69 H

30 H
31

23

28

31

28

69?*
71H

12 J*
4

437

8

36 H

511

3

17

18%

27

16

49 H

18

19

24

17

52 H

"28 H

M N

11H
3H
17H

1987 M N

4s

M N

♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 4?*s stpd Fed lnc tax..1987 M N
M N
♦Gen 5s Btpd Fed lnc tax
1987

.1987 M N

♦1st ref g 5s
May 1 2037 J
♦1st A ref 4 H« stpd.May 1 2037 J

131

6?*

28

J

110H

120

11

25H
29%

May 1 1989 J
♦Gen g 3 Hb series B__May 11989 J

♦Gen 4s series A

103

101
103 H
115% 121H

6H

11?*

Chic Mllw A St. Paul—

111

78 H

5%
5%

J

Chic Ind A Sou 50-yr 4s

♦4 Hs

105 H 116H

J

M N

93 H
116

60

100

H7H

♦1st A gen 5s series A

1947

stamped

{♦Secured 8H«

-

28

11H
3H

18

18H
18?*

25?*

12H

20
20 H

12

18

42

17?*

54H

18

66

37

19H

18H
18?*

52

119

*16

"22 k" '118

52 H

*20 H

20 H
11

11H

64

9?*

38

D

"ion

11H

126

9

36 J*

D

10 %

10H
10H

70

9

36 H

1949 MN

5%

5H

11?*
6?*

5H

24J*

-1936

M N

♦1st A ref 4 Hs ser C.May 1 2037 J
♦Conv 4%b series A

28%
29%

D

472

20

61

New York Bond Record—Continued—Page 3

4084

Is

BONDS
N

Week

Bennett 'Bros. & Johnson

EXCHANGE

STOCK

Y.

Ended

SDIgby 4-5200

Connections

108%

O

1995 J

J

BONDS

Last

EXCHANGE

Range

Friday
Bid

Price

dk

Since

Asked

Jan. 1

Low

1952 F

A

A

J

44

17

17 K

♦Certificates of deposit
A

1934

{♦Refunding gold 4s

O

18%

7H

1952 MS

9%

8%
7%

♦Conv g 4%s

1960 MN

4H

8

1951 J

June 15 1951 J
g 4s
—1951 J
Chic T H & S'eastern 1st 5s...I960 J

4%
*

D

D

Cb St L A New Orleans 5s
Gold

3%s
Memphis Dlv 1st
Inc

gu

362

7%
9%

16%
15%

43%
42%
26%
22%
25%
22%

8

4%
94%

121

60

7

34

105

4

16

56

314s

guaranteed

.-1963
—1963

D

1st mtge 3%s series

E

108

68

99%

48%

91

1962

D

1966 F

1st mtge 3 %8

1967

J

1

10

108

22

105

8

98%

99%

29

93

34

61

91%
60%

66

28

M

..1943 A
{♦Choc Okla A Gulf cons 6s.-1952 M N

Cincinnati Gas A Elec 3%s

106

*11

A

102%

D

107

103

"28

107

108%

108

107 H

105%

107%

2

109"

IV1 N

1st mtge guar 3 %s series

D—1971

1943 J

Clearfield A Mah 1st gu 4s

*101%

J

Cleve Cln Chic A St L gen 4s.-. 1993

D

1993

1977

J

61

E

90%

90%

"74%

"74%

24

"76"

".37

*102%

J

"85%

110%

82

107%

67
98%
102% 106%
89% 104
84% 104%

1940 M S
J
1940 J

*101%

Cleve-Cllffs Iron 1st mtge 4 %s. 1950 MN

105%
110%

110%

105% 111%
110% 110%

J

Series C 3%s guar
Series D 3 %s guar

Gen 4%s series A

1977 F

110%

Cleve Union Term gu 6 Ha

1972
1st s f 5s series B guar
1973
1st s f 4 Hs series C
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen s f 6s.. 1943
♦6s Income mtge
1970
Colo A Soutb 4Ha series A
1980

104

100

103

106

104% 108

*110

104%

109% 113

109%
*105%

108

107

109

*105

A

Gen A ref mtge 4 %s series B.1981 J
Cleve Short Line 1st gu 4 %s—1961 A

104

l"66"

B. 1942 A O
1942 A O
J
1942 J
1948 MN
1950 F A

Cleve A Pgh gen gu 4 %s ser
Series B 3%sguar—

85

108

105

111%
107%

102% 116%

105

*105%
*105%
103%

103%

105%

105%

106

99%

A

103%

101

A

"92"

A
J

Q9

95%

10
59
44

100

ioo"

60

61%

45

49%

45

113

95% 111%
90
106%
109

*109%

F
A
M N

100

112%

Debenture 6s
Jan 15 1961 J
ColumDla A H V 1st ext g 4s..1948 A

O

Columbus A Tol 1st ext 4s

93%

A

1955 F

J

ColumbUB Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3%s... 1961 A O

106%
95%

2Kb debentures
1942 J D
J
Commercial Invest Tr deb 3Hb 1951 J

93%
94%
91%
112%
*108%

99%

Conn A Passum Rlv 1st 4s

s

*

1951 J
1951 J

Stamped guar 4 Ha
Conn Rlv Pow

106%
104

103

♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 78—1956 J
Consol Gas (N Y) deb 4Hb
Consol Oil oonv deb 3 %s

♦Certificates of deposit.

1st mtge 3 Hb

"if"

J
A

J

"l7%

104

5

13

102

62

94

156
2

37

75

108%
100%

98% 101
99% 105%
101

40

5

77

104

107

106

101

a59

a59

100%

102

<z59

*96

S

*95%
99

100%

*60

J

94%

J
J

Francisco Sugar col) trust 6s—1956 M N

102%

1966 MN

99 H

1946 J

D

6%

7

149

6

7

52

17%
2%

107

107

47

D

"88 H

A

I007i«

A

Crown Cork A Seal s f 4s
Crown Willamette Paper 6s

1950 M N

1951 J
1942 J

D

99

J

Cuba Nor Ry 1st 5Hs

48

Galv Hous A Hend 1st 5 %s A..1938 A

O

Gas A El of Berg Co cons g 5s..1949 J
Gen Amer Investors deb 5a A..1952 F

D

1947 J
♦Gen Elec (Germany) 7s Jan 15 1945 J

J

*97

J

*38

*37%

f 5%a A

A

1940 J D
1948 IVI N

♦Sinking fund deb 6%s
♦20-year s f deb 6b

Gen Motors Accept Corp deb 3s '46 F

16-year 3%s deb

A

1st A gen a f 6%s

39

39

102%

101%

101%
*95%
51%

"51%

*20%

"20"

IVI N

J

57%

1952 J

105%

"37""

J

to 1946... J

7%s series A extended

J

Del A Hudson 1st A ref 4s

Del Power A Light 1st 4Hb
1st A ref 4Hs

1976

J

1977
1946
1946

J

1967

J

J
J

41

61

*91

68

79%

2

104%

72%

110%

110%

104%

105

97

90%
9C%

89%
104%

90

105%

105

80

66

*50

65

11%

1950 A

O

82%

80

O

79

78

J

*60%

J

*60%

"82%
86

s

91

91%

15

41%

Gulf States Utll 4s series C

1966

o

102%

102%

6

8

15

41%

1946

o

103

103%

13

27

40

10-year deb 4%s
Hackensack Water 1st 4s

1952

J

17

"17% '""5
58

106%
103%
101%
QQ

88

1007i«

98%
105%
103%

6

106%

11

104

21

102%
99%

73

10

105

89%
1007i6
on

105%
103%
41%

"8
1

40

15

40%
71%
103% 110%
49

99%
98%
96%
101%
79%

107%
108%
103%
105%

103%
99% 102%
97

85

Hudson Coal 1st

s

f 5s ser A—1962 J

Hudson Co Gas 1st g 5s
Hudson A Man hat lBt 5s

D

—1949 M N
ser

A.1957 F

A

A

O

♦Adjustment income 5s Feb 1957

86%

12

103% 107

2

101% 106

Illinois Bell Telep 3 %s ser B—1970
Illinois Central 1st gold 4s. ....1951

30

65

65

44%
99%

12

31%

115

99

30%
120

120
53

56

18

18%

89

107%

108%

*98

J

103

J

*93%

*93%

"56"

35

64%

42%

62%

1st gold 3s sterling
Collateral trust gold 4s

35

65

Refunding 4s

O

106%

..1943 M N

54%

J

1969 J

106%
105%

J
J

{♦Des Plains Val lstgu 4 Ha...1947 M

4087.

O

59%
107

Purchased lines 3 %s
Collateral trust gold 4s

54

95%

6

104

107%

Refunding 5s

101% 105%
104% 107
106% 108%
106% 108%
11
36%

1952 J

40-year 4%s

105%

1

107%

107%

6

107%

"l2%

101% 108

122

107%

3

*106

107%

Aug 1 1968 F
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s
1951
Loulsv Dlv A Term g 3%S—1953

"*5%
5%
9%

12

14

13%

20

11

38

5%
5%

6%

70

5

23

Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s.-.1951
Gold 3%s
1951

6

116

4

22%

Springfield Dlv 1st

9%

111

32%

Western Lines 1st g 4s

8%

J

4

4

S

*15

40

232

2

7%
2%
42

12

57%

g 3%S—1951

1951

f

S

A

30%
107

89

101%

100
79

108

107%

95

98%

96%

116%

100% 119%
97
115%
89
109%
87

108%

98% 141%
89

106

111%
96
65
15

80

106%
106%
103%

90"

93%

83%

99%

97% 105%
102% 105%
28

114% 126%
61
97%
43
86%
96% 103%
28
57%
116% 124

48

85%

36%

97

111

107%
107%

96

93

108

92%
60%

53

6

44%

47%

49

50

49

90%

60

"38%

17

54%

49%

"48""

58%

52

52%

J

1953 M N
1955 M N

12%

J
A

54

9

1951

o
..1952
—1955 MN

52

89

93

99

43

44%

101% 110

99

o

46

21%

13

1951

48

19
20

14

O

1951

41%

107

8

7

52

52%
18%

1st gold 3%s

*40

Stamped as to Penna tax
1951 M N
{{♦Den A R G 1st cons g 4s...1936 J
J




23

1

65

30%

98% 106
98% 105%
103%
41% 97%
92

22

120

43

120

44

105% 108

*18

*118%

103

*44%

f 5s—1951 IVI N

see page

37

20

107%

J
♦Harpen Mining 6s
1949
J
Hocking Val 1st cons g 4 %s
1999
Hoe (R) A Co 1st mtge
o
1944
{{♦Housatonic Ry cons g 5s.—1937 MN
Houston Oil sink fund 5%s A..1940 IVI N

D

{♦Consol gold 4 Hs
1936 J
{♦Den A R G West gen 5s. Aug 1955 F
♦Assented; subj to plan)
♦Ref A lmpt 5s ser B—Apr 1978 A
{♦Des M A Ft Dodge 4s ctfs—1935 J

25

11

o

41%

75

14

16%

f 4%s

44

30

29%

7%

17

s

87%

100%
121% 122%
99
102%
96% 106%

77%

17

Gulf States Steel

6%
5

2%

50

11%

*105

1950

D

1969 J

1st mortgage 4 Ha
Den Gas A El 1st A ref

170

79

79%

9%

2%

108

36
38
97

96

20

69

97%

96

6

61

98%

90

"90%

20%

95

73

66%

104%

81%
87

5%

103% 103%
105% 111

"95"

62%

M N

1952
1961

103%

62%

Feb

Gulf A S 11st ref A ter 5s Feb 1952

3

*106%

Feb

A

1971 J

"2

95

—

J
J

General 4 %s series D
General 4%s series E
General mtge 4s series G
Gen mtge 4s series H

J

Dayton Pow A Lt 1st A ref 3 Ha 1960

"50

23%

95

79

J

Stamped

39

25%

*

A

1973

1940

35

97%

20

102%

103%

J

♦Debentures ctfs B

102%
102%

96%

30
4

93%

D

General 6s series C

Greenbrier Ry 1st gu 4a
Gulf Mob A Nor 1st 6%s B

39

39

94

95

Great Northern 4%s series A..1961
General 5%s series B
1952

102% 106%
99% 107%

101%

105

90

20

"94"

1944 F
..I960 J

Gen mtge 3%s series I
♦Green Bay A West deb ctfs A

84%
118

25%

1947 J

gug4%s..l941

Gt Cons El Pow (Japan) 7s

101%

101%

1951

Gen Pub Serv deb 6%s
1939
Gen Steel Cast 5%s with warr.1949

{♦Ga A Ala Ry 1st cons5s Oct 1 45
{{♦Ga Caro A Nor 1st ext 6s..1934
♦Good Hope Steel A Ir Bee 78—1945
Goodrich (B F) conv deb 6s....1945
1st mtge 4%s
1956
Goodyear Tire A Rub 1st 6a—.1957

*117%

101%

103%

56

47

40

s

80%
105

102% 107%
107
110%

99%
43%

Gen Cable 1st

*60

Extended 1st gold 3 %s

68 series B extended to 1946

18

103%

47

100%

2%

139

*103%

1943 J

Cuba RR 1st 6s g

82

60

107

89

104% 119
104
118%
107
114%

49

*57%

15%

89

40

86

94%

1%

93%

40%

98% 104%

86

103%

92%
94%
94%

52

97

6%

1941 J
Framerlcan Ind Dev 20-yr 7 %s 1942 J

47%

47%

98% 102%

"98"
100%

1952

Fort St U D Co 1st g 4%s

103% 107
80
106%

95% 103%

55

*1%

97% 111
108% 113%
100% 108%

99

7

{{♦Proof of claim filed by owner M N
♦Certificates of deposit

111

95% 118%
103% 107%
131
139%

60

97

*45

110

105

100

S

{{♦Proof of claim Hied by owner. M N
(Amended) 1st cons 2-4s
1982

105% 112%
104% 107%
100% 108%

26
18%
105% 108%
92% 107%

107

*100

8

102

58

107%
97%

55

Crane Co

For footnotes

10

*17

J

1951 F

106%

104

5

„

16

J

1970 M N

deb 3 Hs

107

97%

f Copenhagen Telep 5s. Feb 16 1954 F
s f

70

21

107%

Consumers Power 3%s.May 1 1966 IVI N
1st mtge 8Hb
May 1 1965 M N
1st mtge 3 % s
Container Corp 1st 6s
15-year deb 5s

103

90

92%
112%

107%
106%
104%

106

-

Fonda Johns A Glov 4%s

1st mtge 58 series C

1951 J
1951 J

{♦Consol Ry non-conv deb 4s.. 1954
♦Debenture 4s
1956
♦Debenture 4s
1956
♦Debenture 4s.
1956
♦Consolidation Coal s f 5s
1960

103%

105%

Grand K A I ext 1st

105%
92% 105
89
105%
109
114%
110% 116

101

*107

Consol Edison (N Y) deb 3H8.1946 A
3 Hb debentures
1956 A

248

77%

17

99%

200

50

38%

32

102

60%
50%

46%

Gotham Silk Hosiery deb 5s w w '46 M S
Gouv A Oswegatchie 1st 5a
1942 J D

95

96

46%

96

95%

*107%

1961 F

f 3%s A

94%
99%
102

1943 A

Conn Ry A L 1st A ref 4 Hs

106

11

D

1946'J

7a

Grays Point Term 1st gu 6a
Columbia GAB deb 5s—May 1952 M N
Debenture 6s
Apr 15 1952 A O

8

55

59

99% 108
88

*103%

46%
46%

107% 118%
100% 102%
72%
20%

106% 112
95
106%
102% 106

53

{♦Fla Cent A Penln 5a._
1943 J
J
{♦Florida East Coast 1st 4%s_.1959 J D
♦1st A ref 5s series A
1974 M S

101

96%
101

51%

Flat deb

104% 107
104% 108%
105% 109%

104
16

94

97% 104%

*103%

76

40%

Spr A Col Dlv 1st g 4s

4s

30-year deb 6s series B
a f

103

61%

1942 M S
1942 IVI 8
1954 J D

f 5s stamped

1st Hen 68 stamped

"66

100

111%

*102

"86%

55

1990 M N

Cleve Elec Ilium 1st M 3%8—.1966 J

s

99

*109

58%
51%

1956 J

Fairbanks Morse deb 4s

1st lien

6

85%

A

Federal Light A Traction 1st 5s 1942 M
5s International series
1942 IVI

111%
101% 108%
95
108%
91% 105%

10

96

103%

58%
51%

1954 F

113

St L Dlv. 1st coll tr g 4s

85"

M

1938

7s

13

*131%
99

1947 IVI N

3d mtge 4 %s—

27

30

O

1957

107%

115% 118

J

1939

Cln Wabash A M Dlv 1st 4s. 1991 J

89%

f 6s

16

106%

96

J

104%

104% 104%

100%

D

General 5s series B_

s

55

3

10

86%

1967 IVI N
1975 A O
J
1955

Erie A Jersey 1st s f 6s

37

55

J

—1953 A

4s series D

48

J

35

34%

Cln Leb A Nor 1st con gu 4s...1942 M N
Cln Un Term 1st gu 5s ser C-—1957 Ml N

Series A 4 %s guar

conv

80
65

108%

103%

J

O

Ref A lmpt 5s of 1927
Ref A lmpt os of 1930

60

53

105

J

104
103

24

111% 116%

106% 110%
105% 111%
109%
101

45

107%

108%

o

N Y A Erie RR ext 1st 4s

72%

99 H

Chllds Co deb 5s

W W Val Dlv 1st g

Gen

74

110

O

1953

B

Genessee River 1st

60

110

107%
104%

-.1951 M

—.

Ref A lmpt 4 %s series
Cairo Dlv 1st gold 4s

Series

39

High

Low

"65

102%

O

—1953

Conv 4s series A

94%
98%

90

110

110

4s

86

106

J
J

Cblc A West Indiana con 4s—.1952 J
1st A ref M 4%s ser

1st consol gen lien g

Ernesto Breda

Guaranteed 4s
1st mtge 4s series

Series C 3%s
Erie RR lat cons g 4s prior

113%

Chicago Union Station—
1944 A

B

90

"80%

"68%

D

7%
6%
6%

250

♦86"
*

D

Dec 1 1960 M S

5s

Erie A Pitts g gu 3 %s ser

1965
1940
1940
4996
1996

El Paso A S W 1st 5s

83%

313

7

I ♦Secured 4%s series A
♦Certificates of deposit

3

3

16%
8%

9

♦Certificates of deposit

44

"24"

J

1965

High

44

Low

High

44

No.
....

70

107%

1941 IVI N
1951 J D

5s stamped
A

*45

J

Electric Auto Lite conv 4s

Elgin Joliet A East 1st g 5s

111%
105%

102%

110

1956 MN

4s

El Paso Nat Gas 4%s ser

{{♦Chicago Railways 1st 5s stpd
F
Feb 1 1937 25% par paid
{♦Chic R I A P Ry gen 4s
1988 J

*45

O

1939 J
Ed El 111 (N Y) 1st cons g 5a.. 1*95 J
Ed El 111 Bklyn 1st cons

Range or

Sale

Dec. 24

Ended

A

Ry Minn Nor Dlv 1st 4s..1948

East T Va A Ga Dlv 1st 5s

Week

J

High

Jan. 1

*45

D

{{♦Dul Sou Shore A Atl g 68—1937
Duquesne Light 1st M 3%s—1965 J

Week's

104%

D

IVI N

—1951 J
J

Randolph 7711

110
*45

D

4%s—1961

Dow Chemical deb 3s

East

y. STOCK

114%
108%

*113%

1995 J

Since

Asked

A

110%
104%

Range

dt

..—1965 A

Detroit Term A Tunnel

Kt. T. 1-761 -<• 'Bell System Teletype •>- Cgo. 543

N.

bid

Price

O

♦Second gold 4s...
♦2d 4s assented

135 So. La Salle St.

•5^ Friday

Friday

F

Gen A ref mtge 3 %s ser G—1966 M S
♦Detroit A Mac 1st lien g 4s...1995 J D
♦1st 4s assented
1995 J D

Chicago, III.
Trirate Wire

Range or

Sale

25,1937

Week's

Last

Low

RAILROAD "BONDS
T.

Friday

...1952 A

Detroit Edison Co 4%s ser D—1961

Gen A ref M 4s ser F

Tork,

11

Dec. 24

Gen A ref 5s ser E

One Wall Street

Dec.

62

20

41%

90

37%

41%

103%
82
*65
*

79%
80

161

56

36%

93

95
96

104%
80

103

109

93

98

80

102%

75

70

89%

80

*"

88

92%
98%

90

*90

"80"

100% 100%
83% 101%

Volume

New York Bond

145

Friday
BONDS

N.

Y.

8TOCK

EXCHANGE
Ended Dec. 24

Week

Ranee

Sale

Friday

Price

Bid

A

Asked

Low
Joint 1st ref 5e series A

1963 J

D

1st A ref 4Mb series C
1963 J
Illinois Steel deb 4Mb
1940 A
Ind Bloom A West 1st ext 4a. .1940 A
Ind III A Iowa 1st g 4s
1950 J
{♦Ind A Louisville 1st gu 4s
1956 J

45%

44)4

D

48)4

17

104)4 104)4
96)4 107
14

1986 M

S

1961 F

A

{Interboro Rap Tran 1st 5s

1966 J

J

48)4

48)4

51)4

_i—

47)4

*100)4
105

D. H. SlLBERBERG

43

98)4 105)4

I65"

104

FOR BANKS AND DEALERS

91)4
87)4

106)4 108

25

*14)4

BROKERS IN BONDS

High

40)4
37)4

38

"98"

J
J

Since

143

44

O

15

101

118

97

63

47%

50

|M0-year6s

47)4

1932 A

95)4

O

16

15

17)4

50

13 M

56

1932 M S

53

52

56)4

60

52

91)4

51

50 M

1947 A

O

73)4

73

Corp 5s stamped 1942
M
{♦Int-Grt Nor 1st 6s ser A
1952 J
♦Adjustment 6s ser A. .July 1952

N

Interlace Iron

conv

deb 4s

♦1st 5s series B

100)4

"ilk"

1944

71M

4)4s..1952

16)4

20

11

16)4
46

90

74

71)4

103

53)4

28

90

33

76)4

23

86

89)4
86)4 102)4
72)4 101)4
80)4
95

97

94

72)4
*80
*

J

J

59)4

"59)4

61)4

87

J

89)4

88)4

A

64)4

64)4

89)4
65)4

79)4

79)4

4a. 1936

gold 3s

S

75

254

74

146

40

94)4
80)4

8

Ref A lmpt 5s

98

52

27)4

O

Apr 1950 J

70 M

J

64)4

J

108)4

"30

26

66)4

28)4
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12

25

64

24

69

95

64

56

66

108)4

30

106

109)4

106

12

102)4

106

*37

47)4

40

*27

1946 M

S

*84

85

*108

110

J

*

Stamped

1961 J
1961 J

83)4 100
108

414s unguaranteed
1961 J
J
Kings County El L A P 6s
1937 A O
Kings County Elev 1st g 4s—1949 FA

89)4 101)4
99

Kings Co Lighting 1st 5s

1954 J

*100

1st Aref 6)4s
Kinney (G R) 5Hs ext to
Koppers Co 4s ser A

1951

107)4
109)4 109)4
100
108)4
146)4 161

*151

loo"

100

"§1"

80

J

18

101

1954 J

J

104)4

D

*98

101

101)4

"l

104)4

1941 J

101)4
99)4

M N
J

99

A

17

88

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89

10
89

23)4

91

33

89

62

60)4

A

60)4

A

55

Coll tr 6s series B

1942 F

A

56)4

Lake Erie A Western RR—

102)4

65

53)4

21

54

12

43

70)4
70)4
68)4

1

63)4
56)4
56)4

49

70

*91

95

85)4

J

*95

99)4

95

102)4

98

D

1975

102)4
30)4

1954 J

50)4
101

J

Lautaro Nitrate Co Ltd—

29)4

J

124

32

68

68)4

65

66

11

94)4

Cons sink fund 4Mb ser C—1954 J
J
Lehigh A New Eng RR 4s A—1965 A O
Lehigh A N Y 1st gu g 4s
1945 M S
Lehigh Val Coal 1st A ref s f 58.1944 F A
1st A ref 8 f 5s

119)4

29)4
91)4
63)4

1960 F

4Mb A

99)4 114
104

88

1942 F

f

108)4

28)4
90)4

Coll A ref 5Mb series D
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5s 1937 extended at 3% to..l947 J
2d gold 5s
1941 J
Lake Sh A Mich So g 3 Mb
1997 J

78

98)4 102
99)4 104)4
96)4 111)4

{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit
1959 M S
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Coll A ref 5 Mb series C
1953 F A

115)4

90

J

Kreege Foundation coll tr 4s.. 1945 J
3 Mb collateral trust notes—1947 F

35

97%

J

Plain

31

25

J

Kentucky Central gold 4s
1987 J
Kentucky A Ind Term 4)4s—1961 J

25

14)4

*23

(par $925)-.1943

44

11)4
21

14)4

stmp (par $925).. 1943 M N

♦1st mtge Income reg

58)4 100

108

105)4

♦Karstadt (Rudolph) 1st 6s... 1943 M N
♦Ctfs w w stmp (par $645)..1943

Keith (B F) Corp 1st 6s_.

"30)4

70

D

s

9)4

79)4 102)4
91)4 106
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1960 J

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15

79)4

97)4

102

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2)4

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A

1950 A

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warr

47)4

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95

4

*

37

2

64

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1964

37

60

58

94)4 105)4
70

1

35)4
106)4
104)4
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35

78

s

f 5s

1964

29)4

28

30

14

1st A ref

f 5s

1—1974

26 M

77

s

30

25)4

30

14

20

1938

75

68

68

70

5

68

1954

62

100)4

62

62

5

62

107

59 %

103 H
72

Leh Val N Y 1st gu gAMa

1940 J

Lehigh Val (Pa)

2003 M N

26)4

2003 M N

30

2003 M N

38

General

cons

General

cons

cons g

4s

4 Mb
5s

J

60

60

1

25)4

28

170

30

31)4

62

25)4
27)4

38

38)4

51

32)4

Leh Val Term Ry 1st gu g 6s...1941 A
Lex A East 1st 60-yr 6s gu
1965 A

O

117"

117

Liggett A Myers Tobacco 7s—1944

O

129)4

129)4

122)4

123

10

105

106

12

6s

A

1951 F

Liquid Carbonic 4s

conv

debs ..1947 J

O

A

D

Little Miami gen 4s series A—1962 M N
Loews Inc s f deb 3 Mb
1946 F A
Lombard Elec 7s ser A
1952 J
D

Long Dock Co 3%b ext to
Long Island gen gold 4s
Unified gold 4s

*

123

1950 A

O

1938 J

98

*107)4
97)4
62

1949 M

S

86)4

1949 M

S

88

1944 A

O

5s
1951 F
Louisiana A Ark 1st 6s ser A...1969 J

A

Louisville Gas A Elec 3 Mb
Louis A Jeff Bdge Co gu 4s

J

1966 M S
1945 M

100

"86"
86)4

126)4
119)4
72

70

102)4

102

S

g

107

Louisville A Nashville RR—
Unified gold 4s
;
1st A ref 5s series B

1940 J

104)4

104)4
101)4

2003 A

109

116

129)4

126

136

117

126)4
100)4 106)4
108

"31
7

7

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r

86

2

*100)4

S

Lor!!lard (P) Co deb 7s.-.

88

76)4

"2

110)4
98)4
62)4

99)4

100

--.-1949 M

Guar ref gold 4s
4s stamped

87

62)4

D

108

95 M 101)4
60
79)4

99)4 106)4
100)4 103)4
94)4 108

88)4
88)4

24

126)4

2

125

6

116)4 124)4
67)4 100)4
99)4 103
106
112)4

9

120

72 M
103

39

107)4

8

55

42

105

86

106)4

86)4 104)4

103

135

101)4

17

2003 A

98

93

93)4

49

92)4 108)4

87)4

89

16

1st A ret

85

2003 A

81M

32

3)4 s series E
Paducah A Mem Dlv 4s

81)4

8t Louis Dlv 2d gold 3s

1980 M

106)4
t

8

Mob A Montg 1st g 4)4s
1945 M S
South Ry Joint Monon 4s—1952 J
J
Atl Knox A Cln Dlv 4s
1955 M N
Lower Austria Hydro El 6)48.-1944 FA

Maine Central RR 4s ser A

1945 J

Gen mtge 4)4s ser A
1960 J
|{*Manatl Sugar lets f 7Mb—1942 A
of

111)4

Manila Elec RR A Lt

96

in"

s f 5s.

*99)4
98)4




1968 M

ser D

♦4s (Sept 1914 coupon)

Jack Lans A Sag 3
Mb

102

6

J

25

89

103)4

1961 j

D

99 X

100

j

1939 J

Con ext 4Mb

90

J

)4s(1880) 1934 D

4)4a

98)4

77

77

s

16 %

15

J

1949 m

s

1962 Q

*15

7

3

j

3)4
12

12

j

12)4

1946 J

j

1949 M

S

6)4

1978 J

j

67)4

7M

6)4
67

40-year 4s series B

J

37

35

D
j

70

16

47)4
41%

85

J

1978 j
Jan 1967 A

42

41*

43

11

O

22 M

22 M

24 m

63

A

22 %
21

22%

24%

99

21

22 m

21

7%

7)4
22%
20)4
22%

7)4

224

24 m
22 M

210

24%

28)4

21

11

6

738

{♦Mo Pac 1st A ref 5s ser A
♦Certificates of deposit

J

1965 f

m"s

♦General 4s

1975

♦1st A ref 5s series F

1977 ivi

s

♦Certificates of deposit
♦1st A ref 68 series G

1978 MN

♦Certificates of deposit
♦Conv gold 5 Mb

1949 mn

♦1st A ref g 5s series H

1980 a

o

♦Certificates of deposit

41

38

22 m

20 M
22 M

20%
5%
22%

5

22%

4%.-July 1938 MN
{♦Mobile A Ohio gen gold 4s...1938 M S
♦Montgomery Dlv 1st g 6s.. 1947 f A

90
11

88
75

19%

2

16%
16%

24

15

15

16

15
78

Monongahela Ry 1st M 4s ser A *60 m n
Monongahela West Penn Pub Serv
O

1965 A

O

Montana Power 1st A ref

d

3)*b-1960

Montreal Tram 1st A ref 6s

103)4

103 %
92

106)4
104

29

1

2

19

92

11

87)4

90

93%
90

44

100

1

1941

j

Gen A ref

s

f 5s series A

1965

O

*72%

78

s

f 5s series B

1956

o

*72%

79

C—1965

o

1955

o

2000 J

d

Gen A ref

s

f 4)4s series

Gen A ref

s

f 5s series D

Morris A Essex 1st gu 3 Mb
Constr M 68 series A

100

82%
*72%
71%

Nassau Elec gu g

ser

71%

66

69

55)4

58)4

*113)4

114%

1966 M N

Constr M 4Mb series B
1955 M N
Mutual Fuel Gas 1st gu g 5s...1947 M N
Mut Un Tel gtd 6s ext at 5%..1941 m N
Nash Chatt A St L 4s

A

1978

A

1951

4B stpd

J

Nat Acme 4Mb extend to
d
1946 J
Nat Dairy Prod deb 3%b w w—1951 m n
Nat Distillers Prod deb 4)48—1945 m n

80

70

70
24 m

22)4
*97)4

"ohm

98 m

104

102%

♦4)4s Jan 1914

45
9

39

70

5

26

133

100

3

99%
104

66
65

1957

coup on

*4 Mb July 1914 coup on

♦4)4 July 1914
♦Assent
♦4s April

coup

1957
1957

off
No 4

warr A rets

103)4
98

105)4 111)4
85)4
96)4
110)4 115

100)4
109)4 115

♦Assent

on

4

'57

2%

1914 coupon on... 1977 A
warr

1977

A

O
O

*2)4

A rets No 5 on '77

Nat RR of Mex prior Hen 4 Mb—
♦Assent warr A rets No 4 on. 1926 j

*2

J

2)4

1951 A

O

♦4s April 1914 coupon off.-.1951 A

O

♦Assent

No 4

warr A rets

Nat Steel 1st coll

s

on

2

*51

...1965 j

f 4s

D

107

{♦Naugatuck RR 1st g 4s
1954 m n
Newark Consol Gas cons 5s—1948 J
d

106)4
*60

*118

j

*28
*125

95 M
90

105)4
105)4
88)4

—1961 m n
N J Junction RR guar 1st 4s—1986 f A
N J Pow A Light 1st 4)4s
1960 A O

{♦New England RR guar 5s. ..1945 J

1st g

904

112

25

N O A N E 1st ref A imp

67)4

6

New Orl Pub Serv 1st 5s ser A—1952 A

23

53

12

33 M

92 M

92)4
9

90

*70

80

82)4
69)4

78)4

25

12

41

»

j

4 Mb series B

25

90

2%

*1)4
*1)4

♦4s April 1914 coupon on

D

99 M

2%

*2)4

1945 J

20

78

106)4

Gen A ref

♦Consol guar 4s

"99"

4

19%

1977 M S

1960 A

60

23

♦Secured 5% notes
1938 M S
Mohawk A Malone 1st gu g 4s. 1991 M S

1st mtge 4)4s..:

39

20)4

Mo Pac 3d 7s ext at

6s debentures

23

24%
20)4
245*

20)4

"20%

♦Ref A lmpt 4Mb

23

23

20 %

1981 FA

♦Certificates of deposit

4

*72

4

37

68)4
45

"46"

—.1962 j

Prior lien 4Mb series D
♦Cum adjust 5s ser A

90

90

9
8%
67)4

1941 MN

{♦Mo-Ill RR 1st 5s series A
1959 j
Mo Kan A Tex 1st gold 4s
1990 j
M-K-T RR pr Hen 5s ser A.—1962 J

New England Tel A Tel 5s A..1962 j

27

9)4
15

7%

106

25)4

13%

9)4

j

1st A ret 6s series A

25-year

97

25)4
25)4

17

2%

"2k

99)4
98)4
90)4

♦12)4

1

54)4

*5)4

F

M St P A 88 M con
g 4s Int gu.1938 J
1st cons 6s
1938 J
1st cons 6s gu as to Int
1938 J

5Mb

13

88

1934 MN

1st ref 5 Mb series B
1st Chicago Term s f 4s

10

"37

76)4

{♦Mil Spar A N W 1st gu 48—1947 m
{♦MUw A State Line 1st 3)48—1941 j
♦1st A ref gold 4s.
♦Ref A ext 50-yr 5s ser A

90

97 m

77

D

1939

{♦Minn A St Louis 5s ctfs

31

24

25

27

104

*17)4

65

25)4

"27"
i02%

93

43)4

2%

*2%

D

1971 j
ext 4

6

*1)4

o

57

J

108

101M

1940 a

45

1959 IVI N

096)4

108

6

J

90

1939 M N

a96)4
108

1952 M N

{ {♦MllwANo 1st

No.

83

1979 j

1st mtge 6s

«3

76 %

1951 M s

1st gold 3 Mb

Ref A lmpt 4)4s series C
{♦Mid of N J 1st ext 5s
Milw El Ry A Lt 1st 6s B

1st ext

j

j

High

*71%
*81

1977 M s

♦Mlag Mill Mach 1st s f 7s
1956
Michigan Central Detroit A Bay
City Air Line 4s
1940

*39)4

O

tt"®

Asked

101)4

S

D 64s
1950 a o
|{*Met West Side El (Chic) 4s. 1938 F a
♦Mex Internat 1st 4s asstd
1977 M s

*53

8

For footnotes see page 4087.

Metrop Ed 1st 4)4s
Metrop Wat Sew A

D

..1953 M

{♦Man G B A N W 1st 3)4s—1941 J

10

A

Low

O

D

Manila RR (South Lines) 4s
1st ext 4s

111

85

•

111)4

80

Bid

Price

D

.2013 J

—

3

"84)4

42

{♦Manhat Ry (N Y) cons
4s. 1990 A
♦Certificates of deposit

or

Friday

98

deposit

♦Second 4s

107

*iii%

McCror> Stores Corp sf deb 6s. 1951 M N
McKesson A Robblns deb 6)48.1950 M N

♦Certificates

80)4

1946 F

Range

Sale

Marlon Steam Shovel s f 6s
1947 a o
Market St Ry 7s ser A...April 1940
Q J
Mead Corp 1st 6s with warr. .1945 ivi N

♦4s April 1914 coupon off

109)4

2003 A

C

Week's

Last

STOCK EXCHANGE
Week Endeo Dec. 24

National Rys of Mexico—

1st A ref 4s series D

1st A ref 4J4s series

bonds

N. Y.

♦1st A ref 6s series 1

21)4

66

73
37

99)4

106)4
109)4

1st A ref

Secured 6% gold notes
Leh Val Harbor Term gu 5s

YORK

40)4

59

Kansas Gas A Electric 4 Mb—1980 J

w

12

86)4

♦Certificates of deposit

w

20

50

James Frank A Clear 1st 4s...1959 J D
Jones A Laughlln Steel 4 %e A..1961 M S
Kanawha A Mich 1st gu g 4s..1990 A O

Kan City Sou 1st

42)4
17)4
40)4

1955 F

t|*K C Ft S A M Ry ref

17

4)4

86)4
72)4

Friday

98)4 102

147

1939 J

Debenture 5s

♦Ctfs with

5)4

NEW

A. T. A T. Tele. N. Y. 1-1598

104)4

19

"l9"

{♦Iowa Central Ry 1st A ref 4s. 1951 M

♦Ctfs

4

50

20

Wall St.

Telephone WHltehall 4-2900

91

67

19)4

1956

1941
Intern at Paper 5s ser A A B—1947
Ref s f 6s series A
1955
Int Rys Cent Amer 1st 5s B—1972 M N
1st lien A ref 6 Mb
1947 F A
Int Telep A Teleg deb g
Conv deb 4 Mb

50)4

116

100)4

5

1956

♦1st g 6s series C
Internet Hydro El deb 6s
Int Merc Marine s f 6s

30

55

19

5%

J

27

74)4

1

Co.

&

Members New York Stock Exchange

108

|*10-year conv 7% notes
♦Certificates of deposit

Int Agrlc

4085

Jan. 1
Low

107

42)4
106)4

O

fi

High

Ind Union Ry 3 Mb series B
Inland Steel 3Mb series D

♦Certificates of deposit

4

Range

or

111 Cent and Chic St L A N O—
-

Record—Continued—Page

Week's

Last

New Orl Great Nor 6s A

1983 J

4)4s A 1952 j

121)4

J

New Orleans Term 1st gu 4s—1953 J

j

80

119%
40

34%
126

121)4

106%

106%

95

*59

49 M

O
D

2%

107%

120)4
*

j

1955 j

1st A ref 5s series B

*25

2%

"95"

67%

49%
96%
94%

52

78

78%

96%
96 m

10

New York Bond Record—Continued—Page 5

4086
BONDS

Last

N. Y. STOCK EXCHANGE
Week Ended Dec. 24

Pries

Low

5s~ 1936

{(♦N O Tex A Mex n-c Inc

1964

♦1st 68 series B

A
A

O

O

♦28

37 M

36M
♦34

deposit

♦Certificates of

High

Jan. 1

No.
44

51M

Low

3Ms conv debentures

10

89

73 %

48

72 M

72 M

1944 A

O

Pat A Passaic G A E cons 60... 1949 Nl
1942 Nl

S

{118M

S

*

F

A

36M

32

60

35

37 H
35

10

F

10

30

55 M

O

A

36M

36 M

40

27

30

62 M

36

36

38

5

32

57

Penn Co gu 3 Ms coll tr ser

a90

♦Paullsta Ry 1st ref s f 7s

J

J

F

A

A

♦110M
81M

O

81M

110

82 M

133
3

77 M
88

O

~69M

89 M
69 M

90M

A

71

118

59 M

A

O

77 H

77 H

79

150

68

Nl N

84 M

84

86

359

J

95

93 M

95

29

96M

97

6

71

110

J

J
J

Lake Shore coll

82

69 M
82

Mich Cent coll

F

A

78 M

78M

83 M
79

A

O

77 M

77

78M

105

89

M

S

64 M

64 M

66

219

53

83

83

86

29

----Oct 1 1938

3-year 6s

A

O

105

59 M

96 M

80

98M
97 M

87

5

95 M

106

deposit
N Y Edison 3Ms ser D
1965
1st lien A ref 3Mb ser E
1966
N Y A Erie—See Erie RR
N Y Gas El Lt H A Pow g 6s._1948
Purchase money gold 4s
1949

♦109M

....

105 M

109M
108 M 109M

50
O

A

O

A

A

47

72 M

48

27

37M

72

46

3

40 M

60

102 M

D

F

102 H

O

J

48

50

45
45

A

102M

103 M
103

105 M

45

97

15

97 M 105 M

General 4Mb series

122 M
114M

U4*M

123

114M

1

D

E

Gen mtge 4Mb series
Conv deb 3Ms

Peop Gas L A C 1st cons 6s
Refunding gold 5s

April

1946 Nl N
2000 IVI N

L gu g 6s—.
gold 3 Ms
N Y Lack A West 4s ser A—
4Mb series B
N Y L E A W Coal A RR 6Ms.
N Y L E A W Dock A lmpt 6s.
N Y A Long Branch gen 4s.

*

1973 Nl N
♦

1942 Nl N

♦2-1—

1943

J

1941 M

S

1939 A

{♦N Y A N E (Bost Term) 4s_.
1947
{♦N Y N H A H n-c deb 4s
♦Non-conv debenture 3Ms.. 1947

A 5s

1964

o

♦Non-conv

1955

J

♦Non-conv

3Ms-.
debenture 4s—-debenture 4a

94 M 109 H

105M

99 M 102

106 M
105
101M 108M

100 M

*113

101M

113

Nl N

sec

2

89 M

45

110

115M 126

106M

159

112M

110

113M

39

91H

132

100M 115M
105M 123
86 M 107
95M 111M
95M 111M

A

90 M

91

102M

J

101M

A

103
103

18

89

279

87

87 M

A

*116M

M

109M
O

J

8

*17M
21

20 M
19 H

1956 Nl N

99

5M
105

1

37

85 M

7

69

77 M

58

68

101 M

275

109 M

109M

2

74 M

*116M

116

114

129

109

118

*108M

101

103M
97M 119M
107
113M
119

107

110

3

107

91

92

97

87

106M

87

102

106M

13

50 M

91H
106M

105M

J

15M

14M

106M

98

Phlla Electric 1st A ref 3 Mb—1967

19 H

47

129

19

M

46 M

{♦Phlla A Reading C A I ref 58.1973
♦Conv deb 68
1949

15M

20

s

4M

4M

4M

182

2

18M

44 M

J

10M

10M

11M

22

16

18M

47 M
47

108 M

109M

3

117

8

106

98

21

21M
21

17

19

1956 J

J

17M

17M

20 M

23

16M

45

1948 J

J

23

20

227

20

1940 A

O

33

32

17

32

71

♦Debenture 4s

1957 M N

o

Nl

108M
110M
*110M
*110M

30

108M

6

110M

4

100M

87

O

A

100M

S

A

O

26M
109M

85 M 102

*

Nl N

4M

60

♦Collateral trust 6s

23 M
34 M

(♦Philippine Ry 1st s f 4s
-1937
Plllsbury Flour Mills 20-yr 68-1943
Pirelli Co (Italy) conv 78—
1952
Pitts Coke A Iron conv 4Mb A_l«52

26 M
113

76M 106

74 M

74

D
D

16

7M

100M

101M

J

1967

82 M 111M
116M 121M
108M 117M

60

67 %
105

82

83 M

7

109M

7M
105

J

D

117

*61 M

S

5s series A

137

100M
100

A

S

100

s

103 M

94 H

119M

J

1977
1981

General 4Mb series

Phlla Co

113

118M
104M

94 M

119M

Nl

109

■

93

96M 106M
112M
116M
109 M 116M
108

1

106

O

F

J

102

105M
100M 107

109M 111

Nl N

dge conv 3 Mb deb—1952 J D
Phlla Bait A Wash 1st g 4s
1943 M N
General 6s series B
1974 F A

C

96

102M

Phelps D

General g 4Mb series

22

*100

J

1990

1980

C

104

110

1956 J

1st g 4Mb series

102 M

19M

*

o

♦Non-conv debenture

101M

82

104 M

♦99M

102

1956

85
100

88

5

102 M
103M

D

Pere Marquette lBt ser

95

♦79

1973 IVI N

25

116M 125 M

99 M 107

m — «• m m

88 M

109 M 117M

97 M

90

♦162"

88

Apr
1974 F A

1st 4s series B

N Y A Greenwood

N Y A Harlem

88

Peoria A Pekln Un 1st 5 Mb

4s

95M 106 M

S

110

Peoria A Eastern 1st cons 4s—1940 A
♦Income

3

103M 107M
101
110

103

101

A

107

104

63

O

1970
1981
1984
1952
1943
1947

11

108

105

96

101M 106M

98 %

1968 J

93

108

2

102M

Nl N

Debenture g 4 Ms

92

1953
1963
1951
1938

80

«

~

98

4 Ms series B
1981 J
Pennsylvania PAL 1st 4 Ms—1981 A

General 6s series B

1946

-

98 M

O

Pennsylvania RR cons g 4s

77 M

116M 122 M
«

A

A

A.1977

71M 100 M

78M

4 Ms A
1st guar 6s series B
Y Dock 1st gold 4s

Serial 5% notes
Certificates of

1st M 4 Ms—1960 J

1943
Consol gold 4s
1948
4s sterl stpd dollar May 1 1948
Gen mtge 3Ms ser C
1970
Consol sinking fund 4Mb
1960
General 4Mb series A
1965

4s collateral trust

N Y Connect 1st gu

Penn-Dlxle Cement 1st 6s A—1941 M

98 M
103

39M

103

*101

105M

90

3

96 M

103

96M 108M

"70

2

*104

1952 Nl N

1963 F

Pa Ohio A Det 1st A ref 4 Ms

O

102M

1944

E trust ctfs

Penn Glass Sand

A

6

ser

81M 109M

F

gold 3 Ms
1998
gold 3 Ms
1998
N Y Chic A St Louis—
Ref 6 Ms series A
1974
Ref 4Ms series C
------1978

Guar 4s

28-year 4s

a90

a42M
79 M

*

1942

C
Guar 3 Ms trust ctfs D

89 M

A

43

113M
106M
104M

41 M

41M

B_. 1941

Guar 3 Ms trust ctfs

1998
10-year 3Mb sec s f
1946
Ref A lmpt 4 Ms series A
2013
Ref A lmpt 6s series C
2013
Conv secured 3Ms—-—
1962
N Y Cent A Hud River M 3M>-1997
Debenture 4s
1942
Ref A lmpt 4 Ms ser A
2013

N

90

1968

A

4MB1945

High

Low

89 M
72 M

Paris-Orleans RR ext 6 Ms

1956
1964

Newport A C Bdge gen gu
N Y Cent RR 4s series A

No.

Jan. 1

1955

Parmelee Trans deb 6s

—1966

deposit

Since

§ =3

1947

D
♦1st 6 Ms series A
♦Certificates of

&

Asked

Higfi

Bid

Range

?2

Friday

Sals

Pries

Paramount Pictures deb 6s

♦1st 6s series C--

♦1st 4 Ms series

Range or

Last

EXCHANGE

Ended Dec. 24

Week

59 M
64 M

30

32

54

STOCK

Y.

High

Low

28

34
37 M

N.

Since

Friday
&
Asked

Bid

BONDS

Hangs

Hangs or

Salt

Week's

Friday

Wssk't

Friday

1937
25,

Dec.

♦Conv debenture 3

♦Conv

Ms

debenture 6s

♦1st A ref 4Mb ser

of 1927--. 1967
1st 4s. 1954

♦Harlem R A Ft Ches

10

9H

10 M

27

D

22

21M

23

85

20

IVI N

75

75

76

11

75

J

7M
•

1940

Plxta C C C A St L 4Mb A

37 M

Series C 4Mb guar

99M

1942
1942
1945
1949
1953
1957
1960
--1963
1964
1970
1975
1977
1943

Series B 4Mb guar

65

Series D 4s guar
Series E 3 Ms guar

8

1992

M

1965

J

D

A

O

♦97 H

4s—1993 A O
N Y Queens El Lt A Pow 3 Ms—1965 M N
J
J
{N Y Rys prior lien 6s stamp—1968
N Y A Rlchm Gas 1st 6s A
1951 IVI N
N Y Steam 6s series A.
1947 IVI N
1st mtge 6s
1951 IVI N
lstmtge 5s
1956 M N
J
J
{♦(N Y Susq A West 1st ref 68-1937
(♦2d gold 4 Ms
1937 F A
♦General gold 6s
1940 F A
♦Terminal 1st gold 6s
-1943 IVI N
N Y Telep 1st A gen s f 4Ms—1939 M N
ref mtge 3Ms ser B
1967 J J
N Y Trap Rock 1st 6s
1946 J D
6s stamped
—---1946
{♦N Y Westch A Bost 1st 4MS-1946 J~"i
Niagara Falls Power 3 Ms
1966 M S
Nlag Lock A O Pow 1st 6s A—1955 A O
Niagara Share (Mo) deb 6M8--1950 Nl N
Nord Ry ext Blnk fund 6 Ms
1950 A O
({♦Norfolk South 1st A ref 58—1961 F A

♦61M
107 M

{♦N Y Ont A West ref g 4a
♦General 4s

{♦N Y Providence A Boston

4s. 1942

8M
6M

8M
6M

N Y A Putnam 1st con gu

♦Certificates of deposit

90 M
♦95

107

107

105M
105 M
14M
♦11M

106M

105M
15

10 M
43

106M
103 M

104M
*

6M

8

90 M
96 M

1

107

106M
105 M
16 M
16M
11M
45

106M
104 M
70

102 M

108M

5

98 M

107 M

50

107 M
92 M
10M
91
11M

98

109 M

1st gen 5s series C

77

94 M

68 H

98

Nov 15 1969 N IW

99M

97

103 M

14

100

31

♦{Northern Ohio Ry 1st guar 6s—
♦Oct. 1 1934 A sub coupons.1945
♦Oct 1937 and sub coupons.-1946

♦70
'

31

82 M
122
106M

105 M
101M 106 M

107
126M
120

72 M

70

1997 Q
2047 Q
A
2047
2047
2047
2047
-1938 A
ext.—1944 J

Ref A lmpt 4 Ms series
Ref A lmpt 6s series B

J

70

70

93 H

93 %

95 M

161

61M

63 M

43

76 H

April 1 1937 lncl coupons—1945

76M

5

F

5

83
87

Pitts Y A Ash 1st 4s ser A

1st 4Mb series D.

Pressed Steel Car deb 5s

60

1

60M

60M

1

J

D

*109M

110M

F

A

J
J

82 M
106

C
D
Nor Ry of Calif guar g 5s
Northwestern Teleg 4 Ms
Ref A lmpt 6s series

♦Og A L Cham 1st gu g 4s
♦Stamped-.-—-

1948

---------

89 M

90

77 H

81M

M

1956
4Ms. 1956

Nl N

J

1946 J

J

J

12 M

12M

9M
102

F

100 M
96 H

J

A

Oklahoma Gas A Elec 3Ms
4s debentures

1966 J
1946 J

4s—-1946 J

Ore Short Line 1st cons g 6s.-_ 1946 J

100 M

101X

111M
♦111M
108M

J

Guar stpd cons 5s

107M

6

9M

1

102 M

"49

101M

15

97 M

15

12 M

9M

33 M
14

109M t09M
96
106M
100M 101M

91M 100

F

A

A

117

1946 J

J

Ore-Wash RR A Nav 4s

1961 J

J

106 M

Oslo Gas A El Wks extl 6s

1963 Nl

S

100M

Otis Steel 1st mtge A 4 Ms

1962 J

J

118M
105M
100 M
67

69

101M

101H

47
6

109M 112M
95
101M
98 H

1952

Nl

S

1952

J

♦Rlma Steel 1st s f 7fl

---1955 I

107 M 115
114
106

117M
118M

12

115

121M

1

117

123

107

90

103 M 107M

4

99 H 103 M
92 M
67

58

1946
1964

109M

1st A ref mtge 3Ms ser H

1661

105

1st A ref mtge 3 Ms ser I

1966

101

Pac RR of Mo 1st ext g 4s
2d ext gold 5s

1938
1938
104M

Ref mtge 3Ms ser C
1966
Paducah A 111 1st s f g 4 Ms
1955
Panhandle Eastern Pipe L 4s_.1952

RR

62

105

45

100 M
84

101

80

84

2

103M

104M

104

85

103M
♦103
99 M

104 M

106
99 M

82

103

111

107 M
94 M 101
102 M
84

99 H

95

"35
34

102 M

105 M
98 H 104 M
99

108M 108M
97

1955 F

A

59 M

60

59

11 M

289

104M

25

101H
75 M

9M

88M

45M
106

70

81

100

100
28 M

7

2

7

25

84

101

80"

126M

"87" "16

90

75

77

24

91M

93

90

75
104M
84M108M

92 M

93 M

21

84M 108

93

94

39

93

88

115M

'

*

78 M

112

110

212

128

77

105M

105M

117

79 H

77 M

99M

100

106

34

99 M

130 M

81

63

78

100

17

97 M 106

79

80

112
5

110
117

100M

22

32

20M

21M

7

18

26 M

30

30

1

19

30

29M

29M

10

19M

29

12

19 M

19M

30M
30 M
30M

84

92

32

*25

30

29

29

*28 M
89 M

89 M

29M

90M

44

101M 104 M

*104
3

48

60

*26

68 M

91

91M

J

45 M

45

45 M

21

44

84

O

20 M

20 M

21M

39

18 M

52 M

50

D

M

S

Nl

S

*108M

Nl

8

9

O

50
-

-

-

116M 117

*115

*19

A

75 M

108 M
.

92 %

*10M

1949

-

-

-

-

-

35

9M

107H 109M
8
20 M

16

13

28M

25 M
32 M

*10M

♦Stamped

10 H

10

10M

*13

14M

13M

34 M

10

10M

18

10

15

101

1st con 4MB-—1941

101 X

15

100M

17

97

1

n

Safeway Stores s f deb 4s

1947

99M

Saguenay Power Ltd 1st M 4Mb *66
St Joe A Grand Island 1st 4s-—1947

99M 103M
104M

107

112M

♦

St Lawr A Adlr 1st g 5s

94

96

103M

*

97 H

92

102

108

1996
1966

—

—

108

St Louis Iron Mt A Southern—

♦(Rlv A G Div 1st g 4s

1933

Nl N

62 M

64

*64

♦Certificates of deposit
J

{♦8 L Peor A N W 1st gu 58—1948
St L Rocky Mt A P 5s stpd—1955 J
{♦St L-San Fran pr Hen 4s A—1950 J
♦Certificates of deposit
♦Prior lien 5s series B
♦Certificates

J

15M

16

♦Ctfs of deposit stamped

72

65

86

-

«

-

-

5

16

55

89 M

59

88 M

15

48

85

16

190

10M

37M

13M

106

10

33 M

14M

15M

52

11M

36 M

12M

1950

70

13

11M

13M

14

10M

33 M

11M

11M

13M

152

9 M

10M

10M

11M

110

8M

33 M
30 M

*65

J
J

j"j

13M

-

—

of deposit

♦Con M 4Mb series A

For footnotes see page 4087.




109 M

*

Pacific Tel A Tel 3Ms ser B—1966

Paramount Broadway Corp—
1st M s f g 3a loan ctfs

54

58
108 %
104 M

42

75 M

♦Stamped
♦Rutland

2d gold 6s

Pacific Coast Co 1st g 5s
Pacific Gas A El 4s series G

1977
1962

♦Rut-Canadian 1st gu g 4s

14

72

Gen mtge 5s series E

115

109 M

100 H

104

6

85

"80 "

"80"

A

{♦Rio Grande June 1st gu 5a—1939 J
♦Rio Grande West 1st gold 4a_. 1939 J
♦1st con A coll trust 4s A
1949 A

104

110

113

41

2

85 M

J

Rlchm Term Ry 1st gen 5s

({♦R I Ark A Louis 1st 4MS—1934
♦Ruhr Chemical s f 6s
-.1948

20

112

92

7

O

6s of 1930
Richfield OllCorp—

Roch G A E 4 Mb series D

101

D

g

14

♦109M

Ontario Power N F 1st g 5s
1943 F A
Ontario Transmission 1st 5s.-.1945 Nl N

Oregon RR A Nav con

1952
1953
1955

♦Cons mtge 6s Of 1928

110M

84

Nl N

♦Cons mtge

♦Direct mtge 6s

J
D
D

♦Rhlne-Westphalla El Pr 7s—1950

110

109M
104 M

♦108

Io2M

1967 M S

lOhlp Public Service 7s ser B—1947

112

76
76

♦102M

J

1st mtge 3 Ms
1972 J
Ohio Indiana A West 5s.-Apr 11938 Q

83

107 M

108

55

10

11M

J

M N

5

101

44 M

44

J

♦Rhine-Ruhr Water Service 6a. 1953 J

♦Rheinelbe Union s f 7s

78

J

J

-

121

104M

J

103

79

108M 123 M
112M 113
64 M
96 M
60
96
60
97 M

104M

51 M

52 M

S

Republic Steel Corp 4 Ma ser A. 1950
Gen mtge 4Mb series B
1961 F A
Purch money 1st M conv 5 Ms '54 M N

107

0

Ohio Connecting Ry 1st 4s.—_ 1943 M S
Ohio Edison 1st mtge 4s
1965 M N

1st mtge 4s

88 M
79

81M

108M 124

119M 124 M

J

4s s f conv debentures

Ref A lmpt 5s series

124M

D

Remington Rand deb 4Mb w w.1956 Nl S
Rensselaer A Saratoga 6s gu—1941 Nl N

Gen mtge 4Mb series C

114M

125M

D

{♦Providence Sec guar deb 4s—1957 Nl N
{♦Providence Term 1st 4s
1956 Nl S
J
Purity Bakeries s f deb 5s
1948 J
{♦Radlo-Kelth-Orph pt pd ctfs
D
for deb 6s A com stk (65% pd).— J
(♦Debenture gold 6s
1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
J
Gen A ref 4 Ms series A
-1997 J
J
Gen A ref 4Mb series B
1997 J

Revere Cop A Br 1st mtge

70

60

J

81M

60 M

O

O

1960 M S

Port Gen Elec 1st 4Mb

90 M 112M

70

29

*76

sale of April 1 '33 to

North Pacific prior lien 4s
Gen lien ry A Id g 3s Jan

30

104 %

A

J

87

70

112M

A

1951 J

98 M
95 M

8

HIM

78

103M

120

S

125

109

111

*

D

114 M

113

120

*108

M N

J

119

S

J

J

47

112

J

*116M
110M
112M
104 M
103M

{♦Postal Teleg A Cable coll 5s. 1953 J

88

6

O

Potomac Elec Pow 1st M 3Ms. 1966 J

11M

2

D

A

104

10

37

J

108M

95M 109 M
32 M
9

45 M

*119M

111

109

*11M

A

J

11%

70

A

1st 5s 1935 extended to 1950
Porto Rlcan Am Ton conv 6s.-1942 J

22 H

4

8M

F
F

Nl N

112 M

110

*110X
*111M

1962
1974
1977

1st gen 5s series B

104M

4M

D

1948

series C

106M

108

A

M N

1959
1960

1st mtge 4Mb series B
1st mtge 4Mb

106

4

F

J

Pitts A W Va 1st 4Mb aer A—.1958 J

101

97 M
12 M

Deb 5s series C

Pitts Va A Char 1st 4s guar

27

97 H

Deb 6 Ms series B

Gen 4Mb series C

43

75

A

4Mb
A

Gen mtge 5s series B

43

106

101

cons guar

Gen mtge 5s series

2

2

119M

Series J

M N

69 M

13

♦52

4s

Series I cons 4Mb

7

95M

"lift

Series H cons guar

~13

94 X

100 M

as to

"6

108 M

95M

100 M
102 M

♦Stpd

105 M

109 M

108 H

S

Nl

90

100

100

A

101M 109 M

8

118M

Gen A ref 4Mb series

95

235

A

Nl

101M

94 M 108M

10

gold
gold

Series G 4s guar

5M

4M
105

A

1974
1974

Series F 4s guar

42 H

67

107 M

O

North Cent gen A ref 6s

46 H

5

98.

1957
Aug 16 1963

F

8M

106 M
108 M

4M
106M

IVI N

Nl

13

"69"

1961 F

North Amer Co deb 6s
No Am Edison deb 5s ser A

102

80

"68M

UH

({♦Norfolk A South 1st g 5s—1941
Norf A W Ry 1st cons g 4s
1996

9M

M N

107M 111*
107 M 113M
106
113M
110M 113M

1978 Nl"s

77

-

--

-

Volume

New York Bond Record—Concluded—Page 6

145

BONDS

N.

Y.

Last

EXCHANGE

STOCK

Week

Ended

Dec.

Price

{♦1st terminal A unifying 68.1952
♦Gen & ref g 6s series A
1990
St Paul A Duluth 1st con g 4S--1968
{♦St Paul E Gr Trk 1st 4%s—1947
{♦8t Paul & K C Sb L gu 4%s.l941

J

J

J

High

No.

66

68m

21

66

High
100

31

5

31

74%

24

32m
25m

17

24

65%

17

18%

*17%

J

F

II

Week

31

D

J

N. Y. STOCK EXCHANGE

68

J

J

BONDS

Since
Jan. 1

Asked

A

Low

{St L SW let 4s bond ctls
1989 M N
♦2d g 4s lnc bond ctfs—Nov 1989 J
J

Range

ye

Friday
Bid

A

♦96

Low

300
'

"io%

9

9%

64

15%

109%

96

....

10%

8

37

7%

11

27

1940 J

St Paul Un Dep 5s guar

J

J

J

—-1972

S A A Ar Pass 1st gu g 4s

102

117m

1943 J

J

San Antonio Pub Serv 1st 6a. .1952 J

J

109%

San Diego Consol G A E 4s... 1965 M N

*109%
112m

79 m

Santa Fe Pres A Phen 1st 68.. 1942 M S

{♦Schulco Co guar 6%s
♦Stamped
♦Guar s f 6%s series B

-.1946 J

113

82

79m

1q9m

54
2

79% 103%
108% 112%
105% 110%

J

"19"

19

18

28 m

27%

44

O

25m

26

25

♦115

{{♦Seaboard Air Line 1st g 4S..1950 A O
{♦Gold 4s 8tamped
-.1950 A O

17

♦Adjustment 5s

Oct 1949 F

1959 A

O

17

*17
18%

4

♦Series B certificates

1935 F

Sbell Union Oil deb 3%s

35%

112

10

36%

Shlnyetsu El Pow 1st 6 %s
♦{Siemens A Halsfee s f 7s

1935 1

f 6 Mb

"I'm
98m

98m
65m

Slle8lan-Am Corp coll tr 7s
Simmons Co deb 4s

1941 F

O

1951 J

J

Socony-Vacuum Oil 3%s

"64

5m

69%

70

54%

100

100

"66"

.

50%

"77 k

~77m

1

73

18%

59

A

25%

82%

68

81 M

83

89

81% 102%

95%

82 m
97

Q7

24

94

26

102%

O

1961 M

S

107

101%
107%

lstmtge A ref 4s.
Southern Colo Power 6s A

1965 F

A

107

107%

1947 J

J

98

98

1

98

Southern Kraft Corp 4%s
Southern Natural Gas—

1945 j

D

94%

94%

7

89% 100%

106%

O

94%

-

-

1st 4Mb (Oregon Lines) A...1977 IVI
Gold 4Mb
1968 IV!

96

96

67

73 m

D k 70M
s
74 %

100% 107%
130

118

101 m

195l'A O

1st mtge pipe line 4 Mb

So Pac coll 4s (Cent Pac coll)__1949 J

106%

106%
*118

70%
74%

"l5
17

98% 102
105
108%

7

101% 107%

1

83
94

94% 101%
99%

65

s

62 m

62

65%

98

62 X

61 M

131

62

61 m

175

57

84%

84 %

65%
64%
85%

68% 100%
58%
98
58
97%

109

84% 102%

---1948 J

10-year secured 3Mb
San Fran Term 1st 4s

1950 A

J

O

.1955

Southern Ry 1st cons g 5s
Devel A gen 4s series A

.1994

J

"85%

.1956

O

1956
1956
.1996

J

J

...

Mem Dlv 1st g 5s

94%

52 m

85%
52

87%
54%

65

65

68%

40

o

67

71%

88

J

.1938 M

♦{Spokane Internat 1st g 5s... 1955 J
.1946 F
Staley (A E) Mfg 1st M 4s

66%
*

"69 m

.1961 J

D

Tenn Coal Iron A RR gen 5s... 1951 J
Tenn Cop A Chem deb 6s B... 1944 IVI
Tennessee Corp deb 6s ser C—. 1944 IVI

122

71

"16

99

"82""
108 m
102 %

107%
102%

J

15%
102
99 m

"79

81

"69%
*

A

Staten Island Ry 1st 4 Mb
,1943 J D
J
♦Studebaker Corp conv deb 6s. 1945 J
Swift A Co 1st M 3%s„
1950 IVI N

97%

101

109%

85% 108%
100% 100%

S

D
S-western Bell Tel 3 Mb ser B__. .1964 J
S'western Gas A Elec 4a ser D_. .1960 M N

Standard Oil N J deb 3s

12

89

92%

J
St Louis Dlv lstg4s....—. .1951
East Tenn reor lien g 5s
.1938 M S

Mobile A Ohio coll tr 4s

93

O

.1955

Devel A gen 6s
Devel A gen 6Mb

103

102

So Pac RR 1st ref guar 4s
1st 4s stamped

99%
*100%

*63

85

108%
102%
15%
102%
100

105%
55% 110%
53

101% 105%

69% 103
105

77%

18

98% 106
40
11%
100% 106

3
28

115

109%

106%

J

*119

S

*97

18

122

100

95

102

100

103

59% 159
102% 107%
126

115

93% 105

s

"82% 104""

D

"84%

"86""

Term Assn of St L 1st g 4%s... .1939

o

*106%

106%

106

A

*114

117

115

1944

gold 5s

J

.1953

4s

Texarkana A Ft S gu 5 %s A... 1950

D

108%

A

Texas Corp deb 3 Mb.
Tex A N O

con

.1951

.

....

.1943

104%
*

D

.1977

O

Gen A ref 5s series C

.1979

O

Gen A ref 6s series D

.1980

D

88

Tex Pac Mo Pac Ter 5Mb A... .1964 M S

95

1960 J

Third Ave Ry 1st ref 4s

♦AdJ lnc 5s
.Jan 1960 A
{♦Third Ave RR 1st g 5s...... 1937 J
1952 J

Tide Water Asso Oil 3 Ms—

J

O

115%
88

115%

88%

5%

166%

16

118%

1953

1st 6s dollar series

Tol A Ohio Cent ref A imp 3% s 1960
1950 A
Tol St Louis A West 1st 4s

59 m

D

101%

O

1953 J

J

Tyrol Hydro-Elec Pow 7%s— 1955 IVI N
1952 F A
Guar sec s f 7s.__
UJigawa Elec Power

s

.1945 IVI

f 7s

.1962 J

Union Electric (Mo) 3%s

S

83

"39

96% 101%

97

108%

96

103

—

123

90

73

75%
107%

45
41

101%

90

:y

75

74

75%

41%

48

Western Union coll trust 5s

2361

J

252

2361 J

J

68

D...1966 M S

*107

RR 1st consol 4s

Wheeling Steel 4%s series A...1966
White Sew Mach deb 6s—

69

Wllmar A Sioux Falls 5s

{♦Wis Cent 50-yr 1st

4s

106

1

63%

67%

47

76%

78

65

24%

"28"

*111%

41

82

14

13%
7%

7%

80
100%
106% 115
35%
10%
11
32%
6% 25%

1

7%

14

,

80
7

46

24

7%

28

J

6

7

96

105

Youngstown Sheet A Tube—
37

98

current weekjand not included in the yearly

Cash sales transacted during the

e

97%

98

...1961 IVI N

1st mtge s f 4s ser C

range:

No sales.

Cash sale; only transaction during

r

current

current week,

a

Deferred delivery sale; only

during current week,
n Under-the-rule sale; only transaction during
x Ex-Interest.
{ Negotiability impaired by maturity,
t Accrued

transaction

week,

interest payable at exchange rate

of $4.8484

IT Bonds called for redemption or nearlng

maturity.

'

under

receivership, or reorganized
securities assumed by such companies.

{ Companies repotted as being In bankruptcy,
Section 77 of the Bankruptcy Act, or
*

No sales transacted during current week.

Friday's bid and asked price.

,

delivery sates transacted during

__

^

^

the current week and not lnoluded

In the yearly range:
No sales

Transactions

New York Stock

the

at

Exchange,

Daily, Weekly and Yearly
Stocks,

Railroad A

State,

United

Total

Week Ended

Number of

Miscell.

Municipal A

States

Bond

Dec. 24 1937

Shares

Bonds

For'n Bonds

Bonds

$3,917,000

1,056,000
1,029,000
1,100,000
980,000

589,000

9,425,000

441,000

8,725,000
7,726,000

197,000

5,892.000

$5,572,000

$2,249,000

$44,293,000

$3,181,000

$433,000

Friday.

1,398,563
1,283,640
1,154.500
1,056,750
835,160

7,371,000
7,780,000
7,255.000
6,170,000
4,715,000

6,229,163

$36,472,000

Monday

Tuesday

...

Wednesday

Thursday

Sales

$303,000
263,000

500.550

Saturday

974,000

8,608,000

456.000

Week Ended Dec.

Sales at

24

Jan. 1 to Dec.

24

New York Stock

1936

1937

1936

1937

Exchange

6,229.463

8,118,778

401,568,555

488,013,736

$2,249,000
5,572.000
36,472,000

$3,916,000
9,011,000

$314,563,000

49,429,000

$345,244,000
341.682,000
2,061,881,000

2,845.624,000

1 $44,293,000

$62,356,000

$2,748,807,000

$3,508,587,000

Government

348,400,000

105% 109

67%
72% 103%
114%

50%

112%

23

Total

170%

105

102

100

107%

28

18

22

33%

27%

23%

32%
32%

Stock and Bond Averages

36%

106

104%

8

26%

28

19

86

88

31

19%
85% 105%

52

84

50%

16

41

100

41

Below

are

the

daily closing averages of representative
the New York Stock Exchange

stocks and bonds listed on

compiled by Dow, Jones & Co.:

69

50%

67%

50%

50 m

50%

83

83

83%

17

1934

98%
109%
16%
14%
8%

108

*109%

50 m

{♦Vera Cruz A P 1st gu 4%s

IVI N

47

6% 62
101% 104
92
104%

22

80

13%
7%

♦Certificates of deposit

12%

101%

109%

16

47

3
14

96%

80

109%

12%

Bonds

88

1957 M N

105

92
1

8

7%

7%

"98"

♦Certificates of deposit
{♦Wor A Conn East 1st 4 %s—1943 J.

Stocks—No. of shares.

.1959

Cons s f 4s series B

15

107%
113%
84% 103%

106

28

15%
16%

101%

{♦Sup A Dul dlv A term 1st 4s *36

109%

.1947

.1955

15%

15

D

1949

gen

116%

{♦Util Power A Light 5Mb

4s series A

15%

1960

103

87m

A

96

67

"2

97%

1938

Winston-Salem S B 1st 4s

23

28

O

*92%

Wilson A Co 1st M 4s series A.. 1955
Conv deb 3%s
1947

110

14

.1944

F

70% 100%

12

97%

26

Vanadium Corp of Am conv 5s. 1941 A

110%
89%

87

87%

A

1940 MN

{♦Wllkes-Barre A East gu 58—1942

102% 107%
11

Utah Power A Light 1st 5s

{♦Debenture 5s

F

61% 109%
19
25%

6

105

110%

J
J
♦Ctf dep Chase Nat Bank
♦Ctfs for col A ref conv 7s A. 1935 MN

100

26%

♦Sink fund deb 6 Mb ser A... .1947
.1944

74%

{♦Wlckwlre Spencer St't 1st 78.1935

State and foreign

Utah Lt A Trac 1st A ref 5s

"75%

1949 M S

34

106

...

113

16%

98

94

Railroad and Industrial

♦Un Steel Works Corp 6%a A_. .1951
♦Sec a 16Mb series C
.1951

40%
39%
104%
59
111%
63% 107%
16%

12

176

91% 101%

104%

99%

161

21%
78%
68%

90% 101%

"28"

43

19%
99%

20

111% 116%

J

1

20

18%

J

4

1934 J

47

♦Westphalia Un El Power 68—1953

59

4s

53

97%
107%

64%

25

U S Pipe A Fdy conv deb 3 Ma. 1948 IVI N
J
U S Rubber 1st A ref 5s ser A_. .1947 J

94

93

60%

95%

77

...

108"

67%

115%
95%

67m

%

108

93%

11

121%

120%
*109%
108

104% 108%
116
127%
96% 102%
117
123%
106% 111%
102
109%
88% 106%
94% 108%
106
111%

83

63%

93%

S

108% 112%

59

94%

s

121%
102%

61%

22

115%

O

105%

*121%
102%
101%

61%

O

1944 M

*109%
105%

63%

1971 M N

1953 IVI

110%

"60"

1970 A

1952 A

106

S

ser

80

102%

D

Registered

76

30
77

i960

Wheeling A L E Ry 4s

99%

100%

100

1951

4 %s

g

20

1st lien A ref 5s

United Drug Co (Del) 5s
U N J RR A Can gen 4s

116

*108"

A

90

70

97

1938

30-year 5s

35-year 3 ma debenture
Un Cigar-Whelen Sts 5s.

67

1950 IVI N

Funding A real est
25-year gold 5s

34-year 3 %s deb

O

F

109%

74%

5

70

19%

108

S

United Biscuit of Am deb 5s... 1950 A

*50
I

20

107

June 2008 M

107%

47

S
A

1952

A

39%

66

1946

113

J

S

cons g

26

76

1946

116% 121%
101
114%

June 2008 M

Vandalla

100

67%

74%

102%

1945

U%
117%
107%
113%

1st lien A ref 4s

g

"l2

66

75

D

Total

•v-

104

117%
106%

J

.1952

3 mb debentures

83

51

77

107

106%

A

{{♦United Rys St L 1st

103%

67

O

1939 M S

♦5s assented

73%

108

100

*

40

O

1955 A

{♦Western Pac 1st 5s

5%
46%
76% 101%

29%

119

73

44

10

96%

108%
107% 110%

116

*94

10%

*11

107%
18%

80

102% 107%

•—*-

43%

"79

108

11

237

*96

10%
10%

106%

82

41

3
51

14%

1943

110

110% 128%

6

105%

2

124

14

13

Bonds selling flat.

105% 105%

107

13%

1977

Deferred

31

62%
101%
93%

11

West N Y A Pa gen gold 4s

z

*,U7%

o

Union Oil of Calif 6s series A... .1942

■

11

1966

♦

*103%

J

{{♦Union Elev Ry (Chic) 5s... .1945

Union Pac RR 1st A Id gr 4s_— .1947

99%

44

14%

1st mtge 3%s series 1
Western Maryland 1st 4s
1st A ref 5 %s series A

105%

*104""

1942 M S
ser C..
Toronto Ham A Buff 1st g 4a.. 1946 J D
1949 IVI 8
Trenton G A El 1st g 5s

Tol W V A Ohio 4s

Trl-Cont Corp 5s conv deb A.

59
*

44%
41%

82

11

13

Gen mtge
3%s
—1967
West Penn Power 1st 5s ser E..1963
1st mtge 4s ser H
1961

105% 111%
83
108%

67

100%

10

10*

11
13

Washington Cent 1st gold 4s...1948 Q-M

100

18

82

100%

109%

Tokyo Elec Light Co Ltd—
D

10%

12%

O

6s
1941 IVI
Warren RR 1st ref gu g 3%s...2000 F

105

3

36

104

*71

v,

12

89%

29%

5%

J
J

105%

87%

30

3

109

105

Texas A Pac 1st gold 5s
Gen A ref 5s series B

87%

12

84

83

105

J

2000

gold 5s

95%

102

1947

Tenn Elec Pow 1st 6s ser A

85%

23

"63"" "107

61

105%

112%

79

43%

100

"l5

99%

West Shore 1st 4s guar

106%

1969 M N
1981 M N

Gold 4%s
Gold 4%s

71%

97%

O

-1980 A

f 5s

81

40

69%
14%

*11

6s debentures
Warner Bros Plct deb 6s

106%

46

11

1978 A

♦Certificates of deposit
Walker (Hiram) GAW
deb4%s_1945 J
Walworth Co 1st M 4s
..—1955 A

ser

60

13

Westchester Ltg 5s stpd gtd—.1950

89%

97

11
A

♦Certificates of deposit

s

94

86

82%

"13%

1939

14%
102

103%
98%

50

*25"

1945

4%
93

30

*

1976 F

Wash Term 1st gu 3%s
1st 40-year guar 4s

99

107%

65

4

51

1941

14%

98m

101

45

*

1941

{♦Warren Bros Co deb

3%

11

71

40%

1939

♦Ref A gen 5s series B

101%

105

*45%

5%s A.1975

gen

58

70

1941

{♦Wabash Ry ref A

67

110

"~7

69%

39%

70

1954

23%
22%
38%

6%

1962 A

f g

104%

6%

South Bell Tel A Tel 3%s
Southern Calif Gas 4Mb

8

104%

20

O

Gen refund

s

1939 IVI.N
1939 F A

13%
20%

1950 A
South A North Ala RRgu5S— 1963 A

cons

1966 IVI

♦Omaha Dlv 1st g 3 %s
♦Toledo A Chic Dlv g 4s

45

103

1

45%

~58~~

Hioh

8
41%
104% 109%

103

"59%

5

2%

17

*98 m

A

1952 A

Skelly Oil deb 4s

76

5m

*4

J

1946 F

272

9

25

4m

1951 M S

♦Silesia Elec Corp 6%s

10

7m

45%
*

J

Low

14

20

O

♦1st lien g term 4s
♦Det A Chic Ext 1st 5s
♦Des Moines Dlv 1st g 4s

No.

10%

109%

1958 A

5%

38

High

Jan. 1

tqt

9

'"45%

S

2003 J

5s...

♦Ref A gen 5s series D

13

8

cons

Since

Asked

A

109

9%

♦Certificates of deposit

10

12

♦22

A

1951 IVI S
1952 J D

9

♦6%
8%
7m

4m

7%

"~7%

1945 M S

♦Certificates of deposit..
{♦Alt A Blrm 1st gu 4s
1933 M S
{♦Seaboard All Fla 6s A ctfB—1935 F A

1st

1st

Wash Water Power

♦Certificates of deposit
♦1st A cons 6s series A

-------

1949 IVI

D

Range

Friday
Bid

1955 M N

♦Ref A gen 4 %s series C

121

110

15%

A

} ♦Refunding 4s

s

Va Iron Coal A Coke 1st g 5s
Va A Southwest 1st gu 4s

43%

1989 M N

Range or

Sale

Low

1942 J

43

28m

A

Scioto V A N E 1st gu 4s.

Last

Price

♦Certificates of deposit

41%

O

J

Dec. 24

♦Vertientes Sugar 7s ctfs
Virginia El A Pow 4s ser A

115

19%

28

1946 A

♦Stamped

♦Debenture

124

110

u2m

*

J

101% 106%

118M

♦101

Ended

Virginian Ry 3%s series A
{{♦Wabash RR 1st gold 5s
♦2d gold 5s

St Paul Minn A Man—

{Pacific ext gu 4s (large)

Week's

Friday

Rang* or

Sal*

24

4087

Week's

Friday

*109%
110%

as

106%

81% 111

10

110%

110

1%

J

4

4

20

Total

10

First

Second

10

Utili¬

70

Indus¬

Grade

Grade

Utili¬

40

roads

ties

Stocks

trials

RaUs

Rails

ties

Bonds

5%

J

Total

20
Rail¬

trials

113%

J

10

30

Indus¬

Date

107% 111

J

Bonds

Stocks

93.56

31.49

21.17

42.52

104.50

103.46

62.63

103.65

127.63

31.76

21.31

42.69

104.44

103.58

62.84

103.56

93.61

128.55

32.28

21.42

43.07

104.54

103.68

63.14

103.55

93.73

Dec. 21.

129.98

32.65

21.81

43.60

104.49

103.60

63.51

103.68

93.82

Dec. 20.

129.08

32.58

21.80

43.38

104.34

103.50

63.64

103.68

93.79

Dec. 18.




127.36

Dec. 22.

Kczz

Dec. 24.
Dec. 23.

{♦July coupon off

126.63

31.91

21.56

42.59

104.44

103.18

63.01

103.58

93.55

New York Curb

4088

Exchange—Weekly and Yearly Record

Dec.

25,

disregarded In the week's range unless they are the only transactions of the week, and when selling
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

deferred delivery sales are

1937

outside of 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. 18, 1937) and ending the present Friday (Dec. 24, 1937).
It is compiled entirely
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:
In the

week

from the

Lati

stocks

Salt
Par

of Prices

Pries

Low

High

25

"§* "3*

3,000

"ex "i"

3*

""466

X

2,100
1,000

1

Alosworth Mfg common,_6

com—.1
Air Investors common—♦
Conv preferred
*
Air Devices Corp

Warrants

x

X
ik
13*

1*

ix
13*

Ala Power $7

pref

66

100

""80

66

55

*

$6 preferred

Oct

66*

1$

Oct

24*
ey»

Jan
Sept
Mar

Feb

38

May

Bohack

ex

Dec

22

Feb

x

Oct

4

May

IX

Dec

6*

Jan

Sept
Oct

34*
1*

Jan
Jan

Dec

80

June

55

Oct

87

Jan

Oct

77

7

H

Jan

Jan

Breere Corp

5*

Mar
Jan

300

X
10*

100

X

Dec

100

iox

Dec

10
25
Aluminium Co common..*

Allied Products com

100

100

5

Oct

Dec

14 X

82 X

78

87

5,250

105

106

300

Aluminum Goods Mfg---*

8

13

8

13

105

i ex

15X

100

69*

78x

2,150

97

98

Aluminum Industries com*
73

..100

American Airlines Inc... 10

"10

9X

American Beverage com..J
American

400

10 X

X

2,600

105

Nov
Dec

Oct

14

Jan

8

8X

t.soo

Class

common—10c

A

•

Mar

Dec

131

May

32*
3*

Oct

Dec
Dec

75

5

Oct

24*

S3 preferred
15.50 prior pref
Amer Centrifugal

3X

10c

Feb

Jan
Jan
Mar

Apr

--*
--*
Corp... 1

Dec

IX

200

5,200

2

20 X

Oct

IX

42

Oct

89*
6*

Class A
Class A

Class B
Amer

25
with warrants 26
1

26
„

^

m

+

425

24*

m

28*

26*
3*

1,800
1,800

3

-

Cyanamid class A. 10

2*

■

27

30

27

10

22*

22*

23*

9,500

Amer Foreign Pow warr—

1*

IX

1*

500

Class B

n-v

Amer Fork & Hoe com...*

*
*

Amer Gas & Elec com
Preferred

110

American General Corp 10c

S2 preferred
$2.60 preferred

4*

1
1

25

Amer Laundry

"12"

25

Oct

Nov

Amer Maracalbo Co

1

:

""* «..

*

23*

{Brown Co 6% pref

Republics.... 10
Seal-Kap com
2
Superpower Corp com*
1st preferred
*

Amer
Am

Preferred

*

American Thread pref
Anchor Post Fence..
Angostura

6

12

-

«

-

-

16 preferred...

1*

200

650

30

19

21

20

60

60

36*

21*
100

"14*

14*

2*

2*

300

b non-voting

100

*
25c

1

10

Dec

Carman a Co class a

10*

Jan

Class b

3

Jan

75 X

Dec

99

Jan

Carnegie Metals

ex
3X

Oct

Jan

1*

Dec

1

Oct

ht

X

X

4,100

X

Dec

3*
3X

3*
3*

3,000

2X

Oct

13,500

2

Oct

Feb

3

20

Oct

3*

Oct
Oct

o,900

2*
*

Oct

31*
8*
7*
3*

"1* "i*

8

Oct

23* May

*

Oct
Oct

2*
26*
8*

Oct

35

9

i*

Feb

9*

200

1

1*

4,400
15

Carolina p a l 37 pref...*
38 preferred
*

3%

4*

*

Ort

Arkansas Nat Gas com...*

Oct

800

3*

4*

*

Marconi

Carrier Corp
Carter (j w) Co

1

com

...*

20

100

20

8/*

40

"30* "33*

lb",800

87*

'32"

6*

11*

6*

-00

Catalin Corp of Amer
1
Celanese Corp of America

2,400

4X

Oct

73

10

eex

Oct

96

Jan

37 div preferred

ex

ex

7

700

4X

Oct

Feb

1st preferred

*

Ashland OH A Ref Co

1

4*

4

4X

ix

Oct

15*
8*

9X

Nov

13*

Mar

X

Oct

2*

2*

10

Associated

Elec

6*

6X
73

73

1,700

Jan

Jan

Industries

Amer deposit rets
Assoc Gas A Elec—

£1
1

Class A.

x

800

1

$5 preferred

IX

IX

11

14,800

1

Oct

*

;

8*

7X

9

2,300
10,000

5X

Oct

Option warrants

'«
X

Dec

*u

c common

3

Jan

5*
39*

Jan
Jan

Sept

1 *

Birmingham A
Coast RR Co pref... 100

Feb

7% preferred

* May

80

Atlantic Coast Fisheries.. *
Atlantic Coast Line Co..50

30

Atlas Corp warrants
Atlas Plywood Corp

*

11

Austin Silver Mines...

1

Automatic Products

6

3%

3X
30

1

Automatic Voting Mach..
Avery (BF)
6

X

1

Dec

90

Sept

3,900

3

Oct

90

4X
32

20

Oct

13*
57*

Mar

4

Feb
Jan

2,400

X

Oct

12X

500

X

6,800
1,100

9*
X
1X

Oct

7*
OX

600

ex

Oct

500

6

Oct

14*

15*

230

13*

Dec

43

Jan

80

90

600

60

Oct

156

Jan

11

ht

7i«

ix

IX

"7k

7X
7%

7%

Oct
Oct

29*
3*
9

11*
16*

Mar
Mar
Feb

Mar
Aug

Tobacco—
10

common

Babcock A Wilcox Co

*

80

Purch warrants for com..

preferred..

3H

com.

Bardstown Distill Inc

1
1

IX

Barium Stainless Steel
1
Barlow A Seellg Mfg A...5

2X
7X

Bath Iron Works Corp
1
Baumann (L) A Co com.. *

4*

7% 1st pref

4*

5,900

15*

600

7X
IX

8X
IX

1.20g
800

IX

2X
7X
3X

3X
7*

7,800

XX

200

7X

Dec

4X

2,300

com..

31.60 conv pref
Beech Aircraft Corp
Bell Aircraft Corp com.
Bellanca Aircraft

10

Oct

2

Oct
Dec

700

3

Oct
Dec
Dec

12*

800

12

Oct

"86* "88"

"i66

6*

300

12*

6*

Jan

96

Feb

Nov

88

22*

Feb

91*

Apr

Oct

6*

Jan

*

Oct

2*
27*

Jan

Oct

100

7

Oct

52

Jan

2*

Oct

33*

Jan

3

Oct

26*

Jan

1,000

3*

4

6*

6*

300

1

2*

Oct

Oct

19

6*
19

95*

350
900

3,600

"33"

35*

350

2

2

2*

38,400

37

43*

12,600

4X

1,100

33

Sept

76*
18*
2*
92*

Oct

he
30

1*
15

Oct
Oct

700

4*

Preferred bb

*

40

32

40

130

13

Oct

Cities Serv p a l 37 pref. •
36 preferred
•

41

39

41

100

24

Nov

41

42*

50

28

3X

Feb

City Auto Stamping
*
City a Suburban Homes 10

21

Feb

Clark

Oct
Oct

11*
11*

June

Controller Co
1
Claude Neon Lights Inc..l

Aug
Jan

Dec

5

103
*18

May

July
«-ct

16 x

16*

2,800

7X

3X

14X
3X

3X

1,300

2

Dec
oct

158 X

Nov

113* June
3

Dec

16

27*
4*
18*
8*

Cleveland

Elec

Ilium

Cleveland Tractor

com...

July
Mar

Cohn a

Sept

125*
5*

Mar
Mar

Rosenberger Inc
Colon Development ord

6%

conv pref

Colorado Fuel a Iron

*

10*

200

'6

*

10*

Blrdsboro Steel Foundry A
Machine Co com
*
Blauner's com.......
*

8

300

Colt's Patent Fire Arms. 25

Jan

Dec

2*

Feb

Oct

15*

Mar

Conv 5% preferred.. 100
Columbia oh a Gas.....l

Oct

37*

Feb

ex

19*

4093.

7h
ion

7,000
25

76

15*
4*

Dec

40

X

Jan

Dec

3*
10*
48*

Oct

16

Oct

5*
3*

1,100

2

300

3

1*
8*

800

*

oct

200

8*

Dec

22

Dec

9*
8*
4*
24*
74*

1*

100

Oct

6*

ex

ex
3

2,800

2

Sept

4*

4*

100

3

Oct

2*

5*

1,400

53*

56*

800

41

59*

59*

150

57

3*

4*

11,500

Columbia Pictures com..*

Oct
Oct

9

2*

Columbia Gas a Elec—

ht

79*

31*

1*

5*

Feb

4

9

ex
12

1

17*

2X

wan-

19

Oct

Commonwealth Edison..25

7%

Oct

Sept

5*
58

8*
3

Sept

Oct

4

5*
60

1,900

1*

3

*

X

4,000
1,600

pref

100

18

4*
1*

£1

30*

warrants

2,300

5

3

Cockshutt Plow Co com..*

170

Oct

"SIX "34" ""400

1*

*

Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co.... *

Aug

4*
18

18

*

May

1*

3

4*

Clayton a Lambert Mfg.. ♦

Apr

X

see page

♦

Aug

1

Bliss (E W) new com
Bliss A Laughlln com...

43*

Mar

22*

*

•

8

i",906

.•

Preferred

3*

16*
27*
123

Oct

7

»16

Oct

Oct

32

9X

41

Dec

Nov

4b0

101

99

101

Jan

Mar

7

6

716

5

Oct

Dec

2*

9*

15

Mar

Mar

19

925

39*

(>ct

Mar

8,800

9*

Oct

15
57

105*

t266

40*

*

June

ui«

*

1

100

Jan

124

"lX v~2*
*

4

Childs Co preferred
Cities Service common

10*

Feb
Feb
July

Nov

6*

Co 5

Chic Rivet a Mach
Chief Consol Mining

38*
42*

Jan

Oct

82*
74

5

Dec

IX

100




Oct
June

70

10

Sept

IX

6* % Pf-100

For footnotes

6*

5

10

1

B ckfords Inc common
conv

6

10

74

*
Chamberlln Metal Weather

17

IX

Berkey A Gay FurniturePurchase

12*

"88"

Centrifugal Pipe

25

Jan
Aug

Oct

3,200

Conv preferred
100
Conv pref opt ser *29.100

Charis Corp

Jan

Sept

23*

69

17

Cherry-Burred com
Chesebrough Mfg..
Chicago Flexible Shaft

July
Feb

24

15*

Strip Co

July

102*
97*
67*
14*

10

7

Nov

1

Benson a Hedges com
Conv pref

$2 50

3*
69

5*

Oct

5

80

20

com

Bell Tel of Canada

3

69

100

Oct

2

10*

4 A

100

Beaunlt Mills Inc

Bell Tel of Pa

3%
14X

30

Baldwin Rubber Co

3*

71

100

warr

Jan
Jan

Oct

Preferred b

Baldwin Locomotive—

7%

1

70

Cent p a l 7 % pref
100
Cent a South West Util 50c
Cent States Elec com.... 1

6% pref without

Atlanta

Class A

Cent Hud g a e com
*
Cent Maine Pow 7% pf 100
Cent n y Pow 5% pref. 100

Jan

Oct

Assoc Laundries of Amer. *

Axton-Ftsher

7% 1st partic pref... 100
Celluloid Corp common. 15

Cent Ohio Steel Prod

Common

V t

Feb

Jan

78

100

2*

*

6

Preferred

Arkansas P A L S7 pref...*

Art Metal Works

3%

Jan

3*

28

300

12

10

com

*

Feb

Oct

*

300

1

12*
13*
10*

Common class A

Oct

19

Mar

75

1*

1

1

*

common.

Casco Products
Castle (a m) com

Nov

14*

*

_*

Nov

SArcturus Radio Tube...l

Mar

11

com..

Apr

Oct

Jan

Mar

Canada Cement Co

X

100$

8

Mar

Calamba Sugar Estate..20

24,400

30

Jan

38*
*
5*

Jan

Jan

Jan

Oct

Jan
Aug

Feb
Feb

Canadian

Feb

Dec

2

Feb
Mar

1*

Jan

Feb

Oct

Sept
Mar

5*
32*

63

Oct

Aug

Apr
Jan
Apr

Oct

Capital City Products
Carlb Syndicate

Oct

70

Feb

Cables a Wireless Ltd—

Oct

2X

*15*
28*
12*
5X

Dec

Mar
June

Oct

36*

2*
2*

Carnation Co common...*

40

85

Oct

150

Feb
Feb

9*

Oct

Oct

1,000

Feb
Feb

*

X

4x

3

700

38*

9

Canadian Indus Alcohol a*

10*

Feb

4*
20*

Mar

4

Oct

*

82

10

60

Nov

2*
39

32

Oct

Jan

Oct

Warrants..

Burry Biscuit Corp_.12*c
Cable Elec Prod vtc
*

Jan

Oct

4

2*

3*

3

36*

Burma Corp Am dep rets..

59*
4*
6*
8*
42*
110*

Dec

20

Canadian Car a Fdy pfd 25

2,400

19

May

•

s3 convertible pref

Jan

"560

Nov

Sept

8*

5

Feb

Oct

1

33

Oct

100

103*

1*

Oct

Jan

Wupperman..l

102

100

13*
1*

Apr

6X

Mar
Mar

3,400

26*
28*
54*

3

12*
31

15*

Feb

2*

77

Oct

42

Sept

Oct
Dec

Oct

36*

59

16*
x7X

90

Oct

Oct

Mar

20

Oct

20

3*
7*
16*

300

Burco Inc common;

Mar

Oct
Oct
Oct

250

Oct

2*

Apr

*
1*
2*

21*

Oct

3,100

108*

100*

Jan
Jan

Aug
Jan

Oct
Dec

30*
51*
25*
106*
31*

Oct

Apex Elec Mfg Co com...*

103*

26*

.6

50
Buff Nlag a East Pr pref25

35 1st preferred..
*
Bunker Hill a Sullivan 2.50

Mar

Mar
Mar

7

*

—

Buckeye Pipe Line

10

800

2

27

26*

*

23

8,100

17*

IK

26*

26*

900

3,900

.

.....

1,300

26*

Amer dep rets pref shs £1

ex

16

16

100

1,400

Jan

26

76

7*

5X

Feb

.....

76

7*

2X

Mar

800

IX

300

5*

79 X

1

1

24*

2*

'•

6*

1,600

5X

38

"16"
-

*

Appalachian F,1 Pow pref.*

100

Feb

24

3*

2

2*

v

48*
112*

600

IX
3*
23*

1*

Class a pref
*
Brown Forman Distillery. 1

37

»

American

3,800

Brown Fence a Wire com. 1

32

X
.....

9*

Mar

Oct

Amer Pneumatic Service.*
Amer Potash A Chemical. *

8*

14*
5*
21*

*

100

24

Oct

89

Am dep rets ord reg.-los
British Col Power class a.*

Oct

14*

23

Oct

2

Jan

May

25

16,6

30*

3

Feb

8

13

25

Nov

1.000

3,000

July

Jan

10*

ex

4*

33

14

""600

25

"l3"

l",700

6

4*

Jan

32

*20

"17*

•

Amer Meter Co

22 X
27

'l2* "l4"

Jan

Jan

Oct

Aug

4

"l2* ""300

4*
9*

8

Dec

£1

37

99

500

12*
6*

Dec
Sept

25*
25*

Am dep rets ord bearer£l

Amer dep rets reg
British Celanese Ltd—

Oct

700

8*

Jan
Mar

Mar

Bruce (e l) Co

2,300

50

1*

Brown Rubber Co com—1

Oct

8*

Oct

Mar

Jan

Dec

3*
*

25

Jan

11X

500

Oct

Aug

Oct

Oct

*

*
7*
2*
32*

19*

8

1

Dec

Jan

26*

37

17*

Feb

Oct

Oct

47

Jan

19

May

Dec

21X

100

...

Nov

56*

Oct

16

Class b.......

Jan

11

Oct

28

2

200

Amer Mfg Co common 100

Preferred

22X

41*

Oct

*

Class a

25

11.400

......

25

6% preferred

Oct

Jan
Jan
Jan

British Amer oh coupon..*
Registered
*
British Amer Tobacco—

15

*

Mach...20

Amer Lt & Trac com

25

24*

Amer Hard Rubber com.50
Amer Invest (111) com

12
11*
27* 29
109* 110*
4*
4*

"27*

23 X

3*

4*
48*
43*

11

8*

7% preferred
100
BrUlo Mfg Co common...*

Feb

Am Cities Power & Lt—

Oct

*

*

*

Feb

1*

Dec

78 X

22x

20X

Mar

11

Nov

•u

300

400

200

*

American Capital—

Common class B

*

Brill Corp class b
Class a

140

X

17*

100

Preferred

Bright Star Elec clB

48

Amer Box Board Co com. 1

Bridgeport Machine

Feb
Mar
Mar
Jan

Oct

7X

1

Aeronautical...l

July

Nov

97

Brewster

16*
26*
177*
119*
17*
14*

55 X

500

1

100

Book Co

72 X

2*
24

4X

Aluminium Ltd common.*

6% preferred

1

250

8
13

Class A

50*
2X

Oct
Nov

4

*

100

6*

200

IX

1*
34*

9

"l6

*

Dec

40

2*

X

...

7% 1st preferred

High

200

1,100

{Botany Consol Mills Co.*
Bourjols Inc...
•

Sept

56 *

1

10*

100
25

Bowman-BUtmore com

Low

3.100

5*

1 1937

Range Since Jan

for
Shares

1*
37*
5*
3*

1*
37*

"5*

(h c) Co com..

1st preferred

Borne Scrymser Co

of Prices
High

Low

Week

15*

1*

*
•

2d preferred
100
Braxillan Tr Lt a Pow...*

2*

com...*
common..*
Allied Internat Invest com*
S3 conv pref
*

1

13 opt conv pref
Blumenthal (s) a Co

7%

Price

Week's Range

3*

Blue Ridge Corp com

Oct

Alles & Fisher Inc

preference

Par

High

Alliance Invest

6%

Sale

25

200

-

Gt Southern.,60

Alabama

Low

Last

16

300
"

*|

Agfa Ansco Corp com

STOCKS

Continued)

Range Since Jan. 1 1937

Shares

27;

Mfg class A.*

Class B

for
Week

54

20

Acme w ire v t c com

Aero Supply

Week's Range

Sales

Friday

Sales

Friday

4*
IS

Oct
Oct

14*

July

15

Sept

Oct

24*

Oct

41

56*

3*

Sept

2*
29

'26*

26*

27*

"6",900

Oct

104*
10*

Jan
Jan

June

39

Jan

20*

Oct

33

Aug

*

Sept

•i«

Oct

Commonwealth a Southern

Comraonw Distribut

Community p a l 36 pref •
Community Pub Service 25
Community Water 8erv..l

3
;

*

*

Warrants.

Feb
Aug

*

1

25

13,300
300
75

26

*

700

Jan

Jan

*

64

Oct

18

*

'11

2*

Oct

13

34

Oct

2*

Jan
Jan

Mar

Volume

New York Curb Exchange—Continued—Page 2

145
Fridav

STOCKS

Week's Range

Last
Sale

(Continued)
Par

Range Since Jan. 1, 1937

for
Week

of Prices
High

Cities Service Co.

High

Low

Shares

Low

Price

Compo Shoe Mach—
▼

Common

t c ext to 1946

12 X

12 X

Oct

17)4
38

Oct

BO UQHT—SOLD—0 UOTED
38

—*

Consol Biscuit Co

1

3X

3X

3X

Consol Copper Mines

5

4%

4%

5

Consol G E L P Bait com •

63 %

63 X

Oct

H
48 X

Nov
Dec

3X

2,500

83 X

10

83 X

Dec

IX

IX

100

IX

Oct

3 X

4%
79 X

2,300

2X

Oct

100

69 X

"ex "m "7" 500

Continental Secur Corp..6

~~9~

"ox

300

*

Cooper Bessemer

*
*
*

com

S3 prior preference

Copper Range Co

Copperweld Steel

7X

7)4

1,500

'l"x

7X

"5%

"206

Cord Corp

5

1X

1

IX

1H

4,600

135

Oct

3X
17X

Oct

35

Nov

4X

Oct

52)4
18)4

Oct

34

Jan
Mar
Apr

Jan
Jan
May

5X

Jan

2X

2%

1,000

1

com

IX

60

2

5.400

13

IX
13

13

400

2

Oct
Nov

IX

Oct
Dec

13

7)4
94)*

Jan

Cramp (Wm) A Sons com. 1

X

Oct

1)4

20X

Oct

38 X
20

Feb
Aug

Creole Petroleum

6

24 X

23 %

24 X

6,900

Crocker Wheeler Elec

*

7%

6%

7 X

2,200

3

Oct

Croft Brewing Co

1
*

X

*16

1,300

3*

Dec

""400

Crowley, Milner A Co

"4%

Crown Cork Internat A..*

IX

26

Oct

16)4

Dec

free
6

2%

2X

100

2X
6

Oct

5X
Jan
11X June

1

3X

4

300

3)4

Dec

14)*

1

7

7X
14?*

400

6X

Oct

14)4

10

700

Amer dep rets... 100

Fox (Peter) Brewing
Franklin Rayon Corp

10

6% preferred
com v t c

3X

6)4

Feb

Gen Electric Co Ltd—

1154
7,.

100

Jan

Gen Rayon Co A stock

9

3

3 X

400

Dec

10

Sept

X

11,600

*1.

Aug

8X

900

6X

Oct

8X

2,100

5

Oct

200

16

Oct

16

9

8X

8

18X

20

Nov

hi

1

6X

400

7

~3X

100

1

1

IX

IX

2X
2X

IX

Det Mich Stove Co com.. 1

2X

300

2%

200

S3

conv

General

A

Oct
Nov
Oct

2

Oct

19X
20

3)4
11

Oct

10)4

Oct

2X

64

May
Feb

May
Feb

Jan

200

12)4

12

12

1,800

37X

Feb

Dec

1

Oct

8X

Oct
Oct

Aug

Mar
Feb

100

Jan

Oct
Nov

Oct

4X

•
*
*
_.*

74X

150

75

Dec

32 X

i

Sept
Oct

65

54%

Nov

6X

Gilchrist Company

6X

100

6

Oct

38 X

Preferred

38X

10

32

July

96)4
100

X
3)4
22)4
51)4

Jan

Mar
Feb

Feb
Jan

A.*

S7 preferred
Consol

500

5

Oct
Nov

6

5,400

5

Oct

15

150

24

Oct

51

Oct

39 H

28 X

12X

28X

11

13

1,200

Sept

12)4
28

107

June

X

Dec

27 X

2X

Dec

7)4

20X

~2~X ~~2X

X
27 x

X

X

*

S3 preferred

9X
85

*

Dec

38

15%

Dec

%

Dec

200

50

Inc class A

16

45X

7

Mines.. 1

Goodman Mfg Co

55

8

*

Goldfleld

11X
36X
96X

5X

•

Class B

107

7

*

Gladdlng-McBean A Co..*

Gorham

25)4
1)4

Nov

'»a

85

com

Godchaux Sugars class

IX

IX

Oct
Dec

X

45

S3 preferred
Georgia Power S6 pref
85 preferred
Gilbert (A C) com

Gen Water G A E

July
Aug

38

IX

100

6% preferred A

Glen Alden Coal

8)4

37H

80

*

Jan

89

iox

23

Rubber—

May

Oct

1,000
2,600

75

•

pref...

Tire

16

Nov

8X
900

July

12X

a

50

General Telephone com_20

87

2X

12

20

Detroit Gray Iron Fdy.._l

»«u

Apr

\

300

Oct

52 X

Derby Oil A Ref Corp com*
Preferred
*

33

Jan

Feb
Feb
Feb
Feb
Feb
Jan
Apr

1

Warrants

Nov

6X
50

~3~X

Dec

June

UX

•

J6 preferred

Oct

19

General Investment com.l

X

Dennison Mfg 7% pref. 100

Detroit Paper Prod

Dec

Oct

17 x

Defiance Spark Plug com *

6% pref ww

Dec

IX

100

*

Feb

15

Mar

10X

25

13

98

75 X

Sept

60)4
108)4
16)*
H
18)4
15)4
28)4

Jan

Oct

16X

May
Sept

July

Oct

50

4*

21)4

8%

Gen Outdoor Adv 6% pflOO
Gen Pub 8erv $6 pref....*

7X

35

Detroit Gasket A Mfg

75

19

Dec
Jan

8?*

65 X

Jan

50

Jan

Oct

14

*

Feb

2)4

Feb

100

5

Oct

400

pf..*

com

6% preferred
General Alloys Co

16

100

Dayton Rubber Mfg com. •

14

8?*

Oct

Davenport Hosiery Mills.

Dejay Stores

conv

14

1

Oct

Nov

6X% preferred
100
Curtis Mfg Co
6
Cusl Mexican Mining..60c
Darby Petroleum com...6

Class A

15

preferred

Oct

•

Cuneo Press Inc

Conv

Fruehauf Trailer Co

IX

X

Oct

Froedtert Grain A Malt—

8X

17

Feb
Jan

Ford Motor of France—

4X

com

Feb

14

175

'

Amer dep rets ord reg.£l
Gen Flreprooflng com
♦

Sept

Mar

8)4
29)*
31)*

5X

Feb

8X

3,800

Nov

16%

600

4?*
10

5

65

16X

4,000

IX

1,600

High

Oct

5X

X

Mar

1X
12

21X

16X

IX

9%

Drug Co com..25c

Preferred

Oct

Jan

450

*1

15X

9

Crown Cent Petrol (Md)«5

Cuban Tobacco

16

Low

Shares

High

•

Class B

Gatlneau Power Co

14)4

Low

37X

Ford Motor of Can cl A._*

GamewellCo S6

Nov

for

of Prices

Week

*
5

Range Since Jan. 1, 1937

Week's Range

Price

reg..£l

July

6)4
28

10X

Crystal Oil Ref

Par

Jan
Mar
July

__£1

Crown

Sale

Mar

21)4
61)4

Oct

Last

Am dep rets ord

Oct

IX

STOCKS

(Continued)

Jan

Florida P A L 17 pref
Ford Motor Co Ltd—

9

Sales

Fridav

Mar

3X
17)4

Oct

63

2X

*

6% conv preferred
Courtaulds Ltd

Teletype: N. Y. 1-1943

Common

Common

INC.

Street, New York City

HA 2-5383

Jan

Corroon A Reynolds—

S6 preferred A
Cosden Petroleum

Wall

Mar

Oct

20

10

com..

60

Mar

10)4

52

*

14 preferred

4
4

6%

4H
100

Oct

78X

Cont Roll A Steel Fdy...*

WILLIAM P. LEHRERCO.,

Jan
Dec

Oct

•i«

Cont G A E 7% prior pf 100
Continental OH of Mex
1

3X

3X

Jan

Mar

115

Oct

100

83 X

3X

100

Consol Royalty Oil
10
Consol Steel Corp com...*

Cook Paint A Varnlsn

11)4
89)4

Oct

"2 TOO
59

57 H

1

8% preferred

11

Oct

110

.....

Consol Min A Smelt Ltd .5
Consol Retail Stores

Oct

3H

60

800

1

Consol Gas Utilities

2X

800

21.100

67 X

100

6% pref class A

Preferred

and

Jan

Oct

8X

700

12X

Conn Gas A Coke Secur—

S3 preferred

4089

Sales

600

*
'

*

Detroit Steel Products

1,300

10

Preferred

Liquors Corp

16 X

16 X
9

100

25%

100

25

9

Dobeckmun Co com..

25 X

1

15X

12

15

16 X

Dec

10

Oct

28 X

May

17 X

9

Apr

25X

Dec
Oct

83

Nov

100

Gorham Mfg Co—

agreement extend.*

V t c

;\
18

17

Grand National Films Ino 1

t

X

Grand Rapids

Jan

Varnish—*
Gray Telep Pay Station .10

Jan

Non-vot com stock

14,400

Q

300

Sept

7% 1st preferred
Gt Northern Paper
Greenfield Tap A Die

8

30

51

5X

•

48 X

118

Gulf Oil Corp

1,100
1,450

49
120

120

5X

Oct

ix

IX

1,900

150

27

Oct

47

6X

1,600

4

Oct

16)4

Oct

X

25

38)*

8,700

Jan

Gulf States Utll S5.50 pref *

67

Nov

90

42)4

Jan

78 X

Nov

95

Feb

*
Gypsum Lime A Alabas..*
Hall Lamp Co
..*

Dec

Oct

111

6)4

May

*6 preferred

7

2%

5

65 X

175

52

Feb

1,200

4

Oct

Mar

Hartford Elec Light

Duval Texas Sulphur

*

8

7X

8

1,300

3X

Oct

10)4

Jan

Hartford Rayon v t c

8X

8X

9X

1,900

7

Oct

27)4

Feb

Hartman Tobacco Co

2X

3X

73*

200

2%

2X

500

64

States Corp

*

1,400

100

176

x49X

29 X

65J

26 X

IX

25

7

IX

IX

1,000

*

"l7%

*
Economy Grocery Stores.*

4X

Corp

4

4X

""250
1.400

L 2d

Jan

Hearn

26)4
6)4
82)4

Feb
Jan

Hecla Mining Co

Jan

Helena

Oct
Nov

3

Oct

82)4

Jan

Oct

16 X

13 X

Jan

1,700

3%
34 X

3%
35X

3X
34

5X

Option warrants

2.400
250

5X

500

X

36 conv. pref w w

Electrol lnc

v

50

7%

preferred

8%

preferred

Empire Power part stock.*
Emsco Derrick A Equip..5
Equltv Corp com

Preferred

Jan
Jan
Jan

Hollinger Consol G M—5

12H

300

Oct

87)4
11)4
9)4

12?*

1?*
22

2X

80

Jan

Oct

14

Jan

Oct

ww

Chemical
(C E) Co cl A

Hires

5

Rubber com

Hewitt

*

Hud

Oct

60

Jan

Oct

72)4

Feb

Oct

IX

Oct

Oct

15)4
33X
11X
22X

Oct
Dec

100

15?*

Oct

~23~X

175

18 X
99

Dec

10?*

10?*

100

iox

22

2434

Oct

42

68%

8,300
5,500

15 X

63)4

54 X

Nov

87

Mar

Hummel-Ross Fibre Corp 6

5

4 34

534

1,500

Mar

Hussman-Llgonler Co

X

Feb

77

Mar

41X

350

26

Oct

81

Feb

22

100

22

Nov

Feb

9X

800

7

Oct

Mar

Illinois Iowa Power Co...*

3?*

3%

X

X

5.600

—50

1,800

15?*
53*

15%

iox

31)4
19)4
2)4
11X
47)4

10J4

10

100

28

27

Oct
Oct

24X

Oct

Jan
Nov

Feb

Preferrred
Ctfs of deposit

Illinois Zinc.

{16

1,000

'k

Oct

X

*16

3,900

X

Aug

161*

Oct

1)4
3)4
46)4
27)4
8)4
11)4
25)4

4X

Dec

17)4

100
3

7X

7?*

200

5

Oct

"\0X

9X

lix

6,000

7

Oct

3X

3X

3X

600

IX

Oct

6X

7

700

5

4X

5?*

300

1

Fanny Farmer Candy.... 1
Fansteel

Oct

100

8X

Oct

21 X

22 X

1,900

15H

Oct

1

X

X

2,300

X

Oct

10

61X

9

9

22 X

6

1

57 X

100

54

360

6X

3,400

58 X

175

41

3X
50

Feb
Feb
Mar
Mar
Feb
Mar

2

Imperial OH (Can) coup..*
Registered

Oct
Oct

92

Mar

Jan
Jan
Mar

Nov

13

1X

Oct

1,100

8
3 X

Oct

850

9X

Dec

34

4%

1,900

35

Oct

2X

Oct
Oct

60

62X

Feb

Dec

9)4

14 X

Oct

24X

Mar
Mar

Oct

24

Feb

12 X

17 34

1 734

4,400

Oct

15

Mar

Class

13)4

83*
1334
1334

Oct

15

Mar

10X

Oct

36

Jan

1334

39X

Jan

20

134.

IOX

Oct
Oct

Dec

134
134

300

1

300

IX

Dec

%

300

X

Oct

5X

Oct

*

134

134

1

X

%
7%

7%

preferred

—

834

75

"56 X

533*

5734

1,750

.100

Insurance Co. of No Am. 10
For footnotes see page




4093.

Jan

5X

20

84

1334

•

B

X

Oct

100

Industrial Finance—
V tc common

44

35 X

83*

Indpls P A L 6)4 % preflOO
Indian Ter Ilium OH—
Non-voting class A

July

Sept

14X

1734

10
Indiana Service 6% pf.100

100

Jan

Mar
May
May
May

8X

Line

7% preferred

Feb

1,400

50

Imperial Tobacco of Great
Britain and Ireland..£1

Feb

Apr

16%

353*

53*

Feb

26

6
11

353*

Imperial Tobacco of Can.5

Indiana Pipe

Feb

27X

5X
53X
11X
33X
13X

300

2

353*

Indust—
dep rets ord reg._£l

Feb
Mar

Oct

Am

2

Oct

Imperial Chem

Aug

15)4
47)4
1)4
82)4
18)4

Dec
Nov

4 %

74

7% pref stamped

6
8

200

Oct

X

12X
23

JHylers of Delaware Inc—

Oct

8

Oct
Jan

4 X
17

.*

24

8X

16X

10?*
68

300

%

Dec

9

41X
112

223*

9X

8X

Oct

*

Humble Oil A Ref

40 X

X

Flsk Rubber Corp

35

«»

15?*

5%

100
7% pref unstamped.. 100
Hydro Electric Securities.*
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*

hi

Brewery

23

Illuminating Shares cl A.*

Metallurgical...*
Feddere Mfg Co
5
Ferro Enamel Corp
1

45

Dec

2 X

15?*
23 X

22

50

Falstaff Brewing

100
Inc...5
Bay Min A Smelt—*

Jan

iox

5)4

Co cl A..»
Hormel (Geo A) Co com
Horn (A C) Co com
1

Holt (Henry) A

Feb
Feb

25 X

Oct
Oct

10

47X

Oct

6X
31

10

preferred
Hubbell (Harvey)

37?*

Oct

Dec

iox
28X
16X

36

Holophane Co com

Jan
Jan

40)4

IX

7X

9)4
11

Nov

20

200

..1

preferred

< <ct

~~6X

103*

Falrcbild Aviation

36

4 X

6X

2
25

37X
22

Lead

(Phila)

Dec

"166

103*

Ex-CeH-O Corp

Fire Association

6X

*

Hoe (R) A Co class A... 10

Oct

Option warrants

Fldelio

25X

Oct

6,700

9

Feb

European Electric Corp—

7% preferred

Oct

4%

834

26 X

1

Eureka Pipe Line com...

Wallower

52

25c

37 J*

10c

Esquire-Coronet

Evans

Dec

5%

5

Common

100
100
100

6X% preferred

Oct

33 X

80

Oct

600

1,900

200

22 X

IX

73*

1,700

Oct

2%

20

15
Empire Dlst El 6% pf.100
Empire Gas A Fuel Co—
6% preferred
100

7

734

30

l:

Elgin Nat Watch Co

Oct

33%

37?*

1

t c

500

7

7X

5

11

11

900

33 X

60
11

1734

10

30

*

Elec Shovel Coal 34 pref..*

Electrographlc Corp com.l

15

50

Horn A Hardart

600

Dec

Heyden

7)4
98)4
22)4
17)4
5)4

2X

1

4

Rubensteln

Heller Co com

3X

500

18X
17X

Dept Store com..5

Class A

2 X

4X

43*

Oct

10

Electric Shareholding—
Common

4

Dec

16

4X

Jan
Jan

Oct

3,100

Oct

J»n

Nov

3X

Oct

Mar

5H

59 X

H

4)4
28)4

47 X

3X

300

24

900

58X

X

21

49.900

3X

70

Oct

54 x

59 X

15X

54?*
IX

Nov

900

Nov

100

9X

Sept

ix

Oct

12 J*

50

100

53

*

pref A

71

IX
ux

IX
10

1

Class A

Oct

12

1

36 preferred
Elec Power Assoc com

Jan

13

*
*

35 preferred

PA

"l7X "l8X

Dec

80

12

1

Elec Bond A Share com..5

Elec

IX

17X
7X
24

IX

1

Am cl B com. 1
Hazeltlne Corp
*
Hat Corp of

preferred

Nov

X

Jan

6%

Oct

X

1?*

*

10)4

13

2

Edison Bros Stores
Elsler Electric

7

12

12

Dec

8

25
1

Dec

51

28 X
7

7

20

36 preferred series B

79

Oct

2

50
26 X

$7 preferred series A.,

Easy Washing Mach B

Oct

Harvard Brewing Co

*

4X % prior preferred. 100

Eastern

Oct

X

7

2X
11X

Hamilton Bridge Co com.*

7X

1)4
7)4

Mar

6X

100

6

IX
63)4

96

6%

Malleable Iron. 25

Oct

Oct

1

6% preferred

33

Dec

Oct

Durham Hosiery cl B com *

Eastern

X

Dec

IX

37 X

116X

1,100

X
38

75

50?*

Duro-Test Corp com

100

Aug
Jan
Jan
Jan

128

323*

32

"~6X

*

Haloid Co

Common..

4X
48

3

100
.25

Grocery Sts Prod com..25c
Guardian Investors
1

Apr

5X

4X
48

60

104

100

10
Eagle Picher Lead
East Gas A Fuel Assoc—

117)4

Oct

14

50 X

Dubiller Condenser Corp. 1
Duke Power Co

Oct

33X
4X
18)4
22)4

Dec

8

Great Atl A Pao Tea—

July
Aug
Mar
Apr

16,

"

ft

200

19 X

*
10

7% preferred

Sept
Apr

12

100

7% preferred
Driver Harris Co

30

2,100

pref erred..... 100
(W L) Shoe Co—

Draper Corp

10)4

Nov

10)4
29)4
5)4
22)4

Domln Tar A Chem com.*

5X%

Sept

16

200

12

Dominion Steel A Coal B 25

Douglas

Sept

2X

£1

Divco-Twin Truck com_.l

Feb

35 X

July

15

5

Distillers Co Ltd

15

28X
iox

Diamond Shoe Corp com.*
Distilled

21

18

10

De Vilbiss Co com

46

Oct

105

Jan

4)4
4)4

Jao
Jan

2X
22X
75)4

Feb
July

Feb

Week's Rang

Last
Sale
Pa r

for

1834

18k

1834

300

IX

International Cigar Mach

IX

Oct

18

200

Internat Holding A In v.."

6(

series

IX

A stock purch warr

Internat'l Paper A Pow wai

K
2X

2X

International Petroleum..'

28X

~

X

K

100

2X
28X

4,700

2X

3.900

23 X

31X

Registered
*
International Products—*
Internat Radio Corp
:

2X

2X

4,500

5X
•it

5X

B_4

Internat Safety Razor

9K

1,200

18X

17

Oct

28K
4H

6K
•»

1,600

2X
4

100

K

Feb

Oct
Oct
Dec
Oct
Nov
Oct
Oct

Oct

44

*
1
SI.75 Preferred
*
S3.50 prior pref..
*
Warrants series of 1940..

7X

-

8X

28~"

Mtge Bk ot Col Am aha...
Mountain City Cop com 5c
Mountain Producers
10

Jan

4

pref.*

Investors Royalty

1
C..10
1

Aug

Dec

5X

"1234
9

1234

14 X

X
7X

Feb
Mar

7

July

Oct

3X

4X

7X

200

25

1

rets...20 Lire
Italian Superpower A
*

Jan

X

534
2K

5X

Nov

2K

Feb

National Transit.
12.50
Nat'l Tunnel & Mines
*

Oct

32

Sept

X

Feb

4X
IX

Oct

18K

Feb

Oct

14

Jan

*

Oct

89

Jan

Nebel (Oscar) Co com

*

IX

6X
2X

96K

Jan

67

Jones A Laughlin Steel. 100
Kansas G A E 7% pref. 100

""36X

5

5X

Kennedy's Inc

66X

""§2"

Nehl Corp common
1st preferred

2X
33K

"""250

2)4

1,100

37X

2,300

10K
34

""36"

100
1

2X
234

1

Klrkl'd Lake G M Co Ltd.l

134

Oct

27X

Nov
Dec

100

9X
126K
11454

30

2X
2X
IX

Feb

Nev-Callf Elec

12

Dec

500

X

Dec
Dec

28)4
3)4
88)4

Nov

65K

Feb

IK
2*

Oct

854
854
154

Feb

234
3
IK

3,700

50

2,900

30

Oct
Feb

400

Dec

6X

Oct

7% preferred

Mar

New Bradford Oil

100

6% preferred

Feb
Mar
Feb

Oct

45X

10

45

Dec

52 34

6,800

45 X

Oct

2X

700

IK
87 34

Oct

78)4
59)4
9)4

Dec

10

Oct

10)4

Nov

1

300

X

Oct

454

Jan

Feb

N Y Auction Co
N Y

NY4 Honduras Rosarlo 10
N. Y. Merchandise
..10

34

*

12 X

12X

1234

200

20

Jan

*

3X

3X

4X

4,500

10X
2K

Oct

Lehigh Coal A Nav

Oct

Develop...26
Le Tourneau (R g) Inc..l

X

•w

X
17X

3,700

X

Sept

1354
2)4

Apr
Feb

39

Aug

New York Transit Co

30 K

Feb

N Y Water Serv 6% pf-100
Niagara Hudson Power—
Common
10

Lion Oil

*

Refining

Lipton (Thos J) cl A

18

934

6% preferred
26
Lit Brothers com........*
Locke Steel Chain...
6
Lockheed Aircraft

1

"iox

8X
834

Lone Star Gas

*

7K

7X

Corp

*

7% preferred
6% pref class B

Oct
Deo

12 X

IX

33

Loudon Packing
*
Louisiana Land A Explor.l

\%

200

""360
100

15,000

10X
7X

7,000

i*

Oct

34

July

13

Oct

21K

Oct

Oct

7

18)4

Nov
Mar

Jan

4

Oct

16K

Feb

5K

Oct

14)4

Jan

2

134

2,900

1

Oct

43 X
35

IX
38

38

100
100

5,200

18X
9X

Nov

Nov

18X

1

Long Island Ltg—
Common

13 H

19K

1,200

210

38

Dec

93

Mar

600

33

Dec

80

Jan

2X
9X
X
38
IX

200

1X
6X
X

Oct

654

654

Jan

Class B

5

common

Class A pref

Oct

500

500

iox

500

34

Oct
Oct
June

30

Oct

Nov

500

3

Oct

300

454
6)4

6

Dec
Oct

Oct

Feb

Apr
Jan
Feb
Mar

Apr
Feb
Jan
Jan

Jan

53

25

53

13

Nov

35

Mar

61K

62

150

58

Oct

88

Mar

Nov

4X

100

130

102

10)4

62

200

10)4

58 K

62 K

2,750
1,900
2,300

21)4

21X

200

xl K

xlX

IK
21)4

58

6

22

22

8

8

154

Oct

98

Nov

8K

Dec

53

20

Nov

IX
50 X

Oct

Nov
Oct

100

IK

Oct

100

6

3X

Oct

26 X

500

22

100

8

Oct

8X

Oct

96 X

140X
30 X
94X
5

13534
37

6X

Jan

Apr

Mar
Feb

Maje
Jan

Mar

Apr

Nov
Dec

16

Jan

34

Mar
Feb

15X
11534
105X

Mar
Mar
Jan

Mar
Feb

91)4

17)4
8)4

91X

10

86 X

6)4
3X

6X

200

2X

Oct

3)4

300

3K

Dec

1234
5X

14K

17)4

290

14X

Dec

65

Jan

8)4

20,100

Oct

16X

Feb

8

76

78

5)4

78

825

4

69X

Oct

X

K

1,000

X

Dec

IK

100

X

Oct

*

17

5K

100

Feb

115

X
2)4

Feb

Feb

Feb

4X

*33)4

"32"

Oct

16

Feb

6)4

3,000

Sept

98

Apr

"36 X

"moo

30

Oct

62

Aug

8

Dec

15

Aug
Feb

91X

100

Nlles-Bement Pond

82

Oct
Nov

8)4
20

20

20

Sept

200

17

Jan

5

1,100

4

Dec

IX

Dec

7

1,200

4X

Oct

200

13 X

Dec

5

5X

13 X

1

May Hosiery Mills Inc
S4 preferred w w
*
McCord Rad A Mfg B_._*
Mo Williams Dredging
*

14X

Jan
Jan

Apr

May

10
97

"Ik

2X

700

iox

2X

"16k

3,100

100

3X

125

4X

1,100

"19"

""60 0

3X

100

Nov

33)4
22)4
3K
16)4
25)4

Jan

Mar
Mar
Jan
Mar

Aug

2H
7H
90

2X

3K

Participating preferred.*
Merritt Chapman A Scott *

Oct
Oct
Oct

44)4
125

July

Oct

7

Jan

8

8

100

2X

"T~ "i'eoo

6X% A preferred... 100
X

Mexico-Ohio Oil.
*
Michigan Bumper Corp__l
Michigan Gas A Oil
1
Michigan Steel Tube..2 60
Michigan Sugar Co
»

3,400

IX

Oct

7)4

200

37

21

2,300

20

Nov

20 K

1,200

20

Dec

"1#

""300

X

Oct

*"k """«!#

"600

3x

X

65)4
76

76

1034

6534

Dec

76

50

72

Nov

12 K

3,800

109

109X

111

111

20

Oct

35)4

300

28 K

Jan

Sept

113
23
80)

Jan

6% 1st preferred
Ollstocks Ltd com

90

Jan

Oklahoma Nat Gas

Feb

$3 preferred..

Feb
Feb
July
Jan

Feb

6%

Oct
Nov
Oct

Jan

Oct

40

7X
20 K

9X
7)4
20

9X
7H
2034

100

1,900
700

conv

X
X

Dec

4)4

Jan

Pacific Can Co

Nov

Mar

8

8

6

Oct

Feb
Jan

Pacific Ltg $6 pref
*
Pacific P & L 7% pref..100
Pacific Public Service
*

7

Feb

51.30 1st preferred
Pacific Tin spec stock

2)4

3)4
5)4
28)4

2)4

4,200

400

X

Oct

2X

Oct

"260

X

Oct

2

Feb

10

Jan

Pan-Amer Airways
Pantepec Oil of Venez

50

53

Oct

24

Mar

Oct

90

Mar

..5
1

Parker Pen Co

"Tx "~7X

Midwest OH Co
10
Midwest Piping A Sup...*
Mining Corp of Can
*
Minnesota Mining A Mfg.*

2"300

25

IX
25

200

Mar

100

26X

Aug

5

Feb

Pender (D) Grocery A.._*
Class B
*

50

25

Dec

43

Jan

Oct

98

Jan

Peninsular Telp com
Preferred

Minnesota P A L 7% pf 100
Missouri Pub Serv com.. *

Dec

4

Oct

3K

2.60

7X
5

8

5

5X

200

5,800

5K
2«
12

"Tx "Ix "2~6O6

Monogram Pictures com.l

Oct

Jan

Oct
Oct

1654
1154

Oct

25

Feb
Apr
May

2

2X

400

1

Oct

2

Nov

5

1

Montana Dakota Utll... 10

Nov

17

Jan

254 Sept
4)4 Feb

Parkersburg Rig A Reel._l

""BOO

Oct

6

Nov

10

Oct

Dec
Oct
Oct

98K

Nov
Nov

Jan

8X

Jan

Oct

2434
54 X
106X
26K
9X
6X

Jan
Mar

26

101X

Apr

1734
5X

17 H

1834
5)4

"3"66o

xl5

Oct

17X

17

5X

Feb
Jan

Oct

300

5)4

600

2X
3X
15X

18)4

Tsoo

14X

35,200

89

Jan

Apr

Feb
Aug
Feb

Oct

27)4

5K

1034
10)4
32)4
29X
107X

Feb

2X
14X

26K

Oct
Oct
Oct

30

Oct

30X

1
*

Pa Pr A Lt 57 pref

*

58 preferred
Penn Salt Mfg Co

30

120 X

Nov

157

Feb

27X

Sept

37

Jan

50
Pennsylvania Sugar Co-.20

21K

25

Jan

Penn Traffic Co

Oct

Aug

44

4554
184

Aug
Apr

454

22 X

"""250

Pa Water & Power Co

Pepperell Mfg Co
Perfect Circle Co

20

Oct

43

Oct

12)4
3054

3X

454

19

Oct

109K May

1

Pennroad Corp v t c
Pa Gas & Elec class A

100

Dec

21

*

Penn Mex Fuel Co

30X

27

22X

Dec

28

82.80 preferred..
$5 preferred

13934

21

21

100

29X
21K

180

4093.

"lx

*

"i3934
"§6"x

Oct

Jan

Aug
Sept
Jan

Feb
Jan

July

Penn Edison Co—

IK

Nov

Voehrlnger

Monarch Machine Tool..*

Oct

50

"166

.....

Patchogue-PlymouthMills*

13

Oct

106

i"

400

10

Nov

6X
8

IX

Oct

5X

103k 103k

Paramount Motors Corp. 1

454
1454

IK

~

Oct

28)4

Page-Hersey Tubes Ltd..*

Oct

9K
ex
19X

25X

*

60

......

5)4

*

Oct

10)4
62 X

8

Jan

,'..*

2H

3

62 X

18)4
134

com

June

104)4
14X
1434
32)4

2X
5X

3)4

5)4% 1st preferred...25

8

234

Pacific G & E 6% 1st pf.25

Oct

334
1154

Jan

2X

102X

85

5
15

50

Jan

Oct

111

100
com.

106

*

11IX

Jan

500

*

Nov

31

Nov

1,500

Jan

Feb

Feb

X

Mar

11134

1,700

•is

67

110
112

4,100

*

Jan

Oct
Nov

Dec

100

X

t c

Jan
Feb

97

100

37

Midland Oil conv pref
*
Midland Steel Products—

Feb

Ohio Oil 6% pref
Ohio Power 6% pref

Oct

600

6X

Ohio P S 7% 1st pref... 100

Apr

26 X
78

3X

Jan

Mar

»»

3X
®is

103

Jan

Mar

73

5354

4X

3X

41

500

300

Jan

Jan

96)

37

89

Jan
Aug

Feb
103)
12)4 May

Oct

31X

X

*

6)

Dec

30K

Ohio Brass Co cl B com..*
Ohio Edison $6 pref
*

4X

t/ib..

Oct

Jan

50)4
Apr
SIX June
Jan
43

X

1,000

30

X

7

Oct

51K

10X

1234
21X

~29X

X

Oct

65

1054

pref...;
100
Oldetyme Distillers
1
Oliver United Filters B___*
Overseas Securities
*

400

Oct

10

5X

iik

77

Sept

■1

47 K

34

20

X

X

Oct

37

20

*

X




IK

Novadel-Agene Corp

4X

1

3)4
UK

{Nor Texas Elec 6% pf.100
Northwest Engineering..*

6,700

10

For footnotes see page

cl A.. 100

Sept
Oct

Oct

1X
X

1

"~29~

com

2)4

20

6% prior preferred...50
No Am Utility Securities.*
Nor Cent Texas Oil
5
Nor European Oil com
1
Nor Ind Pub Ser 6% pf. 100
7% preferred
100
Northern Pipe Line
10

IX

700

37
21

*

com

Ti«

Metropolitan Edison pref.*

Montgomery Ward A
.*
Montreal Lt Ht A Pow
*
Moody Investors pref
*
Moore Corp Ltd com
__*
Class A 7% pref
100

Class B

300

354

IX

$6 preferred.
North Amer Rayon cl A._*

2

7

Dec

3H

27

Mesabl Iron Co
1
Metal Textile Corp com..*
Partlc preferred
*

Feb
Feb

IK

354

5

Oct

Nov

16
24

Warrants

65K May
14 %

58

"10"" ""ie"

Merchants A Mfg cl A...1

60c

10

.....

Common

Nor Sts Pow

152

*

Memphis Nat Gas com
5
Memphis P A L|7 pref..*
Mercantile Stores com
*

Monroe Loan Soc A

Sept

Niagara Share—

Oct

10

49X

2

Common

May

3X
3X
28X
2X
112X
69)4
80X
19)4
19)4
234
2334
89X
6X

IK

42 JK
10 X

49X

IX

Molybdenum Corp

4)4

34

Oct

634

Jud,

12X

Oct

Nor Amer Lt A Pow—

Massey Harris common..*

Mock,

Oct

IK

53

53

Noma Electric

300

__

7K

4,600

100

Niplsslng Mines

1

dlv shs

■""800

154
X
14

Feb

Feb

Dec

Mass Utll Assoc

Co

Jan

7)4

Feb

554
10)4

1,600

26

*

non-cum

Jan
Jan

9X

98

Oct

200
200

Marlon Steam Shovel

S2

Mar

Aug

%
2X

Communication ord reg£l
Margay Oil Corp
*

Mid vale

28

Sept

5*

Class A opt warr
Class B opt warr

Jan

Marconi Intl Marine—

Mid-West Abrasive

Dec

Mar

94

Jan

Mapes Consol Mfg Co

v

16

X
7K
57X

79X

Jan

*

Preferred.

Oct

Feb

Aug

S5 conv preferred
Manlschewitz (B) Co

Middle States Petrol—
Class A v

Sept

Dec

15)4
2K

11,200

1

Mead Johnson A Co

X

800

Jan

93

5554

8X
X
37 X
1

1

Master Electric Co

Apr

63

Oct

Majestic Radio A Tel
Mangel Stores

t c

Feb

19

100

Dec

8X

"37X

10
6

Class B

100

Nineteen Hundred Corp B1

Lynch Corp common

v

91X
12X

100

*

_

X

Oct

Oct

1,500

6

5

*

Luoky Tiger Comb G M

Jan
Feb

Oct

78 K

4)4

Founders shares

1st pref...
2d pref cl A
2d preferred
2d pref cl B

Feb

3X

102^

N Y Pr 4 Lt 7% pref.. 100
16 preferred
N Y Shipbuilding Corp—

5%
5%
5%
5%

47

Dec

'

34

17

Aug

Oct

2X

18

6

Warrants

1

*

July

13X
19X
13X

Oct

16

32K

*

*

Line Material Co

550

2~200

City Omnibus—

Lefcourt Realty com
Preferred

Oil

10 X

Oct

6X

55

6454

*

Langdendorf Un Bak A

Leonard

Jan

May
July

Oct

"16

100

com

May

3X

18

25

13)4

"11"

~iy2 "moo

Oct

iSjf
45

50

13)4

Newmont Mining Corp. 10
New Process common
*

50

Jan

Feb

Oct

33

7)4
1)4

Jan

Feb
Jan

Nov

Oct

19

5

New Engl Pow Assoc

July

12

200

"454

X

1)4

"58)4

Oct

110

"7)4

100

21 )4

2X

400

Feb

13 X
23

5K

New Jersey Zinc
25
New Mex A Ariz Land_..l

Feb

45X

Lakey Foundry A Mach__l
Lane Bryant 7% pref..100

17

New England Tel A Tel 100
New Haven Clock Co
*

Jan

Apr

6

100

"T

21

Jan

17)4
111)4

100

"62X

254
19)4

100

com

Oct

June

155X
28X

Dec

Dec

K

33

*

Jan
Aug

Dec

14X

1

1,400
2,100

3

Feb

4

6154

"I"

Nat Union Radio Corp___l

*
Nelson (Herman) Corp..5
Neptune Meter class A
*
Nestle-Le Mur Co cl A
*

Jan

Mar

5X
9X

1,300

1

Lackawanna RR (N J)-100
Lake Shores Mines Ltd—1

Nov

100

534
10 K
34
34 X

Klein (D Emll) Co com..*

Koppera Co 6% pref
Kreuger Brewing Co

Nov

81

27X

5X

Kingsbury Breweries.
1
Kings Co Ltg 7% pref B100

Knott Corp common.

63 X
72

105

Ken-Rad Tube & Lamp A *

5% preferred D
Kingston Products
Klrby Petroleum

50

67

"83"

19

754
14)4

Nebraska Pow 7% pref. 100

Jan

800

Jersey Central Pow A Lt—

6X% preferred
100
6% preferred
100
7% preferred
100
Jonas & Naumburg—.2.50

7K
13)4
254

*

'

Jeannette Glass Co

7)4

13)4

National Tea 5)4 % pref. 10

X

2,600

X

5

7\800
7

X

National Steel Car Ltd
*
National Sugar Refining..*

1

Dec

8X

Nat Service common
Conv part preferred.._

Navarro Oil Co

X

1

1,600

i®i«

Dec

35

*

100

_

Co

5)4

10

7X

X

Feb

1854

Nov

200

4

Nat Mfg A Stores com...*
National Oil Products
4

Oct

5X

Amer dep

National Container (Del)-l
National Fuel Gas

Oct

11 X

Nov

1

200

National Candy Co com
National City Lines com.l
S3 conv pref
50

Nat Rubber Mach

800

Oct

11

k

54

National P & L $6 pref...*
National Refining Co...25

1,900

9

5

.1

com

com

Jan

Isotta Franschlnl Co—

Warrants

Nat Auto Fibre

Jan

Sept

4X

National Baking Co com.l

Mar

Oct

X

700

8

'5t«
27K

IX

May

_

42X
24%

Oct

180
400

Jan

13

Mar

38

1,300

5

Oct

38

Oct

4
29
5X
718

Dec

4X

Dec

Sept

2X

3)4

Nov

Nach man-Springfi lied.

Feb

100

8X

10)4

8

3,100

123 X

Feb

2,400

Oct

1

5K

High

IK

Mountain Sta Tel A Tel 100

Feb

Dec

1

354
554
454

Low

1,000

Mountain States Power.

3K
15K

3X

3

3X
28X

Interstate Hosiery Mills. .*

Irving Air Chute

28

4K

IK
3%
6
454

154
354

Murray Ohio Mfg Co
*
Muskegon Piston Ring.2X

8K Apr
15K May
1X Feb

1937

Range Since Jan, 1, 1937

Shares

Mar

9

2lX

71«

3X

Interstate Home Equip-.1

Iron Fireman Mfg v t

100

28

8

High

Jan
Sept

2X

Oct
Oct

100

8X

28

X

Low

for
Week

39X

Dec

7

600

x

Vitamin—1

Interstate Power 57

300

7X
X

Price

Moore (Tom) Distillery.

Nat Bellas Hess

Class B

International

of Prices

Feb

International Utility—
Class A

Week's Range

Sale

Par

Intermit Hydro-Eleo—
Pref 13.50

Last

High

Low

Shares

HigJ

Low

Price

STOCKS

(Continued)

Range Since Jan, 1,1937

Week

of Prices

25,

Sales

Friday

Sales

Frida /

STOCKS

(Continued)

Jacobs (F L)

Dec.

New York Curb Exchange—Continued—Page 3

4090

Oct

49 X

2K

9K

2X
9 34
92K

8,900
200

Nov

3K
2K
934
91X

2X

Nov
Oct

9X

SeP)

63

110

Feb
Feb

Feb

Mar
Apr

42X

Mar

72

Mar

83|
17X

Feb

Mar

141X 143

225

Jan

125

Oct

113

79 X
115

Oct

112

Jan

Oct

179

June

24K

91X

Nov

86

2

2.50
*

63

68

600

62

100

70

77 X

725

58X
25

Sept

24)4
4X

Jan

Nov
Mar

Oct

95

Feb

Nov

151

Apr

Oct

37

Feb

Volume

4091

New York Curb Exchange—Continued—Page 4

145

Sales

Friday

Range Since Jan. 1,1937

STOCKS

Last

Week's Range

for

(Continued)

Sale

of Prices
Low
High

Shares

Par

Price

Week

1

3#

3#

3%

Philadelphia Co com

*

7#

7#

8

3#

6#

Oct

111

*
PhHa El Power 8% pref.25
Phllllpe Packing Co
*

8#

Dec

Phlia Elec Co $5 prel

QUAW & FOLEY

High

Low

1,500
400

Pharts Tire A Rubber

June

July

20

116#

York

Curb

Exchange

Feb
Mar

30%
3#

New

Members

Jan

30%

25

30

Oct

34

8#

3#

900

2

Oct

15#

Feb

30 Broad

New York

Street

Phoenix Securities—

Pines

3

*io #

2#
18#

Oct

11#
40

Mar

6#

Oct
Dec

2#

Oct

33#
3#
6#

4#

Oct

5,100

~2#

10#

1

Winterfront

Pioneer Gold Mines Ltd..l

Telephone HAnover 2-9030

Mar

Dec

900

T,906

19#
9

*_2#

*

3
21

2%

10

300

1

1

Common
Conv pref series A
Pierce Governor com

Feb

Feb
Jan

*

Meter...

m

5#

1,000

5#

Pittsburgh Forgings
1
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
*
Polaris Mining

59#

3#

Producers Corp

16#

Nov
Nov

1#

300

1#

Feb
Jan

147#
2#

Dec

7

1,700
9,000

8

3H
%
3#

Apr

19

Oct

»i«

5

Dec

7#
5#

Dec

17#
11#
14#

H
6

7#
5#

50

"~5#

H

5#

3,800

Oct

H

1,400
1,000

7#

,

Dec

Sept

Jan
Feb
Jan
Mar
Jan

Jan
Jan

103

100

Oct

109

Jan

98

June

105

Feb

..._.*

26%

*

26#
13

13

30

26#

270

14

Pub

22

Oct

68#

10#

Oct

41

Oct

98

Jan

74

60

Oct

93

Feb

100

110

Nov

120# Nov

100

115

Sept

120#

Nov

Service of Okla—

0% prior lien pref.-.100

82#

7% prior lien pref... 100

90

60

90

77

Nov

103

Feb

10

84

90

Oct

106#

Jan

Oct

4#

Jan

H

JPub Utll Secur $7 pt pf..*
Puget Sound P A L—
J5

Jan
Mar

74

Pub Serv of Nor 111 com..*

29#

29#
14

32#
16#

825

20

Oct

650

10#

Oct

6#

preferred

16 preferred

Oct

Pyrene Manufacturing-.10
Quaker Oats

91

com

Nov

90#
60#
14#
124#

Jan
Jan
Feb
Jan

10

142# 142#

50

150

Jan

125#

Apr

15#

6% preferred
Quebec Power Co

Nov

25#

Jan

9#

9#

125

9#

Dec

28#

Jan

•u

Ry. A Light Secur com
Railway A Utll Invest A--

ht

200

hi

Dec

1#

Jan

Ralnbow Luminous ProdClass A

#

Class B

#

# June

800

1,300

#

Nov

Jan

2

#

Feb

Raymond Concrete PUe—
13

14#

14#

14#

50

preferred

conv

Raytheon

Mfg

50c

com

Red Bank Oil Co

2#

3#

...

Reed Roller Bit Co

3#
23#

2#

200

3#

800
500

24

14

Nov

1

Oct

3#

Dec

3#

Reeves (Daniel) com

3#

900

3#

#

1,600

#

1,300
2,400

2#
#

Dec

!

2#

2#

#
5#

5#

200

4

Oct

1#

1#

1,400

1

Oct

Reynolds Investing
Rice Stlx Dry Goods
Richmond

*
1

Radiator

#
104#

110

Rochester G A E0% pf D100

96#

Rochester Tel 6#% pf.100
Roeser A Pendleton Inc..*

15

15

50
100

Oct

112

July

12

Nov

15

Dec

95#

Sept
Nov

June

26

Amer dep rets ord reg_£l
Rome Cable Corp com
5

*2# ""3#

Oct

Oct

2

Oct

400

""900

5#
1

6#

6#

.5
1

2#

27#
15#
4#
13#

Aug

Aug
Feb
Jan

20

9#

9#

200

Dec

18

Jan

Rossla International..

*

*16

#

1,600

Oct

1

Jan

Rotallte Oil Co Ltd

*

43#

750

55#
110#
14#
17#

Mar
July
Apr
Jan

$1.20

conv

pref

32
42

Royal Typewriter
Russeks Fifth Ave

$2.50

conv

5#

2#
1

Rustless Iron A Steel

7#
41

__.*

pref

Ryan Consol Petrol
•
Ryerson A Haynes com__l
Safety Car Heat A Lt
*
St. Anthony Gold Mines. 1
St. Lawrence Corp Ltd

$2 conv pref A
St Regis Paper com

3#
1#

8#
42#

3#
1#

650

2,100

1,500
75

85

H

3

3#

64

5#

Oct

5

Oct

36#

Oct

2#

Oct

16,400

2#

100

1#

Mar
Apr

Apr
Dec

Jan

2#

Oct

57

Nov

1#

125#

22#

Oct
Dec

100

1

Oct

300

13

Oct

26

900

37

37#

125

1

1

1#

Selberllng Rubber com

2#

2#

3

8,300
1,500

Feb

Jan
May
Mar

Oct

54# May
78#

Jan

Jan

Nov

#
2

5#
50#

Jan

Oct

4#

Feb
Mar

Oct

Oct

9#
30

1

1

Convertible Stock.
$5.50 prior stock

1

1#

8,200

Sentry Safety Control

650

500

6n

6

6

4#

1
*

1#

1
Shattuck Denn Mining. .5
Shawlnlgan Wat A Pow__*

7#

com..25

"87#

4#

28#
101#

Dec

104

Jan

1#

3,300
5,000

7.

7#
20#

86

90

400

3#
18

Dec

190

106#
17

#

5#

•

#

6

Oct

Mar
Mar
June

2#
1#

Oct
Nov

Oct
Nov

200

#

200

5#

6#

Sept
Dec

21

5#

1
100

229"

1#
4#

Nov

'"""io

221#

Nov

Oct

5#
229

Nov

4093.




Apr

2

•

July
Oct

Oct

1#

Oct

1,300
1,000

6#

3,400

#

Spencer Shoe Corp....__*
Stahl-Meyer Inc com
*

1

10#

Jan

Aug

35

7#

13#
370

Feb

Feb
July

6#
100

5#
29#

Oct

60

Nov

42

Jan

H
Oct
# May

1

Mar

1#

Mar

12#
4#

Apr

4

Oct

1#
hi

1#

Oct

400

#

Sept

16

16#

600

14

Oct

23#

Aug

17#

16#

17#

1,100

16

Oct

27

Apr

Oct

10#

11#

1,300

10#

Dec

17#

18

1,500

14#

Oct

18#
63#
21#
13#

Sept

*10#

45

Mar

1#
#

9

Standard Invest $5# pref*
Standard Oil (Ky)__.__l0

18

Standard OH (Neb)
25
Standard OH (Ohio) com 25
5% preferred
100
Standard Pow A Lt
1

*20#

"in

9
8#
20# 22#
100
100

1,400
1,100

1#
1#
22#

8

Oct

3,800

1#
1#
22#

10

Oct

Standard Steel Spring
Standard Tube cl B

5

105#

.Tan

Oct

7#

Jan

Jan

#

100

1

Oct

50

20

Oct

7#
69#

6#

Dec

25

Feb

si«

Oct
Oct

12

Sept

Oct

8

Mar

Dec

25

Mar

900

5#

5#

6

#

1

#
9#

#

3,200

9#

100

1
1

C

Works

20

com

Oct

10

Steel Co of Canada ord.

93

Feb

93

Stein (A) A Co

13

Nov

21#

Starrett (The) Corp

v t

3#

o.l

common.

107

100

4#

preferred

1,000

*2#

"I#

6#
4#
2#
8#

5

6#
4#
2#

Oct

2,700

2

Oct

15#
13#
7#
0#

Dec

27#

Sept
Oct

5#
33#

Oct

28

400

9

1#

300

1,036

3

7#
13

2#
32#

800
200

13

Dec

1,900

2

Oct

400

32

Oct

50

Jan

Oct

22#

Apr

Feb
Apr

33#

Feb

19#
4#

46

Mar
Jan

Oct

17

Feb

Jan

5#
98

119

Aug

108#

100

3#

4#

3,000

3#

27#

28#

1,300

25#

Nov

#

Nov

"it

Dec

#

Oct

H

Oct

2#
5#

Mar

108

100

Taggart Corp com.
1
Tampa Electrio Co com..*

Rights
Tastyeast Inc class A...1

1#

Taylor Distilling Co

1
Technicolor Inc common.*

17#
5#

1

h
1#
17#
5#

#
1#
18#
5#

200

1,200
o,800

2,100

14

Oct

Oct

July

98

Nov

600

2

Oct

800

4

Texon 011 A Land Co

2

4

Thew Shovel Co

5

9#
8#

1

10#

9#
5#

700

9

3

Const.*

Dec

Oct
Nov

55

Tobacco and Allied Stocks*

16#

Dec

53$

Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref-..100

Apr

41

.

Feb
Jan

Jan

34

Aug

0#
77#

Feb

112

Jan
Jan

7#
25#
18#
10#
06

Jan

Sept
Mar
Jan
Jan

Oct

4#

14#

Oct

18#

1#
32#

Oct

3

Feb

Oct

74

July

2

Tobacco Prod Exports...*

■; v

July

Trust

Am dep rets ord reg
£1
Am dep rets def reg...£l

2#

800

2#

100

46

45

Todd Shipyards Corp....*

105

Feb

Oct

95

7% preferred A
100
Tonopah Belmont Devel.l

115

Mar

#

Jan

#

*18

200

#

Dec

2#

X3
6#
#

1.100

10,000

1#
4#

Nov

1,300

#

Oct

Mining of Nev.l

Jan

Oct

90

Toledo Edison 6% pref. 100

To no pah

Feb
Feb

Mar

3

8#

$3.30 class A partlclpat *
Swan Finch OH Corp... 15

Securities

1

10#
5#

44

13

.1

5# % conv pref
50
Superior Ptld Cement B__*

Tobacco

8#

Feb
Mar
Feb

10

7#

....

I*

Tllo Roofing Inc
Tlshman Realty A

Oct
Oct

Feb
Sept
Mar

13

11

com

40

4#

11#

1#

13#

3

1,700

July
Feb

107

Oct

Oct

:

8
6

Feb
Feb

500

...20

Teck-Hughes Mines

Feb

3

30

50

preferred

#

2,300

Jan

Jan

Wholesale Phosp

A Acid

Jan
Aug
Apr

Oct

100

•it
2

Jan
Feb

Trans Lux Plct Screen-

1

Common

Trans western OH Co.. -.10

:

2#
6#

5#
»ll

Tubize Chatlllon Corp___l

8

7

1

26#

20#

2#

2#
6#

80c dlv preferred

*

7

7#% pref...25
5% preferred
2

Union

Investment

com..*

31#

600

Dec

86

1#

Oct
Oct

11#
13#

Feb

6#
.1#

Feb

1#

Oct

9#
6#
4#

'""166
100
100

5#

5#

13#
5#

1

Oct
Dec

"9# "Io""
11#

'"loo

11#

4,700

#

*

July

#

Apr

Nov

Oct

12#

Jan

85

4

Oct

30#
13#

5
97# 101
1#
1#

16,700

Oct

2

47
*18

July
•11

Nov

Jan
Mar
Feb

62# May
1# Nov

*T#

4#

400

1,900
/■

25#

4#

500

28#

4,100

Zl8# £18#

25

25#

2

Jan

Mar

*11

Mar

3

Oct

#

78
»ii

Oct

Nov

13#
124

3#

Feb

Jan
Jan

94

Jan

1#

Oct

11#

Jan

2#
14#

Oct

11#

Oct

75#

Jan

80

"3# ""3# "3# "7",200
4

Oct

*11

#

4#

$3 preferred
Molasses Co—

Apr

United N J RR A Canal 100

Jan

United Profit Sharing
Preferred

Jan

Nov

Jan

17

Nov

45

Feb

55

United Milk Products...*

dep rets ord

Feb
Jan

18#
10#

Oct

slH

11,800
1,200

10

*

4#

$0 1st preferred

Feb

Oct

11#

200

100

Option warrants
United G A E 7% pref. 100
United Lt A Pow com A.*

May

28#

700

600

Transport

*
Un Clgar-Whelen Sts.. 10c
United Corp warrants
United Elastic Corp
*
United Gas Corp com
1
1st $7 pref non-voting.*

Feb

Apr

13#

Union Oil of Calif deb rts_.

Aircraft

Jan

Oct

1

1

Feb
Apr

9# May

Nov

6#

28#
3
7

"l# "l#

10
*

Union Gas of Canada

3

6#
7

Tung-Sol Lamp Works...1

Class A

5#
13#

2,900

*

Trunz Pork Stores

Oct

May

75

Feb

United

Mar

Jan

15#

*

Jan

Sept

Jan

1

2#

Common class B
Preferred
Standard Products Co
Standard Silver Lead..

Jan

Apr

35

100

Standard Dredging Corp—
$1.60 conv preferred-.20

United

Feb

Mar
Feb
Apr
Aug

400

5

1#

Warrants

28#

Aug

7#
5#
11#

5

5

Standard Brewing Co
*
Standard Cap A Seal com. 1
Conv preferred
10

Standard

Dec

6#

Mar

20

39

38

Am dep rets ord reg__£l
Am dep rets ord bearer £1

Am

16

*

For footnotes see page

229

2#

98

Sioux City G AE 7% pf 100
Skinner Organ com

1#

1,200

4#

2

Singer Mfg Co Ltd—
Amer dep rec ord reg.£l

Smith (H) Paper Mill

Nov

3#

400

6#

Feb

103

300

2

$3 cum A part pref

114

Dec

4#

2

Common class B

*

Simmons Hard're A Paint *

Simplicity Pattern com
Singer Mfg Co.

148

4#

25

Union Stockyards

Feb
Feb
Mar

83

West Pa Pipe Llne..50
Spanish A Gen Corp—

United Chemicals com

28#
33#
154#

Oct

July

So

Feb

Slmmons-Broadman Pub—

pref

South Penn Oil

Jan

8#

1

Southern Union Gas
*
Southland Royalty Co...5

Unexcelled Mfg Co

Oct
Oct

72#

30

05

South New Engl Tel... 100
Southern Pipe Line
10

Jan

Oct

#

2,500

108#I108#

Shreveport El Dorado Pipe
Line stamped
25

Conv

7% preferred

Ulen A Co

Dec

100

20#

5% cum pref ser AAA 100

#

500

1#

Sberwln Williams of Can. *

com

Dec

7#
54

100

ht

1

Seversky Aircraft Corp

Sllex Co

28

Union Premier Foods Sts. 1

8eton Leather

Sberwln-Wllllams

4#

1#

54

£1

Serrlck Corp clB
com

Oct

56#

'54"

8
55

7#

5

25

Allotment certificates

Selfrldge Prov Stores—
Amer dep rec

1

Jan

Aug

41#
29#

Nov

Jan

Selected Industries Inc—

Common

Nov

23#

Trl-Contlnental warrants..

Nov

29

16#

Selby Shoe Co

4#
26

Jan
July

55

Nov

1

Securities Corp general

Segal Lock A H'ware

69

109

Sept

18

Seeman Bros Inc

117#
6#

Jan

Apr
Apr
Apr

Dec

30#

Scranton Spring Brook
Water Service pref

#
15#
38#
11#

Oct

22#
109

com

Jan

8

141

1#
13#

Scranton Elec $0 pref

6#

July

Dec

#

50

13

61

Nov

1#
73

100

25

64

2#

1#

Scranton Lace Co

Nov

4#
3#

common

Manufacturing..25

3#
1#

1,200
1,400

Sept

35#

27#

*
50
6

Savoy OH Co
Scovlil

7#
41

H

Samson United Corp com. 1
Sanford Mills com
Schlff Co

6#

85

100

7% preferred

25#

500

Swiss Am Elec pref

Rolls Royce Ltd—

Root Petroleum Co

Sept

200

24#

Sunray Drug Co
Sunray Oil

July
Feb

#

3,500

#
96#

Voting trust ctfs

Roosevelt Field Inc

33#

25#

Stroock (S) A Co
Sullivan Machinery

Rio Grande Valley Gas Co-

Jan
Mar

36

Stetson (J B) Co com.
Stlnnes (Hugo) Corp

Oct

9

9#

1

July

23#

2d

Nov

300

Dec

25#

25

SterHng Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc

Oct

Reliance Elec A Engin'g .5

Reybarn Co Inc

2#

Mar

2#
10#
5#

38

1st

Dec

#

"#

Relter-Foster Oil

1,100

3#

Sterchl Bros Stores

Oct

21

Oct

6# % pref series C

6#% preferred

Oct

30

Common
•

4#

5% original preferred.25
6% preferred B
25

4#
35#

16

1#

300

6

3

2,700

2#
1#

7

Oct
Oct

100

500

High

Low

1#
1#

400

Southern Colo Pow cl A. 25

200

15

Week

Southern Calif Edison—

Jan

pf 100
100

16% preferred
17% preferred..

T~

1

Feb
Feb

Public Service of Indiana—

Common

1#

1

2#
1#
6

..1

Boss Mfg com
South Coast Corp com

41

98

10 preferred

1

33#

July
Jan

*

17 prior pref

Solar Mfg Co..
Sonotone Corp

Price

Oct

1,400

6

#

5%

Prudential Investors.....*

preferred

Shares

Par

Oct

Oct

"166

1#

*

Pub Ser of Col 7% 1st

for

of Prices
Low
High

Oct

Oct

#

1#
19#

18#

1

$6 preferred

Week's Range

Sale

6#
4#
12#

2#

600

~19#

18"

"is'%

Prosperity Co class B

6%

Oct

3,300

3#

"11%

1

Pressed Metals of Amer..*

Providence Gas

Nov

88#

8

Range Since Jan. 1,1937

Last

Oct

"~3#

5

Power Corp of Can com..*
Pratt A Lambert Co
*
Premier Gold Mining

52#

27#
116#

Nov

6#
77

2#

25c
5

Co

Potrero Sugar com
Powdrell A Alexander

June

5#

760

60#

"7 #

88 #

Feb
Mar

1,900

8#

7H
86#
1#
7#

Jan
Apr

400

7#
8

9#
42#

Nov

39

Pitts Bessemer A L ERR 60

Sales

Friday
STOCKS

(Continued)

Pltney-Bowes Postage

6#

reg.

*
10

Jan

8#

Apr

Oct

253

Aug

#

Oct

2

July

8

Dec

12

Mar

244

100

New York Curb

4092

Sales

Friday
1TOCKS

Last

Week's

(Concluded)

Sale

of Prices
Low
High

Par

Price

United Shipyards el A...1
Class B
1

2

VA

"75"

1,200
10

VA

VA

1,400

5*

5%

6

U S and Int'l Securltles.

•
*
10

U S Radiator

$7

1st pref
United Stores vtc

150

Universal Consol Oil

.1

47

1,000

2X

IX

Oct

*t. June

3X

4*

160

Oct

Oct

Jan
Feb
Feb

1

100

Oct

z2*

Sept

Dec

80*
4*

Apr

IX
41

1,700
575

38

2*

42

2X

2

800

2X

Sept

6

Dec

100

40*

Dec

*

Dec

1*

Oct

SI«

1,700
1,100
4,500

VA
17X

700

.*

450

11*

27

24

2X
29 X

13*

12X

13X

89*
2

Jan
Jan

Jan
Jan

900

2

Oct

6*
1*
3*
28*
10*

300

24

Dec

73

Feb

Dec

33

1,200

Oct

Sept
Oct

Feb
Jan
Mar

Jan
Feb

Oct

0*

Nov

18*

Feb

IX

Oct

10

Jan

11

Dec

23

..100

83

Dec

98

Aug
Aug

Wahl (The) Co common. ♦
Waltt A Bond class A...*

1

Oct

4*
11*
2*

11

11

200

7X

7X

200

Walker Mining Co
1
Wayne Knit Mills
...6
Welsbaum Bros-Brower._l

1*

IX

IX

700

6

7X

7X

7X

200

5X

6X

Wellington Oil Co
Wentworth Mfg
Western Air Express

5

6

1,500

2X

2*

2%

1,900

3

3X

300

2*

Oct

.*

1

1

Oct

Oct

4*

Oct

5

Oct

2

Oct

101

Feb

9

Oct

Jan

9*
10*
13*
7*
13*
102*
21*

Aug

Elec Power A Light 5s. 2030

Jan

Jan

Apr
Apr
Mar

Mar

6X

6X

350

Williams Oll-O-Mat Ht..*

3X

IWil-low Cafeterias Inc..l
Conr

1

...*

Wilson-Jones Co..

200

1

Oct

1,200

9

Dec

400

X

1,000

9

1

10 X

Oct

2

Oct

*n

Nov

3*
1*
69*

"69"

Elmira Wat Lt A RR 5s '56
El Paso Elec 5s A

1950

Empire Dlst El 5s....1952
Empire OH A Ref 5*8.1942

4*

11,000

1*

34,000

3,000
*
*
71
197,000
69*
5,000
107* 108
103,000
68*
71
103* 103*
5,000
*101* 102
l'.OOO
87* 87*
73* 77
33,000

74

102* 104*
104* 105*

Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '57

Mar
June

July
Feb

Jan
Jan

Florida Power A Lt 5s. 1954

88

88

68 ex-warr stamped. 1944
Gatlneau Power 1st 5s 1950

May
16* May

General Bronze 6s

1940

76

Jan

General Pub Serv 5s.. 1953

*85

Jan

2

Oct

Feb

4*

Oct

5

Oct

8*
18*
12*

Gen Pub Utll 0*8 A. 1950
♦General Rayon 0s A. 1948
Gen Wat Wks A El 5s. 1943

6X

1

VA

700

Jan

Woolworth (F W) Ltd—
Amer

dep rets

5c

0% preferred
£1
Wright Hargreaves Ltd..*
Youngstown Steel Door..*
Yukon Gold Co

5

15*
0

7X
20

IX

7X
20

IX

7X

6,200

21X
VA

3,400

2,500

5*
14*
1*

Oct
Apr
Oct
Nov
Oct

Jan

♦Gesfurel 6s

Apr

30*
4*

Sept
Mar

Glen Aid en Coal 4s... 1965
Gobel (Adolf) 4*s... 1941
Grand Trunk West 4s. 1950
Gt Nor Pow 5s stpd.,1950

BONDS

1st A ref 5s

1940

1st A ref 5s

X98X 102

102

Jan

$8,000

97

Oct

108*

Jan

Hall Print 6s stpd

4,000

87

Oct

105

Jan

3,000

86

Oct

8,000

105*
99*

Jan

1950

"92"

92

1908

86 X

86 X

87

78*

Oct

81X

82 X

32,000

71

Oct

Aluminium Ltd debt 6s 1948

106 X

106 X

10,000

102

Apr

107 X 107 X
79
81

68,000

104

Oct

39,000

no5x 106X
87 X
88 X

"2",000

Amer G A El debt 5s_ .2028
Am Pow A Lt deb 0s. .2010
Amer Radiator 4*8.-1947

107X

Amer Seating 0s stp..l940
Appalachian El Pr 5s. 1950

87*

79

105

106 X

40,000

107X

3,000

100

100

87

103*
105*

Jan

Jan
June

Oct

107*
108*
100*

Jan

100*

Nov

Nov

108*

Mar

June
Jan

Oct

107

May

Oct

June

Jan

35

39

63,000

28

Oct

67*

59

61X
59X

20,000
1,000

55

Oct

83* May

6*8 series B

Dec

77

6s series C

98

Oct

Jan

Jan
Jan

Jan

}28

31

Oct

28X

28

29

SO

23 *

1949

01

Jan

33

32

34 X

40.000

20*
22*

Oct

1950

Oct

Jan

Debenture 5s

65*

1908

31

30

32 X

62,000

22

Oct

65*

Jan

35

35

Conv deb

5*s
1977
Assoc TAT deb 5^8 A'55
Atlanta Gas Lt 4*s.l955

71X

72 X

93

93

5,000

69 X

1900

Oct

93

Dec

69 X

1908

Chic Diet Elec Gen

May

95 X

U3X

Oct
Jan

05

Oct
Oct

Feb

Dec

62

Dec

73*
108*
93*

Jan

101*
102*
103*

Electric

1947

Oct

100*

11,000

82

Oct

77,000
6,000

99

Sept

96

Oct

96

Sept

101*
104*
102*
101*
101*
104*
99*

77

"2:660

li:666

76

Dec

82

90
74

Dec

58*
70*
72*

Oct

125

Jan
Jan

99

Jan

58

23,000

57

Dec

84

3,000

84

Dec

91

Sept
Feb

113*

100

92 X
99 X

92 X
99 X

100 X

111*

13,000

99*

39,000

86*

11,000

95

88

Jan

Get

18,000

Dec

Jan

Oct

87*

92 X

Aug

Oct

99*
91 X

Jan

Oct

93

Jan

Oct

69 X

5,000

03

5s

88 X

84.000

73

Oct

38

38

42X

25,000

31

Oct

38X

38 X

42 X

48,000

31

Oct

44

44

46 X

53,000

33

Oct

4*8*70

106

106 X

3,000

1901

107

107

1,000

103*
104*

Mar

92

93

2,000

91*

Dec

Chicago A Illinois Midland
1950

For footnotes see page 4093,

Jan

74

Oct

58

Oct

52:666

00

6,000
7,000

55

88

Nov

105

Jan

106*

Jan

107

June

67*

Dec

21*

*30*
66*
57

43

105*

Jan
Jan

88

Jan

31*
89*

Dec

Oct
Dec

89*

Feb

Mar

Oct

94*
02

Jan

Jan
Jan

38

28

Oct

100

Dec

75*
109*

102

Apr

107

78

Nov

23

Jan

102*
37*

Sept

80

2,000

Jan
Jan

Oct
Feb

22
85

23

30,000

Mar

27*

Aug

85

85

5,000

85

Dec

104*

Feb

13,000

97

Dec

105* Sept
103* June
33*
Apr
Feb
88*
Feb
86*
108
Aug
Feb
106*

102* 103*
97*
97*

3,000

20*

95*

Nov

25

Oct

60*

63*

16,000

60*

Dec

65

65*

10,000

65

Dec

106

Jan

*17

25

.

*107* 108
97*

97

98*

44,000

84*

92*

29

92*

13,000

83*

Oct

106*

87*

86*
81*

88

26,000

79

Oct

104*

Jan

1,000

74

Oct

99*

Jan

85*

86*

5,000

82

Oct

105

Jan

93

93*

3,000

85*

Oct

106*

Jan

75
74*
108* 108*

4,000

70

Oct

86*

81*

81

Indiana Service 5s

ser

55

1950
1963

55

A 1952

A. 1957

105*

55

2,000

81

1C6* 107*
*111*

1957

Oct

Jan

"56"
56

45* 46
105* 105*

1,000

10,000
...

_

106*
78

Aug
Oct

105*

Mar

109*

Feb

9,000

45

15,000

Oct

48

Get

3,000

45*

Dec

45,000

103*

Mar

99

108*
101

107*
111*
79*
78

82*
106*

Jan

Dec
Jan

June
Dec
Jan
Jan
Jan

Apr

International Power Sec—
1955

International Salt 5s.. 1951
Interstate Power 5s... 1957
Debenture 6s
1952
Interstate Public Service—
5s series

4*8 series

55

44*
24

4,000

1107* 109
42*
45* 137,000
22
26*
36,000

52

105

Oct

77

Oct

83*

Feb

81

Feb

109

May

Nov
Mar

32

Oct

18

Oct

76*
69*

11,000

62

Oct

90

1956

F

70

72*

1958

D

5*
96*

66*

18,000

58*

97

10,000

92

June

92

July

88*
104*
104*

Iowa-Neb L A P 5s... 1957
5s series B

1961

Iowa Pow A Lt 4*s..
Iowa Pub Serv 5s
Isarco Hydro Elec 7s.
Isotta Fraschlnl 7s...

96*

1958

106* 106*

1957

102

1952

57*

57*
175

1942

Italian Superpower 6s. 1963
Jacksonville Gas 58...1942

Oct

87 X

~87~X

3,000

97

Jan

Mar

1,000

Mar

145

Oct

Jan

68,000

114*

Oct

77

Jan

Jan

61

128

Oct

Jan

Jan
Jan

88

53*

73*

Jan

Jan

87

53

57,000

Mar

il.OOO

62

46:660

90

76*

62

83

Jan
Dec

75*

55

130

Mar

105* June

72

*21*

Indiana Gen 8erv 5s. .1948
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 5s '55

1st Hen A ref 5s

81 X

Oct

104*
105*

"eo'.ooo

55

4,000

Jan

Corp—

♦Indianapolis Gas 5s

Nov

Jan

Aug
Sept

156

95 X

Jan
Jan

Jan
Feb

J57

113X 113X

90*

Mar

103*
93*

1957

Oct

109

Jan

Jan
Mar

104*

1952

Mar

13*
12*
4*
4*
95*

115

7s series F

101

Jan

Oct

7s series E

102

80

105*
Jan
109* Mar
107*
Apr
100* May

Dec

Jan

12,000

Jan

101

85

Jan

91 X




102*

124

32,000
31,000

Mar
July
July

100

115*

90 X
69

5*8 '53

Oct

Mar

103 X 103 X

Dec

57*

Mar

88*
101*
104*
114*
105*

Dec

Mar

113

129

Oct

Dec
Dec

100*

110

91X

ex-warrants... 1954

Cent 8tates PAL

3*
1*
*
69*

19,000

92

Cent Pow A Lt 1st 6s. 1950
Cent 8tates Elec 6s... 1948

4

56,000

74

Oct

Oct
Jan

112 X 113*

Nov

106 X 107 X

1950

.

98*

59

Central 111 Public Service—

5s series G

Indiana

Jan

57 X

Broad River Pow 5s.. 1954
Canada Northern Pr 6s '53
*Canadlan Pac Ry 08.1942

4*8 series H
.1981
Cent Ohio Lt A Pr 5s. 1950
Cent Power 5s ser D..1957

62

Nov

93*
98*
104*

*105*

5*s...May 1957

Feb

84

82 X

Ry 4Mb A

69

91*
105*

92

102,000

74

tll8X 120.
129X

ser F.1907

C... 1956

6*s series C

1998

0s series B

Oct

69

5,000

Oct

Oct

118X 119X

U3 X

1957

6s series E

ser

Ind'polls P L 5s

Birmingham Elec 4*8 1908
Birmingham Gas 6s
1959

5*8

32*

15,000

Jan

Works-

Carolina Pr A Lt 5s... 1950
Cedar Rapids M A P 5s '63

1st A ref 5s
S f deb
6s series A

62*

Oct

00*

93

5,000

52

1951

Mar

00

99*

Jan

*100

38

1953

59*

Conv deb 4*8 C...1948

6s series C

111 Northern Utll 5s... 1957
111 Pow A Lt 1st 6s ser A '53
1st A ref 5*s ser B.1954

30

109

11,000
11,000

*67

1949

Oct

59 X

Bethlehem Steel 0s

6s series B

89

1,000
28,000

10,000

90*
*107*

♦Hungarian Ital Bk 7*s'63
Hygrade Food 0s A... 1949

54,000

113

Conv deb 4*s
Conv deb 5s

4*8

57

warrants. 1943

93X

Registered..

1st M 5s series B

6*8 with

93

Associated Gas A El Co—
Conv deb 5*s
1938

Convertible 6s
1950
Bell Telep of Canada—
1st M 5s series A
1955

Heller (W E) 4s w w.,1946
Houston Gulf Gas 6s. .1943

93 X

Ark-Louisiana Gas 4s 1951

1st A ref

66*

1947

110*
119*
102*
104*

2024

Arkansas Pr A Lt 5s. .1950
Associated Elec 4Mb..1953

105
107 X
113

Appalachian Power 6s_ 1941

68

103*

95

Jan

61

87*

♦Hamburg Elec 7s...1935
♦Hamburg El Underground
A St Ry
5*8
1938

1907

109*
125*

75

1977

101 X

1st A ref

Debenture 08

Guardian Investors 5s. 1948
Hackensack Water 5s. 1938

100 X

1st A ref 5s

4*8

Apr

94 X

100 x

95 X
92

1st A ref 6s

104*

Apr

*72

1953

5s series A

1951

Locom

72*

Grocery Store Prod 6s. 1945
Guantanamo A West 6s '58

Abbott's Dairy 6s
1942
Alabama Power Co—

Baldwin

Georgia Power ref 5S..1967
Georgia Pow A Lt 5s.. 1978

23*
6*
8*

Jan

89*

101* 101*
*101* 101*

10

Feb

61*

83*
85*
103* 104*

Deb gold 6s. June 151941
Deb 6s series B
1941

95

Petroleum

July

Gary Electric A Gas—

Oct

Wood ley

105

103

104* 105
*94
100

Apr
Mar

Jan

6,400

Feb

Jan

54

"

Nov

VX

104*

Oct

5

0

4X

Apr

3,000

4*

10

4X

Jan

98*

Oct

01

2

Dec

130

97

*

com

Dec

104* June
Jan
90*
101

97*

1

Wolverine Tube

Dec

Aug

lo.ooo

Wise Pr A Lt 7% pref. 100
Wolverine Port! Cement-10

200

Dec

Sept
July

Sept

22.000

Winnipeg Electric cl B

2X

93

104*

Wlllson Products

2X

Oct

101*

Banks 6s-5s stpd...l961
Firestone Cot Mills 5s. 1948

24

4*

X

*

preferred

14

9*
12*
1*
9*

4

50

101

67

June

1

8,000

103

9

*

Oct

104

101*

64

July
Aug

62

Oct

100

*99

Feb

95*
5*

5,000

55*
103

Erie Lighting 58
1967
Federal Water Serv
5*8 '54
Finland Residential Mtge

Mar

Oct

1,000

*108*

*55

117

Oct
Dec

97

100

Apr
Mar

113*
113*
112*
112*
108*
107*

118

7,000
63*
62*
79* 80* 178,000
6,000
101* 102

55*
100

Jan
Jan

Apr

Jan

123*

4,000

2,000

1953

*32

00

39,000

107* 107*
*120* 125

0*s series A

Oct

74*
1*
6*

100*
99*

20,000

97

110*
110*
107*
107*
102

33,000

94*

Mar

Nov

700

63
80

Jan

Dec

17,000

104* 104*
107*

80

70

Elec Mfg—

19

2X

94

Oct
Oct

40* June

30,000

65

Ercole Marelil

70

2X

2,000

111*
108*

Jan

*

2X

1,000

106*
103*

103

♦0*s

Feb

100

8*

1950

5

Jan

Western Maryland Ry—

Westmoreland Coal Co...*
West N J A Seashore RR 50

6s 1st series B

5,000
8,000

30*
30

Detroit Internat Bridge—

Aug 1 1952
♦Certificates of deposit
♦Deb 78
Aug 1 1952
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
Edison El 111 (Boat) 3*s '05

Nov

0

400

West Cartridge 6% pf.100
Western Grocery Co...20

Oct

*
*

100

113

1125* 128

Denver Gas A Elec 6s. 1949
Det City Gas 0s ser A. 1947

700

106

2,000

112*
111*

62

62

1940

Delaware El Pow 5*8 1959

1,400

•

6s ser A stamped... 1943
Cont'l Gas A El 5s... 1958

Crucible Steel 5s

Jan

7X
2X

2X

1939

Feb

VA
2*

106*
103*

1954

Apr

*
72*

•

5b

Gen mtge 4*8
Consol Gas Utll Co—

Oct

2,300

3

1C8

Conn Light A Pow 78 A '61
Consol Gas El Lt A Power(BaJt* 3*s ser N...1971
Consol Gas (Bait City)—

Dec

12*

500

IX

Va Pub Serv 7% pref-.100

Community Pr A Lt 5e '57
Community P S 5s...1960

70

112*
112*
111*
HI*
107*

4*s series C...1950
4*s series D
1967

Cuban Telephone 7*s 1941
Cuban Tobacco 5s
1944

3*

"lX

70

1st M 5s series A
1953
1st M 5s series B...1954

Feb

IX

Weyenberg Shoe Mfg
Williams (R C) A Co

.54*
56*

35*

3

West Texas Utll 10 pref..*
West Va Coal A Coke
•

Apr

Oct

38

Venezuela Mex Oil Co,. 10

7% 1st preferred.
Western Tab A Stat

Jan

104*
79*

Jan

2*

1

.1.25

103

Oct

19

IX

1M
38

Vale par Corp vtc com._l

Class B

Oct

Oct

X
IX
16 X

preferred

88
92

"360

"3% ' ~5

|UtU Pow A Lt

7%

23,000

1st M 4s series F...1981

X

Wagner Baking vtc

94

3*s series H
1905
Com'wealth Subsld 5*8 *48

1X

•

92*

12,000
100* 101
54*
56* 106,000
53* 56* 38,000

,

Jan

X

Waco Aircraft Co

Jan
Jan

Apr

IX

Vogt Manufacturing

82

83

8*
22*

41

Petroleum.J. 1

Oct
Oct

Oct

Priority stock
Utility & Ind Corp com...5
Conv preferred
7

Venezuelan

45

42

5*8.1952

1st

Jan

5,000

Nov

July

Dec

3,000

IX

18

87

89

9X
3X
12*

Oct

Jan

Feb

64*

7,500

"VA

84

101?
105?

60* 383,000

5*8
1949
Commerx A Prlvat 5*s'37
Commonwealth Edison—

1st

Jan

Dec
Dec

57

~2X

8

*2*

Jan

110

41*
80

64*

1,900

6

Nov

105*

64*

0,200

Oct

6,000

58*

2,900

Dec

36,000

88

High

1960

*u

2

Van Norman Mach Tool. 6

Jan

47

87

Cities Service Gas 5*8 *42
Service
Gas
Pipe
Lias 6s
1943

Cities

7,000

41*
89

Low

Shares

High

106* 106*
41X

1955

IX

tlX
IX

Low

1950

2*

*u

•

5

0s series B

2

Utility Equities Corp

Vot tr conv pref

1*
18*
1*
4*

1927
5*s A '52

Cities Service 5s
Conv deb 6s

Cities 8erv PAL

Oct

1,600

1,100

[♦Chic Rys 5s ctfs
Cincinnati St Ry

Range Since Jan. 1 1937

Week

Chic Jet Ry A Union Stock
Yards 5s
1940

IX

6

preferred

Mar

*ii

•

7%

Jan

4*

3*

Utah Radio Products

Class B

93*

Oct

2*

Universal Products

common..

Feb
Mar

Oct

»i«

2*

Universal Pictures com—1

Utah-Idaho Sugar

Aug

3

Nov

X
19

VA

"4 *

15

18*

for

of Prices

Price

7* May
4*
Jan
90*
Jan
47*
Jan

Oct

3*

8

Utah Pow A Lt $7 pref...»

Oct

X

10

Universal Corp vtc

Nov

4

1,000

•

2

Universal Insurance

250

IX
21X

*

Wall Paper

56

VA

50c

United Verde Exten

Apr

100

21X

"va
*
-•

conv

United

55

"lX

1

com

U S Rubber Reclaiming.
U S Stores Corp com

"it

»n

lst pref with warr
U S Lines pref

Oct

Oct

37*
4*

2,800

1

U S Playing Card

X
03

900

1

76 X

38 X

Week's Range

Sale

High
Dec

IX

1,500

"~4*

United Specialties com.
U S Foil Co class B

Low

Shares

08

Last

(Continued)

1937
25,

Sales

Friday 1
r*ONDS

Range Since Jan. 1, 1937

for
Week

38 X

25

Preferred

2*

A

._

United Shoe Mach com.25

Range

Dec.

Exchange—Continued—Page 5

"41*

102*
59

80

5,000
2,000

104*

Oct

Jan

Jan

Jan
Jan
Jan

Feb
Feb

Apr

106*

Dec

25,000

99

Oct

3,000

64

Oct

105*
79*

Feb

71

Oct

80

Feb
Feb

,

_

_

Jan

38*

41*

29,000

32*

Oct

71

38*

37

39

25,000

35

Oct

56*

Jan

1947

105*

105

30,000

103

Mar

Apr

1961

103*

105*
105*

Stamped
Jersey Central Pow A Lt—
5s series B

4*s series C
Kansas Elec Pow

3*s. 1960

Kansas Gas A Elec 08.2022
Kansas Power 5s
1947

Apr

100

Jan

99

105*

103* 104
99

99

20,000
1,000

113* 113*

2,000

100* 100*

3,000

98*

Nov

93* June
110*
98

99

Jan
Dec

Nov

121*

Jan

Nov

104*

Jan

Volume

Sales

Friday
Week's Range

for

Sale

of Prices

Week

Low

Price

Kentucky Utilities Co—
1st mtge 5e ser H
1961

79
-

—

—

79
-

-

88*4
6e series I.

76*4

161*4

13,000

81

98

{95

87*4

------

3,00C
15,000

88*4

79
94*4

76*4
{93*4

-------

15,000

101*4 101*4

123*4
95*4

29
96*4
95*4
103*4 103*4
99

103*4

------

9,000
10,000

100

14,000
25,000

103*4 104*4
{70
75

65

Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 6s. 1957

Oct

93

Oct

85

Oct

Oct

93
99 *4

18*4
93

101H
99

102 H
87

Debenture 3J4s

Oct

Mar

1960

Mar

1st A ref mtge 4s

Sou Counties Gas

Oct
Dec

Oct
July

Memphis P A L 5s A.

82*4

85*4
103*4

75

90*4
71*4

68

90

89*4
91
99*4 100*4
70*4
71*4
85
83*4
109*4 109*4
67

5**s.

3

105

-----

Jan

27*4

Aug
Aug
Jan

83*4

Deb 5s series B

74

Oct

65*4

3,000
3,000

92

2*4

June

Oct

44
May
106*4 June

Oct
Dec

Oct

82*4

84

84*4

84*4

86

18,000

113

Apr

Jan

;-,;

8,000
4,000

91

71

71

65,000
1,000

93

—

.....

-

-

-

-

51

Jan

May

126*4

Jan

110

Jan

99*4
121*4
84*4

Jan

Jan

40*4

98

United El Serv 7s.__..1956
♦United Industrial 6*4s_'41

53

56

51,000

39*4

Oct

96

{69

73

Dec

102

Jan

-«.

70

Jan

101*4
10254

Jan

85

Oct

9554

Jan

60

Oct

92

Jan

10454

Feb

109*4

Jan

108

Dec

90

Dec

104*4

Jan

100

Apr
Apr

104*4

Nov

113*4

Dec

53*4 152,000

35

Oct

96

Mar

16

Oct

44*4

37

—

-

52*4

------

------

98

103*4
-

—

-

-

—

-

6s series A

108

6s series A. J.

1973

—

—

-

—

Va Pub Serv

—

—

105*4
—

—

—

—

—

—

—

«

N*

—

—

6.000

93*4

25,000

♦5s Income deb

6,000

88*4

1,000

103*4

16,000
6,000
28,000
37,000

88

Jan

Wheeling Elec Co 5s..1941

Jan

Wlsc-Mlnn Lt A Pow 5s '44

Oct

105

Jan

Wise Pow A Lt 4s

Oct

11154

Jan

Yadkin River Power 5s '41

Feb

106

Oct

Oct

85*4

Jan

2,000

Oct

80

Feb

92*4

Oct

106

Jan

102

Nov

106

Feb

92

Dec

113

Feb

80

Oct

104*4

Jan

Jan

109

Apr

55,000
............

50,000
49,000

106*4
55

Oct

94*4

31

Oct

55

111

Mar

Aug
Sept
Jan

Jan

9,000
11,000
'Vw-—«•

-

1,000

23*4

...........

20*4
19*4

27

July

Mar

28

Aug

47

Oct

73

14,000

53

Oct

15.000

97

Dec

61*4

Oct

30,000

Jan

Feb

Oct

Mar

00,000

78

117*4
79*4

49*4

98

77

June

8954
9454

Jan
Jan
Jan

107

9654

Jan
Jan

115

7,000

102

65

65

2,000

52

Oct

76*4

78

9,000

74

Dec

103

Jan

104

105*4

Dec

89*4

Jan
Jan

82

5,000

82

Dec

102

88*4

90

11,000

85

Oct

104*4

Jan

9,000

81

Oct

102*4

Jan

101

Jan

85

80

8,000

75

Oct

15
105*4

25,000

11

Oct

15,000

104*4
105*4

105*4
*96*4 100
103*4 103*4
85
87*4

18,000

103

36*4

104*4

..

——————

Nov

Apr
June

93

Oct

1,000

101

Nov

50,000

75

Oct

38*4

7,000

35

Dec

104*4 104*4
*106*4
105*4 105*4

22,000

35

"*

-

-

«

-

------

18,000

102 *4

Oct

105*4

Feb

32*4 June
108

Jan

107*4
10654

Dec

10554
114*4
99*4
79*4
105*4

Jan

Feb

Jan
Jan

Feb
Jan

Apr

108

Oct

105

107*4

Nov

93*4
-

93*4

23,000

89*4

Nov

6,000
19,000

10354

June

102*4
107*4

Jan

104*4 104*4
75*4
77

1966

Dec

100*4

Jan

92*4

Jan

Dec

92

Nov

55

105

86*4

10554
104*4
105*4

103

60

25
68*4

105

2030

Oct

Nov

70
53

*106*4

West Newspaper Un 6s '44
West United G A E 5*41

108

*57
23*4

13*4

West Penn Traction 6s '60

Jan

Jan

Jan

14,000

------

40*4
113*4 114

80

Wash Gas Light 5s... 1958

Jan

101*4
104*4

65

July

4954
10654
10654
98*4

86*4

83

1954

107

Oct

Mar

56

Jan

Waldorf-Astoria Hotel—

West Texas Utll 5s A 1

89*4
101*4

1,000

102*4

Mar

82

88*4

1st ref 5s series B...1950
6s
....19

West Penn Elec 5s

98*4

103*4 103*4
*94
97

97

1944

Jan

Oct

Mar

47,000

8

71*4

5*4s A..1946

Nov

Oct

Apr
May

102

9,000

58*4

67

—

Utah Pow A Lt 6s A..

100*4

95

37

3,000

41*4

107*4 108*4

------

1952

69*4
10854

95

58*4

*85*4

77 54

Oct
Jan

------

105

96*4

Wash Water Power 5s 1960

35

40*4

:

105*4 105*4

Wash Ry A Elec 4s... 1951

1065*

51*4

105

Un Lt A Rys (Del) 6*4
United Lt A Rys (Me)

Jan

10,000

104*4 106
96*4
97*4
86*4
88

-

*2^*4

Feb

1,000

106*4 106*4

-

United Lt A Pow 6s... 1975

8654

103*4

88*4

Mar

53

40

Oct

93

103

Mar

96

63

7,000

99

98

......

Mar

95*4

Oct

63

Dec

103

98

4*4 s series E

95

Oct

40

1959

Northern Indiana P S—

98*4

Oct

42

40

76

6,000

42
108

108

42

101,000

5*4s '52

54

76*4

76

41*4

18,000
17,000

56

Jan

No Amer Lt & Pow—

108

43,000

Mar

o4

Conv 68 4th stamp.
United Elec N J 4s...1949

6,000

60*4

Mar

95

Ulen Co—

6*4 s

110*4

95

Oct

55*4

....1974

Oct

Oct

42

54

1962

6 *4 s

104*4

Jan

40

55*4

Feb

Jan

Nov

106

54

10754
97*4

84*4

Nov

Oct

55

107

110

Jan

99*4

2,000

53

54*4

Jan

Toledo Edison 5s
Twin City Rap Tr

Jan

10454

11,000

96

Feb

Jan

Jan

104

Dec

101*4 101*4

100*4
14*4

6s series A
2022
Tide Water Power 5s..l979
Tletz (L) see Leonard

Jan

87

10354

75*4

------

Texas Elec Service 5s. 1960
Texas Power A Lt 5s. .1956

Oct
Dec

Nov

Nov

44

83*4

Oct

90

79*4

Jan

Oct

87

65*4

Jan

Nov

51

95*4

63

6*4s__1953

Nov

92

175

75

105*4

55
55*4

1970

4*4s..._

104

.'iVwi;- 1113
60

4*4 s

85

102*4 103*4

90*4

1st

Oct

101

104

1946

102*4

Jan

Jan

6,000

53*4

Jan

11054

2,000
13,000

{95*4

Jan

Mar

92

Tenn Puollc Service 5s 1970
Ternl Hydro-El

New York Penn A Ohio—

106*4 108

-

Super Power of 111 4*4 s *68

Oct

99

8,000
152,000

»

101*4

Debenture 6s
1951
Debenture 6s. Dec 1 1966

47*4

102*4

199

—

54

2d stamped 4s

9954
99*4
104

57

Tennessee Elec Pow 5s 1956

Jan

New Orleans Pub Serv-

90*4

—

{♦Stand Gas A Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s
1935

45

81

5,000

105*4

4,000

Jan

Jan

88

59

1

92

68,000

Dec

Dec

2,000

43*4

99*4
100*4

69

55*4

55*4

108

13,000

23*4

109*4

106*4

84

Conv deb 5s

108

Apr

44,000

108

42*4

Oct

5,000

38,000
37,000
45,000
24,000

Mar

103*4 105

Stlnnes (Hugo) Corp—
2d stamped 4s
1940

Feb

Feb

37,000
1.C00

69

Aug

Mar

Nov

6,000
10,000

58*4

107*4

22

78

72,000

57

Mar

♦Starrett Corp Ino 5s. 1950

68

Oct

56*4

Jan

107

'67

116*4 116*4
56*4
;

103

Jan

106

Oct

74 *4

72*4

37,000

Jan

Oct

Dec

Dec

1114*4 118
88*4
88*4

72*4

Jan

106*4

Apr

Oct

Dec

89

71

109*4

109*4

118

95

Dec

63

75

74

44*4

101

Oct

Standard Investg 5*4s 1939
{Standard Pow A Lt 6sl957

86

75

95

------

104

107*4
99*4
97*4
106*4
102*4

30,000

95
83*4

83

109
6s series A

Oct

44*4

192
Nat Pow & Lt 6s A...

81

Nov

3

Oct

77

92

So'west Pow A Lt 68..2022

104

80*4

93*4

93*4
3

Jan

70

48,000

06

W

101

100*4

70

Mar

8,666

95*4

105

1951

S'western Lt A Pow 5s 1957

Dec

8,000

65

72

77

108

—

10654 May

Nov

25,000
4,000
5,000
13,000
26,000
10,000
12,000
32,000
5,000

75

63

—

S'western Assoc Tel 5s 1961

95

16,000

103*4 104

89

4*4 8

9,000

87

85

—

♦Certificates of deposit

83
83

62

Dec

75

104*4 105

104*4
-

May

107

:

{82

High

Low

68*4

94*4
105

4*4 s 1968

Sou Indiana Ry 4s

Nov

76

5,066

—

—

95*4

1945
Ref M 3*4s.May 1 1960
Ref M 3*4s B.July 1 *60

22*4 May
97*4
83

97*4
177*4
Memphis Comml Appeal-

-

eel
Shares

Sou Calif Edison Ltd—

65*4

—

Range Since Jan. 1 1937

for

of Prices
High

Low

}58*4
-

Southeast PAL 6s...2025

So'west Pub Serv 6s._1945

...

Week's Range

Sale
Price

Mansfield Mln & Smelt—

+23

Last

(Concluded)
High

Low

Shares

High

4

BONDS

Range Since Jan. 1,1937

Last

Sales

Friday

|

BONDS

{Continued)

Minn P & L

4093

New York Curb Exchange—Concluded—Page 6

145

{York Rys Co 5s

1937

75

conv

88

debs

6,000
2,000

79

Nov

10054
108*4

Jan

FOREIGN GOVERNMENT

77

76

Dec

100

Jan

AND MUNICIPALITIES—

103

6a

Jan

76

97

103

3,000

102

Oct

108

Jan

119

Jan

19

19

4,000

Dec

30

113*4

Oct

19

4,000

Oct

102*4

Jan

19

20*4

2,000

19

Dec

29*4

117

Jan

20*4

20*4

1,000

18

Sept

94*4

Aug

1,000
20.000

80

Deo

96

6

Nov

21

Sept
Feb

Agricultural Mtge Bk (Col)

Pacific Gas A Elec Co—

115*4 115*4

86*4"

86

87

6,000

112*4 H3*4
61*4

12,000

65*4

45,000

61*4

84

111*4
51

Nov
Oct

93*4
103

Jan

101

101

101

1,000

99*4

36

36

36

1,000

30

Oct

37*4

85*4

86*4

83*4

Oct

105*4

Jan

......

95

96

Oct

10554

Jan

86

85

86

103

Jan

;

1

31,000
4,000
30,000

95

84*4

Mar

Nov

*72
♦Cauca Valley 7s

Deb

96

96

97

23,000

....—

90

90*4

15,000

1

5*4s series B..

Penn Pub Serv 6s C_.

:..i-i-

{106*4 107
102*4 102*4
108
108*4

------

106

Oct

10554

♦Prov Banks 6s B..1951

*25
*24*4

Jan

109

Jan

May

100*4 May
107*4 Mar

Jan

109

105

Mar

109

Dec

76

Oct

100

Jan

20*4
22
--

Peoples Gas L A Coke—
87*4
9*4

87*4

88*4

5,000

9*4

11
111*4

62,000

110

73

Pittsburgh Coal 6s...

74

9,000
11,000

57*4

73

60

9,000

{105*4 106
99*4 101
20*4
20*4

.

Pittsburgh Steel 6s.

58*4

4*4s series F

59

{107*4 111
{107*4 110

1961

{56

-

-

-

-

-

-

-

70,000

5,000
3,000
------

108*4

Oct

Mar

30*4
*13
99J4

Jan

73

Dec

Mar

♦Medellin 7s series E.1951

52

Oct

77

Feb

Mendoza 4s stamped.. 1951

105

Dec

108

Oct

107

Jan

18*4
57

10554

25

Aug

Nov

85

Jan

Jan

108

Apr

July

-

-•

-

-

113

110*4 111*4
105*4 105*4
103*4 103*4
103
103*4

4*4s

ser

F-1981

------

109

Jan

81

Mar

104

Feb

18

25

July

Oct

147

Jan

11,000

107*4
103*4

Oct
Mar

1,000
10,000
7,000
18,000
6,000

101

100*4

Oct

Mar

Oct

102

Mar

94

Oct

112*4
105*4
105

Aug
Apr
July

101*4

Feb

60

Apr

77

Feb

4,066

17

Jan

22
20*4
21*4

11,000
1,000

17

Jan

25*4
25*4

Aug
Aug

57

------

9,000

15

17

Mar

17*4
13

1,000

65*4

4,000

65

99

25
23
14*4
18
99*4
12*4

6,000

11*4

14,000

*4
*4

*4
*4

11,000
99,000

V»
*4

52,000

*4

39,000

*4

------

12

*5
——————

.■

•

9*4

6*4s..
♦Russian Govt 6*4s...l919
♦6*4s certificates... 1919
1921
♦5*4 s
♦5*4s certificates...1921
♦Rio de Janeiro

*4

*4

20*4
------

37,000
------

10,000

26

Aug

25*4
29*4

Mar

Aug

20*4
11

Oct

33

July

Oct

21

Feb

Dec

7*4

65

22

Apr
Sept

*4

—

Apr

20*4

12

—

14

♦Parana (State) 7s... 1958

Oct

Mar

Jan

Apr

21 *4
7

*20

Apr

128*4

1,000

■

65*4

1927

Dec

f 2,000

—

♦Mtge Bk of Chile 6s. 1931
6s stamped
1931

96

100

102*4 103*4

♦Issue of Oct

-

1927

Mtge Bk of Denmark 5s '72

104*4 10454

103

lst A ref

♦Issue of May

July

1UV5 *4
102*4

97

Jan

96

57
-------

13*4
*10
7*4

27*4

Apr

19*4

*20

Oct

Public Service of N J113

*20
14

104

59

{99*4 100*4
21*4
21*4

5*4

*51
20*4
20*4
20*4

Sept

Mar

99

Apr

106*4
111*4

105

6s.

29

20

35
27*4

*100*4 101*4
*99*4 102*4

Mar

10,000
3,000
3,000

'

109

-

Oct

80

7*4

Dec

Cent Bk of German Sti

Penn Ohio Edison—
6s series A

80

7

7

80

86

80

Aug

£Q

Feb

'

Nov

85*4

Buenos Aires (Provlnce)-

Feb
Mar

25

96*4

Apr

Nov
Deo
Oct

11*4
95*4

July

12

Nov

9*4
*4
*4

Apr
Dec

27*4
Feb
27*4
Feb
21*4 Mar
13*4 Aug
100*4 June
34

Jan

35*4

Jan
Apr

Oct
Oct

2

Oct
Oct

1*4

1*4

Apr
Apr
Apr
Mar

1*4

64

1,000

62*4

Jan

81*4

1949

11*4

11*4

11*4

8,000

20*4

Mar

11*4

11*4

11*4

1,000

10*4
9*4

Nov

1961

Nov

20*4

Mar

64

♦Santa Fe 7s stamped. 1945

♦Santiago 7s
♦7s..

104*4 June
104

Nov

105*4 May

Pub Serv of Oklahoma—
66

66

100*4
70*4

48,000

60*4

Oct

1st & ref 5s series C. 1950

63*4

63*4

67*4

28,000

57

Oct

96

Jan

the rule sales not

1st A ret 4*4s ser D.1950

60*4

60*4

65

36,000

54*4

Oct

92*4

Jan

range,

82 54

Dec

22*4

Mar
Apr

100*4

1966

4s series A

Puget Sound P & L 5*4s '49

100

15,000

105*4
98*4

Jan

Jan

Queens Boro Gas A Elec—

5*4s series A
1952
♦Ruhr Gas Corp 6*4s. 1953
♦Ruhr Housing 6*4s._1958
Safe Harbor Water 4 *4 8 *79
f*St L Gas A Coke 68.1947
San Antonio P S 5s B.1958

San Joaquin L

{83
-

—

—

-

—

------

109*4
11*4
------

1955

------

------

23

♦Schulte Real Est 6S..1951

Scripp (E W) Co 5*4s.1943
Servel

Inc

5s

1st 4*4s series
1st

100*4

1948

Shawlnlgan WAP 4*4s '67

B...1968
4*4 b series D
1970

{25*4
{21

26*4

102*4 103

104*4

Jan

27,000
2,000
2,000

7

Oct

28*4
25*4
109*4
18*4

100*4

Apr

107

------

— -

-

-

-

------




130

{110

112

------

28

—----

{25*4
22*4

100*4
{107*4
103*4
103*4
103*4

101

23

.

— -

104
104 \

103*4

♦

107

37,000

28

108*4 109*4
9*4
12
130

A P 6s B *52

♦Saxon Pub Wks 6s.. 1937

Sauda Falls 5s

85*4

6,000
14,000
------

17,000
16,000
9,000

18

125

107*4
22

a Deferred delivery sales not Included In year's range,
n Under
Included in year's range,
r Cash sales not Included in year's
Ex-divldend.
y Ex-Interest.
X Friday's bid and asked price.
No sales were transacted during current week.

•

Jan

Aug

4

Dec

e

Nov

132

Feb

112

Nov

35

Sept

47

Nov

105*4

Apr

101*4
101*4
101*4

Oct
Mar

Dec

Oct

Jan
103*4
107*4 May
105

104*4
105*4

Feb

Feb

July

.

Called for redemption.
Cash sales transacted during the current

week and not Included In weekly or

No sales.

Mar

22*4
94*4

Jan

^

Bonds be'ng traded flat.

yearly range:

Jan

Mar

x

} Reported In receivership.

Aug

Mar

No par value,

y

Under-the-rule sales transacted during the current week

and not Included In

weekly or yearly range:
No sales.
a

Deferred delivery sales transacted during

the current week and not

Included

in weekly or yearly range:

No sales.
Abbreviations

Used Above—'"cod," certificates of deposit;

"cum," cumulative;

'eons," consolidated!

'conv," convertible; "m," mortgage: "n-v," non-voting stock;
•w 1," when* Issued; "w w," with warrants ;"x-w.';

"v t c," voting trust) ertlflcates
without warrants.

Financial

4094

Chronicle

Dec.

25, 1937

Other Stock Exchanges
Sales

Friday
Last

New York Real Estate Securities

Stocks (Concluded)

Closing bid and asked quotations, Friday, Dec. 24
Unlisted Bonds

Ask

Bid

Unlisted Bonds

Bid

Ask

1941

90

Bryant Park Bldg 0%sl945

28

11 West 42d St 0%8-1945

Park

33%

1945

38

7s

Place

Dodge Corp—

Isle Royal Copper Co—.25
Maine Central—

——

'

m

-

6

mm

616 Madison Ave
21

Apt Hotel 6s%
1938
65 West 39th Street Bldg—
Certificates of deposit.

0%s

10 East 40th St Bldg 6sl953

77

...

12

...

-

0

1943

——

20%

250 W 39th 8t Bldgs 6s '37

Internat Commerce Bldg—

Inc

1

National Tunnel A Mines. *

-

22

New River Co pref
N YNH&HRR

North

99

68%

68%

37c

100

37c

2%

..2.50

Old Colony RR__

100

4%

4%

Ctfs of deposit

Orders Executed

on

Baltimore Stock Exchange

Dominion Co
Pacific Mills Co..

S.

Calvert

Established

St.

1853

39

10

Rale

Arundel Corp—

—*

Bait Transit Co com v t c. *
1st pref v t c

15%
.....

Black A Decker com

*

CoiiboI Gas E L <& Pow—*

5% preferred-.

Week's Range

of Prices
High

Low

Preferred

.1

Fidelity A Deposit.

20

Finance Co of Am A com 5

Houston Oil pref
Mfrs Finance

7Vs
16%

562

Low

100

293

295

23%

Mar Tex Oil

Nov

3
9

Merch <fe Miners Transp.. »

38

New Amsterdam Casualty6

20

Dec

25

Oct

89%

7%
15%
94%

18

1,400

8

13%

Oct

110%

Oct

23

800

15

10%

785

9%

136

14

%
6%

Dec

23%
1%
12%

161

%

Nov

2%

4%
4%

100

Dec

Oct

1,550

2

Oct

130

14

25

10%
l%
69

2

64

64

9%
lH
65%

800

2%
2|%
16%

996

Jan

Dec

82

Mar

18%
2

Fen
Sept

95

Feb

8%

Oct

1%
65%

Dec
Dec

73

20

73

Dec

37

220

35

Dec

4,705

11

Oct

29%

Jan

15%

Oct

37

Jan

13%

15 y
34

50

24

24

$1,000

28

28

300

Dec

38

38

25

Sept

97c

97c

38%
1%

1,510

51c

13

100

100

7%

242

7%

Dec

3%

4%

200

2%

Oct

103%

Mar

45

Apr

22%

Oct

41%

Jan

26

Oct

48

J»r>

Series A 4%s

62

1948

62

Established

$2,000

Boston Stock

to

Dec. 24,

Stocks—

for

of Prices
Low
High

Week

Par

Price

.__*

36

for

of Prices
5ow
High

Common

(new)

Adams Mtg (J D) com .._*
Adams Royalty Co com..*
Advance Alum Castings..5
Aetna Ball Bearing com__l
Allied Prod Corp com
Amer Pub Serv pref

9

40

""4%

4%

5

900

.....

3%

4

1,500

6

6%

10

Associates Invest Co com.*

..10

51c

50
..50

Range Since Jan. 1 1937

147%

65c

646

IX
1%
12%
12%
145% 149%

Low

51c

249

100

95

94

100

High

123

118

100

49%

48

Boston-Herald-Traveller .*

19%

19%

96%
125

50%
19%

120

2,239

%
12

139%

Dec

Oct
Nov

...100

4%

2%

Jan

6%

Jan

30

Jan

Oct

187%

Jan

184

94

Dec

147

Jan

827

115

Dec

160

Jan

545

48

Dee

69%

Mar

926

18%

Oct

30%

Jan

Boston & Maine—
10

5%

7%
10

33%
3%
1%
7%
11%
10

25

100

144

4

Dec

24%

Mar

6

40

5

Nov

29

Mar

65

35

10

Dec

18

Jan

10

28

63

Dec

151

Feb

340

Dec

7%

225

3%

Oct

5%

6

290

4%

Oct

3

250

51

211

29%

125

1

25%
3

1

20

20%
17%

Dec

10%

49

Dec

81

26%

Oct

48%

2%

3

Oct

35

20

Nov

220

15

Oct

1%
7%

15

Dec

3,565

1%
7%

15%

80o

26%

Class A preferred... ..20

24%

100
50

28%

Mar

9%

...__*




Feb

5%

Nov

12%

July

35

Mar

Jan

700

%

Oct

4%

33%

Dec

57%

550

3%
1%
7%

Nov

17

Jan

Oct

9

Mar

3%
1%
7%
11%
10%

700
50

9

1,300

10

'»«

350

350

250

Feb

Oct

Dec

22

T1S

Aug
Dec

Oct

Feb

30%
14%
14%

Feb

Oct

43%

Mar

Oct

50%

Aug

Oct

15%
30%

Mar

13

July

24
5

900

6

Oct

1,100

4%

Dec

1,000
300

Feb

Oct
Dec

300

6%

Feb

Dec

3,550

13
7

Feb

20%
23%

Dec

8%

10

25%
.....

8

4%
7%
18%

4%
7%
18%

19

19

4%
7%
19%
21%

14

Central Cold Stor com..20
Central Illinois Sec—
Common

%

1

8%
4%

%
5

Feb

17

Oct

18%
36%

Mar

950

700

19

Dec

43

14

50

12

Oct

19

July
Feb

1

650

*

"48%

48%

5%
50

1

2

*

1%
33%

2%
33%

Cent 111 Pub Serv pref
Central 8 W—

30

25%

(New) common....
*
Cherry-Burr ell Corp com. 5
Chicago Corp common
*
Preferred

*

Chio Flexible Shaft com..6
Chic A N West Ry com. 100
Chic Rivet A Macn cap

12%

32%
40%
1

1%

1,750

5%

%

Oct

Oct

350

5

Dec

340

48

Nov

2,950

1%

Oct

3%
19

Mar

Feb
Jan

*81%

Feb

6%

Jan

10

30

Oct

75

Jan

150

12

Nov

15

Nov

Jan

Dec

27%

Nov

25

1%

Oct

10

6

Oct

8%

Oct

3%

New

25

26%

""§%

v t c

pref.60

Com part shs v t c A-.50
Com part shs v t c B_._*

Cord Corp cap stock..

Jan
Jan

6%

"Wi

Dayton Rubber Mfg oom.*

Aug

Cumulative cl A pref-.35
Docker & Cohn com
10

5

Dexter Co (The) com—..6

12

Jan
Jan

Eleo Household Utll cap. 5

Mar

Elgin Nat Watch

47

Mar

18

Dec

20%

Sept

6%

9%

10

640

3%

June

14%
20%

Jan

1%
27c

4098.

27c

1%
30c

42

Mar

1

9%
9%
1%
1%

15

26%
3%
6%
2%
1%

1%
16%
8

610

25c

Oct

2

Jan

Feb

1,950

35

Oct

77

Mar

2,000

1

Dec

Mar

8

Oct

6%
37%

20

300

6%

Oct

2%
1%

5,750

1%

Oct

1

Oct

27%
19%
3%
6%
2%

9,600

10

100

27%
5%
2%

1%

20%

Oct

900

19

Dec

33%
48%

550

2

Oct

11

170

5

Oct

14%

50

250

2%
1%

Dec

Feb
Jan

Jan
Mar

Dec

5%

Oct

5%

Feb

160

56

Dec

110%

Mar

15%
8%

150

12

Oct

Feb

1%

700

21

Oct

20%
28%
32%
11%
17%
20%
41%
12%
40%

550

5

Oct

20

900

6%

Oct

Oct
Oct

10

5

Dec

3

2

Jan

Sept
Aug

1,950

2

23%
6%

3%

Feb

July

2

14

19
3

24%

6

Aug

61

100

19

250

200

3%
24%
6%
2%

5,750

11
9%

800

550

12%
18%
2%

2

Dec
Dec

Oct

Dec

Apr

Apr
Jan
Jan

Aug
Aug
Jan

Mar

Jan

6% May

Gardner Denver Co—

New common...

*

11

10%
4

Jan

48

150

9%

7

Dec

2%
5%
12%

General Candy Corp A...5

Dec

Oct

32

2%
5%
12%

Gen Finance Corp com
Gen Household Utll—

1%

1%

900

18%

Feb

200

1%
9%

50

23,250

18%

Fit* Sim A Co D <fe D com *

Jan

39%

56

Dodge Mfg Corp com
*
Eddy Paper Corp (The)—*

53%
26%

51

32

2%
32%

19

Cudahy Pack'g Co pref. 100
Cunningham Drg Stores 2%

Mar

18

1%

Edison-

Compressed Ind Gases cap*
Consolidated Biscuit com.l
Consumers Co

13

18
2

4

Chicago Yellow Cab Co..*
Cities Service Co com
*

Jan

Hathaway Bakeries—
*

13%

Oct

26%
5%

19

Fuller Mfg Co com......1

Gilchrist Co

see page

Oct

7

25%
5%

6

com

Commonwealth

4%

*

For footnotes

23%
84%

Feb

Oct

4%

48

1,350

Mar

5%

3%
24%
15%
29%

Class B.......

14% May

50

5,550
800

Jan

12%

Oct

20

56%

4

2%
50%
28%

1st pref
—100
East Steamship Lines com*
*
Preferred

Class A

Mar

Oct

5%

5%
16%

Dec

7%

5%

4%% prior pref.....100
0% preferred
100

*

4%
3

6%
5%
18%

Club Aluminum Uten Co.*

10

6%

3%
11%
3%

East Mass 8t Ry—

Gillette Safety Razor

Feb

12%

Mar

475

11%
3%

"4

100

•

Feb

17%
12%

6

14%

65

12

Common.

Employers Group..
General Capital Corp
Georgian Inc (The)—

65%

Dec

Nov

100

1%

1

33%

53%
6%
6

6

...

600

Nov

8%

36

100

8

8

53

5%

ll»»

Oct

4%
12%
3%

East Gas A Fuel Assn—

Common.

High

Low

Chain Belt Co—

*

25

550

9

100

Aro Equipment Corp com 1
Asbestos Mfg Co com
1

38%

36

Common

Week

Shares

Shares

Abbott Laboratories—

Convertible preferred..*

Sales

Week's Range

Range Since Jan. 1 1937

Week's Range

Sale

Preferred

Copper Range.

Feb

Sales

Last

Butler Brothers

American Pneumatic Serv-

Boston & Providence
Calumet A Hecla

Dec

St., CHICAGO

Friday

(New)

Exchange

Sale

Class A 1st pref stpd.100
Class B 1st pref std..l00
Class D 1st pref std.100
Boston Per Prop Trust
*

89

Jan

both inclusive, compiled from official sales lists

6% conv preferred
30
Castle (A M) common.. 10

Last

..100

Feb

Chicago Stock Exchange
Dec. 18

Bruce Co (E L) com
*
Burd Piston Ring com.._1

Lewiston

Friday

Prior pref

19%
12%

Chicago Stock Exchange
Chicago Curb Exchange

10 So. La Salle

Brown Fence A Wire com 1

N. T. Tel. CAnal 6-1541

Dec. 24, both inclusive, compiled from official sales lists

Common

Apr

Borg Warner Corp—

System

30 State St., Boston

Portland

Boston A Albany
Boston Edison Co
Boston Elevated

Jan

130

Members

Bendix Aviation com

New York Curb Exchange (Asso.)

Private Wire

.100

62

Berghoff Brewing Co
1
Blnks Mfg Co capital
1
Bliss A Laughlln Inc cap. 6

UNLISTED TRADING DEPARTMENT

pref

Jan

2% June

Paul.
H.Davis & (50,

Rights

Members

non-cum

Mar

98

46%

Unlisted

New York Stock Exchange

Belden Mfg Co com

1887

New York Stock Exchange

1st preferred

33

SECURITIES

Listed and

Bastlan-Blessing Co com.*

Townsend, Anthony and Tyson

0%

Jan

Eastern Mass St. Ry—

Barlow A Seellg Mfg A com 6

Amer Tel & Tel

Dec

100

7%

7%

*

Automatic Products com.5

Common

Oct

Jan

Jan
33%
41% May

Oct

A they Truss Wheel cap— »

Price

Oct
Nov

Apr

41

75

1976

Par

Dec

18%

Jan
Jan
Jan
Jan

Dec

1,370

(flat) '75

Stocks—

Feb

Nov

64%
37%

Armour A Co common...5

Bangor

16%

2%
6%

24%

Jan

Bonds—

Boston Tel. LAP 7010

Mar

80

Aug

138

34

Boston Stock Exchange

Mar

11%
3%

678

1

346

60

Mar

35

15%

Oct

9%
i

Jan

Apr

13%

Dec
Oct

73

U 8 Fidelity A Guar
2
Western National Bank .20

81

739

Jan

June

Oct

2

1,600

Mar

Dec

10%
19%

200

1,293

2%
2%
9%

Mar

1%
44%

Nov

76%

25

Jan

29%

25c

20

Aug

48

Oct

89

16%

54

35

to

Oct

Dec

4

27

Jan

30%

Oct

10

76

280

16

10

Phillips Packing Co pf_.100

Dec. 18

4%

5
21

68%

Jan

115

Oct

5

185

16%
95

9%

2%
2%

Seaboard Comm'l Pref-.26

5s flat

830

5%
4%
25c

25%

Nov

62

%

No American Oil com
1
Penna Wat A Pow com...*

A

9%
2%

20

Jan

60

X

.....100

Bait Transit Co 4s

Dec

Jan

Mt Vern-Woodb Mills—

Preferred

Oct

36c

Jan

Oct

H
2

238

15%

6%

Common class A

93

1%

570

9%
12%

CHICAGO

20

16

1

Dec

297

75%

Apr

68

"

i6

68%

6

2%
42c

27

High
Oct

64

"m

..25
-.26

Mar

Bonds—

14

367

2%

common vt.

1st preferred
2d preferred..

Mar

68%

New York Curb (Associate)

_1

z6

142

20

Eastern Sugar Assoc—
Common

Oct
Nov

Range Since Jan. 1 1937

for

113% 114%

100

1

98

*

(new)

Apr

15

773

102

13%

2%
9%

Feb

Week
Shares

10g 10%
13%

'mi

11%

23%

2

12%

Vermont & Mass Ry Co 100
Waldorf System Inc
—*

20

Brager Elsenberg Inc com 1

56

Oct

2%

6%

Rales

2

—*

Oct

23

1,930

12%

2%

*

Utah Metal A Tunnel

Exchange

Friday

Price

Dec

21%

22%

*

Preferred

both inclusive, compiled from official sales lists

Par

25c

mm

mm-'-

Warren Bros Co.,

Stocks—

1%

24% May
Jan
3%

United Shoe Mach Corp.25

Chicago Board of Trade

Last

m

Torrington Co

York, Pa.

New York Curb Exchange (Associate)

Dec. 18 to Dec. 24,

mm

Stone A Webster

Members New York, Baltimore and Chicago Stock Exchanges

Baltimore Stock

m

Dec

Union Twist Drill Co....5

Louisville, Ky.

Hagerstown, Md.

50
25

Reece Folding Mach
Shawmut Assn T C

Broadway

NEW YORK

BALTIMORE, MD.

25

Pennsylvania RR
Quincy Mining Co

SteinBros.&Boyce
6

4%

Old

7

307

99%

100

Butte

35

•

250

1%

New England Tel & Tel 100

Nov

2

4%
1%

Jan

1

25

4%

4%

High

150

1%

rn'mm

Low

Shares

23%

2
mm —

7%

Range Since Jan. 1 1937

for
Week

1%

7

7

v t c..*

Mergenthaler Linotype..*
Narragansett Racing Ass'n

Range

1

100

Mass Utilities Asso

Income bonds v t c

B'way 38th 8t Bldg—

of Prices
Low
High

Price

Par

Common
A J den (The) 6s__

Week's

Sale

Exchange

Common

1

2%

4

Dec

23%

100

10%
9%

Dec

19

200

3%

Oct

11,150

1%

Oct

July
Feb

5% May
10%

Jan

Financial

145

Volume

Sales

Friday
Week's Range

for

Sale

of Prices
Low
High

Week

Price

Par

1 1937

Range Since Jan.

Last

Stocks (Concluded)

Members Cincinnati Stock Exchange
High

Low

Shares

Active

Godchaux Sugar—
Class B

*

22%

22

12

12

Gossard Co (H W) com..*
com.

■

Oct

42%

Mar

5%

Oct
Oct

12%
29%

July

9

100

6

Dec

14

Apr

6%

150

5%

Dec

20

Mar

6%

e%

6%

350

5

Oct

3%

Oct

11%
13%

Mar

350

53*

5

90

18

20

40%

42

Hormel & Co com A

16

16

8%
103*

9%
10%
1%
6%

*

*

m

Hubbell Harvey Inc com.6

Hupp Motor

com

""III

1H

'167""

(new)__l

Illinois Brick Co cap

1063*

100

Nov

1%

Dec

19%

Oct

111%

22

100

21

Nov

10

Ky Utll Jr cum pref
6% preferred

263*
63

29%

Feb

51

Feb

Champ Paper A Fibre

55

Aug

Oct

10

Dec

10

19

Oct

54

Oct

Feb

89

450

1,150

7,250

7%
3%
3%

Oct

Jan

3%
%

33*

2%

1%

Oct

Mar

Feb
Jan
Jan

Mar
Jan

Aug

Leath & CoCommon

7%

13%

Feb

7%

Nov

19%

July

300

3%

7%

Oct

200

3%

3%

5%

Oct

15%

Mar

12%

Jan

3

8,200
•

Le Rol Co

8

...10

com

Llbby McN & Libby.__10

7%

Lincoln Printing Co—
Common
.....*

$3%

McQuay-Norrls Mfg com.*

29

3%
27

100

18%

400

15

29

*

com

30

60

29

Manhatt-Dear'nCorp com*
Marshall Field

"lH

*

com

Prior preferred.

K,

m2l"

1,150

21

21

57%

Dec

8%
21

10

33%

July
Mar

Oct

4%

Jan

Dec

8

4,500

Jan

45

Dec

Nov

%

4,200

4%

4

...*

60

8%

8

Mer & Mfrs Sec cl A com.l

Oct

2%
25%

3%
25%
18%

preferred

Lion OH Ref Co

30%

Mar
Feb

7

Nov

Jan

31%

Dec

MIckelberry's Food Prod—
Common...

3

l

Middle West
Stock

Corp cap
5
purchase warrants

5

Jan

100
*
*

Cin Ball Crank pref.
*
Cin Gas A Elec pref._-.100

Cin Street Ry
Cin Telephone

..50
50

_

Cin Tobacco Ware

25

Dow Drug

*

Formica Insulation. .....*
Hilton Davis pref
Hobart A

*

Kahn 1st pref

100
*

Kroger

50

Little Miami Guar.

Preferred..

U S Playing

U S Printing

_

_

Card

10

pref

Wurlltzer....

.

..

...

.

.

50
100

Dec

93

July
June

29

Dec

63

3

104

Dec

7%
2%
99%
4%
78%
1%

.33

98%
4%
78%
1%

99%
4%

1%
5%

11%
25%
32%
8%
15%

11%

25%
33
8%
15%
%

%

Nov
Oct

4%

420

Nov

7l>f

5

Feb

Dec

9

Mar

100

Nov

Oct

23

8

Feb

Oct
Oct

24

Jan

Oct

106

Mar

Dec

%

100

Dec

Dec
Dec

3

10

3

16

3

120

44

?2%

200

21%
5%

207

1%
19%

197

10

11

11

12

70%

70%

70%

Dec
Oct

11%

1%

Feb

4%
8%

Feb
Feb

Jg
10%
65%

Feb

July
Jan

Nov

Jan

Oct

Feb

5

Dec

21

Jan

11

Dec

26

May

70%

50

Dec

134

Apr

1,700

1%

Oct

11,100

3%

Oct

15%

Jan

1,650

%

Oct

7%

Jan

%

5M

Jan

8
15

97

15

45%

5%

Jan

Apr

20

21

21%
5%

25

30%

Dec

32%

364

2

5

Jan

Dec

8

4

45

2

Jan
Jan

10%
100

11%

8

275

75

3

Jan
Mar

108

Dec

85

p

Jan

%

10

100

100

Oct

94

403

39

79

4

11%
25%
32%
8%
15%

5%
2%

50

ht

4

100

Feb

111

9

*

Feb

78%

50

45%
.

8

32

18

...........

Randall B_..........

2%
3%

May

105

3M

P

May

3

32

*

National Pumps

July

2

105

80

2.50
__*

Magnavox
Moores Coney A

Apr

1%

40

810
17

32

105

Churngold

2%
3%
80

80

100

Pref

2%
3%

3
5%
IK

2%

5%

Amer Products

Oct

3M

"sK

2%
3%

5

600

63

Kingsbury Breweries cap.l

*

510

103*
263*

3%

Part pref

20

Ken-Rad T & Lamp com A*

50
100

2

7

Feb

16%
12%
28%
43%

High

Low

Shares
95

*

Prior pref

27

Dec

7*

Price

Jan

Aug

1,1937

Range Since Jan

for
Week

Mar

Oct

3%

3,800
1

Par

of Prices
Low
High

49

Oct

19%
39

43*

Aug

(Concluded)

13%

100

3%
63*

Stocks

Baldwin pref

100

Sales

Week's Range

Sale

Dec

350

Cin. 363

Last

12%

19

41

12%

Kellogg Switch & Sup com*

4%

Oct

41

18

*

5

Dec

21

1

Joslyn Mfg & Suppl com..5

La Salle Ext Unlv com

Feb

13

18

Jarvis (W B) Co cap

Jefferson Elect Co

Kerlyn Oil Co cl A com..5

27%

Dec

92

400

CINCINNATI

BLDG.

Friday

Jan

23

21

"l2Vs

1

52% May

Oct
Dec

4%

450

TRUST

Phone Cherry 6711—Bell Sys. Tel.

Jan

10%

550

UNION

Jan

8%

250

*

Katz Drug Co com

40,
161'

50

200

13%

Iron Fireman Mfg v t o
com

130

25

Dec

230

22

Indep Pneum Tool vtc..*

r»

18

107

6

10

111 North Utll pref

BALLINGER & CO.

Jan

6

Heller (WE) pref ex-warr 25
Hlbb Spencer Bart com..25

Houdaille-Hershey cl B

19%

6

"I

Helleman Brew Co G cap. 1
Heln-Wern Mot Pts com.3

700

850

13%

Trading Markets in

Cincinnati and Ohio Listed and Unlisted Securities

Feb

38

Dec

6

Hamilton Mfg cl A pref.10

Harnisehfeger Corp com. 10

11%

1,600

8

7

*

.

50

12%
23%

12%

Goldblatt Bros Inc com..*
Great Lakes DAD

4095

Chronicle

200

Oct

1%

Jan

5%

3,250

%
1%

Oct

12%

Jan

Ohio Listed and Unlisted Securities

1%
1%
IK
IK
3%
22%

70

1%

Oct

9%

Feb

Members Cleveland Stock Exchange

100

Preferred

91

Midland United Co—

_*

A%

%
43*

6% prior lien
6% preferred A
7% prior lien

100

IK

1%

7% pref A—:

100

Common

*

Conv preferred A

.,

Midland Utll—

%
IK
IK

%

100
100

Miller & Hart conv pref..*

3

Modlne Mfg Co com.....*
Montg Ward A Co cl A...*

22

22

com

9%

Mar
Feb

5

1

Nov

70

1

Oct

8%

500

21

Oct

46%

10

Jan

CILLIStfJWOODc'a

Jan

120

Nov

?56

Feb

16

16

100

15

Nov

26

Feb
Jan

19%
2%
14

Northern Paper Mills com *

6%

Dec-

17

Apr

300

2

Oct

12%

Jan

36%

Feb

14

21%
20

350

50

7
3%
22
21 *
2%

3

20

Dec

22

8

8

6%

10

_.

com

8%

Dec

20

_

Noblltt-Sparks Ind com..5

Dec

1%

136

Natl Pressure Cooker Co_2
Natl Rep Inv Tr conv pf. *

Nort Amer Car

%

20

136

Muskegon Not spec cl A..*
Nachman Sprlngfilled com*

Natlonal Standard

110

Jan

7

•

250

18

Oct

2,150

19

Nov

300

2

Oct

20

14

Dec

Feb

9%

Cleveland Stock Exchange

Sept

34

Prior lien preferred. >100

7%
11%

16%

Jan

10

Dec

54

Jan

10

6K
10%

6%

130

12

Oct

54

Jan

Last

Northwest Bancorp com. _•
Northwest Utll 7% preflOO

Week's Range

for

15%

Feb

Sale

of Prices

Week

29%

Jan

Price

3,000

34

Oct

5%

Dec. 18

to

Dec. 24, both inclusive,

Common

Parker Pen Co (The) com 10

Penn Gas A Elec A com..*
Perfect Circle

10

10

(The) Co...*
1

Process Corp com

*

»

*

13%
10%
30

15

200

30

*12%

4%
1
%
IK

50

Dec-

Oct

150

Oct

35

10%

10%

225

10%

Dec

*

12

12

12

129

12

Dec

21

Controller

18%

110

18

Oct

35

2

Dec

8

Mar,

Oct

101%

Mar

Oct

63%

Dec

4%

4%

Dec

7%

Mar

1

18

18

%

Oct

3%

Feb

Cleve Builders Realty...*

2

2

%

Dec

3%

Jan

Cleve Cliffs iron pref

1% June

4%

Jan

Cleveland Ry

Quaker Oats Co

100

66

Oct

99%

Jan

Cliffs Corp vtc

104

Oct

1202,«j

Dec

Dow

340

105

Oct

122

Jan

96

550

86

Nov

125%

Jan

Federal Knitting Mills— *

141% 143

160

121

Jan

16

95

16%

91

16%

16%

37%

Mar

Sangamo Electric Co

"l6%

7%

50

1%
%

Oct

%

Oct

Feb

50

6

Oct

3%
36%

10%

11

Jan

1

1

1,800

Oct

%

26

27

250

12

*

Serrlck Corp cl B com

12%
62%

300

50

"62%

60

5%

1

So Bend Lathe Wks cap. .6
com
25

Sou Colo Pow A

Standard Dredge com

23%

July

42

Apr

McKee A G "B"

Feb

National Refining

98

Aug

National Tile

6

350

Dec-

14%

Mar

Packer Corp

Oct

Nov

14%
2

"11%

5%

23%
16%

Thompson (J R) com...25
Trane Co (The) com
2
Un Carbide A Carb cap..*

20
*

Utll A Ind Corp com
Convertible pref

5

Viking Pump Co pref

1%
%

*

7

15%

27%

Mar

2

450

12

2%

50

2

Oct

2%

610

2%
9%

Oct

750

Oct

7

6%

Oct

Jan
Jan

13%

200

9%
23%
16%
4%

10%
25%
17%
4%

800

9%

Dec

20% May
21% July
28% Mar

1,100

22%
15%

Nov

33%

Mar

28%

1,150

4%

Dec

15%

50

H%

Oct

100

75

Dec

71%

100

71%

Dec

'8

1,800
2,950

1%

Oct

4%

%

Sept

1%

Oct

1%
%
1%

12%

1%
19%

1,450

Oct

34

50
1%

Dec

13

650

Upson-Walton

50

%

Oct

Jan

6

Jan

750

1

Oct

350

11

Dec

26%

30

76

Dec

93

4

450

Oct

12%

4%
3%
1%
13%

4%
4%
1%
15%
43

Refining

to

Dec. 24,

Sale

Amer. Ldry

Price

Par

Mach

Feb

4%

Dec

14

Jan

9

Nov

27

Jan

400

3%

Dec

8% June
58% Mar

30

50

4

275

2%

450
125

11

2%

2%

12%
10%

Mar

Oct

?0%

Mar

Nov

2

10%

Feb

Oct

34

3

Oct

30

Apr

7%
57%
9%

17%

130

58

11%

Oct

2%

Sept

10

Mar

Mar

Apr
Jan

19

6%

420

7

5%

Feb

Oct

3%
■

100

150

4%
33

11

Nov

27

700

18

31

......

818

Dec

13%

Nov

Mar

14

2%

2

2%

294

1%

6

6

6

160

6

2%

2%

2%

100

2

Feb

25

18

18

Oct

26

Jan

15%
5%

Feb

Oct

17%

Jan

July

Detroit Stock Exchange

Telephone: Randolph 5530

Feb

1,200

4

Dec

12

Mar

3%

Dec

200

1%

Dec

15%
2%

Nov

2,400

12%

Oct

43%

Aug

Dec

81%

DETROIT

Buhl Building

Dec
June

1,150

New York Curb Associate
Chicago Stock Exchange

Exchange

Jan

Feb

43

$2,000

Detroit Stock
18 to Dec. 24,

Exchange

both inclusive, compiled from

Sale

Exchange

Stocks—

Par

Price

official sales lists

Sales

Week's Range

of Prices
High

Low

for

Range Since Jtin.

1,1937

Week
Shares

High

Low

both inclusive, compiled from official sales lists
Last

Aluminum Industries

4%

Friday

*

20

For footnotes see page




5%
17

4098.

Auto City

Sales

Friday

Stocks—

30

100

4%
10

4%

4%

Last

18

Dec

Members
New York Stock

Dec.

Cincinnati Stock
Dec.

Mar

14

160

Watling, Lerchen Sl Hayes

Feb

49%

11

Bonds—

Chic City Rys 5s ctfs..l927

Mar

37%

15

18

18
31

Jan

Feb

76

2%

*

Tool..

1
Weinberger Drug Inc....*

Apr

6%

.

Vlchek

Warren

Dec

40

Dec

Van Dorn Iron Works...*

May

73%

Dec

Dec

2

19%

43

*

IK

*
1
1

60

Nov

17

July

78%

26%
78%
71%

Selberling Rubber
8 M A Corp

Dec

40

175
260

Mar

14

3
_*

Bros

33

285

Mar

11%

4

2

Zenith Radio Corp com

14%

11

Wisconsin Bank shs com.*

5

Rlchman

76

19%

Cumulative prior pref..*
Williams Oil-O-Matlc com *

Yates-Amer Mach cap

Peerless Corp

Mar

34

com

Walgreen Co common
•
Wleboldt Stores Inc com..*

Mar

26

76%
71%

Swift International..... 15

com

35

Dec

14

"9%

25

Dec

15%

Jan

Feb

18

2%

Dec

15c
117

Feb

33%
42%

4

Jan
Mar

Mar

50

64

Dec

30

11

Feb
Feb

40%

Oct

15

28%

2

July

49%

39

3%

28%

...*

24

Aug

17%

9%
mmmmmrn

Dec

10c

65

4%

4%

11

10

105

17%

14

14

*

80

15c

2,832
5,410
20

17%

Oct

14

17

_

15%

13

*

com

com

*

%

41

4

24

2%

•

Convertible preferred. 20

Utah Radio Products

*

31

50

17%

m

mmmmmm

25
*

15%

Sunstrand Mach Tool com5

U S Gypsum Co com

*

58%

100

33

^

*
_

Electric_........*
Lima Cord Sold & Heel—1

24

30

Slvger Steel Castings com. *

Swift A Co

Jaeger Machine
Kelley Isld Lime & Tran.
Lamson & Sessions

28%

Nov

11%

500

2%

Slgnode St Strap Co—
Preferred

*

460

%

64

39

^

100

Halle Bros pref

6

33%

108

108

Patterso n-Sargent

Schwitzer-Cummlns cap__l
Sears Roebuck A Co com.*

10c

140

Leland
1

1

300

Feb

%

5

Common

2%

2

50c

Reliance Mfg Co com... 10
Rollins Hos Mills—

Woodall In dust

*

Interlake Steamship

v t c._

(The)

"i(T~

Great Lakes Towing...100

60

Apr
Dec

150

*

com

*

Chemical.

2

61%
29%
%
15%

29%

Preferred ..........100

6% preferred vtc

Wahl Co

63

*

1,010

Raytheon Mfg—

(A)

*

100

120«» 120»n

Preferred
loo
Rath Packing Co com... 10

Stein A Co

Clark

120»»i 120sln

79

Feb

10%

City Ice & Fuel.

..100

79

Oct

Amer Coach & Body

50

50

High

Low

20

6

6

6

2,050

8,350

Range Since Jan. 1, 1937

Shares

Jan

__*
5

...100

preferred

7% preferred

High

Jan

Akron Brass Mfg

Clev & Buff Transit

Common

Common

Par

Stocks—

Low

14%
20%

Public Service of Nor 111

6%

Sales

Jan

24%
17%

Mar

Oct

7%
25

2%

Oct

%
11

30

4%
*
K
IK

Dec

6%

450

%
12%

Paper Pkg com.5

Pines Wlnterfront com
Prima Co com......

10

6%
15

15

15

.6

com.

Penn Elec Switch conv A 10

Pictorial

6%

*

compiled from official sales lists

Friday

Oshkosh B'Gosh—

Peabody Coal Co B

Cleveland

A. T. & T. CLEV. 565 & 566

Feb

68

18

Union Trust Building,

Telephone: CHerry 5050

Week's Range

of Prices
High

Low

5%
17

5%
17

Range Since Jan. 1,1937

for
Shares
100
38

,

High

Low

4%
16%

Oct
Oct

13%
36%

Brew com

Baldwin Rubber com

Feb
Feb

'16

%

7%
20%

8%
21%

1
1

Briggs Mfg com
—*
Burroughs Add Mach
*
Chamb Met Weat St com.5

Week

Chrysler Corp com
5
Cunningham Drug com2.50

20%

1,075
1,150
300

Ti«

5%
19
16

Dec

Oct
Nov
Oct

71%
6%

17%
6%

1,435
100

6%

Dec

53

57%

2,003

52%

Nov

15%

15%

100

13

Nov

2%
15%
66%
35
20

132%
25%

Feb
Feb
Jan
Jan
Mar

Mar
Feb

Financial

4096

Week's Range

Last
Sale

(Concluded)

Par

of Prices
High

Low

Shares
122

99

96

1, 1937

Range Since Jan

for
Week

Low

Price

100

Detroit Edison com

1937
25,

Sales

Friday

Stocks

Dec.

Chronicle

High
Dec

90

Jan

3K

May

STOCKS

BANK

ANGELES

LOS

145%

800

IK

Oct

1

2K

2 K

300

2

Oct

11

2 K

2 K

470

2 K

Oct

10

Jan

15 K
18 K

15K

100

15

Oct

28

Feb

18 K

100

35 K

Feb

10

11

200

18K
7 K

Dec
Oct

27 K

Mar

2

3

600

2 K

Oct

11K

Feb

IK

266

1

Oct

2 K

Feb

Revel Miller & Co.

Feb

Det Paper Prod com ——1
Det Steel Corp com
-5

July

Det Gray Iron com

IK

_5

Det-Mich Stove com

Eaton Mfg com
4
Ex-Cell-O Aircraft com.. .3

K
IK

Fed Motor Truck com-—-*
Frankenmuth Brew com—1

IK

834

8%

9K

5K

"3234

Goebel Brewing com._-.-l

33 K
3

8K

1,695
2,319

3

32 K
3

—

3

Gar Wood Indcom-

835

115*

220

10

Oct

17 K

708

15

Nov

22%

July

200

Oct

27K

Feb

4

Oct

23

Oct

Feb

2K

10

15K

-1
Lakey Fdy A Mach com—1

*ie

2%
16 K
K
2 K

Kinsel Drug com—

2K
IK

-1

Jan

9c

Feb

Oct

48c

Jan

1

31c

31o

31c

200

30c

1334

1334

1354

200

12

1254

1254

1254

100

Oct

Feb

Imperial

IK June

2K

Feb

Tom Reed Gold

Nov

4K

1%

Jan

20c

Develop Co.-25c

39c June
Feb

Oct

Feb

Oct

Unlisted—

IK

200

Oct

4K

Jan

Amer Rad A Std Sanitary. *

55*

1,015

4

Oct

Bendix Aviation Corp

100

10

Dec

20%
21%

Feb

10 K

Jan

Curtiss-Wright Corp

5
1

4K

2,734

4

Oct

12 K

Feb

31K

1,033

28

Oct

44 K

Feb

105*

Oct

19%

Aug

Packard Motor Car Co

5K

Aug

160

K

450

5 K
2

882

3 K

Oct

2K

100

3K

Oct

1K

Dec

150

2*

Oct

35*

400

2K

Oct

3 K

400

'

Oct

3K

Radio Corp of America

Feb

13

OK
9K
5%
6%

9

454

Jan

100

Dec

27

95

10

Dec

103

102%

July

111%

434

Oct

10

Mar

Oct

645*

July

Oct

854

2434

Nov

500

4954

Nov

1175*

July

634

*
5

634

654

400

S3*

Oct

175*

Feb

3

100

Mar

213

634

Jan

30

Jan

Nov

Feb

95

14 K
95

Feb

5

Jan

17 K

U S Steel Corp.:—

Feb

1254

454

100

595*

.*

Warner Bros Pictures

1734
123*

354

300

273*
595*

273*

10%

Oct
Dec

Nov

1,000

454

434

US Rubber Co

35

9

4134

Feb

Dec

Feb

100

334

Dec

2754

100

334

2K

Dec

100

Feb

210

10

334
273*
595*

42

500

100

42

42

(The)
.25
United Corp (The) (Del). *

2%
17 K

Mar

434

434

Texas Corp

23

Jan

83*

634

634

*
*

Radio-Keith-Orpheum

Jan

273*

83*
454

'

*

293*

Oct

354

10

North American Aviation. 1

11

Feb

Oct

200

1254
23*

Dec

4
10

4

Electric Bond A Share Co.6

Aug

22
2K

100

-

5

10,000

K
IK

3 K

Preferred

8234c

Apr

134c

IK

-.2

105K 106

Tlmken-Det Axle pref—100

Dec

154
134c

600

2 K

Co(Fred'k)com *

Oct

16c

15c

354
134c

100

2K

10
1

12c

100

14c

354

300

Apr

7,000
1,600

14c

354
134c

K
2K

July

1334

20c

1

Cons Chollar G & S Mng.l

20c

18 54

Oct

200

Cardinal Gold

2,060

5

River Raisin Paper com—*

Oct

5

1,600

Jan

•is

2

*

High

'

554

Jan

Oct

Oct

IK

2K
5H
IK

Stearns &

554

Feb

Dec

2

'p.fj Low

Mining—
Blk Mammoth Cons M 10c

15?*

350
200

Shares

9

734
534

75*

1

Wellington Oil Co

11

Penln Metal Prod com.—1

Scotten-Dillon com

Week

10

Universal Consol Oil

IK
8 K
29K
IK
9K

1,010

IK

Prudential Investing com.l

Standard Tube B com

for

of Prices
Low
High

Price

Par

4K
31K

*

Parker Wolverine com.—*

Rlckel (H W) com

(Concluded)

IK
5%

-10

Reo Motor com

Stocks

10 K

MldWest Abrasive com 50c

.Pfelffer Brewing com

Week's Range

Sale

Feb

»ie

Muskeg Piston R com.2.50
Packard Motor Car com.-*
Parke-Davis com

1,590
1,880

22

1%

*
1

Murray Corp com

1, 1937

Range Since Jan

Last

Feb

wm.

Kingston Products com..*

McClanahan Oil com

Jan

Sales

Friday

K June

7

17

®ie

McAIeer Mfg com

4

Oct

"im

%

-

Oct

450

1

-

■

^

SANTA ANA

SAN FRANCISCO

Feb

865

9%
m

Masco Screw Prod com

EXCHANGE

Teletype: LA 477

Telephone: VAndike 2201

^

Feb

IK

Houdaille-Hershey B
Hudson Motor Car com—*

Kresge (SS) com

8

STOCK

ANGELES

SPRING STREET* LOS ANGELES

Feb

Oct

2K
IK
2%

2 K

954
7 K

—

70

IK

--*
*

Hurd Lock & Mfg com

21K
19K

Oct

2%
11K

Hoover Ball A Bear com.10
Hoskins Mfg com

Oct

K

32

"2%

1
*

Graham-Paige com
Hall Lamp com--

Dec

4

200

5K

General Motors com—.10

Fruehauf

LOS

MEMBERS

650 SOUTH

22

Established 1874

3 K

3 K

1,150

1%
6%

IK
OK

6,756
235

5

4

4

220

3K

Oct

IK
5K
K

2

500

IK

Oct

8%

5K

100

5K

Dec

7%

Oct

K

2,620

K

Oct

1%

Jan

Wayne Screw Prod com--4

2K

2 K

250

2K

Oct

7%

Feb

PHILADELPHIA

NEW YORK

1

»ie

15ie

300

K

July

-M

Feb

1513 Walnut Street

30 Broad Street

—1
1

Tom Moore Dlst com

Union Investment
United Shirt Dlst

IK

*

Tivoli Brewing com

554

com

*

com

Univ Cooler B

—*,

United Spec.--------—Warner Aircraft com
—1
Wolverine Brew com

K

2

Mar

Oct

10

Feb

Oct

8

Feb

Nov

13

Jan

11

Feb

IK

DeHaven si Towns end
Members
New York Stock

Mar

Exchange

Philadelphia Stock Exchange

Philadelphia Stock Exchange
both inclusive, compiled from official sales lists

Dec. 18 to Dec. 24,

Wm.Cavalier&Co.
New York Stock Exchange

Par

Stocks—
American Stores

San Francisco Stock Exchange

Los Angeles

Teletype L.A. 290

Week's Range

for

Sale

of Prices
Low
High

Week

Price

100

147 K

10

Barber Co
Budd (E G) Mfg Co

Los

Angeles Stock Exchange
Sales

Last

Week's Range

Sale

Stocks—

Par

Assoc Gas A Elec A
Bandlni Petroleum Co

Low

High

IK

Dec

534

1,500

2%

Oct

934

Jan

35c

Oct

90c

Apr

2K
5

500

1.10

Oct

7K

Jan

5

Dec

3K

Bolsa Chlca Oil A com—.10

2

2

c

5

Jan

1.000
4,300

IK

3 K
45c

100

High

Low

IK
3K

IK

1

Brock A Co 2d pref

Shares

45c 57 Kc

1

Barnhart-Morrow Cons—1

Buckeye Un Oil pref v t
Byron Jackson Co

Week

of Prices

Price

5

100

5

Dec

6c

6c

6c

1,000

5c

Sept

16c

Feb

16 K

1654

16 K

100

13 K

Oct

173*

Feb

20

20

20

18

18

1

—

100

20

Dec

4234

Apr

18 K

70

17

Dec

43

Feb

Claude Neon Elec Prods

7K

7H

7K

300

OK

Oct

123*

Jan

Consolidated Oil Corp
Consolidated Steel pref

9

9

9K

200

7K

Oct

1754

Mar

8K

8K

8K

200

7

Oct

24%

Feb

Calif Packing Corp com.—
Central Investment
100

Creameries of Amer

v

tc__l

Emsco Derrick A Equip._5
Exeter Oil Co A com
1
General Metals Corp

*
Gladding McBean & Co—*

Hancock Oil Co A com

454

100

4

Oct

9K

500

7

Oct

19%

Mar

70c

75c

700

50c

Oct

IK

Mar

7 3*

27 K

1
Hupp Motor Car Corp—

75c

IK

International Cinema Inc.l

35c

Kinner Alrpl A Motor

11c

1

33 K
7K

5K

~1954

*

Holly Development Co

Feb

4K

9

70c

Globe Grain A Mill Co. .25

Goodyear Tire & Rubber.*

7

454
9

33 X

33 K
75*

5K

100

32 K

Nov

70

1,100

7K

Dec

303*

400

19K

1954

100

25

2,300

75c

27 K
75c

IK

IK

400

35c

45c

500

10c

12c

11,800

300

145 K

Nov

187 K

10

Oct

198

112

May

5

Feb
Mar

Jan

Oct

113*

1GK

Oct

46

18

Jan

2754

55c

Oct

1.50

Mar

1%

Dec
Oct

23*
154

Nov

35c
12c

Dec

7234c

43

127 K

Jan

Mar
Jan

14 K

6K

120

280

2K

Oct

354

52 K
3K

Nov

Oct

134 "Hi

Mar

Feb

2K

13

Feb

5K

35

Oct

20 K

24 K

2654

916

21K

Feb

44 K

Jan

32

32

430

31K

Nov

70 K
139

Feb

41K

Feb

5K

10

102

102

10

100K

Nov

*
Lehigh Coal A Nav
*
Lehigh Valley
50
Mitten Bank Sec Corp. .25

23

23

25

22 K

Dec

(N Y) com—

Oct

3 K

4K

260

3 K

Nov

13 K

Jan

6K

/6 K

50

4K

Oct

24 K

Mar

K

IK

179

K

Oct

4K

Apr
Feb

IK

25

IK

IK

498

1

Oct

5K

*

7K

5

Oct

14 K

1
RR_——50

2K

8K
2K

155

2K

2,771

2K

Oct

5K

Apr

22 K
114 34

21%

23 K

1,732

19 K

Oct

Mar

111

109 K
30

50 K
117 K

Dec

35 K

Apr

Oct

35 K

Apr

7K

Feb

Preferred

Nat Power A Light
Pennroad Corp vto

Pennsylvania

Phila Elec of Pa $5 pref..*
Phila Elec Pow pref

*

Phila Rapid Transit

IK

50

preferred
Salt Dome Oil Corp

U4K U4K
30 K
19 K

25

Phila Insulated Wire

50
1

7%

Scott Paper

12 K

W
38 K
29 K

-.....*

Tacony-Palmyra Bridge..*
Tonopah-Belmont Devel.l
Union

Feb
Mar

54 K

Horn & Hardart (Phil) com*

Range Since Jan. 1,1937

for

26 K

4K

4
52 K

Elec Storage Battery...100

General Motors

Nov

80

18

1165*

45*

*

Chrysler Corp..
—5
Curtis Pub Co common..*

24, both inclusive, compiled from official sales lists
Friday

"~4%

*

Budd Wheel Co

18 to Dec.

320

116

Bell Tel Co of Pa pref. .100

Dec.

146 K 148 54

7

1,128

1754

High

Low

Shares

8K

8K

_.*

American Tel A Tel

523 W. 6th St.

Range Since Jan. 1,1937

Last

Chicago Board of Trade

Lou Angeles Stock Exchange

Sales

Friday

MEMBERS

30 K

782

19 K

40

2K

395

IK

3K

386

2

Oct

18

Oct

Jan

Feb

13 K

Dec

Jan

Oct

30

Jan

6,374

5K

3834

5

22 K

Oct

39 K

Dec

29 K

16

22 K

Oct

35K

Aug

13

Uit May

ht

be

300

he

Jan

2

2K

1,255

IK

Oct

7K

*

3K

3K

600

IK

Oct

8K

Jan

*

33 K
10

34 K

52

Oct

40 K

Jan

10 K
103 K 106

10,390

8 54

Oct

17 K

Jan

400

100 K

Oct

130

8K

Oct

114 K
11

Feb

$18,500

5K

Oct

16K

50

Traction

United Corp common
Preferred

United Gas Impt com
Preferred

*
*

Westmoreland Coal

10 K

*

25

Feb

Jan

Mar

Dec

Jan

Lincoln Petroleum Co—10c

18c

18c

18c

Oct

60c

9K
2K

10K

534

Oct

1634

2 K

400

IK

Oct

654

Los Ang Investment Co. 10

4K

4K

4K

100

4%

Oct

10

Mascot Oil Co

1

70c

70c

70c

100

50c

Oct

1.45

1

1.40

1.35

1.40

90c

Oct

4.75

Jan

Mid-Western Oil Co.—10c

5c

5c

5c

1,200
1,000
6,000
2,000
3,100

lc

Jan

13c

July

45c

Feb

70c

Jan

2.00

Mar

16c

Sept

40c

Jan

Bonds—

Mar

Menasco Mfg Co

9

Elec A Peoples tr ctfs 4s *45

Feb

2K

8K

Ma

Feb

103*

3,500
1,000

10c

Lockheed Aircraft Corp-.l
Los Ang Industries Inc
2

106

Mar

Nordon Corp Ltd
Oceanic Oil Co

5

14c

14c

15c

...1

1.20

1.15

1.20

1

23c

23c

23c

Olinda Land Co
Pacific Clay Products.

Feb

6

6

100

5K

Dec

41c

41c

45c

400

41c

Dec

12 K

12 K
13
192 34- 192 K
4
4K

900

12%

Oct

32

50

98 K

Nov

107

2K

Oct

1334

Oct

50

Oct

1054 May

Roberts Public Markets..2

192 K
4K

31

31

5K
4

1.15

Security Co units ben int..

25

95c

*

_.*

So Calif Edison Co.——25

10

5K
4

1.10
95c

1,300
4,100
200

1.15
95c

300

30

4%

18

154

f Pittsburgh Stock Exchange

Tel. Oourt-6800
120

Specialists in Pittsburgh Listed and Unlisted Stocks and Bonds

May
Jan

Mar

Pittsburgh Stock Exchange

Feb

July

Dec.

18 to Dec. 24,

both inclusive, compiled from official

Oct

954

Jan

3.75

Feb

Last

Mar

Sale

30

1.45

Aug

3.25

480

2434

Dec

56

3,000

2c

Jan

20 5*

20 K
8

20 K

100

20 K

Dec

48

8K
22 K

800

Nov

14%

400

19

Oct

323*

Jan

Byers (A M) com

26 K
24 K

400

25 %

Dec

293*

Jan

100

23%

Nov

2834

Mar

Carnegie Metals
.....1
Clark (D L) Candy Co.
*
Columbia Gas & Electric.*
Crandall McKenzie&Hend*

8K

22

21K

8

15c

Feb

Par

Stocks—

Price

Week's Range

of Prices
High

Low

Mar

Jan

*

37 K

*

Armstrong Cork Co
Blaw-Knox Co

1234
954

*

8 54

9%

7

7

10

7

Dec

14

Jan

18%

140

17

Oct

26

Feb

28K
21K

200

28 K

Dec

315*

Feb

100

17%

Nov

6254

Mar

29

29

29 K

600

28 K

Dec

49J4

Feb

Devonian Oil

10

18 %

2

34

34

100

29%

12

12

100

10

11

10K

193*

19 K

UK
1954

Transamerica Corp

Union Oil of Calif

25

For footnotes see page 4098.




K

3

200

2

—

4

—

Oct

5

Feb

Duquesne Brewing Co...5

Oct

24%

Mar

Follansbee Bros pref—100

13%
10

11

55

13%
9%

243

Oct

170

5

Oct

41

2534

Mar

Fort Pitt Brewing

1

75c

75c

100

60c

Oct

70%

70%

Dec

2,100

9K

Oct

1634

Aug

Jones & Laughlin St pf_ 100

1,700

17 K

Oct

2834

Feb

Koppers G A Coke pref 100

Feb

8%
20%

21K

3

4

Mar
Mar

July

Oct
Oct

28 K

12

Oct
Oct
Oct

21K

34

10

70%
2954
2134

90c

28 K

Superior Oil Co (The)—25

185

Oct

3%
4%

Southern Pacific Co

Sunray Oil Corp

High

Low

31%
934
5%

100

24

Taylor Milling Corp

240

428

26

243*

Standard Oil Co of Calif.

3854
12K
9k
iy%

4,020

26 K

100

Week
Shares

4

i

25

K

Range Since Jan. 1,1937

for

Aug

5 34% pref C
...25
So Calif Gas Co 6% pref.25

6% pref B

sales lists

Sales

Friday

Dec

7c

25

A. T. & T. Tel. Pitb-391

BROADWAY, NEW YORK

7c

25

PITTSBURGH, PA.

BLDG..

1.05

4

(Associate)

New York Curb Exchange

|

BANK

7c

Sierra Trading Corp.._25c

Signal Oil A Gas Co A
Sontag Drug Stores

5K
4

Ryan Aeronautical Co__.l
Samson Corp B com
__

31

UNION

Feb

6

1

Republic Petroleum com.l
534% pref—
50
Richfield Oil Corp com
*

TifnmLn.n

Members

23c June

Pacific Finance Corp comlO
Pacific Lighting 6% pref

Pacific Distillers Inc

edwards &

h. s.

Feb

10154

101K 102

9

70

Dec

120

100

Oct

1%
107

111%

Feb

Jan

Feb
July

Jan
Sept

Feb

Volume

145

Financial
Friday

Par

Lone Star Gas Co

Week

Price

*

5

2

2

I, 1937

Range Since Jan
Low

5%

Oct

200

1

Oct

117

35

Nov

3,141

1,721

14%
4%
72%
12%

Oct

3%
1%

3,440

Stocks

High

Oct

22

22

60

22

88%

135

80

Nov

_

Renner Co

1

_

_

5

7%
18%

400

4%
12%

1,500

1

Oct

2%

300

2

Nov

4%

May

2%
33%

650

2%

Oct

99

23%

Oct

Mar

2%

100

7%
61%
6%

65c

650

Oct

24% 27%
107% 111%

228

18

Oct

94

89

Nov

1

1

*

Shamrock Oil & Gas
1
United Engine & Fdry.._5

United States Glass Co..25
Victor Brewing Co..
1

Westinghouse Air Brake..*
Westinghouse El & Mfg.50

«

„

-

15

1

Oct
Oct

2

Feb

2%

Emporium Capwell Corp. *
4.%, % cum pref w W...50

Jan

Mid-Western and

Corp com
10
Galland Merc Laundry... *
General Motors com
10

Jan

5%

Mar

Golden State Co Ltd.....*
Hale Bros Stores Inc
*
*

*

Rights
Honolulu Oil Corp.
Hunt Bros pref

St. Louis Stock

Le Tourneau

100

105 %

A S Aloe Co pref

American Inv common

*

Brown Shoe com

*

Coca-Cola

Columbia Brew

Brew

100

Dec

25

5% % preferred
Pacific Lighting Corp
6%

25
com *

preferred

_.*

(non-v) com.*
(Non-vot) pref
*

Feb

9%

Aug

Pacific Tel & Tel com..100
Paraffine Cos pref
100

9

Feb

Pig'n Whistle pref

Dec

3%

400

3%

Dec

27%

194

24%

| Oct

2%

68

2%

| Oct

6

Mar

Dec

76

June

62

15

95

95

6%

47

6%

62

Ry Equip & Realty com..*
Rayonier Inc Con

95

243

7%

Dec

4%

1,275

Oct

106

Apr

11%

Republic

5%%

Mar

Petroleum

Feb

23

July

Nov

20 %

Feb

S J L & Pwr 7% pr pref. 100
Schlesinger Co (B F) com.*

75

Dec

90

Apr

Shell Union Oil

com

*

17%

Feb

26

Dec

Signal Oil Gas Co A

*

15%
49%

Feb

Sound view Pulp
Preferred

21

Aug

10
200

Hydr Pressed Brick pf.100

2%

Dec

32

3%
32%

104

*

150

31%

Nov

Knapp Monarch com....*

11

11

545

10

com

_

.

3%

Dec

Co

60

10

Dec

360

12

Oct

10

McQuay-Norris

15

20

com

11%
16

32

Mo Portl Cement com..25

11

60

11

29%

311

29 %

9%

9%

150

Natl Bearing Metals com *
National Candy com
*
National Oats Co com...*

23%

23%

50

5%

250

5%
16

Nicholas Beazley Airplane
Common
5
Rice-Stix Dry Goods

Scruggs-V-B Inc
Preferred

3

6

6
22

100

121%

Wagner Electric com...15

24 %

120

6%
8

121 %
7

6%
8

2

Sept
Nov
Dec
Oct

6

Dec

22

Dec

35

65

Dec

5

Oct

100

Dec

102

117% June

128

100

8
19

700

♦City & Suburban 5s C-D's

27%

1,000

♦United Railways 4s..1934
♦United Ry 4s C-D's

25

27%
27%
27

100

80

80

21

21

*

%
6%

70

52

52

1,000

V

Tacoma

Stockton

Portland

NewYork

Beverly Hills

Dec

Nov

762

20

Oct

2,774

18

Dec

190

23

80

Dec

17%
%
6%

Nov

1,370

%
6%

Oct

1,700 ft*
150

Jan

Dec

Jan

Dec
Dec

Feb
Apr

50

19% June
10% May
122

Sept

7%
33%
48%
69%

Apr

Feb
Mar

July
July

105

65%
2%

Mar

Aug

12

2,434

28

Oct

200

11

Oct

21

Feb

49%

480

19

24

9

1,170

4

420

Victor Equipment com
Preferred.

1

13%

Mar

8%

Feb

Waialua Agricultural Co. 20

Jan

Wells Fargo Bk & U T.100

Apr

Western Pipe & Steel... 10

70c

i

5

Apr I Yel Checker Cab Co A..50

83

1

885

7%
3%
9%
35%

Feb
June

270
30

1,512

Oct
Oct
Sept

'.7
17

28%

28%

Feb
Oct

Oct

19

July

3

Oct

9%
18%

July

Dec

Oct

265

Dec

350

610

16

Oct

210

30

Nov

July

75

35

20%

30

Feb
Aug

4
4%

110

275

20%

Feb

21%
16%

Nov

100

9%
36

5

Dec

13%
9%
17%

32

270

20%

128

6,853

35%

Jan

Feb

40%

Mar

64

Jan

June
Mar

29%

Aug
Mar

11%

Mar

Schwabacher &

13%
49%

Feb

1%

Dec

33 %

Jan

36%

34%

Jan

Private wire to own offices In

I>ec

Santa

Go.

Jan

Jan

Members

Dec

52

Co.

&

New

York Stock Exchange

Broadway, New York
Cortlandt 7-4150

Barbara

—

Del

Monte

San Francisco
—

Honolule

Los Angeles

Ppsadeno

Long Beoch

Los Angeles

—

Beverly

Exchange
Sales

Par

Week's Range

for

of Prices
Low
High

Week

Price

Range Since Jan. 1, 1937

Shares

Low

Alaska Mexican

__5

15c

15c

595

10c

Alaska Tread well

.25

1.30

1.30

300

40c

45c

425

Anglo Amer Mining...

American Tel & Tel

—

Hills

both inclusive, compiled from official sales lists
Last

Stocks—

—

Hollywood

Francisco Curb

Dec. 18 to Dec. 24,

z

Fresno

Oct

15%

23

ExcJktngi, Chicago BoardofTntde
New York Curb Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
Seattle

Dec

9%

159

7%
3%
9%
35%

Members: NewYork Stock Exchange, San Francisco Stock

Sacramento

Oct

2%

Oct

Sale

San Francisco

18%
27%
31%
13%

Dec

85%

Friday

Oakland

Feb

Dec

4

19

Private Leased Wires

MUNICIPAL AND CORPORATION BONDS

109

4%

109

23

San

Dean Witter

Jan

Jan

5%

10

10

Dec
Nov

52

Jan

24

152%

Dec

751

25

111

Scullin Steel 3s

Oct

2,609

25

Dec

22

Jan

Oct

Nov

Dec

715

20

1

Oct

24

38,000

Jan
Jan

109

92%
1%

510

Union Sugar Co com

2

Bonds—

24%

2

11%
110

30

6%

Dec

23%

Oct

Oct

200

%

Dec

1%

24,000

Jan

Oct

4%

18

Thomas-Allec Corp A....*
Tide Water Asso Oil com 10

Mar

19%

859

Jan

32%
29%
53%

300 k

Feb

29

1%

38

Oct

98

80

Mar

13%

Oct

8

?

warrants

Dec
Oct

987

1%
15%
11%
19%

Oct

25

Steel

Dec

Apr
Mar

27%
25%
35%

1,410

Transamerica Corp
Union Oil Co of Calif

5

23%
1%

Scullin

Mar j

Aug

Oct

12% May
18% Feb
5%
Feb

Mar

Mar

5

17%
28

5%

280

31

15%
10%

20%

5%

113

Oct
Oct

Dec

15%
10%

58
13

285

Feb
Mar

23

2,457

13%

3

22

100% 100%

Southw Bell Tel pref
100
Sterling Alum common.. 1
Stix, Baer & Fuller com 10

Oct

13%
16%

Oct

Dec

13%

9

13

Feb

10

Oct

Nov

23

13%

10c

65

13

*

28

38%
Jan
13% May

5

100

30

10

22

65

"65"

...100

Jan

Mar

Dec

26

29

16

6

Feb

6

23%

Dec

2,351
2,140

29

70

70

200

Jan

Dec

2,434

Standard Oil Co of Calif..*

17

12c

Oct

25%

Mar

Oct

50c

Oct

9%

1,800

5

32%

Dec

15%

Feb

Dec

4%

200

Spring Valley Co Ltd Cap *

Nov

7%

45%
16%

Oct

12

625

Mar

23

300

3

10c

..100

1st preferred
Scullin Steel pref
Securities Inv pref

365

6

3

10c

5

com

1

5%

St L Bank Bldg Eq com._
St. Louis Pub Serv com..*

100

16

95c

*

com.

75
145

980

1,484

22

Nov

10%

215

103

Jan
Feb

9

1,360

25%
37%

16%
4%

7%
5%
6%
9%

50
995

29

Feb

42

Dec

2,235

Universal Consol Oil

Midwest Pip & Sply com.*

Oct

11%
11%

1,211

Jan

8

Nov

5

100

27

Super Mold Corp of Calif 10

Laclede Steel com

10%

3.187

Aug

Nov

14

1,346

13
12%
5%
5%
110% 110%
%
%
17%
17%
20% 21

18

com.. 5

So Pac Golden Gate A

*

Oct

1%
34%

6%
5%
5%

23

Southern Pacific Co...100

Jan

Laclede-Chrlsty Clay Prod
Common

Oct

2

100

26

5%
110%
%
17%
20%

6

Nov

8

75

23

*

Dec

12

26

36%

16

400

4

64

75

Nov

550

7%
5%
8'

30

50

26

1.40

275

4%

4

10%

100

5

12%

13

Preferred

Dec

2,307

4%
5%
16%
16%
111% 113
95
92%
1%
1%

30

13

Hyde Park Brew com.^.10

Sept

60c

10

37%

5%

1

10

1%

27%
36%

8,290

2,372

103

.1

10

1%

Oct
Nov

2

5

50

preferred

Rheem Mfg Co com
Richfield Oil Corp com

13

1%

19%
23%

11

5%
26%
28%
25%

16%
111%
92%
1%

Oct

645

9%

103

Dec
Oct

9

35

6

Mar

Oct

1,135

3%

9%
6%
5%
5%
26%
28%
25%
37%

26

5

com

11

40

Nov

7%
2%

285

19

1%

9%
7%
5%
8%

Oct
Dec

32%

840

75c

11

10

Dec

24% Mar
47% Mar
19% Mar
96%
Jan
57% May

39% May

com.*

Hussmann-Llgonier

11

Pac Pub Ser

Aug

Cumulative preferred

com

International Shoe

.._*
Pacific Clay Products
Pacific G & E common..25

Mar

4%

Sept

68

1,520

16

49%

30

9

27

7

16

32%

6

Dec

80

4

18%
2%

2%

16

Pacific Can Co

Apr

25

Mar

280

11

Dec

62
95

19

*

Dec

Hamilton-Brown Shoe com*

Huttig S & D

20

114

Apr

59

Oct

7

11

5

com.

B

High

Dec

Apr

108%

Oct
Dec

160

11%
13%

35%

2%

Ely & Walker Dry Goods—
2nd preferred
100
Falstaff

55

105%

Aug

Oct

9%
26%
6%

1,990

236

11%
13%
9%
7%
5%
8%

29

5

com

Elder Mfg A.^JL

60c

%

10

6

24

11%
13%

95

3%

23%

1

29

26

27%

U%
27%

1,520

17%
10%

36

■••••

Bottling com.l

2,270

16%
8%
%

29

pref
._*
Century Elec Co (new)..10
Chic & Sou Air L pref
10

33%
m

16%

35%

Burkart Mfg

32%
7%
7%
3%
11%

2%

6% 1st pref

125

105% 105%
20%
20%

510

32%
7%
7%
3%
11%
27%
23%

35

Oliver United Filters A..

Low

22%
3%

Aug
Aug

25

Oct

180

Dec

25

Nat Automotive Fibres._*

Range Since Jan. 1, 1937

Shares

Oct

60

230

Market St Ry pr pref. .100
Meier & Frank Co
10

Week

Price

3

8%

770

69

(R G) Inc._l

Marcliant Cal Mach

Sales

of Prices
Low
High

Par

250

3,872

25%

O'Connor Moffatt & Co AA*

Sale

Stocks-

106% Mar
6% May

31%

2

Lockheed Aircraft..

Exchange
for

Dec

25

35

Natomas Co

Week's Range

100

31

Magnin (I) & Co com....*

Louis, Mo.

Last

125

68

10

Magnavox Co Ltd

compiled from official sales list

Friday

Nov

20

11%
29%
8%

_*

North Amer Oil Cons... 10

Dec. 24, both inclusive,

Dec

53

25

*

B

Telephone Central 3350

to

97%

31

10

Leslie Salt Co

Chicago Stock Exchange

18

150

265

99% 100
53%
56%
101% 102
4%
4%
9%
10%
60
04%
23% 24
3%
4%

68

Langendorf UtdBakA...*

all

MEMBERS
New York Stock Exchange
New York Curb (Associate)
St. Louis Stock Exchange
Chicago Board of Trade

Dec.

High
Nov

99%
104%

10%
26%
8%

Food Mach

Feb

Securities

315 North Fourth St., St.

40

65c

Feb

56%
163%

1874

Southern

Low

397

52%

11%
26%
8%

Emsco Derrick & Equip. .5
Fireman's Fund Insur
25

I. M. SIMON & CO.
on

Range Since Jan. 1, 1937

Shares

Mar

ST. LOUIS MARKETS

Enquiries Invited

99%
53%
101%

*

Feb

Dec

52

i00

Doernbecher Mfg Co

Apr

Hancock Oil Co
Hawaiian Pineapple

Business Established

52

%

Gladding McBean & Co.
130

Price

60%
23%
3%

General Paint Corp com..*

2%

Week

5

Di Giorgio Fruit $3 pref

Mar

Unlisted—

2%

for

of Prices
Low
High

Pref erred

1%

Oct

60c

100

Crown Zeller Corp com

Feb

65c

.

Plymouth Oil Co

Preferred

Corp
5
Cst Cos G & E 6 % 1st pf 100
Creameries of Amer Inc

Mar

50

Par

Chrysler

Jan

174%
19%
29%
2%

(.Concluded)

Week's Range

Caterpillar Tractor com..*

Mar

10

Dec

86%
7%
18%

Jan

Feb

2%
2%
32%
2%

.

Sales

Last
Sale

Shares

7%
1%
40%
5%
2%

39%
5

Pittsburgh Brew Co pref.. *
Pittsburgh Plate Glass .25
Pittsburgh Screw & Bolt. *

com

7%
1%

7%

Meeta Machine Co
5
Mountain Fuel Sup Co..10
Natl Fireproofing Corp
5

Reyner & Bros

Friday

for

of Prices
Low
High

*

McKinney Mfg Co

Week's Range

Sale

(Concluded)

4097

Sales

Last

Stocks

Chronicle

100

147%

509

High
Jan

50c

Feb

45c

Jan

3.10

Nov

40c

Sept

86c

Aug

Oct

141

186%

Jan

1

61c

64c

1,000

55c

Oct

97c

Feb

Anaconda

Copper
Anglo Nat'l Corp...

50

33%
13%

33%

360

32%

Oct

Feb

Nov

63%
27%

Argonaut Mining

.5

3.00

3.00

260

1.80

Oct

11.50

3%

3%
8%
3%
1%
4%
15%

100

3%

Dec

13

Dec

18% Mar
9%
Jan
4% May
13%
Jan

American Toll Bridge

San

Francisco Stock

Dec. 18 to Dec. 24, both

Exchange

inclusive, compiled from official sales lists

Friday

Stocks—

Par

Anglo Cal Nat Bk of S F.20

Week's Range

for

Sale

of Prices
Low
High

Week

Price
15

14%
2%

15%
3

*

20

Calif Packing Corp com..*
Preferred

For footnotes

50
see page

16%

Mar

z
z

Cardinal Gold

181

20

181

Dec

214

July

z

Central Eureka

5

1,460

Oct

10

Feb

34%
32%
46%
48%

20

20

50

50

50

19

11%

4098.




4

4

10

15

15

720

13

Oct

460

19

Dec

200

10%

Dec

1,370

401

20

49%

Dec

Nov

53

Mar

Preferred

.......

8

24c

20c

30c

15c

15c

15c

1

1.55

1

1.50

1

Claude Neon Lights

Feb

1

238
125

100

2,694
612

Oct

1%
3%
13%

Dec

Oct
Oct

31

Jan

Aug

25%

Feb

Dec

50c

July

Oct

82c

40c

Jan

1.90

Mar

40c

Jan

1.90

Mar

8

Dec

3,875

20c

1,000

10c

1.55

800

1.60

1,500

30

Feb
Feb

Feb

1%

2

1

1%

1,130

70c

Jan

5%
3%

Mar

35C

35c

200

25c

Dec

2.60

Mar

8%
6%

Nov
Oct

17%
28%

Apr
Jan

9

Consolidated Oil
Electric Bond <fe Share

12

1

1

Cqen Co's Inc A

Aug

1,370

35c

Cities Service

Mar

Mar

14

8

Carson Hill Gold

Feb

4%

3%
1%

1

Calif Art Tile A

25

17%
19%
11%
20%

19

11%

z

Oct

181

Byron Jackson Co..

Feb

Oct

181

Calif Cotton Mills com. 100

Bunker Hill-Sullivan

High
Dec

4

7

Calamba Sugar com

Low

14%
2

0

4%
16%

Corp

7%

Beech Aircraft

Bancamerlca-Blair

624

6

5

1,108

3

z

1,074

3

Atlas Impt Diesel Eng...5
Bank of California N A. 80

5

Shares

5

31%
7%

Assoc Insur Fund Inc.-.10

Bishop Oil Co

Range Since Jan. 1, 1937

Atlas Corp com
Aviation

Sales

Last

13%

"3%

Arkansas Nat'l Gas A

146% 148%

5

439

9

9

120

10

10

100

1%

Oct

Jan

Financial

4098
Sales

Friday

for

of Prices

Week

7

Oct

55

10

50

Oct

79

21

100

20

Oct

32

32

23%
48%

20
20

Hawaiian Sugar Co

Mar

50

75c

1,200

50c

Oct

1.60

Mar

0%

60

0%

Dec

5.50

3,430

3.60

Apr

17%
7%

Mar

4.90

5.50

Jan

35C

600

35c

35c

Dec

1.85

Mar

6H

168

5*3

Oct

15%

Feb

33c

40c

Oct

1.25

Mar

2.50

1,015
1,465

30c

2.35

1.45

Oct

7%

Mar

10C

13c

8,200

10c June

72c

1
10

Klnner Air A Motor

15c

351

10c

Oct

50c

Klelber Motors

—

Mar

48%

Dec

8253

Apr

20

Dec

34

Feb

15c

4853

105

48%

20

Loew's Inc

—

20

Co

North American

20
20

Oahu Sugar Co..

Co

Olaa Sugar

z

Pac Coast Aggregates..

z

OA

Dec

44

Jan

Sept

17*3

Jan

90c

Oct

4.15

Jan

10

25

Oct

Mar

Jan

look somewhat obscured by an

23%

250

23^

Dec

0%

534

5%

Oct

37%
12%

30

100

Oct

50

Jan

7%
21%
23 %
25%
20%.

7%
21%
23%
20%
20%

100

Feb
Jan

other month since 1929,

Oct

16%
32%
28%
29%.

pre-depression years,
but is at a better level than last year.
Electric power production, which
this year has been greater than in any other year of the industry's history,
remains high.
The employment level was higher in October than in any

Oct

44

300

50c

1

1

_

.

34%

30

10
632

Cash sale,

a

Oct

Aug
Jan

partly by lessened demand in

1st and

construction industry remains

Jan

2.70

200

750

Oct

3.75

Feb

Dec

80

6233
8%

July

Oct

3

3%

200

1.20

650

00%

80

AdmlnlsteredFund2ndInc*

12.11

12.88

Inc...IA
Holding Corp
*

4.31

4.74

Amerex

2.90

Feb

126%

Mar

18

A. M. Castle A Co. split Its com mon

stock one

25c

.64

533

233

Shares—10

3.50

Boston

1, 1930.

In range for year,

x

Ex-dividend,

v

Ex-rights,

.27

1333

1

Bullock Fund Ltd

f In default.

3.60
19.81

(California) Reports November Far
Business Receded 3.2% from October

America

of

Western

November receded 3.2% from the

Far Western business in

preceding month, compared with a Sempteber to
4.6%, according to the current Bank

decline of

October

of America

"Business Review."
Standing at 74.7% of
bank's preliminary index was 4.6% below
of last year, but 26% above the November low

(California)

the

normal,

November

registered in 1932, said an announcement in the matter,
which went

on

to say:

substantially ahead of the corresponding

of far western business

1936 period.

Bank debits,

followed by an increase
Car loadings gained 6.8%, while

10.1 %in aggregate dollar value, led the list,

up

of 9.6%

in electric power production.

the cumulative

showed

a

value of retail sales rose 6%

and building permit values

decreased

variation,

for
Compared with No¬

loadings, after adjustment

approximately

6%.

vember, 1936, car loadings declined 10.7%.
On

a

of bank debits in November
month of 1936 and 4.7% from October

daily average basis, the dollar value

decreased

mod

Series ACC mod

1

100

8% preferred

8.17
7.65

2.15

Electrical equipment—

7.84

8.48

Insurance stock

7.88

8.53

Machinery

7.60

8.23

mmmmm

2.64

gained

differences,

1%

over

for seasonal variation and trading

the corresponding period a year ago

28

Above

Same

for
in

Period

First

1936,

8.92

ctfs.

5333

1953.*

2.13

Series 1955

m.

2.60

Series 1956

2.55

Series 1958

—

rn.

2.35

43c

51c

10.82

10.95

No Amer Tr Shares

—

Deposited Insur Shs ser B1
Diversified Trustee Shares
3.50

3.55

~mmmm

5.25

5.85

1.21

1.31

Plymouth Fund Inc... 10c

1.49

2.65

D

25c

«...

Quarterly

Eaton A Howard Manage¬

Inc Shares.-10c

17.26

18.54

Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref 1

26.38

28.35

24.34

27.34

5% deb series A
Representative TrustShslO
Republic Invest Fund. 25c

*

18.49

19.90

Royalties

Bank stock series—10c

2.43

2.67

Selected Income Shares...

Sovereign Investors

Selected

Fiscal Fund Inc—

Management- .1
Amer Shares. 233

3.01

3.31

10

9 21

A*,*,—

10

7.26

Foreign Bd Associates Inc.
Foundation Trust Shs A.l

7.62

8.26

Standard

3.75

4.00

State Street Invest

Fixed Trust Shares A
B

mmm.

Fundamental Invest Inc. 2

15.97

16.97

Fundamental Tr Shares A2

4.75

5.25

Utilities Inc. 50c

Super Corp of Am

----

28

26

833

733

133

33

100

95

9.40

9.90

34c

40c

45c

60c

9.21

10.04

3.96
68c

Spencer Trask Fund..... *
Standard Am Trust Shares

Corp. *

Tr Shs A

75c

14.96

15.75

2 60

2.86

56c

60c

83

56

3.01

4.30

Capital Corp...*

28.80

30.97

General Investors Trust.*

4.67

5.07

.75

.81

1.25

1.36

1937

of

Wells

According to

California business for the first 11 months of 1937 aver¬

ing to the December "Business Outlook" of the

which

100)

equals

average

accord¬

Wells Fargo

The bank's index

Co., San Francisco.

1923-25

the

w

~

~

107.4

to

as

against

108.6

in

dropped

November,

in

1936,

registering a decrease from the same month a year earlier
for the first month since the business cycle

1932, said

an

•

2.05

mm-m.

5.68

Trustee Stand Invest

..3

Petroleum

1.04

1.14

813

89c

1.21

1.32

Un N Y Bank Trust

.88

.97

UnNYTr Shs ser F

1.15

.72

shares

72c

Food shares

Investing

68o

shares

84c

shares

shares

RR equipment shares

Steel

shares

Tobacco shares

...

Incorporated

1
Investors..*

71c

17.82

turned upward

Group shares
Group Shares

1.09

1.21

1.19

1.32

%

133

Bank

Insurance

Invest Co
*

No

announcement in the matter, which went

32

of Amer com. 10

par

value,

e

Ex-coupon,

36

x

....

2.25

....

6.38
5.80
59c

Wellington Fund

1.03

1333
2.01
94c

233
1

12.84

A—*
*
First Boston Corp
10
Schoelkopf, Hutton A
Pomeroy Inc com
10c
class B

3%

CURRENT

4%
35

30

5

2

1433

13

—

v

333
153
14.15

Corps

Bancamerlca-Blalr Corp.l

Ex-divldend.

67c

.94

1253
86c

C-3. •
*
1

Central Nat Corp cl

Institutional Securities Ltd

10.26

2.30

1.91

B

Inveatm't Banking

31c

16.57

Huron Holding Corp

Series C

Voting shares

33

33

Guardian Inv Trust com. •

9.44

Shs—

1.14

Chemical

•••

5.68

D

1
1.26
Series D
1
.80 Trustee Stand Oil Shs A.l
Series B
1
80c
75c
Trusteed Amer Bank Shs B
92c
Trusteed Industry Shares.
1.24 U S El Lt A Pr Shares A..

Insuransbares Corp (Del)l

November

3.12

C

Supervised Shares

shares

Merchandise

aged 110.9 as against 100.4 in the same 1936 period,

Bank & Union Trust

«.

2.05

B

»

General

AA

Mining shares

Months

11

Fargo Bank & Union Trust Co.

133

233

Ex-9tocfc dividend,

NOTICES

say:

fared
better in California than it did in the Nation as a whole,
registering a 5% dollar volume increase over November, 1936,
by

Judging
relatively
California

department

store

sales

against a national increase of 1%.

were

8.25

Steel
No Amer Bond Trust

4.66

Building shares

California

in

Business

as

8.60

1
1
1
Pacific Southern Inv pref- *
Class A
—*
Class B
*

Automobile

to

9.55

7.95

m «.

ment Fund series A-1-.

9.39

8.33

2.45

Deposited Bank Shs ser A1
Deposited Insur Shs A...1

8.68

Railroad equipment

114

Agricultural shares

on

—

Oils

Group Securities—

2% from the previous month.

but declined

in

—

Metals..

25

22

25

B

adjusted

of retail sales,

The index

(in

Bank stock
■

109

Fidelity Fund Inc

9.13

7.06

shares...10

C

mmmm

7.55

7% preferred
100
Cumulative Trust Shares. *

B

253
8.44

Building supplies

2.15

Crum A Forster Insurance
Common

1.37
13.24

2.64

10

Crura A Forster com

3.33

BB

from the same

2.7%

of this year.

day

AA

11.27

12.31

Insurance stk series. 10c

gain of 5%.

In the October to November decline, car

seasonal

1

Series

Dividend Shares..

11 months of this year major lines

For the first
were

1

10.31
3.23

5.28

Agriculture

2.25

Accumulative series

«

20.90

N Y Stocks Inc—

7

633

-

6.50

19.70

1
N Y Bank Trust Shares.. 1

3.46

Corporate Trust Shares.. 1
Series AA
.1

5.35
—

5.93

5.03

New England Fund

21.34

3.18

Continental Shares pf.100

15.49

1.24

Voting shares

3.64

Commonwealth Invest..-1

Bank

Nation Wide Securities 25c

2%

National Investors Corp.l

Century Shares Trust..-*

receivership or reorganization.

1
10

Mutual Invest Fund

1433

Canadian Inv Fund Ltd__l

% Company In bankruptcy,

4.83

Mass Investors Trust

.42

22.75

Broad St Invest Co Ino._5

14.13

*
Maryland Fund Inc... 10c

24.33

1

16.76

10.39

Major Shares Corp

17.11

16.00

Inc

Fund

British Type Invest A

15.36

15.40

Series S-4

3.54

Basic Industry

two-for-one basis.

Stock dividend of 100% paid Sept.
Cash sale—Not Included

Shares_.2

14.96

Series S-2

433
633
333

Assoc. Stand Oil

10.40

24.18

Series K-l

.72

433

Bankers Nat Invest Corp »

1937

b Ex-stock dividend.

9.79

22.40

Series K-2

.78

Am Insurance Stock Corp *

Amer Gen Equities Inc

Ask

Bid

1

Keystone Oust Fd
Series B-3

9

8

Amer A Continental Corp.

24

Inc B-2

Investors Fund C

1933

.71

Shares.50c

Amer Business

Ask

Bid

Fund

Affiliated

Oct

Friday, Dec.
Par

Par

Jan

Nov

95c
51

The

with the exception of May last.

Closing bid and asked quotations,

Mar

Dec

34%
41%

.

.

Investing Companies

Mar

8

.

Jan

Dec

30

the United States.

low in comparison with

Mar

36c

34%
41%

3%

59%

Feb

2.425

1.15

1
100

Oct

7

15

1.80 May
8.75

Dec

7%
19%
23%
25%

696

59%

Del

d Stock split up on a

January

of the price increase to take effect on

forward buying in anticipation

Oct
Dec

30

two-for-one basis on March 9,

Listed,

The newsprint Industry has had its immediate out¬
accumulation of stocks, caused partly by

ing at certain points.

40c

41

e

08%
17%
34%

Mar

Dec

1.60

34 %

No par value,

Dec

23H
0%

pref

US Steel com

33%
4%
22%
31%
6%

10

325

1

U S Petroleum

10

225

The

remain busy and a number of industries are
profiting from orders secured in connection with the program for national
defence, The textile mills are operating at a comparatively high level, but in
view of the fact that orders are not too plentiful inventories are accumulat¬
primary iron and steel plants

1,400

Texas Corp

United Corp of

Feb

3,433

Sou

Title Guaranty

63c

satisfactorily with orders for the winter.

50c

Cem.._50

Texas Consol Oil

Oct

to be supplied

seem

maintained and most

field activity is being well

In the manufacturing

1.40

Silver King Coal

z

since 1930.

1.05

1

Radio Corp of Amer

5
California-Edison. .25
6J3% Preferred.
25
6% preferred
25
8 P Gd Gate Ferr 0% pflOO
z Stearman-Hammond-1.25

most
The

and retail merchants, on the
strength of the buying volume in the first half of December, are anticipating
that the Christmas trade will be as good as a year ago when it was the largest

.65

40c

Cem_.100
Pennsylvania RR

r

of the Dominion

public seems to have ample purchasing power,

41c

1.20

1.30

10

Pacific Distillery

Pacific Portland

Santa Cruz Port

24c

34%
5H
22%
31%
OH

5%
221/3
31%

5%

Mountain City Copper. 5c

6,100

31c

34%

& Co..

Montgomery Ward

15

28c

1

Consol

M J A M A M

which continued:

weather and a heavy snowfall over
have given impetus to the buying of seasonal goods.

Meanwhile, the advent of cold

firms

Marine Bancorporatlon

0

United States." said the bank,

Jan

14c

OH

Preferred

v

Feb

32%

Italo Petroleum........

*

Dec

July

70c

Internat'l Tel A Tel

z

10%

0%

"70c

1
20
Idaho-Maryland Mining. 1
z Internat'l Cinema..
1
Holly Development
Honokaa Sugar Co

z

z

7%

7Vs

Gt West Elec Chem com.

Preferred

Oct

100

55

20%

7%

General Metals.

23. "There is
business in certain
sections of the country but in none of them is it serious, and
hopes are cherished that Canada may not suffer serious re¬
percussions from conditions at present prevailing in the
year-end "Business Summary," dated Dec.
undoubtedly evidence of some recession in

High

Low

Shares

High

Low

Price

Par

Stocks (Concluded)

Week's Range

Sale

z

1,1937

Range Since Jan.

Last

25,
7

Dec.

Chronicle

for

November,

were

trade

The year-to-date increases, however,

6% for California and 7% for the Nation.

inventories

retail

Both sales increases and

higher in southern than in northern California.

both members of the
general partnership in the
members of the New York Curb and Chicago and

—Raymond A. McMann and Charles F. Brown,
Chicago Board of Trade, have been admitted to
firm of Avery & Co.,

Detroit Stock Exchanges.

—Josephthal & Co.,

120 Broadway, New York

New York Stock Exchange, are
tabulation of the possible

Canadian

Winter

Business

Months,

Finds

Bank

Canadian business has

now

and

is

of

Montreal

Outlook

for

Reports

adjusted itself to winter

finding them not unsatisfactory,

—H. Hentz & Co.,

members New York Stock

John H,

con¬

although

cognizance has to be taken of factors of uncertainty and

Exchange, announce the

Fla., office under the joint
Kaplan .and Emile Z. Weinberg.

reopening of their Hollywood,

possible disturbance, the Bank of Montreal reports in its




1938 rail

earnings.

Satisfactory

—G. A. Schlosser is now

ditions

City, members of the
containing a detailed

distributing a circular

effects of wage and rate increases on

management of

associated with L. H. Rand & Co. in

charge

of

their Industrial Bond Department.

—Raymond N. Litts has become
Inc.

as

field representative.

associated with Clarence Hodson

& Co.

new

members

WILLIAM

52

association

Cable Address Hartwal

1-395

STREET

p5tvate

Volume

145

offices

connect

wires

4099

Canadian Markets
AND UNLISTED

LISTED

Provincial and

Montreal Stock

Municipal Issues

Jan

1 1948

43*8

Oct

1 1956

6s

5s

Oct

95*

1 1953

..June

43*s

963*

1 1959
1 1962

May

48

99 3* 1003*

July 12 1949

43*8

Sept 15 1943

6s...

51

Prov of British Columbia—

111

1 1942

Oct

5s

54

/52
/49

15 1965

Jan

1113*

1163* 1173*

881

1063* 1073*
1133* 115

88

91

2 1959

88

91

1 1941

Aug
Dec

5s

43*8

105 "

Apr 15 1960
Apr 15 1961

4>*s
43*8

2 1950

109

4s

Feb

1 1958

43*8

Prov of New Brunswick—

Mar

May

1 1961

1063* 1073*
110
109

1093*

1063*
Prov of

102 3* 1033*

4>*g

Sept 15 1952

5s

Mar

1 1960

116

115

Massey-Harrls....
Oil

McColl-Frontenac

1943

74

Nov 16 1946
Oct
1 1951

73

76

73

10

*
A) *
..*
*

75

12**

Jan

40

76

Nov

98

Jan

16

70

10

Oct

433*

Jan

1,295

9

Oct

27

Aug

205

13

Oct

22

Mar

60

4

Oct

15

130

4

103*

«iS*

13

43*

■ 43*

Nov

33*

Jan

7

810

43*

Oct

163*

Mar

11

11

310

8Ji

Apr

15

Mar

112

112

112

Deo

<

*

100

63*

303*

88

Montreal Tram ways... 100

88

Dec

112

5

293*

293*

Mtl L H & P Consol

77

June 15

53*8
43*s

108

107

Lindsay (C W)

High

Low

Shares

743*

33*

iir

*

Lang & Sons Ltd -.John

High

Low

100

Preferred

Lake of the Woods

Mitchell (J 8) pref

Saskatchewan—

5s

Province of Nova Scotia—

Week

*

International Power

1,1937

Range Since Jan.

for

of Prices

Price

Par

Lake Sulphite

Province of Quebec—

92

.June 15 1954

6s

(Concluded)

Stocks

Week's Range

Sale

119

118

Province of Manitoba—

43*8

Sales

Last

Ask

Bid

Province of Ontario—

Ask

Bid

Province of Alberts—

Exchange

Friday

Closing bid and asked quotations, Friday, Dec. 24
6s

BUILDING

toronto

york

new

montreal

BANK

ROYAL

building

aldred

bonds

industrial stocks and

utility and

canadian

in

specializing

security dealers

york

Bell System Teletype ny

2-0980

HAnover

Telephone

Jan

363*

Oct

25 J*

3,743

Feb

100

148

80

May

1,111

33

Oct

42**
573*

Feb

Railway Bonds
Canadian

86

debentures.

43*s
5s

July

1 1946

5s

Deo

1 1954

43*s

863*

Sept 15 1942 /1063* 107 3*
993* 1003*
Dec 15 1944

6s

Sept

4>*s

Pacific Ry—

4a perpetual

Ast

Bid

Canadian Pacific Ry—

Ask

July

1 1960

101H 101 >4
102 3*
101
963*
973*

Bid

113 k 113 h

Sept 1 1951
June 15 1955

5s

July
Oct

1 1969
1 1969

116

6s
5s

Feb

1 1970

1 1946

July

63*8

1243* 1243*

Grand Trunk Pacific Ry—

1163*

Oct

7

29

Oct

64

Feb

63

56

3,310

37

Oct

83

Feb

4a

Jan

1 1962

3s

Jan

1 1962

1063* 108
96

95

15

300

Mar

Nov

283*

Nov

273*

Feb

37

Oct

170

430

Jan

100

100

103

May

103

May

19

19

1

19

Dec

23

June

143*

15

15

367

12

Oct

135*

Dec

5

2,905

135*

153*

50

14

60

160

46

16

15

Oct

Feb

79

Nov

141

333*
483*

Mar

Apr
Jan

253*

*
*

153*
93*

93*

160

Oct

11

June

25
100
*
A preferred
50
St Lawrence Paper pref 100

23 3*

20

19

Jan

25

Aug

102

233*
102

10

104

Jan

4

45*

1,155

4

Oct

15

133*

153*

656

12

Oct

393*

Apr

43

48

205

43

Oct

98

Aug

1,637

Rolland Paper pref

Shawlnlgan W & Pow.. _
Southern Canada Power..*

*
25
*
100

Steel Co. of Canada
Preferred

1183* 1183*

5

283*

Jan

103*

10

15
225

28

.100

Ottawa Traction

1,695

225

Preferred

1183* 1183*

116mi 116J*
1 1956 *1133* 1143*
1133* 114
1 1957

Feb
July

17

35

St. Lawrence Corp

Canadian Northern Ry—

43*8
43*8
43*s
43*8

35

35

Quebec Power
Regent Knitting

Asl

Bid

Ask

Canadian National Ry—

323*

Canada. _*
Price Bros & Co Ltd.....*
Preferred
....100

Government Guaranteed Bonds

Dominion

393*

343*
Corp..*
Weaving...*
Noranda Mines
* "56"
N S Steel & Coal pref... 100
Ogilvle Flour Mills..
* "225"
(New).
*
Ottawa L H & P pref.. .100
Power Corp. of

1123* 1133*

1 1944

383*

Niagara Wire

Bid

"383*

National Steel Car

National Breweries...— •

4

133*

"26"

73*

Mar

Apr

21

133*

133*

30

66

703*
603*

841

Feb

155

333*
183*

Feb

963*

Mar

Oct

883*

Mar

53

49

43*

Oct

Sept
Oct

1734
113*

20

133*
69

60

1063*

Vlau Biscuit pref

113*

Mar

1,095

3

Oct

50

"43*

50

15

47

Sept

60

Mar

19

United Steel Corp..

20

51

19

Nov

35

June

8

5

4

Jan

8

43*

Wabasso Cotton

Jan

Windsor Hotel

Montreal Stock
Dec. 18 to Dec. 24,

Last

Week's Range

Sale
Par

Price

25*

23*

145

Oct

103*

Jan

*

23*

23*

225

1.85

Oct

10

Jan

10

123*

Oct

43

Jan

60

June

B

of Prices
High

Low

1. 1937

Range Since Jan.

for

Preferred.

100

_

103*

*

*
100

123*

235

113*

2,057

17 3*

166 3*

362

143*

4,936

British Col Power Corp A. *

i 123*
343*

*

53*

53*

33*

4

B

33*

..♦

Bruck Silk Mills

*

Canada Cement

High

Low

Can Forgnlngs class A

Nova Scotia..

50
100
100
100
100

Royal

Canada Steamship

(new).*

23*

Jan

16

Mar

233%

Dec

5.75

103*

Nov

Mar

50

40

Nov

73

Nov

223*

97
15

183*

165

23*

296

93*

52

86

Oct

10

10

Oct

163*

Oct

2

July

111

203*
293*
63*

Jan
Jan

Jan

211

199

200

25

193

Nov

214

Feb

300

300

16

290

Nov

340

Mar

185

185

77

165

Dec

226

Feb

Jan

Oct

183*

255 St. James St.,

Apr

20

Dec

32

Aug

34

35

30

333*

Dec

613*
213*

56

10

9

4,550

53*

Oct

20

22

775

12 3*

Oct

32

330 Bay St., Toronto

Sparks St., Ottawa

Feb

163*

17

890

153*

Oct

31

Mar

100

100

7

106

Dec

126

Mar

*

20

20

158

19

Oct

22

Mar

Canadian Converters..100

10

10

10

10

Sept

30

Jau

15

105

Apr

106

Mar

325

17

Oct

33

Feb

k. Preferred 7%

100

Rights

1073* 1073*

Canadian Cottons pref.100

19

*

Cndn Foreign Invest

Canadian Indust Aloohol.*

*

Canadian Locomotive

Canadian Pacific Ry

25

33*

Oct

3

Oct

8

43*

740

33*

20

8

*

Class B

20

43*

33*

43*

9

300

5

Oct

73*

8

1,223

7

Oct

73*

Oct

83*

83*

130

563*

593*

2,841

143*

163*

325

100

71

71

250

71

Dec

..*

29

313*

725

24

Oct

*

Cockshutt Plow

Con Mln & Smelt new...25

*

Distill Corp Seagrams

Preferred

Dominion Bridge
Dominion Coal pref

"59*

1,834

185*

25

Dominion Steel & Coal B 25

15 3*

19

143*

163*

24,554

73*

1,415

7

46

Oct

103*

Oct

Oct

853*

Oct

20

Apr

Nov

24

Jan

163*

Jan

31

Apr

7

73*

410

1

13

13 3*

245

English Electric B
*
Foundation Co. of Can...*

9

10

200

8

Dec

14

14

14

125

9

Oct

10

10

105*

1,157

763*

783*

792

93*

800

73*

40

*
100

"83*

General Steel Wares

104

100
73*

Gypsum Lime & Alabas.
Hamilton Bridge

► Preferred

"

Holllnger Gold Mines
Preferred
Preferred

75*

30

2,565

43*
55

83*
73*
100

53*

5
100

123*

*
Imperial Tobacco of Can. 5

Aug
Aug

18

Mar

Jan

Oct

Apr
Oct

Industrial Acceptance

*
*

125

5

Oct

25

49

Dec

660

Oct
Oct

13

615

13

98

98

65

98

223*

223*

20

223*

Dec

28

28

110

8

Dec

173*

18

3,369

143*

Oci

133*

135*

1,979

123*

Oct

183*
183*

Feb

Dec

Mar

Apr

90

Apr

153*
343*

Jan

106

223*
28

243*

Apr
July
Deo

Dec
Mar

153*

Mar

383*
733*
395*

24, both inclusive,

compiled from official

Last

Sale

Stocks-

Par

Price

Abltibl Pow & Paper

6% cum pref
Pref ctfs of dep

Co.. ♦

100

100
Asbestos Corp Ltd
*
Bathurst Pr & Pap class B *
Beauharnols Pow Corp—*
Brewers & Distill of Van. .5
Brit Amer Oil Co Ltd
*
British Columbia Packers ♦
Calgary Pow 6% cm pf.100
Canada & Dom Sugar
*
Canada Malting Co
*
Can Nor P 7% cum pref 100
Canadian Breweries Ltd.. *
Preferred
*
Canadian Marconi Co—1
Cndn Pow & Paper Inv. . _ *
Cndn P & P Inv 5% cm pf *
Can Vlckere Ltd
*
7% cum pref
100
City Gas & Elec Corp
*
Claude Neon General Adv»
Commercial Alcohols Ltd.*
Preferred.
5
Consolidated Paper Ltd.*
Donnacona Paper A
.*
B
*
Eagt'n Dairies 7%cm pflOO
Fairchlld Aircraft Ltd....5
Fleet Aircraft Ltd
*
Ford Motor Co of Can A_*

Week's Range
of Prices

High

Low

Range Since

for

Jan. 1 1937

Week
Shares

1.75

1.75

2.00

17

17

183*

1,995
1,380

183*

183*

60

653*

58

"663*

sales lists

Sales

Friday

403

200

High

Low

1.75

15i2

Nov

27 3*

50

243*

Oct

443*

473*

11,467

383*

Nov

283*

29

1,140

233*

Oct

Jau

•

Mar

Apr

80

Apr

Nov

793*

Apr

Oct

122 3*

Apr

33*

Oct

123*

Apr

4

Oct

93*
9

17

173*
40

Dec

4

"53*
53*

213*

4

53*

63*

1,112

53*

366

43*

Dec

494

163*

Oct

263*

Mar

5

213*

22

Jan

Apr

10

6

10

Dec

22

Mar

85

85

13

84

Aug

68

68

5

60

Apr

913*
823*

Aug

125

32

Oct

39

Apr

16

109

Jan

112

10

34

107

1.35

343*
108

1.40

75

1.20

Feb

Feb

4.00

Nov

Jan

Aug

163*

16 3*

40

Oct

233*

1.20

1.30

100

1.00

Oct

33*

Jan

1.00

1.00

60

1.00

Dec

7.75

Jan

Dec

273*

Jan

5

45*

163*
50c

5

63*
19
50c

10

12

5

800

2

205

10

100

50c

Oct

16

Oct

65

Jan

Jan

Nov

2.50

Mar

Sept

80c

Jan

20c

20c

1,300

20o

1.40

1.50

380

1.25

Oct

50

23*
53*

Oct

5

Aug

Dec

243*

Apr

792

5

Oct

193*

Apr

176

5

Oct

19

Apr

25

6

Oct

30

685

3

Oct

13

25

4

Dec

103*

July

Oct

293*

Feb

4

63*

7,894

63*

53*

6

6

6

43*
4

53*

53*

53*

4

43*

4

4

4.00

Mar

273*

283*




153*
104

Oct

463*

•

Intl Nickel of Canada

8
13

133*

18

July

14

49

13 3*

Apr

753*

98

*
25

Mar

Oct

123*

103*

Mar
Mar

Oct

8

Imperial Oil Ltd

Internat-Pet Co Ltd

63*

104

53*
123*

47

100

Howard Smith Paper....*
Intl Bronze Powder

83*
73*

*

Gurd, (Charles).

H Preferred

Jan

70

*

Preferred

Mar

183*

Dry den Paper
Electrolux Corp

Gatlneau

Mar

Oct

Oct

*

86

Mar

Oct

Dominion Textile.

74

Jan

Mar

10

15

Montreal Curb Market
Dec. 18 to Dec.

Jan

53*

*

74

29

Jau

943*
583*
233*
283*

Dom Tar & Chemical

.....

83*
73*
233*
173*
223*
1003*

and

Industrial Bonds

Montreal

Jau

163*

103*

Jan

Feb

21

.-*

Public Utility

1883

Apr

9

100

25

Preferred

Aug

Municipal

incorporated
established

Jan

Canadian Car & Foundry.*

Canadian Celanese

1613*

HANSON BROS Canadian Government

Feb

230

'

*

Nov

Apr

20

93*

Jan

160

Mar

Oct

73*

65

150

22

Feb

303*
393*
113*
UH

20

Can Wire & Cable cl B___*
Canadian Bronze

170

Oct

550

6

39

168

Jan

May

167

Montreal

59

160

168

160

Apr

Nov

103*

23*

110

Oct

Nov

2

15

50

Preferred

93*
1.15

4

50

Jan

Oct

59

160

100

Canadienne

Jan

11

30

183*

*

Jan

15

97

Canada North Pow Corp.*

83*
1033*

12

146

134

103*

"103*

100

Preferred

35

50

*

Building Products A

200

115

166

*1653*

Bell Telephone

15

1033*

93*
115

Brazilllan Tr Lt & Power. *

Bawlf (N) Grain

280

12

"To"

Bathurst Power & Paper A»

11

102

103j-3}

*

Associated Breweries

12

Banks—

Canada

Week

Shares

Commerce..

Agnew-Surpass Shoe

12

100

Preferred

2

Sales

Friday

Stocks—

official sales lists

both inclusive, compiled from

*

Winnipeg Electric A

Exchange

8

16

16

163*

580

143*

No par value

/

Jan

Jan

Jan

Financial

4100

Dec.

Chronicle

25,

1937

Canadian Markets—Listed and Unlisted
Montreal Curb Market
Week's

Last

Sale

Stocks (Concluded)
Fraser Cos

Par
*

Ltd

Price

Gen8tlWares7% cum pflOO
Intl Paints 5% cum pref-20
Intl Utlltles Corp A
*
*

Range Since Jan. 1, 1937

for
Week

High

Low

14

76

76

13H

85c

85c

275

Apr

Oct

110

Mar

Dec

20

Feb

Oct

21H
3H

Dec

87

Exchange

Jan

Oct

Aug

70c
25

111

25

60

7

60

25

25

Dec

Members Toronto Stock

Apr

13

245

2,045

8

8

50

12 H
12 H

116

13

"l~3H

Oct

75

130

14H

STOCKBROKERS

High

Low

Shares

12H
12H

12H

lnternati Utilities Corp B. 1
Lake St John P & P

Range

of Prices

13

Voting trust ctts

Duncanson, White & Co.

Sales

Friday

Canadian Commodity Exchange, Inc.
New York Curb (Associate

16 King Street

WA. 3401-8

West, Toronto.

Feb

50

55c

Dec

1.80

Apr

Massey-Harr 5% cu pf 100
McColI-F OH 6% cm pf 100

45

45

35

88

181

32 H
88

Oct

88

Dec

73H
100H

Mar

Melchers Distilleries Ltd.*

2

1.50 June

9.00

Feb

9H

Feb

Friday

55c

55c

Mackenzie Air Service..

10

Preferred

2H

6H
13H

Mitchell (Robt) Co Ltd..

55c

5

6H

48

14

96

Power 6% cum 1st pref. 100

92

97

100

41H

50

18 H

Walker-Good & Worts (H)*

Week's Range

for

Sale

Week

Nov

110

Mar

of Prices
Low
High

Oct

107

Feb

108

Feb

95

15
32

1.60

18H

30

104H

Par

Stocks (Continued)
Beattie Gold

*

*

1.15

Jan

beauharnols

Oct

3H

Jan

Bell Tel Co of Canada. 100

32

Oct

51H

July

17 H

75

Oct

20

1.00

Feb

1

Bldgood K'rkland

pref

cum

.

Mines—

Big Missouri

55c

2Hc

*

3c

3Hc

35c

44,600

35c

36c

1,350

29c

4

4

95

3H

33

...50

40c

36c

37

33

Oct

29C

Jan

0.40

May

9.00

Feb

Aug

9c

Jan

Brazilian

-.*

12H

12H

14H

3.871

Jan

Mar

4H
21H

5H
21H

510

4H

Oct

30H
9H

1,387

16 H

Oct

263*

Mar

18c

18c

500

57c

27,900

Dec

65e
65c

Feb

B A Oil

Dec

79c

Aug

38c

38c

534

32c

Nov

72c

Feb

Brown OH

Bouscadlllac Gold Mines. 1

10c

10c

7c

Nov

1.14

Feb

9Hc llHc

British Dominion Oil..—*

5,300
1,000
7,800

1.00

200

Cartler-Malartlc G M Ltd 1
Central Cadillac G M Ltd 1

9Hc
7c

Central Patricia Gold

1

Consol Chlbougamau
Dome Mines Ltd

1

8Hc

35c

37c

10c
37c

Feb

Brewers &

Distillers

5
*

3c

Oct

15c

Jan

Nov

13c

Jan

Buffalo-Canadian

20

30

Feb

Building Products

2.28

Feb

Bunker Hill

*

29,000

Nov

18c

Aug

Burt (F N)

5,900
15,700

7c

Dec

47Hc

22c

Sept

65c

Mar

Calgary & Edm

—

Oct

5.15

Feb

.*

Nov

2.70

Feb

Canada Bread A..

Oct

50H

Jan

Duparquet Mining Co...l
East Malartlc Mines
1

6 He

6Hc

900

5c

Sept

15c

Mar

1.00

1.10

Oct

2.03

Jan

Eldorado Gold M Ltd

2.20

2.35

3,900
1,050

60c

1.45

Oct

3.60

Apr

5.25

5.40

540

4.70

Oct

12.75

Feb

Canada Permanent

45c

52c

18,100

33c

Nov

1.58

Feb

Can Steamship (new).

24

24

Oct

1.75

Mar

Dec

103H
59H

Mar

*

72

72

50

65

Oct

98

Feb

145 H

11

137

Nov

160

July

2H

120

2

July

7

We

265

8

July

18H

Apr

10

50

May

79

Aug

Jan

34

Aug

Nov

210

144

100
—

*

"2H

2H

050

19

168

24

149

140

310

10c

Oct

30c

JaD

1 He

Oct

7 He

Jan

Canadian Canners..

Oct

8.50

Jan

Canadian Cannerslst pf.20

Oct

1.56

3c

2Hc
2Hc

500

*

lOHc
2Hc
2Kc

4,100
2,500

5.20

5.65

2.45

3.30

3.60

38c

38c

1,000
2,950
4,800
2,100
3,232
1,325
1,100
1,400

2Hc

1

9c

9Hc

2.10

2.20

2.00

Perron Gold Mines Ltd___l
Pickle Crow Gold
.1

Oct

20

3c

2.15

Apr

Preferred

50

Canada Wire A

9%
62

*

B

21

6H

Oct

5H

Oct

22

225

13

Oct

32

Jan

33

33

47

May

1.19

Jan

Dec

8c

Jan

5c

Nov

45C

Mar

2Hc

Oct

10c

Feb

Nov

lie

Feb

Oct

13H

Jan

Canadian Locomotive.

2.15 June

4.05

Jan

Canadian Malartlc

*

20c

Oct

1.10

Mar

Canadian OH.

*

7 He

Nov

42c

Feb

100

115

1.70

Oct

3.80

Feb

C P R

1.25

Oct

6.50

Feb

Canadian Wineries

_

.

_

25

21

9H

4H

*

_

Preferred

_

1.10

1.13

60c

Oct

2.51

Jan

Cariboo Gold

5.30

75

4.30

Sept

9.10

Feb

125

12c

Oct

Castle Trethewey
Central Patricia

1.07

100

53c

Oct

3

Oct

20

17

Oct

29 H

Oct

150

3H

Oct

5

3 Ye

We

Nov

1.03

13,700

85c

June

305

10

Dec

11

112

Nov

3

Oct

115

8H

1,276

3

3H

130

1H

800

1.30

23

Mar
Jan

Jan
Feb

Jan
Jan

Feb
Jan

135

Oct

1.70

Aug

Jan

2.30

Oct

1.61

.1

8H
7H

Oct

10

We

7H

*

Jan

17H
4

Mar
Mar

1.75

Jan

65c

2,062

46c

Oct

1.66

Jan

2.45

10,800

1.85

Oct

5.25

Feb

8 He

2.37

65c

2.33

1
1

Oct

10

4H
10

96c

96c

17H

12

11H

We
10

100

25

5.25

17c May

10

5

9

11

*

Canadian Dredge
*
Canadian Ind Alcohol A. _*
B

Jan

820

8

*

Oct

Preferred

Apr

355

w
17H

45
40

16H

*

2nd preferred

Nov

Apr

10H

*

Can Car <fc Foundry

1.00

Aug

3H
23H
10H
20H
12H
21H

1HC

*

62

110H

21

.*

Preferred

15Hc 15Hc

Placer Development.....1
Preston-East Dome
1

85

130

1.00

Apr

9

167

3.96

Feb

96

*

25c

23

96

Canadian Breweries

59

Oct

100

Preferred

Can Bank of Commerce 100

500

l

7H

Jan

400

Pend-Orellle

209

Jan

98c

9Hc
2.18

10H

Apr

30c

1

9H

10H

1.64

5.00

Pato Gold

*

27Hc

98c

Parkbill Gd M Ltd new._l

Canada Cement

Nov

30c

3.60

Feb

Nov

30c

Mar

1

Pamour Porcupine M Ltd *
Pandora Cad
1

6.55

90

Sept

McWatersGoId Mines,Ltd*
Moffatt-Hall Mines
1

Newbec Mines...
O'Brien Gold

Jan

Oct

42

3c

18C

Feb

44H

10

40H

2Hc

Mar

23c

20

97Ho

7/ 2c
4.75

1

15,850

300

2,100
1,500
1,470

1

64c

600

13c

74 H

Dec

90

1,485

12c

Montague Gold
Murphy Mines

Nov

Sept

45

60 He

1

B...

1.29

3Hc

.1

Mar

1.15

51H

1.29

Mines

36,780

Feb

3Hc

Macassa

3.25

Feb

50 X

Mackenzie Red Lake

2.95

3.15

5

570

1

.

:

41H

1

1

Feb

QHc

10c

Oct

Lake Shore Mines

Lee Gold

12.50

39

Dec

18c

Oct

Apr

21

15H

Lamaque Contact G M..*
1

23

17 He

Kirk land Lake Gold

Lebel Oro Mines Ltd..

23

595

1

75

2c June

8.25

3,200

J-M Consol Gold

Jan

65c June

Dec

90

Canada Packers

17HC

Nov

60

Apr

44

Calmont Gils

20c

Hudson Bay Min & Smelt *

23c

1.10

50

2.00
36 H

51c

Oct

100

200

Francoeur Gold M Ltd...*

5

49

14c

18C

——25

2,100
1,055

Falcon bridge Nick M Ltd.*

18,200

11c

17,169

18C

10

Jan

Oct

30c

1

4,530

4c

49

*

90c June

2.40

30c

13 He

3c

*

6 He

5

55

13 He

i
_

55 H

2.40

40c
55

100

53

*

5

21H

"55c

Brown OH pref
Buffalo-Ankerlte

2H

590

27

Jan

8c

900

Sept

26 H
1.00

40

8,000

8.20

16c

1

Jan

8.00

19c

Capltol-Rouyn Gold

Feb

8.20

37He

5
Can Malartlc Gd M Ltd..*

72c

Ws

.*

100

Bulolo Gold Dredging

Jan

Oct

May
Oct

30

Jan
Feb

1.70

-1

3,000
5,300

5c

Dec

Feb

Bralorne Mines

31C

6c

We
176

Bobjo Mines

39c

4c

15

Oct

Apr

Jan

24c

5Hc

4H
154

Feb

39c

1

136

1.75

1.90

22c

Brazil Gold & Diamond..!

1,075

High
Oct

4Hc

28c

Brownlee Mines (1938)

6H
167

165

Low

96c

Oct

1
Big Missouri Mines Corp.i

Bidgood-Kirk Gold

9,000

Oct

-.1

Base Metals

Beaufor Gold..

1.32

30c

400

Mining.....*

5H

5H
165

Range Since Jan. 1 1937

Shares

lHo
2Hc

2,200
3,000

Arno Mines

1.23

1.28

T*

Preferred

55c

2Kc

Aldermac Copper Corp...*
Alexandria Gold Mines...]

Price

-1

Blue Ribbon

$1

Sales

Last

80

41H

Walkervllle Brewery Ltd

Exchange

Jan

May

104 H 106
95c
95c

106

Stock

Dec

104

1.60

Sou Can Pow 8% cum pflOO
United Distillers of Can..*

30

Toronto

105H

Oct

7H

10
35

88

Page-Hershey Tubes Ltd

Oct

Sept
65c
Apr

255

105H 105H

NSL&P6% cmpref.,100

5

Mar

9 He

7Ho

Oct

43c

Jan

....1

4.20

4.05

4.40

12,587

2.25

Oct

6.85

Feb

Central Porcupine
Chromium Mining

45c

6,300
4,950

....*

45c

40c

48c

6,900

20o

Sept

2.00

Feb

Commonwealth Petroleum*

41c

42c

2,300

15c

Oct

95c

Feb

1

6c

6c

7c

5c

Nov

22c

Feb

Cockshutt Plow

8H

8H

520

7H

Oct

22H

Mar

2Hc

2Hc

.1

23jic

Sherrltt Gordon
1
Slscoe Gold Mines Ltd—1
Sladen Mai
1

1.35

23 He
1.31

1.40

3.30

3.40

85c

95c

42c

50c

4,300
1,000
8,000
2,100
3,560
6,700
40,470
4,100

Read Authler Mine
Red Crest

Reward
Ritchie Gd Mines Ltd

1

Shawkey

Stadacona-Rouy n

1.07

....*

43c

Sullivan Cons Mines Ltd.l

1.00

25c

1.27

Aug

1
*

44c

45c

*

2c

Oct

Feb

Conlagas Mines

23c

Dec

1.13

Feb

Conlaurum Mines

*

97c

Oct

4.00

Feb

Cons Bakeries

Jau

Cons Chlbougamau
Con8 Smelters

2.25

*

2.25

Nov

16c

6.65

74o

Oct

2.50

Jan

28c

Nov

2.90

Mar

2.25

Consumers Gas

5

1.50

1.58

16

1

30c

32c

.5

59 H

100

1.58

727

20

45

Oct

100H

Mar

Oct

211

Mar

19

Nov

27H

Nov

2.95

20 H

20 H

32

13c

23c

2,700

1.00

1.05

80o

Oct

Cosmos

*

3.10

3.10

100

2.60

Oct

4.70

Feb

5.30

200

4.50

Oct

6.10

Feb

Darkwater Mines..

1

1

37c

33c

38c

Oct

2.15

Jan

Davles Petroleum

*

53

49

58

51,985

1

40c

34c

41c

22,000
48,500

16c

Wood

19c

Oct

73Hc

Apr

Dlst Seagrams

*

14«

14H

16

1,924

33c

33c

200

37c

Oct

37c

Oct

14c

13Hc

14c

5,700

7c

Oct

25c June

2.95

3.20

9,250

1.25

Oct

6.40

Feb

80c

80c

38c

Oct

3.60

Feb

51c

54c

3,900
2,000

Calgary & Edmonton
Dalhousie Oil Co.

*

Davles Petroleum

"

*

Dome Mines
Dominion Bank

100
*

Dominion Coal pref
25
Dom Foundry & Steel....*

31c

Nov

50c

Dec

Dominion Explorers

1

4c

15c

15c

200

14c

Dec

15c

Dec

*

22c

22c

1,000

22c

Dec

25c

Dec

Dom Scottish Inv pref. .50
Dora Steel Coal B
25

15H

*

Tii

Dominion Stores

49 H

24c

Oct

59H

Mar

Eastern Steel..

»

East Malartlc

*

Abltibl

6%

•

preferred—

100

Acme Gas & Oil
Afton Mines Ltd

1.80
17

Alexandria

16H
9c

2.00

12

Low

High

1.65

Nov

16H

Dec

2.600

3c

10,500
15

35c

4,375
20,860

IBM
80

9c

Nov

20C

Mar

2c

Sept

10Hc

Jan

Sept

43H

Jan

Oct

95c

Feb

1.89

9

18C

•

55.

500

55c

30o

Oct

..1

2Hc

2Ho

2Hc

8,100

1H

Nov

4H

Jan

1

Gold

18c

18o

23c

lie

Oct

31c

NOV

Anglo-Can Hold Dev....*
Anglo-Huronlan........ *
Argosy Gold Mines
1
...1

Ashley Gold
Astona-Rouyn
Bank of Canada
Bagamao Mines

*

»




2.00

Dec

Nov

8.75

Feb

28c

72.529

12c

Dec

1.42

Feb

22c

2,600

18c

Oct

1.15

Feb

6c

6 He

7,500

5c

Sept

15c

Feb

25c

Feb

3%c

4c

58c
24 Ho

58c

11

21c

26c

46,325

200

'"65c

100

B

Nov

3.40

12o

.100

Bathurst Power A..

1.00

2,900

18c

1

Base Metals Mln

1.95
3.75

18c

50

Bank of Montreal.....100
Bankfleld Cons
—__1

1.80

"14c

l

1

Feb

49,600
6,000

3.50

1.85

82o 67 He
299
299
240

28c

200

245

7,700

5

17,696

190

Nov

53c

Oct

Sept

60
49c
241

1.85

Jan

Apr
Feb
Jan

286

Nov

340

Apr

106

234

Nov

273

Mar

21c

35c

71,270

10 H

50

4

Oct
Nov

10

10H
4

3o

14Hc

56

10

12c
10
4

6H

17 H

35

1

1.04

99c

1.10

37.710

2.30

2.20

2.37

25,144

1.50

5.40

2,252

4 75

Oct

21c 21 He
12c
10Hc

610

16H
6Hc
16c

Oct

1

lie

25c

19Hc

20c

"l6H

Foundation Pete

*

20c

20c 21 He

»

52c

45c

Nov

65c

Feb

Oct

24H
12H

Apr

•

9H
9H

1

♦

Goidale Mines.

1

Goodflsh Mining
Goodyear Tire

Preferred

16

9H

4Hc

75

Graham Bousquet
Grandoro

Mines

Apr

3 He

July

4Hc

26c

He

7c

6Hc
5Hc

2,500
4,600
3,500

11

323

31

154

Halorow-Swaze

2

2c

1

Harding Carpets

32

*

Hard Rock

1

No par value

20

6H

Hamilton Cottons pref..30

*

2

18

7H

1.07

3H
1.04

Feb

May

55

*

Feb

1.58

65c

10

Gypsum Lime <fc Alab

1.25

Oct

145

75c

Dec

Nov

12c

8.200
7,000
6,050
5,400
9,450
7,700

9Hc

75c

Jan

16c

32c

75H

27

*

July

29H

18 H

57

1

Jan

26o

Oct

Sept

Oct

*

100

54c

Oct

15

Feb

*

Gold.

An'

Aug

8

Great Lakes Paper

Gunnar

26 H

58

Great Lakes Preferred

Great West Saddlery
Preferred

Jan

50

76

5Hc

3.65

12.90 May

545

6c

•

Feb

875

8Hc

1

Mines

2.05

10 H

75
6

1

Granada

Oct

Feb

Feb

79

55 H

9c

J
...50

24

6,300
37,800

45 He 47 He
18Hc 18 He
25c

39,500
2,000
4.107

60o

Mar

Apr

Oct

12

Jan

Apr
Mar

52c

9H
8H
12Hc 13Hc

__1

*

16H

76 H

79

1

God's Lake Mine

Apr

Dec

*

100

Glenora..

Gold Eagle

44

Oct

5.10

*

Gillies Lake Gold...

15c

Oct

17H

1

General Steel Wares

Oct

Dec

10

17H

*

Gatlneau Power

Apr
Apr

3Hc
30

9,992

14c

1

Preferred

3,676

10c

12

34c

Shares

1,500
5

Francoeur

Range Since Jan. 1 1937

Aug

13c

Fanny Farmer

1,100

20

2«c

Copper

Bank of Nova Scotia
Bank of Toronto

High

1.80

6

6

.*

Falcon bridge

Week

*

Amm Gold Mines

Arntfield Gold

for

of Prices

...1

Alberta Pac Grain pref. 100
A P Cons Oils......
1
Aldermac

Week's Range
Low

43H

4,300
23,915

Eldorado Mines

Sale

Oct

45c

46 H

Last

24

Nov

East Crewt Oil

Price

135

Jan

10c

Sept

Par

Mar

1.22

1.55

Stocks—

24

18

Oct

Ford A

Oct

Nov

1.00

Firestone Petroleum

16H

Jan

17

Nov

1,775
1,995

Federal-Klrkland

4Hc
30

14

250

Nov

2.25

Sales

4Hc
30

61

Nov

100

26K

Oct

194

16o

1.94

Friday

Feb

36

125

6X

Dorval Slscoe

Dec. 24, both inclusive, compiled from official sales lists

94H

Dec

66

13,216

5H

Jan

to

Mar

90

Dominion Tar

70c

Dec. 18

Aug

28H

595

Jan

Sept

Toronto Stock Exchange

40

Oct

7H

Feb

85c

15c

Jan

Oct

20 H

4.10

Dec

500

Royallte Oil Co..

Feb

10H

7

Oct

28c

15c

2~08

Feb

20

20

14,935
2,000

80C

28c

15c

*

8H

1

1.57

28c

Okalta Oils Ltd

2.70

._*

1.41

1

..

Oct

28H
12H

Hunter Valley Oil Co.... *

Homestead Oil <ft Gas

55 H

25

*

Home nij Co

70

52

202 H 205
19
19

Foundation Petroleum

54c

215

69

69
55 H

100

East Crest Oil Co..

...

20C

~

Preferred
...»

Jan

Jan
Feb

192

5.30

...1

2.14

74

l

Oil-

3.50
23

6,800

1

Alberta Pac Cons Oils
Anaconda Oil Co

Maj
Nov

2,061

Sylvanlte Gold

Cad

Nov

1.00

15

Jan

32c

Teck-Hughes Gold
Thompson Cad

Jan

1.75

1.47

59 H
199H

57
197

100

2.25
16

Oct

38

7H

Oct

14

30c

40c June
15

Oct

22

Oct

Aug

1.02
.

Dec

Jan
Jan

49

Jan

08

Apr

7 Ho
72H

July

220

Apr

Oct

97H

Aug

52 H
4c

Oct

57

Nov

63c

Feb

4HC

Nov

57c

Feb

4Hc

Nov

18c

Jan

Oct

26H
53 H

Aug

7

50

23 H
2

15

15

Oct

Jan

Apr

Dec

5

Sept

Nov

25

Sept

6,500

65c June

1.25

7H

1,705

5H

Oct

18H

2Hc

4,000

2c

Dec

7c

Jan

Oct

42H

Apr

75c

32

15

30

3H

25

3H

Oct

1.13

25,120

70c

Oct

7

3.44

Jan

Ap

Jan
Jan

Financial

Volume 145

4101

Chronicle

Canadian Markets—Listed and Unlisted
Toronto Stock

Week's Range

Sale

Par

of Prices
High

Harker

1

High wood Sarcee

20c

Holllnger Coos

*
5

Home Oil Co

*

1~47

1.41

1.58

Homestead Oil

1

30c

28c

30c

Howey Gold

1

Hunts A

*

Oct

33c

Feb

Oct

90c

Mar

*
5

174

100

30

3 He

8,500

3c

Oct

5.40

5.25

5.40

6,535

4.25

Oct

Jan

Texas Canadian

*

1.28

1.28

1.35

3,500

Jan

Tip Top Tailors--

11H

11H

15

10

6

106

405

29c

73

10

Dec

19

Mar

95

June

240

May

Oct

72

53

68

210

40

195

Nov

14 H

Oct

Jan

72o

244
15 4

17 H

7,647

134

17 M
13

331

12

Oct

10

97

Nov

20,667
3,769

36 4

Nov

23 H

Oct

734
39H

100

100

87c

Tamblyns

*

*
100

Preferred-—

46

35

46

Dec

52

Aug

*

85c

85c

200

65c

Oct

3.25

Feb

42c

45c

I,500

34c

Oct

1.62

Mar

Vulcan Oils

19c

9,266

14c

Dec

63c

Mar

Waite Amulet

Cons

1

"72c

63c

97c 217,440

60c

Oct

2.15

Feb

1

18c

17c

18c

4,000

17c

Dec

59c

Feb

13Hc 14Hc

30

Oct

Feb

22 He

5

Ventures

Wendlgo

3.30

Oct

9,650

90c

Sept

1.75

25,751

1.00

Oct

4.66

Feb

Oct

62H

July

Oct

20

17

16H

19

338

Mar

Westflank Oil

17,744

140

Oct

3.30

Apr

840

35c

65c

Jan

Western Can Flour preflOO
Westons

Kirk Hud Bay

x

1.00

1.10

2,050

75c

July
Oct

2.65

Feb

1.70

Apr

Whitewater

1

Gold

Laguna

1.26
50 4

Lake Sulphite

10

10

4c

34c

*

Lamaoue Contact

*

Landed Banking

40

104

10H

76

100

42

31H

Oct

76

31

19

940

3fl4c
90

Dec

Jan

1064

Mar

1,600

Oct

28c

Mar

5c

14c

90c

Feti

25c

Oct

1.10

Feb

White Eagle

♦

lHc

lHc

2,000

Oct

594

Jan

Wiltsey-Coghlan

1

4Hc

4Hc

500

75

2

Dec

10

2

Nov

10

Nov

10

940
4c

Jan

184

Dec

75

6c

6c

Deo

Aug

Nov

9H

65

Jan

22o

45 H
3c

5,600

Nov

28c

65

2

13

13

15

Jan

13

Dec

214

Oct

Jan

Feb
Jan

2H

24

«

2

2H

85

I

35c

41c

39,200

20c

Oct

770

Feb

Apr

Wright Hargreaves

*

7.40

7.50

9,235

5.80

Oct

8.10

Jan

Ymlr Yankee Girl

*

22c

24c

6,400

18c

Oct

52o

Feb

5

5

50

44

Deo

64

Nov

Jan
Mar

75

5c

17c

Dec

3c

Wood Cadillac

Aug

27

55 H

65

100
*

Lang A Sons

56,950

38

42

Dec

260

5,278

52 H

30c 32 He

1

•

18,300

164
I6H0

2.25 June

30,700
4,485

1.34

1.32

_52H

1

Lake Shore

31

425

Gold

Preferred—.

Jan

1.40

2,046

40c

Klrkland Lake

May

19

Oct

6.15

18H

1.84

108

9.10

6O0 June

1.45

1.63

42 H

40c

Nov

2,100

34H0

5.70

5.85

18H

1.75

106

Feb

Mar

40 H

1

106

70c

11?*

18H

1

1.76

Oct

Oct

42

Kerr Lake

100

12c

2H

•

Kerr Addison

Preferred

22,250
1,810

*

Preferred

114
104H

♦

Kelvlnator

11H

5

4H

1
•

Walkers

Aug

1,235

1.30

*

-

Feb

1.10

7,450
8,200

24c

91o
13

24c

*

2.00

Nov

51c
1.02
13 H

49c

United Oils

16 He

39

Apr

46

United Steel

47 H

294

M Consolidated

46

96c

284

J

Jan

Nov

13H

44 4

Jelllcoe

June

4.65

16

*

28 H
42c

110

Oct

100

1

1

Nov

1.79

Jan

210

Exploration. _1

464

1

Aug

2.25

Union Gas

♦
....1

2.35
16

18

Uchi Gold

Mines

Jan

Oct
Feb

1.00

50

Preferred

*

Intl Utilities B

Feb

2.20

Towagmac

Feb

109

Dec

17

Mar

Mar

104

190

109

--.1

International Pete

Jacola

144

*

Toburn Gold
Toronto Elevators

International Nickel

Jack Waite

14H

14 H

Mar

Feb

105

Jan

6.00

Oct

68
210

3Hc

•

Oct

210

100

1

94

Dec

High

Low

Shares

Teck Hughes

80

21c

Price

Tashota

21,680
13,900
15,750

Oct

for
Wee

Jan

15H

2c

Par

of Prices
Low
High

164
284 0

10 H

10

100

Intl Milling pref

80

830

13

27HC

Imperial Bank..

High

10c

2,300
6,690

20c

12 4

Huron & Erie

Imperial Oil
Imperial Tobacco

18c

Stocks (Concluded)

Low

Week's Range

Sale

Shares

114c llHc

Range Since Jan. 1 1937

Last

1 1937

Range Since Jan.

for
Week

Low

Price

Sales

Friday

Sales

Last

Stocks (Continued)

Toronto Stock Exchange

Exchange

Friday

Lapa Cadillac

1

41c

40c

42c

18,000

33o

Oct

1.33

Jan

Lava Cap Gold

1

93c

90c

93c

6,050

68c

June

1.30

July

1

12c

12c

14c

46,683

10c

Oct

30c

2c

2c

1,300

2c

Dec

7Hc

98c

128,500

35o

Oct

1.35

7.45

Jan

Jan

Jan

78c

*

B

Jan

"~98c

Winnipeg Electric A

Lebel

Oro

1

Lee Gold

Leltch

Gold

1

-

Little Long Lac_

♦

A

5.00

*21H

♦

B

5.00

5.10

5,510

23 H

»

Loblaw

23H

146

214

21H

1,185

York Knitting

22

Oct

25

Feb

19 H

Oct

234

Aug

4.00

Dec. 18 to Dec. 24,

1

4.85

4.75

4.95

5,045

3.70

Oct

8.60

MacLeod Cockshutt

i

1.31

1.30

1.40

25,660

80c

Oct

4.85

35c

35c 36 He

14,950

34c

Dec

1.20

Mar

McDougall-Segur

*

Manitoba A

~2Hc

•

East

Maple Leaf Gardens preflO

Maple Leaf Milling pref..*
Maralgo Mines
1
Massey Harris..
*
Preferred

*

2 4

4

Nov

125*

Jan

25

1

1.10

1.25

625

1.00

Oct

34

Jan

Coast Copper

5

2.95

3.20

450

1.95

Oct

10.00

Feb

Cobalt Contact

1

lHc

lHc

2,000

lc

Oct

3HC

15

15

5

12H

Feb

22

June

2,800

5H
80

Dec

19 4

May

Dec

95 H

Mar

36c

16H

Oct

74

Mar

14 H

Mar

Mar

Consolidated

88

~384

569

89 4

84
86 H

374

39

70

June

Oct

101

Oct

30

424

Press

.*

Jan

Consolidated Paper

15

*

5H

5H

1.03

85c

Oct

2.03

Jan

Corrugated Box pref.-.100

12 He

14c

2,900

12c

Oct

57c

Feb

Dalhousie OH

*

72c

30c

32c

7,350

240

Oct

1.18

Jan

Dominion Bridge

*

29 H

19Hc

20c

5,100

13c

Nov

63c

Mar

8Hc

2,200

6c

Feb

1.99

9,410

1.25

Sept
Oct

39c

1.71

5.00

Feb

3c

18,500

3c

Dec

45c

*

Oil

Corp

*

1.80

Model Oils

Oils

45c

850

32c

Oct

1.15

Feb

174c

Nov

56c

July

95c

June

1.98

Apr

2.15

21c

2.08

2.24

5,000
49,175

Oct

45H

Aug

22,950

15c

Oct

88c

Feb

8,500
1,835

2 He

July

10c

Feb

Moore Corp
Morris Klrkland

31

16c

32 H
19c

Murphy Mines

2Hc

2 He

7

National Grocers

8H

12

National Sewer pipe

Naybob Gold

*

New Golden Rose

*

25

11

27c

10,100

25c

Dec

500

1.65

Sept

6,215

36 4

Oct

1.49

Jan

3.60

Feb

83

Feb

*

81c

89c

6,545

65c

Nov

1

3Hc

3Hc

4,700

164c

Jan

15c

2,800

2 He
14c

Oct

1 An

Sept

49c

Feb

♦

63c

5.30

Okalta Oils

*

2.20

Olga Oil & Gas

»

5Hc

Omega Gold

*

Oils

*

*

12c

*

Page Hereey
Pamour

"81c

Porcupine

91

68c

36,000

60c

Oct

95c

Apr

5.75

2.50

Oct

13.25

Jan

1.89

2.25

13,495
64,760

65c

Oct

4.10

Feb

3He* 5Hc

56,000

lc

Oct

12c

Jan

Oct

1.28

Jan

*

23 H

23 H

20

Dec

324

Inter Metals A_

*

7H

8H

195

7

Oct

184

215

70

Dec

II,768

70c

1.07

42,100

70c

Dec

2.20

8c

Nov

43Ho

12c

14c

19,400
80

92

3.30

3.65

29,920

Oct

81

1.90 June

118

4.00

94

5H

300

24

Oct

16c

14c

16c

10,800

14c

Dec

35

Parkhlll

1

9c

9c

10c

10,133

7He

Nov

40

Partanen-Malartic

1

7Hc

8c

1,500

5c

Oct

41c

Pauiore Gold

1

164c

15c

18c

7,400

8c

Oct

46c

1

52 He

50c

53c

9,650

33o

Oct

1.38

Perron Gold

1

1.08

1.12

17,245

50 He

Oct

2.60

Jan

Pickle Crow

1

5.20

5.10

5.35

5,170

4.10

Oct

9.20

Feb

1

2.95

3.10

2.665

Premier

1.90

1

Pressed Metals

1.84

19,495

144

10

1.87
20c

*

Preston E Dome

1.61
40c

25c
.

5

96

144

1.83

*

Prairie Royalties

2.90
96

1

1

12,000

lc

Nov

4Ho

Feb

16c

1,600

10c

Nov

69o

Jan

66

26H

Oct

37H

Jan

315

18 H

Oct

674

Jan

32
3 He

3 He

4Hc

3,100

3Ho

Oct

12c

Jan

1

-

2.05

1.95

2.15

18,000

1.25

Oct

6.65

Feb

—1

Robb Montbray

2HC

2Hc

1 He

Shawlnigan WAP

2c

4,000

lHc

9,000
25

4

20

21

450

19

19

1H0

100

34

Dec

Oct

16o

Feb

Oct

12Ho

Jan

122

Feb

Dec

107

165

"~34

100

Preferred

24c
108

108

5

June

2

6

6

6

1
100
*
*

pref
Rogers Majestic

19

Oct

34

Dee

17H

Jan

84

24 June

56

Feb
Jan

75c

75c

100

50c

Dec

3.50

Jan

20c

21c

4,600

16c

Oct

68c

Mar

21H

21H

175

14

Jan

41

Oct

2H
624

Nov

39

1.05

1.00

2.35

96

Oct
Dec

Thayers
United

Fuel pref

Oct

3.25

Jan

Walkerville Brew,.

16c

Feb

Sept

Junp

2 20

50

1.55

30
1.25

Jan

SECURITIES

CANADIAN
Government

Municipal

•

Private wire connection between New

•

Corporation

York, Montreal and Toronto

•

New York

Bell System Tele.

•

HAnover 2-6363

NY 1-208

Feb

2Wc

Royal Securities Corporation
30 Broad Street

Feb

33 H

July

Oct

41c

1,050
2,180

1.50

Oct

20

174

Nov

20,850

50c

Oct

1.12

20

x

1.55

Jan

Oct

75c

12

1.99
20c

« 85

103

*
1
*
100

Stop & Shop
Temlskamlng Mines

Jan

Powell Rouyn..

lHc

*

Robt Simpson

Apr

Power Corp

Apr

35

Ritchie Gold

Feb

...100

Jan

55c

Oct

30H

*

July

Pioneer Gold

*

Prairie Cities

Jan

5H

1

Porto Rico pref

14H0

15c

lHc
15c

Mandy_.

Pend Oreille

3,600

29 H

1

Malrobic
Montreal LHAP

19c

Jan

1

_

16Hc

1

Feb

Payore Gold

Paymaster Cons

Townslte

Feb
Mar

108

Mar

Pantepec Oil

.

100

Preferred
Klrkland

70

70

Mar

39c

30c.

88*

3.60

July

62 He
5.20

36c

1

Oro Plata

Feb

Humberstone

Feb

2.00

1

Apr

414

12c

55 H

__1

15

Oct

Dec

Norgold Mines

Gold...

Sept

Feb

Normetal

Nordon Oil

7H
154
23 H

1.05

25c

Feb

10

4,168

Oct

1.90

3.35

11

Oil Selections

53 4

Oct

24 H

National Steel Car

25c

Apr

30c

3,555

11

Feb

2Hc

Feb

684

22 4

Apr

8,700

1.05

3.60

Oct

*

214

2.23

North Canada...

95c

Oct

350

24

185

»

Oct

13,500

8

12,670

80c
31

Jan

*

Dec

4c

6H

Feb

Honey dew preferred
Hudson Bay MAS

6

20o

15

85

85

95c

220

Foothills

12

"55 H

5
Mines

390

12

3c

1

N1 pissing

120

22c 25 He

1

Newbec Mines

33Ho May

21c

25c

Moneta Porcupine

Pacalta

Marconi

1,720
16,875

96c

Feb

*

Canadian

Oct

Oct

830

21

Canada Vinegars

Mar

8c

11

Dec

Mar

30 H
15

4H

45 H

Apr

34H

2,220

11

104
384

8H
33 H
15

11,450

43

Feb

Oct
Oct

7

335

9

21o

*

7H

"ii

1

Oct

♦

104c

32

High

3o

Malting

9c

Nov

3

Low

17,000

Canada

6 4

Gold

O'Brien

Brett Trethewey

"7

5

9c

7c

Canada Bud

4

~~32c

Mercury Oil

Noranda

5

Feb

6H

1

Monarch

Jan

16c

4

1

McWatters Gold

Minto

50

Range Since Jan. 1,1937

for
Week

Shares

44c June

3c

5

Mc Vl t tie-Graham

Mining

June

of Prices
High

Low

Price

8Hc

Mlnee

McKenzle Red Lake

Merland

Oct

2c

Sale

6H

..100

Preferred

Mclntyre

7,250
6,500

Week's Range

Last

Par

Stocks—

"~4

100

McColl Frontenac

30c
24c

10c

2c

28 He

Sales

Friday

Jan

1

Mines

official sales lists

both inclusive, compiled from

Jan

Madsen Red Lake:

Macassa

Exchange—Curb Section

Toronto Stock

Jan

Oct

8.40

4.50
36

Jan
Feb

1.47

Jan

Prospectors Airways

*

75c

75c

700

75c

Dec

2.00

1

4.30

4.00

4.40

19,816

2.25

Oct

6.85

Feb

Red Crest Gold

*

47c

39c

47c

6,100

20c

Sept

1.95

*

19Hc

19c

21c

18,600

12c

Nov

1.78

Feb

Reeves-Macdonald

*

35c

35c

1,000

2H

100

Utility Bonds

Feb

Red Lake G Shore

Industrial and Public

Aug

Read Authler

25c
2

Oct

July

1.52
4

Apr
June

Closing bid and asked quotations,
Bid

Abltibl P A Pap ctfs 5s '63
Alberta Pac

Grain 6a. 1946

*

2H

Reno Gold

1

60c

64c

4,550

57c

Nov

1.35

Jan

Beauharnois Pr Corp 5s *73

Roche Long Lac

1

10c

11c

8,800

7c

Oct

48HC

Feb

Bell Tell Co of Can 6s.

93

164 H

Relnhardt Brew

100

Royal Bank...
Royallte Oil
Russell Motors
St Anthony

185

185

110

pref---.100
....

San Antonio

Shawkey Gold
Sherritt Gordon
Sllverwood" pref

Dec

227

Mar

1,315

24

Oct

60

Mar

10

49 H

110

97

Nov

118

June

13c

1
1.37

1

13 He

10,000

12c

June

32c

1.33

1.38

5,723

1.19

Oct

2.40

Jan

Feb

Jan

1

24c

23 He

25c

12,500

22c

Dec

1.10

1

1.37

1.31

1.45

26,868
325

90c

Oct

3.95

Feb

3

Dec

4H

Sept

5

5

Dec

17

Jan

145

78

Dec

110

Feb

*

3

100

78

34

5

Simpsons B

^ Preferred

187

46 4

*

5
82 H

Slscoe Gold

1

8,345

2.40

Nov

6.65

Bladen Malattlc

1

86c

86c

95c

15,300

74c

Oct

2.49

Jan

Slave Lake

1

10c

10c

11c

14,445

10c

Dec

2.50

Feb

Dec

19c

Aug

Nov

2.85

Apr

3.35

5c

Stadacona

Steel of Canada
Preferred

Straw Lake'Gold

8udbury Basin
Sudbury Contact
Sullivan Cons

8ylvanlte Gold

3.40

5C

5c

40C

51c

54,300

5c

9,000

43 He

Southend Petroleum

Standard Chemical

3.25

*

7

•
25

68

59

14c

*

_*
1

Super Silk Hosiery B—100




62

15Hc

„

.

102H 103H
94

102
93 H

95

102 H

«4H

113H 114H
42 H
/41H

fbOH

51H

77

—

95H

48

51

7s 1942
1949
Co 6s—Jan 1 1950

Jan

Fraser

96

Feb

Gatineau

261

Oct

Mar

7,000

9 He

Oct

15Hc

Oct

1.75

Oct

6.90

Feb

98 H

»

Power 5s.-.1966

103 H

104H

5s '65
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co

91 4

91H

Gt Lakes Pap Co 1st

t3.00

1,660

15c

2,850

9c

Oct

40HC

Jan

5Hs

1.03

660

80c

Oct

3.25

Jan

6s

4.80

101 H

...

72

3.00

3.10

77

80

3,940
15

2.50

77

Oct

Dec

85

•

Mar

94 H

1951
No par value

95 H

3Hs
3Hs

50

Montreal Tramway 5s

n

604

100

1941

100H

648'70

1054 1064

Corp of Can 4H" '59
5s-Dec 1 1967

994 100 H

Ottawa Valley Pow
Power

103

102

54 » '47
Saguenay Power 44s A '66
4Hs»er B
1966
Shawlnigan WAP 44s '67
Smith H Pa Mills 44« '61
United Grain Grow*5s.l948
United Securs Ltd 64» *52
Winnipeg Elec 6s.Oct 2 '64
Provincial Pap Ltd

67 H

f Flat prloe

'

100 H 101 H
94
95

100

Nominal.

*

100H

1014 1024
103 H 1034
103
74

«•**

m-m

m

65
73 H

96

66

103 H 104H

1939
1«56
1973

value) 3s

96 H

103 4 103 H
32
31

6s. 1945
Montreal Island Pr 5H» *67
Montreal LHAP ($50
Minn A Ont Paper

par

74

40

McColl Frontenac Oil 6s '49

Feb

2.95

104

103

548-1951
Maple Leaf Milling—
24s to 38— 54« to 49
Massey-Harris Co 5s. 1947
.

94H

107

95

13c

3*05

68

U3H

59

93 H

MacLaren-Que Pr 54s *61
Manitoba Power

-

Eastern Dairies 6s

88

15H

-

East Kootenay Pow

Oct

Dec

7

67H
113

-

74 H

52 H
55

5

882

65

Ask

Bid

64 H

73 H

1958

4s

1.00

3.00

1

1

58

7

.704

28

Jan

1955
Burns A Co 5«
1958
Calgary Power Co 58--I960
Canada Bread 6s
1941
Canada North Pow 5S.1953
Canadian Inter Pap 68 *49
Canadian Lt A Pow 5e 1949
Canadian Vickera Co 6e '47
Cedar Rapids M A P fis '53
Consol Pap Corp 54s 1961
64s ex stock
1961
Dom Gas A Elec 648-1945
Donnaconna Paper Co—

my*

Friday, Dec. 24

Ask

I

...

Financial

4102

Quotations
New York
Bid

a3s

Jan

1 1977.

-

a35*s
a354s
a354«
a354s
a354a
03548

July
May
Nov
Mar

1 1975.

.

a4s

1 1954.

.

1 1964.

.

1 I960-,

.

100

New York Bank Stocks

City Bonds
Bid

Ask

9754
10154

103 54 105
103 54

Over-the-Counter Securities—Friday Dec. 24

on

10554

102 54 10354

10154 10254

16 1976..

Jan

9654

105

July

1 1975..

103

May

1 1957..

10754 10854

o4«

Nov

1 1958..

10754 10954

o4s

May

1 1959..

10754 10954
10754 10854

a45*s
a45*a
a\Ms
a45*s
a45*s
a45*s
04548
a454»
a454»
a454s
a454s
a454»

1 1966
Apr
Apr 15 1972
1 1974
June
Feb 15 1976

111 54

1 1977

Jan

May

1 1977..

o4a

Oct

1 1980..

108

109

1 I960..

110

11154

11054 11154

11454

11354 11454
11354 11554

11054 11154

117

Bid

Par

Ask

Merchants Bank

50

x95

125

„

13.55

Chase..

1254

City (National)

National Bronx Bank

30

32

National Safety Bank.

2554

27

Penn Exchange

National—100

Commercial

130

136

100

780

830

Public National

Fifth Avenue

First National of N Y..100 1730
35
Flatbuah National
100

Sterling Nat Bank A Tr.25

1770

New York Trust
Bid

Par

100

100

106

Fulton

354

364

Guaranty

10

Bankers

New York State Bonds

4554

4754

7
100

6

8

74

79

1

1981

62.80 less

454s April 1940 to 1949-

5s Jan A Mar 1964 to

*71

Highway Imp 454s Sept *63
4>4« Jan 1964—
Can A High Imp 454s 1965

13

16

1054

12

...

131

...

Canal Imp 4s JAJ '60 to '67

Barge C T 4s Jan '42 A '46

128

...

11054
11354

52.90

Barge C T 454s Jan 1 1945.

123

Preferred

Port of New York

10754 10854

3j*s '65

103

104

101

96

4954

6054

21

22

United States

.

—

Ask

A

Trust..-33 1-3

First National

—

-MAS 60.50 to 1.50%
111
MAS
11254

9754

~

.100

Bid

m

Inland Terminal

4>4s

ser

D

MAS 60.75 to 1.25%
MAS
10654 108

1938-1941

9854

1942-1960

11054 112

Par

Ask

Bid

Bid

515

NTASA..1254

43

45

SAN FRANCISCO
Bk of Amer

-25
-10

Companies
Pax

Ask

10

415*
235*

Homestead Fire

10

Importers A Exporters

5
10

57

5

10

254
1554
854
6854
1154

254
354
3654

3954

37

41

175*

Ins Co of North Amer

65

185*

Knickerbocker

2654
10

Maryland Casualty

954

11

Re-Insurance. 10

295*
205*

Bid

Honolulu 5s

63.50

Ask

3.00

.....

103

U S Panama 3s June 1 1961

101

103

Govt of Puerto Rico—

1955

100

102

454s July

1958....

<13.70

5e

Feb

1952

105

108

6s

1948

107 54

109

Merch Fire Assur com

854

Merchants (Providence)-.5
National Casualty
10

4

-25

375*

245*

255*

Boston

1941

10854 11054
113
116

108

11054

Camden Fire.

10854 111

Conversion 3s 1947

-254
—25

69

72

100

528

538

—10

Carolina

10

185*

195*

New Hampshire

Fire,...10
20

1754

19

New Jersey

225*
235*

245*

New York Fire

255*

Northern

-254

354

454

Employers Re-Insurance 10

395*

415*

5

Excess

38 1956 opt 1946

MAN

3548 1955 opt 1945.-MAN

Ask

103

Bid

4fl 1946 opt 1944......JAJ
48

1958 opt 1938

MAN

110

Ask

11054

10154 ioi«it

MAN 102»»i. 103 >18

2.50

North River

Natlonal-25

Northwestern

......

Atlantic 38

Burlington 6a

99

100

Louisville 5s

99

Atlanta 3s

100

/50

California 6b............

Chicago 5s

....

Dallas 5s

56

100

102

f5H

694

100

Mississippi-Tennessee 5s.
9754
99

First of Fort Wayne 454s..
First of Montgomery 5s

98

Ohio-Pennsylvania 6s..._
Oregon-Washington 5a

89

>

102

96

First Carollnas 5b

91

Pacific Coast of Portland 5s

100

102

99

10054

2554
'

1354
2454

2654

9954

Preferred Accident

5454

Pro vldence-Washington. 10

68

Firemen's of Newark..

5
5

8

245*

95*

5

Reinsurance Corp (N

255*

Republic (Texas)...
Revere (Paul) Fire
Rhode Island.

Y).2
10
10
5

285*

30»*

-10

20

22

Rossia

19

21

St Paul Fire A Marine—25

355*

375*

Seaboard Fire A Marine..5

Seaboard Surety
Security New Haven

—5

5

10

195*
854
215*

10

2454

26

-10

605*

62J*

U 8 Fire

56

58

U S Guarantee

255*

275*

Westchester Fire

—

.

Hartford Fire

.1

Hartford Steamboiler. —10

954

235*

5

454
178

854

7

554
188

1054

20

5

Great Amer Indemnity

2054

103

7654
215*

Great American

7

2254

1954

-10
10

13 54

32

73

5

—

6

1554

21

Springfield Fire A Mar. .25

12

2754

,

Hanover

New York 5s

North Carolina 6e

24

11554 120
75

6554

Halifax

100

Denver 5a

102

tin

14

73

92

53

Globe A Republic

Maryland-Virginia 5a

3754

11

2554

73

Globe A Rutgers Fire. —15
15
2d preferred
Ask

40

110

,10

95

Fireman's Fd of San Fran25

Glens Falls lire

Bid

954
2454

Phoenix

Gibraltar Fire A Marine. 10

Ask

106

6

89

10

Flre Assn of Phlla

General Reinsurance Corp5

Bid

5054
654

954

1654
6254
754

25

Fidelity A Dep of Md- -20

Georgia Home

Joint Stock Land Bank Bonds

14

354
454

Pacific Fire

7

32 54

Franklin Fire

4548 1958 opt 1938

10354

6

2
....12.50

3054

-10

Federal
Bid

2

New Brunswick

10

Continental Casualty- —5

10154 10154
10154 10154
10154 10154

20

2054

Connecticut Gen Life. -10

Eagle Fire

.—2

New Amsterdam Cas

1854

-

City of New York....

Federal Land Bank Bonds

10

National Liberty
National Union Fire

6

Baltimore Amer
Bankers A Shippers

5

7 54

Merch A Mfrs Fire New'kS

118

101

1952

3.50

6

154
14

315*

National Fire

1959

U S conversion 3s 1946

1
Mass Bonding A Ins_.12>4

215*
395*

Automobile

Apr

114

25

10

American Surety

5e

JAJ

...5

8>4

-10

Ask

Home Fire Security.

395*

Lincoln Fire

American

Bid

8454

8854

225*
6154

454s Oct
454b July

JAJ

Ask

290

485

American of Newark.. -254

Ask

July

Bid

265

100

Northern Trust Co

9854 101
21254

10

Aetna Life

Agricultural

10154

195

207

Aetna Cas A Surety— ..10
.10
Aetna

American Reserve

100

165

Insurance
Par

m

United States Insular Bonds

3s 1956 opt 1946

754
96

1475

E

ser

—

3s 1955 opt 1945

z80

100 1425

Harris Trust A Savings. 100

100

American Equitable.. —.5
10
American Home

.

654

Chicago & San Francisco Banks

American Alliance

554» Aug
Hawaii 454® Oct 1956..

4854

9254

10

102

Gen A ref 4th ser 3s 1976

454s

1942-1960

Gen A ref 3d ser 354a '76

4fl 1946

3654

4654

Continental Illinois Natl

Bid

Ask

1938-1941

Philippine Government—

Ask

225

...

Authority Bonds
Holland Tunnel

1977
George Washington Bridge
4>4« ser B 1940-63.M N

Bid

205

mmm

Bank

Bid
Port of New York-

354s

22

8954

..25
Title Guarantee A Tr—20
Underwriters
100

Par

Gen A ref

3054
2654

18

3454

20

Empire

'

A Trust

Gen A ref 2d ser

2854
2454

20
20

Manufacturers....

American National Bank

Gen A ref 4b Mar 1 1975.

65

123

...

......

New York...

mm m

Corn Exch Bk A Tr

131

Irving

Lawyers

58

25

1554
12

54

225
...100 220
1154
1054
10
1700
100 1660
29
34
25

Kings County

43

53

45

10

88

41

50

Continental Bank A Tr_10

62.10

Improvement—
4a Mar A Sept 1958 to'67

Hlghway

Canal A Highway—

Canal Imp

85

Clinton Trust
Colonial Trust

World War Bonus—

1

38

20

Chemical Bank A Trust-10

Central Hanover

Ask

1354

115"

Companies

Ask

Italians. 100

Bronx County

62.70 1688

1254

Trade Bank

45

11854

Brooklyn

38*1974

1254

...10
..60
25

Peoples National

Banca Comm

Bid

40

Klngsboro

63

Par

Ask

50

22

63

Bk of New York A Tr._100

Bid

100

Ask

65

100

2054

Bensonhurst National.

Bid

National—100

Bank of Manhattan Co. 10

Bank of Yorktown..66 2-3

11454 11554
11454 11654
11554 117

1 1979.

1 1964..

113

15 1971.

1 1962..

113

1U54 11354
112 54 11354

Nov 15 1978
1 1981.
Mar
1 1957.
May
1 1957.
Nov
1 1963.
Mar
1 1965.
June
1 1967.
July

Par

Ask

11054 11154
11054 11254
111
11254
11154 11254

a 4b

a45*s Sept.
a45*s Mar
a454s Mar

25, 1937

Dec.

Chronicle

5

Stuyvesant

26

554

28"
106

654

Sun Life Assurance

100

440

490

Travelers

100

396

406

4

1454
4754

49 54

10

40 54

42 54

2.50

U S Fidelity A Guar

2854

3054

Co.-2

1554

Pac Coast of Los Ang 5a..

9754

99

/50

5

Home

60

99

101

94

96

Pac Coast of Salt Lake 5s._

lOO"

First of New Orleans 5s

98

100

Pac Coast of San Fran 5s..

100

First Texas of Houston 5e_

9754

Pennsylvania 58

100

101

First Trust of Chicago 4 54s
Fletcher 354s

99

Phoenix 5a

107

109

Potomac 58

100

101

St Louis 58

/24

27

100

102

72

78

/14

16

Associated Mtge Cos Inc—

1953

44

9954

Cont'l Inv Bd Corp 2-5s '53
ContI Inv DebCorp 3-6s*53

77

Fremont 5s

99

101

10054 10294
65

75

Greenbrier 58

100

102

San Antonio 5s

Greensboro 3s

100

102

Southwest 5a

80

83

Southern Minnesota 5s

93~"

96"

Union of Detroit 454s

98"

Virginia-Carolina 3s

99

Illinois Midwest 5e
111 of Montlcello

454s
454s—-

Iowa of Sioux City

Tennessee 5s

100

Kentucky 5s
La Fayette 5s

9954

.

65

Lincoln 5s

Surety Guaranteed Mortgage Bonds and Debentures

lOl"

Bid

82

Corp 2-5s '53

76

Arundel Deb Corp 3-6s '53

54

Arundel Bond

Debenture

101

Bid

Ask
Nat Union Mtge

Allied Mtge Cos Inc—
All series 2-5s
1953

3-6s

...

Inc 2-5s

Potomac Franklin

1953

Nat Bondholders
Ask

60

1953

3-6s

Par

1

New York

100

Bid

9

Atlantic

38

42

North Carolina

100

72

75

Pennsylvania

100

12

(Central

mmm

4354

4654

1953

4354

4654

4354

4654

---

Maryland Deben¬
ture Corp 3-6s
1953
Potomac
Realty
Atlantic
Potomac

84

—

Deb

part ctfs

Funding

series)

/26

Nat Cons Bd Corp

2-58 '53

29

72

Nat Deben Corp 3-6s_1953

43

Dallas

Ask

72

Deb Co

3-6s

4754
32

mmm

(all

Corp—
1953

Potomac Cons Deb

Joint Stock Land Bank Stocks

50

72

Corp

Issues) 2-5s

46

44

Mortgage Bond Co of Md

Bid

Bond

Potomac Deb Corp 3-6s '53
1945

Interstate Deb Corp 2-5s'55

Par

5354

1954

Series B 2-5s
Potomac

Empire Properties Corp—
2-3s

Atlanta

1954

—

Virginian 3s

75

Ask

Corp—

Series A 3-6s

4354

Realty
.

4654

1953

Corp 3-6s
Bond

A

71

4354

Mortgage
..1953

44

Unified Deben Corp 5s 1955

32

deb 3-6s

mmm

24

Denver

10

15

40

50

First Carollnas

100

2

5

Virginia

Fremont

100

1

3

Virginia-Carolina

1

3

Des Moines

Lincoln

100

San Antonio

65

75

35

40

1

100

...

100
5

Potomac

65

Telephone and Telegraph Stocks

154

Par

Bid

Par

Ask

Am Dlst Teleg (N J) com_«

87

92

100

112

20

25
♦

14

Bell Telep of Canada... 100

162 54 166 54

Pac A Atl Telegraph

Bell Telep of Pa pref100

Federal Intermediate Credit Bank Debentures

11554 11754

Peninsular Telep com

Cuban Telep 7% pref..100

42

---

Emp A Bay State Tel..100
Ask

Bid

Ask

53 54

5854

Franklin Telegraph
Bid
F I C 1548—Jan

FIC 154s- —Apr

FIC 1548—May




15 1938 b .30%
15 1938 6.35%
15 1938 6.40%
15 1938 6.45%
16 1938 6.45%

F I C

33

38

*

8S

9054

Int Ocean Telegraph...100

78

83

Mtn States Tel A Tel.-100

122

100

15 1938 6.50%
15 1938 6.50%

1548—June
1548—July
FIC 1548—Aug
FIC 154s
Sept

Preferred A

Rochester

25

22 54

100

107

100

—

18

26

110

11054

Telephone—

$6.50 1st pref

25
Engl Telep.-.100

17

21

147

149

S'western Bell Tel pref. 100

119

121

pf-100

116

11854

So A Atl Telegraph
Sou New

15 1938 6.50%

F I C

Ask

Gen Telep Allied Corp—

$6 preferred
FIC 154S-—Feb
F I C 154s—Mar

Bid

New York Mutual Tel. 100

115

Preferred

15 1938 6.60%
For footnotes see page

4105.

12354

Wisconsin Telep 7%

Volume

Financial

145

Quotations

on

4103

Chronicle

Over-the-Counter Securities—Friday Dec. 24—Continued
RAILROAD BONDS.

Guaranteed Railroad Stocks

BOUGHT

SOLD

.

Monthly

Earnings and Special Studies

life 3o$«pb Walker $ Sons
Mtmbtn Nrw "fork Stock

Exchange

Dcalcn in

120 Broadway

||

Members New York Security Dealers Association

guaranteed

NEW YORK

41 Broad St., N. Y.

2-6600

STOCKS

E. SLOANE& CO.

JOHN

Tel* RE ctor

Bulletin

Request

on

.

QUOTED

.

-

HAnover 2-2455

-

Bell Syst. Teletype NY 1-624

I Sine® 1855

Railroad Bonds

Guaranteed Railroad Stocks

Bid

(Guarantor in Parenthesis)

Asked

46

48

1945

46

48

Station

ist 4^IIIIIIIII_I.IIIII.I.III"Il953

80

Baltimore A Ohio 4Kb

1939
1957
April 1, 1943

63

65

94

97

Akron Canton A Youngstown 5 kb

1945

Qa

Augusta

Dividend
Bid

Par in Dollars

Alabama & Vlcksburg (Illinois Central)

6.00

Allegheny & Western (Buff Roch & Pitts)
Beech Creek (New York Central)

62

66

10.50

120

130

6.00

58
28

Birmingham Terminal 1st 4s
Boston A Albany 1st 4Kb

63

2.00

100
100
100
60
.100
100

Albany A Susquehanna (Delaware & Hudson)

Ashed

32

8.75

93

96

8.60

70

100

2.85

I 43

46

4.00

80

83

Boston & Albany

(New York Central)
Boston A Providence (New Haven)

94k

96

1950

42

47

46

54

....1944

50

1940 45

52

60

1961

89

93

Prior lien 4s

Prior lien 4Kb
Convertible 5s

.....

Buffalo Creek 1st ref 5s

Central)

100

5.00

80

84

Central).. 100
50

6.00

80

90

3.50

78

82

50

2.00

47

60

.25
100
100

2.00

40

43

Common 6% stamped
Cleve Cinn Chicago A St Louis pref (N Y
Cleveland A Pittsburgh (Pennsylvania)
Betterment

Delaware

stock

...

(Pennsylvania)
(N Y Central)...

Fort Wayne A Jackson pref

Georgia RR A Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)

6.50

57

63

10.00

168

175

100

4.00

45

49

100
50
100
50

50.00

900

1050

3.875

37

40

6.00

62

56

4.00

91

94

4.00

40

45

Oswego A Syracuse (Del Lack A Western)

60

4.50

45

50

Pittsburgh Bessemer A Lake Erie (U S Steel)

50

1.50

Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
Northern RR of N J (Erie)

39

37

50

3.00

75

80

Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
Preferred
100

7.00

163

168

7.00

170

175

100
100
Second preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania) ....100
Utlca Chenango A Susquehanna (DLAW)
100
Valley (Delaware Lackawanna A Western)
100
Vicksburg Shreveport A Pacific (Illinois Central)...100
Preferred
..........100
Warren RR of N J (Del Lack A Western)
60
West Jersey A Seashore (Pennsylvania)
50

6.82

65

70

6.00

68

72
42

60

65

63

67

1945
1978
1946

43

68

i.

47

60

66"
89

80

1978

86

.........1939
1949

fS

II

87

89

1965

Kansas Oklahoma A Gulf 1st 5s
Little Rock A Hot Springs

Western 1st 4s

Long Island ref mtge 4s

.....

95

98

Maryland A Pennsylvania 1st 4s

1951

47

60

Meridian Terminal 1st 4s

1955

85

90

1949
..1956

25

85

1946
1966

50

60

89

92

1951

59

61

...........................1945
Rock Island Frisco Terminal 4Kb—.
1957

83

85

70

75

1951

86

91

1955
1955

80

60

58

1961
1957
1966

78

88

108

111

85

90

1954

48

53

Macon Terminal 1st 5s

Minneapolis St Paul A Sault Ste Marie 2d 4s
Montgomery A Erie 1st 5s
New York A Hoboken Ferry general 5s

85

138

3.00

Georgia Southern A Florida 1st 5s
Goshen A Deckertown 1st 5 Kb
Hoboken Ferry 1st 6s

58

/30

Chateaugay Ore A Iron 1st ref 5s
...1942
Choctaw A Memphis 1st 5s
1949
Cincinnati Indianapolis A Western 1st 6s
1965
Cleveland Terminal A Valley 1st 4a
................1995
.......

Canada Southern (New York

85

..1942

Boston A Maine 3s

85

Carolina Clinchfleld A Ohio (L A N-A C L) 4%..._100

Union

Preferred

—

Rensselaer A Saratoga (Delaware A
St Louis Bridge 1st pref (Terminal

Hudson)
RR)

6.00

137

10.00

232

6.00

57

63

6.00

70

85

5.00

.

.........

....

72"
237~

54

59

5.00

57

63

3.50

30

34

3.00

58

1st mtge 3mb.......

Piedmont A Northern Ry

Portland RR 1st 3 kb
Consolidated 6s....

St Clair Madison A St Louis 1st 4s

Shreveport Bridge A Terminal 1st 6s....
Somerset Ry 1st ref 4s
Southern Illinois A Missouri Bridge 1st 4s

....

Toledo Terminal RR 4Kb

61

Toronto Hamilton A Buffalo

4Kb—

Washington County Ry 1st 3 Kb

Public
Par

EQUIPMENT TRUST CERTIFICATES

Alabama Power $7 pref..*
Arkansas Pr A Lt 7% pref *
Associated Gas A Electric

Quotationa-Appraiaala Upon Request

$7

Stroud & Company Inc.

Bid

Utility Stocks

66 K

75

77

7

*

preferred

8

7K

8K

Atlantic City El 6% pref.*

110

Bangor Hydro-El 7% pf 100

Par

Ask

64 M

3*4

Original preferred
$6.60 preferred...

Mississippi P A L $6 pref. *
Miss Rlv Pow 6% pref.100
Missouri Kan Pipe Line. .5
Monongahela West
Penn
Pub Serv

25

7% pref

7%

100

preferred

65 *4

67 H

Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref.100

25

22K

Newark Consol Gas

85*4
80 K

Buffalo N lagara AEastern-

$1.60 preferred

Railroad

6%

Equipment Bonds

Atlantic Coast Line 4Kb—

1.25

64.25

3.00

63.60

5b...
Boston a Maine 4Kb—

3.50

64.00

Baltimore A Ohio 4Kb

2.75

63.60

6s
3

62.00

HsDecT 19304944:..

Bid

Ask

2.75

63.50

2.75

63.25

2.50

63.25

2.50

63.20

6a

Canadian

2.40

63.50

2.00

63.75

3.00
2.75

63.75

5 Kb-.-

New Orl Tex A Mex 4 Kb—
New York Central 4Kb.—

2.75

63.90

2.75

63.00

preferred

preferred
100
preferred
100
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas $6 pref
Consol Traction (N J).100
Consumers Power $5 pref. *

Chesapeake A Ohio—
4MB

6s

4s series

Pere Marquette

5.25

64.50

4.00

64.60

4.00

4.00
2.00

6s

62.50

1.75

4Kb

63.40

62.50

62.75

St Louis-San Fran 4s

2.40
2.25

1.10

94

Great Northern 4Kb.

1.75

98

64.25

3.00

63.00

5s

2.40

Intermit Great Nor 4Kb—

64.00

3.00

5s

Wabash Ry 4Ks

63.15

-

5s

Louisv A Nash 4kb

2.50

5s

62.75

Long Island 4Kb

2.00

5 Kb

61.75

1.10

61.75

5s

-

1.10

6s

:

-

-

Western Maryland 4Kb—

5s
Maine

Central 6s

63.25

5 kb

2.50

63.25

Minn St P A S S M 48....

2.50

63.75

3.00

Western Pacific 5s

5Ks

4105.




*
*

preferred

92 K

92 K

94K

101

103

109 K

111 H
88 K

87 K

98

100

96

Ofcla G A E 7% pref...100
Pacific Pr A Lt 7% pf-_100

99

52 K

56

Penn Pow A Lt $7

91M

92 H

34

36

preferred

7%

pref...*

101K

Queens Borough G A E—

105

Republic Natural Gas

108 K

110K

Rochester Gas A Elec—

Interstate Natural Gas...*

24K

26K
5K

Interstate Power $7 pref..*
Iowa Southern

100

preferred

6%

7%

4

100

preferred

37 K

39

52

Jer Cent P AL7%
Kan Gas A El

pf..l00

7% pref. 100

7% preferred
100
Memphis IT A Lt $7 pref.*
Mississippi Power $6 pref.*
$7

*

preferred

1.00

3K

4K

100

95K

96K

86

88

25K

26 K

Sioux City G A E $7 pf.100
Calif Edison—

6% prefseries B.

25

South Jersey Gas A El. 100

50

preferred

1

54

Jamaica Water Supply—

7K%

preferred C

6%

Southern

Utilities—

83
106 K

pf.100
100
pf.100
Toledo Edison 7% pf A. 100
United Gas a El (Conn)

84 K

Tenn Elec Pow 6%

108 K
31

Texas Pow a Lt 7%

27

31K

33

37

39

preferred

7%

.100

preferred

7%

178
49

47 K
54

56

99

101

98k

99M
76

73

54

56

48 K
50 K

52

Utah Pow a Lt $7 pref..*

37

55 K

Virginian

100

145

Ry

38*4
152

Chain Store Stocks
Par

95

100

95

Par

Ask

100

62.75

2.25

62.65

2.00

64.25

3.75

9

B

7% preferred
100
/G Foods Inc common..*

77

Kress (S

Ask

Bid

12K

UK

H) 6% pref

85

—

IK

2

*
*

10

11

30

32

common...*
100

3

4

15

Miller

22

28

99

103

pref... 100

100

20

Blckfords Inc

$2 .50 conv pref
Bohack (H C)

7% preferred
Diamond Shoe pref
Ko backer Stores

7%

9

4

(I) Sons common.
6K% preferred
100
Murphy (G C) $5 pref.100

3 75

64.25

*

7

Berland Shoe Stores.—

100

95

Bid

100

100
Flshman (M H) Co Inc..*
For footnotes see page

72 K

91K

1.00

95

—————

$7

102

1.00

61.70

Virginia Ry 4Kb

1.75

Pacific 4Ks

Ohio Edison $6 pref

178

1.00

61.70

2.75

62.50

4Kb

71

1.50

61.50
61.50

Union

92«
100

V

*
100

2.40

62.25

5s

1.00

63.50

..mm

2.00

100
.--.*

(Del) 7% pref
(Minn) 5% pref

100

preferred....
7% preferred

Long Island Ltg 6% pf.100

2.40

98

Idaho Power—

2.00

63.20

1.25

178 *

91

Northern States Power—

Ohio Power 6% pref...100
Ohio Pub Serv 6% pf—100

27

2.50

62.75

1.25

35 K

23 K

Kings Co Ltg 7% pref..100

63.20

Texas Pacific 4s

61.75

115

21*4

*

*
7% cum preferred... 100

81X

22 K
23 H

62.50

5s

5s

94 M

79 X

21

63.50

Southern Ry 4Ks

61.80

Illinois Central 4kb

93

$6 cum preferred

120

3.75

64.00

._

6Kb—
Southern Pacific 4Kb

61.80

5s

Hocking Valley 5s

100
Corp—

$7 cum preferred

97

95

St Louis Southwestern 6s

6*4
46

Co—

Gas A Elec of Bergen..100

2.00

2.75

6a

2.00

63.00

4Kb

5s

62.50

Erie RR 5 Ks

1.00

62.90

63.00

Reading Co 4Kb

64.50

—

5 KB

5
42

$6 cum preferred

$6

4Kb
Denver A R G West 4Kb—
6s

Federal Water Serv

1.25

62.00

6.25

Gas

Essex Hudson

Hudson County Gas

Dec 1 1937-50

66.25

89

81M

3.75

2 *4b series G non-call

5.00

87

52K

79

67

2.00

61.60

5s

Chicago R I A PacificTrustees' ctfs 3Mb...

50 K

32

E due

66.25

Chic Milw A St Paul 4Mb

77

$6.50 cum preferred...*

5s__

5.00

34 K

75 K
65

112

62.00

1.00

66.00

33

pref. 100

1.20

2.00

66 00

61K

$7 prior lien pref
*
New Orl Pub Serv $7 pf..*
New York Power A Light—

Derby Gas A El $7 pref..*

3.50

Jan A July 1937-49

5b...

24"

Dallas Pr A Lt 7%

64.60

61.75

Chicago A Nor West 4Mb.

100

preferred

108 K

60 K

Continental Gas A El—

7%

19

17

106^
23

1.25

61.76

2K

New Eng G A E 5K% Pf-*
N E Pow Assn 6% pref.100

64.60

N Y N H A Hartf 4 Kb

17

New Eng Pub Serv

2.50

Northern Pacific 4 Kb

62.75

5s

$6

2.25

Pennsylvania RR 4Kb

Pacific 4Kb

Cent RR New Jersey 4mb.

14"

82 K

62.50

5s

24 K

88 K

63.25

4Kb

6

23 K

120

62.00

5s
N Y Chic A St L

Canadian National 4Kb—

64.00

Missouri Pacific 4Kb
5s

Ask

58h
106

5K

100

Central Maine Power—

7%

Bid

56 M
102

Mountain States Pr com..*

21K

Birmingham Elec $7 pref.

Philadelphia, Pa.

Ask

Bid

119

Carolina Pr A Lt $7 pref..*

Private Wires te New York

88

preferred

95 K
7

100

9

*

10

17

100

74

81

Reeves (Daniel)

United Ctgar-Whelan
$5

preferred

Stores
*

17K

•

am mm

19K

Financial

4104

Dec.

Chrowcie

25, 1937

Quotations on Over-the-Counter Securities—Friday Dec. 24-Continued
Public Utility
Amer

83?*

44 ?*

62 M

Alabama Wat Serv 5e.l957

Green Mountain Pr 5s. 1948

102 H

Alton Water Co 5s...1950

!01

104 M 104M

43

Corp—
Income deb 3?*s
1978
Income deb 3?*s
1978
Income deb 4s
1978
Income deb 4?*s„—1978
Conv deb 4s
1973
Conv deb 4?*s
1973
Conv deb 5s
1973
Conv deb 5?*s
1973

Assoc Gas 4 Elec

25?*

27?*

28?*

29?*

31

Iowa

53

Kan City Pub Serv 4s. 1957

55

Kan Pow 4 Lt 1st 4?*s '65

68?*

Keystone Telep 5?*s—1955

100 M

105

4?*s—1958

20

28

Narragansett Elec 3 ?*s '66

1983
4?*s—1983
5s
1983
5?*S—1983
4-5s-_1980

24

28

27

30

Newport N 4 Ham 5s. 1944
N Y State Elec 4 Gas Corp

29

31

34

37

24

28

4?*s-5?*8—1986
Sink fund lnc 5-68—1986
S f lnc 5?*-6?*S—1986
Atlantic City Elec 3 #8 '64

27

30

Sink fund lnc

Sink fund lnc

1965

4s

70

75

1957

102?*

New York Wat Serv 5s '51

84

88

series

B

1954

101

Newport Water Co 5s 1953

97

101

5?*s series A

103?* 105?*

1954

Butler Water Co 5s...1957

99?*

Secured notes

3?*s—1947

Ohio Cities Water 5?*s *53

104?*

106
100

Ohio Water Service 5s.l958

5s

91

102?* 104?*

Ore-Wash Wat Serv 5s 1957
Penna State

1951

5s

103 M
99 H

104?*

5s series

89?*

B

37

Ohio Pub Service 4s—1962

99 J*

Old Dominion par

5s—1951

99 M
51

102

Parr Shoals Power

103

5s—1952

Pennsylvania Elec 5s. 1902

109

Penn Telep

Corp 1st 4s '65

Pinellas Water Co 5 ?*s_ *59

88

93

Pittsburgh Sub Wat 5s *58
Plainfleld Union Wat 5s '61
Richmond W W Co 5s. 1957

101

103

1946

58

63

6s series A

1940

59

64

Connellsvllle Water 5s 1939

99

83

85

65

67

Pub Utll Cons 5^s—.1948

59

Sioux City G 4 E 48—1900

96

97

Sou Cities Utll 5s A—.1958

35 M

37

Tel Bond 4 Share 5s—1958

01M
120?*

1942

101?*

5s

Utlca Gas 4 El Co 5s..l957

62?*

Western Mass Co 3 ?*s

1940

72

1953

105

1902
6s series B
1962
Cumberl'd Co P4L 3 ?*s '66

38

40

Western Pub Serv 5?*s '00

38?*

40

Wisconsin G 4 E 3 ?*s_1960

98

99

Wis Mich

Colorado

Power 5s

Consol E 4 G 68 A

Pow 3?*s—1901

Dallas Pow 4 Lt

3?*s.l907

1901

106?* 107

81

96

100

64

68

81

South Pittsburgh Water—
1st mtge 5s..

...1955

102?*

5s series A

1960

102?*

5s series B

1960

105

Water—
1954
1954

103

58

Sprlngf City Wat 4s A '56
Terre Haute Water 5s B *50

101

1949
Texarkana Wat 1st 5s. 1958
6s series A

1902

104

Illinois Water Serv 5s A '62

101

103

104?* 105?*

Indianapolis Water—
1st mtge 3?*s
I960

101

88

90

101

102?*

102?*

5s

104

101

Union Water Serv 5 ?*s '51

99?* 102?*

W Va Water Serv 4s..1961

97

IndianapolIs^W W Secure—
1958

103

Kokomo W W"Co 5s..1958

100

Western N Y Water Co—

92

87

1957

103

Estate Securities

Reports—Markets

Lexington Wat Co 5 ?*s '40
Long Island Wat 5?*s.l955

Public Utilities—Industrials—Railroads

Middlesex Wat Co 6?*s '57
Monmouth Consol W 5s '56

5s series B

1950

88

1st mtge 5s

Joplln W W Co 5b

Real

77

95?*

102?* 103
103
103?*

Wisconsin Pub Service—
1st mtge 4s

102

105

..1977

6s

74

1907

1st A ref 5s A

95?*

5s series B

104

77

109

Hackensack Wat Co 5s. '77

Huntington

99

92?*

1952

ser 168 B

104?*

1958

92?*

1952

5?*s series B

A..'06

Shenango Val 4s ser B 1961
South Bay Cons Wat 5s '50

Greenwich Water A Gas—
5s series A

86
81
97?* 101

Water Service 5s. 1901

100?*

I960

104?*

Scranton-Spring Brook

99?*

1942

104

Water Co

4?*s

5s series D

3 J*

f2H

St Joseph Wat 4s ser

100

08 series B

102?* 103 H

stk '52

97

5s series A

71

Central Public Utility—
Income 5?*s with

1958

108

106

95?*

92?*

E St L 4 Interurb Water—

61

General ratge 4?*s__1902

1958

Scranton Gas A

89?*

Central New York Power—

1950

Roanoke W W 5s

Roch 4 L Ont Wat 5s. 1938

1st mtge 5s

1946
1st lien coll trust 6s. 1940
Cent Maine Pr 4s ser G '60

103?*

100

Phlla Suburb Wat 4s—1965

101

Calif-Oregon Pow 4s. .1966
Cent Ark Pub Serv 5s_1948

69

103

99 M

105
77
/76
104?* 106

Peoples L 4 P 5 Hs—.1941
Public Serv of Colo 68.1961

103

102

1948

104?*

Water Service

4?*s

90 M

Central G 4 E 5?*s

101

99

1957

Community

91

99

99

Prior Hen 5s

Consol Water of Utlca—

1958
Blackstone V G 4 E 4s 1965

96

1948

Clinton W Wks Co 5s. 1939

100
54

1950
1948

1st consol 5s

100?*

31

98 ?*

100

lst A ref 5s

1st consol 4s

101

5?*s series B

34

81

92

1954

1st 5s series C

99?*

77

874

Peoria Water Works Co-

102?* 104

1941

City Water (Chattanooga)

87M

96"

Water—

1st coll trust 4?*s—1966

102

5?*s series A
1951
City of New Castle Water

77?*

105

100?* 102?*

Chester Wat Serv 4?*s '58
Citizens Wat Co (Wash)—

75

103 H 103?*
101
104

72?*

Ohio Valley Water 5s. 1954

North Boston Ltg Prop's

North'n States Pr 3 Mb '07

29

Bellows Falls Hy El 5s

70

1951

C

95

70

Assoc Gas 4 Elce Co—

8 f lnc

27
109

92

Metrop Edison 4s ser G '65
Missouri Pr 4 Lt 3 ?*s.l900

91

Sink fund lnc

5?*s

series

Calif Water Service 4s 1901

91

89

102

05

6s

Birmingham Water Wks—

99

20
108 J*

Mtn States Pow 1st 08.1938

89

Sink fund lnc

101

97

60

63

8-year 8s with

Cons ref deb

99

1951

5s

1967
Sou Utll 5?*s—.1950

Idaho Power 3?*s

57

Sink fund lnc 4s

Water 5s 1950

New Rochelle Water—

5s series B

53

8s without

Ask

104

New Jersey

102?*

loo?* 102?*

Atlantic County Wat 5s *58

32?*

51

warr.1940
warrants-1940

94

26 H

26?*

Bid

104?*

Ashtabula Wat Wks 5s '58

81M

60 M

101 h

103

Morgantown Water 5s 1965
Muncle Water Works 5b '65

99

Federated Utll 5?*s—1957

Houston Lt 4 Pow 3 Ms '60

6g '75

Associated Electric 5s.1901

Amer Wat Wk 4 El

Bonds

Ask

Bid

Ask

Bid

63?*

61H

Serv 0s_

Utility

ft Water

Bonds

Ask

Bid

1951
1950

87

92

97

100

Westmoreland Water 5s '52

98

101

1st mtge 5 ?*s

99?* 102?*

Wichita Water—

101

58 series B

89"

87

5 J* 8

1950

1956

6s series C

1960

0s series A.

104?*

Monongahela Valley Water

AMOTT, BAKER & CO.

93

1949

104

1952

101

W'msport Water 5s

100

101?*
104

103

INCORPORATED
BArclay 7

v

n

M

j

N. Y.

150 Broadway,

2360

SALES

AUCTION

BeU System Tel

w

ny 1-688

The

following securities

were

sold at auction on Wednesday

of the current week:

Real Estate Bonds and Title Co. Mortgage
1941
Broadmoor (The) 1st 0s '41
Bway Barclay 1st2s_. 1950
B'way 4 41st Street—
1st leasehold 6?*s—1944
Broadway Motors Bldg—
Alden 1st 0s

/36

Bid

mm*

/30

24""

/22

Metropol Playhouses lnc—
S f deb 5s
1945

Ask

—

57

00

N Y Athletic Club—

22

m

22

55?*

N Y

52"

53?*

4s

/30

m

m

m

Dorset (The)

/25

m

m

m

49

Majestic Corp—

1950

with stock

28?*

5M

/43*

1947

1st 4ref 5?*s

Eqult Off Bldg deb 5s. 1952
Deb 5s 1962 legended...

54

/32 M
/48?*

34?*

/37

39?*

50 Bway Bldg 1st 3s lno '40

39

July 7 1939

Nov 15 1939

1st 6s

mm m

mmm

.Nov 1947

/46

mmm

Film Center Bldg 1st 6s-'43

/40

/19

21

1958

42

"

00

40 Wall St

Corp.08

44

1st

Sept

6?*s

Fuller Bldg deb 0s

165 Bway Bldg 1st 5?*s '51

—

70
40

/47?*

49?*

Prudence Co—

1901

6?*s stamped
38

35

1943

5s Income

/5?*

1st fee 4 l'bold

6?*

60

6?*s_1940

65

56?*

35

37

54

/44?*

Hearst Brisbane Prop 0s *42

71

73

Lexington 1st 6s '43

39

1950

1950

3-5?*s deb lnc (ws).1956

37

"

'37
610 Madison Av 1st 0?*s'38
3 ?*-5s

Bldg
60

mmm

24

25

/10?*

18?*

/38

Apr 151937

/22

25"

1903

Income 5?*s w-s

'

'

58?*

1950

with stock

Oct 23 1940

38?*

40

---

London Terrace Apta 08 "40
6s

59?*
85
40

Athenaeum,

American

1936

.

1st 5?*s
2 Park Ave Bldg 1st 4s

Engineering lnc

82

85

88

92

$ per Share

Stock

Berkshire Fine Spinning Assts.,

....

Co.,

100 Ozark

Co.,

Mountain-Hudson

.1953
Federal Farm Mtge Corp—
River Bridge 7s

Sept

1

1939

98

—

..April 1938
July 1938

1 ?*s
2s

-

par

101.3

101.6

100.8

100.11

Dec 1940

$30 lot
$8 lot

1 cent

10,000 Gordon-Lebel Mines, Ltd.,
100 Ozark Corporation

1941

54

35c.
$32 lot
$10 lot
$250 lot
$15 lot

par

22

Ask

Building 4

June 1 1939

101.2

101.6
71

Bridge—

4s serla. revenue

A AO

1942-68

Association, full paid

series, book No. 554..$75 lot
Neustile Building 4 Loan Assn., 35th series, book No. 493—$75 lot
City Loan 4 Trust Co. (old stock), par $100
$1 lot
Building 4 Loan Assn., 41st

$100
par $5
Corp. preferred

100 General Luggage Corp.,
101.6

4s s f revenue 1977

5 single shares

Loan

105?* 100?*
62.40

—300
——-——J?!0*
$1 lot

5 American Academy of Music, par

101.3

67?*

S per Share
—.$100 lot

Stocks

Neustile

18 Burlington

104?*

Aug 15 1938

100.10 100.13

3.70

1

Emergency

Aid

Realty

—

^>er Cent

Bonds—

$4,093 University Club of

Philadelphia, certificate of interest..
Co. coll. trust, due 1943, Aug. 1932 4 subs.

coupons

$2,000 Wawonaissa Club

---1 Dnt
Nov. 1933 and
$46 lot

•

15-year 1st mtge. 6s, due

1941.

subsequent coupons




4105.

$11 lot

$10,000 Interstate Railways

Income 6s
Illinois Coal Corp. 1st 7s, ctf. of deposit

$250 Rittenhouse Square Corp.,
For footnotes see page

1

By Barnes & Lofland, Philadelphia:

Home Owners' Loan Corp

101.10 101.13

.—

---

5
Bid

l?*s

8?*

—

certificates, par $100
—
3
27 United Piece Dye Works, pref. $100-.... — --.--.—--- — -—--———2?*
12 Rainbow Luminous Products, Inc., class A and 4 class B
$5.25 lot
9 Congress Street Associates trust

67

Reynolds Investing 5s_1948

32c.
$30 lot
$7 lot

—

—

50 Air Container Co., class B

/17?*

1951

Henry Hudson Parkway—
4s
A prill
1955

Ltd., par $1

....

Corp., A common
18 Springfield Gas Light Co., par $25

Westlnghouse Bldg—
1st fee 4 leasehold 4s '48

Trlborough

$1

100 Food Devices, lnc

20

1st 4?*s w-s

2s

Federal Home Loan Banks

l?*s

5?*
4?*

Corporation

51

3?*
4

$25 lot

$1

Co., par $25—.
2,000 Gold Hill Operating Co., 10 cents

1,000 Cripple Creek Mining 4 Milling Co.,

Ask

91?*

—...

—

$50.!

par

5 double shares Neustile

91

$10

2,000 Cripple Creek Mining 4 Milling Co., Ltd., par

Shares

Bid

5?*
2%

common.

25 Merrimac Mills Co., par $5

75

—

2?*
29?*

13 2-25 Barnard Manufacturing Co., par

70

Miscellaneous Bonds

1 ?*s

—

By Crockett & Co., Boston:

37

Wall 4 Beaver St Corp—

Metropolitan Corp (Can)—
0s
1947

Bear

290

150 Standard Oil Co. of California

1939

Oct 19 1938

1st 6 ?*s

61

Metropolitan Chain Prop—
0s
1948

Associates Invest 3s.. 1940

1

——...

$300

par

Linen

1958

1st 3-5s (w s)

Walbrldge Bldg (Buffalo)—

58

1942

(LI)

.$10 lot
..........$10 lot

$2 lot
....._—..$1 lot

common.....——.

50 Fox Theatres

(Bklyn)

1st 0?*s

Corp.

.....

1,000 Clericy Consolidated Mines, Ltd.,

Ludwlg Bauman—
1st

—

...——

50 Massachusetts Building Trust, par $100

Trinity BIdgs Corp—

83?*
mM

attached-.....

Motors

500 Royal Tiger Mines

62

Textile Bldg—

Loew's Theatre Rlty Corp

1947

incl.,

.....

.....

preferred, par $100

2 Brockton Gas Light

mmm
'

Lincoln Building—

1st 6s

Amalgamated

16 Farr Alpaca

31

Syracuse Hotel (Syracuse)
1st 6?*s

Lewis Morris Apt Bldg—

lst6?*8

20,

5 Nashawena Mills—

60 Park PI (Newark) 6s

35?*

1st 4-5s extended to 1948

235
$40 lot
$1 lot
$500 lot
$50 lot
$10 lot
$10 lot
$10 lot
$10 lot
$10 lot

Co., par $100; 710 Associated Dyeing 4 Printing Co.,
Inc., common v. t. c.; 1,420 Associated Dyeing 4 Printing Co., Inc., pref—$50 lot
199 Northampton Street Ry., par $100
$26 lot
200 Latherlzer Corp..
$1 lot
250 Rolls Royce of America preferred, par $100
—...
50c. lot
200 Ozark Corp
—....
—
-—?*
$3,000 James River Bridge Corp. deb. 7s, June 1943 coup. Dec. 1930 4 subs.
on; 42 James River Bridge Corp. common
$17 lot

12

01 Broadway Bldg—
Lefcourt Manhattan

to

Boston

26

46

Sherneth Corp—

Hotel St George 4s

1

Shares

Graybar Bldg 6s
1940
Harrlman Bldg 1st 68.1951

40?*

30?*

1949

...

$100

Inc., common

Country Club Area, Inc., common

45 Stanley

/51

■n

44

42

Savoy Plaza Corp—
3s with stock

Hotel

57

Roxy Theatre—

1 1941
1944

1st 2?*-4s (w-s)

Nos.
160

1

P

Realty Assoo Sec Corp—

1400 Broadway Bldg—
1st 3 ?*8-0J*B stpd—1948
Fox Theatre 4 Off Bldg—

Inc., preferred, par $100—

100 So-Lo Jack Co., Inc., common

1 Green Bros. Co. class A common

mmm

..1939

1951

2d mtge 6s

103 E 57th St 1st 6s--1941

52d 4 Madison Off Bldg—

42 Bway 1st 0s

——

......

10,000 Hubbard Elliot Copper Co. common, par $1

1 Park Avenue—
34

0s.

39 So-Lo Jack Co.,

51?*

Oliver Cromwell (The)—

54

1949

$100

mmm

600 Fifth Avenue—

0?*s stamped

par

97?* Country Club Area, Inc., preferred, debentures, with pref. debs, coupons

/40

5?*s series F-l

1st 0s

Taunton,

82 Pinellas Collateral Loan Society,

19th 4 Walnut Sts (Phlla)

East Ambassador Hotels—

Bank,

Bleachery common
120 Fall River Bleachery common:...

102 Forest Hills Hotel Corp.
common
83 Pinellas Collateral Loan Society, Inc.,

49

5J*8 series BK
6 ?*s series C-2

National

River

Fall

29?*

5J*s series Q

1st 0s...1941

% per Share

Slocks

Machinists

300

250 B. L. Hamner Realty Corp., preferred, par
250 B. L. Hamner Realty Corp. common

N Y Title 4 Mtge Co—

52

1945
Chsebrough Bldg 1st 6s '48
Court 4 Remsen St Off Bid
1st 6s
Apr 281940
Chanln Bldg lnc 4s

no

1st 4 gen 0s

'55
1940

By R. L. Day & Co., Boston:
Shares

10

1st mtge 2s stpd 4 reg

35

1948

4-08

Certificates

Ask

Bid

$5,000

-

-

$2 lot

$2 lot

Volum*

Quotations

Over-the-Counter Securities—Friday Dec. 24

on

Tennessee Products Common

f

Inactive Exchanges

Pittsburgh Stock Exchange

\

Member*

Concluded

Foreign Stocks, Bonds and Coupons

EDWARDS & CO.

S.

H.

4105

Chronicle

Financial

145

Neir York Curb Exchange (Associate)

120 Broadway, New

WALTER

York

66 William

Teletype N. Y. 1-869

Tel. REotor 2-7890
Union

BRAUNL

E.

Tel. HAnover 2-5422

St., N. Y.

Building, Pittsburgh

Bank

Foreign Unlisted Dollar Bonds
Bid

WICKWIRE SPENCER STEEL

8

fl7

21

8

7s.

22

/17
/13
f20

21

Housing A
Hungarian

17

Hungarian

21M

Hungarian

3
5

Zxp-tedA. fcxcfumges
52 Wall

/1694
flO
/8
/394
f3X
f5

7
5

1-1642

7
3

7s.

9

6s.

9

9

494

/21M

Jugoslavia 6s funding. 1950
Jugoslavia 2d series 5s. 1956

62 M

53 M

52 M

5394

Coupons—

494

Nov 1932 to May 1936
Nov 1935 to May 1937

7
7
21

Koholyt 094s

38

41

Land M Bk Warsaw 8s '41

194 0

23

21

Z2794

190 2

794b

-

INC.

0

N.?e,f-Pe

HA™e£h2ni2«2 52 William Street, N.Y.

6

—

Munlo Bk Hessen 7s to *45

794

Municipal Gas A Eleo Corp
Recklinghausen 7s. 1947

/21
/$55

_

22

29

Pathe Film 7% pref
Petroleum Conversion

50

55

10<

Book...

•

*
Remington Arms com
»
Scovtll Manufacturing..25
Singer Manufacturing..100

10 M

5% conv pref
H
American Hard Rubber—

11

82

494

1794

0

8

80

26 M

52

794

18

Stromberg-Carlson Tel Mfg
Sylvan la Indus Corp
*

694

1694

1494

1594

29

4

5M

51M

•

Duesseldorf 7s to

Duisburg 7% to

35 94
81

8
5

11

5

8

United Artists Theat oom. »

194

3M

1
European Mortgage A

3M

United Mercb A Mfg com *
United Piece Dye Works.*

694
94

8M

Columbia Baking com...

4M
5M

2

3M

10

Dennison Mfg class A...]
Devoe & Raynolds B com

33

37

40

44

294

194

116 M
46

'

—

—

—

51

41M
103 M

17

50

53 M

<

3

494
10

97 X

1

194
294

II]

shares

394

*

90
12

16 X

22

1794

5

com

43

7%

30

32

oung

3394

King Seeley Corp com

3194
794
94
794
M

94

Lawrence Portl Cement 100

10 M

1894

Kildun Mining

1

Corp

1
Lawyers Mortgage Co..20
Lord A Taylor com

100

175

1st 6% preferred

100
100

7%

preferred
100
(J 8) Co com...100
preferred
100

63 M
93

115

594

Merck A Co Lac common. 1

2894

11394

preferred.

POH

f13

...

7% preferred
100
Muskegon Piston Rlng.2 M
National

Casket

44

*

Preferred

*

Nat Paper A Type com

5%

994

preferred

New Britain Machine

108 M

♦
100

494

/16

21

108

covin Mfg 5 Mb

1945

45

33M

35 M

*

12

17

*

7

8

common

Ohio Match Co

Bid

of the first of the year, is

'

to April

1937

■.

/61
/42
/20
/59

18M

Certificates

4s.-.1930

1940
4s—1940

Certificates

12

/47
/57
/45

14M

/62
/6

107

6X

11194 11294

1943 $86.88 91.50
22
/20M

50
21

/20

95

f20

7% gold ruble

21M

NOTICES

13

10
1

11
7

894

15

I6M

Walbrldge, and admission

firm of Mackay & Co. as a general partner as

announced.

membership in Mackay & Co., a
will become associated with
Mackay & Go.
Among these are Joseph Doctor, recognized authority in
the oil Industry, L. A. Dittman, Christopher Street, George Jaeger, William
Upon the admission of Mr. Pask to

1
1962

1st 5s

2d conv Income 5s.. 1962

100 M 102 M
83
80

member of the Pask & Walbrldge organization

John Baker and Walter Tubbs.

As members of the
Par

Ask

1

Sugar

Eastern Sugar Assoc
Preferred

•

—Proposed dissolution of the firm of Pask &

B. Smith,

Cuban Atlantic

.

994

of Marshall W. Pask to the

Sugar Stocks
Par

Oct 1935

7

fe 94

CURRENT

23 M
38 M

f22
/36M

48

5

.1942

lst 6s assented

80

Norwich

Pharmacal

Coupons—
Oct 1932 to April 1935

/894

85

tandard Textile Products,
«

100

Northwestern Yeast...100
Ohio Leather

68

27

/45

88

107

/56

27

19

58

1950

/19M

6s.

385

2d series 5s

f25

/II94
/1394

/20M
/21

mmm

7s unstamped

19&I

ex
10

mmm

'

/1794

)

20

0M

New Haven Clock—
Preferred 0M%

/6

J8

/21

/50

28

.

12

07

100

1946

83

...

1939

fat Radiator 5s

47

23

*

lartin (Glenn L)—
Conv 6s.

1094

0S..1947

Great Britain A Ireland—

82

15

Mtge Bk Jugoslav
5s...
1950

/25

15

75

1948

Conv deb 6s

100

28
18M

tate

/35M
/3294

7294

1955

1951

694B

/34

Graz (Austria) 8s

Mock Judson A Voehringer

80

.

Dec 1 '34 stamped

91X

1st 3 He

7S-1948

(Brazil) 6a_.1943

Stem A Halske deb 6s.2930 /370

June 1 *35 to June 1 '37..

91

90 94

Santander (Colom)

German Young coupons:

82

90

30 M

100

80

P

fe 5

Saxou State Mtge

Apr 15 '35 to Apr 15 *37.

94

22

/80

/38

Dec 1934 stamped

85"

1940

1st conv sf 6s

1947

Scrip
Sao Paulo

.

udahy Pack conv 4s.1950

794
45

6%

100

German Dawes coupons:

96

'm

42

*

Preferred

/97

Jan to June 1930.

110

2d 8% preferred

Macfadden Pub common. *

8s ctfa of deposit-1948

8%

...

■

July to Dec 1930.
Jan to June 1937.

109

90

1948

'

Santa Fe 7b stamped. 1942

.

200

8s

/22
fl7
i\2
/40
/30

Z3094

.

84 M

4s scrip

10
22

130
/20

/58
/40

July to Dec 1935.

128

106

1957

7%

J8

/20M
/20M

Saxou Pub Works 7S..1945

July to Deo 1933.

Bonds—

94

1945

Royal Dutch 4s

Saarbruecken M Bk 6s '47

32

994

894

/19

July to Dec 1934.
Jau to June 1935.

1294

83

0

40

1941

Jan to June 1934.

1594
57

1194
6194

100

:

094

394

14M
53

10

Worcester Salt

/20
/19
/50

Rio de Janeiro 0%
1933
Rom Cath Church 694s '46
R C Church Welfare 7s '46

.

27

/20

7% '36

1941

5s

"*»mm

/31

8

794

6H

-

e

24

Woodward Iron

/20

•

Santa Catharina (Brazil)

0

15

27 1st preferred

10

...1946
Prov Bk Westphalia 6a '33
Prov Bk Westphalia 6s '36
many) 7a..

7s ctfa of deposit-1957
•»

/20

8

99

100

Wlrkwlre Spencer Steel.-*
Wilcox A Gibbs com
50

40

44

Garlock Packing com

294

/8

6s

-

Building A

19

WJR The Goodwill 8ta__5

12
American

37

1968
(Ger¬

—

/9994
/9994
/9994
/22

5

German

2

17

Vhite Rock Mln Spring-

$3 cum preferred

mmm

mmm

mmm

0

19"

9494

...100

Preferred

22

-mm

■

7

68.

28

/24
/20
/34

Porto Alegre 7s

mmm

4

15 M

/20

.1956

Protestant Church

■

.'mmm
/28
/21
/20
10294 104

5

0394

62

/20

/28

2

/18
/98M 100

1947

_

Salvador

West DairiesInc com vtel

1994

4a

Poland 3s

7

/21

7

/18

Panama City 694s_... 1952
Panama 5% scrip

18

7

French Nat Mall 88 6s

13

1948

Rhine Westph Eleo

7b.

Warren

(Northam)—
$3 conv preferred
*
Welch Grape Juice com..6
7% preferred
100
West Va Pulp A Pap com.*

06

,

/94
/92

Eleo 7s
1946
Oldenburg-Free State
7s to
1945

0

94

1962

Mtge 7s

Oberpfais

0

31

109

Dictaphone Corp

100

Preferred

12

28

21 cum preferred

85M
IX

Hungary 794 b

...

/20
/20
/2094
/2094

3

694s

37 M

5M

Crowell Publishing com..
$7 preferred
1(

18

0

2M

1M

]

common

18

/15
fl 5
/094
/2094
/20

3

*

Trlco Products Corp
*
Tublze Chatillon cum pf.10

Chilton Co

13

f!5

11

13 M

12

*

Steel common....

Tennessee Products

9M

45

9

Dortmund Mun Util 6s

Taylor Wharton Iron A

53

/40
/02

9

7M

Hotels

/18

1

5s.

23

National Hungarian A Ind

68 M

9

Costa Rica funding 5s.

5M

Skenandoa Rayon Corp..*
Standard Screw
20

15M

/0594

7

Singer Mfg Ltd

22

Panama

(A A B) 6948-1946-1947
(C A D) 0948.1948-1949
Nat Central Savings Bk of

1594

/1394

6

27
232

228

-

Bank

694s '38

North German Lloyd 6s '47

394

294
25 M

/22
/13M

City Savings Bank

41M

45

Bowman-Blltmore

...

3

5

3M
38

21 M

Bankers Indus Service A.

Nat

-

Chilean Nitrate 5s...

72

i

7M

/4

8

7b assented

1

14 X

20 M
Amer Maize Products

Chile Govt 68 assented...

97

M

1

Publication Corp com

American Cynamld—

/694

19J 4

Madgeburg 6s

Ask

94

Petroleum Heat A Power. *

4M

3M
American

Par

Ask

Bid

Nassau Landbank

7

r

7M

0

American Arch

fe

Central German Power
Bid

03

12

4

Industrial Stocks and Bonds

22

/21
/2l
/60
/20
/20

1957

Merldlonale Elec 7a

59"

/094
/1094

7

/20M

...

/22H
/50
fill

195 3

6Mb

/20M
/57
/21

Brown Coal Ind Corp—

ROBINSON, MILLER & CO.

/42

Leipzig O'land Pr 094s '40
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s
1948

British Hungarian Bank

Prospectus on request

1943

/59

Mannheim A Palat 7s. 1941

/5 3
/20
/17

5

6s

f 18

/20

/6
/20

.

Preferred and Common Stock

f20

/18

1948

Hseder Steel 6s

1

Inc.

/95

18 M
11

3

Houston Oil Field Material Company,

/8 0

1936

change Bank 7s
5

A. T. & T. Teletype N. Y.

HAnover 2-3080

stamped. 1939
1939
Real Imp 7s '46
Cent Mut 7s '37
Ital Bk 794s '32
Discount A Ex¬

6s unstamped

25

Bavarian Palatinate Cons

New York City

Street,

Hansa SB 6s

/20
f20

7

New Common

Ask

Bid

Ask

3

Bid

Haytlan Corp Amer

*
1

Ask

30 X

32*

3

West Indies Sugar Corp__l

York Curb

conduct a general stock and bond commission

business.

M

Savannah Sug Ref com

New York Stock Exchange and New

Exchange, Mackay & Co.

—Fairchild, Phillips & Co., Investment and

4

moved to enlarged quarters

business counsellors, have

in the Bankers Building, Chicago,

where they

opened for business in January of this year.
•

No

par

/ Flat price,
dividend,

v

value,

a

Interchangeable,

b Basis price.

n Nominal quotation,
to I When Issued,
Now selling on New York Curb Exchange.

d Coupon,
w-s
it

s

Ex-rights,

With stock.

*

Ex¬

Ex-stock dividends.




to

I

77.4234 grams of pure gold.

organization, has rendered investment

individual investors.

capacity of a

counsel service
encountered

During recent months they have

and institutions to act in
clearing house for information relative to financial and

considerable demand on the part of corporations
the

f Now listed on New York Stock Exchange

t Quotations per 100 gold rouble bond, equivalent to

This firm, since Its

business developments.

Financial

4106

Chronicle

Dec.

25,

1937

General Corporation and Investment News
RAILROAD—PUBLIC

UTILITY—INDUSTRIAL—MISCELLANEOUS

Aeolian Co.— Income Statement
1937

Years Ended June 30—
•

RIGHTS-SCRIP

Profit

repayment

$3,480

$31,851

$3,480

$31,851

100,000

304,500

*$24,827

from

(Australia) Pty., Ltd.,

Aeolian Co.

in liquidation

Specialists since 1917

1935

1936

$35,411

capital

on

10,584

Total..
Prov. for reserve for amount due from
Aeolian Co., Ltd., London
Prov. for reserve for revaluation

126,854

'

'

ftfC ppNNELL & TO.

304,500

of

manufacturing property
Additional prov. for loss on sale of idle
factory real estate

m

*mm

■

41,136

j

Members
New York Stock Exchange
120

Net loss for year.

New York Curb Exchange

Previous

Broadway, New York
Bell

Telephone REctor 2-3815-30
Teletype NY 1-1610

Balance at June 30
x Incl. dividends of $123,526

OF

STATEMENTS

REGISTRATION
SECURITIES

UNDER

following additional registration statement (Nos. 3554
3558, inclusive, have been filed with the Securities and
Exchange Commission under the Securities Act of 1933, The
total involved is

approximately $2,431,652.

protective committee has filed

a

The
registration statement for

by various mortgagors.
The deposits, the company said, are in connection with a plan of realiza¬
tion proposing payment of cash through a loan from the Reconstruction
Finance Corporation issuance of 3 to 5% 20-year class A mortgage certi¬
ficates and 2 to 4% 20-year class B mortgage certificates in exchange.
Howard Bruce is Chairman of the protective committee. Filed Dec. 16,1937.
Clear Creek Consolidated Mining Co. (2-3555, Form A-i) of Dumont,
Colo., has filed a registration statement covering 400,000 shares of capital
stock, 10 cents par value.
Of the shares being registered 200,000 will be
offered through underwriter at 87^ cents, 12,568 will be held by under¬
writer for resale, and 187,432 were sold
publicly through underwriter at
o0.77 cents, subject to rescission.
If the latter shares are reacquired they
may be offered through underwriter at 87.5 cents.
Proceeds will be used

development, mill machinery and equipment, and for working capital.

J.

H.

.......

prepd. taxes, &c.

the issuance of certificates of deposit for mortgages, mortgage participation
certificates and assignments and any
guarantees thereof by the registrant,
with respect to about 600 mortgages, with a face value of 816,106,836, made

Lederer & Co., Inc. will be the underwriter.
Filed Dec. 17,1937.

David

H.

■

1,973,506

7% cum. pref. (par
$100 per share).
Class A pref. (6%

40,900

1,169,950
72,150
1,091,695

72,150

__

1,183,997

Surplus-

prpp's
94,001

-

$4,198,100 $4,098,376 •

Total

$4,198.i«0 ^4.098,375

Total

Represented by 14,430 shares of $5 each.—V. 144.

x

67,^0

1,183,400

.when earn.)
Common stock
cum

x

14,940

15,002
10,563

Alabama Power

p.

4332

Co.—Earnings—

Period End. Nov. 30—
Gross revenue

Oper. exps. & taxes

Prov. for retire, reserveGross income

Form A-l) of Cedar Rapids, Iowa,
registration statement covering $100,000 4H % 2 year unsecured
notes, due 1939, and 96,000 shares common stock, $5 par value.
The notes were sold to the underwriter at 96 and are being resold at 100.
Of the common shares registered, 40,000 are to be offerea
through under¬
writer at $8 eacn; 5,000 are optioned to underwriter at $8
each; 5,000 are
optioned to officers at the same price, and the remaining 46,000 have been
issued for predecessor assets and are not to be presently offered. Proceeds
will be used for grain elevator, plant and working capital.
Priester Quail

1937—Month—1936
1937—12 Mos.—1936
$1,644,654
$1,735,375 $20,235,562 $18,546,401
705,468
834,611
8,933,706
8,386,257
228,105
167,500*
2,552,501
1,732,055

$711,080
399,827

$733,264
398,011

$8,749,354
4,827,613

$8,428,088
4,817,038

$311,253
195,178

Int. & other fixed chgs..

$335,252
195,178

$3,921,741
2,342,138

$3,611,049
2,342,138

a

&

Co. will be underwriter.
Filed Dec. 20,1937.

R.

P.

of class A common stock, no
par, to be offered at $100 per share.
will be used for working capital.
Southeastern Investment Co..

be underwriter.

E^er,8on Electric Mfg. Co. (2-3558, Form A-2) of St. Louis, Mo.,
a

registration statement covering 212,754 shares

income

pref. stock

on

Balance.
$116,075
x No
provision was made in 1936

$140,074
$1,579,603
$1,268,911
for Federal surtax on undistributed

Erofits as made for such tax in 1937.—V. 145, distributed. No provision
been all taxable Income for that year was p. 3488.
as

Alexander's
The

p.

Stores, Inc.—1b-Cent Div.—

Department

directors have

common

declared

stock, payable Dec.

a

dividend

30 to

of

holders

15

cents

of record

per

Dec.

share on the
28.—V. 145,

3336.

Proceeds

Inc., will
Filed

Andrew K. Coffman is President of the company.

Dec. 21, 1937.

$4 par value.

Net

Divs.

Andress is President of the company.

Hagerstown Industrial Savings & Loan Co. (2-3557, Form A-l) of
Hagerstown, Md., has filed a registration statement covering 1,500 shares

has filed

2.064,027

held for sale

x

039,7u.,

43.389

Reserves

63,300

improv. real est.
Deferred charges..
Manufac'g

913,500

7,019
709,000

Accrued liabilities.

Riely is

Honeymead Products Co. (2-3556

has filed

73,945

Furn. & flxt. & un-

President of the company.
■

1,217,815

real

Invest., at cost—.

926,950

Wages pay. (curr.)

8,182

Co., Ltd., Lnd'n 1,217,816
on

6% secured notes.

6,317
117,370

......

estate sold

1936

$30,960
54,289

Accounts payable.

Aeolian

Mtges. rec.

;0"'/•'
1937

$18,822
55,862

Deferred credits..

.

Inventory
Unexpired insur'ce,
from

June 30
Liabilities—

$182,755
435,127

$377,791
344,594
4,252
90,110

Bills receivable...

Due

Mortgage Guarantee Co. (2-3554, Form D-l) of Baltimore, Md.
bondholders

Acots. receivable.

Sheet

1936

1937

Assets—

Cash

The

for

Balance

ACT

to

$1,016,671
$1,091,695
$1,392,715
on investments in other companies,

received

Includes reserve for contingencies, &c.

y

FILING

$399,503
1,792,218

$301,020
1.392,715

$105,725
y1,122,395

...

surplus..

common

stock,

Of the shares

Alaska-Juneau Gold

Mining Co.— Extra Dividend—

The directors have declared an extra dividend of 15 cents per share in
addition to the usual quarterly dividend of 15 cents on the common stock,
par

$10, both payable Feb. 1 to holders of record Jan. 15.
An extra of
was paid on Nov. 1, last, and extra dividends of 15 cents per share
paid In each of the 16 preceding quarters.—V. 145, p. 3808.

30 cents

registered, 77,754 have been sold to the under¬
writer, Van Alstyne Noel & Co. at 85 ezch for resale at $7.50 per share;

were

$7.50 per share,
$7.50 per share.

The directors have declared an extra dividend of five cents pot share in
addition to a regular quarterly dividend of 25 cents per share on the capital

4.000

are to

be sold to underwriter by certain stockholders for resale at

and 131,000

are

optioned to underwriter for resale at

Proceeds received by company will be used for working

Joseph Newman is President of the company.

I9I7
The

SEC

has

withdrawal

of

announced

the

that

it

has

Filed Dec. 22,

consented

to

the

following registration statements filed

under the Securities Act of 1933.

/<n.Amori5a/fL ln«*lator Corp. of Del. (3434) covering

^ i93^cum

Sept

23,220 shares

pre'" and 132,710 (no par) shares common. Filed

Cameron Fuel Oil Motors Corp. (3440)
covering 100,000 shares (par
$10) common stock. Filed Sept. 28; 1937.
Grabler

Manufacturing Co. (3265) covering 111,830 shares of

common

stock (par $5).

Filed June 29,1937.
Silversmith Mines Ltd. (3529) covering 1,000,000 shares
(20 cents par)
common stock.
Filed Nov. 19, 1937.

A

stop order with opinion was issued in the case of:
Kinner Airplane & Motor
Corp., Ltd. (2349).
For further details

see

;

subsequent

page.

was

given

issue of Dec. 11, page 3808.

Abbott Laboratories—Initial
Preferred Dividend—

Tb® directors have declared

an

initial dividend of 46

c^.conv pref. stock,
of record Jan. 3.—V.
145, p. 3808.

^

cents per share

par $100, payable Jan. 15 to holders

Month of November—

Administered Fund Second,

1936

$411,528

$200,390

Inc.—25-Cent Dividend—

The directors have declared

a dividend
of 25 cents per share on the
stock, payable Dec. 23 to holders of record Dec. 17.
This com-

§ar<* with 10 cents paid on Oct. 20 last; 18 cents paid on April 20 last and
J^enteof 1° cents paid on Dec. 21,1936; Oct. 20, 1936, and each three
?i
h1 ad<htion a special dividend of 23 cents was paid
tw

'

noon

145, p. 2832.

®Pecial dividend of five cents

Akron Canton &
November—
Gross from railway
Net from railway
Net after rents
.1—
From Jan. 1—
Gross from railway—_»
Net from railway
after rente

—V. 145, p. 3644.




were

$485,153,

or

about 55% of the total for the corresponding month of

1936.
Sales in dozens of 35,155 were just under 50% of the total for Noveinber last year.
The company observes that sales for December are running about 33%
ahead of November.

Comparison with

was paid on Oct. 20,

Youngstown Ry.-—Earnings-—
1937
$141,767
19,986
loss2,052

1,985,843
651.524
299,143

1939

$189,577
71,749
40,246

2,054,359
771,072
436,081

1935

$177,838
55,603
32,322
1,807,027
586,621
341,926

a year ago

will be influenced by the

fact that volume in December, 1936, was the largest of any month last year,
because of buying in anticipation of higher price levels.

Leather sales for the 11 months ended Nov. 30 amounted to $9,328,436
compared with $8,717,355 for the same period last year. Based on present
indications for December, total 1937 dollar sales will be slightly under
1936, when $10,073,000-was reported; with physical volume about 12%
below last year.—Y. 145, p. 3488.

Co.—Pays Another lb-Cent Dividend—

The

directors have declared a dividend of 75 cents per share on the
capital stock, no par value, payable Dec. 21 to holders of record Dec. 17.
A like amount was paid on Dec. 1 and on Sept. 1 last, and
compares with
50 cents paid On June 1 and March 1 last; 75 cents paid on Dec. 1 and
Sept 1, 1936, and regular quarterly dividends of 25 cents per share dis¬
tributed each three months previously.
In addition a special dividend of
75 cents was paid on Dec. 21, 1936, and an extra dividend of 25 cents per
share

was

paid

on

Dec. 24, 1935.—V. 145,

p.

747.

-

Colortype Co.—To Pay $5 Preferred Dividend—

The directors on Dec. 16 declared a dividend of $5 per share on the 5%

1937

—^f°3488ePreC''1)011(1 Int' &InC"taX

?qor
lie
xiMO.— V.

Allied Kid Co.—Sales—
The company reports a sharp drop in November sales, with some im¬
provement now indicated during December.
Dollar sales in November

American

Abitibi Power & Paper Co.,
Ltd.—Earnings—

common

stock, par $10, both payable Dec. 30 to holders of record Dec. 21.
A
similar extra dividend was paid in each of the eight preceding quarters.
The company paid extra dividends of 10 cents per share on Jan. 2, 1935,
and in each of the four quarters prior to this latter date.—V. 145, p. 1890.

American Arch

The last previous list of registration statements

in our

Allemannia Fire Insurance Co.—Extra Dividend—

1934

$128,219
35,160
15,632

1,572,199
519,687
250,227

preferred stock, payable
the first payment made
for the old 7% preferred

American

Dec. 24 to holders of record Dec. 21. This is
on the 5% stock which was given in exchange
issue.—V. 145, p. 2685.

Insulator

Corp.

of Del.—Registration With¬

drawn—
See list given on first page

of this department.—V. 145, p. 2216.

American Machine & Metals, Inc.—No Common Div.—
Directors at tbeir recent meeting took no action on the payment of the
dividend ordinarily due on the no-par common shares at this time.
Dividends of 15 cents per share were paid on Oct. 1 last, and each three
months previously.—V. 145, p. 3187.
American Mfg.

Co.—To Pay $1 Common Dividend—

The directors have declared a dividend of $1 per share on the common

stock, payable Dec. 31 to holders of record Dec. 15.
A like amount was
paid on Oct. 1 last, and compares with $2 paid on July 1 last and $3 paid
on Dec. 31, 1936, this latter being the first dividend paid on the common
stock since July 1, 1931, when a distribution of 50 cents pot share was
made.—V. 145, p. 2379.

Volume

Financial

145

American Products Co.—Accumulated Dividend—
of

The directors have declared a dividend of 37
accumulations on the $1.50 cum. partic.

share on account
stock, no par value,

payable Jan. 1 to holders of record Dec. 24.
Accruals after the current payment will amount to $1.87 lA
—V.

143,

p.

per

share.

2037.

American Screw Co.—Extra Dividend—
Directors have declared regular quarterly dividend of 20 cents a share
an extra dividend of $2
per share both payable Dec. 21 to stock of
record Dec. 9.
Extra dividend of $1 was paid on Dec. 21, 1936.—V. 144,
p. 96.
and

(

American

Telephone & Telegraph Co.—Obituary—

Eugene S. Wilson, a Vice-President of the company since 1920, died on
Dec. 19 of a heart attack.—V. 145, p. 3965.

American

Output—

Water Works & Electric

Co., Inc.— Weekly

.

Output of electric energy of the electric properties of American Water
Works & Electric Co. for the week ended Dec. 18, 1937, totaled 42,701,000
kwh., a decrease of 13.7% under the output of 49,479,000 kwh. for the
corresponding week of 1936.
Comparative table of weekly output of electric energy for the last five
years

follows:

^

Week Ended
Nov.

Dec.

Dec.
*

;

1936

1935

46,495,000
4
42,206,000 *44,832,000
ll
43,911,000
47,537,000
18--. 42,701.000
49,479,000
—

Dec.

1937

27-__*40,793,000
_

Includes

44,254,000

Thanksgiving Day.—V. 145,

November Power

p.

1933

1934

44,400,000
*42,434,000
44,253,000

33,231,000

35,437,000
*33,317,000
35,363,000
33,799,000

*30,030,000
32,793,000
33,687,000

3966.

Output— :.fV

The power output of the electric subsidiaries of the American Water
Works and Electric Co. for the month of Nov. totaled
187,893,537 kilowatt
hours, against 198,107,070 kilowatt hours for the corresponding month of
1936, a decrease of 5%.
>
For the 11 months ended Nov. 30,
1937, power output totaled 2,360,465,461 kilowatt hours, as against 2,190,513,771 kilowatt hours for the
perid last year, an increase of 8%.—V. 145, p. 3966.

same

Amoskeag Co .—Extra and Larger Dividend—•
This company, the
holder of securities of

investment company which was formerly a large
Amoskeag Manufacturing Co., has declared out of
dividend of $2 per share, payable Dec. 27 to holders
This special dividend largely represents disbursement

1937 earnings a

common

of record

21.

Dec.

the non-recurring income item of $166,265
coming from final interest
adjustment on Amoskeag Manufacturing Co. bond.. On the 90,181 shares
of Amoskeag Co. common, this amounted to
$1.84 per share.
The company also increased the
regular common dividend which will be
paid in 1938 out of 1937 income. It declared a dividend of $2, payable $1
on Jan. 4,
1938, to holders of record Dec. 21, 1937, and $1 on July 5,
1938, to holders of record June 25, 1938. In 1937 the company paid com¬
or

mon

it

dividends of $1.50 per share, and in each of the three
preceding years

paid

$1.25.

'

At the company's recent annual
meeting it was voted to change the date
of closing the fiscal year from June 30 to Dec. 31.—V.
145, p. 3809.

Arkansas Power & Light
Period End. Nov. 30—

Operating revenues
Oper. exps., incl. taxes_
Prop, retir. res. approp.

Co.—-Earnings'

1937—Month—1936
$792,300
:
$747,367
408,290
425.248
103,200
54,000

Net oper. revenues

1937

12 Mos.—1936
$8,929,298
$7,925,386
4,789,533
4,489,691
856,600
599,400

$280,810

$268,119

$3,283,165

15,406

100,240

125,650

Operating income——

$293,454
481

$283,525

$3,383,405
16,938

Other income (net)
Gross income

$284,162
151,161
6,816

Interest

on mtge. bonds.
Other int. and deductions
5
Int. charged to construe.

Net income

x

637

Cr586

$3,400,343
1,817,031
103,684
019,666

Balance

$1,085,666

949,265

949,265

$550,029

$126,491
Dividends applic. to pref. stocks for the period,
whether paid or unpaid

$2,971,545
1,814,485
79,021
07,627

$1,499,294

Cr306

$134,499

our

x Dividends
accumulated and unpaid to Nov. 30, 1937, amounted to
$1,344,792.
Latest dividends, amounting to $1.75 a share on $7 pref.
Divi¬

stock and $1.50 a share on $6 pref.
stock, were paid on Oct. 1, 1937.
dends on these stocks are cumulative.

harmony and understanding continued in evidence and there were no issues
of importance as between management and labor.
The Tax Situation—During the year ended Oct. 30, 1937, the company
made a final settlement of its consolidated income tax liability for the
fiscal years 1933 and 1934.
The additional tax, accrued interest thereon
and expenses in connection therewith were charged against the reserve
previously provided therefor.
Any additional assessments that may
develop for the years 1935, 1936 and 1937 are believed to be adequately
provided for.
As indicated in the 1936 financial report to shareholders, the amount of
unpaid processing taxes for the fiscal year 1935, less certain charges relative
thereto, was carried forward in suspense under reserves.
Title III of the
Revenue Act of 1936 provided for a tax on unjust enrichment arising from
the non-payment of the processing taxes; the company filed returns for the
fiscal years 1935 and 1936 in accordance with the act, but no tax has been
paid pending determination of the validity of the act.
As provided in
Title VII of the 1936 Revenue Act, the company filed claim for refund of
processing taxes paid to the Government.
These claims have not been
taken into account on the books of the company nor in the accompanying
financial statements.
The Treasury Department has not acted on the un¬
just enrichment tax returns nor on the claims for refund of processing taxes
paid.
Redemption of Preferred Stock Deferred—The approval of the shareholders
was obtained early in the
year for some new financing designed to make
possible the redemption of the preferred shares of Armour & Co. of Del.
This was to have oeen another step in the program of the management to
further reduce charges and to simplify and strengthen the financial structure
of the company.
Before the authority granted by the shareholders could
be exercised by the board of directors the financial market became so un¬
settled the project had to be postponed, for the time being.
Service in New Fields—We acquired an additional packing plant during
the year and it has given a fairly good account of itself as have most of the
new plants which we have
acquired in the last few years in our efforts to
compete successfully in territories where formerly we were inadequately
represented.
We have purchased property for the erection of a plant at
Houston, Tex., and are preparing plans for a plant that will permit us to
take advantage of the excellent opportunities we see In that section.
There
are other territories, too, in which we are
inadequately represented and
we may seek in good time to correct this situation.
Foreign Operations—Our
South American business, a very importat
part of our commercial activity, had a satisfactory year but it appears that
new governmental regulations
may curtail their operations somewhat in
the future.
An Argentine organization comprisecf of livestock producers
and known as "The Corporation" has entered actively into the meat
packing business in competition with the established Frigorificos.
The
corporation has taken a share of the quota formerly handled by the Frig¬
orificos and consequently has reduced their volume and opportunity to
profit.
v\'v:
^
v M
During the year we have installed facilities for handling hogs in our plant
in Montevideo, Uruguay.
While local packers operating under government
direction have opposed our entry into the local filed, our efforts have been
well received by tne trade and the public.
The 1938 Outlook—The outlook for the current year is uncertain.
General
business conditions are unsatisfactory and there has been a consumer
resistance to high meat prices that has curtailed consumption in most parts
of the country, due principally to unemployment.
As a result, the prices
of livestock are undergoing adjustments that seriously affect inventory
results.
How long it may last is uncertain.
Company is in a positiin to
hold its own and to benefit from any improvement in business conditions
which takes place.
y"
//v---"

Consolidated Income and Surplus Statement

[Armour & Co. of Illinois and Subs., incl. Armour & Co. of Delaware

'

_

Armour & Co .—Financial

52 Weeks

Oct. 30, '37

some

of livestock, for which we paid cash on delivery.
on all the large markets but we extended our service to various
territories
where formerly we were unable to compete
affectively for the locally pro¬
duced livestock.
We were also buyers of poultry, eggs and cream on a

responsibility
meats

to consumers consists
and produce in cuts and

helped four

or

five million

of constantly supplying fresh,

packages acceptable to them.
This service is rendered through the retail meat dealers whom we
regard as
the respresentatives of the consumers.
So well is this service handled by
company that practically every section of the country has always available
a fair share of the
existing meat supply.
Lower Production Costs—It seems to us that the future of the
packing
industry and in fact the welfare of American livestock producers lies in
reducing the cost of production for the two-fold purpose of supplying
domestic consumers with the quantity of meat which they need to maintain
their health and strength at prices they can afford to
pay, and to enable
us
again to compete in foreign markets.
With present livestock costs
neither of these objectives can be attained.
As a matter of fact our livestock
producers are gradually and surely losing ground.
The cost of producing
livestock in most other countries is lower than it is here.
During the past
year the United States has imported more meat than in any year un
history.

Income

Deprec. (bldgs., machy.,
equipment and cars)Interest charges
Contribs. to pens, fund
Pro v. for Fed. inc. taxes.
Prov. against inv. & adv.

Min.

equity

come

in

costs on a competitive basis.

in the industrial and commercial world.

The wages of our plant workers
in fact, the (highest in the history of the industry and the hours of
Furthermore, the company
afforded steady employment throughout the year, to the great bulk of its
were,

work closely approached the ideals of the day.




5,378,717
5,209,660

5,632,617
4,380,753
600,000
2,733,480

6,362,840
5,024,192

600,000

600,000

1,884,647

2,068,000

-----

_

—

_

—

r

Net profit
&
Co.
(Del.)
preferred dividends
Parent co. pref. divs

9,712,792

10,184,492

9,348,678

10,560,619

4,683,613
5,346,125
2,845,933

3,746,890
3.402,354

3,751,055
3,299,672

3,824,698
793,391

Balance, surplus—def3,162,879
52,744,455
purch.

3,035,248
49,005,268

2,297,951
49,554,148

5,942,530
24,586,081

54,970

29,171

35,777

173,128

—

Armour

Common stock divs

i

——

Adjust, relative to recap,
plan adopted July 6,
1934 (net)
Credit arising from adj.

©18,665,280

of invest, in subs

Credits arising from adj.
of prior yrs. prov for
Federal income taxes.
Restoration of par value
of com stock, «Scc

500,000
.

b387,070

Credits arising from purchase & redemption of

V

pref. stocks
arising from ad¬
just. of pur. of subs.

349,488

321,327

378,958

to book value

21,523

Total surplus

d50,318,134 d53,089,941
Approp. for possible Fed.

52,281,751

324,480

Credit

income tax, &c

400,000
495
1,058,139

Miscell.
c

adjustments
Surplus charges
Balance

a

345,485

49,554,148

y3,276,484

d48,859,500 d52,744,455

surplus

4,065,992

4,065,940

49,005,268
4,065,418

49,554,148
4,059.632

$0.62

Earnings per share

our

Oct. 27, '34

42,787

Various countries are

can get

5,804,218
4,473,667
600,000
f2,268,942
110,709

in-

net

of subs-

in large

Labor Relations—Company fully discharged its responsibilities to its
employees and merited and received their hearty cooperation and support
during the year.
Wages and salaries compared favorably with those paid

Nov. 2, '35

52 Weeks

788,279,705 748,935,218 683,000.000 564,000,000
a23,013,116
23,531,342
22,421,702
24,615,651

Common shares (par $5)

shipping canned hams and other pork products here
quantities—paying our tariff duties and still apparently making a
satisfactory profit for themselves.
In emphasizing the need of lower production costs we do not have in
mind that our livestock producers should be content with less profit.
On
the contrary we would like to see them make larger profits and we believe
that if more study is given to the matter of cost and if the results of these
studies are widely applied it will be possible for our livestock producers to
increase their profits while reducing the price level of livestock.
As evi¬
dence that this is not an unreasonable goal, consider the wide range that
now exists in our production costs.
A survey in a county in one of our
cornbelt States showed that hogs were being produced and marketed at
costs ranging from $4 per cwt. to $14 per cwt.
Obviously, the average cost
of producing hogs in this country is much higher than it needs to be.
During the past year several European countries which had been out of
the market, resumed purchasing substantial quantities of frozen beef from
South America.
A long acquaintance with the foreign trade leads us to
believe that a fair filed for American products can be found abroad if we

Oct. 31, '36

53 Weeks

Period Ended—
Net sales

and retire, of co.'sbds.

15,000,000 head
Not only did we operate

very large scale.
In the course of the year we
farmers to find markets for their products.

52 Weeks

Previous surplusProfit arising on

Report—

Robert H. Cabell, President, says in part:
Cash Market for Farmers—Last year we
purchased

and

its Domestic and Foreign Subs.]

1937.

wholesome

employees steady work, reasonable incomes, and opportunity to exercise

New Federal labor legislation which became operative during the year
made obsolete our conference board plan of employee representation, but

—

Note—No provision was made for Federal surtax on undistributed
profits
for 1936, inasmuch as the
company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for

Our

as resulted from light livestock receipts was
was distributed so as to cause the least possible
We have made, and will continue to make every effort to afford

minimum and

thrift.

$136,401

—

—V. 145, p. 3810.

a

hardship.

$2,961,945
9,600

$293,935
151,895
8,127 *

held to

$2,836,295

12,644

Rent from lease of plant

(net)-.

4107

employees andTsuch idleness

cents per

pref.

Chronicle

$0.74

$0.57

$0.81

After deducting cost of sales, and operating expenses including transpor¬

tation cost

$717,298,229, loss arising from fluctuation of foreign exchange
rates $167,062,
selling, advertising, general and administrative expenses
$41,132,807 and taxes (other than miscellaneous taxes included in expenses
but not separately classified and Federal income taxes) $7,543,671, but
includes other income of $875,179.
b Restoration of par value of common
stock previously reserved for issuance to holders of 7 % preferred stock upon
exchange for $6 prior preferred stock and common stock (right to exchange
expired Jan. 5, 1937).
c Debits for premiums and discount arising from
retirement of bonds,
d Surplus consists of $35,987,936 ($35,424,470 in
1936); capital and appropriated earned, $5,873,793 ($11,283,441 in 1936),
and $6,997,771 ($6,036,574 in 1936) unappropriated earned.
e Arrived at as follows:
Credit arising from exchange of 2,000,000 shares
class A and 2,000 000 shares class B common stock of an aggregate par value
of $100,000,000 for 3,000.000 shares common stock of an aggregate par
value of $15,000,000, $85,000,000; reserve provided for par value of 1,144,626 shares of

common

stock issued

or to

be issued to holders of Illinois Co.

7% pref. stock upon exchange for $6 prior preferred stock and common
stock, $5,723,130; reduction in book value of properties in respect of write¬
off of appreciation, excess cost, loss of utility values, &c., $54,241,590;
portion of unamortized discount and other deferred charges written off,
$2,370,000; total, $22,665,279; lees transfer to reserve for contingencies,
$4,000,000; net as above, $18,665,280.
f Includes $35,000 surtax on un¬
distributed earnings.

Financial

4108

Chronicle

Condensed Balance Sheet {Illinois Company)

Oct. 30. '37

Oct. 30, *37

Oct. 31. '30

$

TAabUittes—

S

buildings,
machinery and

Delaware Co.

fixture equip. 138,864,990

Ilefrigerator
dellv.

d

136,945,712

cars

53,297,000

c

Deferred charges

Good-will

RR.-—Earnings—•

3,873,300

1937—11 Mos.—1936
$3,646,354
$3,610,077
3,000,723
2,923,959
284,272
361,445

1937— Month—1936

Operating revenues
Operating expenses

$305,612
259,523
17,056

$349,531
265,721
50,717

20,329,700

Net ry. oper. income
—V. 145, p.

New com.(res.)

19,044,063
4,412,454
7.660,047

Processing taxes

8,144,839

payable

taxes

6,149,014

5,429,426

3,443,774

4,104,742

Res. for Fed. in¬
come taxes...

P The Colonial Trust Co. has been appointed trustee under indenture for
the first mortgage bonds and transfer agent for the voting trust certificates
for the capital stock of the company.—V. 124, p. 3212.

Arkansas Natural Gas Corp.—To

8.149,177

Acer, int., wages,
local & State

3646.

Apco Mossberg Co.—Trustee—

387,330

21,289,295
Acoepts. payable
8,186,992
Accts. payable._
8,050,220

15,073,590
4,314,918
1,130,686

11,955,975
5,003,505
862,052

3,371,500
20,329,960

Notes payable..

stocks,

bonds & adv..

Ann Arbor

Period End. Nov. 30—

stock,

pref.

(par 15)

Notes & accts..

7% cumulative preferred stock, par $100, payable
Dec. 31 to holders of record Dec. 29.
Dividends of $3.50 were paid on
Sept. 30 and on June 30 last.—V. 145. p. 2217.

57,079,900

New common—

Cash

Invest.,

56,431,200

Illinois Co...

12,209,452
12,526,482
14,260,778
12,263,164
37,239,720
37,054,034
Interco.accta.rec
844,228
718,985
a Inventories...108,723,505
103,404.209
tola, &c

S

0% conv. prior
stock (111.Co.) 53.299,000

7%

equip.,

Oct. 31. *36

S

The directors have declared a dividend of $3 per share on account of
accumulations on the

pref. stock,

7%

Laud,

25, 1937

Anglo-Norwegian Holdings. Ltd.—Accumulated Div.—

[Armour & Co. of 111. and Subs., incl. Armour & Co. of Del., and Its
Domestic and Foreign Subs.]
Assets—

Dec.

dividend of 15 cents per share was distributed.—V. 145, p.

Armour & Co. of Del.—Annual

Divs.pay.on pref
<fc com. stocks

Pay Preferred Dividend

The directors have declared a dividend of 60 cents per share on the
preferred stoclC payable Dec. 24 to holders of record Dec. 21.
This is
the first payment made on the preferred shares since April, 1932, when a

2,420.264

See under Armour & Co.

(111.).—V. 145,

3338.

Report —
p.

597.

Serial notes due

Ashland Oil & Refining

4,000,000

May, 1938
Armour & Co. of

Earnings for 11 Months Ended Nov. 30, 1937

Del. 1st mtge.

Consolidated net income after all charges

20-yr.4% bond
B, due
Aug. 1, 1936
under sinking
fund provision

Earnings per share on
—V. 145, p. 2834.

series

718,000
82,303,000

equity In sub.
companies...
Surplus

a

329,964,210

323,431,840J

2,500,000

317,053
48,859,500

Res. for contlng.
Min. stkholders.

498,500
83,224,500

2,650,000

Funded debt.—

Total

697,246
52,744,455

common

Packing house products, at market values, less allowance for selling

Associated Gas & Electric Co.—Weekly

17, Associated Gas & Electric System reports
electric output of 90,754,540 units (kwh).
This is a decrease of 2,016,439 units, or 2.2% below the comparable figure a year ago.
This is the largest net output reported since the week ended Nov. 19,
of this year.

-

Consolidated Statement of Earnings and Expenses of
Dates of

{.Delaware Company)

{Including Domestic & Foreign Subs.)
52 Weeks
Oct. 30, *37

Period Ended—

52 Weeks

53

Oct. 31. '36

Weeks

Interco. &interplant sales to oper.revs213,725,983

1

Total

168,641,033

142,886,310

585,681,943 559,516,810 491,942,922

Cost of sales & oper. exps. incl. trans¬

portation cost

...540,341,737 508,417,495 442,346.102

Net profit from sales
45,340,206
Loss arising from fluctuation of for¬

51,099,315

49.596,820

eign exchange rates.
161,635
Sell,, adver., gen., & admin, expenses 20,344,476
for depreciation
3,806,280
Tax (other than misc. taxes, incl. in
exps. but not separately classified
& Federal income taxes)
4,220.785

127.413
33,310,372
3.046,975

31,225,525
2,902,820

Provision

698,831

Total income

Contrib. to employees' pension fund..
Other deductions (net)
Prov. against investments & advances
Int. & amort. of debt discount & exps.
Prov. for Fed. income taxes

Min. equity in net income of subs
Net income

3,040,392

11,060,574
1,985,309

11,729,252
1,498,067

17,612,978
265,320
Cr265,790
110,709
2.923,690
z2,119,242
42,787

13.045,882
296,882

2,469,459
2,219,166
41,718

13.227,319
280,934
263,256
90,000
3,101,926
1,574,076
151,766

12,417,019

Other income

3,553.981

16,807.030
805,948

Profit

7,458,331

7,765,362

53,637,566

54,970
51,451,831

29,171
50,409,709

173,128

$8,240,801
4,553,972
3,541,624

7
8
29

$145,205
1,482,819

16

Credit arising from the purchase and
retirement of company's bonds

Surplus at beginning of year
Credit arising from adjust, of invest.
in subsidiaries

333 ,o06

321,327

328,735

66.388,091
4.768,776
8,000,000

59,459,587
3,822,021
2,000,000

58.554,500
3.826,186

.

arising

from retirement of bonds

178,489

Approp. for possible Fed. inc. tax, &c
Miscell. adjustments

Provision for taxes
Net operating

revenues,..

Provision for retirements

$45,249,896
10,775,550

$45,104,691
9,292,731

8
3
9
--

1

_4

Operating income
$34,474,346
$35,811,960 x$l,337,614
x4
x Decrease.
Note—No provision is included for Federal surtax on undistributed
profits, if any, of the corporation and (or) its subsidiaries, for the year 1937.
—V. 145, p. 3646.

Associated Railways—Scores ICC Report Hitting Minne¬
apolis & St. Louis Plan—
The company and the seven railroads that organized the company to
take over the long-bankrupt Minneapolis & St. Louis RR. filed on Dec. 17
strongly phrased exceptions to the recent report of a trial examiner of the
Interstate Commerce Commission recommending that the proposed plan
be disapproved.
"We submit," the summary read in part, "that the report is erroneous
throughout in treating the issue as being the alternative between dis¬
memberment of the M. & St. L. system if applicants' plan be adopted
and of non-dismemberment if that plan be discarded.
The real issue
is whether the particular dismemberment that would result from applicants'
proposed plan is in the public interest."
Referring to one of the examiner's arguments, the brief said it "really
means
that the practical alternative is not reorganization and a lifting
of the receivership, which is now in its 15th year, but an indefinite con¬
tinuance in status quo."
The railroads interested in Associated Railways, which planned to
scrap part of the M. & St. L. system and divide the remainder among
them, are the Chicago & North Western Ry. Co., Chicago Burlington &
Quincy, Chicago Milwaukee St. Paul & Pacific, trustees of the Chicago
Rock Island & Pacific, Great Northern, Illinois Central, and Minneapolis
St. Paul & Sault Ste. Marie Ry —V. 145, p. 2834.

Atchison Topeka & Santa Fe Ry.—S3,900,000 Equip¬
Trusts Placed Privately—Evans, Stillman & Co. and

ment

Credit arising from purchase and re¬
tirement ofcompany's pref. stock.
Total
Divs. paid: 7% pref. stock
Common
stock
Debits for prems. & discts.

.$101,779,677
13,600.970
6,323,343
1,627,979
1,303,258
1,279,840
_

Water

21,522

160,325
400,000

%

Total gross oper. revenues_$125,915,067 $117,674,266
Oper. expenses and maint
64,876,570
60,322,598
15,788,601
12,246,977

Gas

Nov. 2.'35

Gross sales to trade & oper. revs, less
discounts returns & allowances
371,955,960 390,875,778 349,056,612

Amount

1936

$7,277,194
382.789
523,669
x6,064
15,864
47,349

Ice...

shares

1937

$94,502,483
13,218,181
5,799,674
1,634,043
1,287,394
1,232,491

pref. stock and common stock,
in 1937 and 532,970 in 1936.

par

Properties Irrespective of

Acquisition.
Increase

12 Mos. End. Nov. 30—
Electric

Transportation
Heating

no

Output—

For the week ended Dec.

property values) and $42,572,422 in 1936.
c Common stock reserved for
issuance to holders of Illinois 7% pref. stock upon exchange for $6 prior

d Represented by 532,996

$654,856
$0.67

stock

net

Total.......329,964,210 323,431,840

expenses: other products and supplies at cost or market, whichever is lower,
b After depreciation reserve or $45,936,066 in 1937 (as adjusted to new

Income Account

Co.—Earnings—

3,276,483

a400.000
495

associates submitted

Dec. 20 the highest

bid for an issue
certificates, due in
to 10 years.
The group offered a price of 101.5719.
No public reoffering of the certificates will be made, as the
issue has been placed privately.
of

on

$3,900,000 2\i% equipment

trust

1

Other tenders made by banking institutions were:

First Boston Corp.
101.19817; Salomon Brothers & Hutzler, Dick & Merle-Smith and
& Co., 101.133: Brown Harriman & Co. and associates 101.018;
Halsey, Stuart & Co., Inc., group, 100.1177' Whiting, Weeks & Knowles,
Inc., 101.012; Bankers Trust Co., 100.309: Equitable Life Assurance Co.,
100.01, and Wood Struthers & Co., 100.03; First National Bank of Chicago,
100.495; Glore, Forgan & Co., 99.581.
group,

x

Surplus at end of

53,040,330

year.

53,637,566

51,451.831

9.°^nPrl8}5gi CaPltal and Paid-in surplus, $43,345,418 in 1937; $43,-

198,418 fn 1936; $42,716,713 in 1935, and $42,366,405 in 1934; appro¬
priated earned surplus, $5,873,793 in 1937: $5,558,599 in 1936; $5,231,226
in 1935 and $4,911,261 in 1934;
unappropriated earned surplus, $3,821,119
in 1937; $4,880,548 in 1936. $3,503,891 in 1935 and
$31,131,992 in 1934.
z Includes
$30,000 surtax on undistributed earnings,
a Appropriated
for possible Federal income tax on capital gain
arising from inter-company

transactions.

Consolidated Balance Sheet {Delaware Company and
Subs.)
Oct. 30, '37
Assets—

$

Oct. 31,

30

$

Land, buildings,
machinery and
equipment
Notes

Inventories-..

Invests.,

2,843,156

19,788,491

19,419,473
419,515
52,742,546

accts.

Interco.accts.rec
x

99,517,039

3,640,592
&

receivable

pref. stock
Delaware Co. 50,431,200
y Common stock 10,000,000
Del. Co. bonds.

stocks

66,303,000

Deferred charges

4,188,881

862,052

13,365,692
3,250,633
1,130,686

10,000,000

Res. for conting.

2.650,000
163,953

47,021,500
8,390,000
2,500,000
394,063

1,978,529

1,981,487

2.832,707

2,358,190

4^8

Processing

tax

payable

11,106,370

Acer. Int., wages
local & State
taxes

Divs. payable on

pref. stock.__

946,755

come taxes.

2,682,861
8,033,492
4,379,683

Accepts, payable
Accts. payable..

Interco.

Co.

3,225,713
270,624
4,161,229

current

accts. payable

Del.

472,722

bonds

for sink,

fund

718,000

498,500

317,053
53,040,330

63,637.566

Min. stkholders'

equity in sub.
companies

Surplus

210,477,562 192,688,741

Total

697,246

210,477,562 192,688,741

x Packing
house products at market values, less allowance for selling
expenses; other products and supplies at cost or market, whichever is lower,

y

All owned by Armour & Oo. (Illinois).—V. 145.




_

p.

2834

Report—

The report for the fiscal year ended Oct. 31, 1937, affords the following:
Value—The statement of financial condition at Oct. 31. 1937,

Asset

Indicates

an asset

value for the common stock at that date of approximately

compared with $18.77 per share on Oct. 31, 1936, and
per share on July 31, 1937.
31, 1937, were equivalent to approximately $143
per share of outstanding preferred stock (par $50).
Regular dividends
amounting to $3_per share paid on the preferred stock during the year
totaled $1,548,167;
Special Situations—Management
has always favored investments in
special situations where results depend more upon ability and work than on
changes on the general price level of securities.
It is believed that in the
$13.36

per share

compared with $18.17
The net

assets at Oct.

long run such a policy should prove sounder procedure
entirely in a diversified list of marketable securities where

Res. for Fed. In¬

Total

Officer—

Atlas Corp.—Financial
57,079,900

Notes payable..

Mor. & Co.

3,196,012
56,649,412

bonds & adv..

Good-will

Oct. 31, '30

New

Appointment of Paul P. Hastings as Vice-President in charge of traffic
for Santa Fe System Lines, effective March 1, 1938, was announced on
Dec. 21 by S. T. Bledsoe, President of the company.
Hastings succeeds
Fred B. Houghton, who is retiring at his own request after 53 years of
continuous service.—V. 145, p. 3810. \

Liabilities—

7%

111,039,763

Cash

Oct. 30, '37

Stroud

depend

upon forces
reasonable forecast.

beyond one's control and often

than investing

even

so

much must

beyond one's

Furthermore, a reservoir of centrally managed in¬
vestment capital, such as company, can perform a constructive service to
others with profit to itself in fields not open either to the banker, broker,
investment banker, diversified investment trust or private investor.
The
advantages of liquidity, admittedly temporarily lost when large investments
are made In one situation, have been frequently exaggerated and recent
developments have shown that liquidity is largely theoretical even in the
case of a large portfolio of listed securities.
Any quantity of selling in a
thin market, such as we have recently been experiencing, destroys the very
values which one is trying to preserve.
Adequate diversity can be obtained
by a large investment company through working in various special situations
just as well as in a general portfolio of listed securities.
Utilities Power & Light Corp. and Radio-Keitb-Orpheum Corp. are the
principal special situations in which company is interested at the present
time.
Both are progressing to solution.

Financial

Volume 145

of the substantial but not controlling investment in Utilities
Light Corp. company has been vitally interasted in a suitable
readjustment of its capital structure and a betterment generally of the
company's affairs, and the management has been able to give the time
and attention necessary to that end.
Jointly with a protective committee
Because

Power

for

&

preferred stockholders, Atlas Corp. on Oct.

4109

Chronicle

26, 1937, filed a reorganiza¬

District of Illinois
Manage¬

tion plan with the U. S. District Court for the Northern
and with the Securities and Exchange Commission in Washington.

with the approval of the trustees
for the parent companies of Utilities Power & Light Corp. and that they
are prepared to accept it as a substitute for their own plan previously filed.
A trustee for the Utilities Power & Light Corp. has been appointed.
It is
expected that hearings before the SEC on the reorganization plan will be
held in the near future.
Company by reason of its position in this cor¬
poration was able to give commitments and assurances to make the plan
definitely workable, thus again illustrating the constructive work that an
investment company can do in special fields.
Company was also a proponent of the plan of reorganization of RadioKeith-Orpheum Corp. on file with the U. S. District Court for the Southern
District of New York.
After extensive hearings the special master ap¬
pointed by the Court to report on this plan has submitted to the Court his
report which approves the plan in all substantial respects, and it is expected
that final reorganization will not be long delayed.
;
Income and Expenses—The income account for the year ended Oct. 31,

in

statement of

the annexed

preciation shown in this report require for an understanding of their true
meaning an explanation which was referred to in the Jan. 31, 1937, report
and which should be permanently borne in mind by shareholders.
Book
cost is the basis for determining profit and loss and unrealized appreciation

cost and
acquired
prior to Oct. 31. 1936, the time company was formed as a result of the
consolidation, the market or appraised values on Oct. 31, 1936, became the
book costs for subsequent accounting purposes irrespective of actual cost.
Depreciation as shown in the statements represents for the most part merely

or

For securities bought during the year actual
But for every security that was

depreciation.

market values since Oct. 31, 1936.
book cost differed greatly from actual cost in
the sale of 14,500 shares of Chrysler Corp.
during the year on which there was a profit based on actual cost of about
29 points although the books showed a loss of about 17 points.
While
this stock was sold at a price considerably higher than the actual cost, it
was sold at lower than the Oct. 31,
1936, market quotation.
Similarly,
when dealing with unrealized depreciation and purely as an example of what
it means, the 15,100 shares of Anaconda Copper stock in the portfolio at
Oct. 31, 1937, showed a book depreciation of about 16 points under the
Oct. 31, 1936, market price, whereas there was an appreciation over actual
cost of about nine points.
In other words, except for purchases since the consolidation, book results
in connection with the general portfolio depend entirely on the arbitrary
relationship between sale price or current market price and the Oct. 31,
1936, market values.
The relative unimportance of these book figures
becomes readily apparent when one considers the fact that had the general
consolidation taken place on Oct. 31, 1937, rather than a year earlier there
would be no unrealized depreciation at the date of this report on the basis
of book costs, and yet the real value of the securities in the portfolio would
fall in

An illustration of how the

the sale of a security is shown in

Statement

Unrealized Depreciation

and Net

Consolidated Surplus

of

31, 1937

Year Ended Oct.

capital stocks issuable to stockholders of predecessor
corporations, less $592,365 expenses of consolidation charged
value of

thereto

■;

Restoration to surplus

of excess provisions for taxes

prior

Oct.

to

1936,

31,

grocessmanagement to be recoverableof reorganization which expenditures are
y the
—

720,235

incurred

com panies

in connection with

$61,026,771

and for con¬

tingencies applicable to period prior to Oct. 31,1936
Restoration to surplus of reserve against expenditures

in

considered

43,000

.$61,790,006

Total...........

Adjustment resulting from the conversion of 242,005 2-10 shares
of common stock into 71,178 shares of 6% preferred stock

(representing the excess of the par value of preferred stock
over
the par value of the common stock exchanged

issued

2,348,874

therefor)
Dividends

accordance with resolu¬

(charged to capital surp. in

tions of directors):

On
On

1,548,167

6% preferred stock ($3 per share)
co junon stock (80 cents per share)

Excess of cost over par value
mon stock in treasury.
Excess of cost

7,992,586

of 6 preferred

value of 44,452 shares
1937

par

over

2,937,486

—

of 716,342 13-100 shares of com¬

81,966

stock retired on Oct. 30,

(2) Earned Surplus—
Net income for the year

$46,880,926

31, 1937

capital surplus at Oct.

Balance of

ended Oct. 31, 1937, per income ac¬

1,605,398

count annexed

Total

surplus at Oct. 31,

realized

1937, before deducting net un¬

.-$48,486,325

depreciation of investments ...

unrealized depreciation (excess of cost over market or
management's valuations of investments);
Depreciation of portfolio holdings—
Less, appreciation (based on management's valuations) of:
Investments in and receivables from non-consolidated con¬
trolled companies:

Net

20,226,518

management's valuations of investments in
companies over costs al¬
of acquisition of an investor ent
company subsidiary, control of which was acquired
during the period
of

Excess

non-consolidated controlled
located thereto at date

investments

Other

tax on

in purchased unsecured
of $36,000 for normal Federal in¬
held by a

appreciation of such investments

subsidiary company.
Undistributed equities in

Dividends paid on

the preferred and common

stocks amounting to $4,Natu¬

Less, portion

been charged to capital surplus.

10,983 shares of its preferred stock at an average cost of approximately
$47.75 per share and 152,231 shares of its common stock at an average cost
of approxim ately $12.79 per share.
All preferred stock purchased has been
retired and all reacquired shares of common stock will be canceled as soon
as shareholders' authority to that end is obtained.

of approximately $1,of Federal tax claims
and 1929 against Pacific Eastern Corp. and its sub¬

During the year under review payment was made
550,000, including interest, in complete settlement

1928

years

sidiaries.

portfolio of quoted securities aggregating $55,559,650
1937, market prices was divided between bonds, preferred
common stocks in the following percentages:
The

Bonds

x

.on

stock

Industrials,

railroads, 1.6%;

at Oct. 30,

stocks and

30.9%
10.4%
58.7 %
26.3%; metals, 6.8%; oils, 11.6%; public utilities, 8.0%;
banks and insurance, 1.1%, and investment trusts, 3.3%.
__

.

Preferred stocks
Coimr

.

_

_

_

_

_

■

_

_

_

...

_

Consolidated Income Account Year

companies in

Income—Dividends

Ended Oct. 31, 1937

_.$29,147,955
Consolidated Statement of Financial Condition at Oct. 31, 1937
[Corporation and Its Investment Company Subsidiaries]
—

Assets—

,

•

Cash.......

-----

for securities sold, &c
Dividends receivable and interest accrued

Due from brokers

Portfolio

holdings,

representing securities for

which market

1937, market

quotations are available, priced at Oct. 30,
quotations (cost, $75,786,168)
—
.....
Investments in and receivables from non-consolidated controlled
companies (cost $6,763,756), carried by the management
purpose of this statement at
——
Other investments (cost $3,570,859), carried by the manage-

for

of this statement at
Undistributed equities in former subsidiary companies in process
of liquidation, including $1,344,315 based on management's
valuations of investments (cost $1,147,856) — -....
Accounts receivable, claims, and expenditures in connection with
companies in process of reorganization (cost $2,441,641).
carried by the management for purpose of this statement at..
ment for purpose

Deferred charges

Subsidiaries]
(incl. $87,460 ree'd in form of pref. stocks

dividends on common stocks

held)

Interest

_

Underwriting compensation (incl.

agement's valuation of warrants

Total......—

$2,704,156
356,728

$194,000 representing man¬

200,770

received, less $15,972 exps.)

31,182

Miscellaneous income

...

.—_

.......

----- —

— -

Liabilities—

.

Total income

.

Salaries of officers and employees

$3,292,835
650,016
P 8,560
^

Directors' fees

_

office & miscell. expenses
^208,796
Dividend notices, stockholders' reports, &c
^ 35,608
Registrars' and transfer agents' fees and expenses
^ 84,773
Legal and independent auditing....
;
174,284
State franchise. Federal capital stock and miscellaneous taxes, ^
Rent, insur., statistical services,

'

Federal income taxes—

other than

paid

>

._

taxes
— . —
contingencies
applicable to minority interests
...
6% preferred stock, cumulative (par $50)-Common stock (par $5)
— -. — - ------------- —
Capital surplus (after deductmg $7,992,586 excess of cost
par value of common stock in treasury).

-

Amount

Earned surplus.—...

—V. 145, p.

dividends, interest, &c., over expenses.
the basis of average cost
Excess of cost over amount of net assets at average date of acqui¬
sition (based on market quotations or management's valua¬
tions) applicable to shares of capital stock of a subsidiary
company acquired during the period
Excess of income from

Net loss

on

sales of securities on

Balance
Normal

-

____

Federal

income

tax

Contingencies

$1,985,785
280,924




7,114,4383,277,477
1,416,856

3,029,416
47,001

— - - -_

$121,201
246,018
291,668
248,666
1,645,000
89.944
24,798,958
17,283,017

46,880,926
1,605,398

Dr 19,338,369

--->—.—$73,872,429
3966.

Auburn Automobile Co.—Present Status——
Company has submitted the following information to

the New York

Stock Exchange:

has discontinued the manufacture of automobiles and is
now engaged in the manufacture of a variety of sheet metal products such
as
washing machine cabinets, kitchen cabinet equipment, pressed steel
sinks, and a variety of metal stampings.
It also has a contract to manu¬
facture automobile bodies for another automobile manufacturer.
Company
recently sold the principal portion of its plant located at
Company

30,929
$1,673,933
369

68,165

ended Oct. 31, 1937
x$l,605,398
x Amounts shown in the above income account are after eliminating por¬
tion thereof applicable to minority interests, representing a net loss of $848.
Notes—(1) Dividends declared and interest accrued on investments in
and receivables from non-consolidated controlled companies are credited to
income only to the extent that the reported net income of any such company
is sufficient to cover the amount of such interest and dividends.
Upon this
basis $65,512 of the total dividends and $6,069 of the total interest receiv¬
able during the fiscal year have been included in the above income account.
(2) The above income account does not include changes in surplus ac¬
counts of non-consolidated controlled companies, except as represented in
the amounts of dividends and interest stated in Note 1 above.
Aggregate
changes in surplus accounts of non-consolidated controlled companies as
reported by such companies for the 12 months ended Oct. 31, 1937, before
considering dividends and interest payable to Atlas Corp. and its subsidi¬
aries indicate a net decrease of approximately $301,000 applicable to Atlas
Corp.'s interests in such companies.
This compares with $71,582 credited
to income account during the period in respect of dividends and interest
from such companies and the increase of $478,036 during the period in
management's valuations of investments in such companies as set forth
Consolidated net income for year

1-

market or management s

Total—1

58,927

over

—

unrealized depreciation (cost over
valuations of investments)...

86,087

55,559,651

—-$73,872,429

ITovision for current year

Net

$2,601,387
690,307
135,895

.

issuable capital stocks
Due to brokers for securities purchased...
Other accounts payable and accrued expenses
Dividends payable on

Provision for

Interest

269,001

10,073

applicable to minority interests..

Total surplus

Including Investment Company
as

258,392

—

former subsidiary

of liquidation (including $234,622 in respect of
non-consolidated controlled companies, less provision of
$47,538 for normal Federal income tax on net apprecia¬
tion of investments)
—
process

rally, there was no earned surplus at the beginning of business on Nov. 1,
1936.
Earned surplus including profit and loss on sales of securities
amounted to $1,605,398 at Oct. 31, 1937.
Miscellaneous—Since report July 31, 1937, company has reacquired

x

243,414

and interest

claim, less provision
come

107,267

revaluations of investments

Appreciation resulting from
since dates of acquisition

$19,348,443

485,653 during the past year have

the

of the

(1) Capital Surplus—
Capital surplus at Oct. 31, 1936, representing the excess of net
assets (upon the basis of cost of assets as approved by di¬
rectors) received from predecessor corporations upon con¬
solidation effected on Oct. 31, 1936, over the aggregate par

be the san e.

for

invest¬

acquisition, to amounts consistent with the costs to Atlas Corp.
of its investments in such companies the charges for depreciation and for
losses on sales of real estate and fixed assets included in the aforementioned
net decrease in surplus accounts would be reduced.

book cost are of course the same.

a

unrealized de¬

dates of

ment has been advised that this plan meets

1937, shows income of $2,704,156 from dividends and $588,680 from interest,
underwriting compensation and miscellaneous sources.
Deducted from the
total income of $3,292,835 are expenses amounting to $1,307,050.
No income was obtained during the fiscal year from company's invest¬
ment in Radio-Keith-Orpheum Corp. and none since Dec. 3, 1936, from
the other major investment in Utilities Power & Light Corp. due to the
reorganization proceedings in the case of these two companies.
However,
the earnings of these companies applicable to company's holdings aggre¬
gated more than $1,000,000 during the year and naturally this earning
power will be given expression in the final reorganizations.
Profits and Losses—During the year net loss on sales 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 surpls.
The net book loss on sales of securities as well as the net unrealized de¬

consolidated surplus and net

preciation.
If book values of the assets underlying Atlas Corp.'s
ments in non-consolidated controlled companies were adjusted, as

Auburn, Ind.

Company's subsidiary,

Duesenberg, Inc./is in the process of liquidation.

Duesenberg Inc., recently sold its plant and equipment
Indianapolis, Ind.
„
,
Company's
subsidiary,
Auburn Automobile Sales Corp., has been
partially liquidated as same is no longer engaged in selling automobiles.
The company is at present operating service and parts stations in Chicago
and Los Angeles, Calif.
Auburn Automobile Co.
and its subsidiary, Lycoming Mfg. Co., filed
Its

subsidiary,

located in

a
on

,

petition for
Dec. 11,

Fort Wayne

reorganization under Section

1937, in the U. S. District Court,
Division.—V. 145, p. 3967.

Augusta &

77-B of the Bankruptcy Act
Northern District of Indiana,

Savannah RR.—Extra Dividend—

have declared an extra dividend of 25 cents per share in
dividend of $2 per share on the capital stock, both payable
Dec. 22 to holders of record Dec. 15.
This compares with an extra dividend
of 25 cents in addition to a dividend of $3 paid on July 1 last, an extra
of 25 cents in addition to a dividend of $3.50 paid on Dec. 22, 1936; $1.50
paid on July 1, 1936; $3.50 on Jan. 6, 1936; $1.50 paid on
and dividends of $2.50 per share paid each six months previously.
Extra
The directors

addition to a

July 1, 1935,

Financial

4110
dividends of 25 cents

Chronicle

paid on July 1 and Jan. 6, 1936; July 1 and
Jan. 7, 1935; July 5 and Jan. 3. 1934, and on July 5, 1933 —V. 144, p. 4167.

CB.

Dec.

Biltmore Hats,

were

Ltd.—Earnings—

Years End. Nov. 20—
Net

after

1935

1934

$133,595
24,245

$94,204
15,150

$72,755
10,347

$99,762
188,110

$109,350
140,080

$79,054
107,629

$62,408
77,633

$287,872
2,362
14,196
50,000

$249,430

$186,683

1,655
14,665
45,000

15,783
30,000

$140,041
1,096
16,874
10,000

$221,313

$188,110

$140,080

$107,629

$4.73
80,000
$1.07

20,000
$4.73

$3.22
20.000
$3.22

$2.05
20.000
$2.05

$119,868
20,106

earns,

Earnings for 12 Months Ended Oct. 31, 1937
Net profit after int., Fed. Inc. taxes and other deductions
Earnings per share on 134,385 shares common stock

x$475,876
$3.43
created In

Includes credit of $50,000 adjustment of inventory reserve

x

Net income
Previous surplus

prior years.—V. 145, p. 3810.

Co.—Extra Dividend—

Preferred

The directors have declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of 15 cents per share on the

tax

prior

year

dividends

Common dividends
Prov. for redemption of

stock, both payable Jan. 15 to holders of record Jan. 8.—V. 145,

common

,

Total surplus

Additional

Axelson Mfg.

1936

1937

deprec.

Prov. for income taxes,.

F.) Avery & Sons Co.—Earnings—

preferred

1937
25.

820

4,444

stock

p. 3810.

Badger Paint & Hardware Stores, Inc.—Extra Dividend
The directors have declared an extra dividend of 50 cents per share in
addition to a quarterly dividend of like amount on the common stock,
both payable Dec. 26 to holders of record Dec. 20.—V. 143, p. 1864.

Balaban & Katz

Balance, surplus
Earns, per sh. on 20,000
shs.

Shs.

com.

stk. (no par)

stock (no par)

com.

Earnings

per

share..

Balance Sheet Nov. 30

Corp.—Pays $4 Common Dividend—

The company paid a dividend of $4 per share on ther voting trust cer¬
common shares on
Dec. 24 to holders of record Dec. 15.
A

Assets—

1937

1936

tificates for

Cash

$64,406

$81.789

dividend

Accts. receivable..

185,228

165.840

Inventories

232,339

185,091

4,440

4,060

250,376

240.175

of .$5 per share was

paid on Dec, 9, 1936, this latter being the
first payment made since July 2, 1932, when a dividend of 37M cents per
share was distributed.—V. 142, p. 1629.

Baldwin-Duckworth Chain

Corp.—Larger Dividend—

The directors have declared a dividend of $1.25 per share on the common
stock, payable Dec. 23 to holders of record Dec. 15.
This compares with
75 cents paid on Oct. 1 last; 50 cents paid on July 1 last, and a dividend of
40 cents paid cn April 1 last
See also V. 144, p. 271.—V. 144, p. 4334.

L'd, bldgs., plant,
mach'y & equip.
Deferred charges..

in

directors

addition

the
V.

declared

an

extra

dividend

of two

cents

share
share on

the regular quarterly dividend of 20 cents per
stock, both payable Dec. 27 to holders of record Dec. 22.—

144, p. 4168.

Total

30—
Gross oper. revenues...
Oper. exps. (incl. main¬

1937—Month—1936
.$473,694
$544,080

deprec.)

313,754

$5,625,385

$5,399,129

3.752,152

3.642,430

297,887

$159,940
48,613

501,881

$1,756,699
557,090

$180,980
1,459

$1,371,352
24,583

$1,199,609
37,196

$182,439
59,064
1,133

$1,395,935
651,625
22,052

$1,236,805
650,333
18,862

$49,832

Gross income
Interest on funded debt.
Other deductions

$1,873,233

$113,178
60,243
3.103

...

$246,193
65,213

$111,327
1,851

Operating income
Other income

$122,242

$722,258

$567,610

et Income

V. 145, p. 3491.

Baragua Sugar Estates (& Subs.)
Years,End. Sept. 30—

$1,678,855
210,155

$1,643,280
142,720

$1,300,670
122,310

$1,889,010
1,407,687
27,246
10,491

$1,786,000
1,316,793
54,277
41,107

$1,422,981
1,039,701
52,764
46,478

164,328
Crl2,873
15,000
139,724

123,246
Crl1,568
13,000
143,460

01,071
10,000
141,280

revenue

$2,288,242
Operating expenses
1,686,647
Miscellaneous charges..
18,249
Current int. paid or accr.
6,528
Int. accrued on 15-year
partic. inc. debentures
164,328
Interest received
Crl3,797
Prov. for Cuban prof, tax
29,000
Depreciation of plant...
157,263

Net income..
$240,025
$137,407
Note—No provision has been made for interest

1934-

$105,684
on

$133,827

series A and

B income

notes accrued to

Sept. 30, 1937, amounting to $257,940 (of which $53,707
is applicable to the fiscal
year ended Sept. 30, 1937) which will become
payable at maturity or to the extent earned in any fiscal year
prior thereto,
subject to the restrictions on payment of interest contained in the income
note agreement dated

July 1,

1937

1936

Liabilities—

Cash In hanks and
hand

$386,533

Accts. receivable..
Adv. to planters..

$200,758

49,156

142,578

Sugrr and molasses
hand

on

Supplies

or

in

mercial

sold.

278,129

210,581

com¬

stores..

10,054

10,760

Due from affil. cos.

586,019

372,204

Working

assets

growing

affiliated

cane

226,996

362,476

Stocks held in affil¬
iated

cos

68,371

68,371

Plants, railroads,
bldgs. A equip.. 2,015,494
Lands, Ac
798,032
Deferred charges..
14,271

on the

7%

holders of record
1 last; one of $1.75 was

Oct.

a

cum.

18,276

3,633,911

5,000
577,452

5,000

337,426

-$4,660,727 $4,341,665

of $815,941 in 1937 and $666,811

dividend

conv.
Dec. 20.

of

$4

per

share

1st pref. stock,
A dividend

in 1936

par

on

account

of

$100, pavable

of $3.50

was

paid

on

paid on Aug. 14 last, and one of $7 per share
Dec. 26, 1936, this latter being the first dividend
paid on the
May 16, 1932, when a regular quarterly dividend of $1 75
per share was distributed.—V. 145,
p. 2064.

was

paid

on

pref. stock

since

Beaumont Mfg.

Co.—Earnings—

Earnings for 6 Months Ended July 1, 1937
Net profit before depreciation
—V. 120, p. 3190.

$142 l m

.~<si42,iiu

Bellanca Aircraft Corp.—Initial Common
Dividend

The directors have declared

the

record

an

—

initial dividend of 50 cents per share on
on Dec. 27 to holders of

stock, payable in 4% four-year notes
Dec. 22.—V. 144, p. 3997.

common

Bessemer Limestone & Cement
Co.—Accumulated Div.

The directors have

declared a dividend of $3 per share on
account of
on the
6% cumulative preferred stock, payable Dec 27 to
holders of record Dec. 18.—V.
144, p. 4168.
accumulations

Binks
The

Mfg. Co.^—25-Cent Dividend—

directors

have

declared a dividend of 25 cents per share on the
stock, payable Dec. 23 to holders of record Dec. 20.
This com¬
15 cents paid on Oct. 22, July 30 and on March
25 last; an
extra dividend of 25 cents paid on Dec.
21, 1936. and an initial dividend of
50 cents paid on Dec. 15, 1936.—V.
145, p. 1576.
common

pares

with




$1,140,503

$878,237

$541,711

45,750

3,971

$1,140,641
549.000
49,930

429,174

429,180
$112,531

Dividends accumulated

and unpaid to Nov. 30, 1937, amounted to
Latest dividends, amounting to $1.75 a share on $7 preferred
1, 1937.

inasmuch

was

as

made for Federal surtax on undistributed profits
company reported no undistributed adjusted
No such provision has been made to date for

the

1937.

Accumulated Dividends—
The

directors have declared a dividend of $1.75 per share on the $7
pref. stock, no par, and $1.50 per share on the $6 cum. pref. stock,
both payable Jan. 3 to holders of record Dec. 13.
Similar dis¬
tributions were made in each of the thirteen preceding quarters and on
Aug. 1, 1934.
Distributions of $3.50 per share on the $7 pref. stock and
$3 per share on the $6 pref. stock were made to holders of record May 1,
1934.
Effective with the current payments, arrears on the $7 pref. stock
will amount to $3.50 per share and on the $6 pref. stock to $3 per share.
—V. 145, p. 3491.
cum.
no

par,

Birtman Electric Co.—To
The

directors

have

declared

a

Pay 75-Cent Dividend—Bonus—

dividend

of 75

cents

per

share

on

the

stock, par $5, payable Dec. 24 to holders of record Dec. 20.
An
extra dividend of 25 cents in addition to a<s regular quarterly dividend of

common

like amount

was distributed on Nov.
1, Aug. 2, and on May 1 last.
A
was paid on
Feb. 1, 1937; 75 cents paid on Dec. 26,
regular quarterly dividend of 25 cents per share paid on Nov. 2,

dividend of 25 cents

287,574

& Co.—Accumulated Dividend—

declared

$1,471,218
7,720
$1,478,938
549,000
51.701

39

$101,402

unpaid

19.36,

328,656

18,777

fLudwig) Baumann
The directors have

or

income for that year.

18,660

3,633,911

Total.

$101,363

354

a

ordered

bonus

of

$25

to

factory

employees

with

one

more, one of $15 for those employed six months to a year,
of $10 for those of less than six months employment.
Bonus is
additional to profit-sharing payments totaling $15,000.—V. 145, p. 3189.
one

2382.

.

accumulations
Dec. 24 to

x

$286,116.

8,910

798,032

vrAf^Jres^7£for depreciation
145, p. ,1491.

•—V

$117,570
$ 117,924
45,750
4,288

$449,063

Company also
of service or

indebt...

$4,660,727 $4,341,665

480,000

5,090,528

stock and $1.50 a share on $6 preferred stock, were paid on Oct.
Dividends on these stocks are cumulative.

and

2,101,812

^Total

480,000

Balance

$31,908

Cap. stk. (par $5).
Surplus

x

3,791

40,000

Net income...
$67,886
$51,681
Dividends applicable to preferred stocks for the

x

$34,298

18.241

Funded

cos

3.427

$6,714,822

1936.

15-yr.

partic. Inc. debs.
Due to parent and

A

316

40,000

Other int. & deductions.

32,791

accrued

1937—12 Mos.—1936

$7,588,062
5,633,417

year

taxes,

accr. on

$684,451

res.

Net oper. revenues

30,379

molasses

&c.,
Int.

240,547

$738,945

Total...

311

Other income (net)
Gross income
Int. on mtge. bonds

1936

expenses of sugar

and

Int., rents,

85.475

282,220

Surplus

$596,982
455,303

investments

Property retirement
appropriations

1937

Accounts payable.
Prov. for shipping

55,315

227.670

209,500
85,475

Amortization of limited-

1936, and

1932.

Consolidated Balance Sheet Sept. 30, 1937

on

Common stock.,

1937—Month— 1936

net

1935

241,860

104,161
24,245

20.106
201.900

$651,009
493,128

for

t

1936

sources.

Assets—

Period End. Nov. 30—

Note—No provision

•Earnings

1937

$2,046,381

Revenue from sugar

126.143

assets

Res. for Income tax

Preferred stock

$684,451

Operating revenues
Oper. exps., incl. taxes..

Corp.—Accumulated Dividend—

^Directors on Dec. 20 declared on account of dividends accumulated on the
participating preferred stock, a dividend of $1 per share, payable Dec.
30,
to holdera of record Dec. 20.
Like amount was distributed on Dec. 23,
1936.—V. 145. p. 598.

Total

$738,945

period, whether paid

Bankers Securities

Rev. from other

fixed

2,168

Birmingham Electric Co.—Earnings-

1937—11 Mos.—1936

term

Net rev. from opers..
Tax accruals

r

20

3,666

x Represented
by 800,000 (20,000 in 1936) no par shares,
y Of which
$188,110 earned surplus in 1937 ($188,110 in 1936), and $60,907 is capital
surplus in 1937 ($52,437 in 1936).—V. 144, p. 4335.

Bangor & Aroostook RR.—Earnings—
r Period End. Nov.

tenance &

409

3,533

x

per

$16,837

Cus¬

of

5,328

2.156

Investments

1936

$19,158

(sales tax).

y

to

common

Collector

Corp.—Extra Dividend—

have

charges..

Dividends payable
Res. for deprec. of

toms

.

Banc Ohio
The

crued

Cash surr. value of
life insurance

1937

Liabilities—
Accts. pay. and ac¬

(E. W.) Bliss

Co.—Transfer Agent—

The Chase National Bank of the City of New York has been appointed
transfer agent for the 6% convertible preferred, 5% convertible preferred
and common stocks.—V. 145, p. 3967.

Bloomingdale Bros., Inc.—To Vote

on

Ending Suit—

A

special meeting of the stockholders has been called for Jan. 4 at
Special Term, Part IV, of the Supreme Court of New York, to approve
the compromise and settlement of claims involved in an action brought
by two stockholders concerning an employment contract with Samuel J.
Bloomingdale and Hiram C. Bloomingdale dated Jan. 31, 1930.
The action, which is in behalf of Bloomingdale Brothers, Inc., was
brought against Federated Department Stores, Inc.; the directors of
Bloomingdale Brothers, Inc., and the B. Bros. Realty Corp., the lastnamed company being controlled by the Messrs. Bloomingdale and owning
certain leases covering the store property at Lexington Ave. and 59th St.
leased to Bloomingdale Brothers, Inc.
The action also charges that the
lease covering this property was improperly entered into.
Under the terms of the proposed settlement the compensation of Samuel J.
Bloomingdale under the 10-year contract will be reduced from $75,000
a year to $25,000, and that of Hiram C.
Bloomingdale from $50,000 yearly
to $15,000.
Provisions providing for the carrying of insurance on the
lives of Messrs. Bloomingdale also are to be canceled.
In addition the
Messrs. Bloomingdale agree to extend for an additional five years from
Jan. 1, 1940, their obligation not to compete with Bloomingdale Brothers
under the name Bloomingdale.
The settlement provides also for the
payment by Federated Department Stores of the claim for compensation
by the attorneys and accountants for the plaintiffs for services in the action.
In connection with the charge that excessive rent was being paid to
the B. Bros. Realty Corp., Bloomingdale -Brothers, Inc., said no new
lease was made on the acquisition of the controlling interest by Federated
Department Stores, that rentals never had been increased since 1927, and
that cancellation of the leases would injure the company immeasurably
because it would involve the surrender of the store building, which cost the
company more than $5,000,000 to build, and would leave the company
without any building to carry on its business.
Federated Department Stores owns about 69% of the common and all
the preferred stock of Bloomingdale Brothers, Inc., and the estate of
Irving I. Bloomingdale about 25% of the outstanding common stock.
The company says the other defendants in the action own less than 1%
of the common stock.—V. 145, p. 271.

Bond &

Mortgage Guarantee Co.—Interest—

A distribution of interest totaling $40,643 is being made to holders of
mortgage certificates in Issue 212,246, the security for which is the Labor
Temple Building at the southwest corner of Second Ave. and 14th St.,
N. Y. City.
It represents a payment of 7-072%, of which 4.072% is for
the period fromJ3ept. l, 1934, to Dec. 31, 1935, and 3% from Jan. 1, 1936,
tq Sept. 30, 1937.
It will be the first interest payment since March, 1935.
Emmanuel M. Cohan is the trustee.—V. 145, p. 2383.

Volume

Financial

145

Bonnie Bros.,

Year

Cat.

Months

6

1936

June 30, '37

Net sales—Whiskey.

year.

$1,262,465

Cost of sales

843.102

590,213

$419,363

$109,312

..

Storage income collected.

21,037

..

expenses

$414,396
119,593

$85,171

Gross profits from operations

Selling, general & administrative

$445,321
30,925

$117,966
32,795

Warehouse expenses

25,958

$130,349
12,383

$294,803
6,401

Net profits from operations

Other income

3,180
$88,352

incomeV_V.TrIII"

$301,204
10,088

9.388

Extraordinary expenses—Flood losses.

8,330
11,528

Deductions from

Net profits

.»

—

—

—

54,455

$59,105
79,517

$236,660
43,368

$138,622

$280,028

Earned surplus—Bal. beginning of period

Dlv. of $2 per share, paid in 5% notes (divs
than $100 paid in cash)

less

200,512

Balance end of period

$79,517

$138,622
Balance Sheet

Assets—

JuneZ 0/37

Dec. 31 .'36

$17,395

$6,593

17,626

39,694

Cash in bank
Accts.

trade.

rec,,

Not esrec,,flec'd by
warehse. receipts

37.849

431,964

29,234
35,128

rec.

35,128

Warehouses

bldgs.,

with

654,527

10,197

8,406

20,115

20,115

Inc.—Dividends—

Brooklyn-Manhattan Transit System—Earnings—
(Including Brooklyn & Queens Transit System]
1937—Month—1936
1937—5 Afos.—1936
$4,266,003 $20,453,355 $21,320,888
2,789,999
14,853,288
14,012,968

Period End. Nov. 30—

ware¬

Net

54,846
75,000

50,000

33,096

75,831
15,332

Accrued expenses.
Deb.
(div.) notes

rev.

Taxes

229,500

Taxes payable

642,673

Other assets

Broad Street Investing Co.,

$15,000

Accounts payable.
Notes pay., others

_

£141,563
2,857,305

£148,402
2,998,867

Totaloper.revenues_.-__ $4,087,911
Total oper. expenses
2,869,989

tached

mach'y,
expenses

$74,775

£220,403
3,147,269

£438,147
3,367,672

Directors have declared a dividend of 14 cents a share on the capital
stock, payable Dec. 24, and also a dividend of 21 cents a share, payable
on Jan.
5, 1938.
Both dividends will be payable to stockholders of record
at 10 a. m. Eastern Standard
Time, Dec. 21, 1937.
These compare with
35 cents paid on Oct. 1 last: 30 cents paid on July 1 last; 25 cents paid
on
April 1 last; $1.65 paid on Dec. 18, 1936, and regular quarterly dividends
of 20 cents per share
paid from Jan. 3, 1933, to and including Oct. 1, 1936.
In addition an extra dividend of 10 cents per share was paid on Jan. 1,
1936—V. 145, p. 2539.

Dec. 31,'36

June30/37

1934
£5,452,981
585,000
4,726,418

Total surplus
£3,805,819 z£3,367,672
£3,147,269
£2,998,867
x
After deducting all charges and expenses for management, &c., and
providing for income tax.
y Includes in each year the final dividends of
the preceding year, which are shown in annual reports as paid out of surplus
account,
z
Before distribution recommended by directors of a final divi¬
dend (free of British income tax) on the ordinary shares of 8d. per £1 of
stock, amounting to £789,392, payable Jan. 18, 1937, and £150,000 allo¬
cation to the employees' benevolent fund, leaving £2,428,280 to be carried
forward.—V. 145, p. 2383.

house receipts at¬

and

equip. Aflxtfl...

Prepaid

Balance, surplus
Previous surplus

pay—Bank

Notes pay.—Bank,
sec'd
by
notes

to

bk. loans.

Land
x

104,369

29,115

pledged

secure

y

sec'd by warehse.

receipts

34,610

Inv. at cost
Assets

Liabilities—
Notes

Earnings for the Year Ended Sept. 30
1937
1936
1935
£5,760,449
£5,541,755
£5.469,170
585,000
585.000
585,000
Ordinary dividends-._
4,737,302
4,736,352
4,735,768
Years End. Sept. 30—

Net profit after chgs__
Preferred dividends
x

Gross profits on saies..

4111

Preliminary report for the year ended Sept. 30, 1937, shows net profit
of £5,760,449 after deducting
charges and expenses of management, and
after providing for income tax, comparing with £5,541,755 in preceding

Inc.—Earnings—

Period—

Chronicle

from oper...

$1,217,922
504,759

$1,476,004
485,814

$6,100,067
2,561,292

$7,307,920
2,409,961

$713,163

on oper. props...

$990,190

$3,538,775

$4,897,959

73,512

58,382

397.740

490,240

$786,675
687,431

$1,048,572
655,645

$3,936,515
3,440,013

$5,388,199
3,273,249

$496,502

$2,114,950

78,912

130

Operating income
Net non-oper. income..

#

Gross income

Total income deductions

5% due Dec. 31,
200,300

200,300

Current

to surplus
.;
Accruing to min. int. of
B. & Q. T. Corp

$99,244

$392,927

......

20,392

112,711

Bal. to B.-M. T. Syst.

-

1946

$99,244

$372,535

$2,002,239
undistributed profits.

Res. for est. State
& Fed.Inc.taxes

11,528

Capital stock

x

reserve

for

138,622

Total

$1,238,822

$935,916

Note—The above is without provision for tax on

depreciation of $71,578

Boston & Maine RR.—Seeks

poration to meet obligations due on Jan. 1.
In an accompanying
forecast, the road estimates its 1937 net income
$133,495, compared with a 1936 net loss of $1,654,183.
It estimates
that 1938 net income would be $637,369.
Fixed charge obligations for which the RFC loan is requested were

Period End. Nov. 30—

Total oper. revenues....
Total oper. expenses

listed at $2,015,900, consisting of
$638,700 due on Jan. 1, $348,200 due
Feb. 1, and $1,102,900 due on March 1.
Loans and bills payable as of Oct. 31 were listed as $13,069,437, in¬
cluding $7,569,437 owing the RFC and due on Feb. 1, 1939.
The loans,
all due on Feb. 1, 1938, except the RFC advances, are as follows: Chase

$952,259
312,410

$1,154,027
309,434

$4,603,722
1,594,456

$5,710,266

Operating income
Net non-oper. income._

$639,849
70,444

$844,593
55,422

$3,009,266
382,349

$4,149,888

$710,293
572,889

$900,015
551,310

$3,391,615
2,868,171

$4,746,617
2,761,612

$137,404

$348,705

on

to

Brooklyn & Queens Transit System—Earnings—
1937—Month—1936
1937—5 Mos.-—1936

Period End. Nov. 30—

$1,737,302
1,405,876

$8,498,370
6,954,840

$8,566,049
6,919,618

$274,711
192,349

$331,426
176,379

$1,543,530

$1,646,431
849,584

$82,362
15,430

$155,047
15,329

$576,694

77.204

$796,847
74,773

Total income deductions

$97,792
135,952

$170,376
126,153

$653,898
680,840

$871,620
627,201

Curr. def. carr. to sur.

$38,160

sur$44,223

Net rev. from oper.._
Taxes on oper.

Operating income.

profit

...

__

operating profit.

Gross income

accumulations on the $2.25 cum. partic. pref.
holders of record Dec. 15.—V. 136, p. 2248.

$101,010
62,169

$1,231,631
609,624

Buffalo Insurance Co.—Extra Dividend.—
declared an extra dividend of $2 per share in addition
regular quarterly dividend of $3 per share on the capital stock both
payable Dec. 30 to holders of record Dec. 23. Previous extra distributions
were as follows:
$1 on Sept. 30, last $2 on Dec. 30, 1936 $1 on Sept. 20,
1936; $2 on Dec. 31, 1935; $1 on Sept. 30, 1935; $2 on Dec. 31, 1?34; $1 on
Sept. 29. 1934; $2 on Dec. 30, 1936, and $1 per share on Dec. 31, 1931.—

10 Months

—V. 145, p.

_

—

surtax on

___

excess

profits tax

$622,007

$54,050
20,431

_;

$770,979
150,869

148,972

and

undistributed profits (est.)

profit.
Earnings per share

$33,618

$510,110

Oct. 31 *37 Dec. 31 '36 f

Assets—

a

& accts. receiv.

2,328,590

Sundry rec. (curr.)
Inventories

1,895,307

Cash in pref. stock

sinking

Prepaid
Sundry

fund—

expenses.

notes

Advances

to

15,205
28,426

9,983

16,231

1oint

5,087

31,219
8,137

641,235

Dec. 31 '36

$600,000
400,350

806

Patents
b Plant & equip..

for

1.241,458

con¬

tingencies

11.722

Earned surplus..,
Pref. stk. issued &

377,331

949

redeemed..

Dr5,300

Dr5,300

a

After

1936.

reserve

$4,140,7091

The

$5,533,740 $4,140,709

for doubtful accounts of $90,154 in 1937 and $54,153 in

b After depreciation and amortization reserve of $364,697 in 1937
1936.
c Represented by 260,000 no par shares.—V. 145,

3812.

British American Tobacco

Co., Ltd.—Dividend—

The directors have declared a final com. div. of

eight pence and

a

bonus of

ended Sept. 30, 1937, tax-free.
The company is
allocating £100,000 to the employees' benevolent fund and is to carry for¬
ward £2,470,331 into the next account.
An interim dividend of 10 pence
on the common was also declared for the year ending Sept. 30, 1938.
three pence for the year




Securities

and

Exchange

Commission

announced Dec. 16 that
Western District

joining the company from

permanently en¬
further sales of its securities in violation of the

registration provisions of the Securities Act of 1933 as
decree was entered with the consent of the defendant.

amended.

The

The New York Stock Exchange has authorized the listing of $5,183,000
consolidated mortgage 4]4% bonds, due May 1, 1957, making the total
amount applied for $34,297,000.
The Interstate Commerce Commission by its order dated Aug. 17, 1937,
authorized the company to Issue $5,183,000 bonds and to sell the entire
amount to Baltimore & Ohio RR. at about 85.4%, resulting in net cash
proceeds of $4,427,000.
The net cash proceeds of the sale were deposited
with Central Hanover Bank & Trust Co. on Sept. 1, 1937, to purchase or
pay general mortgage 5%
then were outstanding in

bonds of the company, due Sept. 1, 1937, which
the principal amount of $4,427,000.—V. 145,

1412.

(F.) Burkhart Mfg. Co.—50-Cent Dividend—
Total

and $374,764 in
p.

Inc.—Sale of Stock

Enjoined—

dividend of 50 cents per share on the
record Dec. 20.
paid on Oct. 1 last; a special dividend or 50
cents paid on Sept. 1 and on Aug. 5 last, and a regular quarterly dividend
of 60 cents per share paid on July 1
last. See V. 144, p. 2119 for
detailed record of previous dividend payments.—V. 145, p. 1251, 600.
The

.$5,533,740

Total

2065.

Buffalo-Ontario Gold Mining Co.,

p.

338,315

387,808

—V. 145, p.

Buffalo Rochester & Pittsburgh Ry.—Listing—
504,550
1,720,000
453,506

Producing oil lease¬
holds & equip._

per share on account of
stock, payable Dec. 24 to

78,550

556,599

venture
Investments

Oct. 31 '37

_

Reserve

and

receivable

accts.

LiabUtiles—

$242,626

Customers' notes

Corp.—Accumulated Div.—

directors have declared a dividend of $1

Judge John Knight of the U. S. District Court for the
of New York, sitting at Buffalo, had entered an order

Notes payable
$1,150,000
I Accounts payable233,051
1,314,068 Accrued liabilities.
39,980
1,051 Notes payable (not
current
1,610,277
650,000
7% pref. stock
504,550
c Common stock..
1,720,000
27.484 Capital surplus.

$215,045

'^•

The directors have

$1.86

on common.

Balance Sheet

Cash..

,

.

Buffalo General Laundries

110,000

Net

3492.

to the

$38,841
15,209

____________

Miscellaneous charges.__
for income tax,

$26,942 sur$244,419
undistributed profits.

$1,041,463
190,168

income.....

Provision

— .

966,836

$6,120,971
5,079,508

Income from oil and gas operation.

_.

properties

Net non-oper. income

The

Total i ncome

^

$1,699,693
1,424,982

Total oper. revenues
Total oper. expenses

Note—The above is without provision for tax on

Gross profit.

Net

$523,444 $1,985,005
undistributed profits.

3491.

$89,216
11,793

___

Miscellaneous

596,729

Month
$522,494
433,277

Cost of sales.

Total gross operating

surplus....

Note—The above is without provision for tax on
—V. 145, p.

Bridgeport Machine Co.—Earnings—

Expenses

1,560,378

Current income carried

The New York Stock

Period Ended Oct.Zl, 1937—
Net sales and rentals...

from oper...

Total income deductions

Botany Worsted Mills—Listing Denied—
Exchange issued the following statement Dec. 22:
"Botany Worsted Mills has presented an application to the New York
Stock Exchange for the listing of its preferred stock and class A stock.
At a
hearing before the Committee on Stock List at the New York Stock Ex¬
change on Dec. 20, 1937, it was indicated to representatives of the com¬
pany that the capitalization of the company had various unusual features
resulting from the plan of reorganization which did not comply with the
Committee's usual requirements for listing.
The Committee has rejected
the company's application for listing at the present time without prejudice,
and has indicated that it will be glad to have the company renew its appli¬
cation at a later date, when the capital structure may be simplified and the
earning power of the company is more clearly indicated ."—V. 145, p. 3647.

rev.

on oper.

Gross income....

National Bank, $1,000,000; First National Bank of Boston, $2,500,000;
Second National Bank of Boston, $500,000; State Street Trust Co., Boston,

2837^Ut Bank* ®ostor1, SI,000,000, and RFC, $7,-

1937—Month—1936
1937—5 Mos.—1936
$2,400,481
$2,541,219 $12,018,154 $12,819,735
1,448,222
1,387,192
7,414,432
7,109,469

properties

Net
Taxes

at

yat145

$496,502

[Excluding Brooklyn & Queens Transit System]

$2,000,000 RFC Loan—

The company has applied to the Interstate Commerce Commission for
permission to borrow $2.000,Jo0 from the Reconstruction Finance Cor¬

569*437

carried

79,517

$935,9161

...$1,238,822

After

421,024

Surplus....
Total

421,024

income

directors have declared a

new common

stock, par $1, payable Jan. 1 to holders of

This compares with 60 cents

California-Oregon Power Co.—Accumulated,
The directors have

declared

a

Dividends—

dividend of $1.75 per share on the 7%

cumulative preferred stock, par $100, a dividend of $1.50 per share on the
6% cumulative preferred stock, par $100, and a dividend of $1.50 per share
on the 6% cumulative preferred stock,seriesC of 1927,par $100,allpayable
(on account of

accumulations) on Jan. 15 to holders of record Dec. 31.

Financial

4112

and $6 per

Arrearages after these payments will total $7 on the 7% stock
on the 6% stocks.—V. 145, p. 3968.

share

declared

have

directors

Dec. 1.—V. 144, p. 2471

Callahan Zinc-Lead Co.—Earnings—

Listing of Additional Stock Authorized—

•

the listing of 498,413
(par $1) on official notice of issuance
pursuant to the terms of an offer to stockholders or upon the exercise of
certain options, or both, making the total amount applied for 1,994,523
The

New

Exchange has authorized

Stock

York

have

directors

declared

shares.

•

Earnings for the 9 Months Ended Sept. 30, 1937

$76,893
67,583

Gross sales
Cost of sales.*.

_

—

.

_

;.

.

profit

•

'

—

-

$9,311
29,130

.

—

*

E xpenses

—

Lossfrom mining operations
——
Net income from other than operations

19,819
5,167
6,991

.— —
...— —

Non-recurring expenses

with 75 cents paid on Sept. 29 last; 25 cents paid on July 23
last; 75 cents on April 16 last; 50 cents on Jan. 15, 1937; 50 cents on Oct. 15,
1936, and dividends of 40 cents per share distributed each three months
previously.
In addition an extra dividend of 50 cents was paid on Dec. 19,
1936.—V. 145, p. 430.
This compares

(L. E.) Carpenter & Co.—Regular Quartely Dividend—
A dividend of 6^ cents per share (and announced as a regular quarterly
dividend) has been declared on the common stock (par $1) payable Dec. 30
to holders of record Dec. 28. A dividend of 10c. per share was paid May 15,
last.

10 months of 1937 are reported at $966,118, an
over sales of $712,157 reported for the same period
According to company officials, this increase was equivalent to

Gross sales for the first

increase of $252,971
of 1936.

35.5%.
A registration statement covering an issue of 80.000 shares
has been
filed in Washington. The shares will be offered shortly after the first of the

Caterpillar Tractor Co.*—Earnings—
12 Months Ended Nov. 30—

Balance Sheet, Sept.

Fixed assets.

.........

Investment
on

Cash

on

hand..

Cost of sales, oper. exp., &c.,

19,305

Accts. pay. to officers,
holders ft employees

stock¬

Accrued payroll

17,399

mkt.

Other curreDt assets

Pro vs. for Fed. & State social

mill

Holdback

& mine

tunnel

on

After

reserve

$11,461,233

Net profit
on

Corp.—Registration Withdrawn

Canada Cement Co.,
accumulations

on

■

dividend of $3.25 per share on account of

stock, par $100, payable March 21,

1938, to holders of record Feb. 28.
Dividends of $1.25 were paid on
Dec. 20 and on Sept. 20 last,
A dividend of $1 was paid on June 21 and
on March 20, 1937, this latter being the first payment made since June 30,
1932.—V. 145, p. 3341.

Ltd.—Extra Dividend—
of 15 cents

extra dividend

an

the

regular quarterly dividend of 37
the common stock, no par value, both payable Feb.
Jan. 20.—V. 145, p. 2065.
to

per

share in

cents per share on
1 to holders of record

1936
$2,732,000

1937

$2,727,000

Decrease

$5,000

Canadian Western Natural Gas, Light, Heat & Power
Co., Ltd.—Corrected Dividend Record—
The company paid a

dividend of $1 per share on its common stock,

par $100, on Dec. 15 to holders of record Dec. 14.
Dividends amounting
to $3 per share were paid during the year 1936, and during 1935; $2 dis¬

tributed during 1934, and $3 per share paid

during 1933.—V. 144, p. 2643.

57 745

an

extra

Capital Management Corp.—Final Liquidating Div.—
the

company's

V.144,

p.

of $4.38 per share
Dec. 21.
See also

final liquidating dividend
par

payable

$10,

2643.

Carolina

Bonds

a

capital stock,

49,638,669

Inc.,

Co.,

High

N.

Point,

Celotex Corp. — To Buy Interest on Certain-teed Products—
announced Dec. 22 a plan to acquire substantial holdings

The corporation

in Certain-teed Products Corp.

B. G. Dahiberg, President, said the plan contemplated acquisition of
9,496 shares of preferred and 109,360 shares of common stock of Certainnow held by Phoenix Securities Corp., New York.
In payment Celotex would issue 43,744 shares of its own common stock
and pay $596,760 In cash.
Mr. Dahiberg said the plan would be submitted
to Celotex stockholders at the annual meeting here Jan. 18.
Upon the conclusion of the proposed transactions, Celotex will own
about 20% of the common stock of Certain-teed, and Phoenix will
hold
32^ of the common shares of Celotex through a wholly owned subsidiary.

teed

Net profit after Int., deprec., Fed. income taxes,
Earnings per share on 268,685 common shares
—V.

1st mtge. bonds is being offered at 100 and int.
by George B. Craven & Co., High Point, N. C.
Dated Dec. 1, 1937, due $5,000 each Dec. 1, 1940 to 1946. Principal and
Int. (J. & D.) payable at Wachovia Bank & Trust Co., High Point, N. C.,
trustee.
Denom. of $1,000, registerable as to both principal and interest.

Capitalization—After the sale ©f all bonds capitalization will be as follows:
$35,000
7% cum. pref. stock, ($100 par)..
3,200
Common stock ($100 par)
20,000
.

1st mtge. 6% serial bonds, due Dec. 1,1940-46

1936

p.

Years End.

Associates (& Subs.)-—Earnings■—

After

1935

1936
$2,545,473

1937

July 31—

$2,947,043

$1,598,097

742,827
$3.42
depreciation, Federal income taxes, &c.

742,796
$2.15

742,912
$3.96

capital stock
Earnings per share
x

$4.17

2540.

Net income

Shares

$736,014
$2.19

&c $1,266,753

-V.

1934
$2,198,508
742,774
$2.96

145, p. 3492.

Operating revenues
Oper. exps., incl. taxes..
Amort, of limited term

of approximately

2,913

2,984
35,000

321,990

Net oper. revenues—
Other income (net)

$60,662
10,038

$69,467
12,007

$904,777

$70,700
18,958

$81,474 '
31.250

Gross income

Int.

Net oper. revenues
for lease of plant

$493,796

478,144
115,000

chgd. to construc'n.

$1,008,671

248,396

375,000

7.826

7,402

$49,617

'$794,929

108,054

108,054

$686,875

$518,215

$498,591

$5,174,718

$50,924

Balance

$4,547,287

-

Note—No provision was

made for Federal surtax on undistributed profits
reported no undistributed adjusted net
made to date for 1937.

No such provision has been

income for that year.
—V.

145,

3492.

p.

company

will

be

Unable to Pay Taxes, Rentals—

unable to meet its

17,307

17,302

205.968

205,254

$481,289

$4,968,750

764

1,906

29,898

$4,342,033
31,888

State and

county taxes in

Georgia and Alabama due Jan. 1, 1938, according to a statement made
by J. D. McCartney, assistant rceeiver for the road.
Simultaneously, Mr.
McCartney announced that the company would not be in a position to
pay the six months' rental due Jan.
1 on its leased lines.
These lines
the

South

Western

RR.,

Augusta

&

Savannah

Chattahoochee & Gulf RR.

RR.,

and

the

,

Under the terms of the modified lease

$476,489

$626,269

for 1936. inasmuch as the company

The

1937—12 Mos —1936
$1,044,112 $12,122,364 $10,803,457
465,521
5,902,646
5,296,170
80,000
1,045,000
960,000

Cr,3,293

-

income....

include

(net)

$1,047,858

applicable to preferred stocks for the
period, whether paid or unpaid

Net

Rent

Operating income....
Other income (net)

$846,956
161,715

Dividends

Co.—Earnings—

$1,086,940

143.081

607

818

Central of Georgia Ry.—

1937—Month—1936

Operating revenues
Oper. exps., incl. taxas.
Prop, retire, res. approp.

...

Int. on mortgage bondsOther int. & deductions.

$20,000, and permit company to

Earnings, after payment of Federal income taxes, before deduction of
depreciation and interest paid, but after deduction of all prior charges,
totaled $51,064 for five years ending July 31, 1937. This was equivalent to
4.80 times annual interest requirements of $2,100 on the $35,000 of bonds.

Period End. Nov. 30—

35,434
274,540

35,551

30.000

investments

discount all subsequent merchandise bills.

Carolina Power & Light

1937—12 Mos.—1936
$3,949,02*
$3,400,417
2,686,703
2,243,487

1937—Month—1936
$318,972
$296,276
225,397
188,825

Prop, retire, res. approp.

amended on its charter to the Carolina Casket Co., Inc.
Proceeds from the sale of these bonds will be used to retire merchandise
amount

Co.—Earnings-

Central Arizona Light & Power
Period End. Nov. ,30-'-

-

Business—Company is engaged primarily in the manufacture and dis¬
tribution of fine wooden caskets and in distributing metal caskets and
other funeral supplies.
Company is the outgrowth of a business originally
established by Capt. A. M. Rankin in 1902 and known as the Rankin
Coffin
Casket Co., Inc., until 1924 when the name was changed and

the

145,

Central Aguirre

C.—

Offered—

in

....54,634,800 49,638,669

Total

y

v

Casket

An issue of $35,000 6%

notes

15 ,414,228 15,029,104

1937

a

The directors have declared

stock.

$12,401,720 in 1937 and $11,615,154
Represented by 1,882,240 no par shares,
z Does not include
any amount for Federal surtaxes on undistributed earnings,
a A dividend
was declared on Oct. 28,
1937, on the common stock of the company of
3-100ths of a share of the company's 5% cum. pref. stock ($100 par value).
The dividend was paid on Dec. 8, 1937.—V. 145, p. 3492.

x

on

Common

Capital surplus...13, ,733,577 13.733,577

Earnings for Year Ended Oct. 31

dividend of 25 cents per share in

regular dividend of five cents per share on the common stock,
both payable Jan. 1 to holders of record Dec. 29.
An extra of 5 cents was
paid on Oct. 1 last; an extra of 15 cents in addition to the regular quarterly
dividend of 5 cents was paid on July 1, last; 10 cents paid on April 1 last,
and an initial dividend of 10 cents per share paid on Dec. 26, 1936.—V. 145,
p. 2066.
addition to

500.000
1,983,931
6,014,776
9,411.200

6, 014,776
9,,411,200

stk.(par $100)

35,121

Cannon Shoe Co.—Extra Dividend—
The directors have declared

383,934

After reserve for depreciation of

1936.

Canadian Pacific Ry.—Earnings—
Week Ended Dec. 14—
Traffic earnings
—V. 145, p. 3969.

y

201,970

54,634.800

Total

&

Earned surplus

Prepaid insurance,
taxes, &c

in

Canadian Bronze Co.,

Pref

18.845.241

equipment. &c_ 19,756 902
properties

Miscell.

x

The directors have declared
addition

1

buildings,

'36

$

2,582,147

j Notes payable....
1 i Res.for P'ed.taxes_z2,,355,649

*

and goodwill

Land,

Dec. 31

$

Accrued payroll

21,549 ,250

trade-mks.

Pat'ts,

department.—V. 145, p. 2219.

the 6Hi% cum. pref.

2,309,929

30 '37

payable- 1, 360,158

698,292
11,576,037!
expenses
16,670,371 Dividend payable.«5, 646.720

10,971 ,115

less reserves

.

Liabilities—

2,299, 788

Cash

Ltd.—Accumulated Dividend—
a

-•'-Vv'f.Nov
Accounts

Notes & accts.rec.,

x

The directors have declared

due

Balance Sheet
Dec. 31 '36

$

Assets—•

Inventories

See list given on first page of this

$9,242,260

for any amount which may become
undistributed earnings.

Nov. 30 •37

for depreciation

Cameron Fuel Oil Motors

5,525
1,938,500

Note—Before deducting provision

for surtaxes

$3,109,622

Total.........

$3,109,622

and depletion of $3,062,800.
y Capital
surplus arising from reduction of the par value of capital stock outstanding
May 23, 1934, after charges made there against including the operating
deficit at May 24, 1934, in the sum of $3,397,847.
No other operating
gains or losses are absorbed in capital surplus.—V. 145, p. 3968.
x

5,849
2,438,558

paid.......

Provision for Federal taxes

887

yl,800,639
217,557

Capital surplus

Operating deficit
Total.

$13,405,709 $10,643,758
CV499.931
Cr542,527

Balance
Interest

driving

contract

17,847

materials A supplies, at cost

1,032

Prov. for other taxes

4,194

Deferred charges

$15,567,191 $12,528,315
2.161,481
1,884,557

—

Interest earned.....

984

security taxes.

975

.

Gross profit (inventory estimated)
Depreciation

13
8,208

23,245

Inv. of concentrates, at

1937
1936
....$65.019,001 $52,740,581
less miscell. income. 49,451,810
40,212,265

$1,498,110

Accounts payable—current..

158,215

deposit fdemand)...

of constr.,

Common stock (par$l)_._..

,.x$2,590,101
297,337
309

Accounts receivable

Inv,

Net sales

30, 1937

Liabilities—

Assets—

145, p. 2384.

according to present plans, at $2.75 per share.—V.

year

$21,643

Net loss.

Cash

per share on the
holders of record Dec. 17.

of 25 cents

dividend

a

stock, no par value, payable Dec. 28 to

common

shares of capital stock

additional

Gross

1937.—

|

Carpel Corp.—25-Cent Dividend—
The

the

of 75 cents per share on

dividend

a

stock, payable Dec. 10 to holders of record

1937
25.

No such provision has been made to date for

income for that year.
V. 145, p. 3492.

Co.—75-Cent Dividend—

California Water & Telephone
The

common

Dec.

Chronicle

agreements the Central of Georgia

additional, if earned,
the Chattahooche

is required to pay an annual fixed rental of 3% and 2%
on the $100 par shares of the Augusta & Savannah, and

Western $100
modified by court proceedings.
Payment of a
lines would amount to $151,667.
Increases in wages, taxes, coal and other materials, coupled with a
decline in traffic, are blamed for the road's inability to meet its obligations.
It was announced that since Oct. 1 the company had laid off 800 employees,
which number is approximately 14% of the road's force.
Most of those
released were in the company's repair shops, it was stated.—V. 145, p. 3648.
&

The

Gulf lines.

par

share

has

not

full

5%

annual

rental on the

South

been

minimum six months rental on the

Gross income

$483,195
191,667
6,956

$4,998,648
2,300,000
Crll2

$4,373,921
2,300,000
59,824
Crl ,457

$280,143
$284,572
Dividends applicable to preferred stocks for the
period, whether paid or unpaid

$2,627,724

$2,015,554

1,255,237

1,255,237

Int.

on

$477,253

mortgage bonds.

Other int. & deductions.

191,667
5,443

Int. chgd. to construc'n.
Net

income

71,036

Central Power
The

directors

Co.—Preferred Dividend—

have declared

Balance
r"

$1,372,487

$760,317

Note—No provision was made for Federal surtax on undistributed profits

for 1936, inasmuch

as

the company reported




no

undistributed adjusted net

a

dividend of $1.75 per share on the 7%

pref. stock and $1.50 per share on the 6% cum. pref. stock, both of
$100 par value, payable Jan. 15 to holders of record Dec. 31.
Similar
payments were made on Oct. 15, July 15, and on April 15 last.
Dividends
on both issues are in arrears.
See also Y. 144, p. 100.—V. 145, p.
3341.
cum.

Yjo

Volume

145

Financial

Central Maine Power Co.
Period End. Nov. 30—

Earnings—

1937—Month—1936
$578,353
$591,378

Operating revenues
Operating expenses

Chronicle

4113

Cleveland Tractor Co. (&
Subs.)—Earnings—

1937—12 Mos.—1936

Years End. Sept. 30—

$6,810,627
2,430,168
717,455
293,286

$6,466,407
2.375,354
675.866
130,710

872

$3,369,718
36,937

$3,284,477
39,991

Interest expense
Amort, of deb. disc.

$286,086
106,867
3,454
17,778

$309,482
115.232

$3,406,655
1,285,425

Provision

5,157

62,807

27,451

251,261

$3,324,468
1,383,187
78,382
333,551

$157,987
108,099

S161.642
108.099

$1,807,162
1,297.182

$1,529,348
1,297,182

State & municipal taxes.
Federal taxes (incl.

206,411
56,037
30,765

204.598

Net oper. income
Nonoper. income (net)..

$285,140

$308,610

946

inc.)

Gross income..
Bond interest
Other interest (net)
Other deductions

Netincome
Pref. div. requirements-

56,509
21,661

Total income

&c.J
Inventory adjust, (net).
for

uncoil.

revenues

expenses

Federal taxes (incl. inc.)

$58,850
53

Gross income
Bond interest

$671,010
3,922

$675,033
6,520

86

$58,903
20,417

$75,983
20,417

$674,932

2,504
29,646

$35,941
18,928

Pref. div. requirements!
—V. 145, p. 3493.

$48,525
18,928

The directors have declared
to

common

an

extra dividend

of 20 cents per share in

1936.—V. 145, p. 2689.

on

the

6%

a

dividend of 45 cents per share on account

cum.

to holders of record Dec. 23.
last—V. 145, p. 2067.

pref. stock, par $10, payable Dec. 24

A dividend of 15 cents

was

paid on Oct.

1

Chesapeake & Ohio Ry.—Earning,<
November—
Gross from railway
Net from railway

1937
.

..

Net after rents
From Jan. 1—

Gross from railway
Net from railway
Net after rents

1936

1935

1934

$9,741,759 $12,590,727 $10,856,622
3,701,656
6,806,775
5,479,133
3,017,142
5,557,610
4,522,135

$9,102,821
4,137,383
3.155,219

51,553,129
39,534,839

59.966,227
48,100,531

—V. 145, p. 3969.

46,535,258
36,502,417

34,124

Other assets

1,741,538

33,501

Chicajo Burlington & Quincy RR.—Acquisition—

The

Interstate

Commerce

Commission

on

Dec.

10

issued

a

certificate

authorizing acquisition and operation by the company of certain terminal

Sroper ties, including two main-line in Jacksonville, 111.—V^. 145, p.operated
tracks, formerly owned and 3813.
y the Jacksonville & Havana RR.,

Land,

Walker, chairman

of the insurance group which advanced the
plan:
"From a hurried study of the plan of
reorganization, which you have been
discussing with me, it appears that the treatment of the various
security
holders is relatively fair.
"It is acceptable to the RFC in so far as its indebtedness is
concerned.
"The plan presupposses earnings that are not now
available and there¬
fore could not be made effective until this
phase of the situation has been
corrected.

"We realize that the stock, common and
preferred, now has no value, but
a spirit of fairness to the stockholders
they should be given the right to
reinstate themselves by the purchase of new stock from the
treasurer of the
road on some proper basis.
in

"This would also have the advantage of
adding strength to the capital
rights be exercised."
^

structure of the road if the

Interstate

Commerce

Commission

has

adjourned hearings in the
reorganization case until April 19, 1938.
The lengthy adjournment was
taken to allow completion of
segregation studies now being conducted.
In the interim, the Commission's Bureau of Finance will
prepare a report
on

the record

as

made in order to expedite final work

on

the

case

after the

last hearing.—V. 145. p. 3970.

Chicago Surface
Plan Transit

Merger—

A committee of four
James

H.

of Four Named to

was

Coach

73,-394
25,985

192,155
152,412

110,303

112,533

112,533

1,072,153

1,021,554

73,181

and

53,779

50,685

1,221,000
Deferred income..
41,857

1,250,000
28,365

5%

conv.

Reserve

for

gen.

contingencies

141,928

Capital stock
Capital surplus

1,099,475
1,156,349
154,377

146,069
1.099,475
1,156,349
Profit & loss surp.
271,223
d

inventory of supPlies, &c

119,838

113,524

$5,067,161 $4,477,8301

Total

$5,067,161 $4,477,830

After

reserves of $200,360 in
1937 and $129,185 in 1936.
b After
$225,513 in 1937 and $191,713 in 1936. c At depreciated value,
d Represented by 219,988 no
par shares after deducting 12 shares held in
treasury at ledger value of $525.—V. 143. p. 4148.

of

Colon
3

Development Co., Ltd.—Earnings—

fonths Ended Sept. 30—

1937

1936

£66,599

Profit after expenses,

£82,748

depreciation, &c., but before

depletion.
—V. 145, p. 2541.

Columbus Auto Parts Co.—Accumulated Dividend—

*

The directors have declared

a dividend of 50c.
per share on account of
pref. stock, no par value, payable Dec. 23
A dividend of $1 was paid on Dec. 1, last:
75 cents was paid on Sept. 1 last; one of $1 was
paid on May 21 last; 25
cents paid on March 1 last and dividends of
50 cents were paid on Dec. 26
and on Oct. 15,1936.
Dividends of 25 cents per share were paid on
Sept.

accumulations

on

the $2 cum.

to holders of record Dec.

20.

1,
1936.
A dividend of 10 cents was paid on Dec. 2,
1935, this latter being the first payment made on the issue since Dec.
1,
1933, when a regular quarterly dividend of 50 cents per share was dis¬
tributed.—Y. 145, p. 3649.

June 1 and March 2,

Columbia Pictures Corp.—No Stock Dividend—
Company issued

a

statement saying that "tax legislation activities and

uncertainties with

respect to the ultimate status of the present undistributed
profits tax law have been deemed by the management of sufficient impor¬
tance to justify the deferment of action at this time on the usual 2
M %
stock dividend."
The regular quarterly cash payment of 25 cents was
voted, payable Jan. 3 to holders of record Dec. 22.
The matter of the
stock dividend will again be discussed late in the spring,
when, it is hoped,
final tax legislation will have been passed, the company stated.—V.
145,
p. 3814.

Commodity Corp.—To Pay 15-Cent Dividend—
The directors have declared

a dividend of 15 cents per share on the com¬
stock, payable Dec. 27 to holders of record Dec. 17.
Dividends of
25 cents per share were paid on Sept. 20, last, and each three months pre¬

mon

viously.—V.

144,

p.

1273.

Commonwealth Edison

Co.—Earnings—

[Including Subsidiary, Commonwealth Subsidiary Corp.]
Period End. Nov. 30—

Operating revenues
Netincome
Per share earnings

1937—Month—a 1936

$7,696,003
1,065,514
b$0.14

1937—11 Mos.—al936
$7,215,690 $79,578,305 $75,446,371
1,166,842
13,346,511
9,146,318
c$0.18
d$2.00
d$1.42

a As
adjusted,
b On 7,733,676 shares outstanding Nov. 30, 1937.
c On
6,450,520 shares outstanding Nov. 30, 1936.
These shares are the
equivalent in new $25 par value shares of 1,612,630 shares of $100 par
value outstanding at that time,
d Based on average number of shares
during the periods.

Office Created—

James Simpson, Chairman of the company, on Dec. 18 announced the
following:
At a meeting of the board of directors of Commonwealth Edison Co. held
Dec. 17, the office of General Counsel was created.
Charles Y. Freeman
was elected to this office, effective Jan. 1, 1938.
Mr. Freeman will act as
chief consulting officer of the company in all legal matters and subject to

have general

control

of all

matters of
powers

legal import. In the absence or disability of the Chairman, the
and duties of the Chairman will be performed by the General

Counsel.
organized in the court

Wilkerson at Chicago

Dec.

14

to

of Federal Judge
plan the consolidation of the
room

Chicago Surface Lines, the Chicago Rapid Transit Co., and the Chicago

Motor

credits

wages

the Board of directors and the Chairman will

Lines—Committee

25,382

commissions

10-year

buildings,

mach., eqpt.,&c.
Prepaid
expenses,

New

Hearings,on Reorganization Adjourned—

The

Customers'

$313,788

68,827

Acer. Fed., State &
local taxes

Unpaid

1936

$638,633

under

sink, fund debs.

in operations
c

Chicago & North Western Ry.-—Mr. Jones Backs Plan —
Treatment accorded the Reconstruction Finance
Corporation in the plan
of reorganization for the road received the indorsement of
RFC Chairman
Jesse H. Jone3 Dec. 21.
Mr. Jones wrote Frederick W.

331

1937

payable
liab.

warranty agree.
Acer. int. on debs.

84,739

Sink, fund—Cash.
Real est. not used

45,008,949

34,131,767

908,741

534,686

.118.502,613 124,398,635 104,740,116 101,287,130
..

..

667,242

2,206,343

(H.) Channon Co.—Accumulated Dividend—
The directors have declared
of accumulations

45,675

accepts.,

finance company

a

quarterly dividend of 25 cents per share on the
The extra dividend will be
paid on Dec. 27 to holders of
record Dec. 22, and the regular
quarterly distribution will be made on
Jan. 15 to holders of record Dec. 15.
An extra dividend of 15 cents was paid
on Oct. 15 and on
July 15, last; an extra of 10 cents was paid on April 15,
last, and an extra dividend of 30 cents per share was distributed on Dec.
22,

Liabilities—
Accts.
Est.

&c_.
with'ld by

reserve

stock.

the regular

1936

$415,402

8.

Total

Chain Store Investors Trust—Extra Dividend—
addition

$0.35

24,515

Federal Income tax for preceding fiscal year,
undistributed profits.

on

Inventory

$333,275
227,136

$397,782
227,136

U.

accts. rec.,

1,800
57,583

7,456

$1.32

1937

from

Amts.

288,896

Cr415

1,830

$77,811

$0.13

$320,534

Notes,

a

$681,553

245,000

715

(net)...

Other deductions

27.712
$289,445

Government

$1,975,714
1,108,713
146,749
45,219

$75,897

Nonoper. income (net).

Other interest

1937—12 Mos.—1936

b

Net oper. income...

~x6,456
$30,292

23,498

Consolidated Balance Sheet Sept. 30

Due

$2,177,668
1,234,592
167,290
104,776

j

IncludesJ53.375 additional

Assets—

State & municipal taxes.

$302,791
186.862

$0.53

Includes $60,700 surtax

Cash....

Corp,—Earnings—

1937—Month—1936
$195,579
$179,940
116,133
88,099
11,564
12,095
9,032
3,849

$534,492
191,474
25,860

240,417
*63,668
7,547

$116,846

par)

x

$371,878
.

13,603

Earns, per sh. on
220,000
shs. com. stk. (no
y

$250,928
51,863

71,665
13,986
yll 1,600

Net profit...

dividends have been paid at one-half of the
regular
1, 1934 and arrearages for the quarters ended
Sept. 30, 1934,
Dec. 31, 1934, March 31, 1935 and June
30, 1935 were paid on Jan. 1,
1937. April 1, 1937, July 1, 1937 and Oct. 1,
1937, respectively.—V. 145,
p. 3648.

1934

$452,600
81.892

&

doubtful rec
Miscell. deductions
Prov. for Fed. inc. tax..

Note—Preferred

Operating
Operating

$735,612
288,017
133,498

1

1935

$216,841
155,037

102,510

Depreciation

Central Vermont Public Service

1936

$633,102

Other income

rate since Oct.

Period End. Nov. 30—

1937

Operating profit

Co.

Exchange Offer Extended—
The

announced on Dec. 21 that its offer of exchange of its
common stock of Public Service Co. of Northern Illinois,
expire Dec. 21 has been extended to Jan. 17, 1938.
As of Dec. 18, 1937, more than 95% of the outstanding common stock
of Public Service Co. of Northern Illinois (including the shares formerly
held by Commonwealth Subsidiary Corp.) has been exchanged under the
plan.
The preferred stock of Public Service Co., of Northern Illinois having
been called for redemption on Dec. 21, 1937, there will be no extension of
the offer of exchange for the preferred stock.
company

common

Each of the three utilities will be represented by a member of the com¬
mittee, while the fourth will be Philip Harrington, traction engineer for
the city.
Representing the street car systems will be Guy Richardson,
President of the lines, and William J. Lynch, Chairman of the
elevated
railroad's reorganization committee, will
speak for the "L."
Although the motor coach company is not in receivership, it will be
requested to name a member to the group so that all three systems can

be considered in the consolidation program.
Judge Wilkerson set Feb. 7 as the date for the group to report progress,

which

shares for

was

to

Securities Listed—

—V. 145, p. 2386.

The New York Stock

City Investing Co.—$1 Dividend—
The directors have declared

dividend of $1 per share on the common
4 to holders of record Dec. 27.
A similar

a

stock, par $100, payable Jan.
payment was made on April 27 and Jan. 5, 1937, and on July 7 and Jan. 7,
1936, and compares with 50 cents paid on July 20, 1935; $1 on Jan. 4, 1935,
Aug. 7 and Jan. 4, 1934, and on July 1, 1933; $1.50 on Jan. 16, 1933, and
$2.50 per share paid on July 11 and Jan. 4. 1932.—V. 145, p. 274.

Clear

Creek

Consolidated'Mining Co .—Registers with

SEC—
See list given on first page of this

Cleveland

department.

Railway Co.—Dividend—

The directors have declared

a

dividend of $1.50 per share

Exchange has authorized the listing of $15,000,000
gold bonds, series A, 5%, due July 1, 1953; $15,000,000 1st
1954; $15,0O0,O0O 1st mtge.
gold bonds, series C, 4H%, due April 1, 1956; $15,000,000 1st mtge. gold
bonds, series D, 4H%, clue July 1, 1957; $85,000,000 1st mtge. gold bonds,
series F, 4%, due March 1, 1981; and $29,500,000 1st mtge. bonds, series H,
3H%f due April 1, 1965; and 8,655,459 shares of capital stock (par $25)
which are issued and outstanding, including:
84,264 shs. in treasury;
822,059 shares held by Commonwealth Subsidiary Corp. representing part of
the shares acquired in exchange for shares of Public Service Co. of No. 111.;
18,351 additional shares held by susidiary companies, and 7,715,784 shares
held by the public; with authority to add to the list.
200,000 shares upon
official notice of issuance in exchange for issued and outstanding common
shares of Public Serivce Co. of No. Illinois pursuant to exchange offer
made in Sept., 1937, making the total amount of shares applied for 8,855,459.—V. 145, p. 3650.
1st

on

the

com-

Eany's capital stock and onAthe certifcates of deposit, payableamount to
olders of record Dec. 22.
regular quarterly dividend or like Dec. 28

Commonwealth Gas & Electric Cos.—Dividend—

was

paid

on

April 1, last; none since.—Y. 145, p. 3342.

Clinton Water Works Co.—Bonds Called—
The company is calling for redemption on Feb. 3,1938, at
par and accrued
interest, all of its outstanding first mortgage gold bonds, dated Aug. 1,
1899.
The bonds become payable on or before
redemption date at City
Bank Farmers Trust Co., 22 William St.—V. 119, p. 2178.




mtge.

mtge. gold bonds, series B, 5%, due June 1,

The company, an

indirect subsidiary of New England Power Association,
registered holding company, has filed with the Securities and Exchange
an application
(File No. 51-8) under the Holding Company
Act, asking approval for the declaration of a dividend of $2.50 a share on
its outstanding preferred shares, payable to shareholders of record as of
Nov. 29, 1937, as soon after Dec. 20, 1937, as an order is issued by the
SEC authorizing such payment.
The applicant stated its trustees have

a

Commission

Financial

4114

Consumers Steel Products

dividend out of current income, but since
company's books, application is made for

found such payment would be a
there is a capital deficit on the

regulations require

approval, if the Commission determines that its rules or
such approval.—V. 145, p. 3814.

Gross

Commonwealth Investment Co.—Extra Dividend—
dividend of five cents per share on
common stock, par $1, payable Dec. 23 to holders of record Dec. 20.
A regular quarterly dividend of five cents per share was paid on Nov. 1
last.
See V. 144, p. 2123, for detailed record of previous dividend pay¬

220.625
64,989

Sales and delivery costs
Administrative and office

55,472

Commonwealth & Southern Corp. (& Subs.)—Earns.
1937—Month—1936

1937—12 Mos.—1936

'

$

■

■

$

12,109,559 148,830,013

12,798,088

133,960,333

6,667,222

6,261,511

77.945,416

2,607

1,026,502

15,356,419

4,821,544
3,258,694

55,528,178
39,675,990

52,564,158
39,810,797

Interest, discounts, &c

-

applicable

exps.

to

$72,531
6,746

abandoned

financing plans-

Net

36,352

—;

Provision for income tac

11,643,410

4,774,789
3,295.219

846

$105,292
7,030

...—..i..-

Non-recurring

69,752,764

1,356,076

Oper. exps. & taxes...
Pro v. for retire, reserve.
x

$71,684

Other income

Total income

Period End. Nov. 30—

46,995

$102,685

Operating profit

ments.—V. 145, p. 3343.

1936
$282,633
122,122
41,832

1937

$443.771

profit from sales and operations

Warehouse and process costs

The directors have declared an extra

25, 1937

Corp.—Earnings—

Years Ended Sept. 30—

the

Gross revenue

Dec.

Chronicle

19,209

8,167

$42,700

$57,618

-

profit after provision for income tax
Balance Sheet Sept. 30

Gross income

-

-

Int. & other fixed chgs_.

Cash

Net income.----.—_
y

1,562.850
749,766

1,479,569

Divs. on pref. stock—

749,775

15,852,187
8,997.334

12,753,361
8,997,113

x

------

Accts. receivable

Inventories

Other assets

Balance

813.084

—w——729,794

Includes provision for Federal surtax on

x

6,854,852

3.756,247

undistributed profits for 1936,

provision on account of such tax estimated for 1937.
y Reflects de¬
duction for full preferred stock dividend requirement at the rate of $6 per
share per annum.
Dividends were paid in full to Jan. 1, 1935, and at the
rate or S3 per share per annum since that date.

1936

$22,370
70,934
196,429
18.922

—

1936

$17,464

$13,922

Accts. pay., trade.
Accts. pay..offics.,

57.801

58.360

1.594

15,669

Fed. inc. tax (est.)

19,209

8,167

13,573

7,024

$14,111
77,990
117,685

I

hand & in

on

banks

1937

I Notes pay. & loans

1937

Assets—

1

39,915

10,000

Accruals & miscell.
Land contr. pay'le

20.321

214,011

203,891

Res. for contings..

1.000

1,000

Insur., taxes, &c_.

16,319

9,357

Gap. stock (par $1)

240,500

189,338

Surp., 1 r. appraisal

44,781

49,923

Bldgs., mach. &

y

equip

From capital

of the Commonwealth

& Southern Corp. System for the
cubic feet as compared with 1,338,-

767,900 cubic feet for November, 1936, an increase of 9.43%.
For the
11 months ended Nov. 30, 1937, the output was 13,462,010,300 cubic feet
as comparer] with 11,822,121,200 cubic feet for the corresponding period in
1936, an increase of 13.87%.
Total output for the year ended Nov. 30,
1937 was 14,968,562,100 cubic feet as compared with 13,076,284,400 cubic
feet for the year ended Nov. 30, 1936, an increase of 14.47%.
Electric output of the Commonwealth & Southern Corp. System for the
month of November was 675,116,127 kwh. as compared with 687,487,785
kwh. for November, 1936, a decrease of 1.80%.
For the 11 months ended
Nov. 30,^ 1937, the output was 7,838,461,582 kwh. as compared with
7,053,152,604 kwh. for the corresponding period in 1936, an increase of
11.13%.
Total output for the year ended Nov. 30, 1937 was 8,577,935,849
kwh. as compared with 7,655,293,008 kwh. for the year ended Nov. 30,
1936, an increase of 12.05%.—V. 145, p. 3493.

value,

$433,034

$578,899

Total.......—

dividend of SI.25 per share on account of
accumulations on the $6 cumul. pref. stock, payable Dec. 27 to holders of
record Dec. 21.—V. 145, p. 754.

Community Public Service Co.—Listing & Registration—
and registration
common stock, $25 par, issued, share for share, in exchange for stock trust
certificates representing common stock, $25 par.—V. 145, p. 3343.
The New York Curb Exchange has admitted to listing

Concord Gas Co.—-Accumulated Dividend—
of 50 cents per share on account
cum. pref. stock, par $100, payable Feb. 15
A like payment was made on Nov. 15 and on

The directors have declared a dividend

of accumulations on the 7%

Feb. 1.

Aug. 14, last, and compares with 87Y cents paid on May 15. and Feb. 15,
1937, and Nov. 15, Aug. 15, April 1 and Feb. 15, 1936. A dividend of 87
cents per share was paid on Nov. 15,1935, and one of 87 Yi cents on Aug. 15,
1935, prior to which regular quarterly dividends of $1.75 per share were dis¬
tributed.—V. 145, p. 2222.
;Vv
f

Consolidated Car Heating Co.—Special
The directors have declared a special

Dividend—

dividend of $2 per share in addi¬

regular quarterly dividend of $1.50 per share on the common
stock both payable Dec. 24 to holders of record Dec. 20.
An extra dividend
of $1.50 was paid on Oct. 15, last; a special dividend of $5 was paid on
May 26, last, and an extra dividend of $2 per share was distributed on
April 15, last.—V. 145, p. 2222.
tion to the

Consolidated Dry Goods

Co.—Accumulated Dividend—

have declared a dividend of $2 per share on account

of

cumulative preferred stock, par $100, payable
Dec. 24 to holders of record Dec. 22,
Dividends of $3.50 were paid on
Oct. 1, and on April 1, last.
Accumulations after the payment of the
current dividend will amount to $5.75 per share.—Y. 145, p. 1736.
accumulations on the 7%

Consolidated Edison Co. of New York,

Inc.—Reduces

Proposed Offering to $30,000,000—
Securities and Exchange Commission an
registration statement covering an $80,000,000 securities
September, reducing the amount of the issue to $30,000,000.
Instead of the $40,000,00u each of 15 year and 25 year debentures, the com¬
The company has filed with the

amendment to its

issue

in

pany now

seeks to register only $30,000,000 of 3Y% debentures due

1958, the securities to be offered on Jan. 13. Redemption rates and
ing price are to be announced through an amendment.
Morgan Stanley & Co. were named as the principal underwriters

in

offer¬

of the

paying $15,000,000 of short-term bank
loans, for acquisition of property and for certain plant improvements,
according to the amendment.
The proceeds would be used for

,

on Tax Case Postponed—
Supreme Court Justice McLaughlin has postponed until Jan. 21, the
hearing on the 13 suits brought by the company and its affiliates against
New York City for a refund of $2,380,000 in taxes and penalties imposed
under the Utilities Tax Law.
The taxes were paid for the years covering
1933 and 1934 upon alleged additional income of the company.—V. 145.
p.3814.

Hearing

42,858
A

39,367

$578,899

Total...

82,035

$433,034

x After
reserve for
doubtful accounts of $1,500.
y After reserve for
depreciation of $37,129 in 1937 and $18,703 in 1936.—V. 145, p. 2068.

Continental Motors

Corp.—RFC Extends Payments—

W. R. Angell, President, has advised stockholders that the Reconstruction
Finance Corporation has extended to 1940 the payment of instalments due
in 1937 and 1938 on its loan to the company, the balance of which stood
at

$974,950

on

Oct. 31.

Earnings, Years Ended Oct. 31
x

The directors have declared a

less re-

organiz. exp__
From earns., less
divs

1936

1937

Commonwealth Securities, Inc.—Accumulated Div.—

The directors

80,622

in excess of par

month of November was 1,465,012,500

to holders of record

7,406

From sale of stk.

Monthly Output—
output

I

employees

—

Land————

and

Gas

Liabilities—

Net
x

After

1935

1934

y$641,999
y$910,961 y$l,977,620
and development expenses,
y Loss.—

$71,335

profit

interest,

depreciation,

V. 145, p. 1581.

Cudahy Packing Co.—Annual Report —
E. A. Cudahy Jr., President says in part:
Sales for 1937 were $222,000,000, exceeding

the previous year by ap¬
proximately $21,000,000.
During the past year live stock prices advanced to new highs for many
years.
In August prices of the better grades of cattle reached the highest
point in eight years and top grades of steers were highest since 1928. Hog
prices were higher than at any time since 1928.
The prices of meats rose
to a point where serious consumer resistance developed.
The consumer
strike against high meat prices was followed by a shrinkage in buying power,
occasioned by the pronounced business recession, and compelled us to
dispose of many of our perishable products at prices considerably below
cost.
At the same time, other commodity prices dropped sharply and the
market on some of our by-products was practically stagnant, with only
nominal market quotations for 60 to 90 days.
These unfavorable cir¬
cumstances developed mostly during the three months preceding the close
of our fiscal year and we were forced to assume heavy losses on our inven¬
tories, particularly on pork products, hides and wool.
One of our major problems during the year was higher operating costs,
due to wage advances increasing our labor pay roll about 25%.
Another
was the unusually light volume of live stock processed through our principal
plants during the last six months of our fiscal year.
Our volume during
this period compared with 1936 shrunk 43% in one of our principal plants,
20% in each of two others, and 18% in another. This lack of volume was
due to the drought during 1936, which was particularly severe in that
section of the corn belt where we obtain supplies for our main packing plants.
Since early in August, 1937 the prices of hogs have declined 38%, steers
30% lambs 30%, with corresponding declines in the prices of meats and
by-products.
The combination of higher live stock prices during the first
nine months, lack of volume in our principal plants, increased operating
costs due principally to higher wages and social security taxes, and con¬
sumer resistance followed by the sudden drop in the values of products,
made it impossible for us to conduct our operations profitably.
As the larger part of the farm income in the corn belt is realized from the
sale of live stock, it is obvious that as a result of the abundant feed crops
harvested this year and the present favorable relationship between feed
,

values and live Stock

prices, it pays the farmer to take full advantage of the

opportunity to produce and fatten more live stock.
stock will react favorably on our operating costs.

Larger supplies of live

Following the decision of the U. S. Supreme Court on April 12, 1937.
sustaining the constitutionality of the National Labor Relations Act, which
among other things established the right to organize and bargain col¬
lectively, independent unions were formed by the packing house workers
at all our plants last May, without affecting in any way our previous good
relationships.
Our established policies for the betterment of working
conditions are being continued.
These include accident prevention, vaca¬
tions with pay, group insurance, pensions, credit unions, thrift plans, and
educational and social activities.
We enter the new year with the price structure of the packing industry
much more conservative basis than that prevailing a year ago.' We are
adjusting ourselves to the higher cost of doing business and I feel confident
that our operations in 1938 will be profitable.
on a

Comparative Consolidated Income Statement

Consolidated Film Industries,

Inc.—Preferred Dividend

Oct.

directors!have declared a dividend of 50 cents per share on the pre¬
ferred stock, payable Dec. 27 to holders of record Dec. 23.
This will be
the first dividend paid since Dec. 26, 1936, when $1 per share was dis¬

Total sales.

tributed.

Mfg., sell.,

The

Court

Years Ended—
Paid for live stock

$

*35 Oct. 27, '34

$

&c.,exp___)

$

169,731,390
2,580,949
49,622

5,846,882
56,932

4,847,764
35,023

5,314,165
123,710

2,630,571
1,651,435

5,903,814
1,552,609

4,882,787
1,553,106

5,437,875
1,481,344

1,304,028

853,907

657,905

89,061

136,889

173,931

1,315,242

1,187,387

1.194,774

1,144,389

x30~,49l

345,065

80,032

150,000
5,319
414,000

16,414

12,344

11,066

loss$l,776,100
60,000
229,268

1,815,613
120,000
458,535
1,168,751

1,211,073
120,000
458,535
1,168.746

1,968,262
120,000
458,535
1,168,746

7,013,917

68,327
9,952,008

def536,208
8,927,072

220,981
9,456,396

467,489

467,489

467,489
$1.35

467,489
$2.97

Miscellaneous income

Court of Delaware has upheld a decision of Chancellor
Wolcott, permanently restraining the company from filing an amendment
to its incorporation which would have permitted payment of certain divi¬

'37 Oct. 31, '36 Nov. 2,

$

Upholds Decision Restraining Amendment to Incor¬

poration—

30,

222,222,016 201,605,825 180,218,129 151,390,723
1219,641,067 195,758,943 175,370,365 /76,345,168

The State Supreme

dends.

Consumers Power
Period End. Nov. 30—
Gross revenue

Co.—Earnings—

1937—Month—1936
1937—12 Mos.—1936
$3,334,301
$3,048,482 $37,513,453 $32,694,845

Oper. exps. and taxes-

1,618,894

1,492,669

19,107,596

16,368,038

Prov. for retire't reserve

335,500

262,500

3,803,000

3,125,000

x

Total income

Depreciation
Taxes (other than income
and processing)
Bad debts charged off,
less

Int.

recoveries

funded debt).
Contribution to pension
on

trust

Gross income
Int. & other fixed charges

$1,379,907
349,111

$1,030,795
285,284
Amort, of pref. stock exp
65,278
Net

income

Divs. on pref. stock

$1,293,312 $14,602,857 $13,201,806
342,168
4,345,749
4,385,608
$951,144 $10,257,107
350,720
3,867,149
522,226

$8,816,198
4,208.022

$680,233

$5,867,732

$4,608,175

$600,423

provision was made in 1936 for Federal surtax on undistributed
profits, as all taxable income for that year was distributed.
No provision
has been made for such tax in 1937.—V. 145, p. 3814.
No

-

Miscell. other charges._
Reserve for Federal taxes

Special P. & L. debits
Earnings applicable
minority interest
Net

Balance-—
x

amortiz'n of

(incl.

disc,

profits

t

First preferred dividendSecond pref. dividend

Continental Insurance Co.—Year-End Dividend—
dividend of 80 cents per share
in addition to a special year-end dividend of 20 cents per share on the
capital stock, both payable Jan. 10 to holders of record Dec. 31.
Like
amounts were paid on Jan. 11, 1937.—V. 145, p. 2841.




876,564

Common dividend

Balance

The directors have declared a semi-annual

274,561

_

to

def2,941,932

Total profit & loss surp.
Shs.
of
common
stock

outstanding (par $50)

-

Earns. per sh .on com .stk
x Includes $6,681 surtax on

$2.65
Nil
undistributed profits.

Volume

Financial

145

4115

Chronicle

Consolidated Balance Sheet

Comparative Balance Sheet Sept. 30
Oct. 30/37

Oct. 30,*37 Oct. 31/36
$
$

Assets—

Cash

6,046.275

5.342,974

9,292,148
42,434

Trade

Notes receivable..

217,382

29,570,350 26,100,735

Inventory
Due from employ's

52,495

Accounts

29,541

29,541

309,604

Investments

1,102,148

x38,354,392 38.099,016

Dutcl} Cleanser

advertls'g invest

750.000

750,000

152,660

1,289,202

1,000,000

_

158,555

1,028,929

——

tax

Em pi. pension tr..
Pref. diva, pay

85,224

Com. dlvs. pay

94,656

280,564

255,458

will, <fcc

Conv.

sk.

fd.

4%

1,383,498

159,512

173,854

Purch.

167,777

157,058

Minority

Deferred charges..

sub.

4,812,500

4,663,000

1950

inventories

mon.

174,040

2,000,000
6,550,500

Common stk. ($50

...23,374,450 23,374,450
1,722.801
1,726.643
8,229,206
5,287.274

Capital surplus...

85,870,946 82,323,133

85,870.946 82.323,133

Total..

buildings, machinery, &c., appraised value at Oct. 30,
additions at cost—Packing
sales branches $6,854,399,
car and refrigerator line $3,217,159, farm
and nineral lands $1,699,434,
total $46,607,383, less reserve for depreciation $8,252,991.—V. 145, p. 2223.
1915

and

estate,

(date of reorganization) plus subsequent
other manufacturing plants, $34,836,392,

Coos Bay

Lumber Co. (& Subs.)—EarningsEarnings for 11 Months Ended Nov. 30, 1937
xS4.64 944

Net jogg
x

Includes $473,150 loss on sale of Coos

Cumberland County Power
[Including
Period End. Nov. 30—

Fed. taxes (incl. income)

income

Non-oper. income (net).

$4,635,891
2,675,135
368,149
202,880

$4,368,315
2,667,071
344,108
105,467

$118,862
4,944

$1,389,727
62,678

$1,251,669
61,237

Gross income

$123,806
32,885
1,006
21,852

$1,452,405
393,613
07,025
195,967

$1,312,906
511,888
3,644
242,621

$76,040
24,580

$68,063
24,580

$869,850
294,964

$375,771
219,419
28,947

$103,790
5,747

32,745

Net

07,710

(net)....

deductions
income

.....

Pref. div. requirements.
—V. 145, p. 3971.

8,543

paid
paid

was

common

stock,

no par

extra dividend of

$1.25

per

share

on

12,666,304 12,408,771

dividend of $2 per

on
on

Jan. 2, 1936, and on Jan. 2, 1935, and an extra of $1 per share
Jan. 2, 1934—V. 144, p. 277.

of

the

$4,000,000

The proposed bond Issue was for the purpose of providing funds to
pay
an existing mortgage and indebtedness and to build and
equip a building
land located on Huntington Ave., Boston, containing single rooms

and small apartments,

to be rented to business women at modest rental.
The building was also to provide facilities for civic activities for women.
In his order, in which he characterized the whole
project as visionary

and impractical, Mr. Backus said:
"The President of the corporation
testified that the income from the rooms would not carry the
project.
"Law and public policy require that there should be some reasonable
relation between the value of the property and the mortgage bond issued
thereon.
The value of the bond as an actual thing must depend
upon
the value of the property upon which the bond is issued.
To suggest tnat

earnings of the enterprise would not meet the sinking fund requirement*
of the bond issue leaves only one conclusion and that is that the value
behind the Durant bonds is questionable.
I find from all the evidence
that the Durant, Inc., bonds are of little or no vaiue and
upon all the
evidence that the proposed issue is based upon unsubstantial projects and

gchemes."
Duro-Test
The

Corp.—ID-Cent Dividend—

directors

have declared a dividend of 10 cents per share on the
stock, payable Jan. 21 to holders of record Jan. 15.
This com¬
pares with 17H cents paid on Sept. 25 last and a dividend of 10 cents
paid on June 15 last, and each three months previously.
In addition
an extra dividend of 2K
cents per share was paid on Dec. 15, 1936.—
common

Eastern Gas & Fuel
12 Months Ended Nov. 30—
Net income-

After interest,

Associates—Earnings—
.

depreciation, depletion,

»1937
1936
$2,977,584
$2,866,317
Federal income taxes. &c.—

Eastern Massachusetts Street Ry.-

Nov. 1,

Railway oper. revenues.
Railway oper. expensesNet ry. oper. revenuesi

Corp.—Listing—

1937—Month—1936
$491,851
$522,215
336,799
330,651

have declared

record

The

Dec. 20.

a

dividend

of $1

per

share

account of

on

recently paid up all back dividends on the 8%

company

Net after taxes
Other income

Gross corp. income
on funded debt,

$191,564
27,954

$2,074,642
451,556

$2,257,229
385,336

$163,610
11,178

$1,623,086
63,999

$1,871,898
95,006

$120,440

$174,788

$1,687,085

$1,966,899

52,137
102,807

55,603
102,093

582,642
1,150,393

672,984
1,186,804

Interest

rents, &c

Deprec. & equalization.

>,
x

cumul.

Dewey & Almy Chemical Co.-—Initial Div. on New Stock

Net loss—

x

Before provision

-

$34,504 prof$17,092
$45,950prof$107,lH
for retirement losses.—V. 145, p. 3495.

........

Easy Washing Machine Corp.—Common Divs. Omitted—
a

The directors at their recent meeting took no action on the
payment of
dividend on the no-par cla&s A and B shares ordinarily due at this time.
Dividends of 25 cents per share were paid Sept. 30 last, and each three

months previously.

See V. 144, p. 1956, for detailed record of previous
145, p. 2692.

dividend payments.—V.

the 7% cumul. pref. stock, payable Dec. 28 to holders of
This stock was $42 per share in arrears on Nov. 1, last.

debenture stock.—V. 145, p. 3651.

1937—11 Mos.—1936
$5.949,103
$6,143,562
3.874,461
3,886,333

$155,052
39,416

each $1,000 principal amount,

Manufacturing Co.-—Accumulated Dividend—

-Earnings—

$115,636
4.804

Taxes

1,134.60 and 35 shares of preferred stock of Eastern Cotton Oil Co. at .6
share for each share, 21; (3) 97,467 additional shares upon official notice
of issuance thereof on exercise of stock purchase warrants and (4) 23,500
shares upon official notice of issuance in accordance with the terms and
provisions of a compensation plan for the principal executives and employees
making the total amount applied for 633,383 shares.—V. 145, p. 3193.

on

Ebasco

Services, Inc.—Weekly Input—

For the week ended Dec. 16, 1937, the kilowatt-hour system
input of the
operating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as compared
with the corresponding week during 1936, was as follows;

The directors have declared an initial dividend of 15 cents per share on the
new

holders of record Dec. 20.
further dividend information.—V. 145, p. 1582.

class B common stock, payable Dec. 23 to

See also V. 145, p. 939 for

Oper. Subs, of—

1937
107,994,000
52,385,000
National Pow. & Lt. Co__ 79,806,000
xDecrease—V. 145, p. 3972.

Amer. Pow. & Lt. Co,

Electric Pow. & Lt. Corp.

Detroit & Mackinac

Ry.—Interest—

The interest due Dec. 1, 1933, June 1, 1934, Dec. 1, 1934, and June 1,
1995, on the mortgage 4% bonds, due 1995, "plain" and "assented," will
be paid on Jan. 3, 1938:
The Committee on Securities of the New York Stock Exchange rules
that the bonds be quoted ex-interest 8% on Jan. 3, 1938: that beginning
with transactions made on Jan. 3, 1938, the bonds shall be dealt in Without
specification "plain" or "assented": and that the bonds shallvcontinue
to be dealt in "flat" and to be a delivery in settlement of transactions made
beginning Jan. 3, 1938, must carry the June 1, 1938, and subsequent
coupons.—V. 145, p. 3815
^

Distillers
earnings

Dixie Home Stores—Extra Dividend—
The directors have declared an extra dividend of
in addition to a quarterly dividend of like amount on
both payable Dec. 20 to holders of record Dec. 10.
of 15 cents per share was paid on Oct. 1 last.—V. 145,
Dome Mines,

15 cents

per share

the common stock,
An initial dividend
p. 2072.

Dominion Glass Co., Ltd.—Earnings—
1937
1936
1935
y$476,249
y$410,488
y$412,245
Preferred dividends
182,000
182,000
182,000
Common dividends
212,500
212,500
212,500

1934
y$402,972

$17,745

$8,472

$5.27
$5.42
Including other income, but after deducting taxes, &c.

$5.19

Years End. Sept. 30—

Profits!7. :;...-T3.

Surplus

y

Oper. expenditure

Operation surplus
charges—

Renewals
Taxes

Total surplus—
-Y.

Ltd.—To Pay $1 Dividend—

of $1 per share on the common
value, payable Jan. 20 to holders of record Dec. 31. A similar
amount was paid on Oct. 20, last, and previously regular quarterly divi¬
dends of 50 cents per share were distributed. In addition, an extra dividend
of $2 was paid on July 20, 1937, July 20, 1936, and July 20, 1935.—V.
145, p. 3815.
no par

Earns, per
shs. (par

-

sh. on 42,500
$100) com




$15,988

$81,749

182,000
212,500

__

$6.92

^

revenue

Fixed

The directors have declared a dividend

stock,

Edmonton Street
Total

in

Increase
P.

1936
105,314,000
51,387,000
82,081,000

Amount
2,680,000
998,000

2.5
1.9

x2,275,000

x2."8

C.

Inc.—Extra Dividend—

The company paid an extra dividend of $6 per share in addition to the
regular quarterly dividend of 25 cents per snare on the common stock
on
Dec. 14 to holders of record Dec. 10.
An extra of $3 was paid on
June 15 last and a special dividend of $1 was paid on Dec. 15, 1936.-—
Y. 144, p. 4343.

Period End. Nov. 30—

Corp.-Seagrams, Ltd.—Correction—
statement

(Thomas A.) Edison,

,

the "Chronicle" of Dec. 11 (page 3815),
covers the period for the three months ended Oct. 31 and not Sfept. 30 as
stated.—V. 145, p. 3971.
The

20-year

upon

Period End. Nov. 30—

(1) 510,434
aggregating
116.80 shares) par $1, all of which are issued and outstanding in the hands
of the public: (2) 1,982 shares of common stock reserved for issuance in
satisfaction of claims under terms of plan of reorganization, upon official
notice of issuance thereof on exchange of old securities as follows: $11,000
10 year 6% sinking fund gold notes of Davison Realty Co. at 75.05 shares
for each $1,000 principal amount, 825.55, $20,000 5 year 6M% gold notes

Dennison

5%

off

The New York Stock Exchange has authorized the listing of:
shares of common stock (including script for fractional shares,

The directors

mtge.

In addition to the ban on the sale of the
Durant, Inc., securities, Mr.
Backus ordered revocation of the registration of Durant Campaigns, Inc.,
as a broker.

last.—V. 144, p. 3329.

accumulations

1st

finding to that effect.

value, payable on Dec. 31 to holders of record Dec. 21.
the rate

Stockholders have the option of receiving cash or common stock at
a share of common stock for each share held.
The regular quarterly dividend of 50 cents per share was paid on

of Davison Chemical Co. at 56.73 shares for

share in addition

been forbidden by order of John H. Backus,
Director of the Sale of Securities Division, Department of Public Utilities.
Mr. Backus stated that after a careful consideration of all the evidence
presented, the Division is of the opinion that the sale of the securities of
the Durant, Inc., is fraudulent or would result in fraud, and he makes a

the

of 1-20 of

Davison Chemical

«-i

.»—

V. 145, p.3652.

Inc.—Extra Dividend—
an

an extra

The sale in Massachusetts
bond issue of the company has

x

Cuneo Press,

—u

regular semi-annual dividend of $3 per share on the common stock,
both payable Jan. 3 to holders of record Dec. 30.
An extra dividend of $2

x

The directors have declared

Total

12,666.304 12,408,771

Dominion Fire Insurance Co., Ltd.—Extra Dividend—

$554,753
244,547

$381,065
215,561
30,608
31,106

Bond interest

Other

1937—12 Mos.—1936

8,462

State & munic. taxes.._

Other interest

Corp.]

Securities

Cumberland

$109,537

Operating revenues
Operating expenses

Net oper.

Bay Land Co.—V. 145, p. 2068.

& Light Co.—Earnings—

1937—Month—1936

_

Durant, Inc.—Bonds Barred from Sale in Massachusetts—
170,379

2,000,000
6,550,500

par)

56,818

76,727

to the

In

co

6% pref. stock
7% pref. stock

Earned surplus

95,086

40,000

mtge.

int.

269,126
3,737,316
1,151,164

-V. 143, p. 3839.

was

debs, due Sept. 1

1,290,301

count..

Stationery & adv.

Real

Total

207,455
98,625

...

592,117

The directors have declared

1,195519,104,500 19,475,000

due Sept.

463,035

46,818
69.987

2,600,000
4,250.000

_.

1,309.937

242,159
175.244

investments
Deferred charges..

475,000

475,000

current

2,566,920
906,478

bonds

$

2,600,000
Common stock.
4,250,000
Accts. payable
225,828
Accrued dividends
98,625
Accrued charges..
236,824
Taxes
124,799
Deprec. reserve... 3,897,316
Surplus
1,232,912

Sundry mtges. and

1st M. sk. fd. bds.

insurance

Bond and note dis¬

x

Govt,

1936

$

Liabilities—
Preferred stock...

6.436.740

1,150,324
250,000

Cash

Stk. fund paym'tB,

and Interest

Total....

Accts. receivable..

1,000.000
289.268
292,188

Reserve for Federal

554,754

Royalty int., good¬

Prepaid

1,375,306

6.750.466
2,559,420
1,421,887

Inventories

1937

$

$

Properties...
Patents. &c_

Invest, receipts

and

employees
accrued...

tion acts

Old

25,607

acceptances

Bond and note int.

State compensa¬

Other

17,820.500 10.263,500
payable. 1,116.199
1,074,776

officers

Due

47,007

Special deps under

Fixed assets

$

Notes payable

8,557,529

Accountsrecelv...

S

Assets—

Oct. 31/36

Liabilities—

1936

1937

(Consolidating all wholly-owned subsidiaries)

—

Ry.—Earnings—
1937—Month—1936
$64,242
$60,902
44,215
41,286

1937—11 Mos.—1936

$616,049
471,259

$613,437
471,307

$20,027
5,776
9,000
10,363

$19,615
5,776
9,000

$144,790
63,540
69,000
109,469

$142,129
63,540
64,000

def$5,112

$4,839

def$97,219

$14,589

145, p. 3495.

Electric Bond & Share Co.—Government Joins
in

Company

Seeking Quick Decision—

The Government

joined the company Dec. 20 in seeking a quick Supreme
Court decision on the constitutionality of the 1935 Act regulating public
utility holding companies.
Solicitor General! Stanley Reed said in a memo¬
randum submitted for the Securities, and Exchange Commission that a
review of the case is "a matter of urgent)pubiiclinterest.''
N
The Electric Bond & Share Co. in*a[petitfonifiled Dec. 14 asked the Court
to pass on a decision by the Second Circuit Courtl of Appeals requiring public
utility holding companies to register/with theiSEC.
IN
The Court is expected to announce on Jan. 3 whether it will pass on the
controversy.—V. 145, p. 3972.

Electrographic Corp.—Extra Dividend—
The directors have declared an extra'dlvidend of 85 cents per share on the
commoh stock, no par value, payable Dec. 24 to holders of record Dec. 20.
The regular quarterly dividend of 25 cents was paid on Dec. 1 last.

share, was paid on Dec. 1,
distributed on Sept. 1, 1936.—V. 145, p.

An extra dividend of 50 cents per
extra of 15 cents was

Electric Power & Light
Period End. Sept.

Prop, retire. & depletion

«

„

3,753,371

Net oper. revenues
Rent for lease of plants

$8,511,402

(net)

R. N. Benjamin was elected Secretary in place of William
has resigned to devote his entire attention to Stone &
which he is Executive Vice-President.—V. 145, p. 3653.

EUt66(i

"Payment of a Christmas bonus is based on our confidence in continued
and is in accordance with our established practice of sharing
profits with our employees," said Mr. Smart in announcing the bonus.
"The year 1937 saw our enterprises marching steadily ahead in circulation
and advertising lineage.
Our December issue, 364 pages, broke both

$8,307,377 $36,186,990 $33,144,826
3,166,859
12,887,483
11,912,572

$8,566,053

3,162,336

long-term debt - _
Other int. (notes, loans,
nt. on

2,113,708
2,987,684
737,299
729,159
Cr 121,019
Cr40,918
$4,419,415 $20,569,519 $17,556,329

245,151

C'r41,550

applicable
minority interests

Net equity

704,868

$2,353,636 $11,334,095

$2,549,536

Dec. 20 decided, due to business uncer¬
stock, par $5.
Regular dividends oa 25 cents per share had been distibuted on Sept. 30,
last, and each three months previously.
In addition, a special dividend of
50 cents was paid on Dec. 15, 1936.—V. 145, p. 3344.
Exolon Co.—1 o-Cent Dividend—

$2,549,536

$2,353,636 $11,334,095
689

$2,549,536

$2,353,939 $11,334,784
57,235
f 191,645
397,243
1,588,974

$8,919,465
214,450
1,588,974

.303

41,374
397,243

.Expenses, incl. taxes—
'Int. & other deductions-

Falstaff Brewing Corp.— Trustee—

3496.

$2,110,919
$1,899,461 $9,554,165 $7,116,041
of $84,389 made in July and August for Federal
surtax on undistributed profits in 1937 and a net credit of $142,000 in
■f September to adjust overaccruals in previous months,
b Includes provision
dated earned surplus

Family Loan Society, Inc.—Extra Dividend—
$3.50

$100,300 for Federal surtax on undistributed profits in 1936.
c Includes
provision of $582,388 for Federal surtax on undistributed profits in 1936,
and $415,990 in 1937.
d Includes provision of $255,700 for Federal surtax
on
undistributed profits in 1936.
e Includes provision of $329,752 for
.Federal surtax on undistributed profits in 1936, but includes no provision
-for 1937.
f Includes provision of $129 for Federal surtax on undistributed

and on July

Period End. Sept.
Gross income:;

1937—3 Mos.—1936

30—

i

Other—

$>of),«i:v

>

$1,893,171

,i''

i*<•■,;

•

689

in lieu
preciation)

$390,346
V
57,235

$1,893,860

Expenses, incl. taxes—
Int. on gold debentures,
5% series, due 2030—

/'

-

M

-

i

;

■}*r

al91,645

and expense-——

9,743 M,

9,743

X!

earned

38,974

2,302,716

Loans receivable

i

300,000
[r.

■

57,942

Accts.rec., subs.

:

>'5~5~275

-

4,249

..
•

■

Subsc. to $7 pref.
'
stk. allotment

'

'j, :■

6,046

v.

'

s

;

i{;

4,623

-

DX)

"f

•••>

Ar

I

i

.18,913

payable.^
*

,

'/
*

Surplus

189,943,500

31,000,000
.

,

156,373
v.,

lit. ')

t

20,600
298.905
156,477

3,418,679

■3,532,624
f.

,?

&10.079

Mi .wy

■;

i

-f

I

,M

3,637.581
13,181

Total.—i.—?.190,063,629

4,700

31,000,000

i

3,598,607
13,181

disc. and exp.

Deferred charges

)'

i

">*Tr#

IV

.

;m I

'iTotal,

.

-

.

.

.

-190,063,629 189,943,500

Represented by 972 (961 in 1936) shares of $7 preferred stock and
892)4 (835 in 1936) shares of common stock.
y Represented by 515,135 shares 7% pref. stock,, 255,430 shares of $6
pref. stock, 82,964 shares of 2d pref., series A ($7) stock, and 3,422,089
x

shares of common stock." •,»«

Emerson Electric

1.

Mfg. Co.—Registers with SEC—

See list given on first page
■Jit

!U

265,775

342,069

347,105

1,256,361
42,035

929,523

919,431

381,456

383,866
72,900

386,072
195,155

or

i

477,978

.

761,781

on

funded debt

Net income. a
Not
including

•

-

_

62,974

:

382,021
1,051

;
,<v.

3835,730

$1,108,669 r

Southern

—

and

interest

Natural

Gas

$424,376
b Including

Co.,,

$509,977
$653,365,

from

possible Federal tax

,

of this department.—V. 145, p. 3972.

'f*
'1

Statement of Income

(Corporation Only) for the Year Ended Sept. 30, 1937

Dividends and interest from sub. cos.—consolidated-$596,817

'Divs. & int. from sub. co.—not consol .—Southern Nat.
Miscellaneous other
Total income

Gas Co.-

M 7,771
$1,257,954

i-j-J— »

—ii-i.v

...

)———
*;

—.——

Miscellaneous interest————— —
lr.
Prov. for Fed. surtax on undistrib. profits—calendar year 1936—.
——

Engineers Public Service Co.—Changes in Personel—* m

Changes in the officers of this company and resignations from its board
which further the program recently initiated by Stone <fc
Webster, Inc. to remove that company from its control, in conformity with
the objectives of the Public Utility Holding Act, were acted upon by the
directors of Engineers Public Service Co. at a meeting held Dec. 20. <
1 "

I^The board accepted the resignations of the following directors: Charles A.
) Stone,'Edwin S. Webster, George O. Muhlfeld, and Whitney Stone, all of
whom are officers of Stone & Webster, Inc. •< The board also accepted the
resignation as a director and Vice-President of William E. Wood, who is to
become a Vice-President of Stone & Webster Service Corp. -Charles W.
Kellogg, Chairman of the board of Engineers Public Service Corp., states
that changes in the board reduces its membership to 10,' composed of the
following:
Donald C. Barnes, < Homer L. Ferguson, Andrew Fletcher,
Alexander C. Forbea, Philip A. S. Franklin, Charles W. Kellogg, Arthur W.

y, 653,364

.

income-.—r>-—

Expenses and general taxes—.—
Interest on funded debt—.,,

N et income———

of directors,




on un¬

Federal Water Service Corp. at Sept. 30, 1937, did not own the
majority of voting stocks of certain subsidiaries due to the fact that the
pref. stocks of such subsidiaries held by the public became voting on account
j of arrears in cumul. dividends.
The accounts of such subsidiaries have been
included in the statement of consolidated income and full provision has been
made therein for the undeclared and unpaid dividends on the cumul. pref.
stocks of all subsidiaires. .<
M. :
• (s
' r.-\: •.<!•<
M ,(2) The statement of consolidated income for 1937 and 1936 does not
< include the operations of Southern Natural Gas Co. and subsidiaries.
For
the year ended Sept. 30, 1937, that company reported unconsolidated net
jincome of $1,312,190.
This is equivalent to $1.87 a share on the 554,500
shares of class A stock and $1 a share on the 274,939 shares of class B stock
of Southern Natural Gas Co. outstanding at Sept. 30, 1937.
Federal Water
Service Corp. owns 319,378 shares of class A stock and 3,507 shares of class B
stock of Southern Natural Gas Co.
Included in the statement of consoli¬
dated income is $174,260 of interest income accrued on adjustment mtge.
bonds and $479,067 dividends received on class A stock of Southern Natural
owned by Federal.
Notes (1)

....

Note—At Sept. 30, 1937, there were outstanding warrants entitling the
holders, without limitation as to time, to purchase 567,354 shares of common
stock at $25 a share; in lieu of cash, each share of 2d pref. stock, series A
($7), surrendered with option warrants for four shares will be accepted at
$100, in payment for four shares of common stock.—V. 145, p. 2390.r
■

311,203

262,075

c343,072

sub. company not consolidated, Southern
Natural Gas Co.
c Including
$96,489 surtax on undistributed profits,
d The statement of consolidated income does not include provision by the

7-0

5% series due

•

■

4,528,932

260,596

majority of the sub. companies in respect to

101,834

'*'1,582

4,573,417

252,598
d271,164

146,307

distributed income for the nine months ended Sept. 30, 1936.
1,500

'

Reserve.;—
103,001'

4,868,610

329,758

dividends

to

'

Accts.

4,738,299

Prov. for Fed. surtax—75,000 ;

debenture

Gold

$7,463,653

Int.

pref. stock

allotment ctfs.

Accrued accts.-

'

certificates...

xReacq. cap.stk.
Unamortlz. debt

"■

2030-—

Aocounts receiv¬
able—others

Subscription
$7

}(i.J !.'
450~666 ;
^

$7,248,825

vMiscell. int. & other chgs

i

•

3,012,710

$7,907,954

Charges of Fed. Water
Service Corp.—■

"

banks. —-—M

$7,317,345

Min. int. in net income--,

Balance Sheet Sept. 30 (Corporation Only)
-.o,M
^/.-;i937
■ n;
1936"'
'1937
^ '1936
Liabilities—
r '
b"» Asset*— '
*> r.ji.tio.:
y Capital stock.155,044,139 155,044.139
Inv.(book val.).182,822,355 183,522,243
Cash—

$7,169,563
79,261

•declared

'

Time deposits in

$7,715,595
192,359

accrued, -w- —Divs. on pref. stock, not

■t-

to ] M
Fiq
$113,241 loss$13,550
surplus.vi.O.'» $19,266 loss$64,132
of $129 for Federal surtax on undistributed profits
includes no provision for 1937.;,^
.
Kt.'i-

v.

$7,590,435
b690,170

—

928,2*2

>

Divs. on pref. stock, paid

'

"

1,176,068
170,000

Prov. for Fed. inc. tax—

38,974

ps

»,fj { y. U'-f.v, i;l! »,
h

1,237,673
169,997

kmiscell.,int., &c

carried

Balance

993,281

1,507,629

contings..

Charges of Sub. Cos.—
on funded debt—__
of debt disct.,

Includes provision
for the year 1936, but
a

1,119,698

1,609,947

for

Amort,

Amortization of debt disM

of de¬

Int.

1,550,000

/

4,577
748,440

'

<

1,550,000

,

689,307

Gross corp. income.$8,280,606

ir

'

387,500

387,500

927,709

re¬

Net earns, from oper__

.*

•

$1,789,874
214,450

$457,883
41,374

246,523

1,154,303

Reserved

■•'y «*; 2,511

'0

272,890

956,316
&

retires.

places.

>

Total income-.-—

for

General taxes-

$1,787,363

—

112,203

legal
&
other
Fed. Water

of

Service Corp
Res,

-1936

$390,043

,

0105,319
145,895

Maintenance

.

303

$457,883

0138,323
124,973

regulatory com. exp.

exps.

O

*

From subsidiaries

M

&

Special

Other income

Only) m j
1937—12 Mos.

0183,173
117,799

Amortz.of rate case exps.'

for any other period.

Comparative Statement of Income (Corporation

0235,068
99,892

94,012

Reserved for uncoil, accts

period is

respective periods.! 'The statement for each

to

construction

Note—All intercompany transactions have been eliminated from the above
statement.
Interest and preferred dividend deductions of subsidiaries
represent full requirements for the respective periods (whether paid or not
paid) on securities held by the public and give no effect to preferred stock
dividend arrearages for prior periods.
The "portion applicable to minority
interests" is the calculated portion of the balance of income applicable to
minority holdings by the public of common stocks of subsidiaries.
Minor¬
ity interests have not been charged with deficits where income accounts
of subsidiaries have so resulted.
The "net equity of Electric Power &
Light Corp. income of subsidiaries" includes interest and preferred divi¬
dends paid or earned on securities held, plus the proportion of earnings
which accrued to common stocks held by Electric Power & Light Corp.,
less losses where income accounts of individual subsidiaries have resulted

Subs.)—Earnings—

$16,951,067 $16,656,755 $15,151,033 $15,179,371
30—
al937
al936
1935
1934
5,681,226
5,339,296
4,631,670
4,547,627

Operatingrevenues
12
Mos.End.Sept.
Operation expense
Gen.
exp.
charged

»-

share in

1, last.—V. 145, p. 3653.

Federal Water Service Corp. (&

profits for the year 1936, but includes no provision for 1937.
g Full divi¬
dend requirements applicable to respective periods whether earned or un¬
h Based upon holdings by the public of common stocks of sub¬
sidiaries at end of each of the respective periods.

per

the regular quarterly dividend of 87)4 cents per share on the
and participating preferred stock, no par value, both payable
holders of record Dec. 18. Similar payments were made on Oct. 1

to

cum.

1 to

Jan.

earned.

entirely Independent of the statement

of 37H cents

The directors have declared an extra dividend
addition

of

for the

share on the

The Guaranty Trust Co. of New York has been appointed trustee and
paying agent for an issue of $450,100 principal amount of 10-year 5%
debentures due Dec. 15, 1947, and scrip certificates therefor.—V. 145, p.

Includes provision

in deficits

dividend of 15 cents per

A like amount was

!'h Bal. carried to consoli'j

a

15 to holders of record Jan. 3.
paid on Dec. 15, last and two dividends of 35 cents per
share each had been previously paid during 1936.—V. 145, p. 3653.

$8,916,954
2,511

Total—I

declared

have

stock, no par value, payable Jan.

common

Other Income

a

directors

The

&
of

subsidiaries

W

Omitted—

Evans Products Co.—Dividend

income

of subsidiaries

M

We look forward to a prosperous 1938.
every1 employee of Esquire-Coronet, Inc.,
publications and that when we

tainties, to omit the dividend due at this time on the common

Elec. Pow. & Lt. Corp.—

v

and

$8,916,954

82,152

143,035

Net equity of EI. Pr.
Lt. Corp. in income

each

that

fair share to the success of our

a

Directors at their meeting held

to

ofEl.Pr. &

Lt. Corp. in

believe

appraise our profits at the end of each year it is our duty to see that they
oStain a fair share of funds their efforts have earned."—V. 145, p. 2693.

7,934,507

1,302,966

"We

contributes

$9,621,822

1,983,627

$2,692,571

Balance
h Portion

7,932,458

$2,435,788 $12,637,061

1,981,578

g,Pref. divs. to-public—

advertising and lineage records.

Cr 10,421

$4,674,149

Balance

earnings,

572,816
158,708

525,967

kM&C,)....
Otber deductions-..--Int.chargedtoconstruc'n

"Es-

>ecember company raised advertising rates $550 of 475,000 is now guarJuire," the issue. Circulation of 625,000 instead a page, effective with the

—

Gross income

distribution of $40,000 among 258 em¬

ployees in the Chicago and New York offices of the company.
On the basis of increased guaranteed circulation for the magazine

395,914
516,943

e899,728

payments involve

bonus

The

Cr974

906,454

121,540
162,775

234,695
178,834

gm

all employees
President.

—.

8,082

Webster, Inc., of

Payment of a Christmas bonus of 10% of 1937 earnings to
of this company was announced on Dec. 17 by David A. Smart,
Bonus checks were distributed Dec. 20.

10,403,941

$8,348,612 $36,180,264 $33,265,855

$8,510,192

Other income deductions

0

^

T. Crawford, who

Esquire-Coronet, Inc. —Christmas Bonus —

...

„

14,531,155

Cr3,473

1,210

Operating income
Other income

,

$91,130,160
d47,461,338

$8,345,139 $36,188,346 $33,264,881

_

-

—

2,767,168

appropriations

^reserve

of these directors is

Corp. (& Subs.)—Earnings-—
1937—12 Mos.—1936

Operatingrevenues—$26,640,128 $23,610,997 $107,781103
Oper. exps., incl. taxes__al4,375,355 bl2,498,690 c57,061,602

1937

25,

Page, Samuel B. Tuell, Walter B. Walker, and Robert Winthrop.
None
associated with Stone & Webster, Inc.
Donald C. Barnes was elected President and a director of Engineers Public
Service Co.
Samuel B. Tuell, who resgined as President, will continue his
connection with the company as a director, Vice-President and Comptroller.

1936, and an
1256.

1937—3 Mos.—1936

30—

Dec.

Chronicle

Financial

4116

,

194,435
384,441
1,051
75,000

—————:. — .
$603,025
has been made during the nine months ended Sept. 30,

—

Note—No provision

1937 for Federal surtax on undistributed profits as there is no taxable net
income during such
in and

investments

period after allowing for loss of $501,946 sustained from
advances to Coast Exploration Co. arising from dis¬
145, p. 3195.
••
•
"-'.ly*

solution of that company.—v.
'

Ferro

Enamel

Corp.—Completing
Foreign Subsidiaries—u-H
'4 7,: ,

;|

-

Acquisition
—

of

Six

„

R. A. Weaver, President of this company, in a letter sent to stockholders
Dec. 17 announced that the corporation had completed acquisition of a

on

100% interest in subsidiary companies in the Argentine, Australia. Brazil
and Canada and that the acquisition of minority interests in its Dutch and

Volume

Financial

14S

English subsidiaries would be substantially consummated by the end of the
Accordingly, he stated, the directors have determined to submit
of Dec. 31, a consolidated statement of the seven companies which will
show the assets and earnings power of the entire
group for the current year.
Progress by the subsidiary companies during the current year, he pointed
out, has been satisfactory and makes the company's management optimistic
with regard to their future earnings possibilities.—V. 145, p. 3653.

Balance Sheet Oct. 31

year.
as

Brewery, Inc.—Earnings—

State beer taxes

$879,107
26,807

$693,412
9,819

$905,914
757,485

$703,231
830,501

$471,791
717,556
10.355

12,353
107,544

Provision for loss
tainers

6~,3li

100,029

13,000

44,893

y$20,679

$270,504

Balance Sheet
1937

$118,079

$207,161

*141,560
7,389
148,503
3,678

205,555

225,996

___

Inventories
Other assets

&c__

234,653

-

47,895

30.901

34,081

1,243,546
12,000

42,916

269,500

brew'g materials

x

$2,137,4121

Total.

1,167,605
753,102
483,974

names

to

.$1,963,212 $2,137,412

or

The directors on Dec. 16 declared a special

year-end dividend of 20 cents
share in addition to a semi-annual dividend of 80 cents per share on
capital stock, both payable Jan. 10 to holders of record Dec. 31.
Like
amounts were paid on Jan. 11, 1937.—V. 145, p. 1417.

1937—3 Mos.—1936

30 cents

per

share

$152,284
40,595

on

$293,116
82,910

$136,626
59,100

$111,689

x$61,563

$210,206

x$77,526

$0.67

$0.25

$1.23

has been made for
3497.

Federal surtaxes

Corp. of Portland (Ore.)--Accum. Div.

dividend of 25 cents per share on account
the $2 cum. and partic. class A stock, no par value,

Florence Stove
P.

has notified the New York Stock Exchange of the election
Brooks as a member of the board of directors, succeeding
145, p. 3816.

General William I. Westervelt, resigned.—V.

Florida Portland Cement Co.—Accumulated Dividend—
declared a dividend of $1.75 per share on account of
accumulations on the 7% participating preferred stock, payable Dec. 20
to holders of record Dec. 9.—V. 144, p. 4344.
The directors have

Florida Power & Light

Co.—Earnings—

1937—Month—1936

Period End. Nov. 30—

$1,089,018
Operating revenues—
630,135
Oper. exps. (incl. taxes)66,667
Prop .retire, ree.approps.

1937—12 Mos.—1936
$1,015,299 $13,779,470 $12,372,621
561,462
7,411,562
6,759,695
866,667
500,000
133,334

$392,216

Net income

$320,724
19,209

$5,503,892
457,996

$5,115,577

$339,933
216,667
110,000
28.005

$5,961,888
2,600,000
1,320,000
262,028

$5,457,189
2,600,000
1,320,000
304,847

$67,654

bonds
Int. on debentures
Other int. & deductions_
Int. on mtge.

2,651

$418,163
216,667
110,000
23,842

Gross income

$5,501,241

221

$392,437
25,726

Operating income
Other income (net)

$320,503

221

Net oper. revenues.-.
Rent from lease of plant.

def$14.739

$1,779,860

a

35 cents per share.—V.

145,

General Development

dividend of 35 cents per share

p.

1738.

Co.—Dividend Increased—

pec. 31, 1934, and 50 cents paid on Nov. 1, 1934.

1,153,008
$626,852

General Foods

$5,112,926
2,651

341,612

$79,334

Corp.—New Insurance Plan—

Under the sickness and accident plan, all regular employees are entitled
to

two

year up

weeks

during each year of continuous service.
Any
of such yearly benefit credits accumulate from year to
"A

of benefits

to a maximum of 26 weeks, provided service is continuous.

provision of particular interest." said Mr. Francis, "is that credits are
being allowed for service rendered prior to installation of the plan.
These
benefit credits are retroactive, in other words.
Our employees right now
benefit credits in their favor ranging up to the
of 26 weeks, depending upon length of service and previous
non-occupational disability absence."
One week's benefit payments in the case of a salaried employee is his
regular weekly salary at the time disability begins. In the case of an hourlyrated employee, one week's benefit is equivalent to two-thirds of his average
weekly pay.
Benefits are payable beginning with the first day of dis¬
ability to salaried employees and with the eighth calendar day of dis¬
ability to hourly-paid employees.
Participation in the new group life insurance plan is entirely optional,
Mr. Francis explains.
All employees are eligible to participate after six
months' continuous service.
Insurance coverage approximates an em¬

have accident and sickness

maximum

ployee's annual pay. Under this new cooperative plan employees contribute
60 cents a month for each $1,000 of insurance, the corporation assuming the
balance of the cost over and above employee contributions.
The non-occupational accident and sickness plan is now in operation,
and the life insurance plan becomes effective Jan. 1,1938.—V. 145, p. 2845.

General Optical Co.,
The directors have declared a

—V.

Georgia & Florida RR.— Earnings—
-Week End. Dec. 14—

1937
$19,900

Period—

Operating revenues
—V. 145, p. 3973.

consideration of
rate reduction in litigation for which a reserve has been provided by ap¬
propriations from surplus in amount of $602,089 for the 12 months ended
Nov. 30, 1937, and of $728,609 for the 12 months ended Nov. 30, 1936.
No provision was made for Federal surtax on undistributed profits for
1936, inasmuch as the company reported no undistributed adjusted net
income for that year. No such provision has been made to date for 1937.—
—V. 145, P. 3496.

x

1937

Profit--

$1,929,689
1,402.624

$999,937
243,747

$744,344
56,150

$527,065

$1,243,684
68,354

$800,494
122,145
87,000

$656,151
210,815

$1,041,330
See x
799,398

$591,349

$402,336
x28,797

$128,877

Preferred dividends

$2,229,078
1,484.734

799.935

Total income
Other charges
Federal taxes—

$2,568,827
1,568,890

$928,812

Other income.

$2,619,478
1,622,874

$241,932

$192,588

See

x

236,stock-$2.32

134,000

See

x

129,086

43.000

398,761

$373,539

Earns, per share on

293 shs. cl. A

sh. on 327,-r
414shs. co. B. stock--,

$2.60

$1.48

$1.01

$1.30
~

$0.74

$0.50

per

,,-m

$1.16

x^Preferred stock retired as at Feb.

undistributed earnings.




20.1934.

y

Includes $7,000 surtax on

—Jan.

1

to

Dec.

14

1937

1936

$1,248,974

$1,135,192

on

1937—12 Mos.—1936
1937—Month—1936
$2,534,390
$2,390,456 $29,069,899 $26,191,046
14,899,466
13,379,529
1,260,483
1,204,071
2.640,000
1,648,750
230,000
160,000

$1,043,906
551,952

$1,026,384 $11,530,443 $11,162,767
530,193
6,496,747
6,248,091

$491,954

245,862

pref. stock
-

No provision was

$496,190
245,870

$5,033,695
2,949,733

$4,914,676
2,950,444

$246,092

Net income
Divs.

1934

$1,142,951
60,139
yl54,000

Operating expenses

Gross income

Int. & other fixed chges.

x

1935

1936

$996,604
146,347

Gross profit

Oper. expenses & taxes
Prov. for retirem't res've

Balance

Co.—Earnings

-

1936

$23,950

Georgia Power Co.—Earnings—
Period End. Nov. 30—

Dec. 21,

Florsheim Shoe

dividend of 75 cents per share on the $3.50
Dec. 28 to holders of record Dec. 20.

120, p. 2154.

Gross revenue

Years End. Oct. 31—

Inc.—Preferred Dividend—

cumulative preferred stock, payable

share on $6 preferred stock, declared for payment on

1937. Dividends on these stocks are cumulative.
Notes—Income account includes full revenues without

Vice-President—

insurance.

unpaid to Nov. 30, 1937, amounted to
$5,380,704, after giving effect to dividends of $1.75 a share on $7 preferred
a

was

Adoption of a non-occupational accident and sickness disability benefit
plan for allfemployees, and a new group life insurance plan, was announced
by Clarence Francis, President, on Dec. 20. All costs of non-occupational
accident and sickness benefits are borne by the company, while both
company andlparticipating employees contribute to the cost of the life

Dividends accumulated and
$1.50

This last

N. R. Birge, assistant to the President since 1927. has been elected a
Vice-President of the company, it was announced on Dec. 24 by President
Gerard Swope.—V. 145, p. 3973.

1,153.008

-

account

Sares 20, 1936; 20 cents on Dec. 30, 1935; Dec. 1, 1936: 50 cents 1935; on
uly with a dividend of 25 cents paid on 50 cents on Nov. 25, paid 25

Divs.

Balance

on

The directors have declared a dividend of 60 cents per share on the capital
stock, par $20, payable Dec. 23 to holders of record Dec. 17.
This com-

$1,232,342

applic. to pref. stocks for the period,
whether paid or unpaid

$0.11
undistributed

General Alloys Co.-—Accumulated Dividend—

unused portions

Co.—New Director—

This company
of Edward

on

p.

The directors have declared

the common stock, both

The directors have declared a
of accumulations on

:t

$92,652
31,089

of accumulations on the 7% cumulative preferred stock, payable Dec. 28
to holders of record Dec. 18.
Accumulations after this payment will amount

17.—V. 145, p. 111.

payable Jan. 15 to holders of record Dec. 27. Similar dividends have been
paid in each of the 21 preceding quarters, prior to which regular quarterly
dividends of 50 cents per share were distributed.—V. 145, p. 2074.

Earns,

$98,812
37,814

General Electric Co.—New

First National

*

$265,385
27,731

144,

The directors have declared an extra dividend of 10 cents per share in

stock and

20,804

made since June 30, 1930, when a semi-annual dividend
of25 centsiper share was distributed.—V. 143, p. 3316.

Filtrol Co. of Cah— Extra Dividend—

x

$71,848

11,902

the first payment

Fahey has been elected a director of this company.—V.

payable Dec. 27 to holders of record Dec.

1937—6 Mos.—1936

$140,382

Net profit

x

4344.

addition to a dividend of

145,

(& Subs.)—Earnings—

Other income

cents on

(William) Filene's Sons Co.—New Director—

x

held abroad.

Gamewell Co.

to

the

H.

$9,425,852 $9,282,197

give due consideration to the proposed capital readjustment.-—V.
3496.

p.

1,177,604
763,106
311,746

Includes notes receivable.—V, 143, p. 3629.

John

Total

$9,425,852 $9,282,1971

x No
provision
profits.—V. 145,

13,000

per,

p.

23,796
1,181,465
1,637,070
5,958,105

The company believes that additional opportunity should be given to
communicate with holders of 2d preference stock and to enable such holders

Fidelity-Phenix Fire Insurance Co.—Year-End Div.—

,

128,288

25,860
a Class A stock.._
1,181,465
b Class B stock— 1,637,070
Surplus
6,085,223

236,293 shares (no par), b 327,414 shares (no par), c After deprecia¬
reserves of $344,748 in 1937 and $825,425 in 1936.—V. 145, p. 3973.

Earns, persh. on 119,304
shares common stock.

in inventory-

Deficit

159.771

losses

The special meeting of stockholders called for Dec. 21, has been ad¬
journed to Jan. 18, 1938.
Consents to the capital readjustment from in
excess of two-thirds of both the prior pref. and common stock have been
received. The adjournment is occasioned by the fact that holders of 2d
preference stock were difficult to contact since such stock is widely scattered,
being held for the most part, in small lots and many shares being in brokers

275,000

value of

Cap. stk. (par$l).
Capital surplus

109,081
134,000

44,601

Res. for decline in

36,107

a

tion

Total profit
Deprec. & Fed. inc. tax.

(partly curr.)
Mortgage payable
market

$1,963,212

24,348
733,952
14,987

Operating profit

net

expenses,

Total

15,870

em pi

Period End. Nov. 30—

bottles In trade—

and

supplies,

Capital assets.._

5,500

interest, &c
Customers' dep. on
kegs, boxes and

74,972

154,000

Res. for affil. cos.

28,822
718,003

353

mtge

Acer, wages, taxes,

163,510
21,964

1,273,900
) equipment
Outside real estate
8,000
Prepaid

$157,592

1,384
on

6,106

Kegs, boxes, bottles
estate

$155,120

balances
Instalm'ts

1936

1937

Accounts payableCustomers'
credit

rec.—trade

(less reserve)

Real

x$256,119

Sept. 30
Liabilities—

1936

hand and

Accts. rec.—miscell

>

x

in the above loss in depreciation amounting to $121,135*
Before including life insurance proceeds of $150,000.

Assets—

1, ,085,374

for resale to

$110,391

(George A.) Fuller Co.—Meeting Adjourned—
See

30,405

$165,183

_

and banks

2, ,320,675

12",800

117,904

Included

Accts.

3, 002,571

Total

on con¬

Net loss for year

I

re¬

1936

1937

$107,491

7,520

"

Depreciation

on

& notes

ceivable, &c
Mdse. inventory..

$464,271

3.2 labels. &c—

Other deductions

Liabilities—

1936

Accts. payable
1,600,250 Acer, payrolls,com¬
missions, &c
2,547,764 Federal Income tax
1,870,243 Accrued real est. &
pers'l prop, tax.
1,080,703

1, ,000,136

securs.

Cos .cap .stk. purch.

$551,955
584,239

Expenses

Cash

Accts.

1934

1935

1936

$533,160
18,794

Total income

y

Marketable

c

Other income

x

1937

__$L ,254,400 $1,409,949

Deferred charges..

1937

deducting Federal and

on

Assets—

Cash

Inv., advs,, &c...

Fidelio

Years Ended Sept. 30—
Gross profit on sales after

Loss

4117

Chronicle

$250,320

$2,083,962

$1,964,232

made in 1936 for Federal surtax

on

undistributed

Erofits asmade for such tax infor that year was distributed. No provision
been
all taxable income 1937.—V. 145, p. 3498.
as

(B.

F.) Goodrich Co.—New Director—

A. B. Jones. Chairman of the New Fork City Tunnel Authority, was on
Dec. 21 elected to the board of directors of this company, of which he was

formerly First Vice-President.

He will serve the unexpired term of C B.
Raymond, whose resignation was tendered to the board, it was announced.

—V. 145, p. 2075.

Gotham Credit

Corp.—Initial Class B Dividend—

Directors have declared an initial quarterly dividend
share {1% % on par)on the hew class B stock, payable
of record Jan. 24.—v. 145, p. 3817.

Grabler Mfg. Co.—Registration
See list given on

cents per
•

Withdrawn—

first page of this department.—V. 145, P. 113.

Great Lakes
The directors

of

Jan. 28 to holders

Steamship Co.,

Inc.—Special Dividend—

have declared a special dividend of $1.50 per

share in

addition to the usual quarterly dividend of 75 cents per share on the common

Financial

4118

holders of record Dec. 21.
20 last.—V. 145, p. 1901.

value, both payable Dec. 24 to
special dividend of 75 cents was paid on Sept.
stock,

no par

On

Dec.

the

17

declared a cash

directors

stock, payable Dec. 27 to

co nn on

A

and the report

abo shows that

it'

After the losses

*

"anticipated

that the 5,000 shares offered by the co pany to its
issued on or before the record date for the dividend.
It is not anticipated that any additional shares of co i n.on stock will be
issued prior to such record date.
On this basis, the total number of shares
of comn on stock to be outstanding at the record date will be approxim ately
433 060 and the total a
ount of the dividend to be paid thereon approxi¬
mately $108,265.—V. 145, p. 3818.
is

employees wil» have been

Co.— -Earnings—

Guantanamo Sugar
Years End. Sept.
—

1935

•

1934

$2,143,983

$1,349,887

$1,337,744

upon

1,14.3,795

1.101,230

which

the resale

of

all paid in full on all the guaranties,

are

were

foreclosed

Honey Dew, Ltd.—Earnings—

719,753

Year End.

Cost of cane, n fg., shipping and gen. expenses

Year End.

Oct. 31

Period—

Sales-..

Oct. 31

$236,514

77,695

loss$15,573
71,100

$458,199
205,502
20,000

$171,004
209,719

$158,819
216,101

loss$86,673
232,278

Loss

sur$232,697
1.514,753

$38,715

$57,282
1,418,756

$318,951
1,099.805

$1,476,038

_

Previous deficit

.

■

1,476,038

After deducting sea

47,784
45,457

30,553
27,037

10,801
32,404

Depreciation
construction and

on

equip, of stores closed.
Legal costs in action repurch. of U.S. rights.
Interest U. S. rights....

Operating
Interest

Balance Sheet Sept. 30
Pref.

$4,297,672 $4,397,704

d Invest, in Guan

694,472

RR

tanamo

Grow, crops

127,263
81,147
634,543
118,228
239,669

to follow, season

Inventories

Cash

—

Advs. to colonos—

Mlscell.

742,693
133,223

e

1,650

7,735
964

6,232
1,114

_prof$22,934

74,586
831,756

55,501

295,803

pay.

$6,372
4,098

$3,830
4,293

$38,515
4,413

loss$2,274

$463

loss$ 14,564

228,832
18,891

24,869
23,746

Livestock

118,908

101,772
372,091

Loans pay.

491,173

20,000
28.885
1,282,057

499,681

on

1937

hand A in

bank

-

1,335

Aocts.

55,295
1,514,754

mdse.

14,408

336,774

in A adv.

depreciation of $2,103,017 in 1937 and $1,964,517
in
1936.
b Represented by 404,835 no-par shares,
c $50 par value,
d After reserves of $289,436 in 1937 and $347,451 m 1936.
e Partly
for

secured.—-V. 144, p. 106.

Hagerstown Industrial Savings

Ac.

first page of this department.—V.

Hawaiian Electric Co.,

143, p. 3633, 1401.

Ltd.—Extra Dividend—

The company paid an extra dividend of $1 per share in addition to the
regular monthly dividend of 15 cents per share on the common stock,
par $20, on Dec. 20 to holders of record Dec. 15.
An extra dividend of
$1.50 was paid on Dec. 20, 1936, and one of 60 cents was paid on Dec. 20,
1935.—V. 145, p. 2393.

Hibbard, Spencer, Bartlett & Co.—To Pay

Extra Div.—

held Dec. 17 declared an extra dividend of
the common stock, par $25, payable Dec. 28 to
18.
Special dividends of 30 cents were paid on
Nov. 26 and on Oct. 29, last.
The regular monthly dividend of 20 cents
per share which had been previously declared will also be paid on Dec. 28
to holders of record Dec. 18.
See also V. 144, p. 614 for record of previous
dividend payments.—V. 145, p. 3346.

dividend of 50 cents per share on the
6 2-3% cum. pref. stock, par $60, payable Jan. 10 to holders of record
Dec .31.
A similar payment was made in each of the six preceding quarters
and an initial dividend of $1 per share was paid on April 10, 1936.—V. 145,
p. 2076.
The

directors

Home

have

Title

declared

Co.—Referee

Recommends

Re-

108,500

108,500
121,796

143,597

723,693

723,692

600,000

------

600,000

$1,970,113 $1,976,097

Total

$1,970,113 $1,976,097

x After reserve for
depreciation of $389,637 in 1937 and $345,324 in 1936.
Represented by 15,000 no par shares,
z Represented by 108,500 no par
shares.—V. 144, p. 281.

y

Honey mead Products Co.—Registers with SEC—
See list given on first page of this

department.—V. 145,

p.

2848.

(A. C.) Horn Co.—Common Dividend—
The directors on Dec. 16 declared a dividend of 60 cents on common
stock, of which 40 cents a share will be payable in the form of 6 % non-cumu¬
lative non-voting preferred stock, $5 par, of Horn Maintenance Division,

Inc., at the rate of one share of such stock for each 12 K shares of A. O. Horn
The remaining 20 cents will be payable in the form of 6% nonnon-voting pref. stock, par value $5, of Contracting Division-A. C.
Horn Corp., at the rate of one share of such stock for each 25 shares of A. C.
Horn Co. held.
The total dividend is payable Dec. 24 to holders of record
Dec. 20.
An initial cash dividend of 30 cents per share was paid on the
common stock on Dec. 17, 1936.—V. 145,
p. 1903.
Co. held.

cum.

Houston

Lighting & Power Co.—Earnings—

Period End. Nov. 30—

Operating re venues
Oper.exps.,incl. taxes..
Prop, retire, res.approps.
Net oper. revenues.__

1937—Month—1936
1937—12 Mos.—1936
$885,075
$805,362 $10,666,237
$9,605,017
449,981
403,314
5,113,226
4,631,583
104,951
85,349
1,663,036
1,215,468
$330,143
1,472

$316,699

$3,889,975
18,039

$3,757,966

1,225

$331,615

$317,924
108,125
7,604

$3,908,014
1,018,333
140,223

$3,772,214
1,297,500
94,676

$238,024
$202,195
$2,749,458
Dividends applic. to pref. stocks for the period,
whether paid or unpaid
315,078

$2,380,038

a

Insurance

1,500,000

Common stock..

Surplus

Other income

Holeproof Hosiery Co.—50-Cent Preferred Dividend—

155.285

1,600,000

z

exps.,

Total

The directors at a meeting

50 cents per share on
holders of record Dec.

147,798

y

formulae,

organiz.

& Loan Co.—Registers

with SEC—

338,540

1,841

8,345

owing on the

purch. of U. S.
rights
Class A pref. stk.

to

trade

U. S. rights

Guarantee Co. of North America—Extra Dividend—
The directors have declared an extra dividend of $2.50 per share in
addition to the usual quarterly dividend of $1.50 per share on the common
stock, par $50, payable in Canadian funds on Jan. 15 to holders of record
Dec. 31.
Similar distributions have been made each quarter since and
including Jan. 16, 1933.
Non-residents of Canada are subject to a 5%
tax.—Y. 145, p. 2075.

See list given on

name,

12,432

taxes

13,603
254,822

Bal.

230,294

Fixed assets

1,810

by

pay.sec.

Prov. for Fed. inc.

39,597

2,564

sub.cos

reserve

$74,433

lien notes

38,968

Good-will,

After

'

$61,874

expenses

A

supplies
Sundry invests...

Inv.

a

'.y.

Bank overdraft—

2,506

1936

1937

Y

5,831

x

Total—

31

Accts. pay. Aaccr.

«

Note rec., director

Defd. chgs. to oper

Deficit

Oct.

Liabilities—

1936
.-v.

$2,001

$6,559,626 $6,687,786

$6,559,626 $6,687,786

Total

•••'

$14,731
2,850

Invent.,

107,905

receivable, Ac--

Balance Sheet
Cash

Accounts recel v...

Other notes pay'le

(unsecured)

19,538

...

$26,334

..

Assets—

(sec.).

Prov. for Inc.taxes

3,400

1,395,000

& ac¬

Taxes & contlng

accounts

Unexpired Ins., Ac

1,395,000

127,924

Notes payable..

Accts.

deficit

earned....

Net profit

11,737

__

7,513
6,400

1,650

Old common

crued liabilities-

carr'd

1936

8% stock.—$1,728,700 $1,728,700
4,048,350
4,048,350

5,174

------

—

Adjust, of int. on purch.
of U. S. rights.._____

b Common stock—
c

Cane planting exp-

1937

Liabilities—

1936

1937

Assets—

Real est., build¬

ings, Ac

Year

1934

$1,003,726

Prov. for Fed. inc. tax__

$1,514,753
freight, commissions, &c
$1,282,057

Deficit.--.

'35

$1,418,756

.

Balance, deficit

31

Profit before int. paid on
U. S. rights, deprec'n,

.

Pro v. for income taxes

Oct.

$824,799

and interest earned

profit—.—

Cal.

10 Mos.End.

'36

$1,060,294

90,397
53,550

$206,092
35,088

.

Deprec. of m ills, &c

'37

$1,129,613

——-

$463,074
4,875

Profit on operations-

Other deductions (non¬

a

79.57% of those mortgages and certifi¬

those who hold
guaranteed and purchase money mortgages upon
properties, will continue to hold the.u with the
policy of the company inde
nifying them against any loss on those mort¬
gages at any time in the future.
The plan provides, in accordance with the legislation which was passed
this year and signed by the Governor, that if more than 50% of the claim¬
ants under guaranties approve, and not more than
10% disapprove, the
plan will become binding upon all, so that ail the holders of guaranties
will be treated exactly alike and all will be paid co i pletely in accordance
with the losses which any may suffer.—V. 1*4, p. 938.
mortgages

$704,180

1,680,909

---

.

1936

1937

30—

molasses

Gross sugar &
sales.

x

73.1%
77.4%
-77.9%
77.6%
82.25%

—

cates there are no arrears of interest at all.

writer

x

63.4% Second half of 1936
64.2% First half of 1937
,—64.7% July. 1937-.
67.5% August, 1937
70.3% September, 1937

First half of 1935
Second half of 1935
First half of 1936

dividend of 25 cents per share
holders of record Dec. 21.

25, 1937

Period—

First half of 1934
Second half of 1934—

stock
and

Dec.

Period—

Engineering Corp.—Dividend—

Grumman Aircraft
on

Chronicle

_

Gross income.

....

Int. on mtge. bonds....
Other int. & deducts....

80,208

13,383

Net income

14,248

315,078

opening of Company—
There was filed Dec. 18 in the Brooklyn
William M. Parke, referee, approving the

County Clerk's Office report of
reopening of the company, one
by the Superintendent

of the 33 title and mortgage companies taken over
of Insurance in 1933 for rehabilitation, and most of

which have since passed

into liquidation.
The voluminous report
situation of the company

of the referee describes in detail the financial
with reference to the estimated losses which
formerly $86,000,000 of mortgage guaranties and
concludes that there is, with reasonable certainty, ample strength in the
situation to pay those losses in full and to leave a balance of value with
which the company, reopened and with its present losses on guaranties

may

result from

its

Said, mayupon anyits active mortgagemay remain outstanding and upon
abilities
resume mortgages which business and continue to carry its

Balance

$2,434,380

$2,064,960

Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed
adjusted net

income for that year.
—V. 145, p. 3657.

No

sucn

provision has been made to date for 1937.

Hudson & Manhattan
Period End. Nov. 30—
Gross oper. revenue

Oper.

expenses

& taxes..

Operating income.

—_

Non-operating income

.

_

RR.—Earnings—

1937—Month—1936
$649,325
$643,727
427,355
399,846

1937—11 Mos—1936
$7,121,998
$7,073,833
4,683,502
4,390,667

$221,969
11,886

$243,880
17,494

$2,438,496
134,874

$2,683,166
238,581

$233,856

$261,374

$2,573,371

$2,921,748

290,341

296,274

3,194,276

3,378.461

$56,485

$34,900

$620,904

$456,713

its tital insurance policies.

The plan approved by

the referee and recommended to the Court for

its approval

provides for the reopening of the company on the basis of an
agreement to pay over a period of the next six years any losses which the
holders of guaranteed mortgages and certificates may actually suffer,
and, in the meantime, the holders of guaranties are to withhold prosecution
of any action against the company upon the guaj^nties.
Promptly after

Gross income.
Inc. chges., incl. int. on
adj. inc. bonds at 5%
-

Deficit
—V. 145, P. 3499.

reopening and throughout the period of the plan the company will advance
to the holders of guaranteed mortgages and guaranteed mortgage certifi¬
cates interest in arrears at an adjusted rate.
The holders of title insurance

Eolicies, on the contrary, will be paid without delay.
accrued upon those policies in full the small amounts of loss which
ave

In addition to payment of losses

in full, those who have had losses upon
will be entitled to take up stock in the
old company, reopened, and stock in the wholly owned Home Title Guaranty
Co., which has been doing since 1933 a large volume of business both in
their mortgages and certificates

title insurance and in the making of mortgages and selling them with
servicing, but without guaranty of payment.
The company, when reopened, will have a new board of directors to be
selected by a voting trustee appointed by the Court.
At least two-thirds
of them will be investors or representatives of investors so that until all
losses on guaranties are fully paid, the operations of the company will be
completely controlled by the investors.
It is recommended that the
present management of the company be retained.
The referee's conclusion that the financial condition of the company
warrants the reopening in accordance with the plan which be has approved
is based upon tabulations of many figures contained in the report which
show the comparatively good position in which the mortgages and cer¬
tificates under guaranty by Home Title Insurance Co. have come through
the depression.
One of the schedules in the referee's report shows as to
interest collections upon all of the guaranteed mortgages and certificates
which are serviced by the company the progress by percentage of interest
collections during the 30 days after the same becomes due:




Hutchins Investing

Corp.—Accumulated Dividend—-

The directors have declared

a dividend of $2.75 per share on account of
the $7 cum. pref. stock, no par value, payable Dec. 24
holders of record Dec. 20.
This compares with $1 paid on Oct. 15,

accumulations
to

on

July 15, April 15 and Jan. 15, 1937 $1.75 paid on Dec. 18, 1936
of $1 paid on Oct. 15, 1936, and in each of the seven preceding
75 cents per share paid each quarter from July 15, 1932 to Oct.
incl.; $1 per share on Jan. 15 and April 15, 1932; and regular
dividends of $1.75 per share previously.—V. 145, p. 2394.

dividends
quarters;

15, 1934,
quarterly

Illuminating Shares Corp.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
addition to a regular quarterly dividend of like amount on the class A
stocx, both payable Dec. 28 to holders of record Dec. 15.
Like amounts
were paid on Dec. 28, 1936.—V. 144, p. 108.

Income Foundation Fund,

Inc.—Extra Dividend—

The directors have declared an extra dividend of % cent per share in
addition to the regular quarterly dividend of IK cents on the common
stock, both payable Dec. 20 to holders of record Dec. 10.
Similar pay¬
ments were made on Sept. 20 and on June 21 last.
An extra of ik cents
was paid on March 20 last; a special dividend of IK cents was paid on
Dec. 23, 1936; an extra of IK cents on Nov. 2, 1936; an extra of 3K cents
on Aug. 1 and on May 1, 1936. and an extra dividend of one cent
paid
on Feb. 1, 1936.—V. 145, p. 1904.

Volume

Financial

145

Chronicle

Industrial Credit Corp. of New England—Extra Div.—

Kemper-Thomas Co.—Common Dividends Resumed—

The directors have declared an extra dividend of 6
M cents per share in
to the regular quarterly dividend of 32 cents per share on the

The company paid a dividend of 60 cents per share on its common stock
Dec. 22 to holders of record same date.
This is the first time a dividend
has been paid on the common shares in several years.—V. 143,
p. 926.

addition

on

common

stock, both payable Jan. 3 to holders of record Dec. 15.
A like
July 1 last and in each of the seven preceding quarters.
6% cents was paid on July 1, 1935, while in each of the
six preceding quarters extras of
6% cents per share were distributed.—
V. 144, p. 4348.

payment was made on
An extra dividend of

Kinner

Interborough Rapid Transit Co.—Hearing Postponed—

that

Proposed—

The registration statement became effective Aug. 30, 1936, and the
SEC, in its opinion, states that the shares had been offered to stockholders '
50 cents a share and that 250,935 shares, or slightly more than half of
the offering, had been sold.

secured

at

7% notes will be presented to Federal Judge Julian W. Mack when the
application for permission to pay interest and sinking fund
charges comes up for hearing.
The new plan, which is to be put forward
by counsel for the Johnson protective committee,f will, it is said, suggest
that the receiver be directed to acquire the amount of 5s
necessary for
sinking fund purposes from the Bankers Trust Co., which holds a large
block of the issue as security for the 7% notes.
It is proposed that the
Bankers Trust Co., as trustee, would then utilize the cash so received
receiver's

toward retiring

7% notes.

The stock registered in this statement does not include the shares in¬
volved in the charges entered by the SEC against C. C Wright and others
for

v'''

1934,

TJntermyer has joined John J. Curtin, special counsel for the
Transit Commission, in a brief filed on behalf of the Commission in oppo¬
sition to the Interborough receiver's application to disaffirm the Manhattan
lease and Interborough's contracts with the City of New York.
Extensive briefs opposing the Interborough's application have already
been filed by Paul Windels and William G. Mulligan for the City of New
York, Charles Franklin for the Manhattan Ry., and Charles E. Hughes Jr.,
Allen Hubbard, H. C. McCollom, B. C. Wright, Clifton Murphy, and

payable

on Dec. 14, 1935. and secured by a chattel mortgage covering most
registrant's tangible and intangible properties.
On May 31, 1936, the Commission said, after one extension had been
obtained from the RFC, $135,931 remained due, and when the registration

of the

statement was filed there was pending an application for an extension of the
maturity date to July 1, 1937.
In an amendment to the registration state¬
ment filed on Aug. 10, 1936, the company said that such an
application was
pending, but had not been acted upon.

Daniel James for the Manhattan receiver and the Manhattan bondholders.

The

annual

An offer to extend the balance of the maturity, under certain conditions
it was reduced to $100,000, was made by the RFC to the

for two years, if

Adjourned—

meeting

activities in Kinner stock on the Los Angeles
Oral argument has been heard in that case, but no de¬

indebtedness of the registrant to the Reconstruction Finance Corporation.
The Commission said that a $200,000 loan originally was made in

Samuel

Again

alleged manipulative

Stock Exchange.

cision has been rendered.
While the opinion of the Commission covered various aspects of the
registration statement of July 23, 1936, the order suspending effectiveness
cites specifically "Item 46 and the prospectus."
Item 46 relates to the

Opposes Disaffirment of Manhattan Lease—

Meeting

Corp., Ltd.—Registration
Company to Amend Statement on

the

'

another plan for hastening retirement of the

Motor

&

The Securities and Exchange Commission issued on Dec. 17 an order
suspending effectiveness of a registration statement (No 2-2349) filed under
Securities Act of 1933 on July 23, 1936, by the corporation covering
500,640 shares '$1 par) common stock.

Hearing on the application of the receiver for permission to pay interest
sinking fund charges due Jan. 1 on the company's ref. mtge. 5%
bonds has been postponed until Dec. 28.

New Plan to Be

Airplane

Voided by SEC—Failure of
RFC Loan Is Cited—

and

It is stated

4119

company the

of shareholders

of this

company

was

adjourned

Dec. 22 until Jan. 22, because of a Pack of a quorum.
This marks the
time that the meeting has been adjourned for the same reason.
Ernest A. Bigelow, recently elected Chairman of the board of
directors,

following day, according to the Commission's report.
"The registrant," the SEC added, "permitted the registration statement
become effective on Aug. 30, 1936, without amending Item 46 to reflect

on

to

fourth

the changed status of the RFC loan, of which it had been informed
by the
above letter of Aug. 11, 1936."
The fact that the company had supplemented the prospectuses which
accompanied the registration statement with information relating to the

announced at the meeting that Emile Barr, who was elected to the reorgan¬
ized board of the Interborough Rapid Transit in September, had
resigned.

—V. 145, p. 3499.

status of the RFC loan was not sufficient,

Iowa Electric Co.—Accumulated Dividends—

<•

The directors have declared

a dividend of 4&K cents per share on account
on the
7% cum. class A pref. stock, par $100, and a
cents per share on the 6H% cum. class B pref. stock,
dividends will be paid on Dec. 28 to holders of record

of accumulations

dividend of 40%
par

$100.

Both

Dec. 15.
Similar payments were made on Oct. 20, July 20, April 20, and
Jan. 20, 1937; Oct. 10 and July 10, 1936.—Y. 145, p. 2551.

Island Creek Coal Co.Month

Nov. 1937

of—

Coal mined (tons)
—V. 145, p.

Oct.

346,627

1937

Nov.

410,761

1936

422,803

Co., Inc.—Sales—

Period End. Dec. 4—
—V. 145, p. 3658.

Johnson

holders

dividend of $2 per share on the 8% cum.
od Jan. a, to
Like payment was made on Oct. 1, July 1,

$100, payable

of record

Dec.

21.

a

on account of accumulations

April 1 and Jan. 2,

1937, and on Oct. 1, 1936.
Accumulatiohs after the
will amount to $16 per share.—V. 145, p. 3011.

Kansas City Public Service
Period End. Nov. 30—
Total

oper.

Co.—Earnings-—

1937—Months-1936
$556,811
445,162

$553,764
426,722

1937—12 Mos.—1936
$6,790,040
$6,675,090
5,348,117
5,112,536

$111,649
24,815
7,623

$127,042
25,735
2,482

$1,441,922
284,785
87,479

$1,562,553
260,747
27,302

$79,209

$98,825

143

590

$1,069,657
9,025

$1,274,504
23,757

$79,352

revenues—

Total oper. expenses.___

$1,078,682
480,348
76,759
861,303

$1,298,261
383,970

$339,729

Social security taxes—_

Operating income
Non-oper. income
Gross income.
Other fixed charges

Total

71,777

$99,415
31,974
5,964
71,002

$38,028

$9,525

funded debt

depreciation.

Net deficit—__
—V. 145, p.

Kansas City Southern
Period End. Nov. 30—

Net

rev.

revenues.
expenses.

Ry.—Earnings—

$393,899
75,000

$447,727
120,500

$4,823,038
1,043,000

$4,695^980
1,054,500

$318,899
41,393
12,451

income.

Equip, rents (net)—Dr.
Jt. facil. rents (net)—Dr.

$327,227

$3,780,038

70.391

538.710

9,353

89,218

$3,641,480
667,331
93,917

Net ry. oper. income.
$265,053
$247,482
$3,152,108
$2,880,231
Note—Railway tax accruals includes charge for Federal tax on undis¬

tributed profits.—V. 145, p. 3500.

Kermath Mfg.

public offering of 50,000 shares of prior preferred stock,
by H. Vaughan Clarke & Co., of Philadelphia, present holders of the,
company's outstanding 60,000 shares of participating preferred are being
given rights to subscribe at $10 per share.
The subscription rights are
on the basis of five shares of prior preferred for each six shares of
participat¬
ing preferred now held.
The prior preferred is entitled to cumulative dividends at the rate of
80 cents per share per annum and is convertible into % share of participating
preferred and % share of common for each one share of prior preferred.
Proceeds from the sale of the shares will provide the company with ad¬
ditional working capital.
Period Ended Nov. 30, 1937—

Net profit
—V. 145, p. 3820.

_

expenses

Net operating profit

Bonds Called—

Knudsen Creamery

$135,413
131,010

10% cash dividend paid Feb. 1, 1937, $9,000 and 10% stock dividend

paid Feb. 1, 1937, $9,000.

a dividend of 37 % cents per share on account
$1.50 class A cum. and partic. shares, no par
value, payable Dec. 23 to holders of record Dec. 22.
A similar payment
was made on Nov. 25, Aug. 25, and Feb. 25 last and on Nov. 25,
Sept. 10,
May 5. and Jan. 27, 1936, this latter being the first payment made on
the issue since Aug. 1, 1934, when a regular quarterly dividend of like
amount was distributed.—V. 145, p. 3199.

Liabilities—
hand

$46,898
rec.

Accounts payable—trade

x63,521

Customers' deposits and credit

Miscellaneous accts. receivable
Inventories

866

203,335

Cash in closed bank, less res've

Prepaid

insurance,

taxes

1

7,270

Due from employees.
Life insurance
policies—cash
surrender value

balances.
Accrued expenses
Provision for Federal & Cana¬
dian income tax

and

other charges

248

Reserve for guarantee expenses
Common stock (par $1)
Earned surplus

$64,255
3,224
5,419
1,162

10,000
99,000

228,052

11,802

Property, plant & equipment.
Unamortized expenses

Laclede-Christy Clay Products Co.—Special Dividend—
The directors have declared

a special dividend of 25 cents per share on
stock, no par value, payable Dec. 28 to holders of record
Dec. 21.
A regular quarterly dividend of 25 cents per share was paid on
Oct. 1, last.—V. 144, p. 109.

the

common

x

After

for

tion of $65.171.—V.

Total

bad debts of $16,200.

144,

p.




Month
$141,525
98,531

Gross profit
Expenses—Net

11 Mos.

$774,943
546,004

$42,994
29,797

Net profit

$228,939
213,064

$13,197

-

$15,876

—V. 145, p. 3500.

Lehigh Power Securities Corp.—Pays 10-Cent Dividend
The company paid a dividend of 10 cents per share on its common stock,
par value, on Dec. 23 to holders of record Dec. 20.
This compares with
20 cents paid on Sept. 1, June 1, and on March 1, last; 33 cents paid on

no

on

the first day of March, June, September and December of 1934, 1933

and 1932—V.

109.

144,

p.

2308.

(Edgar P.) Lewis & Sons, Inc.—Stock Offered—Wilson,
Ebert & Co., Inc., is offering at $5 per share 31,740 shares,
of

common

stock.

Offering does not represent

new

financing

by the company.
Transfer Agent—State Street Trust Co., Boston, Mass.
Business—The business, founded in Boston over 50 years ago, consists
of the manufacture, sale and distribution of a highly diversified line of
candies and confectionery, including penny goods for children, expensive

y74,020
3,160
$411,111

reserve

Co.—Earnings—

Cost

chocolates
Total

the

Dec. 23, 1936; 20 cents paid on Oct. 1, June 1 and March 2, 1936, and on

Assets—
on

on

Dec. 30, 1935; 25 cents paid on Sept. 3, 1935; 34 cents paid on June 1 and
March 1, 1935; 70 cents on Dec. 29.1934, and 25 cents per share distributed

Consolidated Balance Sheet Sept. 30, 1937

Customers' notes & accts.

Co.—Accumulated Dividend—

The directors have declared

Laird &

$5,283
xl8,000

______

Cash In bank and

have declared an initial dividend of $2 per share on the
stock, payable Dec. 23 to holders of record Dec. 20.

Period Ended Nov. 30, 1937—

$6,348
1,065

tax.

Net income

x

$103,454

directors

Sales

$4,404
1,945

Miscellaneous income—net.
Net income before income tax__
Provision for Federal and Canadian income

$262,985
159.531

Kirby Lumber Co.—Initial Dividend—
The

common

Co.—Earnings—

_____

Dividends

-

$1,582,418
1,319,432

$16,502

---

$411,111
y

/

11 Mos.

$289,123
255,247
$33,876
17,373

-

Gross profit
Expenses

Consolidated Earnings for the Year Ended Sept. 30, 1937
Gross profit from sales of engines, accessories, engine parts and

repairs.
Selling, administrative and general

Month

.

Cost of sales

of accumulations

from ry. oper.

oper.

Distilling Co., Linfield, Pa.—Makes Offering

A total of $155,000 first mortgage bonds, dated July 16, 1939, has been
called for redemption on Jan 16, 1938, at par and interest.
Payment will
be made at the First National Bank, Houston, Texas.—V. 142, p. 4182.

1937—Month—1936
1937—11 Mos.—1936
$1,155,203
$1,253,641 $13,129,346 $12,612,953
761,304
805,914
8,306,308
7,916,972

Railway tax accruals—
Railway

88,520
854,820

3500.

Railway oper.
Railway oper.

Kinsey

Net sales

40,682
4,921

on

advisory

report of two trial examiners felt should have been included.
The registrant contended that it was deprived of due process of law
because there was a change in trial examiners during the process of the
stop-order porceedings, but this the Commission overruled;.—V. 145, p.
3658.

$29,049

Net oper. revenue
General taxes

Int.

prepared to hold the state¬
because it failed to include certain information

to the character of the business done and to be done which the

In advance of

Publishing Co.—Accumulated Dividends—

current dividend

Also the Commission stated that it was not

of Prior Preferred Stock to Participating Preferred Holders—

The directors have declared
par

have been better practice to set forth the facts relating to Mr.
Porter's activities, failure to do so did not make the statement
materially
deficient.

1937—4 Wks—1936
1937—48 Wits.-—1936
$1,939,317
$1,698,682 $21,377,478 $18,581,989

Sales

pref. stock,

it would

as

3348.

Jewel Tea

raised being whether the statement was misleading in that it said there was
to be no underwriter.
In this connection the Commission held that while

ment materially deficient

■Monthly Output-—

the SEC maintained.

The Commission also discussed the fact that Robert Porter, President
of the company, from September, 1936, to February, 1937, purchased 65,000
shares from the registrant and sold 89,000 shares through brokers, the
point

After reserve for deprecia¬

fashionable

and

miniature

chocolates

with

well-known

brand

names

for

shops, the popular Five-Cent bar called "Viva" and bulk
candies and chocolates of a wide variety retailing from 10 cents to $1 per

pound.

'

Financial

4120

May Hosiery Mills, Inc.— Earnings—

•

WE DEAL

IN

Y., Phila. & Norfolk Stock Trust 4s, 1948
Lehigh Coal & Navigation Cons. 43^8, 1952
Lehigh Valley Annuity 4^s and 6s
Buffalo & Susquehanna RR 1st 4s, 1963

x$533,452
89,520
11,833

138,980
19,630

78,663
14,710

99,979
12,484
47,556
2,621

$450,160
123,517
200,000

$338,725
175,700

$226,232
153,468

$279,348

$126,643

Interest

$163,025

$72,764

$76,522

Income taxes

Other deductions

Net profit for period-.

Philadelphia Suburban Water 1st 4s, 1965

Preferred dividends.

...

Common dividends

YARNALL & CO.

Balance, surplus
x

A. T. & T. Teletype—Phila. 22

1

1528 Walnut St.

The

Approximately 35% of the company's business is with chain stores.

Jobbers from coast to
its books,

Capilalizalion—At a special stockholders' meeting held July 29, 1937
was voted to change the authorized common stock from 100.000 shares
(no par) to 300,000 shares (no par) without increasing the capital of the
company.
It was also voted to exchange the 65,000 shares of common
stock outstanding, for 195,000 shares or the new common stock and to
substitute 105,000 shares of new common stock for 35,000 shares of com.
stock held for conversion of the convertible cumulative preferred stock.
Giving effect to this change, the present capitalization of the company is:
i

1936

1937

$222,313

$220,665

Accounts payable.

845,240

539,823
551,371
19,463

Notes disct. by bks

Outstanding

450,000

1,042,868

Inventories
Accts. rec.fr. affil.

21,008
276,250
995,041

z8,545

current

299.075

Investments
x

920,657

Property <fe plant

Sinking fund proV.

51,638

Pref. stk. in treas.

157,024

19,346
27,795
34,574
143,535

1

Deferred items

Trademarks

of the $4,647,000 issue, it is said.

the maturity date of the notes will be extended
1943, with the Lehigh Valley RR. guaranteeing
maximum sinking fund requirements.—V. 145,

interest and

principal,
3500.

p.

120,000

stock is on a regular 30 cents

A total of $1.20

quarterly dividend basis.

disbursed in 1937.

was

The company's common

stock is listed on the Chicago Curb Exchange.—

Louisiana Power & Light

Operating revenues
Oper. exps.,incl. taxes..
Prop, retire, res. approp.

$2,067,291

61,500

75,000

$194,119

$173,913

$1,987,373

Dr423

3,614

519

$173,490

$1,990,987
20,936

$2,067,810
21,037

$195,263
72,963
6,071

$175,573

$2,011,923
875,580
55,725

$2,088,847

$1,080,618

$1,165,132
356,532

$724,086

Operating income
Other income (net)
Gross income—__

mtge. bonds

Other int. & deductions.

Net income.
Divs. applic. to

paid

$808,600

2,083

72,917
4,031

$116,229
$98,625
pref. stock for the period, whether

unpaid

or

Balance

Note—Includes provision made during December,

1936.
3501.

Federal surtax on undistributed profits for
been made to date for 1937.—V. 145, p.

$223,478

$143,236
11,263

$2,408,307
38,491

$2,078,693
41,145

$223,478
61,448
3,174

$154,499
61,448
3.143

$2,446,798

$2,119,838

737,375
42,738

737,375

$89,908
Divs. applic. to pref. stks. for the period, whether
paid or unpaid

$1,666,685

$1,343,931

'

Net oper. revenues

Int. on mtge.

~

bonds

Other int. & deducts

$158,856

Net income

875,000
48,715

1936, of $31,860 for

Lyons-Magnus, Inc.—Accumulated Dividend—
The company paid a dividend of 50 cents per share on
on its $1.50 cumulative and participating class A

Dec. 24 to holders of record Dec. 17.

Merck & Co.,
George

account of accumu¬
stock, no par value,

MacAndrews & Forbes Co.—Extra Dividend—
Dec. 16 declared an extra dividend of 50 cents per share

regular quarterly dividend of like amount on the common
stock, par $10, both payable Jan. 15 to holders of record Dec. 31.
Similar
payments were made on Jan. 15, 1937, and 1936; an extra of $1 was paid on
Jan. 15, 1935, and an extra of 35 cents per share was distributed on Jan. 15,
1934—V. 145, p. 2552.

of this company, announced on Dec. 12
the company will put into effect a retirement income

Mid-West

Rubber Reclaiming

Earnings for the

stock

paid

on

on

a

Dec. 23, 1936.—V. 144, p. 284.

$332,110

Common dividends

42,848
234,637

.

$54,625

Surplus
Earnings per share on 124,520 shares common stock (par $5) —

$2.28

1937

Balance Sheet Oct. 31,

Liabilities—

Assets—

Cash in bank and on hand
Oust, notes & accts. receivable
Inventories

Land...

dividend of $1 per share on the common
Dec. 27 to holders of record Dec. 21.
A dividend of 35 cents was

The directors have declared

1937

...

$80,180
*220,004
415,857

Accounts

19,111

Accrued

Federal Income taxes

Bldgs., mach'y, equip., &c.__xl,225,948
Uncompleted construction
20,681

54,215

Deferred charges

20,169

Accrued salaries <fc wages

62,230

-

$51,802
14,359

payable

Prepayments by customers...

72,714

Other assets

Pay $1 Dividend—

Co.—Earnings—

Year Ended Oct. 31,

Net profit
Preferred dividends

a

Macmillan Petroleum Corp.-—To

145, p. 3661.

Inc.—Retirement Plan—

providing life insurance for employees under a group life insurance contract.
"Part 2. Supplemental retirement income—This part pertains to supple¬
mental benefits which the company hopes to provide from time to time
without cost to the employee.
Employees should understsnad that such
supplemental benefits are not guaranteed, but depend for realization upon
future dividend payments by the company, which of course depend on the
future earnings of the company."
The entire cost of the supplemental retirement income will be borne by
Merck & Co., Inc.
There will be appropriated each year in which divi¬
dends in excess of $1 a share are paid on the common stock of the company
a sum a share equal to one-third of the amount by which such dividends
exceed $1 a share.—V. 145, p. 3977.

A similar payment was made on

1936, and on Dec. 31. 1935, and compares with 25 cents paid on
31, 1934, and 37cents per share distributed each quarter from
Dec. 31, 1932, to Sept. 30, 1934, inclusive.
Prior to Dec. 31, 1932, no
dividends were paid since July 1, 1930, when a regular quarterly payment
of 37K cents per share was made.—V. 145, p. 441.

on

394,876

$949,055

W. Merck, President

Dec. 24,

In addition to

394,876

plan for its 1,500 employees which will combine the insurance benefits of the
Federal Social Security Act with a form of participation in the company's
profits.
In accordance with this plan, the board voted $75,000 to be utilized In
the supplemental retirement income plan.
The plan divides itself into two parts:
■
"Part 1. Future service retirement income—This part pertains to re¬
tirement income for services of employees rendered after Dec. 30, 1937;
to the cost of this retirement income the company congributes on an equal
basis with the employee.
The joint contributions provide for the purchase
of certain benefits from a leading life Insurance company which is now

Dec.

The directors

38,532

$1,271,809

1936, for Federal surtax on undistributed profits.—V.

4,439,088
622,500

No such provision has

lations
on

1937—12 Mos.—1936
$8,616,333
$7,802,756
5,025,369
5.488,119
698,694
719,907

1936
1937—r Month
$703,951
$774,951
493,946
492,997
66,237
58,476

$7,128,879

$7,761,954
5,050,581
724,000

356,532

operating revs—
Rent from lease of plant
(net)

on

-Earnings-

Memphis Power & Light Co.
Period End. Nov. 30—

that effective Jan. 1,

h Net

Int.

$3,582,325 $2,848,871

Total

Less reserve for

Nov. .30,

1937—12 Mos.—1936

$194,119
1,144

Operating revenues
Oper. exps., incl. taxes._
Prop, retire, res. approp.

34*574
1,072,445
1,289,262

Note—Includes provision of $129,199 made during the 12 months ended
1937, and $92,000 made during the 12 months ended Nov. 30,

Co.—Earnings—

1937—Month—1936
$674,860
$685,009
425,947
429,390

51,638

1,036,769
1,416,137

Balance

Period End. Nov. 30—

5,187

...

depreciation,.$820,122 in 1937 and $744,982 in 1936.
y Represented by 35,331 (37,313 in 1936) shares $4 cum. preference stock
(no par), and 80,000 shares class A common stock (no par),
z Notes re¬
ceivable only.—V. 145, p. 1265.

145, P. 3659.

V.

$3,582,325 $2,848,871

Gross income

declaration of an extra dividend o

120,000

Deferred liabilities
Notes pay .due Dec

Earned surplus

Liberty Loan Corp.—Extra Dividend—
Directors announced on Dec. 20 the

94,344

152,366

and other taxes-

Other income (net)

five cents per share and a regular dividend of 30 cents per share on the com¬
mon stock, payable Dec. 30 to holders of record Dec. 20.
The common

37,860

Reserve for income

surplus

Of the total notes outstanding
RR. and $2,482,500 by the

^
Under the proposed plan
for five years until Jan. 1,

64,713

47,601

accounts

Sink, fund reserve.
Capital & capital

Total..

$2,164,500 are owned by the Lehigh Valley
public.

-

y

x

than 93%

-

136,675

companies

profit

underwriter.—V. 145, p. 3822.

reports that holders of more than 85 % of the 6 % secured
deposited to date under the plan of
made bring the total assents to more

-

Res. for unrealized

35,000 shs.
19,761 shs.
300.000 shs. *195,000 shs.
* The balance of 105,000 shares of common stock, authorized,
but un¬
issued, is held for conversion of the convertible cumulative preferred stock.
Offering—The 31,740 shares of common stock, are being offered for
sale to the public at $5 per share through Wilson, Ebert & Co., Inc., the

The company

-

Employees savings

1

2,928
32,036

Due from employ .

pref. stock ($10 par)
Common stock (no par)

notes, due Jan. 1, 1938 have been
extension.
Pledge of deposits to be

~

62,618

payable

Accts. pay. to affil.

Notes & accts. rec.
not

Divs.

28,274

62,295

Accruals

Con v. cum.

Lehigh Valley Coal Co.—Deposits—

$44,780

$103,657

Accts. receivable..

It

Authorized

202,826

31

Liabilities—

1936

1937

Assets—

Cash.—i.^...--..

balance, about 65%, is sold through wholesalers and
coast.
Company has 2,000 active Jobber accounts on

$500,742
124,800
16,833
76,807
2,954

$388,873

Includes other income of $39,985 in 1937 and $56,386 in 1936.
Balance Sheet Aug.

Philadelphia

1934

1935

1936

1937
*$703,172
84,928
9,475

Years End. Aug.31—
Profits from operations.
Prov. for depreciation. _

N.

,

1937
25,

Dec.

Chronicle

taxes

105,000

-

3,620

Res. for workmen's compens'n
Reserve

for

loss

on

purchase
4,200

commitments
Preference stock $4 cum

The directors have declared
accumulations

Dec. 27

dividends

on

a

dividend of $10.25 per share on account

the 7% cumulative first preferred

holders of record

to

Dec.

17.

stock,

par

of

y659,230

Common stock ($5 par)

McCaskey Register Co.—Preferred Dividends—

622,600

Capital

surplus

arising

from

restatement and sale of capi¬

$100, payable

This payment clears up all back

tal

the first preferred stock.
a dividend of $3.90 per share on account of
accumulations on the 8% cumulative second preferred stock, par $100,
likewise payable Dec. 27 to holders of record Dec. 17.—V. 145, p. 2230.

Earned

on

437,033
214.705

stock

surplus

The directors also declared

Manati Sugar

x

A hearing at the reorganization proceedings scheduled for Dec. 21 before

The trustees have declared a quarterly distribution of 17 cents a share,
payable Jan. 20, 1938, to holders of record Dec. 31, 1937.
The trustees state that this payment represents the balance of income
received

on

With

previous

Medusa Portland Cement Co.—To

Pay 50-Cent Dividend

The directors have declared a dividend of 50 cents per share on the com¬
mon

with

shares.—V.

145,

p.

Operating revenues
Oper. exps. (incl. taxes)
Amortiz. of limited-term
.

investments

Prop, retire, res. approp.

$2,151,829

Total

of $381,060.

stock, payable Dec. 24 to holders of record Dec. 22.
This compares
a dividend of $1 paid on July 1 last and $2.50 per share paid on Dec.

15, 1936, this last being the first dividend paid since April 1, 1931
75 cents per share was distributed.—V. 144 p. 4350.




when

Net oper. revenues
Other income.
Gross income
Int. on mortgage bonds.
Other int. & deductions.
Int.

chgd. to construct'n

x

Represented by 11,986

Co.—Earnings—

1937—Month—1936

$555,724
274,051

$574,963
285,347

561

63,750

33,750

$217,362

$255,866

42

156

$217,404
136,217
6,079

$256,022
137,004
5,360

Crl61

Crl33

$113,791
Dividends applicable to preferred stocks for the
period, whether paid or unapid
Net income

y

443.

investments

during 1937 over the amount previously dis¬
quarterly payments and the special year-end
declaration of 21 cents a share, paid on Dec. 24, 1937, the total paid or
payable out of 1937 investment income amounts to $1.10 a share. This
figure compares with $1.07 a share paid from 1936 investment income,
including the 18-cent quarterly payment on Jan. 20, 1937.
These payments all represent investment income from dividends and
interest received and total approximately $5,400,000.
See also Y. 145,
p. 3823.
tributed.

for depreciation

Period End. Nov. 30—

3201.

Massachusetts Investors Trust—Yl-Cent Dividend—

reserve

Minnesota Power & Light

Federal Judge Alfred O. Coxe, has been adjourned to Jan. 6,1938.—V. 145,
p.

After

no-par

Co.—Meeting Postponed—

$2,151,829

Total

$75,269

1937—12 Mos.—1936

$6,815,080

$6,327,422

3,162,418

2,845,081

6,169
515,000

405",600

$3,131,493
3,385

$3,077,341
1,287

$3,134,878
1,637,330
70,197
Cr5,986

$3,078,628
1,651,013
62,432
Crl,598

$1,433,337

$1,366,781

_

990,752

990,661

$442,585
$376,120
x Dividends
accumulated and unpaid to Nov. 30, 1937, amounted to
$475,300.
Latest dividends, aggregating $2.33 a share on 7% preferred
Balance

Volume

Financial

145

stock, $2 a share on 6% preferred stock, and $2 a share on $6 preferred
Stock, were paid on Oct. 1,1937.
Dividends on these stocks are cumulative.
ivo/e—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistriubted adjusted net
Income for that year.
No such provision has been made to date for 1937.
—V. 145, p. 3823.

Minneapolis Brewing Co.—Earnings—
11 Months Ended Nov. 30—

Earnings

per

—V. 145, p.

share
3502.

Mortgage Guarantee Co.—Registers with SECSee list given on first page of this

Mountain States Power Co.—Earnings•—
Year Ended Sept. 30—
Operating revenues
Operating expenses, maintenance and taxes

Inc.

•

$1,626,940

$1,429,247

1,415

4,815

Drl,751

338

Operating income

137

58 ^

$155,665

$178,178
68,142
5,767

mortgage bonds.

Other int. & deductions.

$1,622,125
1,837

$155,528

$178,120

Gross income

68.142

6,746

•

$1,430,998
2,151

$1,623,962
817,700
75,917

$1,433,149
817,700

74,490

$540,959

$80,777

$730,345

Dividends applic. to pref. stock for the period,
whether paid or unpaid
...

403,608

403,608

$326,737

$137,351

Net

income.

$104,269

Balance....

x Dividends
accumulated and unpaid to Nov. 30, 1937, amounted to
$655,863.
Latest dividend, amounting to $1.50 a share on $6 pref. stock,
paid on Nov. 1, 1937.
Dividends on this stock are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—Y. 145, p. 3502.

was

Montana Power Co. (&

Subs.)—Earnings—

Period End. Nov. ZO—
1937—Monfft—1936
1937—12 Mos —1936
$1,210,67,3
$1,074,227 $15,438,838 $12,551,903
Operating,revenues
606,476
529,327
7,585.446
6,318,339
Oper. exps., incl. taxed..
Prop.retire. & deple. res.
717,088
1,557,948
59,583
149,789
appropriations
Net oper. revenues...

$485,317
7,682

$454,408

Other income (net)..

299

Gross income.
Int.

on
on

$454,707
161,045 V
44,125

mtge. bonds....

Int.

$1,226,967
244,864
2,673

Gross

debentures

$6,295,444
15,925

$5,516,476
36,752

$492,999
128,467
52,083

$6,311,369
1,920,123
581,578
<*00.,049

$5,553,228
1,564,721
625,000
286,786

37,223

23,527

Cr27,572

Cr42,677

0240,739

$331,599

1,121,451

957,342

956,677

$2,687,016

$2,164,774

Other interest (net)
Other income deductions

Notes—(1)

_

$239,886

Divs. applic. to pref. stock for the period, whether
or

unpaid

.....

Balance
Note—No provisoin was made for

1936, inasmuch

net

income for that year.

1937.—V.

145,

p.

as

Federal surtax on undistributed profits
undistributed adjusted

the companies reported no

for

No such provision has been made to

date for

3503.

1934

$160,308
32,099
52,526

$180,150
67,872
66,535

$149,355
64,267
71,778

2,154,409
942,068

1,853,326
796,897

1,741,488
686,086

1,000,620

From Jan. 1—

$208,109
86,173
80,159

2,333,436
1,011,265

Nef after rents

896,452

815,073

722,008

•

Gross from railway.....
Net from railway
Net after rents

(John) Morrell & Co. (Me.) (
Oct. 30, '37 Oct.
_d$89,636,642d$82
644,649
1
615,313

sales

b Operating profit

Depreciation
Federal capital stock tax

&

Subs.)—Earnings —

Nov. 2, '35
Oct. 27, '34
118,373d$72,526,144a$58,239,7l4
cl ,473,645
3,355,322
579,033
584,852
538,952
741,001

securities sold..

on
operations of
English subsidiaries

56,338

Federal taxes

295,789

368,750
54,030
119,698

66,909
187,500

Loss

Net

loss$670,543
462,838

$421,895

385,698
Nil

385,698
$1.60

.....

Deficit.
Shs. of

com.

$338,595
1,388,513

$619,490
1,041,385

$1,133,381

profits..

Dividends

$2,091,003
1,070,594

$1,049,918 e$l,020,409

stk. outst'd

(no par)
Earnings per share-..-.

385,698
$0.88

385,698
$5.42

companies only,
b Operating profit of all companies in
1935, 1936 and 1937 and American companies in 1934 (and including
miscellaneous income, which in 1937 amounted to $12,040 (1936, $20,350.
a

American

including repairs and
Includes restoration to inventory reserve of
1933.
d All companies,
e Surplus.

1935, $20,669 and $27,120 in 1934) after expenses,
maintenance of properties,

$250,000

c

charged to earnings in

New Directors—
elected to the board of this company:
Assistant Secretary and Comptroller, and M. R.
Topeka, Kan., office.—V. 145, p. 3503.

Two additional directors have been

J. W. Mock, of Ottumwa,

Othwaite,

manager at

Mortgage

&

Title

Guaranty

Co.

of

America—Dis¬

for
(included

In the above statement of income "accounts, net income

by $36,832

and

amortization of debt discount and expense

Notes to Income Account—In 1928 the company charged against its com¬

capital stock account the recorded loss on the sale of certain properties,
$3,759,962.
As of July 31, 1937, the company restored the $3,759,962
to the common capital stock account and reinstated that amount in the
deferred charge account "loss on properties sold."
At meetings held Oct. 26,1937, and Dec. 11, 1937, the directors approved
and authorized (1) the reduction in the capital represented by its common
stock from $5,322,401 to $142,500; and (2) the charge against the paid-in
surplus of $5,179,901 created by the above reduction in the capiatl repre¬
sented by the common stock of (a) loss on properties sold, $3,249,728,
(b) expired debt discount and expense not absorbed by earned surplus at
July 31, 1937, $276,469, (c) discount and expenses on capital stock, $129,960, and (d) additional provision for retirement reserve, $1,523,743.
The
stockholders, at a meeting held Dec. 10, 1937, adopted a resolution supple¬
menting the resolution adopted by the board of directors providing for the
reduction of the capital of the company, as stated above, and appropriate
entries recording the recapitalization and other transactions approved by
the board of directors, as above, were made in the company's accounts on
Dec. 11, 1937.
mon

In

1925 the

company

charged $667,321 against capital surplus arising

appraisals of properties as of April 30, 1923, being (1) the total amount
and expense as of Dec. 31, 1923, with sub¬

of its unamortized debt discount

sequent minor adjustments, $636,506, (2) capital stock expense as of Dec.
31, 1923, $6,861, and (3) expenses in connection with the acquisition of the

appraised properties, $23,954.
As of July 31, 1937, the company restored'
the aggregate amount of $667,321 to capital surplus and as of the same date
applied that portion of the balance in the capital surplus account which was
applicable to the properties sold to reduce the account "loss on properties
sold."
As of July 31, 1937, the expired portion of debt discount and ex¬
pense not previously amortized amounted to $982,780 of which $783,354
was applicable to the presently outstanding first mortgage bonds of the

of

in the accompanying income accounts for
the year ended Sept. 30, 1936, and $38,264 for the 10 months ended July
31, 1937, included in the year ended Sept. 30, 1937) was charged to earned
surplus as at July 31, 1937, exhausting the balance in the company's earned
surplus account at that date and the remainder of the expired amount at
July 23, 1937 ($276,469), as previously indicated, was charged against
paid-in surplus created by the reduction in the capital represented by the
$45,917 charged against income

common

stock.

Superintendent of Insurance Louis H. Pink on Dec. 23 announced the
distribution of a first dividend of $179,140, or approximately 13% of the
amount of the claims as allowed, to creditors.
The distribution is being
made pursuant to the confirmation by Justice Frankenthaler of the First
Comprehensive Report, Audit and Petition submitted by the Superintendent
of Insurance as liquidator.

Company wa taken over for rehabilitation on March 24, 1933 and was
placed in liquidation on Sept. 16, 1935.
It had confined its business almost
entirely to the guaranteeing of real estate mortgage bonds issued by the
United States Bond & Mortgage Corp. of which it was a subsidiary.
The
latter company has been reorganized under Section 77-B of the National
Bankruptcy Act as the United States Bond & Mortgage Liquidation Corp.
The Liquidation Corporation holds approximately 99% or $1,363,263 of
the claims allowed against Mortgage & Title Guaranty Co. of America.
On the basis of a dividend of approximately 13% it should receive $177,114.
Assets valued at $137,775 in the form or real estate, mortgages, accounts
receivable and miscellaneous items—constituting all the assets of Mortgage
& Title Guaranty Co. of America with the exception of cash and Home
Owners Loan Corporation bonds—have already been transferred to the
Liquidation corporation, with the approval of the court, to be debited
against dividends payable.
The balance of $39,338 is being paid in cash.
Other creditors of Mortgage & Title Guaranty Co. of America are receiving
a dividend equal to approximately 13% of the amount of their claims as

allowed, payable entirely in cash.
Within the near future the Superintendent
the Supreme Court a

Sept. 30, 1937, and not
aggregate $1,803,496.

cumulative preferred capital stock at
declared or paid amount to $34 per share and

.

FPC Denies

000 Bonds,

Company1 s Plea for New Financing—$8,000,-

$700,000 Notes Barred—

Denying the application of the company
000,000 first mortgage bonds and $700,000

of Insurance will present to
second and final report of the liquidation proceedings

company.—V. 141, p. 2122.




for authorization to issue $8,of unsecured serial notes to re¬
in an

fund the company's indebtedness, the Federal Power Commission,
order adopted Dec. 20, declared that the proposed plan of refunding

"con¬

under most unfavorable conditions, involving
expenses," is in effect "merely a temporary avoidance
of the frank facing and thoroughgoing solution of applicant's financial

ceived at the last moment,
excessive costs and

PrThenCommission

said it did not "have the jurisdiction to order such
thoroughgoing reorganization of applicant's securities and accounts as would
be required to place applicant's operations on a sound financial basis,"
and added that "such jurisdiction is vested in the district courts of the
United States under Section 77-B of the National Bankruptcy Act and the
cost of reorganization under Section 77-B will be much less than the expense
under the plan now proposed."
Furthermore, it states, the same consent of the holders of the applicant s
outstanding bonds required to make the proposed -lan effective "will render
effective an extension of the applicants' existing funded debt without the
excessive underwriting fees and other charges under the plan proposed."
Company has a funded indebtedness aggregating, in principal and in¬
terest $8,421,010, all of which will mature Jan. 1, 1938.
This consists of
$1,341,350 series A 5% bonds and $6,840,900 series B 6% bonds.
The
company also has an indebtedness due to its parent company, Standard
Gas & Electric Co., represented to be approximately $7,000,000.
This
consists of balance due on moneys advanced by Standard during the years
1928-35 in payment of interest on Mountain States' funded debt, purchase
of bonds for that company's account, payment of dividends on its preferred
stock, managerial and other

tribution—

of the

$228,385

31, '36

222,889
40,789
390,000
15,351

603,112
96,767

and local taxes
Interest
on

5,097

$297,199

Dividends accumulated on the 7%

Years Ended—

Loss

—

has been
$8,483, respectively, to reflect adjustments of
charged to surplus in 1937 and
sundry other items charges or credited to surplus after the close of the re¬
spective periods affected, which have been applied retroactively in the
accounts.
(2) The revenues and expenses for the nine months ended Sept.
30, 1937 (included above in the year ended Sept. 30, 1937) are shown in
accordance with the classifications of accounts prescribed by the Federal
Power Commission and by the Public Utilities Commissioner of the State
of Oregon, effective Jan. 1, 1937, which differ in certain respects from the
classification previously followed by the company.

reduced

—V. 145. p. 3351.

Net

48,768
400,488

17,228

the life

1935

1936

1937

Gross from railway
Net from railway.

45,917
374,887

company determined on the basis of straightline amortization over
of such bonds.
Of the former amount $706,312 (including amount

Montour RR.—Earnings—
November—

$1,174,505
12,000
479,766

the year ended Sept. 30, 1936 and for the last three months of 1936
in the above income account for the year ended Sept. 30, 1937)

from

Net income.

$1,474,505
300,000

...

Net income

;

CT4^ ,730

$3,644,358

Other int, & deductions
Int. charged to construc-

paid

income

Rent for lease of electric property
Interest on funded debt

...

$1,515,753
300,000
$1,215,753
3,000
477,521

appropriation for retirement reserve)
Appropriation for retirement reserve

Amortization of debt discount and expense

Other income (net)

x

$156,943

$178,458

(net)...

on

$5,820,723
4.008.976
382.500

$594,448
405,839
31,666

Net oper. revenues
Rent for lease of plant

Int.

$6,804,027
4,628.920
548,167

$682,863
446,072
58,333

$1,299,158
242,055
2,920
from merchandising, jobbing & contract work.
Dr28,381

Net operating revenue and other income (before

1937—12 Mos.—1936

1937—Month—1936

Operating revenues
Oper. exps., incl. taxes.
Prop, retir. res. approp.

1936
$3,565,354
2,338,387

Net oper. rev. (before approp. for retire, reserve)

-

Period End. Nov. 30—

1937
$3,954,747
2,655,588

...V

Rents from lease of properties
Miscellaneous non-operating revenues

Mississippi Power & Light Co.-—Earnings—
^

department.

1936

$411,983
$0.82

'

inc. charges,
undist. prof.
500,000 capital shares.

on

1937

$354,816
$0.71

Net income after oper. exps. and Fed.
but before prov. for Fed. surtax on

4121

Chronicle

It includes interest thereon at 6% an¬
monthly balances to Oct. 24, 1935 and

fees.

nually compounded on average
simple interest thereafter.

_

The company's financial statement shows no earned surplus, the FPC
said, and inadequate reserves have heretofore been set aside for property
retirement and for the amortization of debt discount and expenses.
A loss

$3,249,728 incurred in the sale of certain gas properties in 1928 and 1929
company's balance sheet, and the company now proposes,
out, to correct its balance sheet by writing down on
its books the value of its outstanding non-par common stock from $5,322,401 to $142,500.
..
.
The proposed plan of refunding the company's maturing indebtedness
does not provide for the establishment of a sinking fund, and the original
plan of refinancing contemplated the conversion of the open account in¬
debtedness of Standard gas into 6% prior preference stock.
i
"But such plan of conversion was abandoned," the Commission says,
"in view of protests voiced by the present preferred stockholders and ob¬
jections expressed by the Regulatory Commissions of Oregon and Wash¬
ington; and the present plan, according to the testimony of the applicant s
witnessess, will require cessation of all payments on the open account in¬
debtedness both as to principal and interest until after the maturity of the
new five-year bonds."
.
,
.
.
The proposed $8,000,000 1st mtge. bonds 6% series were to be dated
Dec. 1, 1937, and to mature Dec. 1, 1942.
The $700,000 serial notes were
to mature $175,000 each year Dec. 1, 1938, to 1941 and to bear 4% interest
the first two years and 5% interest the last two years.
The underwriters and the respective amounts of new bonds and serial
notes which each underwriter had the right to purchase are as follows:
of

is carried on the

the Commission points

,

,

A

Financial

4122
A. O. Allyn & Co., Inc., Chicago-..
H. M. Byllesby & Co., Inc., Chicago

$2,200,000

,

Stifel, Nicolaus A Co., Inc., Chicago
Granbery, Marache & Lord, New York
Stephenson, Leydecker A Co., Oakland, Calif
John W. Clarke, Inc.. Chicago
Schroder Rockefeller & Co., Inc., New York..—
No firm commitment to
—V. 145, p.3977.

Munson

$192,000
131.000
96,000
88,000
66,000
44,000
35,000
22,000
26,000

1,500.000
1,100,000
1,000.000
750.000
500,000
400.000
250,000

Arthur Perry & Co., Inc., Boston
E. H. Rollins A Sons, Inc., New York

300,000

take the issues of securities

been made.

has

"

Net

1936
$1,637,894

286
$302,2

3,:230

loss$54,922
4,877

$305,517

loss$50,044

4,972

operating profit

621

income

Total profit

Int. charges on notes for insurance prems., Ac

Balance, surplus carried to surplus account

$300,545 def$50,666

$91,167 which has been withheld by the U. 8. Maritime Commission
pending adjustment and settlement of the company's mail contract cover¬
ing the N. Y.-South American route.
The company's mail contracts were
cancelled by operation of law on June 30. 1937.

Consolidated Balance Sheet
Assets—

x

IAabilities—

Sept. 30*37 June 13*34
$846,169

Receivables

$97,508
441,788

318,207

Stores & supplies..

243,555

Prepaid Insurance.

166,729

287,215
239,502

wages

payable

$383,846

Notes & drafts pay.

misc. invests., Ac 1,634,747

Int., taxes, Ac.. 3,036,434 $3,520,032
for pers. in-

149,920

Res.

owing from subs,

Jury claims,

not consolidated

981,733

y Property

Good-will,

&

sal.

accts. pay., accr.

Invests. in A amts.
k

Sept. 30'37 June 13*34

Accts. Adrafts pay.

Spec, deps., claims

)•

4,875,735

8,731,682 12,266.014
557,750
557,750
5.627
241,203

Ac

Deferred charges..

claims,

go

123,260

229,276

revs, over

Other

329,473

9,777,085

443,135

737,074

19,009

625,361

reserves

Mln. stkhldrs.' In¬
terest in cap. stk.

A

subs,

comsol.

herein.....
Pref.

990,693

1,104,500

2,451,000

2,451,000

5,992,908

624,421

Com. stk.—no par
value

Earned surp. (def.)

$13,486,200 $19,156,634

After

for

reserve

Total

>ad debts of $23,129 in

$13,486,200 $19,156,634

$1,892,863

1936, inasmuch

net

income for that year.

Corp.—Earnings—

selling, administrative, and general

$4,125,031
4,041,494

expenses

$83,537
202,428

Net income before deducting
prov. for Fed. & State inc. taxes.
Provision for Federal and State income taxes—estimated

$285,965
12,500

Net income for the year.......
Earned surplus June 30, 1936

$273,465
204,367

Total..
Adjustments applicable to prior years—net..
Divs. on prior conv. $5.50 cum.
pref. stock (to April 15, 1937)

$477,832
9,873
88,803

Earned surplus June 30,1937

$379,156

stock under recapitalization
plan authorized

^pril 15> 1936•less deficit

;v

company's
nominal value of $3 per share

3,353

com-

following is

23,143

fundi—II""HIII"III"

chase of

253

"For

than 50 years this company and its predecessors have supplied
electric service to the people of Omaha, and for almost an equal period
of time to the people of Council Bluffs and other communities we serve.

"The customers of Nebraska Power Co. throughout its territory and for
all classes of service—residential, business, industrial and farm—enjoy
adequate and reliable electric service at low rates.
The history of the
company has been one of steady improvement and extension of its service,
coupled with a steady reduction in rates.
Today, notwithstanding large
increases in taxes and other operating costs, the price of the service is
more than 60% lower than it was 20 years ago.
"We can see no possible way in which our customers could benefit by
a change in ownership of the
company, and we are fully convinced that
there is no other method of production of electricity, and no other type of
ownership—municipal, Federal, or otherwise—that could bring to our
customers cheaper or better service than they can get from the Nebraska
Power Co.
can

$113,864

2,011,880

Miscellaneous receivables
Mdse. Inventories at cost
Other assets
Furniture and

18,040

818,851
85 744

.....

no

possible way, either, in which the people of Nebraska

project officials, that it is ready and willing to take as much of
market will absorb, provided,
exceed its present cost of pro¬
ducing the same amount of power.
We still are ready to carry out this
offer, and furthermore, to pass on to our customers whatever savings
there might be.
I feel sure that the other privately owned utilities in the
State are willing to do likewise."—V.145, p. 3504.
the power they are able to produce as its
of course, that the purchase price will not

New York Auction Co., Inc.—To Pay
The

Dividends

413,346

payable In

common

34,181
112,742

($3,173

payable

stock)..

58,860

amortized portion
Deferred charges..
Goodwill

43,643

Prior conv. $5.50 cum. pref.
Class A $2.50 non-cum
Common stock (no par)

32,849

Cap. surplus

i

$555,601

Due to officers and employees.
Accrued accounts

equipment, Ac. (less res.)..
Leasehold improvements—un-

4,615
807,300

—

261,300

341,228

(after deducting

deficit at May 31, 19 5)
Earned surplus (June 1, 1935,

274,263

to June 30, 1937)

Total

$3,183,732

379,156

Total...

$3,183,732

-V. 145, p. 1909.

National

a dividend of
15 cents per share on the
stock, payable Dec. 27 to holders of record Dec. 23.
This com¬
pares with 18& cents paid on Dec. 24, 1936, and a dividend of 6 fi cents
paid on Oct. 29, 1936, this last being the first payment made since Dec. 15,
1929, when a' dividend of 373^ cents per share was distributed.—V. 145,
p. 2233.

New York State

Rys.—Reorg. of Rochester System —

The first reorganization plan of a street railway to be

Car

Div.
directors

Corp., Ltd:—To Pay 50-Cent Com-

have declared

a

dividend

of 50

cents

per

stock, payable Jan. 15 to holders of record Dec. 31.

—vPfa^°n
Ho, P»
*

ZZoo*

laSt an(i a (lividericl

share on the
A like amount

20 cents was paid on Jan. 3, 1933.

counsel.

The reorganization committee first petitioned the Commission in

1934
proposed plan.
Since then the committee has made
to meet objections by the Commission.
The plan
now approved includes all final modifications made to
comply with various
recommendations by the Commission.
Under the approved plan a new corporation is to be formed and such new
corporation will, through the issue of its own securities, acquire all of the
assets and property of the New York State Rys., which has been in receiver¬
ship since 1930.
Bondholders of the old company receive the following
treatment under the plan:
For each $1,000 1st mtge. bonds and interest accrued and to accrue
thereon, whether represented by coupon or otherwise, the holder or
depositor thereof shall receive:
(a) $1,000 of series A notes of the new company, and (b) 25 shares of
for

approval

of

a

modifications

common stock of the new company.
For each $1,000 of 2d mtge. bonds, with appurtenant coupons maturing
and after Dec. 1, 1929, the holder or depositor thereof shall receive:

common

For

stock of the

each
on

new

company.

$1,000 of consolidated bonds, with appurtenant coupons
and after Nov. 1, 1929, the holder or depositor thereof shall

receive:

New

stock of the

securities
as

new

which

The current decision was arrived at after
considering the uncertainties
of the business outlook and the pronounced reduction in the
demand for
and price of rosin, a principal product,
according to S. J. Spitz, Vice-




2857.

by

and (b) five shares of the

the new

company

may

be

follows:
Notes

$3,775,700

First mortgage bonds
Second mortgage bonds

Consolidated bonds
Tax and wage claims

Series B

$1,499,000

2,130,000
-

1,499,000

Common
Shares

172,530
53,250
14,990

82,285

1,645,700

8,000

-

14,005

Undistributed
The Public Service Commission has directed its

Secretary to execute its
approval of the modified plan and to file such approval with the U.S. District
Court for the Northern District.—V. 145, p. 3978.

Norfolk & Western
Period End. Nov. 30—

Ry.
Ry.

oper. revenues

4,279,388

oper. expensas

Net ry. oper. revs.___

4,578,279

49,328,377

45,774,454

Net ry. oper. income.

Other inc. items (bal.)__

funded debt

$3,037,243
783,232

$4,683,875 $39,135,306 $40,220,900
1,132,396
12,559,673
12,077,724

$2,254,010
I>r473,124
CY10.627

$3,551,478 $26,575,633 $28,143,175

$2,716,507
13,654

$3,951,898 $30,282,086 $31,295,814
14,922
917,599
466,359

$2,730,162
178,816

$3,966,821 $31,199,685 $31,762,174
178,816
1,966,984
1,966,950

$2,551,345

Ry. oper. income

Equipment rents (net)._
Joint facil. rents (net)..

on

Ry.—Earnings—

1937—Month—1936
1937—11 Mos.—1936
$7,316,632
$9,262,155 $88,463,684 $85,995,354

$3,788,004 $29,232,701 $29,795,223

Dr412,735 £>r3,856,373 Dr3,408,583
CY12.316
CY149.920
CY255.943

the

per share, payable in 5% 10-year notes, was paid
onVOct. 26 and on July 26, last. A dividend of 50 cents was paid on
April 5,
last,*and an initial dividend of 60 cents per share was distributed on Dec.
15, 1936.

p.

new company

company.
to be issued

are

Series A

Int.
on

*^dlv$.end ,of 75 cents

145,

common

Gross income.

Newport Industries, Inc.—Dividend Omitted—
The directors at their recent
meeting decided to take no action
a dividend on the $1 par common stock at this
time

payment of

President.—V.

approved by the

by a reorganization committee of which Jamieson G. McPherson is Chair¬
man and
Henry G. Brengle, Frederick J. Lisman, John A. Murray and
Adolphe H. Wenzell are members.
Cook, Nathan, Lehman & Greenman

Railway tax accruals...

Steel

15-Cent Dividend—

directors have declared

common

Notes

Notes A accepts, payable
Accounts payable

fixtures, delivery

t

i

V

see

benefit by this purchase plan.
What I have said of the Nebraska
Omaha can be said generally for utility service in
the whole State.
"The Nebraska Power Co., in its numerous negotiations, has stated

Authorized

Liabilities—

Instalment accounts

™

more

summarized

Condensed Balance Sheet June 30, 1937

common

properties, nor is the company interested in disposing of its

our

properties.

$274,263

Assets—

Cash..^

The

issued by J. E. Davidson, President of the

"There are not now, and there never have been, any negotiations between
the company and the public power districts, or anyone else, for the pur¬

(a) $100 of series A notes of the
stock ln sinking

Credit balance June 30, 1937

mon

a statement

company:

maturing

$274,516
on

/ 0 :^

(a) $1,000 of series B notes of the new company and (b) 10 shares of the

$248,021

— .

Total

Dividends paid

'

Properties Not for Sale—

on

by stockholders

at May 31, 1935)

Retirement of prior convertible preferred stock in
sinking fund
Reinstatement to cost value of 6,900 shares of
a

the company reported no undistributed adjusted
No such provision has been made to date for

the

Statement of Capital Surplus for the Year Ended June 30, 1937
Credit balance June 30, 1936
(created by reduction of capital

mon stock carried at

as

1937.

several

i

$1,393,763

Note—No provision was made for Federal surtax on undistributed profits
for

are

r>

499,100

$1,343,844

Balance

499,100

modified plan for the reorganization of the Rochester System of the New
York State Rys. to be in the public interest.
The plan was presented

Earnings for the Year Ended June 30, 1937

Income from operations
Other income—net (includes
carrying charges)

l

17,500

8,778
Crl,747

237,964

New York P. S. Commission came Dec. 23 when the Commission found a

sales.....

Cost of sales,

$1,842,944

mtge. bonds

on

Net

1937 and $152,550 in 1934.
1937 and $6,123,364 in

145. p. 3202.

National Manufacture & Stores
Net

$2,925,797
742,500
210,000
88,938
Cr8,504

Dividends applicable to

for depreciation of $4,148,628 in

reserve

$2,855,555
742,500
210,000
106,628
Cr46,517

income
$176,342
$162,846
preferred stocks for the
period, whether paid or unpaid

Int.

1,007,255

1,104,500

stock—6%

cumul

x

$247,505
61,875
17,500
7,335
CY2.051

to power

914,070
10,013,162

Oowlng to subs

After

$262,748
61,875

"We

not completed..

1934.—V.

$2,788,878
66,677

$2,687,833

5,117

Power Co.'s service in

Ac

Funded debt

y

$242,388

539

could

pensation Insur.,
Excess of

1937—12 Mos.—1936
$7,485,730
$7,020,147
4,136,018
3,882,314
560,834
450.000

$262,209

Gross income

car¬
com¬

exps. on voyages

Total

Net oper. revenues

Other income

The

x After
deducting $35,988 on voyages not completed as of June 30, 1937
in respect of uncollected mail revenue arising from disputed claims against
U. S. Maritime Commission, but including uncollected mail revenue of

Cash

1937—Month—1936
$666,355
$597,876
359,979
317,988
44,167
37,500

Oper. exps. (incl. taxes).
Prop, retire't res. approp

® 83,972
1,601,180

loss$47,258
loss7,664

25,
7

Co.—Earnings—

revenues

...

$295,528
6,759

miscellaneous operations^

Non-operating

Nebraska Power
Period End. Nov. 30—

Operating

Other int. A deductions.
Int. charged to constr..

Steamship Line (& Subs.)—Earnings

Profit
on

Dec.

Int. on deb. bonds

[Exclusive of Certain Subsidiaries]
3 Months Ended Sept. 30—
1937
Operating revenues—Steamships
x$2,037,960
Uncollected mail revenue in respect of disputed
claim against U, S. Post Office Dept.
Seex
Oper. A admin. A gen. exps.—Steamships
1,742,432

Profit

Chronicle

Serial Notes

New Bonds

Net
—V.

income

145,

New

p.

3505.

York

Westchester

&

Boston

Ry.—Ordered

to

Discontinue—
The company must discontinue all operations Dec. 31, Federal Judge
Knox ruled Dec. 17.
The railroad services the municipalities of Scarsdale,
White Plains, Mt. Vernon, New Rochelle and the Pelhams.
Judge Knox

Volume
said he

145

Financial

Chronicle

reluctant to issue such an order, but had no alternative. Counsel
for the receivers declared the road was
hopelessly insolvent with assets
with a book value" of $35,093,000
against liabilities of over
was

State tax
(not to exceed 5 mills annually) and the normal Federal income tax not to
2% per annum.
Business—Company was incorp. in Delaware on Nov. 13, 1925.
Com¬
pany was organized primarily to furnish and is engaged in furnishing
superior refrigerator cars to protect the perishable shipments originating
on the Chicago & North
Western Ry. System.
Company also supplies
refrigerator cars for business originating on various other railroads.
Company owns and operates in excess of 3,000 standard steel underframe dairy type refrigerator cars, subject in part to equipment trusts,
which are engaged in handling perishable freight and are moving on various
railroads throughout the country.
Company occupies a plant without rental at Baraboo, Wis., which is not
owned in fee but where it maintains and repairs these refrigerator cars.
This plant is also equipped for building cars.
Company has an agreement
to purchase this plant from J. Kibben Ingalls, the President of the company,
for $10,000 at such time as Mr. Ingalls' vendors can deliver clear title to
the property.
'/■
Security—Certificates are to be secured by deposit with the trustee of title
to the following new standard railroad equipment costing $1,033,352:
250
new steel underframe refrigerator cars
(80,000 lbs. capacity each).
This
equipment is to be built new by American Car & Foundry Co.
Underwriters—The name of the principal underwriter is Freeman & Co.,
NewYork.
exceed

$80,000,000.

There

was no

equity in the estate for stockholders and general creditors,
3016.

counsel said.—V. 145, p.

North American Car

Corp. (& Subs.)- —Earnings—

9 Months Ended.
Sept. 30—
Net income before Federal taxes
Earns, per share on 28,000 combined pref. shares.
—V. 145, n. 2085.

North & Judd Mfg.

1937

1936

$115,000
$4.11

$15,000
$0.54

Co.—Earnings—

Profit and Loss and Surplus Account.
Profit after

reserve

adjustments

$468,777

Depreciation....115,846
Addition to surplus..........................
Dividends paid..

..........$352,931
225,000
....

Surplus...
i..*.....
Earnings per share on 100,000 capital shares
....

I

.$127,931
$3.53
-

Balance Sheet
Assets—

July 1, '37 July 1, *36
$278,508
$197,947
389,000
320,000
108,751
111,248

Cash
U. 8. sees, (at par)
Inv. In other sees.

Liabilities—
Res.

for

contingencies...

380,344

344,164

793,550

753,703

Surplus.

1,656,297

206,234

157.548

2,500,000

Capital stock

Inven. (less res.)..
Plant <fc eqpt. (less

2,500.000

864,681

732,594

1,715,862

reserves)...
Total

$3,606,451 $3,442,924

—.

Total

$3,606,451 $3,442,924

-V. 144, p. 4354.

Northern Indiana Public Service Co.—Accum. Divs.—
a meeting held Dec. 17 declared a dividend of
$2.62M
the 7% cumulative preferred stock, par $100; a dividend of
$2.25 per share on the 6% cumulative preferred stock,
par $100, and a
dividend of $2.06^ per share on. the 5H% cumulative

per share on

preferred stock,

par $100, all payable on account of accumulations on Dec. 23 to holders of
record Dec. 21.

Equipment trust 4% certificates series I due serially to 1943— $1,260,000
Equipment trust 4% certificates series J due serially to 1946—
1,440,000
Equipment trust 3^ % certificates series K due serially to 1948
780,000
Equip, trust 4% ctfs. series K-2 (2d lien) due serially to 1943—
200,000
Com. stk. (auth. & outstanding, 10,000 shs., no par) stated value
250,000
Purpose—The estimated net proceeds to be received by the company from
after deducting estimated expenses, will be
The net proceeds will be applied: In part
payment of the purchase price of 250 new steel underframe standard refrig¬
erator cars, $733,301.
The balance of the purchase price of the cars will
be supplied from the proceeds of the sale of $200,000 series K-2 2d lien
certificates and $100,051 from working capital.
the sale of these certificates,

Income Statement for

and one-half quarters.

seven

b Earns,

per

$184,438
sh.

on

1937—11 Mos.—1936
$1,982,066
$1,400,255
$0.40
$0.07

$181,908

Nil

com.

Nil

After provision for retirement, interest, amortization, Federal income
taxes and other deductions,
b On 1,806,870 no par shares of common
stock outstanding.—V. 145, p. 2701.
a

Northern States Power Co.

2.3%.

Northern Texas Electric

1937

com¬

1936

$115,804
65,609

16,879

.Net oper. revenues
Miscellaneous interest paid.

$24,341

$34,307

556

Amortiz. of limited-term
investments

260,000

$107,275
17,598

$106,300
17,351

$1,406,463
209,971

$1,295,307
206,455

$89,677

$88,949

Dr95

Dr691

$89,582
28,957

$88,258

15,884

15,396

_

to

...

or

pref.

-

31.103

$1,196,492
Drl.363

$1,088,852
Drl0,325

$1,195,129
361,431
198,292

$1,078,527
381,289
189,017

Cr41

$44,782
stocks for

Cr 150

$41,759
the period,

accumulated

334,179

Net

after

rents

1937
..

_.

334,176

—

$257,500

defl8,858
def44,339

—Earnings1936

1935

$317,156
28,684

Net after rents
—V.

—

—

3,750,732

Deferred charges—-.-—.—.-

99,720

65,017

Accrued liabilities.

370,000
Equip.tr.ctfs.matur.within yr;
2,410,000
Equipment trust certificates
10,000

Other long-term debt

231,537
250,000
1,221,481

Reserves

Capital stock
Surplus
Total

Total

—.$4,600,581

—

$4,600,581

..

—V. 145, p. 3663.

Ogilvie Flour Mills Co., Ltd.— To Split Stock—
19, 1938, for

Special meeting qf stockholders has been called for Jan.

{mrpose be considered isby laws recently enacted eight-for-one split of byof considering the
Main the
to
calling for an by directors.
aw

one

common

stock.—V. 145, p. 3505.

Ohio Associated

Telephone Co.—Earnings—

Earnings for 12 Months Ended Nov.'Z0, 1937
Total operating revenues
Provision for uncollectible accounts

$726,693
-

10,665

$217,069
defl6,922
def41,232

3,529,278
244,723

def53,868

3,469,801
468,912
276,199

3,070,277

3,011,905
312,365
12,764

229,091
9,023
•

1,979

'

Balance
Total operating expenses and taxes.,

$724,714

Net earnings from operations
Other income (net.Dr

$190,239
645

534,474

Net earnings
Interest on funded debt
Interest

on notes

79,650

—

Interest charged to construction
Other fixed charges ..—-

5,501

L§68

— P

----- -

Net income

Note—This

$189,594

—...

payable to parent company._

Amortization of debt discount and expense
■«. w

. .

Dr851
156

-

$103,769

.——-—

statement

is

for

interim

an

period; it is partly based on

estimates and is subject to adjustment and to audit by independent
as of the end of the calendar year 1937.—V. 145
p. 2859.

Ohio Edison

auditors

Co.—Earnings—
1937—12 Mos.—1936
$1,578,054 $19,740,973 $17,582,788
757,921
9,514,219
8,283,020
125,000
2,200,000
1,475,000

1937—Month—1936

Period End. Nov. 30—

Oper. exps. and taxes.

$1,676,967
793,249

Prov. for retir. reserve..

200,000

Gross income
Int. and other fixed chgs.

3,717

$695,132

281,061

276,597

$8,026,753
3,236,475

$7,824,768
3,707,183

$402,656
155,576

$418,535
155,576

$4,790,278
1,866,923

$4,117,584
1,866,920

$247,079

$262,958

$2,923,355

x

Net
Divs.

incomeon

pref. stock

Balance....

x No
provision was made in 1936 for Federal surtax on
profits as all taxable income for that year was distributed.
has been made for such tax in 1937.—V. 145, p. 3505.

Ohio Wax Paper

1934

$263,265
9,448
6,191

From Jan. 1—

Gross from railway.—
Net from railway

104,891

$174,180

and

Northwestern Pacific RR.
November—

234,218

Fixed assets (net)

$42,546

Accounts payable—trade
$411,020

Gross revenue

unpaid to Nov. 30, 1937, amounted to
$1,107,184. Latest dividend on 7% preferred stock was $1.75 a share paid
Oct. 1, 1937. Latest dividend on 6% preferred stock was $1.50 a share
paid
Oct. 1, 1932. Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year. No such provision has been made to date for 1937.—
V. 145, P. 3979.

Gross from railway
Net from railway

demand

Inventory

*$508,356

$301,377

Dividends

and

deposits
Accts. receivable—trade

Cr 135

$635,556

unpaid^.

Balance..
x

Liabilities—
hand

on

— —

.

Net income

applic.
whether paid

600

503

260,000

Other int. & deductions.
Int. chgd. to constr...

Divs.

$4,121,972
2,566,065

48

21,667

Operating income....

x

1937—12 Mos.—1936

21,667

Prop, retire, res.approps.

Gross income
Int. on mtge. bonds

$528,685
200,903
26,356

-

—

$4,637,172
2,970,206

242,275

238,973

Cash

313

Co.—Earnings—

1937—Month—1936
$367,915
$370,290

^

Net. $301,426

12,104

Note—Figures appearing in this report have been compiled from those
shown on the books of the subsidiary companies and of A. F.
Townsend,
receiver of Northern Texas Traction Co., after intercompany eliminations.
All figures reported are subject to such adjustments as audits by independent
auditors may disclose to be necessary.—V. 145, p. 3505.

Other income (net)

Total income

14,440

Balance before depreciation.
$23,785
$33,993
a No provision has been made for the Federal surtax on
undistributed net
income for the year 1937, since any liability for such tax cannot be de¬
termined until the end of the year.

Net oper. revenues
Rent for lease of plant.

$527,207
1,4/8

—

Interest and debt discount and expense
Provision for Federal income and excess profits taxes.

$123,415
62,562

a8,972

....

Taxes—...................

Period End. Nov. 30—

i

__

Balance Sheet Oct. 31, 1937

Co.—Earnings of Subsidiaries—

Month of November■—
Oper. revs, (ry., bus & miscell.)
Operation

Operating revenues
Oper. exps. (incl. taxes).

—

Assets—

the week

pared with the corresponding week last year.—V. 145. p. 3979.

Northwestern Electric

Operating profit
on disposal of fixed assets, net

(Del.)—Weekly Output—

Electric output of the Northern States Power Co. system for
ended Dec. 18. 1937, totaled 26,679 036 kwh.. an increase of

Maintenance

$1,273,775
746,568

-

Profit

1937—Month—1936

Net income

Period Jan. 1,1937 to Oct. 31, 1937

Operating revenues—Car service
Operating expenses (incl. deprec., depletion and amortization)

Arrearages after the current payments will amount to the full dividend
Period End. Nov. 30—
a

1937 to the proposed
$200,000 series

$733,301 exclusive of interest.

The directors at

for

of Dec. 20,

as

sale of $780,000 equipment trust certificates series K and
K-2 the company will have the following capitalization:

&

taxes

Accts. & bills rec..

Capitalization—After giving effect

July 1, '37 July 1, '36
$35,536
$52,782

Accounts payable.

4123

agrees to reimburse to the holders of these certificates the Penn.

$2,250,664
undistributed
No provision

Co.'—Extra Dividend—

have declared an extra dividend of $3.25 per share in
regular quarterly dividend of 25 cents per share on the
common stock, no par value, both payable Dec.
17 to holders of record
Dec. 16.
Extra dividends of 25 cents were paid on Oct. 1, July 1, and
April 1 last.
An extra dividend of $1.50 was paid on Dec. lu, 1936, and
an extra of 2.5 cents in addition to the regular quarterly dividend of 25 cents
was distributed on Oct. 1, 1936.—V. 145, p. 2086.
The

directors

addition

to

the

145, p. 3663.

North

Western

Refrigerator

Line

Co.—Equipment
Offered—Offering of $780,000 3lA% equipment trust
certificates, series K, was made Dec. 20 by Freeman & Co.,
New York, at prices to yield from 2% to 4%, according to
maturity.
The issue has been oversubscribed.
The cer¬
tificates are to be isued under the Philadelphia plan.
In addition to the foregoing an issue of $200,000 series K-2
second lien certificates was placed privately.
Trusts

To be unconditionally guaranteed by endorsement both as to

principal

and dividends by North Western Refrigerator Line Co.
Marine Midland
Trust Co. of New York, trustee.
Dated Dec. 15, 1937.
Payable in semi¬
annual instalments of $39,000 each from Oct. 15, 1938 to April 15, 1948,
both inclusive.
Certificates in denom. of $1,000 each.
Dividends pay¬

able at rate of 33^%

per annum semi-annually on April 15 and Oct. 15,
commencing April 15, 1938.
Certificates and dividend warrants payable
to bearer with option to register as to principal only.
Red. as a whole at
option of the company by payment of 102 % of the par value thereof plus
the current and all accumulated dividends on 30 days' notice.
Company




Old Colony Trust

Associates—New Trustees-—

Edward H. Osgood, Philip

elected trustees to fill

L. Reed, and Richard L. Bowditch have been
145, p. 3979.

vacancies.—V.

Oshkosh B'Gosh, Inc.—Extra Dividend—
share on
22 to holders of record

The directors have declared an extra dividend of 35 cents per

the

common

stock, no par value,

payable

Dec.

Dec. 15.

The regular quarterly

_

per share was paid on Dec. 1
paid on Dec. 21, 1936.
This company was formerly known as the Oshkosh Overall Co.—V.145,
p. 2237.

last.

dividend of 10 cents

An extra dividend of 60 cents

Otter Tail Power Co.

was

(Minn.)—Accumulated Dividend —

The company paid a dividend of $1.14 per share on

the account of accu¬
of S1.04M
preferred stock on Dec. 22 to holders of record Dec. 15.
declared a dividend of $1.50 per share on the $6
cumulative preferred stock, no par value, and a dividend of $1.37M per
share on the $5.50 cumulative preferred stock, no par value, both payable
on account of accumulations on Jan. 1 to holders of record Dec. 15.
Similar
amounts were paid on Oct. 1 and on July 1, last.
Dividends of $3 and
mulations on the $6 cumulative preferred stock and a dividend
per share on the $5.50
The directors also

Financial

4124

respectively, were paid on April 1,
.
For
V. 143, p. 4163.—V. 145, p. 2086.

$2.75 per share,

Note—No provision was made for Federal surtax on undistributed profits
1936, inasmuch as the companies reported no undistributed adjusted
that year.
No such provision has been made to date for

previous

for

dividend distributions see

Otis

—53

90.990

269,253

''i^1

$217,107
59,121

$870,250
16,270

t

&c.

Interest, adjustment reserve,

- -

$21,409
747.569
2,506

$276,228

__def$766,472
265.759

$145,814
411,573

$890,458
1.302,031

_.def$500,713

$265,759

$411,573

— _—

years)

— —

Surplus decrease for year
Previous surplus.
Profit and loss surplus.

$890,458

—

$726 ,959 $1,052,386

6,290
269,356

12 ,928

Notes

163 ,073

Accts.rec.Oessresi)

Accounts

serves

ot

lower

750,152

608,226

$17,509,668
4,510,000
13,236,667

$18,063,171
4,510.000
11,431,667

Total income

Net income

—

Common dividends—

,819

59,389
5,128

$39,927

80,400

116,367

445,000

445,000

Capital

265,887
.def500,584
stock....yl,592,604 *2,831,304

Panhandle Eastern Pipe Line Co.—Earnings—

1937
$9,690,998
3,701,570

charges

Parke, Davis &
$1,637,970 $3,698,486

Total.

reduced from $80 to $45 per share by payment of
in 1937.
One-tenth of a share was purchased
stock in 1937.
y Total authoirzed common stock is
40,800 shares, lo shares of which have never been issued; in addition to com¬
mon stock of the company's authorized capital includes $1,000,000 par value
of preferred shares.
Of these only $400,000 were issued, all of which were
Par value of stock

$35 per share to stockholders
and added to treasury

Sept. 29, June 30 and Jan. 2/ 1934.
1933; $1.30 in 1932 and $1.65 per share
dividend of 1% was paid on

on

tion, a stock

Tr:/''NCo. Opers.
4 Mos.,

Ended Sept. 30
1937

.

profit before other charges and inc. taxes-.
due note rec., restricted funds
in foreign and domestic banks, &c
—
Interest paid-.-Exchange on United States funds
Prov. for possible loss on inventories.
— __ —
Prov. for Federal, Wis. & Canadian (Dominion &
Provincial) income taxes_.--------- - — _Net

1936

$785,304
a41,318

$1,281,883

Cost of sales...

-

Ytar
$2,761,325
2,371,166

$196,786
13,461

$193,373
9,564

$390,159
23,025

$210,246
78,307
25,097

$202,938
125,002
39,541

$413,184
203,309
64,638

$38,395

$145,237

.

Miscellaneous income.

6,962

7,646
20,420

217

579

125,000

.

Selling and general expenses
Depletion and depreciation

118,125

Net

profit

-----

Balance Sheet, Aug. 31,

$940,379

the year.
— - .share on 297,144 shares cap. stock
'

per

$679,853

$2.29
a Consisting of discount on purchases, interest received, scrap sales and
miscellaneous income (net), and including discount of $2,755 on bonds
$3.16

Assets—

j

Liabilities—

255,666: Acer, wages, taxes, exps., Ac602,009 Payment on RFC loan...
25,749 Prov. for Federal Inc. taxes
311,695 Notes pay. & accrued Int. for

Accts. & trade accepts, rec...

Inventories.

..

Invs. (in wholly

owned subs.).

Timber lands-----.-.--——

included above:
Depreciation of plant and equip¬
($112,070 in 1936), and amortization of jigs, dies, tools and
patterns, $47,193 ($77,415 in 1936).

Plant, mach., &c.f fixed

Note—Provisions

1937

$198,229! Accounts payable

Cash

purchased.
ment, $115,064

assetsxl,174,lll
39,782

Deferred accounts

reorg. expenses..

...—

Acer, salaries & legal exps....

RFC loan 1939-1945 (5%)
Preferred stock

Consolidated Balance Sheet Sept. 30

1937
$444,687
32.3,092
321,999
1,492,159

702,574

7,582

12,423

Cash in banks and on hand

United States Government securities, incl. interest

Receivables

a

-

Inventories

4,094

3,570

1,514

-

3,245

Notes rec.—Johnson Motor Co. Employees' Assn.,

4,080

$2,580

Stock investment in First National Bank of Wauke-

1,400

34,479
90
1,141,834

1,096,170

2

2

55,868

Prepaid expenses
Total

1,400

33,116

111.—at cost
Property under lease to others—at cost less reserve,
for depreciation
'
Cash deposit with trustee of bond sinking fund
gan,

b Plant and equipment
Patents, licenses & trademarks—at nominal value.

Total
x

270,435
164,720
226,326

117,100
96,625
121.906

43,211

Requirement for deposit with trustee of bond sink¬
ing fund (estimated)
First mortgage 6 % serial gold bonds

26*,684
1,485,720
1,369,785
198,427
Dr3,625

Capital stock (par $5)
Capital surplus

Earned surplus

Treasury stock

Peaslee-Gaulbert Corp.—Extra Dividend —
declared an extra dividend of 25 cents per share on
payable Dec. 27 to holders of record Dec. 22. A regular
quarterly dividend of 25 cents per share was paid on Sept. 30, last.—
V. 145,

After

reserve

p.

128.

The

agent for 300,000 shares

Pennsylvania RR. Regional System—Earnings—
[Excludes L. I. RR. and B. & E. RR.]
1937—Month—1936
1937—11 Afos.—1936
revenues.$32,622,222 $38,518,069$426,687,158$401,964,776
expenses. 25,534,636
27,881,743 .315,057,151 286,117,110

Period End. Nov. 30—

Railway oper.
Net

Unemp'loy. insur.
RR.

$10.636,326$111,630,007$115,847,666
2.053,243 28,237,500 25,537,287
182,333
4,109,695
1,819,155.
478,618
616,395
5,567,698
5,177,379
228,613
243,157
3,291,961
5,742,975
177,669
208,952
1,731,317
2,367,840

from ry. oper $7,087,586
taxes....2,276,100

rev.

Railway

$3,324,041

& Trust Co. has been appointed transfer
of common stock par value $1.—V. 145, p. 3826.

Central Hanover Bank

45,406
1,485.719
1,369,785

for bad debts of $24,979 in

Corp.—Transfer Agent—

Penn Rivet

Railway oper.

1937, $20,140 in 1936. b After
reserve for
depreciation of $1,165,415 in 1937 and $1,328,382 in 1936.
c Representing
excess of recorded net assets of Outboard Motors Corp.
and
Johnson
Motor Co. (predecessor companies) as at Sept. 30, 1936,
less capital stock issuable under agreement and act of consolidation.—V.
145, p. 1595.
a

Pay $1 Dividend—

The directors have

x

$3,781,682

Total

12,607,241

Total — —

$110,514 for depreciation.—Y. 141, p. 4174.

the common stock,

49,500

Reserves
c

$2,607,241

—

After deducting

declared a dividend of $1 per share on the common
stock, payable Dec. 24 to holders of record Dec. 23.
A like amount was
paid on Oct. 7, and on June 23, last, and compares with a cash dividend of
$2 and a stock dividend of $3 payable , in $1 par pref. stock, paid on Dec. 23,
1936, and a cash dividend of $2 paid on Feb. 26, 1936, this latter being the
first dividend paid since May 1, 1930, when $1 per share was distributed.
—V. 145, p. 2238.

38,000

-

Prov. for income taxes

c

592,709

1,080,096
106,842

Patchogue Plymouth Mills Corp.— To

$3,324,041

Liabilities—
Accounts payable
Accrued liabilities

*4

20,337
24,162
561,454

...

$3,781,682

—

69,250
20,000

The directors have

foreign and domestic banks.
less reserve of

-

$66,370
66,030

Earned surplus

Balance of premium

deposits with mutual insurance
companies, unexpired insurance, &c
Cash value of corporate life insurance of a face
amount of $50,000
Past due note receivable and restricted funds in

—— -

Com. stock & capital surplue..

1936
$890,669
314,842
214,834

Assets

Totals
for

Days to

$106,842

Net sales

$826,622

Prov. for loss on past

Net profit for

Trustee Opers.
7 Mos., 13

Aug. 31, '37 April 13,*37
$1,130,860
$1,630,466
934,074
1,437,092

Period—

$1,217,020

209,326

17

Days to

64,863

profit from opex-ations

Other income.._

Divs. of $1 per share were paid in
in 1931, 1930 and 1929. In addi¬
Jan. 10, 1936.—V. 145, p. 3207.

Lincoln, N. H.—Earnings—

Parke>Yourtg Co.,

i

Co.—Earnings-

the

stock no par value payable Jan. 3 to holders of record Dec. 22.
This compares with 40 cents paid on Sept. 30, June 30 and on March 31
last; 60 cents paid on Jan. 2, 1937; 40 cents paid on Sept. 30. June 30 and
March 31, 1936; 55 cents paid on Jan. 2, 1936; 45 cents on Sept. 30, June 30
and March 30, 1935; 75 cents on Jan. 2, 1935, and 35 cents per share paid
common

its treasury.—V.
Eurchased some years14o, pursuant to call by the company and are now held
ago p. 3506.

Consolidated Income Account for Year

Co.—50-Cent Dividend—

declared a dividend of 50 cents per share on

have

directors

The

(par $5)

193(L

$5,541,700
1,481,120

—V. 145, P. 3354.

$1,637,970 $3,698,486

Outboard Marine & Mfg.

\

30—

Gross revenue..------.
Net income after all

43,478

Total

145, p. 3980.

12 Months Ended Nov.

(less deprec.

reserve)

$236,999 sur$2,121,504

-

1937 and $411,600 in 1936 subject to Oregon rate

Includes $410,800 in

case—V.

1,512,308

,908

.

Investments

Earnings

120,993

i

Deficit
x

.

unfilled ords., <fcc

92,058

Insurance

$20,550

payable-

Other res. for inv.

Surplus

prepd.

&

Other prepd. items

Net

$21,069,156
3.005,985

Preferred dividends

for taxes,

&c_.

cost or market).

x

$20,948,163

Interest, &c

Acer d. items & re¬

Estd. rebate ot ins.

Plant

$19,792,37.5
182,873

—

Oct. 2, '37 Sept. 26, '36

Asset a—

Cash

deps.

$95,121,936
74,173,773

$19,975,248
2,465,580

Other income (net)

Condensed Balance Sheet Oct. 2, 1937

1936

1937

,-$103,277,695
.—
83,485,320

- —

Operating profit

130,514

(& Subs.)—Earns.

Telephone & Telegraph Co.

Pacific

11 Months Ended Nov. 30—
.
Operating revenues..—
Expenses and taxes
.

3,938

Loss

Surplus charge

(at

it was
2855.

Crandall,

President.—V. 143, p

x

Credit to surplus (prior

Inv.

Shannon

and

•

adjustment

John Earl Jardine, A. J. McFadden
announced on Dec. 11 by A. N. Kemp,

New directors of the company are

279.043

•
'' ■'

$4,344,603
4,935,810

$3,413,754
3,361.608

Co.—New Directors—

Pacific Mutual Life Insurance

Oct. 5, '35

prof$3,531
24.939

"

JNT©t; loiss

Year End.

51 Wks —
Sept. 26, '36

$2,868,303
2,773.782

~

Depreciation.;..

Tax

Wks.

Oct. 2. '37

i

Cost of sales

net income for

1937.—V. 145. p. 3980.

Co.—Earnings—

Sales

25, 1937

Dec.

Chronicle

351,763

taxes.

retirement taxes.

Equip, rents (Dr.)

bal..

(Dr.) bal

Joint fac. rents

$3,574,823

Net ry. oper. income..
x Amount of $616,395
tive

$7,327,246 $68,691,836 $75,203,030
$5,177,379 in the
of payroll, effec¬

included in November, 1936 and
of that year, on basis of charge of 3 Yi %
March 1, 1936.

11 months' period

Earnings of Company Only

Pacific Power & Light Co,
Period End. Nov. 30—

Operating

re venues

Oper. exps. (incl. taxes).
Prop, retire, res. approp.

(& Subs.)

1937—Month—1936

Earnings—

1937—12 Mos.—1936

1937—Month—1936
1937—11 Mos.—1936
revenues.$32,552,166 $38,443,966$42,5798.394$40,1023,478
expenses. 25,438,510
27,789,055 314.046,214 285,120,095

Period End. Nov. 30—

Railway oper.

$500,288
284,279
57.708

$423,747
234,207
57,708

$5,774,215

$5,183,553
2,714,190
692.500

Railway oper.

692,500

$158,301
17,599

$131,832
17,351

$1,866,037
209,971

$1,776,863
206,455

Unemploy. insur. taxes.

3,215,678

Net rev. from ry. oper.

Railway taxes
Net oper. revenues.-.
Rent from lease of plant.

x

Operating income
—

$175,900
282

$149,183
1,109

$2,076,008
2,955

$1,983,318
216

$10.654,911S111.752,180$115,903,383
25,438,164

351,693

RR. retirement taxes.

477,913

bal__

227,151

(Dr.) bal

178,003

Equip, rents (Dr.)
Other income (net)

$7,113,656
2,269,34o

Joint fac. rents

2,051,508
182,128

615,204
242,047
209,257

28,139,28.5
4,107,146
5,558,389
3,274,822
1,734,879

1,816,936
5,166,499
5,727,918
2,371,215

income. $3,609,551
$7,354,767 $68,937,659 $75,382,651
x Amount of $615,204 included in November, 1936 and $5,166,499 in the
11 months period of that year, on basis of charge of 3of payroll,
effective March 1, 1936.—V.145, p. 3506.
Net ry. oper.

Gross income

$150,292
85,417
22,328

$2,078,963
235,303

$1,983,534
1,025,000
224,061

Net income
$72,824
$42,547
preferred stocks for the
period, whether paid or unpaid

$818,660

$734,473

458.478

458,478

$176,182

Int. on mortgage bonds.
Other int. & deductions.

x

85,417
17,941

1,025,000

Dividends applicable to

Peoples Gas Light & Coke Co.

$360,182

Balance
x

Dividends

$382,065.

accumulated and unpaid to Nov. 30,

$275,995

1937, amounted to

Latest dividends amounting to $1.75 a share on 7% preferred
share on $6 preferred stock, were paid on Nov. 1, 1937.
these stocks are cumulative.

revenues

.

stock and $1.50 a

income

Dividends

zOn 664,421

on




(& Subs .)•—Earnings—

1937—Month—1936
1937—11 Mos.—1936
$3,333,936 $3,456,681 $36,846,751 $36,113,571
xNet income.149,018
440,814
2,159,428
1.208 589
Earns, per sh. on cap.stk
y$0.22
z$9.66
y$3.25
z$1.82
x After
interest, depreciation, amortization, minority interest, Federal
Period End. Nov. 30—

Gross

taxes

and surtax on

undistributed profits,

shares.—V. 145, p. 3018.

y

On 664,425 shares.
|

Volume

Financial

145

Pennsylvania Industries, Inc.—Accumulated Dividend—
The directors
havje declared a dividend of $1.25 per share on account
of accumulations on the 6% cumulative
preferred stock, payable Dec. 23
to holders of record Dec. 20.
Similar amount was paid on Dec. 26, 1936.
—V. 144, p. 288.

'

Wallace Groves, Chairman, states in part:
V
,
Calculation of Assets—The net asset valye of corporation as of Aug. 31,
1937, on the basis stated below, was $10,862,996.
In computing this

figure, market quotations as at Aug. 31,1937, were used in valuing securities
held having quoted markets, except that in the case of corporation's in¬
vestment in the securities of United Cigar-Whelan
Stores Corp., the
investment was taken at cost, even though the market value of this in¬
vestment and of the additional securities of the same company which
corporation is committed to purchase prior to July 21, 1938, exceeded the
cost thereof by the net amount of
approximately $507,000.
In all other
of items

included

in

cost or value as estimated

other investments and

market value at the time the stock

advances

the lower of

by the board of directors, less reserves, was used.

was

received

as a

special dividend on

preferred stock.
Balance Sheet Aug. 31, 1937
Assets—

Liabilities—

Cash in banks and on hand...
Cash on deposit for payment of

.

Phoenix Securities Corp.—Financial Statement—

cases

4125

Chronicle

pref. div.

Oct.

on

1, 1937—

Marketable securities at cost—
Central Securities Corp., 5,290

$124,509

57,980
2,068,633

shs. 6% cum. pref. stock and

120 shs.

529,500

South Shore Oil & Devel. Co.,
139,650 shs. of com. stock—
13,965
Other investments <fc advances 6,431,888
Rec.

from

Hunter

on

stock

preferred

(H?

57,980

payable Oct. 1, 1937
Accounts payable & accr. liabil
Prov. for Federal Income tax—
Res. for prior year's tax

stock at cost—

com.

$1,400,000

Bank loans payable

Dividend

$3

claim.

54,133

pref. stock, series A

conv.

(par $10)

773,060
833,769
6,103,169

-

Common stock (par

$1)

surplus./.

Capital

41,125
134,644

Baltimore

Rye Distillery, Inc. (sec.)—
Miscell. notes & accts.

46,867
9,684
52,034
62,818
.'VI

rec

Accrued interest receivable

Prepaid taxes, Ins. & other

exp.

Furn. & fixtures, nominal value

While provision has been made for the normal Federal income tax in the
amount of

$90,382 which would be payable in the event of the realization
of the unrealized appreciation on investments as at
Aug. 31, 1937, no
provision has been made for taxes on undistributed profits or excess profits
w»th respect to such unrealized
appreciation.
This net asset value of $10,862,996 was equal to $140,519 per share on
the $3 conv. pref. stock
outstanding.
After deducting the amount of $50
per share on the outstanding pref. stock (the amount to which such stock
would be entitled in
liquidation) the net asset value of the common stock
as at
Aug. 31, 1937, on the above basis, was $8,393 per share.
It should
be noted that this net asset value for the common stock was after
payment

Aug. 2, 1937, of

a

dividend

on

each share of common stock consisting

of 25 cents in cash and l-70th of a share of the
stock of Certain-teed Products

6% cum. prior preference
Corp., having an aggregate value as of
that date of about $1.02
per share of common stock.
United Cigar-Whelan Stores Corp.—Corporation's largest investment is
now in the securities of
United Cigar-Whelan Stores Corp.
These securities
were received in the
reorganization of United Cigar Stores Co. of America
under Section 77-B of the
Bankruptcy Act.
The reorganization plan was
approved by the Court in June and was consummated on July 21, 1937,
but it took so ne time thereafter before the
necessary legal work was com¬
pleted and the new company put in operation under the present manage¬
ment.
Corporation now holds approximately 31% of the bonds, 24%
of the pref. stock and
38% of the common stock of the newly organized
company.
In addition corporation is obligated, under an offer made to
the debenture holders of the old
company, to purchase certain additional
securities of all classes, on or before July 21, 1938, which, after such pur¬
chase is made, will increase
corporation's holdings to approximately 57%
of the bonds,
33% of the pref. stock and 41% of the comm on stock.
Celotex Corp.—Corporation's substantial holdings in Celotex Corp. were
mainly owned through Central Securities Corp.
As a result of transactions
which have been carried out since the date of the balance sheet, all outside
interests in Central Securities Corp. have been liquidated and that com¬
pany is now a wholly owned subsidiary and, at this date, the combined
direct and indirect
holdings of corporation in the common stock of Celotex
Corp. amount to 57,544 shares.
Autocar Co.—Corporation owned 62.8% of the common stock of Autocar
Co. which was
outstanding on Aug. 31, 1937, and also holds $310,000
of its debentures.
Loft, Inc.—Various steps have been taken during the year to improve
the operations of this
company;

but in spite of strengthened management
merchandising, the company has continued to show losses,
due in no small part to excessively high long-term leases on certain of
the stores, entered into some years ago.
Attempts have been made to
get the landlords of these stores to adjust the leases to the present market
level, but with small success up to the present time.
Your directors,
theiefore, have not deemed it advisable to exercise the option on the
common stock of
Loft, Inc., and have, instead, advanced additional funds
as loans
to the company, partly secured.
Furthermore, in view of the
continued losses of the company and in view of the unsatisfactory lease
situation, the directors felt it advisable to set up the sum of $400,000 in
the general reserve for losses to cover both the $400,000 loan to Loft,
Inc.,
and the $400,000
contingent liability shown on the balance sheet.
Consolidated Motor Lines, inc.—Consolidated Motor Lines, Inc., is
reputed to be the largest trucking company in the New England territory,
Recently it has acquired the business and operating rights of the Simpson
Transportation Lines, which operates throughout the State of New York
with lines to
Philadelphia, also the Thompson Motor Transportation
Co., which operates between Philadelphia and New York and serves a
large area of the State of New Jersey.
Net earnings from Jan. 1 to July 17.
1937, showed a profit of $4,857 as compared to a loss for the same period
of 1936 of $34,487.
National Brass & Copper Co., Inc.—This company is a small copper
processing company, located at Lisbon, Ohio, engaged primarily in the
production of copper sheets.
The original investment in this company,
made in March, 1934, amounted to $150,000, and consisted of a loan
for which your
corporation received 550 shares, or 25%, of the common
stock of the company as a bonus.
The company having defaulted in the
payment of the principal and interest on its notes held by your corporation,
and

better

suits were commenced

pany

to recover

the

Rather than force the

same.

com¬

into

bankruptcy, your directors decided to take in lieu of the old
three-year bond of the corporation, secured by a first mortgage
upon its plant and assets, and additional shares of stock, increasing its
holdings to 1,350 shares, or 60%, of the common stock.
A new President
has taken charge of the company's affairs, and your corporation has insti¬
tuted proceedings against certain of the former officers and directors and
principal stockholders of the company.
A proposed settlement of this
itigation will result in your corporation holding approximately 94.7%
of the common stock.
Corporation also holds all of the company's de¬
bentures, and has entered into an agreement with the company providing
for a revolving fund secured by copper and accounts
receivable, from
which purchases of copper are made and expenses of the
company are
notes

a

Eaid, thus enabling the this investment.
company to continue its operations. A
been set up against
as

reserve

Earnings for the Year Ended Aug. 31, 1937
Divs.

on sees.

(incl. $8,393 received in pref. stock)

-__

Interest income from investments and advances
Net profit realized on sees, sold and investments liquidated
Sees, received as a div. on stock of South Coast Corp.—139,650

shares of

common

stock of South

Shore Oil &

Co. recorded at 10 cents per share
Excess of proceeds received in settlement of
over book value

$131,377
83,488
960,987

note receivable

Net increase due to reval. of items included in other investments
and advances at quoted market values not in excess of cost

Philadelphia Co.—-To Pay 25-Cent Dividend—The

directors

have

declared

24,080

dividend

of

Interest

-

--

on

--

-

—

bank loans.

Taxes (other than Federal income taxes)
Cost of stock registration, transfer, custodian

25,

1934, to July 25,

1935, incl.; 17H cents paid on Jan. 25,

Application to list the stock of the company follows the liquidation of
Telephone Investment Corp. (which see in V. 145, p. 2407), stock of which
formerly listed on the Exchange.
Exchange of stock of the latter
corporation for that of Philippine Long Distance Telephone Co. was ap¬
proved at a meeting held late in September.
was

Philadelphia Rapid
Appeal Allowed—
The U. S. Circuit Court of

Transit

Rent,

directors' fees, postage, telephone and telegraph and
general expenses
Expenses in connection with reorganization of United Cigar
Stores Co. of America and with other investments
Provision for Federal income tax
Additional compensation paid to officers under agreement

$1,579,736

Dividends paid or

-

"

•

109,922
134,644
5,240

common

payable—On preferred stock

Piedmont

V.

Appeals has allowed the Pennsylvania P. U.

new

Mfg. Co.—Initial Dividend—-

142,

common

p.

stock, payable Jan.

1

to holders of record

847,910

Pierce-Arrow Motor

John

Corp.—Files Under 77-B—

Knight in Federal Court approved the petition as filed by Arthur J.
President and set the first hearing date as 9 a. m. Jan. 17
1938.
was prompted by inability of the company to meet its

Chanter

Filing of the petition
debts

as they mature.
Judge Knight continued the corporation in full operation and control
weekly statements filed.
The Court enjoined
all persons or groups from bringing lawsuits against the company and
directed that creditors stockholders and other interested parties be notified

of its business and ordered

by mail and publication.
A. J.

Chanter

The action

was

President in a statement issued Dec. 21 said:
taken for the purpose of preserving the status quo until

the company's plans for reorganization can be successfully consummated.
A plan of reorganization was approved by the stockholders of the company

Sept. 2 last which plan contemplated the formation of a new corporation
acquire the assets of the present corporation free and clear of all mort¬
indebtedness but subject to all of its other liabilities and the sale to
underwriters of stock of the new corporation for approximately $10,700,000
cash net after deduction of amounts estimated as required for commissions

on

to

gage

services and expenses
Under the plan the
were to

receive

one

in connection with the reorganization.

and holders
stock of the present corporation were to receive one share
new corporation with respect to each two shares of the
preferred stock of the present corporation.
It was intended that the under¬
writers would reoffer to the public ail or a portion of the shares of the new
corporation purchased by them at an initial offer price of $10 per share.
The plan contemplated that the new company would enter the^medium
price field for motor cars with a line of high quality Pierce-Arrow cars and
that "a person of national importance" would be invited to become the
executive head of the new corporation.
The adverse conditions prevailing in the securities markets since the re¬
organization plan was approved by the stockholders has so far made it
impossible to carry out the plan and dLectors have deemed it to the best
interests of creditors and stockholders alike to seek the protection of the
Court.
I have reason to believe that the interest of the person of national
importance will not be affected by the present action of the company but
I decline either to affirm or deny tne reports that Postmaster General James
A. Farley is the individual referred to.
The petition filed with Judge Knight
sets forth the plan of reorganization approved by the stockholders of the
company and it is the expectation of the directors that this plan with such
modification as intervening circumstances may make it necessary
will be
consummated as soon as the securities markets have experienced a reason¬
able improvement.
A balance sheet filed with the petition follows:
of the preferred
of stock of the

Liabilities—

Assets—

$39,269

Cash

25,556
—

Investments

■:—508,857
62,520

Deferred charges
Land.-

—

93,745
478,000

Goodwill———

-------

1,970,257
1

$3,178,205

Totals

Accounts

$1,137,808

$65,074

payable

116,614
66,412

Taxes———_—
Interest—

Customer credits & deposits.

_

Res. for workmen's compen't'n

Notes

payable..

Mortgage notes

Capital
-

—

16,802
12,070

157,927
1,250,000
844,470
648,836

$3,178,205

Totals

-V. 145, P. 1596.

Plymouth Oil Co.—Earnings—
x

1937—Month—1936

y$257,267

Net income

1937—11 Mo.?.—1936

$147,750 y$2,629,203

$1,556,926

sh. on cap. stk.
$0.25
$0.14
$2.51
i
$1.48
depreciation, depletion, estimated Federal taxes,
y After de¬
duction of about $60,000 in the month and $364,153 for the 12 months for
surrendered leases and abandoned wells.—V. 145, p. 3507.
Earns, per
x After

Pond Creek

Pocahontjas Co.—No Common Dividend—
meeting held on Dec. 21 took no action on the

payment of a dividend on the common stock

ordinarily due on Jan. 1.

4

Regular quarterly distributions of 50 cents per share had been made since
1935.
The company

-

-

holders of common stock of the present corporation
share of stock of the new company with respect to each

five shares of the common stock of the present corporation

"

V

Dec. 27.—

3520.

The corporation filed on Dec. 21 at Buffalo
N. Y. a petition seeking
permission to reorganize under Section 77-B of the Bankruptcy Act.
Judge

289,898

stock

Payment

The directors have declared an initial dividend of 80 cents per share on

the

The directors at their

Net profit
On

23,109

Underlier

Co.-

Commission to take an appeal from the $1,000,000 allowance by Federal
Judge George A. Welsh to P. R. T. underliers, Francis Shunk Brown, one
of the underliers' attorneys, told the court that they, too, were going to
take an appeal.—V. 145, p. 3981.
-

Period End. Nov. 30—

14,139

the

Philippine Long Distance Telephone Co.—Listing—

fees and other

corporate service

on

Company has applied to the San Francisco Stock Exchange to list 70,571

99,926
31,161
89,934

Legal and auditing expenses

share

shares of capital stock.

50.926

Salaries.

per

123^ cents on Oct. 25, 1933; 25 cents on July 25 and April 25, 1933;
35 cents per share each quarter from April 30, 1932, to and incl. Jan. 25,
1933, and 55 cents per share on Jan. 25, 1932.—V. 145, p. 3207.

$2,138,736

_

cents

1934;

Surplus
Total.

25

Jan. 25, 1936; 15 cents paid on Oct. 25, 1935; 20 cents each three months

on

from April

Buildings and equipment——

924,840

a

stock, no par value, payable Jan. 25 to holders of record Dec. 31.
This compares with 15 cents paid on Oct. 25, last 2o cents paid in each of
the two preceding quarters; 25 cents paid on Jan. 25, 1937; 15 cents paid
on Oct. 26,
1936; 20 cents paid on July 25 and April 25, 1936; 25 cents
common

Inventories--

13,965
a

$9,397,880

Total

$9,397,880

Receivables-

Development

_____

Total

—V. 145, p. 2556.

so

many

has taken no action on the January dividend "preferring as

other companies have done, to adopt the policy of
a final dividend at the end of the year.

declaring in¬

terim dividends with

Balance..—
Balance forward Aug. 31, 1936.

$441,928
5,661,241

Total.

_______

Note—The cost of securities sold has been determined
cost" basis.

profit

of

$473,787

was

realized




$6,103,169

on the "average
Corp. common stock oo which a
during the year, "cost" represents the

In the case of Allied Stores

"Earnings of the company for the year 1937 were subnormal, due to gen¬
eral confusion prevailing throughout the industry.
While the National
Bituminous Coal Commission has established prices which became effective
Dec. 16 on sales in all markest of all grades of coal, with the effect of in¬
creasing the average realization, and while a dividend could have been paid
on Jan. 1, 1938, out of surplus without unduly affecting the current cash
position of the company, having already distributed $2 per share during

Financial

4126
1937, It

was

deemed best to defer action until the situation

became clarified.

Monthly Output—
Oct., 1937

Nov., 1937
130,116

Month of—

Coal mined (tons)

Nov., 1936

164,703

151,293

1937—Month—1936
$262,369
$255,026

187,623
20,834

189,708

22,916

-

Net oper. revenues...
Other income (net)

$49,745

$49,819
40,604

3,542

3,993

Int.

40,604

$621,219
487,250
50,897

CY127

chgd. to construc'n.

period, whether paid or unpaid....
Balance,

deficit......

—

■;.V

......

Shares, Inc.— To Pay Nine-Cent Dividend—

The directors have declared a

dividend of 9 cents per share on the capital

payable Jan. 15 to holders of record Dec. 31.

Like amount was

cents
Said onpaid on July 15,and compares with on Jan. 15, 1936 and on15, 1937;
July 15, last, 1936; 7 cents paid 10 cents paid on Jan. July 15,

1935; 8 cents paid on Jan. 15, 1935; 10 cents on July 15 and Jan. 15, 1934;
l5 cents on Juiy 15 and Jan. 16, 1933, and quarterly dividends of 10 cents
share paid from Oct. 15,1931 to and incl. July 15,1932.—V. 145, p. 129.

per

Prentice-Hall, Inc.—70-Cent Dividend—
of 70 cents per share on the com¬
value, payable Dec. 24 to holders of record Dec. 17.
with $1.20 paid on Dec. 1, last; regular quarterly dividends
of 70 cents per share paid from Sept. I, 1936, to Sept. 1, last, inclusive,
and previously regular quarterly payments of 50 cents per share were made.
In addition an extra dividend of 10 cents was paid on Dec. 1, 1936, and an
extra of 20 cents was paid on June 1, 1936.—V. 145, p. 3356.
The directors have declared a dividend

stock, no par

mon

This compares

Pressed Steel Car Co.,
Directors have elected John F.

Inc.—New President—
MacEnulty as

a

director and President

of the company.

George H. Fleming, who has been a director and Vice-President of Pressed
Steel Gar Co. and in charge of its Pittsburgh office, was elected Executive
Vice-President.
The principal offices of the company will continue to be
located in Pittsburgh.—V. 145, p. 1913.

Prima

Cents

on

Chicago—Unsecured Creditors

Co.,
Dollar

May Get 15

—

S. L. Winternitz & Co.,

professional auctioneers, on Dec. 21 submitted a
in the assets of the

bid of $145,000 for the trustee in bankruptcy's equity

in receivership uqder section 77-B.
Such bid is separate from an
additional bid of $500,000 for the real estate, title of which is held by trustee
for the mortgage noteholders.
Federal Judge John B. Barnes has set a hearing for Jan. 6 at which time
acceptance of the bid will be considered.
IP Prima Co. has entirely ceased brewing operations, the court was advised,
and is currently selling inventory on hand.
Even with such retrenchment
it is losing about $7,000 a month.
9PA committee representing $660,000 of the company's $761,400 first mort¬
gage notes is instrumental in the purchase of the property and a merchant¬
able title is one of the requisites of their bid.—V. 138, p. 515.

company,

Protective
The company

Indemnity Co.—Pays Extra Dividend—
paid an extra dividend of'50 cents per share in addition

regular annual dividend of $1 per share on the common stock, on
Dec. 23.
Like amounts were distributed on
Nov. 2, 1936—V. 143, p. 3009.

share on the common
$1, payable Dec. 28 to holders of record Dec. 18.
This compares
with 7 lA cents paid on Oct. 1, last; 10 cents paid on July 1, last; 15 cents
paid on April 1, last, and dividends totaling 55 cents per share distributed
during the year 1936.—V. 145, p. 2403.
par

Public Service Co. of New

Hampshire—Earnings—

[Including Manchester Street Ry.]
Period End. Nov. 30—

1937—Month—1936

income of Punta Alegre Sugar Corp.
and none of such income can be paid
to company by any subsidiary and made available for dividends upon
company's stock until all principal of and accrued interest on the outstand¬
ing securities of such subsidiary, issued pursuant to the plan of reorganiza¬
tion of company's predecessor company Punta Alegre Sugar Co. and its
subsidiary Compania Azucarera Baragua, S. A., have been paid.
The
agreements under which the securities of company's subsidiary, Baragua
Sugar Estates, were issued provide that such company shall make no pay¬
ment of principal or of interest on its outstanding income debentures or

Net oper. income

Non-oper. income (net).

Bond interest.
Other interest
Other

(net);

the

A., and Compania Azucarera Florida, were issued, provide that
subsidiaries shall make no payment of principal or interest on any of
8.

$492,042
236,791
67,317
8,733

$6,019,435
2,895,408
871,681
287,050

$5,395,326
2,671,799
772,017
111,929

$165,430
6.555

$179,201
3,601

$1,965,296
41,521

$1,839,581
37,441

$182,802
52,226
4,608
9,317
12,000

$2,006,817
668,800
Crl6,452
108,625
7,800

$1,877,022

deductions.

_

_

_

_

^

6,599

Prov. for special reserve.
Net income....

$111,617

Pref. div. requirements.

52,176

$104,651
47,385

$1,238,044
621,641

615,519
20,317
118,506
146,230

law.

such

Consolidated Income Account Years Ended Sept,

Rev. from

$2,639,452

$5,140,903

$4,150,809

$4,112,608

3,931,910

3,258,081

3,077,055

$2,870,010
2,276,088

41,594
75,294

43,975
102,316

146,293
26,323

100,582

148,814

165,510

Total revenue

Operating expenses
(net)
Current int. paid or accr.
Int. on 3-year 6% coll.

Misc. charges

trust notes

88,957,717

—V.

$3,166,183
2,009,272

230,558

22,411

Int. accrued on Baragua

Sugar Estates 15-year
partic. income debs..
for U.

S.

164,328

164,328

123,246

Cr44,070

Cr39,842

Cr29,780

C'rl2,834

68,230
354,062

30,903
311,995

28,573
334,890

11,667
284,540
24,666

$549,555

Interest received

$279,054

A. and

Cuban profits tax
Depreciation of plant
Cyclone damage

. — --

.

Net income

Includes

loss$2,621
pounds each)
pound, f.o.b.

$257,194

(10,436 in 1936) bags of sugar (325
unsold, inventoried at 1.97 cents (0.861 cents in 1936) per
x

83,335

Cuba, net.

1937

$976,450
559,805

1937

$

Liabilities—
z

Cash in banks and

$1,033,819
Accts. receivable..
161,451
on

hand

Adv. to planters..

365,785

131,751
272,146

hand

Supplies

or

In

mercial

sold.

2,017,529
51,482

53,556
1,339,929

bldgs. & equip..12,555,279
&c

Deferred charges..

3,111,024
18,578

97,953

88,313

111,890

35,344

96,158

77,200

121,481

73,344

328,656

287,574

of sugar

2,400

7,364

165,000

for shipping

expenses

and molasses—

4

Land & equip, pur¬

chased—payable
during
succeed¬
ing fiscal year..

Plants, railroads,

Lands,

....

Accounts payable.
Prov.

1,316,919

1,500.000

Azucarera

nia

Florida

Mtge. receivable-.
x

1,250,000

secured.

1,439,501

Working assets and
growing cane

1Q97

Notes pay. on de¬
mand—Compa¬

com¬

stores._

qi

$

due

pay.

nop

$844,570

Sugars & molasses

Notes

1936

$

1936

S

Assets—

12,776,088
3,111,024
v 28.043

Int.,

rents,

taxes.

&c., matured or
accrued
a

accrued

Int.

Estates

on

Sugar

Baragua

15-year

Deferred claims

83,606,306

Lands

Net inc. from oper
Bal. for divs. & surplus.

1935

part. Inc. debs..

7,319,379

1934

$3,867,202
245,406

Corp. of New Jersey (& Subs.)—Earns.

7,667,141

30

1937
1936
sugar....x$4,728,231 x$3,846,622
other sources.
412,672
304,187

Revenue from

Period End. Nov. 30—
1937—Month—1936
1937—12 Mos.—1936
Gross earnings
$10,833,324 $10,826,461 $126686,712 $122134,104

Oper. exps., maint'ance,
depreciation & taxes..

their

long as their joint 3-year 6% mortgage note
if after such payment their joint net current assets
as defined in such agreements shall be less than $2,000,000.
Production of sugar and distribution of the proportionate amount to be
produced at each mill in Cuba continue to be regulated by Cuban Presiden¬
tial decree. This year the total Cuban crop was restricted to 2,939,033 long
tons of sugar, which was an increase of 424,033 tons over last year.
A sub¬
stantial portion of this increase was to replace retention sugars which have
been carried by the Cuban Government in the amount of 500,000 tons
each year since the inception of the U. 8. Government's sugar quota law.
Legislation enacted by the United States Government during the year
provides for a sugar quota system until Dec. 31, 1940.
In accordance with provisions of the Reciprocal Treaty Agreement
between the United States and Cuba dated Aug. 24, 1934, the Government
of the United States announced that the quota for Cuban sugar permissible
for entry into the United States for consumption during the calendar year
1937 amounted to 1,889,274 long tons.
The mills of company's subsidiaries produced the total sugar quota
allotted to them of 104,214 long tons, or 708,123 bags of 325 pounds each,
an increase over last year of 84,134 bags.
During the latter part or this year, directors authorized cancellation or
inter-company indebtednesses owing to it by its wholly-owned subsidiary
companies, Compania Azucarera Punta Alegre, S. A., and Compania
Azucarera Florida, amounting in the aggregate to $5,312,260 and which
were included in the assets acquired in 1932 by corporation from its prede¬
cessor, Punta Alegre Sugar Co., pursuant to the plan of reorganization of
that company.
The corporation had previously considered the cancella¬
tion of these indebtednesses but had not taken, action prior to 1937 for
various reasons, the chief one of which was the probability that the two
subsidiary companies would be subject to taxation in Cuba. On June 26,
1937, the Cuban Government passed a law amending their tax laws to
permit, among other things, cancellation of indebtedness of this nature,
free of tax, and directors believed it was advisable to take advantage of
joint 10-year income notes so

shall be outstanding or

Investments

Note—The above figures include the operating results of the New Hamp¬
shire Power Co. from March 31, 1936 —V. 145, p. 3981.

Public Service

such

Consolidated Balance Sheet Sept. 30

$520,409
250,567
73,412
31,000

CY2.249

defined in such

agreements shall be less than $1,000,000. The agreements under which
of company's subsidiaries, Compania Azucarera Punta Alegre,

securities

on

Gross income

such payment its net current assets as

income notes if after

1937—12 Mos.—1936

$171,985
56,018

Operating revenues
Operating expenses
State & municipal taxes.
Federal taxes (incl. inc.)

accordance

amounted to $1,596,951.

Substantially all consolidated net
is income earned by its subsidiaries

Prov.

Corp.—Dividend Reduced—

The directors have declared a dividend of 6 cents per

stock,

accordance with

consolidated

24 to holders of record

Prudential Investing

ended Sept. 30, 1937, determined in

Estates for the year

to the

Dec.

its 15-year

to $369,738,

with said agreement

Preferred Accident Insurance Co.—Special Dividend—
The directors have declared a special dividend of 20 cents per share
payable Jan. 10 to holders of record Dec. 24.
A regular quarterly dividend
of 20 cents per share was paid on Dec. 23.—V. 143, p. 3645.

stock,

is to pay all accumulated interest
participating income debentures to Jan. 1, 1938, amounting
and on July 1, 1938, is tc pay all interest on said debentures
from Jan. 1, 1938, to said date. Of the total amount of interest being paid,
$390,312 constitutes the consolidated net earnings of Baragua Sugar
on

430,167

$243,501
$347,095
1937, amounted to

.......

$186,318.

amounted

$257,940.
On Jan. 1,1938, Baragua Sugar Estates

430,167

$1,733,753. Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Feb. 1, 1937.
Dividends on these stocks are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted
net income for that year.
No such provision has been made to date
for 1937.—V. 145, p. 3981.

Premier

the fiscal year, such net income amounted to
such income notes to Sept. 30, 1937,

Total accruals of interest on
to

the agreement under which the debentures were issued.
The
net current assets of said company as at said date computed in

unpaid to Nov, 30,

and

year, after taxes, Interest (not including interest at 6% per annum on its
10-year income notes, series A and B) and depreciation, amounted to
$240,025, compared with $137,406 last year.
After deducting $53,706.
which is the amount of accrued interest on its income notes series A and B

$83,072

_

........ —

Dividends accumulated

accumulated interest

$186,666

$5,673
$1,631
xjDividends applicable to preferred stocks for the

JBiNet Income

x

$625,949
4,730

$722,600
487,250
48,811

$46,228

Int. on mtge. bonds
Other int. & deductions.

Included under current liabilities is $328,656 of

1937.

applicable to
$726,763
4,163

341

Gross income........

1937—12 Mas,—1936
$3,382,532
$3,256,008
2,382,853
2,380,059
272,916
250,000

$46,569

74

,

pania Azucarera Pur.ta Alegre, S. A., and Compania Azucarera Florida
(which has been reduced to $1,000,000) and of all the shares of capital stock
(1,000 shares) of Baragua Sugar Estates.
Notes payable of Compania
Azucarera Florida amounting to $165,000 will be paid prior to Dec. 31,

Sept. 30,1937, on the 15-year participating income debentures of Baragua
Sugar Estates, which is part of the interest being paid on Jan. 1, 1938.
Consolidated net income of Baragua Sugar Estates (which see) for the

Portland Gas & Coke Co.—Earnings
Period End. Nov. 30—

25, 1937

to

—V. 145, p. 3507, 3356.

Operating revenues
Oper. exp., incl. taxes-.
Prop, retir. res. approp.

Dec.

Chronicle

after Sept. 30 '38

53,507,081 $37,728,995 $38,527,798
2,426,958
24,137,468
25,025,916

Funded

1,576

106,817

125,517

5,384,458

5,384,458

indebted¬

ness—sub.

145, p.3356.

1,576

purch., pay.

cos._

(prov.
organization)

General res.

Punta

at

Alegre Sugar Corp.—Annual Report—

—adjusted

W.

C. Douglas, President, says in pare;
Consolidated net income account for the

y

after taxes, interest (not
incl. int. at 6% per annum on the 10-year income notes, series A and B,
of subsidiary companies) and depreciation, amounted to $549,554, com¬
pared with $279,053 last year.
After deducting $158,739, which is the
amount of accrued interest on the 10-year income notes series A and B
applicable to the fiscal year, such net income amounted to $390,815,
equivalent to $4.77 for each share of the outstanding capital stock of
company. Total accruals of interest on lincome notes to Sept. 30,
1937.
amounted to $768,050.
to Since the close of the fiscal year notes payable due Dec. 31, 1937, have
been reduced by $250,000 and the due date of the balance amounting to
$1,000,000 has been extended to Dec. 31, 1938.
The notes will continue
to be secured by the pledge of the joint 3-year 6% mortgage note of Com-




year

Capital stock.__

Surplus

20,639,230 19,999,012

Total

Total....

11,545,323 11,545,585
409,243
409,505
470,859
1,020,414

20,639,230 19,999,012

reserve for depreciation of $7,105,708 in 1937 and $6,908,196 in
Represented by 81,901 no-par shares in 1937 and 81,849 no-par
shares in 1936.
z These notes are secured by pledge of $1,250,000 principal
amount of a 3-year 6% mortgage note issued jointly by Companias Azucareras
Punta Alegre and Florida, and 1.000 shares of capital stock of
Baragua Sugar Estates,
a $328,656
and in addition $41,082 interest
accruing from Oct. 1, 1937, to Jan. 1, 1938. and $82,164 interest accruing
from Jan. 1 to July 1, 1938, declared payable by the board of directors of
Baragua Sugar Estates.—V. 145, p. 291.
x

After

1936.

y

Volume

145

Financial

Chronicle

Public Service Electric & Gas Co.— To Reduce Rates—
The New Jersey Public Utilities Commission announced that this com¬
pany has agreed to reduce its electric rates by $1,250,000 effective Jan. 1.
Two-thirds of the total reduction will apply to commercial customers and
one-third to domestic consumers.—V. 145,
,

1597.

p.

Public Service Co. of Nor.
The

offer

111.—Offer Extended—

made

by Commonwealth Edison Co. to exchange 2,655,049
$25) for common shares of Public Service Co. of Northern
extended to Jan. 17, 1938.
As of Dec. 18, 1937, more
than 95% of the
outstanding common stock of Public Service Co. of No. 111.
(including the shares formerly held by Commonwealth Subsidiary Corp.)
has been exchanged under the
plan.
The preferred stock of Public Service Co. of No. 111.
having been called
for redemption on Dec.
21, 1937, there will be no extension of the offer of
exchange for the preferred stock.—V. 145, p. 3356.
of its shares (par
Illinois has been

Pure Oil Co.—New Director—
The board of directors of this company at a
meeting held Dec. 22 elected
Sewell L. Avery of Chicago, to serve as a director of the
company.—V. 145,

The

have declared an extra dividend of 7 cents
per share in
the regular semi-annual dividend of 8 cents
per share on the
par $2, both payable Jan. 15 to holders of record Dec. 24.
An extra of 27 cents was
paid on July 30 last; one of seven cents was paid
on Jan.
15, 1937; 12 cents paid on July 25, 1936, and extra dividends of
four cents per■ shar
were paid on Jan.
15, 1936, and on July 25, 1935.—
to

common

stock,

V. 144, p. 4358.

Riverside Cement Co.—Accumulated Dividend—
The directors have declared

a dividend of 15 cents
per share on account
on the $1.25 cumulative
participating class A stock, no
value, payable Dec, 24 to holders of record Dec. 20.
This compares
with 25 cents paid on
Aug. 1, last; 30^ cents paid on April 15, last; $1.36M
paid on Dec. 1, 1936; 20 cents paid on
Aug. 1 and Feb. 1,1935, and on Nov. 1
fug. 1 and May 1, 1934; 47 V-i cents per share was distributed on Feb. 1,
1934; 15 cents on Feb. 1, 1931, and regular
quarterly dividends of 31K
cents per share were
paid from Aug. 1, 1928 to and including Nov. 1, 1930.
.—V. 145, P. 2404.

of accumulations
par

(H. H.) Robertson Co .—Pays 50 -Cent Extra Dividend—

Quebec Power Co.—To Reduce Capital—

Radio-Keith-Orpheum Corp.—Plan Opposed—
Objections to the report of Special Master George W. Alger, which

Stirn, holders of 1,234 shares of class A stock.
The objections are based
exceptions to certain findings contained in the report regarding the fair¬
ness of the
plan.
The petitions of both objectors asked that confirmation
of the proposed plan be withheld
by the Court unless it is modified.
United States Attorney Lamar Hardy on Dec. 20 filed a
petition in
on

to intervene

A divjclonci of 50 cents

,.

on

attacked

by Edward Hickey, a Washington, D. C.» stockholder, in op¬
posing
the
Radio-Keith-Orpheum
proposed plan
of
reorganization.
Mr. Hickey alleges Section 77-B violates provisions of the 5th and 10th
amendments to the Constitution.—V. 145, p. 3666.

The directors have declared
mon

dividend of 20 cents per share on the com¬
stock, no par value, payable Dec. 24 to holders of record Dec. 21. This

compares with 30 cents paid on Aug. 2, last,
and 25 cents paid on Feb. 1, 1936, this latter
on

the issue since May 2,

1932, when 37
regular quarterly distributions of 50 cents
P. 3829.

$1.30 paid

on

The

was paid on Aug.
10, last, and an extra of 10 cents was paid on
June 1, last: at the same time the
quarterly payment was increased from
15 cents to 25 cents per share.—V. 145,
p. 1434.

Rock Ola Mfg.

were made.—V.

145,

Rayonier, Inc.—Registrar—

Operating

Reading Co.'—Earnings—
Period. End. Nov. 30—
1937—Month—1936
Total ry. oper. revs__l_ $4,468,081
$5,066,557
Total ry. oper. exps
3,545,799
3,422,496
rev.

from ry. oper.

1937—11 Ados.—1936

$54,508,120 $53,677,914
38,217,560
36,605,869

Railway tax accruals

$922,282
178,893

$1,644,061 $16,290,560 $17,072,045
468,401
4,031,610
4,754,028

Railway oper. income
Equipment rents (net)__
Joint facil. rents (net).-

$743,389
80,175
6,098

$1,175,660 $12,258,950 $12,318,017
42,541
596,745
511,471
Drb 4,616
Dr7,509
31,072

$829,662

$1,210,692 $12,886,767 $12,774,872

•'

f.

Net ry. oper. income.
—V. 145, p. 3507.

Reed

Ruberoid Co.—New

a

holders of record Dec.

—

dividend of $5.25 per share on account of

7% cumul. pref. stock,

$100, payable Dec. 21 to

par

10.

Giving effect to this payment, accumulated dividends

on

this stock will

1, next.
letter accompanying dividend checks, E. Jared Bliss

Jr., President,

amount to $28 a share as of Jan.

In

a

stated:
"After carefully weighing the need of continuing the policy of strengthen¬
ing the financial condition of the company, and because of the provisions
of the surtax upon undistributed profits, the board of directors has declared
a dividend of $5.25
per share, on account of arrears.
"Based upon tentative figures available at this time, it appears that about
92% of the annual earnings are attributable to the first naif of this year.
Net earnings for the full year will fall below the annual preferred stock
dividend requirements.
Continued high costs of production and increased
taxes and selling expense, and consumer resistance to increased retail
prices,
have joined to produce a serious curtailment in the volume of sales with
consequent lower profits during the last six months of the year."—V. 145,
p. 2242.

Reinsurance

New Directors—
M.

Culver,

Paul

B.

Somers

and

Montgomery

Clark

were

elected directors of this company at a meeting of the Board held on Dec. 8.—
V. 144, p. 4197.
.

Reliable Stores

>-

—V. 145, p.

■■■"

Corp.—Sales—

Period End. Nov. 30—
Net sales

1937—Month—1936

$771,711

1937—11 Mos.—1936

$938,773

$8,390,245

$7,900,585

3829.

Reserve Investing
The directors

have

Corp.—$5 Dividend—

declared

dividend

of $5

the $7 cum.
to holders of record Dec. 20.

;

on

a

pref. stock,

per

no par

Reynolds Spring Co.—New Director—
A. F. Allen,

Joseph Ry., Light, Heat & Power Co.—Reduces
Amount of Bond Offerings—Coupon Rate Raised—
The company has filed an amendment with the Securities and
Exchange
reducing the amount of first mortgage bonds to be offered to
amount of serial notes to $800,000.
The coupon rate
on the bonds has been raised to
4y2% and interest rate on the notes will run
from 3 % to 4 H %.

Commission

$5,625,000 and the

Originally the company planned to offer $6,000,000 4% first mortgage
bonds and $2,000,000 serial notes
bearing interest from 3% to 4%.
Underwriters of the securities covered by the amended statement will be

Rhinelander Paper Co.—Initial Dividend—
The directors have declared

V.

new

common

an initial dividend of 20 cents per share on
stock, payable Dec. 20 to holders of record Dec. 10—

145, p. 1434.




Notes

$300,000
200,000
60,000
60,000
60,000
60,000
60,000

The 4 A% bonds will be redeemable as follows: 103 on or before Nov.
30,
1938; 102H from Dec. 1, 1938 to Nov. 30, 1939, incl.; 102 from Dec. 1,
1939, to Nov. 30, 1940, incl.; 101X from Dec. 1, 1940. to Nov. 30. 1941,
incl.; 101X from Dec. 1, 1941, to Nov. 30, 1942, incl.; 101 from Dec. 1,
1942, to Nov. 30, 1943, incl.; 100^ from Dec. 1, 1943, to Nov. 30, 1944,
incl.; lOOA from Dec. 1, 1944, to Nov. 30, 1945, incl., and 100 on or after
December, 1945, and prior to maturity.
Of the $2,000,000 notes originally registered by the company, $560,000
were to have been offered publicly and $1,440,000 were to have been taken
by Cities Service Securities Co., an affiliate.
All of the $800,000 notes
now
covered by the amended registration are to be offered publicly.-—
V. 145, p.3357.

Louis Gas & Coke Corp.—Bankrupt to Be Sold—Company to Be Organized—

The
Dec.

Federal

19

Power

Commission

in

an

order

and

opinion made public

approved the application filed under Section 203 of the Federal
py George B. Evans, trustee in bankruptcy for the St. Louis

Gas & Coke Co., and the concurrent application of Granite
Co.

City Generating

.

In

>

signed by Acting Chairman Clyde L. Seavey,
Commissioner Claude L. Draper and Commissioner Basil Manly, the Com¬
mission authorized the sale of the electric generating properties of the! in¬
solvent St. Louis corporation to the Granite City Generating Co., which
is to be organized, and the leasing of those facilities to the Laclede Power
& Light Co. for a minimum of 26 years at an annual rental of $125,000.
Commissioner John W. Scott, in a dissenting opinion, stated himself as
unable to support the Commission's action.
Excluding the disposition of the gas, coke and iron properties of the St.
Louis corporation, the plan provides that the corporation's 15,000 kilowatt
generating plant and appurtenant electric facilities, including a transmission
line
connecting with facilities of the Laclede Power & Light Co. at the
Missouri-Illinois boundary, will be transferred to a new company the Gran¬
ite City Generating Co.
As a consideration for this transfer, the Granite
City company is to issue $1,554,080 of 5% first mortgage and collateral
trust certificates, which are to be exchanged for the St. Louis corporation
bonds held by some 6,000 public bondholders.
This issue will mortgage
the electric properties in an amount estimated as equal to 100% of their
value.
It was this fact Commissioner Scott objected, to.
The face value of the securities, other than stock, to be issued against the
St. Louis corporation property, will be equivalent to about 25% of the face
value of all outstanding bonds of the corporation.
All these bonds, under
the plan, are to be surrendered.—V. 145, p. 292; V. 141, p. 3873.
a

majority opinion

St. Paul Union Stock Yards Co.—Dividend Increased—
have declared a dividend of 37 H cents per share on the
stock, no par value, payable Dec. 27 to holders of record Dec. 20.
Oct. 1 last; 37 lA cents paid on April 1
last; $1.50 paid on Dec. 10. 1936; 37^ cents paid on Oct. 1, 1936; 25 cents
paid each three months from Oct. 1, 1935, to and incl. July 1, 1936; 37M
cents paid on July 1, 1935; 50 cents each three months from April 2, 1934
to April 1, 1935 incl.; 75 cents on Jan. 2, 1934, and on Oct. 1, 1933, and 50
cents per share paid in the two preceding quarters.—V. 145, p. 2405.
The directors

common

This compares with 12 y2 cents paid on

Secretary and Treasurer of the American Steel & Wire Co.,

U. S. Steel Corp., subsidiary has been elected a director of this company.—
V. 145,p.3981.

the

Bonds
$2,000,000
1,375,000
450,000
450,000
450,000
450,000
450,000

,

Arthur Perry & Co., Inc

San Carlos

a

!

.

St.

1

share on account of
value, payable Dec. 24
A dividend of $1.25 was paid on Oct. 15,
July 15, April 15, and Jan. 15, 1937; a dividend of $3.75 per share was
paid on Dec. 18 1936, and dividends of $1.25 were paid on Oct. 15, July 15,
April 15, and Jan. 15, 1936, and on Oct. 15. 1935.—V. 145, p. 2404.
accumulations

Corp.—Application Approved—•

Power Act

Corp. of New York—To Pay 35-Cent Div.—

a dividend of 35 cents per share on the
capital
$2, payable Dec. 27 to holders of record Dec. 20.
A dividend
of 15 cents was paid on June 28, last, this latter being the first dividend to
be paid by this company which is successor to Vick Financial
Corp.
A
dividend of 35 cents per share was paid by Vick Financial Corp. on Dec. 8,
1936; one of 15 cents was paid on June 30, 1936, and semi-annual dividends
of 1% cents per share were paid on Dec. 20, 1935, and each
Aug. 15 and
Feb. 15 previously.
In addition, an extra dividend of 2lA cents per share
was paid on Dec. 20, 1935.

of impaired health will
8 by Herbert Abraham,

St.

par

Bernard

Rustless Iron & Steel

of the western division
and director to succeed

The New York Curb Exchange has
approved the application of corpora¬
tion to list 11,512 shares of $2.50 cumulative
convertible preferred stock,
second series, without par value,
upon official notice of issuance.—V. 145,

New

The directors have declared

stock,

$338,919

Official—

Railton, manager for tne past nine years
has been elected a Vice-President
Rainhard whose recent resignation because
become effective Dec. 31, It was announced on
Dec.

E. H. Rollins & Sons'Inc

Regal Shoe Co.-—Preferred Dividend
The directors have declared

M.

M.

Coffin & Burr, Inc
F. S. Moseley & Co

3829.

$507,444
168,525

Net income before Federal taxes
—V. 145, p. 3666.

First Boston Corp
Halsey, Stuart & Co., Inc
Harris, Hall & Co., Inc

Drug Co.—Initial Dividend—

accumulations on the

$103,423
42,864

_

$454,964
52,480

1.559

Total income
Other deductions

$1,198,517
743,553

$98,311
5,112

Operating profit
Other income

T.

9 Mos.

$195,315
97,003

„

The directors have declared an initial dividend of 35 cents
per share on
the common stock, payable Dec. 28 to holders of record Dec. 23.—V.
145,
p.

Month

expenses

P. 3829.

The National City Bank of New York has been
appointed New York
Registrar for 1,590,077 shares of common stock.—Y. 145, p. 3829.

Net

Corp.—Earnings—

Period Ended Nov. 30—
Gross profits on sales

being the first payment made
share

directors

of 25 cents

cents was paid, prior to which
per

15, last and

have declared a dividend of 10 cents
per share on the
stock, payable Jan. 20 to holders of record Jan. 10.
A regular
quarterly dividend of 25 cents was paid on Oct. 20, last.
An extra dividend

President.—V. 145, p. 3508.

Dec. 23, 1936

Sept.

common

of the company,

a

on

Dec. 15, 1936.—V. 143, p. 3481.

E.

Railway & Light Securities Co.—To Pay 20-Cent Div.—

15 and

Rochester Button Co.-—Smaller Dividend—

in

reorganization proceedings.
Mr. Hardy seeks the right to present evidence and
proof in support of the
constitutionality of Section 77-B of the Bankruptcy Act, which has been

was paid on Dec.

dividends of 25 cents per share were
paid on June 15, last, and each three
months previously.
In addition, an extra dividend of 25 cents was paid

recom¬

mends confirmation of the
reorganization plan, was filed in Federal Court
Dec. 16 by the protective committee of common stockholders and Ernest W.

Court for permission

The company paid an extra dividend of
50 cents per share on its common
on Dec. 22 to holders of record
Dec. 18.

stock

.

Julian C. Smith, President announced on Dec. 20 that a
special general
meeting of shareholders had been called for Dec. 28 for the purpose of con¬
sidering and, if deemed advisable, of approving a by-law enacted by the
directors which, while technically
involving a reduction of capital, has for
its real object a
simplification of the company's balance sheet.
The proposal will involve elimination
by a single operation of an item of
$2,045,450 of bond discount, premium and expense, which normally would
be written off by annual
appropriations over a period of years and will
result in a corresponding reduction of the stated value of the
company's
553,198 issued shares of common stock from $13,394,950 to $11,349,500.
—V. 145, p. 3356.
:v.O

Federal

directors

addition

3828.

p.

4127

(H. W.) Rickel & Co.—Seven-Cent Extra Dividend—

'

Milling Co., Ltd.—70-Cent Dividend—

The directors have declared

a

dividend of 70 cents per

share on the com.

stock, par $10, payable Dec. 15 to holders of record Dec. 2.
This com¬
pares with 20 cents paid on Nov. 15 and on Oct. 15, last; 50 cents paid on
Sept 15 and on July 15 last, and with dividends of 20 cents per share paid
each month previously.
Til addition the following extra disbursements
were also made:
50 cents on Dec. 15, 1936; 30 cents on Sept. 15 and

Financial

4128

May 15, 1936; 50 cents on Jan. 15, 1936, and on Aug. 15, 1935; 80 cents
paid on May 15, 1935, and on April 14, 1934; 30 cents on Feb. 15, 1934,
50 cents per share paid on Oct. 15. Aug. 15, and May 15, 1933.—
V. 145, p. 1751.

and

Balance Sheet,

Oct. 31. 1937
Liabilities—

Assets—

$95,101

Cash

Paper Co.—Sales—
the month of November of $1,019,000,

over the same month last year.
For
27, 193/, net sales totaled $12,768,400, a gain of

the 11 months ended Nov.

94,972

19% over the corresponding period of 1936.
Total shipments in the month of November were 29.9% greater than in
same month hist year and for the
11-month period increased 16.8%.
—V. 145, p. 3357.
,

the

The

U.

Inventory
Other assets

District of Missouri, Eastern

Division, by order dated Dec. 14, 1937, has provided for the method of
effecting distribution of the securities of the debtor's successor, Scullin
Steel Co., organized in Missouri, and to which there has been assigned and
conveyed the assets and property of the debtor, all in conformity with the
modified plan of reorganization of debtor and with the order of the Court
confirming the plan entered on Sept. 10, 1937.
Since Dec. 1, 1937, the
business has been operated by the new corporation, which is now authorized
to issue and deliver its securities as provided for by the terms of the plan.
Distribution of the securities of the successor corporation, are to be
made and effected as follows;
1st Mortyaye Bonds—Holders of 1st mortgage 15-year 6% sinking fund
1, 1926, ($3,062,500 outstanding), shall
deposit the same, together with all coupons with Mississippi Valley Trust
Co., St. Louis, and upon such deposit will receive for each $500 of bonds
<1) mortgage bonds of the successor corporation of $500, dated as of Oct. 1,
1936 and due Oct. 1, 1951, with April 1, 1938 and subsequent interest

gold bonds, series A, dated Oct.

1937 and Oct. 1, 1937 fixed interest coupons
bondholders certificate for 40 stock
purchase warrants, dated as of May 1, 1937, in bearer form, which will en¬
title holder for each four of such warrants to subscribe for share of common
stock of successor at $10 per share within five years from their date, and
(3) cash in the sum of $15, representing interest at fixed rate of 3% per
annum from Oct.
1, 1936 to Oct. 1, 1937.
Debenture Bonds—Holders
($1,497,000 outstanding) shall deposit the
same,
together with
all coupons, with
Mississippi Valley Trust Co.,
St. Louis, Mo., and upon such deposit shall receive for each $1,000 thereof
(1) 20 shares of preferred stock of (par $50) and (2) certificate for 53 1-3 of
stock purchase warrants.
$300,000 Notes—Holders of $300,000 6% notes (past due interest on
which amounted to $18,000 as of Oct. 1, 1936), shall surrender the same to
successor for cancellation and shall receive latter's notes dated as of Oct. 1,
1936 in aggregate amount of $318,000, which shall bear interest at the
rate of 3% per annum from date.
(April 1,

attached

coupons

325,000

..

Z457.400

..

687,530

..

53,867

Land

y4O9,240

Bldgs., mach. &, eqpt., &c
Automobiles & trucks (deprec.

1—

Uncompleted construction

19,381
7,525
35,931

value)

of New Securities—

District Court for the Eastern

8.

65,313

Accrued taxes

x549,670 6% cumulative pref. stock..
419,827 Common stock
11,185 Surplus, bal., Oct. 31,1937.

Deferred assets

Scullin Steel Co.—Distribution

36,634

25,167 Accounts payable

Notes, accr. Int. & accts. rec._

This company reports net sales for
an increase of approximately 32.2%

$150,000

Notes pay able...

Ctfs. of dep. & accr. lnt
Marketable securities

Scott

1937

Dec, 25,

Chronicle

Total

$1,721,877

.

—$1,721,877

Total

x After reserve for doubtful notes and accounts, discounts, allowances,
&c., of $175,002 and returnable carboys outstanding of $9,365.
y After
reserve
for depreciation of $446,631.
z Represented by 45,740 no par
shares.—V. 145, p. 2864.

Southern Colorado Power Co.—Earnings —
1937

1936

Operating revenues
Operating expenses, maintenance and taxes—.

$2,334,901
1,310,764

$2,150,199
1,212,983

(before approp. for retire, res.).

$1,024,137

$937,216

647

668

$1,024,784
300,000

$937,884
300,000

$724,784

31—

Year Ended Oct

Net oper. rev.
income

Other

Net operating revenue and other income

(before

appropriation for retirement reserve)
Appropriation for retirement reserve

be detached by the depositary); (2)

to

Participating Preference Stock—Holders of 100,000 shares of participating
preference stock shall deposit their certificates with St. Louis Union Trust
Co., St. Louis, and will receive for each share thereof (1) IX shares of
stock of

common

(2) certificate for two stock purchase war¬

and

successor

rants.

Common Stock—Holders of 30,000 shares of common stock shall deposit
their certificates with Mississippi Valley Trust Co., and shall receive for

beneficial
ownership of one share of common stock of successor, which share shall be
held in trust, as contemplated by the plan, for a period of two years after
Sept. 10, 1937 —V. 145, p. 3668.
thereof

each three shares

a

certificate of deposit evidencing the

Shasta Water Co.—To

no

par

a

quarterly dividend of 50 cents per share on the common stock,

value, both payable Jan. 3 to holders of record Dec. 22.
An extra
last.
See also V. 144, p. 4360.

dividend of 30 cents was paid on June 23

(W. A.) Sheaffer Pen Co.—10% Bonus—
The company announced the payment of bonuses to its 1,100 employees
amounting to 10% of their earnings for the period from June 1, 1937, through
Nov. 30, 1937.
On

July 1, last, a 10% bonus was paid on earnings from Dec. 1, 1936, to
1, 1937.—V. 145, p. 2088.

June

Sheffield Farms, Inc.—New
The election of

officers and

new

a

Officers—

director to fill the vacancies created by

the death of Harvey T. Brown, who was
was announced on Dec.
15 by Leroy A.

Secretary, Treasurer and a director
Van Bomel, President.
The new officers elected by the board of directors are Robert E. Crowley,
Secretary, Matthew F. McGrath, Treasurer and R. Newman Slawson,
director.—V. 133, p. 2186.

Sierra Pacific Power
Operating

1937—12 Mos.—1936
$1,829,140
$1,709,231
689,530
605,421
107,213
80,897
a250,799
244,197

$171,800
74,023
8,235
a22,700

Gross income

Int. & amort., &c
Net income
Pref. divs. declared
Common divs. declared

$778,714
3,764

$73,547
8,333

$785,586
94,401

$782,479
100,000

$65,214
10,644

$691,185
129,453

$682,479
125,921

$49,441

Balance

Retirement accruals

$781,596
3,990

$60,341
10,899

Net oper. revenues...

Non-oper. income (net).

$72,000
1,547

$68,083
7.741

Maintenance.
Taxes

$153,738
47,745
11,208
22,785

$66,841
1,241

revenues

Operation

a

Co.—Earnings —

1937—Month—1936'

Period End. Oct. 31—

$54,570

$561,732
209,613
396,550

$556,557
209,226
206,000

No provision has been made for the Federal surtax on undistributed

net income for the year 1937, since any
termined until the end of the year.

Note—On Jan.

liability for such tax cannot be de¬

1,

1937 the company adopted the Federal Power Com¬
mission system of accounts, hence previous year's figures are not exactly
comparative.

Figures appearing

in

this

statement

have

been

compiled

from those

shown

on the books of the
company and *ts former parent company, Sierra
Pacific Electric Co., after intercompany eliminations.
All figures give
effect to the merger of Sierra Pacific Electric Co. into Sierra Pacific Power

Co. pursuant to agreement of consolidation, effective for accounting pur¬
poses as of the close o business July 31, 1937.—V
145, p. 3982.

Silversmith Mines Ltd.—Registration Withdrawn—
See list given on first page of this department.—V.

145,

6,246

$637,884
427,126
4,103

Net income

$286,948

$206,654

Gross

income

-V.

431,589

145, p. 3983.

Southern Pacific Co.-—Earnings—

1935

1936

1937

November—

p.

Net after rents

Company, a subsidiary of Penn-Western Gas & Electric Co., a registered
holding company, has filed with the Securities and Exchange Commission
an
application (File No. 46-86) under the Holding Company Act, for ap¬

$8,750,166
2,409,642
1,415,251

From Jan. 1—

158,435,207 138,812,940 113,547,394 104,142,625
37,668,210
38,623,908
30,653,489
28,886,915
rents.._ 17,139,204
22,619,471
15,865,201
16,211,863

Gross from railway
Net from railway
Net after

—V. 145, p. 3983.

Southern Ry.-

-Earnings—
—Second

Week of Dec.

1937-

Period—
Gross earnings (est.)..
—V. 145, P. 3983.

..

$2,208,364

Southern Weaving

Jan. 1 to Dec.
1936
1937
1936
$2,600,109 $126063,625 $120984,965

Co.—Pays Si Dividend—
per

share on the common

stocks, no par value, payable Dec. 21 to holders of record Dec. 17.
A
dividend of 50 cents was paid on June 30, last one of $3 was paid on Dec. 21,
cents paid on June 30, 1936, and on Dec. 31
1935; 75 cents per
paid on June 29. 1935, and on Dec. 31, 1934; 50 cents on June 30
1934, and $1 per share on Dec. 31. 1933; 20 cents per share paid on June 30,
1933, and 35 cents per share previously distributed each six months.—
Y. 144, p. 120.

1936;

share

Angeles, Calif.—
Offered—William A. Lower & Co., Inc., Los Angeles,
are
offering 68,810 ($4 par) common shares at $4.25 per
share.
Stock offered to residents of California only.
Southwestern Engineering Co., Los

Stock

History—Company was incorporated
the purpose of taking over the business

in California on July 20, 1934, for
of Southwestern Engineering Corp.

(Calif.), then in receivership.
The latter company was incorporated In
California on Jan. 1, 1926, as successor to a Delaware corporation of the
same name which was formed Jan.
1, 1924, as a consolidation of South¬
western Engineering Co. (incorporated in 1916) and Southwestern Con¬
denser Co. (formed in 1920).
The predecessor corporation, manufactured
heat transfer and absorption equipment.
Company is currently manufacturing the following products
(1) Re¬
fining division: condensers, oil coolers, gas coolers, inter coolers, after,
coolers, pre heaters, evaporators, heat exchanges, fractionating towers,
absorption towers, water cooling towers, rectifiers, steam stills, tube stills,
absorption plants, vegetable and animal oil extraction plants.
Southwestern Engineering air
(2) Mining division: Flotation mills,
flotation machines, ore feeders, oil feeders, ore samplers, ore bins.
In addition to the above, the company designs and builds complete ore
treatment mills, complete petroleum refineries, gasoline absorption plants,
fractionating units, topping plants, power and industrial plants.

Authorized
100,000 shs.

Capitalization—
Capital stock ($4 par)

Issued
x31,190 shs.

Before giving effect to present financing.
Sales—Net sales are reported as follows: July

x

20, 1934, to Dec. 31, 1934,
$124,560; 1935, $424,647; 1936, $483,080; Jan. 1, 1937, to Oct. 30, 1937,
$733,702.
Transfer agent: Citizens National Trust & Savings Bank, Los Angeles,
Calif.

Purpose—Proceeds of this financing will be used:
(1) To pay all costs,
auditors' fees and attorneys' fees in connection with this financing;
(2) to the payment of current unsecured accounts payable; (3) to the pay¬
ment of unsecured notes payable; (4) to the reduction of the trust deed
note secured by land and buildings of Southwestern Engineering Co.—V.
131 p. 643.
expenses,

Springfield Fire & Marine Insurance Co.—Special Div.
in
regular quarterly dividend of $1.12 per share on the common
Dec. 22.
Similar payments
Jan. 2, 1937, and on Jan. 3, 1936.—V. 144, p. 1300.

The directors have declared a special dividend of 25 cents per share
addition to the

stock, both payable Jan. 3 to holders of record
were

made on

Standard-Coosa-Thatcher Co.—Balance Sheet—

3509.

Corp.—Acquisition—

1934

$12,815,526 $14,244,878 $10,612,697
2,183,683
4,049,902
2,928,413
473,161
2,757.514
1,963,821

Gross from railway
Net from railway

Sep*. 30'37

Assets—

Sioux City Gas & Electric

-

Interest charges (net)
deductions

The directors have declared a dividend of $i

Pay Extra Dividend—

The directors have declared an extra dividend of 25 cents per share in

addition to

Other income

$234,972

Cash
Notes

bOct. 1, '36
$578,929

ances

Sept. 30*37

bOct. 1, '36

$184,850

$209,737

100,000

Pref. divs. payable

rec.—cus¬

c626,267

tomers

Liabilities—
Accounts payable-

Notes payable

and accept¬

z21,538
x647,397

proval of the acquisition of securities which would give it control of Yankton
(S. Dak.) Gas Co.

Accounts receiv.
Inventories

1,954,605

The applicant would acquire all of the outstanding securities and debt,
minor exceptions, by the payment of about $18,000 to American
Utilities Service Corp. of Savanna, 111,, a registered holding company and

Sundry assets
Invest, (at cost)--

58,084
143,138
4,078,105

4,140,752

57,450

187,975

Res. for conting.

166,385

a

"

6,822

Accrued accounts-

196,828
182,852

50,648

With

of Yankton Gas Co.
The applicant expects to advance not less than $82,000 to Yankton Gas
Co. to construct a pipe line and to convert the company from a manufac¬
tured gas utility to natural gas distribution.—V. 145, p. 2864.

present parent

y Property
Unexpired
insur.
premiums, &c._

Total

.

—

Year-End Dividend—

The directors have declared
common

stock,

par

$25,

a year-end dividend of $2 per share on the
payable Dec. 24 to holders of record Dec. 17.

A regular quarterly dividend of $1

per share was paid on Oct. 1, last; a
special dividend of $1 in addition to the regular $1 quarterly dividend was

paid

on

July 1, last.—V. 144, p. 4199.

1,799,389
68,383
254,824

$7,152,620 $7,561,861

The profits

from

all

for the fiscal year, before providing for
depreciation and Federal income taxes, amount to $396,243 depreciation
charges amount to $43,249, Federal tax on income $56,648 leaving a net
profit of $296,345.
After deducting the dividends paid on both classes of
r

stock,

preferred

and

1,118,937

501,386

$7,152,620 $7,561,861

After

of its parent company

of selling the manufactured products

in foreign countries.—-V. 145, p.

957.

sources

common,

adjustments, there leaves




Total

389,800
4.955,500

and

subsidiary, organized for the purpose

|k Smith Agricultural Chemical Co.—Earnings—

7% pref. stock (par
$100)
Com.stk. (par $25) 4,955,500
Capital surplus
1,064,634
Earned surplus
493,275

reserves of $69,487.
y After depreciation of $5,036,557 in 1937
$4,729,538 in 1936.
z Acceptances receivable only,
a Including pos¬
sible Federal "windfall" tax and income taxes on unpaid processing taxes,
b Gives effect to the merger of the Sauquoit Spinning Mills, Inc., as of
Oct. 1, 1936.
c After reserves of $52,384.
Note—The above balance sheet includes the assets (except cash $250)
and liabilities of the National Yarn & Processing Co., a wholly owned
x

Smyth Manufacturing Co

__

a net

and making allowance for small surplus
addition to the surplus account,,pf $12,840.

Standard Gas & Electric Co.-—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Dec. 18, 1937, totaled
110,431,758 kilowatt-hours, a decrease of 3.6% compared with the corre¬
sponding week last year.—V. 145, p. 3983.

Volume

145

Financial

Standard Products Co.—Common Dividend

Deferred—

Directors at their recent meeting took no action on the
payment of
the dividend ordinarily due at this time on the common
stock, par $1.
A dividend of 25 cents per share was
paid on Oct, 1 last and each three
months

previously.—V. 145

p.

Chronicle

4129

Every Swift employee, on an average, was working with a capital invest¬
ment of more than $3,000 back of him in the form of
product, plant, ma¬
chinery, or other equipment, according to figures Mr. Swift included in
his report.
The company finished the year with more than 64,000 em¬

ploy®^* a fixed investment of $99,000,000 and

2864.

of

Standard Screw Co.—80-Cent Dividend—
The company paid a dividend of 80 cents
per share on its common stock
on Dec. 21 to holders of record Dec. 9.
This compares with 40
paid on Nov. 3 last; $2 paid on Sept. 30, June 30. and on March 31,

investment in inventories

an

$109,000,000.

"Our company is the means of
bringing together thousands of employees
to utilize in the most efficient manner the small
savings of
many

thousands

par $20

of

cents

The average shareholder of Swift & Co. owns
only 105 shares of stock,
worth a total of about $1,700 at the market.
Relations between the Swift management and

last; $4 paid on Dec. 24, 1936; $1.75 paid on Sept. 30, 1936; $1.50 paid on
June 30, 1936; $1.25 on March 31.
1936, and $1 per share paid each three
months previously.—V. 145, p. 2245.

Stanley Gold Mines, Ltd. (Canada)—Receivership—

George R. Bacon & Co. have been appointed receivers by order of the
Bankruptcy Court.
The petition in bankruptcy was filed by
John C. Mackay of Montreal,
Vice-President. Mr. Mackay, in commenting
Ontario

°P the receivership order, stated that the

course was taken to clear up
difficulties which have arisen and that creditors would receive
"100 cents

the

on

dollar."—V. 144, p. 287, 2385.

State Street

Investment Corp.—To

Pay Special Div.—

The company paid a special dividend of
$1.50 per share on its common
on Dec.
22 to holders of record Dec. 17.
This dividend, the cor¬
poration stated, represents distribution of extra dividends received
during
the year, and is therefor
non-recurring.
A regular quarterly dividend of
75 cents per share which was also declared
will be paid on Jan. 15 to holders of record Dec.
31.
A special dividend of $20 per share was
paid on Dec. 19. 1936.—V.

stock

145,

p. 3022.

(Frederick) Stearns & Co .—To Pay Larger Dividend-—

The directors

have

declared

a

dividend

of

75

cents

share on the
common stock, payable Dec. 27 to holders of
record Dec. 24.
Dividends
of 35 cents were paid on
Sept. 30 and on June 30. last, and previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition, an extra dividend of 50 cents was paid on Dec. 26, 1936.

employees have remained
harmonious, according to Mr. Swift, and hope is held that the present
relationship will continue without interruption.
Mr. Swift expressed the
the belief that Swift
employees "understand the cooperative nature of our
joint enterprise," and took occasion to thank them for their loyalty.
A large part of the report was devoted to a discussion of the recent
changes
in

the Swift executive personnel,
including
G. F. Swift as President.

Mr.

Swift concluded

his report with

word of optimism for the 1938
fiscal year.
"With a slightly larger meat supply in prospect, which should
enable us to operate at lower costs, we
expect to earn a better profit in the
coming year," he said.
j
;

Consolidated

Stecher-Traung Lithograph Co.—Extra Ac Larger Div.—

The directors have declared an extra dividend of 50 cents
per share in
addition to a quarterly dividend of 37
Yi cents per share on the new common
stock, par $x0, both payab.e Dec. 31 to holders of record Dec. 18.
An
initial dividend of 25 cents was paid on this issue on
Sept. 30, last. See also

V. 145, P. a915.

Sales
y

Oct. 30 1937

Oct. 31 1936

$

$

Cost of goods sold

860,980,700 803,885,242 732,308,689 590,313,370
6,859,937
6,810,050
6,565,344
7,078,751

6,847,804
3,107,281
415,200

5,322,580
2,661,971
651,446

3,414,538
2,585,213
899,216

2,754,849
2,742,842
859,733

7,625,608
5,726,783

12,340,459
1,000,093

21,454,311
1,186,759

15,642,988
1,557,826

13,340,552
1,943,112

22,641,070
2,479,977

17,200,814

z2,092,102
2,406,617
333,624 xCr3112,928

2,509,641
2,884,150

12,103,751

14,767,302

11,305,411

6,000,000

6,500,000

Contrib. to pension trust
Prov. for doubtful accts.

Operating income
Other income

Total income
Interest

a dividend of 45 cents
per share on the capital
$1, payable Dec. 29 to holders of record Dec. 24.
This com¬
pares with 25 cents paid on Oct. 11, July 10 and on
May 10, last, and an
initial dividend of 75 cents paid on Dec. 22, 1936.—V.
145, p. 3510.

par

Special deductions

on Jan. 28, 1937, and dividends of 75 cents per
Dec. 31, Oct. 1, July and April 1, 1936.—V. 145, p. 1916.

Net Income

8,880,496

Approp.
for inventory
price decline
Equity in undist. earns,
for yr. of certain subs.
not

consolidated

12,103,751
5,897,730

8,767,302
7,372,163

4,896,123
2,948,605

28,698
5,919,750

6,206,021
5,897,730
$2.05

1,395,139
5,897,730
$1.48

1,947,518
6,897,730
$0.83

paid

deducting special deductions of $259,766.
z Includes
cost of
service, including transportation, selling, advance and general
Includes undistributed profits tax for 1936 of $7,123.

and

expenses.

—

$1.50

on

Suburban Electric Securities Co.—Accumulated Div

per share

After

y

share

Comparative Consolidated Balance Sheet
Oct.

The directors have declared a dividend of $1.75 per share on account of
accumulations on the $4 cum. 2d pref. stock, no par
value, payable Dec. 28
to holders of record Dec. 20.
This compares with 75 cents paid on Oct. 1,
Julv 1 and on April 1, last; a dividend of $1 was
paid on Jan. 4,

1937, and
paid on Dec. 19, Oct. 1, July 1, April 1 and Jan. 2,
1936, and Oct. 1 and July *, 1935.—V. 145, p. 1916.

dividends of 5o cents

were

Supervised Shares, Inc.—Dividend—
Directors have declared

quarterly dividend of 12 cents a share payable
by the trust during the fourth quarter of this

a

out of dividend income received

year.

Payment will be made on Jan. 15, 1938 to holders of record Dec. 31,

1937.
—V.

Dividends of 15 cents

were

paid in each of the two preceding quarters

145, p. 2560.

Assets—
x

1937— Month—1936

Operating revenues._—
Oper. exps., incl. taxes...
Prop, retire,

$87,089
65,986
4,000

res. approps

cluding branches
Marketable securities...
U.S. Govt, securities.
Investment in affil.

Cash

.....

Accts. with affil. cos
Due from employees on

not

279,936

$994,964
741,356
48,000

$973,417
703,134
48,000

fc Total....
Liabilities—'

•

$205,608
384

Gross income
Int. on mtge. bonds.....

$17,253

$17,972

$205,992
5,450
100,197

$223,312
5,450

10-year 5% gold notes__
Purchase money mtges.
Sub. cos. 1st mtge. bonds
Accounts payable

95,281

Foreign drafts & accepts.

Cr25

Cr2

Accrued liabilities
Prov. for income taxes._.

$100,370

$122,583

$222,283
1,029

454

454

7,897

tion

Due

,,

35,000

35,000

Balance
$65,370
$87,583
Note—No provision was made for Federal surtax on undistributed
profits
for 1936, inasmuch as the company reported no undistributed
adjusted net
income for that year.
No such provision has been made to date for 1937.
—

—V.

145, p. 3670.

,

to

officers

and

as

director and

elected

W.

a

D.

member of the Executive Com¬
and F. Kloeckner Vice-

Report—

Company's total sales in the fiscal year ended Oct. 30 increased 6H%
the previous year, but net profit remained approximately the same
and tonnage was slightly reduced, according to the annual report sent to
Dec. 20.

Swift, President throughout the fiscal

and until his election
18, said the hedvy mar¬

year

Vice-Chairman of the board of directors Nov.

keting of cattle caused by the

severe drought in 1986 continued into the
1937 fiscal year.
This heavy liquidation
early months caused the number of livestock handled in Federally
inspected meat packing plants in the entire year to be slightly larger than
in 1936.
Lambs, hogs and calves increased by percentages of 4.7, 3.0
and 4.5, respectively, while cattle decreased 4.8%.
After the early liquidation, meat production diminished rapidly, meat
and livestock prices rose, and a real shortage developed in the better qualities
of beef, Mr. Swift explained.
"The year brought home the striking truth that short supplies do positive
harm to everyone," he said.
"Farmers are unable to profit from high
livestock prices when they have little or no livestock to sell.
Short supplies
injure the meat packer because the cost of preparing meat for market rises
substantially as the volume declines.
Employment in the meat packing
industry has been reduced but an increase is expected promptly as livestock
marketing increases.
Retailers find it difficult to gain profits when meat
prices are high and the volume of business is materially reduced.
Con¬
sumers are unable to buy all the meat they desire."
Mr. Swift expressed some disappointment at the company's profit show¬
ing when he said to shareholders, "We had expected to make a much
better showing than this, but higher operating costs due to increased wages,
higher livestock and other raw material costs made satisfactory profit
margins difficult."
The general break in prices just before the close of the fiscal year forced
the company to take inventory losses on a number of products, he added.
Income from subsidiaries and associated companies increased substantially.

in the




667,500

1,000,000
2,948,865
Ann

„

_

2,060,000

1,794,400

31,156

62.695

192,990

368.543

16,767,000

16,767,000

16,767,000

10,767,000

128,559

186,186

340,444

12,555,768
70,129,154

12,555,767
68,973,438

319,961,034 327,576,507 321,352,561

310,899,337

H<price
Reserve

for foreign
change decline

ex-

...

.80,332

credits
„

General reserves

12,555,767
77,918,846

Total

early months of the company's

47,070

redemption

After

reserve

for depreciation of

in 1936..

over

F.

2,240,000
12,084,105
66,984
3,754,031
5,363,687

13,995,960
40,752
3,949,567
5,596,205

_

1,000,000

Dividends payable

x

G.

7,521,668
17,471
15,062,946
5,323,436

—---

12,555,767
77,920,841

Carter

Presidents.—V. 145, p. 1916.

Swift & Co.—Annual

6,972,243
15,781
13,166,479
3,406,457

1,000,000

Surplus

shareholders

—---

;

Bonds of subs, called for

Board, but will continue
has

*.

C

mortgage bonds

Deferred

board

*\.. •

■

Susquehanna Silk Mills—New President—

The

•

150,000,000 150,000,000
42,000,000
,-----19,578,500
23,703,500
156,123
195,706
288,810

1st

rectors.

G. H. Conze, Vice-President of the company since 1925, and Executive
Vice-President for the past year, has been elected President to succeed
William M. Vermilye, who resigned as President and Chairman of the
mittee.

■

di-

Sink, fund payments

$9,621
period,

'

46,974

.

8,231

•1:'

150,000,000 150,000,000
39,000,000

1st M.sk.fd. 3% % bds. 38,000,000
1st mortgage 5% bonds

143

$8,568
pref. stock for the
whether paid or unpaid.

--—-

319,961,034 327,576,507 321,352,561 310,899,337
1

Capital stock

$17,829

to

230,133

286,986

479,394

(current).

150

applic.

39,315

15,673

...

subsidiaries—•

consol.

1937—12 Mos.—1936

$83,528
61,699
4,000

Net income...

98,360,568 101,369,081
6,406,241
1,781,904
11,950,425
11,530,488
30,185,826 30,672,151
804,895
804,895
27,920,979
17,357,253
40,743,278
39,858,309
1,727,998
1,760,317
97,983,420 100,506,172
5,023,125
4,855,914
363,538

97,180.745
16,077,408
6,078,794
30,268,877
2,390,561
20,185,974
42,695,095
1,995,661

34,197,380
1,875,844
20,188,982
Accts. and notes receiv'le 41,822,438
Deferred charges
2,120,752
Inventories
109,295,895 105,064,272
Sundry assets
4,695.385
5,352,133
cos.

Treasury stock

$17,103

Divs.

$

$

$

99,110,312
5,894,716

Net oper. revenues...
Other income

Other Interest
........
Int. charged to construc¬

Oct. 26 1935 Oct. 27 1934

Oct. 31 1936

$

sale of co.'s stock

Period End. Nov. 30—

30 1937

Real estate, impts., in¬

Due from

Superior Water, Light & Power Co.—Earnings—

as

Cr90,712

8,880,496
8,851,798

Surplus...

sales

216,647
3,058,326

...

Balance to surplus...
Dividends

Earnings

2,620,430

1

Shs. cap. stk. (par $25).

Strawbridge & Clothier—Accumulated Dividend—
The directors have declared a dividend of 75 cents
per share on account of
accumulations on the 7% cum. pref. stock,
par $100, payable Jan. 3 to
holders of record Dec. 15.
A dividend of $1.75 was paid on Oct. 1, last;
dividends of 75 cents were paid on July 1 and on April
1, last; a dividend of

$1.50 paid

13,352,391
2,046,169

charges

Miscell. income deduc'ns
Prov. for income tax....

.

Oct. 26 1935 Oct. 27 1934
' $
$

(incl.servicerevs.).885,836,530 831,671,748 767,227,313 619,392,534

Depreciation & depletion
Taxes (other than income
and profits taxes)....

Sterling Aluminum Products, Inc.—45-Cent Dividend—
The directors have declared

a

(including Alt Wholly-Owned Subsidiaries)

Income Account

Years Ended—

The

directors also declared regular quarterly dividend of $1.25
plus
cents under the participating clause on the
preferred stock, payable
Dec. 27 to holders of record Dec. 24.—V. 144,
p. 4200.

the election of John Holmes to

succeed

per

50

stock,

shareholders," he said.

$95,196,949 in 1937 and $91,567,137

..-,V

:

eA

.

Notes—Companies in which the ownership represents more than 50%
been consolidated and are

and less than 100% of the voting power have not
carried as
"subsidiaries—not consolidated."

■

,

.

Regarding the investment in Libby, McNeill & Libby, a subsidiary not
consolidated, only dividends received were taken up, which in the year
ended October 30, 1937 amounted to $580,104 on the holdings of preferred
stock and $3,814,484 on the common stock.
The dividends on the common
stock were declared in an amount payable in cash or common stock at
the option of the stockholder.
Under this option Swift & Co. received
356,664 shares of common stock at a value of $3,814,428.
The carrymg
value of the investment has therefore increased during the year by tnis
sum.
Due to the fact that the last fiscal year of Libby, McNeilScLi boy
ended Feb. 27, 1937, the following information is given as of that date.
The equity of Swift & Co. in the profits for that year exceeded the dividends
received (both stock and cash) and taken up by it, by $1,201,299.
ine
net carrying value of this investment at Feb. 27, 1937, was $21,558,071,
which compares with the book value thereof in Libby, McNeill & LiDDy s
annual report of Feb. 27, 1937, of $27,301,428.
In regard to the investment in National Leather

.

Co. carried m the> previous
investments,
this comr

balance sheet of Swift & Co. under "other security

pany was a holding company owning all of the outstanding capital stock
of its subsidiary, A. C. Lawrence Leather Co.
National Leather oo.
liquidated as of Jan. 1, 1937, and its asset, the capital stock of A. G. Law¬
rence Leather Co., was distributed pro rata to its shareholders.
1 he snares
of the latter company now appearing on the balance sheet represent snares

received

in

liquidation and shares subsequently acquired for cash.

ine

received in liquidation have been taken up at their book value, tne
between this value and original cost of the invest¬
ment being charged to the reserve provided there against in prior years.
The fiscal year of A. C. Lawrence Leather Co. has now been changed to ena
on Oct. 29. 1937, to correspond with that of Swift & Co.
No diviaenQS
were paid during the period from Jan. 1 to Oct. 30, 1937.
Swift & Co. s

shares

difference ($2,542,331)

Financial

4130

equity in A, C. Lawrence Leather Co. has increased since Jan. 1, 1937
(date of acquisition) by $24,158 as a result of profits.
The equities in "other subsidiaries—not consolidated" have, in the aggre¬
gate, increased $283,620 since date of acquisition, as a result of profits,
losses, and distributions.
The dividends received from these subsidiaries—
not consolidated and taken up in the accounts, exceed the equity in their
net earnings for this year ended Oct. 30, 1937, by $104,301.—V.
145,
p.3670.

(James) Talcott, Inc.—Factor—
This company has been appointed factor for Queen Anne Mills Co.,
Ellenboro, N. C., manufacturers of bedspreads.—V. 145, p. 3360.

Tennessee Electric Power
Period End. Nov. 30—
Gross

revenue

xOper.exp. & taxes....
Prov. for retire,

Net income

pref. stock

as

105,000

1,260,000

1,260,000

$492,043
234,450

$407,238
222,928

$5,402,268
2,793,427

$4,962,161
2,694,032

$257,592
129,541

$184,309

$2,608,840
1,551,087

$2,268,128
1,550,973

129,328

$54,981

$717,155

$1,057,752

was made in 1936 for Federal surtax on undistributed
all taxable income for that year was distributed.
No provision

has been made for such tax in 1937.—v.

Texas Electric Service
Period End. Nov. 30—

Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approps

145,p.3512.

1937—12 Mos.—1936

$655,969
335,749
29,166

$711,930
371,723
125,833

$214,374

$7,409,990
3,864,120
370,834

$8,270,751
4,300,132
953,333

Operating income
Other income (net)

$214,374
642

Gross income
Int. on mtge. bonds

$215,016
$140,542
2,512

$291,054

$3,017,286

5,000

5,000

60,000

$286,054
310

$3,012,286
5,967

$3,115,036
Dr3,719

$286,364
$140,542
2,348

$3,018,253
$1,686,500
19,483

$3,111,317
$1,686,500
27,238

$71,962
$143,474
for the period,

$1,312,270

$1,397,579

375,678

Net income....

applic. to pref. stock
whether paid or unpaid

$3,175,036

Balance
$936,592
$1,021,901
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—V. 145,p. 3671.

Tri-Continental Corp.—Director Resigns—

Truscon Steel Co.—Accumulated Dividend—
dividend of $10 per share on account of accumula¬
7% cumulative preferred stock, par $100, on Dec. 21 to holders
18.
A like amount was paid on Dec. 18, 1936, this latter
being the first dividend paid on the preferred stock since March 1, 1932
when a regular quarterly dividend of $1.75 per share was distributed.
—V. 145, p. 2708.
The company paid a

tions

on

Twin State Gas & Electric

Interstate

Commerce

Gross income.-

Net

$586,650
217,528
47,161
60,127

$28,374
20,790

$319,539
249,475

$261,834
249,475

$54,402
11,165

$44,677
20,790

,

Commission

on

10 issued

Dec.

income..

Pref. div. requirements.
-V. 145, p. 3513.

Union Pacific

10,163

RR.—Earnings—

a

certificate

Passenger

revenue

Mail revenue

Express revenue
All other transporation
revenue

revenue

3,399,043
1,939,562

$14,228,693 $149969,388 $140332,675

Railway oper. revenues$13,533,153

1,097,493
2,390,495
302,146
4,355,789
240,882
551,111

Maintenance of equip..
Traffic

Transportation
Miscellaneous operations
General expenses

Transport, for. inv.—Cr-

16,970,837
28,284,581
4,232,231
50,119,703
3,344,569
5,454,895

15,852,596
26,537,769
3,510,552
44,789,802
2.902,724
6,000,058

39

873,693
2,156,695
394,775
4,499,458
268,294
465,679
358

structures

Ry.—Earnings—

Operating revenues
$2,492,898
Operating expenses
1,814,934
Railway tax accruals.-197,501
Equipment rentals (net)
138,329
Jt. facility rents (net)...
11,650

4,088,630
2,343,447

333,197
177,269

318,257
159,004

—

Incidental

Maintenance of way and

The New York Stock Exchange has been notified of the cancellation of
7,000 sub-shares, leaving 1,312,089 sub-shares outstanding as of Dec. 7,
1937.
As of the same date there were also outstanding 3,673 shares of
proprietary interest of said trust.—V. 145, p. .3671.

1937—Month—1936

1937—11 Mos.—1936

1937—Month—1936

$11,372,840 $12,104,481 $121363,636 $115202,897
15,820,892
13,637,354
1,103,932
1,025,282
4,413,420
4,226,673
419,743
421,654
1,939,363
1,927,146
159,377
166,810

Freight revenue

Texas Pacific Land Trust—Shares Canceled—

Texas & Pacific

4,700

$599,648
133,986
109,248
36,875

Dr25 3

$67,520
11,165
8,506
3,172

-

(net)

deductions

$583,336
3,314

$54,655

Drl08

Bond interestOther interest

$597,081
2,567

$67,628

Net oper. income
Non-oper. income (net)-

Period End. Nov. 30—

permitting company (a) to abandon operation over a line of railroad of the
Erath Sugar Co., extending from Erath to Clesne, approximately 3.08
miles, (b) to abandon operation of its own line of railroad extending from
Clesne to a point near Gary switch, approximately 1.72 miles, and (c) to
abandon its line of railroad extending from the point last mentioned to the
end of the line at Barba, approximately 1.10 miles, all in Vermilion Parish,
La.—V, 145, p. 3671.

Period End. Nov. 30—

Co.—Earnings—-

[Including Berwick & Salmon Falls Electric Co.]
1937—Month—1936
1937—12 Mos.-—1936
Operating revenues
$224,965
$214,382
$2,537,140
$2,392,263
Operating expenses
132,421
139,590
1,646,534
1,579,122
State & municipal taxes14,728
15,872
188,916
181,988
Fed. taxes (incl. income)
10,188
4,265 L
104,609
47,817
Period End. Nov. 30—

a

Texas & New Orleans RR.—Abandonment—
The

the

Corp.—Accumulated Dividend-—

Dec. 21 declared

dividend of 25 cents per share on
account of accumulations on the $3.50 cumulative preferred stock,
payable
Dec. 27 to holders of record Dec. 23.
Similar payments was made on
Oct. 21, July 21, and April 21, last, and a dividend of $1 was paid on
Dec. 23, 1936.—V. 145, p. 2708.
on

The shares of the
corporation

which time the stockholders will be advised as to the
procedure for accomplishing this exchange.—V. 145, p. 3512.

Other

Texas Hydro-Electric
The directors

surrender of their present certificates.

corporation to be distributed will not be received by this

375,678

.

Divs.

to receive upon

until early in Jan., at

of record Dec.

Net oper. revenues...
Kent for lease of plant.

Other int. & deductions.

final and complete liquidating dividend, consisting of the number of shares
of Treadwell Yukon Corp., Ltd. stock which stock holders will be entitled

This corporation has notified the New York Stock Exchange of the
resignation of John W. Hanes as a member of the Board of Directors, on
Dec. 14.—V. 145, p. 2560.

Co.—Earnings—

1937— Month—1936

1937
25,

meeting there were present in person or by proxy 1,364,930 shares out of the
total of 1,500,000 shares outstanding.
The shares present at the meeting, constituting a majority, voted unani¬
mously in favor of the plan of reorganization by the adoption of resolutions
having substantially the following force and effect:
(1) Ratifying, approving and adopting an agreement between this cor¬
poration and its principal creditors in which all parties agreed to the plan of
reorganization of this corporation as set forth in the printed circular letter
to its stockholders dated Nov. 18, 1937, and whereby the transfer of all of
the assets of this corporation in exchange for the assumption of certain of
its liabilities by Treadwell Yukon Corp., Ltd., and shares of stock of the
latter, is to take effect as of midnight, Dec. 31, 1937.
(2) Authorizing and approving the plan of reorganization suggested in the
circular letter to stockholders dated Nov. 18, 1937, or any other plan which
shall in substance accomplish the same objects and results.
(3) Stating it to be the intention of the stockholders to dissolve the
Treadwell Yukon Co., Ltd., and distribute its assets to its shareholders,
upon the reorganization plan becoming effective, which involves the taking
over of company's business and assets by the successor corporation, Tread¬
well Yukon Corp., Ltd.
The distribution of assets referred to under above will take the form of a

new

$128,051

Balance...
x No
provision

profits

1937—12 Mos.—1936
$1,299,284 $16,117,246 $14,851,320
787,046
9,454,978
8,629,159

105,000

Int.& other fixed charges

on

$1,352,586
755.543

res

Gross income

Dividends

Co.—Earnings—

1937—Month—1936

Dec.

Chronicle

514

288

1937—11 Mos.—1936

$2,630,900 $27,925,378 $25,498,859
1,856,838
19,090,356
17,616,761
197,205
2,108.757
1,686,525
126,675
1,423,268
1,303,640
8,582
47,632
82,735

$4,874,917
Railway tax accruals—867,148

$5,290,816 $41,563,086 $40,739,462
1,026,301
12,679.143
11,893,033

income $4,007,769

Net

rev.

from ry. oper.

Total income

$330,484
435,083

$441,600
467,238

$5,255,365
837,049

Net income
—V. 145, p.3512.

$908,838
7,064
330,564

$6,092,414
93,441
3,624,468

$5,726,931
74,482
3,697,406

$429,258

Fixed charges

$571,210

$2,374,505

$1,955,043

Tide Water Associated Oil

Co.-—Obituary—

Robert McKelvy, a Vice-President and
at his home on Dec. 9.—V.
145, p. 3671.

37,665

$4,264,515 $28,883,943 $28,846,429
838,489
7,826,527
7,147,721
48,898
486,978
521,107

$3,067,3i2

$3,377,128 $20,570,438 $21,177,601

Railway

$4,809,198
917,733

$765,567
9,482
326,827

Misc. deductions

902,792

Joint facility rents (net)

Net ry. opr. income..
Other income

Equipment rents (net)--

Director of this company, died

Tip Top Tailors, Ltd .—Extra Dividend—

Net of items

Note—Approximately $286,700 was credited to railway tax accruals in
November, (similar amounts aggregating $1,433,500 were credited during
the months June to October, inclusive), representing one-seventh of the
amount (approximately $1,801,000) charged to that account from March 1
to Dec. 31, 1936, incl., that would have been payable under the provisions
of the Taxing Act (companion to the Railroad Retirement Act of 1935)
which was repealed by the Carriers' Taxing Act of 1937, and one-seventh
the difference
(approximately $206,000) between the amount charged to
railway tax accruals from Jan. 1 to May 31, 1937, incl., under the repealed
Act, based on a tax rate of 3 H %. and the amount accruing for that period
under the new Act, based on a tax rate of 2%%.
The balance of approxi¬
mately $286,800 will be credited to railway tax accruals in December,
1937.—V. 145, p. 3513.

The directors have declared an extra dividend of 10 cents per share in
to the regular quarterly dividend of 15 cents
per share on the

Union Premier Food Stores, Inc. (&

addition

romnmn

stocky no P25ggalue' t)°th PayabIe Jan* 2» to holders of record

Title Insurance

Corp. of St. Louis—Special Dividend

—

directors have declared a special dividend of 50 cents per share in
addition to a dividend of 50 cents
per share on the common stock, par $25,
Both payable Dec. 27 to holders of record Dec. 17.
This compares with
cents paid on Nov. 30,
last; 25 cents paid in each of the two preceding
quarters; 1214 cents paid on Feb. 28, 1937; 37H cents on Nov. 30, 1936;
paid in the two preceding quarters and dividends of 12M cents
per share previously distributed each three months.
In addition, extra
dividends were paid as follows: 25 cents on Nov.
30, 1935; 12^ cents on
Dec. 1, 1934, and 25 cents per share on Nov. 30, 1931.—V.
145, p. 3360.

Title Insurance & Trust Co.
The directors have declared
addition to

a

an

(Los Angeles) —Extra Div•

extra dividend of 50 cents per

quarterly dividend of 75 cents per share

on

the

share in

common

stock,

Fed. inc. taxes, &c., but before
any provision for surtax on undistributed profits
—
Earnings per share on 282,000 shares capital stock
—V. 145, p. 3831.
Net profit after deprec., int..

United Gas Improvement

The directors have declared

a

dividend of $2 per share

on

The directors

United Gas

the capital

Corp.—Special Dividend—

Dec. 16 declared a special dividend of 10 cents per share
on the capital stock, par $1,
payable Dec. 24 to holders of record Dec. 21.
Regular semi-annual dividends of 10 cents were paid on Sept. 1 and on
March 1, last; a special dividend of five cents paid on Dec. 21, 1936 and
on

dividends of 10 cents per share distributed on Sept.

Sept. 3 and March 1, 1935, and
1917.

on

1 and March 2, 1936;
Aug. 31 and Feb. 15, 1934.—V. 145,

p.

Treadwell Yukon Co.,

Ltd.—Reorganization Approved—

A special meeting of the stockholders was held on Dec. 10 for the purpose
of

voting upon the plan of reorganization and related matters, at which




Dec. 18, *37 Dec. 11, '37

Week Ended—

(kwh.)..

Dec. 19. *36

93,839,616

96,512,848

94,839,964

'

:

Corp.—Simplification of Corporate Structure—
Sept. 30, 1937 contains the following:
1930, when the corporation and subsidiaries

The financial statement for

to holders of record Dec. 14.
A regular quarterly
dividend of $1.50 per share was paid on Oct. 15, last. An extra dividend

•Trans-Lux

Co.—New Gas Works Lease—

Weekly Output—

stock, payable Dec. 20

of $1 was paid on Dec. 19, 1936.—V. 144, p. 122.

$1.02

charge for 1,000 cubic feet of gas—from the current 90 cents to 85.
Following the action of the Councilmen, the Mayor announced he will
conduct public hearings on the proposed agreement before he acts on it.
He has 10 days in which to approve or reject the proposal.

Electric output of system
—V. 145, p. 3984.

Towle Mfg. Co.—$2 Dividend—

$289,502

The Philadelphia City Council on Dec. 17 adopted a new lease of the
city-owned gas works to the Philadelphia Gas Works Co., a subsidiary of
the United Gas Improvement Co.
The agreement, to go into effect on Jan. 1, on condition it is approved
by the State Public Utiluty Commission, calls for a 5-cent reduction in the

both payable Dec. 31 to holders of record Dec. 22.
An extra dividend of
50 cents in addition to a quarterly dividends of 50 cents was paid on Jan. 2.

1937.—V. 144, p. 2150.

Subs.)-—Earnings

Earnings for 36 Weeks Ended Sept. 11, 1937

62

25 cents

oper.

Since

its

formation

in

of 48 companies, the continuing policy has been to reduce
as rapidly as feasible the number of companies composing the group and
to simplify the corporate structure as a whole.
Corporation now owns and. operates all of the natural gas distribution
properties formerly operated by its subsidiaries.
All of the natural gas
pipe line properties, with the exception of those owned by Houston Gulf
Gas Co. and Cia. Mexicana de Gas, S.A. (all of the latter being located in
Mexico) formerly owned and operated by United Gas Public Service Co.
and its subsidiaries, are now owned and operated by United Gas Pipe Lme
Co., a newly organized subsidiary company.
All of the oil and gas produc¬
tion properties, with the exception of those of Houston Gulf Gas Co..
formerly owned and operated by United Gas Public Service Co. and its
embraced

a

group

......

subsidiaries, are now owned and
a

newly

operated by Union Producing Co., likewise
(now a

organized subsidiary company.
United Pipe Line Co.
of United Gas Corp.) has changed its name to

direct subsidiary

^

United

Volume

145

Financial

£1L£L?? Lin©the
Co., but
properties or

character of its business.
the transfer of the distribution facilities of Houston Gulf Gas

Except for

Chronicle

no changes have been made with respect to its

Co. and its

subsidiary Houston Gas & Fuel Co. to United Gas Corp. the
business of Houston Gulf Gas Co. remains
unchanged although it is now a
subsidiary of United Gas Pipe Line Co.
The intercompany transfers of
property have been accomplished through
reOTganizations within the group and no public
financing has been required.
The changes in the corporate structure will not alter the
management
policy which heretofore has been followed.

United Stockyards Corp. (&

reserve

appropriations

1,923,763

1,186,473

Net oper. revenues--Other income

Other

$3,580,380
215,123
deductions
150,154

income

Gross income
Int. on Mortgage bonds
Int. on debentures
Other int. (notes loans

-

$3,521,043 $16,000,042 $14,823,521
227,870
825.148
949,666
322,187
1,620,250
415,916

483,745

537.720

1,934.018

—

7,620
Cr6,307

30,409
Cr57,283

Int. chgd. to construct'n

Cr7,960

Balance...
divs.

destroyed

91,877
$1,145,660

applic. to
acquired by United Stockyards Corp. for portion of year

shares

before date of acquisition)

354,110

Equity of United Stock yards Corp. in total net income of
subs., incl. excess of recovery on fire over deprec. ledger
values of property destroyed ($65,050)

46,832

48.881

United Stockyards Corp.—Expenses
General and administrative expenses

11,085

30,655

40.796

74,053

Interest

$11,647,500 $10,521,239

—

to

b Includes provision

or

approximately $410,000 for Federal surtax on undistributed profits for
Hie year 1936 and $73,390 in 1937.
c Includes provision of $320,177 for

Federal_surtax

on undistributed profits for the year
provision for 1937,

1936, but includes

Notes—(1) All intercompany transactions have been eliminated from the
Preferred dividends of subsidiaries and interest deduc¬

tions of both the company and
the respective periods

subsidiaries represent full requirements for
(whether paid or not paid) on preferred stocks of
subsiaiaries and interest-bearing obligations of the company and subsidiaries
held

by the public and give no effect to preferred stock dividend arrearages
for prior periods.
The "portion applicable to minority interests" is the
calculated portion of the balance of income applicable to minority
holdings
by the public of common stocks of subsidiaries at the end of each respective

Minority interests have

been charged with deficits

where
mcome accounts of subsidiaries have so resulted.
(2) Figures previously
published for prior periods have in certain cases been rearranged in the
not

above statement.

1937—3 Mos.—1936
$882 960
852,804
60,000

Oper. exps. incl. taxes.
Prop, retire, res. approp.
.

$29,844

bonds of United Stockyards Corp.

88,221
224,235
^22,671

—

& capital stock

taxes, Canadian withholding taxes, &c

17,232

Net income

$439,190

Dividends paid in cash:
Preferred stock

253,212
170,540
Cr3,150

Common stock

Divs.

on

pref. stock paid to wholly owned subsidiary

Balance of consol. earned surplus at Oct. 31,1937—
Earns, per share on 341,000 average numoer of shares of common
stock outstanding
—

$18,588
$0.55

Notes—No provision has been made in foregoing consolidated summary of
income and expenses for disputed Iowa moneys-and-credits taxes.
The
amount involved for the year is approximately $26,000, in the event of an
adverse
court
decision.
The provisions for depreciation for the year

other expense accounts, amounted
$351,007.
These provisions are based on estimates of the American
Appraisal Co. in 1936 and 1937. No depreciation was provided during the
year on railway property of the St. Paul Bridge & Terminal Co., leased to
the Chicago Great Western RR. Co. under an agreement which provides
that the lessee bears the expense and cost of maintenance and replacements.
ended Oct. 31,1937, including charges to

to

:4:

.

Universal Leaf Tobacco Co., Inc.—To

1937—12 Afos.—1936
$882 960
852,804
60.000

Pay Extra Div.—

The directors have declared an extra dividend of $1.50 per share in addi¬

tion to the regular
stock.

The extra

quarterly dividend of 75 cents per share on the common
dividend will be paid

on

Dec. 28 to holders of record
be paid on Feb. 1 to holders

Dec. 23 and the regular quarterly dividend will
of record Jan. 12.
Like amounts were paid on Aug. 1, last.

operating

natural gas......

on

$791,550

& interest deductions—

Bond discount and expense amortized
Pro v. for Fed. surtax on undistributed income

—V. 145, P. 452.

Compat ative Statement of Income (Corporation Only)
Period End. Sept. 30—
Oper. revs.—natural gas

From others^

111 ,616

219,578

__

12.220

on

Other income:
From subsidiaries

.$1,384,976

Total net income of sub. oper. companies
Equity of min. stockholders therein (incl. $101,059

August for Federal
credit of $164,500 in Sep-

above statement.

—

(incl. $3,328

Net income before insurance gain
$1,053,782
Excess of recovery on fire over deprec. ledger values of prop.

$2,431,953

undistributed profits in 1937 and a
tember to adjust overaccruals in previous months;

Net

Net income before interest paid, income taxes, &c

10,172

Balanee carried to con¬
solidated earn. surp. $2,543,190
$2,389,078 $11,559 872 $10,398,305
a Includes
provision of $50,690 made in July and

period.

$1,282,898
102,077

Interest paid on bonds and notes of subsidiaries, &c
Provisions for Fed., Canadian & State inc. taxes
Federal surtax on undist. income)

public—

minority interests.,--

no

Net operating income

$2,564,447

to

subsidiaries
Portion
applicable

surtax

$3,833,582
2,550,684

expenses

Other income

102,185
Cr21,l22

------

____

Total operating income-.

2.855,637

deductions..9,200

Other

Pref.

4.751,179

$3,554,767 $16,000,238 $14,942,651
96.738
817,624
288,293
130,462
c817,820
407,423

$3,645,349
190,854
405,063

....

8,353,975

Subs.)—Earnings—

Consolidated Earnings for Year Ended Oct. 31,1937
f
Subsidiary Operating Companies—
Operating income—
Yardage and weighing
-.-$2,476,728
Gross profit on sales of feed and bedding
941,090
Other yard income (net)415,764

Operating
Comparative Statement of Consolidated Income
Period End. Sept. 30—
1937—3 Mos.—1936
1937—12 Mos.—1936
Total oper. revenues
$10,836,021
$9,057,453 $46,466,436 $35,918,454
Oper. exps., incl. taxes._ a5,331,878
4,316,213 b22.112,223
16,224,624
Prop, retire. & depletion

4131

$29,844

Dec. 24, 1936; one of $1.75 per share
paid on Aug. 1, 1936; an extra of $2 was paid on Aug. 1, 1935 and one
Aug. 1, 1934, and on Aug. 1, 1933—V. 145, p. 2092.

An extra dividend of $2 was paid on
-

$1,621,506
178,760

—

Other inc. deductions- ,,

Other income (net)

$1,638,312
70,060

$6,566,947
565,730

$5,504,235
146,252

$1,800,266
98,205

..

$1,708,372
116,922

$7,132,677
a717,670

$5,650,487
355,380

$1,702,061

-.

$1,591,450

$6,415,007

$5,295,107

was

of $1 on

Valspar Corp.—Application Approved—
The New York Curb

Exchange has approved the listing application of

the corporation to list 30,347 outstanding shares of
convertible preferred stock, par $5, and 230,739

$6 dividend cumulative
outstanding shares of

stock, par $1.
Authority was granted the company to list 174,603
additional shares of common stock and 97 additional shares of $6 dividend
common

$1,672,217
448,799

Interest.
Bal. carried

$1,591,450
514,630

$6,385,163
1,764,886

$5,295,107

2,775,455

to earned

surplus

—

Includes

Total

Earned

Capital
$22,130,134 $13,440,391

Surplus, Oct. 1, 1936

$8,689,743

Bal. from statement of inc. for the 12
months ended Sept. 30, 1937 (as

above)
Adjusts, upon liquida. of subs, (net)

4,620 276
358,722

-

1,675

1,250

.$27,110,858 $13,441,641
Net reduction in ledger value of misc.
dnvestpients—
452,175
Dividends on $7 pref. stk—$7 a share.
3,l-*8,754
-

—

.

$13,669,217

._,,

452,175
3,148,754

_______

Surplus, Sept. 30, 1937

$23,509,929 $13,441,641

—

$10,068,288

Balance Sheet Sept. 30 (Corporation Only)
1937

1936

1937

Assets—
v.
$
$
Pit., prop., franPchises, &c
24,506,433
Investments
.172,694,105 192,237, 756
Cash
2,346,777
3,925,206
Notes receivable
3,083
...

..

Accounts rec'ble:

Subsidiaries.

_

Other..
Materials

sup.

Prepayments
Misc.

817, 223

415,968
1,356,451
362,722
36,350

8. 830

Common stock
Note payable.—

(contra)

$

:

44,982,200
88,468,000

7,818,959
3,000,000

7,818,959
3.000,000

Notes pay .to El.
Bd. & Sh. Co. 25,925,000
Accts. payable.353,006

25,925,000

c

Customers' dep.

27,689

652,483
289

Accrued accts._.

61,809

Misc. liabilities.

561,775
18,797

Contra accounts

502,809

Sundry

502,809

Deferred charges

a

1936

$

Misc. cur. assets

Contlng't accts.

Total

Liabilities—

$7 pref. stock, 44,982,200
b $7 2d pf. stock 88,468,000
a

119,397

cur. assets

Misc. assets

...202,438,779

credit--

22,500

197,011,515

6,645,479
13,441,641

Total

4,465,041
13,440,391
8,689,744

202,438,779

197,011,515

Represented by 449,822 no-par shares,
b Represented by 884,680
shares, c Represented by shares of $1 par value.—V. 145, p. 2867.

United Shoe

Machinery Corp.—New Official-

Albert W. Todd, Vice-President and director of this company, was named
the executive committee at a meeting of directors held Dec. 8, and

George R. Brown, a director,
3697.

was

elected

a

Vice-President.—V.

United States Guarantee Co .—Special

Ry.—To Pay 80% of Interest—

announced Dec. 21, that there
1938, at the office of the Treasurer for the
York, 80% of the face amount of coupons
from the following mortgage bonds of the Wabash RR.:
Det. & Chic. ext. 1st mtge5% bds_ .Coupon Series No. 93, due Jan. 1,1938
Des M. Div. 1st mtge. 4% gold bcls.Coupon Series No. 78, due Jan. 1,1938
First lien term'l 4% gold bonds
Coupon Series No. 68, due Jan. 1,1938
When payment has been effected, the coupons will be stamped to indicate
the partial payment made thereon and returned.
Coupons, accompanied by the required Federal income tax ownership
certificates, should be placed for collection through the usual channels and
such coupons must be presented separate and apart from any other coupons
of this company's

issues.

,

Earnings for November and Year to Date
Period End. Nov. 30—
1937—Month—1936
1937—11

Operating revenues
$3,611,069
Operating expenses.....
2,836,827
Netry. oper income—
248,122
—V. 145, p. 3985,

Mos.—1936

$3,991,671 $42,550,047 $41,914,653
2,753,564 33,087,216 31,399,002
710,222
3,839,394
5,069,131

Waltham Watch Co .—Initial Class B Dividend—
-

10,068,288

Capital surplus.
Earned surplus.

Wabash

A. K. Atkinson, Treasurer for receivers,

will be paid on and after Jan. 3,
the receivers, 15 Broad St., New

dividend of $2 per share on the'
Dec. 27 to holders of record Dec. 20. This
shares since the com¬
reorganized in February, 1923.—V. 145, p. 455.

The directors have declared an initial

class B common stock, payable

no-par

to

Virginia-Carolina Chemical Corp.—New Director—
William M. Vermilye has been elected a director to fill the vacancy
aused by the resignation of Harry Bronner.—V. 145, p. 1278.

194,491

50

Reserve.

32,873

The City Bank Farmers Trust Co. has been appointed transfer agent for
1,643,175 shares of $5 par value common^stock.
,
The Manufacturers Trust Co. is registrar for 1,643,175 shares of $5 par
common stock.—V. 145, p. 2410.

50
425

Contributions for extensions
Miscellaneous

Dec. 31. 1937.—V. 145, p. 2092.

on

4,620,276
358,722

50

-

trust certificates,

Vertientes-Camaguey Sugar Co.—Transfer Agent, &c.—

Summary of Surplus foi the 12 Months Ended Sept. 30, 1937

Total-

equivalent amounts of presently listed preferred and common stock
the voting trust agreement in respect to which terminates

for

$1,223,418
$1,076,820
$4,620,277
$2,519,652
provision of $320,177 for Federal surtax on undistributed
profits for the year 1936, but includes no provision for 1937.
a

preferred stock upon official notice of issuance.
The above
mentioned securities are to be listed on and after Jan. 3, 1938 in substitution

cumulative

144,

p.

will be the first disbursement made on the common
pany was

Walworth Co.— Common Dividend—"
on Dec. 17 declared a dividend on the common stock, payable
preferred stock, at the rate of 7-100 of a share, or 70 cents in par value,
of new 6% preferred stock for each common share.
This dividend is pay¬
able Dec. 28 to holders of record Dec. 23.
No fractional shares of preferred
stock will be issued and holders entitled to fractional shares will receive
payment in the form of fractional warrants.
The current dividend action
is in accordance with a plan authorized by the stockholders at a meeting on
Nov. 29.
A dividend at the rate of 25 cents a share in cash, or 30 cents in
par value'of new preferred stock, was declared on the common stock at

Directors

in

that time.

Dividend—

The company paid a special dividend of 40 cents per share in addition to
the regular quarterly dividend of 30 cents per share on the capital stock,

$10, on Dec. 24 to holders of record Dec. 17.
An extra dividend of 40 cents was plaid on Dec. 24, 1936 and on Dec. 30,
1935 and an extra of 10 cents was paid on Dec. 31, 1934.
A stock dividend
of 100% was distributed on Feb. 17, 1936.
The regular quarterly dividend
was lowered from 40 to 30 cents per share with the March 30,1936 payment.
—V. 145, P. 1118.

Transfer A gent—
been appointed transfer agent for
preferred stock.—Y. 145, p. 3673.

The City Bank Farmers Trust Co. has

the 6%

par

Warner

^

United States Leather Co .—New Director—
At

a

recent

meeting of directors Donald S. Stralem was elected a director
caused by the death of Andrew J, Miller.—V. 145, p.

3361.




.

Reduces

Legal

Reorganization proceedings under Section 77-B of the bankruptcy Act
for the relief of debtors, Federal Judge Hulbert said on Dec. 17, slashing
by attorneys and others in the reorganization of the company
by almost 75%.
The Court approved allowances iotaling $236,513 instead of the $848,223 demanded, saying that Congress gave creditors no reason "to suppose
that the expense of retaining counsel to protect and advance their own

are

fees asked

to fill the vacancy

Quinlan
Co.— Federal Court
$848,223 to $236,513—

Allowances from

Financial

4132

out of the debtor s estate.
requested by 60% , but in
fee made by the Jaw firm of Weinstein &
LeVinson, representing intervening bondholders and minority stockholders,
Interests" would "be charged against and paid
The Court reduced most of the allowances
the

of

case

the

a

amount

request for a $250,000
allowed

was

only $5,000.

-

.

,

^

^

and received $80,000: Goldwater & Flynn, their attorneys,
received $50,000, though they asked for $100,000.
Proskauer, Rose &
Paskus, attorneys for the debtor, asked for $80,000 and received $40,000.
The Court also reduced numerous requests for smaller fees.
The Court approved plans for the company's reorganization on Aug. 28.
—V. 145, p. 3673.
.■■■■■"■:
of $175,000

1934

1935

1936

1937

Net profit after interest,

$709,465

$1,321,701
585,414

585,414

$0.72

$i.75

$729,954
585,414

$911,633

579,200

deprec. & Fed. taxes.
Shares com. stk. (no par)

$1.05

Earnings per share
145, p. 3673.

No

„

$0.74

—V.

The directors on Dec. 21 declared a

dividend of 10 cents per share on the

stock, payable Jan. 3 to holders of record Dec. 21.
Dividends of
20 cents were paid on Oct
1, July 1 and on April 1, last, and previously,
dividends of 10 cents per share were distributed each three months.—V. 145,
common

by the Commission either for hearings or for a

petition, out it is expected that a special

—Week

(& Sub.)—Earnings —

Wisconsin Public Service Corp.

Ending Dec. 14— —Jan. 1
1936
1937

Dec. 14—
1936

to

$347,876 $16,885,137 $15,510,246

$331,285

Union Telegraph Co.—New $8,500,000 Note
Authorized—$8,745,000 5% Bonds Due Jan. 1 to Be Paid

Western

The New York P.

S.

Commission has authorized the company to issue

$8,500,000 notes, proceeds of which, together with additional company
will be used to retire $8,745,000 5% collateral trust bonds which
mature Jan. 1, 1938.
Under an agreement already made, Chase National Bank will furnish
$5,500,000 and Central Hanover Bank & Trust Co. $3,000,000 in return
for the notes authorized by the Commission.
The notes are to bear interest and maturities as follows:
$1,700,000 due
Jan. 1. 1939, bearing int. at 1% in excess of the prevailing New York
Federal Reserve Bank rediscount rate on Jan. 1, 1938 (now 1%) $1,700,000
maturing Jan. 1, 1940, bearing int. of 1M% in excess of the Jan. 1, 1938,
rediscount rate and $5,100,000 maturing Jan. 1, 1941, bearing int. of 2>£%
in excess of the Jan. 1, 1938, rediscount rate.
The company has announced that the collateral trust bonds, 5%, matur¬
ing Jan. 1, 1938 will be paid at the office of the Treasurer, 60 Hudson St.,
New York City, on and after Jan. 3, 1938. No coupons are attached to the
funds

bonds for six months' interest

payable Jan. 1, 1938.

This interest will be

paid with the bonds which should be accompanied by income tax certificates
of ownership covering the interest.

Western

1936

1937_
$8,410,861
4,877,389

$7.860,914
4,489,993

Net oper. rev. (before approp. for retire't res.)..
Miscellaneous non-operating revenue
Inc. from merchandising, jobbing & contract work.

$3,533,472
32,278
13,020

$3,370,920
28,005
Dr66,136

Net operating revenue and other income (before
appropriations for retirement reserve)
$3,578,770
Appropriation for retirement reserve
932,500

$3,332,790
918,333

$2,646,270

$2,414,456

1,001,143

1,216,735

160,959
27,593

87,669
24,000

$1,456,574

$1,086,052

Years Ended Oct. 31—

_

Gross income

Interest charges

(net)

Amortization of debt discount and expense—_—
Other income deductions

the above figures have been
classification, due to the uniform
system of accounts which became effective Jan. 1, 1937.
(2) No pro¬
vision has been made by the corporation for Federal income taxes or for
surtax on undistributed profits for 1936 or for State income taxes for 1936
or 1937 as the corporation has claimed as a deduction in its income tax
returns for 1936 the unamortized debt discount and expense and redemption
premium and expense on bonds redeemed in 1936 which results in no Federal
or State income taxes for that year or State income taxes for 1937.
During
the period from Jan. 1 to June 30, 1936, the corporation made provision
for Federal income taxes for 1936 in the amount of $20,100, which was
reversed over the period from July 1 to Dec. 31, 1936.
During the period
from Jan. 1 to Aug. 31, 1936, the corporation also made provision for State
income taxes in the amount of $50,000, which was reversed over the period
from Sept. 1 to Dec. 31, 1936.
The amount included in operating expenses
as provision for Federal income taxes in the consolidated income account
for the year ended Oct. 31, 1937, above includes $1,330 representing
provision made by the subsidiary company for Federal income taxes for
the calendar year 1936, which amount includes $410 for surtax on undis¬
tributed profits.
No provision for surtax on undistributed profits during
1937 is included in the above statement, as it is estimated that no such
surtax will be incurred by the corporation or the subsidiary company for
the year 1937.—V. 145, p. 3985.
revised

1937

Period—

meeting will be

will be decided upon.—V. 145, p. 3985.

Operating revenues
Operating expenses, maintenance and taxes

Notes—(1)

Maryland Ry.—Earnings—

Gross earnings (est.)...
—V. 145, p. 3985.

Union, Postal, and Mackay Radio File Joint Plea

for 15% Rise in Charges—
The Federal Communications Commission disclosed Dec. 22, that the
Western Union Telegraph Co., the Postal Telegraph & Cable Corp. and the
Mackay Radio & Telegraph Co. had filed a joint petition requesting a 15%

to

de¬
parted from their regular practice as provided for in the law. They made it
clear, however, that there was nothing illegal or improper about the petition,
although it was unusual.
Hitherto, whenever these companies sought
doing this the companies, officials of the Commission revealed,

comparative

For

certain

reflect

purposes

changes

in

Woodward & Lathrop Co.—Extra

Dividend—

The directors have declared an extra dividend of 37 H cents per

share in
37 H cents per share on the
$10, both payable Dec. 29 to holders of record Dec. 23.

addition to the regular quarterly dividend of
common

stock, par

were made as follows: 25 cents on Sept. 29,
37H cents on
1936: 12M cents per share on June 27 and March 31, 1936; 55
cents on Dec. 28, 1935, and 25 cents per share on Sept. 27 and June 27,
1935.—V. 145, p. 2093.

Previous extra distributions

June 28 and on March 30, last; 62 lA cents on Dec. 29, 1936:

Sept. 30,

Worcester Suburban Electric
The company

increase in domestic rates.
In

rates,

Net income

Western

Issue

in

been set

has

discussion of the

3832.

p.

date

changes

called shortly at which procedure

Virginia Pulp & Paper Co.—10-Cent Dividend—

West

or

-Earnings

Inc. (& Subs.)

Wesson Oil & Snowdrift Co.,
3 Mos. End. Nov. 30—

Dec. 2S, mi

they followed the established practice of
filing notice of tariffs that they expected to charge.
If the Commission
disapproved these tariffs, it would merely issue an order of suspension
pending hearings and a decision. In the present petition the companies have
filed no schedule of tariffs, but merely a request that the increase be granted.
increases

,

for a total

R. Galgano, trustees, asked

Alexander Weinstein and Frank

Chronicle

paid

a

Co.—Pays 15-Cent Div.—

dividend of 75 cents per share on its capital stock,

par $25, on Dec
24 to holders of record Dec. 16.
This compares with
$1.50 paid on Sept. 30, last; $1.35 paid on June 30, last; $1 paid in each of
the six preceding quarters; 75 cents paid on Sept. 30 and June 29, 1935,
and $1 per share distributed each three months previously.:—V. 145, p. 2250.

The Commercial Markets and the

Crops

COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY

COMMERCIAL EPITOME
Friday Night, Dec. 24, 1937
Coffee—On the 18th inst. futures closed
to

3

1 point higher
points lower in the Santos market, with sales of only

10 lots.

No sales

market

was

trading

was

were

traded

Cables from foreign

steadiness today (Saturday).
The Havre
unchanged to 34 franc higher.
Brazil's dollar
better by 10 reis at 17.37 milreis to the dollar.
At

was

was

13.000 Rio spot 7s were 200 reis better.

quotations
and

18.300

The Santos

confined to May, in which nine lots
March sold at 6.15c.

and that

showed

sources

rate

effected in the Rio contract,

3 to 2 points net lower at the close.

at 6.08 to 60.4c.

market

were

on

Santos 4s

on

Rio 5s

"soft"

16.000.

were

On

Official "street"
and "hard"

20.100

the

20th inst.

futures

closed 1 to 3

points net higher in the Santos contract, with
only 24 lots.
The spot December delivery, however,
was the
exception, this month jumping 37 points on a few
sales and closing at 7.35c.
The rally reflected the possi¬
bility that coffee on the Western World, due Dec. 29, might
sales of

be late for final

delivery.

were no sales in the Rio
closed nominally 3 to 5 points
higher.
Trading in the Santos contract was mostly for local
account, on the one hand representing hedge selling and on

contract, but prices for

There

same

the other, covering and minor new
buying.
from Brazil were unchanged, Havre closed

While cables
234 to 4 francs
lower.
The Brazilian dollar rate was
unchanged at 17.37
milreis to the dollar.
Rio 7s were quoted at 13.000, 5s at
16.000, while Santos 4s soft were held at 20.000, and hard
at 18.300.
On the 21st inst. futures closed 30 to 5
points
net higher in the Santos contract, with sales of 102 con¬
tracts^

The

December

delivery scored the 30 point gain.

Sales in the Santos contract totaled 102 lots.
tract closed unchanged in the December

The Rio

spot

con¬

delivery,

while the rest of the list closed 17 to 12
points higher, with
sales totaling 11 lots.
There was nothing in the news to
account for this up-surge

in values.
A feature of the trading
the posting of one block of 6,000° bags of December
Santos at 7.50c., up 15 points and 152 points above the low

was

made
to 1

Nov.

30.

Santos

contracts

point lower, while Rios




were

opened 2 points higher
unchanged to 3 higher at

GOODS—WOOL—ETC.

the opening.
Cost and freight offers from Brazil were un¬
changed to 5 points lower, with prompt Santos 4s at from
6.85 to 7.10c.
Milds were steady, with Manizales at 8%c.
Havre futures were 2% to 4% francs higher.
In Brazil
the milreis

was

the 22d inst.

months and

10 reis weaker at 17.38 to the dollar.

futures closed 11

to 6

unchanged to 1 point

in the Santos contract.
contract closed

5

Sales

up

were

On

points up on the near
on the distant deliveries

133 contracts.

The Rio

the December contract,
while the other deliveries were 6 points up to 1 point down.
Further tightness in the spot month in the Santos contract,
despite the issuance of 12 transferable notices, featured
active trading in coffee futures.
The Rio contract trading
was confined to the opening, with the spot month dropping
10 points as five notices circulated, while the balance was
unchanged to 1 point higher during the early session.
The
Brazilian milreis was 20 reis weaker at 17.4 to the dollar,
points down

on

while spot prices were unchanged there.
Cost
offers varied 5 points either way, but Santos 4s

and freight*
kept within
a range of from 6.85 to 7.10s.
A good business in spot milds
resulted in sharply higher prices, with Manizales up to
934 to 934c. and 934c. asked for spot coffee.
Active short
covering was chiefly responsible.
Havre futures were 134
to

334 francs higher.
On the 23d inst. futures closed

unchanged to 10 points net
with sales of 67 contracts. The
off, with the exception of the
which closed 14 points net higher.
In

lower in the Santos contract,
Rio contract closed 3 points

December contract
Brazil the milreis

was

20 reis

improved at 17.38.

that the milreis has fluctuated within
weeks

has

convinced

the

trade

a

that

Government would stablize the rate

30 reis

the
was

The fact
for two
that the

range

rumor

true.

Yesterday

the spot price on Santos 4s. advanced 100 reis per ten kilos
on both hard and soft coffees.
Cost and freight offers from
Brazil

were

unchanged, with Santos 4s. at from 6.85 to 7.10c.

Spot manizales were reported to have sold at 934c•, while
shipments of coffees were raised to 9c.
The Colombian peso
firmed to 1.8234 to the United States dollar against the
previous rate of 1.83.
In Havre futures were 134 to 134
francs lower.
Today futures closed 3 to 5 points up in the
Santos contract, with sales totaling 35 contracts.
The

Volume 14S

Financial

Rio contract closed 5

to

6

points

up,

Chronicle

with sales of only 5

equal to 1.16c. f.o.b. Cuba with freight at 18s. Sugar quotas
for 1938, totaling 6,861,761 short
tons, raw value, were
announced by the sugar section of the AAA
today. The total
quota, representing the Secretary of Agriculture's estimate

contracts.

Little was doing in the coffee market
owing to a
holiday in Brazil. No notices were issued on this, the last
notice day in the Santos market, but five Rio notices were
issued.

Havre closed

Rio coffee

334 to 524 francs higher.

prices closed

December

of domestic
consumption next year, is 180,972 short tons
less than the final quota of
7,042,733 for 1937. On the 21st
inst. futures closed 6 to 2
points net lower. Heavy selling

follows:

as
—

(July
[ September

March

4.44

May

4 23
4.23

4.311

Santos coffee
December
March

prices closed

as

J|

_

6.44

i

May

domestic sugars futures off considerably, after
opening
unchanged to 2 points lower. September touched a new
seasonal low, while January and
July touched the previous
low point. Offers came
principally from producing interests
and included
liquidation from outside interests who were
disappointed in the 1938 quotas. Buying, which came in
good volume, was rated profit-taking by shorts mostly. In
the market for raws it was revealed that Revere
had paid
2.35c. for 37,000 bags of Cubas, late December
shipment.
Today most refiners were indicating 3.20c. bids, while offers
ranged upward from 3.28c. So far none of the refiners have
sent

follows:

July
September

6.14
6.14

____

6.23

„

Cocoa—On the 18th inst. futures closed 2 to 7
points net
The opening range was 1 to 8 points net lower.
Transactions totaled 190 lots, or 2,546 tons.
London re¬

lower.

ported the outside market 3d. lower and futures unchanged
to 3d. higher, with sales of
only 180 tons on the Terminal
Cocoa Market.

question mark.

The

African situation remains

much of

All reports indicate the Gold Coast is

a

followed

Sucrest's cut to $4.65 for
prompt shipment, an¬
yesterday. World sugar contracts showed uniform
gains of 34 point in the early afternoon. Closing prices were
1 to
point up, with transactions totaling 24 contracts.
London futures were 34d. either
way in quiet trading.
Raws were dull and
unchanged. On the 22d inst. futures

con¬

nounced

tinuing its crop hold-up. Local closing: Jan., 5.06; March,
5.16; May, 5.22; July, 5.29; Sept., 5.37; Nov., 5.52. On the
20th inst. futures closed net
unchanged to 3 points higher.
Transactions totaled 410 lots, or 5,494 tons,
chiefly because
of some active switching out of

January into the more dis¬
Opening sales were at no change to a 5-point
loss, while the closing found the various deliveries very
little changed from
the previous finals.
London ruled
unchanged on the outside and unchanged to 434d. lower
on the Terminal Cocoa
Market, with only 60 tons trading.
Local closing:
Dec., 5.07; Jan., 5.06; May, 5.23; July,
5.32; Oct., 5.43; Dec., 5.55.
On the 21st inst. futures
closed 7 to 5 points net lower.
Transactions totaled 126

closed 4 points down on the December
contract, while the
balance of the list closed
unchanged to 1 point

tant months.

The

contracts.

cocoa

market

was

erased

at

the

close.

Transactions

totaled

406

con¬

tracts.
The early weakness was caused
largely by hedge
selling against shipment offerings from Lagos and liquidation
precipitated by circulation of 53 notices of delivery which
were
not stopped promptly.
Warehouse stcoks increased
3,000 bags and now total approximately 1,138,000 bags.
Local closing: Dec., 5.02; Jan., 5.01; March, 5.14;
May,
5.21; July, 5.30; Oct., 5.43.
On the 23d inst. futures closed 3 points up to 1 point down.
Transactions totaled 314 contracts.
Pre-holiday conditions
prevailed in the cocoa futures market.
Prices in the after¬
noon were
unchanged to 2 points lower on trading which to
that time totaled only 60 lots.
Rumors were current in the
trade that Hershey interests, who had been
supporting
December were now suppoting the March position.
Ware¬
house stocks had a sharp decrease of 15,596 bags.
They now
total 1,123,082 bags, off about 268,000 from the season's
peak reached on October 15.
Local closing: Dec., 5.05;
Jan., 5.03; March, 5.17; May, 5.21; July, 5.29; Sept., 5.38.
Today futures closed 20 to 10 points net higher.
Transac¬
tions totaled 172 contracts.
Trading was quiet, but prices
were firm on news the holding movement in West Africa
would continue.
As in all markets, the holiday spirit pre¬

vailed and traders

were

inclined to do very little in the way

of

trading.
Local closing: Dec., 5.25; Jan., 5.20; March,
5.27; May, 5.33; July, 5.40; Sept., 5.48.

off 1 point.
In the ^market for raws no further sales were
reported, although it was rumored that sales were made
yesterday at 3.20c. Although refiners early in the day
were
thought willing to pay that price for additional sugars,

later

3.18c.

of 3.22c.

announcement of quotas, which announcement was
expected
after the close of business.
Reports were that the news¬
paper

The

had been called in at 1 o'clock, and around 3

men

o'clock

were

told that the announcement would not be made.

market

was dull, with one
offering 3.28c., and buy¬
ing interest from one source at 3.25c. Otherwise sellers were
asking 3.30c., with buyers interested at not better than
raw

The world sugar contract closed
unchanged Ho 34
point higher, with only 5 lots traded. In the London market
raws were offered at 6s.
134d. and terme prices were 34d.
to 24d. higher.
On the 20th inst. futures closed 1 to 2 points
net lower.
Following the first wave of short covering which
advanced prices as much as 4 points above
previous closing
levels, new short selling and hedging was entered in liberal
volume, and prices declined a maximum of 5 points. Total
sales were 296 lots, which was more than the whole
past
3.20c.

week's

volume.

market, and it
Street
was

was

at

a

Trade houses

was

entered

were

reported that
on

standstill.

the scale-down.
Sellers

on

both csides

some new

of

the

buying for Wall

The market for

raws

stubbornly holding, the
asking price being 3.28c. Refiners were showing no interest.
The world sugar contract closed 1 point to 34
point lower,
with sales surprisingly large, totaling 161 lots.
In London
the market was dull, with sellers generally asking 6s. 134<i-»



♦

were

considered

was

would

secure

contracts

sugar

sales

a

good bid.

//

a

bid

generally asking 3.25c. World
34 point up to 34 point down, with

were

were

totaling 13 contracts.

In

London futures

changed to 34d. lower. Raws there
sellers at 6s. 134d. per cwt.
in

Meanwhile

January-February shipment Philip¬

pines, while other sellers

were

were

un¬

unchanged with

On the 23d inst. futures closed 1
point down to unchanged
the domestic contract.
Transactions totaled 219 lots.

Trading

was

moderately active, and without special feature.

In the market for

raws

Sucrest bought 2,000 tons of Decem¬
at 3.20c., unchanged, while late

ber-January Philippines

yesterday American paid the same price for 5,314 tons of
Louisiana.
Further offers ranged from 3.22c. for
Philip¬
pines up, while some buyers might still pay 3.20c. and others
were
bidding a few points less. World sugar contracts
opened unchanged to 1 point higher in quiet trading, and
closed unchanged to 34 point
up, with sales of 91 contracts.
London futures were unchanged from the
previous close
except the January position, which advanced %d.
Raws
were dull
unchanged with sellers at 6s. 134d. per cwt.
To¬
day futures closed unchanged from last night's finals.
The
market was quiet during most of the session, having all the
characteristics of a pre-holiday session.
Oply 26 lots of the
No. 3 contract changed hands, and
prices remained unchanged
at 2.28c. for March.
The refining trade started to observe
the holidays yesterday and London closed at
noon, facts
which

tended

market

no

to

sales

restrict

were

Closing quotations

business.

recorded and

were as

December

In

prices

the

world

were

March

sugar

unchanged.

follows:

2.30 May
2.25 Juif
2.28 Sef tember_

January

2.30
2.31

2.33

Lard—On the 18th inst. futures closed 2 to 7

points net
Trading interest was rather light throughout the
session, and devoid of any significant feature.
Lard exports

lower.

from the Port of New York

Saturday totaled 208,880 pounds,
Sout lampton.
Liverpool lard
W iistern hog marketings were
23,500 head, against 31,800 head for the same day a year ago.
Hog prices at Chicago were 10c. lower.
Scattered sales
reported during the early part of the day at $7.20 to $7.85.
On the 20th inst. futures closed 10 to 15 points net higher.
At one time prices scored advances of 25 points, but sub¬
sequently, fell off on profit taking, though a substantial
portion of the gains were held up to the close.
Export clear¬
ances of lard, totaled 451,473
pounds, destined for Hamburg.
Chicago hog prices closed 10 to 15c. higher, the top price
being $8.15, with the bulk of sales ranging from $6.85 to
$8.10.
Total receipts at the leading Western markets were
68,200 head against 92,400 head for the same day last year.
Liverpool lard futures were unchanged to 3d. lower.
On
the 21st inst. futures closed 7 to 10 points net higher.
The
undertone of this market was farily steady throughout the
entire session.
Early prices were 2 to 10 points net higher,
the market showing further improvement as the session pro¬
gressed.
Lard exports as reported today (Tuesday) were
heaviest so far this year and totaled 1,877,970 pounds.
All
of this lard cleared for London, Liverpool and Manchester.
Hog prices at Chicago averaged about 10c. over the previous
closings.
The top price reported was $8.10 and scattered
sales were uncoverediatjprices ranging from $7.20 to $8.
Western hog receipts»'were below a year ago and totaled
77,000 head, against 96,600 head for the same day last year.
On the 22d inst. futures closed 2 points higher on the active
destined

Sugar-—On the 18th inst. futures closed 2 points down to
unchanged.
Transactions totaled only six lots.
Traders
showed no disposition to make commitments pending the

in the

The feature of the trading was a decline
of 6 points in the
spot position to 2.21c., equaling the low
of the year, on the circulation of two
transferable notices.
The remainder of the list was 1
point higher to 1 point lower,
with January at
2.27c., up 1 point, while May was at 2.29c.,

feature.

losses

up

domestic contract.

dull and without special

The market appears to be a waiting affair pend¬
ing further developments in West Africa.
However, with
the advent of the Christmas
holiday season, always the
signal for a prolonged native celebration, little is ex¬
pected to develop for the next two weeks.
In the mean¬
time warehouse stocks decreased a further
5,000 bags.
Local closing:
Dec., 5.00; Jan., 5.00; March, 5.10; May,
5.18; July, 5.26; Sept., 5.35.
On the 22d inst. futures
closed 1 to 4 points net higher.
A wave of liquidation
swept over the cocoa market and broke prices to new
lows for the season, the market slumping as much as 13
points from last night's finals. Towards midafternoon, however, the market developed gradual strength, with all the

4133

futures

for

were

London

and

6d. to 9d. lower.

Financial

4134

On

Liverpool lard futures were 6d. higher on the spot

May.

the

23d

.

futures

inst.

.

closed

5

-

w

points lower.

The

United States Government pig report was the important item
of the day.
It is stated that the number of sows farrowed
in the fall

season

of 1937

was

3,778,000 head,

a

decrease of

3% from those farrowed in the fall of 1936.
The combined
spring and fall pig crop of 1937 for the United States is
estimated at 62,227,000 head.
This number is 3,112,000
head, or 5% smaller than the combined crop of 1936, and
17,800,000 head, or 22%, less than the average of five years.
Hog prices at Chicago closed unevenly 25c. to 50(3. higher.
The

top

pr$e reported

ranging from $7.85 to $8.60.
Liverpool lard futures were
6d. higher on the spot delivery and 3d. lower on January
and May.
Today futures closed unchanged to 3 points up.
Trading was light and almost entirely of a' pre-holiday
character. > The market's firmness was due in large measure
to the firmness of all grain markets.
DAILY CLOSING PRICES OF LARD FUTURES IN CHICAGO

Wed.

Thurs.

Fri.

December

8.00

8.15

8.25

8.27

8.22

8.17

January

8.25

8.35

8.45

8.45

Sat.

Mon.

Tues.

8.40

8.40

March

8.42

8.57

8.65

8.67

8.62

8.60

May

8.65

8.77

8.87

8.87

8.82

8.85

Pork—(Export), mess, $27.75 per barrel (per 200 pounds);
family, $28.75 (40-50 pieces to barrel), nominal, per barrel.
Beef: (export) steady.
Family (export), $27 to $28 per barrel (200 pounds), nominal.
Cut Meats: Pickled hams: pic¬
nic, loose, c. a. f.—4 to 6 lbs., 13c.; 6 to 8 lbs., 11 %g.; 8 to
10 lbs., HMc.
Skinned, loose, c. a. f.—14 to 16 lbs., 17c.;
18 to 20 lbs., 1534c.

Bellies: clear, f. o. b. New York—6 to
1834c.; 10 to 12 lbs., 1734c. Bellies:
clear, dry salted, boxed, N. Y.—16 to 18 lbs., 13J4c.; 18 to
20 lbs., 13 %o.; 20 to 25 lbs., 13^c.; 25 to 30 lbs., 13%c.
Butter: creamery, firsts to higher than extra and premium
marks—31c. to 3824c.
Cheese: State, held, '36—22 to 24c.
Eggs: mixed colors, checks to special packs—19 to 30c.
8 lbs., 19c.; 8 to 10 lbs.,

Oils—Linseed oil in tank
while the

same

in tank

cars

cars are

quoted 9.6c.

per

pound,

is quoted 9.6 to 9.8c. per pound.

Quotations: China wood—tanks, nearby, 15c.; coconut:
crude, tanks, .0434; Pacific Coast, .0324. Corn: crude, west
tanks, nearby, .0634- Olive: denatured, spot, drums, $1.10
to $1.15; new crop, .90.
Soy bean: crude, tanks, west, for¬
ward, .0534 to .0524; L. C. L., N. Y., .0734.
Edible: 76
degrees, 1034c. Lard: Prime. 1134c.; extra winter strained,
1034c.
Cod: crude, Norwegian, light filtered, 35c.
Tur¬
pentine, 31 to 35c. Rosins: $5.50 to $8.55.

18th inst. futures closed 5 tq 10 points
higher.
Transactions totaled 2,040,000 pouhds.
The
opening range was 1 to 3 points net higher.
Certificated
stocks of hides in warehouses licensed by the Exchange
remained unchanged at 787,481 hides.
No news of im¬
portance in connection with the spot markets. Local closing:
Dec., 10.50 March, 10.70; June, 11.05; Sept., 11.38; Dec.,
11.68.
On the 20th inst. futures closed 11 to 15 points net
higher. The opening range was 2 to 25 points advance, with
the list holding up fairly well most of the day in one of the
most active sessions the market has witnessed in many days.
The only trading reported in domestic spot hide circles
included a lot of 5,000 October-November light native cow¬
hides which were sold late Saturday at 10 M. No trading was
reported in the Argentine.
Local closing: Dec., 10.61;
March, 10.81; June, 11.20; Sept., 11.50; Dec., 11.80. On
the 21st inst. futures closed 40 to 33 points net higher.
Bullish sentiment on raw hide futures was stimuated by the
news of large sales of
spot hides at rising prices. During
the early part of the session prices rose 37 to 44 points,
with March going to 11.25 cents and June to 11.59 cents.
Sales to early aftternoon totaled 5,280,000 pounds.
The
trade learned that one buyer took 100,000 hides at an ad¬
vance of half a cent a
pound in Chicago today (Tuesday).
Local closing: March,
11.21; June, 11.53; Sept., 11.85.
On the 22d inst. futures closed 7 to 11 points up on the near
months and 2 points up on distant March.
Transactions
totaled 106 contracts. The market continued its rise, prices
moving forward 15 to 20 points into new high ground for
the movement.
Buying was due to further favorable news
from the spot market.
Trading was active, with a total of
2,960,000 pounds to early afternoon. Argentine hide prices
were also higher.
Local closing: June, 11.60; Sept.* 11.96;
March, 11.23.
Hides—On the

net

$8.70, with the bulk of sales

was

,

»

On the 23d inst. futures closed 3 to 5

7.20 (
7.20(

March

7.21 (

April

7.21 (

7.23
n

May
June

July
August

7.23® 7.25
7.23®
n
7.26® 7.28
7.26®
n

Rubber—On the 18th inst. futures closed 3 to 5
points net
loaer.
Further
slight price setbacks in crude rubber

brought the week's decline to about 34c. a pound.
Standard
sheet and crepe were 1-16c. easier today
(Saturday) on a
December selling basis of 15 l-16c. per pound.
For the week
active contracts on the Exchange showed losses of 42 to 44
points.
Actuals were pff 9-16c. per pound for the same
period.
Local closing: Dec. 15.01; Jan. 15.01; March 15.20;
May 15.33; July 15.42. On the 20th inst. futures closed 5
points down to 4 points up.
This market continued to drift

aimlessly today (Monday), although strength in the stock
market and buying for interests with
Japanese connections
were sufficient to
push prices up moderately for a while.
The opening range was 4 points
higher to 3 points lower.
Outside prices were quoted
unchanged on a spot basis of
15 l-16c. for standard sheets.
The London and Singapore
markets closed quiet and easy,
respectively, unchanged to
3-32d. lower.
Local closing:
Dec. 14.96; 'Jan. 14.96;
March 15.17; May 15.28;
July 15.40; Sept. 15.56.
On the
21st inst. futures closed 23 to 17
points net higher.
Trans¬
actions totaled 269 contracts.
Firm London cables and

improvement in other commodity markets caused a moderate
buying movement in rubber futures which advanced the
market 15 to 19 points in the
early trading, this improvement
being well sustained to the close.
The London market closed
quiet and unchanged to l-16d. higher.
Singapore was

l-32d. lower on the close.
Local closing:
Jan. 15.18;
March 15.40; May 15.49; July
15.62; Sept. 15.73.
On the
22d inst. futures closed 9 to 14
points net lower.
Trans¬
actions totaled 81 contracts.

Trading was relatively light,
steady.
Offerings of rubber from
somewhat too high, it was said.
Trade talk

though the undertone
the East

were

that

was

a moderate
consumption report for December was
expected.
London closed unchanged to l-16d. lower,
but Singapore was 5-32d. to 3-16d. higher.
Local closing:
Jan. 15.09; March 15.29; May 15.38; July 15.48.
On the 23d inst. futures closed 14 to 10
points net lower.
Transactions totaled 103 contracts. The market ruled
heavy
was

to be




points net lower.
quiet trading affair, which
to early afternoon totaled 1,760,000 pouunds.
March stood
at 11.12c., off 11 points, and June at 11.50, off 10 points
during the early afternoon session. Spot sales were estimated
at 28,000 hides, with light native cows commanding 11c.
As futures have advanced about 330 points in less time than
a
month, the recession to-day was regarded as natural.
Local closing: March, 11.20; June, 11.56; Sept., 11.91.
To¬
day futures closed 1 point lower to 2 points higher.
The
opening range was 4 to 10 points lower, but prices rallied
later in sympathy with the other commodity markets, with
sales for the day totaling 80,000 pounds.
Local closing: March, 11.21; June, 11.58.
The market

Cottonseed Oil, sales, including switches, 13 contracts.
Crude, S. E., 6c.
Prices closed as follows:
January
February

1937

in the London and Singapore

position, Is. higher on the January and Is. 3d. higher on the
distant

25,

during most of the session, with very little feature tojthe
trading. In the London market prices declined l-32d to Id
markets.
C. I. F. offerings
were moderate, but prices asked were relatively high.
Local
closing: Jan., 14.95; March, 15.15; May, 15.26; July, 15.38;
Sept., 15.46.
To-day futures closed 15 to 13 points net
higher. Transactions totaled 79 contracts for the short ses¬
sion.
Preholiday conditions prevailed but the market de¬
veloped a strong tone, closing substantially above the pre¬
vious close.
Commissions firm sold, but dealers were re¬
ported as buyers, perhaps to take out hedges against actuals.
Small year-end manufacturer buying of the staple was re¬
ported. ' London warehouse stocks increased about 400 tons
this week, it was estimated.
No Liverpool estimate was
available.
Singapore closed 1-16 to 3-32d. lower. C. I. F.
offerings were moderate.
The price of spot ribbed smoked
sheets in New York advanced 16 points to 15.12c. compared
with 14.96c. yesterday.
Local closing: March, 15.30; May*
15.41; July, 15.51; Sept., 15.61.

positions.
Trading was moderately active, though without
any interesting feature.
Lard exports from the Port of New
York are exceptionally light, after the heavy clearances on
Tuesday.
Total exports today amounted to only 2,800
pounds destined for Antwerp.
Chicago hog prices closed
25c. to 35c. higher, the top price being $8.30.
Bulk of sales
ranged from $7.50 to $8.20.
Total receipts for the Western
run were 58,000 head, against 72,100 head for the same day
last year.

Dec.

■

,

dropped slightly in

a

Ocean Freights—Active chartering of vessels to transport
grain from the Gulf to the United Kingdom and Continent
again featured the freight market this week.
Charters
included: Grain: Gulf to Antwerp or Rotterdam, January,
3s. 6d.; option United Kingdom, 3s. 9d.
Gulf to Antwerp
or Rotterdam, Jan. 15-31, 3s. 6d.; option United
Kingdom,
3s. 9d.
Gulf to Birkenhead, February, 3s. 6d.
Gulf to
picked ports Uni ted * Kingdom, Jan. 28 canceling, 3s. 7}4d.
St. Johns to Antwerp or Rotterdam, January, 3s. 3d.
St.
Johns or Halifax to Glasgow, Jan. 1-15, 3s. 39d.
San
Lorenzo to full range United Kingdom, April-May, 25s. 3d.,
with options.
San Lorenzo to full range United Kingdom,
June-July, 25s. 3d., with options.
South Victoria to United
Kingdom-Continent, Jan. 25-Feb. 20, 34s., bulk wheat.
South Australia-Victoria to United
Kingdom-Continent,
Feb. 15-March 15, 34s. 6d., bulk wheat.
Trip: Trip down,
Atlantic Range to River Plate, January, $1.50.
Trip down,
Atlantic range to River Plate, January, $1.50.
Sugar:
Cuba to L.L.G.A.R.A., Jan. 15-31, 17s. 6d.

Coal—It

is

demands for coal
from various
indicate that
the orders for bituminous have fallen abruptly.
No buying
of consequence by industrial users is expected until price
difficulties growing out of the code are straightened out and
business, indications after the turn of the year are more
clearly defined.
Graded coals in the meantime appear to be
meeting with fair sized demand.
Mine production is now
expected to undergo curtailment of fairly steep proportions,
observers state; this being necessary if a glutting of the market
is to be avoided.
It is further stated, that those engaged in
research activities predict that the anthracite industry is
reported that industrial

continue to dwindle in this section, and reports
New England points and other nearby centers

Volume

Financial

145

Chronicle

in

The

a position to
regain markets which, have been lost to it
through competing fuels.

now

with last year:

Dec. 24

1, 1937

brightened
considerably, according to close observers.
reported that sales are less infrequent and the price
tendency is upward on strength in foreign markets, higher

the wool outlook

Texas
•

It is

the top exchange

on

and

better inquiry from con¬
suming interests regarding woolen and worsted wools. Actual
prices on the territory wools of Class 3 and 4 types show
appreciation without encountering much resistance from
a

manufacturers, though topmakers show some hesitation.
An encouraging development has been some manufacturing
purchasing of graded wools.
It is pointed out that all
through the year the graded territory group has been rela¬
tively firmer than original bag material.
Graded French
combing has brought 73 to 75c., and half blood territory
72 to 74c.
The turn of the year may witness a much better
interest from mills who prefer to buy their wools graded,
observers state.
Advices state that the year-end closing of
the Australasian market on a rising scale was due to cover¬
ing operations by consumer nations. During the week about
400,000 pounds of domestic woool arrived at Boston by
water from California and Oregon.
Silk—On the 20th inst. futures closed ^ to 2c. net higher.
This was reported to be one of the dullest sessions in two

with only 140 bales traded.
The previous low was
Dec. 24, 1935 when 110 bales changed hands.
The average
quotation of crack double extra remained unchanged at
$1.58The Yokohama Bourse showed a gain of 4 to 8 yen,
while at Kobe the price shown was unchanged to 7 yen better.
Grade D at 680 yen in both cities, 7Yg, yen lower at Yokohama
years,

and 5 easier at Kobe.

Actual transactions totaled 350 bales,

while futures transactions totaled 6,325 bales.

Local closing:

Dec., 1.51; Jan., 1.493^; March, 1.49; May, 1.473^; July,
1.473l2.
On the 21st inst. futures closed 23^ to J^c. net

higher.

Despite the lower Japanese cables, the local silk
substantial advances.
However, the New
York spot market was lower at $1.58 for crack double extra
silk, off 3^c.
Yokohama closed 1 to 7 yen lower, but outside
Grade D silk advanced 5 yen to 685 yen a bale.
Local
closing: Dec., 1.533£; Jan., 1.51; March, 1.493& May,1.49;
June, 1.49; July, 1.49.
On the 22d inst. futures closed
13^c. up to 3^c. down.
Activity developed in the silk mar¬
ket in response to Japanese cables reporting excited and
strong markets in Nippon.
Opening sales here were 54 lots
and sales up to early afternoon totaled 92 lots or 920 bales.
Total transactions for the day were iL64 contracts.
The
price of crack double extra silk in the New York spot market
was
raised 3c. to $1.61.
At Yokohama prices advanced
13 to 17 yen, while sales reached over 14,000 bales.
Local
closing: Dec., 1.543^; Jan., 1.51; March, 1.51; May, 1.493^;
July, 1.48
On the 23d inst. futures closed IK to 3^c. net lower. The
market held steady after a lower opening of as much as
23^c. Sales to early afternoon totaled only 140 bales, when
January stood at $1.51, unchanged, and June at $1.49K>
up KThe price of crack double extra silk in the New York
spot market dropped Kc. to $1,603^.
On the Yokohama
Bourse prices were 3 to 10 yen lower, but grade D silk out¬
side was unchanged at 692K yen.
Local closing: Dec., 1.53;
Jan., 1.50K; April, 1.49; May, 1.49; June, 1.48K; July,
1.48.
Today futures closed 2 to lc. net lower. The market
opened K to 2Kc. lower in sympathy with lower Japanese
cables and failed to recover, closing K to 2c. under last
night's close on sales of 180 bales. The price of crack double
extra in the New York spot market declined 2c. to $1.58KYokohama Bourse prices were 8 to 14 yen lower while out¬
side, the price of grade D silk was 10 yen lower at 682 K yen
a bale.
Local closing: Dec., 1.51; Jan., 1.49; June, 1.47K;
July, 1.47.
1
V-*
*
market showed

For the week

from the South tonight, is given below.

ending this evening the total receipts have reached 139,333
bales, against 169,711 bales last week and 165,506 bales the
previous week, making the total receipts since Aug. 1, 1937,
5,352,358 bales, against 4,839,411 bales for the same period
of 1936, showing an increase since Aug. 1, 1937, of 512,947

1936

907,702

876.148

39,784

1,385",426

586,493
63,789
26,645
778,761
112,517
7,266
2,771

2,200

385,761
8,643
1,479,864
161,744
63,594
3,489
114,518
166,554
74,016
8,134
38,056

20,192 1,115,354
278,993
1,067
11,871
42",248 1,353,081
6,216
173,375
875
82,722
3,600
2",359
98,647
2,180
141,977
53,526
"525
16,060
334
22,918

856",330

535

145

11,075

13,817

50

Corpus Christi
Beaumont
New Orleans

44",041

Mobile

5,409

Pensacola, &c

""ll

Jacksonville
Savannah

1,516
1,389
1,348

Charleston

Lake Charles

Wilmington

844

Norfolk

69,285
16,127
882,188
73,333
13,815
3,566
155,321
74,085
35,041
12,746
31,645

New York

151,180
62,120
28,681
21,180
32,378

100

Totals

402

3,447

Boston

Baltimore:

2,715
1,050

950

139,333 5,352,358 119,319 4,839,411 3,135,681 2,754,146

In order that

comparison may be made with other years,
give below the totals at leading ports for six seasons:

we

1937

Receipts at—
Galveston

1933

1934

1932

53,878

879

44,093
48,031
59,674
11,282
1,711

1,389

"2", 180

"l",595

■3", 587

"l",547

"2",974

844

Houston
New

1935

1936

525
334

142

589

600

497

730

436

2,155
1,050

42,111
39,784

Orleans.

44,041
5,409
1,516

MobUe
Savannah

Brunswick

25,023
17,786
26,525
3,341

50,129
61,267
35,695
3,276
1,325

43,323
20,192
42,248
6,216
2,359

42,122
40,051

2,567

966
"

"

Charleston

Wilmington..
Norfolk

2,200

Newport News

"

"2",039

"1,942

"4",886

6~,603

"8,793

11,618

139,333

119,319

158,812

84,550

150,873

182,588

All others
Total this wk.
Since Aug. 1..

5.352,358 4.839,411 5,252,772 3,187,821 5,368,875 5,751,196

The exports

for the week ending this evening reach a total
of which 57,851 were to Great Britain,
36,799 to France, 39,387 to Germany, 11,435 to Italy, 22,190
to Japan, 7,231 to China, and 31,223 to other destinations.
In the corresponding week last year total exports were 96,957
bales.
For the season to date aggregate exports have been
3,122,384 bales, against 2,762,252 bales in the same period
of the previous season.
Below are the exports for the week.
of 206,116 bales,

Week Ended

Exported

Dec. 24, 1937
Ger¬

Great

Exports from—

France

Britain

4,620
7,777
13,742

Houston
New Orleans

5,705
8,221
19,311

5,544

Galveston.—.,.

12,985

6,972
8,408
1,813

5,644
1,387

l",812

9,729

5" 099

7,176

115
377

"166

1.441

Savannah

"479

Norfolk

527

24,532

Angeles

5,629
2,000

1,750

780

...

200

4,900

102

57,851

36,799

39,387

11,435

22,190

Total

1936—..

23,422

22,803

5,783

22,695

500

Total

1935

16,638

24,593

21,792

10,543
4,037

frovv-

Houston

France

Britain

3,407

Beaumont

Orleans..

Lake Charles..
Mobile

249,578
14,749
66,545

11,211
96,957
21,871 178,825

52,438

37,614
24,217
23,405

84,108

456", 432

"l"l",869

5,688

599

29,334

"112

10,810
28,092

Charleston

67

3,772

York

4,128

300

Gulfport

"ioo
648

28,756

1,614
4,348

Norfolk

l",200

5,008

43,979
79,722

Savannah

420

12,537
2,157

769

"~9

132

786,656
645,103
346,813
300
6,407
116,753 690,934
40,902
18,582
10,846 127,389
60
1,014
243
42,278
4,096
76,815
3,147 111,625
19,884
1,541
950
11,583
5,261
6,471

250

1,682

2,100

1,162

26,972

1,727
39,531
44,238

2,882
143,428

1005,019544,892

Boston

565,776 270,070

127,531

28,596 580,5003122,384

395,079 156,640

791,575

439^299 46o|440197J09I

9KL893

13,447353,7442762,252
18,614 522,479 3340,870

168

....

""70

Baltimore

"""118

Los Angeles...

Francisco.

515

322

8,914

17,092

70

200

49,557
5,276

Philadelphia-—

2,775

7,741

1936

583,313 468,454

Total

1935

791,436

200

telegrams tonight also
the following amounts of cotton on shipboard, not

us

On

Shipboard Not Cleared for—
Leaving

Dec. 24 at—
Ger¬

Great
Britain
Galveston

Galveston.".
Houston

Corpus Christi..

Sat.

9.253
5,522

Mon.

Tues.

11,072
4,674

5,339
7,961
14,969
1,855

Wed.

5,265

6", 673

Mobile

2,080

420

Charleston
Lake Charles

Wilmington
Norfolk

5,318

6",558

679

150

44,042
5,409

5",258
225

"509

"344

"201

"137

67
862

.

11

1,348

"375

144

"231

""85

653

"471

249

384

2,200
145

"152

299

1,516
1,389
1,348

145

105

327

95

Baltimore...
•

535

87

11

'258

Total

42,111
39,784

4,279
6,573

Jacksonville
Savannah

Fri.

7,885
9,759

4,283
5,295

271

177

New Orleans

Thurs.

France

Other

Foreign

wise

Stock

Coast¬

many

Total

23,678




23,577

31,537

15,792

17,579

Houston
New

Orleans..

Savannah

14,700
6,702
17,154

6,300
2,889
7,425

10,000
2,298
3,399

19,500
15,740
4,560

3,000
2,839
7,079

53,500
30,468
39,617
500

500

Charleston—.

1,093

Mobile

40,149
46,949
28,557

16,789
37,946
35,748

2~235

"175

Norfolk
Other ports

Total

1937—

Total

1936—

Total 1935-

15,697
15,728
14,325

42,035
77,500
89,582

3,503

854,202
825,862
842,571
154,821
74,085
69,830
31,645
155,077

12,918 127,588 3,008,093
5,500 83,623 2,570,523
10,763 178,975 2,603,306

844

i

Totals this week.

60,030

In addition to above exports, our

give

bales.
Receipts at—

Total

13,477 145,320
10,163 130,266
3,556 55,957

1,284

15,656

31,013

&c.

Pensacola,

170~,994

86,619
65,977

Other

China

Japan

170,634
116,619
54,208
2,700

887

Jacksonville...

Italy

many

69,255

87,994

Corpus Christi.

San

31,223 206.116

Ger¬

Great

191,710 141,282
174,054 123,807

Galveaton

New

89,894

1,541
1,006
37,921
2,979

Exported to-

From

Aug. I, 1937, to
Dec. 24, 1937

New

i",oio

97

7,231

Total.

Exports

7,383

377

Pensacola, <fcc...

San Francisco

Total

53,421
40,496
60,877

115

Mobile

Los

Other

China

Japan

6,221

11,274
4,974
13,736

"27

Italy

many

Charles...

Lake

Total

The

1937

43,323 1,473,470

City

Houston

COTTON

grams

1, 1936

42,111 1,451,484

Total

Friday Night, Dec. 24, 1937
Movement of the Crop, as indicated by our tele¬

Since Aug

Since Aug

Week

This

Week

This

Galveston

has

consumers

Stock

1936

1937

Receipts to

fully.

Wool—A better demand from

rates

following table shows the week's total receipts, the
Aug. 1, 1937, and the stocks tonight, compared

total since

Metals—The report of Copper, Tin, Lead, Zinc, Steel
and Pig Iron, usually appearing here, will be found in the
articles appearing at the end of
the department headed
"Indications of Business Activity," where they are covered
more

4135

71,538 139,333

Speculation in cotton for future delivery during the past
active, with price trend generally
lower.
In view of the general uncertainty, especially as
week has been moderately

Financial

4136
concerns

holiday feeling that prevails, trad¬
disposition to make substantial commit¬

cotton, and the

little

showed

ers

Chronicle

about

lower to 5 points net
higher.
The market opened steady at 3 to 7 points higher on
gains in both Liverpool and Bombay markets, and on fairly
active overnight buying by commission houses and by
houses with Bombay connection".
The advance, however,
attracted more pressure from the South both in hedging
operations and selling by New Orleans.
Prices quickly lost
most of their early gains.
Distant positions held relatively

call.

months, probably reflecting a growing
belief that by the end of the present season a large amount
of cotton will be tied up in Government loan and that the

of the

18th

prices closed 1 point

firmer than the near

under more drastic crop control. De¬
mand for spot cotton failed to improve materially, and the
statistical position was looked upon as unfavorable.
South¬
ern spot markets were 2 points lower to 11 points higher,
middling quotations ranging from 7.72 cents to 8.47 cents,
compared with 8.22, the closing price for March locally.
On the 20th inst. prices closed 11 to 18 points net higher.
The bulge in the market today brought prices to new high
levels for the movement.
At the close values were the best
for the day.
Contracts were comparatively scarce, and prices
advanced readily on buying for foreign account, as well as
by the trade and New Orleans.
Thr absence of any sub¬
stantial selling pressure was attributed largely to the fact
that cotton is still going into Government loans.
This cotton
will not come back on the market unless prices advance
above the loan level, plus carrying charges and a profit to
the holders.
Consequently, the weight of the large new crop
is not being felt, and the volume of hedging is very light
compared with the amount produced.
Recent increased
activities in the textile markets, one month ahead of general
expectations, have stimulated more buying despite the fact
that mills are not purchasing spot cotton except in a moderate
way, and are evidently holding off until after the annual
inventory period.
Southern spot markets were 14 to 16
points higher.
Average price of middling at the 10 desig¬
nated spot markets was 8.37 cents.
On the 21st inst^prices closed 4 to 8 points net higher.
The upward trend continued in the cotton futures market
today, owing in no small measure to scarcity of contracts.
new

crop may come

Prices advanced without much

opposition aside from some

slight liquidation and profit taking.
The market opened
steady at 1 to 7 points advance in response to further gains
in both Liverpool and Bombay and on active overnight for*eign buying.
Foreign demand came principally from Bom¬
bay and Liverpool, although there also was farily active
demand from Continental Europe.
Trade and commission
houses also were fairly good buyers at times.
Quite a sub¬
percentage of the day's operations consisted of
exchanges from January and March to the later months.
A slight improvement was noted in the demand for spot
cotton, both for domestic use and for export.
Textiles were
somewhat quieter for the day, but increased sales of late have
stantial

wide attention.
Southern spot markets
higher. Average price of middling at the
designated spot markets was 8.42 cents.
On the 22d inst.
prices closed 3 to 6 points net lower.
After showing losses
of 10 to 12 points, a steadier tone developed on covering and
spot house buying, resulting in a considerable reduction of
the earlier declines.
The market opened barely steady at
7 to 11 points net lower in response to declines in Liverpool
and under overnight hedge selling and liquidation. Liverpool
was a buyer at times, but foreign orders on the whole were
attracted
were

quite a
3 to 7 points

10

smaller

and there

was

less evidence of

Indian buying on

arbitrage.
The market moved over a narrow range during
the greater part of the day.
The advance in prices of
approximately $2.50 to $3 a bale from the levels early in the
month seemed to have brought out a little more hedge selling
in the South, but the pressure was mostly in the form of

liquidation, and during the greater part of the day the
demand was slow.
Southern spot markets were 3 points
lower to 7 points higher.
Average price of middling at the
10 designated spot markets was 8.41 cents.
On the 23d inst. prices closed 6 to 3 points net lower.
After showing a slight improvement from the initial losses
suffered at the opening, prices for cotton futures again
slumped in the late afternoon dealings.
Although the late
declines were not as pronounced as those incurred in the
early trading, the list, shortly before the end of the day's
session, showed "no real rallying tendency.
Lower, foreign
cables, especially from Bombay and Liverpool, depressed
prices on the domestic market at the opening in fairly active
dealings.

Brokers with

Bombay interests did

Buying by the Continent and the trade offset
on

i

very

little.

few hedges

the opening.

continued
Since
been

Dec.

The spread between New York and Bombay
narrow.
Activity in Worth Street continued.
11

90,000,000 yards of gray goods have
Futures in the Liverpool market closed

about

purchased.

quiet and steady.

atmosphere prevailed in the cotton market throughout the
greater part of the session, with prices barely steady in a
limited volume of business.
At the opening futures were

irregular in quiet dealings, with prices 3 points higher to 1

There was a small amount of hedging by
cooperative brokers and spot houses in May and October,
point

while

lower.

brokers

with




Continent

the

unchanged

the

at

buying came
Quotations held

Liverpool.

and

previous

levels after

closing

the

Some commission house liquidation was evidenced in

buying this

interests

trade

with

January,

delivery.

The

New York Cotton Exchange estimated that world spinners'

week

takings for the

were

from 245,000 to 255,000

bales,

compared with 212,000 a week ago and 328,000 last year.
Credit Corporation announced that through
Dec. 23 loans were disbursed by the Corporation and held

The Commodity

by lending agencies of 4,112,807 bales of cotton.
loans aggregated

average

loan of 8.37c. a

The official

The amount
$180,756,097.19 and represented an
pound.

quotation for middling upland cotton in the
day for the past week has been:

New York market each

Sat.

New York

Mon.

Tues.

8.32

Dec. 18 to Dec. 24—
Middling upland..

8.46

8.51

Wed. Thurs.
8.48
8.44

Fri.
8.45

Quotations for 32 Years

The

quotations for middling upland at New York on
Dec. 24 for each of the past 32 years have been as follows:
1937

8.45c.
12.99c.
12.00c.
1934
12.80c.
1933 ——.10.25c.
1932
5.95c.
1931
6.40c.

1929

17.25c.

1936

1928

1935

1927

20.55c.
19.75c.

9.85c.

1922

18.90c.
15.25c.
39.25c.
32.60c.
31.00c.
16.75c.
12.15c.
7.56c.

1919

12.95c.

1918

1925

19.80c.

1917

1924

24.00c.

1916

1923 ——36.35c.

1915

26.20c.

1914

1926

.....

1930

1921
1920

1913

1907

12.60c.
13.20c.
9.50c.
15.15c.
15.75c.
9.20c.
11.70c.

1906

10.55c.

1912
1911

1910
1909
1908

Premiums and Discounts for Grade and

Staple—The
table below gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries

contract on

on

Premiums and

.

discounts for grades and staples are

the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and staple premiums represent 60% of the average premiums
over %-inch cotton at the 10 markets on Dec. 23.
H

15-10

1 In. <fc

Vk

15-16

Inch

Inch

Longer

Inch

Inch

1 In

&

Longer

Spotted—

White—
Mid. Fair.

.65 on

.90

1.14

on

Good Mid

.14

on

.33

on

.54 on

St. Good Mid..

.58

on

.83 on 1.07

on

St. Mid

.05 off

.15

on

.36

Good Mid

.50

on

.75

on

.99

on

Mid....

.64 off

.43 off

St. Mid

.35

on

.61

on

.84

on

♦St. Low Mid.. 1.47 off 1.31 off 1.17 off

Mid

Basis

.25

on

.48

on

St. Low Mid

.61 off

.36 off

on

Extra

♦Low Mid

Good Mid

.75 on

.99

.61

on

.84

on

Mid

Even

.25 on

.48

on

.61 off

.36 off

.18 off

St. Low Mid

on

Yel. Stained-

1.22 off 1.05 off

Good Mid

1.38 off 1.22 off 1.12 off

2.76 off 2.74 off 2.72 off

1.71 off 1.51 off 1.42 off

♦Mid

2.40 off 2.27 off 2.21 off

Gray—
.56 off

.36 off

.80 off

Good Mid

St. Mid

.59 off

.19 off
.43 off

1.40 off 1.26 off 1.15 off

♦Mid
♦

.93 off

♦St. Mid

Good Ord. 2.15 off 2.10 off 2.04 off

Good Ord

.13 off

2.89 off 2.83 off 2.80 off

♦Low Mid

on

.35 on

♦

.29 off

.71 off
.63 off
.36 off
1.49 off 1.38 off 1.26 off

♦Mid.

♦St. Low Mid.. 2.30 off 2.23 off 2.16 off
.50

St. Mid

♦St.

.45 off

St. Mid

While—

Good Mid

Low Mid

2.24 off 2.14 off 2.06 Off

Tinged—

.18 off

1.38 off 1.22 off 1.12 off
♦St. Good Ord. 2.15 off 2.10 off 2.04 off
♦Good Ord
2.76 off 2.74 off 2.72 off

Low Mid

on

.23 off

Not deliverable on future contract

Market and Sales at New York
on the spot each day during the
indicated in the following statement.
For the convenience of the reader, we also add columns

The total sales of cotton

week at New York
which show at

closed

glance how the market for spot and futures

a

on same

are

days.
SALES

Futures

Spot Market

Market

Closed

Closed

Steady,
Steady,
Steady,
Steady,
Steady,
Steady,

Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday

1 pt. adv...
14 pts. adv.
5 pts. adv..
3 pts. dec..
4 pts. dec
1 pt. dec...

Steady
Very steady
Steady
Steady
Steady
Steady

Spot

Total

2",305

2.300

"159

100

259

2,300

2,300

...

159
4,700
4,859
33,041 110,400 143,441

Total week.
Since

Contr'ct

Aug. 1

Futures—The

highest, lowest and closing prices
week have been as follows:

at

New York for the past
Saturday
Dec. 18

Monday
Dec. 20

Tuesday

Wednesday

Thursday

Friday

Dec. 21

Dec. 22

Dec. 23

Dec. 24

Jan. (1938)

Range..

8.12- 8.18

8.14- 8.26

8.28- 8.34

8.19- 8.26

8.18- 8.28

8.20- 8.24

Closing

8.12

8.23- 8.25

8.29

8.26

8.21- 8.22

8.20- 8.21

8.26»

.

Feb.—

Range.

.

8.17n

8.29m

8.35m

8.32m

8.27m

Range..

8.21- 8.27

8.25- 8.36

8.39- 8.45

8.31- 8.39

8.29- 8.38

8.32- 8.36

Closing.

8.22

8.36

8.41

8.38- 8.39

8.34

8.33- 8.34

Closing.
March—

—

—

April—
Range..
8.24n

8.38m

8.45m

8.42m

8.37m

8.36m

Range..

8.25- 8.33

8.29- 8.44

8.45- 8.51

8.38- 8.46

8.37- 8.46

8.38- 8.43

Closing.

8.27

8.41- 8.44

8.49- 8.50

8.46

8.40- 8.42

8.39- 8.40

8.41n

Closing.
May—

—

June—

Range..
8.30n

8.43m

8.51m

8.48M

8.42M

Range..

8.29- 8.38

8.36- 8.48

8.50- 8.57

8.43- 8.50

8.43- 8.50

8.42- 8.47

Closing.

8.33- 8.34

8.46- 8.48

8.54- 8.55

8.50

8.44

8.44

8.36n

8.50m

8.57m

8.53M

8.48m

8.46m

Closing.
July—

—

Aug.—

Range..

Closing.
Sept.—

Range..

Today prices closed 1 to 5 points net lower. -.A holiday
,

25,
7

Foreign cables were better and the principal
through

ments either way.

Dec.

Dec.

New

Orleans

connections

sold

May.

8.39m

8.54m

8.60m

8.56m

8.52m

8.48n

Range..

8.39- 8.44

8.44- 8.59

8.60- 8.66

8.52- 8.60

8.50- 8.55

8.50- 8.56

Closing.

8.42- 8.43

8.58- 8.59

8.64- 8.65

8.58- 8.60

8.55

8.50

8.52m

Closing.
Oct.—

Nov.—

Range..
8.43m

8.60m

8.65m

8.59m

8.56m

Range..

8.45- 8.45

8.48- 8.63

8.64- 8.70

8.56- 8.61

8.54- 8.59

8.57- 8.58

Closing

8.45m

8.63

8.67- 8.70

8.61

8.57- 8.58

8.54m

Closing.

*

•

Dec.—

n

.

Nominal.

—

Velum•

Financial

145

prices at New York for week ending
trading began on each option:

future

Range of

Dec. 24, 1937, and since

Jan.

7.50

Apr.

Nov.

Dec. 20

8.34 Dec.

8.21

Dec.

18

8.45

Dec. 21

7.39 Dec.

8.25 Dec.

18

8.51

Dec. 21

7.60

8.29

18

8.57

Dec.

21

1938..

Mar. 1938..

5 1937
9 1937 13.94 Apr.
3 1937 13.85 Mar. 31 1937
5 1937
3 1937 13.97 Apr.

Oct.

7.69

8.14

1938..

Feb.

Range Since Beginning of Option

Range for Week

Option for—

4137

Chronicle
At

the

is,

movement—that

the

Towns

Interior

the

receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
detail below:
Movement to Dec. 24, 1936

1937

Movement to Dec. 24

1938

May 1938.

.

June

1938..

July

1938..

8 1937 12.96 Mar. 21 1937
9.63 Aug. 27 1937 11.36 July 27 1937
7.65 Oct.
8 1937 11.36 July 27 1937

Dec.

21

Oct.

Towns

ments

Week

Ship¬

24

Week

Stock

ments

Dec.

Week

Season

Receipts

Stocks

Ship¬

Receipts

Dec.

24

Week

Season

Aug. 1938..
Oct.

1938..

4 1937

8.52

Oct.

16 1937

18 1937

8.4~6

Dec.

17

7.85 Nov.

Dec. 21

8.39

Dec.

18

8.66

8.45

D~ec.

18

8.70 Dec. 21

Nov. 1938..

Dec.

1938..

8.45 Dec.

1937

Delivery—Tiie Commodity

Volume of Sales for Future

Exchange Administration of the United States Department
public each day the volume of sales

of Agriculture makes
for future

delivery and

open

contracts on the New York

Cotton Exchange and

the New Orleans Cotton Exchange,

from

compiled the following

which

figures

are

have

we

Contracts

20 Dec. 21 Dec.

18 Dec.

22 Dec.

Dec. 23

23

10,372

68

8,379

46

42,289

449

52,485

584

62,707

67,492

412

65,573

214

38,743
52,821

601

178

1,668

68,605

4,381

140,884

1,038

164,455

4,843

94,800

Forest City..
Helena

895

42,740

5,863 119,641
231 33v892

401

30,917

541

13,372

2,861

78,769

2,536

40,377

1,025

27,357

63,465

594

27,425

473

56,387
53,035

2,192

486

1,200

18,010

528

380 11,316
2,421 119.783

Hope

721

30,502

26,662

178

18,570

3,533

3,709 105,013
582 27,781

167,993

1,201

132,003
39,029

1,676

Newport

184

27,135

425

16,937

Pine Bluff...

3,504

153,680

2,424

90,323

4,345

115,066

5,018

75,671

Walnut Ridge

954

1,668

36,704

81

42,861

643

19,647

118

18

19,352
25,972

360

57,694
16,077
38,648

8,801

112,992

2,774

132,804

700

18,400

1,200

35,150

500

10,125

500

Macon

2,380

39,168

390

36,787

1,306

1,586

110

16,052

200

22,424

400

34,440
20,043

400

31,902

1,799

140,175

1,843

78,802

25

98,830

4,757

26,844

7,288

195,451
36,451

7,266

86,510

3,882

6,319

46.069

276

35,637

100

36,247

100

35.277

7,969 134,354
1,420 35,070

3,000

240,161
57.322

10,000

88,074

1,000

25,727

12,167

29

15,594
37,142

361

Ga., Albany

106

Athens

Rome

La., Shreveport
Mlss.Clarksdale

1,037

■

30.300

17,500

91,800
35,800
52,000 102,200

30,200

16.500

7,600

25,800

March

24,000

17,900

40,300

44,800

29,100

808,000

May

21,100

21,600

37,700

32,600

31,000

995,400

July.

25,100

23,600

29,500

21,900 1,039,800

All Inactive futures..

■

..

«.

-

—

—

—

9,900

—

December.

m

tmm „

10,900

25,900

20,600

88.800

200

3,600

6,400

332,500

6,300
1,500

16,000
7,100

900

Total futures

13,400

81,800 185,300 287,100 147,500 106,300 3,219,300

*

(1937-38):
3,650

100

150

200

103,900

4,800

9,200

7,350

12,850

5,150

May

4,900

7,150

10,250

10,600

4,700

Not

July

3,750

4,450

17,300

14,950

9,850

avail¬

All Inactive futures..

M

—

-

«

-

*•

-

93,950

Vicksburg...
City..

1,761
1,225

43,532

1,715

24,307

645

65,020

1,351

39,844

84

Mo., St. Louis.

4,767

83,015

4,767

2,360

11,869

169

2,685

235

3,072

140

50,912
169,657
5,953

8,928
4,817

445,431

15,771 224,265
3,079 78,713
84,056 688,508

2.823

165,099

4,000

123,114

280

320

100

43,313
16,487

100

49

13,124

75

1,565

81,672
89,654

616
724

Yazoo

15

towns *..

S. C.,Greenville
67,879
Tenn.,Memphis 100,013 1,603,850

Abilene

Texas,

Dallas..

...

164,000

1,193

San

7,900

7,500

7,600

7,250

89,100

250

Total futures

50

550

150

200

16,650

29,050

46,300

43,150

463,800

27,250

Supply of Cotton tonight, as made up by

telegraph, is

Foreign stocks

follows.

as

this week's returns, and

as

well

consequently all foreign

brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
only.
are

*

16,723

1,803
11,869

20,378
1,252

170

2.741

788,000

583,000

860,000

168,000

95,000

95,000

74,000

1,054,000
196,000

883,000
189,000

301,000

baies.

244,000
18,000

934,000
320,000
157,000
31,000
80,000
54,000
15,000

8,000

1936

Stock at Venice and Mestre

56,000
19,000

19,000
9,000

Stock at

12,000

3,000

2,000

Stock at Havre

17,000

Stock at Rotterdam
Stock at Barcelona
Stock at Genoa

Trieste..

601,000

Stock in U. S. interior towns
U. S. exports today

329,000
572,000
-3,135,681
2,663,852
51,201

482,000

543,000

665,000

154,000
127,000
157,000
320,000
339,000
388,000
475,000
417,000
694,000
2,754,146 2,782,281 3,018,053
2.253,715 2,382,257 1,911,138
11,748
46,934
17,591

9,100,734 8 013,452 7,881 ,472 7,818,939

Total visible supply

Of the above, totals of American

and other descriptions

are as

ollows:

American—

Havre stock.

Other Continental stock

American afloat for Europe
U. S. port stock
U. S. interior stock

today

Total American

244,000
45,000"
271,000
134,000
109,000
218,000
.3,135,681 2,754,146 2,782 ,281 3,018,053
2,663,852 2,253,715 2,382 ,257 1,911,138
11,748
...
51,201
17,591
46 ,934

20,554

1,526

.

totals

above

the

45,000
54,000
38,000
29,000
93,000

24,000
54,000
15,000
50,000
75,000

29,000
49,000
23,000
79,000
93,000

Egypt, Brazil, &c.f afloat

160,000

127,000

157,000

154,000

Stock in Alexandria, Egypt

329,000
572,000

388,000
694,000

320,000
417,000

339,000
475,000

...

Stock in Bombay, India...
Total East India, &c

Total American

•

622

mm

190

1,137

1,201
2,780

11.083

5,788

that

show

interior

the

stocks

have

same

week last year.

Overland Movement for the Week and Since Aug. 1

We give below a statement showing the overland
for the week and since Aug. 1, as made up from

reports Friday night.
The results for the
Aug. 1 in the last two years are as follows:

telegraphic

week and since
1936Since

Since

Week

—

movement

1937
Dec. 24—

Shipped—

Aug. 1

Week

Aug. 1

4,767
1,550

83,199
67,745

11,869
4,876

189

1,884
2,382

250
373

3,145
51,347

79,791
416,465

3,681
20,000

170,283
90,043
3,174
6,301
90,868
346,520

..60,998

Via Mounds, &c
Via Rock Island

651,466

41,049

707,189

145

11,075
4,239
107,501

217

6,019

8,814

199,529

....

Via Louisville
Via

-

Virginia points

Via other routes, &c

Deduct Shipments—
239

Between interior towns

2,212

13,817

2,596

122,815

9,031

219,365

-58,402
Leaving total net overland*....58,402

528,651

32,018

487,824

Total to be deducted

*

..

Including movement by rail to Canada.
In

528,651
2,410,000

Aug. 1
4,839,411
487,824
2,655,000

8,291,009
1,842,297

271,337
*36,752

7,982,235
1,070,948

5,352,358

58,402
24.105,000
302,735
23,429

Net overland to Dec. 24

Southern consumption to Dec.

Southern mill takings
consumption to Dec. 1
of

*

875,378

408,315

326,164

Came into sight dining week
5.
Total in sight Dec. 24

North

Since

Week

119,319
32,018
120,000

Aug. 1

Week
Receipts at ports to Dec. 24.——139,333

over

-1936-

—1937Since

Sight and Spinners'
Takings

234,585

9.9~28~,56i

10,541",621
672,075

spinn's takings to Dec. 24. 33,247

45,351

905,502

Decrease.

Movement into

sight in previous
Bales

Week—

44,000
24,000
29,000
34,000
69,000

—

«•

76,168

Interior stocks in excess

616,000

Continental stock
Indian afloat for Europe

13,696

979

645

Excess

279,000

Other

9.800

-

182,0674,693,803158,6382663852448,4S34.551,473'l85,2352253715

71 ,000
158 ,000
72 ,000
94 .000
480 ,000

504,000

Havre stock

1,550

«•

320

304 ,000

375,000

Bremen stock

2,048

67,406

-

21.592

50,000
135,000
206,000
20,000
321,000

East Indian, Brazil, cfee.—

stock

72,847

997

343

284,000

7,464,734 6,041,452 6,490,472 5,961,939

-

1,450

27,378

40,360
84,595

124,000
162,000
272,000
80,000
465,000

Liverpool stock

18.338

4,980
1,953
2,300
10,170

332

Total marketed

Bremen stock

460

8,180
34,207

511,000

bales.

Liverpool stock
Manchester stock

200

5,863

during the week 23,429 bales and are tonight
410,137 bales more than at the same period last year. The
receipts of all the towns have been 33,584 bales more than

1,655,000 1,365,000 1,221,000 1,599,000
75,000
93,000
93,000
69,000
218,000
480,000
321,000
American cotton afloat for Europe
465,000

Stock in Bombay, India
Stock in U. S. ports

15,540

increased

Total European stocks
India cotton afloat for Europe

160,000

500
225

236

..

Egypt, Brazil,&c., afl't for Europe
Stock in Alexandria, Egypt

1,669

488

._

80,914

3,016

190

..

Total Continental stocks

4,000

94,563 678,407
625

928

Via St. Louis

678,000
212,000
187,000
16,000
42,000
75,000
9,000

Total Great Britain

Stock at Bremen

6,901 102,974

Includes the combined totals of 15 towns In Oklahoma.

1934

1935

1937
886,000

Dec. 24—

Stock at Liverpool
Stock at Manchester

Manchester

4.572

1,485

37,463

7,432

Waco..

4,200

♦Open Contracts Dec. 22.

U. S. exports

40,465

648

"24

Antonio.

Texarkana

74,096 1,804,311

8,558

15.657

Robstown

The

figures

500

35.600

able

-

2,800

December

are

141,429

317

Total, 56 towns

New crop (1938-39):
October

afloat

3,018432.028

16,728

Paris..

....

-

300

150

March

as

150,593

677

Brenham

January..

The Visible

2.843

Natchez

Austin
New Orleans

cable and

979 142,053

325

Oklahoma—

New crop (1938-39):
October

Current crop
December

4,000197,455

446

8,452

-

7,800

12,766
22,120
186,955

N.C.,Gr'nsboro

"

January

595

4,365
20,000

Jackson

(1937-38):
'm

18,722

240 35,771
2,400 145,712

255,466
60,943

Greenwood..
#

3,028

60,928

1,112

44,855

Little Rock..

Jonesboro

Columbus

New York

Current crop
December

38

177

Selma

Eufaula

665

52,666

2,348

Augusta
Columbus
Open

17 Dec.

9,439

Montgomery.

Ala., Blrmlng'm

Atlanta

The

table.

given in bales of 500 lb. gross weight.

Dec.

30

54,244
10,707

Ark. Blytheville

Sept. 1938.

years:

Since Aug. 1—

Bales
9,563,416
6,330.404
9,083,693-

315,431 1935
184,518 1934
254,280 1933

1935—Dec. 27
1934—Dec. 28
1933—Dec. 29

Quotations for Middling Cotton at Other Markets —
are
the closing quotations for middling cotton at

Below

Southern and other

principal cotton markets for each day

of the week:

1,636,000 1,972,000 1,391,000 1.857,000
7,464,734 6,041,452 6,490,472 5,961,939

Closing Quotations for Middling Cotton on—
Week Ended

Total visible supply
Middling uplands, Liverpool
Middling uplands, New York

Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple.s'fine.Liv

9,100,734 8,013,452 7,881,472 7,818,939
4.88d.
7.01d.
6.41d.
7.20d.
8.45c.
12.99c.
11.90c.
12.85c.

9.33d.
4.05d.
6.13d.
4.20d.

11.14d.

9.89d.

9.45d.

5.68d.
8.46d.
5.72d.

5.81d.

5.99d.

Continental imports for past week have been 152,000 bales
The above figures for 1937 show an increase over last
week

bales, a gain of 1,087,282 over 1936, an
1,219,262 bales over 1935, and a gain of

of 85,737

increase

of

1,281,795 bales from 1934.




Saturday Monday

Dec. 24
Galveston

8.14

New Orleans

8.33
8.22

8.28
8.49

Tuesday
8.35

Wed'day Thursday
8.32

8.29

Friday
8.29

8.52

8.59

8.54

8.56

8.36
8.61

8.44

8.41

8.35

8.34

8.47

Mobile

8.64

8.59

8.45

8.60

8.65

8.65

8.60

8.60

Montgomery

8.30

8.45

8.50

8.45

8.45

Augusta
Memphis

8.47

8.61

8.66

8.50
8.63

8.59

8.58

8.10

8.25

8.30

8.30

8.25

8.25

Houston

8 15

8.30

8.35

8.35

Little Rock

8.05

8.20

8.25

8.30
8.20

Dallas..

7.72

7.86

7.91

8.25
7.88

7.84

8.30
8.20
7.83

Fort Worth

7.72

7.86

7.91

7.88

7.84

7.83

Savannah

Norfolk.

,

,

8.66

8.58

4138

Financial

Chronicle

Dec.

The revised total of cotton ginned this season prior to

New Orleans Contract Market

25,

1937

Dec. 1 is 16,177,283

b&los

CONSUMPTION.
Saturday

Monday

Tuesday

Wednesday

Thursday

Friday

Dec. 18

Dec. 20

Dec. 21

Dec. 22

Dec. 23

Dec. 24

(1938) 8.23&-8.25a 8.365-8.38a
February

Jan.

8.40

Bid.

8.35

Bid.

8.31

Bid.

8.33

bid

.

8.33

8.48- 8.49

8.52- 8.53

8.49

8.44

8.46

8.36

8.52

—

8.69

8.54

8.50- 8.51

8.52

8.41

March

8.57

—

8.63

8.58

8.546-8.55a

May
June

July
August.
October

during the month of November, 1937 amounted to
484,819 bales. Cotton on hand in consuming establishments on Nov. 30.
was 1,656,109 bales, and in public storages and at compresses 11,549,448
bales. The number of active consuming cotton spindles for the month was
22,791.550.
The total imports for the month of November, 1937, were
9,115 bales and the exports of domestic cotton, excluding linters, were
796,985 bales.
World statistics
The world's production of commercial cotton, exclusive of linters, grown
in

—

September
8.73

8.65

8.50

..

8.66-

8.64

8.67 8.625-8.63a

November
December. 8.525-8.54a 8.675-8.69a 8.755-8.770 8.695-8.710 8.656-8.67a 8.676-8.69a
Tone—

Spot

Steady.

Steady.

Steady.

Steady.

Steady.

Steady

Options...

Steady.

Steady.

Steady.

Steady.

Steady,

Steady

EXPORTS

STATES

Cotton consumed

8.55

April

IMPORTS AND

STOCKS,

—UNITED

v

1936,

compiled from various

as

30,204,000 bales, counting

sources was

American in running bales and foreign in bales of 478 pounds lint, while the
consumption of cotton (exclusive of linters in the United States) for the
year ended July 31, 1937, was 30,820,000 bales.
The total number of
spinning cotton spindles, both active and idle, is about 149,000,000.

Year

Book Issued by New York Cotton Exchange—
consumption of cotton in the 1936-37 cotton season
reached the all-time high record of 30,991,000 bales, according

World

the Cotton Spinning Industry for No¬
1937—The Bureau of the Census announced on
Dec 21 that, according to preliminary figures 26,706,930
cotton spinning spindles were in place in the United States
on Nov.
30, 1937, of which 22,791,550 were operated at
some time during the month, compared with 23,724,272 for
October, 23,886,948 for September, 24,353,102 for August,
24,394,300 for July, 24,558,398 for June, and 23,814,292
for November,
1936.
The aggregate number of active
spindle hours reported for the month was 6,482,657,746.
Since the inauguration of this inquirv in 1921, the average
hours of operation for the day shift for all of the mills was
used in computing the monthly percentage of activity.
The
hours of employment and of productive machinery ~ are not
uniform throughout the industry.
However, in order that
the statistics may be comparable with those for earlier
months and years, the same method of computing the per¬
centage of activity has been used.
Computed on this
basis the cotton spindles in the United States were operated
during November, 1937, at 105.2% capacity on a singleshift
basis.
This
percentage compares with 111.1 for
October, 124.1 for September, 130.5 for August, 121.9
for July, 136.6 for June, and 130.4 for November, 1936.
The average number of active spindle hours per spindle in
place for the month was 243.
The total number of cotton
spinning spindles in place, the number active, the number
of active spindle hours, and the average hours per spindle
in place, by States, are shown in the following statement:
Activity in

vember,

Active Spindle

Spinning Spindles

Hours

for November

a

review

Year

Dec.

In Place

Active Dur¬

Nov. 30

ing Nov.

Total

Spindle in Ptace

United States

26,706,930

22.791,550

6,482,657,746

243

Cotton-growing States
New England States.

18,772,484
7,108,290
826,156

17,381,936

5,376.058,428

286

4,762,054
647,560

994,612,031
111,987,287

136

1.916,246
671,880

1,650,598

476,698,598
90,646,594

249

3,237,918

2,996,956
573,916
2,333,838
164,152
530,102
279,924
5,535,428
720,970
5,405,986
580,248
215,556

905,551,036

—

—

Average per

Georgia
Maine

706,256

Massachusetts

3,940,180

Mississippi
New Hampshire

207,636
674,646

New York

378,020
6,035,574

North Carolina
Rhode

Island

1,016,816

South Carolina

5,690,780
601,752
256,394
633,824

Tennessee
Texas

Virginia
All other States

739,008

550,766

the

trzde

of

New

140

135

the world had

World production of cotton during the season of 1936-37 reached the
extraordinary total of 30,700,000 bales, according to statistics in the book.
This total consisted of 12,375,000 bales produced in the United States
and 18,325,000 produced in foreign countries.
Thus, the United States
contributed 40% and foreign countries 60% to the world total.
As the cotton trade entered the 1937-38 season, it became increasingly
evident that both the United States and foreign countries in the aggregate
were making larger crops than in the 1936-37 season, while, in some sections
of the world spinning industry at least, the prospects were that consumption
of cotton during the season would not be so large as in the season that
had just closed.
Thus the world cotton trade has found itself facing a large
excess of prospective supply over prospective consumption of the staple.
The relationship between the prospective supply and prospective demand
this season is comparable to the relationships prevailing in the early
"thirties," it is stated.
The "Cotton Exchange Year Book" was prepared under the direction
of Alston H. Garside, economist of the Exchange.
It contains compre¬
hensive statistics on world supply and world distribution of American
and foreign growths of cotton, prices of cotton, yarn, and cloth, mill
activity, and other data of interest from a cotton market standponit.

Death

of C. M.

Exchange*—Was

Story, Member of
Associated

Co.—Clifford M. Story, member of the New York Cotton
Exchange, who has been associated with E. .J. Schwabach
& Co., New York, since 1930, died on Dec. 17 at his home
in Hackensaek, N. J.
He was 54 years old.
A native of
Norwich, Conn., Mr. Story began his career in 1903 with
Robert Moore &

Co.

and

1921

he

became

change.

Louisiana......
Missouri—
New Mexico

North Carolina.
Oklahoma
South Carolina.
Tennessee.....
Texas

Virginia.

...

...

AU other States.

Some

H.

Through

Loans

Dec.

of

16

Commodity

Aggregated

Corporation
CCP

by the corporation and held by lending agencies
bales of cotton.

102

1,497,044,672

248

141,830.248

139

342

204,716,472

340

68,075,712
182,976,108

266

619,526

567,584

122,512,301

166

289

Crop of 1937 Prior to Dec. 13—

Dec.

on

that

17

1936

1935

11,699,116

9,754,578

i ,544,424
196,594

1,127,832

1,612,775
587,801
35,026
1,443,014
1,026,438
2,315,119
317,925
129,723

1,243.324
379,317
27,611.
1,052,925
740,491
1,844,911
297,355
94,760
522,795
283,257
729,115
416,190
2.752,426
27,737
12,200

1,025,944
102,083
782,455
190,534

683,392
965,409
533,295
4,630,438
35,947
15,685

146,870

Included in the above

Cotton

of

26.435

1,036,507
539,808
1,218,730
162,388
56,737
554,709
435,737
720.701

300,288

2,570,409
24,778
6,335

are

8,555 bales of

American-Egyptian/or 1937, 12,226 for 1936. and 13,563 for 1935; also

3,777 bales of Sea-Island for 1937.
The statistics for 1937 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.

Loans"

on 3,820,445
aggregated $168,average loan of 8.39 cents

240,303.08 and represented an

pound.
Figures showing the number of bales
been made by States are given below:

per

State
Alabama

„

...

Arkansas
California
Florida

Georgia
Louisiana....

Mississippi

which loans have

on

State

Bales

636,042
15,995
457,830
6,350
936
354,024
193,658
392.684

Bales

Missouri
New Mexico
N. Carolina
Oklahoma
S. Carolina
Tennessee
Texas...

--

:

-

Virginia

—

71,322
18,437
50,254
65,175
178,147
191,423
1,181,611
6,557

Returns

by Telegraph—Reports to us by telegraph this
evening indicate that it is now the belief among the cotton
trade that the crop will not be as large as the last estimate.
Rain

♦16,811,781

738,776

"Advices

The amount of the loans

Texas—Galveston

Rainfall

Days

Inches

High

2

GINNING

♦




Credit

$168,240,303—The

181

Includes 142,983 bales of the crop of 1937 ginned prior to Aug. 1 which was
counted in the supply for the season of 1936-37, compared with 41,130 and 94,346
bales of the crops of 1936 and 1935.
The statistics in this report include 297,891 round bales for 1937,270,619

for 1936 and .238,547 for 1935.

In

Cotton Ex¬

years later he became a partner in the firm
Hooper & Co. and upon the liquidation of their
business, he became associated with E. J. Schwabach & Co.
in 1930, and at the time of his death was still in their employ.

of R.

0.59

62
58
62
60
70
66
66

.

Amarillo

dry

Austin

2
2

Brownsville

Corpus Christ!

1

0.04
0.82
0.85
0.12

2

..

Dallas
Del Rio

0.14

2

.

0.94
0.74

3

_

1.30

4

El Paso
Houston
Palestine
Port Arthur

-

.

64

58
62

2

.

San Antonio

1.38

58

1.24

64

0.76

66

0.28

54
58

3

.

Oklahoma—Oklahoma City-

51

30
48
46
38

45
54
56
47

36
30
42
36
42
38
30
32
34

*

50

44
52
47
53
52
41

1

1.08

68

44

2.11

66

0.59
1.42

64

40
40
36

48

2

.......

1.72
0.64
0.19
0.28

3

.

3
3

-

.

Miami

dry
1

Pensacola

3

-

North Carolina—Charlotte..
Asheville

40
38
38

53
49
54
59

68
53

59
54
48

3

3
3

.

.

1.26

64

30

47

0.68

22

40

70

2

1.30

3

.

-

78
78
66
80
71
66

47

30
30
32
37

1.14

58
64
72
66

5

1.46

62

1.24

Raleigh
Wilmington.......

68
72

37
30
36
40
58

53

66
68

3
.

0.66
0.44
0.89
1.02
1.48

60
69

1.00
0.26

3
3

.

...

Tennessee—Chattanooga
Nashville

54
41

40

2

.

Alabama—Mobile

Macon
South Carolina—Charleston

45

24

3

Orleans

Tampa
Georgia—Savannah
Atlanta.
Augusta

-Thermometer——
Low
Mean

48
46
56

2

1.75

Shreveport
Mississippi—Meridian
Vicksburg
Birmingham
Montgomery
Florida—Jacksonville

52

dry

:

Arkansas—Fort Smith..
Little Rock

Louisiana—New

»

1

__

Georgia

York

259

1937

Mississippi.....

New

38,629,281

State

Florida..

associated with them until

was

member of the

a

Abilene

....

New York Cotton
J. Schwabach &

announced

Running Bales (Counting Round as Half
Bales and Excluding Linters)

Arkansas......
California

E.

with

received by it through Dec. 16,1937, showed loans disbursed

Number of bales of cotton ginned from the growth of 1937 prior to Dec. 13,
1937, and comparative statistics to the corresponding date in 1936 and
1935.
•

Arizona

26,-

as

114

in full:

Alabama...

much

256

linters) ginned from the crop of 1937 prior to Dec. 13, com¬
pared with 11,699,116 bales from the crop of 1936 and
9,754,578 bales from the crop of 1935. Below is the report

United States...

as

280

1,948,055,807

COTTON

used

never

000,000 bales in any one season.
An announcement by the
Cotton Exchange bearing on the new year book, also said:

180,961,497

Census report issued on Dec. 20, compiled from the
individual returns of the ginners, shows 16,811,781 running
bales of cotton (counting round as half bales and excluding

ON

"Cotton

tenth

448,959,403
53,786,064
122,213,953

The

REPORT

the

in

York, Cotton Exchange, issued

The previous high record, established in the
immediately preceding, was 27,708,000 bales.
Prior

that season,

to

the

Arizona

Cotton Ginned from

contained

20.

season

Cotton
Alabama

Connecticut

of

Book"

1916, when he joined the firm of R. H. Hooper & Co.

State

All other States

to

.

.

32

50
49

53

34

48
53

32

49

30

46

4139

Financial Chronicle

Volume 145
The

following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8

a.

m.

Dec. 24, 1936
Feet

Dec. 24. 1937
Feet
>
New Orleans.

Above

zero

of gauge.

Memphis

Above

zero

of gauge. ^

•

Nashville...
Shreveport

Above

zero

of gauge.

-

Above

zero

Vicksburg

Above

zero

of gauge.
of gauge.

Receipts (cantars)
This week
Since

1.7

1.4
10.8
17.6
16.8
—1.2

,

8.4
12.2
7.0
10.7

330.000
5,649,426

Aug. 1

This

Week

Exports (Bales)-—

Receipts from the Plantations—The following table
indicates the actual movement each week from the planta¬

I

Receipts at Ports

Received from Plantations

Stocks at Interior Towns

Ended1937

|

1936

1937

1936 j 1935

1937

1935

|

1935

1936

Sept.
24..

Liverpool
To Manchester, &c

To Continent and India
To America.

This

Since
Aug.
1

411,538814,287336,897 1,245.539 1,677,8621,610,222 606,163 492.874 532,615

Total exports

240,000
5,710,868
This
Week

Since

Week

Aug.

7,000

9,000 87,627
9,000 80,462
22,000 324,660
1,000 12,100

.

.

600,000
6,049,409

96,954
86,065
268,707
12.302

23",660

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

1935

Dec. 22

To

tions.

1036

1937

Alexandria, Egypt,

the dates given:

on

30~000

41,000 504,849

1

Since

Aug.

1

8,000 116,387
9,000 75,546
17,000 342,870
3,000 18,695

464,028 37,000 553,498

Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Dec. 22 were
330,000 cantars and the foreign shipments were 41,000 bales.

Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady, on account of the holidays.
We give
prices today below and leave those for previous weeks of
this and last year for comparison:

Oct.
1.. 479.801319.754326.252 1.490,564 1,832,0261,784.489 724,826473,918500,419
8.. 441.721330.033 387.060 1,715,693 i;080;336ii;990;723 666.850478.343 593.294
15_. 379,066 370,723,372,945 1.904,035 2,098.733:2.132,345596.889489,120514.566

1937

Dec.

-

3.. 169.362 211,898258.950 2,545,908 2,366.6172.358,279213,711 181,327 266.804
10.. 165,506

133,018177.455!2,610.850 2,327,9532,369.180230,448

94,354 188,356

143,595!188,14312,640,423 2,290,46712,371.801199,284 106,109 190,764
24.. 139,333 119,319158,8122,663,852 2 253,7151,911,138162,762 82, 567169,268
17.. 169.711

The above statement shows:

(1) That the total receipts
plantations since Aug. 1, 1937, are 7,192,938 bales;
in 1936 were 5,902,830 bales and in 1935 were 6,483,511
bales.
(2) That, although the receipts at the outports the
past week were 139,333 bales, the actual movement from
plantations was 162,762 bales, stock at interior towns
having increased 23,429 bales during the week.
from the

193567

ings, Common

Twist

Nov.

Cotton

32s Cap

323.319378.683 405,164 2,051.912 2,179,663:2,220.751471,196 483,163 493,570
29.. 313.437)385,111372,149 2.129.804 2,266,371:2,253,100.391,329 471,919 404.498
5.. 263.182 259,641363.686 2.226.923 2,301,784'2,287,554 388,719 295.054 398.140
12.. 245,688 264,096330.485
2,342,8862,316,783 406,335 305,108 359,714
19.. 195.034 251,440271.993 2,459" 694 2.373,757 2,321,538 267,158 282,311 276,748
26-. 160.560 1217,563222,432 2.501,559 2.397.1882.350.425202,425 240.994 251,319

1936

8H Lbs. Shirt¬

22_.

to Finest

Middl'g
Upl'ds

d.

v

s.

d.

d.

s.

814 Lbs. Shirt¬

Cotton

32s Cap

ings, Common

Twist

to Finest

Middl'g
Upl'ds

d.

d.

b.

d.

d.

s.

e.

8ept.
24„

10

11H@13

0

©10

3

5.08

10H@11K

10

0

@10

0
0

3

6.73

@10

3

7.02

@10

3

Oct.
9 10H@10

IX

4.89

10X@10
9 10H@10
9 10H@10

1X

4.82

1%
IX

4.89

10K@11 H 10
11
@1214 10
11
@1214 10
10
1014 @12

4.83

10J4@12

10

9

10^@10
10X@10

IX

4.55

11

@12

10

IX

4.63

11

6.71

IX
IX

4.55

11

3

@10

6

6 78

4.64

11

@1214 10
@1214 10
@1214 10

7!4@10 10!4
@11 0

10X@10
10X®10

9

@11

0

6.72

10«@11^

9 10H@10

4.65

11!4@12M 10

9

6.81

9 10H@10

4.70

11H @1254

10

9

4X

6.93

17- 10X@11H

9 1014@10
9 10H@10

IX
114

4.81

ll!4@l2 54

10

6

9

6.88

4.88

11!4@1254

10

6

@11
@10
@10
@10

0

10- iox@nx

IX
IX

9

7.01

1__ lltf @12H
8—

9

15..

9

11H@12^
11X®12%
22.. 11X@12X
29.. 11K@12K

9

@10

4.75

6.86

4X@10

7X

6.99

3

6

6.96

0

6.81

9

@10
@11

Nov.
5— 10% @12
12„

10K@12H

9
9

19- 10H@12
26.. 10^@12

9

9

6 92

Dec.
3—

24-

10X@U%

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

Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 206,116 bales.
The shipments in detail, as made

for the last two

up

seasons

from all

from which statistics

sources

Cotton Takings,

or

amounts gone out of

1936

1937

Week and Season

are as

follows:
Bales

•

GALVESTON—To Copenhagen—Dec. 17—^Taurus, 594—Dec. 20
—Gand, 493—Dec. 21—Tampa, 789-1,876
To Bremen—Dec. 17—Wasgenwald, 2,216---Dec. 18—Meanticut, 10,283
12,499
To Hamburg—Dec. 17—Wasgenwald, 37—Dec. 18—Meanticut, 449
486
To Genoa—Dec. 17—Conness Peak, 2,554—Dec. 23—Mornrosa, 3,667
6,221
To Oslo—Dec. 17—Taurus, 200—Dec. 21—Tampa, 300
500
—

Week

Visible supply Dec. 17
Visible supply Aug.
1

Season

Week

9,014,997

Season

8.031,357

4,899*258

4,339",022

American in sight to Dec. 24.

326", 164

Bombay receipts to Dec. 23—

80,000
24,000
66,000
11,000

Other India ship'ts to Dec. 23
Alexandria receipts to Dec. 22
Other supply to Dec. 22 *b

234", 585

656.000
245.000
1,212,200
223,000

To

9,928,561

134,000

10,541,621
392,000
150,000
1,123,200
183,000

120"656
15,000

Gdynia—Dec. 17—Taurus, 787—Dec. 20—Gand, 214-.Dec. 21—Tampa, 1,284

To

9,522,161 16,728,843

To Gothenburg—Dec.
764...

To China—Dec.

9,100,734

8.013,452

7,628,109
5,494,309

521,490
313,490
208,000

9,150.567
6,978,367

ggg

8,013,452

421,427
287,427
134,000

17—Taurus,

498

—

700—Dec.

21—Tampa,
1,464

-

16—Siljestad,

1,638.—Dec.

16—Siljestad,

4,676---Dec.

5,334...

8.534,942 17,164,019

9,100,734

2,285
1,963

Oporto—Dec. 17—Conness Peak, 1,963-

To Leixoes—Dec. 17—-Conness Peak, 498

To Japan—Dec.

Total supply

Deduct—
Visible supply Dec. 24

23—Friesland,
6,972

-

23—Friesland,

.

Liverpool—Dec. 18—Tana, 4,620
Press,,718
To Antwerp—Dec. 18—American Press, 450
To Havre—Dec. 18—American Press, 5,705
To Rotterdam—Dec.
18—Tana,
531
American Press, 300
To Porto Colombia—Dec. 17—Margaret Lykes, 573
To Havana—Dec. 17—Margaret Lykes, 26—
To Buena Ventura—Dec. 17—Margaret Lykes, 90
HOUSTON—To Copenhagen—Dec. 18—Taurus, 156 Tampa, 561
Dec. 19—Gorm,307
To Gdynia—Dec. 18—Taurus, 563; Tampa, 916-.-Dec. 19—
To

Total takings to Dec. 24.o
Of which American
Of which other

2,133,800

♦

Embraces receipts in Europe from Brazil, Smyrna,

a

This total embraces since

2,172,200

West Indies, Sec.

Aug. 1 the total estimated consumption by

Southern

mills, 2,410,000 bales in 1937 and 2,655,000 bales in 1936—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 5,218,109 bales in 19 37 and 6,495,567
of which 3,048,309 bales and 4,323,367 bales American.

bales in 1936,

To Ghent—Dec. 18—American

India Cotton Movement from All Ports—The

receipts

Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
for three years, have been as follows:

5,450

1935

Aug. 1

Since
Week

Since

Week

Aug. 1

392,000 134,000

046,000

38,000

To
To

550,000
To

Since Aug. 1

For the Week

Contir
nerd

To

j China

To

Great

Jap'n&
Total

Contir

Japan &

Britain

nerd

China

Total

To
To

To

2"666

8,000

80,000

6,000

13,000

18,000

18,000
17.000

10.000

3",65o

12,000

6*666

2,000

138.000

226,000

83,000,

379,000

480,000

101,000

290,000

408.000

40,000

104.000

150,000

102,000

143,000,

78,000

24,000

12,000 [12,000

129,000

245,000
207,000

36,000

54,000

184,000

6*656
2*555

6,000

120 000

12,000

18,000

95,000

220,000
230.000

22,000

138,000
379,000
290,000

376,000

725,000

According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
54,000 bales. Exports from all India ports record an increase
of 30,000 bales during the week, and since Aug. 1 show a
decrease of 349,000 bales.
Receipts




and

8,408
1,387

29

207
7,777
8,030
1,669
5,167
223
3,054
150
33
685
337

Dec.17
2,620

1,743
2,746

To Durban—Dec. 22—-Kata In ten, 50
To Tallin—Dec. 16—Bumendijk, 50

To
To
To
To

50
50
Havre—Dec. 15—West Cohas, 6,209
Dec. 17—Gand,
800
Dec. 18—Minnie De Larrinaga, 4,730
11,739
Dunkirk—Dec. 18—Minnie De Larrinaga, 6.549; Gand, 988
7,537
Genoa—Dec.
17—Monstella,
2,751..-Dec.
18—West
Tacora, 1,235
—
3,986
Venice—Dec. 18—West Tacora, 913.
913
Trieste—Dec. 18—West Tacora, 100.
100

To

Naples—Dec. 17—Montella, 100
Japan—Dec. 17—Freesland, 1,813
Liverpool—Dec. 17—Astor, 7,917..
To Manchester—Dec.17—Actor, 5,825

100
1,813

To

To

—

To Havana—Dec. 12—Sixaola, 250
To Saint

To

Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two years:
Alexandria

—

Antwerp—Dec. 16—Bumendijk, 50—-Dec. 18—Gand, 150;
Dec. 18—Minnie De Larrinaga, 1,543
To Rotterdam—Dec. 15—West Co has, 1,923—Dec.
16—
Bumendijk, 823

615.000

decrease

1,765
436

To

Total all—

3"666

...

NEW ORLEANS—To Ghent—Dec. 16—Bumendijk, 761
—Gand, 1,859

To

14,000

1,024

24
21

To

To

1936

1935—

-

26
90

40

To

To

80,000

Bombay—

1937.

-

718

450
5,705
831
573

To

Aug. 1

Exports

1935

-

18—Siljestad, 868—Dec. 20--Friesland, 51914—Margaret Lykes, 40
a
Havana—Dec. 14—Margaret Lykes, 24Val Paraiso—Dec. 14—Margaret Lykes, 21
San Jose—Dec. 14—Margaret Lykes, 29——
Puerto Colombia—Dec. 14—Margaret Lykes, 207
Liverpool—Dec. 20—Tana, 2,792.--Dec. 23—Sapinero,
4,985
Bremen—Dec. 21—Meanticut, 3,076—Dec. 22—Nasgenwald, 2,414--.Dec. 23—Ditmar Koel, 2,540
Hamburg—Dec. 21—Meanticut, 30—Dec. 22—Nasgenwald, 1,636; Ditmar Koel, 33
Havre—Dec. 21—Leto, 5,167
Rotterdam—Dec. 20—Tana, 223
Dunkirk—Dec. 21—Leto, 3,054
Lisbon—Dec. 21—Meanticut, 150
Manila—Dec. 20—Friesland, 33
Ghent—Dec. 21—Leto ,685
Antwerp—Dec. 21—Leto, 337—
— -

Since
Week

Bombay

1937

-

g §4.4
4,620

To Buena Ventura—Dec.

Dec. 23

Receipts—

Britain

—

-

To China—Dec.

To

1930

1937

Grea

—

To Gothenburg—Dec. 18—Taurus, 200; Tampa, 236
To Japan—Dec.
18—Siljestad, 2,958—Dec. 20—Friesland,

of Indian cotton at

From—

...

—

Gorm, 286

b Estimated.

I

from mail and telegraphic reports,
»

obtainable; also the Takings
sight for the like period:
are

To

To
To
To
To

To

To

Phelip—Nov. 15—Tivives, 350
Marseilles—Dec. 21—Recca, 35
Bremen—Dec. 20—Lipp, 5,737—
Hamburg—Dec. 20—Lipp, 1,439
Valparaiso—Dec. 22—Amapal, 600—
Oslo—Dec. 21—Agra, 100—
Gdynia—Dec. 21—Agra, 2,677
Sweden—Dec. 21—Agra, 2,400
Abo—Dec. 21—Agra, 150—

—...

7,917
5,825
250
350
35
5,737
1,439
600
100
2,677
2,400
150

Bales

17—Binna, 1,041
Hamburg—Dec. 17—Binna, 400
'
1™ To Gdynia—Dec. 24—Taurus, 100
MOBILE—To Liverpool—Dec. 12—Ohancellar. 828...Dec.

11—Minnie De Larrinaga, 350

—-

1,462

1,462

27
780

To Rotterdam—Dec. 12—Dorothy Cahill, 27—-—
SAN FRANCISCO—To Great Britain—(?), 780
To

Germany—(?), 2,000—
To Jftp8rn,™-(?), 97 ................

2,000

—

97

.......... ... ....... ...

r*
To Chile— (?), 102.-..--.
— --NORFOLK—To Liverpool—Dec. 21—Manchester Exporter,
To Manchester—Dec. 21—Manchester Exporter, 304...

102

— ....

527

To Bremen—Dec. 24—City of Havre,

20—Vancouver, 3,965

y
To

Liverpool—Dec.
City, 21,800—-

.

-

—

-

higher. The Liverpool wheat market, although due un¬
changed V2 cent higher, closed today 134 to 2 cents net
lower, and temporarily pulled Chicago prices down more
than a cent from the early high point. Pressure of hedging
sales by Australian shippers was the chief reason given for
the Liverpool price drops.
On the other hand, today's
decrease of the United States wheat visible supply totaled
5,297,000 bushels, violently in contrast with 900,000 weekly
average decrease at this time.
There has now been a de¬
crease of 38,828,000 bushels in 12 weeks, as against 16,561,000 decrease during the like period last year.
On the 21st
inst. prices closed lA cent to 1% cents net higher. Wheat
values shot forward almost 2 cents a bushel in Chicago
today, which was the result largely of brisk buying attrib¬
uted to Eastern interests, heretofore conspicuous sellers.
Jumps of 334 cents in Winnipeg December contracts ac¬
companied the bulge here, which followed continued notice
of unusually rapid decrease in domestic
visible stocks.
There was also some evening up of accounts to prepare for
the United States Government crop report, due after the
close of today's trading. Government figures when received
were construed as bullish,
pointing to 630,000,000 bushels
of probable production of domestic winter wheat in 1938,
compared with 688,145,000 bushels in 1937. From the out¬
set, Chicago wheat trade gave particular attention to the
fact that the United States wheat visible supply had de¬
creased nearly 39,000,000 bushels in the last 12 weeks.
A
further help for higher prices on wheat was export purchases
of about 400,000 bushels of United States hard winter wheat,
with some wheat from Canada.
On the 22d inst. prices
closed 1 cent to % cent net lower.
The heaviness in Liverpool
contributed considerably to the softer prices for wheat on
the Chicago Board. In addition, the weather in the Argen¬
tine was reported ideal for the crop and the export demand
for hard winter wheats remains dull.
Foreign markets
generally ruled weak. Liverpool continues to work under
the pressure of Australian wheat hedges and deliveries
against December.
Closing prices there were lA cent to
M cent lower, December recovering from a loss of 1 % cents
at noon. Buenos Aires ran weak all day and closed 2% cents
lower to 1 }4 cents weaker.
Weather conditions over the
great part of the domestic grain belt remained unsettled.
Rain or snow was predicted for the Dakotas, Kansas,
Nebraska, Illinois and Indiana.

527

___________

Bakke,

16—Martin

net

304

1,564---Dec.

LOS ANGELES—To Bremen—Dec. 16—8chwaban,

_- -

5,529

- - -

2,732;

Vancouver

24,552

— _________

212

212...
Gdynia—Dec. 16—Schwa ban, 650
—
To Japan—Dec, 18—Rio de Janeiro Maru, 300", TatsutaMaru,
665; Taketoyau, 1,635; Hakkei Maru, 500; Masutomeru.
1,800
——
To China—Taketoya Maru, 200
To Valparaiso—Dec. 14—Santa Risa, 98
To Antwerp—Dec. 16—Wyoming, 50
....
To Havre—Dec. 16—Wyoming, 1,450
To Dunkirk—Dec. 16—Wyoming, 300-.--PENSACOLA—To Liverpool—Dec. 20—Yaka, 67—-Dec. 22—
To Rotterdam—Dec. 20—Tr on danger,

...

650

To

4,900

—

200

98
50

1,450
300

—

377

Antinous, 310

Total

206,116

—

-

-

115

115

LAKE CHARLES—To Genoa—Dec. 21—West Tacook,

Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
High
Liverpool

Density
d.45o

.60c.

Flume

d.eoc

60o

67c.

Japan

67c

Shanghai
Bombay x

52c.

d 45c.

.60c.

Oslo

.58c.

.73c.

Stockholm

,63c.

78c.

Genoa

*

No quotations.

,85c.

1.00

d 85c.

1.00

»

Venice

*

Copenhag'n 57c.

,72c.

Naples

,52c.

.600.

Leghorn

d.45c.

.60c.

67o.

.62c,

Bremen

d 45c.

.65c.

,60c.

•Hamburg

Gothenb'g

72c

.57o.

.67o

d Direct steamer.

small lots.

Only

x

1.00

•

Barcelona

.52c.
.52c.

Antwerp

ard

.85c.

*

67c

Havre

Rotterdam

Stand

Density
Piraeus

Salpnica

Trieste

67c

Manchester. 52c.

High

Stand
ard

High

Stand

Density
ard
.67c
.52c.

Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:

Of which American.

162,000

—.....

.

Amount afloat.

Of which American

58,000

136,000
232,000
161,000

Total imports.
Of which American.

Dec. 24

54,000
46,000
982,000 1,054,000
559,000
635,000
80,000
120,000
51.000
98,000
247,000
259,000
190,000
150,000

58,000
959,000
538,000

61,000
964,000
538,000

a.

Dec. 17

Dec. 10

Dec. 6

Forwarded
Total stocks....

36,000
287,000
202,000

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

Friday

Thursday

Wednesday

Tuesday

Monday

Saturday

Spot
Market.

°

12:15

Quiet

Quiet.

Quiet.

Quiet.

Quiet.

Quiet.

P. M.

4.88d.

4.82d.

4.86d.

4.91d.

4.83d.

4.80d.

Mld.Upl'ds

Export

the improvement seen

supply of wheat, and Chicago prices rose % cent to lA cent

175

175—

definite trend.

a

up

nent.

995
350

12-^-Ohancdlar, 995

To Manchester—Dec.

To Dunkirk—Dec.

follow

to

soft white wheat sold to United Kingdom

4,549

To Havre—Dec. 11—Minnie De Larrinaga,

wheat failed

Friday, when fully 1,200,000 bushels of hard winters and
and the Conti¬
About 300,000 bushels sold today (Saturday), most
of this to United Kingdom overnight.
On the 20th inst.
prices closed
cent off to M cent up. The depressing in¬
fluence of bearish cables from Liverpool was more than
offset by the huge curtailment of the United States visible

100

15-

721

keep the market from showing

trade in

400

To

Yaka, 3

to

1,041

SAVANNAH—To Bremen—Dec.

1^ ^

Dec. 2S, 1937

Financial Chronicle

4140

On the 23d inst. prices closed unchanged to %c. net lower.
Quiet, stdy
Steady,
Quiet but
Steady,
Quiet but
Quiet, un¬
changed to steady, un¬ 3 to 6 pts. stdy., 2 to 2 to 3 pts. uncngd.to
1 pt. adv.
4 pts. dec.
advance.
2 pts. dec. changed to
advance.
1 pt. dec.
Quiet but
Steady at
Very stdy.,
Quiet,
Quiet but
Steady,
5 points
stdy., 1 pt. 2 to 3 pts. 9 to 10 pts, 6 to 7. pts. stdy., 2 to
3 pts. adv.
advance
advance.
dec. to 1 pt
advance.
decline.

Futures

Market

opened
Market.
4

P. M.

The market averaged lower today despite
reduction in estimates of world supplies.
a

to

Liverpool for each day

Mon.

Sat.

are

substantial commitments either way.

Wed.

Tues.

Thurs.

were
no

was

American

given below:
Fri.

forecast

Close Noon Close Noon Close Noon Close Noon Close Noon Close

States.
d.

d.

d.
4.68

d.

d.

d.

d.

d

d.

December (1937)

4.65

January (1938)--

4.67

4.69

4.69

4.77

4.78

4.72

4.71

4.69

4.71

4.73

4.73

4.82

4.83

4.77

4.76

4.74

4.74

-

-

-

mm

-

-

4.70

mm

mm

May

4.76

4.78

4.79

4.87

4.88

4.83

4i82

4.80

4.82

4.82

4.91

4.92

4.86

4.85

4.83

4.83

4.85

4.88

4.88

4.97

4.98

4.92

4.91

4.89

4.89

December

4.89

m

4.91

March

4.94

May

July

Mtm

—

4.92

.

•

„

w

»

-

-

4.94

5.01

...

«...

—

mm

5.03

«...

4.97

5.06

4.96

4.99

5.08

4.97

5.00

m

4.94

4.96
--

mm

mm

m

_

...

mm

mm

5.01

-m

mm

5.02

—

m

mm

m

m

m

mm

m

■

^

4.92
„

4.99

5.09

-

m

m

mm

4.94

mm

4.97
4.99

mm

5.00

—

new

low

Liver¬
records.

Counting also

the

on

side of

suggested

general rain or snow in the Western
leading observer noted that the domestic spring

A

this

4.79

4.84
4.88
4.94

4.97

4.99
5.04
5.05

--

season's

wheat crop would

5.02

m m

the

overnight export business in North

reported.

4.74

mm

4.79

4.79

October

January (1939)..

d

4.68

July

or

4.73

4.69

March

-

4.77

d.

little
wheat

at

lower prices were good rains extending from north central
Texas into parts of Oklahoma and Missouri, besides the

to

New Contract

any

There

Prices of futures at

Dec. 24

make

pool wheat futures

advance.

Dec. 18

29,000,000 bushels
The market had
pre-holiday character, with traders generally indisposed

*

likely be larger than the crop harvested
as a reason that the 1937 yield was
short, and added that should the spring crop be normal in
size the total wheat yield of this country would be between
900,000,000 and 1,000,000,000 bushels.
Today prices closed % to lc. net higher. Late reports of
a decided scarcity of wheat for milling
purposes in Canada
He

year.

gave

encouraged maximum advances of 134c. a bushel in Chicago
Mills at many points in Canada were reported scour¬

today.

ing the country for wheat available to be shipped immedi¬
ately to be ground into flour.
More than 5c. a bushel over
May delivery contracts was noted as being paid for No. 3

BREADSTUFFS
Friday Night, Dec. 24, 1937
Flour—A

holiday feeling prevailed in flour circles the

past week, with business dropping to a very low ebb.
hand-to-mouth

quiet is

sales

were

in prospect.

now

infrequent.

Another

Even

week

of

The period since the middle of

November has been pointed out as the slowest of the entire
year.

Northern
wheat, immediate shipment.
Buying, credited
largely to previous speculative sellers evening up accounts
to prepare for Christmas, gave wheat values about lc. up¬

ward tilt

at

the

18th iiist.

prices closed

The market developed considerable strength
during the early part of the session. Wheat prices rose
a

cent

a

bushel at

one

stage, but then received

setback, virtually erasing the gain..
to

a

Buying largely credited

previous sellers who covered here in sympathy with

an

advance of Winnipeg prices, was

price upturn

on

largely repsonsible for the
the Chicago Board. Trading was relatively

quiet, with the market showing
power.

no

While nothing essentially

Argentine situation, there




was

real stamina
new

was

or

staying

developed in

the

just enough division of opinion

the face

wheat export

meager.

CLOSING PRICES

J/gc. lower to

higher.

almost

These bulges were in

today.

that North American

business
The Liverpool market, due un¬
changed to y2c. up, closed today at % to 134c. net gain.
Open interest in wheat was 97,774,000 bushels.

overnight

DAILY

Wheat-—On

times

of indications

OF
Sat.

No. 2 red

DAILY

..105%

CLOSING

PRICES

OF

—-

Season's High and
December
131%

May
July

122%
105%

Mon.

94%
91%
85%

IN

Tues.

NEW YORK

Wed.

Thurs.

106% 107% a06%

WHEAT
Sat.

December—
May-July.

WHEAT

FUTURES

Mon.

94%
91
85%

Tues.

95%
92%
86%

IN

Wed.

94%
91%
85%

iSeason's Low and
When Made
84%
July
6,1937 December
85"
July 29,1937 May
81
Sept. 28,1937 July

Fri.

106% 107%
CHICAGO

Thurs.
94%
91%

85%

Fri.

95%
92%
86

When Made
Nov. 8,1937
Nov. 8, 1937
Nov. 8, 1937

DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG

December........

May
July

Sat.
127

Mon.

Tues.

Wed.

125% 128
126%
116% 116% 117% 116%
...—111% 110% 110% 110

Thurs.

Fri,

125% 129%
116% 117%
109% 110%

Volume

Financial

145

Corn-—On the

18th

inst.

prices closed J/gC. to 34c. net
higher. Export sales of corn were reported as 200,000 bushels
today (Saturday).
Corn primary receipts of 1,164,000
bushels were reported, against 737,000 last
year.
The under¬
tone of the corn market is
reported steady, apparently re¬
flecting the belief that further substantial exports of corn are
quite probable. The recent substantial exports of the grain
had quite a stimulating effect on those
friendly to the upward
side.
On the 20th inst. prices closed 34c. to ^gc. net higher.
Trading in this grain recently has been more or less quiet,
outside news or developments being devoid of anything
calculated to

move the market in a substantial way up or
With open weather, primary receipts continue high,

down.

and with the absence of further substantial
exports,

little incentive for operations

there

the upward side.
Corn export
purchases estimated as totaling as high as 1,500,000 bushels,
gave independent strength to the corn market.
Profit taking
sales of corn futures were
readily absorbed. On the 22d inst.
prices closed 1%g. to %c. net lower.
Corn broke quite
sharply today.
Lacking the big export demand of the
previous day and running into some fairly aggressive liquida¬
tion of the December contract, the leading feed grain ruled
generally weak.
appears

on

On the 21st inst. prices closed ^gc. to 134c. up.

On

23d

the

inst.

prices

closed unchanged to 34c. net
This market showed a steady undertone.
It was

higher.

that

reported
awaiting

there was evidence of purchasing orders
declines that might occur.
Trading was rela¬
tively quiet.
Today prices closed % to l%c. net higher.
This market's upward trend was largely in sympathy with
any

the firmness of wheat.

Open interest in

47,150,000

corn was

bushels.
CLOSING

PRICES

OP

Sat.
No. 2 yellow

CORN
Mon.

74%

DAILY CLOSING PRICES OP

CORN

Sat.

Tues.

58

58%

59

59%
59%

59%

Season's

Dec. (new)

High and
86%
74
66%

74%

74%

Fri.

75%

Wed.

59%
60%
60%

Thurs.

58%
59%
59%

57%
59%
59%

Season's Low and
When Made
July
8, 1937 Dec. (new)
51%
July 29. 1937 May
55%
Sept. 30. 1937 July
56%

When

Fri.

59
60%
60

was

little

prices closed unchanged to 34c. advance.

or

no

feature to this market.

closed Vs to 34c. net higher.

Trading

Today prices

light and largely
in sym¬
pathy with the upward movement in the other grains.
with

DAILY CLOSING PRICES

OF

OATS

Sat.

May
July

Tues.

31%
30%
28%

28%
High and
41%
33%
32%

FUTURES

Mon.

31%
30%.

J

May
July

was

the market's firmness being largely

December....

Season's

Hard winter patents
Hard winter clears

5.55(a5 80

CHICAGO

IN

Wed.

32
30%
29%

When Made
(
Season's
July
6, 19371 December
July 29. 1937 May
Oct.
2, 1937(July

Low

GRAIN

Oorn, New York—
No. 2 yellow, all rail

45

Rye. No. 2 f.o.b. bond N. Y_. 83
Barley. New York
47% lbs. malting
Chicago, cash
40-

58^

75%

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:
Receipts at—

Flour

Wheat

bbls 196 lbs

bush 60 lbs

Chicago

166.000

Oats

bush 56 lbs

Rye

Barley

bush 32 lbs bush 56 lbs bush 48 lbs

168,000

363,000

16.000

1,146,000

144,000

105.000

819,000

217,000

10,000

98,000

78,000

382,000

126.000

18,000
86,000

28.000

76,000

Milwaukee...

952,000

3,000

Duluth

12,000

Toledo

Indianapolis..
St.

Corn

I

782.000
138,000

I

Minneapolis..

202,000
764.000

2,000

12.000

412,000

90,000

14,000

112,000

156,000

2,006,000

56,000

4.000

92,000

52,000

41,000

430,000

60,000

4,000

88,000

9,000

829.000

626,000

34,000

149,000

Louis

Peoria
Kansas City-

Omaha

918,000

68,000f

52.000

178,000

27,000

Wichita

200,000

Sioux

5,000
183,000

1,000
187,000

7,000

5,000

14,000

513,000

204,000

24,000

93,000

St.

Joseph...
City...

Total wk.1937

351,000

2.793,000

8,392,000

1,374,000

212.000

1,733,000

Same wk.1936

397,000

2,872,000

5,447,000

1,259,000

328,000

1,074,000

Same wk.1936

303,000,

2,707,000

6,008,000

1,257,000

414,000

1,709,000

I

Since Aug. 1
1937

Thurs.

32%
30%
29

I

7,809.000195,363,000112,482,000
8.771,000145,082,000 81,365,000

1935

7,867,000 235,965.000

66,897,000 19,083.000 54.821,000
43.873,000 9,888,000 56.597.000
85,264.000 13,111,00050 ,128,000

64,148,000

Total receipts
the week ended

Receipts at—

32%
30%
29%

Fri.

of flour and grain at the seaboard ports for
Saturday, Dec. 18, 1937, follow:
Wheat

Flour

Corn

bbls 196 IbS bush 60 lbs

New

York...
Philadelphia

160,000

562,000
193,000
10,000
135,000
1,193,000

38,000

_

Baltimore

19,000

New Orleans *1

21,000

Galveston

Oats

bush 56 lbs

|

Rye

Barley

bush 32 lbs bush 66 lbs bush 48 lbs

246,000

67,000

217,000

26,000

345,000

21,000

ee'ooo

91,000

"3" 000

66.000

29",000

St. John West

3~6~666

Boston

15,000

4,000

Halifax

18,000

40,000
20,000

2,000

1,130,000

Total wk.19371
307.000
Since Jan.r3713.732,000

1930.1

Week

3,223,000,
99,622,000

940,000
33.211,000

131,000

84,000
6,298,000

87,000

262.000

6.582.00011,640,000

4,377,000

1,351.000!

57,000

22,000

1.000

Since Jan.1'3614,782,000138,635,000

11,812,000

7,809,000

4,534,000

3,914,000

340.000

*

on

Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.

The exports

from the several seaboard ports for the week
Saturday, Dec. 18, 1937, are shown in the annexed

32%
30%

ended

—

statement:

*

When Made

and
27%
28%
28

Oct. 13,1937
Oct. 13.1937
Nov. 6.1937

Wheat

Corn

Flour

Oats

Rye

Barley

Bushels

Bushels

Barrels

Bushels

Bushels

Bushels

Exports from—

Philadelphia..

46%
43%

46%
44%

I

1936

May
July

-

46%
43%

46%
44%

Rye—On the 18th inst. prices closed 34c. to 34c. net higher.
Trading was light and without special feature.
On the 20th
inst. prices closed unchanged to 34c. higher.
The action of
was

very tame and without any feature of in¬
On the 21st mst. prices closed % to 134c. net higher.
The bullish atmosphere created by the Government report,

York

77,000

...

137,000

62,925

104,000

149,000

Albany

20,000

~3~666

Boston

32^666

248"666

"9:066

1,000

106,000

—

Orleans

825,000

"5jj66

30~66O

60~666

3~6~666

29^600
2,000

115,925
130,150

67,000

71:666

61,000

216.000

18,000

Baltimore
New

this market

Oats, New York—
No. 2 white

All the statements below

New

45%
43%

4 00

Fancy pearl, Nos.2,4&7 5.25@5.0O

No. 2 red, c.i.f.. domestic
107%
Manitoba No. l.f.o.b. N.Y..15/%

DAILY CLOSING PRICES OF OATS FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed. Thurs.
Fri.
December
47 %
47%
47%
47%
47%
48%

45%
43%

Coarse

...4.60@4.801

Wheat, New York—

very

On the 23d inst.

December

....

Nov. 30. 1937

down.
little of interest in this market, trading being
quite mixed-and more or less routine.
On the 20th inst.
price closed 34c. off to 34c. up.
This market was dull and
without news of any real interest.
On the 21st inst. prices
closed 34c. to 34c. net higher.
Trading was light and with¬
out feature.
On the 22d inst. prices closed 34c. off to 34c.
up.
There was very little of interest in this market.

routine,

Spring oat*, high protein .6 35<$6 60 Rye flour patents
4 65<§> 4.75
Spring patents
..5 80 ^6 00 Seminola, bbl., Nos.1-3. 7.10@
(hears first spring
...5 50(^5.70 Oats, good
2.45
Soft winter straights
4 85<&5 05 Com flour
2.15
Hard winter straights
5 35^5 60 Barley goods—

Made

Nov. 30. 1937
Nov. 30. 1937

Oats—On the 18th inst. prices closed 34c. up to 34c.
was

follows:

were as

FLOUR

IN CHICAGO

FUTURES

Mon.

Thurs.

Wed.

76

May
July.

There

Closing quotations

NEW YORK

IN

Tues.

75%

December

There

4141

Buffalo

DAILY

May
July

Chronicle

Galveston.

1,182,000

St. John West

1,130,000

Halifax

Total week 1937-.
Sane week 1936

2,892,000 1,337,000

1,670,000

131:666
133,000

202,000

1,000

terest.

especially on wheat, induced considerable short covering in
rye, with the result the market for rye ruled firm during
most of the session.
On the 22d inst.-prices closed Y% to
134c. net lower.
This decline paralleled exactly that of
wheat, and was attributed largely to heavier offerings
prompted by heavier primary receipts.
On the 23d inst. prices closed 36 to %c. net higher.
The

The destination of these exports

July 1,1937, is

as

for the week and since

below:
Flour

Wheat

Corn

Exports for Week
Since

Week

and Since

18

Week

Since

Week

Since

July 1

July 1

Dec. 18

July 1

Dec. 18

1937

1937

1937

1937

1937

1937

Barrels

July 1 to—

Barrels

Bushels

Bushels

Bushels

Bushels

Dec.

51,215

1,215,854

1,954,000
928,000

by shorts in an endeavor to take

9,330
12,000

236,991

So. & Cent. Amer.

8,000

West Indies

30,000

305,500
585,500

closed % to 36c. net higher.

Other countries...

13,380

151,061

115,925

2,494,906

130,156

2,091,749

firmness of this market

attributed

was

largely to covering

some profits.
Today prices
In view of the market strength

displayed in the other grains, this improvement in the rye
market was regarded as rather disappointing, though the
undertone was firm throughout the short session.
DAILY

CLOSING

PRICES

OF

RYE

Sat.
December

May
July
Season's High and
December
96

May
July

84
70

FUTURES

Mon.

67%
69%
65%

Tues.

67%
69%
66%

When Made
|
Season's
May
6, 19371 December
Aug. 10. 1937 May
Oct. 21, 19371 July

Low

IN

CHICAGO

Wed.

69%
70%
66%

Thurs.

Fri.

68

69

69

69

69%
66%

United

Kingdom.

Continent

Total 1937
Total 1936

The

and
63%

When Made
Nor. 30, 1937
Nov. 8,1937
Nov. 8. 1937

63%
62

PRICES

OF

RYE

Sat.
December

May...
July..
DAILY CLOSING PRICES

75%
77%
77

May
July




75%
77%
76%

Tues.

76%
78%
77%

IN

59%
58%
56

Mon.

58%
58%
55%

Tues.

58%
58%
55%

WINNIPEG

Wed.

74%
76%
76

OF BARLEY FUTURES
Sat.

December..

FUTURES

Mon.

IN

Wed.

58%
58%
55%

Thurs.

75%
77
75%

Fri.

75%
78
76%

60,902.000 1,337,000

77,150,000

3,738,000
1,000

Oats

Rye

Barley

Bushels

Bushels

Bushels

Bushels

3,000

2,000

390,000

New York

afloat

Philadelphia
Baltimore..

29,000

Galveston
Fort Worth
Wichita

792,000
•.

-

-

-

-

51,000
•

-

-

...

...

...

...

...

St. Joseph

...

Kansas City

...

...

375,000
—

113,000

tm

24,000

33,000

~Y,66o

162.000

20,000

85.000

1.000

1,474,000

39,000

3,000

1,059,000
1,450,000

483,000

199,000

...

New Orleans

Omaha

Corn

Bushels

United States—
Boston

Hutchinson

60%
59%
56

2,892,000
1,670.000

GRAIN STOCKS

WINNIPEG

59%
58%
55%

170,000

1,409,000

Wheat

Thurs.

Fri.

2,000

1,065,000

2,503,000

supply of grain, comprising the stocks ir
granary at principal points of accumulation at lake and
seaboard ports Saturday, Dec. 18, were as follows:

"

DAILY CLOSING

974,000
23,000

visible

70%
66%

66

30,632,000
203,000
27,804,000 1,134,000

230,000

109,000

3,117,000
6,783,000

1,246,000

7,000.

11,000

6,000

3,877,000

4,130,000

618.000

9,000

2,560,000

89,000
869,000

38,000

19,050,000

310.000

4,808,000

4,630,000

1,250,000

54,000

26,000
199,000

Financial

4142
Corn

Bushels-

United States—
Sioux

City..

St. Louis

547,000
4,702,000

...
...

.

Indianapolis-.-

1,681,000
10,000
10,182,000

——

Peoria

-

Chicago.,
afloat.

1,952,000

Bushels

Bushels

9,542,000
2,822,000
200,000

Detroit-

8,113,000

Buffalo.——

Bushels

1.069,000

179,000

18,000

81,000

11,000

6,000

440,000

90,000

17,000

6,857,000

3.086.000

1,004,000

515,000

1,144.000

491,000

103,000

868.000

1,390,000
1,019,000

173,000
5,182,000
1.372.000

2,000

6,075,000

afloat———

1,061,000

1,790,000 13,823,000
2,274.000
2,951,000
2,000
4,000
2,086,000
676,000
1.084,000
197,000

250,000

4,978,000 10,108.000
5,361,000 10,250,000
5,170.000 15,949,000

92,223.000 30,327,000 24,402,000
Total Dec. 11,1937— 97,520,000 28,424,000 24,209,000
Total Dec. 19.1936— 59,644,000 10,592.000 35,903,000

Note--Bonded grain not Included above: Barley—Duluth, 110,000 bushels; New

131,000; total, $276,000 bushels, against

York, 35,000; on Lakes,

Wheat—New York, 3,015,000 bushels; New York afloat,

$5,965,000 In
116,000; Balti¬

$3,000; Philadelphia, 193,000; Buffalo, 390,000; Albany, 276,000; Erie,
1,115,000, on Lakes, 202,000. total, 5,307,000 bushels, against 26,673,000 bushels

more,

In 1938.

_

■

Wheat

Corn

Oats

Rye

Barley

Bushels

Canadian-

Bushels

Bushels

Bushels

Bushels

Other Can. & other elev.

Total Deo. 18.1937—

54,833,000
55,390,000

Total Dec. 19,1936—

48,000

1,121,000

938,000

2,592,000
1,050,000

7,577,000

322,000

6.936.000

...

28,213,000

Total Dec. 11,1937—

987,000

...

.—

Lake, bay, river & seab'd 16,012,000
Ft. William <fc Pt. Arthur 10,608,000

47,717,000

5,252,000

1,308,000 10,678,000
1,309,000 10,688,000
1,082,000
4.073,000

92,223,000 30,327,000 24,402,000
54,833,000
9,665,000

4,978,000 10,108,000
1,308,000 10,578,000

18,1937—147,056,000 30,327,000 34,067,000
11,1937—152,910,000 28,424,000 33,804,000
19,1936—107,361,000 10,692,000 41,155,000

6,286,000 20,886,000
6,670,000 20,838,000
6,252,000 20,022,000

.—

9.665,000;
9,595,000

Summary—
American

Canadian

Total Dec.
Total Deo.
Total Dec.

The world's

shipments of wheat and corn, as furnished b;
Broomhall to the New York Produce Exchange, for the wee
ended Dec. 17 and since July 1, 1937, and July 1, 1936, are
shown in the following:
Wheat

Corn

-■

Aha; Ay

Week

Since

Since

Week

Since

Since

Dec. 17,

July 1,

July 1,

Dec. 17,

July 1,

July 1,

1937

Exports

1937

1936

1937

1937

1936

Bushels

Bushels

Bushels

Bushels

Bushels

Bushels

North Amer.
Black Sea...

4,165,000
1,304,000

Argentina...

1,062,000

Australia

2,054,000

...

India.......

Oth. countr's

192,000
344,000

89,902,000 115,564,000
54,770,000 38,880,000
17,954.000 27,956,000
35,382,000 32,156,000
6,560,000
10,584,000
11.192.000 12,392,000

474,000

3,819*666

2,339,666

2,844,000
1,000
2,800,000 10,639,000
165,789.000 190,751,000

54,205,000

11,900*666

.

Dec.

was

Department's

Agricultural

Winter Wheat and

9,121,000 219,784,000 233,508,000

Weather Report

general summary

for

Report

on

Acreage

of

Rye Sown for 1938 Crop—The Crop

Reporting Board of the United States Department of Agri¬
made public on Dee. 21 its report showing the
acreage and condition of winter wheat and rye for the crop
culture

of 1938

as

follows:

<

;

Winter Wheat—The acreage of winter wheat sown in the fall of 1937,
for harvest in 1938, is estimated at 57,492,000 acres, only a fraction of a
pot cent below the record acreage of 57,612,000 acres sown in the fall of
1936.
The five-year (1927-31) average fall-sown acreage of wheat was

45,290,000 acres.
Rather sharp decreases in winter wheat acreages from those of last year
are reported throughout most of that part of the North Central group of
States lying east of the Missouri River.
Marked increases in Washington
and Oregon reflect a return to more nearly normal acreage following the
reduction caused by unfavorable seeding conditions in the fall of 1936.
In the important hard red winter wheat area, moderate increases are shown
in Kansas, Nebraska and Colorado, while Texas and New Mexico report
no change from the acreage sown last fall.
Condition of winter wheat on Dec. 1. 1937, was reported at 76% of
normal, the same as a year ago, as compared with the 10-year (1923-32)
Dec. 1 average of 82%.
Condition is reported below average in all areas
except in the Pacific Northwest and intermountain States.
Reports indi¬
cate that the crop has gone into the winter in excellent shape in the Pacific
Northwest.
In the Great Plains region, and to a lesser extent in the soft
red winter wheat area, the below average condition reflects late seeding and
slow development of the plant resulting from dry soil conditions at seeding
time.

Based on the past relationship between Dec. 1 condition and yield per
seeded acre, with some allowance for the probable effect of weather condi¬
tions during the past summer and fall, the indicated production of winter
wheat in 1938 is about 630,000.000 bushels.
ment of sown acreage

It is expected that abandon¬
will be above average again in 1938, and will probably

be between 15 and 20%.

■

Rye—The acreage of rye sown for all purposes in the fall of 1937 is esti¬
mated at 6,869,000 acres.
This is 9.5% less than the 7,593,000 acres
sown in 1936 when, because of drought, there were large seedings for pasture
in the Eastern corn belt States.
The 1935 seeded acreage was 6.494.000.
The condition of rye on Dec. 1, 1937, is reported at 74% of normal
compared with 71 on Dec. 1, 1936 and the 10-year (1923-32) average of 85.
The condition is lower than in 1936 in most of the central part of the country,
particularly in the East North Central States where fall growth was slow.
Condition in the Mountain and|Western States is higher than a year ago
because the supply of moisture is better.
The Crop ReportinglBoard of the Bureau of Agricultural Economics
makes the following report of winter wheat and rye acreage seeded and
condition from data furnished by crop correspondents, field statisticians
and cooperating State agencies.

'^AA/A^Ayy

STATES

UNITED

,

Total

1937
25.

noted in Missouri, but the crop is doing fairly well.
De
ficient moisture continues in the southwest quarter of Kansas, but else¬
where in that State there is sufficient for present needs.
Additional rain¬
fall was of considerable value in western Nebraska, but condition of wheat
remains rather poor to only fair.
<
'
Precipitation was also beneficial in central Rocky Mountain sections
and the eastern Great Basin, while in most of the Northwest from Montana
westward, winter grains are in good to excellent condition.
Some damage
from the previous cold weather was noted in the Southeast, but the weather
of the week was generally favorable and considerable recovery has been
made.
' y y _.
.
y;
■

210,000

367,000
147.000

by heaving

111,000

1,974,000
1,005,000

Total Dec. 18,1937—

1936.

Chronicle

Barley

65,000

—

Minneapolis
Duluth

*•

Rye

1,286,000

—

Milwaukee
afloat

Oats

Bushels

Wheat

6,832,000225,638,000213,081,000
Fall Seedings

the Week Ended Dec. 22—The

of the weather bulletin issued

by

the

y

Per Cent

AyAyf Crop. and Year of Seeding

A yAAyyy;

of Acreage

Department of Agriculture, indicating the influence of the

v';v

1

-VVV*'■

^

Condition

Acres

Seeded the

Dec. 1

Previous Fall

Per Cent

weather for the week ended Dec. 22, follows:
Following a period of persistently low temperatures since the middle of
November, there was a reaction to generally warmer weather throughout
Precipitation was wide¬
spread over the interior and Eastern States during the first part of the
week; the latter part was mostly fair, except for light to moderate snow¬
fall in more northern sections.
There was vey little preceiptation west
of the Rocky Mountains and temperatures continued to range above
normal.
In the western portions of the country temperatures have trended
above normal almost continuously since October.
From the 16th to the 19th a depression moved from the west Gulf area
northeastward over the Appalachian Mountains to the Maritime Provinces
of Canada.
It was attended by general precipitation in all sections east
of the Mississippi Valley, with heavy falls in the Appalachian Mountain
districts, but mostly light to moderate along the coast.
During the latter
part of the week a moderate depression moved eastward from the northcentral Plains, attended by more or less snow from the northern Rocky
Mountains eastward.
Otherwise, precipitation during the week was of a

a

Winter wheat:

10-year average 1923-1932

local

'•

The temperature for the week as a whole averaged above normal in
nearly all sections of the country.
The greatest plus departures from normal
were reported from the Southeastern States, from the northern Great Plains
westward, and in central and southern Pacific districts.
In the Southeast
the weekly mean temperatures were from 6 to 12 deg. above normal, while
in the Northwestern States they were generally from 6 deg. to as many as
18 deg. plus.
In the Ohio, middle Mississippi, and lower Missouri Valleys,
and the southern Great Plains the week had above-normal warmth, but a
considerable southwestern area, principally Texas and eastern New Mexico
had a relatively cold week.
There was no unusually cold weather, the line of freezing reaching only
to central South Carolina, north-central Georgia, and the south-central
parts of Alabama and Mississippi.
West of the Mississippi River freezing
temperatures were not reported south of central Arkansas and northcentral Texas.
Along the Gulf coast the minima ranged mostly from 40 to
60 deg., except that the lowest for the week at Miami, Fla., was 58 deg. and
at Key West 64 deg.
Subzero weather was confined to the interior of the
Northeast, the upper Mississippi Valley, and northeastern Great Plains;
the lowest reported from a first-order station was 14 deg. below zero at
Moorhead, Minn., on the 20th.
Precipitation was heavy in a wide belt extending northeastward from
the west Gulf area over the central Mississippi and Ohio Valleys to New
England, the weekly totals ranging generally from about 1)4 inches to as
much as 5 inches, the latter in eastern Texas.
In the Atlantic area from the
Potomac Valley southward there was very little
precipitation and the week
was practically rainless over a large area of the Southwest
extending from
the southwestern Plains westward to the Pacific.
Light to moderate falls
occurred in the more northwestern States and precipitation was substantial
in some central Rocky Mountain sections.
Under the influence of light to moderate rains and generally mild tem¬
peratures truck crops, damaged by recent cold weather in the Southeastern
States, are showing general recovery.
In Florida shipments are continu¬
ing from the southern portion and citrus fruits show improvement in the
color and flavor, resulting from recent low temperatures.
Strawberries are
also recovering with some picking in the extreme South.
In central and west Gulf districts frequent rains and wet soil were un¬
favorable for field operations and work is becoming backward, especially
in
Louisiana and Texas.
However, truck crops in extreme southern
Texas have been greatly benefited by recent heavy rains and
ranges gen¬
erally have improved in that State.
Also, precipitation was favorable in
central and eastern Oklahoma and Missouri, though the subsoil continues
very dry in the latter State.
In addition, the soil was benefited materially
in much of the Ohio Valley by heavy rains.
In the northern Great Plains the week favored livestock,
though much
yard feeding is necessary, except that in Montana ranges are largely open.
The western Great Plains still need moisture, especially for the subsoil,
though recent precipitation has been beneficial in Rocky Mountain dis¬
tricts.
In California flood waters are receding and the mild, sunshiny
weather of the week was highly beneficial, though considerable flood dam¬
age to roads, bridges, irrigation structures is reported.
In the more north¬
western States the moisture situation continues entirely satisfactory.
Small Grains—Winter wheat is in fair to good condition in the central
and eastern Ohio Valley, with practically no injury from the ice cover;
ondition is rather poor in some western valley sections.
Some damage




:

-

.........

45,290,000
49,765,000

■

105.7

-

82

■

...

5-year average 1927-1931..
1935

the central and eastern portions of the country.

1936

115.8

1937

99.8

78

57,612,000
57,492,000

A A 76
76

bRye:

10-year average 1923-1932....

102.9
-

1937......A—
Based

on

6,494,000
7,593,000

90.5

1936

69

116.9

1935

a

85

........

...

6,869,000

74

71

the past relationship between Dee. 1 condition and yield per seeded

acre, with some

allowance for the probable effect of weather conditions during the

past summer and fall, the indicated production of winter wheat in 1938 is about
630,000,000 bushels.
b Estimates of seeded acreage relate to the total acreage of rye sown for all pur¬

Including an allowance for spring sown rye.

poses,

Winter Wheat—The abandonment of 1936 seedings was 18.5% of the

of the 1935 seedings was 24.3%, and the average for 10 years
12.6%.

acreage sown;

1922-31

was

WINTER WHEAT

Condition

Acreage Seeded
Autumn

State

Autumn

Autumn

Autumn

of

of

of

of

1923-

1927-31

1935

1936

1937

1,000

1,000

1,000

1935

1936

7°

Acres

Acres

Acres

%

%

239

283

351

305

88

90

New Jersey..'.

55

69

76

72

89

92

86

88

85

93

89

89

84

84

82

81

84

85

85

82

904

87

84

83

84

1,084

2,300
2,804

1,084
2,411
2,024
2,439

767

819

1,027

Michigan.....

83

87

85

1,042
2,307
1,880
2,226

2,538

%

90

85

993

1,898
1,781
2,232

Pennsylvania..

Illinois

1937"

1,000

Acres

Ohio

Dec. 1

1932

New York....

Indiana

on

Avge.

83

36

Iowa

72

72

90

87

89

87

198

329

280

88

79

87

81

379

Minn

27

204

Wisconsin.....

410

922

664

89

86

86

68

84

78

80

66

64

1,677

2,258

3,387

159

282

178

281

82

53

61

3,067

3,474

86

74

58

14,244

4,412
17,104

4,721

13,255

17,446

79

81

80

73

100

Missouri

2,710

89

88

85

90

98

85

85

79

South Dakota.
Nebraska
Kansas

Delaware-.
'

71

Maryland

475

461

483

488

84

97

85

Virginia
West Virginia.

626

655

658

678

83 '

89

85

121

174

182

167

84

88

85

75

North Carolina

363

560

524

524

84

88

86

81

72

190

171

180

79

79

73

71

South

Carolina

66

70

217

195

234

81

80

76

76

Kentucky

293

468

608

614

86

83

84

81

Tennessee..

318

475

562

Georgia

Oklahoma

....

Texas

New

82

78

8

83

76

77

81

94

82

75

79

4.685

4,845

5,622

71

68

75

5,315

82

70

72

66

1,208

966

5,959
5,315
1,101

79

5,062

85

64

64

87

64

95

75

...

Mexico..

Arizona
Utah

Nevada

Washington
Oregon
California
United States

759

87

75

166

...

Wyoming
Colorado

83

8

118

852

Montana

Idaho....

84

7

82

3,930

Arkansas..

562

3

36

Alabama.

285

239

227

86

70

68

68

1,562

1,197

1,377

1,446

78

77

82

64

412

360

410

410

84

69

67

64

698

774

791

24

48

45

45

93

98

90

79

202

192

194

213

87

69

80

90

3

3

3

4

91

89

92

95

1,345

1,160

1,024

1,300

79

55

44

88

869

805

587

851

86

70

54

92

725

923

858

815

85

81

80

84

45.290

49,765

57,612

82

78

76

76

57,492.

Volume

Financial

145
RYE

Autumn

the

Avge.

of

of

1937

Acres

73,000

%

69,000

i

%

%

90

90

84

92

91

89

88

crop, estimated at 781,400 bushels, is only
and is 180,000 bushels below any crop since

%

89

86

90

84,000

97,000

Pennsylvania...

120.000

115,000

95,000

86

Ohio..........

130,000

91,000

88

90

85

Indiana.

108,000
179,000

318,000

207,000

88

86

88

154,000

323,000

200,000

90

90

91

87

91

crop was about
larger than usual, and the quantity of lespedeza seed harvested
100,000,000 pounds, 46% larger than in any
previous year.
The aggregate of all of these seeds, measured either in
pounds or in the total acreage that could be seeded, is more than the usual
supply and they can be supplemented by the large supplies of soybeans,
cowpeas, and seeds of other forage crops which are extensively used for hay.
The usual varieties of
hay seeds are interchangeable, however, to only a
limited extent, and extensive departures from usual seeding practices will

85

85

84
88

87

81

91

88

89

76

81

84

66

80

56

46

62

83

50

54

64

88

66

56

appears to have been nearly

85

76

one-third

83

87

73

Michigan

181,000

228,000

182,000

87

Wisconsin

327,000

556,000

445,000

90

Minnesota

481,000

742,000

690,000

Iowa

175.000

376,000

226.000

83,000

176,000

106,000

1,712,000

1,301,000

.

87

North Dakota..

.

80

957,000

960.000

1.210,000
1,152,000

Nebraska

583,000

758,000

720,000

Kansas........

144,000

187,000

168,000

85

88

84

76

8,000

10,000

12,000

91

96

86

91

South

Dakota..

Delaware

Maryland

32,000

40.000

40,000

86

95

87

97,000

116,000

108,000

85

88

87

70

West

Virginia..

16,000

16,000

12,000

84

87

82

155,000

159.000

159,000
29,000

86

87

85

69

South

Carolina.

81

86

56,000

57,000

57,000

85

81

79

146,000

124,000

88

83

86

80

123,000

146,000

150,000

85

83

84

83

68,000

80.000

;

Tennessee

29,000

AT

$8,500,000,000

FOR

1937

89,000

81

81

72

77

7,000

7,000

7,000

82

68

75

82

78,000

70,000

84

66

66

81

of

$4,171,000,000 in 1936 to $4,280,000,000 in 1937, an increase of less than
3%.
Government payments in i937 are expected to approximate $380,000,000 compared with $287,000,000 in 1936.
Comparable estimates of
income from the principal crops and from all crops, livestock and livestock
products from 1924 to 1935 and Government payments since 1933 are given

Texas
Montana

Idaho..

20,000

16,000

14,000

88

77

72

96

Wyoming

57,000

51,000

52,000

87

68

73

70

75.000

101,000

Colorado

68

86,000

80

77

84

6,000

6,000

6,000

83

83

82

85

60,000

54,000

54,000

80

60

44

91

100,000

133,000

126.000

88

84

65

97

18,000

8,000

8,000

82

Washington
Oregon

6,494,000

7,593,000

6,869,000

71

74

California

United States.

11%.

94

Utah

--

--

69

85

in

a

Ajoviuiai/un

ux

ncuucu

xuca^c

xcmvtJ

iv

tuc

tAJiicfr i

c»u c»sc

vx

i/c

ov«u

wt

mm

For the first time, preliminary estimates

s

REPORT

AS

OP

DEC.

1,

leased

area

_

.

,

the

highest in 10 years.
With the harvested acreage of crops (excluding fruits) only 3.8% below

the 1923-32 average, and crop yields running exceptionally high, produc¬
tion this season of the 53 principal crops has been 12.1% above the 1923-32
average compared with 20.4% below that average last year.
Previous to
this season, the year of heaviest production was 1931 when production was
5.6% above this average.
The cotton crop of 18,746,000 bales is 768,000
bales above the next largest crop, that of 1926.
The wheat crop of 874,000,000 bushels is about equal to average production prior to recent droughts.
The feed grain crop of about 100,000,000 tons is about equal to the average

production during the pre-drought years, and it will be supplemented by
much above average supplies of by-products feeds derived from the record
cottonseed crop of 8,337,000 tons, and from the more than 2,000,000 tons
of soybeans, peanuts and flaxseed harvested.
Although very little grain
was carried over from the small 1936 crops, the supply offeed appears ample,
for present livestock and poultry, for the somewhat larger numbers ex¬
pected next summer, and for accumulating above average reserves on farms.
In contrast with the 100,000,000 tons of feed grains produced this year,
production last year was under 60,000,000 tons, and in 1934, under even
more severe drought conditions, only about 53,500,000 tons were produced.
Hay and roughage supplies also appear ample this season.
Some of the heaviest production records this season are shown by the food
crops.
Fruits are uniformly heavy and the total fruit crop appears to be
the largest ever produced by a margin of 15%.
The potato and sweetpotato crops are both far below previous high records, but both are sub¬
stantially above average.
Other vegetables grown commercially for can¬
ning and market show a total about 5% over last year's big output, the
record up to that time.
The production of both sweet corn and peas for
canning appears to have been particularly heavy, about 50% more than
usual.
Improved pecans, California walnuts, almonds and filberts are all




group are

.

es¬

casts of

marketings and prices during December, 1937,

are

included to

com¬

plete the calendar year.
The estimates of cash income are designed to
eliminate duplications that occur where crops and livestock products are

than had

_

a

The estimates of cash income, which are a summation of the monthly
estimates of cash income made during the calendar year, include estimates
of cash income from marketings and from Government payments.
Fore¬

indications but showed heavier loss of acreage in the

.

as

to

year

Estimates of gross income from crops and livestock by calendar years and

1937

previously been reported.
The estimates of the
United States production of corn, wheat, oats, and barley have each been
reduced by from 6,000,000 to 13,000,000 bushels, but this reduced the in¬
dications of total grain production by only % of 1%.
The estimate of
flaxseed has been reduced by 660,000 bushels, or 9%, and hay by 1,400,000
tons, or 2%.
On the other hand, some of the production estimates have
been increased, principally beans 6%, soybeans 5%, sweet-potatoes 2%,
and tobacco and peanuts each 1%.
These adjustments do not indicate
any material change in the general crop situation.
The more precise figures
now available show more clearly
than before that in most parts of the
country this has been a season of exceptionally heavy crop yields which
more than offset the loss of acreage and low yields in the drought area.
The acreage of principal crops planted for harvest this year and subse¬
quently abandoned now appears to have been about 24,400,000 acres.
This
includes chiefly about 10,666,000 acres of winter wheat, only a portion of
which could be resown to other crops; about 10,000,000 acres of spring
wheat, oats, and barley; and 2,673,000 acres of corn.
Probably tnreefourths of thiB loss of acreage was in central and northeastern Montana,
western North Dakota, South Dakota, Nebraska, western Kansas, eastern
Colorado, and the "dust bowl" area of western Oklahoma, northern Texas,
and northeastern New Mexico.
The acreage of planted crops which failed
was about 20,000,000 acres less than losses in the great droughts of 1934
and 1936, roughly comparable with losses in 1935 and 1933, and probably
8,000,000 or 9,000,000 acres more than in any of the previous nine years for
which fairly comparable estimates have been made.
This makes 1937 the
fifth successive year of heavy drought losses, and much of the 1937 drought
area is still unfavorably dry.
Nearly everywhere, outside of the drought area, a full acreage of crops
appears to have been grown and the crop season was unusually or excep¬
tionally favorable.
In the country as a whole, crop yields on the acreage
harvested were about 16.4% above the average for the 10 years preceding
1933, which was the first year of the worst drought period.
When allowance is made for the acreage lost this year, crop production
per acre planted appears to have been about 13.7% above the pre-drought
average, and 10% higher than in any season since 1920.
In contrast to
the good showing this year, yields in 1936 per planted acre were 18.4% be¬
low the 1923-32 average and in 1934 were 24.4% below.
The high average of yields this season appears to have been due largely to
exceptionally favorable weather conditions, to an upward trend that is
evident in the yields of numerous crops as a result of the wider distribution
of improved varieties and seed strains, to extra care and attention to details
induced by the high prices of the drought years and to certain aspects of
the Soil Conservation program.
Yields of wheat, barley, grain sorghums, and wild hay were well above the
average during the last four years, but because of the large acreage in
the drought area were below the 10-year, pre-drought average.
Practically iall other crops gave good to excellent yields.
ly
Yi '
mercial truck crops, as a group, were below the level of some y<
The yield of cotton, at 264.6 pounds per acre, was
the highest since 1930.
more than 18% above the previous high record, set in 1898 before the boll
weevil was troublesome.
The per acre yield of beans was equally far out¬
side of previous experience.
The yield of soybeans was the highest on
record, peanut, tobacco and potato yields per acre were near the highest,
and the yields of feed grains as a whole and of fruits appear to have been
drought

calendar

estimates of net income from agriculture will be issued as soon as the
timates of expenses of production can be completed.

The end-of-the-season survey of the nation's crops by the Crop Reporting
Board of the United States Department of Agriculture tended to confirm
most of the earlier

of cash income from each of the

and from livestock and livestock products

These income estimates cover
permit coordination with national income estimates
which are made on a calendar year basis.
Estimates of cash income from
each of the several classes of livestock and livestock products will be issued
in February when the annual Jan. 1 estimate of livestock numbers is re¬
the

Report on the 1937 Pro¬
Crops—The Crop Reporting
Board of the United States Department of Agriculture made
public on Dec. 17 its report of crop acreage, production and
cash income of crops as of Dec. 1:
CROP

crops

presented with the December crop report.

j/«»

duction of Grain and Other

GENERAL

and livestock products increased from

Estimates of Cash Income Are Substituted for Farm Value Figures
r

including an allowance for spring sown rye.

Agricultural Department

Income from livestock

separate table of this report.

principal
poses,

ESTIMATED

130,000

Oklahoma

«

INCOME

$8,500,000,000 compared with $7,918,000,000 in 1936 and with $4,328,000,000 in 1932, the low point in cash farm income since estimates were first
begun in 1924.
The peak of farm income during this period was reached
in 1929, when it amounted to $10,479,000,000.
The estimate of $8,500,000,000 for 1937 displaces the preliminary estimate of $9,000,000,000 made
by the Bureau in August.
The greater portion of the increase in income from 1936 to 1937 was due
to the increase in income from
crops.
Total income from 78 different crops
ncreased from $3,460,000,000 in 1936 to $3,840,000,000 in 1937, an increase

■

77

97,000

27,000

Georgia..

Kentucky

FARM

Total cash income from the sale of farm products and from Government
payments in 1937 is estimated by the Bureau of Agricultural Economics at

83

74

CASH

75

North Car lina.

be necessary next spring.

82

Virginia

half of normal requirements,
1926.
The shortage will have

be met in part by the extensive substitution of other varieties of
hay
crops next spring.
The production of both alfalfa seed and sweet clover
seed was well up to the usual average, the timothy seed
to

86

Illinois

105,000

*

One of the few crops to show a real shortage this season is clover seed.
Seed supplies have been low for several years and last year's drought caused
a great reduction in the
acreage available for seed production.
This year's

1937

1932

1936

Acres

54,000

1936

1935

1923-

1935

Missouri

damage caused by the recent freeze in Louisiana, which has not yet been

determined.
Autumn

Acres

New Jersey

Rice, estimated at 53,000,000 bushels slightly exceeds the
previous record set in 1920.
Until late in the season sugar and sirup crops
promised a near record production, but this prospect may -be changed by

Condition Dec. 1

Autumn

of

New York

4143

record crops.

a

Acreage Seeded
State

Chronicle

valued separately and no allowance

is made for crops used for seed, or fed
These income
sales of livestock, feed and seed
products by one farmer to another within the same State.
The estimates of cash income from agriculture indicate the amount of
money available to farmers for paying taxes and interest and for purchasing
commodities and services used in operating their farms and in supporting
their families.
The value of products produced and consumed on the farm
to

livestock,

estimates

do

or

used for food on

not

include

income

frfrms where produced.

from

food or feed is an addition to the cash income, and the total from these is
included in gross income.
The analysis of income, however, is not complete
as

until expenses of production are
the farmers' net income.

subtracted from

gross income,

to obtain

In the past, crop value estimates have been presented in connection with
the December crop report.
These estimates were computed from total
lash income estimates, on
?roduction, using a forecastthe average prices for the marketing season,
of other hand, are estimates of marketings

month by month at prices prevailing when the marketings were sold.
In the case of some cash crops there is little difference between the crop
value figures and cash income.
In the case of cotton, the value of the
crop in a marketing season may be the same as the cash income from cotton
in that season, provided farm carry-over is practically constant from year
to year.
But the value of cottonseed production estimated in the same
is not cash income.
Some of the cottonseed is used in planting, for
fertilizer, and occasionally for feed.
Crops that are used largely for feed,
such as corn, may show very little cash income for the year in which they
are produced, but will eventually appear as income in subsequent years
through the sale of livestock and livestock products.
Changes in the value
of the corn crop therefore are often not an accurate indication of changes
in income to farmers from the production of corn.
Consequently the
changes in the values of some crops are directly related to changes in income,
and,In the case of other crops, not so related.
In analyzing the income from or outlook for any particular farm product
it may be desirable to construct estimates of income for the marketing
season of that product, or to estimate total crop value, but these should be
treated as particular problems without reference to the national income
estimates from agriculture.
from
Also, it may be desirable to determine the
For such purposes seasonal average
total value of feed crops produced,
e for use!
prices will be made available for use in converting production or marketings
into crop-year estimates of value or income.
wav

Income from Wheat,

tobacco and Fruits Show Greatest Increase

income from 1936 to 1937 were re¬
and the more important fruit crops,
particularly cherries, peaches, grapes, apples and strawberries.
Income from the sales of wheat during 1937 amounted to $667,000,000
The greatest increases in cash farm
from the sale of wheat, tobacco

ceived

compared with $408,000,000 in 1936.

The larger tobacco

crop this year

and returned $318,000,000 to farmers,
compared with $235,000,000 in 1936.
In spite of the near record crop of
cherries, prices were higher than a year ago and income amounted to $13,000,000 compared with $7,000,000 last year.
Income from peaches was
40%, from grapes 34%, from apples 32% and from strawberries 28% higher
than a year ago.
Many other fruit and nut crops recorded large gains for
the year, and the total income from all fruits and nuts increased from
$481,000,000 in 1936 to $552,000.00u in 1937.
There were several important crops for which income was smaller this
year than last, partly due to small sales early in the year and partly to
materially lower prices in the later months of 1937 than in the same period
of 1936.
Although the cotton crop is the largest on record, sales of cotton¬
seed and lint during 1937 returned to farmers only $821,000,000 compared
with $905,000,000 in 1936.
The returns to farmers from potatoes amounted
to only $198,000,000 in 1937 compared with $214,000,000 a year previous.
Income from sweet-potatoes was also lower in 1937.
Other important com¬
modities for which income was smaller in 1937 than in 1936 were corn,
sold at prices higher than a year ago

barley, buckwheat, peanuts, sugar beets and some of the legume seeds.

10

^

StateTltecordSmaller'Income in 1937""""

The States showing the greatest increase in income from 1936 to 1937 are
Oklahoma, Florida, Idaho, Kentucky, and Kansas, where crop output was

considerably larger than a year ago.
Income from sales or farm products
in 38 States was as large or larger in 1937 than in 1936.
Of the 10 States recording smaller income in 1937 than a year earlier, the

V

year

earlier,

<

of feed in this area during most of
livestock and livestock products.
The estimated Government payments, which include actual payments
for the first 10 months of the year and estimated payments for November
and December were 32% larger than a year ago.
The larger payments in

1937 contributed to the increase in income in several States, but the increase
not sufficient in the 10 States where income from marketings was below

was

the level of a year ago to bring

the 1937 total cash income to farmers in

those States up to the level of 1936.

Financial

4144

Crop

Reporting

Dec.

REPORT—DECEMBER, 1937

GENERAL CROP
The

Chronicle

Board of the Bureau of

UNITED STATES

Agricultural Economics

the following report of crop acreage and production from reports
data furnished by crop correspondents, field statisticians, and
co¬

makes
and

by States and are accompanied by estimates of income from
livestock products, total cash farm income, Government
payments and cash income including Government payments.
Prepared
under direction of Bureau Income Committee:
portant crops
and

livestock

1923-312

1937

1936

103,41(
60,131

93,02()

93,81(

48.86C

Unit

64,46(

Bush.

17.6
9.1

15.7

16.8
4.7

7.5

43.2

873,993

Cotton, lint

519,87'1

685,102

106,891

188,891

46,94(

All spring

20,4 U

11.17C
1,53?
9,63?

17,514

4,77 (
15,63i

14,75?

187.625

40,0 If

33,37(

35,079

1,215,102

12,64£
3.3 If

8,372

9,959

2,774

3,839

Durum

Other spring..
Oats

*•

2.75C

■

Barley

___

Rye

427

56?

375

2,772

1,126

Flaxseed

969

1,093

7.01G

6,878

40,541

30,028

Grain sorghums.a.

Cotton, lint
Cottonseed...

;.V

924

925

Buckwheat

Rice

+mm

Hay, all

6 8" 441

67,868

Hay, all tame

55,153
1,934

2,545
579

49,449

6,285

6,974
53,004

55,079

97,097

12,399

18,746

5,511
70,386
63,536

8,337

14,667
6,521
80.865

^i*ft

6,850
2,898

872

888

944

Clover seed(red and

1,044

1,191

alsike)

1,522

II

534 Bush.

1.806

1,594

1,721 Bagsc

Soybeans.d

875

2,132

2,337 Bush.

Cowpeas.d

**

1,760

1,387
1,653 Lbs.

2,193 Tons

236

Peas, dry field
Potatoes

1,279
2,382
261

771

1,437

1,706 Lbs.

201

215

193 Gals.

Sugarcane for sugar

183

244

292 Tons

Sugarcane sirup.
Sugar beets

111

141

146 Gals

717

776

759 Tons

Sorgo sirup

.

.

...

Mapel sugar

Maple sirup
Broomcorn.......
Hops

23

31
■'mm

mmmm

?'

...

m

m

mm

'mmrn-

mm m

Cherries (12 States)

mmmm

u

■-'V

5,419

6,291

22,676

25,335

9,028

8,798

985

2,403

2,562
51

38

47,650

m

^

30,139

1.916

mm-mm

#117

#115

41

68

69

#53

42

mmmm

'

28

28

770

803

882

v-;

f226

.

184

Maple sirup

£1.99

£1.70

313.4

221.3

55,174
30,281

67.067

814

8,102

589

504

786

62,965

28 Bbls.

40,135

81,093

(Calif.
7.8

9.1

99.1

107.4

60.0

For market

65.2

10.1 Boxes

873

mm

6*125

"*4J39

39.1

42.2

mm*

Cherries (12

44.1

mmmrn mm

Commercial

"

.mmm

11.4

5,894

For manufacture.

h25.6

32.7

Beans, snap, total.

165 3

213.8
163.6

168.0 Bush.

54.7

50.2

60.4 Tons

hl6.4

19.9

59.1

52.1

*863

689

20.1

22.3

228.4

hll0.6

54.2

12.7 Bush.

19.1

For manufacture.

9.6

For market.....

11.5

42.2 Tons

8.4

185.4

192.8

128.9

For market..

166.4

172.0

20.2

19.0

122.9

For kraut

Cantaloups

111.9

hl2.6

■■'mmm*

m

rnrn'm

m

m

'

Bbls.

28.2

market....

For

mfg.(Cal.only)

m'mrn-

mrn~

94

76.5

'•

"m

m

1*937

#1*714

m

For manufacture..
snap, total...

For manufacture-

.

1.40

54

4,670,000

—I
91|

'

Tons

'■mmm

mmm

168

J6.00

5.64

4.74

5.90

6.08

7.44

5.89

Bush.

182

7.67

Fro manufacture..

Bush.

76
1.75

73

1.52
'

Tons

m'mrn'-

■mmm

1.58,

Bush.

.53

.62

j.50

179

Cabbage, total

6.08

Tons
11

■.

• •

For market

9.48

For kraut

ii

6.13

6.06

140

120

124

Crates

341

363

364

Bush.

247

245

285

Crates

274

258

256

47.1

f861.2

f979.5

<4

#165.7

115.1

27.6

37.3

38.5 Bush.

Cauliflower

27.4

31.1

29.2 Crates

Celery
Corn, sweet, total.
For market (N. J.

32.6

36.3

40.6

336.0

396.4
24.0

24.0 Ears

102,610

430.0 Tons

628.0

607.5

Cucumbers, total..

151.5

126.0

133.4

For market

46.8

44.6

For pickles

79.2

88.8

3.5

Eggplant
Kale (Virginia only)

3.2

3.8

154.8 Crates

109.1

92.9 Sacks

303.5

Peas, total

1.3

165.6
428.7

1.0

131.8

117.1 Bush.

296.9

820

905

766

358

430

#19,163
13,254

f21,355

f21,375

#17,227

fl4,813

18.6

If6* 088

20.2 Bush.

*9*448

9,395

182.1

187.7

265.2

3,829

331.0 Tons

16.6

.....

772

mmmmmm

80.0

For manufacture.

3,749
7,949

448.1

223.5

For market

6,333

44

1.9
84.4

Onions

m m

*3*759

4,972

155.3

Lettuce

m — m m

"f4~607

44

II

4,033

4,775

man¬

8.5

11.1

11.1

Spinach, total

59.1

103.8

48.0

76.8

76.6

16.4

106.3

For market

ufacture

11.1

27.0

470.3

For manufacture.
Tomatoes, total

602.0

Tons

275

149

129

138

161

15.0

14.0

#12*656

*13*130

52.7

63.4

29.7 Tons

15,121
64.8

641.0

159

158

7.610,000

8,245,000

6,449.000

16,646,000

7,177,000
17,929,000

1,440,000
11,093,000
8,860,000

Bush.

7,352,000
3,770.000

if

II

4«

Crates
Sacks

■

'■mmm ■

■m mm

76

For market

80

72

.88

.63

.80

260

217

237

#1.95

1.26

1.49

Bush.
Tons
Bush.

3,582,000
494,000
107,000
30,259.000
12,371,000
20,771,000
11,092,000
9,679,000
2,702,000

4,124,000

4.736,000

629,000
129,000
33,767.000
18,353,000
24,897,000
10,916.000

13,981,000
3.510,000

forjmanu¬

Forlmanufacture.

■-

mmm

.

197

2.35

4.48

Tons

2.18

±m'm

119

113

108

4.21

4.74

4.20

309

248

271

Bush.

.

Watermelons

Total above tr'k crops
For mkt.(21 crops)

':mm

Bush.

27,063,000

Tons

25,029,000

8,152,000
249,880,000
192,725,000

206,629,000

Tons

"mmm

'•

m

Melons

•

'mmm

....

'

-•

m m m

'mmm

...

545,000
6,348,000
5,427,000
921,000
51,452,000
27.430,000
24,022,000

'

■

420.000

6,024.000

mm

171

305

For market

'

577,000
14,718,000
1,210,000
16,089,000

6,200,000

'

410

...

5,180,000
844,000
52,092,000

7,526,000
274,914,000

Forjmanuf'ture (11
crops)

57,155,000

68.285,000

314,887,000

...

350.090,000

p?
Tot.all tr'k crops k

42.0

48.5

Backs

j 1*7*5

26.1

26.7

Lbs. 1

642,000
1.849,000

529,000
1,760,000

124

132

145

Bush.

m47.588,000

m31.521.000

28,426,000

35,978,000
51,211,000

Garlic

Peppermint
Potatoes, early
Strawberries (com'l).
Strawberries (total)..

65.2
...

-

58.5

74.5

...

Urates

...

Cash income from 78 crops
Cashl

ncome

from crops & livestock &

39,909,000

—

Cash income from livestock and livestock products

mmmmmm-

Bush.

87

84

Tomatoes, total

952.1
'■■■

42.9 Bush.

108.6

m

f412

For market

120,000

122,400

372.4

-

73

For manufacture-

22.0

877,000

15,928,000

12,533,000

238

facture

8,318

314.0

only)

113

Spinach, total..

10,409

For manufacture.

..

71

454.0

7,603

9,376

5,069,000
1,454,000

Tons

2.21

mmm

258

14,023

f6,658

f9,168

• «

1.63

#2.13
■

For manufacture..

14,192

fl0,127

#13,410
13,535

Carrots

.

Peppers

127.8

fl6,674

585,000
21,198,000
19,682,000
1,516,000
13,280,000

15,781,000

7,485,000

5,000

57

Pimientos

787,000

1,216,000
1.475,000
20,850,000

1,285,000

-'■'mmm

'

5,100

258

#1,045.1

• •

m'mm.-

14,215,000
3,401,000
1,372,000

4,656,000
2,691,000

Ears

■

'

'mmm:

f5,072

Onions

#1,172.9

*1

2,283,000
1,054,000
1,229,000
17,616,000

(N. J.

Peas, total

47.9

#1,094.6

114.6 Crates

20.8

market

only)..
Forf manufacture.
Cucumbers, total

1,651

h35.9

1,899,000
14,103,000
9,447,000

Tons

1.17

76

i

...(

For market

ms/

fl026.9

10.1 Tons
41

mm

1.728,000
13,469,000
8,799,000

m

f74

For market..

For pickles

105.6

4,832,000

'

Beans, lima, total

Forjmarket

12,690

mm

7,270,000

Crates

92

79

1.44

Boxes

80

95

file
mmm

For

Lettuce

11.861

#73.1

51,749,000
16,069,000
51,471,000
13,013,000
198,570,000

6,952,000

mmm

mm'm;'

'rnrn'm' "

18.2

m

Asparagus, total

Beans,

3,561,000
7,440,000
109,534,000

Truck

Eggplant
Kale (Virginia only).

m

>9*726

9.0 Bush.

h6.3

149.1

For manufacture.

Cabbage, total

3,462,000,000 3,840,000.000
4,171,000,000 4,280,000,000

livestock products 7,633,000,000 8,120,000,000

Government payments.
Cash income plus Government payments

287,000,000

380,000,000

7,920,000;000l8,500,000,000

mmmmmm.

#17*263

*2*0*782

For market

154.5

183.0

198.6 Bush.

For manufacture.

315.8

419.0

442.4 Tons

1,293.0

1,987.5

21,350
1,858.6

farms marketings exclusive

238.0

256.6

263.8 Melons

f 71,774

#63.555

f71,624

and

Watermelons

Total

above

truck

crops

For

__

market

For

2,479.3 3,026.1 3,184.8

_

_

_

......

......

(21

1,387 7 1.658.4 1,654.7

crops

manufacture

(11 crops)

1,091.6

Garlic

1,367.7 1,530.1
3.7

4.0 Sacks

""*193

"""155

"

Peppermint

h45.6

36.7

32.9 Lbs. i

h820

957

879

Potatoes, early
Strawberries

318.4

273.3

346.1 Bush.

41,908

35,960

f50,284

185.4

171.3

164.0 Crates

#11,725

10,025

J58.641 315,984 340,876
a

100

All

12,221
■

mmmmmm

b For hay and forage, but not Included In tame hay.
c Bags
d Covers only mature crop harvested for the beans, peas, or nuts,

purposes,

pounds,

tapped,
f Includes some quantities not harvested.
£ Production
includes all grapes for fresh fruit. Juice, wine and raisins,
h Average 1929-32.
e

m mm

.■

mmm-

22.2

Crops—
Artichokes (Cal.only)

54.9

9.2

Pimientos for

States)._

m

TICS

JT eballH.

For

m<

"eoi

43.8 Ton8

h35.8

For market

h3,877*000

6,7.50,000

mmm'

mmm

-'mm

Other fruits & nuts.i.
Cranberries

''

~

64.3 Crates

198,180.000
16,550,000
317,737,000
1.641,000
19.625,000
4,050,000
52,107,000

180,500,000

mmm'

mmm

'

808

864

108.1

(Calif.

Peppers

V

mm-

mmm'-

Celery
Corn, sweet, total

only)..
;
Asparagus, total...

214,083,000
17,515,000
235,224,000
1,603,000
18.573,000
3.764,000
55,682,000

3,681.000

m

...

Carrots

Crops—

For market

mmm-'

Cantaloups

Commercial Truck

Beets, total

'

mmm

"

Cauliflower.

Lbs.

only)...
Beans, lima, total..

mm*iX

Grapes, total

8,550

7,208

mmmm

Tons

1,302

26,090

14,730

Gals.

296.0

1.274

247

48,939

Lbs.

61.7

55.3

Hops..
Apples, total
Peaches, total.
Pears, total

25

29

62.1

Broomcorn..

For market

11

"

C«

£1.83
£1.83

Beets, total

'mmmm

Pecans

mfg.

89.4

40

M

(Calif,)..

78.0

142

#71

:■

Boxes
.•

mmmm

88.5

Bush.

2.04

123.1

2,732

mm*

+

17.0
108.4

59,626

26,956

—

''

Grapefruit (48tates)

Cranberries..

m

;'

fl5.0
112.7

...

23,374,000
3,495,000
34,125,000

"

882

811

Peas, dry field

990

#2,214

ii

"'mmm

d838

Velvetbeans.b

"

Lbs.

4,585,000
6,910,000
82,925,000
36,883,000
14,540,000
38,432,000

5,231

States)
....

781

h3,245*000

4,432

•«

'mmmm

759

Bush.

Lbs.

f24,334

....

•

690

Lbs.

6.4

Gals.

967

(2

Prunes, dried(3 St.)
Oranges (7 States).

6.0

9,846,000
3,069,000
4,340,000
2,698,000
47,437,000
23,360,000
2,839,000
31,005,000

2,513,000
3,452,000
2,159,000
42,752,000

Gals.

#44,399

II

States).
Prunes, canned

d6.8

Bush.

920
17.5

Potatoes

211,060

'mmmm

mmmm

....

1,740,000
12,159,000

Lbs.

25,156

«•

Plums (2 States)...
Prunes, fresh use (3

4.40

716

14.1

Lbs.

£1.70

117,506

Tons

m

'

2.45

666

dl3.0

Beans, dry edible
Soybeans.e

12,465.000

II

3.34
204.9

£1.99

f57,298
;

ii

''mmmm

...

...

2.45

141.1

3.55

Lespedeza seed
Timothy seed

II

1.68

1.12

d3.57

dll2.5

Maple sugar

28,011

".mmmm
'

Pears, total

Grapes, total.£

1.20

alsike)
Sweetclover seed

Tons

966

II

2,540,000
8.898.000

11.6

40,997

48

*•

Bush.

11.6

#164,355

Bush.

■

1.91

anc

dll.O

29,983

2,682

34 Lbs.

.

mmmm

mm

1.53

(red

«•

21.5

15.839

342 Tons

344

324
''

2.37

Clover seed

14,604,000
1.794,000
12,316,000
32,300,000
5,238.000
684,622,000
136,535,000
92,784,000

4i

173.5

11,405

2,747
17,800
8,118
1,838

el2,728 ell.854 el 1,739 Lbs.
el2,728 el 1,854 el1,739 Gals.

Apples, total
Peaches, total

1.46

22.2

391,159
372.115
331,918
75,393
66,368
64,144
1,427,174 1,164,131 1,505,762
11,915
12,467
11,893

II

843

822

1,872

1.14

160.8

3,528

II

3,177

3,063

3,327

Sweetpotatoes
Tobacco

1.73

Sweet sorghums.c
Alfalfa seed

fl5.0

2,350

587

256 Bush.

-

.81

154.2

954

99,165

927

8,822
5,392
7,720
946,231 1,336,600 1,291,655

799

1,417
1,414

Peanut8.d

Velvetbeans.a

.

Tons

1.25
1.35

.65

Sorgo sirup..
Sugarcane for sugar..
Sugarcane sirup
Sugar beets

770

38,364

12,181
12,491

484 Lbs.

-

1.04
1.11

.82

Tobacco

859

286

272

378

5,262,000
763,355,000
141.521,000
85,949,000

781

1,172

10,161
1.647

314

79
457

243

seed..

Lespedeza seed
Timothy seed
Beans, dry edible.

1.20
1.29

8,782,000
28,500.000

Lbs.

■mmm'

mm-

Hay, ail tame

Sweetpotatoes.,

11

466

''■'"'m

'

mm m

Peanuts.e

3,123

.

2,347,000
'

II

13.2

Cowpeas.e

10.719

#y

493 Bush.

II

♦4

'

Hay, all

83,087

73,785
9,302
4,378

70,146

i«

13,250,000

264.6

Hay, wild

6,777

5,273
49,002

8,277

*»

11,552

219,635

25,31£

15,996

Tons

2,996

426

147,475

42,826
97,760

..

54,792

13,288

57,289
10,579

Sweet sorghums.b.

**

»•

66 344

27,791
8,07C
161,100
98,81f
785,50( 1,146,258

281,237
38,212

7,379
33,930 Bales
m

Hay, wild

v

»

'

Alfalfa seed.

53.687

♦»

8.0

197.6

Cottonseed

37,68'

61,838,000

48.5

50.6

14.7
169.9

Grain sorghums.b...

626,76(

61,522,000
43,042,000

"

ii

15.9

6.9

623,22C
241,315

"

50,672,000

••

ii

12,9

...

234,385.000
666,549.000

ii

22.1

12.0

864,535

39,72^1

For

32 7

Flaxseed...........

2,554,775 1,507,081) 2,644,995

Winter

Arltchokes

23.5

22.6

Buckwheat
1937

1936

1928-32

243,665.000
408,200,000

10.9

30.2

1937

II

10.1

10.3

1936

10.8

5.2

12.6

Rice

Corn, all
Wheat, all

Lemons

9.6

11.6

12.4
....

Bush.

13.6
14.6

Barleywk^-.

Average

Aver.

Sweetclover

12.8
13.8

Rye
1928-31I

v

28.2

16.2

14.4

Oats

Crop

Unit

15.2

Winter

Other spring

(In Thousands)

1937

1936

25.4

Corn, all
Wheat, all
All spring
Durum

»

a

Calendar Year
Aver.

Crop

UNITED STATES

Production

Cash Income

Yield per Acre

operating State agencies.
Preliminary estimates of cash income during the calendar years 1936
and 1937 are shown by crops for the United States and for the more im¬

Acreage Harvested
(In Thousands)

1937
25,

1,000

trees

1 Pounds
acreages,

of oil.
J Excluding crops not harvested,
strawberries and other fruits.

V




minor crops,

duplicated seed

with the monthly estimates of Income from
of Government payments,
b All purposes,
c For hay
Included In tame hay.
d Average 1924-32. e Covers only
mature crop harvested for the beans, peas, or nuts,
f Average 1928-32.
£ Total
equivalent sugar per tree,
h Income from sugar and sirup combined.
1 Includes
oranges, grapefruit, lemons, limes, pineapples, plums, prunes, apricots, figs, olives,
almonds, and walnuts,
j Average 1929-32.
k Including non-commercial truck
crops.
1 Pounds of oil.
m Included in total Income from potatoes.
a

On a calendar basis comparable

forage,

but not

Corn—The estimated production of corn for all purposes in 1937 was
2,644,995,000 bushels.
This year's crop is about 75% greater than the
short crop of 1,507,089,000 bushels produced in 1936i and^slightly larger
than the five-year (1928-32) average production of 2,554.772,000 bushels.
These estimates include the grain equivalent of corn used for silage, forage,
hogging off, and pasturing, in addition to grain corn husked or picked.
The total acreage of corn harvested for all purposes in 1937 was 93,810,000
acres, compared with 93,020,000 acres harvested in 1936, and the five-year
average of 103,419,000 acresIt is estimated that 96,483,000 acres were
planted to corn in 1937, compared with 100,599,000 acres in 1936.
The average yield per harvested acre in 1937 was 28.2 bushels compared
with 16.2 bushels in 1936 and the 10-year (1923-32) average of 25.4 bushels.
Despite the reduction of yields by drought in such States as Nebraska,

Volume

Financial

145

South

Dakota, and Kansas, the United States average yield this year is
the highest since 1923.
Yields were above average by more than 10 bushels
per acre in Illinois and Indiana and were well above average in such other
important corn producing States as Iowa, Minnesota, Ohio, Michigan, and
Pennsylvania.
Yields were also above average in most of the Southern
States and in the

area

The amount of

corn

west of the continental divide.

harvested

as grain in 1937 is estimated at 2,343,258,1,253,766,000 bushels in 1936, and the fiveCorn was harvested for grain from
81,509,000 acres this year.
The five-year average of acreage harvested for
grain was 88,547,000 acres and the 1936 acreage was 67,640,000 acres.
The acreage of corn harvested for silage in 1937 was 5,140,000 acres com¬
pared with 8,309,000 acres in 1936 and the five-year average of 4,354,000
acres.
The estimated production of corn silage in 1937 was 35,334,000 tons.
Because of higher yields, the smaller acreage harvested in 1937 yielded a
larger production than in 1936 when 32,419,000 tons were produced.
The
five-year average production is 30,899,000 tons.

000 bushels, compared with

year average of 2,191,960,000 bushels.

Wheat—Production of all wheat in 1937 is estimated at 873,993,000
bushels; nearly 40% more than the low 1936 production of 626,766,000
bushels and about 1 % greater than the five-year (1928-32) average produc¬
tion of 864,532,000 bushels.
The acreage of all wheat harvested in 1937 of 64,460,000 acres is 32%
above the 48,863,000 acres harvested in 1936 and is slightly more than 7%
greater than the five-year (1928-32) average of 60,115,000 acres.
Winter wheat production in 1937 is estimated at 685,102,000 bushels,
well above either the 1936 production of 519,874,000 bushels and the fiveyear (1928-32) average production of 623,220,000 bushels.
It is estimated
that 46,946,000 acres were harvested in 1937 compared with 37,687,000
acres in 1936; an increase of nearly
25%, while the increase over the fiveyear (1928-32) average of 39,724,000 acres is 18%.
The 1937 yield per
harvested acre of 14.6 bushels compared with 13.8 in 1936 and the 10-year
(1923-32) average of 15.2 bushels.
Excellent early season prospects in
some of the North Central States did not fully materialize largely because
of black stem rust which reduced yields, especially in Indiana, Ohio- Michi¬
gan and local areas in States to the west and south.
All spring wheat production in 1937 is estimated at 188,891,000 bushels,
compared with the low 1936 production of 106,892,000 bushels and the fiveyear (1928-32) average of 241,312,000 bushels.
The 1937 crop is 77%
greater than the 1936 production but 22% below the five-year (1928-32)
average production.
The acreage harvested in 1937 of 17,514,000 acres
compares with only 11,176,000 acres in 1936 and the five-year (1928-32)
average of 20,414,000 acres harvested.
Yield per harvested acre in 1937
of 10.8 bushels compares with 9.6 bushels in 1936 and the 10-year (1923-32)
average yield of 12.4 bushels.
Abandonment of all spring wheat was not as great in 1937 as in the severe
drought year of 1936 although in North and South Dakota, Nebraska and
Kansas there was rather heavy abandonment in some areas because of heat
drought and black rust.
Parts of Minnesota also suffered reduced yields
,

because of black rust.
Durum wheat production in the three States of Minnesota, North and
South Dakota is estimated at 27,791,000 bushels in 1937 compared with
only 8,073,000 bushels in 1936 and the five-year (1928-32) average produc¬
tion of 53,687,000 bushels.
The 1937 average yield per acre of 10.1 bushels
is below the 10-year (1923-32) average of 11.6 bushels but most of the re¬
duction in durum production compared with average is due to the lower
acreage planted and harvested.
Only 2,756,000 acres were harvested in
1937 compared with the five-year (1928-32) average of 4,775,000 acres.
The acres of all wheat sown for the 1937 crop is estimated at 81,362,000
acres compared with 73,724,000 acres sown for the 1936 crop.
The acreage
of winter wheat sown in the fall of 1936 for harvest in 1937 is estimated at

57,612,000
for

harvest

wheat

were

acres

in

compared with 49,765,000

acres sown

in the fall of 1935

It is estimated that 23,750,000 acres of all spring
in the spring of 1937 for harvest in 1937 compared with

1936.

sown

23,959,000 acres sown in the spring of 1936 for harvest in 1936.
Durum
wheat sown in the spring of 1937 is estimated at 3,226,000 acres compared
with 3,555,000 acres sown in the spring of 1936.
Oata—The 1937 production of oats is estimated at 1,146,258,000

►

bushel",

which is

practically the same as the preliminary estimate made in October.
year's crop is 46% larger than the very small crop of 785,506,000
bushels harvested in 1936, but about 6% smaller than the five-year (1928-32)
average of 1,215,102,000 bushels.
The harvested acreage of 35,079,000
acres is about 5% above the 1936 acreage but is
12% below the five-year
(1928-32) average of 40,015,000 acres.
The average yield per acre this year
is 32.7 bushels compared with 23.5 bushels last year and the 10-year
(1923-32) average of 30.2 bushels.
Yields were generally above average in
all section except the Northeast, the Northern Great Plains and Oklahoma
and Texas.
In the latter areas, yields were reduced by drought which also
caused a considerable abandonment of acreage.
Yields were especially
high this year in such important producing States as Iowa, Minnesota, and
Illinois, and in the Pacific Northwest and some of the Southern States.
This

Barley—The estimated production of barley in 1937 is 219,635,000
bushels, which is 49% larger than the short crop of 147,475,000 bushels
produced in 1936, but 22% below the five-year (1928-32) average of 281,237,000 bushels.
The present estimate is about 6% less than that published
largely to greater abandonment than was indicated by earlier
reports.
The acreage harvested is estimated at 9,959,000 acres compared
with 8,372,000 acres last year and the five-year (1928-32) average of 12,645,000 acres.
The estimated yield per acre is 22.1 bushels which is con¬
siderably larger than the 1936 yield of 17.6 bushels, but is slightly less than
the 10-year (1923-32) average yield of 22.6 bushels.
Yields were below
average in the important producing States of North Dakota, South Dakota,
Nebraska, Kansas, and Wisconsin due to damage from heat and drought,
while in Minnesota. Iowa and California yields were slightly above average.
in October due

4145

Chronicle

however, acreage was increased.
For the 18 surplus late States the increase
amounted to 3%.
In the 12 other late States, including Ohio where aban¬
donment was heavy, acreage was decreased 6%.
The seven intermediate
States increased acreage 5%.
Favorable markets through the 1936 season
encouraged an increase in acreage in the 11 early States amounting to 18%.
For the country as a whole, the 3,176,900 acres harvested this year is'an
increase of 4% over the 3,062,600 harvested last year., but is 5% below the
1928-32 average of 3,327,300 harvested acres.
Sweet potatoes—Production of sweet potatoes in 1937 totaled 75.393,000
bushels, compared with 64,144,000 bushels in 1936, and the 1928-32 average
of

66,368,000 bushels.
The 1937

season was generally favorable for the growth of sweetpotatoes
important producing States.
Rainfall was fairly well distributed
throughout the growing period and excellent weather at harvest time per¬
mitted the crop to be harvested with small loss.
The yield per acre this
year averaged 89.4 bushels compared with the low 1936 yield of 78.0 bushels,
and the 1923-32 average of 88.5 bushels.
The most significant changes in sweetpotato acreage occurred in Georgia,
Alabama, Tennessee and Louisiana.
In Georgia, acreage was increased by
12% over 1936, Alabama 20%, and Tennessee 15%.
Louisiana, on the
other hand, showed a decrease amounting to 20%.
For the country as a
whole, a total of 843,000 acres was harvested in 1937, compared with
822,000 in 1936, and the 1928-32 average of 771,000 acres.

in the

THE

DRY GOODS TRADE
New York,

While

Friday Night, Dec. 24, 1937.
buying of gift merchandise during the last week

before Christmas showed the customary expansion, the total
volume of holiday sales continued to register moderate losses
as

compared with last

tributed
reason

to

was,

year.

unfavorable

of

course,

In part the decline was at¬
but the chief

weather conditions,

the widespread recession in industrial

activities and the resulting sharp increase in the number of
the unemployed.
Results in different sections of the

country

showed

considerable

of finer

counts,

variations; while industrial districts
suffered the greatest losses, sales in Atlantic seaboard sec¬
tions nearly reached last year's levels, and
many Southern
districts were able to show substantial gains.
Higherpriced merchandise was especially affected by the downward
trend, whereas the demand for popular-priced goods in
many instances showed a notable increase.
Department
store sales in the metropolitan area, for the first half of De¬
cember, according to the usual survey of the Federal Reserve
Bank of New York, increased 2.9% over the similar 1936
period; firms in New York and Brooklyn showed an average
increase of 4%, while sales in New Jersey stores declined
2.7%.
Trading in the wholesale dry goods markets improved
moderately as both jobbers and retailers showed more in¬
clination to cover nearby requirements.
A feature of the
week was the active buying of percales,
following last week's
advance in prices.
The better tone of the gray goods mar¬
ket and the receipt of a considerable number of last-minute
reorders of gift merchandise helped to improve sentiment and
to enliven activities.
Business in silk goods, while continu¬
ing in its previous quiet fashion, gave indications of an early
revival in buying, as cutters are expected to enter the market
shortly after the turn of the year.
Trading in rayon yarns
early in the week displayed extreme hesitancy.
Following
the announcement of a moderate price reduction for a number
encouraged by

a

with substantial

business became

more

active

as

weavers,

60-day price guarantee, reentered the market
covering purchases.

Domestic Cotton Goods—Following the
previous week's
spurt in sales, trading in the gray cloth markets early in the

to four times as great as

period under review slowed down perceptibly.
Later, how¬
active buying was resumed and prices again showed a
firming trend.
Basic causes for the revival in activities were
the continued steady tone of the raw cotton
market, the
realization that the widespread move for curtailment will
sharply cut into available offerings, reports that supplies
both in distributive and consuming channels are smaller
than generally believed, and growing hopes that an
early
reversal in the downward trend of general business
may be
experienced.
Business in fine goods expanded materially
as converters jmoceeded to cover their
nearby requirements.
Combed yarns moved in large volume, and considerable
activity prevailed in carded piques and dimity stripes.
Closing prices in print cloth were as follows: 39-inch 80's,
6%c.; 39-inch 72-76's, 5% to 5%c.; 39-inch 68-72's,
to
383/2-inch 64-60's, 4%c.; 38^-inch 60-48's, fsji to

which

4c.

Rye—The 1937 rye production of 49,449,000 bushels compares with the
of 25,319,000 bushels in 1936 and the five-year (1928-32)
production of 38,212,000 bushels.
Since 1924, only the
1935

below average crop
average

Sreduction of 58,597,000 h asthe five-year (1928-32) average, with harvested
Acreage 3,839,000
1937 is nearly 16% above exceeded 1937 production.
1

acres

harvested in 1937 compared with only 2,774,000

acres

in 1936 and the

five-year (1928-32) average of 3,315,000 acres.
The 1937 yield per acre of
12.9 bushels compares with 9.1 bushels in 1936 and the 10-year (1923-32)
average

of 12.0 bushels.

Yield per acre

harvested in Minnesota is 23 % above the 10-year (1923-32)

yield and average or above in each of the other North Central
States, except in Michigan and North Dakota.
The 1937 production in
Iowa is five times as great as the five-year (1928-32) average production,

average

Illinois, Wisconsin, Missouri and Kansas 1937 production is two
the average.
In the North Central group of States,
produced about 87% of the 1937 crop, only Ohio, Michigan and
North Dakota show production to be below average.
while in

Buckwheat—The estimate of 1937 production of buckwheat is 6,777,000

bushels, or 8% larger than the 6,285,000 bushels produced in 1936.
The
crop is 18% smaller than the average (1928-32) production of 8,277,000
bushels.
The harvested acreage of 427,000 is 14% larger than last year,
though less than the average (1928-32) of 568,000 acres.
The larger part
of the increase in the 1937 acreage over that of 1936 is in New York and
Pennsylvania.
The yield per acre is estimated at 15.9 bushels.
The 1936 yield was 16.8
bushels and the 10-year (1923-32) average 15.7 bushels.
Yields were below
average in Minnesota and adjoining States, and only average or slightly
above elsewhere.

Potatoes—The 1937 potato crop is estimated to be 391,159,000 bushels—
slight decrease from the November estimate.
This compares with the
bushels, and the 1928-32 average of 372.115,000 bushels.
Growing conditions this season, with a few exceptions, favored the potato
crop in the important producing sections of the country.
Dry weather,
however, retarded growth in some upstate areas of New York.
In Ohio
and northwestern Pennsylvania excessive rainfall in June and July caused
considerable acreage abandonment due to seed rotting in the ground.
Hot
a

1936 production of 331,918,000

dry weather in some sections of Wisconsin, and a shortage of irrigation water
in a few areas in Colorado, reduced yields in those States.
Yields in most
of the remaining surplus late potato States, however, were unusually large.

yield of 240 bushels per acre in Idaho is the second largest on record,
and has resulted in a record production for that State.
For the country
as a whole, yields this season averaged 123.1 bushels per acre, the highest
since 1924, and one of the highest on record.
This compares with the
1936 yield of 108.4. and the 1923-32 average of 112.7 bushels.
In Minnesota, Nebraska, Indiana, Illinois, Iowa, and Kansas, a scarcity
of home-grown seed and high potato prices at planting time caused some
decrease in harvested acreage below 1936.
In most of the other States,
The




ever,

Woolen Goods—Trading in men's wear fabrics remained
seasonally quiet.
Operations of many mills continued
either greatly curtailed or totally suspended, but
hopes per¬
sist tha t early in the new year a moderate buying movement
may be expected.
Some additional scattered orders for
tropical worsteds and gabardines came into the market.
Prices held steady.
Reports from retail clothing centers
made a fairly satisfactory showing as recent reductions in
prices released further consumer buying.
Business in
women's wear goods continued fairly active.
Orders on
goods for use in January sales events were received in grati¬
fying volume.
Growing interest existed for mannish suit¬
ings, while fleeces and shetlands continued to move in satis¬
factory volume.
Retail sales, stimulated by the peak of
the holiday demand, gave a good account.

Foreign Dry Goods—Trading in linens was seasonally
inactive, the only feature of the market being the receipt
of small numbers of scattered last-minute orders for
gift
items.
Business in burlap continued quiet although a few
transactions were consummated, because of the
impending
advance in freight rates.
Domestically lightweights con¬
tinued to be quoted at 3.70c., heavies at 5.05c.

Financial

4146

Chronicle

Dec.

25,

1937

Copies of the revision were being distributed today to judges, prose¬
and State departments.
About 2,009 copies have been printed.
They will be sold at $35.
An additional 3,000 will be ready within two
months, but the index will not be completed for six months.
cutors

Specialists in

Preparatiop of the revision took 12 years and cost in excess of $1,100,000.
The new law was completed by Merritt Lane and Prank H. Sommer and ;
includes all the 1937 statutes. It is divided into 58 titles. All future legis¬
lation will be made to fit into them.
While use of the revision is expected
to cause some confusion and delay at the start, experts
say it will be a

Illinois & Missouri Bonds

time-saver for

lawyers after they become familiar with it.
The revision
expected to make the work of legislators easier in preparing amend¬

also is
ments.

The revision was accepted almost on faith.
sections relating to the election law and the

STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.

DIRECT

CHICAGO

WIRE

314 N.

While the Democrats checked
disorderly persons Act, which
employed
in
Jersey City, N. J.
against
labor
organizers,
no
attempt was made to check the entire revision.
Several large corporations
checked the sections relating to taxes.
The last revision, which was only partial, was in 1877.
Since, there
have been several compilations of statutes, but
no
attempt to classify
was

Broadway

ST. LOUIS

them

News Items
dated

& Sons Co.
transaction

State

decision

a

Dec. 20 the State Supreme Court invali¬
the sale on Nov. 3 of the $240,000 revolving fund

school bonds

on

by the State Board of Education to H. C. Speer

of

Chicago—V. 145,

was

p.

3040—ruling that the

violation of Amendment

a

Constitution,

prohibiting bond

No.

20 to

the

issues

pledging the
people,
according to Little Rock advices. The court ruling makes
Act No. 162, Laws of 1937, authorizing such sales, un¬
faith and credit of the State without

a

vote of the

constitutional.

opinion:

Admittedly, the full faith and credit of the State are not pledged to the
repayment of the principal of the bonds the Board proposes to issue under
Act 162; nor, by express language, are any of the revenues of the State
pledged to the repayment of principal or interest.
It is necessary, there¬

fore, to determine whether in fact State revenues are pledged as an incident
to the repayment of
pledges.
Although there are no statistics available in any current departmental
report of which this Court will take notice, showing receipts to the credit
of the

permanent school fund from various sources established by the
State, it is clear that the State after crediting $996,000 on its indebtedness
of $1,414,500 to the permanent school fund owed a balance of
$418,500,
and from the sinking fund, Interest at
5% of this obligation is being paid to
the common school fund under
authority of law.
Other money accruing to the permanent school fund
by virtue of enact¬
ments prior to 1933
supplied revenue additional to the corpus of State

bonds and interest thereon.

session of the Legislature.
This measure exempts owneroccupied homes and farms of $2,000 in State, county and
county school district taxes.
We quote in part as follows from the Atlanta "Constitu¬
tion" of Dec. 17, which carried a
lengthy report on the new
Act, approved previously as a constitutional amendment
by the voters in a general election:
(■Governor Rivers issued

a statement with the
signing of the exemption
bill pointing out its benefits to the
taxpayers.
It is the second exemption
bill signed during the

week, the chief executive having approved a $300
personal property exemption earlier in the week.
While the homestead bill
does not apply to city taxes or to
city school taxes the $300 personal property
exemption applies to all taxes.
Various estimates have been
placed on the amounts to be saved tax¬
payers through the exemption plan.
It is estimated that about $1,750,000
Will be lopped off the State's income from ad
valorem taxes.
Some estimates place the
savings to
as

high

as

taxpayers in county, municipal and
$2,500,000.

Same Assessments
The measure provides that assessments of
property shall be substantially
they are this year.
Any householder seeking the

the same as

exemption

9f 50 cents for the application.

The Act specifically
provides that a municipality may continue to levy
taxes for the operation of an
independent school district.
Valuation of property shall be
upon a basis of law, which was described
as market value.
At present, counties are said to value homes
and farms
at about

40% of their value.
Appeals from county assessments are to be
superior courts in those counties which do not have tax appeal

made to the

boards.

New

Jersey-—Legislature Adopts Plan

Law—-The task of

to Revise and Codify

simplifying the laws of the State, which
has been under way for the
past ,12 years, was ended success¬
fully on Dec. 20 with the adoption by the special session
ot the 1937 Legislature of the
report of the Commission on
Revision of the Statutes,
according to Trenton advices.
expected to sign the report at once,
which would make effective its
provisions immediately.
The
3,800-page report is said to codify the State's legal set-up.
Following action on the report the Legislature adjourned
its special session.
Governor Hoffman

was

*nt? two
volumes all the State's laws,
eliminating: contradictions, inconsistent wordings and
repetitions.
Statutes

a^h^° simplest terms. recent judicial rulings,
conf°rnyly
put into the

and

The revision involved
and

was

completed at

a

a

condensed, revised

study of all legislative enactment in 90 years
$1,000,000.
The work will be

cost of more than

Historic, for it will result either in the re-enactment

18447

adopted since New Jersey accepted its

or

abolition of virtually

present Constitution in

|i New Jersey—New Law Code Goes Into
Use—We quote in
part as follows from a Trenton dispatch to the Newark

"Evening News" of Dec. 21, dealing with the first operation
of the recently completed revision of
the statutes:

ItNew Jersey operated today under a
revised set of laws, but few judges or
lawyers who went into court had copies.

e,

»ture Passed,the first complete revision of

statutes yesterday
since 1709. After quick adoption in the House and
Senate under suspension
of rules, the new statutes were
signed by Governor Hoffman and became
effective immediately.
The Legislature adjourned sine die, so no
more
bills can be enacted until the new session
convenes Jan. 11.
.

and

obsolete

laws.

The

revision

Includes

years.

Taxpayers' Group Asks Budget Cuts—All local, county and
State administrative heads were urged by the New
Jersey
Taxpayers Association to "consider the implications of the
present business recession and its effect upon the State's
financial picture" and "to cut 1938 budgets, now in process
of

preparation, to the bone."

This suggestion was made in a statement released at Trenton on Dec. 19
by the taxpayers group which further declared that "in spite of the un¬
mistakable and familiar signs that certain State political leaders are now
engaged in an energetic tax build-up, the purpose of which is to push new

levies upon this already overburdened State, indications are multiplying
that the fight against new taxation will be continued militantly and that
public opinion in New Jersey will insist upon drastic economies before




New

York, N. Y.—Board of Aldermen Corrects Error in
Budget—The Board of Aldermen, which will be super¬
seded on Jan. 1 by the City Council, under the new charter
which becomes effective on that date, held its last
meeting
Vetoed

on

Dec.

21.

Unless it should be called into extra session

unexpectedly, it thus ended
centuries

as

The said

an

existence of almost three

the Common Council and under its present name.

Board,
in

its last official act, corrected a typo¬
resolution on which Mayor La Guardia
based his recent veto of the budgets for 1938 and the first
six months of 1939, as noted in these columns.
It was be¬

graphical

error

as

a

lieved that this action put an

Georgia-—Governor Approves $2,000 Homestead Exemption
—Governor Rivers on Dee. 16 signed the $2,000 homestead
exemption bill, the first major tax relief measure of the special

must pay a fee

inconsistent

consideration of any new sources of revenue.

We quote in part as follows from the court's

county school taxes

weed

rately and do not clutter the statute books as they have the last 60

Arkansas—Supreme Court Voids Bond Sale—In
handed down

and

only laws of general character that have some degree of permanency.
Special pension, appropriation, tenure and validating Acts are listed sepa¬

end to the discussion over the
of $589,980,576.64.
Under the charter, it must
by the Mayor and the Comptroller and filed with
the City Clerk by Dec. 31.

budget

be certified

Sinking Fund Commission Holds Final Meeting—The Sink¬
ing Fund Commission, which goes out of existence on Jan. 1
because of the new city charter, held its final meeting at
City Hall on Dec. 22 after a legislative life of 129 years.
Mayor F. H. LaGuardia, in reviewing the Commission's history, said
was formed in 1808 to have the custody and control of the ctiy's funds
when the seat of government was largely in the Board of Alder¬
men.
In recent years, the Commission has managed the large sinking funds
of the city, as well as its real estate transactions and certain types of
public
improvement which involved the purchase of land.
The duties of the Sinking Fund Commission are transferred by the
new charter to the Board of Estimate and the
Comptroller.
The Mayor
said yesterday that he has planned the appointment of a new committee
by the incoming Board of Estimate which will work with the Comptroller
on sinking fund matters.
This committee would eliminate many of the long
hearings which have in the past consumed the time of the board.
It

at a time

New

York State—U. S. Supreme Court Upholds Mort¬
Moratorium Laws—The United States Supreme Court
has decided with finality that the mortgage moratorium laws
of the State passed as emergency measures in July, 1933,
and since extended by the State Legislature to July 1, 1938,
are constitutional.
In an order dismissing the appeal attack¬
ing the constitutionality of the statutes, the Court said on
gage

Dec. 20: "The Federal Constitution does not undertake to
control the power

of a State to determine by what process
legal right may be asserted or legal obligations be enforced,
provided the method of procedure gives reasonable notice
and affords fair
are

opportunity to be heard before the issues

decided."

,

The Court refused to interfere with

a decision by the New York Court of
Appeals sustaining a section of the 1933 State mortgage moratorium law,
which placed a limitation on the collection of deficiency judgments after

foreclosure

on real
estate.
In a formal order the tribunal dismissed an
appeal from the judgment of the State court, which in turn had dismissed
attack on the legislation by Marian S. Honeyman, of New York.

an

It

is

thought that

the decision

may

pave

the way to

permanent mortgage moratorium legislation now being con¬
sidered

by the State Legislature.

Such legislation is con¬
of 1933 applied
only to mortgages made prior to July 1, 1932, it is said.
sidered to be needed because the present Act

New

York

Code—The

new

State—Legislature

Adopts

New

York

City

administrative code for New York City was

approved on Dec. 23 by the special session of the Legislature
after a day of wrangling.
The vote in the Senate is reported
to have been 40 to 0, and in the Assembly we understand
the count was 104 to 9, with one member not voting.
The
bill

was

before

forwarded

to

Governor Lehman for his signature

becoming effective
with the new city charter.

on

Jan.

1

1938, simultaneously

The administrative code supplements the charter and im¬
plements it, and consists of a recodification and reclassifica¬
tion of existing law applying to the city.
While it makes no
changes in substantive law, the code does reconcile some
existing legislation with the new charter.
It contains

Volume

145

Financial

several amendments and

saving clauses, designed to protect

the interests of the State and the counties if
any mistakes
should subsequently be discovered.
A declaration of legisla¬
tive intent

appended to the bill, explaining that no new
law was being created, but that the
organic law of the city
was
being restated in a modern, compact form.

Oklahoma-—$35,000,000 Road Note Law Held Unconsti¬
Supreme Court in a five-to-four decision
on Dec. 21 ruled unconstitutional the
$35,000,000 State road
note law enacted by the 1937
Legislature, according to
Oklahoma City press dispatches.
The opinion is said to
have been written by Chief Justice Monroe Osborn.
law is stated

ground

that

it

bonded debt in
a

vote of the

to

have been declared invalid

violated

excess

peopled

on

the

constitutional

provision that
of $400,000 cannot be created without
a

•

A

special dispatch from Oklahoma City to the "Wall Street
Journal" of Dec. 22 reported in
part as follows on the above
decision:
The law In question authorized the
Highway Commission to issue $10,000,000 in notes this year and a similar sum next year, with remaining $15,-

000,000 to be approved

by 1939 Legislature before issue.

The court decision continues an extra $4,000,000 yearly highway con¬
struction and maintenance fund instead of being diverted to retire road notes.

High court also, in another opinion, upheld Oklahoma County District
Court decision, refusing to grant an injunction to prevent State Auditor
and Treasurer from issuing and paying warrants in excess of estimated rev¬
enues.
The court ruled courts cannot veto valid Acts of the Legislature.
In the road note opinion. Supreme Court pointed out if one Legislature
could earmark gasoline tax revenues to pay note issue there would be nothing
to prevent future Legislatures from plunging the State into indebtedness
and pledge so many taxes the general Government would have difficulty
operating.

Pennsylvania—Homestead Tax Exemption Amendment De¬
feated—At the general election held on Nov. 2 the voters of
the

State rejected a proposed constitutional amendment
calling for the exemption of homesteads from taxation,
according to the "State Fiscal News."

W. Barrett Brown,
Fiscal Consultant.

John

W. W. Brooks,
Financial Secretary to the Governor.

Morton, City Clerk, that the sale of the $50,000 not to exceed 5% semiann. improvement bonds, which had been scheduled for Dec.
23, as noted
here—V. 145, p. 3997—has been postponed because of an error in the notice
of sale and

an

inaccurate scale of maturities.

CONECUH COUNTY (P. O.
Evergreen), Ala.—BOND SALE— The
County Board of Revenue recently solcf an issue of $35,000 4% refunding
bonds to Marx & Co. of Birmingham at par plus a premium of
$101,
equal to 100.288.
'
.

JEFFERSON

COUNTY

(P.

O.

Birmingham),

Ala.— WARRANT

SALE—The $467,500 issue of road construction warrants offered for sale on
Dec. 22—V. 145, p. 3997—was awarded at public auction to a group of
local investment houses headed by Watkins, Morrow & Co. of Birmingham,
as

3?^s, paying

as

follows: $39,000 from 1941 to 1951, and $38,500 in 1952.

a

price of 99.64,

a

basis of about 3.80%.

Due

on

Jan. 1

Warrants Offered for Investment—The successful bidders reoffered the
above warrants for general subscription at prices to yeild from 2.50% on
the 1941 maturity to 3.75% on the fipal maturity.

MONTGOMERY, Ala.—BONDS AUTHORIZED—On Dec. 14 the Board
of Commissioners adopted an ordinance
of $187,000 refunding bonds.

providing authority for the issuance

TARRANT, Ala.—BOND REFUNDING AUTHORIZED—The City
Council adopted an ordinance on Dec. 9
authorizing refunding of $469,000
general obligation bonds setting the date of maturity in 1967.
The bonds were refunded in 1933 extending the maturity date 15 years
at 6% interest.
Under the ordinance now adopted, the bonds will bear
3% interest for the first five years, 4% interest for the second five years,
and 4H% interest the remaining 20 years.
The Council pledged $6,000 a year from the general fund for retiring
this indebtedness.
This makes $14,000 a year, the Council has pledged
as the city gas tax,
amounting to approximately $8,000 a year, was appro¬
priated to this purpose in 1933.

ARIZONA
MESA, Ariz.—BOND SALE—The city has sold

an issue of $125,000
syndicate headed by Seasongood & Mayer of
194$ to 1952 will bear
Interest at 4H%, and $65,000, running from 1953 to 1957 at 4H%.
A
syndicate headed by Boettcher & Co. of Denver bid 100.66 for 4Hs.

serial refunding bonds to

Cincinnati.

Tax Exemption Defeated—The
Legislature failed to pass on a constitutional
amendment exempting homesteads from taxation, approved
by the 1936 session, according to the "State Fiscal News."
The Rhode Island statutes require that constitutional amend¬
ments be passed by two legislative sessions before being
presented to the people for a vote, therefore the proposal

a

Of the bonds, $60,000 maturing from

ARKANSAS BONDS
Markets in all

State, County & Town Issues

SCHERCK, RICHTER COMPANY
LANDRETH

has been voided for the present.

BUILDING, ST. LOUIS

MO.

States-—Gasoline

Leading Revenue Producer for
producing sources of the
various States for the fiscal year ending in 1937 the Tax
Policy League finds that the States collected $2,752,955,850
from all types of taxes and that gasoline, general sale, net
income, and motor vehicle taxes, in the order named, are
the big four producers among States levies.
Property,
alcoholic beverage and inheritance taxes follow in that order,
but well below the first four.
Chain store, soft drinks, poll,
and oleomargarine taxes were unimportant in comparison
States—In

a

compilation of

compiled

?ermission to the district to increase its qualify for Public Works Adminis¬
% limit on assessed valuation in order to indebtedness by $6,000 over the
tration funds.

LITTLE

ROCK, Ark.—BONDS SOLD TO PWA—The $418,000 issue

of 4% semi-ann. municipal auditorium bonds offered for sale on Dec. 20—
V. 145, p. 3998—was purchased at par by the Public Works Administra¬
tion.

Dated Feb. 1, 1937.

Due from Aug. 1, 1940 to 1966.

It is stated that the bonds will be delivered

in blocks of $100,000 and

will be amortized by a one-mill tax levy authorized at a special election last

Idaho

was

biennially instead of annually.
in

the 47

States

was

as

LITTLE ROCK, Ark.—BOND OFFERING— It is stated

omitted inasmuch

as its
The yield of the
Gasoline, $704,920,691; general sales, $414,593,637; net income, $360 518,753; Motor
vehicle, $313,462,175; property, $219,242,320; alcoholic beverages, $189,826,787; Inheritance, $109,530,808; Chain store, $5,045,943; Soft drinks,
$3,217,538; Poll, $3,822,642; and oleomargarine, $301,759.
New York leads the States with a tax income of $420,797,851.
Next In
order are Pennsylvania,
$220,972,122; California, $217,861,673; Ohio,
$176,922,231 and Illinois, $175,520,989.
At the other end of the scale
are Nevada,
Vermont, Wyoming, Utah and Delaware, all of which had
tax incomes of less than $10,000,000.
are

ALMA SCHOOL DISTRICT (P. O. Alma) Ark.—
ISSUANCE
A L THORIZED—The State Board of Education is reported to have granted

January.

The compilation includes 47 States.

above mentioned taxes

ARKANSAS

revenue

with other levies.
revenues

State Comptroller, and

ANNISTON, Ala.—BOND SALE POS TP ONED—It is stated by W. T.

State

United

Lee,

W.

Prepared by:

Rhode Island-—Homestead

1937

4147

in

the reports of Charles
Brandon, State Treasurer.

appear

was

tutional■—The State

The

Chronicle

follows:

by Mayor R. E.

Overman that he will receive sealed bids until Jan. 10, for the purchase of
two issues of bonds aggregating $40,000, as follows: $25,000 public library,
and $15,000 park improvement bonds.

MORRILTON SCHOOL DISTRICT (P. O. Morrilton)

Ark.—BOND

ISSUANCE APPROVED—The State Board of Education is said to have

approved the issuance of

total of $201,000 refunding bonds.

a

BOND ELECTION—It is reported that an election will be held on Jan. 8
to vote on the issuance of

$201,000 in refunding bonds.

VAN BUREN SCHOOL DISTRICT (P. O. Van Buren) Ark .—BONDS
APPROVED—The State Board of Education approved the issuance of

$16,500 in 4% refunding bonds, according to report.

Bond

Proposals and Negotiations
ALABAMA

W ALABAMA, State of—BONDED DEBT STATEMENT—We have just
received the following information from the office of the State Treasurer:

Total

-

-

Outstanding Outstanding
Sept. 30, *36 Sept. 30, '37
.$73,100,000 $71,020,000

CALIFORNIA
CALIFORNIA (State of)—WARRANT SALE—On Dec. 21 an issue of
$2,250,000 registered general fund warrants was awarded to the AngloCalifornia National Bank, the Bankamerica Co., the American Trust Co.,
all of San Francisco, and the Capitol National Bank, Sacramento, on a
0.75% interest basis, plus a premium of $984.71.
The warrants, dated
Dec. 23, 1937, are issued for unemployment relief.
An estimate of the
State's revenues indicates that the warrants will be called for payment on
or about June 1, 1938.
DALY CITY, Calif.—BOND OFFERING—B. O. Ross, City Clerk, will

Made

Up

as

Follows:

receive bids until

Highway bonds, first issue (paid from automobile

$17,183,000 $16,683,000

licenses)

Highway bonds, second issue (paid from 2c. gaso¬
line tax)
20,790,000
*
Refunding bonds (paid from income tax)
16,820,000
Harbor bonds (paid from port earnings and general
fund)
9,750.000
Renewal bonds & fund, bonds (paidfrom gen. fund)
8,557,000
♦

As

of Nov. 9,

1937, an additional $416,000 of this issue

20,190,000

16,015,000
9,575.000
8,557,000
was

retired

by sinking fund.
Memo—In addition to the above, there were outstanding on Sept. 30,
1937, $1,250,000 gasoline tax warrants (payable from the gasoline tax
fund, $250,000 quarterly with interest at 3%); also $3,151,000 Alabama
State Bridge Corporation bonds on which interest of $130,380 was paid from
Oct. 1, 1936 to Sept. 30, 1937
(payable by the Highway Department from
proceeds of the gasoline tax). As or July 1, 1937, the Alabama State Bridge
Authority took over the Cochran Bridge at Mobile, issuing therefor $2,145,000 20-year 4% bonds, interest on which ($85,800 annually) is paid by the
Highway Department from proceeds of the gasoline tax.

Principal and Interest Payments, Bonded Debt,
Oct. 1, 1936 to Sept. 30, 1937

Principal
Retired

Issue—

Highway bonds, first issue
Highway bonds, second issue
Refunding bonds
Harbor bonds

.

8p.m. Dec. 29 for the purchase of $3,OO0 5% Colma Area
Denom. $500.
Dated Jan. 1, 1938.
Cert, check

fire prevention bonds.
for $300 required.

Issue

Revenue
Available

KERN

COUNTY

O. Bakersfield),

(P.

Calif .—ROSEDALE SCHOOL

BOND SALE—The $20,000 issue of Rosedale Union School District bonds
Offered for sale on Dec. 20—V. 145, p. 3848—was awarded to Kaiser & Co.
of San Francisco, as 3Ms, paying a premium of $68.80, equal to 100.344, a
basis of about 3.19%.
Dated Nov. 29, 1937.
Due from 1938 to 1947 incl.

LOS ANGELES COUNTY (P. O. Los

Angeles), Calif.—PASADENA

SCHOOL BONDS SOLD—The $20,000 school building bonds of Pasadena

City School District, offered on Dec. 21—V. 145, p. 3998—were awarded
to F. E. Harris & Co. of Los Angeles as 2 Ks, a& Par Plus a premium of $47
Dated Feb. 1,1934.
D
~ ue Feb. 1
equal to 100.235, a basis of about 2.48
-

-

-

-

-

•---

follows: $1,000, 1939 to 1950; and $2,000, 1951 to 1954.
of San Francisco bid a premium of $47.50 for 2% % bonds.

as

Weeden & Co.

MARIN COUNTY (P. O. San Rafael), Calif.—SAN RAFAEL SCHOOL
BOND ELECTION—An election will be held in San Rafael High School
District on Jan. 11 to vote on the question of issuing $105,000 building
bonds.

SAN

BERNARDINO

COUNTY

(P. O.

San

Bernardino).

Calif.—

ETI WANDA SCHOOL BOND BIDS—The following is an official tabula¬
tion of the bids received for the $75,000 Etiwanda School District building

Interest
Due

$500,000
600,000
*805,000

$2,812,219
4,378,146
2,009,865

$734,780
903,305
639,405

175,000

x414,563

bonds awarded

on

Dec.

13

to Blyth

& Co. of San Francisco,

already

as

noted in detail in these columns:

414,563

Percent

Name—

3%
3%
3M%

Premium

1938-52

$57.00

1938-46
1947-52

339,720

3H%

1938-52

13.00
801.00

Maturities, $255,000; retired by sinking fund, $550,000.
x This is the
amount transferred to the State by the Dock Board for payment of the

3H%
4X%
3 H%
4^%

1938-52

610.00

Renewal bonds and funding bonds

-

"

Note

*

Lawson, Levy & Williams and Kaiser & Co.

harbor bonds.

Note—The renewal bonds and funding bonds are payable from the
general fund, which, however, has numerous other uses, so that no com¬
parison is possible.
N. B.—The foregoing figures were taken from the books of the State
Treasurer and the State Comptroller as of Sept. 30, 1937. Full details will




3%

1938-41

1942-52

1938-41
1942-52

x

_.

Successful bid.

4

1942-52

69.00

1938-41

3M%

Bankamerica Co.

41.00
•

7.50

Financial

4148
R1VERDALE

PUBLIC

UTILITY

(P.

DISTRICT

Rlverd«l«),

O.

Calif.—BOND OFFERING—Amelia E. Freddl, District Clerk, will receive
bids until 8 p. m. Jan. 14 for the purchase of $26,000 6% bonds.
Denom.

Cert, check for $1,000. required.

$1,000.

FRANCISCO (City and County), Calif.—BOND OFFERING
NOT SCHEiJULED—In connection with the $2,860,000 airport and the
$1,600,000 hospital bonds approved by the voters on Nov. 2, as noted in
these columns, it is stated by J. 8. Dunnigan, Clerk of the
Board of
Supervisors, that the bonds are not printed as yet and none are to be sold
until budgets are received fro n the Health Department and the Public
Utilities Co omission.
He states that engineering plans are now being made
SAN

for the

projects covered by these bonds.

COUNTY (P. O. Redwood City), Calif.—HALF
MOON B\YSCHOOL BONDS DEFEATED—At the election held on Dec.
14, the voters defeated a proposal to issue $150,000 in Half Moon Bay
School District construction bonds, according to the County Clerk.
SAN

MATEO

COUNTY (P. O. San Jose), Calif.—BOND ELEC¬
SCHEDULED—It is stated that an election has been scheduled ten¬
tatively for Feb. 1 in order to vote on the proposed issuance of $1,800,000
in San Jose High School District building purchase bonds.
SANTA CLARA

TION

COUNTY (P. O. Downieville), Calif.—SIERRA SCHOOL
OFFERING DEFERRED—In connection with the report given in these
columns in October, that $80,000 Sierra School District building bonds
had been approved by the voters, it is stated by the Deputy County Clerk
that the offering of these bonds has been held up pending a new election.
SIERRA

VENTURA COUNTY (P. O. Ventura), Calif.—NORDIIOFF SCHOOL

residents of Nordhoff Union Grammer School Dis¬
approved a proposal to issue $35,000 school building bonds.

BONDS VOTED—The
trict recently

COLORADO
BOULDER, Colo.—BONDS CALLED—The City Treasures' is said to
have called for payment on Jan. 1, the following bonds:
Bridge construction, series of 1928, Nos. 1 to 4.
Water works, series of 1928, Nos. 1 to 16.
Dated Jan. 1,1928.
Due on Jan. 1, 1943, optional on Jan. 1, 1938.
VALLEY UNION HIGH SCHOOL DISTRICT (P. O.
Grand Junction), Colo.—BONDS VOTED—It is now reported by the
District Secretary that the $38,500 3*A% school building bonds sold to a
group composed of the J. E. Nolan Investment Co., O. F. Benwell, and
Amos C. Sudler & Co., all of Denver, subject to the approval of the voters,
as reported in these columns last May—V. 144, p. 3542—were ratified at
the election.
Due from 1939 to 1963.
GRAND

GUNNISON
CCfUNTY (P. O. Gunnison), Colo.—WARRANTS
CALLED—It is said that all warrants registered up to and including Sept.

15,1937, of the road and bridge fund, were called for payment at the County
Treasurer's office on Dec. 15.

Colo.—BOND CALL—It is reported that a total
dated Jan. 1, 1923, numbered from 1 to 150,
maturity date, Jan. 1, 1938, to the Inter¬

WALSENBURG,

of $150,000 5% water bonds,
should be presented on the

Chronicle

Dec.

25. 1937

Corrigan, Miller & Co. stated they expect to start validation of the
refunding bonds within 10 to 20 days.
The refunding plan is to become
operative when 75% of the bondholders have consented to or deposited their
bonds with the exchange agent.
HILLSBOROUGH
COUNTY
CONSOLIDATED
SPECIAL TAX
SCHOOL DISTRICT NO. 19 (P. O. Tampa). Fla.—BOND SALE—The
$37,000 issue of 4% coupon se ui-ann. school bonds offered for sale on
Dec. 20—V. 145, p. 3848—was purchased at par by the Federal Government
according to the Clerk of the Board of Public Instruction.
Dated Sept. 1,
1937.
Due fro n Sept. 1, 1939 to 1962 incl.'

JACKSONVILLE, Fla.—BOND SALE—The $205,000 issue of coupon
refunding bonds.
Issue of 1938, offered for sale on Dec. 20—V. 145, p.
3689—was awarded to a syndicate composed of the Trust Co. of Georgia,
Atlanta; the Harris Trust & Savings Bank, of Chicago; the Mercantile
Trust Co. of Baltimore, and Childress & Co. of Jacksonville, as 3s, at a
price of 100.637, a basis of about 2.955%.
Dated Jan.
$125,000 on Jan. 1, 1952, and $80,000 on Jan. I. 1953.

1, 1938.

Due

OFFERED FOR INVESTMENT—The successful bidders reoffered the above bonds at prices to yield 2.80% on the earlier maturity,
BONDS

and

2.85% on the final maturity,

LAKELAND, Fla.—R1P0RT ON PRESENT CONDITION OF BOND
JDEFAt/LT—In connection with the report carried in these columns that
the State Supreme Court on Nov. 16 had invalidated the city's $6,557,000
bond issue—V. 145, p. 3530—-we corununicated with A. R.
Carver, City Attorney, and under date of Dec. 20 he advised us as follows:
"On account of your interest in the Lakleland, Fla., debt situation, I

refunding

beg to advise you that under date of Nov. 16 the Supre» e Court of Florida
the order of the Circuit Court, validating Lakeland's refunding
bonds, and the case was rei anded for further appropriate proceedings.
"Suggested an.endir.ents have been sub nitted to New York approving
counsel and it is now anticipated that amended proceedings will be under

reversed

in a few days and that it will not be long before the Supreme Court
is again requested to review the proceedings as an ended.
>
"In the n eantime creditors are urged to continue their cooperative
way

spirit with the city in this refunding plan.
"As soon as it can be fairly deter cined as to when refunding bonds will
be available you will receive further notice from this office.
"In the n eantin e any requests or suggestions from you

prompt

will be given

attention."

SCHOOL DISTRICT NO. 7 (P. O.
Bronson), Fla.—BONDS DEFEATED—At the elction held on Dec. 20—
V. 145, p. 3848—the voters rejected the proposal to issue $35,000 in school
building bonds, we are informed.
LEVY COUNTY SPECIAL TAX

,

Fla.—DETAILS ON CERTIFICATE SALE—In connection
Reconstruction Finance Corporation of the $433.000
water plant revenue certificates to the Equitable Securities Corp. of Nash¬
ville. as noted in these columns recently—V. 145, p. 3869—it is stated by
the Chief Accountant that the certificates were sold at a price of 101.00, a
basis of about 3.80%, on the Issues divided as follows:
MIAMI,

with the sale by the

$223,000 water revenue certificates. 4% 1st lien.
Dated Nov. 1, 1933.
Due as follows: $40,000 in 1938; $41,000, 1939; $45,000, 1940 and

be

1941; $35,000, 1942. and $17,000 in i944.
210,000 water revenue certificates, 4% 2d lien.
Dated Dec. 1, 1935.
Due as follows:
$10 000. 1938 to 1945; $15,000, 1946 to 1951,
and $20,000, 1952 and 1953.

HARTFORD
COUNTY
METROPOLITAN
DISTRICT
(P.
O.
Hartford), Conn.—BOND SALE—The $760,000 2H% coupon or reg¬
istered sewage treatment plant and intercepting sewer bonds offered on
Dec. 20—V. 145, p. 3680—were awarded to Estabrook & Co. of New
York, and Putnam & Co. of Hartford, jointly, at a price of 102 71, a basis
of about 1.965%.
Dated Jan. 1, 1938 and due $38,000 on Jan. 1 from 1939

(P. O. Bartow), Fla.—BOND OFFERING—It is stated by C. I. Hollingsworth, Superintendent of the Board of Public Instruction, that he will
receive sealed bids until 10 a. m. on Jan. 12 for the purchase of a $25,000

national

Denver.

of

Co.

Trust

The

last

maturing

coupon

should

presented direct to the City Treasurer.

CONNECTICUT

1958

to

POLK

incl.

Other bids were:

Syndicate Head
Lazard Freres & Co., New York—
Goldman, Sachs & Co., New York—
R. L. Day & Co., New York
Chemical Bank & Trust Co., New York
J. & W. Seligman & Co., New York
Brown, Harriman & Co., New York
Edward B. Smith & Co., New York
Bankers Trust Co., New York
Shields & Co., New York
Halsey, Stuart & Co., New York
Lehman Bros., New York
Chase National Bank, New York
NEW
notes
on a

Price Bid
—

.102.42

-

-

—102.279
102.199

....

—

102.018

102.077
.101.9499
101.9099
—.101.841
101.6843

...

101.603

101.59
101.559

HAVEN, Conn.—NOTE SALE—The $300,000 tax anticipation

offered

Dec. 22 were awarded to Chace, Whiteside & Co. of Boston

on

Dated Dec. 28, 1937 and payable Feb. 4, 1938.
.17% interest, plus a

.15% interest basis.

The Bank of the Manhattan Co. of New York bid

issue

COUNTY

of 4%

SPECIAL

school bonds.

SCHOOL

DISTRICT

NO.

47

Due on Aug. 1 as follows:
$1,000, 1940 to
Prin. and int. (F. & A.) payable at the

1944, and $2,000, 1945 to 1954.

Superintendent of the Board, or at the Chase National Bank,
New York.
The issue will be sold as a whole and not in fractional parts.
These bonds were approved by the voters on July 27 and have been validated
by a Circuit Court decree.
They will be sold subject to the approving
opinon of Caldwell & Raymond of New York, and will be delivered as soon
after the sale as they can be prepapred. A certified check for $1,500 must
accompany the bid.
SARASOTA COUNTY SPECIAL TAX SCHOOL DISTRICT No. 8
office of the

(P. O. Sarasota), Fla.—BOND OFFERING—Sealed bids will be received
until 2 p. m. on Jan. 18, by T. W. Yarbrough, Secretary of the Board of
Public Instruction, for the purchase of a $35,000 issue of 4>£% coupon

building bonds.
Denom. $500.
Dated Jan. 1, 1938.
Due on Jan. 1
as follows: $500 in 1940, and $1,500,
1941 to 1963.
The bonds may be
registered as to principal only and are said to be general obligations of the
district, payable from an unlimited tax.
Prin. and int. (J. & J. payable
at the Central Hanover Bank & Trust Co., New York.
Forms for the
bids will be furnished by request to the above Secretary.
A certified check
for $1,000, payable to the Secretary of the Board of Public Instruction,
must accompany the bid.
SUMTER

COUNTY
is stated

INVITED—It

premium of $3.35.
The $300,000 tax

TAX

(P.
O.
Bushnell), Fla.—BOND TENDERS
by C. M. Winton, Chairman of the Board of

anticipation notes were also bid for by the Chase
National Bank of New York, which bid a rate of 0.18%, plus $1 premium.

County Commissioners, that he will receive sealed offerings until 10 a. m.
on Jan. 4 of county road and bridge refunding bonds, dated July 1, 1932:

NOR WALK. Conn —BOND OFFERING—LeRoy D. Downs, City Clerk,
29 for the purchase of $325,000
not to exceed 5% interest coupon or registered Concord-Knudsen school
bonds.
Dated Jan. 1, 1938.
Denom. $1,000.
Due Jan. 1 as follows:

least 10

will receive sealed bids until 8 p. m. on Dec.

$16,000 from

1939 to

1953 incl.

of

Principal and interest (J. & J.) payable at the Bank of the Manhattan
Co., New York, or at the South Norwalk Trust Co., South Norwalk, or
I %.

and seal

on

Bank of Boston.

The genuineness of the signatures

the bonds will be certified by the South Norwalk Trust Co.,
A certified check for 1% of the bonds bid for, payable to

South Norwalk.
the

order

of the

City Treasurer,

GEORGIA

and $17,000 from 1954 to 1958 incl.

Bidder to name a single rate of interest, expressed in a multiple of

at the First National

County-wide District No. 2.
The an ount or bonds to be purchased will
be determined by the above Chairman.
Offerings must be firm for at
days or the same will not be considered.

must

accompany

each proposal.

The

approving opinion of Thomson, Wood & Hoffman of New York City will be
furnished the successful bidder.

CEDARTOWN, Ga.—PURCHASER—The $44,000 sewage disposal
plant bonds sold by the city recently were taken by Wyatt, Neal & Wag¬
goner of Atlanta.
The price was par plus a premium of $6,234.80, equal to
114.17.
SAVANNAH, Ga .—BOND BILL PASSED BY LEGISLATURE—It is
Sullivan, Clerk of the Council, that a bill has been approved
by the Legislature authorizing the issuance of $1,000,000 in refunding bonds.

stated by J. F.

IDAHO
FALLS, Idaho—CORRECTION— It is now reported that the
$29,500 refunding bonds which are being called for payment on Jan. 1, on
which date interest will cease, as noted in these columns recently—V. 145,
p. 3848—bear interest at \M%. not 4%%, as previously stated.
IDAHO

FLORIDA

BONDS

IDAHO, State of—SUPPLEMENTAL LIST ON MUNICIPAL DE¬
issue of Dec. 18, on

Clyde C. Pierce Corporation
Barnett National Bank

FAULTS—In connection with the report given in our

the municipalities and districts in the State which have been
the following list of officers of the various units involved under

Building
FLORIDA

JACKSONVILLE

is furnished by

Branch Offica: TAMPA

First National

Bank Building

Counties

T. 8. Pierce, Resident Manager

Teton—L. W. Hastings, County Auditor,
Cities and Towns

FLORIDA

Driggs—A. W. Clark.
Cities and Towns

PFESCAMBIA COUNTY (P. O. Pensacola), Fla,—BONDS NOT SOLD—
The two issues of 6% sqmi-ann. bonds aggregating $20,000, offered on

Caldwell—Cleve Groome, City

Dec. 20—V. 145, p. 3530—were not sold as no bids were received, according
to the Clerk of the Board of Public Instruction.
The issues are divided as

Filer—Frank E. Albin.

Attorney.
Glenns

follows:

$10,000 Special Tax School District No. 23 bonds.

Due from June 30,1939

to 1967.

10,000 Special Tax School District No. 19 bonds.

Due from June 30,1939

to 1967.

Dated July

IWHIALEAH,

Ferry—G. T. Mosgrove.

Idaho Falls—Lee Walker.

Kellogg—H. E. Rullman, Clerk.
Lewiston—John P. Roos Jr.

Fla.—BOND REFUNDING PLAN SCHEDULED— In

Driggs, Idaho.

(General Obligations)

Lava Hot Springs—Ben Chapin.
(Special Assessments)
Nampa—Geo. H. Shellabarger.
Pocatello—J. Ward Green.
St. Anthony—Cora Jackson.
Soda Springs—Leslie Stewart.
Twin Falls—M. J. Sweeley.

Wallace—C. A. Magnuson, T/eas.
Weiser—D. A. Kramer, Clerk.

Mullan—J. W. Hutchins.
Other Districts

1, 1937.
a

letter dated Dec. 22, we are informed by Mayor Carl Ault that the firm of

Corrigan, Miller & Co., Inc., Ingraham Bldg., Miami, has been appointed
as fiscal agent for the purpose of refunding the city's present outstanding
bonded indebtedness.
Mr. Ault's letter continues as follows:
The
present
indebtedness amounts to approximately $837,000 in
principal and $300,000 in defaulted interest which will be refunded on an
adjusted basis of 3 % for the period covered by the default.
The refunding plan calls for the issuance of 30-year callable bonds dated
Jan. 15, 1938, all of said bonds to bear interest at the rate of
3 % per annum for the first three years after date thereof.
3 H % per annum for the next succeeding five years.
4% per annum for the next succeeding 12 years, and
5% per annum for the next succeeding 10 years.




in default,
that report

Myrtle P. Enking, State Treasurer:

Boundary Co., Drainage Dist. No. 6—R. M. Bowell.
Boundary Co., Drainage Dist. No. 8—O. C. Wilson, Atty.
Boundary Co., Drainage Dist. No. 12—A. J. Kent, Sec.
Gem Irrigation Dist.—J. H. Nettlfton, Co. Aud., Murphy. Ida.
Lewiston
Orchards
Irrigation Dist.—Philip
Weisgerber, Co. Aud.,
Lewsiton,

Ida.

Mud Lake Irrigation

Dist.—Wm. Sauer, Co. Aud., Rigby, Idaho.

IDAHO, State of—BOND CALL—Myrtle P. Enking, State Treasurer,
is said to be calling for payment on Jan. 1 a total of $659,871.75 State
bonds and coupons.
The bonds to be redeemed are reported to include
$149,000 State highway, and $90,000 Capitol Building bonds.
The coupons
on other bonds will amount to $20,871.75.
Coupons on Hillsdale Irriga¬
tion District bonds will amount to $5,640, and coupons on American
Falls Reservoir District bonds will aggergate $61,830.

Volume

Financial

145

1937.

ILLINOIS
BELLEVILLE, III.—BOND
•ewer

SALE—The city has sold $582,000 3M%

bonds to H. C. Speer & Sons Co. of Chicago at par,

CHAMPAIGN, 111.—BONDS
approved

VOTED—The voters of the city recently
proposition calling for the issuance of $35,000 fire department

a

equipment bonds.
KNOX COUNTY (P. O.
Galesburg), III.—CURRENT TAXES 96%
COLLECTED—County has collected 96.2% of its current taxes, according
to

announcement

County Treasurer William G. English.
The sum
which has been taken in—$1,620,310—is the best collection figure in a
number of years.
With addition of back taxes, tne year's total is 99.9%.
The books show about
$200,000 in delinquent taxes for all years.
To in¬
crease collections from
delinquents, the Treasurer is planning to establish
receiverships on property in the new year.
MACON

by

COUNTY

(P.

O.

III.—BOND

Decatur),

OFFERING—

Lawrence Tangney, County Clerk, will receive sealed bids until noon on
Feb. 1 for the purchase of $500,000 court house bonds. They will be issued

subject to result of the vote

at the

primary election in April.

bonds purchased by Vieth, Duncan, Worley & Wood of Davenport, as
previously reported in these columns—V. 145, p. 3999, were sold as 4Ms,
at par, and mature in 1947.

TRERjlONT,
bonds

mature in

WILL

Due yearly as follows:
$1,000, 1940 to 1946; $1,500,1947; $1,000,
1948 and 1949: $1,500, 1950 and 1951; $1,000, 1952, and $1,500, 1953 to
1957.
The Polk-Peterson Corp. of Des Moines offered a premium of $250
for 3%

bonds.

AUDUBON COUNTY

(P. O. Audubon), Iowa—BONDS AUTHOR¬
Board of Supervisors recently authorized the issuance of
$48,000 drainage district funding bonds.
IZED—The

CEDAR FALLS, Iowa—BONDS SOLD—An issue of $6,000 improve¬
was purchased on Dec. 22 by the Union Bank & Trust Co. of
Falls, as 3s, paying a premium of $30, equal to 100.50, reports the
City Clerk.
On the same date an issue of $25,943.12 street Improvement bonds was
purchased by the Carleton D. Beh Co. of Des Moines, as 5s, paying a
premium of $10, equal to 100.03, according to the above official.

ment bonds

Cedar

ELDORA,

Iowa—BONDS

VOTED—The (voters of Eldora have given
$36,000 hospital

their approval to a proposition calling for the issuance of
bonds.

GRINNELL, Iowa—BOND SALE DETAILS—It is stated by the City
Clerk

PHILADELPHIA, 111.—BOND SALE DETAILS—'The $45,000 road

ment

4149

Chronicle

111.—BONDS SOLD—An issue of $5,600 4M% fire equip¬
sold to Negley, Jens & Rowe of Peoria, at par.
They

was

1944.

COUNTY

SCHOOL DISTRICT NO. 88, III.—BOND SALE
DETAILS—The $58,800 4M% school site improvement bonds sold last
October to Lewis, Pickett & Co. of Chicago, as previously reported in these
columns, mature $8,400 from 1940 to 1946, both incl.

that the
$11,000 2M% refunding bonds purchased by Shaw,
McDermott & Sparks, of Des Moines, as noted in our columns recently—
V. 145, p. 4000—were sold at par, and mature as follows:
$2,000, 1938;
$1,000, 1939, and $2,000 from 1940 to 1943; optional on Sept. 1, 1940.

IOWA CITY, Iowa—BOND SALE—flho $15,052.99 issue of street
Improvement bonds offered for sale on Dec. 22—V. 145, p. 3849—was
purchased jointly by the First Capital National Bank, and the Iowa
State Bank & Trust Co., both of Iowa City, according to the City Treasurer.

MILLERSBURG
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Millersburg), Iowa—BOND SALE—The $12,000 issue of coupon school
on Dec. 22—V. 145, p. 3849—was awarded to the
Iowa County Savings Bank, of Marengo, as 2Ms, paying a premium of
$90, equal to 100.75, a basis of about 2.65%.
Dated Dec. 1, 1937.
Due

bonds offered for sale

from 1939 to 1950, inclusive.

INDIANA
FAIRFIELD SCHOOL TOWNSHIP (P. O. Auburn), Ind.—MA¬
TURITY—The $22,200 bonds recently awarded to the Indianapolis Bond
& Share Corp., Indianapolis, as 4s, at 106.43. as previously noted in these
columns—V. 145, p. 3999—mature in 15 years.
FORT WAYNE, Ind.—PLANS $3,000,000 MUNICIPAL DISPOSAL
PLANT—Officials and the City Council are studying plans for construction
of a municipal sewage disposal plant, together with necessary intercepting
and trunk sewers, at a cost no greater than $3,000,000, all to be financed
through issuance of revenue bonds.
Previous plans for the project were
founded on expectations of Public Works Administration aid, which would
have cost the city about $3,000,000 anyway, officials estimated.
The revenue bonds which the city proposes to issue will not be sold as
direct city obligations, according to City Attorney Walter E. Helmke.
It
is his belief that maturity of the bonds may be 30 to 40 years and that an
interest rate of from 5 to 4% can be established on the securities.
Amorti¬
zation of the bonds will depend upon revenues raised through an assessment

PERRY, Iowa—BOND OFFERING—Donald Kanealy, City Clerk, will
receive bids until 9 p.m. Dec. 30, for the purchase of $11,000 sewer
and attorney's opinion must be furnished by the purchaser.

(P. O. Harlan), Iowa—CERTIFICATE OFFER¬
ING—Fred W. Peters, County Treasurer, will receive bids until 10 a. m.
Dec. 27 for the purchase of an issue of $30,000 secondary road certificates

KANSAS
BUTLER

COUNTY

(P. O. Eldorado),
Kan.—BOND SALE—A.
$14,000 issue of 2M% semi-ann. poor relief bonds is stated to have been
purchased on Nov. 29 by the City National Bank & Trust Co. of Kansas
City, at a price of 101.426, a basis of about 1.50%. Due on Jan. 1 as follows:
$5,000, 1939 and 1940, and $4,000 in 1941.

DOUGLAS,

Kan.—BONDS AUTHORIZED—An

Other bids:
Bidder

Int. Rate

Kenneth S. Johnson & Ross T. Ewert, Inc., jointly 3%
State & Savings Bank, Monticello
3M %

Premium,

$337.50
Par
539.88

Bartlett, Knight &Co
3M%
Indianapolis Bond & Share Corp., Union Trust
Co. of Indianapolis and Fletcher Trust Co.,
jointly.
3M%
McNurlen & Huncilman
3M%

414.00
210.00

NAPPANEE, Ind.—BOND OFFERING—Lester M. Deisch, City ClerkTreasurer, will receive bids until 7:30 p. m. Dec. 23, for the purchase at
$9,241.46 coupon judgment funding bonds.
Bidders
interest, in a multiple of M%. but not to exceed4%.
Denom. $500, except one for $241.46.
Dated Oct. 15, 1937.
Principal
and semi-annual interest (Jan. 1 and July 1) payable at the State Bank of
Nappanee.
Due $500 each six months from Jan. 1, 1939 to July 1, 1947,
and $241.46 Jan. 1, 1948.
Certified check for $500, payable to the city,
required.
Legal opinion of Matson, Ross, McCord & Clifford of Indianap¬
olis will be furnished by the city.
not less than par of
are to name rate of

OTTER CREEK TOWNSHIP SCHOOL TOWNSHIP (P. O. Hoi ton),
Ind.—BOND SALE—The issue of $21,000 school building bonds offered
Dec. 17—V. 145, p. 3690—was awarded to the Ripley County Bank of

Osgood, as 3s, at par plus a premium of $250, equal to 101.19, a basis of
about 2.82%.
Dated Nov. 1, 1937 and due as follows:
$1,680 Jan. 1 and
$840 July 1, 1940, and $840 on Jan. 1 and July 1 from 1941 to 1951, incl.

PIKE TOWNSHIP SCHOOL TOWNSHIP (P. O. Augusta), Ind.—
BOND SALE—The issue of $80,000 school building bonds offered on
Dec. 10—V. 145, p. 3531—was awarded to the City Securities Corp. of
Indianapolis, as 2Ms. at par plus a premium of $328, equal to 100.41, a
basis of about 2.69 %. Dated Dec. 1,1937 and due as follows: $3,000, July 1.
1939: $3,000, Jan. 1 and July 1 from 1940 to 1951 incl.; $3,000. Jan. 1 and
$2,000, July 1, 1952.

TOWNSHIP

SCHOOL

TOWNSHIP

(P.

1 and July 1 from 1941 to 1962, incl.
Int. Rate

Bidder

Kenneth S. Johnson & Ross T. Ewert, Inc., jointly 3%
Bartlett, Knight & Co
3M %
State & Savings Bank, Monticello
3M %
Indianapolis Bond & Share Corp., Union Trust Co.
of Indianapolis and Fletcher Trust Co., jointly 3H%
McNurlen & Huncilman
3M%
—

NORCATUR, Kan.—BOND SALE—A $3,300 issue of 4% semi-ann.
works improvement bonds was offered on Dec. 20 and was pur¬
by the Citizens State Bank of Norcatur at par.
Denom. $500
and one for $300.
Due on Oct. 15 as follows:
$500, 1938 to 1943, and
$300 in 1944.
Prin. and int. (A. & O.) payable at the State Treasurer's
water

chased

office.

SEDGWICK COUNTY (P. O. Wichita), Kan.—BOND SALE—The
$50,000 issue of coupon poor relief bonds offered for sale on Dec. 20—
V. 145, p. 4000—was awarded to the City National Bank & Trust Co.
of Kansas City, Mo., as 2Ms, paying a premium of $16.92, equal to
100.0338, according to C. N. Cartwright, County Clerk.
Due from
Dec. 10. 1938 to 1947, incl
The only other bid was an offer of $16.87 premium submitted by Stern
Bros. & Co. of Kansas City, Mo.
,

SHAWNEE

704.00
235.00

maturity.
Other bids:

Int. Rate

Rate Bid

2M%
2M%
2K%
2H%

100.298
100.117
100.069
101.078

2M%
2M%
2M%

100.678
100.635
100.203

Old National Bank, Evansville, and First National
Bank of Chicago, jointly
Citizens National Bank, Evansville
Brown Harriman & Co.,

Inc., Chicago
Channer Securities Co. Chicago
Bryan R. Slade & Co., Evansville, and City Se¬
curities Corp., Indianapolis, jointly
Stranahan, Harris & Co., Inc. Toledo
John Nuveen & Co., Chicago

IOWA
AGENCY SCHOOL DISTRICT (P. O. Agency),

Iowa—BOND SALE

—The $22,000 school building bonds offered on Dec. 21—V. 145, p. 3849—
were awarded to W. D. Hanna & Co. of Burlington as 3s at par plus a

premium of $255, equal to 101.159, a basis of about 2.88%.




Dated Nov. 1,

(P.

O.

Kan .—BOND SALE—The

Topeka),

basis of about 1.96%.
Dated Dec. 15, 1937.
Due Jujy 1 as follows:
$2,500, 1939 to 1942; and $3,000, 1943 to 1947. The W. E. Davis Co. of
Topeka bid 101.054 for the bonds.
*
a

KENTUCKY
(P. O. Scottsville), Ky.—BONDS SOLD—It is
stated by the Clerk of the County Court that the $75,000 warrant funding
bonds approved by the County Court last August, as noted in these
columns at the time, were purchased by local investors.
ALLEN

COUNTY

LETCHER COUNTY (P. O. Whitesburg), Ky.—BOND ISSUANCE
UPHELD—The Court of Appeals is reported to have upheld the validity
of

$73,002.57 in funding bonds.

STAMPING
GROUND,
Ky.—BOND SALE—The $3,750 issue of
5% semi-ann. fire equipment bonds offered for sale on Dec. 9—V. 145,
p. 4000—was purchase*! by the Bankers Bond Co. of Louisville at a price
of 100.53, according to the Deputy Town Clerk.

Offerings Wanted:

LOUISIANA A MISSISSIPPI
MUNICIPALS
Bond

Department

WHITNEY NATIONAL

BANK

NEW ORLEANS, LA.
Boll Teletype

Raymond 540$

N. O. 18$

LOUISIANA

$362.50

VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOND SALE—
The issue of $100,000 courthouse refunding bonds offered Dec. 20—V.
145, p. 3690—was awarded to Halsey, Stuart & Co., Inc., as 2Ms, at
100.542, a basis of about 2.15%. Dated Jan. 3, 1938 and due $5,000 each
six months from July 3, 1939, to Jan. 3, 1949.
The bankers made public
reoffering of the issue at prices to yield from .90% to 2.25%, according to

Bidder—

COUNTY

$25,000 2M% public work relief bonds offered on Dec. 17—V. 145, P.
3850—were awarded to Beecroft, Cole & Co. of Topeka at a price of 101.509,

Premium

512.84
Par

been

bonds.

O.

Indianapolis, as 3s, at par plus a premium of $524, equal to 101.14, a
basis of about 2.89%.
Dated Jan. 1, 1938 and due as follows: $800 Jan. 1

has

LINN COUNTY (P. O. Mound City) Kan.—BONDS SOLD—Clarence
Conrad, County Clerk, states that two issues of bonds aggregating
$24,000, have been purchased by the Small-Milburn Co. of Wichita. The
issues are divided as follows:
$12,000 poor relief, and $12,000 work relief

Monticello),
Ind.—BOND SALE—The $45,800 high school building bonds offered
Dec. 18—V. 145, p. 3690—were awarded to the City Securities Corp. of

and $1,000 July 1, 1940: $1,000 Jan.
Other bids:

Kan.—BONDS

E.

ROACHDALE, Ind.—BONDS SOLD—The Indianapolis Bond & Share
Corp. of Indianapolis purchased last July an issue of $12,000 4% water
works revenue bonds at a price of 98.50, a basis of about 4.23%.
Dated
Jan. 1, 1937.
Due $1,000 each year from 1938 to 1949 inci.
Legality
approved by Matson, Ross, McCord & Clifford of Indianapolis.
UNION

ALTHORIZED—An

ordinance
passed authorizing the issuance of $22,000 refunding bonds.
DOWNS,

MONTICELLO SCHOOL CITY, Ind.—BOND SALE—The issue of
$40,000 high school building bonds offered Dec. 18—V. 145, p. 3690—
was awarded to the
City Securities Corp. of Indianapolis, as 3s, at par plus
a premium of $488, equal to 101.22, a basis of about
2.88%. Dated Jan. 1,
1938 and due $1,000 on Jan. 1 and July 1 from 1940 to 1959, inclusive.

ordinance has been

passed which authorizes the issuance of $96,500 refunding bonds.

on water consumers.

JEFFERSONVILLE, Ind.—BOND SALE—The issue of $67,436.30
4K% judgment funding bonds offered on Dec. 21—V. 145, p. 3849—was
awarded to A. S. Huyck & Co. of Chicago, at par plus a premium of $25,
'equal to 100.03, a basis of about 4.49%.
One bond for $436.30, others
$500 each.
Due 10 bonds each year, the first payment on Jan. 1, 1939.

bonds

SHELBY COUNTY

ACADIA

PARISH

FIFTH

WARD DRAINAGE DISTRICT NO. 2

(P. O. Crowley), La.—BOND OFFERING—It is reported that sealed bids
will be received untii Dec. 31, by the Secretary of the Parish Police Jury,
for the

purchase of a $15,000 issue of drainage bonds.

State of—BOND OFFERING—Sealed bids will be re¬
ceived until 11 a. m. on Feb. 9, by L. P. Abernathy, Chairman of the State
LOUISIANA,

Highway Commission, for the purchase of a $4,000,000 issue of coupon or
registered highway, Series T bonds.
Interest rate is not to exceed 4%,
payable J. & J.
Denom. $1,000.
Dated Jan. 1, 1938. Due on Jan. 1 as
follows:
$77,000, 1942: $62,000, 1943; $52,000. 1944; $44,000, 1945;
$35,000, 1946; $31,000, 1947: $20,000, 1948; $1,000, 1949; $170,000, 1950;
$243,000, 1951; $240,000, 1952; $236,000, 1953; $235,000, 1954; $233,000,
1955; $362,000. 1956: $517,000, 1957; $595,000, 1958; $630,000, 1959, and
$217,000 in 1960.
This issue of bonds will be marked "T" for purpose of
identification.
The bonds will be awarded to the bidder offering to pay
not less than par and accrued interest and to take the bonds at the lowest
interest cost to the State.
No bid for less than the entire issue will be con¬
sidered and no bidder will be allowed to designate more than three coupon
rates.
Prin. and int. payable in lawful money at the fiscal agency of the
State in New York, or at the State Treasurer's office.
All bidders must
agree to accept delivery of the bonds in Baton Rouge, and to pay the pur¬
chase price thereof not later than March 20, 1938.
The approving opinion
of Thomson, Wood 4c Hoffman of New York, will be furnished.
A certified
check for $40,000, payable to the State Highway Commission, must accom¬
pany the bid.
NEW

ORLEANS,

PUBLISHED—The

La.—BULLETIN OF GENERAL INFORMATION
following bulletin

(No.

1237), has

just

been

'o Investors in City of New Orleans Securities and Finance:
?ublic by Jess S. Cave, Commissioner of Public Friends of the City:

made

4150

Financial

Believing that

Chronicle

will be interested in knowing more about New Orleans
and the many improvements being made by
Mayor Maestri, rendering
this a better place in which to live and to make Investments, it is
my purpose

the Government had expended $7,000,000.

send out short bulletins from time to time giving information which
will be of interest to you.
New Orleans, county seat of Orleans Parish, is coordinate with the
Parish of Orleans.
to

Incorporated as a city in 1805.

and

distributing point for agricultural, mineral and manufactured products,

193254

and operates the New Orleans Public Belt KR.
Bonded indebtedness of the City of New Orleans and the New Orleans
Sewerage and Water Board are under the direct supervision of the Board of

Liquidation of the City Debt. This Board was created by legislative Act
1880, and was later confirmed by Constitutional Act.
The Board, as
presently constituted, (December, 1937), consists of Chas. J. Theard,
in

President, (Vice-President National Bank of Commerce): J. D.

O'Keefe,

Vice-President, (President of the Whitney National Bank): R. S. Hecht,
President pro tem, (Chairman of the Board of the Hibernia National Bank);
John Legier, (President of the American Bank & Trust Co.); E. T. George,

(President of the Seaboard Refining Co.); Blanc Monroe, (Monroe & Lemann, Attorneys); Robert S. Maestri (Mayor of the City of New Orleans);
Jess S. Cave (Commissioner of Public Finance City of New Orleans); Dr.
Frank R. Gomila (Commissioner of Public Safety); Horace P. Phillips,
Secretary; Jos. E. Rault, Assistant Secretary; J. C. Henrlques, Attorney.
Taxes for the retirement of bonded indebtedness and the payment of
Interest on bonded indebtedness are dedicated for these purposes and are
paid over daily as collected by the Tax Collector, to the Board of Liquidation
of the City Debt. All funds on deposit to the credit of the Board are secured
at all times 100%.
Since the creation of the Board in 1880 every principal
and interest obligation created by the Board has been paid promptly at
maturity.
Ifeln May, 1936, the Legislature authorized the City of New Orleans to
issue $19,000,000 in bonds, $1,000,000 to pay banks on old indebtedness,
the balance for public improvements.
Mayor Maestri has paid all of the
old debts and improved over 200 miles of city streets, and numerous public
and charitable buildings without issuing any bonds or sending
any bills to
property owners. New Orleans is on a cash basis.
Record of Assessments and Tax Collections, City
of
1929 to Oct. 31, 1937 (inclusive)

application for
by the State Board, according to Roscoe C. Emery, Council Presi¬
dent.
He said that the municipality had a debt of $170,000, uncollected
taxes of $104,000, a population that had
dropped from nearly 7,000 to
4,000 in two years, and a valuation of $1,300,000 compared to a peak
estimated at well above $2,000,000.

PORTLAND, Me.—NOTE OFFERING—John R. Gilmartin, City Treas¬

Year—

Assessment

1929

1936

1937
x

zPercent

Collected

$447,216,112.00 $10,814,348.00 $10,763,173.00
450,675,087.00
10,884,651.00
10,875,362 00
444,498,427.00
10,767,974.00
10,584,325.00
427,433,503.00
10,354,576.00
10,192,615.00
407,308,859.00
9,867,057.00
9,684,125.00
385,139,117.00
9,389,995.00
9,056,995.00
363,301,042.00
8,800,967.00
8,380,990.00
351,367,855.00
8,511,865.00
7,666,850.00
363,792,111.00
8,813,002.00
7,334,873.00

1930-.

As of Oct. 31,1937.

z

99.55
99.91
98.29
98.44

98.15
97.06
95.23
90.07
83.45

As of Oct. 31, 1937.

The average real estate collections for the years 1929 to 1933 inclusive,
(five years), as of Oct. 31, 1937 was 98.84% of the total taxes levied. The

city is

advertising and will sell on Dec. 4, 1937, all real estate on
which the delinquent real estate taxes for the years 1934 and 1935 have not
been paid. It is confidently believed that the collections for the years 1934
to 1937, inclusive, will, as of Oct. 31,
1942, equal 99% of the total levied
for those years.
The collections for the year 1937, as of Oct. 31, 1937, are
far in excess of any previous year at the same date.
The rate of taxation for the City of New Orleans is 28
mills on 85%
of assessments, divided as follows;
City alimony (general expense of city), 6H mi lis-school tax, 7 mills;
fire and police, 3 mills; sewerage and water, 2
mills; Board of Liquidation
City Debt (to apply on bonded indebtedness of city) 10 mills; city taxes are
collected by the Commissioner of Public Finance.

delinquent after Jan. 31, 1938.

If the

first instalment is paid during January, the second half
may be paid without
interest during July, 1938, delinquent after

July 31, 1938.
Delinquent
payments bear interest at the rate of 10% annually from delinquency date
until paid.
Real estate on which delinquent taxes have not been paid are
subject to sale in December, 1938.
The State and Parish levies are 10.25 mills on
100% of asseasment, col¬
lected by the State Tax Collector, and are divided as follows; Levee Board,
4.50 mills; general fund, .53 mill; Confederate Veterans, .75 mill; State
educational fund, 2.50 mills; Louisiana State
University, .50 mill; general
engineers .32 mill; State bond and interest tax 1.15 mills, making a total
of 10.25 mills.

PORT BARRE, La.—BONDS SOLD TO PWA—The
$10,000 issue of
4% semi-ann. water works bonds offered for sale on Dec. 18—V. 145. p.
3691—was purchased at par by the Public Works
Administration,

to report.

according

ST. MARY PARISH FOURTH WARD SCHOOL DISTRICT NO. 1
(P-O* Franklin), La.—MATURITY—It is reported
by the Secretary of
the Parish School Boatd that the $60,000
improvement bonds sold to Charles
F. Boagni, of Opelousas, as
4Ms, at a price of 100.12, as noted in these
columns recently—V. 145, p. 3379—are due on
Jan. 15 as follows: $1,000,

i23£L$1v£°2' 1940 t0 1944: $2,000, 1945 to 1951; $2,500, 1952 to 1956;
$3,000, 1957 to 1960; $3,500, 1961 to 1963, and $2,500 in 1964, giving a
basis of about 4.24%.
SPRING J"ILL> La-—BOND ELECTION DETAILS— It is now stated
by the C ity Clerk that the $100,000 sewer and water
system extension bonds
up for approval on Dec. 28, as noted here
recently—V. 145, p. 3850—will
^

bear interest at 6%

and will mature serially

over a

10-year period.

MAINE
tJ^R!*OSCT?G£IN COUNTY (P.

ING—Raynaldo
Dec.

28

O.

County Treasurer, will receive bids until
purchase at discount of $100,000 tax anticipation

T%?,0^are dated Jan- 3-

and

$50,000

1938- and payable $50,000

on

Oct. 15. 1938,

on Dec. 31,
1938, at the Second National Bank of Boston
These notes will be issued in such reasonable denominations
as the purchaser
may desire and will be ready for
delivery on or about
Jan. 3, 1938, at said bank for Boston
funds.

Boston.

Said notes will be authenticated as
to genuineness and validity
by the
Second N ational Bank of
Boston, and their

legality approved by Storey,

Thorndike, Palmer

& Dodge of Boston, whose
opinion will be furnished
the purchaser.
All legal papers incident to this issue will be
filed with
said bank, where they
may be inspected.

Year—

Financial Information Dec. 22, 1937
1937

a

All collected,

b Due

^33

$64,717,587.00
al26,846.47

Assessed valuation,..
Tax levy
Total

valuation

1937

Total bonded debt (Dec.

--.$78,570,550.00
4,915,000.00
16,746.67

16, 1937)

Total uncollected taxes prior to 1935.
Year—
1935

Levy.

1936

$3,806,128.16
4,199.36
outstanding for year 1937

Tax

notes

1937

$3,792,239.94
5,726.92

Uncollected to date

$3,711,924.84
224,999.68
None

PORTLAND WATER DISTRICT (P. O. Portland), Me.—BOND
SALE—The $100,000 2 H% coupon water bonds offered on Dec. 20—V. 145,
p. 4000—were awarded to H. M. Payson & Co. of Portland at a price of

102.578,

basis of about 2.33%.

a

Dated Jan. 1, 1938.

Due Jan. 1, 1958.'

Name
Estabrook & Co., Boston

Price

Bid

100.548
100.891

Chase, Rollins & Sons, Portland
Coffin & Burr, Boston

100.519

-

MASSACHUSETTS
BOSTON, Mete.—ADDITIONAL BID—Only

one

other bid

was

sub¬

mitted at the recent offering of $3,000,000 nptes, which were awarded to
The First Boston Corp. as l%s, at bar.
The other bidder was a syndicate
headed by Halsey, Stuart & Co., Inc., New York, which named a rate of

2.20%, plus $32 premium.
This account included: Lehman Bros., Ladenburg, Thalmann & Co., Phelps, Fenn & Co.; Hallgarten & Co., Tucker,
Anthony & Co., Eldridge & Co., Morse Bros. & Co., Inc., and Charles
Clark & Co.

BROOKJL.INE,

Mass.—NOTE SALE—The issue of $300,000 revenue
20—V. 145, p. 4001—was awarded to the Brookline
0.16% discount, plus $7 premium.
Dated Dec. 20, 1937
and due Oct. 19, 1938.
offered

notes

Trust

Co.

Dec.

at

Other bids

were:

Discount

.174%
21 %
...22%
22%

-

Norfolk County Trust Co., Dedham
Merchants National Bank of Boston
National Shawmut Bank of Boston

CLINTON, Mass.—BOND SALE—An issue of $27,000 1^% welfare
bonds

has

been

sold

Merchants

the

to

National

Bank

of Boston.

$6,000 in 1938 and 1939, and $5,000 in 1940, 1941 and 1942.
The Merchants National Bank of Boston paid a price of

Due

par.

GREAT BARRINGTON, Mass.—NOTE SALE—The $75,000 revenue
notes offered on Dec. 22 were awarded to the Merchants National Bank of
Boston

on

.20% dsicount basis.

a

Due

Nov. 15, 1938.

The New England

Trust Co. of Boston bid .222% discount.

"~LYN n7m ass .—NO TE

SALE—O n

'

Dec. 23

an

issue of$150,000 notes,

payable July 14, 1938, was awarded to the Day Trust Co. of Boston on a
.26% discount basis. The Security Trust Co. of Lynn bid .30% discount.

$64,717,587.00
bl26,846.47

Sept. 1, 1938.
Population (1930), 71,214.

bonded debt, $136,000.

DEER ISLE-SEDWICKL BRIDGE DISTRICT
(P. O. Stonington),
Me.—BONDS SOLD PRIVATELY—It is reported that the $490,000
Bridge
bonds which were offered
unsuccessfully on Oct. 22—V. 145, p. 2888—have
been disposed of at private saie.
.The issue was purchased by the Philip H. Morton Co. of Auburn.

EASTPORT, Me.—REG VESTS STATE BODY' TO ASSUME CONTROL
—The above town, site of the proposed
$36,000,000 Passamaquoddy Bay
tide-harnessing project, has asked the State Emergency Municipal Finance




MILTON, Mass .—NOTE SALE— On Dec. 17 the town sold $200,000
notes

on

a

.18% basis, the Merchants National Bank of Boston and the
Due Nov.

New England Trust Co. of Boston each taking $100,000 notes.
4. 1938.
:
Other bids

were as

follows:

Bidder—

Discount

Second National Bank of Boston

0.185%
0.19%
0.24%
0.385%

National Shawmut Bank
First National Bank of Boston
Wrenn Bros & Co..

...

NORFOLK COUNTY (P. O. Dedham), Mass.:—NOTE SALE—The
$50,000 tuberculosis hospital maintenance notes offered on Dec. 21—V. 145,
p. 4001—were awarded to the Granite Trust Co. of Dedham on a 0.12%
discount basis.
Dated Dec. 21,1937 and payable April 5,1938.
i^.The notes were also bid for as follows:
Name

Discount Bid

First National Bank of Boston

.15%
.154%
..18%
19%

Second National Bank of Boston

Merchants National Bank of Boston
Norfolk County Trust Co., Dedham
NORFOLK COUNTY

Ralph

(P. O. Dedham), Mass.—NOTE OFFERING—
D. Pettingell, County Treasurer, will receive bids until 11 a. m.

Dec. 28 for the purchase on an interest basis of $50,000 District Courthouse
loan notes.
Denoms. one for $25,000, two for $10,000, and one for $5,000.
The notes will be dated Dec. 28, 1937, and payable Nov. 15, 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.

29, at The First National Bank of Boston,

17 Court Street office,

Boston.
Said notes will be authenticated

to

genuineness and validity by The
First National 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 they may be inspected.
as

PITTSFIELD, Mass.—CITES $250,000 CASH SURPLUS

AnBdEB^

REDUCTION OF $1,129,200—Mayor A. H. Bagg, retiring Jan. 3 after
four years in office, said Dec. 19 the municipal debt had been reduced

$1,129,200 during that period, and there would be
$250,000 on Jan. 1.

a

surplus of

more

than

"While many
Works Progress

cities have expended millions in borrowed money for relief.
Administration and other projects, for the past two years,"
the Mayor said, "Pittsfield has not borrowed a cent.
It is safe to say no
other city has shown such improved government as Pittsfield."
SOUTH

O. Auburn), Me.—NOTE OFFER¬

Simpson,

for the

temporary loan notes.

in

Financial Statement, Dec. 22, 1937
Assessed

now

Real estate taxes for the year 1938 are payable in two instalments, onehalf due in January, 1938, becomes

noon

Jan. 3, 1938, at the First National Bank of Boston, 17 Court St. office,
and will be certified as to genuinenness and validity by said bank under

advice of Ropes, Gray, Boyden & Perkins of Boston.

Name

Collected

Levied

Jan. 3, 1938.
Denoms. as requested in the bid.
Payable Oct. 10, 1938 at
First National Bank of Boston, or at the Central Hanover Bank &
Trust Co., New York City.
Notes will be ready for delivery on or about

the

Second National Bank of Boston:

Taxes

x

will receive bids until noon on Dec. 29, for the purchase at discount
of $1,000.000 notes issued in anticipation of taxes for the
year 1938.
Dated
urer,

New Orleans

Real Estate (City Levies on 85% of Assessment)
Taxes

Failure of the work to continue

occasioned the town's financial stringency and necessitated

also the

leading cotton market of the United States.
Has a large export
trade in petroleum, lumber, grain and flour, cotton, iron and steel, &c.,
also a large import trade in petroleum, bananas, sugar, molasses and
syrup, beauxite, coffee, creosote oil, nitrate of soda, &c.
Several large oil
fields are being developed in from 20 to 60 miles of the city. Manufacturing
Industries include sugar, textile bags, cottonseed products, alcohol, clothing
celotex, petroleum products, bakery products, meat
products, printing and
publishing, coffee roasting and grinding, syrup and molasses, cigars and
tobacco, lumber, flavoring extracts, rice cleaning and polishing, fertilizers,
roofing, binder twine, cement, &c. Twelve railroads enter the city, including
the Illinois Central, Southern, Yazoo & Mississippi Valley, Gulf Mobile
& Northern, Southern Pacific, Gulf Coast Lines, Louisiana & Arkansas,
Louisiana Southern, Louisville & Nashville, Missouri Pacific, New Orleans
A Lower Coast, and Texas & Pacific and 28 steamship lines. The city owns

1937
25.
Suspension
funds, after

control

Commission form of

government adopted in 1912.
Commercial metropolis of the Gulf States,
and the largest and most important city in the State. An important shipping

Dec.

Board to assume control of its fiscal affairs,
according to report.
of work on the Quoddy project was halted in 1936 for lack of

you

HADLEY,

Mass.—NOTE SALE— The town has sold $4,000
1938, to the First National Bank of Boston on

notes, payable March 21,
a

.40% basis.

WALTHAM,

Mass.—NOTE

OFFERING—H. W. Cutter, City Trea¬
m. Dec. 28, for the purchase at discount
temporary loan notes.
Denoms. 6 for
$25,000, 12 for $10,000 and 6 for $5,000.
Dated Dec. 28, 1937.
Due
$50,000 May 18 and June 15,1938, and $100,000 Sept. 14 and Oct. 19,1938.
These notes will be authenticated as to genuineness and validity by the
First National Bank of Boston, under advice of Storey, Thorndike, Palmer
& Dodge, and all legal papers incident to this issue will be filed with said
bank, where they may be inspected.
Notes will be delivered on or about Dec. 29, at the First National Bank
of Boston, 17 Court St. office, Boston, for Boston funds.
Notes are pay¬
able at the First National Bank of Boston, in Boston, or at the Central
Hanover Bank & Trust Co., in New York.

will receive bids until 11 a.
of $300,000 revenue anticipation

surer,

1935

Levy.
Uncollected

of Dec.

1937

$1,825,459.00

1,674.38
3,193.83
Tax title loan

484,019.84
$155,027.49

22,

1937
Tax titles

1936

$1,949,879.00

$1,935,614.00
as

$196,360.72

WAYLAND, Mass.—NOTE SALE—The Second National Bank of Bos¬
ton

purchased on Dec. 13 an issue of $10,000 revenue notes
discount.
Due May 15, 1938.

at

0.249%

WESTON, Mass.—NOTE SALE—The Boston Safe Deposit & Trust Co.
of Boston purchaseo on Dec. 22 an issue of $50,000 notes at 0.142% discount.
Due July 20, 1938.
The Second National Bank of Boston was second in

the bidding

with

a rate

of 0.174%.

Volume

Financial

145

Bidder—

4151

Chronicle

Discount

Second National Bank of Boston.
Bancamerica-Blair Corp
Frederick M. Swan & Co. (plus $2 premium)
West Newton Savings Bank

MINNESOTA

0.174%
0.211%

0.245%
0.25%

APPLETON INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O.
Appleton), Minn.—BONDS SOLD—The $35,000 3% semi-ann. funding
bonds approved by the voters on Nov. 30, as noted in these columns—
V. 145, p. 3852—were purchased by the State of Minnesota, according to

report.

We

Buy for

Our

Own

BENTON COUNTY (P. O. Foley), Minn.—BONDS AUTHORIZED—
The County Board on Dec. 7 adopted a resolution providing authority for

Account

the issuance

•

MICHIGAN MUNICIPALS

•

•

.

;

■

.

.

'

f

•

•

■

of

$50,000

poor

relief bonds.

DE GRAFF, Minn.—BONDS VOTED—At a recent election a proposal
to issue $24,000 village hall, water system and sewage bonds carried Dy a

•

vote of 108 to 33.

Cray, McFawn 8l Company
V

FARIBAULT COUNTY (P. O. Blue

OFFERING—G.

DETROIT

»

Telephone CHerry 4828

G.

Buscho,

A. T. T. Tel. DET S47

able annually on Dec.

$5,000 Dec. 30, 1941.

MICHIGAN

ISANTI

ment bonds has been sold to a local bank.

CLAWSON, Mich.—REFUNDING PLAN SUBMITTED TO BOND¬
HOLDERS—Arthur E. Moore, Village Attorney, 521 Washington Square
Bldg., Royal Oak, recently submitted to holders of general and special
assessment bonds a plan of refunding covering the village's entire indebted¬
ness of
$1,277,019, of which $363,399 represents accrued interest.
The
village was in default of $565,249 in bond principal as of Oct. 1, 1937,
according to report.
In offering the plan, Mr. Moore requested creditors
to transmit to him a complete description of their securities.
The accrued
interest to Oct. 1, 1937, will be refinanced at 25 cents on the dollar.
The
existing bonded debt will be refunded through the issuance of four series
of bonds, as follows: series A refunding bonds in the amount of $267,830
will be exchanged for outstanding general obligations; series B in the sum
of $493,789 will take care of that amount of special assessment bonds;
series O in the principal amount of $39,000 will be exchanged for special
assessment extension bonds, and $113,000 of series D refunding bonds will
be exchanged for tax anticipation notes.
All of the refunding bonds, it is said, will be general obligation^ of the
village.
They will be dated Oct. 1, 1937, mature in 30 years, and callable;
Interest will paid as per the following schedule: M of 1 % for first two years;
1 % for next three years; 1 M % for following three-year period; $2% in each
of the succeeding 10 years, and 3% for the last 12 years.
Non-interest
bearing certificates of indebtedness will also be issued as part of the plan,
dated Oct. 1, 1937, and due in 10 years.
DOWAGIAC,
Kindred

Mich.—BOND SALE—The

$19,500

4%

water

works

bonds offered Dec. 18—V. 145, p. 4002—were awarded to Barcus,
& Co. of Chicago, at a price of 101.50.
Dated Dec. 1, 1937.

FERNDALE, Mich.—TENDERS ACCEPTED—I. F. Gibbs, City
Manager, reports that he accepted tenders of $7,780 series A and B cer¬
tificates of indebtedness at an average price of 92.50, and of $10,705 series
C and D certificates of indebtedness at prices of 60 and 70.
NEW TREASURER—The City Commission recently appointed W. A.
Laldng to the post of City Treasurer, effective Jan. 1, 1938.
The appoint¬
ment was recommended by Jay F. Gibbs, City Manager.
I RON WOOD, Mich.—BOND AWARD DEFERRED—Leo Andriansen,
City Clerk, informs us that A. S. Huyck 8c Co. and the Channer Securities
Co., both of Chicago, jointly, submitted the highest bid at the Dec. 20
offering of $382,000 3M% bonds.—V, 145, p. 3851.
He advises that the
award is being held in abeyance until Dec. 27.
The offering consisted of:

$213,000 series A refunding general obligation water bonds.
Due Aug. 1
as follows:
$10,000, 1938 and 1939; $12,000, 1940; $15,000, 1941
to 1947. incl.; $16,000, 1948; $20,000 from 1949 to 1951, incl.
169,000 series B general obligation refunding bonds.
Due Aug. 1 as
follows: $8,000, 1938 and 1939; $10,000,
1940 to 1942, incl.;
$12,000 from 1943 to 1946, incl., and $15,000 from 1947 to 1951,
inclusive.
Each issue is dated Aug.

1, 1937.

MACOMB

COUNTY (P. O. Mount Clemens), Mich.—TENDERS
WANTED—Pursuant to provisions of the county's refunding plan, Sher¬
wood J. Bennett, County Comptroller, will receive until 10 a. m. on Jan. 6,
sealed tenders covering offers of sale by the holders of $137,000 series B
refunding bonds which were issued to refund current tax anticipation notes,
also $10,000 interest refunding certificates issued Feb. 15, 1936,
The Board of County Road Commissioners announces that it will receive
at its offices until 2 p. m. on Jan. 6 tenders of county, township and district

portion of Covert road bond refunding certificates of the following districts:
Nos. 84, 88, 109, 114 and 118.
MICHIGAN

(State

of)—TO REFUND $1,800,000 COUNTY ROAD
some $1,800,000 worth of intercounty Covert
recently by the State Highway Department.
I
State Highway Commissioner Murray D. Van Wagoner said that the
refunding would effect a saving in interest amounting to between $400,000
and $500,000 to Wayne, Monroe, Lenawee, Washtenaw, Oakland, Macomb
BONDS—Plans
road

bonds

to

were

refund

announced

and St. Clair counties.

Mr. Van Wagoner said that the refunding resolution would be presented to
board of supervisors on Jan. 7.
It already has the tentative ap¬

county

proval of the Public Debt Commission.
MONROETOWN TOWNSHIP SCHOOL DISTRICT NO. 4 (P. O.
Monroe), Mich.—BOND OFFER ING— 8ea led bids addressed to Florence
Merkle, School District, will be received until 8 p. m. on Dec. 29, for the
1,000.
Surchase of $7,000 not to exceed 6% interest building bonds. Denom.
ROYAL

OAK, Mich.—REPORT ON COURT RULING IN SPECIAL
BOND CASE—In connection with the report which
appeared in these columns sometime ago—V. 145, p. 3693—relative to a
court ruling enjoining the city from using general revenues to redeem special
assessment bonds issued prior to 1929, W. C. Hudson, City Attorney, in
confirming the action, explained that the bonds in litigation were issued
prior to 1929 (at which time a statute was passed giving cities such auth¬
ority) and were five of the few remaining unrefunded special assessment
bonds outstanding.
All special assessment bonds outstanding prior to
1935 of the City of Royal Oak have been authorized to be refunded under
an agreement with
the bondholders, and some 97% have actually been
refunded.
This refunding process was also done under statutory authority.
The ruling, he added, apparently has application only to the few outstand¬
ing unrefunded special assessment bonds originally issued prior to 1929.

ASSESSMENT

ROYAL

OAK

TOWNSHIP

SCHOOL

DISTRICT

NO.

7,

Mich.—

BONDS TO BE EXCHANGED—Matthew Carey & Co., Union Guardian

Bldg., Detroit, refunding agent for the district, has announced to holders
of bonds and notes, under date of Dec. 7, as follows:
"The refunding plan submitted in circular letter and prospectus dated
Sept. 7, 1937, has been approved by the Public Debt Commission (order
dated Nov. 24, 1937) without change.
"The Board of Education has instructed the undersigned to proceed with
the exchange.
Bonds and certificates are being printed and will be available
ill 3t few days ,f
At present 79%. of the Jotal bonds and 93% of that portion of the prin¬
cipal in default have been deposited.
Holders are requested to forward their securities to the Manufacturers
National Bank of Detroit.
WATERFORD

TOWNSHIP

SCHOOL

DISTRICT

NO.

1

(P.

O.

R. No. 2, Pontiac), Mich.—TENDERS WANTED—Loon E. Hill, School
Treasurer, will accept until 8 p. m. on Dec. 24, at his home, Route No. 2,
Pontiac, sealed tenders of $18,000 district bonds.
The district reserves the

right to purchase more bonds if funds are available on the date of receiving
the

tenders.

YPSILANTI, Mich—BOND SALE—The $120,000 general obligation
disposal bonds offered on Dec. 20—V. 145, p. 4002—were awarded
Wright, Martin 8c Co. of Detroit at par plus a premium of $329.50, equal
to 100.273, taking $20,000 bonds as 1M« and $100,000 as 2 Ms.
Dated
Dec. 1, 1937.
Due $5,000 yearly on Dec. 1 from 1938 to 1961, incl.

sewage
to




Earth), Minn.—CERTIFICATE
Auditor, will receive bids until 2

30.
Due $10,000 Dec. 30 in 1939 and 1940, and
Purchasers will be limited to the purchase of $5,000

certificates.

BEAULAH, Mich.—BONDS SOLD—An issue of $8,000 street improve¬

revenue

County

p. m. Dec. 27 for the purchase of $25,000 3% drainage funding certificates
of indebtedness.
Denom. $1,000.
Dated Dec. 30, 1937.
Interest pay¬

COUNTY

(P.

Braham),

O.

Minn.—WARRANT SALE—

The $20,000 issue of 5% county welfare fund warrants offered for sale on
Dec. 20—V. 145, p. 4002—was sold as follows: $5,000 blocks to four pur¬

chasers, namely; Cambridge State Bank, of Cambridge, the Peoples State
Bank, of Cambridge, the First National Bank, of Braham, and the First
State Bank, of Isanti, all at par, according to M. E. Norell, County Auditor.

MINNEAPOLIS, Minn.—BOND OFFERING DETAILS—In connection
exceed

with the offering scheduled for Dec. 31, of the $360,000 issue of not to

5% semi-ann. sewage disposal system bonds, notice of which was given in
our issue of D c. 18—V. 145, p. 4002—the following details have now been
furnished: Coupon bonds regjsterable as to principal only, upon application
to the City Comptroller.
Rate of interest to be a multiple of M of 1%.
Prin. ana int. (J. & J.) payable at the fiscal agency of the city in New York,
or at the City Treasurer's office.
Delivery will be made at the City Treas¬
urer's office or elsewhere in the United States, at the option of the purchaser.
Bids offering an amount less than par cannot be accepted.
The approving
opinion of Chapman & Cutler of Chicago, will be furnished.
'■

SHERBURN, Minn.—BOND OFFERING—Sealed bids will be received
by Ella Risley, Village Clerk, for the purchase of
$12,000 issue of village bonds.
Interest rate Is not to exceed 3 %, payable
J. & J.
Dated Jan. 15, 1938.
Due $1,000 from Jan. 15, 1939 to 1950
incl.
The village will furnish all necessary documents and information in
connection with the issue, but the purchaser shall pay the cost of legal
opinion and printing of the bonds.
Principal and interest payable at any
suitable bank designated by the purchaser.
A certified check for 2% of
the principal amount of the bonds must accompany the bid.
until 8 p. m. on Dec. 30,

a

TRACY, Minn.—BOND OFFERING—H. M. Algyer, City Recorder,
bids until Jan. 17 on an issue of $35,000 coupon municipal
building bonds.
Denom. $1,000.
Dated Dec. 15, 1937.
Prin. and semi¬
annual int. (June 15 and Dec. 15) payable at Tracy.
Due yearly as follows:
$3,000, 1938 to 1946, and $2,000, 1947 to 1950.
Certified check for 5%
required.
Legality approved by Junell, Fletcher, Dorsey, Barker & Colman of Minneapolis.
will receive

WYKOFF,

Minn.—BOND

OFFERING—W.

O.

„

Theiss, City Clerk,
of $8,500 funding

will receive bids until 8 p. m. Dec. 30 for the purchase
bonds.
Cert, check for $200, required.

MISSISSIPPI
BROOKHAVEN SEPARATE SCHOOL DISTRICT (P. O. Brookhaven), Miss.—BOND SALE NOT SCHEDULED—It is reported that the
Board of Aldermen has not as yet fixed any date for the sale of the $50,000
construction bonds approved by the voters on Oct. 5.

MISSISSIPPI, State of-—NOTE SALE—The $2,250,000 issue of high¬
notes, Second Series, Sub-series U, offered for sale on Dec. 20—
145, p. 3852—was awarded to a syndicate headed by John Nuveen &
Co. of Chicago, B. J. Van Ingen & Co. of New York and the Equitable
Securities Corp. of Nashville, paying a premium of $1,723.90, equal to
100.06895, a net interest cost of 3.785%, on the notes divided as follows:
$450,000 as 3Ms. maturing on Oct. 1, 1957; $1,350,000 as 4s, maturing
$450,000 on Oct. 1, 1958 to 1960, and the remaining $450,000 as 3 Ms,
maturing on Oct. 1, 1961.
Redeemable prior to maturity at the option

way

V.

of the State Highway Note Commission.
The other members of the successful group were:

M. A. Saunders & Co.,
Inc., of Memphis; Scharff & Jones of New Orleans; the Deposit Guaranty
Bank & Trust Co. and J. S. Love & Co., both of Jackson; C. F. Childs &
Co. of Chicago; the Wells-Dickey Co. of Minneapolis; Lewis & Thomas of
Memphis; Dane & Weil and Newman, Harris & Co., both of New Orleans;
Geo. T. Carter & Co. of Meridian; Cady & Co. of Columbus, Miss.; Schlater,
Noyes & Gardner, Inc., of New York; the Weil, Roth & Irving Co. of Cin¬
cinnati; Stern Bros. & Co. of Kansas City; Wiggins & Co. and 0. B. Walton
& Co., both of Jackson; Walter, Woody & Heimerdinger of Cincinnati:
J. G. Hickman, Inc., and the First National Bank & Trust Co., both of
Vicksburg, and the Municipal Securities Co., Inc., of Meridian.
NOTES OFFERED FOR INVESTMENT—The successful bidders reoffered the above notes for general subscription priced at 99.00 for the 1957
maturity, at 103.00 for the 1958-60 maturities, and at 102 .Q0 for the final
maturity.
This is the final issue of $23,000,000 of notes authorized of which $ 1,783
This issue is a part of previous issues sold
by the State to finance its road-building program.
The notes are payable
from the State tax on gasoline and motor fuels.
000 already have been retired.

NATCHEZ, Miss.—TOLL BRIDGE PLAN AUTHORIZED—At a special
adopted a resolution accepting the
proposed plan for financing a toll bridge across the Mississippi River,
offered by B. J. Van Ingen & Co., of New York, according to Natchez
advices.
Bonds would be issued in an amount not to exceed $2,500,000,
with the tolls from the bridge to be used for the liquidation of the bonds after
actual operating expenses had been deducted.
t

session held on Dec. 16 the City Council

NEWTON, Miss.—BOND ELECTION—It is stated by W. II. Waldrop,
be held on Jan. 18 in order to vote on the
$35,000 in industrial plant bonds.

Town Clerk, that an election will
issuance of

REFORM

CONSOLIDATED

SCHOOL

DISTRICT

man), Miss.—BONDS SOLD—It is stated by Attorney
that $10,000

partly sold, a block of $6,000 being purchased.
may be sold later.
ROSE

(P.

O.

Acker-

Robert E. Nason

building bonds approved by the voters on May 1 have been

HILL

CONSOLIDATED

He says that the balance

SCHOOL DISTRICT

(P.

O.

Rose

Hill), Miss.—BONDS SOLD—It is stated by T. B. Winstead Jr., Principal
that the $18,000 4% semi-annual school tends approved by the
voters at the election last January, as noted here at the time, have been
sold.
Dated March 1, 1937.
Due in from 1 to 20 years.
Principal and
interest payable in Bay Springs.

.

of Schools,

MISSOURI

O-tA

•

COUNTY (P. O. Stockton), Mo.—BONDS DEFEATED—
At the election held on Nov. 16—V. 145, p. 2723—the voters failed to ap¬
CEDAR

prove

the Issuance of the $75,000 in court house tends,

according to the

County Clerk.

-

SANITARY DISTRICT, St. .Louis County,
H. Cooper, District Secretary, will receive
bids at the office of Glen Mohler, District Attorney.* 705 Olive Street, St.
Louis, until Dec. 29 on an issue of $73,000 coupon sewer construction bonds,;
Bidders are to name rate of interest.
Denom/!■$1,000.
Dated Feb. 1, ;
1938.
Interest payable Feb. 1 and Aug. 1. v Due serially from 1940 .to
1958.
Cert, check for $1,500 required.
Legality of bonds approved by
Charles & Trauernicht of St. Loufe.
.
u
TWO

MILE

CREEK

Mo.—BOND OFFERING—N.

KANSAS CITY

SCHOOL DISTRICT

(P. O. Kansas City), Mo.—

BOND SALE—The $500,000 Issue of school. Series I bonds offered for. sale
Dec. 21—V. 145, p. 3852—was awarded jointly to the Mississippi Valley
Trust Co. of St. Louis, and Braun, Bosworth & Co. of Toledo, as 2Ms, '

on

paying a price of 100.81, a basis of about 2.69%.
Due $50,000 from Jan. 1, 1949 to 1958, incl.

Dated Jan. 1, 1938.

,

25 houses were represented in the

;

,

informed that <
eight syndicate bids on the issue,
The

Other Bids—In connection with the above report we are

4152

Financial

highest bid

Chronicle

offer of 101.69 on 3s, submitted by Lazard Freres &
Co.,
Stone & Webster and
Blodget, Inc., and Callender, Burke & MacDonald,
of Kansas
was an

City.

The third highest offer was

a

bid of 101.539

on

Other bids

Name

3s, made

application for a Public Works Administration

$200,000 has been made by the district.

nectucut

of

66%

River Bridge bonds purchased
recently by F.

NASHAU.

N.
H.—BOND SALE—The $135,000
2H% coupon per¬
public improvement bonds offered Dec. 22—V. 145,
p. 3852—
to Burr & Co., Inc. and
Kidder, Peabody & Co., both of
Boston, jointly, at a price of 102.06, a basis of about 2.27%.
Dated Dec.
15,1937 and due serially as follows: $7,000 from 1938 to 1952 incl. and
$6,000
manent

awarded

were

from 1953 to 1957 incl.

Other bids.—
Bidder—

Rate Bid

Nashua Trust
Co--.-—.--——w-----:———.—-----101.95
Ballou, Adams & Whittemore
101.90

Indian Head National Bank
E. H. Rollins & Sons, Inc

101.61

100.404

CHARLES,

on

$18,000 PARS1PPANY-TR0Y HILLS, N. J.

Dec. 18.

SCOTT

4M% Water Bonds, due Nov. 15, 1938-41
Prices to yield
2.25%-3.00%

COUNTY

(P.
O.
Benton), Mo.—BONDS VOTED—The
county have approved a proposal to issue $54,221.10 judgment
funding bonds
voters of the

Colyer, Robinson $ Company

WASHINGTON SCHOOL DISTRICT (P. O.
Washington), Mo.—
OFFERING—Charles Augustine, Secretary, Board of

BOND

Education,
will receive bids until 4
p. m, Dec. 30, for the purchase at not less than
par
of $36,000 3% school bonds.
These bonds had been offered for sale on

INCORPORATED

1180

1, but

bids were rejected at that time.
Denom. $1,000.
Dated
1, 1937.
Principal and semi-annual interest (Feb. 1 and Aug.
1)
payable at the office of the District Treasurer.
Due Feb. 1 as follows:
$1,000, 1939 to 1942; $2,000, 1943 to 1955, and
$3,000, 1956 and 1957.
Certified check for $1,000, payable to the
district, required.
The district
will furnish the legal opinion of Charles &
Trauernicht of St. Louis and will
pay for the printing of the bonds.

►

Raymond Blvd., Newark

York Wire:
REctor 2-2055

New

Nov.

JERSEY

J.—BOND

N.

MArket 3-1718

A. T. & T. Teletype
NWRK 24

NEW
BARRINGTON,

SALE—The

$3,000

offered

CARBON COUNTY (P. O. Red
Lodge), Mont.—BOND CALL—It is
reported that Nos. 101 to 110, of the
5K% funding bonds, dated Nov. 1,
1919, are being called for payment at the County Treasurer's
office on
Jan. 1, on which date interest will
cease.
Due on Nov. 1, 1939.
CUSTER COUNTY (P. O. Miles
City). Mont.—BOND CALL—It is
stated that the following bonds are
being called for payment on Jan. 1, on
which date interest will cease:
Nos. 81 to 90, of
6% highway

bonds, dated Juiy 1, 1920.

Due

on

BAYONNE, N. J.—BONDS SOLD
000 4%

to

ments without recourse to

out the current year.

of the 6 % issue dated Jan.
1,1921, are being called for payment as of Jan.
1,
the County Treasurer's office.

MADISON COUNTY SCHOOL DISTRICT
NO. 5 (P. O.
Sheridan),
Mont.—PWA LOAN CANCELED—It is
reported by the Superintendent
building bonds to the State Board of
as 4s at par, as noted in these columns
recently—
3852—cancels the loan of $23,000
approved by the PWA in
Due in 20 years, optional after five
years.

NEBRASKA

PAWNEE COUNTY (P. O. Pawnee

City), Neb.—BOND ELECTION—
An election is said to be
scheduled for Jan. 11 to vote on
the issuance of
$95,000 in 3)4% semi-annual
refunding bonds.
Due from Jan. 1, 1943 to

SARGENT, Neb.—BONDS AUTHORIZED—The
City Council
providing for a $20,500 issue of

Birted toNo. 1 passed an ordinance
have bonds.
istnct

is

re-

WATERLOO, Neb.—BONDS SOLD—It is reported that
$21,000 3 H%
semi-annual refunding bonds have
been purchased
by the State Board of
Educational Lands and Funds.
YORK, Neb.—BONDS VOTED—At an election
held on Dec. 14 a
pro¬
posal to issue $28,100
underpass construction bonds was
approved by the

NEW

HAMPSHIRE

CONCORD, N. H.—BOND OFFERING—Carl G.
Foster, City Treasurer,
J™ ^eive kids until noon Dec. 29 for the purchase at not less than

par of
$70,000 coupon public
improvement bonds.
Bidders are to specify rate
of interest, in a
multiple of M%.
Denom. $1,000.
Dated Jan. 1, 1938.

Principal and semi-annual interest
(Jan. 1 and July 1) payable at the
s office or at
City
the National Sbawmut
Bank of Boston, in
s
Boston,
option.
Due $10,000
yearly on Jan. 1 from

Treasurer
at holder

1940

to 1946.
These bonds will be
engraved under the supervision
of and authenticated
to their genuineness
by The National Shawmut
Bank of Boston.
This
Bank will further
certify that the legality of this issue has
been approved by
Storey, Thorndike, Palmer &
Dodge, of Boston, a copy of whose
will accompany the bonds when
opinion
delivered, without charge to the purchaser.
All legal papers incident to
this issue,
together with an affidavit
to the proper execution
certifying
of the
bonds, will be filed with The National Shaw¬
mut Bank of
Boston,where they may be
inspected.
as

Financial Statement, Dec.
Assessed valuation,
1937, net.
Total debt (present loan
included)
Water debt, not included in
total debt

Outside school debt, not
included in total debt

Population (1930), 25,228.

MANCHESTER, N. Yi.—NOTE

1, 1937
$32 195 052 00
897 000.00

I
HI

210!000!00
300 000 00

v.uuu.uu

SALE—The $400,000 tax
anticipation
offered Dec. 21 were awarded
to Jackson & Curtis
of Boston, at
0.49% discount.
Dated Dec. 21, 1937 and
due July 15, 1938.
notes




taxes on all

NEW

BRUNSWICK, N. 3.—BOND SALE—The issue of $250,000
coupon or registered refunding bonds offered Dec. 21—V.
145, p. 4004—
was awarded to Adams & Mueller of

Newark, on their bid to purchase
$248,000 bonds as 2 % s, at a price of 100.98, a basis of about 2.56
%.
Dated
Dec. 1, 1937 and due Dec. 1 as follows:
$25,000 from 1938 to 1946 incl.
and $23,000 in 1947.
Among other bids were these:
1

Other bidders were:
Name—
H. B. Boland & Co

Dougherty, Corkran
H.

L.

Ami. Bid

$250,664.89

-

&

Co

Allen & Co

Halsey, Stuart & Co
Stroud & Co.; Schlater, Noyes &
Gardner, Inc.,
—

and MacBride. Miller & Co
R. W. Pressprich & Co., and
& Co

Fidelity-Union Trust

—

-

-

Blyth & Co.; Minsch, Monell & Co., and C. C.
Codings & Co
J. S. Rippel & Co.; Kean, Taylor & Co., and Van
Deventer, Spear & Co
B. J. Van Ingen & Co.; C. A. Preim &
Co., and
C. P. Dunning & Co
&

3.00%
2.75%
3.50%
2.70%

250.267.50

3.25%

250,517.00
250,401.00

3.50%
2.75%

250,270.80

3.50%

250,133.00

3.00%

Co

£50,825.00

*

'

3.10%

250,507.50

Campbell Phelps & Co.; Bioren & Co., and Suplee,
Yeatman

Int. Rate

250,018.30
253,155.40
250,215.00

Colyer, Robinson

Co

3.25%

PALYMRA, N. J.—BOND ISSUE APPROVED—The proposal of th©
borough to issue $48,500 refunding bonds has been approved
by the State
Funding Commission.
The commission previously had deferred

of

a

approval

plan calling for an issue of $28,500.
The revised plan, it was
said,
the objections heretofore raised
and, moreover, the borough is
a cash basis in accordance with Section 664 of
Article VI

meets

accepting
Sewer

bonds through¬

Legality approved by Hawkins, DelaLongfellow of New York City.
(District Clerk Walter R. Staub previously had reported that an
issue of
$266,000 bonds would be offered at public sale on Dec. 28—V.
145, p. 4004).

p.

NORFOLK, Neb.—BONDS DEFEATED—It is stated
by A. O. Hazen,
City Clerk, that $95,000 city hall, jail and
fire department bonds were
defeated some time
ago by the voters.
He also reports that
nothing ever
came of the
proposal to issue $65,000 in auditorium bonds.

or

of the district's taxable
property.

Commissioners,

$1,000.

temporary notes

further indication of the country's

field &

of Schools that the sale of
the $32,800

Jan. 1,

a

MILLBURN TOWNSHIP SCHOOL DISTRICT
(P. O. Millburn),
N. J.—BOND SALE—The State Teachers' Pension
and Annuity Fund is
reported to have purchased on Dec. 16 an issue of
$266,000 2M% school
bonds at par.
Dated Dec. 1, 1937.
Denom. $1,000.
Due Dec. 1 as
follows: $12,000 from 1938 to 1944, incl., and
$14,000 from 1945 to 1957,
incl.
Principal and interest (J. & D.) payable at the First National
Bank,
Millburn.
The bonds are payable from unlimited ad valorem

at

on

on

collections of current and delinquent taxes.

(P. O. Lewiston),
numbered 157 to 175,

County Funding numbered 23 to 47, dated Jan.
1, 1922; due
1942; optional on Jan. 1, 1937.
Denom.

borrowing

Terming this

increasing financial strength, Mr. Sell added that a substantial cash
surplus
has been created as the result of 1936
refunding operations and improved

1

REXFORD FIRE DISTRICT
(P. O. Libby), Mont.—BONDS NOT
SOLD—The $3,000 issue of not to exceed
6% annual water system bonds
offered on Dec. 6—V.
145, p. 3382—was not sold, according to the Clerk
of the Board of
County Commissioners.
i
v
|
' ] ^,
<
ROOSEVELT COUNTY (P. O. Wolf
Point), Mont.—BOND CALI^The County Treasurer is
reported to be calling for payment at his
office
on Jan. 1 the
following 6% bonds:
Public Highway numbered 161 to
180, dated Jan. 1, 1920, due on
Jan. 1, 1940.

(March 1 and Sept. 1) payable at the Chase National Bank,
Due Sept. 1 as follows: $30,000, 1941 to
1945; $40,000, 1946
1955; and $50,000, 1956 to 1964.

CAMDEN COUNTY (P. O.
Camden), N. 3.—TEMPORARY BORROW¬
ING UNNECESSARY DURING
1937—County Treasurer J. Wesley Sell
recently stated that for the first time during the long period of
years he
has been in office the county was able to meet all
of its operating require¬

Jan. 1,

MEAGHER COUNTY (P. O. White
Sulphur Springs) Mont.—
BOND CALL—It is
reported that the following county bonds are being
called for payment at the First
National Bank of White Sulphur
Springs,
on Jan. 1:
Nos. 77 to 79, of a
5*A% issue of 1918 Nos. 65 to 72, of a
5%
Issue of 1919; Nos. 50 to
56, of a 6% issue of 1920. All of these bonds are
optional as of Jan. 1, 1938.

TO PWA—The city has sold
$1,000,port terminal bonds to the PWA at par.
Principal and semi-an¬

New York.

Bank, New York City.
Nos. 62 to 70, of School District No. 1
bonds, dated April 1, 1921, and due
on Jan. 1,
1938, and Nos. 71 to 80, dated April 1,
1921, due on Jan. 1,
1939, and optional on Jan. 1, 1938.
Payable at the County Treasurer's
office.

Land

bonds

nual interest

1939, optional on Jan. 1, 1938.
Payable at the Chase National Bank,
New York City.
Nos. 191 to 210, of 6% free
high school bonds, dated April 1,1920. Due on
Jan. 1, 1939, optional on Jan.
1, 1938.
Payable at the Chase National

FERGUS COUNTY SCHOOL DISTRICT NO.
Mont.—BOND CALL—It is reported that bonds

refunding

on Dec. 16—-V. 145,
p. 3853—were awarded to M. M. Freeman &
Co. of Philadelphia on a bid of par for 5s.
Dated June 1, 1936.
Due
Dec. 1,1943.

MONTANA

V, 145,
August.

W. Horne & Co.
145, p. 3852—

as previously reported in these columns—V.
sold to the bankers at a price of
par.

Mo.—BONDS DEFEATED—The proposal to issue
$30,000 city hall remodeling bonds was rejected
by the voters at the election

Dec.

65%

.

Hartford,

were

tion, the State Tax Commission at Jefferson City has placed at
$3,797,473,075 the 1937 valuation of Missouri real estate and
personalty, an
increase of $4,998,577 over 1936.
City property is assessed at $1,852,224,391, up $2,074,420, and farm land is valued at $946,515,680, down
$9,952,653. Personalty is listed at $391,648,038, up $10,988,653.
Other classes of property have the
following total valuations:
Steam railroads $215,614,909, down
$2,122,151; street railways $22,626,188, down $3,992,857; bridge companies $6,294,000, down $38,000;
pipe line companies $46,242,242, decrease of $372,949; telegraph companies
$6,393,343, down $612,613; telephone companies, $55,482,151, up $26,167;
electric light and power companies
$91,140,929, increase of $873,279; rail¬
road car companies
$2,525,155, up $72,803; and merchants and munufacturers $160,766,047, up
$8,054,719.
\

held

-

MONROE, N. H.—BOND SALE DETAILS—'The $45,000 2M% Con-

MISSOURI, State of—1937 ASSESSED VALUATION PUT AT
$3,797,473,075—Subject to approval by the Missouri board of equaliza¬

ST.

57%
619%
63%
64%

...

F. M. Swan & Co., Boston
Whiting, Weeks & Knowles, Boston
Wrenn Bros & Co., Boston

MARIA CREEK SEWER DISTRICT (P. O.
Beverly Hills, St. Louis).
Mo.—BONDS VOTED—At an election held on Dec. 21 the vot
ersapproved
the issuance of $127,000 in
sanitary and storm sewer construction bonds
by a count of 503 to 56.
An

25, 1937

Discount Bid

First Boston Corp., Boston
E. H. Rollins & Sons, Boston
First National Bank of Boston

by the Harris Trust & Savings Bank of Chicago, the Commerce Trust
Co.,
and the City National Bank & Trust
Co.. botn of Kansas City.

grant of

Dec.

were:

the

Local

Bond

Act.

PITTSGROVE

A of

TOWNSHIP,

N. J.—BOND ISSUE
OPPOSED—'The
proposal of the township to issue $44,000
refunding bonds failed to obtain
approval of the State Funding Commission, on the
ground that the life
of the issue is too great in view of the fact
that the purpose of the
financing
is to fund current debt
only,
t

RAH

WAY, N. J.—BOND OFFERING— Samuel R. Morton,
City Clerk
will receive sealed bids until 8
p. m. on Dec. 29 for the purchase of
$30,000
not to exceed 6% interest
coupon or registered sewer bonds.
Dated Jan. 1,
1938.
Denom. $1,000.
Due $5,000 on Jan. 1 from 1939 to
1944

incl.
Bidder to name a single rate of
interest, expressed in a multiple of
U. or
l-10th of 1%.
Principal and interest (J. & J.) payable at the
Rahway
National Bank, Rahway.
A certified check for 2% of the bonds bid
for,
payable to the order of the City Treasurer, must
accompany each proposal.
The approving legal opinion of Caldwell &
Raymond of New York City will
be furnished the
successful bidder.

RARITAN, N. J.—BOND OFFERING—Albert
Secretary-Treasurer, will receive sealed bids until
the purchase of $145,000 not to exceed

C. Van Tine
Jr., Town
8 p. m. on Dec. 28 for

6% interest coupon or registered
refunding bonds.
Dated Dec. 1, 1937.
Denom. $1,000.
Due Dec. 1
as follows:
$3,000, 1938 to 1942 incl.; $5,000, 1943; $10,000 from
1944 to
1955 incl. and $5,090 in 1956.
Rate of interest to be expressed in a
multiple
of M or l-10th of
1%.
Principal and interest (J. & D.) payable at the
Raritan State Bank, Raritan.
Purchaser to pay accrued interest.
Pro¬
ceeds will be used to take
up notes which were issued by the Town to
finance
temporarily construction of a sewage disposal and incinerator
plant. A certi¬
fied check for 2% of the amount of bonds
offered, payable to the order of
the Town Treasurer, must
accompany each proposal.
The approving
legal opinion of Caldwell & Raymond of New York will
be furnished success¬
ful bidder.
(The above offering marks the third time that the
Town has
endeavored to dispose of these bonds.
The attempts on
Sept. 7 and
Oct. 15 were abortive because of
litigation brought by taxpayers
questioning
the authority of the Town to incur the
debt.
A recent court
ruling in the
matter favored the
issuer.)
TEANECK TOWNSHIP (P. O.
Teaneck), N. 3.—BOND OFFERING—
Henry E. Diehl, Township Clerk, will receive sealed bids until
8:30 p. m.

Volume

Jan. 4 for the purchase of $113,500 not to exceed 5% interest coupon or

on

registered bonds, divided as follows:

$100,000 park bonds.
13,500 street improvement assessment bonds.
The bonds are dated Aug. 1, 1937.
One bond for $500, others $1,000
each.
Combined maturities of the entire $113,500 bonds, with annual pay¬
ments on Aug. 1, are as follows: $7,000, 1938 to 1943 incl.: $6,500 in 1944,
and $5,000 from 1945 to 1957 incl.
Rate of interest to be expressed in a
multiple of
of 1%.
Principal and interest (P. & A.) payable at the
Bergen County National Bank, Hackensack.
A certified check for 2%
must accompany each proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder.
(The above bonds were previously offered on Nov. 3, at which
time all bids were rejected.)

NEW
ALBANY

COUNTY

YORK

(P.

A. Eckert, City
Comptroller, will receive sealed until 10 a. m. on Jan. 4, for the purchase of
$1,400,000 not to exceed 6% interest coupon or registered bonds, divided
N.

Y.—BOND

OFFERING—William

follows:

as

$1,000,000 home relief bonds.
Due $100,000 on Jan. 15 from 1939 to
1948, inclusive.
400,000 city contribution-relief project bonds.
Due $40,000 on Jan. 15
from 1939 to 1948, inclusive.
All of the bonds will be dated Jan. 15.

1938.

Bidde1*

Denom. $1,000.

Delivery of bonds will be made at the Comptroller's office or at the said
Bank (preferred place of delivery to be specified in bid) on or about Jan. 15,
1938.
A certified check for $28,000, payable to the order of the City
Comptroller, must accompany each proposal.
The approving opinion of
Caldwell & Raymond of New York City will be furnished the successful
bidder.

BUFFALO, N. Y.—BONDS AUTHORIZED—The Common Council on
relief bonds and

Dec. 14 authorized the issuance of $800,000 home and work
$325,000 water supply bonds.
„

CLARENCE COMMON SCHOOL DISTRICT NO. 9 (P. O. Clarence

Center), N. Y.—BOND SALE—The issue of $44,000

registered
school bonds offered Dec. 17—V. 145, p. 3853—was awarded to Wood,
Trubee & Co. of Buffalo, as 3s, at 100.253, a basis of about 2.97 %.
Dated
Dec. 1, 1937.
Denom. $1,000.
Due Dec. 1 as follows: $2,000 from 1938
to 1953 incl. and

coupon or

$3,000 from 1954 to 1957 incl.

DUTCHESS COUNTY (P. O. Poughkeepsie), N. Y.—BOND OFFER-

1

LAG—-Paul J. Miller, County Treasurer, will receive sealed bids until noon
on Dec. 29 for the purchase of $350,000 not to exceed
5% interest coupon
or registered series of 1938
highway bonds.
Dated Jan. 1, 1938.
Denom.

$1,000.
Due $35,000 on March 1 from 1939 to 1948 incl.
Bidder to name
single rate of interest, expressed in a multiple of M or l-10th of 1%.
Principal and interest (M. & S.) payable at the Fallkill National Bank &
Trust Co., Poughkeepsie, with New York exchange, or at the Chase Na¬
tional Bank, New York City.
The bonds are general obligations of the
country, payable from unlimited taxes.
A certified check for $7,000, pay¬
able to the order of the County Treasurer, must accompany each proposal.
The approving legal opinion of Clay, Dillon & Vandewater of New York
City will be furnished the successful bidder.
Proceeds will be used in the
acquisition of rights-of-way for certain highways in the County pursuant
to the Highway Law and County Law and Acts amendatory thereof.
a

FREDONIA, N. Y.—BOND OFFERING— Samuel L. Drayo, Village
Clerk, will receive bids until 2 p.m. Dec. 27 for the purchase of the following
registered bonds:
$1,500 sanitary sewer extension special assessment bonds.
Denom. $150.
2,000 sanitary sewer extension special assessment bonds.
Denom. $200.
Bidders are to name interest rate on each issue, not to exceed 4 %.
Dated
Jan. 1, 1937.
Principal and semi-annual interest payable at the Citizens
Trust Co. or at the National Bank of Fredonia, in Fredonia.
Due $350
yearly on Jan. 1 from 1939 to 1948.
LIBERTY,

N.

Y.—BONDS

recent election voted

of $298,260,222.
This leaves an unencumbered balance
this account.
There are now outstanding $224,186,702
under provisions of the 1927
the $298,260,221 represents

VOTED—The residents of Liberty at a
approval of a $50,000 bond issue for construction of a

city hall.
LIBERTY UNION FREE SCHOOL DISTRICT NO. 1 (P. O. Liberty),
Y.—BOND SALE—The issue of $5,000 registered, general obligation
site purchase bonds offered Dec. 21—V. 145, p. 4004—was awarded to the
Sullivan County National Bank of Liberty, as 2j^s,
Dated Jan. 1, 1938
^

MALONE, N. Y.—BOND OFFERING—William J. Mahagan, Town
Clerk, will receive sealed bids until 2 p. m. (Eastern Standard Time) on
Jan. 5, for the purchase of $55,000 not to exceed 6% interest coupon or
registered public welfare bonds.
Dated Feb. 1, 1938.
Denom. $1,000.
Due $11,000 on Feb. 1 from 1939 to 1943, incl.
Bidder to name a single
rate of interest, expressed in a multiple of H or l-10th of 1%.
Principal
and interest (F. & A.) payable at the Farmers National Bank, Malone,
with New York exchange.
The bonds are general obligations of the town,
payable from unlimited taxes.
A certified check for $1,100, payable to
the order of the Town, must accompany each
proposal.
The approving
legal opinion of Clay, Dillon & Vandewater of New York City will be
furnished the successful bidder.

Bidders are to specify rate of interest,
a multiple of
\£% or 1-10%, but not to exceed 5%.
Denom. $500.
Dated(Jan. 1, 1938.
Prin. and semi-ann. int. (Jan. 1 and July 1) payable at
the First National Bank, New Hartford, with New York exchange.
Due
$1,000 yearly on Jan. 1 from 1939 to 1945; and $1,500, Jan. 1, 1946.
Cert,
check for $200, payable to the village, required.
Approving opinion of
Clay, Dillon & Vandewater of New York will be furnished by the village.
limited tax, public works bonds.
in

N. Y.—BOND OFFERING—

John F. Giminski, County Treasurer, will receive sealed bids until 11 a. m.
on Jan. 6 for the purchase of $1,707,000 not to exceed 5% interest coupon or

registered bonds, divided as follows:
$100,000 general bonds of 1938, series A.
Due Feb. 1 as follows:
from 1939 to 1942 incl. and $20,000 in 1943 and 1944.

193-4765

from 1939 to

1943 incl.

35,000 county road bonds of 1938, series B.

Due $7,000 on Feb. 1 from

1939 to 1943 incl.

35,000 highway bonds of 1938.
Due Feb. 1 a.follows: $2,000 from 1939
to 1953 incl. and $1,000 from 1954 to 1958 incl.
58,000 bridge bonds of 1938.
Due Feb. 1 as follows: $3,000 in 1939 and
1940, and $4,000 from 1941 to 1953 incl.
57,000 county jail bonds of 1938.
Due Feb. 1 as follows: $7,000 in 1939,
and $5,000 from 1940 to 1949 incl.
500,000 Ley Creek sewer bonds.
Due Feb. 1 as follows: $20,000, 1939;
$18,000, 1940; $17,000, 1941 and 1942; $16,000, 1943; $18,000,
1944 to 1948 incl.; $17,000, 1949; $12,000, 1950 to 1953 incl.;
$17,000, 1954 to 1958 incl.; $18,000 in 1959 and 1960, and $17,000
from

1961

1968

to

incl.

436,000 refunding bonds of 1937.
Due Feb. 1 as follows: $20,000 from
1939 to 1951 incl.; $25,000 from 1952 to 1957 incl. and $26,000
in 1958.

1, 1938.
Denom. $1,000.
Rate of
in a multiple of
or l-10th of 1%.
Principal
(F. & A.) payable at the First Trust & Deposit Co., Syracuse,
or at the Guaranty Trust Co., New York City.
A certified check for 2%
must accompany each proposal.
The approving legal opinion of Hawkins,
Delafield & Longfellow of New York City will be furnished the successful
bidder.
All of the bonds will be dated Feb.

interest

to

be expressed

and interest

Financial Statement

Assessed valuations, real property inci. special
Total bonded debt, including these issues

$452,428,485
7,201,000

franchises

(The above statement of bonded debt does not include the
other subdivision having power to levy taxes upon any or all of
subject to the taxing power of the county.)
Population, 1930 Federal census, 291,000.

of Last Amount of Such Amount of Such
Preceding
Taxes Collected
Taxes Uncoll't'a
at End of
as
Fiscal Year
Nov. 1, 1937

Tax Levies

FIRE

BUSH

PINE

DISTRICT

(P.

$48,527.55
79.304.91
118,061.18
155,653.63

$205,401.19
187,643.29
172,998.15
155,653.63

$3,496,912.49
3,135,854.93
3,839,551.79
3,834,256.92

O.

Pine

Bush), N. Y.—BOND

Rockwell, District Secretary, will receive bids until
8p.m. Jan. 4 for the purchase at not less than par of $3,000 registered fire
apparatus bonds.
Bidders to name rate of int. not to exceed 6%.
Denom.
$500.
Dated Jan. 1, 1938.
Prin. and semi-ann. int (April 1 and Oct. 1)
payable at the National Bank of Pine Bush, in Pine Bush, with New York
exchange.
Due $500 yearly on Oct. 1 from 1938 to 1941; and $1,000,
Oct. 1, 1942.
Cert, check for $100, payable to the District, required.
Approving opinion of G. R. Bartlett of walden will be furnished by the

OFFERING— Harry

District.

POTSDAM, N. Y.—BOND OFFERING—Clement C.

Coleman, Village

Clerk, will receive bids until 2 p. m. Dec. 31 for the purchase at not less
than par of $54,000 coupon, fully registerable, general obligation, un¬
limited tax, street improvement bonds.
Bidders are to name rate of int.,
in a multiple of M %, but not to exceed 5%. Denom. $1,000. Dated Jan. 1,
1938.
Principal and interest (Jan. 1) payable at the Citizens National
Bank, Potsdam, with New York exchange. Due Jan. 1 as follows: $10,000,
1939 to 1941 $15,000, 1942, and $9,000, 1943. Certtfied check for $1,080,

payable to the Village, required.
Approving opinion of
Vandewater of New York will be furnished by the village.
The assessed valuation of the property

subject to the taxing power

taxes

uncollected at the end of each of said fiscal years,

such taxes
none,

and

$11,684,61, $9,418.55, and $7,046.62.
The amount of
remaining uncollected as of Dec. 1, 1937, is respectively, none,
none.

The taxes of the fiscal year commencing Jan. 1, 1937, amount to $193,557.90 of which $182,526.66 has been collected.

MlDDLETOWN, N. Y.—BONDS DEFEATED—At the Dec. 16 election
the proposal to issue $120,000 sewage disposal plant bonds was defeated,
the count being 173 in favor and 265 opposed.
NEW

YORK, N. Y.—DEBT INCURRING POWER AT LCli LEVEL—
a report recently issued by Frank J. Taylor, City Comptroller,

According to

the constitutional

margin for the further incurrence of debt amounted to
of Nov. 1, 1937.
This figure, moreover, was not entirely
Board of Estimate authorizations for improvements in¬
volving the prospective expenditure of $195,495,725 furthered reduced the
city's "actual total unreserved margin available for additional specific
authorizations" down to $59,925,048.
The $2,363,912,124 of gross funded
debt, the Comptroller pointed out, included $723,358,531 of debt constitu¬
tionally exempt from the debt limit, leaving a non-exempt debt of $1,640,553,592.
After allowing for sinking fund holdings of securities and cash
totaling $323,652,230, the total net non-exempt debt within the legal
limit was $1,316,901,362.
The addition to that figure of $87,647,382,
representing contract debt payable from bond issues and land liability still
unliquidated, brought the total net non-exempt debt to $1,404,548,744.
As the city's debt is limited to $1,659,969,519, being 10% of its assessed
valuation, the debt margin, after subtracting existing net indebtedness of
$1,404,548,744, was $255,420,774 on Nov. 1.
Comptroller Taylor also disclosed in a supplemental report that an ad¬
ditional $300,000,000 margin of debt-incurring power granted by the State
in 1927 outside the constitutional limitation for rapid transit construction

$255,420,774

as

unencumbered

or

as

equipment, has been used in contracts and authorizations to the extent




of the

village is $3,909,189.
The total bonded debt of the village including the
above-mentioned bonds is $349,000, of which $80,000 is water debt.
The

population of the village (1930 census) was 4,136. The bonded debt above
other subdivision having power to
levy taxes upon any or all of the property subject to the taxing power of the
village. The fiscal year commencing March 1.
The amount of tax^ levied
for each of the fiscal years commencing March 1, 1934, March 1, 1935 and
March 1, 1936 was respectively, $54,285.35, $63,965.79 and $64,097.58.
The amount of such taxes uncollected at the end of each of said fiscal years
was respectively $3,575.76, $4,073.16 and $433.63.
The amount of such
taxes remaining uncollected as of the date of this notice is respectively
none, $80.85 and $132.84. The taxes of the fiscal year commencing March 1,
1937, amount to $76,229.18 of which $68,923.77 have been collected.

stated does not include the debt of any

ROCKLAND,

N.

Y.—LIVINGSTON MANOR WATER DISTRICT
registered water bonds offered on

BONDS SOLD—The $30,000 coupon or

1937.

respectively

Clay, Dillon &

Financial Statement

above mentioned bonds, is $175,000 of which

was

debt of any
the property

Amount
Four

Year—

Dec. 21—V. 145, p. 4005—were awarded to Roosevelt &
York on a bid of 100.23 for 3^s, a basis of about 3.40%.

amount of such

$15,000

36,000 general bonds of 1938, series B.
Due Feb. 1 as follows: $3,000
from 1939 to 1942 incl. and $4,000 from 1943 to 1948 incl.
450,000 county road bonds of 1938, series A.
Due $90,000 on Feb. 1

Financial Statement
The assessed valuation of the property subject to the taxing power of
the town, is $11,769,068.
The total bonded debt of the town, including the

nothing is water debt.
The
population of the town (1930 census) was 11,798.
The bonded debt above
stated does not include the debt of any other subdivision having power to
levy taxes upon any or all of the property subject to the taxing power of
the town.
The fiscal year commences Jan. 1.
The amount of taxes levied
for the fiscal years commencing Jan. 1, 1934, Jan. 1, 1935, and Jan. 1,
1936, was respectively $175,409.52, $160,464.62, and $193,557.90.
The

total and

NEW YORK MILLS, N. Y.—BOND OFFERING— Stanley C. Walewski,
Village Clerk, will receive bids until 1 p. m., Dec. 28 for the purchase at not
less than par of $8,500 coupon, fully registerable, general obligation, un¬

N.

and due $1,000 on Jan. 1 from 1939 to 1943 incl.

of $1,739,778 on
of bonds issued

Act.
The difference between that
authorizations and commitments.

ONONDAGA COUNTY (P. O. Syracuse),

O. Albany), N. Y.—BOND SALE—The
$500,000 coupon or registered refunding bonds offered on Dec. 21—V.145,
p. 4004—were awarded to a group headed by Lehman Bros, of New York
and including Kean, Taylor & Co., Phelps, Fenn & Co., F. S. Moseley &
Co. and Francis I. duPont & Co., all of New York, on a bid of 100.055 for
2.40s, a basis of about 2.39%.
The successful bid was conditioned upon
approval of the bonds as to legality by Reed, Hoyt & Washburn of New York,
the cost of which opinion will be paid for by the purchasers of the bonds.
Dated Jan. 1, 1938.
Due $25,000 yearly on Jan. 1 from 1939 to 1958.

BUFFALO,

4153

Financial Chronicle

145

Due $1,000 yearly on Dec. 1 from

Weigold of New
Dated Dec. 1,

1938 to 1967.

SALEM, HEBRON AND JACKSON CENTRAL SCHOOL DISTRICT
(P. O. Salem), N. Y.—BONDS VOTED—A bond issue of $245,700
approved by the voters of the district at a recent

NO. 1

for school construction was

election.

SALINA

(P.

O.

Liverpool),

N. Y.—SALE OF LYNCOURT

SEWER

DISTRICT ISSUE—The issue of $50,000 coupon or registered Lyncourt
Sewer District bonds offered on Dec. 22—V. 145, p. 4005—was awarded to
A. C. Allyn &
about

2.94%.

of 100.62, a basis of
annually on Jan. 1 from

Co., Inc., New York, as 3s, at a price

Dated Jan. 1, 1938 and due $2,000

1939 to 1963 incl.

SCHENECTADY COUNTY (P. O. Schenectady), N. Y.—NEW
OFFERING DATE—The offering of $150,000 coupon, fully registerable,
unlimited tax, general obligation, emergency relief public works bonds,
originally set for Dec. 22—V. 145, p. 4005—has been postponed to Dec. 29.
William A. Dodge, County Treasurer, will receive bids until 10 a.m.on
the new date for the purchase of the bonds at not less than par.
Bidders
are to specify rate of interest, in a multiple of lA% or 1-10%, but not to
exceed 4%.
Denom. $1,000.
Dated Dec. 1, 1937. Prin. and semi-ann.
int. (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.
Certified check for $3,000, payable to the county, required.
Approving
opinion of Sullivan, Donovan .&
by the county.

Heenehan of New York will be

furnished

SIDNEY, N. Y.—BOND OFFERING—Harold R. Hoyt, Village Clerk,
will receive sealed bids until 2 p. m. on Dec. 27 for the purchase of $14,000
6% interest coupon or registered improvement bonds.
Dated
Denom. $1,000.
Due Jan. 1 as follows: $2,000 from 1940
and $1,000 from 1945 to 1948 incl.
Bidder to name a single
rate of interest, expressed in a multiple of M or l-10th of 1%.
Principal
and interest (J. & J.) payable at the First National Bank, kidney, with
New York exchange.
The bonds are general obligations of the Village,
not to exceed

Jan.

1,

1938.

to 1944 Incl.

payable from unlimited taxes.
A certified check for $280, payable to the
order of the Village, must accompany each proposal.
The approving
opinion of Clay, Dillon & Vandewater of New York City will be furnished
the successful bidder.

4154

Financial

Chronicle

SOMERS (P. O. Somer.), N. Y.—BOND OFFERING—EJla M. Brady,
Town Clerk, will receive sealed bids until 10:15 a. m. on Dec. 30 for the
purchase of $18,500 not to exceed 6% interest coupon or registered public
works bonds.
Dated Jan. 1, 1938. One bond for $500, others $1,000 each.
Due Jan. 1 as follows:
$1,500. 1939 $2,000 from 1940 to 1947 inch and
$1,000 in 1948.
Bidder to name a single rate of interest, expressed in a
multiple of
or l-10th of 1%.
The bonds are general obligations of the
town, payable from unlimited taxes. Principal and interest (J. & J.) payable
at the Mount Kisco National Bank & Trust Co., Mount
Klsco, with New
York exchange.
A certified check for $370, payable to the order of the
town, must accompany each proposal.
The approving legal opinion of
Clay, Dillon & Vandewater of New York City will be furnished the success¬
STILLWATER (P. O. Stillwater;, N. Y.—0THER BIDS—The $32,000
equalization bonds recently awarded to the Manufacturers & Traders

100.39,

a basis of about 2.42%, as
also bid for as follows:

previously reported in these columns,

Bidder

Int. Rate

Sherwood & Co

E.H. Rollins & oons, Inc. and A.C.Allyn & Co., Inc
State Bank of

Premium

234%
234%
234%
2.60%
2.60%

Manufacturers National Bank of Troy
J. & W. Seiigman & Co

Albany

$86.40
64.00
35.20
57.60
19.20

TRENTON, N. Y.—BOND OFFERING—Jennie H. Mcintosh, Village
Clerk, will receive bids until 2 p. m. Dec. 31 for the purchase at not less
than par of $30,000 coupon, fully registerable, general obligation, unlimited
tax, water bonds.
Bidders are to name rate of interest, in a multiple of
34 or l-10th%, but not to exceed 6%.
Denom. $1,000.
Dated Nov. 1,
1937.
Principal and semi-annual interest (May 1 and Nov. 1) payable at
the First National Bank of Holland Patent, with New York
exchange.
Due
$1,000 yearly on Nov. 1 from 1940 to 1972.
Cert, check for $600, payable
to the Village, required.
Approving opinion of Clay, Dillon & Vandewater
of New York will be furnished to the purchaser.

building bonds.

committee

took occasion to comment on the increased burdens
resulting
from higher debt service charges and welfare costs.
These items account
for $5,380,100 and $3,830,339, respectively, of the 1938 total.
In the last
seven years fixed charges on bonds have increased
35% and welfare 100%,
while general county operating costs have
decreased 27%, the committee
remarked.

YORKTOWN

HEIGHTS

FIRE

DISTRICT
(P.
O.
Yorktown
OFFERING—James
F.
Moseman, District

Height.),

N. Y.—BOND
Secretary, will receive bids until 3 p. m., Dec. 29, for the purchase at not
$5,000 registered, general obligatinis, unlimited tax, fir
apparatus bonds.
Bidders are to name rate or interest, in a multiple of
34% or 1-10%, but not to exceed 6%.
Denom. $1,000.
Dated Jan. 1,
1938.
Prin. and semi-ann. int, (Jan. 1 and
July 1) payable at the West¬
chester County National Bank,
Peekskill, with New York exchange.
Due
$1,000 yearly on Jan. 1 from 1939 to 1943. Certified check for $100,
payable
to the district, required.
Approving opinion of Clay, Dillon <fc Vandewater
of New York will be furnished
by the district.
less than par of

OHIO

N.

C.—BOND OFFERING—Sealed

bids

$75,000

sewer

bonds.

Due

will

be

received

Jan. 1

as

follows:

$2,000, 1941 to 1949, and
'

50,000 street bonds.
Due on Jan. 1 as follows: $1,000, 1941 to
1948, and
$2,000. 1949 to 1969, all incl.
40,000 park bonds.
Due on Jan. 1 as follows:
$1,000, 1941 to 1946, and
$2,000, 1947 to 1963, all incl.
15,000 cemetery bonds.
Due on Jan. 1 as follows: $1,000, 1941 to
1947,
and $2,000, 1948 to 1951. all incl.
Denom. $1,000.
Dated Jan. 1, 1938.
Bidders are requested to name
the interest rate or rates in
multiples of 34 of 1 %
A separate bid for each
issue (not less than par and accrued
interest), is required.
No bid may
name more than
two rates for any issue, and each bid must
specify the
•

of bonds

of each rate.
The lowest net interest cost to the
city
will determine the award of the
bonds.
Bids must be on a form to be
furnished by the Secretary.
Prin. and int. J. & J., payable in N. Y. City
in legal tender.
Delivery will be made on or about Jan. 28, at place of
purchaser's choice.
The approving opinion of Masslich &
Mitchell, of
New York, will be firnished the
purchaser.
A $3,600 cert, check,
payable

to the State Treasurer, must accompany the bid.

NORTH CAROLINA (State of)—BOARD OF
HEALTH BOND SALE
-—Lewis & Hall, Inc., of
Greensboro, and Scott, Horner & Mason of Lynch¬
burg, who submitted the only bid for $160,000 State Board of
Health, State
Laboratory of Hygiene revenue coupon bonds on Dec. 16—V.
145, p. 4006—
have been awarded the bonds.
The successful bid was 100.0106 for
3J4s,
a basis of about
3.49%.
The bankers are now reoffering the bonds to in¬
yield from 2.50 % to 4.10 %.
The bonds are dated July 1,
1937 and mature serially on
July 1 as follows: $5,000, 1939 and 1940; $7,000,

vestors at prices to

}941 t<> 1944; $8,000, 1945
to 1955; and

to 1949; $9,000, 1950 and 1951; $10,000,

$12,000, 1956 and 1957.

SANFORD, N. C.—BONDS AUTHORIZED—It
nance was

BUILDING, CLEVELAND

CINCINNATI

COLUMBUS

SPRINGFIELD

OHIO
BELLAIRE, Ohio—BONDS SOLD—The Sinking Fund purchased
City

Council during October.
Due $2,500 in 1939 and 1940.

CINCINNATI,

Dated

Ohio—NOTE

Oct.

15,

1937.

SALE—Henry

Denom.

an

Urner,

City

$2,500.

Auditor,

reports that Lazard Freres & Co., Inc., New York, and Braun, Bosworth
& Co., Toledo, jointly, purchased on Dec. 21 an issue of $1,000,000 water
improvement notes as 13is, at par plus a premium of $3,722, equal to
100.3722, a basis of about 1.06% to maturity.
Dated Feb. 1, 1938.
Due
Feb. 1, 1940, callable Feb. 1, 1939.
CUYAHOGA

COUNTY

(P.

O.

Cleveland),

Ohio—BOND SALE—

The $3,700.000 coupon or registered Main Avenue Bridge bonds offered on
Dec. 21—V. 145. p. 3697—were awarded to a syndicate headed by Blyth &
Co.

of New York and including Field, Richards & Shepard, Cincinnati;
Stranahan, Harris & Co. and Braum, Bosworth & Co., Toledo; Hayden,
& Co.; Mitchell, Herrick & Co., and Otis & Co., Cleveland, as
3338, at par plus a premium of $51,858. equal to 101 401, a basis of about
3.37%.
Dated Jan. 1, 1938.
Due $74,000 on April 1 and Oct. 1 in
each of the years from 1939 to 1963, incl.
The bamkers are reoffering
the bonds to investors at prices to yield from 1.50% to
3.35%.

Miller

HAMILTON.
Board has

Ohio—BONDS

SOLD—'The

City

Treasury

Investment

purchased the following 3% bonds, totaling $46,840:
improvement bonds.

Due Sept. 1 as
1948, inclusive.

2,340 storm drainage construction bonds.
1939 to 1948, incl.
All of the bonds are dated Dec. 1, 1937.

Due

follows:

$234

on

$4,000

Sept.

1

in

from

JOHNSTOWN, Ohio—BOND OFFERING—W. H. Edwards, Villag
Clerk, will receive bids until noon Dec. 31 for the purchase of $4,000 6%
first mortgage sewer bonds.
Denom. $500.
Dated Jan. 1,1938.
Interest
payable semi-annually.
Due $500 yearly on Jan. 1 from
Cert, check for $100, payable to the Village, required.

1940 to

1947.

NEWTON FALLS, Ohio—SEEKS TO ENJOIN SALE OF UTILITY
BONDS—The Ohio Public Service Co. has filed suit in Common Pleas Court
Warren seeking to enjoin the village from issuing bonds of finance its
$150,000 electric, heat and power plant.
The question of issuing bonds

at
on

$3,000, 1950 to 1968. all incl.

amount

AKRON

issue of $5,000 5% real estate purchase bonds which was authorized by the

BUNCOMBE

DURHAM,

7
borrow

to

MUNICIPALS

700 CUYAHOGA
CANTON

ING

11 a. m. on Jan. 11, by W. E.
Easterling, Secretary of the Local
Government Commission, at his office in
Raleigh, for the purchase of four
issues of coupon or registered bonds
aggregating $180,000, divided as
follows:

25,

MITCHELL, HERRICK & CO.

resolutions

until

law

TORNING SCHOOL DISTRICT NO. 102, WARD COUNTY, N.
Dak^
OFFERING—Mrs.
H.
L. Nelson,
District Clerk, wil1
County Auditor's office in Minot until 2 p. m.. Jan. 3
for the purchase of $1,200 certificates of indebtedness.

1939 and $4,500 from 1940 to

bondsfcg

by

CERTIFICATE

CAROLINA

COUNTY (P. O.
Asheville), N. C —BOND REFUND¬
APPROVED—The County Commissioners are said to have
passed
approving the refunding of the following bonds
aggregating
$79,000: $34,000 Venable Special School Tax
District; $25,000 Venable
Sanitary District, and $20,000 Crescent Hill Sanitary District

authorized

receive bids at the

$44,500 street

NORTH

is

RANSOM COUNTY (P. O. Libson), N. Dak.—BOND OFFERING—
It is stated that both sealed and oral bids will be received until Jan.
6, at
2p. m., by J. L. Birklid, County Auditor, for the purchase of a $60,000 issue
of 4% coupon court house bonds.
Denom. $1,000.
Dated Oct. 1, 1937.
Due on Oct. 1 as follows: $3,000, 1939-to 1954, and $4,000, 1955 to 1957.
The bonds may be registered as to principal only, and are said to be
general
obligations of the county.
Prin. and int. (A. & O.) payable in lawful money
at the County Treasurer's office, or at the Chase
National Bank, New York.
The bonds will not be sold for less than par value and accrued interest.
These bonds were approved by the votes at an election held on Nov. 9.
A certified check for 2% must accompany the bid.

Due June 1 as follows: $8,000 from 1940 to 1946 incl.
1947 to 1959 incl.
Bidder to name the rate of interest.

WESTCHESTER COUNTY (P. O. White Plain.), N. Y
HIGHER
TAX RATE LIKELY—The county-wide gross budget for 1938, as sub¬
mitted to the Board of Supervisors on Dec. 20 by its Budget and
Appropri¬
ations Committee, calls for expenditures totaling
$16,021,811, as against
the 1937 total of $15,650,947, the previous high mark,
according to press
advices from White Plains.
The total includes $11,750,382 for the
county
government, $3,363,696 for 14 special district budgets and a capital im¬
provement budget of $907,773.
After deducting anticipated revenues,
the committee arrived at a proposed net county-wide tax
levy of $7,888,824,
with a tax rate of $4.73 per $1,000 of assessed
valuation, as compared with
1937 figures of $7,622,804 and $4.53.
The Board of Supervisors Is ex¬
pected to approve the committee's recommendations without
change at
its next meeting on Dec. 27.
In submitting the proposed budget, the

Commission

par of $900,000 coupon certificates of indebtedness. Denoms. 200 for $1,000
and 140 for $5,000. Bidders are to name rate of interest, not to exceed
4%,
payable semi-annually. Dated Jan. 15, 1938. Due $400,000 Nov. 15, 1938
and $500,000 Jan. 15, 1939.
Certified check for 5% of amount of bid,
payable to the State Treasurer, required.

UNION UNION FREE SCHOOL DISTRICT NO. 2 (P. O.
Endwell),
N. Y.—BOND OFFERING—William E. Paynter, District
Clerk, will receive
sealed bids until 10 a. m. on Jan. 12 for the purchase of
$186,000 school
and $10,000 from

Dec.

Industrial

CERTIFICATE OFFERING—In connection with the above report, we
are informed that James
Mulloy, Secretary, State Industrial Commission,
will receive bids until 10 a. m. Jan. 11 for the purchase at not less than

tax

were

State

in
anticipation of State property taxes levied for the current year and five
preceding years.
The sale will be held on or after Jan. 11.
The new certificatas will be issued against $4,057,349
outstanding un¬
collected State property taxes levied for the general fund for 1932-37.
Retiring certificates mature Jan. 15.

ful bidder.

Trust Co. of Buffalo, as 2Ms, at par plus a premium of $127.68, equal to

The

*

passed recently by the Board

for the project has been the subject of court litigation since last October.

NORWOOD, Ohio—BOND OFFERING—A. M. Schoneberger, City
Auditor, will receive bids until noon Jan. 10 for the purchase of $16,800 4%
coupon revenue deficiency bonds.
Denom. $1,000, except one for $800.
Dated Jan. 1, 1938.
Principal and semi-annual interest payable at the
First National Bank of Norwood.
Due $2,800 Jan. 1, 1939; and $2,000
yearly on Jan. 1 from 1940 to 1946.
Cert. check for 5 % of amount of bonds,
payable to the City Treasurer, required.
Approving opinion of Peck,
Shaffer & Williams of Cincinnati will be furnished
by the city.
SOUTH
tion

CHARLESTON, Ohio—BOND ELECTION—A special elec¬

be held

will

$32,000

sewage

WEST

Jan.

4

for

the purpose

of voting

on

a

proposal to issue

disposal system bonds.

ALEXANDRIA,

Ohio—BOND SALE—The

sewage system bonds offered Dec. 18—V.
P. E. Kline, Inc., Cincinnati, as 3 3^s, at
equal to 101.88, a basis of about 3.07%.

$500 each six months from March 1,

YOUNGSTOWN,

Ohio—MAY

issue of $25,000
145, p. 3697—was awarded to
par

plus

a

premium of $470,
and due

Dated Dec. 1, 1937,

1939 to Sept.

ISSUE

1, 1963, incl.

HOUSING

BONDS—The

Metropolitan Housing Authority is planning to finance the city's portion
a $3,600,000 Federal low cost
housing project with a proposed $360,000
bond issue.
Tentative plans call for bonds over a 10 to 15 year period,
of

with interest

not

exceeding 4%.

Collateral will be the entire

$3,600,000

housing project.

1952

is reported that an ordi¬

R. J. EDWARDS, Inc.

of Aldermen
authorizing the issu¬
$553,000 in refunding bonds.
Due in 30 years, callable before ma¬
The refunding plan calls for the
exchange of the outstanding
bonds for new bonds.
They are to bear 433% for the first five
years, 5%
for the next five years and
thereafter the present
ance of

turity at par.

Municipal Bonds Since 1892

coupon rate.

THOMASVILLE, N.

C.—BONDS AUTHORIZED—An ordinance has
been passed by the City Council
authorizing the issuance of $25,000 re¬
funding bonds.

NORTH
were

-BONDS NOT SOLD—The $3,000 issue
offered on Dec. 15—V.
145, p. 3856—was not sold as
received, according to the Village Clerk.

DUNSEITH

SCHOOL

DISTRICT

CeiIiTZK1CASALE—The $2,000
offered for sale on Dec. 8—V.

of

NO.

1

(P.

O.

Rolla).

N

Dak—

issue of certificates

Dak.—-E0ATD SALE—-The $20,000 issue of

£

of

?nT

School

1940 to 1957, inclusive.

NORTH
—State

S'

Lands,

—

j145' p' 3697—was

according to report.

water works

Purchased by the

Due

from

Dec.

1.

DAKOTA, State of—CERTIFICATE ISSUANCE PLANNED

.plans

issuance

of $900,000 certificates of
indebtedness against
retire $529,000
previously issued certificates and to
provide cash for the general fund, according to Bismarck
uncollected

taxes

to




City, Oklahoma

19

Long Distance 158

CLINTON, Okla.—-BOND ELECTION SCHEDULED—Vie

of indebtedness
3537—was purchased by Herman
Carbeneau of Bottineau
.according to report.
Dated Dec. 8, 1937.
Due
on Nov. 15, 1938.

h
Board

Cy

OKLAHOMA

no

145, p.

State

Ok

DAKOTA

«crC?U5TE\NAy'
6% funding bonds
bids

Oklahoma
AT&T

reports.

are informed
by W. A. Sbouse, City Clerk, that an election is tentatively scheduled for
Jan. 10 to vote on the approval of four issues of
bonds, aggregating $61,500,
divided as follows: $21,000 pipe line; $17,500 park and
improvement:
$15,000 fire station building, and $8,000 water reservoir bonds.
These
bonds are being issued to match WPA funds on these
projects, it is stated,

COMANCHE COUNTY (P. O. Lawton), Okla.—BOND OFFERING—
T. H. Tarkington, County Clerk, will receive bids until
2p.m. Dec. 28
$110,000 courthouse and jail bonds. Interest rate will be
determined by the bidding.
Due $6,000 yearly beginning three years from
for the purchase of
date

of bonds, except that the last instalment shall
Certified check for 2% of amount of bid, required. ;

MARLOW, Okla .—BOND OFFERING—W.

amount

to

$8,000.
.

C. Moore, Executive City
Clerk, will receive bids until 4 p. m. Dec. 28 for the purchase at not less than

Financial

Volume 145

of $55,000 electric light extension and improvement bonds.
Bidders
are to name rate of interest.
Due $3,000 yearly, beginning three years
from date of issue, except that the last instalment shall be $4,000.
Certi¬
fied check for 2% of amount of bid required.
1 ' '
'
' ■ ■

Chronicle

4155

par

TULSA COUNTY SCHOOL DISTRICT NO. 47 (P. O. Tulsa), Okla.
OFFERING—C. L. Bowman, District Clerk, will receive bids
the County Superintendent's office in Tulsa until 2:30 p. m. Dec. 28
for the purchase of $8,000
budding bonds. Interest rate will be determined
by the bidding. Dated Jan. 1, 1938. Due $500 yearly on Jan. 1 from 1941
to 1956.
Certified check for 2% of amount of bonds, required.

—BOND
at

OREGON
ENTERPRISE IRRIGATION DISTRICT (P. O. Klamath Falls),
Ore.—BOND OFFERING—Sealed bids will be received until 2 p. m. on
Jan. 17. by I. L. Dixon, Secretary of the Board of Directors, for the purpose
of a $40,000 issue of 4% coupon or registered irrigation bonds.
Denom.
$1,000.
Dated Jan. 1, 1937.
Due on Jan. 1 as follows: $1,000, 1941 to
1954, and $2,000,1955 to 1967.
Prin. and int. J. & J. payable at the office
of the District Treasurer.

A cert, check for

SCHOOL

•

DISTRICT

NO.

(P.

29

Sinking funds_

_

$14,037,296.50
321,600.00
None

None

„

Uncollected taxes prior to 1935

$88,419.08
1935

1936

$275,618.11
30,127.06

Levy
Uncollected to date

$259,672.48
33,972.54

1937

$270,576.33
87,465.59

•

Notes

outstanding in anticipation of 1937 taxes as of Dec. 13, 1937, none.
1936 tax rate, $20; 1937 tax rate, $20.

O.

Burns),

Ore.—BOND OFFERING—Mary J. Crump, District Clerk, will receive
bids until 3 p. m. Dec. 27 for the purchase of $5,000 6% bonds.
Denom.
$500.
Dated Dec. 1, 1937.
Certified check for $100, required.
LINN

Financial Statement Dec. 1, 1937

.

.

COUNTY

ISLAND

Assessed valuation, 1937
Total bonded debt, not including this issue
Water bonds

5% of the bid, payable to the

District, is required.
HARNEY

RHODE

NORTH PROVIDENCE (P. O. Centerdale), R. I.—BOND SALE—The
$275,000 coupon high school bonds offered Dec. 21—V. 145, p. 4008—
were awarded to Kennedy, Spence & Co. of Boston,and John Nuveen
&
Co., Chicago, jointly, as 3s, at a price of 101.17, a basis of about 2.87%.
Dated Dec. 1, 1937 and due Dec. 1 as follows: $15,000 from 1938 to 1952
incl. and $10,000 from 1953 to 1957 incl.

$50,000

CHARLESTON, S. C. Ref. 4i/2s

COUNTY

UNION HIGH SCHOOL DISTRICT NO. 5 (P. O.
Ore.—BOND SALE DETAILS—In connection with the
$25,000 school bonds to Tripp & McClearey of Portland, as noted
in these columns in October—V. 147,
p. 2731—it is now reported by the
District Clerk that the bonds were sold at par as follows: $19,000 as 3Ms,
maturing on Oct. 1: $2,000, 1941 to 1943; $2,500, 1944 to 1947, and $3,000
in 1948; the
remaining $6,000 as 3s, maturing $3,000 on Oct. 1, 1949 and

April 1943-46 @ 3.26-3.40 basis

Harrisbure),

sale of the

F. W. CRAIGIE & COMPANY
Richmond, Va.

1950.

„

A. T. T. Tel. Rich. Va. 83

Phone 3-9137

TOLEDO, Ore.—BOND OFFERING—Sealed bids will be received until

6:30 p. m. on Dec. 28, by C. B. Arthur. City Recorder, for the purchase
a $16,000 issue of
refunding bonds.
Interest rate is not to exceed 6%,

SOUTH

of

payable J. & J.

Dated Jan. 5, 1938.
Due on Jan. 5 as follows: $1,000,
1939; $1,500, 1940 to 1943; $2,000. 1944 and 1945, and $2,500 in 1946 and
1947.
The approving opinion of Teal, Winfree, McCulolch, Shuler &
Kelley, of Portland, will be furnished.
A $500 cert, check must accompany

the

bid.

CAROLINA

AIKEN COUNTY (P. O. Aiken), S. C.—ROAD WORK REIMBURSE¬
MENT AGREEMENTS SIGNED—We quote in part as follows from an
Aiken dispatch to the Columbia "State" of Dec. 21:
"At
of the

called meeting of the Board of Commissioners held in the office

a

County

here,

Commissioners

the

Board signed

a

reimbursement

agreement with the State Highway Department providing for the paving
of certain roads in Aiken county as called for in an Act of the General

City of Philadelphia

Assembly passed at the last session and introduced by the Aiken County
delegation.
"An early bond issue will be floated by the county to be paid by the
State Highway Deaprtment and that immediately after the bonds are sold
bids wiii be called for on the Aiken-Ellenton Road and later on the Kitching

4/^% Bonds due April 1, 1976-46
Price:

104.326 & Interest to Net

3.65%

Mill-Salley Road and also Route 39."

ASTORIA, S. Dak.—BOND OFFERING—Beginning at 8 p. m. Jan. 1
will receive bids on an issue of $6,000 4%
refunding bonds.
Dated Jan. 1, 1938.
Interest payable semi-annually.
Due Jan. 1 as follows: $500, 1940; $100, 1941; $500, 1942; $100, 1943,
and $500, 1944 to 1952, and $300, 1953.

1520 Locust St., Philadelphia

I. A. Rogness, Town Treasurer,

PENNSYLVANIA
ALTOONA
coupon
to

SCHOOL

DISTRICT, Pa .—BOND SALE—The $150,000

Mansfield bonds offered

on

Dec. 20—V. 145, p. 3856—were awarded

Glover & MacGregor and 8. K. Cunningham & Co., both of Pittsburgh,

as 2Ms, at par plus a premium of $783.75, equal to 100.5225, a basis of
about 2.06%.
Dated Jan. 15, 1938.
Due Jan. 15 as follows:
$40,000,

1939; $30,000. 1940 and 1941; $20,000, 1942 and 1943; and $10,000, 1944.
high bid, offering
premium of $518 for 2M% bonds.

Johnson & McLean of Pittsburgh submitted the second
a

LAMAR TOWNSHIP SCHOOL DISTRICT

(P. O. Mackeyville), Pa.
BOND SALE—The issue of $27,500 coupon consolidated school bonds
offered Dec. 21—V. 145, p. 3698—-was awarded to Chandler & Co. of
Philadelphia as 3Ms at 100.129.
Dated Nov. 1, 1937 and due Nov. 1 as
follows:
$1,000, 1940 to 1957 incl. $2,000 from 1958 to 1961 incl. and
$1,500 in 1962.
NEWTOWN

HURON, S. Dak.—BONDS DEFEATED—It is stated by Daw I. Sears,
City Manager, that at the election held on Dec. 14, the voters turned
the proposal to issue $200,000 in municipal auditorium bonds, ac¬
cording to incomplete returns.
(These are the bonds that were scheduled to be offered on Dec. 6, the
sale of which was postponed due to litigation, as reported in these columns.
—V. 145, p. 3699.)
down

INDEPENDENT
SCHOOL DISTRICT NO. 20. (P. O.
Dak.—BOND SALE—The $34,000 issue of refunding bonds
on Nov. 27—V. 145, p. 3387—was purchased by the County
Permanent School Fund, as 5s at par, according to the District Clerk.
LAMRO

Winner)

SCHOOL

DISTRICT

(P. O. Newtown
Square), Pa.—BOND CALL—William Culbertson, Treasurer of the
Board of Directors, announces that $5,000 4M% building and equipment
bonds, numbers 32, 46, 48, 54 and 57, will Tt>e redeemed at the Girard
Trust Co., Philadelphia, on or before Jan. 7, 1938.
Bonds are part of an
original issue of $75,000, dated Jan. 7, 1924 and due Jan. 7, 1954 optional
after 10 years from date at any interest period.
PENNSYLVANIA
(State of)—LOCAL ISSUES APPROVED—The
Department of Internal Affairs, Bureau of Municipal Affairs, has approved
Information includes name of the munici¬
pality, amount and purpose of issue and date approved:

the following local bond issues.

Date

Approved

Municipality and Purpose—

Amount

Conneaut Lake Boro S. D., Crawford Co. (paying part
cost of purchasing building site, erecting, construct¬
ing and equipping school building)
Dec. 15
Bentleyville Borough, Washington Co. (paying part
cost of constructing water system and plant)
Dec. 15
Kittanning Borough, Armstrong Co. (eliminating grade
crossing and constructing new overgrade crossing)
Dec. 15

S.

offered for sale

11

PIERRE, S. Dak.—BOND ELECTION—At an election called for Jan.
a proposition to issue $20,000 park improvement bonds will be sub¬

mitted to

TOWNSHIP

DAKOTA

SOUTH

Moncure Biddle & Co.

a

SOUTH

vote.

DAKOTA, State oi—MUNICIPAL FINANCING SURVEY
with mu¬

TO BE ISSUED—First of a series of three publications dealing

nicipal financing in South Dakota will be issued Jan. 1 from the University
of South Dakota, where a survey has just been completed.
"Purpose of
this project," says Earl R. Strathman, Rasearch Director, "is to aid the
municipalities of South Dakota in long-term debt planning and refunding.
It is designed to give a true picture of financial conditions in the State."
This first instalment will deal with financial statistics of all incorporated
cities and towns in the State, and will include a discussion of bonded and
warrant indebtedness, total per capita debt load of the cities for municipal,
school and county purposes, and muncipal tax delinquincy.

TENNESSEE

$18,500

75,000
10,000

APPROVED
decided to issue $10,500 6% refunding

WESSINGTON SPRINGS, S. Dak.—BOND ISSUANCE
■—The City Council is said to have
bonds to care for 6% warrants.

JACKSON, Tenn.—BONDS SOLD—It is stated by B. F. Graves,
City Recorder, that the following bonds aggregating $35,000, were offered
at public auction on Dec. 21—V. 145, p. 3857—and were sold as 3s, at
par, less $690.00 for expenses:
;
$15,000 Whitehall School (general obligation) bonds.
Due $1,000 from
_

PHILADELPHIA,

RATE UNCHANGED—The city tax
$100 of assessed valuation, the same as the current
rate. Continuance of the present rate was assured on Dec. 15, which was the
last day it could have been changed legally.
The school tax rate for next
year, by virtue of a recent decree of the State Supreme Court, is 92 M cents
per $100, no change having been made.
rd&e for 1938 is $1.70

Pa.—TAX

per

PROSPECT PARK SCHOOL DISTRICT, Pa .—OTHER BIDS—The
$50,000 school bond issue awarded Dec. 6 to George E. Snyder & Co. of
Philadelphia, as 2Mb, at a price of 100.387, as previously described in these
columns—V. 145, p. 3857—was also bid for as follows:
Edward Lowber Stokes & Co., Philadelphia
Bancamerica-Blair Corp., Philadelphia

Schmidt, Poole & Co., Philadelphia
;
Interboro Bank & Trust Co., Prospect Park
Butcher & Sherrerd, Philadelphia
Stroud & Co., Philadelphia
W. H. Newbold's Son & Co.. Philadelphia
Dougherty, Corkran & Co., Philadelphia
Bioren & Co., Philadelphia
Chandler & Co., Philadelphia
Leach Bros., Philadelphia
SCHOOL

TOWNSHIP

SALEM

Rate Bid

Int. Rate

Bidder—

DISTRICT

„

3%
3%
3%
3%
3%
3%
3%
3%
3M%
3M%

3M%
(P.

O.

101.8252
100.57
100.28
10(L30
100.8277
100.79
100.02

101.789
101.3199
100.679
100.35

Hamlin),

BONDS NOT SOLD—No action was taken at the sale scheduled for
of $33,000 3% school bonds—V. 145, p.
due Jan. 1 as follows: $1,000 from 1940 to
to

1961 incl.

3699.

,

j

20,000 municipal stadium (revenue
from 1939 to 1953, incl.

^

_

.

.

_

Due

Tenn.—NOTE

90, and 120 days after Jan.

1.

MANCHESTER, Tenn.—BOND ELECTION—At an election to be held
Jan. 8 a proposition to issue $40,000 public building bonds will be submitted
to a vote.

TENNESSEE, State of—LIST OF BIDS—The following is an official
received for the funding and county reimbursement
aggregating $3,599,000, awarded on Dec. 15 to a syndicate headed
by Halsey, Stuart & Co., Inc., as 2Ms and 3Ms, as reported in detail in
these columns—V. 145, p. 4009:
;

report on the other bids
bonds

_

(

_

Price Bid

Names of Other Bidders—

Chemical Bank & Trust Co. and associates...
First National Bank? N.

Y.> and associates

f$2 286 000.00
1 319 118.30
2 294,206.74

1,317,713.67
Edw. B. Smith & Co.,

and associates

*

Brown Harriman & Co.,

Inc., and associates-

Callable after Jan. 1, 1950 at par and interest.

TOWNSHIP SCHOOL DISTRICT
(P. O.
Pa.—MATURITY—The $50,000 high school impt. bonds
Dougherty, Corkran & Co. of Philadelphia, as 2Ms, at a
price of 101.14, as previously reported in these columns—V. 145, p. 4008—
mature $2,000 annually from 1938 to 1962 incl.

x

ISSUANCE AUTHORIZED—It
is
stated by R. Rex Wallace, Director of Finance, that authority has been
granted by the City Council to issue $200,000 in tax anticipation notes,
but at the present time it may not be necessary to issue these notes.
If
the notes are issued they will be due and payable to local banks in 60,
KNOXVILLE,

Dated Jan. 1, 1938 and

1950 incl. and $2,000 from 1951

,

and general obligation) bonds.

Pa.—

Dec. 20

MORELAND

UPPER

1939 to 1953.

The Chase National Bank, and

associates

J 2,289,701.03
\ 1,315,125.75
2.287,369.31
1,313,786.49

2,296.949.94
1,319,289.27

Hatboro),

sold recently to

WEST

HAZLETON

SCHOOL DISTRICT,

Pa .—BOND SALE—The

Spencer) Tenn.—BONDS NOT SOLD—
It is stated by C. R. 8afJey, Chairman of the County Court, that the
$20,000 issue of school bonds offered on Nov. 22—V. 145, p. 3235—was
not sold. He says that the bonds will probably be sold in February.
VAN BUREN COUNTY (P. O.

$100,000 coupon, registerable as to principal, school building bonds offered
on Dec. 20—V. 145, p. 3699—were awarded to Chandler & Co. of Phila¬

delphia as 3Ms. Dated Jan. 1, 1938. Due $5,000 yearly on Jan. 1 from 1941
I960, incl. The bankers paid a price of 100.3229 for the issue.

to

PUERTO

RICO

AGUADA, Puerto Rico—BONDS SOLD TO PWA—lt is stated by
Mayor Fernando Rivera that $36,000 4% semi-ann. water works system
revenue bonds have been purchased at par by the Public Works Admin¬
istration.




TEXAS
Texas—BOND OFFERING—Sealed bids will be received
until 2 p. m, on Jan. 6, by Lila Fern Martin, City Secretary, for the pur¬
chase of an issue of $100,000 4% coupon water revenue bonds.
Denom.
$1,000. Dated May 1, 1937.
Due on May 1 as follows: $4,000, 1939 and
1940 $2,000, 1941 to 1943; $3)000, 1944; $2,000, 1945; $3,000, 1946 to
1952; $4,000, 1953; $3,000, 1954? $5,000, 1955; $4,000, 1956 to 1959;
$5,000, 1960 to 1963, and $6,000 in 1964 and 1965. Prin.andint. (M.&N.)
payable at the City Treasurer's office. These bonds are part of an issue of
$600,000. authorized at an election held on March 6, 1937. This issue is not
ABILENE,

Financial

4156

but is secured by an indenture on the physical
assets of the present water system, reasonably worth $2,500,000.
The
water system properties are not otherwise encumbered.
The approving
opinions of the Attorney General and Chapman & Cutler, of Chicago, will
be furnished. A $2,000 certified check, payable to Will Hair, Mayor, must
accompany the bid.

Chronicle

Dec.

25,

1937

payable from taxation,

Crumblier, Ehrlkhmatt & IDhtfo
ESTABLISHED

ATLANTA, Texas—BONDS VOTED—At the election held on Dec. 14
the following issues of bonds, aggregating $90,000. were approved by the
voters: $50,000 water system revenue bonds and $40,000 sewer improve¬

NORTHWESTERN
AND

CORPORATE

1921

MUNICIPAL
SECURITIES

Interest rate is not to exceed 4M %.

ment bonds.

SEATTLE

Exchange Building

BURKBURNETT SCHOOL DISTRICT, Texas—BOND ELECTION—
At an election scheduled for Dec. 28 a proposition to issue $50,000 school

—

Washington

building bonds will be voted upon.
CALLAHAN COUNTY COMMISSIONERS PRECINCT NO. 3 (P. O.
Baird), Texas—BONDS VOTED—At the election held on Dec. 11 the
approved the issuance of $25,000 in road bonds.

voters are said to have

WASHINGTON
DAYTON, Wash.—BONDS AUTHORIZED—The City Council is said
have passed an ordinance calling for the issuance of $50,000 in not to
exceed 4% semi-ann. sewage disposal fund bonds.
Denom. $1,009.
Due
as follows: $1,000, July 1, 1938; Jan. and July 1, from 1939 to 1962, and on
Jan. 1, 1963.
Prin. and int. (J. & J.) payable at the City Treasurer's

to

CASS COUNTY ROAD DISTRICT NO. 3

(P. O. Linden), Texas—

BONDS CALLED—The district called for payment as of Dec. 15, a block of
$51,000 5% road bonds, dated July 10, 1917. part of a total authorized issue
of $75,000 bonds.
Due on July 10, 1957, redeemable at the option of the
district at any time after 20 years from date of issue.
Interest to cease as
of Dec. 15.
Payable at the State Treasurer's office in Austin.

CHAMBERS COUNTY ROAD DISTRICT NO. 2 (P. O. Anahuac),
now reported that the $2.50,000 road
bonds sold to a group headed by Neuhaus & Co. of Galveston, as 2s, at
price of 99.379, a basis of about 2.20%, as noted In our issue of Dec. 18—
145, p. 4009—are dated Jan. 15, 1938, and are in $1,000 denominations.
Due from Feb. 15. 1939 to 1943 incl.
Princ. and Int. (F. & A.) payable
at a bank to be designated.
Legality to be approved by the AttorneyGeneral and Chapman & Cutler of Chicago.
Texas—BOND SALE DETAILS— It is

DALLAS LEVEE IMPROVEMENT DISTRICT (P. O,

Dallas), Texas

—DEBT ADJUSTMENT PLAN DECLARED OPERATIVE—1The following

report is taken from the Chicago "Journal of Commerce" of Dec. 21:
Holders of bonds of the city and county of Dallas, Tex., levee Improve¬
ment district are being notified by the bondholders' committee that the debt
adjustment plan has been declared effective, approval having been given by
approximately 77% of the bonds.
The new plan calls for the issuance of
$6,000,000 of new bonds, to be dated Oct. 1, 1937, nad mature in one to
40 years.
From 1938 to 1942 the interest rate is to be 1%, from 1943 to
1947 2%; 1948 to 1952, 3%, and 1953 to 1977, 4H%The bonds are to be
exchanged for outstanding obligations.
The bondholders' committee is
headed by Robert E. Simond of Halsey, Stuart & Co., Inc.

EDINBURG
(P. O.

TRICT

CONSOLIDATED

INDEPENDENT

SCHOOL

DIS¬

Edinburgh Texas—SCHOOL TRUSTEES PLAN BOND

REFUNDING—The "Wall Street Journal" of Dec. 17 carried the following
report on a bond refunding plan for the above district:
The committee representing the holders of

$3,131,000 of bonds of the
School District and the Board of
Trustees of the district have worked out a plan for refunding the bonds,
on wnich the accumulated interest in default amounts to more than $900,000.
These bonds bear interest at the rate of 6% a year, or an interest charge
in excess of $180,000 a year, equal to a total interest charge for the 40 years,
th< time the bonds run, of over $7,200,000.
It is proposed by the School Board to issue refunding bonds bearing the
date of Feb. 1, 1938, in the sum of $3,131,000, plus amount of interest in
default, all to mature in 40 years after date of issue.
Refunding bonds to bear interest: 1% per annum for the first 10 years;
2 % per annum for the second i 0 years; 3 % per annum for the third 10 years,
and 5% for the last 10 years.
This will reduce interest charges for the first 10 years down to approxi¬
mately $30,000 a year; $60,000 a year for th6 second lo years; $90,000 a year
for the third 10 years, and $180,OOu a year for the last 10 years; a total
interest charge of approximately $3,600,000 as against a present interest
charge of $7,200,000 for the 40 years, making practically a saving of 50%
Edinburg

Consolidated

Independent

in interest.

The plan provides that bonds may be called and paid off at any interest-

paying date and that interest shall be paid semi-annually.
It is proposed that the district shall levy each year during the time the
refunding bonds are outstanding a tax of 75 cents on the $100 of assessed
value of taxable property within the district for the purpose of paying the
interest and providing a sinking fund to retire the bonds.
The district shall use all surplus funds in the sinking fund account, at
least every two years, to retire by purchase or by call outstanding refund¬
ing bonds.
ENNIS INDEPENDENT SCHOOL DISTRICT, Texas—BOND SALE
$97,000 3H% refunding bonds to the State

—The district recently sold
Board of Education.

Texas

-PROPERTY

VALUATIONS

SHOW

RECENT

INCREASE—Assessed property valuations in Houston
increased
$10,056,560 this year over t nose of last year, according to T. W. Browne, city
tax assessor and collector.
A total valuation of $293,438,150 has been
placed on all real estate, improvements and personal property throughout
the city for
taxing purposes, Mr. Browne said.
This compare
' "
valuation of $283,381,590 carried on the tax rolls last
year.
This year's values are about $1,400,000
higher than expected by Mr.
Browne and the city council in setting the current tax rate and fixing de¬
partmental budgets earlier in the year.

on

-BONDS DEFEATED—It is reported that
Dec. 7 mtk voters defeated a proposal calling for the
the

issuance of $160,000 in improvement bonds.
LIBERTY

COUNTY

(P.

O.

stated by Murphy Cole, County
bonds have been purchased
by
at

Liberty), Texas—BONDS SOLD—It is
Auditor, that $17,000 county road, series J
Fenner & Beane, of New York, as 3Ks,

par.

BOND

CALL—Murphy Cole, County Auditor, states that the county
March 13, the following bonds:
$73,000 Special road, series B bonds.
Dated April 10, 1922.
72,000 Road district No. 3 bonds.
Dated March 13, 1918.
B )ND ISSUANCE SCHEDULED—It is also stated
by Mr. Cole that the
county will issue approximately $80,000 of road refunding bonds on March 13.

-

\

WENATCHEE, Wash.—BOND OFFERING—Sealed bids will be

received until 8 p. m. on Jan. 3, by Lee L. Thulean, Town Clerk, for the

purchase of a $3,000 issue of coupon sewer bonds.
Interest rate is not to
exceed 6%, payable semi-annually.
Due in from two to 20 years.
The
bidders shall specify the lowest rate of interest, and premium, if any, above
par, at which they will purchase the bonds, or the lowest rate of interest
at which they will purchase the bonds at par.
A certified check for 5%
must accompany the bid.
(A $3,000 issue of sewer bonds had been scheduled for sale on Dec. 4,
as noted here.)
MONROE. Wash.—BOND ELECTION—An election has been called for
Jan. 18 at which a proposition to issue $35,000 water system bonds will be
submitted to a vote.

PIERCE COUNTY SCHOOL DISTRICT NO. 4 (P. O. Tacoma)
Wash.—bO'ND SALE—The $6,000 issue of school bonds offered for sale
on

Dec. 18—V. 145, p. 3700—was purchased by the State of Washington,

as
2j^s at par, according to the County Treasurer.
No other bid was
received for the bonds. Due fn from two to 13 years after date of issuance.

SEATTLE,
The sale of

an

Wash.—SALE OF LIGHT BONDS CONTEMPLATED—
additional issue of $750,000 light and power bonds is expected

to be authorized in the near future

by the City Council.
A similar issue of
was purchased by a local investment syndicate in
October and a
90-day option was given on an additional $750,000 block of these bonds—
V. 145, p. 3388.
"
bonds

WHATCOM COUNTY SCHOOL DISTRICT NO. 101 (P. O. Belling

ham) Wash.—MATURITY—It is

now reported by the County Treasurer
the $10,000 school bonds purchased by the Bellingham National
Bank, as 4s at a price of 101.05, as noted in these columns recently—V.
145, p. 4010—^mature $500 from 1938 to 1957, incl., optional after five
years, giving a basis of about 3.75%.

that

WHATCOM

COUNTY

(P.

O.

Bellingham),

Wash.—BONDS NOT

SOLD—The $160,100 issue of not to exceed 4% semi-ann. refunding bonds
on Dec. 17—V. 145, p. 3700—was not sold as no bids were

offered for sale

received,
two

to

20

according to A. C. At wood, County Treasurer.
years after date of issuance.

WEST

Due in from

VIRGINIA

PORTLAND MAGISTERIAL DISTRICT (P. O. Kingwood), W. Va.
—BOND CALL—It is reported that 5% permanent road improvement
bonds numbered from 151 to 160 i of an issue dated Jan. 1, 1916, are being
called for payment at the Chase National Bank, New York City, on Jan. 1.
on which date interest will cease.
Due on Jan. 1,1946, optional on Jan. 1,

1921.

WEST

VIRGINIA,

State

of—INTERIM RECEIPTS

EXCHANGE¬

ABLE—It is announced that the interim receipts for the 2)4% and 3H%

coupon State road bonds, series of 1937, maturing serially on May 1 from
1938 to 1962, incl., numbered 31701 to 33200, are exchangeable now at the
corporate trust department of the National City Bank of New York, fo
permanent bonds with May 1, 1938, and subsequent coupons attachedr

WISCONSIN
DOUGLAS

COUNTY

(P. O. Superior), Wis.—BOND SALE—The
relief bonds offered on Dec. 21—V. 145, p. 3858—were
awarded to A. S. Huyck & Co., and the Channer Securities Co., both of
Chicago, as 3^s, at par plus a premium of $23, equal to 100.015, a basis of
about 3.74%.
Due $15,000 yearly on Jan. 2 from 1939 to 1948, incl.
coupon

KENOSHA COUNTY (P. O. Kenosha) Wis.—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Jan. 10, by John C. Niederprim,
a $200,000 issue of corporate
purpose,
series 1938 bonds.
Interest rate is not to exceed A\4%, payable J. & J.
Denom. $1,000. Due $20,000 from Jan. 20, 1939 to 1948 incl.
The bonds

County Clerk, for the purchase of

be redeemed at the option of the county in their inverse numerical
order at the price of par and accrued interest to redemption date on any
interest payment date after Jan. 20,1939, upon 30 days' notice by registered
may

mail to the original

purchaser and publication in a financial journal in New

York.

No bid for less than par shall be considered and the basis of deter¬
mination shall be the net interest cost to the county.
The call for bids is
on a basis of a par bid with the rate of interest which the bidder will
accept
over

JACKSONVILLE, Texasat an election held
i

,■

EAST

$150,000

GAINES COUNTY ROAD PRECINCT NO. 1 (P. O. Seminole),
Texas—BOND SALE DETAILS—It is stated by the County Judge that
the $10,000 road bonds purchased by the State Department of Education
—V. 145, p. 4009—were sold as 4s at par, and mature $1,000 from June 1,
1938 to 1947 incl.

HOUSTON,

office.

the period stipulated by the bonds.
Prin. and int. payable in lawful
iayable
1 by Chapman &
the County Treasurer's office. Legality approved "
A certified check for 2% of the amount of bonds bid for,
c

money at

Cutler of Chicago.

payable to the county, is required.
These bonds are part of
$300,000, approved by the County Board on Dec. 9.

an

issue of

RACINE COUNTY (P. O. Racine), m*.—BONDS AUTHORIZED—
The County Supervisors are said to have approved recently the issuance of
$200,000 in relief fund bonds, to take care of part of an estimated $325,000
needed for 1938.

will call for payment on

POLK

COUNTY (P. O. Livingston) Texas—BOND SALE DETAILS—

It is now reported by the

County Treasurer that the $50,000 road bonds
purchased by the various county sinking funds, as noted in these columns
recently—V. 145, p. 4009—were sold as 4s at par. Denom. $1,000
Dated

A.ugi!
at the

1937. Due on Aug. 15, 1967.
County Treasurer's office.

BOND

Prin. and int. (F. & A.) payable

on

is reported that an election will be held
the issuance of $60,000 in jail construction bonds.

on

SCHOOL

DISTRICT (P. O. Pottsville), Texas—
by the District Secretary that the $15,000
gymasium-auditorium bonds approved
by the voters at the election held
last August, as noted here at the
time, have been sold.
BONDS SOLD—It

is

stated

r»Xexas—BONDS VOTED—At the

election held on
the issuance of the $35,000

Dec. 16—V. 145, p. 4009—the voters
approved
in not to exceed 4%
swimming pool bonds.

TALCO INDEPENDENT SCHOOL
DISTRICT (P. O
-BOND BID RECEIVED—The School
Board
Gregory-Eddleman Co. and Aves & Wymer,

ha^

Talco)

r^ceWed i




(P.

All the bonds will be dated Jan. 3, 1938.

LINCOLN COUNTY SCHOOL DISTRICT NO. 5 (P. O. Cokeville),
Wyo.—BOND OFFERING—S. Reed Dayton, Clerk, Board of School
Trustees, will receive bids until 8 p. m. Feb. 1 for the purchase of $45,000
coupon building bonds.
Bidders are to name rate of interest, not to exceed
6%.
Dated Feb. 1, 1938.
Principal and semi-annual interest payable at
the County Treasurer's office in Kemmerrer.
Certified check for $2,250,
payable to the District Treasurer, required.
The successful bidder will be
furnished with a transcript of the proceedings, the executed bonds and the
approving legal opinion of Pershing, Nye, Bosworth & Dick of Denver.

CANADA
AMHERST, N. S.—BOND SALE—W. C. Pitfield & Co. of Montreal
an Issue of $71,100 4% 18-and 20-year serial bonds at a

recently purchased
price of 99.01.

OAK BAY, B. C.—BOND SALE—An issue of $36,000 4%
bonds has been disposed of at private sale.

BONDS VOTED—On Dec. 7 the voters of the town
proposition calling for the issuance of $70,000 water works bonds.

to vote on the issuance of

Not to exceed $8,343.52 Green River Local Improvement District No. 4
bonds, bearing 5% interest, and payable over a five-year period, callable

10-year im¬

provement

ABINGDON, Va.

i.SP^NGFiELD SCHOOL DISTRICT
ELECTION—It is reported that an

bonds, bearing 5% interest, and payable over a five-year period, callable
in one year.

Texas

VIRGINIA
a

Jan.3 for the purchase of coupon serial bond

Not to exceed $13,492.98 Green River Local Improvement District No. 3

bid from the

both of Houston, for the
$186,000 school building bonds.
It is understood
that the School Board
approves the proposed sale and, if the State Board
of Education sanctions the
issue, will acecpt the bid.

approved

will receive bids until 8 p.m.
as follows:

described

in one year.

ELECTION—It

Dec. 31 to vote

WYOMING
GREEN RIVER, Wyo.—BOND OFFERING—C. E. Jensen, Town Clerk

O.

Luray)

Va.—BOND

election will be held on Feb. 1 in order
$65,000 in school construction bonds.

PORT COLBORNE, Ont.—BONDS SOLD—An issue of $30,000 3 H%

improvement bonds has been sold to Gairdner & Co. of Toronto.
/ QUEBEC (Province of)—BONDS TO BE REDEEMED—The
is calling for redemption on March
bentures due in 1943.
About 50%

Province

15, next, $5,000,000 5% 20-year de¬
of the issue which was free from re¬
demption duties is already held in the sinking fund.

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Committee Report#..* - .u...

OCTOBER 11TO OCTOBER 14, 1937
For Index to Advertisements
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through generations in meeting
in

every

demand made

protecting property damaged or destroyed by

Our

more

on

it

fire.

complex living conditions of today have created

many new:

hazards. The Home Insurance Company, to

keep abreast with the times, has met this demand for
additional protection by creating

these hazards.

The

glad to inspect
policies to make

new

policies to meet

Home agent nearest

your
sure

property:

that

will be

and examine existing
soundly and ade¬

you are

quately protected. This service entails

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you

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no

obligation.

American Bankers Convention
SECTION OF THE

Commercial and Financial Chronicle
Vol.

145.

.

The Bankers, the

Stock Market, and the Trade
Position

Considering how large

a

place in the day's discus-

Street, the prolonged decline on the Stock Exchange has come to
fill, most people will be surprised that the American
Bankers Association, in its annual convention at
Boston, devoted so little of its time to discussing
the decline.
On the whole, the absence of special
attention by the bankers to the subject cast on
sions, whether in or out of Wall

the

may

favorable light of its own.

situation

a

be

actual

One

that

sure

if

continuance

trade

the markets, they

or 011

they

had

of the recent

calamitous

envisaged

reaction in

would have seen to it

thoroughly alarmed community. This is precisely what
they did not do.
Discussion of the familiar probthat

somebody should endeavor to hearten a
'

,

lem as to

n,i

,

.

extension of branch banking, more or

academic papers on

less

Federal taxation and the Fed-

THE

No. 3775.

NEW YORK, OCTOBER 30 1937

OLDEST

eral budget, apparently superseded in interest the
stock market's vicissitudes.
In most respects, the

convention's proceedings would have been equally
appropriate to the convention of September, 1936,
when the stock market's emphatic rise was already

under way.
The convention did not entirely pass the matter
over; it could hardly do so when outside controversy, as to whether the prolonged decline meant
major reaction in the field of trade and industry
had already become active. In the convention's resolotions it is quietly declared regarding the fall in
stocks:
'

in the security markets and

"The

x

the current decreases in business activity appear to

bg reactiong from ^

exceptionally

reflect

a

realization

on

business men that it was unreasonable to expect an

TRUST

COMPANY

IN THE SOUTH

MANAGING ESTATES




EXCLUSIVELY

Capital
$2,000,000

,

Surplus and Undivided Profits
$4,200,000

^>aft ©epoStt ant>
OF
13

®rust Co.

BALTIMORE
SOUTH

rap^ dances

months of this one. They
the part of investors and

0f ]asj year an(j ^)ie early

STREET

BANKERS'

6

CONVENTION

indefinitely prolonged continuation of

recovery, at
vigorous rate at which it had been advancing.
Recessions have been features of all previous recov¬

the

eries."

admits

the stock market indicates
able trade

or

foreshadows formid¬

recession in business activ¬

ity should not be permitted to obscure the fact that
1937 has been so far a year of large and consistent
gains for industry, commerce and agriculture. In the
three-quarters of this

year the volume of indus¬
production has been 14% greater than it was
in the corresponding period last year.
Rail freight
traffic has been over 14% larger.
There has been
9% more building construction. Department store
sales have increased 8%.
The demand deposits of
member banks have advanced 5%.
These are im¬
portant improvements. Only a few years in the past

trial

have shown

of recovery

he

one

greater gains."

speaker, Colonel Leonard P. Ayres, whose
on

the matter,

had

this to say:

to carry

conditions that
that of the great

The bank crisis resulted from

sudden

a

and world-wide

drop in general price levels which
drastically reduced the values of securities, real
estate and commodities.

"No

had the

a

possible, for the simple
collapse several years ago."

now

of

matter

which have been

similar

on a

reason

whereas

that

we

ficiently calm opinions.
construction Finance

the

against

a

present situation

major recession is

to be almost

seems

convincing explanation, not primarily

for its

the address

of

active

prices but

contained in

was

Winthrop W. Aldrich, Chairman of

Chase National

Aldrich

on

stock market

prolongation and severity,

N.

Y,,

Bank,

Oct. 14, before the

on

Chamber

of

Commerce.

Mr.

pointed out that, whereas "a broad and

market"

is

indispensable "to investors, to

corperations, to the United States Treasury

other

public bodies," nevertheless restrictions

trading, lately imposed by the Securities and Ex¬

change

Commission,

"thin" and

have distinctly

ill-supported market.

ing what amounts to penalty

directors in their

moved

own

made

for

trading by

on

com¬

stocks has largely re¬

legitimate "supporting orders."

Its confus¬

may

the Exchange floor

with these

one

by "specialists"

removed

another
The very

mar¬
suf¬

fixed

of

contribution

to

high margin requirements,

by the Federal Reserve at

feared that the

Administra¬

on

familiar

and what may

time when it

a

was

rising market of 1936 would get out

hand, "have undoubtedly been

factor intensify¬

a

tion bureau chief whose conservative instincts and

ing the break which has recently taken place."

financial

must be remembered that earlier in the year

judgment

of whose bureau

are

has

respected, and the procedure

much at

stake in the preser¬

vation of company earnings and business

spoke thus

on

activities,

Oct. 8 to the Association of Super¬

visors of State Banks:

"Industry is employing
wages,

and will

wages

more

people

at

better

and higher costs.

with
is

no

adjust itself to these increased
We have not caught up
six years of neglected construction, and there
shortage of buying power. Yet during the last

few

soon

weeks we have been witnessing a
continually
falling securities market. Ask a dozen men for an
explanation of this falling market and you are apt
to get as many different
answers, but they will all
include 'fear.' There are, of course,
many contribut¬
ing reasons, but are they sufficient to warrant so
much pessimism ?
I do not believe so."




a

Its decree impos¬

ing instructions regarding what

stable markets.

Jesse H. Jones of the Re¬

Corporation,

But

not be done

published regarding the stock
concur

assurance

The most

fact, all responsible judgments
trade

against all handicaps."

for the fact of reaction in

have

ket and the state of

after

men,

the cumulative forces

exactly the contrary."

pany

collapse of general price levels

scale is

on

upon

usually precede it have
not yet developed.
The general rule is that depres¬
sion is preceded by credit
stringency and excessive
activity in capital investment and construction,

and

depression.

City Bank,

conditions which

business

"There does not exist any set of
could result in a credit collapse like

"counting

"The best

that the

the

address to the convention touched

National

the

adds, in regard to the possibility of serious trade

Rochester,

The

for

disappointment of business

reaction:

reaction, the resolutions proceed:

"The present moderate

As

conditions

the

their recent

Concerning the much-mooted question of whether

first

George E. Roberts, in his "Monthly Review" of
economic

dent

Gay of the

report

if,

as

as a

"a

long

Exchange,

in his annual

August, distinctly warned that

result of the restrictions imposed upon it,

broad

impaired
follows

Stock

ago as

It

Presi¬

and
so

that

liquid

that it
it

may

national

does

market

not function
to

cease

is

being

freely,

it

function in time of

stress."
All these
cause

the

are

remediable

Stock

tainly aggravated it.
decrees have

handicaps.

Removing,

tion

against concentrated selling
go

cipitous

as

some

of the

done, the normal and natural protec¬

they

market.

They did not

Exchange reaction, but they cer¬

or

sudden alarm,

far towards explaining the occasional pre¬

marking

down

of

prices

on

the recent

Index to Advertisements

Page

Page
NEW YORK CITY

BALTIMORE, MD.
Safe Deposit & Trust

5

Co

United States Steel
American

Corp. Subsidiaries:-

Bridge Co

American Steel & Wire Co

BOSTON, MASS.

Carnegie-Illinois Steel Corp
11

First National Bank of Boston
New

England Mutual Life Insurance Co

...

2

Columbia Steel Co

Cyclone Fence Co
Federal

Shipbuilding & Dry Dock Co.

National Tube Co

DETROIT, MICH.

Oil Well

Outside Back Cover

Chrysler Corporation..

...

Supply Co

Scully Steel Products Co
Tennessee

Coal, Iron & Railroad Co..

Universal Atlas Cement Co

1—

NEW YORK CITY
Chase National Bank

Chemical Bank & Trust Co

Empire Trust Co

..

3

2

Corn Exchange

National Bank & Trust Co

2

Fidelity-Philadelphia Trust Co

9

Tradesmen's National Bank & Trust Co

3

2

(The)

United States Steel Corp




.

—

Fulton Trust Co...
Home Insurance Co.

PHILADELPHIA, PA.

4

(The)

Inside Front Cover
1

WASHINGTON, D. C.
Riggs National Bank

(The)

10

SESSION

GENERAL

American Bankers Association
Sixty-Third Annual Convention, Held at Boston, Mass., Oct. 11-14, 1937

INDEX

CONVENTION

GENERAL

TO

PROCEEDINGS.

The Outlook for Savings, by Frank P. Bennett Jr..
Page 8
The Outlook for American InstitMtions,
by Dr. Glenn Frank.
13

Report of Official Acts and Proceedings of Executive]Council,

The Outlook for Foreign Trade,
by Eliot Wadsworth
The American Outlook,

Resolution

by Tom K. Smith.
Ahead, by Henning W. Prentis Jr

The Road

Outlook

IT

for

Research

in

Economics

by

Report of Committee

27

Commission,

by

Leonard

29

30

-

Report of Committee

Nominations

on

30

Election of Treasurer and Executive Manager of A. B. A

P. Ayres

Policy

Resolutions

on

Smith
25

Economic

30

Special Resolution Commending Administration of President

Dr.

Prospects for Profits in the Banking Business, by Leonard
of

29

Banking

20

Business,

Virgil Jordan

Report

Branch

on

22

and

:

30

.

President-elect Orval W. Adams

Remarks of

30

Presentation of Silver Service to Retiring President

P.

Ayres...

Page

by Raymond Dunkerly

TomJK.

Smith

28

The Outlook for

31

Savings

By Frank P. Bennett Jr., Editor "United States Investor," Boston, Mass.
On

busy street in the retail

a

city stands

the

oldest

savings

It is more than 120
years now

group

of

House

and

public-spirited
obtained

in

for

or

was

would need

ever

grave

In

The

that the

be taught

But

that

the

of thrift

public

law

needed

desirable

for

teaching

In

been
in

thrift

That

of

Institution
the

on

conceivable

an

their

the
of

instruction

to

the

This

bank

for

major

the

lawmakers

banks that

feature

and

the

were

their

of

hundreds

a

have

life

seen

through

of

concerns

periods

of

the

boom

banks

now

become

when

depositors seemed
of

personal

ever

all

more

to the

values,

They

and

have had

each

other in

deposits, and they have known also from

contact

through

that
every

They have

inflated

vie with

to

in

way

present time.
and

make

to

operations.

of

pattern have been tested

They

way.

creation

than

savings, created

through periods of panic and depression.
the

schools.

followed, those early doubts have

1816

same

highly organized

seasons

required

incorporated agency was

complex, the domestic system of industry giving
lived

the

They had

State

in the public

seemed

thousands of other

accounts

operate

of

what

these

runs

these banks have

come

record.

banks

upon

with

seasons,

amazingly clean

their

can

mean.

varying

And

extremes,

down to the present moment with

They have

earned

hold upon the confidence of
many millions

their

an

present

of depositors by

outright merit.
So, with
you

a

to take

a

field.
have

If
no

record

our

look

financial

assemblies

reality

the

councils

of




of
of

be

only at

future.

banking

measure

of

to

the

Or if

statements

some

academic

interest, I ask

in

aspect.

One is not
be

to

are

is not

we

in

in

is

past,

we

could

nothing in the

country

to

warrant

a

to look only at the present
we

might view the outlook

composure.

American

the

There

this

were

banks,

war,

the

savings

field

takes

on

that the

sure

duplicated by the

strength of

quite

a

of

successes

the

who

different

of the

successes

plodding along the

same

already apparent of the advent of
look

with

somewhat

a

on

One is

path.

led to wonder, on the other hand, whether the signs

may

One

bring their

now

increasing number of millions bent

an

same errand and

savers

past

future.

banks for safe keeping and investment will

sums to

be succeeded by
the

so

confident that the millions

so

modest

not

are

different period, when

less

enthusiasm upon

the

newer

services that

But

Bankers
which

if

these

Association

the

whole

annual
are

terrain

are

already challenging the banks to

a

test of comparative attractiveness.

Suppose I stand aside for

moment and

a

authority strike the keynote for what I

let

am

Savings Banks Association of Massachusetts
dark

forebodings

prospects

of

body.

came

It

savings

its

banks

or

sure

can

a

they have

is not given to
over

distinctly

savings.

than

more

When

such a

perform

more

capably

represents about
billion

two

the

robust

that the

mission to

out that mission

carry

and

a

The

say.

doubt

of

It is

That Association

depositors

accumulated

moments

banks.

unusual

an

to

into existence for the very reason
were

than themselves.
million

to

even

member

and that nobody

three

dollars

of

body speaks its voice

commands respect everywhere, in the halls of legislation, in

the

board

rooms

of

great

sacrosanct conference
concerns

are

when for

a

corporations,

rooms

and

in

even

those

where reorganizations of great

arranged—which

is

moment it lays aside

saying

a

good

deal.

So

the bold spirit in which

it is accustomed to drive straight forward and when instead
frankly to

some

ahead, its testimony takes

disturbing aspect

has for banks
operating in the savings

were

for

savings

gloomy forecast.

with

now

concern

of

than

more

square look with me at the

which the future

the

measure

then the future for savings

banks and cooperative banks and for commercial banks that

it testifies

good deal

real accuracy,

operate

the forerunner of hundreds of similar institu-

was

savings

minds

a

is made to

effort

an

services of banks and may have an increasing fondness for

completely dissolved.

1816,

from

matter.

the years that have

tions and

of

other

schools and the home and that

highely debatable

the

State

doubt whether the world needed

plenty of faith in thrift.
virtues

opponents with

the

to

savings bank

a

studied and

States.

Savage led his

organization of this kind.

an

of this

United

the hill

up

skeptical and reluctant Legislature.
lawmakers there

the

since James

citizens

charter

a

shopping district

bank

feeling of concern
on

an

over

what is

unusual importance,

In the September issue of its official publication, I find
these words:

"Since 1930, the number of depositors in our

banks has remained almost static, but with
It supports this statement with figures.
of

Massachusetts

had

almost

a

slight decline."

The savings banks

2,950,000 depositors in

they had less than 2,830,000 depositors in 1936.

1930;

It is true

that between those years there came panic and
depression,
and that

some savers

in

to

is

necessities of life.

their

savings

must

naturally have turned reluctantly

accumulations

for

purchase

of

the

very

That does not disturb the savings banks

of

Massachusetts

of

or

other hard

resources?

does

ebb

tide,

is

it

true,

the number

confident

So out of that experience

belief,

such a belief

we

had gathered

sustains nations

as

and

ing into the savings banks as business revived and would

The outward

brought.

carried

never

They could not be

perfect record.

inspires crusaders, that savers everywhere would come surg¬

1936 shows almost no recovery

the low point that depression
of

inch of ground.
a

savings banks is that

the

concern

almost

an

overthrown; they were hardly compelled to yield even an

conditions have destroyed all the saver's other

What

the number of depositors in
from

the test with

unemployment

dant employment, than to be available when
or

ply no counterpart, this group of institutions came through

For what other

other State.

any

under the sun are savings created in times of abun¬

purpose

9

SESSION

GENERAL

lift

of de¬

the total

number

of their

depositors to such levels as

positors at Massachusetts savings banks down very far from

the savings banks had never known before.

That

pre-depression figures, but there has been no incoming flood

happened after

That was what

tide,

to the close of

up

numbers

of

Massachusetts

What

Your

rate.

that earlier

1936

expected

States will corrobo¬

other

reports,

assure you

as

to

The

to that.

in

was

a

net loss of

1936,

net loss

a

Middle

Atlantic

a

when

are

we

it

as

lowed, it still

of

was a

annual gathering of bankers, to think of the out¬

existed.

look only

in optimistic terms and to forget that in reality

nected that they

ures

from dependable sources remind us

that

we

cannot

a

millions of
of

We had expected a quite

any

States
verse

one

a

bank,

almost

human

or

the

different

and

wonderful record dur¬

record

the

nature tested

every

in numerous
At

a

as

of the

He who did

bank,

concedes

saver

times

at

by the

babel of

their rival

companies

are

there,

and

so

are

any

superior virtue to banks.

surge

record of the banks entitles them

of patronage from among the American

PHILADELPHIA, PENNA.

Capital_

$6,700,000

Surplus

15,000,000

banks, corporations, firms, and individuals solicited.
Individual and corporate trusts

executed.

WILLIAM P. GEST
of the Board

MARSHALL S. MORGAN
President

DIRECTORS
9

Jenks

Ledyard Heckscher

Earl B. Putnam

Arthur H. Lea

Leonard H. Kinnard

George Wharton Pepper
Nathan Hayward

Morris R. Bockius

Benjamin Rush

George V. MacKinnon

Robert Dechert

Samuel M. Vauclain

Henry G. Brengle

William M. Potts

Thomas Newhall

A. G. Rosengarten

Joseph E. Widener

E. B. Leisenring

Marshall S. Morgan

Jonathan C. Neff

Thomas D. M. Cardeza

Lawrence Saunders

T. Homer Atherton




Member Federal Reserve System
Member

of

None of them

Organized 1866

William P. Gest

host

None of them ad¬

Trust Company

John Story

a

Concerns with goods to sell are there,

Fidelity- Philadelphia

Chairman

he

The field is full of rival factors,

mits that the depression
to a

brutality for which economic history can sup¬

Accounts of

and

the bank was not a saver.

merchandising has brought into existence.

had tested human institutions before, when it treated
with

patron

too, and so is the army of finance companies which modern

it

them

American

Insurance

other

never

a

inevitably the

government agencies.

time when per¬

human institution

inseparably con¬

so

claims.

dollar was lost to any of the

quite the same.

other group of rivals

jostling each other in their efforts to grow and bewildering

people of New York State through the downfall

savings
was

Not

no

became synonymous terms.

who did not become a patron of

great problem

study of these figures is that

a

Savings banks made

ing the depression.

field in which

That is not true today.

shattered illusion.

development.

a

evade.

One's first feeling from
of

of

When

it, one by one, in the years that fol¬

Saving and depositing were

became

save

councils of war, let these fig¬

are

with

When James Savage and his party entered

pioneers in 1816, it was broad and uninhabited.

this great

these annual assemblies

It must be

savings field

the

That field has changed amazingly in the

eye.

other banks entered

So

under the agreeable conditions

tempted,

anybody who studies

to

last few years.

depositors in the

net loss of almost 9,000,000

depositors in the banks of the United States as a whole.

The answer is not in some remote factor that

unjaundiced

ended with June 30,

of almost two million
States, and

apparent

775,000 savings depositors

New England in the five years that

in the number of savings depositors failed

surge

develop?

only diligent and persistent search can reveal.

figures from the Savings Division show that for all types
of banks there

what

was

Now why has our illusion been shattered and why has the

period.

Association will

own

other great depressions.

experience with human nature fairly led us to expect.

to bring back the

at least,

our

Federal Deposit

Insurance Corporation

people.

10

BANKERS'

They claim

an

equal

service

in

their

that

of

measure

version

virtue for

brings

themselves,

that older methods of

saving cannot duplicate.

calmly seize for their

own

which

terms

use

a

fund, then the right of savings banks to turn about and to

savers

results to

some

CONVENTION

combine savings and insurance in their activities can hardly

They

be questioned.

even

have long used and made popular, such as "deposit," "regu¬
lar

savings,"

"savings

fund,"

and

the

like.

They

of

savings of the
of

banks

poor.

They know

will

that

shackle

no

for

reverence

their

companies in the
in

to the

perfectly

and I suspect

easy,

temptation, to accept these

of resignation.
in

the

Historically, of

savings field at all.

pioneer work
virtues

of

in

this

new

agencies in

course,

It

was

they have

not

first

had

no

right

they who did the

field, convincing

people

our

of

better

the

than

squatters

title by right

however, that

in

a

field

of discovery.

They

where

by adverse possession.

title

is

were

others

One must admit,

of the competitors have acquired

some

now

title

a

The time for questioning their

gone.

They

place for their endowment policies at the outset by
likening them to savings accounts and by laying hold upon
such

a

terms

as

"deposits," "savings" and "savings fund" for

which

the banks

might

have

had

made

established
effective

an

all

of

protest,

the

prestige/

then,

against

represent

and

which

frequently

involves

real

cies

taken

to be

and

facturers

accumulation

of

a

are

savings

by

their methods

aggressive

of the course

to

seems

me

clear

as

salesmanship

on

which

as

manu¬

own

part.

move

to an

our

I

a

sugges¬

banks well may follow.

One of the most striking facts about some of these
govern¬
ment

agencies is that they represent

its

Federal

clumsy

hands

National

giving

the

savings

banking.

banks

almost

departure

new

half

century

a

at

field

time

one

and

confined

How it blundered

and then using them

right

a

to

its

there,

almost the

experimental labora¬

as

of regulations, such as ultimately drove

sorts

splendid institutions away from Federal charter, and
it

deprived

National

of

many

that

their

are

at

now

handiwork

is to

opportunity

an

of

scope

The point of present concern to

clumsy hands

same

banks

rightfully theirs, is outside the

was

argument.

and

off

brand

a

For

three years, the government kept

or

to commercial

entire field,

how

Government.

to the last two

activity

that

Washington, D. C.

right to appeal to Congress and Federal

our

tories for all

in

Our right to

Without any qualms of conscience, therefore,

many

Banking Service

of

henceforth

tion

savings bank

companies

involve

is

examination of the claims of these rivals and to

life insurance totters when the
history of endowment poli¬
cies is accurately stated.
For if insurance

agen¬

and will

right to regain business from the merchants and

our

to

I do

selling methods

concerns

the

One might suggest, however, that the

that

merchandising

We

in¬

manu¬

Neither do I admit that busi¬

theirs by unassailable title.

as

authorities against

up

contracts

of

companies,

foot of ground with the agencies of the gov¬

every

and

sell

schemes

finance

by the aggressive

us

and

regarded

contest

better job.

a

from

manufacturing

be effective is past.

to

the

at

their

where private enterprise is doing

continue to do
ness

our

insurance companies against

back

and

the doctrine that it is lese majeste for private

fields

into

for

of the life

strike

to

merchants

enterprise to resist the coming of government and its

justice to the insured, but the time when that
protest could

case

and

and

not accept

jumble of insurance protection and saving which endowment
policies

that

not,

are

expand sales at the expense of true thrift, is not past.

ernment

The life insurance companies
belong in this group.

made

the

you

The time to challenge the agencies of the Federal

facturers

spirit

thrift, and showing them the practical methods

no

won

a

convinced, and I trust that

Government

will yield

some

by which the results of thrift could be gained.
at

not

am

position.
is

it

savings field must probably be accepted

the other rivals within tlie savings field stand in any such

of

movement.

Now

carry

device

spirit of resignation.

a

I

any

freedom

own

banks choose to

as

savings bank life insurance, the presence of life insurance

as

have

entered the savings field with no notions as to the
sanctity

claims

Meantime, except

the battle to the insurance companies, by some such

savings banks

present

our

is that the

us

work in the savings
be

seen

in

the

field,

postal

sav¬

ings banks, the Federal housing activities, and the Federal

savings

and

punction

loan

over

the

associations.
tardiness

As

of its

if

it

felt

some

com¬

invasion of the savings

field, Federal Government has begun its assaults upon that
field from many directions all at

The

It is making frontal

once.

attacks with the postal savings banks and the Federal

Riggs National Bank

ings

and

for funds
a

flank

which

welcomes the opportunity to

serve

Bankers, their clients and friends"

which

represent

a

that otherwise would go to banks.

attack

With

seeks the

its

Federal

bid

It is making

Housing Administration,

loans that for

very

sav¬

direct

a

generation

or

more

back¬

bone of their lending activity.
have

hands.

Nation's Capital

associations,

have been serviced by banks and have been the
very

I

in the

loan

characterized

government

having

as

clumsy

All of these activities testify to the truth of that

characterization.

The

need

for

postal savings banks

van¬

ished with the coming of Federal deposit
insurance, and yet
the government keeps these banks alive with

Robert V.

Fleming

President end

George O. Va»»

from banks where

those

Viee-Prestdent

Chairmen of the Board

end Cashier

no

other pos¬

sible result in the world than that of diverting funds
away

quite

as

funds

usefully employed.

would

be quite as

safe and

I shall not analyze the activi¬

ties of postal banks, however, because the American Bankers

Association

Resources

over

$100,000,000

ernment

has already

will

not

done

so

and still

hopes that

gov¬

always persist in this particular form of

frontal attack.

Founded 1836

No

such

hope

is justified

with

savings and loan associations.
ernment
Member Federal Deposit Insurance
Corporation




clearly
one

when it

in

hand,

whose

enters the

evidence than

did

really

existence

was

in

regard

to the

Federal

Yet the clumsiness of gov¬

banking field
their

case.

try to create

justified by

a

a

was

never

Congress,
useful

dearth

more

on

the

agency,

one

of good

State

GENERAL

11

SESSION

this

agencies

in

country.

It specifically said in the

certain

of

parts

statute that these associations

be

to

created

services

only

inadequate.

were

therefore,

was,

were

existing

where

Congress

consistent with

its

light, for it had learned, while

own

England? s Oldest and largest
'Banking Institution
*

enacting the Banking Act of 1933,
that

to

duplicate

lending

and

de¬
*

posit

agencies
bring

only
But

unnecessarily

disaster
is

government

dering

body,

end.

the

in

clumsy, blun¬

a

for

can

has

it

separate

bodies for making laws and for ad¬

ministering

them.

The

body

ad¬

ministering this law has flouted the

opinion of Congress and turned its

The

back with equal unconcern upon all
the Federal

that

logical channel

or

Comptroller of the Currency

the

Reserve Board

or

the Federal Deposit

through which

Insurance Cor¬

poration have said about dangers in

duplication.

It has deliberately cre¬

ated Federal

ciations

handle

savings and loan asso¬

New England

in

agencies

for

saving

mortgage lending are

England business.

for

and

adequate,

or

than adequate.

more

It

New

your

New

and

York and other places where exist¬

ing

to

has

been

not

In

there.

content

State

a

to

stop *

Massachu¬

like

setts, where experience has proved
wisdom

the

banks

of

from

ciation

separating savings

savings and loan

asso¬

raFIRST

cooperative bank, proved

or

it by the magnificent record of the
two

agencies

separate

the

depression,

it

has

throughout

NATIONAL BANK

encouraged

of

the Federal Savings and Loan Asso¬

BOSTON

ciation to be both savings bank and

savings
give

battle

fatten

loan

and

association,

to both,

and

to

to try

to

1784

the prestige that each of

on

these other agencies has acquired in

its

own

separate field.

istrative
even

of

side

active lending 50

home,

of

both

cooperative

A government

work in

served,
them

a

75 miles away

savings

dan¬

that sets agencies at

that

flout

banks

Clumsy?

banks.

field already

and

to

or

practice whose

a

abundantly proved by the

are

experience
and

has

encouraged them to undertake

from
gers

The admin¬

government

even

adequately
encourages

the lessons from ex¬

===

perience, can be accurately characterized by no other
The

construction is not needed.

adjective.

encouragement of the

Federal Housing Administra¬
flank attack and not a frontal

tion in the savings

field is

assault.

designs upon the deposits of banks, but

It has

no

a

deprive banks of their best earning assets.

it would

again the clumsiness of government is more in the
tration than in the concept.

The idea of Congress was that

borrower, and

that benefits them not at all, that

ance

apply

device

the

unsound

in the

where

of

insurance.

in that

idea.

There is nothing ele¬

The clumsiness is found

disposition of government to push the plan in sections
existing State

organizations

funds at lower cost to the borrower
for doing

so.

stand ready to supply
and have ample funds

It is also found in a disposition to finance

construction at inflated values in sections




where such

insur¬

government should

to itself, from its own opulent vocabulary,

There

through

corner

a more

vigorous term than that of clumsy.

methods

part of the country, where they are not

guise of Utopian friendship for

resort to methods of the street

evangelist in persuading people to pay 1% a year for

needed

one

mentary

new

the

building construction, could be attracted to other parts

funds in
for

Here

adminis¬

When government and its agen¬

cies cloak themselves in the

elbowed
ment

of

nothing
the

likely

clumsy,

one

manufacturers

may

and

their way into the savings

payment
to cramp

created
saw

is

the

plans.

be sure, about the

merchants who have

field with their instal¬

They made no mental reservation

their procedure as Congress did when it

Federal

savings and loan associations.

They

something in that field that they wished, a market of

immense

possibilities for their products, and they leaped

into that field with a glint in

their eye and a grim deter-

12
mination.
took.

Like

When

savings

banks

their

had

made

utilized

they

On

the electric

went

that

"savings,"

as

and

without

the automobile

fattened

leaders

mightily,

disturbed

are

are

which

being granted

credit

is

indiscriminate

save?

you

at

now

and

which credit is

these rivals

of

is

having

frequently

popular

concept

That

well you

disguise it with the trappings of

may

character.

saving.

of

matter how

no

True saving creates reserves; instalment
buying

prevents their creation.
recognizes

its

True

uncertainties;

saving faces the future and
instalment

buying

stops

and blinds its eyes to all but
present enjoyment.

ears

its

True

saving puts power in the saver's hands; instalment buying
the saver's powers.

cramps

unemployment

sickness

or

True saving prepares
old

or

prevents such preparation.

regular

lessness

of

these is

tion of
a

weekly

monthly

or

Shylock,

bear, for it demands

payments

though

even

sadly reduced.

Saving

the

with

income

thinks in

terms

meeting

of educa-

dollars

keep

put

total

represent

cannot

his

up

into

loss,

instalment

if

payments.

What

one

fre-

may

for any

reason

buying

easily become

may

buyer and

a

I

wonder if

the

a

veritable

of

tesy

and

choose

will fall

of

later

years

also well

were

when they made savings

shackle

to

dulled

by

the

ments and of

had not been

which

ment

stantly

clever

salesmen

Their

have

as

our

the automobile

before

present

savings banks.

senses

senses

had not been

of advertise-

are

our

and

the

be,

may

apt to be.

They

immediate enjoy-

electric appliance

But

eyes.

enjoyment

they
and

R there

were no

whelming in its scope.

unemployment
so

and

sickness

squeamish that they

could

were

had

self-respect, too.

was

the

world

owed

responsible

should prepare

for

for

their

living and

old

illness

They believed
of old

easily obtained in the productive
•hood.

That

remains

to

is

the

this

statement of this
on

day the

years

A

military

He

honest

was

of his

nesses

adopt
the

the

has recently

with

own

a

General

that

Grant

great quality,

very

one

himself, quick to discern the

superior

methods
own

our

of his

adversaries.

campaign should take.

our greatest weakness?

that merit will bring its

weak-

That is

,

What has

It has been the curious notion

own

reward, that deposits will of

needle

comes

that

the

They
belief

age

should pro-

and

The

it

not, like the magnetic needle, respond

best for them.

Their behavior is

crudely,

reasons

will

be

to

so

man-

mere

challenge to the conception

straight

points
so.

There is

the part of deposits as that.

on

controlled

mob.

a

impulse,

upon

by the

They

only to what is

like that of

more

largely

acts

dictates

of

and
few

a

strong wills.
What has been the superior method of our rivals?

of active
was

on

salesmanship.

the

side

of

Once

the

upon

banks.

The home,

That

salesmanship

time

a

the school

and

the record of the banks themselves supplied that salesman-

ship and there

spokesmen of equally potent voice

were no

to represent the competitors.

is

now,

no

amnship is.

more

this

effective

their

type of sales-

of conclusion, that the future of

way

country

adapt the methods of
to

will

our

into

convert

ourselves

depend

rivals to

upon

our

adequate

own

our

ability to

operations and

salesmen

of

our

goods.

For

It

,

I say, therefore, by
in

longer adequate salesmanship.

and the progress of the other organiza-

tions shows howT much

to

sales-

the side of the com-

Reliance upon the home and the schools and the

outmoded

savings

Now the initiative in
over to

own

,

me

prolong

to

suggest

these

familiar ground.

the

remarks

methods

unduly

There must be

be

to

and

used

to

drag

would
you

be

over

advertising and personal

selling, there must be intelligence about it, and there must
be

an

irresistible driving force behind it.

tire staff must be

conception.

when

such intelligence

people
old

the benefits

of youth

only

That is just not

no

they

government

and

rest

to

towrard the magnetic pole,

salesmen, trustees and directors

-

said

plans, and equally quick to discern and

that

course

been

critic

genius but that he had

was not a

they had of saving, and it

selling it based.

The

they have made

progress

argues against further use of the passive policy,

true

only

principle is

which instalment




conception

men

can

look

to

craven

that

age

a

doing and of allowing

are

existence of these rivals and the

manship has passed definitely

They

and

come,

unemployment

years

in

us

that of being

was

own,

them to take so much of our field without contest.

con-

among

realists.

no

our

passive to what our competitors

record of the banks is

They felt

age.

and

in the spirit of virile men.

ject into the unproductive

a

has caused us to be

of rivals, jostling

array

over-

policy which has brought

very

field that was once entirely

petitors.

afraid

They indulged in
them

an

how

grim specter of poverty-stricken old age in the face.

that

such

that

people.

not

by

know

thought of future responsibilities be developed

knew

The

us to our present critical plight and

surrounded

knew

stark

am

other indictment to be brought against

the passive attitude, there is one indictment that is

did

our

were

That, I

majority of

of the

attitude

I trust it does not reflect the policy that

they

the

Furthermore, they

the

not

is to be pursued generally.

contest

some

only by persistent instruction and by other inducements

were

the

in

appeals

persistent

dazzled by the prospects for

flaunt

alluring

and

is

say,

do

upon

deposits free of tax but rigorously

taxed every sort of commodity.

say

netic

teachers

that

or

they

same

I suspect the fathers

aware

then

the public, not upon themselves.

upon

thankful

allows its

public schools to give lessons in thrift.

institution,

that the fault is the public's, not theirs, and that the penalty

enjoyment in

instructed

their

patronize

to

so

If the public does

and the

Massachusetts did not

they

deposits with intelligence and fidelity

invest

which

when

I know bankers who think that their

long as these remain within the bank.

exactly this endless content between true saving and present
mind

are

themselves seek their best place as naturally as the mag-

challenge to his confidence in himself.
fathers

who

or

is to

True saving means freedom and
self-respect; instal-

the

selling,

it

travesty

a

and to

saver

buying

the buyer

speak of saving and instalment buying in
breath.

never

It thinks only of self and of present satisfaction.

alone;

quently

mined by themselves.

relent-

children; instalment buying gives that matter

thought.

ment

the
for

Every dollar truly saved still belongs to the
him

buying

In fact, instalment buying may

make these difficulties harder still to

its

for

one

instalment

age;

to shrink

who are either

say,

defeatists and have lost all zeal for a contest,

different

a

bankers, I regret to

are some

inclined

instalment

fatalists and think that the tide of battle cannot be deter -

not

the banks have created.

the

upon

are

with

their bank every morning, treat every depositor with cour-

being put.

all, instalment buying is still spending,

who

and

struggle

mission is fulfilled if they merely throw open the doors of

gravest development is rather the effect which their sales-

manship

I suspect

they

the progress

against the

Government
close-hand

any

There still
.

plan of

our

choose.

you

those who would do almost anything to placate

are

Federal

from

What shall be

be passive if

can

until

expanded

crying out against the long terms for

to

use

have

From your point of view and
mine, this is not the gravest

After

there

the

now

industry and

Well, it

campaign?

objective, not for the ab-

Why not enjoy while

has its picture of the terrain and its

war

appraisal of the rival forces.

compunction

Then why not have the objective

liave made and

abuse which

Our council of

and

terms

upon

appliance industry and their respective finance
have

own

such

these

an

plausible argument,

companies
their

for

saves

for it afterward?

save

that

hold

CONVENTION

Their logic had a distinct plausibility about

own.

stract joy of saving.
and

popular,

they

poet,

helped them to lay

One ordinarily

it.

vagabond

Kipling's

it

"deposits," then
as

BANKERS'

•

must

Officers must be

be salesmen,

be persuaded to spread what can fairly be described
gospel

the

en-

salesmen, and the depositors, too, must

of true saving.

What I

would

as

the

like to supply is a

GENERAL
reminder

of

tliose

advantages which you still

SESSION

possess over

ciple

have

record,

a

it

and

any

have

prestige in the community.

which

in

coal

touched with the magic

be

can

turned

directors,

led

to

rapid stream until it is

of modern equipment, this prestige

employees

how

see

depositors—and

and

these

become if

can

By Dr.
been

have

asked

speak this morning
tions."
did.

I

I

not

an

they

are

think

They

problem to be discussed.

they expected from me or wanted an

American practice.

I sus-

of this problem, as germane to a

pect that their selection

be taken for granted as

past can

longer

well as the wills of men at centers

subjecting to unprecedented

are

no

the air wre breathe or the earrth we

walk on, that events as
of power

America's

traditions of

the

They

strains many of

institutions,
from

institutions,

economic

our

are

social

our

under fire

all

So real is the questioning now

quarter or another.

one

institutions,

Our political

right.

being leveled at many of our traditional ideas and instituthat

tions

decision

cise

we

in

of

approaching

of

hour

an

pattern

of human effort

our

institutions

has

come

to

Before the war we, along with

principles.

of foundation

There

believed in profoundly, even if, now

we

democratic

that

pro-

increasingly dominate the relations

ing generations, would

mankind, and that

backslide to despotic forms

being afraid

least,

would

never

of state from which are fathers

of the people instead of the people

is afraid

government

at

we,

We believed that in a healthy society the

fought to free us.

society in which class hated and class conflict would

were

we

the

deposits to

go

where they will,

the other hand, of those

or

by

adoption, 'on

your

vigorous methods of molding public

opinion that your rivals have found so effective.

.

we and other peoples of the pre-war period subscribed.

this is changed

now.

From

one

other these articles of faith
tantly derided.

In

one

mildly

are

doubted

mili-

or

nation after another the slow gains

of generations have been set aside in

a

frantic search for

foundations of national being.

new

All

of the world to the

end

All this is understandable in

:

,

nations

whose leadership

has boldly broken with the past, deliberately junked

every

doctrine of democracy, and openly asserted its disbelief in
the

value

of freedom

for either the

spirit

or

enterprise

can

be uhder-

of man.

•'

,

A Stalin

can

be understood.

A Mussolini

A Hitler can be understood.

They pretend no belief

in the doctrines that dominated the world before the war.

But the current questioning of pre-war ideas and pre-war

institutions is not confined to these dramatic rebels.
men

Even

who still wear the livery of liberalism Today destroy

democracy under the pretense of defending it, plan more and

essential

liberties,' organize

to re-

to set class against class, give growing evidence that they

think

man

was

made for the State instead of the State for

and, in a thousand ways, increase the power of poli-

man,

tics at the very moment when the certainty of statesmanship is dwindling.

in

honest study of the outlook for American

any

institu-

With these conditioning circumstances fully in mind,

tions.

I want, with the utmost brevity the problem will -permit*

for two basic Amer-

to think through with you the outlook

ican

institutions:

(1)

the

institution of democratic self-

government, and (2) the institution of free, enterprise with
its logical objective of maximum production for mass con.

I speak first of the institution of

democratic self-govern-

Even before the war bled the race white of its old

ment.

self-reliance and set the stage for the seizure and centraliza-

tolerated.

of the Death Valley of Scarcity into the

Land of Plenty and

that

upon

tion of power in one nation after another, there was a grow-

nor

laying the foundation for

unprecedented enrichment of the lives of the millions.
believed

hand to

one

We believed that the

mankind out

Promised

the

bringing to bear upon scientific research,

technologic application and economic management was leading

on

policy of merely deserving deposits and then allowing

sumption.

of the government.

neither cultivated

1)6

adherence

the

We believed that we could build on this continent a class-

genius

your

These are the conditions that must be taken into account

self-government,

gressively adjusted to the changing circumstances of succeed-

less

It will be determined

day follows night.

as

wholly by yourselves, by

broke with them in practice.

believed

modern

It belongs instead in

aloud, with a directness that cannot but be deliberate, seek

for the next half century.

challenge to

definite

and then, we

of

of algebraic equations that has X

unknown quantity.

limitations

few things

We

*»

,

it does not

the production of goods for which human need cries

direction

growing number of Western peoples, were committed to a

a

Why

•

press

the

determine

focus since the World War.

were

group

State?

American

shall

we

critical

decently

in this

saving

yon

•

more

civilization is to take

a

of

that-

,

.

which, either by default or by a conscious exer-

will,

This

rapidly

be

may

.

the class of developments that follow as surely on the heels

stood.

enterprises.

our

were

future

belong at all in that

the ideas and institutions that have until now governed our

lives and

form. of. saving

the

,

for the baffling,

conference of the Nation's financiers, grew out of an uneasy
that

is

Glenn Frank, Editor "Rural Progress Magazine," Chicago, 111.

"The Outlook for American Institu-

uncritical ballyhoo of traditional

sense

results,

Outlook for American Institutions

by the officers of this Association to

on

did not select the

do

what

only

superior to every form of saving, in prin-

The

I

by the right sort of

consuming fire

a

missionaries

of

army

the

Like the electric force

You have human organization, officers, trustees

treatment.
and

into

in

or

The

in

and

You still

record which these rivals can show.

latent

is

length

in

surpasses

quality
a

in

represent!

your competitors.

You

and

13

science

had come that

men

an

ing doubt in the minds of many that democracy was up

'

duction.

>

.

These skeptics recognized the workability of democracy

We

might have life

to

administering an age of science, technology, and power pro-

in

an

age

of small-scale

enterprise,

simple; relationships,

and have it more abundantly, and that science should, there-

and slow tempo of development, but they were not so sure

encouraged indefinitely to expand the productive

of its workability in the modern industrialized world where

be

fore,

the scale of enterprise is vast, the relationships complex,

capacity of our farms and our factories.
We

tive

were

that,
a

believed

few

that

personal

fundamental

to the

incentive and
continuity

private initia-

of progress,

and

whatever safeguards we might have to erect against
lawless men and

not destroy

initiative give to
These

a

few lawless enterprises, we must

the dynamic that personal incentive and private

were

economic faith to

the

articles

of political,

social

and

which, with varying degrees of fidelity,




Such

a

world, they

elections of democracy commonly call to power or the
latures of domecracy normally tolerate.

the

Legis-

,

The alarming instabilities of the war and post-war periods

brought all this skepticism of democracy out of the library

life and enterprise.

among

and the tempo of development swift.

thought, might have to have a leadership stronger than

of the political philosopher into the arena of political action,

Here, there, and yonder, this skepticism of democracy

has

BANKERS'

14
found

varied expression.

itself in

In one country it lias expressed

proletarian dictatorship that is frankly

a

class

a

In other countries it has

dictatorships

expressed itself in more personal

necessity

the

dispute

which

mise

it

This has given us Communism.

government.

Republic chose

for

class

any

into

has

third

proved

The historic record is

ests of all classes in the single interest of the State.

to serve emergency

In

moved

still other countries this skepticism of

domeeracy has

lushly but subtly, under the cover of emergency lead¬

erships which, with each advance towards greater and
detailed power, more loudly protest

more

their devotion to democ¬

This has given us—well, a number of political

racy.

ex¬

Democracy has died before in history.
had

known it

When
and

and prized

And peoples that

it seemed not

to see it go.

sorry

popular government flickered out in ancient Greece

Rome,

nobody

thought

reviving

of

it.

With

world

each of these

ages,

road

in
no

to permanent

sought

to

bully

without its

character

democratic consent and designed

with

ends only, centralized

relentlessly

And it has corned

of

periments.

Down the

The centralization of power lias always ended in tyranny.

Even when effected

grown,

plain.

three modes of government has run true to form.

struggle for power, denounce the idea of any class monopoly

has given us Fascism.

And, with all its shortcomings,

way.

itself historically superior to the other two.

of privilege, and announce the merger of the separate inter¬

This

shoved by the processes of compro¬

were

or

the

the

direction

It has always, sooner

silence minority

opinion

the

on

later,

or

within

and

ranks, liquidate all opposition by exile

own

or

assassination, and thus gain unquestioned right

for its every wish.

way

has always

self-perpetuation.

that would advance it

weapon

power.

into

power

of

And,

entrenched, with

once

a

presumption of permanence, centralized power has always

domineering.

grown

with

concerned

It has become less rather than

the

common

good,

rather

more

concerned with the aggrandizement of its own

more

than

less

authority.

It

Until, at last,

a

trends what they are, all this may happen on this continent

has become the victim of whim and caprice.

and

revolt of the governed has proved the only road to
progress.

in

price

no

high.

I beg

generation.

our

we

that

me

The

have to pay to prevent this will be too

may

For,

believe with

you to

despite

its

and

many

manifest

weaknesses,

decentralization

treme,

in

ends

democracy is both safer than and superior to dictatorship,

well in

despite the swift efficiency that

may

less

officient

simply

The

organized

seem

to

why

I

bring to
think

an

all-powerful State

Let

phase of emergency.

a

with

democracy,

its

me say

diffusion

of

is

power,

preferable to dictatorship, with its centralization of powor.
The

cardinal

the base of

with

strength

judgment

of democracy is that if broadens

which policy is built.

upon

varying degrees of effect,

sion that determines policy.

tatorship
which

is that

it

on

All of us,

the base

of

judgment

upon

Policy is determined solely by the

particular brand of advisers who rapidly

degenerate into sychopathic yes-men.
We

told

are

that

before.

But,

the
of

and

argument for rather

an

balanced

complexities of

judgment

ties

of

our

an

age

leaders

history, therefore,

we

the broader should be the base

limitless.

are

vidual

basket.

one

as

ever

The greater

upon which its policies are built.
age

The complexi¬

The capacities of

limited.

are

Less

can we

than

at

indi¬

our

time

any

afford to put all

in

our eggs

Less than at any time in human history can

afford to bully into silence the voice of corrective criti¬

cism,

intimidate minority

right-of-way

to

the

driven statesmen
the

world

It
need

is

and

give

improvisings

wherever

unquestioned

into which

crisis-

And yet this is happening

peoples permit

themselves

to

by the glamorous promises of dictatorship.

one

of the

of

the

major delusions of

hour is

government we need
ment

opinion,

readily fall.

so

around

be seduced

hasty

strong
so

our

as

is

not

the

Strong government
power

through

can

the

acute sense of social values.

an

build itself into

clever

as

society

a

becomes

balancing of

attempt to find

strategies

a

brief interlude of

of

a

clique.

Wise

the

It becomes less and

increasingly complex.
is the result

powers

of

workable compromise that

a

ex¬

work

may

man¬

would

centralized enough to achieve efficiency without

power

It is this third way that the American people has
sought
follow.

to

It

this

is

third

American Constitution.
all

It

way

that

is, frankly,

ment, the
if

is

a

charted

in

compromise.

the

Like

compromises, it does not satisfy the logicians, and it is

the despair

the

of certain intellectuals who have

a

passion to

But it is, in my judg¬

the American people must continue to follow

way

extremes of tyranny and

in the

days to

anarchy

to be avoided

are

come.

The verdict of history is clearly against centralized
power
and for the

organized balance of powers.

The growing cen¬

tralization of power in national governments, in its ultimate

impact

the lives of men; is a reactionary movement,

upon

despite the fact that it is for the moment the pet gospel of
deluded liberals.

All down the ages, when men have sought

to centralize power,
power

it has been

on

the assumption that the

would be used for noble ends.

that it

will.

Lodge enough

There is

power over

no

guaranty

the Nation's enter¬

prise in Washington and, no matter how wisely the power

might

be

Fascist

used

Right

the

at

outset,

we

could

be

swung

the Communist Left with

or

to

the

facility

equal

according to the mind and purpose of the national leader¬
that

happened

to

hold

the

reins

of

events

of

at

any

years

just

power

given time.
I

strong

wise government, govern¬

invested with the virtues of insight, dignity, modera¬

tion, justice, tolerance, and

excessively simple society.

an

power

out anarchy.

ship

time that

It

government.

much

when pushed to

tyranny and decentralized enough to achieve freedom with¬

than against the

of democracy.

powers

human
in

today

complex than

more

closer examination, this argument of com¬

on

plexity becomes
diffused

are

power,

Decentralized

blueprint the hevarior of mankind.

be centralized

must

power

before because affairs

never

keep

the discus¬

The cardinal weakness of dic¬

narrows

policy it built.

dictator and his

chip in

can

kind's

of

anarchy.

the

venture

ahead
of this

will

Republic

were

are

State.

the

in sacrificing some efficiency in gov¬

ernment in order to set up

the

that

prediction

increasingly demonstrate how wise the builders

safeguards against

The purpose of

likely to forget,

was

tyranny of

a

the American Constitution,

we

not to provide complete efficiency

government must have wider soils in which to sink its roots.

in

Dictatorship

protect the people from the abuse of power and give them

is

the

quickest

path

to

strong

government.

Democracy is the surest path to wise government.
The builders of this Republic understood this.
out to build a central government

to govern

its

abuse,

have

for

they knew,

can

go

government on
of

power,

these

with every power it needed

carefully devised safeguards against

forgotten, that there

people

the fchance to

They set

adequately, but they surrounded every centraliza¬

tion of authority with

or

three

what
are

governmentally.
a

an

of

their

successors

but three ways in which

A

people

can

ground

a

its

centralization of power, a decentralization

organized balance of powers.

ways




some

and

none

other.

The

government,

There

builders

of

are

this

but

be

as

free people under

There

is

life

to

in

provide

an

instrument

that

efficient in governing themselves as a

democracy can be.
this

American

tradition

of

democratic

self-government yet, and when the historic books
ances,

it

will

Fascism and
I

be

more

would

seen

to

have

been

more

are

efficient

bal¬
than

progressive than Communism.

speak second of the institution of free enterprise and

its logical

objective of maximum production for

mass

con¬

sumption.
Just

as

in

the

field

of

institution of democracy,

government,

so

we

live under the

in the field of economic enter-

GENERAL
prise

live under the institution of

we

First,

variously

system

a

15

SESSION
they have

capital at times.

known

as

so

That system is under fire today.

on.

free enterprise,

free

a

capitalism, and

economy,

We are told that

of

the National

and

free

asked

it is

dying, that it saved magnificently the pioneer phase of

American development, but that now it must

that

Second,

tion

of

What
an

have made

about

this announced

capitalism, call it what

will?

I

that

I

am

tired

bit

a

into

American

tion

be

of

the

to

forms

and

mits
too

convinced, ladies and gentlemen, that it
or

legitimate criticism, is
the

perverted something that has

a

of

name

capitalism

and

free

enter¬

This pervented something
of

"free

die,

nomic

the

this

of

false

free

States just

United

that

something

unofficial eco¬

of the

is

now

masquerades

to re¬

true

a

enterprise which in

capitalism, and

on

true economy of free

a

judgment is the world's most depend¬

my

let

authentic
both

not

me

speak

capitalism,

terms.

and false

Authentic

enterprise, has

riddles.

in

have

me

of

define

true economy of free

a

characteristics

least these

at

First, it is
profits.

of

cost

It asks

courageous.

It looks to

no

production

no

one

political

papa,

or

invest, to take risks,

to gamble

Second, true capitalism,

equal realism.
rate

and

worker,
and

more

true

of free

economy

work,

work,

and

and

slender

a

sound socially

as

larger total

total
as

a

a

enter¬

for

the

lower wage rate

income for the worker.

true capitalism knows that when work is

a

plentiful and times

good, low wages cut down its market

are

to

truth

to muddleheaded

and

to stop the unfair

intended

which,

the fair competition

tended to strangle

with equal

short-sighted

to

plain the capitalist,

who

is

The point is that

sign

to

the

this

blame for

to

one

no

death

is

quite beside the

this continent has the

on

of free

certificate

enterprise

authentic capitalism until free enterprise and authentic
talism
We

have

been

find,

may

given

fresh

a

think

I

as

that

shall,

and

enterprise

make

is

ably

managed,

much

enterprise is

due to

four disloyalties

these

to its

maximum

for

free

maximum

consumption,

Third,

a

true capitalism,

a

reasonable doubt

every

has

been

critics of free enterprise and authentic
the

practical situation
is this:

think it
forces

of

confronting us

now

granted

of free enter¬

economy

prise, is competitive on the basis of efficiency and nothing
It

else.

resorts

neither to private monopoly nor to public

coddling to save it from the impact of risk and competition.
This, ladies and gentlemen, is authentic capitalism.
a

true economy of free

Just

haven't
true

between
seen

too

much

of free

economy

This

technology

science,

productivity

and

as

a

of

and

not

for

this authentic

enterprise,

in

publication,
capitalism,

recent

years.

we

this

Short¬

sighted private enterprisers, and fog-minded politicians are
jointly
and

than

responsible

the American

for

short-sighted

as

well

leaders

of

things to this system of

crippled

as

liberal

have joined hands

years

it and left

radical critics.

American

politicians

with

some

capitalism

in

the

last

of the more
to do

four

free enterprise that have seriously

it open to the challenge of its more

Here are the four things they have done to

system of free enterprise:




I
the

will

interdependence so

an

delicate, that a system of free enterprise with its myriad

We have not,

in

judgment, reached that time yet, nor

And Karl Marx to the contrary notwithstand¬

living.

now

my

judgment, within the lifetime of any of us

shall we, in my

enterprise, if intelligently modernized, that makes

free

of

it necessary
But

that

we ever

reach such a time.

entirely aside from all that theoretical base, the blunt

is that

fact

the

overwhelming majority

of Americans are

simply not ready to scrap an economy of private enterprise.
believe in their

They still

bones that the basic values of

life, liberty and happiness can be better

pursued under a

regime of private enterprise and political liberty

think

we

If

we

shall

proceed

to

are

to

followed,

the basis of an intelligently

on

take then the spirit and the

governmental policy must

of

proceed

under

system of free enterprise,
sense

whether of

Left.

system of free enterprise.

modernized

content

than under

deeper will of the American people is

So if the
I

say

be made to reflect.

intelligently modernized

an

then it is only elementary horse-

that we must confine

which that sort of system will

the conditions under

work, and then from one end

Nation to the other set our

policies to insure those

conditions.
But of this much,
No system

Fascism

ladies and gentlemen, we can be sure:

of national enterprise—I care not

or

Communism

or

whether it is

enterprise—can function

free

effectively unless it is truly believed in
unless the leadership

its

Conservative

this

having made American capitalism

system of free enterprise something less

it is.

several

people?

production

power

lavish, and

so

the

private decisions will prove unworkable.

of the

enterprirse.

ourselves,

to

capitalism, what is

The time may conceivably come when

If this is the road we are to

true

central

principles.

and maximum profits.

wages,

of the

widely-heralded breakdown of American capitalism and free

And when it is free
capitalism and

or

capi¬

be themselves.

chance to

we

Fascist Right or the Communist

flexible

enter¬

the private

often responsible as has the poli¬

as

the

capitalism is flexible, not rigid.

of
in

which have made this American

measures

of the sleek systems of political management,

be

ventures

in political planning.

ventures

any

True

may

subsidize inefficiency.

best served by lowering prices rather than raising them.

are

There

life..

economic

our

afford

can

It knows also that its profits

instead of enlarging its profit.

is

right

high wage

income

units of

that

ing, there is nothing inherent in capitalism and in economy

lose its shirt.

It faces good times and bad times with

not be

And, conversely,

to

or

It knows that in hard times

little

may

a

the long change in

on

it may either make a fortune

prise, is flexible.

It has the courage

that have tended to keep alive, and in

is—actually to extend special compensa¬

it

measures

have

applies

make

But

point.

plus, regardless of the efficiency or

inefficiency of its productive processes.

which

to guarantee its

otherwise, to give

this

me

create a

three dominant marks:

to

let

When

spoken

Let

enterprise.

capitalism,
other

among

I

as

priser, has been quite

hope for the much-heralded abundant life.

Now,

it

self,

the

under

enterprise and capitalism, and to revive

this continent

able

responsibility

supreme

leadership of the

nounce
name

masquerading under the name

enterprise" and "capitalism" is dying and should

and

adjusting itself to changing

system of free enterprise something other than its authentic

tician.

prise.

measures

economy

privilege,

and

For these four

of free enterprise

economy

The thing that is dying, the thing that per¬

long carried

enterprise

free

which have
rigidities that

factors

other

and

and

of free enterprise cannot, without jamming its gears.
of

talism, for I

that is dying.

capitalism

they have fostered

private monopoly,

am

they

when

that have tended to fix for certain

measures

inefficient

national

economy

Fourth,

reading these daily

weak

of

excellence,

authentic capitalism,

enterprise

free

»

obituaries announcing the death of free enterprise and capi¬

not

and

that system less and less capable of

competition

is

But I remind you that capitalism

capital

levels—prices

high

instances—unbelievable

some

An

confess

to

underwritten, that their profits be in any measure

Third, they have fostered

if not death, of

senescence,
or

profit

guarantee

to

in the liberal legislation

conditions.

political boards.

or

of free enterprise,

economy

you

artificially

policies of enterprise, by elected or appointed

the

political leaders

be

to

they have fostered

introduced

more

seek
even

guaranteed.

be suppressed

keeping of the conscience and determina¬

and

more

were

Recovery Act.

ceased

their risks be

that
found

measures

measures

Industrial

enterprise

times—at

by

fostered

Such

by the people and

is inspired by the sense that in

doing

social as well as personal

day-to-day job it is serving

ends.
If

we

are

to go on

capitalism, we
essentials:
the new

with the free enterprise of American

must provide that

system with these two
under the spell of

With so much of the world

gospels of Fascism and

important that the

Communism, I think it is

political as well as the economic leader¬

ship of the United States, once

it has dealt decisively with

16

BANKERS'

the sins and the sinners of

the

for

case

will

free

capitalism, shall then

enterprise that

be aroused for its preservation

given

a sense that

they

A

restate

so

truly popular passion

a

machine

and its honest leaders

serving significant national ends

are

farm

equipment manufacturer, for

bankrupt if in

brought

when they create great businesses and great industries that

situation

measures as

ment

men and

and create the wealth that

women

govern¬

spends.

There is

But
basic American devotion to the

a

principle of free

enterprise, but that devotion, ladies and gentlemen,

permanently

sustained

ernized economy

only through

of free enterprise; and by

modernized economy of free enterprise I

functioning

through

workable

a

the unworkable economics of

ally creating.
in

A national

intelligently

an

mean

economics

scarcity

be

can

intelligently mod¬

an

an

of

that will find its profit

economy

production for the millions, and stabilize its market by

progressively wider distribution of the annual
by

arbitrary

itself

speak for just

me

ernized

halls

policies

human

of

it

prices, and profits.

few moments of this mod¬
eco¬

plenty, and then I shall be through.

must

race

the gods,

it stills their
when

income, not

the

and then

now

and unless their

of the tragedy

sense

of

laughter, the gods must have laughed loudest

they saw the panic that swept
of

announcement

bumper

leaders with

over some

wheat and cotton

corn,

We

before

the

gods and

the

whole pur¬

activity is to bring the abundant life within the

our

reach of every

living American, and at the first

ment of actual abundance we cry

this lavish production

insist

We

that

men

that

one-third

of

the

ill-fed, ill-clothed and ill-housed,
forecasters tell

us

we

check

we can

ruined."

are

we

out, "Unless

announce¬

shall this

population

is

but the moment the crop

ceivably

do

the

ill-fed

the

forecasters

wheat

something about

third,

both corn and

we

not a

am

this, and

except

as a

is

neither

we

by putting
and

the

that

us

with

fiable

we

which

are

unsatisfied

due

might

we

for
con¬

political

political

organ¬

person, so we can be honest

ungloved,

brutal

truth

is

that

of meeting an emergency, there

in

reason

fantastic

the

notion

that

as

By

more.

our crop

have been

many

as

restrictions to date, justi¬

emergency

measures,

we

have

stimulated foreign production of the products that some

so

abundance
it

If

for

these 30

values that

minutes

policies.

and

fewer

think

a

higher price,

permanently

holds

this

on

they

big business.

They

they do it they

business over, the un¬

with

better fed, better clothed,

bodies

minds

and

and

spirits

goods

at

higher

at

That means, ladies and

lower

prices.

prices;
And

has intelligently

enterprise

it

doesn't

whenever

mean

great

any

organized

itself

its total

I

profits have been greater.

This policy holds quite

enterprise for

great nation

a

single great industry in the nation.

a

have

sympathy with the inconsistent manufacturer

no

drastically reduces the output of his factory to keep

his industrial

prices up and then criticizes the farmer for

joining in programs of drastic

crop
sauce

for the goose is sauce

to do

more

gander!

abundant

What is

And if

life,

if

we

we

are

reduction to keep his

really to

are

than talk about

achieve it

for

the

and

believe

farmers

in

and

of

to

American

agriculture

must

more

goods at lower prices instead of fewer goods at higher prices.
And

when

they

do, both

will

make

more

and

money

Of course, the whole economic life of the Nation is thrown
out of balance when

production

policy of

and

industry follows

raising

unrestricted

prices

and

production

with

That is why policies of drastic
sensible
far

as

producers

tion and

to

policy of restricting

a

agriculture

crop

And

they

are

the farmer is concerned if all other Amer¬

are

to follow

policy of restricting produc¬

a

raising prices.

But again, that isn't my point.

farm

prices.

have

seen

$1.30
an

at

a

The

corn

No

time

a

as

short

of

low

a

the

as

run

part

in

business, whether

corn

10c.

of years.

field

of,

say,

belt, for instance,

and

jump

as

That, of

high

course,

as

is

a

answer

of

industry

My point this morning is

higher prices.

is to

farm

or

factory,

can survive under

The spread between low and high

agriculture

production

agriculture join
at

and

are

is not to have agriculture join

restricting

industry

and

in

raising

the

nomic

insanity

more

organize

prices,

insancity

from

possible

a

the

industry in the folly

The answer, in terms of

and

make

to

have both industry and agriculture

production of

great, the rise and fall too rapid.




the

situation.

price uncertainty.

is too

play

farmers

drop

bushel in

intolerable

such

no

if

a

restriction have

Americans.

many

follows

resulting fall in

a

better fed and better clothed and better housed
people,

should

the

living standards of the millions will be lifted.

millions if they are ever actually to live the
abundant life,
instead of hear about it.

ment

to

come

practice consistently the policy of

that

This is not to
say that govern¬

the

millions, then both the manufacturers of American industry

point at which he will not be pro¬

me.

for

greater volume of output at smaller profit margin per sale,

ducing enough to meet the human needs of the American

Don't misunderstand

pro-

thing

would be laughted out of court.

beyond economics.

more

goods

ican

he

monopoly

a

And when

we mean a

people,

lie

gentlemen,

not

unless

assert

emancipated from unduly low living standards and freed for

as

a

to

anti-social,

were

amazement, I find

my

stop all activity in the United States for just

housed

sensible

permanent

practices

Now, to

seems

By the abundant life

advantage of the compensation he received for what he did

his production down to

who

by legislating for scarcity

so

be

their

believable insanity of trying to arrive at a life of abundance

seemed

cannot

that such

with their

could

we

prices.

produce, and, for what he did produce,

big business

reducing

30 minutes, and if every literate American would stand still

ican

which

a

social-minded, liberal, progressive.

foreign commodity markets may be lost forever to the Amer¬

farmer, and all he has to show for it is the temporary

the

and

have always damned as reactionary in

the
a

damn

plants

advocating and doing exactly this

for the

so on.

and clamp

preach the abundant life with their words, and then prevent

productive genius in chains, by producing less

our

liberals

certain

of

means

charging

told

was

agricultural prices up.

justified

nor

I

up.

gressivism,

controls and cotton

bring the abundant life to the American millions

can

ucts

of

blunt,

liberals

their

unprogressive, reactionary.

appetites

the

rhyme

hear

to

down

out for stringent crop controls

cry

wheat, and

about

used

for

The blunt truth is, gentlemen, this is not
ization and I

I

shutting

as

tell

social gospel

a

thing

one

permanent policy upon the total enterprise of

true for the total economic

crops,

It is

and quite another

emergency

production in order to keep the market price of their prod¬

who

and

$1,300.

as

rightly take heroic

may

this morning.

an

as

the ill-clad third, we cry out for cotton

corn

not my point

raise 16 billion bales

year

subsidies.
The moment

government

possibly do something about

of cotton, with which we might

bumper

lad

a

American

American

is

as a

for

better

swear

of

pose

As
men

crops

this fall.

much

as

go

people.

stupidity

through the

sweep

would

his leading

years

the American Government has.

policy to meet

a

$100 and

as

thing to lift it to the dignity of

call

convinced that the gales of laughter at the

am

of the

hours,

very

a

through

aspect of our economy of free enterprise, this

nomics of

the

but

adopts respecting wages,

Let

I

action,

political

a

that

instance,

of

run

farmer has been up against, and in a

corn

unstable

so

draft

it down

economy

plenty, not

have been artifici¬

we

to

little

as

That is what the

employ

equally short

an

coast

a

not

to

have

of fewer goods
national future,

renounce

to

this

eco¬

for

the

coast

goods at lower prices with satisfactory

total profit from larger volume.

It is well to face it, ladies and
gentlemen, because events
will

force

us

to

face

it

if our

intelligence does not.

GENERAL
Scarcity is

saving.

no

forcibly correct

can

By legislating crop scarcity, you
abnormal lack

an

industry and agriculture, and if
ing the
while

farmer

sounder

a

economic
the
in

industry
as

words.

what
as

Ye

a

policy

right to do

it is

for

being worked out.

by

But,

no

whole.

You

call

can

it

in

and

courage

our

life

stretch of

remains,

it

procedure,

permanent

liberal,

seriously considered

when

illiberal,

anti-social,

unpro-

We must provide, instead of prevent,

And

I

may

on

soil consecrated by the blood

of

your

fathers, who thought it

to

give

their

descendants

if

lives

that

thereby

freedom

not too high a price

was

I

hope

tion,

you

and

enrichment

and

democracy

of this

economic

this

of

heritage

enterprise

free

of

which

forefathers in the shadow of whose memory you are

today

I

hope

that

And I challenge you in this final moment to such

modern

of

rededi-

determination

the

in

secret

places of

you

position

of

men

and

power

and influ¬

most of whom were not born with golden spoons

ence—men,

like

or

to

Americans
We

to

throw

the brakes on

goods

and

shall

need

shall

We

bring

I

have

much

in

sympathy

discussing

for

domestic

at this

speakers

give

attention to

from

which

alone

shall, in short, lay the foundations for a workable

Trade

Commerce
It is my experience that discussions of foreign trade are

apt to wander far afield into the by-paths of finance, diplo¬

goods
future

depends

own

and

to

the

day to

other

countries.

Its

values,

exchange

policies,

the past

day, regardless of

present.
Foreign trade is at its best in times of general interna¬

exactly

World conditions are

stability and prosperity.
ideal

in

these

respects.

to

which

can

better

be

thrive on

It cannot

prosperity in one or two nations alone.
ness

applied

There is no busi¬

the

old

saying,

"A

rising tide lifts all the boats."
An

the

Spain, the Far East and the hunt for pirates

Mediterranean

organized in the little town of Nyon.

should

be made for frozen credits,

Due

allowance

war

debts, unadjusted private debts,

its

of

trade

world

life

has

devoted all

between

peace

nations

essential

and the general prosperity

Secretary Hull and others have
tain

terms

happiness
are

sleeping

the

immense

to world

recovery,

of nations.

pointed out in no uncer¬

influence of foreign trade on the

The arguments so ably presented
and need no repetition here.

of mankind.

unanswerable

for the 15 years

its efforts to the advancement
as




trade

as

a

No

unit

other

trade can only be measured in dollars.

foreign
can

the diversity of goods which it

express

includes.
1929

In

reached

it

dropped

dollars,

the

all

of

output
mineral

the

for

and
for

bankers.
a

as

has

now

Its normal value equals the total

and exceeds

revenue

of all

the total

our

railroads.

of

It is
It is

goods makes markets for producers,

employment

distributors,

ports, and an infinite number of

nition

9% billion

and

of all motor vehicles.

movement of

a

1933,

in

including coal, oil and metals.

gross

double the sales
Such

billion

textile mills

our

production,

than

more

staggering figure, of

three

to

It is

a

for

railroads,

lusty industry, worthy of full

contributor

to

the

ships

financial transactions

Nation's

business

recog¬

and

an

employer of labor.

fluctuating exchanges,

The International Chamber of Commerce
of

semblance of

some

foreign

Size of Industry
American

Prospects of Development

mountain of gold in Kentucky, and hot money.

the rising

To keep

American

I followed the Securities and Exchange

industry,

business

appraisal of foreign trade today must take account of

the enigmas of
in

of

recovered to five billion.

tional peace,
not

national

war.

discussion

of

exchange

Any opinion as to the future may

tariffs, war and peace.

this

Commission, asked questions, and tried to find the answers.

relates

this

financial

properly change from
or

their

do in

such uncertain factors as international

on

national

relations,

trade,

between

services

and

will

business.

own

foreign

shall make politics the servant

instead of the sovereign of our lives and our enterprises.

politics, gold and

subject,

provide adequate buying

can

we

economics of plenty, and we

in

My

fixing of

for consumers, and adequate profit for producers.

order

country with their

artificial

an

authentic freeing of the

be

will

At least they have the advan¬

what Americans

to

an

energies of business, industry and agriculture, to create new

macy,

estimating

such treason to human

policy.

attention

less

more

policy into harmony with
no

national

our

by facts, figures and logic.
of

that

so

expected to give definite opinions of the future, supported

tage

of

convention

business

of

fields

economic

our

inform

shall

millions

sorely need.

so

technical processes,

our

productive

our

that

wealth

American Section, International Chamber of Commerce, President Boston

Eliot Wadsworth, Chairman

Chamber of

who

of living for

standards

lift the

and

produce

necessary

The Outlook for Foreign
By

to release the full productive energies

in order that those productive energies

age,

masses.

We

hearts.
that

We

and enterprise

We shall call upon every resource of in¬
ours

lower the cost,

may

the

power

wealth

hope

unreservedly

freedom, consistent with the interdependence of

society.

this

power

I

in the secret places of your hearts

say

shall defend at whatever cost in government

but

your

this

loyal to the principles of democratic self-government.

cation, not in terms of formal resolutions to be voted on,
new

will

you

shall revise the procedures, but remain

we

prices, and

meeting.

in terms of

the new circumstances of

to

political sovereignty of the masses.

capacity

out of the heroism and sacrifice of these revolutionary

came

enterprise

of science, technology, power, production and the

We shall refuse to believe until better proof of the neces¬

will here rededicate yourselves to the preserva¬

modernization

political

and

age

sity than has yet been offered appears that it is statesman¬

for

win

much of its history.

so

shall adapt the traditional institutions of

their

could

enterprise which have marked the development

Republic through

struggled up through

despotism and opportunity

they

from

themselves

that with due admixture of caution

come

we

genuity that is

people.
You are meeting

this final word?

say

today, ladies and gentlemen,

for

abundance if we are

the abundant life for this whole

now

days to

the utmost

gressive and reactionary.

to realize

new

have

but

of these two American institutions of demo¬

self-government and free enterprise—I hope you will

say

progressive,

social-minded,

cratic

with beautiful

it

surround

can

their mouths

balanced

better

a

in

the processes

it

scarcity as a permanent policy, either

can

will, but

you

do that without mak¬

you

State,

in agriculture, be made socially helpful to the

or
a

the

to

long-range

life is

imagination

people

slave

a

between

balance

of

17

SESSION

Modern civilization depends for existence on
trade.

It

cannot

goods plentiful in

survive
one

without

the

international

exchange

nation, lacking in others.

of those

Without

indispensable raw materials received from foreign sources
great
kets

industries would be stopped.
for

surplus

business would

international

products

of farm

be dislocated.

trade

has

Without foreign mar¬
and

factory domestic

With increasing populations,

become

a

necessity.

It

has long

18

BANKERS'

since left the luxury class.

that

say

cities

nations

dependent

are

It is hardly an exaggeration to

dependent

as

are

CONVENTION

foreign

on

trade

as

call

trade with the surrounding country.

on

for

and

new

trader at

ingenious

Facilities for

transferring

be rebuilt almost from

Recent Activity in the United States

continuous

balance

During the

of

and

war

sales

trade grew steadily with

boom

the

purchases

over

of American goods increased

of the

in

a

favor.

our

1920's, foreign sales

enormously.

Vast credits

were

extended to purchasers through loans by government to gov¬

the

sale

It is

now

ernment,
credits.

cash

a

on

the

of

foreign

basis, but with

United

bonds

operating at

and

the

granting of

normal levels, largely

more

growing balance unfavorable to

a

founded

was

sound

the

on

finance

and

In

few

a

short

America has changed from

years

record

no

such

on

of

scale in

a

receivable

rency with gold

is

under

loss.

a

To be sure, the accounts

Some

other

foundation

construction

can

issues

in

are

is

the

the debris of

War debts of some 10 billion dollars lie
peacefully in the

Treasury at Washington, their future shrouded in mystery;
hang

changes

like

and

debtor

and

cloud

a

restore

over

normal

creditor.

They

effort

any

financial

the role

of

ex¬

between

ignored,

dealt with, and put on a practical basis.

foreign trade depends largely

stabilize

relations

be

cannot

to

The future of

out

how this country acts in

on

in

must

be dif¬

may

ternational

trade
who

took
or

a

between

agreement

no

meet

been

bought

sold

the

of

They

and

activity

be

were

the

imported to be
Governments

tarriffs

for

revenue

In recent years many

limit, and

trade

cleared

and

world

embargo

even

These clots

seriously affect
before

away

its

its

natural

be restored.

can

lead

ex¬

years

merchants

needs.

We may well feel proud that the United
the

recent

their frontiers.

international

must

by

on

moderate

of goods across

arteries

in

throughout

Goods

tastes

consumer

place

carried

and

nations have intervened to
regulate,

in

re¬

States,

From time immemorial in¬

reasonably protect home markets.

vitality.

toward

United

the

Changes
taken

part except to levy

the movement

international

respective currencies.

have

has

cur¬

joint effort to stabilize the

a

their

their

for

permanent

a

profit might be made.

to

same.

The former system

has yet proved that any

one

support

changes

individuals

be

must

machinery

new

vitally affecting the industry.

where

and

privately-owned debt may be cleared away.

They

great

resold

the process of time

market

Two

being adjusted

are

discount, frozen credits slowly

a

In

bond

world

The most encouraging step

Recent

The work of clearing up

Bonds

way.

bought in by debtors at

liquidated at

time.

a

goods.

credits frozen.

some

debts

all

the

stable values

No

reserves.

financial structure.

History shows

changing from debtor to creditor

short

so

not

are

default, and
these

nation

any

foreign

good credit of nations which practiced

net

a

The

maintained

England and France for

debtor to the world to its greatest creditor.

about

money

But the foundation cannot be changed.

change

World

the

ferently designed from the old, its operation not the

States.

America's Balance Sheet with the Outside

baffling

the ground up, by governments and

bankers working together.
Until the World War, foreign

devices

turn.

every

in

this

sistently and

essential

tactfully

task.

States is taking

Secretary Hull has

followed

the

creditor.

policy

per¬

negotiating

of

reciprocal trade treaties, including the most-favored-nation
Significant Changes in the Industry
There

has

been

a

steady

nature of American

two-thirds

were

goods.
for

raw

whose

country

materials,

imports of

the

materials

raw

nearly 50%,

are

outside

change

one-third

the

manufactured

unnatural

opposite trend.

such

a

In early days

for commodities

dependence

our

rather

than

manu¬

factured goods.

is

of

the plant,

transportation

is

ships, docks,

higher

today

railroads

than

and

before.

ever

Cable, radio and telephone provide improved trading facili¬
ties and world-wide quotations.

slow

The
the

Our plant equipment is in

condition.

Facilities for International Payments
Facilities

fect

system

network

ried money

if by

in any

operated

money

from

Before the

nation

one

war

throughout the world.

in large or small amounts from

to

almost per¬

an

An

invisible
car¬

nation

one

to

A deposit in the remotest bank could be
converted

magic into

a

foreign bank.

machine

in

and forth
were

transferring
bad repair.

a

an

deposit of almost
The system

department

was

store.

any

foreign

it

infinite number of transactions.

balanced

by

the

movement

of

currency

like the cash-carrying

Through

short-

passed

back

Its accounts
and

long-time

loans between capital markets free to all
comers.

The exchange values of currencies
The

credit

system
delicate
War

was

of

nations

and

banks

were
was

To

a

was

finance, the boom and the crash.

broken;

rated

on

high.

it is clogged in many places.

wrecked

Parts

our

as

is

progress

at

a

nation

time the

to

nation.

steady and good results

Chamber

of

Commerce

endorsed

It creates

factor profoundly affecting the outlook for

new

New theories of government known

economic

or

this

the brightest spot in a dark situation.

foreign trade.

nationalism

are

being tried.

as

Great

business by direct ownership or rigid
regulation.

hands.

•

Russia

bureau.

buys
In

are

Between

sells

abroad

exports must

transaction.

be

turned

to

over

are

merchants
a

government.

Foreign

only be obtained if the

approves the purchase.

These four countries

buy abroad only what the government considers best for
the

economic

abroad

what

good
the

sales to obtain
to pay for

of

the

nation

nation

can

as

spare

a

whole.

They

sell

and often subsidize the

the foreign exchange so desperately needed

imports.

As international traders these nations

have become in practice gigantic
cooperatives with one cen¬
tral management

doing business with the outside world for

all their people.
new

and

a

condition is not confined to four countries only.

sugar control.

government-owned

erence

and

a

Canada had

a

wheat pool;

The United States has sugar quotas
cotton.

England has imperial pref¬

Board of Trade to negotiate

tions for the exchange

special transac¬

of commodities with other nations.

These government cooperatives deal
directly with each other

will carry money one
way but cannot carry

through

it back again.

Transferring funds and collecting debts

many

now

the

can

Cuba

number

;

government

Foreign credit resulting from

exchange to pay for imports
government

a

abroad, but only with approval by

This
The

through

Germany, Italy and Japan there

do business

Brazil deals nationally in coffee.

hopelessly
a

and

gold.

by World

The for¬

eign trade of these nations is also completely in government

of countries it




bricks

second change I call particular attention.

entirely

This

stabilized

of immense value to international trade.

machinery of this system

few

a

of goods from

delegates from 40 nations at the Paris Congress of

International

bureau of each

of credit between banks and merchants
easily

another.
as

for
in

are

work, but

American effort

an

reduce

the flow

evident.

are

who still

another

serve to

check

nations have taken control of private
property and domestic

Physical Plant and Equipment

excellent

It

autarchy

The efficiency
other

They

walls that

change

only 16% of the total, and

were

clear indication of

a

world

an

in

A century ago exports

industries have developed at

Imports have shown

pace.

on

foreign trade.

Today the ratio is reversed—a not

a

now

consistent

and

clause.

barter

buys

and

cotton

bilateral
from

exchange agreements.

Brazil,

paying

in

Ger¬

manufactured

GENERAL
goods.

Japan takes

textiles.
the

from India in exchange for

raw cotton

Australia trades

wool to Japan in return for

raw

The foreign trade of the United States is still in the
individuals

who

will.

Under these

with

individual

world.

This

tional
and

free

are

buy

to

conditions they are not free to deal

new

trade changes the

considerable

in

merchants

tendency of

develop

the

whole basis on which the export

The

built.

foreign market for some special

a

will be restricted

product through aggressive salesmanship
to those countries which

of

areas

control interna¬

to

governments

import business of this country has been

opportunity to

they

keep the door open and allow their

ment is steadily

it will

go,

controlling international trade by govern¬

can

nation's

the

capacity

to

when

needed

might gladly

they

This is

policy.

foreign

in

pay

Should conditions change so they may

strictive

by a

been forced

have

exchange to keep the nation's exports

shortage of foreign
within

step largely to protect their

They

finance.

and

economy

It is fair to say that govern¬

say.

this drastic

ments have taken
own

How long it will last, how far

developing.

one

no

money.

obtain foreign credits

ease

abandon this re¬

or

major change which cannot be

a

cotton-growing industry is
depending

one

of the

cotton

is

There is

amazing.

conditions

It is in

Its vitality

still increasing.

our

power to

be the greatest of world traders if

large a part we will take depends to a great extent

How

that

the

importance of

It

fully understood.

may

our

business overseas is not

fairly be said that in the great

family of American business foreign trade is looked upon
somewhat

step-child except by those actively interested.

as a

of the Nation.

During

the

million

such

rather

feeling that home markets and foreign markets have
each

to

little

other; that foreign trade is not really

bread

of

out

imports are frowned

somebody's

Some

mouth.

so

The argument runs that our foreign

it alone.

10% or less of domestic business, could
home industry developed to

as

taking

far

as

to

trade, being

be dispensed with,

take its place.

We would then

delightfully independent of other parts of this troubled
No doubt this plan

world.

that to end all

is advanced in a sincere belief

foreign entanglements, economic and politi¬

cal, would make the United States a

first
and

happier place in which

Whether that is so need not be argued here.

to live.

question to consider is whether we
prosper as an

It cannot be

Of

we

not be continued

In spite of our wealth and vast

our

entirely
nickel

on

from

and manganese.

wood-pulp, newsprint
foreign

American

life.

country

materials

are

sell

We

abroad

machinery, 40%

important to hold the foreign




glutted

demoralized.

As agricul¬

industrial output, indus¬

lost his foreign

on

policy of isolation.

a

over

foreign sales

The export

11%

of

the

output

of

industrial

of sewing machines,

29% of agricultural implements, 28% of office appliances.
To lose such a market for

industrial products would at once

employment and depress general business.

reduce

understood.

well

be

to

seem

It may

repeat these obvious facts, but they do

unnecessary to

I take this opportunity

emphasize what foreign trade means to the entire eco¬

to

of the United

structure

nomic

of

States.

One prediction may be made with some

As to the future:

favorable balance

We cannot expect to have a

the same time collect interest on

trade in goods and at

debts owed us from abroad.

position as a creditor rather than a debtor

Our

cannot fail

to affect

net

on

amount sometimes

dollars.

in this

balance

for

interest

paid abroad

and dividends an

estimated at between 200 and 300 million

In 1936 we received from abroad on net

for interest and
one

Nation

the relation between exports and im¬

For many years before the war we

ports.

annually

dividends 330 million dollars.

item has reduced the foreign

balance

The change

buying power by

500 to 600 million dollars a year.

Many holders of foreign bonds and

succeed in getting more,

credit are not satisfied

received from creditors.

If they

it will still further reduce foreign

buying power.

put it another way, before
sums

the war we paid abroad

under four headings—interest

enough

market for thesb sur¬

prices

and

of the country would be depressed

of typewriters, 35%

we

to

40%; lubricating oil, 30%.

million dollars in a year.

almost

indispensable

We may

value of automobiles and accessories has run as righ as 500

Today

generations produced a surplus of farm
and factory products to be sold outside the country wherever
a market could be found.
For the good of the country, it is
as

suffer from

rubber, tin,

To obtain the money to pay for these im¬

long-established

Many industries depend directly

depends almost

A considerable part of our sugar,

notify

and

down general business everywhere.

would

and

and dividends;

services, and immigrant remittances.

receive from abroad in interest and dividends
to

offset the other three

items.

There is

help pay for
purchases by foreigners in America.
Payments for goods
bought here can hereafter only be made in goods or gold,
practically nothing left of these four items to

and gold cannot
The

ports, we have for

just

areas

expenditures;

coffee, tea,

is

40% goes abroad; dried fruits, 45%;

be

would

tourist

and other raw materials come from

These

sources.

this

abroad

shop

try would be at once affected if the farmer

standard of living and comfort could

example,

buying

The realization

foreign customers for cotton

tural areas consume nearly half our

To

essential

1935-36, six

1937, they used

foreign market for these surplus products, the

a

market

large

a

years,

industry to lose its mar¬

any

more

up

tobacco crop,

and carry

self-sufficient

"be,

without the importation of many

For

commodities.

close

to

than

used

for the five years

year;

serious matter.

with the meager payments

not, and cannot

are

For

rate is a

cotton.

foreigners

the year ending July 1,

Business in great

could possibly live

pointed out too often that such Utopian inde¬

Our present

Nation.

The

isolated Nation.

pendence is unattainable.
home markets,

1929

turpentine, 40%; refined copper,

might give up foreign trade and go

suggest that America

be

upon
go

In

a

confidence.

quarters

some

in

the average each

on

worried by

American

of

cotton abroad.

of

serious importance.

In

growers are

day find ourselves in an organized campaign to sell

some

not

"a somewhat general

catastrophe

a

buyers that we are not open for foreign business.

imports are more or less of a by-product; attention is

relation

would be

sales

ending

years

growing that we need

and

There is

five

bales.

ket at

seem

domestic trade.

one year,

foreign

in

only five million bales.

general attitude, if one exists, seems to be that exports

on

for

Already cotton

decline

8,300,000 bales

The

centered

To lose the foreign market for this

even

steady

After talking with many people, I am

public opinion.

sure

in the United States is sold and used

the

market.

improve.

recognize what it means to lis now and in the future.

we

on

But

difficulties.

unlimited field for expansion as

an

From 50% to 60%

grown

ness

home

point out nothing but complications and

sell

for the cotton-growing States and react on the entire busi¬

the world.

The answers may seem to

or

outstanding example

an

the foreign sales.

on

production,

Without

the volume of foreign trade is

unless we sell,

country.

outside the
excess

ignored in considering the future of America's trade with

That ends the questionnaire.

cannot buy

we

ending in 1934, 7\'2 million; for the two

people to decide what foreign goods they will buy.
Tte technique of

fact,

buy.

we

The
of

it is to buy from abroad the commodities

as

In

need.

we

hands

where

sell

and

19

plus products

unless

products of Japanese mills.

of

SESSION

seems

of

be used indefinitely.

possibility

of

substantial loans to foreign buyers
consideration. The movement

too remote for present

capital back and forth could

broad estimate over a period

not materially affect this
No one realizes better

of years.

20

BANKERS'

than I the difficulty of making an exact
trade.

the

quoted

British
at

15c.

that

a

settled

was

in

Our annual

pound.

a

materials

1923, rubber

import

was

import.

selling
It

amount.

tal

Naturally
rubber

the

us

might

the

be

noted

buying
reduced

was

that

the

of

power

by

recent

same

drop in

Such uncertainty greatly affects the value
foreign trade.

must

not

willing

that

the

States
For
to

as

to

buy.

than

more

balance,

by what

sell

we

old

will

the

is

It

idea

and

their

want

we

the

but

before

all

that this

accounts

will

is

be

we

tive.

A

be

a

surplus of

to

it

carry

There is

than

the

interest

free

of

particular

any

people,

interchange

of

some¬

interchange of

provided whereby nations

nation.

can procure

the

war is the obvious alterna¬

essential

commodities

reasons we cannot

is

the

withdraw ourselves from

For the safety of civilization

must cooperate

we

and

in the distribution of national
necessities.

the doors of international trade and do

open

It

anything but optimistic

We have

and

wants

We have capi¬

initiative

to

is

road

foreign trade.

and

important in the world

For economic

bad business for the United

long view, I cannot

business

buy

up

world

more

means are

the world.

be discarded.

American

the

only firm foundation for peace.

are

shall

which

have ample domestic markets to

to her national economy.

means

vastly

Unless

deter¬

we

evened

are

the

essentials of life for their

by what

entirely possible that

goods

We

spoken.so far entirely of America, and what for¬

commodities

and volume of

value

to sell

have

thing

But in the long run exports and
imports

reasonably

mined

sell.

finance

eign trade

nearly 100 million dollars for

save

to

I

the

the

finished

through.

foreign buyers if they take five million bales.

our

must

we

absorb the imports we must take in return.

a

Shortly after the settlement, rubber dropped

price of cotton should

,

and

which

ways-

pound, reducing by a billion dollars the value of

one

nations

debt

war

$1.15

billion pounds.
to

budget of foreign

Changes in price upset estimates in unexpected

When
was

CONVENTION

Unthinkable

to

isolation

boldly to

that

when

assume

the

United

leading role

a

States

will

take

have the opportunity

we

in

the

share

our

the

and duty
of

commerce

the

world.

raw

The American Outlook
By the President of the American Bankers Association,

Tom K. Smith, President Boatmen's National Bank,

St Louis, Mo.
We

are

indeed happy to hold our 63d annual convention here in
Boston.

New England is the cradle of some of
and economic.

our

highest point in

finest traditions, both
political

caden

For generations, people from all sections of the
Nation have

new

looked upon New England with respectful admiration for the
contributions
it has made to the life of America.
Leaders in education, art, literature
and the sciences, as well as in commerce and

unaffected

friendliness which

No matter
environment.
come

makes

where he may live,

a

no

visit

here

American

a

can

real

be

have received

both

The traditions of this region are
particularly rich
of

banking.

It

has

is

inspiring
70

over

to

banks

realize

that

that

have

for those of

the

passed

us

in

the

century

of American

importance

who

have

worked

You and

your

committeemen

have

been

a

most

it has of necessity operated with an annual

convention

position.

There

were

no

spectacular

a

chance to take

our

new

which, if it

compressed into
While

we

phrase, might well

a

be stated

the

as

respect the past for its lessons for the future,
past cannot be lived over again. Our responsi¬

bility lies in the future.
a

corps of men who will address us

are

all active

our

men

invitation

views

on

the

to

of affairs, and
meet

with

American

we

outlook.

are

These speakers
gratified that they have accepted

We shall look

While

their

forward

addresses

to

hearing their

will

reflect

the

opinions of the speakers and not necessarily those of the
Association, I
confident
assume

that

their

remarks

the responsibilities

will

before

aid

us

to

grasp

am

the opportunities and

the President make
Association activities during his administrative
year.

disposal I cannot hope
wish

therefore to direct

annual report

of

In the time at my
and I

shortly

be mailed to you containing a
summary of the work done by the Association
during the past year. Not only will this booklet be valuable to
you for the
information it contains; it will also
prove helpful in interesting non-member
banks in Association affairs.
With

regard to membership, I

glad to report that the Association
today represents 13.009 banks, 12,874 being in continental
United States
am

and

constituting 72.98% of all the banks in the country, a
higher percentage
than at any previous time in its
history. During the depression, as might
be expected, membership declined, but the
ensuing climb from
the

pression low has carried

us




deficit, and at the meeting last

special

committee

This committee,

appointed

was

to determine how

to

might best

we

under the leadership of

Its recommenda¬

be able to balance

our

There arose,

seriously considered during the past year, this does not
Legislative Committee found itself without employment.
always, a number of interesting and perplexing problems

was

the
as

relating to the administration of
sary,

a

the

most important

McAdoo

bill,

laws

number

will receive consideration

Probably the
was

follow

to

moreover,

previously enacted.

of bills

which

failed

It

was

neces¬

of passage

but

during the next session of Congress.

banking bill introduced in the last session

designed

to

permit

National

banks

establish

to

branch banks in any State in their
respective Federal Reserve districts,
subject to the provision that the laws of the State in which the branch is
to be

opened must permit State banks to establish branches.

The Interim

Committee decided that the Association should oppose this bill.

This posi¬

tion is consistent with the Association's earlier
expressed views that

in

banking should

be

maintained,

and

that

branch

State

banking

closely the progress of the Barkley bill

an

to mention everything
worthy of note,
your attention to the booklet which will

even

a

systems should not extend beyond State lines.
The Association likewise followed

Membership
The constitution requires that

that

autonomy

us.

Survey Com¬

Due to the extraor¬

banking legislation of the far-reaching character of the Acts of

no

1933 and 1935
mean

have recruited

during the next few days.
we

us.

have their

Legislation
While

which

From the leaders In various fields of American
business

Membership

can

budget.

The demands of the present abated suffi¬

to anticipate the future.
Appropriately, we have built
the general sessions of this convention around a theme

were

The

not now in our ranks.

tions have provided the basis upon which we shall

us

we are all conscious that the

them.

Richard S. Hawes, performed its task with
thoroughness.
our

the programs for

American Outlook.

Council

bearings and to appraise the opportunities and

responsibilities which lie ahead.

ciently to allow

Executive

investigate the Association's finances and

developments affecting banking,
and the economic turmoil of the
past few years had quieted. We have had
at last

of the

spring

diligent and

largely to consolidation of

to

Association during the past several years,

upon the

eliminate the recurring deficit.

year has been devoted

clear

you now on the rolls are ever active in

mittee, with whose work many of you are unfamiliar.

Keynote

banking, the past

made

are

only when those of

dinary demands made

successful in all your efforts.

In

govern¬

Survey

it

of this size.

still have

Non-member banks

I wish to speak a word of particular commendation for the

with

difficult task to plan for the comfort and entertainment of

a

of membership

enlisting the support of the several thousand banks

To you, Mr. Spencer, as General Chairman of the
men

bank¬

our

value of the Association's work and the

Committee has worked diligently and well, but their efforts
maximum effect

you and to the
banks you represent, I extend heartfelt thanks and
appreciation, personally
and on behalf of the delegates
attending this convention. We know that

is

with alacrity if the

banking.

Convention, and to all the

we

banks, it makes little difference what

speak for every bank in the country.

can

will join us

so old as these have stood the
test of time and
These institutions bear witness to the service and
stability

glad to be here.

are

National

While

unit

only when it

of

mark.

Ever since our meeting in San Francisco a
year ago, committees of Boston
bankers have been at work preparing for our
reception and entertainment.

We

primarily national problems.

grants the charter.
New Federal laws and regulations, and
Federal agencies and institutions affect all banks,
regardless of their
character or location.
The Association can attain its maximum usefulness

Hundreds of others not
circumstance.

are

new

the

Commonwealth

State and

mental

as

Massachusetts

belonging to the American
today constitute slightly less than 94% of the total

both this year and last know that I have
emphasized the fact that

conscience dictates, freedom of speech and press, public
education, local
self-government—these and many other bulwarks of our
democracy.
field

This is the largest net gain in

of the banks

resources

banks in the country.

ing problems today

From the battles and struggles
our heritage the right to
worship

as

have enlisted 712

we

I have

in the most remote sections of the country.
we

under Fred H. Cus"

year,

long had an interest in membership work, because my experience
has impressed upon me the
importance of the Association's being able to
speak for all the banks of the country. Those of you who heard me
speak

stranger in this

Out of

waged in this region

The

Bankers Association

this great city and the
surrounding territory have
of the customs and institutions by which Americans live even

many

During the past

Membership Committee,

net gain for the year of 521.

a

resources of all

pleasure.
a

members,

the past 16 years.

industry, have been developed
And with ail this the people of New England have retained a
simple,

here.

records.

our

Chairman of the

as

de¬

percentagewise beyond the previous peak to the

designed
tures.

to

The

Committee
the

supervise
Trust

consistent

of

as a

regulate trustees

under

mortgage

Division set up a special committee to

Federal

on

and

draft of the bill
final form

and

Legislation in connection with this bill.

painstaking

was

so

effort

of these

number

workable piece of

of bills

inden¬

committees,

the

Through
original

modified that the Association could accept it in its

legislation.

While it

was not

Committee, this bill also will doubtless be considered
A

contained

trust

work with the

not

primarily concerned with

reported out

at the next session.

banking, nevertheless

clauses

affecting banking.
Thus, the Committee on Federal
Legislation worked with the Committee on Bankruptcy in following the

Chandler

bill,

providing revision

of the bankruptcy laws.

draft of the Revenue Act of 1937, the so-called
tax-loophole
a

provision of interest to corporate fiduciaries.

denied

to

trusts

the

$1,000

income

tax

The

original

bill, contained

This provision would have

exemption

now

available.

The

GENERAL
Association's committees immediately conferred
and representatives

and,

ment to accumulate income which

new

I

edition of "Present Day Banking," containing the

in the ideas presented during

Committee on Federal

wish to report also that early in the year the

National

or

giving them

Social Security Board, and satisfactory
agreed upon which provided that all banks, whether
State, would be subjected to the Social Security Act.
It is
with

conferred

Legislation

the

a

addresses of the 50

that

bankers

interested

These meetings, moreover,

officials of the Association in

The conferences have also had a significant

relations value in that they

introduced at the next session.

of the

first-hand point of view of the banking problems in various

sections of the country.

were

quite likely that these amendments will be

the conferences.

have been productive of great benefits to the

The

indicated not only by their

but also by the fact that 3,451 copies

speakers who appeared on the programs, were sold to bankers

would otherwise be distributable to

ficiaries.

amendments

trends in banking practice.

new

members toward this activity is

our

attendance at the meetings,

those trusts which are required or permitted by the

tion only to

helping them to keep abreast of

attitude of

the bill

$1,000 exemp¬
trust instru¬
bene¬

result of their action, the bill as enacted denies the

as a

in

with members of Congress

of the Governmental departments sponsoring

21

SESSION

are

public

have impressed upon the general public the fact

counseling together upon ways and means of

improving

banking service.
Research and Education

expression during the past year to my

I have given frequent

importance of banking research.
between

over,

Public Relations
I

Research cannot bear
operating bankers.
review together the research and educational

research

banking

views on the

There is an intimate connection, more¬
education.

and

Consequently I should like to

attain its

of the country.

I

inaugurated

a

convinced of the value of the project, not

am

search but also in

note falls due.

All too often research has resulted merely in

impressive

facts discovered in
the banks.

related to the managerial policies of

gorge

allowed to gather dust

have gone on as
before.
I believe, however, that we are now developing a technique of our
own by which banking research may be directly related to practice.
The Graduate School of Banking graduated its first class in June, and the
American Institute of Banking held commencement exercises only a month
operations which it was designed to improve

while the

ago

Through its sponsorship of
is developing the
with an advancing

for the largest class in its 37-year history

organizations, the American Bankers Association

these

leadership which will maintain the banking system in step
economic order.

work of the Committee on

I have had occasion to observe very closely the

efforts of this com¬
During the year the

Banking Studies, and I cannot speak too highly of the
mittee under its able Chairman,

Wood Netheriand.

important fields.
Postal Savings System, is perhaps the most compre¬

published studies summarizing its work in two

committee

The first report, on the

hensive effort of its kind ever undertaken-.

will have

I am confident that this work

considerable influence upon the legislative

a

and

ciation

of

the

Government

policies of the Asso¬

with

connection

in

Postal

the

Savings

System in years to come.
The second

study is entitled Government Lending

Agencies.

This report

regarding these agencies, and it is a
operating bankers.
It is certain, moreover, to

gathers into one place the essential facts
contribution

valuable
prove

to

Federal banking
information which
provide us for

helpful in determining future action with respect to
These studies are worthwhile not only for the

activity.

gathered into them, but also for the patterns they

has been

a

of Changes in Bank Earning

monographs with the publication during the year
Assets, devoted to consideration of the

long-term trend away from com¬

Most of the statistical information in

mercial loans and into investments.

heretofore been readily available. The Economic Policy
its work on general economic

this report has not

Commission deserves sincere commendation for

developments affecting banking.
I

convinced that

am

efforts in the fields of Education and Research.
have

we

may

furnish aid to bankers. Government officials,
the legislative

sidering

in order that we

and the public in con¬
be

proposals in the field of banking which will

Patman Bill to nationalize
which have been discussed

brought forward In the coming years, such as the
the Federal Reserve Banks and other measures

For that

from time to time.

reason,

I have asked one of the outstanding

from this platform during

authorities on research in this country to speak

I know that in the National and State Bankers'

the course of this program.

Associations

of research is of outstanding importance at the

the subject

confident that Dr. Jordan of the National Industrial
Board will give us some valuable ideas on the outlook for re¬

present time, and I am
Conference

search in economics and business.

It is

probable that the Association's outstanding accomplishment of the

Committee

in

effecting reductions

These reductions are in

played by the Insur¬

in the rates for

which it is estimated will save banks actually about

blanket bonds,

$1,200,000 in premiums.

addition to those secured in 1936, at which time

of bond was also altered to provide

the form

broader coverage.

During

received refund checks based upon
portion of their annual premiums.
I might add that the

July and August thousands of bankers
the

unearned

annual
dues

savings for these
members

as

of the

banks will be several times greater than their
American

Bankers Association.

Committee is to be congratulated upon its
It is impossible even to

subdivisions

tion's

The

Insurance

efforts.

mention the important work of all the Associa¬

dealing

with

Problems

of

Bank

Management—the

the Advertising Department, the Bank Manage¬
Commission and all the rest. This work, although unspectacular and

Protective Department,
ment

carried

on

unobtrusively, has been of incalculable value to

out the nation.

I wish once more to emphasize

all banks through¬

the importance of the booklet

I wish that all of you
could have the opportunity I .have had of coming into contact with the
gentlemen of the headquarters staff who are working constantly with the
object that the banking business may be conducted ever more efficiently.
You would gain a new conception of the value of the American Bankers
which you

«

Association.

Regional Conferences

ciation

which

Fleming.

were

continued the regional conferences of the Asso¬

inaugurated last year during the Presidency of Mr.

These conferences have been of great




accused of refusing to dis¬
The banker becomes

mirrored in

demagogic attacks.
Abraham Lincoln once said;

everything; with public sentiment,
who moulds public
and decisions; he makes statutes
impossible to be executed."

"In this and like communities, sentiment Is

nothing can fail; without it, nothing can succeed; consequently, he
sentiment goes deeper than he who enacts statutes
and decisions possible or

Public Relations
describing
months ago. This
service is designed to attack the problem at the roots, by improving the
public attitude toward each individual banking institution in its own
locality. Complete success in this would of course solve the national prob¬
lem automatically. In our series of booklets we are describing what may be
done by banks under varying conditions of environment to improve their
Recognizing all this, the Association has intensified its

ITou have received announcements

work during the past year.

the

new

public relations service inaugurated several

relationship to their communities and to the public,
ing that each

and we are recommend¬

bank adopt such of these measures as meet its

particular

situation.

We have also continued the Constructive Customer

Relations program.

until recently the
employees in molding public
opinion. Each man or woman must be acquainted with the services per¬
formed outside of his particular cage or department, and he must know
something about the relationship of the banking system to the economic
organization as a whole. It matters not who the officers and the directors
may be; to those customers who deal with him only, he is the bank; and in
his own circle of friends and acquaintances he represents the American bank¬
ing system.
If he understands it and believes in it, he cannot fail to in¬
There is no question

that we bankers have failed to realize

potential value of our vast army of bank

fluence those with whom he comes in contact.

institutions wishing to put
into effect,

and

various regions

we

prepared text material for the guidance

of

this Constructive Customer Relations program

bank officers in
in the program.
17 such conferences have been held In Minnesota,
Oklahoma. Our work in this field unquestionably

have been sponsoring conferences of

throughout the country to stimulate interest

During the current year
Wisconsin, Virginia and
has been of great value,

but its importance is such that

I feel we should

The

Advertising Department

Relations field, offering to our

has continued its activity in

the Public

members a moderately priced series of in¬
describing in understandable language

formative newspaper advertisements
not

only the technical phases of

banking practice, but also how

the banking

The work of the Publicity Department
is likewise important.
You may not be aware that in addition to its services
as a contact agent between the Association and the press, this department
system serves business in

general.

supplies many special articles

and material on banking for newspapers,
national magazines, all with the

encyclopedias, year books and writers in

public. An
the official
circulation outside the immediate

of making a better presentation of banking to the
important adjunct in this work is the magazine "Banking,"

purpose

publication of the Association, with a
banking field of over 6,000 copies which go to business

executives, econo¬

departments, libraries, colleges,

public schools

Our

research activities also have an

value to operating bankers

obvious public relations value

in

public the constant efforts of the banking system to
attain ever higher standards of performance and efficiency.
Intensive as our efforts have been in the field of Public Relations, I do
not believe that our program has as yet attained its final form.
We have
done much, but we must do more.
For the first time in the history of
American banking, rank-and-file bankers are conscious of the supreme
keeping before the

importance of

cultivating public good-will. The demand for
and the Association cannot fail to

solving the problem exists,

leadership in
heed the call.

Planning such a program
is the task of a small, qualified group of men available within our member¬
ship. It Is imperative that in the future we give our unqualified support to
oncoming administrations of the American Bankers Association as they
undertake efforts to meet this problem of Public Relations. If as an Asso¬
ciation we should fail in meeting this responsibility, there will probably
result a tremendous loss of prestige for the Association and for American
I

am

not prepared to

offer a specific program.

banking as a whole.
Conclusion

will receive summarizing these activities.

During the year we have

are

This popular psychology is

and other publications.

in the field of bank administration was the part

ance

They

the money with which their vaults are bulging.

symbol of avarice and reaction.

mists, law firms, Government

Bank Management

year

the banks in the popular mind come to

others fantastic.
Only informed public opinion can prevent enactment of disastrous banking
legislation under such circumstances. Banking is peculiarly vulnerable to

intensify ou

It is particularly important

broad background of factual information

that

a

his

periods of economic adversity, when the debtor is at his

intensify our efforts even further.

shall have to continue and even to

we

object of popular affection; some one

debtor will never instinctively love his creditor when

In

The Association some years ago

Policy Commission has continued its series of excellent

The banking business

by the nature of his calling and the service

proposals for banking reform, some of them sound and

future studies in similar fields.

The Economic

Relations with the

of Public

opinion, that the Association may

The depression served to emphasize the

wit's end to find means of payment,

the publication of a book with

printed upon it, the book being

names

my

signify heartless, predatory wealth.

The depart¬

merely in stimulating re¬

perfecting a technique by which the

field, in

outstanding usefulness.

has said that the

series of Trust Research Weeks in cities

such work can be definitely

discussion

my

he performs, become automatically an

throughout
the country, and when St. Louis had its turn last March, I had the oppor¬
tunity of observing the work of this department and its director at first hand.
ment has

preface

Is such that the banker does not,

excellent example of
the way we have combined banking research with our educational activities.
As you know, this project was organized in the Graduate School of Banking
at the beginning of the year, and the department is engaged not only in
research but also in disseminating and explaining the facts disclosed in its
work to interested bankers in various sections

to

peculiar importance of public relations in banking.

the past year.

Department of Trust Research is an

The work of the

like

statement that it is in this

practical fruit unless the results are made available to
activities of the Association during

should

have extended
visited. I have been im¬
pressed with the strength of many fine State bankers' associations. While
many of our serious problems are national in character, we shall always
have to meet local questions with which only State and regional associations
can cope.
Whenever the national Association has felt that it could promote
the interests of State and local associations, we have tried to be of service,
and many State associations, in turn, have been active in promoting the
interests of the national Association by stimulating bankers in their States
I wish to express my

to me as

appreciation for all the courtesies you

President in the various States I have

22

BANKERS'

become members.

to

This fine comradeship in organized banking augurs

for the future.

well

CONVENTION
and to identify each man with the activities I have described in this
talk
and with othar activities I have been unable

One who is honored with the Presidency of the American Bankers Asso¬

be grateful for what these

even to

have done for

man

mention.

I shall always

personally and proud of

me

ciation soon realizes the enormity of the task which faces him—how many

the performance written into the records of the Association

and varied

1933-7.

all this

the problems which demand his attention and the calls of

are

and description upon his time.

every nature

Obviously he cannot handle

personally: he must depend heavily upon others.

Fortunate indeed

Presidents

past

for the Association and for the banking system, it has always been possible

attempt to

to recruit scores of bankers from all sections of the country

a3

to give

willing

are

generously of their time and energy to the work of the organization.

Were it not for the limitations of time,
the

who

I should like to mention by

nam)

all

who have worked in committees, spoken at regional
conferences,

men

aided In

our

the year

of the

convey

the

few days my name will be added to the list of

a

American

Bankers

Association.

inadequate.

I know that

leadership of

my

I

shall

of honor I have had in serving for

sense

head of your organization, since any expression

to

for

V.;

One brief final word: In

you are

going to have

and I

successor,

am

respond whenever he feels that I

certain

make

no

brief period
be

would

splendid year under the

a

he realizes that I

be of help

can

a

I might find

ready

am

to organized '.''bank*

research, and acquainted others with Association activities,

The Road Ahead
By Hennino W. Prentis Jb., President Armstrong Cork Co., Lancaster, Pa.
I know
that

it

now

has

and you

required

will know too by the time I have finished this address,

good

a

business man, neither

a

of temerity

deal

politician

on

my

part—an

nor an economist—to appear

distinguished assemblage this morning.

My reasons for coming are three
first, my long friendship with your President, Tom Smith, which

in number:

dates back to college days; second, the fact that this is the
opportunity of a

lifetime to square accounts with bankers en masse, since I have had to listen
to

a

good deal of conversation from

business; and, third, because I feel
I

however little that may

can.

number of them during my 30 years in

a

deep

of obligation to do anything
be. to point out the dangers we face at this
a

sense

critical point in our country's history.

My education
can never

I owe

debt of gratitude to this land of the free that I

a

I realize fully the truth of Herbert Spencer's aphorism:
"How infinitesimal is the importance of anything I can do but how
definitely
discharge.

important it is that I should do it."
laziness

nor

sense

a

of inadequacy

situation should deter
lies in my power.

So

I resolved that neither fear

If in the present crisis thousands of

what little service
would take the

men

lead in helping to mold public opinion in their own communities, the national
road ahead would follow

talking to

you

different

a

this morning, I

am

course

than now seems

probable.

In

To avoid misunderstanding, let me say that I am of Democratic
lineage

as a corporation

to build

a

executive to contribute what I could toward helping

sound business in which men could make

business in which practical

a

Import

a

life

as

well

living;

as a

humanitarianism long since became

a

ponent part of every fiscal policy; a business in which the precept of the
Golden Rule has been in quiet unostentatious use for over 70
years.
Hence,
the majority, if not all, cf the objectives of the New Deal, I find

a

For I

am convinced that

there

can

be

no

large measure of economic freedom; that if in

our haste to succor the lazy and ignorant, the
poor and the unfortunate, we
destroy the pillars that support the temple of representative democratic

government, the price that we and they would pay for a brief period of the
abundant life would be too dear a price indeed.

more

My subject, "The Road Ahead," intrigued
roads are always

fascinating.

to discover what lies

from the start because

me

They hold the lure of the unknown, the urge

beyond the horizon.

So this morning I ask:

Where

is this road ahead leading us, as it wends its way between
smiling fields of
Government subsidies, beside beguiling streams of Government

propaganda,

around hair-pin curves of platform promise and executive action,
uprising
mountains of taxes and across the monotonous
plateau of Government

deficits?

From there, will it glide down the pleasant slopes of inflation to

end in the green fields of the life abundant?
us

Or—God forbid—will it lead

through the dark valley of the shadow of class hatred

to the

precipice of

dictatorship ?
Ideally, the road ahead should be surveyed with

a compass with four
Government, Economics, Sociology and Religion.
As I
grope my way along it, I shall group my observations around those four

these

Obviously, each is interwoven inextricably with the others.

elements.

First,

to government: As I look back

as

five

past

years,

I

confess to

over

the road

we

deep-seated yearning

a

have traveled

for

the

and conscience dictated.

a Washington, the
all-embracing charity of a Lincoln, the sturdy
forthrightness of a Cleveland, the penetrating knowledge of the history of

of

a

Wilson,

as

well

as

the

brilliant

political

acumen

of

a

Richelieu.
In

a

crusading zeal "to make America over"—to

use

Professor Tugwell's

phrase—our road Is moving farther anf farther from the original
highway
of a constitutional representative republic and
coming ever closer to the

primrose path of.

democracy—the direct rule of temporary majorities.
The stop, look and listen signs of history are
being disregarded.
History

shows that

a

pure

democracy has

ment on the

never worked
can.

successfully in the

The founders of

our

govern¬

Nation

national life cannot

permanently exist in

a

republic.
was

provided for every State,

little; not until the Bill of Rights was inserted

not until State's rights, including the power of local

as

an

amendment;

self-government,

included,

Special oaths

ground that such

passions

of

had exactly the same

being all sail and

we

have

now

as

his be3t judgment

to

come

the

point where

adoption of policies, embodying

measures are "the will of the

govern¬

majority."

Frenchman, Da Tocque-

no

the

majority.

Lord

Macaulay—a great liberal—

thought in mind when he spoke of

The principle of the separation of powers between the
and executive departments of government, advocated

definite

"Constitution

our

anchor."

his "Spirit of Laws"

in

1748,

was

written into

our

legislative, judicial
by Montesquieu in

Constitution with the

object of safeguarding the citizenry against the hazards of

temporary majority.
"It is

the

any

John Adams said:

by balancing

efforts

of

one of these three powers against the other two that
nature toward tyranny can alone be checked and
degree of freedom preserved."

human

restrained, and

any

James Madison argued with
equal force:
"The

the

accumulation of all power, judicial, executive and
legislative,
hands whether of one, a few, or many, and whether

same

self-appinted

or

elective, may justly be pronounced the

very

In the light of such statements, backed
by the experience of

history, it

should therefore be a matter of the
deepest concern to every thinking
citizen that our Chief Executive, even
though actuated by the best of in¬

tentions,

now

proposes

to

make

the

Federal

courts

subservient

to

the

Executive will; to centralize the power of quasi-judicial and
qusai-legislative
commissions in the Executive's hands; to add
powers hitherto exercised by
the sovereign States to those of the Federal
Executive; to utilize the taxing
power to

take money from certain classes for distribution to other classes;

to secure

lump sum appropriations with the right to allocate expenditures

for various purposes by Executive fiat.
power to

on

the stock market and to exercise considerable control

commodities exchanges.

measure

He has already acquired substantial

regulate the value of the currency; to control indirectly the prices

of securities

over

the

he

seeks

now

the

power

to

exercise

large

a

of control

over the wages and hours and
working conditions of in¬
State government is also endangered by the proposal to divide
country into seven economic provinces for Federal administrative

purposes
as

and to place great

areas

undo*

a

species of State soicialism

so

one

of these actions

or

proposals is justified on the ground that it

will serve humanitarian
of the voters that these

ends; and that it is the mandate of the majority
policies be put into effect, regardless of whether they

fit into the fabric of our written Constitution

as commonly understood or not.
The radio carries these persuasive doctrines, backed
by the privy power of

the public purse, to every nook and cranny of the land.
Thus we are brought
face to face with the situation described by Justice Brandeis in these

telling

words:

■"/.

"Experience should teach us to be most on our guard to protect liberty
when the government's purposes are beneficent.
The greatest dangers
to liberty lurk in insidious encroachments
by men of zeal, well meaning but
without understanding."
.

And

as

.

Daniel Webster stated nearly a
century ago:

"It is hardly too strong to say that the Constitution was made to
guard
the people against the dangers of good intentions, real or
pretended.
There are men in all ages who mean to exercise
power usefully, but who mean
to exercise it; they mean to govern
well, but they mean to
govern;

promise to be kind masters, but they
So the road ahead leads toward
envisioned

Chicago

advisable.

application of the principle of representative action, rather than direct
For example, it was contemplated that the President would
be

action.




on

by

the

founding

a

mean to

.

they

be masters."

different form of government than that

fathers.

As

General

Johnson

warned

in

Sept. 16,1937:

"Under
away
we

The possibility of quick change by mob vote was further cushioned
by the

far

electric power is concerned.

Every

posely was made slow and tedious by requiring the consent of three-fourths of
the States, so as to protect minorities from the will of
temporary majorities

favorable public opinion when changes

the

He has already secured partial power to regulate
and

dustry.

as

and to give time for the molding of

in

hereditary,
definition of

tyranny."

were

prescribed
for officers of the Federal Government, pledging them
unequivocably to
and defend the Constitution.
The process of amendment pur¬

appear

so

a century ago that if our Government failed, it would fall
because of the inadequate protection that it afforded minorities
from the

support

did

And

ville, pointed out
unbridled

were

guaranteed; not until explicit denials and limitations of the powers of the
Federal Congress and of the Federal courts and the President were
the Constitution accepted and ratified.

be

given Congressman, despite

.

No until equal representation In the Senate

was

a

An early student of our American
system, the

knew that.
Hence they labored long and well to protect minorities in
many
and divers ways, in order that there might be maintained that
voluntary
social cohesion without which

or

by

pure

ing of human affairs and probably never

bi?

by what might

radical departures from hitherto accepted theories of constitutional

calm

patience of

government

Congress

the odds being determined by the number

or con received

elected supposedly for his capacity to study
impartially

was

agricultural production

cardinal points:

major

frequently decided in

the President himself frankly advocates the

It is only in respect to the ways and means and the
speed with which it is sought to give the declared objectives general appli¬
fears arise.

too

telegrams pro

the fact that he

myself in sympathy.

political freedom without

or

com¬

with

cation that my honest

now

are

termed the parimutuel system,

of letters

taking my own medicine.

and for many years—long before the New Deal was ever heard of—I have

sought

be selected by conventions rather than by direct pri¬
maries.
The steps we have taken since, while
perhaps each individually
desirable, have nevertheless collectively brought us closer and Icoser to the
pitfalls of pure democracy.
The result is that vital questions of national

nor

to meet the full opportunities of the

from coming here to render

me

for Congress would

the difficult problems of the Nation and to vote thereon

acquired in the public schools of Missouri and at its

was

State University.

selected, not by direct vote of the people but by Presidential electors; that
Federal Senators would be selected by State
Legislature); that candidates

ordinary

before this

the seduction of ballyhoo, bribery and
charm, we are moving
from the democracy imagined by the Constitution and straight toward
as there is on earth and we are moving there because

rigid a dictatorship

do not realize what

we are

doing to ourselves."

The well-heralded efforts of the Administration to raise the
standard of

living for the "under-privileged" through the prevention of waste and the
Improvement of our economic processes center about so-called "economic
planning."

Here the art of propaganda flourishes in its

Do not misunderstand me:

Hoover

and

the

current

most

alluring forms.

The study of social trends made under President

investigations of the National

Resources

Com-

GENERAL
mittee

(which

by Executive fiat from funds appropriated

is functioning

originally for unemployment relief)
merely

as

serve

be made out for

can

called

natural

useful purpose if utilized

through

tariff agreements.

I

A strong case, it seems to me,
and

coal

water-power.

the so-

But the

far beyond any such

conception.

Opinion

reasoned article in

John L. Lewis, for example, in a carefully

"The Public

that "legislative or other

Quarterly" urges frankly

am

equally convinced, however, that the standard of living of American

farmers cannot be raised by crop limitation schemes
amount of acreage

world demand.

The arguments advanced for economic plannung are showy

and convincing

For instance, in the October iseue of "Harper's

giddy statements

as these appear:

tons of top

washed

soil

are

away

"In making

one

Magazine,"

in which such

.

'Families with brilliant children fail to maintain their number by about
per

generation; those containing one or

9%:

.

.

The total effect is

,

points per generation."

I

a

more

yesterday.

The author evidently thinks

gone pretty

far, since he does

assertions as the

to

Frank said
has already

the present poverty and distress

pathetic attempts to

save

with all its implications—the lo3s of export markets,

money" and "the recent

economical ways."

To cap the

For the business

the steering

at

man

becomes steadily narrower and more

School

"America's unique contribution in the past was opening the door o
opportunity to every one to freely make his own way.
.
.
Within little
more than a century a wilderness became the richest nation in the world.
And today, in spite of the depression, our
standard of living in the world."

of

salesman, who

a

and pseudo-facts to
moti¬

degree that they minimize or ignore the human elements that

when he

came to a

some

ducks

creek

with

rattling along a country road in eastern Tennessee,
A darky was standing by the little stream where

car

all

The salesman said:

"Can I get through the

drive right through."

"Yes. suh,

right?"

only to find that the

salesman, thus encouraged, drove into the stream
water was so

deep that if flooded bis engine.

He and his companion had to

get out into the stream with the cold water up to their armpits
the car to the bank.

could drive through that creek?"

"Well, boss, I nevah knew dat water was so deep.

It only comes half-way

ducks!"
I believe it is the duty of every citizen

believe in conservation.

I

and push

The salesman turned to the negro and said angrily:

"What do you mean by telling me that I

up on my

eliminate waste and to improve the effeiciency of the economic process,

I

The

to

but

equally convinced that national econmic planning as it is now being

am

Neither is

In many instances, there has been a sad lack of

other human activity.
a more

On the other hand, I make bold to assert

general effort to help men make a life as well as a

living on the part of so-called "big business" in

America than in any other

segment of industry here or elsewhere.
A singularly

In that connection I am reminded of the story

swimming.

were

this

was

ford.

people still enjoy by far the highest

American business is not all that it should be.

Of course,
any

that there has been

a

Even Governor

June 18, 1937, conceded that:

on

stewardship and social vision.

vate all economic activity.

Yet despite present detrac¬

striking address before the Harvard Business

a

will make converts."

such

wheel, the economic road ahead

difficult.

tors, American business has done quite a remarkable job.
La Follette of Wisconsin in

climax, the editors of the magazine—to quote their words—"hope his article
Economic planners hypnotize themselves with facts

the loss of individual

through the receipt of Government subsidies.

workers in New York were a fore¬

shall have to pay for our

we

the reduction

hesitate to offer the credulous such calm

riots of Works Progress Administration
taste of what

imbeciles are increasing about

that

following: "A large part of

be attributed

can

not

12%

reduction of average I. Q. of about 4

hear the gods laughing, as Dr.

can

,

.

Despite all this, however, the road ahead for agriculture

definitely along the line of increased application of the scarcity theory,

initiative, and the numbing of the responsibilities of American citizenship

bale of cotton about 60

and deposited in the Gulf of Mexico."

the world supply of the

And even the world supply doe3 not determine price,

commodity.

seems

there is just such a piece of propaganda for national planning

The

price being finally the correlation of the total world supply with the total

profit

controls."

for these reasons:

does not necessarily determine the size of a given crop.

The size of the American crop doe3 not determine
same

provisions be made for economic planning and for price, production and

the surface.

procedures, by

estimates and advice, through assisting

crop

and by aiding him develop export markets

economic planning now taking shape apparently goe3

on

better agricultural

him in

training

by carefully devised reciprocal

industries—oil,

resource

farmer

providing him with adequate

him in marketing his products,

to

considerable degree of national planning in

a

the

help private industry attain a greater

and

breadth of view of its social responsiblity.
,

a

policies in respect to legislation within the

guide for general

a

of the Constitution,

scope

will

23

SESSION

was

lucid address on "Should the Anti-Trust Laws Be Revised"
17 by Robert H. Jackson, the able Assistant Attorney

delivered on Sept.

It should be read by every American banker

General of the United States

It is

and business man.

a

penetrating analysis of the alleged monopolistic

characteristics of American business but, like all

effective competition except between

rivals with some

industry in which there were one or two large
In

ones!

smaller

us,

Mr. Jackson also

"There can be no
equality of strength

How I wish he might spend a few years managing a

and resource."
some

of

He states, for example:

occasionally falls into error.

statistics

his

relating

to

unit in

factors and a number of
assets, he

corporate-owned

apparently overlooks the fact that a very large portion of the business of the
United States is carried on by unincorporated enterprises.
His argument
that the local

times not

units of big corporations engaged in

distribution are some¬

good business "citizens" has some basis of fact

behind it but he

1935 (the last year for which figures are available)

omits to point out that in

of the United States was handled by chains.
I live in a comparatively small city myself and I question very seriously
his assertion that "small business men in many lines of useful enterprises

only 22.8% of the retail business

advocated is dangerous and impractical for three reasons:
First, to be effective, it would necessitate ultimately the
solute power in the Federal Government over every form of
economic activity.

vesting of ab¬
individual and

are

Second, it would require men of superhuman intelligence for its admin¬
istration, and men of that kind are simply not available.
Third, it ignores the staggering loss of efficiency resulting from the dilu¬
tion of individual initiative and personal responsibility.

Almost 3,000,000 employers are reporting
which incidentally covers only 60%

falling like autumn leaves."

under the Federal Social Security Act

So there are a goodly number of competitors

of the workers of the country.
left in the field after all.

legislation relating to minimum wages,
heavily
business.
In 1930, according to the
of the Census there were fewer than 70,000 children

Ironically, the burden of social
The last two factors are the rocks that have wrecked the Utopian economic

planning of Russia and,
Russia,

human

nature

United

while the

States differs radically from

and bureaucracy are

the same the world over.

Stalin said in 1934:

•

getting rid of capitalists and abandoning the principle of
private ownership in the means of production, you cannot create planned
economy."
The high priests of economic planning are
men

of our barbaric ancestors.

real magic in modern science and

the modern prototypes of the

They firmly believe that there is

that if an all-powerful government will

only utter the proper incantations over modern industry

there will gush

and plenty for every one, without risk or worry
certain ancient nuisance called "work" which man¬

forth spontaneously security
and with a minimum of a

kind has consistently sought to avoid since the day the Creator told Adam:
*'

In the sweat of they face

shalt thou eat bread."

the fact that an all-powerful state has always
instrument for the exploitation of

the

masses

Ethic

as

an

English economist and

he does in his work,

Economic Factor":

"The Christian

to

"People usually approach the subject of the standard which they would
regard as decent, or fair and reasonable, or even moral, by the process of
'thinking of a number'—that is, by an empirical subjective judgment.
Some get at it statistically by budgeting a fair consumption and pricing it;
others work out calories and physiological requirements.
My experience
of 25 years on this subject is that these paths
which is in excess of the statistically possible

16

all lead to a national aggregate
(i. e., the national production)

by amounts not less than 25%, and sometimes even 100%.
For only
rarely does one engaged in the fascinating task of expounding how big the
slice of cake ought to be in order to satisfy their physiological, or decent or
moral criteria, trouble to measure the cake and count the family."

years

of

facturing firms reveals that
only 28 were under 16 years

eager

evil for a

to have

growing boy.

ment to the

long the odium cast on industry in general
minority of business men who are so selfish and
greedy that they fail to recognize their obligations to society.
I venture to
say that few, if any, of the larger industrial units would be affected by any
minimum wage or maximum hour legislation that would likely be enacted

Legitimate business has faced too
by the conduct of a small

Any

subsidies to the low income groups of the

population as we are now doing,

by lifting the general level by the increased production of goods

rather than

and services through the rewarding of
seek wider and wider controls.
the farmer diminishes because
power must

individual initiative, must inevitably

If, for example, the purchasing power of

the wages of industrial workers rise too fast,

be immediately exerted to bring farm prices up to some pre¬
If, due to lack of confidence, the

viously determined or imaginary parity.

stocks fall too low on the exchanges, palliative measures
raise stock prices so that industrial purchasing power will

prices of industrial
must be
not

taken to

be too seriousiy affected.

The acquisition of new power

compensating control in another
of corn

If the wheat crop is limited, control
If cotton is plowed under, the growers

field.

and hogs must soon follow.

of peanuts
own

in one field inevitably leads to demands for

and potatoes soon clamor also for limitation.
We diminish our
crop and immediately Brazil, Egypt and India increase their

cotton

Meanwhile our export markets dry up, due to high domestic
prices, and a vicious cycle of additional social responsibilities is thrust upon
the central government.
Let me make myself clear.
I believe in aiding
output.




Of course, State laws in respect to

by any State at this juncture.
wages

minimum

and maximum hours might at times become the football of politics.
legislation would be infinitely preferable to the proposal

Even at that, State
now

pending In Congress under which a

Government under Executive

political commission of the Federal

domination would have the power to exercise

of control over wages and hours throughout the
United States.
Those who object to State legislation on the ground that
it is too slow and tedious, should remember the rapidity with which Work¬
a

very

potent measure

Compensation Laws were adopted by

Union after New

general standard of living by direct

advocated granting the States—through an amend¬
necessary—sweeping power to control
and maximum hour legislation.

Federal Constitution, if

labor and to enact minimum wage

man's

passed from political government to economics.

Ameri¬

eliminated ?

Personally, I have long

the course of the road ahead, were inextricably

government that sets out to raise the

and I and every other right-thinking

Principally on the farm, in small family
enterprises, in retail distribution, in domestic service and on newspaper
routes.
In two of these occupations at least, handling a newspaper delivery
route or helping on the farm in his odd hours, it is hard to see much, if any,
can are

the four elements to which consideration would

cussion has already

of factory

of leading manu¬
in 1,572 plants employing 2,009,000 persons
of age.
Where, then are to be found the rest

of the children whose labor you

I stated at the outset that

That fact is demonstrated by the fashion in which this dis¬

employed in the manufacturing industries of the

A recent survey of employment in a group

employees.

have to be given in charting
interwoven.

age

States—considerably less than 1% of the total number

United

child

known to mankind.

By way of contrast, let Sir Josiah Stamp, the great
business man, express his opinion as

United States Bureau

They completely ignore

proved to be the most effective

elimination of child labor will weigh more

little business than so-called big

under

"Without

medicine

maximum hours and the
on

the principal States of the

York blazed the trail in 1910.

Federal wage and hour legislation, its
potentialities for evil are staggering.
Apart from the power to make or
break industries or localities inherent in such a law, it would be the signal for
the flaring up of bitter sectional feeling, notably between the industrial
North and the agricultural South—a condition which every good American
has fervently hoped was finally subsiding after the ravages of the Civil War.
With 277 Democrats in Congress today from north of the Ohio and the
Potomac and only 130 from the Southern States, it requires no gift of
Despite the worthy objectives of

prophecy to predict what will happen to

the future growth of the industrial

established.
with child
labor or sweat-shop conditions—North, South, East or West.
National
social cohesion, however, is essential to the continuance of representative
democracy.
Hence all social betterment should proceed by slow stages
entrenching itself solidly at each stage and advancing step by step as en¬
lightened public opinion makes progress safe and sure.
The primary trouble with almost every social reformer is failure to main¬
tain historical perspective.
"A thousand years in Thy sight are but as
yesterday when it is past and as a watch in the night," says the Psalmist.
We cannot wait 20 years, says the President.
Why can we not find en¬
couragement for the future In the tremendous strides that have been made
South once Federal power over
Let

me

not be

hours and wages is firmly

misunderstood.

I have no sympathy whatever

24

BANKERS'

in the last

ments of our
we not

the

to

Why

population under

realize that

our

of America

progress

form of government ?

our present

the abundance of

as

natural

our

patiently to climb to higher heights

social welfare without turning our backs on the lessons of
in

we

our

Why

unique type of government has contributed

can we not strive

must

CONVENTION

100 years in improving the conditions of the less fortunate
seg¬

to

eagerness

objectives in 20 months

or

can

much

resources?

on the road of

history?

desirable economic

consummate

as

Why

and

social

20 years, hack away the foundations of national

unity, of minority rights, of judicial independence, of local self-governmet
that constitute the foundations of
representative democratic government?
Sad as it is, those who are locating the road ahead seem to
take little or

no

account of these

benchmarks of human progress in
running their surveys.

The road ahead, is, of course, not

it,

you

about

in part

confronted

are

out of every

one

by tolls levied

tollgates

tollgates

now

you travel

Roughly

speaking,

billion dollars

(apart from those for the Army and Navy),

a

spend,

as

for the

year

it

now seems

expenses of the

Do not let

us

deceive

the Federal Government

once raised

emergency, are never permanently lowered.

during

war or other

So do not expect to see the

total expenditures of the Federal Government much below
7 billions

during

If this prediction be true, where does the tax road lead us?

In respect to those of the population who lie

the implication is clear that
of

or

Heaven alone knows how many

we continue to

History shows that the expenditures of

your lifetime.

along

supported in whole

Federal establishment, apart from debt reduction.
ourselves.

As

turn.

every

the other two.

eventually if

will, some 7 to 7

we

at

three of its travelers is

on

we shall have

clear that

by

free highway.

a

in

the smaller income brackets

they will be forced to accept

living than they would otherwise enjoy.

This will

a lower standard

about for two

come

reasons:
,

First, because every dollar the Government takes in taxes reduces
the
amount such individuals have left to
spend for goods and services; and,
Second, because the burden of taxation on business will in most cases
have to be passed along to the consumer in the form
of higher prices, and
these higher prices in turn will still further reduce the
quantity of goods and
services that the populace can buy."
their pur¬

on

and standard of living will be negligible, but
through the

power

combined impact of high income taxes and
confiscatory estate taxes in the
upper brackets, the ultimate effect on the capital fund of the
country will be
far-reaching in its economic, social and political significance.
This is the

fund from which improved facilities for the
production of goods
must be purchased.
It is from this fund, moreover, that the

quired for

new

ventures, such

as a motor

industry,

or a radio

now

made,

money

industry,

re¬

or an

air-

conditioning industry must come.
There are just two sources for the
capital fund;
private incomes and the Government.
The undistributed
earnings tax
tions

out

on

of

corporations now makes it difficult

An

earnings.

Exchange Commission

to

finance capital addi

-

amendment

to express

of any contemplated issue of

authorizing the Securities and
its judgment as to the economic
desirability

new

securities, would effectively control the

supply of such remaining private capital as might be available.
Then, if
industry were finally compelled to turn to Government for
capital funds.
State socialism would become

a

it winds its devious
way into the future.
Our
educational institutions, supported by private
funds, are bound to suffer
through inability to secure endowments and current
support.
Their in¬
as

dependence of thought and their capacity for
leadership and research will
wither as they seek Government subsidies
in order to live in the face of
curtailed income.

This is

no

idle assertion.

The insidious process is al¬

ready at work through the National Youth
Administration,
dentally, which was never authorized by Congress, but was set
Executive fiat.
I do not claim that the National Youth

a

body, inci¬

up

simply by

Administration

has ever attached
any stipulations to subsidies that it has
granted college
students, but I do know that in one institution of
higher learning at least,

the executive head and certain of his
leading professors
public stand in the last Presidential

were

afraid to take

a

campaign because of what they feared

might happen to those of their students who
from

the

Federal

were

receiving financial help

Government.

To those of you who have not read
the report of the
on

Government propaganda, or

issue of the "American

tax-payers' money is
the

emotions

and

terrific shock.

an

Mercury"

now

Brookings Institution

article which appeared in the September

on

the

same

subject, the extent to which

employed by the Federal Government

thinking

of the

This questionable

American

use

electorate,

will

of public funds strikes

roots of representative

to

come

at

shape
as

a

the very

democracy because it colors the sources from which,
democracy, the clear waters of public opinion are supposed to

under

gush

forth pure and unadulterated.

Government propaganda reached its most
audacious height, perhaps, in the use of
WPA funds for so-called "economic
forums" in workers'
training classes. The syllabi alleged to have been em-

played in certain instances will make

you rub your eyes

and wonder whether

this is

really America.
I commend to those of
you who are interested in
this remarkable
story, an article by Hartley W.
Barclay, which appeared
in the August,
1937, issue of "Mill and Factory."
As
confiscatory taxation affects private educational
institutions, so it
will affect
hospitals, charitable and religious foundations, art museums and
all those fine private
agencies—so conspciuous in America—that minister
to the needs of the
body as well as the souls of men.
The establishment and
maintenance of almost all these
institutions depend
cumulation of
and

social

directly

capital funds

in the hands of

men

and

women

vision.

upon

the

ac¬

of thrift, ability

Despite Mr. Roosevelt's uncharitable statement
about "gentlemen who

come

from their

warm

and

well-stocked clubs and seek to dictate to the
Government how it should let
people starve," no right-thinking American
has ever been opposed to the
use of public funds for
taking care of those of
our fellow citizens who
are actually in want or
distress.
However, the scope
of the subsidies for relief
now afforded and the
manner

being adminsitered

is

open

in which they are

to serious and just criticism.

tion of relief

The centraliza¬

administration violates the first
principle of local responsibility
for local affairs, in the
absence of which there is

inevitably waste and abuse

in the expenditure of
public funds.
some

share, however small,

No matter how poor the
cummonity is,

of all

moneys

expended

raised from local taxation

for

relief should

be

so that there would
be a direct local interest in
the economical administration
of relief expenditures.
It would seem, too, that
there is little
relationship in some communities
at least, between the
present volume of employment and the
outlay for relief.
For example, in Lancaster
County, Pa., an actual census of 551 manufactur¬
ing plants in August, 1936, showed
1,892 more persons at work than were

employed in the

same

establishments in August

county were unusually prosperous




at

against 692 in August, 1929.

The number of families in the county now

receiving public help is 2,653, comprising, it is estimated, 8,021

persons—

and this total does not take into account 2,167 additional
families receiving
old-age assistance, mother's assistance and pensions for the blind.

Why

should

the local

not

units

of the American

Bankers Association sponsor

similar surveys of comparative employment and relief in all of
the 3,071
counties of the United States, and thus help
crystallize public

opinion

that time.

,

on

this vital subject?
The inevitable result of the extension of Federal subsidies to
millions of
the worthy unemployed, and to thousands of individuals who

have

never

absolutely

neces¬

worked

even in

sary to

keep body and soul together, has been the creation

good times

of voters who are

more

days

week than

per

were

of a huge army
directly interested financially in the continuation of the

political status quo.

Moreover, from

a

socialogical viewpoint, long

tinued relief is resulting in a corroding loss of self respect, and
decline in personal initiative in many instances.

an

con¬

enervating

In addition, the personal

and community sense of responsibility for the poor and the
unfortunate in
our midst is being undermined, which bodes ill for the
future of

American

philanthropy.
criticized by

However

much the profit motive in industry may be
of the radical adherents of the New Deal, few
deplore

some

the concomitant political profits that spring from the centralized
adminis¬
of

tration

relief.

For four years the banker and the business man—and

now

the lawyer—

have been consistently made to appear the objective enemies of the
American

farmer and "reliefer" by a series of Congressional
investiga¬

wage earner,

tions, by insinuating epithets, by invidious comparisons, by the publication
of incomes and salaries, and by inflammatory speeches
by those of high and
low degree.
Confidence in the economic system of which such leaders
are a

vital

part has been weakened and the wellsprings of private initiative choked.
The final result, even though unintentional, has been the creation of class
consciousness and class hatred in America to a degree that is

appalling.

up

An

among great segments

of the population, with the result that millions

have lost their belief in the old verities of work and sacrifice, of
physical and
mental

effort, of personal initiative and willingness to venture that have

attained for America the position she occupies in the

modern world.

The impression is conveyed that the avenues of
opportunity have been
closed and that from now on America must look to a beneficent Government
for economic security

and personal happiness.

The possibility of

social

a

and economic millennium to be achieved through
governmental control of

agriculture and industry have aroused expectations that it is evident cannot
be attained

within any reasonable

passions cannot be turned
Dr.

Raymond Moley said

"Class

leads

war

on

period of time.

Unfortunately human

and off at will, like an electric light, and as

a year ago:

to

dictatorship and dictatorhsip marks the end o
This possibility is far more grave than any of the issues

democracy.
are being discussed in this
campaign."
.

.

that

t

After all, social righteousness, the true glory of any
nation, arises

reality.

Turning to the field of sciology, time permits but passing reference to
what the road conceals

as

attitude of self-pity, envy, covetousness and loss of self reliance has
sprung

In respect to the groups
having larger incomes, the effect

chasing

the relief rolls in Lancaster County as of the same date had
risen to 7,662

on

1929; the farmers of the
Yet the number of persons

from the

nog

compulsion of laws but from the spirit in the hearts and souls of it

citizens.

Humane laws

created by legislation.
of personal

the fruit of that spirit.

are

The

The spirit itself is

no1

of that spirit is religious faith, a sense

source

responsibility of

man to

his Creator, his family and his fellow

Hence though not a pietist, I have come to the measured conclusion

men.

that if

we

wish to preserve constitutoinal representative
democracy, with the

freedom of the individual human spirit on

which all social and economic

depends. We must motivate it with religion.

progress

Unfortunately,

every

step we take toward collectivism, toward a strong paternalistic government,
undermines religion in two ways: With the arm of a benevolent Government
about

him—particularly if it subsidizes his physical needs—the

of God

and

a

corresponding

sense

presence

of personal responsibility seem to dis¬

solve, or at least recede into the background of individual consciousness.

History proves, moreover, that all-powerful governments and Christianity
oil and water; they do not mix.
This is inevitable, since the glory of
Christianity is that it stimulates individuality and liberates the human
spirit from thraldom.
"Know the truth, and the truth shall make you free"
are as

said Christ.

Hence,

we

almost invariably witness serious difficulties for the

Christian church in countries where
representative

democracy does

As I look at the road ahead for religion in this
country,

cerned.

Confiscatory taxation

seems

I

am

not exist.

deeply

con¬

likely to cut into the income of the

church and will certainly diminish the
supply of capital funds necessary to
enlarge Its educational institutions and extend its missions.
Hence, as

time passes, the church is likely to be
physically handicapped in broadening
its work of

developing the spirit of the Good Samaritan and

Rule in the hearts of

our

citizenry.

of the Golden

With that spirit actually permeating

the population, the more abundant life—both
economically and spiritually—
can

become

a

reality in

a

respresentative democracy.

the more abundant life in

a

purely economic

achieved under the iron hand of

sense

Without that spirit,
might be temporarily

benevolent dictator, but only at a fearful
sacrifice—the loss of everything the
phase connotes from a spiritual view¬
a

Said President Masaryk of Czechoslovakia:

point.

preserve any nation.

My hurried

Morality and education

"Independence will not
the ultimate salvation."

are

survey of the road ahead is now finished.

plete, I realize.

That it is incom¬

That it may be incorrect in various particulars, I willingly

concede.

It is not, however, conceived in conscious
prejudice, or born of
selfishness.
It arises from deep anxiety about our national future.
As a

citizen, I believe it my duty to give that anxiety frank expression.
In the
breath, I admit how much more difficult it is to do things, than it is to

same

criticize.

Much of my survey necessarily has been critical.

I want to be

fair in my

judgments, however.
Hence I give due credit to the Adminis¬
tration, among other achievements, for placing before American banking
and

industry

an

requirements of
amount

of

enlarged conception of social responsiblity—adapted to the
a

highly organized industrial civilization.

bitterness

emergency has passed.

and

recrimination

Can

we not now

has

been

look to

Perhaps

inevitable.

an era

a certain

But

tween all patriotic Americans—rich and
poor—of every party, race,
and station?

Banking, business, agriculture,

the

of good feeling be¬

government—all should have

creed

a common

objective from this time forward:

To get every one who wants to work,
back to work quickly and thus end the
corroding influence of Government

subsidies.

That goal can be accomplished by the simple process of
restoring

confidence, through such
house

in

means

as:

Putting the Government's financial

order; revising taxes so as to encourage

expansion
emergency

of

present

enterprises;

decentralizing

new

ventures

government;

and the

liquidating

organizations; placing the administration of relief in local
hands; encouraging true collective bargaining by requiring equal responsi-

„

GENERAL

bility

both sides; quenching the fires of class consciousness;

on

promoting

and exercising all-embracing charity toward all.
When I read how our forefathers worked and suffered in order to unify

national unity;

of In¬

13 colonies to a point where the Declaration

the sentiments of the

War fought to a suc¬
ratified, I stand
abashed and ashamed.
How soft we have become in our smug enjoyment
of constitutional freedom!
What self-sacrificing expenditures of time,

there

Constitution

the

and

conclusion

and

written

business men,
bankers and lawyers—made to establish this "sweet land of liberty."
How many laborious hours they put in with their pens in hand as members of
and effort those old economic royalists—planters,

money

What courage have you and I in the

Pericles.

country to which we owe everything we have
Here is my answer;

do?

and are ?

"If they're pretty, they don't

of higher educa¬

If they ain't pretty,

need it.

We should, however, pay all debts owed

adequate."

Focus the attention of our local
active part in politics.
As General

questions with friends and associates.
fellow

citizens

Take

them.

on

an

Johnson said the other day, we are moving

It is

peculiarly fitting that this meeting should be held near
to the Declaration of Independence

18, 1775, a certain
Lexington
to warn the countryside of the approach of the troops of a regal dictator.
What impression his fearsome news would have made on the populace, had
one out of every three familes he aroused been receiving financial subsidies
from King George III, is an interesting speculation.
For that very reason
if for no other, your task, as Paul Revere's in 1937, will certainly be more
arduous than his.
But spread the warning you must, if the road ahead is
to
be
relocated in
the fair country of consitutional representative de¬

sit here today, do

not forget that on the night of April

named Paul Reveres road from Charlestown to

economic royalist

ourselves.

By Dr. Virgil Jordan,

and women
to the fore.
who

do your full duty.

his farm, the merchant who owns

owns

is her

bulwark

protect our hard-won

that still lie before us

subject

general,
If my

about

I certainly expect no slump in volume, but I am not so sure

be easy.

profits

questions that confront you in this connection; but

any

or net returns, or

today is a vague word, and its meaning has become more

Research
definite

its

as

about the long-run outlook for private enterprise

These are the questions which given me most concern.

in the research field.

daily by innumerable individuals, groups, organizations

in vain

in¬

The name is now taken

has become more fashionable.

use

and agen¬
of mis¬

cies, public and private, who often quite honestly make two kinds
takes about it.

The most obvious and familiar of these mistakes is to imagine
search
of

is

method of demonstration and persuasion

a

Undoubtedly it often happens in the physical sciences that

discovery.

discoveries

important

made

are

by proving

procedure because the

political economics, this is a rathjgr dangerous

hunch in such matters is usually

sible,

vprypnwerful, and experiment is impos¬
people's money.

too expensive, even when carried on with other

or

So the enthusiastic investigator or innovator in the
research

to

resorts

experiment that a

through

but in the field of economics and especially

hunch about something is true;
of

that re¬

rather than a means

economic field usually

and makes what every one now

In

calls a "survey."

this means merely that he expresses his hunch, opinion, or even

many cases

preferences about the matter in a set of statistical tables appropriately

his

selected from the infinite number that can be constructed from the available
data.

In sometimes

original
to

becomes

hunch

those who

More

are

often,

that he applies special skill in arranging

also

means

language around the tables, so

easily

that their significance in support of the

and

comprehensible

specially

however,

well-meaning

research

of

this

today

mistaken

means

notion is

that

much

for its

only the production or reproduction of huge quantities

of statistical statements and tabulations the source, significance
which

is

sake.

own

economic and business

certain, indefinite, undiscoverable, or imaginery.

and

use

of

The so-called

"surveys" which result from this sort of research activity are a character¬
istic disease of
stuffed-shirt
when

our

business

a

man

for
or

about something, it must
won't be

to

is

a

a

that

get information about anything;

One

that

is

become subject to the
that account

the

but it is generally harmless, and no one

The endless rehashing of stale or reclaimed
the

consequence

public—American,

circumstance

chiefly of two condi¬

particularly—has

somehow

superstition that anything which is stated in figures
be more accurate, true and significant than it would

This is especially so if the state is

be otherwise.

folks who are really trying

conducive

to

the source of the statistics.

stimulation

of

the

second-hand

or

academic educators
incompletely occupied in teaching that they

synthetic statistics trade is the unfortunate fact that our
are
are

often

so

driven

comes

in

poorly paid and so

to

this

their

sort of sterile

spare

time,

activity to supplement their meagre in¬

whenever

the benefactions of the economic

royalists of yesteryear make funds available
otherwise take and the Government
I mention these things
rather

about the status of research in the economic field

apologetically in passing, not because they are serious or important

in themselves,

but because they cloud the outlook for the

productive research in this field and for
among

which the tax gatherer would

would waste in the same way anyhow.

business men.




development of

appreciation of its real importance

flaw,

soul in self control,

Conference Board, New York City

carried

be

and Business

unfortunate that so much

It is

difficult

in

on

understanding

the

meaningless and useless activity should

the name of economic

sprung

rather

wheremost

instrument of policy—public and

of persuading people to accept

means

a

as

results

research—or the gesture of research—

should have come into such wide use as an

private,

research, because it makes more

and effective use of the

It is more deplorable that

needed.

policies which have

full-armed from the head of some official jove or jovial official,
than as a process of developing policies that will work because they

activity
period in which
the word science itself has become a superstition, and faith in scientific
miracles a powerful social and political force.
In such a time ti Is natural
that research should come to be regarded as an end in itself, and that simple
and primitive human purposes should successfully disguise themselves in
the language, manners and customs of science, and employ an elaborate
rumble-bumble of "research" to impress the public with their purity and
wisdom.
Certainly that majestic aggregation of ancient impulses of power
and greed which is the modern state has found no more effective sheepskin
in which to conceal its sharp teeth than the symbols and ceremonials of
science and research by which it seeks to persuade the masses of its superior
are

in

with

accord

facts.

time are perhaps

in our

foresight

and

Both

these

weaknesses of research

the natural accompaniment of a

insight.

than the
planning—or, if you
please, modern monetary management?
No one really knowns enough
as yet to run a single business concern with fair success—or at least it is
extremely difficult to get the knowledge that is necessary today, or to be
sure that the information you get is really knowledge.
It is silly to pretend
that the economic activities of a whole nation can be scientifically planned
and administered on the basis of any economic knowledge now available or
Was

there ever a

scientific pretensions

of modern national or economic

A great genius

think it will ever be

group,

or

universities very
but I do not
process of statistical

from Government agencies or

might be able to do it by inspiration,

accomplished

as a

To suggest that it is being

research.
or

prodigious hocus-pocus, for example,

more

likely to be forthcoming
soon.

party is sheer

result of any

done or might be done by any person,

humbug.

only as an instance of the

;

widely prevalent and not

exploitation of popular misconceptions about science
the economic and business field.
These misconceptions

entirely disinterested
and

research

in

productive development of research in this field, and
confined to the man in the street.
It is unfortunately
numbers share these misconceptions today.
To mention an example of far-reaching and practical importance, the
dominant theory of prosperity today is the purchasing power theory—the
notion that a nation is permanently prosperous in proportion to the amount of
great obstacle to

are a

they are by means
true

that business men in large

money consumers
scope,

the

spend.

economic

planetary in
today. It is
choirs of in¬
It is crooned

The dominion of this idea is almost

is supreme and absolute
Governmental policy. It is chanted by

but in this country its power

theme-song of all

numerable

especially to blame for it.

Another

so

be presented as the result of a survey, or people

much weariness of the flesh, especially to

must on

anything,

thing represents a vast waste of human energy and time and

statistics in the name of research is

tions.

about

statement

mere

public official has an idea he wants to express

impressed by it.

This sort of
causes

In fact, the word survey has become a sort of

time.

synonym

tasks

Thy liberty in law."

I mention this notion

people are prone to imagine that

research in the economic field is an activity that is good
The result

persuasive

already disposed to believe it anyway.

liberties, and to rededicate our Nation to the

"America, America, God mend thine every

of work with the largest private institution in

the
you have assigned me is so broad that my comments must be
and without reference to particular research programs or agencies.
task were merely to forecast research activity in this field, it would

considering

with the

professional man and our religious leaders

after 160 years of stirring progress.

Confirm thy

President National Industrial

this country
industrial economics and
industrial management have brought some impressions about present and
prospective research activity in the economic field.
I offer them for what
they may be worth, without any preconceptions about their application
to financial and banking research.
I hope they may prove pertinent in

his store, the woman whose

husband's life insurance policy, will join hands

banker, the manufacturer, the
to

of patriotic

The sound common sense of the men
who have a real stake in America's future will eventually come
Sooner or later the workingman who owns his home, the farmer

Certainly

engaged in research and education in the field of

of the future, if you and thousands

I for one do not despair
citizens like you

Outlook for Research in Economics

years

Faneuil Hall,

of the stirring
took place.
Ab you

the Cradle of Liberty, and in this old city where so many
events that led up

straight toward a rigid dictator¬

ship because we don't realize what we are doing to

Many

they undertsand
and children's

children.

this juncture seem

Pennsylvania Dutch farmer's idea

the Govern¬
ment as quickly as possible.
Stand free of financial shackles.
Purge our
enterprises of every unethical practice—if any such remain.
Come into
the court of public opinion with clean hands.
Study the crucial problems
of the hour.
If need be, sacrifice leisure and recreation.
Discuss these

it ain't

who will insist that this

implications of the present crisis for their children

mocracy.

.

That's all right, but resolutions at

Pass resolutions?

to me somewhat like the

tion for women:

make for the
What can you and I

How much sacrifice are we willing to

afraid to speak?

we

"The secret of liberty is courage,"
present crisis?
Are

What courage they had!

they ran!

What personal dangers

and correspondence!

of informatiln

committees

said

Americans

straight-thinking

enough

are

dangerous road ahead be resurveyed and relocated, once
the ultimate

dependence could be proclaimed, the Revolutionary
cessful

25

SESSION

cherubim

and statistical seraphim.

the instruments
merely in the common
less work
and redistribution of pie in the sky, but in the elaborate structure of aca¬
demic ideas about over-saving and over-investment that have been em¬
bodied in the vast mechanism of fiscal deficit financing, undistributed profits
taxation, monetary management and capital market regulation, which are
the heart of Governmental economic policy in this country today.
In this purchasing power complex, as it may be called, you have in full
flower a perfect example of the process and product of research as it is being
carried on in the economic and business field today.
Tons of literature
have been turned out on this theme, by academic and Governmental agen¬
cies, from the estoeric scriptures of John Maynard Keynes, to the popular
catechisms of Foster and Oatchings.
Mountains of synthetic statistics
about capacity to produce, capacity to consume, and the distribution of
national income, have been poured out into the underpinning of this
idea that man lives by purchasing power alone, and that, as Mr. Dooley
said long ago, the trouble with the world is that the poor who need money
in infinite variations over
of executive

power.

the radio and orchestrated for all

It expresses itself, too, not

emotional message of the masses

most never seem to

with promises of higher wages,

have any of It.

never

been

*

been familiar with the idea, and have
much fooled by it, but business men, especially those in the

Bankers, I suppose, have always

26

BANKERS'
goods industries and in retail trade, have always had

consumer

for the notion

that what

all need is

we

more

give consumers, that is, their customers,

a

weakness

prosperity.

and for schemes to

money,

of it to spend.

more

CONVENTION

They have

Certainly,

in

its

predicament,

present

business

American

management has no time to waste in doing research for the enlightenment of
the other

fellow.

It needs

much

too

for itself.

It should

not

worry

so

swallowed this essential dogma of the New Deal economics hook, line and

much

sinker,

attained much better economic knowledge and understanding than it now

and

foundations and

endowed

even

institutions

to

expound

the

"purchasing-power" gospel and propagate the purchasing-power complex,
though politicians and the public would be hard to persuade

as

subject.

But it is

important and much

more more

discover whether this idea is true

ness men to

on

than it is to persuade

anybody of its truth.
and business research is the accelerating tendency for research in this field
to drift into the hands of academic or scholastic groups

and Governmental

This is in part a result of the very misconceptions and abuses

which I have mentioned; but it is also due in part to other significant cir¬

The

cumstances.

with it

growth

of

Governmental

and publication of statistical

data.

The

two

bureaucracy

always

data about everything, especiady economic

things, bureaucracy and endless questionnaires and sta¬

tistical reports, are almost synonymous.

Moreover, the growth of bureau¬

tends naturally to draw into this type of activity persons of purely

cracy

academic training,
about

temperament, and experience, and gradually to bring

fusion of the activity of academic institutions and Governmental

a

large order, and

a

is getting.

agencies in this field.

Finally, these tendencies

emphasized and has¬

are

true in

I do not claim to know how it

an urgent one.

Certainly this is true in the field of industrial and general

the field of banking and finance.

two reasons

economics

All that I

do is to suggest

can

why I think that the present tendencies in research activity in

and

situation.

business

These

are

reasons

not

yielding the results that

need in this

we

suggest ways in which the situation may

may

be remedied and the need met.
In the first place, most of the research in economics and business being

brings

expansion in the collection, elaboration, interpretation

an enormous

ignorance of the man in the street, till it has

business management with which I am most familiar, whether or not it is

More serious than this kind of misunderstanding and misuse of economic

agencies.

economic

best be filled, but I feel it needs much more earnest consideration than

can

it

the

or uses.

This is

the

difficult for busi¬

more

or not

has

about

carried

the prasent

at

on

time is being conducted,

that is by academic and

remote

in

in Vacuo,

to speak,

so

Governmental agencies which

and continuous contact with economic

have

effective

no

activity and business life.

They are

temperament, training, experience, outlook and all qualities of

mind, from the

sources

and

interpret.

This situation may be appropriate and even necessary in

pure

scientific research in other fields;

with

the

amoeba

of the facts which they seek to discover, analyze

order

in

to

a

biologist need not become intimate

investigate and understand their behavior;

tened by the fact that in this and most other countries large and important

but economic and business activity can never be known and understood if

sections

we

of the
economic
organization are being governmentalized, or
brought under effective State regulation, management or ownership.
This

naturally implies that practically all research activity involving the collec¬
tion, analysis, interpretation and application of economic statistics in these
fields

into

passes

hands

the

of the

and

State

becomes

a

Governmental

function.
There is

no

inherent

object

to th

on

tendencies.

se

The only question

productive

and

sure

you

thinking about the

are

and idealistic

a

conception

I

hope I have

lofty

as

have of the nobility and sacred

as any one may

I believe there

few

are

than

more

fair

men

understanding and

nc

fruitful research in economics and

or

in close and continuous contact and colla¬

on

actively engaged in business management

the

or

actively

I submit, however, that this attitude has

In this field there

be

such

no

thing

as research

sake, because the nature, significance, and purpose of knowledge

in this field, is defined in advance

by the character of the field itself.

In

research institution in

a

to apply

but

it;

under

even

these

It has had

favorable

It

i;

so

much

easier

to

carry

what

on

I

call

a

conditions
one

book-and-desk

of the prevalent

type represented by academic research bureaus
Government agencies than it is to develop an efficient and effective

and

mechanism

specialists

justification in the field of

no

can

some

as

procedure has been difficult and it is far from perfected in this

instance.

discoveries made in the laboratory, often by pure accident,
are, or
time may be, Important.

Industrial Conference Board,

20 years ago as an expression of that principle.

opportunity

research

I feel quite sure that no one can have any right
of research in the physical and biological sciences by any
considerations whatever, because no one can possible assume to know what

own

or

the field of industrial economics and industrial
management, was established

to limit the scope

for its

be little constructive

can

The National

pure science for its own sake.

economics and business.

naturally have little

can

employed in business.

important to society than the intensive pursuit of research in

more

they

business which is not carried

far is critical of the prevailing interpretation and

character of science and the search for knowledge.

things

same

talking about.

of research in the economic and business field.

uses

today,

investigating.

boration with

I may be

microscope slide.

The cleverest conclusion I have drawn from my long labor in this field

attempt a

so

on a

certainly no sympathetic insight regarding the alien world which they are

few definitions, so that
am

examine bugs

subject of their study.
They live and move in
wholly different world, governed by quite different forces, motives and

a

is that there

I have said

we

because it is impossib.e for most of the people who are
carrying it on to

I do not believe so, for two main reasons which I shall
try to explain in
the concluding part of this address.
Before I do so, let me first

What

that

way

have any contact with the

possibilities of economic and business research.

things I

same

much sterile, stupid, silly or malicious research activity

so

principles,

,

is the pragmatic one as to whether the result realizes the full

study it in the

We have

for

can

if this had

economic

business field with
no

in

which

technical

competent

Even

been fully accomplished in the work of the Conference
Board,

I would still say that the

have

investigation,

collaborate creatively with active business executives.

adequate

procedure is defective in the industrial and general

which

short, knowledge resulting from research in economics and business is in¬

except for contacts with

herently practical in its origin, nature, and

the Conference Board is concerned,

for including workers,

means

as

well

as

because

we

executives, in it,

the Board.

purpose.
It arises out of the
practical facts and experience of every-day economic activity; is must be
assembled and analyzed and interpreted in the
atmosphere and background

of such activity,

finally in

and it

can

some actual and

ave

meaning whatever unless it emerges

no

effective application to the improvement of such

activity.
So, I think of economics quiet simply
business

the

as

business

art

of

means to me

creating

simply

as

the science of prosperity, and

prosperity.

a process

Research

causes and conditions of
prosperity, which
activity which produce prosperity.
a

economics

and

of assembling trustworthy facts about

the

In any other field of science

in

useful in the business

are

possible limitations; but in the field of economics and business the limitation;
do no harm, and indeed are
necessary.
They leave open an immense
area

of

investigation which includes almost everything of impor6ance that
In fact when the field is defined

in this way it can justifiably be said that there has

so

far been little

or

no

real

research in economics and business.
The larger part of the vast
activity of the kind I have already described that has passed for research
in this field can safely be discarded, and
certainly be forgotten.
This is the real reason

why it is sometimes said that

of economics, or that economics is not
is

much

a

more

a

science.

we

have

no

science

with

The

trouble

has

been

psychology, politics, ethics and

all of these with it in

one

that

even

we

have

usually confused it

religion, and have tried to mix

way or another.

We have not realized that it

does differ from all other sciencies in the fact that it
has
and

we

have forgotten

recognized

it.

We

to keep that purpose in mind

have

consequently

wasted

an

a

definite purpose;

even

when

immense

we

have

amount

of

energy and time in research

economics

activity that has really had nothing to do with
business, even though it has gone under that name.
We

or

have used

an enormous amount

of

effort, enthusiasm, and money in trying
to apply the results of such
activity for political or other irrelevant purposes.
We have consequently emerged in this late
day with a great many difficult
and pressing economic and business
problems on our hands, and with only
a few vague and general
ideas, mostly of an ethical or sentimental sort,
with which to deal with these problems.

So,

matters stand

as

today, I must

say

that I

am

unhappy about the

outlook for useful research in economics and
business.

riding

us

Our problems are

hard; swift-moving events have overtaken our
knowledge and
The little knowledge we have is not used
effectively in

understanding.
our

work, and the superabundant pseudo-knowledge that is
being made avail¬

able by academic and official
agencies is used much too
our

problems

more

difficult by confusing our

In this field I think

than about other

we

own

effectively, to make

understanding of them.

should be more concerned about

people's

error.

I, at least,

am

not

our own

one

who

not persuasion.

the

is to

love business




to

or

admire business men.

know

more

about

how

create

and

such

projects

you

to make

maintain

do not have,

if

or

lose,

you

be of little value.

our

as a natural consequence

present research activity in

because there is

no

effective in

actual

the

of what I have just said, much of

the economic and business field in sterile

adequate mechanism for making the results useful and
conduct

of business

affairs.

That

is

to

the

say,

educational efficiency of research, so far as the
improvement of business
management is concerned,

is almost nil.

This research

is

in vacuo, but it dies there, so far as
helping to solve the

perity is concerned.
that it

purposes of

not

only born

problems of

pros¬

It is true that results of much of the socalled research

being q^rried on

are

applied plenty enough; but they

applied for
political persuasion, rather than for purposes of business im¬
are

provement.
The present picture and the prospect are not uniform in all fields in this

respect.

For example, the extensive research that is being carried

the

of personnel

field

active

business

practical

administration has

application.

In

collaboration with the
mechanism for

the

the

on

sources

its roots

being

in

close

continuously

industrial

economic

on

in

contact

with

translated

into

research,

such

as

also, there is fairly adequate contact and

of information, but practically no effective

utilizing the results in the education of business executives

improvement

American

is

broader

the Conference Board carries

and

and

management

Bankers

of

management

Association

policies.
be

can

In

credited

the

with

financial
an

field

outstanding

accomplishment in developing, through the American Institute of Banking,
the most extensive and effective mechanism for

professional education that

has been achieved in any field of business in this
country.

I wish very much that

I could

see

hope of something approaching this

accomplishment in the field of industrial management

Speaking from my

experience and observation in my own field, and without regard to its
possible application to your own, I can say with conviction that professional

education is today more important than research.
We know little enough,
to be sure, and need to know much
more; but we could make great progress
in the solution of our problems
today if more of the responsible

people in
business management knew, understood and used what is
already known.
Research has not advanced very far in the field of industrial
economics;
but

if we were to stop where we are
today and could translate what we
already know into industrial policy, I feel sure we would be nearer the
solution of many

of

our

difficulties than

we

to

Its purpose is to enable
to

If in

effective contact with the people who create the facts that
you study and
who must use the conclusions at which
you arrive, your research is likely to

understanding and decisions of business

that

The important function of research in
economics and busi¬

management

play in that field.

ignorance

remedy the ignorance and incompetence of business, not

masses

business

difficult problem, and certainly the other is the easiest

feels

the main mission of research in this field is to set
right those whom research
has misled.
The effective corrective of popular economic error is
experience,
ness

most

we are ever to have

productive research of the sort that I have
described, this problem must be solved, and I venture to say that it may
be of special importance in connection with
any projects in the financial
field, because of the large part which Governmental agencies necessarily

That is not true; economics

clear, definite, and rigorous field of scientific study than

many of the other sciences, precisely because it is directed to a
specific and
and is regulated and subject to check at
every step by practical or pragmatic

considerations.

a

but if

Secondly, and

definition of this kind would impose im¬

isn't known about business management.

This is
way;

few labor organizations who are associated with

a

pile up the results of research

without

would be if

we were to

continue

carrying those results into

the

executives.

In your field your research
may be too far behind your education mechan¬

ism; the knowledge you teach and

use may

not be enough.

I do not know;

but my own experience in the field of economic and business research has
made

me

than can

acutely conscious of the danger of accumulating

more

information

effectively be applied to business policy by business executives.
This danger is still greater if we imagine that such information will
lighten

GENERAL
responsibilities of business management merely by influencing public

be

on

a

large scale; but it will be largely a

business that it

opinion.

research is in step with professional educational facilities

Whether your

not, the important thing is that you have both, and that

or

27

SESSION

they be kept

I

can

than

more

see

can

a

carried

done first for

institutions in each field, by people

use

and let the means of

The

we

justify

can

large activity in any field of

any

economic and business research for the purpose
that we know more about our

about, our job,
of

us or

won't

we

good as the research.

getting it into use be at least as

day is past when

job than

we

of convincing other people

If we know enough

really do.

have to worry so much about what others

think

research in economics and business is this: By all means let us
and better; but let us do it

of

have more

oursevles and for our own use, and use it

effec¬

tively in increasing our comprehension of our task and our competence

in

Let us be less eager to enlighten the other fellow, and

performance of it.
more

in that field, and in coordination

of private

You

There is plenty of research activity

ambitious to enlighten ourselves.

in.this field which doesn't fill these specifications, and it is likely to increase

through its own

with practical experience and competence

with institutions for professional

enterprise itself from the spreading disease

of State collectivism.

remember that Archimedes, one of the pioneers

may

science, who

was

education

I can see the possible salvation

I can see more than that.

in that field.

rather annoyed by the politicans

than 2,000 years ago,

what they want us to do.

gist of what I have tried to say about the position and prospect

The

aggressively

on

activity for research

great future of energetic

by private organized business,

in^constant touch with each other.

Whatever research is done, let it be
by the people who need to use it, not for some one else;

total loss, and even a liability to
unless it does in some

ill afford in these difficult days,

approach these specifications,

measure

of modern

of his tine, said, more

"Give me a point to stand on and

I will move the

world."

ability
fulcrum

that the leverage of informed

I think it is not too much to imagine
and understanding in active

business management, resting on the

of the skepticism
and despair of its own powers and accomplishments into which it is sinking
today, and enable it to realize in time the vast potentialities of prosperity
knowledge, may lift the enterprise order out

of tested

which it implies.

Prospects for Profits in the Banking Business
By Leonard P. Aybes, Vice-President Cleveland Trust Co.,
especially
appropriate to discuss at this time the prospects for profits in the banking
business.
Prom the beginning of this century up to the advent of the
great depression the earning assets of American commercial banks taken as
Kecent

a

changes

important

in

whole were composed pretty consistently

it

of loans which made up three

and of investments which constituted the remaining

quarters of them,
one

banking make

American

Taking
a whole the return on bank loans during the 30 years before
averaged year in and year out about 6%.
The yield on the

The loans yielded a higher rate
the country as
the depression

of return than the investments.

investments

there

During the past

probably averaged about 5%, or a little less.

eight years

has

taken place a

of

series

fundamental changes in

L^The loans of commercial banks have decreased from being about 75%
of the earning assets to only about 45%, while the investments have in¬
creased from being 25% until they are now about 55%.
These changes have
greatly reduced the earning power of banks because the proportion of the
loans, which are the higher yielding assets, has decreased, while that of
which

investments,

are

In addition to these

the lower yielding assets, has increased.
changes in proportions there have been serious

clines in the yields of both classes

has fallen from around

These two sets of changes in proportions and in yields

5% to 2 H %.

of themselves decrease the annual earning power

of

about 45%.

The

increase from service and other charges,

but the drop has amounted

only

nearly 40%.

the change
of banks,

This added reason for anxiety

and lifted investments to the major position.

primarily equipped in personnel, in experience and in

that banks are

machinery to make and administer loans rather than to care for investments.
Banks could easily handle about twice

the amounts of loans they now have,

and if the old-time volumes of loans are not going to reappear, many
will need to overhaul their organizations in the

banks

enforced quest for economies.

borrowing needs of

During the past 40 years the borrowing needs of business

passed through several

well-defined phases which have lasted long

enough to enable us to study them in their relation to

bank earnings. The
factors.
One of

borrowing needs of business depend in the main on two
is the

volume of trade being done, and the other is the im¬

dollar

portant recent changes that may
trade, and which

have taken place in the dollar volume of

have either greatly increased or diminished it.

For the purposes

of our analysis of the prospects for commercial loans we

about
by all the corporations
in this country.
We have good records of the amounts of such sales for a
good many years back in the data of the Federal corporation tax reports,
and we can closely approximate them over the past 40 years.
Those records
may

consider that the volume of trade being done in any year is

equal to all the sales made at wholesale and retail

and the bank records show

that from shortly before the beginning of this

outbreak of the World War there was a nearly constant
relationship between the commercial loans of all commercial banks and
century up to the

the volume of trade.

For

nearly 20 years

commercial

before the war began the commercial loans of all

banks were equal each year to

volume of all

wholesale and

retail trade.

about 14% of the total dollar
This means that during that

period the business men of this country steadily
credit for each $7 of sales that they made.
Then the war came

The price declines
deposits of corpora¬
tions resulting from the emergency financing of the government,
have
dropped it to 8 or 9%.
Perhaps the new normal may work out at about
10% unless we experience a new and important further general advance in
price levels.
The evidence indicates that it would be prudent for bankers
to shape their policies in the expectation that for a long time to come the
volume of commercial loans in commercial banks will be less than half as
of the depression

and brought with it a great and general advance in

of doing business. That period of advancing
One result of the price increases was
that corporations had to use greater amounts of money to carry on their
business affairs.
When that happened they found that their working capital
was insufficient to meet their increased needs, and so they borrowed more
1915 to 1920.

heavily from their banks.
From

1915 to 1920 the

commercial loans of banks increased from being

yearly volume of trade to b3ing 21% of it. That
of one-half in the rate of the
borrowing needs of business men, but it was in reality far more than that
because in the meantime the volume of trade had greatly risen in dollar
value.
That 21% for commercial loans was 21% on a dollar volume of
trade that had nearly doubled, and so we find the commercial loans of
banks more than three times as large in 1924 and 1925 as they had been
equal to 14% of the

advance from

14% to 21% was an increase

period of the 1920's.

Other Loans

Collateral loans and real estate loans

combined are now about equal to

Perhaps it is a fair guess that

commercial loans.

During the rest

of the prosperity period the ratio

volume of trade steadily




declined.

taken together they are

for some years to come.
proportion of all bank loans

likely to remain about equal to commercial loans
than they have recently.

than they do now, or
for

25

amounted to more
It is

the

war

still more astonishing fact that

a

It is an astonishing fact that

the collateral loans of
than the totals of bank investments.

before

years

commercial banks

during almost every year

of that

in commercial banks constituted a larger
proportion of their earning assets than they did during the great bull market
for stocks in 1928 and 1929.
They now constitute a smaller proportion
long period the collateral loans

than at any

previous time in the past

will increase greatly

50 years, and it seems unlikely that

while the present regulations or

similar ones

preceded the stock market
boom as being the greatest real estate boom of modern times.
Nevertheless
it is true that for some six years before the war the real estate loans in
commercial banks constituted a much larger proportion of all earning
assets than they did at the top of the real estate boom of the middle 1920's.
They are relatively large now.
They are greater in amount than they were
in 1927, and they constitute a larger proportion of the earning assets than
ever before except for the recent years of deep depression
They are In¬
creasing very little.
It seems to be a fair probability that they will not
change greatly in volume until we experience a new building boom.
The operating earnings of member banks, before taking into account losses
and recoveries, are now derived about 40% from loans, about 40% from
investments, and about 20% from service and other charges.
It seems
unlikely that these proportions will be greatly changed in the near future.
They have resulted from powerful economic forces, quite beyond the
control of the bankers, and largely beyond their influence.
It is far more
prudent to assume that the new proportions of bank earning power, and
about the present rates of interest, will prevail over the next few years,
than it is to hope that about the old conditions to which we were accustomed
before the depression will return in the near future.
We all rightly

of commercial loans to

Corporations were making

recall the real estate boom which

Operations
If it is
bankers

probable, as the evidence seems to

as a

group

must look forward to

indicate, that commercial

having earnings from loans only

then the question is what they
ought to do about it.
That question confronts bankers even if in the next
few years loans increase more rapidly than now seems probable, for it is
quite unlikely that earnings from loans will increase within any near-to
future until they are two and a half or three times as large as earnings from
investments, as they used to be.
The fact still remains that our commercial
banks are organized and equipped to care for a volume of commercial loans
of the pre-depression magnitude, and that there are no present prospects
about

equal to earnings from investments,

that we shall soon return to any

One step towards
of

bank

such conditions.

improving conditions consists

of increasing the efficiency

good deal of progress has already been
1923 through 1932 the operating expenses

operations, and there a

achieved.

In the 10 years from

operating incomes,
commercial banks. In
from 1932 to 1936 this operating ratio dropped so that the
expenses were only 68.9% of income instead of being 73.4%. This improve¬
ment largely resulted from decreases in the payment of interest on deposits.
of all member banks were on

and the results would not
the five years

in 1915.

the dollar

period, and the increase in the bank

large as it was during the prosperity

used about $1 of bank

prices, wages, and all the costs
prices continued from

normal ratio of commercial

14% to 21%.

loans to the dollar volume of trade from

remain in force.

The volume of bank loans depends primarily on the
the community.

them

little over 8% of the dollar value of

the war.

they
Commercial Loans

have

a

Collateral loans used to constitute a far larger

There is another reason why the banker must view with anxiety

Despite the

the total of these loans

wholesale and retail sales
last year, and it will probably be of only a little over 9% this year.
These
percentages are far below the 14% rate that was steadily maintained before
was

would

because meanwhile there has

which has made bank loans a minor factor in the earning assets

is

than the pre-war average.

increase in commercial loans last year and this year,

typical 100 dollars

a

of bank assets from $5.75 to $3.17, which is a decline of
actual decline has been a little less than that

de¬

The yield on loans has

of earning assets.

declined from 6% to 4%, while that on investments

to

more

capital.

securities, and so adding to their cash resources.

new

The war-time advance in price levels lifted the

these conditions.

an

Many of them were
They were
steadily decreasing their need for depending on the banks.
By 1929 the
commercial loans of commercial banks were down to less than 16% of the
value of wholesale and retail trade in that year.
That was only a little

floating

The decline has been continued during the depression years.

quarter.

been

Cleveland, Ohio

large profits and building up their working

the average 73.4% of their

be greatly different for all

28

BANKERS'

It may not sound

but it is in reality substantial,

large,

probable that further improvement

wholly

seems

The emergency period in banking lies in the past, and now the

coveries.

be made.

can

problems

^;

; ,.v\■

It is

in the

Investments

■

not at all

It is obvious that

based

of administering loans is far

expense

greater than that of administering investments.

is

One cannot help wondering

the deficit from

with

them

being made

past

on

experience.

1920's while businesses

prosperity period

volume of trade has

net

operating earnings in those

and

years,

the

income

was probably
largely a net gain.
In the five years from 1932 through 1936 these conditions
have changed.
The earnings from loans and service charges have not
nearly equalled the

expenses

of bank operations, and part of the income from investments has

been used to make up the difference.

but they do make it

accounting,
now

paying their

heavily dependent
meet

These comparisons are not good cost

earnings from

on

probable that bank loans

seem

and that the commercial banks

own way,

service

as

not

are

whole are

a

charges and investments

to

Probably it is true that the great changes that have taken place in the
banking business during these depression years are not unlike some of
took place in the railroad
industry a little earlier.

Up until
1921 passenger traffic was relatively a good deal more
profitable than freight
traffic.
Then passenger traffic declined in volume and
became progressively

less

profitable until in

1930 the cost

of

above the income received from it.
services

senger

exceeded operating

In

providing passenger service

they

are

have

rose

1935 operating expenses for pas¬

by 29%

revenues

,

and

in

1936

they

exceeded them by 27%.

The railroads

huge investments in their

compelled to operate them

even

passenger

services,

though they must

use

and the problem of the banks.

of

It is that the investment of the banks
in

lending facilities is largely in personnel that

be

can

gradually reduced to

the proportions
necessary to carry on the volume of bank

be developed.

now

The problem of the

railroad^ is far

them

lending that

can

and

the

years

period,

and

now

once

Banks

more

have

profitable business, but it is

a

absorbed

not

the great losses of the de¬
most

and

of

the

available

re¬

American banking has been passing through a
period of transition and

readjustment since the prosperity period which preceded the great
depres¬
sion.
The changes that have been taking place now
appear to have worked
themselves out sufficiently far to
warrant an attempt to interpret in brief
outline the apparent significance of the most
important among them.
It is

a

a

fundamental principle ol banking that the
earning power of banks

the borrowing needs of the business
community, and
comparison has been made over a long term of years between the
on

total earning assets of all commercial banks and
the national income.
The comparison has been based on the data for
national income, because
those figures represent the total net sums of
money received each
year

all the individuals of the population as
wages, salaries,

for the

for
na¬

general business activity.

The total earning assets of all commercial banks in
this country in
a little less than 3M billion

amounted to

dollars, and they

30% of the national income in that
have

been

almost

an

income since that time.
grown to

49%, 10

national

constantly

By 1900 they

years later

income

now

and since bank funds

they

were

because

were

equal to

increasing

percentage

of national

37% of it, by 1910 they had
56%, and by 1930 they were 66%.
were

are a

reserve

slightly smaller percentage

requirements

have

increased,

not fully
employed.
The decrease is not large,
does it appear to indicate that there has set
in any important change
The first conclusion drawn from
the comparison is that com¬
mercial bankers are justified in
believing that bank deposits will continue
to grow as national income
increases, and that they may be expected to
be for some time to come about two-thirds
as large in amount as
the annual
are

nor

income.

Collateral and Real Estate Loans
A similar sort of statistical
analysis applied to real-estate loans and to
collateral loans makes it appear
probable that these two classes of
earning
assets will retain for some
years to come about their present
importance in

the

portfolios

of

banks.

Real-estate

loans

are

now

relatively

xarge

in

amount.
They are about 8.5% of the earning assets, which is a much
larger percentage than they constituted at the
height of the real-estate boom

in

the middle

1920's.

probable that their
we

have

another

Collateral

loans

They

amount

real-estate
are

earning assets which is




passion for liquidity.

our

that

maintain.

we

It is the chief

It is behind

notes, and our abhorrence for long-term

our

preference

bonds.

It is the

Now this pessimistic fear is even less warranted than the
optimistic hope.

There does not

now exist any

set of conditions that could result in

collapse like that of the great depression.
sudden

credit

a

The bank crisis resulted from

a

and

world-wide drop in general price levels which drastically re¬
duced the values of securities, real estate and commodities.
Under those
conditions business

bank

could not pay their debts as they fell due, and the

men

of collateral

value

sequence

behind

became

loans

depositors

everywhere

utterly inadequate.

hurried

No collapse of general price levels on
the simple reason

now

a

slowly increasing and it does not seem
importance will be greatly changed until

are
or

that

almost

As

con¬

a

simultaneously

a

similar scale is

now

to

possible for

had the collapse several years ago.

we

anomalous fact that bankers should

now

shaping their policies to guard against

a

It is

an

be worrying about inflation while

great deflation.

This is particularly

inappropriate in view of the Federal guarantee of deposits.
The

for

prospects

profits

in

the

banking

Certainly they are brighter than they

business

huge store of money

a

more

safely increased will depend
first

of

using deposits

those
more

over to

its

the bankers

It

can

be

can

be

consists

in

yield

three factors.

on

three

How much

now.

bright.

kinds of business

which the bankers pay low interest.

on

profitably employed than it is

The

fairly

are

are in most other

Those prospects are bright because business has handed

possibilities

for

increased

profits

fully by investing the dollars that are

now

lying idle

The second important possibility
increasing profits lies in reducing the operating costs of the lending and

boom.

relatively small.

The third possibility lies in securing greater returns from the in¬

Banks should be adequately liquid, but there is neither safety
prudence in maintaining such degrees of liquidity that they threaten

vestments.
nor

to result in

liquidating the banks.

previous time in the past 50 years.
made up

For many

about 25% of the earning assets of

have been

regulations concerning them,

They

are

about

12.5%
at

It does not

There

likely

seem

importance while the present

similar regulations, remain in force.

or

Commercial Loans
This leaves for consideration the status and
prospects of commercial loans
and investments.
The changes in both of them in recent

have been

years

revolutionary.

From the beginning

of this century up to the outbreak
the commercial loans of commercial banks were about

of the World War,

20%

large

as

the national income.

as

sented about the normal

cominercial loans

as

Then the War

prices,

came

and

wages,

that

and

all

brought with it

the

of doing

costs

corporations had to

their

business

repre¬
so

far

concerned.

vancing prices continued from 1915
was

Apparently, that percentage

borrowing needs of the business community in

were

affairs.

to

1920.

great and general advance in

a

business.

That

When

that

happened

working capital

was

borrowed

period of ad¬

One result of the price increase

far greater amounts

use

of money to carry

found

they

that

their

heavily from their banks.

From

more

1915 to

insufficient to meet their increased needs, and

1924 and

they

so

1925 the commercial loans of banks increased

from being 20% as large as national income to
being nearly 30%
That advance from 20% to 30%

large.

as

wasjan increase of one-half in the rate of the

borrowing needs of business

men,

Dut

it

far

was

than

more

that

in

the

dollars borrowed, because in the meantime the national income had
greatly
increased.
That 30% for commercial loans was 30% of a national income
that had
more

more

During the
to

than

doubled, and

than three times as

the

so we

large in 1925

rest of the prosperity

national

income

steadily

find the commercial loans of banks
as

they had been in 1915.

period the ratio of commercial loans

fell.

Business

profits and building up their working capital.

floating

new

securities, and

men

making large

were

Many corporations

were

adding to their cash resources.
They were
steadily decreasing their need for depending on the banks.
By 1929 the
commercial

loans

of

national income.

The decline

commercial

That

has

less than

rate

xoans

banks
a

that

was

more

12% this

year.

to

less

than

24%

of

than the pre-war average.

during the depression

last year

steadily

down

were

little

Despite good

years.

and this year, the totals of these loans

12% of the national income last

be only a little over

20%

only

was

continued

increases in commercial
were

so

year,

and they will probably

These percentages

maintained

before

the

percentages of commercial loans to national income

are

War.

are

far below the
The present

much lower

than

those previously prevailing over the past 50 years.
The war-time advance in price levels

smaller percentage than
they have been

before the War they

years

our commercial banks.

important recent changes in them.

no

that they will change greatly in amount or

on

1890

of trend.

national

of available lending

why most bankers are completely reluctant to contemplate borrowing

reason

The earning assets of commercial

year.

The earning assets of commercial banks
of

excess reserves

for short-term

by

dividends, interest,

and the earnings of proprietors and partners.
The figures
national income constitute the most comprehensive
available index of
tional purchasing power, and so of
rents,

banks

volume

Officers* Reports-General Session

Report of Economic Policy Commission by the Chair¬
man, Leonard P. Ayres, Vice-President of Cleveland
Trust Co., Cleveland, Ohio

so

the

to

allied departments of banks until their
expenses are below the earnings from

they have already taken

Committee

depends primarily

appropriate

exists.

now

That fear explains

ago.

reason

loans.

pression

The time

lending facilities and their expenditures

and unproductive in the excess reserves.

Liquidity
whole is

adequately profitable.

proportions

large as they were then.

as

The pessimistic fear that bankers still cherish, and by which
they guide
their policies, is that we may have another banking crisis like the one five

for

as a

to

business that

more serious for their

investment in the unprofitable
passenger business is permanent,
passenger service is growing progressively more expensive.

Banking

only about one-third

are

The dollar

already regained the levels of 1925 but the commercial

has come for bankers to reduce their
on

and

part

great difference between the plight of the railroads

a

loans

The loans shrunk rapidly towards the end of the

business increased its working capital.

as

withdraw their funds.

the revenues from freight to make up the deficits
resulting from them. The
banks have large investments of
personnel and equipment devoted to the
business of making and
administering loans.
They must continue to make
loans even if they result in
operating losses, for that is the only way by
which they can get deposits which can be
employed in investments.

However there is

why that hope

reason

from their Federal Reserve Banks.

operating expenses.

those which

The

abnormally large in the early
short of working capital due to the war-time

were

advances in price levels.

The available figures seem to

the nine years

from investments

One of them is an optimistic hope and the other

have the old volumes of commercial loans.

and service charges

clearly produced

class are

as a

be misleading inferences

appear to

is unwarranted is that commercial loans were

and other charges and investments.

indicate that this may well be so.
During
from 1923 through 1931 the operating earnings from loans
of member banks, before losses and recoveries, were
always more than enough to cover all costs of all bank operations.
Loans

Both of them

pessimistic fear.

a

more

operating
by earnings from service

up

likely to recur.

The optimistic hope is that as business recovery continues we shall once

careful cost accounting would not show that under
prevailing conditions
the loans of commercial banks as a whole are
resulting in a net
a

loss

con¬

here and that promise to prevail in the future.

Probably it is true that in two important respects bankers

only about equal to earnings from investments.

typical commercial bank the

are

still unduly influenced by developments that lie in the past, and that are

disquieting fact that the earnings from loans of all member banks

a

are now

••'1

those of adjusting bank policies and operations to the

are

ditions that

■'

if

It

CONVENTION

of

business

and

any

national

income

lifted

the

from

normal

20%

to

ratio

increased the borrowing needs of

between

nearly

30%.

commercial

The

price

loans

and

declines

of

the

the

GENERAL

Confirmed the action of the Interim Committee in issuing the following

depression period, and the increases in the bank deposits of corporations
resulting from the emergency financing of the Government, have dropped
it

around

to

12%.
should

increase until

greater than

they were 40%

they are now, they would still be only about half as large as they were
the five

in

The evidence indicates that it

1928.

long time to come the voiume of commercial loans in commercial banks

a

will be

natural that bankers should continue to hope that as

It is

why that hope appears unwarranted is that

commercial

reason

abnormally large in the early 1920's, while businesses were short

were

capital due to the war-time advances in general price levels.

of working

rapidly towards the end of the prosperity period as busi¬

increased

its

loans

then.

are

on

much

not

now

a

levels of 1925, but the com¬
third

as

large as they were

the propostions

lending facilities and personnel to

priate to the volumes of available lending business that now
to be reasonable expectations

appro¬

exist, or that

banks under the laws of that State."

Section 8, Article II of the Constitution provides for special membership
in the Association of Federal Reserve Banks and

Federal Land

Banks as

follows:
"The Federal

Reserve banks and Federal Land banks shall be eligible to special

membership with all
such

privileges

the rights and

of active membership,

subject to

restrictions upon active participation in the affairs of the Association,

holding and such other restrictions
Farm Loan Board, respectively,

choose to impose, and such special members

may

Executive Council

or

name

of the Federal Reserve Board has been changed to

of Governors of the Federal Reserve System, the
been

Board

Federal Land Banks have

brought under the supervision of the Farm Credit Administration,

and the Intermediate Credit Banks have been established under the super¬

of the

vision

Farm

the Executive Council recom¬

Credit Administration,

mends that Section 8 of Article II should be amended to read as follows:
"The Federal Reserve banks shall be eligible to special membership with

constantly increasing importance in the port¬

In 1890 they

In
1910 they were 23%.
In 1920 they were 24%, and by 1930 they were 29%
of the earning assets.
The great and sudden increase in them has taken
place since 1930, and now they constitute nearly 60% of all the earning

made up

about 12% of the earning assets.

By 1900 they were 22%.

yi

assets

For

about 5%

was

Now it has dropped to about 2.5%.

little less.

or a

before the depression the commercial banks received

30 years

some

from their loans more than three and

a

half times as much income as they

Now the income from investments is about

got from their investments.

equal to the earnings from loans.
It does not
in the

increase

some

It

future.

near

in

loans,

Under these circumstances it seems safe to

Governors of the Federal

Federal Land banks and the Federal Intermediate Credit banks shall

of the

that for

largest

class of earning assets.

by resolutions

or

a

Moreover, it will be the one from which

tering the investment accounts are much less than those entailed in

Consonant

By-Laws

duties of the Committee

Special Committee
on

of earning

gratifying stability
that

sources

normal in former years,

has

power.

materially

are

on

Policy

Economic

of the Committee

on

Federal

Commission

believes

bankers will

that

One

Excess reserves are idle funds, and probably idle bank

good banking.

the report was made, duly seconded and

be seeking

not

Fleming, Chairman:
The

in business activity should not be per¬
obscure the fact that 1937 has been so far a year of large and

mitted

to

consistent
three

investment.

for industry,

gains

commerce

Proceedings of the Executive Council.

Calif.,

cisco,

Dunkerley will present the report of the Official

Francisco; April 20 and 21, 1937, at Hot Springs,

San

Sept. 24, 1936, at

Department

the meeting in

Only a few years

business

activity

realization

appear
year

vigorous rates

be

with

the nominations of the Nominating Committee,
Committees

various

and

Vice-Presidents for Foreign

elected members of
Countries,

and

ap¬

Springs. Ark., were devoted to detailed reports from,

and consideration of the work

Committees

of the

of the Divisions, Sections, Commissions and
the review and approval of various acts

Association;

affecting legislation, all of which are covered in various Committee reports,
and

variety of routine

a

The

Executive

business of the Association.

Council approved

the

decision

of the Administrative

Bankers Association should offer no objec¬

Committee that the American

legislation is proposed looking toward the inclusion of all

tion in the event

banks under the retirement provisions

of the Social Security Act; and with

regard to unemployment insurance, the Committee on

Federal Legislation,

in collaboration

with the Committee on Taxation and the Committee on

Section 5219 U.

recommendation of the Banking Studies Committee was

The following

"That Congress be asked to

Federal Legislation:

amend the Postal Savings Act to empower and direct
System, by flexibility in rates and other¬

the Board of Trustees of the Postal Savings

of the system again within the purpose governing
establishment, namely, to furnish supplementary and non-competitive savings

rapid
They reflect a

exceptionally

Recessions have been

Banking

steady progress.
There has been
Federal Reserve member banks
50% larger in volume than they were at the

During the past year banking has made
a

notable increase in commercial loans of

and these loans are now over

1936.

beginning of

warning

the

Repeating

expressed in

Bankers Association at both its

the resolutions of the American

1935 and 1936 annual conventions, we here

number of chartered banks should
of the nation.
Public
opinion not only in the nation as a whole but in every State should be kept
alert against any tendency toward a return to over-banking through the
emphasize again our conviction that the
be limited

rigidly to

the economic requirements

indiscriminate chartering of new institutions

in places which are not large

which there are already ample banking
believe that full public support should be given the bank

enough to support a bank, or in
facilities.

We

supervisory authorities,
other

pressure

both State and national, in resisting political or
unjustified expansion of the banking

tending to make for

facilities under their

jurisdictions.
Postal

protective features of Section 5219 U. S. R. S.

adopted and referred for action to the Committee on

the

indefinitely prolonged continuation of recovery at the

S. R. S., was instructed to take such steps as will insure

the continuation of the

from

of investors and business men that it was unrea¬

features of all previous recoveries.

proved the appropriations recommended by the Finance Committee.
The sessions at Hot

demand

markets and the current decreases in

reactions

which it had been advancing.

at

The

8%.

and the early months of this one.

the part

on

to

increased

advanced 5%.

The recent declines in the security

Taylor,

N. Shepherd, Executive Manager; and, in accordance

Treasurer, and F.

have

These are important im¬
in the past have shown greater gains.

Ark., and Oct. 11,

San Francisco the Council elected Arthur B.

Rail freight

There has been 9% more building con¬

sales

store

1937, at Boston.
At

In the first

agriculture.

14% greater than it was in the corresponding period last year.
traffic has been over 14% larger.

sonable to expect an

Since the adjournment of the convention at San Fran¬

the Executive Council has held meetings

and

volume of industrial production has been

quarters of this year the

advances of last

Dunkerley:

Outlook

Business

The present moderate recession

provements.

Mr

Busi¬

of the Committee on Resolutions as presented

follows by R. V.

struction.

Acts and Proceedings of Executive
Council, Presented by Raymond Punkerley
Mr.

on

Outlook, Duplicate Taxation, Postal Savings

The report

Report of Official

Smith:

Chartering—Views

Bank

Indiscriminate
ness

as

Resolutions—Urges Return by

on

Balanced Budget—Warns Against

Government to

deposits of member banks have

Acts and

Subcommittees covering

work.

this

Report of Committee

be well

super-liquidity of bank assets could be regarded as measuring the quality

President

activities shall be under the direc¬

Legislation.

by reliable stability.

be directed toward securing the fuller
available funds of banks.
The time has passed when the

investment of the

should

Survey, the

consolidate the

carried, and the report adopted.

Earnings are now being

advised to devote increasing attention to their investment accounts.

funds

to

Bankruptcy, Committee on Taxation and the

on

A motion for the adoption of

changed from those that were

object of such attention may well

of

order

bankruptcy, taxation and Section 5219 U. S. R. S. shall be created to carry

adminis¬

but they have rapidly increased as business recovery

of banks will continue to be characterized

The

amended in

Section 5219 U. S. R. S. with those of the Committee

on

There seems to be real probability that the earning power

progressed.

were

Federal Legislation so that all these

of the recovery period, the banks, as a whole, have

In the recent years
a

the recommendation of the Committee on

with

of the Association

tering loans.

from

Such special members shall not be bound
declarations of policy by the Association, its Executive Councilor

of its committees."

any

by far the largest net earnings will be derived, for the expenses of adminis¬

derived

affairs

Association, holding office and such other restrictions as the Farm Credit

Administration may choose to impose.

long time to come investments will make Up by far the

assume

regained

be eligible to

vote, subject, however, to such restrictions upon active participation in the

the earnings from them.

and in

be much change soon with respect to collateral

not

real-estate loans.

and

loans

wholly likely that there will continue to be

seems

commercial

the

Probably there will

Board of

such other restrictions as the
Reserve System may choose to impose.
The

special membership with all the privileges of active membership except the right to

tion

probable that these conditions will change radically

appear

tion in the affairs of the Association, office holding and

yield from the investments of all commercial

For many years the average
banks

all tha

privileges of active membership, subject to such restrictions upon active participa

•

banks throughout the past 50 years.

of commercial

folios

its

of its committees."

any

of the near future.

Investments
Investments have been of

office

the Federal Reserve Board and the Federal

as

shall not be bound by resolutions or declarations of policy by the Association,

Since the

than

more

be that the time has come for bankers to reduce their

It may well

expenditures

appear

that branch banking is permitted to State

working capital.

The national income has about regained the
mercial

1937:

4,

American

the right to establish branches in the State in which it is domiciled to the same extent

re¬

commercial

The

The loans shrunk
ness

business

continues we may once more have the old volumes of

covery

loans.
loans

it was in the prosp ?rity period of the 1920s.

than half as large as

less

June

on

Bankers Association has approved the principle of preserving
State autonomy with respect to branch banking and granting to a National bank

prudent for bankers to shape their policies in the expectation that

would be
for

from 1924 through

years

statement
"The

If commercial loans

29

SESSION

We approve

Savings

the extended researches

completed during the year by the

Committee on

Banking Studies with respect to the Postal

Savings System, which have

laid down an invaluable body of facts for use

Association's

at

the

of such legislation or other
will be in the public interest, and

appropriate time in the consideration
relative to the system which

wise, to bring the administration

measures

its

which will remove

unjustified competition with the chartered

banks.

facilities."
I

'

Government Expenditures and Budget

.

i

Approved
favoring

a

recommendation

legislation

intended

of the

to

Committee on

Banking Studies

relieve stockholders in closed insured
stock to the extent to which the Federal

banks from double liability on their

Deposit Insurance Corporation is now

subrogated to the depositor's rights

With the expiration of Title I
on

State

of the Federal Housing Act, the Committee

Legislation was asked to offer assistance

in those States where

banks may make Title 1 type loans,
Bank Division was asked to request the Comptroller of

legislation is necessary in order that
and the National

the Currency not to

discourage that type

of loan within reasonable limits.

By-Laws of the State Bank Division
increasing the number of elective members on its Executive Committee
Approved

from

6

to

amendments

we

budget.

to

12 members.




the

Gov¬
balance the Federal

by those high in authority in the national

pleased to note a determination to

While

necessary

enforce such liability.

to

From recent expressions

ernment,

gency
aware

are

recognizing that unusual economic circumstances and
efforts to relieve human suffering and deprivation under emer¬

conditions justified unusual expenditures of public funds, and being
of the difficulty involved in the effort to balance the budget, never¬

theless we believe that a return

objective of a sound public fiscal

to a balanced

budget should be the prime

policy.

From time to time in recent years

this Association and its

officers have

achievement; we now feel the time has
come to encourage the steady progress of normal
business and industrial
enterprise, which cannot prosper without the confidence which will be enemphasized the importance of this

BANKERS'

30

CONVENTION

gendered by bringing Federal expenditures through economies in line with

trative affairs, he carries with him our best wishes for his future health
and

income.

happiness.
Taxation

banking and public thought who have given

At the recent conference of the Governors of the several States, recom¬
mendations

made in line with the resolution adopted at our last con¬

were

objects

local. State and

by

Federal

We again

governments.

and experience as speakers before the various
meetings of this convention.

toward

with

greater

efficiently for the handling of this convention,
and for the hospitable reception and entertainment of our
delegates; to the

in administration and

certainty

hotels for their excellent facilities and cooperation; to the
many represents^
tives of the press in Boston and from various parts of the nation, who
have

standardization of

Such action, we believe, would do much to bring about an in¬

tax laws.

given such fine

news treatment to our meetings, and to the citizens of Boston
for the cordial welcome which has been expressed to us in so
many ways.

in the normal flow of business activity.

crease

Resolutions Committee:

Robert

D.

Leonard P. Ayres,

i

Report of Committee

Vice-President State Secretaries Section; Executive

Gordon Brown,

H.

First National Bank & Trust Co., Elmira,

Robertson Griswold,

President Smith:

N. Y.

Brinkman,

Mr. Haas:
of

Chairman

Executive

Committee,

State

Bank

Hecht, Chairman Public Education

S.

Hibernia National Bank, New

of Board

Commission; Chairman

G.

For

F.

Vice-President

Barlow,

of

Institute

Thomas

R. Preston, President

Banking;

E.

Hamilton National Bank, Chattanooga,

'

Jr.,

X;

Vice-President

'■"

very

good

the

Robert

M.

President Dime Savings

Hanes,

President

Wachovia

Honesdale,

Pa.): Mr.

Are there further nominations?

Howell

(Honesdale

National

Bank,

move the

|The motion
President

Houston, Texas.

was seconded

and

First National Bank, Boston,

/X":/X/'Xv -XX'X'X;XX''. XxO' Xx'>';Xr-XX-X-

President Bankers Trust Co., New York City.

It is

8mith:
that

the

gentlemen whose

by Francis Marion Law, First National Bank,
and

seconded

that

the

nominations

be

Secretary cast the ballot of the Association for the

names were

read.

Are you ready for the question ?

Those

by saying, "Aye;" contrary, the

same

The motion is carried.

Mr.

Dunkerley:

The vote has been cast, Mr. President.

President Smith:

Frederick Greenwood, Manager, Bank of California N. A., Portland, Ore.

moved

in favor of the motion make it known

sign.

A. L. M. Wiggins, President Bank of Hartsville, Hartsville, 8. C.

Gurden

a

recommending

in

Houston. Texas.]
closed

Spencer

Mass.

S. Sloan Colt,

five o'clock,

We feel that that is

unanimous

nominations be closed and that the Secretary cast
the ballot of the Association for the gentlemen whose names were read.

Louis, Mo.

Charles

A.

President, I

Mercantile-Commerce Bank & Trust Co.,

Francis M. Law, President First National Bank,

Vice-President,

President Smith:

Tenn.

St.

Second

Lewis

Cashier National Citizens Bank, Mankato, Minn.

W. L. Hemingway, President

is

Mr. President, we submit this report.

Division; Cashier Bank of

American

Committee

regular meeting
at

Bank & Trust Co., Winston-Salem, N. O.

Ohio.

America National Trust & Savings Association, San Francisco, Calif.
Milton

The

a

12]

National Bank, Salt Lake City, Utah.

Vice-President Savings Division; President Society

Smith, President National Bank

41 present out of a possible 49.

For First Vice-President, Philip A. Benson,
Bank of Brooklyn, Brooklyn. New York.

Taxation, Vice-President

Huntington National Bank, Columbus, Ohio.

Russell

At

Nominating Committee held yesterday |Oct.

were

For President, Orval W. Adams, Executive Vice-President Utah
State

Bankers Trust Co., New York City.

for Savings, Cleveland,

Nominating Committee

following:

Fred I. Kent, Chairman Commerce and Marine Commission; Director,

Henry S. Sherman,

We will have the report of the

Mr. President, Ladies, and Gentlemen:

representation.

Orleans, La.

Charles H. Mylander, Chairman Committee on

the

there

Division: Vice-President Harris Trust & Savings Bank, Chicago, 111.
Rudolf

-Newly Elected

by Harry J. Haas, of Philadelphia.

ITesident Trust Division; Vice-President Maryland

Trust Co., Baltimore. Md.

A.

Nominations-

on

Officers

Bank Management Commission; President

Griswold. Chairman

Harry

duly seconded and

Chairman Economic Policy Commission, Vice-Presi¬

Manager New York State Bankers Association. New York.
H.

was

carried.]-

C.

dent Cleveland Trust Co., Cleveland, Ohio.
W.

[A motion for the adoption of the resolutions

Fleming, Chairman, President The Riggs National Bank,

V.

Washington,

their com¬

mittees who have provided so

the Federal Government,

only toward the elimination of duplicate taxation but as

and looking not
well

each other and

collaboration with

4

We extend our sincere thanks to the bankers of Boston and

early consideration be given to this important subject by the 8tates, work¬

ing in

to the interest and value of

Its sessions.

that

urge

American business,

generously of their time

us so

They have each made distinctive contributions

overlapping and duplicate taxation of the same

vention with respect to the

.-3

•

We also here express our thanks to the leaders in

I declare Orval

W. Adams elected President of this

Association, Philip A. Benson First Vice-President, and Robert M. Hanes

Edwards, American Bankers Association, New York City,

Second Vice-President.

Secretary.

Mr.

Dunkerley:

(A motion to adopt the resolutions was seconded and carried and the
resolutions were accordingly adopted.]

Is there any further business, or communications ?

None.

M. H. Malott Elected Treasurer of A. B. A.—Dr. Stonier
Resolution
R. V.

Fleming,

Presented the

on

on

Branch Banking

Succeeds F. N.

behalf of the Resolutions Committee,

following resolution

on

Shepherd

as

Executive Manager

M. H. Malott, President the Citizens Bank of
Abilene, Kan., was elected
Treasurer and Dr. Harold Stonier Executive Manager of the American

branch banking:

Bankers Association at

Pursuant to the action of the Executive Committee of the State Bank

Oct.

Division, which has been transmitted to us by the President of that Divi¬

Dr.

14.

a

meeting in Boston of its Executive Council

Stonier succeeds

nounced that he would not be

F.

N.

Shepherd, who had previously

on

an¬

candidate for re-election.

a

sion, Mr. H. M. Chamberlain, with a request for clarification of the posi¬
tion of the American Bankers Association upon questions involved in dual
and branch banking, the
of the

State Bank

Resolutions Committee, in response to the request

Remarks of President-Elect Orval

W.

Adams

Division, desires to submit the following resolution for
In accepting the high office to which
you have called me I realize that I

adoption by this convention, so that all divisions, sections, committees and

am

commissions of the Association shall be guided accordingly:
We favor the

preservation and continuation of the dual hanking system
by which banks are free to operate under either State or national charter.
We also believe that the system of unit banks has been peculiarly adapted
to the highly diversified conn unity life of the United States.
However,
rr.any of the States now authorize by law the operation of branch banks.
We believe that national banks should, as they do now, continue to enioy
an equality
with State banks of branch banking privileges within those
Statet.
The Association supports in every respect the
utono
y of the
laws of the separate States with respect to banking.
We rei
ate our belief
that no class of banks in any State should enjoy a greaten
ght in respect
to the establish
ent of branches than banks chartered under 8tate laws.
We are definitely opposed to any proposal or device looking to the establishn ent of branch banking privileges across State lines, directly or indi¬
rectly.
y;

[A motion for the adoption of the resolution

was seconded and carried.]

i

undertaking

task of peculiar difficulty.

a

This is made

sponsibilities with which the membership of the American
ciation is unavoidably confronted during this

so

by the

Bankers

re¬

Asso¬

extraordinary period in the

economic life of

I

should

in

country.
mention

to

approves,

We must do

While

our

like

membership

our

my

four

major objectives

toward

which,

If the

efforts within the Association will be directed.

toward making ali of the people deficit conscious.

part

the sober

judgment of those best informed, including many of
Representatives in Congress and others in Washington,

our

Senators and

the

necessity of bringing Governmental expenditures weil

revenue is

within current

clearly recognized, this is not yet appreciated by the great body
people of America.
I believe that the fiscal affairs of

of the self-reliant

Government
the

be kept out of serious difficulty only by bringing home to

can

42,000.000

savings

depositors,

the

to

millions

hold

who

insurance

policies, who invest in building and loan associations, and other securities,

Resolution Commending Administration
Smith—Regret at Retirement of F,
Shepherd

Special

President

On

behalf

resolutions

of

were

the

Resolutions

Committee

the

of
N.

following

presented by R. V. Flemirg:

Reviewing the record of the past

year

in

the affairs of the American

its many-sided activities.
the

K. Smith, has given to

The record of his administration has carried

high tradition of service to American banking established by

a

on

long line

of predecessors, and points the way for the continued advancement of the

welfare of

our

profession.

Within the scope of Association administrative

functions, he has materially promoted the continued progress of efficiency
and coordination, while in the broader field of the part played by
organized

banking in current public affairs, he has particularly fostered

bring about improved
banking.
Smith

a

measures

public understanding and sentiment in

We feel that the members of the banking profession

to

For the past 16 years

faithfully served the organization with marked ability.

has been distinguished




His

career

by sincere, conscientious and loyal devotion to the

duties of his high office.

As he leaves active contact with

man,

our

in

dollars of substantial purchasing power.

farmer,

every

the

value

Our de¬

Government deficits increase,

This fact vitally affects every

professional

every

of savings,

as

and

business

of insurance policies, and

man.

It

of

un¬

even

employment benefits and contributions for relief.
In the early

of opinion

make

days of tne depression there
to

as

in deficits.

ju3tly have been differences

may

the propriety of expenditures

which

necessarily resulted

No such differences of opinion should longer exist.

We must

depositors realize that the preservation of the value of their
savings demands a balanced budget. To balance the budget two courageous
and

our

statesmanlike

Government
distributed

steps must

expenditures;

over a

public demand
When taxes

tax-conscious

Mr. Fred N. Shepherd indicated to the officers several

Manager of the American Bankers Association.

he has

pay

be taken: First,

second,

as will

result in

made

are

more

a

substantial decrease in

a

increase

an

much broader base.

in

taxes

more

We must stimulate such

balanced

equitably

an

insistent

budget.

visible and the budget is truly balanced,

a

this country.

weeks ago that he would not again stand for reelection to the office of Execu¬
tive

laboring

to

deep debt of gratitude for his conduct of their Association's affairs.

We regret that

ability to

the purchasing power of money decreases.

Tom K.

respect

owe

to them.

It is not only our duty to pay our deposits on demand, but to the best of
our

determines

admiration for and approval of the devoted and able

administration which the retiring President. Tom

means

positors must be brought to understand that

Bankers Association, the members of this convention take this occasion to
express their sincere

what the continuance of such deficits

adminis¬

Next,
system.

we

citizenship will have been created—the mo3t vital need in

should stab'lize and refine but not discard

Our

progress

under

the

dual

banking

chapter in the development of this country.
has not functioned

perfectly.

In

has

so

functioned

as

to

warrant

us

in

present

is

a

banking

creditable

We readily concede that it

a new country

expected of any type of banking system.

our

system

perfection

was

not to be

Beyond question, however,

ours

seeking to improve rather than to

abandon it, and attempt to provide a new system.

GENERAL
There must be

What is there in

our

needs of

our

would better serve the

And how easy

people than does our present banking system ?

be to create a banking monopoly when once State

been thrown into the discard!

autonomy has

and

a

would
problems, particularly

be held, to which the banks in the town where the conference met

A speaker understanding

invite their clients.

our

I

they affect the depositor, should address such a meeting.

were

am

con¬

and much valuable

fident that much misunderstanding could be avoided
information disseminated

such meetings properly planned

and con¬

This is not

an

It is being followed by the medical profession,

untried plan.

In my own city, following a medical conference,

and with excellent results.

the Salt Lake Tabernacle was engaged, a

public meeting properly advertised

10.000 persons listened with interest to a

some

magnificent program.

Problems of the medical association in their relationship to the public were

interestingly presented
certain that they

result in

a

better understanding resulted.

a

We could

would be largely attended by our depositors, and would

better understanding and relationship with them.

There is

although

and

meetings from time to time throughout the country, and I am

hold such

additional

an

thought which

I do not dignify it

accentuate the

that I

can

as

an

I should like to leave with you,

objective.

It is this: I wish I might

professional nature and aspects of our calling, and I hope

promote an ever increasing fraternity among our

always uphold

the ideals of efficient,

unselfish,

members.

If

the one course which will bring understanding and appreciation.

We cannot

be truly professional

not,

in our concepts and practices without

Our methods may differ but our ideals should

being brothers in the cause.

lasting fraternity.
There must be

of

membership in extending these few remarks upon the fine and con¬

trative year, we have

Association and

no

doubt

as

to the position of this Association respecting

be of vital imporatnce to the self-reliant citizens

country.

It will
the

be

my

and my constant endeavor to prove worthy of

responsibility which you have entrusted to me, and I shall count on

receiving

but also of the

not only of the officers,

the help and counsel,

members of this Association.

This task
men

and

I assume with sincere humility and pray that

grant to all of us His guiding

influence.

,1 express

my

the Master of

heartfelt thanks

appreciation to all of you.

consolidated

our

position, but we all know that he has done much more

that.

service on

many

to the Presidency of our

particularly as Chairman of the Committee on Banking Studies, to

vice.
which

Silver

personal knowledge and association with him as

It

Service

to

becomes

my

now

pleasure to present Robert

V. Fleming, who has a very pleasant duty to perform.




a

Vice-

tion. that he made invaluable contributions to our membership in promoting
the welfare of American

During the past

banking.

he has carried on, upon many fronts, our campaign

year

for the betterment of banking, to the end that our depositors will receive
the utmost in
a

banking service and protection and our shareholders realize

fair and proper return upon their investment.

aimed to

bring about

better understanding

a

the functions of banking,

He has enthusiastically

by all banks in public relations
on

programs

the part of the public of

and the vital part it plays in the economic life

of the nation.
In

the many speeches

he has made throughout the country he has con¬

sistently emphasized the importance of research in banking and under his
leadership

our

Association

has

conducted

constructive approach to legislative

enhanced

the

and the supervisory

with

research

work.

His

Congressional committees

authorities of government, resulting in numerous tangi¬

ble benefits to all banks.

He has done all these things

in his own modest

and besides, through his genius for organization, he has coordinated

way

of our affairs

all

splendid

problems affecting banking has further

prestige of our Association

and

activities, with the result that

our

Association has

functioned throughout the past year with the greatest degree of efficiency
and smoothness.

Modest as he has been in giving you an accoutning of his stewardship, as
he turns over the gavel to his

able successor in office, I

the sentiment of each and every person
out

the country, when

thou

I

say

am sure

that I voice

here, as well as every banker through¬

those simple but sincere words: "Well done,

good and faithful servant."

When we consider the extent of our debt to Tom Smith for his outstand¬

ing service, his high quality of leadership, and
ments in the interest

insure

that

his laudable accomplish¬

of American banking, words seem inadequate to fully

appreciation and praise.
the sentiments and

And

so we resort to a

emotions we

express

symbol by which
here today shall

last in his memory.

I

am

happy to have the privilege of paying this tribute to Tom Smith,

and of presenting

these pieces of silver to him, and his charming wife and

lovely family, as a symbol of our deep appreciation for his unselfish service.
Tom, on behalf of your fellow bankers throughout the country, I desire
to say

that we wish for you continued success in whatever you may under¬

take in the future, and as the years roll on we trust that the presence of this

Retiring President
Tom K. Smith—Remarks by Robert V. Fleming

President-elect Adams:

As Vice-President of the Asso¬

position he was appointed in 1934.

President, and during my own administration as President of the Associa¬

home will ever remind you of our gratitude, and the esteem

and affection in which you are held

of

Association, in his

important committees, he has rendered outstanding ser¬

ciation I know from

silver in your

Presentation

during the past adminis¬

gained a glimpse of the many sided activities of our

insight into the multiple responsibilities which go with

an

by the simple statement that during the past year as an Association we have
than

to

purpose

office.

He has modestly referred to the accomplishments of his administration

express our
our

retiring lh-esident, Tom K. Smith, has ren¬

our

the office of President.

and that will make us tolerant of each other, which is the basis for

matters which we know to

honor

dered American banking during his term of

loyal service to our

clients, subordinating every other consideration, we shall in my judgment
pursue

privilege of representing you

the

advocated active participation

ducted.

and

our

scientious service which

objectives of this great Association.

strongly
that our banking regional conferences should be continued, and expanded.
These meetings, originally designed to provide education for officers and
employees of banks only, have proved of great educational value.
They
can be expanded with little additional cost to provide means of educating
our depositors.
At the conclusion of a conference a public meeting could

we

and

Association is about to close,

and

accorded

been

have

Antedating his election

Finally, and not incidental to the matters I have mentioned, I feel

as

I

From his report of the constructive work done

believe that we should adhere to such

earnestly

and

and*Gentlemen of the Convention—

Convention of our great

63rd Annual

-

tried and tested
course in the field of banking as a whole, as will tend to give our business
and banking interests a sense of stability and security.
1
*
Recognizing the strength and influence of the large number of smaller
banks, many of which are not members of the American Bankers Associa¬
tion, it will be a major endeavor of my administration to mobilize this
tremendous power, to work within the ranks, to carry forward the Ideals
I

Mr. President, Ladies

Fleming:

The

all three.

history which could warrant the belief, for instance,

that the extension of branch banking across State lines

it wouid

Mr.

monopoly—none in banking, in labor, or in industry.

no

The instinct of American citizens is unalterably opposed to

31

SESSION

Retiring lYesident Smith:

exactly how Mrs. Smith and I feel,
as a

you.

substitute plain,

by all of

us.

I wish that it were possible for me to tell you

but it isn't.

So if you will just accept

"Thank you," I will appreciate it very much.

Thank

NATIONAL

DIVISION

BANK

American Bankers

Association

Fifteenth Annual Meeting, Held at Boston, Mass.,

INDEX
Sound Profits from Sound Banking,

The Gold Problem and Some Banking
Ebersole

TO

NATIONAL

by Elbert S. Woosley

BANK

Page 32

Effects, by J. Franklin

PROCEEDINGS.

DIVISION

Address of President W. F. Augustine.
Report of Committee

35

........

Oct. 11, 1937

....36

Nominations

on

38

Presentation of Silver Service to Retiring President Augustine

38

Sound Profits From Sound Banking
By Elbert S. Woosley, Vice-President First National Bank, Louisville, Ky.
The

Comptroller of the Currency in his last report calls

attention to
all time

that

We

of

history.

our

our

banks

1936,

55-year record,

a

in better conditions than

are

We believe bankers today
Of

possessed

are

course

the

program

management which has been going

for

on

hjas been intensified by the recent economic debacle,

We

are

the

straight and

still living in its shadow.

A chastened spirit walks

long

narrow way as

as

it is conscious of its

recent chastisement.

But memories

are

ing policies
glamorous
trade.

Megalomania is

tend gradually
business

give

to

Therefore, while the

the shadows of
some

give

fierce

as

it

was

of brighter days lightens

past, it is just as well that we

history tends to repeat itself.

the

As

a

definition

by sound profits from sound banking, I will

mean

you

picture

of

unsound

profits

unsound

from

banking.
There

1,197 national banks in
Some of these banks

casualties

for 10

years; many

of

the

apparently

sound profits; but later developments in-

were

large

dicated that

a

into

for looses.

reserves

the 10

twice that amount, $1,630,-

over

This record resulted from payments out of what

year

praisal of

part of these profits should have gone

Of

it

course,

our management

be claimed that

may

period, 1927 1o 1936, does
standards.

give

not

It

banking, if it is to survive in its

must be prepared to meet
profit of 2.71%

every test

An

.

a

fair

ap-

test,

wa. a severe

present form,

average net

annual

capital funds of all national banks in the

on

country for the past 10 year

is

a

lather

so

r

fact, but that

twice that amount should have been paid out in divi-

over

dends is not only

Of

humiliating but

a

the banker faces

course

in the business oycle.

startling fact,

a

almost impossible situation

Colonel Ayres well

Called

greatest enemy.

an

on

says

that it is

our

to shift cash assets into loan and

investment assets during good times and then to shift them
back into cash in hard times calls for wisdom beyond the

capacity of most
in the

process

While the banks of the country

men.

were

of shifting back to cash in 1930-34, the things

to be reconverted, declined in money value from 363 billions

organized 70

to 247 billions, a money loss or depreciation of 116 billions,

years

One has been in

re-

These

banks

in

capital of $98,000,000 and

twice the amount of all bank deposits,

or over

but most of them

years,

depression.

great

receivership started out with

In the light of these facts and observations the bankers of
the

country

did

magnificent

a

magnificent job

was

they paid out in dividends during their existence $409,000,-

Because

know what

000,

change that.

or

bank, the net

$774,716,000,

active receivership

were

others comparatively recently.

ceivership for 30
are

our

were

into which cash had been converted, and out of which it had
were

during 1936.
ago,

study recently completed by two

return of only 2.71% on the capital funds of these banks.

358,000.

surely to unsound

more

sun

as

more

expanding

of

of the results of unsound bank management as a

remainder that
of what I

the recent

the

before

way

characteristic

practices

Already competition for deposits is

banking.

persistent and

a

Conservative and sound bank-

1920-29; and nothing will lead

review

a

They paid out in dividends

but American

short.

pernicious American malady.

in

According to

years.

or a

agreed that

better bank

years

10

of my associates and investment officers of

profits of all national banks for that period

great desire to be better bankers.

a

for

our

26 billions, the

national bank failed during

no

in

over

peak; and with pardonable pride points to the fact

are

ever

deposits in national banks of

a

four times their original

over

capital.

One bank

we now

job

1929-34,

in

the

but

done during the depression, not before,
we

did not know before

we

We must hold to the wisdom born of

organized in 1889 with $100,000 capital, paid $2,720,000 in

experience.

dividends.

1890 with $50,000

depression

On

a

must

trying

demands it will bring.

capital,
these
if

paid $1,565,000 in

were

half

Another bank organized in

dividends.

unsound profits from unsound

these

dividends

had

been

retained

losses, most of these banks would be

open

In New York State outside of New York
of all

banks, from 1923 to 1929,

$420,000,000.

rose

to

take

care

of

build

City capital funds

borrow

same

$223,000,000

that these capital funds had been budt

capital funds
or

$3,000,000

It is needless to
up out

of unsound

must

we

because

we

prepare

capital funds and

up

our

depositors'

for the depositor is

called

profitable.

on

to pay,

our

because,

we,

capital funds and

reserves.

and the margin of the bank's

stand the shock,

position

our

of

If banking

in reality,

and the margin of protection

not large enough to
as some

the

We must have profits to

reserves

money

for

know what

now

If banking is to be sound, it must be profitable.
is to serve, it must be

today.

below the point from which they started.
say

to

it

Perpahs,

from $226,000,000 to

From 1930 to 1934 these

declined from $420,000,000

the face of

banking.

During good times
end of the cycle,

we

If

own

we are

funds is

will be in the

same

borrowers whose margin disappears

and whose loan is called.

We will be out of business.

A

profits and, if they had been paid out in dividends most of

bank's capital funds should be built up to where they provide

the banks involved would have gone into

an

Although
may

our

be classed

as

"good,"

humiliated at the results of




receivership.

performance in management during
we
our

can

only

1936

be startled and

management over the past

impregnable barrier against trouble.
We must have profits to give a fair return to

holders and to afford

there is

a

some assurance

future for them in the

to bank

our

stock-

employees that

banking business, and to

NATIONAL
hold out inducemeuts to promising young men

BANK

to enter the

banking field, because the hope of advancement and monetary reward is the primary basis of personal

service

are

application and

In fact soundness and profits and public

creative energy.

No

synonymous.

without the other

of these can long continue

one

two.

What is the fundamental factor in sound and

profitable

most

is unquestionably the

bank management? Personnel

which
pervades every phase of banking tends to divert attention
from personnel considerations.
Management is so busy
lending money and trying to get it back that it is apt to
forget that even the solution of this problem lies in the
ability and morale of its personnel. To a degree, that is true
The financial atmosphere

important factor of all.

But in

of all business.

factor

other

expressed in

banking it is

so

important that no

Personnel management as

approach it.

can

makes

bank's policies and their execution

a

banking what it is today and what it will be tomorrow.
I

sure

am

Talents,
differ

we

giving too little attention to

are

background,

tremendously

among

individuals, and the concern in

city which deliberately undertakes to

any

personnel,

and health

personality

education,

build

up an or-

these
Too
often our employees are thrust upon us.
We hire them
because some relative, friend or customer asks us.
We have
been too busy with less important duties to search our
schools and colleges for choice material.
In every bank,
large or small, a senior officer should give much thought and
time to personnel problems.
Princeton University published
in 1935 a splendid booklet called "Personnel Programs in

ganization according to

well defined policy, taking

a

things into consideration,

Banks."
In

can

of its city.

get the nick

Get it and read it.

this

of

officers

connection,

themselves

banks may

well make

We may find that our

subjects for analysis.

strength has been in the detailed technique rather
the broad art of
our

banking

tactics have been better than

of banking, as

of

is

war,

a

than in

using military nomenclature,

or,

strategy.

our

The strategy

long range affair, wide in

its im-

plications and comprehensive in its scope.
If the strategy

of

commercial
industry
banker, whose bonds we

banking might have retained its place in financing
instead of

losing it to the investment

buy and whose stock

we

take

as

collateral.

Perhaps we might

and personal
higher
calibre.
Perhaps banking strategy might have learned from
England many years ago the necessity of charging for the
servicing of unprofitable accounts.
Perhaps it could have
have had

if

loans

found

larger place in installment financing

a

our

out

thinking and planning had been of a

about

more

banking costs to

support proper

charges for banking services.
Let
our

us

remember that the largest

banks is

our

$214,000,000

year were

The second
penses

it

pay

largest

to refresh

39% of total costs.

We are not

greater dividends.

nearly one-fourth of all ex-

expense,

of national banks,

We need

interest paid on time deposits,

was

ourselves

as

to the nature of interest-

a

bank takes money at in-

When

bearing time deposits.
terest

or

this figure, but we might well be in-

interested in cutting
terested in making

item in the cost of running

Salary costs of national bankf last

payroll.

it, in reality, sells an investment, guarantees a regular

dividend and agrees to buy
tomorrow, next year or

50

it back at 100 cents on the dollar

years

No other institution

hence.

There is

in the world undertakes to do that.

no

investment

comparable in safety and liquidity with savings or time
deposits, which fact places
on

a

heavy burden of responsibility

the shoulders of the banker.

Theoretically, at least, it is

impossible of performance.
In

the

light of this fact, the banker must periodically

his

rates

determine

what

revise

on

he

interest-bearing
can

afford

to

accounts.

pay

He

must

for time deposits,

"taking into consideration the returns available on assets
suitable for

a

also the necessity for

bank's portfolio and

growth of capital funds.

Whether

a

banker permits those

important facts to determine for him the rate he will pay for
deposits

or

whether the competitive price which he must pay




for depo its is allowed to determine the quality
his portfolio

may mean

of assets in
and

the difference between success

failure of his institution."

banks there is a comwhich, I am sure, is
much more important than its size indicates. Income from
collection and service charges was only 6.95% of the total
income of all national banks; rather small compared to
42.90% from loans and 39.30% from securities. In dollars,
however, collection and service charges amounted to $47,497,000 in 1936 compared to $28,000,000 in 1933.
This
income was a return of 2% on the total capital funds of all
national banks. In consideration of the fact that the net
average income for the past 10 years was only 2.71% this
source of revenue becomes highly significant,
Many merchandising concerns depend almost entirely on
the 2% discount taken for prompt payment of accounts for
net profits. Any item that accounts for a 2% return on our
capital funds may mean the difference between profit and
loss. We must remember too, that these figures reflect the
results obtained with haphazard methods of service charge
determination and many banks not participating,
American bankers have been woefully lacking in the
knowledge of their costs.
Profitable bank management
policies demand that we know what our costs are, and then
apply charges for those services which our costs show are not
paying their way, and raise the price of the services where
costs show the present selling price to be below cost,
We may not be able to employ cost accountants, but each
of us can study the findings of the American Bankers Association, or we can by groups, make such studies. A great
field is open to state associations, state banking departments,
and even the Federal Reserve banks, in the work of helping
the individual bank apply a common sense cost system which
will make plain the utterly senseless giving away of service
in which we have been indulging.
We must remember that accommodation must be paid for
On the income side of all national

paratively insignificant item, but one

in

some way.

Our only way to pay for

bank services which

given away is not in the expectancy that poor customers
will become good ones, because they rarely do, but to make
the money of good customers work harder to carry the poor

are

generals had been better,

our

33

DIVISION

customers' load. If this load is too heavy the burden is
expressed too often in second grade bonds and loans which

higher yield in order to give a margin of profit between
and income. It goes without saying that such profits
aie unsound.
In connection with charges for bank service, we must not
pass over the fact that corporations with large accounts, but
great activity, pay as much of such charges as individuals
with the small accounts. The service charge program is by
no means aimed at the small individual account.
In our
own bank we have found that over 50% of such charges are
paid by corporations,
Although earnings of national banks derived from loans
and bonds have declined from 86% to 81% of the total
income during the last five years, these assets will always
provide the major portion of income, and by giving rise to
bear

a

expense

of weakness. The
investing your depositors'
money is either loans or bonds is; invest your depositors'
money only after the most exacting credit research,
An American weakness is lack of thoroughness and we have
to constantly be on our guard against this tendency in
banking. Investing the bank's money in either loans or
bonds requires the utmost thoroughness in credit reseaich
and a continuing vigilance if the bank's loan portfolio and
bond account are to be sound.
In consideration of that part of earning assets represented
by loans, I will say that the best way to add to the bank's
net income is to cut losses. We know the ways to cut losses,
Here are some ways:—Know the borrower's capacity to pay
by requiring a financial statement. Know his intention to
pay by careful investigation of the borrower's character,
Keep collateral loans within the limit of the borrower's
ability to repay out of income; write memos for the credit file
losses, also provide the greatest source

burden of what I shall say about

BANKERS'

34

of the loan; how and when it will be repaid

of the purpose
and

other

organized.

but

encourage

the

supervision

are

Every bank should, after the most

tremendously important.
'

these

to the

set up a loan policy which would include
other equally important rules and then stock

as

Farm Credit Administration at Washington.

deal has been said about this or that banker being

The rule of thumb, or a memory that remembers

everything; has no place in any acceptable credit arrangement.
Most memories as to facts in detail are good for only
The banker who lends his depositors' money

short time.

a

on

and past experience is following a dangerous

memory

course.

Proper credit files with up-to-date signed statements,

memos

of interviews, and recorded understanding regarding

all banks.

payments, are necessary in
Another way to

developments in the credit field.

new

let

me

In this connection,

that well managed personal or instalment loan

say

should be both sound and
experience covering a 10-year period,

departments in commercial banks

Out of our

pro

itable.

our

belief is that instalment financing within certain limits

capable management, comports with sound com-

and under

There is no question about safety of

mercial banking.

The diversity of risk gives greater safety than

principal.

portfolio

liquidity.

or

Money invested in loans which liquidate

themselves within 12 months is

sufficiently available for the

averaged less than Y, of 1%.
cussion is ordinarily a
which is discounted

loan made for

at

period of 12 months,

a

commercial loan and which the borrower begins to
based

upon

borrower's character,

the

steadiness and amount of his income.

secured by

The

plus the

The loan is usually

endorsers or chattel mortgage.

for the loan, the

The application

execution of the loan and the payment of

steps which are simple and fully understood from

are

the outset

by both the lending institution and the borrower,

The loan

application automatically takes

which lending

officers

dinary loans, such

as

loan

the

often forget in making or-

so

facts about the borrower's job, his

automatically fixes

method of payment

a

The execution

agreement

an

as

the

to

and penalties for non-payment.

instalment method of
once

of essential

care

income, purpose of the loan, other debts, &c.
of

The

payment which begins to function at

automatically gives

a

danger signal

as soon as

there is

delinquent payment instead of waiting until the whole note
Unlike notes in the commercial

matures.

department which

the attention of higher salaried officers at each

require

maturity

same

in reality small socialized banks.

credit unions

are

of savings for those of their members who

means

thrifty and at the

time

same

They
are

convenient and profitable

a

employment of these savings in loans made to their borrowing
members.

These

are

startling developments in the field of savings and
no question that bankers might have had

There is

credit.

this business had they been

sensitive to the economic

more

changes which have been taking place for 25

and

years

are

still taking place.
Turning to the bank's bond account, it is generally conceded that there is

conceivable

no

for commercial banks

way

to support themselves by local loans and commercial paper

The business of this country is largely financed

alone.

through long term credits in the nature of stocks and bonds,

every

This necessity carries with it great danger to commercial
banking.

three

or

Bonds

four months, monthly or weekly

are

loans, but different from commercial loans,

are

long time, capital loans.

be paid back only from profits,
with

higher rate of interest than the

a

back immediately on a weekly or monthly basis.

facts

such

groups

community, teachers in the

furnish

They

simple language the type of credit advance under dis-

the loan

chartered for homogeneous

same

school system, emoloyees in the same factory or any well
defined group where there is a common bond of interest. The

Losses over the 10-year period have

deposits involved.

is

are

farmers in the

Short term, self-liquidating credit is apparently drying up,

ments of

credit

are now

and the commercial bank is driven to investment in bonds,

a

pay

There

the bond account.

There is

average

The

continuing liquidation, which meets the require-

either the commercial loan

In

Credit unions
as

-

add income from loans is to be alert for

month,

a

in operation nearly 3,000 Federal Credit Unions,

Fine judgment comes from

possessed of fine judgment.

information. .Get all the facts and judgment likely will be

right.

being organized at the rate of 150

Federal Credit Union derives its grant to operate from the

policy.

A great

Forty-two States have passed enabling acts to
movement.
Credit unions under State

The Federal Government is now in the business.

care,

well

as

These are simple things,

pertinent data.

painstaking

CONVENTION

They

loans that

are

or taxes, or

can

by refunding

issue of bonds.

a new

In buying bonds, safety of principal should be the first

consideration.

Complete safety of principal is, of

diately becomes
a

factor.

a

course,

When cash is invested, risk imme-

represented by cash.

Any return

on

capital involves

risk.

As return increases, risk usually increases proportionately,
no such thing as small risk and large return.
Good

There is

management has no choice but to seek a high degree of safety

of principal and be satisfied with
course

also

proves

As bonds

attention

Such

small return.

a

loans, they require the

same

constant, alert

Factors affecting bonds change

local loans.

as

those affecting local loans.

Today's investment

become tomorrow's speculation.

The supervision of

rapidly
may

are

as

a

the most profitable in the long run.

as

one's bond account requires specialized knowledge and talent,
Talent and specialized knowledge

can

greatly mitigate risk

Our investment officers maintain that
second grade bonds, even though carefully selected and conand increase return.
stantly watched,

are

that they constitute

too risky for a bank's investment, but
a

bought and forgotten.

better risk than higher grade bonds

It would

pay a

bank that has

a

bond

payment loans require such attention only when the loan is

account, and does not have an investment officer, to get a

originally made, liquidation at regular intervals being carried

regular investment adviser and

out

as a

matter of routine.

The loans

with

talking about have to do almost entirely

we are

consumer

credit.

Bankers, for

credit in the form of

consumer

sound and

years,

have looked upon

merchants' receivables

as

liquid assets against which to make advances,

by loans and bonds, it is

of regarding

as

operations.

in the form of loans secured by receiv-

largely because they felt that it

was

credit field.

The amount of

or

on

loans and bonds, profits

other items not produced by normal

Both recoveries and profits on bond sales may

be attributed for the most part to the upswing of the business

not worthiwhle business,

cycle, and therefore should be placed somewhere as a hedge

years,

growing

largely out of the growth of the automobile, radio and
sumer

Certainly net operating income

loans direct,

consumer

However, developments during the past 25

frigerator business, have wrought

sound policy to stick to the rule

should not include recoveries

for

ables, they have been reluctant to make

a

counted upon each year.

from sale of securities,

purposes

for his services,

true bank earnings only those which may be

Although bankers have been perfectly willing to loan money
consumer

pay

In connection with the bank's earning assets as represented

a

revolution in the

consumer

re-

con-

credit outstand-

against comparable loss

on

the inevitable downswing. It has

been thoroughly demonstrated in the past 10 years that losses

from

these

governed

exceed profits.

sources

Dividends should be

by profits remaining after needed additions to

ing in the form of loans in 1936 indicated, from figures

capital, after the elimination of non-recurring profits and

available,

after

a

total in

excess

of all commercial loans made by

all of the banks in this country.

Another

credit

development in the personal loan field is the

union.

About




6,000

proper reserves

of the bank's losses
of

these

have

already

been

ever

profits

are

for losses

over an

as

indicated by

an

extended period of time.

analysis
What-

left will be sound profits from sound banking,

There have been called to your attention policies of mange-

NATIONAL

found to be sound

raent which have been tried and have ben

and

Applied in each bank and adjusted to

profitable.

BANK

ing local conditions, they will return to stockholders

vary¬

fair

a

return; to officers and employees a just reward; to business

stable economy.
In

one's

concern

bank, there must be policies which look

own

to the business of

bank

banking

affected

is

ticularly since

Even the strongest

whole.

as a

by the weak spots in

all

we

system, par¬

our

participants in the Federal Deposit

are

Insurance Corporation.

the

assume

responsibility of correcting them and throwing

safeguards against their

up

control in
to

banking,

that American

see

banking of its

shall be kept clean, sound,

calls for
We

a

desire and effort

own

This

profitable and dependable.

have 15,000 banks against

Political pressure

30,000

a

few

years ago.

is constantly being brought to bear upon
open

think

not need more banks,

but

agreed that not only do

we are

still have too many.

we

we

All States should

laws comparable to the

pass

law calling for the same

new

do for American

do.

Ours

economic
abilities

is

capital requirements for State banks

the

In

country.

this day

of disturbing political,

there

be

must

intentions,

no

can

social and

question

honesty of

our

about

our

and

our

purpose

to contribute

we are

part toward keeping and safeguarding those individual

liberties which make life tolerable in

a

political minded and

greedy world.

power

As trustees of the faith and fortunes of the
set

men

responsibility fpr sound banking in this

trends,

and

of

banking what the banker himself

capacity for banking statesmanship, if

apart for

a

sacred role in the community.

for the highest in character and
that

capacity.

responsibility

and

people

responsibility—our

alone—of

ours

none among

we are

That role calls

The times demand

rededicate ourselves afresh to the

we

banking system second to

making

our

the systems of the

world.
Comments at conclusion of Mr. Woosley's address.
James Ringold

(Trenton, N. J.):

have that article sent out

as

President Augustine:

Mr.

as

as soon

national banking

new

the part

on

In conclusion, let me say that no man nor group

I

banks.

banking authorities for permission to

possible

and capacity for management

purpose

granted

community need, adequate capital and

of those at interest.

individual

high order of leadership.

now

banks should be

honesty of

To preclude political

recurrence.

leadership must accept the challenge

our

new

a

our

Banking leadership should recognize these weak spots and

Charters for

only when there is

can

addition, however, to these management policies which

35

national banks.

as

credit; to the public safety, and to the nation a

necessary

DIVISION

a

Ringold,

that suggestion, because I would

banker

or

a

State banker,

I would suggest that this Association

special report from this Section.
I

am

very

happy that

made

you

like every banker, whether he is

a

National

to have the message given to him which Mr.

Woosley has just presented to us.

Gold Problem and Some Banking Effects
By J. Franklin Ebersole, Professor of Finance, Harvard Graduate School of Business Administration, Boston, Mass.
The

Strict construction of the topic
solution of the gold

banking effects of

assigned does not indicate that a perfect

problem is expected; rather the emphasis is upon the

effects

present gold situation and upon the banking

our

of any possible or probable change in our gold position.
be directed to the fact that the

Attention should

probable happenings of the next few
the facts

are

years

rather than of the distant future.

regarding gold that create a problem and that are essen¬

For

than

more

public

close of business"
to

century we have had a gold problem but it did not become

a

matter of great

a

on

until devaluation was effected "after the

concern

Jan. 31, 1934.

present the historical facts

It is not

It would not be worth while to spend

feelings

or

whether it might

as to

necessary

at this time or place

to how the United States devalued gold.

as

valuable time in expressing opinions

devoted

such

to

sum

remains intact.

The balanc

gold is held as a part of its general cash balance

1,213 million dollars had been segregated

therein and labelled "inactive."

These figures

indicate that comparatively

monetary gold stock is now employed.
reserves

a

small part of

our

existing

The gold lodged in the required

of the Federal Reserve banks and as cover for the few gold cer¬

tificates in general circulation amounts to less than one-third of our total

Crudely

simply

and

direct statistical results and
cial

and

and

million dollars) could be

the present

or

naively

stated—considering

only

the

overlooking the repercussions, economic, finan¬

psychological—two-thirds

of the present stock

(or,

revalued to $11.66

8,000

say,

exported without necessarily disturbing

credit pyramid, or gold could be

our present

per ounce,

if desired,

credit structure could be trebled in size!

In other words, the general significanace

should have been done in a different

or

Altogether too much time and attention and emotion have been

manner.

Presumably this

although at the end of July,

stock.

tial for determining the banking effects ?

bonds.

of the Treasury's free

topic assigned does not require a forecast of

prices, assuming that our interest is the banking effects is limited to the
What

Government

of these figures for banking

may

be summarized in five conclusions:

Our gold stock is ample to meet a very large foreign drain of gold,
without necessarily disturbing the size of our present member bank reserves,
1.

impractical discussions.

assuming that timely and appropriate action to that end will be taken by the

Our Present Gold Position

Federal Reserve banks.
"

Our

present gold position is

devlauation.

in large part an outgrowth

Just prior to gold devlauation we had a monetary

of 4,033 million dollars, exclusive of any gold

circulation.

applied
the

Treasury,

million

July,

1937,

immediate

to

in

domestic

of old

dollars.

Further,

allowance

for

production
the

devaluation
as

arts,

gold devaluation,

dollar

in

amounted

gold
to

in

excess

result

of

the

to

arts'

end

of

consumption,

of gold from

circulation,

the latter, added 498 million

upon

of

currently,

as

commandeered by

Thereafter,

recovery

profit

indirect

an

the

changes

1937,

July 31,

gold

devaluation

and

to

mint

price

causes

there

a

other

from

The net gold imports, after making

large net import of gold.

a

of

bookkeeping profit of 2,808

or

dollar.

new

gold stock

coin then remaining in general

effect

direct

write-up

a

of the

from

gold

undervalued

followed

create

terms

the additional

which

and

portion of the gold stock which was

was

dollars,

recovery

and

The

that

to

of the act of

between

earmarked,

5,107 million dollars.

Jan.

Thus,

31,

1934,

in the

and

aggre¬

2. An upward revaluation of the dollar could be effected without neces¬
sarily disturbing our present member bank reserves.
3. The growth and expansion of business in the United States can be
facilitated, and the accompanying need for more hand to hand money and
member bank reserves, can be provided for a long period of time, if those in

charge of money management will release the extraordinary reservecreating power of gold only to such an extent and at such times as may be
necessary or expedient to assure a rather slow but reasonably steady growth
of business volume and of prices.
4. The Treasury and the Federal Reserve banks as "money managers"
now possess a wide discretion subject to no immediate check from inter¬
national gold movements; such power involves great responsibility, but
mere control of the allocation of our gold stock does not confer the power
to force an expansion of business or to compel the immediate utilization of
new or greater member bank reserves.
5. Our presnt gold position is so strong and has persisted for so long that
we are in grave danger of beginning to think that such a position is
ordinary,
or necessary,
or normal, and of Deing upset subsequently, unreasonably
when that position changes.

gate, 8,413 million dollars of "new" gold became available in the United
States.

new

gold,

have

we

total of 12,446 million dollars.

a

By devaluation and accretion, therefore, we trebled the dollar value of our
stock in

monetary

a

period of less than three years!

inward movement of gold has not yet

To know that the monetary
Of

even

that

significance

more

within

stock

the

are

Incidentally, the

ceased.

the facts

Gold

country.

as

to the location or absorption of

may

be free and dispensable,

or

Our gold stock is held in the

physical possession of the Treasury, but claims to a part of it

are

recognized

in the form of balances due the Federal Reser ve Banks and the holders of

old gold certificates remaining in
more

Reserve

and

in general

a

negligible

circulation.

million dollars, or more than

for its

required

Federal

dollars—for gold

The balance, by subtraction, of 3,516

as

legal reserve for Federal

leaving 4,921

only 3,922 million dollars

was

Reserve notes and Federal Reserve

million dollars

as

excess

reserves

in

(in connection with certain currency other than gold certificates

circulation)

million dollars,

figures or conclusions stated.
and

A decrease will need to be very rapid

without discretion.

Of the remaining free fund of 3,360

1,800 million dollars has been set aside for secretive

man¬

agement as the gold portion of a fund for the stabilization of exchange or




or

substantial amount to change the current situation of banking
discretionary money

management.

while now to review the forces of the

and exports, in
the

Either it

An increase will not make much change in the

events

Nevertheless, it

may

be

worth

future that will influence gold imports

order that we may not be surprised or unduly disturbed

of the future

forces in five groups: war,

unfold.

of

ease

For convenience

we

may

discuss

as

the

trade, gold mining, investment and revaluation,
importance.

and not in the order of their relative

The "war" group

of forces influencing our gold imports consists of: (1) the

dissipation of public or quasi-public gold reserves or hoards to meet war
needs, such as has occurred and may continue in and from Spain, Italy
and Japan

and (2) the movement of private capital away from

pected to become involved in war risks or war taxes.
future.

areas ex¬

No forecast

can

be

Should peace prevail

generally soon, this important and temporary source of our gold imports
wouid

dry up.

The "trade" forces

affecting exchange and gold movements arise out of the

merchandise transactions and services rendered between the United States

Treasury's portion, only 156 million dollars was required by law

to be held

gold stock will not remain unchanged.

will increase or decrease.

made of the duration or area of war in the

Reserve banks.

Of the

in

million

28% of the total, was held by the Treasury

Rese#ve Bank's portion,

deposits outstanding,
Federal

amount—87

account.

own

Of the

Of the total of 12,446 million

than 71%, or 8,843 million dollars, was held for the Federal

Banks,

certificates

circulation.

Our present monetary

very

gold stock is large and growing is not enough.

employed and therefore relatively fixed.

dollars,

Prospects for Change in Our Present Gold Position

Combining the foregoing 4,033 million dollars of old gold and the

8,413 million dollars of

and other countries.

over

While these forces appear recently to be calling for

export of gold, they have been

some

short periods

dozen

or

so

years,

overshadowed by the other forces, and

of time may have little influence.

Gold mining, measured by ounces

produced, nearly doubled in the past

and more than half of the increase occurred since 1933.

36

BANKERS'

Devaluation, the world around, has been
Only

small

a

of the

part

Consequently gold mining has become
ever, the new

is not

sense

a

lies in

easily if properly distributed.

more

of Russian

cessation

a

restoration of coins of

a

United States

world monetary problem.

a

Possibly

have

we may

be purchased

may

should have

or

production of the future.

new

that of foreign investors, and that of American investors.

bonds

new

The hope of

gold in general circulation in Russia and the

will absorb the

as

The

a

production which has been the

The "investment" group of forces may be viewed from two

or

How¬

gold is distributed very largely by the other forces and in

of much of the recent increase.

cause

such

purposes.

force in itself affecting our national gold position.

gold could be absorbed
the future

great stimulus to such production.

a

gold is used for non-monetary

new

CONVENTION

or

shall revalue the dollar or

we

revalue

we

American stocks

No forecast could be made

international

Without such

international

the dollar for awhile.

offered to

for

to American conditions will

cooperation in upward revaluation,

There

at any time

upward might be politically

Not to revalue upward

position.

such

large,

short-run

of

movements

investment

but

such

some

should

control

run to excess

we do not know,
be attempted if the investment movement

may

in either direction in the future.

London
vaults

for

some

years

particularly

in India.

during the past year in

Gold has been taken from private

by foreign owners fearing revaluation here

price per ounce.

or elsewhere

at

lower

a

Some of this gold was owned by Americans who decided

to repatriate the

funds

as

their confidence

restored in our dollar and in

was

A substantial amount of foreign private capital has been

securities.

our

of dehoarding,

amount

and

transferred into American short-term securities

pation of declines in

bank deposits in antici¬

or

our market

the

budget of

which

conferred

was

the

upon

later

we

ounce

shall be compelled to

$30 per ounce—permitting

at

And,

power to dominate

Treasury by the gold "profit"

the

upon

75-cent dollar would create

a

a

zation and the inactive funds combined!

In the face of such

difficulties, is it not reasonable to expect to

policy of drifting, or waiting, in the hope of

Perhaps the flow of war-released gold will

hoarding

such foreigners to repatriate their capital with an equivalent
gold profit.

and be reversed.

cease

be resumed in India, or elsewhere.

may

see a

favorable turn in events?

a

Perhaps

Perhaps Russia's

pansion of gold production will prove to have been temporary.

haps greater

other

of

amount

enormous

Per¬

of social stability the world around will divert In¬

assurances

vestment to other countries and away
an

ex¬

Perhaps

Russia and the United States will legalize gold coin circulation
again.

substantial aid to gold exports.

or

per year, with

thereabouts, without

the size of the debt.

or

original devaluation—to return merely to

portance have been made to this country—selling us gold at $35 per
that sooner

1,000 million dollars
per annum, or

expense

lastly, revaluation upward would destroy that grant of

abroad will

revalue the dollar upward—selling gold, say,

earlier

an

Treasury—gold buying and gold segregation In the "inactive fund"

quotations for foreign currencies or exchange
because of further devaluations abroad.
Doubtless some transfers of im¬

—in the confident expectation

Revaluation

"loss" nearly as large as the amount of gold now
segregated in the stabili¬

The "revaluation" group of forces is probably the most significant In the
short-run just back of us as well as in the near future.
There has been a

substantial

Revaluation

would not be too costly in the view

now

embarrassment to

reduce

far

inexperienced in such

are

be created and linger long.

toward gold exports or a stoppage of gold imports.

to

so

harassing to the administration—being made

em

Treasury bills selling to net 1-3 of 1%

possible

timely moment

change of position reflecting upon the wisdom of

could be continued at the rate of, say,

be

one

would be disturbing to business—we

and uncertainty would

of the

capital to some form of control, by taxation or otherwise,

The

spring of 1937 instead of upping the reserve requirements.

but when and if such lending is revived it would create a substantial force
or not it will

the odds

various considerations whih will be
weighed

are

to suggest

Whether

are

an

have a large effect upon our

gold movements. It may be somewhat previous
that the American people will wish again to invest heavily abroad,

best

at

upward revaluation witfiout international cooperation
has passed—such action might have been used to check the boomlet of
the
us

to appear as a

con

agreements

appear to favor the view that we shall maintain the present mint value of

aided substantially by such purchases in the past t.wo years and that
the lack of it abroad with respect

Such

difficulties for banking and government finance than any other method.

matters

or

shall maintain its present size.

we

alone or by international agreement with one

so

countries.

difficult to arrange to suit all parties, but an upward revaluation
having a
general and nearly worldwide application would undoubtedly present fewer

of the size of such purchases, or sales, in the future even if we could
predict
the stock prices of the future.
Suffice it to say that gold imports have been

fidence

shall do

we

foreign

more

before upward revaluation is determined.

standpoints: *

sold by persons residing abroad with the

or

object of speculative gains or interest income.

Either
If

gold

for

exp&nd and create

from the United States and require

Perhaps

export.

business

and

prices

greater need for gold holdings and give

a

And, last but not least, if

hopes are not realized, and if

we

patient

are

some or all the

stubborn, further

or

devaluations abroad may be sufficient in number and in degree to
place the

present 59-cent dollar in equilibrium with the other currencies!

Committee / Officers- Reports-National Bank Division
Address of

President, W. F. Augustine, Vice-President
Boston, Mass.

National Shawmut Bank,
It
its

is

the

annual

covering
various

custom

his

state

what

National

the

Division, and

has

make

to

Bank

members

progress

the

been

such

Division,

of

at

Division

made

comments

by the

Hawaii and

the

Virgin

$26,766,000,000,
by 5,374 active banks

reported

corresponding call

a

as

which

highest

National

banks

Government
while
of

before.

of

operate

the

United

States

direct

Prom

and

Islands.

exceeding
of

as

had

fully

these

figures
Banking System as a

National

These

banks

by

June

1936,

had

$565,460,000

30,

investments

guaranteed,

one

the

the date of

this

United

in

of

States

$8,447,364,000,

character to

the

extent

is struck with the importance

part

of

the

the United States and the share the National banks

financial

are

structure

of

assuming in financ¬

ing the needs of the Federal Government.
For
than

for

to

and

We
and

normal

some

by

by

are

for

commercial

the amount
other

than

of

for

loans,

which

lending

by

may

be accounted

governmental

agencies

banks.

commercial

pleased to observe that the demand for bank credit is expanding,
figures which I recently examined the amount of commercial

outstanding through commercial

paper

been

demand

extent

organizations

from

paper

brokers is higher than it has

several

years.
This demand is not increasing spectacularly, but
gradually advancing in normal stride, and the National Banking System
is naturally sharing in this
improvement.
At the moment, National banks
in looking into the future find it not
too promising from a profit stand¬

point,
their

but they

are

traditional

facing the future with

relationship

with

the

a

determination

forward

movement

to

maintain

of

naturally aiding in the advance in the
consistent with

sound

use

of credit and in
every

banking principles, and

other way

probably better prepared
at this time
for whatever character of
cooperation they may have the
opportunity to exercise.
They are assisting in carrying an understanding
of their facilities to
qualified potential users of bank credit and to the
general public.
As

to

do

duty

members

bank,

our

must

and

of this

that

of

Division

opportunity
we

can

we

of
not

the

National

part in the restoration

of
no

Bank

are

Division

only have the privilege but

necessity be
amount

of

of

decided

the

by

organization

of
we

national

the

American

work

can

Bankers

also have the obligation
economic recovery.

the officers and

as

due

relieve

each

be

which

have

done

written

have

what

excep¬

work.

in

the

it, because of

prevailed,
have

we

no

fine

high

as

preceded

which

in

progress

has been

year

which

cannot

circumstances

substantial

report

operated by National
1935

avoids

omission

giving

of

6uch

believe

we

attempted

to

Department Examination

banks, although the language of the Banking Act of
to the States to make such examination.
The

power
power

through its committee.
of

the

State

States'

to

which

of

States

other

by

authorities

rested

National

the

their

upon

Bank

Division

found that the attitude

was

construction

the

of

they felt required them to make such examinations.

differences where they were found to exist resulted

compose

legislation

some

authorities felt

prompted

was

Upon investigation it

banking

statutes

Efforts

which

removed

the

requirement

which

State

they had to bbserve, and the prospect is that in

amicable

settlement

be

can

reached

in

banking

a

through legislation

number

if in

no

manner.

Earnings
The

Division

has

for

and

number

a

Expenses

of years

distributed tables which it had
prepared, showing in percentages the earnings and expenses of the National
banks grouped by States and by Reserve cities in each
also

the

show

detail

in

amount

of

income

gross

the

proportionate
received

revenue

expended

from

each

Notwithstanding the reduced

each

of

cost

from

each

source,

State.

feature

and

These tables
bank

of

the

work,

percentage of

activity.

income and the

fairly steady ratio of total

expenses to gross

earnings, the expenditures for salaries and wages increased
19.1% of gross earnings in 1929 to 26.1% in 1936.
Like¬

steadily from
wise
in

salaries and

each
One

amounted to

wages

succeeding
item

The

mitted

National

has

to

the

make proper

Bank

shown

charges

a

1.6% of

Division

doctrine

larger proportion of total

a

expenses

rising from 27.6% in 1929 to 38.9% in 1936.

year,

which

In 1933 it accounted for

of
a

on

is

having

consistent
gross
now

growth
has

and

its members

measured

is

earnings, and it
for

the service charge.
was

some

3.3% in 1936.

time

analyze their

service basis

as

one

of

been

com¬

accounts

the

and

factors in

maintaining the high standing of banking facilities without lessening the
quality, in spite of the greatly restricted employment of bank credit and
the

very

difficult
The

low

Division

competitive
should

obtained

rates

on

loans

and

with the recent improvement

even

also

believes

character,

and it

in

is

the

investments

stitute usual
of

bank

from

banking service.

specially numbered,

which

elimination

the opinion

of

of

its

free

services

During the past
been

must

year

other

especially noticeable,
charged
appear

off.

expense

before it

banking conditions.

can

be

non¬

banks

and

which do not

con¬

are the furnishing free
specially bound check-books,
car

service,

features

among

However,

it

Among these items

specially printed

deposits, the delivery of payrolls by armored
otherwise, and other similar services.

ously

of

President that

the collection of
or

makes

to 6how normal earnings.

charge for these items of out-of-pocket

This
each

its direct
responsibility for its management.
We believe, however, that
by collective study, effort and an
interchange of ideas we can accomplish
a
great deal which would naturally be lost to one
making an individual
search.
Our organization, as well as each
individual bank, can devise and
test plans and develop methods which
could be adapted to the needs
of
our member banks.
This Division has
always endeavored to assist in work




the

to

This

committees

others

some

Trust

of

directors

business.

excellent

accomplishment

Supervisory and banking authorities in a number of States have insisted
that they be permitted to make an examination of the trust
departments

American

business, industry and agriculture.
The figures shown in the
report of the Comptroller of the Currency
reflect a thoroughly sound and
liquid condition.
The National banks are

Association

annals

had

record

years—in fact, since the banking holiday—there has been less

some

the

pertinent to their

have

our

accomplish.

The

1937, they held bonds of

30,

we

as

years

as

the

the

$8,219,195,000.

of

year

obligations,

June

on

in

tion,
While

its program has included items of timely
we have brought to the attention of our

year

the past

During
items

seem

deposits as of June 30, 1937,
history of the National Banking System on any
call date except one,
namely, that of Dec. 31, 1936, when they aggregated
$27,608,397,000.
It is interesting to note that as of June 30,
1936,
the

were

character, and each

5,299 active National banks in the continental

were

Alaska,

this

interest.

more

United States

the

Comptroller of the Currency, recently released,

aggregating

amount

the

to

to the banks of

the

of

1937, there

States,

deposits

of

report

a

charters.

the report

United

President

to

the

with respect

of June 80,

the

stewardship,

national

In

the

make

to

committees of

appropriate
under

for

session,

of

members

in

in connection with earnings have
them being recoveries from loans previ¬
most

respects

considerable

improvement

accepted that the present represents normal

NATIONAL
Federal
Our

Division

takes

seriously

Congress

number of

a

enacted

into

measures

Such

law.

As

point out the unsoundness of such

the

banks

the

passage

and

the

banks

alone

duced,

but

part they

for

enacted

one

be

Division's

attributed to

its members,
still

meets.

of

its

will

A

these
which,

describe

in

detail,

of

so-called

prohibit,
there

I

the

banking

and

which

will

"Thomas

Inter-Bank

presented having

the

have

when

the

in

the

last

Congress

Bill"

next

the

and

two

attempt

not

to

to

actively informed

keep

express

on

individual opinions to

our

as

know,

you

contemplate the expansion

districts where

banking.

company

in

favor of

State

it

would

It

not

State

is

Monetary

and

careful

to

in

the last Congress

Authority
well

as

Bill"

Congress is

and

the bills

as

been

have

These

bills,

consideration

when

they

as

again

will

presented,

naturally

affect

business not only of National banks but banks chartered by the States.

The

Reserve

if

bankers

the

tions.

do

banks

these

National

of

believe

not

that

there

It

been

a

these

is

feel

that

some

number

movements

well

as

be

need

however,

apparent,

relationship

concern

between

for

cause

that

the

as

both direc¬

alarm,

to any

nor

one

with

the

in

and

the

capital

location

ings

by

in

the additional capital requirements they are able to
employ
satisfactorily, which brings to mind, of course, that in a great
States the minimum capital requirements are smaller than those in

many

the

National

we

do

which

system, and
believe

not

cannot

support

by

Federal

its

stockholders.

banks
local

in

June

conclusion

the

of

organized

a

problem,

grave

in

as

those communities

be

Division

that

is

but

is

the

shifting

of

5,374 National
National

banks,

banks,

or

while

of the

fund

inadequate

volume

of

hand

is

75.

of

36

succeeded

were

succeeded
three

absorbed

or

banks

National

which

by

surrendered,

were

which

by

banks,
lost

were

Thus it will be

receivership.
opened,

absorbed

or

either

24

five

National.

or

total of

a

time

same

and

consolidation,

that of

seen

figure reconciles with

banks,

State
State

through

the

at

other

addition,
into

went

one

the

banks

were

number of

banks

above referred to.

banks,

carries

allowed

addition

In

the work

to

Individual Members

to

done in

the interest of members collectively

Division,

through its officers and committees, and aided

by

members

called

knowledge,

an

individual

maintained

in

the

makes

there
their

city

possible

time

service
of

for

time

to

with

because

member

all

Washington.

the personal

dealings

numerous

from

upon

banks

Location

the

various

bureaus

has

the

of

representation given

expert

as

Still
also

the

office

members

Federal

ernment.

such

in

to

in

by

Comptroller

the

controversies

Revenue

presenting their

as

interest

over

rates

over

Bureau,

advertisements
ments

special needs of

member banks

views

the

of

and

shipments,

currency

banks,

to

in

concerning

directly

or

through

their

other

supervisory

government agencies,

in

of complaints
in

securing

against

through

organizations

customers,

before

matters

and

giving facts to those departments.

likewise

and

being

cases

in

argu¬

certain funds under government control,

on

presentation

in

unfair

information

paid

in

certain

Internal

irregular

government

enterprises

depart¬

abroad,

and

Also, member banks, either

interested

are

the

now

then

and

in

legislation not related to banking and in other matters centering in Wash¬
Upon

ington.

investigations

request,

are

made and reports
bank statements

forwarded.

Telegraphic notices of Comptroller's calls for
hundreds of
Numerous

will

National

understood,

too,

notable

of

some

that

are

this

services

are

to

but the few already mentioned

not restricted

to

I wish it

National banks.

the

instances

they

are

Association.

banks

I

accepting




am

happy

them

to state

were

not

that

in

Nationals.

some

rather

is

as

a

deposits

the hold¬

upon

especially those which

their

location

not required

but

rather

made,

it

demand

placed upon the

were

is

allowed

nor

from

banks,

business and

and

of

the other hand, it would be the

needs

somewhat

suggestion
in

the

with

to supplement a

better

to

are

required

are

fact that the
the

control

that

justification,

cash

of the other items

any

that

seems

similar nature,

the

that

this

but

entire

suggestion

of

that

in

deductions shall

same

be

similar

for

so

The

reserves.

call

to

seem

affecting all insured
amended

be

statute

calculation

the

latter

provided.

prin¬

same

treatment

in

to

However,

diminish

and

for

changing

aside

by

base in

the

statement

defensible.

to be

base.

assessment

of the

from

FDIC

reduced

of

^

reckoned with in all

That,

double

the

that

withdrawn

is

question

matter

a

deposit

well established.

seem

obviously is

not

the

FDIC insurance
are used to

the

protection

however,

is

cannot

now

required

more

flagrant

security

Its injustice

even

expenditures must be made to purchase surety bonds to secure

which assessments

upon

consideration

Broad

and

guaranteed

or

assessment

secured

a

no

from

of

excess

in

deposit

is

force

deposits,

cash

deposits

by

FDIC

to be a simple change, but reflection

deposits in

that

thus,

income

the

some

eliminate FDIC assessments

bonds issued

the funds placed

FDIC

suggestions

suggestions which
is

safeguard
if

protect

to

funds,

the

where

at first glance,

the merits of the suggestion

income,

for

would

Narrowing the

utility of the bonds thus employed might be considerably

used

bonds

other

But

the

if

studied

deposits secured by
Government.

appears,

that

restricted

suggestion

from

States

manner

reveals

this

of

need

are

invite

numerous

other lateral

enumerated here, for the present purpose

be

not

paid.

subject would

simply to mention the principle.
Deduction

also

of

immediately

the

intended

are

the

with

such

apparent

some

to

high

the deduction

there

That

would

that

the

complications.

which

reserves

deposits

reserve

In

as

brings

to mind

comes

part,

balances.

of

required

now

of

These

carried.

are

immediate availability

an

percentage, of

reserves

they

However,
it

hardly

availability of balances would be hampered by

suggested.

much

is

Their

would

in

merit

some

would

briefly

upon

time and,

studied

were

which

adoption
some

touched

time to

from

Research,
benefits

produce

just

proposals

Division

the

believe.

in the calculation

deposits

for

purposes

several

show

to

secured

though not fatal

provide

be contended

can

of

Figures

each

from

them

necessitate

made

to

the

compiled
change.
will be conceded readily, I

length.

at

accrue

were

through its Committee on

some

were

suggested

alterations

in

form and

However that may
admittedly come to mind when
to be of sufficient importance to

rather far-reaching adjustments.

be, and notwithstanding the questions which
details

studied,

are

the proposals appear

justify further painstaking study.

this

been

alert

and

our

have

committees

discovering methods to improve banking practices.

in

endeavored

to

We feel that

work and study is necessary, especially in view of the fact
time the demand for credit facilities is sub-normal,
growth of deposits the demand for loans has been
normal and has forced banks further into the investment market

type of
the

at

less

than

that they may receive income

in order

the

cost

Federal

the

to

amount

large

and the scarcity of satis¬

it would appear that for some

continue to carry in their security port¬

of Federal obligations.

This once minor means of

of funds of banks has, I believe, become one of
sources of income with a corresponding lessening in the
these funds are loaned.
It is hoped that private enterprise

which

at

reasonable rates,

employment

principal

rate

at

With the increase

referred to the amount of bonds of
the portfolios of our members and,

for commercial loans

National banks will

come

a

profitable
the

demand

investments

factory
folios

of

lack

the

with

from their funds.

this makes the urge much more important.

doing business,

of

early part of this report I
Government now held in

the

In

present

the continued

with

in

has

Division

Our
assist

bank funds and that the necessity of
invested in government obligations will
decrease.
With the excess amount of funds lacking for investments, banks
have been inclined to quote lower rates than, in our opinion, are necessary,
and we feel that loans should not be made at less than cost.
The cost of
absorb

will

greater

a

such

having

a

large

part

of all

amount

comprises not only the physical handling of the loan but
both factors should be considered in determining
interest rates on loans.
All open market paper should be supported by
an
audited statement of the borrower, together with a profit and loss
lending money

also the

risk of loss, and

schedule

and

statement of

a

contingent liabilities.

We also believe, that

market should have lines of bank credit open
and available to cover all paper sold, and such borrowers should use their
lines of credit banks to an extent at least equal to their open market
borrowers

indicating the character of this work.

these

sent

others.

available to all members of the American Bankers
Likewise they are available to and are used freely by other

On the contrary,
Association.

and to

other instances could be recited,

the purpose of

serve

branches

banks

to

Federal

requirements

appreciable strain

On

member

recently

the

of

reserve

reserve

as

offset against deposits as

an

justify

another

United

time

through assistance

contentions

Currency

purchases of securities through

in

officials,

the

meet

ways

considered

ments

Gov¬
.

seeks

It

in

referred

are

Governors

deduction

an

instant

permitted

are

reserves

the

been

always

Division

its

to

of

their

of

by

effectively

so

counted

Such

contention

deductions,

the

which

and

the

pledged

figuring assessments.

that

Service

of

determining the base for FDIC assessments the

National charters

99

National

new

the decline in

In

and

not

were

both

for

be

securities

them

be

upon

Corporation

with considerable force, upon the

Emphasis

for

meet

Another proposal of

Bank

reduction

a

taxes

might, with full propriety, be pursued further.

Bank

During the year, between these two dates, 95 National banks went into
voluntary liquidation; 54 of these being absorbed by other National banks;

is

their

of

The

as

These

same

prepared
might

as

computations

double

to

again,

saving to
cash.

in

to

good

as

allowed

groups

that

Some, of

Board

year,

neither

called

credit.

National

the

last

reserves.

nature

sums

reserves

of

on

the

would not be

reserves

large

carry

additional

on

the

considerable

a

jurisdiction

them and

Insurance

and

requirement

FDIC.

attention

hand

computing

of specific

expression

an

met.

were

5,299

were

the

system

Deposit

deductions

by

power

within
on

National

National

should

there

be

a

30, 1936, there

1937

in

The

which

needs

On

date

if

of

out

opinion, creates

our

should

bank with at least the minimum capital required
bank is organized it should return a profit to

a

law, and

and

this, in
banks

that

by

other

bank examinations,

Federal

the

some

banks

to

exclusive
of

some

with such other

of the Federal Reserve System.

reason

to

with

funds

of

the

though

year,

also

'

its

centered

cash

computing

means

smaller

banks in smaller centers do not

as

earnings,

covered

of

System

deduction

for

A survey was made to obtain

their

for the shifting has been in

banks of any particular size

to

country.

has

expressed

their National charters

up

withdrawals,

requirements under the Federal statutes,
these

Division

our

giving

are

system,

not restricted
the

of

banks

the

are

section

for

reasons

to

We

they

as

members

are

many

of operating under State laws.

possible

additions

who

that

fact

purpose

within

others,

among

removal

deposits

that

any

Some

the

member banks

Bank Charters

over

conjunction

requirements,

reserve

exercise

purchase

the

interest

separately below.

the

"Golds-

the

which

they did not fall

in

corporate

and

protect

of

were

However, it made studies of
use

They included,

purposes,

which

practices

Thus

for

undistributed

ciples

realignment of the agencies affecting various

a

Nationals.

this Division.

interested.

not

that

of the extension

approve

failed of passage

divisions.

very

do

lines.

Currency Bill,"
mind

laws

opinion

banking,

our

branch

favor

subjects engaged attention during the

concerned

compilations

now

country who do not

Federal

in

our

of

very

will

I

classes

accomplished

"Patman

should

Federal Reserve
the

financial

governmental

all

per¬

probably be presented again in the next

so-called

of

body in the

presented

brevity,

We

legislation which

borough

should

Bills,"

beyond

Other important

of

of

fact

affect

to have

again

so-called

sake

position

a

holding

in

majority of those
branch

of

the

opinion

and

the Congress.

in

end

to

bankers

most

confident you are all familiar with what these

am

be in

the

its guide.

measures

them

than

become law

to

will

would

appears

the

accomplish.

"McAdoo

banking
and

are

introduced

of

the

to

legislation and

branch

the

express

presented

are

for

those representing us in
The

be

bills

as

intended

failure

intro¬

were

for

and

pass,

Their

cooperated with the parent

number

undoubtedly

Bills,

this

bills

of

has

legislative work which

results.

Among

are

not

of

assessments,

bills

these

of

factors, not the least important of them being

number

McAdoo

bills

beneficial.

did

watchfulness to

Division

our

satisfactory
Congress

several

continuous

to

possible in assuring

way

number

undesirable.

as

time

important bills affecting National

A

another

or

upon

every

prove

no

law.

the

be detrimental

would

as

which at all times must be, and is,

greater

and

formance

measures

Congress

into

reason

looked

were

can

A

of the

session

from

followed

Numerous other

all

of

prepared, where necessary,

are

public, and to assist in

were

our

banks,

we

of those bills which would

the last

At

times

abreast

and usually some of these

carefully

are

to

all

at

keep

know, at each session of the

you

introduced,

are

bills

their

and

37
Miscellaneous

responsibility to

of

introduction,

DIVISION

Legislation

its

legislation affecting National banks.
are

BANK

using

In

borrowings.

good
his

banking

assets

made
should

by

and
our

also

the open

connection with

practice requires
liabilities

to

loans of $500 and over we believe that
that the borrower make a statement of

the lending

bank

and,

where mortgages are

members, in addition to seeing that they are amortized they
consider the ability of the maker of the mortgage to take

BANKERS'

38
of

care

the

security
of

loans, it

is

indicated

At

spokesmen

as

discontinue

to

lending

of the

the subject

on

wherever possible,

assist the

the

for

gov¬

competition

in

held coincident

was

the following resolution

Vice-President of the

Division, H. E. Cook, President Second Na¬

This year there are four retiring members of the Executive Committee
in

the

Third,

Fourth,

Sixth

members to succeed these

Tenth

and

by (he Division:

Federal

Reserve

districts.

For

men:

Reserve

District,

A.

Ralph

Gregory,

President, Third National Bank, Scran ton, Pa.

unanimously

was

Representing

Federal

Fourth

the

Reserve

District,

Walter

J.

Behm,

Prsident, Winters National Bank, Dayton, Ohio.

"Resolved,
That It Is the sentiment of the National Bank Division of the American
Bankers Association that the Federal Reserve banks should discontinue the practice
of

For

tional Bank, Bucyrus, Ohio.

Representing the Third Federal

of the division, which

San Francisco convention,

adopted

should,

While

banks.

last annual meeting

the

to the

desire

its

regardless

insurance,

the mortgage.

the lending field,

retiring from

have

chartered

and

taxes

banks

that

belief

our

in

government
ernment

with

interest,

payments,

of the property covered by

CONVENTION

Representing

Sixth

the

Federal

Reserve

District,

W.

C.

Bowman,

President, First National Bank, Montgomery, Ala.

handling

certain classes of non-cash collection items, and that the incoming
President of the National Bank Division is hereby authorized to apponlt a special
committee whose duty it shall be to give further study to this matter, and if in the
Judgment of said committee it is desirable to do so, that it shall present the results

Merchants National Bank, Topeka, Kan.

of its study

for

to the Board of Governors of the Federal Reserve Ssytem and the
Presidents of the various Federal Reserve banks, looking toward a solution of the

problem.

The

intended to

collections,'

'non-cash

term,

cover

above

meeting and formulated

committee of

a

plans to

division

our

a

tion

B,

this

the

Administrative

later

a

date,

currently advised

National.

work

Committee

the

of

the

President of

the

of

progress

the

A.

made by

A,

B.

A.,

A.

who

placed

The

Bank

to

carry

,

Jr

It

is

obtained

and

Federal

had
of

been

kept

division,

our

Management Commission

the

banks

banks,

or

located

to

or

Federal

this

collection
handle

items

inaugurated

collections"
attached

as

cities

in

be

which

Federal Reserve
sent

will

there

informed

collections

banks,

to them,

their

resolution

that

report

banks,
them

either

by such

their branches, will have

or

and that they may be permitted
before the Federal
Reserve

this

refers

to

notes

which

are

to

been

the

aim

of

term

drafts

with

classes

documents

of

Presentation of

serve

its

effectively and to cooperate to the fullest with the A. B. A. and

other

divisions and groups.
Accomplishments of these purposes in a
thought to be satisfactory is very gratifying and is its own reward
the efforts put forth.

Fellow

Holderness

But it is not the only compensation accorded.

relinquishment
upon

me

The

indeed,

I

with

become

to

large

a

the

more

work

it

has

in

whom
better

been

a

presidency
acute

has

have been

gentlemen
me

of

even

office.

my

I

tion

sincere thanks.

of

and

my

cooperation
In

who

and I also

hearted

Division's

the

as

the

and

Their

afforded

members-at-

splendid

my

Happy,

cooperative

privilege

always responsive

successor

forces

and

ready

hearty commenda¬

be blessed with

a

cooperated

this

in

what

opportunity to

support given

by

season

our

members
we

express

most

of

have
my

efficient

the

degree

attempted

to

of

our

accomplish,

appreciation for the whole¬

Secretary,

and out, has carried

committees

on

in

a

Colonel
most

Edgar

E.

efficient and

Every year or
officers.

and

Report of Committee

on

Nominations--—Newly Elected

Officers

St.

Louis): President

Smith,

be held.

Year

so you men come into the ranks to serve as committeemen

Some
a

serve one year,

some serve two years, some serve three

few serve more.

American

Bankers Association

although he is still
that work year
a

who

man

a young man he

He is

after year.

was

while

only

has known

a man

a

beardless youth, and

better than to continue in

no

of sound thought, a tireless worker,

gentle enough to lie down with the lambs and to

the lions when necessary, but a man who in season and

out

roar

of

with

season

is

always thinking in the interests of American banking, and the only man,
so far as I know, who has been
good enough to have been elected President
of three

divisions of the American

Bankers

Association.

So it gives me pleasure to take this little part in an annual

This is

one

that is going to

be varied just

a

little.

I

am

ceremony.

speaking

on

behalf

of the members of the Executive Committee of the National Bank
Division.

I would like to have the retiring

President, Mr. Augustine,

forward,

come

because I want to say to him that we are sorry to see you retire, but
know

that

from here

But

on

you

are not

going into seclusion.

service.)

We will have you

with

we

us

on.

behalf of the Executive Committee
you,

we

want to present

to Mrs.

the subject, the inspiration of all that you have

been and are, and the many things that we

hope

you

will be, (this silver

We hope that it will be some compensation to her for the time

that you have spent away
she

from her, engaged in Association work, and that
will occasionally let you fondle it with your hands, and that it
may

call to mind the pleasant associations which you

have had with the members

President Augustine: We come to the report of the Committee on
Nomi¬
nations, and I would ask Lang Wharton, the Chairman of that committee,
to make the report.

Chairman, Gentlemen of the Convention: Your Chair¬

Mr.

Wharton, while participating fully in the deliberations of this
Committee, has been unavoidably called away.
He asked me to present

in behalf of the Committee the report on nominations:
For

President of the Division, Russell G.
8mith, Vice-President and
Cashier, Bank of America N. T. & S. A., San Francisco, Calif.




Augustine: Gentlemen of the Convention and

Members

of the

Executive Committee—My good friend Marvin Holderness has
put me in a
new role.
He has made me a Daniel in the lion's den.
I doubt,

however,

that Daniel sought

seclusion among the Hons, and I

mentioned the fact that I

mind

Mr.

Bank,

conventions continue to

year

of the Executive Committee of the National Bank Division.

manner.

Mr. Anton:

National

after

The subject of my remarks is one who came into the ranks of the workers

President

man,

Retiring President

At this time the Chair takes pleasure in
recogniz¬

(First

Bankers—Year

Augustine, through

the

to

horns, their appetites, their thirsts, their penchants for pleasure and play
and work, and devote themselves to the cause of American
banking.

in that

forceful.

thank

Division

handsomely.

generous

Likewise,

pleasure.

May my

to

wish

have

take

with
the

Bank

pleasure of serving

rewarded

objectives call forth

equally

Mountjoy, who, in
intelligent

with

I

closing,

Division

worked.

much

of

to

National
the

been

association

have

contributions

the

has

acquainted

source

the

of

realization of

exacted

Arrival of the time for

I

after year American bankers come to these conventions with their hoofs and

manner

for

Silver Service

President-elect Smith:

Mr.

securities

to

year

Do

ing Marvin Holderness of St. Louis.

int he

throughout the

making the report,

William F. Augustine

years,

and/or

your

motion?

a

non-cash

for collection.

sent

Division

this

"certain

Anton, I appreciate

[It was moved and seconded and carried that the report of the Nominating
Committee be approved, and the new officers were duly installed].

custom

The

service.

Chairman.

of the Nominating Committee be accepted and approved.

hear such

are

they

Tex.,

E. W. Hunt, Home National Bank, Brockton, Mass.

be

that the banks located in those

par,

Reserve

was

generally

and

has

members
its

branches at

business returned

the

the

,

First National Bank of Dallas,

President Augustine: Mr.

or

System

It

are

of

the

to

for non-cash

cities where there

by

thereof, will

account

by credit,

Federal Reserve banks

to

now
has actively at
which they very courteously

desired

outside

branches

or

obligation

no

by remittance

results

District

and before having it passed on, the Chair would like to ask if there are
any
noninations from the floor.
Hearing none, a motion is in order that the

,

that

that

Reserve

under

are

hope

our

Lang Wharton,

on

member the Chairman of the committee of this Division referred

as a

above.

to

Reserve

Richard R. Hunter,

John J. Anton, First National Bank of Chicago, 111.

the

in

special appropria¬

the committee

this subject a very able committee on

on

of this office for two years,

Vice-President, Chase National Bank, New York.

appointed, held

requested that this work be assigned to the Bank Management Commission
of the A. B. A., in view of its effect upon all member banks both State
and

which exists in the Second Federal

vacancy

is

work.

At

a

the unexpired term

Respectfully submitted.

out the objects set forth

carry

resolution, and the President of the Division obtained
from

resolution

To fill

in general all Items not payable by or at a bank."

Pursuant to this resolution
a

in the

used

as

Representing the Tenth Federal Reserve District, W. L. Dean. President,

was

can assure you

when he

going into seclusion, I thought that I wouldn't

being with the lions and being upheld by the faith that Daniel had—

that I can still be of service.
count upon me in any way to

Division

or any

If I

help

am

not with the lions

they

can

always

as much as I can in the activities of this

other division of the American Bankers Association.

It is not necessary that this Division give me this beautiful token to make
me

realize that I have had a great opportunity to serve.

have given it to me, It will be a reminder to

me

But

now that you

of the very pleasant days

that I have worked with the Division.

will be
am

I.

as

I am confident that Mrs. Augustine
grateful to you for this wonderful evidence of your friendship as

a-'7'

DIVISION

BANK

STATE

American Bankers Association
Twenty-first Annual Meeting, Held at Boston, Mass., Oct. 13, 1937

INDEX
Facilities and

Banking

TO STATE BANK

of New

Chartering

the

_.Page 39

D. W. Bates
Main Street—America's Banking Center,

DIVISION PROCEEDINGS.
Report of Committee

Banks, by

Forum

on

46

44

Address of President H. M. Chamberlain.

Report of Committee

47
47

Approval of Amendment to By-Laws

45

by Robert H. Myers.

Page 46

Resolutions

Discussion

on

Nominations

Banking Facilities and the Chartering of a

Banks

By D. W. Bates, Superintendent of Banks, Des Moines, Iowa
To

this

me

great privilege in having

comes as a

the

oppor-

tunity to discuss with this Division of the American Bankers
Association

of

one

the

most

vital problems

which in

my

judgment is confronting the American system of banking
it exists

as

and may
my

I

I consider the privilege a great honor,

today.

Mr. Secretary,

to you, Mr. President and

express

appreciation of the opportunity which your invitation

affords

What I shall have to say

me.

standpoint of

a

professor for

be based upon common

any

will not be from the

imaginary theory, but will

ordinary horse sense, gleaned from

experience and practical knowledge as I view our situation,

Many of

you

wonder what application some of the

may

has to banking, but if you will follow

things I have to

say

through, I think

you

will find the answer.

problem of human government has existed throughout

The

all the ages, ever since

been called upon to

other's throats."
we

are

solve is "how they might live together in

work

communities and

mankind first started out upon the
The greatest problem men have ever

great highway of life.

As

cooperatively without cutting each
look at the warring

we

story of

world today,

of the world is a long sad

reminded that the history

and bloodshed and death; that the path which

war

humanity has traveled stretches back into the dim distance,
a

long gleaming line of white bones; that the flowers and the

trees and shrubs

red blood that

along the

way

have been nurtured by the

world the battle has waged—away
Nile scatters her riches; upon
for centuries reflected the

over

the

down in Egypt where the

the banks of the Tiber, which

majesty of Rome;

above the castle-crowned Rhine; on

Thames, and

All

flowed from human hearts.

once

upon

the heights

the banks of the peaceful

the prairies that sweep back from the

upon

Father of Waters, men

and in the forest, by

In the field

have fought and died.

the sweet running brook and upon the

strained

power;

exiles who dreamed of establishing a nation—

exiles with the hearts and the hands with which to build
it—a nation where there would be no masters and no slaves;

the
the
citadel of the nation; where the steel would at last be moulded
into plowshares and not into swords; where instead of martial
where the citizen would rule and not the soldier; where

home and the school and not the castle would stand as

music, the

song

of the plowboy and the hum of the

spinning

white
opportunity; a
democracy as distinguished from an autocracy. This was
the dream of the founders of the republic as they laid the
wheel would greet the ear; a place where every citizen,

or

black, rich or poor, would have equal

foundation in that long ago.
The Articles of Confederation provide—"Each State retains its sovereignty, freedom and independence, power,
jurisdiction and right," and these principles were fully
carried out by the provisions of the

Constitution of the

United States. Within the limits prescribed by the Constitution, the several States adopted their own constitutions
and among the provisions permitted the organization of
banks under divers restrictions and conditions.

The Con-

stitution of theJJnited States does not specifically authorize
the organization of banking institutions.
National banks
came into existence by virtue of an Act of Congress, the
authority for which was claimed under the general power
clause of the Constitution, and if you recall, the Act of Congress

provides that "Associations may be

formed for the

of carrying on a banking business," and the Supreme
Court has held that the Congress was within its rights under
the power clause of the Constitution in authorizing the
purpose

formation of such associations—so from these two authorities
came the dual system of banking and the right to the establishment of the unit bank.

This system, which has now

aided mate-

burning sands, in the mountain pass and in the stony streets

existed for over three-quarters of a century, has

of the

rially in the development of our commerce and the carrying
on of our trade, both at home and abroad; the establishment

populous city; within the chancel rail of Holy Churches

and at the dark entrance to the Bastile—in all of these

and in
lifted

a

against the oppressor; the right that God gave to men

to be free has

struggled with the power that Might has given,

and alas, so often Might has

triumphed, and the slave, sick

heart, has been scourged to his dungeon.

at

places,

thousand more, the hand of the oppressed has been

hillsides burning

fagots have consumed

dream of freedom, and in

God's sunlight

On

men

a

thousand

who dared to

dark and slimy prison cells, where

seldom entered, men have rotted writh clank-

ing chains upon their limbs, because they dared ask for the

rights of free
the

king, the

All about

men.

were

the scepter were the insignia of power,

the instruments of force—the cannon, the

increased

and the people multiplied to 130 million, not-

nation founded

withstanding the many serious problems with which the
system has had to contend as I have heretofore suggested,

exiles who were fleeing from oppression, from unre-

You have read and I have read; you have listened and I

moated castle, the
And

by

In the olden days force ruled the world—

crown,

transportation
building of churches and
schools, towns and cities; the development of the great
Western agricultural belt and thousands more of the activities devised and devloped by and with the ingenuity of the
American people. It has withstood the ravages of wars,
the evils of speculation, the gossiper, political attack, unfriendly legislation, unjust, unfair and unwarranted com¬
petition, and the results of bankruptcy; a system originating
amidst comparatively only a handful of people and existing
throughout all the years during which time the system has
of industry and the building of our great

system, both on land and sea; in the

so

it

was

marching armies of the king.

until

a new


http://fraser.stlouisfed.org/ /
Federal Reserve Bank of St. Louis

nation

was

born,

a

BANKERS'

40
have listened;

of

you

of

our

(perhaps

of

some

have spoken and

you

some

have written—I have not) of and to indictments
banking system, but little have you heard

nently assigned.

I wonder if centralization, thereby placing

the entire system under

the elimination of the

one agency,

supervisory authorities in the 48 States, the conversion of

one

personally believe it is high time

such number of the State banks

women,

with the red blood of Americans

National banks, in effect, the denial to the States of the right

sustaining,it, and I for
that you men

read

or

CONVENTION

and

might be desired into

as

coursing through your veins, should rise up as the exiles did,

to charter banks—if the effect would be to take from the

and defend

a

system that has the accomplishments to its

people the control of the money and credit of the Nation-

record that

our

dual banking system has, notwithstanding

if this has anything to do with the agitation for centralized

its weaknesses
There

shall hereinafter observe.

we

as

from the dual system or

abolishing

thereby

banking.

bankers and others who would change our system

are

unit bank to

State

the

a

nationalized system,

banking

centralizing the control at the seat of

institutions

and

National Govern-

our

I shall not pain you with a recitation of the early history

of banking in this country as that subject has already been
threadbare by orators and writers.

worn

say,

that

and

ment, and thereby deprive the several States of the power

National, and

given them under the Constitution and exercised by the States

much that

in the

of each is directed

adoption of their

Those who advocate such
very

which

causes

lives—and

they

was

a

course

prompted

centralization of power that

Nation

constitutions.

own

dictated the

their all for the

gave

born and

to

renounce

and the

cause,

was

sovereignty, free-

dom and independence, and every power,

jurisdiction and

delegated

right which is not by this Confederation expressly
the United

stitution has
to

expressly delegated the

the

authorize

Congress

States, in Congress assembled."

never

establishment

Constitution, with which I have
have
them
and

for

from

taken

by the

of

the

States,

no

the

The Conto Congress

power

banking

the right under the

assumes

new

composed of the survivors of

these exiles, was—"Each State retains its

to

of their

very course

of the very first provisions enacted

one

by the Congress, which

unmindful of the

are

Colonists

the

institutions;

quarrel, but I object to

right given to

express

who fought, suffered and died at Concord

men

Lexington, at Bunker Hill, Saratoga and Yorktown,
the

establishment of

that

right, and which has been

far

so

one

superiority is concerned, there isn't

as

claim

can

by

The supervision

the other.

over

who receive their authority by

men

and

through political preference—always have and always

will

in

our

democratic form

agitation for unification

of

government—and though

continue, I believe it will be

may

by a minority and that our dual system will continue, for
it is in accordance with the principles of our form of governThe dual system of banking is the American system

ment.

established in accordance with American ideals,

and de-

veloped by generation after generation of Americans, and all
that the unit banker asks is the continuation of his privilege
to

the community in which his bank is

serve

located, to aid

in the upbuilding of his State and the development of his
country.

clause of the

power

Suffice to

since about 1864, we have had the two systems, State

I,

therefore,

fication

of

deign

the

to

abilities, experiences and

engaged in banking,
program

as

that

suggest

there

system,

be

energy

well

as

instead

of

unification

a

of the

men

and

auniof

the

women

all others interested,

on

a

of elimination of errors, abuses and practices of the

past of which

we

are

all familiar, and from which neither

defended at home and abroad, on land and sea, at Santiago,

State

Manila and San Juan Hill, in the Argonne, at

tion of sound principles and practices, such as has been so

and at Verdun.

St. M.hiel

To centralize that power now or ever in

the National Government

deprives the States of the rights

National banks

nor

ably and

immune, and

were

extensively outlined by

Association,

urge

the adop-

the American Bankers

well

as

as

the enactment of such proper and

as

will clothe the authorities with the

given to them under the fundamental law of the land and is

necessary

legislation

in direct opposition to a

power to

enforce obedience thereto, and thereby preserve

democracy.

While I concede that

Congress would have the

power to enact legislation forbidding
of deposits subject to withdrawal by check by
other organization than a bank organized under the laws

unto the people their existing

the receipt
any

of the United States, I doubt that

Congress will

exercise

ever

that power.

Then there

are

the proponents of a branch banking
system,

nationally if possible, but half

loaf

a

as

starter, such as

a

rights.

I do not want to be understood

contending that the

as

unit system of banking has been or is perfect, but I do con-

tend that created

it

as

was

under the difficulties and in-

experiences existing in that early period and having performed
the great service that is has, and at the same time greatly

improved its

own

methods and is continuing to do so, it has

district branch banking which is only another means toward

earned its right to continuance and should not be displaced

centralization of power, and the

with

of either

success

both of

or

these

some

other form of banking inconsistent with our form

proposals sounds the death knell of the unit system of
banking.
Please let me make it clear to you that I have no

of government.

prejudice against large banking institutions;

diligently

who operate them

women

great wealth,
honest

men

providing its accumulation

were

and

means

believe

endeavor, and I

do I covet their position

nor

providing such additions
but I

am

not

centralized that

are

willing that

secured

our

by

men

and

women

us

of those that
who

are

less

any program

reason

for

so

doing.

claim is

simplicity

uniformity in laws,

uniformity in
many

that

it

supervision,

will

serves

in

in

our




other

reasons

a

as

permit banks organized under the laws of such State to

establish and operate branches.

This

move

is of vital im-

bank

banking

supplemented

banking

system

The

most

uniformity and

chartering

and

cen-

operating their institutions

some

starter, confined within the lines of

to

our examinations; but the
banking system wouldn't change the rules

there must be

a

our

and regulations under which
99% of the advocates of
tralized banking are at this time
so

as

Federal Reserve District and to States within such District

which has existed throughout all the years of the
Republic, first in the State chartered institutions and finally

other ways; simplicity in

unifieation of

this time, but

it

nation-wide

position

uniformity in regulation,

uniformity

exists in relation to branch banking, not

are

as

a

placed in

What is it?
result

those who

are

amendment to the law

an

plished, will be the beginning to the ultimate end of the unit

so

Those who advocate centralization of the
banking system
some

seeking

methods,

proper

desirous, dictate the policy of

prominent

now

at work

portance to the unit bank, State and National, and if accom-

what the two dominant political
parties do to each other—one is a
good watch dog for the other."

have

As I have heretofore mentioned, there

accumulations,

banking system shall be

The dual system of banking

of

by and through

join in

their

small group would be

a

that they could, if

system.

or

them from adding to

prevents

and

am not one

they should divide with those of

fortunate,
that

against

nor

the

nor

than those

so

promi-

of

with

banking,

National

associations,

capitalized,

managed

by the individuals of the States and in
which the institutions

were

grave

and has continued to

serve,

this

unit

controlled

the communities in

located, assumed

and leading part in the development of
resources,

and

and

our

a

responsible

country and its

though at times under

circumstances and with much difficulty; it has served

both

State and Nation at every call, in
fact, the unit
banking system has kept in step with and full supportAto
the development and progress of this Nation, which is un-

equaled in the history of the world.
unit banker has

capital, he
its

gave

problems

And in all this, the

played the leading role.
the best that

were

his

was

He invested his

in him to his community,

problems; he financed development

BANK

STATE

and business,
he

was

helped build churches and schools, in short,

part of his community.

a

provisions of the

Those who seek to have extended the
Act of
scale

Congress

than

larger

to permit branch banking on a

so as

permitted, do

now

afford th6 opportunity to the

the claim that it will

on

so

people to have

a

better banking

What a
home-owned,
home-controlled, home-operated and home-interested institution for a foreign-owned, foreign-controlled, foreignbank.

system than is now furnished by the unit
beneficent

suggestion!

the

exchange

To

operated and foreign-interested institution and the displace-

helped blaze the trail of develop-

ment of the unit banker who

have carried

ment of this Continent and whose successors

with the march of progress until

today

on

have justified the

we

dreams of those exiles in the long ago.:
If

we

have

and

opportunity"

Centralization of

bility."

out those dreams, we must

to continue to carry

are

"equal

"equal responsi-

assume

is the antithesis to equal

power

opportunity and therefore contrary to our form of governThe placing of the

ment.

banking system of this country

in the hands of small groups

is centralizing the credit of the

and

country and is hazardous to industry
The

the

commerce.

proposal that National banking associations, may with

approval of the Comtroller of the Currency establish and

Reserve District in

the Federal

branches within

operate

which such association has its

principal office is very cun-

ningly presented, and while it confines the activity to States
within the district that authorizes State banks to establish
and operate branches,
are

I would

banking in

as

are

only required to have
office

District

that

Bankei, State
petition in

those
are

Federal

in each

Reserve

opened and operated in each State in
banking.

branch

permits

Mr.

Unit

National, do you want that kind of com-

or

your

banking in

principal office, in other words, a

established

District and branches
the

branch

contained in each District and

one

be

can

within Federal Reserve

authorized

unlimited

have

you

States of the 32 that

central

each District comprising from

12 Districts,

banking be

Districts,

the subject.

on

scattered throughout the 12 Districts so that

are

branch

law

States, and these 32 States that permit branch

seven

banking
if

no

bankers, know that the Federal Reserve System

is divided into

three to

permit branch

form within State lines and only 13 States

some

prohibit branches and three have
You,

that the proponents

guess

of the fact that 32 of the States

aware

State and in the city

operate your bank ?

If

do,

you

or

town in which you

action is required

no

on your

part to get it, but if you are opposed to the establishment
of such

banking system,

a

you

must marshal your forces

and

call them into immediate action and present a

united opposi-

tion

This question

to

any

has been the

such modification of the law.

subject of controversy since the days of Jackson

and the people have won to
Mb*. Unit

the present time, but beware,

Banker, the forces against you are still at work,

With 12 Federal Reserve Districts comprising all the 48

States and 32 of those 48 States not coming within the ex-

ception, 12 principal offices
branch

establish

to

competition

with

are

banking

the

unit

all that would be required
the country, in

throughout

bank.

this

If

progiam

were

carried out, who would say that it would not concentrate in
the hands of

a

few the control of the money

of the country

Those

who

and credit system

?
espouse

that the unit system

the

is

a

cause

of branch banking claim

failure; that

many

units have failed, and they attribute most

of the smaller

of

our

financial

difficulties to such failures and that we must have branch

banking in order to provide a safe banking system.

This is

Let us look at the record—
1931, about 2,316 banks closed; of these 1,890 had

propaganda—pure and simple.
Al.

In

resouces
over

under $1,000,000 and 426 of them

$1,000,000.

had

resources

of

These banks had total deposit liabilities of

$1,814,000,000, but the 426 banks had deposit liabilities of
$1,417,798,000,

while

the

1,890

smaller banks had only

$396,237,000 deposit liabilities, or about 27.9% of the total

deposit liability, while the larger banks had 72.1% of the
total

deposit

liability.




The

worst

is

yet

to

come-—19

r

41

DIVISION

banking associations throughout the United States, operating

494 branches closed their doors during 1931 and 1932, and
at the time of closing had deposit liabilities of $459,106,(XX).

Added to this were the Bank of the United States, operating
53 branches in New York, with deposit liabilities of $200,000,000 and the Peoples State Bank of South Carolina,
with 44 branches and a deposit liability of $26,000,000.
There are others that could be added, but this should be
sufficient to thoroughly demonstrate that branch banking,
on an enlarged scale, is not the kind of banking system we
want in this country, is not an improvement ovei our
present dual system, is not a substitute for the unit bank,
but that it is infinitely

worse.

These illustrations do not substantiate the claim that the
small unit bank was the cause of our branking troubles,
and a careful study by an unprejudiced student of the elements that entered into the final suspension of the banking
system in the United States will not place the responsibility
upon the unit bank as claimed by some, but on a branch
banking system within one State with its resultant effects,
which not only wrecked the banking system in the State,
but was the major cause for the declaration of cessation of
banking throughout the Nation. Whatever horn of the
dilemma you choose to take, you finally get the same result—
concentration of power, monopolistic control, usurpation of
the unit bank, displacement of the unit banker—and these
are the very things desirous of accomplishment,
Notwithstanding the deplorable record of extensive branch

continue to exert every influence,
and cite
ns the Canadian system as a model for America.
Let us
take a look—in Canada there are 11 banks with approximately 4,000 branches and three of these banks with about
2,600 branches control over 70% of the country's resources,
and yet the deposits in two banks in New York are greater
than the deposits in all the banks of Canada. And who
claims that Canada has not had banking difficulties ?
This gives one some idea of how opportune it would be
with extensive branch banking privileges, to control large

banking, the

sponsors

not only for its continuance, but for its expansion,

sections of the country and thereby dictate the financial and
credit system thereof, which is repugnant to American ideals,

and there is no cause for its establishment, and it never will
be established if the unit bankers of the United States unite
their forces in opposition thereto, but organization and action
are absolutely essential on your part.
If is not my province nor do I intend by anything I have
said to criticize the people and authorities in those States
in which branch banking is authorized within State lines
such privilege reserves the right to the control and supervision of its banks and branches to the State authorities and
gives to the unit banker, State and National, within the State,
the right to establish and operate such branches as he may
be privileged to open, but such a law does not open the door
to concentration, either of power or money and credit. Such
branches are under the management and control of the unit
banker of the State, who is in the best position to render
the service required by the communities, and the people's
interests are his interest; he is a part of them; he knows them,
and they know him; he is interested in his State and its
progress, and if he continues in the banking business, it is
only natural that he will operate in the interest of all, and
if the people of a State believe they can be best served by
such system, they are only exercising their right under the
law, to which an outsider should not object when his rights
are

not affected.

^ Reformatory Program
In the country's development, trading points for the convenience of the settlers were established. Many of them
developed into organized towns, and each of them must have
a bank, and too many of them were given banks, although
in those days a greater necessity existed on account of the
inconvenience and hardship of travel, but the practice continued indefinitely and what appeared at first as a "necessity" was transformed into a "convenience," and it would
seem mat much more consideration was given to "con-

42

BANKERS'

venient"

banking facilities than

banking facilities.
a

different

very

to

banking
be

done

as

well

access,

given to "necessary"

was

are

"Convenient"

without—indispensable.

Banking facilities for

community, for the State and the

a

ously and conveniently distributed,

number,

no

has

one

exact number

be

can

judici¬

resources,

as are necessary to per¬

The

neces¬

yet suggested, but I doubt if

as

given;

is

fix the required

nor can one

word of

a

its

warning against

principle

a

better

a

or

rule that has for

object the elimination of all the smaller banks

country, for many of these small banks

opportunity for future

larger institutions.

are

as

the

of

sounder and have

than many of the

success

The small bank plays just

part and gives just

a

form their true functions in business activities.

an

at

means—near

while "necessary" means—impossible

Nation, should be sufficient in number and

sary

but have

not synonymous,

important meaning when applied

as

institutions.

hand—easy of
to

The words

(

important

as

much service to the community in

which it is located and

answers every
purpose in the com¬
the larger bank does in the larger community,
and it is just as necessary an
agency in its community as the

munity

as

larger bank

may

State, and I

our

be in its field.
suppose

Union, of which there is

There

small banks in

are

it is true in the other States

of the

doubt of their future, and

very great

what may be adequate in number and resources
today might be wholly insufficient six months hence, much

the program in Iowa is either to consolidate these institutions

depending, in

there is every reason to believe

resources, for

tion

by

judgment,

my

other

agencies,

the cessation of competi¬

upon

which

is

also

dependent

the

on

activity shown by the banks themselves.
At

time

one

30,(XX)

over

banks

there

instance and by consolidation in others.

some

It is true that

banking facilities

are nearer at,

this age than they were 25 years
ago.

hand

Because of

now

our

paved
trans¬

portation, banking facilities
of the

country within 30 minutes to

point, and the necessity, if it
the banks that
our

people

we once

there is
towns

a

great

and

of

who

rebellious of

doesn't

take

are

business and

in

towns,
a

committee of business

men

can

be

engaged in mercantile
who

have

property

is rental property,

that deprives them of
for those at

courage

bank.

a

distant

a

and farmers from such

a

com¬

munity and attempt to convince them that they are not
entitled to a bank; that their
community is too small for a
bank and that

that their

have sufficient banks.

we now

community

support

can

personal investigation satisfies
succeed at that

with the requirements of the law

rules

these

circumstances,

facilities?
and

are

to

to

number

of

small bank will

a

to

people
to

are

notwithstanding

citizens of the United States

consideration.

banks, be

capital structure and

you,

deny them the right to these banking

of the fact that there is

cause

as

management—are

These

entitled

small bank, and your

that

you

They maintain

point, and the applicants offer to comply

your

as

a

denied

a

Shall these people,

be¬

disposition to decrease the

the

right

to

these

there

are

banking

I think it
may be said that there is a limit to
which National Government and
any agency thereof, as well
as the
State,
any

of its agencies,

can go

depriving the people of their existing rights

in arbitrarily

they, at least, believe exist, and if there is
able recognition of what the
people think their
then

we

faction
to

the

our

have

a

not

reason¬

rights

are,

dissatisfied people—and with that dissatis¬

comes

opposition, and that opposition can extend
banking system as well as to any other element in

governmental functions.

is sufficient
opposition

and

the rights

or

which

or

Certainly, at this time, there
feeling or prejudices against banks

banking, and it should

and of every

be the endeavor of
every agency

authority to avoid

the promotion of any
program
that will further tend to irritate
the feeling
already exisiting,
and
on the contrary,
everything should be done to do away
with every
,

prejudice, feeling and opposition existing.

If the program is to eliminate
the smaller banks
the country, it

will, in

not stand alone in that

do not

my

understand, that this

the small unit
bank, State
can

judgment, and I

judgment, be

be but

one

of two




is

a

a

throughout

assure

you

I do

serious mistake. Please

plea for the continuance

of

National, the future of which
things—failure or liquidation, but it
or

future,

a

or

condition to return

a

process

larger banks throughout the country to which the
should be applied and that all of the assault

should not be made upon the smaller banks.

May I here
that

no

set of

dedicated

say

for the banking profession,

men,

themselves,

gave

than did the banker to

more

depositors from loss.
sustain

and

I

no

willing to

one

whole,

and

more

suffered

his bank from ruin and his

went to

save

his

depositors and

community had reposed in him,

patience with those who place the entire

no

responsibility for
He is

a

When the final reckoning came his

the confidence his

have

did

more,
save

dollar, his home and all

every

as

to whatever profession they may have

our

banking difficulties

the banker.

upon

his just share of the responsibility—

assume

should exact more; he was in the front-line trenches

and led the forces in every
activity for his community's good,
but when adversity came to

him,

instances,

vvas

Too drastic

a

situation

same

ingratitude,

in

many

the reward.
reduction in unit banks could

bring about the

that would follow from centralization

and,
therefore, the policy should be reasonable, with due regard,
at all times, to
proper distribution, and without prejudice to
the sound, well-operated smaller units in favor of the
larger
units, State
and

a

or

National, in which all classes should join

great majority of them will,
of the prejudices

many

banks and

now

and thereby eliminate

and heretofore existing against

banker, not justifiably

so,

yet

A policy of

so.

elimination of the small unit bank if
pursued to the extreme
will bring about a situation more
dangerous to our banking

system than the small unit bank, for our people will have
facilities of
unit

character and in the place and stead of the

some

bank, under supervision,

you

will have credit unions,

cooperatives and other forms of facilities, with
as

competition, which is certainly undesirable,

there is justification in

facilities?

through

point where

a

the

same

points

bank; the community is
banks noyr;" but you face a

have too many

we

of

portion

On the other hand,

those

"these people do not need

small;

many
a

facilities that

of which

some

program

much

exist, and

now

given

living in and about the smaller

especially those who

located

to say

had does not

of people

mass

these

hour from any

an

be so-called, for

reasonable distance.

a

other lines

are

may

silently satisfied with

are

reached within

and

be reached in most parts

can

while they are in

now

at

depositors the full amount of their deposit, and not
they become a burden upon the Federal Deposit
Insurance Corporation, and I venture the assertion that

in

hard-surfaced highways and the automobile for

and

too

was

Now

units, and in the
this number should be further reduced by

many,

liquidation in

It

this

about 16,000 State and National

are

opinion of

of

but

them

they will have

wait until

"vengenace."

a

other institutions and locate

liquidate them
to

existed,

establishing banking facilities with

with

a

no

supervision,

so

that I think

moderate program of elimination.

Chartering Policy
The
the

granting of charters

as

all know has been

we

outstanding infractions of the rule of

sense

reason

banks than

was

we

had

more

to carry on the business of the

necessary

Nation, and what

as a

of

occurred in our banking system—first one
and then another, then the two agencies in contest

to outdo the other in number of charters until

a

one

common

that has

agency

at

and

was worse, more

banks than could operate

legitimate profit, with the resultant effects.

Will

people, profit by that costly experience, and if

so,

we,

how ?

My first recommendation is that this Association through
its official staff and each member of the Association
own
our

in his

State and all other agencies whose
principal concern is

banking system, join in

a

systematic, concentrated effort

for the passage of laws in each State where such laws do not

already exist, vesting the
and
or

new

Superintendent of Banking,

Banking Board where
to

power

(or) refusing charters for

a

disinterested board

Council
that

or

proper

one
or

as

and authority of granting
banks in the Commissioner

the

case may

be,

or

in the

exists, with the right of appeal

commission such

board of the State, if

you

right, whose decision shall be final.

as

the Executive

wish to

preserve

That before the

granting of

charter is considered, the Commissioner or

a

Superintendent shall
by

disinterested

a

cause a

special investigation to be made

who shall report to him in writing,

person,

territory to be served, class of residents, nationality of

the
the

their record for caring for their obligations,

people,

whether

owners

tenants, if divided what proportion, the

or

adaptation and whether it is

character of the soil and its

being put to that use, average value of the land per acre in
to what extent mortgaged,

the trade territory,

of the town and trade territory, character

population

and extent of the

business, industrial activities, shipping facilities, number

of

banking history, necessity for a bank, ex¬

banks, if any,

that the
evidence of success under
If it

pectant deposits within what time.
bank is necessary

and has

every

appears

and competent management, and it is found that the

proper

management is to be of experienced men of
cial ability,

and

issuance of

reasonable finan¬

proposed capital structure is sufficient and

a

and the Com¬

charter should be considered,

a

will

missioner is satisfied from the facts that the bank

ceed—if

these

suggestions

similar

or

chartering

possibility of abuse of

charter and not much

a

followed,

be lodged against the

there will be little complaint which can
issuance of

are

ones

suc¬

Some such program must

if the unit system

be adopted by the several States

With the splen¬

of banking is to continue.

did

cooperation at present of the office of the Comptroller of

the

Currency and the supervising authorities of the several
efforts being put forth by the FDIC

States and the untiring
there is

no

be

cannot

States to
As I

them

a

sound policy of chartering banks
up

about to conclude the
came

Journal,"

to

my

a very

carefully, and I

stitute

some

to the authorities in the

desk two clippings from the "Wall

more

tempted to turn back and sub¬

used for what I

The

comments.

heading—"Bankers Hold Federal Corn

Federal

a

questionable,

loan

corn

a survey

Middle-West

indicates.

some

whom
unit

this

on

year's rapidly maturing crop

conducted by the "Wall Street Journal"

bankers,

in general,

have expressed themselves

ready and anxious to make chattel loans on properly stored corn.

working

are

your

attention, because it

While

banking system.

loans

well become

can

heard of

ever

loans

made

were

of them

one

corn

of interest is
these
that they

frozen assets, why suggest

a

That is

becoming

Many of these

frozen asset ?

a

Who

propaganda.

mere

by the banks in 1934 and 1935 and every
paid 100% and the farmer, the man whose

was

toil and sweat

great deal

a

behalf of the banks, yet if

on

banks?

be taken in the

produced the

received the full benefit

corn,

therefrom, instead of the cash grain handlers in whom the
writer of the article appears to be so
the time the Government
the

price of

that it

around 15 cents

corn was

bushel and the causing

quoting:

tive bankers in the
duction is sold

on

of the

bushel,

per

so

cheap

to be sealed on the

corn

farmers'

premises immediately stabilized the price and kept the corn
out of the hands of the

speculator and the banks were per¬

fectly safe in taking the
But suppose

them.

loans

require

they make

industry

greatest

influences

the

and this is the very reason why
the loan—this may not be in the
this

in

of

centralized

a

the continuance of your

is

just

banking: system

and against

near

at hand when we

shall all

deliberate, the richest and the humblest alike, and consider
that

all Americans

we are

station in life may

our

it makes

shores,

rivers,

free.

us

our

no

matter whence we came or

be; that

The

we

our

our

only be enjoyed in their

can

beauty through the eyes of free men.

and splendor of the land is

glory of the Government, the foundation and

of which

a

principles

bring equal opportunity for all and special privileges

none.

bank

unit

The

centralization of

our

conforms

these

to

principles;

banking system is in violation of these

than used for feed on the farm.

The regions where livestock feeding predominates were not

instead

of

feed

Further

canvassed,

based

farm-operation financing in such sections is generally

on

as

the

rank and file farmers.

fined

the

to

handlers

widespread demand for a Federal loan program by
The enthusiasm for a loan program is largely con¬

of

membership

now

the

Farm

American

Bureau.

Cash

editorial entitled "The Uni¬

The subject matter is a

criticism of Govern¬

spending and of the willingness of the people to have it

continue, and the article makes this reference to

corn

loans,

quoting:
An

of

this

"theoretical

reluctance" is to be observed in the attitude

belt, who

are

for loans

on

want

to

see

endorsement,

of business

men

practical

of the grain

described as enthusiastically supporting the desire of farmers
grain, particularly corn.
cash

This they are doing because they

flowing into the home region—not

unnaturally.

opposed to Government spending—in general.
tical matter of opposing a

But reduced to the

prac¬

specific Treasury outlay, which is called a loan

but which obviously can well become a
favor of the expenditure,

frozen asset at least, they

are in

a

fine service in its

is not

of

this

subject, but this article

phasizes the point I have tried to make in
centralization of

our

so

clearly

em¬

opposing the

banking system and placing the control




or

against, which is of vital importance

community, not free but for value received,

only adding to its future, but is helping to re-establish

public confidence to which banks are generally entitled.

"Service,"

the

noblest

word

in

the

English language,

describing the noblest thing in human life, breathing the
humblest yet
true

loftiest spirit, entering into all good works and

living, inspiring all the lives of all the greatest men and
of all times, adorning

the

crowns

of monarchs and

lifting the humblest above kings; it sweetens the toil of the
laborer and
constitutes

justifies the accumulations of the wealthy; it
the

sole foundation of

enduring greatness, for

greatness implies service and service implies

unselfishness.

The

quality of greatness is derived from the quality of the
service rendered.
This is the master secret of the ages.
It
is the

since it benefits them.

purposely refrained from mentioning Wall Street in the

discussion

rendered is a very
particular
it tends toward creation of

The

point is that these same men as citizens are doubtless almost unanimously

I

be to the community in which they

banking system today, and the bank that is rendering

women

example

interesting

can

public relations,

to the

that

ment

they

bank, but to the entire system as
fine

the road concerning corn loans.

And then there appeared an
versal Itch."

that banks are quasi-

located, and the quality of the service

grain

engaged in trying to contract corn from farmers for future

delivery when the crop is ready for marketing say they hear very little
along

you

important factor, not only to the success of thq

quoting:

be any general or

of the service
are

Other advices from the corn-belt States indicate that there does not seem
to

I remind

public corporations, chartered by State or Nation because

livestock

grains.

that

ago.

In conclusion, may

good percentage of the annual pro¬

what

country because

lofty mountains, our winding

unequaled lanscape,

More beautiful than the beauty

to

love

beauty of the oceans that wash our

fertile plains,

our

and matchless

real

"Wall Street Journal," queried representa¬

belt, where

corn

such

institution.

hope that the day is

us

It

country.

these, Mr. Unit Banker, that are working in

as

interest

margin and rightly so upon any

a proper

on corn,

stabilization of the price;

no

cash-grain dealer, but it is in the interest of

interest of the
the

loans and did take many of

corn

there is

the Government proposes

long

the open market, rather

At

The loaning of 45 cents per

being used for fuel.

was

vitally interested.

inaugurated the corn-loan program,

principles and contrary to the dreams of the exiles in
Further

In conducting the survey, the

of

time for the continuation of the

over

manifested in the article

the

Necessary," and then starts:
of

need

is at least

as

has this

one

now

appropriate, but again reason ruled;

but I want to refer to these articles with

Loan Not

I read

liberal and progressive sheet.
was

calling it to

speaks the minds of those whose cause it espouses, none

Let

preparation of this manu¬

of the tempered language

believe would be

The

that I cannot resist

perform their full part of the program.

was

script there
Street

why

reason

adopted and it is

and credit of the Nation in the hands or a few,

of the money

banks will

power.

43

DIVISION

BANK

STATE

essence

of the golden rule.

May the unit banker realize the importance of the word
"service" and in the operation
of service that will bring not
but to the entire

of his bank render that quality

only greatness to his institution,

banking system.

44

BANKERS'

CONVENTION

•

Main Street—America's

-n'y?'.

Banking Center

By Robert H. Myebs, Vice-President Merchants National Bank, Muncie, Ind.
I

happy to be in Boston this week.

am

Hudson

visit this city

can

pride that

he is

No American from west of the

and this State without feeling
Before

American.

an

Republic

our

an

inner surge of

born, in

was

those

stirring days in which later, but not then, could be recognized the birthpangs

of

every

American school boy is familiar and to which he responds with that

a new

spiritual thrill
has carried

call patriotism.

we

Throughout her history Massachusetts

high the torch of liberty; to

every

generation she has given her

distinctive, cultural leadership.

own

I

nation, the old Bay State was the center of events with which

happy, also, to

am

think

I

official and unofficial certainly could have had a
veritable field day.
I repeat: Distribution of power is the surest
guaranty against its abuse.
If we have leared anything in the recent
trying years, it is that we cannot

Judge

before the State Bank Division of the Ameri¬

appear

Bankers Association.

can

unwise or untrustworthy hands those same
instruments could be used as
powerful weapons against the public good.
Imagine what could have happened within our memory, had the
banking
machinery of this country been concentrated under a single set of laws and
in the control of a
comparatively small group.
The "student managers,"

I

warranted in asserting that this

am

bank

a

include branch

by its label, its charter, its size.
The mortality records
banks, group and chain banks, independent
banks; large

banks; small banks;

Division supplies the most typically American banking audience that it is

difference between

possible to assemble.

lies in the

but I

also

am

tralization

urged upon

States

own

sized

as

cen¬

citizens of

are

of the United States, as evidenced and empha¬

by the fact that their institutions

the chartered organizations of

are

those 48 separate, sovereign States.
This is not to be

it.

lecture

a

Occasionally, though, I

on

democracy;

you do not need

our

constrained to believe that the old school

am

educational institutions.

Neither is this to be
treatise.
or

statistical presentation, nor a

a

weighty economic

Certainly I do not pretend to offer the last word
a

few minutes.

subject,

my

I merely have the assignment today of talking to

any other.

simply for

on

you

quite

Until I heard Dr. Glenn Frank yesterday and

Mr. Bates just now, I never realized I should turn out to be such
a, shall I

perfect piatform echo.

say,

If you detect occasional similarities in what I

have to say,

I beseech you to believe that I at least thought I was being
original, reasonably original, at any rate, in these remarks which I prepared
week ago.

over a

I come from

munity.

a

This is my story and I am afraid you are stuck with it.
town that

Two books

were

respect the authors.

Muncie,

Indiana:

America.

was once

selected

as

the

typical American

The "Middletown" of the books and the reviews is

My

home

There

town.

Most of them, like our town,

are

have

a

Middletowns

many

Main

Street.

On

Main Street usually we find a bank, and more often than not it is

bank.

title,

com¬

written about it—both good works; I know and

a

in

that

State

I don't think I need to elaborate upon the reasons for
choosing my
"Main Street—America's Banking Center."
It should be apparent

to any one that much of the real substance of

its components

bank

nation and all

a

lies, not in its great crowded cities, but in the smaller

munities, in the suburbs and
The

strength of

with

which

I

on

am

on

Dec. 31, 1936.

the farms.

us

stand the great financial institutions

of the country; behind us, perhaps only in size, are more than
15,000 Ameri¬
can

banks, scattered throughout

communities, neighborhoods.

our

had

country—in the cities,

are often in

towns, rural

There stands the real strength—or weakness—

charters.

The

'

are not solved.

We have too

conflict; too many supervisory authorities,
you think political control of
banking

But—do

Political control could be much

unified banking system.

a

State

in

any other business,
This is not new, but it is true; It is bankers

banking problems

our

regulations.

would be any better?
we

as

■

deny that

laws, and they

many

had

some

failure, in this

banks.

not

Do you believe

more

we

easily effected

should discard that

which has come through the acid test of a
great world-wide depression, in
favor of experiments alien to the American
scene?
I think I know your
answer.

At present, all seems to be quiet on the
banking front.
It may be only
the lull before the renewed storm of
controversy.
I make no pretense of
knowing what the future holds in store for us.
I do have the distinct

feeling, however, that banking and bankers
that

the general

public is quiescent, just

are

still

trial.

on

but I

It

is true

be so sure of
those who take it to be tneir duty to arouse and
sway public emotions.

My personal conviction, which I
banking is the kind best adapted to

now,

share, is that independent

am sure you

an

cannot

independent people in

a

free country.

I define "independent

banking" as excluding the establishment of branches
beyond relatively small and definitely circumscribed areas
(in Indiana, the
law sets county-boundary limits), with the
subterfuges of group and chain
systems also

definitely limited and controlled. I recognize the fundamental
differences between the types of territorial
banking mentioned, but it is no

part of my subject today to develop those differences.

Now,

our

convictions,

our

not prevent

customers

informed.

how sound

matter

no

radical change if

we

positors,

who

the

are

Laws

probably will

substantial

lative panaceas

as

for economic

What

people

it?

we see

we

think them, will

may

do not keep our houses in order, and
keep

branch and group banking privileges.

nation, the situation

principally connected, with approximately

Ahead of

too

National,

and

com¬

12 millions in resources, stood 448th in the roll call of American
banks, by

size,

fail,

many

had

some

success

quality of management.

No one will

if

the virtues of

books need re-reading, and should replace some that have found their
way

into

who

under various names and by devious means,

us

before people still conscious that they

well

as

National bank,

a

In these days when regimentation and

State banker.

a

are

it is good to appear

their

My principal connection is with

Do

ills?

are

of all

proposed

the

our

de¬

in

our

communities

they realize that

mean

liberalize

to

doing to tell

we

they know that there

Do

branch, group or chain systems may

be

are no

legis¬

extension

an

of

the removal of banking control

from their communities into strange and remote
hands ?

They

under¬

may

stand that
extreme

only

banking systems can get so big that government, in times of
adversity, simply cannot let them fall; but do they realize that that
postponing and aggravating the inevitable and painful adjust¬

means

of the Americanb nking system.

ment?

The metropolitan banks draw much of their
strength and support from
the 15,000 so-called country banks, just as the great cities themselves draw

Parenthetically, and I don't believe this has occurred to quite a
few, on
the subject of branch banking, many who favor it now
are thinking in terms

of

much

economic

their

sustenance

from

their

large,

tributary trading

It follows that big city bankers owe to their
colleagues in the smaller
institutions an intelligent and cooperative

areas.

leadership in sound banking,

from

purely

standpoint

a

of

enlightened

self-interest.

This

leadership

of pacing

clusion,

the quarterdeck in such

however,

before the mast.
branch

branch

It can't

a

banking
mean

Followed to its logical

set-up.

means

fewer

anything else.

banking is the desired solution

are

admirals

epaulets; but I

scale, there will be many more small, middling and

that imported ideas, like imported goods,

do not always find as ready an

acceptance by our people as the domestic product, fashioned by Americans,
We

hear

good deal

a

about the virtues

of

a

unified

banking system.
I do not question the motives of such pro¬
ponents, but I must challenge their judgment.
I have full sympathy with
Much of it sounds plausible.

those who decry the multiplicity and
overlapping of
vision and regulation.

ing system

are

mind branch

Now,

banking laws,

Of course, some of the advocates of

thinking

in terms

banking.

of group

or

a

chain banking; others have in

anjy

As

an

of

us

would object to

some

we

find to

best.

our

surprise that

a

American

and

a

citizen

of

a

Indiana,

thing
it

is

as

my

banking institutions, without knowing
fully just where such action couid

more
some

definitely and understanding
day take us.

large

large fish swal¬

To travel over our

States, including

renewed zest for living.

Frequently

of doing things is not
necessarily the
In other places, sensible people have evolved
different practices and

ideas, which

seem

our way

to work for thm quite

successfully.

It

seems to me

of the prime advantages of being an American is this charm
of
this freedom of thought and action.
Liberty is,
one

borhoods of

a

that

diversity;

indeed, precious; far

I repeat my conviction that the

simplification—a

personal belief that it is orer-simplification to propose,
vaguely, a unified
banking system, which of course means the abolition of State-chartered

With

the bankers, is to return home with

comes on a

even

lowed, than larger fish doing the swallowing.
Again, what of the depositor, in all this discussion?

valuable than the touted benefits of

*

I don't think

orer-simplification.

super¬

unified bank¬

considerable amount of it, in fact—but there
is, after all, such

more

that if branch banking ever

country, and meet and talk with the people of the various

for Americans.

men

visualizing themselves wearing

should be fundamentally American—for there is an American
plan of living

can assure you

con¬

more

Many of those who think

and doing business, and it is the envy of the world.

I remark in passing

and

more

drab regimentation.

farms, small towns and suburban neigh¬

Nation

contain the real strength of our
country.
I am not
deprecating big-city dwellers in this appraisal; but in the uncrowded com¬
our

munities there is

a freedom of action, an
uncramped feeling of calm expansl veness more conducive to breadth of outlook than is the
turbulent atmosphere
of our teeming cities.
For want of a better term I describe the
peopie about
whom I speak as the great middle
class—although I abominate the use of

intention of being humorous, I would remind
you of the principle
of chekcs and balances, a
principle which our dual system of banking bor¬

that word

rows

directly from the United States Constitution. All of us know that some
of the legislative proposals of doubtful
soundness that have been made in
the field of banking, not only
recently but farther in the past, have been

stand

delayed and finally frustrated largely through the automatic check
provided
by our dual system of banking.

they

no

Democracy, in
come

government or in

banking,

ways as the various totalitarian

fascism, nazism

or

communism in

may never be

so

efficient in

forms—whether the latter be called

the realm of the

State;

or

centralized

banking, branch banking
the field of finance.
we

lose

more

than

we

or a system that is
completely nationalized, in
Efficiency is desirable, but sometimes in achieving it

gain.

It

our

first,

safety in their banking system, true; but
next, even
ahead of efficient service at low
cost, I believe they want the assurance
that their banking and credit
machinery is not in the hands of a monopoly,
no

matter how able and well intentioned.

opoly.

We instinctively distrust
Decentralization is the best insurance against such

against the charge that such
To

mon¬

monopoly, or

a

monopoly exists.

the thoughts, if not the exact
words, of one who currently com¬
mands the public eye and ear, it is
possible to fashion
use

power which, in benevolent




in our

instruments of public
hands, will be used for the public good; but in

"class."
several definitions of inspiration, but I know

are

me

you will

under¬

when I say that I think the most trustworthy
inspiration we get

republic

from that great body of people I have attempted to
describe, whom I believe to be the backbone of our Nation.
comes

Incidentally,

are mostly bank customers—friends and neighbors of yours and mine.
I think it would be interesting to Classify the heads of our
great banks
and corporations according to their origin.
I be,ieve we would find

that

the farms and smaller communities

portionate share of

our

national

have

furnished

leadership.

more

At the

same

than their pro¬

time, I do not

believe that all the able leaders have migrated to the large cities.
sound banking sense still resident in
I feel sure,

has been said that our
people want that banking system
which, in
addition to safety, will afford better
banking services at less cost and with
greater efficiency.
I think that is only partly true.
I believe that

people want,

There

our

The

smaller centers is quite competent,

uphold its share of the responsibility for directing and ad¬
ministering our independent banking system.
It

to

seems to me

than they do.

influence of
of

our

might

a

really beneficent

depositing
come

that bankers could wield

a

much larger influence for good

Banking, as at present constituted, can exert

population,

more

public

nature, in the interest of the stable stratum

than could

any

other banking system

that

into existence.

I do not wish to be misunderstood: I speak of the right of every
citizen,

including the banker,

to

petition

his

legislative representatives,

and

all

other public servants, in his own and the public interest—in the interest of
sound banking, for the protection of our

depositors.

It

seems to me

the influence of many thousands of independent bankers, scattered
out every county

and congressional district in

every

State, is

that

through¬

a power

that

STATE
should rightfully be used.

BANK

It is far greater in its possible good results than

would be the influence, political or otherwise, of a group of far-flung branch
group systems, which could and would be

or

epithets, "financial octopus,"

"money trust,"

I propose no improper use of

it for the public welfare.

stigmatized with the unpopular
"credit monopoly."

people, than the multitude of

local bankers, responsible to local customers, to local boards of directors?
I want to repeat to you that I believe

bankers

we

still

are

trial.

on

If

the independent, unit bank, operating under our dual system of American

banking,

into the discard, it will be

goes

banking is that such management is
to erase

by

that

actions as bank managers.

our

needs of

our

without

Are

I

want

to

quality and maturity dis¬

to

banker today, if for no other reason than that

independent

security holdings have

our

ballooned to unprecedented high totals.

conducting

we

service

our

operations

profitable

a

on

complete measured service charges equitably applied ?

with

basis,

Are we making our

self-reliant, without leaning on government as a substitute for
management weaknesses?
It seems to me that we should not be too

critical of

administration that fails to balance its budget if we ourselves

an

Committee
Address

of

the

President

President,

H.

Bank

M.

&

Co.,

achieving

banks,
that

bank

is

In the 20th

include

we

must

we

principles

the

banking and
We

know

and

the

the

We

knew

interests.

by

is

It

systems.

Do

in

backbone of

the

dual

existence

banking.
apathy

of

years

being

is

of

system

branch

to

through

challenged

know that

we

We know

by

have the

we

of it.

indication

an

reflects

of

any

fact that

the

inherent

advantages
banks

unit

have

in such

been

not

fully

development and intendments of this serious competition.

question

and State

hundred

but

arisen

the

the
of

out

rapid growth

holding

large

well

to

as

indifferent to

on

They would

of

the past

in

the

the

of

is

a

new,

have

forces

banking

been

have

As

that the financial

the unit system.

as

develop¬

engaged
news

in

serv¬

ills and troubles

outstanding instance

An

action

the

was

introduction

of

the

bills

McAdoo

of locally-owned banks.

our

While these bills have not been

they undoubtedly will be brought

Bank

State

Division,

aggressive

an

field.

banking

Our

both

banks,

first

forwarded

and

Vice-President

National

banks

State

members

was

to enlist the

was

in

requested

the

the

country,

various

contact

to

in

the

active interest of all
In

order

outline of objectives

an

in

banks.

trends

well

as

to stimulate
was

prepared
to

as

State associations.

all State

many

Each

banks under

his

each

in

State to assist the

carrying

out

the

State Vice-President and Executive
considered vital to our success.

projects

pleasure to report that as a result of these efforts our membership

a

aroused

been

into

the

many

commending

our

program

Another

of

comments

unit

and

determined activity.

Federal

its

zeal

New

in

They

York

this

first

have

their

of

City,

our

branch

This

is

clearly

to

business

of

appeal
is

the

repulsive

the

for

principal
respect

to

admiration

our

and

done

H.

by

fine

a

job

agencies

that

so

System,

committee

the

to

the

reports

I

Committee

like to

would

Federal

succeeded

by

moneys

banks,

State

members

not

in

of the

one

the

of

be discriminated against.

longer

no

the

on

Chairman,

Brinkman,

A.

insured

would

is

and

reports.

Mr.

watching closely two important bills pending in

matter

of

Social

Security

attention

order
with

combined

with

with

require

without

Association

Bankers

A. Bryant,

weakening

its

Chair¬

effectiveness,

Committee

in

every

Our

legislation.

proposed

way

possible

any

Division

on

Federal

extension

Committee

of

branch

to

the

Executive

Committee

of

the

Division

which

careful consideration.

given

report of the Committee on Ctate Banking Departments, headed

the past

the

in

officials

by

Chairman, stresses the need for working in close harmony
of State banks.
Every effort has been made by the

committee during

to establish close relationships with bank¬

year

States.

various

that State
supervision
by the Federal Deposit Insurance Corpora¬
committee reports

The

Supervisors, while recognizing the value of supplemental

Bank
and

System

will

and

State lines by Federal authority, and has made a number

supervisors

ing

in

opposed

has

W. Koeneke,

II.

Reserve

connection

in

pending

Legislation, headed by H.

duplication

American

recommendations
be

Federal

banks

banking across

The

Federal

the

are

future.

near

avoid

the

all

of

especially

in

which

of

A united front has thus been maintained in looking after the

Legislation.
interests

the

on

to

both

Act,

in

Committee

in

man,

membership

compulsory

the question of uniformity of taxation

1941, and

the

This committee also calls attention

special interest to State banks.

the

to

after

of State banks

examination

of

the

opposed

to

since monopolistic control in any line of
American tradition.
Any system which

to

control
most

of

the

Americans.

poeition taken

by the




State Bank

Supervisors.

/

At their national

supervision

FDIC

confine

to

rights within their respective
within such limitations as will

The Division Committee on State Banking

Departments strongly recommends the continuation of our work to uphold
sound

policies

board, wherever such a board has not already been created.
on State Bank Legislation, C. M.
Malone, Chairman, has

Committee

The
had

numerous

have

States have been in session, and

have been under consideration.

of laws relating to double liability in the
States showing that 25 States have repealed the Act, three States
contains a

bills

have

survey

repealed

partially

States

affecting

proposals

report

various

many

State banks

Legislatures in

active year.

an

The

chartering banks and suggests that all of the States
pass
legislation placing this authority in a non¬

in

immediately

partisan

it,

10

States

pending,

repeal

for

have never had such a law, five
States will repeal in 1938 and

two

1939, and four States still have the law in force.
The committee endorses studies by legislative committees

of the States

of State legislation recommended by the American Bankers
Association for 1937.
Reports indicate that such legislation is being intro¬
of the

program

duced

in

many

It

has

the
are

In April, 1937, the Executive Committee of the
approved the drafting of a uniform State banking law.

States.

State Bank Division

nized.

parts

program

banking

to the people,

directly

and

provide for its due protection.

cooperation.
has been the numerous discus¬
systems in the public press.
In

all

banking structure in the hands of a few is
Destroy individualism and you destroy the
spirit which has built America.
A recent and gratifying indication of active interest and support is found
places

in

autonomy

calls

Congress proposing amendments to the Federal Reserve Act, both of which

Plans

from

fair presentation of the subject, our present dual system of banking is

bound

a wise

hear, but

their

of

one

State

of

cause

accomplishments,

headed

Reserve

Brinkman's

country

received

and pledging

apparent result of

the

and

vigorous

in

reflected

in

in

preservation

having the rules changed applying to the deposit of
government

imperative to

was

monopolistic

including non-member unit banks, and to develop an enthusi¬
to our program.
Contact committees were
response

in

Committee

any

concern

that it

decided

against

united

and

appointed

sions

campaign

and cooperation,

all

committee

jurisdiction,

is

to

officers

your

banks and

State

the necessary support

officers

has

Their

System,

should

future.

near

Early in the year, after careful consideration of the problems confronting

It

week
the

to

summary

of

one

Reserve

of centralized

in these

actively

last

Committee.

brief

a

will

session of Congress aimed directly at the integrity of

system

undertake

astic

one we

important standing committees have rendered their

Executive
offer

of

support

and other

press

held
related

States,

in the

State

is not the

sermon

the way home.

on

tion, are anxious to retain all of their legal

legislative

American

and

How

Reports of Committees

taking advantage of

While unit bankers have been blandly

pressed for consideration in the Senate,

unit

banking center?

homily, but I do recall the words of

as a

preach to ourselves

long series of attempts by the branch organizations to further their

during the last

the

America's

communities and of the Nation, know the truth.

our

banking.

Our

political

are

win

toward their goal

press

give the impression

due entirely to

are

and chain

to themselves inherent

branch

existence, its obliteration will

ranks by our own institutions.

own

remain

by

cause

up

banking

unit

The problem has

system.

They

size.

spreading their propaganda through the public
ices.

to

not because it

branch

influence to

national scale.

a

branch

The

and

power

undeniable

the eventual dangers

advocates

the

we

further

ownership of bank shares and holding

banks.

the public and

sway

banking control
ments,

and

resources

of the

company

individual

of

gradually gaining in

the

one

The

opposed

as

The controversy has become acute,

of

control

company

been

banking

autonomy has confronted the banking fraternity for more than

years.

because

also

Of large-scale branch

to

This has not been intended

are

not

our

Street

minister who said that the most effective

perpetuate the cardinal

to

respect

important,

use

Main

want

we

earnestly do we want it?
I believe the way to prevserve our liberty and
ndependence is for each of us to strive to make his own unit in the American
banking system the strongest, the soundest, the most responsive to the
banking needs of his community—seeing to it that our depositors, the

of

rightful position in the banking structure

our

liberty of paraphrasing Macaulay thus: If independent banking,

dual American system,
goes out of

our

have been engendered within

hearty commendation.

future

State lines.

preserve

weakened

very

without, and
will have been engendered within your own country

institutions."

I take the

under

Controversy Becoming Acute
The

your own

the Roman Empire was In the Fifth, with this difference, that

as

and) Vandals

year,

of branch and chain banking organizations during the

rather

conscious of the

our

more

but make

we

is

years

been

it in part:

Vandals who ravaged the Roman Empire came from

been made

the

realize that

are

we

autonomy

has

that

What

country if

few

officers

if

Century

Huns and

discussions

be understood that in speaking of unit

Division—to

State

position

our

The large growth

past

Bank

successfully to uphold

power

Your

must

aggressive action
State

maintain

that

inaction.

powerful
of

to

It

banks operating branches within

take

of

objectives.

stake.

I would recommend that

give you its complete text, but, following

Caesar or Napoleon will seize the reins of government with a strorff
republic will be as fearfully plundered and laid waste by barbarians

that your Huns

branch

our
at

subject.

my

Lord Macaulay's letter of forecast for

some

or your

convention,

reviewing the activities of the State Bank Division for the past

the unit

to

illustrious precedent, I quote from
hand,

Lake

Salt

it is gratifying to be able to report that substantial
progress has
toward

con¬

listen, read Macaulay's letter in full.

Vice-

Chamberlain,

Trust

City, Utah
In

own

I leave you to judge as to

Officers* Reports-State Bank Division

and

Walker

lip-service to

mere

I do not take the time now

institutions
our

paying

It has become fashionable to
quote

oelief that the management of our

empnasize my

am

ghost-writer.

credit

portfolios conservatively,

investment portfolios presents the gravest problem facing the

Are

whether I

his

that conviction, or lack of it—it is always

sense

the United States, written
nearly a century ago.
those who quote, as well as those who

depositors' and stock¬

our

we managing our investment

speculation, and with due regard

tribution?

being, and will be judged

we are

Are we meeting the legitimate

communities, without undue risk of

holders' money ?

It behooves

I do not pose as a lecturer on bank

me

can

of the invisible hand of the

"Either

proficient and skilled.

more

completely this criticism.

management, but it does seem to

conservatively, safely and with an avoidance of

No honest speaker will
express any but

victions; his audience

fault.

our own

Among the claims made for the superiority of branch, group and chain
us

operating deficits.

humanly responsive, more

more

our

45

do not manage our banks

aware

this influence, but a beneficent wielding of

Who could be

genuinely cognizant of the real needs of

DIVISION

support

strong

of

Leo

T.

Crowley,

Chairman

of the FDIC.

for completing this draft as soon as possible.
sound uniform code of banking laws has long been recog¬

under way

The need

for

This

attendance

of

legislation

up

come

as

an

important subject for

discussion among

of the banking profession and the State Bank Supervisors
The committee reports that the volume

representatives
in

a

will

at this convention.

is increasing, and strongly urges all State
methods for following new legislation

affecting banks

Bankers Associations to adopt effective
very

closely.

Charles
Committee

direction,
Bank

H.

Laird

Jr.

during the

has

Division.

been

was

appointed

Chairman of the Public Relations

the committee, under his
the program of the State

middle of the year, and

aggressive

in

supporting

BANKERS'

40
Committee

The
done

Bank

State

on

W.

Research,

S. Elliott,

CONVENTION

has

Chairman,

in

State
crease

of

resources

banks

State

of

as

Dec.

31,

totaled

1936,

$38,650,000,000,

We declare

State lines

occurred

in

practically all of the 42 States reporting.

indebted

to

the staff

It

Simmonds,

has been

form,

pamphlet

Elliott.

Chairman

of

The

favorably commented

very

distributed

widely

survey,

of the spirit,

A

fine

could be handled

organization.

our

labored

done

appreciation for their splendid cooperation.
would be thrilled to read the many letters received from
all

banks

the country

over

aggressive and

the

sincerity

compete with chartered banks.

decreased

We

pro¬

The response has

positive that there

so

hundreds

the

be

can

been so determined,
doubt concerning either

no

The unit bankers of America

are

to

eager

unitedly in meeting the problems of the State Bank Division.
Brooking6 Institution, Inc., has prepared a report on government
agencies under a Senate resolution creating a select committee

to

investigate executive agencies of the government with a view
Their

nation.

agencies

contained
of

transfer
troller

three

part

of

the

Currency and Federal Reserve

Corporation.

consolidation

This

State

of

interests

spending in
the

banks

and

decidedly

are

we

division

Our

necessarily concerned

spending
chase

People generally

freely

money

the

will

They

do not

situation
been

will

is

as

now

to

indefinitely

to

A

abuse of

well

Federal

will

reaction

prepared

their

that

to

functions

control.

has

be

neither
and

admin¬

banking

are

loosening of credit terms

a

non-self-liquidating financ¬

or

of commercial funds.

This is

I

be

will

come

sooner

the next

meet

strongly

later.

or

recession,

taken

it

all bankers to

urge

banks

Should

a

under

placed

and

be

conceivable

entirely

them

from

away

is

fortify themselves against

policies during the immediate

division

arousing

officers

feel

active

an

has

movement

that

interest

culminated in

Constitution

into

injected

possessing

of

the

and

cooperation

membership

membership

is

must

we

latent

commend the militant fight against the McAdoo Bill

we

(8. 2347), which

was

introduced in the last session of Congress, the purpose

now

The

make

that

recede

day

We express grateful

the dis¬

remove

for

arduous

duties

acknowledgment to President H. M. Chamberlain
well

so

performed and outstanding results achieved,

which must inure to the lasting

benefit of American banking and

State

our

banks in particular.

Secretary Frank W. Simmonds has served
fully.

He has devoted

unusual

him,

we

express

illness and

our

Division long and faith¬

our

himself unremittingly to

fidelity during the past year.
our sincere

As

difficult problems with

acknowledge also out debt to

we

pleasure at his timely recovery from serious

hope that he may enjoy health and happiness for

come.

years to

■

The matter of the influence and effectiveness of the American Bankers

Association

depends in large measure upon the support accorded the

ganization by the bankers of America.

by membership in the Association.

majority of the States

or¬

This support is primarily evidenced

We regret extremely that the great

far below the quota of membership that should

are

be maintained in the Association.

Not only will association

membership

make available the varied and helpful services of the Association to thou¬

the Association
to cooperate

Association
and that

as

a

but it will increase the power of

factor of service for all banks.

We urge our members

in every possible way with the Membership Committee of the
to

the

end

that non-member

banks

may

be induced to join,

100% membership in all States shall be attained if possible.

sure

that

We

in

This

that those who

are

chosen

situation

requires

follow

to

energy

in

order

to fill

and

financial

structure

of

our

the

the

the

every

the chartered

cial and industrial interests of

believe

that

these

will

ask

for

of

bankers

by

the

authority of

our

our

We

are

State banking systems

State Banking Departments.

of

them

the

C.

M.

as

follows;

opposed to any pro¬

impair the efficiency
Unification of banking

proposed by some would not only destroy our State systems but would
involve centralization, inimical to our best interests as a
nation, and con¬
trary to fundamental concepts of the American Government.
as

While

we

deplore the fact

that

there

are several
Federal supervising
overlap, thus increasing the number

agencies, whose functions in some

cases

respectfully urge that




we

care

of

should

service

be

We do not
but

destroyed,

use

in the brighter

y

Malone, President Guardian Trust Co., Houston, Texas.

M. Plin Bee be, President Bank of

[The adoption of the resolutions

Forum

Kimball, Kimball, S. Dak.
moved and unanimously

was

carried.]

Discussion—W,

in

or

of reports and examinations,

one

commer¬

effort

faith in the dual system of banking under which America

that Would weaken

has been

than

Elliott, Chairman, Vice-President and Cashier, Bank of Canton,

S. Elliott Urges Campaign to
Membership of A. B. A.

Increase

The

be taken lest

floor

subject.

any

is

open

The neict

20

to

now

We have with

extensively during the past

item

W.

S. Elliott

our

I

State Bank Division:

Bankers

Association

I

at this time.

us

-

Mr. President, Ladies and

just want to speak to you about

You know that

membership.

problems in connection with the banking business.

We had

we

have

They had

people from
of

course

want
to

I

dilate
every

his

a man

earliest

remarks,

who spoke

historical

"I

your

upon

various

member¬

the subject of methods of burying
down

maybe

the last two

date.

to

you

He

bankers

years,

take

said,

would
a

in

the

probably

little time off

dead."

want to say

sort,

on

times

thought

to, after the experience of

bury
So

the

grave

meeting down

a

here at the Rotary Club today, where I was trying to make up my

ship data.

up

going to take the liberty of

am

(Bank of Canton, Canton, Ga.):

Gentlemen of the

like to bring

gentleman who has traveled quite

a

few words to

a

is Forum Discus¬

program

the country, speaking at approximately

conventions, averaging 35,000 miles.
say

on

here who would

anyone

today

us

year over

asking him if he wants to

American

has prospered over a period of many years.

country for many years.

Canton, Georgia.

as

Resolutions

Mr. Elliott presented the report of the Resolutions Committee
our

more

Resolutions Committee:
W. S.

unit

Committee, Mr. Elliott.

"We reaffirm

accom¬

and better years that we fell are before us.

Nation.

report

be best

the necessary

Concerted

hitherto occupied

the

our

instrumentalities

should be improved where possible and maintained for

membership

Report of Committee on Resolutions—Reaffirms Faith
in
Dual
Banking System—Opposed to Branch
Banking Acrbss State Lines—Also Opposed to
Competition of Government Lending Agencies
I

can

banking system which have served the agricultural,

President Chamberlain:

Chamberlain:

This

hundred and fifty yeasr, and likewise a confidence born of experience in

sion.

President

Membership to assist

We have abounding faith in the system of government which

responsible positions
possess

unit

on

developed throughout the history of the Republic during

principles,

amendment

Our

through.

that

the

special Committee

Membership Committee in its work, and to promote closer

division

own

that

means

past.

have the right point of view and

and

Our

cited in
is

comprise

cardinal

objectives

acquiescence

receiving,

now

which

our

have been

membership,

A.

are

Division.

for

broadening the

energy

B.

banks

fight

maintain the important place

economic

and

and

position.

the

passive

life

the A.

invited,

General

ciation.

this

asking for the amendment

Association,

Bank

to

made

been

self-preservation.

new

advisability of appointing

States in the interest of increased membership.

for

of

country shall

gram

Security Act to

crimination between non-member State banks and other Janks.

plished through the State Vice-Presidents of the American Bankers Asso¬

has

National

National

committed
from

of

inspiration
the

Thus
group

the unit

the

in

definitely
not

the organization

enthusiasm,

or

banking within the limit of Federal Reserve

districts irrespective of State lines.

great

a

start

Bankers

We have

power.

become active

must

submitted.

all

Particularly do

of which is to authorize branch

cooperation among State Division and Associational officers in the various

program

our

the resolution

American

from

good

a

in

numerically strong

a

great

majority

is

We endorse the program developed and carried on so effectually by the

This

greatest responsibilities at this time.

our

functions of the State Bank Division.

will

prodigality

a

Your
in

the

in

that

urge

the

conclusion, the members of the State Bank Division have also

banker

We would

flowing through their respective banks, the banking profession

responsibility in upholding State autonomy, and the dual system of bank¬

and

impairment of solvency.

with economical management of finances in all gradations of

President of the State Bank Division consider

of

one

help

of governments the

the

money

to

Continued

generally.

case

recommend that the incoming

greatly modify the ebb and flow of the Nation's economic life.

The

ultimate

sands of banks who are not now members,

and

ing.

of income must operate in the

excess

officers of the State Bank Division during the Association year now closing.

our

progress

recent

can

of the balanced budget in

men

respective communities to this end.

pur¬

in

can

year

business

and

By intelligently directing and controlling the vast stream of credit

future.

In

are

bounds.

elements

Business

by

use

to

conservative

our

which

possibility by following conservative

a

They

banking machinery.

our

inevitable

The

of

part

permanently.

ing is being accomplished through the
gross

the past

increasing prosperity,
In their enthusiasm

beyond

large amount of capital

very

barometers

with

income

future

manufactured

contributing to those inflationary practices

policies.

affecting

optimistic.

improve.

many

are

us

compared

their

themselves

substantial

a

help

nor

factors

business

usual

as

times of

brought about by artificial stimulants

istered

is

of

many

the difficult times they have

usual in

forever

there

and that

today,

the

of

In spite of

extend

that

realize

All

again mortgaging

continue

undoubtedly

general

any

to be cheerful and

seem

they feel,

conditions

they

and

with

conditions

they desire.

things

just experienced,
that

improved

much

very

few years.

6uch

opposed

the

to

In this connection I would like to comment

economic situation.

the

on

indicate

not

detrimental

the principle

being advocated by many leading authorities,

We urge the amendment of the Social

is

well-being of State banks.

briefly

and

is

power

and stress
now

economists

it does in that of individuals, and will,result in the loss of credit and

be replaced

Board to the Federal Deposit

of

among

government and that our members cooperate in fostering sentiment in their

conclusions.

their

the

in

to coordi¬

banking credit supervisory
report, in the main advocates

endorse

statesmen,

as

be mentioned

business and thus accentuate the problem of

earnings.

would

same as

concerning

of the supervisory powers now exercised by the Comp¬

many

the

of

Insurance

best

recommendations

Federal Savings and Loan Associations,

by the Government which compete with banks,

volume of their

governmental affairs
such

The

financial

further need for the Postal Savings System, which

no

other agencies sponsored
reduce the

to

support

banks, there is

credit unions and production credit associations may

the determination which underlies this branch of American

or

Association activity.

Bankers
work

pledging whole-hearted

Bank Division.

of the State

gram
so

have

committees

diligently to discharge their responsibilities.
Their work has been
and I regret that it is impossible adequately to

You

of

loans which properly

should be discontinued or should be operated in such a manner as it will not

conscientiously,

express

many

Some of these agencies receive deposits,

We feel that, with Federal deposit insurance effective in the vast majority

Chairmen and members of all

The

by the banks.

others make loans, and some perform both functions.

of

of cooperation has existed between all of the committees

spirit

agencies, most of them established since the

beginning of the depression, and which absorb

Team-Work

of

banking and is violative

the continued competition with chartered banks of

various government lending

in

weighty information

by the press throughout the country.
It presents
worthy of the careful consideration of all bankers.

this subject

on

if not the letter, of our branch banking laws.

We protest against

by bankers and

upon

be

across

We call to attention,

violation of State and Federal laws

This action evades the prohibition against branch

We are all deeply

preparing this report under

their fine, outstanding job in

for

direction

the

may

banking

through the operation of banks in various States through holding companies.

headed by Frank W.

in the New York City office,

branch

to

nationwide basis, and renew our allegiance to the prin¬

a

and protest against, the

encouraging to find that during 1936 substantial improvement in profits

is

or on

unalterable opposition

our

anew

ciple of State autonomy as regards branch banking.

a

of $8,000,000,000 over the low point during the past four years.

gain

rectifying this situation the matter of unification of all banking

promoted and our State systems ultimately destroyed.

fin^ piece of work in its survey of the condition and progress of
banks throughout the country.
The report shows a gratifying in¬
in resources, deposits, loans and discounts, and earnings.
Total

a

them

this:

at

problems

kinds—bank

the

in

we

know

present

we

have problems.

time.

You know

we

I am not going to
have

Washington, problems of supervision,

management,

and

every

other

kind of

problems

of

problems of
problem

that

STATE
comes

The dual system of banking is threatened.

up.

threat upon the horizon,

BANK

Branch banking is

a

through the McAdoo bills.

banking system.
of

ment

We know

principle

mankind

for

or

have

we

that

must

the

to

because cooperation is

cooperate,

actuate

maintenance

established

of

a

better¬

for the

movement

every

tell

to

the

highly

of

the

important
in

mutual

that the

you

spokesman

maintenance

banks

the

of

A.

American

established

that

A.

banking,

have

and all

kinds

thing

outside

are

little

that

the

members

than

3,000

relatively
States

the

that

you

the

first

State

acknowledge
to

of

I

banks,

private

doing business

whose

it

with

Georgia.

give

it

to

you

and

you,

going to read this list

say

the

great

I

I

is

dose

of

lowest

to

these

are

majority of
of the

list

medicine,

your

B.

necessary,

and

recently,

but

increased

the

their

member.

increase

membership

They have

members

is

as

doctors

will

I

the

is

to

see

planning

as

try

do.

I

to

sufficiently

in

to

this

get

But

Executive

they

Executive Council

more

North Carolina, 56.5%
Wisconsin, 58.1%

Kentucky, 54.1%

other
that

Of

course

that

is

these
and

the

the

different
the

of
of

the

of

the

that

You

A.

After

done

is

various

day

know

that

attending
and

in

are

seven

you

at headquarters,

the

and

only get

not

you

up

shall

carry

Committee,

The

President
the

in

dues

I

you

the people at

commissions,

in

the

of

well,

the

in

bank

two

the

that

bankers

to

work

of

the

minimize

pay

The

first

but

I

as

B.

A.

that

second

ask

Well,
from

the

to

say,

That

the

100%

is

banks to enjoy

these

out

that

power

of the bankers

in

many

bank in

my

that

cases,

back yonder

in

the A.

of
it

will

when

B.

give
we

A.

the

go

to

the

of

country,"the

my

town a

if

luck

out

of

has

worked his

He

have

loses

all

you
way

of Congress,

committee

great

on

On

interest.

have
up

to tell
to

the

the head

com¬

hand,

first-line

Congressman
of

the

Rules

the head of

or

"No, the bank in
the other

banks—these

these

those

of

one

South or the Far West will
member of the A. B. A.?"

the Appropriations Committee,

the head of

member."

member

a

town is

your

if

you

trench

tell

can

boys

out

of

the "sticks" that have been overlooked for so many years by the A. B. A.—

will

you

other

have
said

But

advice.
that

will

In

of

small

closes,
I

today,

in

we

"Play

Congress

want.

that

you

will

never

get

we

cannot

in

any

That is what we must have.
Go into politics."
That is good
politics unless you have the leverage

go

We

have

have power.

in the interest of all the banks in America,
banks.
The Association, when this convention

unprecedented service
as

well

as

large

have prayed for months and months since
running around loose over this country imposing upon various

I hope and trust—and I
bankers

be

will

we

100

or

miles,

personally,

the
win

the

if

with

the

we

are

work

great

fight.

If

do

we

dire.

brighter

a

Get

Membership Committee

him,

in

ours

day

is

I think

dawning

we

for

going

are

banking

in

By-Laws Incident

to

In¬

to

Membership of Executive Committee

Chamberlain:

Unfinished

Committee

ho

a

Executive

the

the

State

Committee

spring

Bank

from

meeting

Division
to

six

to

12,

and

this time that this meeting approve an amend¬
I will read the proposed amendment

by-laws of this division.
That

striking

"twelve"

its

on

and offer it for

you

by

number

Business—At

authorized

the

that

consideration.

your

By-Law

out

Second of the State

word

"six"

the by-law

and

Bank

amended shall read

as

Division

substituting

be

therefor

as

amended

word

the

follows:

"Second:
The administration of the affairs of this Division shall be vested In
President and First Vice-President of this Division, and an Executive Committee

of 12 members, who shall serve until their successors are chosen and appointed."

the

That

By-Law Fifth of the State Bank Division be amended by
lines two, four and five, and substituting

word

"four"

that

so

the

by-laws

as

amended

shall

read

as

follows:

The Executive Committee shall be elected at the annual meeting by the

"Fifth:

members of the Division, four being elected each year to serve for

a period of three
At the first election after the organization of the Division, four members
serve for one year, four for two years, and four for three years,

years.

shall be elected to

be elected for three-year terms,

which sail be filled by

vacancy

except In case of a
No officer or

for the unexpired term.

an election

member of the Executive Committee shall be eligible for reelection until one year

following the completion of
President

full term of office."

a

The

Chamberlain:

matter

before

is

you

now

for your

con¬

sideration.

C.

James

President, I
have just

Bolton

Bank

(Rapides

the adoption

move

Citizens

Rokalir

President

to

the

Mr.

as

you

(First

there

second

a

Bank

to

that

& Trust

motion?

Co.,

Utica,

N.

Y.):

I

it.

second

Chamberlain:

by-laws

The

those

all

remarks,

no

Alexandria, La.):

read them.
Is

are

Co.,

Trust

of the amendments to the by-laws,

Theodore
will

&

in

The motion
are

matter

favor

is

is .carried

open

the

of

for

discussion.

motion

say

If

"Aye";

there

those

unanimously and the amendments

declared adopted.

associations—is




Report of Committee
President Chamberlain:

I will

now

Nominations

on

ask for the report of the Nominating

Committee:

F.

T.

Hodgdon:

The undersigned Nominating Committee submit the

following report as their recommendations:
For

President—Harry

A.

Brinkman,

Vice-President,

going

to

hold

high

a

torch

to

light

the

Harris

Trust

&

Savings Bank, Chicago, 111.
For Vice-President—H.

W. Koeneke, President; The Security Bank of

City, Ponca City, Okla.

Members of the Executive Committee for a one-year term—H. B. Fuller,

President, Guerneville Bank, Guerneville, Calif.; Dave Barry, Vice-Presi¬

dent, Lincoln-Alliance Bank, Rochester, N. Y.; Lew C. Palmer, President,
Citizens State Bank, Arlington,
Members

Puelicher,

of the

Executive

Wash.

Committee for

Marshall

President,

&

a

Ilsley Bank,

two-year term: Albert

Milwaukee,

Wis.;

T.

S.

R.

Frentz, Cashier, New American Bank, Oshkosh, Wis.
Members of the Executive Committee for

a

three-year term:

A. L. M.

Wiggins, President, Bank of Hartsville, Hartsville, S. C.; Chas. H. Laird,
Jr.,

President, Burlington County Trust Co.,

Addison Jr., President, Security Savings &
D. C.;

Moorestown, N. J.; F.G.

Commercial Bank, Washington,

Frank C. Welch, Pres., The Peoples' Savings Bank, Cedar Rapids,

Iowa.

politics.

into
the statesmen in Washington and impress them.

you

move

have been

State

influence

We want to put the power behind the A. B. A.
conclusion, I want to say this:
The A. B. A. is entering upon an

influence;

era

an

That is what

way.

Someone

in

it is necessary at

Ponca

the deep

who

you

impress

that

may

that

essen¬

large bankers.

just

that

do

we

the

going to stand together.

are

think

Administrative

banks

is absolutely

there,

are

other

a

him

"Is

or

are

leadership

our

kernel

bankers before the committees of Congress
when we go there and can tell them

our

country

Committee,
not

way

you

the

some

thing,

this:

is

we

these uncharted

in

jgj

opposed "No."

You

A.

coming

am

comes

reason

mine—more

and

practically

well

help

the

The

authorities

as

from

with

the

one

great

1

mittees

and

efforts

increase

from

money

the

to
to

greatly benefit

it will

and

Association

represent

we

small

Legis¬

the

heard

you

enough

due
afford

cannot

know,

I

First,

reason.

represent

to
the

before

liberty that
over

faith

minute.

a

rights

and

Association—your
and

than

more,

fraternity into the A.

first

Washington,

behind

banker

If

with

duty to travel 50 miles,

your

consequences

I

Get

President Chamberlain:
as

the A. B. A. by bringing these more than 3,000

reasons:

privileges
is

just

support

State

for

the

That

Commission,

banks,

premiums

We

A.

members."

are

matter

the

tial,

far

the

being done by and the great value of the A. B. A.

we

We must
in

saved

more,

B.

Policy

Economic
has

insurance

A.

elaborate on that.
I haven'tBank Management Commission, the

coming to the last point: we must support the A. B.

am

"Oh,

of

going far

going to win continuous victories for

are

his

bankers

on.

President
the

Protective Committee.

address,

the

is

the

crease

bit of information that it is

every

the

to

the

the

reduced

of

that

refer

committee

Smith's

work

not

and

last-named

committee

we

Approval of Amendment

going to

not

am

Commission,

Agricultural
lative

I

troubled seas.
I

chart

a

are

fellow

a

linking

and thereafter members shall

conventions,

day out by

committees

divisions,

and to give

banking,

time.

we

forward

America.

Resolved,

possible to give, in order that you may properly chart your course in this

day

A.,

Orval

striking out the word "two" in

bankers, with the great work

as

sure,

am

B.

A.

committees.

work

hard

head

interests

by

these studies, and things that are made

the

by

familiar, I

are

done

reports,

know

100%, and there

to

up

way

to

B.

of

100% membership.

you

being

the

all

range

have

we

going

and

to undertake.

that

therefor

States

have

leaders,

are

Make it

Council

I believe they are going to get them.

and

year,

membership

figure.

an

chance of getting a couple

a

during the next
Minnesota, 54.6%

The

of

think the

I

am

Iowa, 55.2%

States

do

not

we

therefore

well

their

increased

included

not

A.

because

that

medicine

they

that

the

of

Hanes, we have the prospect of having
banking association that the world has ever

a

State Vice-President.

importance

ment to the

Indiana,

as

cause,

A.

Indiana, 52.7%

about

6ay,

our

A.

the

Resolved,

to

disparagement

no

heads

administration

the

seven

unfortunately—and
list,

my

Georgia. 50.9%
want

in

but

of

to

I

perhaps,

absolutely

being

:

now:

is

as

membership

the

a

own

the

a

United

entire

some

than

more

only

4,600, more

And

am

read,

on

take

can

I

my

to

going

you

know

may

a

am

see,

that

the

will

I

I

unfortunate.

very

for

that

Listen

banks.

membership.

going to read
you

banks,

number,

very,

72.98%

is

It

1875

under the

"Bob"

and

fearless

ready to nail to the masthead, and

in

4,600 banks that

you

shame—stands

So,

this

is

banks

of

17,000

give

take

to

name

number

chartered
Of

York

banking and for the preservation of the American dual system.
will tell you
what you should do when you go back home.

to

but

Benson

experience

We have

from

to say that

faith

going

am

"Phil"

•

institution.

down

come

respect,

unit

are

over

This

New

in

and

100%

that

and

this

support

who have

men

honor

greatest

to

us

of

not

I

going

am

4,600

banking that will

of Liberty

seas,

A., leaving

Division:

branch

by the Statue

is

have

States,
order

Of

stay the hosts of
held

it

banks,

large

B.

banks.

am

100%.

in

the

A.

membership
I

the

and

with

Bank

States

States.

below

fair

of the

Associaiton,

of

seven

for all
far

States,

is

Association.

State-chartered

small

are

State

the

of

the State

only

percentages

this

I

known.

for

to

the light

to

behind

today

us

members

percentage

and

lowest

of

are

of

are

total

States,

fold

members

this,
The

worries

12,000

over

not

are

the great
whom

to

up

Adams,

And

banking and

only

large membership

of

National
banks

of

banking.

is

We

the spokesman

and

definitely

a

best

institution

system

banks,

State

the

is

American

should

we

Association,

savings banks,

B.

the United States at the present time.
The

It

the

want

become

second

47

Harbor.

fitted to

principles.

know that.
I

for unit

way

be

We also know that it is
necessary for us to cooperate, if we are to with¬
stand the attacks
that
are
being made upon the established American
fundamental

DIVISION

Nominating Committee
F.

T.

Hodgdon,

Chairman,

Vice-President

and

Cashier,

Farmers

&

Merchants Bank & Trust Co., Hannibal, Mo
E. C.

McDougall, Chairman, Executive Committee, Marine Trust Co.,

Buffalo, N. Y.
C. J.

Kirschner, Vice-President and Cashier, Markle Banking & Trust

Co., Hazleton, Pa.

[The motion to adopt the report
new

officers

installed.!

was

duly seconded and carried and the

DIVISION

SAVINGS

American Bankers Association
Thirty-sixth Annual Meeting, Held at Boston, Mass., Oaf. 12, 1937

INDEX TO SAVINGS
Trends

Modern

in

Hastings
The

Financing,

Mortgage

Alfred

by

Trusteeship of Men, by Fred I. Kent

Report in Relation to Past Presidents
William

49

....

Greetings, by A. George Gilman

52

Modern Trends in

Page 52

R. Jones

Noble

Address of President

Page 48

-

PROCEEDINGS

DIVISION

H.

Alvin P. Howard and
54

Morehouse

R.

Report of Committee

Nominations

on

54

—-

Mortgage Financing

By Alfred H. Hastings, Treasurer Springfield Institution for Savings, Springfield, Mass,
In
it

to

tiiat

me

the

for

causes

it

trends
For

lulled

to

most

the

principal

mortgagees have experienced

and will undoubtedly

years

With these

the necessity for

see

of

some

causes

as

a

of the changes

some

mortgage practice.

considerable

a

losseB

forth

set

during the past few

clearly

more

period of time prior

speaking, caused little

worry

complacency,

seemed

practice in
Yet

actual

to

time into the immediate future.

can

we

in

first

wise

troubles and

some

background,

there

is

field of investment

in this

continue for

or

the inherent

little

be

to

or

this

period

dangers

occasion

r.o

handling mortgages

during

mortgages, relatively

comprehended

not

were

seek

to

future troubles

and

their safety.

of

I

do

not

following
one

that

mean

1930,

all

matter

no

losses

being laid

were

have been

avoided

loaning policy had been pursued,

what

for

no

entirely protect himself from the effects of unemployment, unfore¬

can

seen

change in the borrower's financial condition, abnormal market prices

and

rapid

changes

governmental

in

resulting

policy—all

from

a

there

four

are

the small

important

avoidable

of

causes

losses

I

mortgage

on

1.

Improper appraisals.
insufficient

Of

attention

and

borrower's

the

to

financial

ability

and willingness to pay.

Unamortized loaning.

4.

Competition for mortgages.
not

intended

which

have

is

of

for

rebel at the talk of

even

the granting

oment, the decisions we

n

of

are

real

estate

making

now

lue to unforeseen conditions in lear estate.

error, t

the higher costs

pay

The salaries

the

most

making

are

utility value of
militant

be

to

insurance

On

of

may

the

to

Building costs

1937

of

long-term
high

are

not be able to keep them

or may

average

and the
Several

up.

of

real

appraisal have been devised, which should be studied

kinds

of

used

estate

the

as

member

one

today

is

value—market,
basis

for

a

difficult

income,

loan

is

of

I

and

there

and

liquidating,

the market

of future usefulness.
of the Board

determine

to

tax,

long-term

value

also of the opinion

am

Investment

Loan

or

are

The value

&c.

or

that at

Committee

should

personally view the real estate regardless of the size of loan granted.
To

correct,

foreclosures
this

at

on

least

in

residential

type of mortgage less

to consider

it

reasonably

stable

amortization
be

as

more

of

a

as an

loan to

income

the

loan.

the

part,

properties,

there

for

is

great

so

distinct

a

It

is

stringent basis,
seen

kindness

no

nor

a

borrower who
to

loan

can

of

the

be

of

treat

charges

service
written

so

to

the

applicant

loan

to

it is good business for the lender.

Possibly

owner.

to

produce evidence of

the

carry

should

mortgages on perfectly good property

character

volume

a

trend

investment in the real estate covered and
a

sufficient
Such

necessity

we

go

a

and

that

it will

years

paid entirely or practically eliminated during the earning

borrower.

of the

on

Most

less

any

of

have

us

because of the personal

sour

have been too hesitant in

the past

insisting that

we receive personal credit information, believing that it
embarrassing to the borrower; but it will be more embar¬
rassing to the bank if the loan eventually goes bad because of some
personal element that could have been detected at the start.

on

would

be

The

too

Federal

Housing

Administration

insured

impetus to the proposition of insuring the life of
term

of

his

amortized

mortgage

loan.

Within

mortgage
a

the

premium

decreasing

term

the lender.




insurance

contract,

the

ha6

given

mortgagor during the
last

Cooperative Banks of Massachusetts have put into effect
life of a mortgage borrower through the medium of

the

to

to

the

rapid

more

six
a

a

policy

months

plan

the

insuring

single prepaid

being

assigned

waive or skip

to

reduction

payments

principal,

of

the cost of this prepaid premium.
rate of 6% principal each year,

cuts down

run,

reduced

loan

a

the

at

a

which

is

to a 10-year loan, the cost for a person 25

old being $39.57.
all loaning agencies in the mortgage

amortization

to

Unquestionably,

all

of loans,

not as a theory but

residence mortgages

and most

com¬

(particularly those on income-producing or invest¬
should be amortized at a rate suitable to the risk.

property loans

property)

The

committed

now

are

practice.

a

as

and
the

the cost at the same age would be $60 as

17-year loan,

against $69, and it runs down
years

to borrower and

both

advantages

many

lender have been so exten¬

institutional advertising that it seems unnecessary to
repeat them in this paper.
I should like, however, to make mention and

sively

forth

set

deserved

give

in

credit

The

to

the

Federal

Housing Administration

for selling,

the principle of amortizing mortgages to the small
Housing Administration propaganda on this sub¬

Federal

for many banks in putting their existing

ject has helped smooth the path
flat

by the market conditions at the time

consideration

due

the property.

present value

least

detailed

more

applied.

Value
several

without

policy of labor

then

influenced

less

now

loan,

a

to secure better and

necessary

fees paid for this work should be sufficient

or

competent and experienced appraisers.

excellent methods

the

I

mortem.
concerning

fit

consequently, the less time for the loan to run, and the less time for

to

Investors

to

The

borrower.

appraisals.

and

At tihis

in time to be in

t

poi

made

saw

lump payment prepaid premium, at the age of 25 years,

a

years,

$09.68.

through its literature,

attract

lender

the

reason

any

payment which was

present there is a greater \ rillingness on the part of loaning institu¬

At
tions

of

20

is

ment

a

as

been

mortgages in the past.
may prove

for

not caught up at a later date, the amount
insurance would not exactly cover the face of the loan in the event
the death of the borrower.
The cost of such a $1,000 policy, running

mercial

3.

This

if

course,

reduction

business

Information

insure the life

to

Morris Plan Co. loans,

in

personal loan departments of commercial banks.

I believe it to be a fact that almost

2.

practice

common

the lender,

to

$1,000; the second year, $950 ; the third, $900, and so on.

investments:

mistakes

and assign

borrower

approximately a

Although not intended to be given in their sequence as to importance,
believe

in

severe

business depression.

less

or

more

and
It is a lowcost type of insurance.
It is set up so that the amount paid in the event
of
death
decreases
each year
in amounts exactly, or practically com¬
parable to reductions of principal in a mortgage loan.
For example,
based on
$1,000 loan, or $1,000 insurance contract, where the loan is
reduced 5% of the principal each year, the insurance also is written so
that
in the event
of death
the first year, the amount paid would be
the

of

could

mortgages

on

been

has

it

believe

of

uniformity of

greater

to set up better tests

or

complacency,

of

1930,

to

loss to the investor and, being somewhat

or

by the then existing mortgage practices.

up

I

approaching the subject of "Modern Trends in Mortgage Financing,"

occurs

mortgages on a reduction of principal basis.

remedy against mortgage investment losses caused by unsound

The best

competition for loans is to be found in a mortgage information bureau as

Conference as organ¬
loan applicatons
together with a report of all new loans made classified by
interest rates.
Also, minimum requirements as to construction are set
up as a warning to the jerrybuilder that he cannot look to members of
the bureau to finance any shoddy construction with undersized timbers,
poor carpentry, lack of bridging, "thin" concrete, &c.
We are again in a period when the demand for mortgage loans does not
take up funds available for lending and, from present indications,
this
condition is apt to prevail for some time to come.
Therefore, competition
for loans is inevitable.
Competing by rates is not inherently as dangerous
as competing by offering the largest loan on
a given property, particularly
when that property is outside the locality of the lender.
From my opportunity to observe within a rather limited area, may I
presume to state that, in my opinion, some of the errors of the 1920's
are already
again creeping in at the present time in the matter of com¬
peting for mortgages by granting too large a percentage of value loan;
and I would sound a note of warning that some of the losses of recent
established
ized

in

York,

New

City.

Through

or

a

such

Mortgage

agencies,

new

of competition is

carefully checked.

The

insurance

appears

feature

of

the

Federal

Housing Administration mortgage

to give the lender a leeway that permits lending at a higher ratio
Financial institutions large and small are outbidding each

before.

than

other

commitments

with

so-called
are

Brooklyn,

York

will be repeated unless the tendency of this type

years
not

in

New

listed,

are

This

in

order

to

governmental

institutions

were

at

times

The result

appear

is

permit
agency

ridiculous because of this

that the financial institutions

insuring agency
these higher loan6.

governmental

this

pressing

valuations

that

safety.

of

margin

for

higher and

is now in the same position that financial
The directing heads those who establish

prior to 1930.

and urging their technical
higher valuations. The result may

policy—are apparently demanding more business

*;>ff'to
not

get it even though it may mean

be felt

for

higher

some

time, but

the condition is unhealthy.

SAVINGS
in favor of
held by another
the lending agencies sponsored by the government.
Should such a law
enacted, it would naturally be most disturbing to the mortgage rate
this

During

there

year

been

has

persistent

propaganda

legislation to lower the rate to 2^% on all mortgages now
of

be

It
to

practice and should be a universal practice

is becoming more common

require

least

at

each

once

year

an

operating statement covering each

property of any reasonably large 6ize.
By
analysis of such statements, possible errors of management may be dis¬
closed in time to apply the necessary remedy before the safety of the
income-producing

mortgaged

of unpaid taxes prior to the mortgage is

That ever-recurring lien

with

up

for succeeding purchasers and a brief

space

description of the parcel

The

introducing Mr. Kent, President Jones of

In

Division said in part:

the Savings
•

Board, New York Uni¬
versity, and the Highway Education Board of Washington, D. C. He is an
officer of the United States Chamber of Commerce, the international Cham¬
ber of Commerce, the British Chamber of Commerce, the National For¬
eign Trade Council, the Business Advisory Council of the United States
Department of Commerce, the American Arbitration Association, the Amer¬
ican

Academy

Industrial Conference

National

the

Social Sciences.

and

of Political

Every man and woman

trusteeship.

think will find that they are trustees for some¬

if they stop to

thing that vitally affects the lives of

others as well as of them¬

executed trusteeship makes for

In the end, properly

selves.

and contentment of those concerned and
themselves benefit equally with all others.

the happiness
trustees

The laborer is a trustee for

ment

and his
better¬
The father and the mother are

point of view expand and the opportunity for

before him.

opens

trustees for the
must affect

family.

Those carrying on business which

the lives of others are also trustees as

those who take part

man

gamut of life and when
the best of his

as

reaches throughout the whole

he exercises the trust in his care to

ability—no matter how little or how much it

influence the lives of others—he shuts the

may

well

in government.

trusteeship of

The

his employer in the work that

intent of the laborer, he grows mentally

and high
life and

the

If it is well done because of the honest effort

he performs.

door to

the minds which
Errors in judgment will occur regard¬

Sabotage by the hands means sabotage of
control those hands.

less of intent as men cannot

lines that carry

should

ment

fathom the future, sometimes

They must, to a large extent, proceed along

for a day.

experimentation, although men in Govern¬

never

experiment with the people whom they

unfold and habits and customs change as the

density in population increases,
become

greater.

the problems of Government

Such problems, however, arise after the

fact and Government

has never in the history of the world

successfully anticipated difficulties expected to
not visible on

laws and
ment of

arise that were

the horizon of the time by the enactment of

regulations.

The

reason

for this is that the develop-

problems of the future, whose roots are not in

dence at the present,

evi¬

is always different, when they become

Of all the forms of trusteeship,

banking in its

the

a

those having to do with

various departments are among the most

important, even though every form

of trusteeship inevitably
concerned, including

large place in the lives of those

To

briefly

responsibility of those operating savings banks is

indeed very great as




subject

the

months,

sum

carefully

more

to

nine

or

until

or

is available im¬

I think

unpaid

of

the

tax

go as much as
held, before action

taxes

sales

to

were

after

methods

better

with

selecting Jboth

real

the

estate

and the borrower with the ability to pay; also, the loan,

is being serviced with greater detail and promptness.

being granted,

118990227465833

As each year rolls by, institutional mortgagees are

up:

and

be mortgaged

to live of those who are most

general

1923546870

well

as

as

so

men

upon

their savings.

assumed

or

previous experience.

imposed

could devise, based

current understanding and the knowledge

upon

from

dependent

the trusts

way,

have been carried out

available

From the statistical side of the savings bank development,

there has been

perity,

some

savings

were

growth of savings during periods of pros¬

a

during

recessions

times

adversity when

of

utilized by those to whom they belonged to

provide them with food, clothing and shelter, and following
such recessions they have

next

again been built

up

to meet the

During both prosperous and depression

emergency.

they become conservators of the means

separated from those of the community have been

own

problems and meet emergencies from their

able to solve their

It would

savings.

seem

of interest to look at the figures

covering the movement of savings deposits during the de¬
pressions where figures are available.
the following:

show

$1,623,080,000
1,712,769,000
1,785,151,000
Depression

1,747,961,000

;

1,810,597,000
$3,261,236,000
3,482,137,000
3,690,079,000

1905.

Depression

3,660,554,000
3,713,406,000

$11,534,850,000
13,040,393,000
15,188,641.000
Depression

16,500,663,000
17,578,920,000
19,726,534,000

The

figures for

We find such figures
$26,090,907,000
28.412,961,000
28,217,811,000
Depression

28,478,631,000
28,219,618,000
24,281,346,000
21,126,634,000
__

21,762,510.000
22,614,024,000
23,463,585,000

the years previous to 1912 cover only

deposit? in savings banks. From 1912 up to date they include
deposits together with all savings deposits in National

banks and State banks in the United States.
It will be noticed that, in

spite of the fact that even in

of depression great numbers of

years

individual? increase or

savings accounts, the total following the panic of 1893

open

fell off

$37,190,000, and after 1907 $29,525,000.

of 1920 was severe but short.

The panic

Savings deposits throughout

period of the war rose constantly and continued to do so
of the war.
The annual increase got up to

after the close

$559,248,000 in 1918, $1,505,543,000 in 1919, and $2,148,-

Then, because of the panic in 1920, the
1921, to $1,078,257,000 in

246,000 in 1920.

increase fell to $1,312,022,000 in

1922, after which there was normal procedure.
showed that savings

This clearly

deposits that had been accumulated

had been used by those who

needed them.

During the panic which began in 1929, we find that
was

a

fall of $195,150,000 between 1928
in

1930

of

which

were

again

of

and 1929,

there

an

in¬

$260,820,000—undoubtedly due to the

forced expenditures of

business organizations in that year

made to try to control the panic—a decrease

$259,013,000 in
1933.

1931, $3,938,272 in 1932 and

$3,153,812,000 in
The

trustees.

The

of taxes

taken by the mortgagee.

crease

alive, than men anticipate.

takes

eight

for

practice

uncommon

the

represent.
As the days

checked with the tax collector's records.

saying that prior to four or five years ago it was a not

correct in

am

such

discontent.

even

I

their

understanding, intelligence and integrity of men grow

under the impetus of

mortgagee their

knowledge of non-payment

the

method

this

are

periods, individuals who have had monetary difficulties of

Mr. Kent's address follows:

The

By

In the great

1936-1937 copy of "Who's Who in

Exchange,

present

Commission, American Bankers Association, New York City

America" tells us that during
the World War our speaker was Deputy Governor of the Federal Reserve
Bank of New York, Director of the Division of Foreign Exchange of the
Federal Reserve Board, Financial Adviser to the Director of Sales of the
War Department, representative of the United States on the Organization
Committee of the Reparations Commission in Paris.
Mr. Kent also served on the Governing Boards of the New York Stock
The

to

Trusteeship of Men

Chairman Commerce and Marine

By Feed I. Kent,

them

mediately and appropriate action can be taken by the mortgagee.

receiv¬

A tax ledger card for each loan is recom¬
with the loan number, name of owner of the real estate,

ing more and more attention.
mended headed

Notices
to the

by the mortgage.

requesting

was

jeopardized.

is

loan

usually mailed to the mortgagors
paid tax bills which
can be posted as to date of payment onto the tax ledged card.
At a certain
time after the due date for taxes to be paid, all ledger cards not then

covered

allowing the taxes as paid can be

/

market.

49

DIVISION

1936

number

was

of

individuals

42,566,880.

At the

posits were $23,463,585,000.

having savings accounts in
same

time total savings de¬

50

BANKERS'

The future of this tremendous business that has

CONVENTION
because of the forces exercised by organized minorities and
the ambitions

effec¬

so

of those

tively served savings depositors, provided funds for the great
industries that have enabled them to give
employment

living, depends

It

would

well,

seem

to

weigh

It

whist

cluding myself,

were

much

very

One day a great aunt of mine who

for

us

she found in

book

a

played with

play that she made

partner's

your

character.

my

was

should have made.
time my father

whist.

on

That

father.

in

explained why it
and

ace

evening

had

we

she

one

advisable to trump

The old lady was quite shocked and said

"Well, I will get that book."
was

"Bumble-Puppy

the

on

the

basis of

on

that

When he looked at it he

Whist."

The book

was

The

laugh

saw

just
the

was on

good whist

though she

even

was over

Today the great World public

80 years of age.
seems

to have become

intrigued with "Bumble-Puppy On Government" that

playing the
It

On

might

same to
seem

its

well to set up the rules of

Government,"

it is

"Bumble-Puppy

they seem to appear after reading cer¬
books, magazines and newspapers and after listening to
various addresses made on
public forum and over the radio
as

tain

and
all

from

the words

of

great numbers of individuals who

together have, in effect, composed
"Bumble-Puppy On

Government."
As in the

case

of

"Bumble-Puppy On Whist," these rules

and regulations
represent exactly what should not be done
in the interest of the

people.

Unfortunately they have been

taken to heart
not had

the

by millions of people of fine intent who have
slightest idea that they represented the things

that should not be done to make the
world
which to live instead of the

better

a

place in

things that should be done. \
It would be quite
impossible to cover in my alloted time
all of the
points involved but it may be that a selection
covering

pay

greater

or

lesser extent the

value of the savings

business

every

be

will

turned

of the

so

of the great forces in

one

integrity in business and social life

their power of trusteeship for others

men

widespread throughout

every

activity of mankind

irevitably leads to greater general honesty

than could otherwise be expected of

purpose

(4) Government

should

destroy

of

wealth whose

men.

the

development

men

growth of the individual ingenuity of
creation

gamble and lose its

a

sound occupation.

and whose exercise
of

into

that results in the

benefits spread generally
;

and

the

to

people because such activities
(a)

Increase the demand for labor;
Increase the unite of production and at lower cost,

(b)

thus

enabling

wide distribution among the people.

(5) Government should regiment the people by appointing
giving power to some men who may be no better fitted,

and

even

as

well fitted

as

other

to

men

guide their

own

lives,

to tell their

neighbors how they must live; that is, Govern¬
should prohibit men from
exercising that character of

ment

liberty which permits them
their

own

way,

develop their

to

lives in

own

provided they do not interfere with the

rights of others, and provide

so

ruination.

own

that

as a

that is

written

were

old lady but with her remarkable
memory it was not diffi¬
cult for her to twist the situation and
become a

player

some

by taking from

or

stating everything by rules that

opposite of what should be done.

though it would decrease their ability to

the world that make* for

little

she had been
playing exactly according to the book that she
had read that day and that she had committed to
memory
the rules. My father could not understand it
and she said,

it

moneuar>

exports;

(3) Government should destroy

a game

gone on for a

So

status

a

Seeing that

number of other ideas of similar

a

others'

(c)

To his amazement every

was not

its

In order that it may increase its export trade
through destruction of

destroy to

game.

lady with

visit.

a

plays had

will

at

standard

multitude;

the

exactly the opposite of the

After such

repudiate
money

So that it may favor one class at the expense of
another, say the
debtor class against the creditor class or vice
versa, and, as such

playing whist and wishing to take part in a proper
she spent a whole day committing to memory the rules

and she

increase

(b)

family, in¬

maiden

was a

should

that of other countries even

were

way,

to

things go,

of my

interested

remarkable memory, came to make
we

(a)

bearing

a

the popular game of the

was

happened that the members

so

(2) Government

obligations by juggling its

those

of

some

phases of modern government psychology that have
upon the thrift and welfare of the people.
day.

minorities

upon

therefore,

A number of years ago

that dishonest management and ineffi¬

so

the costs of legitimate industries at the
expense of the consumer.

the form of government that
choose for themselves. •

the people may

power and where the excess costs are obtained

ciency do not become known to the public;
(e) By Government connivance with organized

to

thus making possible the huge production needed for

men,

comfort in

driving for political

through taxation of the people

a new form of liberty in its
place which will be dispensed by bureaucrats at their pleasure
and that allows men to do
only that which they are told to do.

(6) Government should instruct the people in false idealism
that leads them to believe that

nothing, that their

own

important and that it
created

granted

they

effort
be

can

to

and will continue

have something for
their

living is

no

supplemented by payments

by the efforts of others
can

can

make

whom it

to

be taken for

can

provide the profits

upon

which others may live even
though they are taken from them.

(7) Government should

so

carry on of its own free will in

connection with things economic and social in order
that the

standard of living of the people shall be reduced
always occurred when government has undertaken
in such
to

manner so as to

enlarge its political

utilize and make effective the

power

has

as

to rule

rather than

ingenuity and intelligence

of its citizens.

(8) Government should spend money recklessly for politi¬
cal

purposes,

and

to

to meet the requests of organized minorities

provide

for

the

increase

of

bureaucracy without

of the most vital from the
standpoint of the
public interest will tell the story

regard to national income

Therefore,

In order that the people may be ta,xed and taxed and
over-taxed both
through direct taxes and increases in the cost of
everything they buy;

some

sufficiently to be helpful.

will try to codify some of the most
important
nostrums of the
galaxy of would-be rulers of the people,
we

them

of

many

honest,

who

altogether

have

composed

"Bumble-Puppy On Government."
In

studying these rules it

must

exactly the opposite of those

experiences

of

be

accented

that

they

proven

although they
principles which the

history have shown should prevail in the

(b)
ties
is

(1) In order that industry
in

living,

or

desired by the
people

government

should

industry

hamper

(a)

discouragement and hardship
mind ready for war

on

ness

and contentment of its

ment

leads to civil

or

(d)

By

cost




and

to meet the

that

will

prevent

the

flexi¬

ever-changing conditions

transfer such power to

un¬

officials;

competitive

super-excessive

man

Government

basis

that

sound basis

may be dissipated and
take their places, thus creating a public
or

international.

operation

with

inevitably follows

the

industries

Government

on

a

operation

people.

Bumble-Puppy

international

of

the

people,

we

important effect

covers

so-called

Security,"

was

Europe, and unfortunately it is
a

reality based

on

that

govern¬

war.

"Bumble-Puppy
upon

will analyze in detail only

This phrase, "Social

than

an

means

destroy the happi¬

While all of these rules and regulations on
On Government" have

from

will

Government

may

the least provocation—either civil

bility of the activity of management
trained

any

by payments from the public treasury;
(e) In order that happiness and contentment

namely, that which

prevail in the life of

on

In order that the desire for thrift will be taxed out of
existence;
(d) In order that men can be fooled into
believing that Government can
lift a country by its
bootstraps and maintain its people in great numbers

By great and unwise taxation;
By increasing the cost of production in
every way possible, thus
making it difficult for people to buy goods;
(c) By excessive governmental regulations that

(b)

that

trade

impossible;

lie within its power, Government should

may provide sufficient units of

production of those things required
comfort

In order that the public may be loaded
up with Government securi¬

until the re-establishment of
industry and

By all of these regulations and by such other

Bumble-Puppy On Government

their

condition,

(a)

interest of the people.

for

national financial

(c)

represent advocated practices of
government
are

or

"Social

the savings
one

phase,

Security."

undoubtedly imported
more a

political slogan

its meaning. Unquestionably millions

of people feel that it has within it forces for
good that will

greatly benefit mankind, and

no

one

would

wish

that

it

SAVINGS

inconceivable that social
security can be attained in the manner in which men are
striving for it. The base of social security lies upon the
characteristics of men, particularly those which have to do
with their periods of alternating enthusiasm, discontent and
depression, and their changing habits and methods of meet¬
ing their needs. Also, catastrophes arising from natural
forces will play their part regardless of the acts of men.
After admitting the necessity of recognizing these condi¬
tions there is no question but that such form or forms of
social security as may be effective should be provided and
and concerted action of the people, meaning the Govern¬
ment, should be invoked as an aid when necessary in times
However, it is

might be otherwise.

of unusual stress.

practicability of any social
which is the better way
to accomplish protection for the people; a forced gathering
together of funds into one center that might be required to
meet emergencies which could only be done by Government
or a natural distribution of such funds in
a multitude of
centers.
In the second case Government could always step
in to meet a severe crisis requiring its help temporarily, but
even in i
ih instances its burden would be greatly lessened
because of the privately accumulated emergency funds.
The main

question

as

to the

security system would seem to lie in

Let

analyze

us

one

and see if we
good of the people lies.

form under each system

cannot measure wherein

the greater

Social Security Act one

Under the present

department of

receives taxes paid by employers and employees
the needs of Government in time of emergency iD

the Treasury
to meet

and the unemployed. This
then, in effect, turns these
spending department of the Treasury in
States Government bonds. The spending

making payments to the aged
department of
funds

the

to the

over

return for United

out the funds to help
of Government. If the social security
department of the Government should accumulate, say, 10
the expenses

meet

billion dollars of

bonds

on

this basis before an emergency

Government bonds to the
people in order to obtain the funds to meet its obligations
under the Social Security Act.
This is exactly what the
Government would have to do if there were no Social Security
Act and it wished to make payments of the same amounts
and character in time of need.
In either event the people

arose,

it would have to sell the

would have to

supply Government with the money

required

would be that
under the Security Act the people have to pay taxes as well
as furnish the emergency funds and without such Act there
would be no taxes for the purpose until Government retired
its bonds.
But the requirements of Government would be
less because under ordinary procedure some of the funds paid
to make the

payments.

to the Government

The only difference

in taxes would

insurance and some into in¬
organizations, allowing for
the moment that the industries were not required to pay
exorbitant taxes on surpluses as was formerly the case and
could accumulate surpluses to meet their requirements in
surpluses of industrial

depression and enable them to

time of

maintain their em¬

depression, Government will have a

increased burden if these surpluses
restored.
ance

All funds in savings

deposits, callable life insur¬

policies and corporation surpluses

available by the owners to

would, therefore,.be

take care of them during a de¬

pression before the Government

would have to pay a cent

toward relief.

Government, in¬
buying Government bonds, held the receipts in
would take needed cash out of circulation, or if cur¬

If the social
stead

cash it
rency

security department of the

of

were

printed to the amount of, say,

dollars referred to, it

situation.

If the funds were

would have to pay

hands of millions of

deposited in banks, the banks

of emergency
would have to curtail their credits

such deposits at the time

and in order to do so they




with the

at

sure

a

accumu¬

meaning in some proportion in the

people—in savings banks, with insurance

companies and in the surpluses of industry
porations.

of

make the payments, which

bankruptcy.

lations in many centers,

and other cor¬

These funds could be turned over and over, to be
reduced tempo as measured by conditions of pros¬

The sur¬

perity, but they would still be available for use.

usually partly in plant
capacity, partly in raw materials and finished goods and
partly in cash. The plant capacity could be utilized for a
reduced production.
Raw materials would be available
without requiring payment and some cash would be on hand
to meet wages.
As a matter of fact for the five years from
1931 to 1935 inclusive, the industries of the country paid out

pluses of industrial organizations are

of

$27,500,000,000 to meet the depression.

their surpluses

in part to reduced dividends, in part to

Such payments went
interest

meet

in

payments, thus preventing bankruptcy,

part to pay wages that

and

would not otherwise have been

The insurance companies made loans against their

possible.

policies in addition to paying maturing insurance

obligations.

savings banks paid out millions of dollars that the

The

depositors needed to enable them to live, and millions of
individuals utilized
were

necessxry

worked

to

their

own

to take care of

in the

resources

ways

that

All of these processes

them.

help each other as they created demand that

production and distribution of supply, and the

enabled the

operations represented a constant turning over of

funds.

Savings deposits, as we have seen, went off from $28,478,in

631,000

1930

to

$28,219,618,000 in

1931,

and from

$24,281,346,000 in 1932 to $21,125,534,000 in 1933.
Would

it

not

seem,

in order to accomplish real social

security, that Government should exercise every force

within

protect the industries through wise regulation;
that it should allow a conservative accumulation of corpora¬

its power to

tion

surpluses and further safety in banking; that it should

stop

competing with business and industry and cut out

wasteful

expenditures?

increase the

Again, should it not stimulate and

feeling of trusteeship that every individual must

have if he is to grow

in contentment, happiness and integrity,

instead of tearing it

down by transferring it to bureaucrats ?

Industry,
it

easily

low to

too
at

both

on

its side, should develop its own means, which

do if it

can

and falling

so

wills, to prevent the tides of rising

production from going too high and from falling
enable humanity to properly take care of itself

points of such phenomena which are due to the

inherent characteristics of mankind and

the uncontrollable

forces of nature.

It is

their

inconceivable, if

trusteeship and

men

business
war

movements

and

women

realize to the full

allowed by Government to exercise

are

ability, that the lower curves of

it each to the best of his
can

bring excessive suffering or that

need take the place of peace.

Bumble-Puppy says that
Common sense says
they should not, but should instead pull together.

Capital and labor are partners.

they should trump each other's aces.
Government

should keep

the

tive and the

should
way

represent

all

of

the

people

and

clear for the exercise of individual initia¬

upbuilding of

a sense

of trusteeship.

Bumble-

should build an oligarchy.
While millions of people in many centuries of the world
believe in Bumble-Puppy Government, it is inevitable that
there be great discontent and unrest that makes for war—

Puppy says that Government

both

civil and international.

inconceivable that
social

men

can

Under such conditions it is

devise

any

to

be

effective system for

security.

The wide trusteeship of men must

the 10 billion

would create an inflationary monetary

when they could not

Now consider the situation for a moment

greatly

of corporations cannot be

or

would force them into

that

ployees on their payrolls.
In the next

the funds

otherwise have gone into

savings banks, some into life

creased

the borrowers were in need

and call in their loans when

Treasury

department of the Treasury then pays

51

DIVISION

social and material

the nations

see

their demands.

progress.

be preserved if there is
When the peoples in

this, their legislative bodies

will respond to

This then will lead toward peace

country and peace among

all the nations.

in

every

52

BANKERS'

CONVENTION

Greetings
By A. Geobge Gilman, President Savings Banks Association

of

Massachusetts, President Maiden Sayings Bank,

Maiden, Mass.
In

introducing Mr. Gilman, President Jones said:

At this time it is my

Savings Division,
with

mutual

whom

one

the greetings of the

privilege to introduce

savings

banking for

President of the Maiden
that time
served

was

all honor.

we

Savings Division.

William Dawes, who carried the alarm in the
opposite direc¬
tion from Paul Revere of
Lexington and Concord fame and

of our associates in the

one

This gentleman will extend

was

He has been prominently connected

many

In

years.

1933

he

Savings Bank of Maiden, Mass., and prior to

Treasurer of the Hudson
Savings Bank.

Mr. Gilman has

which endure to this day.

Savings Banks Association of Massachusetts over a period of
eight years in official capacities, from Treasurer to the
Presidency, to which
was

elected this last

September.

deposits,

Savings

Division.

privilege for

a

that Boston
and

was more

hope

we

to appear here

me

gathering to Boston.
than

a

will like

you

today and

Somebody

once

city—a frame of mind
I always go to a

us.

said

well,

as

Savings

Division meeting with the feeling of
being among home folk
and it is with this sentiment that we
greet you and we hope

obtain this frame of mind.

you

Boston has

abiding interest in

an

you

and

your

work. From

the

days of Plymouth Colony our people have been frugal in
thought and deed.
They had to be.
Life was not easy.
The rockbound coast meant

more than a
phrase. Many of
will recall from your school books that it was said
poverty
made Athens great.
Well, the pioneers of New England

you

about

were

as poor as men

could be.

The instinct to save, to

provide against the hardships of tomorrow by present denial
was nurtured
along with life itself.

Progress resulted.
chusetts had

a

seafaring trade and

well off, if not

was

rich, measured by the standards of those days.
But the
Revolution brought ruin.
Then the new Commonwealth
in

was

such

a

stricken

condition

that

the

average

citizen

suffered

acutely.
Again the spirit of sacrifice and perse¬
began to restore something of the former prosperity.
The worst was over
by the turn of the century. Next came
verance

the second blow—ohe War of

1812—bringing renewed de¬

vastation to Massachusetts trade and

shipping.

conflict had its end, like other
evils, and

spirit of saving take
that until the early
ever

on

Of

course

iastantly

vitality.

It

we see

seems

incredible

a

you

bank dedicated to the

savings of the

all know the story of the Reverend

Henry Duncan of Ruthwell Village, in Scotland.
poverty the worst
their pence in

a

the

days of the nineteenth century nobody

had conceived of

people.

fresh

Finally that

affliction of his

people, he began to

chest behind the door.

well filled and he looked about for

this, he comprehended that the
but should be put to work.

Finding

a

Before

better place.

long it

save
was

More than

should not lie idle

money

So the first savings bank was

founded, in 1810.
I

may

particular thought crossed the

ocean

and

one

have.

a

of Boston citizens met in the old
Exchange Coffee
House to organize the first
legally sanctioned

savings bank

world, for late in 1816

a

charter

was

Provident Institution for
Savings in Boston.
be hard to
coats

see

and

will be

never

society

The

man

granted to the

ruffled

shirts.

The

group

included

William

Phillips, afterward Mayor of Boston, James
Savage and

of the foremost bulwarks

one

with

woman

There

be

can

savings account

a

no

contribution to

valuable than the encouragement of thrift.

more

change

No

of life by introducing

our ways

collective labor, profit-sharing and mass
protection, he
sured that the real American citizen wants

nothing

personal independence.

as

The question before

is—how shall he achieve it ?

The

tion and rests upon
saving.
of every

and

fortune, of

confidence.

We

Ours is

no

as¬

much

as

simply

us

begins with educa¬

answer

Thrift always will be the basis

widow's mite, of all contentment

every

who

doctrine should aspire

are

engaged in spreading

to keep that vision

ordinary occupation.

It is

this

before

ever

us.

human obligation of

a

the first order.

All of this and
mind

I

as

came

welcome.

you

glad to have
me

great deal

a

into town

Just let
you

and 1 shall

me

here.

But

we

familiar

are

every one of you

downright

are

faces

many

my

errand is to bid

my

repeat that

Many,

hope to know

running through

more was

today.

before

we

to

finish

ihis meeting.

Go out and see our
city.
It is worth while.
We admit
pride in it and wish each American could see and know it as
do.

we

most

You will find it

a

plain, unpretentious city for the

part, with honorable

there.

While

visiting

monuments

scattered here and

city and suburbs,

our

institutions to be found there.
mentioned
River

first

we

chusetts

for

Harvard;

now

A few of them

well be

can

Following the Charles

to the beautiful

buildings of the Massa¬

Institute of

river to that

trust that

of the fine

convenience.

your
come

we

some

will not forego the privileges of visiting

you

Technology, then

proceed

we

up

the

national institution established
by John

bearing left

to

Newton,

Gothic architecture of the Boston

find

we

the

beautiful

College buildings.

Uriversity,

Radeliffe,

within easy

riding distance from here.

Wellesley,

Simmons,

Boston

Tufts

are

While out

on

all
The

to visit the Museum of Fine Arts in

Boston and the Mrs. Jack Gardner
Museum.

There

are

worthy of listing and

maDy more

to share them with
you; should you meet

Phillips
work

of trustee

or

still

goes

roundabout.

It would not

them, gathered about the table, in their
long

or

communist.

a

matter the efforts to

This

day in 1816

group

in the

mind, constitutes

my

of the nation.

Fenway, it would be well

think of this story without
marvelling at the power
one
man's thought sometimes

never

which

than 10 billions of dollars, the property of

more

which, to

By the time of the Revolution, Massa¬

vast

prin¬

be gathered from the fact

may

almost 15 millions of the people.
From the modest start away back in 1816 has
grown the
whole savings movement in the United
States, a movement

Mr. Gilman's address follows:
It is indeed

principles

on

of tho&e

that mutual savings banks hold about one-fifth of all
bank

State and National Association committees
covering mortgages and legis¬
and also Chairman of the Mortgage Committee of the

welcome this fine

How the benefits

ciples have been extended

He has been Chairman of both

lation,

other stalwart citizens present and
together

were

they founded the first American savings bank

the

office he

promptly forgotten by history.

There

elected

was

Dawes, do
and

on

not

doubtless

we are

happy

the shades of Mayor

be

surprised.

they

are

Their

somewhere

.

Your program is

impressive both

as to

I know that you are
going to have
and hope it shall be the
very
to welcome you

best.

and she wishes

a

variety and quality.

memorable conference

Boston holds it

an

honor

you success.

Committee / Officers' Reports-Savings Division
Address of

President, Noble R. Jones, Savings Executive
National Bank, St.
Louis, Mo.

First

An

It

is

a

definite honor

Eventful Year

in

Savings

and

privilege to preside at this
meeting held in
early encouraged through
organized institu¬
From this New
England area tides of migration threaded
throughout
the whole
country even to the Far West.
With these
pioneers went the
the

city where saving

was

and

practices

which




Among these practices

management.
the

referred

had

served

them

so

well

in

their

Eastern

more

Today

savings
to

so

tions.

customs

habitation.

all

lightly,

by

the

New

deposited
Mr.

in

Gilman.

were

thriftiness and knowledge of money
area carries almost
One-fifth of

England
banks
The

in

the

business

United

depression

States,
touched

previously
this

than many other sections of the country.
explanation is found in your magnificent backlog of savings.

Truly

the

are

told,

present

time

we

savings among the people of

is

eventful

our

in

the

great country.

development

of

thrift

area

The
and

Savings in banks continue

SAVINGS
their

steady growth
with

competition
No

can

one

bread lines shortened, the

with certainty the

estimate

ever

agencies.

financial

objectives
accomplished during the last five years of depression by the Bavings
deposited in banks in the earlier years, which at one time reached the
colossal total of 28%
billion dollars, credited to more than 53 million

business

developing
the

in

of

our

the

specific

banks

the

has

a

the

public

of that goal and
addressed itself to a number

furtherance

In

the

year

demand

banks for personalized

the part of

on

personal money management, one of our

be

ready for distribution through the advertising
We hope it will prove1 popular both to
difficult during recent years than investments.

more

that

its

recent

basic factors concerning that,
secured wide publicity
in the

report

loan

departments

division

at

survey

In

due

A

community

it

to

for

centers

expects

bank

a

in

wholesalers

only

industrial

are

for consumers' loans, but new
merchandising have brought changes

they

as

have

credit

in

production.

for

At

time

one

loan borrowers.
In

conducted

division

inquiry

an

as

to the competition on the

Building and Loan Associations with banks.
At that time these
were
all under State charter, and practices obtaining among

part of

Federal

legislation

has

that time a whole new chapter of
enacted, creating a complete Home Loan

been

Under

System.

have

shifted

from

their

ration.

different

A

been

developed.

dent

of

the

Federal

of

been

and

been

Savings and Loan Insurance Corpo¬

with

banks

has

completed

a

survey

of

the

Rela¬

competition

under

charter,

Federal

By

the

69

the creation of
of them had
of newly-

chartering

is largely in the real estate field, which formerly

of course,

interest,

by Building and Loan Associations under State charter, sav¬

occupied

was

of commercial banks, and insurance com¬

savings departments

ings banks,

through the governmental

An additional factor has since entered

panies.

the Federal Housing Administration.
loan associations and savings and loan associations ARE
BANKS.
Nevertheless they are competitors for savings.
Reduced to

agency,

•jbuilaing and
NOT
its

simp'est

to

make mortgage

more

of

the

use

the money

long-term non-liquid
hope,

will

investment."

be presently available

The final report
book form for

in

prove

interested

the savings

in

creation

eliminate

not

a

loan association is

depositor,

a

we

and

distribution to all members of the Association, and this report
not only of vital interest but importance to every bank

general
should

The

of

nature

committee,

our

the building

instalment basis and to

By no stretch of the imagination can the share¬
or his money a bank account.
It has

loans.

considered

be

of

certificates bn an

sell shores

or

function

the

terms,

to

holder

From

difficulties

the

which

proved

so

troublesome

during

the

the greater
frequency of pay days in industry brought about methods of amortizing
mortgages.
Discarded was the old plan of placing mortgages on a term
basis without reduction, but to be renewed or completely liquidated at their
Over

expiration.

the

change in business practices and

This

sented

years,

popular trend for amortizing has been favored by the
It has from time to time during the past years pre¬
which made
for improvement in real
estate mortgage

Division.
plans

is

old

an

one-half times
the

of

proving
burden

residence should not exceed in cost two and
the total annual income of the prospective owner.
Because
cost

factor

entering

into house building,

it is

foreclosure.

Latest

munity.

our

Postal

S.

Forced sales have brought loss both to the

institution holding the mortgage.
The consequent
does a disservice both to the banks and to the com¬

to the

bitter dissatisfaction

Henry

every

income.

and

mortgagor

of

of

a

difficult for the ordinary man to purchase a house within
Disregard of the adage has frequently brought such a
debt, that illness or loss of wages caused forfeiture of the

of

situation remains

and

Postal Savings are only
dollar with banks in

In many

law.

the strict regulations
This condition

cases

banks do not apply to competing institutions.

thought

the part of bank managers.
banks have sought to regulate

on

immemorial

time

the

flow

of

This flexibility is now
lost, and its application is no longer in the hands of the banker.
condition encourages competition by outside agencies.
Another factor
through

in the interest

change

a

competition

favoring
After

to

careful

a

asks

rates.

banks

our

should

at

not

deposits
A
1.

lowest

the

on

savings

"If

question:

pertinent

interest

to

cost

deposits

the banks

in

attracted

are

history,

their

small or

effort be made to accept them, even though at

every

immediate profit,

no

the actions of the banks themselves.
the volume of their own deposits.
the Committee on Savings Development of our
from

arises

restrictions

survey

the

division

the reasonable assumption that over a long period

on

being offered banks will be profitable?"

now

in six statements, as follows:

the committee is given

of

summary

That there are bona fide savings

deposits seeking placement in banks.

2. That many such potential deposits are being lost to banks because

of reposi¬

deposits in this manner will drive them per¬
manently into competing forms of savings repositories.
3.

That discouragement of savings

4.

That

individual banks

trends in mortgage financing will
speakers.

be presented today by

eminent

saving

is

Sherman,

with us.
Under the able chairmanship of
Vice-President of the Savings Division, a sub¬

always

the




can accept

and handle increased savings deposits with¬

increasing their personnel, or cost of handling

5.

such increase.

That such deposits can be Invested at the present time

with little if any current

loss, and in many cases at profit.
6.

That such deposits will In the long run prove

The
the

banks

of

his

requiring

in

minimum

a

in

balance

into
savings

a

interest is paid.
In savings departments of com¬
banks the practice seems to be growing
Not always have these

mercial

banks

profitable.

during the year made yet another excursion

Savings Division

practices

deposit, below which

attempted

Eternal

no

devise ways for encouraging the depositor to increase

to

minimum balance.

the

above

deposit

still

opportunity

Thus

lurks

front door.

the bankers'

is said

vigilance

to

be the price of liberty.

It surely is the

the
who
predicted its demise.
But school savings have come back magnificently.
Its deposits during the past year reached more than 14% million dollars,
of progress in

price

business

depression

of which

the savings business.
When the chill blight of
struck hard at school savings there were those

end of the year.
9,000 schools par¬

than 4% million remained on deposit at the

more

children

school

million

three

Almost

in

more

than

ticipated.

bit

do little more than provide the
contribute, perhaps, a
Upon the schools falls the duty and responsibility of

all, in school savings, banks can

After

register the volume of savings and

which

channels

enthusiasm.

of

teaching both the wisdom and the value of management in financial
None better than we, the bankers in charge of savings, know the

affairs.
lack of

failures.
These failures are tragic in broken homes,
and lowered morale.
They are not in the public

technique in financial
thwarted

ambition,

interest.

of

One

committees

our

working out

is

plans

to

show

forth

successful

school savings. The inauguration of the plan, the
securing of the cooperation of all the parties at interest, the practical
operation, all are covered.
It is only natural that in schools of higher learning more attention
should be given to public economics or money management than to personal
management.
Knowledge of the meaning and use of money in personal
affairs is necessary and should not be left to chance.
A few generations
procedure in developing

learned elementary economics through
earning the family living.
Now em¬
ployment at wages, developed through an enlargement of the factory sys¬
tem, has supplanted the group work of the family.
The children are at
school.
They receive financial allowances from their parents.
If personal
economics or training in the meaning and use of money is not developed
in
the school,
not only the next adult generation but society itself is
the

of

majority

a

participation

with

young

their

people

parents in

loser.

Today

I would

urge

banker present to investigate in his home
developing school savings, not as a prospective

every

community the possibility of

his institution, but as a means of

developing a citizen¬

ship trained in the use of financial tools.
Here in Boston, on the soil sacred to Revolutionary
again

emphasize the virtue of savings,
to

answer

leisure

human

the

more

property through

one

that

adage

increased

his range of

the

Associations

Loan

and

earning service of

financing.
It

thus

agencies competing for the savings

many

Some of them impose

ago

business.

agencies in the realm of real estate mortgages does

of new

depression.

Savings

and

brings restrictions by

deposits

consequence

the Public

through

has

in

organized institutions and by the conversion of State-chartered institutions,
the number
had
increased to
1,268 associations as of June 30, 1937.
Their

schools,

in

almost

at

K. Smith, Presi¬

the suggestion of Tom

operation.

into

put

inaugurated.

Associations with banks.

Associations

and

departures

Radical

have

1933, the year the Congress authorized

Loan

organized

associations

Association,

division,

our

charter.

Federal

>

the

at

Bankers

Savings and Loan

By the close of
Savings

for savings

savings business.

Age

Loan

competition

of

Our division,
of

t

by

the Federal

in

type

American

Committee

tions

charter

practices

insured

are

Building and

it,

State

from

former

Their shares

available

savings

developed through the initiative of the banks.

pushed,

Savings

the

of

two

Since

divergent.

Associations, Savings and
Loan
Associations, life insurance companies and certain types of banks
may bring their real estate mortgages to the Federal Home Loan Bank
in very much the same way as members of the Federal Reserve System
bring their paper to the Federal Reserve Bank.
Numerous associations
Bank

postal

not

was

Federal

out

widely

were

Association,

banks.

local

in

associations

them

the Executive
the recurring

months ago to
I told of

six

about

me

Bankers

tories.

the

1924

increases

The
unchanged.
The
legislation now in effect enables postal savings to pour millions of dollars
annually into Washington from all parts of the country
Under normal
conditions, these funds would be needed to finance business and industry
in the local communities and could best serve that purpose through deposit
legislation

credit

and

the belief
prevailed that a savings bank depositor and a personal loan recipient
were
never
the same person
With the rapid growth of instalment sales,
it is scarcely to be thought that customers of personal loan departments are
always strangers to savings pass bocks.
A a matter of fact, peronal
loan departments, many bankers feel, should be closely allied with savings
departments, this being considered a rich field for prospective personal
there,

make

would

supplanting the plans

This

leader.
People look
when banks in the smaller

Time was

of

practices

indication
not helpful

No

are

be the financial

to

complete financial service.
were

trends

departments

savings.
In conse¬
each month.

postal

savings

Within the year, Federal legislation was proposed

competitive with banks.

constant

loan

postal

in

the part of postal savings sponsors to make that system more

attempts on

on

the

with

conjunction

in

by

American

the

requires

course

personal

that

of

Bank Management
that report will be available.
Suffice it to

hands

our

made

statement

a

imposed

increasing.
has yet appeared to show that when properly handled they
to the bank's customers and profitable to the bank.
here

In

have received the attention

banks, which

in

restricted have failed of
competitive, for banks operating
be

compete with

cannot

deposits

Corporation

Insurance

Deposit

would then
becomes

it

of

volume

they began to be established, this year received

since

ever

the Federal

savings
more

rates

money

the

Council

to the

attention

given

and

growth of postal savings is accelerated, too, by bankless communities.

the

Commission.
say

com¬

press.

another

present

The

which

on

will

has

extent

Personal

the

at

distributed.

when

postal

More

The results of that survey have

postal savings.

widely

that

formed

was

of

made

prediction

fulfillment.

and

Association.

subject has been

such

it,

customers.

committee

to

of

book

their

and

No

during

continuous

of

department

Our

expanding

investigating that whole field with such success that within a

is

months

banks

of

States,

undertakings.

budgets and information
few

United

the

country.

common

division

Because of the

mittees

of

delightful task of conserving

to the

wider understanding of the meaning and use of money among

a

people

ambition

of

Division is committed

Savings

and

printed

The

quence,

depositors.
this

been

spread of communism, the despair eliminated and the

diminished

The

of

ramifications

the

all

made a most complete survey

the Banking Studies Committee

committee
of

the past year despite unemployment and growing

over

other

53

DIVISION

which

affords

and

tile

to

the

resourceful.

Banks,"
lack of

opportunity

patriots, I would
both for self-discipline and as an
comforts, luxury, and that

creature

for

development

As savings bankers, we must be

credits the growth of postal savings banks in England
catering to their patrons on the part of the trustee

proper

savings banks, and points out
of

for

in civilization, culture
alert, vigorous, versa¬
James Hilton Manning, in his "Century of American

and the mechanic arts.

Savings

craving

that the most unique incident of the growth

postal savings banks was the marked tendency to absorb the patronage
had been built up the trustee banks.
The chief reason, he believed,

that
was

found

in

the

superior

adaptation

of the postal savings

bank to the

54

BANKERS'
of

needs

the

working class

and

the

to

not

preference

for

CONVENTION

public in¬

a

of the Hibernia National

stitution.

In
due

to

occupational

banks

and

other
and

their

Despite
which

the

would

to

regulations

there would

good

consequent

responsive

more

competitors,

weakness

with

prosperity,

been

trends.

many

human

than

have

activities, such

savings

He

came up

reason

He

was

continued

their

to

practices

on

be

to

their

prevent

fortune

changing
imposed

seem

no

depositors

Prior to the delivery of his address as above,

have

to

received

this

ships,

who had

years

or

tremendous

I might

of

me

the

various

my

Bankers

American

Albig's

am

indispensable
President
and

and

to

the

time

of

thank

the

executive

particularly

sections,

during the year
my

and

cooperation
Whatever

me.

the

chief

and

success

an

its President.

the

deep

sympathy

of

the

members of this

have

I

of

the

the

Association's

Your

one

Division, having held

of the most

office in¬
He has had much to do with the wise direction of

cluding the Presidency.

given

affairs,

and

his

every

and advice are sorely missed.
Secretary communicate by wire our
Morehouse, and express to him our best wishes for his

Committee

speedy and permanent

counsel

that the

suggests

greetings to Mr.

me.

officers

of

recovery.

of

Serving with Mr. Caldwell

the
the

representatives

L. Woodward and A.

Division.

personality

Mr.

have

experienced

Report of Committee

on

been

as

the committee

were

George

Nominations-

Newly

Elected

Officers

your

President Jones:

the untiring efforts

mittee

in savings.

on

also

I shall forever feel deeply

year

on

C. Robinson, past Presidents of the.

Division.

Especially,

year.

Savings

have

may

eventful

For many years, Mr. Morehouse has been

Deputy Manager of the

wonderful
I

friend, Mr. Albig, to whom

Truly, this has been

widow

active and effective workers in this

Division, I

departments and divisions, with

be largely attributed to

can

as

year's work, other than that

our

friendly and helpful contact during the
Association

his

to

serious illness.

year's work:

through the creation of many friend¬
and the whole job, from the very

to

commissions,

spirit

assistance of

indebted.

for

return

I deeply indebted to Espey Albig,

Bankers

fine

desire

charitable works.

numerous

Savings Division feels keenly the absence of W. R.
Morehouse of Los Angeles, who is detained at his home on
account of a

President

the Savings

in

joyous and happy experience for

Association,

have had

we

a

I

staff,

committees,

friends,

say,

in

the

to

service

my

that for contributions to

division

American

whom

say

me

the Community Chest and

This meeting of the

comradeships,

say,

beginning, has been just
Let

contributed
of

more

dividends

work, mainly, let

yea,

as

an

Division.

Jones had the following to say in acknowledgment of the
During the five

Throughout his life, he

through the ranks of this Division and served

always

communicate

the

community which they represent.

services of those

Orleans.

active and conscientious worker and his absence will be
greatly feit by this Division. Your Committee suggests that the Secretary

growth
and

Bank of New

active in civic affairs and devoted much of his time to altruistic welfare

was

banks

America,

former

a

The next order of business is the report of the Com¬

Nominations.

Henry S.

President of the

Kingman of Minneapolis, Chairman,
Division of the Association, will

Savings

present that report.
Mr.

lowing

Report in Relation to Past Presidents Alvin P. Howard
and William R. Morehouse
President Jones:
and at this time

I would like to call upon Tom

Alvin P.

on

our

associate, Alvin P,

years

of

The untimely death

on

Howard, has brought deep

Mr. Howard

was

Sept. 29 of
to

sorrow

still in the prime of

the time of his death.

age at

Mr. Chairman, your Committee wishes to place the fol¬

in nomination for officers of the

Henry S.
P.

R.

Williams,

the

Respectfully submitted by Committee

on

Trust Co.

Recently, he served

Vice-President
as

of

the

Hibernia

Bank

S.

CLIFFORD

&

Chairman of the Executive Committee

TRUST

the

Bank

of

Nominations:

CHARLES

Later he became Vice-President of the Times

and

Savings of

Plymouth, Mich.

Yale,

University at New Orleans.
Co.

of

Savings Bank, Seattle, Wash.;
Roy R. Marquardt, First National Bank of Chicago, 111.;
R.
M.
Daane, Vice-President, Plymouth United Savings
Bank of

our

HENRY

Publishing

Society for

Vice-President

For members of the Executive Committee for the term
expiring 1940:
Stuart C. Frazier, the Washington Mutual

life, being

After graduating at

Vice-President,

Mr. Howard served for several years as a member of the
faculty of Tulane

Picayune

Savings Division:

Sherman, President,

America, Los Angeles, Calif.

firmer

Presidents

Howard and William R. Morehouse.

members of this Division.

only 48

For

Committees,

J. Caldwell,

the statement in relation to past

Mr. Caldwell (Houston, Texas):
friend and

names

Cleveland, Ohio;

The next order of business is the Reports of

President, for the report

Kingman:

Few President*

[The report

was

KINGMAN, Chairman;
DEPPE,

H.

F.

MARTIN.

duly adopted and the newly elected officers installed.]

DIVISION

American Bankers Association
Forty-first Annual Meeting, Held

at

Boston, Mass., Oct. 11, 1937

Meeting for Elections Only
The Trust Division of the American
Bankers Association
convened at the Statler

Hotel, Boston, at 1:00

There

were

no

p. m.

addresses, the business before the meeting

being solely that of the nomination

and election of officers.
The list of officers elected at the
Trust Division follows:

For

President, Robertson
Co., Baltimore, Md.
For

Vice-President,

Samuel

Griswold,

Vice-President,

R. G. Page,

Maryland

Trust

Waugh,

Executive

Vice-President

Vice-President, Bankers Trust Co., New York City.

Gwilym A. Price, Vice-President and Trust Officer,
Peoples-Pittsburgh
Trust Co., -ittsburgh, Pa.
Frank F. Taylor,
Trust Co.,

Thomas

Vice-President, Continental
Chicago, 111.

C.

Trust Co.,

C.

Trust Officer of the First Trust
Co., Lincoln, Neb.




For Members of the Executive
Committee for three-year terms:

Oct. 11.

Frank

an
n

G.

Hennings,

Vice-President,

Illinois National Bank &

Mercantile-Commerce

Bank

&

St. Louis, Mo.

Sayre, Vice-President, Pennsylvania Company for Insurances
Lives & Granting
Annuities, Philadelphia, Pa.

CLEARING HOUSE ROUND TABLE CONFERENCE
(UNDER AUSPICES OF BANK MANAGEMENT COMMISSION)

American Bankers' Association
Meeting Held at Boston, Mass., Oct. 12, 1937

INDEX

CLEARING HOUSE

TO

Investment Policies of Banks, by H. H. Griswold

World

Economic

and

Business

Outlook,

Page 55

by

TABLE CONFERENCE
Maturities, and

Correspondent Bank Relationship; Spaced

Walter

Dr.

Page 58

Sources of Investment Information, by H. H. Harris

Lichtenstein.

56

Relationship of Bond Account
Loans and

ROUND

to

59

Aspects of Government Bond Market, by Robert L. Garner

Capital Funds, Deposits,

Discounts, and Real Estate, by Russell G. Smith

57

Municipal Securities, by John S. Linen

...

CO

Investment Policies of Banks
& Trust Co., Elmira, N. Y.

By H. H. Griswold, President First National Bank
The

Bank

studies

Management

discussions

and

Commission

of

the

operation of their institutions.
of

these

whose

and

is to

duty it

the

in

problems

to

To

the

find

daily conduct of

insure

business,

in

the

the

best thought

the

those

of

constantly arising

questions

Table

Round

daily

the

consideration

the widest possible

banks

to

answers

their

banks

confronting

to the

present

to conduct

originally organized

was

problems

This
are

period has been one of almost constant change,

in

the

phases of

many

to

In- each of

the

entire

publication

in

have

We

Conference was

proceedings.

their

programs

subject
the

is

known

or

other types

as

both

bank investments with

of

had

banking
is

in

so

to

reference

to what

loans, mortgages

been 6uch

to change

as

business

a

which

upon

largely

been

bank

every

been

income

largely

maintained

this has changed

by

past,

provide

to

business

a

the

In

a

Commercial
predominance of

to which

extent

statement.

lend-

securities.

from

characterized
The

the

greatly

that of

was

bank's securities

a

secondary

a

reserve.

World War it consisted chiefly of a moderate amount of high-

to the

Prior

earnings

heretofore

has

account

special

interests, banking has become predominantly

bank's invested assets.

apparent

made

profitable to those

distinguished from

as

From

investments.

its

for

loans in the

been

has

interesting and

grade corporate bonds coupled with a comparatively small group of govern¬
Several

forces

last

issues.

ment

years

have

worked

together

to

bring

this

about

the

During
vital

been

active

in

15

credit

of

securities.

commercial

from

was

were

had

borrowings from the banks to meet
long-

saw

a

large

increase

bank deposits,

of

forced the banks to seek the
rapid increase in the bank's investment

Ioan6

of

times.

That

securities

issued

period
by

6aw

private

a

shift

great

corporations.

rapid depression of the value of
these securities and was followed by the banking troubles of the early 30's.
At about this time began a second phase, which was the shifting from
investment in corporation bonds to the issues of the United States Govern¬
ment
The causes which brought this about are so recent—and too vivid
The

in

collapse

memories—as

our

these

two

the

steps

where

point

1929 brought

of

to

about

their

make

commercial

government

a

bonds

banks

discussion

However,

necessary.

by

of this country have arrived at a

constitute

by

far

their

single

greatest

investment.
It

may

appear

larger
see

Each

the

has

been

adopted

which

described

would

no

serve

to the banks in building their investment account.

adequate guide
to

policy

investment

defined

the

strange that during the period I have

well-

as

an

While

6uch plans, the smaller banks were slow
necessity of operating in accordance with a completed program.
institutions adopted

banker

was

a

law unto

himself, and

no

two

seems

to

have agreed

of a uniform policy.
Their failure to do so was
responsible for many of our banking troubles.
In their
behalf, however, it is only fair to say that this process came with such

upon

adoption

the

undoubtedly

rapidity
it

was

that

too

few

realized

late.




the basic change that was taking place until

the

we
are

causes

have experienced is a
social, economic or

reorganize

terminal

definite

trouble

The

our

We

points.

now

know

we

in a cheap

are

of which only the beginning is known.

era

been

has

bankers

that

have

failed

to recognize

that this

They have reassured themselves With
the belief that next week, next month or next year we would see a revival
of commercial loans and again banks would resume their lending function
and that money rates would return to what we have heretofore considered
to be the normal level.
Today, with bumper crops to move, with business
change was

passing phase.

a

that of the pre-depression years and in the season
be higher, commercial paper is selling
1%% per annum, and for short-term municipal and
to

rates normally should

money

from

for

not

nearly equal

very

when

1%

to

While it is true that at
in commercial loans, this develop¬
It is not yet quite clear whether
this is only a seasonal fluctuation or a definite trend upward.
Our only
safety lies in adjusting ourselves to the conditions of the present instead
of going along our old course hoping for the appearance of that bright day
rates are still cheaper.

financing,

government

present we are witnessing some expansion
ment should be studied with great care.

dawn

may

we

never

see.

Management Commission,

Bank

The

recognizing the importance of this

has been for the past
"Statement of
Principles and Standards of Investment for Commercial Banks," which is
being suggested to the Executive Council of the A. B. A. for general
distribution.
It is believed that the standards set up by that committee,
composing

banks

the

subject

to

several

months

its

working through a

membership,

committee to set up a

generally adopted, would go a long way toward

if

sad

the

of

sound

recent

of

experiences

preventing a repetition

years.

Commission fully realizes that there is no substitute for
conservative management, and that no rules, however carefully
the

However,

the worth of

the continuance of the trade boom

upon

those
the

to

a

brought out and freely sold,

dependent

was

characteristic

was

which

concerns

the lessened borrowing,

flotations

which

of

which

period

same

The result

field.
New

account.
many

The

coupled with

investment

1929 saw an

refinanced those needs by the sale of stocks and

needs

current

term

Business

inflation.

commercial

previously depended upon
their

The decade which ended in

change which

combination

a

to

reasonably

have

changes that

experienced two

have

bank management.

development

which,

we

the

whether

that

and

one

or

us

whose

change.

that

realized

not

of all three, they are of such a nature as to
thinking and face a future which would
lead us into paths widely different from those we have been accustomed
to
follow.
We have thought we were in a cheap money period with
political,

compel

money

securities account

iftg to commercial

dependent

to

of earning assets.

bank

of

given

has been thought best to center these discus¬

Developments of recent years have
character

effort

Every

to be

as

This year it

the

on

has been

membership of the American Bankers Association through the

attendance.

sions

consideration

conferences,

business and the discussions have been made available

our

of

these

arrange

these

spectacular than

more

bank's loan and investment account.

fundamental

organized.

problems

daily duties.
There has been no change in
that of the shifting character of a

of their

performance

business

our

new

by practical bankers who are dealing with these subjects

made

been

have

and

In an attempt to aid in their solution, many studies

appearing.

ever

and

piepared, will be effective unless applied with intelligence and forethought.
We are in a period of rapid change, and our conclusions of today may have

to re-chart
certain underlying principles
fundamental in character, and by adhering to a consistent program

revised

be

to
our

that

are

still

tomorrow.

It will probably be necessary for us

However, there

frequently.

course

are

possible to organize our investment departments so as to

it

is

a

maximum

operation on

of

the

safety.

Gripped

as

we

are

side and diminishing return on the other, we

one

insure

between increasing costs of

must

safeguard every investment with the fullest knowledge of the factors which
made for
soundness and liquidity, the two elements which
alone can

guard us against disaster, come what may.
We believe there is no more serious problem

facing the commercial
investment account.
In
belief the Bank Management Commission, in arranging a program for
Round Table Conference, has confined it to a discussion of this

banks

this
this

subject.
in

the

for

speakers who will participate, in addition to being versed
have had a background of experience and are at present

engaged

several

in

banks.

the business
After

questions and discussion,

sion to a

within

that of the bond

country

or

subject,

actively
their

than

this

The

of

of

management of bond accounts for
reasonable time will be given

each address a

it being necessary, however, to

reasonably brief period in order that we may

the time

prescribed.

limit discus¬

complete the program
.

56

BANKERS'

CONVENTION

World Economic and Business Outlook
By Dr. Walter Lichtenstein, Vice-President The First National Bank of Chicago,
Chicago, 111.
Mr.

Simmonds

discuss

in

outlook

for

be

12

has

set

minutes

boring and just give

a

difficult task.

very

world

economic

He has

business

and

this country.

in

rates

money

me

the

This

that

means

asked

outlook

either

I

of

the

must

catalogue of the various items which subsequent

a

a

consideration

follow

will

me

If

we

world,
the

hand,

problems
the

in

the

changes

this

country,

of

this

well

as

It

automatic,
country,

century

and

and

which

as

result

a

goods

I

present

condition

of

have

not

refer

to

to

the

back

go

matter

Someone

speculative

abuses

the

on

mania

of

part

Simmonds has wished

to

me

dwell

of

too

was

which

it

much accumulation

would

change in

a

would

fact, there

to

that

there

be

difficult

the discount

for

of

that

rate

time

there

to

flow

was

was

conscious

a

interference

the

on

of

part

6ome

authority to change the flow of gold and goods.
You all know what happened as a result of the
war: the breakdown of
the gold standard, the
attempt to reintroduce it, then finally its Becond
breakdown signalized by Great Britain
going off the gold standard in 1931.
that

so-called

time

gold

bloc

tioning in the
In

almost

it

countries

hardly

can

in

manner

did

have

be

followed

said

before the

that

suit,

the

and

familiar

are

country,
these

Great
to

gold standard

the

is func¬

much

in

relation

to

artificial

demand

and

France, and

the

the

the

world

to

rates
is

that

of

the

the

tripartite

the

pound

is

used

in

is

A

and

proper

raise

done

in

that

and economic
their

well

country
It

trade
the

as

so

would

and

we

the gentlemen
It

is

obvious
from

who

will

that

of

in

follow

currencies

regards

as

the

and

confidence

in

of

the future

quotas

stringest

refer

to

and

exchange
I

some

of

like,

as

regulations
that

presume

some

these topics.

considering our own situation we cannot divorce
going on elsewhere.
We need only consider such a

again,

may

in

said

land

own

and

done,

economic

change

due

to the fact

pay,

their

is

the

confidence

in

that

and

they

people

extent,

in

other

the influx of gold

regardless

countries

of

have

lost

It

would
of

stability

that

seem

gold
of

on

this

economic

our

would

part

our

be

not

except

in

situation

far

would

well aware,

are

ments, has been given
than

office,
which

true

was

Mr.

Eccles

the

business

government,

our

just

much greater powers
former

in

pointed

government

By

a

the

thereby

be

out

could

times.

that

to

Soon

there

exercise

to

is true of other govern¬

as

control the monetary situa¬
he assumed his present

after

three

were

influence

methods

the

control

of

market

money

and

By

open

c.

By public works.

Without
methods

also

raise

nothing

right

within

banks.

Mr.

limits

raise

limited

to

passage

the

of

of

doubling
the

power

of

the

the problem just now

the

authorities
the

Even
were

present

indeed,
whole
in

if

to be

it

naturally not

of

continued

wish

to

the

of

were

see




a

to

required

more

reserve

willing to confront

financing

at

Reserve

member

Since the

System

the

as

long

meet

tightening of

to

time

of
at

before

the

do

is

to

realize

new

markedly

imposed

government

to

the

there

I

should,
tax

recent

as

its

interest

the

rates,

in

government

requirements,
and

this

our

itself

it

will

means

may

be

soon

Since

in

a

SSC

the

yield

a

is

of 3%, we
This is

paying recently for its

which

the

long-

government

exercises

in

present

Association

is

of

desire

any

the

moment

Commerce,

that

I

address

and

if

something

say

securities.

problem of

extensive

an

the

in

the

about

I

sterliza-

this

on

subject
of

course

this,

I

shall

-

like

to

loans

and

also

on

laws,

both of

policies.

say

Finally,

effect

are

I

about

word

a

the

which

might

the

resulting

that

say

effect

from

important

very

in

of

margin

certain

of

considering

there

the

future

other

are

bring about that serious degree

of inflation which
many economists have predicted.

According

to

reached in the
less

or

most

of the

trend

continued
a

and

means

I

affairs

period of

the

have

of

these
the

intention

no

all,

the

liquidation

of

the

this

business

was
more

country

five years,

over

cycle than

economic maladjustments that

business

cycle.

one

I

to

which

began

economic

ruin

date

in

and

which

I

believe

caused

also

are

beginning

1929

by

really have

we

looking

for

a

am

expect¬

1929-32, but I

we

the

in

not

am

had

we

trying

collapse

of

of

must

of those gradual declines with which

one

After

a

of

curve

It

sharp recession comparable to the
ing

economic

which

in

downs

the

be remembered that it isn't
only a
produces maladjustments in the economic
long-continued upward trend has the same effect,

a

result

a

upward

trend

country;
as

the

This

before.

downward

is

in

world.

longer stretch of

indices,

depth of the depression
1932, and since that time there has been a

of

summer

have experienced

we

economic

steady upward

the

familiar, though

of

this

recession.

probably

was

and

war,

very

the

it

is

final

unlikely

that without another great war we shall have in the near
future a recession
of similar magnitude and
severity.
I need not tell a group of bankers
that
forecasters, economists, statisticians, and even bankers themselves
have no special inside information as the exact

timing

the

economic pendulum.

proved false and
of

that

We all know that

the

who

man

economic affairs and statistics

a

making
pride

evidence

is

as

of

money

rates
were

As

a

is

in

order

would

to

very

largely

if

up;

go

entirely
we

boom

severe

by

most

is

swings of

have often

of

any

what

after

us

special

no

is that I

say

such

use

to

seems

jobber had to

point:

We

has

disappeared,
production

than

store

all

itself.

from

a

to

fact

me

a

it

changes

monetary

is

extent.

The

every

be

period

of

of

to

on,

on

of

the

might

question

loans

than

they

has

been

is

selling

the period

and

articles

communication

price

and

much less inven¬

remember

then

when

merchandise

manufactured
of

carry

to

rising

going

stock

probably

government

and

means

well

the

middleman

type

types

inclined

are

question

no

of

could

manufacturer

with

may

now

the

formerly,

of

rates,

the stock

on

generally speaking com¬

losses

that

full line of all

long-continued

a

interest

and

rates

the

than

up

So businesses

that

heavy

improvements

though

there

business

interest

which

of

of shares

suddenly,
in

realize

certain

stock

to

carry

owing

formerly,

have

to

had

future

immediately concerned with

more

directly to the

the

were

the

corner,

So I have

prices

actions

easily
drop in interest rates.

another

more

and

well-known

a

sustain

can

the

to

and

rise

a

a

result

have

can

reach

to

the progress of

even

are

rates, for it

banks

to

were

consumer

tory

than

of the situation.

sufficiently great, such

individual

of

coin

a

street

ignorant
be, has sometimes reached

may

important in relation

increase

bankers,

interest

mercial
can

flipping
survey

disposal

my

prevented

take.
of

though he

judgment, and all I

own

if business
to

were

be

at

this

after all,

not

my

the

on

of

best judgments

our

stands

conclusion.
all

market

by

study and

belief in

rational

for,

careful

a

or

Now

decision

correct

more

that

levels

there

if

which
be

will

we

may
every

inducement to lay in inventories simply from a desire to make the extra
profit due to the enhancement of the value of the goods purchased.
There
is no question that this spring many large
organizations, especially those
supplying consumer goods, bought far in advance of their needs, motivated

another

unless,

it

hands of

part by

far

whole

a

as

labor

very

as

weapons
the government of which it has not availed
itself at all,
the power under the Thomas amendment of
issuing fiat currency to
the extent of three billions of
dollars, a power which if exercised would
probably set in motion forces which would
the

in

such

is

requirements beyond

that

financing.

been

control

however,

requirements

in

go

rates

borrowers wishing to buy listed

upon

be glad to do so.

to

Reserve

even

so.

On July 14 I delivered

Chicago

discussion

but

reserves,

budget

equivalent rise in the rate paid
contemplate the increase of the

an

to

SSC

the

of

of all

referred

gold.

abundant but rather

complete change

a

is

authorities

changed and the Federal

impossible

Furthermore,

for

Reserve

existing

Federal

are

functions the

frequently.

increase, the

to be

has had the

operations

two

requirements

making credit

be

these

Federal

requirements

would

were

banking structure.
need

of

permittd to increase the

percentage,

the authorities

one

law

to

be invoked

can

not

market

open

reserve

1935, the

lower,

is not

the

reverse.

that

of

since its inception,

added

lower

reserve

only

can

ever

rates, and
been

Governors

Banking Act

time

present

a

Board

and

a

Opera¬

System,

discount

there has

to

few words about the first two
"Taxation and Open Market

Eccles:

Reserve

lower

This last is not

authority

the

details, I shall say

but

new;

not

the

by

and

have

we

much

operations;

going into

The Federal

to

entirely conceivable that interest

All

disappearing in business to

market

mentioned

tions":

of

Now

taxation;

b.

power

tion

conditions generally:

a.

is

by

as

is

necessarily causing

discuss here at the

market

you

tion

we

confidence

altered

so

destroyed.
As

price

any

sending their funds here because, when all is
have confidence in the relative stability of our

valuation
the

large

a

are

do

situation.

in

to

not

not

ups

of inter¬

the

it

care

but

requirements
shall

be

fiscal

the

gold, and I have so far made no mention
%
the very important controls which the
Securities and Exchange Commis¬
sion exercises in relation to the issue of
corporate securities and the margin

of

can

balancing

connection with the sterilization of

it

its

of

this

of

the

as the
influx of gold into this
country to realize at once that
future monetary policy is in part
dependent upon the situation in other
countries.
The lack of confidence
existing all over the world is due to
fear of war or the
danger of internal political and social disturbances.
After all, as has been pointed out over and over

country

have

and

question

this

1

detailed

a

what

problem

all

than the government has

more

issue,

life

involve

in

what is

term

the whole

major

the

of

government.

slightly

a

franc.

make

required by law to invest its money in securities with
may regard that as the upper limit of the cost to the

is

Fiance

barriers,

will

me

this

on

so

is.

feature

disposal

take

to

in

Germany and Italy.

as

of

an

French capitalists to repatriate

the

the

at

position

too

create

price

the

three

consideration

a

major

our

into

funds

that

loans.

The

would

of

sufficient

tariff

involved

prevailing in such countries

ourselves

about

involve

effects

consequences

problems

our

situation

to prevail upon

as

also

the

of

bring

to

stability

funds.

national

discussion

international

Federal

on

only know the general

dealing with

relationship between the

full

to

the

been

the

of

in

great

three

used

kept reasonably stable, especially
pound sterling and the dollar; lees so as regards the franc.
consideration

between

too

these

this

sterling falling off

fund

and

in

agreement

of

thereby

published,

fund

becoming

currencies

sterling and
not

stabilization

stabilization

our

process
are

the

fluctuations

danger of

dollar

6ame

has

prevent

pounds

operations

effect,, namely,
the

and

there

for

currency,

of

exchange

Whenever

details of the

introduction

without

rise

investment

war.

the

intended

the

countries.

with

Britain

countries

respect

of

of

even

place of the gold standard all kinds of adjustments have been made.

You

of

all

is

one

counteract

it

another

The result

more

country

would

very likely to sell their holdings
any large scale, even if the market
large amounts, would, of course, mean that the

very

would

turn,

is

would

ex¬

gold in

not

are

To do

development which may well be
mentioned, and that is that not only the Federal Reserve
System now buys
government securities, but so do other governmental
agencies, such as the
Federal Deposit Insurance Corporation and the Social
Security Commission.

which

stock

in

difficult than

There

than

away, and everyone would be happy.
nothing automatic about the arrangement.
decree the raising and lowering of discount rates, so that

of

had

at

Since

which,

the

further

ready to absorb

more

who

mention.

the

of

developed
Mr.

As.

readily,

development, gold

even

might

we

banks.

as

that when

so

its

export

a

items which

background

trusting that those

monetary problems, I shall go back to the time when there
gold standard which supposedly was operating satis¬
has generally been believed that this gold standard was

on

factorily.

As

first,

international

an

the

we

country

specifically
was

the

point is obviously the period immediately preceding
certainly true in regard to monetary affairs.
On the
are
limiting ourselves to a discussion of investment

is

if

twenties

seized

various

up

do

to

starting
This

war.

other

take

decided

discussing the

are

the

I

Reserve banks

price of government securities would decline and the government would be
faced with the necessity of paying
considerably higher rates for its loans,

or I must confine myself to a rather inadequate
small part of the whole subject.
Originally I prepared
would have met the second of these alternatives, but on

one

which

paper

further

Federal

government securities.

were

speakers may well consider,
presentation of

the

that

to

me

plus

a

fear that

troubles and
factor

in

goods would become

that

scarcer

prices would advance

ordinary

business

which

during the

very

is

sharply.

bound

year

owing

Then there
increase

to

the

demand for funds, and that is that consumer credit of all kinds is
growing;
not

only

credit

to

finance
their

Consumer
candlestick
times

for

customers

credit

is

maker
very

but

companies,
not

have

long

to

an

ordinary

always

periods.

that

extent

something

new.

given

But

retail
was

The

credit
if

my

to

businesses,
not

known

butcher,
their

granting

are

in

the

the

customers,

information

is

past.

baker,

the

and

correct

at

that

credit

consumer

will

concerns

in

the

is

in

growing

early twenties,

that

6ome

met

are

by issuing bonds

commercial

term

income of life

are

part owing to
provisions of the SEC.
However, I do not wish to lay too much stress on
the technical requirements of the SEC.
Much more serious, in my opinion,
are
the margin requirements imposed by the Board of Governors of the
Federal
Reserve
System upon borrowers who buy listed securities.
In
the speculative boom of the late twenties much of the expansion was due
to the ease with which money could be borrowed on collateral from banks
and brokers.
A requirement of 20% margin could be met relatively easily,

not

have

the

same

is

it

there

not

but

at

as

the

is

easy

55%

of

the money

is

required

issues

required

are

they

is

not

are

the past, and I

that those who wish to buy securi¬
of their own than was true

means

capital

more

think that in

fact more correctly,
This means that when

the

of 122%.

readily absorbed by speculators buying

so

It

much

have

to

their

from

demand

to

that the borrower furnish

to state

or,

margin

a

quick turnover.

a

have

will

himself,

needed

really

appear

purely for
in

brokers

and

in

issues,

float new

to

was

once

replacement.

plant

of

if these wish to buy listed securities,

what

ties

it

as

banks

present

customers,

new

question

instances this may prove a

many

handicap

substantial issues at one and the
same time.
In this connection may be mentioned also the prohibition of
brokers' loans for others and the hazards confronting directors and officers
the

to

of

flotation

of

in

commercial

Nation

capital

words,

did

aid

from

creditor

the large-scale financing
done mostly in Europe.
large accumulations of idle

country

When as a result of the
cut off the only place in the

projects.

Europe was

available was to be found in
the deposits of the commercial banks.
As a result of the laws recently
enacted the commercial banks are no longer permitted to use their funds
where

country

the

for

liquid

large

of floating securities.

purpose

will

be

is

not

sudden

demand

for

overnight,

readily

created

funds

capital

Unquestionably, in course of time
may be drawn upon, but such
and if there should be a
a very large scale there might be

which

developed other pools

machinery

there

were

resources

on

Let us,

in

of

direction

the

thrown

are

life

doubtedly,
of

However,
difference

been speaking
amounts of new
time.
Un¬

and the

could absorb large

the past,
sure,

same

bonds rather than stocks.

as

the

to

to be

be

commercial loans are concerned, it would make little
banks whether the future financial needs of corporations

far

as

as

though,

securities,

one

in

companies,

insurance

such

market at

the

upon

their

extent

debt burden

indebtedness

siderable
all

of

kinds

I

of

withdrawals

to

this because one of
rates refers to the

interest

by that not merely the Federal

mean

sub-divisions,

political

I

presume

but I am considering
that in spite of a con¬
debt

of the Federal Government, the

the indebtedness

less

is

of

do

companies

insurance

unexpected

I mention

problem

the

debts of all kinds

in

increase

life

and

their securities today have probably

cases

market value.

concerns

public and private

all,

After

of sudden

of the whole country.

the

or

extent

same

problem

of the lost
that

They did not write down the
the banks did at the time prices

idle funds.

banks; in most

as

that they

companies is steadily mounting and

sharply.

the

increase.

not

more

the

to

assets

declined

questions

debt

insurance

and

In either case the demand for shortIt should be pointed out that

stocks.

or

would

more

face

to

regained much
the

Much of this debt has
creditors, but in any
event
it
is out of the
way
ana no longer requires
interest payments.
Consequently, if I am correct, interest payments have diminished.
Thus
we have
one
factor tending to make money more available for new loans
and thereby tending to keep interest rates low.
The law taxing corporate surpluses may operate in the same direction.
been

simply

that

out

in

was

1929.

loss

the

to

into this problem in detail, but content myself with pointing
law by issuing rights to their stockholders which may

of this

be

purchased

the purpose

with

additional dividend payments declared

the proceeds of

Such

of exercising these rights.

be

only

can

me

it

resultant

with

attempts have been made by some corporations to avoid the full

consequence

to

today than

canceled

I shall not go

carried

while

on

however, seems

process,

a

the corporations

are

making larger

profits than normal and, therefore, are in a position to pay out additional

dividends.

large

toward

tend

the

On

whole,

my

guess

the

is that

tax

new

than lowering them,
period of increasing earnings the effect may be otherwise.
raising

also be

There should

rather

interest rates

considered such

it

bound

is

affect

to

levels

price

and

If this continues
of prices, the

increase

an

cause

This whole

tendency of which would be to cause interest rates to stiffen.

gold problem
for

cussed
content

might
be

is another
whole

a

and sharp

sudden

a

that

I

that

All

so

I

consideration

some

tried

pertinent considerations

what

happen

will

but I must

if

war

comes.

out

certain

off.

were
to

greatly the demand for goods,
discussing

in

Another

shores.

our

what will be the effect of another great

is

very

profit

no

all bets

have

I

increase

see

should say

movement of gold away from

be raised

may

would

It

war?

I

being exhausted, and

Likewise,

it.

mentioning

just

be given to the question of the effect upon us if there should

even

question

of those questions which might well be dis¬

one

afternoon without the subject

with

myself

law will
but in a

general factor as the very

more

a

large increase in the annual world production of gold.

I have

low.

keeping rates

difficulty which might be encountered if large

the

securities

amounts

consider certain developments which would seem to

however,

influences

about

of

securities

say

difficulty.

some

of

was

have

not

financing great

financial

country became a

this

occurred

that
this

of

ourselves

we

available for

further

war

development

there

present

at

that

recall

Until

suddenly.

the

for

other

In

will

You

banks.

rather

needed

of their own institutions.

that

difficulty

value

for

has not been
to any large extent in this country machinery, such as has
England, to take care of flotation of securities outside of the
added

the

is

developed
existed

of

amount

purchasing securities

corporations
There

large

a

loans

accumulating

The funds needed
for such replacement
or
expansion ought properly be furnished by the
investment market, but there are certain difficulties.
We all know that
Then

57

CONFERENCE

TABLE

the

do so again.

to

never

be

may

who, after their experiences

banks

from

had expected

it

direction;

every

borrow

be driven to

ROUND

HOUSE

CLEARING

do

in

this

brief

which

upon

survey

I expect

is

to

throw

It is

others will elaborate.

really not incumbent upon me at this time to draw any definite conclusions
from what I have said as to the future of interest rates.
However, I
have

hesitation in saying my own feeling

no

interest
there

will

rates

advance

well be

very

may

very

little

is that on the whole long-term
next year or so, but that

the

in

tightening of the short-term rates.

a

Relationship of Bond Account to Capital Funds, Deposits, Loans and
Discounts, and Real Estate
San
All

the

of

us

familiar

are

with

which

conditions

the

have

operated

Francisco, Calif.

We

ditioned

in

to

made
In

as

a

such

as

always

be

con¬

the basic manage¬

another

the

must
for

its investment policy be
this reason that any bank

to be indicated as the result of open
this should be regarded more as flexible guiding

as

a

also
It is

appear

upon

all

Thus

kinds.

as

serves

bank

and

upon

public deposits of

required security behind
bank

is

in

reality

for these accounts we must be careful

considering the requirements

keep clear in our minds the essential differences between our secondary
reserve
account and our investment account.
As the primary purpose of
to

of

need,

term

of

unquestioned

liquidity. Absolute
sideration

provide for quick mobilization of fundB in time

in

this

when

out

most

forced

substantial

credit

standing and

safety and accessibility of principal is the prime con¬
account, and the question of yield must be relegated

definitely to second place.
stands

only shortwith a high degree of

naturally follows that this account should contain

it

issues

clearly

in

liquidation

sacrifices of

of

The wisdom of adhering rigidly to this policy
times of stress when markets are thin and
most

principal.




classes

of securities

the other hand, has as its primary function

as

to secure a wider diversification of credit risks than is
and to reinforce the earning power of the bank by

locally,

and

loans

earning assets not subject to the same influences as local

of

discounts.

public,
be said, as the
statutory requirements covering such deposits leave relatively little choice
of the bond account which serves as security for

Of that portion

postal

States Government deposits little need

and United

the

of such

investment

held

practical

purposes

as

part

a

While there is

funds.

of

the

no

question but that the

deposits of various kinds are for all

to public

collateral

securities

investment

it

account,

is

nevertheless

helpful to give these requirements separate consideration when making up
the investment account.
However, for the purposes of our discussion here
this

of

afternoon

the

secondary

.The

consider

shall

we

of

securities

all

and
a

bond

the

character

investment

not

investment account

specifically

to

segregated

include
part

as

reserves.

They must first
furniture
&c., and when these needs have been filled there must remain

capital

is accompanied by

fixtures,

sufficient

of

funds of a bank have a two-fold purpose.

amount

for

safety

necessary

to

a

the other factors which affect investment policy.

the secondary reserve is to

obtainable

three

of

obtain

to

wise selection

each depending upon the deposit composition

account

is

pick and choose,

that

the

capital

free

funds and

funds to -provide an adequate margin

in

relation

absorb such losses as it may be
The bond investment account should
funds, or, in other words,

to

these "net" capital

to

portion of the bank's capital not

has been

It

of

depositors'

to take from time to time.

considered

be

bond

the

on

provide the bank with its working tools, such as a bank building,

purposes.

portion

account,

employment of a

profitable

objective

the freedom of action which may

bank's individual problems.

accounts, with the make-up of

In

Just

must

banks the bond account, viewed as a whole, serves
One portion provides a secondary reserve, another
strictly investment medium for a part of the bank's funds, and

a

as

various

by

necessary

distinct

serves

so

needs.

restrictive influence

practically

three

special

principles which

discussions

forum

lines than

of

policies

investment

portion of the bank's funds.
Here our
good an interest return as possible without
sacrificing essential safety of principal.
Ready liquidity, while important,
is not so compelling a consideration as it is in the case of the secondary
reserve
issues.
It is in this account that a bank has an opportunity to
the

in

investment

operations,

of

its

serve

investment

still

bond

the general policies of the bank.

sphere

its

formed

be

our

policies of every bank must be predicated upon the conditions obtain¬

ment

ing

that

realize

upon

more

to be of real value.

prove

all

a

The

during

and more
important part of banking management.
This emergence of bond invest¬
ments into a predominant position among bank earning assets has brought
with it a host of problems which are perplexing indeed to those responsible
for
the
proper conversion
of bank funds.
Although our ever-changing
economic scene renders it fairly certain that we shall wrestle with these
problems again and again in the years to come, it may be possible through
conferences such as this gradually to build a body of broad general prin¬
ciples which will be ol aid to all of us in the solution of our individual
problems.
If in formulating these principles we keep in mind that "all
generalities are untrue, including this one," and realize that circumstances
make exceptions to practically every rule, there is no question but that
past several years to make the investment program

they will

America National Tnist & Savings Association,

Smith, Vice-President and Cashier Bank of

By Bussell G.

more

well said that

conservative

must

as

be

invested in fixed assets.

the margin of capital to deposits narrows,
the

relationship

of

the bond

investment

the soundness of this
that this requirement applies with
equal force to loans and discounts as well.
Net capital funds provide the
cushion for losses of all kinds, and experience has shown that loans and
discounts contribute more in the way of losses than do bond investments.
In
this connection
it is interesting to note that in the recent booklet
on investment standards and procedure published by our
Bank Management
Commission, the statement is made that a bank's bond investment account
should not exceed two and one-half times net capital funds.
This recom¬
mendation, and a worthy one it is, in theory, is based upon the experience
of the past depression, when bonds listed on the New York Stock Exchange
account

view,

to

capital

funds.

There is no question of

but it must also be remembered

58

BANKERS'

showed

an

CONVENTION

discount from par of 40% in
February, 1932.
From the
viewpoint of safety alone there is no
question of the merit of this position.
However, its practicability as a general
policy is open to question.
If
rigidly adhered to, it would greatly restrict the
earnings possibilities of
banks having little loan
demand, and in many instances would result in a
serious overabundance of
non-earning funds.
Then, too, the view often ex¬
pressed that a large bond account is
likely to subject a bank to losses
through changes in interest rates is
subject to over-emphasis.
After all,
that
is
no
average

than

more

bankers
chases

must

and

train

themselves

point

to

be

valuing bonds in banks
quotations.

hazard

selection

considered
and

of

this

that

on

is

the

I

neither

sound

fair.

nor

A

bank's

loan

portfolio is not

deposits
States

pur¬

of

been

in

upon
the credit standing
pledged behind the bonds.

of

the

issuing companies

and

made

quoted

value

insolvent

basi6

of

of

the

portfolio

market

sufficiently

during the depression,

the credit

to

create

paid

status

with the return of

and caused

the

losses.

the

raise

10% of

fit

maturity

banks

confidence.

was

On

to

in¬

sound.

became

Bank

known

bond

much

as

loan

as

credit judgment
of the

and

bond

estimated

in

policy

needs.

by

In

proper selection

a

judging the

investment account to net
capital funds

consisting of unmatured loans

with

of

as

and

only

accounts

the

must

postal

special

savings,

cashier's

check

should

United

funds

also

be

receive

of

be

assets

made

to

for

distribution

of

each

the

class

of

practical

deposits

difficulty of

assets.

For example, if it is decided

invested

in

bankers'

acceptances

a

long-term

should

a

made

under

of

stress

it

banking
the

will

far

is

for

that
the

each

expected in the way of deposit demand in each
period of

the

the year.

past performance of your deposits, allow¬

on

excellent

As

unquestionably

stabilizing influence

the

on

provisions.

have

we

to

of

the

Federal

demands
of
depositors
depositor confidence in time

tower

a

of

probable

factor of

a

be

considered
sound

a

convert

individual

to

of

of

strength

to

the

Nation's

structure.

conditions

as

trend

charted

Corporation

its

formulation

step

it

be

and studied
closely in order to
possible the maximum and minimum points of each
study is valuable in that it serves to indicate with

as

Such

be

may

maturities

to regard

nearly

Insurance

varying degree of credit risk and

a

and

of

Deposit

relationship of

proper

it is well

also

deposits should be

basing future expectancy

ance

be geared to avoid
bonds and to prevent

of

Not

public,

category are not available.

paper

included

with

should

the selection

account

time,

Allowance must be
the slack in certain desired classifications
when assets

up

classification

Thus

policy

poor

condition

effect

In

poor

position,

-

account

a

thorough study of deposit composition has

ideal

accuracy what may be
classification and at each

banking practice,

stable investment

make

deposits

distribution

must

an

fair

finally defaulted

worse,

the interests of efficient and
sound
a

a

to

consideration.

bank

proper

demand

classification.

market

proper

account

scarcity of this highly
desirable
asset
impossible to fill the allotment, provision must be
made for invest!"

determine

These bonds

the other hand, bonds of

but instead
maintain

undoubtedly
today because

their

bond

funds.

an earning asset of
similar investment character.
deposits is complete unless proper consideration
is given to
seasonal and cyclical
changes upon the area served by your
bank and upon
your various classes of depositors.
In this connection,
special
attention should be
given to the distribution of your
deposits by size of
accounts.
Unusually large accounts must in most instances be
regarded
as
poesible sources of unexpected demands.
The

were

sound

are

recovered

or

the

capital

No study of

funds.

frozen

to

banks

with

to

ing the unused portion in

the

standing by to buy or to lend against bonds
abnormal depositor demands make it
necessary for the banks

event

losses from

the

at

permitted to

Reserve

Investment

a

In

be

Federal

in

full

did not recover,

should

to

in

out

rating

banks

of

a

taking

makes it

the

technical

a

assets

outset

savings,

detailed and

a

commercial

deposit

thousands

but these

position of the bonds in their portfolio

either

credit

values

for

into

other

allowance

that

solvency.
the

and

upon,

and

If

On

conjunction

these

but the size and distribution of

After

belonging in that

this

upon

taken

demand,

obtaining at all times

the securities
making up a bank's bond account can stand this test in
satisfactory fashion, it is manifestly unfair to
regard the bank's capital
position
as
being impaired simply because market conditions
reduce

the

for,

made

decided

but rather is judged according to the credit
position of the borrower.
There seems no valid reason
why bank bond accounts should not be
judged
in
like manner.
In
valuing a bank bond account emphasis should be

placed

be

of

Government,

provided

way,

values

should

requirements

venture

valued

in

of

thorough study of the
The make-up of total
deposits should
investigated thoroughly and the special characteristics
of each class of

be

subject the capital position of the
Nation's banks to the unpredictable
hazards of daily bond market
valuation
is

discounts

deposits it is necessary at the
deposit composition of the bank.

and

practice

when

me

and

properly to consider the relationship of the investment

to

the basis of market

with

agree

order

attention.

connection

judging capital position

confident that many will
this is all wrong.
To

loans

your

determining the relationship
In

of maturities.

in

I feel

opinion

the

banking business,
hedge against it by the timing of

to

sales and judicious

Another

the

normal

a

consider
in

these

institution.

bond

general

Since

of

some

the

basic

investment

principles

this

involves

factors

contributing to
Logically, the next

policy.

into

workable

a

consideration

a

plan

of

for

the

the

specific

affecting each bank's investment requirements, it seems to me
is a good place to
bring my contribution to a close and open

this

subject to

general discussion.

a

Correspondent Bank Relationship; Spaced
Maturities, and Sources
of Investment Information
By H. H. Harris, Vice-President First
and Merchants National
Bank, Richmond, Va.
Three topics have

(a) Spaced

been

assigned to

is

shall

Relationship—Procedure

discuss

these

Information

that

principles
I

refer

of

you

which

are

funds

which

Banks

their

in

order.

number

a

thoroughly familiar

have

taken

place

particularly to the decline

normal

for

must

be

Relates

as

of

to

Investments.

$1,000,000 to

$5,000,000

long

subjects

limited, it is necessary to take

assume

in

in

the

time

allotted

the change in
many
banking field in recent

and

the

than

other

increase
what

in

basic
years.

the amount

be

may

termed

banks of the size under discussion
had no difficulty
in
employing their funds by means of loans to
individuals and industries
in the local
community.
However, in the vast majority of cases the demand
from these sources has shrunk
until most banks have to
seek employment
a

of

is

other

directions.

that

the

banker

large percentage of

a

investment
Before

of

the

future

his funds,

should'

possibly

investment

that

a

of

prepare

himself

to

funds

in

be

can

approached

careful

properly,

it is

analysis be made of the bank's
business, with
primary and secondary reserves, which should ■ consist
of cash and
high-grade paper, including United States
Treasury bills and
notes, due within two years.
The secondary reserve should be
spaced so
proper

that

provision

some

rounding
reserve

maturities will become

of

amount

for

such

the

will

reserve

individual

due in

depend,

bank.

practically

of

Under

should

course,

existing

month, and the

every

the conditions

upon

conditions,

the

sur¬

secondary

be adequate with
respect to two tests, to wit:
(a) it should
the
replenishment of primary
reserve,
either through
allowing such assets to run off or
through their sale in
the open market;
(b) in addition, it should be
adequate in the further
sense that a
bank should never find
it
necessary to sell investment bonds
in

be

adequate

the

for

of

process

a
weak market,
thereby entailing losses.
The latter point is
especially
important, if a bank holds a considerable amount
of long-term bonds.
This brings
us
to the principles involved in

in

connection

we

must

reserves

with

assume

in

the

the

bond

several

aggregate

account

things:
are

first,

sufficient

rise

and

that

the bond account will be
called

ing

from

must
and

fall

in

unusual

deposits,

situations

well

or

that second-grade
bonds purchased are

assume

that

as

itself.

that
to

the

a6

on

the

take

determining the policy
approaching this matter,
primary and secondary

care

demand

have

As
no

a

of the

for

only to take

conditions.

bonds

In

normal seasonal

local

care

matter

place in

a

of
of

loans; second,
demands aris¬

principle,

bank's

we

portfolio

bought with the idea of
furnishing prime
reasonable income and not for
profit through sale.
hundreds of banks
throughout the country that have no
definite investment
policy but which hold many millions of
dollars of
United States Government and other
bonds.
It is these banks that
find
security with
There

are

a

now




to

comes

making

of

Federal

securities

held

are

by

banks

proper

eliminate

to

large degree the guesswork in investing.

a

The spacing

provide

the

will

will

result

Of

that

fall

are

is

to

be

due

in

of good

be

bonds maturing

10

There

endeavoring

immediate

in

First

equal

Very few

several

convert

future.

with

equally

which

years.

are

to

levels,

attractive basis.

one

about

of

others

distributed

more

is

account

Some

high;

are

depression
a

on

position.

in

the

at

annually will

investment.

will

period of

a

enviable

position

distinct scarcity

a

fall

for

are

average,

maturities

over

an

encountered

a

will

funds

bonds

the

on

Bpaced

such

of

yield basis and bonds

annually

into such

securities

during periods when bonds

account,

ideal

in

that

so

steady flow

periods when

low

a

due

now

disadvantages
account

the

on

the

course,

banks

a

available

during

bonds

amounts

with

be

due

come

the

of maturities

bank

these funds

between
these

volume

policy.

investments, frequently banks find them¬
selves "holding the
bag," for generally bond prices are low
during a period
when loans are at their
peak and when deposits have declined.
Con¬
versely, when bond prices are high loans are at a low level and
deposits
are
high, leaving the banks with large funds
seeking investment opportunity.
Added to this is the hazardous task of
trying to guess changes
in interest rates and
changes in bond market trends.
Our problem is to
devise a system
whereby the bank's funds are not being invested constantly
during the periods of low interest rates, and to endeavor to

the

predominant part,

a

securities.

the

necessary

While

for employment in other
than regular channels
may have
peak and, for that matter,
may recede to some extent, I think

its

essential

employ

in

funds

reached

it

large percentage of their funds

very

ratio

years,

considerable

any
a

When it

*

recent

as

without

things for granted and to

with

the

in loans

employed

Since

of

channels.

Until

for

themselves in the position of
having to dump their bonds in weak markets
by so doing greatly accelerate an
already weak market situation.
In
my opinion, all the vast powers of the Federal
Reserve System and the
Treasury Department are insufficient to stabilize the bond market so
and

Bank

(c) Sources of Investment
deposits.
I

me:

Maturities.

(b) Correspondent

distinct

bond

one's
of

the next 10

all,

there

and,
even if they were available, the
prices at which such maturities
selling today necessarily would mean a considerable sacrifice in income
over

years,

secondly,
are

from
not

funds switched from
longer maturities.

to

undertake immediately such a
gradual way, to its accomplishment.
There

is

another

program

into

cerned.

At

bond

prices

conditions

important

effect
this

justify

will

in

time
us,

far

so

the

I

point
as

think,

in

be

to

the

low

very

It

seems

conversion

but

considered

investment

interest
the

of

rates

conclusion

desirable, therefore,

rather

in

to

work, in

putting

new

and

funds

the

that

more

such
is

hevy

a

a

con¬

high

favorable

be

available in the future for the
employment of these
funds, and, therefore, I suggest that any new funds available for investment
purposes be concentrated in the earlier
maturities, such as those of from
three to five years, with the idea in view that at
the time they mature

conditions may be more favorable for
equalizing the maturities.
the
income from these funds will be somewhat less than
if
were

that
the

the
use

this
is

equally divided

among

all

maturities.

Naturally
the

funds

Of

course,
it may be said
disadvantage in such a program is that it does not permit
intelligence in guessing interest rates.
My contention is that
a
disadvantage but one of the real reasons why such a program

main
of

is not

suggested,

for

bank

a

wise

eliminates

steady

it

takes

flow of
bond

the

guesswork

income and
profits,

but

funds

it

also

out
for

of

investing

investment.

operates

vice

and
The

versa

gives
plan
to

the

like¬

reduce

HOUSE

CLEARING

ROUND

59

CONFERENCE

TABLE

*
losses

bond

the

to

minimum

a

it

make

annually the

cash

of

receipt

and

be used

banker

cash

is

to

replace secondary

or

primary reserves,

whether this

or

unnecessary,

at least seldom

problem, for upon
position to determine

It also simplifies the investing

to sell bonds.

necessary,

to

pay

in

is

a

out deposits,

make further loans,

re-invest in additional

or

10-year

We

relates

as

the

In

selves.

most of the larger city banks were engaged actively
securities, which policy in itself eliminated, to a

past,

distribution

the

bank relationship and

many

in

assistance

of correspondent

question

investments, and on this point I have a very
smaller banks overlook an opportunity to obtain
their investment problems without cost to them¬

to

feeling that

valuable

in

the

to

now

come

procedure
definite

of

banks from an invest¬
condition does not exist today.
few years the larger city banks did

large extent, their usefulness to their correspondent
counselor

ment

also

It

is

Such

standpoint.
until

that

true

a

the last

bonds, and
consequently did not have elaborate information on a great many securi¬
ties.
At the present time the larger banks are confronted with the same
problem as the smaller banks, that is, the question of investing large
amounts in
bonds, and, as a result, in many cases they have built up
large and efficient investment departments in which they have officers
and employees whose business it is to do nothing but study investments.
Almost without exception, the information in the files of these banks and
the judgment of their officers is available to their correspondent banks.
I- is my opinion that to a large extent many banks have not availed them¬
have

not

bank

their

of

employ such

to

of this assistance,

selves

careless

a

and,

large percentage of their funds in

in cases where they have

it in a haphazard,

gone

impossible

it

making

thus

way,

have

they

obtain

to

the

best

results.

instead of presenting their problem in a

instance,

helpful advice, the problem should be presented with a full background of
the bank's situation.
I think it would be very helpful if the officer

personal consulta¬
these problems should be

presenting-the problem would arrange in each case for a
tion

general

on

Of

outlook.

policy

course,

presented at regular and frequent intervals.
I am inclined to think that possibly one of the most
their

their

to

of

situations and securities, and present their analyses to
banks for criticism and suggestions.
In my

own

the bank that chooses wisely its
city correspondents, with the idea in view of selecting those that are in
position to help them with their investment problems.
The third
question to be discussed relates to sources of investment
information
for a bank with from $1,000,000 to $5,000,000 of deposits.
The sources are numerous and can be summarized briefly as follows:
National
Statistical
Organizations—I refer to such organizations as
Standard Statistics, Moody's, Poor and Fitch.
Through their large statis¬
tical
organizations, these concerns are in position to assemble and dis¬
tribute, by reason of their various services, excellent information as to
historical background, as well as current information pertinent to most
all
of
the
listed
securities in
which a bank would be interested in
benefit should accrue to

securities

numerous

specialists

problems who have built up organizations through

in

investment

which, for a fee, they

Financial

and

and

intermediate
times

they

markets.

Often

diverse, and I think the distinction should be kept in mind.
the factors underlying present markets, it may be

are

order

In

long-term

bond markets—short-term,
they move together, but at

government

different

to

consider

of bank credit got
banks began to seek invest¬
ments, largely governments, to replace their declining loans.
With the
advent of the present Administration and its theories of monetary control,
the full force of its resources was turned toward easing of credit.
Under
review

useful

to

under

way

preceding

events.

As

liquidation

in the beginning of the depression

and lower yields, banks were forced to extend the
maturities of investments to earn their bread and butter.
Bank loans reached their low in the latter part of 1936, and began a
the

slow

lower

of

pressure

By the

expansion.
Excess

stantial.

reserves

middle of 1936 the increase had become sub¬
were
measured in billions, and with the effect

added to the continuing government spending and
increased. The Reserve Board deemed
increase the reserve requirements of the banks.
This

expanding business

of

deficits, the inflationary possibilities
advisable

it

to

marked the first restrictive move by the
monetary authorities, in contrast to their previous continuous pressure to
ease
credit.
The high
point in totals,
commercial bank investments
coincided with this action.
Country banks continued to buy, but banks
action

the

in

There

coming

the

decline, due
available

rising

it

to

long-term

reduce their holdings of governments.
issues, they sold on balance a larger

bills.
causes

for this buying of bonds.

In the first place,

advanced that Social Security taxes would, over the
retire a large i>art of the publicly-held debt.
Secondly,
widespread conviction that government bonds would not

was

years,

was

and

several

were

theory

there

bought

they

of notes

as

began

centers

larger

Although
amount

the

important,

was

to

bond

to

Security buying and other protective measures
government.
Furthermore, banks were speculating in a

this Social

the

market.

reached new highs.
rise in commercial
loans and gold imports gave increased emphasis to inflationary factors.
In the latter part of November, 1936, Mr. Eccles and Secretary Morgenthau forecast further restrictive credit moves.
Early in December weak¬
ness
developed in short-term governments, and by the middle of the month
Following

the

election,

However, the expansion

most

government

issues

of business and the accelerated




many

Chronicle,"

financial publications, such as
Street Journal," and other

"Wall

which give valuable information on earn¬

been so frank
do not receive these
reports unless they request the corporations to put them on their, mailing
lists to receive them; however, my observation is that these reports are
Annual

and

Reports—Never

complete

before have corporate executives

their annual

in

Bondholders

reports.

always available if requested.

the facili¬
already. * • .
Supervisory Authorities—In recent years the various supervisory authori¬
ties, through their regulations, &c., have undertaken to assist banks in
Correspondent Banks—We have information available through
of

ties

suitable

in

all

discussed

of

these

sources

a

relieve

regula¬

outside advice or supervision

charge of its management, and no amount of
can

advice and

information,

of

the responsibility for the proper and safe
bank's funds rests squarely upon the shoulders of those in
analysis

final

the

investment

have

we

banks.

for

Notwithstanding
tions,

which

by prescribing certain types of investments as

problems

investment

their

banks,

correspondent

that responsibility.

the management of

Summary
What

the

been

has

essentials

of

summarized

be

mental
1.

said

be looked

somewhat

a

more

as

upon

policy for

investment

an

in

may

formal

an

bank.

a

manner

informal statement of
These essentials may
as a series of funda¬

principles:

It is

be confronted with the
of funds in investment securities.

probable that for some years to come bankers will

necessity of placing considerable amounts

bank shall first see to it that its primary and secondary
adequate before proceeding to put bank funds into securities.

It is essential that a

2.

are

reserves

of these reserves must take into account the whole position
particular the investment policy which it purposes to follow.

The adequacy

the bank and in

No investment policy

4.

of

worthy of the name should make a place for second-grade

issues.

5. Bonds should be bought

for income and not for profit.

•

the fact that bond prices are
and vice versa. Consequently a bank's
involves the investment of funds when
bond prices are high and the sale of bonds when their prices are low.
7. The solution of this problem is to be found in the proper spacing of maturities
so that an approximately fixed and suitable percentage of bonds mature each year.
8. Any other policy involves forecasting of the trend of the cycle and its affect
upon interest rates.
No bank is adequately equipped for this task, nor can it be.
9. A bank should base its investment policy upon the principle that Investments
are made for income and not for profit.
Any other policy involves the bank in
speculation, the risks of which it may be ill prepared to assume.
10. Smaller banks can rely upon city correspondents for investment advice, but
in doing so such banks should disclose to the correspondent all the essential facts.
11. A country correspondent should consult the city bank at frequent intervals.
It is unsafe for a bank to buy bonds and check up on them only once or even twice
investment policy must take into account

0. An

generally high when loans are at a low level
investment policy should not be one which

year.

There are a number of excellent

Investment services which can render

not as substitutes for

valuable
and

these should be regarded as supplementary sources
careful study on the part of the banker.

service to the banker, but

Market

Guaranty Trust Co., New York City

By Robert L. Garner, Vice-President and Treasurer
three

really

are

through handling the purchase and sale

ings and current trends.

Aspects of Government Bond
There

customers.

are

publications,

large metropolitan

12.

are

a

their line.

in

Publications—There

"Commercial

a

investing its funds.
Investment
Counselors—There

available to

is

bonds,

Many of these houses are
vast store of up-to-date
Generally they receive their

have

addition,

in

for sendee rendered

Financial

correspondent

opinion, much

but,

be

can

in marketing different securi¬

States Government bonds, State and municipal

dependable

information which

information

much

carefully,

public utilities and industrials.

bonds,

only

compensation

problems is for banks desiring assistance to analyze care¬

presenting such

fully

not

selected

investment houses specializing

from

ties, 6ueh as United

3.

effective ways of

Houses—If

Investment

obtained

sought the guidance

about

correspondents,

full and intelligent
manner, it has been the custom of many bank officials, when seeking invest¬
ment advice, to write to their correspondent banks and ask what bonds
they would purchase at that time.
A still more frequent practice is to
send in a list of bonds,
possibly arranged' alphabetically, and ask the
investment officer to go over the list and suggest which bonds should be
held and which bonds disposed of.
In order to get the best and most
For

ments.

railroad

prime bonds.

invest¬

supervise investment accounts and furnish all desired information on

and

municipal markets began

to decline.

Soon thereafter,

the

corporate

the

gold sterilization program was announced.
face of these events, the point was strongly argued that the

In

Bpread

yields on long- and short-term governments was abnormally wide,
that this would adjust itself without causing a decline in long-term

between

and

governments.
important
of

amount

actually advanced to record

issues

bonds and notes, and
in

reserve

Stock

Perhaps the most
bought a large
February. These
prices, despite further weakness in other

For a time this claim appeared

justified.

factor was that life insurance companies
long government bonds during January and
the announcement on Feb. 1 of an

additional increase

requirements.

and

commodity

to

be taking hold.

in

the

decline.

prices

continued

upward,

and

inflation

seemed

Early in March prices of long-term governments joined
the rescue, with buying

The monetary authorities came to

by Treasury agencies and the Federal Government.
The decline was halted
and was followed by some weeks of irregular markets.
Meanwhile the

by the President, together with acute labor
downward, and resulted in some slowing
down of business.
Nevertheless, loans continued to increase and banks
continued gradual liquidation of governments.
Beginning in May, however, there was a recovery in the government
markets, which continued through July.
Excess reserves declined materi¬
ally in that month, particularly in New York City, and a substantial
expansion of autumn business and of loans was generally expected.
Early in August government markets again
declines and continued
weak through the month.
The Treasury faced a large refunding, and
with nervous markets found it expedient to offer only short maturities
gold

scare

and

statements

troubles, turned commodity prices

for new money.
and again the monetary authori¬
ties acted.
They released $300,000,000 of gold, giving the Treasury that
amount of additional working balance without going to the market, and
the Federal Government announced its intention of buying short-term gov¬
ernments to the extent necessary to maintain an abundance of excess
reserves.
This reversed the market and created a strong demand for short
and intermediate maturities.
This brings us to the present.
I shall now outline
certain factors which I believe will influence the
in

exchange and to forego asking

Prices

future

seemed

headed to lower levels,

of the markets.

60

BANKERS'

We

have

observed

investments,

and

that

that

loans

as

loans

as

declined

have

banks

increased

forced

were

they

have

to

been

CONVENTION

buy

selling

investments.

Private

business,
be

credit

than

have

confined

It

maturities.
a

If

we

that,

seem

their

the

appears

the autumn

over

the

demands

months.

of

pace

It

for

Faced

will

bank

by this

government holdings,

but

the

at

beginning of

by

bank

of

reaction

severe

two, there will be

or

liquidation

long and

a

expansion of loans

an

investments,

it would

particularly

the

of

longer maturities.
If,

however,

the

on

of another

eve

government

unlikely

without

sequences

the

their

depression,
and

revenues

rising

would expect

we

expenditures

for

'

appears

that

window.

the

strenuous

spending.

government
of

are

falling

-

It

deterrent

great

selling,
The

the

banks

to

first

but for several
has

result

been

months

that

for

they have

bought

time

some

there

few

have

long

been

governments.
no

substantial

buyers of these longer bonds.
It has

been

demonstrated that

markets

government

when

basically inflationary,

the

real

whether

monetary authorities will support the
develops, but such support is

weakness

directly

through purchases by the Federal
indirectly through increase of excess reserves.
The support
twice this year has created
a
market demand for short and

Government
extended

or

intermediate

iE6ues, but not

for long-term issues.

Perhaps the predominant factor in the government market is the budget.
seven
years of deficits, balancing continues to be delayed until next
year.
This is a financial policy of hope and postpone.
The Administra¬
After

we

declining loans,
relief.

inflationary measures would
buying of long bonds.
began to liquidate investments they sold shortterm issues, but since
early this year they have been reducing the amount
of their longer bonds.
For a time insurance companies absorbed this bank
a

so

their

the next year

over

accompanied

that

several

with

confused.

consumption

next

increase

to

badly

therefore

the

decline

or

is

purchases
largely to short and intermediate
probable that they will continue this policy pending
development of the business situation.

not

are

and

over

rise

and

seems

definite

more

indicated,

promising

to

outlook

production

banks have begun

prospect,
far

expected

business

the
of

was

less

are

be

may

today
level

the

lower

credit

Treasury and the adoption of additional

be

When

and

that

now

the

Banks

would

but

investments,

attempts

under

be

faced

such

would

accept

these

continues

with

the

conditions

necessity

the

of

financial

It

con¬

to halt the decline by increased
balancing the budget would go out

Predictions of

tion

to

budget higher

continually find their

Administration

increasing

situation

of

to

appears

skeptical

that

me

that

there

What

future.

then?

will

but additional

revenues

new

expenditures

into the appropriations.

way

informed

be

people

steadily

are

balancing

any

We shall

of

becoming
budget in the

the

more
near

have

plenty of monetary management, but
difficulty of controlling prices of government
securities, particularly long bonds, will multiply.
if

the

deficits

continue

the

Municipal Securities
By John S. Linen, Second Vice-President The Chase National Bank, New York
City
The subject of security analysis as applied to State and
municipal obliga¬
tions is

quently given secondary consideration; corporation issues being accorded
attention as they conform more readily to
reasonably simple

one that has received much discussion and a
variety of treatments.
In spite of this, I feel sure we may find profit in refreshing our memories
for
a few minutes even if no completely new
analysis or approach is made.
For the sake of brevity I shall use the term "Municipal
Securities"

the true course

applying to obligations of States and their political subdivisions.

the

as

The

difficulty

satisfactorily
given to

which

frequently

municipal

to

arises

securities is

the respective factors.

in

applying statistical

themselves, particularly

related to economic and social conditions in the broader sense, are
as

tp make

a

studies

knowing what weight should be

The factors

standardized form impracticable.

so

as

varied

An interesting evidence of

this difficulty was given in remarks made by Gaylord

Cummings last

month

before the National Security Traders Convention at Atlantic
City.
Mr.
a first hand knowledge of the problem of
attempting

Cummings spoke with
to

give standardized ratings

municipal securities.

on

Although his experi¬

preferred

analysis.
It is at this point that we must be sure we are not

against

he decided after developing a service of this
character,

spects it

was

unsatisfactory and

several years in the investment

subject, he is the

banking business and

convinced

more

that in many re¬

as a result discontinued the work.

that such

After

further study of the

a

ratings

are

not

practicable.

bond

Some investors have apparently concluded that the
problems involved in
are

too

municipal bonds do not receive

indeed

they are accorded that.

sound

conclusions in

convenient

that

a

complicated for
more

No sixth

them

than passing

sense

and

has not

been devised

such

consideration, if

is necessary

to formulate

judging municipal credit, although it is

frame work

in

little in¬

a

which simplified the

analysis of municipal statistics.
If

to make an

we are

intelligent decision in the selection of bonds for in¬

vestment or

portfolio purposes, it is necessry that the fundamental
security
underlying municipal obligations be compared with the protections
pro¬
vided by other available securities.
It is, I am sure,
unnecessary for me
to mention, even briefly, the various other forms of
bonds with which com¬
parison of intrinsic security features should be made.
Before submerging ourselves in

prepared analyses, which
than broaden

a maze

occasions

on

judgment, it will be

our

minds just what we are

own

of statistical

has

a

seeking from

a

data

tendency to

well for

us

to

and

carefully

narrow

really

that

so

we

want

to

we

mean to travel.

We may safely assume,
which

rather

define clearly in our

policy standpoint

may avoid a detour or deflection from the road we

I believe, that security of principal is
keep foremost in mind.
I am satisfied that

a

factor

many in¬

vestors

and institutions

develop a preconceived prejudice, frequently un¬
consciously, on municipal securities, either specifically or
generally, because
of the publicity which is
given local happenings and controversies.
This
publicity may be adverse in character and at times tinged with
some

bias.

The extent to which the criticism and

position of the investor, when all related factors
is apt

to

be overshadowed

I have read with

Booklet No. 19."

political

fault threatens the
security

are given due
consideration,
by the unfavorable general impression which

lingers in the mind.

,

great deal of interest "Commercial Bank
Management
The committee which
prepared the discussion on State

a

and municipal bonds is

deserving of much commendation for

the

manner in

thorough

which they have set forth their
studies on this subject.
While
there might be some differences of
opinion as to the arbitrary ratios which
are set
forth, these are matters of judgment as
applying to individual
situations, as the discussion itself points out.
It is interesting to observe how
much more detailed the
studies are today
In certain directions as
compared with those made by careful
buyers prior to
our

recent

tained

experience of economic ills.

today makes

a

The greater information that
is ob¬
valuable addition to our
knowledge of the true fi¬

nancial

position of the State

touches

on so

many

or

municipality in question.

points, however,

state of mind as to what

has not had
ence

of

an

as

The information

to sometimes result in

the proper conclusions
should be.
opportunity to observe rather widely and

a

confused

For one who

closely the experi¬

municipalities and their economic and financial
problems, it is only
interpretation of these statistics should
prove rather baf¬
As stated before, no simple formula is

natural that the

fling.

municipalities

and

municipal

governments,

and

in

spite

some

of

the

municipal

by municipal

obligations. The actual amount of principal lost on obligations of the more
responsible communities has been very illuminating in showing the funda¬
mental ability of our better established communities to
pay their obligations
ultimately even though they may have to deal with serious financial diffi¬
culties.
In

November,

25,000

or more

1936, the "Bond Buyer" reported,

population which defaulted

"of the 54 cities of

both principal and interest,

on

all but 10

are in a position to meet their
obligations in cash on time, and of
these 10, only 2 are in the 50,000 or more
population group. No new defaults
have occurred in many months."

The following is quoted from the annual statement for the
year 1936 of
of the largest life insurance companies;

one

men.

selecting municipal securities
cases

keeping foremost in mind
With all the criticism that is leveled

units, experience during the past decade and before, has
demonstrated, in
a most remarkable
way, the rare quality of security provided

While I do not wish to

say that such a formula is impossible, one has cer¬
tainly not been found which meets the approval of well informed
municipal

wandering afield from

have set for ourselves, namely,

deplorably bad economic, social and financial conditions of

had equipped him in an unusual way to analyze
municipal statistics,

ence

we

factor—security of principal.

tion and there

are some

so-called experts.

possible of accurate
situations that are
puzzling, to say the

An effort

l<ji

to

uniform accounting practices.

simplify is further aggravated by
5

Because these difficulties exist in

satisfaction,

the

various




factors

applica-

A further expansion took place in the
company's United States municipal
bond holdings during the year.
This item had an admitted asset value on
Dec. 31, 1936, of $152,534,088, compared with
$108,455,170 one

The admitted asset value of municipal bonds
acquired in 1936 is
The year ended with the defaults in our United States

that faith.

Too many times the assumption is made that
municipal securities are

presented,

municipal

securil

o*

interest only to people subject

to the higher income tax brackets.
It is
interesting that insurance companies gain but slight advantage from the
tax exempt feature and still constitute one of the most
important markets
for municipal obligations.

Because of the character of the security which

municipal bonds generally offer from

the standpoint of a well balanced
investment account, they should occupy
very much broader attention and
consideration

than

the annual interest

divisions

they frequently receive.
payments

approximate

on

$700,000,000

with

has

been

retirement

$500,0000,000.

the debt service cost results in

some cases

It

estimated

that

bonds of States and their political sub¬

somewhere between $400,000,000 and
in

a

of

principal

falling

While it is true that

relatively heavy burden upon

the taxpayers, credit should be given, from the

standpoint of sound fiscal
policy, for the large amount of principal retirement which is met year after
year

by

our municipal governments.

This compares most favorably with

policies followed in corporate finance and is

an

important factor in the

security position of municipal obligations.
The above statements, it will be recognized, are
general.
course,

exceptions to the rule.

We

can

all think of

a

There are, of

few default situations

that have been trying and costly to the holders.

Instead of attempting to discuss in detail the enumerated factors
which
have been set forth in booklet No. 19 which would be somewhat
repetitious.
I believe it may be more profitable to
lay emphasis on certain features
which

on

occasions

also upon the

unnecessary,

deserve

special

attention,

interpretation of data that

I will not mention

some

does not

however, to touch

mean

on

may

and

make

some

be available.

they are unimportant.

all

of the details set

comment

The fact that
It has seemed

forth in

booklet

No. 19, with which I assumed you are
intimately familiar, as many of them
can have only one
interpretation.

The

character

of the

portant consideration.

community and the population is always an im¬
This heading should be treated in

a

broad way as

dealing with all of those factors that relate

to stability and a type of citizen¬
ship that is interested in maintaining credit and paying their obligations.
The type of administration is many times somewhat indicative of
the

character of

the

community itself.

If inferior officials

are

continued

in

office year after year, it is evidence of an inadequate
majority of the better
citizens who

can

or

will assert themselves.

A sufficient population is, of course, desirable from
assurance as to

attempting to interpret

year ago.

$52,446,405.
municipal bond in¬
practically eliminated.
It is worthy of note that not a dollar of
principal was lost on the municipal
bonds that defaulted and that only a
comparatively trifling amount of
interest was waived.
In our report for the year 1932 we said;
"Repudiation
of lawfully issued municipal obligations is not a
characteristic of the Ameri¬
can public and we are confident that the
present defaults in this class of
securities owned by the company will be made good."
Time has justified
vestments

stability and pernancy.

There is

a

a

standpoint of giving

tendency, howeve,

on

the part of many investors to seek only big names, such as issues of States
and our

largest municipalities, to the exclusion of less well known municipal

CLEARING

ROUND

HOUSE

unite, the latter not being given even casual consideration.

As

caused as much

far more acute problem in the large cities than in the

a

There have been, in fact, many of the smaller

ones.

have been able to carry this
whereas

burden

cities that

without undue strain,

as a current cost

of the larger municipalities are still finding it necessary

some

fund at least

probably

difficulty in municipal operating budgets as any other one

thing, has been
smaller

matter

a

of fact, we know from experience that the cost of relief, which has

to

Adverse political influences are also

portion of such costs.

a

Rating agencies are inclined, in my judgment, to rather generally give
undue

preference

probably seems
selection of

In view

size.

to

necessary

of the practical

this

considerations,

because it is obvious that discrimination in the

in the smaller population units is

names

much more important

than in the larger municipalities.

In

month

National

of the

Security

last

meeting

Convention

Traders

which

has

8.56%

12.23%
9.86%
13.12%

$168.15
134.75
168.50

$205.51
165.75

1,269,500

Comb, net income overlap._
Ratio to assessed value:
Total bonded

investigated by the

Municipal Committee of the Investment Bankers Association and their
findings and recommendations be presented to their members and to the
Investment Bankers Association Convention in White Suphur Springs."
As Chairman of the committee referred to in the resolution, I pretty much
have this problem in my lap.

ratings

and

It is

out

point

human differences of opinion, it
structive solution.

relatively simple matter to criticize

a

Allowing,

inconsistencies.

Net direct
Comb, net income overlap

30.82% +

220.43

I particularly object personally to the use

people, whether it is intended

1932
Assessed valuation

of the same

applied to corporate issues,

are

will interpret the same symbol

or not,

when applied to a specific municipal bond and a specific corporate

meaning that the two bonds are equally well secured.

bond as

When the history

of corporate and municipal finance is reviewed, particularly those

situations

1937

% Inc. or Dec.
46.28%—
27.58%—

$3,788,915,049 $2,035,513,280
179,649,200
130,098,000
161,947,400
118,729,833
11,499,001

Unfunded
Net direct debt

161,947",400

130,'228^834

Comb, net income overlap..
Ratio to assessed value:
Total bonded

513,057,766

460,466,084

4.74%
4.27%
13.54%

6.39%
5.83%
22.62%

$53.21
47.96

$38.53

Net bonded

Comb, net income overlap

151.95

136.38

Net bonded
Net direct and

overlap

Per capita:
Total bonded

for

however,

is not easy to find a very practical or con¬

symbols in rating municipal obligations that
most

,

23.01% +
„

Comb, net inc. overlap
Per capita:
Total bonded

Net bonded debt

municipal credit

been placed upon

resolve that this subject of credit rating be thoroughly

as

77,219,282
96,562,822

Unfunded
Net direct debt

% Inc. or Dec.
14.45%—
22.22% +

$963,171,890
117,772,577
93,829,286
1,160,000
94,989,286
126,325,785

6.86%
8.58%

Net bonded debt

Total bonded debt

ratings by certain banking controlled groups and investment funds, we do

specific

1937

$1,125,853,030
96,365,062
75,949,782

Total bonded debt

Chicago, III.—Population, 1930 Census, 3,376,438.

adopted the following resolution:

"Dueto the importance

61

1932
Assessed valuation

speaking of municipal ratings, it is interesting to note that the Munici¬

Forum

pal

CONFERENCE

Buffalo, N. Y.—Population, 1930 Census, 573,076.

Net direct

apt to be found in the large population centers

more

TABLE

19.58%—
10.25%—

35.16

Detroit, Mich.—Population, 1930 Census, 1,568,662.
1932

1937

% Inc. or Dec.
13.47%—
2.54% +

Assessed valuation

$2,648,326,070 $2,291,719,930
371,496,903
380,944,830
Net bonded debt_.
275,173,903
276,958,705
Unfunded
33,780,000
Direct net debt.
308,953,903
276,958,705
Comb, net income overlap..
323,693,611
282,286,327
Total bonded debt

10.36%—
12.79%—

_

that have experienced serious

difficulty, and the ultimate losses which the

holders of the respective obligations have experienced are computed,
to

seems

be

to

me

there

justification for the comparable ratings which

no

are

Ratio to assessed value:
Total bonded

While

speaking of population

are

we

today to use more and
remarks two bulletins
to the cities of San

per capita net

of

and $213.55.

As I

Diego, Calif., and Camden, N. J.

figures

capita

was

preparing these

given

were

for

$122.32

was

compared with $120.92

The per capita cost of operating and maintenance of the two

$33.27 for Camden.

for

close

1936,

being

New York, N.

I have cited

$33.64

for

and

Diego

San

The increase in the debt position of Camden is, of

1932

Net bonded debt
Unfunded debt

Overlapping

Debts of New Jersey municipalities in the large majority of cases,

that

the

With

New Jersey to meet these obligations

as

they matured.
too great a

general conditions were most un¬

favorable, the practice was followed of funding all or practically all of such
indebtedness.

term

This type of debt under

making possible the payment of
holder.
other
term

In some

cases

such

obligations

holders were asked to take

cases

bonds
was

sold

were

at

paid in cash.

refunding bonds and in

the retirement of debt somewhat

more

a

high per capita debt in the

of

case

municipalities in New

some

Jersey is because of the large number of suburban residential communities.
The best type of residential community will usually show a relatively high
per capita debt.

There

wealth.

municipal

may

be large estates and

The residents of such

services

and

conveniences

many

homes of more than
demand

communities

that

the

larger

of the

all

metropolitan

ences.

Factors of this .character must

applying per capita figures.

always be given proper weight in

Obviously, the paying ability of such

munity varies widely from one with

a

a

com¬

large population in the low income

groups.

Certain trends or tendencies are both interesting and important.
relates not only

to debt, but to operating practices

as

sound, must ultimately lead to financial difficulty.

satisfactory knowledge of debt positions it is, of
of the municipality in question.

These

In order to have a

course, necessary

are

This

well, which if not

the approximate figures on overlapping debt as well as the direct
ness

usually not included on

I have prepared a few figures

indicate debt trends.

some

of

our

larger cities

that

I would like to explain before commenting on them

that with the exception
of

on

of Chicago most of the cities have

overlapping debt and some have

no

great amount

none.

Mass.—Population,

1930

Census,

1932
Assessed valuation
Total bonded debt..
Net bonded debt...

Unfunded

_

Per capita:
Total bonded..

Total bonded

Per capita:
Total bonded

Net bonded

$284.49

Net bonded

The above

be

some

figures

12.16%

on

200.11

223.76

225.94

taken from reliable

are

slight inaccuracies, they

Brief observations

1.

10.77%

201.95

Comb, net income overlap

are, to

sources

and while there

the best of my knowledge correct.

the figures should note the following:

A reduction of approximately 15% in the assessed values by four cities
46% reduction by Chicago and about a 5% increase by Philadelphia

a

The need for such

adjustments depends to

some

extent, of course, upon the

relation of assessed values to actual values in 1932.
It is probably reason¬
able to assume that a reduction of not less than 15% should be made in
most cases and in some a greater reduction is desirable.
A disposition to
deal with changed values in a realistic way is, of course, reassuring, particu¬
larly when reductions should be made and the political reaction to an in¬
creased tax rate must be faced by the administering officials.

The

debt

trend

difference is noted
over

should

among

19% and Buffalo

an

be

downward

the six cities.
increase of

since

A

1932.

New York shows

a

rather

wide

reduction of

over

30% in combined city and over¬
lapping debt figures.
The latter is due in part to financing by the Buffalo
Sewer Authority, but principally to the policy of refunding serial maturities
and funding a portion of the relief costs as well.
The practice of refunding
serial maturities defeats the intent of orderly debt retirement
contemplated
by the serial maturity method and can be justified only in extreme cases.
Buffalo has now so nearly reached its debt limit as to make necessary a
change in the fiscal policy which it has been pursuing.
This legislative
curb should effectively retard a trend, which if continued, would ultimately
result in trouble.
The

speed with which municipal units

can recuperate

from serious finan¬

cial plights, provided a sound and reasonable program is agreed upon and

courageously administered,

is

most

value supporting municipal credit.
that

may

that

make

appear

change

convincing evidence of the intrinsic

It is the possibility of

a

reform program

completely the complexion of objections advanced,
dangerous and dire predictions, even though certain trends

alarming.

so

Investors in municipal bonds,

position of the obligations held.

1937

.$1,890,005,000 $1,590,.544,700
166,054,500
153,468,183
130,424,855
133,176,528
(Not available)
7,207,318

% Inc. or Dec.
15.84%—
7.58%—

8.79%
6.90%

9.65%
8.37%

$212.57

170.48

are

as

well

as

in other securities,

This is particularly necessary when un¬

in evidence.

Within the past two weeks a circular letter

came

to

my

desk with the

following statement regarding debt reduction in the Chicago

area:

Since the first of the year the six major governments in Cook
County
have retired, for cash, a total of $30,085,000 bonds.
Adding to this the
amount which it is estimated will be retired by March 1,
1938, the

optional

date for the Chicago Park District, will bring the total cash retirement to
more than
$56,000,000.
This is equal to nearly one-eighth of the total
bonded debt outstanding at the beginning of the period.

$196.45

166.96

(Overlapping debt not available in 1932, thus omitted in comparison.)




15.31%

$277.85

Comb, net income overlap

favorable trends

781,188.

Ratio to assessed value:

Net bonded

1.06% +
.98% +

should review from time to time conditions which bear upon the security

Five Year Debt Comparisons—Six Large Cities

Boston,

15.69%
11.41%
12.64%

Net bonded

to have

indebted¬

municipal circulars because of the difficulty of obtaining entirely accurate
figures.

Total bonded

2.

areas

afford and they usually are well able and willing to pay for such conveni¬

% Inc. or Dec.
4.95% +
2.39% +

Ratio to assessed value:

with

second

a

1937

$3,454,008,026 $3,624,961,137
542,071,500
555,029,500
Net bonded debt
393,989,783
390,405,864
Unfunded
7,760,761
Net direct debt
393,989,783
398,166.645
Comb, net income overlap..
436,538,732
440,797,949

Total bonded

this type of

Although this does not have specific application to Camden,

average

1932
Assessed valuation

speedily than might be

financing.
for

182.24

public sale and the holder of short

required of municipalities which have not had to resort to

reason

164.94

In view of this type of funding it is

reasonable for investors to expect that New Jersey municipalities will make
progress in

$339.69

206.74

226.69

of

obligation in full without loss to the

an

8.01%
$333.89

7.30%

Philadelphia, Pa.—Population, 1930 Census, 1,950,961.

normal circumstances

should not be funded and the procedure was justified only as a means

19.61%—

14.11%
6.85%
7.57%

Net bonded

are

impossible for many of

obligations might be paid without placing

strain upon the taxpayer at a time when

short

11.80%

Net debt

been substituted, encouraged municipalities to

heavily against both current and delinquent taxes.

the municipal units in
order

None

1,262,986,830

Net bonded

The procedure followed under the old Bond Act, for which a new and

the difficulties that arose in the past 5 years it was

In

None

«P©r cd<pitdf#
Total bonded

relatively high today for two reasons:

borrow rather

% Inc. or Dec.
14.98%—
1.74% +

Ratio to assessed value:

Net debt

part

justify the wide variance shown in the debt position of the two communities.

greatly improved act has

1937

1,571,068,157

Direct net debt

to illustrate the advantage of knowing

something of the causative background which might explain and in

1.

179.95

-

$19,616,934,929 $16,678,763,548
2,314,024,607
2,354,197,896
1,432,794,416
1,143,136,830
138,273,741
119,850,000

Total Donded debt

Total bonded

the above figures

176.56

-

Y.—Population, 1930 Census, 6,930,446.

Assessed valuation

excessive.

course,

$242.85

,

206.35

1936.

the years 1926 and
as

$236.82
196.95

Net direct

Comb, net income overlap

quite interesting as an evidence

was

12.22%

A comparison of the

In the case of Camden the respective figures were $79.84

remarkably

was

should note also the tendency

16.62%
12.09%
12.32%

11.67%

Com. net income overlap.
Per capita:
Total bonded

desk from the Bureau of Census relating

Diego the figure for 1926

for last year.

cities

to my

funded debt of the two

Per

trend.

In San

we

capita figures.

more per

came

14.03%

Net direct

given, if security of principal is the important factor which I deem it to be.

as

It is customary in most municipal circulars to refer to the taxing
power,
this is the principal source of revenue from which payment of

obligations must

municipal

come.

It should receive

a

word of mention.

There has

62
been

an

BANKERS'
aggressive effort

on

the part of special interests, urging the spreading

of the principal of tax limitations, applying to debt service as well as munici¬

pal of tax limitations, applying to debt service

ing cost.
either

in

It should be understood that
the

form of tax

limits

or

any

as

well

as

municipal operat¬

restricting of the

through the

means

power to tax,

of homestead

ex¬

emptions, adversely affects the ability to pay and therefore the security
and the value of municipal obligations.
Tax collections have received very prominent attention during the
past
several

and very properly

years,

so,

as

they

are

one

measuring the paying ability of the municipal unit.

however, where, in

my

judgment, too much emphasis

current tax collections without

which have direct

collects

95%

income than
mean

bearing

of current
one

that the

on

seen

was

instances,

placed

upon

giving consideration to other related factors

the subject.

taxes

that collects

one

important means of

I have

is

Obviously,

probably receiving

only 80%.

a

municipality that

a

more

dependable

On the other hand, this does not

collecting only 80% currently presents

any

particular

hazard from the standpoint of meeting its debt obligations or its current

operating needs.

This

same

community

at the end of the third or fourth

year

may show a record of 98

% collected

and may budget its tax receipts on

the basis of collecting no more than 80% of the current levy.
Thus, one
behind the percentage figures to budgeting methods employed

must look

and

the ultimate




ability to collect, which will be shown by experience of

CONVENTION
preceding years; also the tax enforcement machinery including procedure
on tax sales, penalties and ease with which foreclusure and
clearing of titles
is accomplished.
While municipalities

have received

a

great amount of adverse publicity

during the past decade and while any analytical comment

more

or

less of

necessity deals with such difficulties and thus gives further emphasis to
them, one does not obtain a fair perspective unless the constructive steps
which have been

made in assuring more sound procedure and better
pro¬
are also given their share of attention.

tection in turn to the investor

These

1.
2.

3.

include the following:

Improved knowledge of budgetary and municipal operating procedure.
Some progress in establishing more uniform
accounting practices.
complete statistical data disclosing weaknesses not previously

More

known.

4.

More general planning of capital expenditures.

5.

Improved legislation dealing with debt limits, budgets, tax collection
procedure.

and foreclosure

Finally, it is important that the extraordinary debt paying record of
municipalities and the fundamental security supporting them should not
be obscured because of criticisms which

can

spite of these criticisms, general obligations of
pal units must be recognized

as

occupying

very properly
our more

an

be made.

In

responsible munici¬

enviable position

as

far

as

their record is concerned in the ultimate payment of
principal and interest

CONSTRUCTIVE CUSTOMER RELATIONS CLINIC
American Bankers' Association
Annual

TO

INDEX
The Wisconsin State

Meeting, Held at Boston, Mass., Oct. 11, 1937

CONSTRUCTIVE

CUSTOMER

Program, by Henry J. Steeps

Customer Relations—The Individual Banker's

Page 63

RELATIONS CLINIC
Meeting

Responsibility,

by Jesse F. Wood..

Our

By Henry J.

Public

Relations,

by

Ray

A.
Page 66

Introductory Remarks of Rudolf S. Hecht

The Wisconsin State

me

PROCEEDINGS.

in

Ilg
64

.

When Dr. Stonier wrote to

Problems

66

Program

Steeps, President the Bank of Barboo, Barboo, Wis.

last June and asked me, as a representative

education and public

of the Wisconsin Bankers' Association Committee on Education and Public

Association officers

Relations, to appear on this program, he suggested as the subject for these

relations played

important role.

most

a

All

of our

were

"The Wisconsin State Program,"

remarks,

like to have you discuss

about to

set

just exactly what

and further added:

objectives

your

were

"I should

and how

you

them."

meet

the

this field.

Association sensed the need for

our

the

enlarged program in

an

We realized that the Bank Holiday of March,

subsequent recovery program not only necessitated
relations

between

ourselves

and

the

1933, and the
adjustment in

new

a

public, but it also demanded

a

of

committee

our

members attended.

through

four

mammoth

group

meetings

follow-up

an

A week later the committee

met in

Milwaukee.

A

report of the New

York trip was given by our Secretary, and the members who had attended
the Chicago meeting gave their impressions as to how this work could best
be carried
necessary

The

on.

committee

felt

that actual

personal supervision

in order to attain results in the program

we

in the

cided to ask for

banks, who actually met and served the public.
the leaders

heard

in

this

educational

conventions and had read their articles in

movement

speak at

banking journals.

our

our

We had

followed the efforts put forth by the American Bankers Association and had
studied their
vast

book, "Constructive Customer Relations."

new

public relations

can

organize

we

crystallized into the

banks, by cooperating with us,

can reap

question:

one

public relations program for Wisconsin

a

seen

successfully launched in other fileds of business

programs

endeavor and all of these observations had

How

We had

that

so

Our committee had behind it and ready at all times to cooperate with it
in this

work, the officers and Executive Council of the Wisconsin Bankers'

Association.
program

With

this

backing it

squarely up to

was

to attempt a

us

that would get results.

decided to revamp and bring up to date our public school talks and make

them available for
mittee to write

by the bankers.

use

We selected

talk for bankers to be given

a

We

aiso

and urged

outlined

the

Relations."

of

use

the

text

new

com¬

book,

"Constructive

these

sue

study

group

classes

Customer

—

At the Midwinter

January, 1935,

Conference of the Wisconsin Bankers' Association in

committee

our

The speaker

program.

bankers to

the

plan of organization for

a

member of the

a

before adult groups and in¬

structed the secretary to issue a bulletin urging
talks.

we

was

given

a

prominent place on the afternoon

selected to represent

us

was

the late John

H.

prepared a

work

of the

American

Bankers

Mr.

Puelicher

for the occasion, but at the time of the meeting

very strong paper

too ill to deliver it and it was read

was

Association.

by his

In it he stressed the need

son.

for group study classes and advocated the use of the text book.

employees of Milwaukee banks
be done

along these lines.

local groups.

You

can

also

were

Bankers

probably

by

presented to show what might

urged to

were

Skits

guess the results.

go

home and organize

Very meagre, I

assure

you.

following

mittee.

summer

the

Possibly he felt that

new

we

President reappointed

should have another chance.

organization meeting in September and
expected to present our program at
our

were

our

told that

we

same

com¬

We held

our

would again be

Midwinter Conference.

One

of

members had just recently returned from attending the annual meeting

of the Financial Advertisers
an

the

Association.

While there he had listened to

interesting speech given by H. A. Lyon, Vice-President of the Harold F.

Association who could devote all

We also decided that

needed the services of

we

a

unified plan,

and we selected H. A. Lyon of the Harold F. Strong Corp.
as a consulting engineer to help us outline our plan and assist us in
selling
it to the officers and members of our Association, who would
eventually
be called upon to finance it.

Mr.

Lyon

three trips to

was

interviewed

Wisconsin.

and accepted

The first

was on

the

commission.

April

He

ment of

Others advised

advertising material.

work should be attempted.

departure in

new

State Association work,

were

Mr.

limit

to

our

initial

listed.

This

Lyon advised

overextend ourselves at the start, and we decided
tion

We all

Some wanted the preparation of
a campaign of radio addresses and

forth, until about 8 or 10 possible objectives

so

employ¬

Different members of the Com¬

Director of Public Relations.

a

mittee had different ideas as to what

made

18 when the Committee

met with him and told him that we had decided to recommend the

by the

process

being

us

not

of elimina¬

four principal lines of endeavor,

activities to

a

to

as

follows:

classes for officers, directors and employees
within each county or other convenient area.
Second, cultivation of better relations with the press.
Third, expansion of the program of talks before schools and adult
groups.
Fourth, assistance to bankers in the preparation of timely articles of
interest to the public.
First,

intensive

training

We had decided upon our program.

group

Our next job

The Chairman of the Committee

bankers.

to sell it to the

was

delegated to attend the

was

meetings late in May and present the plan.

He spent

week doing

a

and resolutions favoring it were passed by all of them.

so

Mr. Lyon addressed the State Association in June.

The plan

was

and the Executive Council appropriated the necessary funds for

adopted,
the

new

department.
Shortly after the State Association meeting the
had

The

de¬

we

expert in public relations to help us mold our different opinions into

an

Puelicher of Milwaukee, who had for so many years been a leader in the
educational

our

agreed on employee training courses.

When the committee met for organization in the early autumn of 1934,
we

in the office of

of his time to this work.

our

the benefits to be derived therefrom?

a man

was

hoped to inaugurate.

Letters and bulletins would always be indifferently received, and

had

ex¬

could be worked out.

program

broader understanding of the fundamentals of banking by those employed

We

We

addressed

Stonier, seemed to us to have great possibilities provided

tensive

ception about three years ago, when the members of this committee and
the officers of

of banks

employees

by Dr.

The Wisconsin program as it is now being carried on really had its in¬

and three

particularly impressed with the reports of the work done by some of
States, notably Kansas and Ohio.
The Ohio plan for reaching all

now

committee

new

which

been enlarged to seven members met and found two major problems

The first to find the proper man to take charge of the

confronting it.

department, and second to outline a plan for getting the

program

new

off to

an

On Aug. 20 we finally selected A1 Gruenwald, director of

effective start.

publicity for the Marshall & Ilsley Bank of Milwaukee, from those under
consideration, for the following reasons: He had for eight years been
nected with
He

was

a

a

Wisconsin banking institution in

a

con¬

somewhat similar capacity.

director of the Financial Advertisers

Association and

had

also

Strong Corp. of New York City, in which Mr. Lyon described the activities

collaborated

in

of their organization in promoting this work for the mutual
savings banks
of that city.
It was decided to invite Mr. Lyon to represent us at the mid¬

Relations."

Moreover, he

thusiastic and ambitious, and we felt that he could adapt himself to leader¬

winter

made

Conference.
a

His

profound impression

Upon adjournment
into session with Mr.

we

on

on

"The

Public

Relations

of

soon came to

properly organized in Wisconsin,

expert to plan it for us.

a

Bank,"

that occasion.

hastily organized

a

After his

the conclusion that if this work
we must procure

was

the services of

This would require funds in addition to

our

an

regular

budget, and the Chairman appeared before the Executive Council, outlined
our

plans to them and asked for

an

additional appropriation,

which

was

granted.
In

we

sent our

Secretary, Mr. Coapman, to New York

gather from the offices of the American Bankers Association
other sources

as

or

to

from such

he could contact, the latest developments in the field of

public relations
On

April

2

Fleming held

a

the American Bankers Association

regional

conference in Chicago




was

the

text

a young

book,
man

"Constructive

Customer

of pleasing personality, en¬

Subsequent developments have proved the

The second problem was not easily solved.
whole has always been

We felt that

a

at

which

under

President

the subject

of

The banking fraternity as a
noted for its conservatism in adopting new ideas.

systematic campaign of salesmanship

the program was

was

necessary

and

we

decided that these gatherings should be utilized

putting our plan across.
to ask

before

finally launched.

The time for holding group meetings had now been changed to
as

October,

the agency for

We remembered the enthusiasm that had been

previous

year

by the Stonier meetings

We decided

Dr. Stonier to come to Wisconsin and speak at a series of evening

meetings throughout the State in conjunction with these group gatherings of
the W. B.A.

Prior

and 3

of

ship in this new movement.

built up in Ohio the

February,

writing

soundness of our judgment.

committee meeting and went

Lyon until train time forced him to leave.

departure the committee
to be

address

the

to

He agreed to do so.

his coming,

Mr. Gruenwald, Secretary Coapman and various

members of the Committee held about 60 preliminary meetings.
with

We met

practically every group of county officers and their Education and

64

BANKERS'

Public

Relations

Committees

carefully outlined

was

attend the nearest

these

of

Oct.

throughout the State.

them,

to

and

they

The proposed plan
requested

were

officer and employee of the banks in their unit and

every

mass

meeting at which Dr. Stonier

meetings

mass

12.

held

were

successive

on

to

contact

was to

Five

speak.

beginning

on

He in turn fired the opening gun of

the campaign by giving five very inspirational talks on the importance of

public relations in banking, to

3,000 Wisconsin

over

bankers and their

employees.

Immediately after these meetings
sisted county

educational

organize

to

in

groups

as¬

constructive

banks, local banks jointly and in county
Material for eight conference sessions was prepared

banking associations.

and mailed to all of these county

Custom®*

structive

Director of Public Relations

our

keymen

in individual

Relations"

leaders. Six hundred fifty texts

copies each of the "Manual of Procedure"

Institute of Banking in matters of education and publicity, to the mutual
Let

on

distributed

we

the

banking and

to over 65,000

Second,
Bankers

100 bankers spoke before student and

Bank tours made by

1,000 students also resulted from these contacts.
Reserve Bank of

State.

American

our

and revised

new

over

adult groups with a total audience of over 7,000.

the Federal

organization of the

25% of the banks in

approximately 2,000
on

since

over

Third, cooperation with

Minneapolis and the showing of their movie

people in Wisconsin.

Fourth, the creation of

free adver¬

a

Lecture

What
that

are

was

news.

plans for the future?

our

developed last

We

year.

We

following the same program

are

making contacts with educational

are now

keymen throughout the S tate and hope to double the number of banks that

and revised American Bankers Association

offering talks

activities

our

organized staff conferences in constructive customer

we

banking and financial

"Morehouse

A speakers bureau was organized as a part of the program.

gestions prepared for speakers and special

First

by Wisconsin banis, and

exceptions, they reported beneficial results.

new

briefly summarize

me

department.

and public relations in a little over

tising service to members used by approximately 150 banks.
Fifth, co¬
operation with the newspapers and banks of Wisconsin in the developing of

on

Between 25 and 30 conference groups
embracing an
175 banks cooperated in the program.
With very few

150 to

using these

benefit of both organizations.

Notes" distributed.
estimated

are

add

purchased

were

"Con¬

Approximately 150 banks

Our public relations department is also cooperating with the American

Association talks

v

customer relations

fourth has just been issued.

a

advertisements and the number is increasing steadily.

The chairman of the committee attended all of them and intro¬

duced Dr. Stonier to these audiences.

60

and

them to

urge

evenings

CONVENTION

talks

bulletins

was

A supply of

obtained, sug¬

mailed

banking to be used before school and adult

members

to

will

hold staff conferences.

building

Much thought and attention is being given to

of eight outlines based

up a new series

on current

specifically with the customer and public relations.

Up to

developed last

May 31, the speakers bureau received 135 requests for school talks and 74
requests for adult talks on banking.
Special talks and helps were prepared

problems dealing

The

series,

original

plete the work.

to

meet

special requests.

A total of nearly 2,000 talks

groups.

furnished to

was

As of May 31, 89 reports were received on speeches
given before
various student and adult groups reaching a total audience of 7,129.
The
bankers.

State Department of Public Instruction heartily cooperated with us in this
work

it had done for many years past.

as

Some speakers received excellent

publicity, thereby circulating constructive ideas

newspaper

banking to
About 100 bankers assisted in

additional thousands of Wisconsin people.

on

this work.

their movie

to

on

Reserve

Bank

of

Minneapolis,

Reserve banking was shown over 150 times
during the past

65,000

than

more

educational

activity

Many favorable

people.

received from

were

comments

this

on

bankers, teachers, students and

140

activities,

and county meetings,

group

accomplishments,

and

general

banking

news

committee functions
are

publicized

to

understanding and appreciation of bank service in everyday life.
of eight educational
not

all

and third series

Requests
was

was

prepared and mailed to members

received to continue the service.

were

A second

prepared and mailed during May and July, respectively,

service

advising

clubs,

them

parent-teacher

that

speakers

associations,

have

advised

the

public

relations

and

other

Wisconsin

throughout

are

Approximately

department

through

a

questionnaire that they are willing to speak in their areas, subject to call.
The Federal Reserve Bank of Minneapolis will continue to
cooperate
with

in

us

the

showing of their movie throughout

Wisconsin

This cooperation is deeply appreciated.

in

as

the

So much favorable

comment has been received as to the educational value of this film that we
are

making

exhaustive study of the possibilities of developing a film on

an

banking in Wisconsin.
enthusiastic approval.

Many members of the association have expressed
All

we

need is the money.

advertising service provided

to

members

will

developed in accordance with their needs and wishes.

be

The

continued

and

public relations

department will continue to cooperate with the newspapers of Wisconsin
In giving to the public the banking and financial news to which
they are
entitled.
I think you will agree that we, as an association, have made considerable

A series

advertisements, intended primarily for banks who do

employ regular advertising talent,

late in March.

and

increase

or com¬

plan to immediately enlarge the activities of the speakers bureau

bankers

The

Publicity is also an important phase of our program. As a result more and
better publicity is being received by banks throughout Wisconsin.
Asso¬

should be used first by those who did not start

available to discuss banking before their respective groups.

theatre managers.

ciation

our

contacting

organizations

previous year.

Through cooperation with the Federal

year

It is

by

year,

progress with this program

during the past

year.

Our problem now is to get

banks to adopt it and reap the benefits to be derived from it.

more

signs at present point to

an

All

active year in the Department of Education and

Public Relations for Wisconsin.

Customer Relations—The Individual Banker's Responsibility
By Jesse F. Wood, Vice-President State-Planters Bank & Trust Co., Richmond, Va.
Some time ago a colored maid

came

home about 4 o'clock in the morning

after having attended a great get-together rally in the interest of
building a
new church.
She was shouting so loudly and raising so much devil that she
awakened

worked.

the

whole

neighborhood, including the people for whom she

Her employer disgustedly called to her out of

a

second-story win¬

help in restoring the confidence of
1. Know.
now

The

exact

an

dow inquiring why she was so noisy and
reminding her that not even the

daily duties in
it is

a

which

we's
In

hammer
she

was

heard during the building of Solomon's great temple,

replied,

"Lawdy mussy!
jest blastin' now."
considering

we

ain't buildin'

temple yet,

no

our

tremendous, all-inclusive six-syllable word "responsibility," we might have
been in a position to have
fully discussed it without blasting. I therefore
that

whether

in
or

the

beginning

not bankers

are

should

we

answer

the

searching

responsible and if not, how

responsibility to others?
results of its

100%

a

bank is seldom able to

advertising; however, I

on one great

of

they assume

We

were

definitely trace the

am certain that we have cashed in a

and some went to far

We

as

full

even

outdoing the

corner

drug store,

to

were

freely distribute crystal balls, solving the mys¬
prophets of the first order and could have well

been introduced in the language of the colored
preacher who
ciative of the white preacher

was so

appre¬

supplying in his pulpit, who said: "He knows

the

unknowable, does the

undoable and

unscrews

the inscrutable."

Natur¬

ally then, when the public for the first time learned that bankers were as
other men, not infallible, it caused a rude and
shocking awakening, which
almost

immediately poisoned the confidence held by the public in the bank¬

ing profession
banks,

and

as a

whole.

was

due largely to the failure of some of our

unfortunately

touch with Mr. and Mrs.
to

This

we naturally became
more and more out of
Average Citizen and ever since have been trying

regain this lost confidence.
I

was

delighted to read in

lawyer in addressing
ship with the public

a

a

appeared that they held about the bottom

position since the bankers

were now regaining the confidence of
the people.
I must say that this article
greatly encouraged me and I sincerely trust that
we may never recede to that bottom
position again. After all the

public

has gone

through, the rapid return of confidence has been really remarkable

—almost miraculous.

at

a

banking profession has been dangerously
losing the goodwill and confidence it had built up over the centuries

tremendous

expense and patience, although the large
majority of our
bankers continue to be held in the
higest esteem and respect as men of

integrity and sound judgment, with unimpeachable records,
having met
every responsibility as well lias having to shoulder the
heavy burdens of
others.

May I offer

a




our

banking association rule.

We must be infinitely

We must be students with

few suggestions familiar to all which
may in

a

way

we may

customers have every reason to expect

of

arrive at

definite

a

an

con¬

us.

While experience is our greatest teacher, no

tain of the ship and he has

with

failure.

the

splinters

With

at

man

can

live solely on the

least

unfortunately fallen from the top of the ladder,

of disappointment,

49

different

to the

so

public,

our

tottering

over

was

brink

of

unintelligible statutes,

even more

duty becomes plain.

Some time ago a colored preacher called before his church
he

the

banking laws and almost daily being

encircled with additional mysterious and

was told that

unsatisfactory, to which he replied, "Why, brethren, I

surprised; don't I argufy

enoiiigh and don't I

mittee told him that while it

sufficiently the trouble

was

was

stuttify

true that he

a

am

plenty?"

greatly

The

com¬

"argufied" and "stuttified"

that he did not "whereas" enough.

Are

we not

approaching such

a period in being surrounded by too many bank laws
today, and is not the principle of "whereasing" too prominent?

Research is the password to knowledge and the road back to the confidence
of the people.

Very probably there has

never

been in our history

a

period

wherein information founded upon intelligent facts can be so readily and

easily

obtained

as

recent convention,

today.

The

research, committed itself to
we

Reserve

City Bankers Association at

feeling the constant and growing need for
a

most

ambitious program.

have made tremendous strides during the

and miss methods in

a

last few

years, yet

be

Hit

live progressive bank of genuine service to its cus¬

tomers have no more future than a block of ice.
must

a

more and more

how little really do we actually know of operating costs, even today.

To sell one's goods, one

thoroughly familiar with them, and yet hundreds of banks

are

attempting to sell daily new modernized and streamlined goods without

inside meeting of their employees to frankly and openly
discuss in every detail the justification for such a change.
even

having

an

Frequently in the past

It must be admitted that the
near

or

"rubber stamp executives."

lessons of the past, for soon the raw meat of strengthening force will vanish
and ere long he will awaken from a horrible nightmare that another is
cap¬

While
newspaper several days ago that a brilliant

bar association urged them to improve their relation¬

as it now

machine-like fashion, merely because the law says so or

clusion, worthy of the leadership to which we have been called and which

advice experts and specialists in
every line,

running financial department stores,

It is not sufficient deftly to perform

light of existing conditions in order that

filled

phrase, formerly worked to death, and that is, "Ask your

banker—he knows."

terious future.

can

question

.•

I have often heard it said that

a

clearing house

a

more than mere

Banking is

and bankers must therefore know the

innate desire always to know the facts through research, compiled in the

subject I rather regret that it may be necessary to do
a little blasting before we can
actually build or offer any constructive ideas.
If the Committee in choosing this subject had
only left out of its title that

feel

people and creating the right rela¬

day of buck-passing has long since gone.

art like the sciences,

effect and remedy, if needs be.

cause,

sound of
to

our

tionship of our banks toward their customers?

some

banks have been so inconsiderate of those in

their employ and upon whom they must necessarily depend, as to fail to
advise them of any change in policy and method, and the first news of any

impending change shamefully
heard of it

on

came to

them through some friend who had

the outisde or from newspapers, magazines, et cetera.

Then, gentlemen, why stand in utter amazement and lament the fact
in our executive meetings that our employees' morale is so low and apparently

neutralizing any goodwill built up by advertising.

It is hard to understand /

CONSTRUCTIVE
why

CUSTOMER

bank would not wish every employee in it to be fully informed

any

to its general

policy, as statistics show that from

a

as

family standpoint alone,

each employee can touch at least four persons and with each of such mis¬
sionaries the explanation by

nating banking knowledge.

others would

If

we

long

go a

towards dissemi¬

way

have failed to take into

our

confidence the

employees in this respect, the official family has certainly missed a sure
100 to 1 shot.

RELATIONS

hibits

and

was

them

and

A fine

subjects in relation to a changing world.

current banking

the official family should have what is called in

I also think that

great universities,

our

a

said that he and his

son

of the maids noticing

being more familiar with the proper approach went to their as¬
of humor is just as necessary as good health.

minute,

every

who is so sensitive that
than

more

any

with

a

disappointment and disaster and

and required to visit other financial institutions every now

and enthusiastic.

are

No

one

wants

has to be on his Ps and

one

permanent

dyspeptic.

naturally prefer cheerful enticing personalities, those who

sabbatical year, so to speak; that is, they should be relieved of their duties

and then; also

one

The calf very willingly followed as she stuck her thumb in its mouth.
sense

to deal with a person

Qs

of Emerson, of

had gotten in front and behind a calf,

attempting to compel it to go into the barn, when
sistance.

ing course in sound banking fundamentals and constantly keep in touch with

a quarter. The very best officer
constantly train all contact employees in the proper
of approach.

method

An example of proper approach is recalled in the story
whom it

and employees in a bank should not only be

all officers

efficient

most

65

selling 100 cents for

even

in the institution should

encouraged but required to take the Standard American Institute of Bank¬

I believe that

from

one

CLINIC

People

rise above

can

naturally happy, pleasant, optimistic

It is said that enthusiasm is

lubricant while grouchiness

a

attend conferences, schools, forums, et cetera, in search of new ideas and

is sand in the gears.

methods.

fortunately, most bank executives have had very little experience outside

Forgetting old friends as we move up the ladder, getting opinionated and
selfishly grabbing the limelight in lieu of good team work, are all unpardon¬

of their own institution and naturally the

able sins and generally end in one having a lesser number of friends and

A man, like a tack, can only go as far as his head allows.

minded.

tendency is to grow provincial-

putting

■'

that it is necessary for the officers of a bank to keep well,

also feel

I

Un¬

healthy and in good humor, as one grouchy executive can undo all the good
the others can possibly accomplish.
selves to get into a rut

but

To do this

should travel

we

as

we

should not allow our¬

much as possible, taking fre¬

avoid getting stale, overbearing and impatient, as every¬
deal with someone who has a freshness of viewpoint and pleasant

quent vacations to
one

likes to

The dividends paid here would be miraculous and the reaction on

manner.

perceptible. While capacity never lacks opportunity, I am
overloaded both physically and mentally and the

the public very

afraid capacity can be

opportunity for a greater service circumscribed.
It is our duty to teach our customers sound banking principles.

Teach.

2.

The poorest economy I know of is to
careful explanation
to

and

patient discussion of new methods and rules so as

a

justify their need and purpose.

including
that

Every one connected with the bank,

directors, should be so familiar with these proposed changes

our

intelligently pass on this information.

they could

People are

not

although it may mean increased cost to them, but they

to change,

averse

be so undermanned as to prohibit a

invariably balk, and rightly so, at anything being ruthlessly rammed down

and in an autocratic manner.

Such a

short-sighted policy only alienates the allegiance of those affected.
of

building goodwill through a frank, open and convincing discussion of its
If

popular with the public, the burden of proof

to make banking

are

we

interpreting changed conditions is upon us and I firmly believe the

public, which is generally fair-minded, is always willing to listen to reason.
All of which leads to the statement that we are living in the greatest age

propaganda the world has ever known.

of

There is no such thing as time; it

direct to our

4.

plans and

working on

public has become greatly confused
certain

believe.

what to

to

as

banks, paying interest on hundreds

wide diversity in rates, some making service charges

a

and some not, practically all

on

different basis, no wonder the

a

banking methods today and

In the last few months

un¬

practically every

bank has allowed the information to be widely circulated that earnings were
the best in history without any explanation that it was not due to current

banking operations.
that

should

we

To avoid this confusion in the public mind

I feel

get together on a more comprehensive constructive and

cooperative basis.

We cannot expect to make much progress until we get

right ourselves and forget petty differences, all working together for our
combined good.

We learned at least

one lesson in

1933 and that was, in

major catastrophe no one alone is able to withstand the avalanche,

any

regardless of
common

perfectly liquid condition, and in

a

and should

cause

be

way

a

all banks have

a

deeply interested in the safety and sound

management of all other banks.
Credit information for instance
hats

of individual

bankers

who

sometimes

was

formerly kept under the

frequently felt that it

take their places in the institution.

was

an

absolute

Would any bank in these United States

be satisfied to operate its credit department on such a basis today?

It would not be considered ethical for

tainly not.

might have discovered some remarkable
to withhold the full facts in connection

cure

of

a

a

doctor

Cer¬

or surgeon

who

hitherto incurable disease,

with the remedy, for selfish purposes.

Therefore, since our laws generally reflect the wishes

subject to the will of their constituents, we should go
customers, teaching them sound and fundamental banking
are

banking all so-called mystery.

and all crises, thereby taking out of
The present presents a great opportunity to

these policies through systematic and com¬

We need to get together and present a solid front of indisputable facts, as
it is one of the crying

needs if we are to attain the unqualified confidence of

the public.

5. Lead—Leo T. Crowley, Chairman of the Federal Deposit Insurance

Corporation, speaking before the Kentucky Bankers Association, said "that
the goal

of present bank supervision is not the complete regimentation of

the banking profession and that supervisors clearly realize the dangers of an

bined propaganda.

Our attitude toward others has probably more to do with
than even efficiency. Fully 85% of our business either

friendly.

Cooperate—Surrounded by entangling laws of all kinds and thousands

of different

Likewise any real banker of today, it seems to me, would freely and gener¬

fully and truthfully interpret

Be

Yes,

make in this highly competitive banking

of different rules and regulations in our

practices and principles to meet any

3.

can

ously share thoughts and facts he might have secured for the benefit of all.

people, instead of spending so much time with the politicians whose

political lives

the family to secure enough pall-bearers.

Any important news is known simultaneously through¬

has been eliminated.
out the world today.

of the

on
we

surety that they could retain their positions forever as no one else could

necessity, it only engenders a spirit of revenge.

of

all the friends

business.

Instead

their throats, without explanation

awful burden

an

need

we

autocratic application of

arbitrary standards to

every

transaction of

every

Bankers themselves determine the extent to which

customer relations

banking institution.

directly or indirectly comes from personal contact, hence the absolute need

their activities should be supervised." He is also reported to have said that

service employees be possessed with a

that all public

any

do business

one

Grateful

with a bank which is not friendly and agreeable?

loan has long since rested in the cemetery, as it was

justified, certainly not today when we would gladly embrace so rare

never

can't

some

of

our

bank officers.

Why

"no" politely and cordially so that It won't hurt and not

say

appear to try to create
nificant in the presence
I

of

the impression that the cutomer is small and insig¬
of the "Great I Am," is hard to understand.
friends with

believe in making

every one.

have too many friends.

We can't

We are in the banking business.

handshake, the genuineness of the nod of the head,

It's the sincerity of the

been curative rather than preventive.

have

If this criticism is justified,

certainly we cannot again remain passive and inactive where changed con¬
ditions

require an adjustment in our laws, but we should assume direct

leadership in all financial questions through the unbiased cooperative and
united effort of all.

We have learned

great deal in the last seven years and are like the boy

a

in one of Mark Twain's

book®, who said concerning his father, "When I

14 years old, I thought my

was

of him,

but when

father was very ignorant and

I became 21,

was ashamed

I was surprised that he had learned

so

much in the last seven years."

Privileged to live in the greatest country on earth today, we should not

We want to know all the

policemen, politicians, bootblacks, newspaper boys, people in all walks of
life.

banking reforms have come only during financial and economic crises and

Thousands of friends have

rebel as one who is bold enough to seek a loan.

been lost because of the belittling policy
one

and likable

that the old idea of being cordial to people lest some might

are we

request a personal

a

strong

With practically all banks guaranteed as to safety, why should

personality.

be content to leave to a few overworked and public spirited bankers all the
burden in our legislative halls and the molding of public opinion, but do

part towards the rebuilding of a greater and better banking profession,

our

conceded to have more to do with his

the enthusiastic wave of the hand and the warmth of the smile which count

since one's finances are

and make the difference in customer relations of a bank.

happiness than almost anything else in life.

relations means merely our ability to get along well

Nothing is more important than our approach.

Good customer

and hearty cooperation, while the lack of it

enables one to get instant

I therefore hope

and happily with others.

The art of proper approach
pro¬

may

at

least

awaken

our

to a more universal determination to serve.

necessary

and

that I may be excused for blasting, but that with these

fragmentary remarks

and

feeble

peace

thoughts if
,

Meeting Our Problems in Public Relations
By Eat A. Its, Vice-President National Shawmut Bank, Boston, Mass.
It
a

only in recent years that public relations have been recognized as

is

potent problem in banking.

not

here

lesson

because

before,
few

a

years

it

This does not
most assuredly

when

ago

banks

were

in

mean
was.

such

that the problem was
We all had our sad
ill

repute and

public

Public relations have been a great
States; our utilities
long recognized this problem and have done, in many cases, splendid

opinion

was

so

strong against

them.

job which a man can have which is not affected by banking.
Therefore,
to start with, the public relations problem for banks is one that covers
breadth

the

which

problem with other types of businesses in the United

selves

have

to

in the

work

planned

Certain great industries have recognized their

handling of it.

relations

public

and through
respect to the

problem

campaign

in

the years have waged a carefully
opinion which the public has of

Banking recognized a few years ago that it, too, had a public relations
problem.
services

the

bottom."

type

so

the

of

Nation.

closely tied
in

are,

find

a

Secondly,

it

is hard

to

find

another service

in with the vote of the people, because the people

regulate

our

banking and therefore the people them¬

the ultimate, responsible for the bank.

business where

so

many

Thirdly, it is hard

of the personnel come into contact with

public and also where so many of the personnel have such important
with the public.
And lastly, it is hard to find another profession

the

contact
or

business

that

been

has

so

bound

with

traditions,

rules

and

that

old

bugaboo, "We haven't done it before."

them.

that

is

the laws which

make

Studies
handled
old

were

their

saying

Banking

made of how other industries or professions or
public relations problem, and it was soon found

held

is a

true,

which

You
is

not

cannot
in

some

tub

think of
way




must

There

stand

upon

its

own

is probably no other

reaches so deeply into the lives of all the
an object which we buy or eat or wear
affected by banking.
You cannot think of a

of public service which

people.

"Every

peculiar profession.

Consequently,
been

given

banks

What is
tion

to

the
me,

first thing I can say about the subject which has
"Meeting Our Problem in Public Relations," is that

have had to start from the very bottom.

rather

public relations?
I think of it as the translation or the explana¬
than the justification of the functions, the limitations and the
to the public, so that the people may realize that
essential part ot their everyday life; that it is a service
individual, the community and the Nation.

importance of banking

banking is an

molded to help the

66

BANKERS'

The first question
of

in

results

get
one's

from

job.

bank

a

public relations?"

The

spoil the

public

your

is

responsible

but I do

soup,

relations

the job.

That is the first step.

been

have

(1)

problem

successful

most

in

making all employees
bank, not only in its

the

relationship

life-blood.

its

(2)

problems,

themselves

to

informed
have

their

bankers.

been

material

used

given
the

field

You

employees to

about

this.

have

in

men

American

the

the

made

fair,

as

about

its

bank

understand

and

to

successful

the

represent

the

place

know,

are

to

open

fact that public relations

very

of this convention

program

universal

receive

recognition

consideration:

public relations

Bank¬

our

that

means

all

of

the internal;

(1)

movement

to

employees

so

your

has

make

young

gained

these things

divisions

the external.

public like

they

become

a

have

institution

your

It

you.

tactful,

which

Internal

the

means

well-informed

clerks

and representatives who will
favorably impress the public.
personally received by original and early training in the engineering

I

the

handle
of

sales

end

buiness.

of

sales,

You

entered the

same

selling

the

in

maintain

glasses

and

take

pride

a

the

or

the

or

insurance

basic

reasons?

field,

some

eight

brought

and

banking service

a

fundamental,

way

that
was

while

be

can

sold.

are

that

capacity I

had to

naturally our sales tempo was one
tools in keeping up this sustained
applicable to the banking

sharply to

True,

when I

ago,

attention;

my

real place for concentrated

a

will

many

sold

10 years

or

very

time, I did find that there is

banking

that

In

in any

not

are

assured

rest

can

business.

force, and

which

banking field, this

but, at the

service

insurance

We used many

pressure.

enthusiasm

these

the

nation-wide sales

a

sustained

field

of

just
the

disagree

with

boots,

as

methods

me

I

automobiles,

differ,

but

the

why people buy are the same.
What are
because they can save money; because the
product brings them happiness or comfort; because they
in ownership; because they have confidence in the service
reasons

People

buy

product which they

buy.

All

those

things apply to

the selection

of a bank.
People like to know (1) that their money is safe, (2) that
they are doing business with people with whom they like to do business.
They also want to make a profit from their banking business.
I do not
mean

profit

a

in

the

that

sense

they

make

from

money

which

profit

but I do

made

possible by

if

by borrowing
the profit

mean

for

money,

from

their

their

that

deposits

is

end

our

of

business which is

own

same

the banking relationships

which

the

they enjoy.

field

who represent the bank.

men

first, but
have

in

additional

the

I

believe

also

time

the

in

makes

rendered

of

and

Therefore,

is

upon

bank

its

of

bankers

as

representatives they must also

their

increases

and

the

to

but

efficiency,

that

you

in

essential

interested

are

in

workers

of

training

it also

gives

spend time to

you

them.

A

contented

public relations

because

the

not

employee

bank

in

the

and

field.

encouragement

element

have

of

the great

it

such

type

are

and

hours

often

was

if

our

and

of

one

smile,

a

relations

bank

remind

is

gives

your

the

courtesy,

a

resist

I

or

had
a

how

bank
or

and

time

some

to

will

talk

them

to

an

on

I know

can't

"Oh,

say,

in

bankers here

smile to customers.

many

one

relations

many

someone

our

we

more

like

We

all

take

it

this

6ome

importance

friendliness,

of

visible

signal

for

runs

up

and

when

blank

the

impressing

helpfulness

and

it.

upon
a

the

sale

promotion

work,

and

True

enough,

so

that

unless

everyone

we

in

continually

I

your

smile

cannot

emphasize

employees

mean—if

how

they

too

much

will

only

the

by that I

publicity.

They

mean

are

the

most

don't think for a minute that I do not realize that, but I am
going to attempt them all because these subjects, especially advertising,

important,




bank

will

information

bank

of

part

generalities,

and

impressions which

messages or

the

public
that

is

given to

are

set up and printed

breakfast

table.

I

the

that they

so

talking

am

about

with

and

press

the

radio

the

other department of public relations in

no

greets them with

the chances
be

not

On

transactions

be broadcast to
be

must

stony

a

that the

are

accurate.

regarding

coordination

which

and

other

closed

a

which

hand,

conditions

the wind.

established

face,

picture

the

between

realize

which

Some method

the

door

and

a

they present to

I

of

are

of

that

and

public
interest

mutual

press

all

the

banks.

Therefore, I think it is
with

a primary duty of bankers to become acquainted
people whose job it is to present to the public the news of the

the

day.

You cannot find

standing

of

group

institution.

a

friendly,

more

Their

men.

job

sympathetic,

more

a

is

to

not

pick

a

on

under¬

more

any

person

or

Their

job is simply to get the facts and to give them to the
people, and you will always find them most ready to do the things which
they think are best for the people.
After all, their prosperity, like ours,
depends upon the prosperity of the community they serve.
Therefore, I

taking this

am

opportunity to

houses and your
those

who

that
is

this

be

seems

formed

appendix;
to

get
we

clearing

your

of giving information to
give information to the public.
The only time
very important is when an emergency comes, and then it

in

cource

turn,

try to form efficient contacts of

I think

that

services

news

much

should say

this relationship
is

most

has

progress

that

information.

with

important

the

and

Smith,

surely

Association

institution

is

These should

with

and

press

something to

think

in

his

job

each

of

in

the

other

which

we

The very

banks?

emphatic

been

has

I

big

a

have

as a

whole,

importance

of

job

same

public

the

embracing

one,

the

much

so

Our President, Tom K.

the

upon

men

you

in

fact that this great

whole

where

your

own

concerned.

that

the

advertising,

It shows

more thought, it shows more of
willingness to tell more about our business

understand

public relations

past few years devoted

to uphold this fact.

most

but
is

made

has

seems

been

has

True,

Association,

been

great deal has been done.

a

Bankers

time to public relations

it,

know

what

problems

our

on

the part of banks is better.

educational

an

to the

trend,

public,

and know

are,

shows

it

a

that they may

so

how

we

best

can

them.

serve

What
has

associations,

your

definite

give very careful attention.

How

I

that

urge

some

in the times when everything is
going smoothly.
It is like an
the time to operate is when things are quiet, and the time for
acquainted with those people who are important to us and to
are
important is when everything is sailing along smoothly.

Therefore,
types of

banks have

must,

late to

too

a

does

the future hold

growing future.

I

for

think

public relations?
that

It

to

seems

banking has had

its

that

me

lesson

it

will

and

longer neglect

no

that

banks

close

and

without

are

the fact that the public is all-important to banks and
all-important to the public, and therefore there should be a

friendly

the

relationship

other.

I

believe

between

that

we

them.
have

Neither

started

along

get

can

rolling

"snowball

a

of

understanding," and that each year it will gather up to itself until,
finally, banking will be considered in the minds of the people as a service
of theirs, a service which
they need, a service which is fundamental in
bringing them livelihood and the nicer things of life.
I hope that as you
go back to your own institutions you will give this

problem of
an

as

public relations real sincere thought.

advertising scheme,

digs right
your

but
to

down

institution.

to your
meet

into

the selling

aB

fundamentals.

Do

consider

not

blue sky.

of

digs right

It

down

isn't
into

it

just

that.

the

It

life

of

Be fair and open and friendly, not only to your customers

whole community,

your

It

salf way.

and you will find that they extend

That

the

is

way

American people

Introductory Remarks of Rudolf S. Hecht,

are

hand

a

built.

Chairman

of Public Education Commission and Chairman of

Board of Hibernia National Bank, New
The
deal

cultivation

of

better

public relations

of attention from bankers

has

been

Orleans, La.

receiving

great

a

during the past few years and interest in

the Constructive Customer Relations Clinic has increased from year to year

But like "woman's work," this job of establishing and maintaining agree¬
able and satisfactory relations with out customers "is never done."
It
must be

a

continuous process.

Only by constant work and education
mind free
tomers

the

in

banking fraternity with

perhaps

then

interest cannot
and

into thousands,

them.

advertising,

with

read to you or

are

across

eye

is

the

wall,

public

important contacts

granted

is not

of

important

one

dealt

strongly

very

customers.

two, but it

employees during those mo6t

customers, but

going to talk about 6ales promotion work,
be

can

day how many times during

contacted

The other side of public relations is the
external, and

not

public

devoting

wonder

I know that

word

help

thought of the value of courtesy, friendliness, helpful¬
you really have made a big stride forward in your

customer

use

not

employees

our

the

represent

and

that the customer may not realize the
friendly feeling that
whoever it may be, has for the customer, unless the employee

or

the

nod,

program.

nice to

them

a

job.

then

the teller,

much

ramifications of

when I figured out

was

employees of

just with

every

public

could

meetings,

develop and advance satisfactorily.

neglected.

their

guidance

of

item

relations

who

men

continual

clubs,

public

unimportant things.
That sounds
selling."
It was brought home to me

with your customers
ness

I

often
all

through
real

a

must

we

neglected

small

of

important it

business

talk,

so

to

often

executives, the

need
grow,

many

"kindergartenish."

with

story-hook
how

too,

do

to

are

value of courtesy, helpfulness, and

this sounds
bother

this
is

talked

that

encouragement

young

They,

boil down the

which

ever

the

business

we

that they may

so

to

preparation

if

problem in public relations,

our

of

employee

forget

we

the

trying

of

rush

get-togethers

must

in

In

daily

training,

societies

Neither

that in meeting

say

forget

sar¬

past was the fact that they did not know how to meet the press half way.
all, the press have one real job, and that is to present to the people
fair picture of what is
going on.
Now, they have to present some story,

feeling which

they have for the institution which employs them is very definitely reflected
in their relationship with those most important to
you, your customers.
Therefore, I

as

not

a

improves the

because
If

and

money

such

bank,

institution, and

any

force

spend

to

because

only

not

themselves

to

afford

sincerely and

After

relations.

well

can

employees,

contented

a

the

of salesmanship.

every

know

salesmen

as

True, they must be trained
successful

institution in which they work.

they

workers

dependent

them

valuable

more

them,

force

punch

that

pride in the

train

make

training

them

service

them

order to

training

not

mind is the

my

your

American

in

believe

to

far

have made such rapid strides during the last three or four
but there is still great room for improvement
Perhaps one of the greatest handicaps that met the banks in the handling
of their public relations problems
during the troublesome years not long

selling with the

I

that

mean

had

as

banks

should

removed.

and perhaps
have

wrong

by air, by picture, by newspaper or any other media you think
not paid for; by that I mean they are not
stiffly prepared

There

news.

selling arguments make people buy a banking service that make
they buy other services or products, the selling of banking service must
be closely related to other types of
selling.
Perhaps we might call it
pressure

best,

are

meet

whom

direct

a

the

are

problems which I

that they would be all

are

but there is

believe

advertisements, which

us

make

the

I

Publicity to

they

business;

the

not going to try to talk about advertising, and

am
am

mail, &c.,

that

the public

because the interest rates of today do not permit that, nor do I mean that
the

I

reason

direct

advertising
on

meet, and I

to

Therefore, I

same

as

have

of

even

years,

the officers of

the

that

(2)

types
be

publicity.

in

the enlisting of all

means

coordinated

training

and

for the
such

will

the

that

too,

the

on

a

castically.

of

the banking fraternity.
In the directing of public relations there are two main

in

problems you

training which has been
various banking institutions.
You know about
which

certain

might not

but surely the chances

that

the

courses

that

or

relationship of the

received

must

the

Banking

of

an

you

relations

bankers.
You

meet,

excellent

the American

tell

and

is

they might

well-

and

methods

with

available through

told

in

the

to

of

part

also

reliable

familiar

are

but

gives

them,

various

You

been

the

Institute

prospects

done by

important

of

and

customer relations

on

to

attain

to

those banks which

who

about

to

it has been

ones

every one of us, including myself, is an expert.
most difficult subject to talk upon—not only because
expert, but for the more important reason that every
a

everybody

into

the

other is remedies for colds;

And, therefore, it is

advertising problem i6 different, and I do not know of anything in which
it is more difficult to generalize than in
advertising.
I could stand here

that

are

entirely too big for the time allotted.
Also, I have always felt that
advertising is like two things in this world: one is the weather and the

individual who
see

an

are

is

functions,

intelligently

cooks

enthusiastically
In

are

every¬

thousand

a

bank

a

problem,

they

really

becomes

it

everyday

They

know

of

enters

it done?

that

practical

customers

You

Association.

ers

realize

talk

to

then

How is

educating all

By

customers'

unless

program

and

meeting their

the public.

with

effort

that the first .job of the

relations

understands

It is impossible to

that there should be

mean

everyone

the

is apparent.

mean

the public

for

"Whose job is it to tackle thia problem

u,

answer

By that I do not

to

CONVENTION

of wrong ideas

can

we

hope to keep the public

about bankers and banking and have

really understand the true functions of

our

profession.

our

It

is

cus¬

not

safe to go on the presumption that because we successfully sold the idea

to-day it will remain sold

tomorrow.

family of bank depositors is in
thousands of

new

a

We

must

bear

in

constant state of flux

customers enter the

mind

that

the

and every year

picture for whom the mystery must

CONSTRUCTIVE

CUSTOMER

be taken out of banking and on whom a favorable impression must be made.
Nor must
our

we ever

let outselves be persuaded that we can afford to relax

efforts along these very necessary educational lines

have become

merely because times

peaceful and public criticism of banks and bankers is

more

less violent and less frequent.

And yet I fear it is true that many bankers

have become far less active in this field of Constructive Customer Relations

RELATIONS

all play a most important part in this job of

from

a

interesting survey which

very

University, made just

not

to

seem

be

quite

from under the cloud which

day the inevitable collapse
It would indeed be

a

newspapermen

tell

me

that bankers do

ingratiating to them since they have come out

so

had
came

been resting on our

profession since the

in 1929.

tragic mistake if

to permit the old disease

we were

old and complacent attitude of "laissez faire."
the

more

dangerous

now

Such

adopt

in

bankers

that banking is confronted with so much new and

but

this,

with

few weeks

a

H.

This

ago.

citizens who

average

Dr.

were

I should like to quote

W.

Hepher, of Syracuse

survey

asked

to

consisted of many

tell

verbally, or set

writing, the ideas that crop up in their minds when banks and
mentioned.

are

Those

interviewed

their thoughts, but simply to

say

asked

were

not

to

try

to

immediately what occurred to

them.
The interviewers found that

our

policy would.be all

a

active competition by other lending agencies, not only Governmental,

were

54%

of the

unfavorable, and 20% were mixed.

answers

were

favorabe,

26%

The adverse comments revealed

that banks and bankers are, among other things, associated with "expen¬
sive

homes

and

snappy

cars"; "influential and unscrupulous"; "big, fat,

ardent golfer, large mansion, country home, many butlers and servants";

private agencies with and without Governmental support.
The burden is

down

arrange

of inertia to creep over our profession again, and if we were to

as

better state

a

Lest soxhe of you may have been lulled into a state of satisfaction on this

subject of what the public thinks about bankers,

interviews

some

bringing about

of general public opinion with regard to bankers and banking.

the

I have had

67

executives, and Constructive Customer Relations meetings such

since they are no longer subjected to the bitter criticism of the public and

politicians.

CLINIC

lending agencies, after all, and that they have more of the human touch

"big salaries and littje work"; "unnecessary legal advice and exorbitant
service charges"; "Shylock"; "allow depositors to shoulder losses when

and sympathetic

they

financial

on

us

to

convince the public that the banks are

the best

understanding of the customer's problems than any other

no

better way to accomplish this result than to redouble our

efforts to gain and retain the good-will of the general public through courte¬
ous,

such

intelligent and capable service, and through
as

will be outlined to you at this clinic

Needless to say,

public is

a

proper

educational efforts

have fitted themselves for such work.

one

that

can

be successfully

projects of the Association

reason

per¬

assume greater

that the

importance

The American Institute of Banking with its approximately 290 chapters

study

domineering

give

groups

and

low

interest;"

"no

chance

for

promotion";

an

enrolment

of

over

40,000

bank employees

as

students, the Graduate School of Banking with its enrolment of 600 bank




"personal friendship with them no asset"; "officials
and

ever you

us

extremely

provoked

when

asked

for

simple

have wished with Bobby Burns that

Need

"some power the giftie

to see ourselves as others see us," your wish is certainly fulfilled

in these quotations, even

I say more in

though the result is anything but flattering.

closing these introductory remarks than that your

Public Education Commission believes that "eternal vigilance is the price
of

liberty,"

and

and for general

each year.

and

"unreasonably

his back";

favors"; "selfish and shallow."
If

And it is for that

on

stiff,

are

tonight.

this matter of properly representing the banks to the

slow and arduous task and

is down

formed only by those who through careful training and proper education

various educational

occur";

"bloated aristocrats"; "drive a hard bargain and show no mercy when one

organization.

We know of

and
to

a

we

that

the need for

Constructive

Customer

proper

stand for.

Relationship

public education is, if anything, greater than ever before,

should dedicate ourselves to the task of educating

that 46% minority

and favorable understanding of what banks and bankers really

<Sf

STATE SECRETARIES

SECTION

American Bankers Association
Annual

Meeting, Held at Boston, Mass., Oct. 11, 1937

INDEX

TO

STATE

Review of Legislative Program, by Robert M. Hanes
Discussion Incident

Report of Robert M. Hanes

to

of Committee

man

as

71

Banking Conference and Graduate School of

on

Report

of

72
Cramer

Jr

74

Review of

Committee

C.

Page 75

State

on

Legislation,

Chairman

by

Wattam

76

Comments by President Cramer

Banking
Address of President Theodore P.

State Bankers Association Manage¬

on

ment, by Chairman A. H. Coate

C.

Discussion

SECTION

Report of Committee

Chair¬

Federal Legislation

on

SECRETARIES

Page 68

Report of Committee

on

Legislation and Other Matters
Report of Committee

76

Nominations

on

on

■...

•.

.

_

76

_

Legislative Program

By Robert M. Hanes, President Wachovia Bank & Trust Co., Winston-Salem, N. C., Chairman Committee

Federal

on

Legislation, A. B. A.
INTRODUCTION

of such

It

V

countries remains

substantially the

was understood at the start of this
year's session of Congress that the
Administration and the congressional leaders did: not intend to consider
any

to

banking legislation.

amended, and the

Sc.

of

for

except that it is extended

same,

years.10

This understanding has been borne out by the results
congressional action during the present session.
No laws of major im¬
portance to banks have been enacted.
The

absence

posals

enacted

vitally affecting
has

committee

their
and

of

the

banking
has

and

administrative

ings before congressional
deemed warranted

however,

interests

carefully analyzed

introduction
of

legislation,

have not

all bills

conferred

does not
been

with

and

pro¬

Your

presented.

containing such proposals upon
members

various

departments of the government,
committees

that

mean

taken

such

of

Congress
hear¬

attended

other

action

as

was

apply to
The

The

Revenue

Federal

the

of

bills

Congress
bers of

which

been

have

enacted

into

during the 1937 session of
relatively unimportant, but it is deemed desirable that mem¬

are

the Association be acquainted

statutes.

To

visions

former

of

large extent the

a

laws

which

with certain additions to the Federal

legislation merely extends

new

have expired

would

this

by

year

the

pro¬

limitation.

The powers of the Administration with respect to the Stabilization Fund
and

the

to

June

30,

Federal

of

weight

the

System,

to

collateral

as

The Reconstruction
in

the

has

as

Reserve

be used

to

fixing

1939,1

of

permit

for

the/dollar

authority

the

of

have been

Board

extended

direct obligations of the United

Federal

Reserve

to

Governors of

of

States

Corporation has been authorized to continue,
general, its existing functions to June 30, 1939.3
This law also extends

is

trust

instrument

be

to

Section

aid sufferers from floods
This

Corporation

Finance

laBt

managed

The

or

insure

1935

1936

or

limit

on

from

10% to

to

the

is extended 6 to

insurance of

20%,

and

appointees

conferred

loans

of

the

on

for

the years 1937,

such loans made

insurance

any

by

Reconstruction

Federal

financing

destroyed by flood

or

cover

1936 and 1937.

the

the

replacement of improvements

equipment and machinery damaged
in

by

authority

to

year

rehabilitation, rebuilding

Corporation, to make loans to

other catastrophes occurring in

be

Corporation.

Administrator

or

to

is

Loan

the

for

accumulated

reserve

property,

taxable

The

government

Administrator
mutual

guaranty

under

Title

insurance

mortgage

of
II

has

debentures
of

the

been

issued

National

by

Housing

relative

Act

issued

The
has

present interest rate of 3*£%

been

which

maximum
and
the

passed

rate

continues

banks

interest
all

continued

was

4%

until

for

rate

of

the

on

for

an

the

over
on

the

Land

certain

year,

President's

to

veto.

such loans from July
date

the

Federal

1,

Bank

1, 1938, to June 30,

government

Commissioner loans

prior to

appropriation of $50,000,000

July
was

23,

law7

a

provides

is

a

1939,

subsidy to compensate
rates.

also

The

reduced

4%

The

as

neutrality

law

was

the

case

is

continued as permanent legislation.®
The pro¬
relating to the prohibition against loanB or grants

belligerent countries and their nationals and dealings in the obligations




to trusts,

and

transactions

it

dealing with

trusts.

to

1936

exemption

no

non-resident

and

those

are

allowed

relating to

is

distributed

not

allowed

if permitted or

under which the

required

be considered

a

any

amount

an

amounts included

the jurisdiction

return

by

from

Section

$1,000

by the trust

income and

as

"every trust entitled to the

163(a)(1), the net income

over"

or

and

are

by

or

the

trust

income.

net

and

trustee

former

the

with

added

to

the

file

$1,000

from

gains

the

amortization

of

sale
bond

respect

income
a

it

is

Revenue

the

of

any

trust,

if

required of

taxable

net

of

is

result

distributed

promulgates

Treasury,

must be

is

exchange

would

fiduciary returns

wholly

return

has

or

any

the

trust

property

not

the

or

during

for

income,

the

net

of

the

exemption.

if the trust net

the

taxable

year,

trust not entitled to the $1,000 exemption,

income.

regulations

would

the

retained

amounts

unchanged

Unless the

with

the

Commissioner

have

had

net

of

approval

which exempt the fiduciary from
trust

of

law

for example, capital

disallowance

law is

the

under
as,

considered to be
the

in

portion

any

be retained by

must

filing

filed, irrespective of the amount of the gross
the

a

generally allowed

accumulate

which

distributable

or

such

to

be exempted

may

exemption,

income

corpus

premiums,

subject

of the Secretary,

return

a

which

trusts

Therefore,

to

but

such regulations as may

the approval

to

been

not

in the discretion

were

return."

the

law,

under

n<£*

though having

.

.

distributions had

contingency;

a

paragraph

if

instrument

trust

upon

deny

.

income

net

of filing such

foregoing provisions
under

income,

net

a

and exceptions and

this

net income

a

return is required of every trust "regardless

a

gross

per¬

of which

"every trust, not entitled to

jurisdiction in which the trust is administered, such

(1)

prior laws.

vision of the former law
to

financing

domestic

from

income

the

a

or net

except

of

Internal

Secretary

return,

of

return

a

income of the

for

distributions

on

1939.

authorized8 to enable the Governor

year

The

if

the present

permits the accumulation of

or

income)

as

by the Commissioner,

required

from the requirement

but

as

extended

maximum
to

of the Farm Credit Administration to continue to make
emergency crop and
feed loans.
The maximum rate of interest on such loans is reduced
to 4%
and the loans are not limited to current
under

(even

conditioned

or

limitations,

to

by

requires

the terms of the

With

loans

subjects:

arising

" 'Net income' does not include

Also

the

in

Bank

also

of

of which

Land

law

year."

accumulation

1938,

July
This

resulting from such reduced

instalments occurring
An

additional

latter

loss

on

is

to

exchange for mortgages insured prior to July 1, 1939, instead of July 1,
1937, as formerly provided.

1932,

of the Revenue Act of 1936 relating to fiduciary returns

under

be prescribed

^fiduciary

the

respect

Under

under the law of

allowed
year

trustee

of

include those

to

the

of

conditions,

is increased
with

following

of the Revenue Act of

trusts.

income, which would have

trusts

the Federal

Housing

extended 6

net

made which

to

loans generally under Title I of the National
Housing
applicable to losses sustained on loans for above purposes.

is

the

The

modernization

Act

in

theopersonal exemption under Section 163(a)(1), which has

other catastrophe

or

1938 and 1939.

institution

one

Housing

restoration,

real

on

plug loopholes

exemption

163(a)

to

considered

142(a)

exemption

taxable

Disaster

Section

instrument

also amended to require a

is

of
are

distributable."

not

amount

the

personal

administered, cannot

of

created

the

income which,

gross

Act

matter

close relation to each other, returns to be filed

equal to the net income.
in

for the

law *

to

mail

deductions

companies,

a

exemption
trust

Farm

Another

and

amends

the

the functions of the Commodity Credit

Corporation, the Electric Home and
Authority, the Export-Import banks, and the Reconstruction Finance
Corporation Mortgage Company.

Revenue

by Congress during the closing days

the

covers

the

portion of the income of the trust and there is

sonal

Finance

having

designed
passed

was

by

first-class

on

the personal exemption allowed

returns

Act

if

rate

1937,n
Act

is proclaimed to exist.

war

imposed

provisions of major interest to banks

personal

trust

of

laws,

holding

persons

The

.

taxes

postal

The

session.

by fiduciaries,
aliens.

the

notes.2

tax

personal

between

the

law

Act

income

foreign

The

LAWS ENACTED
The

nuisance

two additional

fiduciary

by the particular circumstances.

country where civil

a

various

(2)

(3)

8. 416, approved Jan. 23 as Public No. 1.
8. 417, approved March 1 as Public No. 9.
8. 415. approved Jan. 26 as Public No. 2.

(4) 8. 1439, approved Feb. 11

as

Public No. 5, as amended by H. J. Res. 251,

approved May 28 as Public Resolution No. 34.
(5) 8. 1228, approved April 22 as Public No. 44.
(6) 8. J. Res. 38. approved Feb. 19 as Public Resolution No. 6.

(7) H. R. 6763. became law July 22 as Public No. 209.
(8) H. R. 1545, approved Jan. 29 as Public No. 3.
(9) 8. J. Res. 51. approved May 1 as Public Resolution No. 27.
(10) H. J. Res. 375, approved June 29 as Public Resolution No. 48.
(11) H. R. 8234, approved Aug. 26 as Public No. 377.

;

?

STATE
which

made in the discretion of the trustee

were

upon

which

or

SECRETARIES
of

conditioned

were

ment 12

the bank

to

larcenies.

The

or

and

fine

a

of

for

dealt

the

to

of

bankruptcy

Bankruptcy Act,

of

property

year's

one

$5,000

a

fine

minor

importance were enacted.

matters.

gives

the

amending

One,13

court

the

best

interests

the

of

debtor

Various

readjustment

provisions

intended

Farm

Act

provisions

Mortgage

amended

the

of

of

other14

Mortgage

Act

of

of

Corporation

Federal

the

1933,

the

and

Act

by the Farm Credit Act of 1937.16

The principal effect

of

vote

remains

alive.
for

bills

All

its

second

position.

It

important

of such

is

introduced

session

will

bills

and

therefore, to

appropriate,

bills which

affect

before

be

which

give consideration

more

to the

A

so-called
within
of

McAdoo

the

the State
and

ment

such

bill16

Federal

authorizing

Reserve

in which

the branch

operation

be

located

is

organized

the

if

the

under

Interim

the Association

this

has

Association

this question as follows:

on

"The American

of

Bankers

Association

has

of

the

of

this

States

than

establishment
The

had

taken

continue

be

to

committee

alert

Committee

preserving

entitled

respect

which

to

all times to actively

at

Among

the

to

provide

extensions

payment

of

effective.

the

were

of

two13

lengths

appearing

introduced

the

by

Steagall

public

bill,

demand

House

of

as

this

•

held

Also

public

of

bills.

was

received

from

the

Aug.

for

the

but

State

date

the

of

of

bills

few

A

Federal Reserve

of

United

States

of

part

year

enable

to

required

during

v

it

Reserve

to

respect

considered

effective

for

Act

of

the

by

but

to these deposits.

as

Board

the

give

reserve

with

of

States

would

loans

to

or

otherwise

be

against

person

exclude

without

banks
each

as

a

Federal

had

another22

in order

been

not

would

used

impose

a

None of these bills made

latter

was

reported

although

all

recalled

be

two

no

on

difficulties
because

of

directors

of

confronting

made

The
no

favorably by

certain

Chairman

and

Blaine

Portland, Ore.,
Securities

of

Secretary

of the

stock

amount

%

of

an

1%

per

capital

Treasury.
equal

Currency

Committee.

introduced in the
Credit plan,

Social

Banks

other26

had

double

of

liability.

This would

the corporation to waive
liability in favor of any

would

bills would
One24 would

Two

exclude

Banking and

been

Another bill32 of minor importance

closed National bank to its officers and
been paid or if it again has become
in the committees to which they were

of

1936

the

to

from




Securities

and Exchange

mittee

draft

by Senator Barkley which

Mr. ^-Page's

by Chairman

held

Vice-President

and

was.

committee to be
assisted by your
National Bank of

Page,

First

of

with members of the

which resulted in certain modifica¬
changes were submitted to the Senate

Commission,
These

Committee by the Commission, and were incorpo¬
prints which were the subject of hearings.
others, appeared before the Senate Committee on

committee

Currency

and

this session

considered by

were

provisions.

Currency

various

Chairman,

on

and stated that in their opinion the
a workable piece of legislation.

the whole,

final com¬
However,

representatives made suggestions for the further improvement of sev¬
provisions of the Mil which they urged the committee to consider.
much time was consumed in the preliminary consideration of this bill

ycur

eral
So

that

the

pressure

of

more

important legislation

towards the close of the

from reporting out the bill, but it is
anticipated that such action will be taken shortly after the next session
convenes.
No attempt will here be made to analyze the provisions of this
session

prevented

measure,

finally

(12)

public

deposits.

but the stockholders' liability

progress,

a

as

it

decide

the

committee

is uncertain

at this- time what the Senate committee

need

realized

of

a

for

complete
some

of the Bankruptcy Act

revision

time in

of

the National

order to simplify the

Bankruptcy Act has
procedure, expedite

taken

upon

Currency

it

at

H. R. 5900, approved Aug. 24 as Public

No. 349.

bill

Committee,

the

of

time

H. R. 4343, approved Aug. 12 as Public No. 258.
H. R. 5969, approved Aug. 10 as Public No. 302.
(15) H. R. 7909, approved Aug. 19 as Public No. 323.
(16) S. 2347, McAdoo, California.
(14)

(17)

S. 1508, McKeliar. Tenn.; 8. 1597,

Herring, Iowa; 8. 2680, Wagner, N. Y.;

4215, Eicher, Iowa; H. R. 4218, Wearin, Iowa;
Steagall. Ala.
8. 2680, Wagner, N. Y.; H. R. 7186, Steagall. Ala.
H. R. 5861, Voorifl, Calif.
8. 2328, Moore, N. J.; H. R. 7182, Culkin, N. Y.
H. R. 8013, Steagall, Ala.
H. R. 6733, Merrttt, N. Y.
H. R. 7187, Steagall, Ala.
S. 2171, Byrnes. 8. C.
H. R. 3482, Williams, Mo.
H. R. 7230, Patman, Texas.

H. R. 4209, Richer, Iowa; H. R.

H. R. 5856. Williams, Mo.; H. R. 7186.

(18)
(19)
(20)

(21)
(22)
(23)

(26)

8. 1990, Thomas. Okla.

the

(28)

H. R. 3301, Goldsborough, Md.; H. R. 3693,

Federal Reserve banks by the
banks would be paid for their
their cash paid subscription with interest at

(29)

H. R. 7188, Goldsborough, Md.

introduced

a

bill26

which

provides

for

the
The member

stock

will

upon.

(13)

stockholders'

the- House

action

Patman

month

and

and President of the Trust Division,

in

banks

Ownership of Federal Reserve Banks and Monetary Control

the

Governors

This bill was
Committee, of which Senator Thomas

(27)

acquisition

of

to exercise

introduction.

Coles,

Exchange

and
these

of

tions

(24)
(25)

Representative

Board of

the

supply

Board

market operations.

the Major Douglas

in June

provisions

Conferences

unworkable.

requirements

adjournment.
Government

power

necessary

conferred,

so

open

introduced

A "bill33 was

contained

The

insured

constitutional

such liability might be asserted.

further

the

the

upon

Currency Committee introduced

stockholders'

account

deposits.

bills

conferring

System

on

remain

that

measure.

Your

Treasury at the end of each

Still

will

Banking

deposits from the insurance assessment base.

interbank

The

bank

requiring the

whom

certain

exclude

by

recoveries

to

unable

been

eliminate

to

accomplished

its claim

the

alleviate

to

take

a

have

time" of their

the

Banking and

regulations of the Board of Governors of the Federal

had

which

the

of

not

Commission filed their report in Congress covering their stury of trustees
indentures.
In that report certain recommendations were made for
legislation to correct various abuses claimed to have been found to exist.
A special committee of the Trust Division was appointed, under the chair¬
manship of R. G. Page, Vice-President of the Bankers Trust Co. of New
York, to offer cooperation to the Commission in developing a workable

the

Reserve

industry which

purpose.

of the House Banking and

designed

States

did

under

the

require

bills

These

in

changes

requirements

Federal

Another21

United

It
f

been

bill23

member

definite action being taken by the committee.

any

creditors

its

rated

•

*

Technical Amendments to Federal Deposit Insurance Law

in

this

of

the escheat of deposits of National banks which has been

any progress.

a

a

of a similar nature28 were also
modeled

Revision

The Chairman

as

committee

bill 27 to regulate the

a

and

the Federal Government.

when

at

Governors of

administrative

certain

expired

1935

Federal Reserve Act

covering margin requirements.

System

The

progress.

with

to it by the Secretary of the Treasury

that

for

year

stricter standard

no

was

Banking

now

obligations
the

direct

make

to

such

made

The original two-year extension

the

to

would

reserves.

to

return

funds advanced

any

House

and

permit Federal Reserve member banks to deposit

Government

their

Senate

extension

funds,

System the right to increase

bank to

Reserve

made

One19

Two bills 20 would

limit.

the

advancement

reported the bill favorably to the House,

have

Act.

a

before

Proposed Trust Indenture Act of 1937

the

against

Your Chairman and other repre¬

by that body.

enactment

would

Reserve

that

Senate Banking

the

it by

upon

bill,29

a

to

The Wagner bill, which

funds,

and trust

Technical Amendments

Federal

personally

introduced

powers

for the restoration of

provides

should become

funds

chances of

of

Act

Reserve

demand deposits of savings banks

two-year

a

1937, and the° prohibition is

23,

spite

In

signatures.

and

previous sessions was again brought forward in two
National bank deposits to the escheat laws of
which such bank is located.
The other81 would escheat such

in

deposits to

and will

appeared at the hearings in opposition to this measure.

consideration

no

best

Chairmen

trust

funds

The committee, nevertheless,
it

measure,

would subject

One80

referred

prohibition

the

public

of

Banking and Currency Committee.

sentatives of banks

this

subject of hearings before the House Banking and Currency Com¬

the

The subject of

the

to

bill

it

oppose

Federal

respectively.

covers

and

provides

which

deposits

funds

the

the

have

to

four-year extension and

a

well

as

of

to

Deposits

before

deposits

Banking and Currency Committees,
provides

Demand

amending

demand

on

bills

The Board of

rules and regulations.

necessary

150

currency

Agricultural

instead

were

directors

Public

on

various

interest

The

reserve

the membership of the House

Patman

Reserve

the

Senate

member,

a

House.

during the coming session should the Senate

introduced

were

affirma¬

upon

decrease

or

given full and complete control of reserve requirements, discount

solvent.

bills17

Reserve

subcommittee of the Agricultural Com¬
mittee, but further consideration was deferred until next session.
Several

decide to consider the bill.
Interest

Eight

officer,

any

Federal

the

of

it at the time Congress adjourned,

upon

prepared

the

on

Currency

action

no

was

salary of

or

if.

of that State.

are

with

bank

before Congress during

Banking and

committee

have

State banks

Maximum

Committee,

be

referred

branches.

of

Senate

referred
your

rights than

greater

no

The

Market Committee.

Open

of House members and active work

National

but

equal

under

Federal Reserve banks would

in

support

eligibility of collateral, and

monetary control bills

banks

where

Classes A, B and C

of

«

National

Con¬

laws

approved the principle of

that

FDIO.

case

any

could increase

among

rates,

mittee, but without

recognizes

the

the

of

The Board of Governors,

group

Oklahoma

Federal

extent that branch banking Is permitted to State banks under the laws

Association

Federal

prescribe

more

of

Currency

United

of

was

the

to 15

of

would be abolished.

Council

the

Reserve

and

Representative

and

State autonomy with respect to branch banking and granting to a National bank
the right to establish branches in the State in which it Is domiciled to the same

Thus

Comptroller

position

the

stated

obtained

of

control.

Hearings

Committee

affiliation

increased

assessment against such banks.

would

law

establish¬

authorizes the

located

banks

of

it

'

State.

The

is "to

branches

of

which

within

in

Federal

Examinations of member and affiliated banks

or

interest

Thomas

value

such

National bank to establish branches

a

district

any

a

bill.

Governors

banks is that contained in the

to

consequence

had

Banking

this

Senator

banks.

Expansion of national Bank Branches

proposal of most vital

and

with
such

be

is necessary.

members,

consideration

the

of

part

House
up

and
1

10

Patman circulated

urging

the

on

their

retain

Directors

officers

Federal

a

without charge

evidence

it

when

Congress

have advanced

of

required

Advisory

constitute

than

less

not

adjournment

Congress

new

Federal

would

employee of

or

petition

convenes

The

Representative

a

to

duties

same

present,

from

would

Treasury,

more

or

Governors would be authorized to

LEGISLATION

Legislation pending at the close of the first session of

at

continue

the

reserves

the

would be

of four

concurrence

of

Board

the

of

members

Governors

would be

agencies created under the amended laws.
PENDING

Secretary

requirements without limit.

provisions of this Act is to centralize and coordinate the administra¬

tion of the various

would
to

as

withdraw

included in the classified Civil Service.

tive

the

Marketing

Agricultural

the

could

of Governors

Board would be limited to $25,000.

Act,

1933,

Act

Reserve

bank

The Board

Chairman

eight

Senate.

director

Loan

of

Act

insured

positions except directors and

be

892.

Farm

Credit

Farm

the

Board of
All

Act

Bankruptcy

56 S. Ct.

1,

Federal

banks

be subject

and

directors would be appointed by the President with the advice and consent

substitute

as a

Such

and
of

existing law

of

by the United State Supreme Court in Ashton v.

administrative

Farm

Federal
are

the

of
sale

or

The

creditors.

his

and

County Water * Improvement District No.

Emergency

of the

debt

unconstitutional

Cameron

lease

by the debtor corporation if the court deems it advisable

municipal

declared

77B

Section

authorize the

to

power

the

notice.

including

currence

privileges

Insurance Corporation insured non-member bank could also

bank.

Currency,

of them

Two

under

Member

legislation.

and

rights and privileges if it carries its

written

upon

members,

relates to compositions of municipal debtors and is
for

if the value of

both,

or

such

Reserve

exceeding $50 in value

money

or

imprisonment,

obligations

obtain

69

this

rights

same

Federal Deposit

imprison¬

two years'

or

does not exceed $50.

laws

property owned
and

or

money

other

with

larceny

1,000

property or

Several

imposes

of

enactment

the

and

robbery statute, extending its provisions to cover bank

amendment

both,

ment,

the

the

have

contingency.

a

Also, during the closing days of the session Congress enacted an amend¬

SECTION

of

the date of the last dividend until

the date

Steiwer, Ore.
(31) S. 521, Wheeler, Mont.
(32) S. 2308, Reynolds, S. C.
(33) S. 2344. Barkley, Ky.
(30)

S. 376,

Goldsborough. Md.

A

if

•

BANKERS'

70
the

settlement

of

inconsistencies

bankrupt
in

now

the

About

composed of representatives of Bar Associa¬

The conference undertook

istration

and

introduced

procedure,

during the

administrative

CONVENTION

certain ambiguities and
ago the National Bank¬

remove

five years

interested in bankrutcy
detailed survey of bankruptcy admin¬

Men's Associations and other

Credit

matters.

and

estates,

Act.

ruptcy Conference was formed,

tions,

v>,

■

and

a

the

upon

1936 session,

groups

their study

basis of

bill84

a

was

to completely modernize the

designed

law
were to be kept to a minimum
in order to avoid the disturbance of longestablished court interpretations.
This bill was the subject of hearings

before

provisions

the

introduced

requiring

is

in

the

bill

known
of

are

The corporate reorganization provisions

analysis
tion

between

The

the conference

present

the

and

are

and

Securities

Exchange Commission.

77B is
materially altered.
An independent trustee is required in all cases where
the indebtedness exceeds $260,000.
All reorganization plans must be sub¬
mitted

and

exceeds

indebtedness

is

introduced

bankruptcy

is

before the

now

submitted by the

A provision

amount.

would

have

by the conference and is

affected

not contained

it during the closing days of the session.

Senate

the next

The

the Com¬

The report of

session.

detail.

more

As

a

of its three-fold program, the Securities and

part

recommended

bondholders'
the

bill,

and

which

by

facilities

bill,36

interstate

based

assents

House

prohibited

are

unless

deposits

or

the

on

and the

commerce

their members

known

the

of

The bill is

proxies,

of

regulation

a

Chairman

the

to regulate

solicit

to

in

in

the

formed

was

As

sion.

committee

dealings
bill

such

does not

not

the

this

held

25, acting

and

of

the

would

de¬
The

Banks, therefore, would

Interstate and

House

and

closed.

No

Foreign Commerce Committee
modification

considerable

a

indicated in

was

action

further

been

had

bill's

the

of

committee print which

a

printed

was

taken

of

which, because

special

treatment.

were

held.

the close

At

in the House40 and one
President broad powers to

Reserve

the House bill

is more limited

System

particular interest because at the time of their introduction a

of

are

Federal

the

Under the Senate bill the Board of
is expressly exempted.
These

Senate bill.

the

than

scope

report of the Brookings Institute was released in which there was a recom¬
mendation for a consolidation of the functions of the Comptroller of the
Governors

firearms.

relate

similar

They made

the

to

Senate

would

Judiciary Committee

effect

in

qualified

unless

companies

the

deny

for further
the mails

laws.

State

under

of

use

These

are

during the Seventy-fourth Session of Congress.

introduced

bills

to

regulation of the transportation and sale of
have passed the Senate, although the latter

bills43

Three

insurance

to

System.

bills

returned

and

consideration.

Insurance Corporation and the Board

Reserve

the

to

these

Both of

recalled

was

Deposit

Federal

the

of

bills42

Two

Federal

the

Currency with
of

advance.

no

relaxing the examina¬

The Federal Credit Union Act would be amended,44

requirements, permitting investment of a part of a Federal credit
union's funds in loans to other credit unions, authorizing the Governor to
tion

fee

conduct
tax

by

bills

provisions.

the

United

Banking
action

House
but

no

Revised

and
was

the

broadening

and

Currency Committee several days
taken.
session affecting Section 5219,

the

during

relating

Statutes,

studies

and

passed the Senate and was reported

bill

This

introduced

were

States

researches

available

make

and

exemption

to

National

taxation of

State

banks.

affected by several bills.
Another 46 would increase
deposit.
A third47 provides for the liquidation
of the System.
While another48 provides for the sale of postal savings
stamps to school children.
None of these bills received consideration.
The

Postal

One48 would

Savings

have

Postal

Committee

The

have

would

System

been

permitted checking accounts.

individual

maximum

the

Savings

Banking Studies completed its survey of the Postal

on

the results early this year under the title
the United States."
It was hoped that
survey would form the basis for legislation placing the System on a
non-competitive basis with banking institutions.
However, because of the
"The

and published

System

Savings

Postal

System

Savings

of

this

reorganization plan and other
found for the introduction of
such legislation.
However, the matter is being held in abeyance, and it is
hoped that an advantageous opportunity will present itself during the next
debate

prolonged
adverse

the

for

session

the

over

elements,

Court

Supreme

appropriate time was

no

introduction

such

of

the

by

justify

work

emergency

or

cases

one

the

give

independent establishments, although

bills

the

the

measure.

does it apply to a group

nor

behalf.

own

and

to

respect

this

in

its provisions unless they became members of

hearings

hearings

with

up

introduced,

were

bills

Both

Senate.41

its

protective

It is uncertain at this time what will be the fate

The

measure.

their

on

to be subject to

original provisions
after

set

the

of

membership,

their

members

standards

apply to bank reorganizations,

number

a

of

and their

meet

provisions

the

composition
the

than

more

appear

approval,

committees

protective committees.
of

such

must

securities

of not

of

agreements,

of

faulted

condition

a

the employment,

extensive hearings

and

hearings two bills

application has been approved by the Securities and Exchange Commis¬

an

of

session

before adjournment,

Exchange Com¬

and

embodied

is

Protective committees and

these

using

This

Commerce Committee.

of Congress

power

of the mails.

from

supervision

the

introduced

was

Foreign

constitutional

for

committees.

protective

Lea

Interstate

legislation

activity

classes

transfer, re-group, consolidate or abolish the various governmental agencies

No

mission

use

these

favorably

Regulation of Bondholders' Protective Committees

as

Senate

of

in

Judiciary Committee, where it will probably

Bankruptcy will treat with this legislation in

on

contained

seriously

by substantially curtailing their right of set-off

consideration in

early

mittee

that

advisory opinions

so

be

may

Section

for

Commission

and

which

year

under

The House Judiciary Committee reported the bill favor¬

ably and the House passed
receive

than

less

eliminated

was

the present bill.
bill

Exchange

last

practices of banks

procedure

$3,000,000,

the

the

credit
in

Securities

bill

if

court

in

the

to

indebtedness

the

if

reorganization

corporate

and

The

for a

of

peak

or

other

of

the President sent a message to Congress recom¬
mending legislation to carry out the reorganization of the departments and
agencies of the Federal Government.
A joint committee of the House

Governors

satisfactory
the result of collabora¬

practice

seasonal

treatment

character

and

nature

of

care

suitable

Early in the

in

Chandler bill.

the

as

of the

take

to

provide

was

revised bill88

A

extremely technical character,

an

knowledge of bankruptcy

expert

an

popularly

and

year

amendments contained

the

in

with the result that the conference

certain perfecting changes.

make

to

this

changes

Substantive

Act.

House Judiciary Committee,

the

requested

was

of

work-week
and

measure.

a

Social

Security

committee, however, at the time of adjournment.
At the annual convention

Miscellaneous

billion

A

dollar

Federal

provisions of

one

of

of the

the

Btock

Federal

of

extent

1%

and

of

urban
be

to

its
of

holders

must

unimpaired

at

six

least

in

mortgages
certain

and

except
be

taxed.

The

The

all

Federal

taxation
contains
it

on

a

the gold stabilization fund
real

not

various

exceeding 2%

preparation,
notes

are

be

sold

for

the

purpose

The bank would also

taxes.
extent

same

which

property,

be

would

other real property

as

administrative

Credit

Banks

be

would

No

provisions.

authorized

issue

to

bill entitled "Agricultural Reserve Note Act."88
and by all

times the

issue, redemption,

$800,000,000, withdrawn from

unpledged assets of the banks other

The total issue would be limited

return,

The

fund.

reserve

retirement

mechanical

details

year,

of such

and cancelation

analyzed

the

the

of

use

giving

ship,

and maximum

hours of

employ¬

ment

was

the subject of the proposed "Fair Labor Standards Act of 1937."80

This

bill

was

was

by

reported
the

the

It

NRA.

passage

by

the

created,

President's

"must"

favorably by the House

House

session.

the

on

Rules

would
Its

Committee,

revive

original

to

a

which

to

It

Committee,

prevented
extent

the

the Senate

passed

its

but

blocked

was

at

enactment

principles

and

this

embodied

fix

A

minimum

Labor
wages

Standards

at

not

40 hours

more
a

would

Board

week.

be

40c.

an

than

It would

be

applicable to all employers and employees engaged in the production and
transportation of goods shipped in interstate commerce, or in occupations
directly affecting interstate commerce, with certain large groups, such as
railroad employees and agricultural labor,
exempted.
Also, it would not

applicable to

sional

capacities,

The Board,

in

pjersons
as

such

engaged in
terms

are

executive,
defined

by

administrative,
regulations

or

profes¬

of the

Board.

fixing fair labor standards, would be required to take into

consideration local conditions and could permit variations from the standard




than

and

committee

More

than 1,000 bills were examined

of these

thoroughly digested for

were

officers

executive

A

Association.

the

of

national legislation was sent to our entirely member¬

the

them

400

exact

at

status

the

close

of

the

session of

all

We
were successful in straightening out a situation which might have seriously
affected the depositing of United States obligations by National banks as
security for bankruptcy funds.
We also opposed the establishment of an
agency of a Federal savings and loan association
in a> State where the
State law does not permit the establishment of branches of banks, and
we
understand
that the particular association
has since withdrawn its
application to the Federal Home Loan Bank Board for the establishment
work

Our

such

of

their

to

Washington.

are

have

President

every

time

needed

represented

the

assistance

on

they

the

were

assistance

called upon.
of

members

In
of

a

the

this committee, and without excep¬

willing cooperation and able assistance of every
we

Smith

have

for

his

Association

The

requested.
faithful

and

untiring

is

deeply

efforts

in

Not only has he given much of his time, but he has, through

contacts, enabled
which

help

we

not

received

whose

indebted

deeply indebted to all the members of the committee
and

instances

have

we

is

assistance

of

member

ments,

wholly to matters of legislation.

agency.

number

his

confined

been

not

Chairman

Your
for

has

they

your

committee to gain entree to the various depart¬

could not

possibly

done

have

without

his aid.

We

were

hour, and maximum hours at not less than

be

committee has been relatively light during this

in

considerably modified before its
further qualified by amendments inserted

by the Senate, and were
House Labor Committee.
empowered

Labor

limited

provisions

list.

during the past

not introduced

affecting banks.

legislation

tion

wages

were

membership.

more

bulletin summing up

by the House Agricultural Committee.
minimum

the

of

and

Association who

regulation of

Such amendments were

have striven at all times to give our best efforts to the protection

we

substantially similar to the provisions of the Federal Reserve Act
with respect to Federal Reserve notes.
This bill was reported favorably
Federal

Security

Social

banks and State bank members of the Federal

these amendments

However,

the interests

of

is

the

CONCLUSION

and

may

with

under the provisions of that Act.

While the work ot your

12 times

other

tangible personal property.

or

purchases

or

cooperate

to

session.

of

Such notes would be secured by a reserve of

to

loans

Francisco, in 1936, a special committee

by the Board, which met with the approval of the special com¬

mittee.

Mortgage

real

System

prepaied

The

gift

its

except

President

which would bring National

loans

in exchange for such mortgages.

or

the

the

in

mortgage

during the session.

Intermediate

legal tender notes under

than

indi¬

from

engaged

are

estate

requirements.

which

local taxation to the

or

bill

taken

was

The

mortgages.

by

San

working out satisfactory amendments to the Social Security Act

in

Reserve

amount not to exceed

an

inheritance and

estate,

from

subject to State
action

the

obligations of the bank would be exempt from all taxation,

surtaxes,

exempt

and

real

which

upon

public.

stock to

Board

provided they have been

months

eligibility

surplus,

in

the

to

to buy

buy mortgages

or

making

obligations in

own

to

otherwise,

or

funds

own

capital

mortgage

offered

invested

the

under

$100,000,000 worth

own

be

permitted

have

appointed

was

be created

would

would

be

raising funds to purchase mortgages

The stock and

is

on

for

meet

issue its

may

they

banking

The

property.

would

amount

using their

made

Bank

the

would loan

stock

business

the balance

banks

corporations,

common

Bank

The United States would

bank and

member

of

Mortgage Bank
viduals

on

bill.37

Reserve

Legislation

Mortgage

in

(34)
(35)
(36)
(37)
(38)
(39)

(40)

H. R. 12889, 74th Congress, 2nd Session, Chandler, Tenn.
H. R. 8046, Chandler, Tenn.
H. R. 6968, Lea, Calif.
S. 1166, Wagner, N. Y., and Pepper, Fla.

H. R. 1645, Jones, Texas.
8. 2475, Black, Ala.; H. R. 7200, Connery, Mass.
H. R. 8202, Warren, N. C.

(41)

8. 2970, Byrnes, 8. C.
(42) 8. 3, Vandenberg. Mich.; Copeland, N. Y.; 8. 1905, Sheppard, Texas.
(43) H. R. 4838, Hobbs, Ala.; H. R. 4847, Hobbs, Ala.; H. R. 5713, Kitchens,

Ark.

(44)

8. 2675, Sheppard, Texas.
(45) H. J. Res. 157, Coffee, Wash.
(46) H. R. 3148, Schneider, Wis.
(47) H. R. 5189, Biermann, Iowa.
(48) 8. 130. Robinson, Ark.

.

committee to Robert V.
past President of
Association, whose advice and counsel is invaluable and whose assistance

wish

to

the
has

also,

acknowledge,

Fleming, President
been

the

of

helpful.

very

the

We

of

thanks

the

National Bank and a

Riggs

71

SECTION

SECRETARIES

STATE

Respectfully submitted,
R. M. HANES, Chairman.

indebted to the staff of the Association,

are

Wash-

which has been alert and has energetically followed the changes at
ington with great intelligence.

Committee / Officers' Reports—State Secretaries Section
Incident to

Discussion

Chairman

Report of Robert M. Hanes as
on
Federal Legislation—

Committee

of

Patman and Other Bills
Robert M. Hanes:

perfectly informal

I take it, gentlemen, we are in a

might arise in

brief notes I have made

I am going to talk from
here, and rather than keep your questions to

the end, if you will ask them

just as they occur to you, I think we can all

ask them as I go along.

your minds, to have you
some

improve

any

Hot Springs, in our opinion, there would not

important banking legislation passed at this past session

When the bills

be

What do

Springy there wouldn't be any banking legislation introduced.

do with bills that were introduced, just
matter of fact, there were no important bills

I had to say we had nothing to

bills that

As

enacted.

were

a

Of the two
was

to

bills

that

did

the Revenue Act of 1937,

banks, known

which applied somewhat to banks, one

pass

practically the only bill passed that applied

the Tax Loophole Bill, dealing with

as

No doubt you have
The act amends Section 163 (a)

all

the action of that in the paper.

seen

of the Revenue Act

of 1936 relating to the personal

exemption to trusts.

requires or
permits the accumulation of any portion of the income of the trust and there
is not distributed an amount equal to the net income.
All those trusts
Under it

exemption is allowed a trust if the trust instrument

no

which used to have $1,000 exemption no longer
accumulation permitted under the trust

$1,000

Section

As the bill

fiduciary

talked about when

personal exemption allowed by Section 163 (a) as we just

first introduced on every trust of any sort whatsoever,

was

return had to be filed on it

which was a perfectly

regardless of income,

a

ridiculous situation

It would have cost the trust companies of the

had

net income of only

a

If it had been estimated it would have cost

$2.50.

You would have the trust

$10 to make Federal and State returns.

at least,

company paying

United

You might have a trust which

States thousands and thousands of dollars

effective piece of work
the Committee to change that part of the thing and allow

Charley Mylander and his committee did a very
there.

They got

the $1,000 exemption, which was a
of

the

United

tremendous help for the trust companies

States.

I don't think Senator McAdoo would

His main bill extends branch

passed unless 2347 went through.

That is, a bank located in any Federal Reserve

banking beyond State lines.

branches in any State in
bank is located, provided branch banking

District under his bill if passed, could establish
the District in which the main
is permitted in that

lative Committee took

a

a very

Your Legis¬

positive stand on this.

We contacted

positive stand in Washington on it.

Senator McAdoo several times and told him we were going to do everything
could to prevent their passage

and there will be, I think, a further action

Personally, our opinion on the Legislative Committee is that these bills
no

chance of passing, but,

of

course,

they are a threat and they were

They

introduced but never came out of the Committee.

will have to go to

have

any

are

can

Personally, I don't feel that the bills

bat on tnem.

holding company having stock in any bank has to disgorge

It cannot hold more than 10% three

I don't think the Senate would want that

after the bill is passed.

passed unless the first bill passed also.

introduced to alleviate the double liability on stock¬

The Steagali bill was

holders and State banks where there had to be a constitutional amendment

in order that this could come about.

ticularly.

I think that applies in Illinois par¬

There are several States that require a consitutional amendment

before they can get rid of this

double liability.

It was introduced, came out

of the Committee with a favorable report, but on account of the many con¬
troversial

mind

issues

in

it

Congress,

was on too many

Mr. Steagali is very

is that it will pass at

had

no

chance

passing.

We are hopeful it will, because it

United

Patman from Texas has

introduced.
150 names

on a

paper be has

It would force the Government to take over the Federal

Reserve banks, pay off the present

stockholders—the bank stockholders—

100 cents on the dollar for their stock, plus 6% interest
between the last dividend paid

There are three bills which have

the

Chandler

Bill

is

mittees, known as the

the

That might

be

written

to see that

the

there, to show you how far they are

going, to create a billion dollar Federal
banks

subscribe

Postal
action

Mortgage Bank.

It is proposed

hundred million dollars in this, and that various

according to the amount of mortgages they hold.

it

to

We thought we might have a chance of getting some
but on account of the many

Savings.

on

the cost.

good thing.

very

a

bill has been introduced

Another

this at the last session of Congress

especially the Court Bill, we hadn't a chance

hearing on that at all.
We had several conferences there.
We talked with Mr. Eccles and Mr. Morgenthau, with several of the other
of getting any

officials in Washington and
have any chance at

found that none of them throught we would

Rather than

all by bringing that up at the last session.

hold it over to
We are very hoepful

bring it up and be severely defeated, we thought we would
the next session when things may be more propitious.

competition which is being offered
the country

of the

by the Government to Banks throughout

As I say, we are hopeful something

through the Postal Savings.

will be done on that.
In the Social Security

Act as it is now drawn it has been held that national

banks and State member banks do not come under that act.
that they are an agency
unfair situation.

Social Security

of the United States under the

We feel that the employees of all banks should have

Act.

certainly State member banks and national banks

benefit of It and

the

It is claimed

We believe that that is an
SEC drafted an

of the Government.

We went to Washington and with the

amendment which would bring all the banks

they agreed with us on the

State non-member banks.

amendment.

It was all drawn.

As I say,

We were very
frankly

hopeful every week of its passage but they, themselves, told us very
that on account of the

turmoil in Congress they would not have a chance

getting amendments through and therefore they never

of

are

they will-be through

hopeful that

State banks and member State
Mr. Chairman, very

did introduce them.

at the next session and will

straighten out this injustice which we believe exists

between non-member

banks.

hurriedly, that is a resume of what has taken place

There are many other bills there

Washington.

and what is before us in

which I would not take your time to

There is one bill I

discuss because we think a great ma¬

neglected to mention here.

bill, as did Mr. Wagner, to increase

Mr. Steagali introducd a

the time for the payment of interest,

further than that.
Senator
from the time it
expired and in addition to public deposits and trust deposists he also put
in the deposits of savings banks—mutual savings banks.
Mr. Steagall's
public deposits and Mr. Wagner's bill went

on

Wagner's bill would have lengthened the time four years

bills did not include mutual savings

years.
of the

banks and only increased the time two

We got them held in Committee and therefore the former increase
time automatically expired.
We think that was one thing the Com¬

mittee got

that was worth while so now there can be no interest paid on any

deposits of any sort by members of the
Mr. Hanes:

bill and

we

FDIG.

Do you think that will come up again?
It won't be an extension now.
It has to come up as a new

Delegate:

think they will have a much harder time since It has expired than

they would have to have

lengthened the time when it was already in.
Our
Certainly, we shall strenuously oppose

belief is they cannot put it in again.

■
Mr. Hodges:

us

are

to dig

These bills have all been introduced and

the first essential is having the facts.

pretty busy in our own

retaries

were

do.

Most of

offices and .very few of us have time enough

into the legislation individually to

to be able to

the extent to which we would like
helpful if the Sec¬

It seems to me that it would be very

armed

with

not

merely generalized information

Patman Bill—we all hear these things

about the

discussed in generalized terms in the

A brief analysis of the main provisions of
bill, followed by an outline of the main objections to it, its effect upon
different types of banks—in other words, a summary criticism of the

press—but with specific data:
the

Indenture Act of 1937,

In dealing with a situation such as the problem presented by

the Patman Bill, of course,

the

Regulation of Bondholders' Protective Com¬

Lea Bill.




trust indenture is

a

protected in the case of bankruptcy; especially to cut down

is

A, B and C directors.

Bill, the Revision of the Bankruptcy Act, known as

and

wherever

later to see that he
protected under the bondholders' protective committee and to see that he

been introduced at the instigation of the

Exchange Commission—the Trust

known as the Barkley

for the time elapsing

and the time the stock was actually paid for.

The President then would appoint

Securities and

table

the

security holder is protected in the form of the indenture,

It is still in the

In our
the first step toward the centralization of banking in the

States.

The whole thing is to put the Securities and Exchange Commission

ruptcy.
around

of the country,

securities and afterward in the case of bank¬

both in the purchase of their

it.

be had.

passed around asking that this bill be brought up for passage.
opinion it is

great many changes which have been sug¬

The idea of all of them is to proctect the security Investors

Congress'

Unquestionably it will come up
much in favor of the bill and our opinion

The Patman bill is a bill which has been

Mr.

of

the floor.

the next session.

gives relief where it should

Committee.

unquestionably the Securities and Exchange Com¬

and

gested to them before these bills will be passed.

other things, especially the Court bill, and this legis¬

lation did not get brought up on
next time.

stand

jority will not pass.

chance of passing.

Itself of all but 10% of that stock.
years

They are very loosely drawn, they are very impractical as

be passed.
now

There is no question about the

have to be seriously refined and changed before they

mission themselves will suggest a

His second bill makes it mandatory that in three years after the date of
the passage, any

Barkley introduced this bill.

The latter two bills have had hearings.

stil in the

They probably will be called up next session and at that time

Committee.

I say,

as

fact that they will

We

taken at this convention on this same matter.

have

bills,

Senator

should not have a preference over

State.

The Interim Committee took

we

them.

,

the two McAdoo bills, S. 2347 and

Under pending legislation we have

we

These

Commission and various

.

S. 2348, which are companion bills.
want 2348

disturbed by it.
were all drawn by the Securities and Exchange
Senators were asked by the President to introduce

something can be done on Postal savings, certainly to eliminate some

So that was changed.

$10 for that.

seeking
don't

and they would rather not have it, if it has to come, I

think they would be terribly

controversial questions there,

$1,000.

the net income exceeds

that still very violently oppose

companies of the country as a whole, although they are not

which is entitled to

must be filed for every trust

now

stands.
There are
the bill but I think the

now

trust companies

that the Government put a

(a) of the Revenue Act was amended relative to

142

A return

returns.

distributed, there will be no

there.

exemption

bill

trust

instrument, whether'it is accumu¬

If it is permitted, unless it is

lated or not.

will have It if there is an

with

hopeful of getting some other refinements in it but even though

are

some

domestic and foreign

holding companies, multiple trusts and non-residents.

think

Division,

by Gregory Page of the Bankers Trust Co. is fairly well satisfied

They

they do not, they are probably satisfied as the

they

relating to banks enacted during the last session of the Congress.

headed by a subcommittee of the Trust

Committee

Trust

it.

dill these bills?"

you

Bill has been whipped into fairly good shape and I

The Barkley

headed

of Congress.

"You said at Hot

introduced I received a letter saying,

were

undoubtedly.

this legislation

understanding of the legislative situation.

our

As I said last spring at

of Congress

the

I would like, please, on any questions that

and

meeting,

They will all be brought up at the next se6sioil

still in Committees.

are

effect
I

of this

legislation.

would like to suggest

mittee on

that the American Bankers

Federal Legislation might well consider the

paring material of that

Association Com¬
advisability of pre¬

kind, placing it in the hands of the Secretaries, and

*

72
recommending

BANKERS'

CONVENTION
Mr. McFadden:

specific course of action for using that material in order that

a

all of the banks may be acquainted with that information.
Mr. Hanes:

That is in the hands of the State Legislative

A digest of the bill has gone out, sometime ago.
Secretaries

of

just

can

Committees now.

and advising them of the effect of the proposal upon the Federal Reserve

care

.V^v '

the

A lot of these

I don't believe the Administration is

the Midlde

in

some

West in relation

application of the Social Security Act to smaller State banks.
the problem

Mr. Warner:

the

to

I second the motion.

President Cramer:

problem has

a

Maybe

it.

on

Mr. Hodges:

us

have not signed the Patman Bill,

System and the member banks thereof throughout the country.

On the Social Security, Mr. Hanes,

bothered

or

I have stated that roughly, but we can polish that up later on, if I am
wrong

don't realize what the bill purports to do.

men

bill.

Frank Warner (Iowa):
that has

as a

that the State Secretaries Sec¬

moves

of that through the Headquarters

We will take

Office.
Mr. Hanes:

suggestion

your

tion offer their help individually and collectively in their own States in con¬

We have the job of education now.

arisen

Mr. McFadden

tacting members of Congress who have

President Cramer:

I accept

motion.

my

President Cramer:

send it to the State

Texas.

behind

substitute for

I agree to accept your suggestion with the consent of

substitute for my motion.

as a

This bill Is H. R. 7230, introduced by Mr. Patman

well.

as

We

second,

my

rising

I imagine

Is there any further discussion?

Mr. Chairman, I do not want to seem argumentative by

second time, but I wonder how much your resolution actually means

a

if you follow it to its conclusion.

will be more accentuated when the national banks come in,

What

Secretaries do when

can we

we

do

particularly with relation to smaller national banks; that is, that inactive

get home, unless we have the authority of our State Bankers Associations

non-salaried officers, such as Presidents and

and

Vice-Presidents,

are included

employees in calculating the number of employees, which will bring the

as

bank either under

Mr. Hanes:

the Act

We

cerity,
of

with the Social Security Board,

now,

Mr.

fairness.

will exclude it.

or

working on that

are

directors

the

on

I want to

program.

Chairman, that

if you please,

say,

I don't presume

to tell

sit around the table with him and advise about this bill.

bank.

go a

is

all

true

smaller banks are business

and has been worked

to agree

with

Presidents of

many

aid

That has been

inactive.

are

hopeful that

we are

we can

The

I skipped

reast n

I

get the SSB

am

or not

of

ciation.

little

later

in

the

He has to leave immediately for

Legislative Council which
We have had

afternoon.

to

program in order to accommodate Mr. Hanes.

I

scheduled for

was

digress from
am sure

all of

our
us

it

this measure.

that you have in your hands is t ecause Mr. Hanes consented to come down

meeting of the Federal

the Committee

They

There is

printed

have been

I move that this Committee petition

in the back of my

method of ownership of the Federal Reserve banks.

statement.

Does that clash with

handle that instead of
Mr. McFadden:

a

Let

President Cramer:

Federal

I

send it to the Federal Legislative Committee.

us

that

May I say this, before I sit down?

head and I didn't intend to

I want to

will find Mr. Patman

you

It has been

it because we may not all

say

as a reason

for making that

He

for

is

the

of individualism in

preservation

or

this

country,

other form of business pursuit.

any

wonder if any resolution that we might adopt here today would not

with

carry

Your motion is that this group request the Resolutions

gentlemen:

However, I want to give this

whether it be in banks

Legislative Committee shouldn't

that

Congressional delegates.

our

Mr. Patman is certainly, from the ground up, for independent

banking.

separate committee.

anything,

means

State Bankers Associations in line with

help by contacting

can

agreeable in every way.

the policies of the American Bankers Association?

this resolution

do anything in regard to opposing

you to

and not opposing him in ways that are remote from him.

you,

the Resolutions

not

or

me or

get our

we

agree on this.

wonder if the

You will

lot to be said about getting a man to sit down at a table with

a

Committee to bring in a motion that will contemplate negotiators with

I

can

Federal Legislation of the American Bankers Asso¬

on

can

Mr. Patman and the proper committee in Congress on the question of the

Hanes:

direct

can

leave that thought with you,

Mr. McFadden:

we

will sit around the table with him.

we

I wonder if it would be safer and wiser to leave it in the hands

Committee, and

a

happy to do so.

Mr.

Mr. Patman if

with

just wondering whether

whether

part of this printed program *

here and take part with us in th s meeting.
a

way

find him fair in discussing this measure.

brought

that they should be eliminated.

us

President Cramer:

long

I think

I would like to say that you will find him conciliatory, I am sure.

They don't give much time to the bank

men.

on,

A great

country.

Some of the Vice-Presidents

at all.

up

the

over

good deal

a

believe that you will find Mr. Patman extremely fair if you

trying to get them to eliminate the officers who aren't active actually in the
That

sin¬

anything about

you

But I do say, in fairness to Mr. Patman, that I have
to

reason

with

it

the

tremendous

responsibility

that

it

might

alienate

the

support and championship which is ours now, unless we handle this matter

Committee to bring a resolution before the convention to the effect that they

in

attempt to work out

Patman very agreeable, splendid and fair to sit down with and talk to about

a satisfactory amendment or solution to the proposed
Patman Bill, between representatives of the American Bankers Association

Mr.

and

Patman.

[The motion
William

Duncan

Jr.

Mr.

(Minnesota): I

to the Resolutions Committee that

Frank Warner (Iowa):
our

own

Committee

am

thoroughly in sympathy with

President Cramer:
Mr. McFadden:
Frank knows

might be

the matter,

prudent

press

invited him to sit in with

councilmen.

There

were more

that I could think of

the

seen

having such

an

that, and seemingly staunch in advocating
nature, who was
of

that

more

man

we

men,

was

wanted

over

Federal

on

there, then

representatives

could find

someone

Representatives, perhaps sent
I think in

over.

a

com¬

that way we could get

other way in getting them to change their support of the bill.

(Minnesota):

Along that line, it happens that one

Congressmen in Minnesota is

our

have in mind.

you

this is all about.

a

co-author.

So

why

not

I used that

I covered this Patman Bill in

We dissected the bill in

every

rural

same

tech¬

seven groups

possible way, in

banker

as

to what

He happened to appear on a program in the State—not

however—and

my program,

as

we

signer of that bill, and probably do more good than we could

meetings, ending last week.

presenting legislation of that

simply

given

was

suggest

deal of publicity on this thing.

a great

the

to

Committee—and

Legislative

this

should be understood by them without any suggestion—that in all matters

State Associations?

I think that would

it, and when they sent out

cover

word that they want our help, it will be up to us to get busy.

We want

making with the administration of

seem to me that we can

President Cramer:

leave It in the hands of the

they deem best.

as

Mr. McFadden:

Legislation of the American Bankers Association

leadership in the handling of this legislation.

hands, to do

They

can

confer with

the

legislative

We

matters.

some one

Mr. Patman

all

over

the

country.

There is still

The

answer

is that

we

handling of legislation in the national

Mr.

motion before the house,

a

gentlemen.

President, I withdraw everything.

I do this with

seconder.

my

The slate is clear unless

I think what

some one

has anything to

add.

have done is the finest thing we could

we

done.

Robert E. Wait (Arkansas):

I

They understand

our

sentiments and I think

they will act accordingly.

haven't been in Washington in two
years.
I take it a great many others
haven't been there for as long a time.
We do not presume to know the de¬
tails of the elements that
go into the

of

Mr. McFadden:
have

ready at Washington to handle

scattered

are

consent

President Cramer:

Leave it in

compromise could be worked out.

David M. Auch (Ohio): We have

Capital.

bills.

of Federal legislation they have the moral support of the Secretaries of the

Summarizing, if does

Federal

these

What is your desire?

to continue the

some

on

order to give a pretty good understanding to the

before but I want to say

System.

that

on every

nique which

amenable to visiting it out with us about the contents

to contribute to the success which we are

their

our

William Duncan Jr.

We are, naturally, jealous of the preservation of the
System, which would

so

If their

are

of

measure.

Committee

to do would be to look over that bill and see if our
names

any

we

and the retiring

be in line with the thought of those who administer the
System.
the

us

action

important bill in his hands,

or

in their efforts on

can

further discussion?

Going back to the copies of that bill, H. R. 7230,

mittee to them to talk this matter

I want to say this, gentlemen, in all

I had never

no one

of 16

possibly

we

Is there any

by Bill Duncan

than 20 men there, and we must have visited

with him for more than two hours.

fairness to Mr. Patman:

of

have signed it.

than to have them relayed to us

up

a

ought to table all resolutions, but we ought to let

we

in the State who could contact

After the convention

Council, made

our

measure.

Chairman, I believe Mr. Warner's suggestion is

We invited Mr.

follow in the long run.

other agencies.

or

will find Mr.

you

which is going to be sent to all the Secretaries, I think a good thing for each

that the suggestion made

course to

am sure

Legislative Committee know that this body is back of them and will give

one

about this than I do but he has said less.
me

I believe

one.

I

way.

Is there any further discussion?

Mr.

H. B. Crandail (Utah):

committee.

new

hear his arguments from him rather

through the

parts of this

Scarboro:

President Cramer:

and refer it direct to the

Patman down to speak before our convention last June because
to

diplomatic and resourceful

tham all the assistance that

consideration.

I think you are right on that.

It occurred to

a more

the

simply suggest

some

suggestion that we adopt a resolu¬

a

Legislation, the

good

Mr. Patman addressed Frank Warner's convention and

more

Mr. Warner:

they give the matter

I would make

to our desire in

as

Federal

on

very

essential

President Cramer:

duly seconded.]

was

what Mr. Hanes has in mind, but would it not be better to

tion of

a

the

E.

P.

Gum

McFadden

simply don't know,

(Oklahoma):

I

that this organization give

move

Haynes

vote of confidence,

a

[The motion

v

was

seconded by Mr. Philpott.]

President Cramer:

That motion is carried unanimously.

I think it is very
presumtuous for this body to take any formal action in

the way of detailed procedure on the
part of the Federal Legislative Com¬
mittee.

I believe that ideas have been

expressed here

as to

Discussion

should keep our hands off

portant legislation.
.

be done

We

the detail of

on

are not

now, or at a special

or at

handling the matter of this im¬

this, inasmuch

the nail
with

on

the

May I interrupt?

as

I

am

occupying the Chair.

head, and I would like

aren't in touch with affairs in

should offer

to

the

Federal

our

member

a

a

If it meets

resolution here in
as

Dave says,

On the other hand, if
our

assistance in

we

con¬

have not signed that bill and advising

State ascociations, of the effect of that

banks, then I think

we

would have made

some

on

contribution

I question very much the
advisiability of

resolution here and asking the Federal Legislative Committee to

do something which we know

they

Lauder Hodges (California):
be

suggestion:

pass

anything because,

Washington.

or

our

toward the defeat of the bill.

passing

mean

Legislative Committee

tacting Congressmen who have

them, through ourselves and

I believe Dave has hit

to make this

approval, the State Secretaries could

your

opposition to the bill, which wouldn't
we

It is not my prerogative to talk

tabled.




Mr

are

going to do anyway.

Chairman, I

move the present
'

to

lead

a

Mr. Chairman, I notice that I am listed on the program

discussion.

didn't come here

I

haven't

prepared any paper of any kind, and

prepared to make

special speech.

a

to

do

so.

Probably because

we

held what

State bankers conferences this year,
about it at this meeting today.

I

As Mr. Hanes said,

if you want to interrupt me at any time and ask questions,

don't hesitate

think was one of the first

I

Ted asked

me to

tell you something

I don't know whether any of tmP Secre¬

taries read the "Tar Heel Banker."

If you do, you may have seen some¬

thing about the conference in the special number that we got out covering
it.

However, believing that most of you didn't read it, I am going to

take this opportunity to tell you a little bit about the conference we held
at the

University of North Carolina in July.

In accordance with suggestions made to all

ciations,

motion

Graduate

N. C.
Paul P. Brown:

President Cramer:

and

Led by Paul P. Brown, Secre¬

tary North Carolina Bankers Association, Raleigh,

the regular session next year in my

estimation.

on

Conferences

Banking

School of Banking,

competent to pass judgment on what should

session,

on

the desirability

of compromise if and when
compromise becomes necessary, but I think we

that

we

conduct

fell in with the plan.
State

Bank

Examiners

a

We had
work

of the State Bankers Asso¬

banking research
a

for

young man,

six

months,

program,

North

Carolina

who is one of the Assistant
tabulating research

in

all

SECRETARIES

STATE

of the going banks, the banks that were still in operation in the State

of

At

meeting of the Research Committee last fall, the question came

a

What are

up.

tabulated?

do

going to

we

How

are

all this information when we get it

with

going to get it to the banks?

we

of course, was made that we have it printed
that

made

was

"This is
them.

was

We haven't time to read them or study

ference—whatever

We

upon.

called

North

the

it

That

We wanted to show

reasons:

school, or an institute, or a con¬

a

the

was

name

was

that was finally decided

suggestion

hold such

conference.

a

held at

was

Carolina.

made

was

Bank

the

to

Bankers Association.
Committee that we

Research

The meeting at which this suggestion was

made

Chapel Hill, which is the location of the University of North

The

Bank

Vice-President of the Security National Bank, Raleigh;
One of the

interested.

Research

work.

adopted

immediately

Committee

the

today how we

me

paid all the expenses of the conference and had

We

That

distributed

We

decided.

questionnaires

that we hold a conference

majre it

permanent thing.

a

The Executive Committee has already decided that

the conference shall

be held next year on practically the same dates, the 11th

to the 15th of

We are going to use a slightly

July, at the University of North Carolina.
different plan in one respect

It

asking for suggestions on the course.

the unanimous opinion of the entire assembly

another year, or, as some of them expressed it,

Of course, the first conference,

for next year.

I said, was an experiment with us and we

as

a

part of which will be used for further research

a

unanimously

was

the last day of the conference,
was

and Mr. Neal.

attended the conference asked

who

men

financially, and of course that is something in which all of you

out

came

are

conference and not a school, and

a

wanted to tie it up closely with the North Carolina

The

for two

Conference

Bankers

Carolina

it

of the

it—and explain that as one

to call

want

you

Fain, President of the Morris Plan Bank in Winston-Salem; R. C. deRosset,

small surplus left over,

suggested that we hold

functions of the conference.

we

and say,

What does it mean?"

The idea

Warehouse System; R. L. Pope,

Executive Vice-President of the First National Bank of Thomasville; J. R.

The objection

and sent out.

great many of the bankers would glance at it

a

whole pack of figures.

a

The suggestion,

Bank of Enfield;

of the investment firms of Raleigh; Ivey Watson of the

A. B. Fairley, Superintendent of the State

North Carolina.

73

V

SECTION

wanted an outstanding array
Next year we are going

of leaders to attract attention to the conference.

suggestion and recommended to the Executive Committee of our Association

to follow the plan

of having

that

the entire period,

instead of having one speaker come in just for a day,

such

conference

a

mittee, held about

be

At

held.

meeting

a

Executive Com¬

of the

month later, their recommendation was unanimously

a

discuss

adopted.
We talked with the officials of the University of North
there at that meeting, and they were very

were

we

So that

the

Carolina to turn

conference,

University of North

Carolina,

150

people

We

present.

instances

allowed

we

three days,

or

that

had

we

207

State Banking

and the

Department.

had

different

at

times

would

the con¬

during

There were 207 fees paid, but in several

but

registrations,

banks to send

a

say,

man,

So

did not

which

223 people,

actually

for

All of them

room.

the

rooms

were

wanted

than the

were

The University made a difference of

who had

man

has

ciations,

Our

obligations in

just

Association,
But

of our income.

excess

the conference.

like

Of
all

we

to

a

four

the

evening

ticket to the dinner which

Stonier

the other

we

a

chance

a

fee of $16 for the

and

lectures,

would include

that it

held on Thursday evening, at

Neal

each

leaders,

$6 singly.

Then, as

a

instructors at

or

it very valuable to have

for

the

everybody at meetings together and we then made

entire

wanted them—from

that

party—all

through Friday noon, for

for that period, with the exception of the
a

could

man

Mr. Brown:

uniform loose-leaf note book.

a

That was

of

booklets that

instructions that we

said, there
It

were

was

Those were punched so that we were able

22&

persons present at some

seven

The

men were

we

wanted to give

time during the con¬

in North Carolina in

seen

awakened, or called, to breakfast

o'clock every morning.

lasted, in three periods, to 12:30.
and they went

Wait:

Mr.

them

Classes started at eight and

Then there

was a

back into class from 2:30 to 4:30.

two-hour intermission

Then, every evening from

Friday noori

whole

period out and attended

There

Mr.

you

was

an

pay

make on the

arrangement

were

number of others who

With
had

at

there, but who did not happen

subjects

covered

Operating

Personal

were:

I would be interested in any comments

possible effects of
words,

Costs

and

Service

I give all

problems and has pepped up the Association in every way.
H.

Crandall

B,

had

We

some

a

We will have a similar conference this year.
and this conference will come along

(Utah):

convention

this summer

time in the winter.

Along in the fall in North Carolinar—of course I can only

Mr. Brown:

speak for

State—the tobacco markets are all open, and the whole
State keep their banks open to six o'clock every

my own

of the

section

eastern

afternoon,

to be in

that they couldn't possibly get away

so

credit to Mr. Neal, because it is due him for the speakers that

Banking of the State of Pennsylvania;
and Mr. Barse, who is Counsel for the
men

Dr. Luther A. Harr, Secretary of
Dr. Stonier at the dinner meeting;

Comptroller of the Currency. Those

omics,

University

Dr. Laurence R.

of Minnesota;

Dr.

E.

A.

Lunden, Professor

Kincaid,

of

Economist

Econ¬

of the

I might give you a reaction we have had.
the spring four weeks ahead of our con¬
have them in the fall so that they only conflict with

We

vention.

A.

the

B.

now

A.

We

have always

had

get more out of the one-day

of

entertainment

no

a

meeting than out of the convention, which is

whatever.

meeting in Madison at the University a

Millet

&

Co.; Alexander Wall, Secretary,

Robert Morris Associates; Dr.

the

of these State organizations to

meet together to find out what,

and

I

the head

department, called attention to what had

In the meantime, North
I understand that
States have had these conferences.
But

experiment with it, and arrange a
Carolina

had

gone

ahead

a

I

am

hoping to

conference.

little more completely.

Oklahoma and some of the other

do is this:

mission in our Association,

We have a Bank Management

days
some

I

am

trying to find a time between

June,
University, for we
some hotels, but we might work that out—and spend two or three
there.
We would have the assistance of the University and possibly
outside speakers.
We could put on any sort of a school, if we may

mid-winter meeting in

have

Com¬

which has been doing some work this past year,

and I think it will continue to do so.

Stonier, Dr. Babcock of the Federal Housing Administration; C. W. Bailey




if anything,

Dr. Frank—who, by the way, is on

of this convention—and Dr. La Follette, who is

been done for farmers
asked, Why not do something for the business man?
suggested that it might be well if we would copy a plan like that and

of the First National Bank of Ciarksville, Tenn.; R.

C. Kirchofer, of one

couple of years ago,

conference at Champaign, which the district
groups of the Illinois Association put on in cooperation with the University
of Illinois.
The head of the School of Commerce invited the Secretaries
attended

when we might go to

Driscoll of Driscoll,

January.

of our people say they

They come down there for business.
We engage speakers
them our own men—and they talk business only.
There is

our

Stephenson; John J.

mid-winter meeting in

to explain.

Federal Reserve Bank of Richmond; Dr. John B. Woosley of the University

Gilbert T.

a

We have held those meetings for years, and most

of North

Carolina;

Also, we can't
It has

W. G. Coapman (Wisconsin):

what

made the four evening addresses.

The other leaders were:

then.

because school is in session.

July.

We used to hold our meetings in

of the

We had for the evening speakers, Leo T. Crowley, Chairman of the

had.

But

attendance at the convention.

increased the interest of the bankers in the State in their

program

Federal Deposit Insurance Corporation;

opinion, because

May and the conference came in July.

University could do for them.

Programs for Bankers; the Warehousing System and Banking Law.

is the opposite effect some¬

Of course, I can give you only a personal

Mr. Brown:

the

the three major topics.

.

.

conferences of this character on convention

the

were

.

that you care to

do they interfere in any respect, or do they

covered Public Relations; Bank Research; Loans to Farmers; Educational

Those

Chairman of the

Did you keep a record of the attendance ?

Then

Charges; Investments; Credits.

per

times noted ?

right after I

were

the

required no records of any kind.

we

In other

activities.

session, or practically every session.

every

men

which

stimulate increased activity in conventions, or

I attended

than 175

speakers—honorariums,

your

Part were paid by honorarium, but most of

(Illinois):

No,

Hodges:

who had stuck the

more

to be at one time in the final conference.

we

check before the first of May.

did

just for expenses.

M. A. Graettinger

—some

weather—extremely unusual and extremely unpleasant—we

the closing session on

a

how

That

"Mr. Brown:

conference, and all the visiting bankers were permitted to attend.

we

And

Brown:

came

easy

The

Bob, first to send that check by the 15th

had found we weren't going to get but a few people,

diem, or what?

eight o'clock on we had the evening address which all the members of the

that

You require payment of the registration

get into the University at that time

the hottest week I have

and many a day.

bugle at

a

we

had practically every

we

Mr.

We had, as California sometimes does, extremely unusual weather

ference.

by

book.

applied especially

punched to fit this binder.

for that week.
many

to have, which

be

would

probably would have called off some of the speakers who were coming,

but

purchased three of the bank manage¬

men

In fact all of the material

place them in the binder.
was

we

wanted the

we

subjects of the conference.

men

April, because if

we

We purchased a loose-leaf note book,
any

the fee

say

there?

We asked them,

opinion is that it is going to increase

wanted to give to those present, and put them in this loose-leaf note

As I

Wait

It certainly has

Then, out of the conference fund,

the

(Arkansas):

E.

my

25 cents for

great deal

minds of every one of you.

you

$30.

Robert

of his incidental expenses, for $26, which covered all of his

mimeographed a list of all the registrants and

to

did

convention was held in

We charged them

to the

What

(Georgia);

our

expenses.

ment

I know there are questions in the

period with

another idea of the Graduate School.

In other

other incidental expense.

have listened to the remarks I have made with a

McFadden

fee before your people get

So that

Thursday evening dinner.

the conference and be there for the entire

come to

the exception

Monday noon

In fact, the figure was $6 for meals

set figure.

a

any

year?

next

Graduate School—he said that they found

the

arrangements at the last moment with the hotel or in Chapel Hill to furnish
meals

or

would only have to collect one fee, which would include everything.

men

Hanes

The University furnished

building and a man in charge of

The fee would include that and the meals for the entire

well as notebooks

as
we

of attention.

result of Mr. Neal's experience-W. H.

speakers, or

The plan for next year is

the evening lectures, dormitories.

dormitory.

Program Committee made.

Chairman of the program committee, and one of the

was

the con¬

flat fee of $30, which will cover the attendance at all of the

a

converences,

which Dr.

Dormitory rooms cost $4 each for the period of the conference for double
occupancy;

a

all linens and had two janitors in each

asso¬

the speaker.

was

charge

you

it was

course,

just had to take

We decided that there should be

but

had

anybody registered until they paid their fees.

five days that the conference was held, and that that cover not only the

day sessions,

we

Paul P. Brown:

How did

the by-laws which says we can't make any

provision in

a

the bankers of our State as this conference.

We couldn't pay speakers and

mate.

What did you charge for it?

experiment.

an

room

on

for that reason I didn't consider

a

for single occupancy, he paid $2 more

questions that will come into your minds is.

for the conference?

entirely

on

a

So if

effect

an

other operating expenses With promises, so

equipped with two beds, and in most instances

occupied doubly.

room

I do not know

14th year—or previous to that, which

up my

check for their fee.

You

a

One of the

Of course, we didn't consider anybody registered or coming to

words,

single room,

a

One of the
pay

has had such

back to school again and took a dormitory

$2 for the period of the conference for the use of a room singly.
man

Secretary—and this finishes

period,

include any of the leaders.
men went

of operation of a bank.

service charges—expenses

evening speakers has already been secured, and we fell sure that we can

to the 17th

recall him, and fill his place with another man.

Every one of the

Harvey Wilkinson of the State

J.

activity of the North Carolina Bankers Association since I have been

of the smaller

some

period;

leading speakers to fill out the remaining evenings.

July.

two

and

costs

ference until

ference 223 actual registrants.

entire

of any

rooms.

North Carolina Bankers Association,

We hoped, when we first began to talk about the plan, that we
have

the

Planters Bank of Richmond, for investments, and Mr. Driscoll for operating

The conference was

ample class

We all cooperated and we held the conference from the 12th
of

for

dormitories entirely to the registrants

two

over

provide

to

University

credits

secure

held through the sponsorship of the
the

favorable to the idea.

arrangement, putting it briefly, was made with the

an

of North
at

Carolina while

We have already secured Alexander Wall to

possibly for two days.

or

there who will handle the subject for

a man

January, and our annual convention in

Madison—not have rooms at .the

74

BANKERS'

call it that.

The idea is this:

things from
some

our own points

When

I think

bank officers in two of

enroll

at

thing, and I expect to
So when

probably decide
Madison.

see

three days,

two or

seems rather open

Dr. La Follette when I go

have our mid-winter

we

on

we

date,

on any

meeting in

I think it

to sale

be

will

conference at

a

mighty good

a

people.

our

May.

different purpose.
of meeting.

ferences

the

to

for

convention

We have the usual program, but it is

However,

vention when it

little

a

different type

a

I do think that they get more out of these

Bank

its

Committee,

to

comes

Beerbower

through

down

come

con¬

learning something of their

(Virginia):

Management

sponsoring

business.

own

The Virginia Association,
Committee

and

its

as

you

We

are

Banking

Education

deal of interest in the

great

it

as

possibly be

changed, but I think it will be patterned very much along the lines of your

about it.

Our Executive Council met

thoroughly discussed.

Although it will be

They

couple of months ago and

a

were very,

very enthusiastic

first effort along those lines, it looks

our

Brown:

Mr.

of the American Institute of

Mr. Chairman that there

interfering in

as

if

Banking.

In fact

had,

we

Thursday evening, with Dr. Stonier down.

was

in¬

no

with the activities

any way

as I

We had 14

said, the dinner

Rutgers this year.

In

There is
are

in five

days.

that.

But

next year,

far

as

North Carolina is concerned

as

competition with them in any way.

no

conducting

school that

a

can teach

a

man

We don't consider that
be

to

We pour it into him in heavy doses.

we are

North Carolina at

opinion, these conferences will help the Institute,

my

an

we

experienced banker

There is

no

planning to change the conference sessions

doubt about

to some extent

and to start at 8:30 instead of at 8:00, and to have the afternoon

meeting, instead of from 2:30 to 4:30, from 2:30 to 3:30, and then from
3:40 to 4:40, and to have the evening addresses at the dinner. Those are
certain

innovations

that

the

Research

Committee,

which

is

really

the

Bank Conference Committee, have already decided
upon.

David M. Auch (Ohio):
an

Mr. Chairman,

adaptation of this thing.

of putting it on a group
to be

held at

business

Being

basis,

a mqre

we are

tentatively considering

populous State,

thinking

we are

conference for each group, each conference

a

college or university which has

a

administration,

or

the

a department or college of
making them one-day con¬

equivalent,

For various reasons, in the more populous
States, it is a little more
difficult to do what Paul Brown has done, and that is have one

meeting

If any of you fellows

obvious

see any

reasons

why that

wouldn't work, or why we shouldn't give it further
consideration,
like to have you let us hear from you either here or

privately,

won't go on up a

blind alley.

But it appeals to

anywhere from five to 10 times

possibly could do

group as we

That is only tentative.
.

as

many

us

that

people in

a

we

I should
that

so

we

one-day meeting per
We

are

days.

only think-

ing about it at the present time.
Here is

something that you might be interested in. I thought some of you
probably would be interested in knowing what kind' of bank men attended
the

conference.

those that

were

We

had

24

Presidents, 18
Vice-Presidents (including
actively in charge of their banks), 72 Cashiers, 26 Assistant

Cashiers, six Trust Officers without other title (if
dent and Trust Officer he was counted

23

men"'without

Banking

official

position,

as a

six

a man was a

Vice-Presi¬

Vice-President), three directors,

investment

bankers, 37'from

Department of the State of North Carolina—in

the

fact, the Com¬

missioner of Banks came himself and

brought every Examiner on his staff—
banking departments in other States we had five. Attendance

and from

from outside States

South Carolina, three; Virginia, five; District of

was:

Columbia, three; Louisiana, three; North Carolina

had 209 present.

Louisiana Association sent its President, Its
Vice-President, and
of the Executive Council there for the entire
period of the

they went back and decided
lines that

There

have

to

conference of their

a

The

own

were

others there.

Then, after all, if

men

only from

started

we

region, and

one

Graduate School has been the fact that it
a

national outlook.

fact that I know very well, because

one

as~I

see

along the

Federal Reserve representatives, FDIC
representatives, and
The representatives of the National

Banking Departments,

the bank examiners, the FDIC
representatives, and so on, were available
at any time for
any of the bankers to get together with them

there all

men

brought together

them being adequately taken

care

it in

see

operation,

time and

at one

in

one

of and properly taught and

It looks easy, but it is a very difficult

undertaking.

And before

that

you

can

through

carry

the

objectives

have

you

important—not promising too much.

very

outlined

It is

for

better

to

than they expected after they get there than
promise them

more

much before hand and disappoint them after
they have come by not

too

giving them
In

as much as

they had expected to get.

places, I don't think this idea would have worked

some

densely populated areas,
of them.

care

you would have so many people

In other territories where

they

I think

at all.

that you couldn't

are more scattered and

where the population is not so

dense, it will be difficult to get a conference
State, and you will probably have to work out some
regional plan such as Mr. Armitt suggested in his report.

of this character in

of group or

sort

one

But the idea of holding these conferences
to stimulate

these

Graduate School.
American

19

do

to

men

Institute of Banking we have

they did at North Carolina is

as

work

more

in

the

or

I don't know whether

not you

more

Institute,

of

to go to the

or

realize it but in the

curriculum offered

a

to

directly in the banking field than any university in America. We have
now directly related to
banking, and if the men in the various

men

courses

States, the bankers, are well

aware of what we have to

offer, and that

be

can

offered to them, either individually or in
groups or through their chapters,
this conference method is a fine way of

stimulating them, of inspiring them
something very definitely that they haven't done before, namely,

do

to

confine themselves to

months.

As

a

serious

of study over the period of the winter

course

And I think that has been

judged by

one

of the splendid contributions,

our reactions this fall from the North Carolina

I say, because Paul has made

a

of this

success

believe it will go elsewhere very
quickly and very
it I would suggest that you consider it

into

very

thoroughly—either in
clear

con

/ersations,

thing is

easily.

no reason to

Before

you

go

carefully and discuss it

by letter—so that

or

as

conference.

will have

you

a

understanding of the plan and the details of working it.
^
I want to mention is that if we all start thesMKiferences,-

The other thing
we

are

going to be in competition with

one

another for

teachers

and

structors—and let iqe tell you that is a very difficult
assignment.

difficult thing to take

very

a group

of adult men,

some

of whom

in¬

It is

a

cdlleje

are

men, some of whom are high school men, some of whom have not even
finished grammar school, ranging in age from 22 to
55, or 56, as we have in
the Graduate School—our youngest man is 28 and our oldest one
63—and

for

time

a

try to hold their attention and give them objectives.
It is a
And if we all go into the business of having these conferences

difficult job.

right off the bat, it is going to be rather difficult
of

performance that they have set down there

had

one

very

down in Tulsa.

good people

It

was

do not think they did a good

at the

a

to maintain the standard

in North Carolina.

job

on

But they

point of contact, 1 think,

They

regional meeting. I think they had some

their conference staff of instructors

on

about 50 people, I think.

lecturers, but I

their publicity, because they had only

are

as

or

going to try it again.

I have been able

They fell down

to

juge the situation

a very

difficult, technical

from my visit down there in May.

member

a

conference, and

tried out.

we

the

see

give them

will reach perhaps

on a State-wide basis for two or three

We haven't gone ahead with it.

a

yourselves.

ferences.

for the entire State.

was

undertake it make a very careful survey of your resources, on the one
hand, your manpower, from the standpoint of
management, and be very

take

and will help the Graduate School,

time there

you

in

graduates from

in the Graduate

we

one

spreading the school and starting
We have at the moment

would still have

we

national point of view and

a

you

sure

guests at the dinner.

seven

At

It may look easy when you go there and visit it and
when

Carolina who were in attendance at the Graduate School repsent as honor

We had

that

see

I know that Paul Brown
Bill Neal gave practically two months of their time to
this activity.

and

from North

men

to

along the

know of the difficulty that arises on the

we

You must bear in mind this

Publicity is

I want to say this,

because

regional school,

a

has had

it is going over all right.

tention whatever of the conference

of

matter

of the great virtues of the

one

directed.

the matter was

carefully to

point of getting the proper type of instruction.

least, that is the date tentatively set upon.

may

further

said, I worked very closely with their committee.

know,

a

That date

East expect

the

work

regional schools in various sections of the country.

place, and

school last year.

I say watching very

as

school at the University of Virginia, a banking
conference, which will be held probably during the Easter holidays.
At
are

here in

D.

School do not presume to undertake too much.

schools—whichever you call them—than they do out of a con¬

or

W.

They

institutions

our

University of Chicago for Ph.

discarded that idea,

We don't suffer in attendance at the convention, as we did when we had

meetings in

the

lines of economics and banking.

Madison

over to

January, we will

in April, for

say,

Our convention is in June.

thing for

on

you men to know that two of the men who are

senior

that

O.

interesting to

ought to get the views of

shortly.

our

And it may be

meetings we discuss

our own

others, whether they be faculty members of £he University or outsiders.

The committee, while it has not set
on

have

we

of view.

CONVENTION

In

handling this problem of education,

subject.
very

There

are a

have

you

lot of university professors who

quickly that this is just

can

sell you the

Idea

session

activity and that they can

handle it for you and you needn't worry about it.

If you do that, you are on

a

summer

risky ground, for there is nobody who
quickly

so

as a

can

university professor with

understanding. So

you

a

ruin

an

educational project quite

lot of enthusiasm

and

not

much

have to be careful.

privately and

discuss their problems, instead of

having to make

a

trip to Raleigh

or

to

Washington.

Address

President Cramer:
Dr.

We would like to hear from Dr. Harold Stonier.

First of all, I should like to have the
opportunity of pre¬
senting one of the members of our faculty who happens to be in the

today, who
of

comes

Topeka,

Kansas,

discussion, and I

want

to

I have been very much interested

say that

I

was at

North Carolina, and

worked very closely with the
gentlemen who staged that conference i and
so far as I could
see, the spirit of it and the content of material
presented

equaled

in

every respect what we

were

doing in the Graduate School of

Banking.
I think

were wise, first of

their activities.
some

of these

bitious

As you

all, in the limitations which they set upon
well know, in education, like public relations, and

other intangible

things, it is

easy

enough

to set

too

am¬

a

program, and fail in the accomplishment of It, which discredits the
whole idea.

We in the Graduate School of
years

school

before

we

made

our

as you well

know planned for three
as we

went

through the

we

First of all, we were worried because

which

justify the
we

When

three

we

didn't know whether

or

are

not we

"graduate school" in connection with the enterprise
had undertaken, but we have been
gratified by the fact that, for

instance,

a

will take

men

Board

that

us

that they

will recommend, our
graduates, who are otherwise
college graduates, and recognize them as having re¬
ceived the equivalent of a master's
degree at the University of Chicago and
we

are

start them on their Ph. D. work.




P.

Bank

of Control

were

Cramer

Jr., Manager United
Portland, Grants Pass,
President State Secretaries Section,
Luncheon
Meeting of the
Section
met

of

at

the close of the

set for current association year.

1936 convention,

These

were:

A completion of the survey started last year by the Legislative Com¬
mittee of proposals made in the several States on various
types Of banking
legislation and the methods used in the respective States for promotion
1.

defeat of those

or

That

we

measures as

call

the case might

be.

State Associations and Secretaries in particular
with the American Bankers Association, especially
in the work undertaken by the Committee on Banking Studies.
to cooperate

upon

in every

way

3.
for

That we call to the attention of the respective Secretaries the necessity
changes in the public depository laws of most States, because of pro¬

visions of the Banking Act of 1935.

the

Committee

rapid
on

approach

of legislative

Legislation with

complete the first project.

C.

C.

sessions

Wattam

as

in

States,

many

Chairman

set

the

out

to

In spite of the best efforts of Mr. Wattam and

his Committee, some Secretaries either refused or did not care enough to

help out by replying.
replies, bulletins

Nevertheless,

were sent

name

university like the University of Chicago has told

qualified, who

our

as

the

objectives

With

Banking

first announcement and

found from year to year
changes we wanted to make. There
still changes we have to make in the
development of the institution.
could

Before

2.

they

Theodore
National

Oregon,

city
Kansas, Dean of the Warburton College,
who taught in our Economics Department at the

from Topeka,

Graduate School of Banking, Mr. Irwin.
In this

of

States

Stonier:

country interested.

These

a great

majority did, and from those

to all secretaries and to others throughout the
were:

Bulletin No. 13 covering (1) the Uniform Trust Receipts Act, where
enacted, how utilized and how it was promoted in the various legislatures;
and (2) a survey of the various types of State banking boards, together with
their compensation and duties.
.
Bulletin No. 14 also covered two questions:
(1) The manner in which the
various State Associations handled the presentation to Legislative Com¬
mittees of information on legislation affecting banks, and (2) the arguments
_

,

.

,

STATE
used

SECRETARIES

and con on measures proposed in some States having for their
purpose the prohibition or regulation of service, float, or exchange charges.
pro

Bulletin No. 15 was

a

report on the various proposals for State owned and
made by proponents and the

My associates

Bulletin No.

Paul

or limit rates on personal and instalment loans, and
(2) the various
proposals prohibiting the connection of banks or bank officials with local
insurance agencies.
Bulletin No. 17 also with two parts, contained (1)
Information pro and con on moratorium legislation, including
niortgage
foreclosures, antideficiency judgment measures, &c., and (2) methods used
in promoting the repeal of laws providing for double
liability on shares of
State chartered banks.
-

Bulletin No.
well

18 contained

the

as

a

summary of

used

arguments

for

the

existing personal loan statutes

and

against

such

when

statutes

proposed within the past few years.
Our members

personal thanks not only for

my

to me

a

job well done, but for the help it has been

personally.

of the New York State Bankers Association,

Executive Manager

continuation of the material distributed

tion

a

dues, committees,

as

pro¬

and research programs, and is of value primarily to

members of our section.

Our first efforts

were

are

extended to them.

directed to determining projects wherein we might

the

usual questionnaire.
Making our own observations streamlined, we
find each State Association rendering an invaluable service to its member¬

ship, thoroughly organized to contact every banker through regional or
We confidently believe each
well established

dence

and

State Bankers Association is prepared and

to consider all

problems affecting the forward progress of
By thorough analysis and background of experience, by pru¬
sane
judgment with a growing sense of group consciousness

under the direction of able leadership, they

extend

Late in December, 1936, in carrying out the second project decided upon

prepared by the Banking

calling to their attention

Studies

Committee

seeking

helpful projects.

We emphasize to all bankers that membership in your Sta.te Association

gives you
State.

a

wide and valuable acquaintance among the

tion

more

cause

bankers of your

It gives you a voice in guiding beneficial legislation and

the latest confidential information

on

banking subjects.

ship in both the American Bankers Association and

at San Francsico, we sent a letter to all Secretaries

questionnaire

felicitations

your,

be helpful, and although Socrates, perhaps the wisest and ablest
counsellor,
used the method to impart knowledge by asking questions, we refrained from

his being

State Bank Associa¬

year ago on

This covers such questions

Management.

tective departments

the

My, and

banking.

publications, the Section early this year published
prepared under the Chairmanship of W. Gordon Brown,

material

the

a

Vice-President, Illinois Bankers Association

Haynes McFadden, Secretary Georgia Bankers Association.

express

In addition to these
-

Brown, Secretary North Carolina Bankers Association.
Duncan Jr., Secretary Minnesota Bankers Association.

county groups.

greatly indebted to Mr. Wattam, and I want to

are

Committee, who contributed their services and did

M. A. Graettinger, Executive

summary to two questions:
(1) attempts
interest, change usury laws, or attempts to

curb

as

P.

William

16 contained the

to reduce the contract rate of

on this

75

the work, were:

banks, including the arguments
arguments used against such proposals.
operated

SECTION

brings you

Why is member¬
State Associa¬

your own

important to every bank in the nation than

beiore?

ever

Be¬

it is only

system as

by concerted action that the autonomy of the unit banking
against further extension of branch banking can be preserved.

information on governmental lending agencies, and asking that they im¬

The helplessness of the unit bank fighting alone is apparent to
all, and the

mediately send these

strong leadership and

for full and

latter

questionnaires to

their member

banks

the

The reports of the Banking Studies

prompt replies.

Committee indicate the completeness of these returns.
note that this

asking

questionnaire was productive of

more

It is of interest to

complete information

and returned more promptly than any other which

Through the cooperation of the Legal Department,
a

able, late in

we were

survey of the various

depository laws, together with the action that was necessary in each State

their respective laws on this subject in harmony with the

in order to bring

provisions of the Banking Act of 1935.
I would like to digress here to say
that this material was of particular benefit to us in the State of Oregon,
and I have no doubt that it was of similar value elsewhere.
We have also been able to call to the attention of

members by indi¬

our

attempts to set

independent organiza¬

Your Committee recognizes that the immediate situation must be faced
and that

State Bankers associations

our

chief objectives—first,

autonomy in respect to branch
the regulation
its member

can

and will make for their

to preserve the dual system of banking and

State

banking, and second, direct its efforts to

of the Postal Savings competition and the relationship of

banks

to

Federal Reserve

the

System.

Unit banks comprise a large majority of the A.
well

in your own State

as

B. A. membership, as
Association, and their voice must be heard.
Let

them freely express their views within these established organizations, and
the facilities and resources set up, not only for the regular services ren¬

use

vidual, personal letter in each case, two pieces of material prepared by other

dered, but any emergency, and there will be

American Bankers Association units,

groups.

(1) The booklet entitled "Statement

Banking," prepared

Principles of Commercial

of

by the Bank Manage¬

and (.2) The Survey on Postal Savings, by the Banking

ment Commission,

of the activities of

our

Section, wide distribu¬

the "Statement of Principles of Commercial Banking,"
and the concrete value of the American Bankers Association to individual
tion has been given

banks and banking generally, has been brought home to members and

members alike through

the publicity given the Survey

through State Association publications.
outlined at the beginning

Not

of the year.

banking

appoint a larger number which would

to

uniformity of action,

secure

and

with

together

questions regarding the financial and commercial usages, customs
laws which affect the banking interests of the State and the entire
country, and for the protection against loss by crime or otherwise."
f
and

years ago, you will

observe the freshness and how those

Association-minded conform to constitutionality without court interpreta¬
tion.

better to confine activities to a few committees that would be

that it was

and

eration of

Although adopted
we

previous years, it being the feeling of the Board of Control

active rather than to

promote the general welfare and usefulness of banks

institutions,

the practical benefits to be derived from personal acquaintance and from
the discussion of subjects of importance to the banking and commercial
interests of the State, and expecially in order to secure the proper consid¬

.,.

committees were authorized by the Section this year as

as many

have had some

non-

Postal Savings

on

This completed the three projects

occasion for independent

constitution of each State Bankers Association contains this declaration:

"In order to

At least partly as a result

no

As this is Constitution Year, it seems appropriate to proclaim that the

Committee.

Studies

*

up

expense.

now

December to send to each State Secretary copies of

of the lopg-established banking associations

tions striving to reach the same goal in merely a duplication of effort and

has been sent out by

the American Bankers Association in a long time.

resources

be used rather than futile

must

'•

The vicissitudes during the years that this constitution has been in effect,

not be active,

from the gay nineties through the terrific twenties and now into the hopeful

inasmuch as special committees for special work could be appointed at any

thirties, may be recorded in a moment thus: America's participation in the

time.

World War; Prohibition; post-war boom and slump; the market's expensive

o

At the Board of Control meeting
arose

their

borders as

the funds to

nor

Therefore,

well as sufficient funds,

carry

on

a

valuable

Hot

than

is

the

now

case.

a

greater degree

Und

now

believe the

an

even

use

greater

Our Section is the connecting link

the

extent

between

the

Association and the local banks in each State to probably

than is any other Division or Section.

number, which in some cases is

that

which are not

State,

This is because,

as

even

members

a

of

majority of the banks

the

American

Bankers

Association.

and

the Board of Contro

problems and questions particularly relating

on

small degree we have

been successful, then I

to

an

can

opportunity to develop forward steps,

offer

many new

projects to them in

them.

can

faithfully.

Our

plan is safe,

secure

and

sound,

be made to completely solve the pension problem.

W. Hodges of California with
to

Secretary Paul P.

ference held in

If in

his

new series

of bulletins and

Brown of North Carolina

upon

July at the University of North Carolina.

tions have already

happy

would be complete without expressing the thanks of

book;

year

their bankers'

con¬

Other associa¬

decided to hold similar conferences within their States

during the next 12 months.
Business development and

This plan is endorsed by your Committee.

good-will-building

programs,

including bank¬

ing relations from the customers* standpoint, are paramount issues with all
State

We compliment

Secretaries.

Joe Brislawn of Seattle, Wash., and

David M. Auch of Ohio, who have tackled this job from different angles.

Nfew Jersey adopted

our

State plan.

Additional Graduate Schools of Banking, modeled along the lines of the
one

is

so

an

successfully conducted for the last three years at

Rutgers College,

activity worthy of consideration and development in other sections

of the country.

Our recommendation is that this matter have

sideration

am sure we are

to have served you.

No report of mine

con¬

report may be recorded in a complimentary expression to Secretary Lauder

has followed the path of

preceding administrations in attempting to serve the membership of this
some

long and

believe

we

More than 40 banks in

During the past year,

section

bankers find

For instance, we in New Jersey have our Pension Plan, de¬

Further observations of your Committee in the aeroplane scope of this

I

that

know, the membership in each State Association is composed of all
classes of banks, National, State, savings and trust, plus in may States a
substantial

worries in the background.

that

banks

served

as a whole.

repeat it

bank

the

signed to provide an adequate pension for both officers and clerks who have

you

within

now

form.

Bankers Association could, with profit to themselves,

American Bankers

with many

Associations have and

Secretaries and State Secretaries Section to

State

us

crete

con¬

deep descent toward nothingness;

steep,

your

American Bankers Association

made the statement then

I also

the

Springs in April,

Should be national rather than sectional in scope and suggested its

American

crash;

we recognized the value of research

other fields of endeavor, that in order to adequately cover
field and to insure results valuable to banking^ generally, such studies

sideration by the

and

holiday; repeal; the RFC, FDIC; dollar devaluation, banking acts, Securi¬
ties Act; taxes and more taxes, and slow but sure recovery until 1937 finds

And

in banking as in
the

climb

provide either.

at the Executive Council meeting in

recommendation that while

I made the

to

Other States, however, have neither the facilities, the staff

research study.
"

some discussion

Some States have facilities available

banking research.

relative to

within

held at San Francisco,

individual/associations, but

not

as

establishment of these schools

so

as

your

con¬

to encourage the

groups,

that they may be accessible in the North,

two Committee Chairmen and particularly to Secretary

East, South and West—perhaps four well established would be sufficient to

Frank W. Simmonds, without whose efforts and the help received from the

build up a much larger enrollment of students than is possible with just the

Legal Department and others of the headquarters staff our work would be

one

all

of

us

to

our

extremely difficult

if not impossible.

Through the courtesy of yourselves and of my own association, I have
been

permitted to serve out my year as your President although I have
severed active connection with State Association work and entered private
banking.

I deeply appreciate this and hope that the change will not

that I will lose touch with you all.
my

me«

I shall certainly always look back toward

association with this group as some of the most pleasant and profitable

years of my

school in the East.

Another

subject that should invite discussion is the charges made by

State banks in the way of exchange on cash letters.

District

than

in

Committee

on

State

Bankers

The honor you conferred upon me. together with the responsibility when
I

was

named Chairman of your Committee on

State Bankers Association

Management, is acknowledged with appreciation.




parts of the country.

It is for

you

to determine

throughout the districts where exchange charges are being made.
sota

has already adopted a schedule

Conventions

of

other

whether or not it would be practical to attempt to bring about uniformity

of uniform charges, and it is

Minne¬
recom¬

mended that other States do likewise.

life.

Association
Management,
by the Chairman, A. H. Coate,
Secretary New Jersey Bankers Association, Moorestown, N. J.

Report

Your Committee is

informed that this is perhaps more disturbing in the Ninth Federal Reserve

are

always a problem in

State Bankers Association

We compliment our colleagues, Secretary C.

agement.

man¬

W. Beer bower of

Virginia and Secretary Homer Gebhardt of West Virginia upon their

com¬

bined convention this year, which was conceived and managed in such

successful

manner.

don Brown and

a

We likewise compliment Executive Manager W. Gor¬

Secretary Clifford W. Post of New York upon their Con¬

vention Cruise to Bermuda, which was

undoubtedly one of-the most happy

occasions yet

conceived for bankers.

ful history.

Some say Noah engineered the first convention in the days of

t

The convention has

a

long and color¬

BANKERS'

76

but the modern cruise idea is the latest conception

the big rain,

CONVENTION

of attraction

Properly handled, the convention is the greatest medium we have
men

go

Comments

by

mittee

on

They are usually veritable
Niagaras of brain-power and valuable suggestions, yet do not produce
thought in connection with conventions.

more

We believe that every

delegate should be made responsible to see

list of resolutions adopted be

presented to and acted upon by the

analyzed.

that the
board of

taken be cleared

bank he represents, and that the action

through the Secretary's office and its result
be

Such action might

but it would serve in directing to the atten¬
of both bankers at home and the business men on their boards the Im¬

perfunctory in

tion

many cases,

It would likewise gain their

achievements of each conference.

portant

State Secretary.
Over the
the road, opportunity is afforded to

Yes. activities continue to expand for each
desk and with thousands of miles on
and

participate in

more

stirring events on the banking

in which the whole nation plays

So vast, so diverse,

small part which we serve on

half a century.

Legislation for the work which they did

Some of our Secretaries didn't recognize the work

attempting to do—but very few of them, by the way—and

was

made

were

Com¬

by sending back the questionnaire from which the bulletins
various forms

on

up

of State legislation which had been at¬

tempted in some States—some of them advantageous to banks and some of
them disastrous to banks.

However, from those reports that did

valuable bit of information

most

It

was

was

especially valuable to me personally, because of some legis¬

lation proposed in the State

of Oregon last

and I know some of the

year,

other Secretaries feel the same way about it.
If we have done nothing else

sending out of

come in a

sent out to every one of the Secre¬

a

,

through the year, that piece of work, the

questionnaire on State legislation, was especially valuable,

and I want to thank Mr. Wattam and his committee very sincerely
Some other things were set out at

for it.

the San Francisco convention, at our

Board of Control meeting immediately following the San Francisco conven¬

the bulletin platters.

In conclusion, if this report has not

consumed all of the time allotted,

if you forget all
else that is contained herein, may we again emphasize the importance of
making your State Associations so effective in their service that there can¬
not be at any time any need for an independent bankers association in your
for discussion the controversial subjects; and

may we open

which he

calendar

Tragedies
a moving part; heroic adventures and high
so sprawling that we can only translate a

within 12 months than used to happen in perhaps

Comedies.

if

I want especially to thank Charley

two comments.

one or

during the past year.

did not help

taries.

support of these functions.

watch

I want to make

President Cramer on Report of
Legislation and Other Matters

Wattam and his Committee on

enough practical action.

directors of the

given every consideration and had more effect than

were

for the

profitable ideas and the inspiration that
out and tackle their jobs with a fresh viewpoint.
Just one

spread of sound business practices,
makes

committee,

only the Bznkers Association had been fighting that legislation.

and entertainment.

That

tion.

was

one,

has been reached.

and

tions

and another

was

The second one

was

that each of the mileposts
that

we

set

call on the State Associa¬

we

Secretaries, in particular, to cooperate in every way with the

American Bankers Association,

Committee

on

especially in the work undertaken by the

The report of the Committee

Banking Studies.

on

Banking

Studies given at the Hot Springs meeting in April, and the one to be sub¬

respective States.

mitted here tonight to the Executive Council, is evidence, itself, of the work

carried out by the Section.

Report of Committee on State Legislation, by Chair¬
man C. C. Wattam, Secretary North Dakota Bank¬
ers
Association, Fargo, N. D.
The work of the State Legislative

Committee was concluded at the spring

meeting and I think a copy of that report was sent to
think

the cooperation of the
ideas

on

Last

I

Committee, with

Secretaries, demonstrated the value of exchange of

legislative work as well as any other work.
in

winter,

when

the Legislature,

we

difficult time with the Banking Committee in

ing double liability from State

were

having

the House on

particularly
the Dill remov¬
a

banks, our work resulted in their not only

giving us unanimous support on the double liability
the House and the Senate.
So I don't think there is anything
to

each Secretary.

Mr. Cramer said, the work gotten out by the

as

bill but it passed both

one

that we call to the attention of the respective Secre¬

was

for changes in the public depository laws of most States

because of provisions of the Banking Act of 1935.

were

made available

so

if they wanted them,

that the other Association officers could have them

to show the amendments which had to be made in

the State statutes in order to make them harmonize with the Banking Act
of 1935.

Those three things were set out and have been accomplished.

A want

thank the Secretaries

to

Secretaries Section

as an

sort of

a

contribution

as

problems not only affected bankers
but business men as a whole.
We therefore organized in North Dakota a
Federation of the State Association.
We got all the State-wide business
associations into the Federation—that is, a federation of

officers.

their

This Federation sent a man to Bismark to

interest, and it was through the
in holding the unemployment
or

more

my part

Report of Committee

North

take

care

an

attempt was

of our needs, and it saved not only the small banker

because this

sessional

men

in

of money.

State.




I hope I have been able to leave some

in it.

It has been shown that

Nominations—Newly Elected

on

Cramer;

Mr.

Graettinger,

do

you

have

the report

of the

Graettinger:

Yes.

I want to

say

now

that

our

recommendations

for officers of the Section for the ensuing year are as follows:
For President, W
Bankers

Gordon Brown, Executive Manager, New York Sta1-

Association.

For First Vice-President, C. W. Beerbower, Secretary, Virginia Bankers

Association.
For

Second

Bankers

Vice-President, C.

C.

Wattam,

Secretary,

North Dakota

Association.

For the Board of Control, the above three officers recommended and:
H.

•

B.

L.

ample to

15,000 business and proTheir representatives, appearing before the

Federation represents some

the

Mr.

but many of

organization of that kind can be of tremendous value to you in legislative

work,

President

being affected in an industrial way as many of the

the provision for eight or more employees was

the business men a considerable amount
an

Act, whereas

include all employees from one up.

Dakota not

other States are,

actually leaving the

Nominating Committee with you?

feature of the Social Security Act to eight

probably would have succeeded if it hadn't been for the special

work put in—to

members individually

am

Officers

look after questions of general

work of the Federation that we succeeded

employees, the same as the Federal

made—and it

I

active member of it, I never will forget the pleasant

associations I have had with you.

Legislature, that many of the

and professional

Section and the

and collectively, and to tell you that although

in North Dakota which may
at the

Through the help of

the Legal Department, a bulletin went to every State and sufficient copies

further for the Legislative Committee

There is just one item here from our' legislative experience
be of interest to you.
We found, out there

report on.

The third

taries the necessity

F.

Mr.

Crandal', Secretary, Utah Bankers Association, and
Scarboro, Secretary, Colorado Bankers Association.

Chairman, if

you

desire

a

motion, I make it, to the effect that the

Acting Secretary cast the unanimous ballot of this Section for the
named.

iThe mot:on

.

wa~

drly seconded r.ud

ca

•:

men

"

ried r,nd the officers installed:]

Chronicle

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All of the monthly, quar¬

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General Manager
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Williams Deacon's Bank, Ltd.

WHITLOCK, SMITH & CO.

Established l8l7

MUNICIPAL AND CORPORATION
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1446 Penobscot

Capital

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and

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$40,164,863

Undivided Profits,

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Rest

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President
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Sir

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Please send contributions

r

Gordon, G.B.E.

Vice-Presidents
H. R. Drummond,
Esq.
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
W. A. Bog,
Esq..
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14 Wall Street

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viiicopu.

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CHARTERED 1868

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OFFICE:

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October 1, 1987

1 4

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This

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Company acts as Executor,- Administrator, Trustee,
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20,000,000

11 This Bank is in close touch with
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•'

■■*

WILLIAMSON PELL, 1st Vice President

1

'*

'

i

"

'j

'

'

capacities.

LLOYD A.

ALTON S.

KEELER, Vice President
BENJ. STRONG, Vice President

f

KINGSLEY, President

FREDERIC W. ROBBERT, V. Pres. &
Comp.
THOMAS H. WILSON, Vice Pres. &
Secyi ■>'

* 1

ROBERT S.

WAUGH, Asst. Comptroller
DIEFENBACH, Asst. Comptroller
SMITHERS, Asst. Secretary
ELBERT B. KNOWLES, Asst.
Secretary
ALBERT G. ATWELL, Asst.
Secretary
HENRY E. SCHAPER, Asst.
Secretary
HARRY M. MANSELL, Asst.
Secretary
1RVIN A. SPRAGUE, Asst.
Secretary
JAMES M. TRENARY, Asst.
Secretary
HENRY G.

HENRY L.

OSBORNE, Asst. Vice President
WILLIAM C. LEE, Asst. Vice
President
HENRY B. HENZE, Asst. Vice
President
CARL O. SAYWARD, Asst. Vice
President
GEORGE MERRITT, Asst. Vice President

ARTHUR H.

GEORGE F. LEE, Asst. Vice President

THOMAS J.

STUART L.

HOLLISTER, Asst. Comptroller

J.

PHELPS

ARTHUR OURTI8S JAMES
WILLIAM M. KINGSLEY
BLISS

H. IRVING

ERB, Asst. Secretary
MADDEN, Asst. Secretary
PRATT, JR., Asst. Secretary

TRUSTEES

.

FRANK LYMAN
JOHN

CORNELIUS N.
NEW YORK AGENCY

j

WILLIAM M.

WILLIAM VINCENT ASTOR
JOHN SLOANE
FRANK L.

POLK

WILLIAMSON PELL
JOHN

P.

WILSON

GEORGE de FOREST LORD
ROLAND L. REDMOND
HAMILTON HADLEY
FRANCIS T. P.

PLIMPTON

BENJAMIN STRONG

BARKLIE HENRY

Member« Federal Deposit
Insurance

Corporation