The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
1939
JAN 2
US. ADM.
DAM* COMPANY, NEW
COPYRIGHTED IN MM DY WILLIAM D.
VOL. 147.
YORK.
"m~i«TZ%?£rlC°n-
BROOKLYN TRUST
COMPANY
MATTER JUNE 23, 1S7S, AT THE POST OPPICE AT NEW YORK, NEW YORK, UNDER THE AOT OP MARCH S, 1S7S.
ENTERED AS SECOND-CLASS
THE CHASE
BANK
NATIONAL BANK
OF
Chartered 1866
THE
CITY
OF
NEW YORK
OF
The
George V. McLaughlin
President
BROOKLYN
NEW YORK
NO. 3836,
NEW YORK, DECEMBER 31,1938
Member Federal Deposit Insurance
Corporation
NEW
tra-
ditionally a bankers' bank.
For
YORK
chase is
many
served
years
it has
large number
a
of banks and bankers
as
New York
correspondent
and
depository.
reserve
Member Federal Deposit Insurance
Corporation
FUNDAMENTAL
INVESTORS
PREFERRED
INC.
STOCKS
State &
★
Municipal
Bonds
Prospectus available from
local dealer§
The
Brown Harriman & Co.
FIRST BOSTON
CORPORATION
NEW
PHILADELPHIA
SAN FRANCISCO
.
-
Chicago
Philadelphia
Boston
San Francisco
CHICAGO
AND OTHER PRINCIPAL
Established It50
New York
Telephone! BOwling Green 9-5000
BOSTON
NEW YORK
Hallgarten & Co.
Incorporated
63 Wall Street,
Washington
Representatives in other leading Cities
CITIES
YORK
London
Chicago
City of
Philadelphia
New^brkTrust
BEAR, STEARNS & CO.
ONE WALL STREET
Commonwealth of
Pennsylvania
Company
Bonds
NEW YORK
Capital Funds
.
.
$37,500,000
Moncure Biddle & Co.
PHILADELPHIA
BROADWAY
IOO
40TH ST. &
HOMER & CO., Inc.
40
Exchange Place, New York
FIFTH
MADISON AVE.
AVE. & 57TH
ST.
Service
to
Banks and
Dealers since
NEW YORK
.1888
HORNBLOWER
European Representative's Office:
8 KING
CarlM.Loeb,Rhoades&Co.
61
Paris
WEEKS
Established 1888
NEW YORK
Members New
*
Amsterdam
&
40 Wall Street
LONDON, E. C. 4
BROADWAY
NEW YORK
London
WILLIAM STREET
Member of the Federal Deposit Insurance
York, Boston, Chicago,
Cleveland, Philadelphia and
Detroit Stook Exchanges
Corporation
f
II
Financial Chronicle
Dec.
1938
31,
Dividends
AMERICAN
MANUFACTURING COMPANY
Noble and West
Streets,
Brooklyn, New York
The
Board
of
Directors
the
of
American
Manufacturing Company has declared
Province
of
lar
Mendoza
quarterly
the
dividend
Preferred
Stock
the regu¬
SI .25 per Share on
the Company payable
of
of
December 31, 1938
December 15, 1938.
Notice
of Extension of Offer
to
to
Stockholders
ROBERT
(Argentine Republic)
B.
BROWN, Treasurer.
UNITED
STATES
REFINING AND
dated December 1,1926, due June 1,1951
Under date of June 1, 1938, the Province announced an Offer en¬
titling holders of the above bonds to exchange them for new Readjust¬
Bonds.
record
Holders of External
7.50% Secured Sinking Fund Gold Bonds,
ment
or
As set forth in the Offer the National Government of
the
Argentine Republic assumed responsibility for the service of the
Readjustment Bonds.
The Offer was open for acceptance until
December 31, 1938.
SMELTING
MINING
COMPANY
The Directors have declared a
quarterly divi¬
dend of 1
(87V, cents per
share)
Preferred Capital Stock, and
One Dollar ($1.00) per share
mon
on
the
dividend
a
on
Capital Stock, both payable
the
on
of
Com¬
January
14, 1939 to stockholders of record at the
close of business January 3, 1939
GEORGE MIXTER
December 23, 1938.
Treasurer.
As of the close of business
on December
23, 1938, the holders of
85% of the total principal amount of the above bonds had
accepted the Province's Offer.
BOSTON EDISON
over
In
of
view
for
large percentage of holders who have exchanged
Readjustment Bonds under the Plan, and after
with the Foreign Bondholders Protective Council,
Inc.,
consultation
the Province
Offer.
the
A
the
securities
their
has
The
determined
Offer
will
to
extend
the period for acceptance
remain
of
be
open until such date as may
specified hereafter by public advertisement in this newspaper at least
thirty days in advance of the final date for acceptance.
Holders
of
outstanding dollar bonds of the Province who have
heretofore
not
accepted
the Offer and who desire
to
do
so
should
prompt y deliver their bonds with all appurtenant coupons, together
with form letters of transmittal, to Manufacturers Trust
Company,
Corporate Trust Department, 55 Broad Street, New York, N. Y.
agent of the Province hereunder.
Copies of the Offer of the Province and forms of letter of
m'ttal may be obtained at Manufacturers Trust
Company.
as
COMPANY
Dividend No. 199
quarterly dividend
of $2.00
per
been
share has
declared, payable February 1, 1939,
Stockholders of record at the close of business
January 10, 1939.
to
on
Checks will be mailed from Old
Colony Trust
Company, Boston.
JAMES
V.
TONER, Treasurer.
Boston, December 27, 1938
Electric Bond and Share
Company
$6 and $5 Preferred Stock Dividends
The regular quarterly dividends of $1.50
per
share on the $6 Preferred Stock and $1.25
per snare
on the $5 Preferred Stock of the
Company have
been declared for payment
February 1, 1939, to
the stockholders or record at the close of business
January 6,
1939.
A.
C.
RAY,
Treasurer,
trans-
Leading Out-of'Town
Investment Bankers & Brokers
EDMUNDO CORREAS
Minister of Finance
Dated:
December
BIRMINGHAM
of the Province of Mendoza, Argentina.
27, 1938.
MARX & CO.
BIRMINGHAM, ALABAMA
SOUTHERN
MUNICIPAL
CORPORATION
AND
BONDS
Siemens & Halske A. G.
an<J
Siemens-Schuckertwerke A. G.
6*4
per
Cent. Twenty-five Year Sinking Fund Gold Debentures
due 1st
The
Companies
announce
September, 1951.
that they have extended to the 31st
January, 1939 the Offer to holders
of the above Debentures dated 25th
November, 1938 and published
Copies of the offer
London,
or
may
on the 30th November, 1938.
be obtained from the Depositary:—GUINNESS, MAHON &
CO.,
from the Sub-depositaries
as
CHEMICAL BANK & TRUST COMPANY
LOUIS
New York, N. Y.
J. HENRY SCHRODER & COMPANY
London
MENDELSSOHN & CO. AMSTERDAM
NEDERLANDSCHE
ST.
under:—
Amsterdam, Holland
HANDEL-MAATSCHAPPIJ, N.V
.
.Amsterdam. Holland
StIX
^
Co.
SAINT LOUIS
509 ouve st.
Members St. Louis Stock
Leading
Out-of- Town
Investment Bankers and Brokers
Exchange
1938 Cotton Handbook
Containing
American Cotton
DETROIT
HARTFORD
Crop
Statistics
also
All
PUBLIC UTILITY BONDS
Specialists in Connecticut
Securities
European and Brazilian Statistics
Together with much useful and reliable
information for the Cotton Trade
SEASON
PUTNAM & CO.
Charles A. Parcel Is & Co.
Members of Detroit Stock
Exchange
PENOBSCOT BUILDING,
DETROIT, MICH.
1938-1939
PRICE $1.00
Members New York Stock
Exchange
6 CENTRAL
ROW
HARTFORD
Tel. 5-0151. A. T. T.
Teletype—Hartford 564
(Special rates for quantity orders)
COMTELBURO, LIMITED
661BEAVER ST.
NEW
YORK
Volume 147
OFFER
Financial
TO HOLDERS
Chronicle
in
OF
SIEMENS & HALS ICE A. G.
Participating: Debenture*
due 15th
January, 2930.
Foreign exchange restrictions existing in Ger¬
have made it impossible for the
many
REPUBLIC OF
Debtor
Company during recent years to transfer funds
for the payment in dollars of the interest on the
above-mentioned
Debentures
(hereinafter
called
4%% Gold Bonds due
the Debentures").
In accordance with German
laws and regulations, the Reichsmark
equivalent
of such interest has been deposited from time to
time with the Conversion Office for German For¬
eign Debts (Konversionskasse).
IS
NOTICE
February 1,
above issue,
HEREBY
GIVEN
that
1939, for the sinking
as follows:
The Company has constantly made efforts to
there
fund,
SERIES
obtain permission to resume
payment of interest
"C"
have
$590,000
OF
1949.
been
drawn
principal
for
amount
redemption on
bonds of the
of
$1,000 EACH:
21
1317
2706
4109
5554
6648
7989
9246
10363
66
1333
2770
4147
5555
6654
8073
9264
10367
11442
11447
12769
13900
151
1381
2773
4151
5632
6655
8084
9267
10390
11454
12787
13914
15216
161
1564
2775
4185
5652
6662
8086
9276
10432
11480
12834
13918
15274
186
1579
2785
4238
5655
6667
8090
9282
10440
11483
12839
13957
15296
2805
12855
in dollars.
The
CUBA
German
Foreign
Exchange
Authorities
have now granted such permission in
respect of
interest payable on the Debentures during the
period from and including 1st April, 1939, up to
and including 1st April, 1951, upon the condition
that during such period interest on the Debentures
shall be paid to the Debenture holders at the fixed
rate of AY% per cent, per annum instead of the
rate provided for. by the Debentures and the
Indenture.
262
1591
.
12740
13893
15109
15162
4308
5661
6686
8137
9307
10455
11547
1617
2810
4311
5724
6687
8182
9387
10456
11766
12885
14081
14085
15336
279
293
1634
2920
4328
5752
6723
8212
9474
11779
12887
14089
15415
313
1688
2921
4337
5778
6726
8215
10511
9501 ' 10551
11805
12888
,14098
335
1690
2973
4385
5822
6757
8274
9536
10597
11866
12894
14114
15448
392
1740
2982
4401
5841
6784
8282
9560
10663
11869
12912
14121
15465
451
1742
2983
4414
5867
6792
8308
9561
10705
11873
12925
14125
15633
15669
15343
15437
478
1744
2990
4438
5870
6918
8327
9563
10757
11980
12951
14149
more than
481
1775
2993
4519
5875
6932
8337
9565
11988
12988
14181
tures
12033
13010
14199
15710
As
result of private negotiations, holders of
87 per cent, of the outstanding Deben¬
have already accepted the terms of the
a
492
17C5
3059
4560
5906
6943
8342
9570
10763
10775
Offer set out below.
630
1786
3068
4593
5909
7008
8364
'9604
10776
12037
13030
14227
15734
With the authorisation of the German Ministry
of Economics and the Reichsbank, the
Company
639
1811
3111
4623
5914
7021
8394
9649
10777
12063
13060
14234
15742
1901
hereby
makes
the following offer
of the Debentures of the
holders
all
to
same
other
terms,
namely:—
1.
Debentures, the holders whereof accept
this Offer, will be called "Assented Debentures."
2. To such holders who accept this Offer, the
Company undertakes to make a cash payment
of 2% per cent, on the principal value of Deben¬
tures deposited for acceptance, i.e., $8
per $400
Debenture.
Such cash payment will be effected
upon the deposit of Debenture(s) in the manner
15694
3143
4641
5947
7059
8411
9657
10799
12128
13138
14249
15757
675
1904
3147
4749
5948
7076
8428
9660
10823
12137
13174
14314
15804
698
1916
3151
4753
5954
8456
9663
10841
12140
13181
14488
15839
700
1924
4760
5956
7113
7115
8464
9695
10852
12158
13215
14505
15862
4849
5999
7172
8508
9698
10857
12165
13217
14557
15881
4855
6007
7189
8528
9756
10858
12217
13218
14568
15941
653
714
1950
3164
3197
861
1963
3266
937
1967
3272
4882
6008'
7198
8531
9760
10921
12258
13220
14572
15953
964
1983
3370
4891
6025
7245
8589
9797
10931
12281
13225
14574
16008
997
1992
3486
4902
6035
7312
8592
9801
10945
12286
13240
14627
16039
1011
2024
3519
4925
6056
7419
8604
9821
10946.
12320
13277
14636
16047
1018
2032
3529
4943
6074
7442
8634
9901
11010
12332
13295
14704
16060
1055
2097
3651
4995
6094,
7453
8754
9935
13320
14762
16257
13404
13457
14827
14849
16260
12432
12460
„
1060
2098
3659
5026
6096
7622
8763
9951
11027 "12333
11101
12422
provided below for acceptance of the Offer.
1087
2102
3682
5049
6225
7670
8818
9989
11103
3. Interest on the Assented Debentures will
be paid from and including 1st
April, 1939, u™
to and including 1st April, 1951, at the
reduce#
1110
2150
3688
5072
6246
7679
8821
9998
11110
13535
14851
1139
2212
3689
5082
6271
7683
8824
10015
11118
12468
13537
14854
16362
1144
2227
3708
5088
6276
7686
8825
10016
11132
12474
13543
16369
1164
2254
3799
5096
6342
7701
8838
10026
11135
12483
13608
14873
14875
12524
rate of
4>£% per cent,
1st April of each year
Read & Company, in
Coupons may also be
payable o
at the office of Dillon'
New York City.
Such
presented on and after
their due dates at the office of J,
Henry Schroder
& Company, London, England, or at the offices
in Amsterdam, Holland, of Mendelssohn &
Co.,
Amsterdam, and of Nederlandsche HandelMaatschappij N.V., or in Basle or Zurich,
Switzerland,1 at the office of Banque Commerciale de Bale, or in Stockholm, Sweden, at the
office of Skandinaviska Kreditaktiebolaget or
Stockholms Enskilda Bank, for collection on
behalf of the coupon holders, free of charge, the
per annum,
Eroceeds thereof to berate in in local currency
paid London, Amster¬
ased upon the buying
dam, Basle, Zurich or Stockholm, as the case
may be, for sight exchange on New York City
on the day of presentation.
16308
16332
16398
'1173
2256
3866
5135
6392
7708
8945
10066
13612
14881
16406
1180
1189
2269
3877
5179
6456
7716
8956
10076
11243
12525
13632
3894
5217
6476
7727
8972
10079
11263
12559
13638
14933
14942
16411
2280
11203
1192
2292
3958
5243
6482
7736
9027
10104
11323
12583
13737
2330
4004
5298
6526
7774
9029
10145
11340
13750
14971
11377
12603
12614
13765
16440
14944
1193
15006
1195
4005
2380
5324
6533
7832
9090
10168
4017
5325
6537
7833
9159
10189
11379
12623
13779
15038
4039 '* 5331
6550
7837
9193
10190
11383
12629
13781
15044
6574
7872
9194
10275
11387
12675
13858
15052
11429
12684
13876
15058
11435
12699
13877, 15105
1199
2382
1228
2414
1252
2537
4057
.
5344
1278
2655
4080
5441
6606
7877
9195
10309
1308
2697
4107
5530
6615
7958
9216
10338
•
The bonds so drawn for redemption will cease to bear interest from February 1,1939,
and will be paid at par on and after that date upon presentation and surrender thereof
with August 1, 1939, and subsequent coupons attached, in dollars, at the office of
SPEYER &
or
CO., NEW YORK,
in London at the office of J. Henry Schroder & Co. in Sterling at the fixed rate of
per pound.
■.
•
•
The German Ministry of Economics and
the Reichsbank have authorised the
$4.86
to state that the interest payments to be
made
In the usual
4.
The
Company
on
Assented Debentures
are
5.
Interest
for
payment:
SERIES
Debentures
to
1259
3463
4534
including the interest due on April 1st,
1951, shall be^ payable in any coin or currency
of the United States of
America, which at the
time of payment shall be legal tender
for pay
ment of public and private debts.
2032
4231
4758
2140
4473
4765
up
and
6. The Assented Debentures shall be inter¬
preted, and performance thereunder shall be
governed, in accordance with the laws of the
State of New
,
On November 16, 1938, bonds previously drawn for redemption bearing the following
numbers and on which interest ceased on February 1, 1938, had not been presented
Germany.
Assented
on
due February 1, 1939, should be detached and presented for payment
manner.
exempt and will be
exempted from any existing foreign exchange
restrictions imposed by German Authorities or
resulting from any international transfer agree¬
ments concluded with
coupon
York and the
"C" OF $1,000 EACH:
7535
14562
14877
7864
9068
10303
11620
11624
11688
4839
5995
6871
13856
14676
15309
5814
7482
8330
9299
11066
11665
13868
14770
•
4836
8606
9308
Speyer & Co.
Dated New York, December 27,1938,
United States of
America, and enforceable accordingly.
7. In the event of default by the
Company in
paying the Coupons on Assented Debentures as
they mature if such default is not made
good
wjthin a period of 60 days the original
provisions
of the Indenture shall be
automatically restored
from and including the interest
payment date
upon which such default occurs.
8.
This offer applies to the
coupon maturing
1st April, 1939, and to
to and
1951.
subsequent coupons up
including the coupon maturing 1st April,
The original terms and provisions of the
This announcement is neither
an
offer to sell nor
shares of stock. The
a solicitation of offers to
buy
offering is made only by the Prospectus.
any
of these
Debentures and the Indenture shall be restored
thereafter.
9. Unless extended by
Offer will expire on 31st
the Company, this
January, 1939.
Southeastern
Debenture holders desiring to
accept the Offer
must Surrender their Debentures to
Guinness,
Greyhound Lines
Common Stock
Mahon & Co., 53, Cornhill,
London, E.C. 3, as
Depositary, or to one of the Sub-depositaries
named hereunder:—-
Par Value
$5
per
Share
Chemical Bank & Trust Company.
New
J.
York, N. Y,
The sale of the above shares of Common Stock does, not
Henry Schroder 8c Company,
'
London.
1
represent financing by Southeastern Greyhound Lines, said
Mendelssohn & Co., Amsterdam,
Amsterdam, Holland
Nederlandsche
shares
Handel-Maatschapplj N.V,
having been purchased by the several underwriters
from certain stockholders of Southeastern
Greyhound Lines.
Amsterdam, Holland
Debentures deposited for acceptance of this
Of¬
fer must be accompanied
by a duly executed Letter
of Transmittal, forms of which
may be procured
from the said
Debentures
Depositary
or
Price $19.50
Sub-depositaries.
Per Share
so
presented and the Coupons at¬
maturing 1st April, 1939, and
thereafter up to and
including 1st April, 1951,
will, .be enlaced and such Debentures will be
redelivered, together with the cash payable, in
accordance with instructions contained in
the
Letter of Transmittal.
The payment of interest on unassented
Deben¬
tached
thereto,
Copies of the Prospectus
from the
may
be obtained
undersigned.
tures will continue to be
governed
by the German
Foreign Exchange Regulations in force from time
to time.
Siemens & Halske Aktiengesellschaft.
Hemphill, Noyes CBh Co.
BERLIN-SIEMENSSTADT,
17th December, 1938.
Copies of this .offer and of the necessary forms
be obtained, from
Guinness, Mahon & Co., 53, Cornhill,
London,
E.G. o, or from any of the
sub-depositaries above
for acceptance of the offer
may
mentioned.
.
December 28,1938
Dec.
Chronicle
Financial
IT
3J4 1938
$13,556,000
Metropolitan Water Distnct
of Southern California
4% Colorado River Waterworks Refunding Bonds
'
'
'
'
J
Due August 1, as shown below
1 Dated August 1, 1937
Principal and semi-annual interest, February 1 and August 1, payable at the principal office of The Ohase
New York, or at the
registerable
In the
as
to principal and interest,
National Bank of the Oity of
Coupon bonds in denomination of $1,000,
office of the Treasurer of the District in the Oity of Los Angeles.
and interchangeable with the consent of the District and at the expense of the holder.
opinion of Counsel, these Bonds are Exempt from Personal Property Taxes in California and the
interest thereon is
Exempt from present Federal Income and California State Income Taxes
Legal Investment for Savings Banks and Trust Funds in California
AMOUNTS, MATURITIES AND YIELDS
$376,000
1952
3.05%
1957-58
3.30%
2.60
376,000
1953
3.10
376,000
"
"
1959-60
3.35
366,000
2.70
376,000
1954
3.15
376,000
"
"
1961-63
3.40
$10,000
1946
2.50%
52,000
1947
93,000
1948
155,000
1949
1950
ea. yr.
$378,000
ea. yr.
1979-81
3.55%
1982
3.55
325,000
1983
3.55
3.55
,
376,000
2.90
1955
3.20
376,000
"
"
1964-69
3.45
284,000
1984
376,000
2.80
228,000
$376,000
1956
3.25
377,000
"
"
1970-78
3.50
222,000
1985
3.55
150,000
1986
3.55
■
1951
376,000
3.00
,
(Accrued interest to be added)
•
1
Circular
The above Bonds are offered when, as and
The Chase National Bank
if received by
Request
us.
Legality has been approved by Messrs. Thomsonf
New York City, and Messrs. O'Melveny, Tuller & Myers, Attorneys, Los Angeles.
Wood & Hoffman, Attorneys,
It is expected that temporary
on
bonds will be delivered in the first instance pending preparation of definitive bonds.
Bankers Trnst Company
The National City Bank
of New York
The
FirstiBoston Corporation
,
R. H. Moulton & Company
Smith, Barney & Co.
*
Ladenburg, Thalmann & Co.
Corporation
The Northern Trust
Company
Stone & Webster and Blodget
Bankamerica
Company
.
Brown Harriman & Co.
'
Dean Witter & Co.
Incorporated
Weeden & Co., Inc.
a
Phelps, Fenn & Co.
Union Securities Corp.
Incorporated
Security-First National Bank
of Los Angeles
The Anglo California National Bank
San Francisco
;
*
*
Chicago
'
Blyth & Co.,'Inc.
H
Bancamerica-Blair
Lehman Brothers
Incorporated
•
American Trust Company
F. S. Moseley & Co.
Bond Department
A. C. Ailyn and Company
Incorporated
San Francisco
R. W.
Pressprich & Co.
Hallgarten^ Co.
Stifel, Nicolaus & Co., Inc.
Paine, Webber & Co.
Eastman, Dillon & Co.
Tucker, Anthony & Co.
Hemphill, Noyes & Co.
Chicago
Roosevelt &
Weigold
Kean, Taylor & Co.
B. J. Van Ingen & Co. Inc.
Incorporated
Merrill Lynch & Co. Inc.
Schwabacher & Co.
Kelley, Richardson & Co., Inc.
Chicago
New
York, December 29,
1938.
Wells-Dickey Company
Arthur Perry & Co., Inc.
Minneapolis
Boston
Vol. 147
DECEMBER 31, 1938
No. 3836.
CONTENTS
Editorials
page
The Financial Situation
Farm|Program
.
.
Failure
a
.3954
_3967
Beware!
3969
Comment and Review
Week
on
the
European Stock Exchanges
3959
Foreign Political and Economic Situation
—3960
Foreign Exchange Bates and Comment
3964 & 4001
Course of the Bond Market---.
3970
Indications of Business Activity
Week on the New York Stock Exchange
3971
3957
Week
4000
on
the New York Curb
Exchange.-.
News
Current Events and Discussions
3983
Bank and Trust
3999
Company Items.-----General Corporation and Investment News..
4046
Dry Goods Trade
State and
__4081
Municipal Department
.—4082
Stocks and Bonds
4001 & 4013
Foreign Stock Exchange Quotations.
Bonds Called and Sinking Fund Notices
4005
Dividends Declared
4005
Auction Sales
4004
—
New York Stock Exchange—Stock Quotations—
New York Stock
New York Curb
4014
Exchange—Bond Quotations. .4014 & 4024
Exchange—Stock Quotations
4030
New York Curb Exchange—Bond Quotations
4034
Other Exchanges—Stock and Bond Quotations
4036
Canadian Markets—Stock and Bond Quotations—...4040
Over-the-Counter Securities—Stock & Bond Quotations.4043
Reports
Foreign Bank Statements
—
Course of Bank Clearings
...
Federal Reserve Bank Statements
General Corporation and Investment News..
3963
—
.4001
...3983 & 4011
—4046
Commodities
The Commercial Markets and the Crops
Cotton
Breadstuffs
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. Biggs, Business
Manager.
Other offices: Chicago—In charge of Fred. H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers'Gardens, London, E. 0.
Copyright 1938 by William B. Dana Company.
Entered as second-class matter June 23,1879, at the
post office at New York, N. Y., under the Act of March 3,1879. Subscriptions in
united States and Possessions, $18.00
per year, $10.00 for 6 months; In Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America.
Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia, Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
l
The Financial Situation
IT the "question of public too much toreceive that at the have
WOULD, .perhaps, be debt will hope the would idea
and systematic
serious
clusions, inevitable if
week, and that com
such attention were given the
subject, will later be
translated into action sincerely
Congress convenes next
when
intelligently designed to bring relief from debt
conditions now existing.
The fact remains, howand
increasingly
that the;public is becoming
and
ever,
happened to any regime which scoffed
that there was anything disturbing in
such a situation and proceeded calmly to plan
further enlargements of the public debt. So con¬
tinuously, however, have unthinking elements in
the population been told in recent years by popular
figures that this is a new age in which older pre¬
cepts have no place, and so plausibly have cunning
attention it ought to have
politicians repeatedly "explained away" our debt
con-
and
more
demand that something
it—something
about
done
ment-owned
borrow
ac¬
own
has
debt
would
profligacy as Senator Byrd
attract considerable atten¬
tion
with
may
the
which
time,
same
business
may
some
prop¬
wholly
outside
in vain is evidenced
by the
fact that
high Administra¬
called' upon
the
the
that
public
there
is
nothing in the public debt
of this
that
country that need
It
anxiety.
cause
may
be
Administration
an
planning
public
huge
which must
feels
the
it
public
prevent
worry¬
Such
collectively
owe,
and life
The farce
designed to
are
defend existing
debt
or
more
no
people
can
"Let
themselves,
and
only
Federal
be
a
false
of
no
great
impressions
a
have
been
public
a
against
more
ministration
of
this
be
matter
not
our
history it would
supererogtion to warn the
which
National
must
be
debt
such totals, except
of
nearly
added several
contingent obligations.
which
Any Ad-
permitted the figures to reach
under the most extreme
emer-
would have been definitely and permanently
discredited.
It is hardly necessary to suggest what
gency,
$40,-
vastly increased citizen
I repeat that
raised
a
year
to
can
if
be
$80,000,000,000
the National Gov¬
and
the
over¬
whelming majority of State
at
and local governments
will
The
the faster will we be able to reduce the total
of Federal and State and local debts. Viewed from
goes,
every
direct
a
$40,000,000,000 to
billions
of
or
only be
higher the National income
it is essential that
concern,
concerning
work
can
this citizen income
their will.
other period in
any
whether it
be /out of the red'..
to
permitted to prevail.
During
unanimously
debt,
income.
larger indebtedness is
matter
on
paid if the Nation obtains
close by the
them,
Congress
$25,000,000,000
000,000,000,
testimonial
by
to be well
recognize the fact that the
persuade the public that
still
us
ernment
a
seem
to
message
abundant.
be brought to
intimation
April 12 last when he said:
of the economic system that
we have developed through the decades, but
the unfortunate would be no less unfortunate
but whether these official
pooh-poohs
His views
is
a
an
summarized in his recovery
been gained by im¬
environment" upon it.
achievement would be
an
the
than
of his idea of these matters.
the vitality
to
ing about how much they
already
"new
this
rather
public
given
importance would have
too
system.
more
old problem.
important
our
The President has often
tell the story—a
to
us
same
most
seems
posing
citizens from
many
to
of
President's View
The
the fact
that recovery really need not "remain ob¬
scure."
If business were quickly to succeed
in
readjusting itself to the "new environ¬
ment" and proceed henceforth to function
with reasonable adequacy, nothing of great
particularly
to
seems
but the
year
What
expenditures-
increase
debt
necessary
new
inevitably fur¬
ther
It
lished.
continuation of
a
a
recovery
Guaranty Trust Co. of New York, just pub¬
which without question is
foundations
economic
environment to which busi¬
expected to become adjusted.
Only
experience can show conclusively how suc¬
cessful the readjustment will be, and how
long it will take.
Until business gains con¬
fidence in its ability to operate profitably
under the conditions in which it finds itself,
the outlook for recovery will remain obscure."
This well-balanced appraisal of the outlook
as
the new year approaches has been ex¬
tracted
from the
monthly survey, of the
"assure"'
to
par¬
threatens
which
situation
is
ness
of debt,
relatively indifferent to
represent a new
have felt
tion officials
extent,
some
by delusions
thus continue inactive, or
itself may suffice to lighten these restraints.
For the most part, however, the restrictions
To
forces.
or
remain at least half
consequences
ag¬
tures have not been
public,
ticularly public debt, and
the economic outlook is
whether business as now organized can func¬
tion
effectively under the restraints that
have been and may be placed upon it by
That their stric¬
in
concerning the nature and
the
probably been
have
them
of
the
controlled
uncertainties at
and
result
controlling sections of it,
mental question in
the existing state
to
of affairs".
Otherwise
encouraging in that it
face of a bewildering
At
abroad.
analysis which
abrupt rejection.
recovery
gravated,
rather than lightened, by the
year's developments.
...
"Stated in its broadest terms, the funda¬
been able to
of late
in
current
now
must
course
their
erly contemplate the record of 1938 must be
tempered by recognition that many of these
difficulties remain to cloud the outlook and
that
have
more
problems
of
satisfaction
Such critics of fiscal
case.
the
during
even
achieved
and
home
the
be
is the
been
complex
rising as rapidly as
otherwise
Seldom,
progress
of the Federal Government
from
of
period, have general conditions at the end
of a year made such a favorable contrast
with
those
twelve
months
earlier.
This
guaranteed by the Treas-.
ury, of course) and thus
preventing the direct
rising
having brought distinct net improvement
most
branches of trade in the United
States.
of bonds
(by sale
the
of
it
number of absurd
a
with serious
as
corporations
their
on
nify
statements
activity in the last several months, the year
1938, viewed as a whole, may be considered
'
in
count
Old Problem
Year-—An
trend of business
"Because
Govern¬
than having
more
A New
be
today
advisable to dig¬
appears
inclined to
more
that
position,
scious of this situation
angle, today's purchasing power—the citizen's
income of today—is not sufficient to drive the eco-
nomic system at higher speed.
government requires
normal
so
supplementing them to
that the addition is adequate.
make
sure
again
on
a
National income.
of
Responsibility of
the
at this time to supplant
and in
processes
start
on
us
We must
long steady upward incline in
I have set my hope, my aim,
stabilized recovery through a steady mounting
citizens' income and our citizens' wealth."
our
Volume
The
Financial
147
President's
correct
notion
management of
tion such
that
as
now
to
appears
be
that
fiscal affairs in
our
existing is not
a
the
situa¬
of prudence
one
and
economy but one of
and
economy so reduce the income of the tax payers
profligacy, since prudence
that
Chronicle
the
case
that
in
in
enlarging those in¬
Another
form
of
they
of
official
Treasury is
still
and
money,
defense
pointing to
worthy of
able
asking
of
the
profligacy takes the
low
rate
borrow
to
how
there
which
at
huge
the
sums
of
be
anything
in the current fiscal
concern
situation
can
if the
necessary,
reasonable
to
time repay
the debt.
estimates
conservative.
it
cases
total of debt in the
sum
it
in
was
has
1929, that
increased
the total
fast
as
private
country is
of indebtedness
has
has
A fourth contention sets
up
debt of all kinds in this
of
the
major
population,
that
declined,
not
that
so
the, claim that public
Europe
therefore
capita of
per
there
is
nothing
of
fifth
and
asserts
that
ernment is not
The
proceeds of its borrowings
Federal Gov¬
large.
average
is
is
or
arguments of this sort would do well to
consider
some
of the general
nomics of debt.
these
aspects of debt.
have
now
course
with
It is possible that
part of the public debt
justified
do
to
stop to
principles of the
It will be noted of
contentions
the
that all
economic
some very
was
small
outstanding might be
existing at various times during the past ten
it
eco¬
the ground that in the circumstances
on
borrow
necessary to
vent actual
sums
years
of money to
pre¬
suffering due to conditions originating
with the state of over-indebtedness
by the time of the crash in 1929.
is heard in
official quarters
"worth
not
served, and
in
should
question.
proved at
the
to
as
of
on
With these
it
costs"
should
rest
an
any very
in
a
business
nonetheless
be
ob¬
pro¬
the best judgment
upon
value
of
the
project
as
matter of
a
by any
course
thought carefully about the subject.
had reached
we
Not
a
great deal
preliminary phases of the matter out
of the way, we may now
of
defenses
the
1930
public debt could be
If the
ex¬
enormous mass
proceed to consider
interminable
of
debt
and
the
present time the direct debt of the
Government
mal statement of the
agencies
made
was
was
of June
as
fro(m
increased
issued
$3,905,000,000,
to assets
The first for¬
govern¬
Aug. 28, 1934 and
on
30, 1934.
It showed the
pro¬
Government
On October 31 last the figure
$4,168,000,000.
evident that
$16,-
some
assets of the various
interest of the Federal
prietary
use
Between June 30,
185,000,000 to about $39,417,000,000.
mental
some
being
now
First, turn to the claim of productive
proceeds of borrowings.
National
decline
a
we
,
must look
equaling
of
$263,000,000.
It
is.
elsewhere for additions
appreciable part of the
any
at
was
en¬
largement in' the direct debt of the Federal Gov¬
ernment.
The
these days about this
such grounds.
any
of
use
undertaken, and thus
economic
and
once
reader who has
Treasury has in its possession some billions
not
cused
or
many
another"
or
All this, we feel confident, will be ap¬
a
our
reason
determination of whether to
any
not
or
available
what
principle
aspect of the situation, and naturally so since only
small part of
one
impossible to determine with
of dollars in free
very
of private
exceedingly
Naturally, it is true that in
The
sense.
of the
Debt
of
when he is approached with
man
be
specific charges to the public for
offered.
Economics
case
"Productive Debt"
the net debt of the
The
the rule with
course
should
return
suf¬
great degree of accuracy whether any given project
points to "assets" acquired by the Fed¬
eral Government with the
really
reasonable
a
in the
as
is not feasible for
about which to be concerned.
A
within
This is of
improvement contemplated
ceed
changed.
country is still below that;
countries of
and
public indebtedness
as
debt
greater than
no
is
income
return
and
private borrowing, and
debt
excepted,
as
that will not
purposes
probability
interest
pay
it is at times
for the defense is that the
(always- provided
substantial)
public body today is warranted in
no
ment.
argument
education
adding to its indebtedness for
all
pleasure
or
Such is hardly
luxury.
genuine and
are
to make
third
convenience
a
j
Consideration of public health and
public
public is willing to pay such unprecedented1
prices for the obligations of the National Govern¬
A
or
apart from such relief from distress
ficient
comes.
luxury
today.
possibly
whatever
incurred
a
which is in its nature half
and
is
than
more
they could not be expected to carry existing
debt, while profligacy so enlarges the income of
taxpayers that they can easily carry and repay
debt
3955
with
the
gold, but most of it was acquired
proceeds of loans but by
confiscation—and
in
any
an
act of
event its real value to
1929,
the
particularly since 1932, is to be defended the de¬
the
fense must rest
place its technical value at around $1,006,000,000-—
public debt that
was
reasons
and
crease
in
now
as
a
were
just¬
pos¬
Administration spokes¬
case, as
of
promoting economic welfare
We may
profitably begin with
circumstances
such
as
limitations upon proper
imposed by plain
individual
the
a
can
same.
borrowing
There
afford
to
public
an
assertion that
now
existing the
public borrowing and those
are, or
may
borrow
should be,
very
nearly
be times when the people
or
of the Nation
as a
whole,
(temporarily at least)
improvement
those
common sense upon corporate or
given community,
some
of
people of this country is problematical to say
It
least.
holds
large, amount—estimates
a
silver, but of course the metal has no such actual
value.
This
leaves
assortment
an
of
"improve¬
ments"—roads, deepened harbors, bigger and better
post offices, school and other buildings, parks and
the
like—in
public
"assets"
Of
debt.
show
to
course,
for
many
the
increase in
of these
are
not
actually owned by the Federal Government, but are
general.
in
of
humanitarian
attempting to do, for the vast in¬
means
a
no
be found unless indeed it
sible to make out
are
grounds since first it
large part for allegedly economic
second because
ification could
men
economic
on
contracted in
have amassed since
we
which
affords
for
nothing
available to the people of the country for what
are
worth.
As to buildings erected to house
eral activities it may
them
rent
are
far
more
they
Fed¬
be said at once that many of
costly to
carry
than was the
paid for quite adequate accomodations used
prior to the New Deal.
provements"
now
Many other of these "im¬
rest as a burden as well as a
blessing upon local communities, which must now
maintain
them and
pay
interest
on
a
part of the
Financial
3956
of
cost
added
the
earning power of local communities
whether they
reveal
have
determined, and experience alone
be
not
can
Just what Jhey
construction.
their
to
can
be carried except at the
can
of the ordinary necessaries of life.
expense
Cer¬
tainly their value stated in any terms known to
accounting is not even of the same order of mag¬
nitude
in
increases
the
as
the
public debt.
The
"borrowing for investment" idea or contention is
found
thus
The Treasury is
able to sell its ob¬
ligations at absurdly high prices for the simple
reason
that it has organized the most gigantic
market
rigging mechanism ever known in the his¬
tory of this or any other country.
market
time
the
trols—for
the
of
world have caused
their spare
dollar, and through
conditions
cumstance 4hat
It largely
least—the
at
con¬
money
tinkering with reserves, its
its
through
devaluation
being
foreign
in
other
the cir¬
of the
parts
of funds to send
owners
cash (and thus gold) into this country.
It controls the
banking system of the country, the
larger part of which for all practical purposes it
and it has established
owns,
anism
for
and selling securities
for the
of affecting their market prices.
purpose
It has
buying
(whether intentionally or not is not here
moreover
in
elaborate mech¬
an
question) succeeded in beating off normal
petition from
seekers of capital
other
com¬
funds by
creating conditions under which ordinary business
finds
with
it
difficult
too
to
plan
proceed freely
and
long term commitments, and by placing the
securities markets
(but not the market for Govern¬
ment
in
obligations)
reflection of the
the
prices of
holding
debt in
to
company
what
the
were
public has long
Koosevejt himself,
fact what he has
sum
total of
on
more
candidate for
then
than
as
matter of
a
occasion
one
again
said
since
emphatic than he in their denunciation of the
he
President.
became
fantastic debt structure
erect in the years
and which of
The
fact
more reason
the
in
economic
years,
that this
the
The
funds
rowed
comes
same
managed to
in
debt
by the Federal Govern¬
In both
cases
disregard of the real
There is
no
can
without
travail
To assert that the Fed¬
is responsible for a maintenance
outstanding during the past
dangerously close to admitting
Government has
effectively prevented
a
foundation
of
in this country.
comparisons usually made between
our
per,
coun¬
effect it,
In
contention.
its
or
heard late in 1929 and in
the form of appeals to the busi¬
equivalent, was often
It then took
1930.
community to continue to borrow- and spend—
ness
consumers'
for
improvements,
for
spend
goods,
spend for almost anything—and in assurances from
who should have known better that if such
many
were
a-course
to
come
prosperity be
is that events
in
such
any
pursued the depression would soon
end and the mad
an
limitless
soon
The trouble
proving again that the road
abundant life does not lead
along the
There is no more reason to
highways of inflation.
the
to endless and
The crash of 1929 was but an¬
way.
to the more
suppose
course
resumed.
simply do not work themselves out
other evidential exhibit
that the Government can borrow and spend
country into
a
perpetual prosperity
state of
than there is to believe that business'can do it.
It is
age-old fallacy—tenacious of life, but a fallacy
an
The
nonetheless.
any
of
income
real
the
of
citizens
country is enhanced not by recklessness in in¬
curring debt but by prudence in entering into such
of whether it is private
commitments, regardless
enterprise
in
public bodies that are taking the lead
or
borrowing operations.
Excessive
been,
public debt is precisely what it has al¬
burden and
a
not a blessing in
a curse,
disguise.
,0
Federal Reserve Bank Statement
POST-CHRISTMAS influences now arethrough
beginning
affect
the
banking statistics
to
decline
a
of
currency
The
in circulation.
drop in the week ended Dec. 28
was
currency
only $31,000,000,
but this trend doubtless will be accelerated
in
sharply
coming weeks and will add heavily to the idle funds
in member bank
Gold stocks
now
con¬
is disbursing
general account with the 12
Federal Reserve Banks.
These factors occasioned
an
increase of
$90,000,000 in
banks
legal requirements, during the last state¬
ment
over
week, with the total
Since
000,000.
unlikely, it
mount
excess reserves
now
estimated at $3,070,-
change in the situation is quite
a
appears
probable that
excess reserves
of
reducing
open
market
United States Treasury securities as a
as
holdings
of
partial offset,
yet there is no reflection in the banking sta¬
tistics of any
such
effective
move.
Nor is there
demand for credit
any
indication
accommodation is
being felt, despite the vast store of idle
centers
will
Some thought seems to be given to the
000,000.
but
of member
early in 1939 to the neighborhood of $4,000,-
possibility
that
capita indebtedness and that of various other
raising
is, of course, the essence of an age-
inflationary
Treasury
increase
than in the other to suppose
economic progress
about
argument
by "priming the pump" with bor¬
funds from its swollen
the
readjustments necessary for
solid
President's
The
National income
accounts.
structure
of the volume of debt
been foolish enough to do so has
explained, and cannot be.
reserve
bear the load laid upon it.
ten
been
tinue their rise and the
the proceeds of it.
one case
Government
been
Just why
ourselves with
overburden
to
merely because others have either been obliged
debt
old
half what it is.
were
should continue
we
much relieved if
They would feel
indebtedness
responsible for that tragic
incurred in reckless
values created with
eral
had
matters at bottom not at all.
was
War.
World
their
that
was
this time has been incurred
that
we
have
which preceded the crash in 1929,
course
denouement.
that
Few
our
got into this fiscal condition as a result of a
forgotten
ago
more
debt
debts
adding to
countries with excessive
desperate struggle to escape extinction during the
country is no greater than in 1929 is
Presidency, said in 1932, and
ment
Most of the foreign
load.
ways
issues in 1929.
that the
Mr.
to whether we are wise in further
as
of the most watered public utility
that all is well since the
the
assume
accurate
no more an
position of the Treasury than
some
To argue
The market
strait jacket.
a
price of Government bonds is
to question as to the facts, and is in
event wholly without bearing upon the question
any
rates at which
Treasury can borrow money must be ruled out
irrelevant.
as
tries is open
never
Defenses
that rests upon the
The defense
Dec. 31, 1938
to do so or have
which to stand.
upon
Other
the
to have relatively
examination
upon
little foundation
Chronicle
money.
In
outside Newr York City a slight increase of
Volume
147
Financial
business loans has been noted of
late, but the condi¬
tion statement of
weekly reporting member banks
here shows
loans to
only another fall of $7,000,000 in such
$1,377,000,000.
collateral fell
Brokers' loans
security
on
$9,000,000 in tie statement week to
$681,000,000.
Chronicle
3957
export side.
Although exports in the 11 months of
$2,825,454,000
in the
ment
greater
this year.
$1,789,045,000
Monetary
gold stocks of the
increased
country
$54,000,000 in the week, to $14,508,000,000.
$200,310,000 less in value than
were
period of 1937, the Commerce Depart¬
reports that the actual volume shipped was
same
same
Imports in the 11 months of
with $2,874,835,000 in
compare
period of 1937.
Cotton exports this season have been
The
the
.
most dis¬
a
gold certificate fund of the 12 regional banks advanced
$24,999,000 to $11,787,719,000, and "other cash"
appointing feature of the Nation's foreign trade; in
advanced
1,613,815 bales
so
the return flow of currency to
on
that total
in
notes
of the regional
reserves
$44,507,000
to
$12,123,063,000.
actual
circulation
$4,470,462,000.
Reserve banks
were
banks moved
Federal
receded
Total deposits
the banks,
Reserve
$12,740,000 to
of the
12 Federal
$12,048,000 to $10,022,717,-
up
000, with the account variations consisting of
in member bank
$8,577,167,000;
gain
a
balances of $105,188,000 to
reserve
a
up
drop of the Treasury general
ac¬
the
four
months
bales
narily these
the year
the
and
of the
valued at
The
volume,
Discounts by the regional
banks
fell
advances
$1,313,000
were
mitments
up
$6,980,000.
Industrial
$155,000 to $15,688,000, but
make
to
to
such
com¬
advances fell $687,000
to
four of the best export months of
are
outlook
November
774,000 to $296,843,000.
ratio advanced
for
the
shipments
Gold imported
in November
considerably
although
the metal totaled
also
market portfolio
unchanged at $2,564,015,000, but discount
holdings fell $30,044,000, while note holdings
was
bill
advanced
equal
an
exported.
were
in substantial
was
reduced
preceding record-breaking months.
from
the
Imports of
$177,782,000 in November, $562,-
382,000 in October, and $520,907,000 in September.
Exports of gold have been practically nil for the
substantial
open
In November, 1937,
827,944 bales, valued at $43,679,256,
two
In
508,247 bales,
to
$25,022,923, compared with 485,996 bales,
Silver imports have also been
past several months.
Treasury issues in the
hand is rather dim.
amounted
$24,055,943, in October.
were
States
disposal abroad of much
now on
$14,161,000.
Open market holdings of bankers bills
motionless at $549,000.
The total of United
30, only
shipped abroad compared with
(December and January being the others),
large stocks
to
reserve
Nov.
to
season
same period of 1937; 2,386,001
1936, and 2,654,101 bales in 1935. Ordi¬
in
worth
83.6% from 83.3%.
the
2,526,408 bales in the
by $83,789,000 to $941,004,000; an
increase of foreign bank deposits
by $12,423,000 to
$207,703,000, and a drop of other deposits by $21,-
balance
count
of
were
of
$24,987,000
aggregating
late,
in
November, about the same as in the two months
Imports in November, 1937, amounted
preceding.
to
of
Exports
$10,633,000.
amounted
silver
to
$823,000 in November compared with $527,000 a
sum.
earlier.
year
'
...
,
Foreign Trade in November
The New York Stock Market
EXPORTS of than seasonally reduced from Octo¬
the United States in November
*
were
more
ber, chiefly due to smaller shipments of tobacco,
dried fruit, crude petroleum and
copper.
The sea¬
sonally adjusted
the
was
the
lowest
index of exports for the month
of
any month this year, although
monthly shipments during the summer
smaller; the percentage decrease from the cor¬
actual
were
CLOSING sessions generally optimistic.York Stock
of 1938 on the New The mar¬
Exchange
were
ket
affected for
was
tion
But when the time
income
with
connection
in
losses
time, this week, by liquida¬
a
fairly broad scale for establishment of
a
on
tax
procedure.
passed in which ordinary trans¬
actions could be cleared and the losses
established,
responding month of 1937
was
the greatest since the
recovery
in quotations followed, with the tendency
figures started to show
decline from last year, in
buoyant
at
May last.
1937,
The
compares
a
19.8%
with
decrease
one
from
November,
of 16.5% in October.
The
course,
Dealings' were
times..,
curtailed, of
since all activities were suspended for the
Christmas
holiday last Monday.
The short business
prices advance
to three
Department of Commerce, in reporting the figures,
observes that half of the drop from a
year ago is
week nevertheless saw
attributable to the lower
prices now prevailing.
Imports in November dropped only slightly from
the preceding month, and the
seasonally adjusted
especially were
index
though the recommendations were not novel, they
focused attention anew on the difficulties of the
from
actually
a
rose
a
year ago was
ber, 21%.
little.
The percentage drop
just about the
same as
in Octo¬
Among the items showing the principal
declines from October
were
cane
undressed furs and fertilizer
sugar,
edible nuts,
materials; there
were
gains in imports of silk, coffee and whiskey.
in the
case
of exports,
As
it is noted that lower prices
account for about half the decrease in the value of
last
imports
month
as
compared
with
Novem¬
Exports during November had
$252,231,090,
balance
of
of
a
total value of
and imports $176,181,000, leaving
of $76,050,000;
exports
month in 1937
ports
sense
tone of the
in
the
a
same
exports of $314,697,000 exceeded im¬
$223,090,000
by
$91,607,000.
October's
exports aggregated $277,919,000 and imports $177,-
979,000, which left
a
balance of $99,940,000
on
the,,
report submitted last week by the
fact-finding commission.
special presidential
Al¬
transportation industry and the means for better¬
ing conditions.
were
Steel, oil and airplane issues also
in favor and numerous
The market
established.
highs for the year were
as
a
whole closed yester¬
day at levels not far under the best figures of 1938,
for
economic forecasts
the effect that
Tax-selling
ber, 1937.
one
Railroad stocks
in demand, owing to the common-
points in the active market leaders.
on
almost unanimously to
improvement is in store for 1939.
was
quite prominent in the dealings
Wednesday, for that session marked the time
limit for
ordinary transactions to be cleared in 1938.
With such pressure
were
The
are
recorded late
out of the way, sharp advances
on
Wednesday and
tendency yesterday
was
eral the market held to the
session.
In
on
Thursday.
irregular, but in gen¬
figures of the previous
glancing ahead toward 1939? the mar-
Financial
3958
ket tendency was to take a
though
even
Tuesday, and although the session opened irregularly higher, only a brief time elapsed when stocks
began to reflect lower tendencies, resulting from
improvement
be anticipated, partly on the basis
can
Washington intimations
that the November elections have stiffened the
are
backs of Congressmen and
more
the
inclined them to take
wave
national
questions, which suggests that
of so-called reform
peak.
There
are
legislation has passed
suggestions, indeed, that much-
thus appear
harryings of the New Deal.
based
Stock buying
cautious,
such considerations
on
was
however, for there is little immediate prospect of
a
sweeping modification of the tax and legislative
burdens*
In the listed bond market the tone
week, and advances
most issues at
excellent
was
the rule.
were
States Government issues and the best
rate bonds reflected
United
grade
corpo-
persistent inquiry, which held
close to best levels of the year,
or
Secondary railroad liens developed good strength
basis
Holding
of the
carrier
bonds
company
and
convertible
equities.
issues
In the
foreign section Latin American default issues
Further pro-
came
from one to three points. Rail issues continued to
reflect strength, and munition and other kindred
stocks were especially active.
Thursday stocks
advanced in a broad manner, with aircraft issues
enjoying major attention. Tax-selling for delivery in
the regular way
traders
were
terminated Wednesday and hence
relieved of this troublesome phase of
market operations and could center their attention
matters more closely related to the future trend
on
of the market.
the
course
Yesterday a firm opening marked
of trading, and this
even
tone was held
throughout the day with little, if any, change. Sales
volume suffered some diminution, and closing levels
slightly higher than the day previous, and
were
also above the dosing levels of a week ago.
were
General
Electric closed yesterday at 44 against 43 on Friday
supported, but Italian and Japanese obligacommodity markets
of last week; Consolidated Edison Co. of N. Y. at
30% against 30 ; Columbia Gas & Elec. at 7%
good tone, with most of the important
some of the base metals also
against 6%; Public Service of N. J. at 32 against
30%; J.'I. Case Threshing Machine at 89% against
tions remained uncertain.
developed
a
The
grains in demand and
well sustained.
Foreign exchange trading
owing to extended closings in
markets.
and
or more.
demand, and best grade foreign bonds also
were
•
on
report to the President,
moved forward with their related
into
point
day, Wednesday, and equities later on pushed forward with much vigor and established gains of
that
the
a
millstone of stock trading, came to amend at mid-
from the
for the
from fractions to
n\)uneements by the Government on its future aviation policy tended in a moderate way to bolster
prices of aircraft securities. Railroad shares were
in the main firm, but moderate losses predominated
among other groups at the close.
Tax-selling, the
oc-
cujpy the national Legislature.
was
the pressure of consistent selling to establish losses
Prominent issues sold off
for income tax purposes.
Business interests
to be justified in hoping for surcease
needed modifications of some enactments will
.
a
independent and truly representative attitude
broad
on
its
favorable view,
mild but well sustained
a
"New Deal" retreat.
a
Dec. 31, ms
great upswing in business is anticipated,
no
The belief is rather that
of
Chronicle
Sterling
was
our own and
dull,
foreign
under pressure at times,
was
gold continued to flow toward
our
side of the
88%
International Harvester at 59% against 56%;
;
Sears, Roebuck & Co. at 73% against 73%; Montgomery Ward & Co. at 52% against 5i%; Woolworth at 50 against 50, and American Tel. & Tel. at
Atlantic, notwithstanding the cumbersomely large
119% against 147%.
supplies already buried at Fort Knox, Ky.
On the New York Stock Exchange 90 stocks
day at 24% against 21% on Friday of last week;
Allied Chemical & Dye at 191 against .187; E. I. du
touched
Pont de Nemours at 154% against 150; National
new
touched
high levels for the year while 17 stocks
low levels.
new
On the New York Curb
Exchange 46 stocks touched
16 stocks
touched
new
the New York Stock
high levels and
new
low levels.
Call loans
on
Cash Register at
Western Union closed yester-
24% against 24%
;
National Dairy
Products at 12% against 12%; National Biscuit at
25
against
23%;
Texas
Gulf
Sulphur
at
32%
Exchange Remained unchanged
against 31%; Continental Can at 43 against 40%;
On the New York Stock Exchange the sales at the
Brands at 7 against 6%; Westinghouse Elec. & Mfg.
at
1%.
half-day
shares;
Eastman Kodak at 184 against 182%;
session
Monday
Christmas;
Saturday last
a
were 621,110
holiday in observance of
Tuesday,
on
Wednesday,
on
was
2,164,180
1,236,280
shares;
shares;
on
at 120 against 117% ; Lorillard at 21% against 21;
Canada Dry at 18% against 18; Schenley Distillers
at 17% against 16, and National Distillers at 27%
against 27.
Thursday,
Friday, 1,402,910 shares.
On the New York Curb' Exchange the sales last
Saturday were 146,030 shares; on Tuesday> 350,490
on
shares;
90;
1,881,860 shares, and
on
on
Wednesday, 586,360 shares; on Thursday, .338,192 shares, and on Friday, 326,670 shares.
on
Under the
leadership of the railroad shares the
stock market
fresh
vigor
on
and
higher levels.
Saturday last
prices
were
was
Standard
The steel stocks moved higher this week.
United
States Steel closed yesterday at 68% against 66%
Friday of last week; Inland Steel at 94% against
Bethlehem
Steel
at
77%
against
75%,
Youngstown Sheet & Tube at 53% against 52.
and
In
the motor group, Auburn Auto closed yesterday at
infused with
3% bid against 3% On Friday of last week; General
to
Motors at 50% against 49%; Chrysler at 82%
lifted
generally
Further scrutiny of the railroad
re-
against 82%, and Hupp Motors at 2 against 2.
In
port rendered by the President's special committee
the rubber group, Goodyear Tire & Rubber closed
revealed
yesterday at 37% against 37 on Friday of last wek;
that
the
recommendations
therein offered the carriers
some
present distress if put into execution.
for
the
point
or
short session ranged
more.
,
an
Net advances
from fractions to
Monday the Stock Exchange
closed in observance of Christmas
was
contained
relief from their
Day.
was
Tax-selling
important deterrent to higher prices
a
on
B. F. Goodrich at 24% against
23%, and United
States Rubber at 51% against 51.
shares
were
The railroad
in the ascendancy the present week,
Pennsylvania RR. closed yesterday at 23% against
21%
on
Friday of last week; Atchison Topeka &
Santa Fe at 41% against 39%; New York Central
*
Volume 147
Financial
at 21
Chronicle
against 19%; Union Pacific at 97% against
90%; Southern Pacific at 20% against 19%; South¬
festivities.
ern
modest
3959
Railway at 22% against 20%, and Northern
Pacific at 14 against
11%.
Standard
J.
Oil
of
N.
Among the oil stocks,
closed
yesterday at 53%
against 51% on Friday of last week; Shell Union
Oil at
14% against 14%, and Atlantic Kefining at
22% against 22%.
In the
copper group,
Anaconda
loomed
the
International
the
on
business
year-end
for 1939
that
on
were
the
of
more
trend of security
of optimism
ray
political
foreign markets.
discerned,
was
Trade and industrial
are
ences.
When
reports for the week now
distorted somewhat by, holiday influ¬
policies of the Daladier regime, and matters
a
stage on Tuesday that permitted an-
account is
taken
of
that
factor it
that activity was maintained approxi¬
the basis established earlier in December.
of
nouncement
conversion
95 for
a
4% obligations due in 30 years, to refund
3,500,000,000 francs car-,
rying 4%% to 6%% interest. The German market
Steel operations for the week ending today were
continued to struggle
Reich
38.8% of capacity against 51.7% in the preceding
week, 60.7% a month ago,,and 19.2% at this time
the fifth Reich
last
basis almost to the
week ended Dec. 24
power
for the
2,362,947,000 kilowatt hours, an all-time
high for the industry. Electric production in the
After
the
Italian
but
are
2,085,186,000 kilowatt hours.
was
ings of
revenue
Car load¬
mand
week.
American Railroads.
cars
from the
cars
This
was a
decrease of
previous week, but
the total for the
cars over
by the Association of
same
a,
31,852
gain of 116,641
week of 1937.
As indicating the course of the
commodity
long term
Exchange opened quietly on
Difficulties between the French and
Governments
proved
depressing factor,
a
held
and
the
around
closing levels of last
British industrial stocks
marked
were
irreg¬
ularly lower, while gold and base metal mining
shares tended to
Anglo-American trading
improve.
favorites attracted little interest.
ket
mar¬
a
gilt-edged issues nevertheless were in fair de¬
freight for the week ended Dec. 24
reported at 574,462
on
8,000,000,000 mark level.
long Christmas suspension^ dealings
Wednesday.
while the
year
lqan of the year and is expected to
the London Stock
on
preceding week
was 2,322,978,000 kilowatt hours,
figure for the corresponding week of last
with the 1,500,000,000 mark
loan, announced Nov. 19, which comprised
bring total borrowings for 1938
reported by Edison Electric
was
Institute at
of
external railroad loans of
estimated by American Iron and Steel Institute at
Production of electric
loan
150,000,000
florins, negotiated with Dutch and Swiss banks at
-
would appear
year.
The Paris market
reported increasing confidence in the franc and in
reached
ending
on
a
though in¬
even
creased armaments activities formed the basis for
the
mately
Forecasts
prices, and in most instances
at
#
the
interest than the immediate
most of the favorable forecasts.
51% against 48%, and Phelps Dodge at 43%
even
ordinarily develops toward
Copper closed yesterday at 34% against 34% on
Friday of last week; American Smelting & Refining
against 41%.
uncertainties
horizon; and minimized
stimulated to
was
a
The London
modest degree on
by overnight reports of
mar¬
Thursday
good tone at New York.
a
kets, the May option for wheat in Chicago closed
Gilt-edged securities advanced modestly, and there
yesterday at 68%c. as against 67%c. the close
were numerous
Friday of last week.
yesterday at 52%c.
May
Chicago closed
against 52%c. the close
as
Friday of last week.
corn at
on
on
May oats at Chicago closed
yesterday at 29%c. as against 28%c. the close
on
Friday of last week.
The spot
and among
small
gains in the industrial section
mining and other commodity securities.
Anglo-American favorites
were
in the van of the
movement, owing to the favorable tendency on the
New York market.
Little trading was done yester¬
day in the final session for 1938 at London, but the
price for cotton here in New York closed
yesterday at 8.88c. as against 8.82c. the close
Friday of last week.
yesterday was 16.35c.
on
tone
The spot price for rubber
against 16.45c. the close
firm in all
was
departments.
The advances
mostly fractional.
were
Trading
on
tjie Paris Bourse was resumed Tues¬
day, but the tone was pessimistic owing to the fresh
Domestic copper closed yester¬ /threats of difficulties with Italy regarding Tunisia
as
Friday of last week.
on
day at ll%c., the close on Friday of last week.
In London the price of bar silver yesterday was
so
20 pence per ounce as
itial session of this week thus witnessed
the close
on
against 20%
pence per ounce
Friday of last week, and spot silver in
New York closed
yesterday at 42%c., the close
on
Friday of last week..
the
In
transfers
matter
of
foreign exchanges,
against $4.66 7/16 the close
and
cable transfers
2,63c.
as
induced
in rentes
a
The previous upswing al¬
good deal of profit-taking, and the in¬
cable
on
on
Friday of last week,
Paris closed yesterday at
against 2.63%c. the close on Friday of
last week.
and^glmost all French equities.
international issues resisted the
prevailed Wednesday, as a good impression
by the announcement that external
debt of the French
railways had been refunded in
the Holland and Swiss markets at reduced interest
Official denials that concessions to Italy are
rates.
contemplated also proved stimulating.
keen
French
by
bank,
After
a
lower
on
financial
tion in advance of another
caused
and the irregular price move¬
only modest net changes as against
Sessions were curtailed, of
previous week*
course,
for dealings were not resumed on the Lon¬
don Stock
Exchange until Wednesday, while Paris
and Berlin markets
customary
reopened
extended
on
Tuesday after the
suspension
for
Christmas
the Bourse, under the
celebrations.
closed
national
around
utility
influence of liquida¬
long suspension for the
Rentes and French equi¬
previous
levels,
while
inter¬
of favorable
In quiet dealings at Paris
issues improved on reports
movements at New York.
small
and
strong opening on Thursday, prices drifted
New Year
ties
industrial
were
were
International issues were quiet and firm.
stocks.
on
Rentes
demand, and large advances also
THE final week of 1938in thelittle business done
saw leading European
stock exchanges
the
A few
A better
created
scored
European Stock Markets
ments
selling.
was
in
centers,
sharp losses
tone
the
London closed yesterday at $4.65 as
on
and French Somaliland.
gains
were
recorded yesterday
equities and foreign issues.
in rentes,
3960
The
Financial
suspension
Christmas
long
Berlin
at
Chronicle
differences
prominent issues
losses, for the
free
funds
sues
were
noted
over
new
that
showed
only small gains and
price variations were of
After
soft.
were
a
good opening
day, prices again weakened on the Boerse.
net losses
tions
were
at Berlin
the rule at the
were
too small to be
dull
wus
resent
yesterday, but small gains
seeable occasion for
at
were
the rule.
the
and
corollary program of
traordinary additions to
need
for
clear-cut
a
armed
our
foreign
the
dubious
a
of
Chicago speech of Mr. Roosevelt for
adian
the
States, the
soil would be protected
parallel
Far
with the
a
deavors
achieved
shakeable will
of
by American forces,
on
this matter
but the unremitting
en¬
with
peoples of Amer¬
spiritual unity through the sim¬
ilarity of their republican
"quaran¬
for peace,
institutions, their
un-
their profound sentiment
humanity and tolerence and through their ab¬
solute adherence to the
East, and the contradictory official
views of the so-called
satisfy,
of the various groups were crowned
ica have
as
to
solidarity desired by virtu¬
unanimous resolution that "the
a
con-,
that Can¬
assurance
hardest
was
never
Declaration of
Argentine views
ally all delegations.
with Britain in connection
measures
proposed
bickering regarding the form and contents of the
were
melange of statements, such
tine" of aggressor
the
adjusted last Saturday, after ten days
were
The
the matter
on
Lima
statement of American,
ex¬
forces.
policy
greater, but public information
sists of
to
as
Program
THERE is ever-increasing cause for anxiety re¬
garding the foreign policy of the Roosevelt
Administration
testing the principles set forth
not be knoVn for some time.
Differences
.
It is necessary
Lima,, and the real significance of the Conference
thus may
Armaments
declarations rep¬
considerable achievement.
a
add, however, that there is no immediately fore¬
to
The session
and
of little significance, it can
at least be said that the two main
Small
economic
political,
Altogether, some 110 resolutions
spheres.
adopted in the final session, and if most of
were
end, but the varia¬
significant.
The
Declaration of American
a
in
relations
these documents were
Thurs¬
on
compromise formula.
proposal by Secretary of State Cor-
on a
ternational
speculative securities, while fixed-income ob¬
ligations
ironed out and unani¬
were
a
Hull, which sets forth methods of amicable in¬
cultural
There were more small losses than gains
portance.
given
support
adopted
dell
great im¬
no
for
Principles
mini¬
a
ago,
Conference also
Fixed-interest is¬
available.
1938
to the desired declaration of Amer¬
as
solidarity finally
mous
Little change in the situation was
Wednesday, for trading again was at
in the
ican
Securities
not quoted at all.
Reich loan absorbed most of the
were
dull.
and the
mum
were
turned
were
31,
probable ten days
factory than appeared
was
ended, Tuesday, with a dull session in which many
that
Dec.
principles of international
law, of equal sovereignty of States and of individ¬
ap¬
ual
liberty without religious
plied against Spain but not against the warring
On
the
nations of the
said, "they seek and defend the peace of the Con¬
new
Far
Neutrality Act, which is
East.
In
his
to the
messages
Congress, Mr. Roosevelt doubtless will touch
concord."
such
of
tinent and work
foreign policy and it is earnestly to be hoped
on
basis
The
racial prejudices."
or
principles, the
together in the
cause
Declaration
of universal
preamble further stated that "re¬
that due account will be taken of the desire of the
spect
people to remain free from all entanglements and
pendence of each American State constitutes the
to avoid official actions that
essence
Unfortunately,
the
might lead to conflict.
available
evidence
with
spect to American armaments is far from encourag¬
ing.
ships
has
are
occasioned
little
criticism, for
first line of defense.
our
or
in
by
war¬
Numerous
international
solidarity,
new
principles, the 21 American
templated
pose
Republics declared specifically that:
dispatches from
Washington placing the figure at 13,000 airplanes
early this week. Far from denying such accounts,
them, Tuesday, when he disclosed
training 20,000 students annually
a
their
cision
airplane pilots.
all
foreign
or
In
some
tion
that
conceivable
more
need
for such
an
air
than defense is contemplated.
quarters it is argued that the Administra¬
really has in mind the stimulus to industry
an
immense armaments program would
convey.
the plans and
intentions, it is obvious
Whatever
that
the
country
should
be
informed
fully
and
clearly.
were
concluded
on
capital, Lima, by delegates of the 21 American
Republics, who assembled there
on
Eighth
International
Conference
States,
Results of the
gathering
them
integrity of
threatened
Dec. 9 for the
of
American
were more
satis¬
case
any
by acts of
activity
the
against
that
peace,
may
security
American republic is
any
impair them, they proclaim their
nature that may
common
concern
and their determination to .make effective their soli¬
darity, coordinating their respective sovereign wills
by
means
lished
that
EIGHTEEN days of conferences and the Peru¬
consulta¬
Tuesday in
or
them; third, and in
territorial
thus
of the procedure of consultation estab¬
by the conventions in force and by declara¬
in
able."
tions
defend
and
intervention
tions of inter-American
Pan-American Conference
vian
them
*
as
that there
force, if nothing
principles and to
sovereignty they reaffirm their de¬
maintain
to
threaten
no
above-mentioned
the
to
absolute
Military experts have pointed out time and again
is
pur-r
which said solidarity is based; second, that
faithful
plan for
"First, they
solidarity and their
to collaborate in the maintenance of principles
upon
President Roosevelt put a. virtual seal of
approval
upon
found
declarations and by treaties in force."
On the basis of such
re¬
reaffirm their Continental
Washington, with
by Con¬
historically has
agreements that were applied and sustained
ports have appeared of late however, that an even
more
extraordinary increase of air strength is con¬
at
sustained
order
which
inde¬
expression in the declarations of the various States,
The tremendous increase of the naval estab¬
lishment
of
tinental
re¬
personality, sovereignty and
for the
each
The
case
conferences, using
circumstances
Declaration
derstanding that
further
may
set
the governments
measures
make advis¬
forth
will
the
act
un¬
inde¬
pendently in their individual capacities, recognizing
fully their juridical equality
In
order
to
facilitate
the
as
sovereign States.
consultations,
it
added, the Foreign Ministers of the "American
was
re-
publics, when deemed desirable and at the initiative
.
Volume
of any one
tals
Financial
147
Chronicle
conviction
of them, will meet in their several capi¬
tu carry
by rotation and without protocolary character.
Having achieved this compromise, the delegations
late last
that
Saturday agreed
was
voiced the
tion of American
made
■
toward
dents
law, in
and
with justice, and in the social and
nomic welfare of mankind.
The American
eco¬
republics
thereupon proclaimed, supported and recommended
the following principles:
"1. The intervention of
State in the internal
any
other is
or
an¬
inadmissible; 2, all differences of interna¬
tional
character
should
means;
3, the
of force
tional
external affairs of
or
use
international
be
settled
as
an
by
peaceful
instrument of
na¬
policy is proscribed; 4, rela¬
tions between States should be governed
by the
pre¬
Mexican
the
as
British oil
the
of
negative
resolutions
terests in
produce
Hull has called "bald
inter-American
measures.
vised
by agreement of the contracting parties; 6,
the various
lectual
of the other
their
among
well
as
peoples,
is
con¬
of problems common to
as
all,
readily possible the peaceful adjustment
international
of
of
understanding by each of the problems
an
and makes
representatives
States, and the development of intel¬
interchange
ducive to
between
controversies; 7, economic
recon¬
struction contributes to national and international
well-being,
to peace among nations; 8,
as
cooperation is
maintenance
the
to
well
as
international
of
a
necessary condition
Needless to say, every
aforementioned
effort
depict the twin declarations
during
was
as
and solidarity, and
peace
European
Asiatic
and
encroachments
note
prin¬
in
any
made at Lima
evidences of
en¬
restrained
last
and
modest.
Secretary Hull de¬
intervention
of conduct
the
faults
dollar, bonds
on
or
principles against
outside interference."
upon
It
can
which the countries of this hemi¬
are so
broad and
of the
take
American
mains
ties.
Grande.
Rio
to
ment
Failure
in
the
gave
governed by force.
solemn
assurances that in this
are
not
Dr. Carlos Concha, who is For¬
eign Minister of Peru and who acted
as
President
of the Lima
Conference, brought the meeting to a
Tuesday, with a speech in which he lauded
accomplishments and assured the delegations
epoch has been reached by the Americas
in their evolution toward
formal address of the
the Colombian
Washington intimations that
consideration
countries
loans
re¬
Washington activi¬
recent
for
of
bonds
Worthy of mention, in this connection,
a
Latin
to
are
the
program
is
American
by the official Export-Import Bank, in
order to stimulate trade between the United States
will be made to the
ble
in
republics.
It is quite
Congress that is about to
Washington.
assem¬
The disclosures already fore¬
shadowed
necessarily will have
ing
inter-American affairs.
upon
France and
important bear¬
an
solidarity.
closing session
The only other
was
made by
delegate, Luis Lopez de Mesa, whose
a
ago
stration
French
for
inclination
more
stated his faith in the
quiet inter¬
change of views among equals, and expressed his
down
apparently have encountered
some
the
dif¬
Rumania, since that country shows little
to
heed the harsh
words
of
command
Bucharest faces the choice of align¬
with the Nazis
or
the Russian Communists,
is quite understandable in the face
lugubrious alternatives.
manifestations of pressure
No extraordinary
emanated from the Ger¬
capital, however, for it clearly is the turn of
man
Italian dictator to make trouble and
gain
some
profit thereby.
everywhere.
Italian
Savoy.
to
any
Deputies
attempt
The manner in which
axis revolves
the Rome-Berlin
aroused
banquet, late Tuesday, Secretary
drive
and hesitation
country will welcome the delegates at the next meet¬
a
their
ment
to
Ger¬
continued
Berlin.
the
were
this week.
from
of such
concessions
scene
authorities
man
territorial
the European
dominant in
ing in 1943.
At
Italy
FORCES that Italian set in motion some demon¬
were Deputies staged
weeks
when
stood
once
interests
American
Latin
of the anomalies of
one
State Depart¬
of the
consideration
into
investors
ficulties in
Secretary
continent, at least, international relations
Hull
hardly mentioned at
were
relations of the United States with countries south
The
new
further,
Lima, although they have done much to poison the
Danube and
a
It would
seem,
difficulties of Latin-American de¬
grave
essential that all the world may stand
upon them."
that
involved.
are
language their determina¬
sphere have chosen to stand firm
close
Mexican
Saturday that the American nations"
safely said, Mr. Hull added, "that the principles
the
the
possible that some recommendations for legislation
any
sphere.. Something of this
tion to maintain and defend their
be
by
against
dictatorships
"have stated in clear-cut
any
raised
problem of wider import, how¬
a
and the other 20 American
closing sessions, but in general the public utterances
clared
questions
in order to
necessary
the peculiarly difficult
on
since British capital and Anglo-Mexican rela¬
tions likewise
that
what Mr.
warnings to
as
crept into the formal speeches that marked the
were
ever,
adjustment
This is
on
confiscation," it is apparent
negotiations will be
some
ma¬
their in¬
or
Since the Lima confer¬
declaration
any
tinder
the
ciples."
to
of the diplomatic
use
other countries.
failed to
ence
between
collaboration
of preventing the passage
success
chinery for the protection of nationals
tions
peaceful
in
was
Latin American delegations, but
against
pensable rule for the development of peaceful rela¬
re¬
of American
The question of diplo¬
representatives from Washington achieved at
least the
reach
only be
outstanding
in such matters apparently
the minds of many
faithful observance of treaties constitute the indis¬
can
progress was
some
expropriation
properties.
matic pressure
that fresh
States, and treaties
that
seem
adjustment of
an
cepts of international law; 5, respect for and the
•
was a
problems that have been raised of late by such inci¬
interested in the preservation of world order under
peace
In
day
same
political relations of the 21 American
republics, it would hardly
Principles" sets forth the need for
nations and adds that each State is
among
the
on
opinion that the Lima gathering
the
cement
This "Declara¬
keeping alive the fundamental principles of rela¬
tions
republics will strive
Although the conference doubtless did much to
quarters as the greatest accom¬
some
plishment of the Lima gathering.
American
all
great success.
proposed by Secretary Hull and that is
regarded in
that
out the principles proclaimed at Lima.
Washington President Roosevelt
another statement
upon
3961
now
is well under¬
French apprehensions were not
great degree,
shouted
It is hardly to
for
at
first, when the
Tunisia,
Nice
be supposed that
and
Italy
Financial
3962
attempt a military expedition against its far
would
powerful and resourceful Latin neighbor.
more
As
developed, however, the assumption
have
matters
justified that Italy really means business and
seems
gain some advantage by exploiting the
intends to
of
possibilities
trouble-making
French
nationals
her
week
last
Denunciation
with France
accord
than
cessions
Italy
by
of
the
1935
expected larger French
con¬
made in that unratified pact.
were
answered
French Government
denunciation
Monday, to
on
was
accepted, with
for fresh discussions.
It was made
the effect that the
the door open
plain that the conversations must be between the
countries
only, for hints began to come from
Berlin about "mediation."
that
no
pierced at a bridgehead in Balaguer, which is
were
considered the key to
The French note added
territorial concessions would be considered
In order to emphasize the French atti¬
by France.
If the advantage
Catalonia.
gained can be followed up by the insurgents,
thus
be necessary for the loyalists once again to
it may
transfer their capital.
in
Tunisia indicated plainly
on
that Premier Mussolini
two
Dec. 31, 1938
China and Japan
Tunisia, and her military strength in former
Ethiopia.
The
Chronicle
IN A FEW days the undeclared war have been in
militarists against China will of the Japa¬
nese
18 months, and it can hardly be said that
all encouraging.
Chinese resist¬
progress
the outlook is at
continues far in the
ance
interior, but the Japanese
of China,
in nominal control of a vast new area
are
they obviously intend to transform into a
which
Difficulties still are being experienced in
satrapy.
finding the prominent Chinese leaders to head the
puppet-State to be set up at Nanking or Peiping,
but no one supposes that the Japanese militarists
hesitate
will
that
on
ground
when
arrives for their announcement of a
the moment
regime allied to
completely subservient to Tokio.
and
tude, much prominence was given a visit which Pre¬
Manchukuo
mier Edouard Daladier soon will pay to
Largely as a matter of form, protests against clos¬
attention turned
Tunis. But
Tuesday to Somaliland, for
on
ru¬
began to circulate that Italian troops were
mors
"massing"
the frontier, and had occupied some
on
points that have been considered French on this
poorly defined border.
in Paris of any
but additional
Official denials
were
issued
massing of troops by the Italians,
forces nevertheless were dispatched
The Chamber of
Somaliland.
hastily > to French
Deputies in Paris became aroused about the situa¬
tion
on
Thursday, owing to press charges that For¬
the
of
nouncement
Bonnet
Georges
Minister
eign
Italian
delayed
denunciation
Such
accord.
Laval-Mussolini
had
quibbling
ing of the "open door" of China still are being made
The United States
Japanese Government.
the
to
Government served notice on
ditional
Tuesday that the tra¬
policy of equal opportunity for trade in
China still is considered valid.
the loans
More important are
by the United States and British Govern¬
ments, which may supply China with the sinews of
The
war.
guerrilla warfare of patriotic Chinese
continues in the
is
occupied
Formal resistance
area.
difficult, however, for the Chinese lines of
more
an¬
the
of
nitions
Mu¬
supply are almost entirely in Japanese hands.
presum¬
imports through French Indo-China are re¬
ported cut off, but work is being rushed vigorously
ably will not obscure the main issue before the
on
the
French Government and
be
that
people.
highway from Burma, and it may well
new
the
unequal struggle will continue for a
long time to come after that road is completed.
Spanish Civil War
GENERAL FRANCISCO FRANCO against the
started on
his long-delayed thrust
Dec.
Discount Rates of
Foreign Central Banks
23
loyalist forces in Spain, and in a week of incessant
THERE have been noofchanges during the week in
discount
of the foreign central
and
banks.
bloody strife the insurgents have managed to
a
ment
was
insurgent command was preparing for a move
toward Barcelona.
weather held up
Espionage activities and wintry
the drive for
a
time, and it is
now
rates
Present
any
rates
at
the
leading
centers
are
shown in the table which follows:
completely lacking in this latest military
for all the world knew weeks in advance that
move,
the
The surprise ele¬
few points of vantage.
gain
the
Effect
Date
vious
Dec .30
Established
3H
Batavla
Mar.
July
1 1935
2K ' Oct. 27 1938
6
Aug. 151935
Bulgaria.
__
Country
Date
vious
Established
Rate
2 1936
2H
4
Aug. 29 1935
4H
3
Nov. 29 1935
4H
May 18 1936
Holland
4
.
li
3
2
Hungary
India
1 1936
4
...
Belgium
Effect
Dec .30
Rate
Argentina..
Pre¬
Rate in
Pre¬
Rate in
Country
7
Italy
«H —
Japan
Dec.
Apr.
6 1936
3
Jan.
14 1937
3H
5
3.65
his
with
side
of
General
Franco
decided
plans despite awareness
his
to
proceed
the loyalist
on
intentions, in order to gain whatever
2H
Mar. 11 1935
Chile
3
Dec.
16 1936
4
July
18 1933
3
Jan.
1 1936
4
Jan.
2 1937
4
Nov. 19 1936
3K
Portugal
3
June 30 1932
3H
Rumania
England ....
2
June
30 1932
2^
South Africa
Estonia
that
assumed
Canada
4H
Oct.
1 1935
5
Spain
4
Dec.
4 1934
4^
Sweden
2H
Nov. 24 1938
3
Switzerland
1H
Nov. 25 1936
2
Yugoslavia.
5
Eeb..
6H
Colombia.
Danzig
.
might
accrue
before
Prime
Chamberlain visits Rome and makes his
Minister
anticipated
Finland
.
...
France
demand for the withdrawal of
more
Italian "volun¬
teers" from
in the
Spain.
fighting
heavy.
on
Italian troops
were
equipped.
man
the
insurgents
are
far
more
better
With large numbers of Italian and Ger¬
advantage.
bitter
forces
an enormous
The loyalists, however, seemingly
determined to
toward
air, which is
give
contest.
General
Barcelona
and
are
inch of ground without
up no
Franco
the
1 1938
5H
May 28 1935
Jan.
5 1938
4H
5
Poland
4X
Dec.
4
Sept. 22 1932
5
6
Jan.
4 1937
17 1937
4
5
4
Aug. 11 1937
4H
3H
May
5 1938
4H
3H
May
15 1933
4H
5
July
15 1935
5
2H
..
Dec.
1933
3
1
7
1 1935
drove
Foreign Money Rates
IN LONDON open market discountagainstfor short
rates ljbg
Friday
1^8%
bills
were
months bills, as against
week.
Money
on
At Paris the open
Switzerland at
>
as
on
l@13/s%
call at London
on
on
Friday of last
Friday
was
3^%-
market rate remains at 3% and in
1%.
Bank of England Statement
directly
Mediterranean.
on
Friday of last week, and 1 1-16@13^% for three-
a
His
gained only a little ground in the first six
days of fighting, but on Thursday the loyalist lines
July
en¬
airplanes at their disposal, the insurgents have
virtual command of the
5
6J4
3H
prominent
gaged in the latest struggle, the loyalists being
while
Lithuania..
Norway
_.
the insurgent side, with casualties
Altogether, close to 500,000 troops are
numerous,
5
3H
....
Germany
Greece
4
Morocco
_
vakia
Eire
advantages
Java
4
Czechoslo¬
Denmark
3.29
THE statement for the week ended Dec. 28 shows
expansion in the note circulation of
a
further
£1,689,000, raising the
total outstanding
to £504,-
Financial Chronicle
Volume 147
Bank of
726,000 the peak oi this season's holiday increase,
whieh[compares with £505,317,131 in the correspond¬
ing week of 1937.
The 1937 high on the seasonal
movement
when
ever,
which
reached in the week preceding,
was
the
likewise the
was
totaled
circulation
highest
£509,315,646,
In addi¬
record.
on
how¬
tion, in the latest statement week, the Bank lost
£111,443 gold and so the decrease in reserves amounted
to
£1,801,000.
other
Public deposits rose £3,415,000 and
deposits
£2,131,831.
bankers' accounts
The latter
increased
which
decreased £2,905,000
increased
£10,287,562.
and
counts
which
to liabilities
reserve
week ago
a
Below
sons
for
and
Government
and other securities
The latter item includes dis¬
advances
securities which fell off
of
and
£2,689,341
other accounts which fell off £557,510.
securities
of
consists
£13,627,700 and
rose
The proportion
£3,340,138.
dropped to 34.1% from 36.6%
with 24.8%
compares
a year ago.
Germany Statement
THE quarterly statement dated 5,200,000 showed
circulation of Dec. 23
marks
increase in note
an
which
brought the total outstanding
487,000
marks.
A
year
circulation
aggregated 5,029,785,000 marks and the
4,634,532,000 marks.
registered
currency
The item of
to 7,666,-
up
in
notes
ago
marks.
1.00%; last
1.55%.
year
65,982,000
gold holdings remain
changed at 70,773,000 marks.
previous
in foreign
loss of 300,000 marks, advances
a
The Bank's total
tion stands at
before
year
reserve
of 11,700,000 marks and other assets of
The
it
year
reserve
un¬
propor¬
1.51% and the
was
The items of bills of exchange
and checks, silver and other coin, investments, other
daily maturing obligations and other liabilities showed
increases,
marks,
namely
114,500,000
marks,
8,600,000
marks,: 4,534,000
34,700,000
9,783,00(Pmarks respectively.
show the different items with compari¬
we
preceding
3963
Below
marks
and
furnish the
we
different items with comparisons for previous years:
years:
REICHSBANK'S
COMPARATIVE STATEMENT
BANK OF ENGLAND'S COMPARATIVE STATEMENT
Changes
Dec. 23, 1938 Dec. 22, 1937 Dec. 23,
for Week
Dec. 28,
1938
Dec.
Dec.
29,
1937
Jan.
30,
Jan.
2,
1936
1936
Assets—
1935
Reicgsmarks
Gold and bullion
Circulation
Public
...
deposits.*
Other deposits
504,726,000 505,317,131 467,406,210 411,751,000 394,731,125
12,134,969
9,965,000
15,937,000
11,384,185
9,931,185
137,781,781 157,207,709 189,771,347 167,832,750 154,165,403
Bankers' accounts- 101,027,025 120,640,908 150,580,188 130,542,800 117,343,357
Other accounts36,754,756
39,191,159 37,289,950 36,822,046
36,566,801
No change
20,333,000
5,600,000
5,476,000
+ 114,500,000 7,358,759,000 5,240,898,000
4,777,474,000
+4,634,000
49.994,799
30,072,080
36,608,771
34,757,755
28,538,950
9,205,417
23,655,425
12,953,346
24.195.414
Liabilities—
Notes in circulation
21,455,849
20,866,663
10,562,341
52,474,000 41,916,212
48,860,000 58,049,989
327,201,575 327,233,343 314,212,259 200,609,014 192,781,114
liabilities
to
Other
24.8%'
34.10%
Bank rate
2%
23.10%
27.48%
2%
166,746,000
55,288,000
523,110,000
718,168,000
liabilities
+ 9,783,000
453,113,000
344,308,000
314,483,000
1.00%
1.51%
1.55%
Propor'n of gold & for'n
clrcul'n
No change
35.37%
2%
174,097,000
+ 5,200,000 7,666,487,000 5,029,785,000 4,634,532,000
+ 34,700,000 1,062,651,000
733,269,000
740,070,000
Oth. daily matur. oblig.
curr. to note
Proportion of reserve
28,191,000
811,676,000
+ 8,600,000
assets
66,384,000
55,964,000
391,498,000
—65,982,000 1,355,022,000
Other securities
Securities
70,606,000
155,£28,000
45,960,000
854,379,000
—11,700,000
Other
Res've notes & coin..
Reichsmarks
5,815,000
Investments
89.336.413
Coin and bullion
Reichsmarks
70,773,000
10.572,000
—300,000
Advances
69,216,164 114,598,165 134,480,883 110,364,499
38,624,121
17,467,197
21,156,924
46,806,049
Reichsmarks
No change
Of which depos. abr'd
Res've in for'n currency
Bills of exch. & checksSilver and other coin...
Govt, securities
Disct. & advances-
1936
2,
2%
2%
New York Money Market
Bank of France Statement
ACTIVITIES
*Y
THE weekly statementcirculation of23518,000,000
dated Dec. showed an
expansion in note
francs, which brought the total outstanding
to
up
108,531,002,260 francs, compared with 91,263,046,330
francs
a
year
two years ago.
commercial
and 87,306,239,510 francs
ago
An increase also appeared in French
discounted
bills
while the items
of
advances
of
70,000,000
francs,
against securities and
ing
gold holdings
now
total 87,264,778,359 francs,
pared with 58,932,539,242 francs
the
valuation
liabilities
year
it
porary
rate
of
the
The proportion
0.9 fine.
53.41%.
was
a
franc
year
43
was
of gold
slightly and is
rose
Bank's
on
now
No change
ago
mg.
com¬
when
gold,
hand to sight
at 62.01%; last
was
shown in tem¬
advances to State, the total remaining at
20,627,440,996
items with
francs.
Following
are
the
various
BANK
OF
FRANCE'S
COMPARATIVE
Funds again
are
un¬
pil¬
One curious incident
award
States
count
an
by the United
Treasury late last week of $100,009,000 dis¬
bills at $10 more than par value.
The Treas¬
in other words, borrowed the $100,000,000 for
days not only without interest, but received
premium
block of $100,000 bills.
on one
understood, however, that this is
taxation
on
a
reflection of the
liquid funds applied in
the tax, the
bills of the
date
even
States.
some
Subject to
tendency is to purchase the discount
Treasury and hold them
at
no
Bankers'
return.
mercial paper rates were
Stock
a
It is well
Father than hold cash which would be
York
STATEMENT
market
money
week, with rates
Treasury, but there is little effective
the tax
over
bill
and
com-
unchanged this week, with
business in the doldrums.
comparisons for previous years:
York
that deserves comment is
91
The
New
demand for accommodation.
and
respectively.
the
in
minimum this
after the quarter-date operations of the
up,
United States
ury,
francs
a
changed in all departments.
creditor current accounts fell off 46,000,000 francs
842,000,000
at
were
Call loans
on
the New
Exchange held at 1% for all transac¬
tions, while time loans
were
continued at 1%% for
Changes
Dec. 23, 1938
Dec. 23, 1937
Francs
for Week
Francs
Francs
Gold holdings
maturities
xl7.050.591
29,444,777
months'
Francs
bills
discounted—
9,093,384,031
Adv. against securs.
Note circulation
Credit current accts.
7,590.482,431
1,451,615,391
—46,000, OOO
3,639,902,878 3,692,506,397 3,521,049,685
+ 518,000,000 108531,002260 91,263,046,330 87,306,239,510
—842,000,000 32,199,304,915 19,081,471,082 14,514,040,924
No change
Propor'n of gold on
hand to sight liab_
*
20,627,440,996 26,908,805,755 15,798.092,309
+ 0.14%
62.01%.
53.41%
59.28%
Figures as of Dec. 8, 1938.
Figures as of Dec. 15,1938.
Includes bills purchased In France,
three entries on the
were
b Includes bills discounted abroad,
c
In
Bank's books representing temporary advances to the State
wiped out and the unsatisfied balance of such loans was transferred to
a new
the State.
Revaluation of the Bank's gold (at 27.5 mg. gold,
decree of Nov. 13, 1938, was effected
.9 fine, per franc), under the
In the Statement of Nov. 17, 1938; prior to
that date and from June 20, 1937, valuation had been at the rate, 43 mg. gold, .9
fine, per franc; previous to that time and subsequent to Sept. 26, 1936, the value
49 mg.
per
Money Rates
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
was
ruling quotation all through the week for both
and renewals.
loans
were
The
The
quiet.
market
only
Rates continued nominal at
1 Vi%
for
has
Paper has been in
fallen
off.
Rates
franc; and before Sept. 26, 1936, there were 65.5 mg. of gold to
the franc.
,
*
paper
1J4%
UP
for all maturities.
has been
poor
are
time
new
money
reported
previously reported.
to 90 days and
f°r four to six months maturities.
prime commercial
week.
for
transactions
occasional renewals at rates
the Bank's gold under the decree of Nov. 13, 1938, the
entry of non-interest bearing loans to
was
New York
continues
x
a
the process of revaluing
days, and 1%% for four to six
889,656,976
Temp. advs. with¬
out int. to State—
90
datings.
9,051,560,787
*872,484,256
+ 70,000,000
to
6,301,807
French comm'l
b Bills bought abr'd
c
1936]
+ 105,600 87,264,778,359 58,932,539,242 60,358,742,140
Credit bals. abroada
Dec. 23,
The market
very
quiet this
supply and the demand
unchanged at
"
*
Bankers' Acceptances
pound.
trade
THE market for little activity this week. Few
prime bankers' acceptances has
shown
It
There has been
%% bid and 9-16% asked.
The
the chief customer of the United States.
bill-
for bills
holdings
The Federal Re¬
acceptances remain at
of
British
the
Discount Rates of the Federal Reserve Banks
the
Reserve banks:
IX
IX
IX
IX
IX
IX
IX
IX
IX
....
Atlanta.
9 8
St. LOUIS
Minneapolis.
Kansas City
.
-
Dallas—.
San Francisco.....
the
The British rearmament program
and from present
accounts largely
imports from the United States
indications
no
important reductions
On the other hand if Seems
entirely
Rate
probable that increased imports by Great Britain
2
this account may
2,
27,
4,
11,
27,
1937
Aug.
1937
Sept.
1937
May
1935
Aug.
1937
Aug. 21, 1937
Aug. 21, 1937
Sept. 2, 1937
Aug. 24, 1937
Sept. 3, 1937
Aug. 31,1937
Sept. 3, 1937
IX
Richmond........
through the British
day they enter the
pass
on
the tariffs in
Previous
Sept.
1
—
........
Cleveland
enter
Date
-
IX
Philadelphia..
to
provided in
Established
Effect on
Boston...—...
they
than
rather
will be made.
Dec. 30
New York
date
the
for the increase in
Rate in
■■
readiness
in
country.
ES^OP FEDERAL RESERVE BANK8
DISCOUNT RATES
,
on
Customs
\
Federal Reserve Bank
warehouses
Anglo-American trade agreement effective Jan. 1.
force
the schedule of rates now in effect
classes of paper at the different
various
manu¬
and farm products have piled up in
bonded
Goods in bonded warehouses will pay
THERE haverates ofno changes this weekjin the
been the Federal Reserve banks.
rediscount
for
United States
of
stocks
British markets under the reduced tariffs
$549,000.
The following is
moment
factured goods
running from 1 to 90 days.
Bank's
the
At
buying rate of the New York Reserve Bank is %%
serve
Department of
Great Britain was
Commerce, was $1,036,409,000.
months, 9-16%. bid and %% asked; for five and six
months,
November was
Bureau of Domestic Commerce of the
7-16% asked; for bills running for four
and
The United States
exports over imports in
$76,050,000 and its favorable trade balance for the
first 11 months of the year, as reported by the
York for bills up to
bid
of
excess
reported by the Federal Reserve Bank of New
and including 90 days are %%
as
which has been ac¬
British trade balance
adverse
Dealers' rates
change in rates.
no
well be that the new Anglo-American
may serve to reduce the large
may
cumulated in the past 11 months.
available and the demand has been light.
are
31, 1938
agreement
very
bills
Dec.
Chronicle
Financial
3964
on
be offset by British exports to the
IX
United States.
2
2
British bankers have
2
right to expect that with the
a
2
2
development of tourist traffic in the spring and
2
2
summer
2
2
sterling will gather strength unless disturbed
political conditionsjabroad reduce this traffic.
2
For
the past several years Great Britain has apparently
Course of
Sterling Exchange
obtained the
major part of the tourist traffic from the
United States.
DURING the past week sterling remained under
the characteristic year-end dulness of the holi¬
plThe fact that the Department of the Exchequer on
Dec. 20 reimposed restrictions on British foreign
Except Jor special transactions fall fi¬
nancial markets in London were extremely limited and
day
season.
were
until
Wednesday morning,
lending does not
be curtailed.
virtually closed from Friday night of last week
in all
European centers.
as were
The
range
this week
devised to arrest
were
the movement of short-term British funds into the
financial^markets
New York market and thus diminish the
was
from London to New
$4.64% and $4.66 9-16 for bankers' sight
between
that British export trade will
mean
The restrictions
a severe
drain
on
$4,67% last week.
ment
of such funds to the United States does not
been
promote the flow of British goods to this side.
bills, compared with a range of between $4.65% and
-
with
The range for cable transfers has
between $4.64% and $4.66 15-16, cpmpared
a range
This
dormant
Britain
the
when financial
markets
are
and financial and business interests
are
season
is
making
every
The
move¬
effort to increase its
of commodities abroad.
ports
is
equalization fund.
.
of between $4,65% and $4.67 13-16*a
week ago.
the British
gold flow
York, which has been
This is being
ex¬
ac-
compolished chiefly through the Exports Guarantee
Department, which early in December introduced in
the House of Commons
world business conditions sterling should begin to
reinforcing Exports Credits
bill, the object of which is to expand both the scale
show firmness with respect to
and the variety of its operations.
formulating plans for the coming year,
Under normal
the dollar shortly after
a
This Department
the turn of the year and foreign exchange quotations
has assisted since
should then continue in favor of London until the
than
1939,
quarter of this sum has fallen within 1938.
season
of. autumn pressure starts toward the
end of August.
Whether
or
not exchange will follow
the customary pattern cannot be
the
predicted,
as
during
past few years political conditions have
over¬
shadowed commercial factors in regulating exchange
quotations.
These political events have been entirely
responsible for the huge capital movements which
often have
so
depressed the quotations of sterling and
1926 in the
£180,000,000 of British exports and nearly a
The new
bill raised the total of the
to be
to
financing of not less
outstanding at
Department's guarantees
any ope
time from £50,000,000
£75,000,000 and enables it to
well
as
the sale of home
ensure
According to the London "Economist" the Depart¬
throughout without any
loss to the taxpayer
and this successful result has
been due
largely to the fact that
with respect to
the dollar have depressed the quota¬
has
ever
been
of world currencies which for the most part
but
strictly commercial grounds.
have been and continue to be allied to
In
February,
$5.03 %.
sterling.
1938 sterling reached
a
high of
Whether the pound will again approach this
figure in the forthcoming
season
when exchange
normally works in favor of London is extremely
doubtful
as
commercial factors
are
adverse to the
as
ment's work has been done
the Continental units and in upsetting sterling rates
tions
re-exports
produced products.
no
piece of business
approved by the Department
on any
The funds at the
disposal of the Department are in effect
promote exports.
an
active
and
hence
national fund to
The
British
foreign trade
position,
sterling, should be favored by the falling commodity
prices.
The General Motors-Cornell University
world price index for 40
basic commodities
as
of the
Volume
Financial
147
week ended Dec.
and
.01
for the
17
at
was
point below
a
30-year low of 60.04
the, revised figure
preceding week.
of 60.05
The world prices
are
in
gold, 1910-1914 equaling 100.
The high in 1937 was
78 in April.
year was
The low for that
London money
off
market rates
promptly after the turn of the
bill rates
are
as
follows:
three-months
1
1-16%,
70,
ease
1 1-16%
four-months
and
time of
on
offer in the London open
price fixing
£420,000,
was as
follows:
market at the
On Saturday last
Wednesday £718,000,
on
£512,000, and
on
Thursday
on
reported by the Federal
Reserve Bank of New York, was as follows:
Imports
Exports
None
304,000 from India
fiscal
San
Francisco, of which $5,826,000
$4,182,000 from Australia.
are
from Japan and
came
on
imoprts
were no
exports of the metal, or change in gold held ear¬
marked for foreign account.
Thursday that $530,000 of gold
It
reported
was
was
Francsico of which $499,000 came
were no
from New Zealand.
on
received at San
from Australia
On Friday there
imports or exports of the metal or change in
gold held earmarked for foreign account.
1
ranged during the week between
a
rate
tables show the
mean
London check-
Paris, the London open market gold price,
on
and the price
paid for gold by the United States:
«
MEAN LONDON - CHECK RATE ON PARIS
Saturday, Dec. 24-_
177.09
Monday, Dec. 26———Holiday
Tuesday, Dec. 27——
177.15
Wednesday, Dec. 28
177.09
Thursday,
Dec. 29——177.09
Friday,
Dec. 30—*
176.96
LONDON OPEN MARKET GOLD PRICE
149s. Id.
Saturday, Dec. 24
Monday,
Dec. 26——— Holiday
Tuesday, Dec. 27--——-
Holiday
Wednesday, Dec. 28-—149s.
Thursday,
Dec. 29149s. J^d.
Friday,
. Dec. 30-—149s.
5Kd#
-
- -
GOLD BY THE UNITED STATES (FEDERAL
PRICE PAID FOR
RESERVE BANK)
Saturday, Dec. 24
■——$35.00
Monday, Dec. 26—'
Holiday
Tuesday, Dec. 27-------$35.00
Wednesday, Dec. 28
Thursday,
Dec. 29.
Friday,
Dec. 30
$35.00
35.00
35.00
Referring to day-to-day rates sterling exchange on
Saturday last was steady, up from Friday's close in a
nominal market. Bankers' sight was $4.66@$4,66%;
$4.66%@$4.66%.
cable transfers
markets
were
On Monday all
closed. On Tuesday London
but there were
was
closed,
nominal quotations in limited trading.
The range was
serious.
for the franc in terms of the
was
quoted several times
$4.65 13-16@$4.66 7-16 for bankers'
sight and $4.6515-16@$4.66 13-16 for cable transfers.
On Wednesday sterling was inclined to firmness in
179 francs to the pound.
The rate
Friday, favoring Paris, at 176.82.
on
For the
present internal political dissensions in
France have ceased and capital is,
accordingly, again
seeking investment, but French fiscal difficulties are
far from resolved.
citizens
fact
a
new
Amsterdam
Government
loan
the
for
should
have
railroads.
seek
to
That
such
abroad is clear proof of reluctance on the part of the
French investor.
paid off
a
Only
a
few weeks
ago
the Govern¬
loan floated in Amsterdam.
On Dec. 27 the French Government announced
time after three years at par.
any
issued
k
through
and
Co.
a
The
including
Credit
Society,
Netherlands
and
Suisse,
The bonds
Corporation.
The loan is being
syndicate headed by Mendelssohn
are
Swiss francs at fixed ratio,
the
Swiss
in Holland guilders and
will be issued in Holland and 75,000,000
Switzerland,
repay
steady,
guilders in
With the proceeds the Government will
certain railway loans now bearing higher interest
coupons.
The French
budget for 1939, recently reported to
the Senate finance committee,
calls for Government
expenditures of 94,007,000,000 francs. The French'
national income is 250,000,000,000 francs. Available
for
the
proposed outlay for next
year
of 66,117,000,000 francs,
revenue
000,000 francs to be raised by loans.
on
the
is ordinary
leaving 27,890,In commenting
high level of expenditures with relation to
income, the
spokesman for the committee submitting
said the country could not long support
burden, so that business recovery was in¬
the figures
such
a
Thus he supported criticism made in
dispensable.
tolerable
sterling was easier while the market continued dull.
German
trading extremely limited.
$4.65 5-16@$4.66 3-16
$4.64%@$4.65 for bankers' sight
and $4.64%@$4.65 7-16 for cable transfers.
The range
bills
for
was
Closing quotations on
Friday were $4.64% for de¬
Deputies
a
few days earlier, when
standing,
said that in order to make the country's position
The range was
bankers' sight
and
$4.65 11-16@$4.66% for cable transfers. On Friday
with
Trading
Banking
and 100,000,000 guilders
M. Francois Pietro, a financial expert of
was
a
175,000,000 guilder 4% 30-year loan at 95, callable at
for
On Thursday sterling
the
financing
the Chamber of
cable transfers.
the
recently negotiated in
was
French
dull trading.
The range was $4.65 13-16@$4.66 9-16
bankers' sight and $4.66 7-16@$4.66 15-16 for
nor
supply capital to either
the Government, as is indicated by the
or
that
Neither the French banks
overanxious to
are
industry
Montreal
discount of
1-16% and ^discount of 15-16%.
The following
more
pound. The lower
proposed for the franc by the recent devaluation
ment
Canadian exchange is relatively steady.
funds
some
United States dollar merely reflect the easy .tone of
sterling. In terms of the pound the franc continues to
show improvement and although trading has been
closed
for the week ended
On Thursday there
and $31,000
It is believed that the
dispute between France and
The lower quotations
Note—We have been notified that approximately $10,008,000 of gold was
or
closed at
payment
position may continue to improve for
time unless the present
Decrease: $700,000
figures
grain for
THE French financial money being repatriated to
improvement, with position continues to show
agreement is
Net Change in Gold Earmarked for Foreign Account
Wednesday.
and
Paris from other markets.
limit
$11,853,000 total
above
Commercial
transfers.
this week at 177.05 francs to the
1,756,000 from Holland
The
cable
extremely limited, the franc
$9,793,000 from England
at
Cotton
Italy should become
Friday £831,000.
GOLD MOVEMENT AT NEW YORK, DEC. 22-DEC. 28, INCLUSIVE
received
for
Continental and Other Foreign Exchange
► At the Port of New York the gold movement for
the week ended Dec. 28, as
$4.65
$4.64%.
Two-months bills
six-months, lower at 1%.
Gold
mand and
Currently
13-16%,
year.
3965
sight bills finished at $4.64%, 60-day bills at $4.63%,
90-day bills at $4.63%, documents for payment
(60 days) at $4.63%, and seven-day grain bills at
$4.64.
expected to
are
Chronicle
the
national
income
must
be
raised
to
330,000,000,000 francs.
There is
or
nothing
new
of importance in either the
Italian exchange situation.
The quota¬
tions for both units are
rigid controls in
arbitrarily maintained by the
Berlin and Rome.
It becomes
increasingly apparent that both Germany and Italy
3966
Financial
hard
are
pressed
for
especially true in the
disturbed by economic shocks of
strictly regimented and figures which the authorities
for large
permit to be published afford no reliable index of the
movement of such
need
actual
of
foreign
German financial
out
Nevertheless the
currency.
Bankers' sight
cautiously the dangers of the Reich's present
economic
Germany
The
marks,
the
against
mercial
old
TbT
16.95
5.26
8.91
19.36
32.67
16,82^ to 16.86^
5/26H to 5.263^
22.56^ to 22.59
Z
40.20
68.06
New dollar
a
parity
between Sept. 30 and
"float"
Oct. 3, 1936.
June 30,1937.
on
c
pound, or 2.79 cents
The London check rate
176.82, against 177.12
New York
at
sight bills
cable
transfers
devalued
.
bankers'
Checks
on
at
on
Friday
Friday of last week.
00,101/
A
00,101/
the South American countries
On
i
1
mn
n
extremely dull,
been
irregularly
exchange controls.
a
.
lhe Argentine
currency
has
moving with sterling, while
easy,
most of the other units
In
are
held steady by the various
Reports issued recently by the
Argentine Information Bureau point out that during
on
Final quotations for Berlin marks
for
40.10
Copen-
23.95% and cable transfers
at
,
EXCHANGE
H
on a
n months of 1938 the United States
of all Argentine imports,
supplied 17.9%
as-against 16.5% in the
corresponding period of 1937.
16.8534 f°r cable transfers, against 16.85% and
16.85%.
com-
Swiss
♦
belgas finished at"16.8534 f°r bankers' sight bills and
at
Friday
23.37/2, against 23.43/2 and 23.43%.
Friday of last week;
2.63, against 2.6334Antwerp
at
.
no
the French center finished
2.62%, against 2.63%
on
Friday of last -week;
on
on
Norway finished at 23.37% and cable transfers at
franc,.
Paris closed
on
on
on
a
was
their
to23.95^, against 24.02 and 24.02; while checks
b Franc cut from geld and allowed to
On May 5,1938, the franc
de facto basis of 179 francs to the
at
2.62%
before devaluation of the European currencies
as
closed
54.34^ to 54.41
Switzerland (franc)
-
Amsterdam finished
sight bills at 54.35, against 54.31.
Sweden
13.90
Belgium (beiga)
Italy (lira)
Holland (guilder)
on
cable transfers at 20.77, against 20.82.
Range
T92
cFrance (franc)
on
hagen checks finished at 20.77, against 20.82; and
European currencies to the United States dollar:
b
that the
so
effect
cable transfers, against 22.583/2 and 22.58%.
following table shows the relation of the leading
New Dollar
no
francs closed at 22.57 for checks and at 22.57 for
of 423,000,000 marks in 1937.
ou Dollar
has
cable transfers at 54.40 against 54.36; and
balance for 1938 of Greater
450,000,000
is
Reich's export surplus
funds
at 54.39, against 54.35%
The Deutsche Bank has estimated
policy.
that the adverse trade
capital,
of fugitive
masses
exchange position.
have lately been pointing
papers
description,
any
These countries have not provided havens of refuge
there, is
papers
Dec. 31, 1938
highly industrialized countries and is therefore less
is
The finanial
of Germany.
of Germany, like all other
press
This
exchange.
foreign
case
Chronicle
The
were
United
pointed
States
that
out
Department
Argentine
of
Commerce
prosperity
declined
sight bills and 40.10 for cable
gradually during 1938 although most lines of business
transfers, in comparison with 40.09% and 40.10.
and industry except textiles remained active, aided
Italian lire closed at
5,26% for bankers' sight bills
by
and at 5.26% for cable transfers, against 5.26% and
5.26%.
Exchange
3.43%,
against 0.74;
and
on
Czechoslovakia
3.43%;
against
closed
Bucharest
on
at
at
months of
0.73%,
the
Poland at 18.93%, against 18.92%;
Finland at 2.05%, against 2.06.
Greek ex-
on
reserves
carried
over
from the
previous
year,
Argentina's exports declined sharply in the first 10
on
1937
1938, while imports remained at almost
level.
Peru's business
in
general during
1938 declined to about the 1936 level, after exceptional
Imports continued relatively large,
reduced by lower prices.
gains in 1937.
change closed at 0.85%, against 0.85%.
while export values were
Argentine
—♦—
paper
pesos
closed
on
Friday at 31.00
EXCHANGE on the countries neutral during the for bankers'cable transfers at 31.00, against 31.10.
while at present largely quiescent,
week; sight bills, against 31.10 on Friday of
war,
in close
the
moves
sympathy with sterling.
Whatever weakness
guilder shows is due chiefly to transfers of
to this side.
ans
also
money
Money is extremely plentiful in Holland
Switzerland and
in
hardly finds profitable
the
beginning of December the Netherlands
National Bank showed
gold holdings of more than
1,481,000,000 guilders.
These gold stocks are still
valued at
value is
the
old parity
therefore
about
and their actual market
22% higher.
For several
months the Bank has been
building up a large gold
United States (included in its total
the
in
reserve
gold holdings).
with
the
amount
to
Bank's total
A few
that
the
These .reserves, which
Federal
Reserve
fully
one
ago
partial
the
earmarked
believed
to
Netherlands
the Dutch Government declared
transfer
Netherlands Bank
Dutch
of
are
are
reserve
days
character in
Bank,
quarter
of
during the
connection with
equalization funds.
gold
year
of
reserves
is of
a
the
Details
technical
are
kept secret in
The National Bank of Sweden has also been
marking gold here for several months.
dinavian countries have for
these countries is
more
some
or
free market close
was
22.80@22.90,
nvPUAArnr
The
time shown
However, the
a
ear-
Scandown-
economy
of
evenly balanced than that of
^
V,
,
CHANGE on the Far Eastern countries presents
new features of importance These currencies,
^hlle moving f sympathy with sterling, are inherently
of the severe decline in thenexports and the lower prevailing prices for their
exp°rts of raw materials.
"
77
yestefday were
f7-12, against 27.20 on Friday of last week. Hong°nK closed at 29.15@29 5-16, against 29 5-16@29/j;
Shanghai at 16%@16%, against 16%@17; Mamla
fA l9"85' agfinst 49.85, Singapore at 54 3-
against
^4-35, Bombay at 34.75, against 34.86;. and Calcutta at ^ ^ against 3 .86.
the operations of the
order to prevent speculation.
ward trend in exports.
The unofficial
against 22.80@22.88. Brazilian milreis are quoted
at .5.90' (official), against 5.90. Chilean exchange is
quoted at 5.19 (official), against 5.19. Peru is
nominally quoted at 20%, against 20%.
employment unless sent abroad.
At
.
Gold Bullion in European Banks
HPHE following table indicates the amounts of gold
1 bullion (converted into pounds sterling at par
of
exchange) in the principal European banks
as
of
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
shown for the corresponding dates in the previous
us
are
four years:
I
Volume 147
Banks of—
Financial
1938
1937
1936
1935
£
£
£
£
England
327.201,575
France
295,812,033
Germany b_
Spain
327,233,343
310,171,259
2,513,650
87,323,000
25,232,000
113,820,000
98,361,000
79,020,000
26,103,000
6,545,000
7,515,000
3,007,350
c63,667,000
a25,232,000
122,604,000
97,805,000
115,586,000
32,867,000
Italy
Netherlands
Nat. Belg__
Switzerland
Sweden
elaborate
1934
£
Denmark
6,535,000
Norway
8,207,000
314,212,259
365,810,558
1,906,850
87,323,000
42,575,000
200,609,014
55,800,000
106,582,000
83,102,000
25,453,000
3,955,550
30,697,000
63,163,000
70,170,000
71,538,000
69,693,000
15,822,000
98,924,000
46,743,000
22,080,000
6,555,000
6,602,000
6,552.000
6,603,000
7,396,000
or
Amount held Dec. 31, 1936, latest
figures available,
b Gold holdings of the
Germany are exclusive of gold held abroad, the amount of which Is now
a
Bank of
c As of April
report subsequent to Aug. 1, 1936.
30, 1938, latest figure available.
.T^he value of gold held by the Bank of France
13,1938, at the rate of 27.5 mg. gold, .9 fine, equals
previously and subsequent to July 23, 1937, gold In the Bank was valued
one
franc;
at 43 mg.
gold, .9 fine, per franc; before then and after
Sept. 26, 1936, there were 49 mg. to
the franc; prior to Sept. 26,
1936, 65.5 mg. gold, .9 fine, equaled one franc.
Taking
sterling at the rate at which the Bank of England values its
gold holdings
(7.9881 gr. gold ll-12ths fine equals £1
sterling), the sterling equivalent of 296
francs gold In the Bank of France Is now
Just about £1; when there were 43 mg. gold
to the franc, the rate was about 190 francs to the
£1; when 49 mg., about 165 francs
per £1; when 65.5 mg., about 125 francs equaled £1.
reasonable reach.
no
The
Program
progress
week's
,The
news.
that
announces
Failure
has
61,600,000 bushels of
this
again revealed clearly in this
Commodity Credit Corporation
it
loaned
this year's
$36,200,000
on
wheat, $7,300,000
year's corn, together with $15,200,000
1937-38
carried
corn
The trade estimates that
gram.
000,000 bushels of
much
as
all told may
corn
on
as
300,-
The
But the most
loaned
expensive item of all in the week's
$165,000,000
some
has
now
over
which
at
3,562,000 bales of this
on
its hands last summer, it
10,500,000 bales, and at current rates
cotton
have
soon
on
now
Since the CCC already had approxi¬
mately 7,000,000 bales
is
still
"going into loan" it will
three times the peak of cotton
over
holdings of the old Farm Board,
Deal officials
so
derisively scoffed
and it represents an
which New
at
few
a
years ago,
investment to date of around
$550,000,000 by the taxpayer in warehoused cotton
alone, in addition to nearly another $100,000,000 in
years
sidized
time
comes
the
news
have
originally
now
reached
scheduled
been
made
75,000,000 of the
some
100,000,000
much will be the loss taken per
not
that the sub¬
export sales of wheat by the Government
this fall
bushels.
bushel
public, but estimates
How
is able to
a
shade
over
costly
fixed
run,
spent
1938, from congressional attack,
programs
under the banner
assurance
will
the $750,000,000
protect its complicated legislative child,
of
self
by
even
more
resentful
of the "domestic
to the farmer of
three
exaggerated
farm
groups
allotment," the
"production cost,"
or a
types of expenditure, added to the
billions that have gone
into the farm program be¬
fore, might be considered as useful investments by
the taxpayer
three
if the ultimate futility of each of the
programs—the "non-recourse" loans, the ex¬
port subsidy, and the direct payments to farmerswere not so evident.
But each of these is a blind
alley; not one of them, despite Secretary Wallace's
himself
expressed
three
vehe¬
vehemently against nearly everything his de¬
partment has yet tried.
He said "dumping is giving
American soil fertility."
lies in the fact that
The absurdity in the
fast
as wheat-export¬
ing countries try to force their wheat into the world
market,
as
fast their competitors meet the subsidies
so
and their customers raise
higher their tariff walls.
The world market for export
the most
wheat this
year
is at
only about 556,000,000bu.; the principal
export countries have supplies of about twice that.
During this decade the principal wheat-importing
countries, in the "battle for wheat," have increased
domestic
off about
output, with the
goal of
self-suf¬
a
third of the export
market, while export¬
ing countries like the United States have been striv¬
ing to increase their foreign sales.
It is estimated
that
the
United
the
(Australia
ports)
their
does
Canada,
States,
will spend this
taxpayers'
money
Argentine
subsidize her wheat
not yet
year
ex¬
about $90,000,000 of
in an effort to sell about
The whole thing is
paradoxical, for while the exporting countries are
artificially cheapening their
their
prices at consumers' expense, denying their
consumers
rate
not
only natural market but also the cut-
prices which export subsidies produce.
is, of course, some hope that the Inter¬
national Wheat
will
ada
wheat at taxpayers'
importing countries are artificially raising
expense
Conference, which opens on Jan. 10,
Both Argentina and Can¬
help the situation.
obviously ready to fight for their export
were
markets
last
one
his
on
of
September when
his
Secretary Wallace
"snipe-like flights"
(as
Samuel
of faith) and embarked
dumping
current
program.
But
when
15,000,000 bushels of cut-price American wheat was
hawked in
Federal
Argentina's own market, Brazil, and the
Surplus Belief Corporation
had sold this month some
ada
announced it
25,000,000 bushels of cut-
wheat to British millers,
rate
Argentina and Can¬
apparently decided that the pocketbook of the
American taxpayer,
which is financing these offer¬
ings, is too long to disregard, and they are ready to
sit down in conference.
But the
price without any production control.
These
pro¬
Only
between
run
regardless of whether the Administration
whether it is forced into
and
Wallace
Mr.
dumping.
Pontifex's sudden changes
the Farm Act
or
export
Butler, in "Way of All Flesh," used to Call Ernest
Lastly, it is reported that the direct Government
last year,
of
this has
on
subsidies for the farm program next year
anything,'
What
"line of
made
12c. and 20c.
if
a
obviously self-defeating of these
that
ago
There
same
is
cases
mently against it—as, in fact, he has. expressed him¬
other crops.
At the
is
$250,000,000 worth of wheat.
11,000,000 bales.
This is well
improve its administration."
ficiency, by about 250,000,000 bushels, thus cutting
CCC report is the announcement1 that it has
year's cotton.
most
grams
way
into the current 57c. loan.
ideas; the principal lines
The task is to perfect what
have in each of these three
their
find its
the
progress" which leads newhere and defeats itself.
from the 1937 loan pro¬
over
new
set.
are
have and to
we
program
steady burdening of the taxpayer for the
farm relief
program is
on
a
recently released annual
Of all the statements in
longer to hunt for
of
away
Farm
his
report the most obviously misleading is the
Secretary's remarks that "in the main our task is
Also first
Is presently calculated, In accordance
with the decree of Nov.
in
definite, conclusive goal within visible
a
6,582,000
1,083,837,252 1,095,109,667 1,100,435,134 1,248,490,536
1,080,958,982 1,095,417,593 1,100,474,062 1,248,570,813
reported at £529,300.
defense
anuual
we
Total week_ 1.098,523,958
Prev. week. 1,098,635,044
3967
report, has
192,781.114
656,992,872
530,368,470
3,066,650
90,202,000
42,575,000
52,710,000
Chronicle
conference is not likely to
batter down
tariff walls; and if it results in agreement
between the chief wheat export countries to divide
many
the
dwindling market, it can do little more than
limit
tions.
to
our
export dumping to its
present propor¬
We have to subsidize heavily now
market half
as
much
the 'twenties without
ference will end
as we
subsidy.
in order
marketed abroad in
More likely the con¬
only in polite agreement not to do
Financial Chronicle
3968
wouldn't
what
done
been
have
present International Sugar
world silver
like the
anyway,
Agreement, or like the
be a
While its
Export dumping has already turned out to
August had a bullish influ-
first announcement in
-
Chicago, it had a bearish influence, natur-
on
The two tended to cancel out.
ally, on Liverpool.
The result tends to be the same as
for
so-called
the
fall, for dumping cheap
"submerged third" of our
Wallace last
Secretary
that predicted
"two-price system" advocated by
wheat and cotton on the
The markets so found would be taken
population.
from the trade which handles unsubsidized
away
farm
products.
futile, in the end, as the dumping program, is
As
the
loan
which
program
has
run
nearly
up
11,000,000 bales of American cotton—a whole year's
at
consumption
Practically every item of the farm program has
proved self-defeating. The major idea defeats itself,
"non-
The elaborate logical
granted as before 1936 for restricting output, or as
between 1936 and 1938 for conserving soil, or as
since last spring for filling (but no more than filling) their allotted acreage, to keep in the business
of farming beyond any apparent market demand for
Soil conservation increased yield per
in the case of cotton it was usually below 200
pounds to the acre until the present regime came in;
last year it reached the unprecedented total of 266
their services.
acre;
pounds, and this year it is around 233 pounds to
the acre. In so far as the Government's program
may have held prices up, it encourages "noncooperating" farmers to extend acreage. The inevitable end of production subsidies, however set up,
seems to be forced output restriction such as we
now have in cotton—the "marketing quota" with a
killing tax on non-eooperators' output.
This is the
which the
"stick in every field" which Secretary Wallace so
could be placed last spring are already too
bear the burden.
When cotton thus "goes
sternly insisted a few years ago that we must
not have.
The processing tax, which the Administration
of
stilts
rate—into
current
the
recourse" Government loans.
1938
for farmers are encouraged by subsidies, whether
agreement of late 1933.
self-defeating process in another way.
ence
Dec.
program
weak to
an
"ever-normal
granary"
into loan" it burdens the market as
on
much
relieves
as
market," and the possibility of cotton ris-
reviving, apparently as the missing
item in an otherwise perfect farm program, is a
ing above 9c. toward its so-called parity-point of
first-class example of the self-defeating farm aid
While it is "taken off the market" it also
it.
the
over
"hangs
seems
intent
on
policy. Careful study was made of the effects of
every bale added to the Government stocks, unless
the processing tax which the Supreme Court threw
Congress, yielding to extravagant farm pressure,
out in the Hoosac Mills case in January, 1936. It
prohibits sale of this cotton on a rising market,
was partly passed back to the producer, and partly
thereby momentarily altering the situation.
Only
it discouraged consumption. Since the processing
what President Roosevelt attacked so severely in
tax was replaced in our sugar legislation by the
the spring of 1937 as speculative excess in the comSugar Act of 1937 (after adroit Administration
modity markets enabled the Government to push " lawyers had learned how to get round the Supreme
out a large part of its previous holdings, accumuCourt) the price of refined sugar to the consumer,
lated in the "producers' pool" and the 12c. loan
including tax, has actually declined, and the raw
15%c. retreats further and further with
around
So the Government is more and more on
of 1935.
the horns of
dilemma which gets
a
steadily worse.
price has declined by more than the tax.
The sequence of economic nostrums in our farm
including subsidies, is 25% below the farm income
is clear and significant. The first step
the Farm Board program of supporting prices,
When this failed, producers were paid to cut output. These payments, however, proved ineffective,
for-alert producers got round them by soil conservation and other means, while the price-raising
effect brought an increase in non-conformist production; and in certain cases, notably our foreign
market for cotton, a decrease in demand. Shrewder
methods of paying subsidies failed, and at last the
coercive principle of market quotas and penalties
for non-conformity, first tried in the Bankhead
Cotton Act, had to be revived.
But this involves added policing. Farmers don't
like that. And it encourages substitutes such as
rayon, world production of which this year will
reach the weight equivalent of about 3,800,000
500-pound bales of cotton. A processing tax must
logically, in a world of competition, be supplemented by a processing tax on competitive products. So the circle of necessary legislative interference with free markets endlessly widens,
considered too
Despite surface appearances, all this seems fairly
low, and farm prices are still hopelessly below their
satisfactory for politicians and public servants,
The complexities of our economic system are such
that any failure can be blamed on a number of
As
critics
the
"ever-normal
all
originally pointed
granary"
that
like
it looks
a
about
any
it is satisfactory to
program,
period.'
accumulation
in the
concerned—only
After
out
slick
alibi for nothing
than the old Farm Board scheme.
more
But the
greatest example of futility and contra-
diction is to be
in the broad program
seen
of farm
subsidy and restriction.
Its
futility defies its defenders.
Board
Act
Act
of
of
1929, the Agricultural Adjustment
1933, the Bankhead Act of 1935, the Soil
Conservation Act of
Yet cotton has
is worth little
1936, and the Farm Act of 1938.
hung around 8c. for
more
Government
the
In the last 10
have had five major farm laws—the Farm
years we
than 50c.
is
a
a year,
bushel
on
carrying
incurring
wheat
the farm,
costs
■
of
nearly 11,000,000 bales of cotton, our foreign market
for cotton is
had
been
dwindling, the
economy
sell at all-time lows in terms of
chasing
power
of
parity prices.
for farm relief trend
are
were
same
until 1936 and
fair to become.
was
even
The annual fiscal outlays
steadily upward, yet farmers
quite as dissatisfied as ever.
entered into the
gold, and the pur-
national farm income,
our
of the nineteen-twenties which
so-called
of the South
violently dislocated, leading farm crops
Farm subsidy has
category as veterans' pensions
as
old-age pensions
now
bid
program
was
causes apart
can
from
an
official program, while success
be plausibly garnered to the credit of consci-
entious public servants sternly wrestling with herculean'tasks—and endowed with enormous powers
volume
Financial
147
of
disbursements to those who, like this month's
938,000 cotton farmers who voted for the quota sys-
tern, choose to follow the
program
«
rn
.,
£
"gentle
rain
i
t
„
of checks »
able to lubricate all joints
euphemisms always
that brings in the
i
Taxpayers'
*i
•
money is
avail-
ot the program, plausible
to hand, such as Secretary
come
Wallace's description of processing taxes as
"tariff
equalization fees," and of the windfall tax as the
"unjust enrichment tax," and his description of the
cotton farmers
voting themselves the benefits of the
*
quota system as a "clear-cut example of economic
,
,
,
,
democracy in operation."
Chronicle
as
they
say
3969
in Holland, "is
never
eaten as hot as it is
cooked," and proposed legislation becomes strangely
transformed while passing through the legislative
hopper,
ihis
is
not the first time that
laifheavily upon poMcal
,eaders
remorse
has
they haye been
forced to contemplate the cruel
consequences of past
excesses in railroad
regulation nor that a President
of the United States, hoping to preserve or retrieve
prosperity during his term of office, has attempted
^ea(^
„
&way from undue severity and towards more
f^°^er1aQ^ncontro^
.
,
.
,
President laft, in 1910, recognized the fact that
Theodore Roosevelt's railroad
policies and the legislation of 1906, followed by
prejudiced administration,
had
Beware!
The
railroads
be
The exercise of
just government
must meet its self-imposed obligations.
More than
50 years of expanding regulation of rates and services,
that is of revenues; and of wages, hours of labor, and
conditions of employment, that is of expenses; have
left the railroads in a predicament not only fatal to
themselves and their creditors, but destructive to the
general industry and financial stability of the entire
people. Denial of the moderate reduction in wages
recently proposed was the last straw and seems to
have produced unanimous sentiment favorable to
prompt remedial action.
The question discussed is
no longer whether
something should be done, but what
can be accomplished and whether
adequate relief can
power
be
must
helped.
entails responsibility, and
accorded
before
the
a
imminent
disaster
becomes
actual
mainly a good bill, as bills thus inspired are apt to
he in their original forms. The President had been
elected by an enormous majority; he had been in
office less than a year when the Congress, with both
branches completely dominated by his own party,
assembled and received this bill; the prospects of the
railroad legislation he favored could not have seemed
brighter. Even Senator Aldrich stated that the Administration measure would be passed "without the
dotting of
an
i
or
the crossing of at."
happen. The opening of the debate
But it did not
effective to
the opening of
a massacre in which every sound feature of the President's bill either perished or was so mutilated and
maimed by modifying or qualifying amendments that
it proved worse than worthless. The carefully framed
remedial measure intended to afford much-needed
relief emerged containing nothing recognizable except
the Commerce Court, which was abolished in two
years, and with many undesirable additions, including
the grant of power to the Interstate Commerce Cornmission to enjoin advances in rates without requiring
the indemnifying bonds always exacted when judicial
injunctions are accorded. Theodore Roosevelt had
refused, in 1906, to sanction an amendment proposing
to create this power but, in 1910, it was forced into
the measure that President Taft felt obliged to sign;
it was the single cause that compelled the taking over
of the railroads, in 1917, under the war power; and
it has annually cost the railroads many millions of
dollars through the postponement of advances that
the Commission has suspended for months before at
long last approving. That is the history of President
Taft's effort to lead away from the excessive regulation of his period. President Wilson had a similar
purpose in 1916, and the result was similar. In 1920,
overwhelmed by the losses of Federal control, Presi-
real discrimination against interior points
geographically disadvantaged, is to be repealed. The
more
drastic powers of the Interstate Commerce
Commission to oppose, delay, neutralize, and prevent
the adoption of legitimate managerial methods in
railroad operation and administration are to be reasonably curtailed. Temporarily to tide over the'inevitable period of distress before these remedial devices can be expected to produce results, the Reconstruction Finance Corporation is to be authorized to
deal still more liberally in loaning to railroad corporations and, when all else has failed, liquidation
and reorganization in insolvency are to be facilitated,
Such is the program—kindly and commiserating
paternalism following rash and undue paternal severity. Inexperienced optimism anticipates early enactment of the entire program and expects the traveling
and shipping public and the railroads, thereafter and
forever, to abide together in perfect harmony and
contentment.
Unfortunately, these roseate prognostications are unlikely to be realized.
"The broth,"
dent Wilson and Senator Cummins, leaders of opposed
parties, united in the same purpose and also failed,
the law passed proving more drastic and harmful
than any predecessor.•
Is 1939 likely to be different ? Already there come
from Montana, beneficiary of the foolish prohibition
against economic recognition by railroads of in¬
escapable conditions of terminal competition, rumbles
of rebellion on the part of Senator Wheeler against
revision of the long-and-short-haul clause. Particular
representation of narrow local interests is certain to
emerge elsewhere as the discussion proceeds and then
political seekers for advantage will begin to fall in
line in defense of revived prejudices. Yet to be forewarned is sometimes to be forearmed. Possibly, but
not probably, the defeat or sabotage of the present
attempt to achieve justice can be avoided. If it is
not, if history repeats itself and Franklin D. Roosevelt's belated efforts to redeem his 1932 promises to
the railroad industry and to the public supplies, in
the end, only another illustration of the supremacy
catastrophe. The committee, consisting of
three distinguished railroad officers and three leaders
of the labor unions, which President Roosevelt appointed to propose alternative remedies after the
defeat of-the wage reduction proposal, has recommended prompt adoption of a series of reforms, none
of which are especially new or radical, but which are
at least a step in the right direction.
Without, thus
far, committing himself as to details, the President
promises, as he promised in 1932, to urge immediate
legislation; and press reports from Washington indicate that he has sought conferences with
legislative
leaders for the purpose of obtaining action at the first
session of the Seventy-Sixth Congress.
There is nothing in the plan to arouse remarkable
enthusiasm or to provoke considerable or determined
opposition. In the interest of fairness, it is proposed
that whatever measures of statutory or administrative control are retained shall hereafter apply
equally
to all agencies of interstate transportation.
To the
same
end, transportation facilities supplied by expenditures of capital contributed by taxpayers are
to charge compensatory tolls, incidentally
productive
of material revenues. The long-and-short-haul clause,
always an impediment to the complete economic
utilization of railroad facilities and
prevent
*
produced the Roosevelt Panic of 1907, and
paralyzed the railroads and related industries, and
he honestly and ardently aspired to rectify the impossible situation. He asked George Wickersham,
the Attorney General, and John Knapp, Chairman
of the Interstate Commerce Commission, who shared
these views, to prepare a bill, which they did after
diligent study and prolonged conferences. And it was
never
was
of
prejudice and political maneuvering over
and governmental fairness, there ought
to be at least a profound lesson in that illustration.
Representative democracy is the best form of govern¬
ment that the mind of man has yet contrived, when
operated by a competent and self-restrained con¬
stituency. But it has the limitations of its qualities.
It cannot do everything and there are many things
which, for that reason, it ought not to attempt.
Unless, in 1939, sound relief is accorded to the rail¬
road industry, it will have to be concluded that the
best government on earth is disqualified by its in¬
trinsic character from regulating railroads and ought,
common
cease
and for the
sense
welfare, to
common
interfering, unless by its judiciary, in discussions
among
its citizens regarding the amounts to be paid
defaulted railroad bonds have been
many
days, accompanying recovery in the stock market.
Among
noticeable gains were Associated Gas &
1977, which closed at 44, up 2; American &
Foreign Power 5s, 2030, which have advanced 3 points to
54; Continental Gas & Electric 5s, 1958, which have risen
2 to 81 since last week.
High-grade utilities have been firm.
Moderate improvement has
been shown by industrial
issues
High grades have also firmed
particularly strong.
High-grade railroad bonds have displayed
tone in
a
'broad market this week.
2181379—
bonds
steel
up,
the
an
improved
Atchison gen. 4s, 1995,
1% to 107, while Kansas City Terminal 4s,
1960, have gained % at 108.
Improved sentiment among
MOODY'S BOND PRICES (REVISED)
(Based
U.
S.
AU
120
1938
Govt.
on
Corp.*
Averages
29-. 112.73
Aaa
Aa
111.23
A
100.00
Baa
RR.
U.
88.22
106.92
111.84
P.
101.41
118.16
114.23
87.93
106.73
117.94
111.43
99.83
81.48
87.78
106.73
111.23
100.00
81.09
87.64
106.73
81.74
26-
Stock
24-
112.79
101.06
117.94
111.23
99.83
80.96
87.49
106.54
were
the
week,
117.94
111.23
99.83
80.84
87.21
106.54
117.94
111.03
99.83
80.71
87.07
106.54
MOODY'S BOND
1
100.88
117.94
111.03
99.66
80.71
86.92
106.54
All
20- 112.69
100.88
117.94
111.03
99.66
80.71
87.21
106.73
100.70
117.72
110.82
99.48
80.71
87.07
106.73
110.83
Clos ed
17- 112.66
100.70
117.60
111.03
87.07
106.73
117.72
110.83
99.48
80.84
86.92
106.54
117.50
110.83
99.48
80.96
87.07
106.54
99.48
80.84
14- 112.67
100.70
117.72
110.63
99.48
80.84
86.92
106.54
13- 112.65
100.53
100.53
117.72
80.58
86.64
99.14
80.45
86.50
106.36
106.36
100.63
117.72
99.31
80.58
86.64
106.36
9- 112.60
100.53
117.72
100.63
117.50
100.70
117.72
117.72
99.48
80.58
86.64
106.36
80.71
86.64
106.64
80.84
106.73
100.88
100.88
80.96
86.92
99.66
81.09
86.92
106.73
106.92
100.88
117.94
110.63
99.48
81.22
87.07
106.73
2- 112.14
100.88
117.94
110.63
99.66
81.22
87.07
106.73
1- 112.09
100.88
117.94
110.43
99.48
81.35
87.07
106.73
111.43
111.43
Weekly—
Nov. 25- 112.07
18- 112.14,
100.88
117.50
110.63
99.48
81.35
86.92
106.73
101.06
117.72
110.24
99.83
81.61
87.07
106.54
10- 112.46
101.06
117.72
81,87
87.35
106.54
100.36
117.50
109.84
109.44
100.00
112.48
99.48
80.84
86.50
Oet. 28- 112.68
100.18
1,16.86
109.24
99.14
80.71
86.36
21- 112.69
99.83
116.64
109,05
98.80
80.20
85.65
105.41
110.83
14- 112.68
99.48
116.64
98.80
79.95
86.52
104.85
110.83
7- 112.53
99.14
116.43
98.45
79.45
85.10
104.30
110.83
9ept.30— 111.70
23- 111.37
97.28
114.51
96.61
76.88
82.13
103.38
109.24
97.11
115.14
108.46
108.27
107.30
107.30
96.28
76.17
81.74
103.38
109.44
16- 110.91
96.78
114.93
75.47
81.61
102.84
'
3.37
3.92
3.07
3.40
4.01
5.21
4.76
3.63
3.39
3.08
3.39
4.01
5.23
4.77
3.63
3.39
3.94
3.08
3.40
4.00
5.26
4.78
3.63
3.39
Stock
Exchan ge
Clos ed
3.08
3.40
4.01
5.27
4.79
3.64
3.40
3.40
4.01
5.28
4.81
3.64
3.40
3.95
3.08
3.41
4.01
5.29
4.82
3.64
3.95
3.08
3.41
4.02
5.29
4.83
3.64
3.40
3.95
3.08
3.41
4:02
5.29
4.81
3.63
3.41
3.96
3.09
3.42
4.03
5.29
4.82
3.63
3.42
_
—
3.40
3.96
3.10
3.41
4.03
5.28
4.82
3.63
3.41
3.96
3.09
3.42
4.03
5.28
4.83
3.64
3.41
3.96
3.10
3.42
4.03
5.27
4.82
3.64
3.41
4.83
3.96
3.09
3.43
4.03
5.28
3.64
3.41
3.97
3.09
3.43
4.04
5.30
4.85
3.65
3.40
3.97
3.09
3.42
4.05
5.31
4.86
3.65
3.41
3.97
3.09
4.04
5.30
3.97
3.09
3.44
4.03
5.30
4.85
3.65
3.40
8
3.97
3.10
3.43
4.04
5.29
4.85
3.64
3.41
3.96
3.09
3.44
4.03
5.28
4.85
3.63
3.40
—
6
5
4.85
3.65
3.41
3.95
4.02
5.27
4.83
3.63
3.40
3.43
4.02
6.26
4.83
3.63
3.40
3.08
3.43
4.03
5.25
4.82
3.63
3.39
3.08
3.43
4.02
5.25
4.82
3.63
3.39
3.08
3.44
4.03
5.24
4.82
3.63
3.39
3.95
1
3.43
3.09
3.95
...
3.09
3.95
3.95
—
3
2
3.44
3.10
3.43
4.03
5.24
4.83
3.63
3.39
3.95
«
Weekly—
Nov. 25
105.98
105.60
110.83
Oct.
107.11
9— 111.85
97.95
115.78
107.69
97.45
77.36
83.33
103.74
115.57
107.69
97.61
77.72
83.19
103.93
Aug. 26-. 112.38
98.80
116.00
78.70
84.01
104.30
110.83
98.28
115.57
107.88
107.69
98.28
19- 112.39
97.95
77.84
83.06
104.30
12- 112.32
98.28
115.78
107.69
97.61
77.96
82.93
104.30
97.61
5- 112.16
98.45
115.78
108.08
78.58
83.46
98.45
115.57
107.88
97.45
78.82
83.46
104.30
104.30
110.83
110.83
22- 112.04
97.96
115.35
106.92
97.11
78.08
82.70
104.11
96.94
114.72
106.92
96.28
76.17
80.96
103.74
96.28
114.51
106.73
95.78
75.12
79.70
103.38
78.20
1— 111.96
95.29
114.09
105.98
94.97
103.02
114.09
105.22
93.21
71.36
75.82
102.12
108.46
112.01
91.35
113.07
104.48
91.35
66.99
71.36
101.58
10-
112.05
93.69
114.72
106.54
93.37
69.89
75.82
101.94
3-
112.10
94.01
114.93
106.92
94.01
69.78
76.29
101.76
93.85
114.72
107.30
93.85
69.37
76.53
101.23
108.46
111.94
95.46
115.35
108.08
95.62
71.68
78.70
102.12
111.82
96.44
115.14
108.46
96.44
73.76
81.22
102.12
111.54
95.29
114.51
107.69
95.13
72.11
79.07
101.76
3.69
...
3.99
3.13
3.50
5.29
4.87
4.01
3.14
3.51
4.07
5.33
4.92
3.70
3.42
4.03
3.14
3.54
4.07
5.35
4.93
3.73
3.42
4.05
3.15
3.55
4.09
5.39
4.96
3.76
3.42
5.72
5.22
3.84
3.52
4.15
5.56
5.09
3.79
3.47
4.14
5.53
5.10
3.78
3.45
4.07
4.14
5.46
5.08
4.15
5.44
5.08
3.76
3.76
4.17
5.50
5.13
3.77
3.47
4.18
3.23
3.62
4.22
5.66
5.27
3.79
3.49
8
4.22
3.24
3.63
4.25
5.76
5.37
3.81
3.49
1
4.28
15
...
—
6—.
100.35
108.27
April 29
99.48
108.08
€2
97.78
106.17
96.94
96.11
98.45
106.73
93.21
114.72
107.11
93.37
68.17
76.76
99.14
109.05
95.46
94.81
115.35
69.78
80.08
99.48
110.70
96.94
115.78
109.44
97.11
73.65
84.41
100.00
97.28
115.78
109.44
97.11
74.44
85.65
99.48
108.46
18-
110.21
96.44
115.57
109.24
96.28
73.20
84.55
98.80
108.08
11-
110.18
96.11
115.78
109.05
95.95
72.43
84.14
98.62
4-
110.16
94.81
114.51
108.27
94.49
71.15
81.61
98.45
94.33
114.72
107.49
94.81
69.89
79.70
98.62
107.69
110.52
96.61
116.00
109.05
96.78
73.31
83.33
100.18
110.15
97.95
116.64
109.84 '
97.61
75.47
86.07
100.53
109.97
97.61
116.21
110.04
97.28
74.89
86.60
99.66
5.69
3.89
6.24
5.65
3.90
3.53
4.37
6.28
5.63
3.93
3.54
4.27
3.20
3.56
4.26
6.06
5.45
3.88
3.49
3.21
3.54
4.21
6.87
5.25
3.88
3.50
3.24
3.58
4.29
6.02
5.42
3.90
3.52
3.54
3.62
6.28
5.61
3.98
3.65
4.43
6.32
5.69
4.03
3.56
4.55
6.52
5.83
4.13
3.66
8
4.55
3.33
3.79
4.55
6.53
5.75
4.18
3.72
1
4.70
3.34
3.85
4.68
6.92
6.11
4.23
3.76
Mar. 25
4.49
3.27
3.62
4.46
6.62
5.76
4.09
3.63
4.41
3.23
3.61
4.40
6.40
5.61
4.05
3.57
4.31
3.20
3.51
4.27
6.24
5.34
4.03
4.18
3.18
3.49
4.17
5.88
5.01
4.00
3.54
4.16
3.18
3.49
4.17
5.81
4.92
4.03
3.54
4.21
3.19
3.50
4.22
5.92
5.00
4.07
3.58
4.23
3.18
3.51
4.24
5.99
5.03
4.08
3.58
4.31
3.24
3.55
4.33
6.11
5.22
4.09
3.62
4.34
3.23
3.59
4.31
6.23
5.37
4.08
3.58
4.20
3.17
3.61
4.19
5.91
5.09
3.99
3.51
14
4.12
3.14
3.47
4.14
5.72
4.89
3.97
3.50
7
4.14
3.16
3.46
4.16
5.77
4.86
4.02
3.54
3.76
i.
4
Feb.
25..
18
.
—
11
4
Jan.
109.24
7..
6.23
4.36
3.60
3.76
109.05
14..
4.40
3.62
3.23
3.68
106.92
110.07
21-
3.64
3.22
4.37
3.26
107.69
28..
3.23
4.51
3.33
108.46
110.50
3.58
3.83
3.27
108.46
4-
3.54
3.91
4.38
5.49
4.54
107.88
Feb. 25-
3:88
6.09
5.87
4.38
104.30
75.01
5.69
6.52
4.30
4.43
105.04
71.15
6.09
4.53
4.28
*
13.
74.21
4.41
3.75
4.21
3
75.82
3.67
3.71
3.31
4.36
...
May 27
76.76
3.26
3.26
4.63
17—
66.99
3.42
4.37
June 24^
69.37
75.12
3.42
3.42
3.62
68.97
66.03
3.43
3.76
3.57
91.05
63.28
3.44
3.76
5.04
3.56
93.85
66.89
3.76
5.12
3.19
92.90
92.43
5.11
5.51
3.18
104.30
91.05
5.52
4.14
3.20
106.92
89.10
5.45
4.12
3.58
4.09
105.79
106.92
4.10
3.58
3.18
4.12
112.66
102.66
3.57
3.19
4.10
4.09
114.09
103.74
3.17
4.10
6
113.89
113.89
4.22
3.58
93.69
112.66
3.49
3.58
91.20
112.45
3.50
3.81
3.61
92.90
91.97
3.81
5.21
3.22
110.08
88.80
5.18
5.66
3.19
111.48
91.05
5.60
4.22
3.18
111.42
109.69
4.20
3.60
4.12
14-
109.58
3.60
3.21
4.19
22-
1—
3.24
4.17
4.11
Apr. 29..
8-
3.42
July 29
108.85
Mar.25— 110.34
4.05
4.16
,
12
109.24
6-
3.39
Aug. 26-.
109.44
13-
3.38
3.67
9—
108.66
111.77
20-
3.37
3.64
4.86
2........
108.46
May 27-
3.64
4.80
5.28
16
*■'
107.69
73.76
4.82
5.20
4.03
23..
109.05
93.85
17-
5.22
4.00
3.49
Sept.30.
109.44
June 24.. 111.80
4.01
3.47
7
109.44
8- 112.04
3.45
3.09
3.10
28
"
109.84
15- 112.12
3.09
3.98
14——
110.43
110.63
July 29- 112.17
3.94
3.94
4
21.
110.24
108.85
:
10
"Y
109.84
98.11
108.46
High 1938 112.79
Indus
3.08
111.43
111.84
111.64
111.43
2— 112.07
Jan.
U.
3.62
3.94
7
111.23
96.28
110.57
P.
9
111.43
99.66
4.74
10
111.23
117.72
3- 112.27
RR.
5.19
3.93
.
14...
111.23
5- 112.33
4.00
12—
111.03
86.64
99.48
Baa
3.40
16
111.23
99.31
110.43
110.63
110.43
110.63
110.63
Aa
3.05
16
111.03
8— 112.53
7- 112.55
Aaa
3.91
20
111.23
111.03
10- 112.69
110.63
110.83
110.43
99.31
117.72
Corporate by Groups
3.94
22
111.03
111.03
12— 112.67
120 Domestic
by Ratings
24
111.03
100.70
f
23
111.03
100.70
15- 112.60
AVERAGES (REVISED)
Individual Closing Prices)
120 Domestic Corporate
Corp.
26
16- 112.65
on
tic
28
111.03
19- 112.72
11-
120
YIELD
Domes
29--
111.23
109.97
(Based
Averages
111.23
21- 112.72
an advance of 4 points
Rumanian Institute 7s, 1959,
Exceptions to the general trend toward
while
have been Italian and Polish issues, which
depressed, while Japanese have been irregularly
Dec. 30
111.23
22- 112.76
101.06
100.88
Exchan ge
strong with
levels
1938
111.23
23- 112.79
was
list, with gains ranging from
points.
Yugoslavia State Mortgage
weaker.
111.43
99.83
the Francisco Sugar 6s,
Other industrial issues and
foreign
several
to
for
better
111.43
117.94
industry,
to 39%.
1957,
continued
111.43
101.23
101.06
18-
the
gained 2 points.
Indus.
82.00
27- 112.72
4-
in
7s,
40
to
that
been unchanged to slightly higher.
improvement towards the close of the week
Daily
28- 112.66
6- 112.38
12210489—
Bank
120 Domestic
118.60
the
have
fractions
Corporate by Groups *
101.58
in
Sugar bonds have reflected the unfavor¬
in
declining 5%
noticeable
tic
Dec. 30- 112.76
have occurred
the Bethlehem
conditions
A slight
t
by Ratings
gains
Steel 4%s, 1960, for example,
rising 1 to 107.
Oil issues likewise have risen slightly.
Among building issues Certain-teed Products 5%s, 1948,
Aoeraffe Yields)
120 Domestic Corporate *
Domes¬
Bonds
Fractional
week.
this
group,
groups
have advanced
Daily
making
Electric 5%s,
A
Aaa's recording a new yearly high at 118.60.
Governments
have made fractional gains, closing near former highs.
feature of the week,
a
Instances new 1938 high ground being attained.
Chicago Great Western 4s, 1959, gained 1% at 23%.
Lower-grade utility bonds have advanced in the last few
in
1956,
year-end rally in bonds has resulted in many gains
throughout the list this week.
Railroad bonds have been
ap¬
and higher prices have been scored.
New York
Chicago & St. Louis 5%s, 1974, gained 1% points at 59%,
while Delaware & Hudson 4s, 1943, recorded a new 1938
high of 61% for a gain of 4% points.
Wide gains among
able
The Course of the Bond Market
1938
parent,
have risen 1 to 78.
for services rendered.
31,
medium-grade and speculative railroad bonds has been
narrow
common sense
in
Dec.
Chronicle
Financial
3970
—
4.37
3.54
101.58
118.60
111.43
100.18
82.13
88.22
106.92
112.05
High 1938
4.70
3.34
3.85
1938 109.68
4.68
6.98
88.80
112.45
102.66
89.10
62.76
71.15
6.11
96.11
104.30
Low 1938
4.23
3.91
3.05
3.39
High 1937 112.78
3.99
5.18
106.54
118.16
113.89
104.67
4.74
92.43
101.41
3.62
106.17
3.36
112.45
High 1937—
4.31
3.47
3.60
4.33
6.08
94.81
109.84
107.30
94.49
71.46
5.07
83.60
4.22
96.28
104.30
Low
3.76
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
Low
Low
1
1937
107 01
Yr. Ago
1937—
1 Year Ago—
Dec .30'37 109.67
2 Yrs.Ago
97.28
115.57
109.84
96.78
74.55
87.49
99.14
106.36
Dec. 30, 1937.—
4.16
3.19
3.47
4.19
5.80
4.79
4.05
3.65
Dec.30'36 112.61
105.79
117.50
113.48
104.11
91.05
100.53
105.60
111.64
2 Years Ago—
Dec. 30, 1936-
3.68
3.10
3.29
3.77
4.55
3.97
3.69
3.38
•
These prices are computed from average yields on the basis of one "typical" bond
(4% coupon, maturing In 30 years), and do not purport to show either the averagi
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
yield averages, the latter being the truer picture of the bond market.
♦
The latest complete list of bonds used In computing these Indexes was published In the Issue of
July 23.1938, page 488
Volume
THE
Financial
147
STATE
OF
TRADE—COMMERCIAL
EPITOME
While
business
activity
shows
the outlook for business in 1939.
small
measure
industries
for the holiday
drop
a
general feeling of optimism
a
This
prevails concerning
was
borne out in no
by the broadcasts of nine leaders in
as many
last night.
There
was not a discordant note in
any of the broadcasts, the
views presented being decidedly of an optimistic nature,
though not without a word of caution concerning the grave
political state of the world today and the unpleasant fea¬
over
large
a
radio
hookup
tures of the domestic situation.
of
American
the
Iron
Tom L. Girdler, President
Steel
and
Institute, cited increased
orders from the automobile and building industries to sup¬
port his thought that "on the whole we may expect a
better year for steel operations in
1939 than in 1938." The
big problem facing the steel industry, he added, "is how to
earn even a small profit."
Over the last nine years, the
average annual return on investment in the steel industry
had been only 1.5%, Mr. Girdler said, and this year there
had
been
loss.
a
"Because
steel
is
what
known
is
as
a
capital goods industry," he remarked, "it has suffered from
the
uncertainty
the
Nation's attitude
tem.
in
The
of investors with respect to
industry and the profit sys¬
elections have had a heartening effect
on
recent
the
part
toward
that
they show that the trend of popular thought in
is favorable to private enterprise and to a
prosperous industry which can provide jobs for the unem¬
ployed." Owing to. a general slowing up of business activity
this
country
during the week before the Christmas holidays, the "Jour¬
nal of Commerce" business index dropped to 83.1 for the
week ended Dec. 24 as compared with a revised figure of
90.0 for the preceding week and 65.7 for the corresponding
week
1937.
of
corrected
Since this index of business activity is not
for
is
naturally much more pronounced than in seasonally ad¬
justed indices.
A sharp drop in steel output, lower auto¬
motive activity, and reduced car lo_adings were the out¬
standing developments of the week, according to this pub¬
lication.
Engineering construction awards for the short
week, due to the Christmas holiday, total $59,510,000, a
32% gain over the corresponding week last year, reports
"Engineering News-Record."
Construction volume for the
52 weeks of 1938, amounting to $2,791,931,000, is 14.5%
higher than the 1937 total.
Public construction, at $1,991,175,000, at 51% above a year ago, wThile private awards,
at $800,756,000, are 28% below 1937.
The week's public
construction is 88% higher than the 1937 week, but private
is
volume
seasonal
39%
variations,
the
holiday
drop
While the trend of business
lower.
and
operations in the steel industry is expected to be upward
for
of
New
general
expectation is that strong improvement will not be in evi¬
dence until the latter part of January, when automobile
companies will probably come into the market again for
large tonnages, "Iron Age" states. Under the influence of
year-end cautiousness in steel buying, and affected by the
holiday shutdown of all plants, ingot production this week
will not exceed 49% of capacity, but a rebound to about
50% is expected next week, according to the survey. "Mean¬
while, steel production in the first few weeks of the new
year will
be fairly well supported by recent orders for
structural steel, reinforcing
bars, rails and track acces¬
sories, material for railroad cars, and expected increase in
tin-plate requirements," the review says.
Electricity pro¬
duction in the United States climbed to a new all-time peak
last week of 2,362,947,000 kilowatt hours, or 13.3% more
than in the Christmas week of 1937, the Edison Electric
the
first
few
reveals;
Institute
months
This
the
Christmas
Year,
holiday
the
was
duction.
Factory payrolls have increased and unemploy¬
decreased, according to Works Progress Administra¬
tion and American Federation of Labor reports.
Predict¬
ing that January production of automobiles and trucks
would be "considerably higher than is seasonally normal,"
Ward's Automotive Reports today estimated 325,000 units
would be assembled during the month.
Present production
plans indicate, the service said, that the winter let-up will
ment
Friday Fight, Dec. 30, 1938.
period,
3971
Chronicle
observed
be
the
lightest since the winter of 1935-36.
mated
this
week's output
with 49,550 this
pared
week.
time
a
year
The decline from last week
shutdowns.
Association
The
Ward's
esti¬
at 75,215 cars and trucks, com¬
of
and
ago,
92,890 last
attributed to holiday
was
American
Railroads
re¬
ported today 574,462 cars of revenue freight were loaded
during the week ending last Saturday.
This was a de¬
crease
of
week;
an
a
31,852
cars, or 5.3%, compared with the preceding
increase of 116,641 cars, or 25.5%, compared with
and
year ago,
a
decrease of 139,403 cars, or 19.5%, com¬
pared with 1930.
Under the
of seasonal factors
indicate
bright prospects for the coming year, according to the
weekly trade review of Dun & Bradstreet, published today.
Post-Christmas clearance sales at retail stores were 1%
pressure
business activity receded this week, but low stocks
to
4% above the final week of 1937, although inventories
were
small
thin in many departments and price markdowns were
on
the average.
Final reports of results for the
Christmas
shopping
indicated a drop of approxi¬
a whole compared with the
season
mately 2% for the country as
corresponding 1937 period.
Most retailers thought the total
encouraging, considering the slow start of buying this year,
the smaller unit sales and the lower
price
Whole¬
average.
sale trade reported booked during the
smaller
than
about 2% to
the
Sub-freezing weather that reached
Mountains and
South brought to New York City a low reading of
ing period
last year.
the United States east of the Rocky
across
into the
19.4
week was somewhat
period preceding Christmas, but was
4% larger than the volume for the correspond¬
in
degrees, during mid-week, and the warning that rising
temperatures* after a predicted low of 15 degrees, would give
way soon
to a second section of the cold wave.
Rising tem¬
peratures brought some relief to residents of many
in
the
West,
said
casters
Middle West and
the
that
the
new
cold
the
wave
States
South, but fore¬
rolling
down
from
to the eastern slope
the Rockies and started toward the Atlantic seaboard.
the Arctic had already thrust its
of
way
wintry weather and treacherous
the Associated Press said.
Snow,
sjeet or rain was in prospect for Illinois, Indiana, Michigan,
Wisconsin, Missouri, Iowa, Minnesota and Ohio.
Deaths
from exposure were reported yesterday as far south as
Birmingham, Ala. An unfavorable feature of the cold wave
was the lack of snow protection for winter crops over large
Fatalities
attributed
highways
reached
interior
season
sota
areas
to
27,
where
a
snow
cover
usually prevails at this
Heavy snows were favorable in Minne¬
adjoining sections, but the snow drifted
of the year.
and
some
badly, blocking many highways. In the New York City area
the weather was generally clear, but severely cold at times.
temperatures rang¬
The forecast was for partly
Saturday partly cloudy and
Sunday warmer and probably fair.
Over¬
Today it was cloudy and cold here, with
ing
27 to 30 degrees.
and colder tonight.
from
cloudy
continued cold.
night at Boston it was 30 to 34 degrees;
Baltimore, 28 to
40; 'Pittsburgh, 22 to 38; Portland, Me., 22 to 28; Chicago,
6 to 28; Cincinnati, 20 to 34; Cleveland, 20 to 34; Detroit,
8
to
Charleston, 36 to 48;
28;
Milwaukee, 8 below to 24
City,
20 to
Lake City, 32 to 42; Seattle, 48 to 52; Montreal,
above; Savannah, 38 to 52; Dallas, 32 to 50; Kansas
10 to 26; Springfield, Mo., 16 to 42; Oklahoma City,
38; Salt
8 to 26,
and Winnipeg, 28 below to 20 below.
—+.
on
Monday, and hence its influence will appear in figures
In the preceding week, ended
industry pro¬
duced 2,332,978,000 kilowatt hours, a new record which sur¬
covering the current week.
Dec. 17, the Nation's electric power and light
passed the 1937 comparative by 5.9%.
that the gain over last year was 5.6%.
In the week before
The Association of
American Railroads reported today Class I railroads had
net railway operating income of $49,664,682 in November,
compared with $32,519,097 in November, 1937, and $61,175,416 in November, 1930. The Association said the Novem¬
ber return was at the rate of 2.32% on the railroads' invest¬
In
ment.
November last year the rate was
1.52%, and in
November,
1930, 2.88%.
For the first 11 months this year
net railway operating income totaled
$323,352,148, com¬
pared with $564,209,041 in the same period last year and
$820,214,052 for the first 11 months of 1930.
Percentage
returns for the 11-month periods were 1.34 this year, 2.34
last year, and 3.38 in 1930.
The Government's chief econo¬
mists forecast a prosperous new year in a year-end survey.
The Bureau of Agricultural Economics, which charts indus¬
trial as well as agricultural trends, said prospects were good
for continued recovery.
The fall pick-up in industrial pro¬
duction
of the
The
and
consumer
demand
recovered
more
than
half
ground lost in the 1937-38 recession, its survey said.
reported a "marked pick-up" in building and
Bureau
substantial increases
in
steel, automobile and textile pro¬
Moody's Commodity Index Advances
Moody's Commodity Index continued its advance this
week, closing at 143.8 on Friday, as compared with 141.9 a
week ago.
The principal factors in the rise were higher
prices for wheat, corn, hogs, wool and hides.
The movement of the index was as follows:
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
♦
141.9
*
*
*—-143.1
Dec. 23
Dec. 24
Dec. 26
Dec.
Dec.
Dec.
Dec.
27_
2829
30
143,7
143.6
143.8
Two weeks ago.
Month ago,
Dec. 16
Nov. 30
Year ago, Dec.
30
1937 High—Apr. 5-
139.9
141.2
148.3
228.1
Low—Nov. 24
144.6
1938 High—Jan. 10
Low—June 1
.--.162.9
130.1
No index.
Revenue
Freight Car Loadings in Week Ended Dec.
Total 574,462 Cars
24
.
Loading of
revenue
freight for the week ended Dec. 24
totaled 574,462 cars, the Association of American Railroads
announced on Dec. 30. This was an increase of 116,641 cars,
25.1% above the corresponding week in 1937 and an in¬
of 11,884 cars, or 20.1 % above the same week in 1936.
The first 15 major railroads to report for the week ended
Dec. 24, 1938, loaded a total of 246,380 cars of revenue
freight on their own lines, compared with 258,746 cars in
or
crease
Financial
3972
the preceding week and 195,914 cars in
Dec. 25, 1937.
REVENUE
the
seven
Dec.
merchandise
less-than-carload-lot
freight
1938
31.
140.900
totaled
decrease of 7,191 cars below the preceding week,
a
cars,
but
an
increase
of 21,466 cars above the corresponding week in 1937.
FROM CONNECTIONS
LOADED AND RECEIVED
of
Loading
days ended
A comparative table^follows:
FREIGHT
Chronicle
(Number of Cam)
Coal loading amounted to 133,799 cars, an increase of 7,455 care above
the preceding week, and an increase of
31,970
above the corresponding
cars
week in 1937.
Received from
Loaded on Own Lines
Connections
Grain and grain products loading totaled
Weeks Enaed—
Weeks Ended—
care
ft
Dec. 24 Dec.
Baltimore A Ohio RR
18.546
...
17 Dec.
25 Dec.
1937
1938
1938
1938
4,896
19,490
19,458
17 Dec. 25
24 Dec.
1938
4,710
12,951
6,682
13,336
11,612
7,297
6,851
7,359
6,056
10,837
8,737
9.358
8,801
17,992
1,316
1,319
1,328
International Great Northern RR
1,581
1,323
1,945
2,1?4
Mlssourl-Kansas-Texas RR-.
3,726
4,082
3,191
2,270
1,848
1,950
12,310
32,666
13,135
10,928
25,623
7,519
2,568
8,431
24,555
14,3*0
Chicago Mliw St. Paul A Pac. Ry
Chicago A North Western Ry.
17,541
12,490
Gulf Coast Lines
2,888
Missouri Pacific RR
New York Central Lines
34,519
2,876
34,115
11,370
6,271
34,905
29,374
Norfolk A Western Ry
18,413
17,617
12,442
4,258
4,338
3,351
Pennsylvania RR
49,764
51.718
39,596
32,434
33,819
2,6686
4,063
4,306
2,358
4.0/7
4,110
2.847
22,66/
26,011
19,596
7.344
7.595
Livestock
8.159
4,051
7,489
8,556
loading amounted
11,997
to
cars,
below the preceding week, and an increase of
decrease
a
2.456
cars
of
1,180
cars
above the corre¬
Forest
loading totaled 27,612 cars,
products
decrease of
a
1,501
cars
the preceding week, and an increase of 7,163 cars above the corre¬
from
sponding week in 1937.
amounted to 9,001 cars, an increase of 741
Ore loading
from the
cars
preceding week, and an increase of 1,999 cars from the corresponding week
in
1937.
Coke loading amounted to
6,636
cars,
a
decrease of 68
cars
below the
6,397
4,830
increase of 5,232
from the preceding week, and a decrease of 3,305 cars from the corre¬
sponding week in 1937.
5,837
13,999
25,301
15,301
18,562
13,162
3,573
1,719
Chesapeake A Ohio Ry
Chicago Burlington A Quincy RR
cars, an
sponding week in 1937.
1937
5,203
30,724
7.430
Pittsburgh A Lake Erie RR.....
Southern Pacific Lines
»_•
Wabash Ry
preceding week, but an increase of 1,766 cars above the corresponding week
in 1937.
1938
1937
Four weeks In January
2,256.423
Four weeks In February
2,155,451
Four weeks in March—
2,222,864
Five weeks In April
2,649,894
2,714,449
2,763,457
2,986,166
3,712,906
Four weeks in May
Total
2,185,822
3,098,632
Four weeks in June
2,170,984
2,962,219
FROM CONNECTIONS
TOTAL LOADINGS AND RECEIPTS
(Number of Cars)
Weeks Ended—
17, 1837
Dec.
25, 1937
2,861.762
Four weeks in August
2,392,
40
2,552,621
3,541,982
2,529.604
weeks In October
20,802
22,801
18,877
Five
Illinois Central
28,055
30,401
24,824
Four weeks in November
11,066
11.896
11,658
Week of Dec.
System
.......
..a
65,098
59,923
.......
Week of Dec. 17
55,359
606,314
—
Loading of
revenue
freight for the week of Dec. 24 was
below the preceding week.
reported:
787,072
744,353
619,266
600,283
,
Not
691,103
29,968,649
Total..
3,425,007
701,050
620,325
574,462
Wdek of Dec. 24
4,767,297
2,615,380
649,086
619.340
3
Week of Dec. 10
Total
3,529,907
4,504,284
3,733,385
3,642,357
4,492,300
3,687,319
3,759,533
3,169,421
4,000,394
Chicago Rock Island A Pacific Ry.
St. Louis-San Francisco Ry
3,506,236
3,100,590
Four weeks in September
Dec.
3,347,717
3,794,249
Five weeks in July.I
Dec. 24, 1938
a
1930
246,380 258,746 195,914 142,884 158,328 124,256
available
37,448,840
decrease of 31,852 cars, or 5.2%
The Association further
Miscellaneous freight loading totaled 213,793 cars, a decrease of 24,876
cars
below the preceding week,
but an increase of 46,516 cars above the
corresponding week in 1937.
REVENUE FREIGHT
LOADED
AND
RECEIVED
1937
(Nl
MBKK
OF CARS)—WEEK
1936
1938
1938
582
514
524
1,078
Bangor A Aroostook
1,300
1,861
6,988
1,621
1,896
8,392
155
221
6,864
1,722
9,764
9,678
Norfolk
1,766
1,719
2,124
Piedmont A Northern
24
18
32
46
53
1,172
1,752
A
—
Maine
Chicago Indianapolis A Louisv.
Central Indiana
1937
1938
Southern District—(Concl.)
Boston
Ann Arbor
from Connections
1936
1937
17
Total Load* Received
Freight Loaded
Railroads
1937
Eastern District—
ENDED DECEMBER
Total Revenue
from Connections
Freight Loaded
1938
CONNKPTION'S
Total Loads Received
Total Revenue
Railroad 8
FROM
following we undertake to show also the loadings
for separate roads and systems for the week ended Dec. 17,
1938.
During this period 64 roads showed increases when
compared with the same week last year.
In the
1,141
Delaware A Hudson
4,574
1,204
4,986
Delaware Lackawanna A West.
8,851
9,609
1,492
5,176
9,427
7,130
1,780
7,300
6.341
248
216
349
87
87
2,412
2,240
3,244
207
378
11,452
4,499
11,560
3,639
13,138
5,934
157
180
138
1,565
8,037
2,452
3,968
1,092
34,519
8,932
1,533
4,729
4,385
5,018
1,457
8,932
2,606
3,758
1,814
1,552
9,584
7,285
3,756
13,515
7,520
1,624
1,189
7,599
2,368
2,669
222
153
1,971
2,509
2,175
985
909
367
428
359
319
327
8,567
18,005
8,683
20,988
1,066
4,197
4,497
13,552
1,120
1,019
4,089
4,331
13,560
409
379
468
670
762
150
138
186
713
667
98,253
96,742
107,934
63,257
62,533
13,162
2,243
13,721
9.358
10,431
2,891
3,089
2,967
131
1,717
2,49}
2,210
Richmond Fred. A Potomac...
991
2,403
1,091
347
Southern..
2,139
1,682
249
1,007
3,224
11,361
6,875
1,985
2,059
2,962
9,164
19,545
Mobile A Ohio
Nashville Chattanooga A St. L.
Central Vermont
..
Detroit A Mackinac
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
Erie.......
Grand Trunk Western.
Lehigh A Hudson River
...
Lehigh A New England
Lehigh Valley
Maine Central.........
Monongahela
.......
Montour
New York Central
System
N. Y. N, H. & Hartford
New York Ontario A Western
N, Y. Chicago A St.
Louis,
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
...
34,167
8,28.3
1,382
3,739
3,282
3,165
4,987
2,447
44,850
10,854
1,647
6,991
958
23
17
34,905
11,327
39,841
10,362
1,706
1,669
5,015
5,233
7,350
6,975
378
362
9,647
4,031
4,823
490
28
9,965
4,731
16
5,842
Pittsburgh Shawmut A North..
Pit tsburgh A West Virginia
405
356
417
197
189
918
1,313
1,399
1,193
Rutland
548
492
633
943
879
5,159
3,191
5,130
2,919
5,937
4,283
8,556
2,804
9.342
2,866
130,752
129,689
163,322
144,359
155,371
395
367
609
774
815
25,304
1,666
24,188
1,153
33,760
13,336
14,400
3,333
1,149
796
Wabash
Wheeling A
....
Lake Erie
Total.
751
*
Bessemer A Lake Erie
Buffalo Creek A Gauley
256
381
424
6
1,494
1,425
6,338
13
5,012
1,113
5,545
14
Central RR. of New Jersey
Cornwall
___•
10,953
10,462
564
375
163-
61
58
259
244
376
33
24
104
202
225
33
10
692
502
615
2,449
1,380
15,772
1,407
2,608
1,060
34,891
15,983
1,200
5*699
5,843
Cumberland A Pennsylvania..
LIgonler Valley
Long Island
Penn-Reading Seashore Lines
(Pittsburgh)...
890
907
982
51,718
12,073
8,107
Pennsylvania System
Residing Co..
50,255
66,140
13,991
11,970
5,135
33,819
16,235
37
92
3,167
3,914
7
72
2,997
„.
Total.
Northwestern District—
Chicago A North Western
Chicago Great Western
Chicago Mliw. St. P. A Pacific.
Chicago St. P. Minn. A Omaha.
Duluth Missabe A I. R
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
Great Northern.
......
I
Green Bay A Western
111,568
105,596
148,602
83,885
88,170
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
19,144
17,617
4,347
20.523
18,222
4,475
25,253
23,384
4,399
4,338
7,359
3,690
844
810
41,108
Norfolk A Western
Virginian
43,220
53,036
12,398
11,859
7,216
Alabama Tennessee A Northern
743
327
7,787
5,996
4,656
384
361
316
9,755
10,007
)80
2,456
2,224
537
469
570
519
472
302
432
47
75
1,661
5,344
1,591
1,937
3,162
2,148
138
249
182
1,985
1,346
1,171
72,948
83,366
40,516
40,794
19,458
20,226
24,601
3,214
5,203
2,901
5,166
2,168
370
439
308
75
79
15,301
15,860
2,266
11,257
2,690
17,148
7,297
7,766
2,327
623
956
7,673
2,419
8,196
2,441
10
15
1,001
1,568
Central Western District—
Bingham A Garfield
Chicago Burlington A Quincy..
Chicago A Illinois Midland
Chicago Rock Island A PacificChicago A Eastern IllinoisColorado A Southern
Denver A Rio Grande Western-
Denver A Salt Lake—
Fort Worth A Denver City....
3,184
12,133
3,238
1,353
3,885
745
959
855
856
1,176
1,838
1,095
961
2,090
1,190
1,770
106
88
740
319
274
21
33
75
20,188
_
394
17,953
19,844
4,493
5*049
1,076
1.080
7,721
7,214
663
10
13
1,806
1,515
1,522
1,724
1,450
102,062
Total.
339
14,321
571
Utah
273
13.085
505
99,437
111,521
46,448
48,334
Southwestern District—
109
Fort Smith A Western
...
...
187
1,407
2,344
9,599
9,296
4,648
Louisiana Arkansas A Texas.
3,431
4,226
2,830
2,618
Litchfield A Madison
435
423
1,079
Midland
681
1,287
1,355
1,939
1,164
1,799
386
404
492
269
Missouri-Kansas-Texas Llnes.
182
174
211
2,101
1,142
1,656
Louisiana A Arkansas
1,429
1,742
1,518
1,477
1,220
1,363
1,796
1,034
103
130
231
462
362
278
318
380
792
858
800
741
277
178
149
207
259
225
4,082
4,255
2,568
2,657
13,163
15,004
4,763
16,671
.8,431
8,577
-
Valley
Missouri A Arkansas
160
134
130
509
365
Florida East Coast
Missouri Pacific
955
860
1,116
808
994
Quanah Acme A Pacific.
31
36
.50
64
93
St. Louis-San Francisco
702
824
889
1,420
1,431
St. I.ouia Southwestern
204
258
362
161
118
150
121
89
118
6,935
2,297
6.891
2,658
7.892
8,748
3,873
2,349
2,735
3,958
5,436
2,563
8,252
5,873
3,680
3,851
190
216
264
68
73
16
9
43
54
36
48,865
52,651
58.253
33,628
34,583
2,219
427
159
2,134
1,756
Gnlnsvllle Midland
139
1,676
Kansas City Southern
Kausas Oklahoma A Gulf
Durham A Southern*.
Mississippi Central.
447
177
1,319
331
677
343
226
3,185
2,237
3,662
4,832
159
187
3,320
10,075
164
126
177
3,573
1,719
181
135
348
346
889
159
327
15,790
Toledo Peoria A Western
1,199
Macon Dublin A Savannah
2,463
494
191
10,241
4,310
999
2,421
1,360
1,245
590
1,123
972
1,002
4,447
1,091
929
442
...
Northern
683
520
1,677
1,040
Missouri-Illinois
North Western Pacific.
Peoria A Pekin Union.
10,731
2,413
1,236
3,562
1,689
Illinois Terminal
Nevada
1,985
780
1,117
9,743
2,854
155
1,297
212
394
10,152
1,734
1,628
645
1,881
23,841
24,800
182
1,739
5,230
9,015
610
283
„
187
243
1,501
22,127
20,568
331
9,788
613
362
144
538
3,862
646
1,526
21,177
20,536
7,940
3,161
•
418
653
Central of Georgia
Charleston A Western Carolina
Georgia A Florida
985
1,165
Atl. A W. P.—W. RR.of Ala..
Atlanta Birmingham A Coast..
Atlantic Coast Line
Georgia
767
2,540
Total..
International-Great Northern.
188
648
73,706
Spokane Portland A Seattle...
Gulf Coast Lines
Southern District
4,551
7.359
120
Burlington-Rock Island
Total.
3,725
15,793
2,415
20,429
4,007
9,580
Pacific
Spokane International
Western Pacific
Chesapeake A Ohio
2,458
18,728
1,521
4,559
Lake Superior A Ishpeming....
Northern
18,562
6,644
Duluth South Shore A Atlantic.
Southern Pacific (Pacific)..
Pocahontas District—
Columbus A Greenville
Southbound
Union Pacific System
Total.
Cllnchfield
Winston-Salem
Alton
Cambria A Indiana
West Virginia Northern.
Western Maryland
Southern 8ystem.._
Atch. Top. A Santa Fe System.
Allegheny District—
Akron Canton A Youngstown.
Baltimore A Ohio
Union
Seaboard Air Line
Tennessee Central
Gulf Mobile A Northern
Illinois Central System
Louisville A Nashville
Note—Previous year's
figures revised.
* Previous
figures.
Texas A New Orleans
7,089
4,790
Texas A Pacific
Wichita Falls A 8outhem
Wetherford M. W. A N
Total
...
W._.
2,910
Volume
Financial
147
calves,
Nebraska Railroads Reduce Freight Rates
All Nebraska railroads,
truck
State
seeking to strike back at
competition, received authority on Dec. 23 from the
Railway Commission to establish intrastate freight
comparable to those charged by motor carriers.
The
rates
fair
to
reduction of 20%
90% of the shipments in Nebraska, commis¬
sion officials said.
Under the arrangement the railroads
virtually will adopt the airline mileage basis used by truckers.
The rail carriers said in their application filed Dec. 19 they
had been "handicapped" since the State agency established
lower rates for trucks Feb. 14, 1938.
They pointed out that
they anticipated increased volume to provide the "much
needed revenue," despite the "serious reduction in rates."
and will affect
of
The
showed
of
Point
0.7
Noted
Wholesale
of
"Annalist"
in
Commodity
Weekly
Prices
During
Week Ended Dec. 24
The
Dec. 27 that
commodity
prices advanced during the week ended Dec. 24 for the first
time in almost a month. A part of the rise was attributed to
buyers taking advantage of low prices.
The "Annalist"
Weekly Index of Wholesale Commodity Prices advanced to
79.4 for the week of Dec. 24 from 78.7 in the previous week,
which was a four-year low.
Last year prices stood at 85.4%
of the 1926 base.
on
The "Annalist
year
prices
and
the
level
of
the
wool.
and
cows,
barley,
were
flaxseed.
corn,
The
group
corresponding
respectively.
ago,
lighting materials group declined 0.4% be¬
gasoline prices.
The subgroup of petroleum products
decrease of 1.2%.
The index for each of the other subgroups
a
unchanged
from
week
the
paint
for
materials
largely
accounted
building materials.
pine
flooring
the
group
The
for
and
before.
and
prices
ethyl
increase
Other
acetate.
the
in
reported
were
index
yellow
for
and
changes
within
advanced 0.1% because of higher prices
vegetable oils and mixed fertilizers in the Middle and South
certain
regions.
drugs
group
prices
Average
fertilizer
of
materials
chemicals
and
change.
no
level
general
the
week
before.
the
index
numbers.
sole
the
for
Minor
groups
these
within
fluctuations
was
unchanged
did
groups
not
from
affect
Among the items which showed slightly lower prices
leather,
carded
sheeting,
Fractionally
higher
hides,
skins,
cloth,
calf
5
remaining
boxboard.
pails,
0.1%
the
negligible.
were
chemicals
Atlantic
for
lower
Slightly
timbers,
print
pig lead, crude rubber,
yarns,
prices
middlings,
bran,
ticking,
and
shown for cow and steer
jute, galvanized tubs and
were
silk,
raw
raw
and paraffin wax.
The
following table shows numbers for the main groups of commodities
the past five weeks and for Dec. 25, 1937, Dec. 26, 1936, Dec. 28,
for
1935, and Dec.
29, 1934.
•
(1926=100)
Dec.
w^re small for the most part.
Dec.
Dec.
10,
17,
24,
Commodity Groups
1938
1938
1938
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
26,
28,
29,
1938
1937
1936
1935
1934
26,
3,
1938
.25.
All commodities
76.6
76.7
77.1
77.4
77.3
81.2
84.1
80.6
77.1
Farm products
67.2
67.4
67.8
69.1
68.3
72.9
88.4
78.4
72.6
73.7
74.3
74.0
78.9
85.7
85.3
Foods
72.2
72.6
76.3
93.8
materials..
93.4
94.4
95.0
98.4 101.1
96.4
86.6
65.2
65.4
65.6
65.7
69.4
76.1
72.8
69.7
73.8
products..
Textile products
93.8
65.2
Hides and leather
Fuel and lighting
"ANNALIST*
a
below
choice
to
higher
cotton,
and
added:
Strong spots last week were the more speculative items
such as hides, copper and rubber.
The major commodities,
cotton, wheat and corn, all did somewhat better, but interest
in those markets was at low ebb, partlv because of the
Food products turned upward, although gains
holidays.
THE
7.8%
and
fuel
lambs,
Slightly higher prices for yellow pine lath, concrete blocks, and certain
were
"Annalist" announced
hogs,
and
ago
the
good
steers,
items showing
lower
remained
The
Index
for
good
to
light
1.6%
month
a
fair
product
is
index
of
showed
Increase
hogs,
cows,
67.2,
weeks
3973
farm
good
index,
cause
rates will represent an average
new
heavy
Important
effec¬
tive date is Jan, 2.
The
Chronicle
74.1
74.4
74.3
74.4
78.6
77.5
75.6
WHOLESALE
Dec. 24, 1938
„
COMMODITY
(1926—100)
74.7
Dec. 17, 1938
Dec. 21, 1937
Farm products
79.6
77.3
85.1
Food products
71.1
70.3
77.3
Textile products
94.8
95.C
95.0
96.2
89.1
85.9
85.5
89.1
89.3
89.4
92.5
89.7
85.1
84.9
76.4
76.3
76.3
76.3
76.3
79.2
86.1
80.0
78.3
Housefurnishing goods
87.6
87.6
87.6
87.7
87.7
91.4
84.3
82.2
82.5
Miscellaneous
72.9
72.9
72.8
72.4
74.2
74.9
74.5
67.5
71.1
70.3
70.4
71.2
72.0
71.6
75.3
85.5
X
X
75.1
74.9
75.1
75.9
76.1
77.4
83.1
X
X
80.2
80.4
80.6
80.7
80.6
85.0
83.9
X
78.7
78.8
79.2
79.3
79.3
83.1
83.1
81.1
78.0
80.5
80.6
80.7
80.7
80.8
83.6
82.4
78.8
78.1
.
materials.
Finished
*59.3
60.7
84.1
;
94.8
89.2
Metals and metal products.
Semi-manufactured articles..
59.4
Fuels.
94.8
89.3
Raw
OF
INDEX
PRICES
Building materials
Chemicals and drugs
WEEKLY
83.9
91.3
103.8
All
Metals
97.4
97.4
Building materials
69.4
69.4
72.7
Chemicals.
86.8
86.8
70.6
75.0
79.4
78.7
other
products
88.9
71.5
products.
commodities
farm
X
than
....
85.4
4
Miscellaneous
All commodities
All
commodities
farm
x
Revised.
other
than
products and foods-
Not computed.
Wholesale Commodity Prices
Week Ended
United States Department of Labor Index of Wholesale
Commodity
Prices
Ended
24
Dec.
Decreases
products,
for
Statistics'
of
the
of
Dec.
24
Statistics,
to
76.6%
established
the
a
0.9%
the
and
10
0.1%
products,
,
5 showed
leather .products,
and
change from the week
no
textile
pared
with
The
and
chemicals
number
index
month
a
products,
all
ago,
commodities
for
each
and
of
drugs—registered
the
with
groups'is
The
for
decreases
the
shows
prices
of
78.7,
index,
decreases
non-agricultural
"all
for
of
0.8%
commodities
commodities
5.3%
and
other
from
than
month
a
fell
drugs
for
farm
com¬
and
0.1%
from
a moderate upturn.
Last week the index (based on
1926-28 average of 100) stood at 72.7% against 72.5%
showed
the
preceding week. A month ago it registered 73.2% and
78.1%. The Association's announcement, under
date of Dec. 27, continues:
in the
a
year ago
Commodity price changes were mixed during the week.
advance registered
according
products."
and
a
year
Livestock and cotton
grain quotations. The food
result of lower prices for eggs and
prices were up somewhat as were also most
price index declined fractionally as a
meats.
Changes In several items included in the textile group were not
index.
sufficient to niter the group
a
Lower prices for brass products and tin
slight drop in the metal price average.
New alcohol prices for the
of 1939 were in effect on sales during the balance of this year
of the chemical and drug index. The decline in
first quarter
and resulted in a lowering
representing the prices of miscellaneous commodities was caused
the index
which more than offset
quotations for leather and middlings,
lower
by
cottonseed meal and linseed meal.
Slight
registered by the building material and fertilizer material*
higher prices of hides, rubber,
increases
were
indexes.
Twetty-two price series included in the
and
advanced; in the preceding
21
in
index declined during the week
week there were 33 declines and 27
the second preceding week there were
25 declines and 23
advances;
WEEKLY WHOLESALE COMMODITY
It
ago,
A moderate
by the farm product price average was primarily re¬
sponsible for the increase in the all-commodity index.
advances;
foods.
0.1%
ago
range
As
and
ranging
a
well
decreases
foods.
chemicals
except
groups
lower
are
10
building materials and housefurnishing goods to 2.4%
Wholesale
metals
housefurnishing goods, and miscellaneous commodities.
materials
lizer Association
Reversing the downward trend of the two previous weeks,
the wholesale commodity price index compiled by the Na¬
tional Fertilizer Association during the week ended Dec. 24
caused
the level of the corresponding week in 1937.
1.5% for metals and metal products to 8.5%
miscellaneous
to
year and represents
during the past 4 years.
It was
of a month ago and 5.7% below a
hides
were
increase.
from
for
point for the
to say:
on
groups—building
below
the all-commodity index of 813 price
1926 average.
The current index
major commodity groups,
These
metal
Two
commodity prices for the
Dec, 29 by the Bureau
States Department of Labor.
reached
29, which went
Of
of
according to the Bureau's announcement of Dec.
ago,
before.
farm
the
below the level
year
of
announced
low
new
prices
lighting materials largely
0.1% in the Bureau of Labor
United
of
lowest level
market
Week
wholesale
as
The decrease brought
series
During
and
decline
index
ended
Labor
fuel
and
0.1%
wholesale
average
foods,
accounted
week
in
Declined
Advanced Slightly During
Dec. 24 According to National Ferti¬
PRICE INDEX
(1926-1928=100)
Compiled by the National Fertilizer Association.
respectively.
The
also
for
index
0.1%
dropped
0.4% from
The
of
is
month
last
and
week.
The
level
A
is
1.3%
level,
and
80.5,
foods"
down
is
a
year
0.1%
and
ago.
certain
because
it
last
month
placed the
The
and
largest
foods.
3.0%
of
Prices
below
0.3%
month
a
during
ago
and
a
registered by the finishing products
80.2, at a point
index,
prices
fresh
dropped
2.2%
advanced
(Chicago
and
of
Lower
a
beef,
cured
0.3%
last
was
and
0.5% lower than it
was
New
prices
average
ago
for
rye
pork,
eggs,
York), fresh
cottonseed oil.
month
72.1
65.0
64.0
Cotton
47.8
Grains
73.3
...
„
Farm products
72.5
76.9
55.5
,
62.4
70.0
68.8
65.2
70.0
47.0
48.2
47.0
53.2
50.0
70.4
75.3
"other
and
veal,
foods.
foods"
Average
declined
vegetable
1.3%.
prices
were
dressed
corn
poultry
The foods group
grains were
market
poultry prices showed
prices
no
for
change.
a
year
ago.
primarily responsible for the
farm
products.
75.9
78.3
78.2
80.5
Textiles
59.0
59.0
59.7
62.3
8 2
-
73.8
98.1
Average
Metals
90.5
90.6
90.8
Building materials
84.1
83.8
83.9
83.4
1.3
Chemicals and drugs..
92.7
93.2
93.2
95.5
.3
Fertilizer materials
71.4
71.3
70.8
72.2
.3
Fertilizers
78.0
78.0
77.6
79.8
.3
Farm machinery
95.3
95.3
97.1
90.5
72.7
72.5
73.2
78.1
....
Ail grouns combined
100.0
(Chicago),
fresh pork, lard, Taw sugar, and
index, 72.2, is 2.4% below the
lamb,
73.3
75.5
78.3
Livestock
meal, sweet
and
and 8.5% below
70.8
75.5
Miscellaneous commodities..
7.1
for
flour, hominy grits,
fresh
72.1
Fuels
10.8
61
year.
recorded
fruit
and
group
oleomargarine.
Higher prices were
(New York), lemons, canned tomatoes, white potatoes
coffee,
Rio
and
54.9
70.0
.
Cottonseed oil
year
products showed no change from the week before.
items for which lower prices were reported were butter,
reported for apples
level
71.1
53.8
25 3
the
Cereal
beans,
corn
was
0.6%,
(Chicago and New York),
potatoes,
cocoa
group
was
decline,
Important food
cheese
0.2%,
5.6% lower than it
meats
0.8%.
70.6
Foods
23 0
group
products
dairy
1938
Ago
Ago
17, Nov. 26. Dec. 25,
1938
1938
1937
24, Dec.
lower
of
non-processed
increased
Week
Dec.
Group
below the level of the corresponding
prices
Year
Month
Preced'g
Week
Each Group
Total Index
70.3%
to
year.
and
Latest
Per Cent
17.3
slight decline,
and
in,
last
current
products
respectively.
ago,
up
6.6%
and
farm
Bear8 to the
3.7% from
declined
commodities
Sdmi-manufactured
The
commodities
1.8%
than
other
week.
the
group
agricultural
The group index
weeks
during
materials
for
commodities
month ago and
a
raw
prices
"all
0.3%
livestock
drop
and
Quotations were lower for oats, wheat,
November
Dollar Volume of Sales in
New York Reserve District
ber,
The
Chain Stores in
as Novem¬
About Same
1937
Federal
Reserve
Bank of New York reports in its
"Monthly Review" of Jan. 1 that "during November, the
total dollar volume of sales of the reporting chain store
systems in the
Second (New York) District was approxi-
3974
Financial
mately the
in November, 1937, the most favorable
in a number of months."
The
same as
year-to-year comparison
Bank continued:
Sales of the grocery chain stores continued slightly higher than in 1937,
and sales of the
10-cent and variety, shoe, and candy chains showed the
smallest year-to-year reductions since
affected by the late
were
Owing to
April, 1938, when the comparisons
date of Easter.
sizable reduction between November, 1937 and November,
a
1938 In the number of grocery stores in operation, sales per store of the
chains in November were 16%
grocery
higher than in November, 1937, in
Chronicle
ing week and 13% above the total for the
31,
1938
corresponding
week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919 amounted to
$10,707,000,000, compared with $7,824,000,000 the preced¬
ing week and $9,461,000,000 the week ended Dec. 22 of last
year.
These figures
are
reported
as
Dec. 27,
on
1938 by the
Board of Governors of the Federal Reserve System.
The candy chains have also
contrast with the small advance in total sales.
Dec.
SUMMARY
BY
FEDERAL
RESERVE
DISTRICTS
reduced the number of units in operation, while small increases in the num¬
ber of 10-cent and variety, and
result of
a
shoe chain units have occurred.
net decrease of about 5%
As the
No.
in the total number of chain stores in
operation, average sales per store of all chains combined
Federal Reserve District
Dec.
inct.
21, 1938
Dec.
Dec.
14, 1938
22, 1937
higher in November, 1938 than In November, 1937.
mately 5Yi%
1—Boston
PERCENTAGE
CHANGE,
NOV..
1938,
COMPARED
No. of Stores
Type of Store
,
Week Ended—
of
Centers
approxi¬
were
WITH
Total Sales
NOV..
1937
Sales per Store
—12.2
+ 1.9
Ten-oent and variety
+0.6
—0.1
—0.7
Shoe
+0.6
—4.2
—4.8
—7.5
—6.0
+ 1.6
Grocery...
Candy
All types
—4.9
+ 16.0
17
8564,971,000
$455,286,000
29
773,172,000
682,135,000
$514,850,000
4,830,521,000
504,661,000
674,868,000
342,767,000
278,957,000
1,351,536,000
272,713,000
163,410,000
315,387,000
252,269,000
747,222,000
274
811533 741,000
$8,481,724,000
$10249161,000
2—New York
15
18
5,585,761,000
574,703,000
3,944,094,000
3—Philadelphia
4—Cleveland
25
772,100,000
5—Richmond..
24
349,824,000
291,731,000
491,837,000
291,059,000
6—Atlanta
26
-
7—Chicago
41
8—St. Louis
16
420,670,000
238,350,000
1,114,025,000
236,062,000
+ 5.3
17
10—Kansas City
28
298,092,000
266,479,000
11—Dallas
+0.2
9—Minneapolis
1,642,815,000
276,887,000
163,215,000
18
240,470,000
194,393,000
12—San Francisco
Total
147,334,000
1% Increase Above Year Ago Noted in Dollar Volume
of Department Store Sales in New York Reserve
District for Four Weeks Ended Dec. 24—November
Sales
Country's
"For the four weeks ended
Saturday, Dec, 24, the dollar
department store sales in the Second (New York)
about 1 % above the sales of the corresponding
four-week period of 1937," says the Federal Reserve Bank of
New York in its
"Monthly Review" of Jan. 1.
The
added:
This period of 1938
daily basis, it appears that sales showed somewhat
more
an average
than the usual
seasonal advance during December, when retail business always reaches the
highest level of the year.
Total department store sales for the
1938,
year
final figures for 11 months and the estimate for the full month of
on
December,
about 7%
were
smaller in dollar volume than in 1937,
pared with an increase of 3.7%
department stores in the Second (New
York) District during November, the Bank, in its "Review,"
had the following to say:
November sales of the reporting department stores in this District
April, when the comparison
was
than
in
since
November,
1937, the
about 4%
year-to-year
lower
comparison
October, 1937.
Stocks of merchandise
tion,
favorable
most
were
of November,
lower.
hand in the department stores, at retail valua¬
on
about 9 K% lower at the end of November, 1938, than at the end
were
1937, and apparel store stocks
Per Cent
Percentage Change From
of
Accounts
Year Ago
Outstanding
Locality
Oct. 31
Stock
on
Feb.
Nov.
End
to Nov.
Collected in
Hand
November
The
1938
New York and Brooklyn—
—5.5
—8.3
—9.0
51.2
—10.4
—10.2
43.8
42.7
—3.3
—4.4
—13.7
56.4
56.0
Syracuse
j.--Northern New Jersey"
—3.7
—7.0
—7.9
45.0
—8.6
—11.3
45.8
—9.5
—5.5
41.7
—8.7
—6.4
34.8
Allowing for the
corrected
that
of
to
index
October,
of
while
year.
$252,231,000
1938, and with
in
November,
$314,697,000
in
ware¬
upon
the
in
Imports for consumption (goods which entered merchandising' channels
immediately upon arrival in this country, plus withdrawals for consump¬
from warehouses) amounted to
$171,652,000 in November as compared
tion
with
$178,460,000
ber,
in
October,
and
1938,
with
$212,389,000
in
Novem¬
1937.
Many commodities
October,
although
of
exports
increases
wood
trade.
while
of
Sizable
iron
increase
recorded
were
shipments
leaf
and
for
gains
steel
dried
November
in
decreases
for
crude
November
in
for
particularly
principal imports,
Among
raw
silk,
coffee,
whisky,
for
cane
sugar,,
edible
shown
were
shown
were
fruit,
the decrease in the
semi-manufactures,
cotton.
raw
November than in
tobacco,
accounted for the major part of
export
small
pulp,
undressed
reduced
automobiles,
a
exported in smaller value in
were
copper
total
of
and
scrap,
and
nuts,
furs, fertilizer' materials and works of art.
comparison with the corresponding month of 1937, the value of both
and imports was approximately one-fifth smaller in November.
exports
41.0
—4.4
the
figure of the
amounted
with
half
35.3
of
43.9
—1.3
slightly above
the lowest
to
re-exports,
amount.
year,
the
decline
in
value
was
accounted
for
by the lower prices
43.7
Bridgeport
dropped
exports
including
the
ber, 1937.
50.4
—5.2
in
seasonal
of
value of general imports
About
Buffalo
usual
period
November was
country) amounted to $176,181,000 in Nocember compared
$177,979,000 in October, 1938, and with $223,090,000 in Novem¬
with
In
1937
the
this
at
(goods entered for storage in bonded
houses, plus goods which entered merchandising channels immediately
of
Month
than
more
$277,919,000 in October,
November, 1937.
value
Net Sales
of
Exports,
petroleum and
stores, but were somewhat better in the apparel stores.
A
imports
index
the
approximately 10H%
were
Collections continued slower in 1938 than in 1937 in the department
in November were valued at nearly the same total as
Exports, including re-exports, though considerably larger than
•
movement
general
arrival
effected by the late date of Easter.
Sales of the leading apparel stores in this District
seasonal
November, with comparisons by months
imports
October.
were
6% lower than in November, 1937, the smallest year-to-year reduction since
the for¬
on
The report is as follows:
imports, declined
compared
As to the sales of
last
General
in
as com¬
between 1936 and 1937.
Dee. 27 issued its statement
on
months ended with
shopping day than the correspond¬
one more
ing 4-week period of 1937, but nevertheless, after adjustment to
based
Washington
eign trade of the United States for November and the 11
back to 1933.
included
November—Imports and
The Bureau of Statistics of the
Department of Commerce
at
was
"Review"
in
Exports
volume of
District
Foreign Trade
5% Below Last Year
Rochester
.
Elsewhere.
—3.3
_
Northern New York State.
—9.6
—2.8
—6.0
—11.0
Hudson River Valley Dist
—5.0
—11.5
—12.7
—8.2
-9.4
48.4
47.4
—4.2
Niagara Falls
—5.3
—4.9
•
—3.4
—1 6
Westchester and Stamford.
exports and total imports
Apparel stores
a
year
—11.3
-10.6
47.6
48.3
in* the
volume
of
total
of
1938
about one-tenth.
was
export trade of the United
November—Exports
States in the
first
11
months
somewhat
commodities
previous in the following table:
Stock
on
Hand
November, 1938
Percentage Change
Nov. 30, 1938
Compared with
Compared with
November, 1937
Nop. 30, 1937
during 1938.
feature
months
of
of
the
the
export
was
year,
trade,
particularly during the first eight
increase in grain exports.
United
the marked
States
grain moved to foreign markets in that eight months' period—
principally to the British Isles and the countries of northwestern Europe—
in the largest quantity since the 20's.
Although this trade has declined
since
Net Sales
Percentage Change
Classification
reduction
period of 1937 reflects the lower prices that have prevailed for many export
November sales and stocks in the principal departments are
compared
with those of
actual
Trade in Eleven Months Ended
The
A
All department stores
the
year;
larger in volume than in the corresponding months of 1937,
notwithstanding the downward trend that developed subsequent to April.
The 7% decline in the dollar total as compared with the
corresponding
—10.5
Central New York State—
this
commodities
was
—8.2
Southern New York State.
of
August, the value of exports of grains and grain preparations totaled
$215,200,000 ill the first 11 months of 1938
in
the corresi
of
grain have averaged about $10,000,000
jnding months of 1937.
compared with $75,600,000
as
Shipments of grain and preparations
monthly since August,
as
com¬
pared with $12,700,000 in the corresponding period of 1937 and $23,200,000
during the eight months ended August, 1938.
Musical Instruments and radio..
+13.8
Silverware and Jewelry
Shoes
There
+ 33.8
+6.7
+ 1.6
+ 1.4
—15.5
dairy
was
+ 0.4
Hosiery
Cotton goods
Men's furnishings
—2.4
preceding
—3.3
Women's ready-to-wear accessories
—0.6
—1 4
......
—7.8
425,000
—8.3
—4.5
...
the
of
exports
—5.8
—13.4
—6.9
—13.2
Home furnishings
—7.4
—6.6
—8.1
—9.6
—8.2
11
fallen
fresh
to
fruits
low
were
levels
in
other
recent
considerably larger
than
years.
in
the
agricultural exports increased from $698,months of 1937 to $763,262,000 in the first 11
total
of
notwithstanding the decline
the value of'
in
raw
cotton
periods.
Luggage and other leather goods
first
1938,
had
and
The
year.
in
months
—4.7
Women's and Misses' ready-to-wear
which
tobacco
of
-3.7
—4.6
improvement during 1938 in exports of meats, fats, and
some
products,
Exports
—3.9
Toilet articles and drugs
Books and stationery
Linens and handkerchiefs
Furniture
_
from
The
advances
1937
and
of
the
—18.9
part
—9.1
—10.5
machinery,
—10.6
—15.1
—10.9
—14.8
Toys and sporting goods
—17.3
—9.7
particularly
—9.8
—2.8
lower
....
Miscellaneous
expansion
year.
aircraft
over
in
Debits to
individual accounts,
Increase
Noted
in
Bank
Debits
the first
of
to
$209,622,000
for
the
same
comparative
range of non-agricultural exports during
retained, in their entirety, in the latter
While a few manufactured exports—metal-working
and petroleum oils .for example—continued to 6how
by
wide
a
not
were
year
before, exports of most other commodities, and
products, lumber and automobiles, dropped to
and steel
early
have
non-agricultural
Percent
a
iron
levels
automobiles,
Thirteen
made
early 1938
Woolen goods
Men's and boys' wear
Silks and velvets.
;
$328,737,000
1938.
increased
in
commodities,
Although
last
since
as
a
exports
summer,
group,
of some articles, notably
the value of exports of
decreased
from
$2,281,073,000
1938.
11
months
of
1937
to
$2,027,507,000 in
the
first
11
months
.
reported by banks in
leading cities for the week ended Dec. 21, aggregated $11,534,000,000, or 36% above the total reported for the preeed-
Imports
as
The import trade in the
smaller
in
volume
and
first 11 months of 1938 was approximately 30%
40% smaller in value than in the corresponding
Volume 147
months
of
1937.
Financial
Chronicle
3975
After
moving up to record levels (on a volume basis)
in the early part of
1937, imports began to decline in June of that year,
Gold
and the downward movement extended
through July, 1938.
This change in
the import trend coincided with the recession in domestic business, though
it was influenced by the large domestic
crops of 1937.
Crude materials
Month
and
Exports—
January......
February.....
imported
farm
import classes
Since last
products
also
July imports of
business
improved,
materials
and
with
than
the
larger
substantial
relatively
greater
than
other
but the
decreases,
reductions.
products have
many
semi-manufactures
for
expanded
advances
the
domestic
for crude
as
shown
manufactured
All
classes.
imports remained, however, smaller in value ni Novem¬
Imports of
meats,
butter, vegetable oils and oil seeds, continued in November near the low
figures reached in the second quarter of 1938 and well under the figures
a year before.
'
a
year
ago.
some
products, such as grains,
Saver
Period
1935
1936
1937
1938
1935
1936
1937
1938
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
363
338
11
6,067
1,753
1,341
355
23,637
1,248
1,661
2,112
46
233
2,337
197
1,811
1,546
1,668
1,841
1,144
174
540
2,315
**39
20
April..
62
51
13
145
May..........
June..
July
August..
September....
49
5
4
212
March
166
77
81
131
59
695
206
65
102
.....
economic classes of
ber
showed
registered
or
32
169
17
42
129
11
3,128
1,593
2,885
1,717
1,547
2,009
1,472
86
October
.
535
203
191
250
317
254
138
214
193
143
278
401
1,704
285
1,463
76
117
232
16
260
1,468
380
November
1,259
242
127
30,084
14
512
1,611
527
823
December
170
99
15,052
769
536
236
27,434
27,634
30,968
18,032
18,801
11,430
11,806
11,965
12,042
149,755 45,981
122,817
7,002
13,543
7,795
148,670 28,106
140,065 169,957
230,538 277,851
16,287 16,074
46,085 67,524
156,805 171,866
315,424 218,929
210,810 75,962
190,180 57,070
121,336
19,085
16,351
58,483
17,536
8,115
MERCHANDISE TRADE BY MONTHS
It
11 Mos. Ended Nov.
November
„,
Increase (+)
Decrease (—)
Exports and Imports
1937
1,000
1938
1937
1938
1,000
1,000
1,000
1,000
Dollars
Exports.
Imports
...... -
—
Excess of exports
Excess of imports
%_
Dollars
Dollars
Dollars
Dollars
314,697
223,090
252,231
176,181
3,025,764
2,874,835
2,825,454
1,789,045
—200,310
—1,085,790
91,607
76,050
150,929
1,036,409
end Nov
1,791
12
Exports, Including Re-exports, General Imports, and Balance of Trade
mos.
mos,
end. Dec
1,960
Imports—
January....
February...
March..
April.....
May
June......
July...........
August
September
.....
October
November
December
Month
Period
or
1934
1933
1935
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
February
120,589
101,513
March.,.-.
108,015
April..
176,223
172,220
162,752
190,938
105,217
198,564
182,024
195,113
192,796
163,007
185,026
164,151
165,459
170,244
173,230
179,427
114,203
1..
200,772
June
119,790
July
144,109
160,197
170,519
161,672
131,473
160,119
193,069
171,984
191,313
172,126
206,413
221,296
194,712
170.654
269.838
264,949
226,364
223,469
229,800
August
September
October
...
November...
December
11
.
1,000
Dollars
Exports, Including
Re-exports—
January
May.
1938
1937
1936
184,256
...
192,638
185,693
180,390
178,975
220,539
198,803
222,665
233,125
256,566
289,063
261,927
275,302
268,945
274.467
289,922
265,341
268,184
277,031
296,579
332,710
314,697
323,403
252,231
ended Nov
1,482,355 1,962,146 2,059,405 2,226,178 3,025,764 2,825,464
12 mos. ended Dec--. 1,674,994 2,132,800 2,282,874 2,455,978 3,349,167
mos.
General Imports—
January............
96,006
135,706
166,832
187.482
240,444
83,748
February
March..........
132,753
158,105
146,523
152,491
177,356
170,500
192,774
277,709
307,474
154,647
J70.533
156,754
94,860
April.........
August...
September..
88,412
106,869
122,197
142,980
154,918
146,643
October....
150,867
May..
June.....
July
mos.
12
mos.
191,077
176,631
169,030
136,109
127,229
119,513
286,837
284,735
286,224
191,697
265,214
161,647
129,635
150,919
189,357
212.692
128,541
......
195,056
131,658
193,073
215,701
133,518
November....
Decern b< r...
11
198,701
202,779
132,258
169,386
186,968
196,400
245,161
245,668
233,142
224,299
223,090
208,833
11 Months Ended Nov.
November
13,501
10,444
30,230
30,820
45,689
48,898
60,065
47,603
55,438
63,880
175,624
105,013 165,990
145,623 520,907
90,709 562,382
52,194 177.782
33,033
26,931
4,451
2,267
10,633
23,151
4,490
4,989
23,981
6,574
16,637
8,363
25.072
24,987
68,726 208,999
91,877
November, According to Bank of America (Calif.)
Far West during
view"
for
November, according to the "Business Re¬
November, compiled by Bank of America (Cali¬
An advance of 5.1% over October .was recorded
fornia).
by Bank of America's index of Western business, and the
advance over the recession low registered last May was
about 12%.
An announcement in the matter further stated:
Three factors, which enter into the index shared the improvement.
debits in Western cities
173,360
Bank
after
159,827
148,248
145.869
rose
1.9%
over
the previous month; car loadings,
seasonal adjustment, advanced 7.3%; average daily electrical power
production, after correction for seasonal variation, gained 6.4%.
An outstanding feature of November in the Far West was a substantial
recovery in retail sales.
The bank's review calls attention to the seasonally
140,820
165,520
adjusted index of department store sales for the Twelfth Federal Reserve
167,597
District
177.979
176,181
which showed a gain of 9.1% in November over the previous
month, the index rising to 96 in November from a mark of 88 in October.
Business
(Corporate) Profits During Third Quarter of
1938—68% Decline from Same Period of 1937 in
Net Earnings of 254 Companies Reported by New
1937
1,000
1,000
(—)
1,000
Dollars
Exports (U. S. mdse)
Imports for consumption
Month
or
Dollars
Dollars
Dollars
Dollars
311,212
212,382
249,694
171,652
2,979,498
2,790,770
1,784,250
—188,728
—1,021,959
1933
1935
1936
1,000
1,000
1,000
Dollars
Merchandise—
1934
1,000
Period
Exports-—U. S.
Dollars
Dollars
Dollars
118,559
111,845
March
April
'
June...
117,517
141,573
....
July
August
129,315
157,490
190,842
181,291
189,808
.....
September
159,617
106,293
103,265
February-
169,577
99,423
January
May
2.806.209,
i.
October
November
December
1937
195,689
187,418
176,490
181,667
157,161
167,902
167,278
181,386
159,128
167,865
169,851
169,683
1,77.006
175,825
217,926
262,173
223,920
226,666
1,000
Dollars
173,560
160,312
1938
1,000
„
Dollars
192,405
219,063
229,671
252,443
259,152
270,422
160,511
189,574
264.627
271,504
159,791
197,020
285,081
256,481
264,613
273,561
253,613
229,552
224,852
188,860
196.040
203,536
192,156
218,184
'267,258
168.442
220,931
179,381
293,374
329,373
311,212
285,763
228,318
243.589
274.310
249,694
profits, less deficits, of 254 industrial and mercantile com¬
panies whose quarterly earnings reports are available not
only for that period, but also for several preceding years,
68% smaller- tban in the corresponding period last
year—about the same reduction as in the first half of 1938,
despite the substantial rise in industrial production between
the second and third quarters of this year.
Excluding the.
were
automobile
industry, there appears to have been a rise in
profits of slightly more than the usual seasonal proportions
in the third quarter, but, reflecting the low level of auto¬
mobile output during much of the period, the reporting
automobile companies showed a more-than-seasonal reduc¬
tion," according to the Bank, which went on to say:
Two groups of companies, the food and food products
319,431
1,4-57,413 1,931,694 2,022,149 2,192,303 2,979,498 2,790,770
1,647,220 2,100,135 2,243,081 2,418,969 3,298,929
..
ended Dec
Imports for
Consumption
March
128,976
125,047
168,482
152,246
91,893
....
166,070
166.756
135,067
124,010
117,262
155,313
173,096
180,381
141.018
...
August
141,247
147,467
152,714
June
153,396
88.107
May.............
175,485
109,141
123,931
...
April
July..
•
....
September
147,599
149,893
168,683
October
149,288
137,975
189,806
November
125,269
127,170
149,470
126,193
162,828
179.760
December
11 mos. ended Nov
186,377
228,680
163.312
189,590
194,296
199,776
260.047
155.927
189,008
194,311
280,899
173,185
155,118
278,118
147.123
147,767
295,705
197,458
278,300
262.919
200,783
248,730
218,425
213,419
200,304
240,230
233,959
226,470
212,382
203.644
147,777
171,022
172,908
178.460
171,652
1,305,843 1,509,810 1,859,145 2,183,747 2,806,209 1,784,250
ended Dec... 1,433,013 1,636,003 2,038,905 2,423,977 3.009,852
third quarter of 1938 than in the
11 Mos. Ended Nov.
November
lncrease(+)
Decrease
Exports and Imports
1938
1937
(—)
1938
1,000
1,000
1,000
1,000
1.000
Dollars
Dollars
Dollars
Dollars
Dollars
Exports..
30,084
14
Imports. ....... ......
52,194
177,782
30,968
1,598,490
5,873
1,738,915
Excess of Imports....
22,110
177,768
1,567,522
1,733,042
Gold—
groups
had smaller profits than a year ago,
The largest declines
while the smallest declines were reported by the clothing and
textile, household equipment, office equipment, and cigar company groups.
An analysis of the reports for individual companies that are included
in the table indicates that 27% of the total operated at a loss during
the third quarter of 1938, a smaller proportion than in either the first or
second quarters of the year, but three times as many as in the third
quarter of 1937.
For the first nine months of this year net profits of the 254 companies
showed the same percentage decline from last year as for the third quarter.
The outstanding, case of an increase in profits over last year, however,
is not shown in the table because quarterly earnings reports for the
ment groups,
that is the aviation
showed profits 55%
larger than in the corresponding period of last year.
As compared with
the first nine months of 1934, when the industrial production index was at
only for a limited period;
industry, which for the first nine months of this year
Exports, Imports and Net Balance
1937
corresponding period in 1937, but three
reported by the automobile, machinery and tool, and railroad equip¬
were
industry are available
GOLD AND SILVER BY MONTHS
companies and the
pictures and amusements group, had slightly larger profits in the
groups—automobile parts and accessories, coal and coke, and steel—sus¬
tained third-quarter losses, as compared with profits last year, and all
other
92,718
84,164
January
February
.
«
of Dec. 1 the Federal Reserve
Bank of New York stated that "combined third-quarter net
motion
11 mos. ended Nov
Reserve Bank
In its "Monthly Review"
1938
1,000
York Federal
Increase {+)
Decrease
1938
1,000
mos.
11,002
62,987
28,708
15,488
14,440
15,757
17,962
19,186
18,326
4,985
24,098
Substantial business gains were attained throughout the
170,689
162,955
1,316,041 1,522,797 1,860,517 2,177,431 2,874,835 1,789,045
ended Dec.:. 1,449,559 1,655,055 2,047,485 2,422,592 3,083,668
1937
12
71,236
2,846
14,080
5,589
2,821
3,165
6,025
4,476
4,964
8,427
5,701
ended Nov
Exports and Imports
mos.
20,842
5,73
Far Western Business Made Substantial Gains
During
Exports of United States Merchandise and Imports for Consumption
12
215,825
155,366
262,103
7,155
8,211
52,947
)
232.722
246,329
277,919
120,326
154,371
11 mos. end Nov 1550800
87,048 1598490 1738915 306,928 180,550
12 mos. end. Dec 17409791144117 1631523
354,531 182,816
257.175
227,621
230,797
5,873
46,020
—25,095
+ 140,425
approximately the same level, aggregate net profits of the 254 companies
in the corresponding period of this year were 12% lower, chiefly because
the reporting automobile companies and larger losses
of smaller profits in
in
the steel companies
Class I
deficit
for
than in 1934.
railroads, after showing In the first half of the year
any
the-largest
than
corresponding period on record—a deficit of more
$180,000,000—reported a small net profit for the third quarter, amounting
whole to slightly under $3,500,000. In the third quarter
1937 the net profit of these railroads was approximately $42,500,000.
for the group as a
Silver—
of
Exports..............
527
823
Imports..............
10,633
24,987
11,806
68,726
5,738
208,999
Excess of imports
10,106
24,163
56,919
203,260
—6,068
+ 130,273
Net
of
operating income of 91 large telephone companies and net income
other public utility companies continued somewhat below a year
60
previous, but the declines were not as large as
in the first half of the year.
3976
Financial
Chronicle
Dec.
FACTORY EMPLOYMENT AND
(Net profits in millions of dollars)
1938
31,
PAYROLLS
(1923-1925 Average=100)
Third Quarter
No.
Corporation Group
First 9 Months
of
Cos.
1934
1938
1937
1934
1937
Employment
Adjusted for
Advertising, printing and pub¬
Automobile
sories
1.7
1.4
0.5
5.4
7.0
54.4
1.3
91.4
200.1
33.4
3.0
11.2
—2.1
20.6
47.9
—4.3
Building supplies
19
Chemicals and drugs
22
Clothing and textiles
5
—0.1
1.0
12.6
4.6
4.7
36.5
26.9
44.6
24.2
76.3
131.2
62.1
0.2
0.2
—9.2
1.1
—1.2
Coal and coke
4
0.4
0.8
—0.4
2.5
2.5
—0.7
5.6
Oct.
Nov.
sonal
sonal Adjustment
Adjustment
Nov. Nov.
Oct. NOV.
1938 1938 1937 1938 1938 1937 1938 1938 1937
acces¬
(excluding tires)
Without Sea¬
Without Sea¬
2.9
19.0
25
and
parts
Sea-
sonal Variation
5
9
lishing
Automobiles
Payrolls
1938
Od.
NOV. Nov.
Durable Goods
Iron and steel
86.6
83.3 104.6
86.9
84.1 105.0
79.4
74.9
Machinery
89.1
86.8 120.7
89.4
87.2 121.1
83.9
Transportation equipment..
Automobiies
90.2
82.0 119.4
91.9
79.9 121.5
95.4
81.9 120.1
84.7 118.4
99.9
89.6 130.2 102.4
86.9 133.6 107.4
92.1
89.0 103.4
95.1
92.2 106.8
89.9
88.5
64.2
62.9
70.2
64.9
65.7
71.0
56.0
60.0
58.5
71.0
67.8
77.7
71.4
70.1
78.2
64.0
63.0
69.9
97.0
95.6
97.0
97.2
97.5
97.fi
78.6
83.1
73.8
88.9
86.3
87.6
89.8
87.2
88.6
77.4
76.5
70.7
114.0 115.4 116.9 112.4 119.6 115.2
78.2
93.0
77.3
62.6
69.6
—
Electrical equipment
10
4.6
22.6
7.5
16.5
69.7
26.4
20
28.7
26.1
27.3
75.9
78.0
76.8
Lumber
9
3.9
4.0
2.8
6.6
7.5
3.9
12
0.9
9.6
1.3
4.7
29.5
6.8
22.8
10.6
26.7
71.9
3l5
4
0.4
2.2
2.2
2.4
7.2
6.5
Fabrics
5
2.4
4.0
2.6
8.6
13.8
9.7
Wearing apparel
92.5 126.9
6.9
17
...
Nonferrous metals
Food and food products
88.7
Household supplies
Machinery and tools
Metals
and
(excl.
mining
and
6
Petroleum
0.5
1.5
0.8
1.8
5.3
2.7
22
Paper and paper products
19.1
54.1
27.9
42.4
135.0
81.2
9
0.3
3.6
28.9
3.9
61.7
—7.1
—8.1
192.1
—20.7
1.3
1.2
1.1
3.2
2.5
2.3
31
Miscellaneous
9.7
—20.3
6
-
(cigars)
3.2
14
Railroad equipment
Steel
4.0
6.7
6.2
6.9
19.0
Textiles and
254
42.5
43.5
52.5
50.5
143.4
171.5
153 4
60
Other public utils., net Income
351.4
91
income
105.4
—10.7
41.3
56.8
52.2^
149.2
188.5
1,0.86.7
3.4 —33.9
Indexes
of
Board
of
Paper and printing
Chemicals & petroleum prods.
111.7 111.2 122.9 113.0 113.4 124.6 119.2 120.1 129.9
Tobacco products
Petroleum
on
refining
except 118.2 118.9 127.0 118.8 119.5 127.6 134.0 132.8 141.6
110.2 109.3 121.9 111.6 111.9 123.7 114.7 116.2 126.3
petroleum refining
Rubber products
81.9
76.8
82.6
89.7
77.7
90.5 85.5
79.7
82.2
group,
343.9
81.4 —176.8
Governors
of
Federal Reserve System
The Board of Governors of the Federal
issued
Dec. 23 its monthly
Note—Indexes of factory employment and payrolls are for payroll period ending
of the month.
November. 1938. figures are preliminary.
nearest the middle
System
follows:
as
Output for Week Ended Dec. 24, 1938, 13.3%
Above a Year Ago
The Edison Electric Institute, in its current, weekly re¬
port, estimated that production of electricity by the electric
light and
Reserve
indexes of industrial produc¬
tion, factory employment, &c.,
industry of the United States for the week
power
ended Dec. 24, 1938, was 2,362,947,000 kwh.
The current
week's output is 13.3% above the output of the correspond¬
ing week of 1937, when production totaled 2,085,186,000
The output for the week ended Dec. 17, 1938, was
estimated to be 2,332,978,000 kwh., an increase of 5.9%
kwh.
BUSINESS INDEXES
(1923-1925 Average=ri00)
from the like week
Without
Seasonal Variation
year ago.
Nov.,
Oct.,
Nov.,
Nov.,
Oct.,
Nov.,
1938
Week Ended
1938
1937
1938
1938
Week Ended
Dec. 17, 1938
Dec. 10, 1938
Dec.
Regions
24, 1938
11.84
pi 04
97
85
86
109
pl03
pl05
95
99
106
112
p89
82
66
p79
78
50
Southern States.
p 54
pll7
All other
88
95
pl02
Factory employment—Total
96
pl03
Construction contracts, value—Total.
Residential--
Week Ended
1937
pl03
Minerals
PREVIOUS YEAR
Week Ended
New England
Industrial production—Total
Manufactures
FROM
Seasonal Adjustment
Major Geographic
.
a
PERCENTAGE INCREASE
Adjusted for
i
83.9
89.6
55.9
123.1 119.2 127.3 123.5 128.7 127.5 122.4 127.0 126.3
63.2
63.7
66.9
64.2
66.3
67.5
59.8
60.7
61.8
105.6 104.3 110.1 107.1 105.5 111.7 103.4 103.7 106.6
Electric
Business
85.1
90.5
164.8
391.9
111.8
-Deficit.
Monthly
90.8
91.8
Food products
13.0
1141
Total, 20 groups..1
Class I railroads net income...
products
Leather products
Chems.
cos., net oper.
99.0
Non-durable Good
and coke)
Telephone
—
products
Stone, ciay and glass..
coal
Motion pictures & amusements.
Offlce equipment
Tobacco
<
31
102
65
32
p52
76
57
plOl
66
96
90
p90 .1
Non-durable goods.
100.6
p90.6
89.5
78 .0
99 .8
P82.1
79.1
101.3
P98.6
99.3
12.2
6.1
6.0
5.7
NOT
5.2
6.1
AVAII/—
0.9
1.3
0.0
ABLE
2.7
2.8
6.5
Rocky Mountain
6.7
0.5
3.1
Pacific Coast
8.8
4.9
7.2
5.9
5.6
6.2
Central Industrial
West Central
100.8
96.6
3, 1938
16.1
•
5.3
101.1
P98.5
Durable goods
87.5
p81.3
__
Middle Atlantic
Dec.
101.4
Total United States.
13.3
'
Factory payrolls—Total„
Durable goods
_
Non-durable goods
Freight-car
83.9
92 .9
75.4
94.8
p90.6
__
*•
P84.1
P78.3
^
.
93.6
90.8
FOR
DATA
RECENT
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
-
loadings, total
•
69
68
71
70
75
Miscellaneous
74
72
76
76
82
78
Department store sales, value
Department store stocks, value
89
84
91
99
92
101
p67
67
75
p78
74
Percent
86
...
72
Change
Week Ended
'
1938
1937
1938
1936
1932
1929
from
1937
Preliminary.
p
Note—Production, carloadlnge and department
store sales indexes based on daily'
Oet.
1
Oct.
averages.
Construction contract indexes based
three-month moving average of F.
on
W.
2,139,142
8
Oct.
Dodge data for 37 Eastern States.
Oct.
Oct.
INDUSTRIAL
5
-
-
Nov. 12
PRODUCTION
~
Nov. 19
<1923-1925 Average=-100)
3
10
Dec.
Adjusted for
Without
Seasonal Variation
Seasonal
Dec.
Adjustment
17.
Dec.
24
Nov.,
Nov.,
Oct.,
1938
1938
90
68
101
88
63
76
67
67
77
67
68
93
+ 1.5
2,169,480
2,362,947
"
—3.0
—1.3
2,224,213
+2.1
2,065,378
+5 7
2,169,715
2,196,175
2,152,643
+ 6.2
1,499,459
1,506,219
1,507,503
1,528,145
1,533,028
1,525,410
1,520,730
1,531,584
2,133,511
1,777,854
1,819,276
1,806,403
1,798,633
1,824,160
1,815,749
1,798.164
1,793,584
1,818,169
1,718,002
1,475,268
1.510.337
"
2,196,105
2,202,200
+ 5.6
2,242,916
1,518,922
1.806,225
+ 5.9
2,085,186
1,998,135
+ 13.3
2,278,303
2,274,508
2,080,954
1,563,384
1,554,473
1,840,863
1,860,021
1,637,683
1,414,710
1937
109
2,176,557
Nov.,
1937
+0.2
2,157,278
2,169t442
2,168,487
2,170,127
2,166.656
2,175,810
2,332,978
mm.
Dec. 31 —z..
Oct.,
1938
—4.1
2,270,296
2,183,807
2,285,523
2,318,550
Nov.26
Dec.
Nov.,
-
—5.5
2,276,123
2,281,636
2,254,947
2,202,451
2,209,324
29
Nov.
—6.0
2,28(),065
2,226,038
2,207,444
22
Employment indexes, without seasonal adjustment, and payrolls index
compiled
by Bureau of Labor Statistic*.
»«•
2,275,724
2,154,449
2,182,751
2,214,097
15
1938
Manufactures
Durable Goods
Iron and steel
Pig Iron
Steel Ingots
112
Cement
103
90
62
92
115
63
111
5
Locomotives
68
84
Automobiles..
22
♦
5
23
84
Tin deliveries-.
80
76
83
91
76
155
155
151
155
155
151
73
Plate glass
81
115
6
6
15
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve
System—
Sharp Rise in Industrial Production Continued
During November
.......
Beehive coke
~6
14
The
Board
issued
and
Governors
of
Dec. 25 its
on
financial
conditions
pll2
Cotton consumption
Silk deliveries
100
80
pll6
103
83
94
95
November.
92
74
97
79
81
94
96
111
110
110
of
108
115
114
113
117
Employment
also
149
139
151
163
137
86
91
86
93
102
93
showed
change,
100
103
101
78
98
79
63
Newsprint production
Newsprint consumption
97
94
152
Sheep
104
104
112
Wheat flour
107
127
86
96
Sugar meltings
117
94
95
.,88
:
91
104
94
...
104
123
Hogs
58
r65
63
58
r64
127
131
130
136
139
139
pl02
100
81
p98
110
United
80
77
*
85
indicate
little
Tanning
Cattle hide leathers
considerably."
States, based
increased
81
*
91
80
68
63
*
81
60
ber
70
83
*
73
82
of
208
r212
*
209
r213
Gasoline
«
269
*
107
122
Fuel oil
*
rl43
rl50
Lubricating oil..
*
110
127
102
Tobacco products
113
to
rose
steel
268
Kerosene
was
a
103% of the 1923-25
continued
further
to
sharp
increase,
rise
in
96%
from
average
contrary
to
automobile
the
production.
at
the
end
of
November.
Lumber
production in
161
158
90
90
86
233
211
221
231
222
219
95
78
83
92
81
81
siderable expansion,
Bituminous coal
p 76
72
78
79
87
Anthracite
p85
anthracite showed less than the usual seasonal decline.
p57
49
67
p59
63
70
showed
pl63
161
174
172
V
ore
Preliminary,
pl62
163
79
*
52
82
80
108
88
78
108
*
Silver
Iron
102
119
*
101
128
50
40
35
86
34
42
r
Revised.
more
* Data
not
yet
available.
than the usual
shoe production
At
50
stated:
in Novem¬
October.
In
the
Output
and
there
first
three
trend,
November
167
*
this
at
increased
of December activity at steel mills declined somewhat more than
seasonally, while output of automobiles continued at the high level reached
73
88
payrolls
weeks
155
Lead
in
seasonal
74
Zinc
and
usual
The Board, in its summary, also
150
Minerals
advance.
consumers
76
Manufactured tobacco
weeks
the
decline is
a
164
Cigars
Cigarettes
in
November
in
although
the first three
down
The Board's seasonally adjusted index of industrial production
89
Goat and kid leathers
Petroleum, crude
upon
Production
Calf and kip leathers
Petroleum refining
slowing
some
Distribution of commodities to
season.
76
*
Preliminary reports for
December
78
*
Leather and products
the
System
of general business
ber, in which it stated that "the sharp rise in industrial
production, which began early last summer, continued in
112
Slaughtering and meat packing..
Calves
in
the Federal Reserve
summary
statistics for November and the first three weeks of Decem¬
Non-durable Goods
Textiles 1
Cattle.!
of
monthly
mines,
the
for 37
of
building
In
with increased
coal
construction
was
by
industries,
a
con¬
activity at cotton, wool and silk mills.
output
increased
further
and
production
of
Output of petroleum
contracts
awarded
in
November
high level reached in October, according to F.
in
decreased
the non-durable goods
change.
Eastern
increases
amount.
declined seasonally, while output of textiles showed
bituminous
little
Value
from
seasonal
States.
October.
Private and public projects both
The
decline
less than seasonal.
in
contracts
for
showed
W.
a
decline
Dodge figures
declined, following
private
residential
Volume
Financial
147
dropped
Employment
Employment
change
increased
between
the
although declines
number
middle
usual
are
further,
somewhat
October
of
and
and
the
payrolls
middle
time of year.
this
at
little
showed
of
November,
manufacturing the
In
further sharp
increase at automobile factories, and substantial increases in the machinery,
steel, and textile industries.
Employment declined seasonally at establish¬
ments producing clothing and shoes; in most other industries employment
increased
somewhat.
In
lines
other
than
manufacturing,
employment
reflecting principally
employed continued to rise,
showed
a
when allowance is made for usual seasonal changes.
increase,
some
Chronicle
laid
off,
tion,
Distribution
In
farm
in
with
public
October
in
unseasonably
by
fewer
15,000
5,000
630,000
4.7%
workers;
agricultural
lower
declined
in
forestry
than
and
workers
October.
in
November
fishing,
were
Other
transporta¬
were
6,000
fewer;
fewer.
Unemployment increased
1.8% in November as compared with October.
preliminary estimate of those unemployed in November is 9,211,000
including 3,635,000 workers in the Government emergency labor
The
persons,
force,
represented
as
Conservation
by
Corps and
labor
Works
the
Progress Administration, the Civilian
Projects Works Program.
This Gov¬
the Federal
force declined
The
distribution
table,
well
as
warm
of
0.6% in November, with 22,000 fewer
employed
workers
the comparative totals
as
weather, rose sharply, and
variety stores also increased in November.
Sales of automobiles
to consumers expanded sharply following the introduction of new models
and in November were larger than a year earlier.
Freight car loadings, which had increased considerably in previous
months, showed a slightly less than seasonal decline in November.
retarded
About
was
employment
on
the
payrolls.
Distribution of commodities to consumers showed a considerable increase
November.
Department store sales and mail order sales, which had been
sales
seasonally.
employment
which
utilities,
ernment
,
a*
activities
3977
than
more
UNEMPLOYMENT
at
is
shown
the
in
accompanying
for unemployment:
AND
EMPLOYMENT
(In Thousands)
1929
Unemployment total.-
1933
1937
1938
1938
1938
Aver.
Mar.
Nov.
Sept.
Oct*
Nov.*
469
14,706
7,751
9,210
9,095
9,211
47,885
.
35,940
45,810
44,887
45,056
44,993
9,961
10,972
11,547
11,268
10,738
Commodity Prices
Prices
of
materials,
industrial
some
such
as
non-ferrous
metals, hides,
decreased somewhat from the middle of November to
December.
Sugar prices also declined, while grains
somewhat.
Prices of
most other agricultural and
industrial
and
cotton
the
third
goods,
of
week
advanced
continued
commodities
total.
...
Agriculture.
10,539
267
»
,
197
194
188
16,408
15,936
16,276
16,512
645
873
724
749
756
11,064
Manufacturing
200
10,980
1,067
Total industry...
136
19,102
Forestry and fishing
Extraction of minerals
little change.
show
to
Employment
6,980
with
connection
there
trade,
pre-holiday
was
sharp increase
a
Treasury operations around Dec. 15, there was a
temporary decline in member bank reserves.
Following declines during November, total loans and investments of
together with
currency,
banks in
member
reporting
three
weeks
of
December,
101 leading cities increased during the first
largely reflecting operations of the Treasury.
increased sharply, reflecting
of carrying Government securities
exchangeable for new issues on Dec. 15.
Adjusted demand deposits rose
to a new high level in the first half of December.
Loans
borrowing
temporary
Cost of
for
the
Living of Wage Earners in
United States De¬
0.2% from October to November, According
National Industrial Conference Board
The cost of living of wage earners in the United
declined 0.2% from October to November, according
States
to the
made by the Statistical Division of
regular monthly survey
The seasonal
offset by decreases in food prices
and rents.
Living costs in November, 1938, were 3.8%
lower than a year ago, 15.2% lower than in November, 1929,
but 19.4% higher than at the low point of 1933.
In an
announcement recently issued by the Conference Board it
Conference Board.
National Industrial
increase in coal
was
prices
was
also stated:
Food prices declined slightly.
fell to
1929, but 30.1%
November,
0.4%
.
from October to November. They
1937, 27.1% below that of
below that of November,
level 6.9%
a
above the 1933 low.
lower than in October, 3%
lower than in
lower than in November, 1929, but
37.8% higher
Rents in November were
November, 1937, 6.1%
0.2%
beginning of 1934, their low point.
than at the
Clothing prices did not change from October to
<
November.
They were
lower than in November, 1929, but
20.6% higher than at the low level of 1933.
Coal prices increased seasonally, 0.6% , from October to November.
lower than a year ago, 25.9%
6.5%
-
They
higher than in November, 1937, but
0 4%
were
8%
lower than in
November, 1929.
The
averaged the same in
of sundries
cost
November as in October.
3.3% lower than in November,
1929, but 7.3% higher than at the low of 1933.
The purchasing value of the dollar in November was 0.2% higher than in
October, 3.9% higher than in November, 1937, and 18% higher than in
It
was
2,156
2,267
2,326
2,010
1,880
1,903
Public utilities
1,167
865
991
943
944
939
Trade, distribution and finance
8,007
6,407
7,612
7,233
7,298
7.354
Service Industries
8,960
7.752
9,674
9,071
9,105
9,273
Miscell. Industries and servlces.
1.011
704
944
903
916
929
*
lower than in November, 1937 ,
1%
Preliminary.
Weekly
Report
Indexes of Cost of
Living—-1923—100
Relative
Importance
Food *
33
Housing
Nov. 1938
The lumber
industry during the week ended Dec, 17, 1938,
production and
58% of average 1929 shipments.
Production was about
68% of the corresponding week of 1929; shipments, about
84% of that week's shipments; new orders, about 90% of
that week's Orders, according to reports to the National
Manufacturers
Lumber
tions
covering
the
12
Oct. 1938
to
The Association further
reported:
17, 1938, 522 mills produced
During the week ended Dec..
feet
softwoods
of
booked
of
orders
1938
sponding
of
week
—0.4
above last year,
—0.2
Southern
500;
73.2
0
79.0
+0.1
67.4
—O.l
1937
the
week.
+ 0.4
wood
mills
85.1
+ 0.6
same
but Redwood reported shipments
,
reported for the week ended Dec. 17, 1938, by 434 soft¬
totaled 208,368,000 feet, or 17% above the production of the
mills.
O
96.8
96.8
0
30
regions
Lumber orders
85.6
85.9
All
1937.
and all except Cypress, Northern Pine, Northern Hemlock,
and Northern Hardwood reported production above
Hardwood
86.5
Shipments
as
reported for the same week were
"
Purchasine value of dollar
Based" on food price indexes
85.6
85.8
116.8
100
Weighted average of all items.
116.6
-0.2
+0.2.
or
of the United States Bureau of Labor Statistics for
Identical
and Oct. 18, 1938.
Last
week's
Reports National
Industrial Conference Board
manufacturers
workers in
provided
189,(MX) ad¬
employment
compared with Octo¬
jobs
for
November, although total
declined fractionally as
the Nation's employ¬
ment and unemployment made by the Statistical Division of
the National
Industrial Conference Board.
The Board's
announcement, made public Dec. 29, continued:
ber, according to the latest study of
gain in manufacturing employment
amounted to 1.8% in November
same
period the number of workers in the
leader in the general business improvement,
rose
2.6%, as 59,000 employees were added to the payrolls.
Employment
in the extraction of minerals increased 0.9%, with 7,000 workers hired.
In the service industries, in trade, distribution and finance, and in the
miscellaneous industries and services, the number of employees continued
October.
construction
expand
as a
private
Total
however,
the
During
industry,
a
total of 237,000 workers were hired by these
enterprise.
employment
three divisions
,
in
chiefly because
the
tJnited States declined 0.1% in November,
of workers engaged in agriculture
the number
Mill
feet,
were
feet.
Reports
production of 420 identical
feet, and a year ago
Employment in November Declined Below October
177,968,000
0.1% above production.
Production was 177,667,000 feet.
103 hardwood mills give new business as 8,431,000
or
5% above production.
Shipments as reported for the same week
8,878,000 feet, or 10% above production.
Production was 8,050,000
feet,
Reports from
in the country
185,717,000
hardwoods combined; shipped 186,846,000 feet;
210,799,000 feet.
Revised figures for the preceding
and
Mills,
were:
86.5
ditional
heaviest
027,000 feet; ordere,
85.6
5
American
and
production, 195,157,000 feet; shipments, 185,232,092,000 feet.
regions but Southern Pine, Southern Cypress, California Redwood,
Northern Hemlock and Southern
Hardwoods reported new orders above
production in the week ended Dec. 17, 1938.
Western Pine, Northern
Pine, Northern Hemlock and Southern Hardwood regions reported ship¬
ments
above output.
All regions reported orders above those of corre¬
week
79.8
73.2
—
Sundries
of
softwood
In the week ended Dec. 17 new orders,
were 40%
above those booked in the corresponding week
of 1937, every reporting region showing appreciable" gain
over last year.
New business was 17% above, and ship¬
ments were 1% above output in the week ended Dec. 17.
Reported production (hardwoods and softwoods) was 31%
above the corresponding week of 1937; shipments were 44%
above.
Softwood production, shipments and new orders
were,
respectively, 36% greater, 44% greater and 40%
greater than in last year's week. Total production reported,
for the week ended Dec. 17 by 7% fewer mills was 5%
below the output (revised figure) of the preceding week;
shipments were 1% above that week's shipments; new
orders were 7% below tlie orders of the previous week.
Coal
to
regional associa¬
reported since July.
Gas and electricity
The
from
important
orders, however, in the previous two weeks were
86.6
67.3
Fuel and light
over
of
shipments were about the same as in the previous week;
new
business and production were somewhat less.
New
1938
Nov.
79.1
^Women's.....
Total
Association
operations
In the week ended Dec. 17, 1938, reported
hardwood mills.
79.5
Men's
Nov. 15, 1938,
Ended
stood at 56% of the 1929 weekly average of
86.4
'
20
Clothing
% of Inc. (+)
or Dec. (—)
from Oct.
in Family
h
Budget
■»
Lumber Movement—Week
Dec. 17, 1938
of
All
November, 1929.
Hem
1,888
purpose
clined
the
10,603
1,898
1,549
security dealers by New York banks
to
to
10,414
941
2,465
in
this increase in the demand for
in circulation, and as the result of
money
10,231
3,340
Transportation
In
10,637
Construction
Credit
Bank
softwood mills was 170,192,000
it was 129,861,000 feet;
shipments were, respectively,
176,525,000 feet and 122,743,000 feet, and orders received, 207,082,000
and 148,387,000 feet.
In the case of hardwoods, 89 identical mills
feet
0,269,000 feet and 9,019,000
4,959,000 feet, and ordere, 6,724,000
reported production last week and a year ago
feet;
feet
shipments, 7,239,000 feet and
and 3,832,000 feet.
Automobile Financing in
October
financing for October, 1938 for
the 456 organizations amounted to $67,252,459; an increase
of less than one-tenth of 1 % when compared with September,
1938; a decrease of 38.4% as compared with October, 1937;
and a decrease of 36.9% as compared with October, 1936.
The volume of wholesale
financing for October, 1938
amounted to $63,869,584, an increase of 124.1% when com¬
The dollar volume of retail
pared with September, 1938. a decrease of 52.3%
and a decrease of 15.1% as
with October, 1937,
with October, 1936.
The volume of retail
compared
compared
automobile receivables outstanding at
thfe "end of October, 1938, as
reported by the 224 organiza-
Financial
3978
These 224 organizations
volume of retail financing
that month
by the 456
tions, amounted to $721,982,338.
accounted for 92.6% of the total
($67,252,459)
reported
for
organizations.
Figures of automobile financing for the month of September
were published in the Nov. 26,1938 issue of the "Chronicle,"
page 3229.
The following tabulations show the volume of financing
in September and October, and the first 10 months of 1938,
1937, and 1936, and the amount of automobile receivables
outstanding at the close of each month, January, 1937, to
October, 1938, inclusive.
These figures are as reported to
the Bureau of the Census of the Department of Commerce.
Chronicle
World
Record
Placed
World
Wheat
Supply in 1938-39 Indicated by
Agricultural Economics—Production
4,448,000,000 Bushels
at
wheat
supplies for the 1938-39 crop year will be
record if the Argentine crop—now being har¬
vested—turns out as indicated, the Bureau of Agricultural
the
largest
on
Economics," United States Department
wheat
production
is
Wholesale
the
Year
and
New Cars
Total
ing
unclassified Cars
Volume
Month
Volume
Volume
in
Thousand
Dollars
Cars
of
sand
of
sand
in
Number
Thou¬
Thou¬
of
Cars
Volume
in
Number
in
Number
Cars
Thou¬
estimate
Dollars
September
October
increased
Argentine.
With
the
31,849
130,786
35,403
819,879
696,757 2,157,221
640,987 404,899 1,516,234 414,980
77,760
320,652
130.690
127,486
76,945
134,010
October
265,553
109,256
105,480
64,612
193,166
160,073
53,745
44,643
harvest of
3,736,997 1,526,624 1,561,567 919,659 2,175,430 606,965
since
July
because
75,207
Total 10
of
a
79,109
190,383
49,040
700,000,000
60,791
175,661
45,710
during the
estimate
AS
REPORTED
1938
1938
1937
$
January
1937
$
$
%
February
—.1,064,815,488 1,027,526,044
1,012,305,492 1,019,141,962
March..
...
April
—
967,096,723 1,056,017,095
932,526,760 1,106,521,475
904,154,673 1,164,568,870
867,737.238 1,217.156,358
...
May
June
July
August
September.
October
November-
1,172,679,716
—
acreage,
be
1,120,226,647
Fall
pointed
out
prices remain above world levels
sales of United States wheat
ferred
November,
Coffee
wheat
on
July
supplies
about
of
season
the
and
1
size
the
for
production
a
current
season
385,000,000
bushels
for
export
Production is
that it
485,000,000 bushels.
indicated at
wheat
spring
on
also
obtained,
the
yields
are
bushels.
Winter
The Bureau
seedings.
18% reduction
an
made
is
spring
in
spring
wheat
spring wheat
and
crop
of
crops
1939 wheat production of approximately 680,000,000
the
approximate
favorable
some
average
"and
stated,
was
for
domestic disappearance of
permit
the
large
of
most
Europe
to
fall seedings, and acreage
exceed that of last fall.
for
but recent
Weather
sub-zero
tempera¬
'
report of
crop
given
3834.
#'
Argentine, re¬
columns Dec. 24,
the
these
in
to
60wn
or
early growth,
was
to
reported
are
concern.
wheat
carryover
exports."
our
throughout
favorable
above,
■»
States—according to the official
smaller than the acreage seeded to
18%
expected to equal
were
to
page
bushels.
this
United
the
available
it
generally
is
bushels
leaves
in
average
estimated
States (including foreign assemblies from parts made in the
United States and repprted as complete units or
States
Domestic disappearance is estimated at about
conditions
have caused
The
States wheat
exports
by the quantity of
wheat
United
of
United
week—is
would
weather
conditions
tures
Factory sales of automobiles manufactured in the United
becoming
are
Bureau
for
195,000,000
bushels,"
been
have
Output in November
The
71,000,000
domestic
yet
and
"This
683,000,000
be reduced
winter
Automobile
markets.
made wholly
flour
154,000,000
year.
is
about
bushels.
765,892,109 1,253,926,346
721,982,338 1,212,121,145
December..
this
this size would give a
838,516,497 1,248,800.302
806,713,720 1,266,953,395
_
in the Southern Hemisphere in progress,
approximately
which
however,
wheat
would
IDENTICAL ORGANIZATIONS
BV 224
in
crop
would be the
This
and for carryover next July.
last
information
pointed out,
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
by
crop.
favorable
acreage
released
wheat
winter
No
of
bushels,
season
mos.
b Of this
wheat
the
of
1928
at
1,085,000,000 bushels.
100,086
number 27.8% were new cars, 71.6% were used cars, and 0.6% unclassified.
except for the
world
in
for
accounted
reported
been
bushels,
931,000,000
134,052
1,384,450 3.644,371 1,454,133 1,610,381 932,781 2,033,990 521,352
an¬
been
Winter, wheat
ended Oct.
largely
estimate
official
domestic wheat
wheat and
carryover
106,501
Of these organizations, 37 have discountinued automobile financing,
is
production in other Countries, and exports
made possible only by Government aid.
large
128,150
323,435
275,747
57,578
The
unexpectedly large estimate for
an
316,000,000 bushels.
crop
factor
have
1
reported have
of
harvest.
flour.
total
October
first
record,
new
which
Export sales of
1936—
September
estimate
France, and
on
the
price
the extent to
With
ended Oct. 1,586,750
world
depends largely upon the quantity of export
Total 10 mos.
a
crop
Prospects have not been
1937—
September
November
for
Argentina's
important
mos.
ended Oct.
1937-38
the
heavy shipments in prospect for the next three months
and
Total 10
be
by the Department of Agriculture, bear¬
has been placed at
largest Argentine
36,706
135,648
to
States, is about 65,000,000 bushels more
a
month ago and about 630,000,000
the
over
estimate
taht country
that
30,534
50,332
67,252
bl81,118
63,869
47,894
67,240
183.542
28,500
increase
th
an
1938—
Bureau
of
than
more
an
sand
Dollars
Dollars
the
the Bureau's report, continued:
on
The
Used and
by
the near-record harvest of 930,800,000 bushels reported this
week for the United
ing
Retail Financing
indicated
now
said
World
about 4,448,000,000 bushels, exclusive of the crops in Soviet
Russia and China.
This world production, which includes
nouncement issued
Financ¬
of Agriculture,
Dec. 23 in its December wheat situation report.
on
bushels
Summary for 456 Identical Organizations (a)
1938
31,
of
Bureau
than
AUTOMOBILE FINANCING
Dec.
^
vehicles) for
320,344
1938 consisted
were
passenger
of 372,358
cars,
vehicles,
and 52,014
of
which
Sugar Markets During 1938 Reviewed by
Mackey of New York Coffee & Sugar
Exchange—Forecasts Return of Food Industries to
Important Place in World Commerce
commercial
were
trucks, and road tractors, as compared with 209,522
1938, 360,055 vehicles in November,
1937, and 394,987 vehicles in November, 1936.
These
statistics, comprising data for the entire industry, were
released this week by Director William L. Austin, Bureau of
the Census, Department of Commerce.
cars,
vehicles in October,
Statistics for the months of 1938
from
74
manufacturers
in
the
are
based
on
data received
United
States, 23 making
passenger cars and 63 making commercial cars, trucks, and
road tractors (12 of the 23
passenger car manufacturers also
making commercial cars, trucks, and road tractors).
It
should be noted that those
making both passenger cars and
commercial cars, trucks, and road tractors have been included
in the number shown as
making passenger cars or commercial
cars, trucks, and road tractors respectively.
The figures for
passenger cars include those for taxieabs.
The figures for
commercial cars, trucks, and road tractors include those for
ambulances, funeral cars, fire apparatus, street sweepers,
and buses, but the number of
special purpose vehicles is very
small and hence
the figures may
negligible factor in any analysis for which
be used.
Canadian production figures are
a
supplied by the Dominion Bureau of Statistics.
Figures of automobile production in October, 1938, 1937,
and 1936 appeared in the Nov.
26, issue of the "Chronicle,"
page 3229.
NUMBER
OF
VEHICLES
&
President
In his annual review and forecast,
says that "it is my conviction that 1939 will see the world
gradually emerging from present day, ill-founded economic
thoughts and that those engaged in growing, processing and
distributing the foods of the world will come closer to fully
regaining their rightful place as an important cog of world
commerce.*
The past year has again illustrated the futility
of expecting any genuine or lasting improvement in general
conditions without a corresponding enhancement of com¬
modity values." Mr. Mackey also said, in part:
The New York Coffee & Sugar Exchange again served its place during
the year as an open market where the industry and investors alike could
daily trade in two of the world's important staples.
of
The
war scare
September broughtsharp fluctuations, coffee declinign and
ing,
as
war
appeared
and
nearer,
vice versa
as
peace
period
advanc¬
sugar
became
brighter
a
prospect.
There is very little to say about the trend and developments in coffee
Prices of Santos coffee
per pound
on
the Exchange moved in a range of less than 2c.
with the low of 5 He. seen in May when the trade apparently
finished its first
evaluation
of the
dramatic change in
policies, (announced in November, 1937).
to
Brazil's
"control"
From that point prices advanced
nearly 7He. in the early fall and since then have drifted slowly lower.
It is worth noting that Brazil managed to expand exports by
of
i937
while other
areas
showed
a
decrease of about
disappearance of coffee of about 20%
(INCLUDING CHASSIS)
Chandler A. Mackey,
President of the New York Coffee & Sugar Exchange, Inc.,
15%
50%
over
those
A rise in world
.
accompanied Brazil's
In
recovery.
coffee circles, it is believed 1939 will bring a crucial test of Brazil's ability
United Stales (Factor g Sales)
Canada
Year and
Month
Total
(All
Vehicles)
(Production)
Passenger
Cars &
Cars
the year at about
Total
Trucks
1938—
Tot. 11
209,522
372,358
5,774
5,412
362
52,014
17,992
15,423
2,569
2,101,209
1,674,979
426,230
147,472
109,563
37.909
298,662
31,214
8,103
295,328
64,727
16,574
7,378
13,793
725
360,055
end. Nov
22,028
329,876
mos.
187,494
320,344
_
November
Tot. 11
mos.
end. Nov
4,482,740
3,671,504
811,236
186,348
any
by
224,688
November
mos.
394,987
end. Nov
190,242
3iJ,085
34,446
53,902
5,361
10,812
3.244.163
711,242
141.911
futures contract traded
July
and
voluntary abandonment
year.
Starting
low of less than 9-10c. per
However, the Inter¬
drastically reduced
"export"
by signatory countries.
This
prospects of an improved demand for Javan sugars in its normal Far Eastern
138,247
2.781
a
48,101
enlarged volume of trading and
firmer tone
as
the
year
ends.
Given
any
4,448
10,086
913
726
112.412
29.499
more
remunerative prices will be
an
seen.
The review of the domestic sugar market during the past year is fraught
with
disappointments.
trade
once
Prices fell from about 2.35c. in January to 1.75c.
staging
a
rally of
any consequence.
The unanimous
interpretation of official remarks regarding "prices," coupled with
a
1938 quota which was believed in excess of the absorption powers of the
market,
3,955,405
a
lasting change in trend was noted.
Sugar Council met last
aided
new
He. per pound during the
1.25c., the market fell to
factor, coupled with the smaller beet sugar crops in Europe this fall and the
in June without
October
reflected in the
varied less than
improvement in world conditions during 1939, it is quite possible that
1936—
Tot. 11
quotas
...
as
market, have served to bring
1937—
October
pound before
national
October
November
ground gained.
Prices for "world" sugar,
in New York,
senger
Trucks,
Cars
to hold the
Comm'l.
Pas¬
panied
were
a
the prime factors at work.
In June
reudction of 80,000 tons in the quota
a
slight recovery
and in
accom- *
August the tone
Financial
Volume 147
firmed
the
on
that the beet sugar deficit for 1938 would not be
news
cated to other areas—tantamount to
by which the beet
areas miss
mi<?ht
sugar
be
However, the announcement,
tons
by
reduced,
15c.,
quota for 1939 of
a
and to
is
lesser extent refined prices.
a
beyond accurate forecasting.
calculate that
can
Spurts
6,832,157
distribution during 1938) brought a decline of 25 points in the futures
What 1939 holds for domestic sugar
However, in the midst of the gloom, one
in consumption which last
improvement of but 5%
an
market
similar drop in raw
a
equaled (on a per capita basis) the depression low—would be sufficient
year
to absorb the apparent
clarifying
In addition hopes exist of new and
surplus supply.
Income from Farm Marketings Estimated at
$777,000,000 by Bureau of Agricultural Economics
—Ten
Months'
Receipts Totaled
Against $6,728,000,000 Last Year
Cash
from
income
sales
totaled
$777,000,000, it
Bureau
of
ment
the
of
Agricultural
Agriculture.
first
10
for
the
Government
this
Nov.
on
from
by the
22
States
farm
Depart¬
marketings
in
estimated
at
now
are
year
October
in
products
United
Economics,
of
14% less than the $6,728,000,000 reported
or
months
same
farm
estimated
Receipts
months
$5,803,000,000,.
of
was
$5,803,000,000,
last year.
The Bureau added:
with
Total
income from marketings and Government payments this October is
estimated at $839,000,000.
This is 12% larger than the revised estimate
of $747,000,000 fos September, but is 8% smaller than the $912,000,000
$27,000,000
October
in
payments
in
September
totaled
$5,000,000
and
compared
$62,000,000
October
in
last
year.
cash
received
by farmers in October, 1937.
the
For
first
has
payments,
10
months
been
estimated
$7,083,000,000 in the
the
January-October
more
1938
of
this
last
12%
or
than
less
the
in
11%
Government payments
year.
have totaled
year
Government
including
income,
$6,198,000,000,
months
same
period
at
cash
$395,000,000,
or
than the $355,000,000 reported for the same months of
1937.
from farm marketing and Government payments for 1938 is now
at $7,625,000,000.
This is an increase of $125,000,000 over the
Income
estimated
Bureau
of
estimate
Aug.
Highlights of the week in the domestic petroleum industry
the
suggestion advanced by the Standard Oil Co.
(N. J.) in its house organ "The Lamp" that daily average
of crude oil to stills be confined to
runs
commodities by the Surplus Com¬
a larger income from meat animals,
dairy products, and fruits and vegetables than seemed probable in August.
In
1937 farmers received a total of $8,600,000,000 compared with the
with
depression low of $4,328,000,000 in 1932.
Receipts
revised
September
from
cash
marketings
farm
from
of
estimate
$720,000,000
estimates
from
income
of
sales
income
and
for
larger than
revision in
The
marketings was
the movement of wheat and corn into loans.
income from
loans and to correct for
Current
the
the
made to allow for income
8%
October were
September.
in
from
wheat,
loans
from
with
corn,
and
deductions
cotton include both
made for repayment
of loans.
The
8%
for this time of year.
of
in
average
Income from
smaller
than
increase
in
marketings
farm
from
sales of livestock and livestock
the
index
1924-29
After adjustment for usual seasonal change, the
decreased
September to 68% in October.
receipts
seasonal change
October was less than the usual
increase this
September,
for
estimate
the
of
products in October was 1%
whereas
receipts from livestock sales during the
usual seasonal increase in hog
73%
from
there
period.
usually an
Less than the.
is
marketings, together with smaller
marketing
from
cattle, sheep, and lambs largely accounted for the smaller returns
livestock.
October income from crop sales was 16% larger than the
of
mate
for
usually
September,
takes
placfe
but
at
increase
the
this
time.
was
much
Receipts from
esti¬
that which
less than
corn,
Tice, and truck
increased more than seasonally from September to October, but the
in receipts from all other crops were smaller than usual.
Both
cotton and tobacco have moved to market unusually early this year, which
crops
increases
increased
and
the volume of
resulted
in
less
in ^August and September
increase from September to
*
'
sales of these products
than
the
usual seasonal
October.
.
.
a
limit of 3,000,000
barrels during the forthcoming year if the petroleum indus¬
try was to prosper during 1939.
Attention was called to the
that
the accumulations in
make it
lack of any
necessary
sign
stocks during the past
of increased
demand for
to prednction to remain
two
1939
within demand
limits.
"If
Jan.
the
daily
average
throughout for
the country
from
1
does not exceed 3,000,090 barrels (2,500,000 barrels
east of the Rockies) the industry will get
by with a winter
accumulation of about 7,500,000
barrels of motor fuel
stocks, leaving
a
to start the main
backlog of 83,000,000 barrels with which
consuming season on April 1, "The Lamp"
continued.
"This, assuming the producing branch con¬
tinues its fine record of 1938 in reducing waste and
staying
within
the limits of market demand,
should enable the oil
away his aspirin and headache powTders in the
hope of a more generally satisfactory year.
Devotees of the Cubist school will find much to their
man
to put
liking in the picture which the oil industry is just complet¬
ing of operations in 1938.
But to the majority it will appear
a strange mixture of colors
frequently having no apparent
relation
there
to
are
sumption
each
other.
Darker shades predominate, but
unmistakably bright spots.
Increased con¬
of motor fuel, higher exports and reduction in
some
crude stocks contrast with
in
an
unwanted growth of products
over-activity on the part of refiners and a
gradual weakening in product prices which ultimately had
the effect of undermining crude quotations.
storage,
"Let
Improvement in demand for farm products,
22.
purchases of surplus
modities Corporation, is resulting in
together
on
was
years and
October
Products—Limited Refinery Runs
Jersey Standard—3,000,000-Barrel
Suggested—Independent
Group's
Slightly Higher—Crude Oil Production
Temporary Easing of Control—Petroleum
Stocks Increase
fact
legislation.
sugar
Its
by
Figure
Estimate
(well above trade expectations and fully 300,000 tons above expected
—erasing the gains of the previous five months—and
and
Daily
duty on
hundred pounds.
per
3979
Advocated
Finally in November,
75c.
to
Dec. 3, of
on
Petroleum
quota reduction equal to the amount
a
filling their allotment.
the slow, gradual rise in price became faster on the news that the
Cuban
reallo¬
Chronicle
us see
continued.
how the picture looks at close range," the article
"All
figures are estimated as of the end of the
Despite the downward sweep of the business curve
during a good part of the year, indications are that the total
demand for all oils in 1938 will slip back little from last
year's all-time record consumption of 1,340,000,000 barrels.
Estimates place the 1938 domestic and export demand for
crude and products at 1,320,000,000 barrels, a decline of
1.4%.
t. "Getting down into the list of individual items, we find
a wide
disparity. Motor fuel, the industry's number one
product, showed a gain over the previous year due to in¬
creased demands from abroad, though domestic
consump¬
tion remained steady. The total will be about
566,400,000
barrels, an increase of 1.7%. The biggest slump came in
fuel oil consumption—always a barometer for
general in¬
dustrial activity.
Domestic and export demand for these
oils is expected to total 307,000,000 barrels, a loss of
10.4%
frqm the preceding year. Gas oil and distillate rallied from
an unfavorable first half and are
expected to finish out the
year with a consumption of 147,800,000 barrels.
"Faced with excessive stocks on its shelves, the
producing
branch of the industry cut its output to an estimated
daily
average 3,320,000 barrels, 5.3% below last year.
This com¬
pares with a 17% increase in crude produced during 1937
over the previous 12 months.
Drilling, too, was curtailed,
only 26,000 wells being put down this year, a reduction of
16.4%.".
The Lamp's" survey took a sharp slap at the
refining branch
of the industry, pointing out that "as in 1937, refineries
ran through most of the year with little regard to the threat¬
year.
,
''
j.
.
by Production Credit
in 1938 Increased by $16,000,000 Over
Loans
to
Farmers
Associations
1937, Reports
FCA
cooperative production credit system for agriculture
established in 1933, continued its fifth consecutive year of
The
according to figures released today
the Farm Credit Ad¬
ministration.
The 535 production credit associations which
serve every agricultural county in the country,
made"ap¬
growth
(Dec.
during 1938,
31) by F. F. Hill, Governor of
proximately 240,000 loans during 1938 for $300,000,000, an
amount about $15,000,000 larger than the 1937 total, ac¬
cording to an announcement by the FCA, which further
stated:
Interest on these short-term loans
These associations have 263.000
in voting stock in
their associations.
most of them former borrowers,
remained at 5% throughout the year.
members who have invested $14,000,000
More than 20,000 additional persons,
hold non-voting stock amounting to
$300,-
of $11,000,000 have
been set up by the associations as a protection to the investment of mem¬
bers in the associations.
Losses and expected losses on the billion dollars
loaned since 1933, however, amount to less than one-half of 1% of the total
000.
Governor Hill pointed out that reserves in excess
loaned.
Farmers and stockmen used
the Governor said.
their loans for a wide variety
machinery, farm supplies, livestock,
marketing of crops and livestock.
financed
are
of purposes,
These included the purchase of seed, feed,
fertilizer,
the hiring of labor and financing the
Loans are repaid when the products
stockholders reached 142,000 in
Meetings for 1939 begin Jan. 3.
Significant milestones reached during the year, as pointed out by Governor
Hill, included the making of the millionth loan in July, by the Peru, Ind.
1938, the year-end figures showed.
production credit association, and the loaning of the billionth
established. The billionth dollar was included
member of the Woodland association of Yolo County, Calif.
the system was
a
000 barrels
during the current year do not appear so bad.
Indeed, they represent a reduction of nearly 2%. But 1937
itself showed an increase in refinery output of 11% and a
boost in motor fuel stocks of 14,200,000 barrels.
The gain
in product storage during the current year of 28,000,000
barrels tells its
own
story.
"The stock
picture is a scrambled one. On the crude tank
farms, the industry did a good job.
Crude petroleum in
storage was 36,000,000 barrels lower than in 1937, which
not only wiped out the surplus stored in that year but re¬
duced burdensome stocks almost as much again.
In spite of
sustained demand and lower refinery throughputs toward
the close of the year, finished motor fuel stocks were in¬
creased by about 1,000,000 barrels.
Slight as it was, this
further upset the product market, for in 1937 the industry
had added 14,200,000 barrels of gasoline to storage and this
excessive accumulation had
the inevitable
undermining
effect.
Residual fuel oils accumulated more rapidly than any
other product, some 20,300,000 barrels being added to the
heavy quantity already held in the industry's heavy fuel
tanks.
This follows an increase of 10,700,000 barrels last
year.
Most of the additional supply came from the West
Coast.
sold.
Attendance at the annual meetings of
ened accumulation of stocks behind them.
Rated strictly
on the 1937 average, the daily average runs to stills of
3,200,-
dollar since
in a-loan to
"The spectre of war which has hung over a worried world
during the past few years reached alarming proportions in
1938, and sent nations scurrying to fill their oil tanks against
the possibility of national emergency. On top of a one-third
increase in exports of crude and products during 1937, the
current year indicates a further increased demand from
3980
Financial
Chronicle
production of crude oil totaling 3,250,000 barrels.
The state¬
ment, however, warned against building up of gasoline in¬
ventories too highly and recommended refinery operations
be curtailed.
Due to the temporary suspension of the week-end ban on
#
.
production in Texas
the Christmas week-end, the
over
crude oil production total shot up
173,400 barrels during the week ended Dec. 24, according
to the mid-week report of the American
Petroleum In¬
stitute.
This was 145,000 barrels above the December
Nation's daily average
market estimate demand of the Bureau of Mines of 3,305,800
1938
31,
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
abroad
of 11.5%.
Exports of crude and products will
probably total 192,300,000 barrels for the year. The manner
injwbich this figure is divided gives an interesting reflection
of developments abroad,
"Crude oil, surprisingly enough, leads the list, an out¬
growth of the tendency among foreign countries to develop
their own refining industries.
Next in volume, as might be
expected, comes motor fuel, with an advance of nearly onefourth over the quantity exported in 1937; which in turn, was
one-third again as large as in the previous year.
Gas oil
and distillate will show a slight loss after a 48% increase in
1937, which reflected the need of nations abroad for cracking
stocks to make high octane gasoline, as well as the growing
use of the Diesel engine."
A slightly more optimistic viewpoint was taken by the
statisticians of the Independent Petroleum Association of
America who held that there were encouraging signs pointing
to increased demand for petroleum quarters during the first
quarter of the new year and,held necessary daily average
Dec.
New York—
{North Texas-
INew Orleans .$.05 #-.05#
I Tulsa
0334-.04
$.04
$.04# i Los Angeles..
(Bayonne).
.0334- 05
Fuel Oil, F.O.B. Refinery or Terminal'
N. Y. (Bayonne)—
{California 24 plus D
| New Orleans C
$1.00-1.25 Phila., BunkerC
$0.95|
Bunker C
1.75?
Diesel--.-
$0.90
0.95
»
Gas Oil, F.O.B. Refinery or Terminal
(Bayonne)—
{Chicago—
**...$.04# I
28-30 D-*—..$.053
N. Y.
|Tulsa—
$.0234-.03
I
27 plus*
Gasoline, Service Station, Tax Included
$.195 j
New York
Brooklyn.
v
—
Newark—
.1951 Boston
$.17
$.159{Buffalo
.1851 Philadelphia
*
.17
Not including 2% city sales tax.
Daily
Crude Oil Production During Week
1938, Placedjat 3,449,700 Barrels
Average
Ended Dec. 24,
The
American
PetroleumJInstitute estimates that the
crude oil production for the week ended
This was a gain of
173,400 barrels from the output of the previous week, and the
current week's figure was above the 3,305,800 barrels cal¬
culated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during December.
Daily average produc¬
daily
average gross
Dec. 24, 1938, was 3,449,700 barrels.
tion for the four weeks ended Dec. 24, 1938, is
estimated
3,298,700 barrels.
The daily average output for the week
ended Dec. 25, 1937, totaled 3,492,600 barrels.
Further
details, as reported by the Institute, follow:
at
Import* of petroleum for domestic use and receipts in bond at principal
United States ports for the week ended Dec. 24, totaled 1,264.000 barrels,
a
daily average of 180,571 barrels, compared with
a
dally average of 183,286
barrels, the first time in months that production had ex¬
ceeded the market estimates of the Federal agency.
barrels for the week ended Dec. 17 and 164,143 barrels daily for the four
to be expected, led in upturned production,
the total in the Lone Star State gaining 194,050 barrels
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended Dec. 24 totaled 242,000 barrels, a daily average of 34,571 barrels,
Texas,
as was
during the period to reach a daily average of 1,460,200
barrels.
Louisiana was up 2,750 barrels to 262,150 and
Kansas gained 3,500 to a daily average of 157,300 barrels.
Oklahoma was off 18,550 barrels to 423,850 barrels while
California production dipped 12,700 barrels to 658,200
weeks ended Dec. 24.
*
compared with 13,929 barrels daily for the four weeks ended Dec. 24.
Reports received from refining companies owning 85.6% of the 4.211,000.
barrel estimated daily potential refining capacity of the United
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines*
basis, 3.105,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 69,959,000 barrels of finished and un¬
barrels*
Stocks
of domestic and foreign crude oil held in the
United States on Dec. 17 were up 422,000 barrels from the
previous week to 269,931,000 barrels, the Bureau of Mines
reported. Domestic stocks were up 239,000 barrels, and
foreign inventories up 183,000 barrels.
There were no crude oil price changes.
finished
gasoline; 29,908,000 barrels
of gas and distillate fuel oil, and
116347.000 barrels of heavy fuel oils.
Total gasoline production by companies owning 84.6%
of the total daily
refinery capacity of the country amounted to 9,330,000 barrels.
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL, WEEK ENDED DEC. 24. 1938
(Figures in thousands of barrels of 42 gallons each)
'
Prices of Typical Crude* per Barrel at Well*
---*1.80
Lime (Ohio Oil Co,)..,---.-1.25
Corning, Pa---.97
Illinois.
1.25
Western Kentucky.-1.20
Mid-Cont't., Okla., 40 and above-- 1.02
Bodessa, Ark., 40 and above——. 1.25
-
.
--
.75
Smackover, Ark., 24 and over
Eldorado, Ark., 40
Rusk, Texas, 40 and
over——*,
Darst Creek
.......
.
..
£9 and over.
Petrol la. Canada
.*
.
.
.
....
..
Finished
Stocks
1.09
tial
Rate
Total
Fuel
P. C.
Oper¬
At Re-
Terms,
Nap'fha
age
Reporting
ated
fineries
Ac.
Distil.
P. C,
Oil
1.24
1.25
2.15
KET—REFINERY RATES OFF, HOLDING DOWN GASOLINE
615 100.0
615
East Coast-
450
73.2
4,533
149
128
85.9
106
82.8
990
574
514
89.5
423
82.3
5,221
11,355
1,602
4,994
419
Appalachian
Ind., HI.. Ky
Okla., Kan.,
,
The cold weather which developed over most
Gas
and
Daily
Aver¬
Poten¬
1.22
Unfln'd
in
District
7.82
342
81.6
3,576
2,435
1,178
13,297
234
752
530
,7.742
of the Nation
during the week just closed brought about a quick response
in the home heating fuel market and as consumption spurted,
showed a corresponding strengthening.
firm in holding at the recent advanced prices in
the price structure
243
71.1
Inland Texas
—SHARP SLUMP IN GAS AND FUEL OIL INVENTORIES
are
Unfinished Gasoline
of
1.02
REFINED PRODUCTS—COLD SPELL AIDS HEATING OIL MAR¬
^Sellers
to Stills
.11.05
Michigan crude
■*.
Sunburst, Mont-.-.-Huntington, Calif., 30 and over..
Kettleman Hills,
Crude Runs
Dally Refining
Capacity
(AU gravities where A. P. I. degrees are not shown)
Bradford, Pa
Stocks of Finished and
316
159
50.3
109
68.6
1,301
92
268
2.003
Texas GulfLa. Gulf
943
838
88.9
745
88.9
7,751
278
1,569
149
145
97.3
130
89.7
1,159
513
356
12,162
2,418
Mo
55
65.0
295
4,513
39
70.9
142
63
Rooky Mtn.
118
64
54.2
33
61.6
1,135
80
660
California—.
828
745
90.0
478
64.2
1O;50O
2*104
1,238
98,905
3,605
85.6
2,756
76.4
100
No. La .-Ark.
267
953
36,433
23,515
606
349
3,400
690
5,811 143,405
110
3,350
4,211
4,211
3,105
3,245
39,833
39,403
24,205
24,397
5,921 146,755
5,835 148,573
y3,173
Reported*..
Est. unrptd.
44,872
23,628
7,053 118,148
the New York market and more
optimistic observers expect
that continued cold weather will bring further increases in
prices.
*
The sharpest feontraction in refinery operations this year—
4 points—was responsible for bringing down daily average
runs of crude to stills 140,000 barrels to a total of only 3,105,000 barrels with refineries running at 76.4% of capacity,
the
American Petroleum Institute report disclosed on
Wednesday.
'
Gasoline stocks also were added, a less-than-seasonal in¬
crease of 324,000 barrels during the Deo. 24 period lifting the
total to 69,959,000 barrels of finished and unfinished motor
fuel.
Refinery stocks were up 430,000 barrels but this was
offset in part by a decline of 192,000 barrels in holdings at
bulk terminals.
Stocks of unfinished motor fuel
86,000 barrels. Gasoline production
to 9,330,000 barrels.
<
Another factor that
played
an
was
were
xEst.tot.U.S.
4,211
4,211
Deo.17,'38.
Dec. 10,
*38
U.S. B.of M.
xDec. 17/37
x
Estimated Bureau of Mines' basis,
December, 1937 dally average.
DAILY AVERAGE CRUDE OIL PRODUCTION
(Figures In Barrels)
a
Four
B.of M.
Calcu¬
State
Week
lated
AUowable
Ended
Require¬
Dec. 1
Dec. 24,
1938
ments
.
Weeks
Change
from
Previous
Week
Ended
Dec. 24,
1938
Dec. 25,
1937
Oklahoma
T-r,,~
500,700
159,000
r
428,000
163,400
Panluuidle Texas
423,850 —18.550
+3.500
157,000
427,400
151,650
North Texas.—.*.
important part in strength¬
ening the fuel oil market was the quick response of storage
figures to the bullish turn in weather. Holdings of gas and
fuel oils showed their sharpest decline in months during the
Dee. 24 week, easing off 1,818,000 barrels to 146,755,000
Week
Ended
{Dec.)
up
off 486,000 barrels
y
66,100
81,100
+6.050
+4.700
West Central Texas-
31,750
+ 1,550,
76,300
30,600
229,700 +29.750
103,350 + 15,300
446,050 +74,450
271,500 +44,750
230,650 + 17,500
390,050
237,650
217,050
•
West Texas
East Central Texas.
—
East Texas
*
'
\
.
-
Southwest Texas.....
Coastal Texas........
.
63,850
208,750
92,700
550,300
182,200
72,650
73,150
32,800
192,400
93,650
489,450
249,600
191,400
Total Texas.*.....* 1,343,900 W724.020 1,460,200 +194050 1,316,950 1,395,000
barrels.
With the year near its end, the trade paid especial attention
to the Dec. 24 gasoline storage figures which were the best
yet in 1938 as far as comparison to last year's corresponding
date was concerned.
The stocks on Dec. 24 were more than
5,500,000 barrels under the total reported for the correspond¬
ing 1937 period*
The price structure showed little alteration.
Quotations
on fuel oils and heating oils strengthened, but there was no
general price advance. Motor fuel prices held steady for
the most part.
,
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B, Refinery
New York—
New YorkStand. Oil N. J~$.07#
Other Cities—
Texas-
.07 H
Tide Water Oil Co .08 H
Richfield OlKCal.) .07H
Warner-Qulnlan.
.07 H
Gulf
Socony-Vacuum..
Shell Eastern
Chicago
New
Orleans.
Gulf ports-—
Tulsa—
$.05
Coastal Louisiana.
69,650
192,500
...
Total Louisiana
81,500
170,850
248,000
247.580
262,150
+2,750
260,400
252,350
51,600
d52,000
Eastern.............
169,000
—700
49,950
224,900 + 10,300
49,700
212,050
45,300
136,100
51,200
49,500
Michigan......
Wynnfttng
*.*.*-
.... .
Montana............
Colorado............
New Mexico..*...*..
51,000
76,100
12,600
3,900
100,300
48,750
95,285
Total east of Calif.. 2,716,100
California
.rr*-r
589,700
C615.000
—900
50,250
49,900
Total United States. 3,305,800
.0534
.04#-.04#
72,000
188,400
Arkansas............
-.05#
.06 #-.07
+2,800
—5,000
12,450
3,750
98,600
+ 100
—50
53,600
12,400
3,750
+600
100,700
13,550
4,450
107,750
2,791,500 +186100 2,638,850 2,787,700
658,200 —12,700
659.850
704,900
3,449,700 +173400 3,298,700 3,492,600
Note—The figures Indicated above do not Include any estimate of any oQ which
might have been surreptitiously produced.
a
These
are
Bureau of Mines
calculations of the requirements of domestic crude
oil based upon certain premises, outlined in its detailed forecast for the month of
.
$.0734
.08 H
.07H
North Louisiana
l
Volume
December.
Financial
147
Chronicle
As requirements may be supplied either from stocks, or from new pro¬
7.1%.
duction, contemplated withdrawals from crude oil Inventories must be deducted
heating and refrigeration, &c.,
from the Bureau's estimated
requirements to determine the amount of new crude
to be produced.
b Base allowable effective Dec. 12. With the
exception of
Saturday, Dec. 17
shut¬
are ordered for all Saturdays and
Sundays during December. Calculated net
basic seven-day allowable for week ended Saturday morning, Dec.
10, approximately
1,482,000 barrels daily,
cooking, water
$39,532,700 for October,
were
a
year
ago,
month
December allowable Is not yet available.
of
the
preceding
and commercial
sales
Revenues
year.
of manufactured
Revenues from domestic
uses
were
from
industrial
declined 1.5%.
0.8% more than for the
gas
corresponding period of 1937.
Weekly Coal Production Statistics
The natural gas utilities reported revenues of
The National Bituminous Coal Commission in its current
for the month,
weekly coal statement said that the total production of
soft coal for the country in the week ended Dec. 17 is esti¬
mated at 8,110,000 net tons.
This is in comparison with
8,188,000 tons in the preceding week, and 9,210,000 tons in
the corresponding week of 1937.
The United States Bureau of Mines in its weekly coal
report stated that the total production of anthracite in
Pennsylvania during the week ended Dec. 17 is estimated
at 943,000 tons, or 157,200 tons per working day.
Com¬
pared with the week of Dec. 10 there was a decrease of
30,000tons or 3%
Production in the corresponding week
$28,928,800
6.7% less than for October, 1937.
Rev¬
or
from sales of natural gas for industrial
purposes de¬
enues
creased
11.1%, while the decrease in
domestic
purposes
from sales for
revenue
4%.
was
World Silver Production
The American Bureau of Metal Statistics
recently released
the following tabulation of estimated silver
production
throughout the world in thousands of fine
ounces:
Jan.-
.
of
1937 amounted
estimated
to
united
of
soft
coal,
July
Aug.
Sept.
Oct.
Oct.
Oct.
1938
production
1938
1938
1938
1938
1937
1938
with
United
COMPARABLE DATA ON PRODUCTION OF CRUDE PETROLEUM
States
4,679
2,112
5,596
2,528
9,019
9,224
1,300
1,900
1,775
1,875
1,400
1,450
1,450
1,675
1,700
1,700
1,450
1,700
1,800
1,425
1,725
771
861
852
902
764
72,646
14,295
16,725
16,135
7,785
590
Mexico
...
500
500
400
350
4,105
Peru
Other
Calendar Year to Dale e
Week Ended
1938
1938
1938d
1937
c
America
Europe
Australia, refined
17 Dec. 10 Dec. 18
New
Bilumlnoue Coal
Zealand
Japan b
a—
8,110
1,352
8,188
1,365
5,198
of
5,494 265,024 279,615 220,288
PENNSYLVANIA
OF
a
7,645
4,690
845
875
875
8,338
8,425
490
490
485
5,180
4,955
275
265
250
250
3,075
2,785
95
94
94
96
95
912
946
210
210
200
200
2,537
2,230
85
85
90
95
95
680
830
24,071
25,619
14,073
Not yet reported.
000
15,052
16,395
227,337
15,905 154,691 149,410
15,608
The production of Mexico for Jan.-Aug., 1938,
b Owing to governmental Interdiction,
oz.
.
64,668,-
was
the accounting for Japan is now
necessarily on the assumption that it 1r being maintained about at prior rate.
AND
ANTHRACITE
16,680
210
Total ex-Mexico
revision, e Sum of 50 full weeks ended Dec. 17,
50 weeks in 1937 and 1929.
PRODUCTION
14.365
845
.
Congo
Total
d Total for 1938 is subject to current
ESTIMATED
15,756
22,490
Belgian
lignite,
corresponding
18,870
325
South Africa
semi-anthracite, and anthracite outside of Pennsylvania*
b Total barrels produced during the week converted to equivalent coal assuming
6,000,000 B. t. u. per barrel of oil and 13,100 B. t. u. per pound of coal, c Revised,
1938, and
51,233
17,984
a
490
Other Africa
production
56,940
2,400
495
...i
Other Asia
Crude Petroleum b—
Coal equivalent of weekly output.
5,441
845
Burma, refined.
9,210 325,479 428,687 513,415
1,737
1,535
1,104
1,454
5,248
Total, including mine fuel
Dally fl.vprn.gp
5,073
2,202
Other Australia and
1929
1937
4,530
1,603
8,417
Canada
(In Thousands of Net Tons)
Dec.
Jan.-
June
1,216,000 tons.
states
decrease
a
The manufactured gas industry
reported revenues of $30,833,900 for the month, an increase of 0.2% from the same
Recommendations of Central Committee of California Oil Producers,
d This Is the November allowable.
such as
uses
1938, as compared with $39,996,400
of 1.2%.
downs
c
3981
Revenues from domestic
BEEHIVE COKE
(In Net Tons)
Gold,
Dec. 17 Dec.
1938
1937
1929
c
Including col¬
liery fuel .a
943,000 973,000 1,216,000 43.036,000 49.688,000 70,895.000
147,100
202,700
242,400
Dally average
157,200 162,200
169,900
Commercial product _b 896,000 924,000 1,155,000 40,928,000 47,204,000 65,791,000
-
2,833
3,067
Dally average
a
32,000
5,333
Includes washery and dredge coal,
operations, b Excludes colliery fuel,
fo working days in the three years.
ESTIMATED WEEKLY
831,800
2,773
the
$338,209,
report.
and coal shipped by truck from authorized
c Adjusted to make comparable the number
.
-
Non-Ferrous
PRODUCTION OF COAL, BY STATES
Metals—Lead
Volume^—Zinc Sales
receipt of monthly tonnage reports from district
with
10
Dec. 3
1938P
Dec.
11 Dec.
12
Dec. 7
Avge.
1929
1936
1937r
1923e
s
s
at
2,000
2,000
3,000
2,000
267
Alaska...
260
308
297
Alabama
427
65
90
111
107
172
203
209
1
1
1
1
1,032
1,045
1,514
1,460
1,744
Illinois
396
517
476
474
514
Indiana
83
160
253
299
90
96
106
106
116
147
139
207
190
188
655
757
904
917
982
200
319
258
368
205
33
32
37
41
62
36
Iowa—
Western
Maryland
virtually at
a
24
19
21
86
74
78
82
64
on
32
34
42
61
56
North and South Dakota
65
77
70
67
s59
827
Ohio
453
614
634
593
1,885
2,121
2,697
2,796
2,818
93
82
137
125
113
103
452
•«
.
18
Utah
96
17
19
100
Texas
<
18
*
18
143
314
290
290
260
45
38
44
60
1,588
1,705
2,040
2,041
1,132
566
590
714
670
716
144
149
153
156
173
2
1
2
85
s5
8,188
8,615
10,304
11,040
11,942
9,900
973
Total bituminous coal
1,188
1,130
1,212
1,852
1,806
Pennsylvania anthracite.d
a
9,161
9,803
11,434
12,252
13,794
11,706
Includes operations on the N. & W., C. & O., Virginian, K. & M., B. C. & G»
and on the B. A O. in Kanawha, Mason, and Clay counties,
published records of the Bureau of Mines, e Average weekly rate for entire month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina, and South Dakota
Summary
of
Gas
* Less than 1,000 tons.
Company Statistics
October, 1938
The American Gas Association
for
Month
reported that*revenues of
from industrial and commercial users fell from $21,-
773,100
a year ago
to $20,230,000 in October, 1938, a loss of
early
in
the
domestic
12,354 tons.
and
new
copper
market
was
Producers continue to quote
in
the industry believe this
year,' but it must be supported with
many
first
the
quarter
they shipped
report
tons
to be
maintained at
products
that
during November
September.
in
has been
quiet, with prices steady.
during November totaled 27,694 short tons against 33,427 tons
October, according to the Department of Commerce.
Exports for the
in
■
January-November period totaled 333,035 tons.
Exclusive of copper contained in ore, Germany imported 194,069 metric
metal
the
tons of
in
tons
in
the
January-September
tons,
were
as
the first nine months of
1938,
which compares with
last year.
Imports of copper in the
1937 and 1938, by countries, in metric
period
same
of
periods
follows:
Jan .-Sept.—
—Jan.-Sept.—
1937
From—
From—
1938
3,904
United Kingdom....—
1,763
Yugoslavia
8,897
Sweden
3,370
Rhodesia
38,302
Belgian Congo
23,022
4,213
Belgium
382
1937
1938
United States
18,640
Canada
4,486
14,431
11,913
40,993
9,515
29,527
11,113
....128,728
194,069
5,915
Chile
5,604
Elsewhere
56,744
30,063
Totals
Lead
of
manufactured and natural gas utilities amounted to $59,762,700 in October, 1938, as compared with $61,769,500 for
the corresponding month of 1937, a decrease of 3.2%.
Revepues
date
Valley,
into the
over
b Rest of State, Includ"
lng the Panhandle District and Grant, Mineral, and Tucker counties,
c Arizona,
California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania anthracite from
Included with "other Western States."
^4c.,
in
total of 52,700 tons of copper, against 65,700 tons in October
a
54,000
128,728
Total, all coal
one-half
Exports of refined copper from the United States (foreign and domestic
-
*
carry
11
Copper fabricators
metal)
692
141
Northern, b
Wyoming
Other Western States_c
of
Business abroad
57
1,482
and
193
37
raised
Sales for the period totaled 1,632 tons, making
standstill.
business
containing
100
260
Virginia
Washington
West Virginia—Southern.a
level.
21
93
91
will
improved
599
1,852
-
Pennsylvania bituminous
Tennessee
basis
the
price
business
week
the month to
the total for
75
19
was
Copper
31
12
continued inactive,
publication further stated:
During the holiday
Montana
9
Antimony
prices.
higher
The
New Mexico
Michigan
copper
a
down.
584
186
Domestic
spread
159
Kentucky—Eastern
volume.
wide
121
Kansas and Missouri
Good
production to 38.8% of capacity carried little weight, the
reduced activity resulting entirely from the holiday shut¬
8
s
in
pound on Dec. 28 by the leading domestic producer.
Quicksilver was firm but unchanged.
The decline in steel
1,535
373
Colorado..
fair
the
slightly
cent
349
156
Arkansas and Oklahoma........
Georgia and North Carolina
Again
between the foreign and domestic
quotations tending to shake the confidence of buyers.
Lon¬
don copper prices were steady.
Tin sold in a moderate way
Dec.
1938p
in
sold
Week Ended
Dec.
Business
Improve—Copper Quiet
"Metal and Mineral Markets," in its issue of Dec. 29,
reported that despite the holiday week both lead and ziiic
(The current weekly estimates are based on railroad carloadings and river ship"
and State sources or of final annual returns from the operators.)
State
during
The
(In Thousands of Net Tons)
ments and are subject to revision on
Philippine
production of copper totaled 2,680,656
gold was valued at $15,087,002; silver at
and copper at $15,656,280, according to the
pounds.
6.290.300
20,968
3,096,700
10,322
while
ounces
Beehive Coke—
18,400
of
1938
the first six months of 1938 totaled 436,754 ounces, accord¬
ing to a report to the Department of Commerce from the
office of the American Commercial Attache at
Manila,
made public Dec. 21. Silver production amounted to 531,336
c
Penn. Anthracite—
17,000
Copper Production
During First Half of
The production of gold in the Philippine Islands
1938
1937
Total,
United States total...
and
Islands
Dec. 18
10
1938
Silver
Calendar Year to Dale
Week Ended
The
week's
business
in
lead,
excluding contract
commitments,
was
in
good volume considering the heavy tonnage booked in the preceding seven-
day
period,
and
the
week amounted to
total
for
the week,
market continued on
6,111 tons.
a
firm
basis.
Sales for the
A little December lead was included in the
though most of the business called for January metal.
Buying, as in recent weeks, was well diversified.
Producers believe that
consumers for January are between 55% and 60% covered,
the needs of,
so
that
a
fair amount of
buying remains in sight for that position.
3982
Chronicle
Financial
settling basis
St.
Louis.
the
of
St
Smelting
American
Refining
&
Joseph Lead Co. reported business
delivery in the East at
Co.,
in
its
was
76.5%
75.2%
was
and in 1936
of total steel
73.3%
,
.
Following its absorption of Austria, Germany consolidated its position
brands for
as
by far the largest steel producer in Europe.
premium.
a
In 1937 the proportion
output.
and at 4.70c.,
own
Dec. 31. 1938
4>
1938, tonnage of pig iron produced in the world
Quotations continued at 4.85c., New York, which was also the contract
Zinc
London
The
showed
little
a
Louis,
for
The State
effect
Department went
the
that
protection"
reduction
record
on
the
in
duty
The
common
good total
a
when there will be
tin
moderate amount of trading in
a
was
no
holiday shutdown."
next week
The "Iron Age"
further reported:
Tin
There
A rebound to about 50 % is indicated for
capacity.
zinc still left "substantial
on
buying
by the holiday shutdown of all plants, ingot
production this week will not exceed 40% of the industry's
statement to
a
Age" in its issue of Dec. 29, reported that
and affected
unchanged.
was
Operations Drop to 40% in Holiday Week
"Iron
"under the influence of year-end cautiousness in steel
the basis of 4.50c.,
on
market
27 with
ore
Dec.
on
com¬
producers.
domestic
for
The Joplin
Western.
Prime
2,985 tons,
Quotations continued
holiday period.
Steel
Sales of the
Shipments of the
for the week amounted to
consumers
in view of the
the
buying interest in the domestic product.
more
1,896 tons in the preceding week.
with
grades to
St.
steady during the last week, and galvanizers
grades for the week ended Dec. 24 totaled 5,369 tons, which
common
pares
ruled
market
on
of business
the trend
While
Tuesday and yester¬
and
operations is expected to
during at least the first few months of the
London quotations averaged a little
higher than in the preceding week, with sentiment abroad more favorable
on
encouraging reports from this country on the outlook for business in
the tin-plate industry.
With the passing of the holiday period the rate of
operations in the domestic tin-plate industry is expected to move above
January, when automobile companies probably will
40%
be upward
be
day, and prices ruled steady to firm.
Chinese tin,
99%,
Dec.
nominally
was
44.850c.;
24,
will not be in evidence until the latter part of
increase in
with larger
("E. & M. J." QUOTATIONS)
DAILY PRICES OF METALS
tin plate requirements.
Straits
Lead
Tin
If automobile production during the
St. Louis
4.85
4.70
4.50
4.85
4.70
4.85
4.70
4.50
4.85
4.70
4.50
46.250
Dec.
23
11.025
10.025
46.350
Dec.
24
11.025
10.025
46.350
The
St. Louis
New York
10.025
11.025
46.350
10.075
Average
10.075
46.500
4.85
4.70
46.360
4.85
4.70
4.50
With
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 pou nd,
Copper, lead and zIdc quotations are based on sales for both prompt and future
deliveries: tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination, the
are net prices at refineries on the Atlantic seaboard.
Delivered
prices in New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard.
On foreign business In copper sellers usually name a c.i.f. price—Ham¬
burg. Havre, and Liverpool.
The c.l.f. basis commands a premium of 0.325c. per
figures shown above
pound above f.o.b. refinery quotation.
Copper
Lead
Tin, Std.
Dec.
23
(Bid)
Spot
44%
49%
214%
43»j.
_
3M
Zinc
44 %
49 %
215
Spot
3M
215%
15li»
216%
16%
Dec. 26
Spot
3M
15%
Uht
14»u
155i»
13"ie
14
HOLI DAY
441u
445i«
higher during
or
a
proposals
mean
for
railroad
much to both steel
Railroad managements admit the need of
and 2,000 locomotives annually for at least the next five years
large-scale railroad
as
buying,
other
the
major
outlook for
consuming
1939
channels,
would
be
ma¬
including auto¬
manufacture, promise to take substantially
can
larger tonnages than in 1938.
This week's
contains
few suggestions of probable railroad needs.
The Santa Fe has authorized the purchase of 30 Diesel-electric locomotives
at
news
cost of about
a
court
permission
a
$2,250,000 and the St. Louis-Southwestern has received
to
expend
$1,668,356 for
various
Pittsburgh & West Virginia RR. has asked for
Corporation loan of $1,500,000
to
or guarantee
improvements.
The
Reconstruction Finance
an
of equipment trust certificates
purchase 600 steel hopper and 100 steel box
steel.
cars
requiring 6,500 tons
A few minor rail and accessory orders have been
placed,
of
including
3,500 tons for the Illinois Central and 2,824 tons for the Central of Georgia.
Construction steel awards and inquiries have been conspicuous in a week
of
comparatively light buying in other lines.
Structural steel awards
were
-
an
49%
Agitation over steel mill wages has again reared its head, this time at the
plant of the McKeesport Tin Plate Co., McKeesport, Pa., where the man¬
agement
HOLI DAY
Dec. 27
Dec. 28
the
of November.
3M
43 %
22
in
example of the December decline in general steel buying Chicago
mills report that orders this month are running from 10 to
25% behind those
Electro
Dec.
cars
mobiles, construction and
As
Spot
keenly interested
nearly 41,000 tons.
DAILY LONDON PRICES
Copper, Std.
is
reasonable solution of their problems can be found.
a
terially improved,
Average prices for calendar week ended Dec. 24 are: Domestic copper f.o.b*
refinery, 11.025c.; export copper, 10.038c.; Straits tin, 46.158c.; New York lead*
4.850c.; St. Louis lead, 4.700c.: St. Louis zinc, 4.500o.; and sliver, 42.750c.
The above quotations are "M. & M. M.'s"
11993347867
if
4.50
10.045
industry
mills and equipment builders.
100,000
11.025
_.
steel
labor, which if carried out constructively would
4.50
11.025
Dec. 28
of miscellaneous consumers,
rehabilitation made by the special committee of railroad managements and
HOLI DAY
Dec. 26
11.025
group
should be sufficient to support ingot production at 60%
Zinc
considerable part of the first quarto*.
New York
Dom.,Refy. Exp., Refy.
27
year will
comes up to expectations, the needs of this
industry, together
rollings of steel for construction, the railroads, the can manu¬
facturing and the increasingly important
Electrolytic Copper
Dec.
new
winter months
28, 45.000c.
Dec. 22
come into the market
fairly well supported by recent orders for structural steel, reinforcing
bars, rails and track accessories, material for railroad cars and an expected
Dec. 22, 44.750c.; Dec. 23,
holiday; Dec. 27, 44.850c.;
26,
the general belief is
Meanwhile, steel production in the first few weeks of the
follows:
as
Dec.
year,
again for large tonnages.
of capacity.
44,850c.;
Dec.
that strong improvement
new
15
14%
215% i 216%
13",8
13»i«
Prices for lead and zinc are the official buyer's prices for the first session of the
London Metal Exchange: prices for copper and tin are the official closing buyers*
prices.
All are in pounds sterling per long ton (2.240 lb.).
has
invoked
the
20-day clause in
its
contract
with
the
Steel
Workers' Organizing Committee and has suggested wage reductions
ranging
6 to 16% .
The question is still under
from
poor tin
negotiation, but meanwhile
plate business has recently forced the company to lay off about
800 of its 3,000 employees.
This action follows the recent agreement of employees of the Follansbee
Co. to accept wage reductions.
Whether the movement will
Brothers
spread to other small
World Steel Output Drops
or non-integrated sheet and tin plate makers who have
been caught between low prices for their
products and high wage scales, is
19.6% in 1938
not
World production of steel ingots and castings for 1938 was
107,523,000
gross tons,
19.5% less than the output of 133,-
616,000 tons for 1937, the magazine "Steel" announced
on
Dec. 29.
For pig iron and ferro alloys, estimated output is
80,802,000 tons, compared with 102,046,000 tons in 1937, a
drop of 20.8%.
Output of both steel and pig iron in 1938
was lower than in 1936, but
higher than in any intervening
year between 1929 and 1936.
*
The magazine pointed out that lack of trade
preparations caused
last
the recession
and that lack of trade
year,
in
was
world
as
and
than Impending war
steel
output
in the
mainly due to absence of confidence
in the growing menace of war and to political
such countries
more
iron
and
social
disturbances
in
the United States and France.
In consequence of frontier modifications, as between
Germany, Czecho¬
slovakia and
Poland, and of the absorption of Austria by Germany, con¬
siderable changes took place in the productive capacities of those countries.
The decline in American production between 1937 and 1938, the
survey
points out, is the largest of
and
any country.
pig iron output 47.5%
from the
United States share of world steel
with
38.6%
Steel output here was off 43.5%
preceding year.
production
was
in 1937, and pig-iron output 24.2%
,
As
result, the
a
only 27.1%
,
against 35.4%
compared
for 1937.
World production of steel ingots and castings for the
leading countries
are shown in the following table:
„
yet indicated.
-
,
An official statement of the Steel Workers' Organizing Committee says
that 565 contracts have
and
allied fabricators.
were
signed for
at the request
been
now
Of these
by
bility of general
some
132 expire on
miscellaneous dates,
238
and 132 have clauses providing for reopening
a year or more
of either party.
contracts held
signed with iron and steel companies
This "escape" clause, which is
feature of
a
of the larger steel companies, precludes the possi¬
wage negotiations in
February,
as
the original contracts
provided.
Scrap prices
ened
are
or more
100,000 tons, all
The
unchanged, but the market has probably been strength¬
by large purchases for export.
for 100,000 tons
"Iron
at
and the
prices that
Japan has begun the placing of orders
European
Age" scrap composite
cartel has bought about
scrap
in line with present market conditions.
are
price remains at last
week's
figure of
$14.92.
THE "IRON
AGE*'
COMPOSITE PRICES
Finished
Dec.
27, 1938, 2.286c.
a Lb.
Steel
Based on steel
One week ago
2.286c.
bars, beams, tank plates,
wire, rails, black pipe, sheets and hot
One month ago
2.280c.
rolled strips.
One year ago
2.512c.
These products represent
85% ol the United States output.
High
1938
Low
2.612c
May
2 612c.
Mar.
2.249c.
Dec.
1935.
2.062c.
Oct.
1934
2.118c.
„
17
2.211c.
Oct.
9
2.249c.
Mar.
28
2.016c.
Mar. 10
2.056c
Jan.
Jan.
1
8
2
8
Cross Tons
1.792c.
May
2
1.915c
Sept.
6
1 S70e.
2.192c.
Jan.
7
1.962c.
Mar
Oct.
15
1930
Cross Tons
Apr. 24
Oct
3
1.945c.
1.953c.
1932
2.402c.
Jan.
4
2.212c.
Nov.
1927
1938
United States
__
Canada
1937
29,183,000
51,526,000
1938
zCzechoslovakla
1,800,000
zPoland
1,550,000
2,254,000
1,433,000
650,000
654,000
18,000,000
17,535,000
6,000,000
5,700,000
1,160,000
Great Britain.
France
Belgium.
Luxemburg
Italy
_
1,352,000
10,500,000
12,984,000
5,845,000
2,210,000
1,385,000
2,330,000
7,793,000
Russia
3,807,000
2,470,000
2,054,000
Japan
Hungary
India
900,000
895,000
Australia
870,000
900,000
Miscellaneous..
900,000
900,000
'
Spain
300,000
100,000
Sweden
950,000
22,900,000
1,088,000
19,531,000
90,000
640,000
1937
x
Germany
y
Austria
107,523,000 133,616,000
Dec. 27, 1938, $20 61 a Gross Ton
One week ago
$20
the
Up to March 15; from
figures.
Estimated output for
year,
675,000 tons,
Poland, Czech production
z
Owing to the annexation
of
the
Teschen
was diminished and Polish production
by the output of the Trinee works as from October, 1938,
tons.
was
district
by
augmented
approximately 100,000
20
One year ago
.
on average of basic iron at, Valley
furnace and foundry Irons at Chicago,
Philadelphia,
Buffalo,
Valley
Southern Iron at Cincinnati.
High
*
$23.25
and
Low
June 21
July
6
23.25
Mar.
9
20.25
Feb.
10
19.73
Nov. 24
18.73
Aug. 11
18.84
Nov.
17.83
May 14
17.90
May
1
16.90
Jan.
16.90
Dec.
6
13.56
Jan.
14.81
Jan.
5
13 56
Dec
1930
18.21
Jan
7
15.90
Dec.
10
1927
19.71
Jan.
4
17.54
Nov
1
1932
„
Steel
Dec. 27, 1938, $14.92 a Gross Ton
During 1938 European nations produced 68,510,000 tons of steel, or 4.8%
1937, and 53.929,000 tons of pig iron, a decrease of 6.3%
In
less than in
1
fBased
61{
611
23.251
One month ago
1933..
y
29
Pig Iron
1935...
World total..
Includes Austrian production since March 13, 1938.
that date, Austrian production Included in German
x
2
One week ago—
One month ago
One year ago
6
27
3
0
Scrap
(Based
$14.92{
14.92}
r
$19.61
13.751
on
No.
1
heavy
melting
steel
quotations at Pittsburgh, Philadelphia
and Chicago.
Volume
147
Financial
Hiffh
1938
permission
115.00
Nov. 22
*11.00
21.92
Mar. 30
12.92
Nov. 16
17.75
Dec. 21
12.67
June
13.42
Dec.
Apr.
1937
1936—
1935
1934
1933
9
June
10
10.33
9.50
The
American
Iron
and
6.75
Jan.
12
6.43
July
18
11.25
Dec.
9
Jan.
17
13.08
Nov. 22
Steel
Institute
Dec.
on
27
past
of
steel
capacity
51.7%
year
capacity
for
the
of
R.
one
month
a
decrease
24.9%, from the estimate for the
Weekly indicated rates of steel
1937, follow:
1937—
1938—
Dec.
6
13
27.4% Mar. 21
Dec. 20
23.5% Mar. 28
19.2% Apr.- 4
Dec. 27
1938-
Jan.
Apr.
3
32.1%
33.7%
35.7%
10.- —-27.8%
Jan.
17,
Apr. 25
29.8% May
2
24.....32.7% May
9
3130.5% May 16
Feb.
7—30.7% May 23
Jan.
14
31.0%
May 31
Feb. 21
30.4%
June
6
Feb.
Feb.
29.3%
29.9%
June
13
28
Mar.
7
"Steel" of
37.0% Nov.
1
39.8%
8
39.4%, Nov.
Aug. 15
Nov.
40.4% Nov.
Aug. 22
42.8% Dec.
Aug. 29.--.-44.0% Dec.
Sept. 6
39.9% Dec.
Sept. 26
Cleveland, in its
be retarded this week, with
business
new
In
view
and
of
themselves
by
steel
season,
points to 52% laBt week.
January marked for
are
giving
the
at
90%.
the
previous
of
rather
recovery,
operations
Detroit
advanced
to
the
than
immediate
an
return
year's
the
to
will
needs
orders
for
flat-rolled
steel
will
gradually
expanding.
are
In
of
postpone
resumption
of
equipment
expand
may
rail
increased
reserves
in
money
than
arose
December
would
28
$105,000,000.
from
circulation
$54,000,000
Reserve
in
offset
currency,,
bank
gold
in
be
dictated
member
Treasury
cash.
28
by
and
of
$11,000,000
Excess
and
but
to
declines
to 32%
from
there
in
assemblies
for
totaled 67,230
decline, the former
the
9,630
to
9.855.
is
a
growing belief higher prices
of
at
Pittsburgh
eastern
ingot production for
shut-downs
for
Street
the
the
previous
week
the
week
ended
Journal"
Christmas
industry
and
of
Dec.
Dec.
26,
ac¬
reflects
which
holiday
30
started
is placed at 45%, compared with 68%%
60% two weeks
U.
ago.
S.
Steel
65%
is
two
estimated
weeks
ago.
the
a
to
in
of
6
25
—13
56
—
14
78
49
5
42
—
4
55
to
be
30
12M
pages
Changes
30
.
of
in
amount
items
Reserve
as
bank
Dec. 28.
-1,000,000
Bills bought
$
1,000.000
U. S. Government securities
advances
(not
credit
Treasury currency
Dec. 29,
—
2
71
73
+
New York
4
2
City and
for the current
7,801
7,855
7,857
1,986
1,991
3,040
3,513
529
633
industrial
agricultural loans
Open market paper.
1,377
....
Real
estate
429
132
192
16
17
27
719
40
41
39
199
199
217
68
68
75
119
119
129
12
12
13
94
98
34
414
418
435
54
53
57
2,826
2,881
3.031
1,018
1,021
926
loans
...
845
1
366
113
113
102
Other securities
1,099
1,089
947
326
324
256
Reserve with Fed. Res. banks..
3,911
3,815
2,553
860
876
595
Cash in vault
70
+ 156.000,000
78
61
41
39
34
73
75
73
219
219
169
460
449
467
49
48
59
6,770
a6,750
Balances with domestic banks..
+ 1,748,000,000
+2,000,000
641
342
690
Obligations fully guaranteed by
United States Government.860
+ 8,000,000
2,790,000,000
339
1,32
Other assets—net
+ 54.000,000
1,787
or
U. S. Gov't obligations
—2,000,000
—46,000,000
1,384
681
....
Loans to brokers and dealers.
1937
2.610,000,000
1,925
and
Other loans for
$
—2,000.00
Member bank reserve balances
8,577,000,000
Money In circulation
6,912.000,000
31.000,000
""
LiabUUies—
deposits—adjusted
5,731
1,651
1,658
1,457
Time deposits
601
599
660
471
470
455
United States Govt, deposits
Inter-bank deposits:
+ 341,000,000
2.707,000,000
941,000,000
+ 30.000,000
—913,000.000
120
121
364
84
83
65
2,520
a2,510
2,005
662
675
532
—84,000,000
+ 801,000,000
770,000,000
-11,000,006
+88,000,000
+105,000,000
455
445
403
10
10
358
358
360
19
19
19
1,491
1,490
1,484
258
258
248
Foreign banks
+1,594,000.000
.
1
Borrowings.
4
Other liabilities
Capital account
Non-member deposits and other Fed¬
67
64
85
3%
2%
A
+ 19,000,000
with F. R. bank..
2%
1
2 %
1%
-
-
3,016
Commercial
—6,000,000
Treasury cash
eral Reserve accounts.
19%
20%
60%
New York City—
-Chicago
28 Dec. 21 Dec. 29 Dec. 28 Dec. 21 Dec. 29
1938
1937
1938
1938
1937
$
$
$
$
$
$
Domestic banks
Treasury deposits
5
Loans—total
(—)
—45,000,000
...
3
—
Loans and investments—total..
out¬
...14,508,000,000
Gold stock
—
36
1
+
Assets—
16,000,000
23,000,000
...
22
Dec.
Demand
Total Reserve bank credit
3%
—
-
(In Millions of Dollars)
2,564,000,000
$14,000,000 commitm'ts—Dec. 28)
4
13
on
Including
Other Reserve bank credit
2%
31
3
1938
or Decrease
Since
Dec. 21, 1938
44^ +
2
—
Chicago member banks
$3,070,-
(+)
1938
$
3
—
12
4
—
+
28
2
—
42
3
—
Other loans..
7,000,000
Bills discounted
6
Monday.
follows:
Increase
—
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
purchasing
carrying securities
of
2%
—11
week, issued in advance of full statements of the member
banks, which will not be available until the coming
holdings of bills and securities
were
—
City member
banks and also for the
$30,000,000 in United States Treasury
of
$30,000,000 in United States
related
*7% —11%
Below is the statement of the Board of
Governors of the
Reserve System for the New York
Loans to banks
and
20%-—
Federal
4012 and 4013.
the
62
13%
2
—
83
70
—
Chicago—Brokers' Loans
The statement in full for the week ended Dec. 28 will be
standing
...
re¬
decrease
a
+
—
20H
.
1927
in
approximately
—
39
mem¬
banks
Independents
68
—
1928
non-member
member
U. S. Steel
45
44
1930
$84,000,000 in
$2,000,000
reserves
estimated
were
increase
on
:
193V
by
increase of $90,000,000 for the week.
an
and
Industrial
quarter,
1933
Treasury bills.
found
when
before the end of that period.
1932
Treasury
decrease of $46,000,000 in
increase of $30,000,000
in
an
The principal changes in
an
for
tone
stronger market
Returns of Member Banks in
bank
Additions
decreases
and
stock
part
credit
December
were
ago,
steelmaking operations
1934
»deposits and other Federal Reserve accounts, and increases
notes
year
1935
purchases lately have been confined to 50,000 tons for
New York New Haven & Hartford is seeking court
balances
bank
000,000,
a
Chrysler accounted
1936
Treasury deposits with Federal Reserve banks, $31,000,000
of
1,200
—12H
4 %
22%
The Week with the Federal Reserve Banks
iri
dam;
an
ordnance building, Wash¬
Chicago subway, 6,800 tons of rein¬
the
a
1937
hopedCongress, buying of track material
rapidly
more
During the week ended
ber
Coulee
for
tested
1929
Pennsylvania.
serve
been
next
points
1938
alone.
Additional
the
of
Grand
tons
Industry
heavy
the event the railroads receive
for legislative treatment at the hands of
revenue
the
one
buying of sheets and strip until the latter part of January at the earliest.
On the other
hand, numerous building and engineering projects now
getting under way will account for substantial tonnages, while railroad
and
awards
the
compared with
59%
preceding week and 63%% two weeks ago.
The following table
gives a comparison of the percentage of produc¬
tion with the nearest
corresponding week of previous years, together with
the approximate
changes, in points, from the week immediately
preceding:
in
in November, is looked for after the turn of the
thing, automobile assemblies have passed the fall crest and
require less steel the early part of next quarter.
The carryover of
unfilled
bright spots in steel
inquiries and
of
44%, against 57%% in the week before and
Leading independents are credited with 47%%,
high
level
the
bar
at
prevailing
For
year.
for
addition,
The average for the
in
;
...
Gradual
week.
of
one
Friday and Saturday (Dec. 23 and Dec. 24) of last week.
Some of the mills are
expected to curtail output again at
the end of the current week.
The "Journal" further re¬
ported:
showing
from
rate
cording to the "Wall
relatively small effect of year-end influences.
At
steelmaking hag dropped only 3.5 points from the 1938 peak,
standing at 50.5% last week.
Pittsburgh operations, originally scheduled
at 38%, moved
up to 40% on better activity in some products, off
only
point
to
the
.
Chicago,
1
In
addition
5
Steel
in both
account
motivated largely by
52% compare with 23% a year
and
Chicago, reductions
Pennsylvania, 11 points to 71% at
Birmingham, 11 points to 45% at Youngstown, 3 points to
59% at
Wheeling, and 9 points to 60% at Cleveland.
Unchanged districts were
St. Louis at 51.5, New
England at 70, Buffalo at 44 and Cincinnati at 75.
Scrap and finished steel composites are
unchanged at $14.83 and $56.50,
respectively.
Output
recovery
good
a
week's
included
47.9%
markets
section
the
have
for
In
ago.
production.
the
tons
Motors and
be instituted
Last
on Dec. 26 stated:
Steel demand continues active
among several Important consuming indus¬
tries, but the holiday and inventory periods are having a
depressing effect
on
ingot production.
also will
first
above
steady.
established
summary of the iron and steel
national operating rate slipped 6
far
prices
are
will
markets,
The
close
preparing
lately by only relatively small tonnages,
has developed in certain
products traditionally subject to
price irregularity.
Quotations have been
46.7%
3
the
General
Steel
Sept. 12.. ...45.3% Dec. 26.....38.8%
Sept. 19
47.3%
Oct.
1,350
cranes;
For
was
but
49.4%
24...-.53.7%
31
56.8%
7.,
61.0%
14.....62.6%,
21
61.9%
28
60.7%
5
59.9%,
12
57.6%
19
51.7%
32.3% Oct.
36.4% Oct.
Aug.
26.1%
26.2%,
-27.1%
28.0%
June 20
11
Aug.
30.7%
30.4%
.30.7%
29.0%,
Jan.
18
25
is
numerous
22,200, and all other makers Increased
17
July
July
most
be
being down from 44,125 the previous week to
38,875, while the latter
dropped from 27,700 to 21,960.
Ford output expanded from 21,450 to
10...-.51.4%
22.4% Oct.
July
yard
units.
I018
28.7%, Oct.
5
the
to
cars.
year, and production
tonnage will give strong support to steel operations
early in 1939.
Major structural bookings last week included
7,000 tons for a Jamestown,
I., bridge; 5,000 tons for a Portsmouth, N.
H., bridge; 3.200 tons for
but
or
July
32.7%
32.4%,
32.0%
25.6% Apr. 18
Jan,
operations
said
are
have yet to
forcing bars, structural shapes, beam ribs and liner
plates is being placed.
production dropped about 10,000 units last week to
92,890
19, 1938.
since Dec. 6,
June 27
32.6%,
11
points,
have been
roads
Automobile
week ended Dec.
1938—
27.5% Mar. 14
Dec.
12.9
of
railroads
freight
reinforcing
ington.
and 19.2% one
ago,
Eastern
number of
Socony-Vacuum Oil Co., and 1,000
the
week ago, 60.7%
This represents
one
ago.
Several
other
most
Works Administration
program,
Structural shape and
few weeks
navy
industry will be 38.8% of
beginning Dec. 26, compared with
week
needs.
while
tons,
this
an¬
telegraphic reports which it had received indi¬
cated that the
operating rate of steel companies having 98%
the
15,649
markets.
nounced that
of
3983
buy
sharp flurry in construction contracting,
Public
5
Feb.
to
substantial
a
The
3
Jan.
15.25
•
8
8.50
15.00
1930
order
23
Sept. 25
Aug.
12.25
1932
1939
on
9
Mar. 13
-.13.00
1927
Chronicle
LotD
*
a
Figures revised.
..
6
.
Financial
3984
Complete
Week
Preceding
for the
System
above, the statements of the New York anil
General Counsel for the Commission.
Thursday, simultaneously with the figures of the Reserve banks themselves and covering the same week, instead of being held
until the following Monday, before which time the statistics
covering the entire body of reporting member banks in 101
France
cities cannot be compiled.
negotiations had been concluded with
Chicago member banks are given out on
#
,
will be found the comments of
Board
Resene System
ng
of the entire body of reporting member ba
s of
federal
the
gwjss banks for
^
close of business Dec. 21:
shows
cities
ing
direct
ment
$138,000,000
amounts due
banks.
in
for the week ended
Bank
from
nnn
nnn
all
Holdings
Ry., the Swiss franc 5%
A
of the principal assets and
*
*
Assets—
Loans and investments
or Decrease
Since
+ 238,000,000
total.—21,742,000,000
^Smwcti^ndOrtriafindwi- ''173'000'000
guilder loan
guilder loan of 1979 by the Alsace
loan of 1956 of the Orleans Ry., the guilder nad
died Directly by Government—Land
guilder and
Indemnity
Agreement with United States Ratified by Senate
The Mexican Chamber of
mAT1+
Mpvien's
+n
Deputies has passed
Cnnstfitntinn
nrnvirlino- that
an
amend-
PYrdnitafirm
S Constitution providing that exploitation
°f Oil and hydrocarbldes shall no longer be a matter of COncessions for private companies but shall be handled directly
1Ren* t0
Advices to this effect
by the Government.
wireless
a
were
contained
from Mexico City, Dec. 27, to the
message
New York "Times," which further stated:
The resolution, originally sent to the Chamber by President Lazaro
Cardenas after the expropriation of the oil companies, had been turned
over to a special committee which on Monday reported favorably on it.
(—)
The measure must be approved by State Legislatures before it becomes law.
The Chamber also approved detailed items of expenditure for the coming
V
+ 262,000,000
'
dollar Ioan of
guilder 6% loan of 1977 and 5%
Mexican Chamber of Deputies Passes Bill Barring Oil
Concessions for Private Companies -To Be Han-
Dec. 22, 1937
•
'
in
•
for the week
Dec. 14. 1938
Dec. 21, 1938
issued
in guilders
^
liabilities of re-
(+)
Increase
are
gWiss frabc loans of 1958 of the Lyons Ry.
in
summary
be
will
The bonds
gwjss franc 4 lA% loan of 1972 of the Alsace Ry. and the 4%%
the San
porting member banks, together with changes
and the year ended Dec. 21, 1938, follows:
Mendelssohn|&
Ioan of 1950 of the Nord RY- and the
the Orleans By. of 1978; the
21.
Dec.
on
100,000,000 guilders
of 197g of the Orleans Ry. and the 5%
decreased »30,000,000 in New York City,
Francisco district, $16,000,000 in the Dallas dietrict, and $92,000,000 at all reporting member banks.
Time deposits
increased $21,000,000 in
the San Francisco district and $11,000,000 at
all reporting member banks.
Deposits credited to domestic banks declined $297,000,000 in New York
City, $19,000,000 in the Chicago district, $18,000,000 in the Philadelphia
district, $16,000,000 each in the Richmond and San Francisco districts,
and $406,000,000 at all reporting member banks.
Borrowings of weekly reporting member banks amounted to $2,ooo,o0o
in
following:
With the proceeds the Government will repay the following railway loans
Demand°'depo8itB—adjusted
$23,000,000
loan,
Of the
decreased
securities"
"other
of
Corp.
the dollar
•
and
banks.
member
reporting
that
Swiss francs at fixed ratio.
$400,000,000 in deposits
banks and
agricultural loans declined $24,000,000 in
New Ycrk City and $15,000,000 at all reporting member banks.
Loans to
banks declined $14,000,000, and loans to brokers and dealers, $4,000,000.
Holdings of United States Government direct obligations increased $253,000,000, holdings of obligations fully guaranteed by the United States
Government increased $19,000,000 in New York City and $22,000,000 at
industrial
27.
of Dutch and
Trading Society, Credit Suisse and the
Holland and 75,000,000 guilders in Switzerland.
^
domestic
to
Commercial,
Re-
to
loan of 175,000,000 guilders; the bonds to
Go. and comprising the Netherlands
holdings of United States Govern-
in Government deposits and
in reserve balances with Federal Reserve banks.
$465,000,000
Dec
on
a group
The loan is being issued through a syndicate headed by
and of $107,000,000
obligations
deeresses of
credited
of $253,000,000 in
member banks in 101 lead-
changes
principal
following
the
Increases
21:
Dec.
a
announced
Street Journal" of Dec. 28, we take the
statement of weekly reporting
condition
The
Government
Loan
bear 4% interest, redeemable in 30 years and issued at 95.
r^© money js
be used to reimburse various loans of the
French railways.
From a Paris dispatch to the "Wall
System for the week ended with the
Reserve
Announces 175,000,000 Guilder
imburse Railway Loans
French
In the following
of Governors of the Federal
returns
ms
Japanese companies' files were introduced into the records by Bon Geaslin.
t
As explained
Dec.
agreement and to abide by the 1939 coffee carriage charge of 90 cents a bag.
Voluminous correspondence, telegrams and teletype messages from the
Banks of the Federal
of Member
Returns
Reserve
Chronicle
year
with larger appropriations for national defense, education, and public
works totaling 200,000,000 pesos.
It appropriated 49,000,000
pesos
for the
Internal public debt, the equivalent of $1.000,000 for the firet payment for
'
3,857,000,000
—15,000,000
—760,000,000
American-owned expropriated lands and the equivalent o. $500,000 for
Open market paper.
Loans to brokers and dealers in
330,000,000
—6,000,000
—142,000,000
payment of American claiirs.
Other""^™
8M'000'000
~*-'>00'C00
566,000,000
1,169,000,000
—2,000,000
+ 2,000,000
cultural loans
-fo"r"pwc"h"^'o;
carrying securities
Real estate loans
-
'
-33.000.000
Land indemnity agreement between the United States and Mexico was
+3.000,000
ratified by the Senate at its last meeting of the present session tonight.
TlejmoSS
+21:888:888
8,333,000,000
obligations
fully guaranteed
United States Government
+ 253,000,000
+ 266,000,000
However, theSenate i^tim^conslderationof a bill introduced to pay
Mexicans at the rate of $1,000,000 a year for lands seized.
The Senate returned to the Chamber
1
by
+ 22,000,000
+ 608,009,000
—14,000.000
+ 333,000,000
—465,000,000 +1,645,000,000
+ 3,000,060
—126,000,000
133,000,000
+ 564,000,000
1,718,000,000
3.218,000,000
Reserve with Fed. Res. banks
6,980,000,000
Cash In valut
493,000,000
Balances with domestic banks— 2,389,060,600
Other securities
-
—
up
y
to 50%
«
5 e^ioooiooo a+^07,ooo,'ooo
^soiooo.'ooo
'507,'ooo!ooo
+4!ooo!ooo
+ 63,ooo!ooo
2,000,000
+2,000,000
—5,000,000
of
Foreign banks
Borrowings
14 figures revised (Cleveland
was
0«n1rn
Usaka
,
Kflhnshiki
KaousniKi
v
and
ana
Kaisva
jvaisya
west
coast
testified that chaos had threatened the coffee trade on
as
a
result of the lines' activities.
Yamashita
days in
raTe Ofli
or
the equivalent
set this as their
conference.
Line
of
had been accused of demanding that the conference
of the coffee trade between the two coasts,
in revenue if the coffee itself were not carried.
They had
price for remaining in the conference and maintaining the
Refusal of the conference members—Pacific-Argentine-Brazil
and Westfaiiarsen
;X™'°n
Lino-to agree to this ultimatum brought about
conference. The rate cuttrng
686
At the resumption
it
of the hearings today, counsel for the Japanese line
had been decided
announced
that
Both
volunteered to return
lines
coast
conference
plTtaVto Tc£*
The Japanese lines
assign to them from 25 to 30%
to
not
to
contest
the charges
the conference without
advance of the final date for acceptance.
-
any
further.
pooling
Holders of the Province's out-
standing dollar bonds who have not heretofore accepted the offer and desire
to do so are requested to promptly deliver their bonds with appurtenant
coupons to the
Corporate Trust Department of Manufacturers Trust Co.,
New York, as agent for the Province.
The offer of June 1
3591.
was
reported in these columns of June 4,
page
♦
$341,400 of Republic of Cuba External Debt 5% Bonds
of 1914, Due 1949, Drawn for Redemption Feb. 1
admitted
arbitrarily cutting the cost of transporting coffee from the east
new readjustment bonds.
for acceptance until Dec. 31, 1938, and
amount of thebonds had accepted the offer and after consultation with the
Foreign Bondholders Protective Council, Inc. I he offer will remain open
untll such date as
^ 8pecified later by public notice at least 30
ixisen
i amasnita
was open
The decision to extend the acceptance period was made in view of the
fact that at Dec. 23, 1938,. holders of more than 85% of the total principal
Risen
Yamashita
_
agreed to comply, thus in effect consenting to join the rate
conference.
The Commission meanwhile, it is reported,
held that the two lines had engaged in "practices detrimental
to shipping."
A previous reference to this dispute appeared in these
columns Dec. 17, page 3685.
Settlement by the Commission
was indicated as follows in a Washington dispatch Dec. 22
to the New York "Herald Tribune":
Witnesses had
Dec. 27 that the
extension of the acceptance period also said:
Pacific Coast-
Kabushlkl Kaisha, appeared at a Commission hearing and
the
on
Republic assumed responsibility for service of the new bonds.
The new readjustment bonds of the Province are dated
Dec. 1, 1937, mature Dec. 1, 1954, and bear interest at the
ra^e °f 4% per annum. An announcement bearing on the
The consent
issued after representatives of the Japanese lines,
fcyosen
announced
under its terms the National Government of the Argentine
States
Svnwn
on
Gold
1951, to exchange these bonds for
between Japanese shipping interests and the.
River
Plate-Brazil
Steamship Conference.
order
Mendoza, Argentina,
The offer
Maritime Commission on Dec. 22
consent order which averted a threatened rate war
a
7.50%
sinldng fund gold bonds dated Dec. 1, 1926 due June I,
ened Rate War
issued
(Argentina)
of June 1, 1938, to holders of its external 7.50% secured
district).
Japanese Shipping Lines Agree to Charge Same Rates
On Coffee as American Vessels—Consent Order by
United States Maritime Commission Ends ThreatUnited
Mendoza
of
Province has extended the period for acceptance of its offer
t.
The
Acceptance of Exchange Offer
Edmundo Correas, Minister of Finance of the Province
inter-bank deposits:
a~Dec.
Extended for
Bonds for New Readjustment Bonds
—92,000,000 +1,706,000,000
.16,129, 00.600
bill aimed at taxing banks' profits
"
Time
Province
deposits—adjusted
Demand
a
«
.
m
Liabilities—
United states3Government deposits
There
]g no provtelon for reslunptlon of paymcnts on tbe for€ign debt.
—83,000,000
xi??:88S:388
U. 8. Govt, direct
Obligations
'
.
Expenditures total 45,000,000 pesos, equaling estimated income.
J
p
Morgan & Co.
announce
that $341,400 principal
amount of Republie o{ Cuba external debt 5% bonds of 1914,
have been drawn by lot for redemption on Feb. 1,
1939, by operation ot the sinking fund, at 102and accrued
interest.
Payment will be made
on
and after Feb. 1, in
dollars, at the New York office of J. P. Morgan & Co., Or, in
the respective money in which the bonds are expressed to be
payable, at Morgan Grenfell & Co., Limited, in London,
The iteiehsbank in Hamburg or Berlin, or at the office of
+ p* Morgan & Co. S agents in Paris. Registered bonds
Without
coupons
New York.
may
be presented for payment only in
Volume
147
Financial
Chile
Reports Receipts for Debt Service in 1938 Totals
$14,135,573 Against $6,106,751 Year Ago—50% to
Be Applied to
Interest Payment of $20.923^ per
program embodied in its report to Congress in
June,
1936, on the "Feasibility and Advisability of the Complete
Segregation of the Functions of Broker and Dealer."
The
$1,000 Bond
figures
columns
$14,135,573 compared with $6,106,751 last year,
according to advices received Dec. 29.
Of this amount,
$2,747,242 represented the receipts from the Government's
participation in the profits of Chilean Nitrate and Iodine
Sales Corp.; $11,263,666 represented
receipts of taxes on the
profits of the copper enterprises; $45,063 the quota of duty of
petroleum imported for the nitrate industry; $79,601 the
quota of duty on petroleum imported for the copper industry.
behalf of the Institute further
be
applied by
the
members.
York
New
York
Slock
1
Curb
Exchange
Exchange
1,081
on
825
201
.
Reports showing transactions as specialists
Reports showing other transactions initiated
2
104
the
floor
„
3.
250
55
277
99
621
584
Reports showing other transactions Initiated off the
floor
4.
Reports showing
no transactions.
Note—On the New York Curb
Exchange the round lot transactions of specialists
"Id stocks In which reglste ed
are not strictly comparable with data
similarly desig¬
nated for the Aew York Stock
Exchange, since specialists on the New York Curb
Exchange perform the functions of the New York Stock
Exchange odd lot dealer, as
well as those of the specialist.
$20.92M
The
The number of reports in the various classifications
may total more than
$7.86 per $1,000 bond.
was
follows:
as
New
stated;
£1,254,863. of sterling bonds and Fr. 6.577.700. of Swiss franc bonds.
These reports are classified
Total number of report- received
per $1,000 bond and the balance, less expenses has been
applied to the
purchase and retirement of $33,786,500 principal amount of dollar bonds.
interest payment fdr 1938
week
Dec.
_
Institute, under the
terms of the Chilean law, to the
payment of interest at the rate of
the
of
The data published are based
upon weekly reports filed with the New
York Stock Exchange and the New York Curb
Exchange by their respective
amount to
on
for
ended Dec. 3 were given in these
24, page 3834-5.
The SEC, in • making
available the figures for the week ended Dec.
10, said:
Autonomous Institute for the Amortization of the
Public Debt of the Republic of Chile
reports that the total
receipts of the Institute in 1938, available for debt service,
Fifty percent of the total will
3985
its
The
The announcement
I
Chronicle
the number of reports received
because, at times,
entries in more than one classification.
Since the inauguration of the plan four years ago, the external dollar debt
a
single report may carry
of the
Republic of Chile has been reduced, through purchase or retirements,
by approximately 30%
The amount of dollar bonds outstanding after the
8TOCK TRANSACTIONS ON THE NEW YORK
STOCK EXCHANGE FOR
.
1938 retirements will be about $182,000,000.
for the past four years will have amounted to
ACCOUNT OF
The total interest declarations
$39.58per $1,000 bond.
"
The interest
disbursement declared
Dec.
29
will
be
paid
on
or
of
Nov. 1
Chile
20-year
7%
external loan sinking
Total Jot
Week
A.
fund
bonds,
(SHARES)
10, 1938
about
Feb. 1, 1939, and will be applicable to the
following bonds:
Republic
MEMBERS*
Week Ended Dec.
Total round-lot volume.
B.
1922.
transactions for account of members (except
transactions for odd-iot accounts of specialists and oddlot dealers):
l.
Transactions of specialists in stocks in which they are
Jan. 1, 1928.
-
registered—Bought
Sold..
Republic of Chile external loan sinking fund 6% bonds, dated Sept. 1, 1928.
Republic of Chile external loan sinking fund 6% bonds, dated March 1,1929.
Republic of Chile external loan sinking fund 6% bonds, dated May 1, 1930.
Water Company of Valparaiso
6% Bonds, guaranteed loan of 1915, dated
Dec. 8, 1915.
Mortgage Bank of Chile guaranteed sinking fund 63^% bonds, dated June
30, 1925.
Mortgage Bank of Chile guaranteed sinking fund 6%% bonds of 1926,
dated June 30, 1926.
Mortgage Bank of Chile guaranteed sinking fund 6% bonds of 1928, dated
April 30, 1928.
Mortgage Bank of Chile guaranteed sinking fund 6% bonds of 1929, dated
May 1, 1929.
Mortgage Bank of Chile guaranteed five-year 6 % agricultural notes of
1926. dated Dec. 31, 1926.
475,910
455,980
:
Total
931,890
Other transactions inltlateo
sold
:
the floor—Bought
Other transactions Initiated off the floor—Bought
.* 146,803
Total
439,400
Sold...
..
Total
...
321,328
Total—Bought
The Securities and
Dec. 29
of
Rules of
C
Transactions
I
on
change in Rule XVII of its Rules of Practice which
will become effective Jan. 3, 1939.
The amended rule,
adopted under the Securities Act of 1933, the Securities and
Exchange Act of 1934, and the Public Utility Holding Act
of 1935, is primarily an elaboration of the former Rule XVII.
The new rule, according to the Commission, provides that
any interested representative, agency, authority, or instru¬
mentality of the United States, and any interested State,
State commission, State securities commission,
municipality,
or
other political subdivision of a State may intervene in
proceedings before the Commission as a matter of right.
In round
2.
the
if
Commission
the
finds
any
reason
that
possesses or
an
his
Week
Total round-lot volume
Round lot transactions
persons
for leave to intervene
examination
proceeding
as
as
his
qualifications.
representatives
Total.
Stock
and
Dec.
odd-lot
and
of
Persons desiring to
others
are
be required
may
required
to
to
intervene in
submit
4.
Sold
the
New York Stock and
on
New
of
trading in stocks
on
the
New
....
388,p85
Odd-lot transactions for account of specialists—Bought...
Sold
The
' members"
term
2.85
16.46
100,165
59,540
Total
•
York
York Curb Exchanges during the
week
10, by members for their own account, except
dealers
the
on
Stock
Exchange,
was
lower
than
the
the
Exchange of 5,173,590 shares.
This
with 2,046,577 shares of stock bought and sold
compares
on
Exchange for
previous week, which
of
New
own
amount
the
was
account of members during the
18.32% of total transactions that
5,586,610 shares.
the
of
York
account
Curb
Exchange members traded
during the
388,685
1,180,190 shares,
shares,
week
against
ended
total
Dec.
10
to
transactions
for
the
of
percentage of 16.46%.
In the preceding
week ended Dec. 3 member trading on the Curb
Exchange
was
18.31% of total transactions of 948,275 shares, the
member
The
67,290
179,755
208,930
Total.
York
New
transactions
their
38,980
Total—Bought.
certain
specify individually
2.38
28,310
Total.
a
in
the preceding week ended Dec. 3, it was announced
yesterday (Dec. 30) by the Securities and Exchange Com¬
mission.
Member trading on the Stock Exchange during the
week ended Dec. 10 amounted to 1,692,618 shares in 100share transactions, the Commission noted, or 16.37% of total
On
off the floor- -Bought
Sold........
by counsel
Exchanges During Week Ended Dec. 10
percentage
ended
week
56,230
Other transactions initiated
11.23
25,860
30,370
159,705.
Includes
all
Exchange members, their firms and their
partners, Including special partners.
The
on
265,165
transactions Initiated on the floor- -Bought..4..
they represent.
Trading
Curb
125,585
139,580
Sold
C.
Member
members:
the applicant may be ordered to submit himself for
information
whom
persons
to
of
Total.
"Other
specified information, and the rule
or
for account
in
2.
a
peclalbts in stocks In which they are
8old.
finding
Per
Cent
1,180,190
registered—Bought
must hereafcer
provides that upon request by any party to the proceeding
for the Commission,
additional
Transaction; of
FOR
(SHARES)
10, 1938
Total j or
A
4
by such other
1,352,699
Week Ended Dec.
purports to represent will result in the denial of the applica¬
be accompanied by affidavits containing
also
a
2.79
689,435
663,264
ACCOUNT OF MEMBERS*
undesirable conflict in the interests which the applicant
tion to intervene.
Applications
28,9,130
lots—Bought.
TRANSACTIONS ON THE NEW YORK CURB EXCHANGE
be sub¬
participation
For example,
134,590
154,540
Total
STOCK
will be permitted to
no person
16.37
and
Sold.
to the filing of information relating to the
proceeding would not be in the public interest.
that there exists
In odd
1
I
propriety of the proposed intervention, and
of specialist!,
lots—Bought..
B.
The Commission further states:'
All other persons desiring to intervene will, under the new
rule,
accounts
Total.
.
intervene
odd-lot
Sold...
a
as
the
odd-lot dealers:
Exchange Commission announced
ject to specific requirements
1,692,618
for
3.11
851,533
841,085
Practice—Affects
Proceedings Before Commission
4.25
174,525
_
.
Total.
in
9.01
228,820
210,580
on
Sold....
Intervention
»
.
Round lot
Republic of Chile 6% external sinking fund bonds, dated Oct. 1, 1926.
Republic of Chile 6% external sinking fund bonds, dated Feb. 1, 1927.
Republic of Chile railway refunding sinking fund 6% external bonds, dated
SEC Amends Rule XVII
•
5,173,590
9
dated
per
Cent
a
trading having amounted to 347,355 shares.
issued by the Commission is in the series
data
current
of
figures being published weekly in accordance with
Shares in members' transactions as per cent of twice total round-lot volume.
In calculating these percentages the total of members' transactions Is compared with
twice the total round-lot volume on the Exchange for the reason that the total of
a
members' transactions Includes both purchases and sales while the Exchange voluma
Includes only sales.
Limits
Speculative Trading in Grain Futures Estab¬
by
Commodity
Exchange
Commission —
2,000,000 Bushels Fixed as Limit on Net Long or
on
lished
Short
Limits
Position
speculative trading in grain futures were estab¬
23 when the Commodity Exchange Com¬
mission, consisting of the Secretary of Agriculture, the
Secretary of Commerce and the Attorney General issued a
formal order under authority of the Commodity Exchange
Act.
The limit on the net long or short position which any
person may hold, it is announced, is 2,000,000 bushels in
any one future or in all futures combined of any one grain
lished
on
on
on
Dec.
any one contract
market.
On spreads between markets
position of 3,000,000 bushels in all futures combined is
allowed, subject to a limit of 2,000,000 bushels in any one
future.
The same limits are fixed governing the amount of
purchases or sales that may be made during one business
day.
The order is effective on and after Dec. 31, 1938.
a
i
Financial
3986
the announcement we also
Change in Insurance Maximum
Deposits by $3,000,000,000—$7,000,000,000 Increase Would Result if
Protection Insurance Was $25,000—Totals Are In
Addition to $21,700,000,000 Now Insured Under
$5,000 Limitation
Deposit Insurance Corporation on Dec. 28
public information which showed that a change of
insurance protection from the present maximum of $5,000
for each depositor to $10,000 would increase insured deposits
by $3,000,000,000, and a change to $25,000 would increase
insured deposits by $7,000,000,000.
These amounts the
FDIC said, would be in addition to the $21,700,000,000
estimated to have been insured on Sept. 21, 1938, under the
existing maximum of $5,000 for each depositor. A $10,000
provision would have insured 51% of the $48,200,000,000 of
deposits reported by the banks, while a $25,000 provision
would have insured 59% of the deposits. These figures may
be compared with insurance of 45% under the present law.
Further analysis of the Corporation's study was reported
The Federal
made
placing a limit on the speculative holdings or transactions
wide fluctuations or daily changes in price of
trader is to prevent the
result from his heavy
recognized that large speculative
It has long been
of grave
trading.
transactions represent an element
It is hoped that these limitations will eliminate
that come about by artificial and unnatural means.
danger to the market.
those fluctuations
considerable immediate effect upon
is at an unusually low level
futures on the Chicago Board
of Trade during the year ended June 30, 1938 was 27,486,000 bushels com¬
pared with a daily average of 33,840,000 for 1937.
These limitations will not have any
the markets
inasmuch
the volume of trading
as
volume of trading in wheat
The average daily
proposed limits announced June 13 were
columns June 18, page 3891.
The
these
$10,000 Would Raise Insured
to
of the same market.
grain futures which may
as
noted in
follows:
Of the
than
The number of banks
from October.
with
warrants, had
from October.
decrease of 16.2%
total value of sales on all exempt
October.
exchanges in November was
decrease of 8.2% from
12,790 banks under a
$10,000 or to $25,000 would have
Increase in coverage to
j
55%
Insurance coverage on their savings and time
would have been 90% and 94% , respectively.
under a $25,000 limit.
deposits,
which was 84%
The corresponding figures
for interbank deposits are 5%
Viewing Outlook for
Conservatism—Rising Trend of Business
Activity in Past Month
Considered
as
Distinct Net
Improvement
outlook is whether business as now organ¬
in the economic
restraints that have
by outside forces."
Comment to
this effect is contained in the company's
monthly review, The Guaranty Survey, issued Dec. 27,
in which it reviews 1938 and discusses the outlook at the
beginning of 1939.
"To some extent," The Survey says,
"recovery itself may suffice to lighten these restraints.
It
ized
and
goes
the
most
show
however,
part,
business
which
to
ment
placed
be
may
percent of deposits insured was
in
the large banks.
upon
it
conclusively
is
restrictions represent a new environ¬
become adjusted.
Only experience
the
expected to
how successful the readjustment will
be and how
Until business gains confidence in its ability to operate
profitably under the conditions in which it finds itself, the outlook • for
recovery will
remain obscure.
This is one of many reasons for the
conservatism
with
which business tends to regard the outlook as we
long it will take.
of the rising
trend of business activity in
the
1938, viewed as a whole,"
The Survey states, "may be considered as having brought
distinct net improvement in most branches of business in
several
months,
the
year
In part it also says:
States."
United
the
general conditions at the
those twelve months
earlier.
This progress is the more encouraging in that it has been achieved
in the face of a bewildering complex of problems and uncertainties at
home and abroad.
At the same time, the satisfaction with which business
Seldom,
end
of
may
a
during the recovery period, have
even
made such a favorable contrast with
year
properly contemplate the record of 1938 must be
have
tempered by realiza¬
and that some of
the year's
difficulties remain to cloud the outlook
tion that many
them
probably been aggravated, rather than lightened, by
developments.
"As
divided
the
fas
as
into
business
tendencies
well-defined
two
are
parts.
concerned,
the
year
1938 may be
The first five months witnessed
limitation.
"In
*
information
The
was
obtained
by the Federal
commercial banks show¬
from reports received
Deposit Insurance Corporation from 13,705-insured
ing the distribution of their accounts and deposits as of Sept. 21, 1938.
Issuance of the call was decided upon following the introduction in the last
session
of
Congress
by
Representative
Henry B. Steagall of Alabama,
and Currency, of a bill to
Chairman of the House Committed on Banking
increase the maximum coverage from
$5,000 to $10,000 for each depositor.
The report as of Sept. 21, 1938, referred to
noted in these columns of Dec. 24, pagej3837.—
above, was
Subscriptions
phases
the
of
last
the
seven
half of the ground
lost in the recession.
The European
war crisis and the violent storm
that crippled transportation and other public services along the eastern
seaboard in September caused pnly momentary halts in the upward move¬
ment.
Some signs have appeared recently that the advance is proceeding
at a slower rate, but it is difficult to determine whether this apparent
tendency reflects anything more than the usual seasonal let-down in the
interruptions
Totaling
$1,175,000,000|| Received^ to
National Mortgage
$50,000,000 Offering of Federal
Association
5-Year
1%%
Notes^Apprbximately
$55,000,000 Allotted, Jesse Jones,
Reports
Jesse H.
Chairman of RFC,
Jones, Chairman of the Reconstruction
Finance
announced Dec. 27 that approximately 2,000
subscriptions aggregating $1,175,000,000 had been received
for the $50,000,000 Federal National Mortgage Association
5-year 1%% notes recently offered for sale by the RFC.
He stated that allotments will be made on the basis of 5%
of the amount of the subscriptions with a maximum of
and
has
apparently
closing weeks of the year.
regained
at
least
$1,000,000 to
any
one
subscriber, a minimum of $10,000 to
companies and dealers and a minimum
of $1,000 to all others.
Some reductions were made in the
larger subscriptions.
The total amount allotted is ap¬
proximately $55,000,000.
The excess over $50,000,000 was
alloted in
order to
make a minimum allotment to all
banks,
insurance
subscribers.
The
offering was referred to in our
Dec. 24 issue, page
3845.
♦
the
in 1937.
During that period
a much reduced rate.
months the revival has proceeded with only minor
recession that began
downward movement continued, but at
final
the $5,000 maxi¬
would have been in the
$10,000,000 each. These banks would
than half of all insured deposits under the $25,000
480 banks with deposits of more than
Corporation,
"Because
last
high. The increase would have been greater
With the $10,000 maximum, as with
approximately half of the insured deposits
mum,
.
1939.
approach
relatively little under higher limits of
small and the
the accounts were generally
to say:
on
For
can
function effectively under the
can
been
.
preferment.
have held somewhat more
According to the Guaranty Trust Company of New York,
"stated in its broadest terms, the fundamental question
10% and 20%
other types of deposits would
Coverage would have increased
1939 with
,
have increased con¬
siderably under either a $10,000 or $25,000 provision. A large part of these
deposits are protected, in addition to insurance, by pledge of collateral or
Insurance coverage of
insurance in small banks where
Guaranty Trust Co. See Business
increased sub¬
of the general public. The coverage on
demand deposits of individuals, partnerships, and corporations, which was
38% under the $5,000 limit, would have been 46% under a $10,000 limit and
stantially the insurance protection
$578,-
^
all deposits in 456 banks,
fully protected. Under a $10,000 provision
80% or more in 11,580 banks, compared
$25,000 provision and 9,566 banks under the
$5,000 provision.
exchanges.
a
With the present $5,000 limitation
deposits would have been insured
.The two leading New York exchanges accounted for 95.8% of the value
of stock sales and 99.9% of bond gales on aU registered
The
100% would have
6,001 with a $25,000
held deposits of $397,000,000 and $2,068,000,000
$10,000 limitation and to
amounting to $51,000,000 were
of all sales, 95.2%
762,
These banks
limitation.
respectively.
J*,Total sales of stock, including rights and warrants, in November were
63,495,971 shares, a decrease of 21.2% from October's total. Total principal
amount of bonds sold was $207,718,845, a decrease of 12.4% from October.
,
of the
be
of the accounts are estimated to
whose deposits were insured
increased to 2,078 with a
ber, 1937.
Stock sales, including rights and
a value of $1,306,290,839, a decrease of 17.0%
valued at $139,760,400, a
The Commission added:
99.7%
would have provided full protection to
fully protected by insurance.
Exchange Commission that the dollar value of sales on
all
registered securities exchanges in November, 1938
amounted to $1,446,052,343, a decrease of 16.9% from the
value of sales in October and a decrease of 2.9% from Novem¬
were
$25,000
maximum coverage of
a
consequence,
Under existing law 98.4%
accounts.
and
Bond sales
a
of $25,000
mum
During November Decreased 16.9% Below October
and 2.9% Below November, 1937
Announcement was made today (Dec. 31) by the Securities
429,000 with|balances of more
with balances of more than
$10,000 would have
full insurance protection to 99.3% of the accounts, while a maxi¬
As
provided
National Securities Exchanges
Reports Sales on
61,392,000 accounts, there were
$10,000 each and only 174,000
each.
SEC
future."
Study by FDIC Reveals
in some respects more liberal
than the order first proposed and published last June, but in other respects it
is less liberal.
The order as first proposed called for a limit of 1,000,000
bushels in any one future during the delivery month but allowed 3,000,000
bushels for spreads between markets as'well as between individual futures
a
has brought no improvement in
emergency
spending program
for future delivery in
speculative trading
speculative trading limits on grains.
The order as issued by the Commission is
The purpose in
indefinite
the
wheat,.corn,
oats, barley, rye and flaxseed on all contract markets.
The trading limits
fixed do not apply to bona fide hedging transactions nor to the trading of
futures commission merchants and floor brokers unless such trading is for
their own account.
Public hearings, as required by the Commodity Ex¬
change Act, were held in Chicago on Dec. 1, 1937, affording opportunity
for interested persons to appear and be heard on the question of establishing
of
1938
The
finances.
quote:
The order covers
31,
the outlook for Government
has greatly increased the
current Treasury deficit and the rate of growth of the public debt; and
the contemplated program of military and naval preparedness will, if it
is carried out, continue for some time to be a further influence in the
same
direction.
The prospect of a balanced Federal budget still lies in
"The year
According to Dr. J. W. T. Duvcl, Chief of the Commodity
Exchange Administration, the order will not affect market
positions acquired in good faith prior to the effective date.
Announcement of the above came from the Department of
Agriculture on Dec. 23; from
Dec,
Chronicle
Assets of Members of
Federal Home Loan Bank System
Advanced Over $300,000,000 in
1938—Current Assets
Aggregate $4,410,000,000
Assets of the member
lending institutions of the Federal
Home Loan Bank System
increased
more
than $300,000,000
during 1938, T. D. Webb, Vice-Chairman of the Federal
Home Loan Bank Board, announced on Dec. 30.
The
3,952 members of the system—the largest
credit reservoir in the world—now have
home mortgage
assets
totaling
Volume
of the World War, that
$4,410,000,000, Mr. Webb stated. Comprising 42% of all
savings and loan associations, they hold 65% of the assets
of such institutions throughout the United States.
Optimism over prospects of increased home financing
during the next few years was expressed by Mr. Webb, on
the basis of an upturn in Bank System operations during
the past six months, as contrasted to the decline during the
period from June, 1937, to February, 1938. Members of
the Federal Home Loan Bank System reported total loans
of $630,000,000 in 1938, of which $325,000,000 was loaned
during the last half of the year, as compared with $305,000,-
22 22 2? A O
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addition
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12 Federal Home Loan Banks, to give the associations
to
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potential borrowing capacity of $1,454,000,000, under regulations prescribed
for advances by the
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estimated to have a
were
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matter said in part:
of the
is, on June 30, 1914, the total was
The following is the full statement:
only $3,459,434,174.
In addition the announcement in the
000 in the first half.
3987
Chronicle
Financial
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meeting demands for home financing or withdrawal
in
needs of their members.
The largest increase in Bank System membership, Mr. Webb
p to to 4* p
said, was
to
At the end of November
to
Cn
1,355 Federals with total assets of $1,294,018,000 as compared
4*
to
Cn
a
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registered
there
Federally-chartered institutions.
by
were
with 1,309
having assets of $1,066,509,000
accounted
was
for
largely
chartered institutions.
by
conversions
317,000
a
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$366,267,000 to $432,050,000.
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to
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00
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p p co p !
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to
Nov. 30, 1937, to $2,483.-
during the year, their number increasing from 27 to 39 and their aggregate
assets from
So
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gain of 12 insurance company members of the Bank System
a
OS
to
00
by State-
charter
later.
year
was
on
to
p oo to
4*
However, the total assets of State-chartered members
registered an increase of from $2,474,219,000
4*
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to
o
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to
of from 2,582 to 2,546
Federal
to
©
A decrease in the
earlier.
a year
number of State-chartered members of the system
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system remained stationary at nine, having assets of $200,804,000.
"While
the
continued to
in the
number
and
financial
!
System members
Bank
was a
CO
peak
increase
of
about
as
12
months
ending Nov* 30,
1938,
as
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$84,553,574 during
6,300 advances
compared with
p p 00
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totaling $119,132,934 for the year ending Nov. 30.
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Offering of $100,000,000,
or
jr
:
p p p
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$52,000,000."
Advances by the banks numbered 4,600 for a total of
the
~
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to
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compared with $229,851,741 a year earlier, or an
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co
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_
figure of $282,050,426
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At the
end of November the total assets of the banks had reached the all-time
2
!
8SS
corresponding growth
12 Federal Home Loan Banks themselves.
of the
resources
of
resources
expand," Mr. Webb said, "there
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Treasury Bills—To Be Dated Jan. 4, 1939
I-
Tenders to
a new offering of $100,000,000, or thereabouts,
91-day Treasury bills were received at the Federal Reserve
banks and the branches thereof up to 2 p. m., Eastern Stand¬
ard Time, yesterday (Dec. 30). The tenders to the offering
were invited on Dec. 27 by Secretary of the Treasury Henry
Morgenthau Jr. The bills were sold on a discount basis
to the highest bidders.
They will be dated Jan. 4, 1939,
and will mature on April 5, 1939, and on the maturity date
the face amount of the bills will be payable without interest.
There is a maturity of similar securities on Jan. 4 in amount
of $100,125,000.
In his announcement of the offering Secretary Morgen¬
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for
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amount
an
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less
$100,000,
than
$500,000
and
$1,000
will
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and trust companies and from
8"°
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$1,000,000
be considered.
4*
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multiples of $1,000.
the basis of 100, with not more than three decimal
on
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the blllsj will be issued in bearer form only, and in amounts
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4-
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Si
I
69
C3
I
So
Tenders from others must be accompanied by a deposit
...
of 10%
of the face amount of Treasury bills applied for, unless the tenders
(
CO
44
or
Immediately after the closing hour for receipt of tenders on
or
Dec. 30.
acceptable prices will follow
right to reject
the amount
©
CO
©
tO
CO
4-
00
CO
©
to
©
•
tO
-
to
©]
b
44 —4 O
OS
©
_
© I
to
sS
GO © I
©
©|**
CO
any or
all tenders
or
to
I-4
1
00
I
*4
©
|
§ 8
to principal and interest, and any
the gift tax.)
amounts
as
of any tax now or
a
deduction,
or
or
not exempt from
are
held by the Treasury,
not Included In the total,
since the gold or silver held as
of 1890 is Included
standard silver dollars, and silver bullion, respectively.
This total Includes credits with tbe Treasurer of the
United States payable In
the Gold Certificate Fund—Board of Governors, Federal
In the amount of $8,780,275,185 and (2) the redemption fund
Reserve System
or
Federal Reserve notes in the amount of $10,812,289.
other disposition of the Treasury bills
No loss from the sale
shall be allowed
are
I s! f
gold certificates In (1)
(Attention is invited to
Treasury bills
®
a
o
Does Dot Include gold other than that
under gold,
gain from the sale or other disposition thereof will also be exempt, from
Treasury Decision 4550, ruling that
1
security against gold and silver certificates and Treasury notes
other immediately available
all taxation, except estate and inheritance taxes.
©
a
b These
c
as
s?
||I|s|
Revised figures.
Jan. 4, 1939..
Treasury bills will be exempt,
1
-4 ©
to CO
© 4.
©
©
•
parts of tenders, and to allot less than
or
lit
p © ©
—
boob b "0
the
will be advised of the acceptance or rejection
Reserve banks in cash
O
CO
to
I-4
Payment at the price offered for Treasury bills allotted must be
made at the Federal
O
©
b "-0 b
CO
possible thereafter, probably on the
reserves
©
»
to
applied for, and his action in any such respect shall be final.
Those submitting tenders
The
as soon as
The Secretary of the Treasury expressly
following morning,
on
to
CO
4*
branches thereof
to the closing hour will be opened and public announcement of the
funds
to
CO
4-
trust company.
1938, all tenders received at the Federal Reserve banks
thereof.
©
to
1
bank
up
©
accompanied by an express guaranty of payment by an incorporated
are
to
-
d Includes $1,800,000,000
Exchange Stabilization Fund and $142,175,039, balance
of increment resulting from reduction in
otherwise recognized, for the purposes
e
hereafter imposed by the United States or any of its
Includes $59,300,000 lawful
money
weight of the gold dollar.
■
deposited as a reserve for Postal Savings
deposits.
possessions.
Treasury Department Circular No.
prescribe the terms of the
418,
as
Treasury bills and
amended,
govern
f The amount of
and this notice
gold and sliver certificates and Treasury notes of 1890 shoul/l be
deducted from this amount before combining with total money
the conditions of
to
their issue.
arrive at the total amount of money In the
held In the Treasury
United States.
In circulation Includes any paper currency held outside the con¬
tinental limits of the United States.
U The
money
Note—There Is maintained
Stock of
The Treasury
notes and Treasury notes
Money in the Country
notes of
Treasury
notes
Department at Washington has issued tbe
are
in the Treasury—(1)
as
a
reserve
fo*
United States
of 1890—$150,039,431 In gold bullion: (11) as security for
1890—an equal dollar amount In standard silver dollars (these
being canceled and retired on receipt); (111) as security for
silver certificates—sliver in bullion and standard silver
outstanding
dollars of a monetary value
cutomary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
equal to the face amount of such silver certificates: and (Iv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Nov. 30, 1938, and show that the money in circula¬
tion at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$6,786,994,297, as against $6,699,707,987 on Oct. 31, 1938,
and $6,561,321,333 on Nov. 30, 1937, and comparing with
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak
and
the
such gold certificates.
moneys
a
Federal Reserve notes are obligations of the United
first lien on all the assets of the Issulne Federal Reserve
notes are secured by
hank.
States
Federal Peserve
the deposit with Federal Reserve aeents of a like amount of
gold certificates or of gold certificates and such discounted or purchased paper a* la
eligible under the terms of the Federal Reserve Act, or. until 'une 30. 1939, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
maintain
a reserve
Federal Reserve banks must
In gold certificates of at least 40<%. Including the
which must be deposited with the Treasurer
redemption fund
of the United States, against Federal
actual circulation.
"Gold certificates" as herein used
credits with the Treasurer of the United States payable in gold certificates.
Reserve bank notes and National bank notes are In process of retirement.
Reserve
(
notes
In
includes
Federal
Financial
3988
Received to Offering of $100,Bills Dated Dec. 28—
$101,032,000 Accepted
Tenders of $507,427,000
000,000 of 91-Day Treasury
Treasury Henry Morgenthau Jr. an¬
nounced on Dec. 23 that the tenders to the offering last week
of $100,000,000, or thereabouts, of 91-day Treasury bills
totaled $.507,427,000, of which $101,032,000 were accepted.
As noted in our issue of Dec. 24, page 3838, the tenders to
the offering were received at the Federal Reserve banks and
the branches thereof up to 2 p. m., Eastern Standard Time,
Dec. 23.
The Treasury bills are dated Dec. 28, 1938, and
of the
Secretary
will mature
March 29. 1939.
on
Regarding the details of this issue, Secretary Morgenthau's
Dec. 23 had the following to say:
President
Edward
President
Charles
President
Harold W.
of them
Most
tendered at a price slightly above par, the bids
Of the tenders at this price 78%
accepted were tendered at par.
accepted.
were
•
,
tendered at
•
fan Ml
of the $100,000, this bid
price of $10 above par.
a
dissension."
Total Dividends to Investors in Five-Year Period
five years of existence, will have paid
$90,000,000 in total dividends to their investors,
Federal Home Loan Bank Board announced on Dec. 24.
their first
figure is based on
end
of
1937
for the past
thrift
the
and
dividends actually paid
12 months.
home-finance
and
to the
up
distributed
be
to
These nationally-chartered mutual
institutions were authorized by
The Board's announcement of Dec. 24
1933.
Congress in
estimated
amount
went on to say:
Of this
and
"The
funds
individual
of
the Government
to
made
the
the
chiefly ,in
193S
year
about
and
savers
or
payable
of these associations,
1,100
expand local
dividends of the
the total
paid
$20,000,000
about
in
period to
1934-36
and
investors
investments
its
on
lending.
For
expected to be
home
institutions
are
$31,700,000.
Nov.
On
Corporation
States
and
Treasury
invested
$219,000,000
had
only
the
Owners'
Home
these institutions.
in
than
In
since the passage of the enabling Act, largely due
newly organized
which
initiative,"
private
but
only through collective
he called upon the
individuals
as
we,
nations,
as
or
fulfill
goodwill
can
business
together
work
must
public
purchasing
that
widen
power.
that the C.
Murray said
Mr.
added
unemployment,
reduce
to
wants harmony
O.
I.
He suggested that "responsible"
of citizens be convened under presidential auspices to work out a
industry, labor and Government.
problems blocking stability and prosperity.
the leaders of industry and labor, pledge ourselves this Christ¬
"Let us,
influences of both
night to put the helpful
mas
because "we
to cooperate with employers
principle of private enterprise," and
the
to
similar vein,
a
among
Speaking
groups"
to work through
groups
in
fraction"
"If
effort
an
laid
be
Mr. Hook urged "cooperation of all
understanding, and added that the first
Middletown,, Ohio,
from
must
stones
reach
to
the national
communities because
local
in
"peace
or
simply represents their total accumulation..
really
will
Government
and
labor
agriculture,
industry,
work
together in an atmosphere of mutual tolerance and respect, then confidence
will be developed through understanding," he said.
•
He
urged
ideas
close- interchange of
free and
a
employers and
among
employees as beneficial to improving relations.
called
Reed
Mr.
mote
friction.
reduce
said
the
"only
that
lowering
in
...
facing
problems
grave
of
application
warned
He
there be disaster."
can
Bankhead
Mr.
through
the public to embrace mutual tolerance to pro¬
upon
and
progress
ideals
golden
rule,
Nation
the
urged
and
be
can
solved
attention
greater
to
religion.
said
Taft
Mr.
"sound
velt
to
it
possible for rival political groups to adhere to
is
without stirring
should be
Dodds
Dr.
urged
taken
application
wider
leaders
of
and
the
that
that they
of
views
"honest."
are
and consideration
education
of
perplexities.
O'Neal said that his group has
New Orleans Mr.
convene
hatred,
class
the assumption
on
values to solve the world's
spiritual
of
that
principle"
factions
From
During 1938 there was a net decrease in the number of Federal associa¬
tions
reaffirmed the
Green
Mr.
for
promoted
added.
he
markets and increase
domestic
Loan
More
in
way
men',"
and
labor
1,100,000 private investors held nearly $850,000,000.
to
home,
profits
be
can
Referring to the international situation,
committed
all
United
the
30
Ohio,
"fair
of
security
pledged his organization
He
are
about $70,000,000 represents earnings on the
amount
David Lawrence,
destiny is by fulfilling the divine prophecy of 'peace on earth,
our
our
cumulative
Manufacturers;
of
orderly, intelligent, peaceful negotiations to prevent industrial chaos."
than
The
favor,
in
peace
bargaining.
By the end of 1938 Federal savings and loan associations,
the
Federation;
Bureau
minority and religious persecutions abroad, ap¬
Coshocton,
his
stand
that
warned
groups
more
Farm
...
L.
of
F.
solution of
Reports Federal Savings and Loan Associations
End of 1938 Will Have Paid Over $93,ODD,000 in
during
American
National Association
Dodds of Princeton University, and
criticized
from
Speaking
A.
FHLBB
at
the
the
cooperate in a spirit of fair play to remove the "causes of friction and
to
It is understood that in the case
was
of
Hook of
praised the domestic political and economic situation, and urged all groups
$101,032,000
Total accepted
$507,427,000
O'Neal
A.
R.
editor of the "United States News."
toward
Except for $100,000
1938
Vice-President Philip Murray of the Congress of Industrial Organizations;
peoples, and nations of the world to "come to their senses."
announcement of
Total applied for
Dec. 31,
Chronicle
urged Mr. Roose¬
industry and agriculture to discuss means
of labor,
of all of our resources."
promoting "full utilization
but the number of old-established State-chartered associations
that have converted to Federal charter is constantly increasing.
mergers,
These
marked
1938
showed
an
average
investments
during
progress
of
analyses
monthly
of
during
associations
During
.
from
reports
month
a
identical
in
rate
a
continued
first 10
institutions
total of their
19.4% growth in
the
of
long-term
41%
this,
Of
home
loans
was
for
totaling
the
$238,000,000
construction
and
22% for
refinancing present mortgages, and 9% for other purposes.
October loans
by Federal associations were 8% greater than in the same mcnth of 1937.
For the entire year it is estimated that loans by these institutions will
of
exceed
28%
$280,000,000.
dwellings,
for the purchase
of
existing houses,
World Appeal for Peace and Good Will Made by Presi¬
dent Roosevelt in Christmas Message—Plea is Read
by Harry L. Hopkins in Washington Broadcast—
Other Speakers
President
Roosevelt, in a Christmas message broadcast
24, renewed "before all the world" the "pledge I
Dec.
on
made
months.
same
repair
Roosevelt Renews Pledge of World Peace
—Speaks at Lighting of Christmas Tree in Wash¬
ington
President
the
t
associations
the
.
.
equivalent to
public,
capital per year.
Federal
1938.
gain pf nearly 1.5%
the
from
Federally-supervised
but
privately-owned
make
to
months
have
often
countrymen" to "do what¬
hasten the day foretold
by Isaiah, when men 'shall beat their swords into plow¬
shares and their spears into pruning hooks; nation shall
not lift up sword against nation, neither shall they learn
war any more.'"
The President declared that the Western
World ought to take heart "from the atmosphere of hope
so
appeal for peac6 and goodwill to all the world
was
addressed by President Roosevelt, on Dec. 25, in a message
read at a radio broadcast in Washington by Harry L. Hop¬
kins,
newly-appointed
speakers
leaders
on
Secretary
of
Commerce.
Other
the program, devoted to a discussion by national
"How Can We End Class Wars?",
on
joint plea for peace and goodwill.
read:
"
The glory
of
No
one
•
'
.
was
is that
the glad tidings
overlooked
are
forgotten when
or
the highest and on earth peace,
The
all
•
promise" at the Pan-American Conference in Lima, and
on the "happy circumstance" that the confer¬
ence "will be successfully concluded soon after the birthday
for all
House.
the multitude
goodwill to
'Glory to
made
was
by
the
President
nations and
to
think
and
those
on
peaceful
the President's statement and the dwelling of our minds
scenes
in
Bethlehem, must make
why the world should be
me,
so
you
wonder,
as
it has
full of strife and hatred.
according to the United Press, Mr. Hopkins also
in
bitterness
He
is
said
built
and
upon
by
a
and
that
a
the whole world is seeking to destroy itself
hate."
this
"is
true," however, because the American family
"working hard,
by being inherently honest,
wholesome joy of living."
Representatives of labor, industry and agricultural inter¬
ests joined with the President in appealing to the Nation
to solve its class problems in an atmosphere of peace and
goodwill, it was noted in United sPress accounts from Wash¬
ington, from,which we likewise quote:
Other speakers
William
Ohio:
B.
included Supreme Court Justice Stanley F. Heed, Speaker
Bankhead, newly-elected Senator Robert A. Taft (Republican),
President
William
Green
of
the
with
American
Federation
I
wish
us
shine
a
eternal
fite
happiness
are
the
by
hope,
new
about
all
com¬
White
fellow
new
everywhere a Merry
content and friendly cheer to all.
I wish also to
who
have
remembered
me
and
my
family this
peace,
thousands
with
this
God
desire
time
my
individual
let
countrymen
greetings.
hope
us
that
We
shall
boon
the
the
of
words to
from
free
the
I
World
devotion
to
of
always
peace
these
treasure
which
we
in
this
who
nations
it
successfully concluded
is
derive
holy
a
new
We
people.
or
have
witness
borne
the cause of peace,
happy
a
It
indeed
peoples.
by works as
well
ought to take heart tonight
which representatives of 21
assembled in the Pan-American Conference at Lima,
are now
consider
all
and
We covet neither the /lands nor
atmosphere of hope and promise in
be
We
all
to
peace.
other nation
any
Western
our
republics
Peru.
be vouchsafed
We shall work for
possessions of
We
as
likewise
may
peace.
own
soon
season
strength,
circumstance
that
these
deliberations
will
after the birthday of the Prince of Peace.
in
new
which
work
to
courage
of
Labor;
not expect
a
new
for
goodwill among men.
work from the spirit of
for
our
Heaven and a new earth overnight, but in our
land, and other lands—wherever
shall
work
as
best
hatred, greed and
And
not
structure of
but
warmed
our
the
country and in the whole Western Hemisphere enjoy under the providence
we
sometimes appears that
life,-
new
from
street
Christmas.
said:
"It
because
rejoice,
capital,
hearts,
our
around
again
the
across
the
over
All
gathered
are
messages.
We do
In part,
fallen
lights.
setting
the
friendly
the
Secretary Hopkins was
arranged by the "United States News" of Washington, D. C.,
published by David Lawrence.
Mr. Hopkins, in his re¬
marks, said, in part:
The reading of
this
Christmas
of
men.
The spirit of Christmas is the hope of mankind.
has
brilliant
We
Lafayette Park,
in
Darkness
of
President's address follows:
The
Eve.
them.
In
At
sang
here
Christmas,
in
The "Reconciliation Forum" at which the plea for peace
.
tree
myriad
of
people.
joy and happiness of Christmastime extends to all
people.
munity
Peace."
of
Christmas
it-
Christmas
of the first Christmas message, as announced to the shepherds
Bethlehem,
God in
also made a
The President's message
own
power to
he remarked
of the Prince
Cite Guide of Religion
my
and
Tonight
An
given to
lies within my own
ever
we
can
men
with
covetousness from
of goodwill listen to our appeal—
instruments at hand to banish
the
the heart of mankind.
countrymen I renew
do whateverpower to hasten the day foretold by Isaiah, when men
"shall beat their swords into ploughshares and their spears into pruning
hooks; nation shall not lift up sword against nation, neither shall they
so
the pledge I have so often given to my own
before all the world
lies
on
this glad
Christmas Eve, that I shall
within my own
learn
In
war
any
more."
describing the circumstances
of the speech,
ington dispatch of Dec. 24 to the New York
When
Nation's
the
President
finished
his
few
words
at
a
Wash¬
"Times" said:
the
lighting
of
the
community Christmas tree at Lafayette Park, a ripple of applause
frqm the chilled 8,000 " who stood round the tree.
He had set it
a-twinkle by pushing a button just before he beiran to speak.
It was a
came
Volume 141
raw
day,
rain
instead, and
half
hour
an
Financial
that
one
or
had
been
of
many
promising
the
crowd
umbrellas, red and
gay
green
and
blue and
went
out,
for
golden
the
drizzle
of
been
delivered
standing
the occasion,
and blue,
green
lights.
had
clouds parted overhead,
gray
had
had
drizzling
in the
for
wet
more.
The rain added to the color
^
with
but
snow,
As
stopped.
and
the
lights
While
blue
the
for
before
the
came
the
tree
circled
was
burst into red and
it
the
on
umbrellas
President
spoke
the
sky appeared just before night
round.
rose
Capital
Parks
Night,"
while
new
under
"Hark,
the
moon
with
came
Maestro
the
Herald
President
stood
it
Arturo
Angels
the
as
Schola
Cantorum
Papalardo
sang "Silent Night, Holy
and three other familiar carols
Sing,"
thoughtfully listening.
Illinois
Appellate Court Prohibits Picketing by Out¬
siders When No Strike or Dispute Is in
Progress—
Decision Unanimous
Picketing of
a business by outsiders is illegal if there is
controversy in progress, according to a unani¬
mous ruling, Dep.
22, by the Illinois Appellate Court, which
pointed out that the State Legislature has never amended
strike
no
the
as
approved in
in
1932.
Injunction Law to allow such picketings,
the
Federal
Norris-LaGuardia
Act
adopted
This type of picketing has been sustained in
States, including New York and Wisconsin.
summarizing the Illinois decision, United Press advices
of Dec. 22 from Chicago said:
In
decision
beauty
in
came
shop
a
here
involving
case
in
May,
June
the
picketing
of
W.
Robs
the
Hairdressers'
and
Cosmetologists'
Union,
Labor
Circuit
1937,
not
were
Second
the
Judge Joseph
restraining
the
Burke issued
union
employees and
Division
Appellate
right of unions to picket
members
As
Burke
Counsel
for
"There
Act
an
hold
employed
result of
a
Judge
was
State
is
be
may
the
the
William
the
McSurely
upheld
case,
the
of
none
be
the
why
the
law
the
it
the
Legislature
the
what
is
hear
of
opinion
restoring
in
to
this
The Commission
of
ure
order
laid
down
was
resulted
After
Clause in Interstate Commerce Act.
clause
railroads
of
Interstate
one
Decl
on
Commerce
charging less for
over
repeal was
said
24
that
they
effort to repeal the long-and-short haul
the
from
short haul
Norris
the
Act,
of the principal
prohibiting
long haul than for a
a
be
The
to
meet
This
ferred with
President
The
3848.
This
Wheeler
Senator
on
Dec.
he
con¬
27, when the
rec¬
board's report,
6aid.
gradually, and fcgreat
However,
far enough.
the
meas¬
railroads
>
would
only
the
be
this
that
for
rate-making
Commerce
bring
"fair"
a
Commis¬
return
rule
was
on
regarded as unworkable.
Commission
the
determine
rates
The
which
service.
clause
of
the
Interstate
Com¬
by the railroads in order that they may cut rates
chiefly that provided by the Panama Canal.
the
railroads
between,
York
of
Interstate
would
the railroads.
provide good
that
mean
rules
present
the
"long-and-short haul"
carriage
New
the
ago
which
to
desired
creation
with
rates
and
Chicago.
able
be
York
to
charge
San
and
less rela¬
Francisco,
than
...
transportation
a
would
New
say,
board,
recommended
as
the report,
in
of an effort to devise a thoroughgoing scheme of transport
The idea behind this suggestion is that a constructive program
all forms of transport should replace the present system with
purt
regulation.
covering
what
has
The
been
called
its
establishment
in
inequalities of regulation.
of
the
court
a
to expedite railroad reorganizations,
as
would be still another effort to make it easy
report,
for the railroads to free themselves of the burden of
In
1933
the
expectation
been
no
that
In
bankruptcy law
that
this
should
a
too-large funded debt.
Few
amended to apply to railroads in the
was
important reorganizations under the
it
failed
has
respect
J.
of
its
the
Wall
things
Street
which
However,
law,
and
there
have
commentators
some
purpose.
consolidations,
to
Lisman,
ommends
the
Are
speed reorganization.
railroads
the
they please, without regard to
want
security
.
dealer, said
have been
obvious
to
be
to
fixed plan.
any
.
able
to
merge
.
that the report "rec¬
everyone
familiar
Lisman,
"it
with
subject."
As
will
have
might
sidesteps
the
been
labor
problem.
the
of
expected,"
Mr.
Many recommendations will
selfish
narrow,
continued
local
interests
which
somewhat
with
meet
the
in
the
aggregate
certainly defer action by Congress until late into the summer.
Rocky Mountain States and others will fight the long-and-short
"The
haul
relief.
The
waterways
interests
fight
will
the
abolishment
Federal
barge line and the payment by other barge lines
out-of-pocket costs of the Government.
"The
shippers,
will not want to be
usual,
as
of
the
of some of
the
deprived of
facilities.
any
They will forget that they fought a $60,000,000 rate advance in 1916 and,
largely in consequence thereof, got a $1,000,000,000 rate advance in 1920.
recommendations made by
Roosevelt
is
for
between
"Personally, I do not think Government
for
page
presidential
traffic.
years
decade
competition,
would
tively
to
ago,
the
work
few
requires
repeal of
law
merce
columns
week
this
highway
devise
a
sufficient
the committee, whose report was briefly referred to in these
a
than
law
•
route in the same direction.
same
A
to
investment in
more
opposition
Following the issuance of the report of President Roose¬
Special Committee on Railroad Legislation, Senator
Senator
law.
will
velt's
any
by
present
F.
and
in
dissatisfied
are
supposed
the theoretical
as
oppose
of
text
it to be sound,"
has undertaken
has
railroads
sion
injunction
Summary of Recommendations of President's Committee
on
Railroad Legislation—Senators
Wheeler and
Norris
Oppose Repeal of Long-and-Short Haul
Wheeler
judge
member.
a
Rate-Making Rules Criticized
The
hold
\
the
I
do not believe that this
regulation has gone
adopt
"but
law
Legislature."
the
seen
it
was
:
Reorganizations
said,
the
1932, of which he
just made
by the trans¬
up
interstate movements of trucks and omnibuses.
♦
rate
I
drawn
January.
should
ruling
therefore
the
last
case
of
"Although I have not
Appellate Court.
Act,"
province of
wrote
Swing
the
to
report
a
The extension of
regulation to all forms of transport, as recommended in
the report,
long has been favored by the railroads.
A few yeare ago the
jurisdiction of the Interstate Commerce Commission was
extended to cover
union
against picketing.
would
conference
recommended
in
case
reasons
the
upon
9,
pickets
conforming with the Norris-LaGuardia Act,
injunction
should
the
similar
a
though
even
July
on
that
In December, 1937, the
acting in
Norris-LaGuardia
this
testified
"
carried
persuasive
to
encroaching
Judge
decision
dissolved
because
Court,
there.
Swing then
similar
that
this
had
business
a
injunction
temporary
a
Swing
had been employees.
never
the
of
after
in
part, the "Times" added
from
and
July, 1937.
Organizers for
an
American Federation of
affiliate, sought to persuade Swing's 16 employees to join the union.
The employees refused and the
picketing began.
the
of the recommendations
some
included
were
portation
sev¬
eral other
Swing
RR., recalled that
public
or
State Labor
The
he would be willing to cooperate in
any
program which promised to solve the carriers'
problems.
The same paper, in its Dec. 24
issue, stated that J. M.
Davis, President of the Delaware Lackawanna & Western
National
of
3989
legislation, and that
In
silver of
A
Chronicle
without
anyone
reasonable
certainty
money
of
should be lent too freely
repayment.
Recommendations
lending money for equipment I consider excessively liberal."
James
A.
Press, Mr. Wheeler said Mr. Roosevelt asked him to return
Ford, Secretary of the Intermouritain Rate
predicted on Dec. 23 that the Intermountain
States would "organize and fight" the proposal of President
at
Roosevelt's
ommendations
discussed.
were
According to the Associated
the end of the week, when Chairman Lea (Democrat),
California, of the House Interstate Commerce Committee,
and perhaps representatives of the Reconstruction Finance
Corporation and other Government agencies will be present.
From the
"We
added
are
that
The
in
advices
decisions
no
President
his
to
same
we
quote:
going to try to work out
annual
was
had
not
been
a
program,"
Wheeler said,
Mr.
but
reached.
expected
railroad
Later,
to Congress next week, but probably will submit
Congress the report of the railroad advisory group.
persons
said, he may send specific recommendations of
message
some
Meanwhile,
John
A.
Hastings,
pared to sell the Nation
on
his
former
a
"It's
State Senator, pre¬
York
the
"Hastings
the only answer
Under
be
his
15c.,
divided
or
into
offered.
and
de
the
luxe
New
25c.
for
nine
The
a
round
regions,
coach
parlor
suburban
all
and
from
fare
change $3,
car
trains, plus
York-to-San
a
he insisted.
fares,
trip.
He
that
five
Chicago to
within
40-mile
a
that
proposes
of
types
New
would start at
limit,
the
$15
for extra
would
country
be
service
be
be
would
with fares ranging up to
fares
only
$1,
for limited
competition
by
instead
of
long-and-
Act
be
re¬
of
is
the zone system.
development of transportation
facilities
national
the
the
for
One result
problem.
of the absence of
of governmental
favoritism of some of
the
modes
support.
factor
the
in
present
their traffic.
low volume of
their rates.
distressed condition
A
of
the
railroads
contributing factor is the depressed
Competitive modes of transportation are
partially responsible for the former and almost wholly responsible for
To
revenues
the
extent
that
the
made
inroads
upon
railroad
traffic
the
and
by other modes of transportation are not due to natural advantages
latter
the
to
in
possess,
their
but
competitors
are
as
a
attributable
result
to ^artificial
of governmental
advantages
favoritism
in
the railroads have a right to object.
Such favoritism now
degree in the important matters of regulation, taxa¬
respect,
exists
of
economically wasteful because it has resulted
facilities beyond the ability of the traffic
others,
character of many of
latter.
a
an
of transportation
country to
major
The railroad problem is inextricably
intensified but unequal and economically waste¬
traffic among the several modes of transportation-
over
in the creation
any
pronounced
tion and subsidies.
substantial
While
Senator Wheeler, who has contended that the most imme¬
diate need
this
reason
transportation
accruing
$5.
be similarly fixed.
freight charges,
the
committee's recommendations
transportation policy.
with
intertwined
which
services.
Eventually, Mr. Hastings said, he hopes for a national scale of passenger
and
that
Commerce
the United States has produced a national transportation problem with¬
unequal
...
passenger
York
"nominal" additional charge
Francisco
unregulated
largely
and
Rapid
out a national
The
Freight charges would
fares
An official summary of the
said.
proposal
Interstate
the
is given below:
ful
plan for postalizing transportation."
to the railroad problem,"
"Postalizing transportation suggests tbe application, to the passenger
and freight service of the American railroads, of the rate principle suc¬
cessfully and profitably employed for a hundred years in first-class letter
carriage," he
of
clearly defined policy is
'
calls it
He
New
one-plank scheme for solving the railroad
problem.
clause
"It is not necessary to repeal the long-and-short
haul clause," Mr. Ford said, according to Associated Press
accounts from Spokane, Wash.
"Repeal," he said, "would
not benefit the railroads.
It would be legislation for special
in
'
own.
railroad committee
special
haul
pealed.
recommendations
committees of
his
short
interests only.
include
to
Association,
ness
conditions,
relief
the
should
removal
of
come
these
with
improvement in general busi¬
contributing
important
to the
healthful
that
temporary
measures
are
nevertheless he intended to "lean backward in carrying for¬
only
way
causes
is
functioning of the transportation
tain
tures, said
of the railroads is
(it
the
President
Senator
reduction of capital struc¬
reported by the Associated Press)
was
ward any program
a
for rehabilitation of the railroads which
may
Wheeler
Dec. 27 that he has
no
likewise
indicated
theories of his
own
as
on
(we quote from
Washington advices to the New York "Times")
saying
for railroad
necessary
and
should
industry.
Cer¬
be adopted, but the
in which anything of lasting benefit may be accomplished is
the situation of all modes of transportation with respect
by equalizing
to
the
of
favor."
was
essential
a
three important
definite
equalization
none
national
as
will
The first step is the adoption
matters mentioned.
transportation
provide
a
fair
policy
field
based
upon
such principle of
for all and special favors for
The next step is the creation
of the various modes of transportation.
of the necessary
machinery to insure the effective execution of the declared
/
Financial
3990
policy.
The
submitted
recommendations
directed
largely
are
these
to
ends.
two
SUMMARY OF RECOMMENDATIONS
Adoption by the Government of
providing
for
fair,
administered
so
all modes of transportation,
advantage of each.
of
inherent
the
preserve
of Interstate Commerce Commission
administer
tion and
of
regulatory provisions with respect to rates, services,
all
accounting
these shipments,
valua¬
investigation limited to its jurisdiction.
Revision
all
to
modes
of
therefor
Act and substitution
said,
of
the invoice delivered value
freight charges and freight paid, and extras Included in
information,"
the
Committee
1939.
At
"is
said,
be furnished
to
for
the
later date, when seasonal pressure upon
a
clerical personnel of the steel companies has been lifted, similar information
will be requested for a single month for each of the years
In order to minimize the burden
on
15a of the Interstate Com¬
A second questionnaire
the
1937 and 1938.
.
.
companies, the number of products
as
small
sample
a
as pos¬
dealing with the distribution of steel products as
related to the geographic concentration of production
will shortly be dis¬
tributed.
transportation, with suggested wording of the rule.
of
statistics
sible consistent with obtaining significant results.
rate-making rule applicable
new
a
sought
questionnaire
the
and the time period covered have been reduced to
of Rate-Making Rule
Repeal of the present provisions of Section
merce
Committee
from
Invoice delivered value.
to all modes of transportation, together with powers
as
the
suming districts throughout the country,
month of February,
the Interstate Commerce Commission to
in
1938
pricing policies.
Associated Press accounts
Washington yesterday (Dec. 31) further stated:
"This
Jurisdiction
Responsibility to be placed
31,
"showing the quantity of shipments of ten steel products to various con¬
definite national transportation policy
a
regulation
impartial
to
as
Dec.
the
of
Specifically,
Transportation Policy
National
Chronicle
♦
Long-and-8hort Haul Clause
Repeal
the
of
haul
long-and-short
so-called
clause
Section
of
4
of
Marriner
S. Eccles Denies Administration's Monetary
"Waste"—Federal Reserve Board Chairman Replies
the Act.
with
accordance
Sections
of
and
8
recommendations
the
of
16
heretofore
Act
made
by the Interstate Com¬
Intrastate Rates
Extension
in
rates
of
the
Commission
the
of
power
with
connection
with
readjustments of
general
respect
intrastate
to
interstate rates.
A
of
and
new
independent
and
investigating
to
which
for
Congress
the
and fitness of the several modes of transportation and the extent
economy
to
to
created, charged with the duty
concerning the relative
be
to
agency
reporting
of them is
any
further
now
legislation.
administering
.being subsidized, with its recommendations
charged with responsibility
to be
Thereafter
for
to all modes of transportation regulatory provisions relat¬
as
ing to certificates of convenience and necessity covering
construction
new
operations and abandonments of facilities or operations, and the approval
or
of the
issuance of securities,
consolidations, mergers, leases, acquisitions of
control,
interlocking directorates,
research
of
portation
promotional
vested
now
&c.,
and to exercise
relating primarily to
nature
Marriner S.
all
functions, of
mode of
any
a
trans¬
a
and its other fiscal policies.
The letter was in reply
speech by the Senator in Boston, Dec. 10, in which he
called
for
Inland
reasonable
Use of Improved Waterways
system
of
for
tolls
Boston
commercial
of
use
certain
a
it
burdens and providing that Government bear the expense of eliminating
of
is
debt,
and
voted
for
alter
reconstruct
or
bridges
or
other
rates
of any
direct
the
so-called
land-grant
connected
selected
with
a
single court vested with
with
especial
railroad
reference
reorganizations
their
to
for this highly
specializep service.
jurisdiction over all matter^ not
Interstate
railroad
Commerce
exclusive
Commission
and
experience
jurisdiction
in
and
judges
of
composed
over
qualifications
The Federal District Courts to retain
connected
be
to
with
relieved
reorganizations.'
The
reorganization.
of
all
responsibility
in
the
to
granted
or
carriers
Board
withheld
atl initiative,
of any
in
but
with
the
by
approval
Legislation
the
and
enlarging the
of and to
make
Finance
powers
considerations
forth
set
Commerce
Commission
would
that
tions
or
no
delusion
that
our
any
respect
such
to
in
fair
all
by
guarantee,
if given
We do
feel,
effect,
its
Mr.
however,
directly responsive
the
members
of
the
Temporary National Economic Committee in Further¬
ance
of Inquiry Into Monopoly Calls Upon Steel
Companies for Data on Price and Distribution
price and distribution policies
Companies by the Tem¬
Committee at Washington,
60 Steel
National Economic
delegated to inquire into monopolies.
A reference to the
conclusion of the first phase fo the Committee's inquiry,
appeared in these columns Dec. 24, page 3850. It is stated
that a questionnaire prepared by the Department of Justice
porary
and the Federal Trade Commission after consultation with
members of the industry seeks information from the Steel
companies fundamental to "determining the economic effect
party is in power, but the
my
five billions
first
members
in
the
to
Senate
the
public
have
told
that
term
newspaper
he
despite
he
President
by his supporters.
economic system
our
operation/'
the
on
Tugwell
before
men
convinced
was
pressure
Roosevelt
Administration
lengthy
was
he said, would be "vastly promoted if the
Corcoran would go home, and if Congress
to
duty."
"economic
philosophy"
Governors
of
of
Federal
the
S.
Marriner
Reserve
in New York last week
Eccles,
System,
on
Chairman
Senator
Byrd
"promoting prosperity
own
the Virginia Senator urged:
program,
which
now have power to add
$8,000,000,000 to the public debt."
a minimum of activities new to the Government, including ''the
belts, the tree belts and other such dispensable activities."
4. Transfer of part of the relief burden to the local communities as a means of
reform, coupled with "a thorough, honest purge of relief roils, eliminating all unde¬
3. Reduction to
.
•
.
Conduct of the Government "within the ability of our people to pay," with
as "one of the best assurances of business prosperity."
Senator
Byrd
balanced
would
tures
be
said the Nation
budget.
faced
disaster
unless it
approached
soon
He asserted that the "direct debt" of the Government
$41,000,000,000 by next July, and that when the bonds, deben¬
and
debt"
notes
would
of
Government
various
approach
agencies
added
were
the
"actual
$50,000,000,000.
Turning from finances to elections, Senator Byrd said there
"nothing
was
unliberal and un-American
than to, coerce and control the sacred
privileges of suffrage in a free country by commands from those who
dispense relief to the destitute who are compelled to accept charity from
their
Government."
deny."
this
.
The
has
.
and
been,
being
is
done,
informed
no
person
can
.
Washington "Post" quoted from Mr. Eccles's letter
in reply as follows:
The
on
prudent
highly important for both the President and
was
Eccles's speech
Reserve
advocate
some
it
third
a
constitutional
of
for
years
more
are
ertson.
Requests for information
five
green
trustees
the approval
committee, viz.: M. W. Clement, Carl R. Gray, George M.
Harrison, B. M. Jewell, Ernest E. Norris and D. B. Rob¬
have been made to
seek
attack
from
Board
"That
by
as
the
Government,"
Good government,
.
of the major causes and
signed
for
(He attacked the President's reorganization bill as tending toward
government *,'by executive decrees," and said he would introduce his own bili.)4M 2. Cancelation of the "existing authority of 30 Federal borrowing corporations
guarantee
principal task assigned to the committee of developing recommenda¬
to be helpful in creating stability in the field of trans¬
was
sorrow,
added
Federation
for those in need."
calculated
summary
fought
serving, and reducing relief costs by stopping all expenditures in excess of providing
portation.
The
has
'reasonable taxation"
or
purchase,
recommendations,
dispose of all the problems of the railroads.
remove some
the
5.
to receivers
.
under
they would
to the
of
it?
and economy."
a
loan.
are
a
employees affected.
of the RFC to purchase or
loans- to railroads
about
by spending borrowed money" indicated "to what depths of false reason¬
ing we have sunk in the crackpot legislative ideas of those holding im¬
portant public positions."
/
Corporation Loans
modifying the requirements with
Interstate
We
the
Such approval to be
recommendations, including protection of the public interest and
obligations
or
for railroads, thereby
requiring
and equitable arrangement to protect the interest of
Reconstruction
done
responsibility for their share in the present
escape
Hoover
field of
said
Byrd's
Outlining his
proposed consolidation.
accordance
be
can
1. Reorganization of the Federal government "for simplification, retrenchment
Repeal of provisions ofythe Act which make the Commission responsible
Transportation
and what
Walsh, Democrat of Massachusetts, who demanded "tax
not
Walsh
trusters
said
Plan
for the prescription of a general plan of consolidation
restoring
broad¬
radio
no.
it with
say
Taxpayers'
Assailing the
/
Consolidation
nation-wide
a
on
Congress to "instill popular confidence that
and caustic.
of
say
permitted untrammeled
resumed
Reorganization Court
thereof
be
Senator
of
situation,
who
one
Mr.
every
would
next
brain
Establishment of
our
the
Rates
provisions
carried
majority of the Republican
the huge appropriation bills."
Senator
facilities,
will
excess
it.
reduced
the
was
a
Roosevelt
statutes.
matters
I
of spending.
the
Land-Grant
of
As
Washington, I
Democrat
a
in
Government for all costs in
perilous
a
retrenchment?
spending at
addressed
to
said:
expect any leadership from the present Administration for economy
in connection with the improvement
required
accruing to
Repeal
facing
are
we
and
the carrying out of flood-control or similar projects,
or
10
Taxpayers Association which
reduction
be reimbursed by the
benefit
of Bridges and Other Facilities
of policy that whenever,
Dec.
a
Senator David I.
Davigable waters
railroad
of
five-point retrenchment program, which would include
thoroughgoing Government reorganization and a "purge" of the relief
rolls, Senator Byrd said in an address before the Massachusetts Federation
grade crossings.
of
outlining
Republican party cannot
Impositions
Legislation, national and State, relieving the railroads of certain unjust
Adoption
advices
Before
"As
Reconstruction
and
a
orgy
tax
insanity"
fiscal
of
years
summarizing the speech by Senator Byrd, Associated Press
disposal of its properties.
Taxation and Other Governmental
"nine
to
Administration's
Can
the elimination of the Inland Waterways Corporation, and
waters,
the
spending program.
Mr.
Eccles, in his letter, expressed "impatience" with what he
said was a "gross misrepresentation" of his opinions.
In
"We
and
end
an
criticized
cast:
in other agencies or bureaus.
Tolls for
fair
A
Eccles, Chairman of the Board of Governors
of the Federal Reserve System, in a letter to Senator Harry
F. Byrd of Virginia, published on Dec. 25, defended the
Federal deficit, the Administration's lending-spending pro¬
gram
Transportation Board
by Senator Byrd—Latter Had Urged
Insanity" in United States
End of "Fiscal
relating to reparation in
Commission.
merce
Criticism
to
Reparation
Amendment
of
Board
Chairman
reckless,
the
denied
impression
ever-increasing
wasteful,
"that
spending by
I
am
the
an
Govern¬
ment," and said he
was
quite as concerned as Senator Byrd to "avoid the
evils
but
added
of
inflation,"
that
he
was
equally
in
favor
of
avoiding
"the evils of deflation."
Impatient at
He reiterated
ment
spending
his
view
which
he
"Misconstruction"
that
said
Mr.
drastic retrenchment"
"sudden,
Byrd
advocates
"another sharp reversal and renewed deflation."
program
"a
defeatist
which
one"
would
would
in
Govern¬
be followed by
He termed the Virginian'6
"jeopardize the salvation
of
our
democracy."
Saying
how
best
he and
my
viewpoint."
Mr.
relief
Mr.
to reach
patience" when
Eccles
program
the
"a
Byrd
"disagree
economic
fundamentally and
.
.
.
completely"
so
misconstrues
•
vigorously opposed substitution of relief doles
which
on
objective, Mr. Eccles expressed "Bome im¬
responsible public official like yourself
requires
greater
expenditures.
for the work
He wrote:
Volume 147
"You
assert
for
ernment
obtain
to
slightest
Financial
that
support and
private
to
support
resent
the- Gov¬
to exert their effort for sell-help
So
such
the
far
I
as
know,
sweeping
a
rely
upon
there
assertion.
insult this Implies to
not
is
stated
that you
vidual citizen' and 'the
millions of self-
"I am
nue
concerned about
are
'the character of the indi¬
do I think the substitution of idleness and
nor
enclosing herewith
cannot
condemn
we
improve either the dignity
So am I,
a
dole for
working
on
a
substantial
our
railroads,
than
proportion
the right to eat and
the right
attention
and
to
equal
think he has
I
to
a
position,
I
think
convenience*
a
"I
educational
opportunities
prepared to believe that this Nation is
am not
stagnation, to a low level, of national income, to
standard of
depends
"I
correct understanding
our
upon
system.
doomed to
wholly unsatisfactory
of
the
operations of
our
only
a
defeatist one, a pro¬
of retrogression and not of progress, but that it would jeopardize the
of our democracy which I know you are as sincerely desirous
preserving as I am."
Private enterprise had been in no position in the years since the depres¬
gram
salvation
of
sion, the Federal Reserve Chairman said, to employ profitably anywhere
near the total of the country's savings,
because there was not sufficient
buying
in the hands of the public to purchase the output of exist¬
power
"Assuring
"In
connection
statement that
ment
reflects
with
a
the question
of
debt,
you
also make the curious
Such
a
state¬
misunderstanding of the fundamental nature of our capi¬
talistic economy.
I want your
"Debts and
any
obligations of various kinds
are
but the other side of invest¬
tried to liquidate the whole amount of them, or even
we ever
substantial fraction, we would precipitate a crisis so severe that general
paralysis would result.
When there is contraction of total debt,
public, we have deflation.
We have never had prosperous
economic
private and
conditions without
public,
or
"Do you
the
accompanying expansion of debt, either private or
an
both.
think, as your speech seemed to indicate, that in a democracy
has no responsibility for creating debt in order to give
Government
employment at times when private Indebtedness is contracting and private
enterprise is unable to do so? ' ,
,
.
"Is it not true that the creation of too much debt relative to the
creation
inflationary and, therefore, bad, whether that
private activity, or both ?
Can it be said
public or privatf, that utilizes productively
unused human and material resources, that creates real wealth,
wealth
of real
debt be created
is
by public
real wealth and to national income, is an evil?
Is not the exact opposite true?"
that adds both to existing
,
to
Repeal
Long and Short
Hauls
President Roosevelt has been asked by the Maritime Asso¬
the Interstate Commerce Act.
The New York "Times" of
Dec. 28 in reporting this points out that the bill, which will
be reintroduced in the coming session of
Congress, would re¬
voke the clause now on the statutes
prescribing that longfreight charges shall not be less than the aggre¬
gate of short-haul charges over similar distances.
In part
we also
quote as follows from the "Times":
In
telegram addressed to the President, H. W, Warley, President of
a
the Maritime Association, warned that revocation of the
provision would
serious harm to steamship interests and bring about early elimination
of thousands of tons of shipping now
engaged in intercoastal and coastwise
cause
trades.
again for
a
and, Other groups have waged a long fight against the
planning concerted action in Congress when the bill appears
vote.
Mr. Warley's telegram follows:
men
are
"We respectfully call to your attention that we believe repeal of the fourth
section of the Interstate Commerce Act, will result in the elimination of 450
steamers or more
operating in coastwise and intercoastal trades.
association
of
1,000
members,
.
.
.
including steamship and inland
waterway lines and other branches of the marine industry, sympathize with
the
plight of the railroads and favors legislation helpful to them that will
injure the water carriers, but we are opposed to legislation recommended
In the report of the rail committee that would adversely affect our domestic
not
shipping on coastwise, intercoastal and inland waterways.
"In these perilous times when we are building a large navy for defense we
earnestly urge you not to recommend that part of the legislation proposed
in the committee report which would destroy our coastwise and intercoastal
fleets,
as
those fleets should be maintained
as
ah
indispensable aid to the
United States Navy and for the National Defense."
The report
a
of the Railroad Committee, to which
we
referred
week ago (page 3848) is further mentioned in these columns
today.
George H. Davis Sees Continued Business Recovery if
Opportunities for Progress Are not Blocked—Head
of United States Chamber of
Commerce
Urges
Congress to Amend Certain Laws as Aid to Industry
business upturn is
29, indorsed the Hastings plan for "postalized"
and asked the Interstate Commerce Com¬
now in progress, and it has suf¬
opportunities for progress remain
open, to carry it by the end of 1939 to the level reached in
the spring of 1937, George H. Davis, President of the
Chamber of Commerce of the United States, said in a yearend statement issued on Dec. 24.
Earlier this month, in
an opinion on whether it was feasible.
"On
plan looks good to me," Senator Wheeler wrote
Walter M. W. Splawn, Chairman of the ICC. ^
address before the Economic Club of Chicago, on Dec. 15,
Mr. Davis urged Congress to relieve business of restrictions
which are retarding it in various ways.
A Chicago dispatch,
Senator
Burton
K.
Wheeler,
Democrat,
of
Montana,
Chairman of the Senate Interstate Commerce Committee,
Dec.
railroad rates
mission for
its face the
to
WHEELER."
ciation of the Port of New York to intercede in behalf of the
Merchant Marine interests of the country in the matter of
the Pettingill bill, affecting the long and short haul clause of
A
on
K.
Clause of ICC Act
ficient
"Postalized" Railway Rates Proposal Before ICC
_
yours,
or
that the creation of debt, either
otherwise
employed
figures carefully analyzed at your earliest
opinion as to whether it can be worked out on
of my esteem, I am,
you
Railroads
on
"Our
Payment Means Deflation
ment, and if
wnw-iw more men
more men
President Roosevelt Urged by Maritime Association to
Oppose Legislation Recommendation by Committee
*
day the whole amount must be repaid.
some
More travel
employment,
"B.
change and
continued:
Eccles
more
♦
Shipping
ing facilities of production.
Mr.
reve¬
be profitably
haul railroad
.
convinced that your program is not
am
a
living instead of the high standards, the achievement of which
only
economic
reported, in
saying:
for one,
can
sound business basis for the railroads.
adequate medical
with the rest of his
In Associated Press advices Mr. Eccles was
as
by one,
projected
"I wish you would have these
Tight to
a
countrymen."
part,
the West.
people to prolonged idleness
our
the individual, whether rich or poor, has a right to a decent place to live.
I think he has a right to security in old
age and to protection against
temporary unemployment.
see
means
free institutions in this country if
of
bare subsistence level of existence.
"Further
as
pa heavy industry.
the character of the
or
on the
"Respectfully
expect to preserve
a
well
operated with postalized rates.
people affected.
"We
some cost statements, as
statements, which would indicate that the railroads
"The people of this country have demonstrated that
they want to travel
see this
country.
The people of the West want to visit the East, and
believe, however, that the most basic right of all is the right to live
and, next to that, the right to work.
I do not think empty stomachs
character,
There is very
little more post of
maintaining roadbeds used by 10 trains than
the people of the East should
dignity and the rights of the individual.'
useful work relief will
3991
much to pull a coach half full as it does full.
as
and
"Right to Live" Basic
I
build
It costs
the
honest
Any
Chronicle
and women.
men
Holds
"You
able-bodied citizens
have ceased
must
citizen
respecting
of
employment.'
evidence
American
'millions
Wheeler unexpeetedly threw into the pool oHdeas
Congress is the one advocated for several years
by John A. Hastings, State Senator in New York.
It consists substantially of a structure of rates based on low charges be¬
tween "central points, with the same rates applying for all intermediate
stops."
Senator Hastings has contended that railroads could, carry passengers profitably from New York to Chicago, or points In betweentJor as
little as $1 coach fare, and with other charges not higher than $15 for '^superde luxe accommodations."!
The plan which Senator
to be considered
by the
Senator Wheeler
new
wrote that
Senator Hastings had first discussed the
"'postalized rates" with him five years ago and he said he had collected an
independent set of figures based on railroad costs.
These figures. Senator Wheeler wrote, "indicate that the railroads can
be profitably operated with postalized rates," but he emphasized to in¬
quirers that his whole letter was based on the question whether the generali¬
ties of the picture presented a program which would be "feasible for the
railroads from an actuarial standpoint."
that adoption of "pos¬
talized rates," if they should be approved, would not obviate new
lation, but that it appeared to him that program
legis¬
would undoubtedly
re¬
quire both long preliminary study and new legislation if it were to be made
effective.
Senator Wheeler's letter
reads:
(
"My Dear Chairman:
five years I have given some thought and attention to the
so-called postalization
sented to m?
an
Dec.
15, to the New York "Journal of Commerce" quoted
Mr. Davis, in part, as follows :
He urged amendment of
"wasteful
the Commodity Exchange Act; the stopping of
spending"; liberalization of the National Labor Relations Act;
the Sorfal Security Act so as to permit a. "pay-as-you-go
policy," and legislation which would "relieve the. serious plight of the
amending of
railioads."
,
Asks Law Repeal
repeal the laws that make heads of bureaus rulemakers, prosecutors and judges—and not compel business men to try and
discover from the morning papers the latest regulations under which they
could
"Congress
operate their business that day," Mr. Davis said.
"Congress could repeal the section of the Commodity
may
Exchange Act
Washington to restrict the. amount of grain a
buy for future delivery, and thereby enable the farmer to get a
which allows
trader may
fair
a
bureau
in
price for his grain.
"Congress could stop wasteful spending,
Senator Wheeler said, in response to questions,
"For the past
if
momentum,
of passenger rates on railroads, which was first pre¬
by Mr. Hastings of New York.
ing the National Labor Relations Act so that it would be fair to
In order for a mass-production
constitute
a
mass
production industry.
industry to be successful, it must have mass
Mass consumption in railroads means mass use of the seats
chair cars and berths in sleeping cars.
consumption.
in the
"The only excuse
for mass production is that, by such means, an in¬
better and cheaper goods.
industry applies to the railroads.
dustry can produce
mobile
"They must have more business,
and the way to get more business is to
give the lowest possible rate consistent
!
What applies to the auto¬
with sound business principles.
both the
employer and the employee, and by prohibiting coercion from any source.
On its face the plan looks
Would Amend Social
good to me.
"The railroads of this country
which absorbs the money that
formerly went into new enterprises and expansion of old, thereby enabling
industry to absorb the unemployed.
It is hard for a business man to
understand why the cost of government, 25 years ago, was about 5% and
now it takes almost 35%
of the earnings of business.
Remember—only
one-sixth of the cost of government goes to relief.
"As most business men recognize the soundness of collective bargaining,
Congress could inspire confidence in the minds of business men by amend¬
Security
Act
"Congress could amend the Social Security Act so that, after a reason¬
able reserve, it would be on a pay-as-you-go basis.
We are confronted by
the
paradox that those who were loudest in their denunciation of all things
placed in the Social Security Act a provision of a directly
deflationary
deflationary
dollars
in
nature,
in
requiring
payment
of
hundreds of millions of
they would be
taxes, by employers and employees, long before
A reserve fund exceeding
$40,000,000,000 ultimately is certainly a menace to any government con¬
trolled by politics.
Investing this surplus in Government obligations,
needed
to pay
benefits under the old-age plan.
3992
and
Financial Chronicle
using the
for
for current
money
does not add
expenses,
to the security
Washington dispatches told
the aged.
"As
the
Dec. si, 1938
last week in the
us
of
case
a
farm organization,
they actually threatened the government with revolution if it should
Government
for
subsidies.
cease
The threat to the continued existence of free and
has dictated the management of
railroads, it has a peculiar responsibility for their condition.
Therefore,
Congress could enact legislation which would relieve the serious plight of
history of the typical experience of soft-hearted governments in the financial
the
field.
railroads,
ok'ud
entire
business
Business
activities
the
then
under
There
is
years
has
increased
This
in
now
been
unmistakable,
United
progress
in
States
obviously
have
upturn
in
that
seem
the
of
in
the
has
It
conditions
threats
There
is
is
once
and
point
carry
made
been
States
evident
much
are
too,
But
open.
in
forces
we
six
In
United
of
12 full months
and that foreign
of 1937
in
in
business
as at a
com¬
recovery
States.
activities,
Middle West,
Ten months of
from September,
extending
had their adverse effects in
the
1937,
to
severe
June,
parts of the country, particularly
many
aggravating problems which were already difficult in
many branches of agriculture, problems in some of the natural resources
industries, and problems in various fields of manufacture and trade.
The welfare
by
the
of
communities
beneficial
The alternative polity calls for
influences
and
whole
of
which
the
areas
will
of
processes
their economic situations, and in linking them
national
be
best
promoted
will
recovery
exert
into
a
definite trend
progress.
private enterprise.
long
Senator Carter Glass Would Turn Relief Problem Back
to
States
John L.
Cities—Appropriation of $1,000,Operate WPA From Feb. 1 Urged by
Lewis of C.
I. O.
Opposition to proposals for
propriation
voiced
"No
one
ap¬
on
knows how much is needed for relief, but the Administration
wants all It can
get," said Senator Glass, Veteran Chairman of the Senate
appropriation of $1,000,000,000 to operate the Works Progress
Administration from
February 7, when relief authorities
will be exhausted, until the end of the fiscal year on
their funds
say
July 1,
Senator Glass, long opposed to big Federal spending programs, told re¬
porters that States and communities had cared for relief problems effectively
before the Government entered the field.
...
Despite his advocacy of turning relief back to the States, Senator Glass
said he had little hope Congress would
change the present WPA system.
"Congress has got in the habit of voting these appropriations during the
last five years and it probably will do it again," Glass said, adding that it was
"vicious and wasteful" to make lump-sum appropriations.
"Congress ought to know what is being done with the
not be left to
or
one man to
dispose of it
judgment."
as
4
to
$700,000,000 would be
July 1,
apportioned
as
necessary to carry the WPA from
amount at from
to last until
February 7
$500,000,000 to $600,000,000.
February 28.
The Act said the apportionment could
an
emergency,
the reasons" for any waiver.
municated to
or
modified" by the
These reasons, the law said, should be
Congress "in connection with
any
com¬
estimates for additi
ona
favor of
return to
a
2.
We need
We need
Obstacle
to
Spending Policy
Long-Term Business Re¬
covery—Speaks
5.
a
standard for
our money to prevent national
bankruptcy;
our national assets.
standard of value to valorize our huge and growing gold
We need
6.
a standard for our
money to stop nationalism, restore inter¬
trade, and thus maintain employment and American standards of
national
living.
Haney said in part:
I hold that the main danger to the gold standard in the world
today is the
non-use of America's gold reserves.
The longer we postpone our return to
the gold standard, the more difficult that return will
become, untU
ceivably it
complete financial collapse.
The best way to stop gold imports is to go on the
gold standard.
The
one
great abiding reason for the tendency of gold to flow into this country lies
in the fact that the American dollar is undervalued in terms of
gold.
we find nationalism rampant.
And with nationalism there goes
the sixteenth century policy known as Mercantilism.
teristic
time,
emphasis
find
we
a
There
shame.
precious metals
on
as
We find the charac¬
"war chest,"
a
and
the
at
same
tendency to debase currencies which puts Henry VIII to
are
as
many
managed
managers, and there is at least
one
currencies
there
as
are
currency
such manager in every nation.
This condition, just as in the Mercantilist
period,
dition of chronic warfare among the nations.
accompanies a con¬
If I had the gift of tongues, I would here use it to the
beet of my ability
for the purpose of extolling peace
among the nations.
As it is, I will merely
say
in the words of
an
economist that as
long
as we
have warfare, we will
have wasteful spending; as long as we have wasteful
spending, we will have
growing public debt; and
no
standard for
our
long
as
as
have growing public debt, we will
we
money.
Henry H. Hermann Says Attitude of Congress and Ad¬
ministration
Will
Greatly Influence Course of
Business in
1939—Credit Head
Urges Harmony
Between Various Parts of National
Economy
Gootl
business in
United
1939
will
States achieves "a
only be transitory unless the
reasonably harmonious working
many interrelated parts of our economy," Henry H.
Heimann, Executive Manager of the National Association
of
Credit
states
Men, said in
that
liis annual
business prosperity
review.
next
year
greater harmony
a
that
Perhaps the greatest single obstacle to optimism with
regard to long-run business recovery in the United States
'lies in the fact that the present recovery was
clearly purchased
by Government spending and that public psychology now has
come to regard the recession of 1937 as caused
by curtailed
expenditures," said Dr. Harry D. Gideonse, Executive VicePresident of the Economists National Committee on Mone¬
tary Policy, in addressing a dinner on Dec. 29 given in honor
of the Committee by the Detroit Board of Commerce.
The
present Administration fiscal policy, he said, is designed to
establish ultimate control of the entire economic
system.
Dr. Gideonse added, in part:
Thus artificial price and wage levels
Mr.
Heimann
wilt be strongly
coming session of Congress.
He urged capital, management,
labor, Government and the general public to strive "towards
the
are
rigidified, while the deficits accumulate.
as we
con¬
be accomplished only after desperate experiments with fiat
can
currency and
and Returns to Gold Standard
a
progressive waste of
We need
hoard.
at
Detroit Board of
Commerce
Dinner—Lewis H. Haney Says Lasting Prosperity
Impossible Until United States Balances Budget
increasingly arrogant
todaylis
standard of value in order to support economic democracy
and reestablish a more complete individual freedom.
^
3.
We need a standard of value not only to support economic
democracy
but also to stop monetary socialism.
a
influenced by the attitude and type of activity in the forth¬
Gideonse Says Government
Greatest
complete
definite standard of value:
a
1.
The most fundamental source of our economic troubles
monetary uncertainty.
This has been true since 1931.
,
♦
Is
a
of the
be "waived
but that he should "fully set forth
appropriations."
Dr. H. D.
It may
.
Senator Barkley. Democrat, of Kentucky, the majority leader,
President in the event of
resumption of private investment
no
Dr. Gideonse is also Professor of Economics of Barnard
Some legislators Speculated today on the application of a
provision in the
so
must
we
reasonable
a
the most glaring
College, Columbia University.
Lewis H. Haney, Professor of Economics at New York
University and a member of the Committee, in an address at
the same dinner, predicted that there would be no lasting
prosperity until the United States balances its budget and
returns to a gold standard.
He listed the following points in
It should
relief Act requiring that the $1,425,000,000 given to the WPA last summer
be
again
are
substitution of public investment for private investment, and, ultimately,
the substitution of Federal control for private control of our entire economic
have
money.
$650,000,000
previously had estimated the
In other words:
are once
he Wishes according to his whims
Senator Adams, Democrat, of Colorado, who has been floor
manager for
most of the New Deal relief measures, estimated that between
and
earnings
run
of the fact that the ultimate price of such public oratory is, first, the
Today
John L. Lewis, Chairman of the Congress of Industrial Organization, has
an
hard-
cessation of private investment in these fields, the public should be made
aware
Appropriation Committee.
urged
The
t
rather
be popular to entertain the voters with the recital of the past sins of some
In his address Dr.
$1,000,000,000 relief
a
Dec. 23 by Senator Carter Glass,
who advocated that the relief problem be turned back to the
States and Cities.
We quote from Associated Press accounts
from Washington Dec. 23, which also had the following to
say in part:
was
frank and
individuals and enterprises in these fields, but if the result is
and
to
a
The railroads and the public utilities
There will certainly be
examples.
to stop the
000,000
we
boiled admission that freedom of enterprise can only be restored by restoring
the economic incentives to
4.
upon
of
question: do
tystem.
directions where they are sorely needed.
many
6an e
here until reasonable guaranties of future earnings are provided.
to
the spring
possible
a
spending, the
started.
we
policy is well designed to establish uliinate public control of the
expectation.
domestic
ver to such
our present
the full operation of a free enterprise systen
business
improving conditions.
carry us forward, if opportunities
have to remember that if business im¬
months
pressure
of exchange
Jc life to be directed and dependent upon public authority,
resiore
business
to
through with
serious than when
shall have to ask ourselves the
run we
wish to
e
our
sensitive
more
restore the type
relation whalsot
no
we get
n ore
general
that
words, if more encouraging conditions for business activity
brought about, we shall at best stand at the end of 1939 in the
part-way position we occupied thirty-some months before.
The beginning of economic recovery would inaugurate curative processes
1938,
\Nhen
restore conditions in which
be
setback
long
our econon
do w
present
other
cannot
in
In the
wish
or
entire system.
again to the level of the spring of 1937,
us
it
of events in other countries.
mentators did not consider business in
for the
deficit financing has
constructive polity.
recent
million.
provement continues only at its recent rate it will not for
level
of
this improvement, has carried with
a
series of threats from abroad to
more
course
remain
low
year—the lowest point since 1934—
in business activities which have been
least
accumulation of
progress
Our present
a
country's industrial production has shown charac¬
For instance, improvement persisted in
momentum,
a
an
public spending could be justified if the release of
relations which are required for full Utilization of our productive capacity.
reached
now
A sharp recession
important.
United
the
than to the
There
^
this
increase
unexampled
an
conditions.
'y
numbering at
the
Since
upturn.
an
of
June
if gradual,
even
teristics
face
Short-run
be obvious to anyone who knows the sad
purchased by the public deficit wtre Utilized to
Mr. Davis said, in part:
malndjusui cms will be
stea
a
jobs
dark
a
way.
touched
was
there
democratic institutions should
Nation."
definitely better than the level at the end of 1937.
was
for
the
in
of
structure
In bis year-end statement
level
its present
years
$26,000,000,000 industry, whose distress hangs like
a
the
over
many
temporarily maintained
or even
If
as
Mr. Heimann
said,
in
could know in advance the governmental
we
attitude towards business,
situation, the trend of world affairs, and the many other factors
business, the question of what 1939 holds in store could be
labor
influence
more
accurately answered.
But these very uncertainties make it more
interesting to attempt an appraisal of what we may reasonably expect.
Government
There
date
to
can
ence
is
relief
blocked
be
from
its
of
appear
accomplished
But the
by
more
election
was
a
rather
general
cautiously and conservatively.
man¬
If
this
majority of Congress, business should experi¬
and restrictive legislation that has
efforts in the past several years.
in
that
quite
the
outright revision
prospect.
Amendments
legislation
some
a
legislation which
principle.
In
by
and. Business
the
of the oppressive
mean
is
that
proceed
some
recovery
legislation
recent
doubt
recognized
This does not
Deal
little
Congress to
mandate
Private pressure groups become
free them from the Federal fodder box and,
of the whole."
part :
is
aimed
It
at
definitely,
incoming
problems of business
respects they have
seems
sound
or
repudiation
quite certain
of much New
that
objective
will
greater
practical
application
however,
as
part
of
be
that
in its
the
portion
retained
of
work
to
in
this
be
Congress.
men
are
just begun.
by no'
means a thing of the past.
Currently confronting business is
volume
147
the
monopoly
this
investigation.
but
conservative,
that
Financial
the
even
investigation
business practices.
The
approach
most
be
will
optimistic
than
more
to
this
business
a
problem
men
has
should
been
realize
inventory-taking
mere
of
Chronicle
There
are
3993
many other advantages which go with a listing on an
Exchange and It is
organized
not only gratifying, but prophetic of the growth
which
such exchanges may expect, that the
desirability of listing, from the view¬
point of corporations, and of dealing in such securities, from the public's
point of view, is becoming more widely recognized.
...
Administration Attitudes
Even
though 1939 should prove less troublesome to business in general,
many business men seem to hold a mistaken notion that a change of
too
Administration
The
truth
is
this
after the
will
1940
that
if
a
next
national
election
will
solve their problems.
conservative Administration
more
gains control
in
mark
merely the beginning of the solution of many of our
accumulated problems.
At
and
best, such
that
the
change will signalize
a
hard
work
and
sacrifice
required.
are
that free spending is behind
necessary
us
to offset recent excesses
*
Present System Whereby Specialist on
York
Stock
Exchange
Acts as
change Firms—Sees Disadvantages in Segregation
Discussing "The {Specialist Problem," Edward Allen
Pierce, President of the Association of Stock Exchange
Terms states
Letter
to Senator
Laws
Harrison Suggests Amendment to Tax
Relieve Closely Held Corporations—C. A.
to
Gall
Proposes Changes Designed to Encourage
Incorporation of Stock Exchange Companies
Proposals to amend the Revenue Act in order to correct
discrimination
tax
against closely held corporations, en¬
incorporation of companies listed on stock exchanges
for the protection of investors, and end controversies between
courage
the Administration and business
as
to the retention of earn¬
ings and the reasonableness of officers' salaries in closely held
companies, were offered on Dec. 15 to Senator Harrison,
Vice-Chairman of the Joint Committee
on
Internal Revenue
advantage on, individual members of a closely held cor¬
poration, as compared with a. partnership or sole pro¬
prietorship."
A summary of Mr. Gall's letter said:
Among tax disadvantages
tions, Mr.
tax, the
now
being suffered by closely held corpora¬
Gall lists the income tax on corporations,
excess
the capital stock
profits tax, unemployment and old age pensions taxes on
that
"it is
doubtful whether the
investing public, which has been accustomed
American
to
prompt
executions and
narrow price spreads in the country's leading
security issues, would be content with any radical change in
our specialist
system." "By combining broker and dealer
functions in the specialist, whether by accident or design,"
he says "the American exchanges have provided
prospective
buyers and sellers with the world's most continuous markets.
When orders
are not available from the
public and other
brokers, the specialist can, if he chooses, step in and fill the
gap by meeting the customer's desire to buy or sell."
The
matter is the subject of a bulletin issued by Mr. Pierce under-
date
of
Dec 20 to
members
the Association
of
Exchange Firms, in which he also
Taxation, by Charles A. Gall of C. A. Gall & Co. of New
York City, accountants and tax consultants.
Mr. Gall in
his letter said that the present revenue law "works a dis¬
Floor of New
Broker-Dealer
Endorsed by E. A. Pierce of Association of Stock Ex¬
The specialist acts in
says
of
Stock
in part:
"dual capacity, both as broker and dealer.
a
On
the theory that this represents a conflict of interests, it has been
proposed
that a specialist should act either as a broker or a dealer but not both*
Each stock would accordingly require at Jeapt two specialists—one to act
In
a
brokerage capacity and the other, in theory, to endeavor to maintain
a
fair and orderly market by transactions for his own account.
It would
that the impracticability of this plan lies in the fact that neither the
broker-specialist nor the dealer-specialist would have the same responsibility
seem
for the maintenance of
an orderly market as now rests upon the
specialist.
The broker-specialist would merely execute commission orders "entrusted to
him, while the dealer-specialist .with no direct responsibility to commission
officers, less favorable capital gain and loss provisions and inability to
houses
charge qperating losses as an offset to other income, which Is permissible
in the stabilization of the market that the specialists now have, for under
in the
the present system the commission business of the average specialist depends
To
case
of
partnership.
a
these
correct
inequities, and to terminate controversy as
to
the
reasonableness of officers' salaries and the amount of undistributed income,
Mr.
Gall proposed that the following provisions be incorporated in the
customers, would not have the
or
largely
upon
same
incentive to risk his capital
the kind of markets he maintains and the service which he
renders.
Furthermore, it would probably be difficult, if not entirely impos¬
sible, to induce any members to act as dealers in the comparatively inactive
present Revenue Act:
stocks,
1. Any corporation engaged in a trade or business, whose entire capital
stock, inclusive of all classes of stock, is not owned by more than six indi¬
viduals, and which has no bonded indebtedness exclusive of short-term
bank notes and mortgages on real estate, and 75% of whose shareholders,
both in number and amount of stock held, are actively engaged in the
trade or business, shaU be permitted to file an information return in the
same manner as the return filed by a partnership.
2. The capital gain and loss provision of the Revenue Act and operating
losses shall be taken up on the individual shareholders', returns in the
same manner as if such shareholder was a member of a partnership.
3. Such corporation shall not be subject to the capital stock tax or
excess profits tax provisions.
4. An officer who is a shareholder shall not be subject to the provisions
of the Unemployment Insurance Act and the Old Age Pension Act.
would be the first to suffer.
so
that the very stocks in which dealer activities
are most necessary
Recently the Committee on Floor Procedure formulated minimum capital
requirements for specialists and relief specialists to insure that capital will
be available at all times to enable the specialist to maintain a fair and orderly
market in his stocks.
specialist—associate
The Committee has also designated
specialist.
assistant to the regular
associate
An
specialist
type of
a new
acts
only,
as
relief specialist and does not assume responsibility
However, unless a regular or relief specialist is present, an
for the market.
or
associate specialist is prohibited from making any bids or offers.
Supervision of the Specialist: The Committee
specialist activities very closely.,
in
a
Formerly
on
Floor Procecure supervises
member could specialize
any
stock simply by announcing his intention to do so.
At present no mem¬
ber may act as a specialist unless he registers as such with the Committee
York
New
Pace
Stock
Exchange Business Has Not Kept
Recovery in Other Fields, President
Says in Year-End
Statement—Hopeful
with
Martin
have
on
expect as the accompaniment
returning prosperity.v The Stock Exchange has been
suffering, of .course, from the same retardation which has
been felt in other sections of the capital market.
For us,
however, the situation is not as discouraging as many ob¬
come to
of
servers
consider it to be."
President Martin went
While many problems remain to
on
to say;
be solved and many uncertainties
re¬
moved, at home and abroad, before we may expect to see the resumption of
Committee
aspect of the recovery, favorable portents which everybody recognizes and
which are already reflected in the general attitudes and hopes of business
and finance.
and
the future is more hopeful by reason of the
markets.
or
decreasing his position, of handling
of quoting bids and offers, is studied closely.
Floor
If the
Procedure is dissatisfied with the way a specialist
at another post,
where another specialist would service them.
Comparison with the London Stock Exchange: Considerable impetus has been
given to the idea of segregating broker-dealer activities of specialists by
comparing the system employed on the New York Stock Exchange with that
of
the
London
Stock
dealer functions of
serves
Exchange.
In
London,
the
specialist but never acts
our
as
Jobber
broker.
performs the
The broker
merely as agent between jobber and customer, and although he may
buy and sell for his
of stocks.
own account,
he may not specialize in a particular group
According to the 20th Century Fund's study of "The Security
Markets," the jobbers may—"vary prices with the size of the order, the
activity of the security, the competition from other jobbers and the con¬
dition of their own books, because all these influence the risk the
assumes."
.
Jobber
Without attempting to discuss the merits or demerits of the
London system, it can be said generally that the closer a. securities market
^approaches the London system, the more it is apt to lose the characteristics
of
a
true auction market.
The
new
.
heartily; it is believed that
as
,
code under which
a
has been proposed would
.
specialists
are
operating
is
to be endorsed
major alteration of the specialist system such
seriously impair the "continuity and liquidity"
With the cooperation of the Securities and Ex¬
Exchange, contemplation of
change Commission, the Stock Exchange and the brokerage community, the
ever-growing recognition of the
present system undoubtedly can be made to operate efficiently and in the
advantages to the investing public inherent in organized securities markets
contrasted with unorganized
Committee
specialist's increasing
on
of the principal market.
From the viewpoint of the New York Stock
the
handles his book, it may cancel his registration or relocate some of his stocks
healthy investment and capital flows, there are, with respect to this vital
as
of the
orders for others,
the New York
Stock Exchange in the latter half of the year showed sub¬
stantial improvement over the first half, our business is still
severely depressed, said William McC. Martin Jr., President
of the Exchange, in a year-end statement, issued Dec. 30.
Its recovery has not kept pace with that which has been
witnessed elsewhere, Mr. Martin stated.
"The public ap¬
parently does not yet have that degree of interest in se¬
we
Procedure
approves the registration.
A
specialist is required to maintain detailed records of hjs position and bis
transactions, and the Committee may call for these at any time.
The
manner
View of Future
Although the volume of transactions
curities which
Floor
on
public interest.
There is abundant testimony
of this increasing recognition and it is bound to be reflected in time, even
to a greater extent
than in the past, in the public's preferences and invest¬
ment habits.
securities markets posses is clearly
evidenced by the pressure which is being
exerted for general application of those
been introduced into
Exchange is, in itself,
a
the
a
exchanges.
wholesome measures which have
Listing on the New York Stock
hallmark which means that securities have passed
definite test of acceptability and that exacting requirements with respect
to
demonstrated
earning
power,
financial position
and sound practices
have been met.
As prerequisite! to
information
as
listing, companies must supply the Exchange with full
to their financial
position, their earnings, the diversification
of their business, the diffusion of their ownership and other pertinent facts
which
a
potential investor needs to have in order to pass judgment upon
the worth and marketability of
By listing,
a company
abandons its status as
securities.
invites the public to deal in its securities, formally
a
private concern and subjects itself to the Ex¬
change's continuing listing requirements with respect to its finances, divi¬
dend policies, accounting practices
and other phases of its operations af¬
Listing necessitates the issuance of periodical
comprehensive character and prompt reports of
fecting the security holders.
"*
NLRB
Examiner
Recommends
that
Bethlehem
Steel
Corp. Dissolve its Employee Representation Plans
That the investing public is alert to the advantages which organized
financial statements of a
matters of Interest to security
holders looking toward full publicity.
—Statement
by Eugene
G.
Grace,
President
of
Company
Frank Bloom,
trial examiner of the National Labor Rela¬
Dec. 27, recommended disestab¬
Betblebem Steel Corp. of nine of its em¬
ployee representation plans.
In a reply to this report,
Eugene G. Grace, President of the company, issued a state¬
ment indicating that the Board's findings would be con¬
tested.
Previous attempts by the Congress of Industrial
Organizations to organize workers in Bethlehem plants were
referred to in the "Chronicle" of July 10, 1937, page 218.
Mr. Bloom, who has conducted hearings for a period of
10 months on alleged violations of the National Labor Rela¬
tions Act by the company, also recommended that the com¬
pany cease interfering with the rights of its employees to
form, join or assist labor organizations of their own
choosing.
In his statement, issued Dec. 28, Mr. Grace detions Board, in a report on
lishment by the
13994
Financial Chronicle
clared that "the right of our employees
to form their
Dec.
1938
31,
by the Association is given below, as contained in the New
own
organizations for collective bargaining and to select repre¬
sentatives of their own choosing is fundamental."
"We
York "Sun"
have," he said, "recognized that right for over 20 years;
only recently has it been declared by the National Labor
Kelations Act."
In part, Mr. Grace went on to say:
representing both bodies, the contract provides, for the union shop, a
minimum
wage scale and a general wage increase for those now receiving
more than the minimum established.
It runs until Jan. 31,1042.
With
iner's
the desires of
us
employees are controlling.
our
The trial
supported
the
by
and
facts
are
the
to
contrary
intent
of
of
its
do
case
of
our
week pay rise, retroactive as of
Weekly
per
Waiters, $9: waitresses, $7.50; sous chef, $50; pastry chef, $45; head
$19; maintenance workers, $25,
$40; elevator operators, $17 to
baker,
$27.50 and $30, depending upon the classification of the hotel; engineers,
$30 to $40; telephone operators, $18; bell hoys, $4, $6 and $ll; white
the
$14.50,
jacket, $24; housemen, $18; chamber maids, $12.50, $13-50 and
depending upon the classification of the hotel; bartenders, $30; service
bartenders, $25.
..
.
The contract calls for establishment of the check-off system and for a
want.
fiist
committee of six to study the advantages of a joint employment agency and
C.
in
step
O.'s campaign against Bethlehem—the calling
I.
the Johnstown
strike at
a
to force upon
attempt
not
The
$1
minimums established include the following:
1. 0. and represents the latest phased
employees an organization which they
instigated by C.
was
committees'
Dec. 15 last, and an additional $1 per week beginning July 15,1939.
Labor Act.
This
Dec. 28:
The general wage increase calls for
exam¬
report recommends that the existing collective bargaining organiza¬
tions of our employees be disestablished.
That should be for our em¬
ployees to decide.
They have convincingly shown their desire that those
Organizations be continued.
We intend, therefore, to contest the findings of the report.
They are
not
on
The result of 11 mouths of conferences between negotiating
joint training school.
a
plant—having failed completely, and that in
The meeting of the
of the plant by
governor Earle, C. I. O.
filed charges with the Labor Board hoping that, if the existing collective
bargaining organizations were out of the way, the employees could more
easily be forced Into O. I. 0.
The
Board
appointed an examiner, hearings were begun early in
September, 1937, and now the examiner recommends that the company
be required to
discontinue collective bargaining through the existing
spite of the enforced closing
taken for
week's postponement of action on the agreement was
a
lost, 69
to 64.
,
In
recording the action of the employes, the New York
"Times" of Dec. 30 said:
The contract
organizations.
Brotherhood
Our company, as
It was
Hotel Association last night was closed.
understood, however, that just before the group left the meeting a vote
read by John J. Sullivan, organizer for
was
International
Electrical Workers, Local 3, who presided.
of
Jay Rubin,
1918, in cooperation with the War Labor
Board, of which ex-President Taft was a chairman, worked out with the
President of the council, and M. J.- Obermeier, Secretary-Treasurer of the
employees the representation plans tor collective bargaining which are in
effect at the Bethlehem plants. ■
Those' plane have operated most successfully over the many intervening
years.
Under them all questions have been settled satisfactorily to all
concerned.
Because of them industrial peace has continuously existed.
tion ratifying the
long ago
as
There" is
but that the representatives chosen by the em¬
ployees under the present plans have each year been freely chosen.
.
.
.
Indeed, counsel for, the Board and for C. I. 0. conceded that the repre¬
sentatives who were elected for the plan years 1937-38 and 1938-39 were
elected strictly in accordance with the plans.
In the elections in those
years over 90% and 93%, respectively, of the available employees voted
for the plans and the evidence clearly shows that they were honestly and
fairly conducted by the employees without interference.
In its complaint C. I. 0. charged espionage and intimidation, but it
question
no
"certain anti-union groups of employers,
to
of
to
that they refused to extend to us the right to
hunting, to find any.
the
at
direction
examiner.
He
with "any action necessary, including that
the
of
evidence that the Bethlehem plan
Labor
War
Board
carries
was
weight
no
prepared
with
the
the plans were legal and were legally
operated until the National Labor Relations Act was passed.
...
Because the examiner objects to the origin of these plans 20 years ago,
he
finds
now
that
should be disestablished,
they
no
matter what
their
Apparently to him the wishes of 100% of the employees
accomplishments.
without significance.
The examiner has referred at
are
some length In his report to contributions
by Bethlehem to the Citizens Committee at Johnstown at the time
of the strike.
Those contributions were made solely to enable the local
authorities to protect life and property In the face of efforts to terrorize
the community.
There was ample evidence of the need for such protection, including
made
the dynamiting of two water pipe lines, an attempt to dynamite a railroad
and the threatened march on Johnstown of 40,000 members of the
United
We
Mine Workers
Expelled from New York Stock Exchange—
Guilty of
Conduct
Inconsistent with
"Equitable Principles of Trade"—Statement by
Mr. Sisto—Resigns from New York Curb Exchange
Associate Member
as
A.
J.
.
Sisto, a member of the New York Stock Exchange
general partner of the brokerage firm of J. A. Sisto
a
& Co. of 63 Wall Street, was expelled by the Exchange on
Dec. 29, after the Board of Governors had adjudged him
guilty "of conduct or proceeding inconsistent with just
and equitable principles of trade," of violations of a rule
of the Governors, and "guilty of acts detrimental to the
interest or welfare of the Exchange."
In making known
the "action of the Board of Governors Edward E. Bartlett,
Jr., Chairman of the Board of the Stock Exchange, made
the following announcement from the rostrum to the mem¬
bers of the
Exchange
have asked
that,
before the
Board
orders
the
company
to
dealing with the representative chosen by its employees under the present
its employees be fully advised of what the Board thinks are the
in order that they may intelligently decide whether
to
correct such defects or create new labor organizations or exercise
their right to join existing ones.
That request has been denied.
Apparently nothing but immediate' dises¬
tablishment will satisfy the 0. I. 0. because it thinks that nothing short
of that wjll drive the employees into that organization.'
I desire to make it clear that Bethlehem has no quarrel with the prin¬
ciples of the Labor Act.
They are not new.' They were established at
Bethlehem plants 20 years ago and our company welcomes anything that
will increase the' strength and effectiveness of the application of such
principles.
But the principles of the Act are that "employees shall have the right
to self-organization, to form, join or assist labor organizations, to bargain
collectively through representatives of their own choosing."
Those are
our
principles.
The right to choose is that of the employees, not that
defects of such plans,
of the Board
the
or
of
O.
right to work.
0.
I.
aimed
at
one
We believe that right is as fundamental as
thing,
disestablish the plans the report in its entirety
that is to destroy a satisfactory relation
20 years.
from expressing
profound
concern
for„ industry in
this country if the examiner's recommendation to scrap such,relations be
approved by the Board.
If that is the way the National Labor Relations
Act is to be
from
applied it is small wonder that its amendment is being urged
quarter throughout the country.
every
the
of
ttjis Exchange and
Exchange,
the
of Governors
"First: J.
A.
a
Charges and Specifications were considered by the
at a
Sisto
meeting
Dec, 28,
on
1938.
charged with and found guilty of conduct or
was
proceeding inconsistent with just and equitable principles of trade.
The
substance of the Specification of which he was found guilty under this
charge was that, on June 10, 14, and 16, 1937, J. A. Sisto caused the
Sisto
and
Financial
which
dollars
Corporation,
he
dominated
share
a
total
a
which he was President and a Director
controlled, to purchase from him at 23
of
and
of
1,000 shares
Corporation which he had purchased
dollars
"Second'.
tions
J.
Sisto
A.
51&
Rule
of
of
Sisto
days
of Sisto Financial
about the same dates for 15%
found guilty of viola¬
The
Governors.
of
substance
of
the
found guilty under this charge was that, on
was
months of
seven
1937, the firm of J. A.
changed by erasure the account name of the "Trading Ac¬
the "J. A, Sisto Personal"»Account and/or the "Sisto
and/or
Financial
Corporation"
Account
the written approval of a
"Third'.
J.
A.
detrimental
acts
Board
the last
during
Co.
&
count"
the stock
of
or
also charged with and
was
the
Specification of which he
certain
on
share.
a
of
charge
was
Sisto
to
charged with and
also
was
the
order book of the firm without
the
on
.partner.
interest
the, Specifications
or
was
found guilty of
of
he
found guilty
The sub¬
the Exchange.
was.
welfare
which
of
under this
that
1. On 30,separate days during the last seven
months of 1937 the firm of J. A. Sisto
Corp. in a cash account,
& Co. effected certain transactions for Sisto Financial
...
my
Sisto,
general partner of the firm of J. A.
Sisto & Co., under Sections 6 and 10 of Article XVI of the Constitution
and
has existed for over
I cannot refrain
of
stance
...
In the recommendation to
is
which
member
a
cease
plans,
:
"Charges and Specifications having been preferred against J. A.
Board
(C. I. 0.).
of striking."
Found
,
train
s
the challenge"
J. A, Sisto
and
does not deny that
ratified, made it evident
bargain collectively."
It authorized the Council's negotiating committee to' "meet
prove
The clear and undisputed
by their action in bolting the
Association's meeting at which the contract was
show
failed to
it sought
long fought to win,'* and added that
workers benefits "such as they have
.
that the company had done either of those
discrimination, hut the examiner was forced
admit that he and counsel for the Board were unable, after months
completely
things;
The resolu¬
agreement was read by the President.
The resolution described the agreement as "historic" in that it gives the
„
.
Employes Union Local, urged its ratification.
Hotel and Club
which transactions
were not
bona fide cash transactions.
(2) The records of J, A. Sisto & Co. lor the period Sept. 8, 1937 to Dec. 1, 1937
did not, according to the custom and usage of the trade, truly reflect the Btatus of
three accounts carried by the firm and designated as the "Trading Account," the
"J. A. Sisto Personal" Account and the "Sisto Financial Corp." Account, and the
liabilities incurred In connection with the transactions recorded In those accounts,
(3) During the period Sept. 10, 1937 to Dec. 31, 1937, J, A. Sisto caused the
Co. to be changed so as to place
account names on the order book of J. A. Sisto &
profitable transactions in
A.
F.
of
L.^ Contract Ratified by New^York Hotel
Association
to
The
and
Affect 30,000
Employes—Agreement
Employees
Hotel Association of New York
ratified
a
City,
Expected
on
Council, composed of six locals affiliated with the American
Federation of Labor.
Trades Council
on
The members of the New York Hotel
Dec. 29 also ratified the agreement, which
is expected to affect immediately 30,000 of 60,000
in 160 hotels.
meeting
A
large
group
employees
of hotel representatives left the
Dec. 28, after it became apparent ratification was
assured.
The agreement is the result of 10 months of
negotiation, and was described by union spokesmen as
designed to bring peace to the local hotel industry for the
first time in 60 years.
A summary of the contract ratified
on
firm trading account and unprofitable transactions to be
"The Board
of
A. Sisto guilty of the toreSisto was expelled."
Governors having found J.
going Charges and Specifications,
J.
A.
With reference to the action of the Exchange, Mr. Sisto
Dec. 28
union agreement with the New York Hotel Trades
a
placed in his personal account.
Dec. 29 issued the following statement:
on
"For the past several
am
a
no
Governors
margin accounts.
of
the
New
opinion my conduct
tion
of
years
the firm of J. A. Sisto & Co., of which I
has done business only on a cash basis,
A full answer was made to the Board of
Stock Exchange to the charges.
In my
member and floor partner,
carrying
of the
appeal
rules
or
was
was
other
York
in
all respects proper.
otherwise.
means
of
As
a
redress.
The Board's interpreta¬
practical matter I have no right
I
have
no
further
comment
to
make."
On the same day,
(Dec. 29) the New York Curb Ex¬
change issued the following announcement:
J.
York
A.
Sisto
Curb
today
tendered
ti>
the
Exchange his resignaHxi
as
of Governors of
Associate member.
Board
an
the New
In view
Volume 147
Financial
of the
investigation and findings of the New York Stock Exchange and
investigations commenced by other agencies, the Board was of the opinion
that no public service could be
performed by a trial of Mr. Sisto by
this Exchange, on charges similar to those
preferred by the New York
Stock
Exchange, which
necessitate.
sociate
The
refusal to accept Mr.
a
Board
accepted
Mr.
As¬
from
Sisto
membership in the New York Curb Exchange effective today.
yesterday which also said that
begun by the SEC,
From the
Engaged
Stock
Exchange officials
in
Federal inquiry
a
was
quote:
same paper we
apparently there would
be no
loss to the public, since the company
engages for the most part in
under¬
relatively negligible brokerage business.
having only ten employees and engaging mostly
in underwriting participations in small issues.
Its expulsion did not affect
writing and does
trading
a
the
but
Exchange
the
on
development follows closely
considerable
aroused
interest
because
the heels of the McKesson & Bobbins
on
affair.
the New York
investigation of
The declaration, which
the
result of
the
Exchange
the periodic surprise
of
(solidarity)
the
at
agreement
based
.
.
.
earlier
proposal of the Argentine
delegation, reaffirms the decision of the American republics to "maintain
was
on an
and defend" their continental solidarity and absolute sovereignty "against
all foreign intervention or activity that might threaten them,"
It further
territorial integrity of any of them is threatened.
In accordance with Argentina's demands, the declaration contained no
specific reference to "non-American" nations, but referred only to possible
"foreign" aggression.
Secretary Hull in his address before the conference
above) also said in part:
in July
on
Dec. 24 (from which we quote
In
to
our
conference
we
have demonstrated
our
unshakable determination
respect the integrity of individuals and of States, to uphold the sanctity
process
Stock Exchange began
signed
sign at the discretion of the delegation."
of the
Probe 8tarted in July
The
representatives
after the other delegates had put their signatures to it.
Peruvian Chamber of Deputies, where plenary sessions of the conference
held, told the United Press his instructions gave him "full powers to
The Sisto firm is small,
the
Argentine
p. m.,
Isidor Ruiz Moreno, bead of the Argentine delegation, arriving at the
provides for consultation among all the countries if the peace, security or
Underwriting
indicated that
The
5:45
are
An inquiry into tlie affairs of Mr. Sisto is being made
by Ambrose V. McCail, Assistant Attorney General of New
York, according to the New York "Journal of Commerce"
of
3995
In its advices from lima on Dec. 23 the United Press had
the following to say in part:
would
Sisto's resignation
the resignation of
Chronicle
pledged word and to make needed changes through the orderly
of consultation in a spirit of mutual accommodation.
The maintenance of peace on the American continent and throughout the
as
world is
were
an absorbing subject of interest to any inter-American conference.
Tbe deliberations and declarations of this conference prove that the in¬
delivered to Mr. Sisto eleven days ago, after which he had a trial without
fluence of the American peoples is being thrown into the struggle on the
one
adopted
following
audits made under the rules of
Whitney
the
attorney in line with the rules of the Exchange.
an
The
for
J.
A.
Sisto Co.
inability
creditors
obligations.
meet
to
the company
founded in
was
was
soon
Specifications
case.
.|
.
1922, and in 1930
On
arranging
reinstated. '
a
side ofinternational peace, justice and fair dealing, and that our nations
.
was
suspended
with
compromise
The conception of solidarity was first
From, Washington advices to the "Wall Street Journal"
An
informal
statement
made
Securities
He said it
cases.
Exchange rules to
Mr.
last
worked
out
change
rules
"which
cases,can
do
ones
this is
we
one
such
to
is
by
Chairman
Commission
was
illustration of the adequacy
likewise an
was
cover
night
Exchange
of present
the-method
one
of
the problems
which has
of
getting general application of Ex¬
all cases, big and small., "That is," he explained,
the Exchange handle under its own stean? and which
have
handle
to
for
them."
He
felt
certain,
he
said,
that
the
and
handled
Entirely by Exchange
that the
by it entirely.
case
was
Buenos
Aires
Conference of
was
1936
the
method
of consultation
At
was
and purposes that animate our governments.
We have come to know each
other's hearts and minds.
Out of these exchanges has come this declaration,
mulation of our common policy.
this
common
for¬
We have each and every one of us bent
somewhat in form and scope to the will, the judgment and the desire of the
but
our
of
broad purpose has united us.
This declaration
fundamentals.
comes
We have sacrificed no
in that deep sense from the
whole
us.
It can
be accurately stated that the declaration which the conference
while not dramatized or amplified
approves today,
the substance of the various other
as
to details, contains,
proposals advanced by a number of us
use
and meaning of the conference
We have proved our ability to use this method
initiated by the Exchange
He said the SEO
its
were
adopted, through which solidarity might be expressed.
Today we take a further step.
We have spent long and profitable days
In intimate exchange of views.
We have discussed at length the policies
Its formulation illustrates the
Handled
The chairman made clear
This pact recognized that there
interests and that the unity of the continent was parallel.
during the conference.
the problems which can and will be worked out.
of
but still undefined.
possibilities
rest of us,
cases.
expressed the view that
Douglas
be
to
and
...
brought into concrete existence
in this hemisphere in the Anti-War Pact of 1933, a conception great in
common
William 0.
regarded as
setting at rest reports that the commission and the New York Stock
Exchange had come to a misunderstanding over the Bichard Whitney
case.
The chairman's remarks were made in commenting on the action
of the Exchange in expelling J. A. Sisto announced yesterday morning.
Mr. Douglas said that the Sisto case was an excellent illustration of
what a "bang-up" job the New York Stock Exchange can do In most
the
of
peoples and not the interest
of dominant governing groups for their objectives.
„
of Dec. 30 we take the following:
Douglas
stand for measures which have the welfare of
kept posted
on
the
method.
successfully and to find
thereby the phrases and, instruments suitably expressive of our common
I like to think that our achievement is in part due to our training
aims.
matter,^ but he emphasized that the Commission had nothing to do with
in
it?
government.
development or with the action taken.
"Of
as
course,"
do
we
in
he
all
said,
such
"we
making ah
are
of
the
understand, to check up on the
official duty to check for violations
common
to
our
tradition of the democratic forms of
the declaration of Lima
our
detennination to present
a
front against any threats or activities from outside forces designed
impair the peace, security or territorial integrity of any country or to un¬
dermine the democratic institutions established in this hemisphere.
statute."
our
procedure and
We recognize in
case,
cases—not, you
Exchange, but simply as hart of our
of
investigation
democratic
,
.
.
Beginning with the enunciation of the principle of solidarity in the anti¬
pact we have piece by piece built
war
Eighth
Pan-American Conference Ends at Lima—
Adopts Declaration of Solidarity and "Declaration
of American Principles"—Former Presents United
Front Against Foreign Aggression—U. S. Delegates
Sail for Home
Peru, ended its sessions
on
Conference, meeting at Lima,
Dec. 27, and the United States
delegation, headed by Secretary of State Cordell Hull, sailed
for home on the following day.
The conference opened
Dec. 9.
The most important resolution adopted was the
Declaration of Lima
(so-called Declaration of Solidarity),
designed to present a united front of the nations of the
Western Hemisphere against foreign aggression.
Substan¬
tially the Argentine version of this resolution was the one
approved by the conference. With the signing of this decla¬
ration on Dec. 23 by the delegates of the 21 American re¬
publics, only formal approval (registered on Dec. 24) by the
plenary session—previously assured by the acceptance of the
draft by all countries—was needed to make the declaration
effective.
may
from the conference
a
As to this we quote
the following from Washington advices Dec. 26 to the
New York "Herald Tribune":
'
In this Declaration, which was approved late Saturday (Dec. 24) after
had
finally
approved the solidarity declaration, the 21
republics united in associating themselves formally with the United States
in recommending to all nations adoption of the fundamental
principles of
international order under law enunciated by Secretary Hull in bis celebrated
statement of July 16,
1937.
All the major principles of the Hull inter¬
national credo, it was observed, were embodied in the eight points of the
declaration, except his plea for removal of excessive trade barriers,
and that has been espoused in other actions of the 21 republics.
As to the conference and its results,
an address on Dec. 24 said:
Secretary of State
We have taken this action in the recognition that American institutions
all of
Let
us
ference.
not minimize the true value of tbe accomplishments of this con¬
The advance made is broad and constructive.
Our deliberations
have added to our common continental faith, new substantive
and new procedure
principles
of consultation.
These deliberations took form in the declaration in this conference of the
principles of the solidarity of America, the Declaration of Lima. Closely
associated with it are two vigorous resolutions, one offering sweeping con¬
demnation of racial and religious bigotry and intolerance everywhere; tbe
ther condemning
0roups
of aliens.
necessity for
us.
An unprecedented feeling of solidarity has
been exhibited by the acts and
utterances of each and every delegate, including the visiting Argentine
Minister for Foreign Affairs, who echoed tbe views of all when he said:
American solidarity, gentlemen, is a fact that nobody can or will doubt.
one of us is ready to sustain and prove this solidarity, in the
All and each
face of any danger
which, from whatever source, might threaten the inde¬
pendence or sovereignty of any State of this part of the world. . -. . It is
not only the piece of land which we would defend in a sacred union. We are
prepared to repel with the same tenacity, by means of concordant measures
of a preventive character; or by combined direct action, anything that
implies a threat to the American order, any introduction of men or Ideas
that reflect and tend to establish in our land and in our spirits ideas foreign
to our idiosyncrasies, ideals in opposition to ours, regimes against our
liberties, theories dangerous to the social and moral peace of our people,
political fanaticisms and fetishisms which cannot prosper under the skies
of America.
...
■The principles
of conduct which we have adopted and are carrying out
with each other are equally open as a basis of relation-,
in our relationships
ship with all other countries.
It cannot be fairly said that we are trying to
such effort would be futile.
But it can be fairly said that
in this hemisphere the collective political activity of
stand firm are so broad and
essential that all tbe world may also stand upon them.
country, we seek universal recognition and support
Speaking for my,
for them.
the world, a great fear would end.
The
would see their future with more certainty and significance. The
old would see their lives with more peaceful satisfaction,
,
,
,
There are those who think the world is based on force.
Here, within
young
this continent, we can confidently deny this.
shows that noble ideas and
And the course of history
spiritual forces in the end have a greater triumph.
2,000 years
and kingdoms and
proclaimed the great lesson of universal love. Without force His kingdom
lives today after a lapse of 19 centuries. It is the principality of peace; the
peace which we here hope in a humble measure to help to give by His grace
Tonight, especially, we can say this, for on this night nearly
ago
there was born a Son of God who declined force
of the Americas.
Secretary Hull, in a speech at Lima on Dec. 27, said that
the future of solidarity in the Western Hemisphere lies in the
Limn, declaration against, foreign aggression or interference
with
political institutions. United Press Lima advices of
speech as follows:
Dec. 27 summarized this
Mr. Hull spoke at a
State banquet given In tbe Presidental palace by
President Oscar Benavides to the delegates to
Conference, which Foreign Minister
a
.
the principles of conduct upon which the
countries of this hemisphere have chosen to
to the continent
Hull in
i
fei
if confrdnted with such threats.
Were they adopted over all
new
maintain and
threaten us, and we have pledged ourselves to consult with one another
shut ourselves off in a hemisphere of our own; any
There also appears to have emerged
Declaration of American Principles.
conference
structure of continental solidarity.
defend our principles against any intervention or outside Interference which
and the absolute sovereignty of each and every country is a
The eighth Pan-American
the
a
We have stated in clear-cut language our detennination to
few hours earlier.
the eighth Pan American
Carlos Concha of Peru had adjourned
His address, in the name of all the delegates,
followed
Financial
3996
Here
referring
Secretary-
Hall said:
"We have here stated our agreements in declarations rather than in
treaties or convictions.
That is wise when the matter dealt with is of a
general character and a political nature.
The people of the American
republics have a proud history of the use of declarations.
Their national
lives have grown out of the declarations of independence which marked
their birth,
This is In marked contrast, noted Pan American
the First International Conference of American
adjourn until April 19,1890.
American States have lasted
and well-being under law and order must
The duration of the Third
1906,
praised the achievements of the Pan American
Conference, in remarks made to newspaper men. Their
comments were reported as follows in a Washington dispatch
of Dec. 27 to the New York "Herald Tribune":
later, lasted 49 days.
lasted 35 days.
Previous references to tbe Lima Conference
tively 3552, 3702 and 3852.
that he considered the Lima
»
of the
conference as
Series
Mr. Welles mentioned three
American delegation, and the Inter-American
by 17 foreign countries in a series of events unprecedented
radio history, was announced recently by Grover A
.Whalen, President of the Fair Corporation. Kings, queens,
emperors, presidents and notes statesmen will join in the
world-encircling broadcasts starting on New Year's Day,
according to the announcement.
The half-hour programs
including national music, are to be heard on Sundays at
1:30 to 2 p. m., Eastern Standard Time, from Jan. 1 to
April 23. It is further stated:
in
Declaration of solidarity of America.
International Conference of American States, considering:
That the peoples of America have achieved spiritual unity through the
similarity of their republican institutions, their unshakeble will for peace,
their profound sentiment of
the
humanity and tolerance, and through their
principles of international law, of equal sov¬
ereignty of states and of individual liberty
without religious
or
racial
prejudices;
the basis of such
Each program
principles and will, they seek and defend the
waves,
of the continent and work together in the cause of universal concord;
essence
on
the
around
world,
Canada.
That the Inter-American Conference for the Maintenance of Peace held
Fourteen European nations,
in Buenos Aires approved on Dec. 21, 1936, a Declaration of Principles of
listed.
Solidarity and Co-operation and approved on Dec. 23,
They
are:
along with Canada, Brazil and Japan are
France, Ireland, Denmark, Netherlands, U. S. S. R.,
Roumania, Norway, Belgium, Yugoslavia, Italy, Hungary, Poland, Sweden
1936, a protocol of non-intervention;
The governments of the American states declare:
and Great Britain.
Mr.
First, that they reaffirm their continental solidarity and their purpose to
rates
collaborate in the maintenance of the principles upon which solidarity is
Whalen
-■
also
announced
that substantial reductions
New
York—-30-day first-class round trips
well as 30-day
as
round trip coach rates, and week-end excursion coach rates
a? low as
absolute sovereignty, they reaffirm their decision to maintain and to defend
in passenger
during the World's Fair of all classes for distances greater than 250
miles from
Second, that, faithful to the above mentioned principles and to their
for distances
50 miles from the city—have been fixed by the railroads' Trunk
Line Association of New York, and by the Central Passenger Association
them against all foreign intervention or activities that may threaten them.
case
States and
with the Canadian Broadcasting Corp. covering
and Mutual will relay these programs throughout the United
applied, and sustained
by new declarations and by treaties in force;
Third, that, in
will reach around the globe, available to hundreds
The three major American broadcasting networks, N. B. C., C. B. S.
continental solidarity, which historically has found expression in declara¬
.
„
of millions of listeners.
of international order sustained by
tions of various states, or in agreements which were
will be heard in its respective country and, over short
in the colonies of such countries as France, Belgium, &c., while
Great Britain's program
That respect for., the personality, sovereignty and independence of each
American state constitutes the
based.
.
A "Salute of Nations" to tbe New York World's Fair 1939
Solidarity), as given in Associated Press advices from Lima
Dec. 24, follows:
Inter-American
.
by
Fair Made
declaration on trade policy.
The text of the Declaration of Lima (or Declaration of
absolute adherence to
Broadcasts
Radio
of
17 Foreign Nations
Saluting: New York World's Fair 1939 Announced
-—To Begin Jan. 1—Reduction in Rail Fares to
of outstanding importance—the
closely those outlined by Secretary of State Cordell Hull, Chairman of the
peace
appeared in
these columns Dec. 10. Dec. 17 and Dec. 24, pages respec¬
Declaration of Lima, the declaration of American principles, which followed
on
Conference, in Santiago, Chile, were in
The Sixth Conference, held in Havana, Cuba, in 1928
great success, and that the American delegation had
a very, very
accomplished what; it hoped to accomplish.
That
months,
Conference, which met in Rio de Janeiro, in
In 1923 delegates to the Fifth
session 39 days.
of State, both
The Eighth
or more.
39 days and the Fourth Conference, held in Buenos Aires, four
was
years
President Roosevelt and Sumner Welles, Acting Secretary
accomplishments
month
from Oct, 22,1901 to Jan. 22,1902.
experience here, I have absolute faith that each and every¬
one of the 21 American republics will be faithful in this endeavor and each
and every one will strive to the utmost to carry out the broad and essential
program that has oeen proclaimed.
The utmost degree of vigilance which
only those who love liberty are capable of exerting, may be required."
The President said at his press conference
All the other International Conferences of
a
The Second Conference, held in Mexico City, lasted exactly three
rest.
"From my
meeting
Montevideo, Uruguay closed its labors
the Seventh Conference, meeting in
23 days after it had opened.
that program of principles which have guided us in our
peace
for short Pan American meetings was not set until 1933 when
The style
mined—under the test of grave events—by the constancy and ardor with
which the American republics consecrate themselves to the great and creative
which
Union officials, with
States, which lasted six
It met in Washington on Oct. 22, 1889 and did not
months and 17 days.
"And so in>tbls 'declaration of Lima' lies the future of the solidarity of
the American, republics.
It rests on the history and spirit of the peoples
and such carfbe the only guarantee of its significance.
It will be deter¬
task of keeping alive
deliberations and on
Dec. 27, the Lima
on
shortest Pan American conference on record,
the accomplishments of the conference,
to
Dec. 31, ms
With its close
well after their 19-day deliberations.
,
Chronicle
Conference is the
according to
the Pan American Union. Opened on Dec. 9, the conference
will have been in session only 18 days, said the Union on
Dec. 22. Its announcement further said:
that of the President who bade the foreign representatives an official fare¬
of Chicago.
"
the peace, security or territorial integrity of any
American republic is thus threatened by acts of any nature that may Imperil
them, they proclaim their common concern and their determination to make
means
case
circumstances may make advisable.
of the
governments
American republics
measures
which in
as
sovereign
Fourth, that, in order to facilitate consultations established in this and
other American peace instruments, the Ministers of Foreign Affairs of the
American republics, when deemed advisable and and at the initiative of any
of them,
will, meet in their several capitals by rotation and without,
protocolary character.
or
Each government may, under special circumstances
for special reasons,
designate
a
representative
as
a
substitute for its
Minister of Foreign Affairs.
Fifth, that this declaration shall be'known
The
Letter Heads and Adver¬
Visitors to World's Fair
The Chamber of Commerce of the State of New York is
•
asking business firms located on the city's longer thorough¬
save the time and patience of prospective patrons by
placing the name of the nearest intersecting street, as well as
the numbered address of the building they occupy on their
letterheads and advertising.
Charles T. Gwynne, Executive
Vice-President of the Chamber, estimated on Dec. 23 that
much time is wasted by New Yorkers and put-of-towners
because trade establishments failed to make it easy for new
patrons to locate them accurately.
He says:
fares to
states.
one
on
tising Their Locations in Behalf of Out-of-Town
It is understood that the
will act Independently in their
individual'capacities, recognizing fully their juridicial equality
,
New York Agked by Chamber of
Commerce to Indicate
of procedure of consultation established by conventions in force and
by declarations of Inter-American conferences, using
bach
Firms' of
Business
effective their solidarity, co-ordinating their respective sovereign wills by
as
the Declaration of Lima.
State*Department at Washington
on
pubhe the text of the Declaration of American Principles
on Dec. 24.
The text of the declaration
adopted at Lima
follows:
v
The need for
as
everyone
has difficulty in finding addresses oii such long streets
Broadway, 5th Avenue, Madison Avenue, etc.
how many persons, except
I couldn't, for one.
keeping alive the
fundamental principles of
relations among nations was never greater than
today; and each state is
interested in the preservation of world order under law, in peace with
justice, and in the social and economic welfare of mankind, the
I have been traveling
about New York for 40 years and. still can't do it readily.
For example,
those who work or live in the particular neighbor¬
hood, could tell you offhand what cross street Is nearest to 1987 Broadway?
Declaration of American Principles.
Whereas,
„
Nearly
Dee. 26 made
govern¬
ments of the American,
republics resolve to proclaim, support and recom¬
mend, once again, the following principles, as essential to the achievement
of the aforesaid objectives:
While there are directories which have table? to in¬
dicate the proximity of
they rearely
are
numbers of some streets to intersecting streets,
handy when you are in a hurry to go to some strange
address.
With the
enormous
increase in the number of out-of-town visitors New
York will have with tbe opening Of the World's Fair this spring, the time is
most
opportune for business houses to consider their convenience and be
specific in giving the exact location of their places of business.
1. The intervention of any state In the internal or external affairs
of
another is inadmissible;
2. All differences of international character should be settled by peaceful
"Trust
Companies"
Magazine
"Trusts
means;
Changes
Name to
and Estates"
international policy
Extended treatment of subjects relating to wealth and
4. Relations between states should be governed by the precepts of inter¬
property rights, inheritance and trusts, as well as trust and
estate administration practices, has led to decision by the
3. The
is
use
of force
as an
instrument of national
or
proscribed;
national law;
5. Respect
for and the faithful observance of treaties constitute the
indispensable rule for the development of peaceful relations between states,
and treaties can only be revised by agreement of the contracting parties;
6. Peaceful collaboration between representatives of the various states
and the development
conducive to
as
an
of intellectual interchange among their peoples is
understanding by each of the problems of the other as well
of problems common to all, and makes more readily possible the peaceful
adjustment of international controversies;
7. Economic
reconstruction
contributes
tenance
co-operation
is
a
to
national
necessary
of the aforementioned principles.,
The distinction between
banks and trust companies which
existed in
1904, the year "Trust Companies" magazine was introduced, has largely
disappeared with the introduction of trust departments in 1,550 National
and
international
well-being, as well as to peace among nations: and,
8. International
publishers of the 34-year old monthly magazine "Trust
Companies" to change the title to "Trusts and Estates,"
effective with the January, 1939, issue, it was announced
on Dec. 27.
Ownership, policies and management will be
the same, says the announcement, which further says:
condition
banks and
companies.
to
the
main¬
over
600 State banks as well as in approximately
1,200 trust
The intervening years have witnessed the "coming of age"
of the corporate fiduciary on a
Nation-wide scale, serving
communities in the United States and Canada.
more than 4,000
■'
Volume
Primary
147
Financial Chronicle
will be given to closer liaison between trust
concern
officers,
Honorable Marriner
S. Eccles,
/
Chairman, Board of Governors of the Federal Reserve Sysetm,
Washington, D. C.
/
'
In the Washington "Post" of Dec. 24 it was stated:
Betraying deep emotion, the veteran warrior of Capitol Hill [Senator
attorneys, life insurance officials, governmental agencies and the press,
to foster development of
trusteeship to the greater service of the public
economy.
Glass]
Los Angeles Stock Exchange to Launch Public
Educational Campaign
3997
momentarily
gave
Chairman
Los Angeles Stock Exchange will launch
a public educa¬
campaign shortly after the first of the year in which
newspaper display advertising space will be used in a group
of California and Eastern
Publications, it was announced
Dec, 28 by McClarty Harbison, President of the Exchange*
The campaign, which will be coincident with the Los
Angeles
Exchange's 40th anniversary year, will undertake to explain
to the public the functions of a stock
exchange and the part
it plays in developing its home
community.
The Los
Angeles Stock Exchange, founded in 1899 at a time when the,
population of Los Angeles was approximately 100,000, has,
it is stated, paralleled the growth of the
community which
had grown to the Nation's fifth
largest city with a population
in excess of 1,350,000.
Of the 26 securities exchanges in the
country, the Los Angeles Stock Exchange ranks seventh in
the value of transactions crossing its board
annually.
tional
plained
conviction
better
trait
Marriner
that
because he
S.
Senator
The program included a radio broadcast over a network of
the National Broadcasting Co. in which the formation and
growth of the news service, created in 1848, was portrayed
and the dramatization of the major stories covered by The
Associated Press
over the last 90 years.
At the conclusion
broadcast, Byron Price, Executive News Editor of the
service, spoke from Washington. Mr. Price said, in part:
of the
in
cramped little office
a
and
women
Today at least 100,000
men
contribute every day, directly or indirectly, to its cooperative
report in the hands of a thoroughly inde¬
pendent management; because its staff, generation after generation, have
been willing to contribute their unlimited and undivided devotion,
their lives when necessary; because
the
leadership,
courageous
during 40 crucial
president,
as
of
an
years
even
It had available
outstanding
American,
Prank B, Noyes; and finally, but far from least, because it has been able to
draw
successively
managers,
upon
the genius and the vision of two great
Melville E. Stone and Kent Cooper.
'
'
Reserve
reluctant
Board,
to
who presided,
attend,
Board had reached
a
consenting
decision, based
ex¬
"only
upon
a
if
he
cared
to
comment,
the
Senator
replied:
"Not
a
thing
piloted the Federal Reserve Act through
ago,
"No
measure
Chairman
in
hand,
of
was
and
of
all
the House.
he declared,
presented to the House,"
ever
committee with
a
more
comprehensive
grasp
pertinent information that could
of the
"by any
measure
be desired by
the
House.
"The
masterly
of
Opponents
Objections
devastating facts and
a triumph
with
met
were
became supporters,
and the final vote was
leadership seldom equaled in the House."
a
He
the
of presentation has never been surpassed in the
manner
that
declared
the
"historians
nominee of
Wilson
his
will
Mr.
Senator Glass was" not
presidency following
of Admiration
Turning to Mr. Glass,' he said:
distinguished
admiration
why
regime."
Esteem,
to your
wonder
party and elevated to the
'
"We unveil this tablet as
public service and
as
an
testimonial
expression of esteem and
a
by those who know and love you."
Eccles read tributes
from
Senator
McAdoo of California,
a
former
Secretary of the Treasury and the first ex officio Chairman of the Reserve
Board, and from Senator Wagner of New York, Chairman of the Senate
Banking and Currency Committee.
Mr. McAdoo declared that, without the Reserve System, "our progress
„
as
would
Nation
a
have
been
Senator
Mr.
Wagner extolled
seriously impeded."
Wagner Extols Senator Glass
Mr.
Glass
"the outstanding
as
The Nation
ponent of the law which he fathered."
Jesse
were:
owes
defender and ex¬
to him, he said,
debt of gratitude."
eternal
"an
H.
attended by about 200 persons.
Among those present
Jones, Chairman of hte Reconstruction Finance Corpora¬
Senator Glass; Senator Townsend, Delaware
publisher of "The Post" and former Reserve
head; Roy Young, President of the Boston Federal Reserve Bank
and former Reserve Board head ; Carter Jr. and Powell Glass, Lynchburg,
Va., the Senator's sons; his sister, Mrs. Marion Banister, Assistant Treas¬
urer of the United States, and his two daughters, Mrs. John S. Boatwright
of Danville, Va., and Mrs. Isaac W. Digges of New York City.
tion
and
close
a
Republican;
friend
of
Eugene Meyer,
Board
general
.
In brief. The Associated Press has come this long road because at every
American
step its leaders and its rank and file have been fired by more than, their
Hebrew
Is
Medal
Awarded
to
Roosevelt-*-Judged
Outstanding
in
Christian-Jew Understanding in 1938
earthly share of practical idealism.
President
Promoting
♦
•
,
of the
was
My heart is too full for words."
The ceremony was
The Associated Press has prospered because its member newspapers have
news
the
From the "Washington Post" we also take the following:
effort.
been willing to submerge partisan and other individual ambitions, and to
leave the conduct of the
of
Representative Steagall, Alabama, Chairman of the House Banking and
Currency Committee, paid high tribute to Senator Glass for the resource¬
fulness and ability with which he, as Chairman of the committee 25 years
lower Broadway, with a
on
unveiling
by all my colleagues and myself, that we could in no
observe this occasion than by placing and unveiling his por¬
The Associated Press ,has traveled far since its first headquarters was
years ago
the
here."
Asked
please.
made
The 90th anniversary of The Associated Press was com¬
memorated on Dec. 25 with the dedication of the organiza¬
tion's new headquarters in Rockefeller Center, New York.
opened 90
following
tears
shared
history of the House.
Broadcast
Eccles
Glass
told that the
was
way
reason.
Associated Press Celebrates 90th Anniversary—Growth
of
News
Organization
Reviewed
in
Dramatic
staff consisting of one editor and one reporter.
to
way
bas-relief.
The 1938 American Hebrew Medal for outstanding service
Ceremonies Honor Senator Glass
Sponsor of Federal
Reserve Act—Tribute Given on 25th Anniversary of
Law—President
Roosevelt
Pens
Message—BasRelief Unveiled in Federal Reserve Building
as
Ceremonies honoring Senator Carter Glass of Virginia as
the "Father oi the Federal Reserve System" were held in
,
Washington, Dee. 23, on the twenty-fifth anniversary of the
signing of the Federal Reserve Act by President Wilson,
During the ceremonies a bas-relief of the Senator was un¬
veiled at the Federal Reserve
Building, while; Marriner S.
of the Federal Reserve Board, read a
letter from President Roosevelt describing as "appropriate
Eccles, Chairman
for
guidance
our
shall
deal
modified, not
as
with
it
our
Senator. Glass,
we
as
it
is and
as
it may be
clean sheet of paper to write
a
shall make it what it should be.
who
is
81
be said:
"I
years
old,
don't, think
ought to he held before he dies,"
Roosevelt said:
a
man's funeral
In his letter President
-
The
White House, Washington, Dee. 23, 1938.
My dear Mr. Chairman;
May I not express my congratulations to you, and through you, to your
associates
of
occasion
the
Reserve
been
the
Board
as
of
the
Federal
entire
Reserve
System
upon
of the
twenty-fifth anniversary of the signing of the Federal
Act by President Wilson which you are observing today?
Had it
possible for
with you, your
me
Because, by aU his words and actions since be has been
affairs and did everything in
his power to bring about a humane solution,
and because he was responsible
of Central
for the Eyian Conference for aiding refugees
Europe.
In listing the
judges who made the award, the New York
The committee of judges of
to be present I would have taken pleasure in joining
colleagues, and your guests in the observance of a quarter
which has been rendered to the country's
award was composed of the following: M. J.,
Baruch, George Gordon Battle, Albert W. Beaven,
Block, Mrs. Sidney C. Borg, Frederick Brown, John S. Burke, Harold
Ahern, Bernard M.
Catt, Harry Woodburn Chase, Martin
Fleming, the Rev. Dr.
Walter Freiberg.
Also Edwin 8. Friendly, Zona Gale, Frank E. Gannett, Albert N. Green¬
field. Edward J. Hanna, Carlton J. H. Hayes, Will H. Hays, John Haynes
Holmes, Clark Howell, Meyer Jacobstein, General Hugh 8. Johnson,
Louis E. Kirstein, Rebekah Kohut, Mayor F. H. LaGuardia, Irving
Lehman, Lucius N. Littauer, Charles 8. MacFarland, Bishop William T.
Manning, Edwin Markham and Bishop Francis J. McConnell.
Also Alfred J. McCosker, James G. McDonald, Robert A. Milliken,
G.
Campbell, Carrie Chapman
Conboy, John Dewey, John H. Finley, Daniel J.
Harry Emerson Fosdick, and Mrs. J.
Henry Morgenthau Sr., Mrs. Frederick
Poling, Roscoe Pound, Frederick B.
Sarnoff,
Charles M.
banking and thus to business, industry and agriculture by this distinctly
American institution in which all who were associated with its creation,
Toscanini, Lillian D. Wald, Grover A. Whalen
is
for
you
Act,
marking the anniversary by
on
has always been
The
in
Federal
its defender.
Reserve
System represents one of the great forward steps
On this occasion we may well recall
and in the future President Wilson's words, fittingly
dealing with our economic system.
for
our
guidance
inscribed under
now
bis portrait:
"We shall deal with our economic system as
as
are
the wall opposite the portrait of President Wilson a bas-relief
Senator Glass of Virginia, who, as one of the original sponsors of the
of
It Is and as it may be modified, not
write upon; and step by step we
it might be if we had a clean sheet of paper to
shall make It what It should be."
Processing
George
especially appropriate that
•
Very sincerely yours,
FRANKLIN D. ROOSEVELT.
$500,000 to Pay
Wheat for Spanish Civilians—
McDonald Heads Group at Request of
American Committee Formed to Raise
istration, justly take pride.
It
and William Allen White.
+
particularly those who like myself served in Woodrow Wilson's Admin¬
unveiling
Nathan, P. A. O'Connell, Daniel
Robinson, Lewis Rosentsiel, David
Schwab, Ida M. Tarbell, Lowell Thomas, Arturo
century of distinguished service
and
In the public
prompted better understanding among all races and creeds;
because, during the last year, he took the initiative at every crisis in Jewish
service he has
Paul
appeared deeply
affected by the tribute to him, and at the conclusion of
the ceremonies
Biben, said that he deeply appreciated the honor and was
greatly touched by the citation.
The medal was first
presented in 1930. The current citation said:
"Herald Tribune" of Dec. 23 said:
system
might be if we had
find step by step
upon;
economic
promoting better understanding between Christians and
Jews has been awarded to President Roosevelt, it was an¬
nounced on Dec. 22 by Joseph H. Biben, Editor of the
"American Hebrew."
The President, in a. letter to Mr.
and in the future" the following words
now
by President Wilson:
We
in
President
Roosevelt
At the request of President Roosevelt a committee of
Americans has been formed to raise approximately $500,000
to cover
the cost of processing and
of flour to Spain
shipping 600,000 barrels
for the impartial relief of civilians.
This
announced in New York on Dec. 29 by George Mac
Donald of New York City, who has accepted the chairman¬
was
ship of the committee at the invitation of the President.
In our issue of last week, page 3839, we published a state¬
ment issued Dec. 21 by the State Department, Washington,
in which it was announced that the Federal Surplus Com-
3998
Financial
modities Corporation was prepared to make available to the
American Red Cross 500,000 bushels of wheat, representing
about 100,000 barrels of flour per month, for the next six
months.
The formation of the committee just announced
is the result of this offer to enable the Red Cross to meet
the cash outlay
mittee
required.
The other members of the
com¬
are:
Mrs. William L. Clayton of Houston,
Tex.; Walter Cummlngs, of Chicago;)
Marshall Field, of New York; Frederic J. Fisher, of Detroit; Mrs. Henry
Goddard
Leach,
Murphy and
of New
R.
E.
York;
Wood,
Gerard
both
Lambert, of St.
of Chicago,
Louis;
Robert
and
Walter
Uehlein,
of
Milwaukee.
With his announcement Mr. MacDonald also made public
letter he received from the President and his reply of
a
The President's letter follows:
acceptance.
My Dear Mr. NIacDonald:
Factual reports on conditions in
Spaing give me deep concern over the
hardships and sufferings there of millions of civilians and particu¬
extreme
larly the women and children.
a
Since the outset of the war In Spain the American Red Cross has expended
considerable sum in emergency assistance to Americans stranded in that
country and in humanitarian work in the territories of both factions through
the International Red Cross Committee.
In view, however, of the Increased
suffering in Spain, the American Red Cross recently contributed the funds
necessary to secure 60,000 barrels of flour for impartial distribution
among
the women and children in proportion to need In order to
prevent starvation.
For this purpose the Red Cross obtained wheat from the Federal
Surplus
Commodities Corporation at a nominal cost and the United States Mari¬
time Commission provided free ocean transportation to France.
The Red
Chronicle
Dec.
Brown Harriman & Co. to
Change Name
Ripley & Co., Inc.
to Harriman
Jan. 1
on
Brown Harriman &
Co., Inc., investment bankers, will be
Inc., effective Jan. 1,
1939, it was announced Dec. 28 by Joseph P. Ripley, Presi¬
dent.
The primary reason for the change, it was said, lies
in the occasional confusion created by the similarity of its
old name with that of the private banking firm of Brown
Brothers Harriman & Co., which is one of the oldest commer¬
cial firms in the country.
The new name Harriman Ripley
& Co., Inc., will, it is noted, better serve to distinguish the
corporation from other concerns and to establish its individ¬
uality.
There will be no change in ownership of the corpora¬
tion, and, except for the change of name, it will continue as in
the past in the investment banking business as an underwriter
of capital issues and as a dealer in United States Government,
State, county and municipal bonds, and in public utility, rail¬
road, industrial and other investment securities, according
to the announcement, which further stated:
known
Harriman Ripley & Co.,
as
The principal offices of the corporation are located in New York
Boston, Philadelphia and Chicago, with branches
Cincinnati,
Cleveland,
in
Providence,
Pittsburgh,
&
man
Co., Ltd.,
will continue
to
a
Detroit,
Hartford,
San
Reading,
and other leading cities.
Indianapolis,
Francisco,
British corporation with headquarters in London, which
operate under that
name
in
the
underwriting of capital
issues in the London and continental markets.
Joseph P. Ripley, President and Director of Harriman Ripley & Co.,
Inc., has headed Brown Harriman & Co., Inc. since it commenced business
17 years ago when he joined
$66,000 it was able to furnish flour to the value of about $260,000.
house
&
Cross
was
distributed
under
supervision of the American Friends Service Committee which
carrying on impartial relief activities in Spain.
The aid thus far
has
the
been
rendered
by the American Red Cross and the American Friends Service Committee
has been of inestimable value but wholly
inadequate to meet the needs.
Washington
Brown, Harri¬
are
E. Roland Harriman about
Red
Minneapolis,
Syracuse,
In Europe its correspondents
in June, 1934.
by the
City,
direct representation
or
Cross paid the cost of processing the wheat into flour, the rail transporta¬
tion and other incidental charges, and thus by an
expenditure of some
The flour thus furnished
31, 1938
of W.
He first became associated with W. Averell Harriman and
A.
Harriman
Co., Inc.
the
Subsequently he
National City Co. as Vice-President, and later
as
in which capacity he directed the affairs of the
investment
was
with
The
Executive Vice-President
City Company until he
signed in 1934 and resumed his association with the Harrimans
President of Brown Harriman & Co., Inc., which will
now
on
re¬
becoming
carry on under
the name of Harriman Ripley & Co., Inc.
The other
The 60,000 barrels of flour which
directors of the corporation are
Pierpont V. Davis, Hendrik
were shipped will be
entirely consumed by
Every effort should, therefore, be made to
supplement
considerably what has been done in order to prevent starvation on a wide
part in its organization and have been active in the management of its
scale.
affairs
the end of January.
I
am
informed by the American Red Cross that
activities and
R. Jolles, Willet C. Roper
responsibilities in this country and its other
many other
fields of work,
it Is unable to devote additional funds to relief in
Spain or to undertake a
Horace C. Sylvester Jr., all of whom took
throughout the past four and
half years.
a
Director, Mr. Sylvester will continue
a
as
in^view of its
and
the sales,
tinues
as
In addition to his duties
Vice-President in charge of
as
trading and municipal departments.
Mr.
Davis
likewise
con¬
Vice-President in charge of the buying department whose activities
have been under his direction since June, 1934.
Mr. Jolles is Vice-President
campaign for contributions for this purpose.
It, nevertheless, desires to
make its services available and to assist in
every other possible way in
coping with this distressing situation.
Other countries are also rendering impartial assistance to civilians in
responsible for foreign business and a Director of Brown Harriman & Co.,
Ltd. of London.
Mr. Roper is Secretary and Treasurer.
Charles S. Gar¬
land, a Director and Vice-President with headquarters in Chicago, will
Spain, but it is estimated that some 500,000 bushels of wheat, representing
flour per month, will be required for the next six
Baltimore, Md.
months to meet the minimum needs of the women and children for bread
alone.
The Federal Surplus Commodities
since the commencement of operations, and hwo will
about 100,000 barrels of
Corporation, has, accordingly,
offered to make available to the Red Cross this
quantity of wheat for the
next six months to be processed into flour at the same
advantageous terms.
To
the
extent
that the
United
States
To carry
out such a program will require approximately $500,000 to
the cash outlay for the processing of the flour
and other incidental
costs.
It was therefore thought advisable to form a
committee to act in
cooperation with the American Friends Service Committee in raising the
necessary funds.
The funds raised by the committee are to be
applied to
the cost of additional flour and other
surplus commodities, which will
be secured and made available
for every
through the Ameircan Red Cross.
Thus,
dollar contributed, it will be possible to furnish food relief to the
value of some four dollars.
Mr.
Norman
formed
me
H. Davis, chairman of the
American Red Cross, has in¬
of his conversation with you, of
your sympathetic interest and
of your willingness
to serve
understand
that
Mr.
Committee
will confer
as
chairman
Clarence Pickett
with
you
of the
of the
proposed committee.
American
Friends
Service
regarding the membership and work of
committee.
your
This is
I
<
great humanitarian service and your
acceptance of the chair¬
manship of the committee is deeply appreciated
by me.
I am sure that
many of our people will wish to aid in
helping to meet this
a
pressing need.
FRANKLIN D.
My dear Mr.
I
am
ROOSEVELT.
a
follows:
*
President:^
deeply touched
by"
impartial relief in Spain but
letter of Dec. 20.
your
You have not only
the chairmanship of
have givne
me an
a
Six New Members Elected to Associate
Membership in
New York Curb Exchange Under New Constitution
Taking advantage of one of the amendments of the new
constitution, under which a firm or corporation that is an
associate
member
nominate
one
of the New York Curb
Exchange may
of its partners or officers to replace its former
associate member who has died or resigned, provided such
nomination is made within 30 days following such death or
upon payment of an initiation fee of only $100,
six new members were elected to associate
membership on
Dec. 28 to replace members of such firms who will
resignation,
opportunity to perform
stirred the
sympathies of people everywhere.
wholeheartedly this humanitarian
task which you have invited
to undertake in cooperation with the
other members of the committee
that is being formed.
«
me
The hardships and privations which the
civilian population in Spain is
undergoing, particularly the helpless women and children, is a matter of
deep concern to all of us regardless of where our
sympathies lie.
At a time
like
this
we
must
do
our
utmost
for
these innocent
victims
of a
tragic
situation.
The people of our country have always
responded generously to the needs
and in this instance of
great distress I am confident they will
their aid.
not fail to give
Please let
me
again express my appreciation of
your kindness in giving
this opportunity to serve.
members would have had to pay an initiation
corporations with which the associate members
tinue tc^engage in the business of
Any
person
member of
of
a
not
firm,
less
than
or as an
21
as
connected
must
or
con¬
buying and selling securities.
years
of age
executive officer of
buying and selling securities
are
broker
or
engaged individually,
a
as
a
corporation in the business
dealer is eligible for associate
membership in the Exchange, and if elected must pay an initiation fee of
$2,500.
An associate member and the firm or corporation of which is a
member
of the
The
officer shall be at all times subject to the rules and regulations
or
Exchange.
new
associate members
Richard
H.
present Mr.
Bewick
to
Berwick is
associate
a
are;
replace Walter B. Keiffer of Beer & Co.
At
special partner in the firm and his election to
dependent and concurrent upon his admission
membership is
partnership in the firm which is scheduled for Jan. 1, 1939.
Prescott to replace Hamilton F. Biggar of Prescott,
Biggar
& Co., Cleveland.
After Jan. 1 the firm's name will be changed to Pres¬
to general
letter to the State
President
of
the
New
&
Co.
LeRoy V. Elder to replace C. Coburn Darling of Miller & George, Provi¬
dence.
Gordon Brooks to replace David V. Morris of J. C. Bradford & Co.
E. Murin to replace Alan S. Noyes of David A. Noyes &
Co.,
Malon Clay Courts to replace R. W. Courts of Courts &
Co., Atlanta.
MACDONALD.
Department, Merwin K. Hart,
York
State
Economic
none of the food
reaching Nationalist Spain (for it is not
required there)", practically all of it he says going to those
in Loyalist Spain.
4'The effect of this," he says, "will
unquestionably beAthe prolonging of thejwar.
An item
ment
regarding the membership approval of this amend¬
appeared in our Dec. 24 issue, page 3855.
Council has
registered opposition to "the proposal to send food to both
sides in Spain," on the ground that it will result in
"little or
cott
Paul
GEORGE
a
new
Another provision of the amendment is that the firms
Chicago.
Very sincerely yours,
In
on
Edward P.
of others
me
resign
31.
Their election becomes effective Jan. 1, 1939.
The announcement of the Curb
Exchange further said:
committee for
service in behalf of those in Spain whose
intense suffering has
I accept
continue to be active
George E. Abbot is Manager of the Boston Office; Frederick M. Thayer
is Manager of the Philadelphia Office; and Nathan D. McClure is
Manager
of the Chicago Office.
fee of $2,500.
,
you
Sons, investment bankers,
who have likewise been in its service
Harry W. Beebe, Milton C. Cross, James G. Scarff, Elwood D. Smith,
McLean Stewart, Vice-Presidents.
Reginald Martine, Comptroller and Assistant Secretary, and
William R. Eppel, Assistant Treasurer and Assistant
Secretary.
Under the old rule the
honored me by asking me to
accept
&
R.
/
as
Brown
Dec.
Very sincerely yours,
Mr. MacDonald's reply was
of Alex.
in its affairs, are:
Maritime Commission has empty
cover
general partner
a
Other officers of the corporation
it will transport this flour to France free of charge.
space,
cover
become
Harry L. Hopkins Takes Oath of Office
as
Secretary of
Commerce
Harry L.
Hopkins
was
sworn
in
as
Secretary of Com¬
Dec. 24 at the White House in the presence of
President Roosevelt. The oath of office was administered
by
Associate Supreme Court Justice Stanley Reed. The former
mence on
Administrator
of
the
Works
Progress Administration
was
Volume
147
appointed
by
to
President
resigned
Commerce
Roosevelt
to
Department post
succeed
that
date
The
on
3855r
page
Financial
the
ceremonies
commissions by
rington as the
as
WPA
new
in
C.
24
National
Administrator
and
appointing
told
would
confer
Council,
as
with
soon
W.
Averill
ceed
will
for
B.
28th
banquet will bring to
A. to Be
Held
Loncoln, Neb.
on
close the annual Midwinter Trust
a
with
director
a
the
bank
and also
for
as
than
more
31
years,
member of the Finance
a
Committee.
that the
by
Philip
President
this
A.
of
be held by
winter,
Benson,
the Dime
it
and
paid in
approved the increase in capital.
The capital stock of the
$9,000,000 and is represented by 450,Simultaneously with this increase in capital
the surplus account has been increased to
$4,000,000 by a
transfer from undivided profits of
$750,000.
This increase
Bank
the
wajp
.
Ninety-three per cent of the issue was taken by holders of
subscription rights which were issued to stockholders of the
Bank, and 7% was taken by a syndicate of local under¬
writing houses.
The Comptroller of the Currency has
Banking Conferences
During Winter
regional banking conferences will
.
stock issue of 75,000 shares has been
fully sub¬
at the price asked, $20.00 a share.
new
scribed
A. B. A. to Hold Three Regional
Association
presentation of the cards.
With this payment disbursements to
depositors will total
With
■"
.
Bankers
amount of
reference to the increase in the
capital stock of the
National City Bank of Cleveland,
Cleveland, Ohio, it is
announced by S. B. Congdon, President of the
institution,
♦
14
as
Trust
$6,292,497.33.
department
•
and
connected
was
serve
the
the
The
will be devoted to subjects of current
executive officers and bank
men,
Dec.
who
to
hope for additional dividends "as and when the
remaining assets are liquidated." AccordWashington "Post," the first series of4 postcards
notifying depositors when to call for their dividends will be
mailed early next month.
No payments will be made except
to
A symposium will be conducted
by Gilbert T.
Stephenson, director of the Trust Research Department of
the Graduate School of Banking of the American Bankers
nounced
appearing
pressed
officials.
Association
Ebert,
continue
larger
Conference of the Association, scheduled for Feb. 14-16.
The conference, which will be attended by about
1,000 bank¬
American
resigned, it is learned from
in "Money and Commerce" of
.
Trust Officer of the First Trust Co. of
Three
advices
suc¬
who
Nearly 23,000 depositors in the defunct Federal-American
Co. of Washington, D.
C., will
receive a 10% dividend
(the third) in January, Cary A.
Hardee, the receiver, announced on Dec. 21.
The new
dividend, which brings to 75% the total payments to the
bank's creditors, amounts to $835,179.
Mr. Hardee ex¬
Association,
Waldorf-Astoria, New York, Feb. 16, it
was announced Dec. 15
by Samuel C. Waugh, President of
the Trust Division, who is Executive Vice-President and
Association.
Vice-President of the institution to
Ebert,
National Bank & Trust
Annual
of the Trust Division of the American Bankers
to be held at the
trust
Cumberland
possible.
as
Co. of New York, has been named Chairman of the
Banquet Committee for the twenty-eighth annual banquet
to
the New
bank.
new
a
S.
Committee and
Harriman, Chairman of the
Lindsay Bradford, President of the City Bank Farmers
trust
Harry
Mr.
Trust
and
and
Dec. 24, which added:
in New York Feb. 16
ers
Co.
H. Blouse, heretofore, it is
understood, Cashier
Drovers' & Mechanics' National Bank of
York, Pa.,
York
Commerce, created
He added that he
Lindsay Bradford Named Chairman
Banquet of Trust Division of A.
interest
the
has been elected
National Youth
After taking the oath of office, Mr. Hop¬
newspapermen that he wanted the Business Ad¬
visory Council for the Department of
by Mr. Roper, to continue functioning.
to
Trust
William
of the
Administration.
kins
Bank,
Cumberland
issue,
the presentation of
designating Col. F. C. Har¬
Administrator of the
as
Dec.
our
3999
aggregate values of New
Dec. 23
Roper, who
on
included
the President
Aubrey Williams
Daniel
noted
was
Chronicle
000
an¬
President of the
Savings Bank of
Brooklyn,
now
amounts to
shares.
N. Y.
They will be held at Columbus, Ohio;
Minneapolis, Minn., and New York City. The theme of the
conferences will be "Meeting the Public Needs in Banking."
of capital, together with the increase made in
been two important steps in
The
community,
Columbus conference
Feb.
9
and
10.
will be. held
at
Neil House,
the
The Minneapolis conference will be held
Hotel, Feb. 23 and 24.
The New York con¬
'
at the Nicollet
ference will be held at the Waldorf-Astoria, March 8-10.
the Bank's
service to
York
State
Winter
The
11th
Bankers
Association
Meeting in New York
annual
mid-winter
Hold
to
on
Jan.
#
Mid-
meeting of the New York
in the
morning, which will include the address of President
discussion by Adrain M. Massie on the plans of
Committee on Bond Portfolios, of which he is Chair¬
Wilson,
the
a
new
were
completed Dec. 22 for the sale of a
membership in the Chicago Stock Exchange at $2,000, down
$200 from the last previous sale.
0
23
State Bankers Association will be held in New York
City
on Jan. 23.
The program calls for two business sessions;
one
Cleveland and the national business
the announcement states.
Reference
was
made to the proposed increase in our issues of Nov. 9 and Dec.
3, pages 3105 and 3398, respectively.
Arrangements
New
1936, have
providing for the expansion of
and several committee reports, and the other in the
afternoon, at which Willard T. Chevalier, Publisher of
"Business Week," will speak; some committee
reports will
be presented at the same time.
In the evening the banquet
According' to the
be held at the Roosevelt Hotel with Bruce
Baron,
Representative in Congress from the 17th New York District,
the speaker on this occasion.
American
111., voted a
regular December meeting held recently.
The
paper
goes
to say:
on
man,
will
"Michigan Investor" of Dec. 24, directors
National Bank & Trust Co. of Chicago,
$200,000 increase in the Bank's surplus at their
of the
This amount
transferred from
was
and
reserves
$1,000,000, making it equal to the total
up to
stock outstanding.
brings the total surplus
amount of
common
capital
«
•
Total surplus of the Bank at the time it moved to LaSalle Street five
years
ago this month was $250,000.
This was increased to $500,000 in 1935,
and
$700,000 in
January of this
increase
voted
1937.
Ah' additional $100,000
making
year,
yesterday.
added
was
to
surplus in
total of $300,000 for 1938, including the
a
During the
five-year
same
period,
total
re¬
of the American National Bank have been increased from
$16,000,000 to $61,000,000.
'
*•
sources
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
The Citizens Savings Bank, New York, opened a branch
office at 51st Street and Lexington Avenue on Dec. 28.
The
ters
Bank, which
established in 1860, has its headquar
at Canal Street and the Bowery, Manhattan.
was
Rahill
J.
Vice-President
In
York.
was
the
of
issue
Dec.
on
Chemical
Dec.
of
President
the
of
22
elected
Bank
24,
vertently reported hat Mr. Rahill
our
Mich., on Dec. 19 was increased, according to an
official statement issued last week by A. G.
Bishop, Chair¬
man
of the Board of Directors.
Mr. Bishop's announce¬
ment,
♦
William
The capital stock of the Genesee County
Savings Bank of
Flint,
page
was
&
Assistant
an
Trust
3855,
it
made
Co.,
an
of
the
bank
entire
bank.
ment in
Pa., advices,
printed in "Money and
Commerce" of Dec. 24, it is learned that two New Cumber¬
land, Pa., banks, the New Cumberland Trust Co. and the
New Cumberland National Bank, capitalized at $125,600 and
tion
at
will
be
respectively, are to be merged, stockholders of
having approved the proposed consolida¬
held
meetings
on
21.
Dec.
The
organization
new
capitalized at $105,000 (consisting of $60,000 pre¬
stock and $45,000 common stock) with surplus of
ferred
$22,500 and
expense
fund of $2,500.
The dispatch
goes
on
say:
issued
the
to
New
The
New
share
the
Cumberland
is
Cumberland
the
to
National
be
TruBt
on
for cash at par.
Co.
shares
shall
be
paid
of the New
Bank
the
stock
New Cumberland
•
Such
to be sold
present stockholders
issuance
of
are
its
capital
capital
new
basis
at
cost
one
Cumberland Trust
of
new
$15.50
share
per
for
by the
Bank
Co.
and
share.
5%
Investor"
to
of
Dec.
from
24,
adjust the capital structure
$700,000
to
$1,000,000,
being paid into, the bank from the
for
of
each
presently outstanding.
transfer
of
assets
of
appropriate
their
upon
stock
the
segre¬
time
by
the
State
Banking
not
Depart¬
,
„
same
of
this
19,
a
from
solely
come
The
June,
it
also
was
voted
reimburse
to
At
segregated
$350,000,
all
$200,000;
the
said
H.
in
At
paid
this
payment,
assets.
being
is
of
the
of
those
amount
time
present
together
with
for five and one-half
capital structure of the bank is
undivided profits,
same
time
Corp. was announced.
been
date
stock¬
interest
years,
also
to
one-half
Dec.
to
$192,500,
or
$542,500.
new
surplus,
to the
the entire amount
on
of
1933,
the
from
amount,
1938,
total
as
follows:
$122,000,
dissolution
of
and
the
Capital, $1,000,000;
$78,000.
reserves,
Genesee
Trustee
In this regard the paper mentioned
part:
H.
Curtice, George G. Allen and L. H. Bridgman, the trustees, have
discharged of their reorganization duties and the bank has been
to
the
capital
that
structure
in
was
effect
before
bank
the
holiday.
The
called
each share
presently outstanding and two
National
for
a
of
Common shares will be
levied
1933.
the
restored
Preferred shares
have voted
holders who paid their assessments in the amount of
$700,000 with interest
institutions
both
to
At
at
#
$100,000,
bank
increasing
assessments
pay
»
Harrisburg,
by
$300,000 of
"Michigan
.
gated assets of the bank and allocated to those stockholders who did
Guaranty Trust Co. of New York announces the appoints
ment of Wilfred G. Soltau as Secretary of its Antwerp office.
From
the
.
The stockholders of the
New
inad¬
Assistant
was
printed in
as
follows:
original capital of the bank
for,
upon
which
agreement,
after
the
assets
out
of
ment,
were
to
revert
consideration
a
stockholders'
$700,000
depositors
to
for
was
was
and
was
debts
new
stockholders
meeting
in.
paid
all
the so-called
the
$1,000,000.
called
According
were
bank.
who
and
A stock assessment
paid,
•
to
all
However,
could
upon
not
the
pay
the
was
trust
surplus
of
the directors
their
assess¬
recommendation
Financial
4000
of
stockholders.
status
same
all of the
stockholders in the
at the time of the closing of the bank, the
of Directors
Board
the
old
they
The
the stockholders voted to reimburse
result
were
to
was
put
the
old
explained, and to pay the stockholders who paid the assessment
$700,000 their money back, together with 5% interest from June 19,
directors
of
1933.
Last
The
Monday,
new
together
1938,
the
were
the
bank
reinstated
all
old
stockholders.
paid 50% of the amount which they paid
5% in full from June 19, 1933, to Dec.
to $192,500, and given participation certificates
paid out of the segregated assets.
interest at
amounting
balance
19)
(Dec.
stockholders
with
to
be
in,
19,
for
thirty-eighth annual report of the Provincial Bank of
Canada (head office Montreal) covering the fiscal year ended
Nov. 30 1938 has just been published.
It shows net 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 $450,428 (as against
$444,410 the previous year) which when added to $232,907,
the balance to credit of profit and loss \brought forward from
the preceding fiscal year, made $683,335 available for dis¬
tribution.
Ifrom this amount the following allocations were
made: $240,000 to pay four quarterly dividends at the rate
of 6% per annum; $102,300 to take care of Dominion and
Provincial taxes; $50,000 written off real estate, and $50,000
to provide for contingencies, leaving a balance of $241,035
to be carried forward to the current fiscal year's profit and
loss account.
Total assets are shown in the statement as
The
$57,602,464 (comparing with $56,981,408 a year ago), of
which $38,199,829 are liquid assets, or equal, it is stated, to
some 73% of the bank's total liabilities to the public.
Total
deposits are shown in the report as $49,332,802 (comparing
with $48,484,032 last year), of which $40,797,068 are interestbearing deposits.
The bank's paid-up capital remains un¬
changed at $4,000,000, but the reserve fund and surplus has
increased to $1,241,035 from $1,232,907 a year ago.
annual report of the Banque Canadienne
(head office Montreal) covering the fiscal year
ended Nov. 30, 1938, is now available.
Earnings for the
The sixty-fourth
Nationale
period
(after making appropriations for contingent reserve
fund, out of which fund full provision for bad and doubt¬
ful debts was made; deducting $161,551
to provide for
Dominion
and
Provincial
taxes,
and
contributing
$60,000
amounted to $780,241, which when added
representing balance to credit of profit and
loss brought forward from the previous fiscal year, made
$1,015,265 available for distribution (as against $1,005,024
last year).
This amount was allocated as follows: $560,000 to pay four quarterly dividends; $90,000 written off
bank premises account, and $125,000 representing provision
for payment to the Treasurer of the Province of Quebec,
under Statute 14, Geo. V. Ch. 3, leaving a balance of
$240,265 (against $235,024 a year ago) to be carried for¬
ward to the current year's profit and loss account.
Total
resources of the bank are given in the statement as $150,892,628 (as compared with $147,816,293 on Nov. 30, 1937),
of which $78,031,207 are liquid assets, while total deposits
are given as $130,621,440 (against $126,996,682 a year ago).
The bank's paid-up capital and reserve fund remain un¬
changed at $7,000,000 and $5,000,000, respectively.
to
pension fund)
to
$235,024,
was made on Dec.
12, by Lloyds Bank
London, through its New York representative,
J. H. Fea, that G. F. Abell, who is retiring on Dec. 31 as
Chief General Manager of the institution after 45 years of
service, has been invited to become a member of the Board
of Directors.
The following changes in the bank's personnel,
effective Jan. 1, next, were also announced:
Announcement
Limited,
R. A. Wilson and Sydney
In addition to W.
Parkes to become Chief General Managers.
G. Johns and S. P.
Cherrington, L. A. Stanley and
A. H. Ensor to succeed Mr. Stanley as Assistant
the side of the advance
points to 51%; Singer Manu¬
facturing Co., 3 points to 215; Penn Salt, 2 points to 159;
Niles-Bement-Pond, 1 % points to 61, and New Jersey Zinc,
1 point to 61%.
The New York Curb Exchange, the New York Stock
Exchange and the commodity markets were closed on Mon¬
day in observance of Christmas Day.
Cities Service pref., 1%
Unsettled price movements and moderately active dealings
in evidence on Tuesday as the market resumed trading
were
following the long holiday. Industrial specialties were strong
and a number of the more active stocks in this group regis¬
tered modest gains. These included among others SherwinWilliams, 3% points to 113%; Quaker Oats, 1 point to 116:
American Potash & Chemical, 4 points to 58, and Mead
Public utilities were off, American
back 1% points to 16; Electric
Bond & Share pref., 2% points to 61; Georgia Power $6 pref.,
2% points to 75%; New England Power Assn. 6% pref.,
1 % points to 53 %, and Alabama Power $7 pref., 1 point to 71.
Active trading and higher prices were apparent all along
the line during the opening hour on Wednesday. As the day
progressed some tax selling appeared and a portion of the
early gains was canceled. The volume of transfers climbed
up to approximately 587,070 shares, against 350,190 on the
preceding day. Armament stocks were higher, Colt's Patent
Fire Arms moving forward 1% points to 92%, and Bell and
Lockheed Aircraft recorded fractional gains at the close.
Other noteworthy changes on the side of the advance were
Lynch Corp., 1% points to 31%; Montgomery Ward A, 1%
points to 154%; New Jersey Zinc, 1 point to 62, and Pitts¬
burgh & Lake Erie, 2% points to 60%.
Curb stocks moved briskly forward on Thursday, the gains
ranging from 2 to 3 or more points among the more active
of the market leaders.
Aircraft shares and public utilities
were particularly strong, Lockheed, Bell and Gruman climb¬
ing into new high ground, while the utilities were registering
substantial gains all along the line.
Industrial specialties
improved and oil stocks and mining and metal issues were
unusually active at higher levels. The transfers were 339,512
shares against 587,070 on the preceding day.
Prominent on
Johnson, 3 points to 130.
Superpower pref. slipping
an
139%; Jones & Laughlin Steel, 2% points to 38%; Lynch
Corp., 2 points to 33%; Pittsburgh Plate Glass, 3% points
to 103% and Singer Manufacturing Co., 5 points to 216.
Advancing prices were in evidence during the opening
hour on Friday but as the day progressed year end evening-up
operations had a tendency to check the upward movement.
Some of the more active of the market favorites were able to
Aircraft stocks were off
37% to 37,
36. Mining
and Metal Shares were stronger, public utilities moved frac¬
tionally higher and specialties registered substantial gains.
The volume of sales again declined, the transfers dipping to
327,000 against 339,512 on Thursday.
As compared with
Friday of last week the range of prices was toward higher
levels, Aluminum Co. of America closing last night at 128%
against 126% on Friday a week ago; Aluminium Ltd. at 139
against 138%; American Cyanamid B at 27% against 27;
American Light & Traction at 16% against 15%; Carrier
Corp. at 19% against 18%; Consolidated Gas of Baltimore
at 72 against ^1%; Creole Petroleum at 24 against 22%;
Electric Bond & Share at 10% against 9%; Fairchild Aviation
at 10% against 9%; Fisk Rubber Corp. at 11% against 9%;
Ford of Canada A at 21% against 21%; Gulf Oil Corp. at
39% against 38%; Humble Oil (new) at 69% against 68%;
International Petroleum at 27% against 26%; Lake Shore
Mines at 50% against 47%; and Standard Oil of Kentucky
at 17% against 17.
*
hold
goodly part of their gains.
a
the day, Lockheed Aircraft dropping from
while Bell Aircraft slipped back from 37% to
on
AT
TRANSACTIONS
THE
Stocks
Bonds {Par Value)
i
{Number
Week Ended
Assistant General Manager.
Dec. 30,
Controller, Advance De¬
partment, to become Chief ControUer, and W. B. Mayles, at present an
Assistant Chief Inspector, an
Foreign
Foreign
Government
Corporate
of
Domestic
Shares)
1938
Saturday.
Monday
Assistant Chief Controller.
In addition to W. A. Smith and E. J. Sawtell, J. G. Raine, hitherto an
Advance Department Controller, to be a Joint Manager, City Office.
CURB
EXCHANGE
Irregular price movements, due to some extent to tax sell¬
ing, kept the curb market in an unsettled state during the
greater part of the present week.
There were some brisk
advances at times but these soon peteied out and the market
moved to lower levels.
The preferred stocks in the public
utility group were somewhat stronger and the industrial
specialties registered occasional gains, but oil shares and
mining and metal issues were comparatively quiet. Air¬
$16,000
$506,000
146,030
Total
$523,000
$1,000
HOLIDAY
Tuesday
350,490
1,457,000
21,000
1,538,000
Wednesday
586,360
2,062,000
41,000
32,000
2,135,000
Thursday
Friday_
338,192
115,000
23,000
1,718,000
326,670
1,580,000
1.626,000
13,000
12,000
1,6 51,000
1,747,742
$7,231,000
$245,000
$89,000
$7,565,000
_
THE
EXCHANGE
CURB
YORK
NEW
General Manager super¬
Chief Controller, Advance Department, to become
J. Jabez-Smith. at present an Assistant Chief
2% points to
the side of the advance were Aluminium Ltd.,
vising staff administration, organization, &c.
R. S. Boyt, at present
1938
31,
Prominent among the changes on
were
DAILY
G. D. Gold to become Joint General Managers.
Dec.
Chronicle
.
_
_
Total.
York
Jan. 1 to Dec. 30
Week Ended Dec. 30
Sale<. at
New
60,000
Curb
1937
1938
Exchange
1937
1938
,
104,178,804
$419,861,000
1,747,742
1,771,392
49.477,353
$7,231,000
$5,981,000
245,000
271,000
$352,130,000
7,432,000
89,000
101,000
6,554,000
9,842.000
$7,565,000
$6,353,000
$366,116,000
$442,361,000
Stocks—No. of shares.
Bonds
Domestic
Foreign government-..
Foreign corporate
Total
12,658,000
craft stocks and armament issues moved around their pre¬
vious top and oil shares were weak.
Light trading and firm prices were the features of the
session on Saturday.
Many traders were away
celebrating the Christmas holidays and there was a minimum
of interest manifested in price fluctuations. Industrial spe¬
cialties were generally irregular and aircraft stocks were
unsettled with a tendency toward lower levels.
Public
utilities were slightly higher but the gains were largely in
the preferred stocks and were, for the most part, fractional.
NOTICE
CURRENT
two-hour
—Sheldon
Dominick
the
firm
Mr.
from
in
partner
has
as
its
been
has
Harvard
time
of
1936.
in
been
of
floor
the
He
admitted
first
members
associated
Dominick
a
be
will
Prentice
E.
Dominick
one
Prentice
general
that
&
as
is
a
of
on
with
son
of
& Dominick
special partner.
the
year,
and
York
firm
Bernon
from
partnership
general
to
the
the New
S.
since
will
hie
Prentice
1914 to
in
represent
Stock Exchange.
graduation
who
1929 and
was
a
since
Volume
147
Financial
Chronicle
4001
THE ENGLISH GOLD AND
SILVER MARKETS
We reprint the
following from the weekly circular of
Samuel Montagu & Co. of
London, written under date of
Dec. 14y 1,938.,
We
purchase from Brokers and Investment
Firms drafts, with securities
attached, drawn
on their
foreign correspondents and clients.
GOLD
i
MANUFACTURERS
TRUST
COMPANY
PRINCIPAL OFFICE AND FOREIGN
DEPARTMENT
55
BROAD STREET,
Member New York
Member Federal
System
'
offerings
Quotations:
Clearing House Association
RATES
cable transfers in the different countries of
the world.
give below a record for the week just passed:
BANKS TO
CERTIFIED
BY
FEDERAL
We
RESERVE
TREASURY UNDER TARIFF ACT OF 1930
1938, TO DEC. 30, 1938, INCLUSIVE
Dec.
24
Dec.
Dec. 27
26
Dec.
28
Dec.
29
148s.
-149s.
Average
--148s. 11.67d.
10%d.
on
Kingdom imports and exports of gold
the 5th ihst. to mid-day on the 12th inst.:
Imports
Exports
British South Africa
British East Africa.
British India.
£344,874
United States of America.
£6,406,325
12,806
Belgium
Netherlands
228,215
8,833
256,437
310,752
19,757
432,011
7,305
76,639
5,888
Australia
Argentine
Germany.
Netherlands
Switzerland
Dec. 30
Ounce
149s. l%d.
Dec. 13
Dec. 14
The following were the United
registered from mid-day
France..
Noon Buying Rate for Cable
Transfers in New York
Value in United States Money
Unit
Per Fine
148s. lid.
-149s.
148s. lid.
Belgium
DEC. 24,
Country and Monetary
Per Fine
Ounce
to the requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
RATES
a good proportion
representing re-sales on
Purchases also were made for the
Continent, but
taken for shipment to New York.
were
Dec.
8
Dec.
9_
Dec. 10
Dec. 12
Act of
EXCHANGE
authorities, but
Continental account.
most of the
~
A Pursuant
FOREIGN
reserve against notes amounted to
£326,compared with £326,414,831 on the previous Wednes¬
as
j
provided by the
Deposit Insurance Corporation
FOREIGN EXCHANGE
Dec. 7
on
f,n the open market the amount of bar gold which changed hands at the
.i/
dur*ng the week was about £2,700,000, part of which was
_
NEW YORK
European Representative Office: 1, Cornhill, London,B.C.3
Member Federal Reserve
England gold
,,
415,597
day.
Other countries.
121,106
35,165
10,262
7,388
Turkey..
Other countries
...
'
Europe—
Belgium, belga
Bulgaria, lev
$
$
.168527
.168508
'
$
.012325*
Czechoslov'ia, koruna
Denmark, krone
$
S
.168519
.168530
.168444
.012325*
.012325*
.012325*
.012325*
.034262
.034262
$
.034279
.034279
£1,703,517
November, 1938,
m
.034268
The Transvaal gold
output for
fine ounces as compared with
978,271 fine
ounces
1,036,442 fine
for November, 1937.
ounces
'
£6,580,246
amounted to 1,032,886
for
October, 1938, and
.208193
.028156
.028265
Engl'd, pound sterl'g 4.664791
.028002
.207637
4.663541
4.666527
4.659930
4.652638
.020525
.020505
.020510
.020475
change.
.026310
trade and arbitrage purchases were
effected but, on
demand, chiefly for bear covering, moved cash quotations
above
buying level and attracted re-sales from the same
quarter.
The Indian
Bazaars have both bought and sold and there has been American
enquiry for silver for forward delivery.
Business has been of moderate
volume, but there were indications of more
general interest on the part of buyers at rates
slightly below those current.
Finland, markka
France, franc
Germany, relchsmark
.026340
Greece, drachma
.008535*
.020550
.026327
Hungary, pengo.-.Italy, lira,
.026341
.400875
.400881
.400814
.400807
.008537*
.400900
.008562*
.008551*
.008533*
.196500*
„
.026326
.196375*
.196375*
.196500*
.196500*
.052600
.052604
.052604
.052604
.543466
.543441
.543533
.543772
.543766
—
.234356
.234290
.234456
.234125
.233727
—
.188780
.188987
.188812
.188900
.189000
Netherlands, guilderNorway, krone.-Poland, zloty
.052608
Portugal, escudo
Rumania, leu
.042435
.042396
.042387
.042321
.042231
.007308*
.007292*
.007314*
.007314*
Spain, peseta
Sweden, krona
.007314*
.049500*
.050925*
.050925*
.050925*
.049566*
.240114
.240296
.239958
Switzerland, franc—
Yugoslavia, dinar...
HOLI¬
.225741
.225605
.225727
.225625
.022800
DAY
.022800
.022800
.022800
.022800
.169083*
.169666*
.169500*
.168250*
Some
.240181
Asia—
was
steady during the past week, prices showing
very little
American
occasions
the American
The outlook is rather uncertain
as, until some indication is available
to whether the American
Treasury's policy and
.239530
.225791
SILVER
The market
buying prices
to
The
following
were the
registered from mid-day
United Kingdom imports and exports of
silver,
the 5th inst. to mid-day on the 12th inst.:
on
Imports
China—
a
Hpngkong.
_
Exports
£550,560
_.
Chefoo (yuan) dol'r
.168416*
Hankow (yuan) dol
.168416*
.169083*
.169666*
.169500*
Shanghai (yuan) dol
Tientsin (yuan) dol.
Hongkong, dollar-
.168250*
British South Africa
d British West Africa
.164125*
.164625*
.165375*
.163375*
.162437*
Belgium
British India, rupee-
Japan, yen-
Straits Settlem'ts, dol
Australasia—
.173187*
.173062*
.171187*
.291593
.291281
.291156
b Iraq
.348285
.348378
.348012
.347428
Other countries
.271859
——
.172437*
.291437
.271742
.271946
.271631
.542250
.542187
.542500
.542187
.540812
3.715833
3.717750
3.710000
New Zealand, pound- 3.731062*
Africa—•
3.704609
3.732437* 3.734250* 3.730750* 3.723187*
Union South Africa, £ 4.619285
4.616041
4.620250
4.612500
.989375
.989414
.989648
.989843
.999333
.999333
.999333
.999333
4.605500
North America—
.999000
Mexico,
.198150*
.201400*
.198960*
.194933*
.194833*
.987395
.986875
.986914
.987187
.987421
.311000*
.310955*
.311195*
.310670*
.310230*
.058660*
.058600*
.058620*
.058600*
.058600*
.051733*
.051733*
.051733*
.051800*
.051733*
.040000*
.040000*
.040000*
.040000*
.040000*
.990039
dollar-
.
South America—
Argentina, peso...
.
Brazil, mllreis—
Chile, peso—official.
"
"
export-
Colombia,
'
peso
.570600*
*
.570600*
.570600*
.570800*
.570600*
.614171*
Uruguay, peso
.614235*
.614425*
.513835*
.613364*
Nominal rate.
THE
LONDON STOCK
received
as
.
Sat.,
Mon.,
Tues.,
Wed.,
-
Thurs.,
Fri.,
Dec. 26
Dec. 27
Dec. 28
Dec. 29
Dec. 30
39/93/4/6
28/-
39/94/4/6
29/-
39/6
95/-.
4/6
29/-
•
Cable & Wire ordinary.
Canadian Marconi..—
Central Min & Invest..
Cons Goldlields of S A_
•
Beers.....
£7%
Co
—
Electric & Musical Ind.
Ford
Ltd.l
Holiday
Holiday
Holiday
Gaumont Pictures ord.
A.
Hudsons Bay Co
Imp Tob ofGBAI...
London Midland Ry—
Metal Box
Rand Mines
,
Rio Tlnto
Roan Antelope Cop M.
Rolls Royce
Royal Dutch Co..
Shell Transport
89/10/6
16/6
4/3
1/3
21/6
130/£12%
75/£8%
£14%
16/6
109/4%
£36%
£4
Swedish Match B
Unilever
United
Molasses
Witwatersrand
Areas
£6%
ENGLISH
£19%
65/7%
65/7%
29/6
29/3
£8%
89/10/6
£8%
89/10/6
15/41-
16/4 h
1/21/6
129/£13%
75/-
l/~
51/6
Tues.,
Wed.,
Dec. 24
Silver, peroz.-
Dec. 26
Dec. 27
20 3-16d.
Holiday
149s.
Dec. 28
Consols, 2,V2 %.
Holiday
British 3% %
War Loan
Holiday
Holiday
Holiday
£97%
Holiday
Holiday
Holiday
£107%
Id.
British 4%
The
States
price of silver
on
the
same
Bar N.
XT
S
Y.(for.) Holiday
Tr6ftsury
(newly mined)
Holiday
per
ounce
—«..__43 cents
43 cents
43 cents
—
—
—
...
43 cents
OF
BANK
CLEARINGS
Bank
clearings this week will show a decrease compared
with a year ago.
Preliminary figures compiled by us based
upon telegraphic advices from the chief cities of the
country
indicate that for the week ended today
(Saturday, Dec. 31)
bank clearings from all cities of the United States from
which
it is possible to obtain weekly
clearings will be
1.3% below
Our preliminary
$5,432,632,087 for
those for the corresponding week last year.
total stands at $5,362,613,374, against
the
same
week in 1937.
At this center there is
Friday of 16.8%.
a
loss for the
Our comparative summary
Per
1938
New York
1937
Cent
111/—
£37%
$2,558,034 ,446
$3,074 348,446
-16.8
Chicago
.
16/-
214,581 ,867
295, 964,889
-27.5
Philadelphia..
263,000 ,000
178,270 ,143
320 000,000
204 440,399
-17.8
Boston
Kaasas City..
St. Louis
San Francisco
-12.8
66,475 ,966
85 490,749
-22.2
67,800 ,000
87. 200,000
136 371,000
-22.2
100,805 ,000
.
-26.1
Pittsburgh
86,595 ,557
140
Detroit
85,280 ,741
101
95
36/6
-26.5
Baltimore
47,398 ,950
204,688
193,453
576,113
59 ,788,850
-15.7
36/6
70,284 ,969
$3,738,527,639
551,563,060
$4,600,578,587
832,053,500
-33.7
$4,290,090,699
1,072,522,675
$5,432,632,087
-21.0
$5,362,613,374
$5,432,632,087
21
/3
22/6
£6%
.
21/6
23/1%
CABLE
Dec. 29
%d.
£70%
Eleven cities, five days.
Other cities, five days....
£6%
Fri.,
Dec. 30
20d ?
149s.5%d.
£70%
£97 %
£98%
£107%
Total all cities, five days
AH cities, one day....
(in cents) in the United
Holiday
42%
42%
42%
42%
84.64
64.64
64.64
64.64
-38.2
-20.7
-18.7
Holiday
-1.3
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 be available
until noon today.
Accordingly, in the above the last day of
cases
has to be estimated.
In the elaborate detailed
statements,
present further below,
results
Holiday
...
Total all cities for week-
£107%
davs has been:
19 9-16d.
43 cents
43 cents
—
Cleveland
19 15-16d.
«
—
Average—20.115d.
19.500d.
The highest rate of exchange on New York recorded
during the period
from the 8th to the 14th December,
1938, was $4.68 and the lowest $4.65H.
the week in all
1960-90
ec.
28/6
149s.
£70%
Eec. 8——
7
£4>ie
Thurs.,
20d.
Holiday
Holiday
Holiday
Holiday
Holiday
Gold, p. fine oz.149s.
YORK
28/-
FINANCIAL MARKET—PER
Mon.,
NEW
Dec.
9—
Dec. 10
Dec. 12
Dec. 13
19%d.
Clearings—Returns by Telegraph
Week Ending Dec. 31
£8%
£14%
£14%
16/6
110/-
£36%
75/-
IN
(Per Ounce .999 Fine)
19 7-16d.
for the week follows:
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat..
Dec. 12—20%d.
Dec. 13—20 3-16d.
Dec. 14—_20%d.
.
The
as
£513,811
IN LONDON
(Bar Silver per Oz. Sti.)
*
Cash
2 Mos.
Dec.
8
20 3-16d.
19 9-16d.
Dec.
9_._20 l-16d.
19%d.
Dec. 10-._20d.
19 7-16d.
week ended
130/6
£13%
.
£8%
£4
28/36/21/3
22/6
Ltd
Vickers
West
£19%
65/7%
28/4%
Courtauld8 S & Co
Distillers
,
£19
,
£625,926
COURSE
by cable
Dec. 24
De
£477,450
25,785
3,549
2,000
2,060
2,967
a Including
£546,560 in coin not of legal tender in the United Kingdom,
b Coin not of legal tender in the United
Kingdom,
c Coin of legal tender
in the United Kingdom,
d Sundry coin.
The SS. Rawalpindi which sailed from
Bombay on Dec. 10 carries silver
to the value of about
£33,750.
EXCHANGE
Quotations of representative stocks
each day of the past week:
Boots Pure Drugs
British Amer Tobacco.
Barbados.
b Aden & Dependencies..
Other countries
c
Quotations during the week:
Canada, dollar.
Cuba, peso
Newfoundl'd,
Italy
.271150
Australia, pound—. 3.715437
peso.
Germany
3,038
19,452
40,044
2,501
3,055
France
.173187*
.348165
United States of America.
7,276
....
.291525
-
as
are or are not
undergo modification after the turn of the year, it is not
unnatural that
operators appear somewhat undecided.
for
the
week
For that week there
of
clearings
for
was an
the
however, which
we
able to give final and complete
previous—the week ended Dec. 24.
we are
increase of
whole
country
24.9%, the aggregate
having amounted to
I
Financial
$6,628,009,098, against $5,308,446,750 in the same week in
1937.
Outside of this city there was an increase of 23.5%,
the bank clearings at this center having recorded a gain of
Chronicle
Week Ended Dec. 24
Clearings at-
the Federal Re¬
from this it
appears that in the New York Reserve District (including
this city) there is an expansion of 25.7%, in the Boston
Reserve District of 34.6%, and in the Philadelphia Reserve
District of 27.5%.
The Cleveland Reserve District enjoys
gain of 22.2%, the Richmond Reserve District of 25.6%,
and the Atlanta Reserve District of 26.9%.
In the Chicago
Reserve District the totals are larger by[ 25.3%, in the St.
Louis Reserve District by 21.1%, and in the Minneapolis
Reserve District by 12.0%.
The Kansas City Reserve Dis¬
trict shows an improvement of 17.1%, the Dallas Reserve
District of 22.7%, and the San Francisco Reserve District
We group the cities according to
districts in which they are located, and
25.8%.
serve
a
of 12.3%.
In the following we
furnish
a summary
by Federal Reserve
districts:
SUMMARY OF BANK
Reaerve
Federal
Dlsts.
l8t
Boston.... 12
2nd
New
York. 13
Cities
"
PhiladelpblalO
Cleveland.. 6
Richmond .6
6th Atlanta
10
7th Chicago .^.18
8th St. LOUIS...' 4
eth
Minneapolis 7
10th Kansas city 10
11th Dallas
6
8rd
"
4th
"
"
"
"
"
"
"
"
"
6th
Fran..11
12th San
112 Cities
Total
Outside N. Y. City
...32 cities
Canada
We
now
add
our
t
281,462,574
4,021,751,64 9
433,100,679
315,743,969
150,023,090
185,349,890
510,155,486
161,365,588
99,430,822
141,374,296
78,614,938
259,636,117
8,628,009,098
2,731,250,752
CLEARINGS
S
209,147,730
3,198,840,579
339,786,038
258,406,753
119,466,365
146,042,380
407,031,559
124,991,242
88,787,357
%
»
»
135,176,520
61,940,864
251,783,515
223,811,596
3,116,615,346
312,138,414
226,841,929
101,261^54
124,245,736
396.576,908
112,581,502
76,546,174
117,293,898
51,255,206
197,226,861
5,308,446,750 4-24.9
2,211,237,549 +23.5
6,477,915,413
2,554,747,253
2,063,430,795
4-7.6
449,472,862
4-34.6
4-25-7
4-27.5
4-22.2
4-25.6
4-26.9
4"25.3
4-21.1
4-12.0
120,688,230 4-17.1
64,075,403 4"22.7
231,183,114 4-12.3
362,950,129
408,897,142
278,017,270
4,044,775,372
383,556.054
333,764,045
98,597,348
142,113,728
503,052,626
146,859,872
98,278,199
detailed statement showing last
figures for each city separately
5,056,3949,24
285,821,480
week's
for the four years:
Week Ended Dec. 24
Clearings at-
Flrst
rict—Boston
Federal
377,796
Me.—Bangor
1,818,495
170,630,138
Portland......
Mass.—Boston.
.
Fall River
681,362
Lowell
357,081
457,674
New Bedford..
2,779,603
1,749,573
10,132,955
3,543,605
10,323,900
Springfield
Worcester
Conn.;—Hartford
New Haven...
R.I.—Providence
N.H.—Manehes'r
395,659
Total (12
cities)
209,147,730
Second
Feder
istrlct—New
York-
N. Y.—Albany..
5,890,624
+ 20.0
Bingham ton...
Buffalo
26,900,000
420.8
384,495
740,349
428.4
1,121,193
Elmira
Jamestown
3,097,209,201
6,390,314
New York
Rochester
3,168,955
4,147,028
Syracuse
Westchester Co
4,934,067
345,973
Conn.—Stamford
N. J.—Montclair
414.1
—6.1
425.8
+20.1
+28.0
—1.6
+ 8.4
+42.4
+40.1
Northern N. J.
17,249,395
30,358,985
Total (13 cities)
3,198,840,579
Third
trlct—Phila delphi
Newark...
+22.3
Week Ended Dec.
22
Clearings atFederal
346,803
Pa.—Altoona
+ 74.1
Bethlehem....
467,650 + 100.7
Chester..
365,077
—7.0
i.
1,557,327
+ 11.8
Toronto...
Philadelphia-
325,000,000
+28.0
Montreal
1,215.578
2,131,764
873,588
+ 40.4
1,950,351
5,878.000
—44.6
Lancaster
Reading...
Scranton
Wllkes-Barre..
York
N. J,—Trenton..
+47.8
+ 2.1
—21.1
Canada—
Winnipeg
Vancouver
Ottawa
Quebec
Halifax
Hamilton
Total (10
cities)
Fourth
Feder al Reserve D istrlct—Clev eland
Calgary
St. John
Ohio—Canton
Victoria
London
...
Cincinnati
Edmonton..
Cleveland
Regina....*
Columbus
Brandon
Mansfield
Lethbridge
Youngstown...
Saskatoon
Pa.—Pittsburgh..
Moose Jaw
Brantford
Total (5 cities)
258,406,753
_
Fort William
New Westminster
rlct—Rlchm
Fifth Federal
304,938
W.Va.—Hunt'ton
2,564,000
Va.—Norfolk
38,386,328
Richmond
S. C.—Charleston
1,375,389
Md.—Baltimore.
57,043,814
C.—Wash'g'n
19,791,896
D.
119,460,365
Total (6 cities).
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham.
Sarnia
rict—Atlant
Sixth Federal
3,998,429
Tenn.—Knox vllle
Nashville
14,861,900
Ga.—Atlanta
50,600,000
1.227,465
920,358
Augusta
Macon
21,681,000
16,604,237
Fla.—Jack 'nviile.
Ala.—Blrm'ham.
1,375,338
Mobile
x
Miss.—Jackson..
Vicksburg.
157,730
34,715,923
—_
La.—NewOrleans
Sudbury
Total (32 cities)
*
Estimated,
a
The Spokane
185,349,890
Figures not available.
declines to continue to report bank clearings for
of the Federal Reserve Bank branch in
In a sharp decline in the clear«ngs figures
1938. We have calculated the estimated
for the week on the basis of the percentage of decline in the October, 1938
from October. 1937 Instead of omitting Spokane from our tabulation for
Clearing House
the stated reason that
the discontinuance
city on Oct. 1, 1938. has resulted
from those for periods prior to Oct. 1,
that
figures
figures
Total (10 cities);
x
the rime being.
Volume
Chronicle
Financial
147
Condition of National Banks Sept. 28,
troller's call of Sept. 28, 1938, has just been
4003
1938—The statement of condition of the National banks under the Comp¬
issued and is summarized below.
previous calls back to and including June 30, 1937,
are
For purposes of comparison, like details for
included.
ABSTRACT OF REPORT OF CONDITION OF NATIONAL BANKS IN THE UNITED STATES ON JUNE 30, AND DEC. 31, 1937,
AND MARCH 7,
JUNE 30, AND SEPT. 28, 1938
June 30,
1937
(5.299 Banks)
Dec. 31,
$8,807 .782,000
$8,809,448,000
4,099,000
6,763.895.000
1.308.987,000
3,690,122,000
77,127.000
632,244,000
155,625,000
4.172,915.000
1937
(5,266 Banks)
Mar.
7, 1938
June 30.
1938
Sept. 28, 1938
(5,245 Banks)
(5,256 Banks)
(5,248 Banks)
$8,628,386,000
4,980,000
6,771,752,000
1,320,410,000
3.722.727,000
67,325,000
633.953.000
155.534,000
4.282,582,000
430,675.000
3,665,499.000
5,039,000
$8,330,568,000
4,050.000
0.510.357.000
1.477.359,000
3,656.560,000
54,621,000
629,398,000
153.975,000
4.618,177.000
528,305,000
4,304.073.000
7,219,000
$8,292,791,000
5,813,000
7,576,000
203,000
104,504.000
Assets—
Loans and discounts (Including rediscounts)
Overdrafts
United States government securities, direct obligations
Securities fully guaranteed by United States government
Other bonds, stocks, and securities
5 .113.000
0,902 .521,000
1,316 .674,000
3,903 .092,000
Customers' liability account of acceptances
Banking house, furniture and fixtures
Real estate owned other than banking house
96 ,441.000
635 ,670.000
162 ,409.000
Reserve with Federal Reserve banks
Cash
in
vault
!
i
Balances with other banks and cash items in process of collection
Cash items not in process of collection
Acceptances of other banks and bills of exchange or drafts sold with
4,152 889.000
444 598.000
3,780 382,000
422,490,000
8 215.000
3.955.088,000
6,163,000
8.265.000
229.000
112,791,000
19,965,000
188,000
19,077,000
178,000
9,522,000
105.839,000
117,383.000
102,689,000
...
endorsement
Securities borrowed
Other assets...
Total
6,909.465,000
1,566.812,000
3,776,692,000
56.944,000
631,136,000
152,311,000
4,666,085,000
571,644,000
3.970,465.000
6.U81.000
203.000
$30,337,071,000 $30,124,195,000 $29,823,500,000 $30,387,082,000 $30,718,522,000
Liabilities—
Demand deposits of individuals, partnerships and corporations
Time deposits of individuals, partnerships, and corporations
...
State, county, and municipal deposits
United States government and postal savings deposits
Deposits of other banks
Certified
and
cashiers'
checks,
checks outstanding, &c
cash letters of credit,
$12,430,183,000 $12,169,107,000 $11,893,101,000 $12,138,047,000 $12,651,771,000
7.469.842.000
7,493,723,000
7,531,158.000
7,501,101.000
7,548.899,000
1,942,976,000
2,203,466,000
2,044,926,000
2,019,528,000
2,106.342,000
515,508,000
467.873.000
574,899.000
467,338.000
588.166,000
4,211,007.000
3,790,587,000
3.922,807.000
4.211,101.000
3,832,898,000
and travelers'
403.962,000
.......
Total deposits.
Secured by pledge of loans and/or Investments
Not secured by pledge of loans and/or investments...
.....
429,894,000
$676,000
7,968.000
56*2.000
10,000
$996,000
8,508,000
1,328,000
7,000
$970,000
12,362,000
8,265.000
99.794,000
13,616,000
229,000
51.221,000
19,965,000
78.378,000
9,785,000
19,077,000
67,449,000
6,960,000
178,000
55,817.000
27,703.000
148,949,000
1,582,131,000
1,073.154,000
389,233,000
155,623.000
12,024,000
27,403,000
147,485,000
1.577,831,000
1.100,308,000
399,969,000
8,278,000
155,896,000
1,575.898,000
1,106,495,000
403,705,000
159,292,000
11,970,000
27,780,000
140,194,000
1,572,900,000
1,118,413,000
409,167.000
159,309,000
14.030,000
Obligations on industrial advances transferred to the Fed. Res. Banks.
Acceptances of other banks and bills of exchange or drafts sold with
'
Securities borrowed
...
Interest, taxes, and other expenses accrued and unpaid...
Dividends declared but not yet payable and amounts set aside for
dividends not declared..
Other liabilities
...
Capital stock (see memorandum below).
Surplus
undivided profits, net
Reserves for contingencies
Preferred stock retirement funds.
1.206,000
49.129,000
...
Rediscounts
Acceptances executed for customers
Acceptances executed by other banks for account of reporting banks..
288,896,000
344,167,000
$26,765,913,000 $26,540,694,000 $26,238,242,000 $26,815,894,000 $27,103,881,000
2,055,831,000
2,246,824,000
2,176,884,000
2.130,455.000
2,208,074,000
24.519,089,000 24,332,620.000 24,061,358,000 24,685,439,000 25,048,050,000
Agreements to repurchase U. S. government and other securities sold..
Bills payable...
endorsement
271.351.000
188,000
45,260,000
•
154,235.000
11,885,000
904,000
7,000
$560,000
7.731,000
1,289,000
7,515,000
1,607,000
6.000
5,000
9,522.000
53,707.000
7,248.000
7,576,000
55.343,000
6,903,000
203,000
60,439,000
203.000
21,162,000
147,107,000
1,569,063,000
1,127,075,000
432.459,000
•
164,189,000
12,789,000
$30,337,071,000 $30,124,195,000 $29,823,500,000 $30,387,082,000 $30,718,522,000
Total.,
Memorandum:
value
of capital
Class
A
Class
Par
B
stock:
preferred stock
preferred stock....
Loans .and investments pledged to secure liabilities:
U. S. government obligations, direct and fully guaranteed
Other bonds, stocks, and securities
......
Loans and discounts (excluding rediscounts)
Total.
Pledged:
Against
Against
Against
Against
United States government and postal savings deposits
State, county, and municipal deposits
deposits of trust department...
other deposits
Against borrowings
With State authorities to qualify for the exercise of fiduciary
powers
For other purposes
......
...
......
Total.
$251,833,000
17.210,000
1,310,987,000
$248,885,000
17,210,000
1,311,326,000
242,897,000
17.171,000
1,313,364,000
$1,582,713,000
$1,580,030,000
$1,577,421,000
1,573,432,000
$2,063,195,000
$2,126,393,000
550.725,000
32,260,000
$2,100,719,000
544,743,000
31,449,000
$2,028,789,000
574,946,000
24,768,000
547,836,000
27,341.000
2,015.566.000
564,473,000
28,361,000
$2,709,378,000
$2,676,911,000
$2,603,966,000
2,608,400,000
$527,465,000
1,365.989.000
515.425.000
151,281.000
9.506.000
$642,388,000
1,404,318,000
407,789,000
153,866,000
10,454,000
$644,021,000
1,388,425.000
380,619,000
157,057,000
14,993.000
$522,413,000
1,402,654,000
432,627,000
144,985,000
10,337.000
$565,227,000
1,347,850,000
441,069,000
155,141,000
8,769,000
76,266.000
16.977.000
76.338,000
14,225,000
76,061,000
15,735,000
76,027,000
14,923,000
76,329,000
14,015.000
$2,662,909,000
Total.
$267,361,000
17.470,000
1.297,882.000
$2,662,909,000
...
...........
$281,012,000
17,965,000
1.288,749.000
$1,587,726,000
>
-
Common stock..........
$2,709,378,000
$2,670,911,000
$2,603,966,000
2,608,400.000
,
Details of demand deposits:
$12,430,183,000 $12,169,107,000 $11,893,101,000 $12,138,047,000 $12,651,771,000
Deposits of individuals, partnerships, and corporations
379,331,000
1.973,578,000
States government deposits
State, county and municipal deposits..
Deposits of other banks in the United States (except private banks
and American branches of foreign banks)
Deposits of private banks and American branches of foreign banks
Deposits @f banks in foreign countries (including balances of foreign
branches of other American banks, but excluding amounts
due to own foreign branches)
,
Certified and cashiers checks (including dividend checks), letters
of credit and travelers' checks sold for cash, and amounts due
to Federal Reserve Bank (transit account)
1,660.287,000
495,629,000
1.682.631,000
394,272,000
1,752,256,000
455,163,000
1,602,272,000
3,313,532,000
102,701.000
3.411,660,000
102,000,000
3,555,531.000
83,523,000
3,845.719,000
107,070,000
3,780,321,000
120,898,000
260,661.000
210,843.000
171,430,000
150,137,000
204,163,006
403,962,000
429,894,000
271,351,000
344,167.000
288,896,000
229,888.000
591,423,000
United
362,295,000
584,652,000
6,658.001,000
40,233,000
248.272,000
79,270,000
354,086,000
585,963,000
6,638,177,000
65,900,000
258.859,000
73,066,000
340,704,000
565,128,000
6,592,685.000
504,278,000
Details of time deposits:
State, county and municipal deposits
Certificates of deposit
Deposits evidenced by savings pass book....
Postal savings
r
Deposits of other banks in the United States (except private banks
88,542 000
359,241,000
582.583,000
6,646,098.000
18,912,000
253,508,000
83.888,000
and American branches of foreign banks) j.
Deposits of private banks and American branches of foreign banks.
Deposits of banks in foreign countries (including balances of
roreign branches of other American banks, but excluding
amounts due to own foreign branches)
98,368,000
3,956,000
95,169,000
3,935,000
98,818,000
3,984.000
96,300,000
4,191,000
97,689.000
4,100,000
5,369,000
9,291,000
9,521,000
7,678,000
7,836,000
23.82%
15.39%
18.69%
9.79%
15.63%
26.40%
23.77%
15.16%
18.51 %
9.64%
15.45%
20.88%
21.37%
12.96%
18.43%
20.96%
13.29%
16.42%
8.18%
13.68%
....
......
...
.......
Christmas savings and similar accounts
Open accounts
...—
Ratio of required reserves to net demand
Central Reserve cities
.......
...
...
.....
.............
Country banks
Total
United States..——
85,457,000
250,453,000
60,345,000
plus time deposits:
Other Reserve cities
All Reserve cities
0,511,352,000
61 352,000
305,715,000
.....
...——
18.28%
13.10%
16.25%
8.09%
13.52%
Dec. 31.
Financial Chronicle
4004
1938
Fer Cent
Bonds—
$6,650 Pittsburgh Shawmut & Northern
for receivers ctfs. of indebtedness
Watling, Lerchen & Hayes
$2,000 Maurice
M«mb«ra
Now York Curb Aaaoclato
Chicago Stock Exchange
N#w York Stock Exchango
Dotrolt Stock Exchange
Deupsch Building Corp. of N. Y. 1st leasehold 6^8, July 1 *39.$9
Trust
—
—
Erie RR. pref. A and 25 pref. B
9 Amoskeag Co. common.....— —
50 iielmont
10 Ciuc. 06 Lake
Randolph 6530
10 Taoer .v.ms. par $iOU—
Co., par $„0
400 tarr Alpaca
Stock
Detroit
Week's Range
Last
Sale
Par
Stocks-
Bower Roller
Burroughs Add Mach
Chrysler Corp com
Consolidated Paper com.
of Prices
High
Low
Price
official sales lists
18%
83 X
13 X
1,256
13X
2X
3X
1,310
1,050
82 X
5
10
3%
2%
2X
2X
*
.10
100
6
1
Detroit Edison com
Det Gray Iron com
Det-Mlch Stove com
July
88% Nov
Feb
15%
3% Dec
Jan
4%
1% June
Jan
IX
Dec
2%
60c
Nov
21H
May
70c
May
Dec
Mar
114X
Nov
500
IX
Mar
2%
July
2
1,524
1%
May
3X
Jan
2
725
June
May
Apr
3%
July
77
89
IX
IX
IX
IX
IX
1
11,315
112
110
"1%
28
Aug
12%
Jan
9X
Mar
36
250
1
80c
High
Mar
12% Mar
15X June
340
300
1
60c
80c
Low
4%
683
Consumers Steel
Det & Cleve Nav com..
Week
Shares
2,420
25%
18X
Continental Motors com.-l
Crowley Mliner com
Range Since Jan. 1, 1938
for
7X
25%
7
7%
1
5
*
Baldwin Rubber com
600 American
Sales
Friday
Detroit Steel Corp com...5
13%
13%
100
1%
10
4
23 X
23%
631
12
Eureka Vacuum com.—6
3X
3X
150
2%
Mar
24%
24%
734
9
Mar
24 %
Dec
12 X
15%
1,842
6
Mar
15%
Dec
1%
IX
1,075
1
Mar
2
Detroit Paper Prod com.. J
Eaton Mfg com
Ex-Cell-O A ircraft com ... 3
15%
Federal Mogul com
.—*
Frankenmuth Brew com.-l
-1
1X
11%
Gar Wood Indust com...3
OX
Fruehauf Trailer
5X
4%
2%
180
49 X
2%
1X
50%
2X
3,652
2X
1X
430
70c
June
29c
Dec
2
Mar
3%
OX
Mar
12%
Jan
14%
Sept
17%
17X
Aug
10
July
29C
34c
2%
2%
2%
12
15%
15^
15%
17
17
8
21
Nov
25c
1,650
23c
Dec
35c
760
30c
Dec
55c
Apr
23 Moxie Co. class B,
140
Dec
100
10 X
June
Nov
4,165
1,213
3X
Mar
12%
5%
31X
Nov
42
Oct
21%
Oct
11
4%
4%
30 X
41%
18
18%
400
7 X
7X
2%
7X
14% June
Apr
6%
695
2
2%
1,125
7X
5
1%
Jan
12
Jan
3%
8%
3%
May
4%
200
Oct
Mar
"i x
IX
1X
1,607
3%
3X
3X
2%
580
2%
Mar
4
235
2
Mar
4%
165
22
July
2X
26
26
2X
100
18
1,059
2%
100
50
Mar
19%
Nov
June
4%
Mar
Dec
IX
6%
Jan
5
Jan
900
37c
3%
3X
200
3%
Sept
100
2%
Apr
4%
4%
1,118
4
Dec
18 X
par $5
IX
8
17%
Nov
4
Oct
1%
Jan
1 Lowry,
3X
Jan
36
9
Oct
1%
June
150
3X
May
13%
Jan
1
87 lot
Oct
23X
$6,000 Hotel
1, 1944—.
1916
Governor Clinton Inc. subordinate
1943, series B, C, D—
*4%
-
-
Govt. 5%s, dated
Russian
$5,000 roubles,
25
150
Co. common, par
Per Ceni
$5,000 Old Colony RR. 5^s, Feb.
Jan
921
$50; 25 Baush Machine Tool
Bonds—
Apr
Sept
par
Jan
20
IX
$27 lot
—
Lynn Realty Trust,
210
53c
$10; 25 Loud Slide Valve Engine
common
par
$100
Nov
.715
17K
England
20
19
3,155
8
*
Corp.,
Apr
IX
IX
2
$1; 100 Cobalt Devel. Co.,
Dec
3%
Wayne Screw Prod com..4
$10; 100 Cobalt Bullion Mines,
par
Dec
24 X
95c
IX
lot
lot
Ltd., p*r$l; 50Cobalt Silver Queen Ltd.,.
Ltd., par $1; 30 First Nat. Copper Mines &
Co., Inc., par $10;
500 New York Title & Mortgage Co., par $1..—
$13 lot
60 30-40 Amer. Commonwealths Power common A; 25 Associated Gas & Elec. »
Co. class A, par $1; 64 Amer. Founders Corp. common; 2 Falrhaven Mills
Realty Corp. common; 8 U. S. Electric Power Corp., with warrants, par $1;
8 Finance Corp. of New England pref., paj $50; 1 f inance Corp. of New
par
Smelters
Dec
3%
1
1951-.$25 lot
income non-mtge. deb. 6s, Dec. 1,
American ctfs.; 15 International Match Corp. partic. pref.
$500 North Shore Country Day School 5s, 1959
-.-$3
$800 Consolidated Ameiican Royalty'Corp. deb. 5s, April 1. 1936: 150 U. S.
Electric Power Corp., par $1; 416 Consol. Amer. Royalty Corp. common.-.$4
150 Nevada Utah Mines & Smelters Corp., par $10; 30 A. P. Aldrich & Sons,
ctf. dep., par $35;
1%
10>*
24 X
*
*
$10,000 Georgia & Florida RR.
25 Kreuger & Toll
2%
16
—-$3 lot
pref.,
$100; 100 Louisiana Oil Refg. Corp. common; 100 Northwest Louisiana
Gas Co. Inc., 7% pief., par $100; 400 Mountain States Power Co. common;
par
18%
16
*
Corp. pref. A, par
$15 lot
$100; 40 Harris Silk Hosiery
Co., 40 Harris Silk Hosiery Sales Corp. common.
$100; 25 Continental Shares Inc. convert,
5% Sept
Dec
18X
Jan
5%
Jan
3X
•
$7 lot'
————
*
—
$1; 20 International Securities Corp.
11 Mobile & Ohio RR. Co., par
197
IX
— -—
40 National Public Service
800
2X
IX
r
of America, common B
303
18%
2X
*
— —
-
Co
42 United Founders Corp. common, par
100
10
$10 lot
-$20 lot
$3 lot
$1
Co. common
1
$5 lot
6 Eastern Utilities Assts. convertible
—
2y2
10 Old State Corp. preferred, par $100—
— —
—$1 lot
20 Associated Textile Cos—
— —.
— .75c. lot
5 Pounds Cable & Wireless Holding Ltd., 4% cum. funded income stock
$5 lot
50 Continental Securities Holding Corp. common
$7 lot
500 Atlantic Fruit & Sugar Co. common, par $5.
——
—
$1 lot
40 New England Creamery Products Co. common
$1 lot
8 Adams Building Trust common, and 14 Worcester Bldg. Tr. common
$5 lot
100 Adventure Consol. Copper, par $25; 100 Erupeion Min. Co., par $1
$1 lot
250 Rainbow Luminous Prod. Inc., class A, and 100 class B
$25 lot
25 Dlelector-Engineering Co., and 4 10-20 Public Indemnity Co., par $2.50.-$5 lot
200 Wilco Producing Co., par $5; 100 Betty O'Neal Mines trustees ctfs.,
July
100
8%
3X
3X
4%
July
4X
Jan
90
Jan
Feb
27
2%
38c
37c
Jan
Apr
1%
Oct
Jan
785
3%
2X
Dec
1,885
18
10%
3%
1
MM
$1 lot
,
Corp—
10 G. & N. Engineering
Oct
July
87c
new
Development
2,430 Anchor Oil Producing
Feb
2%
2X
700
Pacific
1,300 Pioneer Petioleum Co. common, par
960 Wlnthrop Building Trust, par $100
Jan
X
—
Mines, l.tu., par 31
Co. common, par $1
3 Pittsburgh Term. W'house & Transfer Co., par $100
58 United States Electric Power Corp., par $1
100 Eastern Utilities Associates convertible.
—
3,000 Cripple Creek Mining & Milling Co., Ltd., par $1
-$100 lot
33 Old Colony Investment Trust
4
765 Railways Corp. common, par$l
$55 lot
10 Tri-Utilities Corp. $3 preferred...
—50c. lot
1,000 Trustees of One State Street, class A._
—
$300 lot
200 Submarine Signal Co., par $25
25%
100 Eldredge Brewing Co. —
—1
100 Rainbow Luminous Products, Inc., class A
$7 lot
15 Old Colony Trust Associates
-«
,
15X
30 James River Bridge System class B common, pai $5
$2 lot
26 Moxie Co. 50c. conv. pref., new, par $5
—
2X
2,050 Kreuger & Toll Co. American ctfs
$21 lot
22 Eastern Utilities Assts. common.
22%
1,950 Hancock Consolidated Mining Co., par $25
$40 lot
100 Androscoggin & Kennebec Ry. 2d pref. ctf. of beneficial int., par $100—$3 lot
loO Pioneer Petroleum
Jan
1%
10%
,._*
Young Spring & Wire
Nov
25
Mar
1
Wolverine Tube com
Mar
June
*
com
3%
Dec
*
B
Mar
17
55c
100
4%
1
Walker & Co A
IX
133
Dec
638
1
Warner Aircraft
Dec
1,475
(Fred'k) pref..100
com
1%
590
'4%
Tlmken-Det Axle com.. 10
Universal Prod
100
B v. t. C———
1,^0 Afcaula Coin
Nov
7%
Scotten-Dillpn com..—10
Standard Tube B com
1
B—
Mar
82c
11
*
6
Universal Cooler A
Jan
Jan
15%
X
22%
1%
2%
1%
Rlckel (H W) com
±2
River Raisin Paper com..*
U S Graphite com
3%
Mar
1%
7X
1
United Shirt Dlst com
Oct
Mar
40c
100
22 X
Parker Wolverine com—*
Union Invest com
Oct
85c
2X
1%
Parker Rust-Proof com 2.60
United Specialties
Apr
IX
*
Tom Moore Dlst com
Jan
July
2X
1%
.
Stearns
Mar
30c
Murray Corp com
10
Muskegon Piston Ring.60c
Packard Motor Car com. *
Tivoli Brewing com
Mar
23c
26c
Jan
Feb
70c
2X
*
10
Pfelffer Brewing com
Reo Motor com
Nov
3%
IX
76c
Mid-West Abrasive comSOc
Penln Metal Prod com
53%
22 X
Lakey Fdy & Mach com.. 1
Mahon (R C) A pref
*
Masco Screw Prod com—1
McClanahan Oil com
1
Parke Davis com
Mar
Sept
1%
2%
1%
La Salle
Michigan Sugar com
Preferred
4%
Jan
5%
926
50c
20%
1
Oct
1,349
50c
10
Nov
8
47c
1,200
2%
2%
Mar
6
.
520
58c
55c
2%
1
245
250
1,980
8
7 X
68c
com.i.l
2%
850
11X
*
*
Car com..*
25%
.1,000
12%
June
2
300
29c"
Houdallle-Hershey B
com
Mar
July
460
Hosklns Mfg com
KInsel Drug com
2
~60~~
1
Grand Valley Brew com—1
Hall Lamp com
*
Hoover Ball & Bear com. 10
Kresge (S S)
Oct
1,450
Graham-Paige com
Kingston Prod com
Dec
6
2%
1
General Motors com
10
Goebel Brewing com...—1
Hurd Lock & Mfg
Jan
23%
6%
5%
General Finance com
Hudson Motor
16
u X
11
Co. preferred
utilities
General Corp. class
6u Elks nulla lug Corp. of Cauibriuge, par $10
2-tU ueorge Law ley a- txui Corp
3 Aiuoskeag
Exchange
both inclusive, compiled from
Dec. 24 to Dec. 30,
lot
3 per Share
$1 lot
$4 lot
18X
31 lot
4X
61
31 lot
$u lot
41c.
315 lot
—$2 lot
—$1 lot
—10c. lot
2X
Mocks
Shares
Telephone:
RR. Co. ref. 4s, Feb. 1952, ctf. of dep.
$32 lot
By Crockett & Co., Boston:
DETROIT
Buhl Building
$21 lot
Shore & Milwaukee RR. 5s, 1936—.—
$3,000 Chicago North
;—
——.—•.—$1,50 lot
1st rotge. 6^s. April 15,*40
*
-———-$5 lot
-
By Barnes & Lofland, Philadelphia:
Shares
Olean
Stocks
% per Share
98
.
Rodgers Co., 7% preferred, par $100
Bradford & Salamanca Ry. Co., common;
Salamanca Ry.
Co., 7% non-cum.
—
—
15 Olean Bradford &
pref.; 5 Buffalo & Lake Erie Traction,
$3llot
$5 lot
$5 lot
--$9 lot
*——$2 lot
$30 lot
'210 Martin A Co., Inc., commonxno par..
—
$11 lot
1,200 Equitable Trust Co., Atlantic City, N. J., common, par $10
$51 lot
337 Guarantee Trust Co., Atlantic City, N. J., common, par $20...—
20c
60 Asbury Park Hotel & Realty Co., capital, par $100 —
$11 lot
12 Community Hotel Corp., Camden, N. J., A cum. pref., par $100; 12 Com¬
munity Hotel Corp., Camden, N. J., B non-cum. pref., no par; 12 Com¬
munity Hotel Corp., Camden, N. J., common, no par—12 units...17^ per unit
200 Commercial National Co., Washington, D. C., pref., par $100.
$27 lot
200 Equitable Trust Co.. Atlantic City, N. J., common, par $10
$25 lot
37 2490-3000 Equitable Trust Co., Atlantic City, N. J., pref., par $10—-$165 lot
62 Galen Hall Co., Atlantic City, N. J., par $100.
....
.$45 lot
common
————:
—■
—
1,000 Seaboard Utilities Shares Cqrpr,-common, no par...
*
capital; par 3.100.^—— 1
50 Inter-Mountain Coal & Lumber Co., capital, par $100
24 Edson W. Briggs Co., capital, par $100...
——c—
210 Martin & Co., Inc., preferred, no par...
No par value.
17 The Colonial Village, Inc.,
AUCTION SALES
.
—
The
following securities
were
sold at auction
on
Wednesday
of the current week:
By R. L. Day & Co., Boston:
Shares
Stocks
$ per Share
,:<•
10 First National Bank, Gardner, common,
par
150-
—
100
...
.....
Caryville Mills,
Inc., par $50
10 Androscoggin Mills, par $100
20
George W.
25
Motor
Reynolds, Inc.,
Mart
Trust
50 Bedford Trust,
par
common,
par
$11 lot
3
—
$3% lot
$100—i
par
10X
76
—
6 First National Bank, Gardner, preferred B, par $100
$4 lot
$5
$100—
j_
——
100 Eureka Mines Co
IX
_$] lot
$3,000 Old Colony RR. 5%h,
Central Ry. common, par
Parlin
Hotel
preferred,
1944, coupon Aug. 1936 & sub. on; 499 Iowa
$100; 10 Lake Parlln Hotel Co. common; 10 Lake
par
$135 lot
$100..
30 Salem Hotel Corp. pref., par $100; 100 A. & G. J. Caldwell, Inc., par $100.$112 lot
18 The Ashton Valve Co., par $100
13 %
I
20 Oliver Building Trust, par $100
10 United Elastic Corp
1
4%
25 Boston Metropolitan Building, Inc., common, v. t. c., w. w
$3^2 lot
1,000 Evans Wallower Lead Co
$11 lot
100 Inland Power & Light 7% cum. pref., par $100
10 Davidson Chemical Corp. stock purchase warrants
36 Checker Taxi Co.
common
1
$0% lot
B, par $10; 54 Checker Taxi Co.
common
A.
par $10; 3,825 Nortrac Mining Co., Ltd., par $1; 8 Old Ben Coal Corp. com.$20 lot
150 Chicago Milwaukee <tj St. Paul RR. common
$80 lot
100 Missouri Pacific RR. common, par $100.
..$55 lot
20 United States Envelope Co. common, par $100
60 Public Industrial Corp. common and 10 preferred
37
_.$1 lot
A
25 Wayne Steel & Iron Co. common; $2,000 Salem <fc Penns grove Traction
Co. 6s, Dec. 1935, coupon June 1930 & sub. on; Salem & Pennsgrove Trac.
Co. trust ctf. for $200 face value
45
1
——————
—
—
Engineering Co., Inc
50 Package Machinery Co. common
Bonds»
$10,000 Missouri Pacific RR. gen. 4s,
—
,
1975.
.
1
$1 lot
———$1 lot
Ill"
!___
Stanley
25c.
28
per Cent
$575 lot
$1,000 Laconla Country Club 6s. April 1945, coupon April 1933 & sub. on.
$100 pieces..
$20 lot
(with 50 shares common)
—
...
10,615 Industrial Development Corp., common, par
$1
preferred, par $100
1,000 Tonopah Belmont Development Co., par $10
15 Tacony Steel Co., 8%
—
—
—
100 The United Piece Dye Works, common, no par—
50 The Bayshore Co.,
preferred, par $100; 40 The
preferred, par $100
Co., 7% cumulative preferred, par $50.
1,225 Thomas Conway Jr., Corp., class A,
13 George B.
Newton Coal Co., common, par
10 9,127-10,000
$100
Intcas. second preferred, par $100
Corp., preferred, par $100;
$3 lot
.$41 lot
$10 lot
—$5 lot
$51 lot
-—:—
Co., no par.. — — —
150 Farmers National Bank & Trust Co., Bedford, Pa., par $20
50 Lumber and Millwork Co. of Philadelphia, common, no par
360 Arcade Real Estate
20c*
$65 lot
_$9 lot
— -$20 lot
— .—83 lot
-$9 lot
__$501ot
pref.
5%
$25 lot
Bayshore Co., common.
No par...
45 Spanish River Land
10 Emergency Aid Realty
_„$2 lot
100 Victoria Gypsum Co., Ltd., par $100.
Select Theatres Corp., par 10 cents
25 Gilmac Oil Co...
80
City, N. J., common, par $20
capital, par $50
—
$100
±
:
20 Sheiburne, Inc., Atlantic City, N. J., preferred, par $100
T
18X Equitable Trust Co., Atlantic City, N. J., common, par $10
.
10 Sheiburne, Inc., Atlantic City, N. J., preferred, par $100.
10 Boardwalk Securities Corp., Atlantic City, N.J
50 Delaware-Montgomery Counties Co. for Guaranteeing Mortgages,
135 Guarantee Trust Co., Atlantic
5 Pleasantville Trust Co., N. J.,
3 Roosevelt Military Academy, par
...
$425 lot
12
$50 lot
25c.
$5 lot
$5 lot
5 Emergency Aid Realty
--$2
(Started Sept.,
$21
15 Thrift Bldg. and Loan Association, Series 32, Book 2564.
(Started Sept.,
1926. paid to May, 1932: total $1,035)
$27
25 double shares Thrift Bldg. and Loan Association, Series 33, Book 2661D.
(Started March, 1927, paid to Dec., 1931; total $2,900)
$67
17X double shares Thrift Bldg. and Loan Association, Series 36, Book 3017D.
(Started Sept., 1928. paid to May, 1932; total $1,575)
*
.$41
Corp., common,
no
par
10 Thrift Bldg. and Loan
—
lot
Association, Series 30, Book 2326.
1925, paid to Dec., 1932; total $870.10)
—
-
23 Phila. Co. for Guaranteeing Mtgs.
25 National Electric Power Co. 7% preferred,
with warrants..
lot
lot
lot
lot
$1 lot
$11 lot
Volume 147
Shares
Financial
Stocks
oO John Warren Watson
50 Chicago A Alton
Co.,
RR„
common
following information regarding National banks is
from the office of the
Comptroller of the Currency, Treasury
Department:
j5 i0t
2IIII
$35 lot
Holding Co
$5 lot
2 Natural Products
Co., common
55 lot
-
Bonds—
J
BRANCH
Percent
$1,271.15 Mt. Pleasant Hotel
Co., certificate of deposit, creditor's claim
$16
$187.28 Atlaatlc City National
Bank, N. J., receiver's certificate
$9
$1,477.08 Atlantic City National
Bank, N. J., receiver's certificate
$70
$740.82 CaeLsea-Second National Bank &
Trust Co., Atlantic City, N. J.,
receiver's certificate...
^.$15
$2,000 Indiana. Columbus and Eastern Traction
Co. gen. ref. 5s., certificate of
deposit..
_$3
$400 Salem A Peunsgrove Traction
Co., common trust certificate
$3
$300 dean, Bradford and Salamanca
Rwy. Co. 1st ref. mtge., stamped, certi¬
ficate of deposit
$3
$9,500 Milage of Dolton, Cook
County, 111., improvement. Series H, Dec.,
1931 and subsequent
coupons
$125
$500 Consolidated Press, Inc.,
Wilwood, N. J., 6s
---$3
$100 Wlldwood Golf
Club, N. J. 1st 6s., January, 1925 and subsequent
...
lot
_
$2,000 Hoopes A Townsend, 1st 7s
1939, certificate of deposit...
$1,000 Sunnybrook Golf Club, Inc. 4s, 1978
$1,000 Bar Harbor Club, Inc. 4s, 1960
$5,000 Langcliffe Collieries, Inc. 1st
6s, 1938
$5,000 Langcliffe Collieries, Inc. 15 yr.
adj. income 5s, 1943 with
capital stk
lot
Saul
on
lot
lot
lot
lot
lot
current week.
we
$9 lot
$7 lot
25 shs.
By Walter M. Weilepp, Baltimore
Shares
29,246
on
May
we
follow with
second table in which
a
are:
Per
Share
Company
Adams (J. D.) Mfg. (quar.)
Alliance Insurance (Philadelphia) (final)
American Cities Power & Light conv class A. l
l-32nd sh. of cl. B stk. or at option of holder
15c
$2
75c
-.
..$25 lot
payable in cash.
American Fidelity & Casualty (Va.) (yr.-end)
Quarterly
Thursday:
% per Share
........
31 Dec. 31
Feb:
1 Jan.
10
15 Jan.
Dec. 31 Dec.
-
Date
Jan.
American Type Founders, Inc.,
15-year debs
♦Appalachian Electric Power Co. 4A% debs
Athens Railway & Electric
Co., 1st mtge. 5s 1950
♦Atlantic Beach Bridge Corp. 1st
mtge. 6 As, 1942.
♦Bates Valve Bag Corp.
15-year s. f. debs
Bayuk Cigars Co 7% preferred stock
Beneficial Industrial Loan Corp., pref.
stock, series A
Bethlehem Steel Corp. 25-year
4H% bonds
1
Jan.
15
Feb.
1
Jan
4047
2521
3755
4047
2860
1
Jan.
15
4048
3151
Jan.
...Jan.
9
1
3756
3447
1
3757
14
3906
Jan.
♦Cities Service Gas Pipeline Co. 1st
mtge. 6s
Connecticut Light & Power Co. 1st & ref.
3Ha
Connecticut Ry. & Lighting Co. 1st
mtge 4Aa
♦Consumers Power Co. 1st mtge.
14
3906
14
3906
4050
Feb.
__Feb.
Feb.
.
4% bonds.
Crown Willamette Paper Co. 1st
mtge. 6s
Delaware Electric Power Co. 5A%
gold debs., 1959Dominion Gas Co.. 5% coll. trust
bonds,
East St. Louis & Interurban Water Co.—
B
14
.Jan.
Jan.
1st mtge. bonds 4/
% series H
♦Cincinnati Gas & Electric Co. 1st
mtge. bonds
♦Cities Service Gas Co. 1st
mtge. pipeline 5/s
1
28
28
3906
4050
4051
Jan.
1
i.Jan.
1
3011
May
1
--.Jan.
1
Dec. 31
3157
3454
3452
4051
Jan
1, '39
1034
Jan
^
1/39
268
bonds, series A
bonds, series B
Fiat (Turin. Italy) 7% bonds. 1946
Gair Realty Corp., 1st mtge. 5s
Jan
16
3761
1 Jan
1
1
2683
2866
Jan.
General Public Service Corp.
5A% debs__
Jan.
1
3160
Georgia Carolina Power Co.. 1st mtge. 5s
3309
Jan.
1
♦Great Consolidated Electric Power
Co., Ltd., 1st M. 7s-_Feb.
1
4055
♦Green Mountain Power Corp. 1st
mtge. 5s
Feb.
1
4055
Gulf & Ship Island RR., 1st mtge. 5s
Jan.
5
3764
Hackensack Water Co
first mortgage 4s
1952
Apr. 26 '39 2533
Hackensack Water Co. gen. & ref.
mtge. 5)4*Jan.
1
3160
Holland Furnace Co.
5% con v. pref. stock
Jan.
1
3160
Hoover Ball & Bearing Co. 1st mtge. 6s.
Jan.
9
3459
Indiana General Service Co.. 5% 30-year 1st
mtge. bds—.Jan.
1
2395
Inland Steel Co. 1st mtge. 3s
J...
Jan. 15
3459
International Salt Co. 1st mtge. 5s
;
June
1
3460
Jefferson & Clearfield Coal & Iron Co. 1st
mtge. 5s
Jan.
1
3162
Kansas City Gas Co. 1st mtge. 5s
.....Feb.
1
3460
Kansas Power Co. 1st mtge. 5s
Jan
1
3460
Kirby Lumber Corp., 1st mtge. bonds
Jan. 16
3766
,
_
_
Michigan Associated Telephone Co., 1st mtge. 5s
Narragansett Electric Co. 1st mtge. bonds. 1966
Nashville Railway & Light Co. 1st mtge. 5s. 1953
National Gypsum Co. preferred stocks
Ohio Power Co., 1st & ref. mtge. 5s
Oklahoma Gas & Electric Co. 4% debs., 1946-♦Panhandle Prod. & Refining Co. notes
♦Philadelphia Electric Power Co. 1st mtge. 5 A*
Platte Valley Telep. Corp. 1st mtge. 6s, 1947
Poli-New England Theatres, Inc., 1st mtge. bonds
Jan.
10
1
1
3614
3464
2695
Jan.
1
Jan.
1
1
3464
3618
3919
4063
Jan.
Jan
Feb.
Jan.
Feb.
Jan.
Jan.
30
1
1
19
Announcements this
3025
.3920
1st lien & ref. bonds;
Jan.
3
2600
Jan.
3
2600
4065
♦Railway Express Agency, Inc., 5% serial bonds
Mar.
1
Riordon Pulp & Papa* Co., Ltd.. 30-year 1st mtge. 6s
.-.Dec 31
♦St. Joseph Ry.. Lt., Heat & Power Co. 1st mtge.
4Hs-.Feb.
1
♦St. Monica's Congregation 4)4% bonds
Mar.
1
San Antonio Public 8ervice Co.
1st mtge. 6a
Jan. 1 *39
Sibley Manufacturing Co.. 1st mtge. 7«
Jan.
1
Solvay American Corp. 5/% preferred stock
Feb. 15
Tidewater Associated Oil Co. 15-yr. 3A% debs., 1952
Jan.
1
Union Electric Co. of Mo. preferred stock
Jan.
1
United States Cold Storage Co 1st mtge. 6s
---.----Jan.
1
United States Rubber Co. 4%% debentures
Dec. 31
Virginia Elec. & Power Co.. 1st & ret. mtge. bonds
Mar.
7
Washington Gas Light Co., ref. mtge. 5s
Jan.
3
West Disinfecting Co. 1st mtge. bonds, 1940
Jan.
1
Woodward Iron Co. 2d mtge. 5% bonds
Feb. 25
•
4064
week.
3026
4066
4067
2875
2876
3923
3472
3472
3030
3925
2406
2878
3474
3475
22
31 Dec.
23
Dec.
U)4
I50c
t37)4
niv*
t$2
—
31 Dec.
24
Dec.
31 Dec.
24
Dec. 30 Dec. 22
Dec. 30 Dec. 22
Dec. 30 Dec. 28
Jan. 15 Jan.
5
1 Jan.
Feb.
1
Jan.
20
3
Dec.
22
Jan.
3
Dec.
15
24
Dec.
20
Dec.
Jan.
3 Dec.
Dec. 29 Dec.
Dec. 29 Dec.
Jan.
14 Dec.
31
Dec.
20c
Feb.
%V/s
91H
91H
(qu.)
—
8c
20
Feb.
Jan.
137 He
$1.10
6)4% preferredJquar.)
1CID
"""
Cincinnati Union Terminal
5% preierred (quar.)
5% preferred (quar.)
5% preferred (quar.)
5% preferred (quar.)
|1 H
91H
91H
91H
Citizens Wholesale Supply Co. 7% pref. (qu.)..
6% preferred (quar.)
City Water of Chattanooga 6 % preferred (quar.)
Connecticut River Power 6% preferred (qu.)-...
Corn Products Refining Co
Preferred (quar.)..
'
Crowell Publishing Co. 7% preferred (s.-a,).—
Cypress Abbey Co
■.
Daniels & Fisher Stores Co. (quar.)
Quarterly
Quarterly
QuarterlyDavenport Water Co. 6% preferred (quar.)....
Dean (W. E.) & Co. (irregular)
Preferred (quar.).
Debentures & Securities Corp. (Canada)—
5% preferred
Detroit Mfrs. RR. (s.-a.)—Diamond State Telephone (quar.)
-
87fcc
23
24
24
31
—
Dome Mines Ltd..
1
June
Oct.
1
Sept. 18
Jan.
1
Dec.
Jan.
1
19
18
Jec. 30
Jec. 30
Jan.
1
Feb.
1
fan.
Mar.
1
Feb.
75c
Jan.
*1 %
S3 H
Feb.
1
2c
Jan.
14
Jan.
3
Jan.
3
ran. 24
Dec. 31
5uc
Jec.
2V
Dec.
—
—
5
1 Mar. 20
Apr.
July
91M
$1 a
...
50c
Jan.
2<
If
Mar. 15 Mar.
15 June
20
15
22
5
5
50c
lune
50c
Jept. 15 Sept.
5
Feb.
1 Jan. 20
Tan.
3 Dec. 24
91H
20c
15c
.
Ian.
3
Dec. 24
30 Dec.
21
tS5
$2)4
Dec.
Dec.
31
50c
Dec.
31
16
Dec. 31
Mar. 31
Dec.
50c
...
Dominion Tar & Chemical Co.
Electric Bond & Share $6
It Jan.
Jan.
-
1st mtge.
1st mtge.
Series F
—
29 Dec.
Mar. 25 Mar. 10
Jan.
16 Dec. 31
.
4H% debs.
Public Service Co. of Nor. 111.
Series E
Dec.
Cincinnati Postal Terminal & Realty Co.
*
1st mtge. bonds 5% series E
1st mtge. bonds 4A% series F
1st mtge. bonds 5% series G
A
6% preferred (quar.)
Chemical Fund, Inc
27
Dec.
4/% preferred (quar.).
Central Kansas Power Co. 7% pref.
14
Dec.
...
Preferred (quar.)
Canadian Fire Insurance Co. (s.-a.)
Canadian Silk Products Co. class A (qu.)-__
Carborundum Co. (final)..
1
Central Hudson Gas & Electric (quar.).....
16
Jan.
3 Dec.
1
Dec. 31 Dec. 23
Butler Mfg. Co. 6% preferred (quar.)
Canadian Breweries Ltd. $3 pref. (qu.)
Canadian Bronze Co
4048
1
Feb.
—-
1
Feb.
Feb.
Jan.
Brown Shoe Co., Inc.,
15-yr. 3H% debs
Central Illinois Public Service Co.:
First mortgage bonds, series A
El Paso Natural Gas Co.,
Page
16
16
1 Jan.
Jan.
—
-
Extra
1 Jan.
Feb.
Feb.
-
preferred
stocks of corporations called for
redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making
tenders, and the page number gives the
location in which the details were
given in the "Chronicle":
14
20
Feb.
Telephone Co. (Pa.) (quar.)
Boston Edison Co. (quar.)..
Boston Investment Co. (final)
Boston Storage Warehouse Co
;
Bower Roller Bearing Co..
Bridgeport Hydraulic Co. (quar.).
...
Bruce (E. L.) Co. 7% cum. preferred (quar.)...
3)4% cum. preferred (quar.)
Buffalo Insurance Co. (quar.).
REDEMPTION CALLS AND SINKING FUND
NOTICES
Below will be found a list' of
bonds, notes and
Jan.
10 Dec. 31
10 Dec. 31
Jan.
-
Corp. voting trust certificates
J.
5AC".
Bookbinding A Printing Co. of Washington County........
1
♦Akron & Barberton Belt 1st
mtge. bonds
Aluminium. Ltd.. 5% sinking fund debentures
1 Jan. 15
Dec. 28 Dec. 21
1 Jan.
11
Feb.
Bell
$11 lot
.$7 lot
Company and Issue—
Feb.
Jan;
Jan.
—
-
.
When
Holders
Payable of Record
American Furniture Co., Inc., 7% pref. (qu.)_.
American General Insurance (Texas)—
American Light & Traction (quar.)
Preferred (quar.)
Associated Telep. Co., preferred (quar.)—
Athol Mfg. Co., 7% pref. (semi-ann.)
Barker's Bread, Ltd., 5% preferred (quar.)
$7 lot
Oil Burner
298 Hagerstown
Then
dividends
Name of
$11 lot
Stacks
the
The dividends announced this week
1954, July, 1931 and
............
show
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.
lot
$6 lot
...
45,000
lot
parcel of land situated In the
township of Whitpain, Montgomery
subseq., coupons
$250 Manufacturers Country Club
proprietary ctf..;.
$500 Rittenhouse Square Corp.
6% Income, 1946
$150,000
Dividends are grouped in two separate tables.
In the
first we bring together all the dividends announced the
$11 lot
J
Amount
DIVIDENDS
1ot
...$175 lot
15,
VOLUNTARY LIQUIDATIONS
19—The Exchange National Bank of Hutchinson, Kan
Effective Pec. 1,1938.
Liquidating com ittee* F. C. Kaths,
R. L. Guldner, H. A.
Kcths, E. E. Shircliff and C. Lee
care of the liquidating bank.
Absorbed by The
National Bank of Mutch'nson, Kan., Charter
10,765.
Dec. 22—lirst National Bank in Ph ilips, Wis
Co: i r on stock, $28,500' preferred stock,
$16,500.
Effective
Nov. 7,1938.
Liquidating agents'Henry Niebauer and (or)
F. M. Lindem.an, both of
Phillips, Wis.
Absorbed by The
State Bank of Phillips, Phillips, Wis
Hannah B. Heist A Stuart H. Heist to Walter Biddle
County, Pa
Norwich, N. Y*
Chenango County, N. Y-
Aji erican
.......
$2,722 University Club of
Phila., ctf. of interest.
$500 University Club of Phila.,
6% deb. due Jan.
of Norwich,
No.
.$12 lot
N. Y
Co.
Detter,
lot
lot
i..__.,$3 lot
$13,000 Langcliffe Collieries, Inc. income
adj. 15 yr. 5s, 1943 with 665 shs.
Langcliffe Collieries capital stk. certificate of
deposit..
..$12 lot
$12,500 Bond A Mtge. Walter Biddle
Saul, trustee to Penna. Co. for ins.,
Ac., on parcel of land situated in town of
Long Lake, Hamilton County,
$6,000 Third Mtge.,
AUTHORIZED
Bank & Trust
Dec.
lot
$7 lot
$10,000 Hotel Brighton, Atlantic
City, N. J. 1st and gen. mtge. 6s.
Due
April 1, 1937; April, 1932 and
subsequent coupons
$120
$5,000 Shelburne, Inc., Atlantic
City, N. J., 2nd mtge. 8s, 15-year sinkkng
fund, due July 1, 1940: July, 1931 and subsequent
coupons...
„._._$50
$10,000 Price River Water Conservation
District, Utah, 6% improvement.
(Receipt of Halloran-Judge Trust Co., Salt Lake City,
Utah)
-....$110
$10,000 Boca Raton Syndicate, certificate of Interest
$60
$5,000 Salem A Pennsgrove Traction, 1st 6s 1935.
.$11
$6,000 Langcliffe Collieries, 1st 6s
1938-..:..
$7
$6,000 Langcliffe Collieries, 1st 6s 1938
17—The National
Location of branch. Village ol
Bainbridge,
Certificate No. 1423-A.
lot
...
coupns
Dec.
lot
__
BANKS
The
$10 lot
.
/
Phllipsburg Hotel Corp
5 Wood Street
4005
NATIONAL
$6 lot
common
10 Double "A" Hair Curler Co
10
Chronicle
$ per Share
5A% pref. (qu.)
preferred (quar.):
$5 preferred (quar.)
Ely & Walker Dry Goods, 1st pref. (s.-a.)
2nd preferred (s~.a.)..._.
\pr.
20
X$IH
Feb.
1
Jan,
$1A
$1)4
Feb.
1
Jan.
6
Feb..
1
Jan.
6
16 Jan,
5
5
27
11
Tan.
—
...
Equitable Investment Corp
Falstaff Brewing Corp. (quar.)
Quarterly
Fairmont Creamery Co. (Del.) (quar.)....
4)4% preferred (quar.)
Fenton United Cleaning & Dyeing 7% preferred.
Filtrol Co. (Calif.) (irregular).
Firemen's Insurance Co. (Washington, D. C.)._
Firestone Tire & Rubber Co
—
20c
15c
15c
12/c
$l/8
niH
Jan.
16 Jan.
Dec. 30 Dec.
Feb. 28 Feb.
16
May 31 May 16
1 Dec.
Jan.
Jan.
Jan.
15c
Dec.
60c
21
1 Dec. 21
15 Jan. lO
30 Dec. 20
Jan.
3 Dec.
Jan.
24
5
25c
Jan.
FrickCo. 6% preferred (quar.)....—
Gardner Electric Light Co
General Brewing Corp. 6% conv. pref. (quar.)..
75c
Jan.
$4
Jan.
15c
Dec.
General Mills, Inc. (quar.)
75c
Feb.
91A
Feb.
50c
15c
Jan.
$1
Jan.
16
Jan.
16
3
60c
Jan.
14 Jan.
3 Dec.
7
27
General Telephone
2 Dec. 21
16 Dec. 31
31 Dec.
1 Jan.
20
10
Allied Corp,
$6 preferred (quar.)
Gordon & Belyea 6% 1st preferred (quar.)
Granby Consul. Mining Smelting & Power
Gorham
2
Mfg. Co., common...
Halle Bros. Co., preferred (quar.)..
Hartford Steam Boiler Inspection & Insurance..
Harvard Brewing Co. 5% cum. pref. (quar.)
Hat Corp. of Amer. 6)4% pref. (quar.)-j-----Hercules Powder Co., pref. (quar.)
Hershey Chocolate (quar.)
Preferred (quar.)
Preferred (additional)
Holly Sugar Corp., preferred (quar.)
Home Gas & Electric 6% preferred (quar.)
Hook Drugs, Inc. (irregular)
Humberstone Shoe Co., Ltd. (quar.)
Huttig Sash & Door Co. 7% pref. (quar.)
Industrial Credit Corp. (N. C.)
Quarterly
7% preferred (quar.)
Industrial Securities Corp. 6% preferred..
International Radio Corp. (stock dividend)
.—
—
-
-
—
—
40c
Feb.
Jan.
91H
$1A
SIVj
Dec.
75c
Feb.
Feb.
Feb.
$1
Feb.
$1
Feb.
$\%
Feb.
15c
Jan.
1
Jan.
3 Dec.
1 Jan.
30 Dec.
1 Jan.
15 Feb.
15 Jan.
15 Jan.
15 Jan.
16
28
15
18
3
25
25
25
16
3 Dec. 20
29 Dec. 23
1
Tan.
c
Dec.
25c
Feb.
$1/
Dec.
t6/c
Jan.
32c
87 Ac
Jan.
Jan.
3 Dec.
3 Dec.
3 Dec.
15
15
10c
100%
Dec.
30 Dec.
10
1
Jan.
1 Jan.
14
29 Dec. 24
3 Dec. 15
14
Financial
4006
Per
When
Her
Name of Company
International Pulp Co. 7% preferred (quar.j —
International Metal Industries 6% preferred
6% preferred series A
Interstate Dept. Stores pref. (quar.)
Investors Mtge. (Bridgeport, Conn.) (quar.) —
7% preferred (quar.)
—
Kingsboro National Bank (Bklyn.)— - —
Kinsey Distilling Co. prior pref. (quar.)- — Kokomo Water Works Co. 6% pref. (quar.)
Lane Bryant, Inc., 7% preferred (quar.)-Lerner Stores Corp.
M
liJan.
Feb.
37 He
Dec.
29 Dec. 27
Dec.
Jan.
15 Dec. 31
1 Jan. 20
IlH
Feb.
"IS
Feb.
1 Jan.
Feb.
14 Jan.
1 Jan.
21 Dec.
12
—---
Jan.
,Feb.
Dec.
$2
IIH
IIA
Dec.
Dec.
31 Dec.
jJan.
7% preferred (quar.)
Massachusetts Utilities Assoc.—
5% partic. preferred (quar.)
(quar.)_
McCaskey Register 8% 2d pref
7% 1st preferred (annually)
Mead Johnson & Co. 7% pref. (s.-a.)
Minneapolis Gas Light $o partic. units
Mode O'Day Corp. (irregular)
Monarch Life Assurance (Winnipeg)Monroe Calculating Machine Co. (resumed)
20
Dec. 28 Dec. 20
15
Jan.
15 Dec.
15
Jan.
15Dec.
15
25c
Feb.
16 Dec. 31
I'Jan. 13
Dec.
26 Dec.
Dec.
26 Dec.
Jan.
3 Dec.
22
22
15
HH
'Jan.
25c
;Jan.
3 Dec.
16 Dec.
31
Jan.
$1A
20
20
Dec. 28 Dec. 15
llJan.
Feb.
12
$2 A
Myles Standish Co. v. t. c
Nashua Gummed <sc Coated Paper 7% pref. (qu.)
National Automotive Fibres, Inc.—
Jan.
14 Jan.
6
50c
Jan.
16 Jan.
3
$1H
Jan.
31 Dec. 27
HH
National Aviation Corp
National Money Corp. class
A
—
National Shirt Shops (Del.), Inc.—
$6 prior preferred (quar.)
New Britain Machine 7% pref. (quar.)
New England Bower Co. 6% preferred (quar.) New Jersey & Hudson River Ry. & Ferry Co—
Feb.
l Jan.
25c
6% preferred (quar.)
Jan.
14'Jan.
10c
Jan.
16 Dec. 31
$1A
IlH
$1"'
23
3
22
Jan.
3 Dec. 24
3 Dec. 20
3 Dec. 31
»c
Dec.
27 Dec. 21
$2
SI
New York Statlur Co., Inc
New York Telephone Co. (quar.)
1 Dec.
Jan.
'Dec.
31 Dec. 31
—
5
Jan.
iDec.
Niagara Falls Insurance Co. (N. Y.) (quar.).
50c
Jan.
Ninth & Alameda Co. (Los Angeles)
II H
Jan.
Northern atates Power Co. (uel.) 6% pref
$1.31 A Jan.
7% preferred-—
"540A Jan.
Northern States Power (Wise.) preferred
Preferred (quar.)-i
$ .41 2-3 Mar.
$2 Dec.
Northwestern Title Insurance (Wash.)--— —
$2
Dec.
Extra
-
$2
Norfolk & Washington Steamboat Co
Noxzema Chemical Co. (sa.-a.)
Ohio Loan & Discount Co. (increased)
30 Dec. 27
12 Jan.
6
20 Dec. 31
20'Dec. 31
10 Dec. 28
1 Feb. 18
31 Dec.
31
31 Dec.
31
15 J an.
4
Jan.
15c
Dec. 28 Dec. 24
20c
30
30
Jan.
3 Dec. 30
;Dec. 31 Dec. 24
$IA
$1A
$1A
6% partic. preferred (quar.)
5% preferred (quar.)
Ohio Telep. Service Co. 7% pref. (quar.)
Orange County Telephone Co
3 Dec.
3 Dec.
Dec.
Pacific Gas & Electric Co...
Pacific Portland Cement 6H% preferred
Pan American Life Insurance (N. O.)
27,Dec. 26
2%
til
Jan.
16 Dec.
31*
Dec.
28 Dec.
23
40c
Jan.
3 Dec.
15c
-----
Payne Furnace & Supply Co., pref. A&B
Pearson Co., Inc., 5% preferred A (quar.)
Pelham Hall Co., voting trust certificates
Pender (David) Grocery class B (special)
Penmans Ltd. (quar.)
,
Preferred muar.)
Pennsylvania Power Co. $5 preferred (quar.)
Peoples Gas Light & Coke Co
!jan.
*'
20
16 Jan.
9
31Mc
.-
Feb.
liJan.
21
10c
Jan.
16 Jan.
3
Dec.
28
5
>c
Dec.
75c
Feb.
Feb.
6
IlH
Feb.
Jan.
21
Feb.
Jan.
14
Jan.
Jan.
6
Jan.
10
Jan.
10
„
-
-
Southern New England Telephone.Southern New England Telep. (reduced)
45c
$1 A
Feb.
Feb.
Dec.
__,Dec. 21
17Hc
$2 A
Dec.
Jan.
Jan.
28 Dec.
2iDec.
15
50c
Jan.
3 Dec.
28
$1A
Jan.
15 Jan.
25c
Feb.
Jan.
12
t5°c
Feb.
Jan.
Feb.
Feb,
Jan.
20
Jan.
3
16
35c
2.7c
$1
$1
50c
$1H
37 Ac
75c
11 %
$2
21
2|Dec. 23
Jan.
Jan.
5
16
Dec.
Dec.
29
Mar.
Feb.
21
Jan.
Jan.
5
Jan.
Jan.
5
Dec.
31Dec.
21
Dec.
31 Dec.
14,Dec.
21
31
Jan.
$1A
Jan.
30c
Dec.
50c
Dec.
IlH
Jan.
3 Dec. 24
29 Dec. 23
29 Dec.
Dec.
23
24
50c
Jan.
Jan.
17
30c
3nC
Feb.
Feb.
15
Feb.
Feb.
25c
Feb.
15 Jan.
15
20
37 He
Feb.
15 Jan.
20
25c
Apr.
15 Mar. 20
Springfield City Water Co., 7% pref. A & B (qu.)
IlH
6% preferred C (quar.)IlH
Squibb (E. R.) & Sons, 1st $6 pref. (quar.):
IlH
Standard Fire Insurance Co. of N. J. (Trenton).
75c
Steel Co. of Canada (quar.)
t43Hc
30
Jan. 15 Dec. 30
Dec. 28 Dec. 20
Dec. 28 Dec. 20
Feb.
1 Jan.
16
Jan. 23 Jan. 16
Jan.
15 Dec.
til A
til
7
7
Jan.
5 Dec. 31
Dec. 27 Dec. 27
Dec. 30 Dec. 19
12Hc
i—
Jan.
JS2
$3
-
Feb.
1 Jan.
Feb.
1 Jan.
16 Jan.
5
J-.)—"
Ltd
Union Stockyards of Omaha
United Light & Rys. 7% prior pref. (monthly)
7% prior preferred (monthly)
7 % prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6 % prior preferred (monthly)
6% prior preferred (monthly)
United States Cold Storage Corp. 7 % pref
United States Foil Co. 7% prer. (no action)
United States Smelting & Refining
Preferred (quar.)
Walkerville Brewery Ltd. (quar.)
Waterbury Farrell Foundry & Machine
Weeden & Co. (resumed)
West Coast Oil Co., preferred (quar.)
West Penn Electric 7% preferred (quar.)
6% preferred (quar.)
Dec.
16
10
Jan.
2
Dec.
14
Jan.
2 Dec.
10
Jan.
2 Dec.
10
Jan.
Jan.
75c
Jan.
IIA
Jan,
25c
Jan.
14 Dec. 31
3 Dec. 15
3 Dec. 20
3 Dec. 19
15 Dec. 31
3 Dec. 20
20c
(quar.)
Jan.
IIA
IIA
Jan.
3 Dec.
13
Jan.
Feb.
3 Dec.
13
3
25c
Mining (quar.)
Albany & Susquehanna RR. (semi-ann.)
Alaska Juneau Gold
Jan.
IlH
Co., 7% pref. (quar.)-
Jan.
1
1 Dec. 15
Dec. 21
Jan.
IlH
8
(Extra)
2 Dec.
11H
—
Jan.
9c
—
2 Dec. 10
Jan.
14
3 Dec.
23
Dec.
20
$3
7% preferred (quar.)
—
Aluminum Co. of America 6% pref. (quar.)
Aluminum Mfrs., Inc. (quar.)—
7% preferred (quarterly)
1
Jan.
3 Dec
43 He
—
Jan.
15c
Allegheny & Western Ry. (s-a)-Allied Laboratories (quar.)
Allied Products class A (quar.)
Allied Stores Corp., preferred (quar.)
Jan.
2
Dec.
Jan.4
2
Dec.
16
Jan.
3 Dec.
21
Jan.
1
Dec.
15
Dec, 31 Dec.
15
31
Dec.
15
Dec.
13
$1A
IlH
Hfc
50c
—
HH
Dec.
10c
3
Jan.
3
II
Preferred (quar.)
American Can Co. (quar.)
Preferred (quar.)
Jan.
75c
Note
Feb.
14
14
13
24*
3 Dec. 20*
Dec.
15 Jan.
Jan.
Jan.
Dec.
20
Jan.
16
Dec.
30
15c
pref. (s-a)
2
15c
American Cast Iron Pipe, 6%
Jan.
16 Dec.
30
- - -
American Casualty Co..
Co. (Reading)
38 He
$2 A class A._
Option div. of l-32nd sh. of cl. B stk. or cash
IlH
American Crystal Sugar, preferred (quar.)
15c
American Cyanamid Co. class A&B com. (qu.)5% cum. conv. preferred (quar.)
American District Teleg. (N. J.) pref. (quar,)
IlH
American Express Co. (quar.)
American Gas & Electric Co. pref. (quar.)
21
American Hardware Corp. (quar.)
20c
American Home Products Corp. (monthly)
43 He
American Investment Co. (111.) 7% pref. (qu.)-_
50c
8% preferred (quar.)
50c
$2 preferred (quar.)
IlH
American Mfg. Co., preferred (quar.)
12Hc
American Midland Co., 70c. A pref. (quar.)
25c
American News Co. (bi-monthly)
IlH
American Optical Co. 7% preferred (quar.)
t37Hc
American Products, $1H partic. preferred
8Hc
5% prior preferred (quar.)
t75c
American Power & Light Co. $6 preferred
t62Hc
$5 preferred
50c
American Ship Building Co
75c
American Snuff Co. (quar.)
American Casualty
American Cities Power & Light,
l%\h
Jan.
1
Dec.
10
Jan,
3 Dec.
19
Jan.
3 Dec.
Jan.
3 Dec.
15
Dec.
15
Jan.
16
Jan.
3 Dec.
Feb.
1
Jan.
Jan.
1
Dec.
15
16
9
17
16
3 Dec. 20
3 Dec. 20
Jan.
3 Dec. 20
Dec. 31 Dec. 15
Dec. 31 Dec. 23
Jan.
3 Dec.
Jan.
Jan.
4
Jan.
14 Jan.
3 D?c.
Jan.
3 Dec.
17
22
Jan.
3 Dec.
22
Jan.
9
Jan.
2
Dec.
Jan.
2
Dec.
9
Feb.
1
Jan.
14
Jan.
(quar.)
American Stove Co
pref. (quar.)
American Superpower Corp., 1st pref
This covers the Oct. 1, 1938 div. and regular
quarterly dividend.
American Surety Co. (s.-a.)
American Telep. & Teleg. (quar.)_
'-American Thermos Bottle, pref. (quar.).-American Thread Co., pref. (semi-annual)—
American Tobacco Co., preferred (quar.)
American Water Works & Elec. Co., Inc.—
$6 1st preferred (quar.)-Amoskeag Co. (s.-a.)
American Sugar Refining,
15
Jan.
27
Jan.
3 Dec.
3 Dec.
Jan.
Jan.
Jan.
$1
Dec.
Dec.
21
58l-3c
58 l-3c
58\l-3c
Feb.
Jan.
16
5 Dec. 24
5 June 24
15
Feb.
Apr.
Mar. 15
Feb.
Jan.
16
53c
Mar.
Feb.
15
53c
Apr.
Mar. 15
50c
Feb.
Jan.
16
Feb.
15
50c
Mar.
50c
Apr.
Mar. 15
tllH
Dec.
27jDec. 23
Jan.
Jan.
Jan.
Jan.
Jan.
16 Jan.
20c
Dec.
29 Dec.
$1
Dec.
30 Dec.
5!
Jan.
Feb.
Feb.
Feb.
15;Jan.
20
15 Jan.
20
1 Jan.
Jan.
3 Dec.
25
7
Jan.
Jan.
2 Dec.
2 Dec.
15
15
Jan.
2 Dec.
9
31 Dec. 15
31 Dec. 15
Dec. 31 Dec. 15
1 Dec. 15
Jan.
9
Dec. 31 Dec.
Dec.
Dec.
(quar.)
Investment Co. (quar.)
(quar.).
Dec.
-----
Feb.
Atchison Topeka & Santa Fe Ry. preferred
Atlanta Biriu: & Coast RR. 5% pref
(s -a.)
Atlanta Gas Light. 6% pref. (quar.)
Jan.
Jan
—
Atlantic City Fire Insurance (quar.) _
Atlantic Co. (Atlanta, Ga.), 6% pref.
Dec.
- - -
Jan.
(quar.)-_
Atlantic Refining Co. pref. iquar.)
Atlas Acceptance, 5% preferred (quar.)
Attleboro Gas Light Corp. (quar.)
Feb.
1 Dec.
3 Dec.
20
3
Dec.
20
3 Dec. 20
Bank of the Manhattan Co.
(quar.)
(quar.)
preferred
pref. (quar.)_.
(quar.)
Bayuk Cigars, Inc., pref. (quar.)
Beatty Bros., Ltd., 1st pref. (quar.).
Ltd. 7% 2d pref. (semi-ann.) — ...
3
Jan.
3 Dec.
3 Dec.
20
24
Jan.
2
Dec.
20
Jan.
(quar.)
Special
Preferred
20
Jan.
Avery (B. F.) Co., preferred (quar.)
Balaban & Katz Corp. preferred (quar.)
Baldwin Co., 6% preferred (quar.)_
Bangor & Aroostook RR. (quar.)
Preferred (quar.)
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quar.)_
Bank of America (Los Angeles) (quar.)__
Bank Group Shares (final)
Corp. 5H%
Blessing Co
Dec.
15
Jan.
partic. pref. (quar.)
Autoline Oil Co. pref
Bastian
15
20
1
2 Dec. 20
6
1 Jan.
Jan.
6% preferred (quar.)_.
Barker Bros.
Dec.
31 Dec.
Jan.
—
-
Autocar Co. $3 cum.
9
31 Dec.
1 Dec. 30
2 Dec. 12
Jan.
Jan.
(S.C.) (quar.)
Extra
Bankers Securities 6%
Bankers Trust Co
5
23
20
5 Dec. 24
5 June 24
1 Dec. 20
Jan.
Extra..
Associated Breweries (Canada)
Preferred (quar.)
Bank of New York
$1
87 He
2 He
16
July
2 Dec. 10
2 Dec. 10
Jan.
Extra
Mar.
20
Jan.
Automobile Insurance Co. (quar.)
Jan.
Dec.
15
Dec.
3 Dec.
July
-
Auto Finance Co.
Dec.
o
Jan.
.
Preferred
10
14
Jan.
Appalachian Electric Power $7 pref. (quar.)
Arkansas Power & Light 17 preferred
$6 preferred
Armour & Co. (Del.) preferred (quar.)---.
Asbestos Corp., Ltd. (quar.).
-
Associates
3 Dec.
5*
10'
Jan.
(s.-a.).
Anchor Hocking Gass Corp., $6H conv. pref—
Animal Trap Co. of America pref. (quar.)
Preferred
15
1 Nov. 30
3 Dec. 10
Jan.
(s.-a.).
Preferred
15
Dec.
2 Dec.
14 Dec.
Jan.
II *
Semi-annual
Automatic Voting Machine
Feb.
$1;
3
Jan.
20c
(quar.)
16
Dec.
10c
J40c
53c
Jan.
30c
25c
Preferred
27
Dec.
8Hc
Jan,
HH
Extra
American States Insurance (Ind.)
15
3 Dec.
3 Dec.
-
$1A
11A
$1
SI
Warehouse,
o
Jan.
-
Philadelphia Electric Co. (quar.)
—
'Philadelphia Electric Co. $5 preferred (quar.)_.
Piedmont & Northern Ry. Co
Pilgrim Fund
-----Pneumatic Scale Corp., 7% preferred (quar.)--Planterc Nut & Chocolate Co. (quar.)
Plume & Atwood Mfg. Co. (quar.)
Prosperity Co., Inc., 5% pref. (quar.) —
Reading Co. (quar.)
Reed (C. A.) #2 class A
Regent Co., voting trust certificates
Rhode Island Public Service Co., A (quar.)
$2 preferred (quar.)
Ritter Dental Mfg. Co., 5% pref. (quar.)
Rochester Button Co. preferred (quar.)_Royal Typewriter Co., Inc
Preferred (quar.)
San Antonio Public Service 8% pref. (qu.)
7% preferred (quar.)_-_
:
i
San Diego Consol. Gas & El., pref. (quar.)
Securities Investment Co. (St. Louis)—
5% convertible preferred (quar.).
Shaler Co., class B (final)
uei ~
'
Class A (quar.)..
Slattery (E. J.) Co. 7% preferred (quar.)_Southeastern Greyhound Lines (initial)
Convertible preferred (initial, quar.)
Non-convertible preferred (quar.).--Southern Calif. Edison (special)
Quarterly
Original preferred (special)
Stony Brook RR. Corp. (semi-ann.)_
Strathmoie Paper 6% preferred
Strawbridge & Clothier 7% preferred
Superheater Co. (quar.)
Sussex Fire Insurance Co. (Newark, N,
7% preferred (quar.)
Telautograph Corp
Jan.
Jan.
Jan.
Jan.
15c
Agnew-Surpass Shoe Stores preferred (quar.)
Agricultural Insurance (quar.)
Air Associates, Inc., $7 cum. pref. (quar.)
Air Reduction Co., Inc. (quar.)
1
Alabama Fuel & Iron Co. (irregular)
Alabama Power Co. $7 pref. (quar.)
American Bank
3 Dec. 17
3 Dec. 17
Jan.
30c
Aloe (A. S.)
Jan.
3
40c
Co. (quar.)
Life Insurance Co. (quar.)
Aetna Insurance
Alberta Wood Preserving
Jan.
$1
Extra
$6 preferred
12
Dec. 24
3 Dec. 17
1
75c
Affiliated Fund, Inc
3 Dec.
25 Dec.
15 Jan.
Jan.
1H%
l2Hc
IlH
37 He
Extra
Jan.
11.20
Montreal Tramways Co. (quar.)---
Jan.
$3
Supply Mfg. class A (quar.)
& Surety (quar.)
Holders
When
Payable of Record
Jan.
Extra (stock dividend) —
Aetna Casualty
Aetna
62 He
50c
Share
Company
4H% preferred (quar.)---------Abercjombie & Fitch Co. pref. (s.-a.)
Acadia Sugar Refining Co., 6% pref
Acme Glove Works. Ltd. (quar.)
6 H % preferred (quar.)
Aero
15 Dec.
17
3.5c
preferred (quar.)
Montana r'owor Co. .$6
16
10 Jan.
6
1 Dec. 21
t50c
—
McCail Corp.
Terminal
Abbott Laboratories
16
29 Dec. 23
2Ac
-
19
1 Jan. |14
announced in previous weeks
Per
Name oj
Jan.
17 Ac
1
20
19
Feb.
3
28 Dec.
!jan.
15 Feb.
31 Jan.
Dec. 22 Dec.
Dec. 22 Dec.
paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
14
21 Jan.
1 Jan.
Feb.
17
Dec.
give the dividends
Payable of Record
Jan.
Inc., 5% 1st pref. (s.-a.)
Co.. 7% pref. (quar.)
B.) Co. 7% preferred
7% preferred (quar.)_
Zeler's Ltd., 6% preferred (quar.)
Wilson Line,
Wrisley (A.
we
Holders
When
and not yet
13
Jan.
IlH
—
Share
Company
Wisconsin Telephone
Below
5 (Dec. 31
Jan.
$3
20c
17 Ac
Extra.--
Extra
20
50c
Co. (final)
Mills Co. 6% pref. (quar.)
& Tel eg. (quar.)-—
_
16
1 Jan.
$1
Co.
$6 preferred (quar.)
Lynn Gas & Electric Co. (quar.)
Name of
29,Dec. 27
$ik
16
16
1 Jan.
Feb.
50c
Ludlow Typograph
Marathon Paper
Maritime Telep.
I Dec.
Feb.
60c
Lee Rubber & Tire
—
Jan.
75c
(quar.)
(Va.) (quar.)—
Lehigh & Wilkes-Barre Corp. (quar.)
Preferred
Life Insurance Co.
MacMiilan Co. (final)
IlH
$1H
(quar.)
Longhorn Portland Cement
Holder*
I Payable of Record
Share
1938
31,
Dec.
Chronicle
37 He
Jan.
*1 v
Jan.
Jan.
1 Dec. 20
3 Dec. 23
Dec. 31
14
1
Nov. 29
Jan.
1
Nov. 29
Jan.
2 Dec.
2 Dec.
10
3 Dec.
3 Dec.
14*
Jan.
10
Jan.
Dec. 31 Dec. 15
Jan.
1 Nov. 30
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
Jan.
14*
3 Dec. 23
10 Dec. 30
3 Dec. 15
1 Dec. 23
1 Dec. 19
1 Dec.
19
IS Dec. 31
Feb.
1 Jan.
14
Jan.
3 Dec.
15
Volume
Financial
147
Ptr
Name of Company
Beatrice Creamery Co. (quar.)
Extra
Preferred (quar.)
Beaver Fire Insurance (s-a)
Beech Creek RR
Jan.
3 Dec.
3 Dec.
13
13
Cincinnati Gas & Electric 5% pref. (quar.)
Cincinnati & Suburban Bell Telephone (quar.)
3 Dec.
13
Ginclnnati Union Terminal 6% pref. (qu.)
Citizens Water Co. (Wash, Pa.) 7% pref.
Jan.
Jan.
Jan.
2 Dec.
3 Dec.
15
Jan.
9
Jan.
2 Dec.
2 Dec.
81
Jan.
3 Dec.
15
Jan.
Jan.
81H
Jan.
13
9
3 Dec. 15
16 Dec. 23
14 Dec. 20
Cleveland Cincinnati Chicago & St. Louis
5% preferred (quar.)
Cleveland Electric Ilium, pref. (quar.)
Cleveland Hobbing Machine (quar.)
2
Jan.
Jan.
3 Dec.
3 Dec.
3 Dec.
22
22
Colonial Finance Co. (Lima, Ohio) (quar.)
Colonial Ice Co., 87 cumulative pref. (quar.)
Jan.
Jan.
15
5 r>c
15
Jan.
2
Dec.
10
Jan.
3 Dec.
21
$4
85
Jan.
3 Dec.
13
Jan.
3 Dec.
13
$1
Special,
Bourbon Stockyards (quar.)
Bralorne Mines (increased) (quar.).
2 Dec.
40c
Boston Herald-Traveler Corp. (increased)
Boston Insurance Co. (quar.)
Jan.
Jan.
81 V\
Bobbs Merrill Co., 4H% pref. (quar.)
Boston Elevated Ry. (quar.)
3 Dec.
3 Dec.
5 Dec.
Jan.
2 Dec.
Jan.
Jan.
9
9
24
27
Dec. 31
Jan.
14
10c
conv.
Jan.
87 He
32 He
Jan.
14 Dec. 31
3 Dec. 23
20c
'
Brandtjen & Kluge, Inc., 7%
pref
Brantford Cordage Co. $] .30 1st preferred (qu.)_
Brazilian Traction Light & Power pref.(quar.)_ .
British-American Oil, Ltd. (quar.)
British-American Tobacco Co., Ltd—
British Columbia Electric Power & Gas—
6% preferred (quar.)
British Columbia Electric Ry. 5% pref. (s.-a.)
Jan.
10
Jan.
2
Dec.
15
Tan.
2
Dec.
15
25c
Jan.
2 Dec.
17
lOd.
Jan.
16 Dec.
19
Jan.
3 Dec. 20
5
16 Jan.
14 Dec. 31
20
15
Ian.
2
—
.
—
—
<
3 Dec.
20
3
Dec.
24
Buckerfield's, Ltd;, 7% pref. (quar.)
...
Buckeye Steel Casting, 6% pref. (quar.)
...
6 H% preferred (quar.)
Bucyrus-Erie Co., pref. (quar.)
Bucyrus-Monighan, class A (quar.)
Jan.
Jan.
Budd Wheel Co. 1st pref. (quar.)
1st preferred
(partic. div.)
Buffalo Niagara & Eastern Power, pref. (quar.).
1st preferred (quar.)
Building Products, Ltd. (new)
;
Bulova Watch Co., Inc
i
Burdines, Inc., $2.80referred (quar.)
Burger Brewing Co., 8% pref. (quar.).
Burkhart (F.) Mfg. Co., $2.20 pref. (quar.)
Burlington Steel Co. (quar.)
Burry Biscuit Corp., pref. (quar.)
Burt (F. N.) & Co. (quar.)
Preferred (quar.)
Calamba Sugar Estate common (quar.)
Preferred (quar.)
California Baking Corp. pref. (quar.)
California-Oregon Power Co. 6% pref. (quar.)
6% preferred, series of 1927 (quar.)..
7% preferred (quar.)
California Packing Corp. 5% preferred......
California Water <fc Telep. Co., 6% pref. (quar.)
Camden & Burlington County Ry. (s.-a.)—
Canada Bread Co., 5% preferred B
5% preferred (quar.)
Canada Life Assurance (quar.)_
Canada Northern Power Corp., Ltd. (quar.)—
7% cum. preferred (quar.)
Canada Permanent Mortgage Corp. (quar.)
Canada Southern Ry. (semi-ann.)
Canadian Canners Ltd., 1st preferred (quar.)..
2nd preferred (quar.)
Canadian Oar & Foundry, preferred
..
...
...
—
31 Dec. 24
Dec. 31 Dec. 24
3 Dec. 20
31
Dec.
31
Dec. 31
Dec.
31
1 Jan.
1 Jan.
17
Dec.
Feb.
Feb.
Dec.
81 Vx
Dec.
Dec.
40c
Jan.
3 Dec.
81H
Feb.
Jan.
17 He
10c
•T-n.
Jan.
17
3 Dec.
Dec.
Dec.
25c
20
10
17*
17*
15
14
Pow. Co., (quar.)
Connecticut & Passumpsic River RR. preferred.
Consolidated Car Heating Co., Inc. (quar.)
Consolidated Cigar Corp
Prior preferred (quar.)
Consolidated Edison Co. of N. Y pref (qu.)
Consolidated Gas Elec. Light & Pow. (Bait.)
Preferred (quar.)_
Continental Insurance Co. (s.-a.)
—
—
_
21
3 Dec.
21
Consumers Gas of Toronto
5 Dec. 23
31
Jan..
Jan.
10 Dec.
82
55c
Dec.
Jan.
31 Dec. 15
1 Dec. 21
15c
Jan,
Dec.
16
Dec.
75c
Jan.
30c
Jan.
Dec.
22
7
81H
Tan.
Dec.
7
Jan.
Dec.
35c
Jan.
Dec.
15
62 He
Feb.
Jan.
31
Continental Can Co., Inc.. 84H pref. (quar.) —
Continental Gas & Electric, 7 % prior prer
Continental Telep. Co. 7% partic. pref. (qu.) —.
6 H % preferred (quar.)
%
Dec.
15
81 H
I25c
Dec.
27
Jan.
Dec.
15
*15c
Jan.
Dec.
15
44c
Jan.
Dec.
Dec.
23
David & Frere
Dec.
Dec.
16
Jan.
.
Canadian Celanese Ltd
Dec.
Dec. 21
Jan.
*75c
(quar.)
Dec.
19
16
Tan.
Dec.
Jan.
Jan.
16
16
17
*8in
Jan.
Dec.
31
81H
12HC
12Hc
Jan.
Jan.
Dec.
15
(quar.)
Canadian Dredge & Dock
Canadian Fairbanks Morse, pref. (quar.)
Canadian General Electric (quar.)
.
Canadian General Investments, reg. (quar.)
Bearer (quar.)
Canadian Industries, Ltd. pref. (quar.)..
t$l ii
Canadian Light & Power (s.-a.)
50c
Canadian Oil Cos., Ltd. 8% pref. (quar.)
*82
Canadian Westinghouse Ltd. (quar.)
50c
Canadian Wire bound Boxes, Ltd., $1H class A. t37Hc
Cannon Mills Co
25c
Cannon Shoe Co., preferred (quar.)
68Mc
75c
Capital Administration preferred A (quar.)
Cariboo Gold Quartz Mining Co. (quar.)..—
Extra
(semi-ann.)
Preferred (quar.)
15
21
Jan.
7% preferred (quar.)
Carnation Co.
Dec.
Dec. 31
Jan.
Jan.
Jan,
Dec. 20
Dec. 15
Dec. 16
Jan.
Dec.
22
<Mamond
Jan.
Dec.
19
Dec.
7
81H
81H
81H
81H
Carolina, Clinchfiled & Ohio Ry. (quar.)
Carolina P ower & Light $6 preferred (quar.)
$7 preferred (quar.)
Carriers & General Corp. (quar.)
Case (J. I.) Co., pref. (quar.)—
Dec.
Dec.
Jan.
Dec.
Jan.
Jan.
12
12
10
16
16
Jan.
Dec.
Jan.
5c
Case Lockwood A Brainard Co. (quar.)
Cayuga & Susquehanna RR. Co. (s.-a.)._
Celanese Corp. of Amer. 7% cum. prior pref..
—
Jan.
81H
82 H
81-20
81H
1
Dec.
Dec.
Jan.
Dec.
Jan.
7
Dec.
19
Match Company partic.
$6 preferred
7% preferred
_
.
Central New York Power| preferred (quar.)
Central Patricia Gold Mines (quar.)
—
Distillers Corp .-Seagrams,
Dixie Home Stores (quar.)
Extra
.....
(s.-a,)
—
Dec.
16
Dominion Coal Co..
Dec.
16
81
81H
t$lH
t81H
til %
%\y<
Jan.
Dec.
17
Jan.
Dec. 20
Dec. 10
Dominion Tar & Chemical,
Jan.
Dec.
10
Jan.
10
10
15
Ltd., 86 pref. (quar.)
(quar.)..
81M
Jan.
3 Dec.
15
80c
Jan.
10 Dec. 31
Tan.
10|Dec. 31
81H
150c
*81
Feb.
1J
Jan.
3 Dec.
3 Dec.
13
13
Dec.
Dec.
15
81°C
Jan.
Dec.
16
Jan.
Dec.
19
6
Jan.
Dec.
6
Jan.
Dec. 20
Jan.
Dec.
20
Jan.
Dec.
15
81H
Jan.
Dec.
15
75c
Jan.
Dec.
12
62 He
Jan.
Dec.
12
17Hc
Jan.
Dec.
22
5c
Jan.
Tan.
81H
Jan.
Jan.
Dec.
12 He
'Jan.
4
20
Dec. 24
Jan.
Dec.
15
Dec.
10
14 Dec. 31
Jan.
Dec.
Jan.
81H
Jan.
81H
n%
Jan.
Tan.
2 Dec. 20
3 Dec. 21
50c
Jan.
30c
25c
43 He
3 Dec. 27
10 Dec. 31
Jan.
Jan.
Feb.
3 Dec.
15 Feb.
10
Ian.
3 Dec.
13
122!c
Jan.
$2
$4
75c
Jan.
14 Jan.
10*
4
Mar. 31 Mar. 21
1
Dec.
20
Jan.
12 Dec. 30
25c
Jan.
Jan.
20 Jan.
20 Jan.
5
81H
25c
Jan.
16 Jan.
Dec.
31 Dec.
3
15
10c
81H
$25
81
20c
Dec. 31 Dec.
3 Dec.
12-15-39 Nov.
Jan.
3 Dec.
Jan.
1 Dec.
Jan.
5
15
15
30
15
15
$1
81H
Jan.
3
Dec.
15
Jan.
2 Dec.
20
2H%
Jan.
2 Nov. 15
3
Jan.
$2
Jan.
16 Dec. 27
Jan.
5 Dec. 20
5 Dec. 20
3 Dec. 20
82
Jan.
Jan.
$4
Jan.
16 Jan.
75c
3-1-39
Jan.
•Jg
$1$1
Jan.
Jan.
Jan.
2
9
10-39
3 Dec. 20
3 Dec. 20
3 Dec. 20
3 Dec. 22
3 Dec. 22
Jan.
*81M
Feb.
1 Jan.
Jan.
14 Jan.
Jan.
17 Jan.
62 He
Jan
83
Jan.
Jan.
82
Jan.
Jan.
20
5
6
3 Dec. 31
20 Dec. 31
3 Dec. 31
3 Dec. 31
3 Dec. 20
3 Dec.
1ft
III H
Jan.
3 Dec.
15
Preferred (quar.)
Draper Corp. (quar.)
Special.
Dravco Corp., 6% preferred (quar.)
*81 %
Jan.
75c
Jan.
3 Dec.
$1
Jan.
3 Dec.
75c
Jan.
—
10c
Dunlop Tire & Rubber Goods Co.—
5% 1st preferred (semi-annual)
Duplan Silk Corp., preferred (quar.)
du Pont (E. I.) de Nemours & Co. pref. (quar.).
Debenture (quar.)
Duquesne Light Co., 5% cum. 1st pref. (quar.).
Eagle Lock Co. (quar.)
Early A Dauiel Co.. pref. (quar.)
Preferred (quar.)
Preferred (quar >
Eason Oil Co., 81H cum. conv. pref. (quar.)
East Penn RR. 6% guar, (s.-a.)
,j
Eastern Steel Products (interim)...... —
13
Dec.
10
15
15
preferred (quar.)..
15
Dec.
Jan.
Dominion Textile, Ltd. (quar.)
Dec.
Dec.
9
3 Dec.
3Dec.
Jan.
15
Jan.
Dec.
9
14
16
15
16
Driver-Harris Co
Jan.
16
1 Jan.
Duke Power Co. preferred (quar.)
Jan.
an.
Dec. 31 Dec.
Dec. 31,Dec.
Feb. 15 Jan.
Feb.
31
81H
—
15
*81H
15
Dec. 31
•x va.
(quar.)
30
3 Doc.
3 Dec.
Dec.
82 X
Co
Christiana Securities pref. (quar.)
Cincinnati Advertising Products Co.
Dec.
Jan.
81 H
—
16
1
—
Jan.
Jan.
1
3
81 H
81 H
-
Jan.
50c
81
1 Jan.
1 Jan.
*40c- Jan,
*38c Jan.
Jan.
50c
Feb.
15
3 Dec.
,
Dominion Glass, Ltd.
lYeferred (quar.)
25c
15
3
Feb.
:—
—
Dec.
45c
13
31 Dec. 25
15
17
*50c
Foundries & Steel Ltd
Jan,
Dec,
—
2c
6% cumulative preferred (quar.)
Champion Paper A Fibre pref. (quar.)
Chemical Bank & Trust (N. Y.) (quar.)
Chesapeake Corp. common
Chesapeake & Ohio Ry
Preferred (quar.)
Chicago Daily News, Inc. (reduced)
Preferred (quar.)
Chicago Junction Rys. & Union Stockyards
6% preferred (quar.)
Chicago Pneumatic Tool $3 pref. (quar.)
82H preferred (quar.)
Chicago & Southern Air Lines, Inc.—
7% cum. conv. preferred (quar.)
15 Jan.
Dec.
<iPl
%IH
81H
Central Power Co.. 7% cum. pref. (quar.)
Feb.
15
15
Feb.
—
-
...
Dominion
Dec.
20
15c
16
Feb.
3 Dec.
25c
Dixie Vortex Co. (interim)
Class A (quar.)....
16
Dec. 20
Jan,
3 Dec. 20
Jan.
81%
—
Ltd. pref. (quar.)
Dec.
4c
Jan.
Feb.
Jan.
—
—
Jan*.
Dec.
Jan
1
25c
,
Jan.
Jan.
Mar.
Jan.
82
—
85
,
Jan.
90c
pref.—....
Corp. (quar.)
6H% preferred (quar.)
2d preferred (s.-a.)
Discount Corp. of New York (quar.)
37 He
1st partic. preferred
Central Aguirre Assoc. (quar.)
Central Hanover Bank & Trust Co. (quar.)
Central Illinois Light Co. 4>3% pref. (quar.).
Central Maine Power 6% preferred
15
81H
81H
—
Dome Mines, Ltd
Dominion Fire Insurance Co. (Ont.)
Extra
12
9
3 Dec.
3 Dec.
3 Dec.
16 Dec. 31
(semi-annual)
Detroit. Hillsdale & Southwestern (s.-a.)
Devoe & Reynolds preferred (quar.)
Detroit River Tunnel Co. (semi-annual)..—
Extra
3 Dec.
Jan.
14 Jan.
Diamond Shoe
Jan.
Jan.
Jan.
5 He
Jan,
Jan.
2c
—
Detroit Gray Iron Foundry
50c
3 Dec. 21
15 Jan.
3
Jan.
Jan.
-
Series B-l„
Detroit Edison Co. (final)
2Hc
i
Extra
Davidson-Boutell Co., 6% pref. (quar.)
Davis Coal & Coke capital distribution
Dayton & Michigan RR. 8% preferred (qu.)—
Dejay Stores, Inc
Delaware RR. Co., (s.-a.)
1
De Long Hook & Eye (quar.)..
Deposited Bank Shares N. Y., series A
Payable in stock.
Dec. 24
Jan.
Jan.
15c
Oct.
20
10*
Jan.
(quar.)
Jan.
31
Dec.
75c
—
Jan.
Dec.
1
Jan.
31
Dec.
Dec.
Jan.
for each sh
com.
31
Jan.
.Tan.
Jan.
37 He
75 c
10*
Dec.
81
.
Dec.
31
Dec.
Jan.
Dec.
Jan.
3
1
50c
,
Dec. 31
Feb.
3
Jan.
1
!!J
Jan,
Jan.
Feb.
31
Jan.
2
3 Dec.
3 Dec.
t«2?l
(quar.)
pref. (quar.)
84H preferred (quar.).
Continental Assurance Co. (quar.
.)
Continental Bank & Trust (quar.)
Jan.
Dec. 31
Dec. 31
Dec.
Jan.
10 Jan.
10 Jan,
Jan.
Consumers Power Co. $5
*30c
Jan.
Jan.
Jan.
Jan.
2« c
prior preference held.
Cosmos Imperial Mills, Ltd. 5% pref. (quar.) —
Cottrell (C. B.) & Sons 6% preferred (quar.)..
Courier-Post Co., 7% preferred (quar.)
Cream of Wheat Corp
Creamery Package Mfg. Co. (quar.)
Crown Cork International Corp., class A
Crown Drug Co., preferred (quar.)
Crown Zellerbach Corp. (interim).
Crum& Forster (quar.)
8% preferred (quar.)
—
Crystal Tissue Co. 8% pref. (s.-a.)
Cuneo Press, Inc. (extra)
—
Cunningham Drug Stores, Inc
6% preferred B (quar.)
Darby Petroleum Corp. (sehU-annual)
81H
81H
81X
62 He
15 Jan.
$3
81H
—
Stk. div. of l-20th sn. of
15
Jan,
75c
Cooper-Bessemer Corp., prior pref
40c
16
2 Dec.
Jan.
2Pc
3 Dec.
7oc
1 Jan.
75c
-
Consolidated Laundries Corp., $7 H pref. (quar.)
Consolidated Min. & Smelt. Co. (Canada)
Bonus
Dec. 20
Feb.
20c
—
Year-end dividend-
6
17
Jan.
Jan.
$5
—
Consolidated Oil Corp, (quar.)
Consolidated Retail Stores pref. (quar.)—
50c
,
—
!1S
t|0c
Connecticut Light &
Dec.
Dec. 20
Jan.
6H % preferred (quar.)
$1.62
6% preferred (quar.)
81H
Commercial Alcohols, Ltd.. S% cum. pref. (qu.)
10c
Commercial Discount Co. (Los Angeles):
8% preferred (quar.)
20c
7% preferred quar.)
17Hc
Commercial Investment Trust Co. (quar.)
$1
$4H convertible preferred (qaur.)
$ 1.06 H
Commercial National Bank & Trust (quar.)
$2
Commodity Corp
10c
Commonwealth & Southern preferred
75c
Commonwealth Telep. Co. (Madison, Wise.),
6% preferred
81H
Commonwealth Utilities Corp., $7 pref. A (quar.)
8154
$6 preferred B (quar.)
81H
$6H preferred C (quar.)
8194
Commonwealth Water & Light $7 pref. (quar.)
$6 preferred (quar.).
Concord Gas 7% preferred—
Jan.
Jan.
Dec.
Dec.
Jan.
Cumulative preferred series B (quar.)
Columbus & Southern Ohio Electric Co.—
45c
7% preferred (quar.)
Brunswick-Ba 1 ke-Col 1 ender pref. (quar.)
Buckerfield's 7 % preferred
15
Dec. 23
3
Dec. 20
Jan.
Jan.
Jan.
Jan.
21
Jan.
2%
87 He
81 %
81H
tSlH
81H
S1H
81H
81 %
Jan.
Dec,
Jan.
—
'onfederation Life Assoc (Toronto) (quar.)
Connecticut Fire Insurance Co. (Hartford), extra
Connecticut Gas & Coke Securities, pref. (qu.)_
Connecticut General Life Insurance (quar.)
*2H$
*50c
Brooklyn Trust Co, (semi-annual)
Bruce (E. L.) Co., 3H% preferred (quar.)
Canadian Cottons, Ltd.
Jan.
Tan.
Dec. 20
Jan.
_
18c
—
British Columbia Power, class A (quar.)
Broad Street Investing (quar.)
„
15 Dec.
3 Dec.
50c
,
Class A (quar.).
Jan.
20c
Bridgeport Machine, pref. (quar.)
Brillo Mfg. Co
common (quar.)-
81H
81H
27
Dec. 20
Jan. 21
Jan.
__
81H
$6 preferred
:
Bliss & Laughlin (resumed)
26
Dec.
Jan.
Colgate-PalmolJve-Peet Co. preferred (quar.)
Jan.
12Hc
81H
81H
Birmingham Electric $7 preferred
Extra
Dec.
25c
Extra
9
25c
Dec. 20
Jan.
Jan.
62 He
(semi-annual)
16
19
Jan.
J
Clinton Trust Co. (N. Y.) (quar.)
Clinton Water Works Co., 7% preferred (quar.)
Cluett, Peabody & Co.. Inc. pref. (quar.)
3
15
Dec.
Jan.
Jan.
25 Jan.
25 Jan.
lh
Dec.
Jan.
Jan.
2
Dec.
Jan,
Jan.
40c
Preferred (quar.)
Biltmore Hats Ltd.
Extra
Jan.
(qu.)
68c
5% preferred (quar.)
Holders
When
Payable of Record
Jan.
Jan.
Feb.
—
City Baking Co., 7% pref. (quar.)
City Investing Co., preferred (quar.)
Clearfield & Mahoning RR. (semi-annual)
81H
Blckford's, Inc
Chilton
Share
Jan.
50c
81
(Quarterly)
Bell Telephone of Canada (quar.)
Bell Telep. of Penna.. preferred (quar.)
Beneficial Industrial Loan Corp. pref. class A
Bethlehem Steel Corp., 7% pref. (quar.)
cum.
Company
75c
25c
Belding-Ccrticelli, Ltd. (quar.)
Preferred (quar.)
7%
Nam*, of
81H
82 H
Extra
Preferred
Per
Payable of Record
25c
Beech-Nut Packing Co.
4007
Hold. rs
When
Share
Chronicle
16 Dec. 31
3
3
15
10 Dec. 30
3 Dec.
81 %
(quar.)..—
Preferred (quar.)
Edmonton City Dairy Co., 6H%
3 Dec. 21
Jan.
3 Dec. 15
62 He
82
.
Dec. 31 Dec.
Jan.
3 Dec.
15
16
Jan.
Jan.
10
Jan.
Jan.
10
81H
1H
;i h
Jan.
Dec. 31
25c
Jan.
Dec.
24
t Tec
Dec.
20
81 H
81 %
*1 H
37Hc
M
iiH
—
preferred —
Jan.
81H
Preferred (quar.)
Eastman Kodak Co.
Jan.
15
til
3-31-39 3-20-39
6-30-39 ft—20-30
Jan.
5 Dec. 27
Jan.
Jan.
7
Feb.
Jan.
14
Jan.
Dec.
6
Jan.
Jan.
3,Dec.
3lDec.
6
15
When
Share
Name of Company
6% preferred B (quar.)
Emerson Drug Co. preferred
Jan.
Jan,
3 Dec. 20
Dec. 20
Jan.
Dec. 3o
$!*»
50c
Jan.
Dee.
Jan.
Dec. 15
*
(quar.)
Mfg. preferred (quar.)—
Empire Trust Co. (N. Y.) (quar.).---*--Emporium Capwell common
pref. A (quar.)
—
Endicott-Johnson Corp
——
5% preferred (quar.)Engineers Puolic bervice $5 pref. (quar.)——
S5M preferred (quar.)
$0 preferred (quar.)
.......
Equadorian Corp., ordinary
-
*16
25c
"fro
SIM
$1*
SIM
SIM
'
Jan.
Dec. 23
Jan.
Dec. 16
Jan,
Dec* 24
Jan.
Jan.
Dec. 23
Jan.
Jan.
Jan.
Dec. 23
Dec. 16
Dec. 16
Esquire-Coronet, Inc. (quar.)....——------Excelsior JUfe insurance Co. (Ont.) (s.-a.)/
Falstaff Brewing Corp. (quar.)..——
Quarterly. —
*
Preferred (semi-ann.)
'
Famise Corp., cl ass A (quar.)..
Jan.
Dec.
16
15
Jan.
Dec.
l5
60c
Jan.
Dec. 28
10c
Jan.,
2 Dec. 28
30c
—————
—
Jan.
lc
Equitable Fire Insurance Co. (S. C.) (s.-a)
Extra*..
3«»
3c
—-
-
Per
Holders
$1.60
$1 Ye
Emerson Electric
Extra.
,
Jan.
3 Dec. 20
Dec.
Hatfield-Campbell Creek Coal—
5% cum. prior preferred (quar.)
Haverhill Gas Light Co
Haverty Furniture Co., pref. (quar.)
Hawaiian Commercial & Sugar Co
Hawaiian Sugar Co. (quar.)
Hazel-Atlas Glass Co. (quar.)
...
Hecker Products Corp. (quar.)
Hediey Mascot Gold Mines, Ltd. (quar.)
Extra
Dec. 31
Feb.
May
May 16
Apr,
Mar. 1»
Holme.
6Mc
Jan.
Dec. 20
Home Telep. & Teleg. (Ft. Wayne,
25c
Jan.
10c
Jan.
Dec, 15
Dec. 22
Dec.
Dec.
Dec.
Jan.
Dec,
Federal Insurance (J. C., N. J.) (quar.)...— —
5uc
75c
35c
Federal Knitting Mills (liquidating) - - _ - Federal Service Finance Corp, (Wash,, D.
$5
75c
Jan.
Jan.
9
Dec. 23
Dec. 27
Dec. 31
SIM
Jan,
Dec.
35c
Jan.
Dec. 3u
Faultless Rubber Co
...—
Fedders Mfg. Co
- — - —
Federal Bake Shops, Inc.————.——*—*
Preferred (semi-annual) ......
—
-----
C.)~-
6% preferred (quar.)
....—
Federation Bank 6c Trust Co
----Feltman & Cur me Shoe Stores preferred (qu.) —
Fibreboard Products, Inc., 6% pref. (quar.)...
Fidelity & Deposit (Md.) (extra)..——.....—
Fidelity & Guaranty Fire Corp
—
—
Jan.
Gee.
Feb.
$i
0
31
Jan.
Dec.
l
16
Dec, 2u
5oc
Jan.
Dec. 22
30c
Jan.
Dec. 31
20c
Jan,
$6
Jan.
Jan.
Dec. 31
Dec. 31
u
qu.)
First National Bank of Jersey City (quar.)-.—.
First National Bank (Toms River, N.J.) (quar.) 87Mc
$25
First National Bank of N. Y. (quar.)--------62Mc
First National Stores (quar.).................
SIM
Fishman (M. H.) Co. 6% pref. (quar.) —,—
7% preferred (quar.)
—
Florida Power & Light $7 preferred— -/
t$L31
t$1.13
$6 preferred
•,
25c
Florsheim Shoe Co., class A (quar.)..
12 Mc
Class B (quar.)—
Jan.
Fideiity-Phenix Fire Ins. Co. (s.-a.).———
Year-end dividend
Fifth Ave. Bank (quar.)
—.........—
*....—
Finance Co. of Penna. (quar.)
First .National Bank (Chicago)
»—
-
Food
25c
Machinery Corp.......-...-.*--—
Preferred (quar.)-......
Forbes & Wallace, Inc., $3 class A (quar.)
Foster & Kleiser Co., 6% pref. A (quar.)-.
Fox (Peter) Brewing Co* (quar.).-........—.
Preferred (quar.)
—
Gas Securities Co. (monthly)
Dec. 20
Dec. 20
Dec. 20
Dec. 20
Jan,
Jan.
Dec.
Dec.
Jan.
JanDec.
Dec.
15
Dec.
15
Dec, 24
Dec.
...
7% preferred (semi-ann.)
6% preferred
—Houdaille-Hershey class A (quar.)
Household Finance Corp. (quar.)
—
Preferred (quar.)
..........
—
Houston Oi! Fields Material
—..——......
Hudson's Bay Co., 5% preferred (s.-a.)..——
Huron & Erie Mortgage (quar.)
..........
Hussmann-Ligonier, preferred (quar,)..
—
Hyde Park Breweries Assoc. (increased)—
Illinois Central, 4% leased lines (s.-a.). _ —....
Imperial Life Assurance Co (Canada) (quar.)..
Imperial Tobacco of Canada, ord. (interim)....
Indiana & Michigan Electric Co.—
7% preferred (quar.)
—...
6% preferred (quar.)
:—
Indianapolis Power & Light 6M% pref. (quar.).
Indianapolis Water Co.. 5% cum. pref. A (quar.)
Industrial Acceptance Corp.,.5% pref. (quar.).
$2 class A (quar.)....
$2 class A (extra)-**-—
Ingersoil Rand Co., pref. (semi-ann.)--Insurance Co. of North Africa (s.-a.).—.—.
-
—
15
International Nickel of Canada——
Jan.
15
SIM
$2 M
Jan.
Dec. 27
Dec. 19
Preferred (quar.)._
.......
International Ocean Teleg. Co. (quar.)-.*.....
International Power Co. preferrea (quar.)..
SIM
25c
75c
lul
—
(quar.)
—.—-
Development Co
—.Discount Corp., 7% pref. (quar.)
Fireproofing Co. pref. (quar.)
----Foods, pref. (quar.)
—...
Machinery Corp.—4M % convertible preferred (quar.).....—i
General Mills, Inc., 6% cum. pref. (quar.).
General Motors Corp. pref. (quar.)—
General Paint Corp., preferred (quar.)
General Printing Ink Corp. $6 cum. pref. (quar.)
General Railway bignai, preferred (quar.)—...
General Shoe Corp
...
Cumulative preferred (s.-a.)....
General Telephone Corp. $3 conv pref, (quar.)
General Time Instruments, pref. (quar.)_.*.-—
General Tire & Rubber, preferred (quar.),——
General Water, Gas & Electric Co
$3 preferred (quar '
<
'
Georgia Power Co.
preferred (quar.)
$5 preferred (qua'
Georgia RR. & Bauaing Co. (quar.)
Gibraltar Corp.,parwc. pref. (initial).
-
Jan.'
Jan,
Dec.
Jan,
Jan.
15
10
Feb.
Jan.
20
Jan.
Dec,
Dec.
15
Dec.
1
Jan.
15
SIM
SIM
Jan.
Jan.
Dec. 20
30c
Jan.
Jan.
Jan.
3
Dec. 20
Jan.
Dec. 20
Feb.
Jan.
87Mc
SIM
SIM
10
SIM
Jan.
SIM
SIM
Jan.
3 Dec. 14
3'Dec. 10*
Feb.
1 Jan.
9
67c
Jan.
Jan.
1 Dec.
16
SIM
3|Dec. 20
Jan.
3 Dec.
19
Jan.
31 Jan.
16
-
International Products, pref.
International Shoe Co
—.-
Investment Foundation Ltd., cum. prefCumulative preferred (quar.)
-
-
-
.
—
—
(quar.)
$6M preferred (quar.) —
......2—
1st $6 preferred (quar.)-.......—.—....
Irving Trust Co. (quar.)
—
Island Creek Coal Co. pref. (quar.)..—......
Jamaica Public Service, Ltd—.........
7% preferred (quar.)__
7 % preferred B (quar.)
James Mfg. Co., 5M% series A pref. (s.-a)....
5% series B (s.-a.)
—
—
—
Jersey Central Power & Light 5M % pref. (qu.)_.
6% preferred (quar.)
7% preferred (quar.)....
Johnson Service Co. (quar.)
.......
—
—...
Jan.
3 Dec. 31
75c
Jan.
Jan.
Dec. 20
Johns-Manville Corp. pref.
Dec.
Dec. 20
Joliet & Chicago RR. (quar.)
10c
Jan.
Dec.
12
75c
Jan.
Dec.
12
Jan.'
Dec.
15
Jan.
Dec.
Jan.
15
Joplin Water Works, 6% pref. (quar.)..-—..
Julian & Kokenge Co. (s.-a,)_.—
Kahn's (E. Sons Co.) (quar.)..
7 % preferred (quar.)
— i -—
Kansas City Power & Light, pref. (quar.)
SIM
SIM
—
Dec.
15
—
...—*—
Extra
(quar.)
.........
....—
Dec. 20
Jan.
Dec. 20
25c
(quar.)
Gimbel Bros., 6% pref. (quar.)
Glens Falls Insurance Co. (quar.)
Jan.
5oc
Mar.
Feb.
1
Kansas Gas & Electric 7 % pref. (quar.)
SIM
Jan,
3
SIM
Jan.
Jan.
6% preferred (quar.)
pref. (quar.)
$6 preferred (quar.)..
Kansas Power & Light Co. 7% pref. (quar.) —
6% preferred (quar.)
...
Katz Drug Co. preferred (quar.) —
—
Kaufmann Dept. Stores,*pref. (quar.)——...
40c
Jan.
Dec.
10
15
56 Mc
Jan.
Dec.
16
SIM
.......
Jan.
Dec. 20
—
Glidden Co. preferred (quar.)
Globe-Wernicke Co. 7% preferred (quar.).*
Godchaux Sugars, class A..
Jan.
Dec.
25c
Jan.
Dec.
17
17
15
SIM
Jan.
Dec.
31
62 Mc
tSIM
Jan.
Dec.
10
Jan.
„
....
Preferred (quar.)..
Goderich Elevator & Transit Co. (s.-a.)
Gold & Stock Teleg. Co. (quar.)
Goldblatt Bros.,inc., pref. (quar.)
Goodrich (B. F.: (5 preferred-...
L.
Dec.
Dec.
Dec.'
9
SIM
Dec.
Dec.
9
63c
Jan.
Dec.
62Mc
Jan.
15
Dec. 15
75c
Jan,
Dec. 20
SIM
Feb.
35c
*
$5 preferred («*iar.)
Goodyear Tire k Rubber (Can.) (quar.)—
Preferred (qu»r.)
;
Gorton Pew Fisheries (quar.)
Gotham Silk Hosiery Co., Inc., pref.
Grant (W. T.) Co., common (qaur.)
Mar.
1
Jan.
Jan,
Dec.
"
25c
6% cumulative preferred (quar.)
Great Lakes Power Co., series A pref. (quar.)
Great Western Life Assurance (quar.)
Great. Western Sugar (quar.)
—
Jan.
t$l H
Jan.
12
14
Dec. 14
Dec. 31
$5
Jan.
Dec. 20
60c
Jan.
Jan.
Dec.
Dec.
15
Jan.
(quar,)—-
Dec.
15
Jan.
Dec.
20
Jan.
Dec.
20
Preferred (quar.)..
Greening (B.) Wire Co., Ltd. (quar.)..
Greenwich Gas Co,, partic. pref. (quar.)
Greenwich Water & Gas System 6% pref
Griesedieck-Western Brewery—
5M% conv. preferred (quar.)
Griggs, Cooper & Co. 7 % pref. (quar.)
Gross (L.N ),7% pref.
(quar.)
Guarantee Co. of N, A. (Mont., Que.) (quar.)
Extra..
Guaranty Trust Co. (N. Y.) (quar.)
Gulf Power Co., $6 pref.
(quar.)
Hackensack Water 7% preferred (quar.)
Halifax Fire Insurance Co. (N. S.) (semi-ann.)
...
Haloid Co..
Hamilton Cotton Co., $2 conv. preferred.
Hamilton United Theatres, Ltd.. 7% pref,
Hammemiill Paper Co., 6% pref. (quar.),
Hanes (P. H.) Knitting Co. Class B
(quar.)
7% pveferred (quar.)
Hanovtu Fire Insurance (quar.)
Harbison-Walker Refractories, pref
Harding Carpets Ltd
Harris-Seybold-Potter, pref. (quar.)..
Harrisburg Gas, 7% preferred (quar.)
Hartford Fire Insurance (quar.)
31Mc
SIM
15
Kansas Electric Power
Co., 7% pref. (quar.)..
6% preferred (quar.)
Kansas Power Co. $7
(Initial)
.....
Kearney (James R.) Corp., 6% pref. (s.-a.)
Kellogg Switchboard & Supply
Preferred
(quar.)
...— -
1
Dec. 31
Dec. 31
Dec.
9
Dec. 20
Dec
16
Dec. 10
Dec. 24
Dec. 15
Nov. 30
Dec. 15
Nov. 21
Dec. 20
3|Dec. 19
20 Jan.
6
3 Dec. 17
1 Dec. 20
16 Dec. 31
3 Dec. 15
Jan.
3 Dec. 20
3 Dec. 20
3 Dec. 27
14 Dec. 31
Jan.
Jan.
14 Dec. 31
20 Dec. 15
Jan.
1
3 Dec." 15*
Dec, 31 Dec. 20
Jan.
3 Dec. 15
ill
:«3j_
tlCc
fiff
SIM
SIM
SIM
50c
Jan.
Jan.
9
3 Dec.
7
7
Jan.
Jan.
Jan.
1 Dec. 12*
Dec. 31 Dec. 21
Dec. 31 Dec. 21
Dec. 31 Dec, 21
Jan,
3 Dec.
5
Jan.
Jan.
Jan.
Jan.
Jan.
§i
Jan,
5%
37Mc
Apr.
Jan,
15 Dec, 31
15 Dec. 31
15 Jan. 10
2 Dec. 21
2 Dec. 21
2 Dec. 21
1 Mar. 5
3 Dec. 20
Jan. 16 Dec; 20
Dec. 31 Dec.
2
1 Jan.
3
Feb.
Jan.
Jan.
si
3 Dec.
.1 Dec. 10
Jan.
121§
&
•jSS
1 Dec. 12
3 Dec. 31
Dec. 31 Dec.
Jan.
37Mc
Jan.
28c
Jan.
t25c
Jan.
75c
Jan.
SIM
SIM
SIM
Jan.
15c
Jan,
SIM
15
Jan.
SIM
lMc
31
15
31
Jan.
43 Mc
3 Dec.
3 Dec.
16 Dec.
1 Dec.
15 Dec.
1 Dec.
Jan,
27 Mc
S2M
Jan.
Jan.
29
15
16 Dec. 31
16 Dec. 31
3 Dec, 20
3 Dec. 20
3 Dec. 20
3 Dec. 13
3 Dec. 22;
3 Dec. 15
3 Dec. 15
Jan.
3 Dec. 15
Dec. 31 Dec. 15
Dec. 31 Dec.
15
Jan.
2 Dec. 20
SIM
SIM
SIM
Jan.
1 Dec.
10
Jan.
Jan.
1 Dec.
1 Dec.
10
25c
50c
SIM
10
Dec. 31 Dec. 19
Dec. 31 Dec. 19
Jan.
1 Dec. 16
fll
Jan.
Jan.
25c
Jan.
SIM
SIM
Jan.
in
SIM
SIM
SIM
SIM
in
SIM
SIM
13c
75c
SIM
SIM
8Mc
3'Dec. 20
16 Jan.
3
15 Jan.
3
3 Dec. 20
3 Dec. 20
Jan.
1 Dec.
Jan.
3 Dec. 15
3 Dec. 15
Jan.
Jan,
Jan.
Jan.
Jan.
14
2 Dec. 14
2 Dec. 14
2 Dec. 20
2 Dec. 20
3 Dec. 20
3 Dec, 20
Jan.
1 Dec. 15
Dec. 31 Dec. 10
Jan. 28 Jan. 10
Jan:
3 Dec, 15
Jan. 31 Jan. 10
Jan.
Jan.
10
Jan.
31 Jan.
Jan.
14 Dec. 27
2 Dec.
10
3 Dec.
1 Jan,
15
Feb,
25c
SIM
27 Mc
SIM
SIM
SIM
37 Mc
Jan,
Jan,
3 Dec. 12
3 Dec. 12
Jan.
3 Dec. 22
1 Dec. 15
1 Dec. 15
1 Dec. 15
25c
Jan.
62 Mc
Feb.
70c
10c
Jan,
Jan,
Jan.
Jan,
Jan.
Jan.
12
2 Dec. 22
2 Dec. 20
20
Jan.
23 Jan.
14
Jan.
23 Jan.
14
75c
Jan.
1 Dec.
14
Dec. 31 Dec. 21
Dec. 31
Lang (J. A.) & Sons (quar.)
Langendorf United Bakeries, Inc., class B—- Class B (extra)
Class A (quar.)
—
Preferred (quar.)
Lawyers Trust Co. (quar.)
Lehigh Portland Cement Co. 4% pref. (quar.)_
Lehman Corp
Lexington Union Station, 4% pref. (s-a)
Life & Casualty Insurance Co. (Tenn.)
Liggett & Myers Tobacco, pref. (quar.)
T
-
—
*
—*:
SIM
SIM
Jan.
SIM
SIM
Jan.
1 Jan.
2 Dec.
37 Mc
Co
Line Material Co
1 Jan.
4c
lc
Koppers Co., 6% preferred
Kresge Dent. Stores, pref. (quar.)
Kroehler Mfg. Co. 6% class A pref. (quar.)
Kroger Grocery & Baking Co. 6% pref. (quar.) —
7% preferred (quar.)—
...
Lafayette Fire Insurance Co. (N. O.) (s.-a.)-Lambert
Jan.
Jan.
Jan.
68Mc
$1
5c
-
Kentucky Utilities 6% preferred (quar.)..-.--.
Kerlyn Oil Co., class A (quar.)
— —
Keystone Public Service Co., $2.80 preferred—
Keystone Steel & Wire
Kimberly-Clark Corp. (quar.)-.—-—
Preferred (quar.).
...
King-Seeley Corp., 5M% pref. (quar.) — —
Kings County Lighting. 7% pref. B (quar.)—..
6% preferred C (quar.)*..
5% preferred D (quar.).
Kirsch Co. $1M preferred (quar.)...
Klein (D. Erail) (quar.)..
...
Preferred (quar.).
Kootenay Belle Gold Nines (quar.)...-Extra
Jan.
Jan.
3 Dec. 21
Nov, 30 Nov. 17
3 Dec. 22
Jan,
Jan.
*
SIM
SIM
$2M
30c
Jan.
16
17
25c
.
20c
...
Dec. 31 Dec.
Jan.
3 Dec.
Jan.
....
...
Iowa Public Service Co. 1st $7 pref.
10
1
3 Dec.
1
Jan.
3 Dec. 10
3 Dec. 10
Jan.
3 Dec. 10
Jan.
Jan. 27 Jan. 17
Feb. 24 Feb; 14
Mar. 31 Mar. 21
Jan.
3
Jan.
3
Dec. 31 Dec. 10
Dec. 31 Dec. 10
Dec. 31 Dec. 16
Jan.
SIM
12Mc
2M%
(semi-ann.)--
Interstate Home Equipment (quar.)
......
Inter-State Royalty Co., class A (quar.)...
Jefferson Electric.--
SIM
t$7
tSIM
62 Mc
—
Jan.
Dec. 21
.
$3
;
8% preferred (semi-ann.)
——
International Business Machines (stock div.)International Cellucotton Products Co. (quar.).
International Harvester Co. (quar.)- —
Feb.
Dec.
25c
37Mc
15c
T5c
SIM
4
5
16*
Jan.
35c
Extra
1
Interallied Investment Corp. A (s.-a.)
Intercolonial Coal Co. (semi-ann.)—
Extra
15c
SIM
31 Mc
SIM
—
Hooker Electrochemical Co
...........
Horn & Hardart Baking Co. (quar.)....
Hotels Statler Co., Inc., 7% preferred
—
Feb,
Jan.
—.—
American Investors preferred (quar.)..
Jan.
Jan.
loc
15c
22
27
22
Ind.)—
Dec.
15c
*—
Gibson Art Co. fqw.)
Gillette Rubber Co. (quaar.)
Gillette Safety Razor Co. pref.
Dec. 31
Jan.
(quar.)
30c
$1
...
Gannett Co., Inc;, $6 pref. (quar ) —........
Gardner-Denver Co. (quar.)
-—...
General
General
General
General
General
General
Jan.
Jan.
—
(D. H.) Co., Ltd.
16
15
Dec. 15
37Mc.
25c
.....—
Malting
Preferred (guar.)
- - * Fuller (Geo. A.) 4% preferred (quar.)
;
Fuller Brush Co., 7 % preferred (quar.).......
Fulton Trust Co. (N. Y.) (quar.)...
.......
6 % preferred (monthly)
Gatineau .rower Co. pref.
75c
Jan.
Dec. 28
Dec. 15
Dec. 13
Dec. 31
Jan.
lc
10c
Preferred (quar.)
Froedtert Grain &
SIM
Dec.
Dec. 17
Dec. 24
Dec. 24
15c
3c
$1M
$2
SIM
Extra-
3 Dec.
Feb.
(monthly)—r—— —
Jan.
Jan.
50c
15c Jan.
$1M Jan.
Monthly
—
Monthly
.......
Hickok Oil Corp., 7% prior pref.
*
5% preferred (quar.)-..........
Hilton-Davis Chemical Co. (quar.)
—.—-%1M preferred (quar.)
.....
Hollinger Consol. Gold Mines...—.—--—--
Feb.
Feb.
3 Dec.
3 Dec.
2 Dec.
15 Feb,
15 Jan.
3 Dec.
1 Jan.
Jan.
—
Hibbard Spencer Bartlett
Jan.
Jan.
—
Holders
When
20c
*
1938
Payable of Record
37 Mc
—
—
15c
15c
3c
.
15c
—
■ -
Helme (Geo. W.) Co, common—*
Extra
Preferred (quar.).
$1.20
13
Share
Name of Company
J Payable of Record
50c
Elgin Sweeper Co., $2 pref. (guar.)
Elmira & Willlamsport RR., 7% preferred----El Paso Electric Co. (Del.) 7% pref. A (qu.)--
■
Dec. 31,
Financial Chronicle
4008
Jan.
3 Dec,
17Mc
Jan.
30c
Jan.
5c
50c
75c
Jan.
Jan.
35c
Jan.
Feb.
Jan.
2 Dec. 20
17
15
16
3 Dec. 15
15 D3c. 31
15 Dec. 31
15 Dec. 31
15 Dec. 31
3 Dec. 23
13
SI
Jan.
20c
Jan.
6 Dec. 23
$2
Jan.
3 Dec.
2 Dec.
15
13c
Jan.
SIM
Jan.
20c
Jan.
15 Dec. 271
3 Dec. 16
3 Dec. 20
Lionel Cor p.'common (interim)..
20c
Jan.
Liquid Carbonic Corp. (quar.)
20c
Jan.
2 Dec. 15
13
2 Dec.
Volume
147
Financial
Per
Name of Company
Share
Link Belt Co. (quar.)
Preferred (quar.)
25c
1 Feb.
Mar.
(reduced)
8% preferred (quarterly)..
Locke Steel Chain Co. (quar.)
Lockhart Power Co., 7% preferred
Apr.
3
$2
Dec.
3 Dec. 20
16 Dec. 16
Jan.
Jan.
50c
■
Loomis-Sayles Second Fund, Inc
Loose-Wiles Biscuit pref. (quar.)
Lord & Taylor (quar.)
31 Dec.
Dec.
31 Dec.
13
15c
Extra
Dec.
5uc
Loew's, Inc. (quar.)
Jan.
4 Dec.
21
Dec.
19
3 Dec.
13
$1)4
$2>4
1
Jan.
Jan.
Jan.
14 Dec.
31
Dec.
14 Dec. 31
31
Jan.
40c
1
Jan.
3 Dec.
3 Dec.
Jan.
Jan.
134%
Jan.
Dec.
Jan.
Jan.
2 Dec.
$134
Jan.
25c
Jan.
60c
Jan.
$134
Jan.
1
Jan.
3 Dec. 28
3 Dec. 12
5oc
50c
Jan.
25c
.
Jan.
5Uc
Preferred (quar.)
Mapes Consoi. Mfg. Co. (quar.)
Margay Oil Corp, (quar.)
Marine Midland Corp
zL
Marion Water Co. 7% pref. (quar.)
Marsh (M.) & Sons, Inc.
(quar.)
Maui Agricultural Ltd
Medusa Portland Cement Co., 6% pref. A (qu.)
Melchers Distilleries, Ldt., 6% preferred (s.-a.)_
Mengel Co., 5% pref. (semi-ann.)
Jan.
Jan.
15 Jan.
1 Dec.
12c
Jan.
Jan.
Jan.
3 Dec.
3 Dec.
15c
Jan.
Jan.
Merck & Co. $6 pref. (quar.)
Mesta Machine Co
$134
Jan.
5uc
-
$134
Jan.
15
2 Dec.
3 Dec. 15
31 Jan. 21
$25
Jan.
60c
Jna.
Middlesex Water Co., 7% preferred (s.-a.)
Midland Grocery Co., 6% pref. (s.-a.)
$334
Jan.
$3
Jan.
Midland Steel Products Co. 8% pref. (quar.)_.
Mill Creek & Mine Hill Navigation RR...
$2
$134
Jan.
12 Dec. 31
15c
Dec.
31 Dec.
+$2*4
til
Dec.
31 Dec.
16
16
Dec.
31 Dec.
3 Dec.
16
15
Millers Falls Co_-
z
7% preferred
2nd preferred
Minor, Inc. (final)
„
$6 preferred
26
13
Monongahela Valley Water, 7% pref. (quar.)__
Monongahela West Penn Public Service—
7% preferred (quar.)
Monroe Chemical Co., preferred (quar.)
Monroe Loan Society
Monsanto Chemical $4H class A pref. (s-a)
Montgomery Ward & Co. (quar.)
__
Pacific Public Service (Calif.) pref.
Jan.
Jan.
3 Dec. 20
Page-Hersey Tubes, Ltd. (quar.)
Jan.
3 Dec. 20
Panhandle Eastern Pipe Line
Jan.
3 Dec.
15
$134
$134
Jan.
2 Dec.
20
Jan.
3 Dec.
15
$134
Jan.
3 Dec.
16
$2
$134
Jan.
3 Dec.
1 Dec.
15
3c
Jan.
15 Dec. 31
Paterson & Hudson River RR
Pathe Film Corp., preferred (quar.)
Paymaster Consoi. Mines, Ltd..
Peninsular Telep., pref. A (quar.)
$134
Jan.
16 Jan.
3
Jan.
3 Dec.
Jan.
5c
Jan.
2 Dec.
16 Jan.
15
15
$2 34
June
25c
Jan.
1
14 Dec.
14 Dec.
Jan.
?
Jan.
(quar.)
5uc
Preferred (quar.)..
7% preferred (quar.).
6% preferred (quar.)
Morrison Cafeterias Consoi., 7% pref. (quar.)..
Morristown Securities Corp
:
Mount Carbon & Port Carbon RR. (s.-a.)
Mountain States Telep. & Teleg. (quar.)_
7
31 Dec.
Jan.
20
3 Dec. 24
Jan.
Jan.
Jan.
15 Dec.
$134
Jan.
6c
Jan.
50c
25c
35c
Jan.
3 Dec. 23
16 Dec. 31
16 Dec. 31
Jan.
16 Jan.
...
-
_
15
31
5
3 Nov. 29
National Standard Co
25c
Jan.
National Steel Car Corp. (quar.)
National Sugar Refining Co. (N. J.)
Navarro Oil Co. (quar.)
50c
Jan.
3 Dec. 15
14 Dec. 31
25c
Jan.
3 Dec.
10c
Jan.
O
10c
Jan.
3 Dec. 22
Jan.
1 Dec.
$1.3134 Jan.
Jan.
$234
Jan.
$1
3 Dec.
Nehi Corp
50c
Newport Electric Corp., pref. (quar.)
New York Hanseatic Corp. (extra)
i
6
O
Extra
New Haven Water Co. (s.-a.)
New Jersey Water Co., 7% preferred (quar.)
—
Jan.
22
New Orleans Public Service $7 preferred
--
$134
20
27
Dec. 22
1 Dec.
15
15
3 Dec. 21
Jan.
3 Dec.
15
15
Jan.
Jan.
3 Dec.
17
3 Dec.
17
$2
Jan.
$134
$134
$134
$2
Jan.
Jan.
3 Dec. 15
3 Dec. 20
3 Dec. 15
Jan.
,2 Dec. 15
Jan,
3 Dec. 27
33 13
40c
20c
an.
3 Dec.
27
2 Dec.
1 Dec.
15
16
1
Dec.
16
3
Co
W. & Chicago Ry.
-
(quar.)
7% pref. (quar.)--
(quar.)
—
(quar.)
(quar.)
—
(quar.)....
-Pittsfield & North Adams RR. (s.-a.)
Plainfield Union Water Co. (quar.)
Plough, Inc.
Plymouth Cordage Co. (quar.)
Pocahontas Fuel Co., 6% pref. (s.-a.)
Porto Rico Power Co., Ltd., 7% pref. (qu.)--_.
Potomac Electric Power, 6% preferred (quar.)..
5 34 % preferred (quar.)
Power Corp. of Canada, Ltd.—
6% cumulative preferred (quar.)
----—
6% non-cum. partic. preferred (quar.)
.
Premier Gold Mining (quar.)
Premier Shares. Inc. (semi-ann.)
—
Procter & Gamble 8% preferred (quar.)
Provincial Paper Co., 7% preferred (quar.)
Prudential Investing Corp. (quar.)
Prudential Investors, Inc., preferred (quar.)__~
Public National Bank & Trust Co. (N. Y.)
Public Service Co. (Colorado) 7% pref. (mthly.)
*
7%
7%
7%
7%
15 Jan.
7
1
Feb.
20
Jan.
3 Dec.
12
3 Dec.
23
Jan.
Feb.
16 Dec. 31
15 Feb.
4
3
Jan.
Jan.
Jan.
2 Dec.
10
Jan.
2 Dec.
1 Dec.
15
Jan.
Jan.
25 Jan.
Jan.
Jan.
$154
'
3 Dec.
3 Dec.
3 Dec
Jan.
Jan.
Jan.
$1
40c
Jan.
$154
Jan.
5 c
25c
Jan.
$154
20c
Dec.-16
3 Dec. 15
15
3 Dec. 15
3 Dec.
I
Dec.
11
10
15
15
15
lo
3 Dec. 20
2 Dec.
16 Jan.
Jan.
20
3
Dec. 31 Dec. 16
25 Dec. 31
3 Dec.
2
Jan.
Jan.
3 Dec.
Jan.
2
9
1 Dec.
10 Dec, 31
16 Jan.
3
Jan,
Jan.
Jan.
preferred
preferred
preferred
preferred
6% preferred (monthly)
5% preferred (monthly)
Public Service of N. J.. 6% preferred
(monthly)
1 Feb.
15
Jan.
1 Dec.
15
50c
(quar.)
14
1 Dec.
Special
Phoenix Insurance Co
14
1 Jan.
15
3 Dec. 15
16 Dec. 31
1 Jan.
16
14 Dec. 31
Jan.
:18
1 Jan.
3 Dec.
12
2 Dec.
Jan.
$6 preferred (quar.)
$5 preferred (quar.)
—
...
...
50c
Philadelphia Electric Power, preferred (quar,)..
$2 54
Philadelphia & Trenton RR. (quar.)
75c
Philip Morris & Co..
—
$154
Preferred (quar.)...
$1.3154
Phillips Packing Co. preferred (quar.)
1 Jan.
Feb.
New Hampshire Fire Insurance Co_
—
Feb.
Feb.
31
31 Dec.
Jan.
70c
...
Feb.
Jan.
$2 preferred
(quar.)
Dec.
50c
(quar.)
(Phila.), $4 preferred...
Pennsylvania Edison Co. $5 preferred (quar.)
$2.80 preferred (quar.)
—
50c
$134
16 Dec.
Dec.
Jan,
Jan,
ik
—
Penn Traffic Co. (semi-ann.)
75c
$134
Preferred
Penn Investment Co.
— -
$134
$134
Jan.
40c
-
31 Dec.
2 Dec. 20
14
$134
$134
t$l
--
(quar.)..
12
Jan.
Newark Consolidated Gas Co., 5% gtd. (s.-a.)..
Preferred
30
16
14
1 Jan.
(Granting
Dec.
31
New England Power Assoc.. $6 preferred
Lives &
on
15 Dec.
31
14
1 Jan.
Feb.
lc
(quar.)
Jan.
1 Jan.
.
(Phila.)
Jan.
16 Dec.
National lire Insurance (Hartford) (quar.)
National Lead Co. pref. B (quar.)-!
National Power & Light Co., $6 pref. (quar.)..
Co. for Insurance
Annuities
Penna. Water & Power
25c
29 Dec.
National Grocers, Ltd., preferred
Penna.
$134
Feb.
1 Jan.
Feb.
Jan.
Jan.
Jan.
Feb.
$134
50c
43c
Jan.
15
15
$134
...
Jan.
20c
15
Mar.
15c
25c
3 Dec.
$134
Pitts. Ft.
National Fuel Gas (quar.)
Jan
Jan.
Feb.
—
Pioneer Gold Mines of British Columbia
National Gas & Electric Co
Jan.
Jan.
Jan.
& Reel
Preferred (quar.)
Piedmont Mfg.
15
13
17
17
25c
Parkers burg Rig
21
15
I Dec.
3 Dec.
3 Dec.
II Dec.
1 Dec.
5
1
1
15
Jan.
Jan.
23
10
l Jan.
3 Dec.
20
3 Dec.
1 Feb.
3 Dec. 19
Jan.
15
3 Dec.
1 Dec.
Mar.
Feb.
15
30 Dec.
Jan.
15
15
Jan.
Jan.
3 Dec.
Dec.
Jan.
15
15
40c
20
16 Dec. 30
Jan.
3 Dec.
3 Dec.
3 Dec.
1 Dec.
Jan.
25c
4 Dec.
18
Jan.
Jan.
15
Parke Davis & Co
Extra..
1
Pickle Crow Gold Mines, Ld. (quar.)
Dec.
21
Parker Rust-Proof Co. (quar.)
Jan.
•
21
2 Dec.
16 Jan.
9334c
55c
$134
50c
(quar.)
Jan.
3 Dec.
12 Dec. 31
2 Dec.
20 Jan.
Petroleum Corp. of America (irregular)...—..
Philadelphia Baltimore & Western—
Philadelphia Co.
*—*
Dec.
2 Dec.
Jan.
15
15
Jan.
9
9
31 Dec. 20
2 Dec.
19
Jan.
31 Dec.
31 Dec.
Dec.
15
15c
Dec.
Dec.
15c
_
preferred (quar )
Paraffine Cos., Inc., preferred (quar.)
Paris Tire & Rubber (quar.)
Perfect Circle Co.
2
15
2 Dec.
2 Dec.
Jan.
Class B
9
3
7
3
2 Dec.
Jan.
cl. A pref. (qu.)_.
9
Jan.
2 Jan,
25 Jan.
3 Dec.
i1
$i
Dec.
Jan.
$134
Murphy (G. C.) Co. 5% pref. (quar.)
Mutual System, Inc. (quar.)
8% convertible preferred (quar.)
Nachman Springfilled Corp
Narragansett Racing Association (irregular)
Nashville & Decatur RR. Co., 734% Std
National Battery Co. pref. (quar.)
National Bearing Metals Corp., 7% pref. (quar.)
National Bond & Share Corp
National Breweries, Ltd. (quar.)
Preferred (quar.)
National'Candy Co. 1st & 2nd pref. (quar.)
National Cash Register Co
National Casket Co., preferred (quar.)
National City Lines $3 pref. (quar.)
Class A (quar.).
National Dairy Products pref. A & B (quar.)_.
Products
$134
4334 c
3734c
$134
7
14 Jan.
$134
31 Dec.
Jan.
$234
$2 34
(quar.)
Dec.
3 Dec.
3 Dec.
3
J
15 Jan.
33 34c
Dec.
Jan.
$134
50c
Morris & Essex RR. Co
16
$134
Lighting Corp., preferred (quar.)_-_-(quar.)
(quar.)_
Pennsylvania Glass Sand preferred (quar.)
Pennsylvania Power & Eight $7 pref. (quar.) ..
$6 preferred (quar.)
$5 preferred (quar.)
Pennsylvania Telephone Co.. common (quar.) —
Peoria Water Works, 7% preferred (quar.)__...
$134
(W.R.) Dry Goods (quar.)
& Co
Distillers
Jan.
3 Dec. 16
31 Dec. 31
16 Dec. 31
40c
Morrell (John)
common
Jan.
40c
Preferred A & B (quar.)
Jan.
68c
;
Jan.
38c
10c
Packer Advertising Corp. (quar.)i-__
16
25c
(quar.)
Extra
7
May 10
$134
Morrison Bond Co., Ltd.,
.
_
Pacific Telep. & Teleg. preferred
4334c
8734c
12
6
15
Jan.
15
1
17
Jan.
15
Jan.
19
3 Dec.
Jan.
—
2 Dec.
10 Jan.
3
4 Dec.
Jan.
-
Co. 1st pref. (quar.)
2 Dec.
Consoi. (quar.).
com,
Jan.
19
19
16
Jan.
2 Dec.
Extra
Co., class A
Jan.
31 Dec.
3 Dec.
3 Dec.
Jan.
Jan.
Class A (quar.)
Montreal Light, Heat & Power
Montreal Telegraph Co
Dec.
$134
(quar.)
Ohio Public Service. 7% pref. (monthly)
58 l-3c
50c
6% preferred (monthly)
41 2-3c
5% preferred (monthly)
Ohio Service Holding Corp. $5 non-cum. pref—
$1
Ohio Water Service Co., class A
70c
Old Colony Insurance (quar.)
$5
Old Joe Distilling Co. 8% preferred (quar.)
10c
Omnibus Corp. pref. (quar.)
$2
Ottawa Light, Heat & Power (initial)
25c
5 % preferred (quar.)
$134
Otter Tail Power Co. (Minn.) $6 pref
$134
$534 preferred (quar.)
$1.37
Pacific & Atlantic Telegraph (s.-a.)
50c
Pacific Finance Corp., preferred A (quar.)
20c
Preferred C (quar.)
1634c
$134
5% preferred (quar.)
Pafcific Gas & Electric (quar.).
50c
—•- — rPacific Greyhound Lines $3 34 con v. pref
8734c
Pacific Indemnity Co. (quar.)
40c
Pacific
31
17
Jan.
Jan.
15
3 Dec.
31 Dec.
Jan.
Jan.
—
National
Dec.
1 Dec.
14 Dec.
Dec.
...
"
1
Jan.
Jan.
6% preferred B (quar.)
Missouri Power & Light Co. $6 pref. (quar.)
Mitchell (J. 8.) & Co., 7% pref. (quar.)
Mobile & Birmingham RR., 4% pref. (s.-a.)___
Mock, Judson, Voehringer Co., Inc., 7% pref..
Moneta Porcupine Mines, Ltd
Class B
Jan.
$134
$134
$134
(
Mississippi Power Co., $7 pref. (quar.)
$6 preferred (quar.)..
Mississippi Kiver Power 6% preferred (quar.)
Mississippi Valley Public Service Co.—
Morris Finance
Jan.
$1.65
Mission Oil Co. (irregular)
Moore Corp., Ltd.
Extra
;
Jan.
+$134
+$1*4
+$134
-
6% preferred
Moore
O
o
Jan.
Jan.
15c
Minnesota Power & Light, 7% pref
.
2 Dec. 20
3 Dec. 27
Jan.
..
16
Jan...
14 Dec. 31
25 Dec. 31
25 Dec. 31
Jan.
■
17
31 Dec. 20
1 Dec. 20
Jan.
Michigan Associated Telephone, 6% pref. (qu.)
Michigan Central KR. Co. (semi-ann.)
Mickelberry's Food Products $2.40 pref. (quar.)
20
16
Jan.
preferred (quar.)
2nd preferred
3 Dec. 24
Dec. 31 Dec.
Dec.
15
$7 preferred (quar.)
$7.20 preferred (quar.)
3 Dec. 22
$134
$134
22
3 Dec.
Ohio Leather
10 Dec. 20
3 Dec. 16
40c
30c
3 Dec.
3
15
$1*4
1 Feb. 15
2 Dec. 23
Jan.
7% preferred
Oahu Sugar Co. (monthly)
Ogilvie Flour Mills Ltd. (quar.)
Ohio Edison Co. $5 pref. (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
Dec. 20
Jan.
Mar.
Jan.
Nor walk Tire & Rubber 7% pref. (quar.)_
Nova Scotia Light & Power (quar.)
Oahu Railway & Land Co. (monthly)
3 Dec. 20
15 Dec. 31
15 Dec. 31
3 Dec. 23
Jan.
27
18 Jan. 31
3 Dec. 15
Feb.
Northwestern Teleg. (semi-ann.)
Norwich & Worcester RR. 8% preferred
20
25 Jan. 19
3 Dec. 26
3 Dec. 20
Jan.
55c
-
Jan.
$1*4
$1*4
10 Dec.
Jan.
Northern States Power (Minn.), $5 pref. (quar.)
2 Dec. 20
75c
_
1
1 Jan.
16
3 Dec. 20
Jan.
Northwestern Electric, 7% pref
Northwestern National Insurance (quar.)
Extra
15
Jan.
Feb.
Jan.
Jan.
6%
31
Jan.
Jan.
(quar.)
Northern Central Railway Co
Northern Ontario Power Co. (quar.)
14 Dec. 31*
15 Dec.
15c
Jan.
9
Jan.
14 Dec. 31*
$134
25c
3 Dec.
3 Dec. 31
3 Dec. 15
3 Dec. 15
3 Dec. 24*
North Star Oil,
15
$3
Jna.
__
North Counties Warehouse (initial quar.)
North & Judd Mfg. Co
21
15
5Uc
13
21
Jan.
Jan.
_
Niagara Wire Weaving Co. (quar.)
Nickel (H. W.) & Co. (extra)
Norfolk & Western Railway, pref.
(quar.)
North American Co. preferred
(quar.)
North American Edison, $6
preferred (quar.)_North American Rayon preferred
(quar.)
14 Dec.
13
2 Dec.
Dec. 31 Dec.
.
1st preferred and 2nd pref. A & B
3 Dec. 17
1)4%
Lunkenheimer Co. 6)4% pref. (quar.)
Lykens Valley BK. & Coal (semi-ann.)
Lynchburg & Abingdon Teleg. Co. (s.-a.)
MacAndrews & Forbes Co. (quar.)
Preferred (quar.)
McGraw-Hill Publishing
McColl-Frontenac Gil, pref. (quar.)
McKee (A. G.) & Co. class B (quar.)
Class B (extra)
McLellan Stores, preferred (quar.)McQuay Norris Mfg. (interim)
Mabbett (Geo.) & Sons Co. 7% 1st pref. (qu.)_
7% 2nd preferred (quar.)
Mahon (B.C.) Co., class A pref.
(quar.)
Convertible preferred (quar.)
Mahoning Coal RR. pref. (semi-ann.)
Manischewitz (B.) Co., pref. (quar.)
Manufacturers Life Insurance (s.-a.)
Manufacturers Trust Co. (quar.)
Jan.
Jan.
1*4%
Louisville Gas & Electric Co—
7 % cumulative preferred
(quar.)
6% cumulative preferred (quar.)
5% cumulative preferred (quar.)
(quar.)
Niagara Hudson Power—
Mar. 25 Mar. 25
3 Dec.
Jan.
Telegraph (s.-a.)
15
Jan.
Jan.
New York Power & Light 7% pref.
(quar.)
$6 preferred (quar.)
New York Trust Co.
Dec. 31 Dec. 21
Jan.
3 Dec. 24
3uc
$3 >4
(s.-a.)
Payable of Record
Preferred
New York & Honduras Rosario
Mining
New York Lackawanna & Western
Ry
New York Mutual
15
Holders
When
Share
New York & Harlem RR.Co
1 Mar. 15
Jan.
$1.05
67c
...
Per
Name of Company
10
$1J4
Little Schuylkill Navigation KB. & Coal
Lock Joint Pipe (monthly)
4009
Holders
When
Payable of Record
$l*s
50c
Preferred (quar.)
Lisk Mfg. Co.
Chronicle
Jan.
2 Dec.
15
50c
Jan.
2 Dec.
10c
Dec, 31 Dec.
15
15
60c
Jan.
10c
Jan. 3
1-3-39
$154
$154
$154
$154
$154
$254
$154
Mar.
Nov. 26
12-10-38
4-1-39
3-10-39
6-10-39
10-1-39
9-10-39
1-2-40
12-10-39
Jan.
3 Dec. 31
7-1-39
3 Dec. 24
Jan.
Jan.
3 Dec.
15
Jan.
15c
20 Dec.
31
3 Dec. 20
3 Dec. 15
Jan.
$154
$154
Jan.
Mar.
1
Feb.
15
Mar.
1 Feb.
15
16 Dec.
31
Jan.
16 Dec.
31
3c
Jan.
16 Dec.
7c
Jan.
16 Dec.
16
31
$2
Jan.
$154
Jan.
14 Dec. 23
3 Dec. 15
W
4c
Jan.
31
Dec.
Jan.
$154
Jan.
37 54c
58 l-3c Jan.
Jan.
50c
41 2-3c Jan.
Feb.
50c
50c
6% preferred (monthly)
2
Jan.
,
Dec. 20
16 Dec. 31
3 Dec. 20
3 Dec. 15
3 Dec.
15
3 Dec.
15
15 Jan.
14
14 Dec.
15
Public Service Co. of Oklahoma—
$154
$154
7% prior lien (quar.)
6% prior lien (quar.).
Publication Corp. original pref.
Quaker Oats Co. pref. (quar.)-^
Quebec Power Co. (quar.).--
(quar.)
---
---
Jan.
Jan.
3 Dec. 20
3 Dec. 20
$154
$154
Jan.
3 Dec.
Feb.
28 Feb.
1
+25c
Feb.
15 Jan.
25
20
Financial
4010
Pel
Name of
Share
Company
preferred (quar.)
(quar.)...
6% preferred (quar.)
—
~
Railroad Employees Corp., 80c. pref..- —
Railway & Light Securities Co. 6% pref. (quar.)
Rath Packing Co. (quar.)
Reading Co., 2nd pref. (quar.)
Reliance Mfg. Co. (111.) pref. (quar.)
Remington Rand, Inc. (interim)
Preferred (quar.)
Reno Gold Mines Litd. (quar.)
6H% preferred (quar.)
Rensselaer & Saratoga RR. (aemi-ann.).«
—
Republic Investors Fund6% preferred A & 13 (quar.)
Reynolds Metals Co. preferred (quar.)
Rhode Island Electric Protective Co_
Rice-Stix Dry Goods Co.. 1st & 2nd pref. (quar.)
Pure Oil Co. 5%
5 H % preferred
When
Riehman Bros. Co.
(quar.)
1 Dec.
9
Texas Electric Service, preferred (quar.)
Jan.
1 Dec.
9
1 Dec.
9
Thayers Ltd., $3 H preferred
Tide Water Assoc. Oil, $4H preferred (quar.).—
Jan.
Jan.
20 Dec. 31
1 Dec. 23
3 Dec. 20
Jan.
12 Dec. 20
Feb.
Jan.
3 Dec. 23
Jan.
3 Dec.
9
Jan.
3 Dec.
9
Jan.
3 Dec. 10
Dec. 31 Dec. 15
Jan.
3 Dec.
Jan.
3 Dec. 20
15
Feb.
1 Jan.
Jan.
Jan.
3 Dec. 20*
3 Dec. 16
Jan.
1
16
Jan.
Jan.
Jan.
—
27
3 Dec. 15
3 Dec. 20
1 Dec. 10
Jan.
Jan.
26 Dec.
15
15
15
Dec.
2 Dec.
3 Dec. 22
31 Dec.
15*
3 Dec.
9
Jan.
3 Dec.
9
Jan.
3 Dec.
9
Jan.
3
Dec.
9
Jan.
2 Dec.
16
Jan.
Jan.
12 Dec. 31
Feb.
Jan.
20*
3 Dec.
7
Jan.
3 Dec.
20
Jan.
3 Dec.
20
Jan.
3 Dec.
20
Jan.
3 Dec. 22
Jan.
Jan.
Feb.
1 Jan.
3 Dec. 2,0
Dec.
20
15 Jan.
25
1
Jan.
3 Dec. 21
Jan.
20 Dec. 31
Jan.
Jan.
14 Dec. 31
14 Dec. 31
.
15
15
5
Jan.
3 Dec.
Jan.
3 Dec.
Skelly OilCo. preferred (quarl) ——
Skenandoa Rayon Corp. 5% preferred
5% prior preferred (quar.)
Smith (Howard) Paper Mills 6% pref.
Sonotone Corp. pref. (quar.) —
South Carolina Power Co.. 1st $6 pref.
South Pittsburgh Water, 7% preferred
Feb.
1 Jan.
Jan.
3 Dec. 20
Jan.
3 Dec.
A (quar.)
-—
Jan.
(qu.)
Jan.
Jan.
—
Jan.
—
2
Dec.
16 Jan.
16 Jan.
Feb. 20 Feb.
Jan.
3 Dec.
—
—
Jan.
Common (quar.)
20
16 Dec. 31
1 Dec. 12
Jan.
6% preferred (quar.)
3 Dec.
15
3
3
10
9
9
Print Works, Inc.—
til M
Jan.
2 Dec. 20
37 He
34 He
Jan.
15 Dec. 20
Jan.
15 Dec.
37Hc
Jan.
14 Dec.
37 He
Jan.
14 Dec. 31
*2UC
UH%
Feb.
15 Jan.
Jan.
16 Dec. 20
Southern California Edison Co. Ltd.
(qu.)
*%
$1.12
20
31
31
3 Dec.
15
Dec. 31 Dec.
26
Jan.
3 Dec.
22
Jan.
25c
Jan.
3 Dec.
22
$1H
3H%
Jan.
3 Dec.
15
Staley*(A. E.) Mfg. Co. 7% pref. (.s.-a.).,-
Jan.
1 Dec. 20
Standard Brands, inc. (quar.)
Preferred (quar.)
12Hc
I1H
Jan.
3 Dec.
$1M
SIM
Jan.
75c
Jan.
—
Standard Fuel, 6H% preferred (quar.)
Standard OilCo. (Onio) 5% cumul. pref
Standard Steel Construction, pref.
(quar.)
Standard Wholesale Phosphate & Acid Works—
Quarterly.,.
State Street Investment Corp. (quar.)
Stecher-Traung Lithograph Corp.—
►
7H% preferred (quar.)
—A.
Stedman Bros., Ltd. (quar.)-6% convertible preferred (quar.)-
Steel Co. of Canada (quar.)
Extra
-----
preferred (quar.).
& Co. pref. (quar.)
Stix, Baer & Fuller Co. 7% pref. (quar.)
Sun Life Assurance of Canada (quar.)
Sunray Oil Corp., pref. (quar.)
Superheater Co. (quar.)
Superior Water, Light & Power, 7% pref. (quar.)
Supersilk Hosiery Mills, 5% preferred (s.-a.)
Supertest Petroleum, registered (s.-a.)
Extra.
7%
Mar. 15 Mar.
Jan.
12
1
15
14 Dec. 31
1 Dec. 27
1
Dec.
20c
Jan.
15 Dec.
30
50c
Jan.
16 Dec.
15
Oct.
.—
fan.
Jan.
Dec. 31 Dec.
21
$1H
15c
75c
Jan.
Jan.
£43 He
t» 2
*43 He
Feb.
20
1 Dec. 20
1 Jan.
7
Feb.
1 Jan.
1 Dec.
7
7
15
43 He
1 Jan.
Feb.
3 Dec.
Jan.
Dec. 31 Dec.
15
*13 H
Jan.
1
Dec.
16
68 He
Jan.
1
Dec.
12Hc
Jan.
16 Jan.
17
5
$1H
$2H
Jan.
3 Dec.
15
Jan.
3 Dec.
16
50c
25c
Jan.
16
Jan.
3 Dec.
3 Dec.
Ordinary registered (s.-a.)
50c
Jan,
3 Dec.
16
Extra
25c
Jan,
75c
Jan.
3 Dec.
3 Dec.
16
16
—
—
6% preferred B (s.-a.).
Supervised Shares, Inc
Sussex RR. (s.-a.)
Swift & Co. (quar.)—
Tacony-Palmyra Bridge (quar.)
Class A (quar.)
Preferred (quar.).v
Taggart Corp., preferred (quar.)
Talcott (James), Inc. (quar.)
5H % partic. preferred (quar.)
Tamblyn (G), Ltd. (quar.)
5% preferred (quar.).—
Taunton Gas Light Co
Telluride Power Co. 7% preferred (quar.)
16
11c
..
Jan.
16 Dec.
31
50c
Jan.
3 Dec.
9
30c
Jan.
1
Dec.
2
75c
Dec. 31
Dec.
15
75c
Dec.
31
Dec.
15
SIM
62Hc
Feb.
1
Dec.
17
Jan.
3 Dec.
20
15c
Jan.
1
Dec.
16
68 He
20c
Jan.
1
Dec.
16
Jan.
3
Dec.
15
62 He
Jan.
3 Dec.
15
$1
Jan.
3 Dec.
15
15
MM
Dec. 31 Dec.
Tennessee Electric Power Co.—
l\%
Jan.
3 Dec.
15
Jan.
3 Dec.
15
Jan.
3 Dec.
15
Jan.
3 Dec.
3 Dec.
15
MM
$1.80
50c
Jan.
60c
Jan.
15
3 Nov. 15
9*
10c
Jan.
2 Dec.
50c
Jan.
5 Dec.
9
Dec.
3 Dec. 20
fau.
1
16 Sept. 30
3
18 Jan.
Dec.
3
2
Dec.
15
Doc.
15
3 Dec. 20
10 Doc. 20
5 Dec. 20
Jan.
Jan.
Jan.
Jan.
Dec.
Jan.
Feo.
fan.
3 Dec.
20
Dec.
13
31
3 Dec. 13
1 Jan, 20
1 Dec. 16
16 Jan.
5
15 Apr.
5
July
15 July
5
3 Dec. 21
13
16 Jan.
Tan.
Jan.
Feb.
1 Jan.
17
Jan.
2 Dec.
23
Feb,
1
Jan.
3 Dec. 20
Jan.
3 Dec.
Jan.
3 Dec. 27
Jan.
4
July
Jan.
Dec.
9
16
1 June
15
Dec.
20
2
20 Jan.
10
Apr. 20 Apr.
July 20 July
10
10
20 Oct.
10
Jan.
—
(quar.)
3 Dec. 20
Apr.
—
Victor-Monaghan Co. 7% preferred (quar.)
Vulcan Detinning. pref. (quar.)
Preferred (quar.)
Preferred (quar.)
5 Dec. 20
Dec. 31
16
Jan.
—
Ventures, Ltd
Vermont & Boston Telegraph
3 Dec. 20
3 Dec. 20
Ian.
Jan.
—
Oct.
Jan.
—
Wabasso Cotton Co. (quar.)
Jan.
Wagner Baking Corp.. 7% preferred (quar.)——
guaranteed common (s.-a.) —
Washington Ry. & Electric 5% pref. (s.-a.)
5% preferred (quar.)
5% preferred (quar.)
Waukesha Motor Co. (quar.)
Weinberger Drug Stores, Inc. (final)-.
Welch Grape Juice Co. pFef. (quar.)
Preferred (quar.).
Preferred (quar.)
Wesson Oil & Snowdrift Co., Inc—
3
O
u
Dec.
17
Dec. 20
Jan.
4 Dec. 31
June
Ware River RR.,
1 May
1 Feb.
Mar.
15
15
15
Jan.
1 May
3 Dec.
Jan.
3 Dec.
24
Feb.
28 Feb.
14
June
$1H
12Hc
15
May 31 May 15
Aug. 31 Aug. 15
Jan.
3 Dec. 15
Dec.
15
3 Dec.
15
Dec. 31 Dec.
1 Jan.
Feb.
1 Jan.
Feb.
14
Jan.
3 Dec.
21
til M
SIM
Jan.
2 Dec.
15
Jan.
2
Dec.
15
5c
Jan.
3 Dec.
20
Dec.
15
50c
Jan.
3
Jan.
6% preferred (quar.)
SIM
MM
SIM
SIM
West Point Mfg. Co—
30c
West Jersey & Seashore RR. (s.-a.)
West Kootenay Power & Light rpef.
(quar.)
West Penn Power 7% pref. (quar.)
-
West Texas Utilities $6 preferred
$6 preferred (quar.)
■ —
Ptt}p & Paper Co
West Virginia Water Service Co.—
I1H
Ry. (s.-a.)
—
Jan.
SIM
$1H
.
Western New York & Pennsylvania
Western Pipe & Steel Co. (Calif.)
Jan.
75c
(s.-a.)
Jan.
$1.20
$6 cumulative preferred (quar.)
Western Assurance (Ont.) pref.
Western Grocers Ltd. (quar.)
—
9
14 Dec. 22
2 Dec. 15
Jan.
-
Preferred (quar.)
16
31
15 Mar. 31
15 June 30
16 Dec.
2
Jan.
—
West Virginia
2
20
fin.
Participating preferred (quar.)
Participating preferred (partic. dividend)
United New Jersey RR. & Canal (quar.)
United Shoe Machinery (quar.)
Preferred (quar.)
United States Fidelity & Guaranty Co.
United States Gauge Co. (s.-a.)
7% preferred (s.-a.)
United States Gypsum Co. (quar.)
Preferred (quar.)
United States Hoffman Machine, pref. (quar.)
United States Playing Card Co....
United States Sugar Corp. preferred (quar.)—
Preferred (quar.)—1
Preferred (quar.)
United States Trust Co. (quar.)
United Stockyards, pref. (quar.)
-----Universal Leaf Tobacco Co.. Inc. (quar.)
Preferred (quar.)
"
Upper Michigan Power & Light Co.
/
6% preferred (quar.)
Valve Bag, 6% preferred (quar.)
Valley RR. Co. (N. Y.) (s.-a.)
Van Camp Milk preferred (quar.) —
Preferred
Dec.
fan.
Jan.
Jan.
25c
Jan.
3
5
5
3 Dec. 31
15 Dec. 20
15 Dec. 20
3 Dec.
31
Dec.
17
3 Dec.
20
Dec. 31
Western Tablet & Stationery Corp.—
SIM
5% preferred (quar.)
Western United Gas & Electric 6H%
pref. (qu.)
6% preferred (quar.)
Westiinghou.se Air Brake Co
Weston (Geo.), Ltd., preferred (quar.)_
—
-
Stein (A.)
-
Extra
Spartan Mills
Springfield Fire & Marine Insurance (quar.)
Special
Springfield Gas & Electric. $7 pref. A (quar.)
Texas Corp
Jan.
Feb.
(quar.)
Biscuit Co. of America pref.
—
5H% cum. conv. preferred (quar.)
Sherwin-Williams (Canada), pref
-
7% preferred A & B (quar.)
$6 preferred C & D (quar.)
3
—
Jan.
Extra
5% preferred (quar.)
6% preferred (quar.)
—
3 Dec. 20
Jan,
(irregular)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
United Milk Products
Jan.
Seven-Up Bottling Co. (St. Louis)—
5 H% con v. preferred (semi-annual)
8haron Steel Corp. preferred (quar.)
Shawinigan Water & Power
Shawmut Assoc. (Boston, Mass.) (quar.)
Sheaffer (W. A.) Pen Co., 8% preferred (quar.)
Sheep Creek Gold Mines (quar.)
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
7.2% preferred (monthly)
Teck-Hughes Gold Mines (quar.)
Jan.
-
Union Public 8ervice Co. (Minn.)
3 Dec.
3
United Light & Railways 7% prior pref. (mo.)
Dec.
2
Jan.
16
17
Southwestern Gas & Electric 7% pref.
21
Ian.
Jan.
Dec.
16
—
15
1
1 Dec.
Original preferred (quar.)
5H % preferred series C (quar,)-.Southern Calif. Gas Co. 6% pref. (quar.)
Preferred A (quar.)
Southern Canada Power Co., Ltd. (quar.)
6% cumul. preferred (quar.)
3 Dec.
2 Dec.
Jan.
fad.
3 Dec.
1
31
Jan.
Jan*
7% preferred
1
Dec.
Jan.
—
(quar.)
June
14
United Fruit Co
</
16
15
Jan.
16
Jan.
Southern Bleachery &
Jan.
June
16
Servel
South Porto Rico Sugar Co., preferred
—
15
Dec.
Jan.
7
15
Dec.
15
Jan.
14
3 Dec.
1 Dec.
1
2 Dec.
15
3 Dec.
1
Jan.
15
Jan.
Jan,
15
3 Dec.
3 Dec.
3 Dec. 15
2 Dec. 20
Jan.
Jan.
— .
5% preferred (semi-annual)
Jan.
15
3 Dec. 30
3 Dec. 24
31 Dec.
Dec. 31 Dec.
(quar.)
(quar.)
Jan.
Apr.
July
(quar.)
7% preferred (quar.)
—
Safeway Stores, inc. 5% pref. (quar.)
—
6% preferred (quar.)
7% preferred (quar.)
St. Joseph Ry., Light, Heat & Power—
5% preferred (quar.)
St. Louis Bridge Co. 6% 1st pref. (semi-ann.) —
3% 2nd preferred (semi-annual)
St. Louis National Stockyards (quar.).—
St. Louis, Rocky Mt. & Pacific Co., pref—- —
Savannah Electric & Power 8% deb. A (quar.) —
7H% debenture B (quar.).
7,_ debenture C (quar.)
6H% debenture D (quar.)
ScheuJey Distillers, preferred (quar.)
Schuylkill Valley Nav. & RR. (s.-a.)
— —
Scott Paper Co. $4 H cum. pref. (quar.)
ScrantonElectric, $6 preferred (quar.)Scruggs-Vanderbiit-Barney, Inc.
3H% preferred (semi-ann.)
— 6% 1st preferred (semi-ann.)
7% 2nd preferred (semi-ann.)
Security Holding Corp., 6% non-cura. pref
Selected Industries, Inc., I5H prior stock—±.—
Shell Union Oil Corp.—
Jan.
Quarterly
Quarterly
Quarterly
United Corp. $3 cum, pref. (quar.)
United Dyewood Corp. pref. (quar.)
Dec.
:
'
(quar.)
Jan.
——
United
20 Dec. 31
3 Dec. 15
Jan.
United Bond & Share Corp., Ltd. (quar.)
3 Dec. 20
Jan.
Inc. pref.
Jan.
Jan.
6% preferred (monthly)
5% preferred (monthly)
Toledo Light & Power Co. pref. (quar.)
Torrington Co
Towle Mfg. Co
Traders Finance Corp. 6% pref. A (quar.)
7% preferred B (quar.)
Tri-Continental Corp. $6 cum. pref. (quar.)
Troy & Greenbush RR. Assoc. (s.-a.)
Tuckett Tobacco, Ltd., pref. (quar.)
Twin State Gas & Electric pref. (quar.)
Union Carbide & Carbon Corp..
Union Investment Co., 7.6% pref. (quar.)
Jan.
Jan.
Sabin Rabbins Paper
,
Jan.
Jan.
7% preferred (quar.) ——
Tivoli Brewing Co
Toledo Edison Co. 7% pref. (monthly)
Union Pacific RR
3 Dec. 13
3 Dec. 20
3 Dec. 20
Jan.
Jan.
receipts.—
Extra
3 Dec. 20
3 Dec. 20
Jan.
(Helena) class A (quar.)
Russell Industries (quar.)
8 Dec. 22
10 Dec.
Jan.
,
Rolls-Royce, Ltd., American deposit
15
Jan.
Roeser & Pendleton, Inc. (quar.)
Rubinstein
Dec.
3 Dec. 15
i Dec. 20
Jan.
Tip-Top Tailors, Ltd. (quar.)
f aiders
When
Payable of Record
fan.
Jan.
20c
—
Per
Shaie
Name of Company
Jan.
1 M%
XM%
XM%
-
—
Dec. 31, 193s
Holders
Payable of Record
_ _
Richmond Water Works, 6% preferred (quar.)
Rickel (M. W.) & Co. (semi-ann.)
Risdon Mfg. Co. 7% preferred (quar.).—
Riverside Silk Mills. 12 preferred (quar.)
Rochester Telep
6H% pref. (quar.)
Chronicle
Wetherill Finance Co.
tig
Jan.
Jan.
Jan.
2 Dec.
2 Dec.
15
15
Dec.
31
Jan.
14
31
l2Hc
$1M
Feb.
1
15c
—
(quar.)
6% preferred (quar.)
—
Westmoreland, inc. (quar.)
Westmoreland Water, $6 preferred (quar.)
Weston (Geo ), Ltd
Weston Electrical Instrument class A (quar.)—
Jan.
Jan.
Jan.
3 Dec.
Jan.
3
Dec.
15
Jan.
3 Dec.
20
20c
Jan
2
Dec.
15
50c
Jan.
2 Dec.
20
Dec. 31 Dec.
3 Dec.
Jan.
20
15c
25c
SIM
3 Dec.
-
Weyenberg Shoe Mfg
Wheeling Steel, $5 prior pref
— Whitaker Paper Co. 7 % pref. (quar.)
White Villa Grocers, Inc., 6% pref. (quar.).- —
Whitman (Wra.) Co., Inc., 7% preferred (quar )
Wichita Union Stockyards 6% pref. (s.-a.)
Wichita Water, 7% preferred (quar.) —
Wieboldt Stores $5 pref. (quar.)
6% preferred (quar.)
Will & Baumer Candle Co., Inc., preferred (qu.)
Winn & Lovett Grocers, class A (quar.)
—
Class B (quar.)
Preferred (quar.)
Wisconsin Electric Power Co., 6% pref. (qu.) —
Wisconsin Gas & Electric Co., 6% pref. C (qu.)Wiser Oil (quar.)
Wright-Hargreaves Mines (quar.)
Extra.
-
25c
50c
SIM
SIM
SIM
S3
SIM
SIM
Jan.
Jan.
Jau
1 Dec.
n
15
13
17
a
Dec.
15
2
Dec.
17
Jan.
14 Jan.
Jan.
16 Jan.
Jan.
15
9
3
1
Dec.
23
75c
Jan.
1
Dec.
23
$2
50c
Jau
2
Dec.
15
Jan.
3
Dec.
25c
Jan.
SIM
SIM
SIM
Jan.
20
3 Dec. 20
3 Dec. 20
31 Jan.
16
Jan.
16
Dec.
31
25c
Jan.
3 Dec.
12
10c
5c
Jan.
3 Nov. 23
3 Nov. 23
Jan.
Jan.
16
Dec.
10c
Jan.
25c
Jan.
3 Dec.
1
20
25c
Interim
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Feb.
1
Jan.
20
20
25c
Ylar.
1
Feb.
25c
Apr.
1
Mar. 20
SIM
Jan.
1
Dec.
15c
Jan.
pref. (qu.)_
loc
Jan.
3 Dec.
9
3 Dec. 22
IIH
IIH
Jan.
3 Dec.
23
Jan.
3 Dec.
23
Youngstown Sheet & Tube, preferred (quar.)..
SIM
Jan.
1
Dec.
17
Monthly
Monthly.
Wurlitzer (Rudolph) Co.
Yale & Towne Mfg. Co
7% pref. (quar.)__—
— --
Yosemite Portland Cement Co., 4%
Preferred (quar.)
*
Transfer
books not closed for this dividend,
t On occount of accumulated
t
22
dividends.
Payable in Canadian funds, and in the case
deduction of a tax of 5% of the amount of such
of non-residents of Canada
dividend will be made.
Volume
147
Chronicle
Financial
Weekly Return of the New
Clearing House
York
New
The
weekly statement issued by the New York City
Clearing House is given in full below:
^ATEMEXT*OF~VlExMBERS~6l^HE^EVr YORK""CLEARINGHOUSE
ASSOCIATION
FOR
THE
WEEK
ENDED
4011
Condition of the Federal Reserve Bank nf
City
SATURDAY,
DEC.
The
the Federal Reserve
Bank of New York at the close of business Dec.
28, 1938,
Jn
1938
24,
York
following shows the condition of
comparison with the previous week and the corresponding
date last year:
*Surplus and
Capital
Net Demand
Time
Undivided
Deposits
Deposits,
Profits
Clearing House
Average
Average
Members
S
Dec. 28, 1938
Bank of New York
Bank of Manhattan Co.
6,000,000
13,552, 100
156,280,000
26,107, 900
468,743,000
35,695,000
National City Bank
Chem Bank & Trust Co.
77,500,000
59,145, 000 a1,575,863,000
162.640,000
20,000,000
55,282, 700
516,543,000
Gold certificates
90,000,000
Cent Hanover BkATr Co
Corn Exch Bank Tr Co.
Flrst National Bank
21,000,000
71,133 600
C807,138,000
18,549 700
108,404, 000
255,204,000
511,296,000
24,336,000
2,491,000
Irving Trust Co
50,000,000
61,239 800
534,847,000
5,012,000
4,000,000
4,279, 200
46,604,000
5,180,000
131,406, 300 d2,125.564,000
Continental Bk A Tr Co.
Chase National Back
100,270,000
Fifth Avenue Bank
3,679 600
78,313 500
44,958,000
Bankers Trust Co
Title Guar A Trust Co..
Marine Midland Tr Co.
e824.044,000
13,574,000
5,150,000
New York Trust Co
27,938 ,900
348,818,000
23,299,000
8,229 ,500
83,683,000
2,080,000
9,238 ,600
85.424,000
51,096,000
913,814,700 10,461,061.000
611,401,000
12,500,000
7,000,000
10,000,000
5,000,000
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co.
Totals
*
7,000,000
j
523,075,000
As per official reports:
5,056,486,000 5,048,107,000 3,556,816,000
1,226,000
1,318,000
1,226,000
100,917,000
90,608.000
80,254,000
reserves..,
5,158,629,000 5,139,941,000 3,638,388,000
Secured by U. S. Govt, obligations,
direct or fulJy guaranteed
Other bills discounted
2,485.000
104,154,000
Total
31,338,000
1,055 ,600
9,088 ,100
25,000,000
1,485,000
NOT
BUSINESS
H
THE WEEK
ENDED
Other Cash,
Including
Investments
Bank Notes
"
THE
CLOSING
DEC
23,
Uncollected Items..,
$
Grace National.
23,779,000
National.
Bank premises
All other assets
OF
t
69,000
4,903,000
216,820,000
9,791,000
177,089,000
13,221,000
11,169,000
9,791,000
13,708,000
Total assets.
1938
189,679,000
4,546,000
9,969,000
6,169,216,000 6,206,431,000 4,590,371,000
F. R. notes in actual circulation
Res. Dep.,
Dep. Other
Y. and
Banks and
Cross
Elsewhere
Trust Cos.
Deposits
$
%
$
N.
6,070,000
2,303,500
17,331,000
879,000
6,232,000
9,133,000
4,477,635
.r
320,204
3,957,128
270,030
Trade Bank of N. Y.
Deposits—Member bank
reserve
1,024,109.000 1,031,017.000
,173,600
203,952,000
75,158,000
188,401,000
Other deposits
28,355,600
29,737,000
7,875,357
Total
deposits
7,021,800
385,500
1,775,000
431,300
5,055,000
130,000
891,000
648,000
6,069,00n
TRUST COMPANIES—AVERAGE FIGURES
Dep. Other
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
Cash
$
Investments
%
Reserve for contingencies
All other liabilities
Res. Dep.
N. Y. and
Loans,,
Disc, and
f
Manhattan—
%
Empire
S
'
56,480,800
*6,475,200
9,568,700
9,443,036
193,393
*1,338,611
*5,779,200
1,475,934
761,504
27,973,600 *10,253,300
...
Fiduciary
12,258,686
20,091,200
...
La wry ere
United States
.
„
.
.
55,231,000
T .
$ '
656,000
Federation.-
150,061,000
51,041,000
51,943,000
7,744.000
8,210,000
4,040,000
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
8,720,200
People's National...
466,500
2,660,100
2,314,774
23,566
282,400
*57,977,416
Total liabilities
0
Contingent liability
66,168,400
11,276,618
11,660,678
22,196,900
37,322,100
83,446,597
201,684,000
51,040,000
51.943,000
7,744,000
8,210,000
3,908,000
on
80,476,000
36,460.879
-
4,014,000
31,307,000
2,603,434
12,221,689
Fulton,
$5,433,100;
as
follows:
Lawyers,
9,117,000
3,100,000
make
to
87.4%
84.7%
27,000
623,000
purchased
industrial
2,704,000
3,365,000
or
a
4,555,000
bank's
own
Federal
Reserve bank notes.
4,969,000 112,578,000
45,607,469
x
These
over
Includes amount with Federal Reserve
ciary,
$787,408;
$38,532,856.;
7,744,000
1
t "Other cash" does not Include Federal Reserve notes
Kings County
51,059,000
51,474,000
27,000
bills
vances
Brooklyn—
171,116,000
87.5.%
for foreign correspondents
Commitments
42,021,000
62,453,000
197,449,000
6,169,216,000 6,206,431,000 *,590,371,000
F. R. note liabilities combined
..
267,172,000
70,049.000
206,891,000
4,872,068,000 4,850,885,000 3,343,155,000
Deferred availability items
Lafayette National..
953,606,000
acc't.. 4,404,557,000 4,306,773,000 3,041,232,000
U. 8. Treasurer—General account
Brooklyn—
*
749,141,000
64,000
4,955,000
160,788,000
...
Foreign bank..
Brooklyn
821,691,000
64,000
^
-
WITH
FRIDAY,
$
Manhattan—
Fulton
739,704,000
Liabilities—
Loans,'
,
815,422,000
333,211,000
S—AVERAGE FIGURES
Disc, and
Sterling
216,814,000
821,281,000
Due from foreign banks
Federal Reserve notes of other banks..
1
.
267,426,000
358,383,000
189,613,000
$269,158,000; 6 $87,794,000;
a
HOUSE
NATIONAL AND STATE BAN
•'
4,577,000
815,422,000
Treasury notes..
Treasury bills
Total U. S. Government securities._
"*!|IPiai|^'inflirwVJM,,ll,--aryM^iuMatMiiiiaM-ir»
CLEARING
IN
FOR
1,006,000
3,591,000
267,426,000
367,938,000
180,058,000
Bonds
"Times"
MI
INSTITUTIONS
3,854,000
216,000
United States Government securities:
publishes regularly each week
returns of a number of banks and trust companies which
are not
members of the New York Clearing House.
The
following are the figures for the week ended Dec. 23:
•
2,462,000
3,884,000
Total bills and securities.
New York
3,596,000
258,000
216,000
Industrial advances
419,000
1,759,000
Total bills discounted
Bills bought in open market.
2,043,000
274,000
National, Sept. 30, 1938; State, Sept. 30, 1938; trust
companies, Sept. 30, 1938.
Includes deposits in foreign branches as follows:
cS6,373,000; d 586,729,000; e $39,834,000.
The
•
Bills discounted:
47,948,000
4,212,000
500,000
$
hand and due from
Other cash f
44,708,000
15,000,000
10,000,000
182,041, 200 bl,438,915,000
45,129, 400
519,409,000
on
United States Treasury_x
Redemption fund—F. R. notes,
6,084,000
56,128,000
90,652,000
Guaranty Trust Co
Manufacturers Trust Co
$
Assets—
10,867.000
20,000,000
42,305,000
Dec. 21, 1938 Dec. 29, 1937
$
$
Empire, $4,329,100: Fidu¬
United
States,
are
certificates given by the United States
from the Reserve banks when the dollar was, on
Treasury for the gold taken
Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
$9,439,800;
i
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the
These
resources
figures
are
and
always
the Federal Reserve
System
liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
a Week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
upon
immediately preceding which
the figures for the latest week
we
appears in our department of "Current Events and Discussions,'*
also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of Ma
'
19, 1937, various changes
were
made in the breakdown of loans
as
described in
reported in this statement, which
wer
an announcement of the Federal
leserve Bank of New York of April 20, 1937, as follows:
The changes in the
report form are confined to the classification of loans and discounts.
This
amounts of (1) commercial
I, industrial and agricultural loans, and (2) loans
classification has been changed primarily to show the
(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 aad 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,"
each be segregated as "on securities" and "otherwise secured and unsecured."
explanation of the revisions was published in the May 29, 1937, issue of the "Chronicle," page 3590.
would
A more detailed
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS
Federal
Total
ASSETS
Boston
New York
Phlla.
$
Reserve Districts—
$
$
$
Cleveland Richmond
Atlanta
Chicago
ON DEC. 21, 1938 (In Millions of Dollars)
SI. Louis
Minneap. Kan. City
Dallas
San Fran.
$
$
$
21,742
1,162
8,710
1,173
1.851
680
615
3,070
708
382
662
539
2,190
Loans—total.
8,473
583
3,418
429
661
242
318
849
316
162
257
246
992
Commercial, Indus, and agrlcul. loans
Loans and investments—total
3,857
255
1,490
185
231
108
176
479
193
81
155
163
341
Open market paper
330
68
140
22
9
10
3
32
3
4
17
1
21
Ix)ans to brokers and dealers in secure.
854
29
697
20
26
4
7
45
6
1
5
2
12
566
32
266
33
28
16
15
79
13
7
12
14
51
82
222
58
170
32
94
48
21
383
Other loans for purchasing or
carrying
securities
1,169
7
23
120
3
98
2
2
1
1
4
7
Other loans
1,577
114
505
109
195
71
87
116
46
"*62
44
"45
183
United States Government obligations
8,333
420
3,133
365
817
333
168
1,527
231
163
221
195
760
Real estate loans—...
Loans to banks
,
30
29
1
1
Obligations fully guar, by U. 8. Govt.
1,718
903
93
96
226
59
14
54
42
120
Other securities
—
3,218
129
1,256
286
277
66
87
468
102
43
130
56
318
Reserve with Federal Reserve Banks.
6,980
314
3,950
228
361
144
101
1,080
148
70
157
103
324
42
39
493
Balances with domestic banks
...—
—
145
100
22
47
21
13
76
13
7
13
12
24
2.389
Cash in vault
Other assets—net
136
173
166
270
147
129
392
118
115
268
208
267
1,272
74
557
83
103
32
40
78
23
17
22
26
217
16,129
1,046
7,451
790
1,140
437
349
2,363
437
278
497
412
929
5,141
249
987
283
725
195
183
887
184
119
141
134
1,054
639
13
139
55
42
28
41
129
20
2
22
38
110
5,947
234
2,477
291
338
241
226
896
272
126
361
214
271
LIABILITIES
Demand
deposits—adjusted
Time deposits
—
United States Government deposits..
Inter-bank deposits:
Domestic banks
9
1
1
11
1
2
1
1
Other liabilities
828
25
369
"~19
24
28
7
""23
"~~8
6
"310
Capital account
3,683
241
1,619
225
362
95
91
387
57
84
333
Foreign banks
Borrowings
507
22
447
,
A
15
Financial
4012
Dec. 31,
Chronicle
of the Board of Governors of the Federal Reserve System
Weekly Return
Thursday afternoon, Dee.29,
issued by the Board of Governors of the Federal Reserve System on
The following was
1938
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.
The second table shows the resources and liabilities separately for each of the 12 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
showing the condition of the 12
COMBINED RESOURCES AND
Three Ciphers
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS DEC. 28. 1938
Dec.
(000) Omitted
Dec.
ASSETS
1938
1938
1938
1938
Nov. 9.
1938
Nov. 2.
1938
$
$
$
?
$
S
Dec. 29,
$
Dec.
'
14,
Dec.
7,
Nov.
30,
Nov. 16,
23,
Nop
1937
S
11,661,721
10,007
345,743
11,601,717
11,492,201
11,403,701
10,33*-
357,940
362,857
9,677
369,332
11,317,698
9,071
351,798
11,287,700
8,141
368,202
9,120,391
10,815
305,963
11,713,718
9,592
339,729
12,123,063
12.078.55C
12,063,039
12,017,471
11.970,472
11.865,391
11,782.710
11,678,567
11.664,043
9,460,848
4,931
2,048
5,963
2,325
4,462
2,535
3,655
2,388
4,601
3,757
2,840
3,643
2,904
4,680
3.120
4,902
3,176
9,340
2,480
6,980
8,293
6,997
6,043
7,081
6.603
6,547
7.800
8,078
12,847
11.762.72C
'
*
.
—
—
$
11,787,718
U. S. Treas. x.
Redemptlon fund (Federal Reserve notes)
Total reserves.-.
1938
21,
1938
$
Gold ctfs. on hand and due from
Other cash
28,
193S
9,873
325,471
9,873
,
9,913
330,544
Bills discounted:
Secured
by
obligations
U. 8. Government
guaranteed
direct or fully
Other bills discounted
-
—
Total bills discounted.
Bills bought In open
—
549
549
549
547
547
545
545
545
541
2,827
15,688
15,533
15,573
15.485
15,821
15,199
15,417
15,163
15.148
18,291
market
Industrial advances
—
840.893
840,893
787.327
787.327
1,164,565
612,123
1,164,565
612,123
1,154,997
612,123
787,327
1,164,565
612,123
751,539
1,164,565
612,123
1,164,565
596,219
787,327
1,164.565
612,123
787,327
1,126,903
787,327
1,167,565
609,123
787,327
1,156,947
566,175
United States Government
2,564,015
2,564,015
2,564,015
2,564,015
2,504,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,587,232
2,588,390
2,587.134
2,586,090
2,587,464
2,586,362
2,586,524
2.587,523
2,587,782
2,597,980
securities—Bonds..
Treasury notes
Total U. S, Government
securities
...
—
Total bills and securities-..—
176
176
""180
23,737
28,212
25.740
621,464
685,237
44,193
803,547
44,203
22,447
556,371
21.908
644,07-,
44,203
44.202
45 235
50,682
50,011
49.544
48,917
37,802
15,292,964
15,214.020
15,295.383
14.938.831
14,988,496
12,853,021
4,422,449
4,384,882
4,362,465
4.345.816
4,355,754
4,319.756
4,283,385
8,876,481
8,818,165
8,726,623
543,570
8,546,166
577.766
8,685,986
6,982,752
201,272
172.634
350.438
202,848
322,597
218,033
365,162
8,966,268
407,377
210,718
365,517
312,482
224,845
239,983
10,010,669
9,997,169
9,949,880
9,934,728
9,855,170
9,795,044
9,654,447
9,688,047
7,534,973
777,496
134,157
147,739
27,683
32,672
15,856
615,719
619,425
643,275
134,032
147,739
27,683
32,672
11,803
134.013
147,739
27,683
32,671
11,750
147,739
27,683
32,672
11,603
11,473
627.645
133,992
147.739
27,683
32,707
10.927
681,839
134.049
800,702
134,003
147,739
27,683
32,672
11,124
575.025
134,451
147,739
27,683
32,555
11,736
721,418
134,440
147,739
27,683
32,637
11,509
15,511,492
15,569,297
15,565,739
15,341,940
15,292,964
15,214,620
15,295,383
14,938,831
14,988,496
12,853,021
83.6%
83.3%
83.6%
t83.6%
83.6%
83.5%
83.3%
83.4%
83.3%
80.1%
76
76
76
76
240
324
324
324
324
1,696
14,161
14,848
14,949
15,147
14,328
14.335
14,345
13,318
13,320
12,780
5,845
7,128
5,553
4,687
5,712
4,994
4,756
5,353
6,147
321
315
564
352
227
240
231
967
493
395
202
270
246
415
519
562
682
530
530
582
175
134
155
166
162
211
229
367
401
414
437
446
479
423
461
596
650
583
507
759
8,078
12,847
172
172
172
""174
174
25,402
687,215
26,085
789,042
44,096
25,038
790,067
44,106
44,332
42,956
56,183
21,573
620,779
44,117
51,736
23,642
616,017
44,119
51,076
15,511,492
15,569,297
15,565,739
15,341,940
4,470,462
4,483,202
4,432,967
8,577,167
941,004
207,703
296,843
8,471,979
1,024,793
195,280
318,617
9,033,512
412,790
483,982
208,097
366,168
474/311
10,022,717
664,149
—
Federal Reserve notes of other
banks
—>.
Uncollected items
premises
—
All other assets—.........
657,479
—
44,076
banks
Due from foreign
Bank
3,507
— .
—
Total assets.
-
<
176
179
LIABILITIES
Federal Reserve notes In actual
circulation
Deposits—Member bank—reserve account
United States Treasurer—General account..
bank...
deposits..
Foreign
Other
Total
deposits..
.... —
—•
;
........
- —
Deferred availability Items..
Capital paid in
—
'
Surplus (Section 7)
Surplus (Section 13~b)
Reserve for contingencies..,
—
All other liabilities
—
Total liabilities..
-
Ratio of total reserves to deposits
Reserve note liabilities
foreign
on
Commitments to make
'Maturity
21^,081
.
134.003
147,739
27,683
32,707
575,944
139,604
132,737
145,854
27,615
35,673
10,945
and Federal
combined
bills
correspondents..
liability
Contingent
185,705
—
for
purchased
'
Industrial advances
.
Distribution of BiUs and
Short-Term Securities—
*
discounted.
discounted
31-60 days bills discounted..
61-90 days bills discounted
Over 90 days bills discounted....
1-15 days bills
16-30 days bills
Total bills
...
—
-
:
bought In open market-
16-30 days bills bought
in
in
61 90 days bills bought In
Over 90 days bills bought
31-60 days bills bought
8,293
6,547
7.800
153
198
264
6,043
7,081
25
260
128
""438
""264
264
94
129
46
170
264
"*264
94
400
154
179
106
market
open market
open market
in open market.
open
6,603
23
6,997
264
6,980
discounted.T
1-15 days bills
10,697
237
258
128
83
165
1,989
"""285
264
154
'
549
549
549
547
547
545
545
545
541
2,827
1,784
1,923
1,432
1,626
1,673
1,434
1,523
1,338
1,273
1,334
Total bills bought In open market
'
1-15 days Industrial advances..
16-30 days
Industrial advances_
...
industrial advances
days industrial advances..
61-90 days
Over 90
555
582
88
316
330
308
32C
805
753
1,114
1,118
790
947
738
577
387
436
429
321
478
327
660
463
553
438
12,342
12,328
12,352
12,203
12,468
12,004
12,114
12,107
12,258
15,640
15,688
15,533
15,573
15,485
15,821
15,199
15,417
15,163
15,148
18,291
105,340
88,872
198,570
154,893
2,016,340
103,054
77,890
99,078
181,032
209,378
1.996,637
95.330
110,523
187,657
193,485
75,890
200,487
180,923
95,810
110,523
184.098
183,592
174,968
175.847
2,005,185
1,996,192
2,002,7*52
2,006,867
105,835
98,243
177,688
187,657
1,994,592
24,385
82,358
98,243
95,330
1,995,306
90,458
105,340
190,057
194,268
1,983,892
2,172,899
2,564,015
J...
1-15 days U. S.
Government securities
16-30 days U, 8. Government securities
31-60 days U. S. Government securities
61-90 days U. 8. Government securities
Over 90 days U. 8. Government securities
I..
_
Total U. 8. Government securities.
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2.564,015
2.564.015
2,564,015
2,564.015
4,800,507
330,045
4,798,827
315,625
4,759,331
326,364
4,730,059
307,610
4,686,288
4,650,264
4,631,714
287,799
285,898
4,616,904
261,150
4,579,253
259,497
4,683,094
301,400
4,355,754
4,319,756
4,283,385
4,668,000
7,182
4,735,132
107,684
186,238
171,733
33,296
68,350
265,085'
securities
16-30 days other
566
280
'
Total industrial advances..
1-15 days other
302
579
596
_
31-60 days Industrial advances
securities
31-60 days other securities.
61-90 days other
Over 90 days
Total
.
securities.
_
other securities
other securities.
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal
Reserve Bank
In actual circulation
4,470,462
4,483,202
4,432,967
4,422,449
4,384,882
4,362,465
4,345,81'
4,888,000
4,880,000
7,554
4,835,000
4,792,000
4,712,000
5,700
4.683,000
5,156
4.757,000
6,214
4,686,000
6,057
5,669
6,936
399,709
Collateral Held by Agent as Security fcr
Notes Issued to Bank—
Gold ctfs. on hand and due from U. S. Treas..
By eligible paper
6,283
Total
*
x
collateral
4,894,283
"Other cash" does not Include Federal Reserve notes,
4.887.554
4.841.057
4,797.15"
4,763.214
4.717.700
4.fini .a«'
4
93<
4.876 IS"
4,772,082
t Revised figure.
These are certificates given by the United States Treasury for the gold taken over from the Reserve banks
cents on Jan. 31,
11,950
25,000
United States Government securities.
when the dollar was devalued from 100 cents to 59.06
1934, these certificates being worth less to the extent of the difference, the difference itself having beeh appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
'
Volume
147
Financial
Chronicle
4013
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
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
ASSETS
$
$
$
Gold
certificates on hand
from United States
and
11,787,719
Res. notes..
reserves
Chicago
St. Louis
$
$
$
Minneap. Kan. City
S
$
366,525
810
1,222
583
629
843
606
16,345
509
100,917
191
16,328
1,690
10,900
46,658
16,485
6,668
12,452
11,723
28.485
573,215
788,745
384,075
288.070 2,289,184
339,595
254,226
324,009
218,109
813,192
431
234
105
80
211
98
79
73
4
153
65
158
74
59
91
576
42
34
1,226
33,645
4,391
Other bills discounted-
San Fran
$
692,014 5,158.629
Bills discounted:
Secured by U. S. Govt,
obligations
direct or fully guaranteed
Dallas
$
771,590
328
12,123.063
__
2,049
1,252
1,485
887
9
274
506
276,587 2,241,897
322,267
246,952
311,048
206,195
783,017
"
Total bills discounted
6,980
1,261
1,759
1,393
504
387
263
154
270
189
655
46
99
549
41
216
56
50
24
19
68
2
2
16
16
39
Bills bought In open market
Industrial advances
2,004
63,287
619
1,481
825
268
736
73,057
84.554
966
267,426
39,461
34.279
90,644
35,023
367.938
100,515
37,140
87,073
116,335
18,633
1,156,947
566.175
30,913
54,291
66,476
47,163
124,714
48,187
25,636
42,611
180,058
49,189
56,931
51,101
42,531
26,569
91,463
23,080
61,031
23,581
12,546
25.007
20,814
44.758
2,564,015
192,971
815.422
222,761
257,820
120.321
104,522
276,389
106,791
56,815
113,248
94,258
202,697
2,587,232
196,277
821,281
227,331
258,993
122,213
105,629
277,026
107,084
57,972
114,187
95,056
204,183
15,688
U.S. Government securities—Bonds
Treasury notes,.
Treasury bills
Atlanta
%
OF BUSINESS DEC. 28, 1938
547,114
1,236
24,865
658,041 5,056,486
9,873
325.471
Other cash *
Total
I
$
due
Treausry
Redemption fund—Fed.
Cleveland Richmond
■Phila.
BANKS AT CLOSE
840,893
.......
_i.
Total U. S. Govt, securities
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
3,884
3,121
64
17
16
4,955
66,045
160,788
1,108
47,504
1,191
687,215
44,076
:
13
740
2,950
9,791
44,332
Uncollected items
172
25,402
2,833
13.708
Bank premises
All other assets
Total assets
415
21
'
-
1,348
8
6
21
3
2
5
5
2,221
1,962
4,221
1,278
1,347
638
86,009
2,669
59,248
88,725
6,017
17.089
2,621
38,881
4.490
2,295
1,536
4,199
4,982
36,777
3,091
25,622
4,699
29,464
2,076
3,072
31,063
2,107
4,181
1,660
1,094
1,749
1,267
1,583
3,243
2,592
858,073 1,145,953
572,978
429,314 2,667,848
484,772
333,197
481,165
•
12
3,644
15,511,492
960,872 6,169,216
4,470,462
389,102 1,024,109
323,486
433,370
210,893
153,090
999,663
184,202
137,377
171,439
82,374
361,357
8,577,167
380,331 4,404,557
82,941
203,952
369,108
460,405
232,642
210,721
118,091
227,954
112,282
176,482
57,524
546,522
46,781
177,812 1,272,542
47,333
178,454
7,237
24,607
36,177
342,280 1,065,824
LIABILITIES
F. R. notes In actual circulation. J.
Deposits:
Member bank—reserve account
U. 8. Treasurer—General account.
941,004
Foreign bank....
Other deposits
Total
Deferred
14,888
deposits.....
availability items
19,024
7,033
598,744
64,979
150,061
47,423
80,792
9,411
51,041
12,213
13,478
9,900
51,943
13,466
14,323
3,626
1,054
2,917
13.334
258,013
169,898
263,085
221,327
642,661
27,510
3,956
36,721
4,964
All other liabilities
26,793
31,812
3,946
16,677
36,356
13,442
2,903
4,211
5,626
22,387
4,667
3,613
10,351
7,744
4,411
1,007
3,409
730
1,429
545
3,153
1,001
1,448
8,210
2,000
3,176
1,401
1,603
7,007
1,215
1,784
935
798
15,511,492
2,000
4,040
1,089
1,063
1,776
402
683
1,518
372
404
384
175
808
429,314 2,667,848
484,772
333,197
481,165
0
.
858,073 1,145,953
960,872 6,169,216
572,978
bills purchased
for foreign correspondents
Commitments to make Indus, advs..
88,034
4,495
2,874
'27,683
32,555
11,736
Reserve for contingencies
on
14,681
4,912
5,004
147,739
Total liabilities_:
68,124
5,997
3,912
56,991
134,451
.
35,931
5,997
236,294 1,534,368
289,914
28,080
4,756
1,600
453,985
43,425
6,203
58,765
8,891
7,089
664,149
..
Surplus 'Section 7).
Surplus 'Section 13-b)
*
20,264
188,401
482,360 4,872,068
10,022,717
Capital paid in
Contingent liability
75,158
4,200
296,843
76
6
27
14,161
1,297
2,704
•
9,805
1,142
3,892
1,270
2,121
342,280 1,065,824
"
7
7
3
3
9
2
2
2
2
6
1,517
•
2,245
1,282
159
58
523
212
539
46
3,679
"Other cash" does not include Federal Reserve notes.
RESERVE
FEDERAL
Three Ciphers
Federal Reserve Bank of—
Total
Boston
New York
PhUa.
$
S
8
$
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
In
held
STATEMENT
by Agent
Cleveland Richmond
$
as
Atlanta
Chicago
St. Louis
8
$
$
%
4,800,507
330,045
410,197 1,138,224
341,988
453,767
222,967
114,115
18,502
20,397
12,074
389,102 1,024,109
323,486
433,370
4,888,000
420.000 1,155,000
21,095
Minneap. Kan. City
Dallas
San Fran.
■
4,470,462
actual circulation:
Collateral
NOTE
(000) Omitted
%
S
-
$
8
166,211 1,030,904
13,121
31,241
201,116
142,681
181,321
5,304
9,882
90,280
7,906
420,851
16,914
210,893
153,090
999,663
184,202
137,377
171,439
82.374
361,357
169,000 1,050,000
185,000
92,500
434.000
security
59,494
for notes issued to bank:
Gold
certificates
hand
on
and
due
from United States
Treasury....
Eligible paper
Total collateral
457,000
230,000
982
472
387
421,256 1,156,680
345,982
457,472
230,387
1,256
4,894,283
United States
345,000
1.680
6.283
.......
143,500
211
137
641
44
81
169,238 1,050,154
United
Treasury Bills—Friday, Dec. 30
207,000
154
207,211
143,637
185,641
92,544
434,081
238
States
York Stock
Transactions
Bid
Asked
Bid
Government
Securities
Exchange—See following
Rates quoted are for discount at
purchase.
the
at
New
York
Jan.
4 1939—
Jan.
18 1939
Jan.
0.05%
11 1939
Jan.
25 1939
Feb.
1
Feb.
8
Feb.
1939
Feb. 23
r__.
1939..
15 1939
1939
1
1939...
8
1939
0.05%
0.05%
0.05%
page
New
Exchange,
4029.
0.05%
Mar.
Mar.
0.05%
0.05%
0.05%
0.05%
0.05%
Stock
Asked
Daily, Weekly and Yearly—-See
the
on
page.
Mar. 15 1939
Mar. 22
1939
Stock and Bond
Averages—See
page
4029.
0.05%
0.05%
Mar. 29 1939
0.05%
THE
PARIS
BOURSE
Quotations of representative stocks
as
received
by cable
each day of the past week:
Quotations for United States Treasury Notes—Friday,
24
Dec. 26
Dec. 27
France
Francs
Francs
Dec.
Dec, 30
Dec.
28
Francs
Dec. 29 Dec. 30
Francs
Bank of France
Figures ,after decimal point represent
a
one
or
32ds of
more
point.
9,000
9,100
9,000
Banque de Paris et Des Pays Baa
1,339
1,351
1,356
Banque de.l'Unlon Parlslenne—
507
518
533
Canadian
Pacific
■
Canal de Suez cap
212
«
6,700
—
Cle Dlfltr d'Electrlclte
Int.
Francs
213
17,200-
216
227
17,400
17,600
830
Cle Generale d'Electrlclte
9,100
838
836
June
15 1943...
Dec.
15 1943...
Dec.
15 1941._.
Sept. 15 1939...
Dec. 15 1939...
june
15 1941
Mar. 15 1939...
Mar. 15 1941...
1H%
1 H%
1H%
1M%'
1M%
1H%
1H%
1X%
'
Bid
101.15
Asked
101.17
Maturity
,
Rate
June 15 1940...
101.14
101,16
Dec.
102.24
102.26
102
Mar
102.1
102.3
Dec. 15 1942...
102.27
102.29
1X%
1X%
1H%
1 H%
Mar. 15 1940...
101.30
Sept. 15 1942...
100.7
102.29
Bid
15 1940...
15 1942...
1 H%
2%
2H%
June 15 1939
Asked
102.10
102.12
102.28
1,540
47
1,570
1,560
l",580
47
47
45
Citroen B............
Int.
Rate
Maturity
585
600
595
Comptolr Natlonale d'Escompte
895
900
928
210
210
Cle
Generale Transatlantlque..
1
102.30
Coty S A
102.10
102.12
Courrlere
250
255
255
104.4
104.6
Credit Commercial de France...
568
572
552
Credit
...
Lyonnalse
1,740
104.8
104.10
105.8
105.10
Eauxdes Lyonnalse cap
101.30
102
Energle Electrlque du Littoral—
102.31
THE
BERLIN
STOCK EXCHANGE
each day
received by cable
of the past week:
HOLI-
24
Dec.
26
Dec.
Dec.
27
Dec.
28
■Per Cent
29
Dec.
30
972
442
Capital
447
441
37
Rentes Perpetual
3%
,
36
1,875
1,870
87.00
87.90
439
35
1,803
1,300
87.90
88.00
90.10
89.60
90.10
Rentes
91.10
91.90
91.90
92.10
Rentes
4>$%. 1932, A
4H%, 1932. B
90.60
91.00
119.60
6,540
6,590
2,105
115
Schneider & Cle
1,200
1,200
2,120
1,305
125
Societe Francalse Ford
65
64
Deutsche Bank (6%)
115
115
115
124
124
124
-
89.80
90.25
119.70
157
Deutsche Reichsbahn (German Rys.pf.7%).
90.40
89.60
6,480
157
Dresdner Bank (5%)
89.80
Rentes 4%, 1918
90.80
157
Holi-
Relchsbanks (8%)
-
108
108
108
108
Soclete Generale
day
151
151
150
151
Bociete Lyonnalse
107
107
107
109
Soclete Marseilles...
187
-
Holi-
day
945
958
119.70
158
Vereinigte Stahlwerke (5%)
933
922
6,490
2,100
113
Siemens A Halske (8%)
901
89.90
114
—
681
1,280
124.50
113
(7%)
(5%)
DAY
Pechtney
Rentes. 5%. 1920
115
Roehren
615
683
1,280
Royal Dutch
Saint Gobaln C & C
of Par
Elektrlzltaeta-Gesellschaft (4%)
Berliner Kraft u. Llcbt (8%)_.
Allgemelne
Mannesmann
HOLI-
DAY
1,770
1,570
Rentes 4%, 1917-.-.
Dec.
Farbenlndustrle I. G.
608
675
Orleans Ry 6%..
Pathe
as
364
1,280
Llqulde
Lyon (P L M)
Nord Ry
Closing prices of representative stocks
1,750
1,570
355
602
Kuhimann
L'Alr
1,590
352
.....
1,730
1,560
Energte Electrlque du Nord
210
187
186
186
Tublze Artificial Silk preferred
188
188
186
186
Union d'Electrlclte
105
104
104
105
agon-Llts
Fonclere
63
.....
95
98
1,586
1,570
636
—
95
1,557
636
634
106
106
110
506
517
530
78
79
79
66
Dec.
31,
1938
4014
York Stock Exchange
Stock and Bond Sales —New
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen
deferred delivery sales are disregarded In the
taken of such sales In computing the range for the year
NOTICE—Cash and
account Is
United States Government
Below
furnish
we
Corporation bonds on the New
1
m n
_
Securities on the New York Stock Exchange
Treasury, Home Owners' Loan and Federal Farm
week.
York Stock Exchange during theOTiOlTLt.
current
aonf
of
rtM.tf
vomr o
marp.
nr
,
t
Bond Prices
"" * "
" ■*
Total tales in
119
www
119
119
WW
3
36
SI.000 units...
Daily Record of U. S. Bond Prices
)
-
WW
-
WW
103.12
103.16
103.8
103.16
103.10
3
4
90
102.25
102.29
102.30
(High
102.28
102.24
jLow.
114.17
103.15
103.14
Total sales in SI.000 units...
WW
29 Dec. 30
103.12
103.14
(Close
www-'
103.15
103.14
| Low.
2Hb. 1950-59
wwwWWw
WW
27 Dec. 28 Dec.
24 Dec. 26 Dec.
Dec.
iHigh
!
119
[Clow
30
119
119.3
„
jLow.
4MS. 1947-52
29 Dec.
Dec. 26 Dec. 27 Dec. 28 Dec.
Dec. 24
I
Treasury
Mortgage
-
1
Daily Record of, U. S.
Ne
of the day
daily record of the transactions in
a
A
Pages—Page One
day's range, unless they are the only transaction
103.12
114.10
114.9
102.28
102.20
102.28
114.16
114.17
102.28
114.9
102.24
114.10
(Close
102.28
102.24
102.30
114.17
114.17
102.28
114.9
102.24
114.10
3
50
21
12
51
1
Total sales in SI,000 units...
(High
w*ww
114.20
102.22
102.19
102.18
102.23
102.23
|Low:
102.19
102.14
102.14
102.20
102.21
102.19
102.14
102.18
102.22
102.23
Total sales in SI.000 units—
28
127
96
10
2^6. 1960-65
113.16
113.18
113.20
113.20
113.18
-
113.20
113.18
1
113.14
W
WW
(Close
......
113.14
W WW *
1
jLow.
3HB, 1940-55
32
1
4
WW-W
2Kb, 1958-03
......
Low.
2^8. 1945
3HS. 1940-43
1
Total sales in
105.4
105.4
105.4
105.4
105.4
105.4
......
106.28
106.28
106.28
106.27
(High
,
Total tales in SI,000 units..
W w< W
w
106.30
10
w w
-
1
(Hlgi
Low.
(Close
109.31
110
109.31
110
SI,000 units...
2
1
'
wt
WW
40
26
19
102.17
102.17
102.23
102.25
102.17
102.15
102.22
102.22
102.17
102.15
102.22
102.25
109.25
109.26
109.27
109.25
109.27
109.25
109.28
109.27
109.26
2
109.29
110
109.29
109.30
w w
w
w
WW
4
17
109.11
109.11
109.9
109.9
5
10
107.7
4
t
>
1
t
106.27
106.27
106.27
Total sales in SI 000 units...
1
3
106.3
106.2
Low.
106.3
106.1
106.3
106.1
(High
3a. 1942-47
t
-1
1
II
105.5
105.5
Low.
105.5
105.5
2^8, 1942-47
>
1
I
1
•
(High
106.28
106.27
106.27
106.27
106.26
Low.
106.28
106.25
106.25
106.26
106.26
OIO86
106.28
106.25
106.27
106.26
106.26
Total sales in SI.000 units...
27
2
11
9
(High
102.12
102.11
102.11
102.13
Low.
120.12
102.10
102.10
102.11
I Close
102.12
102.10
102.10
102.11
Total sales in 51,000 units...
108.22
108.23
1
6
108.22
jLow.
108.22
108.20
108.20
108.22
108.22
108.20
108.23
108.22
WW
Home Owners' Loan
2Hb, series B, 1939-49..
2
6
30
9
w
(High
107.4
107.2
107.5
107.8
■)
107.4
107.2
107.3
107.5
107.4
107.2
107.5
107.8
'
[Close
WW
WW
3
26
6
Low.
www
Close
104.21
104.21
104.12
104.16
104.17
104.14
w
.-www
104.14
104.17
104.21
Total sales in SI.000 units.
ww
(High
w
j Low.
*
10
w
-
—
WWW
104.11
104.12
104.11
5
1
w
w
w
W
107.1
w
'
w
w
'
52
J
2
■
*
Odd lot sales,
t Deferred
1
delivery sale.
107.1
w
106.31
(Close
Total sales in 51,000 units...
107.1
www
106.29
106.31
w. ww •
106.31
106.31
(Close
Total sales in SI,000 units...
69
107.2
1
104.11
104.12
19
1
m
www-.
Note—The
105.24
105.24
105.17
105.21
105.21
1
105.24
105.24
105.17
105.21
105.19
2 Treasury 2^s.
(Close
105.24
105.24
105.17
105.21
105.21
1
-I
Low.
-Www
w
104.4
W-w-
Total sales in SI .000 units.
•
3
W
w
of
coupon
Treasury 3Hs 1943-1947
109.31 to 109.31
104.15 to 104.15
_
1955-1960
1
'
j
3
50
104.5
104.5
United States
104.4
Treasury Bills—See previous page.
101.4
*
104.4
www.
1C108P
15
19
104.4
WWW.
sales
only
registered bonds were:
2
iHtgb
(High
includes
table
above
Transactions in
bonds.
j Low.
Total sales in SI.000 units..
14
9
104.12
..jLow,
2^8. 1942-44
3
104.16
104.14
High
10
[High
Home Owners' Loan
104.14
Total sales in 51.000 units...
2Jis. 1955-60
1
1
Total sales in Si.000 units...
Home Owners' Loan
108.22
»
105.5
105.5
(Close
1
1
High
Low.
7
[High
ww
Total sales in S1.000 units...
Total sales in SI.000 units...
107.7
5
106.27
106.27
3s. series A, 1944-52
www
107.7
107.8
106.27
Low.
Federal Farm Mortgage
WW
Close
(Close
15
107.7
107.8
Total sales in SL000 units...
1
■
102.8
11
107.8
_DAY
High
Federal Farm Mortgage
8
ww
E
Low
102.7
15
Close
109.9
109.9
Total tales in SI.000 units.
High
107.7
3s. 1944-49
109.12
109.11
WW
w*ww
(Close
102.3
(Close
109.31
110
109.11
(High
102.8
Total sales in 51.000 units
109.30
109.29
w
107.7
Low.
109.31
Www
w
1 Low.
2Hb, 1951-54
High
Federal Farm Mortgage
8
1
2
.www
W
102.7
32
IClose
109.28
5
102.8
102.3
IHOLI-
1944-04
109.29
109.25
109.30
102.7
102.7
| Close
.
10
102.5
102.7
| Low.
Federal Farm Mortgage
12
6
3
1
102.22
102.10
Total sales in 51,000 units.
DAY
Total sales in SI.000 units...
Treasury
2J4s, 1948-51
(Low.
...
w«
HOLI¬
[Close
2 **8,1945-47
1
2s, 1947......
W* WW
109.30
jLow
3s. 1951-65
102.22
(Close
109.30
jLow.
....
102.20
Total sales in S1.000 units...
2
(High
8s, 1940-48
102.16
3H
Total sales in SI 000 units
-•
102.20
102.22
102.16
2^8. 1950-52
107.14
(High
3J4S, 1949-62...
102.19
(High
25
107.14
ww
•
3HS. 1940-49
102.12
110.1
Total sales in S1.000 units...
.
102.16
CloBe
107.14
(High
3«s. 1944-46
102.22
Low.
2
110.1
I
(Close
3H». 1943-45
102.20
(High
jLow.
1
100
102.16
110.1
110
110
12
102.20
2^8,1949-53
106.27
106.28
4
.
105.7
105.2
102.22
Total tales in S1.000 units...
'
106.26
106.26
3«S, 1941
105.7
Total sales in SI.000 units...
-
„
(Clos
Total tales in
Low,
1948
1
106.28
105.7
105.1
Close
106.26
jLow.
3«S. 1943-47.
2 He
1
106.30
2
2
105.2
(High
......
1
6
Total sales in SI,000 tinttr...
"
11,000 uni
3Hs. 1941-43
105.4
105.4
105.4
105.3
[
106.9
......
105.3
105.9
106.8
Close
105.3
106.9
106.8
High
5
—
65
106.11
w
United States Treasury
104.4
104.5
WW-
8
—
3
Notes, &c.—See previous page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
STOCKS
Sales
NEW
for
Saturday
Monday
Tuesday
Dec.
Dec.
Dec.
$ per share
*58%
*120
$ per share
39
40
Dec. 28
$ per share
41
*39
40
Dec.
$ per share
38%
40
20
10%
10
10%
20%
20%
*20
*64%
2734
65
27
27
2784
65
*27
20%
273.1
64%
6538
63%
64%
%
*%
w
%
Stock
w
934
934
%
1
*66
%
w
934
-
w
9%
12
12%
10%
*15%
26
10%
*9%
185
12
12%
Christ¬
11%
10%
*15%
11%
10%
mas
10%
186
26
9%
Holiday
185
16%
26%
10
*11%
186%
12%
11%
10%
62
46
19%
*2%
*16%
2%
*11%
11%
10%
*60%
$ per share
Shares
9%
12
%
11%
10%
1,400
107g
6,300
Adams Express
2078
300
27%
1,200
Address-Multlgr
65%
66%
5,600
Air Reduction Inc
1,300
Air Way
66i4
h
1
1
20
10
978
"9",800
1%
Z934
19.206
*115
11.
12%
13%
11%
Adams-Mlllls
No
1
13%
11«4
14
6,900
12%
2,900
3,300
El Appliance-No par
Alabama A Vlcksb'g Ry Co 100
Alaska Juneau Gold Mln
10
67
95
5
5H % pf A with $40 war. 100
17
18%
700
6X% Pf A without war. 100
$2.60 prior conv pref.No par
5%June 17
7*4JuDe 18
27%
2734
6,900
Alghny Lud Stl Corp ..No par
14% Sept 26
10%
1,200
2,900
9%
934
185
186
9%
186
9*2
934
187i2
190
12%
*12
12%
12%
12
12%
8,300
11%
11
11%
19,000
191
Allen Industries Inc
12%
11%
10%
60%
61
60%
1134
10%
6O84
1134
10
61%
61i2
*61%
46
4634
45%
46%
47%
48%
15,100
Allls-Chalmers Mfg
19%
19%
19%
19%
2%
1,800
Amalgam Leather Co Inc
17
17
17
17
r
17
2%
17
*18
20
300
3,400
1,400
6,100
66-34
6634
66
6634
66%
67%
67%
69%
70
70
22%
*22i4
22%
22
23
23
23%
16%
16
16%
16
16%
22%
16%
22%
16
17%
571?
56%
56%
56%
57
17%
57%
1734
57%
57
*56%
Bid and asked prices; no sales on this day.
i
In receivership,
a
170
Def. delivery
Allied Mills Co Inc
No par
Allied Stores Corp
No par
5% preferred
Am Agrlc
n
New stock,
r
Mar
Dec
85
Aug
43%
7% Nov
17% Oct
16% Oct
44% Nov
% Oct
22% Mar
28%
Jan
80%
Jan
5%
Jan
13% Fob
2
8
Oct
"15%
Dec
7
146
Oct
160
1% Jan
7
1
Oct
5%
Feb
1778 Jan 12
17% Jan 12
17% Jan 12
21% Nov 14
29% Nov 12
11
Oct
59%
Feb
II
Oct
59
Feb
10
Oct
19%
Oct
68%
52%
Feb
125
10
Oct
Dec
85
34
Oct
Feb
Aug
Feb
Apr
83%
39%
55
pr
22
May 27
Dec 28
10
Mar 30
46% Apr 27
x
Feb
36
49
10
No par
Cash sale,
Mar
~69~
13% Nov 9
Oct 28
55% Oct 17
50
8% preferred
55
Nov
14% July 25
34% Mar 31
11% Apr 1
1% Mar 26
10
Mar 30
1
50
Chem(Del)newNo
American Bank Note
Nov
70%
Mar 31
38
100
6% conv preferred
Amerada Corp...
3$
"37"
4% Mar 26
Mar 31
7
No par
2%
1934
2%
Alpha Portland Cem
2%
1934
2%
1,300
214
600
Highest
share $ per share
8% Mar 28
124
No par
19%
2%
4634
19i2
48
19%
62
400
077s Nov 12
l%July 11
08% Oct 18
per
23%
258%
17%
33%
21%
4% Mar 30
Mar 31
1
Allied Chemical A Dye.No par
Allied Kid Co
5
10%
20
Mar 30
16%
11%
.
Apr 16
78 Mar 31
6% June 17
2734
*22%
*
8% Mar 31
..100
Allegheny Corp
No par
Pf A with $30 war. 100
12
11%
% Mar 30
Aug 3
16%
12
Jan 14
12*4 July 19
Aug 30
2
May
27
11%
62
30
40
16
11
Nov 17
123% Oct 6
,45
Oct 15
Oct 22
2612
11
61
$
share
24
16
10%
per
16% Mar 31
10
4634
57
6% Mar 30
2534
10%
Lowest
14% Mar 31
No par
11%
10%
4
36% Feb
par
Corp
$
share
119% July 19
30% Mar 23
18
June 3
...No par
»
per
Albany A Susq RR
*66
11'2
$
No par
42
7„
12
10%
Abbott Laboratories
1034
28
10
1
1,100
Par
2078
27%
41
Year 1937
Lots
Highest
Lowest
1034
40l2
*66
934
1
Closed
17
26%
Week
4^% conv pref
100
Abraham & Straus....No par
Acme Steel Co.
25
*115
%
11%
28
%
*67
Exchange
11
103g
1
%
w
On Basis of 100-Share
20i2
39i2
J0>4
10%
20
Dec. 30
29
$ per share
*19%
10%
w
27
the
5834
58%
57%
58%
*57%
58*2 .■ 5778
58
*120% 130
*120% 130
*120
130
*120
130
35%
*33%
42
*36
35%
38
*35
45
58%
130
*35%
W
26
Range for Previous
Range Since Jan. 1
STOCK
YORK
EXCHANGE
Friday
Wednesday
Ex-dlv
u
14% Ang 20
197
Oct 17
12% Oct 26
g%
145
7%
«%
Oct
Nov
Dec
Oct
Oct 15
8%
Oct
3% Oct 17
1%
Oct
20
24
Jan 12
78
July 13
28% Oct 10
23% July J9
63
Not
Ex-rights.
7
19
Oct
51% Nov
10
Oct
50
Dec
Mar
Aug
Jan
Mar
Mar
Jan
Jan
8% Mar
52% Mar
114% Mar
41%
75%
1 Called for redemption
Jan
Feo
New York Stock Record—Continued—Page 2
Volume 147
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT
PER
Sales
CENT
for
Saturday
Monday
Tuesday
Dec. 24
Dec. 20
Dec.
$ per share
7
$ per share
49%
7ig
50
*130
4912
215s
217g
*114i4 125
120
22
120
7%
7
97g
95g
97g
9*4
9i2
70
418
414
7%
97g
10%
9
914
100
9i4
6,800
54
54
2,600
23%
3
7%
10%
10%
9%
9%
7%i
10%
I3ift
1314
8
3,200
2934
45
45
*138
14l2
1434
_6%
67g
45%
1%
14%
6i2
6%
14%
7%
28l2
2934
45%
138
1434
634
29%
28%
29%
71
72
71
3,400
15%
3%
1434
5,600
1*2
29
295g
71l2
15ig
69
15
33g
15
33g
38
314
38
37
14
30
45%
1%
45%
1%
14%
*13%
4%
8%
8%
13%
13%
14
14
*29%
*44%
434
45%
400
1%
14%
7%
30
7%
30
900
1%
14%
7%
30%.
2,000
1,300
American Ice
3,700
Amer Internat
73
74
71%
75
76
15%
15%
15%
14%
15
3%
3%
384
3%
4%
4%
3734
37%
3734
38% 39%
39%
39%
122
*116% 122
♦116% 122 1*116% 122
25
25
*24%
25
25%' 2534 2534
6l2
5%
5%
5%
534
5%
6%
37
38
38%
3834 39
39%
39%
33
32%
33%
33% 35
35
35%
17
17%
1734
17%
18%
1734
18%
25
*11612
25
5%
*24l2
5%
37i2
3234
5l2
38
39
3334
34
1714
1712
*158
17
160
160
*158
*158
160
160
160
*160
2014
697g
205g
20
2034
20
20 34
21
22%
70
7012
7034
70%
71%
70%
72% '
137g
1934
137g
1934
3234
13%
14'%
14%
1934
*31%
51%
*32
13%
487g
49
*129i4 133
*59
48%
*59
375g
39
*712
197g
7%
1612
203g
94
94
1712
14634 1475g
*83%
85
87
3734
148
17%
147
Exchange
83%
87
712
7i2
12I2
I3ig
.
*76
85
*5ig
67g
7
*30
Holiday
35
34%
33%
56
*19%
113
*19%
15%
*2%
13%
2%
2%
*27%
27%
26%
*122
100%
4%
4%
39%
100
40%
*52
77%
5
36%
35
7
*31
113
13%
10
5
8%
65
9%
9%
9
I
5%
*36%
7%!
7%
37
35%
*31
57
14%
34%
*52%
20
19%
113% 113%
15
113
*14%
r2%
2%
28%
28%
♦122
*100% 102
5%
5
3,200
500
5%
1,500
38
6,100
Ship Building Co.No
Amer Smelting 4 Refg.No
Preferred
57
0% preferred
10
8%
■
8%
77
9
Amer Steel Foundries—No par
American Stores
No par
16% Mar 31
6% Mar 31
American Stove Co
12
1,200
*76
9%
9%
10%
8%
8%
77
*76
10%
American Tobacco
26
Common class B
25
200
5%
13,600
0% preferred
1
Anaconda Copper
A P W Paper
77
7% preferred
;
Mar 30
$0
500
39%
63%
65%
27
28
*5%
6%
*3%
*3%
4
3%
3%
*28%
28
28
15
6%
43%
63%
8%
15%
7%
6%
9%
25%
25%
83%
19%
'25%
25%
19%
~1878
12%
*
18%
43%
63%
66
*125%
*5%
r3%
3%
29%
7%
16%
3%
31
7%
16%
7%
7%
9
9
66%
-
66%
*125%
-
6%
3%
3%
30
*5%
r3%
*3%
*28%
7%
17%
7%
16%
7%
7%
•9%
9%
27%
66%
*»«»
678
3%
3%
31
8%
17%
7%
9%
26%
26%
84
84
84
18%
19%
20%
12%
20%
12%
12
20%
12%
r28%
18%
28%
18%
29
29
28%l
18%
20%
26%
*84
29
90
18%
18%
197g
19%
19%
20% 20%
19%
20%
113
113% *113
114% 2112% 112% *111% 114
17
17
17
17
*16%
18
i
18
18%
99
29%
*95
*
99
*94
99
|
*94
7%
74%
*17%
*112
7
29%' ♦
*119" 123
*120"
*117% 120
26%
*72%
26%
7%
74%
27%
*72%
27%
19%
19%
19%
19%
29%
19%
53%
53
53
52
70
74%
75%
17%
74%
18
17%
11219
H27«
*22%
*21%
15%
111
231*
23
23
21
21
21%
16%
15%
16%
7%
7%
75
15%
123
7%
19%
19%
19%i
53
53%
54%
55
55
78
78
78%
77%
78%
23
21
16%
25
*19
24
*41
*41%
46%
42%
42%
31%
46%
31%
32
33%
27%
317g
27%
32%
27%
28
27
27%
24
Bid and asked prices; no sales on this day,
7%
29%
17%
111% 112%
*19
7%
75
30%
*18%
♦
140
Oct
Oct
15% Dec
7%
9
Deo
61%
148%
40%
11%
Dec 16
Aug 30
Dec 30
Jan 18
19
Jan 11
Nov
Dec
40
125
170
36
Nov
22%
154
Dec
18
17%
112% 113
23% 25
21% 21%
16%
16%
25
*18%
*42% 46%
33% 35% |
27%
28%
*72%
*17%
18
112% 112%
25
24%
21%
21%
17
17%
*18%
24%
*42%
46%
34%
35%
28%
t In receivership,
a
28%
3% Mar 20
28% Mar 28
50
Mar 19
24% Mar 26
6% Mar 25
2% Mar 30
72
Nov 29
Deo
Oct
14
Oct
140
Oot
88% Aug
57
Deo
91%
68%
Dec
Nov 14
Oct 25
152
128% May
Deo
9% Nov 14
4%
Oot
8
Oct
82
Oct
16% Nov 10
91
Aug
7% July 19
45
25% Deo
Nov
3%
9% Oct 17
43
July 25
42% Oct 17
64% Oct 31
Aug
Oct 19
Oct 17
217g
113%
20%
4%
July
72
Oct
*27% Oct
24% Nov
39
10
Oct
Oct
90
Oct
7
Oct
7
31% Aug 8
122% Oct 19
10378 Oct 24
7
July 19
Oct
3%
2%
22
Deo
Deo
110% May
93
4%
Oct
Oct
Jan 12
67
Dec
94% Jan 31
59% Dec 29
96
Feb
13
Nov
9
30
9
4%
2%
Dec 21
Oct
Oct
Oct
Aug
73% Sept
39% Nov
6
Nov
Dec
71% Dec
70
6% preferred
2,000
.100
5%
4% conv pref series A..-100
5
Atlas Corp
2,400
6%
preferred...
900
60
22% Mar 31,
40 May 27
Mar 31
14
4% Mar 26
6% Mar 26
17%
101%
5%
38%
No par
Atlas Powder
5% conv preferred
Atlas Tack Corp
30
100
105
Mar
Apr
Mar
Mar
31
12
30
26
Mar 29
Jan
No par
XAuburn Automobile.-No par
2%June
2
_
Mar 25
Austin Nichols
No par
$5 prior A..
Aviation Corp
—No par
of Del (The)-.3
56,300
30,500
Baldwin Loco Works v t c—13
5
Baltimore 4 Ohio
4„ Mar 31
6*8 Mar 29
9,400
2,000
180
4.900
900
preferred
-.100
Bangor 4 Aroostook
60
Conv 6% preferred
100
Barber Asphalt Corp.-.--.10
4%
Barker Brothers
280
13,000
4,100
No par
5H% Preferred
Bayuk Cigars Inc
5,000
108", 900
1,200
1,000
-—6
Beatrice Creamery
par
...60
20
No par
Belgian Nat Rys part pref—
Bendlx Aviation
5
Beneficial Indus Loan..No par
No par
Best 4 Co
Bethlehem Steel (Del)-No par
1,100
6% preferred..
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
1,100
900
10,700
Black 4 Decker Mfg Co No par
No par
Blaw-Knox Co
Bloomlngdale Brothers.No par
30
51,700
3,100
Pef. delivery
Blumenthal 4 Co pref
Boeing Airplane Co
Bohn Aluminum 4 Brass
n
New stock
r
100
.—6
5
Caah sale
x
Dec 24
12% Mar 30
5
Mar 23
21% Mar 29
10% Mar 30
9
43,025
1,200
82
109
No
Mar 30
24% Dec 21
par
Beech-Nut Packing Co
Beldlng-Heminway
12% Mar 30
2% Mar 29
-.100
26
No
1st preferred
$5 preferred w w
Beech Creek RR...
""166
60
Barnsdall Oil Co...
30
1,900
—..100
4478 Nov 10
72
Jan 14
5
Oct
9
Oct
18
Oct
27% July 20
109% Aug 11
97a Jan 10
48% Aug
68
Nov 14
0% Jan 12
5% Dec
36% Dec
Oot
13% Jan
36
July
98
July
23% Oct
14
Oct
34
Nov
15% Mar
207g Mar
39%May
12%June
76
31
31
27
14
Mar 31
17%June 3
9% Mar 30
10% Mar 31
13% Apr 4
37 May 10
19
8ept14
15% Mar 31
Ex-dlv.
'/
10
Oct
Oct
11
21
30
Oct
19
89
Deo
24
10%
Oct
20
7%
9
20
21% July 19
10
19% Dec
9
Oct 19
30% Mar 12
117
Dec 20
8% Mar 29
Dec
Oct
.
102
2
15
8%
July
25
Sept 20
Dec
11
Jan 31
6% Mar 31
Nov
4% Oct
3% Deo
2
Sept
5
Nov 14
94% Apr
38
2%
90% Apr 29
67
101% Sept
7% Deo
39% Oct
8% Dec 30
17% Dec 29
21
9
Oct
101
Nov 15
115
Apr
32% Nov
66% Dec
18
9
11% Mar 30
Dec
Dec
8% July
14% Jan 10
Mar 30
Apr
33
297g Nov
8
150
1,100
9
126% Dec
4% Apr
52,800
75
30%
150
24
1047g
9
July 19
83
Jan 11
30% Dec 29
9%
108
13%
92
Dec
Nov
Oct
Oct
Oct
Oct
Nov
29% Dec
90% Oct
7%
Oct
82% Deo
8% Oct
21
Dec 13
15
Oct
50
Nov 14
29
Dec
78% Dec 29
18% Nov 10
41
Oct
14
Oct
1147g Nov 12
29% Oct 17
24% Nov 9
19% Nov 12
21% Oct 28
65
85% Nov
22% Dec
13% Nov
9
Oct
15% Dec
July 25
357s Dec 29
60
16
Oct
30%
21
Oct
Oct 11
Ex-rlghta.
Feb
105% Mar
Oct
7%
Jan
46% Mar
Oct
Nov 29
Atch Topeka 4 Santa Fe—100
Feb
101% Aug
Oct 11
31
41
122
58% Nov
140
Nov 29
300
29%
*72%
29%
19%
18
22%
20%
7%
5,900
10,300
99
*
29%
'
7%
*72%
26%
19%
*52%
75%
9%
95
2,700
%
82
17%
120
Oct
19% Oct 13
95
22%
11%
*94
Oot
26
Jan 22
22%
107% 107% *108
111
8%
8%
8%
8%
43
43
43% 43%
8%
28
*117"
31
Mar 30
22
22
107
12
"
Oct
47% Nov 10
41% Nov 10
Mar 29
preferred
—100
Atl antic Refining...——..25
18%
117
Dec
3
72
Atl G 4 W I SS Lines—No par
28
*
117"
Nov
26
27
300
17%
17
100
72
600
28
99
24% Nov
Nov 23
29% Jan 18
7% Oct 17
5% pref with warrants..100
6%
*11%
17
29% Mar
13% Jan
68% Mar
129% Feb
31% Deo
16% Jan
87% Feb
72% Jan
29% Feb
Assoc Investments Co ..No par
10%
22%
18%
*94
125
Dec
10%
19%
12%
19%
197*
*113% 114
Oct
Oct
Nov
*6
30
12%
*26
4% Mar
27% Feb
17% Mar
58% Feb
3
Jan 12
$5 pref without warrants 100
45,800
_
Oct
83
6%
68
_
11% Mar
55% Mar
52% Mar
10%
8
11
8%
82
5%
Oct
38%
58%
21
53
Dec 28
Atlantic Coast Line RR—100
7
8%
19%
Nov 12
17% July 25
48
13,100
3%
*28
1578
82
79
80
29%
3%
15%
8%
Deo
27
58
42%
3
7%
25%
45% Deo
lune
July
July
Dec
2%
20%
8%
30%
9
29
6%
67g
7
Oct
5%
14%
Nov 17
77% Dec 13
12% Nov 12
41%
66%
*6
6%
7%
14
19
30
67g Nov 15
36
75
66%
*125%
31
23
20
Nov 14
Mar 29
29%
8
15%
6%
15
May 12
29%
6%
*10%
6
3%
68%
4
Z64%
10
6%
3%
3%
Deo
5% Oct
14% Dec
7% Oct
2% Oct
20% Oct
32% Oct
1% Oct
z52
65%
6
*57g
17%
12% July 20
207s July
100
1st preferred
29%
10
64%
25% Feb 25
100
7% 2d preferred
28
43%
6
par
100
58
64
43%
No par
7% pref.
*53
41
62
100
—No
58
63%
27%
*125%
No par
pref..
Associated Dry Goods......1
20
-
conv
6%
39
1
Apr
July 14
82
1
10
600
20
116
200
35
6
Apr
100
95
21%
Mar 29
10% Mar 31
Armour ACo (Del) pf 7% gtdlOO
Armour 4 Co of Illinois
6
4,600
94
107
Mar 26
Archer Daniels Mldl'd.No par
10
35
-
13%
4% Mar 30
May 26
Artloom Corp
94
6
68
1
Arnold Constable Corp
*90
11
Mar 30
21
6,700
95
6
6
25
2,000
94
-
Oct
3% Mar 28
26
2,300
*90
*10
68% Mar 31
130
Apr
1
Mining. .60
Co
70
41%
Mar 30
23% Mar 31
Amer Zinc Lead 4 Smelt
10%
8%
*91%
40%'
68
100
*68
35
Mar30
Apr 16
3% Mar 31
Preferred
69%
9%
111
No par
58%'
94
40%
No par
7% preferred
Armstrong Cork Co
......
33%
38%
63%
27%
100
$6 1st preferred
American Woolen
2,200
95
04
Mar
2%
20% Oct 27
Am Type Founders Inc
10
Am Water Wks 4 Elec.No par
30
102
33%
43%
Jan
225
2
117% Mar 14
Mar 31
*90
-
17
Oct
5% July
Dec 28
2
400
*91%
64%
Oot
Jan 22
12% Mar 30
No par
3
35
43%
June 10
Mar 31
94
*125%
No par
10
95
8%
Jan 17
130
20
*91%
2178
7
Andes Copper Mining
*90
109
Mar 29
45% Apr
1,800
95
8
100
103
15%
94%
21%
Oot
5
175
177
Oct
Feb
97
*91%
.
Nov
2
Mar
29
*51%
*34%
*107
80
58
AnchorHockGlass Corp No par
$6.60 conv preferred.No par
05
58%
10%
49
8
12%
Jan 18
0% July 25
7% Nov 14
29
Anaconda W 4 Cable. .No par
*52
48
22%
16% Jan 12
83
Oct
210
5%
59%
52
109
23% Mar
30% Mar
33% Jan
99% Mar
13% Jan
24% Deo
500
65
57%
51
8
Oct
Nov 14
207a Jan 12
23% Nov 9
35% Jan 11
*1,600
*52
69
22%
Jan
Oct
8%
15
Dec 21
7% Mar 26
19%
65
69
*105
par
25
$6 prior conv pref
44,500
45
*65
6%
29
12
22% Apr 1
28% Mar 31
113%
44
69
11
par
100
American Snuff..
36
35%
42
'*65
*6
Apr
Aug
Dec
July 19
978 Nov 14
80% July 20
American Seating Co.-No par
1,700
7%
T
42
57%
9%
1,200
4,200
19,300
29%
29%
121% 122
5%
10,700
83
*2%
*101
800
*90
■
American Safety Razor.. 18.50
Amer
1,100
8
13%
41
9%
9%
148
5%
69
*10
112
20%
5%
20
Mar 29
19% Dec 21
*77%
36
27%
*76
41%
150
Oct
58
82
78%
58
32%
Oct
Oct
15% Oot
03% Deo
American Sugar Refining..100
6,100
11%
104% Feb
33% Aug
24% Nov 12
Preferred..
.....100
Am Sumatra Tobacco—No par
Amer Telep 4 Tel eg Co
100
7%
*51
37
100
Oct
13% Mar 30
2,200
13%
*62
*35
pref
30
Jan
165% Jan 12
4,900
148
34%
*53%
19%
101
8%
8%
77
conv
Feb
1
300
7%
7%
2%
54%
10
8%
*76
4
26
148% July
22,500
13%
37
14
*52
10
8%
76%
American Rolling Mill
800
500
..100
Mar 30
21%
89%
18%
148% 149%
8534
85%
88%
88%
148
'
76%
9
Preferred
16% Mar 31
16%
6%
53%
19%
40
55%
Am Rad 4 Stand San'y .No par
Mar 31
Jan
71
90
Oct 17
3% Mar 29
174
Oot
80
45
No par
121
Oct
6
122
Mar 29
Dec
9
9
Dec 30
Mar 30
20
69
1517g
15%
Oc t 21
Nov
99% Mar 30
20%
88
*31
4%
41
54%
12,600
23
Feb
Dec
2% Mar 31
40%
8%
7%
7%
12%
78%
113
27
101
*52
54%
10%
120
18%
87
*122
100
1,300
Mar 31
88
34%
13%
2%
2%
27%
.
36
33%
52%
19%
19%
3,200
June 17
10
19
10
39%
84%
7%
41
65
54%
20%
Light
No par
Mar 26
44
.No par
No par
1,800
61
*15
148
87%
148
7%
4%
15%
84
127g
77%
5%
37%
*122
*99
84%
7%
113
*112
40%
7%
100
new
$5 preferred
19%
Oct 4
Nov 26
Mar 30
Mar 29
No par
preferred
4,100
*148
87%
90
*18% 19
146% 148
14584 14634
8634
55
*54
19%
113
*14
18
147
34%
*59
conv
$6 preferred
20
5134
52%
133% 134
59%
20
19%
88
83%
36
*31
34%
*55
19%
18
12%
6%
52%
Amer Metal Co Ltd
4,700
1434
30%
1%
13%
4%
12%
1
100
Amer Mach 4 Fdy Co..No par
Amer Mach 4 Metals..No par
Amer Power 4
32
32
39%
7%
15%
7%
16
82
5%
35%
rl9%
Mar 29
Feb
Feb
Nov
Mar 29
12
Corp
14,300
72%
1
No par
American Locomotive.-No par
Preferred
100
6%
21,600
May 26
No par
American News Co
22%
9
2
60
0% non-cum pref
""166
45,700
Mar 26
Oct 13
31%
80%
160
■
7%
13
5%
mas
36
14%
1934
*148
82
*76
fil4
36
84
14%
32%
1,900
3,700
162
21%
72
134
r59%
39%
7%
15
148
7%
12%
Christ¬
37%
8734
148
Closed
148
,7%
1934
91%
1734
14734
130
59
148
16
19%
Stock
59
39
7%
*15
87
148
1934
3234
48%
51%
129% 130
...
85
1712
19%
32
59
*148
....
*15
20
3234
49%
129% 129%
60
*146
1334
*19
*32
14,000
6% Mar 30
10
10
6% preferred
American Home Products
45%
_
*116l2 122
American Hide 4 Leather
4%
13g
6%
29%
Amer Hawaiian SS Co
2% Mar 30
13% Mar 29
No par
31%
14%
No par
No par
No par
4%
1%
Jan 22
Oct
Deo
9
Mar 29
177
$6 preferred
3,000
rl4%
4
100
$72 d preferred A
*30%
*45%
31
8% Mar 30
67% Dec 29
2% Mar 25
No par
Express Co
2,100
1,400
14
434
Mar 29
Oct
28
109
Nov
4% Mar 29
9
7
9
Aug 24
125
13% Sept 15
Highest
$ per share $ per share
Nov
117
3,700
9
14
Mar 31
88% Mar 31
Amer A For'n Power
$7 preferred
15,100
4,300
2934
n4'4
*28
13%
4%
2934
7%
13
27
share
105%
176%
347g
57%
23%
9% Mar 29
89% Feb 18
Amer European Sees
434
7%
12%
70% Jan 3
160% Mar 30
12% Mar 30
Lowest
14% July 29
52
135
100
Amer
4%
7%
12%
Apr 21
No par
American Crystal Sugar....10
6% 1st preferred
100
American Encaustic Tiling.. 1
110
3,000
13ig
7l2
125g
6% Mar 31
23% Mar 31
American Colortype Co
10
Am Comm'l Alcohol
Corp..20
2,100
3,000
10
per
No par
Am Coal Co of Allegh Co NJ25
15%
7%
100
$
5% preferred..
American Chicle
900
734
125g
13i4
,
Preferred
125
12134 122
.No par
Year 1937
Highest
$ per share
114
Range for Previous
100-Share Lots
Am Chain A Cable In
11,700
2334
*112
100
American Car & Fdy.
7,800
6834
68
67%
68%
4%
414
4%
4%
4%
4%
4%
7
*6ig
7
*6%
*6%
9
*6%
9
*165% 500
'105% 500
*165% 500
*165% 500
3
27g
3
234
2%
3%
3%
3%
I6I4
17 I
16%
16%
17%
18
1834
19 1
6934
Preferred
300
34%
15%
r7%
10%
9%
67%
"V.SOO
10034
3334
125
American Bosch Corp...
1
Am Brake Shoe A
Fdy.No par
5)4 % conv pre!
...100
American Can...
25
4,300
4'4
17
7%
12%
1314
414
1012
9
_
27g
7
Par
132
174% 175
120% 121%
*
Shares
7%
4934
*130
Range Since Jan. 1
On Basis of
Lowest
513g
7%
8
50%
132
*112
15!2
734
'
9
*6%
*16512 500
1612
118
*
17
7%
50
*130
125
118
120
17
*7
♦112
*11414 125
120
140
EXCHANGE
Week
30
$ per share
98
100
99l2
10034
*171lg 175
*171% 175
3114
33%
33%
34%
50
52
54
51l2
22
22%
2234
23%
327g
51i2
2214
31l2
50l2
$ per share
49l2
*130
Dec.
STOCKS
NEW YORK STOCK
the
Friday
Dec. 29
714
48
175
3234
51
28
7
100
*171
175
31%
Thursday
$ per shaer
135
99
100%
*171
Dec.
7ig
50l2
48l2
135
100
27
$ per share
7%
*130
Wednesday
4015
Dec
1 Called for redemption
Jan
LOW
AND
Dec.
Dec.
24
$ per share
*104
HIGH
SALE PRICES—PER
$
$ per share
107
*6012
per
51%
51%
$ per share
104
105
50
105
105%
50%
51%
12%
13%
$ per share
Shares
29
Dec.
$ per share
share
105
the
Week
105%
13
13
13
16%
1612
31%
16
16%
16
16%
16%
16%
31%
30%
31%
31
32%
3134
17g
61$
1478
25%
*25%
6%
6%
6%
6%
15%
30%
147g
1534
15%
1%
15i8
303s
297g
2
25%
6%
6*8
15
29%
*36
37
42
42
*9
11%
1%
9
15%
38%
15%
1234
10%
103s
*96%
11%
39
38
39
15%
15%
31%
12%
10%
1534
32
1234
32
30
16%
30%
12%
12%
13
*93%
96
6%
1734
1%
9%
7%
7%
19
34%
15%
16%
15%
12
15%
33%
15%
15%
1534
8
37g
16
15%
15%
18
50
5%
534
5%
*3078
33
*7%
»4034
%
44
♦31%
7%
*40%
8%
17%
80
80
18%
18%
3%
*8884
8934
23%
*114
2334
Stock
95
18%
67%
*20
4%
4%
109% 109%
784
734
5%
*4%
67
47%
20%
4
Closed
Christ¬
7%
Holiday
41
♦101% 103
46%
29%
778
21%
34%
8
22
77g
22%
35%
88%
36
88%
%
%
3
3
»%
284
U
278
*46
i14
%
1%
%
%
8%
8%
13%
13%
5778
22%
23%
*12512 127%
131
131%
61
*1000
30,000
2,200
3,500
4,900
12%
2,600
3%
1934
37%
49%
1
14,300
1,300
5,100
200
r%
%
"moo
1%
rl%
1%
1%
1%
1%
*8%
13%
984
400
13%
13%
13%
13%
13%
1,100
5,900
10
180
32
35
35
35
80%
9%
82%
82%
83%
34,300
9%
83%
9%
82%
9%
934
9%
3,100
77%
78%
79
80
*52
62
77%
62
*52
62
4
4
21%
21%
*
3%
no"
26%
*61%
*
111
14%
62
-
14%
34
34%
'
70
70
*
44
57
"57%
24
24
25
126
126
*126
131
131%
131
60%
60
*1000
»
14
34
2434
.
127% 127%
132
132%
*60%
60%
127%
131%
60
"V,506
1,100
35
35
107
*105
*15
30
*15
30
*15
30
*15
30
*15
20,700
20
20
20%
19%
6%
8%
6%
8%
6%
6%
16%
16%
6%
16%
17
16
16%
90
887S
6%
1678
*16%
90
14%
*27
6%
*70
*
15
14%
887g
14%
27%
6%
70%
27
27
65
"57"
57
*107% 108
60
60%
♦107
109%
9%
9%
1%
1%
45
45
27
27
6%
70%
*
14%
25%
6
70%
70
57
*107% 108%
59
60%
*107% 109%
9%
9%
1%
42%
2678
91
14
1%
44%
27
67g
91
91
14%
6%
72%
*
2
"9"; 200
900
82
28% Dec 30
16% Aug 6
3,700
7
6% prior preferred
740
7%
2,400
15
7%
73
*
92
15%
31
800
3,300
500
7% 105,900
73%
1,300
64
56%
56%
"56% 57%
56%
57
107% 107% *107% 108% *107% 108%
58
60
60
59%
59%
60%
*107% 109% *1077g 109%
109% 109%
9%
10%
10%
10%
10%
10%
1%
1%
1%
1%
1%
1%
45
42%
44%
46%
45%
46
26%
27%
27%
27%
27%
27%
t In raoelveMtiio.
98
Jan
13
Feb
5% Dec
3% Jan 15
.30
17%June 30
'
19
10
July*"
10
July■19
5
Octi 17
15% Nov 12
4412 Nov
'10
22
July 25
24i2 Janill
...
61
8
Aug
.
Oct
Oct
11%
Jan
Oct
45%
Feb
18% Mar
16%
Oct
Oct
1%
5%
2%
Oct
6
Oct
36% Mar
9% Feb
33% Mar
24
Oct
91
34% Mar
4978
Dec
52% Sept
6% Feb
1
Oct
Oct
20%
Jan
;
20% Aug 24
10
Dec
37%
Feb
'
21% July 22
44
110
8% Jan..
15
July 25
28
42
678
Oct
38% Mar
Dec
912
4612 Nov■15
8% Aug
"V, 300
100
8,300
61
Oct
Nov
S3
Deo
13
Dec
105% Aug
41% May
90
Dec
115
72l8 July 21
52
Oct
82%
Sept
_
7%
6%
preferred
preferred
June
Oct
4
Oct
Jan
Jan
Aug 26
Jan
12% Oct 22
46
Oct
6
1
106
Mar
4
June
4
June 14
33% Nov 12
12% July 20
May
2
22
Mar 30
Chllds Co
% Dec 15
1
9
Dec
% Dec 15
8
Mar 25
12
Mar 29
No par
3% Mar 30
25
5
35% Mar 31
No par
7% Sept 26
Chile Copper Co
Corp.—
City Ice A Fuel—
25
48% Mar 2
38% Jan 17
z40
Nov
90% Mar
31
Oct
687g Mar
6
89
89
Jan
1% Feb 23
July 7
1% Jan 10
5% Jan 10
1578 July 19
4
1
Jan
1% Jan 10
5% July 22
19% Dec 29
39% Nov 14
47
Mar
Jan
Dec
3% Mar
7% Mar
19%
6%
33*
%
Oct
28% Dec
% Dec
\H
Oct
Oct
Oct
Oct
Oct 15
36
Oct
88% Nov 9
13% Jan 12
6% Mar
45
Feb
Feb
Aug
Oct
3% Mar
10% Feb
8% Mar
27% Jan
22% Jan
157g Mar
80
Mar
11
Oct
135%
21%
Feb
Feb
46% Dec
Feb
Dec
74
July
2
Oct
111
5% Nov
4
Apr
75
7
Nov
115
9
2
82
Dec 23
45
Feb 18
47% Mar
24% Nov
13% Dec
3
Jan
60% Nov 7
25% July 22
129
May 31
June 24
Nov 30
142% Aug
17
13% Mar 31
87% June 29
3
61% Nov 12
May
Nov 10
104% Dec
8
39% Oct 18
107% Nov 15
29
Feb
8
13% Mar 29
22% July 19
22% July 19
Columbian Carbon
53% Apr
100
13
t o No par
9
No par
Mar 29
10
June 30
98% July 26
Mar 30
19
Nov
9
$2.75 conv preferred.No par
Columbia Gas A Elec
No par
2512 Dec 28
5% Mar 30
35% July 19
6% preferred series A
5% preferred
Commercial Credit
100
57
May
83
Oct 15
100
50
May 16
70
Oct 27
10
23
Mar 30
5978 Nov 10
4 H % conv preferred
100
Comm'l Invest Trust.-No par
84
Mar 38
31% Mar 31
90
pf ser "35.No par
3
Jan 31
Commercial
86,200
Commonw'lth A Sou. .No par
$6 preferred series
No par
1
Mar 29
25
Mar 31
Commonwealth Edison Co. .25
22% Mar 30
5% Mar 30
Sol vents..No par
z
Ex-dlv.
tf
Oct
110% Deo
93% Oct
56% Jan
978 Oct 17
8%
Oct
95
Dee
18
Dec
98% Nov
26
Jan
Aug
Apr
113
Jan
48% Aug
90
Jan
,50%
Feb
41
Deo
297g July
1327g June
170% Apr
59
June
24% Mar
104% Jan
62% Feb
112% Mar
45
Apr
617g Feb
Oct
5%
Dec
8
Dec
30
Jan
7% Deo
16% Dec
29
Jan
16% Dec
65
Nov
10
Oct
25% Dec
z4%
Oct
x68% Oct
64% Dec
30% Deo
108% Nov 21
Dec
Nov 10
34
Dec
112% Oct 28
12% July 29
2% Oct 27
55% Oct 28
28
May 11
86
Dec
5
Oct
Ex-rights.
48
103%
11%
80
64
10% Mar
5
Columb Br'd Sys Inc cl A.2.50
Class B
2.50
100
Deo
May
Jan 27
7% Mar 30
20
Aug 31
17%
98
102% June
19% Dec
76
976
78
Mar 26
30% Nov
105% Mar 30
67% July 8
976 May 6
..No par
Cash sale,
4
18% Mar
32
1% Oct
7g Dec
2% Deo
3
2378 Nov 10
8% Jan 12
11% Jan 10
r
Dec
12s4 Jan 12
19% July 26
13% Nov 14
9% Mar 30
3% Mar 31
4% Mar 29
4
Apr 1
New stock,
10
58
67% July
Colo Fuel A Iron Corp.No par
Colorado A Southern
100
n
Oct
9
27% Oct 19
32% Mar 29
10% Mar 31
100
conv
Oct
Feb 28
44
No par
$4.25
13% Mar
1
3
60
15% Mar 26
No par
v
Mar
4% Mar
Oct
Nov 17
1% Jan 20
July 7
2% Jan 12
3
51
100
Oct
%
5
178 Jan 10
Dec
2
Mar 24
106
100
c
Feb
Oct
Mar 22
Jan
10% Mar 26
...No par
Columbia Plct v t
Feb
48
5
2
50
1st preferred
2d preferred
Feb
63% June
54
Colgate-PalmoIIve-Peet No par
6% preferred
100
4%
4%
Feb
92
70
preferred
23%
82
111
Dec
Clark Equipment
No par
CCCAStLoulsRyCo5% pref 100
Collins A Altaian
Jan
86% Mar
57
5
Class A
Oct
14% Mar
115
Dec 30
100
Preferred
3%
18% Oct
103% Dec
25% Nov
Jan
80
59
Coca-Cola Co (The)
May 31
3% Oct
95
Sept
34% Dec
Jan
5
—.100
6M% preferred
City Investing Co
City Stores
conv
9
37%June
10
Chlckasha Cotton Oil—
Chrysler
Mar 31
6% Mar 31
No par
Chicago Yellow Cab
June
8
Apr 26
% Dec 5
1% Mar 23
% Aug 17
2% Sept 28
8% Mar 31
% Nov 9
% Dec 9
% Dec 16
100
100
Feb
96
,
preferred—-No par
Pr pf ($2.50) cum dlv No par
tChlc Rock Is! A Pacific—100
100
111% Nov 30
14
July 25
8% Jan 10
6% July 25
104
Apr 2
59% Oct 15
39,300
De% delivery.
Dec
Nov
97
106% Dec 27
26% Nov
Jan
Jan
70
conv
Apr
191% Aug
129% Jan
9%
40
18
par
Feb
35% June
12%
107%
41%
24%
4% Mar 30
i_100
Nov
80
102
39%
Dec 22
Preferred
Oct
13% Nov
278 Oct
Oct
June 18
Chicago Pneumat Tool .No
90
Jan
17% Mar
Jan
18% Mar
52% Jan
61 %
97
'
100
5,900
16,600
107% July 25
120
Aug 4
58
July 25
17% Mar 31
5% preferred
100
t Chicago A North Weet'n.100
Feb
4
i
94
6% preferred
100
t Chicago Great Western..100
4% preferred
100
Chicago Mall Order Co
5
tChlc Mil St P A Pac-.No par
48%
Oct
26% Mar 29
100
Jan
12% Oct
18% Dec
2
3% Mar 31
88
100
Feb
24
6
Preferred series A
Jan
18% July
35%
3
22
tChlc A East 111 Ry Co
45%
5% July 25
20
Cab
65% Mar
2% Jan110
10% Oct 17
28
18% Dec
100
Jan
Mar 26
Mar 28
46
5
500
1634
*28
14%
Oct
19% Dec 15
Chesapeake Corp
No par
Chesapeake A Ohio Ry
25
Checker
490
16%
*88%
Oct
2%
15
24
Jan
117% Mar
2% Oct
24% Dec
10% Oct
22% July 25
96
July
12% Dec
Cham Pap A Fib Co 6% pf_100
Common
No par
Colonial Beacon Oil
2,700
15
Mar 30
9
1
Certain-Teed Products
5%
17
31
64
22
3,700
7%
I684
7's
72%
29% Mar 31
100% Jan 4
100
Preferred
300
934
16%
16%
*27
70
•Bid and asked prices; no sales on this day
*6%
9%
678
16%
16%
6%
64
2I84
6%
9
90
21%
6%
7%
16%
16%
25%
35%
20%
16%
16%
6%
64%
~56%
6%
20%
7%
9%
Mar 30
May
2% Mar 25
Century Ribbon Mills.-No par
70
2,700
30
8
■30
12% Mar
•29
37% Apr
Cerro de Pasco Copper.No par
107
6%
'
8%May 27
Coca-Cola Inter Corp. .No par
*105
19%
•30
6% Mar
2
Special gtd 4% stock
*1000
107
8
■31
Mar
1
Climax Molybdenum
No par
Cluett Peabody A Co ..No par
59%
25%
*105
6%
15% Mar 30
i
Mar 31
45
Central Vloleta Sugar Co.—19
44
107
8
Mar 30
.
'
prior preferred
"8~900
—
59
*105
6%
•31
Mar
13
Clev A Pitts RR Co 7% gtd.50
107
33%
20
—100
20
*105
33%
■31
Mar
5
400
14%
14%
14%
14%
102% 102% *102% 103
14%
102% 102%
6
21
2734
77
*70%
*818%
U
j
16% Mar 30
•30
2% Mar
„
Dec
35
5% Oct 19
39
July 25
.
Clev El Blum $4.50 pf.No par
Clev Graph Bronze Co (The) .1
2734
59
22
647g Jan 11
Mar 26
25
""ilO
44
"5514
Mar 26
..No par
112% 112%
28
77
4%
22%
210
69
112%
*27
60%
102% 102%
33%
69
27
*
57%
23%
—
23
*62
*70
77
22%
*125% 127%
131% 131%
*60
*22
27
26%
4%
22%
4%
22%
111% 111% *110
44
"56"
4%
62
70
21%
*
69
*52
4
76
100% Nov 17
7% Nov 18
l%Mar 28
Central Foundry Co
2,300
30
*77
Oct
5%May
.'31
100
No par
6% preferred
100
Central Agulrre Assoc..JVo par
7%
1,900
9%
78%
6%
6% Mar 29
14% Mar 31
Celotex Corp. new
300
2,310
32
*1000
1434 "T434
102% 102%
1%
*32
Oct 13
15% Mar 26
13% Mar 31
'
450
5,900
*47
49%
%
*8%
13%
13%
100
8278
*52
77
44
*13%
12%
*77
11034
"57%
8%
13%
1,400
1,100
14,400
36%
36%
*%
Feb
Oct
6% Dec 13
4
Mar 29
9%
27
33%
60
Jan
24%
25%
6
99% April
%
84
19%
Jan
50
Dec
Oct 24
Central 111 Lt 4H% pref—100
%
3%
%
3
52%
Jan 24
1412
Central RR of New Jersey. 100
%
19%
15% Dec
34
41
80
*30%
81%
4%
2234
*61%
%
3
19%
*36%
*46%
37
5,900
r%
7g
%
1%
12%
37%
88%
%
3%
%
%
%
2,000
3%
%
*46%
14
12
12
%
*36
1
*8%
13%
12%
88%
78
%
1%
13
88
%
4612
1
10
22%
3%
36%
1
10
22%
3%
Jan
3
Caterpillar Tractor
No par
6% preferred..
100
Celanese Corp of AvaGt.No par
10
10
%
278
9,500
11,300
1,700
1,200
4,500
3%
102%
4% Dec
30%
3%
Dec
37% Deo
50
3%
21
3
6,200
*%
Jan
Jan 17
1134
42
36%
53
Nov 23
11%
%
Dec
45
*100% 10434
30%
Jan
7
•31
4%Mar_.
10,700
41%
38%
14% Nov 29
46% Nov 29
14
23% Oct" '
Apr 18
Jan
5% Dec
34% Mar 28
60
21%
484
92
3%
r%
19
Nov 25
12
1
4934
%
2%
18%
Jan
8
$3 preferred A
10
Carolina Clinch A Ohio Ry 100
49
278
%
*
Feb
47
Oct
Capital Admin class A
100
70
%
2%
%
53%
Dec
1
62% Mar 31
98% Jan 3
3
3%
Dec
28
2% Jan 13
Feb
100
217g
36%
11%
40% Aug 26
42% Nov 10
22
3
Mar 30
Case (J I) Co--Preferred
%
3%
11
Feb
Feb
Feb
22% Nov 10
4% Jan 12
18%
Aug
5978
12% June 13
95
34
Oct
Cannon Mills
300
Jan
16% Mar
18
3% Mar 31
Canada Sou Ry Co.——100
6,400
28
50% Aug
26
37% Aug
63% Apr 14
*86
48%
1578 Dec
Aug
7%
Carpenter Steel Co
-—5
Carriers A General Corp.—__1
21%
Oct
Jan
25
23%
70
*67
21%
3
120
10
•
_
19
18%
70
n8
Oct 25
8% Aug 24
80
*90
18%
31
36
Dec
22% Dec
900
33
8
44
217g
*87
16
19
|
*3%
19
105
*30%
36%
87%
%
18%
1%
*26%
*60
*87
%
3%
%
70
*
31
12
g
80
11%
41%
11%
,41%
103
8%
21%
35%
36%
88%
%
1%
62
*iI6~
8
21
%
2%
18%
*35%
*45%
3
187«
*52
46%
Dec
89
20
95
*86
%
*77
2284
77g
22%
%
32
*
30%
78
8278
9%
78%
*4
4%
91
30%
"
11
Oct
75
1
Canadian Pacific Ry
19
25
Campbell W A C Fdy.-No par
Canada Dry Ginger Ale
5
9,600
46% Apr
Oct
z!6%Mar31
10% Mar 29
27% May 27
5% Mar 26
5% Mar 31
Calumet A Hecla Cons Cop. .5
38,000
93
Oct
6% Mar 30
50
4,400
Oct
3% Mar 26
No par
Packing
preferred
share
76%
39
1% Mar 25
Burlington Mills Corp
Callahan Zinc Lead
per
28
200
4%
4%
4lg
109% 109% ♦109% 120
8
8
884
778
*5%
6%
5%
5%
5
*4%
5
*4%
47%
%
%
884
9%
4%
91
46
38
14%
82
5
48%
10%
%
834
*28
*20%
5%
%
*1334
12%
*67
21
7%
3%
10%
47
%
70
5
%
37
*36
.
,95
18%
4%
2%
10%
%
34
18%
*85
18%
110
3%
11%
%
k
u*7%
*4034
7%
44
3%
11
11%
11%
1078
40
38
38%
40%
101% 101% ♦100% 103
30
3
*18%
95
30
*87%
33
33
*81
18
7%
7%
6%
1
11%
40
6fcfc*6%
6%
83%
83
4
110
*5%
*4%
*91
.11%
19
50
7%
90
Co
Highest
7
18
Burroughs Add Mach
7,300
80
4%
*109% 110
mas
47%
8%
17%] 18
18%
19%
♦43 H 60
g
88
17%
*64%
20%
67
20
Exchange
5%
5
8
114
90
Bullard
5%
87
18%
Bulova Watch
share $
30
"
4% Jan 10
28
per
2%
28
No par
No par
No par
Budd Wheel
$
share
106% Dec
52% Dec
Dec
14% July
19% Jan
"
36% Oct
16
12% Mar 30
100
No par
100
preferred.—
G) Mfg
preferred
per
Dec 29
Mar 26
4
5% Mar 31
5
Budd (E
I 51
1%L.1% ~3~66o
17%
*40%
660
114
3%
95
18%
95
*91
7
16%
17%
16%
1,200
2,300
2,400
89
117%
*90
18%
67%
2034
31%
|
*48
1%
8%
5%
*31%
40%
334
16%
*43
5%
1% Dec 17
14
Mar 29
Bearing Co—17
of America —3
Bridgeport Braes Co—No par
Brlggs Manufacturing—No par
Brlggs A Stratton
No par
Bristol-Myers Co
6
Brooklyn & Queens Tr.No par
$6 preferred
—No par
Bklyn-Manh Transit ..No par
$6 preferred series A.No par
Brooklyn Union Gas—No par
Brown Shoe Co
No par
Bruns-Balke-Collender.No par
California
9
20%
3%
3%
3%
89%
91%
91%
90%
*114% 117% *115% 117%
44
45%
46%
43%
45%
44% 457g
44%
al07
107
*106% 109
106% 106% *106% 108
24
2334
23%
22% 23%
23%
23% 237g
3%
88%
3%
115% 115%
45
44%
*10534 106%
♦85
t
31%
67g
40%
*80.
17%
3%
7%
44
19%
18
5%
32%
83
16
16% Mar 31
Bower Roller
Bucyrus-Erle Co
May 31
15
Brewing Corp
6,000
1034
10%
834
51
1%
778
16%
18%
50
*43
5%
*18%
*
!
16
*48
15%
2
3,800
16%
16
June
17
12
34%
*15%
9
16%
11%
77«
...No par
—1
15
5
2,200
1,500
3,000
2
2
178
9
20%
3%
7%
15%
6
Jan
20%
384
12%
12%
36%; 36%
18%
10%
8%
15%
Apr
—1
No par
Bush Terminal—
1
jBush Term Bldg gu pf ctfs 100
Butler Bros
10
5% conv preferred..
30
Butte Copper & Zinc
-5
Byers Co (A M)
—_No par
Participating preferred—100
Byron Jackson Co
No par
1978
3%
50
5,600
2,300
4,400
1,700
11,500
3,400
1,030
8,800
$
share
82
12%
35%
10
8%
197g
3%
Borden Co (The)
7%
per
40
Borg-Warner Corp
5
Boston & Maine RR—-—100
320
5J
4%
137g
18%
18%
1%
77g
17%
24",600
$
No par
A
Bond Stores Inc.—
7%
7
50
684
49
47g
Bon Ami class
Class B
96 i
*94
7
3334
7%
*42%
,
11%
2834
14$
1834
8
•"
3,800
5,700
27%
1384
1%
18
13%
33
1%
50
13%
11%
27%
1%
18
700
33
1%
i *43
7,000
49%
13%
1%
2,700
17%
32
9%
100
1,200
1,800
1,100
31%
26
18%
21,800
17
26
13%
21,100
11,100
31%
1%
'
40%
96
6%
500
1,900
*30%
17%
32
10%
4%
♦1%
778
■
40
2,400
21,700
9,500
3,300
12%
40%
11%
11%
48%
4%
9
r9
34
*48
50
*48
49%
14
9
13%
15%
26%
19%
*3%
11%
3
3%
1178
*33%
*48
33
1%
9%
19
19
15%
1%
9%
7%
13%
I84
♦941
117g
17%
9%
26
13%
1%
11
6%
33%
1778
134
18
25%
4284
16%
48
4%
31%
42%
13%
46%
4%
31%
25%
13%
17%
1%
8%
7%
18%
3%
11%
4%
31%
25%
1378
32%
4%
6%
6%
38
4234
1%
♦37%
37
*30%
96
*94
96
48
31%
11%
39%
10%
10
10%
46
48%
4%
32%
48
8%
8%
11%
1534
30%
9
11%
1%
16
42%
1%
42%
1%
27
6%
15%
31%
6%
6%
r37
37
.2
*26%
27
30%
30%
42%
11%
1134
39%
39
*31
29%
*36
42%
1%
9
Vs
9*2
178
1%
25
37
*36
a42
2
2
2
2
25%
l'«
25
25
,
420
16%
30%
3034
.
52%
13%
16%
32%
*1284
13
rl3
13%
750
52%
52
51%
105%
103
Par
Lowest
Highest
Lowest
1938
Year 1937
100-Share Lots
On Basis, of
STOCK
EXCHANGE
Friday
Dec. 30
Thursday
Dec. 28
27
Dec.
26
NEW YORK
for
31,
Range for Previous
Ranee Since Jan. 1
STOCKS
Sales
SHARE, NOT PER CENT
Wednesday
Tuesday
Monday
Saturday
Dec.
New York Stock Record—Continued—Page 3
4016
27% Mar
32
Aug
31% Aug
125% Apr
39%
48%
207g
108
101
69%
114
801
120
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
21%
Jan
1
Oct
4%
Jan
34
Oct
75%
Jan
T Called for redemption.
Volume
LOW
New York Stock
147
AND
SALE
PRICES—PER
Monday
Tuesday
Dec.
Dec.
Dec.
24
$ per share
28
*6
26
S per share
2734
28%
27%
6'
6
*6
6%
7%
*6%
6
26%
*4%
25%
8%
78
*8%
9
9
76
8%
*7434
87
*83
87
29
83
30
101% 101%
1%
9%
6
6
8%
8%
2%
2%
2%
3%
13%
3%
3
*12%
*93%
3%
94%
15%
134
93i2
4034
113% 113I8
15
19
18%
19
178
92%
4034
91%
1%
92
39%
112
9
2934
234
31
3%
31%
2634
50%
6234
27%
51%
r27%
27%
52
53
27%
52%
63%
64
6584
*176
4%
4
4%
35%
36%
108
25%
25%
8%
8%
3834
*38%
39
35
*33
40
3934
90
3334
14%
14
14%
86
85%
86%
87
87
86%
87
40%
39%
*87.
41%
4134
43%
43
43%
90
89%
89%
90
90
%
%
%
%
6%
4%
68%
r6%
4%
*62%
4%
68%
13%
14%
5%
47%
5%
4734
6%
7%
7%
90
%
7%
%
7%
*6
4
6878
5%
47
46%
6%
6
Stock
634
Closed
19%
Christ¬
15%
17%
*17
"27% "28%
29
29
41%
8%
41%
19%
6%
44
43%
43%
23%
*6%
*1634
24
24
24
18
7%
7%
23%
23%
6%
7%
7%
%
%
1
112
112
27%
29%
*41%
8%
18%
18%
*16
112
28%
29%
41%
8%
19%
87%
12%
♦24%
*14%
2738
29
29%
41%
41%
8%
■
28
19%
*84
149% 150%
*136% 138
119% 119%
*117
11734
16%
1634
7
32%
7
182
182%
*171
181
22%
3
3
3
34%
11%
3434
11%
33%
2%
10%
35%
*3134
2%
2%
1034
10%
3%
35%
34%
3234
30%
31
28%
28%
28%
29
*1%
1%
*1%
1%
28%
40%
28%
28%
28%
41%
41%
*39%
8%
*6434
*69%
*75%
1%
1%
3%
134
*3%
1234
23
*134
♦534
41%
2578
*13
8%
68
71%
80
1%
134
3%
1%
3%
1234
23%
178
6%
41%
2578
14
*81%
*107
*97
8478
113
....
*4%
*234
*1%
22%
*8434
35%
*17
•
7
75
1%
1%
3%
1%
3%
1134
23
1%
5%
75
1%
134
3%
1%
3%
12%
23%
2
5%
1284
*81
13
84%
115
*97
181%
"4%
*234
3
1%
23%
„lls
1%
22%
8484
35%
*17
3
33%
1334
2%
6% partlcpreferred......25
2.300
20
20%
3,700
Diamond T Motor Car Co...2
Distil Corp-Seagr's Ltd. No par
*1184
*32%
3434
20
12%
22
*32% 32%
32%
32%
*5%
534
*5%
5%
79%
8034
78%
80%
131% 131% 132
134%
17
16%
18
17%
1
8%
8«4
9%
9%
16%
16%
16%
16%
11%
12
11%
*11%
*109% 115
*109% 115
15034 152% 152% 15434
138
I
138
138
2234
8434
182
7
24%
2%
34%
1334
182%
7
7%
183
184
6% pref with warrants..100
"""166
2,600
100
500
3,300
Eastman Kodak (N J).No par
6% cum preferred
3%
3%
34%
3%
2,300
34%
19,460
65,800
1434
2%
14%
11%
11%
14%
2%
1134
2%
8,200
30
30
29%
30%
1%
3,500
28%
2,200
40
40%
1%
28%
*40%
r29
29
r40%
18
40%
1%
134
334
1%
3%
1238
24%
1%
9
4
13
300
$7 preferred
6,900
334
3%
4
4%
2%
5,500
3,400
1,200
4,700
7,500
4
12%
24%
*81
4
13%
25
24%
2434
2
6%
4234
26%
13
84%
115
1%
3
3
*85%
*35%
*1734
3
Exchange Buffet Corp.No par
28%
1,600
14%
84%
900
preferred
....100
Federal Min A Smelting Co 100
Preferred
100
88
*86%
"4%
2,000
Federal Motor Truck..No par
700
•1%
3,000
Federal Screw Works..No par
Federal Water Serv A.No par
24%
1%
2,900
a
100
35%
3,000
Fidel Phen Fire InsN Y..2.50
10
Fllene's (Wm) Sons Co.No par
88
Def. delivery..
»
New stock,
r
Cash sale
Jan
Feb
96% Oct
19% Nov
20% Nov
109
Jan
27
Nov
3I84 Mar
9
8
Oct
24% Dec 30
13
Oct
68% Mar
5
Oct
24% Mar
1*4 Oct
88% Dec
107g Feb
146% Jan
884 Nov
9
2% Jan 10
115% Dec 21
4% Jan 24
784 July
6
29
Jan
Oct
22
May
12% Oct
29% Deo
18% Oct
30
May
40% Oct 24
30% Oct 29
30
Oct
684 Deo
76% Feb
36% Feb
40% Feb
23
Apr
10
Oct
29
Mar
60%
Oct
90
Mar
Feb
17
Jan 12
15
Oct
25
35
Dec 15
27
Oct
16la
Oct
41% Jan
4084 Feb
6
Deo
25% Oct
347s Aug 16
80»4 Dec 29
141
Dec 16
24% July 19
26%
Oct
79% Nov
21
12% Mar
77% Jan
143«4 July
Deo
55
Jan
8%
Deo
1%
July 19
19% Deo
Oct
39%
8%
Jan
Oct
17%
Jan
10
Jan
Oct
112
115%
Jan
8% Nov 12
187
JSfov 10
2%
Oct
17
Mar
144
Nov
198
Aug
167
173
150
Apr
104
Nov
Jan
5
10% Mar 30
2
Mar 23
13% Mar 30
Mar 30
18
Mar 31
2l'4Mar 31
Feb
3
6
5
5
Dec 22
2.5% Dec 30
5% July 25
36% Dec 16
1484 Dec 29
4
Jan 11
14
Oct 17
15%
Dec
2i4 Deo
1478 Dec
384 Oct
3% Oct
6% Oct
135% Feb
37%
16
45%
10
Nov
Feb
Mar
Feb
Feb
7%
Feb
Jan
Jan
Jan
46% Oct 17
41«4 July 2
27
Oct
26%
92%
24
Oct
87
35
22
Oct
44%
Jan
14%
Oct
29
Jan
Nov 10
234 Nov 16
29% Nov 12
45% Nov 10
33
Nov
60
Feb
100
Nov
115%
Jan
3
Oct
1784
Oct 27
41
Oct
78%
Jan
Jan
Mar 31
72% Dec 19
45
Nov
81
Feb
Mar 29
79% Oct 26
2% Jan 11
6% Jan 3
51
Nov
86%
Feb
984
Jan
Sept 14
111% Dec 19
10% Oct 28
71
884 Jan
6
6% Jan
6
5
Oct
28% Mar
Oct 18
3
Oct
Oct 27
6% Dec
14% Jan
34% Mar
25
Dec 29
2% Nov 2
Jan 12
11%
4278
3534
16%
Dec 30
Oct 22
Oct 15
84% Nov 10
Oct
Oct
Oct
26
Oct
70
Jan
7% Oct
7284 Deo
29%
Jan
103
Jan
684
Jan
28
Jan
717g
Jan
7
60
Nov
150
Mar
90
Oct
129
Apr
2
Oct
11%
Feb
2%
1%
Oct
11%
Feb
6
Jan
29
I484
Oct
Dec
43«4 Mar
Oct
1087g Mar
Nov
36% Nov 14
15
25
Ex-div.
1%
7%
23%
99%May 17
578 Aug 10
4% July 25
2% July 1
133
22% Mar 30
1
23% Mar
35% Mar
6
90% Oct 16
June
1% Dec
4% Oct
8% Oct
16
12% Mar 30
67% Jan 4
*
18%
24
Oct
1
Federated Dept Stores.No par
Fed Dept Stores 4H % pf.,100
24%
35%
*17
$ In receivership,
Fajardo Bug Co of Pr Rico..20
Federal Light A Traction... 15
3%
24
24%
Ex-Cell-O Corp
Oct
Oct
107%
109%
1% Dec 22
2% Mar 26
5% Mar 31
10% Apr 9
1% Mar 31
3% Mar 30
19%May 27
22%May 31
6% Mar 30
67
April
62% Apr 5
96% Feb 2
2% Mar 30
1% Mar 30
6
Oct
6
12%
120% Deo
1% Dec 20
1% Dec 16
234 Mar 30
6
Evans Products Co
Feb
27
118% Dec 3
17% Dec 19
2% Mar 29
38% Mar 31
Fairbanks Co 8% pref
100
Fairbanks Morse & Co.No par
24
35%
Eureka Vacuum Cleaner
900
1%
24
Nov
62
Jan
Apr
94% Apr
par
290
*3
17
Jan 20
Nov
18% Nov
Jan
% Mar 26
100
100
100
7,000
115
25
Jan
24
122
22% Mar 31
No par
Equitable Office Bldg_.No
J Erie Railroad
4% 1st preferred..
4% 2d preferred
1%
4%
25% Feb 25
86
180%
33
6%
42%
*107
11% July 29
111% Dec 6
2384 Mar
Oct
17
1%
4%
5
Nov
29% Nov 9
884 July 20
17% Dec 20
8% Mar
8% Oct
64% Deo
Nov
6
Endlcott-Johnson
56
50
16
Oct 25
Nov
3
6%
42%
27%
14%
*81
*97
4%'
1%
1%
22%
4%
13
*97
2%
2%
*3%
13
83
20% Feb
109% Jan
Oct
98
46
8,300
1%
Oct
2
106
56 preferred
1%
1%
4
39% Deo
130
No par
El Paso Natural Gas
Apr 23
2% Sept 14
6% Mar 29
No par
Elk Horn Coal Corp
100
1%
134
11
10
30
I6484 Dec 30
78
1%
rl%
Mar
138% Nov 28
*73
rl%
43
90% Mar 31
78
30
20,300
Dec
130«4Mar31
109% Apr 1
11134 Jan 3
1334 Nov 28
3% Mar 31
121% Mar 31
40
*107
"V%
17
3
102
Jan
12
8% Jan 20
Mar 26
Jan
18
Oct 19
15
Oct
21% July
8% Aug
66
Aug
7% Dec
28% Nov
Dec 30
S5H preferred w w..No par
13
84%
115
17
Boat...
Elec.A Mus Ind Am shares
284
178a
148a
Jan
11
Mar 30
Jan
Oct
127
42
4%June
Mar
3
3
Dec
23% Nov 10
91% Nov 16
Mar 30
8I84 Mar
136
Dec
%
70
Mar 30
65% June 17
8% Sept 26
28>4June
Oct
Nov
Jan
3
Mar 18
100
26
24%
5
Deo
30% Deo
8% Oct
July 14
5
71%
25%
88
700
'
Jan 17
Jan 7
Feb 7
11
*68%
2
Mar 30
20«4 Jan
31% Jan
71%
r2
Mar 31
4% June 11
25
*68
*184
5%
41%
363s
(The)
Nov
Jan
Mar 31
2% Sept
200
9%
Mar 30
84 Nov 16
76
68
67%
*110% 110%
4
7% Mar 29
67%
9%
Mar 31
102% Jan 3
1334May 27
19'4 Mar 29
Corp
60
5% preferred
.100
Engineers Public Service
1
55 conv preferred
No par
111
8%
6%
4134
3434
Electric
87
8
6%June
8%
*66%
111
June
3% Mar 30
12% Mar 30
48% Jan 11
*73
80
2%
*84
29
Electric Auto-Lite
No par
$6 preferred
..No par
Eleo Storage Battery..No par
1%
41%
Eltlngon Schlld....
4
Electric Power A Light-No par
291J
*1%
100
Eaton Manufacturing Co
31,700
6,100
2,600
3534
No par
2,600
l"f, 500
9
Jan 27
Duquesne Light 6% 1st pf.100
25%
56% Jan
47% Jan
25% Apr
IO884 Apr
15%Nov
116
Eastern Airlines, Inc,
..1
Eastern Rolling Mills.......6
24%
34
Nov 15
37% Nov 14
Oct 10
130
88% Dec
Jan
Jan
12
100
22% Nov
Feb
71%
Feb
8% Mar 28
100
Oct
77
171% Jan
10% Mar
56% Feb
115
Aug
37
14
preferred....
3
35% Mar
2884
100%
6% Mar 25
l*4May
11,700
33%
23%
8%
9% Oct
4684 Nov
50% Oct
153
Apr
21
No par
6% non-voting deb
$4.50 preferred
Oct
Oct
6% Jan
10984 Feb
69% Jan
108% Dec
2584 Jan
4284 Jan
378 Feb
49
July
6% Dec
28% Nov
1
Du P de Nem (E I) A Co..20
600
6
1
Dec
40
4% Mar 31
35
87% Jan 27
10
14,000
Oct
%
4
6284 Apr
92% Aug
37«a Apr
3784 Jan
10% July 7
4384 Nov 12
58%May 31
12
May 25
31
Duplan Silk
23
Jan
13% Feb
1778 Apr
10% Jan
13% Apr
29% Nov 10
Mar 29
No par
Dresser (SR)Mfg conv A No par
Class B
No par
38
4
3
Dow Chemical Co
Dunhill International
600
Jan 12
42% Oct 8
117% Nov 12
% Dec 28
5% Mar 31
No par
1,500
37% Dec
1067a Dec
5% Oct
57% Dec
Douglas Aircraft
3,100
32%
♦81
Dominion Stores Ltd. .No par
Oct
Oct
5% Nov 10
8
27% July
100
No par
Oct
1
80
4,300
23,000
37
*105
No par
7%
65
21
Dome Mines Ltd
*173
1%
No par
7984 Dec
10»4 Oct
94%
1%
13%
6%
12
"25%
3434
Co
Class A
Oct
Oct
44% Jan 11
Doehler Die Casting Co No par
37%
1%
Dixie-Vortex
280
Oct
3
92% NOV 16
Apr
3,800
3234
Bid and asked prices; no sales on this day.
1,200
8%
2%
16
Jan
108
13
29% Nov 10
177
Oct
70
...100
6% preferred
100
Devoe A Raynolds A ..No par
Diamond Match
..No par
7
19% Mar 31
10
42
12%
*173
24%
♦97
*4%
4,100
Dlesel-Wemmer-G Libert
4134
8%
32%
25%
1234
*105
29%
Dec
Oct
Mar 29
JDenv & R G West 6% pf.100
36
26
20
Detroit Edison
...100
Det <fe Mackinac Ry Co.—100
31%
25
No par
...
600
35%
*5%
Davison Chemical Co (The)
Dayton Pow & Lt 4 H % pf-100
1,800
34
40
58
4% Mar 29
13% Mar 29
26
1%
8%
9
Nov
3%
3534 July 25
21% Apr 5
6% Mar 31
22% Mar 30
29
Apr 13
25% Apr 1
7% Mar 29
6
Davega Stores Corp
Conv 5% preferred
1%
1,450
Nov
11% July 26
36% Nov 12
3% Dec 30
Apr 12
234 Mar 26
13% Mar 31
*112% 113%
29%
29%
June 30
116
Mar 26
No par
Delaware <fe Hudson
29
5
162
Delaware Lack & Western..60
30%
28%
1%
28%
41%
Cutler-Hammer Inc
20,100
3434
1934
10%
40
1
25,300
*1134
r2%
1034
1%
3%
134
3%
11%
23%
1%
Class A
Cushman's Sons 7% pref..100
$8 preferred
No par
87%
2%
10%
*73
No par
Preferred
*84
7
*110% 112
*110% 112
8
834
8%
8%
*65
67%
65% 65%
*68
71
71
70%
4%
3
88
35%
24%
-
22%
2%.
33%
11%
Preferred
Curtlss-Wright
Deere <k Co
87%
138
*171
23
34%
11%
2%
1034
35%
11%
180
181%
Packing
■.
60
Curtis Pub Co (The) ..No par
600
120
(120
117% *115% 115% *115% 117%
17
16%
16%
17
16%
6%
*172
Cudahy
21,900
11934 11934 *119% 120
7%
...100
7%
117
6%
Preferred
24%
117%
16%
10
..No par
Cuba RR 6% preferred... 100
Cuban-American Sugar
10
7%
119
16%
227g
*110
32%
5%
77%
1373g 138
16%
22%
*84
19
16%
16%
16%
8%
8%
8%
16%
17%
16%
1634
*10%
11% *10% 11%
*109% 115
*109% 115
149% 151
149% 15034
119
10
Jan
June 17
21% Mar 30
%May 26
21% Mar 30
(The)
25
*32%
*8%
*117
1,100
107
'
129% 130
*137% 138
Cuba Co
7%
20%
35
5%
100
234 July 16
103% July 25
Jan 31
24%
20%
1184
76
200
Jan 12
1% Mar 29
65% Mar 31
36% Mar 30
Mar 31
4C0
20%
183s
5%
60
4,600
22
49
92
July 13
Jan 7
Jan 12
95% Nov 3
17«4 Oct 14
26% July 27
19
15%
41%
34%
77%
13334
100
9
21% Dec
Oct 13
Apr 18
9%May 27
8% Mar 26
85
*14%
23%
41%
8%
19%
32%
*5
15%
8%
35
76
6%
18
25
28%
29%
87%
I134
3134
25
2884
29%
*16%
110
6%
*17
1
109% 110%
1
*%
*111
83
8
8
8%
110
110
*107% 110% *107% 110%
20
19%
1934
20%
20%
20%
22%
130
*9%
7%
18
7%
3234
5%
*4%
76%
7678
13334 13334
9
27%
*71
8
6%
*1134
3434
17%
11%
7,300
6,100
7% 178,200
28%
34,700
r44
22%
12%
17
5%
Nov
738
1034
7%
6%
Mar 31
25
...
4734
23%
6%
15
*84
19%
3234
5%
4734
83
15
87%
3434
7,000
28
25
Holiday
19%
8%
15%
27
*24%
1
114%
14%
104
Mar 30
.100
Crucible Steel of America.. 100
Preferred
100
100
*74
24%
15%
23%
*15
23%
7
"22%
24%
mas
69%
Co
52.26 conv pref w w_.No par
Pref ex-warrants!
No par
Crown Zellerbach Corp
6
55 conv preferred. ..JVo par
5,400
*62%
34% Oct 17
78
1
No par
120
4%
7%
4%
*6
100
Crown Cork & Seal
7,000
44
22%
634
7%
7%
*107% 110
19%
19%
%
83
/
*6%
25
7
26% .26%
*70
I
17%
Exchange
13%
5%
47%
6%
44
18%
8
12%
5%
46%
70
"22%
23
*60
27
70
*
6
4%
67g
„
26%
•
43
4%
62%
13%
534
4634
62%
12%
1234
5%
6
%
1
7034 Oct
No par
330
300
Jan
Mar 31
1
Crosley Corp (The)
40
7,600
I884
497g
Apr
No par
10,500
35
Oct
*53
5% conv preferred
Cream of Wheat ctfs
""loo
14%
%
110
110
*38%
*33%
*33
14%
*85%
83
*8%
40
39
34
12%
26%
17
41%
34
4
*1134
3434
41%
13
40%
',18%
42
1,000
4,100
39
86
*84
9%
86
86
%
700
*9%
Jan
4%
12% Dec
56
Crane
600
26
Mar
5%
1
13,000
111
Mar
95
Apr
Coty Inc
26
87
Oct
Oct
»6« Nov 28
"e'soo
*110
Oct
1
40
Preferred
35
*38%
1
6
Jan
63
Rights
Continental Steel Corp.ATo par
5,600
26%
9%
9
Motors
July
187s
65
2% Mar 19
6
26
Oct
Dec 19
Corn Exch Bank Trust Co..20
Corn Products Refining
26
2,000
41%
*38%
13
*111
110
*25%
Continental
Continental Oil of Del
19,000
1234
12%
6%
40
40%
110
25%
8%
40%
No par
Continental Diamond Fibre. .6
Continental Insurance
52.50
540
53
6684
*66%
*176
17634 *175% 177
4%
4%
4%
4%
4%
37%
37% 38%
3734
38%
35%
108% 109
108
25%
2734
20
54.60 preferred
300
30%
100
Jan
Oct
484
76
2% Sept 14
par
No par
;
8% preferred
Continental Can Inc
10,650
30
*33
22%
43%
113
2%
30
39i2
*38i2
19%
*24%
*1434
500
2%
29%
8%
*107
42%
Class B
10,700
4,100
*
*7%
2
4,100
61,600
*176
*0%
*17
1934
9%
64%
2234
3,500
Continental Bak cl A..No
22
8
86% Aug 17
23a Oct 24
88% Apr 16
2% Mar 30
5,000
Deo
5% Dec
1
17
200
7%
share
per
19% Feb
45% Mar
19% Jan
5
No par
10
Oct
Dec
Jan
4% Mar 26
7
4%
20
Apr
Mar 26
No par
9434
35%
63%
26
113
2%
No par
5% preferred v t c
100
Consumers P Co54.50 pfNo par
Container Corp of America.20
92
Dec 23
Highest
share $
per
103a Nov 14
Mar 29
1
400
184
r92
41%
43
*112% 113
1,800
9%
27%
"43"
19%
is4
334
$
4% Mar 29
6
4
71
15
share
per
10% Sept 17
55
6
Lowest
9% Aug 3
29% Dec 30
834 Oct 28
14% July 6
2638 Nov 25
1
16%
16
93
1,600
1
Mar 29
Consol Oil Corp
No par
Consol RR of Cuba 6% Pf-100
Consol Coal Co (Del) v t c__25
34,900
3%
5
3% Apr
par
Consol Laundries Corp
600
35%
50%
*
*2%
>3%
*14%
9434
Year 1937
Highest
15
100
12 partlo pref
Consol Edison of N Y
$5 preferred
3,300
9%
50
*6134
12%
5%
4634
6i2
9
8%
Range for Previous
100-Share Lots
share
per
No par
100
OH % prior pref w w
Consol Film Industries
52,130
35%
3
27
40
93
20
2,400
19%
134
,
Consolidated Cigar
7% preferred
78
30% 30%
10134 10134
6%
6%
par
Conn Ry & Ltg 4^% pref.100
Conaol Aircraft Corp
1
400
834
50
37
9438
15%
Congoleum-Nalrn Inc_.Aro
Congress Cigar
...No
14", 900
10%
5
Conde Naat Pub Inc___ATo par
900
500
*35%
27%
26%
*93s4
15%
Par
900
rl0%
On Basis of
Lowest
6,200
87
134
1»4
Range Since Jan. 1
YORK STOCK
Shares
8%
36
6334
109
41%
113
3%
15%
7%
6
25%
834
4017
EXCHANGE
8%
35%
50
414
10%
14
19
1%
92
39%
*111
63%
*176
*83%
1%
4
STOCKS
NEW
8%
3534
2%
30%
35%
2%
2%
3034
1%
112
8%
3534
78
87
3%
13%
94%
15%
134
40
*6%
3%
*12%
94%
15
*92
%
10%
19
153s
1912
rl%
934
29%
29% 30%
102% 1101% 102
6
6%
*6%
6%
8%
8%
8%
834
234
234
3
3
8%
2%
*3%
*12i4
*93ii
1538
19%
14
*7434
*83%
1%
*834
♦7484
2834
6
95
9%
102
10ia4 102
8%
'
78
82 84
30
*7434
10%
4
7%
29%
7%
29%
7%
10%
*85
7%
29%
*434
2434
10l2
36%
*6%
29
6%
6
10%
29%
*25%
6%
29
24%
414
Sales
Week
30
$ per share
*4%
184
109
$ per share
23%
1%
"27
Dec.
6
9
*534
Record—Continued—Page
the
Friday
29
24
*4%
23%
2334
158
30%
Dec.
$ per share
7
1%
*8%
35%
2%
CENT
Thursday
Dec. 28
7
6
*8*2
*7434
*8234
Wednesday
27
$ per share
714
283s
6i2
*4
233#
NOT PER
for
Saturday
7%
SHARE,
Oct 14
Oct 20
y Ex-rights.
*05
22%
Oct
458g
Jan
20
Deo
3984
Feb
T Called for redemption.
New York Stock
4018
LOW
AND
HIGH
Saturday
Dec. 20
% per share
Dec. 21
*99
*34%
*18
19*2
34%
29%
35%
*18
18%
18
18%
*18
25%
3
3
3%
*39
42
24
88
2434
2334
*75
*85%
2%
234
2
3%
1H2
1034
12
12i2
11%
2
3%
12
95
612
5%
5%
5%
lbi2
63
878
18%
*51%
18%
53
S34
18%
*51%
8%
8%
*878
8%
1534
153s
32
323s
69%
70
71
2234
23
22%
127
*122
1834
77%
124
124
29
293«
8934
*85
13s
19%
1%
19%
35%
2938
15%
17%
*14%
Stock
100
Exchange
1134
*55%
23%
12
Closed
56%
2334
Christ¬
*2%
2%
2%
2%
23%
mas
65%
37%
10578 106
434
434
37%
*
100
~..
23%
47
50
52
12%
56%
22%
56%
23%
238
238
70
2%
*0234
*45
*6234
2%
2%
65
37%
434
438
80
24%
65
*74
80
38%
107
4%
*74
11'1
11
1634
17%
16%
24
23%
23%
13%
24
23%
13%
28
29
13%
27%
25
25
*23
*13%
13%
28% 29%
24?8
25
*135% 137
*40
49%
2612
2678
46
*35
20%
*1178
12%
20
*30
31
*32%
32%
11%
*1584
137
49%
*40
5%
46
17
*4
*32%
10%
1534
2534
*36
19%
11%
12
1
1%
1734
*13%
19%
*40
20%
12
*30
*135%
2612
26
*35
*1
1734
*13%
*4%
1934
1034
130
19%
21
1
1
24%
23%
*13%
100
18
*15%
►
100
24%
7%
2334
7%
52
*50
14%
13%
00
00
24%
24%
15,000
1,700
20,500
1,100
6,500
2%
2%
6534
2%
2%
a6534
24%
65
24%
*63%
38%
37%
"4^500
2,300
40
l,7dC
4%
5
5
2,000
*74
80
11
11%
11%
11%
11%
1734
18%
17%
18
17%
25% 25%
24% *25% 26%
24
24%
24%
24%
24
14
14%
14%
143s
13%
29% 30%
29%
30%
29%
2534 26%
25%
25%
25%
rl36
136
*135% 140
137
1,200
1,800
1,300
900
6,800
53,000
*40
4,000
50
49%
27%
27%
26%
27
46
40
40
20%
12
20%
20%
1934
203s
12%
1
12
12
1734
5%
20%
2934
32%
*13%
1134
12
"moo
*11%
1
1734
4io
*%
*13%
*4%
*4
19%
30
30
29.%
*32%
32%
11
11%
32%
1134
*19
1534
I684
41,400
800
600
1
*%
600
30
*434
30
400
20
12%
15%
15%
1,100
400
*99
100
*99
100
*99
100
*99
100
100
99
*97
99
*97
9,9
*97
99
*97
99
31
31
20
100
*97
29%
29%
29%
*138%
*140
*6%
6%
75
*71
*334
3%
110
*107
10%
10%
110
110
*
534
*71
*3%
109
10%
109
82%
15%
83
14%
82%
*132
133%
133
*55
57%
*55
104
*104
*17%
49%
18%
49%
110
110
8%
13
8%
13%
*104%
62
*31%
15%
62%
32%
15%
71
71
104%
734
734
*103
49
*48
1%
1%
5
5
33
24
r-t
'11
1%
20
2
20%
35
34
6%
4834
*110
7%
10%
109
14%
82%
133
56%
*69
34
132
55
55
1043s 10434 *102
17%
7%
12%
17%
49%
110
63
*18
49
*109
8
13
13
64
71
71
71
5
7%
2
48
1%
7%
49
1%
*69
20
50
109%
8%
*4%
33%
13%
13%
*104%
64%
64
1%
20%
34%
42
44
44
44
44
44
44
11%
II
11%
11
11%
11
11
Oct
2% Mar 31
10
2,400
;
900
11,200
300
4,050
150
100
400
200
88
Nov
106%
Jan
Oct! 27
4
Oct
19%
Feb
4% Mar 29
13
Sept 27
48
5
50
June 15
6
Oct
117
Oct
163
.
Feb
2%
6%
14%
Oct
Oct
Oct
14
Feb
32% Mar
7
60
Oct
126% Mar
Dec
Cable
Class A
7% cum preferred
General Cigar Inc
5% Mar 31
11
Mar 30
38% Nov 10
35
Mar 30
87
Electric.--..-No
No
14.60 preferred
.No
Gen Gas A Elec A
No
$6 conv pref series A .No
General Mills..—
No
6% preferred
General Motors Corp
15 preferred
No
Gen Outdoor Adv A..„Vo
par
par
x99
Dec
Nov 10
34
Oct
04%
Jan
28% Nov
44%
Feb
Jan
Oct
3%
33
Nov
3
Dec 15
48
Oct
64%
65%
4
125
3
117
May
Jan
par
21% Mar 30
34%
11%
Oct
122%
Oct
60%
Jan
16%
Feb
6% Mar 29
12% July 22
110
Nov 10
2% July
Oct
Oct
9
1% Dec 28
12% Mar 30
101% Apr
x85
Sept 15
1
Mar 25
'
a
1
Oct
5%
48%
70%
Jan
Feb
27% Nov 9
11% Feb 20
Feb 26
15»4 July 19
07
July 20
0% Dec
49% Oct
29% Mar
28% Nov
61% Jan 19
19% Dec
1
43
51%
68%
Jan
Jan
1% Mar 26
3% July 18
0%
8%
Feb
Feb
Mar 29
Mar 30
Apr
2% Sept 26
60% Apr 20
,15% Mar 31
69%June 17
2% Mar 30
52% Mar 30
% Mar 29
2% Mar31
34
100
Nov
June
~
3% Jan 11
*
88
Jan
Dec
33%
4378
Feb
Nov
95
Nov
24
Aug
Jan
8
Oct
8
Oct
207s
Feb
60
Oct
88%
Feb
Oct
1%
Oct
2
Oct
90% Mar
115
Feb
9
x83% Dec
Oct 17
68% Dec 7
38% Dec 29
12% Dec
50% Mar
40
87% Mar
Nov
85
2678
Dec 30
108
6% Nov 14
Dec
16%
Oct
72% Dec
3% Dec
Mar
13%
96
Jan
"
Jan
4%
Feb
7284 Dec 15
2
Jan 12
65
1%
Oct
8% Oct 15
2% July 19
3
Oct
1%
Oct
5%
Jan
10
Oct
27%
10%May 26
19- Apr
5
14% Nov 5
22% Nov 12
30
July 18
13
Dec
48%
Feb
Feb
22
Dec
47%
Jan
3
24% Dec 29
19%
Dec
,22%
15% Nov 14
30% Dec 30
10
Oct
1
Mar 31
8
Mar 30
20
Jan
9% Mar 30
12% Mar 31
23% Apr 8
122
Apr 12
35
July
6
13% Mar 30
34% Mar 29
32
Jan 14
142
Dec 13
50
Oct 31
28% Nov 14
Oct
47% Mar
141
20% Dec
23%
Oct
Dec
129
50% Sept
15%
Oct
Nov
60
15
Jan
Dec
28% Mar
56% May
42% Jan
145% Mar
04% Mar
39% Mar
68
Mar
50
June 30
7% Mar 31
22
Dec 14
7%
Oct
16%
4
% Mar 31
13
Oct 14
7%
Dec
11% Mar
1% Jan 10
%
Oct
Mar 28
28
7% Feb
12
Jan 12
7
4%
Feb
Jan
Oct
3%
59
Oct
12
17% Mar
59% Mar
34% Feb
Jan
3
Mar 25
100
8
Mar 29
24
Nov 16
12
26
24
Apr 28
30
Nov 12
23% Dec
7% preferred class A...-.26
30
1
35
6
5
20% Apr
4% Oct
36
10
20%
Feb
17%
Feb
Feb
preferred
6%
Hackensack Water—
Hall
Printing
Hamilton Watch Co ...No par
100
preferred..:
0%
12
Apr
Mar 25
Mar 31
88% June 30
pf.No par
83
June 23
Harbison-Walk Refrac.No par
15
Mar 29
100
120
Hat Corp of Amer
class A„1
100
2
0H% preferred w w
Hayea Body Corp
Hazel-Atlas Glass Co
Helme (G
Apr
4%June
7
3
60% Mar 31
l%June 14
Dec
5
*7% Jan 19
75
Nov 29
6% Oct 19
Dec 27
140
Oct
17%
Jan
106%
Feb
8
Jan
81
117% Aug
Nov
Dec
120
140
8
Mar 26
101
Dec
2
129
Nov
166
87
Jan
12084 Jan 19
40
Mar 19
80
Mar 28
Hlnde A Dauche Paper Co. 10
15
Sept 28
Holland Furnace
No par
100
Homestake Mining
102
1
Marl6
Dec
5%
15%
Jan
Feb
Jan
20% Oct 25
11
Oct
Dec 29
50
Nov
135% Dec20
60
Oct 25
125
May
39%
Dec
135%
67%
105% Dec 14
83
Nov
111
Jan
16% Dec
15% Oct
37
June
21% Nov
52% Oct
118
3
6
Aug 31
93
Nov
13% July 19
7%
Dec
25% Jan 12
108
May 27
15%
Oct
109
Oct
39%
Feb
64
Dec
52%
120%
Feb
Jan
Feb
Jan
30% Mar
43% Jan
114% Mar
5384
Dec
2:39%
Oct
17% Mar 31
35% Oct 25
21
Dec
41
Jan
Mar 30
18% Oct 19
0
Oct
27%
Feb
4
44
Oct
73
Jan
83% Jan 26
72% Nov 18
105% Nov 29
78% Dec
94
Mar
Mar 31
9% July 20
23% Mar 30
1
May 7
53% Jan 13
100
100
100
12.50
Houdallle Hershey cl A.No par
No par
Class B
5% Mar 26
11% Nov 30
Jan
Feb
55% Dec
1% Oct
86
No par
preferred...No par
Household Fin com stk.No par
100
6% preferred
5
preferred
Hupp Motor Car Corp
No par
48% Apr
6
46% Jan
5
Cash sale,
1
66
Aug 15
Oct
37
1%
Mar 29
9% July 14
3%
20% Mar 30
17%
Oct
4%
3% July 14
90% Mar
5% Jan
Jan
35% Nov 10
3
5
Mar 30
%June15
1
—100
0% preferred series A...100
Leased lines 4%
100
RR Sec ctfs series A
1000
r
121
Jan
58% Mar
5
100
6% cum preferred
Hershey Chocolate
New stock,
Oct
Dec
10
n
105
18
100
-
Central
108
Oct
3434 July 25
140
Dec
1
111
42% Mar 31
Illinois
Nov
92
111
No par
6%
95
Nov 12
100
1
5% Mar 25
May 5
No par
conv
Dec
31
81
Motors
54
June
13% Nov 15
21% Jan 15
101
Nov 14
Oct
76% June
W)
Hercules Powder
Hercules
6% July
1
25
-.25
Hecker Prod Corp...
5,600
Def. delivery
117%
01
Mar 29
June 18
Hudson Motor Car
180
Nov
65
13
klOO
85
Feb
Jan
Jan
8
1
37%June 18
100
Green Bay A West RR
100
Green (H L) Co Inc
1
Greene Cananea Copper—100
Greyhound Corp (The) .No par
SH% preferred
10
Guantanamo Sugar....No par
Jan
65%
20% Nov 14
June
5
Preferred
5%
Oct
1%
10
9
.100
Jan
110
Dec
17
I684 Nov
0%June13
46% Dec 22
Sugar—No par
Dec
Mar
19
Oct
Oct
14%May 23
Gt Nor Iron Ore Prop—No par
*99
Feb
13%
9%
Mar 31
98
10
20
27% Nov 12
July 21
2% July 25
26% Oct 14
41% Nov 10
95
111
Oct
8% Mar 23
—100
Graham-Paige Motors.
1
Granby-Consol MSA P—-.6
Grand Union (The) Co—
1
$3 conv pref series—No par
Granite City Steel
No par
3
Oct
13
Rubb.No par
pref erred... No par
No par
45
18
16% Mar 31
Gotham Bilk Hose
124% Nov
14
13% Mar 29
32
Hudson Bay Mln A Sm Ltd
730
Jan
Feb
3%
8%
Mar 31
500
11%
70%
28% Dec
Jan
Feb
21%
10
8,800
45
*43
537a Nov 12
124
r
July 22
No par
No par
9,900
35%
Aug
9% July 23
—
Hudson A Manhattan..
4.200
%
1% Oct: 17
Mar 31
4
Howe Sound Co
48,400
117% Nov 25
Nov 10
par
2,400
2
Jan
79
25% Mar•31
■25
111% Apr
10
9
50
60% Jan
100
40% Nov
152
Mar 25
33%
17%
20%
Jan
Feb 23
Nov 12
48
37
preferred
Mar
52%
28
preferred
60
Gobel (Adolf).
.-.-.--1
Goebel Brewing Co—
1
Gold A Stock Telegraph ColOO
Great Northern pref
05
130
118
No par
General Printing Ink..—..1
$0 preferred
No par
Gen Public Service
No par
Gen Railway Signal—-No par
100
6% preferred
Gen Realty A Utilities
1
J0 preferred
..No par
General Refractories...No par
Gen Steel Cast *6 pref. No par
Gen Theatre Eq Corp. No par
Gen Time Instru Corp.No par
6% preferred
100
General Tire A Rubber Co..5
Gillette Safety Razor—No par
%5 conv pref erred ....No par
Gimbel Brothers
No par
J0 preferred
No par
Glldden Co. (The)
No par
Great Western
Jan
1
25
par
par
preferred
Feb
27% Mar 31
22% Mar 30
108%June 28
% Mar 30
par
par
Grant (W T)
....
86%
19%
20% Mar 31
Common
6% preferred
Nov
105%
91
22
108% Apr
100
General Foods
Apr 12
2% Mar 31
No par
General
6%
Oct
'25
5% July
19% Oct; 27
7% preferred
$5 conv
136
115
Nov
31% Nov
7
100
Bronze
General
102% Dec
No par
-5
No par
No par
preferred
$8 1st
General
3,000
19%
15% Mar
Jan
Oct
5%
6
7% preferred
8%
9% Nov 10
11% July-27
400
5%
19% Nov 9
129
Sept
52
6% Mar 31
6,700
34
Jan
5
Baking
General
Houston Oil of Texas v t c—25
5%
33
Oct
59% Dec 30
Dec
6,600
34
8%
10%
Mar 29
29
400
t In receivership,
!
Dec 16
ll%June
1%
z39% June
July 7
July'20
Holly Sugar Corp
50
Dec
11%
15% July
18
2,800
400
Dec
3
7% Mar
18
14
10,000
Jan
Oct
1%
97
Jan 31
30
Jan
32%
Mar 30
85
Jan 10
4,000
Jan
83
4% Mar 31
82
Mar 29
Preferred
"5",400
Jan
18%
9% Mar 29
MarlO
10
Industries Inc.—3
preferred
Feb
135
Oct
2%
3% Oct 25
5% July 19
1% Mar 29
r6S%
1%
11%
♦Bid and asked prices; no sales on this day,
16%
8
42
18
17
68%
103% 103%
34
3
68
69
2034
35%
Sept
No par
*3234
20%
3434
32
6% conv preferred
No par
Hollander A Sons (A)..
5
3234
17
7%
1%
19% Mar 30
4,300
9%
49%
1%
7%
Dec
Deo
06
Nov'26
6% Jan112
64%
9
49%
1%
5%
34
5
134
20
50%
109
109
49%
33%
2,500
4
734
5
7
*17%
49%
40
0% preferred
~
0
105
rl05
734
*1%
~2~ 900
159%
7%
33%
19%
33%
2034
105
10234 10234 *101% 103%
7%
*
2
Hannh (M A) Co 55
74%
3%
4
*104%
64
15%
33
5%
*71
16%
15%
16%
85
86
85%
87
*132% 134
132% 133
*55
57%
57% *55
32%
1%
*138%
6%
75
159%
15%
48%
31%
15%
31
1%
134
153s
85%
*
15
48%
19%
334
3%
31
7%
7
6%
*71
31%
15%
7%
5
*138%
6
*104%
103% 103%
3334
82%
49
13
3034
72%
132
110
63
—
159%
14%
111%
1234
15%
*
18%
50
8%
31
*105
107
107% 107
105% 107
10%
10%
1034
10%
10%
10%
*107% 110%
10934 10934 *107% 111
111
*104%
62%
31%
72%
3%
334
104% 104%
*17%
*138%
5%
75
159%
159%
"15%
30
2934
Nov
Gulf Mobile A Northern... 100
33
*32%
58
8%
1734
5%
20%
*19%
1534
10
40
*38
91
Preferred
1,900
49%
Mar 29
2% Mar 31
25
Apr 13
Goodyear Tire A
108
26%
60
1,200
29,900
108
7,000
*40
Sept
54%
14,500
1%
49%
Apr
98
Oct
Goodrich Co (B F)
107%
80
58
Oct
11%
4H% conv
47%
*45
38%
"ejoo
734
19
*15
1,350
1%
434
1034
1534
1,600
73s
31
32%
15%
138
19%
,
15%
4,600
rl%
7%
2334
3734
29%
2,800
1%
7%
1%
7%
1%
11
¥,900
7%
734
1%
11
"
1%
19%
38%
30%
io~40G
7%
17
4,100
1%
1%
2378
1,100
~3~2o6
1%
1
17
2,400
1%
7%
1%
2378
400
1%
7%
I
13s
90
1%
19%
234
2%
65
65
36%
37%
106% 106%
4%
1%
26
*85%
14%
25
1,600
10%
25%
24%
7%
64
130
109
1%
59%
23s
238
2,700
6%
10%
24%
64
120
3734
*107
47
11,900
15", 500
123
6%
100
59
24%
64
6434
36%
106% 106%
50
*34%
1%
26
90
1%
19%
37%
2934
1584
15%
23%
2%
2234
24%'
13%
2%
70
1%
11
60
130
123
52
*45
47
47%
7%
13%
58
24%
1%
.
rl5%
15%
24
7%
22%
*74
80
*74
29%
1534
*15
12%
12%
23%
*65
29
1534
48%
23s
24
27%
15%
1%
18%
303s
23%
0%
56
Holiday
70
*63
*85%
3334
90
1%
1934
36
2334
7%
*45
48
*45
25
1%
'
100
6%
47
48
*40
'
233s
24
7
rl%
2534
1%
19%
1584
16
*15%
109
*107
34%
*85
23%
678
*127
6%
10%
6%
rl0%
10%
13s
25
8934
1%
19%
35%
1%
*
10
1%
2334
*85%
24%
15%
1,400
23%
23%
2234
130
50%
50%
122% 123
36%
36%
6%
*107
1%
*15
22%
700
74
*70
70%
*127
50
6%
10
10
243s
35%
28%
70
4
2,400
8,200
2,200
4%
17%
34%
3%
16%
3334
122% 122%
35
35%
6%
6%
24
19%
16%
33
4
30
134
88,400
*107
*1%
134
50%
6;%
10%
♦13s
6,600
133% 133%
127
49
503s
49%
37%
*6%
10%
*106%
"moo
9%
2234
22%
127
122% 123
3534
3534
122% 122%
•35
59%
16%
Oct
80
09)00
9
33
27
;
29% Oct 28
Investors—No par
$6 preferred
No par
Gen Ain Transportation
6
103
9%
9
39% Mar
9% Feb
37% Nov 14
54S% conv
59
58%
Oct
10912 Nov•12
Gen Amer
59
58%
D< c
1%
Mar 31
Gaylord Container Corp
*100
Dec
15
Oct; 22
Mar 25
1,400
"
103
*100
22
5
,
Jan
4%
Mar 29
Gar Wood
59,900
50%
4934
*07
1834
53
9
Feb
Oct 17
39%
21
11
5,700
634
.
18%
*51%
884
53
9
8%
99
4334
44%
43%
44%
41%
43%
4234
39%
40
38%
39%
37%
39
37%
38%
*112% 114
*110% 114
*110
114
*112% 114
%
1
rh
%
%
%
%
' *■
*39
45
39
39
*39% 45
40
40
70
78
77%
78
7534
7734
77%
77%
*12234 124% *12234 124%
124
124
122% 124
39
77
6
40
42%
4278
38%
39%
*112% 114
%
34
42%
39
30
127
*122
*95
70
15
16
323s
70
23
780
334
16%
31%
3%
4
384
378
378
15%
30%
4,500
3,200
13%
1834
134
♦131
134
♦131
134
*130
8%
4%
13%
12%
5%
58%
834
47%
5734
8%
57%
5734
9
57%
3%
1234
334
*51%
103
*100
103
*100
1,200
584
18%
53
8%
103
2%
12%
99
*95
5%
*23s
13
334
5%
*100
2%
30% Dec 30
~
18
pre!
Free port
3,600
12
96
1S12
*5112
*8%
120
2934
Nov 10
43% Nov 10
Sulphur Co
10
Gabriel Co (Tbe) cl A ..No par
Galr Co lnc (Robert)
1
13 preferred...—
10
Game well Co (The)
No par
Gannet Co conv $6 pf..No par
800
2934
Oct 24
26%
85
conv
70
50
49
100
Apr 14
Highest
share $ per share
41% Mar
10% Oct
107% Feb
90
Nov
52% Mar
26% Dec
46% Feb
11% Oct
$ per
share
per
...100
Foster-Wheeler
...10
17 conv preferred
No par
Francisco Sugar Co
No par
F'k'n Slmon&Co Inc 7% of. 100
Food
3,600
12%
12%
11
96
*95
90
*95
3%
10%
3%
t Follansbee Brothers..No par
Machinery Corp
100
130
30%
2%
Florence Stove
500
$
per
241} Mar 30
10% Mar 26
19%June13
15
Apr 7
1% Mar 26
(Tbe)
No par
Co
No par
Florshelm Shoe class A .No par
Fllntkote Co
1,300
42
29
2%
3%
12
2%
3%
10%
2%
2
*10%
2%
34%
2%
34
3%
42
29
28%
28%
28%
2812
2812
42
*39
42
*36
2%
100
3,000
share
16% Mar 31
70
Tire A Rubber... 10
6% preferred series A—100
First National Stores ..No par
500
107% 107%
20%
2034
*8534
90
*3%
4
90
24
88
19%
*18
26
*8534
24
800
34
88
24
88
17,500
284
*2%
33
Firestone
4,700
|
Lowest
Highest
Lowest
Par
Shares
35%
35%
107% 107%
107% 10784
1 0734
234
4134
2%
34%
2%
33%
2%
34%
2%
34%
*107
' 107^4
98%
Week
24%
24%
*99% 100
42%
4234
30
30%
18
4034
28%
34%
98%
40%
28%
33%
2%
34%
2%
3414
♦107
28%
34
40%
40%
28%
35
28%
22%
99
the
$ per share
99%
43
30%
35%
23%
99
100
40 >4
2334
98%
41%
29%
23%
Range for Previous
Year 1937
EXCHANGE
Friday
$ per share
23% 24
$ per share
$ per share
$ per share
2334
2334
On Basis of
YORK STOCK
NEW
for
1
100-Shore Lots
Range Since Jan.
STOCKS
Sales
CENT
Dec. 30
Thursday
Dec. 29
Wednesday
Dec. 28
Tuesday
Monday
Dec. 24
PRICES—PER SHARE, NOT PER
SALE
31, 1938
Dec.
Record-Continued—Page 5
23
Apr
6
Mar 30
x Ex-dlv.
2%
Oct
6
4
1%
Oct
1
Oct
Dec
15%
Jan
~23% "Feb
4% Aug
v
207s Dec 24
35% Dec 30
8
Oct
38
16
Oct
07% Mar
Nov 20
34
Dec
72
5
6% Mar 30
12
Jan 13
10
Oct
Dec
25% Mar
44
Ex-rlghts.
t Called for redemption
Mar
Jan
Volume
LOW
AND
HIGH
SALE PRICES—PER
Sales
CENT
NOT PER
SHARE,
Dec.
$ per share
*7
Monday
Dec.
26
$ per share
27
Dec.
$ per share
8%
24
Wednesday
Tuesday
Dec.
24
243g
23i2
24
11312 115
11412 11412
♦148
9012
1534
16
*4%
♦8
89i2
15i4
4%
814
45g
784
28
28
♦90
27i2
90
9214
*3%
3%
133.!
141g
♦2i2
2%
2i2
2612
22%
♦23
♦178
334
14
181
1807g
5534
567g
*15814 159l2
6%
6%
5614
23
181
4
87
32%
24i2
♦82
94%
5"; 200
7%
734
28*4
77g
28*4
77g
*2734
7,300
3,300
1,000
Inspiration Cons Copper...20
7%
16%
4%
8
28
1,000
Intercbemical Corp
92
4
1434
2%
200
91
28
*89
4
14i2
2i2
247«
55
*80
32
24i2
32
24i2
84
573g
6%
3
8
13%
*7414
10
9
133g
79
9lg
20
20
20U
*19
*12018 124
*73
74
103
*120% 124
103
*127
73
6034
62
*17
6H2
18i2
*120
12134
*173g
*120
914
9%
912
197g
20
1234
197«
*11
*100
11
100
120
143g
*14l4
14i2
*85
95
*85
12
12
1H2
714
*8612
42
1138
*24
31
~1~300
26
26
1,100
85
11%
25
2l2
Stock
*21
*22i2
14ig
20
14ig
20i8
Exchange
6
Closed
*4i2
*26
1334
20
*4%
*26
2634
19U
193g
97g
19k
10i8
10U
*15i2
14i4
*412
Christ-
18i2
293g
*23
*17
14%
1412
434 <
Holiday
4%
297g'
2934
23%
23%
*113
100
*120%
73*2
*120*8 124
73
*20*8
73
62
938
20*2
*107g
*99
62
*30
9*2
934
934
5,400
1434
1434
15*4
*7534
79
*10
10%
11
20
20
20*2
*120% 124
124
*73%
74%
73*2
10534 106
104i2
130
130
130
3,300
10*2
IOI4
21
11%
20%
11
21*4
11
11
105
200
*99
120
105
*99
1434
1414
14l2
*14l2
15
85
85
*84
95
12%
1238
125s
13
13%
13
7*2
8
8*4
8
93*2
*88
93*2
*88
2i8
*86*2
41
1.1*4
14ig
20i2
20*4
5%
47g
257g
19*4
8*2
263g
19%
10%
18%
145g
45g
297g
23%
*18
14
20*2
47g
26
19?g
10*8
18*2
•
30%
23%
43A
30*4
4%
434
*2
lo
2%
2%
26%
26i2
26*8
*17318 175ig
*165s
18
36U
5%
334
*99
9914
*165g
106
2034
*147
21
148%
15l4
5234
30
18%
447g
1834
53
1047g 105
684
7
99*2 101
175*8
*170
*16*8
177g
3678
43%
183«
5214
375g
44%
19
53%
105
634
105
7*8
59
573g
59
58*2
3%
18%
3%
18%
334
334
18*8
18*4
*105
106
20%
21
146% 147
15is
53
53l2
...
18
37%
52
1514
30
*124
99%
175
447g
19
*99
100%
37
3:
1858
36%
*170
373g
44i2
44%
*1812
19
527g
53lg
*104l4 105
7
7%
587g
587g
5%
35i2
*29%
106
20*2
146
153g
15*2
533g
52i2
31
*2958
124
*124
106
2034
146*8
15*2
53
31
..r_
28
27
27%
26%
2734
385s
18i2
387g
1812
38%
39
I8I4
18%
38*8
18*2
*375g
38
15s
3734
377«
3734
3878
1858
38
1*2
2734
H2
1%
15g
*6
7
*6
7
*14i4
I5i2
*1334
1434
8
8
8
12l2
1212
1134
13g
434
534
1178
13g
47g
8
33i8
55l2
47U
*534
27
"93"
10l2
IOI4
•
1%
1138
13g
4%
6
11*2
3334
33
5
5534
3534
*163
47>4
4714
6
534
28
2812
*95
*91*2
11
11
1034
11
6
2ht
514
56
92
*88
7%
12%
33%
214
3578
3578
♦16234 164l2
14%
7*2
6
33i2
23,6
*5
1234
115g
6
1218
934
*88
7
4%
1214
13s
434
1%
13s
*6
25,6
5
2l8
5*8
6*4
12*8
34*2
2%
538
55
5534
563g
35*4
3534
3534
164i2 ♦163*8 164*2
47*4
4734
4734
5*2
55g
578
2778
28
28%
52
5%
*38
101
175
*1678
38*2
45
45%
19
18%
53*2
5234
54%
l0434 10434
*100
2078
734
5978
37«
20*4
106
21*4
15*2
55*2
*99
106
.21%
21%
16
16%
26%
30
124
58
Mar 29
Jan 24
Southern—.100
4% preferred
—100
Kaufmann Dept Stores
1
Kansas City
49»4 Apr
1
12% Mar 25
118
Mar
8
5% Mar 29
10%May
Apr
6
5
434 Mar 29
800
1,500
2,500
Kennecott Copper
preferred
Lambert Co (The)
6%
Lane
No par
No par
Bryant
Lee Rubber A Tire.-
5
Lehigh Portland Cement...25
4% conv preferred
Lehigh Valley RR
100
50
Mar 26
Jan
No par
60
1
Lehn A Fink Prod Corp
6
Lerner Stores Corp
No par
Libbey Owens Ford Gl.No par
Llbby McNeill A Llbby No par
6% conv preferred
Lehman Corp (The)
Life Savers Corp
800
Liggett A Myers Tobacco—25
Series B
25
—100
Preferred.
Lily Tulip Cup Corp...No par
"4",800
Lima Locomotive Wks.No par
1,100
2,500
13,900
Link Belt Co
6,700
900
2,600
4,200
26
preferred
100
Lorillard (P) Co
10
preferred
100
5%
100
1,800
A—No par
Loose-V\ lies Biscuit
7%
Louisville Gas A El A..No par
4,000
600
Louisville A
12
13
35
357g
r2*2
5*2
56
6*2
2%
534
56
3534 36*4
163*2 163*2
48*4
4734
5%
5%
*27
29
107g
113s
10
II84
1134
"""126
3,200
12%
1,500
1*2
5
1,200
16,100
5*g
*634
610
12*4
35%
12%
37%
9,400
58,700
r2»,6 2*°,»
41,900
5%
534
5634
57
36
*163
36%
164
48*4
4934
1,200
3,500
2,800
30
5%
5%
2,100
1,100
*26%
2834
500
*91
93
12
50
12%
3,100
3,700
10
11
11
11
*88
12
r90
90
( in receivership,
a
Oct
44%
Def. delivery,
16
91
Nov 16
13
Nov
Nov 29
80
Nov
14% Oct 24
10% Oct 10
7
Oct
23%
4
Oct
19*2
Jan
:
80
Dec
109*2
Jan
Oct
Oft 15
14% Nov 12
July 19
3% July 25
30
35
9
Feb
Mar 30
15% Mar 31
28% Nov
4*2 Oct
17«4 Dec
I84 Oct
27%
110
9% Mar
20
Dec
71
19% Jan 22
11
Dec
22%
15%
Dec
35*2 July
29% Jan
15% Jan
Deo
Oct 25
July 13
4
22
1
14
18
Jan 12
6
Oct
47%
24%
27%
Mar 26
30
Jan 12
8
Oct
41%
8% Mar 31
17
Nov 12
8
Oct
Dec
Dec
h
10% Dec
6
Dec
3%May 13
7% July 20
10% Mar 31
30% Dec 29
z25% Oct 13
14
Oct
Oct 11
97
Dec
13% Mar
96
3
Jan
_
Mar 29
38 Dec 17
120
7*4 July 25
1% Jan 12
5% Jan 13
July 25
984
Oct
%
Dec
2% Dec
22<4 Deo
29
6% Mar 29
1984 Mar 30
23% Mar 31
1488 Nov 21
8
35% Oct 21
58% Nov 10
33%
Mar 30
81
Mar 30
81% Mar 31
Apr 9
14% Mar 31
20*4 Mar 26
157
Mar 25
9
Oct
»4 Mar 26
26
Mar 31
2% Mar 28
14«4Mar31
92
June 22
82
83*8
151
13% Mar 31
125
Apr 1
12% Mar 31
29% Apr 20
113%
Feb
Jan
Jan
Oct
23% May
18%
Oct
83i2
33
Nov
99»4 Nov
Oct
2% Oct
17% Dec
101
16%
125
63
.
1958 Oct 17
14%
57% Dec 30
110
3%
IO84
43%
Dec
28%
147»4
2884
Oct
Mar 29
32
Dec 30
116% Mar 30
126
Jan 21
123% Nov
Aug
Jan
Feb
75% Mar
110
Oct
Feb
26% July
87% Aug
Oct
48% Nov
2684 Oct
22
Jan
16% Mar
15%
June
Nov 10
Feb
Feb
175
1
154
51%
24% Mar
384 Jan
18*2 Jau
43*2 June
21% Feb
68% Jan
114
32
July 25
Nov 10
Dec 15
Dec 7
27% Mar
203
Oct
Oct 11
684
23%
107%
2184
Jan
17«4 Mar
Dec
Oct
63*4 Oct 22
9
Jan
Mar
May
23
Nov 14
Jan
Aug
3
Dec 30
Jan
79
5
103»4 July 25
24
Feb
29
Jan 10
176*2 Dec 6
18% Nov 26
40«4 Nov 9
50
Oct
23
Dec
Oct
37%Nov
102
Oct
4%
1% Mar 29
19% Mar 30
5% Deo 21
Jan
20% Mar
46>4 Apr
21% Nov
Mar 26
12% Mar 31
Jan
Feb
69% Mar
31% July 23
2% Mar 26
22
Ja
99
Jan
Jan
May
Feb
Jan
Jan
Mar
36
Feb
132%
Feb
17%
Dec
62% Mar
Macy (R H) Co Inc..—No par
Madison Square GardenNo par
24% Mar 30
Dec
8%
18*2
Oct
68% Mar
16% Jan
18*4 Mar 31
49% Aug 26
19% Oct 27
40*2 Nov 10,
2% Oct 22
26
Copper._r—.....10
Sugar Co
1
Oct
63
.—.No par
Manhattan Ry 7% guar. 100
4% Mar 30
10% Nov 9
20*2 Jan 13
103s Nov 9
16
July 23
284 Jan 11
7% Jan 11
16
Aug 8
14% Nov 10
37% Dec 30
6
Dec
167S
Jan
10
Mandel
7
rl2%
1*2
14%
32*2 Nov 16
Manatl
1%
Mtr
Mar 29
2,200
5
Jan
M»r
24% July 21
3
—No par
Long Bell Lumber
90
1%
11*2
Jan
Jan
Feb
29
1LI% Oct 26
Magma
11*2
*1*2
47g
6*2
Apr
Aug
Jan
46
Oct
Dec 17
1,600
8
Apr,
Jan
121
5
99
preferred
Inc
Lone Star Cement Corp No par
10,600
3,300
16*2
Feb
Nov
Jan
Dec
15%
No par
$6.50
Loft
19
734
Mar
Feb
115% Apr
13% July 25
Oct
38*2
*13
136
Dec
4134
8
155
126
14
19
1234
87%
Mar
43%
38*4
7
Oct 18
127
64*4 Nov
62*2 Nov 12
41
1%
24*2 July 20
123
65% Nov
21% July 21
600
41,400
...
*6*2
120
Jan 10
Mar 31
19
1%
Oct 14
July
78
12% Mar 31
38
7
130
111%
29
1834
1*2
Dec
33
38
*612
12*2
49
Nov
No par
41%
32
,
*116
74% Dec 17
Liquid Carbonic Corp..No par
Loew's Inc
—-No par
"B^oo
31
*123
Jan 15
Oct
Sept
1*4 Mar 29
12% Jan 7
25
300
2,900
100
6% Mar 31
19
Lehigh Valley Coal
2834
5712
36%
107%
Dec
122
28%
56
8%
Dec
Nov
100
30*s
11*4
92
4
20*4
Oct
8%
9
No par
2834
93
934
*334
20
6%
20*8
Johns-Manvllle
Jones & Laughlin St'I pref. 100
Kalamazoo Stove A Furn—10
27%
3834
93
*88
8%
60
15%
113*4 Apr 30
44% Mar 30
..1
Z30%
*122%
93
10*4
106
7%
59*2
52
110
Oct
Nov 12
Feb
Feb
Jan
49% Jan
Oct
18
Sept
Sept
57%
2834
70
June
No par
Nashville.--—100
Mac Andrews A Forbes
10
6% preferred
No par
Mack Trucks Inc.--—-No par
93
92
106
14*5% 14634 *146% 148%
15*2
54l2
7,000
18
44i<>
37g
300
*36
1834
5234
19
2,500
36*2
101*2
39%
45*4
19
7*4
270
6
3834
59
800
6
*16%
Oct
Oct
51
584
39*4
Deo
19%
10
'4
100
1,700
10,700
18
34
19%
68*2
Oct
6
H%
30%
54
175%
127% May
6*4 Dec
29% Dec
2% Oct
16
26%May 27
IH4
102
Jan
73% Mar
13584 Jan
65
80
53%
10234 103%
162
30
3
z3034
102
Aug
Nov
3
63
31*2
53*2
*170
Jan
120
138
96% Dec 21
11% Oct 6
11% Oct 8
35% Nov
Kelsey Hayes Wh'l conv cl A.l
Class B
1
4,800
1,600
8,600
175
Jan 21
Keith-Albee-Orpheum pf_.100
27%
101*2 102%
48%
30% Nov 25
35>4 Jan 24
5% conv preferred--.--.100
Kayser (J) A Co
6
27
36%
127% Nov
53% Nov
Dec 23
27*4
11%
95
Bid and asked prices; no sales on this day.
11*8
31
Apr
Apr
Dec 27
M00
*2
9%
63*2
189
83% Nov 17
1284 July 25
16
Jewel Tea Inc
Preferred
Jan 21
12
"
5
Oct
24
Feb 10
Mar 31
8
1
—
6
100
6,100
23%
118
234
,5%
5i2
*35i4
36i2
IOOI4 100i4
9934 IOOI4
preferred
4
15% Nov 10
52% Nov 9
Dec 27
310
30%
23%
*112
118
18*4
8
63
No par
Corp
Island Creek Coal
Feb
15
*2
1034
6*8 Mar 30
100
*112
30*2
31*4
51*2
525g
5*4
5*4
36*8
36*8
100*2 10034
6
par
100
20*4
15%
6
234
2634
11%
par
20*4
15*8
*4%
12
30%
53%
Intertype
par
46*2 Mar 30
5% Fib 4
Mar 29
234
26&g
11*8
11
Mar 28
100
8
434
5212
June 17
12
50
preferred
Inter Telep & Teleg—.No
Foreign share ctfs...No
Interstate Dept Stores.No
Laclede Gas Lt Co St Louis 100
45g
30%
28
Shoe
International Silver
1,290
2*2
307g
54
No par
International
11*4
%
11%
28% Mar 25
19% Mar 31
preferred
10*2
234
53%
100
No par
5%
10*2
19
%
5
2% Mar 30
9*4
18%
29*4
23*4
2934
23*4
Internat Rys of Cent Am..100
100
5
115
Jan 19
4% Mar 29
18% Mar 31
9,400
5
22i2
132
15
100
20
43g
29*4
100
6% conv pref
20*4
43g
*112
Preferred
Inter Paper & Power Co
519
15
28% Mar
Oct
Jan
27
20*2
15
11% Mar
Oct
2
Nov
*4i<>
1458
Dec
6
2%
37
*26*4
14l2
111% July
Jan 21
Dec 27
400
'
Deo
11%
Mar 29
2,700
21%
92
57% Nov 10
140
July 23
6
2034
64% Apr
6«4 Mar 31
11
2,300
15
Oct
36% Mar 31
12
...
1434
Jan
20
1
2634
27*2
2%
Jan
1384
Int Nickel of Canada—No par
Internat'l Mining Corp
1934
....
27*2
*1%
*22%
Feb
6
Oct
Jan
100
44~906
43%
1134
33%
Oct
1%
I884
*4
2
134
137g
*26*8
ris4
*22*2
14%
2034
43%
1134
Oct
3%
Oct
26
27
4334
1134
28
134
34*2
14l2
21*4
6%
6
No par
Keystone Steel A W Co No par
Kimberly-Clark
No par
Kinney (G R) Co
-—1
18 preferred
No par
$5 prior pref erred.—No par
Kresge (S S) Co
10
Kresge Dept Stores
No par
Kress (S H) A Co
No par
Kroger Grocery A Bak.No par
42%
II84
113s
26
*2258
r.
42
July
Apr
Kendall Co $6 pt pf A—No par
95
Feb
143
15%
10
8*8
93%
7
Jan 11
6,300
4,600
13*8
*84
70
164% Oct 29
9% Oct 28
2,000
1434
14l2
184% Dec 30
144
131 **4 Mar
16%
Kan City P A L pf ser B No par
*20%
11*4
934
20*2
11*4
2%
30%
1,500
6,000
1,300
1,000
Jan 17
Oct
Oct
130
820
10
%
2614
6,000
29
Nov
32
share
Jan
47% Apr
Oot
$6
"""400
17%
17%
1734
1734
17*2
12134
12134 *120
12134 *120
2%
26i4
IH4
4l2
800
63*4
63*4
♦3s
5
""406
Oct 17
5*4 Nov 15
9% Nov 16
34% Nov 9
98
Apr 25
5% July 7
16% Nov 12
3% Jan 17
19%
72
6884 Nov
per
22%
1%
Preferred
79
Nov 12
Oct
Dec
3
7%
9*4
95
5%
15
Jan 11
International Salt
934
9
119% Dec 30
146
Sept 30
$ per share $
4%
230
9
2&8
414
230
Mar
share
10*4 July 13
30% Aug 24
per
Mar 25
18,200
53"500
63*4
Preferred
200
31,000
3034
95
115
*112
118
20*4
17*8
1734
12134 *120
25
2
20
*9*4
12934
63*4
11*8
4H8
10
103%
24
*86i2
135g
79
12934
97g
1978
1U8
4,400
37,300'
31
10234
6H2
8%
8%
*77
102
73g
93i2
423g
H%
7%
7l2
93%
423g
2i2
73
3*4
85
12934 *127
102U 10334
*127
12934
2
26
1234
May 27
141
3% Mar 31
31*4
*9
48
100
Int Hydro-Elec Sys class A.25
31
*75*2
Internat'l Harvester...No par
Int Mercantile Marine.No par
*76
9*8
1334
*7534
Mar 31
7,200
*24l2
8%
Mar 26
100
7,200
88
9
15
Prior preferred.
7%
3*2
7*4
24
834
Mar 29
6% Mar 30
2
Mar 26
15934 15934
7%
3*8
8*4
3134
9
2
600
23*4
8*2
June 10
1,900
15,600
5834
31
9
Mar 30
80
No par
No par
Rubber
1
2% Mar 26
15
No par
100
Iron
8
Feb
59*2
18312 184%
30»4
87g
preferred
Mar 25
56%June 17
7% Mar 30
Int Business Machines. No par zl30
600
25*2
*29
9
6%
Intercont'l
Mar 29
14% Mar 31
Highest
Lowest
Highest
$
share
3% Apr
Internat AgrlQUltural-.No par
3034
*80
1
100
t Interboro Rap Transit
2,100
40*2
40i2
Insuranshares Ctfs Inc
Interlake
*30
8l2
133g
159*2
*24
500
No par
9,800
55%
56*8
55%
56%
135*2 135*2 *132% 134*4
14%
14%
14%
1478
50%
51*2
503g
51*2
*3*2
334
334
334
*40%
42
r39i2
41
9
79
14%
2%
658
6*4
87g
13U
*3%
158
158l2 158*2
9
*9l2
91*2
334
334
8%
*73i2
92i4
14%
1434
2%
258
23*2 237g
1817g 183
57%
587g
91%
4
'13%
2%
*22is
77g
3034
60
16*4
4%
27
4
135
preferred
94
734
42
6%
per
100
Ingersoli Rand
"
163s
4»g
814
*29
119*2
$
10
No par
No par
94
15%
3*4
*40
25%
2434
117
*148
Indian Refining
Industrial Rayon
4%
92*4
16
27g
3034
3212
24l2
4,000
2,300
434
9134
15%
33g
42
600
7
4=g
8984
18Hs 18178
567g
118
Par
Shares
$ per share
Range for Prerious
Year 1937
100-Share Lots
Lowest
Week
30
r7
On Basis of
Inland Steel
8
137g
4914
*3i2
42
*29 lg
2434
116
634
25
*148
54i2
55*4
5478
55i2
*134*4 136
*13334 136
135g
145s
135g
137g
483g
50*2
48%
49%
3*2 ' 334
*3i2
334
5434
55ig
*13334 136
13%
4834
24
113% 114
3i8
8
8
90i2
15l2
45g
734
27i2
9H2
4
14l4
2i2
158U 158i4
6U
6i2
3
3
23
r684
*148
♦148
90
$ per share
7
7
Dec.
Dec. 29
$ per share
7
634
Thursady
28
STOCK
YORK
EXCHANGE
the
Friday
Range Since Jan. 1
8TOCK8
NEW
for
Saturday
4019
New York Stock Record—Continued—Page 6
147
1
Bros
guar...—100
Manhattan Shirt
—.25
Maracalbo Oil Exploration.. 1
Marine Midland Corp
5
Market St Ry 6% pr pref. 100
Marshall Field A Co...No par
Martin (Glenn L.) Co
1
Modified 6%
Rights
No par
No par
Mathieson 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% conv preferred
100
Martin-Parry Corp
Masonite Corp
n
New stock,
r
Cash sale,
16
10
Mar 26
84 Mar 29
684 Mar 26
2% Mar 26
9
Mar 30
1*4 Mar 31
4% Sept 14
5% Dec 22
5*2 Mar 30
14% Mar 30
134 Dec 6
2%May 24
25
Mar 29
1934 Mar 31
156
Aug 2
28% Mar 31
Mar
Oct
39
Jan
4%
Oct
16%
Jan
9%
Oct
1%
5%
Oct
Oct
29%
684
Jan
Feb
14%
Feb
684
Dec
39
Jan
7% Dec
10
Oct
30% Mar
29% Apr
2*ia Dec 19
13%
Jan
Oct 12
20
Oct
74
Feb
36% Nov 24
22
Dec
4184
Jan
142
May
165
Jan
3384 Dec
4% Oct
20% Dec
66
Mar
7%
61
Oct 27
165
Feb 23
53
Oct 25
7% Aug
8
I84
Oct
15%
Jan
3*2 Mar 28
16%June 1
Mar 29
28*2 Dec 27
21
Apr 22
35
June
45
Jan
75
97
Dec 23
93
Nov
111
Jan
16
Jan 18
11%
Dec
36
Jan
7«4
Oct
20
5
8'i Mar 31
Apr
6
Mar 23
13% Nov 10
61
Mar 31
92% Nov 10
t Ex-dlv.
v
Ex-rights.
z66
Oct
44
Jan
24% Feb
106% Mar
1 Called for redemption.
¥
N<3w York Stock Record —Continued- Page 7
4020
SALE PRICES—PER SHARE, NOT PER CENT
STOCKS
NEW YORK STOCK
EXCHANGE
the
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Dec. 24
Dec. 20
Dec, 27
Dec. 28
Dec. 29
Dec. 30
S per thare
f per share
$ per share
$ per share
Shares
19%
8*2
♦92
11%
51%
16%
8%
19%
9%
51%
14%
8%
9%
51%
10%
8*2
95
*1914
934
51%
16*2
92
92
1912
10
6
10%
11%
11%
*05
70
69
69
00
*50
63%
*51
53
0
51
52%
r50%
6
*50%
6%
*25%
*14%
39%
5%
26%
1034
3934
51
6%
*2584
♦14%
39
27
18%
40%
51%
6%
27
18%
11
11%
11%
12
27
*25*2
*10
684
20%
18*2
11%
11%
15%
11
11%
15%
15%
27%
26%
*107
84
84%
5%
♦51
1%
7%
*51
%
13%
1%
13%
1%
8%
7%
%
%
36%
11%
57%
31%
17%
15%
26%
5%
36%
11%
57*2
26
14%
14%
14
%
14
23% 24%
*100*2 169%
*14%
15
%
%
1384
1%
%
%
1%
8%
%
13%
1%
93
92
7«4
15
27
26
26%
10784
*105
Stock
Exchange
3
62
*07
34
11
22%
73%
34
*105%
15%
15%
45
19%
20%
18
18%
31%
3234
34%
2%
34
2%
8
8
*108% 115
*110
*—,-
123
60
1
1%
3%
4*4
*2
20%
*105
17%
15%
26%
169
19
19
*57
11
*2134
*67
*105%
15%
44%
19%
18%
58%
02
3%
11%
22%
73*8
35
10
31%
34
34
123
*110
*—
17%
176% 170%
109
21%
55%
17%
56
*100
85
*84
11%
1284
*103% 104%
109
21
101
12%
7%
20%
13%
62
*4
27
16
*101
7%
26
139
13%
*43
4%
30
9%
27%
16%
105
7*4
20%
139
13%
52
*21%
22
*21%
22
45
*40
45
71
*114%
70*2
5%
3
1384
*5%
*12
584
3%
14
584
12%
29
29
42
42*2
12%
12%
12
58,
900
3
71
5%
3
13%
5*2
14
5*2
12
12
2884
42*2
29%
12
42%
12%
9% Apr 7
3484 Mar 26
par
par
5% preferred——--100
Murray Corp of America
10
95
4
Mar 29
30,200
Myers (F A E) Bros
No par
Nash-Kelvinator Corp
...6
930
Nashv Chatt A St Louis—100
37%
6%
7%
8%
Mar 29
Mar 30
Mar 22
Mar 30
6
Mar 25
5,650
200
National Acme...——-
4,000
Nat Aviation
11,100
17,300
National
Corp
—
1
——5
15% Mar 31
Biscuit-——10
7% cum pref—
6
Apr
150
——100
Jan 17
Mar 31
24%
12%
26%
13%
*24%
12%
25
13%
....
*21%
23%
*67
73%
30,
*34%
10%
.
16%
16%
46
45%
20%
20%
20*2
.19%
20%
2034
*110
16%
46
21%
21%
35%
35%
»
7*53%
1%
4%
%
4%
%
110
*110
123
53%
1%
4%
15
16%
87
90
182
*108
26
36
9%
27%
16%
105
.
1%
4%
%
16%
10
184
*108
110
33
4%
*31%
9%
27%
16%
4%
35
9%
28
56
56
19% 20
102% 102%
*8184
85
14
14%
102% 102%
*27%
33
4%
4%
*31%. 36
17
17%
8*2
8%
8%
8%
8%
20
2034
26% 2634
26%
26%
142
137% 137*2 *131
*131% 137%
13%
1334
13%
14%
13% 14%
*48
52
*49
51%
51%
51%
22
22
22% 22% *21% 22%
*40
45
*40 %
*40% 45
45
*114%
*114%
*114%
68*2 70%
69% 70%
70% 7034
5*2
5%
0%
6%
6%
6%
*3%
3*4
3%
3%
3%
3%
14
15
16
14%
15% *15
5%
5%
5%
6%
6%
6%
IIS4
12
IIS4
11% *11% 13
28*2 29*4 *29% 2934
29% 29%
43
43
42*4
4284
43%
43%
13
11%
12%
1234 12%
13%
120
*120
121
*120
121
147
147
147
*146
20
20
20
148
148% *148
20% *20% 21%
*120
121
121
121
148
148
20%
122
Jan
53
Nov
120
Mar
Oct
124
Mar
98%
4%
Oct
Dec
60
is Dec
84 Dec
%
Oct
15
Dec
2
Oct
*71
Nov
105
Oct
PId and asked prices; 001
«—=-r-
ea on;
——
his day.
:
—
t Iq receivership.
:
1—:
16% Mar
Aug
2% Jan
5% Mar
6% Jan
34
Apr
684 Mar
34% Mar
108
6% Mar
12% Mar
Jan
107% Aug
109
Sept
40%
Oct
69
Mar
21
Dec
40
Feb
36% Dec
12% Oct
8% Oct
15% Dec
38is
Jan
Jan
26
Feb
51
Mar
66%
50
Oct
15% Aug
Dec
4%
'*
99% Mar
9% Dec
50
Nov
102
Apr
3
Oct
Dec
5
Oct
10
Oct
Oct
36% Feb
90
Mar
108% Jan
20% Feb
71
Mar
24% Jan
47% Mar
24
Mar
14% Nov 10
14% Dec 21
8
Oct
18%
Nov 10
17
Dec
33% Mar
168% Oct 21
19
Nov 12
145
May
13
" Dec
19
21
29
27
115% Nov 15
113% Oct 18
10% Oct 22
0%July 9
90
Aug
28
6%
94% Nov
25ls Oct
30% July
16% July
30
13
July
Jan
Jan
33>4 Jan
103% Feb
38% Feb
26% Feb
112% Mar
112
May
24% Mar
10% Jan
Oct
35
Mar
17% Dec
.
Oct
17
Nov 14
31
Oct
167
4
20% July 26
16% Oct 22
Oct
12
100% Dec
104is Oct
5% Oct
38
Mar
4%
Oct
18%
Apr
7
18
Oct
44
Mar
Jan
.——100
164
June
3
178% Oct 14
153
Oct
171
100
127
June
1
127
July
150
10% Dec
61
Jan
5
Oct
14%
Jan
65
Oct
99% Aug
26% Nov
8,500
National Steel Corp
—25
National Supply (The) Pa—10
44% Mar 31
81% Nov 12
12% Sept 24
23
11,200
2,500
1.C00
5
Natomas Co
3,000
Feb
1
75
July 25
Feb 23
68
-
9,900
2,200
July
82
l4%June 17
Apr 5
28 ;Mar3l
99% Apr 26
9% Mar 31
4H% conv serial pref—100
Newberry Co (J J)—No par
5% pref series A
100
Newport Industries..
1
N Y Air Brake-.-.
No par
New York Central--.—No par
.
""066
30
Dec 23
2%May 24
7% Mar 31
No par
l
Nelsner Bros Inc
100
Dec 13
70
preferred
—..40
6)4 % prior preferred—100
0% prior preferred
100
National Tea Co..
..No par
"2"906
Feb 25
18
55
$2
20
Mar 26
10
Mar 29
7
Mar 25
4% Jan 14
12% Aug 2
July 20
20
7%
preferred
% Dec 21
2% Mar 30
% Jan 5
4% Mar 29
IOC
38
Norfolk & Western.—..—100
133
Mar 31
June 3
Adjust 4% pref...—-.100
100
Mar 29
54,800
1,400
02,400
North American Co..—No par
6% preferred
—60
400
70
75,500
600
—
13% Mar 31
4534 Apr 1
5% Mar 30
87% May 3
75 June 21
North Amer Aviation
1
No Amer Edison $6 pi. No par
...
Northern Central Ry Co—50
Northern Pacific
100
North'n States Pow Co $5 pf. 1
20
Northwestern Telegraph.—60
1,100
6% Mar 31
92% Sept 16
Norwalk Tire A Rubber No par
Preferred
60
Ohio Oil Co
No par
700
6,600
20
12,100
100
400
Oppenheim Coll A Co—No
380
370
350
500
4,400
2,100
2,600
80
700
8% Sept 14
19%May 31
7% Mar 30
83% Apr 1
4
par
Otis Elevator
No par
6% preferred—
Otis Steel—
No par
$5.60
100
135
Jan
137
KMar
97
Feb
90
Deo 24
Oct
272
Jan
Apr
14% Oct
48% June
114
Jan
12.60
40
Pacific Amer Fisheries Ino
Pacific Coast—.—
1st preferred
2d preferred—
5
10
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Ltg Corp..,
Pacific Mills
Mar 30
No par
No par
Mar 30
5% Dec 27
Mar 26
Mar 25
Mar 29
Mar 26
r22% Mar 30
32% Mar 31
9% Mar 30
2%
10%
3%
9%
Pacific Telep A Teleg.—100
87
Apr 1
6% preferred
..100 £132% Mar 30
Pacific Tin Corp(spstk) No par
17% Dec 21
72
Mar
100
Jan
284
5
Oct
Oct
Oct
31% Mar
12% Jan
25% Jan
2
Oct
684 Mar
4%
Oct
26% Feb
1
Oct
3
Oct
30
Oct
Jan 13
180
102
6%
Feb
15% Jan
76% Jan
Dec 30
3
Oct
102% Dec 30
9334 Jan 13
14% July 25
93
Oct
34% Jan
57% Feb
17% Jan
104% Jan
Oct
105
67% Dec
20
103
35
3
91
9%
Jan
Oct
36% Mar
Dec
Oct
63% Jan
6% Mar
Oct
40.
22% Apr
73
Apr
26% Feb
Dec 27
Sept
2
Nov 23
5
41
Sept
8
30
1%
15
14% Jan 10
9
Oct
32% Feb 23
24
Nov
1984 Nov 16
111% Sept
8
6%
90
Oct
Nov
Nov
9
6%
Oct
291s Nov
9
20%
Oct
10
Nov
9
15% Nov 16
39% Apr 28
Apr 19
Oct
15
Dec 27
20% Oct 17
60
115
14
Oct
30% Nov
198
147
100
15%
109
Jan 14
10
No par
Jan
Oct
6% Mar 31
30% Apr 1
122
1st pref-.No par
Outboard Marine A Mfg
5
Owens-Illinois Glass C
Mar 28
13«4 Mar 25
conv
Preferred
5,400
May 12
1% Mar 30
12% Mar 30
Oliver Farm Equip
No par
Omnibus Corp (The) vtc No par
8% preferred A
100
Outlet Co
"0*566
25
Jan
54% Dec
{N Y Ontario A Western.-100
N Y Shipbldg Corp part stk-. 1
•
4184
98% Feb
55% Mar
03% Nov 15
2% Jan 10
7% July 7
1% Jan 15
16% Dec 30
15,900
11,000
3,900
18,200
100
Sept
64>4 Mar
Nov
1
100
Oct
Nov
87
109
113
9
-
10%
29
Oct
110
Aug
Conv preferred
99% Nov
Oct
Dec
Apr 28
June
{N Y N H A Hartford
Oct
30
10
10
12
23
11
1
25
64
5% Mar 20
No par
„
preferred
9
19% July 23
48ls Nov 12
N Y Lack A West Ry Co—100
Mar 25
6%
22% Deo
Dec
111
2
12% Jan
13% Feb
57% Feb
32
Mar 30
Mar 30
Dec
Jan 14
110
5% preferredNY4 Harlem
18
3
40
101
12% Mar 31
_
75
Dec
50
-
NYC Omnibus Corp..No par
"New York Dock—....No par
Dec
62
..60
N Y Chic A St Louis Co—100
0 % preferred series A.
100
80is
75
Nov 16
108*4 Nov
Jan
17% Dec
20% Dec
63% Dec
71
21% Nov
22% Jan
38% Jan
37% July
434 Jan
11% Mar
120
Apr
85,000
6,000
10,400
7
Nov 16
22% Aug 25
125
6%
48
Nov
Oct
Dec
12% Deo
114
Jan
Feb
19% Mar
45% Jan
140
Feb
24% Mar
97
28
Mar
Jan
62
Oct U
44
Dec
75
Jan
115
Apr 19
114
May
Nov
Dec
Oct
Oct
115
June
76% Nov
9
11% Jan 17
5%
Jan 11
21% Nov 22
9% July 19
15% July 23
51%
x9%
2%
7%
4
Oct
103>4 Aug
23
15%
40
Jan
Feb
Mar
10% Dec
27% Feb
32*4 Jan
22
Oct
38
Jan
43% Dec 30
£34%
Oct
19% July 19
10%
Oct
5384
44%
Jan
30
121
149
30
Nov
4
Dec 30
Nov
3
Jan
110
Nov
152
Jan
133-
Apr
149
Jan
June 27
*
*
48% Mar
30
44
Mar 29
100
20%
35% Mar
Oct
3
Nov
Jan
Nov
12% Dec
145% Sept 22
28% Nov, 9
9% Oct 17
20
100
*7%
Oct
41
72% Mar
26% Feb
15
4
13% Mar 29
2,600
Oct
87
July 29
29
Jan
6% preferred B
170
4M00
4,500
2,800
984
28
17
*101
.——10
10
22%
106
4 Mar 30
17% Mar 29
.
Dec
4%
14
11
Nat Mall A St'l Cast Co No par
National Power A Light No par
.
14
12% Jan 10
54
Feb
93% Aug
86
16% Feb
5% Oct
1% Dec
1% Oct
110% Dec 19
10% July 27
101
Jan
47% Mar
33% Nov
8
26
13
22
21
Jan
Apr
Oct
3
13
10
11
25
13
12
21
22
13
3
16
25
9
19
112%
3484
16% Dec
19
0.500
11,500
1,600
22%
9%
27%
No par
Mar 29
Mar 30
Mar 31
Apr 1
8% July
64% Jan
16% July
62ls Oct
Dec
37% Deo
28% Jan
42% Jan
42ts Mar
7% preferred A
300
280
189
110
Lead
50
Oct 13
32
""166
%
184
82
National
3%
3%
17%
11%
10
Nat Enam A Stamping.No par
Nat Gypsum Co
1
400
10%
94
*27
105
1
preferred—..
Nat Distill era Prod
7,700
1,790
4%
*88
22%
57%
19
19%
IOO84 101%
6%
21,300
11,000
290
59
%
106% Mar 30
105% Mar 30
900
123
*53
50
6,200
ll%Sept26
7% pref class A—.—100
7% pref class B
100
Nat Dept Stores
.No par
10
100
12% Mar 31
Nat Dairy Products—No par
70
137% 13734
25%, 20%
7%
8
80
80%
15%
15%
19%
19%
*56%
59%
*50%
75
3%
3%
10%
10%
45
.
5,000
27,000
*115
106
120
20*2
Munslngwear. Inc—No
Murphy Co (G C)
No
30
Sept 28
" 4
16%
Mar 25
Mar 30
20
4
*101
4
26
Mfg Co class B
1
$7 conv preferred—-No par
10% May 27
26
27
11% Mar 29
—-1
Mulling
600
58
7-12
Mueller Brass Co—
Mar 31
8
65
*146
*19%
510
10% Mar 31
Nat Bond A Invest Co-No par
85
*31%
9%
Motor Products Corp—No par
6
Motor Wheel
Mar 31
5% pref series A w w
100
Nat Bond A Share Corp new No
Nat Cash Register
—No par
12% 1334
13%
14%
102% 103
*102% 102%
*40
*114%
70%
5%
28%
6%
38%
.
25
600
20%
65%
28
142
13%
6%
28
22%May 27
60
300
13%
*25
Morris A Essex
117% Sept
64% Oct
38% Aug
40% Nov
22% July
17% Nov
Dec
66% Dec
4
Dec 30
109
6
Mar 31
*1*566
*82
*31%
9%
470
38%
10
Dec 17
2
25
23
14%
15%
87% 87*2
173% 180
*108
000
3,100
1,700
3,300
4,300
78ts Dec
7% Nov 16
30
Jan
111
100
*84
4*4
36%
9%
10%
*42
34%
1784
15%
Nov
Oct
6
7
57% July 27
May
67
$4.60 preferred
-No par
Montg Ward A Co Inc. No par
Morrell (J) A Co—--—No par
Mar 30
23
85
17%
100%
103
105
*139
%
Monsanto Chemical Co——10
200
27,250
*30
..No par
7% preferred series A —100
{Missouri Pacific————100
5% conv preferred
-100
Mohawk Carpet Mills.—20
3,700
4,400
2,100
4,500
7*4 Dec
30% Oct
18% Dec
15% July 22
Oct 20
73
Highest
$ per thare $ per share
21
11
Dec
Sept
80
20% Nov
% Feb
% Dec
10
-
Mo-Kan-Texas RR
Nov
10
Mar 26
Mar 31
Mission Corp
9.600
15.500
52%
30%
34%
18%
15%
51%
17«4
15%
28%
084
37%
12%
58*2
21%
*56%"
103
27
7%
26%
109
800
95
3 July
72% Oct
% Jan
1% Jan
1% July
17% Jan
3% Jan
11% July
2% Jan
3% Jan
4
35
{Minn St Paul ASS M
1C0
7% preferred——100
4% leased ilneetfs—...100
1,030
2,100
11534 11534
34
21%
55%
17%
18%
*99% 100*2
28
16
108
,
1
4
%
179
*101
17
16.50
20% Nov 22
12% July 27
63% Oct 27
26% Jan 12
11% Nov 10
2
9
% Dec 6
10%May 27
1% Mar 26
4% Mar 29
% Dec 15
1% Dec 6
1
preferred._—No par
Minn Mollne Power Impl
200
1,200
*92
1%
1*4
4%
%
179
27
1%
1%
17
100
4% conv pref series B
20
22
59
1%
89
*4%
58
%
2
3,200
100
123
4
16%
*31%
9%
%
■
No par
8% cum 1st pref
!.
100
Minn-Honeywell Regu.JVo par
30
r22
16%
44
20%
*
59
89
*107«4 109
21% 21%
65%
55*2
Midland Steel Prod
6
Mld-Contlnent Petroleum—10
*92
18%
3184
33%
*2%
*110
15
*25
8%
%
84
14%
2%
9%
19%
35
33*2 35%
33
35
35
3484 35%
2%
2%
2%
2%
3
*3%
4
8
8
7
7%
7%
8
7%
7%
♦110
*110
115
115
*109% 115
*109% 115
%
1,200
4
$ per share
11
June 13
16% Dec 12
47% July 25
26% Mar 30
14% Oct 17
5% Mar 31
22% Jan 11
12% Mar 30
30% Nov 14
15%June 4
111
76
July28
Apr 1
92
Oct 22
49% Jan 28
100
Apr 1 £117 Nov 17
——5
Miami Copper-—-
.
%
*%
14%
Mesta Machine Co
0.000
8,900
Jan
32% Apr 1
3% Mar 30
14 May 81
Mengel Co (The)—
.---1
5% conv 1st pref
-.50
Merch A Min Trans Co No par
6,400
6
57
7"%
*%
*106
4334
19%
15
.
*12
*115
15%
44%
20%
19
3234
90
17
37
*100
1434
*84
%
%
%
13%
1%
8*2
84
136*2 13784 *135% 13784
24%
24%
24%
25%
7%
8
7%
784
78
7884
78*2 80%
13%
14%
14% 15%
19
19%
18%
19
56
55% 67%
57*2
*54%
75
*56% 75
3%
3%
3*4
3*2
10%
10*2
10%
10%
2IS4
2134 *20*2 22
*07
73%
73% *07
34
35
7*3384 3334
137% 137%
24
2434
7%
7%
77%
78
13%
13%
85
*100
5%
*54%
56
*109
111
10984 110% *109% 112
7
7%
684
7
7%
8
*5
5%
5%
6%
5%
5%
27
27% 27%
27%
20% 26%
19%
19%
19%
19%
17%
17%
16
16%
1434
15%
1534
10%
20
27
2034
27%
27% 2734
168
166*4 160% 106% 106% 168
20%
14%
*3384
44
17%
15%
28%
6%
*115
6
*54%
2%
3
10%
,*2184
1234
7%-
2584
Holiday
60
93
22%
24%
12%
26*4
115
7
*10
137% 137%
24
24%
7%
7%
78% 78%
13% 13%
*18%
18%
57
' 57
*54%
24%
12*4
115
5
mas
55
22%
24*2
12%
*92
110% 110%
Closed
Christ¬
19%
15%
15
*34
20*2
6%
35*2
11%
58%
58
' 5%
1%
134
16% 16%
107% 108
115% 115%
6134 52%
*34% 30
15%
25*2
5%
34*2
11%
23
27
8%
*%
1%
1%
1434 10
105% 100%
IU84 115%
50% 6I84
33% 33%
31% 32
16% 10%
92
23
*18
*%
%
13%
24
2434
1234
*110% 112
7%
7*2
4%
4%
%
*2
*92
—
*%
1334
2
8%
*22%
24%
12%
*115
5%
*54
h
*107% 10834 *107% IO8S4 (*107% 10834 *107% 109
7%
7%
7%
7%
7%
7%
7%
7%
55
*50
50
50
52%
52% 52% *51
8
8%
8%
734
8
8%
8%
8%
25
25
25
25
25%
25%
2584 20%
14
14
14%
14%
14%
1434
14% 1434
14
14
1334
14%
14%
13%
13%
14
23% 23%
2384 24%
24%. 25
23*2 243#
*169
170
170
*106*2 169% *106% 169% *168
15%
15%
14%
1434
14% 14% rl4% 14%
107% 107%
7%
7%
*50
52%
8
8%
25
5%
52
51%
*4
%
*4
1%
1%
1584 16%
10684 100%
115% 116%
6O84 51%
33
3334
31% 32
10%
17
14%
15%
25% 26%
5%
5%
34
35%
11%
11%
57% 57*2
1%
*10% 10%
10584 100
115
115%
51% 52
3284 33%
31%
17%
♦15%
*20%
5%
5
5%
6% Mar 26
Apr 0
No par
35.60 pref ser B w wmNo par
Melville Shoe
No par
"3*700
16%
16%
15%
15%
1584 10
27
28
28
27%
28%
28%
*107% 108
107% 107% *107% 108
83
84
84
84*2
84%
84% 84%
*105
111
111
111% *105
111% 111
58
Apr 12
$0 preferred series A.A'o par,
2,700
39%
12%
12
Mar 26
"l'M
27%
%
%
%
%
%
%
1%
.
5,
5%
58
%
*%
%
♦12«4
39
5
70
70
109
*105
112
*20%
*14%
35% Mar 25
13%May 27
100
6% conv preferred
Mead Corp
66
11%
1
Melntyre Porcupine Mines..5
McKeeeport Tin Plate
10
McLellan Stores——
1
0,100
11%
08
62*2
684
109
McGraw Elec Co—
$ per thare
10
Jan 3J
7
Mar 20
McGraw-Hill Pub Co—No par
70
95
68
3934
*105
9%
9%
*45
39%
84
11
17%
*86
95
H84
18%
15%
*80
52%
60
40
26%
8*2
92
52
17%
9
67
40
*107
10
8%
*80
10%
Lowest
Highest
Lowest
Par
1,100
1,800
3,300
13,900
2,000
20
10%
63
17«4
19%
10%
20
10
67
6
'
1434
19%
51%
16%
884
51%
11%
75
61
53%
*13
51%
*50
11%
•60
♦58%
♦52%
♦20%
$ per thare
19
1984
9%
9*2
100-Share Lots
On Basis of
Week
% per thare
Range for Previous
Year 1937
Ranee Since Jan. 1
Sales
for
LOW AND HIGH
Dec. 31. 1938
A
a
Def. delivery,
:
n
New stock,
r
Cash sale,
t
Ex-dlv.
y
Ex-rights.
f Called for redemption,
^—;
1
Volume
LOW
AND
New York Stock Record—Continued—Page 8
147
HIGH
SALE
PRICES—PER
SHARE,
Sales
CENT
NOT PER
STOCKS
NEW
for
Saturday
Monday
Tuesday
Dec.
Dec. 26
Dec.
24
S per share
10%
Dec.
$ per share
10%
4%
11%
11%
11%
3,300
4%
17
4%
16%
15%
35,300
10,200
6%
1%
58%
*6%
*6%
7%
*6%
1
6%
1%
1%
58
58%
1%
*59%
4%
16%
7%
1%
60
*95
12%
4
*95
12%
98%
41%
18%
18%
1%
1%
10%
10%
10%
*10%
*55%
77%
56%
78%
*10%
♦55%
76%
*1%
1%
12
27%
2%
12%
25
1234
*120%
12%
12%
*120%
221^
257g
22
25%
2%
41%
41
18%
1%
9%
10%
10%
10%
55%
11
57
78
18%
56
1%
2%
40%
18%
*1%
10
10%
*55
77%
rl%
76%
76%
1%
*1%
1%
4
3%
24%
12%
4%
r24%
13%
98
12%
121
121
21%
22%
26%
*1%
4
*13%
26i?
115% 115% *113
36
37%
36%
26%
23%
10
1
„1
Parke Davis & Co
No par
Pathe Film Corp
..No par
Patino Mines & Enterpr No par
6,000
900
Penn-Dixle
700
$7 conv pref ser A ...No par
1.000
Penn G1 Sand Corp v to No par
Cement
No par
$7 conv pref
Pennsylvania RR.
No par
50
Peoples Drug Stores
No par
38%
1,200
4%
200
Peoria & Eastern
850
Pere Marquette
20
6J4% conv preferred.... 100
People'sGL&C (Chic)... 100
13%
36%
4%
14
14%
15%
15%
15%
32
32
33
32
34
34%
36
37
38
670
5%
prior preferred
30
30%
31%
31%
32
33%
34
34%
34%
360
5%
preferred
9
7%
8%
9%
9%
*7%
9%
18
*17
18
*17
18%
*3
9%
7%
7%
7%
*17
*3%
438
16
16%
*17
18
9%
7%
r7%
42%
"4,700
9%
7%
r9%
300
41
42%
42
41
42%
43%
43%
44
21,500
43
40
40
*42
43
43
43
500
69
69
69
*68%
75
*70
75
200
*39%
43
*40
*68
72
69
*141
41%
*2%
*33%
%
r%
%
8.1 00
Phlla & Read C & I
®93%
94%
142%
6,*00
Philip Morris A Co Ltd
6%
300
*7%
*24%
41%
2%
24%
35
24%
24%
24%
*40
46
45
45
*40
*91
115
*91
115
*91
*4%
19
67
*66%
8%
8-
*12%
*31
39%
*20
35
Exchange
21%
22%
8%
22%
14%
%
*21%
%
15
8%
1%'
*8%
Holiday
14%
1%
*%
1%
1%
*%
%
1%
12%
1234
38%
55%
1%
13
*
7%
*75
200
67
168
*165
21%
36
%
%
22%
9
21%
%
21%
8%
*%
22%
%
22%
*8%
9%
9%
200
15%
1%
14%
15%
1%
15%
15%
9,600
Poor A Co class B
1%
15%
1%
15%
1%
*1%
1,300
Porto Rio-Am Tob cl A .No par
%
%
%
*%
%
*%
2%
%
1%
13%
1%
1%
1%
1%
1%
14%
14%
41%
13%
13
7%
7%
19%
2
16%
17
23%
*23
15%
*2234
17%
1578
23%
17%
4
100
66%
2%
19%
16%
23%
16
24
18
4%
42,600
14%
14%
4,100
42%
3,300
6% conv 2d pref—
56
117%
5t>%
4,700
*130
133
*130
133
*130
152
*83
13%
13%
12%
12%
12%
7%
*80
80%
*12
38
81%
81%
13%
13%
14
*12
100
*80
300
50,000
19%
16%
65%
2%
19%
16%
23
23
65%
2
66%
2%
20
rl6%
23
66%
66%
2%
2%
20
19%
66%
2%
20
16%
16%
16%
23
23
23
1,800
1,600
600
16%
23
16%
17%
23
23%
24%
17%
25
16%
*3%
17%
17%
19
20
20%
4%
4%
4%
*4
100
6,1%
*41
900
*7
10
*6
8
*8%
10
*8%
10
10
9%
r9%
9%
11%
r9%
9%
9%
1,900
16,800
16%
22%
10%
11%
9%
*41
10%
11%
*10
*10%
15%
3,600
1,800
3,200
15%
16
15%
16
16
8,800
78
75
75
♦73%
78
*74
78
*58
62
*57
61
61
62
*65
-68
*63
69%
40
1%
13,200
1%
23%
1%
24%
1%
1%
1%
24%
1%
24%
24%! 48,700
1,000
70
66
24%
66
*67%
70
69
69
68
65
67
r67
67
67%
67%
1,100
18%
18%
*66%
18%
67%
68
18%
65%
68
18%
18%
18%
19
*35
37
37
37
38%
19%
40
4,700
39
19%
38%
79
79
*75
53
55
*36%
11%
*77
24%
43
9%
9
9%
43%
58
58
*78
88
*37%
4234
*53
32%
*1
8%
*8%
*15%
9%
11
16
♦78
88
54
90
13
4,500
88
54%
12%
85
9%
43%
54%
9%
9%
10
42%
43%
43%
44
44
44%
10,500
*57%
57%
57%
58
57%
57%
32
32%
9
32
%
1%
11%
77%
12
77%
9
52%
12%
78%
52%
12%
78%
;
8%
9%
*15%
32%
9
9%
15%
32%
8%
*9%
12%
*77
79%
9%
*16
10
400
2,700
33
r33
r%
44%
%
%
1%
rl5%
r33
%
45
%
1%
43%
44%
%
%
%
1%
2%
*3%
26%
5
26%
26%
26%
26%
28%
82
95
81%
93%
81%
82
82
93%
95
95%
%
1%
2
*378
lh
4
26
26
*81%
*93%
*81%
*93%
81%
95
105
♦103
*16%
*103
17%
16%
1%
2%
105
16%
•Bio »Dd asked prices; no sales on
%
1%
1%
1%
9%
19,000
10%
*9
16%
44%
*%
43
8%
9
11
44%
44
Oct
5%
50% Mar
60
27% Mar 31
44% July 19
30%
2
Mar 31
4
Nov 14
30% Jan 18
43
July 19
Mar 29
9
4
20% Jan
Oct
26% Nov 14
May 10
90
July 12
7% Jan 17
Mar 30
174
48%
Dec
100% Aug
97% Apr
141
4%
Oct
20
Mar
8
Oct
43
Mar
32
Dec
122
Mar
23
Dec
30
Dec
30
Dec
45
Dec
Jan
6
17% Nov
16
Mar 31
25% July 25
8
Mar 28
11
25
Mar 26
Feb
Aug
18%
% Dec 28
Nov 14
66
117
76% Jan
14% Aug
9
% Jan 19
114
Jan
Dec
Aug
Oct
45
4% Mar 25
13% Mar 30
39% Mar 31
33%
36
117
Oct
11% Apr
6% Mar 29
1% Mar 26
% Oct 3
1% Dec 21
4% Mar 25
Jan
Dec
23
May 21
Mar 29
Oct
9%
74% Jan
20% Apr
4
9% July 25
16% Jan 12
52
Aug 5
30 July 29
6
20%
Jan
July
Mar 14
76
June 21
Oct
Oct
Jan
64
4%
25
Jan 17
9% Nov 14
41
27
20
87%
Nov
35
145
Oct
1% Dec
4
July
52
July 12
Nov
8%
Oot
%
Oct
13
Oct
6
9
Deo
15% Dec 29
7
Oct
1%
%
Oct
Oct
2%
Oct
Oct
Oct
Jan
3% Jan 13
1% Jan 22
4% Jan 17
14% Dec 30
14% Dec 28
42% Dec 29
59
Oct 27
122%May 18
35% Jan 13
105% Oct 25
86% Mar 31
101% Apr 23
118% Nov 30
112
134
132
8
Mar 29
112
Jan 12
6%
6%
20
Oct
43%
Oct
114% Mar
30% Oct
91
Oct
Jan
July
47% Mar
3
Jan
29% Apr
22% Aug
33%
11%
Feb
Jan
3% Jan
15% Jan
31% Feb
31
Feb
86
Feb
65% Jan
118% Jan
52% Jan
112% Feb
Oct
107
Mar 29
9
June 16
15% Nov 10
16% Jan 14
9% Oct 21
Apr
4% Mar 31
103%
Oct
NOV 12
117
Oct
162% Dec 20
132
Sept
117
110
June
Sept 21
85
Feb
88% July 19
Oct 11
No par
60% Jan 31,
80
$3.50 conv 1st pref—No par
37% Mar 31
1% Sept 28
14% June 20
66% Dec 30
5% Jan 11
24
July 21
24% Jan 11
{ Rad lo-Kelth-Orpheum No par
Raybestos Manhattan.No par
Rayonier Inc
1
$2 preferred
......26
6%
Oct
13%
Dec
4%
Oot
23%
Feb
18% Jan
12% Mar
96% Dec
116
Nov
Dec
80
Jan
4% 1st preferred...
4% 2d preferred...
Real Silk Hosiery
10
1
Remington-Rand
Preferred with warrants..25
Rensselaer A Bar RR Co...
100
{Reo Motor Car...
6
Republic Steel Corp.—No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass..—6
Class
7%
10
A
100
preferred
preferred
100
Reynolds Metals Co—No par
5H % conv preferred
100
Reynolds Spring
1
Reynolds (R J) Tob class B. 10
6 H%
10
Common
Elec A Pow.
Rlchfield Oil Corp
No par
Rltter Dental Mfg
No par
200
""800
33
3%
♦3%
28%
5
16%
16%
this day
81%
*95%
29%
iV,66o
160
5%
110
6%
preferred
preferred
7%
preferred
105% 105% ♦105
106%
17
17
17%
17%
{ In receivership,
80
1.300
a Def. delivery,
Safewav Stores
New stock,
49
Jan
Deo
43%
Oct
13%
Jan
Jan
Dec
83
Jan
Mar
3%
39
Jan 1C
7%
Deo
30
6% Mar 30
11% July 20
7%
Deo
22%
9
13% July 13
17% July 25
6
Apr
1
June 10
9% Mar 30
49%May 2
40
Apr 28
1
Dec 14
11
78
Dec 19
69
Nov 29
9% Oct
8% Oct
61% Nov
69
Dec
35% Mar
29% Mar
94% Jan
110
Dec
Dec
110% Mar
1%
Oct
25% Nov 12
12%
Oct
78%Nov 16
65
77% Nov 14
60
7% Mar 30
19% Oct 15
38% Dec 29
9
Oct
26
Dec
98
85
76%
Dec
139
17% Mar 30
65
Apr 37
45
Dec 17
10
Sept 14
77% Dec 28
Jan 21
64% Jan 21
17%
94
12%
Jan
Sept
.
4% Mar 30
12% July 26
33% Mar 30
61% Jan 31
5
Aug 23
68% Jan 11
Mar 25
9% Nov 30
7% April
14% Mar 30
13% July 21
20% Jan 19
Mar 31
5
46% Jan
8% Jan
60
8
7
80
Feb
9% Feb
47% Mar
124
Apr
Oct 24
ll%May 31
39% Mar 29
38 May 26
3%
Feb
Nov
Oct
Nov
49% Apr
Apr
Apr
95%
Jan
30%
Jan
112
Jan
5% Dec
40% Dec
34%
65
Oct
67
Jan
10% Nov
14
Feb
4%
8%
Oct
Dec
18%
17%
Dec
Oct
1
Oct
58
6%
31%
Jan
Jan
Oct
Feb
19% Dec
38
June
46
Jan
70
Dec
103
Mar
86
Dec
113
Jan
79
Mar 26
108
Nov 18
x98
Dec
113
Feb
8% Mar 29
19
11
Oct
.1.100
Savage Arms Corp
o
Dec
23
6% July 19
68
July 26
Nov 14
10
Francisco...100
81%
96
30
27% Jan 25
•>9
6% preferred
100
{St Louis Southwestern—.100
5% preferred
100
*2
5
30% Jan 15
Mar 29
60
3%
Mar 22
13%June21
2% Mar 25
34% Mar 29
Dec
Mar 24
4,600
1%
*2
*3%
Mar
68
%
1%
5
47
68
%
3%
29% Dec
Dec
100
100
St
*3%
Dec
18%
12
300
4,500
3,800
{St Louis-San
Dec
26
Jan 13
33% Deo 16
2% Jan 10
49% Oct 22
1% July 20
3% July 20
5% Jan 26
7% July 12
29% Nov 25
83% Deo 2
100
%
45%
.
26
20
22
Mar 30
-No par
{Rutland RR 7% pref
Joseph Lead
%
45%
*2
104% 105
Copper Mlnes.
Ruberold Co (The)
No par
Roan Antelope
16
10% Apr
37% Aug
18
100
Co 1st pref. 100
2% Oct
19% Dec
29% Jan 18
8% May 26
18
5
Reliable Stores Corp..-No par
44
10%June 17
50
60
50
Reading
120
9
8% July 23
32
Jan
7
50
53
*74%
*49
16
June 25
4% Mar 30
Sept 29
Oct
Oct
Rhine Westphalia
8%
*9%
*15%
114
65
Oct
preferred
100
6% conv preferred
-r.100
Purity Bakeries..
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer—.No par
6%
200
57%
*48%
11%
*77%
11%
85
88
23%
1%
24%
*67
23%
3% Feb
95% Aug
7
8%
100
1%
Oct
Mar
1
143% Oct 10
144% Oct 10
Feb
25%
Reliance Mig Co
11%
15%
*75
1%
%
% Mar 26
75% Mar 29
Jan
7%
13% July 20
98% Jan 18
Reis (Robt) A
78
15%
14
39% Nov 10
Preferred
*75
15%
Oct
8%May 26
81
Apr 19
74% June 18
$5 preferred B
17
10
15%
Deo
59% Mar
Jan
54%
100%
21%May 27
100
50
*9%
*934
1%
Dec
(
*41
*7
7,400
8
50
50
1,400
Jan
No par
Pub Ser
200
Jan 11
87
No par
100
,
48% Mar
Mar
Pure Oil (The)
8%
13
7%
7%
87
17
Pullman Inc
preferred
preferred
preferred
160
27,100
34,3(>0
Oct
128% Jan
140% Jan
162% Jan
113% Jan
72% Feb
24% Feb
7%
10%
No par
100
100
100
El A Gas pf %5.No par
$5 preferred
6%
200
38%
10%
81
*80
100
5% pf,(ser of Feb 1 *29). 100
Pub Serv Corp of N J ..No par
1,000
115% 115%
*83%
13
9,900
152
87
7%
7%
330
.6
50
No par
Procter A Gamble
133
*41
*35
1
6% conv 1st pref..
42%
14%
4%
51%
10
*3%
Pressed Steel Car Co Inc
14%
14%
70
*12%
{Postal Tel A Cable 7% pf.100
55%
55%
56%
117% 117%
116% 116% 117
30
31
32
31%
32%
30%
103% 104
103% 103% 103% 103%
115
115% *114% 115% *114% 115%
55%
13%
No par
55%
116%
133
14
No par
Class B
600
42%
14%
*1*
3
2%
Pond Creek Pocahontas No par
41%
79%
2%
19%
..100
6% pref class A..
100
5H 1st ser conv prior pref 100
Pittsburgh A West Va
100
Plttston Co (The)
No par
Plymouth Oil Co
...5
15
3,900
6% July 22
Nov 23
3% Mar 31
18% Dec 23
3% Mar 30
*33
*8
65% Feb
5% Nov 23
Pittsburgh Coal of Pa.—.100
6% preferred
100
Pitts Coke A Iron Corp No par
$5 conv preferred
No par
Pitts Ft W A Ch 7% gtd pf 100
♦20
8%
Jan
Oct
3
90
15
1,500
Mar
22
1% Apr 25
2% Mar 26
39
7% pref class B
22%
63
Oct 15
42
62
41
22%
50% Mar
116%
Nov 10
*35
500
Dec
74
41
»
Oct
27
110% Sept
Apr 12
7% Mar 29
20% Apr
%
4
60
No par
%
Feb
18% Nov
Pittsburgh Steel Co
-
31
115% Dec 30
20
34% Nov
900
90
Dec 28
24% Jan 15
Nov
13%
710
13% Dec
Jan
12% Feb
76% Feb
29% Feb
43
*13
"*"l80
Oct
8% Oct 28
47% Nov
Pirelli Co of Italy ' Am shares"
21
80
2%
19%
*16%
25
PUlsbury Flour Mills
37
83
65%
100
3
4%May 26
15%
Oct
Jan
6%
Mar 28
17% Mar 31
No par
*35
2%
15
64
103% Mar
30
Pitts Screw A Bolt
13%
83
*75
6
Hosiery.
Preferred
Pierce Oil 8% conv pref... 100
16
"5", 500
*12%
80-
100
No par
15
15
22% Mar 26
1% Mar 26
6% Mar 26
17% Mar 26
8%
8%
12%
87
12%
40
67
168
8%
8%
♦84%
13
Petroleum
21
13%
13%
66%
14%
23%
17%
*3%
1,300
7%
8%
21%
39
65%
*23
21%
7%
*60
*60
Phoenix
100
*33
7%
12%
*12%;
5
20%
8
"
80
"l'eOO
6
21
*7
4%
Mar 29
Pitts C C A St L RR Co... 100
30
115
21
151
151
151% 151%
151% 151%
*114
115% *114% 115% *114% 115%
37%
38%
3538
37%
35% "86%
10
10%
10%
9%
10%
10%
10%
87
400
25
44%
*91
No par
14%
30%
31%
103% 103%
*114% 115
115%
36%
*77%
*24%
*40
*165
37
13%
*130
24%
44%
1,500
7%
10
13%
20%
40%
55%
...
*84%
*32
200
No par
preferred
PhilJ.ps
22C
7%
115
38
„
*32
21%
33%
24%
*40
3%
35%
50
Phillips Jones Corp
7%
*2%
7%
preferred
5% conv prefseries A... 100
200
*34%
3%
40
r4%
169
11%
13%
*116
133
10%
8
13
8
39
13%
13%
40
55%
16
116%
30%
30%
*
103% 103%
*114% 115%
36
*164
38%
33%
14%
15%
65%
66%
169
*31
Closed
Christ-
%
*114
20%
7%
65%
8%
12%
21%
♦33%
*130
5
7%
♦165
13
*151
*4%
19%
65%
Stock
169
15
5
19%
' 7%
5
43%
7%
7%
*32
-
*91
19%
7%
*165
44%
115
*6%
5
19
*6%
42%
*2%
*34%
7%
7%
7%
6%
24%
41%
2%
35
36
35
110
15% Nov 12
121
Oct
Oct
94%
20" 000
Mar 30
July 25
1%
3
26
Philadelphia Co 6% pref-..50
$6 preferred
No par
tPblla Rapid Trans Co
60
r%
94%
43%
10
120% Dec
14% Mar 31
19% Mar 28
5% July 25
30
Oct
Nov
57% Nov
4% Jan
Phelps-Dodge Corp
%
94%
*5%
2% Mar 30
10% Mar 30
8
37
29% Aug
7% Jan
10% Jan
23% Mar
Jan
%
35
7%
13% July 23
58% Aug 25
85% July 25
2% Jan 10
Oct
Oct
21% Mar
13% Feb
%
43%
8% Mar 31
Oct
4
Oct
%
5%
14% Nov
9%
260
50
3% Mar 30
1%
13%
250
142% *139
12
7% Mar 30
3
5%
Oct
Jan
Feb
Feb
Petroleum Corp of Amer
5
Pfelffer Brewing Co
No par
4%
*30%
Jan
8%
44%
Jan
*3%
6
34
42%
2%
26%
34%
Oct
91
*1%
142% *140
Oct
Oct
1
25
3
*5%
8
18%
28
1
109% Mar
28% Jan
200% Jan
Oct
4%
*30%
Oct
Oct
11
*1%
6
34
42
2%
July 29
3% Oet 17
Sept
8%
80%
17% Nov 16
*3%
*5%
13% July 20
30
*95
8% Mar 29
3%
*30%
Dec 30
No par
3
140% 140% *140
Dec 29
13% Deo 30
102
Oct
3%
5%
34
42
3%
102
Jan
Mar
90
Dec
*1%
143%
6%
*30%
32% Nov
9
1%
94
17%
61% Nov 16
30
3%
94
Oct
30% Dec
1%
%
12% Feb
9% Feb 25
2
Aug 3
21% Oct 24
2% Oct 21
1% Dec 20
29% Apr
Oct
17% July 25
July 25
3%
95
4
43
1%
%
95
11% Dec
18% Deo 19
38% Jan 15
100
3%
1%
*3
Oct27
6
Highest
$ per share $ per share
Mar 23
100
..100
Pet Milk
18
8%
*7%
100
share
15% Jan 10
per
42% Oct 10
Mar 31
Mar 31
4%
$
1% Mar 29
13
Mar 30
25%
14%
10
Mar 29
1% Mar 30
31% Mar 31
55
36
3%
6% Mar 31
16
Penn Coal <fe Coke Corp.... 10
48,300
Mar 26
41
37%
4%
15%
*3
5% Mar 31
65
No par
400
38
88% June 21
No par
100
24
Mar 31
Penney (J C)
*25%
29
115% 115%
37%
Mar 18
Penlck & Ford
1%
*120%
23%
6% 2d preferred
Park Utah CM
Parker Rust Proof Co....2.60
Parmelee Transporta'n.No par
500
77
4%
25
24%
13%
1
100
7,600
2,200
11%
56%
1%
100
600
400
2
10%
76%
22%
*25
*115
1,900
77%
conv preferred
6% 1st preferred..
Park & Tilford Inc
41
19%
r56
No par
Paramount Pictures Inc
10,900
"3",800
11%
11%
57
4%
20
64,200
1,500
10
10
29
40%
10%
10
Parafflne Co Inc
2%
*1%
Pac Western Oil Corp
Packard MotorCar
$ per share
Panhandle Prod & Ref new_.l
26
*19
2
Par
3% Mar 30
16% Dec 28
6% Nov 22
1
Sept 1
700
13
Year 1937
Lowest
Highest
No par
Pan Amer Airways Corp
6
Pan-Amer Petrol & Transp..5
2%
18%
*120%
22%
26%
12%
*25
Lowest
7,200
100% 102
41%
3%
24%
13
12%
Range for Previous
100-Share Lots
200
*99% 104
12%
13%
12%
*25
2%
25
25%
*7%
41%
12%
27%
*25
1%
10%
*3%
*23
28%
*16%
r98
11%
12%
*1%
*13%
31%
102
12%
99
'
4 1%
*115
102
102
59
12%
2%
41%
18%
4% I
1%
58
98
27%
11
10%
10%
102
12%
98%
2
*3%
Shares
4%
*25
37%
$ per share
*16%
2%
21%
$ per share
On Basis of
Week
15%
27%
*25
Dec. 30
29
4%
10%
2
*3%
Dec.
6%
1%
68%
12%
98%
12%
1%
28
Range Since Jan. 1
YORK STOCK
EXCHANGE
16%
*25
41%
the
4
10%
102
*18
Friday
Thursday
16
4%
171«
6%
Us
58%
12%
98%
12l2
27
$ per share
$ per share
10%
4*4
16%
*6%
1%
58%
Wednesday
4021
No par
r Cash sale,
13
% Dec
25%May
% Dec
1% Mar
1% Dec
27
27
16
25
15
3% Dec 23
Mar 30
x Ex-dlv.
Jan
y Ex-rlghts,
4
26% Nov
1
1%
3%
Oct
Oct
Oct
10
Nov
18
Deo
9%
65
Feb
Mar
4% Mar
11% Feb
20% Mar
37% Mar
27% Mar
5 Called for redemption
New York Stock Record—Continued—Page 9
4022
LOW
AND
HIGH
Saturday
Dec. 24
Dec.
26
Dee. 27
$ per share
10
$ per share
$ per share
15%
16*8
477*
113%
*2
%
2
2
20
♦3
2%
1978
20*2
3*2
3
73*8
73%
72%
17
17%
1678
18*2
18%
18%
08%
6%
*68%
6%
*45
48
10%
10%
*27
28
*14%
14%
104*2 104%
5%
*21
20
'95*4
2534
9534
104
17
'14
1334
14*4
12*4
12%
»11134
13-
♦111*4 113
2
2%
1578
2%
16*4
*132
133*2
22%
22%
19*2
20%
21
1534
*132
22
19%
21%
22%
31*4
32%
33%
♦30
*37
39
♦27*
♦37%
278
*37%
3
42
2%
♦7%
80
8
%
%
6
*08*2 100
6%
7%
,
400
Sharpe & Dohme
No par
$3.50conv pref ser A.No par
3,100
*28
28%
28%
30
Sheaffer (W A) Pen Co.No par
6
6*2
26%
28
28
96
90
95%
95
95
95%
103
17%
17%
171*
17%
rl6%
16*2
16*2
16%
14
14%
1334
13%
14%
13
13*2
12%
127*
13%
*111% 113
*111% 113
113
2
2%
2%
2%
2%
16%
16%
16%
15%
16%
133% 133*2
133% *132% 133%
22% 23*2
22%
22%
22%
19
20
20%
20%
20%
22%
23*4
22%
21%
22%
33%
31%
33%
33%
33
*37
*37%
39*2
39*2
39%
*2%
3
2%
2%
27g
37
*35*2
42
37*2
42
2%
7%
19%
8%
19%
45*4
14%
47
15
2%
*7%
*19*4
47%
rl5%
46
*44
29*2
30
6*2
98
29*2
6%
30
0%
29%
6%
97%
96
96*2
17*
3*8
7%
2
3%
734
487*
*44
44
69%
2
2
3*8
7%
*90
29%
30
3%
2%
3%
8
8
9
16
16
15%
16
17
19
21
20%
22
Closed
*%
27%
27%
27
27%
*42%
51%
2734
26%
*42*2
51%
32
32
%
27*2
27%
50*2
5178
%
50%
517*
33%
%
27%
27%
*42%
51%
28**
27%
*33
34%
28
28%
27%
*42*2
28%
52%
50%
53%
53
5%
16*2
03
62
120
121
120
3034
10
3634
10
9%
37
37%
278
19%
20
30
30
10%
'167S
9%
38*2
120% *120
1217*
10%
38%
38%
38%
30%
11
*10%
20
30%
11
17%
17
17%
27%
9%
7%
784
27%
27%
27%
27*2
9
9%
8%
9%
7
7%
6%^
7*2
10,700
5,000
7%
7%
7%
r7%
7%
7%
7%
77*
7%
7%
700
45
44
42%
44
4%
5%
46*2
5
31%
r41%
434
41%
434
*42%
434
44%
434
5%
9%
8%
9%
8%
♦44
'4%
♦4%
4578
47g
30
4%
534
46%
47S
31%
31
4%
5%
45
478
3
44
4%
5%
46%
5
31%
9%
*9%
834
31%
9%
8%
8%
87*
22
19%
*21
59
*58
59
4
2134
19%
*58
37%
*37%
4%
*14
19%
40
18
22%
19%
15%
1%
1*4
92%
16%
497*
92%
11%
12%
92%
17
16%
50%
50%
6%
6%
8%
8%
8%
9%
3%
3%
94
16%
49%
6%
8*2
*9*2
3%
16%
10
31?
88
89
4
♦88
*4
4%
*12
14
♦117*
9%
4%
M
2534
34
34
3%
8
par
1
184 Mar 26
8% Mar 31
17% Mar 30
12
11%
88%
89%
18%
91%
18%
91%
81%
81%
20*4
41%
20%
41%
11%
12%
16*?.
16%
J18
*116
63*2
12%
89%
18%
93
82
21%
42
11%
15*2
12
16
12
16%
118
61%
62
17%
16
16%
*116
118
61%
1578
no sales on this
17%
33%
Jan
3
20
Feb
Dec 30
Oct
44% Dec
77*2
Jan
Jan
Oct 21
118
Aug
14% Mar 10
9
Oct
43% Oct 28
4% Aug 1
23% Nov 12
18
Oet
61%
1%
Oct
8
Oct
32
July 20
15% Aug 9
17%
Dec
7«4 Mar
47% Mar
39% Jan
784
Oct
20%
21
Nov 10
15%
Oct
29«4 Oct 15
10% Nov 9
22%
Oct
28% Mar
33% Mar
484
Oct
23»4
Jan
4%
6%
Oct
Dec
17%
Jan
15%
Jan
41
Dec
4
Oct
5%
3434
Oct
2
Oct
57% Feb
8% Jan
15% Mar
65% Apr
9% Mar
2384
Oct
44
8%
Jan 11
9*2 Oct 1/
49% Nov 10
6%June 29
5
4% Mar 31
5
3% Mar 30
32% Mar 30
2% Mar 29
49% Aug
125
Jan
20% July
Feb
Jan
3,800
7
Mar 30
8%
22%
87*
5,300
Texas Pacific Coal A Oil... 10
Texas Pacific Land Trust.-.l
23%
1,100
Texas A
12% Aug 6
11% Feb 10
26
July 22
25% Oct 28
5% Oct
558 Oct
15% Nov
18% Dec
48
Feb
55
Oct
64
Jan
Oct
1384 Mar
93% Jan
22
22
19*2
19%
*19%
22
500
59
*58
59
4
4
1,300
40
Tennessee Corp
Texas Corp (The)
Texas Gulf
100
200
*4
4%
40
1*2
♦37%
4
4
3%
27
2*2
12%
13%
,
16
15%
1*2
3%
3%
28%
2%
12%
13%
93%
17%
51%
2%
12%
13%
*4%
0%
3%
*86
1*2
3%
28*2
600
$4.50
177*
52%
634
10%
10%
37*
5,800
6,200
12,800
20,700
Tlmken
434
25%
34%
257*
347*
3%
26*o
1078
25*2
*34%
3*4
26%
4
4
15
Mar 24
1
Mar 31
I884N0V 10
2% Jan 13
1
preferred
Tide Water Associated OH.. 10
conv
pref
Detroit Axle
No par
...10
Timken Roller Bearing.No
par
Transamerlca Corn
2
Transcont'l A West Air Inc..5
Transue A Williams St'l No par
Trl-Contlnental Corp..No par
$6 preferred..
65%
12%
89*2
1878
2,500
5,800
15,900
7,300
Union Carbide A Carb.No par
Union Oil of California
..25
9734
7,300
Union Pacific....
100
4% preferred
100
64%
12%
64%
89
93
951
18%
9578
82%
83
83
22
22%
42*2
127*
16%
22io
12
157*
118'
118
63*2
16%
43%
13%
16%
118
63%
*16%
f In receivership,
Ulen A Co...
700
a
64%
17%
1,000
1,300
41,300
22,500
2,300
No par
Under Elliott Fisher Co No par
Union Bag A Pap new. .No par
Union Tank Car
No par
United Aircraft Corp
5
Un Air Lines Transport
5
United Biscuit..
No pa"
30
Preferred
..100
2,900
United Carbon
1,100
United Carr Fast
Def. delivery,
n
New stock,
No par
r
'
■
Corp .No
par
Cash sale,
x
1%
Oct
Sept
Oct
4
Dec
10
Oct
13%
40
8%
Feb
Sept
Jan
15% Mar
28% Feb
10% Jan
4034 Jan
21% Feb
72
65% Nov 9
1234 Jan 12
36
Oct
79
Feb
10
Oct
17
Aug
10% Oct 21
12% Nov 12
4
Oct
22%
5*8
Oct
3%
Dec
27% Jan
11% Mar
3
Mar31
31% Mar 30
5*2 Dec
4
8
Mar 30
4% Apr 1
2% Mar 30
6
Twin Coach Co
4%
89%
18%
43%
13*8
3,500
4
9
July 25
.
July 13
19% Nov 9
1
11
Preferred
5*2 July 19
,28% Nov
2%
36
"
98
16
10%
240
6% July 25
Nov
77*2 Apr 29
100
25
City Rap Trans. .No
55
13%
par
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
Twin
Jan 13
July 25
1584 July 25
3% Mar 28
5% Mar 31
16% Mar 29
25% Mar 25
2% Mar 29
700
56
Mar
16% Jan
15% Jan
54% Mar
19
77
10
3*2
5% July 13
Oct
1*2 Mar 28
584 Mar 30
10% Mar 29
No par
Truscon Steel
800
II,700
3% Mar 30
8% Mar 28
No par
Truax Traer Coal
3%
25%
12
16%
1C0
10
100
Co
J
200
I,400
6034 Oct 26
35%
89%
18*2
16
1,800
13,200
Mar 31
100
conv
1
Mar 30
Thompson (J R)
25
Thompson Prods Inc..No par
Thompson-Starrett Co.No par
$3.50 cum preferred.No par
9334
15
63*2
1,900
4,600
3,800
1,300
*13
*116
$3 dlv
Oct
53%June 23
2% Apr 13
35
Apr 12
2% Mar 31
No par
Thermold
6
13
Third Avenue Ry
28,100
13
8234
213s
42%
12%
rl578
1,000
Jan 11
584 Nov 12
No par
pref
conv
6% Mar 31
8
15
Preferred
200
,
par
No par
Mfg
The Fair
234
12%
13
3%
*24%
10%
*3%
63%
1,700
$3.60
25
Produc'g Co No
Pacific Ry Co... 100
Thatcher
13%
90
4*2
4%
4
16
1%
,
28*4
6234
day.
4
Feb
934
90
21
Telautograph Corp
Apr
Jan
21
9%
10
82
34
Mar
75
Oct
6% Dec
6*2 Oct
9%
8%
10*4
3%
41%
50
5H% preferred
Mar 31
48
Dec
5%
38
97*
3%
83
5
Mar
Nov
Mar 30
9%
3*2
9278
3%May 27
76
19%
1
128
DfC
53*2 Dec
9% Oct 21
65
Feb
43
42
Jan 13
17% Nov
Feb
50
20
10
18%
91
1
9
50
Oct
30% May
.No par
97*
62%
12%
89%
27% Dec
26*2
Texas Gulf Sulphur
9*2
20%
41%
63%
;
6134
11%
88%
484 Mar 30
Without warrants
Jan
8,200
9
334
Symington-Gould Corp w w.l
Talcott Inc (James)
4
%
32%
67*
10%
22% Mar 30
Jan
Jan
Dec
Jan 13
31%
52
10**
Swift International Ltd
Mar 30
65
72%
32%
6%
10%
1,600
6%June 13
15
32% Mar
Oct
Oct
32
51*2
10%
*3%
62%
Paper Co.
10
Sweets Co of Amer (The)..50
Swift A Co
^..25
Oct
5
10
3,400
31,600
13,300
17V*
10%
37*
8
8% Dec 17
17% Mar 31
Oct
6
17%
25%
119% Feb
100
Sutherland
300
2*2
47%
534
17*2
51
25%
Mar 29
45
Oct
Oct
5**
94
26
5% Mar 29
3% Mat 30
Oct
2*2
6
94
3*4
Mar 29
Superheater Co (The)..No
Superior Oil
8,400
10
9%
Mar 31
Nov
7%
47*4
3%
4*8
12%
26
34%
29%
11%
18*2
27%
8
Superior Steel
1,300
2,200
16
101
Jan
2884 Feb
95% Apr
48% Mar
16% Jan
107% Dec
12% Jan
14% Mar
5%
rl5%
25%
63%
21
10
Apr
50
,
Aug
5%
47*4
*38
251?
4
3
100
Mar 30
Dec
Nov
Jan
35
Dec
8%
49
Jan
2334
5
46%
*58
4
*3
* Bid and asked prices;
-
7*2
88
4
25%
*3334
25%
*16'
27%
9%
27*2
10
15%
1%
3%
205*
25*
11%
13%
92%
8%
9*2
3%
*11%
34
16*2
2%
13
34
63*2
3%
26
89
25%
*116
18
6%
2512
*3fl
29*2
*10%
18%
40
334
50%
*92%
12
38
4
2%
11%
11%
17*2
27*2
3%
3*2
15%
13
*10%
17%
58
3%
234
29-%
10*2
21%
19*4
26%
14%
21
19%
3%
127*
3
21%
58
26%
2%
*11%
12%
26%
12%
8884
18%
90%
81%
20%
40%
11%
9%
8%
20*2
4
1%
3%
*11
25%
10%
3%
6334
31
15%
*1%
4%
*1%
3%
26%
*2%
5*2
44%
4%
4
37%
4%
3
20%
29%
3
1
Oct
Jan
Feb
36
14
11
60
900
67«
27*
% Dec 20
25% Mar 31
9%
31
Dec
39
July
1
No par
6% preferred
12,300
*19%
28
June 17
Sunshine Mining Co
2,500
3**
3
Mar 29
6
Studebaker Corp (The)
1
Sun OH
No par
11,300
20%
13
10
10
12% Dec 30
50
10
10*4
4% Mar 30
10*8 Sept 14
Mar 29
Stone A Webster
800
65
Mar 31
May 28
63
*61
2
45*2
30
15% Dec 29
70% July 18
31
July 25
9% Jan 10
107% Feb
3% Jan 10
6% Jan 12
11% Jan 12
23
July ~
6
63
63
3
*7%
par
Mar 18
l%June 13
par
Stokely Bros & Co Inc
77*
Mar 30
Oct
1% Oct
5% Dec
19% Dec
49% Dec 15
17*2 Nov
49
4,800
39,300
11,600
167*
29
1
Stewart-Warner
9%
37
par
Oct
35%
Jan 21
4% July 25
6
43,800
*120% 121%
10
Mar 14
1%
.
10
2,300
12%
5%
*00%
122
July 19
,46
Oct
Sterling Products Inc
70%
5*2
65% Mar
24
4
Starrett Co (The) LS-.No par
34%
12*4
5%
16%
7%
7%
Oct
Jan
19% Dec 27
16% Mar 30
7% Mar 31
..25
70
16%
Jan
32*2
11
Standard Oil of N J
*33%
5%
Jan
Oct
17
22% Jan 12
34% July 25
35*2 Jan
50% Nov 14
58% July 25
34% Nov 14
71*2 Nov 16
12%
5%
17%
7%
16%
7*2
Feb
1784
July
2434
32%
3934
17%
70
1578
7%
155
Oct
Mar 30
.No par
.
11%
7%
130
Mar 26
Standard OH of Indiana....25
Standard Oil of Kansas
.10
70
*20%
*30%
*10%
17%
27%
834
ft
Standard OH of Calif
11%
5%
42%
Mar 25
No
33%
70
16*2
Ocf
2
..No par
10%
7%
6%
20*2
4
94
$6 cum prior pref
400
June
Oct
29
1
09%
5%
25
No par
70
15%
7*2
63
19% Mar 31
9% Mar 31
115
1%
Nov 12
No par
10%
5
Oct
Mar
141
0% Mar 31
6978
33%
Oct
13
110
4
Jan
48%May 26
12% Mar 31
6% Mar 31
$4 preferred
~30~30(j
934
Jan 10
Jan 10
2
10
Holiday
9%
Nov 23
16%
Mar
60% Mar
65*8 Jan
11% Mar
77% Mar
$7 cum prior pref...No par
Stand Investing Corp. .No par
26,100
30,400
15
114% Nov 29
3% Jan 13
Mar
-
54% Jan
40% Feb
2934 Feb
23% Aug
par
tStand Gas & El Co...No
50%
Oct
60% Apr
,102% Feb
Nov
43% Mar
tStand Comm Tobacco
800
%
Mar
4% Apr
100
$4.50 preferred
1,600
58
26
Oct
Square D Co class B
5,900
17% Mar
No par
.-1
Standard Brands.
8,500
18
22%
21%
88
17%
Jan 17
28
Conv $4.50 pref erred. No par
7,100
9%
*17
17%
20
37*
3%
8%
35*
Nov 10
Nov
Oct
Oct
Oct
$3 conv preferred A ..No
Spiegel Inc
700
2% Nov
1584 Dec
26% Dec
5%
Dec
Sperry Corp (The) v t c
1
Spicer Mfg Co
....No par
2
Nov
Nov 12
Jan 10
Jan 11
9
Spear & Co
700
Feb
Feb
14% Nov
91
7
9%
35%
3%
24%
3484
15
52,700
1,600
7%
3484
105%
106% Oct
27
Spencer Kellogg <fe Sons No par
98
r2
2%
1834
Christ-
7
*97*2
Feb
23% Dec 30
1st preferred
Sparks Withlngton
40
44
3384 Dec 29
40% Nov 10
Spalding (A G) & Bros .No
86,900
1,150
1,500
68,200
Dec
5% Mar 30
100
500
45*2
157*
24%
8% Mar 30
17% June 17
2% Sept 27
5% preferred
600
10
Feb
Oct 14
18% July 20
Dec
15% Dec 13
7,000
17%
10
So Porto RJco Sugar...No par
210
'
Jan
Oct
384
44
197
1% Mar 29
Mobile & Ohio stk tr ctfs 100
3%
77*
21
14
65
6%
Nov 12
Nov 12
120
6,300
35*2
3*8
778
*20*4
47%
157*
45*2
15%
30%
7%
97%
097*
9%
36%
35*2
Feb
Oct
Dec
Nov 16
9%
49%
12*2
28%
Oct
South Am Gold & Platinum. 1
""760
Mar
Nov
Apr 14
128
Feb
42% Mar
June
8% Mar 29
10% Mar 31
111
Southern Ry.........No par
34
120
13
7,600
3
69
6%
28
*121
3
68
277*
60%
52%
9%
5%
10%
7%
*60%
22%
327*
Oct
Dec
96
Socony Vacuum Oil Co Inc. 15
100
15
60
67
Solvay Am Corp 5^% pf.100
Southern Pacific Co
Nov 12
Oct 13
100
21
23%
33 %
39*2
July 19
Oct 13
52,200
25
18
23
70% Nov 18
Aug
19% Aug 26
10
Edison
80% Oct 13
24
Smith & Cor Typewr...No par
Snider Packing Corp
No par
Southern Call!
Oct
Oct
3*2 Oct
4984 Nov
12a4 Dec
122
Apr
6,200
56,000
39,000
22,700
1*2
16
5% Jan 14
Jan
2*8 Jan
8% Jan
54% Apr
11% Mar
98% Aug
105
May
13
100
Oct
84
Feb
45%
8
Mar 31
91
...10
8% preferred
Jan 3
3
July 22
27% Feb 25
23%
2
45
No par
110
Oct 6
Dec 23
Mar 28
Sloss Sheffield Steel & Iron. 100
1,800
14%
13%
*37*2
Apr
$6 preferred
Smith (A O) Corp
500
112
20%
284
*2 Oct
3*2 Oct
34% Nov
Nov 25
98
12% Mar 30
2% Apr
1478 Mar 30
18% Mar 31
400
2%
2%
16*4
17%
132*2 132%
23*2 237*
3%
8%
21
14%
%
27%
*42%
51%
*31%
0978
7-137*
13%
100
.
4% Mar 31
460
1,800
18%
1634
112
25
6% preferred
700
103
18%
10*2
10
Skelly Oil Co
7,600
99% 100%
104
*101
67
Exchange
..No par
Simmons Co—
Slmms Petroleum
Slmonds Saw & Steel..ATo par
14%
10%
6,800
300
07%
19%
Mar 30
800
14
19
10
93
3
100% 100% *100% 110
20% Apr
100
% conv preferred
2134
28*2
66
*15%
32%
Mar 30
Aug 11
6% Mar 12
Silver King Coalition Mines. .6
6,600
3
2%
3
36
1
Mar 20
21%
31*2
14%
Stock
5M
900
6*2
6*2
Mar 26
No par
Shell Union Oil
3,000
14%
14%
147*
147*
104% 105
*104% 105
07*2
3%
778
%
27%
*28
31%
234
9% Mar 30
Shattuck (Frank G)...No par
5,600
7%
Mar 30
47
45% Mar 31
32*2
3**
96%
15% Mar 29
2% Dec 28
par
11%
1312"
3%
734
$5 conv pref
100
48
7%
Mar 30
10
21
103
Nov 25
%Sept 26
3
par
*3
15
2%
No
No
Sharon 8teel Corp
21
103
Dec
1%
10%
50%
11334
%
per share
51'4 Mar
98% Mar
3% Feb
Dec
71
1
Servel Inc
2,500
3
7*2
19%
47
44
*178
15,400
8,400
100
11%
66%
'98
Seagrave Corp
No par
Sears Roebuck & Co..-No par
48
30%
*29*4
6%
*97
Seaboard Oil Co of Del-No par
400
11%
49%
15*2
45*2
15%
46
13%
0534
1,600
21
26*2
26
22
Feb 23
No par
3
31%
6
85
112% Dec 12
% Jan 6
li* Mar 29
4,000
*67% 100
27% Jan
June 14
No par
$ Sea board Air Line
4-2% preferred
3,100
Highest
share
per
13% Sept 27
$4.50 preferred
20
1938
Lowest
$
62
34% Mar 28
47
6%
30
Highest
$ per share
No par
Scott Paper Co
11
13%
'44
jSchulte Retail Stores
8% preferred
600
1,200
20%
15
457*
16
5
100
1
100
47
65*4
45%
'15%
%
%
Schenley Distillers Corp
bYi% preferred
13,000
1,100
10,600
17%
69
21%
26'4
7%
19%
45%
20
6%
45*2
10%
31%
234
27*
20
*68%
034
47*2
*103
10414
1712
17*2
♦10
68%
*100% 105
103%
17%
18
1034
10S4
'103
17%
68
17%
67
3
*21
9012
104
%
Lowest
Par
31,
Range for Previous
Year 1937
100-Share Lots
$ per share
Week
Shares
7
7
6%
684
6%
*48
48*2
48*2 48%
48%
48%
48%
113*2
113% *113
113*2 *113
113% *113
*2
*2
%
%
%
%
hi
2
2
*214
2%
2%
2%
2%
20%
21
21% 21%
19%
20*2
20%
3
*2%
3%
3%
*2%
2%
3
74
73
73*4
74
73%
72%
73%
17
17
17%
17%
16%
17
17 *«
18
19*2
20
19%
19%
18%
18*2
3
22
26
66%
%
6%
6%
30%
31%
3*8
*3
65%
7
6
0*4
31
16%
67
0%
46%
11
10%
11
*28
28
28
28%
14%
14%
14%
14%
105
105 i *104
105%
0%
*45
Dec. 30
% per share
29
% per share
16%
15%
34
%
*6*2
Dec.
28
$ per share
16
66%
66
*65*2 06%
%
hi
'0*8
7
'47!%
477*
*112% 113*2
Dec.
the
Friday
Thursday
On Basis of
YORK STOCK
EXCHANGE
NEW
for
Wednesday
Tuesday
Ranoe Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
PRICES—PER
SALE
Monday
Dec.
June 27
18%
25
Jan 13
Mar 30
44
Jan 11
Mar 25
13% Nov
Mar 31
Mar 31
Mar 30
Mar 30
14
Sept 14
100% Jan 20
39
82
July 19
19% Mar 30
5
9
6
17% Mar 31
55% Mar 31
59% Apr 20
20
Nov
38
7% Mar 30
57
91
884
6% Jan 10
15% Nov 16
28% Nov 12
1% Mar 26
41
4% July 19
1*8
6%
Jan
4
12% Apr
1
Ex-dlv.
6
9
Oct 27
70*2 Nov 25
15% Aug
6
Nov 10
July 21
4%
7
Oct
Oct
Oct
Dec
Oct
Dec
Oct
Dec
Oct
109%
12
Jan
Jan
Mar
20% Mar
40% Mar
Nov
50
39
Oct
Dec
94
Jan
7
Oct
25
Mar
234
1*8 Oct
46% Nov
8% Dec
61% Nov
90%
22*2
99%
83*2
23*2
43%
1384
Dec 19
Nov 12
20
Nov 14
15
Oct
118% Aug 19
73*2 Nov 10
20% Nov 10
110
Oct
yEx-rlghts.
98% Aug
28% Feb
17%
Oct
Nov 10
80
Nov 10
78
Oct
Jan 12
22
Nov
1034
5%
3 684
Nov
Oct
Oct
17%
Mar
Jan
6% Jan
100% Jan
18% Sept
111
28*4
Feb
Feb
148% Mar
9984 Jan
31% Feb
35% Mar
24% Jan
30*4
117%
Jan
Feb
Dec
91
Feb
17% Dec
35
Mar
TCalled tor redemption.
Volume
LOW
New York Stock Record—Concluded—Page 10
147
AND .HIGH
SALE
PRICES—PER
'SHARE,
NOT PER
Sales
CENT
STOCKS
for
Saturday
Monday
Tuesday
Dec. 24
Dec.
Dec.
$ per share
2%
33i4
5%
6%
08%
6%
*33%
62%
'0i2
*11J
2%
33%
34
5i8
5
6%
078
68I4
65
6%
78,300
34%
5,700
5%
9,600
United Drug Inc
8%
72
6%
3,000
United Dyewood Corp
*65%
6%
*65%
7
634
6%
33
*33
34
33
33
62
63
63
6334
63%
65%
5,500
11%
107S
11%
11%
11%
11%
30,100
11%
111% 111% *111
6%
6%
7
9%
9%
9%
10%
86
86
r84%
1
*%
*83
89
%
5%
5%
10
10%
110% 113%
*172%
978
11134
7
89
5%
9%
9I9
109% 110%
173
7%
*30%
2234
lo
%
34%
*3034
2134
173
634
23
7
9%
*5%
*60
46
4534
46
46%
478
4934
101% 102l2
56i2
5712
56
6718
67%
66%
67%
*11514 116
56%
66%
114
67%
115%
35
34
34
46
45
45
3%
*3
3%
8
*7~s
1%
8%
1%
54
*45%
*45
1%
54
12%
12
84
82
82
83
83
159
158
158
*1212
*74i8
1278
12%
76
%
*74%
%
?6
*21
21
21
27
27%
31%
159%
158
*70
27%
32%
32%
*112
114% *112
39
*38%
38%
*._..
*
*22
80
80
"22"
22%
57
378
334
22%
334
22%
334
26%
26%
26%
2634
2534
*114
115
*134
2
8%
8%
*11778 125
*70%
70%
*114
2%
Stock
8
71
*119%
1
1%
Closed
2%
18
1%
1
2%
Christ-
*184
7
634
18
I884
84
*83
7%
7%
*83
Holiday
778
8
*20
20%
*12
13
*12
13
4884
2%
2%
3134
33
534
3,900
13
13
700
83
83
400
70
159% 159%
140
70
68
%
%
2,200
19%
27%
19%
28%
33%
20%
20
*19%
2778
*32%
27
32%
28%
32%
33
-5,100
1,000
114% *112
114%
114% *112
39
39
38%
*39%
4C
57
*57
59%
59% *57
23%
23% 24
24%
25
334
3%
378
3%
378
26%
26%
27%
27%
27%
114
114
114
114%
,,114
134
*1%
2%
17g
178
2%
32
7%
8
4878
20%
50 lo
20%
12%
2%
12%
2%
3134
3%
14
3%
*3%
*3%
*3%
9%
*3%
30%
22%
30%
278
30%
23
31
*%
1
2978
78%
85%
9%
3% *
40
1,400
~"l" 200
2,500
100
578
4,600
85
102
102
102
*89
90
90
90
390
87%
87%
86%
87%
102
102
102
102
88
88
88
88
122% 122%
*122%
*115% 118
26%
26%
278
6%
%
116% 116%
25% 26%
2%
3
6%
5%
6%
57g
6%
*6%
%
1%
*%
%
%
%
„lt4
1%
22%
1%
21%
22%
30
21%
29%
117
145%
1884
1934
*37% 39
19%
19%
11834
140
11778 118%
*140
142
*
*30
*130
19
18%
39
*37%
30
142
*140
19%
38
19%
19%
30%
19%
*37%
19%
19%
30%
30%
60
3%
31
*
60
90
29
*73%
90
73%
73%
r73%
287s
28%
*79%
29%
92
29%
*79%
58%
53%
14
(29%
28%
*79%/92
*57%^ 59%
*79%
92
*58
59
*11
Preferred
100
Vanadium Corp of Am_JVo par
Van Raalte Co Inc
.....6
7% 1st pref..
Vick Chemical Co
100
....6
5
Chem
No par
0% preferred...
,..100
5% preferred..
100
Virginia Ry Co 0 % pref
Vulcan Detinnlng
100
100
.100
tWabash Railway
5% preferred A
5% preferred B
100
*..--100
Waldorf System
No
Walgreen Co
No par
par
Preferred
No par
Ward Baking Co: cl. A.No par
Class B
No par
7% preferred
—100
Warner Bros Pictures
6
No par
39
-
20
110
5,800
100
Western Auto Supply Co...10
6% preferred..
1,200
1,700
Western Maryland.
4% 2d preferred
100
...100
1,800
5,100
Western Pacific..
Western Union Telegraph. 100
12,100
142
29%
2,600
100
6% preferred
50
*79%
92
*58
*58
60
*10%
14
*10%
14
*2514
2534
24%
4978
50
4834
*2034
*64%
21
20%
66%
*54
75
*35%
38
*54
*35%
49
49
*47
*113
117
*113
4
43
25
25%
4978
24%
2034
20%
247g
49%
21
66%
66
66
*65
75
*54
65
*54
36%
*35%
38
48%
43
...
49
48%
47
116% *114% 117
4%
r25%
49%
49%
50
22%
22%
25%
37
52
1,700
1,166
15,600
*65
121%
2,600
60
"
38%
"""366
*52%
53%
118% 121
500
38%
250
75
75
75
75
78
*77%
7778
777g
777S
1,400
31%
18%
32
30
31%
29%
30
30%
31%
32
32
2,300
17%
1878
5134
*80%
2934
1834
17%
5234
83
18
18%
18%
19%
18%
18%
19%
19%
103% 103% *104% 108
rl047g 1047g *104% 108
17%
17%
17%
19
17%
17%
19%
19%
51%
52%
51%
52%
53%
54%
53%
54%
81
81
*80
82
80%
80%
*77%
81
30%
2934
3034
30
31
30%
19
18%
18%
18%
19
19
3%
3%
3%
3
3%
Bid and aaked prices; no sales on this day.
3%
31
19%
3%
30%
19%
3%
I In receivership,
a
Feb
Oct 26
2%
Jan 11
43g July 23
3% Feb
8% July 25
20%
Jan 10
87% Dec
„
10% July 22
54
Nov
0% Dec 16
16% Mar 31
Apr 8
Apr 1
82%May 28
Mar 29
110
Mar3l
111% Jan
6
2
Oct
2%
Oct
2%
6%
Dec
18
Oct
Oct
71%
Dec
3%
Oct
32
17
Oct
Oct
77g
Oct
2
Oct
4
July 10
51
July 20
July 19
26% Dec
484 Oct
Aug
33
8
45
_
4% July 15
16% July 15
8
Deo
31
Nov 10
Oct 13
34% Nov 10
Oct
1% Jan
July
82% July
102% Jan
103% Dec
4%
97%
126
Jan
15
28
30
29
3
13
3
Nov 22
119% Nov
9
Dec
Oct
Nov
9
'26
39
2%
2
16
Oct
11%
Oct
20
Oct
2%
1
Oct
July
23% Oct
73% Nov
84
Oct
88
Oct
70
Oct
117% Oct
110% Apr
12%May3l
2078 Dec 29
14%
2% Mar 31
4% Jan 10
25S
5%
Oct
Oct
1
Oct
Mar 25
3
% Mar 23
%
16%
15%
61%
Dec 12
9
Jan 10
1% Jan 11
3% July 22
103
Mar 31
Oct 14
1%
22%
1784,
87%
113
Dec
Oct
Dec
Oct
Nov
Oct
31
20% July 25
20
Mar 31
31% Dec 30
60
Mar 19
60
70
5H % conv
Wheeling Steel Corp...No pat
65
Apr 12
conv
preferred
100
24,700
20
4,300
24,800
300
31%
9,500
19%
5,200
3%
Def
1
$4 conv preferred
No par
Wilcox Oil & Gas
10
Mar
19
Oct
95
4
75
Nov
42
01
Nov 12
55
Dec
May 27
4,400
delivery,
15% July 19
M%
Oct
15% July 25
6
Oct
11
Jan 21
8%
Oct
3
Jan 22
1%
Oct
31
31
24% Oct 19
11
Oct
1% Mar 30
3% Aug
1
..10
l%June16
3%June16
3% Oct 26
2
Dec
07g
Jan 10
43s
Dec
578 July 19
60% Jan 21
10634 Dec 7
4%
Oct
4984
Dec
Mar 24
Oct 25
No par
Woodward Iron Co..
10
Wool worth (F W) Co
.10
10% Mar 29
36
Worthing ton P&M(Del)2Vc par
Preferred A 7%
100
3
42
Mar
9
27
Mar 28
28% Mar 30
55%
61%
2034
8%
100
Mar 30
71
Yellow Truck A Coach cl B__ 1
24
No par
78
Jan 31
Jan 3
39
Mar 30
109
Mar 30
62% Mar 31
11% Mar 29
5% % preferred
100
Youngst'wn Steel Door.No par
9
Zenith Radio Corp
.No par
Zonlte Products Corp
1
234
*
Mar 31
3
Jan
Ec-dlv.
r
6
27% Nov 14
53%
27%
72%
75%
48%
6.5%
121%
Mar 31
93s Mar 31
Young Spring A Wire. .No par
r Cash sale.
Jan
11% Mar 29
70% Oct 27
...100
Prior pref 4H% series
10
Prior pf 4H% conv series. 10
Wright Aeronautical..'.No par
Wrlgley (Wm) Jr (Del).JVc par
Yale & Towne Mfg Co...-.25
preferred B
New stock,
Dec
31
28
6% Mar
5
Sept
1% Mar
8% Mar
Mar 30
n
Jan
10% Dec 27
3
Youngstown S & T
Dec
90
32
Preferred....
Jan
4
103
$6 preferred
Mar 19
32% Nov 12
100
Wilson & Co Inc
90
14% Mar 26
75
Mar 29
6
Willys-Overland Motors
6% conv preferred
6%
*7434
*103% 10578
Mar 31
WteronslnElec .Power 6%pf 100
1C.500
"
2178
50
117%
119%
30
5%
White Dent'l Mfg (The 8 8) 20
1.200
4%
25%
37
Dec
Co.-^rH0p
preferred
100
Westvaco Chlor Prod.-iVo par
$5 conv prior pref---No par
500
43%
65
Oct
Dec
10% Oct
31% Nov
10% Oct
21% Dec
100
43%
*106%
*54
8
50
Oct 24
"""166
21%
117
1% Mar 31
Dec
113
Dec 14
Preferred
48%
65
Mar 26
Oct
3
Jan 11
39
5,100
*106%
Mar 31
334 Mar 26
Oct
June
Feb 26
21
2%
4%
4
23
2%
18%
Oct
Sept
1534
9% Mar 30
White Sewing Mach...iVo par
39%
Oct
Oct
77% Dec 15
31% Mar 28
^600
*4%
Oct
9%
14%
12078
No par
1,700
4%
4%
Jan 20
Weston Elec Instrum't.No par
1%
2%
4%
144
19%
2%
4%
Oct
10
105
12478 Nov 10
1%
19%
2%
2%
Jan 21
116% Nov
Mar 31
1,300
3,400
4%
Oct
Wheel & L E Ry
"""900
19%
31%
30
1%
4%
5% Jan 21
32%
Mar 31
50
1st preferred
Class A
90
2
Nov
%
97.
34% July 20
33% Nov 9
38
29%
2 «
Nov
Mar 31
150
75
1%
Dec
Nov
29
2834 Oct 20
2878 Nov
30% Nov 12
Oct
Oct
934
Jan 10
Mar 26
..100
Westingh'se Air Brake. No par
Westlnghouse El & Mfg
50
19%
Dec
1%
2
74
6% preferred...:.-West Penn Power 7% pref. 100
16,200
19%
2%
334
Mar 31
70
15,900
1%
38
Mar 29
71
1%
31
83
19% July 27
100
100
7% preferred
24%
*
278
T""oct
40
Mar 26
$4 conv preferred —No par
1%
31
Deo
8
West Penn El class A..No par
23%
19%
52
20% Dec 28
360
30%
31%
119% 120
*37%
10% July 29
3% July 25
17%May 18
220
%
19%
2%
*106%
Mar 21
4% Mar 30
90
White Rock Mln Spr Co No par
39
1
l%Mar 23
1% Dec 7
5% Mar 31
1334June 10
78%
White Motor Co
334
116% July 19
102
7,300
38
Mar 31
400
3,300
*106
Mar 29
37
Mar 30
6%
39%
100
Mar 30
12%
*106
1% Apr 13
5% Mar 26
11
6%
4%
37g
Mar 30
17
12%
1%
105
June
1
6%
.1%
*4%
97
6
12%
4%
378
Mar 26
11% Mar 31
14% Mar 31
5
J Warren Bros
6%
1%
4%
3%
16
20
pref
conv
117g
2
%June22
1% Mar 26
34 Sept 1
7%
20%
38
19%
47% Sept
5% July 21
135
May 11
27% Mar 30
25% Mar 31
140
Dec
Dec
48% NOV
100% Oct
159% Dec 15
134
1
3%
142
12
58
47
..No par
%
52% Nov
5
Dec 13
Wells Fargo &Co
6%
43%
13
Nov 12
Wesson Oil & Snowdrift No par
78%
Oct
Oct
21
15
"2^800
3%
278
3
Webster Elsenlohr
1
*73%
*2%
Feb
1,000
800
3%
*86%
Oct
20
86
29%
,
Oct
Oct
Oct
Dec
3%
Mar 31
Wayne Pump Co
*%
65
24
7%June 13
No par
No par
$3.85
6%
2%
1% Mar 26
.100
12%
2%
Dec 23
7% Nov 29
No par
5%
2
*
Vadsco Sales
11%
2
3
8% preferred
100
Universal Pictures 1st pref. 100
*10%
2%
3
Warren Fdy A'Pipe
Waukesha Motor Co
7
19
Mar 31
2,300
73%
30%
92
597g
19
38
48
6%
1%
Mar 31
37
12%
20
3
x55
9
Oct 10
1034
1%
45% Jaa
z44% Mar 31
13
25
3%
6%
June 20
6%
*19
Mar 31
Nov 12
36
1134
1%
20
21
71
49% Oct
7
July
56% Nov
109% Nov
72% Oct
70% Mar
71% Nov
121
1034
6%
Mar 29
29% Mar 30
40
Apr 25
12
6%
*1%
19%
*2%
60
21% Mar 30
278 Mar 31
91%May 31
14
11%
Dec
Dec
No par
'
*74
534
2978
16%
2,400
3%
75
10% July 19
3178
*3
Oct
154% Nov
35% Jan 12
30% Nov 14
7% Oct 11
13% Nov 16
23%
29
Oct
Nov
June 20
13% Mar 31
3% Mar 30
6% Mar 26
.100
pref A
63
Oct
4% Mar 29
24
23
1%
1%
22%
24
*30%
31%
118% 120
22%
29%
30%
117. 118%
19
*
•
1%
21
*37%
19%
30%
60
30
3%
4
30
*%
*3
Nov
9%
30%
122% 123% *122% 124% *122% 124%
115
115
115% 115%
110% 116%
25%
26%
26%
26%
2678
26%
3
29
>
90
87
173
30?g
27g
5%
162% Mar 28
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
conv
4%
No par
25
7% pref
United Stockyards Corp
1
Conv pref (70c).....No par
United Stores class A..No par
$6
9% July 23
12% Nov 10
9
Dec
Nov
34
Nov
$3 convertible prei..No par
$1 1st preferred
No par
3%
85%
78
Preferred
U S Tobacco
220
85
78
.....10
8% 1st prefersed
100
U S Smelting Ref <fc Min...50
Preferred
...60
U S Steel Corp..
.No par
800
41
40
101% 102%
7778
U S Rubber
5%
70
Jan 18
115
30
30
79%
29%
78%
20
Nov 10
1%
Mar 31
Walk (H) Good & W Ltd No par
29%
*78%
1
100
No par
55
74
21%
29%
2%
*74
Prior preferred
U g Pipe & Foundry.
U S Realty & Imp
3% Mar 26
5% Mar 30
4 % % pref with warrants 100
Walworth Co
.No par
29
1
No par
13
87% Dec 13
38 Dec 28
17,600
30
3%
cl A
conv
Preferred
3", 700
21%
30
Partic &
90
30
*34
5
5%% conv pref.
50
U S Industrial Alcohol.No par
U 8 Leather
No par
Virginia Iron Coal & Coke. 100
29%
*3
100
Va El & Pow $6 pref...No par
21%
29%
7% preferred
U S Hoffman Mach
Corp
60
30
1
20
200
21%
29%
3
No par
..
1
6
4% Apr
May
62
Dec 30
30
2934
No par
100
Oct
25
21%
29%
*34
No par
100
3%
13% Sept 28
2% Mar 29
15% Mar 30
30
3
Jan
8% Oct 27
Nov 22
Va-Carollna
9%
2978
22
30
3%
*29%
11378
114
Victor Chem Works....,
39,000
*35%
*8%
Oct
Mar 26
1,850
6%
3%
Jan
101
3
2,600
14
3%
17
1,400
1,000
*8%
Oct
2,900
14%
2%
36%
14
9
3534 Nov
14%
2%
*8%
*3%
3
127g Nov 10
66
13%
2%
57g
8% Mar 30
9% Mar
10% Aug 20
200
34
80% Mar
Jan 22
1,800
40
63
Oct
Oct 21
50%
5%
Oct
52
57
20%
34
24
42
20%
*38
39% Oct 14
67% Aug 8
113
*49%
5%
39
2684 Apr
106% Feb
Mar 31
50
Mar 14
U S & Foreign Secur
$5 first preferred
U S Distrlb Corp
Jan
Jan
Mar
2178Mar31
Oct
8
l2%
32
5%
Oct
Dec
2%
June 19
20%
39
6%
74
30% Mar 30
50%
534
Jan 10
16
878 July 25
40
10
50%
3834
3%
1078 July 18
Vicksb'g Shrev & Pac Ry ColOO
"""500
*20%
2%
5
share
Mar 26
8%
8%
4078
Jan 12
80%
8%
<m
<m
Sept 17
....
8
per
Oct
6
70
%
Highest
2
100
100
5%
3%
12%
*10
2
54
178
38%
39
3
1,800
2,600
..
49
5%
8%
8
7%
734
*7%
10
*1177g 125
*11778 125
*1177S 125
71
*69%
70%
71
*68%
72
*119%
*119%
*119%
1
~T%
1%
1%
1%
1%
1%
3
3
2%
2%
2%
2%
2%
2
*1%
2%
*1%
*1%
2%
234
634
6%
67g
6%
6%
6%
18
18
18%
18%
18%
18%
18%
87
8434
84%
84%
*84%
87
*83%
20%
39
3%
8
*20
*31
134
230
45
3%
71
*4834
*2%
113%
2%
1,200
snare $
25%
No par
3,400
*11778 125
Exchange
*119%
*2%
*1%
6%
115
3%
69,300
*8%
72
27%
31%
*112
114%
*38%
39
69%
45
158
74%
%
19%
26%
32%
475
68%
13%
82%
71
%
2,300
66
*45
*158
76
%
r82%
8,500
61
116% 116%
35
35%
54
*12%
200
3,200
8,900
41,900
5%
53
*64%
8%
178
178
*45
45%
12%
*81
8
900
z61
68%
69
116% 116-%
34%
45%
45%
3%
3%
3%
778
1%
*158
$5 preferred
I
per
Oct 17
United Mer & Manu Inc vtc.l
United Paperboard
10
3,200
102% 102%
6178
6634
*34%
46
1%
45%
51%
59
3434
3%
778
5%
*65
"3~666
47%
5%
5284
53%
10134 102%
661
30
2,700
35
24%
5%
10%
70
47
4634
5
6534
6734
115% 116
3334
*31%
24%
5%
10%
*60%
70
46%
52%
100% 10134
5534
5734
66%
5%
10
34%
24%
5%
10%
24
10
4934
51%
10034 102%
380
No par
$
4% Oct 17
38
4% Mar 29
Apr 1
3
Lowest
share
per
738
60
5
$
4%June 18
5
No par
Conv preferred
U S Freight
9
4%
500
10
U S Gypsum
5%
4534
200
1
5%
Mar 26
Mar 31
5
United Fruit
United Gas Irnprovt
2,800
60
434
84%
2
100
4,200
60
434
2,000
$ per share'
22
Preferred
10%
60
478
3,900
534
*31%
5
7%
10 <8
5%
34%
23%
9%
7%
10%
r9%
♦5%
95g
5134
1%
*45i2
7%
10%
1
Year 1937
Highest
No par
109% 110% 111% 112%
*172%
*172%
67g
7%
7%
7%
60
534
7,500
*%
514
10
93
7%
7%
Range for Previous
100-Share Lots
No par
United Electric Coal Cos
United Eng & Fdy
200
114
6%
'2
400
7%
7%
64
3%
*778
111
9%
*83%
34
2312
*4434
112
6%
7i8
*34
3,200
6%
3234
7
*30%
50
72
33
7%
7%
484
8%
678
*172%
51
8
6%
63%
%
4534
5%
67«
5i8
5%
*9%
3%
z34
5
10%
9%
Par
3%
35
5%
27g
34%
5%
72
On Basis of
Lowest
United Corp
$3 preferred
62%
85
*60
Shares
33
*110% 11178
Range Since Jan. 1
STOCK
EXCHANGE
3
34
*65%
6%
$ per share
t per share
278
YORK
Week
6%
*%
*23
6%
2%
33%
478
6%
the
Dec. 30
29
Dec.
$ per share
234
34%
5%
7
28
NEW
Friday
Thursday
718
5%
95s
110
Dec.
67
*6%
35
6234
10%
11134
27
$ per share
$ per share
278
*078
*0%
984
85
26
Wednesday
4023
1%
Oct
10%
Dec
Nov
9
34
Dec
Nov
9
12
Oct
July 19
54%
Oct
Nov 14
40
Oct
Nov 16
Nov
9
Dec 29
Dec 28
July
5
21% Oct 19
Oct 13
2578 Aug 26
67% Nov 12
80% Nov 16
31% Dec 30
25% July 7
53,, Mar
Ex-rights.
7
34
Dec
3984
Dec
38
Oct
68%
Oct
2134
Dec
7%
08
Oct
Dec
12% Dec
34% Nov
70
17j
2%
Oct
Dec
Oct
1 Called for redemption
Mar
Dec- 31 • 1938
4024
YORK
STOCK NEW
EXCHANGE
-d
Bond Record, Friday, Weekly and
Yearly
Cash and deferred delivery sales are disregarded In the week's range.
«wia«i
they are the only transactions of the week, and when selling outside of the regular weekly range are shown In a footnote in the week In which they
occur.jfiJNo account Is taken of such sales in computing the range for the year.
NOTICE—Prices are "and interest"—except tor Income and defaulted bonds.
Friday
Week's
Friday
Week's
BONDS
Last
Range or
Range
BONDS
Last
Range or
N. Y. STOCK EXCHANGE
Week Ended Dec. 30
Salt
Friday's
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Price
Bid
&
Low
Asked
*1
flQ<3
High
No.
Low
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
--.—,-1944-1064
354*
.1946-1966
3HS-.---——1940-1943
354s----——1941-1943
4s
1943-1947
854s.————1941
3548—.——1943-1946
354s—-.-—1944-1046
854s.—..—1046-1949
354s..-.-——1949-1962
3s.......——1946-1948
3s
.......1961-1955
254*
1966-1960
254s
1946-1947
2548.........-1948-1961
254*.——.1961-1964
2548-.:-———1966-1969
254s.....—1968-1963
254s...
1960-1965
254s..——1945
254s
1948
254s .........1949-1963
2548-1960-1952
2s——1947
8 54 a
.
Treasury
Federal Farm Mortgage Corp—
D
M 8
i D
M 8
J D
F A
A O
A O
J D
J D
J D
M S
M 8
M S
M S
J D
M S
J D
J
110
114.17 114.9
113.14
105.3
106.27 106.26
109.31
3s
3s
254s
1 1939-1949 F
.1942-1944 J
110.8
6
104.13106.27
106.16108.2
107.18110.25
106.30
17
110.1
28
Chile Mtg Bank (Concluded)
♦Guar sink fund 6s—.......1961 A
113.20
109.30
18
109.31 109.29
109.9
110
29
109.12
19
♦6s assented...—.——..1962 MN
1960 M S
♦Chilean Cons Munlc 7s.—
Govt
A
♦109
108.22 108.20
107.8
107.2
104.21 104.12
107.1
106.29
105.21 105.17
Colombia (Republic of)—
♦6s of 1928
102.8
108.23
"47
107.8
1C4.21
38
09
101.24104.22
107.2
66
103.26107.4
105.24
88
101.27105 30
14
105.2
108.27
100.26104.7
102.22
102.25
20
100.4
102.26
102.10
73
102.3
102.11
107.7
107.8
8
103.28107.10
103.22106.18
106.30
105.5
2
sec s
♦25 54
94
1054
10
2554
94
954
954
954
954
85(
854
854
f 7s 2d series. 1657
sec s
f 7s 3d series. 1957
Antwerp (City) external 6s..-.1968
Argentine (National Government)—
96
8 f external 4 54s.——.-—1971 MN
8 f extl conv loan 4s Feb.—1972 F A
8 f extl conv loan 4s Apr.... 1972 A O
Australia 30-year 6s..—.1956 J
J
External 6s of 1927
1957 M S
59
103.9
30
101.9
104.12
6
101.5
104.16
26
16
6
♦El Salvador 8s ctfS of
6
8
6
10
12
6
10
954
10
454
954
10
5
954
7
24
954
10
9654
2
7754
10154
100 54
10154
43
101
10054
31
41
98 54
75
16
16
19
10
♦Bavaria (Free State) 654s....1946 F
A
20
Belgium 26-yr extl 654s—1949 M
External s f 6s—
—.—1955 J
External 30-year f f 7s.
1065
♦Berlin (Germany) s f 654s—1960
♦External sinking fund 6s—1958
♦Brazil (U S of) external 8s—1941
♦External s f 6 54s of 1926—1967
♦External s f 654s of 1927
1957
♦78 (Central Ry)
1962
Brisbane (City) a f 6s..
1957 M
Sinking fund gold 6s..—.1958 F
20-year s f 6s—,..——I960 U
S
J
O
"20"
20
18
1854
12
O
10
A
9754
D
D
1054
f 6s. .Oct
♦6s Oct coupon on
♦Chile (Rep)—Extl s f 7s
♦7s assented
'u*
9&
954
054
9654
9754
100
1054
10
8
12
122
10 54
127
A
M S
F
A
A O
4954
6054
51 54
♦5554
4954
50
51
52
MN
J
♦3054
J
111
F
A
11054
10354
J
J
104
J
J
J
J
"98 54
10154
98
103
10 54
26
63
4
47
5154
5254
7
6054
15
35
42
106
98
10254
5
9754
9854
44
19
5
3154
3
2654
1
27
*1754
1754
-
For footnotes see page 4029.
19
22
es 54s of 1930 stamped.——1965 J
D
♦554s unstamped...
1965
♦554s stamp(Canad'n Holder) '66
♦German Rep extl 7s stamped. 1949 A O
♦7s unstamped..
1949
1854
.
—
*25
15
1754
8
1754
1354
19
2
*1754
1554
1354
1454
1754
1554
1554
42
1554
1254
1454
1254
1254
1554
1254
1
12
37
22
1
1954
2554
♦2554
2554
14
2454
2954
83
♦7s part paid
..,,....1964
♦Sink fund secured 6s..——1968 FA
♦2254
2354
2754
20
♦6s part
2754
2754
1954
paid—..........1968
1954
♦75
Haiti (Republic) s f 8s ser A—1952
♦754ssecured
8 f
g.........1945
♦7s secured s f g..
1946
♦Hungarian Land M Inst 7548-1961
♦Sinking fund 754s ser B
1961
♦Hungary (Kingdom of) 7548—1944
Extended at 454s to——1979
►
*"l
5
754
J
1054
7
9
MN
954
954
954
26
9
J
954
MN
F
F
♦31
A
D
♦Mexico (US) extl 6s of 1899 £.1945 Q
♦Assenting 5s of 1899...
1945 Q
♦Assenting 5s large...........
♦Assenting 5s small....,.—..
31
*
7554
_
5354
7254
A
1354
15
1954
5054
5354
1454
1954
15 54
External
13
185#
1254
4s
s
.—....1965
f ext loan....—
Municipal Bank extl
s f
A
O
1963 F
A
5s.—1970 J
D
29
43
1
20
19
54
82
63 54
43
8154
6554
6154
86
78
6454
6754
103
44
40
39
40
4
30
46
2054
2054
5
20
23
2454
2754
954
81
954
54
1054
17
54
7
♦54
1
54
54
*59
1
1
54
54
1
40
54
54
154
54
54
5
5554
47
754
23
52
654
754
4754
4854
9954
25
11
67
654
654
13
i
3854
61
4854
3
37
6754
88
10454
100
3
33
104
19
105
10454
10454
10254
10554
10054
^
4
100
•104
454
4
3
154
3
3 54
254
354
3
754
99
101
41
2 54
4
4754
104
*10354
54
54
54
54
54
53
iol"
9954
54
54
54
.
11
54
54
54
♦54
54
72
6
♦54
External sink fund 454s —.1966 M S
1354
1454
1354
1254
1254
1254
1254
14
5954
6454
O
A
18
954
11254 11754
104
54
A
19
1854
81
D
Norway 20-year extl 6s..
—1943 F
20-year external 6s.........1944 F
10854
7554
75
D
New 80 Wales (State) extl 6s..1967 F
External s f 5s
...Apr 1968 A
"7
75
J
3
M
102
2254
20
10554
37
D
1954 J
J
1
37
29
A
♦MedelUn (Colombia) 654s....1954 J D
♦Mexican Irrlg assenting 4 54s. 1943 MN
454s
85
1754
1654
1054
♦Lower Austria (Province) 754s 1960 J
f
2
10454
Japanese Govt 30-yr s f 6 54s
1954 F A
Extl sinking fund 6 54s
1965 MN
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
♦Leipzig (Germany) s f 7s
1947 F A
s
27
1054
1054
Italian Cred Consortium 7s ser B *47 M S
Italian Public Utility extl 7s.i.l952 J
J
♦6s series A
3054
29
19
70
1854
29
2254
20
J
Italy (Kingdom of) extl 78_—_1951 J
{♦Small
Milan (City, Italy) extl 654s —1952
Mlnas Geraes (State)—
♦Sec extl 8 f 654s....
.1958
♦Sec extl s f 654s...—.....1959
♦Montevideo (City) 7s.......1952
19
10454
10454
J
Irish Free State extl 8 f 5s.—..I960 MN
♦4s of 1904
33
80
1754"
♦Hamburg (State) 6s
—1946
♦Heidelberg (German) extl 7 54s '60
Helslngfors (City) ext 654*
1960
Hungarian Cons Municipal Loan—
15
1854
23
2354
♦(Cons Agrlc Loan) 6548!—.1968 J D
♦Greek Government s f ser 7s.. 1964 MN
4854
1954
2954
26
1654
3854
2854
..—1959 MN
16
1654
23
60
20
German Prov A Communal Bks
15
16
9954 107
111
20
1354
1354
10454 123
27
D
14
3
*57
15
77
23
10954
9354 104
2354
754
754
4754
82
18
99
2654
2354
M S
1754
3
2354
*2654
78
1754
1354 30
95
10054
10454 10854
3
'
1854
*
1454
1954
1554
1954
15
all254i
21
1854
1454
1454
1354
1354
2
'
1954
5554
1554
1354
1554
1354
6
—
21
O
1554
16
6554
German Govt International¬
A
9
14
97
10554
18541
10854
♦10354
1954
3254
15
*1554
6554
19
all2
J*D
14 54
1754
D
51
10754
•10354
36
♦Ry ref extl b f 6s
Jan 1961
J
♦6s assented
Jan 1961
J
♦Extl sinking fund 6s..Sept 1961 M S
D
5554
75
J
27
67
65
6954
18
1854
J
15
15
6554
1354
J
2654
67
6554
67
10554
{♦Treas 6s of '13 assent (large) '33 J
1354
D
38
100
55
70
97
J
27
2954
10654
19
3254
15
15
External 7s stamped——.—1049
7s unstamped
—1949
9154 102
♦60
J
—1945 M S
♦Frankfort (City of) s f 654s—1953 MN
French Republic 7 54s stamped. 1041 i D
7 54s unstamped. ....—.1941
9354 104
66
♦6554
26 54
14
.1961 J
—1961 J
11154
11354
10354
9854 10454
9754 10254
9254
9954
1654
6254
dep.—1948 J
..1967 J
Estonia (Republic of) 7s
Finland (Republic) ext 6s
93
39
64
64
18
-
77
*1754
554s 2d series
47
♦62
26
-
27
15
O
5054 105
83
♦Assenting 4s of 1904.. ....1954 J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small....
29
1554
•1454
.
3654
35 54
103
45
20
29
30
60
3154
3154
104
2654
4954
3654
11154
11054
10354
♦22
7854
7954
7054
7054
7054
7254
63
64
1854
27
23
85
68
1754
♦65(8 assented....
102
754
7854
5054
5054
1354
15 54
1957 J
1954
1954
1954
95
*1754
♦Sink fund 65(s of 1926
23
5
1754
1957 J D
854
854
854
2
100
1554
♦External Blnktng fund 6s... 1963 MN
♦6s assented..
1963 MN
11
95
*1754
♦Chile Mtge Bankr654s
♦654s assented
9654. 10754
u654
18
2354
1754 24
"
105
4
11054
11054
10354
10354
10254
2654
1942 MN
-.1962 A
23
108
61
♦External sinking fund 6s... 1960 A O
♦6s assented.....
..I960
O
♦Extl sinking fund 6s..Feb 1961
A
♦6s assented...—.—.Feb 1961
A
♦6s assented
1754
98
108
*22
♦6s Assented...——.Sept 1961 M
♦External sinking fund 6s._.1962 A O
96h
76
885(
7654 8854
88
10654
8754 10654
8554 10254
16
10654
1054
31
....I960
1942 MN
8454
10 54
MN
16 1960 AO
654
8654 10054
9754
9854
4154
J
O
954
954
954
63
♦55
♦Carlsbad (Clty)i
8s
1954 J
J
♦Cent Agrlo Bank( Ger) 7s....I960 M S
♦Farm Loans! 6s..July 16 1960 J
J
♦6s July coupon on—
1960
s
4
2
20
1854
D
1952 MN
♦Farm Loan
6
„6
M S
F
(Domof) 30-yr 4s....I960 A
10-year 254s
Aug 15 1945
26-year 35(8
...1961
7-year 25(8
1944
30-year 3s.......——.1967
10454
11454
20
10654
10554
11454
D
M S
——.—1967 J
1968
19
2654
1054
1054
40
10
7854
104
50
74
66
66
♦Dresden (City) external 7s.—1945 MN
7854
7954
1054
6254
106
6254
♦6454
....1969 A O
1969 A O
554s 1st series,.,
9654
78
10654
9754
100
93
7854
9754
6254
100
*13
7354
10354, 104
100
10054
9754
9754
103 54
5
86 54
S
103
70
♦46*
2654
85 54
'10454
7254
♦
1654
17h
86 54
D
23
6054
59
•10254
1
255(
9454
1054
1054
37
78
10254 11054
9654 102
♦10154
*73
80
1654 24
101)4 10754
♦104
6054
2d series sink fund 654s—1940 AO
Customs Admins 554s 2d ser. 1961 M S
#
105 54
♦Budapest (City of) 6s
1062
♦Buenos Aires (Prov) extl 6s...1961
♦6s stamped.......
1961
♦654s stampv d
1961
External s f 454-454s.......1977
Refunding s f 45*8-4 54s.—.1976
External re-adj 454s-454s.—1976
External s f 4548-45(8
—1976
3% external s t 3 bonds
1984
Bulgaria (Kingdom of)—
21
♦104
{♦Stamped extd to Sept 1 1635.. M S
Dominican Rep Cust Ad 5 548—1942 MS
1st ser 554s of 1926.
..—1940 A O
98
o
2054
21
A
External g 454s..—-Apr 15 1962
Deutsche Bk Am part ctf 6s...1032
103.13
9854
D
90
Denmark 20-year extl 6s———1942
External gold 554s...
..1955
106.28
102.13
External g 454s of 1928—1966 MN
♦Austrian (Govt's) s f 7s——1967 J
J
J
6454
7154
102.131Q5.il
106.28
w
♦External s f 7s 1st series.... 1957
♦Externa)
55
43
81
454s external debt...—.—..1977
Sinking fund 654s
Jan 16 1953
♦Public wks 654s..-June 30 1945
Czechoslovak (Rep of) 8s...—1951
Sinking fund 8s ser B
-1962
105.5
♦External s f 7s series C—1045 J
♦External s f 7s series D... .1946 J
♦External
75
5154
•7654
1949 F
External 5s of 1914 ser A
8354 10154
83
10054
*5154"
External loan 4 54s ser C—1949
102.3
9
J
1951 MN
1944 M 8
♦Costa Rica (Rep of) 7s
Cuba (Republic) 6s of 1904
7
112
17
04
A
102.7
102.14106.14
101
105.13
98
99.18102.23
*
1754
1654
A
326
103.4
2154
26
26
2554
3
F
102.23
9
10
2
F
{♦Cordoba (City) 7s unstampedl957
{♦7s stamped
.——1957
4
2154
*33
Cordoba (Prov) Argentina 78—1942 J
106.3
10
*9554
100 14103.17
106.27.
92
♦2554
9554
9354
13
2154
*95%
21 %
1953 MN
100 6
106.27
2254
1
63
98
106.1
18
19
2154
2554
2554
147
105.7
30
2054
1254
1454
'ilk
2554
102.30
106.11
18
♦19
8
22
21%
103.16
102 30
102.25
1254
1254
1254
1154
1354
15 54
*2554
25 year gold 454s..,.—
&
Akershus (King of Norway) 4S.1068 M 8
♦Antioqula (Dept) coll 7s A...1945 J
J
♦External s f 7s series B
1946 j
6s
High
35
30
1554
1254
♦Sinking fund 7s of 1926——1946 MN
♦Sinking fund 78 of 1927..—1947 F A
Copenhagen (City) 5s....—..1052 J D
103J26107.il
104.5
106.26 106.25
A 102.11 102.10
J 104.11 104.11
♦Gtd sink fund 6«
1947 F A
♦Gtd sink fund 6s...—.....1948 A O
♦Stabilisation loan 7 54s
Low
♦21
1454
1454
1254
1354
J
♦6s extl sf gold of 1927.Jan 1961 J
♦Colombia Mtge Bank 654s—1947 A O
105.19109 6
109.4
'
Agricultural Mtge Bank (Colombia)
(
No
2054
2054
2554
Oct 1961 A O
104.4
102*30
*r
Canada
High
i5k
1951 J D
♦Cologne (City) Germany 6548.1950 M S
103.8
104.4
Municipal—
♦Secured 8f7s
Since
13 54
♦Chinese (Hukuang Ry) 5s
iMi
Foreign
Range
Jan. 1
Asked
18
1354
1854
13
1654
O
—1°61 A O
—.1962 MN
♦6s assented
♦Guar sink fund 6s—
105.27109.12
Home Owners' Loan Corp—
8s series A....May
1 1944-1962 MN
254s series B..Aug
254S series G
111.22114.23
7
106.26108.14
107.2 110.5
107
110.3
1 1042-1947 M B
.Mar
116.4
38
113.20
105.4
2
M S 102.25 102.15
D
39
114.20
107.14
102.20
J D 102.23 102.14
106.8
J D
105.1
M 8
J D 102.22 102.12
J
119.6
119.3
107.14
109.28 109.25
—Mar *16'T944-1064 M 8 107.7
May 16 1944-1949 MN
Jan
16 1942-1947 J
J icoT
354*
A
Foreign Govt. & Mun. (Cora.)
1947-1952 A O
454s
Bid
Low
High
U« S. Government
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Price
Week Ended Dec. 30
Jan. 1
7
13
8854 10354
10354 10754
104
10754
10454
1
10354
7
9954 107 54
9854 10454
10154
25
98 h 10354
10454
9954 10454
Volume
147
New York Bond Record—Continued—Page 2
Friday
BONDS
N.
Y.
STOCK
EXCHANGE
F
A
-—1955 A
♦Stabilization loan
f 7s
b
♦External
17*
22
62*
51*
57 H
101*
100*
22
96
8
86
H 103 H
104*
Bait A Ohio 1st mtge g 4s_July 1948 A
1st mtge g 5s
July 1948 A
Certificates of deposit
♦Rio de Janeiro
♦Extl
54*
11
40
62
41
32
62*
5*
51*
5*
15
5*
9*
50*
57
48*
------
10*
12
7*
10*
222
10*
103
10*
10*
8*
10*
8*
------
♦37*
46
32*
------
♦55
9
19
--
-
12
17
24
18*
21
18
24
102*
104
34
1947 F
A
105
105
2
O
A
18
30
4
30*
6
7
5*
6*
25
31
6
12
5*
10*
59
17
------
5
17
i""j
1
24*
....
13*
73*
38
15
20*
21
22
1952
M N
6*
6*
6*
6
1957
MN
6*
5*
6*
17
f*8s extl loan of 1921
1936 J
J
♦8a external..-.♦7s extl water loan
1950 J
J
1956 M
11
u
_
S
8*
17
6*
7*
13*
6*
5*
13
7
7*
6*
28
J
O
18*
16*
18*
52
1945 J
D
25
24
25
3
1946 J
D
24
24
2
25*
26*
19
24*
♦30*
25*
38
22
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962
1958 J
25*
------
D
-_1°58 J
6
------
MN
M N
..1962
D
♦Sllesian Landowners Assn 6s. .1947 F
*
A
43
1955 F
f 5*s
Taiwan Elec Pow
f 5*8 guar
—
4e stamped
D
10
42
60*
41
54*
42*
9
38*
54
44
44
1
40*
53*
36*
53
39
1978 F
A
1984 J
Venetian Prov Mtge Bank 78.-1962 A
39
1941 J
O
4-4 *-4 *% extl readj
3 Ha extl readjustment
J
♦Vienna (City of) 6a
1958 F
A
1°58 F
A
1961 J
39
*
19
D
(City) external 7a
A Ha assented
Yokohama (City) extl 6s
—
-
—
—
*
■
42*
69*
3
55*
60
31*
—
56*
15
18
100
30
-
62
34
35*
43*
66
10-year deb 4*s stamped...1946 F
Adriatic Elec Co extl 7a
-w-
61*
64
------
*103 *
104
D
8
1948 M
A
------
105*
A 6s
1943
------
103*
1943
Albany Perfor Wrap Pap 6a...1948
8s with warr assented
------
105
2
105*
*105*
103*
21
70
34
Nat gold 4*s
Guaranteed gold 5s
Guaranteed gold 6s
5
♦6s stamped
6s—Nov 1945 F
76*
8
Am A
2030 M
8
54
D
102
102
102
101*
101*
101*
101*
102
102*
9
20-year sinking fund 6*8...1943 M N
111*
111*
112*
87
3lis debentures...
105*
105*
105*
105*
113
111* 113*
99* 105*
105*
105*
88
111
99* 105*
111
100*
105*
101*
45
47
2
101
109
97
97
3
79
91*
98*
93
7
79
95
102
96
115
27
100
g
1945 M N
1959 A O
Ha..-1949
1961 A
1966 J
3 Ha debentures
O
D
J
Amer Wat Wks A Elec 6s
ser A. 1975 M N
Anaconda Cop Mln a f deb 4 Ha 1950 A O
------
100*
100
'
6
6
106
34
38*
Jan
1967
fAnn Arbor 1st g 4s
1995 Q
Ark A Mem Bridge A Term 5s. 1964 M
Armour A Co (Del) 4s series B.1955 F
1st m a f 4s ser C (Del)
1957 J
25*
.
*
1941
117
81
D
1965 J
J
Rocky Mtn Div 1st 4s
Trans-Con Short L 1st 4a
J
1958 J
Cal-Ariz 1st A ref 4 Ha A
1962 M S
Atl Knox A Nor 1st g 5s......1946 J
D
Atl A Charl A L 1st 4 *s A
1st 30-year 5s series B
1944 J
10-year coll tr 5s
108*
......
106*
*108*
*85*
89*
97* 116
84
102*
106*
107*
94* 100
88
99*
86*
99*
12
10
A
117* 126*
73
89
90
103*
110* 114*
104
102*
29*
A
21*
20
106*,
74*
O
......
5s extended to May 1
72
♦61*
57
A
1941 MN
1948 M 8
80*
95
35
56
"4
59
92*
12
14
20
30*
60
*40
5*
13
5*
62
7*
3*
3*
12*
12
10
7
7
8
7
7*
5*
7*
14
7
7*
8
10
8
103*
23
"30* "43
10
95
107*
118
78
107
109*
89
104*
105* 110*
25
46
24*
67
20
34*
21*
106*
18
18
30*
12
101
107*
74*
148
61
*53
"68
60
55*
115*
64*
97*
72
35*
74*
54
70^
♦115
MN
1942
12
55
♦110
Through Short L 1st gu 4a...1954 A
Guaranteed g 6s
1960 F
Central RR A Bkg of Ga—
Central Steel 1st g s f 8s...
Certain-teed Prod 5*s A
89*
.94* 108
♦109*
103*
Cent Pacific 1st ref gu gold 4s..1949 F
100*
30
99
60
112*
60
— -
-
—
87* 106*
95* 103*
64
112* 117
78
74*
78
99*
99*
99*
4
99*
99*
7
20
101*
"95*
101*
117*
95*
95*
95*
106
109
97
91
5
67
31
69
94
85
83*
85
104*
67
22
53
77*
76
78
28
63
88
70*
69*
70*
11
45
29
J
35*
14*
J
31
33*
30*
35*
-.1948 J
31
8
14
32*
1959 J
J
51*
51
52
13
50
60
Atlant'c Refln'ng deb 3s
19*3 M S
{♦Aubhrn Auto conv deb 4*8.1939 J
J
Austin A N W 1st gu g 68
J
1941 J
104*
104*
104*
22*
21*
22*
8
16
74*
71*
74*
2
70
74
2d consol gold 4a
49
85*
1989 J
96*
96*
29
28
4s
1st A ref 4 *s series B
1st A ref 5a series A
M
1949 A
1958 M
104
*
S
O
13
J
98
J
S
10*
97*
13
124
98
13
103*
97*
98*
A
91
91
91
F
A
95*
95
95*
92
95
{f♦Chicago A East III 1st 6a...1934 A O
{♦C A E 111 Ry gen 5s
1951 MN
"22*
14
23
08
105
75
109*
22*
320
22
120
1982 MN
80*
80
80*
6
{♦Chicago Great West 1st 4a...1959 M S
J
{♦Chic Ind A Lou lav ref 6a
1947 J
23*
22*
24*
201
14*
12*
14*
13
13
10*
13
♦Refunding 4s series C
30
♦1st A gen 5s series A
1968 MN
85
♦1st A gen 6s series B—May 1966 J
J
J
8*
95
22*
22
7*
56* 108
15*
24*
4
"4* "47
4
21
9
17
8*
13
9
2
*10*
5*
10
26*
107*
90* 111*
81* 109
85
85
8
20
J
lis"
104*
3
20
♦Refunding g 5s series B
97*
100
34
22
♦Certificates of deposit
Chicago A Erie 1st gold 6s
85*
101*
103*
"98*
100
110* 121
85*
97*
104
104*
109*
1977 F
—.1971
97
101* 106
109
♦111*
1989 J
1941
1947 J
1947 J
102* 104*
4
25
95* 106
100
*105
Chic Burl A Q—111 Div 3*8—1949 J
Illinois Division 4a
1949 J
General
101*
118*
May 1940
♦Chic A Alton RR ref g 3s
112*
98* 112
83*
-----
Craig Valley 1st 5s
Warm Spring V 1st g 5a
100
--
108*
102
General gold 4*s
1992 M S
Ref A imp mtge 3*s ser D..1996 M N
Ref A Impt M 3 *s ser E
1996 F A
81
104*
79* 101
63*
7
106*
77*
4029
108* 115*
54
1962
76*
36*
For footnotes see page
5
4*
Central N Y Power 3*s
102*
67
1948 J
5*
80
MN
Second mortgage 4s
Atl Gulf A W I SS coll tr 5s
"II*
20*
Oct 1952 MN
May 1 1945
gold 4s.
Atl A Dan 1st g 4s.
99
1
92*
92*
87*
*108*
J
Atl Coast Line 1st cona 4s July 1952 M 8
General unified 4 Ha A
1964 J D
L A N coll
99
......
J
1944 J
100*
47*
106*
17*
38*
H*
"22*
R A A Div lBt con g 4a
90
1948 J
F
1961
82
88*
92*
91
99
35
14*
34*
9*
Potts Creek Branch 1st 4s...1946
89*
87*
99*
86*
17*
1987
75* 103
75* 103*
89*
...
4s
98* no*
89
......
gu
5
89
D
{♦Cent New Eng 1st
104
107
D
67
3
60
90
1987
102*
107
O
D
1951
14
1995 M N
1955 J
92
90
.
89*
Cent Hud G A E 1st A ref 3 *8.1965 M S
98
1995 Nov
1955 J
1960 J
97*
14
♦45
Cent Illinois Light 3*8.......1966
S f deb 4*8 (1935 issue)
1950 M S
8 f deb 4*s (1938 Issue)..:. 1950 M S
Ches A Ohio 1st con g 5s
1939 MN
1995 A
Conv 4s of 1905
118*
108* 116*
Champion Paper A Fibre—
General 4s.
Conv gold 4s of 1909
120*
112
23
.
23
S
41
1
♦Adjustment gold 4s..
Conv gold 4s of 1910
Conv deb 4*s
63
M
38
98*
105*
121
110
97*
112*
♦101
23
96
Atchison Top A Santa Fe—
♦Stamped 4s
113
6
"89*
1941
26*
96
97*
97*
108* 115*
108* 117*
H
88
1946
38
30
97*
96
80*
.
88*
♦Mid Ga A At Div pur m 5s. 1947
♦Mobile Div 1st g 5s
Central Foundry mtge 6s
Gen mortgage 5s
32*
32*
------
98
79
74* 109
114
7*
♦5*
*7 *
15
J
J
4
85*
49*
61
122*
♦42*
105*
10
•Chatt Div pur money g 4s..1951
♦
Mac A Nor Div 1st g 5s
1946
27
K
A
"16
9
68*
20*
35*
113
90
Central of N J gen g 5s
General 4s
♦Anglo-Chilean Nitrate—
8 f Income deb
5
10
4*
121*
99* 105*
95
Telep A Teleg—
♦Am Type Founders conv deb. 1950 J
115
'113*
5*
1959
Cent III Elec A Gas 1st 5s
Amer
116*
A
50*
5
115
♦118
'lie*
{♦Central of Ga 1st
41*
138
13
J
D
16*
J
16
118*
118*
116*
115*
A
1948 J
25
J
115
118
♦Cent Branch U P 1st g 4s
2
1949 MN
114
54
37*
1953 J
114*
34
78
105
S
6 Ha
1956 F
1951 M S
9
115
95* 103*
1952 M
deb 6s
D
11
95*
115
A
1955 J
92*
118*
89*
1955 M
conv
1970 F
25
5
106*
♦Alplne-Montan Steel 7s
a f
94
Carriers A Gen Corp deb 5s w w 1950 M N
Cart A Adlr 1st gu gold 4s
1981 F A
Celotex Corp deb 4 *s w w
D
1947 J
94
1942 M S
1950 A O
1951 E A
Amer IG Chera
1
92
.1
44
21*
"
14
95*
J
10>*
10U
10
17
92*
O
111*
106
114
69*
.
59*
80*
78*
99
105* 108*
109
*2
6
ser
34*
63
I1
16
106*
Caro Clinch A Ohio 1st 6s
37*
54
95
40
D
103
45
50*
13|
52
A 1952 J
86
Allegh A West 1st gu 4s
Allegb Val gen guar g 4s
Allied Stores Corp deb 4 Ha
4 Ha debentures
Allls-Chalmera Mfg conv 4a.—.
Foreign Pow deb 6s
»
96*
45
40
75
39*
40*
88*
108*
95* 107
2
105
...
J
45
110
107
92
D
44
109*
100
20
51
4s
guar
20
♦37*
30
78*
40*
106*
104*
71*
1960 J
1949 J
{♦Car Cent 1st
70
109*
107
'"74*
Dec 1 1954 J
37*
72*
87* 103
67
104*
59
83*
112*
69
104*
2
54
108*
35*
*35
97*
♦Consol gold 5s
97
83*
*35
112*
♦Ref A gen 5*8 series B
♦Ref A gen 58 series C
104*
30
101
138
38
1944 J
67
------
6
20
74*
38*
J
5s equip trust ctfs...
Coll trust gold 5s
Collateral trust 4 *s
85
50
30
8*
104* 107*
19* 45*
20*
45
18*
41
5*
12
108*
97*
90
♦45*
92* 101*
82
100*
71*
74
1946 M S
34
------
34
26
78*
96*
70
1998
99* 107
108*
108*
"80*
45
127
48*
09*
deb stk perpet
1950
5s
48
54
52
Guaranteed gold 5s..
Guar gold 4*8
June 15
Guaranteed gold 4*s...
Guaranteed gold 4*s..Sept
Canadian Northern deb 6 *s...
1950
Coll A conv 6s.
A
D
MN
1967 J
78
-
F
J
Oct 1969 A
81
-
28
106*
106*
♦111*
1 09*
109*
26
21*
26
21*
24*
6*
7*
7
6*
July 1969 J
77
-
27*
23*
21*
6*
1962
77*
-
22*
28
...1966
*72*
------
147
27*
40
5s A
cons gu
81
1946
Alleghany Corp coll trust 6a...1944
167
94
A
1960
1949
Alb A Susq 1st guar 3 *s
29*
*106*
J
58
3
11
22*
•69
164
J
100
-----
103*
34*
34
34
1948
14
103
*63*
1952
1st cons 4s series B
103
27*
101*
99*
J
COMPANIES
1947 MD
29*
28*
107
8*
30
20
19
3
MN
1955
Canadian Pac Ry 4%
Coll trust 4 *s
{{♦Abltlbl Pow A Paper 1st 58.1953 J
25
16
13
100*
98*
26
119*
26*
26*
106
1946 J
INDUSTRIAL
Adams Express coll tr g 4a
Coll trust 4s Of 1907
26
1952
Canadian
38
50 *
35
-
------
56 H
38
4
19
*
—
25*
F
♦Certificates of deposit
3
56
D
Certificates of deposit
Canada Sou
36*
65
125* 129*
24*
J
Jf♦Burl C R A Nor 1st A col 15s 1934 AO
36* ' 43*
37*
43*
40
------
1952 M N
♦Warsaw
39
2
41
12
"28" "l2
A
1945 MN
Calif-Oregon Power 4s
39
*
S
1950 F
{Bush Term Bldgs 5s gu
48
115
129*
D
1967 M
{Bush Terminal 1st 4s
108
12
"27"
99*
1944 J
1st Hen A ref 5s series B
1957
Brown Shoe sf deb 3*s
1950
Buffalo Gen Elec 4 *s series B. 1981
Buff Niag Elec 3*8 series C...1967
Buff Rocb A Pitts consol 4*8.-1957
14
------
99
118*
128*
1947 MN
53
46
106
40
101*
1950 J
44
32*
112*
99* 100
107
1st lien A ref 6s series A
33
59*
105
"41
27*
Debenture gold 5s
52*
23
19
85
26*
00*
104*
70
41
45
26*
35
41*
M N
1979
1978 J
conv
100
11*
27*
95
129*
♦Debenture 6s
1955
♦Berlin Elec El A Undergr 6 *s 1956
Beth Steel cons M 4*8 ser D..1960
Cons mtge 3*s series E.....1966
3*s s f conv debs
1952
Consol 5s
external conversion
"99*
16*
41
3
"28"
20
60
38
9*
Ii7*
cons 3 *8.-1943
♦Berlin City Eleo Co deb 6 *8.-1951
♦Deb sinking fund 6*s_.—.1959
52*
37
14*
9*
48
99*
*40
1st 5s stamped
Bklyn Union El 1st g 5s
Bklyn Un Gas 1st cons g 5s
34*
34
39
755
108
♦
35
15*
38*
16*
39
12
108
99*
13*
14*
14
16
*
1951
43*
44
MN
1979 MN
readjustment
3 * -4-4 H % (I bonds of *37)
American Ice
1943
1951
20
37
50*
1964 MN
Am Internet Corp conv 6
17*
23*
($ bonds of *37)
conv
28*
Bklyn Manhat Transit 4 *8—.1966 MN
Bklyn Qu Co A Sub con gtd 6s. 1941 M N
41
52*
1960
f 6s
external
♦Coll A
7
25
47*
6
51
*46
A
6s
cons
126
33*
20*
26*
90
J
O
*
33
29*
32
32*
29*
14*
"~3
S
1961 A
Ala Gt Sou 1st
28*
28*
J
.195°
23
11*
100*
1952 M
♦Uruguay (Republic) extl 8a—.1946 F
AND
Toledo Cin Div ref 4s A
Bangor A Aroostook 1st 5s
Con ref 4s
Brooklyn City RR 1st 5s.-...-I94l J
J
Bklyn Edison cons mtge 3 *s.. 1966 MN
25
166"
1971 J
s f 6 Ha
Tokyo City 6s loan of 1912
RAILROAD
1
30
*
33
A
Sydney (City)
3 *-4 *-4* us extl
41
41
1st M 5s series II
-.1955 MN
lat g 4*s series JJ__
1961 A O
{♦Boston A N Y Air Line 1st 4a 1955 F A
4
1968 J
3 *-4-4
44*
41
Big Sandy 1st 4s
Boston A Maine 1st 5s A C
29
1940 A
s
40*
10*
7*
♦6s extl dollar loan..-
♦External
44*
m'n
S'western Div 1st mtge 5s... 1950 J
Certificates of deposit..
222
11*
11*
7*
------
Secured
s f
11*
A
6*
6*
Paulo (State of)—
♦External
14*
10*
10*
1960 F
Certificates of deposit
P L E A W Va Sys ref 4s...1941
Certificates of deposit
45
♦6 Ha extl secured s f
8
12
11*
Convertible 4*s..:
103
♦8s extl secured s f
External
25
305
10*
(City of, Brazil)—
a
19*
17*
6
♦February 1937 coupon paid
♦Saarbruecken (City) 6b
1953
Ha assented
17
18
3
15*
4
30
16
7
13*
•811eela (Prov of) extl 7s
19*
14*
7
15*
♦78 series B sec extl
45
Belvldere Delaware
A
6*8
19
15
14*
10*
1959 F
g
15
630
16
13
«
39*
32
20
17*
10*
68
14*
19
16*
17*
1996
5*
7
244
15
20
Certificates of deposit
6*
12
49
19*
16*
78*
82*
51*
37
20
M~S
Certificates of deposit
Ref A gen 5s series F
55
65*
♦Sinking fund
D
127
51*
17
42
68
♦Saxon State Mtge Inst 7a
49*
49*
53
51*
19*
15
7*
117
7*
O
-
52
High
102
96
34*
19*
7*
7*
1952 A
-
165
2000 M S
6*
♦Roumanla (Kingdom of) 7s
.
Certificates of deposit
Ref A gen 5s series D
6*
O
------
f 7s...
53
Low
102
50
19
7*
—
NO
*101
}~~D
1995
6*
-
-
6*
D
s
High
Jan. 1
O
1995 J
Since
Ask
52*
Certificates of depositRef A gen 6s series C
D
—
1967 J
San
Ref & gen 5s series A„
1966 M N
—
— -
♦7s municipal loan
Rome (City) extl 6 Ha..
Sao Paulo
101* 108*
94* 109*
A
Range
Is
Friday's
Bid
O
Battle Creek A Stur 1st gu 3s.. 1989
Beech Creek ext 1st g 3 *s
1951
Bell Telep of Pa 5s series B——1948
1st A ref 5s series C
1960
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
1946 A
♦6s extl 8 f g
1968 J
♦7s extl loan of 1926
10*
98*
19
18*
O
1953 F
11*
5*
-
O
(City of) 8s—.1946 A
6*
52
7
9*
-----
A
30*
62
3
1952 A
1950 M S
42
27
1966
13
67*
82*
30*
17
9*
9
13
.
37
46
9*
18*
7
9*
16
7
41
30*
1950
0*8
sec
51*
101
100
1947
♦Rhine-Main-Danube 7s A
Range or
Sale
Baldwin Loco Works 5s stmpd.1940 MN
43*
41
Wl S
a f 7b. .1941
Last
Price
Low
6
100*
Week's
Friday
High
23
1961
f 6s
8
If
■So.
EXCHANGE
25
100
Prague (Greater City) 7*s
1952 MN
♦Prussia (Free State) extl 6 *s. 1951 M S
Queensland (State) extl
26-year external 6s
Low
8TOCK
Week Ended Dec. 30
18*
O
1940
♦External sink fund g 8fl
♦Porto Alegre (City of) 8
♦Extl loan 7 Ha
Y
55*
f 6a 2d eer—1961
a
N.
Jan. 1
18
♦Peru (Rep of) external 7b
1959 M S
♦Nat Loan extl 8 £6s 1st ser__ 1960 J
D
♦Nat Loan extl
No.
S§
BONDS
Since
0
54
51*
1963 WIN
♦Poland (Rep of) gold 6a
0
18*
1963 WIN
1947
Range
!*
05 00
Ask
Hiuh
D
1953 J
♦Stamped
♦Peraambuco (State of) 7s
A
------
1958 M N
Oslo (City) 8 f 4*s
♦Panama (Rep) extl 5*8
♦Extl 8 f 6a ser A
Bid
Loir
1953 M S
...
or
Friday's
Price
Foreign Govt. &Mun. (Conel.l
Nuremburg (City) ertl 6s
1652
Oriental Devel guar 6s
Extl deb 5*8
Range
Sale
Week Ended Dee. 30
4025
Week's
Last
15
3
3*
7*
7*
New York Bond Record-Continued—Page a
4026
Dec.
Last
bonds
n.
York,
Crown Cork a Seal s
Week's
Friday
Last
n. y. stock exchange
week Ended Dec. 30
Price
Sale
Bid
1966
J
J
Chic l 8 a East 1st 4 ms
1969
J
Since
No
High
Low
D
May 1 2037
♦1st a ref 4Mb stpd.May 1 2037
♦1st a ref 4Mb aer c-May 1 2037
♦Conv 4Mb aeries a———1941
1 {♦Chicago Railways 1st 6s stpd
Aug 19<i8 26% part paid. ....
{♦Chic r i a Pac Ry gen 4s., 1988
♦1st ref g 6s
♦Certificates of deposit
62%
5
26 M
♦Geng3MsBerfesB..May 11989
♦Gen 4 ht aeries c—May 11989
♦Gen 4 Mb series e—May 11989
♦Gen 4Mb series f—May 11989
{♦Chic Mllw St p a Pac 6s a—1976 f a
♦Conv ad] 6s
Jan 1 2000 a o
{♦Chic a No West gen g 3^8-1987 mn
♦General 4s
1987 mn
♦Stpd 4a non-p Fed lne tax 1987 mn
♦Gen 4%b stpd Fed lnc tax-. 1987 mn
♦Gen 6a stpd Fed lnc tax——1987 mn
♦4Ms stamped————1987 m n
{♦Secured 6)48.———-1936 mn
24
97
25 M
22 M
27M
24 M
26%
25%
27%
27
24 %
27
27
25
27
HM
3M
10M
2M
13%
11%
691
3M
15M
911
14M
16
101
14%
15%
16
13
18
19
13)4
134
18%
64
10 M
12
58
7
12)4
99
7
63
6)4
3)4
11)4
11)4
d
10 M
8%
10 M
j
d
10 M
8%
10 M
5M
4%
5%
282
f
a
j
j
17M
16M
8
m.4.
d
-
»
~
«.
202
441
51
14%
13%
6%
22 %
7M
139
5
102
5%
5%
19M
10M
9
11
8M
5M
7%
66
85
3
2
65
74
»«•«..
63
86
78M
74
69
2
45
54 M
57 M
17
46
70 M
43
M
46 %
35
36
64 M
*104%
106M
105M 103 %
101M
105M
d
60
60
60
d
ms
45 M
102)4 107)4
16
105M
103
76
107
110
99
101M
3
88
89
90%
42
109)4
97)4 105)4
71
100
88
88
71
92)4
76 M
16
48)4
80
10M
10M
108M
111%
101M
1
10m
17
107 M
d
*110M
m n
*100%
mn
108 M
7
8
.
109
38
mn
107%
107%
11
j
*37
j
j
j
*99
Cln Wabash a m Dlv 1st 4s. 1991 j
j
55
100 M
55
St l Dlv 1st coll tr g 4s...-.1990 mn
g 4s
1940 m s
*62
69 %
88
67 M
Spr a Col Dlv 1st
j
-
«...
-
M
*
A.
27
104 M
*
104 M
104M
-
5
o
•
«.
73)4
102)4
■
103)4 106)4
107)4 112)4
107
104)4 108
104)4 108
106)4
73
104)4
77
105)4
78%
73%
77M
71
36
71
22
64
102)4
92)4
106 M
103
95 M 103
58%
60 %
9
40
65
41%
56
30
49
92%
Debenture 5s
May 1962 mn
Apr 16 1952 a o
Debenture 6s
Jan
92%
debentures.—
1942 j
3^4s
1st mtge 3)48 series h
1st mtge 3)4a series i
Conv debs 3mb
47
86
17
86
98
88
85
96)4
*109
68
-
«
-
-
*109
109 %
104
110
19
104 %
50;
102 M
102 M
69
105 M
105 M
3
104 M
102 %
m s
104)4 112)4
106)4 110)4
105
95 M
110
104)4
99 M 103)4
100
106)4
108
107M
108 %
89
105
1965 a o
.—1968 j d
108
108
108 M
12
108M
107 %
108 %
55
...1958 j
109 %
108
109%
75
102)4 109)4
103)4 108)4
100
111)4
109%
108 %
109%
122
j
109)4
Conv debs 2Mb (Interest
from Sept 301938)
1958
Conn a Passump River 1st 4s..1943
Conn Ry a l 1st a ref 4)4s
Stamped guar 4)4s__,
Conn Riv Pow s f 3mb a
*
98%
1951
*109 M
...1951
*108 %
*109
109 M
..1961
•
-
-
-
«
-
-
M
-
-
^
-
-
-
-
—
_
_
„
Consol Edison (n y) deb 3)4s.l946
105 %
105 %
105 %
.35
2Mb debentures....—.1948
3 Mb debentures...
....1956
3 Mb debentures
1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 78—1956 j
106%
106%
55
105%
106 M
105 %
105
105%
112
Consol Oil
conv
{♦Consol Ry
105%
j
1961 j d
deb 4s—1954 j
20 M
26)4
103%
-
2
102 %
12
103%
92
92 M
1
9)4
104
17)4
16)4
„
.4.
-
-
♦Debenture 4s
10
♦
For footnotes
see pave
1966 MN
4029
I
12
12M
*9M
...1956 j
.1970 MN
103)4 107
97)4 105)4
99)4 105)4
22H
10
lstmtge3)4s—
1st mtge 8)48.—..
107)4 108)4
104)4 109)4
100
106)4
22 %
♦Debenture 4s—
..1955 j
♦Debenture 4s—.........1955 a
Consolidation Coal 8 f 5s
1960 j
Consumers Power 3{4s.May 11965
1st mtge 2Mb
...May 11965
1st mtge 3 Mb
1967 MN
16
100)4 111)4
100)4 101
107)4 108)4
22%
deb 3 Mb
non-conv
"21%
52
..
15
10
1
52
1
108
9
106%
108
107 %
108
6
107%
107% 108%
104 %
104
9
9M
_
107 %
108 M
104 M
~30%
37 M
45%
40
58 M
36
32 M
52
a
o
109
109
56%
107%
61M
107M
103
104
106 M
106 M
106 M
mn
j
j
j
61 %
j
j
37
j
103"~
mn
mn
j
*106 M
106 M
j
j
f
a
106 M
15
j
14«
5%
5M
ao
j
j
3M
m s
f
a
13M
13M
4M
4%
8m
10 %
a
o
m s
112
111
d
d
*20
mn
96 M
*106
j
d
a
o
j
j
14M
j
j
110 M
a
o
j
1
....
106 M
15
221
28
61M
106
108 M
102M 105
108
105
105M 108 M
106 M 108 M
15
8M
24
9
60
3M
5M
189
3M
10 m
127
5m
14 %
6
4
3%
16
3
8
7H
12
4M
.
42
42
"21
23
him 114M
107
112M
103 M 111M
~55
32
20
33
96 M
88
109
50
102 M 106M
106 %
100M 105M
105%
14M
105
12
110 M
*102 M
22
23
12
23
110%
19
106
111
98 M 108
105
33
84M
84
68M 90M
103 M
131M 134M
94 M 109 M
105 M 109 M
100
j
*134M
106 M
106 M
138M
106 M
106
106
o
*50
75
*68
95 M
22
21
103
101
*102
*102
49
100 m 103 m
33m 70 m
43 m
21
64
10m
61
18M
20
189
10m
1953
4s series d
41M
19M
18%.
1953
19
19
1
36 m
23
58 of 1927—1967 mn
♦Ref a lmpt
♦Ref a lmpt 5s of 1930—1975 ao
j
♦Erie a Jersey 1st s f fls
1955 j
j
♦Genessee River 1st 8 f 68—1957 j
14
534
14
12%
14
523
39 M
43
23
39
43
30
*85
94
f 5s
12M
13M
43
43
9m
9m 42 m
105
38
85
33 m
101M
59
104 M
36
~qq
102 %
89 %
75
90
*38
55
62
62
62
j
8%
7%
1
1%
H
1%
93
64 M
49
9M
235
9M
3M
2
2M
1
15
10M
1QM
3M
31
3
9%
9%
102%
93 M 10>M
35 M
45
*104«m 105
j
106
91M
93
89M 101M
100 M
102 %
*87%
85
97
89 M 101
100 M
j
d
103 M
*100 M
*95
d
—1974 m s
♦1st a ref 5s series a
15
75
77%
104 m
stamped——1942 m s
.....1942 m s
30-year deb 6s series b
1954 j
f Flat deb s f 7s
1.1946 j
{♦Fla Cent a Pennln 5s
1943 j
{♦Florida East Coast 1st 4 )4s—1959 j
53
16
*50
1954 fa
—
1956 j d
Federal Light a Traction 1st 5s 1942 m s
5s Internationa series
.1942 m s
Fairbanks Morse deb 4s.:
284
22
43
♦n y a Erie rr ext 1st 4s„1947 mn
{♦3d mtge 4Mb
—..—1938 m s
s
5
13
105 M 109 M
59
*45
j
255
112M
HIM
*111M
j
1
33
*22
112M
HIM
stamped..—........—1965
Erie a Pitts g gu 3)4l ser b—.1940
Series c 2Mb
1940
{♦Erie rr 1st cons g 4s prior—1996
♦1st consol gen lien g 4s....1996
1st lien
54 M
31M
36
*32
el Paso a 8 w 1st 5s.._......1965 a
conv
9
106M
102 M 106 M
29 M
43
♦44
j
Ed el iii (n y) 1st cons g 5s—1995 j
Electric,Auto Lite conv 4s
1952 f a
Elgin Jollet A East 1st g 5s
1941 mn
♦Gen
"37
j
1956 mn
1939
31 %
M
Fonda Johns a Glov 4 Ms—1952
{{♦Proof of claim filed by owner. mn
(Amended) 1st cons 2-4s
1982
{{♦Proof of claim filed by owner mn
♦Certificates of deposit
Fort 8t u d Co 1st g 4Mb
Francisco Sugar coll trust 6s
j
1941 j
1956 mn
*99
*104
j
♦20-year 8 f deb 6s
Gen Motors Accept Corp deb 3s 1946
15-year 3Mb deb
..—1951
Gen Pub 8erv deb 5 Ms—
1939
4
M
121
100
85
105
~~17
106""
102 M
106M
101
69
7
61
1
39
58
59
11
39
M
106
106 %
49
106 M
101
106%
68
57 M
101
5
1
Gen s'eel Cast 5 Ms with warr.1949
J
{♦Ga a Ala Ry 1st cons 5s Oct 1 '45
{{♦Ga Caro a Nor 1st ext 68—1934
♦Good Hope Steel a Ir sec 7s..1945
j
14M
J
16
O
100 M
100
d
99 M
99
f Good year Tire a Rub 1st 5s.l957 mn
71M
21
13
25
5
25 M
Gt Cons el Pow (Japan) 78—1944 f
1st a gen s 1 6Ms
...1950 j
86 M
j
103 %
84
2
101M
1
74 M
70
94 M
106 M
1
102
Oi
«
*60
106 M
1
~60% ~8§"
I
"77%
72 M
j
100'
—
103 %
d
a
78 M 100 M
35
.
86M
85
42
34
99 %
101"m 101"»
*25
102 M
13M
*
Gotham Silk Hosiery deb 5s w w '46 m s
Gouv a Oswegatchle 1st 5s
1942 j d
Grand r ai ext 1st gu g 4 Ms—1941 j
Grays Point Term 1st gu 5s... 1947 j
89
7
100 M
M
60
37 M
42
42
d
62
101m 106 %
106 M
101
4
16
Goodrich (b f) conv deb 68—1945
1st mtge 4 Ms—
1956
61m
.
73
62 M
15
62m
104 M
39
61
58 M
106 %
53 M
34
121
102 M
58 M
d
1948 mn
fa
-
43
J
♦Gen Elec (Germany) 7s.—.1945 j
♦Sinking fund deb 6 Ms—1940 j
f 5 Mb a
103M
97
*122
1947 j
s
2M
2
%
1
1«
102
3
—
49
83 m
99
93%
92%
91%
j
1st mtge g"4s aeries f,
92%
91
■
d
100
*
d
Gen Cable 1st
39%
2mb
108 M 109
99 M 106
3
d
97 M
60 M
j
4
104 %
j
99
41%
151961 j
105 M
j
78)4
12
85
*102 %
a
Columbia a h v 1st ext g 4s—1948 ao
Columbus a Tol 1st ext 4s..—1965 f a
Coliimbus Ry Pow a Lt 4s_
1965 mn
Commercial Credit deb 3)4s— .1951 a o
109
105 M
104 M
j
94
o
Commercial Invest tr ideb
Commonwealth' Edison c
Ed el hi Bklyn 1st cons 4s
108 M
104%
j
d
100
109
Gas a e! of Berg Co cons g 5sl* 1949 j d
Geq Amer Investors deb 5s a.! 1952 f a
Colo a South 4Mb series a—1980 mn
.
East t Va A Ga Dlv 1st 5s
j
j
57
88 %
■
87
-
78 %
73%
o
62
d
a
mn
50
101)4 101)4
*
«.
d
Colo Fuel a Iron Co gen s f 6s..1943
♦6s Income mtge.......—1970 a
41
100
j
f series b guar.........1973
92 54
105)4 106)4
M
o
1st s f 4 Mb series c———1977
Coal River Ry 1st gu 4s
—1946
90 M
107
o
83
61
5
Series a 4 Ms guar—.
....1942 j j
Series c 3mb guar—.......1948 mn
Geq a ref mtge 4 Mb series b.1981
98 M 105 M
1
87
„
4
Cleve a Pgh gen gu 4 )4s ser b.1942 a o
Series b 3)48 guar.....—1942 a o
Cleve Short Line 1st gu 4 )4s...l961
Cleve Union Term gu 6)4s—1972
59
95
3
105 M
109
M
-
72
96
105 M
107
~
96
*88
Cleve-Cliffs Iron 1st mtge 4 {48.1960 mn
Cleve Elec Ilium 1st m 3)48—1966 j
j
-
60
%
96
j
Series d 3Ms guar...—..i960 fa
Gen 4Mb series a..
a
..—1977
6
98
♦Certificates of deposit.......
107)4 110)4
102
108)4
75
32
75M
*
60
102
65
74 %
d
102)4 108)4
106)4 110)4
100
108 %
High
103
98
1st lien 6s stamped
72 M
88
j
1st 4s—1948
East Ry Minn Nor Dlv
Ernesto Breda 7s
107
Ref a lmpt 4)4s series e
1977
Cairo Dlv 1st gold 4s——1939
Columbia qae deb 5a
extended to 1946
Dayton Pow A Lt 1st A ret 3 Mb 1960
Del A Hudson 1st A ret 4s..—.1943
Del Power A Light 1st 4Mb
1971
1st A ref 4MB
1969
lBt mortgage 4Mb—-—...1969
Den Gas A el 1st A ret s f 5s...1951
Stamped as to Penna tax—1951
{{♦Den A r g 1st cons g 4s—1936
{♦Consol gold 4)48——...1936
{♦Den A r g West gen 5s. Aug 1955
♦Assented (sub] to plan)..
♦Ref A lmpt 5s ser b—Apr 1978
{♦Des m A Ft Dodge 4s ctfs—1935
{♦Des Plains Val 1st gu 4)4s—1947
Detroit Edison Co 4Mb ser d—1961
Gen A ret m 4s ser f——1965
Gen A ref mtge 3 Mb ser g...1966
♦Detroit A Mac 1st lien g 5s.—1995
♦Second gold 4s
—1995
Detroit Term A Tunnel 4)4s—1961
Dow Chemical deb 3s
1951
Dui MlssabeAIr Range Ry 3 )4al962
{(♦Dul Sou Shore A Atl g 58—1937
Duquesne Light 1st m 3)48—1965
♦Series b.
3%
■
LOW
103
♦Conv 4s series a—...—.—1953
41
8%
72%
*62%
~
25
.8
3%
3%
«.
18
16 %
7
74
*
15
6M
7%
6%
7M
8M
m*s
44
43M
16M
15M
No.
High
d
d
5s
d
a
7)4
"
Cleve Cln Chic a St Lgen 4s.—1993
General 6s series b——...—1993
1st
18)4
18)4
17 M
22
18)4
22)4
16
{♦Choc Okla a Gulf cons 6s—.1962 mn
Cincinnati Gas a Elec 3)48—1966 f a
1940
14)4
4M
18
15
—.1943
DIy 1st g 4s
12)4
48
mn
—1963
1963
3Mb guaranteed...—..——1961
Chic a West Indiana con 4s—.1962
1st a ref m 4)is series d—1962
w w Val
2)4
12
12
1st mtge 4s "-rles d
1st mtge 3M* series e
...—1967
4s... 1942
Cln Un Term 1st gu 6s eer c—.1967
1st mtge guar 3 Mb series d—1971
Clearfield a Mah 1st gu 6s....1943
82
7
18M
Chicago Union StationGuaranteed 4s
—....1944
eon gu
19)4
35)4
24M
13)4
j
3)48——.June 16 1961 j
Memphis Div 1st g 4s——1961 j
Chic t h a So'eastern 1st 68-1960 j
1st mtge 3)4s
Cln Leb a Nor 1st
30
36
21
d
Gold
Chllds Co deb 6s
16
19
20
j
♦Conv g 4)4fl———.—1960 mn
Ch St jl a New Orleans 6s
1961 j d
11960
15
32
15
{♦Refunding gold 4s
...1934 ao
♦Certificates of deposit..
lnc gu 6s....—.—Deo
35)4
36
18 %
—
{♦Secured 4Mb series a.....1962
♦Certificates of deposit——
19)4
84
15M
-
High
85)4
111)4 h2
60
150
15M
15 M
...
Range
Jan, 1
62 M
—
IChlo Milwaukee 6 St Paul
♦Gen 4a aeries a.——may 11989
•
•gj»
Ask
A
Low
Chic Ind & Sou 60-year 4a
1
CO
Range or
Friday's
6s
6s series b
Randolph 7711
bonds
1950
1951
1942
Cuba rr 1st 5s g
1952
7 Mb series a extended to 1946—
Teletype *- Cgo. 543
T. 1-7(1 -4> 9ell Syttem
f 4s
1 Crown Willamette Paper
Cuba Nor Ry 1st 5)4s
L^L*
*Dlgby 4-5200
Jan, 1
j
15-year deb 5s.——..——1943
Continental Oil conv 2)4s....l948 j
Crane Co s f deb 3 Mb——
1951 f
Chicago, 111
t,
Since
Friday's
A
Ask
j
.1946
Container Corp 1st 6s
9MUNICIPAL 'BONDS
One Wall Street
Bid
Low
Hewlett Hros. & Johnson
•New
Price
1938
Range
Range or
Sale
y- stock exchange
Week Ended Dec. 30
31,
Week's
Friday
9
40
11m
15)4
58
19
104)4 109
101)4 107 m
102)4 108
100)4 108)4
8
98)4 105)4
21
Great
Northern 4ms series a—1961
General 5 Mb series b
General 5s series c._
101M
95
1952
83
98
86
.1946
Gen mtge 3ms series i
..1967
Feb
♦Green Bay a West deb ctfs a
Feb
♦Debentures ctfs b
74
Gulf Mob a Nor 1st 5Ms b...1950 a
1st mtge 5s series c
1950 a
Gulf a Ship Island rr—
1st ref a Term m 5s stampedl952
Gulf States Steel s f 4 Ms
...1961
72 M
7M
Gulf States Util 4s series c
o
*70
o
66 M
*75
j
93
a
1966 a
4Ms
Hoe (r) a Co 1st mtge
107 m
67
64
83
19
68
90 M
89 M
98
240
74
103 M
87
86
80
74%
60
7M
107 M
"79M
«.
•
-
-
5
106l»
67 M
"""2
107%
7
... -
1061M
1999 j
116M
65 M
25M
101M
31M
U6M
1944 a
s f 5s ser a
1962 j
~
d
95
53
60
6m
82
10
30
102
32 M
55
81
82
75
93 %
*37 M
5s
1937 m n
Houston Oil sink fund 5 Ms a.1940 mn
"* "
69 M
60
55
—..
100
*105 M
cons g
99 M
1
14
1949 j
g
17
94 M 111M
104
80
103 M 103 M
10-year deb 4 Ms
1946 a
f Hackensack Water 1st4s.....1952 j
Hudson Coal 1st
95 M
83 M
34
101M
95 M
88 M
82 M
1940 mn
Greenbrier Ry 1st gu 4a
{{♦Housatonic Ry
81m
81m
*54 M
...
♦Harpen Mining 6s..
Hocking Val 1st cons
94 M
88 M
1973
General 4Ms series d......1976
General 4 Ms series e
1977
General mtge 4s series g
1946
Gen mtge 4s series h
100 M
——
93
76
95 M
99 M 108 M
100M 106 M
106'm 109
27
40
108
119M
4
52
81
30
26
24
38 M
102
12
33
52
99 M 103
13
39 M
118M 123 M
67%
123 M
123 M
3
a
"~44M
42 M
44M
151
40
61m
♦Adjustment Income 5s.Feb 1957 a o
12 M
11M
12M
123
11M
24 M
Hudson Co Gas 1st g 5s.
Hudson a Manhat 1st 5s
1949 mn
ser
a. 1957 f
Volume
New York Bond
147
Friday
Range or
N. Y. STOCK EXCHANGE
Sale
Week Ended Dec. 30
Bid
Extended 1st gold 3Ms
J
1951
86
1955 M n
57M
35
34 K
54
4
*
*63
St Louis Dlv A Term g 3s
Gold 3 Ms
1951
*52
1951
55
39
66 M
23
53
78
84
61
8
*80
—
*46
-
—
—
---
-
s
TO
D
45
m
53
60
60
1
1963
59%
1963
50
75
5
40 M
95 %
{♦Ind A Louisville 1st gu 4s...1956
Union Ry 3 Ms series B_. 1986 M S
10
Inland Steel 3%b series D
1948 J
1961 f
A
107 M
{Interboro Rap Tran 1st 5a
1966 j
J
62 M
59 %
J
93
♦Certificates of deposit
{♦10-year 6s
1932 A o
{♦10-year conv 7% notes...1932 M s
♦Certificates of deposit
-
-
-
93
3
108
23
93
107 M
60 M
62 M
193
58 M
deb 4s
conv
59 %
11
38%
42 M
10
68
18
64 M
66
95
40
69M
63%
64
45 M
40
J.QU
0
i
89 M
89 M
*102 M
1952 J
{♦Int-Grt Nor 1st 6s ser A
♦Adjustment 6s ser A..July 1952
♦1st 5s series B
j
—
-
-
-
65
92 H
102 M
18M
20 M
74
3M
18M
18M
4M
19M
18M
85
2H
11M
101
35
12
48 H
35 M
*54"
77
90
85
68
---
-
50 H
-
-
-
-
52 M
20
102
13
87M
13M
65
95
50
97
103 %
103M
I
109%
110
9
J03M 110M
100
100 %
12
99 M 103M
------
D
j
J
*28%
*
j
~
*
**
♦
"
'
•
Q
vl
*0
m
M
A i7
•
11%
---
91
104M
5M
-
%
24"
"31%
80
-
-
-
101
-
"35"
94
94%
87%
------
*70 %
---
-
-
94%
-
80
13M
U%
-----
--
33
-----
*40
27
-----
54
99 M
97 %
99
91 %
93
82
82
92 M
82
1947 f
A
Int Telep & Teleg deb g 4Ms.. 1952 J
Conv deb 4Hb.j
1939 j
Debenture 5s
1
1955 f
A
68 M
{♦Iowa Central Ry 1st & ref 4s. 1951 m s
4%
*88 %
------
65%
64
9
29
%
19
1
91 %
-
-
—
-
T48
67
21
11M
11H
m
43 %
---
-
52
30
43
16M
42
12M
20
26
2
20
32
36
27
6M
7
4
8M
2%
2%
2%
3M
4
1%
2M
2
1%
3%
3M
J
3M
4M
21
50 M
95 M
50 M
96
14
40
s
j
14
5%
6%
9%
14%
5M
8
45
3M
10
2M
11
3
---
2M
1%
3
6%
1
5
67
60%
5%
70%
18M
45%
67
j
16
88
78
90
78
J
"52 M
66%
52%
52 %
4
D
48 H
46%
48%
85
j
36M
33%
36%
75
31M
29%
31 %
41
5X
1H
5M
5
5%
6%
j
78 M
98 M
74
j
100
8
6%
7M
......
J
74M
100H
39M
24
173
42 M
j
m
99 %
%
67
j
j
J
93
69 M
99
------
J
j
60
"~7~*
s
J
5s gu as to int.
♦1st A ref 68 series A
cons
19M
77
31 %
14H
f
J
{♦1st
89 M
77
26
27%
15M
s
Q
-----
79M 103
60
13M
------
d
{♦Mllw A State Line 1st 3Ms—1941 j
J
{♦Minn A St Louis 5s ctfs
1934 MN
"1
*90 M
8
%
%
------
J
m
f
*"
------
m n
85
75
75 M
53
J
70
-
34%
103 M
{♦Mid of N J 1st ext 5s
a O
{{♦Mil&No 1st ext4Ms(1880) 1934 D j
99 M
73
54
j
-
1
20
52
1951 M s
80 M
58
80 M
54
75
8
-
20
72
------
1972 MN
-
-
87
*"""
------
-
-
-
101
*%
1
20
1941
Internat Paper 5s ser A A B.__ 1947
Ref s f 68 series A
1955 m
-
*81
*
------
a
6
28
1944
1st lien & ref 6 Ms
-
4M
19M
1956
Int Rys Cent Amer 1st 5s B
.
24 M
81
-
109M
J
20 %
1956
♦1st g 5s series C
Internat Hydro El deb 6s
Int Merc Marine s f 68
-
-
vl /§
-
-
S
j
68
100
12
90
-
16M
10
*5M
*%
Jjl
City Air Line 4s
Jack Lans A Sag 3 Ms.
1st gold 3 Ms
Ref A impt 4 Ms series C
37
1942 mn
36
*v/j|
28
22
Michigan Central Detroit A Bay
94
93
AfAWVU
*
100M
66
O
1947 a
Int Agric Corp 5s stamped
35M
17%
27%
*17M
----
Interlake Iron
55
20
78
O
F
101M 110
42 M
71
6
37
14
31%
M s
1
-
45
28%
29M
M S
37 M
-.
43%
27
-
m
18
10
96
-
38M
---
mn
90
63
14
10M
*99M
------
22
M
a
-
1
98 M
70
97 M 107 M
66 M
91 %
30 M
J
55 M
104 M 107M
27
40 M
----
63
63
Ind
6
40 M
*
------
111M
22
4
O
60
28
113
98
2
------
J
a
29
214
55 %
53
104 M
39 M
------
♦Ilseder Steel Corp 6s
Ind Bloom A West 1st ext 4s—1940
Ind 111 A Iowa 1st g 4s
—.1950
60
104 M
57
55
.1940
1948
3
24
S
Q
,
80
106
66 X
mn
{♦Man G B A N W 1st 3 MS—1941 j
82
112
68
104M
mn
56 M
107M
76
109
104
D
53
31
-
24
O
j
-
-
106
d
a
-
104 M
MN
JL
{♦Manhat Ry (N Y) cons 4s..
♦Certificates of deposit...
-
-
106
d
J
M
-
-
-
1
High
"73
a
J
86
-
Low
96
98
%
Since
Jan.
*71
m N
f deb 5s.1951
72
45
—
-
56 M
F
AuoMionyururjiQ^s.im
No.
High
*
j
52
-
—
76
ajvhci
McCrory Stores Corp
Asked
+108
m N
63
47
----
70
111 Cent and Chic 8t LA N O—
Industr'al Rayon 4 Ms
36
----
90
Louisv Dlv A Term g 3MB--1953
Omaha Dlv 1st gold 3s
1951
Joint 1st ref 5s series A
58 M
244
53%
84
Springfield Div 1st g 3HS--.1951
Western Lines 1st g 4s
1951
31
65 %
51
♦
Litchfield Div 1st gold 3s.—1951
44 M
114
58 M
64
53 M
A
m
61
62
54
62
53
1950
1st A ret 4 Ms series C
Illinois Steel deb 4j^s
f
M s
J
37 H
59 M
54
62
a
1966 F
Aug 1
93M
79H
60% "91
A
Range
Is
Friday's
Bid
Price
Low
Louisville A Nashville (Contended)
Paducah A Mem Dlv 4s
194
98
79M
57 M
1955 M n
gold 4s
82
2
86
Range or
Sale
c
A.
High
106M U2H
77M
86
"59 M
j
1952 J
1953 M n
Cairo Bridge
Low
23
Last
is J
3
N
lo
O
Purchased lines 3 Ma
Refunding 5s
40-year 4%b
N. Y. STOCK EXCHANGE
Week Ended Dec. 30
1
*83
Refunding 4s
Collateral trust gold 4s
No
112%
b
1952 a
Since
*83
O
m
bonds
Jan.
High
112
J
1951 a
1st gold 3s sterling
Collateral trust gold 4s
112M
4027
Week's
Friday
Range
Asked
A
Low
o
4
•M
3
Friday's
Price
Illinois Bell Telp 3 Ms ser B..1970 A
Illinois Central 1st gold 4s
1951 j
1st gold 3 Ms
1951 j
Record—Continued—Page
Week's
Last
bonds
J
52 M
28 %
28
42 M
45 %
50
j
James Frankl A Clear 1st 4s.. 1959 j
Jones A
Laughlin Steel 4Ms A.. 1961
Kanawha A Mich 1st gu g 4s._ 1990
{{♦K C Ft S A M Ry ref g 4s.. 1936
D
m
%
s
a
O
A
o
1950 a
——----
O
35 M
35 M
Apr 1950 J
Kansas City Term 1st 4s
1960 j
f
♦Certificates of deposit
♦General 4s
m
S
~"6H
"6%
488
m
S
19%
21%
420
66
68 M
108 M
45
44 M
21M
20 M
18%
20%
13
41
21M
19%
21%
104 M
36
18%
19
2
3%
4
M
107 M
104 M
—
36
----
7
74
103M 108 M
103M 106M
36
14M
37
19
27
27
80
---
92 M
-
14
105
*
6
92 M
82
------
♦
------
---
-
—
—-
+
80 M
98
98
-
--
-
----
98 %
—
■■
—
—
----
-
71
100 M
5
13M
17
11M
1942 F
20
69 M
34
42 M
6s 1937 extended at
:
Lake Sh A Mich So g 3Ms—
Lautaro Nitrate Co Ltd—
♦1st
mtge income
Lehigh C A Nav
s
reg
—
27
5
40 H
38
42
49 H
f 6s series B
1955 a
O
f 4 Hs series C
f 5s series D
1955 a
53 H
1955 a
O
s
s
Morris A Essex 1st gu 3 M----2000 J d
Constr M 5s series A
..1955 M N
Constr M 4 %s series B
1955 M N
60
70
90 H
1
55
95 M
86
86
87
10
78
26
25
26
35M
Nash Chatt A St L 4s
20
24 H
48
75
Nassau Elec gu g 4s stpd
39
48
71
78 M
27
95
Nat Dairy Prod deb 3%■ ww_.1951
42 M
66
99 H
Nat Distillers Prod deb 4 Ms...1945 mn
Nat Gypsum 4Hs s f debs....1950 mn
20 M
54
O
1945 MS
Lehigh A N Y 1st gu g 4s
Lehigh Val Coal 1st A ref s f 5s 1944 f A
5s
1st A ref s f 5s
82 M
33 %
Leb Val Harbor Term gu 5s.
33
M
83
33
------
*
5
*20
4
M
92
------
1974 f
1943 j
53
1964 f
1st A ref 8 f 5s
48
1954 f
Sec 6% notes extend to
51M
52
1965 a
----
34
102
18M
19
4
*18M
25
----
19M
----
72
30
ser
f
A
62
74 %
——-
50
18M
40 %
43
49
21
34
J
d
8
45
Leh Val N Y 1st gu g 4 Ms
1940 J
19M
45M
45M
18M
20
165
11M
99
100 %
24
85
18
19 M
129
14
._
96 %
*96%
_
74 H
74%
*
*"
~_I
"50 "
"52"
48
50
44
mn
2003 mn
2003 mn
General cons 4 Ha
4Mb assented
19M
19
13
41
41
15M
20 M
22
2003 mn
22
2003 mn
5s
5s assented
21
19M
21
*55 M
66
*111M
114
O
------
Lex A East 1st 50-yr 5s gu.—1965
O
------
Ligget A Myers Tobacco 7s—.1944
o
129
129
a
127M
108
5s.
1951
o
1947 j D
4s series A.-.1962 M n
Liquid Carbonic 4s
conv debs..
Loews Inc
Little Miami gen
8 f deb 3 Ms
1946 f
A
Lombard Elec 7s series A
1952 J
d
*
~~98M
51M
♦
Long Dock Co 3Ms ext to... 1950 a O
Long Island unified 4s
1949 m 8
Guar ref gold 4s
4s stamped
1949 m 8
1949 m 8
------
------
------
80
73
68
16 M
75
----
16M
127M
127 M
2
108
0
80 M
80
80 M
99
1944 A
Louisiana A Ark 1st 5s
ser
o
1951 F
(P) Co deb 7s
5s
a
A—1969 j
Louisiana Gas A Elec 3 Ms
J
128
------
81
1966 M s
1940
j
2003
O
1st & ref 4 Ms series C
1st A ref 4s series D
2003 a
O
2003
a
o
*105
2003 a O
1st A ref 3Ms series E
For footnotes see pace
4029
79
107M
Louis A Jeff Bridge Co gu 4s__ 1945 m 8
Louisville A Nashville RR—
Unified gold 4s
1st A ref 6a series B
127M
*123
94
2
50
55
•
105M
116
95
100
70
5
60
31
71
18
39
80
29%
16
73
101 %
104
73M
103%
105%
106M
6
100
104%
104M
5
100 % 105
100
------
99M
*94 M
44
2
100 M
97
M
88
84M
88
84
84M
78 M
78
55
---_
46
92% 104H
107
%
*%
o
o
%
-
-
-
-
-
-
""%
-----
%
-
-
31
*%
-
-
-
-
%
1%
1%
1
1
.
-----
-----
%
%
2%
2%
%
2%
2%
a
11
J
5
o
%
1%
*
o
3%
1%
1%
""% "2%
%
D
108%
122 %
120
60
j
23
j
22
14
105
108%
15
103
109
-
-----
-----
ser
108"
j
66%
47%
j
74
65
85
22
20
90%
♦Certificates of deposit.
17 M
32 M
31
126
1
-«
120
120M 124M
--
4
2
-----
-----
104 % 108%
38
75
53
12
34
o
102 %
102%
103 %
40
103 H
102
103%
20
86 % 103%
84% 103%
61
65%
26
47
70
34 M
33
34%
4
23
35
37%
51
22
38
"20
22
37
7
23
30 %
61
22
40
26 M
35 M
J
51
51
j
65M
o
•34 M
O
37 M
1950 F
a
33%
37%
35%
1956 A
1954 o
—
18
D
f
30
34
*35
♦Certificates of deposit—.
1st 5s series C
♦1st 4 Ms series D
♦1st 5 Ms series A
U6M 121M
5
66%
A
♦
-
2
34
1954 a
♦1st 5s series B
-
108
o
A—1952 A
1st A ref 5s series B
-
23
123%
*
A
j
New Orl Pub Serv 1st 5s
65
122%
125%
123%
A
"39 %
35%
*35
39%
24
-----
.
93 M
90
14
124 %
f
85 M
75
18M
1952 j D
1961 mn
A
101H 103
102
107H
2
20
J
129 M
97 M 105
83 M 102
*25
J
New England Tel A Tel 5s A..
115M 125
81
96 % 101%
106M
J
88M
108
1
104
{♦Naugatuck RR 1st g 4s
1954 mn
J
d
Newark Consol Gas cons 5s—.
88 M
17
105 M
19
31M
101%
------
%
*%
j
87
81M
5
---j-
♦Assent warr A rets No 4 on '51
90
125
62
55 M
101
%
{♦Assent warr A rets No 4 on '26 j
♦4s April 1914 coupon on
1951 A
♦4s April 1914 coupon off...1951 A
M 102 H
63 M
81M
128
74
71%
34%
34 M
112
21
-----
*%
J
Lorillard
84
74
47
Nat RR of Mex prior lien 4 Ms—
112M
256
2
-
9
*%
131
----
52 M
—-
"47
1
J
1st g 4Ms series B
64
-
52 %
95
J
121M 127 M
108
~99M
80
%
70
128
51M
-
66%
44
A
105M 118
2
"98M
72%
69
--
105 %
+114M
J
69 H
129
*60 %
80 M
75
72%
—
27
45
70
----
99
101
73
69%
♦Assent warr A rets No 4 on *57
25M
40
Leh Val Term Ry 1st gu g 5s...1941 A
5s assented
1941
74 %
79
95
105M
------
J
33 M
18 %
19%
19M
82
19
84
96
1
44
99
50
105
108M
100%
-----
96%
71
J
25
mn
1
32%
37
48% 67%
98% 107%
10
♦4Mb Jan 1914 Coupon on..11957 J
32
19
2003
4s assented
cons
48
2003 mn
Lehigh Val (Pa) cons g 4s
General
49
1940 J
4 Ms assented
12
9
108M
48
26
28%
41
National Rys of Mexico—
57M
48
M
13%
8%
100
103
A
—
65
100
A
1951 j
85
♦
------
1954 f
Mountain States TAT 3 Ms. .1968 j D
Mutual Fuel Gas 1st gu g 6s... 1947 MN
Mut Un Tel gtd 6s ext at 5%.. 1941 mn
J
45
39 M
40
-
25K
23
5
28M
31M
O
s
Gen A ref
j
61
27 M
54 M
14%
103
96%
O
f 5s series A
Gen A ref
60
42 M
d
J
3%b.
1941 J
1955 a
s
61
1954
f 4)4s A
Lehigh a New Eng RR 4s A—
s f
Gen A ref
*50
Cons sink fund 4 )4s ser C--. 1954
1st A ref
Montana Power 1st A ref
J
1975
14M
6M
25%
23
00
108
100M
J
D
"103"
o
j
1997 j
14%
15%
25%
1
21
50
o
1941 j
3% to— 1947
19
M
s
*40
Lake Erie A Western RR2d gold 6s
61
30%
33
a
46
20%
27%
21
A
Gen A ref
80 %
43%
44 M
1942 F
29
28
mn
31M
90 M
61M
46 %
46
%
276
19%
18%
61
21H
A
Montreal Tram 1st A ref 5s
79
10
s
M
40
1960 f
Coll tr 6s series B
M
{♦Secured 6% notes
100M
106M
99 M
90 M 103 M
95 M 104M
85 M 100H
13M
44
18%
21%
M s
—
88
100 M
80 %
18%
A i
f
—
95
100 M
45
1953 f
23
3
{Mobile A Ohio RR—
'
Coll a ref 5)4s series C.
Coll A ref 5)4s series D.
Coll tr 6s series A
15
105
95
100 M
103 M
14
25
347
------
20 M
8
25%
23
110
A
4
14%
14%
14%
21 %
----
84
102 M
36
-
19%
MN
{♦Mo Pac 3d 7s
--
21
_.
M
165
ioo %
103
99 M
f
♦Certificates of deposit.
ext at 4 % .July
"~3%
O
----
95
—
150
1
104
*95
*96
—
a
♦1st A ref 5s series I
M
72
95
—
-
mn
-
-----
72
-
88
165
------
99 M 108
-----
60
*163
98
----
♦Conv gold 5 Ms
♦1st A ref g 6s series H
♦Certificates of deposit.
95
------
92
——————
....
21M
27 M
104
------
♦Certificates of deposit...
♦1st A ref 5s series G
1978 MN
♦Certificates of deposit...
41
25
*25
------
A
—
25%
23
♦1st A ref 5s series F__
*23
j
Uniform ctfs of deposit...
1959 m s
Laclede Gas Light ref A ext 5s. 1939 a
*19%
5%
14%
14%
36
40M
*17
M n
J
74
75 %
108
j
J
21%
16 M
*62
d
19%
60
*50
J
21M
30
o
1954 J
A
66
1961
-----
24
1965 f
A
ser
71M
104 M
—
1st A ref 6)48...
{♦Mo Pac 1st A ref 5s
35 M
—
♦Ctfs with warr (par $925)
1943
Keith (B F) Corp 1st 6s
1946 ivi's
Kentucky Central gold 4s
1987 j
j
Kentucky A Ind Term 4 Ms.— 1961
Stamped
1961
Kinney (G R) 5 )4s ext to.
1941
Koppers Co 4s series A...
1951
Kresge Foundation coll tr 4s_. 1945
3)4s collateral trust notes.
1947
{♦Kreuger A Toll secured 5s
20 M
10
70
stmp (par $925)— 1943 M n
a
-
69
31M
D
Plain
—
25
16%
30 M
J
1980 j
4)48 unguaranteed
1961
Kings County El LAP 6s
1997 A
Kings County Elev 1st g 4s.__ 1949 F
Kings Co Lighting 1st 6s
1954 J
—
118
2
14%
68 M
Kansas Gas A Electric 4Ms--
w w
-
32%
10
-—----
------
J
♦Karatadt (Rudolph) 1st 6s... 1943 M n
♦Ctfs w w stmp (par $645)— 1943
♦Ctfs
79
32
O
35 M
♦Certificates of deposit
Kan City Sou 1st gold 3s
Ref AimptSs
*78
------
J
A
-
p
30
New York Bond Record—Continued—Page 5
4028
BONDS
Last
fcl
Range or
Sale
N. Y. STOCK EXCHANGE
Week Ended Dec. 80
Bid
A
N Y Cent RR
N
N Y Chic A St Louis—
j
J
f
A
a
O
110
68 M
74 M
70
76 M
o
69M
A
o
64
J
j
84
j
J
81M
A
O
59
A
66M
f
A
series A——.—1974
series C—
...1978 M S
A o
•3-year 6a
--.-Oct 1 1938
F a
4s collateral trust---——1946
A O
1st mtge 3 He extended to—1947
F a
N Y Connect 1st gu 4 He A——1963
F a
1st guar 6s series B——1963
N Y Dock 1st gold 4s—
-1961 F a
62
91M
189
38M
65M
254
42
73
275
61
19
67
94 H
81M
61
64
59
212
38
98 M
65 M
67
34
63
82M
64M
16
58 M
84
60
""70""
72
—
76
370
62 M
105
M
M
30
76
22
103 H
103 M
100 M
Ml
92
,
105M
1
76 H
103 M
106 %
—
High
108 M 111H
48 M
82
53
-----
29
16
6
65
84
74
30
26M
82
106
30
61M
65
90
95M
108
98
102 M 109 M
39M
45 M
61
Ms—1960 J D
Pa Ohio A Det 1st A ref 4 Ms A.1977 A O
4 He series B
...........1981 J J
Pennsylvania PAL 1st 4Ms---1981 A O
Pennsylvania RR cons g 4s—1943 mn
Consol gold 4s
—...1948 MN
4s sterl stpd dollar.May 11948 mn
Gen mtge 3M« series C
1970 A O
Consol sinking fund 4 Ms
1960
General 4 Ms series A..——.1965
General 5s series B
1968
Debenture g 4 Ms...———1970
General 4M« series D...—1981
Gen mtge 4 M« series E
1984
Conv deb 3Ms
1952
1943 A
Peop Gas L A C 1st cons 6s
1947 M s
Refunding gold 5s
Peoria A Eastern 1st cons 4s... 1940 A O
♦Income 4s
April 19 0 Apr
a
O
A
O
1966
a
O
108M
108 M
9
101M 108 M
Peoria A Pekln Un 1st 5 Ms... 1974 F
Pere Marquette 1st ser A 5s... 1956 J
J
d
124 H
124 %
1
f
A
116M
116H
15
121M 125
112M 117M
1980 m 8
1st g 4 Ms series C
Phelps Dodge conv 3 Ms deb— 1952 J D
1st Hen a ref 8Mb ser E
52
63
4
108
18
52
107 M
101
53 M
108M
1st 4s series B
N Y A Erie—See Erie RR
6s..1948
gold 4s
1949
N Y Gas El Lt H A Pow g
Purchase money
58— 1946
gold 3 MS
2000
N Y Lack A West 4s ser A——1973
4 Ms series B
——1973
♦N Y L E A W Coal A RR 5Ms '42
♦N-YL EAW Dock A Imp 6s 1943
N Y A Long Branch gen 4s
1941
(♦N Y A N E (Bost Term) 4s—1939
j*N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3 Ms.-1947
♦Non-conv debenture 3 Ms—1954
♦Non-conv debenture 4s..—1956
♦Non-conv debenture 4s——1956
♦Conv debenture 3 Ms
.1956
♦Conv debenture 6s———1948
♦Collateral trust 6s -—-—1940
♦Debenture 4s
—.1957
^lst A ref 4 Ms ser of 1927 —1967
♦N Y A Greenwood Lake
N Y A Harlem
"111%
mn
♦96 M
62 M
m n
mn
mn
J
j
M
S
a
O
m
S
m
m
—
—
—
—
— -
—
—— -
-
--- -
-
-
-
-
— -
-
50
♦50
-
J
a
O
mn
j
—-
-
—
13M
9
13 H
29
126
12
14M
14M
14M
12
14M
12M
14
General 5s series B
1974 F
General g 4 Ms series C
1977 J
General 4 Ms series D...
1981 J
D
1967 J
-----
-----
Phlla Co
-----
-----
Phlla Electric 1st A ref
86
96M
-----
11
10M
21
88
11
10M
12M
18M
23M
...
...
199
10M
181
11M
10
50 M
M S
•8
7M
4M
4M
*65 M
47 H
51M
*109 M
♦104 M
8
113
5M
j
((♦N Y Susq A West 1st ref 5s 1937
(♦2d gold 4 Ms
1937
♦General gold 6s
——1940
♦Terminal 1st gold 6s
1943
j
-
-
f
4M
—
—
-
—
5
61K
110 M
----
105 M
--
-
-
3
96
101M
101M
42
10 M
10 M
11
24
♦6
5M
4M
mn
6s stamped...
1946
j
((♦N Y Westch A Bost 1st 4M« *46 J
Niagara Falls Power 3 Ms.;—.1966 M s
Niag Lock A O Pow 1st 6s A—1955 a O
Niagara Share (Mo) deb 5 Ms. 1950 mn
Nord Ry ext sink fund 6 Ms.—1950 A O
9
77
93
—
101M
a
N Y Telep 1st A gen s f 4M8—1939 M N
j
Ref mtge 3 Ms ser B—1967 J
N Y Trap ROck 1st 6s
1946 J d
((♦Norfolk South 1st A ref 6a. 1961
♦Certificates of deposit
-
-
A
F
M —
-
J
f
—
-
103 M
t108M
108 M
------
,
—
—
—
19
12
-
-
—
-
-
3M
-
---
"l94
•» — —
—
92
11M
4
8M
40
52
103M 107
15
27
3
43
120 M
13
111
75
13
Deb 6s series C
Nov 161989 M N
105 %
105 M
106 M
*115
106
(♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons—1945
♦Oct 1938 A sub coupons.... 1945
97
9
57
106
------
75
2M
6M
104M UOM
107M 108M
85
106M
104 M
North Cent gen A ref 5s......1974
Gen A ref 4 Ms series A
1974 m S
—
-
7
8M
M
97
99 M
102M
19M
17M
-
-
-
-
1
106
101
f
110
23
j
1st mtge 4s.—............1967 M
1st mtge 3Ms—
.......1972 j
Oklahoma Gas A Elec 3Ms
1966 J
4s debentures
—1946 J
106
40
J
80
Pacific Coast Co 1st g 6s
1946 j
Pacific Gas A El 4s series G._. 1964 J
1st A ref mtge 3Ms ser H—. 1961 J
D
3M
107
107M
13
12
38
98
108M
106M
106M
2
1UM 114M
110
113
10
103
110
1
109
■
108
—
—
103 %
-
—
72
80
116M
110M 118M
90 M 106 M
21
69
6
46
pt pd ctfs
(65% pd).— J D
(♦Debenture gold 6s
.1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
d
d
1st A ref mtge 3 Ms ser I
1966 j D
f♦Pac RR of Mo 1st ext g 4s.. 1938 F a
j
1938 J
(♦2d ext gold 6s....
Pacific Tel A Tel
8Ms
ser
B_. 1966 a o
Ref mtge 3 Ms series C
d
1966 J
Paducah A III 1st s f g 4 Ms
.1955 J
j
Panhandle Eastern Pipe L 4s.. .1952 m £
Paramount Broadway Corp—
1st M
s
f g 3s loan ctfs
.1955 f
Pictures deb 6s... .1955 j
---—
109 M
19
108 M
106 M
109
46
106 M
65 M
69
111M
------
------
108 M
------
------
108 M
108 M
*101M
105 M
105
A
80
.1944 a
----
70
102M 108M
102 M 109
98M 103
98
105M
100 M
12
56
63
27
81
100
19
67
100 M
119
50 M
....
•
61M
A
*99M
Guar 3 Ms trust ctfs C
.1942 J
d
Gua~ 3 Ms trust ctfs D...... .1944 J
d
Guar 4s ser E trust ctfs..... .1952 mn
*100 M
6
82
87 M
*122
For footnotes see page 4029.
— — —
65
60
57 M
Pat A Passaic G A E cons 5s... 1949 Ml £
•Paullsta Ry 1st s f 7s
.1942 m S
a
7
—
105 M
*49
2^-year 4s—......... .1963 F
"6
108 M
109
-
„
99 M
O
Penn Co gu 3Ms coll tr ser B.. .1941 F
9
_
99 M
87 M
...
24
"
99 M
86 M
"99M
Parmelee Trans deb 6s
93
60M
106 M 112
102 M 109 M
98 M 107
56
J
3Ms conv debentures...—., 1947 m S
Paris-Orleans RR ext 5 Ms
.1968 m S
Paramount
M
107
*63
*99
98
98M
96 M
102
-
....
—
— —-
87M
75
100M
31M 52 M
118M 122
60
72
97 M 103 M
99 M
26
99M 103 M
90
103M
88M 104
98
36
83
----
100 M
103
M
104
105 M
104
105M
100
*105
109
104 M 104 M
♦112
113
♦111
107M 117
|
112M
L—
103
101
ma
103
I
102 M
100 M
102 M
92
109
103 M 106
*103
*
U0M
105
sa
23
23
15
93
112
107
94 M 112M
90
112M
71M 104 M
107 %
45 M
"20
40
43
44 M
9
38
65 M
44
46M
7
32
65 M
106
109M
100
116M
"44M
45
♦
108
106
106
*101M
53 M
♦99
56 M
59
105
59
74
43
105
2
101
41
46 M
13
14M
108 M
108M
80
64 M
106
40
9
6
82
65
39M
434
45
9M
18M
103 M 108M
74 M
85
3M
3M
8
69M
74
137
62 M
27
48M
75
J
53 H
68 %
55
"75k"
70 M
51
68
93 M
J
69M
68 M
69 %
73
67
93
w
w.1956 m S
102 M
101M
1941 mn
A1950 M s
Gen A ref 4 Ms series A.....1997 J
Gen A ref 4 Ms series B
1997 J
Remington Rand deb 4 Ms
<f Republic steel Corp 4 Ms
Gen mtge 4 Ms series B
ser
— — —
—
—---
100M
1961 F
mn
J
Rlchm Term Ry 1st gen 6s—1952 J
♦Rima Steel 1st s f 7s
...1955 F
con
A coll trust 4s A
Roch G A E 4Mb series D
Gen mtge 5s series E—
1949 A
37
94
29
94 M 112
96
72
99M
99M
10
92
50
50 M
9
28 M
•£0M
21M
21H
3
20
25
27
27
2
27
32
26M
26
33 M
*50""
f 6s
105
(♦Rut-Canadian 4s stmp
con
10
24 M
33M
27 M
19
24 M
33 M
1C4M
105
36
A
*13 M
47 M
20 M
47 M
3
38 M
42 M
67
17M
20
39
20
*122 %
110M
*108 H
1949 J
J
J
9M
♦
----
-
---
11
~4M
66
4M
5M
5M
1
4M
5M
8
7
104 M
105
105M
105M
10
-----
----
93 M
♦106 M
*
J
20M
118M 122
107 M 110M
110
16M
35 >
3M
10M
5M
15
7M
4M
12 M
----
105
J
47 M
44 M
20 M
3M
......
50
15
35
28 M
12
108
12
35
^
J
Safeway Stores s f deb 4s......1947 J D
Saguenay Pow Ltd 1st M 4 Ms. 1966 A O
-----
110M
89 M 107
103 M 105 M
*108
12
O
4Ms.. 1941 J
St Jos A Grand Island 1st 4s...1947 J
St Lawr A Adlr 1st g 6s.......1996 J
27
26 M
104 M
J
RR 1st
♦Stamped
24 M
*103 M
1977 M s
1962 m S
1948 A
100M 106 M
99 M 106
109
103
"57M
63M
♦Certificates of deposit
57 M
10
57
61M
03 %
38
42 M
64
62
2d gold 6s
1966 A O
St Louis Iron Mtn A Southern—
♦{Rlv A G Dlv 1st g 4s.....1933 mn
62
9
46H
62
45
M
(♦St L Peor A N W 1st gu 5s... 1948 J
St L Rocky Mt A P 6s sptd
1955 J
J
16M
13M
J
16M
55M
J
55M
13M
13M
13M
13M
50 M
(♦St L-8an Fran
11M
14
317
11
13M
214
7
11M
11M
14
169
8M
pr lien 4s A.. 195
J
♦Certificates of deposit...
♦Prior lien 5s amies b
J
1950 J
♦Certificates of deposit...
♦Con M 4Ms series A
1 "78 m"s
♦Ctfs of deposit stamped..
( St L SW 1st 4s bond ctfs
1989 MN
M
15
26 M
27 M
»
s
101M
%
J
O
103M
108
J
Gen mtge 3Ms series H
1967 M s
Gen mtge 3 Ms aeries 1
1967 M s
((♦R I Ark A Louis 1st 4MS—1934 m S
♦Ruhr Chemical
19
92 M
84
125
100,
95
71M
92 M
,93 M
♦Rio Grande June 1st gu 5s... 1939 J D
(♦Rio Grande West 1st gold 4s. 1939 Jt J
♦1st
29
103
91M
106 M
A
M N
♦Cons mtge 6s of 1930—..—1955 A O
Richfield Oil Corp—
4s s f conv debentures
.1952 m S
(♦Rutland
59 M
112
69 M
101M 108M
♦103
♦Rhine-Westphalia El Pr 7s—.1960 M N
♦Direct mtge 6s..
.....1962 mn
♦Cons mtge, 6s of 1928
1953 F A
112M
Otis Steel 1st mtge A 4 Ms—1962 j
f deb 5s
s
J
80
112M
"103M
1948 J
J
13
J
108
81
104 M
1961 j
Ore-Wash RR A Nav 4s
93 M
J
42
106 M
113M
116M
89 M
77 M
for deb 6s A com stk
115
104 M
107 M
113M
*U5M
103 M
79M
80 M
93M
74
104 M
—
89M
(♦Radlo-Ketth-Orph
107
91M 101H
98 H 107H
96 M 104 M
—
♦82
107M
105M
98
—
6M
31
112M
98
10
-
105
112M
43
17
113M
123
110M
20
32
58
-
10
82 M
101M
j
3
51
9
100 M
j
136
13
Purity Bakeries
107 M
D
10
3M
3
11H
78M 100
110M
5
105 M
1946 J
105
70
3
100 M
106 H
Ore Short Line 1st tons g 6s... 1946 J
3
13M
3M
107
Oregon RR A Nav con g 4s.-.1946 j
98 H
110 M
12 M
80
J
•_
"
113
112
96 %
110M
„•
97
100 M
*110
109 M
37M
106 M
-----—
M 110H
99
96
J
d
97
15
♦92
108 M
Pressed Steel Car deb 58—.—1951
♦Rhine-Ruhr Water Service 68.1953 J
4
4M
4M
•108
115
104
108M
35
s
d
Ontario Power N F 1st g 6s..-.1943 f A
Ontario Transmission 1st 6s
1945 mn
Guar stpd cons 5s
106 M
*105
105 M 110
108M
97
100
4M
3M
4
------
76
99 M 116
*42
79
4
*-..-.
50
51
103 M
14M
88M
2
J
......
Ohio Connecting Ry 1st 4s..—1943 M s
Ohio Edison 1st mtge 4s..—1965 M N
—....
49 M
23
103 M
112M
1942
53M
102
j
J
6s stamped—...
((♦Postal Teleg A Cable coll 5s 1953
Potomac Elec Pow 1st M 3Ms. 1966
46
21
J
1948
Og A L Cham 1st gu g 4s
♦Stamped
7
61
114M
*37 M
40
107 M
107 M
59
80 M
75 M
13
3M
1950
Porto Rico Am Tob conv 6s..1942
41
45
107 M
I960 M s
Port Gen Elec 1st 4 Ma
1st 5s 1935 extended to—
Purch money 1st M conv 5 Ms '54
Gen mtge 4 Ms series C.... 195«
Revere Cop A Br 1st mtge 4M8.1956
♦Rhelnelbe Union s f 7s
.1946
89
A
53 M
D
35
58 M
Northern States Power 8Ms...1967 f
Northwestern Teleg 4 Ms ext—1944 j
"24
104
13
A
62 M
761
19
68 M
103M
D
93 M
245
j
~66~"
104
D
A
67
68 M
53 M
53
1948 J
ser
41.
58
67 M
58
J
♦107M
I960 A O
28
59 %
j
♦108
1964 MN
4Ms
94
52 M
53
Ref A lmpt 6s series B
..2047 J
Ref A lmpt 5s series C
2047 J
Ref A lmpt 5s series D......2047 J
—-
58M
113
8M
107
a
A
64
32 M
83 M
j
F
1st gen 6s series B
1962 F
1st gen 5s series C——.....1974 J
1st 4 Ms series D
......1977 J
Pitts Y A Ash 1st 4s
104M 116M
82 M
Ref A lmpt 4 Ms series A—-.2047 J
59
lHM
4
37 M
"£2"
32 M
62 H
63M
66
60
40
100
(♦Providence Sec guar deb 4s..1957 mn
(♦Providence Term 1st 4s.. ...1956 m S
60
96 M 106 M
47 M
49 %
q"j "86 M
21
.
101M
121
♦Ctfs of deposit stamped
Apr *33 to Oct '38 coups.. 1945
North Pacific prior lien 4s—... 1997
Gen Hen ry A Id g 3s Jan
2047 Q
5M
106
Rensselaer A Saratoga 6s gu
1?7
*42 M
*38
42
5
4Ms........—1963jF A
cons guar
1st mtge 4 Ms series C
104 M 110
62
67
81
104 M
S
16
54M
♦103
1957 M N
guar 4s—....1960
Pitts Va A Char 1st 4s guar... 1943 M N
Pitts A W Va 1st 4 Ms ser A. .1958 J
D
1st mtge 4 Ms series B
..1959 A O
9
167
104
m
98
70
17
104 M
105M
cons
Series I cons
105M
100 H 102
7
16
101M' 102 M
a
Series H
HM
8
109
106
82
Aug 15 1963 F
------
113M
48
64M
108M
Series J
8
Deb 6 Ms series B
-.1957 m S
113M 117
107
114M
113
i06M
Gen mtge 5s series A
...1970 J D
Gen mtge 6s series B.......1975 A O
Gen 4Mb series C
—1977 J
j
10
119M
105 M
335
♦116M
U2M
*106
68
57
"ii9M
82 M
81M
♦106M
106M
♦103M
58
14
1 (♦Norfolk A South 1st g 6a...1941 mn
Norf A W Ry 1st cons g 4s....1990 O A
North Amer Co deb 5s.—.—.1961 f A
No Am Edison deb 5s ser A
3M
94 M
15M
80
84 M 101M
89
65 M
guar...—,..—1942 M N
Series B 4 Ms guar...—
47 M
108 M
94
75
17
109
86
♦104M
64
60
74
3%
102M
16 M
—
68
------
A
—
10
40
103 M
108 M
*63
*67 M
2M
♦110M
108 M
107 M
—
5M
*28
l03M
65
105M
.1940 A O
1942 A O
Pitts C C C A St L 4 Ms A
79
-
92 M
92 M
Pirelli Co (Italy) conv 7s... — 1952 mn
Pitts Coke A Iron conv 4 Ms A. .1952 m 8
23
53
•
s
Series C 4Ms
17
—---
89 H 111H
91
67
92
Series D 4s guar..—.......1945 M N
Series E 3 Ms guar gold—...1949 F A
Series F 4s guar gold—J.... 1953 J
D
51M
El Lt A Pow 3 Ms 1966
J
(N Y Itys prior lien 6s stamp—1968 j
N Y A Rlchm Gas 1st 6s A
1951 mn
N Y 8team Corn 3 Ms
19'.3 J j
J
12
13 M
N Y Queens
1949 m 8
35
17
M N
82
121
91H
12M
5
83
(♦N V Providence A Boston 4s 1942 a O
N Y A Putnam 1st coo gu 4s—1993 A O
159
98 H
18
d
D
109M 120 M
97
92 M
110M
92
1992
4s.----
2
92 M
j
1948 M
Series G 4s guar
♦General
103 M lllM
95 M
74
116
84 M
s
98
1955
(♦N Y Ont A West ref g 4s
139
85 M
D
7M
6
2
87
95M
m
22 M
20
110
110
103 M
J
.1937 j
({♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
10*M
83
20 M
79
6s series A
♦Conv deb 6s
-----
11
sec
3Ms... 1967
(♦Phlla A Reading C A I ref 5s. 1973
3
92 M
103 M 109 M
103 M 114
-97"
J
93
"*78
107 M
104 M
A
80
19M
17 M
19
36
17
M
22
103
94
94
94
105M
116
Phlla Bait A Wash 1st g 4s.... 1943 M N
11
60
77
100 M 108M
104 M
83
110
J
95
mn
(♦Harlem R & Pt Ches 1st 4s 1964
J
J
—
-
12 M
6M
j
—
—- —
HM
12M
-
j
O
mn
—-
-
-
74 %
75
"
-
-
75
*....
13M
14M
14M
14 %
14M
16M
22 M
a
5
62M
♦47 M
— ——
—
----
66
------
S
J
99 M
-
1956 J
64
14
14
13M
,
MN
.........
High
94
Taw
109M
A
J
—
104M
♦107M
87
O
-——1947
1966
Conv 6% notes--N Y Edison 3Ms ser D
♦-
7
....
93 M
93
93M
105M
No.
Q4
107M
Since
Jan. 1
aa
High
90 M
♦106M
Penn Glass Sand 1st M 4
22
Bid
Low
Penn-DIxle Cement 1st 6s A—1941 M s
31, 1938
Range
Range or
Friday's
A
Asked
Sals
Low
84
104
—
Pries
59M
49
62 M
— —
Last
N. Y. 8TOCK EXCHANGE
Week Ended Dec. 30
67 M
69 M
-
41
BONDS
Since
66M
64 M
67M
♦Ref 4 Ms
52
76M
67
f
----
Range
Jan. 1
64 M
67 M
66M
60M
62 M
83 M
78 M
O
No.
High
♦108 M
70
A
a
♦R«f 6 Ms
------
m N
Si
Asked
IJOW
Bdge gen gu 4 Ms. 1945
4s series A
—1998
10-year 3M* sec a f-.—.
1946
Ref A tmpt 4
series A
2013
Ref A tmpt 6a series C
2013
Conv secured 3)48———1962
Y Cent A Hud Ul.ver.3Ms —1997
Debenture 4s
...1942
Ref A lmpt 4 Ha eer A
2013
Lake Shore coll gold 3 Ms.. 1998
Mich Cent coll gold 3)48
1998
Newport A C
•3^
Friday's
Price
Dec.
Week's
Friday
Week's
Friday
13M
4
44
67 M
12
18M
49M
8M
69
7
15
13M
15M
13M
14
551
13M
10 M
13M
185
60
59
60
73
38
67 H
9
20
38
14
11
7M
6M
14
13M
♦2d 4s inc bond ctfs. ..Nov 1989 J
(♦1st terminal A unifying 5s. 1952 J
J
36
33M
36
J
23
29
13
27 H
J
14M
21M
13M
23M
♦Gen A ref g 5s series A
14M
38
9
18 H
1990 J
Volume
New York Bond
147
Friday
N. Y. STOCK EXCHANGE
Range or
Sale
Week Ended Dec. 30
Bid
A
J
1946 J
{♦Schulco Co guar 6 *8
♦Stamped..
..............
♦Guar
s
f 6 He series B
J
61H
A
Ill
110
18
O
1
1
29
—
—
—
10
'
—
—
18
18
17H
16 H
17*
------
2H
7
— — -
-
—
-
-
1
1935 F
A
♦Series B certificates
Shell Union Oil deb S*s
1961 IVI S
1952 J
D
Sblnyetsu El Pow 1st 6*s
{♦Siemens A Halske deb 6*s--195l M S
Elec Corp 6*8
1948 F
1941 F
A
Simmons Co deb 4s
1952 A
4H
4
104*
O
Skelly Oil deb 4s
1951 J
Soeony-Vacuum Oil 3 Ha
1950 A
South A North Ala RE gu 6s.. 1963 A
3*8
J
O
O
104H
58 H
58 H
1st mtge A ref 4s
16*
4H
10
98
------
10H
2H
5
104*
31
60*
29
21*
7
96 H 105
70 H
48
86 H
98
12
108r
8
1965 F
A
109 H
109*
3
Southern Colo Power 6s A
1947 J
J
100
100 H
11
87 H
Southern Kraft Corp 4)48
1946 J
D
91
91 H
24
83
91H
106H 110H
1951 A
So Pac roll 4s (Cent Pac coll)..1949 J
1st 4*8 (Oregon Lines) A—1977 IVI
Gold 4 *e_
1968 M
Gold 4 Ha
M S
91H
91H
M
8
46 H
F
A
107
85
50 H
54*
370
83 H
81
83*
88
59 H
58
59*
73*
249
68
75*
123
28
70
35
61
8
-.1949 M
Devel A gen 4s series A
Devel A gen 6s
Devel A gen 6H8
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s
So'westem Bell Tel 3 Ha ser
1961
2*8
♦Studebaker Corp conv
62
10
4
104 *
104H
105
107 H
107 *
107*
Conv
105
range:
100
10**
x
103
102 H
103
73
98
84*
18
46 H
107
107*
126*
25
105 H
*125
102*
93 H
♦102*
-----
114
85
87 H
10
-
-
95
70 H
------
102 H
-
1
85*
10
106*
107*
66
115*
12
83*
44
70
84*
13
69
32
71 H
*93*
98
*
♦
88 H
88 H
71
105H
106 H
98
53 H
84 H
50
53 K
126H
26
A
108 *
A
1944
95
26
18
59 H
87
108 H
J
112
106 H
106
I109H
108 *
7H
8
105
Jan.
selling
1
7
10*
U5H 119
116
10
22
32
96
108*
82 H
69
115H
11
95*
96 H
23
96 H
25
108 H
82 H
108H
2
114H
68
84
69 H
6
60
8
♦108H
24
24
117
117
2
104 *
48 H
105
70
49
10
105
D
49
110
....
delivery sale; only
not Included
In
year's
range,
t
I.
1939
105.
at
19">2, April 26.
30 at 102.
1939 at 105.
'
No sales transacted during current week,
Total
Municipal &
States
Bond
For'n Bonds
Bonds
$631,000
Sales
$79,000
$5,643,000
HOLIDAY
-
9,161,000
1,236,280
2,164,180
1,881,860
1,402,910
1,368.000
1.634,000
407,000
13,453,000
7,984,000
959,000
8,238.000
1,070,000
512,000
177,000
9,435,000
9,485,000
$5,662,000
$1,533,000
$50,944,000
10,936,000
15,445,000
358,000
■
$43,749,000
7,308,340
Week Ended Dec.
30
Jan. 1 to Dec. 30
1937
1938
Exchange
1938
1937
7,308,340
7,896,015
296,613,532
409,464,570
$1,533,000
5,662.000
$3,400,000
State and foreign
Railroad and industrial
43,749,000
35,228,000
$126,932,000
248,073,000
1,479,168,000
2.097,109,000
$50,944,000
$43,724,000
$1,854,173,000
$2,792,531,000
Stocks—No. of shares.
Stocks
Government
5,096,000
$348,644,000
346,778,000
105
8
87 H
73
97 H
57
45
66 H
66 *
170
45
66 H
100 *
16
Total
94
78 H
94
94 *
{♦Utll Pow A Light 6Ha..
§♦ Debenture 6s
1947
D
66
66 *
.1959
A
66
64H
64 H
Vanadium Corp of Am conv 6s .1941
.1955
Vandalla cons g 4s series A
O
99
49
Stock and Bond Averages
96 H
Below
:
77
are
|*VeraCrue& P 1st gu 4 Hs.. .1934
|*July coupon off
.1968
Va Elec A Pow 3 Hs ser B—
M
S
108
108 *
Va Iron Coal A Coke 1st g 6s.. .1949
M
S
*35
40 H
J
*65
100
75
*60
62
39
63*
2H
106* 108*
35
of representative
Bonds
Stocks
80
O
*
10
*H
19
averages
compiled by Dow, Jones & Co.:
104
104
J
daily closing
101
104 H 105 H
.1957 M N
the
stocks and bonds listed on the New York Stock Exchange
as
*106
108
■
New York Stock
81H
53
88 H
92 *
93 H
J
Exchange,
United
$4,933,000
621,110
Sales at
86
40
88
93 H
94 *
98
1938
State,
Total
109 H
28
19H
123 H
107
101
Stock
49H
A
A
York
New
49 H
O
88
the
at
Bonds
Friday
49 H
O
a Deferred
sale,
.
107
27 *
1944
~48H
69 H
60
"21
Utah Power A Light 1st 5s
.1958
lot
Mis cell.
Wednesday
96 H
96 H
108H
27 H
50
"49"
83 H
82
103
27 H
United Stockyards 4H» w w_. 195!
1944
Utah Lt A Trac 1st A ref 6s
1st cons 6s
Odd
Number of
Shares
Thursday
107H 114H
97
107H
109H 116
106 H
J
Va A Southwest 1st gu 6s
n
Railroad dfc
—...
Monday
104 H 113H
32
112*
95*
114H
D
.2003 J
75
flat
Tuesday.
110H
109 H
♦Sink fund deb 6 Ha ser A... 1947
Cons s f 4s series B
104 H
5H
Deferred delivery sales transacted during the current week and not included in
Saturday
96
1
D
f 6 H« series C
104
5
104H 108 H
96
104H
1. 1939 at 103.
4Hs 1951, Jan. 16 at 105.
.
Water 4s
Week Ended
97
2
.1951
s
week,
current
Friday's bid and asked price
Bonds
Dec. 30,
HO
20
76
J
|J*Unlted Rys St L 1st g 4s... .1934
U S Pipe A Fdy conv deb 3Hs. 1946
1948
U S Steel Corp 3 Ha debs
♦Un Steel Works Corp 6 Hs A.. 1951
♦Sec
103
1
J
M
103H
26
S
United Clgar-Wbelan Sts 6s._. 1952 A O
1953 M S
United Drug Co (Del) 5s
126
9
Daily, Weekly and Yearly
117H 121H
76
7H
115*
108*
lllH
S
108 H
6H
108 H
No sales.
'
*76
O
O
107H
8H
104
80
26
f
1970 A
3
Stocks,
*125
4s
1946.
S
J
Trl-Cont Corp 5s conv deb A.. 1953
♦Tyrol Hydro-Elec Pow 7H8-- 1955 MN
June 2008 M
108 H
*
108H
104*
M N
1961
...
Transactions
40H
88 H
53 H
124 H
U N J RR A Canal gen
7s
63H
102
56 H
*86 H
O
*96 H
*123H
1st Hen A ret 5s
9
90
D
1971 M N
35-year 3*s debenture
United Biscuit of Am deb 6s... 1950 A O
14H
5
4H
4H
106*
D
Toronto Ham A Buff 1st g 4s.- 1946
1949 M S
Trenton G A E! 1st g 5s
34-year 3*s deb
6H
4
the yearly range:
9
54 H
Union Pac RR 1st A Id gr 4s... .1947
1st lien A ref 4s
June 2008 M
15H
7
6
San Antonio Pub. Serv. 6s 1952, Jan. I, 1939 at 110.
45
1953
J
8
9H
5H
104
90
3H
D
.1952
"iik" "79
8H
{ Companies reported as being In bankruptcy, receivership, or reorganized under
8ectlon 77 of the Bankruptcy Act, or securities assumed by such companies.
87
24 H
106H
3 Ha debentures
105 H 110
Republic Steel 4*8 A 1950, Dec. 30 at 105.
88 H
83*
17
J
{§*Unlon Elev Ry (Chic) 6s... .1945
96 H 102
71
94 H
24
"
during
Hiickenaack
88*
82 H
204
J
Union OH of Calif 6s series A... .1942
"iik"
Cash sale: only transaction during current week,
Flat
104 H 116H
91*
115*
82
7*
1937
J
11
94 H
*109H
96 H
79 H
91 H 101 H
4
7 H
"37
102
101H
94
Goodyear Tire A Rubber 5s 1957, Dec
103 H 107H
81 H
81 H
39*
1952
.1962
6H
101H
..1948 M S
EI Paso Nat Gas
90
70
6
{♦Third Ave RR 1st g 6s
Union Electric (Mo) 3H8
4H
~~6H
D
Crown WUlamette Paper 6s 1951, Jan.
109 H 114
99
108H
38
Tide Water Asso Oil 3 *8
S
22
<T The following Is a list of the New York Stock Exohange bond Issues which have
106 H
-
15
7
M
110H
"~3
93 H
101 H
108
Ex interest
t
38 H
Jan 1960
1952 F
105
108 H
93 H
*101 H
been called In their entirety:
98 H
103
82*
84 *
1980
.1946
105 H
exchange rate of $4.8484.
108
29
95
104
*
115*
-.1979
♦Guar sec e f 7s
75 H
63
100
25
$ Negotiability Impaired by maturity,
t The price represented Is
the dollar quotation per 200-pound unit of bonds.
Accrued Interest payable at
119H 125
102*
114
r
103
83
83
107 H
Ujlgawa Elec Power s f 7s
45
93H
r
49
------
1942 M
47
8
Cash sales transacted during the current week and not Included in the yearly
105*
Gen A ref 5s series D
Tol W V A Ohio 4s series C
42
1961
48
1st mtge s f 4s ser C
e
106 H 112
99 H
101
deb
104*
16
103 H
Tol A Ohio Cent ref A Imp 3Hs 1960
Tol St Louis A West 1st 4s—. 1950 A
14
No sales.
Gen A ref 6s series C
Tokyo Elec Light Co Ltd—
1st 6s dollar series
22
{♦Wor 4 (^onn East 1st 4 Ha..1943
Youngstow'n Sheet 4 Tube—
transaction
114
1960
77 H
77
21 H
47 H
18
108H
73*
19H
105H
83 H
♦AdJ Income 6s
125
4H
60
107 H
1977
Third Ave Ry 1st ref 4s
61
deposit
23 H
9
------
A...1964
53 H
16
8H
26
101
95
F
74 H
48 H
108 H
1st gen 4sJ.-1949
Wisconsin Public Service 4s
4
f g 4s
Tex Pac Mo Pac Ter 6Hs
yr
83 H
27
13*
102 *
A
47
53
1960
45 H
105 H
1944 M
Gen A ref 6s series B
2
15H
44
61
♦Certificates of deposit
104*
1947 J
H8---1939
1944
1953
Texarkana A Ft S gu 5 Ha A—1960
Texas Corp deb 3 Ha
1951
Texas A N O con gold 5s
1943
Texas A Pacific 1st gold 6s..2000
33
87
60
55
|*Sup A Dui dlv 4 term 1st 4s *36 MN
104*
16
107 H
1st cons gold 5s
{♦Wis Cent 50
93
------
J
------
Term Assn of St L 1st g 4
...
111*
J
Tenn Elec Pow 1st 6s ser A
78
65*
110*
------
1953 J
deb 6s. 1945 J
1950 MN
Tenn Cop A Chem deb 6s B
s
*70
-----W
J
Swift & Co 1st M 3Ha
Tenn Coal Iron A RR gen 5s—1951 J
Gen refund
t
72H
------
So'western Gas A El 4s ser D..1960 M N
♦{Spokane Internat 1st g 5s...1955 J
Staley (A E) Mfg 1st M 4s
1946 F
2
73
74*
1968 J
Standard Oil N J deb 3s
Winston-Salem 8 B 1st 4a
♦Certificates of
1956 A
...1956 A
1956 A
1996 J
1951 J
B..1964 J
1st A ref 3s series C-*
■'
22 H
52 H
S
Wilson 4 Co 1st M 4s series A. 1955
Conv deb 3Hs...,
...1947
J
1994 J
Southern Ry 1st cons g 5s
52
20 H
26 H
25
60 H
67
1st 4s stamped
J
61
A
F
98 H
*
1940 M N
{|*Wllkes-Barre 4 East gu 5s. 1942
75 H
64
22 H
60
93
68 H
73 H
97 H 108 H
*103
4H
13
S
23
S
RR 1st consol 4s
63H
63 H
30 H
63
43 H
83 H
77
104H
223
21 H
D
1966 M
D
31 H
30
71*
23H
65
173
85*
1955
1955
7
48 H
54*
69
4s
10
52
51 H
71H
So Pac RR 1st ref guar
85H
104 H
47
54 *
157
101H 107H
82
79
55
White Sew Mach deb 6s._
234
5
82 H
104
82
2
J
Wheeling Steel 4H» series A...1966
63
107 H
H9H
110H
110H
107H
19
J
76
54*
5
105 H
121H 123
98 H 106*
116
120H
106 H 110H
105 H
J
ser
108 H
-
H 110
102
2361
69 H
58 *
104
93
90
2361 J
102
50H
10
2
107
22
35 H
84 *
49 H
J
41
84 *
28
J
197
62 H
90
14
71
82
50
S
i960 M
207
54 *
63H
72 H
*35
S
55*
J
133
93
89 H
D
59*
O
68 H
47
D
51H
1946 J
55 H
3
106 H
1950 M N
:
108 H
13
Q M
...1951 J
100
65H
43 H
1963 M
55
1950 A
23
14H
13H
i&77 H
*101H
♦123H
105 *
105H
119H
59
10-year secured 3*8
1.107
J
55 H
San Fran Term 1st 4s
Gold 4 Ha
106
9 J
101
1969 MN
1981 M N
13H
West Shore 1st 4s guar..
Registered
94 H
91
6«
A
8
8
7
88
76
1946 M
Wheeling 4 L E Ry 4s
101*
14
12H
5 F
O
D
101
7
♦Westphalia Un El Power 6s..1953
102
Southern Natural Gas—
1st mtge pipe Une 4 *8
69
1967 J
♦5s assented
30-year 5s
12H
63H
A...1946 M
ser
Western Union g 4Ha..
25-year gold 5s
105 H 108 H
6H
6H
76
O
120H
65
63 H
106
1943 A
110
""72
D
J
101 H
—
44
13H
O
O
35
-
108
106 H
38
91 H
50
£12 H
O
1977 J
{♦Western Pac 1st 6s
22
A
1952 A
104 H
22
A
1st 4 ref 5Hs series A3
West N Y 4 Pa gen gold 4s
90 H
1
J
Western Maryland 1st 4B
103 H 108
30
22
10H
"12H
90
14
15H
38
10H
24
50
4
10 H
107H
90H
25
21
11
12H
HO *
79 H
25
"l5
A
-
Paper^Ha-f-
92
50
*38
~13*
J
106*
-----
S
D
103*
106 H
22
M
31H
17 H
22
1966 J
106 *
*111 H
107 H
A
27 H
High
99 H 106 H
32
67 H
J6H 35
49
21
1952 J
64
79*
"50"
J
120
25
J
J
1st mtge 3H8 series I-jZItaWest Va Pulp 4
61 H
20 H
Low
42
48 H
F
9
Westchester Ltg 5s stpd gtd..
Gen mtge 3 Ha
West Penn Power 1st 5s ser E
No
Hioh
1C6H
45
1950 J
1st 40 year guar 4s
Wash Water Powers f 5s..
22
13
103*
------
106*
5H
Ask
89 H
...
4
5
97
11H
5H
4
A
Certificates of deposit
{♦Warren Bros Co deb 6s
1941
Warren RR 1st ref gu g 3 *s._ 2000
Washlngton Cent 1st gold 4s..
8
Wash Term 1st gu 3 Ha
1945
8
5H
2H
75
*76
Walker (Hiram) G4W deb 4 Ha 1945
Walworth Co 1st M 4s
1955
6s debentures
1955
Warner Bros Plct deb 6s
1939
18H
62
21*
21*
------
1962 A O
1961 IVI 3
Southern Calif Gas 4 Ha
7
75
---
A
Slleslan-Am Corp coU tr 7s
16H
4H
32
109 H 117
20
11H
4
105
------
30
24
Jan. 1
105*
47 H
27 H
23
24
Since
A
*25
1939 F
1941
Range
or
Friday's
Bid
106
gen 5 Ha A. 1975 M S
♦Ref 4 gen 5s series B
1976 F A
♦Ref 4 gen 4 Ha aeries C.... 1978 A O
♦Ref 4 gen 5s series D
1980 A O
20
12
S
1939 MN
{♦Wabash Ry ref &
112H
I4H
9
185
10
A
109 H 113'n
111 H
108
104
1966 M
♦Toledo A Chic Dlv g 4s
8H
10*
|*Atl A Blrm 1st gu 4s
1933
:♦ Sea board AH Fla 6s A ctfs...l935 F
81H
4H
9H
S
45
4
8H
Range
Sale
Price
♦1st Hen g term 4s
1954
♦Det & Chic Ext 1st 5s
1941
♦Dec Moines Dlv 1st g 4a... .1939
♦Omaha Dlv 1st g 3 Ha
1941
102H
97
109 H 118H
2H
10
M
11
6
12
10*
Last
EXCHANGE
Vlrglolan Ry 3*8 series A
{#♦ Wabash RR 1st gold 5s
♦2d gold 5s
9H
44
1946 M S
STOCK
Low
98
5H
3
7*
eek's
Hioh
86
7*
A
Y.
Week Ended Deo. 30
9
O
6H
Low
N.
1
58
1969 A
6s series A
South Bell Tel A Tel
---
29
28 H
♦Certificates of deposit
♦Hlltsla
— ——
18
29
*116
5
—
27*
18
♦Certificates of deposit
cons
---
111
*16*
------
29
61*
....Oct 1949 F
♦Adjustment 6s
§♦ Refunding 4s
♦1st
1
2
*109isi« 112*1!
J
1989 M N
§?♦ Sea board Air Line 1st g 4s.-1960 A O
|*Gold 4s stamped
1950 A O
99
115
*108
O
♦Stamped
42
56
J
Scioto V A N E 1st gu 4s..
8H
114*
S
1946 A
9
99
J
4s
1943 J
J
ISan Antonio Pub Serv 1st 6s..1952 J
San Diego Consol G A E 4s
1965 M N
1942 M
3
5*
7H
8H
S A A At Pass 1st gu g
Santa Fe Pres A Pben 1st 6s
No.
86
5*
J
1972 J
4029
BONDf
Since
Jan.
Hioh
86
8t Paul Minn A Man—
1940 J
6
Friday
Range
Asked
Low
D
con g 4a..1968 J
J
{♦St Paul E Gr Trk 1st 4 Via... 1947 J
{♦8t Paul & K C Sb Lgu4*8_.1941 F A
S
Friday's
Price
St Pan! A Dulutb 1st
tPacific ext gu 4a (large)
St Paul Un Dep 6s guar
Record—Concluded—Page
Week's
Last
BONDS
30
20
15
Indus¬
Rail¬
Utili¬
trials
Date
45
roads
ties
Total
65
Stocks
10
10
First
Second
10
Indus¬
Grade
Grade
UtUl-
40
trials
Rails
Rails
ties
Bonds
Total
Dec. 30
154.36
33.60
22.73
51.44
107.54
63.31
106.01
Dec. 29
153.62
33.16
22.66
51.12
107.34
94.14
52.76
105.95
Dec. 28.
151.45
32.12
21.85
50.11
107.08
93.84
51.75
105.79
89.61
Dec. 27.
150.43
31.55
21.49
49.61
106.95
93.92
51.55
105.67
89.52
50 10
107.03
93.80
151.38
32.02
22.04
90.32
90.04
HOLI DAY
HOLI DAY
Dec. 28.
Dec. 24.
94.45
51.79
105.74
srlc
89.59
New York Curb
4030
Exchange—Weekly and Yearly Record
NOTICE—Cash and deferred delivery sales are disregarded In the week's range
of the regular weekly range are shown In a
footnote In the week In which they occur.
In the following extensive list we
furnish
a
complete record of the transactions on the New York Curb Exchange for the
week beginning on Saturday last (Dec. 24, 1938) and ending the present Friday (Dec. 30, 1938).
It is
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
com...20
Acme wire v t c
Supply Mfg class A.»
*
28
Shares
11*4
conv
Class A
Aluminum
**
1st preferred
100
Oct
Borne Scrymser Co
44**
Mar
67
Oct
Bourjois Inc
Bowman-BUtmore com..
Ltd
"l39"
Aluminum
100
9*
X
2.700
12 %
68
6
"\25"
common.*
6% preferred
100
American Airlines Inc.. 10
1289*
149*
108*4
20*4
Mar
300
149*
39*
14
129*4
Dec
114
Dec
Nov
169*
Mar
3
June
6*4
Feb
07
Mar
145*4
Nov
94 *4
20*4
3,700
,
'A
44
Feb
112
Oct
Mar
8
**
*
229*
67**
1
22
Nov
Mar
IX
Mar
64
Jan
Oct
49*
4**
239*
r23*4
Amer Hard Rubber Co..50
10*4
9*4
Amer Laundry Macy_..20
Amer Lt A Trac com...25
Preferred
i x
3X
Jan
3,300
1
%
Mar
Mar
Feb
Bruce (E
19**
Mar
37X
Oct
Buckeye Pipe Line
Apr
115X
Nov
32**
12,700
175
49*
239*
4,200
104
2*4
8
20
Mar
Aug
70
Sept
9*
200
10
500
**
Assoc Gas & Elec—
Common
6**
Jan
Oct
X
June
v
Am dep
B
Marconi
11X
Aug
Carlb Syndicate
7X
Jan
Mar
IX
Oct
16
Jan
27X
4
2X
Oct
Carnegie Metals
Jan
4
Apr
16 X
Feb
109X
Nov
Carrier Corp new conv
1
Carter (J W) Co common. 1
Casco
Products
'it
Feb
4%
4X
Jan
Castle (A M) common..10
Catalln Corp of Amer
1
Jan
2,200
2,700
3**
1st preferred
8*4
1
Dec
Jan
%
Apr
19*
Mar
119*
Oct
»i«
Jan
0%
7% preferred
..100
Conv preferred
100
Conv pref opt ser '29.100
Dec
*
Mar
**
Jan
X
Mar
•n
Mar
2
Sept
Mar
39*
5X
Mar
2**
10
Dec
30*4
Centrifugal
July
IX
Jan
Charls Corp
25%
Dec
9*
9,400
X
Mar
%
Jan
2X
Jan
9%
8*4
July
Mar
Mar
15
Apr
13
Mar
40%
42
130
28**
29
3,300
1**
IK
13 *4
19
Dec
Jan
21
179*
Chief Consol Mining
Chllds Co preferred
100
Cities Service common..10
Aug
2X
Jan
Preferred
*
3X
Dec
Preferred B
Mar
June
46 X
Nov
Oct
37
89*
12,600
2*4
Mar
89*
Dec
199*
7**
21*4
7*4
850
UK
Apr
22**
Nov
300
4 9*
Mar
99*
Jan
■X June
19*
Jan
8,300
1
Mar
2X
Jan
200
7*4
7*4
100
7
June
Basic Dolomite Inc com
1
Bath Iron Works Corp___l
"~6**
59*
6**
1,000
5
June
89*
6X
89*
4,800
1
36
1
10*4
99*
20,600
37 X
35
8**
14,200
10*4
6,000
100
«
Nov
Cleveland Tractor com
*
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co
Jan
9X
July
49*
July
63*4
Mar
3
May
Oct
IX
Mar
894
Mar
2*4
Mar
0*4 June
14
Nov
4035.
0% conv preferred
*
2%
125
Mar
July
Jan
H
Nov
Jan
19
Mar
33
»i«
IX
"X " »i~6
Jan
5
21
22
Jan
Oct
X
Dec
Jan
200
IX
Sept
4%
Sept
Sept
3X
Jan
7,000
19*
**
19*
10*4
July
1*4
July
Y.400
Apr
9*
Jan
17**
Apr
Jan
Apr
Nov
July
24**
100
7ie
*4
2,500
9*
Dec
87*4
879*
120
65**
Mar
89
Dec
60
Mar
86
Jan
16
Sept
32
24**
18**
20**
139*
19X
15
15,400
49* May
900
69*
17
4X
90
"4% "49*
87
3,600
175
90
Mar
19*
Jan
Jan
7J*
23**
25
Aug
Aug
37**
12
Dec
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
Nov
8X
Apr
VA
Apr
Jan
50
June
59*
92
Dec
Dec
30
Oct
Sept
69
Jan
109*
Mar
14 J*
88**
759*
Apr
4** June
X
3
300
100
04
1%.
X
2,200
8X
r3X
450
92
**
9,800
10*4
Mar
6
Oct
Nov
Nov
Dec
Oct
%
Sept
3
Oct
June
Mar
1,200
69*
Mar
1
AX
IX
8
90
7**
90
4X
Mar
08** May
200
Mar
48
39*
3
14
39*
Jan
7*4 May
Mar
17
10
3
4
350
3X
29*
Dec
4
Dec
7*4
Feb
4X
3H
4X
900
3**
Mar
4X
Aug
200
8X
79*
Jan
5%
7X
r3X
50
July
Apr
5
5X
June
5
Mar
Jan
14
15
125
12** June
21
Jan
128
128
150
97
Mar
128
Dec
Jan
799*
July
99*
July
500
7X
71**
7%
40
300
hi
'A
800
375
5** Mar
** June
20** Mar
62
Dec
6X
60 X
8
16,200
5**
Sept
11
May
53 X
36,300
21**
Mar
539*
69
58
7X
51
49 %
4
,41**
6,600
5
50**
2
Mar
930
20
Mar
lh*
5
Jan
Dec
May
50*4
Dec
61
6
6%
Feb
17
29
Feb
72
26
Feb
67
2,500
4
Mar
8*4
Oct
2J*
6%
61**
225
150
50
59
Mar
49*
Nov
150
18
13
Sept
20
Feb
Jan
Jan
2,100
1
**
Dec
2X
X
"34** "37 X
Mar
"350
30 X
Feb
39**
Oct
69*
3**
Feb
4X
IX
5X
IX
3,400
3X
Mar
900
19*
Nov
1
Mar
7
5
29*
4
Mar
Jan
2**
2X
1,800
6X
6X
100
2%
3X
7,400
"7% ~~8%
~2~700
2**
Nov
Mar
12*4
Aug
59* May
19* June
8**
39*
Jan
39*
~~2~X
£1
Mar
4*4
Aug
3**
Mar
9*4
98
Nov
Dec
Columbia Gas A Elec—
Dec
Nov
121
Dec
18
Aug
Columbia Oil A Gas
1
Columbia Pictures Corp..*
14 *4
Mar
31
Dec
90 X
94
3,200
52**
93X
54
250
Mar
45
70
Dec
Oct
47 X
June
2**
Sept
13 J*
Conv 5% preferred.. 100
Mar
July
16
Aug
**
1*4
35**
Jan
Oct
Mar
28*4
Nov
Commonwealth A Southern
X
4,700
X
3,700
34**
Nov
Apr
Oct
7
Cohn A Rosenberger Inc.*
Colon Development ord
125
28*4
33**
Cockshutt Plow Co com..*
Mar
5*4
X
34
2%
Claude Neon Lights Inc_.l
Clayton A Lambert Mfg..*
Cleveland Elec Ilium
*
113*4
*
*
32**
1
7*4
1679*
'
see page
Clark Controller Co
Apr
July
#u
9*
X
warrants
$2.50 conv pref
City Auto Stamping.....*
City A Suburban Homes 10
50
15*4
28
*
14*4
Dec
189*
3X
39*
Apr
4J*
18
*
250
120** 120**
"l5**
Berkey A Gay Furniture. 1
com.
preferred
July
H
147
Bell Tel of Pa 0*4 % pf. 100
Benson A Hedges com
Conv pref
Dec
10
$0
11
400'
20
com
Bell Tel of Canada
4*4
4
4
Oct
Jan
Mar
107**
21
Preferred BB
*
Cities Serv P A L f7 pref. *
51
Baumann (L)
5»*
*ir
*
X
1*4
7*4
19*
1
Nov
X
1
300
6
Jan
7X
4
2%
10
Mar
1
Co com...*
7% 1st prferred
100
Beaunlt Mills Inc com..10
"~2X
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach_—4
""ik"
Beech Alrcralt Corp
Bell Aircraft Corp com
Co
Dec
Mar
Barium Stainless Steel... 1
Barlow A Seellg Mfg A...5
pref
*
%
6**
%
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Strip
Pipe
900
4
30
Aug
Nov
Chamberlln Metal Weather
Baldwin Locomotive—
preferred
..100
239*
6*4
89*
21**
preferred
Nov
98
Mar
1,000
com.
Mar
2**
1
39*
1,600
"28 j*
10
200
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 50c
Cent States Elec com
1
Oct
.
19*
*
88
1,200
2.**
20
3**
10
common
Babcock & Wilcox Co
350
14%
13** xl39*
920
16,100
7**
17
6
Jan
May
229*
"89** _899*
com
6,600
3X
Apr
Dec
3**
39
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
8
3**
2**
23
40
Dec
Jan
1*4
39*
Oct
May
11**
7V*
,
Apr
IX May
189*
Mar
4
I
Mar
22**
500
Mar
Axton-Flsher Tobacco—
Jan
July
8
700
200
*
25
0% preferred xw
Warrants..
Aviation A Trans Corp
33
33
Jan
1,700
Cent Hud G & E
25
w w
Nov
20**
20%
106** 107**
Dec I
7A
800
890
*
30*4
**
5%
15X
27
10
07
25
39*
2,000
Dec
10
**
19*
Apr
Celanese Corp of America
400
5
Dec
Mar
2**
2X
*
Mar
2,900
24,100
2
1
com
Nov
**
Automatic Products.....6
Automatic Voting Mach.. *
Nov
5
14**
Carolina P A L $7 pref...*
$0 preferred
*
July
July
300
500
14**
107
Carnation Co common...*
Feb
75
5X
89*
750
7%
49*
24*4
Dec
100
20**
6X
18
16
Mar
**
1
Oct
July
Feb
Mar
6,800
*
100
Aug
Mar
XJ2
X
239*
21%
2
3*4
*64
29*
.
15
7% 1st partlc pref...100
6X
28
31
100
Apr
Apr
Celluloid Corp common. 15
$7 dlv preferred
*
8X
**
Mar
11X
*
Dec
*
3X
28**
£
21X
*
Class B
Nov
$5 preferred
30*4
Dec
15
25c
Carman & Co class A
2**
4*4
800
Atlas Corp warrants
*12
14
IX
9
X
IX
8*4
Atlas Plywood Corp
Austin Sliver Mines
Mar
Capital City Products...*
8
X
Atlantic Coast Fisheries
*
Atlantic Coast Line Co..50
Oct
69*
*
non-voting
Canadian
2*4
2,900
39*
30
28
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
80
6*4
Assoc Laundries of Amer. *
Common vtc
*
Apr
5X% pref shs £1
Mar
49*
Assoc Tel & Tel class A..*
Atlanta Gas Lt 0% pref 100
15
30
Cables & Wireless Ltd—
Mar
6
Option warrants
Oct
600
25
Calamba Sugar Estate..20
Camden Fire Ins Assoc
5
5
49*
X
Oct
**
*
t c
69
X
IX
For footnotes
Cable Elec Prods
10
1
Blckfords Inc
*
Dec
Apr
7*4
90
1,100
Class A
Purchase
$5 1st preferred
Cent Ohio Steel Prod
1
**
6**
24%
58
55** June
8** Mar
39* Sept
Dec
1*4
Dec
2*4
3,700
13,300
85
89*'
Jan
Mar
2**
20 X
Mar
3,400
2 J*
1
32
Dec
Jan
*4
10
6*4
£1
88
Apr
"27"
Mar
30
150
58
Dec
Apr
*4
4,100
Apr
Apr
Industries
Amer deposit rets
10**
Mar
IX
.5
com
Burry Biscuit Corp._12*4c
Oct
Jan
16
Oct
Sept
May
47A
2
60
L) Co
July
23
49*
16
3,700
33
700
Buff Nlag A East Pr pref 25
14X
26
119*
400
*
Dec
6X
1,900
Burma Corp Am dep rets..
550
59*
Nov
Apr
July
1,600
5X
Bunker Hill & Sullivan 2.60
Oct
29*
8**
11**
IX
5%
Nov
Dec
9*
1
com
Nov
18**
28
Brown Rubber Co
July
26X
85
14
Mar
*
6%
June
14 X
preferred.
28 X
Mar
21
$6
33
Apr
25
July
12 X
Mar
550
10*4
2
Mar
23
250
12**
129*
109*4 109*4
**
**
2*4
2**
«
Mar
Sept
2%
*
11,100
28**
600
6
7%
3
*
Class A pref
Jan
Nov
4,100
1,100
2%
1,000
3,000
20,900
£1
Brown Forman Distillery. 1
27 X
30X
19*
Assoc Breweries of Can
Mar
Mar
3*4
85
9
8X
HA
ree.-lOs
July
IX
10
Dec
15J*
Am dep rets ord
15*4
3*4
Preferred
July
28
7X
Anchor Post Fence
Art Metal Works com...5
Ashland Oil A Ret C0....I
Dec
4**
2
Jan
18X
American Thread pref...5
Arkansas P A L $7 pref..*
19**
Jan
Mar
Nov
100
300
2X
Jan
IX
"11
{Brown Co 0% pref
679*
199*
*
7
July
Brown Fence & Wire com.l
669*
15*4
Common clafw A
150
800
Nov
X
Oct
5
{Arcuturus Radio Tube..l
2
18
3%
59*
26*4
Oct
3
Arkansas Nat Gas com...*
Apr
900
2%
**
27**
30 X
300
129*
Aug
Mar
30 X
3,200
......
Oct
13
Sept
Apr
37,900
Angostura Wuppermau..l
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
31
Dec
23**
Apr
X
"l89*
Mar
229*
10
5X
*
Oct
10**
8%
130
dep rets ord bearer£l
10 *4
9**
*
Am
Aug
X
$0 series preferred
59*
21
Mar
4%
9
Mar
21**
3X
8*4
10
1
Apr
Dec
9*
Amer Seal-Kap com
2
Am Superpower Corp com*
1st $6 preferred
*
3
23X
200
Apr
1
Mar
58
July
18
3,400
June
%
.
129*
19**
21X
68**
9i«
Amer Potash A Chemical. *
Mar
*
—
Amer dep rets reg
10
r26*4
Nov
4X
British Celanese Ltd—
22
*
July
44
700
500
3X
IX
*
Apr
300
1
Bellanca Aircraft
Class A
30
July
64
Amer Pneumatic Service.*
American Republics
100
*
X
.100
conv
preferred
Brlllo Mfg Co common
7%
70 X
600
Amer Meter Co
5X
Feb
Dec
Nov
7X
38
** June
24 X
3,300
13*4
9* June
Apr
Nov
1
Nov
169*
269*
149*
159*
26 X
34
9X
11
16**
22**
1J*
3X
*
♦
A
Mar
Apr
26
Amer Maracalbo Co
$1.50
Dlocyj
»i»
rl6** rl7**
"169*
6% preferred...
25
Amer Mfg Co common 100
Mar
70
109*
25
26
9X
Mar
11
Bright Star Elec class B__*
Brill Corp class B
8**
Amer Invest of 111 com...*
6X
60
115*4
30**
115
6,200
300
-__100
25
American General Corp 10c
$2 preferred
1
$2.60 preferred..
1
7%
Preferred
*
100
200
4,400
319*
IX
Dec
25
300
-
2
115
16X
19X
Sept
6
49*
British Amer Tobacco—
1*4
*
7
British Amer Oil coupon..*
'2
»i«
600
11,400
Bridgeport Gas Light Co.*
Bridgeport Machine..
British Col Po wer cl A
*
8%
Aug
Class B
com
3
9
July
625
26**
IX
179*
8X
4*4
1,200
1
17
u%
12X
27
27*4
2X
"22
1
Mar
27
$0 preferred
*
Mar
24X
23*4
Amer Foreign Pow warr...
Amer Fork A Hoe com..*
1
7X
1
Aeronautical
2
27
Purch warrants for
Brazilian Tr Lt A Pow
6**
27
1
19
36
~~~7%
•IX
900
26
Amer Cyanamid class A. 10
Class Bn-v
10
16X
19X
IX
13
*
300
8
29*
**
23*4
Class A with warrants.25
Class A
7X
8
IX
10c
"~i%
6H
,7% 1st preferred—_100
2d preferred
*
Registered
Common class B
com
Breeze Corp
Brewster
100
19,
10c
$3 preferred
Class A
Aug
Nov
Apr
100
$5.60 prior pref
*
Amer Centrifugal Corp_.l
Am Cities Power A Lt—
Avery (B F)_
6% preferred
Nov
11
19*4
850
79*
Elec
10X
Mar
200
2*4
Associated
Aug
May
Oct
107*4 108*4
39*
American Capital—
Class A common
Amer Gas A Elec
Feb
136 J* 140
Amer Box Board Co com.l
•
Jan
VA
9*
93
American Beverage com..l
American Book Co
2*4
Apr
Aug
550
110
110
7%
Mar
2
100
050
High
Low
Shares
—25
8*4
1289*
Co
Nov
1*4
X
19*
110
(S) & Co
%
com....25
Co common..*
Bohack (H C)
1
*
*
*
$3 opt conv pref
76
9
9
0% preference
100
Aluminum Goods Mfg—*
Aluminum Industries com*
Blumenthal
61 X
10
com
Corp com
Nov
Apr
*
pref
conv
Blue Ridge
Nov
Mar
120
$3
Nov
Sept
71
Allied Products
129*
3H
23
*i«
62
19*
Oct
Mar
50?4
62
*
5
33 9*
71
Invest com
Bliss A Laughlln com
50
*
Alliance
Aug
Mar
1
10**
Mar
1,100
9*
10 preferred
*
AlJes A Fisher Inc com...*
Allied Internat Invest com*
1
60
60
Price
*
Bliss (E W) common
11*4
40
pref.
Blauner's common
July
Nov
7n
X
Nov
37
7X
2,300
3
.2
0
Jan
22**
Range Since Jan. 1, 1938
Week
*
A Machine Co com
Feb
Apr
6**
500
11*4
119*
29*
Warrants....
Dec
for
of Prices
Low
High
Birdsboro Steel Foundry
2*4
23
"~7X """6** "7*4 ""1,606
Alabama Gt Southern..50
Ala Power $7
Feb
34
14 *4
""59* "V" "4",600
*
preferred
Par
High
17X June
275
28
26
Low
Week's Range
Sale
STOCKS
......
Class B
Agfa Ansco Corp com
1
Alnsworth Mfg common.5
Air Associates Inc com—1
Air Investors common...*
Last
Range Since Jan. 1, 1938
Last
Sales
Friday
Sales
Friday
STOCKS
Conv
compiled entirely
stock or bond, in
dealings occurred during the week covered.
which any
Aero
m&
Deo.
unless tbey are the only transactions of the w^k and when seUIr^ outsJde
No account is taken of such sales In computing the range for the year.
50
X May
H
9 *4
30
1*4
Jan
Dec
*4
Jan
Mar
14*4
Dec
Mar
37
Oct
"~3X
2X
3%
15,300
»u
**
39,500
1
••11
X
500
Community P A L $0 pref *
Community Pub Service 25
Community Water Serv.-l
25%
462
16
269*
27**
28**
825
17**
Sept
9ie
ui«
400
**
Apr
Warrants
Commonw Distrlbut
h«
....
28
**
Feb
49*
1
Jan
Aug
Oct
Jan
Volume
New York Curb
147
Friday
STOCKS
Last
(Continued)
Sale
Par
Price
Exchange—Continued—Page
Sales
Weft's Range
Range Since Jan. 1, 1938
for
of Prices
Low
1940
c ext to
14N
Conn Gas & Coke Secur..*
Consol G E L P Bait
1
6
5
72
Par
70
59 H
...1
preferred
6
100
Consol Royalty OU
10
Consol Steel Corp com...*
preferred
6
3,400
20
6
1,400
2 K
67 K
Apr
24
Nov
8
July
June
30
300
2N
H
IK
Mar
May
7N
~15~K
25
100
60
6K
100
July
110
Dec
1
Dec
6 K
5K
28
Mar
43
10
78
Nov
87
Jan
Mar
12
Aug
Apr
80 N
Nov
Mar
2N
July
5%
preferred
100
Deo
23 K
6%
25
Mar
K
7K
IK
IK May
IK
200
IK
5K June
10K Mar
Mar
May
14
Mar
Dec
May
3 K
Mar
4
100
Dec
9
47
100
Grumman Aircraft Engl. 1
Guardian Investors..
1
Oil Corp
.25
Gulf States Util $5 50 pref »
$6 preferred.
*
Oct
Dec
Sept
*
Jan
24
Oct
Dec
100
K
Jan
5N
Dec
3K
Apr
Class A.
9,800
7
Mar
14 N
Nov
IK
4,200
IK
23 K
2,275
17 K
Dec
62
May
Dec
31
Jan
13
Nov
Apr
3K
Dec
Jan
IN
275
14
Mar
500
13
Mar
26
3K
1,000
100
Jan
20
14K
2K June
13
Jan
Apr
Jan
Oct
4N
Jan
Dec
K
Mar
K
Mar
15N
17N
IN
16N
Mar
65
Nov
Jan
'
Oct
Oct
65
2,800
42
Mar
70
Oct
T2K
3,300
2
Mar
7
Oct
2 K
24
2K
5,400
; 700
1,600
2
Mar
6N
Oct
^
m
72
26
4K
1,900
2
76
15 K
Mar
2K
Mar
IK
Apr
60
35
Jan
5N
2K
July
July
Preferred
w
Hollinger Consol G M
1,200
38 N
300
preferred
100
63
10N
200
9K
Dec
13
IK
800
19K
50
arrear
Esquire-Coronet
"64"
K
-
65
'
8N May
22 K
Dec
900
Sept
»i«
Nov
39 K
37 K
92 N
40
92 K
6,000
46 N
July
10
72
Feb
92 K
Dec
101N 101K
20
81
Jan
102 N
5
June
7N
Oct
Mar
3N
Juiy
"io Ik
"""2k
"2 k "2 N
"l,700'
8
61K
1
3N
29
21N
9
8
4
29 N
4K
21N
8N
3N
5
June
Mar
30N
May
600
9N
3,500
400
Apr
6N May
2K Mar
8
175
5N
Sept
8N
8N
200
5N
Mar
8N
7N
18
Mar
7K
9K
39
27
Mar
UK
41N
Mar
67
Nov
5N
11N
Mar
13 N
July
Mar
15N
16N
8N
24
Aug
7 N
7K
900
14K
11N
14%
500
12N
400
9
5N
Mar
May
Mar
18
"36k "37N
325
June
2N
21N
Sept
69 K
08N
69N
4,900
3N
3N
3N
2,400
800
K
0N
150
5K
5K
100
IK
23N
3N
UK
IN
23K
3K
19
1,100
19
5N
Dec
15
Nov
72 N
July
Mar
2N
Mar
Sept
K
4N
5N
Mar
Jan
65
Dec
Indiana Pipe Line
22
Feb
Indiana Service 6%
Oct
500
12,800
2,200
12
6K
10
10
pf.100
7% preferred
100
Indpls P <fc L 6N% pf—100
Jan
Indian Ter
16
9
Dec
31
Jan
100
7K
ION
7H
10,900
100
Mar
it«
2
u
Mar
*i«
10N
July
Dec
July
8
Nov
5N
2N
July
Mar
IN June
18
6
15N
K
(Phlla)_10
10
72
"66"
1,600
N
57
"iik
..100
400
18
•
9K
June
33 K
Jan
1,000
2
Mar
5N
Nov
1,300
1,700
J 2
Mar
22 N
Nov
16N
16N
15N
15N
2,200
1,100
Non-voting class A
6
6K
6 N
7N
N
100
Nov
8N
19N
Mar
Sept
Mar
19
Mar
15 N
July
Nov
37N
9N
Aug
16
Mar
V t c common
10
9K
62
N
10,500
100
8K
Dec
Insurance Co of No Am. 10
66 M
0N
July
8N
Jan
International Cigar Mach *
Internat Hydro Elec—
*it
Sept
14N Mar
Jan
rl$
1,200
11N
10
22 N
23
58
r 73
30
50
Jan
700
6
Dec
50
6
Sept
50
8N
400
deprcts ordreg...£l
3N
Pref
$3.60 series
k
Apr
08
Nov
Internat Paper & Pow wan-
K
Mar
11N
Dec
International Petroleum.
Mar
77 N
Oct
Mar
75 K
Oct
Sept
x8K
Sept
3K
4,900
3K
Sept
21K
21
21K
800
14K
Mar
24
Oct
22
21N
22
175
15
Mar
24 N
Oct
5N
Jan
Amer dep rets... 100 Ires
IK
IK
1,100
IK
Mar
2N
Apr
IN
Sept
IN
Feb
N
Nov
N
July
Jan
International Products
International Utility—
Class A
700
7
850
48 N
Mar
69N
Nov
23 N
500
16N
Mar
23N
Dec
18N
900
8N
Apr
Feb
Apr
Mar
23
H
4N
4
12,900
27 N
6,400
26N
300
22N
300
2N
7N
3N
8K
Sept
Sept
Mar
1,700
5
Mar
ht
8N
4N
26 N
26N
3N
»
ht
700
"18
5,500
8N
300
N
8N
*
7
ht
8
100
*
Warrants series of 1940..
1
3N
3N
3N
2,600
5K
5
5K
2,600
Oct
Oct
May
Aug
4N
Nov
31N
Mar
31
Mar
4N
14N
1
N
Jan
Dec
May
10
Apr
35
Feb
Feb
Nov
1
7N
'i«
7
1
preferred
$3.50 prior pref...
IN
21
13
24 N
*
Class B
Feb
9
X66K
8N
64
6
27 N
Internat Radio Corp
Internat Safety Razor B_*
International Vitamin
Oct
Dec
Interstate Home Equip..l
4035
May
16N
Registered
$1.75
Ford Motor of France—
19N
103
22 N
50
4
20
Oct
Apr
Jan
K
N
A stock purch warrants
Internat Metal Indus cl A *
39
x8K
66 K
7% preferred
48 K
Ford Motor Co Ltd—
Jan
200
1
1
Mar
Nov
Sept
Industrial Finance—
Mar
Mar
Oct
Jan
Nov
100
*
Mar
Sept
6N
13 K
66
14N
15N
13 N
82
6K
4K
14K
9 K
Jan
15
Oil—
16 N
4
Apr
Oct
9
Dec
50
£1
Jan
Ilium
N
Mar
Great
ot
Ireland
13
"i«
"15k
16N
16N
May
Mar
Jan
July
30 N
16N
7
K
6N
12
Dec
7N
Imperial Oil (Can) coup.
Registered
17N May
6K Mar
Oct
Dec
Feb
37 N
Nov
32
July
107N
56
3
Nov
Jan
Mar
11N
5K
4
Sept
Jan
98 N
8
24K
58 K
Britain &
26
100
Jan
Imperial Tobacco of Can.6
5
~1~206
June
Imperial Tobacco
12
40
9
39
4K
Dec
30 N
0
5N
Dec
.9
4
16K
N
Aug
0
13 K
JK
20
Jan
1,050
8K
l
page
2N
1,100
Mar
Dec
10 K
K
6
see
July
2N
IN
IN
Dec
Sept
65
8K
1
B
64
Apr
Mar
Class B
Ford Motor of CaD cl A..*
Apr
5N
65
150
K
1
Jan
1,500
23N
r7N
"9 K
Dec
12
N
K
800
Jan
Dec
3
63
Metallurgical...*
For footnotes
IN
Mar
48 N
Jan
10^g
10N
Florida P & L $7 pref—
Ford Hotels Co Inc
Am
33H
-_*
Nov
Nov
21,700
50
Zinc
Jan
y%
8K
Fedders Mfg Co
Class
3
Illinois
Feb
"j"ok
Brewing
Fanny Farmer Candy coml
Flsk Rubber Corp
$6 preferred
Mar
Illuminating Shares A
*
Imperial Chera kIndus..£l
28
22
Falrchild Aviation
Fire Association
N
Oct
28
21N
Falstaff
Corp
Aug
Jan
28
.525
65
Eureka Pipe Line com..50
Ferro Enamel
8N
2N
150
65
03 K
63
64
1
Flat Amer dep rights
Fldello Brewery...
Mar
22 N
*16
ctfs..
2,150
61K
62
European Electric Corp—
Option warrants
Fansteel
Dec
1,000
Oct
>»ie
Nov
127 K
39 K
N
*
6% conv preferred
72
Apr
Apr
19K
Hydrade Food Prod
6
Hygrade Sylvania Corp..*
Dlv
Jan
Nov
*18
100
Illinois Iowa Power Co
Nov
9N
11N
"2IK
__1
7% pref stamped
Jan
62
.
Emsco Derrick & Equip..6
Equity Corp common..10c
Mar
22 N
100
...
6%
36
•
117N
25N
4N
31K
t c
0N% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Mar
Mar
68 M
6
Common
Dec
IK
Mar
5N
3N
'11
3N
24
2 K
7% pref unstamped ..100
Hydro Electric Securities. *
6
10 K
Apr
K
Hummel-Rogs Fibre Corp 5
IIussmann-Ligonier Co
*
§Huylers of Del Inc—
77
19 K
10
2
6% preferred
-.100
Hubbell (Harvey) Inc.
5
Humble Oil & Ref
*
Dec
1
99 K
Feb
13 N
38 K
Horn (A C) Co common.. 1
Horn <fc Hardart
*
Apr
Elgin Nat Watch Co
15
Empire Dlst El 0% pf 100
Empire Gas & Fuel Co—
Sept
lu May
300
67 N
Holophane Co common._*
Holt (Henry) & Co cl A._*
Hormel (Geo A) & Co com *
2K
250
2K
17N
2",600
..25
w.
7
Dec
"iik
21
"io~
2
common
200
2 K
8N
35
7
Hey den Chemical
10
Hires (Chas E) Co cl A...*
Hoe (R) & Co class A.-.10
Jan
Heller Co
6K
Mar
6N
*
14 K
l*u
""300
20
38N
*
12K
6K
700
68 K
Hewitt Rubber common..6
61
76
21
UK
25c
Feb
2K
$6 conv pref w w
Elec Shovel Coal $4 pref.
17 N
preferred.-.60
conv
7K
2
5
0%
Dec
Dec
41
Apr
4N May
26
500
4
Heela Mining Co
Helena Rubensteln
65 K
Mar
June
88
5
6K
9K
700
9N
N
Hat Corp of Am cl B com.l
Hazeltlne Corp
*
May
5,750
150
Nov
5
8,600
8K
Hearn Dept Store com
6
2,300
4N
30
100
5N
5K
28 K
28
1
500
1
5N
4N
10
600
67 K
4
Common
67
32
IN
Dec
9
300
5K
Oct
7
33 K
82 N
Apr
May
1
July
9K
6N
58
60
10 K
12
350
50
67 K
9K
7K
77 K
500
1,500
4
Dec
1,100
Mar
36
4N
100
Apr
Mar
K
Feb
600
26
July
4N
61K
"IN
Nov
63 N
*
72
K
2
62,500
warrants
30
IK
Mar
Sept
75
32
Hartford Elec Light.__.25
5K
7
Shareholding—
Nov
100
*
110N
58
"2M
Jan
16N
6
1
Sept
900
*
IN
Mar
100
5
4N
11K
Aug
Dec
c
June
56
1
77M
Aug
51
Hartford Rayon v t
Dec
Mar
Hall Lamp Co
Haloid Co
2
9 K
Oct
*64
Mar
Hartman Tobacco Co
Harvard Brewing Co
Sept
11N
57 H
10N
58
40
Jan
150
1
July
300
Feb
K
10K
—*
51
Gypsum Lime &, Aiabast.*
%
54
1,000
2
Elec Bond & Share com.
July
N
8N
1,400
20N
*
14K
53
6
Gulf
July
13
2C
3K
Mar
Greenfield Tap & Die
*
Grocery Sts Prod com..25c
Jan
24 K
16K rl7K
Easy Washing Mach B_._*
Economy Grocery Stores.*
30
N
i6« May
100
1
15N
100
25
Nov
9
2K
200
17M
60
46
100
July
16N
6K
t7%
12K
17
July
51
stock....*
July
x27
500
7%
com
1st preferred
Jan
15N
2N
3N
3N
35 K
Dec
Non-vot
Ut Northern Paper
Feb
9N
Nov
»16
$7 preferred series A.—*
$0 preferred series B___*
80
Great Atl & Pac Tea—
Jan
58
2K
07 K
Eastern Malleable Iron..25
Eastern States Corp
*
Feb
1
»
Jan
40
Dec
June
500
$3 preferred
Gorham Mig Co—
Dec
700
21
65
*
6
Dec
500
preferred
Nov
Mar
300
17
Nov
700
12
-100
Oct
60
14N
Goldfleld Consol Mines.. 1
Gorham Inc class A
*
26
IK
IK
Apr
Sept
Nov
1,000
5N
Apr
IK
IK
N
Jan
15N
46
82
4N
6K
"ilk
19 K
Mar
Mar
Nov
4,200
44 N
*
2
10
9
40K
Gray Telepb Pay Station.*
IK
IK
30 K
"5k"
16N
K
'84
V t c agreement extend. *
Grand Rapids Varnish
*
6K
67 K
IN
65 K r70K
Godchaux Sugars class A.*
Class B.
*
Oct
IK
65
100
K
.*
Glen Alden Coal
Feb
3 K
115
Gilchrist Co
Apr
5K
17
103
67 H
75
400
*
Aug
200
IK
17 N
13N
._*
10
8
IK
10
600
IN
Oct
41N
General Telephone com.20
$3 conv preferred...-..*
16N
17N
2,100
4K
87
IN
17 N
12N
Warrants
Gen Outdoor Adv 6% pilOO
Gen Pub Serv $6 pref
*
Gen Rayon Co A stock...*
10N
6N
2 K
87
IN
Gen Fire proofing com
*
Gen Gas & El 6% pref B..*
General Investment com.l
56 preferred...
:
*
Mar
4N
32
7N
General Alloys Co
_.*
Gen Electric Co Ltd—
Amer dep rets ord reg.£l
May
June
10
500
X19K *19K
*
v
Aug
5K
Jan
66
4N% prior preferred-100
Electrol Inc
24
Jan
Mar
Dec
300
200
*
Electrographlc Corp.
July
102
K
T7%
11K
East Gas & Fuel Assoc—
Option
IK
51
"160
6%
4
1
Elec P & L 2d pref A
Sep
May
11
7% preferred...
100
Dublller Condenser Corp. 1
100
Durham Hosiery cl B com *
Electric
Jan
25
Jan
IK
"21K
*
A...
K
Jul
UK
20
Dec
150
2K
Duke Power Co
Class
Mar
24
32
10
$6 preferred..—
Elec Power Assoc com
Sept
1
12K
600
15 K
IK
1
Corp
Jan
600
£1
preferred
Jan
5
37K
Dominion Steel & Coal B 25
S5
5
Dec
7 K
Dobeckmun Co common. 1
Electric
Dec
8
300
25
Diamond Shoe Corp com.*
Distilled Liquors Corp
5
Elsler
50
100
__*
10
Bros Stores
19
35
80
55 preferred...
Gilbert (A C) common
Preferred
;
Dec
IK
Detroit Paper Prod
1
Detroit Steel Products.—*
Edison
19
34 K
July
K
2K
2K
'
Det Mlcb Stove Co com__l
25N
Oct
80
*
..
29
Dec
Sept
Sept
Gatlneau Power Co com.*
Georgia Power $6 pre!
15
r27
Nov
19N
*18
Jan
4% conv preferred...100
Gamewell Co 56 conv pf__*
Nov
51
6*A
4N
12N
400
10N
24 K
6N
Mar
Mar
16N
Mar
4,300
15*
Nov
14K
5N
6K
17N
15
3 K
7
6*4
July
*
Jan
9*4
6K
15
5N
9N
1
K
1
x6 N
Apr
Mar
300
27
109
108
2N
300
Mar
2K
108
10N June
6K
UK
preferred
High
Jan
800
UK
17 K
12
K
Low
General Tire & Rubber—
IK
10
7 K
UK
6% preferred A.....100
Gen Water G & E com
1
$3 preferred
*
■
K
46
0% pref w w
20
Detroit Gray Iron Fdy.—1
preferred
conv
7
17K
Jan
900
12 K
Detroit Gasket & Mfg.-.l
Common
UK
Jan
Derby Oil & Ret Corp com*
A conv preferred
*
Eagle Pic her Lead
93
Range Since Jan. 1, 1938
Shares
1
Fruehauf Trailer Co
Fuller (Geo A) Co com
Jan
400
1
High
100
15
partlc pref
2K
K
51
1
Duro-Test Corp com
Duval Texas Sulphur
Com
for
Week
of Prices
7 K
13K
2N
9N
1
Corp..
Nov
Week's Range
Low
7N
1
12
2N
K
5
Driver Harris Co
75
Common..
12", 800
7%
12 K
Dennison Mfg 7% prel 100
Draper
Aug
July
3K
K June
4K June
600
1,200
1,700
i n
-.5
com..
Oct
Price
Franklin Ryaon Corp
1
Froedtert Grain & Malt-
Deo
6K
"22 k ~24N
9K
Dayton Rubber Mfg com.*
Class A
—35
Divco-Twln Truck
Mar
21
*16
Davenport Hosiery Mills. *
Distillers Co Ltd
Sept
Mar
2N
6N% preferred——100
Curtis Lighting Inc.
De Vllbiss Co com.
Nov
11K
300
26
*
com
11
Mar
Mar
2 N
*
Stores
Jan
May
"»i6 "in ~3~550
7N
10
-
K
4K
18 K
4K
400
5
-_*
com
Oct
Oct
4031
Sales
b
6K
IH
26
com v t c.
Jan
IK
7K
86
53 K
Crown Drug Co com--.26c
Cuneo Press Inc
Dec
Apr
6K
1,200
5%
2N
*
com
Dec
54 K
10 K
8K
25
Crown Cent Petrol (Md).5
Crown Cork Internat A..*
preferred
6
92
4K May
300
7H
1
Preferred
Mar
July
70
700
7%
Oct
65K
Apr
2 K
Nov
May
IK
Apr
14
*
Co
Crowley, MUner & Co
Dejay
9N
5
6
Decca Records
82 N
8%
7N
"sk
60
Croft Brewing
48 K
400
July
117
Mar
150
5N
-_£1
Creole Petroleum
Crocker Wheeler Elec
74
Aug
*i»
3,400
51
1
com
Mar
55
1,400
92
*
5% conv preferred
Courtaulds Ltd
Darby Petroleum
Oct
60K
1
$6 preferred A
Curtis Mfg Co
8K
59N
5N
9N
*
Corroon & Reynolds—
Common
Cuban Tobacco
Mar
*1* May
*
com
$3 prior preference
6%
3 K
IK June
Copper Range Co
*
Copperweld Steel com,.10
Crystal Oil Rel
19,400
8N
»!«
*
Cosden Petroleum
Dec
Sept
72
82 N
Cont Roll & Steel *dy.._*
Cook Paint & Varnish---*
Cooper Be&semer
K
7K
*18
6
Cont G & E 7% prior pf 100
Continental Oil ol Mex
1
$4
Dec
~Jan
92
Consol Mln & Smelt Ltd .5
Nov
16K
K
3N
113
1
Consol Retail Stores
Mar
11
700
700
6
_100
■
8%
15 N
5N
7N
8N
*
com
6% pre! class A
Consol Gas Utilities
Sale
High
Fox iPeter) Brew Co
1
Consol Biscuit Co
Consol Copper Mines
Last
(Continued)
Low
Shares
Compo Shoe Mach—
V t
STOCKS
Week
High
2
Friday
6
Mar
2N Mar
2N June
June
9
N
4N
July
6N
Nov
New York Curb
4032
Last
Par
Interstate
Power>7 pref..*
Investors
Royalty
Pries
Range
High
Low
4
44
ht
"174
16
44
ht
174
194
Low
Shares
2 4
100
»•»
500
Italian
hi
*ii
hi
900
1
•44
34
9,300
2
2,000
14
300
Co
Jeannette Glass Co.
(F L)
Jacobs
14
--
—
A Lt—
100
.. 100
100
I>aughlln Steel.100
14
44
14
684
684
694
4,600
May
74
4
4
1
*
National City Lines com.l
S3 conv pref
60
National Container (Del).l
National Fuel Gas
—*
Nat Mfg A Stores com...*
National Oil Products..-.4
National PALI6 pref...*
National Reilnlng Co—26
Nat Rubber Marti—.—*
Nat Service common
1
Conv part preferred...*
National steel Car Ltd
♦
National Sugar Refining.*
National Tea 5 4 % pref- 10
National Transit
12.50
194
Oct
34
Jan
Jan
Jan
lersej Central Pow
preferred
6% preferred
7% preferred
6 4%
Jones &
68
384
35 4
54
44
74
21
1.900
39
64
8
32 4
Aug
Mar
Mar
Apr
1134
74
114
Dec
106
Aug
64
350
..1
24
34
"24 "24
34
34
Koppers Co 6%
Dec
1
Jan
Mar
67
Nov
644
34
Jan
1,300
24
Dec
5
Sept
Feb :
Jan
124
Dec
84
84
1
134
124
84
134
7,100
64
Mar
900
*54
Mar
Jan
pref—100
r684 *384
"T26
68
Nov
Kresge Dept Stores
374 June
4% conv 1st pref
100
Kress (8 H) special pref. 10
114
1
44
124
6
11 4
1,400
4
900
La«e Shores
Ltd..I
Mines
Foundry A Mach.l
l<akey
504
"474 "50 4
3
24
Feb
New Haven Clock Co
Mat
34
854
Nov
4
Jan
24
May
Develop—25
*ie
*i»; 11,700
4
4
Dec
.1
(R G) Inc
Material Co.
l>e Tourneau
314
5
♦
Refining...
13
Mar
14
July
July
July
15
64
»u
32
New Process Co
N Y Cltr Omnibus
NOV
400
1,400
11 4
June
164
Oct
204
1.300
164
254
Jan
14
Feb
N
25
Jan
19
*
1
Mar
3
Loblaw Groceterias cl A..*
19
Mar
24
Nov
Mar
164
Aug
Lit
Brothers common
114
I>ocke steel Chain...—.6
aircraft
Lockheed
1
Lone star Gas
Corp
Lighting—
preferred
Louisiana Land A Explor.l
74
33.100
64
Mar
374
Dec
Mar
104
Oct
N Y Water Serv 6%
4
Dec
14
Jan
875'
9
1
26
23 4
Dec
42
Jan
5%
19
22 4
1.650
18 4
Dec
Jan
5% 2d
14
300
14
Dec
Mar
344
24
94
July
90
"74
14
64
74
8.100
rht
r711
""106
14
14
200
1
July
30 4
600
24
Mar
4,200
4
Mar
4
33 4
4
4
300
4
Sept
14
14
300
14
Apr
«•
29 4
June
*
104
Dec
6 4
loulslana P A I. $8 prel..*
88
Co...*
Lynch Corp common
5
Majestic Radio A Tel ...1
Manatl Sugar opt warr...
Mangel Stores.
preferred
Mapes Consol Mfg Co...*
Intl
334
4
4
4
1
Manlschewttz (B) com
Marconi
194
194
194
4
15
300
Communlca'ns ord reg £1
May
64
Nov
174
800
16
June
*
4
44
700
3
Sept
Mas* Utll
1
2
2
100
14
Mar
64
74
700
44
Mar
114
Mar
—*
ASeoc v t c
164
Massey Harris common..*
Master E.ectrlc Co
1
Jan
*
Dredging
164
*
"15"
Mfg cl A...1
4
Oct
39
14
4
July
July
July
Iron Co
Nlplsslng Mines
Jan
Noma
45
Feb
.1
11
Deo
204
Deo
74
$6
Class
Mar
*
Class Bvtc
10
July
184
Nov
Jan
74
Aug
ht
hi
600
hi
Mar
hi
Feb
2
Feb
1
1
100
1
Aug
60
60
67
550
32
Mar
704
Nov
JaD
114
12
700
May
184
4
12
Dec
64
Dec
54
94
Jan
3
Jan
104
Jan
"74
64
j 74
"l"306
2
14
2
14
3,300
14
Jan
2,300
600
4
124
May
100
ht
Feb
1024
Dec
29 4
Mar
604
July
79
July
79
July
»u
'he
134
14
he
hi
"46'
46"
46
"""166
Mar
5
5
100
5
5
100
34 June
44 June
Nov
14
17
July
July
14
114
Nov
Nov
84
Oct
74
Jan
14
Oct
4
600
4
Dec
"47""
25
45
June
104
114
150
10
Apr
53
55
550
36
Mar
62
Jan
70
85
Mar
108
July
Mar
11
4
"47"
55
1044 1044
64
8
14
144
61
62 4
""74
14
75 4
600
hi
44
64
Apr
51
July
124
July
Oct
Sept
17
Oct
1,850
454
Mar
72 4
Jan
700
14
Mar
24
Jan
Mar
884
Mar
25
Nov
Mar
2
Jan
700
14
774
1,000
rlO
42
18
14
Oct
July
Mar
204
Mar
30
Jan
200
6 4
Apr
10
Jan
20
914
Apr
1094
81
24 4
244
Apr
103
5
Mar
100
174
24 4
100
54
20
'
8
1054 1064
74
Oct
Oct
4
Dec
4 4
Dec
Jan
"154
90
104
Mar
214
Oct
74
86
19,100
64
Mar
104
70
Mar
89 4
Oct
July
60
May
824
1,900
134
12
134
3
"
*15"
134
854
4
2,900
hi
Sept
hi
Dec
Jan
14
14
1,100
4
Apr
24
Nov
54
44
54
2,400
34
Jan
2"600
614
14
Mar
Oct
Apr
Mar
Sept
89 4
"ei"
Dec
Feb
Feb
3
Mar
64
Oct
Mar
24
Oct
Mar
79 4
"604
14
62
14
14
62
4,300
624
Dec
124
Mar
29
Aug
204
114
Mar
27 4
Aug
Apr
474
650
pref
60
Dec
3
'""166
Mar
204
Nov
Ohio P 8 7%
Oct
s'loo
10
80
294
44
114
14 4
294
23
44
114
84
134
""29"
Mar
28
Aug
5
July
Oklahoma Nat Gas com.15
100
ht
4
2,000
4
304
4
4
54
Nov
Mar
Mar
4
July
Jan
14
Feb
344
I
744
»ie
hi
4
1.400
24
74
24
74
2,500
4
24
74
4
1,500
700
May
Dec
85
Nov
'he
Overseas
Sept
6
May
*u
24
Mar
Dec
May
Jan
5 4%
5
64
1,000
4
"74
4.900
Jan
Pacific Ltg
Jan
Pacific P A L 7% pref..100
6
Nov
Pacific Public
Jan
14
4
44
Apr
54
Mar
Sept
14
84
Nov
1
*
Mining Corp. of Canada.*
Minnesota Mining A Mfg. *
5,100
Mar
144
Oct
84
Mar
Mar
*18 4
33
Dec
344
Jan
575
204
June
May
May
250
87
111
100
100
10
10
Dec
July 1
Oct j
102
14
110 4
100
1,325
14
394
384
54
Monarch Machine Tool.
1
1
144
44
164
14
14
"14
14 4
Oct
Jan
414
Dec
May
1054
404
350
214
175
89
102
14
14
3,500
""3"
"34
"""650
Oct
Dec
24
Jan
June
14
4
74
44
July
July
24 June
44 Mar
274 Mar
324
Dec
284
29
1084
1084 *108
67 4
674
64
64
1,250
254
Apr
29
Dec
75
984
Mar
109
Dec
30
46
Apr
74
Nov
Mar
8
Nov
74
53,100
'324 "3I4 "324 T.966
100
34
154
64
Apr
June
87
74
34
8ept
34 June
15
200
15
15
800
14
Feb
12
204
96
Oct
Nov
Aug
Dec
74
4 4
Sept
*164
Nov
19
Jan
12
Sept
13
May
Mar
384
Dec
Apr
10
Feb
84
94
900
Mar
94
Dec
304
304
100
74 June
15
Nov
May
115
Dec
694
4 June
100
Mar
24
94
Mar
134
600
244
14
394
144
54
164
14
14
800
5,500
200
500
100
Mar
156
30 4
24
Oct
Dec
44 June
TaPrALt $7 pref
66 preferred
Aug
Pepperell Mfg Co
Apr
Mar
50
26
Sept
May
May
24
Sept
Nov
Philadelphia Co
314
314
384
Oct
Phillips
Nov
2
Jan
Feb
Dec
34
May
44
Mlskegon PlstoD Ring.24
11
84
104
Mar
100
5
9
54
94
54
Mar
1244
9
500
6
Mar
11
200
6
June
1,100
4 4
Packing
Co
Common
,
...1
Conv 63 pref series A. .10
Pierce Governor
Pines WInterfront Co
Nov
Pioneer Gold Mines Ltd-.l
10
Sept
*
7
June
94
Jan
94
Nov
1004
Nov
3,300
44
984
125
794
Mar
Mar
684
254
9
64
~30
954
Mar
125
Dec
160
July
Aug
19
Aug
Mar
754
1214 May
544
50
24
1,600
Dec
Apr
80
July
Mar
25
28
Aug
300
9
Dec
"""25
34
Apr
44
Sept
Feb
1174
July
29 4
Mar
314
Feb
July
8
Oct
24
500
24
Nov
44
44
224
64
234
17
5,200
Mar
Mar
64
650
14
104
234
31
700
xlOH
Mar
214
Aug
4
Dec
14
Jan
""24 "24
"s'ioo
24
Sept
34
Jan
1
ot
*
24
24
5
164
common
July
Nov
84
"36"
*
July
124
104
24
Dec
Phoenix Securities—
Jan
12
Dec
Sept
1124
84
64
Oct
165
4"666
254
1
common
Oct
Jan
Dec
July
Feb
84
14 June
4
14
May
c160
684
Phils Elec Co SB pref
*
PhUa Elec Pow 8% pref 25
Dec
4
60
19
100
Pharls Tire A Rubber
Nov
294
Apr
84
8
157
Periect Circle Co
74
1634
Mar
July
24
2,400
22,000
Pa Water & Power Co...
July
122
24
74
50
Pennsylvania 8ugar com 20
34
Sept
59
July
3 4
Murray Ohio Mfg. Co...*
4
14
974
Penn Salt Mfg Co
Nov
64
20
Nov
112
14
4
14
84
♦
*
164
Jan
Mar
124 Mar
14 Sept
14 June
28 4
64
5
25
200
14
1
Pennroad Corp v t c
1
Penn Cent Airlines com..l
3 4
145
54
3
Penn Traffic Co......2.50
Aug
64
1,900
64
Penn Mex Fuel Co....
Dec
78
115
31
Apr
45
294
*
preferred
Penn Gas A Elec class A..*
41
185
MtgeBank of Col Am shs..
65
34
294
62 80 preferred
Nov
Feb
Mar
Jan
Jan
21
1074
100
June
May
24
23
Penn EdlSon Co—
July
450
84
14
Preferred
134
13
Parkersburg Rig A Reel-.l
Nov
64
1
Mountain City Cop oom 5c
Mountain Produoers.
10
Mountain Sts Tel A Tel 100
pat;
104
Mar
18
1,200
C<-nv preferred A... .100
com
Dec
July
Mar
100
14
Moody Investors part pf.*
Moore Corp Ltd com.
Vachman qorintrfined
100
84
64
~3"666
1,010
204
153
30 4
.
Dec
19
44
155
Pow
.
1064
384
84
10
(Moore (Tom) Distillery
Oct
Nov.
17
103
•
A...*
Apr
Dec
115
38
69
Mock, Jud, Voehrlnger—
Common
<2 50
Montana Dakota Ptu
__10
85
1124
Pender (D) Grocery A...*
Class B__
24
com.
Parker Pen Co
June
101
Patchogue-PlymouthMUls*
tr.
14
84
com..
A
Pantepec OH of Venezuela 1
Paramount Motors Corp.l
Apr
"124
"12"
61 30 1st preferred
*
Page-Hershey Tubes com.*
Feb
1094
Oct
JuDe
34
14
Minnesota P A L 7% pf 100
Miss River Power pref.100
...1
*
Serv...
Feb
Mar
64
Peninsular Telephone oom *
74
14
84
10
1st preferred—25
66 pref
*
4
6
Nov
4
18
"994 "994
124
*
Securities
Nov
800
1
Pacific G A E 6% lit pf.25
Jan
S44
914
Apr
114
40
54
104
4
hi June
14
.
•n
26
100
Omar, Inc..
hi June
47
Apr
934
1st preferred-.--100
preferred
July
994 100
50
63
Dec
Oct
44
111
6% conv prior pref..100
Oldetyme Distillers
1
July
4
71
Apr
25
6%
14
Mar
310
200
Ollstocks Ltd common—5
Mar
Mar
10,100
1st pref...100
2
Nov
4
114
Ohio 011 6% pref
-.100
Ohio Power 6% pref...100
134
31
60
100
Mar
Mar
2 4
400
4
80
*
Dec
44
Sept
4
9 4
300
"""hi"""
Ohio Edison S6
130 4
200
Oct
21
7-614
25
Engineering..*
Corp
*
3
60
74
34
*
Mar
2,100
42
Ohio Brass Co cl B com
Mar
5
54
4
Oct
cl A..100
com
244
74
44
Novadel Agene
Northwest
3
350
"59"
""14 "14
Jan
90
900
350
'
Aug
July
20 4
475
7
74
65
Mar
"164
Midwest Piping A Sup
44
Mar
..1
Nor Ind Pub Her 8% pf .100
7% preferred.
100
Northern Pipe Line
10
74
''
1104
Midwest Oil Co..
Muskogee Co
Sept
24
Nor European Oil com
21
"4
50c
Mid-West Abrasive
Lt Ht A
Mar
24
*
25
58 4
*
Ward
38 4
Nor Central Texas OH...5
2,200
...»
Mid vale Co
Montreal
Nov
550
common...—*
B
900
4
Midland Steel Products—
$2 non-cum div shs
*
Montgomery
75
Jan
200
20
July
hi
Corp com..5
Soc
July
1,500
Oct
Warrants
Pictures
38
6% prior preferred..-.60
Midland Oil Corp—
Loan
Mar
20
400
*
Monroe
15
A..*
No Am Utility Securities.
Mar
......10
t c
Monogram
*
preferred
44
4
Michigan Sugar Co......*
Molybdenum Corp
300
44
Feb
*
pref
314
Pacific Can Co common..*
Oil
Missouri Tub Serv
1
July
84
24
Middle 8tates Petrol—
conv
Electric
Common
Jan
24
14
*
Michigan Gas A Oil... 1.1
Michigan Steel Tube..2.60
$2
Nov
Nor Amer Lt A Power—
200
pref erred.. 15
Middle West
4
Nineteen HundredCorp B I
26 4
Michigan Bumper Corp..l
\
Mar
704
34
1
994
34
25c
prelerred
Class A
2
34
6
34
Metropolitan Edison—
Preferred
200
100
Class A preferred
Nllee-Bement Pond-—...*
34
4
44
44
A preferred...100
Mexico-Ohio
common...—5
Class B
26 4
Participating preierred.*
Merrltt Chapman A Scott *
Warrants
$6
34
144
Share—
Niagara
46
Memphis P A L $7 pref..*
Mercantile Stores com
*
Partlclpat
14
14 4
164
1284 130 4
34
34
14
5
Metal Textile Corp...
Sept
14
Class B opt warrants
Oct
Nor Sts Pow
Memphis Nat Gas com
Meeabl
Sept
44
93
100
Mead Johnson A Co
64%
Feb
64
114
67 4
47
...*
McCord Rad A Mfg B...*
Merchants A
Dec
9
400
2,100
hi
Jan
McColl Frontenac Oil—
McWllllams
40
64
134
Class A opt warrants
Jan
May Hosiery Mills Inc—
pre/erred
Dec
Apr
25
13
34
pref
100
prelerred.....100
4
Mar
Marlon steam Shovel
$4
Jan
Apr
44
1st
North Amer Rayon cl
6% preferred
150
Oct
Nov
314
5
pf-100
—....10
Common
Marine
Margay Oil Corp
38
New York Transit Co
64
84
Lucky Tiger Comb G M .10
conv
N
234
100
"22"
$6
10
10
pref.. 100
66 preferred
—*
Y Shipbuilding Corp—
Founders shares
1
4
0% pref class B.....100
Loudon Packing
*
Ludlow Valve Mfg
64
1
74
Niagara Hudson Power—
Common.
7%
1
900
Dec
May
64
Y Merchandise
I6.8OO'
37 4
"fmmm
124
174
4,300
13
35
37
*
10
200
7
104
—
300
124
*
island
Long
114
300
Mar
124
34
Warrants
N Y A Honduras Rosarlo
July
prelerred
0%
•
6,900
38
124
N Y Pr A Lt 7%
25
l.lpton (Trios J) class A— I
•19
4
4
74
*
*
.
N Y Auction Co com
32
Mar
Sept
Sept
Lion Oil
8
High
Low
34
124
Mining Corp. 10
Newmont
Jan
900
4
Jersey
14
314
13
"204
Dec
New
•
Range Since Jan. 1, 1938
74
4
Zinc..*
25
New Mex A Ariz Land. ..1
9,500
34
74
8
New Idea Inc common...*
Jan
Dec
10
24
Line
584
I
34
Oil
Sept
1938
Week
Shares
Nebraska Pow 7%
May
60
lu?blgh Coal A Nav....— *
Leonard
j
14
4"306
1.000
3
*
preferred
Dec
pref.100
Jan ; Nehl Corp common
*
154
1st preferred
Dec !
—*
84
144 July ) Nelson (Herman) Corp...6
Feb
Neptune Meter class A...»
124
Nestle Le Mur Co cl A...*
Jan
1024
Nevada Calif Elec com. 100
45
Sept
7% preferred
100
Feb
New Engl Pow Assoc
*
124
11
Jan
6% preferred.
100
49
New F.ngland Tel A Tel 100
Aug
14
44 4
pref .100
Lefcourt Realty common
Conv
4
June
Oct
38
Lackawanna RR (N J). 100
Lane Bryant 7%
Nat Union Radio Corp...l
*
; Navarro Oil Co
Nebel (Oscar) Co com
*
Mar
14 June
104
Col'l
*
Nat Tunnel A Mines
l"650
—
Kreuger Brewing Co...
—
Jan
28 4
22
10
100
13
13
Corp common
Knott
Oct
4
50
50
Krnil) Co oom
Klelncrt (I B) Rubber
Jan
Nov
Kirkl'd Lake G M Co Ltd 1
Kobacker Stores Inc
Nov
4
6% preferred D.....100
Kingston Products...... 1
(D
Nov
May
103
Kingsbury Breweries
I
Kings Co Ltd 7% pf B ICO
Klein
81
92
4
2.400
Kimberly-Clark 6% pf.100
Petroleum.....
43 4
Nov
22
pref.100
Kennedy's Inc...
...6
Ken Rad Tube A Lamp A •
Klrby
Mar
744
106
Julian A Kokenge com..
Kansas G A E 7%
Apr
Apr
Apr
62 4
61
for
Range
of Prices
High
Low
National Candy Co
Dec
Dec
Price
Nat Bellas Hess com
Jan
194
4
74
Mar
Mar
Oct
.1
Nat Auto Fibre com
July
May
114
74
350
194
174
Par
High
Mar
Weeks
Sale
(Continued)
Chute..------1
Superpower A...*
Irving Air
Last
stocks
Range Since Jan. 1, 1938
for
Week
of Prices
---1
Mig Vic.
Fireman
Iron
Week's
Sals
31,
Sales
Pridau
Sales
Fridag
stocks
(iContinued)
Dec.
Exchange—Continued—Page 3
<
Aug
4035
I
Oct
Oct
New York Curb
Volume 141
STOCKS
Last
CContinued)
JV1 eter
*
of Prices
High
Low
1
Pittsburgh A Lake Erie-50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. 25
Pleasant Valley Wine Co.l
Inc
65*
654
Jan
75*
July
South New Engl Tel—100
Southern Pipe Line——10
Mar
425*
Nov
Southern Union Gas
"1,800
45*
Mar
115*
Nov
710
345*
Mar
625*
Jan
Southland Royalty Co
454
Mar
10
Oct
"qh'UH
55 H
62
8
8
1075*
25c
25*
"m
Power Corp of Canada...
*
100
6% 1st preferred
Pratt A Lambert Co
2
1,000
95*
600
Oct
15*
1,600
2,000
25*
35*
Mar
15*
55*
Jan
Aug
19
Premier Gold Mining—.1
Prentlce-Hali Inc com
*
2 5*
~23~~
Prosperity Co class B
Providence Gas.
"4%
185*
25*
19
June
165*
97
July
17
June
24
July
400
25*
June
40
Aug
Aug
95*
Mar
23
Deo
ht
25*
Apr
•11
35*
65*
Mar
Mar
35*
Mar
15*
3,900
33
~2§"
"23"" """loo
"4k "45*
"OH "m
"llioo
"11766
*
83
Mar
Aug
•
95
Mar
1035*
-----
Sl.00
Jan
Preferred....
Standard Products Co
1
Standard SUver Lead.—-1
28
Standard Steel Spring— .5
Standard Tube e| B
1
225*
Jan
475*
115*
Jan
28 J*
Deo
92
20
755*
100
905*
100
30
87
5*
375*
155*
31 **
125*
55*
5*
375*
155*
55*
Dec
Dec
200
M»r
475*
July
July
Sterchl Bros Stores.-
75*
115*
Jan
16
TO 5*
Dec
Mar
May
Mar
152
Mar
14
135*
75*
K
300
11
250
Oot
175*
5*
Feb
Sept
205*
105*
350
"25*
(Daniel)'common.*
.-ji-
"Ik "zk
45*
315*
45*
s
Relter-Eoster OH—.—60c
5*
105*
%
Eng'g.—5
Reynolds Investing.——.1
Rice Stlx Dry Goods.,
*
Richmond Radiator——1
Rio Grande VaUey Gas Co-
45*'
325*
45*
'IIloo
Sunray
Mar
2,000
400
Jan
May
305*
Oct
Mar
T,706
5*
Ra
Jan
14 J*
Nov
Swan Finch Oil
15*
Taggart Corp com..--—1
Tampa Electric Co com..*
Tastyeast Ino class A—1
Taylor Distilling Co—1
Technicolor Inc common.*
"14k "ilk
Mar
Jan
July
1
Mar
Dec
5*
300
"loo
5*
.
Dec
5*
Aug
90
Roeser A Pendleton Inc..*
Apr
100
--£1
Apr
17
Aug
225* June
105*
4
700
12
Roosevelt Field Inc——5
.
""2"
Co.——-I
pref.——20
6
Mar
300
35*
Mar
1,800
*16
Dec
6
435*
Royal Typewriter.—--*
*.
-
435*
69
73
-
73
5*4
-«.
35
100
8ept
305*
45*
25
750
55*
Mar
Apr
9 5*
,
46|*
79
Jan
Inc—-,-.1
Tlshman Realty A Constr*
Tobacco Allied Stocks....*
Tobacoo Prod Exports—*
Feb
145*
'25*
45*
Jan
1
15*
>i#
'loyallte Oil Co Ltd--.— *
Russeks Fifth Ave
25*
Rustless Iron A Steel-—.1
Deo
Ordinary reg-—.....£1
Def registered 5s——
July
Nov
85*
12
10
12
6,300
5
Mar
12
Corp—
Toledo Edison 6% pref-100
7% preferred A
.100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
Trans Lux Plot Screen-
Dec
40
41
150
35
Mar
41
Dec
3
3
2,000
25*
5*
5*
5*
Safety Car Heat A Lt
*
8t Lawrence Corp Ltd.—*
59
62
25*
Mar
5*
Mar
700
48
225
A
—50
com.-—.5
35*
25*
r55
—-1
165*
15*
United Corp com 1
165*
35*
57
175*
Sept
42
1,900
Mar
71
155*
100
185*
45*
Nov
185*
85*
15*
700
15*
1
200
1
200
8
115* .115*
25
24
26
Apr
Dec
Sept
1
15
155* June
Jan
Lace common..*
«
^
9,000
5*
2,900
95*
1,500
28
150
R#
5*
225*
235*
H
Class A..
Aug
Jan
July
114
Tung-Sol Lamp Works—1
80c dlv. preferred.—*
Ulen A Co ser A pref——*
Nov
Deo
June
25
Feb
Securities Corp general-—*
pref.———.*
Co—10
Gas of Canada....*
Dec
265*
Aug
,
2,500
35*
Mar
14 5*
Nov
Union Premier Foods
15*
15*
2,000
5*
Mar
25*
Nov
Union Traction
June
1
3,900
""»if
Segal Lock A Hardware. .1
Seiberilng Rubber com.—*
65*
45*
*
13V
65*
135*
Mar
Si 300
5,300
2
Mar
50
11
June
5* May
25*
35
$5.60 prior stock
H
85*
585*
595*
/5
Allotment certificates—
I
95*
61
615*
5*
8,700
Jan
Apr
45*
Oct
July
600
485*
495*
650
Mar
35*
4
5
Amer dep rets reg—£1
**i6
-
65*
Seversky Aircraft Corp—1
Denn Mining..5
55*
85*
25*
6
65*
1
7
65*
"""400
4
55*
85*
205*
14,300
15*
55*
3,700
Mar
755*
755*
15*
Dec
Mar
Jan
Feb
July
75*
05*
1145*
Aug
Oct
Oct
Rs
15*
25*
218
212
2
25*
218
1,000
700
145*
Oct
,
$3
R# May
United Shoe Mach com. 25
Preferred
25
165*
Mar
Mar
25*
Aug
35*
25*
Dec
Jan
254
U
July
U
pref————*
S Playing Card
10
8 Plywood——1
$15* conv pref—
20
U 8 Radiator com
61
Oct
Nov
1
Nov
Mar
16
15*
15*
Mar
65*
45*
Aug
15*
Mar
IH
5
25*
300
35*
Mar
7
Aug
800
2
Dec
35*
Jan
Oct
Jan
Calif Edison—
25
55*% pref series O—25
6% preferred B
For footnotes see page
285*
265*
15*
29
900
27
400
15*
100
345*
255*
235*
15*
30
preferred.—.100
4035
Jan
.13
8
Mar
Nov
Feb
2
Dec
100
3,600
Apr
Mar
42
Dee
29
Dec
Mar
27
Dec
Mar
June
3
Oct
45
135*
35*
Apr
39
Oct
455*
435*
III—45*
345*
Nov
Apr
8
""55* "55* """160
45*
155*
Dec
8
Bept
25*
Mar
65*
July
365*
800
Feb
365*
5*
500
205*
H
Mar
5*
5*
1,300
ult
Dec
225*
5,100
145*
Mar
70
25
44
Mar
15*
205*
705*
90
—
90
30
83
35*
35*
14 5*
14 5*
145*
135*
Oct
45*
70
70
Dec
NOV
44
205*
22
Jan
Aug
1,000
5
%
"is
------
Oct
102
55*
Dec'
Jan
Jan
July
Oct
Jan
Oct
2,500
35*
Mar
15
600
21
900
05*
75*
Mar
145*
Mar
15
Oot
Feb
35*
45*
45*
'"466
145*
15*
145*
15*
795*
100
1015* 1015*
10
'"45*
-----
78
795*
May
2
Dec
July
5
50
200
2
2
Mar
63
25*
Dec
14
I1
«
165*
Oot
Jan
Dec
2
Bept
Mar
82
Deo
855*
98.5*
Apr
Mar
111
Jan
5*
Dec
15*
44
"""600
""k
«
Oct
65*
Mar
>n
100
195
.....
"2,000
15*
2
45*
5*
45*
45*
2.900
5*
2,400
115*
8,100
9
115*
35
325*
Oct
104
Dec
5*
Aug
Oct
45* June
5* June
15*
15*
Jan
7
July
55*
Corp com...
$7 conv 1st pref.......*
United Stores v t c—
*
United Verde Exten
60c
United WaU Paper
2
Universal Consol OI1....10
Universal Corp v t o
1
Universal Insurance
8
Universal Pictures oom... 1
Universal Produca Co...*
Utah-Idaho Sugar
5
Utah Pow A Lt $7 pref—*
U S Stores
Mar
700
35
18
June
1,300
2
Jan
85*
Jan
75*
15* June
Oct
85*
125*
Aug
Oct
425*
Mar
,
25*
65*
25*
OH
900
Oct
Apr
85*
Nov
Mar
75*
Oot
Mar
H
100
15*
125*
200
11
"125* "125*
12'5*
15*
125*
35*
45*
15*
2
25*
"566
10
Mar
Sept
35*
Mar
Jan
825*
80
is
83
5*
"i»
1,000
2,800
25*
295*
15*
H
Nov
25*
09
25*
305*
205*
27
20
«5*
Dec
Mar
Aug
Nov
Oct
Jan
Jan
100
Jan
•11
Mar
Apr
7*8*
Mar
35*
Oct
6,000
15*
15*
135*
Apr
Mar
45*
345*
Oct
175
175*
Jan
24
"ik "25* 217665
2
Jan
July
Mar
Mar
Mar
5*
5*
02
"2k
Jan
Mar
2
15*
Mar
Nov
Dec
30
15*
Oct
6
il"
145$
35*
45*
885*
25*
600
Oct
Jan
Aug,
May
Apr
65
45*
212
5*
15*
85
105*
15*
845*
43
4
55*
>16
*65 5*
70
Sept
July
Sept
230
1
Jan
July
9
Nov
*27
15
235*
5*
65*
Re
"25*
"45*
11
105*
15*
865*
455*
45*
6
5*
700
IS
80
1,400
6,600
2,700
505*
Mar
Jan
39
350
42
Mar
1,400
1
Mar
250
22
F-b
28
135*
235*
45*
25*
56
35*
5*
%
16
235*
45*
25*
5*
55*
R«
%
25*
25*
1,100
100
200
1,300
1,200
40
2.000
4,100
3,000
"""800
3
Nov
Feb
805*
465*
65*
85*
15*
705*
15*
Dec
Dec
Jan
July
Jan
Nov
Jan
32
Oct
135*
Dec
16
Dec
235*
Dec
235*
05*
35*
Dec
2
Mar
15*
Mar
3*
5*
J*
15*
Dec
Aug
Aug
5*
Jan
Feb
05*
Dec
Rs
Aug
Mar
Aug
Oct
Sept
Mar
Jan
7
"45* "45*
Jan
Jan
105*
25* July
35* June
5* Mat
15*
27
65*
May
900
1,310
Jan
655*
65
1H
U 8 Rubber Reclaiming.
Dec
15*
35*
6% original preferred.25
Southern Colo Pow cl A. 25
7
39
-A
Jan
* Oct
1,100
1,200
2
29
600
295*
U S Lines
45*
....
1
wJu»jr
95*
65*
13
j
>eb
13
2
"4J*
U S Foil Co class B
1
com... 1
2
Mar
75*
United Specialties com—1
Nov
35*
35*
Nov
'
85
1
Dec
1
75*
-
15*
Dec
Aug
35*
650
preferred————*
Co*——
United Molasses
.1
U 8 and Int'l Securities—*
1st pre' with warr—I*
190 z200
Mills...
Corr
Jan
10
13 conv pref——.—.*
—
Sept
55*
500
non-voting.*
United N J RR A Canal 100
United Profit Sharing—25c
10% preferred—-—10
United Shipyards ol A—1
Class B———
1
Oct
Shreveport El Dorado Pipe
26
Oct
Jan
Nov
200
25*
-
8ept
400
42.000
Oct
Jan
*
Oct
105*
.85*
45*
45*
95*
1
85*
— -
Oct
Nov
65*
95*
85*
95*
25*
Rs
Nov
Sept
14
155*
35
55*
Am dep rets ord reg—
July
17
60
Mar
Dec
Oct
Apr
July
1
-
95*
35*
$6 1st preferred—*
United Milk Products—*
5* June
4
Sept
Apr
300
SUez Co common——*
Simmons-Boardman Pub—
Singer Mfg Co
...100
Singer Mfg Co Ltd—
Amer dep rets ord reg.£J
Sioux City G A E 7% pf 100
Skinner Organ
*
Mar
5*
pref-100
United Lt A Pow com A-*
Common class B
*
Aug
12
1
2
United G A E 7%
Aug
115*
*225*
1175*
1,600
5% cum pref ser AAA 100
Sherwln-WUllams of Can.*
Simplicity Pattern com
1,300
25*
Option warrants——
15* June
107
205*
1105* 1125*
Simmons H'warc A Paint.*
-
1,200
>16
United Corp warrants——
United Gas Corp com
1
•ii May
500
Sbawlnigan Wat A Pow—*
Sherwin-Williams com—25
Line stamped..
-
Apr
Apx
Mar
June
Dec
15*
Un
Jan
Nov
Dec
25*
245*
175*
55*
69
9
------
-
Jan
June
25*
25*
35*
Jan
12
Mar
Dec
2H
12,800
8,300
Dec
•
Shattuck
""3k "35* ""466
35*
Sts.l
15*
Selfrldge Prov Stores—
Sentry Safety Control
1
Serrick Corp (The)
.--1
Seton Leather common—**
"35* "3l700
Co—-50
65*
Mar
5
400
Nov
•11
245*
*
Cigar-Whelan Sts—10c
1st 37 pref
A
95*
.5
115*
Mar
$3 cum A part pref
Selected Industries Ino—
Common.-..-*———1
40
05*
United Chemicals com—*
Oct
Mar
17
Jan
Jan
Oct
6,100
Union Investment com..*
135*
*
15*
15*
2,300
Scries B
295*
125*
Oct
104
Mar
25*
Unexcelled Mfg
15*
15*
10
*
Convertible stock
—1
........—1
12'*
pref—*
Selby Shoe Co.
Co..-.10
Tublze ChatUlon Corp.
Jan
295*
Mar
June
M Sept
H June
175* June
35* Mar
>16
.....
Nov
15
1,600
"185* 16" ""20
—
Seeman Bros Inc.--
7%
1,600
90
1
85*
Trl-Contlnental warrants.
Union
ScuUln Steel Co com
southern
185* July
85* Aug
225* June
H
2
.—
Transwestern Oil
Oct
Scranton Spring Brook
sossMfgcom,
Corp
Dec
,
Common.
July
July
110
25?*
Scranton Elec $6 pref.--.*
South Coast
Mar
55*
165*
--
---
4
Oct
2
Mar
Jan
Jan
0
Mar
1
Schlff Co common.—*
15*
92
125*
25*
10,300
15*
——6
4*
Mar
4
preferred.———100
-kmotone
—
------
Todd Shipyards
July
41
Co——
15
2,300
Tobacco Secur Tr—
July
—*
Solar Mfg,
Nov
3,000
0
TUo Roofing
Oct
Ryan Consol Petrol——*
Ryeraon A Haynes com.,1
Smith (H) Paper
Feb
Ncv
145*
"""805
Thew Shovel Co com.—-6
Nov
25
Mar
""25* T,5oo
Rossia International..—*
Warrants.-*
145*
Mar
"_6?* ""55* "05*
Texon Oil A Land Co—2
Rome Cable Corp com—6
Water Service
Apr
Apr
5
105*
Corp—15
Tenn El Pow 7% 1st pf -100
Texas P A L 7% pref—100
Dee
115*
'
Rolls Royce Ltd—
Scranton
65*
185*
265*
---
OH———1
Superior Port Cement
$3.30 A part—......
Class B com.-—*
Dec
6
4
*3 5*
1
GAE6%pfD 100
ScovlH Mfg..-.
11
1,050
55*% conv pref——50
Superior OH Co tCallf)—25
July
May
5*
Dec
85* May
5* June
6,900
Voting trust ctfa
Savoy Oil Co
"""166
175*
75*
195*
17
Sunray Drug Co——*
Oct
25*
100
"3k "T"
Oot
40
19
300
R«
235*
Feb
15*
35*
1,600
115*
6i«
Feb
29
195*
Reed Roller Bit Co —-♦
samson
25*
2
12
11
16
SulUvan Machinery——*
Red Bank Oil Co...—-*
Salt Dome Oil Co
Jan
62
Stroock (S) Co———*
1175*
90
136
conv
7%
18
Aug
Aug
""35* ""3"
*
Oct
Jan
10
—
Feb
Nov
7
100
165*
95*
Raymond Concrete PileCommon..--.--^.—*
conv pref
Jan
450
185*
235*
2
0% 1st preferred—...50
6% 2d preferred—-.20
Sterling Aluminum Prod-1
SterUng Brewers Ino—.1
Sterling Ino——-———1
Stetson (J B) Co com—.*
Stlnnes (Hugo) Corp...-6
Sept
Dec
54
Mar
Stein (A) & Co oommon—•
235*
May
5
25*
July
phate A Acid Wks Ino 20
Apr
45*
Jan
Aug
5*
Dec
Nov
5*
------
Starred (The) Corp v t e.l
Steel Co of Can Ltd.
*
5*
Nov
1
Phos
92
July
Jan
5* June
125*
95*
105*. Mar
45* May
235*
450
2,175
"sk "55* """466
147
Standard .Wholesale
225*
Feb
200
-----
100
7
55*
1175*
preferred.
*
Raytheon Mfg com.—50c
5*
50
Apr
May
Jan
Mar
200
5*
Dec
22
116
$2
——
1085*
590
Oct
75*
39
5*
95*
Common class B——*
450
Apr
Dec
155*
215*
12
July
47
Mar
25*
"".loo
......
Standard OH (Ohio) com 25
103
55*
285*
5*
preferred.-20
preferred——100
17
155*
205*
155*
Nov
6%
Jan
Apr
July
i*
85*
Jan
55*
3
500
.....
175*
65*
195*
285*
J 47
St Regis Paper
5*
"Ik
Standard OH (JKy).
10
Standard OH (Neb)—.25
26
*
$2 50 conv pref
H
......
Jan
98
Sept
Oct
Dec
35*
105*
Jan
Nov
6% preferred. ——--100
Quebec Power Co.— s.
Ity A Light Secur com—*
Railway A Utll Invest-A—1
$ 1.20 conv.
2.000
1,700
.
Quaker Gats common
Root Petroleum
65*
315*
——
75*
45
Pyrene Manufacturing—10
Am dep rets ord reg.
305*
315*
65*
285*
6% prior Uen pref —10*>
7% prior Uen pref...100
I Pub Utll Secur 17 pt pf— *
Puget Sound F A b—
$5 preferred-;
—
$0 preferred.—
Puget Sound Pulp & Tim. *
Pyle-Nattona! Co com—6
Rochester
conv
r55*
65*
11
47
17 prior preferred.;.—
16 preferredPublic Service of Okla—
Elec &
Common——1
1515*
15*
Standard Invest 155* pref*
Public Service of Indiana—
Reliance
"'35* "35* ""266
fm m>
<■
Standard Pow A Lt——.1
6% 1st preferred——100
7% 1st preferred
100
Reeves
»
Jan
Public Service of Colorado-
<3
«
*
Standard Brewing Co..—♦
Standard Cap k Seal com. 1
Conv preferred.10
Standard Dredging Corp—
Aug
Feb
High
June
10
«•
Stahl-Meyer Ino
10
100
Low
135
6
Dec
Mar
Jan
Nov
11
Range Since Jan. 1,1938
for
Week
Shares-
Preferred A...... ...?5
Sept
June
6
600
5*
45*
105*
1155*
1H
High
*
Spanish A Gen Corp—
Am dep rotsord reg—£1
Am dep rets ord bearer £1
Spencer Shoe Co
*
5* June
95
Pressed Metals ,of Amer
*
Producers Corp.——.-25c
preferred-.—--
Mar
65
2,700
H
25*
H
45*
105*
*
*
•
Prudential Investors..—*
1075*
H
8H
Potrero Sugar common—6
Powdrel! A Alexander—.5
Co
8
100
—
62 H
Low
Price
South Penn Oil
25
So West Pa Pipe Line..60
1,000
Range
of Prices
Sale
Par
High
200
7
Week's
last
{Continued)
Low
......
Forglngs
Polaris Mining
$6
STOCKS
Range Since Jan. 1,1938
fin
Week
Shares
37 5*
65*
.
Pitts Bess & L E RR——50
Plough
Price
4033
Sales
Friday
Postage
Pltney-Bowes
Pittsburgh
Week's Range
Sale
Par
Exchange—Continued—Page 4
Sales
Friday
15* June
,
15*
35*
19
m
Aug
oct
11
12
100
7
May
14
Dec
7
7
100
3
Mar
10
Dec
May
195*
15*
595*
16
10
H
48
100
H
495*
9
900
100
5*
31
Dec
Mar
Nov
Jan
Nov
Last
Week's Range
for
Sale
of Prices
Par
Utah Radio Products
Low
Shares
High
Low
1H
July
Denver Gas A Elec 5s. 1949
......
Nov
June
*i«
Dec
%
3,800
1,800
1%
Mai
2%
Mai
•>«
Jan
H
100
1
5
13 H
12%
2
Jan
Oct
7%
2%
Sept
Oct
7%
1%
%
12,000
%
H
Mai
A7%
Jan
Eastern Gas A Fuel 4s. 1950
Mai
3%
July
275
20%
June
Jan
36
July
Mar
28%
Nov
Wahl Co common
Mar
%
Mar
38%
Dec
7%
1%
77%
July
20
June
10%
July
6
8
5,200
1%
Mar
1,400
5%
Mar
11%
Jan
%
5%
Dec
1%
7%
Mar
Erie Lighting 5s
.1967
Federal Wat Serv 5%s 1954
Finland Residential Mtge
900
6,%
7%
7%
*
—
*
Waltt A Bond class A
Walker Mining Co..—.1
Knitting Mills...5
Welsbaum Bros-Brower._l
Wayne
9%
Dec
200
6
200
9%
Nov
Jan
Deo
0%s series A
Dec
Nov
109%
Nov
98
99%
50
50%
105
Oct
Mar
100%
Oct
38
8,000
2,000
Mar
83%
82,000
98%
107% 107%
1953
Sept
1
July
Sept
Nov
11
Nov
Florida Power 4s
Aug
102% 102%
C 1960
"90%
Florida Power A Lt 5s_1954
ser
31,000
4,000
98
101% 101%
*.—
50%
First Bohemian Glass 7s '57
Mar
102%
58
6,000
82
Firestone Cot Mills 5s_ 1948
2
89%
85
101%
Dec
8ept
105
Feb
July
105%
95
Sept
70
29,000
Nov
Nov
Apr
85
52
90%
57
108%
Feb
Apr
Jan
Jan
90%
Nov
6%
8
95%
93%
95% 170,000
74
Mar
95%
Oct
4
2,500
4%
2%
Apr
3%
Dec
6%
Jan
2%
1,800
1%
Mar
3%
Oct
5s ex-warr stamped. 1944
95%
94%
95%
.4,000
78
Apr
98%
Nov
300
1%
Sept
4%
Nov
Gatineau Power 1st 5s. 1950
General Bronze 0s
1940
104%
104% 104%
18,000
99%
Sept
104%
Dec
10
30%
Mar
Jan
General Pub Serv 68—1953
47
47
47
75
13%
Gary Electric A Gas—
Sept
22%
Mar
Oct
9%
Mar
May
Georgia Power ref 5s—1967
Dec
Georgia Pow A Lt 5s..1978
8%
Oct
West Texas Utl! *0 pref—♦
Mar
1,400
07%
%
Mar
2%
Jan
♦Gesfurel 6s
700
4%
Sept
Apr
7%
Jan
Gobel
1 H
1
5%
1
"82 k*
4%
0%
Aug
2%
200
2%
Apr
5%
9%
1,200
6%
June
10%
July
July
8
6
May
9%
Jan
Deo
Jan
Guardian Investors 5s_ 1948
30
58%
83
Apr
2H
400
7 %
8%
1,400
3%
Mar
3%
9%
5%
Wolverine Portl Cement-10
83
2H
5%
100
5%
May
7%
July
Dec
16%
2
Mar
20,000
8,000
87
96%
73
12,000
71%
*50
(Adolf) 4%s—1941
89
50
-»
m
..
*»
*48
77
Apr
88%
Dec
98%
Nov
Apr
Mar
Oct
49%
June
Dec
33%
62
57^000
73%
Feb
75
July
53
Jan
68
Feb
60
July
June
93%
Mar
1,000
107
Jan
108%
2,000
47
Oct
05
Jan
51
June
59
Feb
29
Mar
60
89
81%
5,000
108% 108%
.
Sept
28%
-
Gt Nor Pow 6s stpd..1950
Dec
85%
78
39,000
60
Dec
Mar
72%
65%
77
95%
90
98
Apr
Apr
62
*20
Guantanamo A West 0s '58
82%
100
82
59
Grocery Store Prod 0s. 1945
5H
75%
86%
"96%
Grand Trunk West 4s_1950
8%
8
0%
300
2%
*
Williams Oil O Mat Ht-*
Wilson-Jones Co
5H
63
4,000
80
1953
4%
5%
2.000
98
*73
Glen Alden Coal 4s.„ 1905
West Va Coal A Coke..
88
90
98
Gen Wat Wks A El 5s_1943
9%
90
90
Gen Pub Utll 0%s A. 1950
♦General Rayon 0s A. 1948
Westmoreland Coal Co... *
Wisconsin P A L 7% pf 100
Apr
5H
8
Wlllson Products Inc
97%
*.«•
80
2%.
.
Weyenberg Shoe Mfg
Williams (R C) A Co
May
Mar
4
*
—
__
"99%
1952
-
81 %
111%
Oct
53 %
54,000
71%
74
*108% 112
*104%
1%
Dec
Apr
Eroole Mareiil Eleo Mfg—
Banks 6s- 6s stpd—.1901
Western Tab A Stat—
Vot tr ctfs com
Empire Dlst El 5s
106
1,000
Dec
Dec
May
Apr
2%
Wellington Oil Co
1
Wentwortb Mfg
1.25
Western Air Express
1
Western Maryland Ry
1st preferred.... 100
8
Dec
%
l*it June
—*
Class B
"74"
55%
60% 147,000
110% 110%
El Paso Elec 5s A....1950
2%
11,500
7%
*
Wagner Baking vtc
•»
Elmira Wat Lt A RR 5s '50
200
*
■—
•»
.»
60%
Edison El 111 (Boat) 3 %s 65
Elec Power A Light 5S.2030
4%
pref--100
.
2%
8,000
20,000
Sept
Vogt Manufacturing..
Waco Aircraft Co
Westmoreland Inc.
29.00C
%
%
7%
May
7%
1%
%
110
7%
40
"i
40
Dec
%
%
58%
7
7Mi
Petroleum—1
106%
5%
40
Venezuela Met Oil Co..10
Dec
1,000
5%
1,500
11
105
7%
Aug 1 1952
♦Certificates of deposit
28
1%
26
Mai
7%
Aug 1
1,000
400
97%
1952
♦0%s
♦Deb 7s
14
2
H
High
2,000
103% 104
106% 100%
♦Certificates of deposit
Jan
%
1
Low
Shares
Hlgt
Detroit Internet Bridge—
Api
31%
2,100
%
S4 conv pref—
Van Norman Mach Tool.5
7%
3%
54%
1%
450
%
1
Va Pub Serv 7%
......
1H
%
%
Class B
Delaware El Pow 6%s.l95fl
*U
Cod v preferred
7
lUtll Pow A Lt common..1
7% preferred
Valspar Corp com
Oct
1%
Utility A Ind Corp com..5
Low
2%
2,500
1%
52
51
Week
Junt
1%
♦
for
of Prices
Price
High
1938
Range Since Jan. 1, 1938
Week's Rangt
Sale
(Continued)
1
Utility Equities Corp
*5.50 priority stock—-
Price
Last
BONDS
Range Since Jan. 1, 1938
Week
31,
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
Venezuelan
Dec.
New York Curb Exchange—Continued—Page 5
4034
,50%
53
42
7^000
99% 100
13,000
Apr
Dec
2
Woodley
"Ik
1
Petroleum
Wool worth (F W)
Amer
Oct
Oct
13
_.5c
0% preferred
£1
Wright Hargreaves Ltd..*
8
8%
Yukon-Paclflo Mining Co.5
1H
1%
3,700
0%
1,200
50%
100%
Nov
3,000
34%
May
30
Nov
83%
Feb
49~666
97%
Apr
104%
Oct
0%8 ex-warrants.. .1943
102% 103%
100% 100%
2,000
90
Apr
103%
Aug
109% 109%
17,000
103
Apr
109%
Dec
26%
Jan
♦Hamburg El Underground
A St Ry 5%s—
1938
Heller (W E) 4s w w ..1940
*21%
*95
8%
Feb
Houston Gulf Gas 68—1943
2%
Mar
1
Jan
Dec
""99%
Hall Print 0s stpd....1947
♦Hamburg Elec 7s
1935
Jan
Ltd—
dep rets
76%
26%
Houston Lt A Pr 3%s.l900
Wolverine Tube com
41
Sept
26%
.
20
30
96 %
Sept
99
Dec
Bonds
♦Hungarian Ital Bk 7%s'03
*8
30
May
15
June
Sold
Hygrade Food 0s A...1949
61
63%
11,000
43
Mar
68
July
61
63
13,000
43
Mar
67%
BONDS
Alabama Power Co—
0s series B
1st A ref 5s.
1940
1st A ref 5s.
..1961
98%
1966
96%
102% 103% 812,000
99
98H
14,000
89
Jan
78
1st A ref 5s
1968
84.%
86%
15,000
70%
Apr
Apr
Apr
1st A ref 4 Hs
1907
"81
79
81
17,000
65
Jan
Aluminium Ltd debt 5sl948
100
100
104%
99%
1st A ref 5s
Amer G A El debt 5s.
108%
2028
Am Pow A Lt deb 6s—2016
85%
Amer Radiator 4Mis..1947
104%
Amer Seating 0s stp—1946
Conv deb 4%s C...1948
Conv deb 4%s
100%
108% 109%
85%
83%
103% 105%
9,000
70,000
70%
104%
100
98
91%
86%
107%
109%
91%
Sept
Apr
60,000
58%
Mar
11,000
103%
Dec
108
Dec
111 Northern Util 5s—1957
Dec
DlPr&Lt 1st 0sser A. 1953
Nov
1st A ref 5%s ser B.1954
1st A ref 5s ser C
1956
Oct
Nov
Apr
Aug
Oct
Sept
a
"l02%
98
96
___
0s series A
1947
6%s series B
1953
100%
5s series C
1951
85%
102
Nov
2*665
107%
Feb
119%
Nov
103
31,000
90%
Apr
104
Nov
Indiana Hydro Elec 5s 1958
Indiana A Mich Eleo 5s '55
35,000
80
Jan
101%
Dec
53,000
30
Mar
51%
Nov
99
*
12%
~
100%
79
"
Jan
5s
105%
Dec
110
51,000
85%
Apr
102%
Dec
98%
30,000
79
Apr
Nov
94%, 96
86%
38,000
76
Mar
100%
97%
7,000
68
Mar
91%
Nov
3,000
79
Mar
100%
4,000
84
Apr
101%
10,000
64
Apr
97
85%
98
99
100% 100%
84%
85%
46
105%
Indiana Service 5s
"55%
1950
1963
31
29%
31
9,000
20%
Mar
35
Nov
28%
20%
Mar
35%
21%
Mar
Debenture 5s
1968
31
47,000
21
Mar
37%
36%
Nov
Oct
Conv deb 6Mis
1977
90
Sept
Dec
Nov
Nov
109%
Mar
Nov
89
Mar
Nov
4,000
6,000
104%
Apr
107%
109% 109%
55%
56%
2,000
108%
Dec
111%
Jan
11,000
45%
Mar
03%
May
43
Mar
61%
May
55%
12,000
76
78%
13,000
52%
52%
1,000
50
54
55
55
55%
Jan
International Power Sec—
32H
38
32%
40,000
30
55%
♦Indianapolis Gas 5s A 1952
30%
1950
75
Feb
86
86%
106% 100%
1957
1st lien A ref 5s
42%
Aug
3,000
105% 105%
101% 102%
Indiana Gen Serv 5s. 1948
119
101 %
100% 101%
~45%
-
8fdeb5%s—May 1957
Indiana Electric Corp—
118
101%
Arkansas Pr A Lt 681-1950
Associated Elec 4%s__1953
Associated Gas A El Co—
3,000
96%
*100
Appalac Power Deb 6s 2024
Ark-Louisiana Gas 4s. 1951
96%
1949
.1949
Conv deb 5s
34,000
29%
31%
44
44
1,000
23
Apr
73%
*103
74
4,000
62
Apr
Oct
6%b series C
1955
7s series E
1957
7s series F
52%
1952
49%
40
Jan
40%
Dec
65%
67%
Sept
45%
7,000
84
Sept
Sept
Nov
Nov
'
Assoc T A T deb 6%s.A'65
Atlanta Gas Lt 4%s._ 1955
Atlantic City Elec 3%s '64
46
„
Nov
80%
Jan
92%
Feb
103%
Dec
90%
-
1103% 104%
Apr
104%
Dec
Avery A Sons (B F)—
191%
*85 '
6s without wartantsl 947
l.ocom
93
89%
Oct
95
Mar
89
82%
Oct
85
Oct
Works—
♦Convertible 0s
1950
Bell Telep of Canada—
1st M 6s series A... 1955
110
105% 116% 250,000
110 J*
124""
1998
145
Birmingham Elec 4%sl908
Birmingham Gas 5s...1959
Broad River Pow 6s..1954
Canada Northern Pr 5s '53
Canadian Pao Ry 03..1942
Carolina Pr A Lt 5s...1958
110
Nov
60%
Nov
Mar
46
Nov
1950
81%
81
81%
12,000
64
Mar
76%
100%
75
76%
36,000
57%
Mar
85%
80%
Nov
4%s series F
1958
Iowa-Neb LAP 5s—1957
98% 100%
37,000
90
Mar
12,000
91
June
100%
100
100
104
104%
Aug
Nov
Jan
105%
2,000
1,000
40
Sept
63%
80
76
Sept
85
Feb
145
14,000
129
145
Dec
Italian Superpower 08.1903
42
44%
9,000
36
Sept
53
July
83
10,000
70
Apr
90
Oct
40
40%
3,000
32
Feb
50
104% 105%
104% 105%
11,000
100
Apr
106
70%
85
.
70%
1,000
55%
Jan
85%
6,000
6.00C
32,000
71%
Mar
90
Oct
101%
Mar
105
Nov
102
101% 102
96%
103%
95
96%
114% 114%
76%
Nov
Iowa Pub Serv 5s
Jacksonville
1957
6s stamped
1942
5s series B
1947
Sept
108%
Jan
Mar
98%
Nov
19,000
111
Sept
115%
May
94%
85%
5,000
101% 101%
"ri'ooo
Mar
July
103%
Nov
92
Apr
103%
July
0%S series D
85
Mar
103
Nov
5%s series F
Apr
103
Nov
5s series I
1969
Aug
Nov
101%
33%
60,000
23%
Mar
41
Jan
23%
Sept
41
Jan
32%
Mar
57%
July
104'it
Dec
107%
May
Lexington Utilities 5s. 1952
Llbby McN A Libby 5s '42
Long Mand Ltg 08...1945
Apr
99%
Nov
104 li» 104lie
1,000
98%
98%
3,000
84
'
1,000
101%
Apr
100%
Jan
1955
40%
Nov
52%
Jan
72%
70H
68
Oct
87
Jan
3.00C
70
Oct
91%
Feb
Nov
72
67
66%
104
73
72%
6s stamped
Jan
90
106
Oct
Nov
Mar
120%
Dec
Apr
103%
Mar
Apr
90
Dec
Dec
Dec
4,000
78
Mar
103%
93%
05
Mar
89%
Dec
3,000
93
Jan
101%
Nov
5,2,000
84
Apr
107
Nov
Dec
25
Mar
11,000
5,000
84
Apr
100%
101
Apr
105
6,000
76
Apr
100
Feb
13,000
100
Mar
107
Nov
10,000
97
Jan
104
July
7,000
55
Apr
83
Jan
^
103% 103%
91
105% 106%
^
7,000
47%
Mar
75
71% 536,000
43%
Mar
71%
Oct
4
57%
Mar
66%
Oct
2%
75,000
42%
Mar
71%
Nov
68%
68%
60
Sept
68%
Dec
67
70%
35,000
43
Mar
71%
Nov
101%101«32
16,000
80%
Apr
102%
July
103%
Nov
1909
70%
101"n
102% 1(3%
1943
102!S«2
91%
Mar
Cities Serv PAL 5%s_1952
6Mis
1949
77%
73
79
518,000
40
Mar
79
Dec
76%
73%
79
40
Mar
79
Oct
Community Pr A Lt 5s
75
94,000
24,000
52
Mar
73%
75
100% 100%
41,000
4,000
79
94%
Jan
101%
125 %
*128% 133
Apr
129
4s8erte8 G
30
Nov
Dec
Sept
Minn PAL 4%s
1st A ref 5s
28%
86%
95%
"lb'ooo
Dec
95%
"99%
1978
99%
1955
104%
Mississippi Power 5s—1955
82%
Miss Power A Lt 5s__.1957
88%
Oct
Miss River Pow 1st 5s. 1951
Missouri Pub Serv 5s.I960
107%
92
Feb
100
89%
1,000
70
June
93
106% 106%
*108
108%
91%
93
58%
59%
■
89
89%
Oct
July
Apr
June
73
*95%
92
1965
Middle States Pet 0%s '45
Midland Valley RR 5s 1943
MUw Gas Light 4%s
1967
75
*40
Metropolitan Ed 4s E.1971
2
102% 102%
75
Deb 4%s—
1952
Memphis P A L 5s A..1948
Mengel Co conv 4%s.l947
70
24%
*25
1<
.1943
j
tIO
Cities Service Gas 5 Mis '42
Cities
Service
Gas
Pipe
Community P S 5s... 1900
Conn Lt A Pr 7s A... 1951
Consol Gas EI Lt A Power
84%
106
103%
Memphis Comml Appeal—
T70
70
14,000
-
*28%
McCord Rad A Mfg 0s '45
69%
5,000
5.000
72%
....
65
Apr
Mar
22,000
102
100% 100%
♦7s without warr ts.1941
Marion Res Pow 4 %s_ 1954
43
69
Cincinnati St Ry 5%s A '52
July
Mansfield Min A Smelt—
40%
104
1927
101
95%
3,000
40,000
90
"166%
100
Louisiana Pow A Lt 5s 1957
98 H
89%
K6H
"89%
♦Leonard TIetz 7%s__1940
33% 138,000
56%
35,000
112
93% 93%
89% 89%
99% 100
105% 107
Lake Sup Dlst Pow 3 %s '06
Lehigh Pow Secur 6s—2020
31
4,000
102% 102%
89%
1948
30%
5,000
97
119% 119%
1955
88
98%
18,000
103% 103%
1st mtge 5s ser H...1901
94
fChio Diet El Gen 4%s_'70
Chicago A Illinois Midland
105%
1947
105
Apr
100
55
,,
Kentucky Utilities Co—
4,000
5,000
102% 102%
*102% 102%
H
105
4%b series C
1901
Kansas Elec Pow 3 %s_ 1900
Kansas Gas A Eleo 6s.2022
Kansas Power 5s
33%
Nov
f
Jersey Central Pow A Lt—
73
103% 103%
M%
42
98%
Gas—
100
K3
103'ie
104
1942
59,000
Jan
2,000
100
Apr
108%
Mar
109%
67%
101%
~
Aug
Oct
Jan
Dec
Oct
k~o6o
75%
Jan
95
6,000
50
Apr
64H: Aug
Apr
99%
12,000
88%
Jan
98%
99%
104% 104%
29,000
83
Apr
100
17,000
87%
Apr
104%
Dec
7,000
01%
Mar
86%
Nov
70
Mar
99%
82%
88%
83%
88%
107% 108%
73%
73%
99%
99% 100
74%
27,000
16,000
107%
Aug
101
92
110%
Nov
Dec
Nov
Dec
13,000
54
Apr
78
Nov
2,000
80
July
Montana Dakota Power—
(Bait) 3%s ser N...1971
Consol Gas (Bait City)—
*109% 110%
1954
103%
Jan
110%
Nov
*102
1939
102%
Dec
106%
Jan
1,000
120%
Feb
125%
Dec
103%
124% 124%
08 ser A stamped... 1943
Cont'l Gas A El 5s... 1958
Cuban Telephone 7 Ha 1941
Cuban Tobacco 5s
1944
"64"
Cudahy Packing 3%b.1965
94%
60%
81
60%
2,000
78%
81%
99%
65,000
97
63
64
10,000
5,000
93%
94%
15,000
53%
03%
Sept
87%
Ap*
100%
Dec
Mar
72%
90%
5%s
1944
♦Munson SS 0%s ctfs.1937
Nassau A Suffolk Ltg 5s '45
July
Sept
47
Mar
Dec
65%
80
99
Jan
Nov
.
Oct
108
51
Mar
page
Oct
Oct
51
79%
see
Mar
102%
101%
80
66%
For footnotes
105%
5,000
8,000
■
Isotta Fraschlnl 7s
2,000
'67
100
Isarco Hydro Eleo 7s. 1952
Jan
144,000
1958
1961
Dec
84
1966
Conv deb 5s_......1960
6s scries B
Nov
114%
100
Cities Service 5s
5s series D
123
99
Gen mtge 4%s
Consol Gas Utll Co—
Mar
18%
125
84
5s—j-
35
59,000
123%
84
Line 6s
84,000
39
Dec
100
Registered
Debenture 5s
58%
37
Service—
Apr
Sept
May
118
Cent Pow A Lt 1st 6s. 1960
Cent States Eleo 5s...1948
Registered
Debenture 6s
55%
1952
c
117%
101%
0s series B
57%
39
Debenture 0s
109%
Cent Ohio Lt A Pr 5s._ 1950
Cent Power 6s ser D..1957
8*Chlo Ryi 5s ctfs
Nov
3,000
16,000
103
If5s series E
i960
list «krei4%s ser F.1967
IT58 series G__
1908
f4%B series H
.1981
Ry 4%s A
i960
Chic Jet Ry A Union Stock
Yards 6s....
.1940
109%
57,000
103H
33
Nov
Jan
125
110% 110%
120% 120%
82%
Cedar Rapids M A P 6s '63
Central 111 Public Servloe—
6%s ex-warrants—.1964
Cent States P A L 5%s '53
65
107
144
1900
Bethlehem Steel 6s
Mar
2,000
15,000
107% 107%
Iowa Pow A Lt 4%s—1958
1st M 5s series B—.1957
6s series C
57
107%
Interstate Power 5s... 1957
Interstate Publl
5s with warrants—.1947
Baldwin
International Salt 5s—1951
4035.
r
2
74
2%
78
1%
Apr
June
100
5,000
6,000
72%
Dec
95
5%
Feb
Jan
New York Curb
Volume 147
Fridan
5)4s—
Sales
BONDS
Last
Wert's Range
for
(Continued)
Sale
of Prices
Low
High
Week
Price
Nat Pow A Lt 6a A—2026
Deb 58 aeries B
97 54
2030
92 ya
(♦Nat Pub Serv 5s ctfs 1978
Nebraska Power 4)4s.l981
108)4
6a series A.........2022
Neisner Bros Realty 6s '48
Nevada-Call! Elee 5s. 1956
N E Gas A El Assn 5s 1947
5s...........
..1948
Conv deb 5s
1950
New Eng Power 3)4s.l961
New Eng Pow Assn 58.1948
Debenture 5%a
1954
New Or;eana Pub Serv—
stamped...—...1942
♦Income 6s series A. 1949
N \ Central Elee 5Hs 1950
97
92)4
*37
"96)4
77
New Amsterdam Gas 6s '48
5?
Exchange—Concluded—Page
107)4
116)4
96)4
74)4
*118
lY.000
107)4
Dec
6,000
111
7,000
26,000
69
Apr
Apr
Apr
35
40
117
100)4
77
j.21
115)4
53
54)4
46~666
54)4
52
54)4
54
52)4
54
14,000
102,000
93)4
40
100)4
70
Mar
74
Oct
July
July
60
108
Feb
16,000
Dec
61H
59)4
Apr
Mar
23.000
Nov
119
Mar
40
39)4
Dec
85)4
Jan
102
Mar
1.000
10754 10794
90)4
89)4
93)4
92M
Dec
93)4
Jan
4494
110)4 May
Nov
120)4
Oct
80)4
Deo
9994
Mar
Apr
62)4
58)4
"54)4
"90)4
High
Low
42,000
75,000
108)4
23,000
86)4
41,000
9994 100)4
88)4
92
*101)4 102)4
63)4
Feb
Dec
100)4
Dec
92
Mar
N V State E & G 4Kb 1980
N Y A Westch'r Ltg 4b 2004
Debenture 6s...
78
107
Jl05
45
105
May
Apr
10854
Aug
88
Apr
102
Nov
10354
Jan
10554
11054
Nov
"i'ooo
11294 11294
*50
58
Nippon El Pow 6)4s..l953
5Hb series A.......1956
Nor Contl Utll 6Hs—1948
96
No Indiana G A E 6s..1952
84
"i07"
Nov
Wheeling Elee Co 6s..1941
Aug
Nov
Wlso-Mlnn Lt A Pow 5s '44
Wise Pow A Lt 4a
1966
Yadkin River Power 5s '41
Nov
♦York Rys Co 5s
Feb
10654
10654
104)4
10554
Apr
99 >4
Dec
FOREIGN
Nov
Apr
46)4
30
Mar
107
107)4
22,000
7,000
105)4
5s series D........1969
105)4
104)4
W%
.....1945
Ogden Gas 5s
101)4
105)4
6b conv debs———1946
102 54
Okia Power A Water 5s *48
91)4
Pacific Coast Power 5s '40
6,000
10394 104)4 101,000
105
i05
1,000
98
Apr
Feb
9354°
86
%
102
80)4
Apr
Apr
Dec
10354
Jan
108%
1,000
106
101)4
Dec
107
Jan
Jan
106
Dec
106
Oct
AUg
Feb
96
Pacific Invest 5s
ser
A.1948
Pacific Ltg A Pow 58—1942
Pacific Pow A Ltg 5s
1955
Park Lexington 3s....1964
Penn Cent LAP
4)4s.l977
1st 5s
75)4
"92)4
1979
Penn Electric 4b F
1971
"97
Deb 6)4s series B..1959
Penn Pub Serv 6s C—1947
5s series
p..——1,954
Penn Water A Pow 58.1940
"91"
mm
mm
m mm mm
10454
1968
4)48 series, B
Peoples Ga*L A Coke—
4s series B
1981
4s series D
Pblla Rapid Transit 6s 1962
Piedm't Hydro EI 6)4s '60
Coal 6s..1949
Pittsburgh Steel 6s.—1948
Pittsburgh
♦Pomeranian Elee 68—1953
Portland Gas A Coke 5s *40
Potomac Edison 6s E.1956
4)4s series F
1961
Potrero Bug 7s stmpd.1947
PowerCorp(Can)4)48B
*59
♦Prussian Electric 6s.. 1954
1950
1st A ref 4 )4s ser D. 1960
11254 113
113
Dec
—
75)4
mm mm mm.
mm
—
108 H
m
mm
'mm 'mm
mm
mm
mm
mm
mm
mmmmmmn**
65
mm
mm
mm mm
mm
~
mm
mm
mm. mm mm
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 6s.l957
Southeast PAL 6s...2026
94
Oct
7154
71)4
2.000
53)4
Jan
80
July
80
83
8,000
64
Feb
91%
4,000
75
Feb
87)4
94%
Nov
m.
m. m.
m.
89
9254
9154
19,000
75
Apr
95
86
87
5,000
75
Apr
Apr
89%
Nov
86)4
July
July
July
m.
mm
87
*80)4
20)4
10554
65
82
12)4
Mar
June
Apr
109
32,000
Nov
Nov
26
10654
20
20)4
*107)4 109)4
105)4 10554
104)4 105
Jan
ielooo
9954
—1947
in"
15.000
97
Feb
10554
Dec
1,000
99)4 101)4 265,000
66
Mar
111
Dec
Mar
10154
111
111
58
58
101H
106
74
H
Nov
2,000
32
June
66)4
Oct
*10454 105)4
*106)4
106 H 106)4
1,000
100%
99% 100% 109,000
102)4
102)4 102)4 10.000
87)4 87)4
12,000
88
87
3,000
103
Apr
10554
July
106
June
108
May
105)4
Jan
108
NOV
86)4
Apr
101
66
Feb
105)4
94)4
Nov
Feb
58
Agricultural Mtge Bk (Col)
♦20-year 7s—Apr 1946
Apr
Apr
94
Sept
115
May
8254
Oct
28
Mar
3454
Jao
♦7s
ser
90)4
92)4
29"66o
74 H
Mar
♦78
ser B
78
Mar
Dec
♦7s
ser
41,000
76
Apr
9454
100)4
9754
Dec
98
97
Nov
♦7s
ser
100
1,000
82
Apr
101
Nov
♦7s 1st ser ctfs of dep.'57
♦7s 2d ser ctfs of dep.'57
89)4
10654
105)4
104)4
107)4
91
107
105)4
10454
107)4
6,000
75
Mar
90
June
8,000
99
Mar
108)4
Dec
•Baden 7s..
1,000
10,000
93
Mar
105)4
Dec
58)4
72
Apr
May
*11)4
Dec
108)4
May
3,000
10654
Apr
109
Jan
♦Caldas 7Ha ctfs of dep.'46
♦Cauca Valley 7s
1949
*10)4
*12
7854
Mar
94)4
Aug
♦7s ctfs of dep. —1948
*10
14,000
8254
Mar
♦7)48 ctfs of dep.—1946
*10
Nov
94
Oct
Dec
Mar
Jan
2554
Deo
12
110)4
96)4
113)4
79
Aug
3,000
Jan
Tooo
20
1714
"26""
20
50,000
5,000
20
104)4
Bogota (City) 8s ctfS—1945
Bogota (see Mtge Bank of)
Cent Bk of German State A
7,000
1,000
5,000
■
mm'mm
mm
W
—
65
40
10454
1,000
86
1,000
15,000
48
3,000
3,000
105 H
107
6.000
May
•
.
Antloqula
\mm
mm
mm
mm mm mm
—
A ctfs of
*8)4
*8)4
*8)4
*8)4
*7
*7
148)4
25.000
ctfs of dep. 1945
C ctfs of dep. 1945
D ctfs of dep. 1945
*7
...1951
18
♦Prov Banks 6s B—1951
Feb
Aug
100
24
♦6a series A......1952
Feb
Columbia (Republic of)—
♦6s ctfs of dep..July '61
Jan
Apr
24)4
Apr
Sept
10954
Dec
Jan
Nov
May
14854
Dec
Apr
65
10454 May
Sept
105
9854
Mar
107)4
60%
Mar
82)4
59
Apr
36,000
53
Jan
108
1654
*131
*27
7,000
2,000
»
108)4
mm
m mm mm
6,000
1,000
1654
■mmmmmmmmm*
■
mmm
65
*107)4 —
10354 104)4
*103)4 104)4
*104
104)4
*73
76)4
,*8354
8454
93
mm
95
mm
mm
mm
mm
64
25)4
21
106
954
128)4
24)4
July
93)4
35
External 6)4s.
96)4
3854
Apr
mm
-m,
mm
108)4
100
~
mm mm
m
mm
Apr
Apr
99
Sept
Sept
Sept
53%
Sept
100
mm'mm
mm-
70
Mar
40,000
71)4
Mar
101H
102)4
102)4
10654
103)4
35)4
mm
mm
'-mm*'mm
7)4
m* mm mmmm
.mm
15
.rnrn'mmmmm
m -m -
-
7)4
15
7
15
654
15
'mm'mm
18
mm
m
754
Oct
Dec
8)4
Aug
Oct
7)4
m
mm
Oct
Aug
7
Aug
Oct
7
Aug
6
July
754
Dec
18
mm
1,000
Sept
21)4
Dec
1054
Feb
Dec
1054
9)4
Oct
9)4
1354
24)4
24)4
m.
rn
m.
mm
-m
Dec
10
Oct
Apr
Sept-
27
Jan
24
28
Mar
18)4
14)4
Aug
July
18)4
14)4
Aug
July
9654
9654
2,000
12
Oct
22)4
20.000
Apr
8)4
mm
Oct
654
m.mmmrn*+~
■'
Sept
Sept
——
*9)4
9954
97)4
20
■"
42
39
June
'is"
.1952
19
11,000
18
Dec
18)4
23,000
18
Dec
10,000
8,000
7,000
18
Sept
18
Dec
*
19
18
♦Lima
1154
654
1154
6 54
1054
20
20
79
30
30
30
2554
26)4
14)4
(City) Peru 6)4s '58
7s—...—1958
♦Medelitn 7s
stamped. 1951
9)4
♦7s ctfs of dep.—. ..1951
Oct
Jan
*8
♦6)4s ctfs of dep....1954
Mtge Bk of Bogota 78.1947
♦Issue of May 1927.—..
♦Issue of Oct 1927—
Mar
*7)4
*77
*24)4
*24)4
*2554
2554
*2554
1454
♦7s ctfs of dep.May '47
Aug
♦7s ctfs of dep.Oct'47
♦Mtge Bk of Chile 68.1931
71
10754
10654
10654
106
'
8654
97%
July
♦7s ctfs of dep.....1947
*24)4
*24)4
Nov
103
Nov
Mtge Bank of Columbia—
*7s ctfs of dep.——1946
♦6)4s ctfs of dep.,^1947
Mtge Bk of Denmark 6s '72
*24)4
9754
Aug
♦Parana
Nov
♦Rio de Janeiro
July
Nov
Nov
Dec
Nov
No*
2.000
18
♦Mendoza 4s stamped.1951
Oct
11:666
97)4
19
Aug
31)4
74
18
9954
♦Hanover (City) 78—1939
♦Hanover (Prov) 6)4s.l949
Oct
*
19
..—.1947
♦Secured 6s
Nov
2854
Dec, 110)4
Apr
18)4
Feb
131)4
30
July
20,000
16.000
7754
Feb
Jan
13,000
mi
.
15
—
—
Oct
Dec
2154
Dec
78
Mar
6,000
mm
Oct
7
15
Danzig Port A Waterways
9.000
'■
•Nov
25
Danish 5Ms.——
1955
5s—.
..——1953
Jan
101
6,000
31,000
106)4 10654
7354
76
70%
72
66)4 68)4
Aug
24
25
6)4s ctfs of dep—1959
Apr
July
104)4
225s
101H
24
*19)4
*19)4
♦6s ctfs of dep..Oct *61
Cundlnamarca (Dept of)
6954
108 54
Bept
98% June
Jan
2054
130
15
Aug
Nov
of) Co¬
♦78 3d ser ctfs of dep.'57
Feb
22
Oct
24
24
30
30
30
dep. 1945
61
Jan
26
"26 "
lumbia—
108
Sept
2554
30
*24)4
*24)4
*24)4
.
(Dept
2554
*24)4
26
♦7s ctfs of dep. Jan '47
♦6s ctfs of dep.
Aug '47
♦68 ctfs of dep...Apr '48
Sept
23
18 H
2554
♦7s ctfs of dep. Apr '46
♦20-year 7s—Jan 1947
June
1
*102^4 103*32
64
mm rn-mmm.
Nov
mmm
83
Mar
30%
10054 101)4
mm
Nov
Jul$
July
mmm
85
79
30
101
m
GOVERNMENT
♦Maranhao
106)4
mm mm
m
113
*10254 10354
..1951
1st 4 )4s series D—1970
Feb
30,000
148
♦Schulte Real Est 6s..1951
..1948
96
~3~666.
32
Servel Inc 5s_—
11,000
11654
70
Shawlnlgan WAP 4)4s '67
1st 4)4s series B....1968
8354
Dec
32
SculUn Steel 3s
Feb
Feb
78
'mm
^
10254 104%
78
11354
64
Scripp (E W) Co 5)48.1943
94%
64%
30
8054
82)4
107
1,000
*20
(♦St L Gas A Coke 68.1947
Apr
14,000
♦Ruhr Gas Corp 6)48.1953
♦Ruhr Housing 6)4S—1958
San Joaquin L A P 6s B '52
♦Saxon Pub Wks 68—1937
57)4
79
7,000
8,000
14,000
113)4 11394
t92)4 94
113)4.113 %
74
75)4
*30
32
Queens Boro Gas A Eleo—
6)4s series A.....—1952
Safe Harbor Water 4)4s '79
75
Mar
99)4 99)4
,19
19
63)4 64
107)4 107% 10754
109)4 109)4
4054
39)4 4054
*100
102
*19
23
Puget Sound P A L 6 Ks *49
1st A ref 5s ser C
75
75
♦German Con Munlq 78 '47
1966
Jan
Mar
100
Pub Serv of Oklahoma—
4s series A—
23
56
96%
103)4
Public Service ol N J—
14)48 series E...—.1980
list Are! 4)4s ser F1981
27)4 June
6,000
Apr
Apr
64
6% perpetual certificates
Pub Berv of Nor Illlnols-
Dec
Nov
25,000
83
90)4 91)4
94)4
9354 94)4
111)4 112
7554 7554
50
50
50)4
*105
106
1961
63
32
89
91)4
Pfafla Elee Pow 6)48—1972
Feb
Oct
66
116)4
74
9,000
95)4
..1950
24
Apr
Sept
26
52.000
Penn Ohio Edison—
6s series A..
42
71)4
100
113)4
Mar
30
11254
*26
97)4
102
6,000
4,000
3,000
52
101)4 10294
90)4 91)4
102
102
Pacific Gas A Eleo Co—
1st 6s series B—1941
1937
Stamped,5s
Oct
32.000
50
Nov
i7~666
J0754 108
101)4 101)4
105
93
High
AND MUNICIPALITIES
70
23,000
Va Pub Serv 5)4s A—1946
/ 1st ref 5s series B...1950
Nov
20,000
10494 10594
105)4 105)4
—1944
51
53)4
116)4 116 H
74
Utah Pow A Lt 6a A—2022
96)4
55%
109)4
96
45
105 54
Low
26
mmrnmmmmmm.
6s series A.........1952
6s series A—...1973
West Newspaper Un 6s *44
West United G A E 6)4s'55
95
1966
116%
—...—1959
Un Lt A Rys (Del) 5)4s *52
United Lt A Rys (Me)—
Mar
62)4
Aug
45
Range Since Jan. 1. 1938
Shares
High
.
mmmmm.mmm.rn.
United Lt A Pow 68—1975
6)4s
1974
West Penn Eleo 5s
2030
West Penn Traction 5s '60
West Texas Utll 5s A 1957
Apr
Sept
114
Northern Indiana P 8—
fOhio Power 1st 5s B.1952
okla Nat Gas 4 )4s—1951
♦United Industrial 6)4s '41
♦1st s f 6s
—1945
♦5s Income deb....1954
Wash Ry A Elee 48—1951
Wash Water Power 5s 1980
4.000
25,000
37,000
No Amer Lt A Power—
4)48 series E__.
1970
N'western Elee 6s stmpd'45
N'western Pub Serv 6s 1957
Conv 6s 4th stamp.1950
Feb
10454
—^
Low
Price
6s..—.
1946
Waldorf-Astoria Hotel
June
78
106)4 107 %
07%
99
99
1954
68 series C
Week
Nov
93
New York Penn A Ohio-
♦Ezt 4%s stamped. 1950
NYPAL Corp 1st 4)4s'67
for
of Prices
United Eleo N J 4s...1949
United El Serv 7s——1966
Dec
Nov
Week's Range
Sale
Ulen Co—»
Dec
90)4
93)4
Last
4)48..
100 %
92
Sales
Friday
BONDS
(Concluded)
Range Since Jan. 1,1938
Shares
9794
93 M
4035
6
•
(State) 7s—1958
6)48.1959
♦Russian Govt 6)48.-1919
♦5)4s—
-1921
♦Santa Fe 7s stamped. 1945
♦Santiago 7s—.——.1949
8
"13)4
——1961
♦7s
30
30
30
9754
554
54
54
*45
13)4
*1354
M
54
58
13)4
14)4
100)4
Aug
Jan
69)4
Mar
24
Nov
23)4
25)4
22)4
Mar
102
Oct
9)4
Apr
14
6
Dec
7)4
5,000
71,000
Jan
18)4
1054
7)4
10
Sept
Oct
Oct
"
Feb
Aug
Aug
June
Feb
80H
Feb
2554
Oct
Jan
24 H
2354
Oct
25
12)4
Apr
17)4
June
Apr
Mar
Dec
Dec
Dec
102)4
10)4
10)4
)4
Feb
Jan
Jan
Mar
I
Mar
64
21
24
16
2,000
18"665
1,000
96
9,000
3,000
24,000
H
7
5)4
54
54
10,000
45
'lToOO
Deo
Sept
2554. Nov
Mar
65
11)4
Jan
16)4
11H
Jan
16)4
Dec
Jan
July
June
Sou Calif Edison Ltd—
Debenture 354a
1945
Ref M 354s.May 1 i960
104 %
104
104)4
22,000
108)4
109)4
108)4 109
109
109)4
11054 HI
104)4 105
17,000
Ref M 3*4b B.July 1 '60
1st A ref mtge 4s...1960
111
Sou Counties Gas 4)4s 1968
Sou Indiana Ry 4s
1951
104)4
S'western Assoc Tel 5s 1961
10354
44
44
S'western Lt A Pow 6s 1957
m + m-rn
So'west Pow A Lt 6s—2022
mm-mm mm
So'west Pub Serv 68..1945
——
44
8,000,
17,000
15,000
10354
3,000
23,000
103% 10354
8154 8154
9,000
93
6,000
65)4
103
*104
104)4
—
85
93
107
Apr
May
Dec
Sept* 109%
Dec
Sept 10954
Deo
Apr) 11154
Apr 106)4 Mar
Jan
Apr
5654
Feb 10354
Dec
Apr 104)4 Nov
89
Nov
Mar
Mar
Jan
105)4
(stpd)
...1948
—1948
Conv 6s (stpd)
Debenture 6s—.1951
mmmmm
59)4
6954
Debenture 6s.Deo 11966
6s gold debs...
...1957
mm
Standard Investg 5)4s 1939
mm
mm
-
mm
86
58)4
58%
58)4
5854
59%
59%
59)4
59)4
5954
59%
85
86
23,000
46)4
19,000
47
37,000
37)4
36)4
53%
18,000
1,000
3,000
(Standard Pow A Lt 6sl957
59)4
58%
59% 149,000
♦Starrett Corp Ino 5s.1950
32)4
32
32%
7,000
Stinnes
(Hugo) Corp—
1940
1946
"48""
Tennessee Eiec Pow 5s 1956
90
Ternl Hydro-Ei 6HS-.1953
50
Texas Elee Service 5s-I960
Texas Power A Lt 5s—1956
6s
series
A..
—2022
Sept
Sept
63)4
63)4
Nov
Mar
64
Nov
Mar
9854
103
63)4
z
a
Deferred delivery sales not Included In year's range,
In year's range,
r Cash sales not Included
n Under
in year's
Ex-divldend.
♦ Friday's bid and asked price.
♦
No sales were transacted during current Week.
Bonds being traded flat.
( Reported In receivership
Apr
86
Dec
36
Mar
63)4
18%
Mar
37 H
Nov
Oct
60)4
55)4
mmmmmm
Tide Water Power 5s..1979
Nov
60
8,000
40
Sept
49
8,000
36
Sept
89%
49)4
90
50
9,000
66)4
Feb
35)4
97
99
8,000
80,000
84,000
Sept
11,000
90)4
75)4
Mar
44
9954 100)4
8654 88)4
9,000
95
6154
Nov
4Ms series F 1967, Jan. 14 at 103.
5s series G 1968, Jan. 14 at 102)4.
4)48 series H 1981, Jan. 14 at 1C2)4.
Chic. District Elee. Gen. 4)4s 1970, Jan. 9 at 104.
Indiana General Service 5s 1948, Jan. 1, 1939 at 105
Ohio Power 5s series B1952, Jan. 1, 1939 at 102,
Public Service of Northern Illinois—
4)48 series E 1980, Jan. 3 1939 at 102)4,
Oct
4)4s series F 1981, Jan. 3. 1939 at 102)4.
Nov
82)4
Mar
100)4
Jan
94
Mar
May
Apr
104)4
101 %
8954
Mar
65)4
e
July
Aug
Nov
Cash sales transacted during the current
week and not included In, weekly or
yearly range:
Pennsylvania Salt Mfg., Dec. 29 at 162)4.
v
Under-the-rule sales transacted during the current
week and not Included in
weekly or yearly range:
Tletz (L) see Leonard
Twin City Rap Tr 5 Ms '52
Central Illinois Pub Service—
5s series E 1956, Jan. 14 at 103.
Nov
64
called
in their entirety
Nov
63
47)4
10254 103)4
Nov
Oct
60
2d stamped 4s
2d stamped 4s
Nc par value,
1 The following is a list of the New York Curb bond Issues wbloh have been
(Standard Gas A Elee—
6s
♦
the rule sales not Included
range,
51
50
62
45,000
No sales.
t
Deferred delivery sales transacted during the current
in weekly or
week and not included
yearly range:
A^rvtaOons
Used A6ow—"cod," certificates of
deposit; "cons," consolidated
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v." non-voting
"v t c," voting trust.certificates: "w 1," when Issued; "w w," with warrantswithout warrants.
stock
'x-w
Financial
4036
Chronicle
Dec.
31.
1938
Other Stock Exchanges
Sales
Friday
Range Since Jan. 1,1938
Last
New York
Stock* (Concluded)
Closing bid and asked quotations, Friday, Dec. 30
Pacific Mills Co
Bid
Unlisted Bonds
Ask
Bid
Unlisted Bonds
Ask
X037
24
64s 1949 (unstamped)..
Harrlman Bldg 6s
-.1951
Lefcourt Manh Bldg 5s '48
24
64s unstamped—1946
36
54s1937
51 Fifth Ave Apt Bldg—
6s 1943 (stamped)
15
ses 1963 w-vtc
Marcy, The 6s—.1940
165 Broadway Bldg 54a'51
Bryant Park Bldg—
64s unstamped———
6 Ha stamped
11 West 42d 8t Bldg—
45 E 30th St Bldg
10 East 40th St
Price
Last
Price
Shawmut Assn T C—...»
104
Stone A Webster........*
17
2d preferred...
64
Tor ring ton
48
Un Copper
*
Co (The)—...*
Land A Min.25
Bldg 5e '53
82
United Shoe Mach Corp. 26
1st pre! v t o
885
12%
17
237
H
Apr
1.35
1.65
497
%
Mar
29%
14%
21%
14%
100
14%
Dec-
70%
72
207
Mar
83
65%
112%
25
7%
Sept
20%
1
1154
7%
7%
4
5%
11
14%
""5%
1
13
.
19
40c
9% May
11%
Mar
18
%
Apr
55c
55c
55c
30
1.25
1.40
..1
1.36
1.15
1.35
3,385
1,050
Martin (Glen L) Co com..]
35%
33%
35%
245
2he
2iht
62
15
15
25
25%
37%
25%
Rlghfe W I
25%
37%
11%
Mt V-Woodb Mills pref 100
New Amsterdam Casualty 6
North Amer oil com..... I
19%
Guar
2
6
June
24
24%
23%
73%
A
6s
Jan
65c
Dec
119%
11
1st pref
Exchange
Chicago Stock Exchange
Sept
35%
Dec
Friday
l*i«
Dec
2"t*
Dec
Last
Week's Range
10
Mai
17
Dec
Sale
of Prices
110
21
Apr
264
Dec
17
35
June
474
Jan
1,782
Mar
124
Oct
600'
1
50
7%
1
June
72
June
3,217
26
29%
both inclusive, compiled from official sales lists
Dec. 24 to Dec. 30,
Par
Stocks
Low
Jao
Jan
Acme Steel Co com
25
394
Jan
74
Mar
204
Dec
Adams (J D) Mfg com...*
Adams Oil A Gas com
*
Sept
33
Jan
21
15 W
Mar
27
fan
—
Coll.*
Amer Tel A Tel Co cap. 100
Armour A Co common
5
Week
Shares
Low
Athey Truss Wheel cap
4
Auburn Motor Co com...*
Automatic Products
High
*
com.
290
14
114
140
2,194
99c
Dec
Mar
16
May
54
"35
34
150
Dec
18
.
17
17
17
300
64
22
200
150
2
798
14
1
34
July
14
Dec
4
July
1
Dec
3
Feb
24
97
14
Dec
54
July
010
84
Apr
134
Nov
75
12
154
22
13
Dec
14
14
100
1
8
74
84
040
54
July
Mar
14
104
Dec
Oct
4
100
%
Sept
4
June
5
4
54
583
44
May
74
Jan
1%
14
313
I
Dec
3
Jan
23
1,016
17
Dec
52
May
11
821
9
Dee
804
.
54
14
23
.
11
14
204
94
1
17
20
5% cum pref-......100
Mass Utilities Ass v t e... 1
Mergenthaler
Linotype..*
Narragansett Racing Am'n
21
192
Jan
31
«.
-
74
100
Apr
Oct
Apr
20
Deo
44
1,150
4,455
214
314
250
154
Apr
214
180
234
Apr
34
14
.14
60
64
74
1,075
1
25c
520
14 July
64 June
1
5
1
Dec
35c
......
25c
27c
318
22
224
160
19
35c
35c
100
20c
14
134
64
174
2
44
144
2
22
204
34
14
14
54
174
20c
Apr
% June
100
18
332
121
Sept
Mar
10
44
11
2
032
14
410
184
1054
4
Aug
60c
July
Aug
Jan
July
9
Jan
Sept
Mar
Mar
22
38c
95c
page 4039
18
Nov
Sept
8
Mar
Apr
224
6
May-
174
350
24
Dec
54
4,450
24
14
800
16
Mar
10
Oct
Nov
Oct
Jan
Aug
100
9
Mar
144
Dec
Cent 111 Pub Ser S6 pref..*
Central II) Sec—
■*,
"68" "
144
634
290
Mar
734
Nov
July
54
1,000
4 Aug
34 June
14
44
74
July
14
4,050
Common
$14
1
4
conv pref...——.*
54
Central 8 W
1,950
414
July
.
Jan
—
Common
1
14
Preferred
—*
14
900
1
Mar
354
♦
14
Nov
Nov
Dec
54
July
Mar
164
214
Nov
24
June
834
250
12
154
650
14
13,950
124 June
Dec
14
354
500
714
4
9
300
834
.
254
384
Mar
Jan
Jan
36
Nov
804
July
4 "Dec
800
1,200
Oct
65
105
154
14
354
694
4
84
814
24
June
Apr
254
90
15
100
Chrysler Corp com—..., 6
90
14
,154
14
Cblo Flexible Shaft 00m..6
com
100
1014 1014
24
14
1014
*
...
47
46
.....•
-
Prior Hen preferred
*
Cent States Pow A Lt pf-*
—25
Compressed Ind Gases oap*
14
Mar
124
Jan
8
Jan
505
634
Sept
884
Nov
May
274
.....
64
8
1,600
54
Sept
104
24
8
24
100
14
Jan
24
264 '274
9,050
22
950
12
13
144
34
Mar
74
640
4
Feb
2
Com ptsh A v t c._
60
Container Corp of Amer_20
Continental Steel—
15
Common
24
*
274
—25
com
364
50
454
Davton Rubber Mfg com."
Feb
Decker (Alf) A Cohn com 10
Deep Rock Oil conv pref..*
114
10
Deere A Co
204
194
225
10
302
81
Mar
1094
July
%
Dec
24
380
8,336
25o
Dec
Jan
Jan
Feb
80c
95c
1,323
70o
Dec
5
Jan
39c
102
35c
Dec
34
Jan
20c
29c
210
20o
Dec
May
25
600
1
July
1,525
May
6
1
com
«
1044 1054
%
14
28
64
1
com
15c
Jan
Mar
B*
Consol Biscuit
Consumers Co of 111
Crane Co
5c
600
Mar
5
July
Cudahy Packing pref.. 100
Cunningham Drug oom24
Curtis Lighting Inc com..*
38o
20c
10
Jan
244
Jan
34
79c
364
25
Aug
300
30c
224
Mar
20
July
23
Mar
164
9
28
904
Dec
124
Commonwealth Edison—
54
24
1,000
1,700
Dec
Apr
Feb
Sept
Jan
194
324
7
Sept
Cities 8ervlce Co—
(New) com...
....10
34
14
304 Dec
84 May
Mar
Sept
Club Aluminum Uten Co.*
64c
14
14
10
124
80
Mar
14
Dec
Feb
Oct
Dec
84
54
250
Nov
18
June
5
750
8
7
'
24
64 Juna
Jan
850
Chic A N West Rv
34
114 July
Jan
134
134 Nov
250
Chic Yellow Cab Inc.
50c
10
Dec
Mar
23 4
144
68
Dec
40
Jan
Dec
Dec
154
Dec
Dec
11
Dec
Juiy
20
44
14
Jan
Nov
19
44
June
22
5c
Natl Tunnel A Mines Co.*
New Eng G A El Assn pfd *
Certificates of deposit
(
Old Dominion Co
25
Deo
24
54
34
14
24
84
34
23 4
New capital
1
New England Tel A Tel 100
N YNH A HER.
100
North Butte.........2.60
67
44
34
34
31
-
Apr
Jan
Nov
154
Dec
July
14
234
Cherry-Burrell Corp com. 5
Chicago Corp common..*
4
200
5,820
64
39
Castle A Co (A M) com. 10
Cen Cold Stge Co com..20
Chain Belt Co com.
24
1,250
304
Jan
Nov
64
174
144
Jan
260
134
34
14
24
21
......1
v
14
20
1
see
-
Sept
11
*
For footnotes
5% conv pref •
30
Cam pbell WyantACan cap'
57
47
67
.
24
Dec
-
64
204
154
24
154
22
■„...*
Rl£.
6
Burd Piston Ring com—.1
Butler Brothers
...10
30
58
....
Old Colony
Bruce Co (EL) com...
July
July
14
67
to
July
3%
44
12
Hathaway Bakeries—
Class A..............*
com
Jan
44
14
14
..100
....
12
264
74
8
11
54
5
Mar
14
44
Ino...
Dec
94
Sep*
14
14
44
Natl Ser Co
4
^
100
c
1,150
(E J) cap...*
11
"294
Brown Fenoe A Wire com.l
Class A
*
Preferred
Copper Co...16
8
Brach A Sons
5
Nov
Nov
Dec
6
74
184
Bendix Aviation com
Mar
100
304
Belden Mfg Co com.....10
Belmont Radio Corp.*.
Mar
24 June
34 Dec
700
194
1
Loew'sTheat (Boston)..2f
Maine Central com
100
60
74
124
314
1
Adjustment........ 100
Isle Royal
6
Borg Warner Corp—
(New) common
....5
100
Eastern SS Lines com....*
Helvetia Oil Co t
6
1,890
%
Oct
44 July
24
Feb
24* Jan
866
.*
84
34
Dec
Jan
May
Mar
Mar
5,850
rH
124
150
4 June
Oct
64
14 Mar
%
Bastian-Blesslng com....*
Sept
1
34
494
35
950
14
134
Apr
July
14
1084
4
27
Oct
70
200
.17
4
14
14
...
7.
•
Dec
Dec
4
350
4
14
2
100
Preferred!
150
Bergboff Brewing Co
1
Bliss A Laughltn Ino com.6
14
14
14
14
04
2
44% Prior pref.....100
6% preferred
100
Class B
50
600
Mar
Apr
1.304
34
2,700
Jan
Dec
•
505
Mft,
14
8
74
45
204
%
Gillette Safety Rasor
34
,
34
12
10
60
209
34
,
124
444
204
Mar
50o
General Capital Corp....*
Georgian Inc (The)—
Class A pref
20
50
19
134
50
26
Employers Group
114 Aug
194 Aug
565
97
100
Preferred B
June
18
Apr
4
04
Boston A Providence.. 100
Brown-Durrell Co com...*
Calumet A Heola
...26
Cliff Mining Co
25
.
6
584
Mar
%
.100
Class B 1st pref std.^100
Class B 1st pref.....100
Class C 1st pref std..100
Class C 1st pref
.100
Class D 1st pref std.. 100
Boston Per Prop Trust...*
1st preferred.....
150
Oct
60
108
4
44
14
...lou
Eastern Mass StRy—
Common
14
474
628
603
4
*
June
270
100
.....
Mar
7
514
100
East Gas A Fuel Asan—
Common
2
504
164
Dec
Dec
Copper Range
Jan
4%
4
824
1294
'
Prior pref
Sept
44
Nov
100
34
14
Barlow A Seelig Mfg A cm5
11
Mar
850
34
Backstay Welt Co com...*
1104 Mar
4 June
Nov
104
124
443
74
Common (unstpd)...100
Common stamped... 100
CI A 1st pref std
Class A 1st pref
(Del)—...3
Aviation A Trans- C cap.1
Nov
494
Dec
1,200
204
204
614 614
1464 1484
44
54
4
4
324 36
5
2
604
Sept
'
24
8
454
Asbestos Mfg Co com..—1
com
Apr
394
74
50
114
84
74
10
pref... *
conv
364
40
550
24
19
Allls-Chalmers Mfg
584
394
74
8
24
A
Associates Invest
Range Since Jan. 1,1933
for
High
Low
114
-
Advanced Alum Castings.5
Allied Laboratories com..*
f^lofla
-58
(new).......*.
Common
Amer Pub Serv pref——100
Exchange
Shares
Abbott Laboratories-
14
Jan
Range Since Jan. 1, 1938
for
Week
VY (WiV
High
94%
Apr
234
5,000
Price
Sales
75
59%
SH
Boston A Maine-
......
St., CHICAGO
184
Mar
127
614
Deo
Chicago Stock Exchange
Chicago Board of Trade
Jan
1454 150
824
83
SECURITIES
2%
of Prices
High
129
.100
Preferred std
Mar
4
Boston Herald Traveler..*
Preferred
49
83
81
Oct
Oct
%
15
1
Boston A Albany......100
Boston Edison Co.....100
Boston Elevated
$6,000
Jan
Dec
10
% May
19% 212,500
11
Nov
Sept
Dec
Low
150
84
44
2
1
Week's Range
..60
—.
Mar
Nov
Aviation Corp
Amer Tel A Tel.—.100
Jan
54
430
10 S. La Salle
Oct
20H
%
American Pneum Ser—
Assoc Gas A El Co cl A
Dec
14
34
Jan
74%
20%
29%
14
47
Mar
55
New York Curb (Associate)
Oct
Sales
50
Dec
Jan
55c
34
Automatic Washer com—3
6% non-cum pref
87
384
1,639
64
3
Friday
Sale
Mar
306
2,870
'
64
64
Oct
Feb
Nov
,
Members
New York Stock
104 July
20
Dec. 24 to Dec. 80, both inclusive, compiled from official sales lists
Price
71c
Dec
83
Boston Stock
Par
864
444
60
43
Oct
9%
Altorfer Bros
Stocks-
26
Paal H.Davis & Go.
Dec
18%
Last
Apr
Nov
July
117
18
107P
flat
15
284
Listed and Unlisted
Apr
Allied Products com
19%
225
CHICAGO
Jan
1
Bonds—
Bill Transit 4s flat.-.1976
23
Dec
25c
11%
1.05
1.00
FT B Fidelity A
Apr
Nov
Jan
464
lie
I
74%
18%
29%
Western National Bank.20
Nov
17
37%
10%
74%
36
8%
83
Northern Central Ry
60
Penna Wate/A Power com*
.
2,014
8%
Merch A M Iners Transp.. *
Monon W Penn P 8 7%pf25
Dec
Mar
1.40
Common class A
Apr
75%
40c
8%
Mar
9%
Mar
1
Becond preferred
32
200
844
85
120
805
12c
22
*70c"
46
254
12c
"23"
Oct
124
174
91c
54
45
1948
4 Us
A
Dec
4
v t
25
—*
Mar Tex Oil
Dec
Mar
Aug
May
8
Boad*—
Serles
Dec
11
300
104
18%
40c
21%
30%
630
11
10%
19
100
Mar
June
1,764
115% 116
Fidelity A Deposit
-.20
Finance Co of Am A com..'
Houston Oil pref
177
115
115
Feb
244
254
——*
)
24
60c
50
Oct
Jan
High
21%
5% preferred
100
Davison Chemical com. 100
Mfrs finance conjmon
1st preferred
Low
"~72~
Consol Gas E L A Pow—•
.
Shares
290
...
1,230
1,958
Jan
20
Eastern Mass St Ry-
Range Since Jan. 1,1938
35c
Black & Decker com—..
Br&ger-Eisenberg Inc coml
Eastern Bug Assoc com.*.
Preferred
————
Warren Bros
30%
1.55
*
104
174
66c
July
44
14 June
124 Sept
14 Dec
180
154
"46"
14
66c
Suburban Elec Sec com.. .*
30c
20
29
(Conn).50
Bait Transit Co oom v t c. *
May
19%
244
Week
of Prices
High
Low
Arundel Corp.
Atlantic Coast L
134
15
28
Sales
Sale
Par
Stocks—
2,877
16
59
compiled from official sales lists
for
234
16
14
94
14
Exchange
Week's Range
Mar
300
Waldorf System
~Friday
94
214
Preferred.........—25
Dec* 24 to Dec* 30, both Inclusive,
345
3
Utah Metal A Tunnel Co. 1
Baltimore Stock
134
24
10
High
124
13%
23%
Reece Fold Mach Co
68
Low
Shares
Mining Co.....26
Union Twist Drill Co..—.r
40
Week
29
Lincoln Bldg Corp¬
B'way 38th tit Bldg 7s 1046
for
of Prices
Low
High
ReeceButton Hole Mach. 10
500 Fifth Ave Ino—
18 4
55
....
Pennsylvania RR......60
Qulucy
Bowker Bldg 6s
Par
Week's Range
Base
Estate Securities Exchange
Real
*
com
Diamond T Mot Car
15
24
154
274
384
50
154
14
Jan
Aug
July
Oct
90
14
Jan
44
110
U4
Sept
174
Oct
10
Mar
Nov
312
364
Dec
284
384
610
454
Dec
73
July
200
11H
Apr
Nov
4
54
14
174
34
174
Mar
40
4
60
15
100
2
114
204
400
4
15
Nov
May
Dec
Mar
Deo
Jan
Oct
34 July
70
10
Dec
20
Feb
23
Nov
425
16
Sept
8
com .2
8
50
8
Dec
84
12
12
100
94
Oct
164
Jan
344
74
134
344
10c
29
May
344
Dec
84
300
74
104
Mar
144
Jan
Mai*
21
Feb
Dec
Dixie-Vortex Co—
Common........
.*
Class A
Dodge Mfg Corp com.
Eddy Paper Corp
12
*
...
*
*
""84
14
75C
Volume
Financial
147
Week's Range
of Prices
Week
Flt/S Ar Conn DAD
-
15
Mar
25*
Oct
145
33*
Nov
Deo
Wahl Co
12*
300
4*
Dec
Walgreen Co
100
3*
Api
Dec
41*
12*
6*
Mar
3*
16
Jan
12
Oct
— — — — f
13*
11*
100
2*
mm
2*
250
39*
HO
10
11* June
2*
Jan
2* June
4*
Jan
Dec
39*
Dec
37%
— ^
^
—.....
------
10
10*
300
25*
26*
1,400
12
Hamilton Mfg cl A pt pf 10
Harnlschfeger Corp com 10
Helleman Brew Co G cap. 1
Heller (W E) pref (w w)_25
Hibb Spen Bart com.
25
10*
12
——
—
17
1,050
10*
11
1*
2
34* Sept
45*
Mai
6*
17*
2%
International Harvest com*
-
—
R*
.....
Mar
20*
4.
—
-
—
Mar
29
Jan
77
69*
July
94*
481
54*
Sept
68
3,800
10%
June
26*
20
750
15*
Mar
26
41
60
May
41
Deo
3*
*
5
1
3
5*
Mar
12
Jan
35*
Oct
Champ Paper A Fibre-
5*
4*
♦
*
Lion Oil Ref Co com-....*
*
—
Loudon Packing com.....*
Lynch Corp com...—5
Manhattan-Dearborn com*
—
—
—
—
1*
—
—
— —
*
11*
15*
Mar
24
700
6*
1,100
5*
May
Dec
11
1,500
2
150
18*
40
Dec
250
2*
July
24*
30
Mar
1 *
14*
Nov
«*
2,850
4,500
Mar
*
5*
200
Mar
14*
Jan
20
Oct
38
Mar
15
250
16
Jan
Aug
July
25* Aug
20% Nov
Dec
1
Aug
July
4*
31*
Mar
Feb
Nov
9
Mar
16*
.
4*
Apr
24*
220
7*
15
—
2*
10
18*
1*
33*
*
12*
7*
—
2400
Mar
Nov
33
Mar
29*
19*
1*
*
12*
Marshall Field com......•
1*
3*
Mar
4*
31
------
16
6
19*
18*
------
800
200
Dec
July
Jan
Mer A Mtrs Sec-
Class A common.—...1
4*
Corp cap
*
100
*
*
Preferred. ............. *
.
_
_
*
L—..
_
—
-
—
-
21,150
4*
lc
100
lc
conv
700
4,150
**
680
*
Oct
1
250
*
Sept
520
*
*
2*
Nov
*
*
2*
7*
270
250
100
2
July
May
2
Jan
Dec
1%
1*
2* May
41
10
51
62
850
153
155
126
11
8
.
5
mm
Sales
Price
Range
Since Jan. 1, 1938
Low
Shares
II60
Preferred
Churngold—...
.
—
%
Cln Advertising Prod.
Cln Gas A Elect pref— ."100
Cln Street
III*
Crosley Radio.-—
Dow Drug
mm
m
m'm
mm
—
'
High
2*
-.-*
—
Ill*
Formica Insulation.
115
mmmmrnm.
......
14
1-----
Kahn.
Kroger-..
III*
III*
III*
A—.— III*
II.*
—
Moores-Coney
B
National Pumps..... ._.*
PAG..
I'll*
1,203
2
Dec
5
52
75
Jan
90
200
10
Apr
16
Sept
74
6
Mar
10%
July
May
3
7* Mar
5*
Jan
14*
Nov
27
Aug
Oct
87
■
12*
8*
12*
9
136 ■1516
3
13*
25*
10
14
25*
66
27
Rapid-...-....
U S Playing Card.—. .
3
4*
4*
121*
8*
19*
2*
*
5
25
4*
10
21*
-
20*
------
Preferred.-.-----. IIBo
-10
Wurlltzer
—
1
10
Dec
Apr
Nov
7*
Dec
Jan
■
13
Nov
*. Dec
5* Mar
Nov
7
Feb
Dec
7
31
Aug
Oct
Mar
21*
Nov
Dec
4
*
100
9%
12*
2*
551
Aug
Sept
2
287
July
Jan
'
—
'
66
...
-
—
—
-
-
——
1*
65*
133
3
3
10
""7%
4*
7*
27*
1*
6*
7*
667
250
10
27*
*
—
* Nov
1* Dec
39* Mar
1* June
62
1*
56*
i*
,27*
■
*
21*
8*
20*
2*
*
------
-
Ilio
U S Printing..v--..-
Apr
Aug
9*
*
25
*
'
Jan
20
132
-
Nov
104
4*
— —
12
Feb
Mar
Apr
10*
*
—
Randall B——— III*
Feb
105*
90
*
—
——
6*
6*
Nov
52
4*
.....—
-
185
June
4*
—————-
f—*
..
...
Leonard
94
------
—______
Prior pref—...... IIlO
Part pref....
.100
Julian A Kokenge..
3
Aug
32
49
*
—
* Dec
18* May
7*
3
3
60
19*
1*
102* 104
2*
2*
85
-10
.......
Early A Daniel
30*
102* 102*
10* 11
*
30*
Mar
15
438
7*
mm
104
♦
.......
Eagle-Picher-
Hatfield..
mm'm
—50
Cln Telephone
—50
Cln Union Stock Yard. —*
'
^
"ZQ%
m
....
17*
*
17
100
*
Nov
5
Jan
59
Oct
5
June
10
Dec
27
Jan
21*
*
30
6,390
Jan
32
Oct
Dec
3
Jan
279
4
Sept
40
7
Dec
7* Nov
10* July
47*
54*
Jan
Ohio Listed and Unlisted Securities
Members Cleveland Stock Exchange
Nov
Oct
160
RUSSELL co.
Sept
17
Nov
7
10*
Oct
20
20
Mar
32*
Nov
4
Mar
7*
Dec
6*
Mar
100
50
*
Mar
Union Commerce
July
*
13*
5
5
60
1
1
490
mm —
18
18
1
mm
25*
~*mT%
*
12
1,400
Building, Cleveland
7*
Mar
,250
8*
8*
Mar
10
18*
Apr
41
41
41
15*
14*
*
16*
225
13*
15
450
13
------
Parker Pen Co (The) com 10
mm
'
mm-
Peabody Coal B com..,.*
*
Apr
1*
6
60
*
100
1
8*
46
Sepl
19*
July
July
17
1
Jan
Mar
41
Oct
29
Jan
14*
Mar
37*
36
952
24*
Perfect Circle (The) Co... *
Pines Wlnterfront com. .1
26
25
37*.
26
180
22
1,000
117
*
*
16
14*
*
*
12*
14*
116* 117*
150
150
—
V—
Preferred........... 100
Raytheon Mfg—
Common v t c...
50
Serrlck Corp cl B com..
8!gnode Steel Strap-
Common
1
•
-
152
6
Sept
220
85
30
150
129
16
.
Jan
Dec
Nov
General Tire A Rubber:
4%
July
1 *
July
2*
650
Mar
2*
Aug
24*
250
15*
Mar
pref
.
*
Hanna (M A) $5cumpf..»
9*
850
2*
560
700
6* May
47*
2
Mar
Mar
28
13*
79*
6*
Nov
Halle Bros
15,
Standard Gas A Elec com
*
mm mm
Sunstrand Mach Tool com 5
Swift International
J6
26
2
12
30
779
600
1,350
8*
20
Mar
June
9*
Dec
13*
Mar
90
Apr
Dec
17*
28*
14
19*
107
-
m
—
—
9*
8*
4,450
8*
Sept
50
7*
22*
Apr
Mar
15
Mar
mm
mm
27*
27*
290
18*
17
18*
2,700
mmmrn
14*
m—mm—m
13
—m-mmm
2"
4039
3*
3*
14*
13*
88* 89*
11*
13*
109* 113*
2
2
276
3*
Mar
250
12%
Dec
428
63*
7*
Mar
625
196
1,000
Sept
77* June
* Mar
Jan
Jan
Dec
32
Mar
23*
Nov
May
13
Mar
13
Dec
31*
Jan
23
24*
50
60
Jan
75
July
100
62*
24
24
Dec
24
Dec
Dec
Oct
25*
37* "Dec
125
37*
37*
434
22*
25*
38*
97
40*
205
31*
97
110
88
4
50
4
1,347
32*
40
16
305
Sept
Apr
Apr
40*
100
Dec
Nov
Dec
6*
Jan
27
Mar
44*
Jan
13
June
.18*
3*
Mai
6*
Jan
22*
Apr
Dec
Jan
Brick—-100
2*
2*
172
Dec
33*
20%
3%
Aug
7% cum pref.......100
60*
60*
60
60
Aug
65
Mar
Miller Wholesale Drug...*
3*
20
3
Dec
Monarch Machine Tool..*
17*
100
12
Apr
6*
18%
Sept
_*
8*
3*
17*
8*
14*
12
July
130
12*
Sept
3*
481
Jan
Jan
Aug
Jan
3* June
McKee (A G) B..—....*
Medusa Portl Cement-... *
Metro Paving
Murray Ohio Mfg
National Acme
.......
15
1
National Refining— ——26
Preferred
;
-100
3%
50
1*
*
National Tile
13*
2*
50
-
12*
Dec
Jan
29*
20*
Nov
Patterson-Sargent...
6*
17*
July
Reliance Electric...—
July
Richman Bros......
90*
13*
.Nov
114*
Oct
Nov
July
Otis Steel......
673
240
6* Mar
8* June
2*
40
1*
*
Sept
Sept
Dec
1
33
14
118
13%
Dec
13
14
502
13
Dec
*
*
Thompson Products Tnc
11*
.*
*
*35"
*
4H
8% cum pref --.-i.100
—
14
--*
.*
50
11*
32
35
4*
37
5*
50
20
July
Apr
Feb
Jan
Feb
3* June
Dec
25*
14
4*
60
June
*
24*
13*
—
Seiberling Rubber
Stouffer Corp A.
25
2*
Mar
.*
Ohio Brass B
Oct
I*
*
65
13
—*
Nestle Le Mur A
13
3*
Oct
11
40
13
62*
"4%
113
18
4*
.*
Nov
10
3*
32*
—
Aug
65
1,319
4,04i
Kelley M. Lime A Trans.*
Oct
8%
11
418
Nov
12*
20*
21*
229
Jan
7* Sept
41* June
Jan
107*
8%
12%
755
20
13*
5*
29%
200
t
35*
14*
2*
.
13*
Mar
2*
26* Dec
2*^ Dec
110
1,127
35
7* Mar
22
365
Interlake Steamship-.,.^*
Jan
2,050
9*
Oct
3*
3*
Mar
4
Co...
July
Aug
4
24
40%
July
80
70
60
13
13
15
58
18%
Dec
81
10*
~20*
High
Low
'4*
6*
80
-*
15*
1
34i
6
Harbauer
Dec
12*
4%
Shares
Jan
Nov
Dec
28*
27*
com *
lor footnotes see page
3*
26*
2*
15*
100
1,150
Range Since Jan. 1, 1938
for
Week
High
'
—
Trane Co (The) oommon.2
.20
1*
11*
m
12*
—
Swift A Co———25
Union Carb A Carbon cap *
United Air Lines Tr cap..6
19
14
28
Sterling Brewers Ine com. 1
Stewart-Warner
_,__f
10*
17
1*
m
180
103* 104*
——————
Standard Oil of Ind-....26
26
10
19
Standard Dredge com... 1
Conv pref....--.....20
160
26
103*
15*
Low
110
Goodyear Tire A Rubber.*
2*
"TO ~
"Bo"
Goodrich (B F).—.-..-*
Jan
74
Range
of Prices
6%
m
*
Mar
*
*
73
73*
Sivyer Steel Casting com.*
So Bend Lathe Wks cap.. 5
2
„
1*
100
8*
......
S'west G A E 7% pref. .100
com...
_
900
23
"*•"9*
2
-
Week's
80
Elect Controller A Mfg—*
7* Sept
* May
1*
2
2*
30
..
Mar
Dec
Lamson & Sessions..
Preferred....
U 8 Gypsum Co com
Utah Radio Products
Mar
1 * Sept
14* Dec
U7* Dec
*
Cleve Cliffs Iron pref
*
Cleve Elec III $4.50 pref.*
Cleveland Ry
-—100
Cliffs Corp v t c—
.*
Colonial Finance.
1
Commercial Bookbinding. *
*
1*
*
...__*
com
280
2,600
2,900
'
i
6% preferred v te.—.-f
Rollins Hos Mills com..
1
flangamo Electric com
*
Schwltzer Cummins cap..1
Sears Roebuck A Co 00m. *
'
-
%
14*
*
6
City Ice A Fuel
May
Price
Brewing Corp of Amer...
725
-
Par
Stocks—
Jan
300
Pressed Steel Car. ..1
Quaker Oats Co common. *
Sale
Jan
3*
23*
Poor A Co class B—
Potter Co (The) com.____l
Last
9*
24*
3
*
Sales
Friday
Airway Elect pref-.-.llQO
Apex Elec Mfg Pref— -10
22
.
both inclusive, compiled from official^ sales lists
,June
* Apr
2* Sept
"23*
.*
Cleveland Stock Exchange
Dec. 24 to Dec. 30,
Aug
Pennsylvania RR cap...60
Peoples O LtACokerap 100
com.
Jan
17*' Nov
19* May
Mar
A. T. A T. OLEV. 665 & 566
TelephonerOHerry 6060
July
1* July
26* July
Oct
3%
Mar
1,300
14%
14*
,
25
Apr
2,300
6*
14*
13*
14*
•
2*
14*
Prior lien pref,.....100
com
25*
23
.
2*
7% pref,.loo
Thompson (J L)
•
July
Apr
Apr
Apr
mm mm mm
'
Spiegel Inc
Exchange
Jan
Dec
300
32*
—
27*
Sept
39*
80
100
14*
Teletype: OTN 68
July
7*
June
New York Stock Exchange
BUILDING, CINCINNATI, O.
Mar
7
Dec
100
1
mm
Noblltt-Sparka Ind com..5
Penn Gas A Elec A
Jan
6*
450
0'''
mm'mm
No Amer Car com..... .26
Northwest Banoorp com.. *
Northwest Eng Co com
*
Omnibus Corp v t c
*
Feb
35
»uly
'
pref.
National Standard com.. 10
National Union Radlo coml
Nortbw Utll
July
*
3
3
7*
32*
— -
Dec
*
14*
—
lc
22
—
155
-
Oct
Dec
4*
Nat Rep Inv Tr—
Cumul
Mar
41
Muskegon Mot Spec cl A.*
Nachman Springfilled com*
National Battery Co pref. *
National Pressure Cooker. 2
7*
Oct
4*
8*
3
——————
*
Mar
19
m — -
^
1*
2* June
18
Apr
------
Montgomery Warn—
Common..'...
Class A
"•
1
......*
650
*
3*
*
*
*
*
2*
7*
*
.
4*
lc
7% pref A
...100
Miller A Hart Inc conv pf.*
Common..-.
Nov
6*
1
Modlne Mfg com
Monroe Chemical—
Oct
29
.3*
4%
7*
5
cm
6
Mar
■
Midland Utll 6% pr lien 100
7% prior Hen—...100
Minneapolis Brew Co
Mar
19*
■
4
.
2*
160
'
Warrants,
Midland United CoCommon..,
Conv preferred A—*
6% preferred A..
1,550
27
26
■>
...
—....1
Middle West
5
4*
Prior preferred
*
Mlckelberry's Food Prod-
July
Jan
Mar
5
3* June
Feb
*
1* May
7
4*
29
*
Mar
3
6*
5*
t'-V--
-
6*
21
2*
21
— ——
—
—
—..
Common
Par
100
1,300
2*
25*
for
Stocks—
8
*
2*
Nov
Dec
May
Week
Amer Ldy Mach..... -20
Amer Products.
30
6*
1%
0*
of Prices
Low
High
July
*
2%
950
3,200
Week's Range
9
30
— —
800
1*
18*
Sale
Dec
2*
—'
-
——
Nov
Last
Mar
60
July
Friday
6*
200
5
6*
Dec
2*
3*
Mar
Maj
Mai
Nov
250
29%
2*
3*
Nov
4,200
20
Jan
250
3,900
both inclusive, compiled from official sales lists
6*
3*
6
Lawbeck Corp 6 % pref.100
Leath A Co com...—..*
...
Dec. 30,
to
4*
29
— —
Nov
12*
2*
Cincinnati Stock
Dec* 24
Nov
8
m.rn
m,
Auk
124*
Dec
Telephone: Main 4884
6
—~
5*
1*
19*
DIXIE TERMINAL
2*
6
30*
Root
8
Members
Dec
14*
35
Dec
93*
4*
6%
1*
19*
Cincinnati Stock Exchange
Oct
6*
750
50*
—
26*
Joslyn Mfg & Slip com.__6
Rats Drug Co com......1
Kellogg Switchboard com. *
Ken-Pad Tube A Sp com A*
Kentucky Utll Jr cum pf 50
Mar
650
41
*
Jarvis CW B) Co cap.....1
Jefferson Elec Co com
*
650
24*
------
20*
500
250
Oct
18
*
402
W. D. GRADISON & CO.
Oct
6*
5
Feb
4*
5*
4*
Feb
20*
22*
92*
58*
26*
21*
90*
Jan
Nov
15
8* Mm
* Jun«
1,025
Oct
6*
22*
McCord Rad A Mfg A...*
McWiiilams Dredge com.*
Mar
20
500
100
July
20*
Cincinnati Listed and Unlisted Securities
8* June
Apr
7*
26* Dec
Jan
100
:
June
Jan
19*
^
t c—*
com
5*
15*
2
100
.......
100
— —
— —
...
Llbby McNeill & Llbby.
Lincoln Printing com...
Preferred $3.50
Sept
:
Hupp Motors com
—.1
Illinois Brick Co.——10
Cumulative preferred--*
Le Roi Co com
10
5
16*
—
Nov
Mgi
Mar
37.
—
27*
13*
6*
6
3
6*
26*
37*
*
1*
2
Oct
250
5
6*
.26*
— — -- — —
11*
Mar
12*
Ma*
Dec
Juue
2*
-mm'---
•
8*
l*
*
13*
1,400
Dec
Jan
Deo
Mar
6
8
8*
High
*
Nov
2 i u,
38*
50
4*
5
—
4
1*
*
18
18*
21*
24*
117* 120*
1*
*
Low
1,550
2,700
1,550
Dec
8*
Dec
4»M«p
*
Range Since Jan. 1, 1938
Shares
Jan
2%
50*
Dec
22*
850
4*
.....
HoudaiUe-Hersbey c» B
*
Hubbell Harvey Inc com. 5
cap
1,550
Dee
Dec
Sept
12
855
26*
Great Lakes DA D com..*
Hall Printing Co com.. HO
La Salle Ext Unlv com.
200
6*
13
38*
-
-
-
-
K
47*
6*
5,150
2,200
12
—
GossardCo (H W)com...*
Inland Steel Co cap.
*
50*
37*
12
Goodyear T A Rub com.,*
com
*
49*
6*
^
^
50
18*
Woodall Tndust com..--.2
Yates-Amer Mach cap.-.6
Z"nlth Radio Corp com
General Motors Corp
10
General Outdoor Adv com *
Goldblatt Bros Inc com., *
1*
WlscouslnBanksharee com*
Mar
High
*
•
oommon
Mar
Mar
1*
Low
*
8% May
8
400
2.50
Week
7
com
Western Un Teleg com. 100
W'house El A Mfg com..60
WleboldtStores Inccom. *
Williams Oll-O-Matlo com*
100
2*
12*
11*
~'—r-
-
-
for
of Prices
Price
Par
Conv preferred--,,
700
10
Week's Range
Utility A Ind Corp com__,r
41*
2
General Foods com......*
Gen Household Utll—
Common
Liquid Carbonic
Aug
5H
20*
3*
9*
-
2
General Candy Corp ci A.6
General Finance Corp com 1
Kerlyn Oil com A
Kingsbury Breweries
Mar
38*
—— —
-
Gardner Denver Co com.. *
v
2*
12
Fox (P) Brewing com——5
Fuller Mfg Co com
1
Indep Pneum Tool
2,600
19*
Four-Wheel Drive Auto. 10
Illinois Centra' RR
3*
Stocks (Concluded5
High
Low
Shares
39*
20
------
*
com
High
3
3*
*
com
Low
Price
Elec Household Utll cap.6
Elgin Natl Watch Co... 15
Fairbanks Morse
Last
Sale
for
Sale
Sales
Friday
Range Since Jan, 1, 1938
Last
Par
4037
Sales
Friday
Stocks (Continued)
Chronicle
Oct
Jan
Nov
July
Apr
14*
19*'
14*
1,480
30
Mar
39
980
2
Mar
5*
50
Nov
July
35
Sept
Oct
27
Dec
150
390
34
34
50
25*
28
2?0
8*
12
33*
9.1
Apr
Feb
Oct
Dec
Financial
4038
U pson-Walton
Week's Range
of Prices
Low
High
Week
Price
4
4
—„—1
Low
Shares
100
3N
7
Dec
5H
300
5
Mar
*
13N
13N
131
13
Oct
Whit® Motor
*
UN
UN
287
UN
Tool
5
—*
-
.
Stocks (Concluded)
High
Weinberger Drug Inc
Vlchek
Last
Feb
7H
July
20
Jan
UN
Dec
Dec
Exchange—See
Standard Brands Inc
*
6N
6N
6N
590
51N
7N
17N
46 N
51N
51N
280
7N
17N
46N
7N
125
5
25
25
Tide Water Assoc Oil Co. 10
88N
43
43
5
(Del).*
2N
66
Westlnghouse El A Mfg.50
Wm. Cavalier & Co.
Dec. 24 to Dec.
to
405
66
Par
Teletype L.A. 290
compiled from official sales lists
Sales
-
.*
*
Week'8 Range
for
Sale
of Prices
July
38 N
Nov
Dec
4N
Oct
68 N
117N
Nov
Dec
Week
Price
27 N
......
Low
High
Week
179
UN
12 N
50c
Mar
29 N
24 N
Mar
57 N
Dec
10N
0N
Mar
July
Mar
19N
15N
Dec
1,75
Jan
Jan
7N
July
Mar
9N
17
*
1
11N
192
27N
57 N
10
Carnegie Metals Co.
Clark (D
....
115
50c
45c
8,910
40c
6N
6N
200
SN
"~7N
6N
7N
2,890
L) Candy Co.—*
Devonian Oil
High
Low
Shares
55
26 N
64 N
*
Columbia Gas A Electric.*
Range Since Jan. 1, 1938
Last
15N
89N
:
Range Since Jan. 1, 1938
for
of Prices
By era (a M) com
Stock Exchange
Friday
Dec
Dec
Sales
Week's Range
Sale
Blaw-Knox Co
Dec. 30, both inclusive,
105
117N 117N
Last
Allegheny Ludlum Steel
Armstrong Cork Co.
Los Angeles
130
Friday
San Francisco Stock Exchange
Log Angeles
66
165
369
2N
18N
46 N
Dec
May
10N Mar
81N Sept
24N
Apr
2N June
38 N Mar
65N
Apr
30, both inclusive, compiled from official sales lists
Chicago Board of Trade
Stocks—
Dec. 24
117N
2N
Oct
18N
281
43
Jan
July
9H
Apr
34 N
80
254
89 N
<
Nov
9N
53 N
ON
Uec
N May
Pittsburgh Stoek Exchange
MEMBERS
523 W. 6th St.
17 N
40 N
13 N
13
13N
89N
United Corp (The)
U S Steel Corp
Angeles Stock Exchange
High
21
Oct
44
United Aircraft Corp
Lot
14
435
23 H
22
Low
Shares
Standard Oil Co (N J). —25
Studebaker Corp
l
23 N
1938
Range Since Jan. 1, 1938
for
Week
*
Union Carbide A Carbon.*
New York Stock Exchange
Range
Southern Ry Co
Texas Corp (The)
4004.
page
of Prices
Low
High
Price
Par
Swift & Co..
Detroit Stock
Week's
Sale
for
Sale
31,
Sales
Friday
Range Since Jan. 1,1938
Last
Par
Dec.
Sales
Friday
Stock* (Concluded)
Chronicle
10
18
18.
13
251
Sept
Nov
Oct
Feb
20
Apr
10 N
100
13
Duquesne Brewing Co.—5
5
Nov
14
8
Jan
'
Stocks—
Par
Price
Low
Shares
High
Low
High
Electric Products
6
*
"9N
Follansbee Bros pref—.100
10
Bolsa-Chlca Oil A com
Central Investment.--.100
-—5
Consolidated Oil Corp.—*
Consol Steel Corp pref—.*
100
7N
lc
Douglas Aircraft Co—...*
Electrical Prod Corp.
.....
50
Emsco Derrick A Equip—6
Exeter OH Co A com—.A
7
81N
8N
9N
4N
Farmers A Merehs NatllOO
305
50
Dec
20 N
10
Apr
21
Nov
Mar
88
Nov
10N
UN
July
July
Oct
15N
877
9N
'
4N
79 H
7N
Mar
25
8N
7N
Sept
100
3N
Mar
324
9N
Dec
525
6N
Mar
UN
Oct
800
62c May
l.io
Aug
224
43
1
365
49 N
49 N
8N
9N
5N
1,461
6N
38
36N
38
36 N.
95c
38
Holly Development Co..A
1.00
Lincoln Petroleum Co-.10c
Lockheed Aircraft Corp.. 1
37 N
10c
25
1.00
3,050
10c
9,325
722
2N
3N
4N
2N
3N
3N
3N
4N
Mt Diablo Oil M A Dev. -1
49c
49c
50c
Oc dental Petroleum Corp 1
Oceanic Oil Co.
1
77NC
17c
6
Pacific Western Oil Corp 10
16,770
526
4N
IN
Mar
5
200
5
Dec
20
20
100
20
Dec
116
56
Apr
......
8N
*
..1
...
80
17c
100
0% preferred
—.100
United Eng A Foundry
5
3§N
Jan
50
15
40
Apr
Dec
4
50
2N
-
70
Mar
32 N
90
22
Mar
39N
1.00
Oct
Dec
65c
Feb
Westlnghouse Air Brake..*
30 N
28 N
835
15N
Mar
Westinghouse El & Mfg.50
31H
117N U9N
155
62N
Mar
124 N
Nov
IN
354
IN
Dec
3
Jan
Oct
1,30
18C
36
Sept
v
t c_.l
Jan
3N
Unlisted—
Pennroad Corp v t
c—...1
IN
Mar
6N
July
Mar
4N
Dec
Sept
70c
Jan
17c
De3
De?
30c
DeHaven
Jan
20
Established 1874
July
300
9H
Mar
Mar
30
31N
31N
50
43 N
43 N
351
32 N
Mar
107N 109
10N
10N
3N
3N
85
101N
Mar
New York Stock Exchange
"
Philadelphia Stock Exchange
15N July
23 N
28
100
9
Dec
49C
Mar
31N
43 N
Dec
New York Curb Exchange (Associate)
PHILADELPHIA
NEW YORK
1513 Walnut Street
30 Broad Street
Dec
Dec
109
Dec
Jan
Nov
& Townsend
Members
Jan
9N
1
Jan
380
.1,600
.40
14.N
Jan
3
Mar
6N
July
30
Mar
40 N
nov
5
Mar
10N
4,129
Philadelphia Stock Exchange
9
2N
285
1.10
Mar
9N
2N
nov
2N
3
Roberts Public Markets..2
8N
2N
........
Nov
Jari
300
38
33
Dec
19c
38
Oct
Dec
Oct
Mar
26c
IN
1.52C
Dec
Mar
5
Oct
4
25c
7
70c
300
Nov
July
Jan
2
35c
49c
3,400
9N
25 N
4N May
15N Mar
125
Jan
Nov
6N Nov
24N Apr
Oct
114N
200
80c
1,100
6N
0N
3N
0,300
12N
38
100M 104
8N
8N
22 N
22 N
2N
2N
2N
2N
Dec
35c
29 N
10N
3N
1
5N % preferred
-. .50
Richfield Oil Corp com
*
Warrants
4N
2N
25c
19c
31N
43 N
com.
4N
2N
10N July
1.50 Feb
35c
UN
107N
Republic Petroleum
Nov
25c
29 H
.*
25
—
Mar
50c
.1
19c
Corp com*
6% 1st pref
6N
400
United States Glass
UN
29N
Pacific Finance Corp com 10
Pacific Gas A Elec com—25
6% preferred.
18c
70c 77 Nc
Jan
68 N
1,730
65c
-
6
105
210
9
5
Shamrock Oil A Gas
Dec
70
50c
5
Pittsburgh Plate Glass..25
Pittsburgh Screw A Bolt—*
Plymouth Oil Co
Rey mer A Brothers
Feb
4N
2N
.
100
40
8N
,
—
Pacific Clay Products.—*
Pacific Distillers lnc-.--.-l
Pacific Lighting
69
Oct
July
Dec
15
60
95C
Feb
70c
200
90c
20
60c
'
*
McKinney Mfg Co
*
Mountain Fuel Supply
10
Natl Fire proofing Corp. .5
Pittsburgh Coal Co—.10
Preferred
90c
Mar
July
7
Sept
2
1,000
Lone Star Gas Co
7
15
9N
20
Victor Brewing Co
3N June
2,000
2N
90c
Dec
Mar
Nov
37
7c
14,341
...
1
100
Koppers G & Coke pfd 100
6
5
July
44
65c
500
1
Los Ang Industries Inc.—2
Fort Pitt Brewing
Jeannette Glass pref
123
580
33 N
35c
Mar
5N
.
Nov
Jan
53 N
12
Mar
Dec
Apr
May
3N
17
530
37 N
10c
35
3N
100
•
Mar
Jan
7
243
38
Hancock Oil Co A com...*
399
Apr
25N
370
6N
6N
Goodyear Tire A Rubber.*
Apr
340
992
9N
5N
5N
Apr
4N
80 N
10N
49 N
.
Feb
July
36
ION
10
10N
00c 62 Nc
365
5c
20 H
189
10
Menasco Mfg Co
July
Apr
Sept
3c
486
Gladding McBean A Co—*
Los Angeles Investment-10
12N
6N June
15
15
15N
9N
60c
Globe Grain & Milling._25
Golden State Co.
*
Aug
82N
76 N
10
General Motors com
Oct
4N
700
15N
5H
Mar
IN
200
lc
15N
15N
14N
9N
4N
79N
10N
1
2N May
1,300
lc
Chrysler Corp
v t c—
274
15N
15N
14 N
81N
8N
Broadway Dept Store
Buckeye Union Oil v t c.-l
Byron Jackson Co
*
Calif Packing Corp com..*
Creameries of Amer
3N
2N
3N
3N
2N
7N
Bandlnl Petroleum Co—1
6
10
3
3
300
2N
Apr
3N
Oct
Friday
1.05
Mar
5N
Dec
Last
Week's Range
for
Sale
of Prices
Low
High
Week
6
4N
.
Dec. 24 to Dec. 30,
both inclusive, compiled from official sales lists
Nov
Ryan Aeronautical Co...1
Security Co units ben Int.*
28 N
6N
28N
11,215
28 N
50
23
Sept
31
July
Shell Union Oil Corp
*
14N
14N
14N
75
13N
sept
17
July
Sierra Trading Corp...25c
So Calif Edison Co Ltd..26
6c
6c
6c
3.000
5c
Mar
17c
22 N
23 N
1,276
1PH
Mar
24N
July
Range Since Jan. 1.1938
Oct
23 N
Sales
•
American
25
42N
42 N
42 H
7"
35
43
Dee
American Tel & Tel-
28 N
28 N
389
26
N
Apr
28 N
Deo
Apr
Sept
26 N
Deo
31N
Dec
Bell Tel Co of Pa
Mar
21N
34 N
Jao
July
Jan
27 N
26N
399
23 N
25
30 N
30 N
31N
60
100
20 N
19N
20 N
1,560
27N
9N
Standard Oil Co of Calif..*
28 N
27 N
28 N
2,262
25 N
2N
200
A
Southern Pacific Co
Sunray Oil Corp.
Superior Oil Co (The)
2
Mat
-
'
1
2N
25
42 N
42 N
42N
120
26
Mar
46
Taylor Milling Corp—.*
Transamerlca Corp......2
8N
,8N
8N
360
8
Dec
13N
2N June
July
—
100
pref.. 100
General Motors
6N
6N
7,943
5N
Dec
12N
Jan
18N
14N
18 N
2,647
17N
Mar
14 N
240
6N
Jar
22 N
20 N
July
Aug
Wellington Oil Co of Del.. 1
3N
3N
14 N
3N
3
Dec
6N
Jan
Lehigh Coal & Nav
50
55
9N
Dec
28c
1,500
12c
Mar
39c
Aug
5c
Nc Mav
16N<*
Aug
10c
5,000
1,500
10c
Dec
2Nc
800
3c
Mar
ION
Black Mammoth ConsollOc
28c
28c
Calumet Gold Mines.. 10c
Tom Reed Gold Co
.1
5c
4c
10c
106
.2Np
2Nc
Zenda Gold Mining
Co.—1
Feb
13
25c May
'r"l%
23 N
Phila Elec of Pa 15 pref—*
Phi la Elec Pow pref- -: -25
U7H
9c
Jan
7% preferred
Philadelphia Traction
Unlisted—
Amer Rad A Std Sanitary. *
Amer Smelting A Refining*
49 N
American Tel A Tel Co. 100
149 N
Anaconda Copper
18N
17N
49 N
146
18N
370
49 N
10
149 N
330
—60
34 N
34 N
34 N
440
Armour & Co fill)
6
Avtatlon Corp (The) (Del)3
Bendix Aviation Corp
5
4N
4N
7N
4N
100
8N
8N
30 N
27 N
30 N
1,335
1,311
7N
7N
763
9N
25
IN
325
7N
Columbia Gas A Elec Corp*
Commercial Solvents
*
9N
Commonwealth A Sou
IN
6N
9N
IN
7N
7
*
Curtlss-Wright Corp
1
9H
49 N
112
21W
Mar
56 N
Oct
149 N
41 N
Nov
July
May
6N
7N
Jan
30 N
Dec
9N
Oct
May
14N
6
8N
Sept
Jan
1
Sept
2,215
3N
Mar
12
2N
7N
Oct
Dec
Aug
Oct
5N
Aug
84 N
MAr
8N
Aug
1,223
4N
21N
Mar
Nov
451
25 N
Mar
23N
July
121N
3N
Mar
.
379
.
2N
227
295
.
Mar
3474
53 N
3N
4,092
2N
Dec
"5N
4X
5H
1,403
3
Mar
7N
7N
595
4N
Mar
9N
IN
IN
21N 23 N
U7N 118M
13,459
5,331
IN Dec
14N May
30 N
28 N
30N
50
46
195
29 N
118 N
Apr
32N
18 X
21
Aug
19 N
IN
1,000
IN
Sept
3N
1,730
2
Mar
Apr
2N
4N
8N
27 N
30 N
619
8
17
4N
17N
360
10N
Jan
48 N
117
35 N
Mar
W
JJ
270
tfj
Dec
400
H
Dec
1
:
1
Transit Invest Corp pref-_
U nion Trac tion
50
2N
United Corp com
3H
*
Preferred.—
—*
United Gas Imptcom——*
Preferred
:
._—_.*
2N
Feb
112
IN
Tonopah Mining
Oct
7N
Mar
5
86
3N
7N
-50
"mi
Westraorelandlnc
*
112N
7N
Westmoreland Coal..
*
Mar
Nov
Mar
4N
12N
112N
209
47 N
Salt Dome Qil Corp
Scott Paper..
Mar
4N June
3
18N
Oct
„
16 N
36
185
7N
18
1N
50
-
150
Mar
Oct
Dec
Nov
6N
30 N
Phlla Insulated Wire.—.
Phlla Rapid Transit.—-50
Mar
15
UN
7H
1
-----
111N' Mar
250
20 N
19
119N 120 N
49 N
4%
.50
Pennsylvania RR
High
Aug
2N
30 N
Natl Power & Light- -——*
Pennroad Corp Vtc
Mining—
586
5N
*
Lehigh Valley
5
2,915
81
—10
0N
18N
10
9N
4N
Curtis Pub Co com——*
.100
25
10N
i7
_
Elec Stor Battery
Union Oil of Calif...
Gold.—10
20 N
120 N
»•
Chrysler Corp
Feb
Universal Consol OH
1,600
-
8
7X
Low
Shares
145H 147 N
15N
15H
Budd (E G) Mfg Co..—-*
Budd Wheel Co
3N
8
Bankers Sec Corp pref..60
Barber Co
---10
Jan
28N
27 H
Alaska-Juneau
Price
*
Stores
.......25
—..25
Original preferred
6% pref B
6N% pref C
Par
Stocks-
2H
2N
3N
33N
33N
10N UN
111
112N
7N
8
9
IN
2N
3N
IN
Dec
IN
Mar
4N
68
..
22 N
Mar
•37 N
13,462
8N
Mar
12N
37
99N
6N
Mar
113 N
1,076
1,254
8
Nov
July
July
July
JAU
Jan
Dec
Nov
Feb
July
Jan
Nov
May
Oct
51
3,104
1,847
2N
Oct
Jan
Mar
Nov
Oct
Oct
Nov
Dec
Apr
10N Jan
Mar
10N May
Dec
A
6
Electric Bond A Share——*
28
26 N
28
395
24 N
10N
50
5N
*
10N
10N
10N
10N
Electric Power & Light
General Electric Co
10N
50
8
Sept
13 N
July
*
42 N
42 N
42 X
330
28
Mar
45 N
Jan
General Foods Corp.
Goodrich (BF)Co
*
*
38 N
38
38 N
80
36
24 N
150
*
55 N
23 N
54 N
24 N
Intl Nickel Co of Can
55N
1,798
International Tel A Tel.
*
Kennecott Copper Corp..*
9M
340
5N
Mar
UN
Oct
43 N
42
44
246
27N
Mar
4'H
Nov
Last
Week's Range
for
Loew's Inc
*
52 N
52 N
52 N
25
50
July
60
Dec
Sale
of Prices
Week
Montgomery Ward A Co.*
61N
51N
51N
440
29
Mar
53 N
Nov
New York Central RR—.*
Nor American Aviation—1
20 N
19 N
20
20 N
1,055
Mar
19 N
3,121
6
Mar
21N
18N
Nov
North American Co
Ohio Oil Co
21N
9N
17N
21N
21N
9N
208
15
9N
4N
12 N
4N
13 N
7N
24 N
125
640
395
—
Packard Motor Car Co
—*
*
9N
*
4N
Paramount Pictures Inc-.l
13 N
Radio Corp of Amer—
7N
24 N
*
Republic Steel Corp...—*
Seaboard Oil Co of Del
Sears Roebuck A Co
7N
23 N
*
21N
20 N
*
73 N
73
21N
73 N
13
13
13
Socony-Vacuum Oil Co. .15
For footnotes see page
8N
Oct
28
Feb
10
Dec
Oct
Nov
39
Mar
26 N
Nov
Sept
54 N
Dec
10N
Dec. 24
to
Dec. 30,
Stocks—1
A S Aloe Co com
26
Nov
American Invest
Dec
July
Brown Shoe
175
3H
Mar
1,300
6N
12N
5N
13N
80
1,366
13
19N
59
12N
Apr
Mar
9
Oct
Dec
Range Since Jan. 1,1938
Shares
Low
High
10
30
June
com-
*
25 N
26
no
20
June
29 N
31N
119
27N May
Burkart Mfg com
Central Brew com
17
17
1
_
_
Century Electric Co.-.-10
Nov
Coca-Cola Bottling com__l
26 N
July
Columbia Brew
73 N
Deo
Apr
15N
July
com—
_._5
Collins-Morris Co
1
Dr Pepper com
*
3N
31N
-----
32
.
7N
9N
26
3N
175
10N June
600
17
5
Oct
25 N
I
High
Low
33
Mar
4039
Sales
33
June
May
Price
20
com
Nov
Exchange
*
Dec
9N
both inclusive, compiled from official sales lists
Par
Mar
5
Apr
$16,000
8
Friday
9N
200
7H
St. Louis Stock
Nov
10N
47
Ponds—
Elec A Peoples tr ctfs 4s *45
IN
30N
30
32N
120
8N
2N
9N
1,215
1,185
27N
93
23N
26
9
Aug
Oct
33 N
26
40
N
25N
2N
5
Oct
Dec
Jan
Aug
Nov
Mar
Jan
35 N
Aug
Jan
Dec
8N
10N
Nov
Jan
33 N
May
Dec
Volume
147
Financial
Chronicle
4039
Friday
Last
ST.
LOUIS MARKETS
Stocks
on
Par
N Amer Invest 55* % pf 100
555*
55*
Elder Mfg com
Li--
Falstaff Brew
com.
_
,
Dec
11
July
21
Sept
10
Apr
Jan
50
Sept
7M
46
com.*
11
30c
2
14
65*
65*
20
Mar
12
Oct
55*
65*
405
55*
Dec
10
Jan
8
85*
790
45*
Mar
12
55*
55*
65*
2C0
51*
Dec
95*
Oct
2.40
2.30
2.40
1,932
1.40
Jan
2 40
Dec
295*
285*
295*
6,748
23
Mar
Nov
325*
315*
325*
2,688
27
Mar
293*
315*
29
285*
29
1,509
29
Dec
425*
43
513
255*
325*
Mar
43
Mai
43
Nov
109
220
99
Mar
109
Nov
250
14
21
June
35
Dec
15
155
25
June
32
10 3*
132
9
June
135*
11
115*
285
135*
29
30
105
105
105
100
7 5*
85*
May-
10
Jan
107
95
June
755
259
5
Mar
10
37
15
Mar
19
117
4
Dec
65*
41
2
Dec
3
Jan
Sept
7
Aug
4
2
43*
100
4H
2
4%
456
270
4
Aug
July
25
25
10
19
Apr
30
Sept
57 3*
57 5*
20
40
Apr
12H
125*
12 5*
175
575*
135*
Nov
1.65
1.65
80
2.00
Nov
....
Stlx Baer & Fuller com.. 10
55*
55*
com.... 15
30
29
35*
Apr
45c
June
Dec
65
55*
Dec
85*
Feb
506
31
165*
June
365*
Aug
20
May-
27
t 5s c-ds
22%
22%
t United Ry 4s....j.. 1934
t 4sc-ds
24
Orders
open
solicited
225*
3,000
22
Sept
255*
Nov
245*
245*
5.000
193*
June
28
Nov
23.000
19
June
28
Coast
$8,000
Stock
Exchanges,
which
Jan
150
115*
Dec
15
Jan
295*
Mar
60
Nov
20
1.00
Sept
35*
June
45*
111
*
com..
1.35
6
1.35
6
6
300
•
65*
65*
7
992
405*
405*
41
\150
j
165*
165*
165*
1,155
35*
35*
12 5*
35*
1,150
100
com.
..
.1
135*
2.35
2.35
2.35
1
145*
14 5*
145*
2.75
95*
Sept
565*
8
May
25
23*
65*
5
65*
13,474
45*
45*
5
:
*
145*
.
13
Mar
65*
145*
Nov
Feb
June
July
95*
Mar
2,292
45*
Mar
145*
95*
Nov
200
5*
1.25
Mar
2.60
Nov
1,450
9
85*
July
Nov
8
Sept
27
780
1
25
com
9
Jan
Apr
3
10
65*
Dec
Apr
1.05
265
145*
17
June
12
820
•
Jan
e5*
July
18
Apr
July
195*
185*
20
115*
Mar
255*
955*
955*
955*
10
60
Mar
955*
Dec
32
315*
32
40
28
Apr
Nov
205*
.195*
21
315*
225*
So Calif Gas pref
ser A_.2.r
Southern Pacific Co.-.100
So Pac Fold Gate Co A... *
1,045
95*
Mar
10c
July
lc
5,217
Dec
Aug
Jan
12c
10c
12c
2,337
*
2c
2c
2c
636
Sperry Corp
l
Spring Valley Co Ltd....*
485*
485*
485*
250
485*
Dec
55*
55*
10
Sept
285*
275*
285*
6,241
485*
45*
255*
Dec
55*
Standard OU Co of Calif
Mar
65*
345*
July
10
23
23
23
13
Mar
25
Nov
Texas Consolidated OI1...1
Thomas Allec Corp A
.*
Tide Water Ass'd Oil com 10
13
B.
Super Mold Corp
•
cap...
Transamertca Corp
30c
30c
90c
2
65*
47c
185*
com
United Air Lines
65*
Feb
Jan
1.65
Nov
Mar
105*
155*
125*
July
Dec
55*
47c
2,235
45c
Apr
185*
3,067
175*
Mar
225*
65*
1,510
•
Aug
May
May
75c
16,838
65*
1.20
Dec
30c
810
407
•
70c
38c
Jan
83o June
July
2r
6
55*
55*
Dec
225*
Mur
5
_
13
125*
13
310
55*
Maf
13 5*
Nov
155*
14 5*
155*
675
05*
Jan
20 5*
Aug
35*
95*
3 5*
35*
500
25*
Mar
95*
263
6
May
45*
105*
July
95*
May
Corp
Universal ConBol Oil..
j 0
Victor Equip Co com....)
Preferred.
are
900
90c
13
45c
185*
105
36c
90c
125*
1
Union Oil Co of Calif...25
Treadwell-YukonCorp..
6
Waialua
;
26
26
26
400
25
175*
175*
17 5*
275
145*
295*
295*
295*
60
Mar
22
415*
235*
Jan
Oct
36
May
Jan
July
Unlisted—
(2 P. M. Saturdays)
Am Rad & St Sntry
_*
American Tel A Tel Co. 100
17 5*
185*
150
147
34C
105*
Mar
199
185*
150
11154
Apr
Amer Toll Bridge (Del).-l
Anaconda Copper Min..50
Exchange
48c
48c
48Q
355*
355*
355*
274
Anglo Nat Corp A
Schwabacher & Co.
Members New York Stock
Nov
391
1.35
Agricultural.. 20
Western Pipe & Steel Co. 10
Yel Checker Cab ser 1..50
Eastern Standard Time
Dec
Nov
115*
Nov
24
Pacific
on
until 5:30 P. M.
23
24
.....
75*
20>*
149
58
Union Sugar
Bonds—
t City & Sub PS 5s... 1934
Apr
Preferred.._........ 100
July
"B7H
._*
Dec
Mar
115*
.
*
65*
135*
1315*
•
300
8oundvlew Pulp com..-.5
Sept
.
936
1,089
Nov
58
Shell Union Oil comr
Dec
175*
75*
17
65*
205*
1465* 148
Oct
115*
*
7% preferred.
Jan
30
65*
20 5*
-
v
.*
Ryan Aeronautical Co...
July
18
65*
20?*
Roos Bros
July
80
108
45*
58
com
Nov
115*
Feb
148
Rheem Mfg Co
Jan
115*
108
Richfield Oil Corp com...*
Warrants
Nov
11
29
.....100
Warrants
15
Dec
26 t*
St Louis Bk Bldg Eq com.*
Scruggs-V-B- Inc com.
5
!
Mar
6
li 5*
;._*
Preferred
May
95*
11
1st pref,..100
.
285*
26 3*
10 H
Midwest Pipe com.^_...„*
Natl Bearing Metals com. *
25
Republic Petrol Co com._l
Jan
"io 3*
Mo-Portland Cem com-.25
Rice-Stix Dry Gds com..
18
Jan
July
85*
Rayonler Inc
July
90
75*
'
Feb
6
36
113*
co ml
...
1
Dec
38
6
173*
Landls Machine com....25
2d preferred
14
6
*
com
Natl Oats Co com..
315*
210
Dec
2
484
Mar
35*
Feb
Aug
65*
R E & R Co Ltd com....*
Jan
145*
Dec
30c
40
2%
31
Laclede Steel com......20
11
30c
65*
R E & R Co Ltd pref
Oct
85*
Apr
3
_i..100
315*
1
100
9
30c
100
com
Laclede-Chrlsty Clay
Wagner Electric
275*
100
73*
11
Johnson-S-S Shoe com...*
2d preferred
Scullln Steel com
65*
500
6
6
com.
McQuay-Norris
170
46
4 53*'
135*
24
Mar
15
*
Pig'n Whistle pref
Puget Sound P & T
Jan
*
com
Oct
Dec
15c
970
.
Aug
Paraffine Go's
June
165*
9
_
InternatI Shoe
Natl Candy
10
11
com.
Hydraulic Prd Brk
Preferred
22
17
75*
Hussmann-Ligonier
Huttig S & D
10
'
Nov
Pacific Western Oil Corp 10
17
17
Griesedieck-W Brew com_*
Hamilton-Brwn Shoe
High
Low
10
Ely & Walk D Gds com-25
July
42
*
cm
com
Pacific Pub Service com.. *
Pac Pub Ser 1st pref
*
Pac Tel A Tel pref.
100
Range Since Jan. 1, 1938
Week
Shares
8
Apr
125*
5
com
6% 1st pref....
Sales
Price
Mar
7%
625
55*% 1st pref
....25
Pacific Light Corp com...*
Pac Light Corp $6div_..*
for
3 3*
410
*
Mar
17
1,125
16c
215*
Telephone Central 3350
Par
105*
15c
205*
High
7 H
Pacific Clay Prods cap
*
Pacific Coast Aggregates 10
Pacific Gas & Eleo com..26
Chicago Stock Exchange
(Concluded)
105*
15c
Pacific Can Co
315 North Fourth St., St. Louis, Mo.
of Prices
Low
High
10
215*
55*
Pacific Can Co
Week's Range
280
5
*
Pacific Amer Fisheries
Chicago Board of Trade
Sale
55*
295*
Low
907
1
MEMBERS
New York Stock Exchange
New York Curb (Associate)
Last
295*
105*
Oliver Utd Filters A
Oliver Utd Filters B
St. Louis Stock Exchange
Friday
Shares
Occidental Petroleum
all
Mid-Wettern and Southern Securitiea
Stocks
105*
Range Since Jan. 1, 1938
for
Week
High
295*
105*
..100
com.
Low
105*
55*
N American Oil Cons... 10
Range
of Prices
Price
*
No Amer Invest
Business Established 1874
Enquiriea Invited
(Concluded)
Natomas Co
I. M. SIMON &CO.
Sales
Week's
Sale
»
_
105*
10
105*
060
com... *
300
185*
21
70c
405*
May
Oct
Dec
17
Jan
4
July
25*
25*
25*
100
25*
Dec
Aviation
85*
75*
85*
750
3>4
May
85*
Corp A--—*
Corp of Del., ...3
Jan
75*
Ark Nat Gas
Broadway, New York
Oct
Dec
150
42c. June
Dec
Bancamerica- Blair Corp.. 1
offices In San Francisco and Los Angeles
35*
2,540
25*
Dec
305*
875
135*
June
55*
305*
Aug
305*
1.55
1.55
1.55
10
1.55
Dec
35*
July
Cities Service Co com...10
own
35*
Bendix Aviation Corp.. ..5
Cal PaC Trading com....*
Cortlandt 7-4150
Private Wire to
65*
65*
65*
340
6
Dec
103*
May
.3
285*
Claude Neon Lights com.l
San
Dec.
24 to Dec.
Francisco Stock
Exchange
30, both inclusive, compiled from official sales lists
Friday
Week's Range
for
Sale
Par
of Prices
Week
Price
Low
High
85*
85*
75*
65*
Range Since Jan. 1, 1938
Dumbarton Bridge
com.. *
Gt West Elec Chem pref Pf
245*
Low
Idaho-Maryland
High
Alaska Juneau Gold Min 10
95*
95*
95*
240
22c
20c
23c
1,550
95*
95*
105*
1,824
Associated Ins Fund Inc. 10
45*
45*
45*
1,050
25*
Jan
Atlas Imp Diesel Engine..5
6
6
65*
175*
605
Mar
760
165*
495
45*
135*
165*
Byron Jackson Co.*.....*
175*
Calamba Sugar com....20
Calaveras Cement pref.100
165*
155*
165*
54
54
54
100
115*
11
115*
35c
35c
700
16c
85*
272
Calif-Engels Mining Co.2f
9
SSC&llf Cotton Mills
corn.
Calif Packing Corp
35c
10
165*
145*
165*
485*
485*
49
Caterpillar Tractor com..*
455*
35*
Central Eureka MInlng... 1
Preferred
l
Clorox Chemical Co...*10
Consol Aircraft com
1
Consol Chem Ind A
Creameries of Amer
;*
33c
"
30c
35*
Feb
45c
Jan
Mar
Der
May
Mai
530
15c
30
24
285*
458
92
!35*
13
10
10
10
750
800
56
15
1,380
13
190
95*
.
155*
145*
1-5 k
(ww)..._._50
355*
.325*
Fireman's Fund Ins Co..25
Food Machine com.....10
825*
815*
335*
355*
825*
40
345*
322
400
95*
Standard
55*
Jan
Jan
105*
155*
July
June
365*
1.25
1.25
1.35
495*
495*
505*
908
*
75*
75*
75*
220
6
211
25
Mar
30
1.25
Mar
2.60
Mar
535*
95*
85*
95*
670
65*
65*
65*
3,225
254
Apr
Hale Bros Stores Inc
*
135*
135*
13 5*
358
115*
Apr
15
Hancock Oil Co of Calif A *
375*
375*
375*
1,250
•
185*
175*
185*
1,324
255*
.65*
Mar
Hawaiian Pin Co Ltd
Holly Development
1
95c
95c
95c
267
Home F <k M Ins cap...10
Honolulu Oil Corp cap.. *
375*
375*
375*
100
325*
Apr
225*
225*
225*
692
13*4
36c
35c
36c
838
1.40
65* June
41
Nov
Mar
245*
Oct
35c
Dec
1.50
Jan
30
Dec
2.90 June
Apr
19
35*
Apr
11
Nov
Nov
LeTourneau (R G) Inc
1
315*
315*
315*
250
Lockheed Aircraft
T
*
375*
35
375*
2,675
5*4
Mar
325*
375*
45*
45*
45*
265
45*
Jar
55*
Aug
*
25c
25c
25c
565
25c
Dec
55c
July
55c
55c
669
50c
125*
135*
13 5*
400
7
670
195*
Mar
24 3*
July
864
24
Apr
Mar
27 k
285*
Nov
Dec
18
25)*
3
55
3
Dec
83*
4
Mar
95*
Oct
425*
425*
498
191*
Mar
415*
Dec
70c
200
58C
Dec
'
70c
a
675*
756
5*
675*
5*
5*
4
100
5
5
May
40
120
Jan
Dec
115*
Feb
dividend,
Mar
in range
for year,
x
Ex-divldend.
y
Ex-rights.
t In default.
CURRENT
a
NOTICES
Nov
dent
"A
of
year-end
the
of
our
Willis
statement,
National
survey
Security
Summers,
M.
Traders
Association,
newly
elected
Over-the-Counter
improvement in
sentiment during the past few months.
This will, in my opinion, lead
to increased activity in the Over-theCounter Market after the turn of the
year."
representative
a
securities
group
throughout
of
the
traders
country,
—The brokerage firm of R.
Dec
Chicago, is establishing
the
direction
an
of Gerald
F.
buy
who
indicates
and
a
sell
decided
H. Smart & Co., Board of Trade Building,
unlisted trading department which will be under
Barron and Lester
H. Holt who will actively
1.13
Jan
Nov
trade in Joint Stock Land Bank bonds, municipal and corporate
85*
165*
July
Mr. Barron
75*
Mar
Oct
Mar
105*
45*
Nov
Mar
105*
Oct
145*
9
95*
250
35*
45*
8,640
80c
75*
8
4,100
354
Presi¬
states:
membership, which is national in scope and embraces
155*
Meier & Frank Co Inc___l0
Jan
Nov
71
15*
b Ex-stock
Odd lot sales.
66
1
Dee
Jan
603
Jan
65*
160
Mar
13 5*
145*
Feb
444
June
*
March Calcu) Machine...5
Dec
7
%
Listed,
—In
Oct
55c
Oct
Sept
75*
5
Cash sale—Not Included
Oct
Jan
1.30
13
55*
245*
7
70c
2
July
295*
1
Feb
Apr
Nov
44
12
Oct
2
75*
75*
675*
No par value.
July
75*
Dec
354
440
Oct
Oct
125*
66e June
270
95*
9
July
...»
17
Mar
425*
r
July
Nov
10
Golden State Co Ltd
95*
*
Nov
Pept
Gladding McBean <fc Co..*
95*
Oct
37
88
43*
7
United States Steel com...*
Mar
375
July
75*
Utah-Idaho Sugar com...5
West Coast Life Insur.-.f
Mar
.10
27
Nov
3
20
'
U S Petroleum Co....... 1
28
285*
3
Studebaker Corp com.... J
United Aircraft Corp cap. 5
26 5*
2554
285*
Brands Inc....*
Nov
Dec
Mar
.25
Sept
02
17
25
preferred
1.00
Dec
Mar
55*%
75*
7.5*
Dec
10
Dec
Dec
55*
Mar
35*
43
275*
Mar
45*
10
275*
Oct
75*
5*
10
225*
Nov
i
Mar
56
185*
41
485
275*
45*
I
35
Dec
185*
45
24
155*
Menasco Mfg Co com.
Dec
60
60
185*
45
So Calif Edison com
Mar
National Allto Flbreo
Mar
Jan
Mar
95*
45*
35
Nov
Electric Products
25*
195*
Dec
33
Dec
Magna vox Co Ltd
Mar
26
175
Magnin & Co (I) com.
May
6t*
195*
395*
320
Corp.
3 5*
150
Dec
South Cal Ed 6°3 pref
95
8 P Gold Gate 6% pref.100
Jan
815
1,069
185*
45*
9*4
65*
45
10
Jan
Oct
195*
175*
195*
4
Jan
3*c
85*
195*
6
65*
•'
-
Aug
Sept
1.75
B
Oct.
35*
11
1.75
Lyons-Magnus A._.i.
14f
40
15
75*
1.30
4,100
865
35*
165*
16c
75*
480
26
205*
1.30
City Copper. .5c
Mountain
15c
75*
25
20
17
15c
75*
1
230
Di Giorgio Fruit com... 10
Dt Gtorg Fruit Corn pref
..10
M JAMAMCons....
Monolith Port Cem 8 % pf 10
45*
July
B
July
55*
4
225*
75c
Langendorf Utd Bak A...*
Feb
225*
Sept
5c
205*
4
45*
370
Hunt Bros pref
17c
Apr
35*
5c
205*
4
225*
1,100
10
Dec
17J*
5c
205*
45*
75c
Hunt Bros com
lc
100
100
IP
225*
26
27
700
Kleiber Motor Co.-
Bancorporation..*
McBryde Sugar Co.
.5
Marine
Schumach Wall Bd pref..*
20
27
Jan
Nov
875*
*
Jan
35*
Nov
75c
Preferred
50c
Mar
Nov
85
com..
Aug
1.60
45*
75c
com
23c
1,760
Mar
45*
Oct
4,070
75*
Mar
115*
27c
30
1 65
Feb
Feb
6
2.25
Pioneer Mill Co-...-...20
790
2.00 ;
4.95
Aug
25c
July
2,030
Dec
9
8
2.15
40c
Jan
255*
Aug
Mar
27c
Pacific Port Cem pref.. 100
Packard Motor Co com.. *
45*
1.05
Oct
Feb
Apr
Dec
2.25
Radio Corp of America...*
Schumach Well Bd com..*
2
Foster & Kleiser com..25*
700
1325*
1
575*
3,802
General Motors
5
50c
Apr
Corp of Amer pfdl
Apr
45*
General Paint Corn
20
20
1,185
Jan
45*
34
1,705
5
7
195*
305*
875*
445*
245*
445*
Dec
1,083
95*
195*
35*
..
Dec
20c
2,300
85*
North American Aviation. 1
355*
255*
■
355*
930
21c
65*
Oahu Sugar Ltd cap.._.?r
Onomea Sugar Co...___20
6,295
45*
365*
Nov
7
Mar
145*
Preferred
Nov
July
75*
95*
Mlies..l
Italo Pet of Amer com.
Italo Pet
25*
.105*
Mar
375*
5
July
Sept
45*
—
July
52
125*
Corp...4
Oct
18
50c
24
1,400
Oct
61
A pi
45*
Emporium Capweli Corp.*
July
215*
'-Dec
145*
.
22
145*
Zelierbacti com...t
Preferred
4
Cypress Abbey Co
.
455*
33c
J an
Aug
May
4,440
100
Crown
55*
10
June
t c. .1
v
19
Dec
15c
455*
45
65*
135*
50
*
Calif Packing Corp pref.50
Carson Hill Gold Min cap. J
corn
45
Mai
Jum
Mar
1325*
245*
5
Inter Tel & Tel Co com... *
Anglo American Mining__l
Anglo Calll Nat Bank...20
.
Sept
7k
35*
100
85*
75*
21c
130
Jan
1
358
1,902
1
.
355*
21c
130
Honokaa Sugar Co.....20
Shares
1
375*
10
Gt West Elec Cbem
Sales
Last
Stocks—
1
Consolidated Oil Corp...*
Curtiss-Wright Corp.... 1
Domlnguez OU Co
Dec
&
formerly headed his
Co., and Mr. Holt
Holt & Co.,
Inc.
was
own
securities.
firm under the name of G. F. Barron
previously a principal in the firm of Kitchen,
■'
•
Dec.
Chronicle
Financial
4040
1938
31,
*
Canadian Markets
LISTED AND
Bid
1 1948
—Jan
6a
59
Oct
1 1956
Columbia—
July 12 1949
/5 6
Oct
1 1953
Province of Manitoba—
96
4 He
4Hs
Friday, Dec. 80
98 H
6s
Oct
1 1942
110H 111 H
57 H
6s...
1155* 1J6H
4s
Sept 15 1943
May
1 1959
June
1 1962
4Hs
Jan
100 H
97H
120
121H
107 H
109
114H 116
15 1965
ProvlDoe ol Quebec—
4Hs
Aug
J 1941
93
6s
June 16 1964
89
4Hs
Mar
2 1950
109
110H
2 1959
Prov of New Brunswick—
89
4s
Feb
1 1958
108
110
4Hs
May
1 1961
110H 112
Dec
5s
4 Ha
Apr
16 1960
Apr 16 1961
Province of Nova Scotia—
106
107 H
4Ha
104
106
4 He
Sept 16 1952
1 1960
108
109
Mar
6s
Week
»
of Canada
Price Bros A Co Ltd—
Power Corp
195*
*
18H
20 H
1,931
58
58
110
34
16H
17
451
10
17
4H
Bid
6s
4
15 1944
92 H
1 1944
112H
Dec
1 1954
97 X
98
July
1 1960
89 H
90 X
Bid
1
June 15
Feb
1
July
1
Sept
4Hs
4
Ha
4 He
113 X
1956
1957
114H
1 1946
July
0Ha—
5s
July
6s
Oct
1 1969
1 1969
6s...
Feb
1 1970
Ha
14
85
10
Mar
17
110
5
108
Auv
112
Sept
12
12
55
10
Sept
15
June
76 H
75H
76 H
1,477
56
Mar
755*
715*
930
64 H
Mar
_
•
•
4s
Jan
1 1962
109
116
Jan
1 1962
98
99
7
1,450
3
3
100
52
52
10
12
12
Westons Limited..—
65*
..
•
1.80
*
Preferred
9
of Prices
Low
100
Canadienne
Bathurst Power A Paper A *
Bawlf (N)
Grain..T.....*■
100
Bell Telephone
Brazilian Tr Lt A Power. *
301
301
184
180
187
Par
Abltlbl Pow & Paper Co—*
High
Low
Shares
—100
6% cum pref
45
106
110
Nov
Bathurst Pow A Paper B. *
Jan
28
July
Dec
48 X
Dec
Beauharnols Pow Corp—*
Brit Amer Oil Co Ltd
*
215*
U H
Apr
17
Dec
British Columbia Packers »
12 K
13H
320
135*
Dec
Nov
Canada & Dom Bug (new) *
28 K
69
iex
68 H
Dec
Canada Malting Co Ltd—*
5
500
9
1.50
565
167 H
456
9
1,565
65
Nov
Sept
11H
July
Sept
2.75
July
Canada Vinegars Ltd
Mar
1685*
Dec
Mar
14H
July
Dec
7H
33 H
Feb
640
2H
Dee
5H
July
150
2H June
ex
Oct
16
9H
95H
96
15
86 H
16
16 K
30
16
Oct
2H
176
2
Mar
9H
360
7
Mar
16H
July
Commercial
125
30
Mar
41
July
25
Preferred
Celanese......*
Preferred
2H
9H
7%.......100
Canadian Cottons pref. 100
Canadian Indus Alcohol..»
740
15H
7
38
38
17 X
18 K
9,163
7X
34
31H
34 H
1,966
18H
14H
UK
14
"i7H
K
—*
6H
Dec
Mar
Mar
16
Dec
Cndn P & P Inv 5% cm pf*
125*
Jan
19H June
4H
June
Donnacona Paper
A
*
5H
*
5X
Fatrchlld Aircraft Ltd..—6
1H
Mar
Jan
Fleet Aircraft Ltd
6
Mar
8H
Jan
Foreign Power Sec Corp..*
50
ex
Mar
135*
July
503
45 H
Sept
665*
Oct
255
6H
3,261
4
;*
Fraser
Companies Ltd
Voting trust ctfs
*
*
835
11
Mar
23 H
Nov
605
21
Mar
39H
Nov
15
Sept
20
Jan
14
145
Feb
150
May
Lake Sulphite Pulp
July
Mackenzie Air Service...*
60 H
2,903
*
Preferred
100
Sept
36
Jan
6H
13H
Mar
7
July
75
'id"
1.80
104H
100
1.00
527
23
5
208
1.05
500
5X
75
*
104J*
Nov
2H
June
95c
Apr
23
Apr
14H
178
220
3H
Sept
126
3
Mar
12H
10
18
Mar
50
Nov
11
130
7
Apr
ll'H
Nov
25c May
70c
Mar
Mar
2H
Dec
Mar
4H
Dec
7,240
3H
Mar
9X
Oct
3%
2,865
3
Dec
3H
Nov
5H
100
4H June
5X
ex
1,350
5X
5%
321
3
Mar
85*
8H
7X
Jan
5
'
90c
July
355
3
Mar
RH
July
10 X
635
4H
~
10
ZX
Mar
15
Jan
9
Mar
20
17X
16
17 K
1,959
10
Mar
21H
Aug
Oct
75
75
10
64
July
25c
50c
Dec
55c
3
3
3
95c
70c
95c
Sept
1.70
Mar
4%
July
1,500
50c
Sept
1.00
35
3
50c
65H
170
2%
2H
Sept
12H
Jan
2,300
40c
Mar
1.45
July
7
Mar
18
Jan
MacLaren Pow A Paper._•
14
14
14X
250
Jao
Massey-Har 5% cum pf 100
61
61
63
620
32 H
Apr
63
Feb
McColl-Fron 6% cm pf. 100
90 X
90 H
5
87 H
Jan
25
1.25
14H
15
30 H
30 X
135
30 K
5H
Foundation Co of Canada*
~~3H
*
8
82
40
"~6H
6X
Hollinger GoM Mines
6
14%
*
SmltnVaper
13
"34H
Hudson Bay Mining
Imperial Oil Ltd
._*
16H
Imperial Tobacco of Can .5
■1SK
Intercolonial Coal
130
13
232
140
17
July
Mar
34
Nov
Melcher* Distillers Ltd pf*
Mitchell (Robt) Co Ltd..*
8X
Mar
Mar
8H
10
July
Mar
14
X
Oct
75
Mar
895*
Nov
3
June
7 H
3H
100
5H
Aug
8
570
5
Mar
10 H
July
Reliance Grain Co
82
3H
7H
1.25
65
45
Mar
94
Nov
63
Mar
58 H
Oct
JaD
Aug
1,600
2X
Sept
7H
July
Mar
Feb
7X
Dec
5
July
Nov
21
Aug
103
United Distillers of Can..*
Walkervllle Brewery
*
(H) Walk-Gooder A Worts*
78
17
-
103
11
78
Apr
102 H
Dec
101
101
Sou Can Pow 6% cm pflOO
7
1.25
6
6
16H
17
Page-Hersey Tubes Ltd..*
Power Corp of Canada
100
Provincial Transport Co. .*
101
38
92
Mar
lOlH
Nov
7X
July
7H
July
Walker Good A Worts(H) *
82
58
5H
5H
100
5
Mar
85* June
6
6X
217
4
Mar
85*
UK
625
Mar
155*
13
13 X
250
9
Sept
18
June
151
90
Mar
98
1,715
20 H
Mar
35
Nov
16 X
15 K
17
1,998
14H
Sept
195*
Feb
15 K
3,783
13 X
Jan
155*
July
6%
cum
1st pref
6H
3H
*
6H
3H
25
5H
Sept
100
3
Dec
25
107
107
104
June
Oct
109
1.15
Jan
80c
1.35
80c
100
75c
Dec
1.35
1.35
750
1.10
Apr
2
July
Nov
*
51
51
296
32 X
Mar
54
20 H
20 H
250
17 H
May
20 H
Feb
33 K
96 X
34 K
UK
100
25
26
SI
cum
•
pref
20 K
Dec
Mines—
Alder mac Copper
Oct
50c
46c
50c
600
34c
Sept
1
lHc
lHc
1 He
2,000
lc
Mar
3Hc
Jan
lc
1,000
lc
800
12c
2 He
33c
Aug
13c
Apr
Sept
20
40
Mar
45
Nov
»
lc
26 H
155
24
Apr
30
Oct
Beaufor Gold
1
13c
13c
Oct
Arno Mines
69c
Corp—*
Alexandria Gold
lc
42
K
11H
—
Feb
55
56 X
4,451
37
Mar
58
Big Missouri Mines
1
24c
31c
1,587
24c
Dec
57c
26H
27 H
2,922
22
Sept
315*
Mar
Bouscadiilac Gold
1
9c
9 He
2,000
5Hc
Sept
15c
Oct
36
*
.
Jamaica Pubic Serv Ltd.
56
27 H
Intl Nickel of Canada
.
Melchers Distilleries Ltd.*
Mar
4
1
42
Intl Bronze Powder
Jan
llH
24
96
100
..
115*
88
58
Goodyear T pref lmc '27.50
Charle8^f.
10
13
11H
100
Gypsum Lime & A1 abas.
1,334
88
13"
100
Preferred...
5H
Jan
Nov
101
15
Feb
55
353
70
*
Rights......
July
25c
17 X
20c
150
10
July
16
25c
Sept
Sept
Nov
4
May
1
General Steel Wares
May
42
58
4H
July
10
5X
8H
140
•
*
Oct
9
50
Paper.
Preferred
Dec
1.05
Mar
105
845
0H
Feb
16H
Nov
Sept
63
Electrolux Corp
Gatlneau Power
Oct
Dec
13
3
103
Aug
17
___.l
Co
6
150
6H
English Electric A
36
36
75
32
Mar
36
BrazJ Gold A Diamond. .1
6c
6c
2,000
3c
May
8c
Feb
26 H
419
Jan
Lake of the woods
3
Massey-Harris.
13
10
Sept
185*
5
22Ho
Nov
175
12 X
Nov
13
Nov
Bulolo Gold Dredging
Cndn Malartlc Gold
30c
*
97c
97c
97c
1,800
70c
Sept
1.27
2,215
4X
Mar
July
Cartler-Malartlc Gold
1
5c
5c
5c
2,900
6c
Jan
15c
Feb
155
6H
Dec
10 x
14
McColi-FrontenaeOil
Feb
Central Cadillac Gold
1
21c
20c 21Hc
5,800
18c
Sept
62c
May
•
Mont L H A P Consol
*
30 K
3,667
2554
Sept
Jan
Central Patricia Gold
1
2.52
600
1.90
Sept
3.20
Mar
Telegraph
126
56
Jan
62
Jan
ConsChlbougamauGidfldsl
110
70
Dec
89
Feb
Dome Mines Ltd
16
13
13
*30 H
7
7H
0H
7%
56 K
40
5
7
30 X
31
70 K
56 K
70 K
42
41
42
1,919
34
Sept
43
42 H
42 K
42 K
Mar
44
61
69 K
76
3,284
38
61
31
Mar
725*
»
26
26
387
23
Mar
31
100
158
158
2
150
Mar
160
Montreal Tram ways ...100
National Breweries.....
...25
National Steel Car Corp..
Ogllvle Flour Mills
Ontario Steel Products..
9
42
22c
"33
32 X
Feb
Aug
Nov
2.78
2.80
750
1.05
Jan
2.82
Dec
2.35
2.43
3,875
1.40
Sept
3.25
Mar
Feb
Falconbrldge Nickel
*
5.60
5.60
5.60
25
4.25
Sept
6.95
Jan
Dec
Goldale Mines
1
25c
25c
25c
200
24c
Mar
28c June
40c
40c
40c
500
35c
July
45c June
8c
8c
200
48 X
50H
529
115*
July
Feb
55
Sept
100
July
Lake Shore Mines
10
8
Oct
33
5
42
Oct
46
8c
J-M Consol Gold (New)
Nov
42
13c
35
7%c
24
42
Sept
2.35
»98
8H
Mar
June
3e
2.78
15
May
20c
27 H
12,700
1
10
5
41c
1,200
660
22c
33
1
Duparquet Mining Co—.1
55
10
2.52
Eldorado Gold M Ltd
Oct
98
9
2.52
Feb
East Malartlc Mines
Aug
Nov
55
8H
*
.
•
26
8c
98
Ottawa Car Mfg
100
Ottawa L H A P pref.._ 100
Jan
Aug
Oct
16
Laura Secord
165*
27X
16
150
6H
Dominion Textile
Ottawa Electric Ry
Penmans
Sept
381
14 H
63
Dom Tar A Chemical
Preferred
8H
34 X
5H
Goodyear T A R of Can..*
Intl Paints (Can) Ltd A..*
Intl Utilities B
30
5H
Donnacona Paper B
2%
Sept
3
Jan
8
Jan
Oct
22
23
5H
Jan
4H
ex
June
381
6H
Jan
Sept
Oct
Nov
4%
Sept
July
28 X
7H
108
1,50
2H
32 K
116
Jan
125
106
99
1,227
10,200
Aug
88
4X
June
4%
7H
Sept
11
7f
2
3H
»
Mar
25
3H
3H
21X
2H
Cub Aircraft
....
9H
Mar
2
Dominion Stores Ltd
.325
Preferred
High
Mar
47
II4H
Jan
20 K
Montreal
Low
1.00
3,252
2,628
2,085
4%
Deo
37H
Internat Pet Co Ltd
Range Since Jan. 1, 1938
for
Shares
2H
July
16
15H
149H 149H
12 X
UK
Preferred.
Jan
100
18H
19H
Howard
19154
40c
*
Consol Paper Corp Ltd
36
Gurd,
Mar
40c
5
37 H
Dryaen
170
*11
*
Alcohols
20 H
12 H
Aug
42
40c
*
Dominion Steel A Coal B 25
"ex
City Gas A Elec Corp..—*
Distillers Seaararas
149 X
3105*
Mar
1.05
cum
Dominion Bridge...
*
Dominion Coal pref.....25
100
June
10
22 X
pref
100
Catelli Fd Prods5%cmpfl5
7%
60
Dominion Glass pref...
July
295
17
208
Can Vlckere Ltd..—-—*
Jan
110
Consol Mining A SmeltlngS
16
~22~H
1
Cndn Marconi Co
20
965
60
Dec
Sept
Preferred
Cndn Industries Ltd B—*
345*
8
2VB
*
Oct
223
60
1.80
June
3
105
*
180
Mar
917
6H
9
2%
2H
5H
102 K 103
105
2H
Jan
Sept
197
12 X
103
>20
105
102 H
25
Class B
Canadian Pacific Ry
Cockshutt Plow
1,575
9H
23
.
13
13 X
*
Preferred
Canadian Car A Foundry. *
Canadian
*
Can Breweries Ltd
1,317
*
Nov
160
159
34
Can Wire & C 6% cm pf 100
2%
9H
Preferred.
166
40
21X
12 X
28 X
Canada Starch Co Ltd. 100
ex
1.00
147
4H
23
2H
Canadian Bronze
3
12
48H
21X
3X
......
75
2X
110
107
11
24 X
(new).*
Dec
Dec
W CCA-
High
2%
17 X
30 X
25
8H
"ie"
Low
2%
22
2%
60
Canada Steamship
Price
110
Aug
4H
15H
Can North Power Corp...*
of Prices
17
8H
9H
9H
23
Sales
Week's Range
48H
1.35
16
Dec
Range Since Jan. 1,1938
lil
167
100
Preferred
Dec
June
inclusive, compiled from official sales lists
Sale
2%
Building Products A (new) *
Canada Cement
*
8
23
Jan
17
Mar
115
176
Last
4%
*
7
June
•
Royal
*
B._
Bruck 811k Mills.
35
301
*
British Col Power Corp A.
Nov
3
25*
1,056
.100
69
8X
23
12H
Jan
Apr
68
Nova Scotia
13
1.60
11
112
174
2075* 207 H
22
167 %
Mar
Mar
164H 164H
174
17
~_8H
May
50
4
207 H
48H
.-...100
Preferred
Nov
3
Apr
380
9H
Friday
Week
High
105
13 H
8
Mar
1.26
23
.100
—-
Asbestos Corp Ltd
Anglo Can Tel pref
Mar
1H
1.50
•
10
23
3
45
July
665
1.80
10
25
Zellers Limited
5
Apr
265
2
1.75
100
Stocks—
Week's Range
Sale
50
Associated Breweries..... *
Algoma Steel Corp
*
2
2
*
Exchange
Sales
Last
Agnew-Surpass Shoe prflOO
Alberta Pac Grain A pf .100
0H
Dec
Dec
715*
160
150
Montreal Curb Market
Friday
Price
25
*
both inclusive, compiled from official sales lists
Par
158
Montreal
3s
Montreal Stock
Stocks-
70
158
Dec. 24 to Dec. 30, both
Dec. 24 to Dec. 30,
June
14
110
«.
100
118X 118H
4
July
12
«
715*
Commerce
Grand Trunk Pacific Ry—
115H
1155* 115H
1145* 115H
U8X 118H
23
Sept
July
Banks—
123
122
1165* 117 X
U45*
July
6H
Ask
Bid
Ask
Canadian Northern Ry—
1951
1955
Aug
58 H
16
Preferred
Canadian National Ry—
205*
Apr
1,709
B
Bonds
Mar
21
Winnipeg Electrlo A—
Dominion Government Guaranteed
Mar
20 H
Preferred
Jan
Feb
Deo
8H
20 X
United Steel Corp
4Hs
105
2H
24
Vlau Biscuit
5s
94
4
Feb
500
Tuckett Tobacco pref. .100
112H
95
1,446
97 X
97
75
1,518
Ask
>
105
4H
Preferred
1 1946
17H
10H
155*
Steel Co of Canada...
Sept
July
95*
Sept
43
Sherwin Williams of Can. *
.100
Preferred
4Hs
101H 102 H
Dec
July
Hn
5s
80 H
19
Sept
145*
80
Ask
Mar
3
41
Shawlnlgan W A Power._*
Canadian Pacific Ry—
80
perpetual debentures.
Sept 16 1942
14
155*
———
4s
Oct
42 H
Southern Canada Power. _*
Canadian Pacific Ry—
63
pref 100
preferred—
St Lawrence Paper
81
Bid
22 H
50
4H
Jan
Nov
Mar
105
105
Saguenay Power pref.. .100
*
bt Lawrence Corp
16H
Mar
8%
11
Rolland Paper v t
81
Railway Bonds
4H
High
Sept
9
11
June 15 1943
77
535
Regent Knitting
Nov
Oct
4Hs
Low
11%
58
"loo
5% preferred
Quebec Power
Shares
11
11H
*
5Hs
....
for
of Prices
Low
High
Price
Par
Stocks (Concluded)
6b
116
Week's Range
Sale
A
Prov of Saskatchewan—
16 1946
1 1951
Range Since Jan. 1, 1938
Last
Ask
61
5s
Sales
Friday
Bid
Provlnoe of Ontario—
Ask
Prov of British
5s..
Montreal Stock Exchange
Municipal issues
Provincial and
Closing bid and asked quotations,
Provlnoe of Alberta—
UNLISTED
X
Inspiration Min A Dev—]
Mar
Nov
♦No par value.
1
50 H
6c
45
Dec
15 He
May
Sept
58 X
Feb
Volume
Financial
147
Chronicle
4041
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Week's Range
for
Sale
of Prices
Week
Price
Par
Lamaque Contact Gold- *
~1
Lapa-Cadillac Gold
Mines
3c
saies
Low
Shares
1,000
Last
Stocks (Continued)
High
5c
3c May
Feb
for
of Prices
Low
High
Week
Price
C P R
Canadian
Par
Week's Rang
Sale
3c
3c
38c
38c
500
35c
Oct
62c
Aug
5.35
5.35
100
3.60
Mar
5 50
Jan
51*
52 *
80
2.90
.1
—
High
Low
-
Maoaesa
Friday
Range Since Jan. 1, 1938
Last
Shares (Concluded)
Toronto Stock Exchange
Sales
Friday
Dec
8H
5H
Wineries
2H
Canadian Wlrebound Box*
Carnation pref
.100
Mclntyre-Porcupine
.6
53*
.1
3.00
3.00
940
35 H
2.10
Mar
O'Brien Gold.—.
Sept
6.40
Jan
*
41 He
41 He 41 He
1,000
35c
Nov
80c
July
4.50
4.55
625
2.90
Mai
4.80
Oct
Castle Trethewey
Central Patricia
Central Porcupine
"l
17 He
20c
9,400
14c
Sept
62o
Jan
Chemical Research
2.25
2.35
500
1.65
Apr
2.70
Jan
Chestervllle-Larder Lake
1.85
1.85
100
2.65
Jan
Chromium Mining
1.60
1,300
1.37 May
1.00 Sept
Cockahutt Plow
Com moll Ltd
*
Pandora
Cad
Perron Gold Mines Ltd
-1
1.60
Pickle Crow Gd M Ltd— .1
Placer Development
.1
*•—!—
m —
1.55
1.77
Feb
3.90
Mar
5.30
Nov
Dec
Feb
Aug
Conlaurum Mines.
Consolidated
1.47
1,000
72c
Preston-East Dome.
.1
Reward Mining
St Anthony Gold
-1
5c
5c
5*c
3,550
3He
Apr
7Hc
Nov
.1
13c
13c
13c
300
17c
Oct
18Hc
Oct
.1
4 He
4Hc
4Hc
33c
Mar
Shawkey Gold—
Sherrltt-Gordon
—
—
2,100
-1
1.40
1.26
1.43
1.65
1.30
1.65
14,020
73c
73c
3He Sept
3,375
.1
-
Siscoe Gold Mines Ltd
Bladen Mai
Stadacona
m
1,400
1
91 He
50c
29c
Sept
39,268
19c
1,650
65c
1.23
Mar
110
4.30
5.60
Jan
25c
26c
Wood
-
—
—
Oct
42c
Dec
60HC
5.35
400
4.05
Sept
6.40
Aug
7.95
700
3.86
Sept
9.45
Nov
16c
17c
9,500
13o
Sept
43c
Jan
8.25
8.25
300
6 55
Mar
8 25
Deo
17c
8.25
37C
11,960
1,000
5.25
7.90
,v
Cad
May
7.75
-
r*
;
Wright Hargreavee
78c
Sept
Sept
17c Sept
37c
_*
___
W alto-Amulet
36c
Feb
OH
Anaconda Oil Co—
11c
Oil-'!*— _♦
Anglo-Canadian
— —
Homestead Oil & Gas
-1
-
—
1.32
1,100
1.00
Sept
1.51
2.60
2,500
1.67
Sept
3.10
66c
67c
Dec
Mar
Dec
Oct
30c
Nov
1.00 Sept
82H Sept
2.20
Jan
Sept
26c
26c
400
18c
1.50
1.65
2,000
44
—
42 H
44
8,500
6*c
Dec
"V.23
1.18
1.25
24,840
58c
58c
975
8
8
8
135
7
594
49
July
500
15c June
25c May
95o
Oct
Sept
1.73
35c June
8O0
July
Aug
63c
Mar
13*
July
49c
1,000
45c
Deo
85o
Mar
31c
32c
1,700
19c
43c
1.45
1.44
1.50
6,870
1.00
Sept
Sept
1.84
15H
15
■15*
85
11*
Mar
17
22Hc
2,000
59 H
61
45*
802
Sept
42c
Jan
66*
Feb
Nov
8
173
Sept
199
Jan
46c
68c
98,333
20
Sept
73
Mar
13c
13c
14c
5,000
1,710
Sept
460
its
179H 179H
—
20
"33"
.100
201H
20 H
19
89*
89 H
32*
204
201
100
23*
34*
11
189
Apr
91
16 H
100
2*c
6,500
2c
Dec
726
25*
JaD
2,785
8*
35
4*
Sept
June
13,400
5c
Aug
9,300
5c
Sept
16o
16
50
Dominion Steel Coal B l~.2b
9
Dominion Stores
12*
5H
11*
12H
5H
5H
nil
7*c
6Hc
7Hc
9Hc
9c
10c
2c
16
Dec
JaD
Nov
Dec
216
50 H
16 H
"56"
East Malartlc.-.
Mar
66 *
Jan
27* June
2,005
..25
9
10c
50
33*
Dominion Explorers.. ...1
*
Dominion Foundry
East Crest Oil
20c June
56c
*
-
Jan
Nov
'
21 He
♦
Distillers Seagrams...
Preferred
Dome Mines (new)
Dominion Bank
Dominion Coal pref..
'
48c
mm mm
Aug
Sept
19*
Feb
7c
Mar
56
Nov
16*
8*
July
26c
Mar
Jan
Jan
2,79
2.77
2.81
18,465
1.06
Mar
2.81
Dec
2.32
2.32
2.43
23,878
1.38
Sept
3.25
Mar
29 *
29H
7H
6*
10
26*
Sept
34
Nov
7*
6*
7
Nov
10*
Aug
20
5*
Mar
5.55
5.40
5.60
1,109
4.25
Sept
6.95
Jan
nil
21H
20 H
21H
390
14Hc
Sept
22*0
Nov
Faulkenham Lake Gold-.l
6c
6c
8c
27,100
5c
Dec
200
AUR
3 He
May
English Electric A.—
85c
3.60
880
-
7c
48c
"eo"
Eldorado
65HC
2,000
51,175
-
6 He
48c
.100
—
Jan
Dec
32c
55c
3.30
—
May
30c June
3,770
48c
2.83
—
Jan
15c
Oct
1.27
1.65
•
—
6c
55c
-
Royailte OH Co
2,500
3.20
9
m
-
OkaltaOlls
11c
2.45
mm
66 He
Dalhouwle Oil Co.--.-
-
—
2.60
»
Da vies Petroleum
Rome Oil (Jo
-
_*
Calgary & Edmonton
9Hc
Feb
6Hc
<•—
Dorval Siscoe
■>
July
3.20
Consol Chlbougamau. IIIi
Cons Smelters-—.6
Mar
52c
Ventures Ltd
1.19
Sept
♦
Bakeries
1.39
4.60
25c
Mar
1.85
""
Consumers Gas
91c
48c
Dec
55c
3,805
•
Davles Petroleum
Denlson Nickel Mines- nil
4.60
51 He
106
4,025
9
Oct
II
(new)
Sullivan Consolidated
Jud
1.04
32c
Jan
.1
Teck-Hughes Gold
.1
Thompson Cad-Towagmac Exploration- .1
98*
Nov
2.50
*
1.89
Sept
21
1.00
9
3.40
May
1,18 Dec
Oci
10
106
Apr
2.43
Commonwealth Pete—
Mar
17 H
1.93
1.57
July
2
17
58c
12 *
12 *
Jan
3*
10
l".02
1
720
12*
8*
2.48
—1
200
5
5
—
■mmmmsmmrn
—
High
Mar
60
2*
19
106
1
1.85
Pamour-Porcupine
mm* mm
Low
6
2,426
6*
19
1
Pato Consol Gd Dredging 1
Pend-Orellle MAM Co. .1
17 He
2.10
Oro-Plata Mining
Range Since Jan. 1, 1938
Shares
1
—
*
—
-mmrnrn_
*
B
•
Equitable Life—
—
*
•
1125
.
m m 09 <m
m
*
Falconbrldge
Fanny Farmer
-
-
m
6
8
Feb
Federal-Kirkland
...1
8c
6*c
8*c
39,700
Fernland Gold
Firestone Pete
—1
llHc
10c
14c
10,000
8c Sept
30o May
.25c
11c
11c
11c
3,000
9c
25c
*
22*
21*
22*
12
12
Ford
Statistical Information gladly furnished on
McCarthy
Sept
10*
75
9*
Dec
11*
13*
13*
35
7
Apr
.14*
87
88
*
3*
8 He
10c
13,100
2Hc
2*c
2*c
23c
20c
24c
25c
27c
57c
60c
Gold Eagle
Graham-Bousquet.
-
7*c
"
73 H
74
56
57
...
Granada Mines
mmmm
3Hc
74
—1
Sales
Sale
Stocks—
Par
Price
of Prices
High
Low
Range Since Jan. 1, 1938
for
Week
High
Abltlbl
6%
mm9
preferred
2*
20
100
Acme Gas & OH
*
Alton Mines Ltd
6*c
III
AJax Oil & Gas
-.1
3c
mmmmmm
*
Alberta Pacific Grain..
Preferred
100
m
»i'-
-
1,920
1.00
Mar
1,447
8H
Mar
6c
Dec
6Hc
6*c
1,600
2Hc
3*c
2,200
17 He 17 He
500
2*
22
23
2*
21*
2*
18
60
23
12c
•
Dec
5*
Aug
10*
Jan
47c
52c
11,315
28c
13c
14c
16,000
7o
1.35
1.25
1.95
20,250
3.15
3.15
12c
12c
9c
8c
4c
3*c
29
Sept
Sept
*
-
-
m — -
-
III
12c
Astoria-Quebec
-.1
Auglte-Porcupine Gold- —1
43 He
Arntfleld Gold--
Ashley Gold
_
_,
Bagamae Mines..
Bank field
11c
—1
Gong
30c
—J
Bank of Toronto
100
-
»
— — -
*
B
-
600
2.60
4.15
Jan
11c
33o
Mar
9c
6,800
3,000
Sept
Sept
Mar
16Hc
Oct
4c
1,000
2c
Sept
7c
38c 43 He 284,930
17c
Sept
9 He
Dec
9Hc
29 He
237
4,325
13c
32c
22,299
1
,237
6c
25c
222
44o
270
1.03
Dec
249
May
Feb
9
Bidgood
25 He
Kirkland
—1
Big Missouri
—1
mmm — doom
Biltmore Hats
*
—
...
Traction
lbo "32 H
—
Brewers A Distillers—
I'm
8%
-16
4H
21H
65c
15Hc
Brown OIL
»
—
29c
—1
15c
Buffalo-Canadian
6*
60c
58e
50
0*
Sept
3H
30
3
July
32 H
30
31,650
3,299
25
31
18c
HHc
8H
9
4H
4H
21H
21H
64c
71c
,
1,715
10
11H
5
34
Sept
Feb
Jan
Mar
Jan
Jan
Mar
31 He
Nov
Sept
Deo
July
July
7*
Mar
4
Sept
Mar
22
16H
72,550
42c
Dec
78c
Feb
Dec
6c
Sept
17c
31c
24,750
20c
Jan
10He
Sept
8ept
68 He
230
17Hc
Feb
l*e
Sept
5,000
Dec
Calmont Oils
——
»
"~2m
~~1
Calgary A Edmonton—
52c
_
_
Canada Cement
9
70 H
_•
_
Preferred
7*c
Sept
22c
Jan
15
May
29
Dec
1.55
Sept
3.10
Jan
62c
Jan
2.42
*
2.65
13,080
28,700
16
Dec
•
19Hc Sept
96
95*
25
7
Mar
13
Jan
16H
51H
9H
17
70
16
Nov
20
Mar
70
70 H
80
58
Mar
72
Jan
9*
9
22 *
40
2
3*
30
9H
121
70
15
60
25
40
1.65
85
80
20 H
40
-
1.75
1.75
1,900
6*
90c
------
"
22
23
173
Cndn Bk of Commerce. 100
176
26
157
17
125
16
16 H
1,280
14H
Mar
June
Mar
Apr
June
Oct
52
40*
Dec
23
Dec
Mar
184
Nov
Apr
19
July
7*
250
17*
18*
3,350
6*
7*
Apr
Mar
18*
32
34*
568
18 H
Mar
36
9
Canadian Dredge.
Cndn Industrial Alcohol A*
23
23
23
35
5
Jan
2.60 May
17*
7
Nov
Sept
Apr
34
7
Dec
4* June
16* July
22
25
Can Car A Foundry—.
Preferred.
Dec
10
20
20
*
Canadian Canners 1st pf 20
2d preferred
25
46c 52 He
2*
9*
.
Canadian Bakeries pref-100
Canadian Breweries
15*
800
9*
"10*
Canada Northern Power
Canada Packers
Canada Steamships
Preferred
815
51H
50
Canada Wire B
16
8 He
29
15H
6*o May
95*
100
B
2,500
28
16"
.25
2Hc
8He
•
Building Products.—
Burt (F N).
9
Jan
July
Dec
15
Sept
2H
2H
2*
520
1.60
Jan
93c
1.00
5,620
2,210
65c
Sept
Sept
4H
98c
Malartlc
Canadian Oil
Jan
Dec
15c 15 He
15c 15Hc
27 He
2 He
Bunker Hill
Canadian
Jan
7c
2,065
1.28
Sent
17H
Dec
16 H
18
10
170
Mar
Sept
13 H
125
13
1,856
11
Mar
23c Dec
17* July
15* June
Sept
Sept
37o
34 H
211
33*
34 H
865
Inter. Metals A
JeUlcoe
Jan
14*
Sept
19* May
13*
Mar
16*
250
6*
Mar
40
43
3,700
30c
Oct
89 H
89 H
Dec
mm
4,682
37
Mar
58
1,043
22
Mar
31*
Mar
6H
mm
56 H
27*
0H
40
5
May
9*
Aug
Sent
Oct
1.77
50c
400
40c
31c
4,200
25*c
Dec
600
July
5,000
10c
Sept
40o
Mar
9*c ll*c
24,200
7Hc
Deo
82c
Mar
1.75
1.81
13,634
2.50
Aug
60c
HHc
11c 1.1 He
60c
525
50c
Aug
60c
Dec
50c
28c
mmmmm-
<
25c June
1.00
55c
65c
1,000
40c
Dec
1.50
1.35
1.2.7
1.37
31,430
88c
Sept
1.50
7 He
7c
7Hc
5,270
6He
Dec
48
50H
3,011
44*
Sept
2HC
3*o
10,000
6.70
6.85
815
50H
—j
...
------
590
68*
Dec
Sept
Jan
Jan
Mar
Feb
6c
Feb
7.30
Nov
74c
Mar
,2c Sept
6,65
Sept
36c
38o
25,400
24e
12*
13*
1,490
12*
Dec
14*
Oct
1
80c
80c
82o
4,000
75c
Dec
1.13
Feb
1
7Hc
7Hc
80
9,000
4c
Sept
38c
13
(New).. —3
—
Gold
—
B
7,200
50c
Sept
3.16
22,040
2.10
Sept
6.00
Feb
24*
300
19*
Mar
24*
Nov
22*
22
22*
85
18
Mar
22*
Nov
3.50
Mar
6.55
Jan
Jan
4.45
July
Mar
59o
Dec
70C
1
5.35
5.30
5.40
2,205
1
Mines
2.87
2.75
2.87
14,500
53c
53c
57c
90,005
1
Madsen Red Lake
Maple Leaf Milling
—
*
mm 99
-
nil
Mines
Dec
7H
23,150
23c
1,500
1 He
Oct
4 r,
Jan
1H
1 H
100
1.25
Sept
3.75
July
3*
25
2*
Sept
6
5 He
7
5*c
4,000
6c
Dec
19*0
Mar
4*
Mar
10*
03
Mar
63
July
July
6*
7
7*
7
------
91
91 H
53
52
53
1,985
2,545
May
Dec
14
Feb
86*
Jan
101
July
35*
Mar
54
69c
Mar
1.43
Oct
32c
Jan
940
Oct
2.65
McKenzie Red Lake..
1
1.22
1.18
1.23
McWatters Gold
9
66c
66c
69c
5,200
9
1.80
1.75
—5
28
Sept
15
215
1,149
5,600
Mines
71c
64c
l*c
59
-
l*c
3
«
60
*
100
Preferred
-
------
100
Preferred
McColl Frontenac
*
3
*
Massey Harris
*
mmmm+m
*
Preferred
1.30
25c
62c
-.1
Gold
Manitoba & Eastern..
Feb
78o
2.81
23*
76c
III*
III*
MacLeod Cockshutt..
1.12
Jan
3.15
*
—
15c
24*
.*-1
Little Long Lao
Mclntyre
107
65
—1
Lebel Oro
Maralgo
98* May
Dec
55c
Lava Cap Gold
Malartlc
Oct
90
—-i
Lake Shore.
Macassa
40
June
65
July
49c June
—1
Lamaque Gold Mlnes.
Lapa CadlUao
A
106
50
8
26*
27*
10Hc
—..
Oct
700
...I
Kirkland Lake
Laguna Gold-.*
Loblaw
Sept
3,498
-
Leltch
215
7H
Kerr Lake———- ...1
Laura Secord
Mar
190
15*
mm. mm
Cons
Lamaque Contact-
Nov
16*
30c
Klrkland-Hudson
35
7H
.56
.
1
Kerr-Addison
Mar
16*
100
*
.-
—
20*
34o
89 H
pref. .100
-100
Mines
Jan
Sept
15*
Jack Waite
Jacola
Dec
20o
41
1
_
3.60
July
15H
7H
.£1
Preferred
4
16*
•
Tobacco
8
207H 211
Jan
Dec
Hudson Bay Mln A 8m-.*
6
Oct
Oct
1.84
2,719
1.45
Mar
Model Oils
1
35c
33c
38c
Sept
38c
Jan
1
1.28
1.27
1.32
1,500
6,335
20o
Moneta-Porcuplne
Moore Corp
1.00
Sept
2.56
Mar
Mining
Corp..
Morris-Klrkland
National
National Grocers
Preferred.——
♦
—•
No par value.
mm
mm
mm
16c
-----
Brew
Feb
18
July
Sept
50
Howey Gold
Inspiration Mining.
7.75
11H
14 H
7H
2.93
7o
34,000
40,775
Jan
Nov
169
Sept
8H
11c
British Dominion Oil
21c
8*
15 He
III
Broulan-Porcuplne.
BuffaloAnkerlte
5,800
16c
*
Feb
24 He 31 He
HHc
British American OH
20o
17,400
_»
_
Mar
1.10
5,250
20c
Illfi
39
Mar
24c 25Hc
—i
»•.
2
146 H
3H
8*
Mines—
126
557
3"
167
36,800
9Hc
30c
nil
2H
1.72
8c
19 He
29c
Intl Utilities B
166 H
Dec
Sept
—-1
Imcelal
1.50
15
Jan
9*0 Nov
Hp
2*
14c
:n»
Dec
Jan
Mar
230
80o
Intl Utilities A—.-——
Sept
8*
Oct
July
13
III*
Sept
1.09
Sept
15,800
Intl Milling pref
International Nickel
95c
5
Sept
99,541
International Pete
6
33
48c
26c
July
16
2,700
Sept
9*
4
3.30
July
55
265
6
13
14
3,625
6
Dec
Sept
15
45c
10,272
24
5
4*
"
2.85
11*
33,700
25
134
14 H
Sept
31c
Jan
■
5
7
24 He
29c
June
6
Jan
June
Aug
3.20
20c
1.37
58
Feb
Nov
11c
24 He
6H
27c
12c
81*
3*
•
Aug
Feb
July
Oct
40c
3*
1.60
—
305
5
Oct
Apr
Mar
14c
.1
Co.
2,700
2* May
Dec
9*C
63c
Bollinger Consolidated Ills
28c
25
51*
2*c
Homestead Oil
Home OH
00 J*
3
2c
Mar
6H
9
.100
Feb
6c
52
9Hc
25Hc
—.*
Imperial Bank
Imperial Oil
Feb
Dec
Sept
16 H
6
—1
26 He
6
.
Canada Bread A.
Jan
1.30
*
167
Brazil
1.65
27c
"
Bell Tel Co of Canada. 100
Bralorne
Mar
1.37
m_9
Beatty Bros A
Blue Ribbon pref
Bob jo Mines
95c
3
3
Bear Exploration A Had —1
Beattie Gold
-
28c
*
Blue Ribbon.
Feb
——
„..
00 *
Base Metals Corp.
Bathurst Power A
Beaunarnois.
Aug
70c
33c June
60c
1.67
Hprker..
13c
Jan
July
Sent
02C
3H
9
Hlghwood-Sarcee
Hlnde A Dauch
-
Mar
680
40*c
5c
6
mrn-m
Hard Rock
Oct
Apr
2
5C
Dec
Mar
4*c
63c
—1
7o
50c
Anglo Huronian
Apr
Halllwell Gold
Harding Carpets
32c
Amm
Anglo-Can Hold Dev.. ^_9
Oct
Oct
15c
Aldermac Copper.Gold Mines
July
lHo June
5
2H
4H
33
32c
July
Apr
600
6*c
6
nil
Gunnar Gold
Gypsum Lime A Ala has.. •
4*
5,000
5H
10 H
7
*
Voting pref...
Low
Shares
Oct
Oct
90
14,000
5
Great Lakes Paper
*
Great Lakes Paper voting. *
...
Week's Range
'Last
Feb
3HC
6c
Grandorc Mines
Friday
Apr
Dec
10c 11 Ho
10 He
...1
3 He
22c
Jan
Apr
Oct
30c June
90
3c
It.
w
-
20o
14c
224
57
...1
Mining
9
Goodyear Tire
Goodyear Tire pref— iiso
30, both inclusive, compiled from official sales lists
10c
9c
...)
-
Sept
24*
53c
2c June
8,500
1,500
14,400
1,500
Gold Belt
Mar
Sept
5c
28,700
26*c
Sept
3
4,200
9
nil
...
Mines
74*
45
9Hc
nil
+
Goldale
60
3H
rn'mmm
msms
Glenora
God's Lake
Toronto Stock Exchange, Montreal Curb Market,
Canadian Commodity Exchange
Toronto Stock Exchange
Dec.
Mar
8c
20o
87
Hoc
—
Rights
Glides Lake Gold
Goodfish
to
14 H
3,100
13*
"II*
Gatlneau Power...
Canada Permanent Building, 320 Bay St., TORONTO
Dec. 24
1,897
1,400
22c
22c
Fleet Aircraft Ltd
Preferred..
Members:
14o
21c
•
Francoeur
Mara &
Nov
9H
A__
Foundation Petroleum .25c
CANADIAN STOCKS
,
*
9
.100
--
6H
38 H
40
345
15c 16 He
100
6H
220
25
6*
130
130
300
Apr
5c
41,813
41H
41H
38
3*
115
Sept
May
Sent
Sept
40
16 He
43
7*
133
Dec
Dec
Nov
Feb
Dec
Financial
4042
Dec.
Chronicle
Unlisted
Canadian Markets—Listed and
Range Since Jan. 1, 1938
Last
Stocks (Concluded)
—
for
of Prices
Low
High
Week
Price
Par
National Seweryipe
Week's Range
Sale
35Hc
35c
40c
29,700
6c
6 Ac
New Golden Rose
J
Niplaalng
5
23c
L65
Mines
1.65
80H
79 H
1,350
1.
4,666
80 A
19
Jan
July
2c
May
11 He
July
11c
Sept
1.40
Sept
Mar
38c
Mar
2.15
84
Jan
Nov
11c
11c
9,700
Sept
4c
4Hc
2,000
2c
Mar
7Hc
July
67c
70c
1,620
45c
Sept
1.14
Jan
8.50
8.50
200
7.00
Sept
8.95
3%
1
Norraetal.i.....
10c
"70c
Nordon Oil
Norgold Mines.
19c
3A
2
1
£
Northern Empire
North Star pref
6c
3
Sept
July
Aug
4
65A
0s..1946
Beauharnols Pr Corp 5s '73
Bell Tel Co of Can 68.1955
Brown Co 1st 5Hs
1946
Burns A Co 6a
1958
83
85
Dec
5.45
Jan
O'Brien Gold
1
3.00
1,960
2.10
Sept
Okalta Oils
*
1.60
1.47
1.65
30,260
85c
Sept
2.30
*
1
2Hc
48c
2 Ac
2 Ac
2,500
2c June
5%c
Oct
46c
48c
4,975
72c
Oct
Omega Gold
Ontario Steel
—
*
*
Orange Crush„—
Oro
8 Ac
Oils
*
Porcupine
Pandora-Cadillac—
PantepecOll
-
Paymaster
~~7%
J
May
8A
12
July
1.50
10
1.00
Mar
2.00
July
900
30c
Oct
1.46
Mar
7Ac
25
9,500
8Ac
175
103
Sept
Apr
4Ac
17c
104A
78
Feb
Nov
4.44
4.60
4,065
2.90
Mar
4.85
Oct
18c
4,483
15c
Aug
63c
Feb
7A
9,255
Sept
7
A
Dec
7c
2,600
5c
Nov
24Hc
5Ac
3,500
4c
Sept
22c
55 Ac
49Ac 57Ac
60,925
69c
Feb
Mar
1.54
1.58
3,325
1.00
Sept
1.76
5.00
5.10
3,827
3.80
Mar
5.30
47
Massey-Harrla Co 58—1947
99
100
48
50
Minn 4 Ont Paper
68.1945
/38
Montreal Island Pr 5 Hs '67
105
2 Ab to '38-6 Ha to
101A
106
103
'49—
38A
—
Montreal L H A P (550
103 A
Canadian Inter Pap 68 1949
99 H
Canadian Lt A Pow 6s 1949
3 Ha
99%
3 Ha
98
'53
-
50
104
103
99
99 A
97 A
Montreal Tramway 5s 1941
99
114
49 H
1939
.1956
1973
value) 3s
par
104 H
Canadian Vlckers Co 6s '47
98 A
115
Cedar Rapids M A P 5s
Power Corp. of
Consol Pap Corp—
50H
1961
5Hs ex-stock
,
_
Eastern Dairies 6s
Shawlnlgan W A P 4Hs "07
Smith H Pa Mills 4 Ha '51
104 %
84
82 A
5s '55
Nfld 5s '08
Lake St JohD Pr A Pap Co
101
1961
90
92
-1951
55
57
105 A
104 H
100
-
-
-
-
-
-
United Grain Grow 5a. 1948
93
62
63
Winnipeg Elec 4Hs. —1960
4-5s series A
1965
101
62 H
63 H
..1965
47
48 H
4-5s series B
104
103
MacLaren-Que Pr 5Hs '61
91
United Securs Ltd 5 Ha '52
Int Pr A Pap of
5H8
105M 106
104 A
104
1906
4Ha series B
99
98
Gt Lakes Pap Co 1st
68
98
99
100
Saguenay Power 4Hs A '66
44
42
104 A
1956
Gatlneau Power 6a
97
97
'47
96H
1949
Jan 11950
Eraser Co 6a
1957
1957
4s
Provincial Pap Ltd 5 Ha
75
74
1
Price Brothers 1st 58.-1967
2nd conv deb
Co—
4s.
1950
East Kootenay Pow 7s 1942
100 H 102 H
102
Can 4 H8'59
—Dec
5a
mi<mm
90
89
Dom Gas A Elec 6 Hs. 1946
Donnacona Paper
Feb
1
Crow..
38c
1.58
5.05
45
49 A
101
Mar
1
110 A
49 A
1941
July
5C
7
Ta'c
1
Cons.
Perron Gold.
Pickle
7
8A
1.50
42 Ac 42 Ac
1
Gold
Paulore
Mar
6c
1
.
Partanen-Malartlo
31c
18c
4.55
1
-
2.90
100
100
Page-Hersey
Pamour
8H
1.50
42 Ac
Plata
Pacalta
2.95
110 A
1960
..
80
1952
B
Maple Leaf Milling—
103
Canada North Pow 5s. 1953
Calgary Power Co 6a
Canada Bread 6s
Jan
Olga Gas,
•
5 Ha series
Ask
80
Manitoba Power 5H8.1951
66 A
Alberta Pac Grain
79c
48
Bid
Ask
bid
Abltlbl P A Pap ctfa 5a 1953
High
Apr
2,200
21c
~
Sept
13Ac
10,350
Newbec Mines
Noranda
12
14
14
*
1
Low
Shares
6^e
Nay bob Gold
Dec. 30
Closing bid and asked quotations, Friday,
Sales
Friday
Utility Bonds
industrial and Public
Exchange
Toronto Stock
31, 1938
•
Aug
2.55
2,720
2.20
Sept
3.30
2.35
2.25
2.35
4,300
1.37
Mar
2.65
*
11M
11
11H
530
9A
16 A
July
July
Premier
1
2.20
2.15
2.20
2,600
1.75
Apr
Sept
2.62
21A
34
10
Mar
23 A
Dec
1.45
1.48
74,920
67c May
1.90
Aug
50c
51c
1,400
98c
Mar
Nominal
n
Aug
22 A
/Flat price.
No par value.
Mar
1
Power Corp
*
Gold
Pioneer
Powell
...»
Pressed Metals..,
E Dome
Preston
1.57
1
Prospectors Airways
—
*
1
"55c
»
2.40
7c
—
Reeves-Macdonald
Gold
45c
Dec
55c
22c
23c
8,850
20c
Dec
*
Roche
1
8Ac
1
31
30
Bank
100
182
180
Royailte Oil
*
Long Lac
Ronda Gold Mines
St Anthony
14c
]
Corp
^
44 A
San Antonio
Sand River Gold
Jan
10,000
6c
Sept
24c
Mar
34,400
20c
Dec
33 Ac
Dec
192
Sept
112
12 Ac 14 Ac
165
Sept
956
44 A
33
Sept
48 A
7Ac
Sept
20c
2A
14,591
75
Sept
6A
July
Sept
19 A
Aug
2,500
1.00
Sept
1.55
6,200
13 He
Sept
25c
?0
15
1.24
1.26
15Hc
Jan
Mar
11
4 A
15
1.25
._]
Jan
8AC
189
43
4A
*
16c
50
July
33 A
8c
16c
A
Sept
34c
Jan
Oct
Mar
4 Ac
4 Ac
3Ac
Sept
Sheep Creek...
50c
95c
95c
1.00
3,200
75c
Sept
1.21
Feb
Sherrltt-Gordon
1
1.41
1.28
1.44
18,138
90c
Sept
1,90
4%
Dec
Gray & Wilmerding through
...»
4
pref erred... .100
86
SUverwoods pref
Simpsons
office
main
A
4
1,000
110
A
Newark,
the
firm
of
Turnbull,
Jan
Jan
The
1
74 Ac
72c
75c
4,900
49c
Sept
1.38
Mar
7c
7c
7 Ac
1,900
6c
Sept
*
Lake
9Hc
8 Ac
OAc
Spy Hill Royalties
..»
Standard Paving
Steel of Canada
firm
firm.
2c
2Ac
500
2Ac
Dec
48c
52c
26,723
28c
Sept
2%
2 A
195
2
Sept
76 A
1,793
66
Mar
76 A
Dec
Flagg organization, to which he now returns as
firm
will
have
membership in the following
71A
104
54
Apr
71A
Dec
Stock
5c
Sept
\5Hc
20
i.65
Sept
3.80
Jan
8Ac Sept
68c Sept
19c
Mar
1.25
Aug
75
•
'76 A
25
71 A
Straw Lake Beach.......*
8Ac
7Ac
8Ac
21c
21c
22c
13,700
1,200
2.80
2.80
2.80
810
9VsC
9%c
500
89c 91 Ac
3,825
Preferred
Gold....l
Sudbury Basin
*
Sudbury Contact.
J
Sullivan
l
Dec
3.00
Feb
10
4.1 *
Sept
6.70
Jan
3,700
1.05 June
1.68
July
13 A
Feb
*
4.70
4.65
4.75
*
1.23
1.23
1.26
11
2.10
2.00
15A
15
15 A
Towagmac
107
Sept
100
June
«
2.90
Sept
18 A
July
107
Oct
107
..._1
"40c
35c
40c
l
1.60
1.40
1.67
28,425
Union
*
13
12 A
13 A
413
13c
6,400
7
1.50
5,855
United Oil...
United Steel
___*
13c
10c
•
Amulet
6H
6A
*
Ventures
5.40
5.30
15A
Jan
11,164
1.02
1,077
30 A
8.00
Mar
Mar
9.46
Nov
Mar
Mar'
20 A
7.80
7.65
50 A
49 A
51
20 A
20 A
20 A
834
14c
13c
14c
8,500
8c
June
80
22 A
Dee
Western Can Flour preflOO
Westflank Oil
*
West Turner Petroleum 50c
Westons
*
24
23 A
6 Ac
17
5,200
Dec
Aug
37
34c
1
14,700
7Ac
400
Winnipeg Electric A.
*
Wopd-Cadlllac
Wright Hargreaves
*
Ymlr Yankee Girl..
*
2
8.25
7Ac
Philadelphia office of that company,
18c
2
2
50
IA
May
3 A
Jan
16c
500
13c
Sept
43c
Jan
8.15
8.25
13,800
6.50
Mar
8.25
Dec
1,500
7 Ac
Toronto Stock Exchange—Curb
Dec. 30, both inclusive, compiled from
Last
Sale
Stocks-
Far
Price
Dec
Feb
30c
Section
official sales lists
Week's Range
of Prices
High
Low
—H. J. Simonson Jr., President of
1
*
13 A
1
1.00
Coast Copper
2c
*
Corrugated Box pref... 100
DalhousleOil
»
DeHavilland
2c
14
7 A
Range Since Jan. 1, 1938
for
40
1
105
—Gail
Mandy.
Mercury Mills pref
_
62c
125
75c
Sept
300
2.00
Sept
4.00
Jan
4,123
3H
Mar
9H
July
62c
70c
If
12,195
10
10
37 H
36
37 A
291
1.01
1.10
15,978
100
80c
35
"Ac
37
Mar
39 H
100
Sept
1.10
Dec
Sept
Feb
51
July
Oct
6H
6H
*
3
1.85
l
100
«
3
Sept
19H
26
Sept
31H
Nov
32
Mar
72 H
Nov
500
2
Dec
Apr
5
lAc
9,000
lc
Sept
2c
1.75
1.90
5,650
1.30
Mar
2.62
Jan
Ac
3,000
2Ac
Feb
He
U5"
21
115
117
40
Ac
Dec
~40"
118
been
elected
President
Mitchell,
been
the
July
21
276
16
A
Sept
23
8Hc
600
6 Ho
Sept
25c
39 A
40
170
Apr
43
War
when
he
in
which
He
was
was
Vice
the
with
served
he
a
He introduced
the Northwest in 1931.
& White of Seattle.
of Bonmade by
Mr. Golliday
Vice President and Director
are
of the underwriting firm.
Bonbright organization since the close of
overseas as a Captain
in the 333rd Field
member of
transferred
bright & Company
to
the Chicago office from 1920 to 1932,
York office.
Other officers of Bon¬
the New
Sidney A. Mitchell, President,
and Pearson Winslow,
President.
—Am announcement has been
made by Smith, Barney &
Co. that Sidney
1. Mr.
B; Smith & Co. in 1930,
having graduated from Harvard College with the class of 1928. In 1935 he
became Manager of the Account Supervisory Department of that firm
and has continued in that post ever since Edward B. Smith & Co. and
Chas. D. Barney & Co. consolidated to form the firm of Smith, Barney
& Co., on Dec. 31, 1937.
Mr. Tyler will be one of the resident partners in
F. Tyler will be admitted to that
firm as a general partner on Jan.
Tyler joined the Philadelphia office of Edward
the Philadelphia office.
IgLehart, a partner in the New York Stock Exchange firm
& Co., has been elected a Director of the National
—J.
of
A.
W.
W.
E.
Hutton
Jan
July
associated
Artillery.
Oct
20 A
30
July
June
105
8 Ac
1
ioo
3
Jan
5
105
3,351
lHc
.1
]
5
A.
has
Nov
35c
29
2c
69 A
21 A
28c
31
United Fuel nref
Aug
10c June
60 A
.
Dec
14H
He June
30 H
.
70c
Mar
500
60 A
Temiskamlng Mines
Nov
500
31
Robt Simpson pref
32c
5
Ac
*
Robb-Montbray
Nov
82
17c
•
Pend Oreille
35
De?
Ac
Montreal L H A P
Oil Selections
10
40
July
17c
National Steel Car
Pawnee-Kirk land
Jan
7H
40
has
Golliday
Feb
1.00
»
Hamilton Bridge pref.
Malroblc
12c
2.9:
_*
Foothills
He
Sepi
Sept
12
10
Dominion Bridge
Shawlnlgan
500
1.00
40
Independence
bright & Company, Incorporated, according to an announcement
High
Low
17H
1.65
6 A
by
President of Drumheller, Ehrlichman
Week
Shares
2.55
___£
Consolidated Paper
13 A
Rudolph I. Ehrlichman as head
enlarged as a result of the
Department, which has been
Fund in expanding its method from
direct retailing to exclusive distribution through accredited investment
dealers.
Until recently, Mr. Ehrlichman has been actively engaged in the
investment business in the Northwest and was formerly Executive Viceundertaken
step
Sidney
Brett-Trethewey
Canada Vinegars
Canadian Marconi
Independence Fund of North America,
Inc., has announced the appointment of
of its Dealer Service
Independence Fund on the Pacific Coast and in
Sales
Friday
Co., Inc. to
charge of the
Mr. Garland will make his home in
Baltimore.
July
Apr
8c
He has contin¬
exception of about a year spent in
Apr
3c
7 Ac
the present date, with the
1934.
of Brown Harriman &
July
12,800
7c
An
President of the Bond Club of Chicago in
13 A
Sept
9
8c
7c
as
the head of the Chicago office
as
Jan
16c
Wlltsey-Coghlan
He served
ued
The following year he opened
1928.
May,
Septl 14Ho
5c
9c
8c
12
Nov
20c June
several yaers
New York,
office for that firm in
Chicago. On Jan. 1, 1933 he was admitted as at general partner of Brown
Brothers Harriman & Co. and continued as suchtuntil June 16, 1934, when
he was elected Vice-President and director of Brown Harriman & Co., Inc.
in
associated with Brown Brothers & Co.,
Mar
7c
12H
6c
8c
12 A
25
Nov
Jan
l
Wendlgo
Jan
26c
«
7 40
ml898. He graduated from
After having engaged im business for
in Pittsburgh, he became
Nov
theVounger investment bankers
He was born in Pittsburgh, Pa.,
ofthe country.
Vice-President
York, to become a
&\ons, Baltimore.
of the best known of
one
Jan
*
Preferred
Mr. Garland is
Aug
*
...»
Walkers
general partner in the firm of Alex. Brown
66c
Sept
3
of Chicago's is resigning as
Harriman & Co., Inc. of New
2.45
9c
1,819
The
simultaneously in Baltimore and New York
Garland
Stedman
and director of Brown
Sept
10 A
general partner.
Inc.
Charles
Jan
90c
a
Curb Exchange,
—Announcement was made
Yale University in 1920.
3,95
5.40
Jan
New York
Sept
25c
2,800
122
Exchange,
Exchange,
that
Jan
11
Uchl Gold..
Gas
Nov
109
Sept
110
380
2.10
*
50
9
10
j
Toronto Elevators..
...
Sept
5
108
Toburn
Toronto Mortgage
70
5
11
108
65
started his career with the Poet &
Gray & Wilmerding in 1910,
of
exchanges:
New York
New York Cotton Exchange,
Chicago Board of Trade, Liverpool Cotton Association, New York Coffee
&
Sugar
Exchange, Pittsburgh Stock Exchange, New Orleans Cotton
Exchange, Commodity Exchange, Inc.^N. Y., New York Cocoa Exchange,
Baltimore
Stock
Exchange and Wool \Associates of the N. Y. Cotton
Jan
4,550
Teck
Tip Top Tailors...
Tip Jop Tailors pref... 100
Jan
Dec
80 A
12
Texas Canadian
22
Sept
6,118
HA
Hughes
Jan
4A
Sept
3.40
12
80 A
May
2.50
10
3.25
»
100
..1
Dec
25c
77c
11
80A
3.35
Tamblyns.
Supersilk pref
Sylvanlte Gold
to
the
in
Jan
5,000
2Ac
Aue
George B.
Allston Flagg,. Sr., whose eons have continued
Lucius Wilmerding, who with Albert Z. Gray founded the
and the late W.
Post, Sr.
Jan
10c
Flagg was founded in 1888 by the late
&
Post
51c
25c
Dec. 24
Jan
24c
of
Pratt, Jr. and George B, Post.
John T.
Gray,
firm
Special
Dennis.
2%
South End Pete
River
95
Huhn, Rodman B. Montgomery,
Hawley, Charles I. McLean, Charles M.
partners will be Benson B. Sloan,
L.
Arthur
L.
Alfred
Z.
Albert
3.40
Sept
Turnbull,
and
Dec
Stadacona
Walte
May
General partners will include Arthur
Oliver D. Filley, W. Allston Flagg, C.
Wilmerding,
Douglass Green, Philip B. Weld, John Bell
Finn
1.16
Sladen Malartlc.'
Sturgeon
1A
Charles¬
Wilmerding.
&
Gray
Lucious
William
48,557
69
Houston and Beaumont, Texas,
New Jersey,
Spartanburg and Greenville,' South Carolina, Charlotte, North Caro¬
lina, Montreal, Canada and London, England.
All partners of the new
firm were previously members of the old
firm of Post & Flagg or of
1.64
71
in
ton,
1.28
86
offices
California,
1.63
86
branch
and
York,
New
Street,
Maryland, Cleveland, Ohio, Birmingham, Alabama, Los Angeles,
1
....
Broad
49
at
Baltimore,
..1
Slscoe Gold
Slave
4 Ac
1
and
a new
&
Post
Oct
Shawkey Gold..
Flagg
&
a
70c
Sept
23c
18
Post
Dec
Sept
6c
600
formation of
of
27
36c
500
10
businesses
brokerage
the
of
Feb
500
7c
23c
27
—Consolidation
64c
55c
7c
27
NOTICES
CURRENT
firm retaining- the name of
Flagg will, become effective January 1 following dissolution of
the previously existing partnerships.
The firm, which will conduct a
general brokerage business in stocks, bonds and commodities, will have
23c
55c
Riverside 811k
St Lawrence
Dec
1
Red Crest
Royal
50c
*
Quebec Mining
Reno
2.47
1
Rouyn—
Gypsum
Company,
it
was
announced.
Volume
147
Financial
11199977765
Quotations
a3s
Jan
1
on
New York
Bid
1977.-.
4043
Over-the-Counter Securities
-
Friday Dec. 30
City Bonds
Ask
93
Chronicle
A 8k
Bid
99 M
a4MsApr
114M 115M
1 1906..
«3M8 July 1
a3MsMay 1 1954..
a3MsNov 1 1954
100 M 101M
a4Ms Apr 15 1972
104M 105 M
fl4MB June 1 1974
117
105M
a4Ms Feb 15 1976.
117M
118M
a3Ms Mar 1 1960
a3MsJan 15
104
105
104
May
a4a
Nov
a4s
May
FUND,
117M 1'8M
a4a
FISCAL
118
104 %
a4s
•4Mb Jan
1 1977..
105
a4Ms Nov
15
109M 110
o4Mb Mar
1 1981
1958........
109 M 110M
a4Ms May 1 1957
1959....
I0"M 110M
112M 113 M
a4 Ms
115M
110M
118
a4 Ms Dec
15 1971
121
122
a4Ms Dec
1 1979
123
124 M
inc.
Insurance Stock Series
119
1980
Oct
Bank Stock Scries
115M 116M
1 1957
May
o4a
116M li7M
a4Ms Sept
a4Ms Mar
1962
113M II4M
l!3M I14M
113M H4M
a4 Ms Mar
1964
114M 115M
1960
118
Nov
1 1957
a4Ms Mar
1 1963
a4
Ms June 1
a4
Ms July
119
119M
'78
120
Transcontinent Shares Corporation, Sponsor
LOS ANGELES
JERSEY CITY
BOSTON
118M 119M
1965
119M 120M
1 1967.
New York Bank Stocks
•
Par
Bid
Ask
Par
Bid
Ask
Bank of Manhattan Co. 10
Bid
Ask
Bid
1
3s 1981
62.15 less
1
Canal A Highway—
5s Jan A Mar 1964 to '71
62 35
Highway Imp 4 He Sept '63
Canal Imp 4Mb Jan 1964..
Can A High Imp 4Mb 1965
World War Bonus—
4Mb April 1940 to 1949—
Highway
61.50
——
Improvement—
4s Mar A
43
48
National City
12 M
25M
26 M
75
100
National Safety Bank. 12 M
11M
13M
31M
Penn
..50
9M
47
54
25
28M
30
1625
Sterling Nat Bank A Tr 25
22 M
24 M
103
Trade
15
18
13.55
33 M
Rept 1958 to '67
135m
Canal Imp 4s JAJ '60 to '67
135m
Barge C T 4s Jan '42 A '46.
680
720
Public National
Avenue
100
First National of N Y..100 1615
Merchants Bank
..100
97
m.mmp
Insurance
Bid
Ask
Port ol New York-
Gen A ret 2d
11675.
107 M
3Ms '65
ser
Gen A ret 3d ser 3 Ms '76
Gen A ret 4th ser 3s 1976
Gen Are! 3 Ms
1977
George Washington Bridge
4Mb ser B 1940-53.MAN
Par
108 M
105M 106 M
Ask
Bid
Holland Tunnel 4Mb ser E
1939-1941
MAS 60.35 to 1.00%
1942-1960
MAS
112M
111
103M 104 M
99
100
100M 101M
Inland Terminal 4Mb ser D
1939-1941
MAS 60.50 to 1.25%
1942-1960
.....MAS
110M
109
108M 109M
1959
Bid
Ask
Bid
Honolulu
108 M
U 8 Panama 3s June 11961
108 M
Ask
63.50
101M
107
...
3.00
Govt of Puerto Rico—
4MB July
1952
107
5s
Apr
1955
5s
Feb
1952
100 M
108
5 Mb Aug
1941
109 M 111M
'
102
5s
—
4Mb July 1952.
110
121M 124 M
H3M 116M
47 M
49 M
Homestead Fire
Aetna
10
27M
Importers A Exporters
77
Life
5s
July 1948 opt 1243.
U 8 conversion 3s 1940
111M 113
109
111
112
115M 117M
Agricultural
25
American Alliance
10
21
22 M
5
25
26 M
American
Equitable
109M 111M
Federal Land Bank Bonds
Bid
3s 1955 opt 1945
3s 1956 opt 1946
3s 1956 opt 1946
—JAJ
.JAJ
Ask
Bid
3Ms 1955 opt 1945—MAN
4s 1946 opt 1944
JAJ
17M
5
9M
Ins Co of North Amer.—10
Jersey Insurance of N Y—
Knickerbocker
5
65M
37M
9M
...
6M
7M
13M
Lincoln Fire...:
12M
Maryland Casualty..—.1
3M
American Re-Insurance. 10
40 M
42 M
50 M
53
American Reserve
...10
28M
29 M
Mass Bonding A Ins..l2M
Merch Fire Assur com
5
46
50
25
51M
53 M
Merch A Mfrs Fire New'k 5
8M
34M
36M
28M
7M
Merchants (Providence)..5
National Casualty
10
National Fire
.10
27 M
6M
60 M
62 M
10
2M
,
Bankers A Shippers.....25
Boston
..100
Camden
Fire
92
95
600
616
......5
19M
21M
.....10
24
25M
20
21M
25 M
38
Carolina
City of New York..
10
Connecticut Gen Life—10
Continental Casualty
5
Eagle Fire
Atlantic 3s
Ask
99 M 100 M
99 M 100 M
National Liberty
2
National Union Fire....20
116
7M
8M
112M 118
New Amsterdam Cas....2
New Brunswick........10
11
32M
47
15
16M
Northern..
12.50
98
100 M
2.50
26
3
51
6M
7
43 M
119
61M
Fireman's Fd of San Fr.25
North
River
Natlonal.25
126
27 M
130
Pacific Fire
26
114
117M
Phoenix
10
76
80
20 M
35
Northwestern
Preferred
Accident
5
Providence-Washington .10
18M
33
81M
'83 M
5
8M
._5
29 M
9M
30M
Republic (Texas)
10
25M
27
10
23
24 M
Reinsurance Corp (N Y).2
43M
45
6
4
21M
23M
Rossla
21
22 M
.5
St Paul Fire A Marine...25
227
43M
45 M
Seaboard Fire A Marine..5
12M
10
.....
Burlington 5s
4Mb
New Orleans 5s
99 M
100 M
/30
/30
Central Illinois 5s
35
New York 6s
35
North Carolina 3s
100
/31M
...
Chicago 4Mb and 5s
34 M
Ohio-Pennsylvania 5s..s,_.
Oregon-Washington 5s
/42
100 M
45
102
Pacific Coast of Portland 5s
100
101
100M
Pennsylvania 3 Ma
101
....
Denver 5s
...
99 M
First Carollnas 5s
98
First Texas of Houston 5s_
99 M
First Trust of
Chicago 4 Ms
99
100
99M 100 M
101
Phoenix
101
99 M
104 M
4Mb
58
101
107
Potomac 3s
Fletcher 3Ms
...
100
.....
77
Wayne4Ms...
Fremont 4Mb
5s
3s
26
29
69
24 M
25M
Seaboard Surety
10
Security New Haven
10
Springfield Fire A Mar..25
Stuyvesant
....5
3
4
8M
21M
9M
23M
Sun Life Assurance....100
410
460
10
Travelers...
448
458
...10
30M
32M
5
Great Amer Indemnity
100M
82
Southern Minnesota 5s
/II
13
09
73
93
96
100
101
City 4 Ms
1
Lafayette 5s
Lincoln 4Mb.
100 M
Southwest
5s
Hartford Fire
10
72
74
U S Fidelity A Guar Co..2
U 8 Fire...
4
51M
10
52 M
54 M
U S Guarantee...
60
62
5
29M
31M
Westchester
33 M
35M
Hanover
Home.—.
—
88
Virginian
86
89
99
99
Virginia-Carolina 3s
5s
101M
A Trust
I
t
Atlanta
45
...100
mm
40
55
Moines
45
120
35
Denver
Des
m
39
110
518
SAN
FRANCISCO—
Bkof Amer NT AS A 12M
Continental Illinois Natl
Bank
A Trust... .33 1-3
78
81
100
225
230
National
101
65
First Carollnas
New York
North
Ask
*
86
Arundel Deb Corp 3-6s '53
55 M
mmmm
53 M
10
14
75
Cont'l Inv Bd Corp 2-52 '53
89
25
Cont'l Inv DebCorp3-6s '53
69
100
85
—.100
65
Lincoln...
Virginia
Virginia-Carolina..
1M
—100
5M
2M
...
75
3
5
100
1.55
75
1.75
85
Bid
Nat Union Mtge
Series A 3-6s
Ask
Corp—
.1954
79
1954
93
Series B 2-5s
20
San Antonio..
•
1953
3-6s
65
Potomac
36 H
55 M
Debenture
100
1
...100
Ask
Carolina.......100
3M
Fremont
Bid
100
34 H
Surety Guaranteed Mortgage Bonds and Debentures
Arundel Bond Corp 2-5s *53
Pennsylvania..
Ask
302
603
Associated Mtge Cos Inc—
Dallas
Bid
292
Northern Trust Co...-100
■
Atlantic
Par
Harris Trust A Savings. 100
220
.
210
101
99 M
Par
53 M
100
100
Ask
—2.50
Ask
Bid
...
oo
I
Bid
Bid
Fire
20M
M 100M
Joint Stock Land Bank Stocks
Par
19
10
Chicago & San Francisco Banks
American National Bank
First
86
...
5s
32
97
Union of Detroit 4 Ms
5s
100
106M
/30
Iowa of Sioux
-
1
Halifax
28 M
30M
118M 121M
100 M
San Antonio 3s
99 M
95
6M
28M
66
5
Great American....
108 M
99 M
St Louis 5s
Illinois Midwest 5s
5M
326 M
100M
80
78
Greensboro
5M
231
15
Par
102
6
4M
.
15
Globe A Rutgers Fire
2d preferred
100M 102
Fort
U
Fire
Hartford Steamboller
99 M
6
/4M
Dallas 3s
....5
Globe A Republic
Ask
9M
7M
Revere (Paul)
Rhode Island
Glens Falls Fire.
100
12 M
30 M
58 M
Franklin Fire
99
6
45
10
Firemen's of Newark
Bid
M
9M
40
42
111M 111 H
Montgomery 3s
4M
4
General Reinsurance Corp 5
Bid
2M
2M
27
49
10
5
New Hampshire Fire...10
New York Fire
5
2M
2M
Employers Re-Insurance 10
Excess....
.......5
Gibraltar Fire A Marine. 10
Atlanta 3s....
10M
67 M
39M
10 M
.10
106M 107
Joint Stock Land Bank Bonds
2M
18M
2M
Georgia Home
MAN
Ask
2
10
American of Newark
Fire Assn of Phil a
Ask
105M 105M
105M 105M
105M 105M
Bid
Home Fire Security .....10
American Home...
Fidelity A Dep of Md—20
Conversion 3s 1947
116
26 M
74
Federal
Hawaii 4Mb Oct 1950
Par
10
Baltimore American
100
4MB Oct
Companies
Ask
10
Automobile
48 1940
Bid
Aetna Cas A Surety
Aetna .;
American Surety
United States Insular Bonds
Philippine Government—
12 M
116
140m
Port of New York Authority Bonds
Gen A ret 4s Mar
Bank—
11M
113
Barge C T 4Mb Jan 1 1945.
154
....
143
148
10
....
143
Commercial National..100
Exchange
Peoples National
Fifth
Ask
52.10 less
National Bronx Bank...50
42
Chase
3s 1974....
17
38
Bensonhurst National.. .50
New York State Bonds
15M
Bank of Yorktown..00 2-3
Potomac Bond
mmrnm
Corp (all
'
f» •
Empire Properties Corp—
1945
53
Interstate Deb Corp 2-5s'55
47
2-3s
—
Mortgage Bond Co of Md
Inc 2-5s
.......1953
4mm
m-
mm~-
88M
mm, mm
Potomac Cons Deb Corp—
3-6s
1953
54
57
Potomac Deb Corp 3-6s '53
50 M
53
54 M
57 M
.1953
94
mmmrn
Potomac Realty Atlantic
Deb Corp 3-08
1953
m 00
mm mm
53
Issues)
2-6s
...1953
M
Potomac Franklin Deb Co
3 -6s
1953
4
90
Potomac Maryland Deben¬
Federal Intermediate Credit Bank
Debentures
|
Bid
Bid
1% A1M% due Jan. 16'39 6.25%
1% A 1M% due Feb 15'39,6.25%
1% due—Mar 15 1939 6.25%
1% A1M% due Apr 15 '39)6.25%
•
i
i
«
i
t
i
i
i
t
i
i
1% due
May 15 193916.25%
i
»
i
June 15 1939 6 .30%
•
i
i
1%
1%
1%
1%
1%
1%
New York Trust
Par
10
43
Bronx
County
due.. ...Sept
16 1939
Dec
1 1939
due--
1 1939
Par
42
55
9M
County..
Colonial Trust
25
8M
44
M
65
10
Manufacturers
Preferred
M
New York
12M
14
Title Guarantee A Tr. -.20
Corn Exch Bk A Tr
20
52
53
Underwriters
10
14
15
United States
M % notes Nov 2 1939.
4045.
Unified Deben Corp 6s 1955
47
59
Bid
Ask
New York City Park¬
way
Authority 3 Mb
08
106 M
107M
28
32
July
2s
90
87
6
7
90
1525
/
Federal
1939
less
1
2.70
less
I
Apr
100.11 100.13
H % notes July 20 1941
100.20 100.22
%%
100.29 100.31
100 20 100.22
Nov 1 1941
Reynolds Invest'g 5s 1948
61
63
102.22 102.25
..—Dec
28
53 M
80
2 20
1949 b
Corp—
Sept 1 193
I Me
Fed'i Home Loan Banks
40
•38
xo\H
1944 b
3 Ms revenue
100.17 100.19
10 H
1586
1 1943
102.
102.3
Bridge—
110M
111 M
101.21 101.23
4s serial re venue.. 1942 b
2.00
less
M
100.10 100.12
4s serial revenue..1968 b
3.50
less
l
1575
Corp
June 11939
Trl borough
4s s f revenue '77 AAO
Natl. Mtge Assn
16 1943.opt'39
1%b Jan 3 1944.opt '40
2s May
lMs
page
62
3-6s—
Reconstruction Finance
Home Owners' Loan
For footnotes see
1953
deb
Auk
104
Commodity Credit Corp
Is
Continental Bank A Tr.10
Empire
1525
87
M
55
239
Lawyers
50
A 8k
234
Kings
56
Realty Bond A Mortgage
mm
3 Mb revenue
Bid
Guaranty
Irving
Clinton Trust
52
Bid
210
6M
Chemical Bank A Trust. 10
4mm
Bear-Mountain-Hudson
River Bridge 7s.—1953
190
74 M
84
27
88 M
Corp 3-0s
Miscellaneous Bonds
Companies
69M
..20
Central Hanover
series A A D
60.40%
60.40%
60.40%
Fulton.
45 X
5
f2 3
/23
Nat Deben Corp 3-6s.l953
15 1939 6.30%
15 1939 6.35%
15 1939 6.35%
due— ...Oct.
due.. ...Nov
M
—7
100
due— ...July
due.. ...Aug
Ask
380
370
Bankers
Brooklyn
Bid
100
Ask
27
Nat Cons Bd Corp 2-5s '53
1% due
Bank of New York
Central Funding
series B A C
Ask
ture
Nat Bondholders part ctfs
100.21 100.23
Chronicle
Financial
4044
Dec.
31,
1938
Quotations on Over-the-Counter Securities—Friday Dec. 30 -Continued
Railroad Bonds
ASkid
Bid
Guaranteed Railroad Stocks
.1945
Akron Canton and Youngs town 5*s
.1945
6s
28*
/26*
/26*
28*
Atlantic Coast Line 4s
.1943
62
66
.1940
26
4*
Cambria A Clearfield 4s
.1944
22
.1955
94
96"
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5e
.1956
65
70
.1951
74
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Connecting Railway of Philadelphia 4s
2-6600
STOCKS
39*
Boston A Maine 5s
York Stock Exchange
IGUARAKfHD
NEW YORK
38*
.1961
99
.1995
38
.1962
Boston A Albany
Tel. RE ctor
120 Broadway
99
.1939
Duluth MIssabe A Iron
Mtmhcri J^rui
97
Baltimore A Ohio 4*s
3o$epb Walkers Sons
.19391
iSincelS^z,
^SSBSMSaSSaSmSSr
1
Guaranteed Railroad Stocks
4*s
77
42"
107*
104*
.1951
Range 1st 3*8
28
105*
6.00
68
71)4
10.60
119
124)4
6.00
50
65
50
2.00
27 *
29X
A Pitta)
New York A Harlem
New York Philadelphia A Norfolk 4s
.1948
90
92
Norwich A Worcester 4*s.
.1947
85
88
71
.1939
84)4
Philadelphia A Reading Terminal 5s
.1941
102*
23
Pittsburgh Bessemer A Lake Erie 5s
.1947
115
2.85
43 *
46)4
Portland Terminal 4s
80)4
.1947
64
82)4
68)4
Providence A Worcester 4s
6.00
Terre Haute A Pecoria 5s
.1942
73
preferred
Toledo Peoria A Western 4s
.1967
89
45
Toledo Terminal 4*8
.1957
105
106
41*
43 X
Toronto Hamilton A Buffalo 4s
.1946
97
100
54)4
United New Jersey Railroad A Canal
100
4.00
46"
Washlngto
50.00
50
5.50
9.00
148)4
42)4
Vermont
800
625
3.875
31*
55
4.00
81)4
4.50
39
41
3.00
78
148
7.00
16)
168)4
142.
6~82
137)4
65)4
6.00
124
129
3.00
62
66
100
100
69)4
52.50
Baltimore A Ohio 4*s
55.75
6.00
50
5.00
57
62
5.00
57
New York Central 4*a.„
5s
N Y Chic A St L 4*8
58
55.60
4.75
3*8 Dec 1 1936-1944..
55.50
4.75
N
Maine 4*8
2.00
Northern Pacific 4*8
2.00
Pennsylvania RR 4*s.
Canadian Pacific 4*s
52.75
2.00
60
Cent RR New Jersey 4*s.
55.25
4.75
Chesapeake A Ohio—
52.40
1.75
2*s series G non-call
51.50
1.00
65.75
5.00
Pere Marquette 4*8
65,75
5.00
Reading Co 4*8..
66.50
5.50
66.50
5.50
5s
.
5.00
60
63)4
3.50
23 X
27 X
54)4
58
...
Chic Mllw A St Paul 4*8.
5s
Par
83
85
$7 preferred
*
Mississippi P A L $6 pref.*
Electric
2X
5*
*
97 preferred
3*
6X
Miss Rlv Pow 6% pref. 100
Missouri Kan Pipe Line.
6)4
Original preferred.....*
$6.50 preferred
7)4
Monongahela
Atlantic City El 6% pref.*
65)4
,
Ask
66
69
6*
25
24*
26*
35*
37*
Mountain States Power—.
67*
7% preferred
Buffalo Niagara A Electern
..100
9
11
103
105
25
20 X
20*
Nassau A Suf Ltg 7%
Carolina Pr A Lt $7 pref.. *
86)4
77)4
88)4
79)4
Newark Consol Gas
Nebraska Pow 7% pref. 100
100
141*
New Eng G A E 5)4
412
preferred
*
6% preferred
pf 100
$6 preferred
100
Cent Pr A Lt 7% pref..100
Consol Elec A Gas $6 pref *
75)4
77)4
% pf-*
Co—
$7 prior lien pref
*
89)4
91)4
New Orl Pub Serv $7 pf..*
4)4
49
65.50
65.50
4.75
4 75
97
93
62.00
61.80
5s
4.75
1.50
Central Maine Power—
86
100
89
3
$6
53
it
Consumers Power $5 pref*
100
100
Derby Gas A El $7 pref.
116)4
37,
Dallas Pr A Lt 7% pref.
83
Ohio Edison $6
41
$6 cum preferred
17)4
18)4
20*
$7 cum preferred
*
Hudson County Gas... 100
19*
96*
21*
pref
100
*
*
*
1.25
110
7% preferred
112
115
100
22 X
Gas..*
54)4
Interstate Power $7 pref.*
3*
5
,
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
100
7% preferred
KA
64.75
4.00
es
2.50
Virginia Ry 4*8
2.50
64.50
3.50
3.50
3.50
3.50
„
21*
25)4
22*
26*
Toledo Edison 7% pf A.100
Union Elec Co of Mo—
26)4
28)4
Public
Amer Gas A Power 3-6s '53
113)4 115*
Amer
99* 101*
108
106*
67* 69*
97*
98*
15)4
Bid
5% conv partic pref. .50
60
82
83
.
85
5*8
68
92
j
Western Maryland 4*9
Western Pacific 5s
62.50
65.50
65.50
65
68
$5 preferred
1963
4a
f debenture 4*8.-1948
71
85*
87*
28*
63
29*
64*
70
72
80
91
109* 110*
*
114* 115
108*
104* 105*
78*
50
51*
1968
55*
City Pub Serv 4s,1957
25*
110*
52
Kan Pow A Lt 1st 4*8 '65
Lehigh Valley Transit 5s '60
Lexington Water Pow 5s *68
27
28
27*
29*
28*
1978
31*
Income deb 4a
1978
33
103*
1973
54
56
Missouri Pr A Lt 3*8.1966
1973
65
57
Mtn States Pow 1st 6S.193S
1973
59
61
Narragansett Elec 3*s '66
5*8..*...1973
63
65
N Y, Pa
4*s
Conv deb
8-year 8a with warr.1940
99.
8s without warrants. 1940
98* 100
Assoc Gas A
100
AN J Util 5s 1958
96
95
107*
63*
N Y State Elec A Gas Corp
..1965
4s
92*
North Boston Ltg Prop's—
Elec Co—
26
Cons ref deb 4*s__1958
Sink fund Inc 4a
1983
Sink fund lnc
68*
105*
Conv
deb
45
Lone Star Gas 3*8 ..1953
Mich Consol Gas 4s 1963—
30
Conv deb 4s
,
107*
Kan
50
Income deb 3*8...1978
107*
Inland Gas Corp 6*8.1938 /
Assop Gas A Elec Corp—
28
Secured notes 3 *s..1947
106
23
Ohio Power 3*8 1968
105*
4*8.-1983
24"
26
Ohio Pub Service 4a.. 1962
105*
1983
24*
27
Old Dominion par 6e._1951
59
Peoples Light A Power
let lien 3-6s
1961
79*
Sink fund lnc 5a
77
Rid
Idaho Power 3*s
1967
Indianapolis Pow A Lt—
Mortgage 3*s
108
Associated Electric 58.1961
100* 102
100
7% preferred
Utility Bonds
38*
69
Utility Serv 6s. 1964
1st mtge
a
3*
Utah Pow A Lt $7 pref--.*
Memphis Pr A Lt $7 pref.*
58
....
Ask
37*
Appalachian Elec Power—
17*
2*
United Gas A El (Conn)—
Mass Utilities Associates—
61
Wabash Ry 4*a
5*8
Conv deb 5s
6% pref series B
25
Tenn Elec Pow 6% pf.100
7% preferred
100
Texas Pow A Lt 7% pf.100
85)4
87*
113)4 116
55 "
50
61.25
Union Pacific 4*s
63.50
Income deb 4*8...1978
6% preferred D
100
City G A E $7 pf-100
56
63.00
62.25
64.25
-
Missouri Pacific 4*8
57
Southern Calif Edison—
.50
Jer Cent PAL 7% pf._100
Kan Gas A El 7% pref. 100
I
64.25
5*8
...
Income deb 3*8
Sioux
7)4% preferred
63.00
Texas Pacific 4a..
64.60
Maine Central 5s
Rochester Gas A Elec—
Jamaica Water Supply—
63.50
63.50
...
102* 103*
100*
106* 108*
106
6% preferred
.100
Republic Natural Gas
1
25
63.50
6s
4*S.
Internat Great Nor 4*8..
63.10
62.00
5s.
5s
Queens Borough G A E—
107
Southern Pacific 4*s.._..
1.00
105
Penn Pow A Lt $7 pref...*
208
$6 preferred
95
64.75
64.75
Southern Ry 4*8..
3.00
98* 100*
107*
100
7% preferred
Idaho Power—
93
5*s
64.00
106
Okla G A E 7% pref..100
Pacific Pr A Lt 7% pf..t00
49*
$6.60 cum preferred...*
100
35*
62 75
Power—
$7 preferred
Ohio Power 6% pref
100
Ohio Pub Serv 6% pf-.lOO
Federal Water Serv Corp—
Interstate Natural
States
(Del) 7% pref
(Minn) 5% pref
208
100
preferred......*
cum preferred
Northern
81*
Essex Hudson Gas
cum
7%
100*
Continental Gas A El—
34
63 10
4*8
61.50
Long Island 4*8
62.60
62.75
Hocking Valley 5s
New Eng Pub Serv
95*
Dec 1 1937-50
Illinois Central 4*s__
New York Power A Light—
Consoi Traction (N J). 100
58
5*8
58
13
65.50
Erie RR 4*8
Great Northern 4*s
2.60
1937-49
July
A
St Louis Southwestern 5s..
62
63*
114* 116
5*
88
85
Trustees' ctfs 3*8
Denver A R G West 4*s_.
62.00
St Louia-San Fran 4s
Chicago R I A Pacific—
58*| 61*
Penn
Pub Serv 7% pref
U3X
Birmingham Elec $7 pref.*
West
Bid
62.50
61.50
Jan
4*8
51X
Mississippi Power $6 pre! *
66.00
4a series E due
Canadian National 4*s.
3.00
Ask
73
65.75
Ybf H AHartf 4*8...
52.90
Utility Stocks
71X
61.50
65.75
5s
52.90
236)4
231)4
5s
Bid
63.00
5 00
A
Chicago A Nor West 4*s.
Par
5 00
4.75
50
100
—
64.40
55.60
-
..60
Western)
New Orl Tex A Mex 4*s.
b5.7i
5s
BostoD
53X
(Penn-Readlng)
1.75
66.00
6.00
10.00
Preferred
Bid
Ask
124
100
pref..*
Arkansas Pr A Lt 7 % pref *
51
Equipment Bonds
Bid
Atlantic Coast Line 4*8..
(D L A W)
100
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
Alabama Power 97
38
49
83
7.00
Railroad
43)4
n*********00
Public
35
.1990
West Virginia A Pittsburgh 4s
63
.1954
43
1.50
(Pennsylvania).... 100
Warren RR of N J (Del Lack A
.1940
County Ry 3*s...
36
5.00
104*
.1951
3*s.
Vulley 4*s._
58)4
83 X
-
United tyew Jersey RR A Canal
Utlca Chenango A Susquehanna
7% preferred
92
70 *
42
pref (Terminal RR)..
7% preferred
103"
2.00
Tunnel RR St Louis (Terminal RR)
$1.60
70
102.
—...100
«.«■>
»•
A
86*
84*
.1961
f
103*
2.00
(Pennsylvania)..100
Pittsburgh Fort Wayne A Chicago
Gas
74
Pennsylvania A New York Canal 5s
82
18
6.00
Pgh Ygtn A Ashtabula pref (Penn)
100
Rensselaer A Saratoga (Delaware A Hudson)—...100
Associated
99*
96*
.2000
...
110*
96
8.75
50
New York Lackawanna A Western (D L A W)—..100
Northern Central (Pennsylvania)
50
Oswego A Syracuse (Del Lack A Western)
—60
Pittsburgh Bessemer A Lake Erie (U 8 Steel)
..50
Preferred
50
West Jersey A Seashore
3*8
150
155
Chain Store Stocks
29
32
20
23
S f lnc 4*9-5*8...1986
22
27
Portland Elec Power 6s '50 / 12
24
27
Public Serv Elec A Gas—
S f lnc 5*9-6*8...1986
100
Sink fund lnc 5*8.. 1983
Sink fund lnc 4-5s._1986
Sink fund lnc 5-6a_.1986
Virginian Ry
27
31
Par
Bid
Ask
Par
Bid
Ask
Gas A Elec. 3*9—1968
108* 108*
1st A ref 5s
...2037
144*
1st A ref 8s
Blackstone Valley—
2037
210*
1st mtge 3*s
1968
108*
Pub Serv of Northern HI—
7
Borland Shoe Stores
100
B/G Foods Inc common *
Bohaok (H C) common
*
7% preferred
100
7% preferred
Diamond Shoe pref
100
2*
2*
19
Kobacker Stores
2*
7% preferred
100
Kress (S H) 6% pref
Miller (I) Sons common..*
3
22
6*% preferred
100
Murphy (G C) $5 pref. 100
Reeves (Daniel) pref...100
100
68
75
11*
12*
2
4
17
24
106* 109
7*
Inc..*
Cigar-Whelan Stores
$5 preferred
*
9*
88
90
Central G A E 5*8—1946
73*
75*
75*
Pub Util Cons 5*8... 194>
77*
Republic Service coll 5e *51
1st lien coll trust 6s. 1946
Cent Maine Pr 4s
ser
G '60
106* 107
Income 5*8 with stk '52
f
1
68*
1*
69
Ry Lt Heat A Pow
1947
1963
1st mtge 4s
109
32*
106
75*
67*
102
San Antonio Pub Serv—
Sioux City G A E 4S..1966
Commonwealth Edison—
31*
St Joseph
4*8
Central Public Utility—
Cities Service deb 5s__1963
99
United
Flshman (M H) Co
1968
1st mtge 3*8
Cent Ark Pub Serv 58.1948
9*
87
109*
Sou Cltiea Util 5s A.. 1958
•*f
85*
Tel Bond A Share 5a_.1958
103*
101
42*
Cons Cltiea Lt Pow A Trac
1962
5«
Conaol E A G 68 A.-.1962
Sugar Stocks
Par
Bid
Ask
6s series
Par
1
Bid
1962
B
9
Eastern Sugar Assoc
1
4*
.1
12*
Preferred
For
footnotes
page
4045.
10
Savannah Sug Ref com
1
32*
3*
44
Texas Public Serv 5a.. 1961
<NJ
43*
Toledo Edison 3*8
1954
45
Cumberl'd Co PAL 3*s'66
101
Lt 3*8.1967
109
4*
Dallas Ry A Term 68.1951
Federated Util 5*8—1957
Havana E'e« Ry 5s
67*
89*
106
123
58
59*
70*
Western Pub Serv 5*8 '80
87
Wis Elec Power 3*s..l968
106
Wisconsin G A E 3*8.1966
46*
102
68*
.1952 / 37*
1968
Utlca Gas A El Co 58.1957
34*
Dallas Pow A
West Indies Sugar Corp..!
CO
Crescent Public Service—
5*
14*1
ao"#-
Ask
Coll lnc 6a (w-b)
Cuoan Atlantic Sugar.. 7 *
j
91
88
108*
.1940
3.60
pref (N Y Central)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
Second
.1959
60
Georgia RR A Banking (L A N-A C L)..
Lackawanna RR of N J (Del Lack A Western)
St Louis Bridge 1st
.1978
Memphis Union Station 5s
New London Northern 4s
----25
..100
.....100
stock...
Delaware (Pennsylvania)..
Preferred
.1950
70
8.50
(New York Central)
100
Boston A Providence (New Haven)
—
.100
Canada Southern (New York Central)
....100
Carolina Cllnchfleldi A Ohio com (L A N-A C L)—.100
Cleve Clnn Chicago A St Louis pref (N Y Central).. 100
Cleveland A Pittsburgh (Pennsylvania)....
50
Fort Wayne A Jackson
67
65
Kansas Oklahoma A Gulf 5s...
As ted
Bid
...100
Hudson)—...100
...100
(Hllnola Central).—..
Boston A Albany
Betterment
63
Indiana Illinois A Iowa 4s
Dividend
Allegheny & Western (Buff Roch
Beech Creek (New York Central)
68
.1953
Louisville Div. A Terminal 3*8
Par in Dollart
Albany A Susquehanna (Delaware &
64
Illinois Central—
(Guarantor in Parentheses)
Alabama A Vlcksburg
.1945
Florida Southern 4s
107*
Wis Mich Pow
107*
3*8..1961
Volume
Financial
147
Quotations
WE
MAINTAIN
ACTIVE
4045
Over-tlie-Counter Securities—Friday Dec. 30—Continued
on
TRADING
Chronicle
MARKETS
IN
Real Estate Bonds and Title Co. Mortgage Certificates
UNLISTED
Investment Trust Issues
Bid
Rlttenhouse Plata (Phila)
2%s
1965
Roxy Theatre—
1st mtge 4s........1957
GOODBODY & CO.
_
Member$ jV. Y. Stock Exchange and other Principal Stock and Commoditj Exchanges
Mala Office
115
Jersey City Office
Broadway
Private Wire System Connecting Branch Offices in leading Cities
Bid
67%
f27
29
17
1st 3s—.—-,.1956
..1958
Trinity Bldgs Corp—
1st 5%s
.......1939
2 Park Ave Bldg 1st 4s 1946
Bid
Par
Ask
Affiliated Fund Inc.. UK
74.24
4.69
23%
25%
Keystone Custodian Funds
Series B-l——
25.78
3.71
4.09
Series B-2———
21.81
40%
35%
38%
3s.—
1950
Wall A Beaver St Corp—
1st 4%s w-s.......1951
30
32
57c
65c
Series B-3———_
14.62
Westinghouse Bldg—
1st mtge 4s—.
.1948
5
5%
14.43
15.82
Assoc. Stand Oil Shares. .2
bH
6
Series K-l————. ...
Series K-2
11,45
15.03
12.72
Series S-2.——.
Series S-3——
14.52
3s with stock.
..1957
16.17
67%
:
—
16%
18
19%
72%
16.05
Am Insurance Stock Corp*
64
23.92
Amer Gen Equities Inc 25c
41
66%
Walbridge Bldg (Buffalo)—
616 Madison Ave—
Ask
13.55
39
19
61 Broadway Bldg—
3%s with stock....I960
Admlnla'd Fund 2nd Inc. *
Ask
65%
Textile Bldg¬
lst 4s (w-s)
60 Park Place (Newark)—
1st 3%8-.—.1947
investing Companies
Par
65
2s with stock......1956
Tel. Journal Sq. 2-4400
Teletype JCY 1518
Bid
Syracuse Hotel (Syracuse)
42%
Savoy Plata Corp—
3.68 with stock...—1956
Sherneth Corp—
921 Bergen Avenue
New York City
Tel REctor 2-5485
Ask
87%
♦Amerex
Holding Corp..*
Amer Business Shares
Bankers Nat
Invest
♦Class A......
14.42
Corp
Investors Fund O—
_
<
6
....
Basic Industry Shares..10
73.88
Boston Fund Inc........
British Type Invest A...1
17.36
16c
31c
Broad St Invest Co Inc..5
26.34
28.17
Bullock Fund Ltd......1
Canadian Inv Fund Ltd..l
15 %
4.10
4.45
Century Shares Trust-—♦
Chemical Fund.
——1
Commonwealth Invest... 1
♦Continental Shares pflOO
Corporate Trust Shares..1
Series AA—...——1
23.33
25.08
10.70
11.57
3.71
4.04
7%
8%
.
.
11.86
.1
28.30
5.42
6.71
23.31
11.93
13.03
Mutual Invest Fund—.10
Nation Wide Securities—
52 William
...25c
Voting shares—.
National Investors Corp.!
New England Fund-.—I
1.42
—
6.18
6.58
14.04
15.09
8.74
6.47
Accumulative sales...1
72.39
Automobile........—.
Series AA mod.——1
Series ACC mod.
...I
72.92
Aviation—............
11.30
12.27
72.92
Bank stock..————.
5.71
8.13
Building supplies
Electrical equipment.
Insurance stook
8.60
9.30
9.32
10.08
Machinery—f>—
9.14
9.88
9.34
23%
25 H
115
♦Crum A Forster Insurance
♦Common B share...10
9.13
...——
31
33
♦7% preferred—...100 111
5.07
Cumulative Trust Shares.*
9.87
9.02
10.63
9.75
Railroad equipment
Steel..."—
....—
9.32
10.08
9.45
10.22
Metals—,—......
Oils——...
—
Delaware Fund..——
10.76
Deposited Bank She ser Al
Deposited lnsur Shs A...1
1.41
No Amer Bond Trust ctfs.
52 %
3.02
No Amer Tr Shares 1953.*
72.32
Deposited lnsur Shs ser Bi
2.70
18.12
Series 1955—..
Diversified Trustee Shares
3.95
5.95
1.40
1.5i
72.82
1
72.57
Dividend Shares
25c
Series 1958
61c
57c
14.95
15.99
11.80
10.18
4.42
17.93
19.26
31.13
26 %
29%
Fidelity Fund Inc.......*
21.04
22.65
Quarterly Ino Shares.. 10c
5% deb series A———
Representative TrustShslO
Republic Invest Fund.25c
First Mutual Trust Fund-
7.78
8.45
Selected Amer Shares—2 H
10c
2.33
2.59
Insurance stk series. 10c
3.29
3.65
Sovereign Investors....
Spencer Trask Fund—.—*
Selected Income Shares...
Fiscal Fund Inc—
Bank stock series
10 710.22
Fixed Trust Shares A
B
99
10.74
35c
—10
—
6.54
7.11
Foundation Trust Shs A.l
4.35
4.65
Fundamental Invest Inc.2
19.04
20.04
Fundamental Tr Shares A2
5.34
5.85
*
4.72
General Capital Corp...
General Investors Trust.*
32.49
B.
76c
"84c
16.87
58c
75%
78%
AA..........—....
2.57
j.
O
77.12
—
77.12
D
5.22.
5.01
5.29.
11,43
34.94
5.68
6.11
6.76
Trustee Stand Invest SheSeries C
.....1
Series D
1
...
2.58
Trustee Stand Oil Shs A.1
6.20
5.62
55c
61c
Chemical shares...
7.14
7.77
Trusteed Industry Shares.
1.03
1.15
Food shares..
4,27
4.06
3.96
4.32
Merchandise shares....
Mining shares—..—
6.36
7.14
7.77
Petroleum Bharee..
5.27
5.74
5.18
7.68
Tobacco shares
.
...
.
.......
5.24
5.71
I
Investors—*
28c
58c
18.59
20,20
♦Independence Trust Shs.
2.09
♦Huron Holding Corp
incorporated
U S El Lt A Pr Shares AB
...
Voting shares—.....
Wellington Fund..—1
—
Inrestm't Banking Corp
♦Bancamerica-Blalr Corpl
1.02
1.12
Insurance Group Shares.
1.36
93c
15.16
3%
3.
32
19
35
2%
20%
1
2
Real Estate Bonds and Title Co. Mortgage Certificates
m
fBbH
9
B'way Barclay inc 2s.
.
1956
B'way A 41st Street—
1944
1st leasehold 3s
/22%
Ask
Lefcourt State 1st lshld...
11
Lewis Morris
24%
35%
Lincoln
1961
70%
1963
Loew's Theatre Rlty Corp
1st 6s—
Brooklyn Fox Corp—
w-s
1947
—
London Terrace
T8H
11%
Chanln Bldg 1st mtge 4s
48
60%
1st A gen 3s w-s
Chesebrough Bldg 1st 6s '48
Ludwig Baumann—
1st 5s (Bklyn)
3s
1(
——
48%
51%
ist 4s (whs)—.——.1948
Court A Remsen St Off Bid
33%
36%
lst3%s——1950
31%
26%
Colonade Construction¬
Dorset 1st A fixed 2s..1957
5%
34%
29%
42%
6%
46%
42 Bway 1st
6s
1958
.—.1939
1951
6s
...1948
1947
_
57
69
71%
91
92%
44
m
w
97%
.1945
68
26%
28%
30%
33
2s
1946
25%
Corp—
stmp..l956
f5H
4s witb stock
65
—
--
41
99%
-
-
-
...
27%
7%
fiBH
/31%
33
/48%
60%
/39
40%
/6
7%
6%s stamped..1948
39
41
Olicrom Corp v t c...
34
37
1 Park Avenue—
34
36
2d mtge 6s_;
1st 2%-4s
(whs)
.
.1»40
1951
Graybar Bldglst lshld 5s'46
71
73%
103 E 57tb St 1st 6s... 1941
Harriman Bldg 1st 68.1961
28%
165 Bway Bldg 1st 5%s
44%
31%
40%
46'%
48%
60
63
Hearst Brisbane Prop 0s '42
Hotel St George 4s—1950
Lefcourt Manhattan Bldg
1st As—
'51
43%
f22
50%
/1%
/25
/14%
714%
/57
Dortmund Mun Utll 6sV48
Duesseldorf 7s to.-.-.194 5
1945
East Prussian Pow 6s. 1953
Electric Pr (Ger'y) 6%s '60
15%
15%
68
Oberpfals Eleo 7s——1946
Panama City 6%s—.1962
Panama 6% scrip.
19%
19%
19%
12%
June 1 '35 to June '38...
122
Jan 1938 to Dec 1938...
8%..
30
—1947
/33
6%
Stfnnes 7s unstamped. 1936
Certificates 4s...1936
65
13%
68
17%
6
65
/70
763,
/20
/82
/70
/70
768
Toho Electric 7s—...1955
m
Tolima 7s——
13%
1947
/13
Union of Soviet Soe Bepub
7% gold ruble..... 1943 186.62 91,12
Uruguay
...—.
Unterelbe Electric 6s. .1963
/18
9
7s unstamped
.—1946
Certificates 4s...1940
Conversion scrip
Wks
6s
—1957
Haiti 6s—
1953
Hamburg Electric 6s .1938
8%
Saxon State Mtge 6s.. 1947
/23
Slem A Halske deb 08.2930 /500
State Mtge Bk Jugoslavia
65
5s„—
1960
Coupons—
Oct 1932 to April 1935
Oct 1935 to April 1937
Stettin Pub Utll 7s...1946
Hanover Hars Water
65
6%
/20%
2d series 5s..—1950
99% 100%
/28
/12
-1951
/8
79%
/20
23
/20%
/9
f7H
SB
/16
/13
Sao Paulo (Brazil) 08—1943
Saxon Pub Works 7s—1945
/12%
/56
/30
/25
/25
/24
35
/6%
717
/6%
720%
6%s-
Great Britain A Ireland—
.....1960-1990
8s ctfs of deposit. 1948
Santa Catharlna (Brazil)
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
German defaulted coupons:
July 1934 to Dee 1936..
Jan 1937 to Dec 1937..
.....1948
8s
/0%
German Young coupons:
Dee 1 '35 stamped-.
68
fZb
/17
/70
f22
fbH
/21%
720%
Salvador 7%
;
1957
7s ctfs of deposit. 1957
4e scrip—.......
German Conversion Office
/5%
60
/18%
/20
/30
/31
/25
-1941
Saarbrueeken M Bk 6s.*47
German Central Bank
Funding 3s....—. 1946
/7 %
/99
/20%
/20%
/20%
Rom Cath Church 6%s '46
R C Church Welfare 7s '46
/21
Agricultural 6s..—.1938
/7 %
(Ger¬
—
/45
J27
■;
many) 7s——.1946
Prov Bk Westphalia 6s '33
Prov Bk Westphalia 6s '36
5s—.
f7H
/18%
1948
Protectant Church
Rhine Westph Eleo 7% '86
0s—
1941
Rio de Janeiro 6% .—.1933
/II
120
Cohpons
—1936-1937
Porto Alegre 7s
1908
...
/20%
flBH
/18 %
/20%
/19%
719%
French Nat Mall 88 6s '52
1945
7s to—
Poland 3s——. ..—1956
/f9
-
7s Income.....—1967
/95
/95
Oldenburg-Free State
6%s—
-1953
European Mortgage A In¬
vestment 7 %s—1966
/22
7%s Income...—1966 711
7s
1967 722
Farmers Natl Mtge 7s.'03
Frankfurt 7s to..—.1945
31
Nat Bank Panama
4s..——...1947
/7%
/55
/18%
718%
5s
——1949 718%
Cundlnamarca 6%s—-1959 712
52%
♦
No par value,
Vesten Elee By
7s—-1947
Wurtemberg 7s to
1945
/35
/20*
/20
/18%
/18
59%
50
a
Interchangeable,
b Basis price,
d Coupon,
e Ex-interest.
n Nominal quotation,
to i When Issued,
w-s With stock,
t ExNow selling on New York Curb Exchange,
f Ex-llqutdatlng dividend.
t Now listed on New York Stock Exchange.
t Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
♦
Quotation not furnished by sponsor or issuer.
/ Flat
price,
dlvidend.
748%
/20%
/28
69%
•
25
Prudence Co—
5%s stamped
-.1961
Realty Assoc Sec Corp—
5s income
1943
1968
Budapest 78—1953
Colombia 4s..———*1940
Guatemala 8s———1948
1400 Broadway Bldglst
/0%
/14
City Savings Bank
4s
5%s series C-2—
5%s series F-l
Fuller Bldg deb 6s....1944
.
Jan 1934 to June 1934..
5%s series BK
5%s series Q———.
Munlc Bk Hessen 7s to '45
m
68%
/35
/18%
/18%
Municipal Gas A Elee Corp
Recklinghausen 7s—1947
Nassau Landbank 6%s '38
/22
740
/112>
German Central Bk
.
jn
Montevideo scrips
Munich 7s to....^—.1945
/7%
(A A B) 0%s_ 1940-1947
8~~
(C A D) 6 %s_ 1948-1949
14% Nat Central Savings Bk of
Hungary 7 %s
1962
3%
National Hungarian A Ind
Mtge 7s
1948
(North German Lloyd 6s '47
July 1933 to Dee 1933..
70
-1948
Mannheim A Palat 7s. 1941
/20
see
/SO
/21
/20
Meridlonale Elee 7s..-1957
(Colombia) 7s...1947
Callao (Peru) 7%s.
1944
Cauca Valley 7%s
1946
Geara (Brazil) 8s
1947
Central Agile Bank
Gray (Austria) 8s.—1954
'
Land M Bk Warsaw 8s'41
Leipzig Trade Fair 7s.l953
Luneberg Power Light A
Water 7s...
720
/17
64%
54%
/70
fib
mx
Leipzig O'land Pr 0%s '46
•
48
...
8
14%
—
N Y Title & Mtge Co—
41%
42%
39%
3%
3%
Coupons—
Nov 1932 to May 1935
Nov 1935 to May 1937
Koholyt 6 %s........1943
14%
Apr 15 '35 to Apr 15 *38.
mm
/7%
/14
Deo 1934 stamped
53%
62%
/7%
/7%
(Colombia) 7%s *46
Caldas
German scrip———
German Dawes coupons:
Metropol Playhouses Ino—
8 f deb 5s
1963
——
bank 0%s_.
41%
98%
15%
German Building A Land-
Metropolitan Corp (Can)—
N Y Majestic
40 Wall St Corp 6s
1947
SB
/6%
German Atl Cable 7s.. 1945
N Y Athletic Club—
44
500 Fifth Avenue—
6%s (stamped 4s)—1949
52d A Madison Off Bldg
1st leasehold 3s. Jan 1 *52
Film Center Bldg 1st 4s *43
Apts—
1952
1st 5s (L I)
6s.
Eqult Off Bldg deb 5s. 1952
Deb 58 1952 legended...
50 Bway Bldg 1st 3s Inc '46
mm-
Metropolitan Chain Prop—
Eastern Ambassador
Hotel units.....
51%
37%
54%
Building-
Income 5%s
68%
Ask
Apt Bldg¬
lst 4s;—
Lexington Hotel units....
33
Broadway Motors Bldg
4-6s...————1!
B\d
38%
6%s
Buenos Aires scrip........
Burmelster A Wain 68.1940
Dulsburg 7% toi
5
1.49
10o
15%
3%
%
—
13,81
♦Central Nat Corp cl A—*
♦Class B—
•
Pomeroy Ino com
/I7
/14%
/14%
Costa Rlea funding 6s. '61
Costa Rica Pac By 7%s '49
2.08
♦Schoelkopf, Hutton A
Bank Group shares
7%s——1962
Brown Coal Ind Corp—
Cordoba 7s stamped..1937
14
♦First Boston Corp...—10
Institutional securities Ltd
Bremen (Germany) 78.1935
0s————-1940
/20%
Jugoslavia 5s fundtng.1956 /53%
Jugoslavia 2d series 58.1956 753%
British Hungarian Bank
Chilean Nitrate 5s
5.64
7.00
RR equipment shares..
Steel shares
5.84
1969,
—..1940'
89%
Ask
96
Housing A Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s '32
Hungarian Discount A Ex¬
change Bank 7s—4936
718%
Brandenburg Elee 08—1953 720%
Brazil funding 5s—1931-61
/14
Brazil funding scrip..
733
7s assented.——
Series B.............l
Trusteed Amer. Bank Shs B
Investing shares—.....
88%
(Republlo) 8s.1947
.
9.57
8.97
8.80,
1945
Madgeburg 6s.
.1934
Chile Govt 6s assented
8.08
....... .
Cities 7s to...
Bogota (Colombia) 6%s '47
8s—.——
...1945
Hansa SS 6s.........1939
/25%
/25%
/22
Central German Power
2.64
Building shares........
Aviation shares
Barranqullla" is"§5~RH16-48
Bavaria 6%s to...—.1945
Bavarian Palatinlte Cons
Call
3.89
B..................
194.8
Bid
Ask
fl8H
fZ2
..
3.72
Supervised Shares ..—.3 710.52
Group SecuritiesAgricultural shares—
Automobile shares.....
39c
11,09
Corp... *
Super Corp of Am Tr ShsA
♦State St Invest
Foreign Bd Associates Ino.
15.99
103%
11.24
17.91
63c
Standard Utilities Inc.60c
78.09
,
7s
6s
Plymouth Fund Ino—10c
29.26
Bank of Colombia 7 %. 1947
7sl
♦Putnam (Geo) Fund—...
Eqult Inv Corp (Mass)..5
Equity Corp $3 oonv pref l
Bid
Anhalt 7s to—194
Antioqula 8s—1946
Argentine 4%s ......1948
7s................1958
6.65
Eaton A Howard Manage¬
ment Fund series A-l—.
Foreign Unlisted Dollar Bonds
Bolivia
72.87
1
Series 1960———I
.3 AO
D_——...........I
C—
Tel. HAnover 2-5422
1.57
N Y Stocks Ino—
72.48
fit CO., INC.
St., N. Y.
3.63
Common
8.C8
5.92
...100
BRAUNL
10
Agriculture
♦8% preferred
Inactive Exchanges
0.07
72.39
♦Crum A Forstef com... 10
Foreign Stocks, Bonds and Coupons
16.61
6.08
Maryland Fund Inc
10c
Mass Investors Trust——1 722.16
Series S-4
18.57
12.66
y
Financial
4046
Dec.
Chronicle
30-Concluded
Quotations on Over-the-Counter Securities—Friday Dec.
Water Bonds
Industrial Stocks and Bonds
Par
Alabama Milts Inc.....
American
224
3424
31
10
6% conv pref
cum
25
American Hardware
Amer
Products...*
Mai^e
Amer Match Corp..25
Pathe Film 7% pref
*
12 H
11)4
94 X
90 X
28241 30)4
15)4!
Exploration
1
Manufacturing...*
924
1224
14 X
•
324
324
17 H
Bankers Indus Service A.*
19 X
Singer Mfg Ltd
53
4X
Burdines Inc common—
53X
5X
2524
215
Corp..*
20
standard Screw
ChUton Co
10
common
47
44
25
Sfsnley Works inc
6)4
Columbia Baking com...*
4X
SI cum pref erred
Croweii Publishing com..*
15
27 X
Dennlson Mfg class A...10
X
IX
Dentist's Supply com...10
Devoe & Raynolds B com *
Dictaphone Corp
Dixon (Jos) Crucible...100
Domestic Finance cum pf_*
Douglas (W L) Shoe—
Conv prior pref
.*
Draper Corp
Federal
*
Bake Shops
56
59
27
32 x
26
35 X
30
28
2H
3%
64 X
67X
United Piece Dye Works.
•
*
324
100
preferred
West Dairies Inc
53
cum
Wick wire
24
com v
4524
13 24
»
Spencer Steel..*
1224
1324
624
1524
60
124
42 24
*
724
1124
2224
2024
100
624
com
Worcester Salt
com....*
4
524
York Ice Machinery
100
44
48
Great Lakes 88 Co com..*
2824
Great Northern
3724
8
3024
3924
624
7%
4824
724
American Tobacco 4s. 1951
109
Am Wire Fabrics 7s-.1942
90
24
28
Chicago Stock Yds 5s. 1961
15
17
1224
—
1st conv
s
1940
f 0s
96 X
94
98*4
*
1924
1
3324
3524
Merck Co Ino common.. 1
27
29
1948
Deep Rock Oil 7s
1937
Firestone TAR 3248.1948
100
fl2X
1946
fl7X
of
America
424s
12
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
Conv. deb 6s.
1948
29
33
Nat Radiator 5s
*
Nat Paper A Type com...
5%
Steel
'48
*
Casket
105
108
preferred
*
100
New Britain Machine
*
100
1024
124
1954
1954
101)4
5s
1962
104)4
100
6
..*
Ohio Match Co...
N Y
Shipbuilding 5s._1946
For footnotes see page
Sbenango Val 4s ser B 1901
77
80 X
77
80 X
100)4 101)4
South Bay Cons Wat 6s '50
South Pittsburgh Water—,
—
106
1900
107 X
19551
102
5s series A
mmm
72
1st mtge 5s
rnmm
101X 103 X
Illinois Water Serv 5s A '52
1st mtge 3 24b
1907
1960
102 X
6a series B
104
1960
105
Spring! City Wat 4s A "56
96 X
76
m
m
mm
mm
97)4
Indianapolis W W Secure
93
1958
5s
Terre Haute Water 5s B '60
98
1949
6s series A._
Joplln W W Co 5s
mmm
Texarkana Wat 1st 5s. 1958
102X
UDion Water Serv 6)4s '51
W Va Water Serv 4s..1961
102 X 104
mmm
105)4
103
101X
104
mmm
105 X
1957
105 X
102
mmm
104
Western N Y Water Co—
1950
96
1st mtge 5s
1951
95 X
1st mtge 5Xi
1950
99
102
Westmoreland Water 5s '52
107
Middlesex Wat Co 524s '57
102
104
~mm
93 X
97X
102X
m
105)4
1950
524s
,
mmm
mm
mmm
mmm
Wichita Water—
m~-}
105)4
1956
101 x
5s series C
1960
105X
6s series A
Morgantown Water 5s 1965
Muncie Water Works 5s '05
101X
..1949
5s series B
15
18
Scovill Mfg 624a
2024
Wither bee Sherman 6s 1963
1945
102X 102 H
Par
76
74
21)4
Bell Telep of
com.*
5824
1st 5s
3524
38
2d conv Income 5S..1962
Ask
par
98 X 103 X
New York Mutual Tel. 100
113
103 X
mmm
mm'
105
"
Canada.-.100
pref...100
pref..100
164
169
Pac A Atl
119
121
Peninsular Telep com
Bid
Atk
14
115)4
Bell Telep of Pa
99
Bid
...100
Preferred
Emp A Bay State Tel..100
Franklin Telegraph
100
25
*
14
17
2924
3124
100
11024
100
25
100
12
15
144
140
pf.100
118
Telegraph
Preferred A
40
43
109
53
4914
Rochester
So A Atl Telegraph
96
121
Gen Telep
104
110)4 113)4
924
Telephone—
56.60 1st pref
27
....
Allied Corp—
$0 preferred
*
Int Ocean Telegraph... 100
Mtn States Tel A Tel--100
1962
51
105
Telephone and Telegraph Stocks
14)4
Am Dlst Teleg (N J)
107
1952
W'msport Water 5s
74)4
f71X
Cuban Telep 7%
2424
8
mm-
100 x 101X
Scran ton-Spring Brook
'
Indianapolis Water
mmm
99
98 X
Woodward Iron—
Preferred 0)4%
Pharmacal
1958
4)4s
102
98 X 101X
1st A ret 5s A
New Jersey Water 5s 1950
224
New Haven Clock—
Norwich
mmm
106
Scranton Gas A Water Co
1952
115
Mock Judson A Voehrlnger
A.'60
'
Crucible
Preferred
m mm
mm
99
224
2224
124
m
100
1952
6s series B__
—
92
48
46
Macfadden Pub common.*
National
mmm
100 X
Monongabela Valley Water
Crown Cork A Seal 4 24a
7% preferred ..a
100
Muskegon Piston Ring.2
Roch A L Ont Wat 5s.1938
Monmouth Consol W 5s '56
Cont'l Roll A Steel Fdy~
1124
0% preferred
71
45
42
924
Preferred
66
'
6s series B
24
Marlin Rockwell Corp
1940
Kokomo W W Co 6s—1958
824
2524
55 preferred..
m
mmm
105X
Long Island Wat 524s.l955
1
*
100
59
Richmond W W Co 5s_ 1957
Bonds—
724
23241 2524!
100
preferred
King Seeley Corp com...l
Landers Frary A Clark..25
Long Bell Lumber
107
Huntington Water—
1424
WJR The Goodwill 8tn...6
Lawrence Portl Cement 100
102
Plamfteid Union Wat 5s '61
9724
Wilcox A Glbbs
4H
KUdun Mining Corp
Pittsburgh Sub Wat 5s '58
6s
9424
14
6
mm
100
Pinellas Water Co 5 Ha.
n — —
67 X
6s series A..
15
40
Harrlsburg Steel Corp
99
107)4 109)4
62 X
6s series B
105
t e 1
preferred
324
Interstate Bakeries 55 pref.
100)4 102 X
103)4
mmm
Greenwich Water A C
45
4224
13
Paper..25
98 X
1948
624? series B
0s series A
2
24
38
Preferred
97 X
100)4 102
106
1957
C
St Joseph Wat 4s ser
ht
*
Graton & Knight
Phlla Suburb Wat 4s..1965
Water Service
immunity
8224
43
Gen Fire Extinguisher...*
1
1948
Water Service 6s_196l
West Va Pulp A Pap com
Preferred
100
4
Corp
1st 6s series
120 24 12424
2824
3024
100
83 conv preferred
*
Welch Grape Juice com..5
7%
3
Packing com
1948
..1948
Prior Uen 5s
—
m
Warren (Northam)—
6
4)4
224
Humor
1st consol 4s
1st consol 5s
.
101
124
Preferred
Foundation Co For shs...*
Garlock
103
1941
9
224
7024
com.
Veeder-Itoot Inc com
17
Good
90
102
8
*
United Artists Theat
31
23
*
A
5 24s series
City of New Castle Water
2
Tubize Chatillon cum pf.10
86
'
18
shares
1951
1951
5S
524
18
..I960
1st A ret 5s
100
1524
American
*
1st coll trust 4 Xb-.1906
mrnm
102
31
*
30
Preferred
Fobs Oil Co
;
Trlco Products Corp
mm
Peoria Water Works Co—
4424
43
Taylor Wharton Iron A
Time Inc
•
Penna State Water—
City Water (Chattanooga)
*
..*
...*
"
105 X
100 X 103)4
Ore-Wash Wat Serv 5s 1957
105
8
5s
Steel common
96
83
Ohio Water Service 5s.1958
mmm
105)4
424
424
Tennessee Products
78
Ohio Valley Water 5s. 1954
mm-
34 24
1624
17
2 5X
100
104 X 100
324
2H
91
87
93
Newport Water Co 5s 1953
Ohio Cities Water 5X* '53
mm*
101
2624
024
Sylvanla Indus Corp.....*
89
1951
6)48.
220
31
Stromberg-Canson Tel Mfg
Chic Burl A QulDcy...l00
105X
104)4
324
Skenandoa Rayon
50c
Beneficial Indus Loan pf
Remington Arms com
85
New York Wat Serv 5s '51
100 X
1024
Pollak
>.1951
5sserle8B._
99
Atk
New RocheUe Water—
98
101)4
24
324
Scovlll Manufacturing..25
Singer Manufacturing..100
3324
Bid
Ask
97
1124
100
17)4
6824' 6224
Andiao National
Art Metal Construction. 10
9%
97
24
224
36
American Mfg. 6% pref 100
Corp...*
Bid
Auk
Bid
Conversion...1
Petroleum Heat A Power.*
Pilgrim
100
pref
'
Petroleum
Cynamld—
American Hard Rubber
8%
Par
Ask
Bid
2)4
American Arch
1938
31,
—
-
99
•
Sou New Eng Telep
113
66
-
123
Wisconsin Telep 7%
4045.
General
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL—MISCELLANEOUS
NOTE—For mechanical
reasons
However,
FILING
It is not always
they
are
REGISTRATION STATEMENTS
OF
possible to
UNDER
SECURITIES ACT
companies in exact alphabetical
position as possible.
order.
Quinby & Co. (2-3904, Form C-l), of Rochester, N. Y.. has filed a regis
statement covering $1,200,000 of registered certificates of deposit
common stock of the Eastman Kodak Co.
According to the statement,
tration
for
following additional registration statements (Nos. 3899
3908) have been filed with the Securities and Exchange
Commission under the Securities Act of 1933.
The total
The
to
involved is
arrange
always as near alphabetical
approximately $14,089,892.
Sersons desiring to Quinby plan, whichEastman Kodak common stock pay¬
through the make purchases of involves making 120 monthly may
o
so
ments for
of
deposit with the custodian.
Lincoln-Alliance Bank & Trust Co.
is custodian under the plan, according to the statement.
Rochester
Registrant is sponsor.
Filed Dec. 27, 1938.
Ryan Aeronautical Co. (2-3905, Form A-2), of San Diego, Calif., has
a registration statement covering 75,000
shares common stock, $1
par, and 300,000 rights to subscribe to the stock.
Shares will be offered to
stockholders at $3.50 each.
Unsubscribed for shares will be sold to under¬
writers and if resold, the price will be at market.
Proceeds will be used for
building expense, machinery and equipment, development expense, and
working capital.
G. Brashears & Co. will be underwriter.
T. Claude
Ryan is President of the company.
Filed Dec. 28* 1938.
•
filed
Hydraulic Press Brick Co.
(2-3899, Form D-l), of St. Louis, Mo.
statement
protective committee has filed a registration
The bondholders'
certificates of deposit.
The certificates will be issued
against the 6% 1st mtge. gold bonds due 1930 to 1944.
This issue is made
•without plan of reorganization.
R. R. Clabaugh is Chairman of
the
bondholders' protective committee.
Filed Dec. 22, 1938.
covering $800,000
Muehlhausen
Spring Corp. (2 3900, Form A-2), of Logansport,
Ind.,
registration statement covering 125,000 shares of no par common
55,000 of which will be issued by the issuer through
underwriter and used to redeem $100 par 6% cumulative preferred stock
and for working capital.
TheTremaining 70,000 shares will be issued by
certain stockholders through underwriter.
James J. Boylan was named a
principal underwriter.
G. F. Muehlhausen is President of the company.
Filed Dec. 23, 1938.
has filed
a
stock at $6 a share,
Associates, Inc. (2-3901, Form A-l), of Providence, R. I.,
registration statement covering 1O.O0O shares of $25 par 7%
which is to be offered at $25 per
share.
Proceeds to be used for advances to subsidiary for working capital.
Kenneth H. Earle is President of the company.
No underwriter named.
Beacon
has filed
a
cumulative convertible preferred stock
Filed Dec. 27, 1938.
Paper Corp. (2-3902, Form A-2), of New York, N. Y.,
covering 210,455 shares of capital stock
rights to subscribe to the stock.
The
shares will be offered to holders of capital stock entitling them to purchase
one-fifth share for each share held.
E. H. Rollins & Sons, Inc., and Blyth
&lCo., Inc., will be principal underwriters of any unsubscribed for shares.
Proceeds will be used for repayment of indebtedness.
Alexander Calder
isJPresident of the company.
Filed Dec. 27,1938.
Union Bag &
has filed a registration statement
without par value and 1,052,275
Honolulu Gas Co., Ltd. (2-3903, Form A-2), of Honolulu, Hawaii, has
filed a registration statement covering 15,000 shares of $20 par common
stock.
The stock is to be offered first to stockholders through warrants at
$20 per share and the unsubscribed stock to
highest bidder, probably.'at $40 (maximum).
be offered at auction sale to
If shares are to be offered in
Hupp Motor Car Corp. (2-3906, Form A-2), of
registration statement covering
The underwriters, who received warrants
company.
Castle is President
1938.
of the company. » No underwriter named.
Filed
_
Detroit, Mich., has
registration statement covering 315,026 shares of its $10 par common
stock, to be offered first to stockholders at 93% of market and the unsub¬
scribed portion to be offered to the public through underwriters at the mar¬
ket, according to the investment trust's statement.
Investment Company
Distributors, Inc., was named underwriter.
J. B. Lovelace is President
a
of the company.
Filed Dec. 28, 1938.
Brandt, Inc. (2-3908, Form A-l), of Wilmington, Del.,
registration statement covering 50,000 shares of $5 par 30-cent
cumulative class A common stock to be offered at $6.50.
The proceeds will
be used for financing opening of offices by a subsidiary, payment of loans
and working capital.
No underwriter named.
A. S. Greenhouse is Presi¬
Greenhouse
has filed
a
dent of the company.
manner, terms will be stated by amendment.
Proceeds to be
used for erection of gas holder, forjdebt and for corporate purposes.
Alfred
L.
Filed Dec. 28, 1938.
(2-3907, Form A-2), of
Investment Co. of America
filed
aidifferent
Dec. 27,
Detroit, Mich., has filed
351,714 shares of commoh stock, $1 par.
for 254,983 shares as remunera¬
tion for handling security issues in 1937, have deposited with F. 8. Yantis
& Co., Inc., 201,988 of the warrants which they have elected to cancel.
All the stock reserved for the warrants will be offered through these under¬
writers if the remainder of the warrants also is canceled.
The shares will be offered at the market price, which is around $2 a share.
In addition to the 254,983 shares, reserved for the warrants, the offering
would include 96,731 held in the company's trlasury.
The proceeds will
be used by the company for working capital.
The underwriters named in
the statement, in addition to Yantis & Co., were Scott, Mclntyre & Co.,
Dempsey-Detmer & Co., Croweii, Weedon & Co., Enyart, Van Camp &
Co., Inc., and Frederick Collins, Inc.
S. L. Davis is President of the
a
The last
in
our
Filed Dec. 28. 1938.
previous list of
registration statements was given
issue of Dec. 24, page
3902.
Volume
147
Financial
Abbotts Dairies, Inc.—Removed
from
▼
The company's 6%
removed from unlisted
3300.
p.
Chronicle
Trading—
4047
S£frd off ?&?o0prLat^ fron! surPlus-
gold debenture bonds due Sept. 1, 1942 have been
trading on the New York Curb Exchange.—V. 147,
«cno"nJn' 1938 a?d 1937, such appropriations
$602,089, respectively.—V.
Akron & Barberton Belt RR.—Bonds Called—
3u—
Operating
Operating
Ave., N. Y. City.—V. 147,
Net profit from opers.
Other income..
I
1938
$620,332
186,079
.
Net from railway
Net after rents
127.707
From Jan. 1—
Gross from railway.
Net from railway.
N et af ter rents
6,181,551
1,493,211
1,208,081
-
-
1937
795,670
353,233
Directors have declared a dividend of 25 cents per share on the common
stock, par $10 payablj February l to holders of record Jan. 3,
Previously
regular dividends of 15 cents and extra dividends of 15 cents per share were
distributed each three months.—V. 147, p. 3755.
paid
Philadelphia—Larger Dividend
dividend of $2 per share
its capital stock, par
$10, on Dec. 28 to holders of record Dec. 21.
A dividend of $1.50 was
paid on June 29. last; one of $2 was paid on Dec. 28, 1937 and previously
regular semi-annuat dividends of $1.50 per share were distributed.
In
addition, an extra dividend of 25 cents per share was paid on Dec. 30, 1935.
—V. 146, p. 270.
Allied Stores
a
on
Corp.—Listing—Acquisition—
The New York Stock
Exchange has authorized the listing of $700,000
4Yi% debentures due 1951, on official notice of issuance in connection with
the acquisition of the securities of Donaldson
Realty Co., making the
total amount applied for $5,200,000.
The $700,000 4*4% debentures due 1951 were authorized for issuance
at a meeting of the directors held Dec. 6, 19,38.
Under the terms of an
instrument dated Dec. 7, 1938, and acceptance thereof dated Dec. 13,
1938, between the corporation and Joseph Chapman, individually, Joseph
Chapman and Northwestern National Bank & Trust Co., as trustees under
last
will and testament of Lawrence S.
Donaldson, deceased, and
McCahill, as executor under the last will and testament of
Donaldson, deceased, Joseph Chapman, Northwestern National
Bank & Trust,Co. and Eugene P. McCahill, representing the stockholders
of the Donaldson Realty Co., agree to deliver
26,218 shares of the capital
stock (par $100) of the Donaldson Realty Co.
being the total number of
shares of such capital stock outstanding, in
exchange for $700,000 of the
corporation's 4H % debentures due 1951 and the sum of $321,000 in cash.
The assets of the Donaldson Realty Co. consist
substantially of certain
real estate owned in fee, leaseholds and
buildings, the greater part of which
are leased to the L. S.
Donaldson Co., a wholly owned subsidiary of the
corporation.
The leases to L. S. Donaldson Co., which were made in
1928 and 1929 and terminate in 1949, are guaranteed by the corporation
and provide for an annual rent after July 31, 1939 (the
expiration date of
the
present rent reduction agreement) of $430,325, plus real estate taxes
and insurance premiums.
It is estimated that the corporation, through the
acquisition of the capital stock of the Donaldson Realty Co., will incur
net expenses for ground rents, depreciation,
operating costs and mortgage
interest of approximately $200,000 per annum but will eliminate, on a
consolidated basis, the lease rent of $430,325 per annum, with a resulting
annual saving (before deducting interest on the 4]4 debentures due 1951
to be issued as part payment for the
capital stock of the Donaldson Realty
Co.) of approximately $230,000 per year.
In addition, at the termination
of the lease, the corporation, through its stock
ownership, will acquire
whatever equity may exist in the leaseholds and the property presently
owned in fee.—Y. 147, p. 3443.
Eugene
P.
Isabelle
Alton RR.
■Earnings—
November—
1938
$1,283,047
311.613
75,016
Gross from
Net from
railway
railway.
Net after rents
From Jan. 1— !
Gross from railway
Net from railway
1937
$1,336,834
1936
$1,434,830
$1,198,729
481,543
231,076
253.539
28,521
277.264
8,844
1935
14,105.288
3,025,494
121,292
Net after rents
15.509.176
3,634,890
718,742
14,807,860
'3.351,158
492,377
12,682,239
1,909.137
def609,436
American Dairies, Inc.—Accumulated Dividend—
Company paid
a dividend of $5.25 per share on account of accumulations
its 7% cumulative preferred stock on Dec. 31, leaving arrears of $1.75
on
share.—V.
145, p.
American
100.
dividend of $1 per share pn the common
stock, payable Dec. 28 to holders of record Dec. 23.
Like amount was paid
June 28, 1938, and compares with $2 paid on Dec. 28, 1937, and divi¬
dends of $1 per share paid on June 28, 1937 and on Dec. 28,1936—V
146,
4105.
J American & Foreign Power Co., Inc.—Reduces Notes—
E.
Calder, President of the company announced that a payment of
was made Dec. 29 on the outstanding notes payable to banks
This payment reduces this debt, which was
originally for $50,000,000,. from $28,500,000 to $26,500,000.
Of the
remaining unpaid balance, Electric Bond & Share Co. holds $5,300,000 and
the banks $21,200,000.
After making the above payment, American & Foreign Power Co., Inc.,
$2,000,000
and Eiectric Bond & Share Co.
had cash in banks of
$7,300,000.—V. 147, p. 3443.
American Power & Light Co. (&
Period End. Nov. 30—
Subs.)—Earnings—
1938—3 Mos —1937
•
.'
1938—12 Mos —1937
•
•'
■ i'
'*
.
Net oper. revenues....
$9,135,980
31,700
$9,001,566 $35,657,572 $37,256,051
66,018
154,588 ■ •
210,537
$9,167,680
$9,067,584 $35,812,160 $37,466,588
Other income (net)
Gross income
Int.
to
public & other
deductions.....
Int. charged to construct
4,001,133
GY46,805
Balance.
$5,213,352
Preferred divs. to public.
1,792,932
Portion
applicable
to
minority interests
17,782
equity
Pow.
3,996,898
GY92.264
15,995,265
GY442,002
15,990,040
CY312.563
$5,162,950 $20,258,897 $21,789,111
1,792,898
7,171,701
7,171,482
17,509
63,556
Co.
78,528
$3,402,638
$3,352,543 $13,023,640 $14,539,101
$3,402,638
17,207
$3,352,543 $13,023,640 $14,539,101
16,406
74,504
50,190
$3,419,845
94,780
726,184
$3,368,949 $13,098,144 $14,589,291
93,245
422,839
402,077
727,385
2,907,255
2,910,567
$2,598,881
$2,548,319
American Power &
Light Co.—
Net equity in income of
subsidiaries
Other income
...
—
Total..
Expenses, incl. taxes
Int. & other deductions.
Sd'ld'QCG
C3>rri6(i
consol. earned surp.
Note—The above statements include full
rate
one
19,071
$228,174
1,758
$536,718
$130,737
American Security &
Fidelity Corp .—Stock Offered—
Laurence Smith & Co.,
Ltd., Vancouver, B. C., in November
offered in the Canadian market
230,000 common shares
(par Si) at $2.80 per share.
were acquired from the
but
The shares
estate of
associated with the
company
than ten years.
were
not
a new
issue
shareholder who
a
and its predecessors for
was
more
Corporation was organized in Nevada in 1929, as successor to
corporations
continually and actively in business since 1905.
The capitalization consists of
800,000 common shares (par $1) issued and
outstanding.
Company owns the entire issued capital stock of Forest Lawn Co.
(ex¬
cepting five directors' qualifying shares) and in addition owns
valuable
real property located in the cities of Los
Angeles and Glendale, Calif.
Forest Lawn Co.
has confined its
property ownership and development
^Uyties to Forest Lawn Memorial Park which
has been in operation since
Park now comprises
approximately 257
recently acquired.
About 60 acres have been
years.
More than 60,000 interments have been
made up to the present time.
Up to Dec. 31, 1937, the property sold to individual purchasers
provided
space for approximately 107,300 interments.
The management estimates
that the present unsold land will
provide sufficient interment space to meet
1906.
I orest
57
acres
sold
Lawn
acres
Memorial
of which
were
during the last 32
estimated future needs for earth interments for a
minimum of 30 years.
The total net sales of Forest Lawn
Memorial Park to date have been
more than $18,000,000, sales in
1937 amounting to $1,965,000.
Earnings of American Security & Fidelity Corp. are received almost
entirely in the form of dividend* on its investment in Forest Lawn Co.
Co. shares.
Net earnings of the company and dividends
paid on its shares
for the last three years are shown in the table below:
Calendar
Net Earns.
of Company
$50,952
168,153
Years—
Dividends
1936
94,105
Paid
$48,000
52,000
80,000
1937.
95,107
Divs. Paid
96,000
1934
1935__.__^.
American Securities Shares
Dividend—
•
Per Share
$.06
.065
.
.10
.12
•
(St. Louis, Mo.)—Larger
.
Directors have declared a dividend of 13 cents per share on the common
stock, payable Doc 29 to holders of record Dec. 24.
A dividend of 7 cents
was paid on June 30 last: one of 18 cents was
paid on Dec. 27,1937, and one
of 20 cents was paid on June 29, 1937.—V.
147, p. 263.
'
American Stores Co.—SalesPeriod End. Dec. 3—
1938t—Month— -1937
Sales
10,700,103
—V.
147,
1938—11 Mos.—1937
11. 45,795 100,653,525
105,270,122
3445.
p.
American 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. 17, 1938, totaled 46,947,000
kwhs., an increase of 9.9% over the output of 42,700,900 kwhs. for the
corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended
1938
1937
1936
1935
,
1934
Nov. 26--.x43,863.000
Dec.
3... 45,697,000
x40,793.000
46,495,000
44,400,000
35.437.000
42,206,000 x44,832,000 *42.434,000 x33,317,000
10-.- 47,052.000 " 43,911,000
47,357.000
44,253.000
35,363.000
17--- 46,947.000
42.701,000
49,479,000
44,254,000
36,799,000
Dec.
x
Includes
Thanksgiving Day.
'
of the electric subsidiaries of the American Water Works
The power output
Monthly Output—
;
„
& Electric Co. for the month of November totaled 194,192,332 kwhs,
against 187,893,537 kwhs. for the corresponding month of 1937. an increase
of 3%.
For the 11 months ended Nov. 30, 1938, power output totaled 1,932,577,667 kwhs., as against 2,360,465.461 kwhs. for the same period last year,
a decrease of 18%.—V. 147, p. 3903.
Anglo-Norwegian Holdings,. Ltd.—Accumulated Div.—
The directors have declared a dividend of $3.50 per share on account of
accumulations on the 7% can ulative preferred stock, par $100, payable
Dec. 31 to holders of record Dec. 29.
Like am ounts were paid on June 30
and
on
A dividend of $3 was paid on
March 31 last.
Dec. 31, 1937, and
dividends of $3.50 were paid on Sept. 30 and June 30,1937.—V. 146, p.3944.
RR.—Earnings—
1938
November—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
.
...
1936
$349,531
83,810
50,717
$364,067
74,113
37,357
645,630%^
3,610,077
686,117
3,630,624
836,828
\
361,445
463,568
1937
$305,612
46,088
17,057
1935
.
Gross from railway.---Net from railway.
Net after rents
—V. 147, P.
$322,961
73,524
40,606
3,165,862
453,200
83,666
3445.
3,646,354^
284,273
%
Appalachian Electric Power Co.—Bonds Called—
President of the company, announced that Central Han¬
Trust Co., as trustee, has drawn by lot for redemption on
1939, at 102% and accrued interest, $250,000 principal amount
company's sinking fund debentures 414% series due 1948. Payment will be
made at the principal office of the trustee, 70 Broadway, New York.—V.
147, p. 4106.
\
Geo. N. Tidd,
Feb.
Bank &
1,
Arkansas Western Gas Co.—Securities—
in
income of subs.
80,845
158,583
...
over
of Amer.
Lt.
&
$1,090,332
720,702
x80,310
,
Ann Arbor
Operating revenues
$24,593,930 $24,761,918 $97,502,113 $97,926,656
Oper.exps.,incl. taxes.. 12,960,745
13,296,023
52,147,387
51,873,323
Property retirement and
'
deple. res. approps_„"_
2,497,205
2,464,329
9,697,154
8,797,282
Net
$1,354,938
837,292
Indicates loss.—V. 147, p. 3302.
a
on
C.
$198,536
72,703
X86.075
mari-
Net profit before Fed.
income taxes
Dec.
Dredging Co.—To Pay Si Dividend—
The directors have declared
p.
;$1,009,487
Output—
—V. 147. p. 3449.
per
to
time strike.
x
Alliance Insurance Co.,
incident
$1,324,175
30,763
4,829.397
5,986,025
1,571,237
868,028
Alaska Juneau Gold Mining Co.—25-Cent Dividend—
the
Exps.
$185,462
13,074
$303,398
75,223
...
$469,406
100,988
39,956
$587,729
191,951
111,256
6,852,832
1,852,281
1,130.696
amounted to $637,941 and
3445.
$298,117
5,281
Total profit
Prov. for depreciation-.
Profit on sale of securs..
1935
1936
$569,998
86,706
69,359
—V. 147, p. 3443.
The company
expenses
RR.—Earnings—
•
_
earnings
Seventh
380
3002.
Alabama Great Southern
November—
Gross from railway
RR.,
p.
1938—Month—1937
1938—11 Mos.—1937L
$1,666,595
$1,6,,9.197 $15,422,648 $14,572,356
1,368,478
1,423,735
14,u93,473
13,562,869
A totai of $27,000 first
mortgage 4% bonds have been called for redemp¬
on Jan, 16 at 105 and accrued
interest.
Payment will be made at the
office of Geo. H. Pabst Jr.,
Treasurer,
Pennsylvania
147,
American Hawaiian
Steamship Co. (& Subs.)—Earns.
Period End. Nov.
tion
p.
F<>r the 12-month periods ended
$9,768,050 $11,276,647
revenues
without reflecting a
reduction, litigation concerning which was finally decided adversely to
of the subsidiaries in Nov. 1938. and for which a reserve has been pro-
The Securities and Exchange
Comm ission has issued an order approving
(1) the sale of $750,000 1st n tge., series A 15-year 6% sinking fund bonds,
(2) the issue and sale of 2,500 shares of 6% mm ul. pref. stock (par $50),
in exchange for $125,000 of its 5-year 7% gold debentures, and (3) the acqui¬
sition of $125,000 of its 7% debentures.
Th.reduction in the stated value
stock from $80 to $35 per share, and changes in voting
incident to the issuance of the preferred stock was also approved.
of its no par common
power
—V. 147, P. 2859.
& Electric Co.—Associated System to
Organizations—Financial, Accounting, Sta¬
tistical, Corporate Services to Be Supplied by The Utility Man¬
agement Corp. on a Non-Profit Basis—
Associated
Gas
Mutualize Service
John I
Dec.
28
Mange, President of the Associated Gas & Electric Co.
the voluntary withdrawal from business with the
announced
Associated
Financial
4048
System on Dec. 31, 1938 of the service organizations at 61 Broadway,
which for some time have done financial. accounting, statistical,
and corporate work for companies in the Associated System.
Mr, Mange
Baltimore & Ohio
personnel of these organizations will be
absorbed by the Utility
RR.—Earnings-
$10,550,859
Freight revenues
Passenger revenues
Mail revenues
services to Associated
entirely owned by the
operating companies in the Associated System, and renders services on a
non-profit basis. Commencing Jan. 1, 1939, it will furnish to Associated
subsidiaries on a non profit basis the services now supplied by these organi¬
zations at 61 Broadway.
Maint. of
....
organizations were established by H.
"These service
„
_
„
C. Hopson, and
formerly directed by him.
In voluntarily withdrawing from business with
the Associated System, the present owners receive no compensation for the
goodwill and many years of effort devoted to building these organizations"
These service organizations date back to 1915, when Mr. Hopson, who
had been chief of the division of capitalization of the New York P. 8.
Commission, established an office at 61 Broadway, as a consultant to
utilities.
He had as clients in those early years many manufacturing com¬
panies and railroads, as well as utility companies.
Among them were
Associated Gas & Electric Co. and various companies which are now
subsidiaries of the Associated Gas & Electric Co.
It was not until 1922,
when he bad aiready established a large business as a consultant, that
Mr. Hopson became directly interested in the Associated System.
As the Associated
System grew from a group of companies serving
approximately 44,000 customers in 1922 to one now serving 1,762.000,
work which these service organizations were called upon to furnish
Traffic expenses
Transp.—rail line
Miscell. operations
General expenses
Transp. for investment.
Net
major phases of it.
Most important
.
,
of these present companies
.
,.
_
835,127
242,550
156,807
$898,327 $13,112,123 $24,206,649
"
_
147, p. 3904.
Investment Trust
Bankers
mon
of America—Initial Com¬
Dividend—
Directors have
conm on
p.
08,792
021.806
Cr734
income. $1,674,985
Net ry. oper.
—V.
is Utility Auditors and Tax
includes reports to security holders,
reports to Federal commissidns, information to financial and advisory
services, maintenance of statistical records, and annual audits of the records
and methods of System companies.
Another division of this company is
concerned with consolidations, reorganizations, and legal work, and still
another with
Federal and State commission hearings, applications and
2,903,492
" "
1,614,837
4,950,474
$2,074,985 $26,971,367 $38,766,078
850,690
9,613,203
10,124,070
131,389
2,476,485
2,533,083
194,579
1,769,556
1,902,276
fromry. opers $2,909,469
Railway tax accruals
Equip, rents (net)
(net)
,
declared an initial dividend of 10 cents per share on the
record Dec. 15.—Y. 137,
stock, payable Dec. 20 to holders of
690.
Bausch & Lomb Optical
The scope or its work
Consultants.
rev.
Joint facility rents
the
the
established to assist in various
phases of the financial work connected with the System, and then as the
business grew continually larger, separate companies were formed to conduct
2,654,957
371,047
4,542,331
108,008
489,480
Crl,756
equipment...
2,790,178
1,179,422
3,970,066
$11,748.7151122,624,0201157,712,021
1,112,454
11,245,468
15,975,145
2,548,426
26,150,528
35,039,552
407,337
4,084,928
4,547,833
5,043,509
48,252,718
56,281,854
137,556
1,326,220
1,623,475
425,182
4,614,597
5,486,876
Ry. oper. revenues... $12,131,521
1,057,985
Maint. of way & structs.
Departments were first
System also grew.
316,477
122,182
402,005
249,673
123,302
387,453
Express revenues
All other oper. revenues.
Management Corp., which supplies management
subsidiaries.
The Utility Management Corp. is
31, 1938
1938—11 Mos.—1937
1938—Montn—1937
$9.977,2971105,122,988S137,406,295
930.754
9,561,366
10,833,923
820,234
Period End. Nov. 30—
New York,
said:
"The
Dec.
Chronicle
Co.—Common Dividend—
declared a dividend of 25 cents per share on the
stock, payable Dec. 28 to holders of record Dec. 23.
An initial
dividend of like amount was paid on April 1, last.—V. 147, p. 2860.
The directors have
common
Inc.—Registers with SEC—
Beacon Associates,
petitions relating to rate cases, and acquisitions of properties.
There is
department concerned with social security matters, including em¬
ployees' insurance and pensions.
,
,
,
Other work at 61
Broadway is concerned with financial and banking
first page of this department.
See list given on
also a
and
and
problems of major character, in connection with negotiations for sales
purchases of securities and properties.
Relations with security dealers
with security holders comprise other phases of the business.
These service companies also handle the great volume of corporate matters
incident to a system as large as the Associated.
These activities relate to
meetings of stockholders, the study and review of mortgages, indentures,
and contracts, and the reports and statements required under the securities
laws of the various States.
?
,
Creamery Co. (& Subs.)—Earnings—
Beatrice
1938—3 Mos.—1937
1938—12 Mos.—1937
$16,641,447 $17,464,460 $60,817,354 $64,295,174
exp.,' ord. tax, in¬
Period End. Nov. 30—
Net sales
Cost,
— .
—
61,419,218
1,024.574
$322,168
27,447
$1,449,311
$1,851,382
175.513
157.605
$349,615
70,000
$1,624,824
209,904
$2,003,987
383.898
$279,615
$1,414,92 I
$1,625,039
378,010
$0.73
378,010
$0.42
378,040
378,010
$2.92
15.922,360
248,493
Profit
Other income
58,274,934
1.093,109
$397,214
—
_ —
16,909,871
232,421
$498,714'
101,500
terest, &c
Depreciation
$470,594
28,120
\
,
Total income
Weekly Outp ut
& Electric System reports
This is 11,035,138 units or
12.4% above production of 89,075.164 units a year a£o.
This is the first
time that system output has exceeded 100.000,000 units in any one week,
Dec. 23, Associated Gas
of 100.110,302 units (kwh).
x
For the week ended
net electric output
being the highest net output ever
Atchison
*
reported.—V. 147, p. 3904.
Ry. operating revenues.$13,769,718
Ry. operating expenses. 10,246,999
Ry. tax accruals
xl.329,192
Other debits or credits..
C'r50,850
1938—11 A/o.*.—1937
$14,008,011*141,403,493$157,750.363
11,584,005 110,386,297 128,305,545
xl,239,8.56 yl3,806,163 yll,779,33l
Dr31,294
Dr910,622
Dr706,739
income. $2,244,377
x
147,
Earnings per share
.
$1,152,855 $16,300,410 $16,958,748
1938 and 1937 include $370,027 and $337,235, respectively, represent¬
ing accruals under the Carriers Taxing Act of 1937 and the Uneu ployn ent
Insurance"Acts,
y 1938 and
1937 includes $3,946,130 and $3,680,554,
respectively, representing accruals under the Carriers Taxing Act of 1937
and the Unemployment Insurance Acts, with a credit in 1937 of $2,234,364
adjusting accruals under the Railroad Retirement Taxing Act of 1935.
Net ry. oper.
—V.
Net income
Shares common stock
Birmingham & Coast RR.—Earnings—
$267,332.
14.210
Gross from railway
Net from railway
$292,637
29,454
$268,5893.515
0def24,661
def33,498
defl6,286
3,078,889
307,188
3,391.408
363.059
def201,138
Net after rents
From Jan.
1936
1937
1938
def55,071
3,112,386
389.723
44,394
1935
$258,936
17,966
def5.603
1—
Gross from railway
Net from railway
Net after rents
2,762.907
196,669
Beaumont Sour Lake
From Jan.
Gross from railway
147,
Bell
1938
November—
.
1936
1937
1935
$143,306
16,254
—
after rents
$139,622
4.551
$163,804
33,450
defl9,028
2,494
1,719
ft From Jan. 1—
1,525.792
145,260
-
Net from railway
Net after rents
—V.
147,
def37,635
1,445,929
171,479
f. 0lA% gold bonds due Feb. 1, 1942 have
redemption on Feb. 1 at 103 and accrued interest.
Payment
at the Marine Midland Trust Co. of New York.—V. 147, p. 103.
Atlantic Coast Line
Period End. Nov. 30—
1938—11 Mos.—1937
$3,780,584 $40,182,132 $44,078,568
3,026,555 32,346,743
33,476,794
$754,029.
$7,835,389 $10,601,774
375,000
350,000
4,323.000
4,525,000
Operating income
Equip. & jt. facil. rents.
$219,466
63,634
$404,029
99,986
$3,510,389
1,469,427
$6,076,774
1,213,741
Net ry. oper. income.
$155,832
$304,043
$2,040,962
$4,863,033
Fares Reduced—
m cents a mile from
approval of the Interstate
General Pasesnger Agent,
This railroad on Jan. 15 will reduce coach fares to
The
cents.
declared
new
is subject to the
George P. James,
rate
Commission.
made the announcement.—-V.
Balfour Building,
a
Director—
director of this company.—V. 146,
Corp.—To Pay 40-Cent Common Div.—
dividend of 40 cents per share on the common
a
From Jan. 1—
—V. 147, p.
Dec. 23. An initial dividend of
Dec.27, 1937.—V. 147, p. 2236.
1935
$950,115
429,838
411,172
*
7,942,283
2,713,981
2,177,134
17,272,971
9,359,926
7,939,032
14,460,008
■7,464,316
6,452,948
9,318,943
3,329,767
2,980,173
3447.
Birmingham Electric Co.—EarningsPeriod End. Nov. 30—
Operating revenues
Oper. exps., incl. taxes..
Amortiz. of limited-term
1938—Month—1937
$634,681
487,052
1938—12 Mos.—1937
$651,099
493,128
$7,473,474
5,658,185
$7,588,032
5,633,102
3,734
710,000
31742
480,000
$1,101,555
4,152
$1,471,218
311
311
50,000
40,000
Net oper. revenues—
Other income (net)
$97,318
$117,570
276
3.54
$97,594
$117,924
45,750
4,288
$1,105,707
$1,478,938
549,000
549.000
52,39,4
51,701
$67,886
stocks for
$504,313
$878,237
429,174
429,174
investments
Gross income
mtge. bonds....
45.750
4,325
Int.
1938—Month—1937
$594,466
Commerce
elected
Other int. & deductions.
Net oper. revenues...
Taxes...
two
397,152
def41,581
on
»
7,720,
RR.—Earnings—
$3,448,387
2,853.921
Operating revenues
Operating expenses
6,703
Bessemer & Lake Erie RR.- -Earnings
1936
1937
November—
1938
$1,327,689
$748,384
Gross from railway
$1,070,120
727,015
169,440
Net from railway
606,723
612,556
246,347
Net after rents
510,806
been called for
will be made
1,588,665
Prop, retire, res. approp.
Bridge Corp.—Bonds Called—
Atlantic Beach
A total of $23,500 1st mtge. s.
333,224
Telephone Co. of Canada—New
Bellanca Aircraft
def47,252
\
3446.
P.
1,636,956
240.877
defl3,501
1,663,332
201,441
defll6,791
Gross from railway
1,998,045
522,671
def41,581
2,652,839
1,006,725
427,045
stock, payable Dec. 28 to holders of record
50 cents per share was paid in 4% notes on
$144,674
26.342
def8,522
Gross from railway
Net from railway
$157,785
44,419
1231.
Net from railway
Net after rents
RR.—Earnings—
2,499,512
989,421
J. M. MacDonnell, has been
p.
$183,333
49,089
def4,927
3446.
p.
Gross from railway
Atlanta & West Point
23,900
-
1935
1936
1937
$199,613
26,972
def3l,3l4
1—
Net from railway.——.
Net after rents..
—V.
& Western Ry.—Earnings-
1938
Net after rents..
$2.46
undistributed profits.—V. 147, p. 3604.
$213,245
78,898
<_
Net from railway
def82,758
—V. 147, p. 3446.
Net
_«..
November—
Directors have
November—
.
Gross from railway
3904.
p.
Atlanta
.
Includes estimated surtax on
x
Topeka & Santa Fe Ry.—Earnings—
Panhandle & Santa Fe Ry.]
[Includes Gulf Colorado & Santa Fe Ry. and
Period End. Nov. MY—
1938—Month—1937
Federal taxes
147, p. 3446.
Dividends
the
Inc.—Christmas Dividend—
paid a Christmas dividend of $1 per share on the common
voting trust certificates on Dec. 20 to holders of record Dec. 10.
The regu¬
lar quarterly dividend of $1.25 per share was paid on Nov. 30, last.
A
Christmas dividend of $1 was paid on Dec. 23, 1937; and an extra dividend
of $1 was paid on Nov 30, 1936 and on Nov. 30, 1935.
3 Months
$53,878
10 Months
$183,288
23,159
Period End. Oct. 31, 1938—
Gross Income
'.
„i.
12,366
40,144
$18,353
1
...
Boston Investment
Co.—$2 Dividend—
Company paid a dividend of $2 pot share on Dec. 29 to holders of record
22.
Last previous payment was a dividend of $1.50 per share distributfon Dec. 2, 1937.
Dec.
Boston & Maine
RR.—Earnings—
$3,484,083
3,013,720
Net oper. revenue
$470,363
revenues
1938 11 Efos.—1937
$3,386,056 $36,404,265 $42,948,686
2,727,649 29,691,140 31,765,757
1938—Afonth—1937
expenses
Operating
Operating
Taxes....
281,609
Equip, rents—Dr
Joint fac. rents—Dr—
249,374
$658,407
284,420
186,042
$6,613,125 $11,182,929
3,428,855
3,299.061
2,158,591
2,043,817
112,203
122,824
12,723
8,571
income. def$73,343
90,916
$179,374
129,947
$913,476
1,083,412
$5,717,227
1,092,024
$6,809,251
80,776
Oper. & misc. exps., incl. ins., deprec., repairs &
alterations.
-
$75,139
$449,063
x Dividends
accumulated and unpaid to Nov. 30, 1938, amounted to
$286,116.
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on Oct. 1, 1938.
Dividends On these stocks are cumulative.—V. 147, p. 3604.
Balance
Pernod End. Nov. 30—
The company
Taxes, including Federal income tax
$47,519
applicable to preferred
period, whether paid or, unpaid
Net income
x
$62,368
Net ry. oper.
Other income
Gross income
....
$17,573
$309,321
$1,996,888
622,270
623,295
6,841,212
$604,697
$313,974
$4,844,324
Total deductions (rentals
Net income
—V. 147, p.
interest, &c)
6,901,786
1632.
Deficit
Bates Valve
Bag Corp.—Debentures Called—
'""Corporation is notifying holders of its 6% 15-year sinking fund gold
debentures, due Aug. 1, 1942, that $55,000 principal amount of these
bonds have been drawn by lot for retirement by redemption on Feb. 1,
1939, at 101% and accrued interest, to exhaust the balance now held in the
Nov. 15, 1938 sinking fund. Payment will be made at the office of J: Henry
Schroder Banking Corp., New York City.—V. 145, p. 102.
*
$92,535
ICC Permits Carrier to Alter Provisions of RFC Loan—;
The Interstate Commerce Commission has authorized the road to modify
its RFC loan application for $1,500,000 to the extent that the carrier be
permitted to use the proceeds of the loan to reimburse its treasury for
expenditures made for the purposes for which the loan originally was
approved.
The ICC on Dec. 6 approved the $1,500,000 loan to the carrier
Volume
Financial
147
Chronicle
in order to
provide funds to enable it to repair damage to its roadbeds,
tracks, bridges and other equipment occasioned by the floods of last fall.
—V. 147, p. 3604.
_
Cambria & Indiana RR.Nov ember—
Gross from railway
earns,
Operating
from oper..
*3,085,881 $34,811,340 $35,478,921
$3,223,7b4
'
expenses—;
1,491,547,
1,426,147
15,910,570
16,238,240
x
Net earnings——■ $1,732,237
x
Before depreciation and amortization147, p. 3905.
$1,659,834 $18,573,100 $19,568,351
British Columbia Packers Ltd.—Bonds
property
account
Prem. paid
The $1,000,000 1st mtge. bonds, series A consisted of $300,000 serial 4%
4J4% bonds to be dated Dec. 1, 1938. and to mature Dec, 1, 1939-44
on
Legal
(& Subs, )—Earnings—
«
-
-
-
1,250,000
_
1,250,000
69,437
8,505
Legal & other bond
_
67", 230
20,759
—-
74,013
1,824
con¬
version expenses.--—
110,000
112,155
54,666
286,000
336,000
146,000
40,000
12,140
40,000
11,600
9~870
"9,690
$1,124,512
1,305,649
$1,461,054
$663,242
$37,693
—
—
-
Directors'fees-Netincome—
.
------
Preferred dividends
903,911
-----
is extensive and long established, and in
countries, the chief of which are the United Kingdom, Australia, France,
New Zealand, Belgium and South Africa.
Capitalization (Upon Completion of the Proposed Financing)
Authorized
Outstanding
1st mtge. bonds (present issue).,.
$2,000,000
$1,000,000
2d mtge. debentures——————
411,000
x411,000
,
Commonshares (no par)
-
^
debentures mature serially
yl36,279 shs,
390,994 shs,
$50,000
per annum
July 1, 1939 .to
1945 incl., and $61,000 July 1, 1946, with provision for acceleration based
improvement in working capital position, and are based as collateral to
deferred bills payable of a similar amount,
y In addition, 31,500 shares
will be reserved for conversion of the present issue of convertible 5% 15-year
on
bonds.
,
investments.
Consolidated Balance Sheet Nov. 30
1938
1937
$
$
Assets—
1938
Liabilities—
Land, buildings,
equipment, &c.39,925,522 41,064,769
Inventories
1,539,632
1,599,961
Accts. receivable-636,863
660,317
Loans to employ's
for
purpose
of
pany's shares—
Epmvngs
Stated
For
Periods
Period—
a Cohsol. Profits
lOmonths ended Dec.31,1934-r_-$295,242
12 months ended Dec. 31,1935---- 263,194
1st mtge. bonds—15,000,000 15,750,000
Mtge.
on
Canada
Cement Bldg
hlnterest
Com pen. Com—
Govt, bonds and
'
12monthsendedDec.31,1936---- 453,340
12months ended Dec. 31,1937---- 445,772
lOmonths ended Oct. 31,1938---- 407,916
167,750
355,282
347,572
331,537
From operations and income, after all charges, including income taxes,
but before providing for depreciation, interest on bank loans, mortgages
and debentures and deferred bills payable.
b On bank loans, mortgages,
debentures and deferred bills payable,
c Being consolidated profits and
a
income, after all charges but before depreciation.
Interest requirements of this issue will be $47,750 in the first year and
decreasing amounts in subsequent years through the retirement of serial
bonds until Dec. 1,1944 and thereafter through the operation of the sinking
fund.-—V. 147, p. 414.
'
745,000
203,601
f 51,563
251,086
176,410
49.688
200,869
Reserves
1,047,841
1,835,691
Def. chgs. to oper.
1,060,537
1,421,208
127,954
Bondrefdg.
exps—
1,430,000
557,000
472,293
55,900
372,658
55,900
1,658,400
2,288,948
1,540,000
-----
*«i:
and
other taxes.-.-.,
Pref.stk.red. acct.
6,000
22,957
.
Cash.——
Investments
a
-------—
Earned surplus—
1,658,000
2,107,812
79,601
Total —.48,707,141 47,867,596
—46,707,141 47,867,596
"After deducting deprec'n.
£TRepresented!"by 600^6(Lshares
—V. 147,p.3153.
(no par) ,
*:
Canadian National
Period End. Nov. 30—
-
Rys.—Earnings—
1938—11 Mos.-—1937 *
$
$ WWltf ^
1938—Month—1937
&
$
*
16,773,527 167,057,671 182,177,183
14,854*300 162,020,800 166,298,518
Operating revenues—— 16,785,084
Operating expenses.---- 13,943,820
Net revenue—--
1,919,227
2,841,264
5,036,871
15,878,665
Earnings of the System for'the Week Ended Dec. 21
10Q7
Gross revenues
.
$3,657,690.
$3,514,877
,
Decrease
1937
$142,813
—V. 147, p. 3906.
Canadian National Lines in New
England—Earnings-
1938
1937
1936
1935
$117,163
8,072
def44,287
$107,580
defl2,478
$116,576
$83,743
def37,720
November—
Gfoss from railway--—
Net from railway-.—--
Net after rents———
From Jan. 1—
Net after rents.
—V. 147, P. 3449.
—
—
—
-
5,905
def35,604
def47,794
-
.
Gross from railway-—
1,254,918
Net from railway—. ...def 121,715
1,037,803
rdef243,246
def604,245
def675,113
.
,
Gross earnings—-i—
Wonting expenses
Net earnings
—
1938—Month—1937
1938—11 Mos.—1937 ^
$13,029,844 $12,992,167$139,310,526$132,823,323
9,000,363
9,528,334 .112,903,821 112,006,441
$3,463,833 $17,406,705,$20,816,881
$4,029,481
Traffic earnings..-.-—-----------
$2,737,000
Decrease
4
Canadian Pacific Lines in
November—
Gross from railway——
Net from railway. -—-
...
$83,000
$2,820,000
147, p. 3906.
Net after rents.
;
l£y.—Earnings-—
Earnings for the Week Ended Dec. 21
1938
1937
—V.
def75,627
4
1.250,498
defl48,422
1,344,389
def61,060
def531,998
def593,909
Canadian Pacific
cBalance
$203,670
95,444
98,058
98,199
76,378
695.000
Accounts payableBond int. accrued^
Provincial
1
$91,572
6,403,905
4,784 Preferred divs—
6,675 Pro v. for Domin.,
3,541
4,883
other securities
$
b Common stock—* 6,403,905
purchase of com¬
Depos. on tendersDeps. under Work.
1937
S
Preference stock—20,086,900 20,086,900
a
Period End. Nov. 30—
Purpose—Proceeds are to, be used to retire the company's presently out¬
standing 1st mtge. debentures, aggregating $135,500 to retire mortgages
amounting to $60,000, and the balance to improve the company's working
capital position by the reduction of bank loans.
------
Including interest, and interest on the company's holdings In its own
bonds,
z Includes $82,953 income from investments and $26,320 profit
on sale of investments,
a Includes $46;984 ($42,521 in 1937) income from
x
1938
company
19,470
~
tnOQ
Export business of the
65,162
1,463
659
Provis'n for Dominion &
Provincial inc. taxes._
Reserves
Total
1937 amounted to about 60% of the company's production of canned goods.
In additiion to the domestic market the company sells its products to 25
1,000,000
1,027,829
bonds pur¬
expense
bia salmon since 1889.
T^hese
841.667
Co., Ltd
type, and in addition, numerous smaller power craft.
x
1.021,244
185,651
723,338
_
and $700,000 conv. 5%
Operations include the production of canned salmon, pilchards, clams,
oysters, herring, fish meal, fish oils and dog food.
In the period from
Jan. 1 to Oct. 31, 1938, the company's production included 617.798 cases
of fish, 1,137,787 gallons of oil and 5,573 tons of meal.
The company's
Clover Leaf Brand salmon has been the hall-mark of the best British Colum¬
1,165,380
274,559
734,933
chased for redemp'n_
Executive remuneration-
mature Dec.
Company owns 9 fully equipped modern canneries, 7 oil and meal plants,
26 large fishing stations with housing accommodation and fishing gear
facilities, dry salteries, a shipyard and also 10 stores which are continuously
operated.
Company's fleet include^ 46 modern power boats of the larger
1,191,449
457,636
Depreciation written off
and
Properties owned and operated are located on the coast of the British
mainland and on Vancouver and Queen Charlotte Islands.
79,535
1935
$107,056
def26,276
27,739
Years End. Nov, 30—
1938
1937
1936
1935
Total profits-— _a$3,551,996 a$3,967,257 z$2,940,l80 x$2,193,151
Bond interest—-------639.382
616,882
929,435
1,038,913
Mortgage interest
36,625
39,125
41,250
at 100 and interest.
Columbia
1936
$117,343
46,938
1,075,373
326,824
753,513
Canada Cement
Offered—Wood,
Canada.
1937
$109,048
42,004
53,586
—V. 147, p. 3448.
Gundy & Co., Ltd.; Pemberton & Son; Vancouver, Ltd.;
W. C. Pittfield & Co., Ltd., and Greenshields & Co., Inc.,
recently offered $1,000,000 first mortgage bonds, series A,
15-year bonds to be dated Dec, 1, 1938, and to
1,1953.
Prin. and int. J-D payable at holder's option in
lawful ir oney of Canada, at any branch of the company's bankers in Canada,
except Yukon Territory.
Serial bonds in denoms, of $1,000 and conv. 5%
15-year bonds in denoms. of $1,000 and $500, registerable as to principal
only.
Red. in whole or in part, in order of maturity, at option of company,
at any time prior to maturity on 30 days' notice*
for the 4% and 4H %
serial bonds at 101; for the 5% 15-year bonds at 105 if red. on or before
Dec. 1,1941; 104 if red. thereafter and on or before Dec. 1.1944:103 if red.
thereafter and on or before Dec. 1, 1947' 102 if red. thereafter and on or
before Dec. 1, 1950, and thereafter at 101 prior to meturity, in each case
with accrued interest to date of redemption.
An annual sinking fund,
commencing Dec. 1, 1945, will be provided for the 5% 15-year bonds,
sufficient to retire such bonds at maturity.
In case of conversion x>f any
of such bonds the sinkiug fund will be proportionately reduced.
Trustee*
London & Western Trusts Co., Ltd.
In the opinion of counxel, these bonds will be a legal investment for insur¬
ance companies registered under the
Canadian and British
Insurance
Companies'Act, 1932, as amended.
Conversion Privilege—The serial 4% and 4M% bonds will not be convert¬
ible.
The first $350,000 of 5% 15-year bonds presented for conversion will
be convertible into no par common shares of the company on the basis of
5 shares for each $100 of bonds, and the last $350,000 on the basis of 4 shares
for each $100 of bonds.
The conversion privilege extends to and includes
Dec. 1, 1943.
Appropriate provisions will be contained in the trust deed
restricting the company from selling shares of its common stock below the
owest prevailing conversion price of this issue or otherwise diluting its
common stock, so long as the conversion privilege is in force.
Company—*Is the largest packer of fish and fish products in Canada.
Company was incorp. under the laws of the Dominion of Canada on May 18,
1928, and carries on a business originally established in 1876.
Company
is an important factor in the economic and commercial life of the Province
of British Columbia and of the Dominion of Canada.
Company provides
employment for in excess of 4.000 people at the peak of the season.
In
1937 it brought into British Columbia from the sale of its products, approx¬
imately $4,800,000, of which approximately $2,800,000 was from outside
Earnings—
1938
$129,827
60,199
102,778
;,
Net from railway-----Net after rents——.—
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
Brazilian Traction, Light & Power Co.* Ltd.-~Earns.
Period, End. Nov.
193h—Month—1937
193i>— 11 Mos.—1937
Gross
4049
-----
Maine—Earnings—
19.37
1935 *^
1936
1938
$119,142
15,586
defll ,958
$132,546
def17,422
def38,686
$143,888
25,836
3,056
1,990,465
258,187
def61,400
2,114,844
308,258
9,988
134,305
defl66,436
n
$121,525
11,254
defll ,571
From Jan. 1—
Gross from railway. ... —
Net from railway-—Net after rents——
—Y. 147, p.
1,921,594
1,673,260
72,119
def 195,318
3449.
.
British Columbia Power Corp.,
Period End. Nov. 30—
Gross earnings— —
Ltd.—Earnings—
1938—Month—1937
1938—5 Mos.—1937
$1,267,410
$6,267,845
Operating expenses——
$1,291,340
751,016
716,419
Net earnings—--r—
$540,324
$550,991
-.
-
3,724,516
$2,543,329
$2,603,457
From Jan. 1—*
Gross from railway—
Burlington-Rock Island RR.—Earnings—
10,091
def2,985
—
Net after rents—
From Jan. 1—
Gross from railway—
Net from railway
—
Net after rents——
1,324,829
155,226
def47,598
1936
1937
$127,102
18,184
def7,131
1938
$111,922
.
$110,604
17,675
340
•def36,717
1,265,704
178,335
def93,337
817,291
def71,540
def252,281
789,289
defl34,532
def314,088
1935
$83,111
def 19,527
Period End. Nov. 30—
Gross earnings-
—
Operating expenses——
—
Ltd.—Earnings—
1938—11 Mos.—1937
$4,548,453
1938—Month—1937
$447,020
$444,103
203,651
186,774
$4,692,019
2,093,844
1,894,183
$257,329
$2,598,175
$2,654,270
$243,369
«
def22,478
935,144
def274,305
def543,526
def219,188
def456,363
$99,213
110
'
788,892
def.354,632
1,041,326
def 131,876
def409,338
Carborundum Co.—Pays
877,119
$1.10 Dividend—-
Carreras, Ltd.—Final Dividend—
dividend of 67 cents^per share on the
for ordinary registered class A stock and a
The directors have declared a final
American depository receipts
final dividend of 7H
Central of Georgia Ry.Gross from railway- - - - Net from railway,
----
Net after rents
depository receipts
payable Dec. 24 to holders of
cents per share on the American
for ordinary registered class B stock, both
record Dec. 7.—V. 146, p. 103.
—
Earnings—
1937
1938
$1,228,584
152,142
52,668
$1,195,119
64,377
def20,099
13,529,649
1,577,691
210,664
15,382,318
2,088,925
862,082
19361
V
1935
$1,232,892
$1,399,651
266,994
234,605
148,338
132,099
From Jan. 1—
Gross from railway.
Net from railway-
Ndt earnings
—V. 147, p. 3449.
■1
,
1935
Company paid a dividend of $1.10 per share on Its common stock, on
Dec. 24 to holders of record, Dec. 20.
A dividend of 65 cents was paid on
Sept. 30, last; one of 25 cents was paid on March 31, last, and a dividend
of $1.25 per share was distributed on Dec. 27,1937.—Y. 147, p. 2240.
.
i
Nov ember—
—V. 147, p. 3448.
Canada Northern Power Corp.,
•
*
—V. 147, p. 3449.
payable Dec. 30 to holders of record Dec. 22. Previous extra distributions
were as follows: $1 on Sept. 30, iast; $2 on Dec. 30,1937; $1 on
Sept. 30,
1937; $2 on Dec. 30, 1936; $1 on Sept. 20,1936; $2 on Dec. 31,19357 $1 on *
Sept. 30, 1935; $2 on Dec. 31, 1934 and $1 on Sept. 29, 1934.—V. $47,
p. 2082.
November—
-
1936
$87,187
def10,449
def29,769
share in addition
quarterly dividend of $3 per share on the capital stock both
Gross from railway.
Net from railway
1937
def656,300
Net from railway
Net after rents
Buffalo Insurance Co.—Extra Dividend—
Vermont-—Earnings— '
$70,157
def22,561
def44,988
$101,761
13,160
def24,274
railway.
Net from railway- -.—
Net after rents.
i.
The directors have declared an extra dividend of $2 per
in
1938
November—
Gross from
$6,201,021
3,597,564
-V. 147, p. 3448.
to the regular
Canadian Pacific Lines
-
-—-
Net after rents — — —V. 147, p. 3449, 2677
_
14,491,759
2,383,630
13,308,420
1,045,721-
955,286
2,087,908
Financial
4050
Illinois
Central
Period. End. Nov. 30—
Gross
revenue
Oper. exps. & taxes
Prov. for depreciation..
Chronicle
Dec.
1938
31,
Chicago & Illinois Midland Ry.—Earnings—
Light Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$755,234
$773,559
$8,563,586
$8,774,607
417,790
422,187
x4.913,213
x4,834,576
82,600
82,600
991,200
972,600
November—
1938
$294,914
60,250
49,922
Net after rents
3,576,045
1,141,778
539,075
Net from railway.
$301,843
88.464
3,149.803
843,429
Gross from railway—.—
774,045
1937
1935
$250,720
58,954
53,022
1936
$367,430
159,995
121,364
56,236
From Jan. 1—
Gross income
$268,772
64,404
$254,844
Int. & other fixed chges,.
60,709
$2,659,173
766,925
$2,967,431
743,770
Gross from railway
Net from railway
Net after rents.
$194,135
41,800
15,951
pref. stock
Amort, of pref. stk. exp
on
$204,368
41,800
15,951
$1,892,248
501,608
191,405
$2,223,662
501,608
$136,384
Netincome
Dividends
..
$146,617
$1,199,235
$1,530,649
191,405
undistributed profits for 1936.
all taxable income was distributed.
Includes provision for Federal surtax on
x
No
provision
made in
was
1937 as
—V. 147, P- 3449.
Chicago Indianapolis & Louisville Ry.—Earnings—
1938
Subs.Earnings—
Central Indiana Power Co. (&
$4,640,052
3,783,000
$5,155,091
4,158,663
$5,074,143
4,132,667
$909,260
Dr7Ai)7
$857,853
14,480
$996,427
Dr8,051
$941,476
17,539
$901,803
590,196
$872,333
604,465
$988,376
646,597
$959,015
658,737
,$311,606
$267,858
$341,778
$300,278
Operating re venues.
$4,703,037
Oper. exps. and taxes3,793,777
x
Net oper. income.--.
Othermiscell. inc. (net).
Gross income
Int. & other deductions.
Net
1938—12 Mos.—1937
1938—11 Mos.—1937
income
and undistributed profits taxes.
Notes—(1) For comparative purposes the results of operation for the
portion of the year 1936 included above have been adjusted to exclude
certain adjustments recorded during the month of December, 1936, which
were applicable to a prior period and the surplus at the beginning of the
period has been adjusted accordingly.
(2) The provision for Federal income and undistributed profits taxes is
based upon deductions for additional depreciation and other charges which
are deductible for tax purposes but which are not reflected in the above
statement of income.— V. 147, p. 3450.
Includes provision for Federal income
x
Central RR. of New
November—
$2,469,965
473,788
def82,881
_-T $2,429,790
501,595
def218,133
railway
Net after rents.
1935
•
$2,314,297
533,081
def93,234
$2,723,642
780,509
106,029
From Jan. 1—
from
Net
railway
Net after rents
—V.
147,
29,978,096
8.153,963
2,206,128
26,619,673
6,868,728
340,404
Gross from railway
26,979,503
7,368,030
2,077,461
28,889,045
7.380,922
1,385,840
3906.
p.
The directors
Corp.—Accumulated Dividends—
payable on ac¬
28 to holders of record Dec. 15'
have declared the following dividends all
count of accua ulations on Dec.
43 % cents per share on the 7%
37 lA cents per share on the 6%
preferred class B shares.
Charleston & Western .Carolina
1938
November—
Gross from
railway
•
1937
1936
$206,510
57,061
34,796
1,982,247
468,129
239,026
2,328,498
747,385
462,544
1935
-
-
$199,221
68,43242,129
-
—Y. 147, p.
-«
2,044,628
.
$158,278
37,393
22,525
1,790,889
■" 471,133
294,474
655,649
411,359
2861.
Inc.—To Pay S-Cent Dividend—
-
Wm. Hayies Resigns as Director—
William Haynes, Chairman of the
Board of Haynes Publications) Presi¬
dent of Haynes & George and a member of the recently organized National
Research Council's Committee on Chemical Economics, has resigned from
the directorate of Chemical Fund.—V. 147, p. 2525.
Chesapeake & Ohio Ry.—Bonds Authorized—
The Interstate Con n erce Cor n ission on Dec. 21 authorized
the company
(1) to issue not exceeding $30,000,000 of refunding and improvement mtge.,
3H% bonds, series F, to be sold at not less than par and accrued interest
and the proceeds applied to the purchase and payn ent of maturing bonds,
and (2) to issue and pledge under the refunding and improvement mtge.
nojt exceeding $30,000,000 of general-mortgage 4H% gold bonds of 1892.'
—V. 147, p. 3907.
Chicago Burlington & Quincy RR.—Earnings—
1938
railway...-. $8,440,369
2,920,045
1,666,925
November—
Net from railway-,..-Net after rents
From
Jan.
1936
1937
$8,5*2,488
2,740 706
1,392,722
1—
1935
,
$8,677,912
2,837,946
1,585,538
$7,669,272
1,934,873
969,792
89,161,423
24,093,381
11,870,352
75,617,670
16,346,702
6,952,214
,
Gross from railway
Net from railway.
Net after rents.
84,880,514
23,241,315
10,757,345
92,239,139
23,316,880
11,833,431
on
Dec.
14 authorized the com¬
abandon a branch line of railroad extending from Shenandoah to
Norwich, approximately 5.64 miles, all in Page County, Iowa.—V. 147,
p.3606.
1937
1938
Gross from
railway-,-. $1,300,718
railway.
359,107
Net after rents
167,098
From Jan. 1—
Gross from railway
12,960,364
2,648,071
466,951
343,116
$1,479,608
494,582
$1,194,040
287,771
162,845
245,162
88,575
$1,379,646
15,043,488
3,519,959
1,246.992
12,118,357
2,408,546
439.792
14,454,341
3,690,916
1,254,552
—V. 147. p. 3758, p. 3451.
1938
Gross from
railway
railway
Net after rents...
1935
1936
1937
$1,541,195
504,568
209,607
$1,502,495
453,770
128,741
$1,700,392
619,911
256,723
$1,325,730
469,398
255,175
15,616,699
3,493,178
441,542
17,221,562
4,050,052
718,289
17,029,231
4,934,230
1,832,861
14,190,877
3,338,970
829,215
From Jan. 1—
Gross from
railway
Net from railway
Net after rents
—V. 147, p. 3758.
Interstate
on
Dec.
15 issued
a
certificate
Earnings for November and Year to Date
November—
Gross from railway
railway
Net after rents
1938
1937
1935
1936
$7,093,367
1,349,550
494,533
$7,093,549
915.206
166,663
$7,556,266
1,864,949
1,125,724
$6,619,575
1,442,735
743,644
74,287,821
9,102,208
def324,832
83,102,467
7,903,408
121,544
84,264,538
13,492,052
4,419,199
70.988,258
10,903,140
2,935,191
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—v
147, p. 3759.
99,624,400
21,274.979
7,979,254
1,176,072
,
90,831,038
16,825,955
4,267,352
Net after rents..
—V. 147, p.
84,658,624
14,209,571
3,781,137
3451.
Chicago Rock Island & Gulf Ry .—Earnings—
From Jan.
$388,988
101,883
43,068
$394,211
93,283
18,046
$350,137
109,533
52,339
4,482,257
1,355,890
4,377,483
1,321,941
3,997,676
1,094,508
180,121
railway'----.
412,291
271,264
3,576,849
971,943
84,147
$375,809
123,351
38,057
after rents-.-
Net
1935
1936
1937
1938
November—
Gross from
Net from railway--....
„
1—
Gross from
railway
Net from railway
after rents.--
—
—.
—V. 147, p. 3451.
Chicago,
Rock Island & Pacific Ry.—Earnings—-
(Including Chicago, Rock Island & Gulf Ry.)
1938—Month—1937
1938—11 Mos.—1937
Total operating revenue. $6,477,553
$6,549,258 $71,486,796 $75,398,239
Ry. operating expenses.
5,264,551
5,549,771
59,793,829
63,135,575
Period End. Nov. 30—
rev.
from ry.opers
Net ry. oper. income—_
1937
x
net includes
$99,487 $11,692,967 $12,262,664
281,022
1,934,HQ
x4,043,606
$1,213,002
460,842
$1,220,400
due to cancellation of 1936 accruals for
Railroad Retirement Act.
[Excluding Chicago Rock Island & Gulf]
1938
1937
1936
$6,101,744
$6,160,271
$6,083,741
1,089,651
897,604
1,138,482
422,785
237,954
502,918
1935
$5,413,626
448,760
67,171,014
8,007,616
defl36,431
57,839,062
5,967,134
def810,585
Gtoss from railway
Net from railway
Net after rents
Gross from railway
Net from railway
Net after rents
—V. 147, p.
...
67,004,539
10,337,077
1,753,990
71,020,756
10,940,722
def59,443
3,631,315
3759.
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
$1,451,273
245,265
29,820
72,462
_
1935
1936
$1,481,449
199,871
defl4,905
1937
$1,582,812
296,441
1938
November—
Gross from railway
Net from railway
$1,372,403
261,077
108,216
-
Gross from railway.
Net from railway,
15,338,249
2.136,599
16,628,649
1,974,887
16,818,227
2,882,341
14,092,728
1,975,940
Net after rents.-------
def279,027
defl95,549
466,562
143,112
—V. 147, p.
3451.
Chicago & Southern Air Lines, Inc.—Operations—
32% increase in passenger miles and a 24% increase in mail pound miles
during the first 11 months of 1938 as compared with the same period
this company. Officers of the com¬
pany predicted that gains in business during 1939 would equal or exceed
those shown for the year just closing.
"We are gratified by the constantly increasing patronage we have re¬
ceived from the public along our route," Carleton Putnam, President, said
in a statement issued in St. Louis on Dec. 22.
"The steady surge of traffic
A
flown
in 1937 was announced on Dec. 22 by
during recent months has greatly exceeded our expectations and in all
probability will require the operation of an additional schedule daily between
Chicago and New Orleans effective not later than April 1. We have been
particularly impressed by the demand for business during the winter months.
Traffic in December of this year has been heavier than in August, a con¬
dition which has never before existed in the history of our comgny. While
this is no doubt due in part to a growing realization of the advantages of
the Valley Level Route for winter flying, we believe there is a universal
interest developing in air travel which will tax the seating capacity of all
air carriers during 1939."
Mr. Putnam emphasized that his company was planning to meet this
demand both by the operation of additional schedules and by the purchase
of larger equipment with a 60 % greater passenger capacity within another
year.—V. 147, p. 1921.
A total of $241,000 first mortgage bonds 3
called for
redemption
on
H % series, due 1966 have been
Feb. 1 at 107 and accrued interest. Payment will
York City.—V. 147, p. 3154.
be made at the Irving Trust Co., New
1938
1937
1936
1935
$1,344,012
488,936
Gross from
Net from
railway
railway
$1,240,633
347,041
332,883
$1,431,313
574,171
417,835
$1,223,106
491,315
15,775,500
6,078,872
4,499,859
15,247,650
6,044,870
4,477,670
12,401,339
4,428,454
3,334,810
Net after rents.
382,100 •
From Jan. 1—
Gross from railway
Net from railway--—
Net after rents—
13,798,686
4,502,017
3,483,686
371,205
—V. 147, p. 3451.
of $35,000,000 First Mort¬
Securities—The company, a subsidiary of the Cities
Service Co., has completed arrangements for the issuance and
sale of $35,000,000 of first mortgage pipeline bonds at inter¬
est rates of 3 l/i % and 3.M %»it was announced Dec. 29.
The
entire issue has been placed privately with four large banks
and two major insurance companies.
gage
Proceeds of the
Commerce Commission
permitting abandonment by Charles P. Megan, trustee, of part of a line of
railroad extending westward from Bluffs to Fulton, approximately 4.458
miles, in Whiteside County, 111.
Net from
99,395,594
19,198,520
8,407,498
996,327
-
From J an. 1—
Gross from railway
Net from railway
outstanding
Chicago & North Western Ry.—Abandonment—
The
Net after rents
1935
$8,262,605
2,286,069
1,404,962
1936
$9,184,043
2,387,716
Cities Service Gas Co.—Sale
Chicago Great Western RR.—Earnings■—
November—
1937
$8,697,064
1,692,824
601,283
1938
railway—$8,854,632
2,068,754
Net from railway,-
November—
1935
1936
<
Net from railway
Net after rents.
Net from
Chicago Milwaukee St. Paul & Pacific RR.—Earnings
November—
Gross from
Cincinnati New Orleans & Texas Pac. Ry.—Earnings—
Chicago & Eastern Illinois Ry.—Earnings—
November—
Net from
73,170
7,449,542
1,349,487
58,741
Cincinnati Gas & Electric Co.—Bonds Called—
Abandonment—
The Interstate Commerce Commission
pany to
<
71.729
9,418,649
1,951,933
364,881
From Jan. 1—
Directors have declared a dividend of eight cents per share on the common
stock, payable Jan. 14 to holders of record Dec. 31.
An initial dividend
of 1% cents per share was paid on Oct. 15, last.
4.
Gross from
— — .
Net after rents
Chemical Fund,
def73,576
9,287,711
1,319,539
def83,380
From J an. 1—
1—
Gross from railway
Net from railway
Net after rents
Net from railwayNet after rents
November—
Ry.—Earnings-
$179,602
46,488
29,230
_
Net from railway---.-.
Net after rents
From Jan.
def33,164
—V. 147, p. 3451.
preferred class A shares.
OH cents per share on the 6% preferred class B shares, par $25.
10.937 cents per share on the 7% preferred class A shares, par $25, and
9% cts. persh. on the 6% pref. class C shs., par $25.—V. 147, p. 3450.
$769,152
183,159
From Jan. 1—
Net
Central States Electric
1935
1936
$943,944
277,600
$786,632
65,256
7,591,597
1,069,861
def437,090
Net after rents.
Net
1936
1937
1938
.
Gross from railway
Net from
Jersey—Earnings—
1937
$744,331
108,916
Gross from railway
Net from railway
Gross from railway
Period End. Nov. 30—
763,127
—V. 147, p. 3907.
November—
Balance...
2,976,277
851,842
3.388,182
1,308,095
1,062,378
«■
new
Cities
retirement of the presently
Co. first mortgage pipe-line 5H% gold
issue will be used for the
Service
Gas
bonds and the Cities Service Gas Pipeline Co. first mortgage
pipe-line 6%
gold bonds, both issues being obligitions of Cities Service Gas Co.
The Cities Service Gas Co. is a direct subsidiary of Empire Gas & Fuel
Co., which in turn is controlled by the Cities Service Co.
The new $35,000,000 issue will consist of 16 series with annual maturities
beginning on March 20, 1940, and extending to March 20, 1954.
The
first eight series, the last of which matures in 1947, comprise $15,000,000
of 3M% bonds.
The last eight series, comprising $20,000,000 principal
amount, are 3H% bonds.
Redemption of Outstanding Bonds—
Company will redeem on Feb. 28, 1939, all of its outstanding first mort¬
pipeline 5H % gold bonds series of 1927 and series of 1928, due May 1,
1942, at 101 and accrued int.
Payment will,, be made at the principal
office of the Central Hanover Bank & Trust Co., 70 Broadway, New York.
gage
I
Volume
Holders
147
Financial
Chronicle
obtain payment prior to redemption date at the call price
ofilOl plus interest to date of such surrender.—V. 147, p. 3759.
may
and sale of $1,900,000 1st mtge. and
collateral trust bonds, 3 %% series due 1968.
The bonds are to be pur¬
chased at private sale, at par plus accrued
interest, by two insurance com¬
Such issue and sale has been
expressly authorized by the P. U.
Commission of Ohio.
Cities Service Gas Pipeline Co.—Bonds Called—
panies.
All of the outstanding 1st mtge. pipeline 6%
gold bonds, due Jan. 1,
1943 have been called for redemption on Feb. 28 at 102 and accrued int.
at the Guaranty Trust Co. of N. Y.
Bondholders may present their bonds for immediate payment and receive
The $1,900,000 new bonds of
companies $1,300,000 will be purchased
by the Equitable Life Assurance Society of the United States and the
balance of $600,000 by John Hancock Life Insurance Co.
Net proceeds
Payment will be made
redemption price plus accrued interest to date of such surrender.—V. 126,
Cincinnati
Chicago
St.
&
Louis
be. u,S6ci to. Pay Botes payable in the principal
®
p.1945.
Cleveland
4051
Company Act with respect to the issue
amount of
®bUU,000 and to reimburse in part applicant's
treasury fbr moneys expended
therefrom, the proceeds of such notes and the moneys expended having been
applied to the construction of additional
generating facilities and sub-
Ry.—
Bonds Called—
fines0118 an<^ *k0 extension and improvement of applicant's transmission
Holders of 4% bonds dated Jan. 1, 1890, due Jan. 1, 1939, seemed by
first mortgage of the Cairo Vincennes & Chicago Ry. Co. are being notified
that the bonds of the above described issue will be redeemed at their prin¬
Total expenses of the applicant in connection with the
issuance, including
of 1% of the principal amount of the bonds to be
paid Dillon,
& Co. for
negotiating their sale, are estimated at $17,700, to be
amortized over the life of the new bonds.—V.
147, p. 3600.
cipal amount
on
after maturity,
or
upon
presentation
fee of
a
Read
and surrender at
the office of company's Treasurer, 466 Lexington Ave., New York City.
The interest couoons due Jan. 1,1939 should be detached from the bonds and
presented separately,
accompanied
where applicable.—V. 147, p. 3009.
Cleveland Tractor Co. (&
Years End. Sept. 30—
Total income
-
Provision
for
$735,612
288,017
133,498
300,807
175,127
-
doubtful receipts
Miscell. deductions
Prov. for Fed. inc. tax__
Ry.—Earnings—
November—
1938
Gross from raiiway—.
$131,213
Net from railway.32,105
Net after rents
1935
1935
1936
$133,105
38,653
27,232
$103,812
30,292
24,245
1,114,167
179,119
107,744
890,266
73,245
47,605
5,600
...
1,128,699
190,267
117,118
Net from railway.—
Net after rents..
—V. 147, p. 3451.
$534,492
191,474
25,860
1937
$120,321
18,570
22,415
From Jan. 1—
Gross from railway
$452,600
81,892
$371,878
240,417
63,668
7,547
j
&
uncoil.
Columbus & Greenville
certificates
1936
$216,841
155,037
102,510
$148,353
1
Depreciaiion
Interest expense
-1
Amort, of debt disc., &c.j
ownership
1937
$633,102
$29,070
119,283
—
Federal
Subs.)—Earnings—
1938
Operating profit
Other income
by
1,203,329 '
149,063
10.690
Commercial Investment Trust
Corp.—Acquisition Com¬
pleted—
60,400
71,665
13,986
ylll.600
23,498
x6,456
27,712
profit.
1qss$387 ,981
Earns, per sh. on 220,000
shs. com. stk. (no par)
Nil
$116,846
.$30,292
$289,445
$0.53
$0.13
$1.32
„
Net
y
_
Henry Ittleson, President of this company, issued the following state¬
ment:
"Negotiations looking to the acquisition by Commercial Investment
Trust Corp. of all of the minority stock of Universal Credit
Corp. have been
completed and the deal consummated pn the terms published early in the
month."
Universal Credit Corp. confines its
Ford dealers exclusively.—V. 147, p. 3759.
Commonwealth
x Includes $3,375 additional Fedrral income tax for
preceding fiscal year,
Includes $60,700 surtax on undistributed profits.
Assrts—
1938
Cash
Notes,
a
In
—
667,242
v
221,739
1,570,020
534,686
2,206,343
33,501
22,608
..
Sink, fund—Cash.
Land,
not
on
59,569
68,827
24,322
25,382
173,475
192,155
152,412
local taxes.....
112,533
10-year
credits
174,392
and
wages
commissions
5%
53,779
conv.
sink, fund debs.
buildings,
mach.,equpt.&c.
943,869
1,072,153
Deferred charges..
104,730
119,838
Deferred income.
Reserve
for
.
1,170,000
36,951
1,221,000
149,514
146,069
41,857
gen.
contingencies.-d
Capital stock
Capital surplus
Deficit.
Total
a
After
54,392,244 85,067,1611
reserves
of
$178,761
in
and
$200,360
in
1937.
b After
treasury at ledger value of $525.—V. 145, p. 4113.
Clinchfield
RR.—Earnings—
1938
1937
1936
1935
$532,467
257,873
$541,931
$600,816
302,439
239,293
Net after rents..--.-.
231,806
245,146
278,770
231,150
5.336,507
2,322,143
1,959,219
6,363,050
2,995,896
5,667,387
2,481,122
2,366.611
4,804,569
.1,941,563
1,778,422
From Jan. 1—
Gross from railway
Cohn & Rosenberger—To
2,944,042
Colorado & Southern
November—
1936
$640,066
144,566
27,409
$711,890
220,108
.133,115
5,917,324
7,196,308
1,721,248
736.682
6,725,050
1,483,347
507,657
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 147, p. 3606.
1§37
$584,426
164,673
46,815
1,225,178
137,562
1935
$713,557
305,843
234,730
5,671
^802
1,055,119
247,693
«
Columbia Gas & Electric Corp.—Government Would End
Control of Panhandle Eastern—
The Federal government on Dec. 21 acted to force complete dissolution of
Columbia Gas & Electric Corp.'s control of the Panhandle Eastern Pipeline
Co.
In
supplementary complaint filed in the U. S. District Court for the
District of Delaware the Department of Justice said it has become necessary
a
to supplement provisions of a consent decree entered into in 1936 which
contemplated that Columbia would divest itself of control of Panhandle.
A consent decree
was
entered in the
Jan. 29,
1936, the primary
purpose of which was to restore Panhandle Eastern Pipeline Co. to a position
of free and independent action in the production * transmission, sale and
distribution of natural gas in competition with other companies.
The
decree contemplated that Columbia Gas would effectively divest itself of
all control of Panhandle, either through Columbia Gas disposing of all stock
having present or potential voting rights in Columbia Oil & Gasoline Corp.,
or
through Columbia Oil's divesting itself of ownership of all stock in
case
on
Panhandle.
'
The Department pointed out that the course of events since the entry of
the decree "has made it increasingly clear that, in order to accomplish the
purpose of that decree, it is necessary to supplement certain general pro¬
visions of that decree by a further order requiring the formulation and
submission to the court for approval of specified methods and procedures for
making those provisions effective."
In accordance with the allegations, the supplemental complaint asks that
the voting trust established pursuant to the consent decree be reconstituted
so as to make the voting trustee a trustee for sale; and that the trustee for
sale, Columbia Gas, and Columbia Oil, be directed to proceed immediately
to formulate and submit to the court for approval suitable plans
specifying
the methods and procedures for making the decree effective.
Columbia Gas & Electric Corp. issued the following state¬
ment in connection with the petition of the Department of
Justice:
f
Columbia Gas & Electric Corp. and Columbia Oil & Gasoline Corp. have
been working for some time past on the development of plans along the
alternative lines contemplated by this petition for the termination of the
decree.
We believe this petition presents an opportunity to work out, with the
approval of the Court,
—V. 147, p. 3907.
a
constructive plan with fairness to all concerned.
Columbus & Southern Ohio Electric Co.—Issuance of
Bonds Authorized—
The Securities and Exchange Commission has filed
a
declaration exempt¬
ing the company from the provisions of Section 6(a) of the Utility Holding
,
\"
Insull, in announcing his retirement said:
"I have made arrange¬
accept early in January, what I consider a very good business
opportunity.
My new connection will be announced in the near future.
The companies I have been associated with I am leaving with regret as my
association has been most pleasant."-—V. 147, p. 3907.
Mr.
Pay $1 Dividend—
Ry.—Earnings-
1938
.
Gross from railway
Net from railway
complaint which sought to
headed.
ments
to
Commonwealth
The directors have declared
a dividend of $1 per share on the common
stock, payable Dec. 29 to holders of record Dec. 28.
This compares with
70 cents paid on Dec 28, 1937, and an initial dividend of 30 cents per share
paid on Dec. 23, 1936.—V. 147, p. 2241.
a
Pi Samuel Insull Jr., Assistant to the Chairman, on Dec. 22 announced his
retirement from the company his father, Samuel Insull, for many years
1
Net from railway—....
Net after rents;
—V. 147, p. 3451.
■
outgrowth of
Sanuel Insull Jr. to Retire—
$4,979,665
239,781
the
Court denied this injunction and the plaintiffs then tried to prevent the
carrying out of the financial plans authorized by the stockholders.
This
complaint was also rejected.
The Appellate Court held that the notice given by Commonwealth
Edison Co. of the stockholders' meeting was unusually voluminous and dealt
not only with the resolutions and matters to be voted on at the meeting
but contained an adequate statement as to the original interchange energy
litigation, and the possible legal consequences in the event that plaintiffs
were upheld.
The two stockholders have the right to appeal.
of $186,977 in 1938 and $225,513 in 1937.
c At depreciated value,
d Represented by 219,988 no par shares after deducting'12 shares held in
November—
decision is
prevent the holding of the stockholders' meeting on the grounds that the
stockholders had not been given sufficient information.
The Superior
reserve
Gross from railway.....
Net from railway——
Appellate Court of
.
The recent
.84,392,244 $5,067,161
1938
Stockholders
a
untried.
1,099,475
1,099,475
1,156,349
1,156,349
116,758 sur271,223
Total
of
meeting held in January, 1937. The decision affirmed the
ruling of the Superior Court that Commonwealth Edison Co. in giving
notice of the stockholders' meeting at which the acquisition of stock of
Public Service Co. of Northern Illinois was approved, had fully informed
stockholders of the facts concerning the litigation over the interchange
energy contract with the Public Service Co.
The litigation began in Dec., 1933, when the two stockholders, Owen
Barton Jones and George A. Bates, filed suit to have set aside the power
contracts, as amended, and to recover on behalf of Commonwealth Edison
Co. a substantial portion of the payments made under the contracts for
energy furnished by Public Service Co. to the Edison Co.
This suit has
been pending in the Superior Court for more than five years and is still
under
agree.
debs—
Customers'
Unpaid
used
112,533
stockholders at
Accrd.Fed..State &
331
in operations
c
liab.
warranty
Interest
,
$638,633
8464,954
Co.—Action
.
unanimous decision handed down recently by the
a
Illinois, company was again upheld in the action brought by two stock¬
holders to prevent the carrying out of financial plans approved by Edison
1937
1938
Accounts payable.
Est.
1,184,350
Inventory
Other assets.
Real est.
Liabilities—
$320,534
accepts,,
accts. rec., &c—
Amts. withheld by
finance company
b
1937
5232,394
Edison
Upheld by Court—
Consolidated Balance Sheet Sept. 30
operations to financing of
& Southern
Corp.—Monthly Output—
Electric output of The Commonwealth «fe Southern Corp. system for the
month
of
November
711,950,468 kilowatt hours as compared with
675,116,127 kilowatt hours for November, 1937 an increase of 5.46%.
For the 11 months ended.Nov. 30, 1938, the output was 7,058,994,848
kilowatt hours as compared with 7,838,461,582 kilowatt hours for the
corresponding period in 1937, a decrease of 9.94%. Total output for the
year ended Nov. 30, 1938 was 7,737,942,555 kilowatt hours as compared
with 8,577,935,849 kilowatt hours for the year sended Nov. 30, 1937, a
dGcrccis© of 9 79%
,v
Gas output of The Commonwealth & Southern Corp. system for the
month of November was 1,394,938,100 cubic feet as compared with 1,465,012,500 cubic feet for November, 1937, a decrease of 4.78%.
For the 11
months ended Nov. 30, 1938, the output was 12,759,726,000 cubic feet as
compared with 13,462,010,300 cubic feet for the corresponding period in
1937, a decrease of 5.22%.
Total output for the year ended Nov. 30, 1938
was 14,428,725,100 cubic feet as compared with 14,968,562,100 cubic feet
for the year ended Nov. 30, 1937, a decrease of 3.61%.—V. 147, p. 3907.
Connecticut
was
Light & Power Co.—Earnings—
12 Months Ended Nov. 30—
Net income after exps., taxes, charges and preferred
dividends
i
1 937
1938
$3,465,774
Average number of shares of common stock outst'g
1.,148,000
Earnings per share on common stock
—
$3.02
—V. 147, p. 3452.
-
-
Consumers Power
—
.
$3,807,307
1,148,000
$3.31
Co.—Listing—
The New York Stock Exchange has authorized the listing of
$10,168,000
the
first mortgage bonds, 3H% series of 1936 due Nov. 1, 1966, making
total amount applied for $22,168,000 principal amount of bonds.
Bonds Called—
The company will redeem on May 1, 1939, at 102 % at the City Bank
Farmers Trust Co. all of its first-mortgage 4% bonds due in 1944. Holders
surrender these bonds, however, for payment at any time on or
Dec. 30, 1938, and receive full payment to the redemption date.—V.
may
p.
after
147,
3907,
Continental Can Co., Inc. (& Subs.)—Earnings—
Consolidated Earnings Statement for Period Nov. 1,1937 to Oct. 31,
sales and operating revenues, less discounts, returns,
1938
Gross
allowances
and
estimated
provision
for
probable tin plate
price refund to customers:
Outside
$87,436,148
customers.
Sales of tin plate, machinery, coal, cartons,
and within the consolidated companies
&c., between
—
Total
-
Cost of goods sold
al02,199,567
4,693,827
and operating expenses
Selling, general and administrative expenses
for doubtful accounts
—
1,000,000
Provision
Net operating
Other income
$7,269,849
profit
1,262,016
$8,531,864
Total income
Interest paid
Income taxes
173,275
1,246,161
1,000
(Federal, State and foreign)
Surtax on undistributed profits
Net
a
>
income
*
$7,111,429
plate, machinery, coalt
&c., between and within the consolidated companies, in the amoun,
Cost of goods sold includes purchases of tin
cartons,
27,727,095
$115,163,243
of 127.727.094.
Inter-company or
of goods sold.—V. 147. p. 3011
cost
lnternalfprofitlitleliminated, from the
e.
t~z'.
.
.......
Consolidated
Bakeries of Canada, Ltd.
Extra Div.
dividend of 15 cents per share in addition
quarterly dividend of 25 cents per share on the common stock,
both payable Jan. 3 to holders of record Dec. 15.-—V. 14b,
Directors have declared an extra
to the regular
value,
par
P^3950,
.
■
.
—
_
Decalcomania Corp.—New Directors—
Consolidated
meeting of the board of directors held on Dec. 27, Robert C. Read
and Walter J. Ash were elected directors of the corporation. Mr. Read was
also elected Executive Vice-President and Mr. Ash, Vice-President.
The
At
a
board
as
constituted is composed of J. A.
now
Sidney P. Voice. Mr. Read and
Mr. Ash.
Voice, James L. Murphy,
^
Y., Inc.—New Trustees—
Consolidated Edison Co. of N.
Two new trustees were
elected by this company on
Cudahy Packing Co.—New Controller—
Floyd L. Carlisle, Chairman of the Board of Consolidated Edison, said
was particularly pleased to welcome an outstanding woman as a member
board of trustees.
He said that Mrs. Norton had had wide ex¬
Decca
perience in various women's organizations and had served on the board of
directors of the Westchester Fighting Co., part of Consolidated Edison
already paid two regular quarterly
—V. 147, p. 3607.
Delaware & Hudson
Co.
Edison
of New York announced production of the
plants of its system for the week ended Dec.
154,8U0,0u0 kwh.,'compared with 135,600,000 kwh. for
week of 1937. an increase of 14.1%.—V. 147, p. 3907.
Cuban Atlantic Sugar Co.
—V.
and
molasses, f.o.b. Cuban
3,616,825
3,985,183
3,064,573
124,787
125,272
119,387
$1,862,709
00,190
153,524
$1,304,086
$981,345
*
1,283,879
3454.
147, p.
From Jan. 1—
and molasses
Other operating
Other income
income-
143,908
a90,533
-
Extraordinary income.Adjust, with respect to
opers. of prior years..
„
40,164,688
7,281,229
59,528
91,034
145,687
229,295
bl59,822
m*
58,396
49,094
110,928
"
—V.
46,253,184
10,283,221
45,266,216
9,385,415
40,814,585
6,818,212
2,185,367
Net from railway
Net after rents..
5,432,795
5,550,792
2,994,952
147, p. 3454.
RR.*—Earnings—
Denver & Rio Grande Western
1935
1938
1937
1936
$2,388,234
790,937
487,194
$2,288,427
.
417,105
108,804
$2,379,288
612,452
368,505
$2,093,313
755,241
569,595
3,179,400
24,869,107
2,415,593
23,363,766
4,278,902
19,148,093
4,245,468
def72,901
def225,514
1,437,158
2,029,516
November—
m mm mm m m
,
Gross from railway
$1,125,792
on notes
2,685,347
Gross from railway
Gross profit from sugar
Int.
2,748,914
November—
2,938,628
136,083
$680,017
51,512
and other expenses.--
20,957,945
2,179,691
2,937,084
Gross from railway
Net from railway
Manufacturing, shipping
Depreciation
23,026,701
4,137,155
Delaware Lackawanna & Western RR.—Earnings—
1938
1937
1936
1935
$4,015,977
$3,960,045
$4,258,299
$3,682,399
916,778
712,692
1,159,967
771,738
Net after rents
427,288
264,905
824,490
430,363
$7,677,395
3,638,035
$9,076,924
4,582,993
23,316,265
4,195,231
565,487
1—
Net after rents
1935
Income from sugar
$9,165,852 $12,074,400
4,732,927
6,101,721
417,896
$1,828,169
128,018
42,037
Gross from railway
Net from railway
Sept. 30
1936
1937
1938
From Jan.
1936
$2,272,755
19,194,175
4,556.379
railway
after rents
Net
1935
1937
$1,952,064
236,703
165,830
.
Gross from railway
Net from
RR.—Earnings—
1938
$1,945,363
622,301
509,259
November—
25, amounting to
the corresponding
(& Subs.)—Earnings—
Consolidated Statement of Earnings Years Ended
share to stock¬
The Fund has
dividends of 15 cents each during 1938.
Company has declared a special dividend of 10 cents a
Dec. 21, 1938, payable the same date.
holders of record
Weekly Output—
electric
admitted to dealings on
Fund, Inc.—Special Dividend—
Delaware
He believed that her election could
the growing importance of the woman's
viewpoint in the public utility business.
He pointed out that a considerable
percentage of the system's employees were women and that Mrs. Norton's
counsel would be helpful in matters affecting them.
Consolidated
Records, Inc.—Admitted to Dealings—
The company's common stock, par $1, has been
the New York Curb Exchange.—V. 147, p. 3760.
of the
half.
,
resigned as Controller of the Phila. & Reading Coal &
position he filled for eight years, to become Con¬
troller of this company, effective Jan. 1.
Mr. Page was for three years
a member of the board
of the Controllers Institute of America and for
one
year its President.
He is at present a member of the Institute's
advisory council.—V. 147, p. 3908.
Earl D. Page has
Iron Co. of Philadelphia, a
Or66T siiic6 1907
system, for the past year and a
be construed as recognition of
1938
Dec. 27 at the regular
monthly meeting of the board—Mrs. Kenneth B. Norton of Bronxville,
N. Y.t who is the first woman to serve on the directorate of a major utility
company in the country, and Neal Dow Becker, President of the Intertype
Corp., Brooklyn, N. Y.
Mrs. Norton and Mr. Becker fill posts left vacant by the resignations
of Lewis Gawtry, President of the Bank for Savings, and Louis M. Greer.
Mr. Gawtry had served as a trustee of the company since 1923 and Mr.
he
31,
approved by the holders of ova* two-thirds of each class of stock.
An
application to list the 640,000 shares of new common stock par $1 per share
resulting from such reclassification, was filed with the New York Stock
Exchange on Dec. 16, 1938.
Under date of Dec. 21, the company was notified by the Committee on
Stock List of the New York Stock Exchange that the Committee had
decided not to list the said stock.
The Committee has informed the com¬
pany that this action was taken, not because of the proposed change from
no par value to $1 par value stock,
but because the Committee planned
to consider at an early date the advisability of making application to the
Securities and Exchange Commission to remove from listing and registration
the common stock of tne Cuba Co. because of its apparent unsuitability for
continued listing on the New York Stock Exchange.
The Committee further stated that when the company files its charter
amendment changing the presently listed common stock to stock of $1 par
value, the listing of the issue and trading on the New York Stock Exchange
will automatically cease.
To effect the reclassification approved by the stockholders of The Cuba
Co., the certificate of amendment of the certificate of incorporation of the
Cuba Co. will be filed on Dec. 30, 1938.
In accordance with the decision of the Committee on stock list, trading
in the common stock of the company on the New York Stock Exchange
ceased on Dec. 31.—V. 147, p. 3453.
Continental Insurance Co.—Year-End Dividend—
The directors have declared a semi-annual dividend of 80 cents per share
n 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. 10, 1938. and Jan. 11,1937.
-V. 146. p. 2527.
no
Dec.
Financial Chronicle
4052
$2,305,718
$1,600,335
$1,199,763
245,160
40,745
28,798
59,222
97,426
Gross from railway
78,931
57,095
Net from railway
Net after rents
8,800
10.901
Gross from railway
Net from railway
'
—V. 147, p. 3454.
payable—
Net from railwayNet aftpr rents
From Jan.
Other interest, exchange
and discount
Legal & auditing fees and
92,451.
88,507
property retired .
Prov.for U S. Fed.inc.
& other taxes & Cuban
"17,845
139,763
50,000
279,854
65,000
175,130
65,000
85,000
65,000
Profit for the year_.__
$784,988
3,738,332
$1,817,904
2,227,843
$1,213,253
5L619
127,060
$639,180
87,729
135,943
13,258
$4,523,320
$4,097,366
$2,227,843
$876,111
178,500
357,000
21,341,928
25,655
profits taxes
Prov; for contingencies.
1—
other expenses/
Miscellaneous
"Loss
i-
expenses.
on
Denver & Salt Lake
870,111
17,419
Miscellaneous credits
b Prior year's adjustm't
'
1937
1935
1936.
$268,936
131,668
$287,357
$276,424
98,946
$292,465
157,426
131,106
164.768
99,740
132,418
142,253
1,978,541
581,160
2,491,385
625,004
2,553.328
751,649
1,974,699
856,214
760,749
Net after rents
Previous balance.
Ry.—Earnings—
1938
November—
751,368
915,455
1,133,739
From Jan. 1—
Gross from railway
Net from railway.
Net after rents...
-
—V. 147, p. 3454.
_
"2",034
Dividend paid
Earned surpl. Sept. 30
Earnings
share
per
$4,344,820
$3,738,332
$2,227,843
From Jan.
on de¬
the company (part of
by the debtors to ex¬
isting arrangements with the company), $88,772, income from cutting and
sale of timber $1,760.
b Additional income on final realization of crop 1936-1937 sugar and
molasses of $148,676, over-provision for contingencies $38,000, total $186,675; less additional wages claimed under Cuban labor laws $18,695, addi¬
tional municipal taxes, $4,877, and miscellaneous (net) of $3,281, balance
(as above) $159,822.
Note—The par value of the capital stock was reduced from $10 to $7.50
per share during 1938 and the amount of such reduction ($2.50 per share)
was paid to stockholders in cash.
a
1938
$
2 ,266,250
Sugar on hand, &c. 2 ,616,499
2,554,085
Cash
<
Liabilities—
4,703,125
3,684,014
Capital stock."....
Accts.
accrued
50,681
15,531
Est.
139,431
72,051
316,206
404,823
Mat'ls & supplies,
dividends
Int.
10,193
from
Deferred
can
&
rentals—
paid
&
10,193
247,753
247,753
22,854
16,555
427,000
gencies
503,091
Earned surplus
16,092
Deferred claims
chgs.
134,238
on
credits..
387,823
Investments
Def.
50,513
Reserve for contin¬
for advs.,
(less reserve)...
z
expenses on
(censos)
properties
16,092
Capital surplus
415,000
4,344,820
2,363
3,738,332
2,363
143,295
Total
10,753,897 12,238,960
•
included in the above consolidated balance sheet.
Subject to con¬
of existing arrangements with the debtors, the officers of the
tinuance
company except that future
to
approximately $68,800
collections against such claims will amount
(1937, $150,000).
z In
wholly-owned sub¬
748.
sidiaries not consolidated, at cost.—V. 146, p.
Cuba
Co.—Stock
Reclassified—New Stock Not Listed
on
Exchange—
At the adjourned special meeting of the stockholders on Nov. 30,
the
proposed reclassification
of
$620,620
312,643
$553,218
238,768
the
1935
$650,215
394,712
153,105
154,798
222,417
282,377
4,471,945
1,518,957
6,921,397
3,267,630
6,975,554
3,481,529
7,361,389
4,004,543
922,196
Net after rents...
2,097,850
2,419,426
2,291,905
1—
Gross from railway
Net from railway
Net after rents
'
Detroit & Toledo Shore Line
1936
1935
$371,423
233,013
133,414
$321,377
194,522
63,364
$312,673
168,931
85,877
2,337,487
3,504,582
1,011,499
1,923,284
3,518,153
1,942,646
3,168,761
1,720,100
272,624
996,306
992,193
900,278
$306,208
155,725
1
From Jan- 1—
106,980
'
Net after rents
—V.
RR.—Earnings—
1937
1938
Gross from railway
Net from railway
Net after rents
147, p. 3454.
Discount Corp.
of New York—Extra Dividend—-
share in addition to
dividend of $1.50 per share on the common stock,
holders of record Dec. 22.—V. 147, p. 3909.
Directors have declared an extra dividend of $1 per
the regular quarterly
both payable Jan. 3 to
Dome
no
Mines, Ltd.—Additional Dividend—
par
share on the common
value, payable April 20 to holders of record March 31.
A
will be paid on Jan. 20.—V. 147, p. 3608
45,661
10,753,897 12,238,9601
x After reserve for depreciation of $557,117
(1937,
$425,463).
y Com¬
pania Azucarera Atlantica del Golfo has deferred claims receivable which
are not
1936
1937
$490,443
221,341
70,168
.
RR.—Earnings—
1938
Dominion
Total
..."
similar dividend declared on Dec. 14
179,613
58,623
Misc. claims, &c_.
118,254
Detroit Toledo & Ironton
November—
stock,
pre¬
expenses-_
104,474
'
Directors have declared a dividend of 50 cents per
y
y
19,331
610,959
108,619
-
Gross from railway
Net from railway
Div. checks pay..
Liens
Special deposit for
grow,
ship,
306,472
and
molasses
at cost
Recelv.
handling
228,053
123,318
Accrued taxes
16,973
35,713
733,803
178,820
150,758
-
November—
$
7,140,000
180,274
40,318
Margin deposit
Accts. receivable.-
1937
$
5,355,000
payable and
Molasses
5,557
844,696
198,848
—V. 147. p. 3454.
1937
$
Prop.,plant &eq. 4 ,752,387
36,392
147, p. 3454,
From Jan.
$70,208
24,384
$92,176
44,905
817,125
233,529
Gross from railway
Net from railway.
Consolidated Balance Sheet Sept. 30
1938
Assets—
x
—V.
1935
"1936
$74,974
14,592
„
1—
Net after rents
ferred claims, in excess of cost attributed thereto by
this amount may be subject to continued adherence
.
-
Gross from railway
Net from railway.
$0.89
1937
$95,284
46,086
Net after rents
$870,111
$2.54
$1.70
realized by Compania Azucarera Atlantica del Golfo
$1.10
Ry.—Earnings—
1938
November—
Gross from railway
Net from railway
on
714,000 shares..
Amount
Detroit & Mackinac
6,000
Miscellaneous charges.
Transfer to capital surpl.
capital
stock
of the
1938,
company
was
Fire Insurance Co.,
Ltd.—Extra Dividend—
dividend of $2 per share in addition
regular semi-annual dividend of $3 per share on the common stock,
both payable Jan. 3 to holders of record Dec. 31.
Like amounts were
paid on Jan. 3, 1938.
An extra dividend of $2 was paid on Jan. 2, 1936,
and on Jan. 2, 1935, and an extra of $1 per share was paid on Jan. 2,
1934.—V. 145, p. 4115.
The directors have declared an extra
to the
Dow Chemical
The
New
York
Co.—Listing—Requisition, &c.—
Stock
authorized the listing of 86,988
on official notice of issuance
Exchange has
additions, shares of common stock (no par)
pursuant to the provisions of an agreement of statutory merger between
the Dow Chemical Co. and Great Western Electro-Chemical Co. dated
Nov.
19,
1938: making the total amounts applied
shares of common
stock.
k-
_
for to date: 1,031,988
Volume
147
Financial
Chronicle
The Dow Chemical Co. and Great "Western Electro-Chemical
Co., have
entered into an agreement of
statutory merger dated as of Nov. 19, 1938,
whereby Great Western Electro-Chemical Co. will be merged into The Dow
Chemical Co.
► The plan of merger provides in effect for the issuance of
«^nv?
l ne
to
ditional shares of common stock of Dow Chemical Co. to cover the
exchange
and conversion of 94,550 shares of
6% cumulative preferred stock (par $20)
each and 69,260 shares of common stock
room and the
engineering department which will be moved from Massilion,"
according to officials.—V, 147, p. 3158,
(no par) or Great Western Electro¬
approved on Nov. 19, 1938 by a majority
The merger was
of the board of directors of each or the
corporations and was submitted to
the shareholders of each corporation at
meetings
Eastern Massachusetts Street Ry.-
Period End, Nov. 30—
Ry. oper. revenues
Ry. oper. expenses..
separately held on Dec. 22,
1938 and approved by the required two-thirds vote of the stockholders of
each class of the respective
companies.
► Upon the effective date of the agreement of statutory merger, the holders
of shares of 6
% cumulative preferred stock, ($20 par) each, of Great Western
Electro-Chemical Co. will be entitled to receive three-sixteenths of a share
of common stock (no par) of Dow Chemical Go. for each share of
preferred
stock held, and the holders of common stock of Great Western ElectroChemical Co. will be entitled to receive one share of common stock of Dow
Chemical Co. for each share of
common
Net ry. oper. rev....
Taxes...
_
Profit from operations
Other income.
_ .
.
.$1,322,582
.
Gross income.........
Income charges
Provided for Federal income taxes—^estimated.........
........
.
Minority interests' share of profits & losses of subs (net loss)...
:
$318,863
defl66,4l9
def388,174
Net after rents—..— def210,965
def570,952
From Jan. 1—
Gross from railway.....
Net from railway.
Net after rents........
—V.
$1,414,720
$162,627
608,999 ' def321,734
327,062
def367,278
_
5,423,259
4,423,566
9,320,617
Gross from railway.
Net from railway.
__
defl9,154
defl3,029
1,702,610
92,867
defl01,695
2,690,389
686,876
470,523
-
..
.
1938
$102,343
*
.
Net from railway.
Net after rents.
—V. 147, p. 3455.
1,017,195
def50,776
def284,335
2,210,162
534,509
386,942
$114,266
21,570
6,696
1938
$1,383,939
maintenance and taxes.,
xl,056,175
xl,014,526
Net operating revenue
Other inc.—Int., rents & sundry rcts.
$327,/64
8,131
$284,341
6,849
Total Income-.......
Interest and other charges..—
Prov. for. Fed. income taxes.
$335,895
154,175
$291,190
163,189
y32,303
&c.)
Preferred dividends....
Common dividends..
x
'
i
See
x
.
x
$95,697
18,000
73.500
$139,454
18,000
42,000
—
1936
1937
$1,298,867
42,266
See
1,329
115
(notes, loans,
—-
526.689
488,299
Cr24,722
502,406
—
281,960
Other deductions
Cr21,760
chgd. to constructs
Balance
$366,407
155,041
y20,296
.
$8,693,552 $30,520,904 $36,185,686
$8,788,675 $30,155,646 $36,009,496
3,162,784
12,425,431
12,844,976
$358,519
/ ,887
.
1938—12 Mos.—1937
84,100
Other int.
$1,194,145
835,625
.......
Subs.)-—Earnings-
Cr5,923
—-
13,473
defl36,613
Oper,
Net income..—
$35,345
$8,699,475 $30,519,575 $36,185,671
240,483
381,003
740,371
151,283
744,932
916,446
Co,—Earnings—
Appropriation for replacements....
48,229.
$144,790
63,540
69,000
47,594'
$29,904
sur$5l2
$616,049
471,259
$149,865
63,540
68,000
9,000
4,738
1938—3 Mos.—1937
Other income deductions
966,090
1,242,082
232,506
defl4,308
Year Ended Sept. 30—
Gross operatingrevenue-............
_
sur$3,619
:
$628,737
478,871
Gross income—$7,307,118
Int. on long-term debt..
3,070,221
$104,227
30,348
9,631
1,290,598
226,437
defl4,582
—
_>
Operating income.... $7,303,520
Other income87,698
1935
Int.
exps.,
.....
Net oper. revenues... $7,303,520
Rent for lease of plants
x
Durham Public Service
5.0
Operating revenues.—..$25,885,963 $27,301,019 $104768,130 $109103,010
Oper. exps., incl. taxes— 14,673,085
14,671,093
58,406,897
58,007,084
Prop, retire. & depletion
reserve approps.._...
3.936,374
15,840,329
14,910,240
3,909,358
23,596
9.649
1936
$92,752
def4,508
def24,144
defll,718
....
ih
10.9
■Earnings—
1937
7,414
.
Net after rents....
From Jan. 1—
Gross from railway.._T
hlfCfQCLSC
Amount
11,751,000
5,729,000
3,881,000
1938—11 Mos.—1937
$20,027
5,776
(net).............—
Duluth Winnipeg & Pacific Ry.-
1937
Electric Power & Light Corp. (&
147, p. 3455.
November—
Gross from railwayNet from railway
i
1938
$179,005
2,713,515
862,788
623,630
def820
loss$45,950
$19,172
5,776
5,000
4,776
„
Period End. Nov. B0—
1935
1936
$224,685
63,105
35,793
..
From Jan. 1—
Gross from railway
Net from railway....
Net after rents...
—V.
$128,811
..
..
Net after rents
1937
$175,676
4,532
$72,832
—V. 147, p. 3308.
Duluth South Shore & Atlantic Ry.- -Earnings—
1938
_
Total deficit
145, p. 757.
November—
loss$34,504
1938—Month—1937
$64,998
$64,243
45,826
44,215
Operating surplus....
Fixed charges, a —
Renewals.
11,527.470
18,926,938'
11,213,072
26,566,887
16,913,707
13,482,729
582,642
1,150,393
Edmonton Street Ry.-—Earnings■—
Taxes
8,891,667
2,769,756
1.992,941
.....
544,233
1,104,187
$30,012
Period End. Nov. BO—
Total revenue
Total oper. expenditures
1935
1936
$236,967
52,137
102,807
63,999
—V. 147, p. 3910.
Duluth Missabe & Northern Ry.—■Earnings—
1937
46,879
97,393
..........
Operating Subsidiaries of—
been eliminated La this statement.
The accounts of a Mexican subsidiary,
relatively insignificant in amount, have been included in this statement at
the rate of exchange prevailing during the greater part of the period.
147«p. 3909.
1938
$1,687,085
American Power & Light Co..120,185,000 108,434,000
Electric Power & Light Corp.. 58,206,000
52,477,000
National Ppwer & Light Co... 81,586,000
77,705,000
.$1,054,422
November—
$1,721,252
•>
16,061
'
Notes—Inter-company sales and other inter-company transactions have
Gross from railway..._
Net from railway
$120,440
$1,623,086
>
For the week ended Dec. 22,1938, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp., and National Power & Light Co., as
compared with the corresponding weekjiuring 1937. was as follows:
.
Net income before adjust, for minority interests in subs.....$1,038,361
Net income
$174,284
467,485
Ebasco Services, Inc.—Weekly Input—
.$1,787,151
613,972
134,819
......... ..........
...
•
464,569
.
.
$1,666,002
55,250
Net inc. before prov.
for retirement losses
—V. 147, p. 3760.
782,923
——————
—
.
3,874,461
$115,636
4,804
rents,
Depreciation
....
$2,074,642
451,556
$2,133,487
$169,692
4,592
...
...
Gross corp. income...
on funded debt,
freight) ....$8,069,093
5,325,418
^ *..
638,170
...
$5,949,103
$155,052
39,416
Interest
......
1938—11 Mos.—1937
$5,875,975
3,742,488
$210,396
40,704
Other income......
Earnings for 4 Months Ended Sept. 30, 1938
Selling and administrative expenses.
Provision for depreciation and amort
...
Net after taxes
-Earnings—
1938—Month—1937
$552,459
$491,851
342,063
336,799
.a.
stock held.
Saies (net of returns, allowances, cash discounts, and
Cost of sales (excl of provosion for depreciation)
a.° Plans to expand facilities at the Cleveland stamping plant
a on®-story building which will increase present area by 30%.
n
stamping plant is having
a record production month this December,
working three shifts and future commitments warrant expansion of facilities
include additional production area as well as to accommodate the tool
86,988K ad¬
chemical Go.
4053
—
Preferred divs. to public.
applic. to mln.
$3,474,291
1,971,618
1,993,423
1,368,927
Cr90,594
2,126,795
1,036,756
0130,380
$4,635,625 $14,458,459 $20,131,349
1,975,013
7,886,473
7,924,870
Portion
Net
235,218
39,986
—68,935
Interests..
913,423
equity of EL Pow.
& Lt. Corp. in inc.
of subsidiaries——- $1,433,738
Elec. Power & Lt. Corp.—
$2,620,626
$6,336,768 $11,293,056
$1,433,738
$2,620,626
$6,336,768 $11,293,056
$1,433,826
$2,620,626
46,313
414,866
50,003
397,244
$6,337,921 $11,293,669
261,099
199,552
1,658,165
1,588,974
$972,647
'$2,173,379
$4,418,657
$9,505,143
19L730
226.775
191,739
Net equity in inc.of subs.
Other income
Total.
$56,069
.
.
-
—
—
Expenses, incl. taxes—
18,000
42,000
Int. & other deductions.
Includes $152,243 in 1938 and $129,750 in 1937 provision for replace¬
y
Including surtax.
1,153
88
——-
135,000
,
613
Bal. carried to consol.
ments.
earned surplus...
Balance Sheet Sept. 30
Assets—-
1938
V*
1937
Liabilities—
1938
300,000
300,000
700,000
Funded debt..... 2,126,100
x
1937
700,000
2,126,100
«
Public utii. prop's. $3 ,458,044 $3,344,323
Misc. inv. (at cost)
9,984
5,337
Com.
chgs.
6% cum, pref. stk.
Cash...
.....
16,303
80,331
a
Consumers acc'ts
receivable.——
97,036
a
Mdse. accts.rec.
174,676
a
($100 par).....
Other notes arid
stk.
Indebt.
exps.
for reorganiz'n
of certain subs. _
Statement of
($100
par).
92,154
175,090
Includes non-recurring
Period End. Nov. 30—
Gross inc.: From subs—
Cities
to
Serv. P. & L.Co.
131*561
60,902
70,526
Notes payable
Accts. payable
6c other exps—
29,692
13.685
783
510
Cities Service Co
178,027
190,509
62,489
1938—12 Mos.—1937
$2,261,037
1,153
$1,739,607
613
127,618
76,022
88
—
,
Current acct. with
Accts. rec.(pers'l).
Deferred charges.
Other..—..
32,319
Income
(Corporation Only)
1938—3 Mos.—1937
$573,263
$432,917
Elec. Advisers,Inc.
accts. receivable
Materials
Prepd.
.....
Ins.,
6,837
5,878
.
(current acc't)
Acer. int.
on
,
other deductions—
.
56,326
17,257
10,106
28,241
43,250
b34,031
Notes payable (not
&
.
$527,038
$382,914
$2,001,091
$1,540,668
on gold debs., 5%
series, due 2030Int.
on
Power Securs.
387,500
387,500
1,550,000
1,550,000
9,744
38,974
x$14,330
$342,926
Corp. coll. trust gold
bonds, Amer. 6% sear.
for Fed. in-
current)
$1,740,220
199,552
Int.
fund.
come taxes.....
Tickets
$2,262,190
261,099,
Net inc. before int. &
2,291
6c other debt...
ProV.
$432,917
50,003
Expenses, incl. taxes..
1,422
—
Accrued taxes....
$573,351
46,313
Total-.:—.
&
accr'd expenses.
taxes
—■
,
50,530
20,522
tokens
4,724
3,982
73,763
66,932
Reserves
167,906
Surplus..........
347,450
131,687
267,996
outstanding....
68,160
17,084
Amort, of debt disc't &
exp. on gold debs
Prem. & exp. on Power
Securs.
Corp.
bonds
9,744
1,031
538
retired-——.—;
38,974
Consum. 6c line ex¬
tension deposits
Total
a
$4,096,313 $3,914,317
After
reserves,
...
..$4,096,313 $3,914,317
b Including surtax.—V. 146, p. 749.
East Kootenay Power Co.,
Period End. Nov. Zb—
Gross earnings.........
Ltd.—Earnings-
1938—Month—1937
Operating expenses.....
Net
Total
.
earnings
1938—8 Mos.—1937
$46,743
14,732
$378,216
120,449
$371,790
114,283
$29,661
$32,011
$257,767
$257,507
—V. 147, p. 3455.
Co.—Acquisition—
Purchase of the former Acme Rubber Co. plant, in Massilion, Ohio,
containing 25,000 square feet of floor space and which will be used as «a
chemical and physics laboratory and warehouse, and acquisition of a tract
of land adjoining the Reliance Spring Washer division, also in Massilion,
which was purchased for possible future expansion, was announced by J. O.
Eaton, Chairman of the Board of this company.
x
Loss.
—
.—
$112,172
x$48,306
"
Summary of Earned Surplus for
the 12 Months Ended Nov. 30,1938
$3,558,022
—,
839,448
342,925
Earned surplus, Dec. 1,1937—
Adjustment upon liquidation of subsidiary
...
Net income for the 12 months ended Nov. 30,1938—,
Earned surplus Nov. 30,1938
$45,711
16,050
Eaton Manufacturing
Net income—_
;——
—
......
$4,740,397
Notes—(1) Suit (for which no provision has been made in the accom¬
panying statement) was brought on March 18, 1938, in Kennebec County,
Me., by holders of 301 shares of the preferred stock of Utah Power & Light
Co., a subsidiary, against Electric Power & Light Corp. and that company,
demanding, among other things, either cancellation of the common stock of
Utah Power & Light Co., all of which is owned by Electric Power & Light
Corp., and repayment of all dividends on such stock, with interest, or
payment by Electric Power & Light Corp. to Utah Power & Light Co. of
$30,000,000, representing the par value of such common stock, as originally
issued, together with interest thereon from the date of issuance of such stock.
Counsel for the corporation is of the opinion that the suit is without merit
and the corporation intends to take all steps possible to protect its legal
rights.
(2) No provision has been made in the above statement for un¬
declared cumulative dividends on preferred stocks.—V. 147, p. 3456;
Financial
4054
1937
1936
-$1,357,414
497,668
$1,148,717
$L836,020
*L328,869
133,;685
346,597
def5,727
Zif'IAo
531,503
351,601
10,572,057
2,000,088
20,432,527
6,389,915
17,1,*-,598
5.290,554
12,832,891
3,658,072
813,877
Net from railway
Net after rents
3,878,804
3,613,674
Gross from railway
Net from railway
Net after rents
—V.
1938
Dividend—
Company paid a dividend of 15 cents per share on the common stock
Dec. 22 to holders of record Dec. 12.
This compares with 20
1935
1938
31,
Federated Publications, Inc.—Pays 1 h-Cent
Elgin Joliet & Eastern Ry.—Earnings—
November—
Gross from railway
Dec.
Chronicle
v..t. c. on
cents
paid on May 5 last and dividends of 25 cents paid on Dec. 28,
1937, and each three months previously.—Y. 146, p. 3186.
1937,
Oct. 2,
Pay 10-Cent Dividend—
Fedders Mfg. Co., Inc.—To
The
2,577,346
have declared a dividend of 10 cents per share on the
stock, par $5, payable Jan. 10 to holders of record Dec. 22.
This
directors
common
compares with 35 cents paid on Oct. 1, 1937 and dividends of 25 cents paid
July 1 and on April 1, 1937, this latter being the initial payment on the
larger amount of stock now outstanding.—Y. 147, p. 1775.
147, p. 3910.
on
Ei Paso Natural Gas Co.
$513,587
132,949
Operation
Maintenance
(Del.) (& Subs.)— Earnings1938—12 Mos —1937
'874,870 $4>577,808
1,393,691
1,292.496
1938—Month—;1937
Period End. Nov. 30—
Gross oper. revenues...
^
$439,073
116,102
101,378
113,663
441,332
55o,058
407,281
523,729
$226,083
$2,383,411
907
11,205
$2,240,639
10,072
...
Taxes (incl. Fed.inc.tax)
Pro v. for retirements
42,760
57,706
Net operating income.
Other income
$270,099
Fenton United Cleaning & Dyeing
11,724
26,732
48f431
824
um
i
-
'
April 15 and Jan. 25, 1938, on Oct. 15 and July 15, 1937,
or $3.50 was paid on June 16, 1937.—V. 147, p. 2089.
The
$270,923
$226,990
$2,394,617
33,675
883,566
Amort, of debt expense-
2,653
2,793
398,809
32,542
$235,921
$190,523
Drl 1,653
$1,963,265
Dr8,288
$1,833,461
Dr20,945
34,992
$235,921
$178,869
$1,954,977
Pref. stock div. require'ts
8,632
8,632
103,579
Bal.forcom.divs.&sur
$227,289
$170,238
$1,851,398
of 10 cents was
dividend of $1.12J4 per share
A pref. stock and class B pref stock, payable Dec. 22, to
holders of record Dec. 15, leaving arrears of $1 per share on these issues.
—V. 146, p. 107.
■
board of directors have declared a
^
*
dividend of 20 cents per share on the common
stock, payable Dec. 30 to holders of record Dec. 27.
This compares witn
15 cents paid on Sept. 30, last, and 10 cents paid on June 30 and on March
30, 1938.—V. 147, p. 2088.^
¥> Directors have declared a
Erie RR.—Earnings—
.[Including Chicago & Erie
RR.J
1938
1937
1936
1935
$6,254,224
1,516,172
$5,994,911
1,065,976
$6,455,925
1,986,449
November—
531,458
railway
Net from railway
241,508
$7,458,038
2,514,268
1,554,535
63,378,383
Gross from
78,219,429
22,144,526
77,310,562
23,598,953
68,890,652^
18,620,137
13,568,794
15,067,669
11,858,039
Net after rents....
1,225,594
1-—
Gross from railway
Net from railway
12,034,268
2,668,657
after rents
full operation for
E. H. Marsh,
the spring selling season.
Vice-President of the Fisk Tire Export Co., and K.
Special stockholders' meeting scheduled for Dec. 23 has been postponed
until after the holidays, the date to be set later.
•
* Shareholders were to vote on proposed increase in authorized common
stock from 300,000 to 500,000 shares to take care of conversion provision
ijU$2,000,000 debenture issue planned.—V. 147, p. 3910.
authorized
greater amountby the Secretary of State forto time determinefees payable
as directors may from time payment of the and as may
e
on
(Del.)—To Pay 12%-Cent Div.—
a dividend of 12 Y* cents per share on the common
stock, payable Jan. 1 to holders of record Dec. 21.
Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 147, p. 737.
such greater amount.—V.
railway
Net from railway
Net
40,785
5,158
13,328
41,521
4,233
12,690
Non-oper. income (net).
$16,645
8
$16,189
Dr5
$168,084
116
Balance.
Retire, res. accruals
$16,654
5,000
$16,184
5,000
$168,200
60,000
$179,570
60,000
$11,654.
1,150
$11,184
1,329
$108,200
12,246
$119,570
12,324
Maintenance
...
Taxes...
Net oper. revenues
'
$179,465
105
.....
$10,504
$9,856
$95,954
$107,246
95,962
Netincome
Dividends declared...'
tributed to present stockholders of Farnsworth Television in the ratio of
46 shares for one held and the old company will be dissolved.
The new com¬
is
7,677,221
1,792,324
76,995
594,192
6,956,178
909,142
def262,468
Florida Power &
Light Co.—Earnings-
Period End. Nov. 30—
1938—Month—1937
1938—12 Afos.—1937
Operating revenues
$1,133,103
$1,089,018 $14,809,298 $13,779,470
Oper. exps.,incl. taxes__
561,498
630,135
7,526,217
7,411,562
Prop, retire, reapprop.
116,667
66,667
1,150,000
866,667
$5,501,241
$454,938
$392,216
$6,133,081
221
221
2,651
2,651
$455,159
21,733
$392,437
25,726
$6,135,732
559,327
$5,503,892
457,996
$476,892
216,667
110,000
23,967
$418,163.
216,667
110,000
23,842
$6,695,059
2,600,000
1,320,000
243,944
$5,961,888
2,600,000
1,320,000
262,028
$67,654
Dividends applicable to preferred stocks for the
period, whether paid or unpaid.
$2,531,115
$1,779,860
1,153,008
1,153,008
$1,378,107
$626,852
Rent from lease of plant.
Operating income
Other income (net).
Gross income._ 1
Inc.—Forms New Company—
of Farnsworth Television, Inc., lias an¬
nounced to stockholders the creation of the Farnsworth Television and
Radio Corp. and a plan to transfer all assets of Farnsworth Television to
the new company for 690,000 shares of its stock.
The stock will be dis¬
2,000,000 shares of $1 par value stock.
Consent of the holders of two-thirds of the stock of Farnsworth Tele¬
vision is required for the change.
The new company, chartered in Delaware, will have as its directors
Mr. McCarger, Philo T. Farnsworth, Donald T. Lippincott, George Everson and Bartley C. Crum.
pany
8,454,522
1,974,663
645,701
1935
$582,277
85,523
14,689
—V. 147, P. 3457.
Int.
McCarger, President
145,992
105,890
Farnsworth Television,
Jesse B.
$688,623
148,545
46,939
8,694,295
2,371,691
889,432
Net after rents.
—Y. 147. p;3910.
f
$750,662
1—
Gross from railway
Net from railway
Net oper. revenues
Grossincome
Interest charges.......
1936
1937
$687,644
159,475
49,787
„
,*
after rents
From Jan.
Earnings—
1938
November—
Gross from
WorksACo.—Earnings—•!£
1938—12 Mos.—1937
$881,466 * $874,662
503,170
473,615
52,570
68,961
157,642
152,620
147, p. 3911.
Florida East Coast Ry.
Directors have declared
Operating revenues
Operation
Ltd.—Capital Increase Approved—
on Dec. 19 unanimously approved an increase in authorized
capital to 200,000 shares of no-par stock from 100,000 shares.
Directors under terms of the by-law were authorized to sell additional
100,000 shares for a consideration of not more than $1,000,000 or such
Shareholders
Cb.—Meeting Postponed—
1938—Month—1937
"
$75,917
$74,633
R.
Vogel, Secretary of the company, have just returned from Sweden, where
arrangements were concluded.
They report prospects excellent.
The factory now employs approximately 400 workmen and it is antici¬
pated that when it gets under way there will be 500 employees.
The build¬
ings cover an area of 107,600 square feet and the total area belonging to the
plant is over 247 acres.
The entire direction and operation of the factory
will be under Fisk engineers and chemists.
It is not anticipated that this new development will materially affect
the tonnage now being produced at the main Fisk factory at Chicopee
Falls.—V. 147, p. 3610.
Fleet Aircraft,
Fall River Gas
auto¬
Fisk branch manager and later
Swedish distributor of Fisk tires for more than 20 years, will be managing
director of the company.
J. A. Peterson, connected with the Fisk organ¬
ization at Chicopee Falls, in the engineering division, will be factory man¬
ager.
In addition to appointments announced a skeleton organization will
be sent to Sweden to instruct Swedish workers in Fisk standards.
'
The Viskafors factory, located near Gothenburg, largest seaport, in Swe¬
den, will be equipped with modern tire-making machinery to manufacture
a complete line of tires under Fisk patents.
Production will be between
300 and 500 tires and tubes per day.
It is expected the factory will be in
—V. 147, p. 3910.
Fairmont Creamery Co.
Swedish interests,
firm,
former
Osterman,
Wilhelm
Captain
(Boston)—Larger
____
28, together with
together with mechanical rubber goods.
mobile tires,
upon the class
Dividend—
Corp.—Acquires Swedish Interests—
corporation announced Dec.
the acquisition of a rubber factory at Viskafors, Sweden.
The new
to be known as the Fisk Scandinavian Rubber Corp., will manufacture
Empire Telephone Co.—Dividends—
Equitable Investment Corp. of Mass.
the common
This compares with
paid on Dec. 27, last.—V. 147, p. 1776.
Fisk Rubber
The
Period End. Nov. 30—
dividend of 20 cents
year-end
25 cents paid on July 28, last, and previously, regular semi-annual divi¬
dends of 30 cents per share were distributed.
In addition, an extra dividend
—V. 147, p. 3761.
Evans Products
special
Directors have declared a dividend of 15 cents per share on
$1,708,937
Net
a
stock, payable Dec. 30 to holders of record Dec. 20.
$1,812,516
103,579
income
From Jan.
declared
Filtrol Co. of California—Smaller Dividend—
recurring income
Non-recurr. inc. & exp._
The
have
per
the capital stock,
Net income before non-
Net
directors
share in addition to a semi-annual dividend of 80 cents per share on
both payable Jan. 10 to holders of record Dec. 31.
Like
amounts were paid on Jan. 10,1938, and Jan. 11,1937.—V. 147, p. 2531.
$2,252,019
32,349
and a dividend
Fidelity-Phenix Fire Insurance Co.—Year-End Div.—
11,380
Total gross income—
Interest....
Co.—Accum. Div.—
The directors have declared a dividend of $1.75 per share on account of
accumulations on the 7% cum. pref. stock, par $100, payable Jan. 15 to
holders of record Jan. 10.
Similar amount was paid on Oct. 15, July 15,
Int.
on
mortgage bonds.
debentures
Other int. & deductions.
Net
x
income
$126,258
Balance
capitalized at
,
on
x
Dividends accumulated and unpaid to Nov.
30/ 1938, amounted to
Latest dividends, amounting to $1.31 a share on $7 preferred
stock and $1.12 a share, on $6 preferred stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.
Note— Income account includes full revenues without consideration of
$6,029,711.
in litigation for which a reserve has been provided by ap¬
propriations from„surplus in amount of $637,941 for the 12 months ended
Nov. 30, 1938, and of $602,089 for the 12 months ended Nov, 30, 1937.—
V. 147, p. 3762.
.
rate reduction
Farr
Alpaca Co.—Quick Assets of Company—
Pres. Arthur B. Chapin has mailed to stockholders
a
statement announc¬
ing decision to liquidate, arrived at on Dec. 8, and also presenting the
working capital condition of the company as of Dec. 9, 1938.
On that date
assets totaled $487,947 and current liabilities $330,869, making
net working capital $157,078, equal to slightly over $1 per share on the
140,000 shares of stock outstanding.
Ford Motor Co.—Sales—
current
Included in current assets were:
Cash of $14,720: accounts receivable of
$111,599, largely due from factors; inventory of $357,320 (after deducting
$291,070 reserve for possible losses); and miscellaneous items of $4,308.
Current liabilities included:
Bank loans of $134,750; notes payable on
machinery of $28,877; and accounts payable, accrued taxes, and other
miscellaneous items totaling $167,242.
Not included in current liabilities
were $149,954 local taxes for calendar years 1937 and
1938, as these con¬
stitute
a
of the
machinery, the (liquidating) committee finds no fixed encumbrances
against real estate and plant, and believes the personal property will be
ample to secure for general creditors payment of their claims in full."
lie further stated:
"The committee is presently engaged in conducting a
minute survey and appraisal of all of the properties; and, notwithstanding
the delay necessarily attendant to this procedure, continues with due
dispatch to bring about a net realization on all assets—consideration to be
given, of course, to the fact that a summary and instant liquidation of
certain assets should, if possible, be avoided."—V. 147, p. 3761.
Federal Water Service
,This corporation announced
of
the
Fort Worth & Denver City
Illinois
on
Dec. 21 that it had sold all the
common
Water
Corp.
stock terminates Federal Water Service control
—V. 147, p. 2683.
November—
Net after
over
the property.
Ry.—Earnings1937
1938
1936
1935
rents
$528,614
156,775
86,337
$650,290
244,664
174,537
$637,994
277,348
211,610
$577,490
262,441
349,738
6,015,967
1,782,778
6,785,018
2,546,232
5,494,746
1,772,217
860,916
Gross from railway
Net from railway
1,747,729
1,038,693
4,951,922
1,345,958
846.234
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 147, p.
3457.
Froedtert Grain & Malting
The
Corp.—Stock of Sub. Sold—
Service Cm, a subsidiary, to the Northern
Northern Illinois Water is in no way connected with
the Federal Water Service system and the sale of Illinois Water Service's
Illinois Water
common
—V. 147, p. 3014.
lien on real estate.
Pres. Chapin stated:
"Except for municipal and other forms of taxa¬
tion, indentured mill power rentals and an unpaid balance due on a portion
stock
Sales of Ford and Mercury cars and Ford trucks in the United States
during the first 20 days of December reached a total of 37,161, it was
announced on Dec. 27 at the offices of this company.
Exclusive of the new Mercury car sales, it was the biggest first 20-day
sale of any month this year for Ford units, and exceeds Ford sales in
December last year by more than 5,500 for the same period.
Sales of
both Ford and Mercury cars continue to exceed production, it was said.
directors
have
declared
a
Co.—10-Cent Dividend—
dividend of 10 cents per share on the
stock, payable Feb. 1 to holders of record Jan. 15.
Like amount
was paid on Nov
1 last and compares with 25 cents paid on July 23 last;
15 cents paid on Nov. 1, 1937; an extra dividend of $1.05 in addition to a
regular dividend of 15 cents paid on July 25, 1937, and a dividend of 20
cents paid on July 1, 1936, this latter being the first dividend paid since
Sept. 1, 1934, when a payment of 10 cents per share was made.—V. 147.
common
P.
1925.
Volume
147
Financial
Chronicle
Gas Utilities Co.—-Final Distribution—
Directors have authorized a final distribution in
liquidation at the rate of
S3.02 per share to stockholders of record at the close of busine&s on Dec. 27.
It is expected that checks will be mailed on
Dec. 28.
The transfer books
were
permanently closed at the close of business Dec. 27, and stockholders
•vnll be requested to return their
certificates for cancelation.—V. 145, p.
General Foods Corp.—New
Marvin
General Public
Gross operating revs.
Operating
expenses
_
.
r _ _
Maintenance
1938—Month—1937
$463,464
$440,617
189,023
191,931
13,811
14,856
Depreciation
45,722
47,832
10,800
General taxes._
Fed. normal inc. taxes._
Fed. surtax on undis .prof
—
44,296
43,436
7,805
1938—12 Mos.—1937
$5,384,502
2,272,663
237,051
530,299
489,616
86,621
23,405
$5,618,467
2,346,061
208,739
545,238
561,513
111,598
4,080
Net oper. income.
$156,276
1,247
Gross income
Charges of subs
$138,293
427
$1,841,238
11,999
$1,744,847
35,623
$157,524.
29,702
Non-operating income.
$138,720
31,038
$1,853,236
367,357
$1,780,470
373,841
71,353
856,238
5,092
$624,549
38,910
$550,390
38,910
71,353
983
income
on
$55,485
3,242
5% pref. stock.
$36,329
3,242
$52,242
$33,086
,
$511,480
foi/Federal
$585,639
Note—No provision has been made in the above statement
undistributed profits taxes other than reflecting the accruals for the calendar
years 1937 and 1936 in the figures for the 12 months ended-Nbv. 30, 1938
and
1937, respectively.—V. 147,
Georgia
RR.
p.
November—
1938
railway.....
Net from railway.
Net after rents
;
1936
$284,089
1,839
def400
1935
$257,919
17,729
25,096
$345,883
94,343
73,059
From Jan. 1—
after rents
—V.
147,
p.
...
3,204,593
542,029
489,184
3,420,103
514,127
526,951
3,404,922
654,229
633,127
2,953,403
474,295
514,185
T.
t\jt
3458.
1938—Month—1937
$89,052
81,623
fr. ry. opers.
Railway tax accruals
Ry. oper. income....
Equip, rents (net)
Joint facii. rents (net)
953,436
$1,208,955
1,069,106
x$929
$68,081
82,067
x$3,619
CY2,^59
$69,705
Dr4,422
Dr21,424
Drl ,943
x$13,986
CV4.369
Dr21,l64
x$101
1,212
x$2,703
1,491
x$30,881
16,096
$43,859
$1,110
x$l,213
x$14,785
income.
Non-operating income—
Gross income...
14,862
Deducts, from income..
932
919
1 /,469
$58,721
10,360
Surplus applic. to int.
$178
x$2,132
x$25,254'
_
Great
that
Indicates loss
or
Consolidated Electric Power Co., Ltd.—Bonds
:
:
•
;.■ ■■
'
e 1944, have been designated by lot for redemption
,
Georgia Southern & Florida Ry.
November—
1938
Gross from
railway.'
Net from railway
Great Northern
November—
Net after rents
13,035
def6,305
$169,403
27,413
15,133
...
1,844,941
166,721
def47,440
2,204,516
397,466
173,068
2,082,152
289,766
64,894
36,539
and his election to the Chairmanship of the board of directors,
J. P. Spang Jr. was appointed President.—V. 147, p. 3160.
Co.—Pays15-Cent Dividend—
dividend of 15 cents per share on the common stock,
Dec. 15 to holders of record Dec. 10.
This compares
with dividends of 12M
cent£ paid on Sept. 15, June 15, and April 25, 1938;
and 25 cents per share distributed on Nov. 29, 1937, Oct. 27,
1937, and
July 20, 1937, this last being the first dividend paid on the greater amount
of shares now outstanding.-1—V. 145, p. 3973.
-V.
147,
Pay%\ Dividend—
a dividend of $1
per share on the common
value, payable Jan. 16 to holders of record Jan. 3.
Dividends
of 25 cents were paid on Dec. 15, Sept. 15 and on June 15, last; a dividend
of $1.25 was paid on Jan. 26,1938; dividends of 50 cents were paid on Dec. 15
Nov. 15, Sept. 15 and June 15, 1937; a dividend of 25 cents was paid on
March 15, 1937; a special dividend of $1 was paid on Jan. 25, 1937 and a
regular quarterly dividend of 25 cents per share was distributed on Dec. 15,
1936.—V. 147, p. 740.
- ;
Selling
(Hotel) Governor Clinton Co., Inc.—Earnings—
Governor
Clinton,
according
to
;
.
j.
—
_
....
expense.
.
expense
_
..
_...
_
_
.
......
....
...
.
_
.
.
_
Gross jncome.
.
.
.
_
1
...
...
Maintenance and repairs.
Depreciation
j_
Taxes, other than income taxesI
Research
_
$2 130,251
1, 151,273
98,627
130,992
133,995
168,500
;
54,813
35,866
...
—
.......
;
.......
_.
.^
_»
_
......
...
$357,186
....
..
_
r
_
_
.
:
...
_
14,596
...
$371,781
1,752
63,591
•
.
Other charges....
j
Provision for Federal income tax- -normal tax..
Net profit
:
$306,438
_
Balance Sheet Sept. 30, 1938
Assets—
Cash
.
j,
,/
Liabilities—
hand.
on
211,330
Accounts payable, trade......
Other accounts payable—
250,000
Deps. refundable, fully coll'ted
Accrued payroll
207,819
Accrued taxes payable..-----
420,939
Sundry accnied
$1,276
..
Demand deposits
Time deposits maturing within
one year
Accounts receivable
Inventories
*
Accrued interest receivable
Investments
225
90,540
—
plant & equipment
at cost
Prov.
processes
excess profits taxes
Dividends payable.
21,131
330
—
-
and
63,591
28,365
19,705
.
Deferred credits....
Operating
1
57,946
54,000
76,989
15,311
expenses
for, Federal income
_
x2,376,143
$70,696
81,869
reserves.——-----
6% cumul. pref. stk. (par
Common stock
1,891,000
$20)
y234,791
———————
Total
—
—
...-$3,610,2251
.
—1,058,448
After reserve for depreciation
x
69,260
no par
Green
Total
..—$3,616,225
,&c. of $3,151,697.
shares.—V. 147, p. 3309.
J-
y
Represented by
,
Bay & Western RR.- -Earnings—
November—
.
,
Gross from railway
Net from railway
1937
1938
$138,793
1935
1936
27,820
3,436
$136,629
34,847
24,117
$137,710
25,972
8,176
$123,276
def2,127
defl3,832
1,414,461
355,062
144,159
...
1,572,186
425,180
254,413
1,471,022
1,303,107
259,339
12,3231
From Jan. 1—•
Gross from railway
Net from railway
Net after rents........
—V. 147. p. 3458.
Greenhouse
•
338,844
146,631
Brandt, Inc.—Registers with, SEC—
See list given on first page of this department.
Green Mountain Power
Corp.—Bonds Called—
Corporation has called for redemption on Feb. 1, 1939 all of Its outstand¬
ing first mortgage 5% bonds, Series of 1948, at 102 and accrued interest.
Payment will be made on and after Feb. 1 at the New York office of the
Chase National Bank, trustee.—V. 147, p. 3763.
'
Guantanamo
•
Sugar Co.- -Earnings—
Years End:Sept. 30—
Gross sug. & mol. sales
Cost of cane, mfg., ship¬
x
1936
1935
$2,143,983
$1,349,887
$1,337,744
1,435,705
1,680,909
1,143,795
1,101,230
$76,423
$463,074
4,875
$206,092
35,088
$236,514
77,695
$458,199
$171,004
209,719
$158,819
218,101
ping and gen. expenses
operations.
Other deductions (net)..
on
1937
1938
$1,512,128
_
5,850
-
statistical
study of the
property just released by Amott, Baker & Co., Inc., showed room sales
of $771,000 for the year ended Aug. 31, 1938, compared to $837,000 for
the preceding fiscal year and $760,000 for the year ended July 31, 1936.
a
Co.—Earnings-
Earnings for 9 Months Ended Sept. 30. 1938
Cost of sales
no par
Hotel
75,830,152
29,660,707
21,961,341
Administrative and general
Profit
The
83,210,001
30,860,881
22.298,056
Great Western Electro-Chemical
a
Gorham Mfg. Co.—To
,
89,621,243
32,574,396
23,412,020
3458.
p.
on
The directors have declared
stock,
73,152,041"
22,847.873
13,077.945
Net after rents
Net after rents
company,
value,
1935
$6,679,470
2,422,548
1,810,705
1—
-Net from railway
,
Gillette Safety Razor Co.—New -President—
par
1936
$7,447,340
2,686,718
1,850,462
Net after rents.
1,757,212
182,556
Coincident with the resignation of S. C. Stampleman as President of the
Globe Hoist
1937
$6,602,805
2,235,300
1,431,684
1935
$198,043
33,782
17,344
—V. 147, p. 3458.
Company paid
1938
$7,030,999
2,478,379
1,680,827
Earned surplus
1936
$169,795
From Jan. 1—
Gross from railway
Net from rail way
Net after rents.....
no
Ry .—Earnings—
,
Gross from railway
Net from railway
—nominal value.--4-----Deferred & other assets
-Earnings—
1937
$171,313
16,190
def4,808
Feb. 1,
on
1939, at 100 and accrued interest, out of
sinking fund moneys which the
company has deposited with the fiscal agent.
Payment will be made at
the New York office of
Dillon, Read & Co., or, at the option of the holder,
at the office of J.
Henry Schroder & Co., London.—V. 147, p. 2533.
Licenses, patents &
deficit.—V. 147, p. 3912.
retired;
S.
Kingsland,
company, through Dillon, Read & Co., fiscal agent, announced
$450,000 principal amount of its first mortgage 7
% sinking fund bonds,
inro«s
Property,
x
A.
as
Called—
$48,361
—
W.
director of colonization and
agriculture, succeeding Dr. W. J.
Black, retired.—V. 147. p. 3458.
$139,849
7o,144
2,69 J
Dr 1,942
—
Net ry. oper..
$1,021,517
$532
Crl ,3u8
oper.,expenses.
$86,731
87,661
$7,429
6, ->97
oper. revenues .
rev.
1938—11 Mos.—1937
Vice-President and General
as
director of research and development and J.
as
Profit from operations
Other income
Period End. Nov. 30—
Net
19,003,480
3,757,584
2,173,246
succeeding
*airweat,her
'
McGowan
Georgia & Florida RR.—EarningsRailway
Railway
21,541,731
5,030,559
2,334,336
Dec. 31.
Other appointments included F. L. C.
Bond
of the central region,
^
Gross from railway
Net from railway—...
5,047,633
2,316,256
railway announced on Dec. 20 the appointment of P. D. Fitznow Chief Engineer, as General
Manager, effective on the retire¬
Net sales
1937
$292,611
56,641
50,886
22,523,109
987,582
Manager
3912.
Earnings—
Gross from
Net
16,231,814
ment of C. G. Bowker on
From Jan.
stock and surplus._
$,1880,140
514,299
338,938
df1,128,254
Gross from railway
Bal. avail. for common
1935
$2,094,696
637,724
264,519
Change in Personnel—
The
856,238
Yi % bonds.___
unfunded debt..
on
1936
$1,827,481
235,487
defl2,366
patrick,
1st mtge. and coll
on
trust 6
Divs.
budgets, has been elected Assistant Con¬
Dec. 27 by Colby M. Chester, Chairman.
1937
398,566
175,445
From Jan. 1—
on
on
Utilities, Inc. (& Subs.)—Earnings
Period End. Nov. 30—
Net
Controller, &c.—
RR.—Earnings
1938
$1,888,089
Gross from railway
Net from railway.
Net after rents...
Kimbro, Assistant Treasurer and General Supervisor of
has been elected Controller of the corporation, and Mason
troller, it was announced
—V. 147, p. 3912.
Int.
November—
Gross from railway
Net from
railway
Net after rents
W.
Accounts,
Shultz, who has specialized
Int.
4055
Grand Trunk Western
$82,273
199,953
Deprec. of mills, &c
205,502
•
Prov. for income taxes—
20,000
The hotel is said to be in excellent condition.
Reorganization of the financial structure of the property was completed
1937, and the first interest payment on the
publicly held mortgage bond issue was made this fall.
Interest on these
bonds, under this plan, is fixed at 2% per year and the bondholders control
all of the stock of the company, which has been issued.
As a part of the
reorganization a first mortgage of $750,000 was placed on the property
by one of the insurance companies and the publicly held issue is outstanding
at $5,000,000 par amount.
The 1938 assessed valuation is $5,125,000.
—V. 147, p. 1195.
in the Federal courts late in
Loss for year
After
Directors on Dec. 27 declared a dividend of 15 cents per share on the
stock, payable Feb. 1 to holders of record Jan. 16.
This will be
the first dividend paid since 1936.
Nathan L. Amster, President, stated that the company has purchased
for retirement during the year out of income $153,000 of its original issue of
common
Mr. Amster also stated the company
power plant,
has fuhy completed its
new electric
finished remodeling its concentration plant and the electri¬
The company has no bank loans and aside from
its debentures, has no other liabilities except current accounts according to
deducting
$57,282
1.418,756
sea
$1,282,057
$1,514,753
$1,476,038
freight, commissions, &c.
1938
Assets—
a
Real est.,
&C
1937
build¬
—
$4,196,014 $4,297,672
tanamo
RR
689,283
122,751
Cane planting exp.
Grow'g crops car'd
to follow, season
Profit.
30
common stk.
694,472
127,263
e
81,147
634,543
Loans pay. (see'd)
Other notes
pay,
Notes payable..
63,477
1,650
1,650
1,192,300
1,395,000
67,533
127,924
Accts. pay. & accr.
liabilities
■
827,912
Inventories
y
IAabUilies—
1938
1937
Pref. 8% stock...$1,728,700 $1,728,700
b Common stock.. 4,048,350
4,048,350
oOld
d Invest. In Guan-
82,824
118,228
Advs. to colono8__
202,721
239,669
23,662
Taxes & contlng's.
Unexp'dIns., &c—
13,119
228,832
18,891
122,336
238,417
Prov.for Inc. taxes
(net)..
118,908
Cash
Accts. rec.
$750,000 5% debentures.
$38,715
1,476,038
Balance Sheet Sept.
ings,
Granby Consolidated Mining, Smelting & Power Co.
—To Pay 15-Cent Dividend—
y$232,697
1,514,753
-
Deficit
x
$117,680
1,282,057
$1,399,736
Previous deficit
Livestock
(unsecured)
Deficit.
418,000
491,173
20,000
48(885
28,885
1,399,736
1,282,057
fication of its coal mines.
Mr. Amster, who also
said there were no other plant or property improve¬
ments contemplated for the immediate future which would require any
ubstantial outlay of capital.—V. 147,„p. 3160.
Total
$6,344,099 $6,559,6261
After reserve for depreciation of
Total
$6,344,099 $6,559,620
$2,274,956 in 1938 and $2,103,017 in
b Represented by 404,835 no par shares,
c $50 par value,
d After
reserves of $266,505 in 1938 and $289,436 in 1937.
e Partly secured.
a
1937.
Financial
4056
May Reduce Directorate—
11 will vote on decreasing
146, p. 441.
Stockholders at their annual meeting on Jan.
the number of directors from nine to seven.—V.
1935
$502,398
1938
$537,744
2 >8.894
z264,897
1937
$533,142
206,203
z244,700
1936
$506,415
183.968
z248,92.»
x258,990
$1,021,535
$984,044
$939,309
$949,753
Passem er_
Mail, express, &c
Total ry. cper. rev—.
Rv. Over. Expenses—
188,365
Maint. of \ ay & struc—
89,184
81,146
80,652
65,287
Deprec. of structures—
Maint. of equipment---
21,422
26,063
95,533
57,365
25,930
Deprec.of
103,274
HI,663
Ip nent
^
General
expense-
Boqueron Term, exp—
159,324
157,039
166,420
Miscellaneous Rev .nue
Profits on sales, &c
Rents from
n
6,280
4,677
4,261
5,908
36,800
38,976
14.469
6,321
38,167
16,458
38,342
13,209
3,898
$237,620
$274,459
$198,566
180,000
180,000
17,404
15,030
180,000
17,404
11,652
property
(net)
Hire of equip,
Miscellaneous
Net oper.
$197,408
$134,894
$210,016
$177,432
Net rev. from ry. oper.
income
4,787
15,239
-9,658
,
Depreciation
funded debt
Amort, of bd. dis. & exp_
U. S. & Cuban taxe3—
on
17,404
13,653
20,377
747
3,832
Bad debts (net)
Res. for inc. & prop, tax-
deductions-
Other
180,000
17,404
16,324
•
9,395
2.437
150
loss$10,490
y$52,674
x Incl.
$236,330 income from Boqueron terminal,
y Before deducting
$7,213 reserved for income and profits tax.
z Incl„ $239,441 in 1938,
$220,930 in 1937, and $227,152 in 1936 income from Boqueron terminal.
—V. 146, p.
$50,193
$1,609
income-..-,
Net
109.
•
•
.
Guggenheim & Co.•>—Accumulated
RR.—Earnings—
Gulf Mobile & Northern
November—
$510,077
142,195
59,309
Net after rents
5,970,322
1,768,042
757,848
Gross from railway
Net from railway
Net
rents-
after
Gulf
Gross
Power
revenue
Prov, for depreciation..
$35,791
19,872
$15,572
on
$10,068
$230,409
$207,031
5,584
income—
Net
5,584
67,014
67,014
pref. stock-..-
$9,988
Balance
x
$432,210
225,179
$471,096
240,688
$29,941
20,218
Gro&s income
Int. & oth. fixed charges
155,557
136,151
$140,017
$163,395
$4,484
provision for Federal surtax on undistributed profits
Includes
for 1936
$539,328
36,947
73,404
68,000
income—
s
Deductions from income
$543,764
349,881
$576,274
385,097
$1,254,332
732,752
$1,280,234
692,397
$193,883
28,547
$191,178
29,654
$521,580
59,080
$587,837
57,292
$222,430
108,615
$220,832
101,623
$580,661
207,248
$645,129
206,649
Gross oper.
Gross
November—
1938
.
$76,592
defl 1.833
—
def38,110
—
From Jan. 1—
«
1935
1936
1,773
$105,823
def496
$95,759
5,124
def28,623
def23,844
defl7,759
1,446,564
242,993
def46,235
1.173,203
169,801
84,967
1,328,455
165,139
defl07,929
3764.
p.
$113,815
$119,209
$373,413
$438,480
174,958
174,958
349,916
349,916
2.60%
2.73%
4.27%
5.01%
a On
presently outstanding bonds, annual basis, before interest, de¬
preciation, &c.—V. 147, p. 113.
Inc.—Clears Up Pref .Arrearages—
share on the 7% cum.
pref. stock, par $100, and a dividend of $1.50 per share on the 6% cum.
pref. stock, par $25, both payable Jan. 3 to holders of record Dec. 20.
These payments win clear up ail back dividends on the preferred issues.
Hotels Statler Co.,
directors
stock,
have
no par
declared
a
dividend
of
Co.—$1 Common Dividend—
paid a dividend of $1 per share on its common stock on
holders of record Dec. 22.
This compares with $2 paid on
Dec. 27, 1937, this latter being the first dividend paid on the common
shares since Dec. 30, 1921, when a regular quarterly distribution of $1
The company
23
Dec.
to
[Including wholly-owned subsidiary
1938
sales
Costs and expenses--.-
Net oper.
133,617
206,953
162,467
52,037
15,931
152,056
152", 326
45,446
34,970
Other deduc's from inc-
-
160,646
5,727
26,312
and
profits taxes—
Provision for income
operating ioss
Shares capital stock, par
$5, outstanding
Earnings per share
300,000
$199,4§7prof$167,298prof$726,492
$422,967
Net
199,297
530,155
102,955
195,349
193,197
28,110
21,763
x35,000
Repairs & maintenanceOther interest, net___-_
276,610,
$0.60
276,610
Nil
276,514
Nil
276,610
$2.62
only.
Provision for Federal income taxes
b
31
1935
1936
$8,389,670
7,408,091
$9,665,751
8,487,350
1,482,743
1,194,279
251,912
•
,
1
120,119
-.-$8,014,805 $8,673,399
Total
After allowance for doubtful accounts,
$1,564,016 in 1937.
c
Illinois Central RR.—Earnings
Gross from
$662,363
ylO.758
From Jan.
$779,390
6 M % cum.
stock
From Jan.
195,437
93,864
a246,174
375,456
.
553,562
$0.28
$1.00
Earnings of Company
1938
1937
$7,845,116
2,265,840
1,464,704
Hershey Chocolate Corp.—Si Extra Dividend—
an extra dividend of $1 per share in additio
regular quarterly dividend of like amount on the convertible preference
stock, both payable Feb. 15 to holders of record Jan. 25. Extra dividends
of $1 per share have been paid on this stock each February since and in¬
cluding Feb. 1. 1930.—V. 147, p. 2867.
The directors have declared
to the
Ltd.—Registers with SEC—
first page of this department.—V. 147,
p.
p.
Only
1936
1935
$7,181,407
1,428,074
$7,861,020
2,143,590
$8,909,389
2,599,585
1,338,706
1,832,690
834,806
89,715,653
21,144,347
77,318,848
15,302,569
1—
82,638,107
21,644,883
89,393,171
20,788,02 1
12,953,819
12,690,567
12,066,838
9,635,382
3764.
$1.21
$1.53
x Computed on the basis of the adjusted reduced valuation of buildings,
machinery and equipment acquired May 1, 1932, and subsequent additions
at cost,
y Includes special profit and loss adjustments
affecting prior
years of $690.
z Consists of $65,955 extra compensation paid to employees
and $122,007 provision for Federal and State unemployment insurance and
social security taxes,
a Includes
dividends paid on arrears.—Y. 147,
p. 2394.
Honolulu Gas Co.,
147,
88,918,363
18,822,193
10,555,789
,
Gross from railway
—V.
stocks
104,224,764
26,028,795
14,554,292
95,984,638 104,458,426
26,046,352
25,955,818
15.070,568
15,705,605
Net from railway
Net after rents..
Earns, per share on com¬
bined class A and B
$8,503,824
1,916,796
1,107,020
1—
Net from railway.
Net after rents
1935
1936
$9,417,821 $10,728,796
2,810,570
3,489,098
1,826,364
2,500,505
$9,292,948
2,870,939
1,850,982
railway
Net from railway
Net after rents
of System—
1937
1938
November—
Net from railway
Net after rents
Class A and B dividends
1937) shares- issued,
1937) shares reserved for final settle¬
under plan
November—
$923,312
$84,906 in
B bonds, 49,806 (52,382 in
300,709 shares, including 327 (349 in
Gross from railway
$325,888
discounts, &c.t of
($33,317 in 1937) miscel¬
$1,783,630 in 1938 and
Authorized 500,000 shares, of which reserved for
conversion of series A and
------
114,131
44,884
$8,014,805 $8,673,399
—
1938 and $94,619 in 1937. but including $22,579
laneous.
b After allowance for depreciation of
2,000
profits.-charges.-
1,383,048
3,840,821
Deficit
Total
zl87,962
Surtax undist.
295,000
2,665,599,
467,851
Cap.stk.(par $5)
196.600
Prepaid expenses._
140,754
Federal taxes
$533,816
1,382,569
Capital surplus... 3,797,136
4,584,553
1
295,000
6s. 2,504,209
conting'8
1st & ref. conv.
•
Goodwill
123,000
5,217,
taxes &
296,133
4,486,519
$503,743
Prov.for Fed.Inc.
1,613,789
1,454,455
c
Land, buildings,
mach., eq., &c.
Oct. 30 '37
payable and
accrued accts.--
61,000
5,000
8,439
Accts.
Notes and accts.
Other assets
Oct. 29 '38
Li'ibUUies—
'37
$527,868
5479,232
—
Sheet
Balance
Consolidated
Oct. 29 '38 Oct. 30
Assets—
Cash
Gross from railway
238",435
Interest on bonded debt-
$992,338
89,948
123,000
See list given on
$843,638
163,585
$2,297,318
191,025
taxes
$981,580
common
35,689
$655,142
178,818
289",540
Processing taxes on hogs
$1,178,401
preferred
$2,261,629
95,245
$290,341
Total income
Provision for deprec'n__
$1,183,618
111,306
149,000
on
$748,393
$211,824
78,517
901,195
4,639,566
and agreement dated Nov. 1, 1928, 22,871 (22,775 in
1937) shares reacquired, held in treasury, and 1,324 shares held by the
trustees in connection with conversion of series A bonds.—V. 146, p. 279.
companies]
1937
$8,809,201 $10,630,303
8,157,490
9,549,286
>6,452
Net profit.
$615,044
40,098
3,860,313
$4,576,286
3,961,242
income
$1,081,017
Dividends
Nov. 2 '35
Oct. 30 '37 > Oct. 31
Otherincome
Other
'36
$4,496,267
3,747,874
Oct. 29 '38
$4,072,137
profit from oper_Sell.,adm.&gen.exps...
$1,089,456
Other
(& Subs.)—Earnings—
Hygrade Food Products Corp.
$651,711
—
department.—V. 139, p. 2207.
first page of this
See list given on
$658,163
125,521
Depreciation
with SEC—
Hydraulic Press Brick Co.—Registers
Total income-..
x
department.—V. 147, p. 3459.
first page of this
See list given on
Operating profit
Other income (net)
Corp.—Registers with SEC—
Hupp Motor Car
ment
of America (& Subs.)—Earnings—-
Consolidated Income Account for Years Ended Oct.
^
147, p. 422.
share was made.—V.
per
a
Company paid a dividend of 12 cents per share on its common stock on
Dec. 28 to holders of record Dec. 13.
A dividend of 10 cents was paid on
July 1, last and one of 15 cents per share was paid on Dec. 27, 1937.—V.
144, p. 1281.
Net
145, p. 3819.
Howe Scale
Inventories
10 cents per share
value, payable Dec. 30 to holedrs of record
Harrisburg Railways Co.—Pays 12-Cent Dividend—
Hat Corp.
21 declared a dividend of $7 per
Directors on Dec.
receivable.
on the
Dec. 23.
A like payment was pade on Sept. 15, June 15, and on May 5, 1937, and
con pares with 20 cents paid on Dec. 15, 1936; 10 cents paid on June 30
and March 31,1936; Dec. 10 and July 15, 1935; Dec. 28, Sept. 15, and June
15, 1934, and on July 20, 1933.
Dividends"of five cents per share were
paid on Dec. 23, 1932, and on July 1, 1932.—V. 147, p 1927.
The
int.,depr.,.fee
requfre'ts.
earned—_
Prof. bef.
Percentage
a
(C. M.) Hall Lamp Co .—10-Cent Dividend—
common
$1,212,235
.
1,074,966
4,632
def2S9,174
Net from railway
Net after rents--.
147,,
1937
$103,942
$1,180,928
1st mtge. int.
x
Gross from railway
—V.
operating profit;
Taxes and insurance
excess
Island RR.—Earnings—
Gross from railway
Net from railway
Net after rents---
rentals.
Store
and 1937.—T. 147, p. 3458.
Gulf & Ship
1937
1938
$507,410
36.354
1,019,653
1938—12 Mos.—1937
$1,751,128
$1,651,830
xl, 143,880 xl,064.062
—Year End. Feb. 28
31
Total oper. depts. profitOther income...-.... -
Gross
1938—Month—1937
$144,164
$136,465
97,082
94,581
11,292
11,943
$151,415
1937
5,656,837
1,909,540
Co.—Earnings—
9,829
6,904
1938
Years Ended— •
Oper. exps. and taxes
Dlvs.
6 Mos. Aug.
147, P. 3913.
Period End. Nov. 30—
20
$100,190
$12,024
Corp.—Earnings—
Period—
132,706
6,683,460
2,592,912
1.316,342
6,965,555
2,331,535
1,126,286
"1428
145
$3,330
Hotel St. George
$597,897
225,526
$641,726
260,799
125,083
$571,269
85,915
defll,646
Crl09
12,572
3459.
-V. 147. p.
1—
From Jan.
—V.
1935
1936
1937
1938
.
railway
Net from railway
Gross from
140,904
Cr445
4
—
Net revenue
—V.
Dividend—
Company paid a dividend of $1.75 per share on account of accumulations
on the 7% preferred stock on Dec. 20.
This was the first payment made
since May 15, 1938, when a regular quarterly dividend of like amount was
distributed.—V. 147, p. 1639.
$397,962
95,902
17,448
192,025
12,130
10
Replacements
a
.
$435,932
119,809
Profit and loss.
$266,553
Deduct—
Int.
$37,858
Net rev. from opers..
Taxes assign. to ry. oper.
Interest
224,569
6,327
106,137
170,716
Miscell neous expinse..
239,747 •
2,734
114,919
712,772
$361,881
35,081
1,364
58,060
58,966
235.067
746
118,784
819.422
$418,070
17,861
$33,923
11,114
1,462
17,861
100,466
119,429
272,556
2,256
123,032
66,091
$34,826
3,033
Rev. other than transp.
25,081
Trs nsoirtatlon expin e.
78,294
$32,559
Operating expenses
Net rev. from transp.
Ended June 30
Income Account, Year
Ry. Over. Revenue—
Freight--
Honolulu Rapid Transit Co., Ltd.- —Earning s1938—11 Mos.—1937
1938—Month.—1937
$110,853
$100,917 $1,237,492 $1,074,653
Period End. Nov. 30—
Gross rev. from transp..
RR.—Earnings—
Guantanamo & Western
1938
31,
Dec.
Chronicle
3309.
Illinois Terminal
November—
Gross from
RR. Co.—Earnings—
1938
1937
1936
$465,961
153,214
railway
Net from railway
Net after rents
$477,671
133,338
1935
$509,225
202,113
$482,289
189,092
4,824,081
1,565,575
100,751
50,920
138,569
4,843,089
1,386,051
5,705,637
2,052,777
5,443,999
2,005,374
729,499
1,323,703
1,374,246
138,029
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V.
147,
p.
...
1,088,035
3310.
Illuminating & Power Securities
Corp.-—Extra Div.—
dividend of $1.35 per share on the
Dec. 24 to holders of record Dec. 22. A
regular quarterly dividend of $1.50 was paid on Nov. 10, iast. An extra
of $2.40 was paid on Dec. 21) 1937, and a special dividend of $1 was paid
on Dec. 18, 1936.—V. 147, p. 1929.
The directors have declared an extra
common
stock, par $50, payable
Volume
147
Financial
Indeoendent (Subway) System of N. Y. City—Earns.
Period End.
Operating
Operating
Sept. 30—
revenues
expenses
1938—Month—1937
$1,476,496
$1,411,641
1,187,263
1,153,208
Income from ry. oper,
of
$3,901,621
3,493,340
$289,233
1,412
revs,
$258,433
$546,026
$408,281
376
4,314
2,445
$290,645
Non-operating Income.Excess
1938—3 Mos.—1937
$4,119,180
3,573,154
$258,809
$550,340
$410,727
oyer
oper. expenses
—Y. 147, p. 3161.
Indianapolis Water Co.
1938"
1936
$2,654,034
or
824,304
503,607
815,175
572,420
805.101
$1,222,613
483,945
124,495
$1,193,930
497,936
124,134
$614,173
...
Other deductions
Balance avail, for dividends
$574,859
$522,598
579,445
84.947
A
■
1937
$
Fixed capital.—.20,587,520 20,386,649
Cash
1,385.523
1,918,829
Marketable sees..
821,406
1938-
I
9
i
I
TAaMlities™
1937
S
§
Preferred stock...
1,054,900
1,054,900
Common
5,250,000
5,250.000
Funded Indebted.13,827,000
Consumers' depos.
97,739
1,011,156
13,827.000
stock
Notes receivable..
600
261
Acc'ts receivable..
385,742
307.957
Other curr. liablls.
Materials & suppl's
85,243
87,315
Main extension de-
Investm'ts—Gen'l.
21,420
21,8721
Prepayments
Special deposits.—
4,221
8,6411
posits
Accrued
Undistrib.
1,088,448
1,191,350
341,106
241,686
debits-
34,990
38,281
38,281
taxes
509.217
506,273
interest..
218,415
23,927
217,118
24,736
1,826.071
1,761,143
1,808,935
175
2,367,203
1,113 i Accrued
Unamort. debt dis¬
count & expense
Reserves
Misc. unadj. cred.
.
Corporate surplus.
Total
-V.
Total
24,721,757 25,176,830
147,
p.
95,009
67,271
'Other accr.liabll—
527
..24,721,757 25,176 <"0
3765.
^Industrial Credit Corp. of New England—Extra Div.—
^Directors
have
addition
to
the reg ilar
common
stock,
declared
extra
an
dividend
of
cents
share in
share on the
per
quarterly dividend of 32 cents per
payable Jan. 3 to holders of record Dec. 15.
Like
O %. I, July 1, April 1 and Jan. 3, 1938. July 1, 1937,
and in each of the seven preceding quarters.—V. 147, p. 1930.
sa
i
amounts were
b >th
paid
on
^-Industrial Securities Corp.-—\0rCent
Preferred Dividend
"^Directors
have declared a dividend of 10 cents per share on the 6%
preferred stock, par $25. payable Jan. 3 to holders of record Dec. 24. This
compares with 9% cents paid on Oct. 1, last; dividends of 185^ cents paid
on
Voril 1 and on Ian. 17, 1933, and p-evioi.sly re? ilar q tarterly dividends
of 37)5 cants per share were distributed.—V. 147, p. 1930.
Interborough Rapid Transit Co.—To Pay Interest Due
Jan. 1—. :"
•Federal Judge
Robert P. Patterson on Dec. 19 directed the receiver to
1 on the publicly-held 5% refunding mortgage bonds
meet interest due Jan.
the bonds collateral to the 7% notes, a total of $3,804,600. plus the
•$174,330 portion of the sinking fund requirement that must be made in cash.
The receiver estimated that at the year-end I. R. T. will have only
and
on
$3,811,518 cash available for general corporate purposes, making it neces¬
dip into income accruing after the turn of the year to meet the cash
sinking fund requirement.
4
Judge Patterson also denied an application by the receiver for leave to
discontinue immediately operation of the Manhattan Ry. elevated lines.
His denial was based on the ground that an appeal against his decision of
last July permitting the receiver to disaffirm the lease will be heard in the
U. S. Circuit Court of Appeals next month and he is reluctant to disturb
the status quo pending that hearing, "
At the same time. Judge Patterson denied a petition oy the
Interborough
receiver to reimburse the I. R. T. estate for these operating losses from the
$3,500,000 which Central Hanover Bank & Trustj Co. holds for the account
sary to
of Manhattan bondholders.
•
.
Demolition of Sixth Avenue Line—
.1
.
The Board of Estimate awarded the contract for demolition of the Sixth
Steel Co., Inc., of N. Y.
Avenue Elevated structure to Harris Structural
City.
The bid of the Harris company for removal of the structure
$40,000,
irrml
iH I
<lUnrf
was
.»
Interest—
.
on
Dec. 28.
•an^wK-'
i
«•
ii
ii in mini
ii
mm
i
18
i
mill
i
The annual meeting
of shareholders was adjourned Dec. 28 until March
a quorum.
Only 109,461 voting capital shares out of
175,001 shares necessary to constitute a quorum were represented at
the meeting.—V. 147, p. 3914.
International Great Northern RR.November—
1938
Gross from
railway
Net from railway
1937
-Earnings1936
$891,026
18,720
defll0,095
$1,012,746
91,271
def71,128
$1,048,393
10,879,726
1,146,649
def506,953
Net after rents
12,075,462
1,968,478
307,448
11,085,759
1,773,303
140,227
169,087
13,366
1935
$945,071
124,652
15,778
From Jan. 1—
Net after rents
3460.
10,610,697
1,871,268
552,136
...
International Metal
Industries, Ltd.—Accum. Div.—
Directors have declared a dividend of $5.75 per share on account of ac¬
cumulations on the 6% conv. pref. stock and on the 6% conv. cumul.
pref.
stock, series A, both payable Feb. 1 to holders of record Jan. 16. Dividends
of $1.50 were paid on Nov. 1, Aug. 1, May 2 and Feb. 1, 1938.—V. 147,
2396.
International Mercantile Marine Co.—New Director—
Harvey D. Gibson, President of the Manufacturers Trust Co., has been
a director of this company.
He succeeds Kermit Roosevelt, son of
the late President, who left the I. M. M. organization some months
ago to
return to the Kerr Line, with which he had his first
steamship experience.
—V. 147, p. 575.
named
International Nickel Co. of
on
Canada, Ltd.—To Continue
Exchange List—
meeting Dec. 27.
The company was
understood to have reached complete accord with the
Securities and Exchange Commission on what corporate information filed
be released for publication.
It was presumed that the
Commission would make public annual gross sales and cost of sales figures
well as some information on salaries paid to the high executives.—V.
147,
annually should
as
p.
3017.
Investment
Co.
of
America—Registers with SEC—-•
See list given on first page of this
department.—V. 147, p.
the declaration
Dec. 20 of an $8 dividend on company's
7%
preferred, it became known that this stock had not been replaced with a
5% convertible preferred iBsue as provided for in the company's voluntary
ecapitalization plan approved by stockholders Oct. 27 last.
on
3765.
Iowa-Nebraska Light & Power Co.—FPC Approves Sale
of Properties to Public Districts—Cost of $16,395,446 Found—
Explaining that it accepted jurisdiction only over properties used in
interstate service, the Coa mission made it clear that it was not
passing on
plans of the districts to issue $26,500,000 in revnue bonds with which to
buy substantially all of Iowa-Nebraska's electrical properties in Nebraska
for $20,195,991, plus accounts receivable.
The Commission issued its order after a two-day hearing on the applica¬
tions of the Iowa-Nebraska company for
authority to sell to the Loup
River Public Power District and the Central Nebraska Public Power
and
^
Irrigation District.
•
Under the plan the Loup River district would
acquire the company's
Nebraska electrical properties north of the Platte River for
$2,825,879 and
the Central Nebraska district would pay $17,370,112 for the co>.
pany's
electrical properties in Nebraska south of the Platte River.
Included also
would be the company's heating plants and ice plants in
Nebraska, with
the exception of the ice plant at Platts
outh
The Co
mission set the original cost of the electrical properties at
$16,017,365, the heating properties at $229,691 and the ice plants at
$118,389, making a total of $16,395,446. This con pared with the com¬
pany's original cost figures of $19,812,755 for electrical, $313,606 for heat¬
ing and $152,812 for ice properties, a total of $20,279,174.
After remarking that the bonds would be sold at 95 and that the district's
fiscal agent would receive commissions totaling $504,899 from the districts,
the order said the application "does not involve exercise of the
jurisdiction
of this Co amission with respect to the financing or the issuance of the
securities descirbed herein."
Guy C. Myers of New York is fiscal agent
for the districts.
The dancamerica-Blair Corp. of New York had announced
that it headed the bond syndicate.
•
"The proposd sale of facilities oy the applicant (the company)," the
order said, "will aid substantially in the acco^ plish. ent, by the Central
district and the Loup district of their proposed extensive program (1) to
make available water and electric energy for irrigation and reclam ation of
agricultural lands, C2) for rural electrification and (3) for the coordination of
hydroelectric and other generating facilities, trans. ..ission facilities and dis¬
tribution facilities into an integrated public power system for the sale of
electric energy at low rates to the consumer."
"The proposed sale of facilities by applicant will avoid the duplication of
electric facilities and destructive competition in the territory of Nebraska
now served by the applicant.
The proposed sale of facilities by applicant
will not adversely affect its ability to render adequate service at reasonable
rates to its remaining customers.
The proposed sale of facilities by appli¬
cant will, not adversely affect its financial condition or the interests of its
security holders."
The Commission listed the following Nebraska properties of the company
as being used in interstate service:
A 34.5 kllovolt trans
ission line, 108
miles long, from the Missouri River near Blair, Neb., to Norfolk, Neb.:
a 69 kilo volt trans mission line 55 miles long between Flattsmouth, N
eb., and
Lincoln, Neb., and transmission lines from Lincoln to the Kansas-Nebraska
.
line.
The disposition of these facilities, the Commission said, "will be appro¬
priate to secure maintenance of adequate service and thb coordination of
public interest of said facilities and said proposed disposition will be con¬
sistent with the public interest."
The authorization and approval were "without prejudice to the authority
of this Commission or any other regulatory body with respect to rates,
valuations, services, accounts or any other matter whatsoever which may
come before this Commission or such other regulatiory body, and nothing
in this order shall be construed as an acquiescence by this Commission in
any valuation of property claimed or asserted by the applicant or the
purchasers."
The authorization will expire unless acted upon within 60
dayg
-
•
power com¬
panies in Nebraska were willing to sell to the districts, except the State's
largest electrical utility, the Nebraska Power Co.
The (Joum. ission auth¬
orized the Southern Nebraska Power Co. several months ago to sell its
properties to
power
district for approximately $900,000.
a
Dillon, Read & Co.
on
Dec. 27 authorized the following
a statement appeared in the press with reference to
of certain properties of Iowa-Nebraska Light & Power
River Public Power District and Central Nebraska Public
Power and Irrigation District to the effect that Bancamerioa-Blair and
Dillon, Read & Co. head the syndicate which is expected to finance the
purchase of such properties.
This statement is incorrect as to Dillon,
Read & Co.
Dillon, Read & Co. has no interest whatsoever in this pro¬
posed transaction.—V. 147, p. 1782.
On
Dec.
24, 1938,
the proposed sale
Co.
to
Loup
Iowa Southern Utilities
Co.—Payment of Preferred Div.
Up—
Edward L.
Shutts, President, has addressed a letter to stockholders
as
follows:
"We regret to advise you that because of the commencement of a suit
in the Keokuk County, Iowa, District Court against the company by two
stockholders owning an aggregate of 134 shares of former cumulative
preferred stock, the Dec. 15, 1938 payment on account of dividend arrears
on such former cumulative preferred stock declared by the board of directors
cannot be made at this time, notwithstanding the fact that more than suf¬
ficient funds are on hand to make such payment and to meet all current
interest requirements. *
"In this suit, despite the fact that the company was not given notice or an
opportunity to present objections, a temporary receiver was appointed by
The company has petitioned for the removal of this suit
to Federal District Court, and has applied for an order terminating the
receivership.
"No charge or claim of insolvency has been made, and the company is
the State Court.
financially able to continue its operations and to meet all of its obligations as
they mature.
"In general, the purpose of the suit is to set aside the recent reclassifica¬
tion of stock and to restrain the company from issuing certificates for the
stock and dividend arrears certificates which the holders of
are entitled to receive on surrender of their old stock cer¬
This suit was not commenced until after 83% of the former
common
former
stock
tificates.
cumulative preferred stock had been surrendered to the company and the
new securities issued in substitution therefor; and not until after the two
complaining stockholders had tried to Induce the company to redeem the
shares held by them.
"The company will endeavor to dispose of this litigation at the earliest
possible date to the end that the dividend arrears payment as authorized
and declared can be made."—V. 147, p, 3612.
^
Julian & Kokenge Co.—Dividend Increased—
International Silver Co.—Plan Abandoned—
With
special meeting of stockholders has been postponed until Jan. 16
because of a delay in the proceedings in U. S. District Court of New
York
for reorganization of Postal
Telegraph & Cable Corp.—V. 147, p. 3915.
new
Robert C. Stanley, President and Chairman of the Board, announced
Dec. 27 that the company would continue the listing of its shares on the
New York Stock Exchange.
This decision was reached by the directors at
a
Co.~Meeting
The
Held
Gross from railway
Net from railway
p.
& Telegraph
Postponed—
statement:
the
p.
$4,559,900, and cancellation of 6,863 shares
preferred and 8,249
shares of common stock held in the company's
treasury.—V. 147, p. 3915.
of
S
i
28 because of lack of
147,
an authorized issue of the company.
Features of the plan which have been
put into effect include change in
par value of common stock to $50 from $100 a
share, with a corresponding
decrease in capital liability of
**
Meeting^ Adjourned—
—Y.
preferred, however, remains
Testimony at the hearing last week disclosed that all private
Pciy.uent of $13 per $1;000 note will be made on Jan. 3, 1939, on the
10-year secured convertible 7% gold notes, due 1932:
The payment on that part or the notes represented by certificates of
deposit will be mailed on Jan. 3, 1939, to holders of record at the close of
business
share.
This offer, which expired Dec. 19, was not declared effective because less
required number of preferred shares were deposited.
The new 5%
than the
The Federal Power Cornr ission
approved on Lec. 27 the sale of certain
interstate electrical properties of the Iowa-Nebraska
Light & Power Co., to
two Nebraska public power districts.
Balance Sheet Nov. 30
1938
a
$1,326,122
718,576
———
All Federal and local taxes
V
offer to exchange one share of new 5% convertible
Preferred, par $100, and $20 of new 10-year 4% debentures for each share
°f 7% preferred, which at the
time carried accumulated dividends of $19.25
an
International Telephone
1937
$2,581,476
$2,610,208
Operating, maint. and retirement
depreciation
4057
The plan authorized
Earnings—
12 Months Ended Nov. 30—
Gross revenues.
Net income..
Interest charges.
Chronicle
,
Directors have declared a semi-annual dividend of 75 cents per share on
payable Jan. 15 to holders of record
Jan. 3.
A dividend of 50 cents was paid on July 15 last, and previously
regular semi-annual dividends of 873^ cents per share were distributed.
In addition, an extra dividend of 50 cents was paid on Oct. 30, 1937.—
V. 147, P. 116.
the
common
stock,
no
par
value,
Financial
4058
Directors have declared an initial dividend
Aug. 31—
of 13 cents per share on
shares, par $1, now outstanding, payable
of record Jan. 10.
Stockholders recently approved a recapitalization
new common
1937
1938
Liabilities—
1938
1937
Cash
$46,197
$44,812
Accounts payable.
$53,637
$38,095
Receivables
124,630
321,915
147,159
Capital stock
Paid-in surplus-_.
600,000
600,000
280,019
779,292
779,292
Assets—
Mdse. & supplies.
38,694
Prepaid Items
Patent rights1 Ac.
2,229
120,000
Profit & loss, def_.
498,584
466,066
$1,432,829 $1,417,387
have declared
$1,432,829 $1,417,387
Total
Johne-Manville Corp.—Obituary—
of the Board of directors and director
died on Dec. 26 at St. Mary's Hospital, Rochester, Minn.
—V. 147, p. 3311.
a
stock,
Kemper-Thomas Co.—10-Cent Common Dividend—
its common stock
60 cents was paid
dividend paid on the common
The company paid a dividend of 10 cents per share on
Dec. 24 to holders of record same date. A dividend of
Dec. 22, 1937, this latter being the first
shares in several years.—V. 145, p. 4119on
City Power & Light Co.—Earnings—
1938—Month—1937
1938—12 Mos.—1937
Period End. Nov. 30—
$1,340,197
-
645,604
charges—
Amort, of disc't & prems.
—
740,544
8,124,043
8,530,725
$694,592
116,033
8,540
194,248
Net earnings
Depreciation
Amort, of limited
$778,856
113,457
8,540
187,822
$8,673,042
1,383,271
102,479
2,293,016
$9,074,808
20,398
66,895
808,003
30,706
68,298
864,665
1,391,022
102,133
2,247,477
term
1,773
5,794
78,003
787
5,295
investments.
Miscell. inc. deductions.
Fed. & State inc. taxes.
60,000
.
profit and loss...
per sh. common
$309,688
after income tax..—
$3,998,980
$383,462
$4,370,506
Vice-President & General Manager, has been
Couch said that the office of President of Kansas City Southern,
becomes vacant at the end of this year when Charles K. Johnston
leaves to become Chairman of the Western Association of Railway Execu¬
tives at Chicago, probably will remain vacant until the next annual meeting
Mr.
which
of the company
Net from
Period End.
$528,873
276,699
1,233,670
.,165,277
284,580
3V345,239
3,3o3,284
563
338
4,888
retire, reserve
appropriations
—-
55,000
50,000
655,000
600,000
Net oper. revenues—
$184,757
$201,836
373
Drl 2
9,961
$2,261,562
17,457
$185,130
6u,UU0
15,000
7,705
$201,764
$2,238,5J4
$2,279,019
60,000
720,000
180,000
106,656
Cr41,369
720,000
180,000
106,423
.,278,217
$1,274,731
investments
.....
Other income (net)
Gross income
bonds
bonds..
Other int. and deduct'ns
Int. charged to construe.
Interest on mtge.
Interest on deb.
Net income
$2,228,543
•
15,000
7,829
CY208
CV128
$102,553
$119,143
pref. stocks for the period,
unpaid
Diviends applicable to
CY2.135
520,784
Balance.
520,784
$752,433
whether paid or
$753,947
From Jan. 1—
n
Vail way
Net from railway
Net after rents
—
2,105,523
1,018,472
615,354
1935
1936
1937
$199,574
$212,138
$199,205
98,856
125.323
110.582
57,339
$186,288
91.299
49,488
from railway
Net after rents
Kelvinator of
80,791
2,351
This company
1,291,085
1,189,214
876,432
has received permission from the Reconstruction Finance
according to company officials.
Sales and manufacturing will be„ independently managed as separate
by W. M. Olsen, General Manager at Chicago and George S.
Case Jr., General Manager at Birmingham.-—V. 147, p. 3312.
divisions
University—Pays Common Div.—
Company paid a dividend of 10 cents per share on the common stock,
no par value, on Dec. 22 to holders of record Dec. 19.
This was the first
distribution made on the common shares since July 1, 1927.—V. 146,
1403.
p.
(F. & R.) Lazarus & Co.—50-Cent Dividend—
the common
payable Dec. 27 to holders of record Dec. 21. Divi¬
Oct. 25. July 25 and on April 25, last;
Dec. 24, 1937, and in each of the three
preceding quarters; 80 cents paid on Jan. 25, 1937, and 30 cents paid on
Sept. 25, 1936: prior to this last payment regular quarterly dividends of
15 cents per share were distributed.—V. 147. p. 3461.
stock,
vaiue.
no par
dends of 12H cents were paid on
dividends of 25 cents were paid on
Lee Rubber & Tire
Directors
on
Dec.
Corp.—50-Cent Dividend—
deJared
29
a
dividend of 5 ) cents per share on the
stock, payable Feb. 1 to holders of record Jan. 16, 1939. On Oct."
26, last, the company paid a dividend of $2 and on both Aug. 1 and Feb. 1,
1938, dividends of 25 cents each were paid.
John J. Watson, President, announced that this is the first dividend of
the corporation's new fiscal year.
"Our business is holding up w«41," said
Mr. Watson. "The profits for the month of November were the largest of
any November in the history of the corporation."—V. 14/, p. 2092.
common
2,265.219
1,193.857
735,147
1,823,070
Net from
See
zl936
$898,400
$605,407
526,520
481,423
See y
See y
466,931
2,354
462,969
a
12,054
Cr8,031
Crl9.971
54,730
56,481
96.966
$143,025
17,325
75,000
Consolidated Balance Sheet Sept. 30
al938
$169,879
Liabilities—
al937
$160,408
Assets—
al938
Notes & accounts
262,925
212,354
Res.
sales
Kelvinator Corp.
2,072
$103,746
87,602
127,351
Corp.
Detroit cur.acct.
7,568
Res. for guar.serv.
471,265
Inventories
27,847
51,719
contracts
244,349
Nash-Kelv.
Detroit
charges and
15,901
loans
10,658
422,741
travelers' ad vs..
422,741
deferred
Net
28,874
30,616
3,636,979
954,521
3,153.226
773,958
722,592
769,507
3,093,328
766,964
3,402,846
811,654
707,535
608,041
Net
—V.
1937
$3,433,426
729,660
after rents222,045
From Jan.
1936
'
$4,278,764
1,256,909
$3,722,788
792,232
1935
$3,331,141
676,249
271,421
844,583
349,403
44,857,668
10,676,991
44,432,260
12,231,657
8,023,590
36,903,886
7,642,133
4,232,136
.
1—
Gross from railway
Net from railway
after rents
37,256,203
8,435,342
3,085,531
147, p. 3312.
5,313,299
-
Lehigh Valley RR.—New Director-—
A. F. Bayfield, Pa., applied to the Interstate Commerce Commission
for authority to hold the position as director of this railroad, Mr. Bayfield
was elected to this position Nov. 30.
Mr. Bayfield now holds the position
Comptroller of this company.—V. 147, p. 3312.
Lessings, Inc.—Common Dividend
Omitted—
meeting held Dec. 20 decided to
omit the dividend
ordinarily due at this time on the company's common shares.
A regular
quarterly dividend of 5 cents per share was paid on Sept. 10, last.—V. 147,
p. 2869.
Common stock..
plus
account...
Net after rents
Total
23,467,542
5,603,666
21,826,557
4,956,708
855,540
468,649
$1,574,245 $1,668,940
$2,062,544
325,721
3461.
Louisiana & Arkansas
193,626
of $18,910 in 1938 and $17,253 in
After reserve for depreciation of $178,334 in 1938 and $153,705
z Represented by 100,000 no par shares,
a Including Kelvinator
Ad., England, Leonard Refrigerator Co: of Canada, Ltd., and Refrigeraion Supplies Co., Ltd.—V. 147, p. 1782.
*
After reserve for doubtful accounts
def52,128
22,787,994
4,475,454
defl68,987
^21,41JJ877
57123,818
def66,882
Ry.-—Earnings—
1938
November—
Net from railway
Net after rents
1935
$545,522
177,516
98,371
$429,874
41,089
def3,129
$439,694
163,192
116,977
5,625,260
1,991,164
1,239.799
5,487.665
1,803,381
1,132,649
5,072,906
1,650.627
1,002,265
4,382,246
1,535,126
1,039,011
$545,251
*'
192,179
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
1936
1937
120,494
Gross from railway
$1,574,245 $1,668,940
defl50,792
$1,803,889
278,919
def61,835
156.286
374,430
1935
$1,770,472
202,133
r
500,000
—V. 147, p.
1936
$1,819,684
315,*002
def95.154
496,000
500,000
if
1937
1938
November—
From Jan. 1—
Consol. earned sur¬
71,816
.
1938
Gross from railway
Net from railway
(par
Capital surplus re
sinking fund
y
44,434
Lehigh Valley RR.—Earnings—
Notemuer—
Gross from railway
Net from railway.
Net after rents
410,000
payable..
pref. stock
$100)
z
Total
1935
$244,727
147, p. 3461.
Gross from railway
Net from railway
Corp.
7% cum. sink.fund
goodwill,
devel. & selLrts.
1936
$343,947
93,129
Long Island RR.—Earnings—
Charges for war'ty
241,004
Gross from railway
—V.
1.
1937
$293,413
53,977
40,211
94,839
606,886
Land, leasehold
premises, bldgs.,
mach'y & equip.,
furn. & fixtures.
.
$293,646
85,845
57,072
.
Directors at their
Income &
taxes
Nash-Kelv.
1—
Net from railway
Net after rents
as
$71,959
for British &
Dom.
Receiv. from NashDetroit-
al937
Accts. payable and
accrued charges.
receivable
From Jan.
28,677
$191,047
$339,982
$106,947
34,720
34,720
34,720
100,000
125,000
x Including Kelvinator Ltd., England, Leonard Refrigerator Co. of Can¬
ada, Ltd., and Refrigeration Supplies Co.. Ltd.
y Included in the costs and
expenses for 1937 are the following: Directors' fees, $3,225 ($2,932 in 1936);
remuneration to executive officers, $48,938 ($44,728 in 1936); legal fees,
$2,lo2 ($2,655 in 1936), and depreciation, $23,283 ($21,782 in 1936).
z In¬
cluding Kelvinator Ltd; Eng. and Leonard Refrigerator Co. of Can,, Ltd.
Cash
11,342
1,369,787
447,364
184,440
1938
Net from railway
Net after rents
497
& Dom.
dividends
dividends
199,218
1,431,209
442,700
164,594
.
November—
$766,017
$672,777
sals. & all other exps..
Net profit...
$114,555
31,779
44,994
18,537
*
3461.
Gross from railway
zl935
xl937
xt938
taxes
476,5§4
97,508
Net after rents
—V. 147, p.
Years Ended Sept. 30 {Incl. Subs.)
profit (after de*luct'g sales taxes)
Sening, service, admin,
Prov. for British
1,532,88a
383,694
railway
807.492
478,892
Canada, Ltd.—Earnings—
Directors' fees—
Int. & discounts
(net),
less other income
21,302
35,761
10.570
1—
Gross from railway.....
2,222.635
1,186.548
765,683
1935
$133,232
1937
$138,287
^§34,777
Net after rents
From Jan.
1936
1938
$147,078
50,606
Gross from railway
Net from railway
73.172
Gross
x
39.702
2,179,294
Lehigh & New England RR.—Earnings—
Income Account
L937."
a 1937.
1,994,295
1,476,689
75,042
2,885,769
1,755,837
Corporation, for dissolving two wholly-owned subsidiaries,
Ijamson &
Sessions Bolt Co., Chicago/and Lamson & Sessions Bolt Co., Birmingham,
147, p. 3400, 3311.
Patents,
246,916
Net after rents
November—
& Gulf Ry.—Earnings1938
Gross from railway
Def'd
3,230,667
Lehigh & Hudson River Ry.—Earnings—
Kansas Oklahoma
y
1,160,583
1935
$139,865
61,675
From Jan. 1—
3460.
November—
x
def84.561
,$209,204
106.636
4,808
defl5,326
O
-V. 147, P.
Preferred
1937
$100,981
Directors have declared a dividend of 50 cents per share on
Property
Common
1936
1938
$188,976
103,831
railway...
railway
Gross from railway
Net from railway
431
$524,900
revenues
Income
1,1936.—V. 147,
Superior & Ishpeming RR.—Earnings—
La Salle Extension
& Electric Co.—Earnings—
Nov. 30— 193&—Month—1937
1938-—12 Mos.-—1937
Oper. exps., incl. taxes..
Amort,
of limited-term
—V.
tihs class of stock on Nov. 1 and on Aug.
Net after rents
in May.—V. 147, p. 3915.
Kansas Gas
Gross from
on
Lamson & Sessions Co.—To Dissolve Subsidiaries—
Dec. 20.
of the directors on
Net
share paid
2689.
Lake
named
newly-created office, effective Jan. 1, according
announcement by Harvey O. Couch, Chairman, following a meeting
Operating
par
November—
Ry.—New Vice-President—
City Southern
Kansas
William N. Deramus.
Executive Vice-lTesident, a
k
p.
no
—V. 147, p. 3460.
147, p. 3766.
to an
per
^
$0.69
$7.16
$7.87
Note—No deduction is made in the foregoing statement for the surtax if
any imposed on undistributed profits under the Revenue Act of 1936.—V.
Dividend—
dividend of 10 cents per share on the common
a
value, payable Feb. 1 to holders of record Jan. 12.
Like
amount was paid on Nov. 1, last, and compares with 40 cents paid on
June 27, last; 15 cents paid on April 15,1938: 25 cents paid on Nov. 1. 1937;
1.5 cents on Aug. 2, May 1 and on Feb. 1, 1937. and dividends of 50 cents
stock,
Gross from
$0.55
Net
Keystone Steel & Wire Co.—To Pay 10-Cent
$1,519,395 $16,797,086 $17,605,533
Directors have declared
exps. (inci. maint.
& gen. & prop, tax)—
Oper.
the
no par
on
Gross earnings
Div.—
dividend of five cents per share on
value, payable Jan. 31 to holders of record Jan. 10.
This compares with 15 cents paid in each quarter of 1938; 40 cents paid on
Oct. 31, 1937; 15 cents paid in each of the three preceding quarters, and
10 cents paid on Oct. 31 and on July 31, 1936, this latter being the initial
distribution on the common stock.—V. 146, p. 4121.
William Robbing Seigle, Chairman
Earns,
Oct. 28,
3915.
p.
The directors
common
of research,
Interest
whereby the
Kellogg Switchboard & Supply Co.—Five-Cent
8,150
2,092
120,000
Kansas
plan
278,384
Treasury stock
Total
147,
the
Jan. 28 to holders
old $12.50 par stock was exchanged for new $1 par shares.
A dividend of 25 cents per share was paid on the old stock on
last.—V.
61,568
272,318
8,499
Securities
Real estate, <fcc
Dividend
Stores, Inc.—Common
Kaufmann Department
Sheet,
-Balance
1938
31,
Dec.
Chronicle
.
■
Volume
147
Notes—
Financial
'
-
■
The Interstate Commerce Commission
on
Dec.
16 authorized the com¬
pany to issue at par a promissory note or notes in the face amount of not
exceeding $350,000.
The company proposes to borrow not
exceeding $350,000 to provide in
part for the cost of a program of maintenance and
improvement of its line
of railroad.
To evidence the loan or loans,
company proposes to issue
direct to the lender or lenders a
promissory note or notes in a like face
amount, to bear interest at the rate of 2>£% per annum, payable semi¬
annually, to mature three years from the date thereof, and to be guaranteed
as to the
payment of principal and interest by the Reconstruction Finance
Corporation.—V. 147,
p.
3461.
Louisiana Arkansas & Texas Ry.-
__
From Jan. 1—
Gross from railway
■Earnings—
1937
1935
1936
$103,783
16,555
def8,220
$96,264
defl8,570
def40,831
November-
M53,425
887,148
199,610
42,494
Net after rents._______
From Jan. 1—
Gross from railway
Net from railway,_____
Net after rents__._____
—V. 147, p. 3462.
pro-Coster
and some anti-Coster sentiment in the
company's office.
Five Seized in Blackmail Plot
Acting Federal Attorney Gregory F. Noonan caused the arrest Dec. 27
men and a woman as a
beginning of the promised round-up of a
charged with blackmailing F. Donald Coster. Those arrested
are Walter H.
Craig, a disbarred lawyer, Mary Brandino, and her brother,
Joseph, all of Brooklyn.
of two
171,657
def59,663
are
Michael
Experts Named to Check Each McKesson Item
Appointment of Ford, Bacon & Davis, industrial engineers, and S. D.
Beidesdorf & Co., certified public accountants "to
develop a complete
picture of the physical and financial assets" of McKesson &
Robbins, was
announced Dec. 28 by William J.
Wardall, trustee.
The announcement stated that 60
engineers would be sent into the field
of J. F. Towers, Vice-President of Ford,
Davis to visit the 77 McKesson & Robbins
warehouses, observe
Bacon &
RR.—Earnings1937
'.L $7,204,844
railway
President, and the late F. Donald Coster-Musica
Catchings resigned.
immediately, under the direction
1938
Gross from railway
settled when
was
Mr. McCall asked the witness if it was not
true that the trouble arose
Mr. Catchings began to ask questions about the
management, and
expressed the intention to investigate it, but Mr. McGloon said that he
was not a director at that time
and was not in a position to answer the
question.
He admitted, however, that he knew there was some
Two more arrests were made on Dec. 29.
The men arrested
Patrella and Joseph Parascandola, both of
Brooklyn,
$83,047
16,715
3,607
1,219,681
279,352
51,525
13,554
1,063,072
156,715
def35,290
Louisville & Nashville
Net from
which
when
,
.
Net from railway
Net after rents
—V. 147, p. 3462.
4059
now
group that he
November—
1938
Gross from railway
$100,358
Net from railway..31,357
Net after rents
Chronicle
Charles F. Michaels,
■
the
1935
1936
taking of inventories, spot check items of stock and prepare for their
The inventory, to be completed within 3
days after its begin¬
Dec. 31, is said to be the largest of its kind ever taken for an industrial
appraisal.
1,953,375
1,315,997
$7,272,401
1,614,651
1,017,751
$8,401,544
2,710,916
1,937,512
$6,931,216
1,579,923
1,286,185
ning
71,922,574
16,452,709
10,324,495
83,319,018
20,902,022
14,911,311
82,221,604
22,903,629
17,530.432
68,880,503
15,990,154
12,319,925
The Securities and Exchange Commission on Dec. 29 characterized a
broad inquiry it has ordered into the audit
procedure followed by Price,
company.
SEC Institutes
Investigation of Auditing Procedure of Accounts
Waterhouse & Co., in
handling McKesson & Robbins accounts
as
step
a
that will aid in securing information
McCaskey Register Co.—Accumulated DividendDirectors have declared a dividend of 50 cents per share on account of
accumulations on the 8% cumulative second preferred stock,
payable Dec.
26 to holders of record Dec. 22,
leaving
arrears of
$60.50 per share.—Y.
as a basis for recommending further
possible necessary legislation.
Public hearings have been assigned to
begin Jan. 5 in the Commission's
New York regional office.
The Commission outlined the
following three matters which it feels must
determined:
(1) The character, detail and
oe
.
145, p. 4120.
McCord Radiator & Mfg. Co.—Admitted to
The
Trading—
„
of the audit procedure followed by
reports.
company's 15-year sinking fund 6% gold debentures due Feb. 1,
1943, stamped to indicate extension of maturity date to Feb. 1, 1948, in
accordance with supplemental agreement dated July 31, 1938. have oeen
admitted to unlisted trading on the New York Curb
Exchange.—V. 147,
p. 3916.
■
.4/.
McKesson & Robbins, Inc,-
.
scope
the accounting firm in the
preparation of the financial statements included
in McKesson & Roboins'
registration statement and annual
(2) The extent to which prevailing and generally accepted standards
and requirements of audit procedure were adhered to and
applied by the
accountants in the preparation of these financial statements.
(3)
The adequacy of the safeguards inhering in the generally accepted
practices and principles of audit procedure to assure reliability and accurac
of financial statements.
A determination of the
-Protective Committee Granted
foregoing matters, according to the SEC, not only
will assist in the enforcement of provisions of the Securities and Exchange
Act of 1934, but also will aid in
prescrioing rules and regulations under the
Leave to Intervene—
Judge Alfred C. Coxe in the U. S. District Court, Southern District of
New York, granted leave to the protective committee for
the holders of
20-year 5XA% conv. debenture bonds to intervene generally.
All further
actions or proceedings herein, shall be served on Guggenheimer & Untermyer, as counsel to said protective committee, at their offices at 30 Pine
St., New York City.
1934 Act.
•
v,i
-
:
.
•
The,EC order set out that Price, Waterhouse & Co. prepared and certified
the financial statements contained in the McKesson & Roboins
registration
statement and
The
annual reports.
then alleged
Commission
that the information contained in these
was
"materially false and misleading"
"inventories" item was purportedly
held by Canadian firms which did not exist except as mailing addresses;
that "accounts receivables" included sums purportedly due from reputable
foreign firms which had never had transactions with McKesson & Roboins;
that "cash on hand and demand deposits in banks" included a sum owed
by the non-existent Manning & Co.; that "sales" included was a large sum
supposedly for sales abroad from Canadian inventories through W. W. Smith
& Co.; that "expenses" contained a large sum paid W. W. Smith & Co. as
commission on these sales, and that "profits" included large sums pur¬
portedly arising from these sales which never, in fact, were realized.
Adrian C.
Humphreys was appointed examiner in the proceedin
—V. 147, p. 3916.
and
reports
financial
statements
because merchandise included in the
Developments in the McKesson & Robbins situation dur¬
ing the past week are summarized as follows:
Charles F. Michaels Explains Sales of
McKesson Stock
Charles F. Michaels sold 15,042 shares of common stock of
company for
himself and family in October and November this year because he did not
want to hold the common stock and this year was the first time that a
revised
tax law would permit him to dispose of it without a
heavy tax
he told Assistant Attorney General of New York Ambrose V.
McCall at the investigation into affairs of that company.
In the readjustment of the company's capital structure in
1935, Mr.
Michaels said, he received 14,000 shares of common stock.
The tax laws
penalty,
MacMillan Co.—Final Dividend—
then
were such that he could not sell this common stock without
incurring
heavy tax penalties, he said.
This year, however, the tax on capital gains
was changed and in February his investment
counsel, Brush, Slocumb &
Co., advised him of the tax which he would have to pay if he sold the stock.
On Oct. 16 when in New York he was advised by Julian F.
Thompson,
Directors have declared
a final dividend of 50 cents per share on the
stock, payable Jan. 10 to holders of record Jan. 6.
Previously
regular quarterly dividends of 25 cents per share were distributed.
See
common
also V.
Treasurer of McKesson & Bobbins of the latter's suspicion of some irregular¬
ities in the company's financial affairs.
On Oct. 19 he left for San Fran¬
cisco, arriving there
was
for 750 shares
After
his
Oct. 23.
The first order to sell any common stock
Oct. 27, the order being to sell at 7M or better.
on
on
return
to
146,
2859.
p.
/
»•
Maine Central
Period End. Nov. 30—
Operating
Operating
California,
Mr. Michaels said, Julian Thompson
telephoned nim on Nov. 9 and on a subsequent occasion to tell aim that his
suspicions of some irrgeularities had been confirmed, but that they were
all negative rather than positive facts.
Net oper. revenues
$253,905
74,641
Drl3,414
27,129
Equipment rents
George, Arthur and Robert Musica, who became officials of McKesson &
Robbins, under the names of George Dietrich, George Vernarda and Robert
Dietrich, pleaded not guilty to an indictment alleging violation of Sec tion32
of the Securities Act of 1934 before Federal Judge
Bondy, Dec. 23. Judge
Bondy heid them in bail of $30,000 each for George and Arthur, and $17,000
for Robert.
Previously they had been heid in ban of $100,000 on a com¬
plaint.
The indictment alleges they conspired to falsify financial statements of the corporation filed with the New York Stock
Exchange.
Statement Issued by William J. Wardall
William J. Wardall, sole trustee, on Dec. 23 issued the first formal state¬
ment he has made
respecting the case.
Mr. Wardaii said:
"The sensational criminal charges against certain officers have tended
to obscure the important fact that the main organization of the
company
is sound and that its principal service to the
public is an essential one.
That service is the wholesaling and distribut in to retail stores
throughout
the Nation, not only of its own products but aiso of drugs and other
products
manufactured by some 4,500 other companies.
"Whiie the fictitious operations of Coster (F. Donald
Coster—Musica)
and his group in crude drugs were carried out in terms of
equally fictitious
warehouses and companies, the rea. business of McKesson & Robbins in
manufacturing drugs and other preparations.and in wholesaling the equally
high-grade products of other manufacturers, is continuing.
"The Federal Court has appointed me trustee of the estate.
As such,
Joint facil.
rents—Dr____
income."
Net ry. oper.
Other income
$189,746
66,741
Cr4,690
28,565
$138,721
37,648
381,344
$1,897,131
409,203
$136,778
$1,583,212
$2,306,334
$99,130
$168,652
(rentals,
$3,163,979
759,078
207,426
300,344
$2,410,617
787,891
Drll8,480
302,378
$1,201,868
*
29,931
_____
Gross income-
Deducts,
1938—11 Mos.—1937
$877,878 $10,113,227 $11,514,570
688,132
7,702,610
8,350,591
$884,286
630,381
j'
Taxes
Musica Brothers Enter Not Guilty Pleas to Securities Charges
"
»
1938—Month—1937
revenues.
expenses_:
•
RR.—Earnings—
int.,
&c.)___;
170,891
171,793
1,921,571
Net income
x$2,239
x$35,015
x$338,359
1,898,756
-
x
Indicates deficit.—V. 147, p. 3462.
Maritime
$407,578
,
!.
Teleg. &Telep. Co., LtdExtra,Dividend—-
Directors have declared an extra dividend of 2% cents per share in
addition to the regular Quarterly dividend of 17 M cents per share on the
common
stock, par $10, both payable Jan. 15 to holders
2230.
ot
record Dec, 15.
—V. 145, p.
Medicc-Dental
Building Co. of Los Angeles—Earnings
Earnings for Year Ended Aug. 31, 1938
Total income.-.'.
Expenses
_
Profit-
x
$55,255
45,892
—
$9,363
_i.__
*
I
am more
interested in assets than in arrests.
I
am
the creditors and
interested in protecting
some 15,000 stockholdess and in
conserving the jobs of
7,500 employees.
"Undoubtedly, the best interests of all concerned lie in the continuation
some
.
of the business for which McKesson &
reputation for
mors than a
Robbins has built up an enviable
The manufacturers are demonstarting
organization's wholesaling service by continuing to buy
these products from the company.
The confidence of these two great
groups of producers and retailers should be
reassuring to the public.
"In the meantine, I am continuing the intensive investigation into the
financial affairs of the company in cooperation with all other
agencies and
expect to have something further to say on the subject as soon as my invetigation has reached the> point where essential facts can be determined."
century.
their faith in the
Jurisdiction Fixed in
Federal Judge Alfred C.
Revamping Case
Coxe ruled Dec. 27 that the principal place of
business of McKesson & Robbins during six months prior to Dec.
8, was
located in the southern Federal District of New York.
The ruling gives
the Federal Court jurisdiction in the reorganization
proceedings
or
the
corporation.
Judge Coxe ruled that meetings of the executive board, the board of
directors and principal officers took place in New York, that the financial
policies of the corporation were directed and controlled from New York
and that sales and purchases were made in and from New York.
The Court's jurisdiction was challenged when merchandise creditors and
holders of securities of the corporation objected to a statement made
by
the debtor in its petition to reorganize, filed Dec. 8, that its principal place
of business and chief assets were located in New York.
x
Before provision for bond interest,
Balance Sheet Aug. 31, 1938
Assets—
Liabilities—
Cash on band & in bank (work¬
Assistant
Attorney General Ambrose V. McCall revealed Dec. 27 at
hearings on the company's affairs that Waddill Catchings, former partner
in Goldman, Sachs & Co., quit the board of directors because of a disagree¬
ment over management policies.
'
John McGloon, Vice-President in Charge of Accounting testified that he
knew there was a disagreement which resulted in the resignation of Mr.
Catchings.
He said he understood that there was a disagreement between
,
Accounts
Sept. 15, 1938)
$5,966
Funds on dep. with co-trustee.
5,971
to co-trustee
Accounts
2,472
receivable
1,902
Deferred acc'ts receivable
Fixed assets
445,300
_
Deferred charges
Total
payable—tra^e$1,503
Accrued liabilities
ing fund §5,000 bal. payable
24,320
...
$485,931
-
Accrued social security taxes..
Lease deposits.I'
1,987
121
985
Unearned inc.—Adv. rents...
250
Inc. mtge. sink, fund bonds.-
486,900
Capital stock (par $10)
Deficit
Total
4,889
10,703
_____
$485,931
Melville Shoe Corp.—Sales—
Corporation on Doc. 28 reported sales of $3,016,996 for the four weeks
Dec. 17 as compared with sales of $2,838,151 for the same four
weeks in 1937, an increase of 6.30%.
For the 52 weeks ending Dec. 17,
sales were $35,717,196 as compared with sales of $37,941,321 for the same
52 weeks in 1937, a decrease of 5.86%.—V. 147, p. 3768.
ending
Middlesex Products Co.—Extra Dividend—
Directors have declared an extra dividend of 15 cents per share in addition
quarterly dividend of 25 cents per share on the common stock,
ec.20 to holders of record Dec.13.—V. 146,p.2213.
jayable
$20, both payable D<
to the regular
regu
par
Midland
Valley RR.
Gross from
Earnings—
1938
November—
Hearings on Company Affairs
depreciation and amortization of
bond expense.
1937
1936
1935
$119,220
58,033
39,734
$124,878
54,118
33,098
$135,257
64,640
41,834
$120,944
61,513
44,922
1,257,404
550,244
1,412,706
642.743
1,401,780
658,424
348,358
451,496
463,705
1,212,620
538,867
374,210
railway
Net from railway
Net after rents.,
From Jan. 1—
Gross from railway
Net from railwayNet after rents
—V. 147, p.
3463.
)
'...
Financial
4060
Minneapolis & St. Louis RR.—Earnings—
1937
$791,543
208,314
1936
1935
$839,533
201,386
$705,280
128,578
102.167
Net from railway
Net after rents
124,616
24,994
40,878
From Jan. 1—
8.357,094
1,658,569
636,873
Net after rents...
8,251,999
1,711,608
682,873
7,938,747
1,368,160
436.009
6,967,665
743,860
61,760
—V. 147, p. 3917.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
[Excluding Wisconsin Central
Freight revenue
--
revenue
All other revenue
revenues......
$1,130,998
Maint. of way & st. exp^
Maint. of equipment...
181,753
Total
'.
216,560
31,600
Transportation expenses
522,527
Traffic
expenses
General expenses
50,728
..
$1,131,469 $12,675,638 $13,942,750
2,050,726
2,461,059
366,480
5,739,117
581,632
164,841
208,206
,32,545
553,750
50,534
2,159,355
2,625,544
381,903
5,986,224
634,919
$127,831
$121,593
$1,476,622
100,578
103,045
1,144,911
779,149
$27,252
$18,547
23,062
11,859
37,247
14,588
$331,711
292,246
148,120
$1,375,656
330,307
210,980
x$7,668
Dr50,612
476,066
Net ry. revenues..—
x$33,288
£*38,215
476,803
x$108,655
£*606,662
5,332.512
$834,369
£*426,240
Taxes
Net after taxes
Hire of equipment (dr.).
Rental of terminals (dr.)
Net after rents
Other income (net)
Int. on funded debt....
Net deficit
$534,346
......
$6,047,829
$548,307
Indicates loss.
x
Ry.]
1938—Month—1937
1938—11 Mos —1937
$991,938
$982,347 $10,818,490 $11,862,957
47,766
52.580
721,258
837,342
91,294
96,542
1,135,890
1,242,451
Period End. Nov. 30—
Passenger
Mobile & Ohio RR.—Earnings—
$2,154,804
5,306,269
$4,898,140
def25,061
196,399
$787,741
68,085
24,100
11,178,765
2,292.875
9,835,161
2,214,183
1,097,775
8,113,601
1,040,440
58,447
$1,037,838
$932,431
101,751
311,963
From Jan. 1—
10,546,499
Net from rail way..:—2,417,427
Net after rents
923,610
Gross from railway
934,406
—V. 147, p. 3919.
Monongahela Ry. —Earnings—
1935
1936
1937
1938
November—
$365,749
233,197
133,937
$340,751
181,398
70,482
$423,876
266,687
146,898
$317,315
187,360
86,455
3,070,875
1,858,848
848,092
4,174,623
2,418,568
1,149,855
4,263,311
2,610,287
3,495,773
2,093,653
1,013,436
railway
Net from railway
Gross from
Net after rents
-From Jan. 1—
railway
Gross from
Net from railway
Net after rents
—V.
1,314.199
147, p. 3463.
Monongahela West Penn Public Service Co.—Reduo
tion of Par Value and Issuance of Stock Approved—
The Securities and Exchange Commission on Dec. 27 made effective a
declaration of the company (a subsidiary of American Water Works &
Electnc Co.. Inc.) regarding the reduction of the par value of its common
stock from $25 per share to $15 per share, and the issueance and sale of
200,000 additional shares of its common stock having such reduced par
value.
Of these 200,000 shares 97,940 shares are now held in declarant's
An application by American Water Works & Electric Co., Inc.,
acquisition of such additional shares for the consideration of $3,000,-
treasury.
for the
It is understood that Monongahela
000 or $15 per share was also approved.
West Penn Public Service Co. will use
the proceeds ($3,000,000) from the
for the purpose of discharging an open-account in¬
equivalent amount now owed by it to the American com¬
sale of the new shares
„
provision is necessary
profits imposed under the Revenue Act of
Note—As there is no taxable income to date, no
for the surtax on undistributed
Net after rents
1935
1936
1937
1938
$955,116
192,797
57,413
Nov.—
Gross from rail way
Net from rail way
Gross from railway.____
Net from railway
1938
31,
of $2,160,469 available for authorized interest.
147, P- 3463.
$669,670
129,697
1938
November—
Gross from railway
Dec.
Chronicle
thus leaving a balance
debtedness in an
pany.—V. 147, p. 3615.
1936.
November—
-
Monroe Caculating
(Including Wisconsin Central Ry.)
1938
1937
1936
1935
47,345
defl44,170
104,396
$2,042,793
425,774
170,030
Gross from railway
Net from railway-
22,507,354
3,239,312
25,851.891
5,501,808
24,605,193
5,481,604
22,011,156
4,105,976
Net after rents
defl43,518
2,510,061
2,050,594
Machine Co.—50-Cent Dividend—
of 50 cents per share on its common stock,
value, on Dec. 28 to holders of record Dec. 15. Like amount was
paid on June 30, last, and compares with 60 cents paid on March 31, 1938;
$2 paid on Dec. 20, 1937; $2 paid on the smaller amount of stock previously
outstanding on Nov. 2, 1937; $1 paid in June and in March, 1937; $3 paid
on Dec. 21, 1936; $2 on Sept. 30, 1936, and $1 per share paid in each of
the four preceding quarters.—V. i47, p. 121.
Company paid a dividend
1,514,746
Gross from railway
$2,053,095
331,067
Net from railway...
Net after rents
$2,152,926
436,054
$1,922,534
172,561
From Jan. 1—
—V.
no
par
147, p. 3463.
Directors have declared
a
Pay Dividend—
dividend of $1.65 per share on the common
stock, payable Jan. 10 to holders of record Jan. 3.—V. 147, p. 2539.
Directors have declared
$66,453
11,612
def2,347
$77,447
9,015
def2,704
$78,603
18,609
10,613
$64,601
def9,116
defl3,521
731,234
Net after rents
866,570
138,771
839,844
216,709
136,391
664,050
86,577
24,519
From Jan. 1—
railway
Net from railway.
Net after rents.
146,065
40,460'
36,596
—V. 147, p. 3463.
.
Montana Power Co. (& Subs.)—Earnings-—
1938—Month—1937
1938—12 Mos.—1937
Period End. Nov. 30—
Operating revenues.... $1,231,332
528,933
Oper. exps., incl. taxes.
Property retire, and de¬
pletion reserve appro¬
129,646
priations
Oper. expenses and taxes
Provision for deprec
1938—Month—1937
$294,731
195,276
15.000
Gross income..
$84,455
$296,057
189,317
15,000
$91,740
1938—12 Mos.—1937
$3,533,425
$3,442,698
x2,291,400
234,000
$1,008,024
x2,191.481
120,000
Net
48,752
Dividends
on
pref. rtock
Balance
x
No
609,989
748,806
$398,035
253,062
$129,349
$144,973
$18,998
as
November—
1938
1937
1936
$96,639
20,257
8,454
$100,730
21,753
5,807
1935
$85,704
defl,122
defl6,646
From Jan. 1—
Gross from railway
905,613
137,648
9,044
1,057,665
809,467
"129,744
52,049
950,079
179,193
45,887
185,942
42,607
—V. 147, p. 3463.
Missouri Illinois
—
con¬
_
1937
$105,789
32,112
8,948
$124,734
44,539
27,280
$95,541
24,221
11,746
1935
1,004,480
209,901
48,557
1,389,424
442,733
204,810
1,054,402
261,395
79,586
974,137
1936
Interest—
198,929
49,080
•
Balance
-Y. 147, p. 3463.
Lines—Earnings—
1938—Month—1937
expenses
Years Ended—
Nov. 2, '35
Oct. 29, '38
Oct. 30, '37 Oct. 31, '36
$90,987,225 $89,636,642" $82,118,373 $72,526,144
cl,473,645
644,649
1,741,001
2,778,188
584,852
579,033
615,313
658,794
.
Depreciation
Federal capital stock tax
Surtax
an
undis.
profits.
....
Shs. of
59,781
355,634
Missouri Pacific
1938—11 Mos.—1937
$2,550,426 $25,590,309 $29,729,071
2,040,131
20,587,998
22,303,196
43,680
356,074
$295 '853
964,503
3,932,544
3,073,029
3,867,145
$312>394 -$2,968,041
RR.—Earnings—
Nov—
$794,116
1
1937
1936
Net after rents.
$7,509,046
$8,004,049
2,061,331
1,160,607
$6,559,579
1,275,536
608,983
74,058,989
14,727,811
4,898,040
85,528,456
20,008,708
10,815,969
82.312,070
68,130,117
20,117,354
12,490,780
4,685,906
Trustee Authorized to
1,553,808
665,698
9,898,765
Pay Interest—
Judge George H. Moore has authorized Guy A. Thompson,
pay semi-annual interest due Jan.
1, 1939 on Pacific RR. of
extended second mortgage bonds.
The payment amounts to
$64fu25*
In
recommending the
payment, the trustee revealed that for the 10
31, 1938 income available for authorized interest
derived from operation of Missouri Pacific RR., including the Nebraska
con>oration, has aggregated $4,439,252.
For the same period interest on the various Missouri Pacific equipment
ended
$619,490
1,041.385
$338,595
1,388,513
$421,895
$1,049,918
in
Oct.
trust cert1 ficates, the four Pacific Railroad of Missouri mortgages,
385,698
$0.88
all companies incl. miscellaneous income, which
385,698
$1.60
385,698
Nil
b Operating profit of
1938 amounted to $39,456
workmen's
(incl. $18,601 transferred from reserve for
compensation) 1937, $12,040; 1936, $20,350 and 1935, $20,669,
after expenses, incl. repairs and maintenance of properties,
c
restoration to inventory reserve for $250,000 charged to earnings
Includes
in 1933.
Consolidated Balance Sheet
Oct. 29, '38
$
2,665,413
4,249,458
23,603
Inventories
Invest. & advances
142,315
12,114,534 11,851,131
assets
Deferred charges..
192,553
192,624
x
26,680,323
27,784,020
30,*37
$
694,812
2,500,000
4,500,000
Sundry deposit and
590,577
720.907
429,534
373,421
reserves
164,870
215,924
Res. for inc. taxes.
312,246
Reserves
675,361
714,539
Capital stock...15,062,787
15,062,787
6,278,515
5,455,137
loans accounts.
.
Accruals.
Insurance
x
Profit & loss 8urp.
Total..!
46,493
26,680,323 27,784,020
Represented by 385,698 no par shares.—V. 147, p.
3769.
(Philip) Morris & Co., Ltd.—Cash Dividend-—
Directors have declared
a
dividend of 75 cents per share on the common
stock, payable Jan. 16 to holders
of record Jan. 3.
On Nov. 15, last the
share
paid.
disbursed a dividend of one-half share of common for each
common held, while on Oct. 15, last
a cash dividend of 75 cents was
—V. 147, p. 3314.
company
Muehlhausen
Spring Corp.—Registers with
See list given on first page
SEC—
of this department.
Nashville Chattanooga
& St. Louis Ry.—Earnings—
1938
Nov.—
Gross from railway
Net from railway
Net after rents.
1937
1936
1935
$1,179,704
$1,087,426
27,786
$1,249,123
217,136
$1,067,946
152,776
170,342
56,884
def59,838
163,128
108,618
12,476,335
2,599,824
13,288,937
1,791,120
12,857,801
1,826,377
11,289,512
1,103,471
1,492,524
913,822
1,219,700
484,462
From Jan. 1—
Pacific third 4s,
Net after rents
River & Gulf division bonds, Texarkana Union Station
certificates, and interest due to Reconstruction Finance Corp. and
Railroad Credit Corp. has been accrued in the aggregate sum of $2,278,783
8,324,242
141,643
7,393,322
trust
Missouri
458,507
4,125,259
25,272
508,968
receivable-
Oct.
666,433
Accounts payable.
Bank loans
insurance
29*38
8
Liabilities—
$
Cash surr. val. life
Accts.
Oct.
Off. 30,'37
2,055,497
Gross from railway
Net from railway.
$2,133,381
385,698
$2.64
Earnings per share
1935
$7,049,579
1,599,244
717,481
From Jan. 1—
Gross from railway
Net from railway
months
$1,016,227 loss$670,543
192,849
462,838
.
stk. outst'd
Total..j._*
1938
Gross from railway
Net from railway
Net after rents
Missouri
295,789
66,909
187,500
.sur$823,378
com.
(no par)
Claims.
—vei47ftprf39l7ChgS""
to
368,750
54,030
119,698
„
Net profits
Capital
Federal
603,112
96,767
724,891
100,049
245,226
33,000
and local taxes
Interest
Cash..
fixed
charges
Fixed charges
trustee
957,342
$2,687,016
.
b Operating profit
Assets—
$2,268,827
1,846,262
revenues
for
957,492
$1,648,872
(John) Morrell & Co. (& Subs.)— ■Earnings—
on the first mortgage 5% bonds, series A,
beginning Dec, 28, 1938.—V. 147, p. 3463.
Period End. Nov. 30—
avail,
the
d All companies.
Missouri-Kansas-Texas
Income
$3,644,358
—
.....
The interest due Jan. 1, 1936.
due 1959, will be paid
Cr240,739
$2,606,364
applicable to preferred stock for
period, whether paid or unpaid...
From Jan. 1—
Gross from railway.....
Net from railway
Net after rents
Cr366,848
$239,886
$324,708
Net income
Deficit
$134,420
53,266
36,721
1938
rents
Operating
Operating
027.572
—
Dividends
Ry.—Earnings—
November—>
^
..
Dividends
Gross from railway.....
Net from railway
-
$6,311,369
1,920,123
581,578
406,049
299
44,125
Federal taxes
Net from railway
Net after rents
Net after
charged to
d Net sales.
$89,075
20,907
,11,364
Gross from railway
$5,119,379
1,928,932
529,495
421,436
_
struction—
made in 1936 or 1937 for Federal surtax on undis¬
all taxable income was distributed.—V. 147, p. 3462.
Net from railway
Net after rents
£*66,099
$454,707
161,045
44,125
37,223
36.297
Interest
was
Missouri & Arkansas Ry.—-Earnings—
1,557,948
$6,295,444
15,925
Other int. and deduct'ns
on
$382,411
253,062
$14,614
provision
tributed profits
,
51,654
$40,087
21.088
1,582,356
$5,185,478
:
159,901
on
Interest
$1,131,217
$35,703
21,088
income..
149,789
$454,408
mtge. bonds
debentures.
Interest
7,585,446
6,302,588
606,476
$565,031
Gross income
Interest and other fixed
charges
$1,210,673 $13,070,422 $15,438,838
$572,753
£*7,722
...
Net oper. revenues...
Other income (net)
Mississippi Power Co.—Earnings—
Period End. Nov. 30—
Gross revenues..
A
Like amount was paid
of 8c cents was paid on
Sept. 1. 1937.—V. 147, p. 1933.
1935
1936
1937
1938
November—
Gross from railway
Net from rail way
dividend of 5 cents per share on the class
a
stock, payable Jan. 16 to holders of record Jan, 7.
on Oct.
15 and on June 24, last, and a dividend
Mississippi Central RR.—Earnings—
Gross from
Society—Dividend—
Monroe Loan
*
Mission Oil Co.—To
—V.
147,
p.
3464.
'
Volume
147
Financial
Nash-Kelvinator Corp.
(& Subs.)—Earnings—
,
.
„
Year
,
30—
10 Mos.
xl937
S54.113.209 $80,553,801
50,883,626
66,345,343
Selling, advertising and administrative expenses___ 10,964,205
10,110.222
„
$7,734,622 prf$4098236
436,918
424,280
140,759
957,960
71,422
347,240
207,468
249,478
_
Sundry other income
Provision for five-year warranty on refrigerators._
Sundry income deductions
Income and excess profits taxes.
$6,878,055 prf$6077193
324,558
908,600
459,250
702,846
745,000
undistributed profits.
on
Portion of net loss of sub.
of limited-term
investments.
retire,
appropriations
applicable to min. int.
included herein.
Balance
1938
on
$
1938
2,663,202
4,345,257
at
10,012,141
Notes, accepts.,
x
'
llfftftfl
Ar
ftppto
receiv.—trade..'
Inventories
.
Accounts payableAccrued expenses.
7,786,510
584,128
3,287,826
394,078
Income—est.
825,000
Reserves.
3,582,211
3,587,186'
Cap. stock ($5 par) 21,878,000 21,878,000
Treasury stock... Dr417,704 Dr561,008
on
10,024,674
Crl95
023,155
106,628
046,517
$187,187
$176,342
$1,881,460
1,842,944
17,500
8,343
•
1,941,887
4,699,399
10,403,134 21,883,020
a
Cash
$1,411
Balance Sheet Aug. 31, 1938
Assets—
Liabilities—
Gash.
$4,784
Accts. receivable—Tenants..
2,250
X153.340
...
Deferred charges
1,739
...
Land
10,551
real
estate
—
Mis cell.
128,895
303,129
49,135
63,777
x
102
22
5,163
85,000
no
78,368
value
6,854
_...—
After
reserve
for
depreciation of $21,660.
November—
1938
Gross from railway..,
From Jan.
Invest'ts,
.
591,271
885,668
—V.
147,
defl8,861
$63,634
defS,552
def28,102
$58,746
defl5,050
def31,815
606,094
def43,788
def258,648
678,772
def88,915
def318,214
717,385
def64,441
def291,784
702,227
defl79,883
def385,976
...
1—
.
...
Net after rents
Prop., plant and
equip,
used
In
operations
15,347,399 13,974,775
i Not used In oper.
798,263
831,591
Patents & goodwill
2
2
1935
1936
1937
$57,368
defl2,201
def32,532
$52,546
def612
Gross from railway.
Net from railway
notes, accts. and
$162,113
.....—...
Jersey & New York RR.—Earnings—
Net from railway
Net after rents
em¬
Total
$162,113
.....
New
held
advances
298
,_
Capital stock tax liability
par
<fc
ployees & officers
$25
_
mtge. payable._
Capital stock—2,682 shs.,
Capital surplus... 6,441,996
6,318,165
Earned surplus...12,179,403 21,378,412
Traveling advs. &
accounts
on
Mass. excise tax liability
Mortgage payable
84,289
149,553
for sale
payable.
Int. accr'd
Real estate tax liability
Total
316,238
contracts
Accounts
4,088,127
4,428,796
—
$13,500
14,911
loss.
value of
surr.
499,100
$1,343,844
.....
Deficit
life insurance.__
499,100
Newbury Street Garage Co.—Earnings—
Balances in closed
banks
,
210,000
$1,382,360
Invests, in & adv.
to uncon. subs..
2,855,555
742,500
742,500
210,000
109,135
....
$
Fed. & State taxes
cost plus accrued
interest
11,826
$2,919,940
1937
$
Liabilities—
hand and
sec.
539
$262,748
61,875
17,500
8,778
Crl ,747
Earnings for Period Sept. 1, 1937 to Aug, 31,1938
Income—Rent
Expenses
;
Net
1937
$
deposit
$2,788,878
66,677
-V. 147, p. 3316.
Consolidated Balance Sheet Sept. 30
on
$2,908,114
Dividends applicable to pref. stocks for the
period,
whether paid or unpaid..
Including Kelvinator Division from Jan. 4, 1937, to Sept. 30, 1937.
Note—Provision for depreciation in the amount of $1,392,018 ($977,421
1937) has been deducted in the above statement.
The corporation's proportion of the aggregate net losses (less income in
excess of dividends
received) of unconsolidated subsidiaries amounted to
$3,099 for the year ended Sept. 30, 1938, which amount has not been
Cash
560,834
$262,209
18
on mtge. bonds
on deb. bonds..
Other int. and deduct'ns
Int. charged to construe.
in
U. 8. Govt.
600,832
$274,710
61,875
__
Interest
Interest
x
Assets—
47,448
44,167
$274,692
Net oper. revenues...
$7,655,139 prf$3640748
1,601,985
3,193,560
_.
Dividends paid..
4,467,670
1,955
Netincome..
6,723
$7,485,730
4,136,018
$8,024,064
48,333
Other income
•
1938—12 Mos.—1937 ^
reserve
80,000
(since acquired)
Net loss..
1938—Mohth—1937
$714,142
$666,355
389,162
359,979
Amort,
Gross income
Total loss..
Co.—Earnings—
Period End. Nov. 30—
Operating revenues
Oper. exps., incl. taxes.
Property
Operating loss.
Dividends received from controlled companies
Profit on sale of U. S. Government securities
Interest on U. 8, Government securities.
Surtax
4061
Nebraska Power
1938
_
Period Elided Sept.
Net sales.
Cost of goods sold—
Chronicle
__
3465,
p.
y
Deferred charges__
621,706
Newport Electric Corp.—EarningsPeriod End. Sept. 30—
Operating revenue
Oper. expenses and taxes
1938—3 Mos.—1937
$219,523
$218,802
123,457
132,566
61,796,393!
.....47,345,811
After
x
of
reserve
$183403
in
Total..-
47,345,811 61,796,393
$582,509
376,165
$86,236
3,981
$247,566
8,214
$206,343
10,637
$90,217
7,830
National Aviation Corp.—To
a
Pay 25-Cenf Dividend—
dividend of 25 cents per share on the
common
stock, payable Jan. 14 to holders of record Jan. 3.
This will be the first
dividend paid since Dec. 15, 1936 when $1 per share was distributed.—V.
147, p. 3315.
23,490
$216,980
23,490
807
854
3,000
$96,066
Other income (net)_____
1938
and $150,273 in 1937.
y After
reserve for depreciation of $10,043,515 in
1938 and $9,947,619 in 1937.
z After reserve for
depreciation of $594,439 in 1938 and $557,087 in 1937.
Less reserve of $205,030.—Y. 147, p. 3769.
Directors have declared
$602,636
355,070
10,125
5,260
15,911
496,322
Net oper. income
Total
1938—9 Mos—1937
Gross income
Int.
Int.
on
3,408
;
$99,474
(net)
funded debt
7,830
loans payable to
Utilities Power & Light
on
Corp.
Int.
on
Util.
—
______
•
:
2,153
loans payable to
Power &
Light
Corp., Ltd
Other interest
3,375
1,635
5,297
*
Amort. of aband. prop
.
_
240
5,307
3,675
1
731
•
15,921
National Broadcasting Co.—Gross Income—■
The gross income of this company for 1938 was estimated on Dec. 23
by
Woods, Vice-President and Treasurer, at $38,432,171, a 6.1% in¬
the previous 12-month period.
Mark
crease over
This figure represents the official gross income of the company.
The
yearly billing figures, how ever, ^represent gross client expenditures before
In arriving at the gross income figure, discounts as
well as company revenue from sources other than time sales are taken into
Net income
of comparison, the 11 months cumulative total of gross
billings for 1938 was $37,575,607 a rise over the same period last year of
7.3%. Billings for the first 11 months of 1937 and 1938 were as follows:
%
1938
"Jan..,
Nov.—
Change
*37
Over
%
1937
1938
Change
Over '37
1937
6.1
3,295,782
July.....$2,958,710
Aug
2,941,099
5.6
$2,707,450
2,784,977
Mar
$3,793,516
3,498,053
3,806,831
5.3
1.0
Oct......
3,773,964
13.0
3,414,200
3,200,569
Nov.
3,898,919
15.3
....
6.2
$3,541,999
3,214,819
3,003,387
Sept..!.. 2,979,241
Net after rents
The 1937 12-month cumulative totaling
Distillers Products
7.3
$38,651,286.—V. 147,
$35,012,200
p.
3464.
Corp.—Acquisition—
This corporation, one of the largest distillers of domestic whiskeys, will
expand into the field of domestic wine and brandy production early next
year, according to an announcement made on Dec. 22.
Seton Porter,
President, said that the company had completed arrangements for ac¬
quiring Shewan-Jones, Inc., of Lodi, Calif., wine and brancy producers.
In the industry the move by National was reported as the first
by any
large distiller to acquire a domestic winery and market the product.
It was
explained, however, that the sale of wines would be subordinated to the
production and sale of brandy.
Mr. Porter said that National planned to retain Lee Jones, President &
General Manager of Shewan-Jones, Inc., as General Manager of the new
"The properties of Shewan-Jones," hp continued, "include a bonded
winery, brandy distillery and warehouse at Lodi and bonded warehouse
Angeles and New York.
At Lodi there is a winery with
grape-crushing capacity of 20,000 tons, a large brandy distillery, brandy
warehouses capable of aging 2,000,000 gallons without additional
building
construction and a wine storage capacity of 2.000,000 gallons."
He added that the company was convinced that a market for fine domestic
brandies could be built up here without disturbing the French
cognac
market in the United States.—V. 147, p. 3315.
facilities at Los
National Steel Car Corp., Ltd,—Stock Increase Voted—
special meeting held Dec. 28, stockholders unanimously approved
by-law increasing authorized capital, from 130,000 shares of no par value, to
250,000 shares, no par value.
Of the new stock, 45,500 shares will be offered as rights to all shareholders
of record Jan. 3, 1939, on or before Jan. 25, 1939, on the basis of
3H new
shares for each 10 shares held, at $35 per share.
Robert Magor, President, told the meeting that any unsubscribed stock
had been underwritten by Robert Benson & Co. of London, England, and
Greenshields & Co.—V. 147, p. 3316.
a
Nevada Northern
November—
railway
from railway
Net after rents
.*—
1937
1936
1935
$60,877
31,441
21,735
$66,108
34,632
28,641
$52,311
21,872
15,274
$53,536
28,947
23,781
517,478
210,916
139,059
639,374
316,808
240,340
504,824
211,584
152,823
376,098
109,038
From Jan. 1—
534,831
362,566
Net after rents. :
54,059
2,154,856
568,536
173,608
860,957
3465.
Inc.—Earnings—
1938—Month—1937
Period End. Nov. 30—
$1,493,229
1938—12 Mos—1937
$1,502,432 $18,365,498 $18,045,036
992,050
1,071,293
12,251,329
177,000
177,000
2,124,000
2,124,000
$324,179
892
$254,139
1,346
$3,990,169
9,575
$3,725,783
21,547
Other int. & deductions.
$325,071
199,739
18,901
$255,485
202,841
19,427
Int. charged to construe
Cr5,358
Crl,718
$3,999,744
2,410,711
246,570
Cr55,789
$3,747,330
2,455,176
240,637
Cr5,074
$1,398,252
$1,056,591
Oper.
exps.,
Property
serve
incl. taxes._
retirement
_
Net oper. revenues—.
Other income (net)—...
Gross income
Int.
on
mtge. bonds—_
Net income
x
$34,935
$111,789
Dividends applicable to preferred stock for the
the period, whether paid or unpaid—
x
12,195,253
re¬
appropriations.
—
-
544,586
544,586
$853,666
-
$512,005
Dividends accumulated and unpaid to
$2,677,548 after giving effect to
stock declared for payment on
cumulative.—Y.
147,
p.
Nov. 30, 1938, amounted to
a dividend of $1.75 a share on $7 preferred
Jan. 3, 1939.
Dividends on this stock are
3465.
New Orleans Texas & Mexico Ry.November—
1938
Gross from railway
Net from railway
1936
$163,870
21,737
1935_
$169,030
35,260
31,351
7,681
33,514
2,137,701
555,136
617,431
2,369,846
809,439
842,237
1,853,908
418,913
293,605
1,604,623
343,245
396,786
•
Gross from railway
Net from railway
Net after rents
147, p.
Earnings-
$169,144
28,530
Net from rents
From Jan. 1—
—V.
1937
$198,521
33,422
43,872
3918.
New York
Casualty Co.—New Director—
Frederic T.
Wood, Chairman of the Board of the Fifth Avenue Coach
elected a director of this company at a meeting of the board of
directors held Dec. 27.—V. 147, p. 2095.
Co.,
was
RR.—Earnings—
1938
November—-
1937
1936
1935
$28,678,023 $31,883,252 $27,077,900
6,810,937
5,323,580
8,684,569
4,393,696
3,158.333
1,826,677
5,027,105
Gross from railway
$27,556,001
Net from railway—.—,
6,354,109
Net after rents...
From Jan. 1—
Gross from railway
Net from railway
—V.
2,527,253
New Orleans Public Service
New York Central
Ry.—Earnings—
1938
Gross from
Net
P.
3,044,702
1,158,504
$212,361
55,944
14,208
$254,643
100,438
Balance.—....
unit.
At
—V>447,
Operating revenues
11 mos..$37,575,607
National
9.3
1935
1936
$271,836
82,179
38,623
2,810,668
966,114
359,044
.
From Jan. 1—
Gross from railway
Net from railway..—..
3,339,739
3,381,346
6.6-
May
June
7.1
1937
$248,904
90,774
32,695
.
Net from railway
Net after rents.
2,850,681
3,310,505
3,614,283
3,277,837
4.5
Apr;
Feb
1938
Gross from railway
For purposes
$171,010
$200,140
New Orleans & Northeastern RR.- -Earnings-
deduction of discounts.
account.
$73,033
$81,337
Note—Any provision made in the above statement for Federal surtax on
of the calendar year of 1937.—V. 147,
p. 2696.
.
undistributed profits is in respect
1
147, p. 3464.
80,290
Gross from railway
Net from railway
Net after rents
—V. 147, p.
3770.
—
269,579,065 338,918,218 326,456,683 281,803,447
67,720,127
54,326,938
79,194,237
82,425,042
12,778,655
37,005,245
43,498,688
33,500,592
*
Financial
4062
New York Chicago
1,097,816
717,168
Gromtroinrailway
Net after rents
—V. 147, p. 3770.
New York Connecting
Net from railway
Net after rents
From Jan. 1—
Gross from
Net from railway
Net after rents
—V. 147, p.
306,772
50,132
2,323,187
1,734,241
1,076,758
-
1935
$231,795
1936
$252,359
199,064
1937
$166,164
111,723
2,287,315
1,624,517
1,055,690
f—
railway-A—
31,244,503
10,099,313
6,082,402
RR.—Earnings—
1938
$197,089
—164,660
November—
Gross from rail way
37,751,252
13,509,800
8,161,921
38,823,502
12,610,171
7,479,137
railway!
Net after rents.-
Net froM railway
1,185,977
749,688
$3,016,276
717,207
368,275
32,966,588
9,166,421
4,306,437
Gross from railway
Net from
first
1935
$2,915,612
959.737
620,611
1936
$3,502,829
1937
t188,267
142,117
118,573
2,574,232
1,992,577
1,289,014
2,488,217
1,913,514
1,154,800
.
3465.
New York Life Insurance Co.—Year 1938 Satisfactory—•
tor 1938 for this company will not be available until
this time it appears that on the whole the year's
results have been satisfactory," declared Alfred L. Aiken, President,
"i am
glad to say that of late our sales have been substantially ahead of those for
the corresponding period last year, marking a distinct turn for the better
although not enough to overcome the business inertia of the first part of the
year, so that our total volume of new insurance issued during the year 1938
will "probably be about 15% less than for the year 1937.
"During the first 11 months of 1938, the New York Life invested about
$258,000,000 in bonds.
Approximately 70% of this or $182,000,000 was in
bonds of the United 8tates Government and its agencies; PubJc Utility
bonds accounted for over $42,000,000; State, County and Municipal bonds
about
$22,000,000; Industrial bonds about $7,000,000; and Canadian
Governments something over $5,000,000.
The preponderance of invest¬
ment in obligations, direct or indirect, of the United States Government at
low rates of interest, reflects the difficult investment problem with which
insurance companies and similar institutions are faced at the present time.
tw"The company invested approximately $48,000,000 in bond and mort"While final figures
the books are closed, at
of
f;age securedabout $13,000,000 overthe first 11 months
by real estate during the corresponding
ncrease
1937.
of the year, an
period in
Practically all of this increase was in loans secured by mortgages on resi¬
dential properties.
"The company's total disbursements for dividends to policyholders in
1939 will probably be about $42,500,000 approximately $2,000,000 more
than the total dividends paid during the year 1938."
Mr. Aiken was not disposed to forecast business and economic trends for
year 1939 because of the very unsettled conditions, economic and
But he did state that he expected a steady,
gradual improvement in business conditions in the United States and felt
that the country is slowly but surely working toward the solution of many
of its social and economic problems.—V. 132, p. 1049.
-
the
social, throughout the world.
New York New Haven &
Plan of Reorganization
Stockholders—
Hartford RR.—Amendment of
Filed—No Equity for Present Common
The company on Dec. 30, filed with the U. S. District Court for the
District of Connecticut and with the Interstate Commerce Commission an
filed by it under date of June 1,
This action is taken pursuant to permission granted by the ICC on
11, 1938, reopening the hearings before the Commission in the New
Haven reorganization proceedings.
The amended plan shows fixed charges of $6,402,102 for the reorganized
1937.
Oct.
This is less than one-third of the corresponding charges which
to $19,531,323 for 1935, the year in which the reorganization
proceedings were commenced.
Under the plan of reorganization filed by
the New Haven in June 1937, comparable charges totaled $9,267,909.
Because of the rejection of the lease of the Boston & Providence RR. and
the proceedings for reorganization of that railroad now pending in the
Federal District Court in Massachusetts, the New Haven's amended plan
does not make a definite proposal for the Boston & Providence, but states
that- negotiations for the acquisition of the latter's property by the New
Haven are now in progress.
If these negotiations do not result in agree¬
ment within a reasonable time, the amendment points out that the New
Haven or its trustees' are in a position to file a plan for the reorganization
of the Boston & Providence in the Massachusetts Proceedings.
The amendment contains no provision for the permanent disposition of
the Old Colony RR. or the Providence-Warren & Bristol RR., although it
assumes that the New Haven trustees' will continue the operation of these
properties
pending the completion of their respective reorganization
proceedings.
Shortly after the filing of its original plan in June 1937, the New Haven's
earnings, like those of the railroads in general, underwent a sharp decline
which continued through the latter part of 1937 and until the Summer of
1938., Not only did gross revenues fall off precipitously due to drop in
volume of traffic, but wage increases and other expense factors resulted in
a greatly disproportionate reduction in net earnings.
The situation had
become so bad that in June 1938 the ICC Examiner filed a proposed report
recommending that the Commission refuse at that time to approve any
company.
amounted
Tew of reorganization for the
Slan Haven and other parties toNew proposed*" report. but no action had been
Exceptions were fifed by the
this Haven.
thereon
New Haven's
by the Commission, when on Oct. 11, 1938 it granted the
petition for permission to file a revised plan and reopen the
proceedings to take further evidence in support thereof.
The amended plan is based on fixed charges of not to exceed $6,500,000.
During the latter part of 1937 and the early part of 1938, earnings available
for such charges were running at substantially less than that rate.
Never¬
theless, the management believes that, in view of the unusual circumstances
which prevailed in that period, and the present upward trend of earnings,
fixed charges of that amount can be met in any future period of low traffic
volume which can now be anticipated.
This conclusion has been tested
against the average earnings of the last six years (including an estimate for
the latter
part of 1938
made before charges in connection with the Hur¬
ricane) which average, after adjustment for changes in tax laws now in
force and for non-operating income in the amount which can now be
anticipated for the future, was $7,736,700.
The amended
plan proposed the following capital structure:
Equipment trust certificates.
Underlying mortgage bonds
$12,872,000
....
7,422,000
;
Prior lien bonds due 1954..-
Fixed interest bonds due 1975--
-
Income bonds due 1985
Preferred
stock--
7.500,000
112,582,032
95,813,924
71,656,886
Common stock (estimated)
The fixed charges and guarantees under the amendment will be
Equipment trust interest
Underlying bond interest
77,000,000
as follows;
,
4,503,281
787,829
96,600
Fixed interest bond interest
(maximum)
Guaranties
Total
$
6,402,102
Contingent interest on the income bonds will amount to $4,311,627.
*'•
Total fixed charges and guaranties under the Amendment would have
been covered 1.2 times by the adjusted income available therefor in the
average year
of the period 1933-1938 and would be safely within the Manage¬
1939.
ment's estimate of $7,000,000 available for such charges for the year
In the "prospective year" shown in the New Haven's original plan there
would be available after fixed charges, contingent interest and the maximum
provision of $1,000,000 for capital expenditures, income sufficient to pay
dividends of approximately 2 H % on the preferred stock.
The reorganization securities proposed in the Amendment vary in some
details from those proposed in the New Haven's original plan.
The more
important changes are as follows:
(1.) A small issue of short term bonds, to be either a prior lien bond or a
special series of fixed interest bonds, as provided for the purpose of raising
c&shi»
(2!)
,
^
j
The second preferred stock proposed in the original plan has been
eliminated.
of prior lien or
special series bonds to raise cash to meet reorganization expenses, pay off
two small issues of bonds which mature within the next 18 months, pay
accrued interest to Dec. 31. 1939 on bonds which are to remain undisturbed
and assure an adequate initial cash position for the reorganized corporation.
It is expected that these bonds will mature in fifteen years, will bear 3 % %
Interest, will be callable initially at 105 and (if prior lien bonds) will be
secured by a mortgage on part of the main line.
The fixed interest bonds will mature in 35 years, will bear interest at
4%, will be callable initially at 105 and will be secured by a mortgage on the
railroad properties and leases of the reorganized corporation, but not
including any common carrier properties or any securities.
The
bonds will mature in 45 years, will bear interest at 4)4%, payable
income
only to
cumulative to the extent of 13 % %. will be callable
at 100, will be convertible into preferred stock and will be secured by a junior
mortgage on the same properties securing the fixed interest bonds.
The new
preferred stock, (par $100), will carry 5% dividends
cumulative to .the
extent of 25%, will be preferred at par in liquidation, will be callable at par,
will be convertible into new common stock and will have full voting power.
The new common stock, (par $100), will also have full voting power to be
exercised only after payment of accrued dividends of preferred stock. The
fixed income bonds, income bonds and preferred stock will be issued only
to secured creditors and the common stock will be issued to unsecured
creditors and to the present preferred stockholders.
The treatment of existing creditors and stockholders as proposed in the
the extent earned and
original plan and in the amendment is as follows:
Equipment Trust Certificates will remain undisturbed under both Plans.
The Housatonic 5's of 1937 will be exchanged for 100% in fixed interest
bonds under both plans.
The New York & New England RR.-Boston
Terminal 4's due June 1,
which were to be
under the amend¬
1939 and the Dutchess County 4%'s due June 1, 1940
undisturbed under the original plan will be paid in cash
ment.
The New York,
Providence & Boston 4's of 1942, the
1954 and the Providence Terminal 4's
both plans.
The Harlem
River &
Port
Naugatuck 4 s of
of 1956 will remain undisturbed
Chester 4's of 1954 and the Central
under
New
England 4's of 1961 which would have remained undisturbed under the
original plan will receive 100% in fixed interest bonds under the amendment.
The New England RR. 4's and 5's of 1945 which would have received 75%
in fixed interest bonds, 12%% in income bonds and 12%% in preferred
stock under the original plan will receive 75% in fixed interest bonds and
25% in income bonds under the amendment.
The Danbury & Norwalk 4's of 1955 which would have
fixed interest bonds, 25% in income
received 50% in
stock
bonds and 25% in first preferred
original plan will receive 20% in fixed interest bonds, 40% in in¬
come bonds and 40% in preferred stock under the amendment.
The Boston & New York Air Line 4's of 1955 will receive 50% in income
bonds and 50% in preferred stock under both plans.
The New Haven & Northampton 4's of 1956 which would have received
under the
90% in fixed interest bonds, 5% in income bonds and 5% in first preferred
original plan will receive 50% in fixed interest bonds 25%
25% in preferred stock under the amendment.
The bonds of all issues secured by the first & refunding mortgage including
$3,600,000 thereof held by the Old Colony RR., which would have received
stock under the
in income bonds and
50% in fixed interest bonds, 25% in income bonds and 25% in first preferred
original plan, will receive 20% in fixed interest bonds, 40%
40% in preferred stock under the amendment.
The secured gold 6's of 1940 which would have received 100% in fixed
interest bonds under the original plan will receive 40% in fixed interestbonds and 60% in income bonds under the amendment.
Collateral notes held by the Railroad Credit Corp., Reconstruction
Finance Corp. and Public Works Administration will be exchanged for
100% in fixed interest bonds under both plans.
The Collateral notes
held by the following banks—State Street Trust
Co., Chase National Bank, New York, Irving Trust Co., First National
Bank, Boston, National Shawmut Bank, Boston, Second National Bank,
Boston and Union Trust Co. (Springfield) which would have received 100%
in fixed interest bonds under the original plan will receive an amount of
fixed interest bonds equal to 27 % % of the first & refunding bonds included
in their collateral and income bonds for the balance of their claims.
The Merchants National Bank of Boston would have received 100% in
fixed interest bonds under the original plan.
As the collateral for its note consists solely of Boston & Providence stock,
the amended plan states that the treatment of its note cannot be determined
until the treatment of the Boston & Providence itself has been determined.
The National Rockland Bank (Boston) which would have received 71 % %
in fixed interest bonds and 28 H % in income bonds under the original plan
will receive under the amendment, reorganization securities which its col¬
lateral would produce.
The Bank of the Manhattan Co. which would have received 100% in
income bonds under the orginial plan will receive 25% in preferred stock
and 75% in common stock under the amendment..
The Rhode Island Hospital National Bank (Providence) which would
have received 20% in fixed interest bonds and 80% in income bonds under
the original plan, will receive under the amendment, the reorganization
securities which its collateral would produce, and for the difference between
stock under.the
the par value of such securities and
stock and 50% in common stock.
the amount of its debt, 50% in
preferred
1957, guaranties, claims
by the court) who would
have received second preferred stock under the original plan, will receive
common stock under the amendment, in the ratio of one share for each $100
Unsecured creditors (including the debentures of
under rejected leases and all other claims as allowed
of debt.
The indicated
equity for existing stockholders is about $28,500,000 as
Sept. 30, 1938, after giving effect to the
shown in the balance sheet for
reorganization securities to creditors.
The exact figure will
not be known until the amount of the unsecured claims has been finally
determined.
One-half of the equity will be capitalized in common stock
issuance
of
to be distributed to
be available
as
stockholders, and the other half will
Accrued dividends on the present pre¬
equity for the present
present preferred
corporate surplus.
ferred stock will be waived and there appears to be no
common
stock.
view to modifying the terms of its
the Norwich & Worcester and the
It is expected that the rentals under these
leases will be reduced and that the lease, as so modified will oe assumed by
the reorganized corporation.
As negotiations have not yet been completed,
however, the computations contained in the amended plan are based upon
The New Haven is negotiating with a
leases from the Providence & Worcester,
Holyoke & Westfield railroads.
the existing rentals as maxima.
The amendment prosposes that
'
"
.
in distributing
reorganization securities,
existing securities to Dec. 31, 1939 shall be added to and treated
like principal, and that new securitie
to be issued in exchange therefor shall
be dated Jan. 1, 1940, even if the plan becomes effective earlier than that.
The computations contained in the amendment are therefore based on the
amount of principal and accrued interest which it is estimated will be due on
the present obligations as of Dec. 31, 1939.
interest
on
$455,012
296,880
262*500
Prior lien bond interest..
Rent for leased roads
its
The new preferred stock will have exclusive voting rights until
dividend has been paid, and thereafter so long as any cumulative
dividends thereon shall have accrued and remain unpaid.
it is proposed to market not more than $7,500,000
in income bonds and
amendment to the plan of reorganization
taken
31, 1938
(3.)
& St. Louis RR.—Earnings—
1938
$3,344,213
November—
Dec.
Chronicle
Earnings for Novmber
and Year to Dale
193&—11 Mos-—1937
$66,144,602 $74,992,929
ax321,721
|'§79,774
b305,101
992,855 bl 1,538,*^68
6,545,000
The leases of the following companies were rejected on dates stated
below; but net railway operating income includes the results of operations
of these properties.
Old Colony RR., June 2, 1936; Hartford & Con¬
necticut Western RR., July 31, 1936; Providence Warren & Bristol RR.,
Feb. 11, 1937; Boston & Providence RR. Corp., July 19, 1938.
Period End. Nov. 30—
Total operating revenueNet ry. oper. income
c Net deficit after chgs_
1938—Month—1937
$6,558,855
$6,197,232
a704,501
36,127
a
b Effective
as
of those dates no
included covering the Old Colony
charges for the stated leased
rentals are
RR., Hartford & Connecticut
RR., Providence Warren & Bristol RR. and
Corp
I03S68
c Before
guarantees on separately operated
147, p. 3617.
Western
Boston & Providence RR.
properties,
x
Deficit.—V,
Northern Insurance Co. of New York—New President—
was
elected President of this company at a special
meeting of the board of directors held Dec. 20, to succeed the late Harry
H. Clutia.
Mr. Plessner has been connected with the company since its
organization.
His duties have been chiefly in the financial department.
—Y. 147, p. 750.
Theodore Plessner
Volume
147
Financial
New York Ontario & Western
Ry.-
November—
1938
Gross from railway_____
Net from railway
Net
after rents
Sale of Old
_
6,017,199
659,263
defl57,938
$657,450
161,347
105,925
8,042,699
1,927,999
986.637
def48,864
5.864,420
358,412
def618,572
1935
$621,382
126,137
24,230
877
def95,783
____
From Jan. 1—
Gross from railway
Net from railway
Net after rents__
1936
$482,956
7,750,162
1,846,678
1,062,332
The proceeds from the sales
are to
New York
1937
"—
1936
1935
$218,864
63,531
def2,909
$258,726
85,791
28,849
$270,461
92,352
49,409
$267,563
71,735
26,695
2,686,519
842,557
63,195
2,969,507
978,842
338,086
2,977,978
921,602
_
_
Operating
Oper.
Norfolk Southern RR.
NdvemberGross from railway..
397,378
869,082
309,230
1936
1935
&
Prop, retire't
res.
4,061,537
770,892
237,540
Period End. Nov. 30—
4,551,380
1938—Month—1937
Other transp. revenue..
33,190
Incidental & jt. facility.
39,064
oper. revenues.:.
$8,068,899
763,721
1,262.917
Traffic expenses
133,521
Transportation rail line.
1,673,313
Miscellan. operations.__
15,347
General expenses
171,780
Transp'n for investment
Cr5,457
(net)
income
$4,053,757
1,192,757
1938—11 Mos.—1937
$3,037,244 $27,027,557 $39,135,307
783,233
10,166,175
12,559,674
income
$2,860,999
$2,254,011 $16,861,382 $26,575,633
Cr473,124 02,270,529 03,856,373
Drl0,627
Drl53,911
0149,920
C'r366,619
Dr9,184
Net ry. oper. income.
Other inc. items (bal.)..
$3,218,435
44,184
$2,716,507 $18,978,000 $30,282,086
13,655
359,945
917,599
Gross income.
Int. on funded debt...--
$3,262,619
178,453
$2,730,162 $19,337,945 $31,199,686
178,816
1,963,803
1,966,984
$1,406,463
209,971
$99,309
Dr78
$89,677
Dr95
$1,034,456
Drll4
$1,196,492
Drl,363
$99,231
26,860
16,531
Cr59
$89,582
28,957
15,884
$1,034,342
337,991
209,121
$1,195,129
351,431
198,292
_____
Cr41
Cr290
income
$55,899
$44,782
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$487,520
334,182
334,179
Balance
$153,338
$301,377
.
Net
CV150
.___
'
$635,556
x Dividends
accumulated and unpaid to Nov. 30, 1938, amounted to
$1,110,975.
Latest dividend on 7% pref. stock was $1.75 a share paid on
Oct. 1, 1938.
Latest dividend on 6% pref. stock was $1.50 a share paid
on
Oct. 1, 1932.
Dividends on these stocks are cumulative.—V. 147,
p. 3771.
Northwestern Pacific RR.—EarningsNovember—
1938
Gross from railway
Net from railway.
Net after rents
—V.
147,
1936
$257,500
defl8,858
def44,339
2,803,161
def485,435
def832,506
3,529,278
244,723
def53,868
_
From Jan. 1—
Gross from railway
Net from railway..
Net after rents
1937
$239,971
def30,207
def63,666
_
...
__
1935
$317,156
28,684
10,665
$263,265
9,448
6,191
3,469,801
468,912
276,199
,
3,070,277
9,091
9,023
3466.
p.
The directors have declared
a dividend of25 cents per share on the com¬
stock, payable Dec, 23 to holders of record Dec. 21.
Like amounts
paid on Oct. 1, July 1 and April 1, last, 35 cents paid on Oct. 1, 1937,
and 25 cents paid on June 30, 1937, and on Dec. 24, 1936.—V. 146, p. 1411.
mon
$3,084,166
$2,551,346 $17,374,142 $29,232,701
Ohio Wax Paper Co.—Extra Dividend—
Directors have declared an extra dividend of 75 cents per share in addition
to the regular quarterly dividend of 25 cents per share on the common stock,
both payable Dec. 22 to holders of record Dec. 19.
A dividend of 50 cents
paid
was
_
Net income A
cents per
were
paid
Oct. 1, last, and previously regular quarterly dividends of 25
share were distributed.
In addition, extra dividends of 25 cents
on
on
July 1 and
November
Vice-President in charge of finance.—V. 147,p.3316.
From Jan. 1—
Gross from railway.
1937
1936
$58,816
25,559
9,384
$68,133
30,992
15,444
$44,270
8,891
def4,201
649,896
277,250
99,042
506,912
169,199
6,616
•
<
1935
738,367
322.372
110,649
Northern Indiana Public Service
11 Months Ended Nov. 30—
Co.—Earnings—
1938
Operating revenue—-Electric
1937
$9,770,202 $10,013,987
5,851,900
6,228.831
75,106
77,488
Gas
_______
1 937
1936
1935
$36,186
23,265
13,174
$39,468
5,582
def7,157
$36,898
Total operating revenues._____
__$15,697,208 $16,320,306
Operating expenses
7,532,931
7,657,402
Maintenance.
764,295
913,552
Provision for depreciation.
1,283,333
1,283,333
Rental of hydro-electric generating plants (incl.
taxes)
385,647
385,647
State, local and miscellaneous Federal taxes.
/"• 1,336,636
1,358,869
Federal income taxes.
297,000
341,185
______
.
407,352
477,178
186.389
81,144
492,008
20,9685
104,322
393,937
143,344
41,987
Net from railway117,827
Net after rents
14,457
4,054
23,487
__
—V. 147, P. 3466.
Portland
Pacific
519,194
191.715
17,118
Net from railway
Net after rents
—V. 147, P. 3465.
2253.
$30,799
def625
def8,359
Gross from railway
1938
Net from rail way
Net after rents
p.
Earnings-
From Jan. 1—
$59,753
26,352
11,767
railway
April 1, last.—V. 147,
1938
'
Gross from railway
Net from railway
Net after rents.
Northern Alabama Ry.—Earnings—
ATov.—
on
Oklahoma City-Ada-Atoka Ry.-
Secretary—
Directors on Dec. 20 appointed L. W. Cox Secretary of the
company.
Mr. Cox, Who was Assistant
Secretary, succeeds I. W. Booth, who continues
Water
$1,240,831
206,375
were
(net)__
Gross from
$107,275
17,598
Other int. & deductions,
Int charged to construe.
4,316,279
865,140
314,920
Equipment rents (net)..
New
21,667
$116,841
17,532
Ohio Leather Co.—25-Cent Dividend—
Net. ry. oper. revs.__
Railway tax accruals...
oper.
•
25,000/,
Operating income
Other
3,903
$7,316,632 $69,561,100 $88,463,684
683,726
7,481,400
9,267,368
1,370,591
13,978,217
16,260,375
146,665
1,512,331
1,493,449
1,887,781
17,484,823
19,924,555
16,833
180,880
198,664
174,445
1,935,399
2,211,298
Cr652
Cr39,509
Cr27,333
...
Joint facil. rents
1938—12 Mos.—1937
$4,312,005
$4,637,172
2,774,484
2,970.206
23
*
503
296,667
260,000
31,902
$6,937,440 $65,733,722 $83,887,301
319,268
3,132,585
3,634,713
25,743 -•
295,401
329.616
34,182
399,392
612,054
Maint. of way & structs.
Maint. of equipment.._
Ry.
$346,665
4,061,374
753,742
238,981
975,147
359,512
$7,713,698
282,946
Ry.
$363,795
67,335
20,297
Ry.—Earnings—
rev.__
______
______
approp
Net oper. revenues...
Rent for lease of plant..
x
Western
Freight revenues.
Pass., mail & exp.
$371,170
46,301
defl0,620
defl 1,246
Net from railway.
Norfolk
1937
$332,408
36,488
Net after rents
—V. 147, p. 3770.
1938—Month—1937
$403,249
$367,915
261,408
238,973
____
incl. taxes__
Gross income
Int.. on mtge. bonds....
Earnings—
1938
From Jan. 1—
Gross from railway.
as
revenues.
exps
Amort, of lim.-terminv.
147,,p. 3465.
Net from railway,_.
Net after rents.
company on Dec. 19, 1938—V. 147, p.
3,240,168
_
______
Gross from railway
Net from railway._____
Net after rents
declaring payment of these divi¬
was approved
plan of recapitalization which
u
Period End. Nov. 30—
1938
a
Northwestern Electric
Co.—Earnings—-
be used in the acquisition of new
Susquehanna & Western RR.—Earnings—
Net from railway
Net after rents
From Jan 1—
possible by
^ a meeting of stockholders of the
1498.
147, p. 3465.
November—
Gross from rail way.
—V.
on
m
equipment.—V.
,
dends was made
Dec. 27 authorized Frederic E. Lyford,
reorganization to accept the bid of $137,500 made by HymanMichaels Co. for 1,044 railroad cars no
longer needed in the operation of the
road.
The directors on Dec. 28 declared a dividend
of $40 25 a share on the
stock of the company for the
period from March 1, 1933 to Nov.
30, 1938, payable not later than Jan. 10, to holders o record Dec.
28.
directors also declared a dividend on the
preferred stock of the com¬
ply of $1.41 2-3 a share for the quarter ended Feb. 28, 193
payable
March 1, 1939 to holders of record Feb.
18, 1939.
This dividend was
rate
7% for the month of December, 1938, and at the rate
0% for the months of January and February, 1939
The action of the board of directors in
Equip't—
Federal Judge Murray Huibert
trustee
4063
Northern States Power Co.
(Wis.)—Preferred Dividend—
-Earning
1937
$488,137
7,592
Chronicle
Cement
Co.—Reorganization
Plan
Defeated—
Company's proposed reorganization plan failed to carry at the special
meeting of stockholders held Dec. 19.
Vote at the meeting was in favor
of ah alternate resolution offered by John D. McKee, officer and director
of the company, for appointment of a stockholders' committee to study the
company's situation and report back wtih a plan for reorganization next
Feb. 6.
Accumulated Dividend—
:
-
Company paid a dividend of $1 per share on account of accumulations
its 6Yi% cumulative preferred stock on Dec. 28 to holders of record
Dec. 23, leaving arrears or $38 per share.—V. 147, p. 3618.
on
_________
,
Gross
Light Co. (& Subs.)—Earnings—
(Operating
1938—Month—1937
$500,288
281,532
284,279
$536,007
revenues
Oper. exps., incl. taxes._
.___
...
(net)
income.
....
Interest and other deductions
....
Net income available for dividends
Preferred stock dividend requirements.
...
131
$4,380,318
151,603
Property retirement re¬
serve appropriations.
57,908
57,708
694,300
692,500
$4,145,681
2,459,802
$4,531,921
2,493,196
Net oper. revenues—
Rent from lease of plant
$196,567
17,532
$158,301
17,599
$1,908,184
206,376
$1,866,037
209,971
$1,685,879
1,262,692
$2,038,725
1,262,679
$214,099
$175,900
$2,114,560
$2,076,008
Other income (net)
166
282
769
2,955
$214,265
85,417
20,914
$176,182
85,417
17,941
$2,115,329
1,025,000
230,400
$2,078,963
1,025,000
235,303
$107,934
$72,824
$859,929
Northern Indiana Public Seryice Co.—Accum. Div.—
The directors have declared a dividend of $1.75
per share on the 7%
cumul. pref. stock, par $100, a dividend of $1.50 per share on the
6% cumul.
-
_
Operating income
Gross income
Int. on mtge. bonds
Other int.' & deductions.
Net income
x
•
period, whether paid or unpaid
Dec. 24 to hoidars of record Dec. 23.
Balance
Arrearages after the current payments will amount to the full dividend
quarters.—V. 147, p. 2697.
for 1Y%
railway
Net from railway
after rents
From Jan. 1—
Net
Gross
Net
from
-rom
railway
railway
Net after rents
—V.
147,
p.
1938
1937
1936
$5,097,677
1,058,544
750,894
$5,459,256
1,556,758
1,619,174
$4,957,372
1,385,809
1,249,733
52,240,351
8,683,283
5,183,758
60,577,602
12,323,942
10,416,955
56,510.583
11,864,631
9,408,628
49,573,257
8,460,024
6,386,302
3465.
Northern States Power Co.
458,478
$401,451
$360,182
Dividends accumulated and
267,446.
unpaid to Nov. 30, 1938, amounted to
Latest dividends, amounting to $1.75 a share on 7% preferred
(Del.)—Dividends—
on Dec. 28 declared quarterly dividends of $1.31
7% cumulative preferred stock and $1.12}4 a share on the
6% cumulative preferred stock for the quarter ended Sept. 30, 1938,
payable Jan. 20, to holders of record Dec. 31.
Payment of present dividends is made possible by a plan of recapitalization
of the company which was approved at a special meeting of stockholders
held at Wilmington, Del., on Dec, 27.
Panhandle Eastern Pipe Line Co.—Warrants Extended
The date for
Panhandle stock at $25 a share and was issued as the result of
the corresponding week last year.—V.
reached
p.
3919.
consent
between
Missouri-Kansas
Panhandle Producing & Refining Co.—Notes Called—
been called for redemption
Payment will be made at the Central Hanover Bank & Trust
A total of $15,000 notes of this company has
on
Jan. 30.
Co., N. Y.—V. 147, p. 3023.
Pantex
Pressing Machine Co.—Accumulated Dividend—
declared a dividend of $1.50 per share on account of
the $6 cumul. pref. stock, payable Dec. 27 to holders of
This was the first payment made since Dec. 20, 1937 when
regular quarterly dividend of like amount was distributed.—V. 147, p. 1644
Directors
147,
a
Columbia Gas & Electric Corp. interests and
Pipe Line in the reorganization of Panhandle.
Gross revenues of Panhandle Eastern Pipe Line Co. for 12 months ended
Nov. 30, 1938, were $9,660,400, compared with $9,690,90" for 12 months
ended Nov. 30. 1937.—V. 147, p. 3318.
decree
Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Dec. 24, 1938 totaled 28,206,321 kwh., an increase of 6.6% compared
expiration of the warrant held by Missouri-Kansas Pipe Line
Co. for purchase of 8^,000 shares of Panhandle common stock has been ex¬
tended to Jan. 31 from Dec. 30.
The warrant calls for subscription to the
share on the
with
-
1935
$5,086,957
1,232,863
909,922
The board of directors
a
x
-
458,478
stock and $1.50 a share on $6 preferred stock, were paid on Nov. 1, 1938.
Dividends on these stocks are cumulative.—V. 147, p. 3771.
Ry.—Earnings—
November—
$818,660.
Dividends applicable to preferred stocks for the
pref. stock, par $100, and a dividend of $1,371^ per share on the 5j^%
cumiL. pref. stock, par $100, ail payable on account of accumulations
on
Gross from
■
$4,097,366
48,315
Note—The figures for the 11 months ended Nov. 30, 1937, have been
restated in the above statement to reflect adjustments made in
Dec., 1937,
applicable to that year.—V. 147, p. 2697.
Northern Pacific
1937
1938—12 Mos.
$5,808,814
$5,774,215
3,215,678
3,206,199
Amortization of limitedterm investments.
Net operating income
Other income
Pacific Power &
sPeriod End. Nov. 3d—
have
accumulations
record Dec. 20.
a
on
Financial
4064
Dec.
Chronicle
Peoples Gas Light &
WE DEAL
Davable Jan. 27 to holders
Preferred Stock
$5 Preferred Stock
CO.
$443,396
$3,396,585
134,302
1,680,436
1,550,016
$520,184
74,814
41,527
$309,094
$1,716,149
69,231
9,931
694,468
508,702
$5,407,605
506,81/
524,695
$229,932
$512,978
86,337
290,888
$4,376,092
400,081
$422,414
6,492
$316,269
4,294
$803,866
67,021
$4,776,173
62,019
equipment—5,812
271,812
7,014
271,871
66,336
3,007,215
67,377
2,984,876
$138,298
$33,091
x$2,336,706
$1,661,901
2,500
1,150
5,826
$30,591 y$2,337,856
$1,656,074
Operating income—-*
Equipment rents (net) _ _
Park Castles Apts., Kansas City, Mo.—Distribution—
The protective committee reports that earnings of the above property
have
amount of
additional distribution among the
to provide for an
been Sufficient
holders of certificates of deposit of an
deposited bonds represented by
In order to secure this payment,
the principal
amount equal to 2% of
such certificates.
should be sent to
Bank of St. Louis, in
of the payment made.
certificates of deposit
depositary, Boatmen's National
order that there may be endorsed thereon a notation
the committee's
Earnings for Period Sept. 1,
1937 to Aug. 31,1938
106,645
Expenses
$25,838
profit
Accounts
851,310
xl,402
i.
receivable
Fixed assets_
.
y893,018
.
Deferred charges
8,882
..
Accounts
Lease
payable—
1,566
Special reserve
-—.
808
items
— —
26,276
96,000
Mortgage payable ..s
Capital
no
par
stock
(124,716
x
$954,612
829,073
of $3,143.
2,832
-----
Total
After reserve for doubtful accounts
preciation of $128,957.
$954,612
—
y
After reserve for de¬
(David; Pender Grocery Co.—Special
Dividend—
1936*—V. 147, p. 900.
Seeks Dissolution of Voting Trust
Kenneth 8. Guiterman of 120 Broadway, N. Y.
Oity, announced Dec. 27 that it would seek dissolution of the voting trust
through which control of the corporation was placed in the hands of officials
friendly to the Pennsylvania RR.
The voting trust will expire on May 1
A committee headed by
next.
The announcement said the
a
$138,298
Deficit.—V. 147, p. 3319.
y
Perfection Stove
Co.—Pays Extra Dividend—
of 37 Vi cents per share on its common
paid an extra dividend
The company
holders of record Dec. 20.
cents per share was
stock, par $25, on Dec. 24 to
quarterly dividend of 37
A regular
paid on Dec. 24, 1937 and one of
$3.25 per share was paid on Dec. 23, 1936, an extra of 75 cents was paid on
June 3 ), 1936. and an extra distribution of $1 per share was made on Dec.
31, 1933.—V. 146, P-286.
dividend of $2.62K
extra
was
committee had conferred with A. J. County,
and Vice-President of the Pennsylvania
present at the conferences.
"As to the furnishing of information to the
certificate holders, however,
no progress has been made.
The committee suggested its own willingness to
circulate its brochure if the list of voting trust certificate holders v> ere made
available.
Contrariwise it suggested that the present management or the
voting trustees prepare and disseminate a similar expose. Both of these pro¬
posals have been rejected.
view
of the
present
impasse,
therefore, the committee desires to
call your attention to the following facts:
"First: That the terms of office of a number of present
directors of the
Pennroad Corp. will extend beyond the termination of the voting trust in
May, 1939, and
"Second:
on
the
eve
total
of $194,000 first
elect other directors
of the foregoing, the committee has resolved upon more
direct measures, and proposes to take appropriate legal action to prevent
the present "management from perpetuating itself and
to secure an accoutmg of the management's stewartship during the last 10 years."—
V. 147, p. 126.
Pennsylvania Investing Co .—To Sell Bonds—
See
Cudahy Packing Co. above.—V.
Net earnings-
Interest charges—
Amortization and other
Pennsylvania Reading Seashore Lines—Earnings—
1938"
_
$364,364
def41,982
defl80,819
...
Net after rents.
...
1937
$376,851
def36,203
defl70,354
1936
$407,848
def8,094
defl46,418
1935
$360,305
defl5,6l8
defl48,585
From Jan. 1—
Gross from railway.
Net from railway
.
Net after rents.
4,960,505
5,974,026
6,077,906
def43,451
520,443
963,216
1,927,961 def1527,036 defl085,564
—
...
...
5,314,311
251,873
defl549.132
—V. 147, p. 3467.
Balance available for
[Excluding L. I. RR. and B. & E. RR.)
oper. expenses
Net rev. from ry. oper.$10,285,232
Railway taxes
2,126,100
Unemploy. insur. taxes.
447,944
Railroad retire, taxes
405,442
Equip, rents—Dr. bal.
329,696
Jt. facil. rents—Dr. bal.
311,288
6,664,762
$7,087,586 $93,942 ,4981111,630,007
2,206,591
26,380 ,700
27,376,971
351,763
4,109,695
4,571 ,321
478,618
4,137 ,593
5,567,698
3,291,961
228,613
6,599 ,433
177,669
1,709 ,582
1,731,317
$3,644,332 $50,543,869 $69,552,365
Earnings of Company Only
Period End. Nov. 30—•
Ry.
Ry.
oper.
rev.
from ry. oper .$10,292,160
Railway taxes
Unemploy. insur. taxes.
Railroad retire, taxes
Equip, rents—Dr. bal__
Jt. facil. rents—Dr. bal.
Net ry. oper. income.
—V.
1938—Month—1937
1938— 11 Mos.—1937
$32,707,668 $32,552,166$327613,,908 $425,798,394
expenses...., 22,415,508
25,438,510 233,586 ,827 314,046,214
oper. revenues
Net
147,p. 3772.
$668,812
$
Cash
229,909,
30
1938
1937
$
$
Liabilities—
3,200,000
Cap. stock, com.. 2,500,000
2,500,000
Funded indebted's. 16,900,000 16,907,500
Capital stock, pref. 3.200,000
1,032
1,032
80,867
86,781
Other curr. liablls.
45,407
225,487
228,928
Main exten. depos.
533,469
.
.
suppliesassets
_
78,765
84,946
_
Accounts recei v'le.
curr.
$
■
26,119,275 25,823,089
1,301,601
2,047,937
Notes receivable.
Nov.
1937
1938
Assets—
Fixed capital
50,809
47,451
491,321
48,000
29,722
Consumers' depos.
48,000
5,116
5,116
Dividends declared
8,526
7,339
Accrued
Special deposits
8,358
8,358
Accrued Interest.-
177,683
Other accr. dabs..
12,449
14,445
2,577,393
2,354,221
2,539,165
Invest'ts, general
Unsmort. debt dis¬
2,118,912
447,823
404,535
328,063
311,611
$7,113,656 $94,027 ,081 $111752,180
2,199,836
26,273 ,954
27,277,399
351,693
4,570 ,137
4,107,146
4,128 ,160
5,558,389
477,913
227,151
3,274,822
6,579 ,400
1,713 ,182
178,003
1,734,879
,681,216
$3,679,060 $50,762,248 $69,799,545
Reserves
266,831
39,458
24,400
Surplus
---28,134,397 28,590,656
Total
count & exps
Total
147,
..
-
1,853,958
28,134,397 28,590,656
Pittsburgh & Lake Erie RR.—Earnings-
303,837
161,269
$2,150,601
510,496
516,185
12,899,599
1,337,911
21,980,585
4,163,594
4,351,062
20,151,250
4,699,743
*4,911,044
$1,615,179
324,959
Net after rents
$1,507,096
56,223
1935
$1,466,844
253,410
321,330
15,384,486
2,998,162
3,523,571
1—
Net from railway
Net after rents
p.
1936
1937
1938
November—
147,
182,354
.
3772.
p.
Gross from railway
Net from railway...
—V.
255,388
256,316
taxes
4
276,806
Undistrib. debits
...
1,726,593
3772.
Pittsburgh & Shawmut RR.—Earnings—
From Jan.
1—
1936
1937
1938
November—
$47,377
def1,054
def4,333
def10,223
429,038
def66,138
603,285
6,815
def80,082
$64,895
6,727
6.689
$60,700
1,739
21,319
Gross from railway
Net from railway
Net after rents
'
1935
$39,577
def 6,460
def3,537
.
Gross from railway
Net from railway
Net after rents.
517,366
502,864
defl2,396
def4,488
def236
31,681
—V. 147, p. 3468.
Pittsburgh Shawmut & Northern RR.—Earnings
Net after rents.
$92,266
14,512
2,296
$91,899
31,026
17,424
...
1 936
1 937
1938
November—
Gross from railway
Net from railway
'
1935
$103,846
22,509
13,764
$65,242
833,552
64,175
def9,322
2,597
„
def620
From Jan. 1—
697,950
162,071
—V.
147,
p.
936,949
102,052
976,020
147,121
22,785
Net after rents
1938—Month—1937
1938—11 Mos.—1937
$32,791,661 $32,622,222 $328600,080 $42 6687,158
22,506,429
25,534,636 234,657,582 315,057,151
Net ry. oper. income.
$621,889
237,775
$033,9z4
_ _
Balance Sheet
Period End. Nov. 30—
oper. revenues
$1,713,659
676,171
30,576
108,197
depreciation)
dividends. -
Gross from railway
Net from railway.
Pennsylvania RR. Regional System—Earnings-—
Ry.
Ry.
$1,659,581
676,450
24,725
103,890
232,626
14,960
103,250
deductions._
Gross from railway
The application of the company
(Commonwealth & Southern Corp.
subsidiary), for exemption from the declaration requirements of the Utility
Act in connection with the issuance of 42,000 shares of preferred stock has
been granted by the Securities and Exchange Commission.
The Commission also made effective the company's declaration covering
the issuance of 10,000 shares of common stock and a $3,000,000 1
% prom¬
issory note.
Application of Commonwealth & Southern Corp. for approval
of its acquisition of the 10,000 shares of common also was approved.
The
SEC, however, reserved jurisdiction as to the amount at which Common¬
wealth carries its investments in the Pennsylvania Power common shares.
—V. 147, p. 3919.
»
...
654,673
155,068
Federal income tax
Retirement expenses (or
From Jan.
Gross from railway.
Net from railway
$2,523,402
675,088
144,077
Expenses—Operation (incl. maint.)..
Taxes (not incl. Fed. income tax)-.,-
Other
122#
1937_
$2,478,746
672,037
132,275
$1,666,071
676,162
revenues
Mat'ls &
Co.—Earnings—
1938_
$2,470,383
12 Months Ended Nov. 30—
the
Pennsylvania Power Co.—Exempted by SEC—
November—
147, p. 3319.
Philadelphia Suburban Water
Gross
& Iron Co.—Official
Reading Coal
&
Philadelphia
Resigns—
-V.
Securities and "Exchange Commission,
application (File 56-20) for Commission approval of the sale of $1,400,000
of Kentucky-Tennessee Light & Power Co. 1st ref. mtge. 5% bonds due
May 1, 1954 for $1,232,000. The proposed sale is to be made to the issuing
company, an£ the bonds are to be retired upon acquisition.
Public, hearing
on the application will be held on Jan. 5.—V. 142, p. 4188.
with
1972
gold bonds, 5H% series, due
mortgage
been called for
Prepayments
That the voting trustees have power to
of such termination.
"By reason
Corporation has filed
Co.—Bonds Called—
Philadelphia Electric Power
A
director of the Pennroad Corp.
RR., but that it had been unable to obtain a list of owners of the holding
company's voting trust certificates.
"On the question of autonomy," the statement continued, "the com¬
mittee has received theoretical lip service agreement from the officials
"In
paid on Sept 30,
last.
,
Company paid a special dividend of 50 cents per share on its class B stock
Dec. 29 to holders of record Dec. 29.
Previous payment also was a
Pennroad Corp.—Group
transferable
profit and loss
bal.
redemption on Feb. 1 at 106 and accrued interest.
Payment will be made at the Fidelity-Philadelphia Trust Co., Philadelphia,
Pa.—V. 147, p. 127.
on
and was made on Dec. 22,
income
Inc.
have
,
50 cent special dividend
.
Inc. applied to sink, and
other reserve funds.
An
shs„
value)
Deficit
-----
and
to
82,186
1,535
payable
Unearned rents
Accrued
Total..
Total income
Miscell. income deduc'ns
Rent for lease of roads
xLoss.
TAabiiities—
Cash
$403,842
18,571
income.
Net ry. oper.
31, 1938
Balance Sheet Aug.
Assets—
_
Other income
Net
5182,483
Total income—
Net
(net)
Joint facility rents
Interest on debt-
Pelham Hall Co.—Earnings—
$6,957,621
$684,323
164,139
Net oper. revenue
Railway tax accruals—
Philadelphia
Walnut St.
1628
1938—Month—1937
1938—11 Mos.—1937
$2,586,907 $2,557,555 $22,973,402 $29,832,889
1,902,584
2,114,159 19,576,817 22,875,268
Period End. Nov. 30—
Operating revenues
Operating expenses
Teletype—Phla 22
A. T. & T.
Ry.—Earnings—
Pere Marquette
United Gas Improvement
YARNALL &
Coke Co.—To Pay $1 Dividend—
share on the capital stock.
of record Jan. 6.
Like amount was paid on
Sept. 1, last and compares with $2 paid on Dec. 10, 1937, this latter being
the first dividend paid since July, 1933.—V. 147, p. 2874.
declared a dividend of $1 per
Directors have
IN
Philadelphia Electric Co. Common Stock
Penn Electric Switch Class "A" Stock
General Plastics Common Stock
Pennsylvania Power $5
1938
31,
def30,062
49,981
3468.
Pittsburgh & West Virginia Ry.-
Jan.
101,534
48,455
2,700,636
579,068
3,842,534
898,783
3,509,073
1,066,753
550,353
1,067,770
1,159,139
Net after rents..
147,
P.
1935
$256,115
79,503
89,545
2,718,226
857,380
923,239
1—
Gross from railway
Net from railway
—V.
1936
$329,957
83,665
98,658
$250,442
8,124
$285,656
102,117
after rents
From
Earnings—
1937
1938
November—
Gross from railway
Net from railway
Net
•
3468.
Pittsburgh & West Virginia Ry.—Asks RFC Aid in
Equipment Certificates Sale—To Purchase 700 Steel Cars—
27 asked the Reconstruction Finance Corporation
of $ 1.500,000 of equipment certificates. The
buy new equipment costing an estimated $1,675,000,
consisting of 600 55-ton steel hopper cars and 100 steel box cars.
The road asked the Interstate Commerce Commission to approve either
The company
Dec.
assistance in financing the sale
company proposes to
the purchase by
the RFC of the certificates or
of the obligations.
The road estimated that
in
an
the guarantee by that agency
the proposed equipment purchases would
increase in its net income over the next five years totaling
$1,770,000.
This will result, first, from
result
about
replacing worn-out equipment with
Volume
147
Financial
Chronicle
new cars,
thus avoiding heavy and expensive repairs, and secondly, from a
saving in per diem charges paid to other roads.
In addition, the new equipment will lessen the cost of
operating repairs
as a
whole, and consequently decrease the road's payroll.—V. 147,
Pittston Co.
3468.
p.
The provision for Federal income and undistributed profits taxes is
based upon deductions for additional
depreciation and other charges which
are deductible for tax
purposes but which are not
statement of income.—V. 147, p. 3320.
Public
(& Subs.)—-Earnings—
9 Mos. End, Sept. 30—
1938
1937
1936
1935
Net sales--—
$18,940,874 $21,393,937 $22,754,438 $23,367,370
Costs and expenses——
Operating loss.-.
Other income (net)
19,381,686
—J,
22,595,333
23,634,179
$594,207prof$ 159,105
67,840
$266,809
76,978
$192,726
; 433,153
—
Total loss
Interest (net)—
21,988,144
$440,812
248,086
$514,389prof$226,945
507,214
502,896
Depreciation, depletion &
amortization---.
Prov. for Federal tax
Loss on sale and demoli-
663,258
31,269
•
661,119
prof12,718
107,766
29,132
8,229
163,549
advertising division, and associated with that company and its predecessor
organizations in the Standard Gas & Electric Co. system for the past 28
years, has resigned effective Dec. 31,1938.—V. 147, p. 3619.
Pure Oil Co. (& Subs.)—Earnings—
Earnings for the 12 Months Ended Sept. 30,1938
prof5,938
87,927
32.041
262,329
•
Cost of sales and services—
$1,415,454
147vp~3772r
Wine
Period End. Oct. 31-—
Sales—net after disc'ts,
$1,889,620
$1,848,844
$1,135,817
Co.—Earnings-
1938—3 Mos.—1937
1938—12Mos—1937
allows.,
fit .-out.
&
excise taxes
Cost of goods sold .in¬
$129,725
—
$145,407
80,098
$536,916
$468,814
cludes all mfg. costs &
depreciation.—
Selling,
gen.
266,922
239,629
$65,309
$201,892
$247,286
51,631
183,555
187,602
76.832
Gross profit.
$52,893
,
& adminis.
expenses——
—
—
—
—
Non-operating income.
.
i.
-
—
—
expenses
a..
;
—
-
— —
—
—
-
—
—
.
.
_
_
_
_
_
_
_
$6,519,530
16,963,953
—
■
.
8,102,218
700,494
x374,838
443,380
—
-
Total ■
—
J
^
—
—
Cash dividends declared—5% shares ($5 per share)
.
$16,703,219
344,027
218,732
—
—
—
$14,384,563
2,318,655
—
Net income———.
—
Earned surplus balances, Sept. 30,1937-—
—
—.
...
—
423,838
— — -
Total income—..-..-.
—1—
-i...
Interest on purchase obligations, bank loans, &c
Cash discount allowed
L
Provision for depreciation and depletion. _
— —
Lease bonuses paid
Prov. for Federal and State income taxes.-—
Net income applicable to minority interests.—------....
-
3,190,647
—
....— — —
—
76,552,205
15,501,955
—
—
—
—
Net operating income.
-
43,889
^
—
Selling, general and administrative
Taxes (other than income taxes)
Bad 'debts--..
-V*
Utility Engineering & Service Corp .—Official
_William H. Hodge, formerly Vice-President and Manager, sales and
Gross oper. income (after elim. of
inter-company sales, &c.)._$110,053,208
815,755
31,570
748,745
35,120
reflected in the above,
Resigns—
$189,831
517,318
79,818
4065
(2)
_
_____
.
L.
...
5%% shares ($5.25 per share)
.:.—.
6% shares ($6 per share)
1
Common shares ($9.25 per share)----.-.—- —
Amount of divs. accrued on 8% cum. pref. shares from Oct.
1937, to date of redemption, Jan, 1, 1938-
—
—
$23,483,483
2,212,170
887
1,669,026
995,104
—
Operating profit——
$9,004
$59,684
$18,337
$13,677
Oth. inc.r-disc'ts, rents,
&C_
-
—
.
— —
-
—
-
.
2,690
682
4,922
3,268
$11,694
$14,360
$23,258
3,406
1,168
$62,952
8,947
2,682
—
— -----—---.
—
—
149,143
—
Net
profit (bef. Fed.
income taxes) —■.
_
Prov. for Fed. inc. taxes.
Surtax
Other
on undist, profits
i
deductions.—.
■'
td
—
$17,799
Assets—
~
1938
Cash.——.—
Accta.
&
1937
Federal Judge William Bondy has extended to June 1,1939, the time in
Liabilities—
1938
$10,241
Notes payable
Accts. payable...
104,722
326,344
2,937
receivable
Excise stamps.- .
Mis cell, accts, rec.
.
112,137
Due off leers——*
352,941
Accrued expenses.
Fed. normal A sur-
3,895
,
$29,000
24,504
...
7,592
1937
$65,000
23,622
1,613
10,022
'
724
taxes——.
4.823
—....
Cap. stk. ($1 par).
250,000
11,877
250,000
b Fixed assets....
318,714
1,361
334,590
Paid-in surplus...
210,000
210,000
1
1
192,083
53,003
202,014
50,204
$771,006
$824,353
Surp. arising from
A formulae——
Prepaym't & def'd
charges——-i.
——
9,661
appraisal...
Earned surplus
8,462
$824,3531
$771,006
Total
...—
a After reserve for bad debts of $7,590.
b After reserve for depreciation
of $218,075 in 1938 and $200,470 in 1937.—V. 147, p. 2543.
Portland Gas & Coke
Period End. Nov. 30—
Operating revenues
—.
Oper. exps., incl. taxes..
Prop, retire, res. approp.
Co.—Earnings—
1938—Month—1937
$288,842
$262,369
208,596
189,708
22,916
22,916
Net oper. revenues—.
Other income (net) - ... -
1938—12 Mos.—1937
$3,421,098
$3,382,532
2,416,705
-2,382,853
275,000
272,916
$57,330
153
$49,745
74
$729,393
Dr3,284
$57,483
40,604
$49,819
40,604
3,542
$726,109
487,250
53,799
.
$726,763
Dr4,163
'
Gross income.
Int. on mtge. bonds
—
Other int. & deductions.
4,479
Int. chgd. to construct'n
period, whether paid or unpaid.
Balance, deficit--
$722,600
487,250
48,811
,
Cr635
Net income-.—$12,400
$5,673
Dividends applicable to preferred stocks for the
— —
... .
.. .
-
.
... .
.
.
Crl27
$185,695
$186,666
430,167
430,167
$244,472
$243,501
x Dividends accumulated and
unpaid to Nov. 30, 1938, amounted to
$2,010,314. Latest dividends, amounting to $1.25 a share on 7% preferred
stock and $1.07 a share on 6% preferred stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—-V. 147, p. 3320.
Preferred Accident Insurance
Co.—Special Dividend—
The directors have declared
a special dividend of 20 cent,
per share
payable Jan. 10 to holders of record Dec. 22. KA regular quarterly dividend
of 20 cents per share was paid on Dec. 22, last. A special of like amount was
paid on Jan. 10, 1938.—V. 145, p. 4126.
Pressed Metals of
The
amendment
to
America, I no;—Change, in Stock—
Article
Four
of the
which Irying Trust Co., as trustee may elect to affirm or disaffirm any
lease, contract or other agreements to which R-K-O is a party.- -V.147,
p.
2874.
Railway Express Agency, Inc.- •Purchase of Southeastern
Express Co. Recommended—
!
,
942
Deposits....
Brands, trademks.
Radio-Keith-Orpheum Corp.-—Time Extension Granted—
$0.20
$0.07
4+m m
31
.
$7,685
notes
Inventories......
x
See list given on first page of this department.
$51,322
<
per
Balance Sheet Oct
Total
x Includes $4,269 Federal surtax on undistributed
profits for the year
1937.—V. 147, p. 3921.
885
W
.
sh. on 250,000
shs. capital stock—
a
m
1938——,——— $18,457,153
Quinby & Co.—Registers with SEC—
Net profit for period-
Earns,
Earned surplus balances, Sept. 30,
.
-
The purchase by the company of the operating rights and property of
the Southeastern Express Co. was approved tentatively Dec. 14 by the
Interstate Commerce Commission.
The agreed purchase price is $622;037.
The Southeastern formerly operated chiefly over the Southern By,, Lines
and continues to operate, largely by motor vehicles, in that railway's
territory.
The rinding was the report of an examiner which will become final in
20 days unless stayed or postponed by the Commission after notice of the
"plan is served on all other parties in interest.—V. 147, p. 3921.
•
Railway Express Agency, Inc.—-Bonds Called—
Holders of 5% serial gold bonds, series A, becoming due on and after
Sept. 1, 1939 are being notified that, as provided in the indenture dated
March 1, 1929, between this company and Guaranty Trust Co. of New
York, as trustee, the company has exercised its right to redeem and will
redeem and pay off on March 1, 1939, all of the bonds issued under said
indenture which become due by their terms on and after Sept. 1, 1939, at
their principal amount and accrued interest, plus a premium in the case of
each maturing instalment equal to & of 1%, of such principal amount for
each six months between the date of redemption and the date of maturity
or such instalment, as follows:
Maturity Date—
Sept. 1,,
1,
Sept. 1,
Mar. 1,
Sept. 1,
Mar. 1,
Sept. 1,
Mar. 1,
Sept. 1,
Mar. 1,
Mar.
Sept. 1, 1944-—
-----
Mar. 1, 1945-----
-
Sept. 1,
1,
Sept. 1,
Mar. 1,
Sept. 1,
Mar. 1,
Sept. 1,
Mar. 1,
—
—
Mar.
———
.....
——
———
xuui
—r
—
bonds shall cease to accrue
and all coupons appurtenant thereto maturing after said date
and be null and void. On March 1, 1939, there will become due
will become
and payable
each of said bonds the redemption price hereinabove set forth, and
all of said bonds are required then to be presented for redemption and pay¬
ment of the amount due thereon at the Corporate Trust Department of
upon
Guaranty Trust Co. of New York, trustee,
140 Broadway, New York,
N. Y.—V. 147, P. 3921.
..
.
Reading Co.—Earnings-—
Period End. Nov. 30—
1938—Month—1937
By. oper. revenues—$4,204,282
$4,468,081
By. Oper. expenses——
3,068,446
3,545,799
^
company's certificate of in¬
corporation was approved at the stockholders' meeting held Dec. 20,1938.
This amendment provides that the capital stock shall be 300,000 shares
of common stock (par $1)" instead of 150,000 shares of common stock
(no par).'
■■
•
Two shares of the new stock will be exchanged by the company for
each share of the old held by the shareholders as of Jan. 15, 1939, upon
delivery of the old stock at the company's transfer agents,—V. 147, p..3619.
—
1945- — ——-—
1946---1946
1947
—
1947———
194819481949.------
From „uu. after March 1 1939, interest on said
and
...
J.*
{turn
Maturity Date—
Premium
1939
—
1940
1940
1941
1941—;
1942- ———
1942
1943
1943-----1944
Net rev. fr. ry. oper..
Bail way tax accruals -
- -
$1,135,836
185,405
1938—11 Mos.—1937
^
a
$43,806,344 $64,508,120
32,443,799 38,217,560
$922,282 $11,362,545 $16,290,560,
178,893
2,694,113
4,031,610
,
Pressed Metals of
At
a
America, Inc.—Plan Voted—
special meeting of shareholders held
on
Dec. 20, they approved plan
for increasing authorized capitalization of the company from the present
150,000 shares no par value to 300,000 no par shares and issuing two shares
of new stock for each old share held.
Plan also includes sale of between
40,000 and 50,000 shares at $10
p. 3619.
a
share to
an
underwriting firm.—V, 147,
Public Service Coordinated Transport—Assumption of
Obligation—
Net ry. oper.
$950,431
Dr31,819
04,330
$743,389
Cr80,175
$922,942
19 authorized the
com¬
obligation in respect of $922,000 and $150,000 principal
amount, respectively, of bonds of the Bergen Turnpike Co. and the Paterson
& State line Traction Co.—V. 147, p. 1046.
$829,662
Income.
Period End. Nov. 30—
074,483
Cr596,745
031,074
$8,916,725 $12,886,767
—V. 147, p. 3321.
Reading Co.—New Director—«
Jr., was elected a director of this company to
caused by death of Edward T. Stotesbury.—V. 147, p. 3321.
Edward Hopklnson
vacancy
fill
(C. A.) Reed Co.—Accumulated Dividend—
share on account of
A stock, no par value,
Similar payments were made
Directors have declared a dividend of 50 cents per
1938—11 Mos.—1937
Net oper. income—
Other income.
payable Feb. 1 to holders of record Jan. .20.
in preceding quarters.—V. 147, p. 2254.
Regent Co.—Earnings—
Earnings for Period Sept. 1, 1937 to Aug. 31,1938
———————————
$39,340
—————————————41,569
Total income
1938—12 Mos.—1937
Operating revenues
$13,162,031 $13,210,822 $14,415,219 $14,541,233
Oper. exps. and taxes—
9,340,579
9,539,235 10,163,108
10,500,103
$3,821,452
JPr278,319
$3,671,587
Dr226,779
$4,252,111
Dr334,700
-—$3,543,134
Int. & other deductions2,652,805
$3,444,808
2,696,313
$3,917,411
2,903,645
$3,810,949
2,941,480
Expenses
Net
$2,228
loss.
Balance Sheet Aug. 31,
Acc'ts receivable—Tenants—
Fixed assets
————
Deferred charges—
$890,328
$748,495
$1,013,766
$869,470
Notes—(1) For comparative purposes the results of operation for the
portion of the year 1936 included above have been adjusted to exclude
certain adjustments recorded during the month of December, 1936, which
were applicable to a prior period and the surplus at the beginning of the
period has been adjusted accordingly.
1938
LiaWUies-
Dr230,181
Cash on deposit——————
Gross income
^
—
$4,041,131
income-
Crl73,810
n
Public Service Co, of Indiana—Earnings—
Net
$8,668,432 $12,258,950
06.098
accumulations on the $2 cumulative preferred class
The Interstate Commerce Commission On Dec.
pany to assume
By. operating IncomeEquipment rents (net)—
Joint facil. rents (net)..
...
$21,637 Accounts payable
xl,027 Rents collected in advance—
y325,648 Accruals
3,695 Capital stock 44,750 shs., no
par value)..—-—
—
Deficit
Total—
x
$352,007
Total--—
After reserve for bad debts of $317. Ay
of $45,486.
,
$1,022
222
9,040
379,802
38,079
$352,007
After reserve for depreciation
Financial
4066
St,
Republic Realty Mortgage Corp.—Initial Dividend—
Company paid an Initial dividend of three cents per share on its common
on Dec. 29 to holders of record Dec. 27.—V. 137, p. 2474.
Earnings
November-
$611,721
Net after rents.-------
$655,063
195,821
105,088
6,952,463
1,406,366
Net after rents....-—-
460,285
6,794,692
7,830,604
1,994,999
961,691
5,884,338
5,884,338
5.884,338
1,576,216
695,019
—V. 147, P. 3922.
(103 East 57th St.)—Reorganization—
6s has been filed by
A plan of reorganization for the 103 E. 57th St. 1st
the trustee and a bondholders' committee with the New
York State Supreme
Court.
The plan provides that bondholders will receive new par for par income
bonds and certificates representing their pro rata interest In all the stock
which stock will be deposited with and held
of the new owning company,
by the trustee,
A new first mortgage to finance the costs of reorganization, &c., and
acquisition of furniture not presently covered by the lien of the bonds
may be obtained in an amount not to exceed $400,000 to bear interest
at not in excess of 5%,
The new income bonds will bear 3 % per annum if earned Interest, payable
on a non-cumulative basis until the first mortgage is fully paid.
After the
first mortgage is fully paid, interest will become cumulative at 4% until
the issue is reduced to $2,000,000, then at 5% until issue reduced to
$1,000,000, then at 6%.
Gross revenues of the new company would be applied to operating and
.
A
^
.
administrative expenses,
taxes, repairs, rent payable under the lease of the
plot, capital expenses, reserves if determined by the board of
directors, and Interest on and fixed amortization requirements of the new
One-third of any net income then remaining would be
applied to first mortgage amortization until the first mortgage is fully
paid and thereafter to bond sinking fund.
Two-thirds of net income would be applied first to interest on the Income
bonds with any balance going to first mortgage sinking fund until the first
mortgage is fully paid.
After full payment of the first mortgage any
balance would be applied to payment of any accumulated and unpaid
bond interest arrears with any further balance ging to bond sinking fund.
first mortgage.
would contain the usual provisions with respect
to monthly deposits on account of real estate taxes, first mortgage charges
and leasehold rent, as well as for filing of annual statements, &c.
Since the plan nas been presented to the New York Supreme Court,
It Is expected that it will be carried out under the provisions of the Burchill
law and that hearings will be held and if the Court approves the plan It
will be submitted to the bondholders for final approval and be declared
effective if within 20 days, holders of one-third of the bonds do not dissent.
Justice Church on Dec. 14 appointed J. B. McNally as referree.
The trustee has been in possession of the property since April 1, 1938.
A statement for the six months from that date to Sept. 30, 1938. is
summarized below with comparative figures for the same six months of 1937:
new
indenture
6 Months Ended
Total income
Sept. 30—
-
—
175,624
Operating profit
Taxes accrued for period.
Years Ended Oct. 31—
Sales—net
—
.
45.415
accr.
;.
.
—
-
1938
$991,689
796,007
271,241
.
— —
..
;
.
.
Net from railway.
Net after rents
Excess provision—prior years
, —
011,301
— .
$94,567
20,532
13,102-
—
,
——
1937
$32,253
Accounts payable.
(net).
144,407
518,529
150.594
646,093
Mtecell. assets....
1,789
5,668
Inventories
Prop.,
plant
&
Prepaid
Liabilities—
615,839
' 20,565
expenses.
cap.
stk.
1938
x
.
.
Total
$883,509
62,023
1,008,310
$5,130,054
58,572
$821,485' $5,071,482
comparative figures for period Jan. 1 to Nov. 30, 1937, Includes
Amended Pension
•
Earnings of Company Only
November—
1938
1937
1936
Gross from railway..-.- $3,615,676
$3,618,518* $4,231,442
Net from railway
368,801
237,974
897,473
Net after rents
162,077
21,651
677.882
.
1935
$3,503,592
480,751
225,303
From Jan. 1—
39,515,830
4,363,032
Gross from railway
Net from railway
Net after rents
Bondholders'
-----
45,599,459
7,690,186
5,181,246
788,039
43.770,590
8,306,612
37,102,546
4,428,126
5,258,592
1,723,779
Committee Reports—
The committee for the prior lien mortgage bonds (John W. Stedman,
chairman) has addressed a letter to depositors and assenters of these bonds
informing as to its activities for the period since March 1, 1937, the date
of its last circular letter.
The letter states in part:
Condition of the Properties—Operating officers of the bankruptcy trustees
testified before the Intererstate Commerce Commission on Nov. 1, 1938,
properties of the company are in excellent physical condition, that
that a substantial increase in traffic
could be handled with the existing facilities.
The 1939 improvement pro¬
that the
proposed by the bankruptcy trustees but not yet passed on by the
contemplates a net capital charge of about $1,650,000.
Expenses and obligations of the bankruptcy trustees are being currently
met.
Present cash is adequate; it is estimated by the bankruptcy trustees
that on Dec. 31, 1938, their cash will exceed $5,500,000.
It is not now ex¬
pected that any new money will be needed for the purposes of reorganization.
Payments in Respect of Funded Debt—No Interest has been paid on the
prior lien mortgage bonds isnce the appointment of receivers on Nov. 1,
1932.
The committee has periodically considered the question of applying
for a payment on account of prior lien interest and will do so when it deems
that conditions make that appropriate.
'
On Dec. 1,1938, one semi-annual coupon ($20 per $1,000 bond) was paid
on Fort Scott bonds, both those publicly held and those pledged under the
consolidated morrtgage.
All interest matured at the coupon rates has been
met on the Birmingham bonds and the outstanding equipment trust obliga¬
tions both of which are strongly secured.
In addition, all matured principal
of equipment trust obligations has been acquired by the bankruptcy trustees
at its face amount.
Since the prior lien mortgage is, in the opinion of counsel
for the committee, a lien on the equity in equipment covered by equipment
trust'obligations, the committee has favored such acquisition, and has in
fact acquiesced in the use of the proceeds of the sale of the Fort Worth &
Rio Grande Ry., amounting to approximately $1,500,000, for that purpose.
Earnings—The favorable trend in net earnings reported in last letter con¬
tinued through the first part of 1937, but beginning in August, 1937, there
began a precipitous decline in gross revenues which has remained severe
throughout 1938., This accompanied by higher taxes and material costs,
and the general wage increases of August and October, 1937, not only
wiped out the previous gains but actually resulted in an operating deficit
gram
court
—
x645,747
4,908
Fed. taxes
on
213,800
131,025
672,216
263,120
221.800
Inc
1352.
'
_
The rate increases in 1938 gave some
unfavorable
comparison with 1937 was reversed.
The committee is advised by its'
experts that the 1938 earnings available for interest may amount to about
$800,000.
The 1937 earnings available for interest were $4,911,000 (5.5%
less than 1936; realized on gross revenues of $51,219,000, or 2.1% above
1936).
Litigations—The suit brought by one of the bankruptcy trustees against
former bankers and directors of the debtor corporation in connection with
the 1926 purchase of Chicago Rock Island & Pacific Ry. stock has been
decided on the merits in favor of the defendants.
It has been indicated
that the bankruptcy trustees will appeal.
The similar suit in connection
with the purchase of Gulf Mobile & Northern RR. stock has not yet come
35,000
.
..
relief, and with the upturn in business during the autumn, the
Prov. for estimated
20.016
.
,
1937
131,025
670,156
391,321
,
to trial.
n
Reorganization-*—Recognizing the importance to the prior lien bondholders
litigation and delay
by developing if possible an agreed plan of reorganization, the committee,
after thorough studies of the situation, renewed its negotiations with the
Fort Scott committee and the consolidated Committee.
Those negotiations
and all other affected interests of reducing the risks of
Earnings for Period Sept. 1, 1937 to Aug. 31,1938
Income
.
;
$50,593
41,825
Expenses
*
a plan which was supported by all three of those interests
behalf at hearings before the ICC on Nov. 1-3, 1938.
(For outline of plan see V. 147, p. 2702) .•—V. 147, p. 3469.
eventuated in
Net profit—.
x
The
Act.
Roosevelt Co,—Earnings—rp
def429,874
credit of $720,100 account adjustment of accruals under
—„
p.
def 117,329
$8,357
$1,343,612 $1,500,371
Total
,.$1,343,612 $1,500,371
After reserve for depreciation of
$261,433 in 1938 and $210,958 in 1937.
,
1,235,626
def 1,708
def 21,321
Ry.—Earnings of System—
for the first nine months of 1938.
Capital surplus
Earned surplus
Hi
317,118
def96,600
$170,851
Ti)tal
V.
...
Bal. avail, for int., Sec.
$46,161
10,421
4,009
Com. stk. ($1 par)
x
...
$13,343
4,986
taxes,
&c_
Cum. pf. ($20 par)
T"
-
-
$177,087
6,236
x$171,325
10,152
153,670
$49,021
Dividends payable
equipment..
$98,522
defl4.110
def43.639
Deducts."from income-.
Accr. local & Fed.
x
.1936
——
Balance Sheet Oct. 31
1938
Receivables
193&
$117,327
2,372
def37,704
1,445,894
198,924
def199,751
def4,520
1,525,878
...
Total income—.
34,000
1,000
04,551
.....
$42,483
,
Ry.—Earnings—
1937
$129,258
6,039
def31,962
1938
$138,215
29,8e0
St. Louis-San Francisco
x Indicates profit.
•
Note—Depreciation for 1938 amounted to $50,475, and in 1937 to $49,177,
Assets—
447,699
421,027
Period End. Nov. 30—
1938—Month—1937
1938—11 Mos.—1937
Operating revenues
$3,792,852 $3,795,914 $41,427,298 $47,628,642
3,539,128
36,698.878
39,676,784
Operating expenses . - —.
3,385,445
1,813
723,308
4,995,964
Nut ry. open, income—
164,230
11,530
160,200
134,090
Other income
12,857
10,870
2,911
1,815
1,840
26,654
—
—,
.
4,100,342
—V. 147, P. 3470.
x$230,403
14,847
...
—
4,955,420
1,128,391
604.090
From Jan. 1—
Gross from railway—
x$225,472
4,931
.
Add. N. Y. franchise tax prior year
Reduction of inventory amounts
...
Normal income and excess-profits taxes.
Surtax on undistributed profits
Net loss.—
Preferred dividends
Common dividends.......
...
St. Louis San Francisco & Texas
1937
$75,559
-
7,196,097
2,628,394
1,941,850
„
November—
Gross from railway.Net from railway—
Net after rents
$1,515,315
982,752
307,091
$75,559
...
Premium on redemption of bonds
Other interest
Cash
6,151,388
1,871,095
1,147,102
....
Net after rents
V. 147, P. 3469.
def$l,890
..
bonds
$315,329
20,971
def9,580
—
Net from railway
Co.—Earnings—
•
Operating loss.
Rent received, interest earned, &C-
on
$500,536
148,509
100,431
- —
there is no deferred maintenance, and
Administrative and selling expense
Loss
$32,534
taxes..
—.,
Cost of goods sold
Interest
Net after rents
From Jan. 1—
1935
1936
-
$489,111
10,9578
51,439
$613,451
192,241
127,589
Gross from railway
Net from railway—
$47,789
49,680
$77,949
Rochester Button
Payment will
-Earnings-
1937
1938
November—
1937
$264,037
216,247
1938
$253,573
Operating expenses—.—
Indicated balance after allow, for
—V. 146, p. 2707.
bonds, 4H% series due 1947 have been
St. Louis Brownsville & Mexico Ry.
Gross from railway
Ritz Tower Hotel
The
A total of $36,000 first mortgage
called for redemption on Feb. 1 at par and accrued interest.
be made at the Guaranty Trust Co, of N. Y.—V. 147, p. 131.
66,507
14.467
Gross from railway.-.-Net from railway
....
corner
Joseph Railway, Light, Heat & Power Co,—Bonds
$494,913
114,164
47,535
$574,661
77,728
11,292
Gross from railway.»—Nefc from railway-
1935
1936
1937
1938
31, 1938
Called—
stock
Richmond Fredericksburg & Potomac RR.~
Dec.
Chronicle
z$8,767
Net profit is without
any deduction for depreciation
the building.
on
and filed in their joint
Balance Sheet Aug. 31, 1938
Assets—
$13,749
Accounts
St, Louis Southwestern
Liabilities—
receivable.
1,249
x384,831
Deferred charges.
6,731
Accounts
payable
$1,165
Note payable
Unearned rents
Special
Items
5,000
488
reserve
221
.
accrued
15,259
no
par)——
Surplus
x
$406,360
November—
Gross from railway..
...—
Total
......
.......
Net from
railway
Net after rents
From Jan. 1—
Gross from railway
—
I
—
_.
Net from railway—
Net after rents
—V. 147, p. 3774.
1938
..
$251,487
def6,666
def33,129
2,680,755
def205,850
def533,168
giyen
on
$3,236,123
288.598
$3,964,516
283,567
$372,201
$314,373
$3,524,722
$4,248,082
153,627
190,103
1,823,567
2,171,545
$124,270
5,274
$1,701,155
Non-operating income
$218,574
4,107
77,160
$2,076,538
87,846
Deduc'ns fr. gross inc.-
$222,681
267,049
$129,544
276,698
$1,778,315
2,949,781
$2,164,384
2,991,643
$44,367
$147,154
$1,171,466
$827,260
from ry. oper.
Railway oper. income-
108,025
Deductions from railway
operating income
1937
1936
$255,273
def7,448
def29,152
3,247,403
245,407
717
Ryan Aeronautical Co.—Registers
bee list
$287,473
26,899
$344,484
27,717
rev.
$408,360
Earnings—
—
$4,880,604
916,088
Net
Railway tax accruals
339,625
44,601
After reserve for depreciation of
$13,317,
Rutland RR.-
$4,398,370
1,162,246
$395,498
Total ry. oper. income
(5,225 shs.,
$450,712
106,228
Other ry. oper. income-
Capital stock
Total-
Ry.—Earnings—
1938—Montft—1937
1938—11 Mos.—1937
Railway ober. revenues. $1,580,356
$1,675,400 $16,842,208 $19,557,514
Railway oper. expenses1,129,644
1,279,902
12,443,838 14,676,910
Period End. Nov. 30—
$292,406
35,626
21,782
3,157,616
258,663
111,594
1935
$261,223
6,162
def 10,998
2,964,969
80,985
defl25,631
witfi SEC—
first page of this department.—V, 147, p. 2702.
Net ry. oper. income.
Deficit
Budget Approved—
Federal Judge Chas. B. Davis approved a budget totaling $8,022,973 to
provide for maintenance and improvements to lines of this company during
I
Volume
1939.
147
Financial
Chronicle
$1,668,356 is for additions and betterments which
ncludes $995,225 for construction of new
freight cars and purchase of 50
miles of new
112-pound rail to replace rail of lighter weight. Other
improve¬
ments will be made to
shops and engine houses at Pine Bluff and Tyler,
Texas.
Berryman Hen wood, trustee, stated that
according to cash forecasts for
1939, there would be sufficient cash to cover the 1939
improvement program.
He estimated total cash
receipts in 1939 at
$19,600,000.—V. 147,
St.
p.
3470.
Monica's
Congregation, Whitefish Bay,
Mil¬
waukee, Wis.—Bonds Offered—An issue of $160,000
334%
and
334%-4% 1st refunding mtge. serial bonds, series A,
is being offered at
10024 and interest by B. C. Ziegler & Co.,
West Bend, Wis.
Dated Sept. 1, 1938; due
serially Sept. 1, 1939 to Sept. 1, 1950. Denom.
$1,000, $500, and $100.
Principal and semi-annual interest payable on
M. & N. at office of First National Bank of
West Bend, (Wis.), trustee and
of
registrar.
Both principal and interest of these bonds will
be payable in
lawful money of the United States of America.
-
Bonds bear interest from
Sept. 1, 1938. The bonds maturing on or before
Sept. 1, 1943, bear interest at 33^% per annum, and aU bonds
maturing
and after Sept. 1, 1944, bear interest at
334% per annum to and incl.
the seini-annual interest
payment due on Sept. 1, 1943, and 4% thereafter.
At the
option of corporation and upon not less than 30 days' published
notice, any and all of the bonds may be redeemed on
any interest date by
the payment of
principal, accrued interest, and a premium as follows;
1% if redemption be effected on or prior to Sept. 1,1940; Y% of 1% if
redemp¬
tion be effected after Sept. 1, 1940 and on or
prior to Sept. 1, 1943.
There
shall be no premium if
redemption be effected after Sept. 1, 1943.
►
Seaboard Air Line
November—
t The proceeds of this issue of bonds of series A
together with other funds
of the corporation will be used to
and retire the outstanding St. Monica's
Congregation 4)4% first consolidated mortgage sinking fund bonds,
($96,450) series A and ($19,550) series B, dated Sept. 1,
1935, which bonds
have been called for redemption as of March
1, 1939, at 101 and accrued
interest; to pay the cost of this financing; to pay the cost of
completing the
pay
construction of
proposed
an
addition to the school building and the basement of the
new church
building and for other corporate purposes.
These bonds have been authorized with the
permission of Most Reverend
Samuel A. Stritch, Archbishop of the Archiocese of
Milwaukee and Presi¬
dent of St. Monica's Congregation.
The bonds, when issued, in the opinion of counsel for the
underwriter,
will be the direct obligations of the
corporation, and upon retirement of the
outstanding old bonds of the corporation and satisfaction of the deed of
trust securing the same, will be secured
by a valid and direct first mortgage
on the land, buildings, and other fixed
property of the corporation located
in Whitefish Bay, Wis,
As of Oct. 13, 1938, the land was appraised at
$373,870.
San Antonio Uvalde & Gulf
November-—
;
Gross from railway-
1938
1937
$77,754
def21,077
Net from railwayNet after rents—
def48,7$0
—
RR.—Earnings—
1936
defl2,535
$87,021
2,910
def21,914
1,126,845
51,751
def282,677
1.175,799
322,530
10,653
def 314,227
$108,325
15.877
From Jan. 1—
Gross from railway-
—
Net from railway—
Net after rents.
1,020,322,
def133,042
def471,812
—-
1935
$87,997
def!5,866
def45,203
—V. 147, p. 3470.
800,152
def46,103
Net from
railway
Net after rents
bonds plui interest
of that date was
$5,612,736 and de¬
sum should bear interest at the
rate of 7% a
year, that being
legal rate of interest in Georgia.
Interest on that basis to Dec.
31,
1936, is $2,667,297, which, added to the
aggregate amount found due by
decree, produces a total principal and interest of the bonds
of $8,280,033
as of Dec. 31, 1936.
as
the
,
The confirmed
plan of reorganization makes no provision in
the new
company for general unsecured claims or for the
existing preferred and
common stockholders, their
equities and interests having been found
by
the Commission and the Court to have
no value.
The plan provides for the payment in cash
of claims for
county taxes
and all other lawful claims for taxes and interest on
taxes to the date of the
reorganization (as of Dec. 31, 1936, amounting to
$21,683); priority claims
equity receivership unclaimed by the holders thereof
$1 397the $500,000 of receiver's
certificates; and expenses of reorganization as
to
which we approved maximum allowances of
$104,339.
Under the plan the new
company will assume the balance,
amounting to
$88,000, due on equipment-trust certificates.
The plan further provides that the new
company shall create
its first
mortgage; which will be a first lien on
substantially all the property owned
by it on the completion of the reorganization; that bonds
shall be issued
under the mortgage which shall be fixed
obligations of the new company
to mature in 25
years, to bear interest at 434%, and to be
limited to the
aggregate face amount of $2,000,000 at
any one time outstanding; that the
note to the Finance
Corporation in an amount not exceeding
$1,700,000 is
to be given as evidence or a loan of like
amount to the reorganized
company*
that the note to the Finance
Corporation is to be secured by new
first
mortgage bonds in such amount as shall be required
by the Finance Corpora¬
tion.
22 approved
Finance Corporation of
debvery to
not
loan to the new company from the
exceeding $1,300,000, to be secured by the
a
the^Finance^Corporation of $1,625,000 of the new first mortgage
Schulte Retail Stores Corp. (&
Subs.)—Earnings—
(Exclusive of Schulte Co., Inc.)
Period End. Nov. 30—•
Loss
x
After
$2,852,806
231,949
39.221
36,114,414
5,011,141
1,017,171
—
_
—
...
38,843,510
7,273,481
3,372.451
34,363.117
5,484,326
2,632,509
—V. 147, p. 3470.
30,818,447
4,252,358
1,329,169
Seiberling Rubber Co.—Acquires $2,350,000 Debentures
for $752,000
at Auction—
Certificates of deposit representing
pany, outstanding in the amount of
bid in at auction Dec.
28, by W. A. M.
for $752,000, or
32% of the face value
The securities
the entire funded debt of the
com¬
$2,350,000 of 6% debentures, were
Vaughan, representing the company,
of the debentures.
ware
part of the collateral securing bank and other notes
Goodyear Securities Co., reported to be a private
holding
company owned by Edgar B. Davis, for
many years an important factor
in the rubber
industry and in recent years an oil operator.—V. 147,
p. 3774.
of
the
Ohio
Shawinigan Water &
Power Co.— To
Pay 23-Cent Div
Directors have declared a dividend of 23 cents
per share on the common
stock, payable Feb. 15 to holders of record Jan. 25.
Previously regular
quarterly dividends of 20 cents per share were distributed.
On Feb. 15,
1938, an extra dividend of five cents in addition to the
regular quarterly
dividend of 20 cents per share was
paid.—V, 147, p. 2547.
Siemens & Halske (A.
G.)—Offers to Resume Dollar InterPayments at Reduced Rate on Participating Debentures—•
Private Negotiations
est
Bring Acceptances from 87% of $14,000,-
000 Issue—
An
offer
to
interest
resume
payments in dollars on $14,000,000 out¬
participating debentures of Siemens & Halske A.G., German
electrical manufacturers, was
formally made Dec. 29 to American holders
of the bonds.
As a result of private
neogtiations, holders of more than
87 % of the
outstanding debentures have already accepted the terms of the
offer which provide for a reduction of
interest to a fixed rate of
standing
4^4%
annually from April 1,1939 to April 1, 1951.
The participating debentures
are due Jan.
15, 2930.
Under the original
participating clause, the de¬
bentures
than
were
6%,
entitled to
annual
interest
the dividend rate declared
as
ceding fiscal
on
year.
the same rate, but not less
the common stock for the
pre¬
at
-
A similar offer to resume interest
payments on
Siemens-Schuckertwerke 6 H%
25-year sinking
Siemens &
Halske and
debentures
was
interest reduction to 3M%
fund
recently made public.
This provided for an
on assented debentures.
Like the previous offer, the
present proposal calls for a cash payment
of 2% of the principal value or the
debentures deposited for acceptance.
This is the equivalent of $8 on the debentures
of $400 denomination.
Interest on the assented debentures for the 1939-1951
period covered
by the offer will be payable annually at the office of
Dillon, Read & Co.
in New York, or at the offices of other
designated banking institutions in
London, Amsterdam, Basle, Zurich, and Stockholm.
Chemical Bank &
Trust Co. is named as
sub-depositary in the United States for holders
desiring to accept the offer.
In making the offer Siemens & Halske
announced that German
administrative
1938—Month—1937
$14,870
prof$8,690
expenses,
charges and credits.—V. 147,
p.
depreciation,
3321.
1938—11 Mos.—1937
$236,825
&c.,
but
before
$32,365
special
Securities Investment Co. of St. Louis—Extra
Div.—
Directors have declared an extra dividend of $1
per share in addition
to the regular quarterly dividend of 50 cents
per share on the common
stock, no par value, both payable Dec. 27 to holders of record
Dec. 24
Similar payments were made on Oct. 1, 1937.—V. 145, p. 2088.
foreign
for the company during
years to transfer funds for dollar interest payments but that such
restrictions have now been lifted by the German
for the
period specified, conditioned
3470.
p.
Smith Agricultural Chemical
Co.—Report—
The profits of the company from all sources for the
fiscal year, before
providing for depreciation and Federal income taxes, amount to
$225,711;
depreciation charges amount to $50,958, Federal tax on income
$25,126,
leaving a net profit of $149,599.
After deducting the dividends paid on
both classes of stock, which amounted to
$6 per share on preferred and
$2.75 per share on comon over the past fiscal
year, and making allowance
for small surplus
adjustments, there leaves a net addition to the surplus
account of $3,689.
.
Balance Sheet
Assets—
1938
Cash
_
Notes,
& accts, receiv.-
1938
*
$50,000
25,167
2,425
6% Cum. pref. stk-
int.
accr.
31
Notes payable
Accounts payableAccrued taxes
$95,101
-
Market, securities-
Oct.
Liabilities—
94,972
8109,369
Ctls. of dep. & ac¬
crued Interest.
x
1937
-
z
533,713
549,676
325,636
419,827
Other assets—11,409
Land-----.-
53,565
36,634
32,622
325,000
457,400
65,313
325,000
457,400
691,219
687,530
53,867
466,576
Common stock..
1937
$150,000
22,070
11,185
409,246
Inventory
y
—
Bldgs., mach'y &
equipment, &C--
Surplus,
balancet
Oct. 31
.......
Autos & trucks (de¬
preciated
Uncomplet. constr.
445
x
..
—
After
7,525
40,183
Deferred assets
Total
19,381
34,989
value)
35,931
..-$1,578,311 81,721,877
reserve
Total
—
...SI,578,311 $1,721,877
for doubtful notes and accounts,
discounts, allowances,
&c., of $157,817 ($175,002 in 1937), and returnable carboys outstanding
of $8,995 ($9,365 in 1937).
y After reserve for deprecia(ion of $477,831
in 1938 and $446,631 in 1937.
z Represented by 45,740 no par shares.—
V. 147, p. 2876.
South Carolina Power
,
foreign exchange authorities
the reduction in interest.—V. 147,
on
Period End. Nov. 30—
Gross
revenue-...-
Oper. exps. & taxes...—
Pro v. for depreciation--
Co.—Earnings—
1938—Month—1937
$281,647
$275,258
164,977
172,525
31,250
35,000
1938—12 Mos.—1937
$3,362,109
xl,985,498
378,750
$3,269,054
xl,916,251
358,000
......
allowed in the
Dec.
109,453
732,523
510,620
exchange restrictions have made it impossible
creed that that
on
1935
$3,453,655
recent
Ry.—Reorganization—
f The Interstate Commerce Commission on Dec. 22 authorized the com¬
pany (1) to acquire property, (2) to issue 10,000 shares of common stock
(no par) and 12,590 shares of preferred stock ($100 par), (3) to
procure
authentication and delivery of not
exceeding $2,000,000 of first mortgage
25-year 434% bonds, and (4) to assume obligation and
liability in respect
of $88,000 equipment-trust certificates, as
contemplated by the confirmed
plan of reorganization.
The supplemental report of the Commission
says in part;
By report and order entered on Nov. 20,1937, we approved a plan for the
reorganization of the company.
The U. 8. District Court, by its order of
Feb. 5,1938, filed Feb. 7,1938,
approved the plan, which was duly accepted
thereafter by or on behalf of creditors to which its submission
was required,
holding more than two-thirds in amount of the total of the allowed claims
in each class voting thereon.
On Dec. 5, 1938, we certified to the Court
the result of the submission.
The Court on Dec. 12,
1938, filed its opinion
and order confirming the plan.
The confirmed plan, among other things,
provides for the issue by the new
company of a 4% note in an amount not
exceeding $1,700,000 to the
Reconstruction Finance Corporation to mature in not less
than five nor
more than 10 years; new first mortgage
25-year 4Yt % bonds in an amount
not exceeding $2,000,000; 12,590 shares of
preferred stock (par $100); and
10,000 shares of common stock (no par).
On Nov. 21, 1938, the Savannah
& Atlanta Railway Co., was organized in
Delaware, for the purpose of ac¬
quiring the assets of the debtor pursuant to the
plan of reorganization.
At the present time the debtor has
outstanding in the hands of the public
$88,000 equipment-trust certificates; $500,000 receiver's
certificates; $865,000 of 5% mortgage bonds due May 1, 1935, issued
by the Brinson Railway,
whose property the debtor acquired;
$2,500,000 of the debtor's 6% mort¬
gage bonds due May 1, 1935; 12,500 shares of 7% cumulative
preferred
stock (par $100); and 10,000 shares of common stock
($100 par).
As of Dec. 31, 1936, interest of $3,086,708 had accrued
upon the bonds.
However, by a decree of the Court having jurisdiction of the
receivership
proceedings, with which had been consolidated
proceedings foreclosing the
mortgages, entered March 17, 1930, the Court found that the
principal
The ICC
1936
$3,500,029
475,633
88,831
From Jan. 1—
Gross from railway.
1937
$3,399,340
499,511
...
_
,
Savannah & Atlanta
amount of the
Ry.—Earnings—
1938
Gross from
railway.
Net from
railway
Net after rents
on
x
4067
Of this amount
Gross income-
$85,421
55,656
Net income
Divs.
$997,862
687,778
$994,803
663,169
$10,947
14,286
$310,084'
171.438
$331,634
171,438
$138,646
$160,196
"
on
pref. stock—
Balancex
$67,733
56,785
$29,765
--
Int. & other fixed chgs:-
i.
14,286
$15,478
—
No provision was made in
1936
tributed profits as all taxable income
def$3,339
or
1937 for Federal surtax on undis¬
distributed.—V. 147, p. 3471.
was
South Penn Oil Co.—New Vice-President—
Charles F.
Stevenson has been elected Vice-President of this
company
created by the death of Frank J. Huffman.—V. 147, p.
to fill a vacancy
2548.
.
Southeastern
Express Co.—Merged—
See Railway Express
Agency, Inc.—V. 145,
p.
450.
Southeastern
Greyhound Lines—Common Stock Offered
The first public offering of common stock of the
company
was made Dec. 28
by a banking group headed by Hemphill,
Noyes & Co., who are marketing not exceeding 170,000
shares at $19.50 per share.
The shares were acquired by the underwriters from the Kentucky
Securities Co., International Utilities Corp. and the Security Trust Co. of
Lexington, Ky., as agent for certain stockholders of Kentucky Securiteis
Co., and do not represent new financing by the company.
Transfer agent, Chemical Bank & Trust Co., New York.
Registrar,
Bankers Trust Co., New York.
History and Business—Company was incorporated in Kentucky on
Oct. 7. 1926, under the name of Consolidated Coach Corp.
In 1931,
when the company purchased the capital stock of Southeastern
Greyhound
Lines, Inc. (Del.), then operating principally in Georgia, the Greyhound
Corp. agreed in writing that the company could use, without limit as to
time, the name "Southeastern Greyhound Lines, Inc.," or any variation
Financial
4068
"Southeastern Greyhound Lines,
either as
trade name for the company and (or) its bus
operating
subsidiaries.
Shortly thereafter
"Southeastern Greyhound
lines" was adopted and has since been used as the trade name of the com¬
pany.
In November, 1986, the name of Consolidated Coach Corp. was
changed to Southeastern Greyhound Lines.
Company is not affiliated financially or through management with
the Greyhound Corp. or any of its subsidiary operating companies.
The
company is a connecting motor carrier with certain operating subsidiaries
of the Greyhound Corp. and participates to a certain extent in the cost
and benefits of the Greyhound national advertising program.
Company initially represented a consolidation of five motor earners,
all operating principally in Kentucky.
Since organization, a number of
other motor carriers have been acquired.
At present, company, either
directly or through subsidiaries and affiliates, is operating a unified system
of approximately 4,889 miles of highway routes in the States of West
Virginia, Ohio, Indiana, Kentucky, Tennessee, Alabama, Georgia and
corporate
11993348756
name
Florida.
The
both of long haul carriage,
business consists
of population north of
points in the South, and also an
the large centers
in
.
.
to and from
primarily originating
the Ohio River and destined
extensive local business along
its routes.
Company and its subsidiaries on
buses, which averaged in
oeprated a fleet of 173
Sept. 30, 1938,
approximately 52 months.
I he
management estimates that when the 1939 budget is completed the average
age or its motor buses in operation will approximate between 36 and 48
months, depending upon the number of old motor buses retired from
service.
There are approximately 800 employees, not including com¬
mission agents.
For the 12 months ended Sept. 30, 1938, the system
carried 4,346,668 revenue passengers and operated 16,172,263 bus miles.
The following data, compiled from the records of the company and its
subsidiaries, show the growth of the business during the five years ended
Dec. 31, 1937, and the 12 months ended respectively Sept. 30, 1937, and
motor
age
Sept. 30, 1938:
Miles
Operating
Operated
9,354,442
Revenues
Dec. 31—
-
—
_
__
„
Revenue
Total
Year Ended
$1,948,100
2,280,162
2,734,223
3,085,160
3,592,436
11,030.851
12,475,287
13.680,574
15,384,687
No. of Buses
Passengers
Carried
in Service
(End of Period)
165
152
164
170
170
1,570,869
2,475,965
3,071,292
3,608,452
4,125,502
j
12 Mos. Ended
14,928,775
16,172,263
3,501,479
4,090,061
170
173
3,988,064
4,346,668
100% owned subsidiaries, with the ex¬
ception of Southeastern Greyhound Lines of Indiana, have been dissolved
and their assets acquired by the company.
Southeastern Greyhound
Lines of Indiana, an Indiana corporation, operates between Louisville,
Ky., and Evansville, Ind., principally through the State of Indiana.
Company also owns all the stock of Motor Coach Service Co. (Ala.)
and North Branch Transfer Co. (Tenn.), which are inactive, have only
nominal assets and which are expected to be dissolved.
The company owns the following percentages of the common capital
stock of the following companies:
Greyhound Bus Depot, Inc. (Fla.), 50%;
Greyhound Bus Depot of Monrgomery, 40%; Greyhound Terminal of
Cincinnati, Inc., 26%; Greyhound Terminal of Louisville, Inc., 66 2-3%;
Greyhound Terminal of Nashville, Inc., 75%; Owensboro Union Bus
Station Co., 50%; Public Stages, Inc., 50%; Southeastern Management
Co., 50%; Union Bus Station (Knoxville, Tenn.), 25%.
With the exception of Southeastern Management Co. and Public Stages,
Inc., the above are joint terminal companies, all of which lease terminal
buildings and operate bus terminals and depots in the localities indicated.
Such companies hold the property under leases (which are in some cases
guaranteed by the principal stockholders) and own the equipment necessary
for the operation of the terminals and depots,
Subsidiaries—All of the active
x
Authorized
b Pref. div. scrip, 33^%, due
Preferred stock (par $20)-
retirement res.
England
New
The directors
have declared a dividend of $1
Under conditional sales
50,000 shs.
-
19,966 shs.
18,120 shs.
agreements,
c417,320 shs.
199,840 shs.
due serially (including $212,418
payable prior to Dec. 31, 1939).
b Payable at face value in cash on Dec. 1, 1939.
Convertible at the
holders' option into 1H shares of 6% (cum.) non-conv. pref. stock and
$1.50 in cash for each $31.50 principal amount thereof.
1,912 ^ shares
6% non-conv. pref. stock reserved for conversion of pref. div. scrip.
Originally issued in the principal amount of $106,029 in payment of unpaid
cumulative dividends to Sept. 30, 1936, on the 7% cum. pref. stock then
outstanding.
destroyed plant will approximate $1,100,000 and the cost of repairs and
necessarily chargeable to current expenses will be about $900,000.
'.'Through monthly charges out of earnings the company maintains a
depreciation reserve, now standing in round figures at $21,000,000, to
cover the retirement of plant from any and all causes, including casualties.
In accordance with the Uniform System of Accounts for Telephone Com¬
other items
panies prescribed by the Federal Communications Commission, the cost
of plant destroyed by the hurricane will be charged against this reserve
and the plant built in replacement will be charged to capital.
Thus the
integrity of capital accounts will be preserved without draft upon either
surplus or income.
"Also in accordance with the Uniform System of Accounts,
be met either through a
ably applicable to 1939.
"We do not expect
that quarterly dividends will be continued at
the issuance of stock.
period a year ago.
This was probably a result of the decline in business
activity.
of
May each year with the trend rising
recession.
Telephone calls during December in past years have shown
about 100,000 to 200,000 over November, the telephone
far.—V. 147, p. 2256.
from
Total oper. revenues
_
(
berating expenses
Depreciation
-
Southern Pacific Co .—Earnings—
1938
1937 v
1936
$13,267,604 $12,815,526 $14,244,878
3,305,294
2,183,683
4,049,902
Net after rents.
1,546,297
473,161
2,757,514
From Jan. 1—
"
Gross from railway. —.139,003,423 158,435,207 138,812,940
Net from railway
30,390,935
37,668,210
38,623,908
Net after rents
9,431,924
17,139,204
22,619,471
—V. 147, P. 3924.
Net from railway
$3,131,022
1,836,986
198,222
431,715
72,011
527,507
86,739
88,507
$4,090,061
2,407,257
259,198
431,137
& State inc. taxes._
surtax on undis.prof
37,616
112,273
.
589,645
131,238
1938
$587,433
50,619
32,325
Net operating income.
r income (net)
$436,839
605
$508,137
444
6,025.329
171,574
defl,131
7,061,905
164,241
def80,091
Net after rents..--
"
From Jan. 1—
Gross from railway
Net from railwayNet after rents...
—Y. 147, p.
$680,216
381
GrosL income.
$437,444
144,565
$508,581
146,004
$552,603
89,168
1938
$7,945,525
Net from railway--
2,538,653
Nov.—
1,604,432
railway
Net from railway
Net after rents—
-
$292,879
$362,577
$463,435
$555,419
Underwriting—By agreements dated Dec. 27, 1938, Hemphill, Noyes
Co.
and certain associates have severally agreed to purchase, and
Kentucky Securities Co., Kentucky Utilities Co., International Utilities
Corp., and Security Trust Co. of Lexington, Ky., the latter as agent
for certain stockholders of the company, have agreed to sell certain shares
of common stock of the company (expected not to exceed in the aggregate
approximately 170,000 shares) at a price not more than $2.50 per share
below the initial public offering price.
In an agreement dated Dec. 27,
1938, between the company, Kentucky S3curities Co. and Hemphill,
Listing—Board of directors has directed officers of the company to apply
listing the company's common stock on the New York Stock Exchange.
Initial Dividend—
Directors have declared an initial dividend of 50 cents per
share on the
stock, payable Jan. 25 to holders of record Jan. 17.
Directors aiso
an initial quarterly dividend of 30 cents on the 6%
convertible
preferred and a quarterly dividend of 30 cents on the 6% non-convertible
preferred stock both $20 par and both payable Feb. 28 to holders of record
Feb. 15.—V. 147, p. 3923.
Southern Bleachery & Print Works,
Inc.—Accum. Div.
dividend of $1.75 per share on account of
pref. stock, par $100, payable Jan. 2 to
holders of record Dec. 20.
Like payment was made on Oct:. 1, April 1 and
Jan. 1, 1938, July 1, April 1 and on Jan. 1, 1937.
A dividend of $2.42 was
The directors have declared a
the 7%
cum.
paid on Dec. 19, 1936, and dividends of $1.75 were paid on Oct. 1, 1936, and
each of the five preceding quarters and on March 2, 1935.—V. 147, p.
in
1939.
4,367,659
def463,509
def500,114
$8,569,565
2,766,547
1,931.397
1935
$7,427,315
2,273,541
1,550,348
87,527,003
25,990,303
17.558,479
75,600,922
19,562.097
12,498,759
1936
$2,577,609
3924.
,
Jan. 1 to Dec. 21—
1937
1938
$2,328,652 $115561,264 $128402,056
J
Sperry Corp.—Listing—
certificates for common stock were admitted to the list
Stock Exchange on Dec. 29.
The listing consists of
of common stock, $1 par, represented by voting trust
147, p. 3621.
The voting trust
of the
San Francisco
2,015,565 shares
certificates.—V.
Spokane International
Ry.—Earnings—
1937
1938
$53,186
10,264
2,571
Gross from railway.
Net from railway
$61,428
13,839
4,290
1936
1935
$65,252
17,765
13,901
$52,889
4,354
defl,082
718,724
181,502
547,167
53,127
13,557
From Jan. 1—
Net after rents
—V.
787,032
202,727
112,178
683,983
130,939
46.414
Gross from railway
99,537
147, p. 3471.
Spokane Portland & Seattle
1937
$600,404
137,373
34,643
1936
$731,273
281,274
154,390
1935
$667,898
261,142
133,402
7,515,974
2,056,838
717,625
8,257,898
2,695,202
1,485,315
7,631,095
2,656,058
6,963,035
2,640,868
1,387,885
Net from railway
Net after rents
FromJan. 1—
Gross from railway
Net from railway
Net after rents
—Y. 147, p.
Ry.—Earnings—
1938
$691,284
225,767
95,997
November—
Gross from railway
to the date of purchase.
for
'
1937
1938
&
Noyes & Co., Hemphill, Noyes & Co. have agreed to purchase, and Ken¬
tucky Securities Co. has agreed to sell 18,120 shares of 6% conv. pref.
stock of the company at the price of $20 per share plus accrued dividends
*
1937
$7,482,967
1,342,684
351,651
81,216,494
91,323,621
22.658.469
24,901,049
11,933,213
14,191,699
—Third Week." of Dec—
Net from railway
income...
.
5,505,187
24,095
defl6,550
From Jan. 1—
Gross from
$680*597
125,178
1935
$414,127
def428
dfel2,585
Ry.—Earnings—
Gross from railway
Net after rents
Int. & other deductions.
113,547,394
30,658,429
15.865,201
3471.
Southern
22,507$552,404
'199
,
1936
$580,568
35,498
35,507
1937
$629,961
def30,564
def46,098
Net from railway-
'November—
Oth
$10,612,697
2,928,413
1,963,821
Southern Pacific SS. Lines—Earnings—
November—
Gross from railway
—V. 147, p.
$3,592,436
2,160,687
220,859
1935
November—
Gross from railway
End. 12Mos.End.
Sept. 30 *38 Sept. 30 '38
$3,085,160
1,935,047
171,932
and licenses
Fe.t
Fed
1937
increases
being the
medium for Christmas calls, near and
—Years Ended Dec. 31— 9 Mos.
1936
increase in the month
through August and then a slight
Records reveal that long distance calls begin to
Gross earns. (est,.)_
Earnings for Slated Periods
accumulations on
4J
this low
($1 a share).
The hurricane was a disaster of unprecedented propor¬
In facing its cost effects we have sought a conclusion which would
not be imprudent on the one hand or unduly conservative on the other.
We
hope that it will meet your approval."
Company reports there were 2,259,484 toll and long distance telephone
calls during November.
This was an increase of about 133,000 over Novem¬
ber, 1937.
In the first 11 months this year there were 23,960,000 toll
messages and long distance calls, a decrease of 309,000 from the same
rate
Net after rents
Including 18,120 shares reserved against conversion of the 6% (cum.)
pref. stock.
As of Dec. 31, 1937, the company was obligated to affiliated companies
in the amount of $1,747,340.
Through cash payments during the 10
months ended Oct. 31, 1938, an aggregate of $620,555 of such obligations
was repaid, and subsequently the remaining amount was reDaid through
declared
the current
portion is necessarily a charge against current earnings.
It must
draft upon surplus or through a temporary reduction
in the dividend rate or through a combination of the two.
"For each of the first three quarters of the year a dividend of $2 per
share was declared.
It is now indicated that if similar action were taken
for the fourth quarter the draft upon surplus for 1938 would be about
$700,000.
This would amount to about 20% of the company's accumulated
surplus at the end of 1937 and, while we recognize the propriety of drawing
on surplus for dividend purposes, we do not feel that so large an appropria¬
tion is justified at this time.
We are the more inclined to this view for the
reason that, whiie by far the larger part of rehabilitation will be completed
before the close of this year, there will be certain remaining costs unavoid¬
expense
c
conv.
common
share on the capital
per
stock, payable Jan. 15 to holders of record Dec. 30.
Previously quarterly
dividends of $2 per share were distributed.
11. C. Knight, President, says in a letter to stockholders:
"It now appears that our original estimate of $2,000,000 will be in close
accord with the actual measure of total hurricane damage.
The cost of
Outstanding
40,162
6% (cum.) non-conv. pref. stock
Net
Co.—Dividend
Telephone
Lowered—
$373,033-
Dec. 1, 1939—
6% (cum.) conv. pref. stock
Common stock (par $5)---
axes
Before approp. for
Southern
Capitalization as of Dec. 31,1938
,
Security—
Purchase contract obligations
a
$2,332,491 $2,328,435
985,325
1,016,822
&c_223,037
250,611
& after taxes.—V. 147. p. 3923.
Gross operating revenues
x Net operating revenue and other income
Net income after deductions for int. charges,
tions.
Sept. 30-—
a
1937
1938
12 Months Ended Nov. 30—
a
as
or
1938
31,
Southern Colorado Power Co .—Earnings—
thereof containing the words
a
Dec.
Chronicle
-
1,254,800
3471.
Springfield Fire & Marine Insurance
Co.—Special Div.
declared a special dividend of 25 cents per share in
quarterly dividend of $1.12 per share on the common
stock, both payable Jan. 3 to holders of record Dec. 22. Similar payments
v ere made on Jan, 3, 1938, Jan. 2, 1937 and on Jan, 3, 1936.—V. 146, p.
The directors have
addition to the regular
1
60.
Standard Gas & Electric Co.—Weekly Output—
of the public utility operating companies in the Standard
for the week ended Dec. 24, 1938, totaled 118,104,236 kilowatt-hours,
n increase of 12.3% compared with the corre¬
Electric output
Gas & Electric Co. syctem
sponding week last year.—
7. 147, p. 3924.
Standard Oil Co. of
Indiana—Establishes Retirement Plan
meeting held Dec. 22 approved establishment of a
plan, effective Jan. 1, 1939.
Under the plan the company is to pay $2,000,000 into an annuity trust
and further annual contributions, not in excess of 10% of consolidated
annual net earnings after Federal taxes are to be made.
The stockholders also approved establishment of similar plans for the
company's subsidiaries.
Stockholders at special
contributory retirement
Volume 147
Financial
For those employees joining the plan it is
expected to provide monthly
Income after retirement, which, together with Federal
benefits, will amount
to
approximately 2%
Chronicle
4069
Texas & New Orleans RR
Net after rents-
Employees will contribute equally with the company. Eventually oper¬
be entirely on the basis of equal contributive payments.—V.
147, p. 3471.
From o an. 1—
Gross from railway
Net from railway
ation will
1938
Net after rents......
From J an. 1—
Gross from railway.
Net from railway.
Net after rents
.1.
__
1937
$131,818
23,186
..
$126,014
..
1,424,886
def13,169
def342,110
def252,372
.
def4,801
def50,226
def53,478
1,482,092
134,248
—
..
$121,950
$126,249
def36,933
1,464,600
def 13,815
def410,792
4ef466,637
1,373,592
def58,789
—V, 147, p. 3471.
_
505>09
$3,353,333
991,206
726,924
43,051,199
37,560,468
10,014,158
4,449,181
8,753,854
4,514.272
31,463,868
5,856,640
2,414,138
-
..
3471.
*
Ry.—Earnings—-
Period End. Nov. 30—
.
income..
_
Netincome..
Third Avenue
Directors have declared
a dividend of $1.50 per share on account of
6% cumulative preferred stock, payable Dec: 27 to
Accumulations after the current dividend will
amount to $20 per share.—V. 147, p. 2103.
holders of record Dec. 27.
Submarine Signal Co.—To
The
Pay $1.50 Dividend—
dividend of $1.50 per share on the common
Illinois—Removed from List and
company's 1st mtge. 4H% gold bonds series of 1928 and due March
Superior Water, Light & Power Co. —Earnings—
$2,374,505
1938—5 Mos.—1937
1938—Month—1937
$5,787,500
4,441,274
$292,633
140,834
$266,842
127,028
$1,346,227
709,280
Non-operating income..
$151,799
23,238
$139,813
25,902
$636,947
121,834
$612,340
129,140
Gross income.
Deductions
$175,037
215,333
$165,715
216,050
$758,781
1,086,029
$741,480
1,094,034
$40,296
$50,334
$327,247
$352,554
expenses...—
—
Operating income....
-
loss,.......,
147.
$5,688,283
4,431,554
'
$1,256,730
644,390
3472.
p.
Title Insurance &; Trust Co. (Los Angeles)—Extra Div.
The directors have declared an extra dividend of 50 cents
per share in
addition to a quarterly dividend of 75 cents per share on the common
stock,
both payable Jan. 2 to holders of record Dec. 22.
Similar payments were
made on Dec. 31, 1937.
An extra dividend of 50 cents in addition to a
quarterly dividend of 50 cents
was
307 West 79th Street
paid
on
Jan. 2, 1937.—V. 145,
4130.
p.
Realty Corp.—Trustee—
Sterling National Bank & Trust Co. has been appointed trustee of $375,000 mortgage certificates on premises of the 307 West 79th Street Realty
Corp. in connection with reorganization of an issue of the Prudence-Bonds
Corp. known as the Book Realty Corp.
Tobacco Securities Trust Co., Ltd.—Final Dividend—
Company paid a final dividend of 42^ cents per share on the American
depository receipts for ordinary stock and a dividend of 3 3-5 cents per
^
hare on the defrred shares
V. 146, p. 3527.
Dec.
on
23 to holders
of record
Dec,
1.—
Toledo & Ohio Central Ry.—Abandonment—
1938—Month—1937
$93,208
$87,089
70,268
65,986
4,000
4,000
Operating revenues—_
Oper. exps., incl. taxes—
Prop, retire't res. approp
$1,165,342
867,083
—V.
1, 1968, and the 1st mtge, \lA% gold bonds, series of 1930, due Sept. 1,
1970, have been removed from listing and registration on the New York
Curb Exchange.—V. 147, p. 3925.
Period End, Nov. 30—
$429,258
93,442
3,624,468
$1,133,925
6% debentures,
stock, par $25, payable Dec. 27 to holders of record Dec, 22. Similar pay¬
ment was made on Dec. 24, 1937 and compares with 50 cents paid on
March 18, 1937, a dividend of 50 cents and a special dividend of $2.50 paid
on Dec. 14, 1936, and 50 cents per share distributed on May 12, 1936, and
on Nov. 12, 1935—V. 146,p. 122.
Super-Power Co. of
Registration—
$6,092,415
$1,171,917
879,283
revenues
Taxes
(The) Studebaker Corp.—Interest—
The interest due Jan. 1,1939, on the 10-year convertible
due 1945, will be paid on that date.—V. 147, p. 3622.
a
$4,892,613
106,116
3,621,155
Ry. System—Earnings—
Period End. Nov. 30—
Net
The directors have declared
$765,567
9,481
326,828
dividend of $1 per share on account
of
accumulations on the 7 % cumuL pref. stock, par $100, payable Dec. 30 to
holders of record Dec. 19.
Like amount was paid on April 1 and Jan. 29,
1938; a dividend of 75 cents was paid on Jan. 3, 1938; $1.75 was paid on
:Oct. 1,1937; dividends of 75 cents were paid on July 1 and on April 1,1937;
a dividend of $1.50 paid on Jan. 28,1937 and dividends of 75 cents per share
paidon Dec. 31, Oct. 1, July and April 1,1936.—-V. 147, p. 3622.
a
_
Operating
Operating
Net oper. revenue
Strawbridge & Clothier—Accumulated Dividend—
The directors have declared
$5,255,365
837,050
—V. 147, P. 3925.
Strathmore Paper Co.—-Accumulated Dividend—
accumulations on the
.
$4,295,890
59j,723
$712,725
3,954
325,813
....
—
$330,484
435,083
$382,958
Total income
Miscell. deductions
Fixed charges.
.
$2,492,898 $24,074,688 $27,925,378
1,814,934
16,700,200 -19,090,356
197,501
1,801,692
2.108,758
138,329
1,215,909
1,423,268
11,650
60,997
47,631
$480,901
231,824
....
Steel Co. of Canada, Ltd.—iExtra Dividend—
The directors have declared an extra dividend of $2 per share in addition
to the regular
quarterly dividend of 43 % cents per share on the common
stock, both payable Feb. 1 to holders of record Jan. 7. Like amounts were
paid on Feb. 1, 1938, and 1937, and an equalization dividend of $1,42H
per share was paid on Feb. 1, 1936.—V. 146, p, 3822.
1938—11 Mos .—1937
1938—Month—1937
Operating revenues.
$2,319,636
Operating expenses
1,559,146
Railway tax accruals...
169,776
Equip, rentals (net)....
102,079
Joint facil. rents (net)...
7,734
Net ry. oper.
Other income.
1935
$4,082,282
1,382,553
1,040,072
8,219,266
2,826,098
-
Texas & Pacific
def 12,480
def3,837
def13,529
1936
865,508
403,910
38,168,383
—
Net after rents
1935
1936
mi
$3,878,572
...
—V. 147, p.
Staten Island Rapid Transit Ry.— Earnings—November—
Gross from railway...
Net from rail way
—Earnings-
November—
1938
Gross from railway..... $3,631,321
Net from railway
942,926
of their monthly earnings multiplied by years of
Normal retirement age will be 65 for men and 60 for women,
lb The new plan replaces one in force since 1903 under which the company
paid annuities out of current income on a non-contractual basis.
service.
$1,047,467
794,906
48,000
$994,964
741,356
$17,103
$204,561
$205,608
250
$204,811
5,450
100,161
$205,992
5,450
100,197
$99,200
$100,370
35,000
35,000
$64,200
$65,370
The Interstate Commerce Commission on Dec, 16 issued a certificate
permitting abandonment by the company of a line of railroad in Meigs
County, Ohio, and abandonment of operation thereof by the New York.
Central RR., lessee.
The line in question extends from Rockville in a
general northerly direction to Calvin, approximately 2.5 miles, all in the
384
Net oper. revenues...
Other income
$18,940
150-
76
.
1938—12 Mos.—1937
48,000
Township of Salisbury.—V. 147, p. 283,
Toledo Peoria & Western RR.—EarningsGross income————
$17,253
454
8,231
$19,016
454
Other interest..8,234
Int. charged to construe.
Int.
on
Net
mtge. bonds.
-
Cr25
....
.—*
income..
$10,328
$8,568
Dividends applicable to preferred stock for the
period, .whether paid or unpaid.....»
Balance
...
—.
-Y. 147, p.
3323.
November—
Gross from
1938
railway. —
$219,619
55,716
30,731
1935
$200,232
48,496
31,033
2,29^6,458
2,059,988
656,948
422,591
587,202
388,019
1936
1937
$206,796
58,459
26,213
$194,663
43,197
2,073,686
2,329,417
604,550
304,962
..
.
13,786
From Jan. 1—
Gross from railway.
Net from railway.
527,146
Net after rents.....216,103
—V. 147, p. 3925.
Period End. Nov. 30—
Gross revenues...
& taxes.
Prov. for depreciation..
exps.
Gross income.
Trusteed
$209,624
70,243
31,590
1,997,610
635,958
293,946
2,238>42
2,214,690
693,074
291,125
695,664
308,233
$5,402,268
2,793,428
1938—Month—1937
$221,172
$219,087
147,804
132,019
16,290
12,974
"778
1„391
9,740
9,413
$180,045
62,926
37,196
1,682,497
421,089
.•
V 193,388
$5,566,712
2,827,745
Other interest
(net).
.
.
1938—12 Mos.
1937
1,682,763
$2,472,835
1,650,524
177.582
15,347
122,574
164,624
10,231
98,986
$2,496,676
$45,947
Dr295
.
Other deductions
$63,903
$498,410
815
36,578
$548,470
14,671
$45,652
11,161
7,222
Net income!........
Pref. div. requirements.
.
;
Twin State Gas & Electric Co.—-Earnings—
Period End. Nov. 30—
Operating revenues. ....
Operating expenses.....
State & municipal taxes.
Social security taxes
Fed. (incl. Income) taxes
Gross income—...—.
Bond interest——....
$492,043
234,451
1935
88,033
39,397
Net operating income.
$484,144
232,197
1936
$228,035
Industry Shares—Dividend—
1938—Month—1937
1938—12 Mos.—1937
$1,474,120
$1,352,586 $16,612,202 $16,117,247
884,976
755,543
x9,785,489
*9,454,979
105,000
105,000
1,260,000
1,260,000
.
Int. & other fixed chgs.
Net from railway
Net after rents........
—V.I 47, p. 3473.
1937
$177,000
56,707
28,998
Non-oper. income (net).
Tennessee Electric Power Co.—Earnings—
Operating
1938
railway.....
Net from railway.......
Net after rents.......*
From J an. 1—
Gross from railway
Directors have declared a dividend of seven mills per share, payable
Dec. ?7 to holders of record Dec. 21.—V. 147. p. 284.
Tennessee Central Ry.*— Earnings—
Net from railway.
Net after rents.*......
November—
Gross from
$64,718
11,161
8,496
3,094
$534,988
133,936
91,318
32,666
$563,141
133,936
109,421
36,871
$41,967
20,790
$277,068
249,475
$282,913
249,475
2,724
$24,545
"
20,790
*'■
—V. 147. P. 3324.
Netincome.........
Djvs. on pref. stock——
$251,947
129,177
$257,592
129,541
$2,738,967
1,550,393
$2,608,840
1,551,088
Balance.;,.$122,769
$128,051
$1,188,575
$1,057,753
*
x No provision was made in 1936 or 1937 for Federal surtax on undis1
tributed profits as all taxable income was distributed.—V. 147, p. 3324'
Texas Electric Service
Period End. Nov. 30—
Operating revenues—...
Oper. exps., incl. taxes—
Prop, retire't res. approp
Net oper. revenues...
Other income (net).....
Gross income...^....
Int.
mtge. bonds.
Other interest..:
on
./■'
83.333
125,833
$8,517,534
4,595,721
1,042,500
$8,270,751
4,305,132
953,333
$214,374
$2,879,313
$3,012,286
642
9,676
$220,536
140,542
$215,016
$2,888,989
1,686,500
31,543
$3,018,253
1,686,500
19,483
$1,170,946
$1,312,270
140,542
2,512
2,608
.......
...
—.—.......
375,678
375,678
$795,268
$936,592
November—
"
1937-
1938
railway...
$66,564
$118,119
3,972
def6,622
28,755
14,398
885,971
112,750
13,623
1,373,807
1936
1935
$99,789
16,199
3,337
$95,974
20,021
10,803
1,166,121
294,987
159,347
1,099,449
From Jan. 1—
Gross from railway—
f*et from railway.
Net after rents
—V. 147, p.
3471.
390,248
248,770
C*—
•
w..
47,342
.
loss....
$1,399
Balance Sheet Aug. 31,1938
Liabilities—
Assets—.
Accounts" payable.
———
$42,050
Accounts receivable—tenants...
*1,375
Rents collected In
y387,171
0,215
Items accrued...
Cash....
Fixed assets
...........—r
Deferred charges....--.
Total...
x
After
—
———.$437,4121
reserve
for
doubtful
......
advance......
$047
404
17,209
Cap. stk.—53,302 shs. no par val 459,418
Deficit..—-——.
40,385
...
...—$437,412
Total.
accounts
of
$867.
y
After reserve for
depreciation of $78,108.—V. 122, p. 2814,
Union
Bag & Paper Corp.—To Sell $4,600,000 4%%
Maturing 1941-1951 to Metropolitan Life and Prudential
Life Insurance Companies—Also Files Registration on 210,455
Shares of Capital Stock—
*
It was announced Dec.
Texas Mexican Ry .—Earnings—
Gross from
.......
Notes
3471.
Net from railways...
Net after rents.
$45,944
..................
.......
Expenses......
5,967
period, whether paid or unpaid
Balance..
1938—12 Mos.—1937
$219,899
637
Netincome—.—.
$77,386
$71,962
Dividends applicable to preferred stock for the
—V. 147, p.
Earnings for Period Sept. 1, 1937 to Aug. 31,1938
Total income.
Net
Co.—Earnings—
1938—Month—1937
$681,255
$711,930
378,023
371,723
200 Beacon Street Co .—Earnings—
296,910
182,778
29 that the company proposes to issue 4A%
serial promissory notes in the principal amount of $4,600,000 under agree¬
ment with the Metropolitan Life Insurance Co. and the Prudential
Life
Insurance Co. of America which will buy the notes for investment purposes.
The notes are to mature serially from 1941 to 1951 as follows;
$150,000
on each Jan. 1 from Jan. 1, 1941 to Jan. 1, 1943, incl.; $300,000 on Jan. 1,
1944; $500,000 on each Jan. 1 from Jan. 1, 1945 to Jan. 1, 1949, incl.;
$674,000 on Jan. 1, 1950; and $676,000 on Jan. 1, 1951.
The notes are
11 series, A to K, one-half the notes of each series to be
bought by each of the insurance companies.
,
Corporation on Dec. 29 also announced the filing of a registration state¬
ment with the Securities and Exchange Commission in Washington covering
to be made in
Financial
4070
U. S. Fidelity & Guaranty
210,455 shares of capital stock without par value.
E. H. Rollins & Sons,
Inc., and Blyth & Co., Inc., are named as principal underwriters of the
issue.
new
.
.
^
,
.
Upon the registration statement becoming effective, the new stock is
expected to be offered to stockholders of the company of record about
21, 1939, at the rate of one share of new stock for each five shares
of the company's present stock held.
Subscription rights, evidenced by
transferable subscription certificates, will then expire about Feb. 4, 1939.
Net proceeds of the sales of the new stock together with the proceeds
of the sale of the notes wih be used to retire all the company's presently
outstanding indebtedness with the exception of a small amount of purchase
Co. (Bait.)—Initial Div.—
declared an initial dividend of 25 cents per share on the
stock, payable Jan. 16 to holders of record Dec. 31.—V. 147, p.
2550.
United Stockyards Corp. (&
Subs.)- •Earnings—
southern timberlands of which there will remain less
$500,000 outstanding, in which the company has no right to repay¬
ment, due before Jan. 31, 1943.
Indebtedness which it is proposed to
retire total $6,268,527, including equipment and miscellaneous notes of
$2,378,585, and bank loans of $3,735,141, incurred chiefly in the con¬
than
company's Savannah plant, and timberland notes of
$154,801.
The result of the new financing will be to reduce materially
the company's debt and place all except current indebtedness on a long-
1937
1938
Years Ended Oct. 31—
money mortgages on
of
Subsidiary Operating Companies—
Operating income—
Yardage and weighing
Gross profit on sales of feed and bedding
Other yard income (net)
$2,559,710
799,193
414,622
-
$3,773,526
2,527,786
$3,833,582
2,550,684
$1,245,740
,'109,585
Total operating income
Operating expenses
$2,476,728
941,090
415,764
$1,282,898
102,077
$1,355,325
$1,384,976
the
Net operating
income
Other income
fe&sis
company's capitalization will
$4,600,000 notes payable to
insurance companies, and 1,272,437 40-88 shares of no par capital stock.
See also list given on first page of this department.—V. 147, p. 3172.
Net income
of the new financing the
than $500,000 timber notes,
On completion
of less
consist
a
This corporation has
signation of
and of Wallace Groves as a
urer
Edward
L. G.
Mr. Groves. Chairman of the Phoenix Securities
signed to give more time to other interests.—V. 147, p. 3325.
months ago.
Corp., re¬
Corp.—Preferred Dividend—
United
dividend of 75 cents per share on the $3
Jan. 18, to holders of record Jan. 3.
indicated by the company in seeking
to pay as soon as it properly could the arrearages on such stock.
Payment is first since April 1, 1938, when a regular quarterly dividend of
75cent8 was paid,—V. 147, p. 3473.
Directors
Dec. 23 declared a
on
cumulative preference stock payable
This >va« in furtherance of the policy
United Gas Corp.
.
(& Subs.)
Period End. Nov. 30—
$9,429,677
Operating revenues
5,540,098
Oper. exps., inci. taxes._
Property retirement and
2,042,752
depl. res. appropria'ns
••
Net oper. revenues—
Other income.
Gross income
Int.
Int.
bondscoil. trust bonds.
on
on
Int.
mortgage
debentures
on
60,932
69,929
-
interest
(notes,
loans, &c.)_.-.-
'
8,638,358
8,701,690
2,181,775
$3,398,361 $10,225,414 $15,641,176
212,377
268,210
645,028
137,770
588,720
838,524
$1,837,830
77,670
50,000
405,063
$3,472,968
125,708
50,000
405,063
491,795
487,023
243,742
Cr9,683
$9,904,904 $15,447,680
398,429
577,119
219,581
200,000
1,620,250
1,620,250
'
Other
x
14,530
Other deductions
Int. charged to construe.
Preferred
Cr5,793
$804,565
Balance.
dividends
.
1938—12 Mos.—1937
$11,004,152 $41,152,430 $47,040,925
5,424,016 22,225,326
22,761,391
$1,846,827
•
Other income deduc'ns.
-
■Earnings—
1938—3 Mas.—1937
'
$2,171,115
212
1,951,823
264,488
Cr61,093
1,949,198
279,703
Cr26,945
of property
$767,125
$2,153,113
46,958
95,108
14,395
charges for reorganization expenses
_ort
191,730
of subs.
1938—3 Mos.—1937
$1,683,747
Oper. revs—natural gas. $1,659,483
1,503,542
1,551,326
Oper. exps., incl. taxes._
Property retirement re¬
131,900
110,000
serve appropriations--
Other income.
-
Other income deductions
$24,041
2,184,242
46,057
$382,105
Gross income
Int.
-
debentures
on
on
notes and loans--
Other
interest
Other
$2,162,226
501,525
438,696
14,069
subsidiary company.
(2) The provisions for depreciation for the year ended Oct. 31, 1938,
including charges to other expense accounts, amounted to $369,920 ($351,007, in 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 maintenanace and replacements.
(3) No provision has been made in foregoing consolidated summary of
ended Oct. 31,1937 for disputed Iowa moneysThe amount involved for the year is approximately $26,000 in the event of an adverse court decision.
income and expenses for year
and-credits taxes.
Consolidated Balance Sheet as of Oct. 31
$
Assets—
Cash
&
238,372
deductions
112,788
488,980
xloss$8,395
6,782,021
733,093
6,909,624
$6,040,533
yl39,313
1,759,604
10,742
$7,529,921
2,006,100
1,759,604
40,756
5,405
1,461
Cr95
Cr95
$3,718,056 $4,130,969
x Items
so
marked represent operations of natural gas distribution
properties acquired on and subsequent to July 28, 1937.
y Represents interest on United Gas Public Service Co. 6% debentures
from Nov. 5,
$1,179,565
1937, on which date said debentures were
assumed by this
1
company.
Summary of Surplus for the 12 Months
14,792,088 15,026,321
4,039,024
4,652,500
ness
4,652,500
374,000
18,588
Res. for contings..
Def.chgs. & prepd.
676,843
693,860
-—
27,875
Equity of mln.ints.
'
Preferred stock
_
Com. stk. ($1 par)
374,000
Earned surplus
Paid-in surplus
19,080
1,696,234
sub., 9,000 shs,,
'
at cost
Less
x
$23,780,496
163,639
Dr59,357
13,815
Total
miscell.
(net)—
adjustments
Dr96,750
Dm;750
19,806,453 20,134,829
19,806,453 20,134,829
Total
freight collections for railroads of $150,312.
y
After
excess
for
After
reserve
doubtful accounts and notes of $4,730 in 1938 and $4,341 in 1937.
z
for depreciation of $5,945,522 in 1938 and $5,631,770 in 1937 and
of underlying book value at time of acquisition of equity in sub.
compahies over cost thereof (net) $145,391 in 1938 and $172,046 in 1937.
a Represented by 440,000 no par shares,
b 9,000 shares at cost.
Statement of Income Year Ended Oct. 31, 1938 (Company Only)
Dividends received from subsidiary stockyards companies.
by divs. from
earns,
credited to investment account
--•
$753,011
of subs, prior to acquis.
12 ,817
-
$740,195
Net idvidend income
Interest received on bonds and note of subsidiaries
1,282
33,250
Management charges to subsidiaries
expenses
$774,726
92,838
deductions
$681,893
295,648
13,483
332
Net operating income
Interest charges and other
Net income
$38,189,290 $14,467,819 $23,721,471
36,446
36,446
Common dividends
x
-$386,245
308,015
a
Preferred dividends (70 cents per share)
Deduct
1,756,594
r
b Pref. stk. held by
General and administrative
104,282
Miscellaneous
4,021,732
L'g-term Indebted¬
Earned
Capital
.-$38,071,193 $14,290,697
Surplus, Dec. 1, 1937
Adjustment upon liquidation of sub¬
sidiaries (net)
8,571,408
Accrued expenses.
Total income from subsidiaries
Ended Nov. 30, 1938
Total
8,549,000
8tkhlrs. of sub..
2,614,676
14,599
556,117
Diva. pay. to min.
,563,764
103,872
549~913
167,553
336,860
Property, plant &
expenses
40,744
174,322
261,746
equipment
$
117,004
Accounts payable.
notes
Inventories
Amount represented
$1,206,475
Income
751,808
1937
$
Notes pay. to bks.
& others
a
$1,109,277
Int. charged to construe.
Net
Liabilities—
S
*560,769
Marketable securs.
Accts.
1938
1937
'■
,082,299
__
1938—12 Mos.—1937
$8,391,646 x$2,112,462
6,648,969 xl ,980,857
$22,421
1,855,902
139,313
438.696
8,056
250,062
170,540
140,258
374,000
341,000
$0.21
$0.55
a Includes $248 in 1938 and $3,328 In 1937 surtax on undistributed profits.
Notes—(1) No provision has been made in the foregoing consolidated
statement for the year ended Oct. 31, 1938 for Federal income taxes in the
amount of approximately $20,000 representing the tax applicable to disputed
deductions made in 1937 and comparable items to be claimed in 1938 by a
xl40,000
$1,765,535
$439,190
301,715
no.
reserve
Int.
88,221
224,235
22,671
17,232
in subs
633,300
revenues—
$791,550
92,833
263,435
27,409
4,804
cash:
Income (Corporation Only)
Statement of
WPeriod End. Nov. 30—
Net oper.
Natural gas
191,730
226,775
periods have In certain
$770,586
ofshs. of com. stk. outstdg. ($1 par)—_
Earnings per share on common.
Avge.
z
Note—Figures previously published for prior
cases been rearranged in the above statement.
$1,145,660
354,110
-
Net income
Dividends paid in
Preferred stock
Common stock
receivable
Includes non-recurring
therein
Equity of United Stockyards Corp. in total net
income of subsidiaries
United Stockyards Corp—Exps. & int. deducts.—
General and administrative expenses
Interest on bonds of United Stockyards Corp
Bond discount and expense amortized
Canadian income taxes, &c
Investments, &c._
x
91,877
$1,012,879
242,293
sub. oper. cos
Equity of minority stockholders
y
$5,388,314 $10,789,310
$1,053,782
destroyed
1938
37,228
219",578
gain
$1,012,879
fire over deprec. ledger values
Total net income of
39,244
847
111.616
22,500
209,468
Net income before insurance
Balance carried to con¬
solidated earned sur.
Prov.
$5,484,269 $10,875,512
3,607
to
public—subsidiaries.Portion applicable to minority Interests
110,477
contractfor Fed., Canadian & State income taxes. _
Excess of recovery on
director.
Cody recently was elected Vice-President and Treasurer.
remained as Secretary. Mr. Moffett resigned as Vice-Presi¬
Ott and R. H. Iladley were elected Vice-Presidents four
E.
Mr. Rubenoff
dent and
before int. paid inc. taxes, &c
Int. paid on bonds and notes, &c
Amort, of settlement on leased stock-car
Cigar-Whelan Stores Corp.—Officials Resign
notified the New York Stock Exchange of the re¬
H. J. Moffett as Vice-President, of Harry Rubenoff as Treas¬
United
1938
31,
Directors have
common
.
Jan.
struction
Dec.
Chronicle
(37 34 cents
per
l
share)
xl40,268
Includes amount allocated to paid-in surplus as authorized by board
of
directors Dec. 14,1938, amounting to $60,359.
Balance-
Net inc. for
$38,152,843 $14,467,819 $23,685,025
end. Nov. 30,'38
3,718,056
3,718,056
—
12
mos.
Total
Deduct divs.
$7 pref. stock..
on
.—$41,870,899 $14,467,819 $27,403,081
3,148,754
3,148,754
Note—No provision for
net income is required for
Balance Sheet Oct. 31, 1938 (Company Only)
Liabilities—
Assets—
Cash in bank &
Surplus Nov. 30, 1938
—V. 147, p. 3777.
—
$38,722,145 $14,467,819 $24,254,327
United Gas Improvement
Co.—Weekiy Output—
Dec. 24, '38 Dec. 17, '38 Dec. 25, '37
104,496,815
(kwh.)
102,015,473
of Morris L. Clothier
Dec. 28 by the Board.
Director Resigns—The resignation
this company was accepted on
as a
director of
United States Cold Storage
Corp.—Accumulated Div.—
The company paid a dividend of $1.50 per share on account of accumula¬
tions on the 7% cumulative class A preferred stock, par $100, on Dec. 27
and
one
Dec. 23.
Dividend of $3 was paid on Sept. 30, 1937
of $2.50 was paid on June 30, 1937.—V.
yards,
147,
p.
3030.
Preferred Dividend—
Dec. 28 decided to omit the dividend
ordinarily due at this time on the 7% cumulative preferred stock.
A regular
quarterly dividend of $1.75 per share was paid on Oct. 1, last.—V. 147, p.
588.
at
their
'
7,406
cos.,
Accrued expenses
-
$2,249
24,963
Collateral trust 434s
al2,200,236
at cost
Furniture & fixtures
4,476
-
538,424
Deferred charges.-Total
a
6,200,000
Preferred stock
4,652,500
Common stock
374,000
Paid-in surplus
1,696,233
$12,949,946 |
Total
-
$12,949,946
Pledged with the trustee under the trust indenture to secure 15-year
bonds.—V. 147, p. 2257.
United States Life Insurance Co. in the
meeting on
City of New
York—Stock Issue Oversubscribed—
Subscription lists for the "new issue of 70,000 additional shares oF"$5
value capital stock offered by the company closed on Dec. 10 with a
par
substantial oversubscription.
Paul R. Danner,
Secretary and Treasurer, in making this announcement,
said, "There has been considerable interest in the insurance and financial
world as to the progress of the reorganization of the capital structure of
the
United States Foil Co.—No
Directors
Accounts payable
collateral trust 434%
The resignation of Morris L. Clothier as a director of this company was
accepted on Dec. 27 at the December meeting of the board of directors.
—V. 147, p. 3925.
to holders of record
$199,404
Account receivable
90,099,332
Director Resigns—
•
hand
on
Inv. in stocks of sub. stock¬
Week Ended—
Electric output of system
Federal normal tax or surtax on undistributed
the year ended Oct. 31, 1938.
company.
amount
entire
1
am
particularly happy in being able to state that the
of new capital was received by the company
of $350,000
prior to the close of business on Dec. 15, thus increasing the paid-up capital
to a total of $500,0Q0.
The ready response both of stockholders and others
to this investment opportunity furnishes concrete evidence of confidence
in the progressive program and spirit of The United States Life."
Volume
The issue
147
Financial
underwritten by S. E. Levy & Co., 40 Wall St., N. Y. City.
Company was created May 28, 1935, by the merger and consolidation,
of Jan. 1, 1935, of The United States Life Insurance Co. in the
City
was
of New York and the
Brooklyn National Life Insurance Co., under Section
80a of the New York Insurance Law.
Chronicle
St., New York,
Weeden & Co.—Dividend Resumed—
Co. in the
City of New York was incorporated under the laws of New York
1850; the Brooklyn National Life Insurance Co. was incorporated
Feb. 25,
company
reduced
was
capital of the combined
value of the company for each $100
par value share of the Brooklyn National
Life; and each of the stockholders of the old U. S. Life Insurance Co. in
the City of New York received two of the $10
par value shares of the com¬
pany for each of the old $30 par value shares.
The company took over
all the assets and liabilities of both of the constituent
companies.
The company is authorized to do the business of life insurance,
entire
proceeds will
be used for
additional
working capital, to be
Invested in securities and mortgages permitted by the laws of the State
of New York.—V. 147, p. 3030.
United States
Plywood Corp,—Admitted to Dealings—
The company's common stock, par $1, and the $1.50 cum. con v. pre¬
ferred stock, par $20, have been admitted to dealings on the New York
Curb Exchange.—V. 147, p. 3778.
.
U, S.
r
The
Smelting, Refining & Mining Co.—To Pay $1 Div.
directors
Dec.
23
declared
dividend
of $1
share on the
common stock, par $50, payable Jan.
14 to holders of record Jan, 3.
A
like amount was paid on Oct. 15, July 15, April 15 and on Jan. 15, 1938; a
dividend of $3 was paid on Dec. 22, 1937, and a regular quarterly of $2
per share was paid on Oct. 15, last.
See V. 144, p. 2153, for detailed record
of previous dividend payments.
"The present declaration and other declarations which have been made
during the year on the common stock have been in view of current earnings
and are not to be considered as establishing any regular dividend rate," the
company announced.
on
a
11 Months Ended Nov. 30—
xGross
earnings-
Property
'
—
1938
1937
reserves
earnings..—
$3,513,277
Preferred dividend requirements—
1.501,333
Earnings
of
per
1936
$7,953,972
2,710,607
$4,772,384
$3,742,032
$3.80
$9.02
$7.07
528,765 shares
on
stock outstanding
After deducting all charges and taxes, including Federal income taxes,
but before deducting property reserves,
y 1937 earnings include quotax
tional
gains of $326,208.—V.
Utah Power &
Period End. Nov.
147,
p.
30t—
1938—12 Mos.—1937
1938—Month—1937
$1,152,567 $12,686,499 $13,164,334
650,411
7,482,592
7,786,302
63,942
/ 91,000
appropriations—
$406,928
$438,214
129
477
$407,057
193,026
$438,691
—
AXVV
J.
Int.
on
Int.
on
mortgage bondsdebenture bonds.
.195,622
25,000
15,490
25,000
15,627
Other int. & deductions.
period, whether paid
Balance--..
Dividends
or
1,065,268
765,632
$4,138,639
3,369
.—
accumulated
—
-
Net income
$4,142,008
2,338,629
300,000
$4,616,081
2,350,293
300,000
200,274
195,666
$1,307,713
,
Gross from
$92,462
27,966
8,204
Net from
railway
railway
Net after rents
'
From Jan. 1—
Gross from railway
—
—
Gross
earnings (est.)
Net from railway
Net after rents
$60,753
1936
1935
$113,700
35,625
22,228
$119,034
42,159
24,899
73,475
54,645
1,121,756
236,104
118,374
964,411
279,980
177,326
289,457
148,480
$156,209
931,176
1938
$788,032
1,003,266
820,052
-
Net after rents
From Jan. 1—
Gross from railway—
Net after rents
—V.
Gross from railway
Net from railway
Net after rents
Wabash
1936
1935
$1,600,999
919,601
886,770
$1,252,225
16,006,070
8,800,488
8,129,836
14,358,635
7,772,847
6,545,938
18,313,698
9,993,903
8,617,473
677,220
577,223
$3,602,920
855,422
290,518
$3,991,671
1,238,107
710,223
$3,525,776
36,765,648
7,071,260
852,531
Net after rents...
1937
$3,611,069
774,241
248,122
42,550,047
9,462,830
3.839,394
41,914,653
10,515,651
5,069,131
37,744,754
9.127,743
4,372,821
1936
1935
978,768
563,345
From Jan. 1—
Net after rents—
Interest—
Under the terms of
Mo.,
on
Dec.
14,
an
1938,
order entered in the Federal Court at St. Louis,
the receivers have been authorized to pay the
baLance of 20% of the face amount
remaining unpaid on:
Coupons series No. 97, due Nov. 1, 1937, appertaining to the Wabash
RR. first mortgage 5% bonds;
Coupons series Nos. 92 and 93, due July 1, 1937, and Jan. 1, 1938, re¬
spectively, appertaining to the Wabash RR., Detroit and Chicago extension
first mortgage 5% bonds; and
Coupons series Nos. 73 and 74, due Sept. 1, 1937, and March 1, 1938,
respectively, appertaining to the Wabash RR. Toledo and Chicago division
first mortgage 4% bonds.
1937
1936
$1,363,272
1935
defl06,656
$1,333,688
326,222
145,911
$1,291,043
349,729
184,667
15,331,843
1,054,259
def595,686
13,507,210
1,590,379
11,857,787
2,093,094
def200,220
603,594
67,687
Western Ry. of Alabama- -Earnings—
November—
1937
1938
Gross from railway
Net from railway
26,674
'
1936
$148,521
28,358
11,210
10,801
$125,912
17,137
13,218
1,443,201
137,626
37,220
$136,226
9,056
def2,954
$144,993
Net after rents
From Jan. 1—
Gross from railway
1,243,872.
defl2,157
def53,976
1935
.
Net from
1,557,326
1,493,152
181,260
51,644
railway.
Net after rents.
179,909
85,155
—V. 147, p. 3474.
Western Union
This
Telegraph Co., Inc.—New Officers—
company announced on
Dec. 21 that, effective Jan. 1, Joseph L.
Egan, who has been in charge of its contracts and railroad relations, will
become Vice-President in Charge of Public
Relations and Contracts.
Chester McKay, who has been Comptroller, will be made Yice-Preisdent &
Comptroller with headquarters in New York City.—V. 147, p. 3926.
Westinghouse Air Brake Co.—Smaller Dividend—
Directors have declared a dividend of 12 H cents per share on the common
stock, payable Jan. 31 to holders of record Dec. 31.
This compares with
a dividend of 25.9169 cents paid on
Oct. 31 last and regular quarterly
dividends of 25 cents per share previously distributed.—V. 147, p. 3175.
Wheeling & Lake Erie Ry.—Earnings■—
1938
$1,093,559
325,7,54
279,190
railway-.
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
9,879,587
2,579,967
1,905,198
...
Net after ?rents
,
1937
$1,095,301
202,875
161,812
1930
4,244,433
$1,144,442
14,094,064
4,086,760
3,186,482
15,103,857
4,754,405
1935
$1,384,968
466,645
415,729
,,
12,239,666
3,132,147
2,244,236
342,975
277,321'
147, p. 3926.
Winchendon Electric Light & Power Co.—Dzp. Doubled
a dividend of $2 per share on the capital
$100, payable Dec. 28, to holders of record Dec. 21.
This
$1 paid on July 29, last; $2 on April 29, last; $1 on Jan. 31,
1938; $2.50 paid on Oct. 29, 1937; $1.50 paid on July 30, 1937; $2 paid on
April 30, 1937; $1 paid on Jan. 29, 1937 and $1.50 per share distributed
stock,
directors have declared
par
compares with
Oct. 31, 1936.—V. 146, p. 2875.
Period End.
.
1938—Month—1937
Nov. 30—
Gross earnings
Oper.
$592,120
exps. & taxes—.
$262,062
1938—11 Mos.—1937
330,423
$5,956,890
3,505,880
$6,108,343
3,613,191
$252,030
$2,451,010
$2,495,152
$582,453
330,058,
Net earnings
-V.
147, p. 3475.
Central
Period End. Nov. 30—
Ry.—Earnings-
1938—11 Mos.—1937
1938—Month—1937
$8,808,391 $10,718,694
$838,608
$698,783
296,391
358,213
19,702
25,684
63,786
66,598
726,935
832.234
Freight revenue
Passenger revenue
All other revenue
$922,097
$791,065
112,245
102,146
158,092
160,623
26,284
389,385
32,854
revenues..——
26,889
401,081
49,357
$203,236
78,814
'
$9,831,716 $11,909,114
Maint. of way & struct,
expenses.---.--
—
—
Maint. of equipment
Traffic expenses
Net
railway
revenuesi-
Taxes.
Net after taxes
...
equipment-Dr
.
.
Rental of terminals-/)?"—
Net after rents
—
Net deficit.
x
—
—
1,306,636
1,689,016
302,383
4,344,234
426,758
1,411,491
1,816,915
285,374
4,560,765
$1,762,690
916,135
$3,347,004
591,550
$846,554
396,883
$2,755,453
44,764
150,968
70,382
487,591
$124,422
34,849
34,559
X$19,413
40,704
484,534
613,137
466,624
$55,013
064,440
137,027
x$110,881
074,767
138,736
x$34,S63
Dr756,116
1,520,663
$1,675,692
0819,078
1,531,763
$146,454
$324,384
$2,311,642
$675,149
Ind.icd'tos loss
Note—As there is no taxable income to date,
for the surtax
on
1936.—V. 147, p.
Gross from railway
Net from railway
1 to Dec. 21
1938
1937
$329,491 $13,215,925 $17,331,453
....
Ry.—Earnings—
1938
$1,689,254
Jan.
—V. 147, p. 3780.
Other income (net)
Int. on funded debt
November—
$242,902
13,322,183
610,818
...-dfl,216,353
General expenses.——
1937
$1,767,837
1,000,828
869,938
147, p. 3779.
Gross from railway
Net from railway
$102,031
1938
Net after rents..
From Jan. 1—
Hire for
17,311,952
8,529,680
6,979,014
Net from railway
$4,721,631
3,032,377
$1,418,538
465,966
289,024
...
Transportation expenses
Virginian Ry.—EarningsGross from railway
Net from railway
$3,276,744
3,033,842
Western Pacific RR.— Earnings—
November—
1,704,761
def$397,048
—V. 147, p. 3778.
W November—
92,611
$381,055
279,024
$300,486
Gross from railway
Net from railway
•
1937
,
$4,629,020
112,689
—V. 147, p. 3926.
Total
582,064
42,393
def70,615
$3,164,055
Winnipeg Electric Co.—-Earnings—
Ry.—Earnings—
1938
$372,418
8,637
■Week Ended Dec. 21
1938
1937
Wisconsin
Utah
$4,533,725
0239,307
0144,012
$1,765,514
and
V November—
$3,056,428
0231,657
Drl24,030
—V. 147, p. 3926.
unpaid to Nov, 30, 1938, amounted to
$6,819,044 after giving effect to dividends of $1.16 2-3 a share on $7 pre¬
ferred stock and $1 a share on $6 preferred stock, declared for payment on
Dec. 21,1938.
Dividends on these stocks are cumulative.—V. 147, p. 3325.
x
mt.
—
$368,443
017,580
Drl3,605
$404,761
280,364
-
$5,616,560
1,082,835
$396,290
8,471
JHLOUtt
,
$3,829,263
772,835
$124,397
upur
Fixed charges
$4,612,400
3,681
1,704,761
unpaid—_—;;
•—
.
Gross income
on
Net income*
$173,404
$202,579
Dividends applicable to preferred stocks for the
_——
x
J
Other income
61,621
$364,027
043,952
-
$430,064
Drl 1,689
...
The
Gross income
$425,648
61,621
e
Taxes.
—V.
Net oper, revenues—
Other income (net).—
expenses.—..
November—
V
divi¬
2551.
1938—Month—1937
1938—11 Mos.—1937
$1,229,387
$1,301,287 $12,309,901 $16,317,640
803,739
871,223
8,480,638
10,701,080
revenues
Gross from
Earnings—
p.
Western Maryland Ry.—Earnings—
Period End. Nov. 30—
Operating
Operating
1941.
Light Co. (& Subs.)
Operating revenues
$1,130,294
Oper. exps., incl. taxes.
632,366
Property retirement re¬
serve
147,
$5,243,365
1,501,333
$2,011,944
---.
share
common
*
$6,273,717
1,501,333
—
—
per
$5,846,418 y$8,698,508
2,333,141
2,424,791
—.;—————
Net
Balance-
a dividend of $1 per share on the common stock,
value, payable Dec. 30 to holders of record Dec. 20.
This will be
par
the first dividend paid since Sept.
30, 1937 when a regular quarterly
dend of 50 cents per share was distributed.—V.
and is
writing insurance, in the States of New York, New Jersey, Pennsylvania,
Rhode Island, Connecticut, Ohio, Illinois, Indiana, Louisiana, the District
of Columbia, the Panama Canal Zone, the
Territory of Hawaii, the Philip¬
pine Islands, the Republic of Colombia, the Netherland East and West
Indies, the United Kingdom of Great Britain and Northern Ireland, China,
the Crown Colony of Victoria CHongkong), the Straits Settlements, the
Federated Malay States, and the unfederated Malay States.
Capitalization—As of Sept. 30, 1938, the capital stock of the company
consisted of an authorized issue of 30,000 shares of
capital stock (par $10),
all of which were issued and outstanding.
In October, 1938, by amendments of the certificate of incorporation, the
par value of each of the 30,000 outstanding shares was reduced from $10
to $5, thus reducing the capital stock
represented, by all the outstanding
shares to $150,000 and creating an additional paid-in surplus of $150,000.
The capital stock was also increased to
$500,000 and 70,000 additional shares
of a par value of $5 each were authorized.
Purpose—The net proceeds to be derived by the company from the sale
of the issue are estimated at $339,000 after the deduction of the under¬
writing fee of $1,500 and after the deduction of expenses estimated at
approximately $9,500.
The
Directors have declared
no
from
$500,000 to $300,000, and the combined
surplus was increased $200,000.
The capital stock of $300,000 of the
company consisted of 30,000 shares of $10 par value.
Each of the old
Brooklyn National Life stockholders received five shares of the $10 par
upon sur¬
render of the coupons.—V. 147, p. 3779.
The United States Life Insurance
under the laws of New York
April 9, 1925.
Under the plan of merger and consolidation the
4071
Such final payments of 20% will be made on and after Dec.
29, 1938, at
the office of the Treasurer for receivers, 33 Pine
provision is necessary
undistributed profits Imposed under the Revenue Act of
3475.
'
Wisconsin Electric Power
no
CoListing—
The New York Stock Exchange
has authorized the listing of first mortgage
bonds, 3M% series due 1968, due Oct. 1, 1968.—V. 147, p 3031,2880.
Yazoo &
Mississippi Valley RR.—Earnings—
November-
1938
Gross from
$1,447,832
605,099
railway
Net from railway
378,278
Net after rents..
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 147, p. 3926.
-
13,346,531
4,401,469
*2.015,349
1937
$1,556,801
666,980
477,658
15,065,255
5,167,797
2,909,288
1936
$1,819,407
889,513
657,015
14,509,111
4,884,448
2,385,857
1935
$1,322,417
488.722
279,214
11,599,515
3,019,624
863,332
Financial
4072
Dec.
Chronicle
31,
1938
and the Crops
The Commercial Markets
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER-HIDES—METALS—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Dec. 30, 1938
closed 2 to 4 points net
Coffee—On the 27th inst. futures
in the
lower
with sales totaling 62 lots.
Santos contract,
The Rio contract closed 1 to 3
of
only
lot.
one
believed, but
by switches,
a
on
was
In all, there were 28 lots
the operators.
among
Havre today was K franc lower to K
done in that way.
franc
points lower, with the sale
largely against actuals, it was
fair amount of the business was accounted for
Activity
higher compared with Friday's closing prices.
the spot in Brazil were down 300
Brazil's clearances last week
10 kilos.
of which
226,(XX)
391,000 bags,
were
for the United States,
were
lower
on
all deliveries in the Santos
The Rio contract closed
contract, with sales totaling 13 lots.
1
The cold wave
to the coffee
spelled increased consumption of the beverage.
point off, with only
which swept
trade
it
as
145,000 for
On the 28th
Europe and 20,000 for all other destinations.
futures closed 1 point net
Rio 7s
reis at 13.300 milreis per
one
the country
contract sold.
welcome
was
news
Nevertheless the futures market failed to emerge from its
Little
sluggishness.
Cost and freight
done in actuals.
was
offers from Brazil were about the same with
6.80c. to 7.30c.
Medelins, January shipment,
In Havre futures
at 13c.
in the Santos contract, with sales
contracts.
were
available
unchanged to K franc lower..
were
On the 29th inst. futures closed 8 to 10
Rio contract closed 4
Santos 4s at
points net higher
totaling 48 contracts.
The
points net higher, with sales of only 2
Trading in coffee futures continued duil.
During
early afternoon Santos contracts were unchanged to 2 points
lower after
5
opening 3 to 4 points lower.
Rio contracts were
points lower at the opening, with Sept. at 4.21c., but were
neglected thereafter.
Actuals
were
Futures at Havre were unchanged.
quiet and little changed, with a disposition to
do nothing because
of the approaching 3-day holiday and
end inventory.- Today futures closed 2 points
up to 1 point down in the Santos contract with sales totaling
57 contracts.
There were no sales reported in the Rio conT
tract.
Coffee
futures
demonstrated their recuperative
powers when they rallied after an opening fall of 3 to 7
points.
During early afternoon the market in Santos con¬
tracts was unchanged to 1 point higher, with Sept. selling
at 6.67c.
Nothing was done in Rios.
Cables from Rio de
Janeiro announced that decrees covering extension of the
farmers' moratorium had been signed.
In Havre futures
were IK to 2 francs lower.
Actual coffee was steady, but
quiet.
Most roasters are awaiting the new year before
buying more coffees. „
the usual year
Rio coffee
prices closed
May
as
follows:
4.30
4.221 September--
March
4.26 f December
i
Santos coffee prices
closed
follows:
6.67
September
6.73
6.59 December
6.64
-
»
as
6.49
March-.-
May
July
-----
4.30]
July-.—-
—
Cocoa—On the 27th inst. futures closed 4
lower.
Trading
was
nine lots went at
a
2
exceptionally dull.
point loss to
no
points to 1 point
Opening trades of
change. January was
the weak spot, its
discount under March widening to 20
points. Sales were only 131 lots, or 1,775 tons, London
markets remained closed another day. Hedging sales proved
light, but on the other hand there was only a scattered manu¬
facturer interest.
Local closing: Jan., 4.20; March, 4.40;
May, 4.50; July, 4.59; Sept., 4.70; Oct., 4.75; Dec., 4.85
On the 28th inst. futures closed 5 points up to 1 point down.
Transactions totaled 440 contracts. Hedge selling and liqui¬
dation of January contracts caused prices to slip off 3 to 4
points into new low ground during early afternoon. To¬
morrow is first notice day for January.
While the long posi¬
tion is believed to be small, some liquidation took place
today. Trading was fairly active, totaling 340 lots to early
afternoon.
Warehouse
stocks
continued to increase.
The
overnight gain was 4,500 bags, bringing the total to 941,387
bags, against 1,102,232 bags a year ago. The Board will
be closed next Saturday for an extra holiday.
Local closing:
Jan., 4.25; March, 4.41; May, 4.49; July, 4.59; Sept., 4.70;
Dec., 4.85.
On the 29th inst. futures closed 13 to 15 points net higher.
The supply of cocoa contracts at recent low prices was less
plentiful today, with the result that the market advanced 9
to 10
points with considerable
tinued their accumulation.
at
-
an
ease
when manufacturers
This afternoon Jan.
con¬
selling
4.34c.
Transactions to early afternoon totaled 427 lots,
unusually large volume for current trading.
A broaden¬
was
ing of Wail Street commission house interest was reported.
Warehouse stocks increased 8,900 bags over night.
They
now total 950,207 bags against 1,104,100 bags a year ago.
Local closing: Jan., 4.38; March, 4.54; May, 4.64; July,
4.74; Sept., 4.83; Dec., 4.98.
Today futures closed 1 to 3
points net lower. Liquidation in Jan. positions caused that
option to sell off 3 points to 4.35c. Other positions were 3
points higher as a lesult of switching out of Jan. into later
months. Trading to early afternoon totaled 200 lots.
Short
covering and some new Wall Street buying were reported.
London was steady. Warehouse stocks increased 7,600 bags.
They now total 957,836 bags against 1,102,591 bags a year
ago.
Local closing: Jan., 4.37; March, 4.51; May, 4.61;
July, 4.71; Sept., 4.80; Oct., 4.86; Dec., 4.96.
Sugar—On the 27th inst. futures closed unchanged to
point higher. The holiday feeling still persists in the sugar
market.
In the domestic department only 12 lots were
traded today, but the undertone was steady.
While the
New York market was quiet, reports from the West indicated
a storm is gathering which is likely to break on Jan. 3 in
Washington with the opening of the hearings on the proposed
Cuban duty change.
From the West one faction of beet
growers started to clamor for elimination of the processing
tax.
Another faction wants the Government to fix a mini¬
1
mum
price per ton of beets and still another group of domestic
is opposing any tariff change for Cuba. The only
growers
definite offering in the raw sugar market today was a cargo
of Cubas for January arrival at 1.98c. That price should be
shaded
on
a
bid, but refiners
were
not interested at better
than 1.95c. for February arrival. The world sugar contract
closed unchanged to 1 point lower, with 71 lots transacted.
The London market
was
closed.
On the 28th inst. futures
closed 1 point down to unchanged in the domestic contract
with sales totaling 135 contracts. The world sugar contract
closed 1 to 2 points up, with distant May unchanged. World
contract sales totaled 96 contracts. Trading was fairly active
with the world sugar
market attracting most attention and
much firmer tone than the domestic contract.
Rumors of peace moves in the Far East accounted for some
of the buying. London after the four-day holiday was steady,
while raws were unchanged at the equivalent of 1.13Kc.
for Cubas f.o.b. In the domestic market trading was listless
and prices showed little change. Nothing was done in raws
as the market awaited Washington developments.
January
and February Cubas were offered at 1.98c. to 2c. a pound.
Refiners showed no sign of reaching for raws.
The move¬
ment of refined sugar was reported as slow.
On the 29th inst. futures closed unchanged to 3 points
higher. Premiums widened between the near and far months
as an active switching business developed in domestic sugar
futures today; The Wall Street house with the leading Cuban
producing connection actively sold March and May against
purchases of September.
The sales of March were absorbed
by trade houses and some of the September selling was be¬
lieved to be hedging.
In the market for raws an offering of
1,000 tons of Philippines for January arrival appeared today
at 2.88c., although it was believed to be available on a bid
of 2.85c.
The world sugar contract closed unchanged to
Yi point higher. Sales were only 84 lots. In London sellers
of raws were asking 6s. Kd., equal to 1.14Kc- f.o.b. with
freight at 15s. 6d. Refined there was advanced l^d. and
futures were Kd. to Id. higher.
Today futures closed un¬
changed to 1 point down in the domestic contract, with sales
totaling 181 contracts.
The world sugar contract closed
Yl point up to unchanged, with sales totaling 151 contracts.
Sales in the domestic department totaled 181 contracts.
Traders generally took the sidelines, not caring apparently
to make committments over the holidays.
In the raw sugar
market offers were more or less withdrawn.
Hearings on
proposed revision of the treaty with Cuba will open next
Tuesday. Refined sugar continued quiet. The world sugar
market was firm.
In London futures were unchanged to
Kd. higher.
Raws were offered at 1.14}/<&. a pound f.o.b.
displaying
a
Cuba.
Prices
were as
follows:
January
1.81
March
1.92
May
2.00
2.05
July
September
1.97
Swedish Sugar Beet Yield Lower
Than Last Year
Owing to excessive planting in 1937, the cultivated sugar
beet area in Sweden this year was reduced from slightly more
than 55,000 to about 50,000 hectares, according to a report
to the Department of Commerce from the office
of the
American Commercial Attache at Stockholm.
(One hectare
equals 2.471 acres). The Commerce Department's announce¬
ment, issued Dec. 10, stated:
The less favorable growing conditions during
lower yield estimated
this season resulted in
a
by the Swedish Sugar Beet Corporation at 35,500
kilos of beets per hectare as
total yield for the year
against 37,500 kilos in 1937.
On this basis the
will be nearly 1,800,000 metric tons of sugar beets
compared with about 2,000,000 metric tons last year, the report stated.
Volume
147
Financial
The sugar content also is
expected to be lower than last year at about
17% on the average for the entire country.
The Corporation estimates
the grinding to yield about 290,000 metric tons of
raw
compared with
sugar
Statement of Sugar Statistics Department of Agricul¬
ture for 10 Months of 1938—Deliveries Below Last
Year
The Sugar Division
of the United States Department of
Agriculture on Dec. 5 issued its monthly statistical statement
covering the first 10 months of 1938, consolidating reports
obtained from cane refiners, beet sugar processors, importers,
and others.
In issuing the statement, the Sugar Division
said:
Total so-called visible deliveries of direct-consumption sugar by manu¬
facturers and importers of sugar (which are not the same as total deliveries
by wholesalers and retailers) during the first 10 months of 1938 amounted
5,478,774 short tons, raw value. Such deliveries during the same period,
to
value, totaled 5,728,753 short tons in 1937; 5,495,898
raw sugar
tons in 1936 and
5,670,394 tons in 1935.
domestic consumption during 1938
(The total refiners' deliveries for
value by using the
are converted to raw
factor 1.059 which is the ratio of refined
sugar produced to
during the
sugar
meltings of raw
1936 and 1937).
year
Distribution in the continental United States of direct-consumption sugar
by manufacturers and importers of sugar during the period January-October,
1938, was as follows; by refiners, 3,630,361 short tons (deliveries shown in
Table 2, less exports, ; Dy beet sugar factories, 971 416 short tons (Table 2);
by importers. 492,600 short tons (Table 3); and by continental
mills, 63,294 short tons (Table 4).
total 5,478,774 short tons.
cane sugar
These deliveries, converted to
raw
value,
The primary distribution of sugar for local con¬
sumption in the Territory of Hawaii for the first 10 months of 1938
24,634 tons, and for Puerto Rico it
The so-called
visible stocks
was
55,396 tons (Table 5),
was
of sugar
on
hand Oct. 31
were
follows:
as
Raw sugar held by refiners, 283,091 short tons; refined sugar held by re¬
finers, 381,307 short tons; refined
by beet factories, 744,015
held
sugar
short tons; and direct consumption sugar held
refined sugar)
91,857 short tons.
equal 1,581.278 short tons
same
date last year.
as
compared with 1,155,505 short tons
by importers other than refiners,
cane
by importers (in terms of
These stocks, converted to raw value,
Such stocks do not include
or
stocks of sugar held
the
on
for processing
raws
held
by continental
factories.
The data which cover the first 10 months of 1938 were obtained in the
administration
of the
Sugar Act of 1937 which requires the Secretary of
Agriculture to establish quotas for the various sugar producing areas.
of
statement
charges
January-October
icle" of Nov. 12, page
TABLE
1938
the
DELIVERIES
OCTOBER, 1938
1
a
Jan.
Raw
Sugar Value)
on
Deliveries
1,
Receipts
Meltings
Cuba
Lost
Stocks
on
Oct. 31,
for Direct
by Fire,
*>c.
Consumption
1938
1938
41,607 1,502,345 1,461,901
28,747
775,186
782,247
2,000
625
79,426
Hawaii.....
Puerto Rico
54,296
705,628
628,318
2,699
699
Philippines.
3,878
824,078
799,213
426
89
128,208
28,228
62,436
143,458
178,286
385
Continental
Virgin Islands
3,911
..
10,627
3,462
27,223
94,553
670
(sweepings, &c.)
429
1,353
■
___.
201,591 4,040,555 3,948,670
_______
18,224
3,482
85,279
670
—
„
Other countries
Total
Trading was light
Liverpool lard futures were
steady, with prices closing unchanged to 6d. higher. Lard
shipments reported today from the Port of New York were
very heavy and totaled 480,456 pounds destined for Cardiff,
Bristol and Hamburg.
Hog prices at Chicago were 10c.
higher. The continued cold weather throughout the country
is no doubt responsible for the
upturn in prices the past few
days. Snowfall was reported in many sections of the country
and this is expected to curtail
hog marketings. Western hog
receipts today totaled 82,800 head, against 65,800 head for
the same day k year ago.
On the 29th inst. futures closed 10 to 12
points net lower.
There
was
nothing in the news to encourage any buying and
values remained around the lows of the session.
For the past
few days export shipments of American lard have been run¬
ning quite heavy.
Today clearances totaled 365,456 pounds,
shipped to Liverpool and Antwerp. Liver¬
pool lard futures closed unchanged to 3d. lower.
Hog re¬
ceipts at the leading Western packing centers totaled 101,200
head against 80,200 head for the same
day a year ago. Hog
scheduled to be
sales at Chicago ranged from $7.20 to $8.
Today futures
closed 2 to 3 points net lower.
Trading was very light and
featureless.
Hogs scaling 200 pounds or less met with an
active demand at steady to 10c. higher, while heavier
weights
were
weak to 15c. lower.
The top was 5c. higher at $7.90
The supply of 24,000 head was slightly bigger than
expected and 5,000 larger than a week ago.
per cwt.
DAILY
CLOSING PRICES
QF LARD FUTURES
Sat.
May
July—____
—
_
Mon.
6.67
7.27
H
7.42
_____
L
<
Tues,
6.62
O
7.22
Wed.
7.35
Thurs.
Fri,
6.52
7.12
7.30
7.47
7.22
7.40
7.52
__________
1
IN CHICAGO
6.65
7.57
6.50
7.10
7.27
7.45
1
Stocks
(a
futures closed 2 to 5 points net
higher.
and without special feature.
March
STOCKS, RECEIPTS, MELTINGS
CONSUMPTION FOR JANUARY-
DIRECT
(In Short Tons,
Source of Supply
Misc.
today,
transactions at a low ebb, and fluctuations narrow.
Trading interest in outside markets was also very slow.
Export shipments of lard from the Port of New York today
totaled only 5,600
pounds, destined for Antwerp.
The
undertone of the hog markGt was
steady to strong today, due
to reports of freezing
temperatures and snowstorms through¬
out the Midwest, which are
expected to delay marketing of
hogs. Western hog receipts were quite heavy and totaled
83,000 head, against 58,500 head for the same day a year
ago.
Hog sales ranged from $7.15 to $8. On the 28th inst.
(This statement given in ''Chron¬
,
REFINERS'
FOR
The
period
during the
quotas
sugar
Lard—On the 27th inst. futures closed 2 to 7
points net
There was little of interest in the lard market
lower.
January
2937.—Ed.)
SUGAR:
1—-RAW
AND
against
was released on Nov. 8.
4073
with
approximately 300,000 tons in 1937. according to the report.
in terms of
Chronicle
8,972
Compiled by the Sugar Division from reports submitted
>
2831091
1,413
on
—
Forms SS-15A by
Pork—(Export), mess, $25.37% per barrel (per 200
pounds): family (40-50 pieces to barrel), $20 per barrel.
(Beef export), steady.
Family (export), $22 per barrel
(200 pounds), nominal.
Cut Meats: barely steady.
Pickled
Hams: picnic, loose, c.a.f.—4 to 6
lbs., 12%c.; 6 to 8 lbs.,
12%c.; 8 to 10 lbs., 12 %c.
Skinned, loose, c.a.f.—14 to
16 lbs., 17%c.; 18 to 20 lbs., 17%c.
Bellies: clear, f.o.b.
New York—6 to 8 lbs., 16c.; 8 to 10 lbs., 15 %c.; 10 to 12
lbs., 15c.
Bellies: clear, dry salted, boxed, N. Y.—20 to 25
lbs., 11 %c.; 16 to 18 lbs., 12 %c.; 18 to 20 lbs., 11 %e.; 25 to
30 lbs., 11 %c.
Butter: creamery, firsts to higher than extra
and premium marks, 24% to 28%c.
Cheese: State, held
'37,19% to 20c.
Eggs: mixed colors, checks to special packs,
18 companies representing 23 refineries.
21 to 30c.
Imperial Sugar Co.; W. J. McCahan Sugar Ref. & Molasses Co.; National Sugar
Refining Co. of New Jersey; Ohio Sugar Co.; Pennsylvania Sugar Co.; Revere Sugar
Refinery; South Coast Corp.; Savannah Sugar Refining Corp.; Sterling Sugars, Inc.;
in tanks.
The companies are: American Sugar Re¬
fining Co.; Arbuckle Brothers; J. Aron & Co., Inc.; California & Hawaiian Sugar
Ref. Corp., Ltd.; Colonial Sugar Co.; Godchaux Sugars, Inc.; William Henderson;
Sue rest Corp-and Western Sugar Refinery.
*
;
TABLE 2—STOCKS, PRODUCTION AND DISTRIBUTION OF CANE AND
BEET SUGAR BY UNITED STATES REFINERS AND PROCESSORS
JANUARY-OCTOBER, 1938
(In Terms of Short Tons Refined Sugar as Produced)
Domestic Beet
Refiners and
Factories
Refiners
Beet Factories
Oils—Linseed oil
was
relatively quiet, but firm at 7.9c.
Quotations: China Wood—nearby, 15 to 1534Coconut: crude, tanks, nearby, .03 %c. bid; Pacific Coast,
.02% bid.
Corn: crude, West, tank, nearby, .06%.
Olive:
denatured, drums, carlots, shipment, 92% offered, no bid.
Soy Bean:1 crude, tanks, West, .05% bid; L.C.L., N.Y., 6.8
bid.
Edible: coconut, 76 degrees,
.08% offered.
Lard:
extra winter, prime, 9c.; strained, 8%c.
Cod: crude, Nor¬
wegian light filtered, no quotation.
Turpentine: 28% to
30%.
Rosins: $5.00 to $7.80.
.
Initial stocks of
'
refined, Jan. 1, 1938--
354,810
3,708,072
83,681,575
1,007,951
707,480
4,415,552
b971,416
4,652,991
381,307
Productlon.
744,015
1,125,322
Final stocks of refined, Oct. 31, 1938--
1,362,761
Cottonseed Oil
Crude, S. E. 6%.
Compiled by the Sugar Division from reports submitted by refiners and beet
sugar
factories.
Deliveries include sugar delivered against sales for export.
The Department of
Commerce reports that exports of refined sugar amounted to 51,214 short tons during
the first 10 months of 1938.
b Larger than actual deliveries
by a small amount
representing losses in transit, through reprocessing, &c.
TABLE
3—STOCKS, RECEIPTS AND DELIVERIES BY IMPORTERS OF
DIRECT-CONSUMPTION SUGAR FROM SPECIFIED AREAS JANUARY
OCTOBER, 1938
(In Terms bf Short Tons of Refined Sugar)
Stocks
Supply
Cuba.
Deliveries
on
Jan. 1938
Receipts
a30,708
346,226
1
or
Usage
Stocks
Oct.
31,
on
*38
11,477
297,536
11,477
99,263
111,760
"2,211
6,127
54,191
51,100
9,218
342
137
479
27
27
7,428
13,823
20,221
aV,030
59,313
Hawaii..
525,144
492,600
91,857
.
Puerto Rico
*
14,708
Philippines
England
China and Hongkong
Other foriegn areas
a
..
Total
879,398
■
Compiled by the Sugar Division from reports and information submitted on Forms
SS-15B and 8S-3 by importers and primary distributors of
direct-consumption sugar,
a Includes sugar in bond and in customs'
custody and control.
TABLE
4—DELIVERIES
OF
CONTINENTAL
DIRECT-CONSUMPTION
CANE
SUGAR
SUGAR
FROM
MILLS
Deliveries of direct-consumption sugar by Louisiana and Florida mills amounted
to 63.294 short tons, in terms of refined sugar, during the first 10 months of
1938.
TABLE
5—DISTRIBUTION
THE
TERRITORY
OCTOBER,
OF
OF
SUGAR
HAWAII
FOR
AND
LOCAL
PUERTO
CONSUMPTION IN
RICO,
JANUARY-
1938
(Short
Territory of Hawaii
Puerto Rico
7.35#
_______
March
a
Source of
January.
February
Tons,
Raw
Value)
..24,634
—
_'±_55,396
April
sales, including switches, 152 contracts'
Prices closed as follows:
:
:____
___;.
7.30#
7.47#
7.47@
7.57# 7.T9
May
n
June.
n
July
August
—
7.57@
7.67#
7.67#
n
n
Rubber—On the 27th inst. futures closed 3 to 13
points
net higher.
Sales totaled only 1,530 tons, including 60 tons
which were exchanged for physical rubber in the outside
market.
Spot standard No. 1 ribbed smoked sheets in the
trade advanced %c. to 16%c. With the December position
expiring at noon tomorrow,"the trade covered in the month
during the day. There was also trade and commission house
buying in the forward positions. Transferable notices for
December now amount to 552, with 14 more being added
today. Activity in the outside market was generally quiet
as a result of both foreign rubber markets being closed
today.
Local closing: Dec., 16.60; Jan., 16.52; March, 16.58; May,
16.48; July, 16.51; Sept., 16.49; Nov., 16.60. On the 28th
inst. futures closed 14 to 8 points net lower. Scattered'selling
caused heaviness in the rubber futures market, but the under¬
tone was steady in small trading.
Sales to early afternoon
totaled only 490 tons.
March then was selling around
16.58c., unchanged, while May, at 16.45c., was off 3 points.
The London market on reopening was about l-16d. higher.
It was reported that United Kingdom rubber stocks had
decreased 455 tons. They now total 87,624 tons. Singapore
was a fraction
higher. Local closing: Jan., 16.38; March,
16.53; May, 16.40; July, 16.40; Sept., 16.40.
On the 29th inst. futures closed 6 to 12 points net lower.
Transactions
totaled
173
contracts.
Mixed
trading
in
Financial
4074
little change in the early trading. Up
early afternoon 1,090 tons had been sold, of which 80 tons
were exchanged for physicals.
The market then was un¬
changed to 3 points lower, with March selling at 16.48c.,
off 3 points.
Trade reports that manufacturers were pre¬
dicting a 15% increase in tire sales next year over 1938
figures attracted attention, but were unconfirmed. London
closed quiet and unchanged.
Singapore also was unchanged.
Local closing: Jan., 16.32; March, 16.44; May, 16.30; July,
16.28; Sept., 16.30; Oct., 16.32.
Today futures closed 1
point down to 5 points net higher. Sales totaled 115 con¬
tracts.
Trading m rubber futures slowed down materially
and prices were steady.
Sales to early afternoon totaled 850
tons, of which 30 were exchanged for physicals. The London
market closed steady and unchanged.
It was estimated that
United Kingdom rubber stocks had decreased 450 tons this
week.
The
Singapore market was unchanged.
Local
closing: March, 16.43; May, 16.35; Sept., 16.35.
rubber futures brought
to
Hides—On the 27th inst. futures closed 8 points lower to 4
points higher, this range covering both the old and new
contracts.
The opening range was 12 to 20 points lower in
the old and from 5 to 18 points down in the new contract.
Buying power increased as the session progressed, and while
a fair volume of selling was also in evidence, most of the
earlv losses were recovered towards the close.
Transactions
in the old contract totaled 40,000 pounds, while business in
the new contract totaled 4,600,000 pounds.
There was little
of importance in the domestic spot hide situation to report.
Local closing: Old contract: March
11.96; June
12.31;
Sept.
12.46; Dec.
12.86.
New contract: March 12.82;
June
13.24; Sept. 13.60; Dec. 13.95.
On the 28th inst.
futures closed 4 points up to 7 points down in the new con¬
tract with sales of 157 contracts.
The old contract closed
with sales totaling 14 contracts. Liquidation in
position both old and new caused early losses
of 6 to 13 points
but demand improved after the stock
market firmed up.
During early afternoon March new was
selling at 12.86c. up 4 points but June new at 13.17 was
7 points lower.
Sales to that time totaled 40,000 pounds in
the old contract and 1,720,000 pounds in the new one.
Certificated stocks of hides in warehouses licensed by the
Commodity Exchange increased 6 823 pieces.
They now
totaled 895 881 hides.
Local closing: Old contract: March
unchanged
the March
11.96.
New contract: March
12.86; June
13.17.
On the 29th inst. futures closed 12 to 15 points net
in the old contract.
The
new
higher
contract closed 15 to 8 points
higher, with sales totaling 290 contracts. Sales in the
Broad commission house buying
advanced raw hide futures to new high prices for the current
movement.
During early afternoon the market stood 21 to
22 points higher on active positions, with March new at
13.08c. and June new at 13.38c.
Sales of 360,000 pounds
net
old totaled 16 contracts.
old contracts and 6,560,000 pounds on new
time.
Activity at steady prices was
reported in the spot Chicago market. Local closing;March,
12.08; June,'12.42.
New contract: March, 13.00; June,
13.32; Sept., 13.65; Dec., 13.97.
Today futures closed 4
points down to unchanged.
Sales totaled 115 contracts.
Trading in raw hide futures was centered in the new contract
where 2,920,000 pounds were sold this morning.
Prices
during that time were 1 to 15 points net higher.
Sales in
the domestic spot markets totaled 46,100. hides.
In the
Argentine market 4,000 frigorifico steers sold at 12 7-16c.
and 2,000 frigorifico light steers at 11 9-16c.
Local closing:
March, 12.96; June, 13.28; Sept., 13.65.
were
reported
contracts
to
on
.that
Ocean
Freights—The market for charters was moderately
past week, with the undertone reported firm.
Grain Booked: 16 loads, New York to
Marseilles, December-January, 14c.
14 loads, Baltimore to
Marseilles, December-January, 14c.
5 loads. Norfolk to
Liverpool, December, 2s. lid.
5 loads, Baltimore to
Avonmouth, January, 2s. lOd.
2lA loads, New York to
Antwerp, December, 14c.
17 loads, Baltimore to United
Kingdom ports, schedule rates.
Scrap: Atlantic range to
Far East, February, 18s.
Atlantic range to Japan, January,
18s. 3d.; Gulf loading, 19s. 3d.
Trip: trip across, delivery
north of Hatter as. redelivery United Kingdom-Continent,
December 27, $2.
Round trip Canadian trade, early Janu¬
ary, $1.05.
Trip up, delivery River Plate, January, $1.30.
Sugar: Santo Domingo to United Kingdom-Continent,
January-February, 14s. 6d.
Time: Three to four months,
delivery and re-delivery, United Kingdom-Continent, Janu¬
ary, 80c.
Two years, delivery north of Hatteras, FebruaryMarch, $1.15.
active
the
Charters included:
Dec.
Chronicle
showing
mately 60,450 tons.
week in 1937,
out
approxi¬
that the net decline has been small.
Silk—On the 27th inst. futures closed 13^c. lower to lc.
higher. The market ruled steady during most of the session.
The 1 Mc. loss was registered by July No. 2, while the rest of
the No. 2 contract was unchanged.
Trade switching and
new long
buying were witnessed on the floor. December
closed
out
at
noon.
Volume
issued.
was
There
were
26
transferable
notices
fair with 820 bales sold, including
170
the old contract, 650 bales on the No. 1 contract
and none on No. 2 contract.. Futures at Yokohama ranged
bales
on
from
unchanged to 3 yen off, while Kobe was 2 to 5 yen
Grade D dropped 2%, yen at Yokohama to 832 H
yen, and declined 5 yen to 835 yen at Kobe.
Spot sales in
both primary centers totaled 625 bales, while transactions
in futures totaled 2,675 bales. Local closing: Old contract—
Jan., 1.77; Feb., 1.78.
No. 1 contract—March, 1.763^;
May, 1.763^; July, 1.753^; Aug., 1.74. No. 2 contract—
March, 1.753^; May, 1.72; July, 1.70; Aug., 1.68. On the
28th inst. futures closed l^c. to unchanged in the old con¬
tract, with sales of 7 contracts. The No. 1 contract closed
3^c. up to 3^e. down, with sales totaling 31 contracts. Al¬
though there was some trade covering in the silk futures
market, prices were a little lower in sympathy with the soft
tone of the Japanese bourses.
Trading was light, totaling
only 20 bales in the old contract and 110 bales in the new
No. 1 contract up to early afternoon.
Crack double extra
silk in the uptown market was 13^c. lower at $1,823^. The
Yokohama Bourse closed 3 to 6 yen lower.
Grade D silk
was 5 yen lower at 827M yen a bale.
Local closing: Jan.,
1.783^; Feb., 1.78. No. 1 contract—April 1.77; May, 1.77;
June, 1.76; July, 1.75; Aug., 1.75.
On the 29th inst. futures closed 3^c. lower to 3^c. higher.
Trading in silk futures lacked feature.
Prices were firm in
the early trading in sympathy with the Japanese market
which closed 7 to 10 yen higher.
This afternoon Feb. old
contracts were selling at $1.79, up lc.
June No. 1 was
selling at $1.77, also lc. higher.
Transactions in the old
contract up to early afternoon totaled 80 bales, while sales
of the No. 1 contract totaled 240 bales.
The price of crack
double extra silk in the New York spot silk market advanced
2c. to $1,843^.
Local closing: Jan., 1.78; Feb., 1.773^. No.l
contract: March, 1.763^; May, 1.76; June, 1.753^; July,
1.75^.
No. 2 contract: March, 1.753^:
Today futures
closed lc. up to 13^c. down.
Firmness characterized the
raw silk futures market.
During early afternoon the market
was 13^c. higher, with Feb. old selling at $1.79 and August
new
No. 1 at $1.75 a pound.
Sales of the old contract
totaled 40 bales to that time, while sales of No. l contracts
amounted to 390 bales.
The price of crack double extra
silk on the New York spot market was unchanged at $1.84
The Yokohama Bourse wa3 closed, but grade D silk in the
outside market advanced 23^ yen to 840 yen a bale.
Local
closing: Old contract: Jan., 1.79; Feb., 1.783^. No. 1 con¬
tract: March, 1.77H; April, 1.77; May, 1.77; June, 1.76;
July, 1.75; Aug., 1.75.
lower.
COTTON
fairly good.
According to reports
from the various weather bureaus in the country a cold
wave from the North is expected to hit the eastern seaboard
shortly.
Some wholesale operators state that they have
received orders on the strength of the weather forecast for
frigid temperatures.
Coal schedules for both retail and
wholesale anthracite are unchanged.
According to figures
furnished by the Association of American Railroads, the
shipments of anthracite into eastern New York and New
England for the week ended Dec. 10, have amounted to
2,769 cars, as compared with 1,560 cars during, the same
move
cars, or
Wool—Dullness continues to prevail in the wool markets
generallv.
Further, there seems nothing ahead to warrant
any real feeling of optimism concerning future values.
As
a matter of fact,
woolen goods manufacturers regard with
some concern the outlook for the next fall season, which will
open in February.
The Anglo-American trade agreement
becomes effective at the turn of the year and its effects will
become apparent for the first time.
In addition to the re¬
ductions provided in the trade treaty, the course of sterling
exchange will be a complicating factor.
If sterling declines
further, manufacturers are fearful that they will have to
keep prices at an unprofitable level to maintain volume
against foreign competition. In general, prices are steady
to slightly lower on Territory, Texas and fleece wools, but
the several
scoured wools remain comparatively firm.
Federal financed wool has an appropriate market value of
65c. for fair to good Class 3 wool.
No wool in volume can be
obtained here below this price, while the fine staple wools of
Texas, Ohio and Western origin are fully firm at 70c. Dealers
view the market as proof against any radical change in values.
Consumer pressure for lower prices has been exerted for
several weeks, but the firm front of dealers and the optimistic
attitude of Western growing interests have been so effective
Coal—Reports indicate that the demand for retail and
to
increase of 1,209
1933
Metals—The report of Copper, Tin, Lead, Zinc, Steel and
Pig Iron, usually appearing here, will be found in the articles
appearing at the end of the department, headed "Indications
of Business Activity," where they are covered more fully.
wholesale anthracite coal in metropolitan area of New York
continues
an
31,
Friday Night, Dec. 30, 1938.
The Movement of the
grams
week
from the
Crop,
as
indicated by
South tonight, is given below.
tele¬
our
For the
ending this evening the total receipts have reached
44,595 bales, against 54.236 bales last week and 64,534 bales
the previous week, making
the total receipts since Aug. 1,
1938, 2,781,569 bales, against 5,493,921 bales for the same
period of 1937, showing
2,712,352 bales.
a
decrease since Aug. 1, 1938, of
•
Volume
147
Financial
Receipts at—
Sat.
Galveston
Mon.
Tues.
8,835
91
2,129
1,322
2,519
570
289
Corpus Christi__
New Orleans
Fri.
Total
1,653
4,397
Thuis,
IWed.
150
3,062
Mobile
554
68
17,794
8,568
5,788
1,082
365
298
526
Pensacola, &c
13,886
1,225
1,825
2
54
8
Charleston
73
30
22
34
10,098
10,186
_
Baltimore
91
,•
8,721
2,024
3,500
1,200
1,272
616
Charleston
Mobile
28
Orleans.
Savannah
3,351
501
Total 1938.
12,458
Total 1937.
Total 1936.
38,864
5,696
22,083
5,316
12,669
32,914
50,265
50,602
22,661
15,121
91,700
Speculation in
week
was
1937
Stock
This
Since Aug
1, 1938
Week
17,794
8,568
This
Since
Houston
Corpus Christi.-Beaumont
New Orleans.
Week
836.964
870,669
274,276
16,678
620,374
38,770
9,129
1,741
26,971
15,495
38,471
10,117
9,988
720
13",886
Mobile
1,225
Pensacola, &c
614
2
Jacksonville
Savannah
Charleston
167
28
Charles
268
Wilmington
675
147
Norfolk..
New York
Boston
1, 1937
1937
1938
47,574 1,499,058
797,987
898,810
67,771
31.859
721,252
64,415
6,131
2,113
148,870
38,982
12,055
17,895
28,498
8,643
47~994 1,527,858
2,337
164,081
63,594
3,489
"9U
115,429
167,842
74,197
1,288
181
1,983
10,117
38,977
921
906.907
865,950
65,566
16,127
891,037
69,333
13,801
3,466
154,337
71.686
100
2,450
1,150
37,956 1,423,382
318
386,079
"501
Totals
l"l",926
"ioo
3,402
11",175
35,222
13,061
31,523
925
44,595 2,781,569 141.563 5,493,921 2,840,338 3,142,443
In order that comparison
may be made with other years,
give below the totals
Receipts at—
Galveston.
Houston.-
1938
1936
1935
8,568
37,956
47,994
2,337
30,836
19,724
55.252
5,933
1,701
26,087
39,146
25,437
5,209
637
2,025
1,341
7 "558
"""50l
"¥,342
"l",566
850
1,110
950
209
287
911
1934
1933
18,918
14,254
20,585
•
35,602
31,629
20,244
3,527
•
435
"
28
"Y.228
675
147
1,983
921
227
40
All oifters
"¥, 105
"""599
"2,424
"1,538
~l",569
"7",507
Total this wk.
44,595
141,563
117,505
99,705
62,371
101,016
...
Wilmington
..
Norfolk.
\
387
Newport News
"
Since Aug, 1__ 2,781,569
5,493,921 4,956.916 5,352,477 3,250,192 5,487,981
The exports for the week
ending this evening reach a total
bales, of which 7,877 were to Great Britain, 6,711
to^France, 3,839 to Germany, 1,218 to Italy, 22,361 to
of 58,536
Japan, 2,898 to China and 13,632 to other destination^.
In
the corresponding week last year total
exports were 106,307
bales.
For
the season to date aggregate
exports have been
1,872,054 bales, againfet 3,228,691 bales in the same period
of the previous season.
Below are the exports for the week:
Week Ended
Exported to—
Dec. 30, 1938
Exports from—"
Great
Ger¬
Britain
Galveston.
—
France
554
2,202
Houston
Italy
many
2,760
12,979
Other
1,973
Brownsville
Lake
W
,
Savannah
^
>*i
450
682
395
51
60
""
Angeles....
58
169
3~350
300
4,669
2,819
1,019
SanFraneisQo...
100
2,919
13,632
58,536
-•
Total
....
Total
1937—
Total
^
14,835
450
167
395
Norfolk
570
2,347
"925
3,213
m
"515
Mobile
Los
1.21S
—r
Charles...
3,658
215
"
2,418
7,939
466
355
4~,714
22,250
7,747
3,192
....
New Orleans
Total
1,782
192
'
Corpus Christl..
1936—
7,$77
6,711
3,839
1,218
22,361
41,615
53,426
12,075
16,520
4,499
26,365
10,711
16,761
3,867
2,898
Exported to—
Aug. 1.1937to
Dec. SO, 1938
Exports from—
Galveston
Great
Britain
Ger¬
France
Italy
many
45,120
82,710
83,325
Houston—-i
67,144
62,491
Corpus Christl
22,146
58,868
2,214
26,642
Brownsville
Beaumont
New
...
173
mmm —
Orleans-
63,319
Lake Charles.
8,926
60,573
4,284
21,316
796
Mobile.
Jacksonville
_.
6,728
1,932
511
6,537 116,893
11,506 100,701
112,663
23,952
21,671
1,965
12,606
1,240
50,162
6,960
30,047
3,700
59,216
-
866
-
26,577
31,464
5,752
883
4,230
265
-
-
110
Gulf port
150
1,147
.
10,661
3,692
'
288
Boston
56
Philadelphia
6,428
3,475
468
3,379
33
31,081
1,100
769
7,272
14,843
5,907
4,490
735
500
W
rnrnm
457
155
600
*
3,796
4,750
1,944
2,789
133,793
886
43.236
'
13,643
7,150
2,179
«» «.
29
_
2,221
2,336
869
1,841
47
29
.
Los Angeles
San Francisco
Total
49,662
1,039
274,896
30,506
171
100
66
York
Total
538,825
494,528
233,615
61
8
564
New
Other
54,851
98
6,112
Charleston
Norfolk
China
77,554
610
Pensacola, &c.
Savannah
Japan
159,708
44,532
62,469
-
1,936
104,723
1,216
37,950
262,567 306.769
280,666 167,077
469,009
25,524 360,442 1872,054
Total 1937— 1046,634 556,967
Total 1936—
636,739 494,819
582,296 286,831
405,790 160.507
132,030
798,230
28,596 595,337 3228,691
13,447 371,449 2880,981
us
telegrams tonight also
the following amounts of cotton
cleared, at the ports named:
other
on
a
position
on
What will happen during the com¬
as concerns farm legislation is an¬
of
source
serious concern on the
part of the trade.
On the 27th inst. futures closed 3
to 7 points net lower.
The opening range was 2 to 5
points off from the
previous
finals, with fluctuations confined to extremely narrow limits
day. There was a fair amount of
hedging,
especially for Southwestern account, and contracts were
taken largely by trade houses.
The Liverpool market was
the rest of the
closed for the
holiday season. Bombay was steadier. Foreign
orders were small. Bombay interests sold
moderately in the
final operations.
There were little or no
interest
lacked
developments of
days' adjournment, and the market
incentives. Spot cotton was
steadily held, with
the two
over
new
the demand quiet, while textiles
awaiting
new
were
slow.
Traders
developments in Washington and
which might be construed
will be any new farm
were
were
par¬
indication whether there
legislation at the next session. Average
price of spot cotton at the 10 designated
spot markets de¬
clined 3
as
an
points to 8.51c. In the local market interest
January liquidation and exchanging from
centered in
to later months.
was
January
There Were 93
January notices issued, and
these circulated, they resulted in considerable
selling and
exchanging. Spot houses and leading cooperative associations
were good
buyers of January and also stopped most of the
notices. On the 28th inst. prices closed 12 to
15
as
points net
not,especially active, the
firmer.
Hedge selling by the South was
small, and with contracts scarce, prices worked up
easily on
trade and foreign buying as well as
price-fixing. January
liquidation was less active, with good demand from trade
shorts. The January price advanced to
8.43c., or 8 points
above the level at which the December
contract went off
higher.
Though the.market
undertone
the
was
was
board
Dec. 16th.
The market opened
steady and 2
points lower to 2 points higher, with an
early mixed trade.
There were only three
January notices issued,- and the re¬
newed stability in this
position, following Tuesday's
liqui¬
dating movement, imparted a steadier tone to the entire
Bombay was a fairly good early buyer and bought
actively toward the close. Otherwise foreign orders were
small, although there was some early buying for Far Eastern
list.
Average price of middling cotton at the 10 desig¬
nated spot markets advanced 10
pointy to 8.61c,
On the 29th inst.
prices closed 4 to 9 points net lower.
The cotton market was inactive
today, and in the absence of
an
aggressive
shipboard,
not
demand
Wednesday's advance.
from
the
There
mills, prices lost part of
was
no particular
new devel¬
opment to account for the decline, and the action of values
appeared to be due more toh a hesitation on the
part of
buyers to follow the previous upward movement than to
any change in the general situation.
In fact, it was thought
that the market had advanced too
rapidly on Wednesday
covering and foreign buying.
Offers from the South were not
large, and there were no
evidences of any change in the Southern
holding movement,
and the continued
tendency on the part of producers to
place their cotton in the Government loan.
Milis, however,
were not buying spot cotton
freely, and the export demand
values
ran
up
on late
also was slow.
The average price of
middling at the 10
designated spot markets declined 5 points to 8.56c.
Today prices closed 7 to 3 points net higher.
A firmer
tone
developed
moderate
of
in
volume
business
of
prices
sales.
for
A
cotton
short
futures
time
today
before
the
in
a
close
active
positions showed an advance of 2 to 6
points above the closing levels of the previous day. Around
midday the market was 5 to 6 points higher.
Futures
ignored the decline at Liverpool, and prices opened 2 to 5
points above yesterday's last quotations.
Although the vol¬
ume was not
heavy on the opening of dealings, there were
some
fair-sized
contracts.
buying orders in the March
Brokers
and
October
with
Bombay connections bought the
October delivery, while a
leading spot house bought March.
Wall Street liquidation in the
July option and some hedging
in October
In addition to above
exports, our
give
take
being lost
ing session of Congress
when
14,837 106,307
17,705 118,729
6,655
to
account.
China
Japan
loath
appear
ticularly interested in expressions from agricultural interests
47,574
13,886
1,225
167
.
_
Savannah
Brunswick
Charleston
seasons:
1937
_
Orleans
Mobile.
leading ports for six
17,794
...
New
at
much
so
traders
steady,
sight of by the trade.
Aug
...
Baltimore
we
There is
delivery during the past
price trend decidedly
uncertainty hanging over the
with
The spot position, of
course, is
but the bearish statistical position is not
100
_
11,507
67,891 2,772,447
2,775 126,656 3,015,787
22,890 202,974 2,503,037
either side of the market.
Receipts to
Dec. 30
active,
that
769,887
875,307
705,701
148,870
38,982
63,678
28,498
141,524
cotton for future
moderately
irregular.
market
Lake
"737
44,595
Aug. 1, 1938, and the stocks tonight, compared
1938
23,503
15,551
"737
10,029
2,166
28,100
Norfolk
Other ports...
501
8,765
3,000
120
8,387
147
with last year:
_
18,200
11,438
3,276
Stock
Total
_
675
The following table shows the week's total
receipts, the
Galveston
2,400
wise
2,000
268
.
-
Totals this week.
total since
1,000
Coast¬
Foreign
Houston
28
Wilmington
Galveston....
Leaving
Other
many
New
268
675
.
France
167
2
.
Shipboard Not Cleared for—
Ger¬
Britain
614
2
36
614
Lake Charles
Norfolk
On
Great
720
.
Jacksonville
Savannah
4075
Dec. 30 at-
5.430
1,204
Houston
Chronicle
also
were features of the
early trading.
Local
support balanced scattered hedging and profit-taking in the
Liverpool market today.
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
<2
Financial
4076
Jan. 6, 1938.
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. 19.
for deliveries on contract
on
16-16
1 in. <&
H
15-16
1 in. <*
Inch
H
Inch
Longer
inch
inch
Longer
.09 on
.25
on
3,7 on
.06 off
.09
on
.22
.65 off
.51 off
Good Mid
Mid. Fair
.62 on
.80 on
.94 on
St. Good Mid..
.56 on
.74 on
.88 on
St. Mid
Good Mid
.50 on
.68 on
.82 on
Mid
Supply of Cotton tonight, as
The Visible
.34
.51 on
St.
Mid
Mid
St. Low MidLow Mid
Ord.
*8t. Good
on
2.14 off 2.10 off 2.09 off
Tinged—
.50 on
.68 on
.34
.51
on
Mid
Even
.17 on
.28 off
Mld.i.
St. Low
Low Mid
.51 off
1.44 off 1.39 off 1.34 off
•St. Low Mld.. 2.11 off 2.09 off 2.07 off
2.75 off 2.70 off 2.70 off
.94 off
1.10 off 1.02 off
•St. Mid
1.63 off 1.59 off 1.56 off
•Mid
2.27 off 2.25 off 2.23 off
Gray—
.59 off
Mid
.46 off
.30 off
.80 ofr
Good Mid.....
St
.69 off
.59 off
1.35 off 1.28 off 1.24 off
•Mid
•Not deliverable on future contract.
.
quotation for middling upland cotton in
York market each day for the past week has been:
Hoi.
Futures—The
Fri.
8.88
Wed. Thura.
8-91
8.85
Tuea.
Hoi.
8.78
Mon.
Sat.
lowest and closing prices
week have been as follows:
at
highest,
New York for the past
508,000
595,000
1,797,000 1,728,000 1,417,000 1,318,000
India cotton afloat for Europe
92,000
66,000
104,000
47,000
American cotton afloat for Europe
177,000
413,000
312,000
395.000
Egypt, Brazil,&c.,afl't for Europe
160,000
124,000
120,000
114,000
Stock in Alexandria, Egypt
455,000
342,000
385,000
325,000
Stock in Bombay, India
679,000
566,000
662,000
452,000
Stock in U. S. ports..
2,840,338 3,142,443 2,706,011 2,727,745
Stock in U. S. interior towns....3,434,970 2,658,348 2,250,247 2,361,505
U. S. exports today.;
16,414
26,358
45,986
27,360
Monday
Dec. 26
Dec. 27
Havre stock
Continental stock
American afloat for Europe
U. S. port stock
U. S. interior stock
Range
8.2q- 8.30
8.24- 8.43
8.41- 8.42
8.26
8.40- 8.43
8.36/2
8.43
68,000
180,000
173,000
113,000
395,000
2,840,338 3,142,443 2,706,011 2,727,745
1
3,434,970 2,658,348 2,250,247 2,361,505
16,414
26,358
45,986
27,360
today
8.37- 8.43
Closingz
317*000
55,000
138,000
215,000
30,000
312,000
126,000
207,000
266,000
64,000
413,000
62,000
170,000
260,000
73,000
177,000
Bremen stock
286,000
538,000
444,000
bales.
Liverpool stock
Manchester stock
U. S. exports
./an. (1939)
descriptions are as follows1
American—
Friday
Dec. 29
Dec. 28
totals of American and other
Of the above,
Dec. 30
Thvrsday
Wednesday
Tuesday
Dec. 24
9,651,722 9,066,149 8,002,244 7,767,610
Total visible supply.
Other
Saturday
17,000
Total European stocks
the
The official
Middling upland
627,000
Total Continental stocks.
Yet. Stained—
Good Mid
and Mestre
Stock at Venice
Stock at Trieste
•Low Mid
.31 off
.42 off
.57 off
1.30 off 1.23 off 1.18 off
Dec. 2k to Dec. Z0—
25,000
13,000
9,000
Stock at Genoa
1.95 off
•St. Good Ord. 2.02 off 1.98 off
2.61 off 2.57 off 2.54 off
•Good Ord
New
9,000
Stock at Barcelona
.61 off
•Mid
.31 off
54,000
723,000
243,000
187,000
17,000
59,000
74,000
11,000
4,000
715,000
Rotterdam
Stock at
.38 off
.70 off
.66 on
on
909,000
190,000
252,000
19,000
66,000
21,000
9,000
Stock at Havre
.48 off
.82 on
St. Mid
1935
616,000
107,000
1,082,000 1,101,000
245,000
240,000
357,000
292,000
17,000
15,000
Total Great Britain
Stock at Bremen.
St. Mid
While—
Extra
Good Mid
1936
811,000
98,000
980,000
102,000
bales_
Good Mid
2.61 off 2.57 off 2.54 off
•Good Ord
by
1937
924,000
177,000
1938
30—
Stock at Manchester
on
•Low Mid
.31 on
.17 on
Basis
.31 off
.42 off
.57 off
1.30 off 1.23 off 1.18 off
2.02 off 1.98 off 1.95 off
up
only.
.37 off
•St. Low Mid..
.66 on
made
follows. Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
figures are brought down to Thursday evening. " To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for Friday
Dec.
1.39 off 1.32 off 1.26 off
1938
cable and telegraph, is as
Stock at Liverpool
Spoiled—
While—
31,
Dec.
Chronicle
-
East Indian, Brazil, <&c.—
Range
8.38 n
8.43/2
8.40- 8.46
8.41- 8.46
8.40
8.43- 8.44
8.47
Range.
8.33- 8.30
8.33-
Closing.
8.33- 8.34
8.46- 8.47
8.24«
8.3 On
—
April—
Range
Closing
.
HOLI-
8,15- 8.21
DAY.
_
8.13- 8.28
8.20- 8.26
8.21- 8.27
8.15
HOLI¬
IDAY.
Range..
Closing
8.33/2
8.30/2
#9
Map—
8.27- 8.28
8.20
8.23
Range..
8.00n
8.07/2
8.11/2
7.86- 8.00
7.95- 7.99
7.97-8.02
7.85
8.00
7.95
8.00
7.74n
„
8.13/2
7.85- 7.92
Closing
7.90/2
7.83 n
7.89/2
July—
Range
Closing.
—
Total visible
1,405.000
6,362,610
9,651,722 9,066,149 8,002,244
5.25d.
4.84d.
7.10d.
8.88c.
8.38c.
13.00c.
7,767,610
6.44d.
12.10c.
supply
1
Liverpool
York.
Egypt, good Sakel, Liverpool
Middling uplands. New
Closing.
1
Range..
8.66d.
7.64/2
7.80/2
7,71/2
7.54- 7.59
7.54- 7.(
7.60- 7.66
7.62- 7.67
7.54
7.68
7.60- 7.61
7.66
7.56/2
Closing.
Range
7.69/2
7.61/2
7.67/2
..
Closing.
-r-
Not.—
Range
..
Closing.
Dec.— '
Range..
7.57-
7:58- 7.62
Closing.
7.59
Nominal.
New York for week
Feb.
Range Since
Range for Week
Option for-
8.33
Apr.
1939.
8.47
27
8"l 3
8.28
Dec. 28
8.37
8
Dec.'
9.27
July
4 1938
8.20
Nov. 21 1938
5 1938
9.05
July
22 1938
8.12 Oct.
3 1938
"02" Dec".
28
7.60
30
Dec.
8.74 June 28 1938
3 1938
Oct.
18 1938
8.07
5 1938
8.01
7.82
Sept. 1939.
7.68
Dec. 27
7.54
corresponding period of the previous
for
the
year—is set out in
detail below:
Movement to Dec.
Movement to Dec. 30, 1938
7.27 Dec.
Dec. 28
7 1938
Sept. 30 1938
24 1938
Oct.
Ship¬
31, 1937
Stocks
Ship¬
^■Dec-:""
~Week
Season
Week
Receipts
Stocks
ments
Receipts
Towns
7 1938
9.25 July
8.12 Oct.
Aug. 19391939.
movement—that is, the
the
Towns
Aug. 23 1938
8.11 Oct.
7"85 Dec."27
Interior
the
At
•
Feb. 23 1938
8.34 May 25 1938
7.81 May 31 1938
June 1939.
1939.
..._w_
week have been 120,000 bales.
The above figures for 1938 shows a decrease from last
week of 19,607 bales, a gain of
585,573 over 1937, an
increase of 1,649,478 bales over 1936, and an increase of
Beginning of Option
Dec. 28
1939.
May
Dec.
;
9.51
1939-
Mar. 1939-
ending
May 31 1938
3 1938
8.18 June
7.77 May 31 1938
7.74
8.43 Dec. 28
8.24 Dec. 28
5.84d.
5.89d.
8.55d.
5.93d.
receipts for the week and since Aug. 1, the shipments
the week and the stocks tonight, and the same items for
each option:
1938, and since trading began on
1939.
7.67- 7.71
7.69 n
7.62
4.02d.
6.09d.
4.l7d.
1,884,112 bales from 1935.
.
Range for future prices at
Dec. 30,
Jan.
7.62- 7.69
7.64
7.71/2
9^95d.
11.45d.
9.43d.
Continental imports for past
7.78/2
Oct.—
342,000
566,000
4.20d.
5.95d.
4.20d.
fair, L'pool
O.P.Oomra No.1 staple, s'fine.Liv
Peruvian Tanguis, g'd
Sept.—
Oct.
325,000
452,000
Broach, fine, Liverpool
Range..
July
385,000
662,000
Middling uplands,
Aug.—
114,000
120,000
124,000
2,174,000 1,625,000 1,964,000
...7,477,722 7,441,149 6,038,244
Total East India. &c.
Total American
June—
39,000
64,000
14,000
51,000
47,000
43,000
53,000
37,000
35,000
104,000
51,000
33,000
26,000
31,000
66,000
40,000
75,000
Havre stock
97,000
Other Continental stock
40,000
Indian afloat for Europe...92,000
Egypt, Brazil, &c., afloat...
160,000
Stock in Alexandria, Egypt
455,000
Stock in Bombay, India
679,000
Manchester stock
Bremen stock
299,000
525,000
386,000
536,000
Liverpool stock
8.43/2
8.29«
Closing.
Mar.—
n
7,477,722 7,441,149 6.038,244 6,362,610
Total American
Feb.—
ments
Week
30
Seasohr-
Dec.
31
Week
408
45,215
"I
547
11,939 J
79,854
161
9,328
13
53,434
9,452
434
97,567
929
43,218
228
53,186
38
43,181
384
82,305
135
67,627
519
Ark.,Blythev.
Forest City
1,598
128,801
3,062
173,032
1,960
142,844
5,221
65,189
116,380
652
38,761
887
52,805
1,021
43,761
1,313
33,600
Helena.--.
46
59,617
788
1,153
79,922
2,009
39,521
233
63,698
Ala., Blrm'am
Eufaula
541
Montgom'y
1,829
57
Selma
66,260
768
61,017
5
10,380
Dec.
7.58
1939.
Dec.
7.71
27
Dec.
7.43
30
Dec.
17 1938
7.71
Dec. 30 1938
Delivery—The Commodity
Volume of Sales for Future
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures
are
given in bales of 500 lb. gross weight.
Hope
42
38,621
136
64,797
49,454
Jonesboro--
Nov. 1939.
89
19,254
337
36,940
571
31,073
612
26,621
145,833
382
132,385
721
104,674
43,123
134,112
45,920
19,703
34,682
151,652
158,207
729
39,758
1,624
26,886
3,981
157,661
3,650
90,654
515
1,391
35,828
18
58,209
16,095
25
38,673
150
35,646
8,469
121,4,61
2,202
151,979
5,442
Rock
464
99,711
946
Newport-..
160
39,487
181
1,018
128,155
Walnut Rge
133
48,158
1,881
1,047
Ga., Albany._
46
345
3,119
Llttle
Pine
Bluff.
Athens
2,370
Atlanta
2,608
94,368
1,370
176
12,628
20,819
89,522
Augusta
Columbus.
.
6,400
"
"77
Macon
300
Rome
Open
.
25,488
15,816
85,152
•
27,658
59
J-
""36
2,635
138,246
1,448
146,047
35,100
38,371
500
18,900
1,000
34,650
592
39,760
674
36,705
32,368
459
—
35
16,087
90,860
635
140,810
1,570
77,867
199,117
6,004
22,459
May
27,900
...
17,900
July
October
DAY
HOLI¬
DAY
-
259,011
7,801
296
61,239
1,040
409
16,137
139
627,900
88
26,822
472
25,921
1,523
864
24,966
Vicksburg..
45,055
Yazoo City.
10
44,833
672
53,518
1,120
66,140
1,155
39,809
13,100
801,500
440,400
3,835
86,850
3,755
2,515
1,400
4,600
248
2,933
32
3,288
10,390 455,821
70,635
2,756
00,936 1664,786
19,797
1,774
214,858
55,725
693,719
8,562
14,800
21,800
7,800
'
112
5,869
84,078
6,319
3,665
105
3,083
3
3,034
15 towns *.
2,739
332,150
6,996
308,708
S. C., Gr'ville
1,659
56,191
1,483
78,243
36,465
904,087
154
13,976
143
43,456
139
Mo., St. Louis
N.C., Gr'boro
Oklahoma—
100
(1939)------
August
3,545
43,807
16,388
Natchez
months—
Inactive
100
622
21,200
1,100
36,551
3,982
13,900
2,100
100
30,674
7,421
10,600
6,400
43,307
136,383
184,807
22,500
21,100
11,500
83,430
89
14
22,100
620.500
300
__
December
HOLI¬
2,812
26,090
64
600
21,300
16,700
16,200
March
116,319
131
1,144
4,500
19,400
1,495
Columbus..
Jackson
Dec. 29
23 Dec. 24 Dec. 26 Dec. 27 Dec. 28 Dec. 29
11,300
(1939)..
Miss., Clarksd
3,666
Greenwood.
New York
January
La., Shrevep't
28
84,172
35,637
130,098
34,326
12,437
Contracts
Dec.
3.100
September
Total all futures.
77,000
:
85,100
70,900
18,681
72,400 2,520,200
Tenn., Mem's
Texas, Abilene
37,731 1438,324
131
21,579
79,695
Open
Ccntmcts
1,782
Dec.
New Orleans
21 Dec. 22 Dec. 23 Dec.
24 Dec. 26 Dec. 27
„
Dec. 27
63
15,146
42
4,569
163
16,650
50
Austin
.
86
14,038
210
79
13,203
3,010
69
40,444
43
3,631
44,765
85
Brenham
2,843
84,605
1,771
19,410
300
62,490
298
43,989
583
90,237
1,478
26,483
a62
a7,494
Dallas
Paris
January
450
(1939)
1,250
1,650
3,400
1,050
March
4,100
6,600
2,600
May
July
4,800
3,000
2,700
3,750
1,650
3,200
6,000
1.350
3,950
October
December
March
100
__
DAY
93,750
2,200
2,450
121,500
200
3,150
4.650
100
10 700
440.100
t
14.050
17.8-50
15.1.50
13,052
17
26,759
253
36,903
380
156
53,053
6
24,922
500
Texarkana.
-
-
928
15,657
1,371
3,177
"38
San Marcos
-
a
a550
40,740
249
21,723
85,095
500
20,554
91,350
"l00
May
DAY
HOLI¬
200
(1940)--
Total all futures
120,950
700
HOLI¬
37
6,470
Robstown..
4,6.50
Waco
Total,56 towns
♦
65.375 3755,815
Includes the
The
combined totals ol 15 towns
in Oklahoma,
a
San Antonio.
the interior stocks have
during the week 13,256 bales and are tonight
above
decreased
2658,348
78.631 3434.970 121,683 4815,486 127,262
totals
show
that
Volume
147
Financial
776,622 bales more tlian at the same period last year. The
receipts of all the towns have been 56,303 bales less than
the
week last year.
same
New York
1938
8.88c.
1930
-10.00c.
1922
1937
8.35c.
1929
-17.30c.
1921
1936
13.00c.
12.10c.
1928
-20.55c.
_20.10c.
1920
_13.05c.
1935
1934
1933
1932
1931
—
1927
1926
12.85c.
10.30c.
1925
6.10c.
1924
6.55c.
1923
to
-.-26.60c.
-.-19.45c.
14.60c.
1914
7.80c.
1913
1912
39.25c.
1911
12.60c.
-13.20c.
9.25c.
1918. ——32.30c.
1917
31.85c.
1916
-17.25c.
1915
-12.30c.
1910
15.00c.
_
_
_
1919-
-20.45c.
1909--- —16.15c.
_
-24.65c.
—.
-
-36.45c.
Market and Sales
9.35c.
-11.80c.
1908
1907
New York
at
Futures
Spot Market
SALES
Market
Closed
Closed
—
_
-
Barely steady—
Very steady —
Barely steady.
Steady
•
.
_
"300
"300
_
200
1,100
;
200
—
1,100
1,600
93,155
1,600
Since Aug. 1
33,155
6o"ooo
Overland Movement for the Week and Since Aug. 1—We give below a statement showing the overland movement
for the week and since Aug. 1, as made
up from telegraphic
reports Friday night.
Aug. 1 in the last two
The results for the week and since
follows:
years are as
1938
Dec. SOVia St.
4937-
Since
fi/iipped—
Week
•
.
Louis
6,319
2,375
Loans
modity
Corporation
Cotton, Loans" received
3,755
4,775
86,954
72,520
90
5,317
81,625
353,255
151
Via Virginia points—
—
Via other routes, &c.
3,892
—12,344
—
—
_
161
1,974
2,543
83,086
420,663
3,2951
4,198
$164,796,853.83
Dec.
3,583,115 Bales—On
announced
by it
22 Aggregated
Dec.
23
that
through
the
Com¬
"Advices
Dec.
22.
of
showed
by the Corporation and lending agencies of
on 3,583,115 bales of cotton.
The loans
8.84 cents per pound.
Figures showing the number of bales
been made by States are given below:
average
State—
Alabama
Dales.
—
-
—
-——-
Arizona.
—
—
—.
Georgia--.,.
83,677
91,421
;
Via Louisville
Cotton Through
on
on
Credit
California
Aug. 1
1,160
Via Mounds, &c--_-.
Via Rock Island
Rotter¬
merchandising business;
Co., Atlanta, Ga., who do a
brokerage business; and W. E. Hutton Miller of
Stout & Co., New York City, who do a
brokerage business.
Mr. Strauss is also a member of the Dallas
Cotton Exchange,
and Mr. Miller is a member of the New York
Stock Exchange
and the Chicago Board of Trade.
Arkansas
Since
Week
Aug. 1
of
cotton
Richard H. Bewick of Beer &
loans disbursed
Total week
a
genera]
$164,796,854
DAY.
.
—
Holland, who do
DAY.
-
—
Ledeboer & Van Derheld's Katoen
Campagnie
dam,
Total
Contr'd
Spot
Exchange held Dec. 29, the following were elected
membership in the Exchange: Karl Strauss of N. V.
CCC
HOLI
SaturdayHOLI
Monday
Nominal—.—
Tuesday
Wednesday- Nominal-.
Nominal
Thursday
Nominal
Friday.
—
4077
Three New Members of New York Cotton
Exhange—
At a meeting of the Board of
Managers of The New York
Cotton
Quotations for 32 Years
-...
Chronicle
Louisiana
_
_
_
—
-.
Mississippi
Missouri--.,
—
278,433
30,731
630,213
45,130
148,780
.268,490
--546,488
85,597
—
on
which loans have
State—
Bales
New Mexico..
North Carolina...,
...
Oklahoma.
South
Carolina
Tennessee.
Texas
...
Virginia-
— ..
—
.....
—
—
32,314
10,107
125,536
42,920
268,872
1,069,373
131
-
Time for
Making Loans Under Wool and Mohair Loan
25,081
Deduct Shipments—
Overland to N.
v
616,455
16,274
667,740
Program Expires Dec. 31—The Commodity Credit Corpo¬
ration announced on Dec. 23 that no extension
501
100
12,191
12,237
4,719
210,568
2,907
11,175
4,413
110,408
Dec. 31, 1938 would be made of the time within which
loans
will be available to producers under the current
wool and
12,890
227,524
3,181
125,996
beyond
,
Y., Bo:-!
on, &c
Between interior towns
J
Inland, &c., from South,*—
Total to be deducted.
198
—_
—
-—
.
.
174
mohair loan program. "
Producers'
Leaving total net overland *--.12,191
.12,191
*
388,931
13.093
541,744
Including movement by rail to Canada.
The
foregoing shows the week's net overland movement
has been 12,191 bales, against 13,093 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits a decrease from a year ago
of 152,813 bales.
this
year
1938-=
In
Sight and Spinners'
Takings
Since
Week
44,595
Net overland to Dec. 30--—--12,191
Southern consumption to Dec. 30120,000
Total marketed
Excess
over
of
excess.
Southern
—
—
Aug. 1
2,781,569
388,931
2,548,000
5,718,500
1,482,047
—176,786
*13,256
141,563
259,656
5,5 J4
5,393,921
541,744
2,515,000
13,o93
105,000
8,551,665
1,847,801
mill
takings
consumption to Dec. 1
513,362
*
Came into sight during week—-.163,530
Total in sight Dec. 30—
North, spinn's' takings to Dec. 30
*
Since
Week
Aug. 1
Receipts at ports to Dec. 30
Interior stocks in
—1937
—
408,315
265,160
—
7,713,909
31,181
——
10,806,781
662,478
37,587
709,662
Decrease.
Dales
1936—Dec. 31-——
1936—Jan.
^---244,503
3—----.---201,921
1935—Jan.
4
—
—
-
—
—
.154,009
Since Aug. 11936.—
Bales
.10,173,064
9,765,337
6,484,413
1935--.
1934-
—
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
of the week:
'
Closing Quotations for Middling Cotton
on
Week Ended
Dec. 30
Galveston..
Saturday
Monday
Tuesday
8.33
.
New Orleans
Mobile
8.46
HOLI¬
Norfolk--.
DAY.
DAY.
8.66
8.62
8.42
8.35
8.78
8.92
8.85
8.85
Houston
8.95
8.9 )
8.5 J
8.45
8.50
9.06
9.00
9.03
8.40
8.40
8.40
8.40
8.45
8.09
8.22
8.09
Fort Worth
8.52
8.35
—
8.22
New Orleans Contract Market—The
for
leading contracts in the New Orleans
the past week have been as follows:
Saturday
Monday
Tuesday
Dec. 24
Dec. 26
Dec. 27
Jan.(1939)
February
8396- 841a
8.95
8.45
8.40
...
8.16
8.16
8.48
'
8.45
8.19
8.19
closing quotations
cotton market for
Wednesday
Dec. 28
8516- 853a
Thursday
Friday
Dec. 29
Dec. 30
8486-851a 8.506-8.53a
_
March.—
April
8.88
8.40
Little Rock
Dallas
8.65
8.38
-
8.93
-
8.45
8.56
8.52- 8.53
8.55
8.26
8.37
8.33
8.37
7.97
8.08- 8.10
8.07
8.10
7.75
_
May
HOLI¬
August..
HOLI¬
DAY.
June
July—
DAY.
-
September
October
—
7.64
7.77
7.73
7665-768a
7.80
7766- 778a 7.786-7.80a
7706- 772a
7836- 785a
7796-781a 7.816-7.83a
November
December-
Jan. (1940)
February
.
March.
Tone—
Spot
Options.--
Quiet.
Steady.
Quiet.
Very
stdy
Review of
of
Cotton Trade in
1938
Quiet.
Quiet.
Steady.
Steady.
'*
by President Knell
New York Cotton
Exchange—Government Holdings
of Cotton Equal to Year's
Consumption at Current
Rate—Held Responsible for Keeping American Price
at High Average Level—Frank J,
Knell, President of the
New York Cotton Exchange, in his
year-end review of the
cotton trade, made public Dec. 31, pointed out that the
outstanding new record in the past year is in the Government
holdings of cotton.
"The year is drawing to a close,"
President Knell said, "with the Government of this
country
financing an amount of the domestic staple practically equal
to one year's consumption at the current rate.
It is a situa¬
tion that would have been almost beyond
imagination even
a few years ago.
World trade in American cotton has been
year
by the
tremendous
and growing accumulation of cotton in the hands of the
Government.
That accumulation has
undoubtedly held
the price of American cotton at a somewhat higher
average
level
than would
have
otherwise
prevailed, but in conse¬
quence world trade in the American staple has continued
to shrink."
Continuing his review, President Knell said:
It is thought inj many quarters that exports of cotton
by this country
during the current season will be smaller than in any season for about
half a century.
Another result of the impounding of a large portion of
the supply has been the development of wide premiums on
nearby deliveries
over distant deliveries, which has made it extremely
difficult, if not im¬
possible, for merchants in this country and abroad to carry stocks of the
»
it appeals that the world is using American cotton
11,000,000 bales per season.
This is about the same
as consumption during last season, but with that
exception it is the lowest
rate in 15 years.
With domestic production during the past year totaling
around 11,850,000 in terms of running bales, present prospects are that
the world will have a larger carryover of American cotton at the end of
the current season than at any previous time in the history of the
industry.
The failure of consumption to balance production which is in
prospect for
this season is due entirely to the decrease in the use of American cotton
abroad, sihce the present outlook is that this country will use about an
average quantity of the staple.
Meanwhile, foreign countries are producing a very large volume of cotton
in the aggregate, although not so much as that produced last season and
the season previous.
The total production of foreign cottons this season
is currently estimated at about 16,000,000 bales, compared with a
peak
of 18,476,000 bales two seasons ago,
The decrease is due primarily to
a great decline in the output of China because of the war in that
country
and to a short crop in India because of unfavorable growing conditions.
Six years ago foreign countries were producing about 10,000,000 bales a year.
It is encouraging to find that
notwithstanding the factors that are
tending to reduce world consumption of cotton—such as increased use of
rayon, nationalistic policies of totalitarian countries, and wars in Spain
and the Orient—the world is using cotton at a very high rate although not
at so high a rate as in a few recent seasons.
It is probable that world use
of the staple is now running on a basis of about 27,500,000 bales per season.
The largest consumption in any one season was recorded in the season before
last, when the total was 30,689,000 bales.
Prior to the last three seasons,
a world consumption of all cottons of 25,000,000 to 26,000,000 bales was
considered good.
It seems clear that if Europe could solve its political
problems without war and if the wars now being waged should be ter¬
minated world use of cotton would rise to a new record high level.
World prices of cotton are currently lower than any season-average in
nearly 40 years with the exception of those for low-priced years in the
middle of the last world trade depression.
It has become increasingly
evident in recent years that cotton growers of foreign countries are pre¬
pared to grow cotton at a much lower price level, in terms of American
currency, than formerly.
As has been stated, the United States Govern¬
ment loan programs have held the price of American cotton somewhat
higher than the level that would otherwise have prevailed, but prices for
the domestic staple have nevertheless gone below loan values and have
stayed below loan levels for extended periods of time.
It is that which
has resulted in large quantities of cotton going into Government hands.
at a rate of around
8.43
8.40
;
to the Corporation for direct
loans, to be
acceptable, trust be postmarked not later than midnight, Dec. 31,
1938,
and loans made by banks and other
lending agencies must be dated and
completed on or before Dec. 31, 1938.
It was stated also that through Dec. 19, 1938, loans
aggregating $13,902,840.69 had been made on 76,737,978 net grease pounds of
wool, an
average of 18.11 cents.
This figure includes repayments of
$2,207,854.91
covering 12,419,564 pounds of wool.
domestic staple.
As the year ends,
Friday
8.40
8.55
HOLI¬
Montgomery
Augusta..
Memphis.
Wed'day Thursday
8.30
—
Savannah-
The announcement added:
submitted
vitally affected throughout the
Movement into sight in previous years:
Week—
notes
Financial
4078
^ they naturaUy
price outlook Is obscured by the Government holdings
uncertainties as to what would be the price if the loan cotton were
It seems evident that Congress will resurvey the cotton problems
of this country in the coming session, and it is
will make some change in the Government cotton programs.
The
create
released
by
Returns
Telegraph—Telegraphic advices to us this
there have been numerous light rams
Temperatures have averaged normal
evening indicate that
over the cotton belt.
\
to a little
below normal.
Thermomtter
Rain
Rainfall
Day8
Inches
High
raw
1-86
71
60
66
38
14
20
5
Texas—Galveston.,
dry
-
Amarillo
0
Austin,
3
Abilene
Brownsville
2
2
0.41
0.48
60
78
CorgwChrM
4
6.16
76
?
o.8»
DIikCoV.V.::::::
El Paso....
Houston
4
3
3
3
Port Arthur
8an Antonio
——--
-
Oklahoma—Oklahoma City...
Arkansas—Fort Smith
Little Rock..
Louisiana—New Orleans
Shreveport....
5
2
Mississippi—Meridian.,
Vicksburg
—~
-
Alabama—Mobile
- —
Birmingham
'
Montgomery
Florida,-^acksonvkle
Tampa
—-
Wilmington..
Tennessee—Memphis
Chattanooga
Nashville
■'
Shre vepor t
Vicksburg
- -
— -
AO
20
24
56
oz
az
46
22
80
32
%
70
Z\
4/
24
70
4/
2.13
b9
24
,
0.88
1.91
62
68
20
26
41
29
ou
66
73
«o
40
m
59
60
20
80
«
f*
0.28
80
J-?:
0.17
es
2I
.
78
67
50
0.64
2.15
155
1.78
1-49
1.79
1.78
1-24
51
34
24
•
.Above
Above
Above
Above
46
^
-—*
778,000
441.000 132,000
Great
Conti¬
Japan Ac
Britain
nent
China
Since Aug. 1
For the Week
Conti¬
Jap'n&
nent
China
Total
22,000
28,000
22,000
64,000
21,000
78,000
469,000
568,000
9,000
86,000
153,000
248,000
18,000
98,000
428,000
12,000
75,000
167,000
1,000
7,000
12,000
13,000
47,000
116,000
12,000
15,000
27,000
114,000
158,000
Great
Britain
Total
3,000
3,000
1937
1,000
6,000
15,000
15,000
49,000
5,000
1938-1936—
——
22,000
40,000
96,000
15,000
35,000
56,000
49,000
91,000
132,000
2,000
810,000
428,000
202,000
256,000
10,000
8,000
1936
469,000
153,000
245,000
18,000
30,000
1938
1937
816,000
411,000
show an
increase compared with last year in the week's receipts of
7,000 bales.
Exports from all India ports record an increase
of 5,000 bales during the week, ana since Aug. 1 show an
According to the foregoing, Bombay appears to
increase of
399,000 bales.
and Shipments—We now rethe movements of cotton at Alexan¬
Receipts
f Alexandria
the receipts'and""shipments
corresponding week of the
previous two years:
3.1
13.8
18.3
0.1
242,000
163,000
272,000
Total all—
Receipts (cantars)—
1
Since Aug.
16.5
This
Since
This
Week
Aug.
240,000
6,289,299
270,000
5,919,426
190,000
4.507,647
This week
1936
1937
1938
Alexandria, Egypt,
Dec. 28
Feet
2.9
544,000
Other India-
1
This
S%nce
Aug. 1
Week
Since
Week.
1
Aug.
18.9
16.1
Above zero of g&ugc
Aug. 1
49,000
601.00C
Exports
Dec. 31,
Dec. 31, 1937
30t 1938
1.0
3.7
of gaugeof gaugeof gaugezero of gauge-
Week
Aug. 1
Week
Aug. 1
56,000
from—
34
Feet
zero
zero
zero
Week
Bombay
3/
22
oz
54
Dec
Receipts—
Since
Since
Since
49
29
30
21
68
'
1936
1937
1938
Dec. 29
dria, Egypt;
The following are
for the past week and for the
34
43
been received by tele¬
of rivers at the points named at
*
19367
cabled,
week and for the season from Aug. 1 as
have been as follows:
37
16
24
52
b2
„
ports for the
for three years,
ceive weekly a cable of
statement has also
•
-
20
20
|
2
graph, showing the heights
8 a. m. of the dates given:
Memphis
Nashville
29
50
50
1-93
4
2
4
3
-4
4
3
North Carolina—Charlotte...
Asheville
New Orleans
26
,
2.10
4
4
5
3
Ge°rf',:t^SViinnah""""""" 4
i&v.::::::::::::: |
South*Ca^Tina^Chafleston.. 3
The following
43
2
Kofav;;;::::::::::
Raleigh..
30
72
,
from All Ports—The receipts
Bombay and the shipments from all India
India Cotton Movement
of Indian cotton at
1938
32
52
7
0.03
0.04
0.70
4.17
\
5
40
1938
31,
Bombay—
66
2.62
1.02
1 73
111
1
1
—
Palestine
At
46
20
42
M
0.09
1
-
-
1.34
^^
Mean
o
Dec.
Chronicle
Exports (fifties)—
56,285
To Liverpool
6"65O 65,146
To Manchester, &c
13,000 286,560
To Continent & India—
8„630
To America
341,660
12,100
7,000 103,415
10,000 96,095
22,000 290,456
15,963
4,000
17,000 521,849
43,000 505,929
87,627
80,462
17",660
.
following table
the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the *
weekly movement from the plantations of that part of the
crop which winally reaches the market through the outports.
Receipts from the Plantations—The
indicates the actual movement each week from
Stocks at Interior Towns
Recelpts at Ports
Week
End.
1938
ft
Sept.
30.
1937
7- 183,369 441,721 330,033
205,107 379,066 370,723
14.
21. 300,646 323,319 378,683
28. 150.872 313,437 385,111
4_
1018.
25.
Dec.
2.
9.
16.
23.
30-
1
1936
1937
Receipts from Plantations
1938
I
1937
,
1936
lbs.
Egyptian bales weight about 750 lbs.
This statement shows that the receipts for the week ended Dec. 28
190,000 cantars and the foreign shipments 19,000 bales.
^Manchester Market—Our report received by cable to¬
that the market in both yarns
and cloths is steady.
Demand for cloth is improving. We
give prices today below and leave those for previous weeks of
this and last year for
2881,080 1715,093 1980,330 430,890 600,850
3110,218 1904.035 2098,733 434,239 596,889
3275,615 2051,912 2179,563 366,043 471,190
3387,084 2129,804 2266,371 203,541 391,329
2663,852 2253,715
54,236 139,333 119,319 3448,226
2658,348 2250,247
44,595 141,563 117,505 3434,970
The above statement
814 Lbs. Shirt¬
Cotton
8Yi. Lbs. Shirt¬
Cotton
32s Cop
ings, Common
Middl'gl
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
to Finest
Upl'ds
471,919
Twist
73,964 213,711 181,327
65,209 230,448 94,354
39,901 199,284 100,109
30,873 162,762 82,567
plantations since Aug. 1, 1938, are 4,371,6-14 bales;
in 1937 were 7,192,938 bales and in 1936 were 5,902,830
bales.
(2) That, although the receipts at the outports the
past week were 44,595 bales, the actual movement from
plantations was
3,1339 bales, stock at interior towns
having increased 13,256 bales during the week.
Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
Supply and Takings of
sight for the like
d.
B.
s.
d.
d.
Sept.
30—
9 10)4
5.00
9
9h
@93
1421-
@93
@93
@93
@93
5.1-9
5.20
11X@1234
11X@12X
11X@12X
11)4 @12)4
28—
5.24
Nov.
@1Q
IX
4.89
0
4.75
@10
@ 10
9 10X@10
IX
IX
IX
4.82
IX
4.55
9
9 10)4
9 10X
period:
8H @
9H
m
8%@ 9H
8X@ 9X
@93
5.09
10X@12
9
4„
10X@10
@93
5.05
@93
@93
5.08
10X@12X
10X@12
10J4 @ 12
9
8H®
9H
3
5.14
9
1)4
4.97
9
1)4
5.16
1054@HX
10)4 @11X
10)4@11X
10X@1154
10)4 @1194
18—
25-
5.22
Dec.
2—
8H@
9—
8X@ 9X
8 10X@
9X
16-
8X@
23—
8X© 9X
8%® 9%
30-
Shipping
@9
9
8 10)4 @
8 10)4
@
8 10X@
9
9
134
1)4
5.24
5.25
News—As shown on a
d.
d.
@10
11X@12X
9H
9H
8H@ 9H
8X@ 9%
8X©
8H@
8H@
s.
4.80
Oct.
7—
d.
s.
10..
31,339 147,067 112,749
from the
World's
•
,
1937
489,120
483,163
(1) That the total receipts
shows:
comparison:
1938
478,343
2220,923 2301,784 329,745 388,719 295,054
256,332 263,182 259,641 3400,497
3510.308 2387,570 2342,886 141,930 406,335 305,198
92,125 245,688 264,096
3518,088 2459,694 2373,757 133,637 267,158 282,311
125,857 195,034 251,440
2501,559 2397,188 94,876 202,425 240,994
88,143 100,560 217,563 3524,821
254,908 2366,617
89,957 169,362 211,898 3608,828
2610.850 2327,953
77,815 165,506 133,018 3496,222
3471,589 2640,423 2290,467
64,534 169,711 143,595
10X@10
IX
4.63
IX
4.55
9 10X@10
IX
4.64
9
10X@10
X
4.65
9
10X @10
10X@10
X
IX
4.70
9
9
10X @10
IX
4.88
9
10X@10
IX
4.84
Week and Season
Season
Week
Week
up
previous page, the
the past week have
in detail, as made
from mail and
telegraphic reports, are as follows:
GALVESTON—To Ghent, Dec. 26, Ethan Allen, 348
To Havre, Dec. 26, Ethan Allen, 554
To Rotterdam, Dec. 26, Ethan Allen, 350: Dec. 28,
To Hamburg,
Season
Bales
348
-
554
Binnendijk,
-—
-
24, Augsburg, 2,740
Dec. 24, Augsburg, 20-
Dec. 24, Kano Maru, 6,827; Dec.
6,152
----Dec. 24, Kano Maru, 225; Dec.
Maru, 1,748
To Sydney, Dec. 22, Kimikawa Maru, 341
To Liverpool, Dec. 28, Duquesne, 1,296
To Manchester, Dec. 28, Duquesne, 906
To Sydney, Dec. 28, Frankfurt, 100
To Melbourne, Dec. 28, Frankfurt, 400
HOUSTON—To Ghent, Dec. 27, Ethan Alien, 602
To Havre, Dec. 27. Ethan Allen, 192
To Rotterdam, Dec. 27, Ethan Allen, 480
To Riga, Dec. 27, Binnendijk, 300
To Tallin, Dec. 27, Binnendijk, 7
To Habana, Dec. 14, Margaret Lykes, 121
To Puerto Colombia, Dec. 14, Margaret Lykes,
To Cartagena, Dec. 14, Margaret Lykes, 67
To
Japan,
Maru,
To China,
30—
Bombay receipts to Dec. 29—
Other India ship'ts to Dec. 29
Alexandria receipts to Dec. 28
Other supply to Dec. 28 * b__
American in sight to Dec.
Total
9.100,734
9,671,329
Visible supply Dec. 23
Visible supply Aug. 1
163",530
56,000
12,000
38,000
7,000
7,858,941
7,713,909
610,000
242,000
899,800
204,000
9,947,859 17,519,650
supply
Deduct—
Visible supply
Dec. 30
Total takings to Dec. 30 a
Of which American
Of which other
b
* Embraces
a
—
265", 160
49,000
13,000
163,000
1,177,200
191,000
8,000
9,489,894 17,118,003
9,651,722
9,651,722
296,137
7,867,928
5,700,328
2,167,600
423,745
288,745
135.000
236,137
60,000
10,806,781
441,000
54,000
9,066,149
receipts in Europe from
9,066,149
8,051,854
5,783,054
2,268,800
Brazil, Smyrna, West Indies, &c.
total estimated consumption by
since Aug. 1 the
2,548,000 bales in 1938 and
This total embraces
4.339.022
2,515.000 bales in 1937—takings
not being available—and the aggregate amount taken by Northern and
foreign spinners, 5,319,928 bales in 1938 and 5,536,854 bales in 1937, of
which 3,152,328 bales and 3,268,054 bales American,
b Estimated.
Southern mills,
4.81
exports of cotton from the United States
reached 58,536 bales.
The shipments
2432--
1937
...
4.89
4.8*
9 10X@10
To Bremen. Dec.
1938
Cotton Takings,
were
night from Manchester states
500.519
1490,564 1832.026 465'081 724,826
221.056 479.801 319,754 2033.565
Oct.
Nov.
1938
1936
19,000 416,621
Total exports.
Note—A cantar is 99
22, Kimikawa
22, Kimikawa
—
8
80
Dec. 29, Vasaholm,
550
-
—
23, Trafalgar, 230
Gdynia, Dec. 23, Trafalgar, 2,299; Dec.
To Gothenburg, Dec. 23, Trafalgar, 762; Dec.
To Oslo. Dec.
29, Vasaholm, 839
29, Vasaholm,
To
735
—
12,979
1,973
341
1,296
906
100
400
602
192
Ventura, Dec. 14, Margaret Lykes,
To Copenhagen, Dec. 23, Trafalgar, 667;
To Buena
593
2,740
20
480
300
7
121
8
67
80
1,217
230
4,138
1,497
Volume
147
Financial
Chronicle
Bales
SAN FRANCISCO—To Holland, (?)
To
NEW
,
100
-
100
2.819
-
Japan, (?), 2.819
1
ORLEANS—To Guatemala, Dec. 19, Santa Marta, 52
52
To
Antwerp, Dec. 22, Ostende, 607; Dec. 23, Indiana, 400
Havre, Dec. 22, Ostende, 102; Dec. 23, Indiana, 1,616
To Dunkirk, Dec. 23, Indiana, 700
To Trieste, Dec. 22, Maria, 50
To Venice, Dec. 22, Maria, 377
To Genoa, Dec. 22,
Maria, 791
To Liverpool, Dec. 20,
Cripple Creek, 1,533
To Manchester, Dec. 20,
Cripple Creek, 3,181--,
To Gdynia, Dec. 20, Vasaholm, 963
To Gothenburg, Dec. 20, Vasaholm, 325
To Japan, Dec. 27,
Errnland, 3,213
1,007
1,718
To
-
—
377
791
1,533
3,181
963
—
325
3,213
925
450
To
China, Dec. 27, Ermland, 925LAKE CHARLES—To Ghent, Dec. 23, Ethan Allen, 450—
LOS ANGELES—^To Bremen,
(?), Donau, 300; Seattle, 719.
To Riga, (?), Donau, 100;
Seattle, 200
To Japan, (?), Sandsamn, 899; Chichibu
Maru, 1,451; Ydmazuki Maru, 1,000-.CORPUS CHRISTI—To Ghent, Dec. 25, Floride, 366
To Antwerp, Dec. 25, Floride, 100
To Havre, Dec. 25, Floride, 1,554
To Dunkirk, Dec. 25, Floride, 1,638
BROWNSVILLE—To Ghent. Dec. 22, Floride, 215-To Havre, Dec. 22, Floride, 250
To Dunkirk, Dec. 22, Floride, 105
MOBILE—To Liverpool, Dec. 16, City of Alma, 317
To Manchester, Dec. 16, City of Alma, 198
To Antwerp, Dec. 15, Warrior, 167
NORFOLK—To Manchester, Dec. 24, Artigas, 51-To Hamburg, Dec. 30,
McKeesport, 60
To Sweden, Dec. 30,
McKeesport, 58
;
SAVANNAH—To Liverpool, Dec. 28, Shickshinny, 154
To Manchester, Dec. 28,
Shickshinny, 241
—
.—
mount.
About 3,000 tons from Canada were
bought for
shipment to Palestine and 2,000 tons from the United States
to go to Norway,
Helping the upward trend of values on the
Chicago Board was the fact that the Liverpool market on re¬
opening after an extended holiday made more than a full
3.350
366
'
100
1,554
1,638
-
215
sistent
60
58
—
winter crops, together with
reported tense
cal conditions, hoisted wheat about lc.
154
241
—.
Total.
58,536
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Stand-
Density
.
Stand¬
Stand-
High
ard
High
ard
ard
Density
Liverpool
.45c.
Manche8ter.45c.
.60c.
Trieste
d.45c.
Flume
d.45c.
,60c.
Antwerp
.46c.
.6!o.
Barcelona
Havre
.45c.
.60c,
Japan
*
Piraeus
.85c.
Salonlca
*
1.00
.71c,
Rotterdam .46c.
.61c.
d.55c.
.600.
d.55c.
.60c.
Shanghai
Bombay x
Naples
Genoa
.75c.
.900.
Leghorn
d.55c.
,60c.
.56c.
.71c.
Bremen
,46c.
.61c.
Gothenb'g
.56c.
.71c.
.61c.
.76c.
Hamburg
•46C.
.61c.
Oslo
Stockholm
*
No
quotation,
Only
x
small lotSi
d Direct steamer.
Dec. 9
Forwarded
_
..
Total
Dec. 16
47.000
.
imports........
23,000
1,082,000
511,000
44,000
15,000
141,000
45,000
130,000
49,000
-.
Of which American
Dec. '30
58,000
67,000
24,000
Of which American
Amount afloat
Dec. 23
46,000
1,086,000' 1,071,000
1,091.000
518,000
502,000
35,000
13,000
142,000
40,000
Government
levels
Saturday
pool
Market,
Tuesday
Wednesday
Thursday
Quiet
Quiet
Holiday
HoJday
5.22d.
Holiday
f
5.27d.
.
Steady at
winter
reached
wheat.
98,489,000
2 to 3 pts.
,
DAILY
un¬
decline
advance
Market,
4
{
1
P.M.
!
Prices of futures at
-
---—-
CLOSING
Sat.
are
pt.
Tues.
K
OF
Wed.
—
Season
— T
December 1938
d.
d.
d.
d.
d.
d.
d.
4.92
•
.
d.
*•
d.
High and
73!
74%
69 %
September
69 %
DAILY CLOSING
PRICES
OF
d.
December
May
July
d.
4.92
v
4.85
4.90
4.90
4.90
March
4.83
4.87
4.88
4.88
4.86
4.89
4.78
4.82
4.83
4.83
4.81
4.84
4.70
4.71
4.71
4.70
4.55
4.56
4.54
4.56
July
;
-
Holi¬
Holl day
Holl day
day
4.66
October..—
4.1>0
December—..
4.57
January 1940
....
March.
4.58
4.60
4.88
4.58
4.59
*
W
,*■
4.62
4.91
;
4.58
....
^
<
May
....
4.59
4.62
4.64
—
Man.
IN
Tues.
HOL.
low
warmer
w.ord
was
NEW
—
83%
Tues.
wheat
YORK
...-v.
-
62%
-
Low
H
O
L
of
on
.
Fri.
84
CHICAGO
Thurs.
67 %
68%
69%
68% ' 68%
69
69%
Fri.
....
and
62%
62%
62%
67%
Tues.
84%
IN
Wed.
FUTURES
Mon.
Thurs.
83%
67%
68%
67%
68%
O
L
62%
Wed.
FUTURES
Mon.
60%
———
—
—
When
Sept.
Sept.
Oct.
Dec.
IN
Wed.
61 %
62%
63%
68%
68^1
69%
Made
8, 1938
7,1938
5. 1938
29, 1938
WINNIPEG
Thurs.
61%
63%
63%
61 %
63%
63%
Fri.
60%
62%
63%
Corn—On the 27th inst.
prices closed 3/sC. to %c. net
The firmness of wheat had a wholesome effect on
4.72
4.54
——v*:.
WHEAT
WHEAT
Sat.
January 1939—.
May
OF
81%
When
Made
I
Season's
July 23, 1938 March
July 23. 1938 May
Sept. 24. 1938 July
Dec. 29, 1938 September
1
May
July
Fri.
*
of
Open interest in
—
s
March
adv.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
Another
very
bushels.
67 %
V 67%
67%
.
July.
September
given below:
Thurs,
downturns
WHEAT
to
Dec. 30
Predictions
11
May—,-.
changed
2 pts. adv.
adv.
Liverpool for each day
Mon.
---«.
PRICES
—
Dec. 24
"
March—
Very st'dy, Quiet,
unSteady,
2 to 3 pts. chgd. to 2 unch'd to 1
pts.
on
Sat.
.
Steady,
1 to 4 pts.
(.
/
due, promoted reactions here.
Sat.
Quiet at
<
•
States
No. 2 red--
5.25d.
opened
drag.
to'reach
•
'
Mid. upl'ds
Futures
Southwest.
DAILY CLOSING PRICES
Quiet
Market
domestic
quotations lower than
Thursday
Friday
t
market
a
overnight North American wheat export business totaling
about 650,000 bushels.
Of this amount, 400,000 bushels was
)
12:15
P. M.
as
Helping to steady "the market
follows:
Monday
the
in
United
Spot
served
weather in domestic winter crop areas, together with Liver¬
1 135,000
34,000
and futures
daily closing prices of
as
business
handicap was failure of temperatures
506,000
36,000
13,000
The tone of the Liverpool market for
spots
each day of the past week and the
spot cotton have been
were
Today prices closed % to %c. net lower. Nearly lc. reces¬
sion of Chicago wheat prices took
place late today, influ¬
enced by pre-holiday adjustment of accounts.
Lack of evi¬
dence of any fresh buying connected with United States
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
Total stocks—
Of which American
all of
high
affecting wheat crop prospects.
Moisture was
reported as totally inadequate, with the fields devoid of
snow covering and with the
top soil dry and powdery in
almost all sections.
Contributing further to an upward
trend were positive denials of
widely circulated rumors
that the Argentine Government would reduce its wheat
price minimum.
■winds
1.00
Copenhag'n.56c.
♦
only 300,000 bushels,
Particular significance was attached to Kan¬
sas official advices that severe low
temperatures and
ard
.85c.
*
*
totaled
it Canadian.
1.00
d.85c.
Venice
,
North American wheat
Stand-
Density
■
.60c.
.60c,
.60c.
European politi¬
today.
In this
prices reached the topmost point since the war
scares of last
September.
Somewhat of a drawback, how¬
ever, resulted from the fact that new export business in
advance
Cotton
High
'
On the 29th inst. prices closed
V2 to %c. net higher. Un¬
easiness over chances of cold wave damage to United States
51
-
Per¬
of
reports from India.
167
-—
failure
offerings to increase from the Southern
Hemisphere acted as an additional spur so too, did drought
317
198
-
advances scored this side of the Atlantic.
response to
250
105
~
-
nearly a cent today. Transatlantic purchasing both of
United States and Canadian wheat assisted the
market to
up
1,019
300
-
-
American export business and from the fact that the Liver¬
was still closed
and would not reopen until
tomorrow.
On the 28th inst.
prices closed %c. to %c. net
higher. British weather predictions were largely responsible
for the firmness shown in wheat values
today. Predictions
that a second cold wave would
overspread the United States
grain belt by tomorrow night moved Chicago wheat values
pool market
700
50
-
4079
decrease of 1,154,000 bushels in the domestic visible
supply
total was likewise
given considerable notice. Something of
an offset came from
virtually a complete dearth of North
higher.
corn
values.
Another favorable influence
on
corn
were
the
reports of bitter cold weather in many parts of the country,
indicating that farm feeding of corn will be heavier. Mean¬
while, there were persistent advices of hot dry conditionsjin
Argentina pointing to
heard, however, of any
28th inst. prices closed
corn
crop
damage.
Nothing
was
export business.
On the
34c. to 34c. net higher. Adverse
domestic weather also stimulated demand for corn, and there
BREADSTUFFS
new corn
more complaints of scorching temperatures in Argen¬
tina, where moisture is urgently needed by the new crop.
About 400,000 bushels of United States corn were taken for
were
Friday Night
Flour
week,
and
prices
were
influenced
bullish
Dec. 30
1938
firmer during the latter part of the
by the firmer wheat markets
somewhat
weather
and
crop
real
buying interest in flour.
mill offices noted
no
trade is
reports.
However, leading
over
A dull
export to Europe. Besides low temperatures in the United
States were expected to necessitate heavier feeding of corn.
Simultaneously, receipts at Chicago dwindled to only 22
today.
On the 29th inst. prices closed % to %c. net higher.
the holiday, and perhaps for some
of the year unless some untoward de¬
velopment should arise in the European political situation
cars
that
export business and with unfavorable Argentine crop pros¬
expected
time after the first
would
bring about
a
sudden drastic change.
Wheat—On the 27th inst. prices closed
to
%c. net
higher.
Likelihood of damage to winter crops that have not
had necessary snow covering to protect them from sudden
arctic temperature lifted wheat values 1 cent
today. Also
having its influence on values were reports of increased
European tension especially word that Italy was massing
troops on the frontier of French Somaliland. Other stimu¬
lating factors included advices of violent winds carrying dust
over portions of Kansas
Nebraska and Oklahoma. Much of
the day's fairly liberal buying of wheat futures was credited
sources
and was suspected in some
quarters to
have been done for United States Government
agencies. A
to Eastern
Corn market gains were associated
not only with enlarged
pects, but also with the belief that wintry weather in the
United States corn belt would increase feeding demand.
Price advances, however, met with broadened selling from
commission
selling to
houses.
Some observers ascribed much of this
Government
agencies that simultaneously were
Today prices closed % to %c. net lower.
Export purchases of 500,000 to 600,000 bushels of corn from
purchasing wheat.
this
country were announced, but corn as well as rye and
averaged a little lower in price during much of the
time.
Sympathy with wheat market action was an evident
oats
factor.
Only slight rainfalls with continued extremely high
Open interest in
Thursday reached 65,622,000 bushels.
temperatures in Argentina were reported.
corn
on
Financial
4080
PRICES OF CORN IN
DAILY CLOSING
yellow
PRICES
OF
MM
May..:::::::::::::::::::"":: 52%
High and
56
March..
May__.
July
September
60%
55 %
55 %
x
—
When Made
July 28. 1938
July
23. 1938
Sept. 24. 1938
Dec. 29, 1938
m' Mm MM Mm
52%
54% 65% 51%
Low and Oct. 15, 1938
When Made
46
March
May
July
September
—
Oct.
18. 1938
23, 1938
bush.56lbs. bush.48lbs.
bbls.l96lbi bush. 60 lbs. bush. 56 lbs. bush. 32 lbs.
36,000
179,000
140,000
126,000
New York.
4.000
157,000
33,000
29,000
Phlladelpbli
48,000
12,000
201,000
2,000
30,000
Baltimore..
513,000
_
27~66O
St. John W.
Halifax
juiy;:::::::,.:
September
--------
High
Season's
and
Dec.
PRICES
CLOSING
DAILY
955,000
848,000
70,000
49,000
67,000
89,211,000
7,542,000
3,448,000
2,617,000
2,574,000
1,383,000
144,000
71,000
286,000
279,000
Since
Jan. 1 '38
269,000
Week 1937.
Since
*
Receipts do not Include
grain passing through New Orleans
O
28%
28%
July
L
i938
from the several seaboard ports
The exports
1938,
ended Saturday, Dec. 24,
statement:
Flour
Oats
Rye
Barley
Barrels
Bushels
Bushels
Bushels
•
Corn
Wheat
Exports from—
Bushels
53,126
"7666
"6,000
373,000
A'bany.
62,000
157666
New York...
161,000
*.
Baltimore
..
-
Texas City
135,000
gbs'ooo
58,000
120,000
29%
29%
29%
29
29%
29%
29%
28%
of wheat and corn markets. Today
prices closed unchanged to Vsc. higher.
There was little of
interest in this market, trading being light and undertone
John West
St
Halifax
May
July
September
—
—_—
May
July
September
-
and
53 %
46%
46%
Dec.
29, 1938
46%
Sat.
Tues.
Mon.
Wed.
Fri.
Thurs.
O
42% 42% 42% 42%
L
43%
43%
PRICES OF BARLEY FUTURES IN WINNIPEG
41 %
May
July
DAILY CLOSING
Tues\
Mon.
Sat.
—7.
39%
39
39%
39%
38%
38%
37%
Closing quotations were as follows:
FLOUR
Spring Pat. high protein.5-05< >5.20
Spring patents
4.60< >4.80
Clears, first spring
4.10* >4.35
Hard winter straights
4.40< >4.60
>4.80
Hard winter patents
4.60C....
Hard winter clears
Nom.
Since
Dec.
24
Week
Since
Dec. 24
July 1
Dec. 24
July 1
1938
1938
1938
1938
Bushels
Bushels
Bushels
,
Bushels
Barrels
Barrels
8,886
So. & Cent. Amer.
14,250
West Indies
6,000
37,500
Brit. No. Am. Cols
13~795
1,000
Total 1938-
2,685,248
2,593,381
98,475
Total 1937
2,952,000
comprising the stocks in
GRAIN
Oats
Bushels
Bushels
2,000
483,000
432,000
18,000
2,000
1,000
594,000
171,000
32,000
74,000
New Orleans
958,000
1,142,000
100,000
5,393,000
7,000
257,000
Philadelphia
Galveston
...
Fort Worth
6,373,000
...
Wichita
...
.
Hutchinson
67%
All the statements below
166,000
5,717,000
41
NT
Rye, United States C. 1. F... 64%
Barley, New York—
40 lbs. feeding
54%
Chicago, cash
55-63
regarding the movement of grain
101,000
858,000
372,000
122,000
6,632,000
1,073,000
323,000
106,000
344,000
90,000
56,000
93,000
282,000
27,000
2,060,000
Louis
761,000
Indianapolis
29,000
..
1,453,000
318,000
,
Milwaukee
761,000
77,000
626,000
368,000
6,000
1,865,000
5,208,000
3,551,000
5,418,000
4,225,000
1,637,000
1,155,000
2,268,000
1,928,000
5,531,000
9,642,000
...
Minneapolis
...
Duluth
2,868,000
6,000
3,000
...
232,000
afloat
..
Oats
bbls.196 lbs
Chicago
Corn
bush 60 lbs
hush 56 lbs
bush 32 lbs
186,000
1,426,000
532,000
441,000
Barley
Rye
4,259,000
685,000
808,000
818,000
9,687,000
...
793,000
394,000
258,000
496,000
Dec! 24, 1938.-116,522,000 47,719.000 16,488,000
1938.-117,676,000 46,092,000 16,289,000
l'e'ooo
Toledo
45~, 000
Indiapapollr
41,000
8,333,000 11,113,000
8,316,000 11,453,000
£0,625,000 32,822,000 24,655,000 4,768,000 10,223,000
included above: Wheal—New York, 801,000 bushels:
Buffalo, 872,000: Buffalo afloat, 3,425,000: Erie, 1,949.Philadelphia, 92,000: total, 8,137,000 bushels, against 4,834,-
Total Dec. 24, 1937-.
Note—Bonded grain fiot
New York afloat, 147,000;
000; Albany, 851,000;
000 bushels In 1937.
Wheal
Oats
Corn
Bushels
Canadian—
Bushels
Bushels
Lake, bay, river & seab'd 33,723,000
Ft. William & Pt. Arthur 37,570,000
1,767,000
755,000
89,843,000
6,248,000
1938.-161,136,000
1938.-162,168,000
54,028,000
8,723,000
Other Can. & other elev.
Tbtal Dec. 24,
Total Dec. 17,
8,770,000
9,542,000
116,522,000 47,719,000 16,488,000
161,136,000
8,770,000
bush 56 lbs bush 48 lbs
Canadian
Total Dec. 24,
461,000
31,000
432,000
Total Dec. 17,
218,000
110,000
611,000
Total Dec. 24,
103,000
36,000
Rye
13,000
11,000
306,000
279,000
558,000
57,000
128,000
710,000
1938.-277,658,000 47,719,000 25,258,000
1938.-279,844,000 46,092,000 25,012,000
1937.-144,653,000 32,822,000 34,197,000
Barley
Bushels
Bushels
140,000
849,000
1,026,000
1,240,000
829,000
5,725.000
2,015,000
7,794,000
1,988,000
7,559,000
1,305,000 10,497,000
8,333,000
2,015,000
11,113,000
7,794,000
10,348,000 18,907,000
10,304,000 19,012,000
6,073,000 20,720,000
54,000
124,000
468,000
Duluth
Milwaukee.
139,000
836.000
150,000
140,000
9,484,000
...
2,000
Summary—
Wheal
512,000
2,991,000
1,162,000
12,273,000
1,708,000
...
American
Flour
24,000
562,000
69,000
Total Dec. 24, 1937..
of the last three years:
Minneapolis
14,000
736,000
2,862,000
-
Sioux City
Total
Oats, New York—
No. 2 white
gi% the receipts at Western lake and river ports
week ended last Saturday and since Aug. 1 for each
Receipts at—
7,000
674,000
...
afloat
we
for the
34,000
1,000
—
-4.50 @5.00
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First
1,000
4,000
Total Dec. 17,
rail
2,000
2,317,000
28,806,000
...
Kansas City
St
2,000
2,450,000
...
St.Joseph
Buffalo
GRAIN
Corn, New York—
No. 2 yellow all
19,000
10,000
80,000
New York
Detroit
3.25
Bushels
•
Boston
afloat
Barley goods—
Barley
Rye
Bushels
Corn
Wheat
Bushels
and
STOCKS
Chicago
1,2-0,3-0,2
84
73%
loo",006
at principal points of accumulation at lake
seaboard ports Saturday, Dec. 24, were as follows:
Peoria
Rye flour patents
3.60 @3.70
Seminola, bbl.. Nos. l-3-.5.45@5.55
Oats good
2.45
Corn flour
1.65
5,000
83,129,000 1,244,000 51,763,000
569,000 4,307,000
69,854,000
granary
•
Coarse
♦
2,000
842:666
133"666
952,000
supply of grain,
visible
978,000 27,831,000
264,000 23.827,000
28,000
217,000
110,494
118,126
Other countries
46,199,000
35,569,000
191,000
595,000
1,142,846
435,158
296,250
654,500
46,000
43,695
Kingdom.
Continent..
Since
1938
1938
United
Week
July 1
Week
July 1 to—
Fancy t>earl. (New) Nos.
Wheat, New York—
No. 2red, c.l.f.. domestic-..
Manitoba No. l.f.o.b. N Y.
289.000
Corn
Week
and Since
Omaha..-J
38%
O
L
38%
May
July
Fri.
Thurs.
Wed.
H
December
2i6"66O
Baltimore
WINNIPEG
42
H
December
90,000
Wheal
Flour
Exports for
United States—
7, 1938
Nov.
7, 1938
Dec. 23, 1938
Sept.
OF RYE FUTURES IN
DAILY CLOSING PRICES
77,000
2,000
118,126
98,475
.569,000
2,952,000
July 1, 1938, is as below:
When Made
41 %
44%
45
September
46%
46%
46%
46%
46%
46%
45%
45%
Low and
When Made
I
Season's
July 25. 1938 May..
Dec. 29, 1938 July
Fri.
Thurs.
Wed.
45%
45%
46
H
O
L
45%
45%
-
Season's High
CHICAGO
OF RYE FUTURES'IN
Tues.
67". 66o
27,000
952,000 1,244,000
Total week 1938
The
Mon.
~2,000
31,000
_
Same week 1937
steady.
Sat.
To",000
225,000
New Orleans...
ports and the firmness
CLOSING PRICES
for the week
shown in the annexed
are
Fri.
Thurs.
29%
Rye—On the 27th inst. prices closed }^c. to %c. net
higher. There were no spectacular features to this market,
the strength displayed being attributed largely to the firm¬
ness in wheat and corn.
On the 28th inst. prices closed
to Mo. net higher.
Trading was light, with the undertone
firm in sympathy with the firmness of other grains.
On the 29th inst. prices closed % to %c. net higher.
The
firmness of rye was attributed to the bullish weather re¬
DAILY
for foreign ports
through hills of lading.
WINNIPEG
IN
Wed.
28%
29%
H
-
23,
6,653.000 11,926,000
6,442,000
34,594,000
14,001,000 102,096,000
Jan. 1 '37
on
18, 1938
Dec.
Tues.
Mon.
Sal.
Oct.
27%
FUTURES
OATS
OF
December...-
May
28%
When Made
Sept.
6, 1938
28%
24%
28, 1938 May.
28, 1938 July.
28, 1938 September
Dec.
29%
28%
28%
29%
28%
28 %
Season s Low and
Made
When
Dec.
May
—
86%
July
—28%
September — 28 %
29%
28%
29%
28%
28%
H
o
L
29%
28
28
May
"7,000
14,462,000 131,058,000
Tot. wk. '38
Bushels
Fti.
Thurs.
Wed.
Tues.
Mon.
Sat.
IN CHICAGO
FUTURES
OATS
OF
PRICES
67,000
i2o~666
58,000
12,000
31,000
Boston
downturns.
CLOSING
18,000
230,000
170,000
24,000
New Orrns1
Galveston.
%c. net
This market appeared to be influenced entirely by
the firmness of wheat and corn.
On the 28th inst. prices
closed 34c. to %a. net higher.
Oats advanced fractionally
to seasonal fresh top
price records.
Moderate demand
revealed notable scantiness of offerings.
On the 29th inst. prices closed unchanged to Ysc. higher.
There was little of interest in this market.
Today prices
closed unchanged to %c. off.
Trading was light, with the
price trend influenced by the weakness in wheat and corn
higher.
DAILY
Barley
Rye
Oats
Corn
Wheat
Flour
Receipts at—
31, 1938
18, 1983
Oct.
Dec.
47 %
48%
53 %
prices closed J^c. to
Oats—On the 27th inst.
53%
54%
53%
54 %
53 %
L
I
Season's
September..
53
53%
o
53%
Fri.
^ Mm •* Mm
53%
^
52%
h
Thurs.
Wed.
Tues.
Mon.
Sat.
M Si rch
Season's
Fri.
Thurs.
Wed.
67% 68% 67% 67%
CORN FUTURES IN CHICAGO
67% HOL.
.
CLOSING
DAILY
NEW YORK
Tues.
Mon.
Sat.
No. 2
Dec.
Chronicle
It The world's
shipment of wheat and corn, as furnished by
Exchange, for the week
Broomhall to the New York Produce
July 1, 1938, and July 1, 1937, are
174,000
5,000
133,000
Peoria
44,000
25,000
339,000
54,000
13,000
34,000
Kansas City
*6,000
1,130,000
378,000
60,000
ended Dec. 23, and since
shown in the following:
255,000
407,000
179,000
65,000
113,000
84,000
4,000
10,000
Week
Since
Since
Week
Since
Since
Dec. 23,
July 1,
July 1,
July 1,
1938
July 1,
1937
Dec. 23,
1938
1938
1938
1937
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
St.
Louis..
94,000
Omaha
St.
Joseph.
162,000
Corn
Wheat
214,000
Wichita
Sioux City
10,000
74,000
9,000
Buffalo
28,000
759,000
233,000
«.
-
-
Mm
mt
-
Exports
95,000
Tot. wk. *38
356,000
3,418,000
6,145,000
1,773,000
210,000
1,675,000
Same wk '37
294,000
2,474,000
6,594,000
271,000
Same wk '36
262,000
2,283,000
3,108,000
1,297,000
1,058,000
1,363,000
1,754,000
260,000
Argentina.
1938
1937
1936
8,936,000 212,753,000 151,319.000
8,103,000 197,837,000 119,076,000
9,033,000 147,365,000 84,473,000
59,027,000 17,431,000 57,339,000
68,194.000 19,354,000 56,184,000
Australia
44,931,000 10,148,000 57,351,000
Other
.
Total receipts of flour
28,551,000
1,581,000
42,296,000
94,685,000
55,498,000
19,860,000
37,586,000
10,944,000
688,000
19,184,000
11,400,000
3,907,000 120,884,000
2,136,000 60,176,000
India
Total
1,201,000
1,020,000
1,610,000
,
countries
and grain at the seaboard ports for
the week ended Saturday, Dec. 24, 1938, follow:
922,000
7,344,000
No. Amer.
Black Sea-
Since Aug. 1
9,234,000 278,435,000 229,973,000
969,000
4,145,000
54,267,000
2,843,000
6.095,000
81,343,000 168,451,000
25,178,000
57,711,000
4,800,000 166,883,000 233,150.000
Volume
Wheat
147
Financial
Loans
of
CCC
Aggregated $36,199,728 on
Bushels Through Dec. 22—The Commodity
61,622,201
Credit Corporation announced on Dec. 23 that "Advices of
Wheat Loans" received by it through Dec.
22, showed loaus
disbursed by the Corporation and held
by lending agencies
on
61,622,201 bushels of wheat, aggregating $36,199,728,
averaging 0.5864 cents per bushel.
i
Figures showing the number of bushels on which loans
have been made by States are:
Form A
Bushels
State—
From B
Bushels
Arkansas
835
California
6,006
Colorado
1,009
473,259
Idaho
187,896
1,614,795
Illinois
Indiana,
743,761
86,762
51,175
111,094
207.755
3,016,076
Kansas
Kentucky
Michigan
3,615,356
211,561
Minnesota
91,924
...1,479,159
Missouri..
43.236
148,801
3,875,323
2,131,699
7,140.052
1,182,235
Montana
Nebraska
Bushels
Stale—
10,221
Stale
6,401,005
extent the usual
the
313,247
1,456,136
Oregon.,
South Dakota
6,379,281
1,206,948
Tennessee..
130,787
Texas
168,024
595,972
631,024
2,729.957
838
232,201
156,984
Utah
1,701.046
391,800
256,090
Virginia
29,462
...
Wisconsin
Wyoming
Amount
Bushels
9861.84
1.512
2,523,399
Indiana
Iowa
3,990,400.84
7,001,844
Kansas
932,647
40,355.59
on
12,841,519 bushels.
State—
Amount
Missouri
■
Bushel
$456,042.31
333,904
21,816.12
38.273
1,134.87
South
170.249.85
299,057
Dakota.
foregoing, loans
were
26,791,803 bushels of 1937
State—
Amount
Bushels
Illinois-...
$3,222,927.23
5,659,374
250,778.85
440,001
8,670,117.55
15,255,505
Indiana
Iowa
Kanaka...
29,886.75
Minnesota....
corn
State—
Amount
Bushels
$579,533.74
1.018.929
802,651.56
1,410,405
39,932.94
Dakota.
438,719.71
759,556
Wisconsin.....
471.39
827
Ohio:
South
2,114,563
Weather Report for the Week Ended Dec. 28—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 28, follows:
Abnormally mild weather
western
until
area
near
continued in the interior
the close of the
week
when
States
the
first
and
north¬
severe
and
extensive cold wave of the winter overspread the Northwest.
By
Tuesday morning, Dec. 27, freezing temperatures had advanced southward
nearly to the west Gulf Coast and eastward to the Appalachian Mountains,
with the subzero line reaching central Iowa and Nebraska. In North Dakota
the minima ranged from 14 degrees to more than 20 degrees below
zero; in
South Dakota from 4 to 8 degrees, and Minnesota 8 to 16 degrees below
zero, as reported from first-order stations.
The lowest was —22 degrees at
Devils Lake, N. Dak. Farther north, in the Canadian Provinces, a minimum
of —34 degrees was reported from Battleford, Saskatchewan, and Edmon¬
ton, Alberta.
Up to now for the present winter the lowest reported tem¬
perature was —12 degrees at Canton, N. Y., on Dec. 15.
At the close of the week, 7:30 a. m., Dec. 27, the cold wave had not
passed eastward over the Appalachian range and abnormally warm weather
prevailed in central and south Atlantic sections.
For example, the lowest
temperature reported for the week at Raleigh, N. C., and Norfolk, Va., was
50 degrees, at Jacksonville, Fla., 60 degrees, and at Miami, Fla., 70 degrees.
Thus we have a temperature range for the week of nearly 100 degrees betwwn
most
northeastern North Dakota and southern Florida.
The
whole, notwithstanding the low temperatures near its
close, was abnormally warm over a large northwestern and midwestern
area, especially from the central Mississippi and lower Missouri Valleys
northwestward,
where
the weekly mean temperatures ranged mostly
from 4 to 8 degrees above normal. In fact the week was warmer than normal
everywhere, except locally in a few widely scattered areas'. In the Southeast
and far Northwest the plus departures ranged mostly from 2 to 5
degrees.
Generally, however, from the Mississippi Valley eastward, and in a large
southwestern area the period had nearly normal warmth,
moderate to
substantial precipitation occurred throughout most of the South and in
nearly all sections from the middle and upper Mississippi Valley eastward.
The amounts were mostly from 1 to 2 inches or more from eastern Texas
eastward, ranging up to 6 inches in parts of southern Texas.
The extreme
Southeast and the Plains States continued dry.
West of the Rocky Mount¬
ains there was substantial precipitation along the north Pacific coast and
considerable in the eastern Great Basin and southern California; elsewhere
the weekly totals were generally small, except for heavy falls in northern
week,
as
a
Arizona.
?
Substantial rains
during the week brought beneficial moisture for truck
and winter grains throughout most of the South.
In Texas, where
large areas had been extremely dry for a long time, good rains were wide¬
spread, improving the outlook materially. Also, under the influence of warm
weather and ample moisture, winter crops made good advance in south
crops
Atlantic
areas.
An
outstanding feature of the week's weather was the cold wave that
was spreading soutward and
eastward at its close, bringing abnormally
low temperatures.
The cold weather was especially noticeable because of
the long-continued previous mildness rather than for
extremely low tem¬
peratures.
Only one previous week; the last one in November, had been
unseasonably old. An unfavorable feature of the cold wave was the lack
of snow protection for winter crops over large interior areas where a snow
cover usually prevails at this season of the year.
Surface-soil moisture is mostly ample for present needs from the Mis¬
sissippi Valley eastward, although there are a few dry areas, such as parts
of northern Illinois, and dry weather continues in the Florida
Peninsula.
Between the Mississippi Valley and Rocky Mountains rains in the south
were
highly beneficial, but droughty conditions are still unrelieved in
central and northern sections; dust storms were reported from parts of the
southwestern Plains.
Heavy snows were favorable in Minnesota and some
adjoining sections, but the snow drifted badly, blocking many highways.
Also, substantial precipitation in the eastern Great Basin, much of Arizona,
and southwestern New Mexico was helpful.
Small
Grains—East of the Missisppi River conditions continued fa¬
as a rule, for winter-grain crops, although there was complaint
lifting of wheat in the southern Ohio Valley by the quick freeze
surface soil.
Precipitation in the Southeast was timely and help¬
vorable,
of
some
on
wet
ful for grain crops.
In the western wheat
belt conditions were mostly unfavorable.
There
local, beneficial precipitation in southwestern Kansas, eastern
Dakota, and a few other places, but, in general, droughty condi¬
tions continue throughout the western wheat
belt, except in southern
districts.
Another unfavorable feature is a rather general lack of snow
protection against the current cold wave.
In fact, only the more northern
sections of the country are snow mantled.
was
some
South
In Kansas from 1 to 4 inches of snow fell in the
but elsewhere conditions continued unfavorable with
sales
consumer buying, and
during the week under review
fairly good showing, although depleted retail assort¬
to prove an impediment.
Frigid winter
weather prevailing in many parts of the
country, stimulated
interest in seasonal apparel lines.
Department store sales
the country over, for the week ended Dec.
17, according to
the Federal Reserve
sponding week of last
extreme
a
southwest,
further decline in
2%
were
Brooklyn recorded
above
the
corre¬
with the St. Louis and Boston
year,
districts making the best
showings.
and
Stores in
New York
loss in sales amounting to
4.9%,
while Newark establishments revealed a
gain of
a
5.2%.
Trading in the wholesale dry goods markets continued
to
be retarded by
holiday interruptions and inventory
activities.
it
as
Sentiment,
felt that the
was
tailers'
hands
will
however,
turned
quite
depleted condition
cause
an
optimistic,
of stocks in
re¬
early rush of buying orders,
both for January promotions and for
early spring require¬
ments.
A continued tight
delivery situation in sheets and
pillow
cases
supplies
merchants.
continued
reported, with predictions that available
insufficient to meet the demand of
was
will
prove
Business in silk goods turned
quiet, but prices
steady, reflecting the sound statistical position
70,088
Missouri
Nebraska
52,555
1,205,857.60
of
continued
4,991
Pennsylvania..
made of $15,240,prior to Nov. 26,
1938, the major portion of which represents corn transferred
from the 1937-1938 loan program.
Such loakis by States
are as .follows:
on
post-holiday lull in
volume
a
ments
800,459
190,224.86
Nebraska
837,634
In addition to the
877.32
made
Friday Night, Dec. 30, 1938
helped to offset to some
conditions
Board,
Ohio._._
70,799
477,494.86
Minnesota....
total
New York,
weather
959
3,775,554
Under 1938-1939
1,437,847.26
631,509.78
Favorable
141,610
loan program aggregate $7,317,938.18
The loans by States are as follows:
Colorado
C
Bushels
Program Aggre¬
gated $7,317,938 on 12,841,519 Bushels Through Dec. 22
—Announcement was made on Dec. 23 by the
Commodity
Credit Corporation that, through Dec. 22, loans made
by
the Corporation and lending agencies under the 1938-39 corn
Illinois
THE DRY GOODS TRADE
434,084
2,799,774 Washington
Corn Loans of CCC
generally improved
is mostly bare, in¬
cluding an inadequate cover in Montana.
In the eastern Great Basin
precipitation was helpful.
There is some snow cover in the moisture areas
of the Pacific
Northwest, but it is scanty in the drier sections.
area
2,350,143
Ohio
urgently needed in
most of this State.
In Texas rainfall of the week has
the situation.
North of Kansas the winter-wheat
2,755
North Dakota
4081
prospects; dust storms prevailed in the west near the close of the
week.
In Oklahoma
light to moderate precipitation occurred and wheat has shown
some slight
improvement, but abundant rain is still
Form B
New Mexico
2,768,105 Oklahoma
138,425
Iowa
Form A
Chronicle
of
the
industry, i Trading in
rayon yarns was inactive,
holiday and inventory influences.
The
chiefly owing
to
outlook for the
new
year,
duced to
however, continued
to be regarded
surplus stocks have been re¬
moderate levels, and prospects for increased con¬
optimistically, inasmuch
sumption
believed to be bright.
are
Domestic
Cotton
markets during the
standstill,
Goods—Trading in the
early part of the week
owing to
influences.
as
cloths
gray
came
to
a
virtual
the usual holdiay and pre-inventory
Later in
the week, however, a sudden revival
buying activities developed, due, on the one hand, to
in
the
firmer
tone
improvement in
to the grow nusers
of
raw
the
security markets, and the further
cotton values, and,
realization
on
on
the other hand,
the part of converters and other
that inventors of goods are out of line with the
pected demand.
While most orders
were
for
ex¬
January and
February shipment, some purchases for March delivery
and earlier requests for price concessions
reported,
were
dis¬
appeared quickly, opening the way for a steadier trend in
quotations.
Business in fine goods continued dull, although
during the latter part of the week inquiries for lawns in¬
creased perceptibly.
Few actual sales were consummated,
however, as mills declined to acceded to the lower price bids.
Pigmented taffetas moved in fair volume, and some interest
existed in slub yarn combed broadcloths.
Closing prices
in print cloths were as follows:
39-inch 80s, 6>8e.; 394nch
72-76s, 5% to 6c.; 39-inch 68-72s, 5^c.; 38^-inch 64-60s,
4%c.; 38^|-|nch 60-48s, 3 13-16 to 3%c.
Woolen
inactive.
share in
Goods—Trading in men's wear fabrics was
While holiday and year-end influences had their
retarding business activities,
a
determining factor
continued to be the inability of mills to accept any further
orders for nearby deliveries.
Requests for accelerated ship¬
ment of
goods were again numerous, with wholesalers, too,
as being unable to fill rush orders for fabrics,
depleted stocks. Contrasting with the current
shortage of spot goods were the fears of foreign competition
later in the year, due to the enactment of the British trade
agreement and the recent decline in the sterling rate.
Re¬
ports from retail clothing centers gave a satisfactory account
as frigid temperatures caused a rush in consumer
purchases
reported
because of
of overcoats and other cold-weather apparel items.
goods slowed down, although
in women's
wear
number
fill-in orders
the
of
market.
for winter
interest
in
coat
Business
considerable
fabrics
came
into
spring
fabrics broadened
total volume of incoming orders remained
the
expectations.
somewhat,
below
While
a
Foreign Dry Goods—Trading in linens continued sea¬
sonally quiet, but preparations for a resumption of activities
following the turn of the year were under way.
Reports
from foreign primary centers indicated that any sudden
rush of buying orders would tend to raise prices appreciably.
Business in burlap remained dull, but prices ruled steady,
partly under the influence of Calcutta reports concerning
production control in the jute industry.
Domestically
lightweights continued to be quoted at 3.70c., heavies at
4.95c.
Financial
4082
Chronicle
Dec.
New York State—Unlimited Tax Provision
Specialists in
Illinois & Missouri Bonds
Stifel, Nicolaus & Coptic.
Founded 1890
105 W. Adams St.
direct
CHICAGO
•
wire
314 N. Broadway
ST.
LOUIS
RECONSTRUCTION FINANCE CORPORATION
The list is presented in two parts, one of which embraces securities pur¬
from the Public Works Administration and the other securities
acquired direct from the issuer.
Both lists are arranged alphabetically by
States and give, as to each issue, name of issuer, description of issue,
Interest rate, maturity, and amount.
fe»Among the Reconstruction Finance Corporations major holdings, as
they appear in this new list, are $78,000,000 California Toll Bridge Au¬
thority 4s and 4 Ms, and $95,856,000 Metropolitan Water District of South¬
ern California 4s, 4Ms and 5s.
chased
Municipals
for Savings Banks Goes into Effect—A change in the Banking
Law of the State which goes into effect on Jan. 1 will have
the effect of removing from the list of eligible investments for
savings banks and trust funds those bonds issued by muni¬
cipalities outside New York State which do not carry a
pledge of unlimited taxing power.
Under Section 235 of the New York State Banking Law, as amended by
Chapter 352 of the laws of 1938, savings banks are prevented from investing
limited tax obligations issued after the current year.
Another sub¬
section of that law bars limited tax obligations issued prior to 1939 by
cities of less than 45,000 population.
Other provisions of the law stipulate that cities eligible for investment
must have population of not less than 30,000 and be incorporated at least
25 years prior to the investment and must not have been in default within
in
25 years for more than 120 days on principal or interest.
Application of the ban on future issues of tax limited bonds to trust
funds is contained in Chapter 413 of the general laws of 1938 which provides
that investment of trust funds must be governed by the same provisions
as
Bond Holdings Listed—A detailed
tabulation has been received from George R. Cooksey,
Secretary of the above Corporation, giving a complete out¬
line of the large number of municipal obligations in the port¬
folio of that Federal agency as of Dec. 5, 1938.
Municipal
Current
on
31, 1938
those affecting
savings banks.
restricting
The law will have the effect of
a
large section of the institutional
market from investment in bonds payable from limited taxes.
Texas—Road Debt Refunding Plan Being Studied
A
refunding program which would affect the entire $182,564,000 district and county road debt of Texas is now under
consideration by the State Highway Commission and the
Board of County and District Road Indebtedness.
The
boards, by a joint resolution of the Texas Legislature were
appointed to work out a program.
They were assisted by
Norman S. Taber & Co., New York municipal finance
consultants.
The proposed
refunding program is outlined in
a
100 page booklet, which
analyzes the debt position of the State and suggests measures designed to
News Items
Validated—The following
carried in the "Wall Street Journal" of Dec. 24
Maryland— Security Income Tax
report was
under
,
Baltimore by-line:
a
In the first court decision involving the constitutionality of an income
tax in Maryland, Chief Judge Samuel K. Dennis held valid the
State's
6% levy on incomes from securities.
The case involved an appeal from an assessment by the State Tax Com¬
mission on $7,221 income received by Henrietta Blaustein, beneficiary
under eight deeds of trust created by the late Louis Blaustein.
The State tax places the 6% levy on incomes from securities held by non¬
resident trustees for Maryland residents.
In this instance, the trustees
were several New York trust companies.
iElimination
of State Property Tax Advocated—The Baltimore
Realty Board w;ll urge on the Legislature passage of an act to
referendum on the question of eliminating the State
tax, with provisions to protect all outstanding
obligations for which property taxes have been dedicated,
according to C. Philip Pitt, Secretary to the Board.
permit
New Jersey—Five-Year Summary of Municipal Defaults
Prepared—An interesting folder entitled "A Five-Year Sum¬
mary of New Jersey Municipal Defaults" has been prepared
by Stern & Co., of Newark.
The tabulated summary shows
the date and type of defaulted obligations of each munici¬
pality in New Jersey.
The folder also contains abstracts
of recent legislation bearing on investments by savings
banks and fiduciaries in New Jersey municipal bonds.
Municipal Bills Enacted—The following bills were recently
passed by both Houses of the Legislature and approved by
the Governor:
733,
permitting
municipalities, with assent of Local
Government
Commissioner, to include in 1939 budgets as anticipated miscellaneous
revenue utility franchise and gross receipts taxes provided items are not
carried in excess of 1939 budgetary figure.
Chapter 413, Laws of 1938.
S.
registration fees would be reallocated to the extent that counties pay over
to the 8tate aunnally up to 4% of the principal amount of such road debt
as
is now supported by them.
This amount, it is estimated, will be
$3,800,000 annually.
The program also provides for the payment of the annual debt service
charges of $13,000,000 on the new State refunding bonds—figured at a
3 % coupon—through pledging 1 cent of the gasoline tax and the State share
of the motor vehicle registration fees as reallocated.
The excess of these
revenues above debt service requirements would be released to the highway
fund.
The municipal consultants anticipate that through the program the State
improve its entire credit structure and that of its sub-divisions,
insuring lower interest rates on any necessary future financing by them.
The bondholders' security would be enhanced, and there would be a more
rapid retirement of highway indebtedness of the entire State.
would
New
a
property
A.
strengthen the position of the bonds and at the same time reduce the total
service charges of the outstanding indebtedness.
Under the program the 8tate would reimburse the counties for the entire
principal amount of road indebtedness.
State highway refunding bonds
would be issued to provide funds for this reimbursement..
Motor vehicle
the date for adoption of 1939 county
Chapter 417, Laws of 1938.
463, extending for one month
and municipal
budgets.
Refunding Plan Introduced—In connection with the
above report we give herewith the text of a special dispatch
from Austin to the "Wall Street Journal" of Dec. 30:
Under
a
plan for county refunding of bonds ineligible for State aid
from the gasoline tax allotted to State highway bond retire¬
new
and payment
ment, approved at a recent joint session of county judges, the Road Bond
Indebtedness Board and the State Highway Commission, counties would
effect their retirement of bonds, without involving credit of the
Texas.
United States—Assessment by State Proposed for Several
Types of Property—Transfer of assessment of several types of
property from local officials to State tax departments may be
one means of
improving assessments a report issued by a
special committee of the National Association of Assessing
Officers declared
New
York, N. Y.—Estimate Board Approves Renewal of
Cigarette Tax—The Board, of Estimate at a special meeting
on Dec. 22, gave its approval to the extension until
July 1,1939, of the 1 cent per pack tax on cigarettes.
held
It followed the same action taken by the City Council the previous day.
The tax had been due to expire at the end of the year.
It will now con¬
tinue in force until July 1, next.
It is expected to raise about $7,000,000
relief purposes.
Board approved a renewal of the tax several protests were
by representatives of the retail tobacco industry.
1W. A. Hollingsworth, Chairman of the Retail Tobacco Merchants' Asso¬
ciation, said that the tax placed an unfair burden on retail tobacco mer¬
chants in meeting the competition from dealers outside the city where
there is no such tax.
The tax, he contended, constituted a 7M% levy on
to be devoted to
Before the
made
the dealer.
Council
Budget—The City Council, meeting
LaGuardia, od Dec. 28,
by a vote of 16 to 8, adopted a resolution "respectfully re¬
jecting the alleged veto message of the Mayor transmitted to
the City Council," and directed the clerk to return the mes¬
The resolution was offered by Council¬
sage to the Mayor.
man Joseph
Kinsley of the Bronx.
Rejects Veto
on
in special session at the call of Mayor
The resolution
had reference to
veto
by Mayor LaGuardia of Items
Involving $375,000, which the Council had eliminated from the $140,000,000
1939 capital outlay budget, which it recently adopted.
The money was
Intended for an unloading plant and garbage dumps in Brooklyn and
Queens, to which both boroughs were opposed.
In the preamble of the resolution it was said that the charter govern¬
ing the capital outlay budget gave no power to the Mayor to veto "all
or any part
of the oudget finaUy adopted,"- and further that the time
within which the Council could rightfully act in respect to the matter,
h&d expired.
As the meeting adjourned President of the City Council Newbold Morris
remarked, "then the veto stands," to which Councilman Abner O. Surpluess
of Brooklyn retorted: "No, the veto is not sustained," pointing out that
the Council refused to act on the ground that the charter did not give the
Mayor the power of the veto.
t
a
State of
Approval of this program was construed by some as indicating abandon¬
ment of the widely discussed Taber plan providing for issuance of refunding
bonds by the 8tate, pledging credit of the highway department, as a basis
for recommendations to the Legislature.
The Taber plan would require a
constitutional amendment, the other would not.
Under the new plan, counties and districts would be promised the surplus
of the gasoline tax allocation over the amount needed to service the Stateassumed bonds.
Bonds issued before Jan. 1, 1939, would be eligible.
It
was estimated
$19,750,000 would be available in 1940, effective date of
the plan, through a
balance of $9,250,000 and an annual income of
$10,50(3,000,
on
Dec. 27.
The report by the Association's committee on assessment administration1
and
personnel
assess
points
out
that local
assessors
are
frequently required to
such non-local property as public utilities, forest lands, rolling stock
of transportation companies and in tangibles, although with
facilities they face "a well-nigh impossible task."
their limited
The committee recommends that local assessors continue to
assess pri¬
vately owned real estate and tangible personal property not appropriate for
assessment by State agencies.
The transfer of the other types of property
to State agencies would give local assessors the opportunity to
devote
"time and energy now dissipated in the assessment of properties better
adapted by nature to State assessment," the report declares.
Among the advantages of State assessment for such properties as utilities,
mines and forests, and intangibles, the report points out, are that State
governments have greater access to necessary records, and greater resources
in personnel.
State assessment of types or property recommended will also
make it easier to adopt uniform standards and practices, which will result in
greater uniformity of assessment on a State-wide basis, it maintains.
Among the principles recommended by the committee for division of
assessment between local and State agencies are:
that the division of juris¬
diction between State and local agencies should be clear to both taxpayers
and assessors, and that the agency assessing a property tax should be the
agenpy which depends most heavily upon the proceeds of the tax.
Also, aU property which lies in more than one local assessment district
and which could more equitaDly be assessed as a unit should be assessed by
a
State
agency.
found should be assessed by
constantly moving in and out of
or Federal agencies such as in¬
tangibles, and property found in relatively small numbers and requiring
highly trained persons for appraisal.
Other clases of property which the committee
State agencies include migratory property
the State, property inventoried by State
Cities Study Boundary Changes Under Differing^ State Laws—
Many cities planning to change their boundaries by annex¬
ation, detachment or consolidation dm*ing 1939, before the
next decennial census, must meet a variety of legal provisions,
a survey
by the American Municipal Association shows:
The survey pointed out that
annexation has slackened in the last decade,
Since April, 1930, there have been 344
in all cities over 10,000.
During a
previous 15-year period,'14 of the larger cities alone made 99 annexations.
after
a
heavy period of activity.
annexations
and
105
detachments
Volume
Ail but
147
Financial
Chronicle
States provide some general method
municipalities can add or detach
by which one or more
territory, according to the survey.
In the 11
States—Connecticut, Delaware, Florida .{Georgia, Idaho, Louisiana
Maine, Maryland, Massachusetts, North Carolina and Rhode Isalnd—
cities must seek special acts of
the Legislature for the purpose.
classes or
4083
11
Bond Proposals and Negotiations
In the other 37
ALABAMA
States cities are neither granted the
privilege of taking
aetion through their
councils, petitioning for the change in territory, or
they can make the move by ordinance.
Elections are held for final
ANNISTON, Ala,—BOND
SALE—The $50,000 issue of 5% coupon
water revenue bonds offered for sale
on Dec. 21—V.
147, p.
3794—was awarded to Marx & Co. of
Birmingham, at a price of 117.19, a
approval
'.detachment in a majority of the cases.
In a few States
act upon such proposals after
holding hearings for interested property
of the annexation or
courts
semi-annual
owners.
VSei? ® ^out 3.47%.
Although boundary changes frequently have a decided effect on financial
obligations of the units of government
involved, only about 20 States make
definite provisions for
dividing the debts of governmental units in the
utilized for recreation
or
replies from 138 of the 190 cities of over 59,000.
population, exclusive of the District of Columbia.
Of the cities responding,
78 reported that no local measures were
submitted to the voters, but the
remaining 60 cities reported a total of 222 such measures proposed to
their respective electorates.
Of the total number of
proposed measures,
129 were defeated and 93 were approved.
Further, 131 measures con¬
cerned the issuance of bonds and
91 concerned other subjects.
Charter
amendment was the objective of 59 of the 222
proposals.
1
Most
held on
of
the
Nov.
on
elections
which
at
these
measures
submitted
were
were
8,
1938, although 15 other dates were used for the recent
by cities included in this survey.
These other election dates
were in each month from
April to November, inclusive, the latest election
occurring on Nov. 15.
elections
Bond-issue proposals constituted
59% of the number of local measure
submitted to the voters in the cities
covered, although 100 cities reported
either that no proposals were
voted upon or that no bond-issue questions
were included on
their recent ballots.
Electorates in the remaining 38
cities voted
bond issues totaling $97,402,315, of which an amount
or approximately 65% of the total, was defeated,
was approved.
The purpose of these proposed issues
are shown in Table 1.
proposals, the elections permitted the
their approval or disapproval of a
variety of other measuers,
upon
equal to $63,703,000,
while
llfL91
SOLD—It is
CLANTON, Ala.—BONDS SOLD—We are advised by Steiner Bros, of
-Birmingham that on Dec. 20 they purchased $16,000
4% water bonds at a
mL' a hasis of about 4.04%.
Due $1,000 annually from 1939 to
1954 incl
The next highest bidder was
King, Mohr & Co., Inc. of Mont¬
gomery, offering 99.72.
i
GADSDEN, Ala.—BOND SALE—The $166,000 issue of coupon public
improvement bonds offered for sale on Dec. 27—V.
147, p. 3941—was
awarded jointly to the Weil, Roth &
Irving Co., and Walter, Woody &
Heimerdmger, both of Cincinnati, as 4s, paying a premium of $95. equal
to 100.057, a basis of
about 3.99%.
Due from Jan. 1, 1940 to 1949 incl.
,
submitted to voters in the recent elections in large cities
chiefly concerned with bond issues, but most of the proposals for
were defeated, according to an
analysis released today
by William L. Austin, Director of the Bureau of the
Census, Department
$117 l«
117B7
L
AUBURN, Ala.—BONDS
measures
of Commerce.
The study was based
__
reported that $12,000 4% semirefunding water and sewer bonds have been
purchased jointly by
King, Mohr & Co..and George M. Wood &
Co., both of Montgomery, at
price of 103.17.
Due from 1939 to 1951.
-
States—Proposals Voted Upon in City Elections>
1938;—The following is the text of a press release made
public on Dec. 27 by the Department of Commerce, Bureau
of the Census, from
Washington:
were
_
a
public utility purposes.
newborrowings
Price Bid
__
arm.
United
Local
V
Cumberland Securities Corp
Stubbs, Smith & Lombardo
Milhous, Gaines & Muyes
cases has been devised by several
municipalities control over property outside their
boundaries for such regulation as lot size and
street arrangement.
Michigan
cities, for example, can exercise such control for three miles
beyond their
limits, while Minnesota municipalities have a 2-mile control.
Most cities,
also, permit their municiplaities to own lands outside
city limits when they
Due from April 1, 1939 to
i
Other bids were as follows:
Names of Other Bidders—
annexation or detachment
process.
A substitute for annexation in
some
States which grant
are
Dated April 1, 1935.
1967, incl.
-
HOMEWOOD, Ala.—BOND TENDERS REJECTED—It is stated that
aHtendersof improvement refunding
3%-5% Second Series, dated Jan. 1,
1938, bonds, were rejected.
ROANOKE, Ala.— WARRANTS SOLD—It
semi-annual
Board
King, Mohr &
Birmingham
Co.
is said that
$15,000 3H%
purchased recently by
of
Education
of
Montgomery and Stubbs, Smith & Lombardo
at a price of 100.17.
warrants
were
of
Due from 1939 to 1946.
SELMA, Ala.—BOND OFFERING—It
is
stated
by R. M. Watters.
City Clerk, that he will receive bids until noon on Jan. 23, for the
purchase
of an issue of
$165,000 high school building, series B bonds.
Due Feb. 1,
follows:
$4,000 in 1942 to 1945, $5,000 in 1946 to 1949, $6,000 in 1956
to 1957, $7,000 in 1958 to
1964, and $8,000 in 1965 to 1968.
Bidder to
as
name rate of
interest.
TALLADEGA
No bid of less than par will be
accepted.
COUNTY
(P. O. Talladega), Ala.— WARRANTS
reported that $166,000 3% semi-annual school warrants have
purchased jointly by King, Mohr & Co. of Montgomery;
Stubbs,
SOLD—It is
been
Smith & Lombardo of
Birmingham, and the Cumberland Securities Corp.
of Nashville at a
price of 99.85.
Due from 1940 to 1956.
$33,699,315
and the number of
proposals approved and defeated
In addition to the bond-issue
voters to express
°f which 57 were
defeated
and
34
approved. * These 91 measures,
classified by major
subject, are shown in Table 2 below, whieh shows,
also the number of
proposals approved and defeated.
Thirteen of the
measures
were
related to two
ALASKA
JUNEAU, Alaska—IIIGII BIDDER—E. M. Adams & Co. of Portland
submitted the best bid for the $93,000 coupon or
registered municipal impt.
bonds offered Dec. 20—V. 147, p.
3641—naming a price of 100.276 for 3}^s.
City Council was expected to act in the matter on Dec. 27.
The bonds are
dated Oct. 1, 1938 and mature Oct. 1 as follows:
$3,000, 1939; $4,000.
1940 to 1944 incl.; $5,000 from 1945 to 1958 incl.
Next highest bid of
100.53 for 2Mb was made by Blyth & Co. and Jaxtheimer &
subjects each, and, to this extent, the total number
the total number of subjects.
number of local questions that the voters of
any one city were
asked to decide at one election
ranged from 1 to 29 in the cities covered by
this study.
In a few of the cities reporting more than one measure voted
upon during the year, such measures were
not necessarily submitted to
the voters on the same
date, as 15 cities reported two election dates.
This,
account.
ures,
ACT
measures is less than
The
;
however, was not the case in the three cities in which 11, 13, and 29 meas¬
respectively, were proposed, as in each such instance the total number
was
were
submitted
on
a
resubmitted
at
the proposals were
single ballot.
election
an
In
held
approved, leaving
city, four defeated measures
months later, when three of
again defeated.
one
three
one
Co., in joint
■
''
.
ARKANSAS
ARKANSAS,
State ot—CHANGES IN HIGHWAY REFUNDING
OPPOSED—Any effort during the legislative session convening Jan. 9,
to repeal or revise Act 11 of
1934, the Highway Debt Refunding Act, will
be opposed by Gov. Carl E.
Bailey.
His policy will be to adhere tb the
Refunding Act until it is possible to refinance the debt, now at $142,000,000,
at lower interest rates.
TABLE
1—BOND-ISSUE
PROPOSALS
'CITIES,
VOTED
UPON
IN
38
DE
1938*
news
VALLS BLUFF, Ark.—REVENUE BONDS TO BE ISSUED—A
report from Little Rock to the "Wall Street Journal" of Dec. 30 had
the
Number of Proposals
Purpose of Bond Issue
Total
Submitted
Approved
Defeated
Buildings and equipment
Schools
l
18
following to say:
City of DeVails Bluff, Prairie County, will proceed with issuance of
$411,000 revenue bonds for construction of White River barge terminal,
following delivery of opinion by Arkansas Supreme Court to sustain Act
231 of 1937.
In a taxpayer's suit, municipal attorneys argued that pro¬
posed river facilities are necessary because of "need of readjustment of
freight rate structure in the South, particularly in Arkansas.Act 231 of
1937 authorizes issuance of revenue bonds for river navigation facilities,
but specifically oans bonds payable out of general
property taxation.
7
: f
10
5
5
<
10
2
Assembly halls, &c
8
8
3
Libraries and art galleries...
Hospitals and sanatoriums..
'5
8
2
6
here—V.
7
2
5
tion.
; ii
6
5
5
4
3
2
Administration
_
_
j_
_
Police and flre__
Other
_
.....
.....
Public service enterprises:
Airports.
..........
11
"
..
•„
*
9
...
Water.
5
Street railways and buses..
2
Sewers and incinerators.....
Street improvement and
FORREST CITY, Ark .—PURCHASER—It is now reported by the
City
Clerk that the $35,000 city hall and library bonds sold recently, as noted
2
-
\
147, p. 3942—were purhcased by the Public Works Administra¬
'
'. :
'
.
14
9
city yards.
12
6
9
1
8
3
1
2
p.
5
3
2
131
59
72
Waterways...
......
General improvements..
Total
In
100 other cities reporting, no
bond issues
were
electorate.
5
6
.
submitted to the
ST.
PROPOSED (OTHER THAN BOND
ISSUES)
AND NUMBER APPROVED AND DEFEATED
FRANCIS
"
Total
Approved
Defeated
Organization and personnel:
Officers and employees:
Terms of office and title
Additional offices created
Salaries.
„»•'
O.
West Memphis),
Ark,—
as
147,
it appeared in,the "Wall Street
"Following sale of $500,000 of 3% bonds, board of directors of St. Francis.
Levee District will proceed with redemption of $710,000 of 5% bonds on
been made.
Board's offer is $1,019.10 plus accrued interest
which call has
at 1
%.
Refunding issue was purchased by Federal Securities Co., Memphis
bid of par plus premium of $8,190.
Proceeds will be supplemented by
on
band.
Maturities of refunding issue include $75,000 payable
cash
Jan.
1949;
1 from
?
1940 through
.
V V
1944 and $25,000 annually from 1945 through
.
•
CALIFORNIA, State of—WARRANTS SOLD—It is reported by
Barry B. Riley, State Controller, that an issue of $2,349,480 registered
unemployment relief warrants was sold on Dec. 23 to R. H. Moulton &
Co. of Los Angeles, paying a premium of $6,369.44.on 2%. Dated Dec. 28,
1938.
General government organization
Boards and commissions,
(P.
CALIFORNIA
■
Proposed
DISTRICT
3942—the following news item is given
Number of Subjects
Subjects of Proposals
LEVEE
REPORT ON BOND REDEMPTION—In connection with the notice
given
in our issue of Dec. 24 on the sale of the $500,000 refunding bonds—V.
on
TABLE 2—SUBJECTS
I.
...
Journal" of Dec. 24:
Playgrounds and parks
*
.
,
NEWTON
COUNTY
(P.
O.
Jkaper), Ark.—BOND SALE^-The
$10,000 issue of 5% semi-ann. court house bonds offered for sale on Dec. 23
—V. 147, p. 3942—was purchased by the Newton County Bank of Jasper,
at par, according to the County Clerk.
Due from 1940 to 1944, incl.
Due
on or
about May 29, 1939.
•
7
1
6
11
It is also stated that an issue of $2,949,341.49 revolving fund warrants
5
6
purchased on Dec. 27 by R. II. Moulton & Co. of Los Angeles, at 2%,
plus a premium of $10,675. Dated Dec. 27,1938. Due on or about July 28,
4
,
8
4
1
Appointment and removal
7
3
Hours of labor
3
4
1
11
Civil service
1939.
7
7
_
was
7
3
METROPOLITAN
WATER
DISTRICT
OF
SOUTHERN
CALI¬
FORNIA (P. O. Los Angeles), Calif.—BONDS OFFERED FOR INVEST¬
MENT—A banking group headed by The Chase National Bank offered on
proposals relating to two subjects each have been counted
twice in this table.
Two of these proposals were approved and 11 were
Dec. 28 an issue of $13,556,000 4% Colorado River water works refunding
bonds due Aug, 1, 1946 to 1986, incl., at prices to yield from 2.50% to
3.55%, according to maturity.
Other members of the offering group are Bankers Trust Co., the National
City Bank of New York; R. H. Moulton & Co., Inc.; Lehman Brothers;
The First Boston Corp.; Smith, Barney & Co.; Blyth & Co., Inc.; Brown
Harriman & Co., Inc.; Bancamerica-Blair Corp.; Ladenburg, Thalmann
& Co.; Dean Witter & Co.; Weeden & Co., Inc.; the Northern Trust Co.,
Chicago; Stone & Webster and Blodget, Inc.; Phelps, Fenn & Co.; Union
Securities Corp.;
Security-First National Bank of Los Angeles; Bankamerica Co., San Francisco; the Anglo California National Bank; American
Trust Co. Bond Department, San Francisco; F. S. Moseley & Co.; A. C.
Allyn & Co., Inc.; R. W. Pressprich & Co.; Hallgarten & Co.; Stifel, Nicolaus
& Co.,
Inc., Chicago; Paine, Webber & Co.; Eastman, Dillon & Co.;
Roosevelt & Weigold, Inc.; Kean, Taylor & Co.; B. J. Van Ingen & Co.,
Inc.; Tucker, Anthony & Co.; Hemphill, Noyes & Co.; Merrill Lynch &
Co., Inc.; Schwabacher & Co.; Kelley, Richardson & Co., Inc., Chicago;
Wells-Dickey Co., Minneapolis, and Arthur Perry & Co., Inc., Boston.
defeated,
a One of the defeated measures had the effect of
revoking an
closing grocery stores and meat markets on Sunday,
b Pro¬
posals affecting operation of utilities and liquor stores and creation of
bousing authority.
•
-
from present Federal
They are legal investment for
savings banks and trust funds in California, according to the bankers.
Pensions
^
4
3
-
3
Financial:
2.
,
8
Fund investment
3.
Regulatory;
Picketing
3
5
3
or use,.
2
1
2
1
2
1
1
Alcoholic beverages
Traffic,
1
1
1
—
'
Sunday sales, a
Public service enterprises.b,
4.
5.
Elections
6.
4
7
Miscellaneous-_
2
5
13
7
6
6
..
4
2
36
68
104*
*
4
Thirteen
ordinance
.
The bonds are, in the opinion of counsel, exempt from personal property
taxes in California and the interest thereon is exempt
income and California State income taxes.
Financial
4084
from the RFC and were
They were purchased by the group
a part of a total of $208,500,000 of bonds
committed for by the RFC. To date, the RFC
refund
issued to
which were purchased or are
has disposed of $75,056,000
of these bonds.
and independent corporate
The district, a separate
political entity, com-
1938
31,
Dec.
Chronicle
prices for their bonds we find an average appreciation of nearly
eight points over a year ago, or approximately 17% percentage-wise.
In
only one of these 10 is the price practically the same as a year ago.
In
some cases the market is 15 to 20 points higher.
There may be price recession in a few cases, but we believe the prices of
average
Florida bonds are not yet
at their high points, speaking again
of the average
individual issues. We base this statement on the intrinsic value
themselves, which value is too often obscured by a poor finan¬
cial statement.
Space does not permit of a discussion of this phase, but
(and we have always stressed this point) a beautiful financial statement isn't
what counts. It is the ability to collect taxes that is the real test and in the
case of many situations, this ability is easily demonstrated.
The private investor, looking for security and yield and not bound by
hard and fast rules nor concerned primarily with broad markets, can still
find splendid opportunities for investments in Florida municipals.
and not of
of the bonds
Angeles, Long Beach, Pasadena, Glendale, Santa Monica,
Beverly Hills, Burbank, Compton, Anaheim, Fullerton, San
Construction of the project was initiated in January
1933 and, with 90% of the entire aqueduct project now completed, it is
Los
include
Santa Anna,
Marino and Torrance.
expected that the project will be put into operation by July 1, 1939. The
major remaining work on the main aqueduct is the completion of
pumping plant equipment installations, it is reported, and by Dec. 1, all
of this work will be past the 90% mark.
Intake plant will be placed in
operation in January and the other four plants will follow within a period
only
of
few months,
RFC REPORT ON BOND SALE—The
a
ment released
by the RFC on the above
following is the text of the state¬
public bond offering:
FINANCE CORPORATION
RECONSTRUCTION
Washington
Dec. 28, 1938.
Jones, Chairman of the
H.
Jesse
Reconstruction Finance Corporation,
announced that RFC today had sold $13,556,000 Metropolitan Water
District of Southern California 4% Colorado River waterworks refunding
headed by the Chase National Bank of the City of New
representing a premium of $1,084,480.
of a $207,000,000 loan authorized by RFC
to the Metropolitan Water District to finance the construction of an aque¬
duct for carrying water from the Colorado River in Arizona to Los Angeles
and 12 other cities in lower California.
bonds to
group
a
York at 108 and accrued interest,
These bonds represent part
bond offering appears
(The official advertisement of this
on
page iv
Possibly what may be the most important recent development in the
municipal situation in Florida, is covered in an opinion expressed by the
Federal District Court Judge in Miami, on the application of Vero Beach
to go under the Municipal Bankruptcy Act.
The important part of the
opinion is in effect, that judgments already rendered against a municipality
do not constitute "vested rights'' but the holders of such judgments are
bound by the terms of the proposed refunding and possess no greater rights
than do other bondholders.
If sustained by the higher courts this opinion
will have far-reaching effects on refunding programs, since it will effectually
stop the imposition of special levies to satisfy judgments.
Alachua County Road District No. 1, in connection with a refunding
program calling for new bonds at lower interest rates, recently sent out a
call to redeem all outstanding bonds, (totaling approximately $2,967,000),
for payment on Jan. 1, 1939. Inasmuch as 60 days' notice to call the bonds
is required and we are advised the call did not go out until late in November,
it appears that those holders who desire can continue to receive interest at
the present prevailing rates until July, which is the first date the bonds can
legally be called. It seems to us the district and the refunding agents are
open to criticism for attempting to stampede bondholders into surrender of
their old bonds before it is legally possible to call them.
of this issue.)
*
COUNTY (P. O. Sah Luis Obispo), Calif.-^with the offering held on Oct. 17, of
the $110,000 4% semi-ann. court house bonds, the sale of which was
deferred—V. 147, p. 2566—it is stated by Gwen Marshall, County Clerk,
that the bids are being held awaiting the approval of an application for a
$90,000 Public Works Administration grant.
LUIS OBISPO
SAN
BONDS NOT SOLD—In connection
GAINESVILLE, Fla.—LIST OF BIDS—'The following is an official list
334% coupon water works certi¬
Jacksonville, as reported
in detail in our issue of Dec. 24—V. 147. p. 3943:
of the other bids received for the $70,000
ficates awarded to the Barnett National Bank of
Names of
Price Bid %
$71,407
70,763
Other Bidders—
First National Bank, Tampa
John Nuveen & Co
Welsh, Davis & Co
COLORADO
COLLINS, Colo.—BOND OFFERING—It is reported that
sealed bids will be received by the City Clerk until 5 p. m. on Jan. 13•
for the purchase of a $55,000 issue of street railway bonds.
FORT
LARIMER COUNTY SCHOOL DISTRICT
NO. 5 (P. O. Fort
Collins), Colo.—BOND OFFERING CONTEMPLATED—We are informed
that an offering will be made in the near future of $148,000 refunding
bonds.
Interest rate is not to exceed 5%.
Denom. $1,000.
Dated
March
1, 1939.
PUEBLO, Colo.—WARRANTS TO BE ISSUED—We
understand that
off
this city win issue in the near future a total of $145,000 warrants to pay
that amount of past due interest, accrued on old special improvement
district obligations.
CONNECTICUT
Other bids:
Int. Rate
p» Bidder—
Rate Bid
\XA%
_____
R. L. Day & Co.;
100.955
1H%
100.909
134 %
100.8999
134 %
134%
Salomon Bros. & Hutzler
The Chemical Bank & Trust Co.;
100.8599
100.793
:
Equitable Securities Corp.; Edw. M. Bradley &
Co., Inc., and Bridgeport Ci% Co.
Stoddard & Williams,
Inc., andCooley & Co
Smith, Barney & Co., and Mercantile-Commerce
JACKSONVILLE,
Bank & Trust Co
Shields
&
Co
-
-
Co.,
Blyth. &
Kean,
Inc.;
Taylor
&
Co., and
National
Scranton &
100.679
Bank of N. Y.,
Co
n
Co
& Co_____
—
Stuart & Co., Inc.; First of Michigan
Corp., and The R. F. Griggs Co
The National City Bank or N. Y.; Bank of the
Manhattan Co., and Paine, Webber & Co
Bankers Trust Co.; Newton Abbe & Co., and
Estabrook & Co., and Putnam
;
r_— _
before Circuit Judge Paul D.
"It was learned recently,"
Barns.
Mr. Cook said, "that when the new bonds
by the Florida courts the refunding agents plan to make
an offer of exchange to all present holders of Miami bonds.
The new bonds
are serials, and the maturities of the $14,000,000 authorized for the-first
step in the refinancing plan run from 1939 to 1961, with coupon rates rang¬
ing from 3 % for early maturities to 4 A % for the late maturities.
"The refunding plan calls for the orderly serial retirement of the city's
have been validated
by 1962, with
estimated savings to taxpayers of approx¬
imately $18,000,000 in interest charges over the life of the bonds."
Prin¬
cipal objection to the refunding plan as set out in Mr. Price's answer to the
validation application, is that it will work too great a hardship on the tax¬
payers during the first 10 years of the program.
COUNTY
OSCEOLA
(P.
O.
Kissimmee), Fla.—BOND
RECEIVED—In connection with the call for tenders of
OFFERINGS
county-wide Special
Bridge Districts Nos. 2 and 4 refunding bonds,
1936, it is reported by W. V. Knott, State Treasurer, that
received from five parties.
dated May 1,
offerings were
SCHOOL DISTRICT NO. 12
100.6299
VOLUSIA COUNTY SPECIAL TAX
1M%
134 %
100.6099
school bonds offered for sale on Dec. 15—V.
134%
100.578
134 %
100.42
134%
100.269
Fla.—BONDS SOLD TO PWA—The $92,000 issue of
147, p. 3795—was purchased
by the Public Works Administration, as 4s.
Due from Jan. 1, 1947 to
O.
(P.
100.607
Halsey,
Washburn & Co
MIAMI, Fla.—BOND DEBT REFUNDING PLAN AWAITING COURT
& Weeks, syndicate managers for the refunding
bond debt, are ready to carry out the first step in
the refinancing "as soon as validation proceedings have been completed,"
according to Robert H. Cook, Inc. of Miami, member of the syndicate.
The validation has been tied up in litigation by a group of private citizens
through Mitchell D. Price, and a hearing now is pending, but no date set,
HEARING—Hornblower
of Miami's $28,808,000
134%
Inc., and F. S. Moseley
Brown Harriman & Co.,
&
100.72
1^%
and Hemphill, Noyes & Co__
and Chas. W.
a
Road and
134%
Coburn & Middlebrook
Lazard Freres & Co.,
Chase
Fla.—CERTIFICATE OFFERING—It is reported
18, by the City Commission,
$250,000 issue of water revenue certificates.
bids will be received until Jan.
purchase of
entire indebtedness
The First Boston Corp.; Day,
...
WEST,
validated by the Legislature.
for the
Conn.—BOND SALE—The $600,000 coupon or regis¬
tered general public improvement bond issue (No. 6) offered Dec. 29 was
awarded to an account composed of Lehman Bros., Phelps, Fenn & Co.,
Inc., both of New York, and Watling, Lerchen & Hayes of Detroit as
l^s, at 100.062, a basis of about 1.24%.
Dated Dec. 15, 1938. Denom.
$1,000.
Due $60,000 annually on Dec. 15 from 1939 to 1948, incl. Prin¬
cipal and interest (J-D 15) payable at the City Treasurer's office. The bonds
are unlimited tax obligations of the city and have been approved as to
legality by Storey, Thorndike, Palmer & Dodge of Boston.
The bankers
re-offered the bonds to yield from 0.20% to 1,45%, according to maturity.
*_
Fla.—FLOA TING DEBT TO BE FUNDED—First step
toward putting the city on a cash basis was taken by the City Council
recently when the finance committee was instructed to prepare a plan for
issuing bonds for all the city's floating obligations.
A complete audit of
the city's accounts will be necessary.
It is estimated that the floating debt is between $250,000 and $300,000.
Whatever decision is reached for refunding the obligations will have to be
KEY
that sealed
NEW HAVEN,
70,648
70,742
71,134
71,449
1
Leedy, Wheeler & Co.
Wolding, Rogers & McKee
Kuhn, Morgan & Co.
Deland),
1966 incl.
The $9,000 issue of school bonds offered for sale at the same time, was
purchased by the Barnett National Bank of Jacksonville.
Due $1,000
from Jan. 1, 1946 to 1954 incl.
IDAHO
COUNTY (P. O. Preston) Idaho—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Jan. 7, by C. L. Swenson, Clerk
of the Board of County Commissioners, for the purchase of a $20,000
FRANKLIN
BONDS
FLORIDA
Interest rate is not to exceed 4%, payable
in two to 20 years. Prin. and int. payable
Treasurer's office. Enclose a certified check for 5% of bid,
payable to the County Treasurer.
issue of coupon county bonds.
J-J.
Dated July 1, 1938.
Due
at the County
Clyde C. Pierce Corporation
Barnett National Bank
Building
Branch Office:
First
National
Bank
ILLINOIS
FLORIDA
JACKSONVILLE
Building
T.
TAMPA
8.
CHICAGO
Pierce. Resident Manager
DISTRICT,
PARK
FLORIDA
ALACHUA COUNTY SPECIAL ROAD AND BRIDGE
NO. 1
coupon
DISTRICt
(P. O. Gainesville), Fla.—BOND SALE—The following issues of
bonds, aggregating $2,994,000, offered for sale on Dec. 28—V. 147,
S.rlando, the Clyde C. Pierce group composed of Leedy, Wheeler & Co.
3942—were purchased by a Corp. of Jacksonville, and John Nuveen
Co. of
of
&
Chicago, paying a price of 97.50, according to report;
$1,500,000 4% semi-annual refunding, series of 1938 bonds.
Due Jan. 1
as follows:
$100,000 in 1940 to 1944, $125,000 in 1945 to 1948,
$150,000 in 1949 to 1951 and $50,000 in 1952.
1,494,000 434 % refunding, series of 1938 bonds, payable J-J. Due Jan. 1,
as follows:
$100,000 in 1952, $150,000 in 1953 and 1954, $200,000 in 1955, $250,000 in 1956 to 1958 and $144,000 in 1959.
Bonds maturing from 1953 to maturity shall be redeemable on
any interest payment date on and after Jan. 1, 1952, at the
option of the Board of Bond Trustees upon 30 days' published
notice and upon payment therefor at 102.50% of the par thereof
plus accrued interest to the date fixed for redemption.
Dated July 1, 1938.
Denom. $1,000.
Prin. and int. payable in lawful
money at the Chemical Bank & Trust Co., New York.
FLORIDA,
State
of—CURRENT
CUSSED—The following statements
MUNICIPAL
are
SITUATION
DIS¬
taken from the December bulletin
of about 2.02%. Dated
Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1, 1948. District reserves the
right to call and redeem all bonds prior to maturity at par and accrued
interest on June 1 as follows:
$28,000 ,1940; $30,000 in 1941 and 1942;
$40,000 in 1943 and 1944; $50,000 in 1945 and $188,000 in 1946.
Other bids:
I
_.
_
1
Bidder—
First
National
Bank
of Chicago.j.
_
Rale Bid
102.563
Illinois Company of Chicago
Harris Trust & Savings Bank
102.409
102.159
York
Northern Trust Co. of Chicago
102.11
102.058
Chase National Bank of New
FAIRBURY,
111.—BOND SALE—An
issue of $10,000 3 54%
sewer
system bonds has been sold subject to result of election to take place on
Jan. 24.
Dated Jan. 1, 1939.
Denom. $1,000.
Due $1,000 on Jan. 1
from 1947 to 1956 incl.
Principal and interest (J-J) payable at the First
National Bank, Chicago.
Chicago
SALLE, 111.—BOND SALE—John Nuveen & Co. of
pur¬
$35,000 3% coupon, registerable as to principal only, swimming
construction bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due
Oct. 1 as follows:
$1,000, 1940 to 1944 incl.; $2,000 from 1945 to 1956
incl., and $3,000 in 1957 and 195$.
Principal and interest (A-O) payable
at City Treasurer's office.
Legality to be approved by Chapman & Cutler
of Chicago.
La
chased
pool
issued by A. B. Morrison & Co. of Miami:
In our December, 1937 bulletin we predicted
a stiffening in prices in
Florida municipals generally during 1938.
That prediction has come true.
Practically all issues, with very few esceptions and those mainly drainage
bonds, have registered substantial gains. Perhaps the most convincing proof
of this is in the case of city bonds where refunding has been effected, and
where prices are on a rate, and not a yield basis.
These bonds do not par¬
ticipate in the gas tax but must depend mainly on ad valorem taxes for debt
service. Taking 10 representative cities of this class and figuring weighted
$406,000
3795—were awarded to
III.—BOND SALE—The
254% funding bonds offered Dec. 27—V. 147, p.
John Nuveen & Co. of Chicago at 104.088, a basis
INDIANA
BOONE
COUNTY
(P.
O.
Lebanon),
Ind.—BOND
SALE—The
$60,000 county jail and heating plant construction bonds offered Dec. 22
—V, 147, p. 3490—were awarded to John Nuveen & Co. of Chicago as
2s at par plus $281.90 premium, equal to 100.469, a basis of about 1.92%.
Dated Dec. 22, 1938 and due $3,000 on June 15 and Dec. 15 from 1940
to
1949 inclusive,
Other bids;
Volume
147
Financial
Bidder—
int. Rate
Harris Trust & Savings Bank
Fletcher Trust Co
Kenneth S. Johnson
__
Indianapolis Bond & Share Corp,
Union Trust Co. of Indianapolis
____
Central Securities Corp
City Securities Corp___
Boone County State Bank
BOONEVILLE,
___________
_
LEE
2 34%
2 34%
2*4%
2M%
234 %
Dec.
23i%
Fletcher Trust Co
2 34 %•
McNurlen & Huncilman
3%
4%
_
Booneville National Bank,,
RAKE, Iowa—BOND SALE—The $11,000 issue
RICHLAND
of interest,
1966 incl.
to
expressed in
multiple of 34
a
required to
was
of 1%.
reject all bids in event of failure to receive Public
previously petitioned.
name a
Right
due $5,000 from 1941 to
basis of about 2.245%.
TOWNSHIP
LAKE
COUNTY
Lexington),
awarded
11
,
>
O.
Crown
LAKE
COUNTY
(P.
Crown
O.
a. m.
the
Point),
advancement
HIGH
SCHOOL
CORPORATION
Ky.—BONDS OFFERED—Sealed bids
(P.
O.
until
received
were
on
following
purposes:
\
Refinancing loan
:
Repairing the old Pythian home buildings and seven
______
_
Linlee Scnool
_
:
Douglass School
—
of ground
$31,000
16,000
of—BRIDGE
2,000
35,000
—
DEBT
TO BE REUDCED—The
bonded indebtedness of Kentucky's State-owned bridges will be reduced
to $9,841,000 by payment of $1,000,000 for bond retirement next month.
Outstanding bridge bonds totaled $10,841,000 after the last payment made
in June, highway department records show.
The Treasurer s office re¬
ported a cash balance of $1,161,741.40 in the bridge sinking fund at the close
of November.
A $172,000 payment will be made in January on the $13,409,000 indebtedness of the eight grouped intrastate bridges at Paducah,
Canton, Eggner's Ferry, Smithland, Spottsville, Tyrone, Boonesboro and
Burnside.
The State will pay $17,000 to reduce the $216,000 in outstanding
bonds of the only other intrastate bridge owned by the Commonwealth,
the span over the Green River at Calhoun.
Largest payment on a single
bridge will be $183,000 on the Covington-Cincinnati bridge indebtedness
of which was listed as $1,740,000.
The payment on the Newport-Cin¬
cinnati bridge, on which $1,060,000 now is owed, will be $147,000.
I nd.-—BONDS PUBLICLY
Ind.—BOND SALE—John
Nuveen & Co. of Chicago purchased $75,000 3% series B refunding bonds.
Dated Dec. 31, 1938.
Denom. $1,000.
Due as follows:
$5,000 July 1,
1944; $5,000 Jan. 1 and July 1, 1945; $5,000 Jan: 1 and $10,000 July 1,
1946; $10,000 Jan. 1 and July 1, 1947 and $25,000 Jan. 1, 1948.
Re-offered
yield from 2% to 2.40%, according to maturity.
Principal and interest
(J-J) payable at the County Treasurer's office.
They are unlimited tax
obligations of the county and will be approved as to legality by Chapman
& Cutler of Chicago.
.
to
State
acres
—
*
KENTUCKY,
fund bonds
Point),
COUNTY
$3,000 in 1941 to 1950, and $9,000 in 1951 to 1956.
These bonds shall be
as a whole or in part at 101 and accrued interest on March 15,1944,
or any interest
payment date thereafter, upon at least 30 days' notice,
Prin. and int. payable in lawful money at the Union Bank & Trust Co.,.
Lexington.
These bonds are to be issued and sold by the corporation for
syndicate headed by Halsey, Stuart & Co., Inc., which
$1,400,000
a
callable
as 234s, at 100.654—•
V. 147, p. 3943—reoffered the obligations to yield from 1% to 2.50%,
according to maturity.
The bonds are unlimited tax obligations of the
county and purpose of the financing is to provide funds for poor relief.
was
price of 100.02,
Dec. 30, by Laurence K. Shropshire, Secretary of the Board of
Education, for the purchase of an $84,000 issue of 334% 1st mtge. school
bonds.
Dated Jan. 15, 1939.
Denom. $1,000.
Due March 15, as follows:
reserved to
1939.
(P.
a
KENTUCKY
FAYETTE
single rate
Trust Co., Fidelity Trust Co., Union Trust Co., American National Bank,
Indiana National Bank and the Merchants National Bank.
Dated Jan. 6,
1939 and due June 30.
awarded at
100.73, according to the
INDIANAPOLIS
SCHOOL CITY,
Ind.—WARRANT SALE—The
$250,000 time warrants offered Dec. 27 were awarded at 1% interest, plus
$6 preinium, to the following group of Indianapolis institutions:
Indiana
OFFERED—The
were
WORTH COUNTY (P. O. Northwood), Iowa—CERTIFICATE SALE
—The $12,000 issue of road certificates offered for sale on Dec. 23—V. 147
p. 3944—was purchased Dy the First National Bank of Mason City, at 2%,
The $13,000 community building bonds offered Dec. 22—V. 147, p. 3643—
were awarded to
the Fletcher Trust Co., Indianapolis, as 234s, at par.
Dated Dec. 1, 1938 and due $1,000 o n Jan. 1 from 1941 to 1953 incl.
Offer¬
ing attracted several other bids.
1954, and
Town Clerk.
Plainfield), Ind.—BOND SALE—
(P. O.
DISTRICT
WEBB, Iowa—BOND SALE—The $8,200 issue of water works bonds
offered for sale on Dec. 28—V. 147, p. 3944—was awarded to the Carleton D.
Beh Co. of Des Moines as 334s, paying a
price of
Works Administration
grant
GUILFORD
was
SCHOOL
The
SPRINGVILLE
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
is stated by the District
Secretary that the $70,000 school bonds purchased by the White-Phillips
Corp. of Davenport, as 234s, as noted here recently—v. 147, p. 3944—are
Ind.—BONDS OFFERED—Harry
bids intil 2 p. m. on Dec. 30 for the
interest coupon series of 1938 bonds.
Due in equal annual instalments on
Bidder
CONSOLIDATED
Springville), Iowa—BOND SALE DETAILS—It
Ind.—BOND SALE DETAILS—The $15,900 waterworks plant
1 from 1941
TOWNSHIP
(P* O. Orient), Iowa—BOND SALE—The $5,000 issue of building bonds
offered for sale on Dec. 23—V. 147, p. 3944—was purchased by the Farmers
State Bank of Winterset, as 2s at par, according to the
Superintendent of
Schools.
addition bonds awarded to McNurlen & Huncilman of Indianapolis-—V. 147,
p. 3943—were sold as 3s, at par plus $22.5J premium, equal to 100.15.
Several other bids wore submitted for the issue.
Jan.
of coupon water works
on
The bonds were sold as 3s, for a premium of
$12, equal to 100.109.
Carleton D. Beh Co. of Des Moines offered a premium of $11 on 3s.
interest, expressed in a multiple of 34 of 1%.
Interest J-D.
A certified
check for 3 % of the bonds bid for, payable to order of the Board of County
Commissioners, is required.
Legal opinion of Matson, Ross, McCord &
Clifford of Indianapolis will be furnished the successful bidder.
Bonds
are unlimited tax obligations of the county
and proceeds will be turned
over to the townships for poor relief requirements.
GARY
SANITARY
DISTRICT,
Long, City Comptroller, received sealed
purchase of $2,652,000 not to exceed 4%
Dated Dec. 1, 1938.
Denom. $1,000.
2s,
Dec. 28—V. 147, p. 3944—was awarded to Jackley &
according to the Town Clerk.
Dated Jan. 2, 1939.
Due from Nov. 1, 1941 to 1953 incl.
k
Denom. $1,000.
Due $12,000 on June 1 and Dec. 1 from 1940 to 1943 incl.;
$12,000 June 1 and $7,000 Dec. 1, 1944.
Bidder to name a single rate of
"DYER,
as
Iowa—BOND
bonds offered for sale
Co. of Des Moines,
DELAWARE COUNTY (P. O. Muncie), Ind.—BOND OFFERING—
Gus August Meyers, County Auditor, will receive sealed bids until 10 a. m.
on Jan. 31 for the
purchase of $115,000 not to exceed 2}4% interest series B
of 1939 advancement fund (poor relief) bonds.
Dated Jan. 21, 1939.
'
recently by Jackley & Co. of Des Moines,
SALE— The $5,150 issue of town bonds
offered for sale on Dec. 27—V. 147, p. 3944—was purchased
by the Carleton
D. Beh Co. of Des Moines, as 5s at par.
$297.50
118.00
311.00
211.00
None
-_2H%
_
Madison),
price of 100.23.
a
OTTESON,
Premium
Int. Rate
____
Fort
OSKALOOSA, Ipwa—BONDS SOLD—It is reported that $2,100 fund¬
paying
Ind.— BOND SALE-The
Bidder—
O.
ing bonds were purchased
21—V.
Bryan R. Slade&Co_
Indianapolis Bond & Share Corp
(P.
for the purchase of $53,000 poor fund bonds.
$28,000 school aid bonds
147, p. 3490—were awarded to the City Securities
Coil)., Indianapolis, as 2k$s, at par plus $306 premium, equal to 101.09, a
basis of about 2.35%.
Dated Aug. 15, 1938 and due $1,000 on Jan. 1 and
July 1 from 1940 to 1953 incl.
Other bids:
offered
4085
COUNTY
Iowa—BOND OFFERING—
It is reported that bids will be received until Jan. 17
by the County Treasurer
$89.40
618.00
610.00
414.00
318.00
310.00
202.00
112.00
2%
2J4%
234%
__
__
Chronicle
Prem.
LOUISIANA
MUNCIE, Ind.—BOND SALE—The $19,000 series A refunding bonds
...
NEW
offered Dec. 23—V. 147,' p. 3796—were awarded to the Merchants National
Bank of Muncie as 124s, at par plus $43.70 premium, equal to 100.23, a
basis
of about
Dated Jan, 1, 1939 and due $9,500
1.70%.
1943 and 1944.
Bidder—
Other
on
1
Int. Rate
CREDIT POSITION IMPROVED
1938—The following bulletin (No. 538), was issued on Dec. 20
by Jess S. Cave, Commissioner of Public Finance:
To Friends and Investors in City of New Orleans Securities:
Robert S. Maestri has made history in the City of New Orlearn during the
year 1938.
For the first time New Orleans owes nothing to the banks, no
money has been borrowed, no Interest has been paid, except on bonded
indebtedness incurred prior to this administration.
By Constitutional
Amendment, voted by the people, the city was authorized to issue $18,000,000 public impt. bonds and $1,000,000 bonds to pay the money owed to the
banks.
There have been no bond issues.
The banks have been paid in
full, more public improvements have been made than in any previous 10
years, several hundred miles of streets have been paved or graveled and oiled,
many of the streets have been widened and traffic hazards removed, many
public buildings, including orphan homes and old folks homes have been
improved, and even churches and cemeteries, without regard to race or
creed have been repaired.
Playgrounds have been purchased and repaired.
Premium
124%
2%%
-
Par
$30.00
SALE—The $10,000 sewer construction
147, p. 3796—were awarded to McNurlen &
as 234s, at par plus $90 premium, equal to
100.90, a basis of about 2,35%.
Dated Dec., 5. 1938 and due as follows:
$500, July 1, 1940; $500, Jan. 1 and July 1 from 1941 to 1949 incl. and
$500, Jan. 1, 1950.
Other bids:
bonds
Ind.—BOND
Dec.
offered
Huncilman
21—V.
of Indianapolis,
Bidder—
Int. Rale
Fletcher Trust Co
SALEM
The
the
-
TOWNSHIP
$66,000
(P.
bonds offered
O.
Dec.
Twp.
Due
Dec.
bonds
15
as
were
$33.00
26.50
These results
Ind.-—BOND SALE—
147, p. 3643—were awarded to
234s as follows:
Francesville),
23—V.
City Securities Corp., Indianapolis,
$32,500 Civil
Premium
234 %
3%
__
State Bank of Nappanee
as
sold at
follows:
100.31,
$1,710 from
of the bonds
to pay
Unpaid real estate taxes for
Dec. 31, 1937
basis of about 2.47%.
1940 to 1957 incl., and
a
Paid during
to
Waukon) Iowa—MATURITY—It
Personal property taxes 1937 and
collected to Dec. 13,1938
is
& Wood of
Iowa—BOND SALE—The
on
Davenport, at
The bonds
were
Due from Dec.
DAVIS
$15,000
issue
of
sewer
bonds
Dec. 27—V. 147, p. 3944—was awarded to Vieth, Duncan
sold
as
a
price of 103.506, according to the Town Clerk.
3s, payable J-D.
Coupon bonds of $1,000 each.
1, 1939 to 1953, inclusive.
(P. O. Bloomfield), Iowa—MATURITY—It is
by the County Treasurer that the $33,000 road certificates sold to
the Carleton D. Beh Co. of Des Moines, at 134%. as noted here—V.
147,
p. 3944—are due ori or before Dec. 31, 1939.
ELKADER, Iowa—BOND SALE—It is now reported that the $10,000
of real estate purchase bonds offered for sale in Nov. 14—V.l
47,
issue
in 20 years: optional the
6 2729—was purchased by afterCentral 8tate Bank & Trust Co. of Elkader,
five years.
ue
COUNTY
(P.
O.
Guthrie
Center)
\owa——CERTI¬
FICATE SALE—The $38,000 issue of road certificates offered for sale
Dec. 27—V. 147, p. 3944—was awarded to the Carleton D. Beh Co.
Des Moines, as 134s, paying a price of 100.026, according to the
on
of
County
Treasurer.
Due
on or
before Dec. 31,
1939.
LA PORTE CITY, Iowa—BONDS SOLD—It is reported that $28,000
331% semi-annual sewer bonds were purchased recently by Vieth, Duncan
& Wood of Davenport, paying a price of 100.21.
63,827.21
Dec. 13,1938_
—
1,056,491.99
-
*
Total
1938 and uncollected Dec. 13,1938-
previous years real
uncollected Dec. 13, 1938
1938
taxes
2,965,462.10
______
Personal property taxes
and
estate
and
$248,725.22
personal
..$3,167,625.60
Real estate and personal assessments have been reduced about 20%
in the
past seven years.
ST. MARTI NVILLE, La.—BOND SALE—The, two issues of bonds
aggregating $75,000, offered for sale on Oct. 25—V. 147, p. 2426—were
purchased by Walton & Jones of Jackson, as 5J4s, according to a report.
The issues are as follows:
COUNTY
stated
GUTHRIE
previous years,
Personal property taxes 1938, due Jan. 1, 1938--S3,214,187.32
Personal
property
taxes
1938, collected to
/Dec. 13,1938 (92%)
t
COGGON,
970,196.77
Personal property taxes 1937 and previous years, uncollected
„
CALLENDER, Iowa—BOND SALE DETAILS—We are now informed
by the Town Clerk that the $8,800 water works bonds sold on Dec. 20, as
noted here—V. 147, p. 3944—were purchased by W. D. Hanna & Co. of
Burlington, as 4s, paying a premium of $120, equal to 101.363.
Due as
follows:
$3,000 on Feb. 1, 1941; $500, 1942 to 1958; optional on and after
Feb. 1, 1949.
Interest payable F-A.
offered for sale
$892,211.62
7,827,516.29
Balance uncollected as of Dec. 13,1938
Dec. 24—-V. 147, p. 3944—are due on Dec. 1 as follows: $6,000 in 1939
1942; $7,000, 1943 to 1949, and $8,000, 1950 to 1953, giving a basis of
2.05%.
-
of
-$2,808,067.71
1,915,856.09
Personal property taxes 1937 and previous years,
uncollected as of Dec. 31, 1937--$1,120.319.20
stated by the CountyTreasurer that the $105,000 court house bonds sold
to Leo Mak, Inc. of Waterloo, as 234s, at a price of 101.557, as noted here
about
1938 through Dec. 13,1938
Collected to Dec. 13,1938 (89%).
IOWA
on
as
Balance 1937 and previous years uncollected Dec. 13, 1938,
Real estate taxes for 1938, due Jan. 1,1938$8,797,713.06
Dec. 15, 1938.
The Fletcher Tru$t Co. of
Indianapolis, second high bidder, named interest rates of 224% and 3%.
ALLAMAKEE COUNTY (P. O.
1937 and previous years
—
dated
are
hfive been accomplished by business management and strict
and because the people have seen the results they have been glad
their taxes promptly and cheerfully.
economy,
$1,720 in 1958.
33,500 School Twp. bonds were sold at 101.31, a basis of about 2.33%.
Due as follows:
$l,lu() on June 15 and $1,200 Dec. 15, 1940;
$1,200 on-June 15 and Dec. 15 from 1941 to 1953 incl.
All
La.—CITY'S
DURING
in
bids:
Muncie Banking Co
McNurlen & Huncilman--
NAPPANEE,
Jan.
ORLEANS,
$50,000 sewer bonds.
Due from Oct. 1, 1939 to 1978.
25,000 Sewerage District No. 1 bonds.
Due from Oct. 1, 1939 to 1968.
SULPHUR, La .—BOND OFFERING—Sealed bids will be received
until
7 p. m. on Jan. 16, by Mrs. Clyde Ellender, Town Clerk, for the purchase
of a $40,000 issue of 4% coupon semi-ann. tax sewerage bonds.
Dated
1938.
Denom. $1,000.
Due Nov. 1, as follows: $1,000 in 1939
$2,000 in 1949 to 1963.
Prin. and int. payable at the office of
The bonds are general obligations payable as to both
principal and interest from ad valorem taxes which may be levied without
limit as to rate or amount upon all the taxable property within the terri¬
torial limits of the town.
Enclose a certified check for 2% of the par value
Nov.
1,
to 1948 and
the Town Treasurer.
of the bonds bid for.
An issue of $50,000
which
no
bids
were
THIBODAUX,
bonds for
a
like
purpose was
offered
on
May 23, for
received.
La.—BOND OFFERING—It
is
stated
by
Charles
J.
Coulon, Town Clerk, that he will receive sealed bids until 10 a. m. on
Jan. 24, for the purchase of a
30,000 issue of not to exceed 6% semi-ann.
,
Financial
4086
District No. 1 bonds.
Dated Dec. 1,
1, 1940 to 1963.
The approving opinion
will be furnished.
Enclose a certified
$600, payable to the District.
Sewerage
Due Dec.
New Orleans,
1938. Denom. $500.
of B. A. Campbell of..
check for not less than
MAINE
AUBURN, Me.—NOTE OFFERING—City
bids until 7 p. m. on Jan. 3, for the purchase
Jan. 4, 1939 and payable Nov. 4, 1939.
Notes will be certified as to their
and their legality
Bank of Boston
Treasurer will receive sealed
of $375,000 tax notes, dated
genuineness by the Merchants Nationa
approved by Ropes, Gray, Boyden &
whose opinion 'will be furnished the
denominations desired.
Perkins of Boston,
Bidder to state
successful bidder.
LEWISTON, Me.—BOND SALE—The $200,000 coupon bonds offered
awarded to E. H. Rollins & Sons, of Boston,
2^8, at 100.339, a basis of about 2.21 %.
Sale consisted of:
Dec. 28—V. 147, p. 3944—were
as
$120,000 water
and light
Due $5,000 on Jan.
bonds.
1 from 1940 t°
1963 inclusive.
80,000 deficit funding bonds.
1940 to 1955
Due $5,000 on Jan. 1 from
inclusive.
.
1, 1939.
All of the bonds are dated Jan.
Bidder—
Frederick M. Swan & Co
—
*
Other bids:
Int. Rate
234 %
234%
Halsey, Stuart & Co., Inc
Rate Bid
100.244
100.019
,
PORTLAND, Me.—NOTE SALE—The issue of $1,000,000 notes offered
28 was awarded to the Canal National Bank of Portland at 0.24%
discount.
Dated Jan. 3, 1939 and due Oct. 10, 1939.
Payable at First
National Bank of Boston or at Centra Hanover Bank & Trust Co., New
Dec.
Among other bids were these:
York.
Discount Rate
0.255%
0 26%
Bidder—
National Bank of Commerce, Portland
Merchants National Bank of Boston
0.263%
0.269 %
Leavitt A Co
*
First Boston Corp.
E. H. Rodins & Sons
FARMINGTON TOWNSHIP SCHOOL DISTRICT NO. 5 (P. O.
Farmington). Mich.—BOND SALE—The $45,000 coupon school bonds
147, p. 3945—were awarded to McDonald, Moore &
Hayes of Detroit as 234s. at 100.08, a basis of about 2.22%.
Dated
Dec. 1, 1938 and due Feb. 1 as follows: $7,000, 1940; $9,000 from 1941 to
1943 incl. and $11,000 in 1944.
Second high bid of 100.03 for 234s was
made by Shannon, Kenower & Co. of Detroit.
offered Dec. 28—V.
TOWNSHIP
SCHOOL DISTRICT NO. 9,
Cass
Mich.—BOND OFFERING—S. N. Porter, District Secretary,
bids until 7:30 p. m. on Jan. 6 for the purchase of $20,000
not to exceed 4% interest school bonds.
Dated Dec. 1, 1938.
Coupon in
form, registerable as to principal only, and in $1,000 denoms.
Due $4,000
on March 1 from 1940 to 1944 incl.
Rate or rates of interest to be expressed
in multiples of 34 of 1%.
Prin. and int. (annually on Mar. 1) payable at
the G. W. Jones Exchange Bank, Marcellus.
Aside from being payable
from ad valorem taxes as provided for in the State Constitution, the bonds
are also secured by an additional 10 mills which were voted for the five
years 1939-1943.
A certified check for 2% of the bonds, payable to order
of the District Treasurer, is required.
Bids may be subject to legal opinion
of Miller, Canfield, Paddock & Stone of Detroit, at bidder's expense.
District will pay for printing the bonds.
MARCELLUS
County,
will receive sealed
ST. JOHNS SCHOOL DISTRICT, Mich.—BOArD SALE DETAILS—
The $37,500 school building bonds sold as 2s to Paine, Webber & Co. of
Chicago—V. 147, p. 3798—brought a price of par plus $398.7o premium,
equal to 101.06, a basis of about 1.65%.
Dated Dec. 1, 1938. Denom.
$1,000 and $500.
Due $7,500 on April 15 from 1940 to 1944 inclusive.
Interest A-O 15.
WYANDOTTE, Mich.—BOND SALE—The $13,000 special assessment
(■general obligation) bonds offered Dec. 27—V. 147, p. 3945—were awarded
Kenower & Co. of Detroit as 134s. at 100.054, a basis of about
1.48%. Dated Jan. 2, 1939 and due Jan. 2 as follows: $3,000 from 1940 to
1943 incl. and $1,000 in 1944. Second high bid of 100.31 for 134s was made
by Siler, Carpenter & Roose of Toledo.
to Shannon,
0.272%
„
MINNESOTA
ORTONVILLE SCHOOL DISTRICT (P. O. Ortonville), Minn.—
BONDS SOLD—It is reported that $20,000 3% semi-ann. school building
bonds approved by the voters on Dec. 20, have been purchased by the State
0.278%
of Minnesota.
MARYLAND
CECIL COUNTY (P. O. Elkton),
Md.—BOND SALE—Alex. Brown &
purchased an issue of $400,000 234% school bonds.
Due Dec. 1 as follows:
$20,000 from 1940 to 1954.
incl. and $35,000 from 1955 to 1958, incl
Interest J-D. Legality approved
by Niles, Barton, Morrow & Yost of Baltimore.
Sons
of
Baltimore
Dated Dec. 1, 1938.
PRINCE
GEORGE'S
COUNTY
(P.
BOND SALE—The $192,000 public works
O. Upper Marlboro), Md.—
bonds offered Dec. 27—V. 147,
3945—were awarded to Y. E. Booker & Co., Washington, D. C,, and
W. W. Lanahan & Co., Baltimore, jointly, as 234s. at 102.069, a basis of
about 2.55%,
Dated Jan. 1, 1939, and due Jan. 1 as follows: $6,000,
1941 and 1942; $8,000, 1943 to 1954, incl.; $9,000 from 1955 to 1958, incl.,
and $8,000 from 1959 to 1964, incl.
Other bids, also for 234s, were:
p.
Bidder—
i
John Nuveen & Co
Robert C. Jones & Co
Halsey, Stuart & Co., Inc., and First of Michigan
Rate Bid
101.179
—101.127
:
101.016
Legg & Co.;
Corp
Mercantile Trust Co.; Baker, Watts & Co.; Mackubin,
Stein Bros. & Boyce, and Strother, Brogden & Co
100.799
100.345
Alex. Brown & Sons
MASSACHUSETTS
BOSTON, Mass.—NOTE SALE—The $4,000,000 notes offered Dec. 28
147, p. 3945—were awarded to the First Boston Corp. and Brown
Harriman & Co., Inc., both of New York, jointly, at 0.43%, plus $112
—V.
Sremium. Dated Dec. Other1938 and due Nov. 2, 1939. Re-offered on
30, bids:
.35% interest basis.
Premium
Int. Rate
Bidder—
—
0.44%
$85
Bros. & Hutzler—
0.47%
28
Halsey, Stuart & Co., Inc
Chase National Bank and Salomon
Town Treasurer,
will receive bids until noon on Jan. 4 for the purchase at discount of $100,000
notes dated Jan. 5, 1939, due Nov. 10, 1939, and subject to certification
and legal opinion by the Commonwealth of Massachusetts.
DEDHAM. Mass.—NOTE OFFERING—John Gaynor,
FRAMINGHAM,
Mass.—BOYD SALE—The
$100,000 water supply
system addition bonds offered Dec. 29—V. 147, p. 3945—were awarded to
Tyler & Co. of Boston as 2s, at 101.333, a basis of about 1.85%.
Dated
Dec. 15, 1938 and due $5,000 on Dec. 15 from 1939 to 1958, incl.
Second
high bid of 100.399 for 2s was made by Graham, Parsons & Co.
Judge & Co., both of Boston.
.
/ SOUTH ST. PAUL, Minn.—BONDS NOT SOLD—NEW OFFERING
SCHEDULED—We are informed by E. L. Sloan, City Recorder, that the
$528,000 issue of not to exceed 6% semi-ann. coupon sewage treatment
plant bonds offered on Dec. 22—-V. 147, p. 3645—was not sold as no bids
were received.
He states that new bids will be received up to Jan. 10.
Dated Aug. 1, 1938.
Denom. $1,000.
Due Aug. 1 as follows: $10,000 in
1941, $11,000 in 1942, $12,000 in 1943 and 1944, $14,000 in 1945 and 1946.
$15,000 in 1947, $16,000 in 1948 to 1950, $17,000 in 195lNmd 1952, $18,000
in 1953 and 1954, $19,000in 1955and 1956, $20,000in 1957and 1958, $21,000
in 1959, $23,000 in 1960 and $25,000 in 1961 to 1968.
Bonds maturing in
1954 to 1968 to be redeemable after 30 days' notice published in the official
newspaper of the city at the option of the city on any interest payment date
up to and including Aug. 1, 1948 at 102% of par, on any interest payment
date from and after Aug. 1, 1948 to and including Aug. 1, 1958 at 101% of
par and on any interest payment date from and after Aug. 1, 1958 to ma¬
turity at par.
There will be no auction.
Rate of interest to be in multiples
of 34 of 1 %. Each bid may name one rate for part of the bonds (having the
earliest maturities) and another rate for the balance, but no bid may name
more than two .rates, and each bidder must specify in his bid the amount of
bonds of each rate.
The bonds will be awarded to the bidder offering to
purchase the bonds at the lowest interest cost to the city, such cost to be
determined by deducting the total amount of the premium bid from the
aggregate amount of interest upon all the bonds until their respective
maturities, disregarding any redeemable dates.
will be entertained.
Bids
be furnished by the city.
The city will furnish
Junell, Fletcher, Dorsey, Barker & Colman of
Minneapolis, which opinion will be to the effect that such bonds are general
obligations of the city.
Enclose a certified check for $10,000, payable to
No
bid of less than par and accrued interest
are required on forms to
the approving opinion of
the
City Treasurer.
NO. 104 (P. O.
OFFERING—It is reported Dy Mrs. W. C.
that she will receive sealed bids
until 8 p. m. on Jan. 2 for the purchase of a $15,000 issue of school bonds.
Interest rate is not to exceed 3%, payable J-D.
Dated Dec. 20, 1938.
Denom. $2,000, one for $1,000.
Due June 20, as follows: $1,000 in 1941
and $2,000 in 1942 to 1948.
Prin. and int. payable at any suitable bank
or trust company designated by the purchaser.
The district will furnish
the bonds and-the approving opinion of Lyle Hamlin of Spring Valley.
Wykofi),
Enclose
Minn,—BOND
a
certified check for $500, payable to the
COLUMBIA, Miss.—BOND SALE DETAILS—It is stated by the City
% semi-annual water works bonds sold to Citizens'
Dec. 24—V. 147, p. 3946—were pur¬
chased for a price of 100.35, and mature as follows:
$500 in 1939; $1,000,
1940 to 1947, and $1,500 in 1948; giving a basis of about 3.43%.
Clerk that the $10,000 3 34
Bank of Columbia, as noted here on
MISSOURI
bidder.
Markets in all State,
Dec. 27—Y.
Sept.
15,
1939.
bidder, named
a
BONDS
County & Town Issues
SCHERCK, RICHTER COMPANY
Mass.—NOTE SALE—The $500,000 revenue, notes
147, p. 3945—were awarded to the Second National
0.144% discount.
Dated Dec. 29, 1938, and due
The Merchants National Bank of Boston, second high
rate of 0.15% and $3 premium.
WORCESTER,
Boston
district.
MISSISSIPPI
p SALEM, Mass.—REJECTS $4,000,000 GRADE ELIMINATION PRO¬
GRAM—Acting on Mayor Coffey's recommendation, the City Council has
voted to reject a program of grade crossing eliminations the cost of which
was estimated at $4,000,000.
It also refused to approve a $990,000 bond
issue, purpose of which was to cover the city's share of the program.
Re¬
mainder was to be financed by tne Federal Government.
of
-
SCHOOL DISTRICT
Theiss, Clerk of the Board of Education,
fenuineness DyBoyden & Perkins of Boston willBoston, and legal opinion of
the National Shawmut Bank of be furnished the successful
topes, Gray,
Bank
'
INDEPENDENT
WYKOFF
and Bond,
MALDEN,
Mass.—BOND
OFFERING—Wal ter E.
Milliken~City
Treasurer, will receive sealed bids until 7:30 p. m. on Jan. 3 for the purchase
of $197,000 coupon school bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows:
$10,000 from 1939 to 1955 incl. and $9,000 from
1956 to 1958 incl.
Bidder to name rate of interest in a multiple of 34 of 1 %.
Principal and interest payable at the National Shawmut Bank of Boston.
Bonds will be engraved under the supervision of and authenticated as to
offered
31, 1938
—
«,
First National Bank of Portland
Dec.
Chronicle
LANDRETH
BUILDING, ST. LOUIS,
MO.
at
MISSOURI
MICHIGAN
(P. O. Jackson), Mo.—BONDS
by R. O. Hawkins, Superintendent of Schools, that
semi-annual school bonds were purchased by the First
National Bank and the Farmers & Merchants Bank, both of Cape Girardeau,
JACKSON
SCHOOL
DISTRICT
SOLD—It is stated
BURTON
TOWNSHIP,
Genessee
County,
Micli.—BOND OFFER¬
the office
of McTaggart & Krapohl, Township Attorneys, 505 Dryden Bldg., Flint,
until 10 a. m. on Dec. 31 for the purchase of $150,000 not to exceed 6%
interest special assessment bonds.
Dated
Dec. 1, 1938.
Coupon in
denoms. of $1,000 and $500.
Due $7,500 on Dec. 1 from 1940 to 1959 incl.
Bonds maturing after Dec. 1, 1950 are redeemable on any interest date on
or after that date.
Principal and interest (J-D) payable at the Citizens
Commercial & Savings Bank, Flint.
A certified check for $2,500, payable
to order of the Township Treasurer, is required.
The township will pay the
cost of printing the bonds and of legal opinion of Miller, Canfield, Paddock
ING—Ernest Gillette, Township Clerk, will receive sealed bids at
& Stone of Detroit.
CLINTON, Mich.—BOND SALE—The $80,000 1st mtge. electric light
plant revenue bonds offered Dec. 19—V. 147, p. 3797—were awarded to
Stranahan, Harris & Co. of Toledo on a bid of par plus a premium of $108.75,
equal to 100.135, for the first $56,000 bonds as 3s and the rest as 3 34s.
Dated Nov. 1, 1938 and due $4,000 on Nov. 1 from 1939 to 1958 incl.
Wright, Martin & Co. of Detroit offered a $50 premium for a combination
of $34,000 334s and $32,000 334s; State Savings Bank of Clinton bid for the
first $14,000 to bear 3% interest; Charles A. Parcells & Co. of Detroit
specified a division of $14,000 234s, $42,000 3s and $24,000 334s, at par and
$176 premium.
$75,000
2%%
a price of 101.49.
Dated
& Trauernicht of St. Louis.
paying
MACON,
Nov. 1, 1938.
Legal approval by Charles
'
"
Mo.—BONDS SOLD—It is
stated by,the City Clerk that
water works and electric improvement bonds were purchased
Dec. 27 by the Mississippi Valley Trust Co. of St. Louis as
Due
Jan. 15 as follows:
$5,000, 1941 to 1946, and $10,000 from 1947 to 1954.
$110,000
on
on
234s.
SALEM, Mo.—BONDS SOLD—It is reported that
ann. public improvement bonds have been purchased
of St. Louis.
Dated Dec. 1, 1938.
SPRINGFIELD,
sewer
as
as
Mo.—BONDS
$50,500 234 % semiby Whitaker & Co.
SOLD—It is reported that $220,000
& Savings Bank of Chicago,
bonds have been sold to the Harris Trust
234s, paying a price of 105.389, a basis of about
follows:
$12,000, 1941 to 1954, and $13,000 n
1 93%. Due on Feb. 1
1955 to 1958.
^
MONTANA
BEAVERHEAD
Dillon),
COUNTY
HIGH
Mont.—MATURITY—It
is
SCHOOL
reported
DISTRICT
by the
(P.
O.
District Clerk
$165,000 building bonds sold to a syndicate headed by the First
Security Trust Co. of Salt Lake City as 234s at a price of 100.27, as noted
that the
DETROIT, Mich.—CONSIDER LONG-TERM BOND FINANCING—
City Council recently accepted for consideration a proposal to issue longreceipt of City Controller John N. Daley's memorandum
advising of a prospective deficit of $12,642,000 as of June 30, 1939.
A
message from Mayor Richard W. Reading requested that "united effort"
be employed toward the sale of $5,925,000 sewage disposal bonds, it was
said.
Mr. Daley's deficit estimate was based on a deficiency of $4,773,000
brought forward from July 1, 1938, $3,676,000 in temporary borrowing to
term bonds upon
finance poor relief and Works Progress Administration costs and a decrease
of $4,193,000 in current budget's estimated income.
here
on
Dec. 24—V.
147, p. 3946—are
due $8,250 from Dec. 1, 1939 to
1958, giving a basis of about 2.72%.
DISTRICT NO. 20 (P. O. OIlie), Mont.
—BOND SALE—The $6,000 issue of refunding bonds offered for sale on
Dec. 14—V. 147, p. 3494—was awarded on Dec. 20 to the State Board of
Land Commissioners, as 4s, less a discount of $90.80, equal to 98.486,
according to the District Clerk.
Dated Jan. 30, 1939.
Due in 1949,
optional five years after date of issue.
Interest payable J-J 30.
FALLON COUNTY SCHOOL
p
Volume
147
Financial
GLASGOW, Mont.—BOND
SALE—'The
S7.000 issue of park bonds
offered for sale on Dec. 27—V.
147, p. 3645—was purchased by the State
Board
of Land
Commissioners as 3 Ms, according to report.
Dated
Jan. 1, 1939.
NEBRASKA
BEATRICE.
Neb.—BONDS
refunding bonds have been sold
SOLD—It
to
is
$124,000
reported
that
Green way&Co. of Omaha.
i
NEBRASKA, State of—BANKERS DENY PUBLIC~POWER DIS¬
TRICT BOND NEGOTIATIONS—'The firm of
DiUon, Bead & Co., N. Y.
City investment bankers, in a statement issued on Dec. 27, formally denied
any interest in the proposed sale of utility properties in Nebraska.
The
public statement reads as follows:
"On Dec. 24, 1938, a statement
appeared in the press with reference to
the proposed sale of certain
properties of Iowa-Nebraska Light & Power
Co. to Loup River Public Power District and Central Nebraska Public
Power & Irrigation District to the effect that Bancamerica-Blair and Dillon,
Read & Co. head the syndicate which is
expected to finance the purchase
of such properties.
This statement is incorrect as to Dillon, Read & Co.
Dillon, Read & Co. has no interest whatsoever in this proposed transaction."
NEW
JERSEY
BEVERLY, N. J .—BOND SALE—An
,
bonds
was
CARLSTADT, N. 3.—BOND SALE—The issue of $145,000 sewer bonds
offered Dec. 28—V. 147, p. 3799—was awarded to
Minsch, Monell & Co.,
New York, and
Dougherty, Corkran & Co. of Philadelphia, jointly, as
3Ms, at 100.18, a basis of about 3.23%.
Dated Jan. 1, 1939 and due
Jan. 1 as follows: $6,000, 1940 to 1947
incl.; $8,000 from 1948 to 1958 incl.,
and $9,000 in 1959.
Among other bids were these:
No. Bonds
Bid
Rate
144
3M%
100.88
145
3M%
100.339
.
ENGLEWOOD
Rate
Int.
Bid for
B. J. Van Ingen & Co.; Van
Deventer, Spear &
Co., and Colyer, Robinson & Co
CLIFF% N. J.—BOND SALE—The $78,500
sewer
assessment bonds offered
Dec. 27—V. 147, p. 3799—were awarded to
J. B. Hanauer & Co. of Newark as 3
Ms, at 100.81, a basis of about 3.11%.
Dated Dec. 1, 1938 and due Dec. 1 as follows:
$8,500, 1940; $8,000 from
1941 to 1947. incl. and $7,000 in 1948 and 1949.
Other bids:
Bidder—
int. Rate
Rate Bid
Fort Lee Trust Co
H. B. Boland & Co
J. S.
100.41
100.197
100.29
334%
334%
4%
Rippel & Co
HADDON TOWNSHIP (P. O. Westmont), N. 3.—BOND OFFERING
—Richard Griffith, Township Clerk, will receive sealed bids until 8 p. m.
on Jan, 5, for the
purchase of $6,000 4M % refunding bonds of 1935.
Dated
Jan. 1, 1936.
Denom. $1,000.
Due $2,000 on Oct. 1 from 1955 to 1957,
incl.
Interest A. -O.
price of $220,410, equal to 101.57,
basis of about 2.62%.
Dated Nov. 1,
1939 and due Nov. 1 as follows:
$7,000 from 1939 to 1958 incl.; $8,000
from 1959 to 1967 incl., and $5,000 in 1968.
The unsold balance of the
issue, maturing from 1953 to 1968 incl., was publicly offered by the bankers
at prices to yield from
2.35% to 2.70%.
Among other bids were the
a
following:
No.
Bidder—
Bonds
Int.
Bid for
Campbell & Co
218
219
Kean, Taylor <& Co.; Van Deventer, Spear
& Co., and Colyer, Robinson & Co
Mackey, Dunn & Co
220
L. Allen
&Co_
Co.
&
and
Minsch,
254%
254%
220
__
Rate
Rale
254%
254%
254%
218
___
H. B. Boland & Co..
Milliken & Pell
H.
Bid
101.28
101.10
100.63
100.149
100.03
,
Monell
217
Charles Clark & Co_
3%
3%
217
10.142
101.39
MONMOUTH COUNTY (P. O. Freehold), N. 3—TO ARRANGE
FINANCING—It is reported that H. B. Boland & Co. of New York have
arranged to finance at 2% interest the $627,000 bridge construction bonds
authorized by the Board of Freeholders last July.
,
MOORESTOWN
f
TOWNSHIP (P. O. Moorestown), N. 3—BOND
$32,000 234% first series sewer assessment bonds offered
Dec. 27—V. 147, p. 3799—were awarded to Dougherty, Corkran & Co. and
Buckley Bros., both of Philadelphia, jointly, at par plus $412.87 premium,
equal to 101.29, a basis of about 2,21%.
Dated Nov. 30, 1938 and due
Nov. 30 as follows:
$4,000 from 1939 to 1943 incl. and $3,000 from 1944
to 1947 incl.
Other bids:
SALE—The
Bidder—
Rate Bid
Blyth & Co., Inc
C. C. Codings & Co
Burlington County Trust Co., Moorestown
.II
101.28
.-101.13
Par
"
Longfellow of New York will be furnished the successful bidder.
payable from unlimited ad valorem taxes.
are
ROSELLE, N. 3.—BOND SALE— H. B.
Boland
&
Co.
successful bidders at the offering of $195,000 series A
of New York
general funding
and refunding bonds on Dec. 23—V. 147, p. 3800, taking $194,000 bonds as
3 Ms, at a price of 100.69, a basis of about 3.17%. Dated Dec. 1, 1938 and
due Dec. 1 as follows;
$10,000, 1945; $10,000, 1951 to 1956 incl.; $20,000
from
1957 to 1962 incl. and $4,000 in 1963.
Bonds maturing on or after
Dec. 1, 1951 are callable at par and accrued interest on Dec. 1, 1949 or on
any subsequent interest date, on 30 days' advance notice.
Following were
of the other bids for the issue
Bidder—
Julius A.
on a
callable basis:
No. Bonds
Interest
BLASDELL, N. Y.—BOND SALE—The $50,000 coupon or registered
improvement bonds offered Dec. 28 were awarded to A. C. Allyn & Co.
L. H. Rollins &
Sons, both of New York, jointly, as 254s, at 100.234, a
basis of about 2.71%.
Dated Dec. 15,1938.
Denom. $1,000. DueDec. 15
as follows:
$4,000 from 1939 to 1943, incl. and $6,000 from 1944 to 1948,
incl.
Principal and interest (J-D) payable at the Bank of Blasdell. Legality
approved by Dillon, Vandewater Moore of New York City.
Other bids:
Bidder—
int. Rate
Manufacturers & Traders Trust Co
Marine Trust Co. of Buffalo and R. D. White & Co.
Rate
and
BRUTUS, CATO,
TRAL
SCHOOL
SALE—The
PARK,
Bidder—
Harris Trust &
Savings Bank and Sherwood &
Richard
•
Marine Trust Co. of Buffalo; R. D. White & Co.;
E. H. Rollins & Sons; A. C.
100.41
234%
100.331
2.60%
254%
100.63
100.288
FALLSBURGH (P. O. South
Fallsburgh), N. Y.—SALE OF SOUTH
FALLSBURGH SEWER DISTRICT BONDS—'The $140,000 sewer bonds
offered Dec. 28—V. 147, p. 3947—were awarded to A. C.
Allyn & Co. and
E. H. Rollins & Sons, both of New
York, jointly, as 3.40s, at 100.299, a
basis of about 3.38%.
Dated Dec.
1,
1938
due Dec.
and
1
as
follows:
$3,000 from 1940 to 1955, incl. and $4,000 from 1956 to 1978, incl.
Reoffered to yield from
1.75% to 3.40%, according to maturity. Other bids:
Bidder—
int. Rate
Rate Bid
Marine Trust Co. of Buffalo and R. D. White & Co_
3 H %
100.383
George B. Gibbons & Co.; Sherwood & Reichard
and Bacon, Stevenson & Co
GERMAN
100.46
3.70%
FLATTS, N. Y.—BOND SALE—The $50,000 home relief
bonds offered Dec. 28—V. 147, p. 700—were awarded to A. G.
Becker
& Co. of New York as 1.60s, at par
plus $56 premium, equal to 100.111, a
basis of about 1.58%.
Dated Nov. 1, 1938 and due $5,000
from 1939 to 1948, incl.
Among other bids were these:
Bidder—
National Bank,
Manufacturers & Traders Trust Co
154%
1.80%
Sherwood & Reichard and George B. Gibbons & CoC. F. Herb & Co
Union Securities Corp
Nov. 1
100.169
100.22
1.80%
100.09
100.179
100.27
1.90%
2%
-----
on
Rate Bid
Int. Rate
HAVERSTRAW,
bonds
R. D.
N. Y.—BOND SALE—An issue of $126,500 sewer
awarded on Dec. 23 to the Marine Trust Co. of Buffalo and
White & Co. of New York, jointly, as 3.20s, at 100.383, a basis of
was
3.17%.
Dated Dec. 15, 1938, and due Dec. 15 as follows: $2,950,
1940; $2,000, 1941 and 1942; $4,550, 1943; $5,000, 1944 to 1948, incl.;
$6,000 from 1949 to 1958, incl., and $3,000 from 1959 to 1968, incl.
Legal¬
ity approved by Reed, Hoyt, Washburn & Clay of N. Y. City.
Other bids:
Bidder—
Int. Rate
Rate Bid
George B. Gibbons & Co., Bacon, Stevenson &
about
Co. and Sherwood & Reichxrd
LIVONIA,
N.
Y.—BOND
100.339
100.199
3.20%
3M%
A. C. Allyn & Co
SALE—The
$69,000
coupon
or
registered
bonds offered Dec. 28—V. 147, p. 3948—were awarded to E. H. Rollins
& Sons and A. C. Allyn & Co., both of New York, in joint account, as
2.90s, at 100.815, q. basis of about 2.85%.
Sale consisted of:
Due Nov. 1 as follows: $500 in 1959 and $1,000;
$11,500 water bonds.
from 1960 to 1970 incl.
•
'
57,500 sewer bonds.
Due Nov. 1 as follows: $500 from 1942 to 1948 incl.
$1,000, 1949 to 1952 incl.; $2,000 from 1953 to 1964 incl.; $4,000
from 1965 to 1968 incl. and $5,000 in 1969 and 1970.
All of the bonds are dated Nov. 1, 1939.
LIVONIA, CONESUS, AVON, LIMA AND GENESSEO CENTRAL
DISTRICT NO. 1 (P. O. Livonia), N. Y.—BOND SALE—
bonds offered Dec. 27—V. 147,
p. 3948—were awarded to George B. Gibbons & Co., Inc. and Adams,
McEntee & Co., Inc., both of New York, jointly, as 2.40s, at 100.379, a
basis of about 2.37%.
Dated Dec. 15, 1938 and due Dec. 15 as follows:
$4,000, 1940 to 1944 incl.; $4,500, 1945 to 1948 incl.; $5,000, 1949 to 1952
incl.; $5,500, 1953 to 1956 incl. and $6,000 from 1957 to 1963 incl.
Reoffered to yield from 0.70'% to 2.40%
according to maturity. Among other
bids were the following;
•
*
SCHOOL
The $122,000 coupon or registered school
.
Int. Rate
Bidder—
Bacon, Stevenson & Co
—2.40%
Goldman, Sachs & Co
2.50%
Union Securities Corp. and Campbell, Phelps & Co
2.50%
Harris Trust & Savings Bank and Sherwood & Reichard
2.50%
MAMARONECK (Village),
dated
Rate Bid
100.15
100.53
100.44
N. Y.—PAYING AGENT—'The Manufac¬
Co., New York, is paying agent for water and general village
Jan. 1, 1939.
NORTH GREENBUSH FIRE DISTRICT NO. 1 (P. O.
Wynantskill),
N. Y.—BOND SALE—The $25,000 fire house bonds offered Dec. 29—V.
i47, p. 3948—were awarded to the Manufacturers National Bank of Troy
as 3.20s at 100.24, a basis of about 3.17%.
Dated Feb. 1, 1939, and due
Feb. 1 as follows:
$1,000 from 1940 to 1919 incl., and $i,500 from 1950
to 1959 incl.
Second high bid of 100.12 for 3Ma was made by E. H.
Rollins & Sons of New York.
PEMBROKE,
DARIEN,
BATAVIA AND ALEXANDER CENTRAL
Y.—BOND SALE—
SCHOOL DISTRICT NO. 2 (P. O. Corfu), N.
The issue of $340,000 school bonds offered Dec. 28—V. 147, p. 3948—was
awarded to Sage, Rutty & Co. of Rochester as 2.40s, at 100.561, a bads
of about
Dated Dec. 1, 1938 and due Nov. 1 as follows: $10,000,
2.36%.
195
3M%
100.27
N.
28—V.
'
Int. Rate
NEW
ALFRED,
GREENWOOD
Rate Bid
4%
434%
H. B. Boland & Co
Par
100.368
YORK
WELLSVILLE,
CENTRAL SCHOOL
INDEPENDENCE,
DISTRICT
NO.
1
WARD
(P. O.
Y.—BOND
SALE—The $209,000 coupon or registered
school bonds offered Dec. 30 were awarded to the Manufacturers & Traders
Trust Co. cf
Bqffalo as 254s, at 100.459, a basis of about 2.475%.' Dated
15, 1938.
Denom. $1,000.
Due Dec. 15 as follows:
$6,000, 1940
1944, incl.; $7,000, 1945 to 1950. incl.; $8,000 from 1951 to 1957, incl.
Dec.
to
100.418
234%
I
Int. Rate
Bidder—
of Roselle
Bidder—
N.
234%
B. J. Van Ingen & Co
v
Bancamerica-Blair Corp. and Roosevelt & Weigold
Union Securities Corp. and
Campbell, Phelps & Co.
Bacon, Stevenson & Co. and Estabrook & Co_Halsey, Stuart & Co., Inc
Manufacturers & Traders Trust Co
Manasquan National Bank
Andover),
100.889
Allyn & Co. and
100.41
GIRT, N. J.—BOND SALE—The $50,000 water improvement
bonds offered Dec. 27—V. 147, p. 3947—were awarded to the First National
Bank of Spring Lake as 354s. at 100.20. a basis of about 3.73%.
Dated
Dec. 15, 1938 and due $2,000 on Dec. 15 from 1939 to 1963 incl.
Other
bids:
AND
Rale Bid
234%
100.81
SEA
ANDOVER,
int. Rate
3M%
3.—BOND SALE—The $88,000 relief sewer
147, p. 3800—were awarded to the Roselle
Park as 3s at par.
Dated Jan
1, 1939, and
due Jan. 1 as follows:
$2, '00 from 1940 to 1944 incl., and $3,000 from
1945 to 1970, incl.
Next highest bid of 101.6j. for $87,000 334s was made
by H. L. Allen & Co. of New York.
Dec.
Co.
CONQUEST, SENNETT, AND THROOP CEN¬
DISTRICT NO. 1 (P. O. Weedsport), N. Y.—BOND
$152,000 school bonds offered Dec. 28—V. 147, p. 3974—
awarded to George B. Gibbons & Co. and
Adams, McEntee & Co.,
New York, in joint account, as 2.40s, at 100.439, a basis of about
2.37%.
Dated Dec. 15, 1938 and due Dec. 15 as follows:
$4,000, 1940 to
1945, mcl.; $5,000 from 1946 to 1955, incl. and $6,000 from 1956 to
1968,
mcl.
Re-offered to yield from 0.70% to 2.40%, according to maturity.
were
3M%
Bid
Dougherty,
H. L. Allen & Co., B. J. Van Ingen & Co.
and MacBride, Miller & Co
offered
100.199
100.31
*
195
Co.
Corkran & Co
ROSELLE
3.20%
194
Rate
Rippel, Inc. and VanDeventer,'
Spear & Co
Minsch, Monell &
bonds
Rate Bid
2.80%
—
1941 to 1946 incl.; $11,000, 1947 to 1951 incl.; $12,000, 1952 to 1956 incl.;
$13,000, 1957 to 1961 incl.; $14,000 from 1962 to 1966 incl. and $15,000 in
1967 and 1968.
Among other bids were the following:
Bid For
\
Park Trust
4087
•
ana
bonds
some
>
Principal and interest (J-D) payable
Bank, Andover, with New York exchange, or at
Bank, New York.
Legality to be approved by Dillon,
Vandewater & Moore of New York City.
turers Trust
A certified check for 2% of the bonds offered, payable to order
of the Board of Education, is required.
Legal opinion of Hawkins, Dela-
were
1
the Chase National
Princeton.
Bonds
•
at the Andover National
PRINCETON SCHOOL DISTRICT, N. J.—BOND OFFERING— C. A.
Seidensticker, District Clerk, will receive sealed bids until 8 p. m. on Jan. 5,
for the purchase of $104,000 154. 2, 2 34, 2M, 2 54 or 3
% coupon or registered
school bonds.
Dated Jan. 15, 1939.
Denom. $1,000.
Due Jan. 15 as
follows:
$5,000 from 1941 to 1954, incl.: $6,000 in 1955 and $7,000 from
1956 to 1959, incl.
Sum required to be obtained through sale of the bonds
is $104,000 and amount offered is part of an authorized issue of
$104,500.
Principal and interest (J-J) payable at the Princeton Bank & Trust Co.,
field &
4
Ilion
KEARNY, N. J.—BOND SALE—Adams & Mueller of Newark were the
successful bidders at the offering of $220,000 school oonds offered Dec. 28
—V. 147, p. 3799—taking $217,000
principal amount as 254s and paying
a
'
and $9,000 from 1958 to
1966, incl.
Other bids:
refunding
issue of $28,500 4%
sold to M. M. Freeman & Co. of Philadelphia at a price of 98.32.
Bidder—
H. B. Boland & Co.
Chronicle
2.40%
George B. Gibbons & Co. and Adams, McEntee & Co. 2.40%
Harris Trust & Savings Bk. and Sherwood & Reichard 2.50%
Smith, Barney & Co. and Union Securities Corp
2.50%
—
2.50%
Corp. and Roosevelt & Weigold-- 2.50%
2.60%
Marine Trust Co. of Buffalo and associates
Bancamerica-Blair
Halsey, Stuart & Co., Inc
PENN
bonds
100.416
100.14
100.889
100.77
100.668
100.533
100.55
N. Y.—BOND SALE—The $14,000 municipal building
Dec. 28—V. 147, p. 3801—were awarded to the Manu¬
Traders Trust Co. of Buffalo as 1.90s, at 100.138, a basis of
YAN,
offered
facturers &
about
Rate Bid
1.87%.
1, 1938 and due Oct. 1 as follows: $1,000 in
The Marine Trust Co.
100.31 for 2.20s.
Bidding for the
at 100.19. was the Union Securities Corp., New York.
Dated Oct.
1939 and 1940 and $1,500 from 1941 to 1948 incl.
of Buffalo, second high bidder, offered
same
coupon,
COMMON SCHOOL DISTRICT NO. 6 (P. O. RansomN. Y.—BOND SALE—The $39,000 school bonds offered Dec. 28
to the Niagara County National
Bank & Trust Co. of
Lockport as 2 Ms at 100.22, a basis of about 2.48%.
Dated Dec. 15, 1938.
One bond for $600. others $1,000 each.
Due Dec. 15 as follows:
$1,600
in 1939, and $2,000 from 1940 to 1958 incl.
Principal and interest (J-D)
payable at aforementioned trust company.
Legality approved by Dillon,
Vandewater & Moore of New York City.
Second high bid of 100.47
or 2.90s was made by Adams, McEntee & Co., Inc., New York.
PORTER
ville),
were
awarded
PURCHASE
FIRE
DISTRICT
(P.
O.
Purchase),
N.
Y.—BOND
SALE—The $20,000 fire house bonds offered Dec. 20, were awarded to
Mutual Trust Co. of Westchester County, Port Chester, as 2Ms, at a price
■
Financial
4088
of 100.15.
1,
1939, and due $5,000 on Sept. 1
from 1940 to
Int. Rate
Dated Jan.
Rale Bid
N.
ROCHESTER,
100-26
100.21
2.70%
2.70%
Roosevelt & Weigold, Inc
George B. Gibbons & Co., Inc
Y.—NOTE
SALE— The $5,215,000 notes offered
Dec. 28—V. 147, p. 3948—were awarded to the
Bank of the Manhattan Co., both of New
National City Bank and
York, jointly, at 0.18%
Interest, at par plus $265 premium.
Notes are issued for various purposes
and bear date of Dec. 30, 1938.
They are payable June 30, 1939 at the
Central Hanover Bank & Trust Co., New York.
Legality approved by
Reed, Hoyt, Washburn & Clay of New York.
Other bids were:
Bidder—
Int. Rale
Premium
Chase National Bank
0.20%
$28
the
Halsey, Stuart & Co., Inc
GRENORA SPECIAL SCHOOL DISTRICT NO. 94 (P.
were
0.31 %
LISBON SPECIAL SCHOOL DISTRICT NO. 19 (P. O. Lisbon)
N. Dak.—BONDS NOT SOLD—We are informed that the $72,600 issue of
not to exceed 4% semi-ann. building bonds offered on Dec. 24—V. 147,
p.
3801—was not sold as all bids were rejected.
Dec. 24, 1941 to 1958 incl.
Dated Dec. 24, 1938.
Due
from
59
SALE—The $165,000 sewer bonds
awarded to Halsey, Stuart & Co.,
Inc., New York, as 2.30s, at par plus $310.20 premium, equal to 100.188, a
basis of about 2.28%. Dated Jan. 1, 1939 and due Jan. 1 as follows: $6,000
in 1941 and 1942; $9,000 from 1943 to 1959 incl. Bankers reoffered bonds to
yield from 0.90% to 2.40%, according to maturity.
Among other bids
N.
Due from 1940
pruchased by V. W. Brewer & Co. of Minneapolis.
1959 incl.
to
MUNICIPALS
OHIO
SPENCER,
BARTON AND VAN ETTEN CENTRAL SCHOOL
DISTRICT NO. 1 (P. O. Spencer), N. Y.—BOND SALE—The $22,000
school bonds offered Dec. 29 were awarded to George B. Gibbons & Co.
and Adams, McKntee & Co., both of New York, jointly, as \
at 100.07,
a
basis of about 1.74%.
Dated Dec. 15, 1938.
Denom. $1,000.
Due
Dec. 15 as follows:
$3,000 from 1940 to 194.5 incl., and $4,000 in 1946.
Principal and Interest (J-D) payable at the Farmers & Merchants Bank,
Spencer.
Legality approved by Dillon, Vandewater & Moore of N. Y. City.
TARRYTOWN,
O. Grenora),
N. Dak.—PURCHASER—It is now reported that the $10,000 school bonds
as
5s
at
par,
as
noted here on Dec.
17—V. 147, p. 3801—
sold
127
0.27%
Salomon Bros. & Hutzler.
DAKOTA
NORTH
Other bids:
1943, lncl.
Bidder—
1938
31,
Dec.
Chronicle
MITCHELL, HERRICK t CO.
700
CUYAHOGA
AKRON
CANTON
BUILDING, CLEVELAND
SPRINGFIELD
COLUMBUS
CINCINNATI
Y.—BOND
offered Dec. 27—V. 147, p. 3948—were
were
these:
Int. Rate
Blair Corp
2.40%
Co
2.50%
Marine Trust Co. of Buffalo and R. D. White & Co-2.60%
Roosevelt & Weigold, Inc. and Bacon, Stevenson & Co.
2.70%
Bidder—-
Rale Bid
100.30
Goldman, Sachs & Co. and Bancamerica
Union Securities Corp. and Estabrook &
100.40
100.31
100.32
TIOGA, BARTON AND CANDOR CENTRAL SCHOOL DISTRICT
Tioga Center), N. Y.—BOND SALE—The $158,500 school
Dec. 29—V. 147, p. 3948—were awarded to the Harris
Trust & Savings Bank and Sherwood & Reichard, both of New York,
jointly, as 2Mb, at 100.67, a basis of about 2.45%.
Dated Dec. 15, 1938
and due Dec. 15 as follows: $4,500 from 1940 to 1945 incl,; $5,000, 1946
to 1954 incl.; $6,000 from 1955 to 1963 incl. and $6,500 from 1964 to 1968
Incl.
Among other bids were these:
NO. 3 (P. O.
bonds offered
Int. Rate
Bidder—
Marine Trust Co. of Buffalo; R.
Rate Bid
D. White & Co.; E. H.
Co., and B. J. Van
Rollins & Sons; A. C. Allyn &
2M%
Corp
100.319
2M%
Ingen & Co
Union Securities
100.30
VAN ETTEN, BALDWIN, ERIN, CHEMUNG, SPENCER, BARTON,
NEWFIELD AND CAYUTA CENTRAL SCHOOL DISTRICT NO. 1
N. Y.—BOND SALE—'The $126,000 school bonds
&
100.329, a basis of about 2.58%.
Dated Dec. 15, 1938 and due Dec. 15 as follows: $3,500, 1940 to 1944 incl.;
$4,000, 1945 to 1948 incl.; $4,500 from 1949 to 1952 incl. and $5,000 from
1953 to 1967 incl.
Among other bids were these:
Bidder—
Int. Rate
Rale Bid
Halsey, Stuart & Co., Inc
2.60%
100.066
Paine, Webber & Co.; Adams, McEntee & Co., and
(P.
O.
Van Etten),
offered Dec.
29—V. 147, p. 3948—were awarded to the Manufacturers
Traders Trust Co. of Buffalo as 2.60s, at
George B, Gibbons & Co.,
Marine Trust Co. of Buffalo and associates—:
100.84
2.70%
2.70%
100.549
WESTCHESTER COUNTY (P. O. White Plains), N. Y.—TAXRATE
CENTS—The Board of Supervisors on Dec. 29 adopted the 1939
OHIO
Ohio—BOND SALE—The $1,345,000 bonds offered
Dec. 27—V. 147, p. 3649—were awarded to a syndicate composed of Brown
Harriman & Co., Inc.; F. S. Mosley & Co.; Goldman, Sachs & Co.; Reynolds
& Co., all of New York, and Hayden, Miller & Co., Cleveland, on a bid of
100.019 for a combination of 1 %s and 3 Ms, a net interest cost of about
1.86%.
The sale consisted of the following issues, with the $200,000 loan
to bear interest at 3%% and the Other three at l%%:
CINCINNATI,
$200,000 Locust St .-Calhoun St., et al., improvement bonds authorized at
Nov., 1929 general election and payable from unlimited taxes.
Due $20,000 on Sept. 1 from 1940 to 1949, inclusive.
150,000 sewage pollution elimination bonds authorized at Nov., 1938
general election and payable from unlimited taxes.
Due $6,000
on Sept. 1 from 1940 to 1964, inclusive.
275,000 University Bldg. bonds authorized at the Nov., 1929 general
election and payable from unlimited taxes.
Due Sept. 1 as
follows:
$14,000 from 1940 to 1954, incl. and $13,000 from 1955
1950
t/O
inclusive*
720,000 waterworks bonds.
Due $18,000 on Sept. 1 from 1940 to 1979,
incl.
General obligations of the city, payable from general tax
levies, but also payable from earnings of the waterworks, In so far
as the same are sufficient to meet the requirements of these bonds.
Feb. 1, 1939 and at the request of the
be exchanged for bonds registered as to principal and Interest.
re-offered the bonds to yield from 0.40%
to 2.10%, according to coupon rate and date of maturity.
A group composed of the First National Bank of New York, Salomon
Bros. & Hutzler and Washburn & Co., all of New York, bid a price of
100.069 for $200,000 2Ms. $425,000
and $720,000 2s, a net cost of
1.96%.
Smith, Barney & Co., New York and associates bid 100.149 for
all 2s a 1.9902%
cost basis; Chemical Bank & Trust Co,, as account
managers, offered to pay 100.14 2s; Bankers Trust Co. of New York and
others bid 100.119 for 2s; Lehman Bros, group offered 100.179 for $625,000
All of the bonds will be dated
owner
may
Members of the purchasing group
2M» and $720,000 2s, a 2.06% basis; Halsey, Stuart & Co.,
and associates offered 101.268 for $625,000 2s and $720,000
Inc., New York
2Ms, a 2.097%
basis, and the National City Bank of New York headed a syndicate
made a tender of 100.88 for $720,000 2Ms and $625,000 2s, a basis of
which
about
UP 20
242%.
budget as submitted to it by the budget and appropriations committee—
V. 147, P. 3949—calling for an increase of 20 cents in the tax rate. New rate
will be $4.68 per $1,000 of assessed valuation.
improvement bond anticipation notes offered Dec. 28—V. 147, p. 3802-—
were awarded to Field, Richards & Shepard of Cleveland as 0.75s, at a
YONKERS, N. Y.—NOTE SALE—An issue of $200,000 tax anticipation
awarded to H. L. Schwamm & Co. of New York at %■•% interest
plus a $5 premium.
Dated Dec. 29, 1938, and due April 1, 1939.
notes was
Ohio—NOTE SALE—'The
CINCINNATI,
$1,500,000
water
works
price of 100.2506.. Dated Feb. 1, 1939.
Due Feb. 1, 1941, and redeemable
on any interest date.
Second high bid of 100.75 for Is was made by the
Chemical Bank & Trust Co., New York and the Harris Trust & Savings
Bank of Chicago, in
joint account.
Ohio-^BONDS
CLEVELAND,
AWARDED—The
city
accepted
on
of Chicago and associates to pur¬
light and power plant first mortgage bonds as 3 Ms. at
basis of about 3.48%—V. 147, p. 3949.
Dec. 28 the bid of John Nuveen & Co.
$30,000
chase $1,000,000
110.118,
SHELBY, N. C. Water 3 & 2%s
Due June
University (P. O. Oxford), Ohio—BONDS PUBLICLY OF¬
FERED—BancOhio Securities Co. of Columbus is making public offering
1, 1953-60 at 2.80% basis
Richmond, Va.
CANTON,
N.
C —BOND
bids will be received
(E. 8. T.) on Jan. 10, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
Dated Dec. 1, 1938. Due on Dec. 1
$8,000, 1951 to 1954, and $13,000 in 1955;
There will be no auction. Denom. $1,000;
coupon bonds registerable as to principal only; prin. and int. (J-D) payable
in lawful money in New York City; general obligations; unlimited tax;
delivery at place of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of M of 1%. Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest Interest
cost to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities. No bid of less than par and accrued
interest will be entertained. Bids must be accompanied by a certified check
upon an incorporated bank or trust company,
payable unconditionally
to the order of the State Treasurer, for $1,900.
The right to reject all bids
is reserved.
The approving opinion of Storey, Thorndike. Palmer .& Dodge
of Boston will be furnished the purchaser.
a
of Cincinnati.
STAUNTON TOWNSHIP SCHOOL DISTRICT
until 11 a. m.
of
incl. and $13,000, May 1,
University, on any interest
1, 1940, at a sliding scale of prices.
Prin¬
cipal and interest (M-N) payable at the Fifth-Third Union Trust Co.,
Cincinnati.
Bonds are payable solely from income derived from facilities
of the University.
Legality approved by Peck, Shaffer, Williams & Gor¬
man
CAROLINA
OFFERING—Sealed
May 1 and $12,000 Nov. 1 from 1947 to 1955
1956.
Callable in whole or in part, at option of
payment date on or after Nov.
A. T. T. Tel. Rich.Va. 83
NORTH
$350,000 2M% dormitory revenue bonds.
Dated Nov. 1,1938. Denom.
$1,000.
Due $10,000 Nov. 1, 1941; $10,000, May 1 and Nov. 1 from
1942 to 1945 incl.; $10,000 May 1 and $12,000 Nov, 1
1946; $13,000,
of
F. W. CRAIGIE & COMPANY
Phone 3-9137
a
MIAMI
$95,000 issue of refunding bonds.
follows: $5,000, 1941 to 1950;
without option of prior payment.
as
semi-annua1
CONWAY, N. C.—BONDS SOLD—It is said that $6,000 6%
were purchased at par on Dec. 20 by the Bank of Conway.
sidewalk bonds
BOND SALE—An issue of $8,500 3 H%
(P. O. Troy), Ohio—
sold to Katz &
building bonds was
O'Brien of Cincinnati.
SYLVANIA
SCHOOL DISTRICT,
Ohio—BOND SALE DETAILS—
$137,5)0 high school bonds, sale of which was reported in V. 147,
3802, were purchased by Braun, Bosworth & Co. of Toledo as 3Ms at
101.293, a basis of about 3.12%.
One bond for $5)0, others $1,000 each.
Due Oct. 1 as follows: $5,500 in 1940 and $6,000 from 1941 to 1962, incl.
The
p.
Ohio—SYNDICATE MEMBERS—Following were asso¬
Co., Inc., Chicago, in the purchase of $771,244
Dec. 15, as reported in V. 147, p. 3949: Edward Brockhaus
& Co., Seufferle & Kountze, Seasongood & Mayer, Widmann & Holzman,
Middendorf & Co., Walter, Woody & Heimerdinger, Pohl & Co. and Fox,
Einhorn & Co., all of Cincinnati.
TOLEDO,
ciated with A. C. Allyn &
bonds
as
3s
on
WELLSTON,
Ohio—BOND OFFERING—Sealed ' bids addressed
will be received until noon on Jan. 6 for
W. A. Lausch, City Auditor,
to
the
Oct. 1.
to 1944
Interest A-O. A certified check for
purchase of $100,000 6% electric mortgage revenue bonds.
Dated
1938.
Denom. $1,000.
Due Oct. 1 as follows: $6,000 from 1940
incl. and $5,000 from 1945 to 1958
incl.
1% of the amount bid for, payable to order of the
proposal.
city, must accompany
each
TOWNSHIP (P. O. Nelsonville), Ohio—BOND SALE—The
$5,000 road impt. bonds offered Dec. 22—V. 147, p. 3649—were awarded
to Roy Davis of Nelsonville. the only bidder, as 5Ms, at par.
Dated Jan. 2,
1939 and due $500 on Sept. 15 from 1939 to 1948 incl.
YORK
GRAHAM, N. C.—NOTES SOLD—It is reported that $5,000 revenue
anticipation notes were purchased on Dec. 20 by the First National Bank of
Youngsviile, at 3%%, plus $1 premium.
R. J. EDWARDS, Inc.
PRINCETON, N. C —BONDS SOLD TO PWA—It is reported that the
following 4% semi-ann. bond aggregating $33,000, approved by the voters
on July 19, were purchased at par by the Public Works Administration:
$18,000 water, and $15,000 sewerage bonds.
Municipal Bonds Since 1892
WASHINGTON PUBLIC SCHOOL DISTRICT (P. O. Washington)
N. C.—BOND OFFERING—Sealed bids will be received until 11 a. m. on
Oklahoma City, Oklahoma
Jan. 10, by W. E. Easterling, Secretary of the Local Government Com¬
mission, at his office in Raleigh, for the purchase of a $10,000 issue of school
Dated Jan. 1,1939. Due on Jan. 1,1948. Denom. $1,000;
principal and interest (J-J) payable in lawful money in New York City;
general obligations; unlimited tax; coupon bonds, not registerable; no
option of payment before maturity; delivery at place of purchaser's choice.
There will be no auction.
The bonds will be awarded at the highest price,
not less than par and accrued interest, offered for the lowest interest rate bid
upon, not exceeding 6%. in a multiple of % of 1 %.
Bids must be accompanied by a certified check upon an incorporated
bank or trust company, payable unconditionally to the order of the State
Treasurer for $200.
The approving opinion of Reed, Hoyt, Washburn &
Clay of New York City, will be furnished the purchasers.
AT&T Ok Cy
refunding bonds.
Long Distance 787
19
OKLAHOMA
DOUGHERTY CONSOLIDATED
SCHOOL DISTRICT NO. 2 (P. O.
Sulphur, Route 2) Okla.—BONDS OFFERED—It is reported that bids
received until 2 p. m. on Dec. 27. by Chas. Haney, District Clerk, for
the purchase of a $12,000 issue of building bonds. Due $1,000 from 1941 to
were
1952 incl.
Volume
147
Financial
KETCHUM, Okla.—BONDS
NOT SOLD—It is reported that the two
k®ues of 4% semi-ann. bonds
aggregating $15,000, offered
147, p. 3498—were not sold. The issues are described
water system, and $5,000 sewer
as
Dec. 12—V.
$10,000
on
money with which to pay any valid warrants issued against the general
fund of the State for the fiscal year
ending June 30, 1939.
The notes are
issued in denom. of $5,000 and mature on
May 1, 1939.
The notes bear
interest at the rate of 1 M % per annum from their date until paid, and will
be dated the day they are delivered to the
purchasers thereof.
The notes
payable from any
the fiscal
accruing to the general fund of the State
year ending June 30,
1939, and the full faith, credit and
resources of the State are pledged to their
payment.
Subscriptions for said notes will be received by the State Treasurer in
amounts of $5,000 or any multiple thereof. If the issue is oversubscribed
the State Treasurer will prorate the issue
among the subscribers.
Sub¬
scribers shall agree to pay par for the notes subscribed for, and each sub¬
scription shall be accompanied by a certified or cashier's check on a solvent
bank for 1 % of the amount of notes desired which shall be
applied on the
purchase price of said notes.
In the event subscriber fails to accept and
pay for the notes subscribed for within 10 days after notice from the State
Treasurer by registered mail to do so, the proceeds of said check shall
be credited to the general fund of the State as
liquidated damages.
The
State Treasurer with the approval of the State Auditor and Governor has
the authority to reject any subscription in which event the State Treasurer
revenues
shall refund subscriber the amount of this check.
Subscriptions may be submitted subject to the notes awarded the sub¬
being approved as to legality by Chapman & Cutler of Chicago,
or
J. Berry King and Geo. J. Fagin, attorneys-at-law, First National
Building, Oklahoma City, their approval opinion to be obtained at the
scriber
of the subscriber.
cost
Forms
for
DUBOIS, Pa.—BOND
'1
OKLAHOMA, State of—NOTE OFFERING—Hubert L. Bolen, State
Treasurer, will receive subscriptions until Jan. 3, for the purchase of $2,000,000 State Treasury, Series C, 1938-39 notes, issued under
authority of
Article 3, Chapter 27, Okla. Session Laws, 1937; for the
purpose of acquiring
for
4089
Premium of $7 and the First National Bank of Clarion offered
$78.75 for a block of $7,000.
a
premium of
follows:
system bonds.
are
Chronicle
'.i
OFFERING—E. V. Johnson, Deputy City Clerk.
of $50,000
«
.
and park
—
on Jan. 15
single rate of interest.
Bonds
pay be registered as to principal only and will be issued subject to approv¬
ing legal opinion of Burgwin, Scully & Churchill of
Pittsburgh.
A certified
check for 2% of the bonds bid
for, payable to order of the City Treasurer,
is
required.
#•
,„
from 1946 to
1950 incl.
Bidder to
name a
EMAUS, Pas—BOND SALE— The $75,000 2M% coupon refunding
bonds offered Dec. 23—V..
147, p. 3650—were awarded to the Emaus
National Bank of Emaus at a
price of 100.46, a basis of about 2.45%.
Dated Dec, 15, 1938 and due as foUows:
$3,000, 1939; $4,000, 1940 to
1945 incl.; $3,500, 1946 to 1953 Incl.;
$4,000, 1954; $3,900 from 1955 to
1957 incl., and $4,300 in 1958.
Second high bid of 100.209 was made by
Burr & Co., Inc , of Philadelphia.
EPHRATA, Pa.—BOND SALE—An issue of $35,000 seWer bonds wa8
sold to Singer, Deane & Scribner of
Pittsburgh as 2s, at a price of 101.385.
TOWNSIHP (P. O. Ambridge), Pa.—BOND
^
CANCELED—Proposal
OFFERING
to sell on Jan. 11 an issue of $24,000 municipal
bonds—V. 147, p. 3950—has been canceled owing to
rejection of contractors' bids at a meeting on Dec.
23,
building and
sewer
according to C. Roy
Kerr, Township Secretary.
McKEESPORT
SCHOOL
DISTRICT,
Pa .—BOND OFFERING—
w. T. Norton, District Secretary, will receive sealed bids
until 8 p. m. on
Jan. 9 for the purchase of $700,000 coupon school
bonds, including $420,000
series A of 1939 and $280,000 series B of 1939.
Dated Jan. 1, 1939.
Denom. $1,000.
Due Jan. 1 as follows:
$10,000,
1941;
$35,000 from
1942 to 1959 incl., and $20,000 from i960 to 1962 incl.
Bidder to name
single rate of interest, expressed in a multiple of M of 1 % and payable J-J.
Sale of bonds will be made subject to approval of
proceedings by the
Pennsylvania Department of Internal Affairs.
A certified check for $10,000
payable to order of the District Treasurer, is required.
Legal opinion of
a
making
subscriptions and additional information regarding
the notes may be ootained from the State Treasurer.
The notes are to
be ready for delivery to subscriber on the 7th day of January, 1939.
SAYRE, Okla—BOND SALE DETAILS—We are informed by the City
Clerk that the $10,000 park bonds purchased on Dec. 19 by the Treasurer
Beckham County, as noted here—V. 147, p. 3949—were sold as 2s,
Burgwin, Scully & Churchill of Pittsburgh will be furnished the successful
bidder.
of
paying
a
price of par.
■
PHILADELPHIA, Pa.—COUNCIL
In
a
GIVEN POWER OVER BUDGET—
decision rendered the past week the State
Supreme Court ruled that
has complete power, except for several minor items, over
City Council
the municipal budget.
Ruling was the outgrowth over a dispute as to
whether Council had authority to increase revenue estimates in the
1939
OREGON
MALHEUR COUNTY SCHOOL
R.
F.
DISTRICT
NO.
18
O.
(P.
Nyssa,
D.
No. 1), Ore.—BONDS OFFERED—It is reported that sealed
received until 8.30 p. m. on Dec. 29, by Martha Klingback.
District Clerk, for the purchase of a $2,750 issue of not to exceed 4% coupon
semi-annual school bonds.
Dated Jan. 2, 1939.
Due from Jan. 2, 1943
bids
were
to 1947.
MARION
COUNTY
SCHOOL
DISTRICT
NO.
78
(P. O. Salem,
R. F. D. No. 6), Ore.—BOND OFFERING—Sealed bids will be received
until 8 p. m. on Jan. 14, by Lucy M. Simpson, District Clerk, for the pur¬
chase of $2,000 school bonds.
Dated Feb. 1, 1939.
Due $1,000 on Aug. 1,
budget above those fixed by the City Comptroller.
For a period of 19 years,
was said, Council has always abided
by figures submitted by the Comp¬
it
troller.
Immediate effect of the decision is to reduce the difference between
estimated revenues and expenses in next year's
to about
budget from $26,000,000
$19,000,000, according to report.
«•
COUNCIL VOTES 3% SALES TAX—We quote in
part as follows from
the Philadelphia "Inquirer" of Dec. 30:
City Council yesterday passed the 3 % sales tax in the face of declarations
that the present 2% levy is ruining Philadelphia business.
The vote was 15 to 5, giving the tax advocates more than
enough strength
to pass the measure over
re¬
Mayor Wilson's veto.
Mr. Wilson received the ordinance within a few minutes of the roll call
on final passage, and announced that he would veto it.
Jan. 9, by D. J. Hughes, City Recorder, for
5% semi-ann. hospital bonds.
Denom.
Dated March 1, 1939.
A certified check for 2% is required.
According to law, however, the Mayor must, hold a bill 10 days before
disapproving it, and the new levy thus cannot become effective before
Jan. 9.
The present tax expires Saturday midnight, and the city will
1950 and 1951.
PRAIRIE
•
CITY,
Ore.—BOND OFFERING—Sealed bids will be
ceived until 7.30 p. m.
the purchase of a
$500.
on
$20,000
issue of
have
Year-End
Appraisals and Statistical Information
PENNSYLVANIA
MUNICIPAL
AVAILABLE
on
BONDS
a
one-week vacation from the levy.
Before the vote was taken, Chairman Bernard Samuel of the Finance
Committee and President George Connell declared that a plan was afoot
which, if culminated, would enable Council to repeal the tax.
Neither would tell anything about the new plan.
Council did nothing on a bill to repeal the 1M % income tax, nor was any
on an ordinance increasing the water rents.
The income levy will be repealed, it was said, when the
action taken
UPON REQUEST
budget is
com¬
pleted.
Mr. Connell already has stated that the water rent increase
"out," and that ordinance would be sent back to committee,
JOHNSON & McLEAN
Incorporated
PITTSBURGH
A. T. T.
ROSS TOWNSHIP (P. O. Perrysville), Pa.—BOND SALE—The issue
bonds offered Dec. 28—V. 147, p. 3950—was awarded to Moore,
Lynch of Pittsburgh as 2Ms, at 100.038,, a basis of about 2.74%.
Dated Jan. 1, 1939 and due $10,000 on Jan. 1 in
1944, 1949, 1954, 1959 and
1964.
Second high bid of 102.07 for 3s was made by S. K. Cunningham &
of $50,000
Leonard &
PENNSYLVANIA
Telephone—Atlantic 8333
was
Teletype—PITB 289
Co. of Pittsburgh.
PENNSYLVANIA
ROSTRAVER
AMITY TOWNSHIP SCHOOL DISTRICT
(P. O. Dougla.ville),
Pa.—BOND SALE—The $18,000 building bonds offered Dec. 21—V. 147,
p. 3498—were awarded to the Topton National Bank of Topton as 2 %b, at
101.41, a basis of about 2.60%. Due $1,000 on Dec. 1 from 1941 to 1958
incl.
Other bids:
Bidder—
Int. Rate
2M%
National Bank of Boyertown
BELLEFONTE, Pa.—BONDS
-
...
^
SOLD—A
Premium
$21.60
3%
Burr & Co.__
180.00
composed
group
of Moore,
Leonard & Lynch; Glover & MacGregor, Inc., both of Pittsburgh, and
Burr & Co. of Philadelphia exercised its option to purchase as 4s the $70,000
disposal plant bonds offered Dec. 7—V. 147, p. 3650.
sewage
on
Due serially
Jan. 1 from 1942 to 1968 incl.
BEN AVON
HEIGHTS (P. O.
expressed in a multiple of H of 1%. A certified check for $500, payable to
order of the Borough Treasurer, is required.
Sale of bonds will be made
subject to approval of proceedings by the Pennsylvania Department of
Internal Affairs.
Legal opinion of Burgwin, Scully & Churchill of Pitts¬
burgh will be furnished the successful bidder.
MUNICIPAL
WATER
AUTHORITY,
Pa.—BOND
SALE—Elkins, Morris & Co. of Philadelphia purchased on Dec. 16 an
$2,150,000 water bonds as 2Mb at 100.84, a basis of about 2.46%.
Due Dec. 15 as follows:
$20,000,1941; $30,000, 1942 to 1945 incl.; $40,000,
1946 and 1947; $55,000 in 1948, and $125,000 from 1949 to 1963 incl.
BRENTWOOD
SCHOOL
DISTRICT,
Pa .—BOND OFFERING—
Bracken, District Secretary, will receive sealed bids until 8 p. m.
10 for the purchase of $13.0,000 coupon school bonds.
Dated
Jan. 1, 1939.
Denom. $1,000.
Due Jan. l as follows:
$7,000 from 1942
to 1947 incl., and $8,000 from 1948 to 1958 incl.
Bidder to name a single
rate of interest, expressed in a multiple of 14 of 1%.
A certified check for
$2,000, payable to order of District Treasurer, is required.
Sale of bonds
will be made subject to approval of proceedings by the Pennsylvania
Department of Internal Affairs.
Legal opinion of Burgwin, Scully &
Churchill of Pittsburgh will be furnished the successful bidder.
H.
on
Jan.
BRIDGE VILLE
SCHOOL
DISTRICT, Pa .—BOND OFFERING—
Secretary, will receive sealed bids until 8 pm.
on Jan. 4 for the purchase of $40,000 coupon school bonds.
Dated Jan. 15,
1939.
Denom. $1,000.
Due $2,000 on Jan. 15 from 1942 to 1961 incl.
Bidder to name a single rate of interest, expressed in a multiple of M of 1 %.
A certified check for $1,000, payable to order of the District Treasurer,
is required.
Sale of bonds will be made subject to approval of proceedings
by the Pennsylvania Department of Internal Affairs.
Legal opinion of
Burgwin, Scully & Churchill of Pittsburgh will be furnished the successful
Forrest
Host,
District
bidder.
BROOKVILLE SCHOOL DISTRICT, Pa.—BOND SALE—The $60,000 3% elementary school building bonds offered Dec. 23—V. 147, p. 3803—
awarded
Moore, Leonard & Lynch of Pittsburgh at a price of
104.138, a basis of about 2.49%.
Dated Jan. 1, 1939, and due $4,000 on
Jan. 1 from 1941 to 1955 incl.
Second high bid of 104 was made by the
National Bank of Brookville and the Brookville Bank & Trust Co., both of
were
to
Brookville.
*
CLARION
Route
Dec.
1),
TOWNSHIP
SCHOOL
DISTRICT
Pa.—BOND SALE—The $14,000 3M%
16—V.
(P.
O.
Corsica),
school bonds offered
147, p. 3498—were awarded to Burr & Co. of Philadelphia
plus $19.46 premium, equal to 100.139, a basis of about 3.49%.
Dated July 1, 1938 and due July 1 as follows: $500 from 1940 to 1959 incl.
and $1,000 from I960 to 1953 incl.
Leach Bros, of Philadelphia bid a
at
par
c
v~.
DISTRICT-
(P.
O.
Belle
interest in multiples of
approval
of
M of 1%.
Sale of bonds will be made subject to
proceedings by the Pennsylvania Department of Internal
Affairs.
A certified check for $500, payable to order of C.
District Treasurer, is required.
S. Bateman,
RICHLAND TOWNSHIP SCHOOL DISTRICT
(P. O. Meridian
Road, Gibsonia), Pa.—BOND SALE—The $18,000 school bonds offered
Dec. 22—-V.
147, p. 3650—were awarded to Singer, Deane & Scribner of
as 3s at 101.43, a basis of about 2.85%.
Dated Jan. 1, 1939,
$1,000 on Jan. 1 from 1942 to 1959, incl.
Second high bid of
101.32 for 3s was made by S, K. Cunningham & Co. of Pittsburgh.
Pittsburgh
and
due
SHALER TOWNSHIP (P. O. Mount Royal Boulevard,
Box 38,
Glenshaw), Pa.—BOND OFFERING—Edward J. Wladman Jr., Secretary
of Board of Commissioners, will receive sealed bids until 8 p. m. on Jan. 10,
for the purchase of $90,000 coupon bonds.
Dated Jan. 1, 1939.
Denom.
$1,000.
Due $5,000 on Jan. 1 from
single rate of interest, expressed in a
will be made subject to approval
Department of Internal Affairs,
A
order of the Township Treasurer, is
Scully & Churchill of Pittsburgh will
issue of
C.
SCHOOL
Bellevue), Pa.—BOND OFFERING—
R. W. Scandrett, Borough Secretary, will receive sealed bids until 8p.m.
Jan. 9 for the purchase of $6,000 coupon bonds.
Dated Dec. 1, 1938.
Denom. $1,000. Due Dec. 1, 1948. Bidder to name a single rate of interest,
on
BETHLEHEM
TOWNSHIP
Vernon, R. D. 1), Pa.—BOND OFFERING—J. Rousseau, District Sec¬
retary, will receive sealed bids until 7:30 p. m. on Jan. 10 for the purchase
of $50,000 school bonds.
Dated Feb. 1, 1939.
Denom. $1,009.
Due
$5,000 on Feb. 1 from 1941 to 1950 incl.
Bidder to name the rate of
1943 to 160, incl.
Bidder to name a
multiple of M of 1%.
Sale of bonds
of proceedings by the Pennsylvania
certified check for $1,000, payable to
required.
Legal opinion of Burgwin.
be furnished the successful bidder. tffl
SHAMOKIN,
Pa .—BOND SALE— The $50,000 public improvement
13—V. 147, p. 3347—were awarded to Leach Bros, of
4Ms, at 100.36.
bonds offered Dec.
Philadelphia
as
The bonds are dated Dec. 15, 1938 and mature
$5,000, 1943; $3,000, 1944 to 1949, incl.; $2,000,
$3,000 from 1952 to 1957, incl. and $2,000 in 1958.
Dec. 15 as follows;
1950; $5,000, 1951-
SHARPSBURG, Pa .—BOND SALE DETAILS—The $100,000 water
light plant bonds awarded to the Farmers & Merchants Bank of
Sharpsburg as 2Ms, as reported in V. 147, p. 3950—were sold at a price
of 100.92 and mature $5,000 annually from 1939 to 1958, incl., giving a net
cost of about 2.40%.
and
SHILL1NGTON,
improvement
Pa .—BOND SALE—1The
$20,000
water
works
147, p. 3650—were awarded to
bonds offered Dec. 27—V.
of Philadelphia as 2Ms, at 101.059, a basis of about 2.30%.
Dated Jan. 1. 1939 and due Jan, 1 as follows:
$2,000, 1940 to 1943, incl.;
Burr
&
Co.
$1,000 from 1944 to 1953, incl. and $2,000 in
after Jan. 1, 1948.
Only one bid was received.
1954.
Redeemable
on
or
SOUTH LANGHORNE, Pa .—BOND OFFERING—M. V. Stanford.
Borough Secretary, will receive sealed bids until Jan. 9 for the purchase
$10,500 2, 214, 2M, 2M. 3, 3)4, 3M, 3%, or 4% coupon funding and
improvement bonds.
This issue failed of sale at a previous offering on
of
Dec. 12.
SUMMIT
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Erie),
Pa.—
BOND OFFERING—Lloyd W. Veit, District Secretary, will receive sealed
noon on Jan. 12 for the purchase of $26,000 3% coupon school
bonds.
Dated Dec. 1, 1938.
Denom. $1,000.
Due Dec. 1 as follows:
bids until
$1,000 from 1939 to 1962 incl. and $2,000 in 1963.
Bonds maturing after
Dec. 1, 1953 will be callable on Dec. 1 of any subsequent year, provided
that notice of said redemption will be made to holder of the bonds not
later than June 1 preceding the date on which redemption is to be made.
Interest J.D.
Bonds may be registered as to principal and have been
approved by the Pennsylvania Department of Internal Affairs.
A certi¬
of the Treasurer of Board of School
Directors, is required.
•
fied check for $520, payable to order
Financial
4090
Dec.
Chronicle
RHODE
ISLAND
CRANSTON, R. I.—NOTE SALE—The $150,000 notes offered Dec. 27
—V, 147, p. 3951—were awarded to Jackson & Curtis of Boston at 0.344%
discount.
Dated Dec. 27, 1938, and due Dec. 1, 1939.
The First Boston
Corp., second high bidder/named a rate of 0.37% and $3.25 premium.
COUNTY
LAKE
INDEPENDENT
CONSOLIDATED
SCHOOL
DISTRICT NO. 3 (P. O. Rutland), S. Dak .—BONDS OFFERED—
Sealed and oral bids were received until 2 p. m. on Dec. 28, by J, W. Woldt,
Clerk of the Board of Education, for the purchase of a $70,000 issue of
coupon
VIRGINIA
APPOMATTOX, Va.—BOND SALE—The
sewer system bonds offered for sale on Dec.
DAKOTA
SOUTH
Interest rate not to exceed 4K%, payable J-J.
bonds were sold on Dec. 28 to E. J. Prescott
Minneapolis, according to the District Clerk.
No other bid was
refunding bonds.
WASHINGTQN
LONGVIEW, Wash.—BONDS SOLI/— It is
retirement bonds have been
Washington, as 4s.
t
received,
hall and warrant
TENNESSEE
HENDERSON, Tenn.—BOND SALE DETAILS—It is stated by the
City Recorder that the $47,500 water works, paving and refunding bonds
purchased by O. H, Little & Co. of Jackson, as 4s, at a price of 98.95, as
noted hereon Dec. 24—V. 147, p. 3951—are dated Jan. 1,1939, and mature
as follows: $1,000 in 1943; $3,000, 1945 to 1947; $3,500 in 1948; $4,000,
1949 to 1951; $5,000, 1952 to 1955, and $2,000 in 1956. giving a basis of
about 4.11%.
JACKSON, Tenn.—BONDS OFFERED—It is stated by W. P. Moss.
City Attorney, that sealed bids were received until 10 a. m. on Dec. 30•
of an issue of $1,000,000 not to exceed 5% semi-ann. electric
revenue bonds.
Dated Jan, 1, 1939. Due from 1941 to 1959 incl. Payable
at the Chemical Bank & Trust Co., New York.
Legality approved by
Chapman & Cutler of Chicago.
of the electric system.
$1,375,000 boulevard
in 1972.
working capital.
RIDGELY, Tenn .—BOND SALE DEFERRED—It is stated by Mayor
W, S. Alexander that the sale of the $10,000 5% semi-annual water works
bonds which had been scheduled for Dec. 27—V. 147, p. 3805—
revenue
Due from 1939 to 1949; payable on July and Jan.
1.
SPRINGFIELD, Tenn .—BOND OFFERING—It is stated by Frank
Hollins, City Clerk, that he will offer at public sale on Jan. 16 at 2 p. m.
a $22,000 issue of 4% semi-annual coupon city bonds.
Dated Jan. 1,1939.
Denom. $1,000.
Due Jan. 1 as follows:
$1,000 in 1941 to 1956, arid $2,000
in 1957 to 1959.
These bonds are issued under the authority of Public
Works Act of 1935, as amended.
Bonds must bring par and accrued
interest.
Sealed bids will be received at the City Clerk's office until sale
date and considered along with other bids.
Opinion and bonds furnished
by the city.
Enclose a certified check for 5% of bid, payable to the city.
TEXAS
BRYAN, Texas—BOND SALE DETAILS—We are now informed by
Guy P. Bittle, Acting City Manager, that the $259,000 water system rev¬
bonds sold to the Brown-Crummer Co. of Wichita and associates, as
enue
on Dec. 17—V. 147, p. 3805—were sold at a price of par, divided
follows: $40,000 maturing $8,000 Dec. 15, 1939 to 1943, as 2Ks, J-D;
$85,000 maturing Dec. 15, $9,000 in 1944 to 1948, and $10,000 in 1949 to
1952 as 3s, and $125,000 mtauring Dec. 15, $11,000 in 1953 to 1955, $12,000
in 1956 and 1957, $13,000 in 1958 and 1959, and $14,000 in 1960 to 1962,
as 3Ks, optional Dec.
15, 1948, and any interest payment date thereafter
on 30 days' notice.
Prin. and int. payable at the City Treasurer's office.
Legality approved by Chapman & Cutler of Chicago.
Those associated with the above firm in the purchase are Mahan, Dittmar
& Co. of San Antonio; Donald O'Neil & Co., and Rauscher, Pierce & Co.,
noted here
as
of
Dallas.
LUBBOCK INDEPENDENT SCHOOL DISTRICT (P. O. Lubbock)
now
reported by the Business Manager of the
i-annual school building bonds
purchased by the Brown-Crun n er Co. of Wichita, as noted here—V. 147,
p. 3805—were sold for a price of 100.566, a basis of about 2.94%.
Due
from April 1, 1939 to 1958.
Board of Education that the $150,000 3 % seir
NATALIA SCHOOL DISTRICT (P. O. Natalia)
,Texas—BOND SALE
building bonds
DETAILS—It is reported that the $9,000 3Vi% semi-annual
Department of Education, as noted here—V. 147, p. 3805—
were purchased at par, and mature on Nov.
10 as follows: $600, 1939 to
1943, and $1,200, 1944 to 1948, all inclusive.
sold to the State
Coupon bonds, dated Nov. 10, 1938.
Nov.
Denom. $600.
Interest payable
1.
NIXON,
Due Dec. 1 as
1972.
1938.
Rate of interest to be in multiples of K of 1%.
A
part of the issue may bear one rate and part a different rate.
Not more
than two rates will be considered in any one bid.
Principal and interest
payable at the State Treasurer's office in Charleston, or at some bank in
New York City at the option of the holders.
All bids must be uncondi¬
tional and each issue of bonds must be bid for separately.
The purchaser
will be furnished with a final approving opinion of Caldwell & Raymond
of New York, but will be required to pay the fee for approving said bonds.
The bonds were authorized at an election held on Dec. 16.
Enclose a
certified check for 2% of the total amount of the issue or issues bid for,
50,000 West
Side streets
bonds.
$1,000 in 1940 to
follows:
Denom. $1,000.
1955, and $2,000 in 1956 to
payable to the city.
.
.
above offering we give
19, 1938, regarding the outcome
In connection with the
issue of Nov.
„
.
herewith a reprint from our
of the previous bond nego¬
tiation:
BOND
SALE
INVALIDATED—In
the sale of the
connection with
$1,629,100 street and fire station bonds, along with two other issues, on
Nov. 7, to a syndicate headed by Phelps, Fenn & Co. of New York, as
described in detail in our Issue of Nov. 12—V. 147, p. 3057—we are informed
that the sale of the above issue was canceled because of an adverse Supreme
Court decision.
An Associated Press dispatch from Charleston on Nov. 14
reported as follows on the court ruling:
,
,
"The West Virginia State Supreme Court today invalidated a municipal
bond issue of $1,629,100 for the improvement of Charleston streets and con¬
struction of fire stations.
The Court held that the procedure followed in
the bond issue election did not comply sufficiently with the law.
City
officials began a study of possible steps to meet legal requirements for the
reauthorization and reissuance of the bonds."
WISCONSIN
DOUGLAS
It is stated
COUNTY (P. O. Superior),
by S. P. Gray, County
Wis.—BOND OFFERING—
Clerk, that he will receive sealed bids
of an issue of $100,000 coupon
4%, payable J-J.
Due $10,000
until 2 p. m. on Jan. 18, for the purchase
relief bonds.
Interest rate is not to exceed
from Jan. 2, 1940 to 1949 incl.
<■
,
.
•
'
■
.
caption of
(This notice supersedes the offering report given under the
Douglas Co., Minn., in our issue of Dec. 24—V. 147, p. 3946.) ,-',t
KENOSHA COUNTY (PI O. Kenosha) Wis.—BOND OFFERING—
Sealed bids will be received until 2 p. m. on Jan. 9, by John C. Niederprim,
County Clerk, for the purchase of a $500,000 issue of not to exceed 5% semiann. poor relief bonds.
Dated Jan. 20, 1929. Denom. $1,000. Due $50,000
Jan. 20, 1940 to 1949.
Bonds nuriibered 201 to 500. inclusive, may be
redeemed in inverse numerical order at par and accrued interest on any
interest payment date on or
after Jan. 20, 1943, after
30 days' notice to
original purchaser and publication in a financial journal published in New
York City.
Prin. and int. payable at the County Treasurer's office. The
bonds will be sold to the highest responsible bidder at not less than par, the
basis of determination shall be the lowest interest rate bid and interest cost
to the county.
The approving opinion
will be furnished.
bid.
•
Enclose a certified
of Chapman & Cutler, of Chicago,
check for not less than 2% of
amount
7
MONTFORT, Wis.—BOND SALE—'The $12,500 issue of 2%% semi¬
community building bonds offered for sale on Dec. 24—V. 147,
3952—was awarded to the Citizens State Bank of Montfort, paying af
annual
SriCe of15, 1940 to basis of about 2.54%. Dated
101.60, a 1958.
larch
Sept. 15, 1938. Due on
\
•
DISTRICT NO. 1 (P. O. Mod nee)
Wi*.—
BONDS OFFERED FOR INVESTMENT—A new issue of $27,000 3 H %
high school addition bonds is being offered by John Nuveen & Co. of
Chicago, at prices to yield from 2.53% to 2.80%, according to maturity.
Coupon bonds dated Dec, 1, 1938.
Denom. $500. Due on.April11 as
follows:
$4,000, 1948 to 1950 and $5,000, 1951 to 1953.
Prin. and int.
(A-O) payable at the Mosinee Commercial Bank.
Legality approved by
Chapman & Cutler of Chicago.
MOSINEE
SCHOOL
and
RIPON, Wis .—BONDS OFFERED—It is reported that both sealed
until Dec. 27, at 3 p. m. for the purchase of an issue
exceed 2% semi-ann. school bonds, by C. A. Whiting,
City Clerk.
Dated Dec. 1, 1938.
oral bids were received
of $137,500 not to
Texas—BOND OFFERING—It is stated by E.
J. Pennell,
City Secretary, that he will receive sealed bids until Jan. 10 for the purchase
$75,000 water works and sewer system revenue bonds.
Due serially
in 30 years.
Interest rate to be named by the bidder.
WYOMING
of
Texas—BOND TENDER APPROVED—In connection with
the call for tenders on $5,000 of refunding bonds of 1936, it is stated by L. L.
Anthony, City Secretary, that only one tender was received, which was
submitted by the First National Bank of Odessa, who offered five bonds
ODESSA,
at
.
Dated Dec. 1,
p.
Texas—PRICE PAID'—It is
^
^
100,100 fire station bonds.
Denom. $1,000, one for $100.
Due Dec. 1
as follows: $2,100 in
1940; $2,000 in 1941 to 1950; $3,000 m
1951 to 1961; $4,000 in 1962 to 1971, and $5,000 in 1972.
at a price
tucky-Tennessee Power Co., originally acquired from the city in 1926.
The balance of the funds, together with a Public Works Administration
grant of approximately $34,200 are to provide extensions, betterments and
Due Dec. 1 as follows:
Denom. $1,000.
$37,000 in 1953 and 1954: $39,000 in 1955 and 1956; $41,000
in 1957; $43,000 in 1958; $44,000 in 1959; $46,000 in 1960 and
1961; $48,000 in 1962; $49,000 in 1963; $51,000 in 1964; $52,000
in 1965; $54,000 in 1966, $56,000 in 1967; $57,000 in 1968;
$58,0f0 in 1969; $60,000 in 1970; $62,000 in. 1971 and $65,000
-
•
br the purpose of with the reassumption and water
?>142,000, together purchasing the electric of $330,000properties the the Ken¬
bonds of of city, are
bonds.
$25,000 in 1940; $26,000 in 1941 and 1942; $28,000 in 1943 and
1944; $29,000 in 1945; $30,000 in 1946; $31,000 in 1947; 832,000
in 1948 and 1949; $34,000 in 1950 and 1951; $36,000 in 1952;
These bonds are payable solely from the
PARIS, Tenn.—BOND SALE DETAILS—In connection with the sale
bonds to Nichols & Co. of Nashville, as 3s,
of 99.46, as noted here recently—V. 147, p. 3805—it is stated that
the bonds are dated Dec. 1, 1938, are issued in denoms. of $1,000, and
mature Dec. 1, as follows: $6,000 in 1941, $7,000 in 1942 and 1943, $8,000
In 1944 and 1945, $9,000 in 1946 and 1947, $10,000 in 1948 and 1949, $11,000
in 1950 and 1951, $12,000 in 1952, $13,000 in 1953, $14,000 in 1954, $5,000
in 1955 and 1956, $17,000 in 1957 and $18,000 in 1958.
Net income basis
3.05%.
Prin. and int. payable at the Central Hanover Bank & Trust Co.,
New York.
These bonds are, in the opinion of counsel, valid and legally
binding obligations of the city, payable from and secured by prior pledge of
the net revenues of the municipal light and power system, and
in the event
of any deficiency in the revenues necessary to punctual payment of principal
and interest on these bonds, payable from unlimited ad valorem taxes on
all taxable property within the city.
These bonds, authorized by more than 7 to 1 vote of qualified electors,
constitute, in the opinion of counsel, valid and legally binding obligations
of the City of Paris, payable from and secured by prior pledge of the net
revenues of the municipal light and power system and, in the event of any
deficiency in the revenues necessary to punctual payment of principal and
interest on these bonds, payable from unlimited ad valorem taxes on all
taxable property within the city.
In issuing these bonds, the city covenants
and agrees to fix, maintain and collect sufficient rates for electric service
to pay operation and maintenance and interestfand principal requirements
on this issue of bonds.
Proceeds of this bond issue in the amount of
VIRGINIA
WEST
CHARLESTON, W. Va .—BOND OFFERING— Sealed bids will be re¬
ceived until 11 a. m. on Jan. 18, by H. C. Walker, City Clerk, for the pur¬
chase of the following three issues of not to exceed 2 M % semi-annual bonds
aggregating $1,525,100:
of the $200,000 electric plant
called off.
>
COUNTY (P. O. Tacoma) Wash.—BOND SALE—The
$300,000 issue of general obligation bonds offered for sale on Dec. 29—V.
147, p. 3652—was awarded jointly to Bramhall & Stein, of Seattle, the
Wells-Dickey Co. of Minneapolis and Murphy, Favre & Co. of Spokane ,
according to the County Auditor.
for the purchase
revenues
reported that $135,000 city
purchased by the State of
PIERCE
DRESDEN, Tenn.—BOND TENDERS INVITED—The Mayor and
Board of Aldermen is said to have called for tenders of not more than
$6,000 outstanding city bonds issued Jan. 1, 1937.
The best bid is to be
less than par.
Offers must reach the Mayor by Jan. 27.
both
$25,000 issue of coupon
28—V. 147, p. 3952—was
purchased as follows: $20,000 by the Peoples National Bank of Charlottes¬
ville, and $5,000 by the Bank of Appomattox, paying par on 4% bonds.
Denoms. $1,000 and $500.
Dated Dec. 1, 1938. Due from Dec. 1, 1939
to 1968, incl.
Interest payable J-D.
BONDS SOLD—The above
& Co. of
was
1938
31,
SCHOOL DISTRICT, Vt .—BOND SALE—
The $55,000 school bonds offered Dec. 29r-r-V. 147, p. 3805—were awarded
to Arthur Perry & Co. of Boston as 2 Kb at 100.487, a basis of about 2.20%.
Dated Jan. 1, 1939 and due Jan. 1 as follows:
$3,000 from 1940 to 1957
incl. and $1,000 in 1958.
Six other bids were submitted for the issue.
TOWN
WOODSTOCK
Wyo.—BOND SALE POSTPONED—It is stated by the
Town Clerk that the sale of the $20,000 water bonds, -which had been
scheduled for Nov. 1, as noted here—V. 147, p. 3578
was postponed
JACKSON,
indefinitely.
$999 each.
CANADA
VERMONT
BARRE,
Vt.—BOND
OFFERING— Sealed
bids
addressed
to
Ralph
Olliver, City Treasurer, will be received until 7 p. m, on Jan. 5 for the
purchase of $137,500 not to exceed 3 K % interest coupon auditorium bonds.
Dated Jan. 1, 1939.
One bond for $500, others $1,000 each.
Due Jan. 1
as follows:
$8,000, 1941 to 1945 inch; $7,000 from 1946 to 1958 incl. and
$6,500 in 1959.
Bidder to name one rate of interest in a multiple of M of
1 %.
Prin. and int. (J-J) payable at the Granite Savings Bank & Trust Co.,
The bonds are payable from unlimited ad valorem taxes and will
be engraved under the supervision of and authenticated as to genuineness
by the First National Bank of Boston.
Legal opinion of Storey, Thorndike, Palmer & Dodge of Boston will be furnished the successful bidder.
Barre.
Que.—BOND OFFERING—City'Clerk will
bids until Jan. 9 for the purchase of $30,000 3K% relief
Dec. 1, 1938 and due serially in 20 years.
GRANBY.
receive sealed
bonds. Dated
An issue of
D. Graham & Co. of Toronto,
Due in five years.
*
VALLEYFIELD, Que.—BOND SALE—An issue of $40,000 4% improve¬
ment bonds was sold to Bruno Jeannotte, Ltd. of Montreal at 100.52, a
basis of about 3.96%. Due serially from 1939 to 1968 incl. Second high bid
of 100.06 was made by L. G. Beaubien & Co. and Banque Canadienne
HALTON COUNTY (P. O.
Milton), Ont.—BOND SALE
$9,600 3% improvement bonds was sold to J.
at a price of 101.02, a basis of about 2.61 %.
Nationale, in joint account.
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Financial
4090
Dec.
Chronicle
RHODE
ISLAND
CRANSTON, R. I.—NOTE SALE—The 1150,000 notes offered Dec. 27
—V. 147, p. 3951—were awarded to Jackson & Curtis of Boston at 0.344%
discount.
Dated Dec. 27, 1938, and due Dec. 1, 1939.
The First Boston
Corp., second high bidder, named a rate of 0.37% and $3.25 premium.
SOUTH
LAKE
DAKOTA
Sealed and oral bids
Clerk
of the
coupon
were
SCHCCL
Dak.—BONDS OFFERED—
J. W. Woldt,
S.
received until 2 P. m. on Dec. 28, by
of a $70,000 issue of
Interest rate not to exceed 4%%, payable J-J.
Board of Education, for the purchase
refunding bonds.
VIRGINIA
APPOMATTOX, Vb.—BOND SALE— The $25,000 issue of coupon
system bonds offered for sale on Dec. 28—V. 147, p. 3952—was
purchased as follows: $20,000 by the Peoples National Bank of Charlottes¬
ville, and $5,000 by the Bank of Appomattox, paying par on 4% bonds.
Denoms. $1,000 and $500.
Dated Dec. 1, 1938.
Due from Dec. 1, 1939
to 1968, incl.
Interest payable J-D.
BONDS SOLD—The above bonds were sold on Dec. 28 to E. J. Prescott
& Co. of
Minneapolis, according to the District Clerk.
received,
■
.
SCHOOL
TOWN
sewer
CONSOLIDATED
COUNTY
INDEPENDENT
NO. 3 (P. O. Rutland),
DISTRICT
1938
31,
DISTRICT, Vt .—BOND SALE—
The $55,000 school bonds offered Dec. 29—V. 147, p. 3805—were awarded
to Arthur Perry & Co. of Boston as 2M» at 100.487, a basis of about 2.20%.
Dated Jan. 1, 1939 and due Jan. 1 as follows:
$3,000 from 1940 to 1957
incl. and $1,000 in 1958.
Six other bids were submitted for the issue.
WOODSTOCK
WASHINGTON
No other bid was
LONGVIEW, Wash.—BONDS SOLD—It is reported that $135,000 city
hall and warrant retirement bonds have been purchased by the State of
Washington, as 4s.
f
-
TENNESSEE
COUNTY
PIERCE
O.
(P.
Wash.—BOND
Tacoma)
SALE—'The
TENDERS INVITED— The Mayor and
for tenders of not more than
$6,000 outstanding city bonds issued Jan. 1, 1937.
The best bid is to be
less than par.
Offers must reach the Mayor by Jan. 27.
$300,000 issue of general obligation bonds offered for sale on Dec. 29—V.
147, p. 3652—was awarded jointly to Bramhall & Stein, of Seattle, the
Wells-Dickey Co. of Minneapolis and Murphy, Favre & Co. of Spokane,
according to the County Auditor.
HENDERSON, Tenn.—13OND SALE DETAILS—It is stated by the
City Recorder that the $47,500 water works, paving and refunding bonds
purchased by C. H. Little & Co. of Jackson, as 4s, at a price of 98.95, as
noted here on Dec. 24—V, 147, p. 3951—are dated Jan. 1, 1939, and mature
as follows:
$1,000 in 1943; $3,000, 1945 to 1947; $3,500 in 1948; $4,000,
1949 to 1951; $5,000, 1952 to 1955, and $2,000 in 1956, giving a basis of
about 4.11%.
CHARLESTON, W. Va.—BOND OFFERING—Sealed bids will be re¬
ceived until 11 a. m. on Jan. 18, by H. C. Walker, City Clerk, for the pur¬
chase of the following three issues of not to exceed 2% % semi-annual bonds
aggregating $1,525,100:
DRESDEN,
of Aldermen
Board
•
Tenn.-BOND
is
said
have called
to
JACKSON, Tenn .—BONDS OFFERED—It is stated by W. P. Moss.
City Attorney, that sealed bids were received until 10 a. m. on Dec. 30»
purchase of an issue of $1,000,000 not to exceed 5% semi-ann. electric
revenue bonds.
Dated Jan. 1, 1939. Due from 1941 to 1959 incl. Payable
at the Chemical Bank & Trust Co., New York.
Legality approved by
Chapman & Cutler of Chicago.
These bonds are payable solely from the
WEST
$1,375,000 boulevard
.
of the electric system.
PARIS, Tenn.—BOND SALE DETAILS— In connection with the sale
Nichols & Co. of Nashville, as 3s,
a price of 99.46, as noted here recently—V. 147, p. 3805—it is stated that
the bonds are dated Dec. 1, 1938, are issued in denoms. of $1,000, and
mature Dec. 1, as follows:
$6,000 in 1941, $7,000 in 1942 and 1943, $8,000
in 1944 and 1945, $9,000 in 1946 and 1947, $10,000 in 1948 and 1949, $11,000
in 1950 and 1951, $12,000 in 1952, $13,000 in 1953, $14,000 in 1954, $5,000
in 1955 and 1956, $17,000 in 1957 and $18,000 in 1958.
Net income basis
3.05%.
Prin. and int. payable at the Central Hanover Bank & Trust Co.,
New York.
These bonds are, in the opinion of counsel, valid and legally
binding obligations of the city, payable from and secured by prior pledge of
the net revenues of the municipal light and power system, and
in the event
of any deficiency in the revenues necessary to punctual payment of principal
and interest on these bonds, payable from unlimited ad valorem taxes on
all taxable property within the city.
These bonds, authorized by more than 7 to 1 vote of qualified electors,
constitute, in the opinion of counsel, valid and legally binding obligations
of the City of Paris, payable from and secured by prior pledge of the net
revenues of the municipal light and power system and, in the event of any
deficiency in the revenues necessary to punctual payment of principal and
Interest on these bonds, payable from unlimited ad valorem taxes on all
taxable property within the city.
In issuing these bonds, the city covenants
of the $200,000 electric plant bonds to
in 1972.
at
and agrees to fix, maintain and collect sufficient rates for electric service
to pay operation and maintenance and interestfand principal requirements
on
this issue of bonds.
Proceeds of this bond issue in the amount of
$142,000, together with the reassumption of $330,000 bonds of the city, are
for the purpose of purchasing the electric and water properties of the Ken¬
tucky-Tennessee Power Co., originally acquired from the city in 1926.
The balance of the funds, together with a Public Works Administration
grant of approximately $34,200 are to provide extensions, betterments and
working capital.
RIDGELY, Tenn.—BOND SALE DEFERRED—It is stated by Mayor
W. 8. Alexander that the sale of the $10,000 5% semi-annual water works
bonds which had been scheduled for Dec. 27—V. 147, p. 3805—
was called off.
Due from 1939 to 1949; payable on July and Jan. 1.
revenue
SPRINGFIELD, Tenn.-BOND OFFERING— It is stated by Frank
Hollins, City Clerk, that he will offer at public sale on Jan. 16 at 2 p. m.
a $22,000 issue of 4% semi-annual coupon city bonds.
Dated Jan. 1, 1939.
Denom. $1,000.
Due Jan. 1 as follows:
$1,000 in 1941 to 1956, and $2,000
hi 1957 to 1959.
These bonds are issued under the authority of Public
Works Act of 1935, as amended.
Bonds must bring par and accrued
interest.
Sealed bids will be received at the City Clerk's office until sale
date and considered along with other bids.
Opinion and bonds furnished
by the city.
Enclose a certified check for 5% of bid, payable to the city.
^
100,100 fire station bonds.
Denom. $1,000, one for $100.
Due Dec. 1
as follows: $2,100 in
1940; $2,000 in 1941 to 1950; $3,000 In
1962 to 1971, and $5,000 in 1972.
Side streets bonds.
Denom. $1,000.
Due Dec. 1 as
$1,000 in 1940 to 1955, and $2,000 in 1956 to 1972.
1951 to 1961; $4,000 in
50,000 West
follows:
Rate of interest to be in
Dated Dec. 1, 1938.
bonds sold to the Brown-Crummer Co. of Wichita and associates, as
noted here on Dec. 17—V. 147, p. 3805—were sold at a
as follows:
$40,000 maturing $8,000 Dec. 15, 1939 to
price of par, divided
1943, as 2^s, J-D;
$85,000 maturing Dec. 15, $9,000 in 1944 to 1948, and $10,000 in 1949 to
1952 as 3s, and $12.5,000 mtauring Dec. 15, $11,000 in 1953 to 1955, $12,000
in 1956 and 1957, $13,000 in 1958 and 1959, and $14,000 in 1960 to 1962,
as 3^s, optional Dec.
15, 1948, and any interest payment date thereafter
on 30 days' notice.
Prin. and int. payable at the City Treasurer's office.
Legality approved by Chapman & Cutler of Chicago.
Those associated with the above firm in the purchase are Mahan, Dlttmar
& Co. of San Antonio; Donald O'Neil & Co., and Rauscher, Pierce & Co.,
of
separately.
The purchaser
a final approving opinion of Caldwell & Raymond
be required to pay the fee for approving said bonds.
authorized at an election held on Dec. 16.
Enclose a
will be furnished with
of New York, but will
bonds
The
were
certified check for 2%
bid for,
of the total amount of the issue or issues
"•
payable to the city.
.
,
,
offering we give herewith a reprint from our
Issue of Nov. 19, 1938. regarding the outcome of the previous bond nego¬
In connection with the above
tiation:
BOND SALE INVALIDATED—In connection with the sale of the
$1,629,100 street and fire station bonds, along with two other issues, on
Nov. 7, to a syndicate headed by Phelps, Fenn & Co. of New York, as
described in detail in our issue of Nov. 12—V. 147, p. 3057—we are informed
that the sale of the above issue was canceled because of an adverse Supreme
Court decision.
An Associated Press dispatch from Charleston on Nov. 14
as follows on the court ruling:
"The West Virginia State Supreme Court
reported
.
,
„
_
municipal
today invalidated a
bond issue of $1,629,100 for the improvement of Charleston streets and con¬
struction of fire stations.
The Court held that the procedure followed in
the
did not comply sufficiently
bond issue election
officials began a study of
with the law.
possible steps to meet legal requirements
bonds."
City
for the
reauthorization and reissuance of the
WISCONSIN
DOUGLAS
COUNTY
(P. O. Superior), Wis.—BOND OFFERING—
that he will receive sealed bids
It is stated by S. P. Gray, County Clerk,
until 2 p. m. on Jan. 18, for the purchase
of an issue of $100,000 coupon
payable J-J.
Due $10,000
Interest rate is not to exceed 4 %,
relief bonds.
from Jan. 2, 1940 to 1949
incl.
COUNTY
»
,
(This notice supersedes the offering report given under the
Douglas Co., Minn., in our issue of Dec. 24—V. 147, p. 3946.)
caption of
(P. O. Kenosha) Wis.—BOND OFFERING—
Jan. 9, by John C. Niederprim,
Sealed bids will be received until 2 p. m. on
BRYAN, Texas—BOND SALE DETAILS—We are now informed by
Guy P. Bittle, Acting City Manager, that the $250,000 water system rev¬
both
A
payable at the State Treasurer's office in Charleston, or at some bank in
New York City at the option of the holders.
All bids must be uncondi¬
tional and each issue of bonds must be bid for
County Clerk, for the purchase of a
enue
of 1 %.
multiples of
part of the issue may bear one rate and part a different rate.
Not more
than two rates will be considered in any one bid.
Principal and interest
KENOSHA
TEXAS
1 as follows:
Due Dec.
Denom. $1,000,
bonds.
$25,000 in 1940; $26,000 in 1941 and 1942; $28,000 in 1943 and
1944; $29,000 in 1945; $30,000 in 1946; $31,000 in 1947; $32,000
in 1948 and 1949; $34,000 in 1950 and 1951; $36,000 in 1952;
$37,000 in 1953 and 1954; $39,000 in 1955 and 1956; $41,000
in 1957; $43,000 in 1958; $44,000 in 1959; $46,000 in 1960 and
1961; $48,000 in 1962; $49,000 in 1963; $51,000 in 1964; $52,000
in 1965; $54,000 in 1966, $56,000 in 1967; $57,000 in 1968;
$58,0f0 in 1969; $60,000 in 1970; $62,000 in 1971 and $65,000
for the
revenues
VIRGINIA
Dallas.
ann.
poor
relief bonds.
$500,000 issue of not to exceed 5% senuDenom. $1,000. Due $50,000
Dated Jan. 20, 1929.
1940 to 1949.
Bonds numbered 201 to 500, inclusive, may be
redeemed in inverse numerical order at par and accrued interest on any
Jan.
20,
interest payment date on or
after Jan. 20, 1943, after 30 days'
notice to
original purchaser and publication in a financial journal published in New
York City.
Prin. and int. payable at the County Treasurer's office. The
bonds will be sold to the highest responsible bidder at not less than par, the
basis of determination shall be the lowest interest rate bid and interest cost
to the county.
The approving opinion of Chapman & Cutler, of Chicago,
Enclose a certified check for not less than 2% of amount
will be furnished.
bid.
MONTFORT, Wis.—BOND SALE—The $12,500 issue of 2^% semi¬
community building bonds offered for sale on Dec. 24—V. 147,
3952—was awarded to the Citizens State Bank of Montfort, paying a
price of 101.60, a basis of about 2.54%.
Dated Sept. 15, 1938.
Due on
March 15, 1940 to 1958.
annual
p.
LUBBOCK INDEPENDENT SCHOOL DISTRICT (P. O. Lubbock).
Texas—PRICE PAID—It is now reported by the Business Manager of the
Board of Education that the $150,000 3 % serr i-annual school building bonds
purchased by the Brown-Crummer Co. of Wichita, as noted here—V. 147,
p. 3805—were sold for a price of 100.566, a basis of about 2.94%.
Due
from
April 1, 1939 to 1958.
„
NATALIA SCHOOL DISTRICT (P. O. Natalia),"Texas—BOND SALE
DETAILS—It is reported that the $9,000 3H % semi-annual building bonds
sold to the State Department of Education, as noted here—V. 147, p. 3805—
were
purchased at par, and mature on Nov.
1943. and $1,200, 1944 to 1948, all inclusive.
Coupon bonds, dated Nov. 10, 1938.
Nov.
10
as
follows: $600, 1939 to.
Denom. $600.
Interest payable
1.
SCHOOL
MOSINEE
BONDS OFFERED FOR
RIPON, Wis .—BONDS OFFERED—It is reported that both sealed and
were received until Dec. 27, at 3 p. m. for the purchase of an issue
exceed 2% semi-ann. school bonds, by C. A. Whiting,
City Clerk.
Dated Dec. 1, 1938.
oral bids
of $137,500 not to
NIXON, Texas—BOND OFFERING—It is stated by E. J. Pennell,
City Secretary, that he will receive sealed bids until Jan. 10 for the purchase
$75,000 water works and sewer system revenue bonds.
Due serially
in 30 years.
Interest rate to be named by the bidder.
of
ODESSA,
Texas—BOND TENDER APPROVED—In connection with
the call for tenders on $5,000 of refunding bonds of 1936, it is stated by L. L.
Anthony, City Secretary, that only one tender was received, which ifus
submitted by the First
at
DISTRICT NO. 1 (P. O. Mosinee), Wb.—
INVESTMENT—A new issue of $27,000 3^%
high school addition bonds is-being offered by John Nuveen & Co. of
Chicago, at prices to yield from 2.5J% to 2.80%, according to maturity.
Coupon bonds dated Dec. 1, 1938.
Denom. $500.
Due on April 1 as
follows:
$4,000, 1948 to 1950 and $5,000, 1951 to 1953..
Prin. and int.
(A-O) payable at the Mosinee Commercial Bank.
Legality approved by
Chapman & Cutler of Chicago.
National Bank of Odessa, who offered five bonds
WYOMING
JACKSON,
Town
Clerk
scheduled
Wyo.—BOND SALE POSTPONED—It is stated by the
the sale of the $20,000 water bonds, which had been
Nov. 1, as noted here—V. 147, p. 3578—was postponed
that
for
indefinitely.
$999 each.
CANADA
VERMONT
BARRE, Vt.—BOND OFFERING—Sealed bids addressed to Ralph
Olliver, City Treasurer, will be received until 7 p. m. on Jan. 5 for the
purchase of $137,500 not to exceed 3 V* % interest coupon auditorium bonds.
Dated Jan. 1, 1939.
One bond for $500, others $1,000 each.
Due Jan. 1
as follows:
$8,000, 1941 to 1945 incl.; $7,000 from 1946 to 1958 incl. and
$6,500 in 1959.
Bidder to name one rate of interest in a multiple of J-i of
1 %.
Prin. and int. (J-J) payable at the Granite Savings Bank & Trust Co.,
Barre.
The bonds are payable from unlimited ad valorem taxes and will
be engraved under the supervision of and authenticated as to genuineness
by the First National Bank of Boston.
Legal opinion of Storey, Thorndike, Palmer & Dodge of Boston will be furnished the successful bidder.
Que.—BOND OFFERING—City-Clerk will receive sealed
bids until Jan. 9 for the purchase of $30,000 3j^% relief bonds.
Dated
Dec. 1, 1938 and due serially in 20 years.
GRANBY,
HALTON COUNTY (P.
■P-
SALE—An issue of
D. Graham & Co. of Toronto,
Due in five years.
O. Milton), Ont.—BOND
$9,600 3% improvement bonds was sold to J.
at a price of 101.02, a basis of about 2.61 %.
VALLEYF1ELD, Que.—BOND SALE—An issue of $40,000 4% improve¬
bonds was sold to Bruno Jeannotte, Ltd. of Montreal at 100.52, a
to 1968 incl. Second high bid
ment
basis of about 3.96%. Due serially from 1939
of 100.06 was made by L. G. Beaubien &
Nationale, in joint account.
Co. and Banque Canadienne
*
@FedFRASER