The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
DEC 6
COPYRIGHTED IN 1037 BY WILLIAM 8. DANA COMPANY, NOW YORK.
VOL. 145.
ENTERED AS SECOND-CIASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW FORK, NEW YORK, UNDER THE ACT OP MARCH 3, 1878.
NEW YORK, DECEMBER 4, 1937
jriTN'S
NO. 3780.
brooklyn trust
BANK
company
George V. McLaughlin
President
NEW YORK
OF
New York
t
CHASE
NATIONAL BANK
of
Chartered 1866
THE
BROOKLYN
THE
CITY
The
For
Corporation
YORK
is tra-
bankers' bank.
a
many
served
NEW
CHASE
ditionally
Member Federal Deposit Insurance
OF
years
it has
large number
a
of banks and bankers
company
New York
Exchange
depository.
Deptslt Insurance Cerforatien
state
AND
Amsterdam
municipal
Representatives' Offices
Paris
correspondent
reserve
Member Federal
Boston
London
New York
and
White, Weld & Co.
Members New York Stock
as
United States
bonds
Government
Buenos Aires
Securities
The
Hallgarten & Co.
first boston
CORPORATION
Entablshed 1850
Brown Harriman & Co.
Incorporated
63 Wall
Street, New York
Telephone: BOwling Green 9-5000
NEW YORK
NEW YORK
BOSTON
CHICAGO
PHILADELPHIA
Chicago
London
Wertheim & Co.
AND OTHER
Philadelphia
San Francisco
SAN FRANCISCO
Representatives in other leading Cities
:
_
The
Broadway
Chicago
Washington
PRINCIPAL CITIES
npj
120
Boston
State and
New York
London
Amsterdam
NewYbrkTrust
Municipal Bonds
CARL M. LOEB & CO.
61
BROADWAY
Capital Funds
NEW YORK
%
.
$37,500,000
Barr Brothers & Co.
INC.
New York
Amsterdam
Berlin
London
Chicago
Paris
ioo broadway
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
EDWARD B. SMITH & CO.
31 Nassau Street
BOSTON
LONDON
European Representative
s
Office:'
8 KING WILLIAM STREET
Minneapolis
CHICAGO
St. Louis
Banks and
*
&
WEEKS
Wall Street
/
NEW YORK
Members New
Member of the Federal Reserve System,
the New York Clearing House Association
and ofthe Federal Deposit Insurance
1888
HORNBLOWER
40
Ctrrnpendtnt
Co., Inc.
to
Established 1888
LONDON. E. C. 4
Edward B. Smith &
Service
Dealers since
New York
PHILADELPHIA
CLEVELAND
NEW YORK
Corporation
Cleveland,
York, Boston, Chicago,
Philadelphia and
Exchanges
Detroit Stock
Financial
a
Dec.
Chronicle
4,
BAKER, WEEKS
A. G. Becker & Co.
&HARDEN
Incorporated
J.
Investment Securities
Established 1893
&W.Seligman & Co.
Members
No. 64 Wall Street
New York Stock Exchange
New York Curb Exchange
Investment Securities
NEW YORK
Philadelphia Stock Exchange
Chicago Board of Trade
Commercial Paper
52 WALL
STREET, NEW YORK
London Correspondenta
Graybar Building, New York
Commercial Trust Bldg., Philadelphia
Chicago
New York
Buhl Building, Detroit
And Other Cities
6
SELIGMAN BROTHERS
Lothbury, London, E. C. 2
Bourse Building, Amsterdam
Foreign
Leading Out-of- Town f
NATIONAL BANK OF NEW ZEALAND, Ltd.
Investment Bankers and Brokers
Established 1872
Chief Office in New Zealand:
Sir James
Head
Grose,
Paid up Capital
Reserve Fund
New Jersey State &
MARX & CO.
Municipal Bonds
MUNICIPAL
Newark Bank & Insurance Stocks
£2,000,000
£1,000,000
£500,000
The Bank conducts every
description of banking
business connected with New Zealand.
Correspondents throughout the World
London
AND
CORPORATION BONDS
Manager, A. O. Norwood
J. S. RIPPEL & CO.
18 Clinton St.
DETROIT
Newark, N. J.
Australasia and New Zealand
BANK OF
HARTFORD
NEW SOUTH
WALES
(ESTABLISHED
(With
MUNICIPALS
MICHIGAN
Specialists in Connecticut
and
BONDS
Detroit Stock Exchange
334
New York Curb Assoc.
Chicago Stock Exch.
BUHL BLDG.,
6
CENTRAL
Tel. 5-0151.
ROW
HARTFORD
A. T. T. Teletype—Hartford 564
780
BRANCHES
Australian
The
PALM
BEACH
AND
WEST
PALM
BEACH
and
The
amalgamated)
£8,780,000
6,150,000
8,780,000
Proprietors
States,
AND
AGENCIES in the
Zealand, Fiji, Papua,
New
Territory of New Guinea, and London.
Bank
tralasian
transacts
Banking
every
description
Business.
Wool
of
and
Aus¬
other
Produce Credits arranged.
Head
Office, George Street, SYDNEY
London Offices:
DETROIT REAL ESTATE BONDS
29 Threadneedle
Street, E.C.2
Berkeley Square, W.l
47
Specializing in
Agency
Members of Detroit Stock Exchange
Bank
are
Aggregate Assets 30th Sept., 1936.£115,150,000
A. C.
DAVIDSON, General Manager
Mandated
PENOBSCOT BUILDING, DETROIT, MICH.
Australian
Commerce, Ltd.,
£23,710,000
DETROIT
Charles A. Parcells& Co.
Western
Australian Bank of
1817)
Members New York Flock Exchange
Members
York Stock Exch.
the
PUTNAM & CO.
WATLING, LERCHEN & HAYES
New
which
Paid up Capital
Reserve Fund
Reserve Liability of
Securities
CORPORATION
Manager
Currency Reserve
BIRMINGHAM, ALABAMA
SOUTHERN
Wellington
General
Office: 8
Moorgate, London, E. C. 2, Eng.
Subscribed Capital
£6,000,000
NEWARK
BIRMINGHAM
arrangements with Banks
FLORIDA BONDS
throughout
the U. S. A.
CARLBERG & COOK, INC.
Palm
Beach—West Palm
Beach, Fla.
Bell System Teletype: W-Palm Beach No. 84
MILWAUKEE
NATIONAL BANK
of EGYPT
ST.
LOUIS
Head
Office
Cairo
WISCONSIN
FULLY
CORPORATION SECURITIES
PAID
CAPITAL
RESERVE FUND
.
.
£3,000,000
.
3,000,000
Teletype—Milwaukee 92
EDGAR, RICKER&.CO.
750 North Water
Street,
Milwaukee, Wis.
LONDON AGENCY
Jj7
CO.
77X
6
and 7,
King William Street, E. C. 4
Branches in all the
SAINT LOUIS
principal Towns in
BO^OUVC ST
EGYPT and the SUDAN
Foreign
Members St. Louis Stock
Exchange
Hong Kong & Shanghai
BANKING
NATIONAL BANK OF INDIA, LIMITED
CORPORATION
Incorporated in the Colony of Hongkong. The
liability of members is limited to the extent and
in manner prescribed
by Ordinance No. 6 of 1929
of the Colony.
Bankers
Missouri and Southwestern
Stocks and Bonds
Authorized Capital (Hongkong
Currency) H$50,000,000
Paid-up Capital (Hongkong Currency). ._H$20,000,000
Reserve Fund In Sterling
Reserve Fund in Sliver
£6,500,000
(Hongkong Cur¬
H$10,000,000
Reserve Liability of Proprietors (Hong¬
kong Currency)
II$20,000,000
rency)
A.
72
G.
KELLOGG, Agent
WALL STREET,
NEW YORK
to
the Government in Kenya
and
Head Office: 26,
Uganda
Colony
Bishopsgate, London, E. C.
Branches
in India, Burma, Ceylon,
Colony and Aden and Zanzibar
Kenya
Subscribed
Smith, Moore & Co
£4,000,000
Paid
£2,000,000
Capital..
Up Capital
Reserve Fund
£2,200,000
St. Louis
The First Boston
St. Louis Stock
Corp. Wire
Exchange
The Bank conducts every description of
and exchange business
Trusteeships
and
Executorships
undertaken
banking
also
w
ommerctHi f
Vol. 145
DECEMBER 4, 1937
No. 3780.
CONTENTS
Editorials
Financial Situation
The
page
3541
....
Crop Control Tangle
3553
Imperialist Politics in Asia and Europe
3555
An
Analysis of the Long-Term Consequences of the
Social Security Act
_3556
Comment and Review
Week
on
the European Stock Exchanges
3545
...
Foreign Political and Economic Situation...
3546
Foreign Exchange Rates and Comment
Course of the Bond Market
3550 & 3601
........
Indications of Business Activity
..
..........
.3558
3559
...
Week
on
the New York Stock Exchange .............3544
Week
on
the New York Curb
Exchange
;....3597
.......
News
Current Events and Discussions
Bank and Trust
Company Items
3570
... ...
...... _ ....
.3596
General Corporation and Investment News ...........3644
Dry Goods Trade
State and
.3685
Municipal Department
.........3686
Stocks and Bonds
Foreign Stock Exchange Quotations.
Dividends Declared
....
-.3601 &3609
....._..3601
....
Auction Sales
,.
.
3643
_
New York Stock Exchange—Stock Quotations
3610
New York Stock Exchange—Bond Quotations -.3610 & 3620
New York Curb Exchange—Stock Quotations
New York Curb
.
.
Exchange—Bond Quotations
.
.
3626
3630
Other Exchanges—Stock and Bond Quotations ........3632
Canadian Markets—Stock and Bond Quotations
3637
Over-the-Counter Securities—Stock & Bond Quotations _3640
Reports
Foreign Bank Statements
.....3549
Coarse of Bank Clearings
...3597
Federal Reserve Bank Statements
3607
General Corporation and Investment News
...
3644
Commodities
The Commercial Markets and the
Crops
3676
Cotton..
3679
Breadstuffs
3683
Published Every Saturday Morning by the William B. Dana Company, 25 Spruce Street,
New York City
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert, President and Treasurer; William
D. Riggs, Business
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith. I Drapers' Gardens, London, E. C.
Copyright 1937 by William B. Dana Company.
Entered
as
second-class matter June 23, 1879, at the post office at New York, N.
in United States and
Y., under the Act of March 3, 1879.
Subscriptions
Possessions, $15.00 per year, $9.00 for 6 months; in Dominion of Canada, $16.50 per year. $9.75 for 6 months;
Central America, Spain. Mexico and Cuba, $18.50 per year, $10.75 for 6 months; Great Britain. Continental Europe
(except Spain), Asia, Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
per agate line
Contract and card rates on request.
NOTE;
On account of the fluctuation in the rates of exchange, remittances
South and
for foreign subscriptions and advertisements
must
be made in New York funds.
Financial
TT'S
a
fact.
Not
an
within miles of his
he's
a
busy right
finer
motor
now
oil
well
producing
oil!
make
that foul
name
is
new,
refin¬
tion
.
.
none
.
Furfural.
engine to suck
at
process
actually
washes and rids crude oil of all
.
.
that
leave
up
A
QUART
elements
a
dirty
and waste oil
stroke.
every
Start
all lubrica¬
of the
spark plugs, valves and
pistons
.
Your
buy New Texaco
you get
oil-purifier.
The Furfural
stop
stays FULL longer.
When you
an
or
to
of ordinary oil.
Motor Oil
amazing,
much oil.
so
forced
not
crankcase
seed,sugar cane and
big farm crops .. . that
ing agent
Its
buying
are
4, 1937
constantly for extra, expensive
raising oats, corn, wheat,
rice,cotton
other
You
quarts
Everywhere, American farm¬
ers are
without
farm, but
Dec.
Chronicle
From
farmers
come
the
fural—a remarkable
in
crops
new
that make Fur¬
refining agent used
washing and cleansing this oil of all its
non-lubricating, wasteful, crude oil impurities.
today using this finer,
those gum
and tar-forming im¬
purities that cause so much real
longer-lasting lubrication.
damage to
Motor Oil wherever
your
engine.
By taking out those impuri¬
ties, that burn up inside your
engine, you get full lubrication,
You
can
get
New Texaco
you go
...
in all of the 48 States.
TUNE
Try
a
Texaco Dealer
time. Have him check
next
your
oil.
EVERY
8:30
in
EDDIE
CANTOR
WEDNESDAY
EST
in
TEXACO
NIGHT-COLUMBIA
7:30 CST
9:30
MST
TOWN'
NETWORK
8:30
FST
The Financial Situation
HPHE observation made in one quarter
I
particular
now
relief, carries
an element of truth, but reservations and qualifica¬
tions are needed to bring it into full accord with
the
looking to the New Deal for
Administration on the
That the
facts.
recovery,
program.
by
some
of
sponsible for the extraor¬
decline in
rapid
dinarily
business
activity
in
now
and on the other
engaged in certain ac¬
progress,
is
which
tivities
to
it
appears
hope will persuade busi¬
ness
enlarge its rate of
to
of
is
operations,
course
Whether it will
obvious.
its exhorta¬
accompany
ures, or
one
with
perfunc¬
mere
tory concessions
and
per¬
haps larger doses of some
old panaceas, or is
ready
to
call
do
business
on
to
save
question, and
it is another
one
than
more
that the future must
The business com¬
decide.
munity
its
on
al¬
part,
though in some instances
willing to condone if not
support measures granting
special favors, has hardly
in the
placed itself
sition
po¬
waiting for the
of
Government
to
its
solve
Leaders of in¬
problems.
dustry and trade have, on
the contrary, quite
and definitely
ing more than that
the busi¬
community should be
ness
goal at which both industry and labor
aim is sustained large-scale produc¬
tion at lower costs to the consumer.
.
.
.
Because this was not the goal of industry and
opportunity to
an
work out its
own
problems
pering restrictions and in¬
There
terference.
some
are
exceptions, of course,
chief of which is the farmer
still insists
business and
A sharp
employment generally.
rise of wage rates
building season, reduced
offer
by 100,000 to 160,000 the number of new
dwelling units that competent authorities
had estimated were in prospect for 1937.
"It is now clear that we cannot have a
strong
labor
rates
revival of housing construction on the
were
exacted by industry and
that
last spring.
The rise in hourly wage
and material prices was too
rapid and
A similar
production and
in other industries as well."
great for the consumer to
rise in costs likewise checked
buying
These sentences in
bear.
his special message on
housing sent to Congress during the past
week place the President on record as recog¬
nizing, belatedly, perhaps, but none the less
recognizing, that excessive wages for short
work and high prices are not the
cure for economic ills.
This seems to repre¬
sent real
progress in the Chief Executive's
conception of the nature of current economic
problems.
We cannot, however, wholly agree with
what appears to be the President's contention
that industry and labor are wholly responsi¬
ble and that they and they alone can con¬
tribute
to
the remedy.
The unions were
not only supported but egged on by the Ad¬
ministration in their extreme
demands of the
past few years, and industry was left
choice in the matter of prices, since
little
costs
which it had less control than the
ministration obliged it to
Ad¬
readjust its price
schedules.
The cost items that
have shown the most
the past year or two
drastic increases during
and
labor
are
country,
more
to
the
taxes.
No individual
and probably no group,
in the
could do
control unreasonable aggressiveness
of organized labor than the
and certainly no individual or
part
President,
to
of individuals has as much control
governmental expenditures and conse¬
quently over taxes.
His attitude on such matters has unques¬
tionably undergone important change, but
his insistence upon wages-hours legislation
and his plans for agricultural legislation are
not
wholly consistent with
his housing
far
the early thirties.
of business is, as a matter
has
to
It raises a question of
than any that
effectiveness of any specific
of unusual interest.
more
fundamental
do
with
the
importance
be in process of formulation for
depression. The question
is this.
Just what have the people at large learned
from the evident failure of the New Deal program
program
that
may
curing this most recent
to effect
the qnds for
which it
will
are
people losing faith
this particular
merely in
set
was
avowedly designed
In fine,
be realized.
the
of
panaceas,
are
or
they beginning to turn in
disgust from all efforts to
develop short-cuts to
Utopia?
A
Turning
a measure
from
some
formerly
of turning away
of the extremes
be
Considerably
year ago the
there
question.
less than
wide
enjoying
followings
no
been
has
there
That
a
can
indefensible kinds of
most
labor
outbreaks
were
from plant to
plant and from industry to
industry.
Seizure of pri¬
spreading
vate
pick¬
property, mass
violence and utter
defiance of constituted
eting,
authority were threatening
to
spread from coast to
Only the fearless
coast.
few in
political life thought
it wise to raise their
in
voices
protest, and union
lead¬
ership gloated in the "pro¬
gress" the movement was
making.
certainly has been little
Washington with hat in hand" as
This altered attitude
of fact,
the "more abundant life"
group
By and large, however, there
"running
ture
hours of
over
such reliance, can
anything in the na¬
of an assurance that
only
just before the last
or
principle, and
this
upon
and prices in this industry,
that the
there too often was in
punishments
subsidies, and that reliance
make him whole.
taxpayer
the form either of re¬
in
straints,
the past construction year, the
proved injurious not only to the
building industry and its workers, but to
soon
message.
who
political interference
from
result
over
reasonably free from ham¬
salvation with
reasonable freedom
labor during
on
given
at least
"The
clearly
asked noth¬
strictly
understanding that business gen¬
erally must be left to work
should
too
of its
other conglomeration of what
calling "crack-pot" meas¬
whether there has been a genuine if
limited growth of
Sound Doctrine, but-
terms
tions
still be moved
out its own
being re¬
know
to
wants
one
Governor Smith is fond of
private business into the
appearance
What
is whether the rank and file can
to enthusiasm
jockey certain groups in
hand has been trying to
and prevent depressions ?
been substantial loss of faith in
persuade the business community to pull its chest¬
nuts from the fire while the business community in
turn is
produce
life,
New Deal is trying to
past week, that the
a more abundant
Plainly there has
a large part of this
provide
—to
during the
Labor
seemed
strangely uncertain
The Secretary of
as
to whether
Now no
such
tactics.
Politicians, including the Secretary of Labor,
are now quite clear in their minds that the move¬
ment, so-called, abounded in the unlawful, and labor
leaders themselves apparently have come to view
such tactics as a heavy liability, as indeed experience
there
one
was
anything unlawful in all this.
doubts that the
public has turned against
teaches.
The President
proved quite unable to arouse any
his court program last
the fact that he presented it as quite
large public enthusiasm for
winter, despite
3542
Financial
essential to the attainment of his
general objectives.
Nor did he later find it
politic to go into
of those who refused to
support him
and
openly attack them.
interest
the
the
on
wages-hours
have
measure
before
measure now
of
ing
Congress, evidence
subsidies.
The
truth
is,
subject the farmer.
the
Administration
at least
fatten his
be
would
hatched in
to
save
in
The farmer may be, and
prob¬
that some
way be found to
agriculture.
cited. It is
obvious, of
that inflation, spend¬
ing, and recklessness in public finance as means of
stimulating
course,
recovery no
How
But
are
Fundamental
we
to
Is
of much that has
passed
this reflects
the bed-time
Are
furthermore
these
an
and the
final conclusions
now
after
a
done
now
years or more?
May
hope
we
witnessing the first'gleaming
the American
long Arctic winter night?
by Congress
or
rays
people
If so, whatever is
the xldministration to ap¬
a demand for a
change will be followed by
steps in due course, and wherever those taken
prove in actual experience to be ineffective or
pease
other
now
harmful than
more
structive
change.
helpful they will undergo
If the public is
more
con¬
interested
in
having the Administration, or if not the Admin¬
istration, some other organization or individual, dis¬
cover or
those
develop
a new set of panaceas or refurbish
already found
government give
or
developed, than in having the
industry and trade
a
real
oppor¬
tunity to provide the
more abundant
life, then not
great deal may be expected to result from
any
change that has been made or may presently be made
a
in
the
It
New
Deal
program.
concerning itself
be
as
more
expected from
than
posals
difficult if not impossible at this time
to
appraise recent changes in public opinion
regarding
such matters
as
these.
the masses of the
have
seen
a
a
Of course, no one
revolution in the
supposes
thinking of
people in this country, that they
or that they have
light from heaven,
suddenly gained
a
sound
of the basic nature of the
working
understanding
complex public questions
by which this country, and the rest of the
also,
in
are
their
faced today.
altered
than
an
with
with the immediate effects
the President's
the
they have tired of certain specific
want
in
a
change of
order
else
were
to
see
scene
what
or
and
happen if something
tried?
vinced that there has been
any
the tenor of public
itself think
of
thought
or
is
not
yet
con¬
profound change in
sentiment,
or
else it
nothing to suggest that is
not
.Yet it
to be
seems
quite
building boom in
succeed
can
any
only in
to
the scheme.
De¬
lacking, but obviously the whole
pro¬
age
still
are
rests
gram
the soundness
upon
of
the notion that the way to
home construction is to subsidize
such
encour¬
building
through further reductioii in already low interest
rates
by
tions
of government guarantee of obliga¬
means
of
not
themselves
sound
enough
funds, and to encourage the purchase
tion of homes
in
practice
ing to
by offers to lend
likely to
are
of the home
ceded at
or
once
perhaps
on
to
or
attract
construc¬
easy terms what
prove to be the full value
even more.
It may be con¬
that if the Federal Government is will¬
far enough in these directions, and
go
ticularly if it is willing—and it
par¬
appears to be more
willing than in the past—to bring such inducements
to
bear
upon
succeed in
a
the speculative builder, it may well
producing
a
boom of sorts in this indus¬
It must, however, as readily be admitted that
building boom
induced would lack all the ele¬
so
ments of soundness and could not well fail to end in
a
return of chaotic conditions and
cost to the whole
It would be
exceedingly great
community.
more
gratifying, on the whole, if the
public reaction to this proposed housing legislation
made
it
clear
that it
is
now
impossible to
arouse
poular enthusiasm for any program which under¬
by patently unsound
building,
industry.
dence of
Such
a
a
a
encourage
an
severely distressed section of
a response would
return to
American people.
lowed
methods to
matter what the prospect of
no
intermediate boom in
from
Apparently, the Administration
can
programs,
is wise, whatever
program
a
pro¬
question
inverse ratio
home
that
such
any
has been proposed
way
takes
further experimentation
would
whether
housing
fundamental
more
tails
more
indication
Example
an
its immediate consequences.
world
But is there anything
attitude
to
as
try.
is
that there has been
more
of the
whether the
ment
to
common sense in
so-
companies.
such
are
anything in
ready to do substantially
persist in pressing them forward?
we
the
concerning the
friendly gestures in the direction
clear that the stimulation of
returning
seriously to
forward with
any such
come
warranted in
hoping that more and more,
passes, the public will be spontaneously sus¬
picious of all economic panaceas and of those who
of
to reform
IT WOULD be difficult to determine at thislarge
mo¬
business
community at
story quality
we
that
end to
an
utility industry, but evidence is still lacking
than make
for sound economic states¬
time
as
Nor would
circumstances
somewhat early for
that the President is
is
manship during the past half dozen
is
Housing
Change?
suppose that all
awakening realization of
pressure avail¬
election year.
rapprochement between the Administration
did.
the
push¬
through Congress by
he has suggested to Congress.
as
be
to
the nature of
called
of
in
the
the appeal to
carry
once
It
whether in
program
appears
power
longer
people generally that they
questioned
It
Washington
to enable managed economy
Other illustrations might be
an
of
part of the tax structure at the earliest
moment.
housing
but he probably has very
of the involved schemes being
any
floor
thought it wise to put
Congress to get to work
President would have
pocket book,
faith
a
possible
ably is, still insistent
little
it succeeded
the
to
of the kind
some measure
the movement in
find evidence of
great enthusiasm for the extensive
which
until
bill
the President have
probably, that there is nothing approaching unanimity
them. But it wou d certainly be difficult to
to
persisted
wages-hours
able to the President in
among
regimentation
Otherwise it would not
application of the familiar type of
It would be difficult to
say
liberal
course
the
and
4, 1937
House, apparently with the full intention
by the
just what the farmers of the country really do want,
except
old cloth.
same
insisted
forcing
If there is any widespread
of it is difficult to find.
Dec.
cut from the
States
faith in the program
represented
or
Chronicle
common
provide strong evi¬
sense on
No enduring good
the part
of the
can come to us
period of feverish activity certain to be fol¬
by collapse and distress. Collapse and distress
always follow in the wake of booms induced by such
methods
people
as
can
are
once
now
being suggested.-
If
we
as
a
again be stimulated to enthusiasm
Volume
Financial
145
by the prospect of
made possible a gain of $2,431,000 in total reserves,
which aggregate $9,453,956,000. Federal Reserve
inflationary movements during the past fifteen
ous
notes in actual circulation increased $14,660,000 to
certainly have not learned a
$4,279,489,000. Total deposits with the 12 banks
fell $4,583,000 to $7,542,456,000, with the account
variations consisting of a decline of member bank
reserve deposits by $42,455,000 to $6,906,472,000; an
increase of the Treasury general account balance
purely artificial boom induced
a
same
twenty years,
we
The
great deal from some very costly experience.
President's so-called
not
housing
has certainly
program
yet aroused much enthusiasm, but whether
that failure is due more to belief that it does not
as
far enough to have any very marked effect upon
go
3543
tactics employed in the vari-
by essentially the
or
Chronicle
the
situation,
to strong conviction that it goes
or
farther than sound
prudence would permit, it would
be difficult to say.
It
to
seems
us
that the business
community is to-
day presented with an opportunity such as it has
not had since the advent of the New Deal to
insist
at least the beginning of a return to sound
upon
management of public affairs. It is for the commu-
nity at large, which in the broader sense is almost
coextensive with the business community, to
whether full
or
use
shall be made of this
of
difficulties
the
fear
or
whether
will-o'-the-wisp
threatening
decide
opportunity,
immediately
hopes
of
relief
by $63,335,000 to 176,637,000; an increase of foreign
bank balances by $2,424,000 to $272,492,000, and a
fall of other deposits by $27,S87,000 to $186,855,000.
The reserve ratio remained at 80.0%. Discounts by
the regional banks increased $1,170,000 to $17,-
033,000, while industrial advances were off $125,000
to $18,464,000.
Open market holdings of bankers'
bills were unchanged at $2,828,000. As stated above,
there was no change in open market holdings of
United States Treasury securities, but these now
total $2,564,015,000, the highest point ever reached,
The addition of $37,825,000 in November was
effected, $10,000,000 in Treasury notes and $27,-
825,000 in discount bills,
though unsound short-cuts to prosperity shall cause
us to fumble the ball.
Realistic treatment of practical situations doubtless will demand
at various
upon
keeping
our eyes
steadfastly fixed upon sound
goals, yielding only where genuine progress
ultimate
toward such
vanced
compromises
points, but it were better now to insist
goals seems very definitely to be ad-
4
by concession.
Federal Reserve Bank Statement
,
,
Foreign Trade in
cto er
October when a
heavy excess of exports for the month turned
the year's balance of trade from the import to the
export side. A similar reversal of the trade balance
occurred in 1936, and the result was that the figures
for the calendar year 1936 kept to the precedent of
the preceding half-century by having a favorable
I TISTORY repeated itself in
*1
balance.
This
year's reversal was even more
decisive
FEDERAL RESERVE authorities discontinued than year was1936; thethat last, and import balance
this week their purchases of Treasury securithis that of greater nine months' the export balties for the open
market portfolio, but whether the
suspension will prove final or only a temporary one
of
completion
pending
the
verges
on
no new
currency
regional bank makes it clear
undertaken solely in
was
anticipation of the
increase, which means, in turn,
seasonal currency
that
Treasury
the ridiculous, for the last monthly bul-
letin of the New York
that it
December
The operation so far
financing remains to be seen.
credit control policy was intended.
The
increase to date is only a vestige of its
self, with the amount of money in circulastill considerably under the total of early
normal
tion
September, when it was announced that open market
operations would be undertaken as an offset. In
the three weeks of open market transactions, the 12
Federal Reserve banks
acquired $37,825,000 of Treas-
obligations, for no visible reason. The effect was
ury
ruerely to. add slightly to the already
credit
reservoir.
whether the
will
It
operations
are
be
will
it
prove
observe the trend
of
In
see
requirements develop,
at least equally interesting to
in January, when the return
flow
For the time being the
trend is uninfluenced by these operations,
currency
credit
to
resumed later in Decern-
ber, when Christmas currency
and
overflowing
interesting
takes place.
the week to Dec.
banks fell
1, excess reserves of member
$20,000,000 to $1,120,000,000, owing to a
modest increase of currency
in
use
advance
of cash in the Treasury's
with the
and to a larger
general account
regional banks.
The
monetary
gold stock of the country is re-
ported unchanged for the weekly period at $12,774,000.900.
Gold certificate holdings of the 12 regional
banks dipped
crease
$497,000 to $9,121,905,000, but an inthan offset this and
of "other cash" more
for the 10 months was more than triple that
of 1936. October exports are seasonally around the
peak of the year, and last October's figures, far from
being an exception, were the largest of any month
since March, 1930. Imports, however, were the
smallest of the current year and showed the smallest
increase over last year, 6%, of any month of 1937
The month's exports were $333,136,000 and imports
$224,391,000, which left a favorable balance of $108,745,000 for the month and resulted in a favorable
balance of $60,443,000 for the 10 months. ^ In the
same month last year exports of $264,949,000 exance
ceeded by $52,257,000 imports of $212,692,000, leaving a 10 months' excess of exports of $18,783,000.
In September last, exports were $296,713,000 and
imports $233,362,000, and in spite of the export
balance of $63,351,000 for the month, the accumulated balance for the nine months' period of $48,302,000 was on the import side of the account. The
percentage increase of October over September of
12.4% this year was not as great as the 20.3% gain
of October, 1936. Most of the individual items of
export followed much the same trend as the total
in this respect. An exception is found in the classification, vegetable food products and beverages,
which ^increased 51% in October this year and only
10% in October, 1936. Included in this item are
wheat, apples and dried fruits, production of which
was much greater this year.
Another group of
interest is textile fibers and manufactures, which
rose 47.5% in October last year over the preceding
September and 14% last October. Here is included
cotton which, despite the record crop and low
price, was exported in amount of only 823,229 bales
worth $44,989,433 this year compared with 893,151
3544
Financial
bales valued at $58,402,477 in 1936.
marked
cotton
reduction
to
in
Japan,
of
630,041
bales
was
indirect result of the
an
Japanese conflict.
There
October, 1937, shipments
a
of
Sino-
worth
$38,961,111
with
compare
the
over
same
in
total
month
exports in
October, 1937,
of last year
was chiefly the
shipments of metals and manufac¬
result of greater
tures, machinery, including vehicles, and petroleum
Import gains over last year were largely
products.
due to greater
prices this
Gold
but
receipts of crude rubber,
paper and
materials and non-ferrous metals
paper
at
higher
year.
imports dropped to the lowest of
amounted,
amount
of
exports
nevertheless,
to
$90,709,000.
As usual in
of this
$5,701,000, approximately the
year's monthly receipts.
$26,931,000
October
imported.
was
this
years,
of
year
average
In October, 1936,
Exports of the
$380,000
metal in
also
were
about
average.
i
set
was
week, the
upward
as
a
whole.
There
pessimism, but these
were
were
periods
than
more
off¬
by the slowly strengthening opinion that the
recent decline in business is not
likely to prove the
prelude to another major depression.
Rather, it is
now
held, the steep drop probably will represent a
temporary downswing such as often occurs between
major movements of the business cycle.
The
of pessimism also diminished
under the
wave
apparent
determination of
delay
some
effects
of
Congress to
legislation that
enact without undue
would
lighten the evil
the corporation
sideration likewise is
levy.
surplus tax, while con¬
being given the capital gains
Not much is expected from the special
session,
however, and the tendency in
toward
caution.
in
provement
attitude
It
the
toward
is
well
most quarters still is
realized
Administration
that
and
the
legislative
business must go much farther if
depression.
a
a
lower level of business in this
highly im¬
portant industry, and stocks of the steel
companies
were
a
depressed markedly.
little encouragement on
on
But the market gained
Tuesday from the message
building which Mr. Roosevelt
This document
effect of
benefit
sent to
proposed rather mild
stimulating private
a
construction, but
building boom.
Congress.
measures
it
buoying steel and other stocks
from
had
for
the
that might
Another period of
uncertainty and hesitation followed, but buying of
a
rather enthusiastic nature started in the last hour
on
Thursday, and it continued with some vigor
yesterday, placing general levels last night consid¬
erably
over
those noted
however, that
a great
a
deal
week earlier.
It is clear,
depends
upon a more
now
emphatic harmonization of the political and busi-
financing
details
a
by institutions.
up
during
Treasury and high-
by
the
Treasury.
confined to relatively
tax-exempt flotations, and these
snapped
were
eagerly
Corporate bonds with
speculative tinge moved in line with equities, the
final results last
night being represented by modest
advances, especially in secondary and default carrier
Foreign
The
were
Grains and
products
the
New
a
better
manu¬
gained strength, to all ap¬
hiding political manipulations
sometimes
York
Stock
Exchange
low
new
levels.
one
On the
Exchange two stocks touched
New
deceptive.
are
stock
high level for the year while
new
and 47 stocks touched
the
was
but in these days of stabilization funds
stocks touched
on
Rubber
In the foreign exchange markets
the United States dollar
Curb
great agri¬
1938, and this aided the rubber
facturing issues.
touched
other
from London that the export quota would
be cut for
On
the
firm, while fresh recessions
were
reported in base metals.
news
steady to
were
tone of stability was apparent in
a
sections.
cultural
on
dollar obligations
commodity markets remained somewhat
irregular, but
many
York
Stock
high levels
new
low levels.
new
73
Newr York
Call loans
Exchange remained
un¬
changed at 1%.
On
the
the
New
York
half-day session
shares;
Stock
on
sales
last
Saturday
on
on
Friday,
185,590 shares;
were
on
on
Tuesday, 186,135 shares;
Wednesday, 169,885 shares;
shares, and
on
On the New York Curb Exchange
Monday, 192,960 shares;
on
1,141,230
Wednesday, 696,870
on
Thursday, 937,590 shares, and
on
1,557,000 shares.
the
were
1,145,910 shares;
were
Tuesday, 1,153,000 shares;
shares;
Exchange the sales at
Saturday last
Monday they
on
on
Thursday, 185,565
Friday, 231,570 shares.
Recovery in prices
Friday of last week
on
gave
impetus to the market, and equities continued the
forward movement
of from
one
on
to five
Saturday, closing with gains
points for market leaders.
Monday the President's
ing with
strong and active market last Saturday,
stocks tended to drift lower in the initial
session of
this week.
Once again the steel
operation estimates
reflected
small
dull affair
a
well maintained, with
were
New issues that
appeared were
im¬
genuine relief is to be granted from the
crushing
burdens imposed in the name of
progress during the"*
After
quarter-date
of funds appearances
a
effect
can
small scale pending disclosure of the
on a
and other devices for
YorkJStockJVIarket
ALTHOUGH the Newof uncertainty this again disYork stock market
played
degree
trend
trading
was
United States
grade corporate issues
pearances,
The New
of fresh
The listed bond market
most of the week.
liens.
recent
1937
change, for business is extremely anxious to
progress in peace and quiet.
firm.
minute, amounting to only $232,000.
In September last
$145,623,000 gold was imported,
and in October,
1936, $218,929,000. Silver imports
4,
a
the year,
were
amounted to
views, and only the Administration
such
substantial
the
Dec.
ness
This year's September shipments
582,425 bales worth $38,220,891 in September, 1936.
The increase
Chronicle
plans
for
afforded the market
a
message
building
national
little, if
any,
moved
Prices
was
as a
irregularly lower and losses ranged
from fractions to two
ing
program
stimulus, and the
upward price trend was not sustained.
result
On
to Congress deal¬
points
or more.
Cautious buy¬
reflected in Tuesday's dealings, and a steady
market afforded
equities
an
higher position was noted.
opportunity of regain¬
In the closing hour a
ing their previous losses.
Not unlike other trading
days in the past, the market
on
Wednesday opened
steady, only to drift lower as the session progressed,
thus
on
erasing recoveries of past sessions.
The tone
Thursday differed little from that of the day
before until the final
hour, when
many
stocks man¬
aged to gain from one to four points and carried
their advance into
the close
week ago.
on
yesterday, leaving price levels at
Friday much higher than
on
Friday a
General Electric closed yesterday at 43%
against 39% on Friday of last week; Consolidated
Edison Co. of N. Y. at
26% against 26%; Columbia
Volume
Financial
145
Gas & Elec. at 10
at
against 10; Public Service of N. J.
36*4 against 36; J. I. Case Threshing Machine
at 00
against 88%; International Harvester at 67%
against 58%; Sears, Roebuck & Co. at 57% against
52%; Montgomery Ward & Co. at 36% against 33%;
Wool worth at
& Tel. at
tlie Thanksgiving holiday was celebrated in the week
Nov. 27.
indicating the course of the commodity markets, the December option for wheat in Chicago
ci°sed yesterday at 95c. against 90%c. the close on
38% against 37%, and American Tel.
150% against 144.
Western Union closed
yesterday at 27 against 27% on Friday of last week *
Allied Chemical &
Dye at 161 against 151%; E. I.
du Pont de Nemours at 117
Cash
at 15
against 102%; National
Register at 17% against 16%; International
Nickel at
43% against 40; National Dairy Products
against 14%; National Biscuit at 19% against
19%; Texas Gulf Sulphur at 30% against 29%;
Continental Can at 41
at 160
against 41%; Eastman Kodak
against 148; Standard Brands at 8% against
8%; Westinghouse Elec. & Mfg. at 107% against
96%; Lorillard at 17% against 16%; U. S. Indus
trial Alcohol at 21% against 20; Canada Dry at
against
15%
Friday of last week. December corn at Chicago
closed yesterday at 53%c. as against 533,4c. the
c*ose on Friday of last week. December oats at
Chicago closed yesterday at 31%c. against 30%c.
the close on Friday of last week.
The spot price for cotton here in New York closed
yesterday at 8.08c. as against 8:12c. the close on
Friday of last week. The spot price for rubber
yesterday was 15.50c. as against 14.60c. the close on
Friday of last week. Domestic copper closed yesterday at 10%c. to lie. as against 10%c. to 11c. the
close on Friday of last week.
In London the price of bar silver yesterday was
19 9/16 pence per ounce as against 19 11/16 pence
Distillers at 29%
Distillers at 23%
Schenley
13%;
3545 Jl
Chronicle
per ounce on
Friday of last week, and spot
silver in
New York closed yesterday at 44%c., the close on
against 21%.
Friday of last week.
Marked improvement took place in the steel stocks
In the matter of the foreign exchanges, cable
this week.
United States Steel closed yesterday at
transfers on London closed yesterday at $4.99% as
58% against 52% on Friday of last week; Inland
against $4.99% the close on Friday of last week,
Steel at 71% against 60%; Bethlehem Steel at 54%
and cable transfers on Paris closed yesterday at
against 48, and Youngstown Sheet & Tube at 41%
3.393^c. as against 3.39%c. the close on Friday of
against 37. In the motor group, Auburn Auto closed
last week.
against
27%,
National
and
yesterday at 8% against 8% on Friday of last week;
General Motors at 36 against 33%; Chrysler at 58%
_
_
,
tu
i
against 21% on Friday of last
European Mock Mar e s
|3RIGE movements were irregular this week on
1
stock exchanges in the leading European financial centers, with gains somewhat more emphatic
than losses. Traders and investors in London,
Paris and Berlin were cautious, and inclined to
await the outcome of developments in the United
States. But every upswing in the New York market
quickly was reflected by greater optimism on the.
great European exchanges, and the general tone was
peka & Santa Fe at
one
Central at
cal developments are
1% against 1%.
against 56, and Hup Motors at
rubber group,
the
In
Goodyear Tire & Rubber closed
yesterday at 21% against 19% on
Friday of last
28 against 25%, and
at 17% against 16%.
The railroad
material improvement in closing
week; United States Rubber at
B. F. Goodrich
shares
reflect
prices yesterday as compared with Friday of last
week.
Pennsylvania RR. closed yesterday at 23%
week ; Atchison To41% against 36% ; New York
26% against 17%; Union Pacific at 90
against 83; Southern
Southern
Pacific at
Standard
Pacific at 22 against 18%;
Railway at 14 against 12%, and Northern
13% against 12%.
Oil
of N.
J.
Among the oil stocks,
closed yesterday at 45%
against 43% on Friday of last
Oil at
21
week; Shell Union
Refining at
17% against 16%, and Atlantic
against 20%.
In the copper group, Anaconda
31% against 28% on
^American Smelting & Refining
49% against 46%, and Phelps Dodge at 26%
Copper closed yesterday at
Friday of last week
at
against 22%.
Trade and industrial reports now
reflect fully the
general business recession. Steel operations for the
week ending today were estimated by the American
Iron and Steel Institute at 29.6% against 31.0%
last
week, 48.6% a month ago,
ago.
ended
and 75.9% a year
Production of electric energy for the week
Nov. 27 is reported by the Edison Electric
Institute
at
2,065,378,000 kilowatt hours
against
2,224,213,000 in the preceding week and 2,196,175,000
in the corresponding week of last year.
Car load-
freight for the week to Nov. 27 are
Association of American Railroads
558,627 cars, a decrease from the preceding week
88,624 cars and from the similar week of last
ings of revenue
reported by the
at
of
year
of 121,672 cars. In considering these figures
be made, of course, for the fact that
allowance must
International politideterminants of security quotations. Fears of early
hostilities are decreasing, partly because of the conferences that suggest a rapprochement between the
democratic and dictatorial regimes. More attention
was paid, accordingly, to business prospects in the
of increasing confidence.
of lessened importance as
and on this score considerable
ground for optimism was seen to exist. British
trade and industrial reports indicate that 1937 will
prove the best year since 1929, with gains over 1936
quite pronounced. Although the American business
recession is taking its toll in the British markets,
various countries,
comparable
decline will take place in the United Kingdom,
French efforts to balance the budget and prevent
excesses by extreme Leftist elements are heartening
the Paris Bourse. The German market is dull, as
usual, and less susceptible than others to ordinary
it is no longer
believed in London that a
influences.
Brisk business was reported on the London Stock
Exchange as the week opened, with the tone
in almost all departments. Good week-end reports
cheerful
from New York stimulated the trading. Gilt-edged
issues were firm, while home industrial stocks advanced in general. Both precious and base metal
stocks participated in the upswing, which extended
also to Anglo-American favorites and to other international issues. The trend on
Tuesday was uncer-
3546
Financial
tain, partly because reports from New York
less
Chronicle
proval.
Anglo-American stocks
WITHIN the next 10 days more than
European nations indebted
to
sion
States Government will
again consider the attitude
are to adopt on the so-called war debts.
It is
fairly obvious that Finland will continue to observe
Wednesday
on
wavered.
The
trial
ses¬
was cheerful, with
gilt-edged
demand, while almost all indus¬
commodity securities likewise advanced.
and
Oil stocks
were
international
close.
a
bright spot in this session.
showed
group
small
gains
its
that
the
checked
was
an
Changes
the
on
Paris
initial session of the
upward.
and
kept
bounds.
its
default
Bourse
were
small
a
misnomer, for the
the
2%, which represented
from
the
rate
of
1%%
Small gains were recorded in
a
particular
fortnight
ago.
rentes, French equi¬
ties, commodity issues and international securities.
Improvement
again
Wednesday, with
by the start of
credit
the
on
Bourse,
the market heartened
perceptibly
repayment of the £40,000,000
sterling
obtained
French
recorded
was
in
London
Treasury.
net announced that
of
French capital had been
repatriated of late.
fugitive
Rentes
steady, while small gains appeared in
French equities and
international issues.
ket was affected
adversely
nouncement of
a
new
nine-year
Rentes
were
in demand.
were
yesterday, prices advanced
Machine
trend toward
stocks
were
moderately lower
more
others, while fixed-interest issues
tained.
Variations in all instances
The German market
remained
resistant
well
were
were
than
main¬
fractional.
quiet and easy Tues¬
day, with significant changes again
lacking.
the usual market leaders
interest
still
at
a
were
stagnant.
were
were
With pub¬
at Berlin.
Fixed-
in better demand
than
ties, but the gains extended
Movements
Even
minimum, prices advanced
slightly in Wednesday's market
income securities
small and
equi¬
to all parts of the list.
irregular Thursday, with
heavy industrial and potash stocks
slightly lower,
while chemical and electrical
issues advanced.
demand
for
continued.
mosly in
an
high-grade
Changes
fixed-interest
were
small
upward direction.
Ministers.
The
obligations
yesterday,
Sir John
Exchequer, stated
no
recent
on
but
are
reviewing the
even sug¬
might be
resumed.
on one
the
ence
of
course
Anglo-American
Simon, Chancellor of
the
Tuesday that there have been
negotiations
added that the debt
for
a
settlement, and
he
question is not likely to influ¬
the official
reciprocal
negotiations for
trade
treaty.
an
This
leaves
room
only for the regrettable conclusion that
the British and United States Governments contem¬
plate
mere
piecemeal adjustments of economic prob¬
lems, rather than
sensible
a
standing embracing trade,
and
debt
sweeping under¬
and
stabilization
aspects.
European Conferences
PRELIMINARY diplomatic maneuvers were con¬
Europe this week, in what obviously
tinued in
long-drawn attempt to achieve political
States
of the
to
the
German
Reich
the part of the demo¬
regimes.
for
two
were
discussed with the
ago
by Lord Halifax,
weeks
Lord President of the British Council.
the
The de¬
colonies remained
discussion, although it is obvious
other things also
leaders
on
dictatorial
German
in the forefront of
that many
to
last Mon¬
intimations of
some
regarding the entire matter, but only
mand
Bourse, with all groups affected.
Dealings on the Berlin Boerse were dull
day, with the main
ish
Treasury loan for three-, six-,
securities
payments"
appeasement by concessions
maturities, carrying 5%
coupons.
depressed and French equities also de¬
centers, how¬
few British reports
mar¬
the
levels.
"token
a
will prove a
The
now
debts, for it is clear
aspect has any enlightenment been afforded by Brit¬
cratic
uncertain start
an
problem, and
that
an¬
clined, but international
interest
most
Thursday by
on
Chief
War
populations
complete defaulters
early this year by the
Finance Minister Georges Bon¬
16,000,000,000 francs
World
There have been
mons
a
effected
was
no
the
supply needy
Questions have been posed in the House of Com¬
Prices advanced
The month-end settlement
money at
to
are quite apt to fol¬
precedent may be set by the British
gest
was
on
foodstuffs.
entire
were
was
order
Government.
but profit-taking quickly devel¬
improvement within narrow
Tuesday, although trading
in
after
late that the London authorities
were
trading
a
low whatever
fractionally higher, while
equities and international securities
on
variation
in
incurred
were
and
that other
a
main¬
were
week, but most variations
likewise showed modest
strength.
small scale.
In
pay¬
stand, with the result
ever, on the British view of the
the
Rentes
French
generally
with
sell¬
foreign stocks improved.
The advance at the start of
quite pronounced,
oped
ended
Commodity
quiet session yesterday, gilt-edged issues
tained while industrial and
obligations
upturn
stocks and international issues
drifted lower.
lic
of
stances the term "war debts" is
gilt-
by realization
ing in anticipation of the settlement.
on
semi-annual
modest sum also will be
paid to the United
Treasury by that country. In both these in¬
a
States
Modest
edged list to slightly lower
levels, while
After
small
full, while Hungary recently announced
on
in industrial stocks
and
in
modification
profit-taking was reported Thurs¬
the London market, but turnover and
price
changes alike were small. British funds led the
were
pledges and meet the
ment
The
at
a United
dozen
the
they
issues again in quiet
with
1937
Intergovernmental Debts
were
ap¬
most
4,
comforting.
Gilt-edged issues remained firm,
while industrial and
commodity securities took an
irregular course.
Rubber issues proved
attractive,
owing to export quotas that gained general
day,
Dec.
invitation extended
In response
by the British Govern¬
ment, Premier Camille Chautemps and Foreign Min¬
ister
late
Yvon
last
French
Delbos, of France, arrived in London
Sunday for
attitude
a
toward
French visitors departed
appearances the
discussion
the
of
German
the
Anglo-
views.
late Tuesday,
The
and to all
greatest harmony prevailed.
It is
fairly clear that Anglo-French cooperation will con¬
tinue, and it also is certain that only a bare start
so
far has
been
plex problem.
made toward
No
official
solution
of the
disclosure
so
com¬
far
has
been made of the
fax in
to
impressions gained by Lord Hali¬
Berlin, and in these circumstances it is well
remember
that
diplomatic
appearances
are
notoriously deceptive.
When the French Ministers left
statement
was
London,
issued to the effect that
satisfactory conversations had been
course
of
the
a
a
joint
number of
held.
In
the
conversations, MM. Chautemps and
Volume 145
Financial
Delbos heard from Lord Halifax
account of his
an
3547
Chronicle
cratic States of Europe and
declared that defense
private and unofficial talks in Berlin, it was said,
of Russian borders does not depend upon alliances
and
with such countries.
although immediate results
not to be ex-
were
The apparent willingness of
pected, the discussions had clarified the atmosphere
democratic countries to return some colonies to the
and
Reich for
helped to
the
remove
misunderstanding.
The problems of Europe as a
whole and the future prospect of
disarmament
jects
the
came
British
fresh evidence
attitude
tions
The
and
so
between
colonial
under
appeasement and
review, and
these sub-
on
claimed
Ministers
French
of "that
which
of international
causes
community of outlook and
happily characterizes the rela-
France
and
question
United
the
accorded
was
a
Kingdom."
preliminary
a
quid
pro quo
occasioned speculation as
to the Japanese attitude with respect to its Pacific
islands that formerly belonged to Germany.
But
the Japanese Government made it clear last Sunday that the "steel axis"
bring about
ereignty.
lowed
nese
up
a
was
not strong enough to
return of such islands to German sov-
The Italian Government on Monday folits recent inclusion in the German-Japa-
pact against the Comintern by extending diplo-
examination, according to the statement read in the
matic recognition to the Japanese puppet-State of
House of Commons
Manchukuo, while this
berlain, and "it
not
was
and
recognized that this question
was
that could be
one
moreover
tries."
by Prime Minister Neville Chamconsidered in
would involve
The two
isolation,
number of other
a
coun-
governments noted their common
interest in the peace
of Central and Eastern Euro-
pean
countries which
With
followed on Wednesday
Spain.
neva,
Oddly enough, Italy was reported from Geon
Monday, to have completed her payment
The Italian
of League of Nations dues for 1937.
Government
has
steadily ignored League confer-
regard to Spain and the Mediterranean, the
M. Delbos
policy of non-intervention
soon
is to visit,
was
by Japanese recognition of the Franco regime in
considered fully justi-
was
fied, while the communication merely passed
situation
Eastern
Far
the
with
over
reference to
a
its
While
the
Anglo-French conversations
and after they
progress,
unofficial
in
concluded, numerous
were
agreed
reports
willing to make
that would
ward
an
all-round
off the
The French Ministers
wrar.
countries
both
that
colonial concessions to
some
Reich, but only in return for
settlement
another
were
reports emanated from London as to their
Most
trend.
the
peace
possibility of
were
said to be
especially insistent upon guarantees for the counCentral
of
tries
there
Disarmament
discussions
and
indicated that
was
League
Eco-
still another matter rumored
inquiry.
Some accounts
participant, and the aim
as a
redistribution
deal of satisfaction was
land and France
Berlin
Nations
uncertain.
that
might
At the close of the talks in
Reich.
of
"colonial pool" was under consid-
a
eration, with Portugal
a
the
these subjects was
on
cooperation
of
where
or
matter, but the precise trend of the
to have received extensive
that
Europe, where
regime might have ambitions for expan-
entered into the
nomic
Southeastern
and
important German minorities,
are
the German
sion.
satisfy
London,
a
the
good
expressed publicly in Eng-
regarding their nature and trend,
reports suggested, however, that the Reich
little
attached
importance
to
the
meetings,
hoped for very little as the immediate result.
and
For-
Delbos left Paris, Thursday, for a
eign Minister
series of visits to the Little Entente and other coun-
tries that
allied with France, and it was gen-
are
erally surmised that he would sound out sentiment
wTith
a
view to fostering the
desired "European ap-
peasement."
There
were
some
interesting sidelights on these
diplomatic developments.
In Germany, last Sun-
day, General Hermann Goering delivered
a
himself of
speech in which the newly-won might of German
arms
in recent years.
\
Japan and China
JAPANESE invaders continued this week their
J almost unopposed march over the Chinese terrilory between Shanghai and Nanking, with the
gravity.
were
ences
proclaimed and much made of the "steel
was
axis" that
the same
now
links Rome, Tokio and Berlin.
On
day, Foreign Commissar Maxim Litvinoff
earnestly assured his Russian countrymen
of the
"unceasing growth ot the might of the Red army,
air force and
navy."
M. Litvinoff expressed disap-
pointment over the course pursued by the demo-
fall
of the Chinese capital now expected within a week
or two.
Swiftly but none the less cautiously, the
Japanese extended their lines, with airplanes harrying the retreating defenders. One of the three invading columns advanced to within 70 miles of Nanking by Tuesday, and this placed the force beyond
one of the main defense positions of the Chinese,
The capital has been moved to Chungking, far in the
interior, but there were indications that Nanking
will be defended at least to some degree. The terrain makes a real defense precarious, however, and
most of the army units are being withdrawn to upriver points. Some talk is heard in Shanghai and
the inpouncing upon
them, but not much hope is placed in these intimations. Extensive purchases of Russian airplanes will
help in the defense by the Chinese, although the
Japanese air force clearly remains superior. In the
vast northern area operations are at a standstill,
with the Japanese in control of four of the five
Provinces selected for addition to the puppet-State
other Chinese centers of plans for drawing
vaders far into the interior and then
of Manchukuo.
possible peace moves
Shanghai dispatches of
Thursday stated that the German Ambassador to
China, Dr. Oscar P. Trautman, appeared to be gathering impressions from both sides as to terms for an
armistice and possibly a general settlement of the
undeclared war which Japan forced upon China.
This recalled the reports of German mediation
which emanated from Berlin just as the unfortunate
Nine-Power treaty conference at Brussels started,
Japanese authorities made it clear last Saturday
that they would welcome mediation by a suitable
third Power, or by a committee representing a small
group of Powers.
Premier Fumimaro Konoye declared, however, that such mediation must only be
preliminary to direct negotiations between China
and Japan. Japanese diplomats, indeed, were reported anxious for the preservation of the regime
in China, so that a responsible government will remain with which negotiations can be carried on.
In this situation, reports of
again are on the increase.
3548
The
Financial
Japanese Ambassador
vvagoe, stated last
to
China, Shigeru Ka-
Sunday that Japan will
"generous victor" if hostilities
Such
protestations, of
view of the
Much
Japanese policy of recent
has
concern
immediately surrounding
of the Tokio
take
Government
weight in
years.
been
in
soon,
caused,
Shanghai and
Representatives
area.
began, last Saturday, to
control of the Chinese
over
less and
customs
postal, cables, wireShanghai. With the
services at
customs revenues
specifically in mind, simultaneous
representations against interference
promptly were
by the British, French and United States Gov-
made
ernments.
It
was
announced in
Washington, Mon-
day, that a note had been dispatched to Tokio
urging consultation before any steps are taken
by the
Japanese pertaining to the customs organization,
The Japanese
regime immediately made it clear
,
that any measures
would
military nature and
would
be
be
only of
temporary
that the interests of all Powers
carefully respected.
Anthony Eden
a
Dec.
quantities of war supplies piaced at the
disposal of
General Franco by Italy and Germany solved a good
part of the problem, while the exceptional natural
resources of
Spain also contributed
to the solution,
Royalist supporters of the insurgents, it is disclosed, placed their huge fortunes at the disposal of
the fascist leader, as did various prominent Spanish
industrialists.
movement
"Long interested in the Nationalist
the
were
large landowners, wealthy old
families spending much of their time
abroad, and
industrialists such as Juan March,
fabulously
wealthy
tobacco
sooner had the
king,"
the
report
states.
fighting started than
deposited with General Franco lists
"No
each of these
of all securities
held in foreign banks, with permission to make use
of them at will." For internal purposes, of
course,
the Nationalists issued currency of their
own, and
the dispatch indicates that this is rigidly managed
to prevent inflation,
Foreign Secretary
,
questioned in the London House
was
4, 1937
and to create funds for payment of their soldiers,
It is admitted in this dispatch that the tremendous
prove a
ended
carry no
meanwhile, by Japanese activities
the
be
can
course,
international
Chronicle
German Autarchy
of
Commons regarding British interests
at Shanghai, and he assured the Members that "unilateral
action for solution of
ternational
problems arising from the In-
Settlement"
could
not
be
recognized.
A further incident
occurred
Tuesday, when aJapaAmerican tugboat at
Shanghai
and tore down the American
flag on the small vesnese
party seized
sel.
A
an
vehement
protest
returned with two
was
while profuse
Japanese.
was
flags
made, and the boat
on
apologies also
the following day,
were
tendered
by the
.
to
operations, this week,
impression spread that some sort of medi-
atory efforts
and
near
and
are
were
being made by other
reported both
Madrid, but in
made
were
none was
on
the
countries.
Aragon front
these localized battles
by either loyalists
no
or
insurgents,
Wintry conditions are mak-
claimed.
ing fighting difficult, of
course, but the decided
sus-
pension of hostilities and the duration of
the
sus-
pension lead many to
suppose that
of
a
cisco
last
He
sort
new
Franco,
is
being attempted.
an
intervention
General Fran-
the other hand, took the initiative
for a resumption of real hostilities.
on
Saturday
issued
an
ultimatum
demanding
the
uncon-
ditional surrender of the
loyalist regime at Barcelona
by Dec. 5, with
alternative.
a
The
a
general military drive the
insurgents last Sunday proclaimed
blockade of all loyalist
ports, but the British Gov-
ernment
he had
immediately
no
notified General Franco that
right to take
any action
ists made known
accept
engaged
toward
a
on
on
Wednesday that they
suggestion for
withdrawal, if
Dr.
Schacht stood
a census
any, of
to the
light is thrown
on
course,
have
to
perturbed the
to
give
weeks.
German
are un-
financial
the post of Acting
up
Minister of Economics has been
no secret for many
When Chancellor Hitler accepted the resig-
nation, he appointed
Walther
garded
Funk,
as
Schacht
a
as
Minister of Economics Herr
journalist
by
profession
thoroughgoing Nazi party
and
re-
Dr.
man.
appointed Minister without portfolio,
»so that Chancellor Hitler might have the benefit of
was
his counsel.
Within
the
Reich, every effort
made to present this development as
izational change," which has
the currency policy.
on
over,
that
Dr.
It
Schacht
no
was
"organ-
bearing whatever
emphasized,
was
will
a mere
remain
in
more-
office
as
Keichsbank President, at least until his
ordinary
+erm expires next April. In other countries it was
realized that
bitter effort to
a
aim of genuine autarchy
"More than
military
Staff,"
now
achieve the absurd
is likely to follow,
German economy is going to be
ever,
a
economy under the control of the General
Berlin dispatch to the New York "Times"
a
remarked,
Panama Treaty
of the volunteers
business
foreign troops.
Associated
a
mailed
Press, in
the question of insur-
war.
The loyalists
in possession of the large Spanish
gold holdings and the ordinary machinery of
governmen
t, but the insurgents were forced to find credits
out
the opponent of General Hermann
Goering and the four-year plan of the latter for
achieving complete German self-sufficiency. Other
AMONG the
gent financing of the expensive
started, of
as
ready
interest, meanwhile, is
report from Salamanca
some
in the saddle.
are
for months
Loyal-
are
either side, this being a
preliminary step
Of considerable
which
finally
of this nature,
pending the granting of belligerent
rights.
to
nomics, and this was generally regarded as an indication that the more extreme German autarchists
genius, and his desire
MILITARY activity in Spain again was confined
relatively modest
gains
had accepted the frequently proffered resignation of
Dr- Hjalmar Schacht from the Ministry of Eeo-
aspects of German economic procedure also
SPa*n
Skirmishes
announcement was made in Berlin
late last week that Chancellor Adolf Hitler
derstood
■
#
and the
/^FFICIAL
the
new
more
States Senate is
treaty negotiated with Panama and ratified
by that country
this
important items of unfinished
before the United
accord
known in
a
important
a year
never
have
The precise terms of
ago.
been
published, but it is
general way that the pact alters in
respects
the
diplomatic
some
arrangements
held necessary by the United States for the defense
of the Panama Canal.
Florida issued
a
Senator Claude
statement in
Pepper of
Washington, last Sun-
day, urging that the pact be "pigeonholed until
peace
Volume
Financial
145
is restored in the Far
East,"
surrender of American
sive
the ground that the
on
rights would require exten¬
Until the terms of
changes in defense plans.
the treaty are
such matters.
made known, little can be said about
But there is one aspect of the rela¬
United States which
tions between Panama and the
regardless of the
ought to be clarified immediately,
differences about Canal defenses.
The new treaty
clause providing for an
is understood to contain a
3549
Chronicle
deposits. Of the latter,
addition to bankers'
accounts and £217,936 to other accounts.
Loans
on
Government securities rose £2,670,000 and on
other securities £1,761,258.
The latter consists of
discounts and advances, which increased £1,920,896,
and securities, which fell off £159,638.
No change
was made in the 2% discount rate.
Below we show
the figures with comparisons for previous years:
gain of £22,292,360 in other
£22,074,424
amount
ENGLAND'S COMPARATIVE
BANK OF
annuity of f250,000 due
Panama, in accordance with the obligation assumed
by the United States Government in the 1903 pact.
That understanding called for payment of gold dol¬
lars of the standard existing in 1903, and Panama
an
was
STATEMENT
adjustment of the Canal
quite properly has refused the proffered payments
of devalued dollars in the last four years, leaving
default and subject to the same
the United States in
charge of non-observance of pledges that Mr. Roose¬
velt has been hurling at other nations of late.
If
the
new
treaty with Panama
immediately in accordance
equity already
with the principles of
are
of Foreign Central
Banks
Present rates at the leading centers
table which follows:
shown in the
FOREIGN CENTRAL BANKS
DISCOUNT RATES OF
Date
3
Dec.
Rate
Argentina. _
SH
Mar.
Austria....
3H
Batavla.
4
Belgium
2
Bulgaria
10
July
1
May 15
Aug. 15
Canada
Dec.
2
Dec.
2 1936
7
■
Aug. 28 1935
3
Nov. 29 1935
3
June 30 1932
4M
3H
3H
Italy
4K
May 18 1936
.
.
3.29
Japan
2H
Jan.
24 1935
4^
Java..
July
18 1933
5
Jugoslavia
3
Jan.
1 1936
3H
Morocco
4
Jan.
2 1937
5
Norway
4
Oct.
19 1936
June 30
3H
2H
5j^
4H
3H
Poland
2
Colombia
4.-..
4
■
Chile
Mar. 11 1935
Czechoslo¬
vakia
Danzig
Denmark
.
.
England
Estonia
5
Finland
4
1932
Sept. 25 1934
'
Dec.
4 1934
'
Apr.
3
Jan.
5
Feb.
5H
.
Lithuania..
m
4
5
Portugal...
4
Rumania
South Africa
4H
3K
.
.
Greece
_
„
Disct. & advances.
Securities
Reserve notes & coin.
Coin and bullion
1 1935
385,447,319 374,881,145
485,679,000 451,587,113 405,567,509
6,896,465
8,603,065
7,073,745
10,560,998
11,984,000
141,248,498 145,244,898 152,287,210
142,238,374 140,228,061
115,873,179
99,119,619 103,711,413 108,852,033
105,672,871
36,392,865 36,414,031
36,565,603 41,108,442 37,537,085
78,016,692
78,823,000 82,432,564 89,417,499 84,806,413
22,143,752
31,230,179 28,638,108 23,214,854 19,667,436
8,495,644
9,666,379
10,713,988
8,462,333
10,522,202
13,658,108
20,707,977 20,175,775 12,500,866 10,101,057
57,584,173 53,572,203 67,261,380 76,894,307
62,020,000
191,775,452
327,697,126 249,171,286 199,139,712 192,708,699
Proportion of reserve
to liabilities
Aug. 11 1937
Dec.
7 1934
4M
May 15 1933
1937
Spain
5
July
Sept. 30
1932
5
Sweden
4 1937
7
Switzerland
2H
1H
Dec.
Jan.
10 1935
1 1933
Nov. 25 1936
4H
3X
6
48.30%
2%
2%
THE weekly note circulation ofNov. 25 showed an
in statement dated 141,000,000 francs,
increase
current accounts
and creditor
decreased 2,000,000
francs and 89,000,000 francs re¬
The Bank's gold holdings showed no
at 58,932,022,187 francs.
year amounted to 64,358,742,140 francs
spectively.
change, the total remaining
Gold last
and the previous year
reserve
ratio is now
66,190,775,339 francs.
to
53.23%, compared with
The
63.23% a
year
and 69.94% two years ago. Below we
with comparisons for three
ago
furnish the different items
years:
BANK OF
5X
Changes
3•''
for Week
Nov.
25,
103/
Nov.
27,
1936 Nov. 29,
2
IN bills
LONDON open market 15-16@1%, asfor short
Friday were discount rates
against
on
c
out int. to
%@13-16% on
Friday of last week. Money on call at London on
Friday was H%.
At Paris the open market rate
raised on Nov. 30 from 3J4% to 3^%, while
three-months * bills, as against
with¬
State._
No change
Propor'n of gold on
hand to sight llab.
a
Includes bills
gold valuation
.
Treasury on
of gold to the
105,953,630
26.918,460,497 12,298,092,309
—0.03%
53.23%
63.23%
69.94%
b Includes bills discounted abroad, c
10-bIllion-franc credit opened at Bank.
Rep¬
valuation has been at rate of 43 rog.
per franc; previous to that time and subsequent to Sept. 26, 1936,
was 49 mg. per franc; prior to Sept. 26, 1936, there were 65.5 mg.
statement of June
gold, 0.9 fine,
was
947,130,200
5,463.400
8,055,978,804 11,004,517,900
1,460,632,664 1,278,641,126
3,463,730,344 3,267,474,883
86,650,778,125 82,447,325.675
15,127,699,193 12,187,138,146
purchased in France,
resenting drafts on
Since the
9,679,000,377
No change
circulation
Temp. advs.
16,114,571
—140,000,000 3,674,992,876
+ 141,000,000 90,130,946,245
—89,000,000 20,578,308,630
Credit current accts.
13-16%
1%.
+417,000,000
1935
Francs
58.932,022,187 64,358,742,140 66,190,775,339
—2,000,000
Adv. against securs.
Note
Francs
Francs
No change
abroad,
a French commercial
bills discounted-b Bills bought abr'd
Credit bals.
Friday, of last week, and
COMPARATIVE STATEMENT
FRANCE'S
Francs
Switzerland the rate remains at
90,130,946,245 francs. Cir¬
stood at 86,650,778,125 francs
and the year before at 82,447,325,675 francs.
A
gain was also shown in French commercial bills dis¬
counted of 417,000,000 francs, while the items of
credit balances abroad, advances against securities
6
Foreign Money Rates
in
43.71%
2%
Bank of France Statement
Gold holdings......
for
36.11%
2%
4
Nov. 12
on
38.10%
40.2%
2%
...
Bank rate...
4
m
6
4
^@13-16%
1933
5
3.65
1 1936
May 28 1935
Dec.
5 1936
Oct. 25 1933
6
Germany
6 1936
14 1937
July
3
....
France
Other accounts...
Other securities
2K
4
.
'
m
Rate
India
4H
2H
m
Established
3
Ireland
4~
1935
1935
1935
1935
vious
Hungary...
Holland
1 1936
July
Pre¬
Date
Effect
Country
vious
Established
Effect
Bankers' accounts.
Government securs..
Dec. 6
1934
francs, 140,000,000
Rate in
Pre¬
Rate <r?
Country
Other deposits..
Dec. 5
1935
culation a year ago
THERE have been no changes during theforeign
week
in the discount rates of any of the
central banks.
Public deposits
Dee. 4
1936
which raised the total to
acknowledged by Washington.
Discount Rates
Circulation
Dec. 2
1937
is to be delayed in¬
definitely, it surely would be proper to lift this
financial arrangement out of the accord and settle
it
Dee. 1
29, 1937, gold
franc.
Bank of Germany
Statement
Bank of England Statement
THAT circulation has started its Holiday expan¬
is indicated by the Bank's statement for
sion
increase of
£5,303,000 in notes issued. Seasonally the currency
expansion commences at about this time each year
and continues without interruption until Christmas.
In recent years the rise over the entire period has
been in the neighborhood of £30,000,000.
Attending
the circulation increase was a loss of £163,422 in
gold holdings, and so reserves fell off £5,466,000.
There was a net loss in the Bank's deposits, but
the week
sufficient to
not
as
ended Dec. 1, which shows an
a
balance the reserve
result the proportion
dropped to 40.2% from
43.5% a week ago; last
There was a
deposits and a
the proportion was 38.10%.
decrease of £23,374,000 in public
year
decline, and
of reserves to liabilities
THE statement increase last
for the in
showed
an
quarter of November
gold and bullion of
which brought the total up to
Gold a year ago totaled 66,097,000 marks and two years ago 88,151,000 marks.
Reserves in foreign currency fell off 122,000 marks,
silver and other coin 86,740,000 marks, investments
57,000 marks, and other assets 80,998,000 marks.
Notes in circulation rose 551,000,000 marks, the
total of which is now 5,195,700,000 marks, com¬
pared with 4,674,152,000 marks last year and 4,186,124,000 marks the previous year. Increases also
appeared in deposits abroad, in bills of exchange
and checks, in advances, in other daily maturing
obligations and in other liabilities.
The reserve
ratio fell off to 1.47%; a year ago it stood at 1.53%,
203,000
marks,
70,456,000 marks.
3550
and
Financial
two
years
2.23%.
ago
Chronicle
A comparison of the
for
various items for three
years is furnished below:
the
Assets—
Nov. 30, 1937 Nov.
Reichsmarks
Gold and bullion
Reichsmarks
+203.000
Of which depos. abr'd
Res've In for'n currency
+244,000
—122.000
Bills of exch. & checks.
+ 747,809,000
—86.740.000
Silver and other coin...
Advances..
Investments
+ 15.102.000
—57,000
Other assets.
Notes In circulation....
clrcul'n.
727,443,000
—0.17%
•
New York
of
the
at
paper
4, 1937
different
OF FEDERAL RESERVE BANKS
Rate in
30, 1936 Nov. 30, 1935
Reichsmarks
Federal Reserve Bank
Effect
Date
on
Dec. 3
Reichsmarks
Boston
Previous
Established
1.47%
1.53%
Sept.
1
Philadelphia
Richmond
Atlanta
Chicago
St. Louis
.*
Minneapolis
Kansas City
Dallas
San Francisco
2
Rate
1937
2
Aug. 27 1937
IX
IX
IX
IX
IX
IX
IX
IX
IX
IX
Cleveland
661,188,000
788,682,000
634,626,000
IX
New York
+551,000,000 5,195.700.000 4,674,152,000
4.186.124.000
+36,054,000
765,946,000
753,303,000
806,108,000
+ 1,927,000
324,514,000
287,894,000
292,236.000
Propor'n of gold & for'n
curr. to note
DISCOUNT RATES
66,097,000
88,151,000
20,299,000
28,272.000
21,034.000
5,741,000
5,409,000
5,256,000
5,546.486.000 4.908.339.000 4,151,138.000
142,220,000
135,040,000
128,036 000
46,097,000
67,458,000
78,182,000
690.016.000
421,941.000
Liabilities—
Oth. daily matur. oblig.
Other liabilities..
classes
70,456,000
—80.998,000
....
various
Reserve banks:
REICHSBANK'S COMPARATIVE STATEMENT
Changes
for Week
Dec.
ix
4
May
1937
2
11
Sept.
1935
2
Aug. 27 1937
Aug. 21
2
1937
2
Aug. 21 1937
Sept. 2 1937
2
Aug.
24
2
1937
2
3 1937
Sept.
2
Aug. 31
1937
2
3
1937
2
Sept.
2,23%
Course of Sterling
Money Market
Exchange
NO CHANGES of any moneywere noted Funds
kind market. this week SINCE Nov. 25 sterling has the diminished
undertone, reflecting been displaying
in
mained available in
for
bankers' bills
were
Commercial
poor.
dull and with rates
sure
also
unchanged.
due
March
18, 1938, with awards
average, against
week earlier.
the New
on
Call loans
York
remained at
0.117%
at
a
vention
maintained at 1% on
were
to
Exchange, while time money
1%% f°r datings to 90 days, and 1 y2%
New York
renewals.
The
market
for time
The
changed from those
volume
compared
the
with
$5.00 11-16
fers
money
has
been
$5.00%
having been reported
nominal at
1%% up to
fair
to six months' maturities.
are
supply and the demand has been good.
quoted at 1% for all maturities.
of
flight
been
class
of
point.
The
There
official
Reserve
marked
has
high-
has
paper
dwindled almost to the
has
been
quotation
Bank
of
including 90 days
as
New
vanishing
change in the rates.
no
issued
York
by the
Federal
bills
for
to
up
and
%% bid and 7-16% asked;
for bills running for four
months, 9-16% bid and
%% asked; for five and six-months, %% bid and
9-16% asked. The bill-buying rate of the New York
Reserve Bank is %% for bills
running from 1 to 90
days; %% for 91-to 120-day bills, and 1% for 121are
to
180-day bills.
The Federal Reserve Bank's
holdings of acceptances remain unchanged at
$2,828,000. Open market dealers are
quoting the same
rates
as
those
Bank
of
New
acceptances
are
reported
York.
as
by
The
SPOT
%
Reserve
market
open
%
Asked
X
X*
FOR DELIVERY WITHIN
150 Days—
Asked
Bid
%
*A»
60 Days——
Bid
Asked
X
7A
and
firmness
makes
X
30 Days
Asked
Bid
is,
a
no changes this week in the
Reserve
rates of the Federal
The following is the schedule of rates
banks.
now
in effect
$4.99%,
this
side.
an
The
in the past
important element in the
sterling.
no
noticeable evidence of
On the other hand,
a
return
to the American market.
problem
fund
These
help to steady exchange rates
of
much
the
British
easier.
exchange
Official
London
strongly
averse
$5.00 pound.
That funds
confirmed
in
London.
market
high
recession
and is not
chasing
less inclined to
are
quarters
leave this side is
in
Amsterdam
Opinion in Amsterdam
in
fully in
powqr.
New
York
is
has
and
that
the stock
been
excessive
with the actual pur¬
Amsterdam asserts that the
consonance
security
yield is indicated by the fact that thus far Dutch
selling of American stocks has not assumed
large
proportions
and
that
American shares
the Amsterdam bourse almost
are
quoted
continually above
parity.
Sir Josiah
a
Stamp, British financial authority and
director of the Bank of
England, is of the opinion
that
the
gone
Discount Rates of the Federal Reserve
Banks
from
European funds
according to informed circles,
to
X
%% b|d
%% bld
and
of
the
equalization
Asked
%,
$4.98 9-16
of between $4.99 5-16 and
capital
of
combined influences
120 Days
Bid
THIRTY DAYS
Eligible member banks
Eligible non-member banks
European
European funds
to
an(l
during the past 10 days
evidence of commercial
buying
some
movement
New York
DELIVERY
Bid
THERE have been
rediscount
of
$4.9934
that
report
however, there is
on
90 Days
Prime eligible bills.-
Federal
for
follows:
—180 Days—
Bid
Asked
Prime eligible bills
the
rates
range
several weeks has been
THE demand for prime bankers' acceptances
good this week, but the supply of
between
dollars for European
account, a factor favoring
dollar.
Furthermore, there is less evidence of
the
Rates
Acceptances
extremely
The range for cable trans¬
between
a
there has been
outward
Bankers'
is
week ago.
a
Bankers
Transactions in prime commercial
paper have been
moderately active this week.
Paper has been in
of
range
new
this week.
Rates continued
a
last week.
compared with
days and 1%% f°r f°ur
of the past few
transactions
of sterling this week
range
continues quiet, no transactions
90
of
has been
between $4.98%@$4.99 9-16 for bankers'
sight bills,
on the
was
not
The
small.
ruling quotation all through the week for both
and
exchange equalization fund
upward trend of the pound.
The
factors affecting
foreign exchange quota¬
essential
Money Rates
British
the
tions have
weeks.
DEALING in detail with call loan rates
Stock Exchange from
day to day, 1%
the
of
arrest
Stock
for four to six months' maturities.
loans
gave
is due in only a small
degree to any
change in business currents, and the lower
range of
sterling must be attributed to the act vie inter¬
0.119%
similar issue sold
a
Accompanying the easirer quo¬
pound, the major European currencies
ground to the dollar.
The reversal of
quotations
Treasury sold last Monday $50,000,000 discount
bills
the dollar.
on
tations for the
and
paper
an
pres¬
re¬
huge amounts, with the demand
accommodation
The
easier
the New York
have
collapse
of
Wall
Street
unwarranted extremes.
said:
"The
Wall
prices
has
now
He is reported to
Street
decline
has
been
greatly overdone.
The recent top prices for
equities
which prevailed earlier in the
year were too
and
high
overcapitalized earnings and prospects, but the
subsequent fall has
ment
low level
gone
would
be
too
far.
about half
A
fair
way
invest¬
between
Volume
Financial
145
the recent bull market's
Industrial
recent
activity is
and
high
highs and the present lows.
doubt declining from its
no
but
levels,
prosperous
business
pessimism in America has seemingly gone too far."
As London and Amsterdam investors have for
decades had
many
important effect in Amercian
an
3551
Chronicle
Wednesday, Dec. 1 (inclusive), was as
Nov. 24, to
day-to-day changes are our own cal¬
The
follows.
culations:
IN THE TREASURY'S
GOLD HELD
INACTIVE FUND
Daily Change
+$4,922
Amount
Date—
Nov. 25
$1,242,480,515
Holiday
Nov. 26
1,242,483,044
Nov. 24
1,242.491,493
Holiday
+2,529
+8.449
1,242,505.672
+14,179
1,242,514,603
+8,931
+22,175
security markets the reported expression of opinion
would seem to indicate that no further withdrawal
Nov. 27
Nov. 30
scale
is likely to take place.
Therefore the exchange
equalization funds should have little difficulty in
holding sterling-dollar fluctuations close to present
Dec.
1,242,536,778
foreign funds from New York on a large
of
levels, and it would be only reasonable to
that
expect
few
sterling might easily be moved down a
Seasonal factors would under normal circumstances
favor
a
sterling until after the turn of
lower
the
international
outlook, however, would tend to favor
Improvement in the immediate
year.
political
„
l..___
Net Decrease for Month of
that there is no reason to
important respect the view that the
business outlook in Great Britain remains encour¬
aging.
any
have orders for
principal industries
The
Decline in
months ahead.
new
business is due in
delivery
because of shortage of raw materials and of rising
costs.
Retail sales in October were 4.4% higher
than in the same month last year.
This is the
smallest rise since last April and compares with
some
instances to
Canadian exchange during the
to
ranged between
The
rate
Paris, the London open market gold price,
1937
according
was,
the
to
Journal," 3.1% less than in the
1937, but 7.1% greater than in
of 1936.
The index number for the three periods
respectively.
Open market money rates in London are as fol¬
lows:
Call money against bills, %%; two-months'
bills, 13-16%; three-months' bills 25-32%; fourand six-month's bills, %%.
All the gold on offer
was
in
131.2, 135.4, and 122.5,
the
market
London
continues
unknown destination, chiefly
hoarders.
Saturday
On
£126,000,
to
be taken for
for account of private
last
available
there was
Monday £571,000, on Tuesday £259,-
on
000,
on
Wednesday £311,000, on Thursday, £294,000,
and
on
Friday £398,000.
At the Port of New
York the gold movement for
1, as reported by
the week ended Dec.
Reserve Bank of New
York,
was as
NEW YORK, NOV.
GOLD MOVEMENT AT
the Federal
follows:
Imports
Exports
None
Nov. 29__
147.08
Thursday,
Dec. 2__
Tuesday,
Nov. 30.
147.09
Friday,
Gold Earmarked for Foreign
Decrease:
above
Dec. 3
figures are
exports of the metal or
for the week ended on
It was reported that
$1,646,200 of gold was received at San
On Friday $1,991,600 of
Francisco
from Australia.
received, of which
and $97,800
metal
imports
change in gold held ear¬
marked for foreign account.
the
PRICE
LONDON OPEN MARKET GOLD
140s. }^d.
Saturday, Nov. 27
140s.
Wednesday, Dec. 1
Monday,
139s. ll%d.
Thursday,
Dec. 2
139s. lid.
Friday,
Dec. 3... 139s. U^d.
Nov. 29
Nov. 30
Tuesday,
140s.
BY THE UNITED STATES
PRICE PAID FOR GOLD
(FEDERAL RESERVE BANK)
Monday,
Nov. 29
Tuesday,
Wednesday, Dec.
$35.00
35.00
35.00
Saturday, Nov. 27
Nov. 30
$35.00
35.00
35.00
1
Thursday,
Dec. 2
Friday,
Dec. 3
Referring to day-to-day rates, setrling
exchange
Saturday last was firm, although receding from
on
high points ruling previous to Friday of last
cable
Bankers'
sight
$4.99 7-16@$4.99 9-16;
was
$4.99%@$4.99%.
transfers,
sterling quotations reflected further
The
dollar.
sight
transfers.
and
sight
Bankers'
steady.
transfers
bankers'
The
$4.98%@$4.99 7-16; cable trans¬
On Friday sterling con¬
15-16@$4.99%.
tinued steady
$4.99
$4.98%@$4.99%
$4.98 9-16@$4.99 3-16 for
On Thursday exchange was steady.
cable transfers.
range
$4.99 5-16@$4.99%;
On Wednesday
range was
and
sight
Bankers' sight was
fers $4.98
was
$4.99%@$4.99%.
sterling was easier.
for
for
$4.99%@$4.99 9-16 for cable
On Tuesday exchange on London was
bankers'
cable
Monday
$4.99 3-16@$4.99%
was
range
On
strength in the
with
a
relatively firm undertone.
The
$4.99@$4.99 5-16 for banker's sight and
1-16@$4.99% for cable transfers. Commercial
was
sight bills finished at $4.99%,
60-day bills at $4.98%,
(60
bills at $4.98%.
for payment closed at $4.99%.
90-day bills at $4.97%, documents for payment
days) at $4.98%, and seven-day grain
grain
Continental and Other Foreign Exchange
.
FRENCH francs in reflecting the dollar are ruling
slightly easier, terms of the easier tone of
Account
$1,306,000
On Thursday there were no
Wednesday.
or
'
147.08
147.12
147.08
1
Wednesday, Dec.
None
Net Change in
The
147.10
Monday,
Cotton and
25-DEC. 1, INCLUSIVE
'
LONDON CHECK RATE ON PARIS
Saturday, Nov. 27
week.
of
paid for gold by the United States:
and the price
the
production in
premium of 1-128% and a
a
following tables show the mean London check
on
4.8% in June, 13.2% in May, and
industrial
inclined
Montreal
was
premium of 13-128%.
8.6% in September, 6.7% in August,
British
week
with sterling-dollar fluctuations.
move
inability to promise early
8.1% in July,
1.5% in April.
the third quarter
"Board of Trade
second quarter of
the third quarter
November
$28,880,118
MEAN
modify in
:t.
$61,185
sterling.
British authorities say
Ended Wednesday
Increase for Period
funds
cents.
more
Nov. 29
$1,893,800 came from
gold
was
Canada
There were no exports of
change in gold held earmarked for
from India.
or
foreign accounts.
It was reported on
$202,800 of gold was
Friday that
received at San Francisco from
daily Treasury statements
sterling,
fund,
as
indicated in the
issued from Wednesday,
as
so
in the case of all other
is held in close relation to
currencies,
European
that if the rate on Paris moves down
with respect to
the dollar, it is not an indication of
underlying ease in the French unit.
the
For
situation
French financial
shown by the
the gold holdings of the Bank of
present
at
least the
improvement,
shows
recent increase in
as
of a few weeks ago
$136,000,000 in gold reserves.
France, which in its statement
showed
an
increase of
Since then there has
gold position.
Australia.
Gold held in the inactive
The franc,
sterling.
came
from the
been
no
change in the Bank's
Of the increase in gold $25,250,000
United States, and it seems probable
that the Bank of France may
be able to withdraw
3552
Financial
gold from this side
more
which
the
French
in
exchange for
equalization
dollars
has
account
Chronicle
Economics.
been
to
seems
have
currencies
compelled
months
is
French
to
exchange
from
come
the
acquired
countries
fund
whose
has
of
course
Swiss
cabinet
office
been
the
French
deal of gold from
normal
authorities
authorities acquired
Switzerland
a
in
other market.
repatriation
New York
It
of
French
capital
some
to have ceased.
seems
Government,
resolved
by
termination
until
or
of
European
or
repatriation,
London
prevailed before the
follow that the
bulk of
Popular
World
War.
capital
United States will remain here.
It
A very
countries.
does
French
railways early this year by
banking syndicate.
At the same time
instalment
of
the
Dutch
new
50,000,000 guilders and
000,000 guilders,
a
first
credit, which is for
be increased
may
British
the
to
150,-
received in Paris.
was
It is expected that-the entire
its
or
equivalent in gold will be effected without
difficulty
owing to the abundant gold resources of the French
stabilization fund
arising from the continued favor¬
able position of the franc
during the past few months.
However, the French Treasury is expected to
perience
some
necessary
difficulty in obtaining the
for
the
being surrendered
purchase
of
the
year
to reimburse the British bankers.
The
issue
comment in
francs
gold which is
On Dec. 2 the Government
announced
5% bond issue.
ex¬
an
internal
costly terms of the three, six and
provoked
immediate
unfavorable
financial circles.
premiums the issue
Including redemption
yields around 6%%. Indicitive
of the low level of the
States' credit.
been set to the size of the loan.
No limit has
The government will
be satisfied if it
brings in 2,000,000,000 francs al¬
though it hopes to sell 5,000,000,000.
Belgas continued to display
firmness, with the
spot rate generally well above dollar
parity, although
future beglas are at discounts.
Thirty-day belgas
are
at
two
points discount under the
rate, and 90-day belgas
new
Belgian
stated before
Government's
.
mental
cessor,
Prime
are
basic
cable
six points below.
The
Minister,
Parliament
program
on
Mr.
Paul
Janson,
Nov-. 30 that the
new
would maintain the funda-
principles which had motivated his
prede¬
Mr. Paul van Zeeland.
The
features
German
from
Chancellor
mark
those
Hitler
relieving Dr.
presents
long familiar.
took
Schacht
situation
the
of
On
no
new
Nov.
26
long-expected Step of
his
post
i
as
Minister
of
Range
This Week
a
16.95
5.26
3.39
to
3.39^
16.98^ to 17.02
8.91
19.30
5.26^ to 5.26^
23.09H to 23.14
32.67
68.06
on
Paris closed on
Friday
Friday of last week. In
on
on
the French center finished
3.39%, against 3.39%
on Friday of last week;
3.39%, against 3.39%. Antwerp
16.99% for bankers' sight bills and
cable transfers at
belgas closed
at
at
16.99% for cable transfers, against 17.01% and
17.01%.
Final
40.27
bankers' sight
for
quotations
for
Berlin
marks
were
bills and 40.27 for* cable
transfers, in comparison with 40.34% and 40.34%.
Italian lire closed at
5.26% for bankers' sight bills
and at 5.26% for'cable
transfers, against 5.26%
and
5.26%.
Austrian
against 18.93; exchange
against
0.74%;
3.52%;
on
Finland
£40,000,000
Parity
40.20
(guilder).
New York sight bills
considerable
Treasury repaid the first
£40,000,000 sterling credit granted
New Dollar
13.90
.
147.08, against 147.13
at
not
in the
now
..
instalment of the
in
6.63
The London check rate
at
been
On Nov. 30 the French
to the
in
opinion
55.51M to 55.61
a New dollar
parity as before devaluation of the European currencies
between Sept. 26 and Oct. 3, 1936.
b The franc cut from
gold and allowed to "float" on June 30.
Front
portion is likely to seek security and profit in other
nine
Holland
conditions such
French
expires
responsible
3.92
Switzerland (franc)
and
has
unrest
a restoration of stable
a
of
term
Reichsbank
of
Parity
•
the
the
His
Germany.
(franc)..
Belgium (belga)
Italy (lira)
extremely unlikely that there will be
important repatriation of French funds until
long after the
of
consensus
Old Dollar
notes that the
from
The
b France
seems
any
as
There has been
President
as
portfolio.
following table shows the relation of the leading
European currencies to the United States dollar:
gold acqui¬
repatriation of French funds from this
doubt, but currently the market
without
The
present temporarily im¬
proved French financial position represent a sub¬
any
Schacht
financial
through the
It would be
wrong to assume that the
sitions of France and the
no
Dr.
circles abroad seems to be that Dr. Schacht
will be permitted to
quit the Reichsbank when that
time comes.
The probability of such an event is a
source of
anxiety to industrial and financial circles
for
cooperation of the Swiss national bank.
stantial
that
1937
head of the Reichsbank and "in
as
minister
March.
discouraged gold acquisition and it
believed that
great
the
in
The
announced
was
4,
recognition of his services" would be appointed
increase
reserve
equalization
operations.
have
other
It
would continue
able to acquire
during past months.
However, the major part of the
Dec.
at
closed at
on
schillings
closed
at
18.91,
Czechoslovakia at 3.51%,
Bucharest at 0.74%, against
on
Poland at 18.98, against 18.97; and on
2.21, against 2.21%.
Greek exchange
0.91%, against 0.91%.
EXCHANGE
on the countries neutral during the
firm.
Quotations fluctuate in
continues
war
close
sympathy with sterling. The current statement
of the Bank o' The Netherlands for
Nov. 29 shows
a
decline
of
43,000,000 guilders in gold reserves,
gold loss shown in the past year.
the first substantial
The
decline
of the
was caused
by the conversion into gold
proceeds of the bills from the Dutch credit
to the French railroads which
have been
far in
Holland.
The
total
outflow
placed thus
account
on
the credit is believed to have amounted to
of
63,000,000
guilders, but this
was offset
by an inflow of 20,000,000 guilders following the Dutch control's
sterling
purchases.
The Bank's total gold holdings in the
Nov.
29 statement stood at
1,381,700,000 guilders.
the Bank's gold holdings were approxi¬
mately 570,000.000 guilders.
A year ago
Bankers' sight on Amsterdam closed
55.56, agaist 55.60
transfers
sight
at
bills
closed at
on
Friday
of
on
Friday at
last week;
cable
55.56, against 55.61; and commercial
at
5*51,
23.11 Lor
against
checks
55.56.
and
at
Swiss
23.11
transfers, against 23.13% and 23.13%.
checks finished
at
for
Checks
closed at 25.73 and cable transfers at
25.75% and 25.75%; while checks
on
cable
Copehnagen
22.29 and cable transfers at
against 22.29% and 22.29%.
francs
on
22.29,
Sweden
25.73^against
Norway closed
at_ 25.08% and cable transfers at 25.08%, against
25.09% and 25.09%. Spanish pesetas are not quoted
in New York.
Volume
Financial
145
EXCHANGE on the South from those of recentpresents
features American countries
no new
weeks.
For the
changes
are
part the rates for
most
free markets continue to be the
the
exchange
these ex¬
Rates for the currencies in
nominal.
situation
practical guide for
each
in
the
New York made it known
Consul General at
that
changes in import restrictions to go into effect on
Jan.
1,
would
1938,
His
manufacturers.
"After
said:
statement
United
with
ference
American automobile
favor
Government
States
and American automobile manufacturers,
Government has decided that quota
the
importation of
of
con¬
officials
the Chilean
restrictions on
American automobiles will be
entirely removed and the Government will
the
reduce
special exchange rate necessary for the purchase
American automobiles, radios, and accessories.
increased,
Although the import duty itself will be
the net effect of these changes
Argentine
will result in a very
closed
pesos
paper
Friday, official
on
A curious
recall, in New Deal history, has developed at Wash¬
ington in regard to crop control legislation.
bills
against
33.30 on Friday of last week; cable transfers at 33.28,
against 33.30.
The unofficial or free market close
was 29.35@29.45,
against 29.25@^9.45.
Brazilian
milreis unofficial or free market rate^were 5.50@5.65,
Ciliean exchange is nominally
Peru is nominal at
quoted at 5.19 against 5.19.
24%, against 24%.
*
'
♦
_•.
'
'?.(
'
■■
EXCHANGE on features. Easterncurrencies move
the! Far These countries pre¬
sents
sympathy with sterling exchange, to which
in close
they
allied either legally
are
control
new
no
or
through exchange
operations.
each sponsored by a committee.
ences
between the Senate and
yen
checks yesterday were
29J09, againstJ29.11 on Friday of last week. Hongkong closed at 31%@31%, against 31.22@31 5-16;
Shanghai at 29%@29 13-16, against 29.60@29 25-32;
Manila
at
58 11-16,
50.12,
against
50 3-16; Singapore
at
58%; Bombay at 37.68, against
against
37.70; and Calcutta at 37.68, against $7-70.
Gold Bullion in European
ure,
exchange) in the principal European banks as of
reported
by special cable yesterday (Friday); comparisons
us
are
corresponding dates }ji the previous
shown for the
four years:
'
>r
England
France
Germany b.
Spain..
Italy
Netherlands
Nat. Belg—
Swltz'rland.
1937
1936
tain of
£
£
249,171,286
391,871,164
1,896,550
87,323,000
42,575,000
47,491,000
105,843,000
81,882,000
24,278,000
6,553,000
6,603,000
327,697,126
310,168,538
2,.507,850
c87,323,000
a25,232,000
118,711,000
95,827,000
77,645,000
26,065,000
Sweden
Denmark
_
.
Norway
6,547,000
6,602,000
1933
v*£
192,708,699
199,139,712
529,526,263
3,355.850
90,311,000
42,575,000
52,333,000
98,500,000
46.743.000
16,290,000
656,775,152
2,585,100
90,600,000
155^-56,000
71 ,'<<00,v00
71
Z,0*)0
•%9,a ;?,000
015.766 000
£
191,775,452
618,980,902
17,625,800
.
-
6,555,000
6,602,000
Total week. 1,084,325,514 1,045,487,000 1,101,930.825
Prev. week. 1,084,202,486 1,045,504,817 1,118,431,438
>
'7,396,000
6,582,000
90,434,000
76,329,000
76,793,000
77,718,000
61,710,000
14,323,000
7,897,000
6,570,000
1,250,862,951 1,239,656,154
1,252,858,447 1,242,732,829
1930, latest figure available,
b Gold holdings of the
Bank of Germany are exclusive of gold held abroad, the
amount of which Is now
a
Amount held
Dec.
31,
reported at £1,002,750.
The
c Amount
held Aug. 1, 1936, the latest figure available.
igold of the Bank of France was revalued on July;23,
of gold,
1937, at 43 milligrams
0.9 fine, equal to one franc; this was the second change in the gold's values
within less than a year,
when the gold
the previous revaluation took place on Sept.
was given a
65.5 mgs. previously.
£1 sterling at par; on
to have the unanimous support
which it has been
over,
prepared it, and neither is cer¬
majority vote in the house to
a
hangs the threat of
needed to
revenue
is
posed
cover
26, 1936,
approximately 125 francs equaled
basis of 49 mgs., about 165 francs equaled £1 sterling, and at
190 francs to £1.
a
which neither bill makes.
Presidential veto if the
the costs of what is pro¬
specifically
not
Over each bill, more¬
presented.
provided—a
provision
To add to the distraction,
the House bill has been used as a lever with
which
the Black-Connery wages and hours bill loose
to pry
from the
grip of the Committee on Rules, which had
refused to allow consideration of that bill notwith¬
session.
The debates in the committees of the two houses,
while
the bills
main upon
it
was
being framed, turned in the
were
the question whether crop control, which
generally agreed would be exercised through
acreage or
production quotas and control of mar¬
keting, should be voluntary or compulsory.
Secre¬
expositions of the ever-normal
granary scheme and other features Of his control
plan, has maintained that compulsory powers must
be granted if the control provisions were to be gen¬
tary Wallace, in his
spoken hope¬
has urged
that compulsion was not to be resorted to if farmer
cooperation could be secured. The Senate committee
erally observed, although he has also
fully of voluntary compliance and of late
favored compulsion,
mittee stood out for a
mittee
while the House com¬
voluntary system. Each com¬
eventually yielded something of its position,
the Senate
committee agreeing upon a plan partly
voluntary and partly mandatory
while the House
conditional compulsion. The
committee at first favored a processing tax
committee accepted a
House
cotton, but eventually rejected
it. Neither body
the warn¬
ing of a veto given by President Roosevelt. The
House committee left to the Committee on Ways and
Means
task
the
while the
of
finding the necessary money,
Senate committee, estopped from
action
bills must originate in the
left the Secretary of Agriculture to deter¬
by the fact that revenue
House,
mine the cost and the
Budget Bureau and Congress
with his recommendation.
The Senate
bill, introduced on Nov. 22, is an egre-
giously long and complicated measure. Stripped of
details and minor features, the bill authorizes the
Secretary of Agriculture to
determine acreage or
cotton,
of controlling and lim¬
marketing quotas, or both, for wheat, corn,
tobacco and
rice,
as a means
iting production. Wheat and corn growers are
offered voluntary
under
which
acreage
adjustments would be made.
Parity payments, designed to
and loans on
scale.
stabilize farm incomes
sliding
surpluses, are to be made on a
If, in spite of voluntary
tion exceeds
to be
contracts, running for two years,
a
adjustments, produc¬
prescribed percentage of parity, mar¬
value of 49 milligrams to the franc as compared with
On the basis of 65.5 mgs.,
43 mgs.. there are about
commanding
to deal
1934
1935
£
Banks of—
appears
proposed any new taxes notwithstanding
Banks
respective dates of most recent staten&nts,
to
neither
of the committee that
for
THE following table indicates the apiounts of gold
bullion (converted into pounds sterling at par
of
The differ¬
House bills are im¬
portant, but neither bill is an Administration meas¬
at first
Closing quotations for
Two
subject have been introduced in Con¬
that
on
gress,
quotations, at 33.28 for bankers' sight lulls,
against 5.65@5.80.
Crop Control Tangle
situation, unprecedented, as far as we
standing that it passed the Senate at the previous
for American cars in Chile."
much lower price
The
Strict
country.
exchange control will continue to prevail until the
world situation clears.
On Nov. 29 the Chilean
3553
Chronicle
keting quotas may be
proclaimed, to become manda¬
of two-thirds of the farmers
tory if accepted by vote
3554
Financial
concerned. One-fifth of the annual
production would
be sealed to create the ever-normal granary,
alties of
50% of the parity price would be imposed
sales in
upon
and pen-
Cotton control calls for the determination
by the
Secretary of Agriculture, in November of each
of
national quota
a
able domestic
al
based
year,
his estimate of prob-
upon
consumption and export.
The nation-
quota would then be apportioned among the cot-
States
ton-growing
and thence
individual
among
and acreage control would become manda-
growers,
tory if two-thirds of the growers accepted it.
penalties for marketing in
be the
as
for
would
be
same
tobacco
4,
1937
"that marketing quotas should not be used unless
and until the ever-normal
running
granary was
over,
and then only if approved by two-thirds vote in
a
would be imposed
upon
the "export possibilities" for
cotton and wheat, and to contracts for
acreage re-
duction for cotton and wheat without contracts for
other commodities. He favored contracts, and would
have them
for several years, but if they
run
were
made they should cover all commodities and "treat
the farm
unit."
as a
It is significant of the opposition which Congress
of the quota would
excess
The
iiiay offer to any economies that President Roose-
and wheat.
corn
Dec.
referendum." He objected also to limitations which
of quotas.
excess
Chronicle
accomplished
The control of
through
market-
velt may
been
call for that the
introduced
without
control bills have
crop
indication
any
of
the
ing quotas, joined to benefit payments for divert-
amount of money that will have to be provided to
ing land to soil-conserving
operate them or any provision for raising what may
with penalties of
crops,
50% of the market price for
excess
tas for rice would be based upon
marketing. Quo-
domestic consump-
tion, with benefit payments for production and
alties for
The House
the
principles.
Nov. 24, deals with
on
somewhat
on
The marketing quotas
when the total
a.
but
different
to be fixed
are
supply exceeds, for each commodity,
specified percentage of the normal supply, while
in the
tain
of
case
corn
the quota
is to apply only to
cer-
designated corn-producing States and all others
are
to be
for
excess
exempt. For tobacco and rice the penalties
while for
marketing
wheat,
imposed
are
and cotton they fall
corn
producer. Acreage allotments
tilled acreage
for the preceding five
rice, and ten
in the
years
in the
years
case
Soil conservation payments
and wheat.
upon
of
who share
to be submitted to
are
producers within 30
days after the
a
measure nor
but would also
year,
$500,000,000
$500,000,000
servation.
not only
or
raid
framers
the
to
or
is
into
The
All
vote of
Secretary of
Administration, the bill that is
composite affair
shape by a conference committee,
objections to either bill, even from the point
of view
some
believe
of those who
kind is
desirable,
are
that
crop
accordingly,
con¬
contemplates
the Treasury but
raid of
a
an
of
Irrespective
either bill
the
proposes, we
particular
methods
have in both bills
a
which
continu-
of the unsound principle which has underlain
ance
voting vote against them,
a
bill,
on
to
the New Deal farm legislation since the Agricultural
entirely satisfactory to its
finally enacted will probably be
hammered
year
indefinite amount.
Adjustment Act undertook to bring agriculture
control of
weighty. Secretary Wal-
un-
der Federal control. The principle, of course, is that
of
an
enforced curtailment of production in
an
ef-
fort to raise the prices of farm products and in-
the farmer's income.
crease
of production
of those
third
from
being spent annually for soil
Either
a
vary
from $100,000,000 to
range
annually in addition to the
more
now
void if
neither bill
for the
just referred to, pointed out that the proposed
benefit payments would not only
that
a
sponsors
the Committee itself could
estimate the probable cost. Secretary Wallace, in the
letter
Agriculture has proclaimed them, and they will be
Since
Carolina,
case
exceeding
proportionately with their tenants.
marketing quotas
South
of
corn
to be reduced by 25%, except for landlords
are
Smith
frankly admitted that neither the
the
upon
to be based
are
of cotton and
$2,000
the buyer,
upon
Senator
required.
Pope-McGill
bill, introduced
commodities
same
pen-
marketing.,
excess
be
Chairman of the Senate Agricultural Committee,
a
It should be obvious
rise in farm prices due to enforced restriction
to government subsidies is artifi-
or
cial, and that it adds nothing to the national
chasing
since the
power
pur-
the extent
to
consumer,
that he must pay inflated prices for farm products,
must cut down his purchases in other directions.
should
whether
It
be obvious that the Treasury outlay,
also
for
the
conservation
is
$500,000,000
now
costing
annually
the
or
that
soil
$500,000,000,
lace, while apparently in accord with the general
more or
principles of the Senate bill, made
bills probably involve, and whether the outlay be
criticism of it
on
Wednesday in
a
some
trenchant
letter to Senators
Pope of Idaho and McGill of Kansas, the joint
thors of the
The
measure.
machinery of the bill, he
declared, instead of building
the
of
reserves
bill
the
from
up
and maintaining
and wheat at the levels which
corn
proposed,
would
the reduction which
same
time that
proposed in the
supplies would "make the bill
strictive than
"frequent
was
"prevent them
actually
reaching those levels," at the
mal granary
use
au-
necessary."
less, in addition that the Senate and House
labeled benefits
to
the
largely
pay.
subsidies, is just
or
national
tax
bill
Even if there
which
so
much added
consumers
were a
reasonable
must
pros-
pect of balancing the Federal budget next year or
the year
bills
after
with
would
or
their
the
year
proposed
after that, the pending
contract
commitments
seriously cloud it.
ever-nor-
It is difficult, further, to discover in either bill
more re-
anything that is likely to help the American export
The result would be
a
of marketing quotas," since "if these
quotas are intended to hold supplies of wheat and
trade in cotton
maintained
or
wheat.
The effect of
artificially
prices of American cotton and wheat
has been to increase the foreign
production of those
corn
at about average
even
less, the quota system apparently would have
share in world consumption has declined.
employed in most
nothing in the pending measures that can be counted
to be
he
levels, and cotton supplies at
years.
continued, "the farm
work if the
use
But in the long run,"
program
of extreme
is most likely to
measures
is confined to
emergencies and if the methods ordinarily employed
are
moderate."
It had always been his
thought
commodities, .with
upon
the result that the American
There is
to open world markets to a bale of American
bushel of American wheat; on the con-
cotton
or
trary,
the control
a
provisions, including the
normal granary, will operate to
ever-
continue the dis-
Volume
Financial
145
3555
Chronicle
advantage from which the American export trade in
mixed
those
and amortization
commodities
American farmers
Senate
really want either the
they
are
extraordinarily
"surplus," but that will not open new ave¬
for the
nues
whole
a
If
It may be possible to get rid of a
short-sighted.
so-called
as
suffered.
increasingly
House bill
the
or
has
export trade or add anything to the
foreign and Chinese staffs, and the interest
their
on
receipts.
fective in
1929,
of
foreign loans is a first charge
The present tariff on imports, ef¬
drawn up in accordance with
was
provisions laid down by the Washington Conference
of
1921-22, and guarantees to China a revenue of
5%
the aggregate value of goods imported.
on
maintenance of armed
general prosperity of the country.
The
guards at various foreign le¬
gations and of naval and land forces elsewhere in
the
Imperialist Politics in Asia and Europe
Now
self
that
Japan
appears
Nanking and
large part of Chinese territory in
a
'
Following the report that the Japanese military
to have established it¬
firmly at Shanghai, and seems bent upon taking
authorities at
Monday that
it may pursue
to
in dealing with China and other Pow¬
becomes of
denials
when
the
special importance.
ambition
territorial
of
In spite of the
which
were
heard
present war began, nobody expects that
Japan will relax its grip
upon
such Chinese terri¬
tory as it now holds or upon any other that falls
its
into
China,
or
up,
It
may
not
formally dismember
done when the State of Manchukuo
as was
set
was
hands.
entirely supercede Chinese govern¬
ment and administration in the
it will shatter
occupied areas, but
political tradition if it does not domi¬
the
it
A
new
and large extension
in
the Far
understood to
was
the
determined, much
more
than in
past, by its new imperial interests and respon¬
it
The
proceedings at Shanghai since the Chinese
were
scattered in rout appear to
have been
pretty much in line with what was to be expected.
The
Japanese troops have restored civil order, and
attempt has been made to relieve an acute food
some
situation
among
the Chinese population.
The
mu¬
nicipal public services have been quietly taken over,
but with the
nese
retention, in the main, of former Chi¬
technical
employees.
also been taken in
believed,
was
States
lest
commercial
the
had
The customs service has
charge, and while the particular
payments on foreign loans for which cus¬
toms revenues are
with.
in part pledged will not
be inter¬
The customs control has also been ex¬
tended to trade with
the International
and the French Concession.
Settlement
The huge task of clear¬
ing the city and its surroundings of debris remains,
apparently, to be undertaken, but both American and
British residents,
it is reported, have begun to re¬
although the International
Settlement still
While the
It is around the status of the International
Set¬
French Concession and the control of
the customs that any
an
to
a
controversies with the United
The International Settlement,
the outgrowth
early British concession to which
concessions
number of other Powers were later added, is a
part of the Shanghai municipal area,
erned
by
a
but is gov¬
separate municipal council and enjoys
virtually complete administrative autonomy. The
French Concession has a similar status.
The mari¬
time and salt revenues,
enue
felt by the United
advantages which are enjoyed by
been
made
by
Great Britain
un¬
and
particularly criticized in China, the
extraterritorial and
been
other special
privileges which
deeply resented by the Chinse Governmnt, and
their entire extinction is one of the aims of Chinese
nationalism.
nese
will be
It is not to be expected that the Japa¬
more
the principal sources of rev¬
of the Chinese Government, are in
foreign administrators, both of them
charge of
English, with
tolerant of foreign special privi¬
leges, in the areas they control, than the
With the
are.
it would be
benefit
Chinese
pronounced feeling for political and
economic nationalism that has
developed in Japan,
only natural if Japan, in its desire to
economically by the exploitation of Chinese
trade and natural resources,
should claim by right
conquest full authority over customs.
It could
appropriate any part of the revenues
pledged for interest and amortization of foreign
without inviting foreign protests and seri¬
loans
ously impairing its
tional
ish
credit
as
well as its interna¬
Brit¬
standing, but its successful resistance to
pressure during the Shanghai campaign, joined
dismal failure of the Brussels Conference,
the
to
it to take the risks which a radi¬
policy in China might in¬
restraining influence, if any, is likely to
'may well encourage
change of economic
cal
The
volve.
found much more in its
dependence upon other
countries for essential raw
materials and markets
goods than in fear of any retaliation by
for its
United
the
States, Great Britain or France.
Japan may
States, Great Britain and France seem likely to re¬
of
concern
foreign administration of the customs
been
not
has
be
large numbers of Chinese refugees.
tlement and
volve.
the
on
representation,
France.
not, of course,
shelters
by Ambassador Grew
Similar representations, it was
door."
clear, informal assurances appear to have been given
turn,
be, in general, similar to rep¬
foreign nations generally under the policy of the
of
fered
was
The
public, but
changes in the customs should impair
disposition that will be made of the receipts is not
that the
before
foreigners have long enjoyed have for some time
sibilities.
forces
consulted
The burden of Mr. Grew's
Nov. 27.
East, and the foreign policy of Japan
will henceforth be
be
should
resentations made orally
derstood,
may conquer.
Government
text of the communication was not made
"open
Japanese imperialism is obviously coming about
there, Secretary Hull announced on
formal representation had been made
changes were made in the customs service.
any
its
of
a
Japanese Government pointing out that the
American
nate, politically and economically, the regions which
arms
Shanghai proposed to take over the
customs service
Shantung and adjacent provinces, the policy which
ers
general, upon treaty agree¬
country rests, in
ments.
also be a political factor of much
importance in any decision
which Great Britain and
make regarding the return of the for¬
German colonies.
The colonial question ap¬
France may
mer
pears
to have had a
prominent place in Lord Hali¬
fax's recent talks with
British Government
to
Chancellor Hitler, and the
doubtless realizes that, if it is
general peace under¬
will have to grant a sub¬
part of Hitler's demand. France is reluc¬
bring Germany into any
standing for Europe, it
stantial
tant, but it could not
hold out against a British
3556
Financial
concession.
There
the reported
Chronicle
suggestion of Great Britain and France
is
that the colonial
kind
some
entire
conference.
international
of its
colonies, and it
the
over
enforce
to
colonies
deprived Germany
treaties,
peace
mandates
under
that
has
since
in
this
holds
under mandate
three
and
Ladrone
nomic
and
ores
islands.
value
The
its
have
some
strategic.
The position of Japan
Power has
fication
but
of
from
islands
the
the
as a
League,
and
forti¬
is, accordingly, forbidden,
imperialist temper at Tokio it would not be
prising if the mandatory status
always
sur¬
terminated
were
As the islands
were
to imperial Germany, a nominal
an expense
would, conceivably, compensate the
money payment
discernible
The
are
colonial
now
Sooner
or
held
now
issue thus
ambition
in
going
the
links itself with
diplomatic
imperi¬
that
maneuvers
of the former German colonies
some
by Great Britain and France will have
to be returned.
The
acquiescence of Germany in the
permanent acquisition of the Pacific islands by Ja-
would
pan
strengthen the bond between the two
countries, and at the
the consent of that
were
accomplished without
body. Hence the apparent desire
of Great Britain and France to
question the subject of
tlement.
German
a
make the colonial
general international set¬
recognition of Manchukuo
The
following
of
quences
perhaps from
a
but it
was
has
been
delayed,
desire to avoid adding at this time
a
possible complication to the colonial negotiations.
If
German
forced to
recognition is
accorded
amended
Shanghai, recognition by other Powers
Whether,
on
well
as
may
be
ex¬
Social
the
Eastern
The
the other hand,
Europe
rather
seems
a
restoration of the
a
German advance in 4
more
than doubtful.
expansion of the "new Germany," whatever that
term may
connote, to include all the large German
is
a
now
program,
and while
"peaceful penetration" by Nazi ideas is possible
is
and
in fact
beyond which
cal
an
life.
going steadily
no
State
can
interference with the
The British
on,
afford to suffer
can
shares
busily engaged in
an
no
be
a
so
point
a
appears
concili¬
No effort is made to
are
separate detailed study.
a
strictly adhered to without
much harm will
eliminated before
The Social
of Nazi
and
they do too much damage.!
legislation to combat social
insecurity through Federal-State cooperation.
hastily and badly drawn,
if
even
agreement with it in principle.
that the
vast
is
made
minor
insurance
assumes
for bad times, and
age or
against these two social evils
compulsory.
There
also certain other
are
classes.
For the purpose
the
Act
the
features will
1.
The Act
provisions for the general amelioration of the
poorer
of
It is
is entirely in
one
majority of working people do not
put anything aside for old
therefore
only
can
Security Act, passed in August, 1935,
of judging the long-term effects
following
outline
of
its
major
suffice:
Old-age benefits (pensions):
(a) Federal old-age benefits paid directly by the
Federal Government to workers
65 who
over
qualify
are
A
Employers and
permanent and compulsory plan.
effort to strengthen its rela¬
propaganda and nationalist zeal
exempted).
employees each contribute 3% of the first $3,000 of
paid
wages,
Money is
invested
less
3%
the
to
in
held
Treasury
old-age
by
reserve
the
employer.
account,
to
be
only in those government bonds yielding
than
3%
or
interest issued
in special obligations bearing
by
Treasury to the
account.
Starting in 1942, pensions varying from $10 to $85
per
to
month
are
to be paid out of the fund according
length of work and amount contributed.
These
benefits will eventually include over half the gain¬
fully employed population.
(b)
Old-age assistance through grants to States
by the Federal Government, to supply pensions to
over
65 with
no
is
Germany and the zeal for the propagation
We
of the bad features will be
some
constitutes permanent
*
The
those
of
views
the
of the Act,
first
several
longer-term
expressed
of support
means
by the author of this study
are
until the
not
necessarily
"Chronicle."—Editor.
t Since this
Between the
a com¬
amendments,
any
undoubtedly result.
hope that at least
workers
expectation,
tions with Poland and the members of the Little En¬
tente.
give
The latter consti¬
to hope
stayed, but the French
such
now
If the provisions
radi¬
integrity of its national
atory position regarding colonies,
Government
there is
Government, in taking
that Hitler's hands
conse¬
it
as
if the Act is not
consequences
at all.
under non-German rule
integral part of the Hitler
an
Act
suggest changes for improving it.
no
populations in Europe
Security
according to the Act (certain classes
former German colonies in Africa would have
any
practical effect in restraining
itself only with the
concerns
tutes
as at
course.
Con¬
plete summary of the provisions of the Act, or to
China is
and
accept defeat in the North
pected to follow in due
can
of the Social Security Act
the
stands—with
expected to follow from the adhesion of Italy to the
German-Japanese pact,
that
pressure
By G. Edward Escheb Jr.
time would weaken the
same
League if the change
diplomatic
Analysis of the Long-Term
sequences
in Europe and the Far East.
on
later,
succeed
may
European allies will be encouraged.
present Reich for their loss.
alist
Diplomacy
arms.
as per¬
possessions, and with the present aggressive
by Japan's unilateral action.
no
mandatory
Japan has always regarded the islands
manent
not likely to be realized without
are
conflict at
Japan, and to the extent that Japan succeeds
*An
not, apparently, been changed legally by
Japan's withdrawal
Europe
eco¬
supply for phosphorus
but their principal importance is
copra,
only through the continued
Marshall, Caroline
islands
of
sources
as
of former Ger¬
groups
islands in the Pacific—the
man
check
Japan
succeed
can
fending off the day of conflict in Europe, but
there is
point Japan enters the picture.
years
suggestive
some
superior force, and that German ambitions in
Eastern
supervised their administration.
At
of
eventual
took
and
China
use
are
It is obvious that Japanese aggression
parallels.
in
was
the League of Nations,
was
the
It
1937
4,
liberty, equality and fraternity in the first
of the French Revolution there
question should be considered in
of
the Paris Peace Conference that
created
of
propriety, however, in
Dec.
article
concerns
itself
only with the long-term
the fact that the wage taxes
years
results
is
not
when
considered.
3%
taxes
are
We
will
graduated
are
be
in
up
interested
effect.
to
here
consequences
3 % over the
only in the
Volume
Financial
145
Federal benefit
The
plan starts paying out (1942).
government will match States payments up to
2.
$15
payroll
Employers of eight or more pay 3% of the
Unemployment Trust Fund in the Federal
an
State
already contributing to
Employers
Treasury.
plan are exempt
a
to 90% of amount of
up
make their
plans.
The fund is invested in government
bonds or in special obligations bearing interest at a
rate equal to the average then obtaining for govern¬
tax, thereby encouraging States to
State
own
Grants-in-aid to States for social
amelioration:
crippled
and
welfare
maternal
for
Aid
Federal
grants
available to
are
States
plans and which participate
suitable
have
The
part of the Social
Security Act, but an
program.
Pro¬
vides for
pensions for railroad employees on a pay-
as-you-go
basis, the Treasury being reimbursed by a
and workers' wages, the tax
above
effect
us
over
outline, while very brief,
which the Roosevelt Ad¬
the longer term
Security Program will have
Social
ministration's
the economic life of the whole
on
1.
There will be a considerable
the working
on
(a)
increased by the
administration of the
substantial Federal
the various grants-in-aid to
(no statutory limit is put on most of these
appropriations
for
State governments will tend to increase
their
appropriations for the various benefits in order to
take advantage of the Federal grants.
(raised through general
bonds on
taxation)
paid will be greatly increased.
The Old-
(c) The total amount of government
interest
which
be
must
estimated to reach $47,000,000,000 by 1980, and the Unemployment Trust Fund,
estimated to average over $2,000,000,000, must be
Age Reserve Account,
in
invested
outstanding
$36,000,000,000)
about
tions
or
government
It is clear then that all
in the hands of the public will be
bonds
they come due.
(It is
the Administration to get
the hands of
will
also
money
an
the two funds,
expressed purpose of
government bonds out of
The funds by law
obligations with the
private investors.)
be buying
special
for current
to what will happen
taken in, except for enough cash
outgo.
to
(now
in the new special obliga¬
called and retired, or refunded into
as
bonds
averaging about 3%.
Federal
this
sums
will be spent by the government for
similar funds have
The Act is not clear as
cash
which the
Treasury
continually
receives—proponents say the Treasury will hold it,
These sums will have the same
on capital goods industries as
had the past few years. A good
for
and
by politicians
unproductive to the
is that the funds are not
purposes
A grave error
will be in the
President Roosevelt
has already spent $695,000,000 of the proceeds of the
sale of over $1,000,000,000 of special obligations to
properly earmarked—the actual cash
the funds to
cover
the current deficit.
The Act will have a minor
4.
business from, say,
on
deflationary effect
1945 to 1955:
(a) Much more will be coming
will
going out, and these
be
$3,000,000,000
a year
come
into the funds
taxes of over
largely from workers'
latter will
from employers' profits.
The
try to cut down on their labor costs and
raise
prices, increasing the cost of living to
and
wages
will
partly
(b) The
firms
tax
employers
on
will hit marginal
hard, relatively benefiting big corpora¬
very
Readjustments in industry will result
increased labor costs and from
semi-finished goods
from
the rise in price of
which must be finished by other
companies.
The Act will have a
5.
business
on
spent for
in industries
according to the
Private capital formerly in¬
will be forced into
government bonds
in
The
Readjustments
consumers' goods.
will have been made
industry to a
6.
outgo
1970), and most of this money
workings of the Act.
vested
The outgo from the
be important (income and
should balance by
will be
minor inflationary effect
after, say, 1965.
funds will start to
grants).
(b)
industries into which it
producers' goods.
Huge
tions.
classes.
parts of the Act and by
various
States
into
stimulating effect
increase in general
"regular" cost of the Federal Govern¬
The
ment will be
soon
everybody.
country:
classes, on corporations,
taxation—on the wealthy
and
nevertheless
certain conclusions as to the
draw
to
will
gone—not into consumers' goods, but
have
would
than
totaling 7%.
The
most of the money
railroad payrolls
enables
of the
In practice
drift back into indus¬
general fund of the Treasury.
reports yearly to Congress.
on
immediately paid out by the gov¬
of about 60% of the workers.)
country.
important adjunct of the general
tax
period of years by the amount of these
(The total taxes amount to 9%
ernment.
by the
Three members appointed
Full-time work and salary $10,000.
5. Kailroad Retirement Act:
a
a
taxes which is not
lavishly
minister the Act.
Not
purchasing power of the country will be
reduced for
Security Board is established to ad¬
Social
President.
3%.
The
part of them will be wasted—spent
financially in them.
Board
rate at
public works, &c.
Promotion of public health work.
These
4. A
trust
3.
(c) Care of the blind.
which
about
more
children.
(d)
In
Federal debt
30%, will transfer it from private hands to a
fund for the poor, and will set its interest
(note 1932 to 1937).
the Act will increase the
try, but not into the same
(a) Aid to dependent children.
(b)
this Act, to say nothing of increases
by other factors
wages
ment bonds.
3.
$11,000,000,000 in the national debt, due
summary,
2.
Thus an in¬
practice it may be otherwise.
of
crease
caused
Unemployment compensation:
into
but in
entirely to
Supplementary to Federal benefits.
per person.
3557
Chronicle
considerable extent.
of minor business
severity
recessions,
lessened by un¬
But major depressions will
especially local depressions, will be
employment insurance.
much
be
more
severe
because corporation reserves
will be less and all
employers will tend to cut down
their labor costs.
It is conceivable that a
national
period or another
Experience in England has shown
that
unemployment insurance gives the central
authorities great power over wage rates, since they
determine who gets compensation within certain
limits.
Reemployment during a period of severe
upheaval might result in a war
period like 1932.
depression
7.
ers
Prices
be slower.
Thus such
prolonged in the future.
will likewise
periods may well be
as
a
whole will be increased.
will pass along
at least some of the
Employ
6% taxes
3558
Financial
they must
And inasmuch
payrolls.
pay on
large increase in government debt (like
in any
other type of credit) is inflationary, prices
will tend to rise.
8. The
This
this
from
to have to
the
(30%)
analysis the service
in the
It is
source.
not
of
standard
have
we
000,000 Federal
for
healthy for the
living.
When
State and
a
we
real
debt
consider
municipal debt
a
$50,000,-
top of the former gives
on
Most
concern.
comparisons with
England, for example, do not take into account
State and
enormous
9. A
have
it
had
Most business
in
to hold office
with this
back
huge fund.
men
agree
that
in
now
power
payments from the funds when the
Bureaucracy will continue to
in
rates
eration is
(a)
in
Government bonds
long
will
run
outstanding will be
now
in
great demand because of their tax-exempt feature
in prospect), and because funds
formerly invested in government bonds will turn
partly to them.
wealthy classes
burden
bonds,
do
private funds
not
go
in government
now
into State and municipal
special obligations.
the
on
a
3% rate for the
This appears to commit it to
conditions;
easy-money
for
two
it
funds
interest if, for example,
would
to
be
be
incon¬
very
getting only 3%
high-grade State bonds
were
Federal
Profits of industry, and therefore dividends,
will tend to be
simply
will
smaller, at least for
means a
some
time, which
lower return from equities.
11. There
may
be
a
in the caliber of the
their
than
have social
tendency toward
laboring classes.
a
softening
The Act
cer¬
in several ways and,
that, it tells them they should and will
security.
12. There will be
shelter
until
a
1970, when payments to the workers
them,
as a recent
Brookings Institute shows
the smallest incomes cut down
ties
first
when
their
money
that
on
study by
families
with
these real necessi¬
income
Companies in those lines of industry
is
reduced.
may
be ad¬
versely affected.
undesirable
and
more
of
more
the
The whole scheme gives the
a
stronger
hold
the
over
The Act is
studies it the
more one
revo¬
more
one
truly socialistic it is.
The Course of the Bond Market
Moderate recovery has characterized the
lower-grade bond
market
lows
this
for
week,
last
week's
High
grades
and
have continued without
railroad
improvement.
1;
up
of
record
Recovery has
bonds
Kansas
United
but
more
States
shown
Terminal
of
Govern¬
moderate
4s,
1960,
price
closed
at
Oregon Washington Railroad & Navigation 4s,
Medium-grade and specu¬
lative railroad bonds have displayed
strength.
4%s, 1997, at 911/2
Div.
rather
change.
have
City
1937
new
been
speculative issues losing ground
some
gaining.
High-grade
108,
after
types of issues.
many
were
4s, 1950, improved 9%
gained 5%
points
at 48%.
Reading "A"
6%; Baltimore & Ohio S. W.
up
points at 62%;
Defaulted
Erie 5s, 1975,
railroad
bonds
have
High-grade utility bonds have advanced fractionally, but
lower
grades
grades
to
have
show
lost
ground.
some
strength
Among
Cincinnati
were
Gas
the
&
high
Electric
tric
3%s,
1967,
California
the
which
Edison
lower-grade
Gas 5s,
as
it
and
and
at
105%,*
%;
up
speculative
stands will
104.
Brooklyn
groups,
fell
%
In
Union
off 1%; Western Union Telegraph 5s,
were
to
67;
Central
Illinois
Public
Service
4%s,
generally
have
1981, closed at 89, off 3.
Movements among high-grade
been
Medium-grade
upward.
industrials
and
have reversed their recent trend,
been recorded
amusements have
been
which rallied 1%
to 97%.
The
oils
a
brisk recovery having
has
been
The
featured by Loew's, Inc., 3%s, 1946,
Buoyancy has characterized the
S. Rubber 5s, 1947, closing 1% higher at
have
sought
higher
levels,
(N. J.) 3s, 1961, advancing % to 99%.
conda
industrials
obligations in these categories.
among
rubber section, U.
speculative
witnessed
in
the
non-ferrous
Standard
Oil
Sharp improvement
metal
group,
Copper 4%s, 1950, closing at 102, up 1%.
Ana¬
Building
supply company obligations have been irregular, but Crane
Co. 3%s, 1951, added 1 point to close at 98%.
been
numerous
among
Gains have
the steels, Inland Steel 3%s, 1961, ad¬
vancing % to. 103.
foreign
market
has
presented
a
spotted
have
now
Southern
at
1950, declined 5% to 77%; Utah Light & Traction
5s, 1944, at 85%
The
bring about
many
even
dangerous results, although
involved, that of forcing people to
save for future
uncertainties, has some merit. The
constitutionality of only three important provisions
the moral issue
closed
3%s, 1960, which gained %
picture.
Among South American issues, Brazilians and Colombians
CONCLUSION
The Act
pay
improve that government.
realizes how
102%.
lessened demand for food and
will equal payments
by
the
working classes will be
votes, and it certainly does not
tainly makes it easier for them
worse
The
Government
and
lutionary, and the
1960,
yielding 5%.
(e)
up
3%s, 1966, which advanced % to 102%; Philadelphia Elec¬
y—
(d) The government plans
sistent
if.
time goes on.
as
masses
(c) High-grade corporate bonds will receive the
which
gen¬
to build
save
worked to moderately higher levels.
demand of those
bonds
sacrifice and
1961, advanced % point to 104%.
State and municipal bonds will remain
are
future
The present
poor.
paying fully their share in the last analysis, and the
be held
eventually to nothing.
(higher taxes
special
a
increasingly large numbers of those
who will draw from
high-grade bonds:
on
demand, since their supply will be cut down—
(b)
forced to
this fund for the
them
the
bullish effect
a
public debt to the
enormous
the
private
on
ments
down, with
of
obligations, and by giving the interest
mixed,
Interest
the hands
new
will continue
be fostered.
10.
of
by gradually calling in
investors, by increasing taxes to service
tend to
govern¬
redistribution
a
bonds from
government
The social security
necessary.
accomplishes
national wealth and income
all
1937
4,
doubt, and these could probably be satisfac¬
program
They will not be able to hold
for them.
cry
in
torily rewritten if
through their power to command votes
wasteful
people
is
Dec.
Washington for the past five
The politicians
years.
our
municipal debt.
tendency for the continuance of "bad
ment" will continue.
we
on
debt
government
$20,000,000,000, the prospect of
over
cause
living of the whole country
support a large body of non-workers—it
the fact that
of
wages."
of the Nation for the producing population
economy
lowers
lower "real
means
In the last
large increase
comes
of
standard
will be lowered.
a
as any
increase
an
Chronicle
continued
up to
3 points, Chileans also slightly improving.
weak,
while Argentine bonds
have
gained
Japanese
issues have been mixed, but Italians have moved into
higher
ground.
Moody's computed bond prices and bond yield
are
given in
the following tables:
averages
Volume
145
MOODY'S BOND
(Based
AU
U. S.
120
1937
Govt.
Bonds
MOODY'S
(REVISED)
PRICES
1937
k.
R.
A
Baa
94.81
114.30
106.73
94.33
72.32
82.00
2—
Aa
Aaa
AVERAGES
(REVISED)
P.
Corp.
Corporate by Groups *
tic
Averages
U.
120 Domestic
by Ratings
Domes¬
Daily
bu Ratings
3— 109.28
Cor v.*
YIELD
120 Domestic Corporate *
120
All
120 Domest
Corporate by Ort
tic
Averages
BOND
(Based on Individual Closing Prices)
Average Yields)
120 Domestic Corporate *
Domes¬
Daily
on
3559
Financial Chronicle
.
30
ForAaa
R.
Baa
A
Aa
P.
R.
U.
Indus.
99.30
105.79
3..
4.31
3.25
3.63
4.34
6.00
5.19
4.04
3.68
109.31
94.33
114.09
106.73
94.01
71.04
80.96
98.97
105.41
2—
4.34
3.26
3.63
4.36
6.12
5.27
4.06
94.33
114.09
106.73
94.01
71.04
80.96
98.97
105.41
1
4.34
3.26
3.63
4.36
6.12
5.27
4.06
3.70
Nov.30_. 109.22
94.17
114.09
106.73
94.01
70.94
80.96
98.97
105.41
4.35
3.26
3.63
4.36
6.13
5.27
4.06
3.70
94.01
li3.89
106.54
93.85
70.52
80.58
98.80
105.04
29—
4.36
3.27
3.64
4.37
6.17
5.30
4.07
3.72
80.45
98.80
104.85
27-
4.36
3.27
3.64
4.38
6.17
5.31
4.07
3.72
3.76
5.65
3.70
1— 109.27
elgna
Dec.
29..
109.17
Dec.
—
Nov. 30'
■
mm'm
-
--
27-
109.13
94.01
113.89
106.54
93.69
70.52
26-
109.14
93.37
113.89
106.17
93.37
69.37
79.70
98.62
104.30
26-
4.40
3.27
3.66
4.40
6.28
5.37
4.08
24..
109.07
93.37
113.89
106.36
93.21
69.27
79.57
98.45
104.48
24-
4.40
3.27
3.65
4.41
6.29
5.38
4.09
Nov. 19— 109.30
94.65
114.09
106.92
94.33
71.89
81.22
98.97
106.36
Nov. 19—
4.32
3.26
3.62
4.34
6,04
5.25
4.06
3.65
73.53
83.06
99.14
106.92
12-
4.26
3.26
3.60
4.29
5.89
5.11
4.05
3.62
5.69
4.05
3.60
5.61
.
5.78
3.75
Weeklg—•
Weekly—
12..
108.59
95.62
114.09
95.13
107.30
5.72
5— 108.77
95.78
114.30
107.49
95.46
73.53
83.19
99.14
107.30
5..
4.25
3.25
3.59
4.27
5.89
5.10
Oct. 29„ 108.60
96.11
114.00
106.73
95.78
74.89
84.01
99.14
107.11
Oct. 29..
4.23
3.26
3.63
4.25
5.77
5.04
4.05
3.61
6.66
22- 108.34
96.44
113.48
107.30
95.95
75.58
85.93
98.28
106.54
22„
4.21
3.29
3.60
4 24
5.71
4.90
4.10
3.64
5 77
15- 108.44
96.28
113.48
107.11
95.62
75.24
85.93
98.11
107.17
15-
4.22
3.29
3.61
4.26
5.74
4.90
4.11
3.66
5.75
78.33
88.36
99.14
107.30
8-
4 13
3.29
3.56
4.17
5.48
4.73
4.05
3.60
5.69
4.01
3.58
5.42
3.58
6.39
108.39
8.-
97.78
108.08
113.48
97.11
.
108.36
98.45
113.48
108.66
97.95
79.32
89 25
99.83
107.69
4.09
3.29
3.53
4.12
5.40
4.67
Sept. 24— 108.47
98.45
113.27
108.46
98.11
79.20
88.95
100.00
107.69
Sept.24—
4.09
3.30
3.54
4.11
5.41
4.69
4.00
17— 108.36
99.66
113.48
109.24
98.97
81.48
90.59
100.53
108.85
17-
4.02
3.29
3.50
4.06
5.23
4.58
3.97
3.52
6.33
10— 107.78
99.66
113.27
109.24
99.14
81.74
90.90
100.38
108.46
10-
•4.02
3.30
3.50
4.05
5.21
4.56
3.95
3.54
5.38
109.24
3—
3.96
3.28
3.48
4.02
5.07
4.48
3.91
3.50
5.28
1..
i
1
—
3— 108.04
100.70
113.68
100.64
99.66
83.60
92.12
101.58
Aug. 27— 108.28
100.70
113.89
109.44
99.66
84.01
92.59
101.58
109.24
3.27
3.49
4.02
5.04
4.45
3.91
8.50
101.06
114.09
109.84
100.00
84.41
92.75
101.94
109.64
Aug. 27-.
20-
3.96
20- 108.86
3.94
3.26
3.47
4.00
5.01
4.44
3.89
3.48
5.33
3.90
3.22
3.43
3.95
4 98
4.36
3.87
3 45
5 08
3.23
3 41
3 95
5 00
4 37
3 88
3 45
5.09
5 28
13- 109.12
101.76
114.93
110.63
100.88
84.83
94.01
102.30
110.24
13-
6— 109.49
101.76
114.72
111.03
100 88
84.55
93.85
102.12
110.24
6—
3.90
101.58
114.72
110.63
100.70
84.28
93.85
101.94
109.84
July 30„
3.91
3.23
3.43
3.96
5.02
4.37
3.89
3.47
5.13
114.09
110.63
100.88
85.10
94.97
101.76
109.24
23-
3.90
3.26
3.43
3.95
4.96
4.30
3.90
3.50
5.13
101.76
113.89
110.24
100.53
85.24
94.97
101.58
108.85
16—
3.91
3.27
3.45
3.97
4.95
4 30
3.91
3.52
5.20
3.45
3.97
4.95
4.29
3.94
3.50
5.15
5.17
July 30- 109.52
23-
109.22
16-
108.90
101.58
v
v
108.59
101.58
113 89
110 24
100 53
85.24
95.13
101.06
109.24
9-
3.91
3.27
2— 108.39
100.38
113.68
109.84
100.00
83.87
94.33
100.18
108.66
2..
3.95
3.28
3.47
4.00
5.05
4.34
3.99
3.53
June 25..
3.96
3.29
3.48
4.01
5.05
4.34
4.01
3.53
5.12
5.13
9-
100.70
18-
108.44
113.48
109.64
99.83
93.87
94.33
99.83
101.41
June 25— 108.36
108.66
113.89
110.24
100.35
85.10
95.13
100.70
109.24
18-
3.92
3.27
3.45
3.98
4.96
4.29
3 96
3.50
95 95
100.88
109.24
11-
3.90
3.27
3.44
3.96
4.92
4.24
3.95
3.50
5 11
5.19
101.76
113.89
110.43
100.70
85.65
108.59
101 58
113 48
110 24
100 35
85.65
95.46
100.70
109 05
4—
3.91
3.29
3.45
3.98
4.92
4.27
3.96
3.51
May 28— 108.73
21„ 108.22
101.41
113 27
110.04
100.35
85.65
95.62
100.53
108.85
May 28..
3.92
3.30
3.46
3.98
4.92
4.26
3.97
3.52
101.58
109.84
100.35
86.07
95.46
100.88
108.66
21
3.31
3.47
3 98
4.89
4.27
3.95
3.53
5.27
113.07
101.23
109.44
99.83
86.21
95.13
100.88
108.27
14..
3.93
3.35
3.49
4.01
4 88
4.29
3.95
3.55
5.38
112.25
7-
3.91
3.34
3.51
3.99
4.81
4.25
3.93
3.56
5.37
11— 108.53
4..
14-
107.97
3.91
—
'
108 03
101.58
112 45
109.05
100.18
87.21
95.78
101.23
108.08
100.70
111.43
108.27
99.48
86 50
94.97
100 70
106.92
Apr. 30..
3 96
3.39
3.55
4.03
4.86
4 30
3.96
3.62
5 41
Apr. 30— 107 59
99.48
86.92
95.29
100.70
106 54
23..
3.96
3.40
3.58
4.03
4.83
4.28
3.96
3 64
5.31
106 54
16..
3.96
3.41
3.57
4.03
4.81
4.26
3.96
3 64
6.33
4.04
3 70
4.01
3.66
5.36
3.96
3.60
6.33
5.26
7-
23-
107.17
100.70
107.69
111.23
16-
107.79
99.48
87.21
95.62
100.70
9-
107.23
99.48
109.64
107.11
98.45
85.65
94.49
99.31
9—
4.03
3.48
3.61
4.09
4.92
4.33
2-
107.19
100.18
110.63
107 49
98.80
86.64
95.13
99.83
106.17
2..
3.99
3.43
3.59
4.07
4.85
4.29
Mar 25..
108.40
101.23
111.84
108.27
99.48
87.93
96.11
100.70
107.30
Mar. 25..
3.93
3.37
3.53
4.03
4.76
4.23
100.88
107.30
19..
3.93
3.37
3.54
4 05
4.76
4.23
3.95
3.60
100.70
107.88
111.03
105.41
•
5 33
109.32
101 23
111.84
108.46
99.14
87.93
96.11
12-
110.76
102.30
112.86
109.24
100.35
89.40
97.45
101.76
108.27
12-
3.87
3.32
3.50
3.98
4.66
4.15
3.90
3.55
111.82
103.74
114.09
110.43
101.76
90.75
98.45
103.38
109.44
5—
3.79
3.26
4.55
3.90
4.57
4.09
3.81
3.49
5 24
5„
3.78
3.23
3.42
3.88
4.58
4.08
3.78
4.47
5.13
4.06
3.77
3,49
5 13
19-
5 30
Feb. 26-
112.18
103.93
114.72
110.83
102 12
90.59
98.62
103.93
109.84
Feb. 26-
19-
112.12
104.11
114.30
110.83
102.48
91 05
98.97
104.11
109.44
19-
3.77
3.25
3.42
3.86
4.55
112.20
104.48
114.93
111.03
102.84
91.51
99.66
104.30
110.04
11..
3.75
3.22
3.41
3.84
4.52
4.02
3.76
3.46
5 18
11-
115.78
111.84
103.38
91 66
100.00
105.04
110.63
3.43
105.04
3.72
6.19
5— 112.34
4.00
116.64
112.25
103.56
91.51
100 00
105.04
111.43
Jan. 29..
112.21
105.41
5-
3.72
3.18
3.37
3.81
29..
Jan.
4.51
3.70
3.14
3.35
3.80
4.52
4.00
3.72
3.39
5.34
3.66
3.09
3.30
3.76
4.47
3.93
3.68
3.36
5.39
5.41
22.. 112.39
106 17
117.72
113.27
104.30
92.38
101.23
105.79
112 05
22..
15-
118 16
113.48
104.48
92 28
101.23
106.17
112.25
15-
3.65
3.07
3.29
3.75
4.47
3.93
3.66
3.35
106 36
8—
3.65
3.08
3.27
3 75
4.49
3.93
3.66
3.35
5.43
112 53
112 71
106 36
117 94
113.89
104.48
91.97
101 23
106.17
112 25
High 1937 112.78
113.89
92.43
101.41
106.17
112.45
Low
1937
3.64
3.07
3.27
3.74
4.46
3.92
3.66
5 08
118 16
104.67
3.34
106.54
96.28
104.48
High 1937
4.40
3.48
3.67
4.41
6.27
5.38
4.22
3.75
5.78
105.60
112.25
Dec. 3 '36
3.67
3.10
3.27
3.79
4.51
3.97
3.69
3.35
5.68
4.22
3.46
3.68
4.39
5.34
4.78
4.15
3.72
6.69
8_.
Low
1
93.37
105.98
93.21
69.48
105.98
117.50
113.89
103.74
91.66
100.53
1937 107.01
1
Yr. Ago
Dec. 3 '36 112.74
2
109.64
79.57
Yrs.Ago
Dec. 3 '35 107.55
-
Yr. Ago
2 Yrs.Ago
a utoc
96.28
ynuto
105.79
110.04
cue uumpuieu
iru jju
93.53
80.08
aveioge yieiuo vu
level or the average movement of actual price
cue
quotations.
87.64
uaoio
97.45
va uuc
105.04
Dec. 3 '35
—<=■ — 7-
,v
vj
*
1
_
"
•
~
In a more comprehensive way the relative levels ana
They merely serve to Illustrate
the relative movement of
Field averages, the latter being the truer picture of tbe bond market
Indications 0/ Business Activity
THE
STATE
TRADE—COMMERCIAL
OF
EPITOME
Friday Night, Dec. 3, 1937.
Business activity showed a further
contraction this week,
this being the ninth consecutive week in
index
the
of
"Journal
of
Commerce"
which the business
has shown a
The latest weekly index figures are 79.2, as
85.2
for
the previous
week of 1936.
output
day.
5.4
The
decline.
compared with
week and 98.0 for the corresponding
severe
drop in
car
loadings and electric
attributed partly to the Thanksgiving Day holi¬
was
According to this authority, steel operations declined
points for the week and automotive activity was sharply
that
calculations
indicate that industrial output for the current month, as
measured by the Federal Reserve Board's index, will fall
curtailed.
back
to
Observers
the
assert
1934 level.
It
is
preliminary
stated that the decline since
Labor Day in this index will easily
in 1929 or any similar period, that
exceed that witnessed
consumption of most
lines could hardly have fallen so rapidly.
The possibility
that the decline in steel ingot production has been checked
at
approximately this week's estimated rate of 30% of
capacity is suggested by the course of operations in various
districts, "Iron Age" states in its current trade summary.
It points out that there are minor ups and downs occurring
and that small swings are indicated for the remainder of
December, with the likelihood of an upward trend in Janu¬
ary, although of less than seasonal proportions.
"Despite
the efforts being exerted at Washington to revive business,
it is generally believed that the entire first quarter, at least,
will be required for the period of convalescence from the
drastic decline which has been experienced by most lines
of metal-working production," the review says.
Production
of electricity in the United States totaled 2,065,378,000 kilo¬
watt hours in the week ended Nov. 27, a loss of 3.2% under
the
corresponding week a year ago, the Edison Electric
Wednesday.
Output for the latest period
Institute reported
compared with 2,224,213,000 kilowatt hours in the preceding
week.
October output of electricity for public use in the
United States totaled 10,148,000,000 kilowatt hours against
9,981,000,000 in September, an increase of 1.7%, according
to the Federal Power Commission, and an increase of 4.4%
over
October, 1936.
The Commerce Department reports
that
the United States had a favorable
foreign trade balance of
$60,443,000 at the end of the first 10 months o*f this year.
During October, exports reached the highest value for any
month since March, 1930.
The $333,136,000 total was 12%
greater than in September, and 26% larger than in October,
1936.
The Class I railroads' net operating income for Octo¬
ber shows a sharp drop
to $60,747,445, which compares
with
operating income for October last year of $89,809,372,
according to the Association of American Railroads report.
The Association said that net operating income for the
net
month
was
November
32.4% below that for the same month last year.
12% below October, but 2%
are
awards at $165,581,000
above November, 1936, as
engineering construction
reported by "Engineering News-Record."
Private construc¬
47% below the preceding month and 10% below last
tion is
November.
Public awards are
30% above last month and
Dun & Bradstreet, Inc., state that in
demand for winter merchandise ex¬
panded and the heavier buying of gift items pulled up the
estimates of
volume for the Christmas shopping period,
9% above last year.
the
retail division,
which put
and
over
gains over the previous week at from
wholesale volume was up
of
on
1% to 4%
3% to 12%. Estimated
3% to 10% from 1936. A decline
the like 1936 week at from
13.7%, in car loadings of revenue freight
railroads last week from the week before, re¬
88,624 cars, or
American
ported today by the Association of American Railroads, was
largely attributed to the Thanksgiving holiday.
The total
reported on Saturday was 558,627 cars. The current week's
output of automobile plants, at 86,173 cars and trucks, com¬
which included a holiday.
101,660 units, according to
The survey said the indus¬
try was "definitely moving on slackened schedules from now
until the end of the year."
The week's weather showed no
extraordinary
developments, though temperatures
were
very
irregular and unseasonable in many areas of the
country.
At the beginning of the week an area of high
pressure dominated the entire country east of the Great
Plains, with abnormally low temperatures for the season
prevailing in Eastern States southward to the east Gulf
districts.
At the same time, low pressure obtained from
Arizona to Alberta, with widespread precipitation over the
pared with 58,955 last week,
Output this wek in 1936 was
"Ward's Automotive Reports."
3560
Financial
Northwest.
The
a
Northeastern
and
of
west
York,
States,
whole
were
also in
the
Itocky Mountains.
Middle Atlantic area,
the
from 4 to 10 degrees
Revenue
states that tempera¬
abnormally high in the
report
government
tures for the week as
Chronicle
practically all sections
New England, New
the weekly means were
above normal, while in the more west¬
the
other
hand,
the central and
In
Canadian
western
cold
were
Gulf areas,
west
northeastward
Arkansas
8 degrees.
abnormally low in
and from Oklahoma and
temperatures
the
to
Mississippi
upper
Provinces there
was
Valley.
extremely
some
reported being 40
Sask.
In the New
York City area the weather has been generally cold and
clear.
Today it was fair and cold here, with temperatures
ranging from 26 to 36 degrees.
The forecast was for clear
and cold tonight.
Partly cloudy and somewhat warmer
the
weather,
below
degrees
lowest
temperature
Prince Albert,
at
zero
Overnight at Boston
Saturday.
it was 24 to 36 degrees;
to 42; Pittsburgh, 20 to 34; Portland, Me.,
38; Chicago, 30 to 36; Cincinnati, 28 to 36; Cleveland,
Baltimore, 28
20 to
1937
4,
Car
Loadings Continue Downward
13.7% in Week Ended Nov. 27
Loadings of revenue freight for the week ending Nov. 27
1937, totaled 558,627 cars. This is a decrease of 88,624 cars
or 13.7% from the
preceding week; a decrease of 121,672 cars,
or 19.9%, from the total for the like week of
1936, and a de¬
crease of 13,251
cars, or 2.3% below the total loadings for the
corresponding week of 1935. For the week ended Nov. 20,
1937, loadings were 18% below those for the like weeks of
1936 and 0.1% under those for the corresponding week of
1935. Loadings for the week ended Nov. 13,1937, showed a
loss of 12.1% when compared with 1936 but a rise of
9.5%
when comparison is made with the same week of 1935.
The first 18 major railroads to report for the week ended
Nov. 27,1937 loaded a total of 260,704 cars of revenue freight
on their own
lines, compared with 306,524 cars in the preced¬
ing week and 324,634 cars in the seven days ended Nov. 28,
1937.
A comparative table follows:
States the plus departures ranged from 3 to
On
Freight
Trend—Off
In
ern
Dec.
REVENUE
FREIGHT
LOADED
AND
RECEIVED
FROM
CONNECTIONS
(Number of Cars)
2G to 34; Detroit,
28 to 36; Charleston, 34 to 50; Milwaukee,
56; Dallas, 44 to 54; Kansas
City, 44 to 52; Springfield, Mo., 34 to 50; Oklahoma City,
44 to 54;
Salt Lake City, 28 to 46; Seattle, 44 to 50;
30
to
Savannah, 36 to
38;
Loaded
on
Own
1937
1937
It closed this
the next.
145.4
Moody's Index of Staple
net gain from one week end to
Friday at 148.9,
22,959
17,638
14,345
15,958
advanced, while
There
corn,
net
were no
changes for silver, steel
parisons, is
Nov.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
as
during the week, with
9,942
10,001
17,766
15,665
7,157
8,139
19,239
18,227
6,945
7,999
8,534
14,451
14,562
9,591
10,241
11,311
3,432
1,463
1,575
2,043
2,582
1,913
2,439
2,788
3,146
1,527
1,923
3,837
4,736
4,404
Pacific
RR
13,380
15,315
15,613
8,055
8,847
9,344
37,636
32,571
37,821
42,254
3,594
4,323
8,119
3,466
9,124
10,367
4,392
4,869
29,891
4,525
35,492
43,588
5,078
6,082
15,856
18,033
47,897
54,933
38,405
4,592
22,810
61,625
4,720
5,807
6,068
3,822
4,852
7,041
3,819
5,078
5,989
24,351
28,922
27,377
x7,992
X7.857
X8.799
4,624
5,843
5,415
7,146
8,121
8,750
Wabash Ry
Total
145.4
146.1
146.3 Year ago, Dec. 3
146.1 1935 High—Dec. 28
146.4
Low—May 12
147.0 1936 High—April 5
Low—Nov. 24
148.9
146.5
156.9
195.2
208.7
162.7
228.1
260,704 306,524 324,634 161,228 184,367 208,075
Excludes cars Interchanged between S. P. Co.-Pacific Lines and Texas & New
Orleans RR. Co.
x
,
TOTAL
LOADINGS AND
RECEIPTS
144.6
Wholesale Commodity Prices Advanced Slightly During
Week Ended Nov. 30 for First Gain in Nearly Three
Months, According to "Annalist" Index—Average
sharp spurt in hog prices, following three successive weeks of decline,
than offset losses in
more
23,787
Illinois Central System
28,978
31,504
St. Louis-San Francisco Ry
12,093
12,901
33,909
14,509
62,289
69,234
The Association of American Railroads, in
week ended Nov. 20 reported as follows;
Loading of
entered
new
low
Certain
Corn led
Much
was not
a
week in 1936 and
Loading of
42,363
Congress.
Additional confusion
new
lows,
of revenue
was
injected into the picture by the
a
or
additional
sources
below the preceding week,
WEEKLY
INDEX
OF
WHOLESALE
Nov. 30, 1937
Farm
products
COMMODITY
1, 1936
Coal loading amounted to 127,894 cars, a decrease of 15,439 cars below the
cars
below the corresponding week
cars
above the preceding week,
corresponding week in 1936.
and
an
increase of 2,694
cars
cars
above the
Districts alone,
In the Western
grain and
20, totaled 24,133
below the preceding week,
cars
but
an
cars,
ing week in 1936.
a
16,642 cars, a decrease of 1,868
decrease of 2,695
cars
cars
below the correspond¬
In the Western Districts alone, loading of live stock for
the week of Nov. 20 totaled 13,214 cars, a decrease of 1,638 cars below the
preceding week, and
in 1936.
88.9
104.6
104.2
69.7
69.7
67.1
89.1
89.1
86.5
Miscellaneous
75.2
74.5
70.8
All
86.8
86.7
87.6
Metals
Building materials
Chemicals
.
...
commodities..
in
of prices in
preceding
The latest
figures
as
compared
with
month
91.6
in
of last
year.
week,
MONTHLY
INDEX
OF
a
decrease of 14,383
cars
below the corresponding week
and
a
decrease
cars
of
a
decrease of 449
4,692
cars
below
the
cars
below the
corresponding
All districts, reported decreases compared with the corresponding weeks
in 1936 and 1930.
Loading of
"ANNALIST"
below
week in 1936.
the lowest since the final
are
cars
1936.
Coke loading amounted to 6,602
November, the "Annalist"
monthly index for November is 87.9,
below the corresponding week
cars
Ore loading amounted to 12,046 cars, a decrease of 5,521 cars below the
preceding week, and
the trend
decrease of 2,149
the preceding week, and a decrease of 9,612 cars below the
corresponding
week in 1936.
Revised.
x
a
Forest products loading totaled 26,805 cars, a decrease of 702
92.9
said:
WHOLESALE
revenue
freight in 1937 compared with 1936 and 1930 follows:
COMMODITY
PRICES
(Monthly
averages
of
1937
weekly figures.
Food products
Textile
...
Metals
85.4
81.2
__
X66.6
74.9
*89.7
91.0
88.9
104.8
Preliminary,
66.6
89.9
86.3
75.2
commodities
91.0
X70.8
89.4
Miscellaneous
106.7
69.7
materials
Chemicals
*
91.8
*63.3
Fuels
All
Nov. 1936
93.8
82.7
products
Building
Oct. 1937
88.4
77.4
70.3
87.9
x
Revised.
x91.6
86.0
weeks In
4
weeks In
4
Nov. 1937
products
1936
1930
1926=100.)
5
Farm
a
increase of 1,651
above the corresponding week In 1936.
94.9
78.2
THE
decrease of 36,337
a
Grain and grain products loading totaled 39,599 cars, an increase of 898
82.1
89.3
The
cars,
81.1
X62.7
October.
below the
87.1
*62.1
to
cars
below the corresponding week in 1936.
below the preceding week, and
Dec.
23, 1937
*89.4
._
As
decrease of 67,320
a
86.8
Fuels.
Preliminary,
decrease of
a
decrease of 1,562 cars below the preceding week, and a decrease of 10.176
Live stock loading amounted to
Nov.
was
81.3
products.
Food products.
Textile
and
grain products loading for the week of Nov.
provided.
"ANNALIST"
freight for the week of Nov. 20
6.1% below the preceding week.
preceding week, and
PRICES (1920=100)
*
revenue
cars or
decrease of 379
THE
18% below the corresponding
in 1936.
an¬
that the cost of any farm legislation passed
presently allocated $500,000,000
cars or
decrease of 132,501 cars or 17% below the same week
Loading of merchandise less than carload lot freight totaled 159,846
bides, silk and wool tops.
general in these items.
nouncement of the President
a
corresponding week in 1936.
cars
uncertainty surrounds the fate of the various farm bills before
must be within the
freight for the week ended Nov. 20 totaled 647,251
decrease of 142,521
in 1930.
territory for the season.
in cottonseed oil and copper also registered
options
but the movement
revenue
was a
72,205
reviewing the
Miscellaneous freight loading totaled 257,817 cars, a decrease of 17,720
Other commodities establishing new lows for this
year, and in some cases
for three years, were rye, all grades of coffee,
This
cars.
comparatively active, with considerable
speculation in the markets for crude rubber, coffee and silk.
rather long list of items which
1936
24,829
cars
was
Nov. 28,
21,218
certain dairy products, textiles and other commodities.
Trading in the futures market
Nov. 20, 1937
1937
Chicago Rock Island & Pacific Ry.
Total
Weekly Index of Wholesale Commosidy Prices registered a
gain during the week ended Nov. 30, it was announced on
Dec. 2 by the "Annalist."
On Nov. 30 the index was 86.8
as compared
with 86.7 in the preceding week and 87.6 a
year ago.
The "Annalist" also stated:
CONNECTIONS
Weeks Ended—
for November Below October
For the first time in almost three months, the "Annalist"
beef and veal
FROM
(Number of Cars)
Nov. 27,
A
1,405
com¬
Two weeks ago, Nov. 19-Month ago, Nov. 3
and higher quotations for lamb,
8,998
30,477
Southern Pacific Lines
follows:
26
27
29
30
1
2
3
6,317
16,408
7,737
Pittsburgh & Lake Erie RR
:S'
The movement of the index
13,788
24,887
RR
Pennsylvania RR
Pere Marquette Ry
and
*
sugar.
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
lead
scrap,
12,993
18,849
3,060
N. Y. Chicago & St. Louis Ry
Norfolk <fc Western Ry
cotton and coffee declined.
copper,
26,894
3,199
2,110
Missouri
1936
5,503
Missouri-Kansas-Texas
hides, rubber, wheat, hogs and wool
1937
5,276
12,124
New York Central Lines
Prices of silk, cocoa,
1937
21,263
31,371
International Great Northern RR
week ago.
a
23,580
Gulf Coast Lines
compared with
as
20,353
Chesapeake & Ohio Ry
Chicago Burlington & Quincy RR.
Chicago Milw. St. Paul & Pac. Ry
Chicago & North Western Ry...
Moody's Commodity Index Advances
a
Connections
Week Ended—
1936
Atchison Topeka & Santa Fe Ry.
Baltimore & Ohio RR
Commodity Prices showed
Received from
Nov. 27 Nov. 20 Nov. 28 Nov. 27 Nov. 20 Nov. 28
Montreal, 14 to 32, and Winnipeg, 20 to 28.
For the first time in 12 weeks,
Lines
Week Ended—
weeks in
January
4 weeks In February
3,316,886
2,778,255
3,003,498
2,974,553
4,246,552
2,512,137
2,415,147
3,506,899
April
weeks in May
2,955,241
2,543,651
3,618,960
5
3,897,704
3,351,564
4
weeks in
June.
2,976,522
4,953,449
3,718,983
5
weeks In
July
3,812,088
2,786,742
3,572,849
March
3,515,733
4,475,391
4
weeks
In
August
3,115.708
4
weeks
in
September
3,182,943
2,954,522
3,062,378
5
weeks in
October..
4,017,319
732,145
4,097.448
759.615
4,751,349
829,023
Week
3,752,048
3,725,686
of
Nov.
Week of
Nov.
13
689,614
784,980
Week of Nov.
20
647,251
789,772
779,752
35,125,174
32,605,358
42,395,342
Total
6
881,517
In the
During this period 18 roads out of a total of 138 roads showed
increases when compared with the same week last year.
we undertake to show also the loadings
roads and systems for the week ended Nov. 20.
following
for separate
FREIGHT LOADED AND
REVENUE
RECEIVED FROM
Total Loads
Total Revenue
Railroads
Total Loads
Total Revenue
Received
.
678
1,113
1,782
1,490
8,710
1,973
1,336
7,694
1,408
265
9,551
2,027
11,251
2,652
33
39
12
49
133
1,499
4,733
1,490
6,211
10,681
1,036
5,022
1,981
7,336
9,599
6,124
2,397
8,193
7,174
1,734
7,526
Bangor A Aroostook
Boston & Maine
Chicago Indianapolis A Louis v.
Central Indiana...
...
Central Vermont..
.....
Delaware A Hudson
10,061
Delaware Lackawanna & West.
347
539
260
110
2,573
2,812
328
395
412
1,240
3,194
12,299
13,717
4,406
5,024
12,709
5,271
202
Detroit A Toledo Shore Line
157
192
1,922
10,317
2,960
5,274
2,400
1,711
.
.
Erie
Grand Trunk
Western
Lehigh & Hudson River
....
Lehigh A New England
8,934
2,443
3,802
2,093
37,636
9,288
1,459
4,323
4,542
Lehigh Valley
Maine Central
Monongahela...
Montour
New York Central Lines
.
N. H. A Hartford
N. Y.
New York Ontario & Western
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie
Pere Marquette
44,720
11,439
1,958
5,271
7,747
7,132
5,807
...
12,920
Pittsburgh Shawmut A North
7,230
19,175
4,130
13,385
399
424
370
633
709
169
Southern System
207
167
689
844
113,642
92,426
60,330
70 112
2,450
10,240
2,807
7,999
3,340
2,299
12,126
3,645
8,932
3,569
Tennessee Central
Winston-Salem Southbound...
95,713
Total
Northwestern District—
1,457
8,545
Chicago A North Western
2,514
Chicago Great Western
Chicago Milw. St. P. A Pacific
45
Chicago St. P. Minn. A Omaha
46,922
Duiuth Missabe A Northern
645
37,821
11,451
1,733
Duluth South Shore A Atlantic.
533
14,489
2,239
18,958
4,048
513
261
388
349
5,881
4,860
8,109
936
14,451
2,410
19,236
4,050
4
5,388
5,078
29
22
Lake Superior A Ishpeming
240
313
Minneapolis A St. Louis..
1,230
455
730
773
644
Belt Ry. of Chicago
6,150
501
9,124
312
Ft. Dodge Des Moines A
417
417
284
173
153
12,005
14,856
12,957
2,541
3,299
South.
Great Northern
...
633
578
835
5,843
3,190
5,428
3,428
8,121
2,811
1,376
1,024
9,734
3,636
140,359
168,857
144,526
151,079
181,866
390
473
579
739
646
564
66
1,876
5,333
10,309
1,090
1,974
5,825
11,069
470
78
508
1,588
2,081
3,473
1,801
2,621
167
194
92
279
272
1,024
2,270
2,362
1,208
1,509
79,128
26,894
1,447
34,971
5,130
26,970
99,834
80,621
44,130
53,399
23,580
2,942
25,389
3,448
19,246
2,846
5,503
1,976
6,570
2,684
302
133
114
459
387
17,766
1,593
12,448
2,929
1,708
4,201
Minn. St. Paul A S. S. M
19,449
15,732
1,232
11,438
2,937
1,593
4,427
8,139
1,015
7,689
2,301
1,412
2,767
10,310
1,102
9,271
2,885
1,456
3,121
1,651
4,874
922
1,407
1,123
628
555
496
Green Bay A Western
6,502
4,631
148
141
586
7,714
4,965
Elgin Jollet A Eastern
555
726
Total
8,885
22,156
1,296
1,103
4,069
4,478
15,807
18,232
2,546
22,319
3,969
5,004
278
.
Wheeling A Lake Erie
3,670
34
...
Wabash
938
329
8,985
19,192
Seaboard Air Line
13,338
2,126
10,733
7,813
6,131
375
Pittsburgh A West Virginia
Rutland....
370
361
215
8,029
2,642
3,429
2,267
37,829
10,613
1,952
4,321
5,995
457
Pittsburgh & Shawmut
7,727
1,977
1,174
7,604
2,608
1,006
428
364
Richmond Fred. A Potomac
1,367
3,563
16,869
8,600
1,935
1,475
Detroit Toledo & I ronton
1,178
333
Piedmont Northern
136
1,921
Detroit & Mackinac
1,218
1,120
Norfolk Southern
1,341
234
589
540
.........
1936
■
Southern District—(Concl.)
Eastern District—
Ann Arbor..
Received
Connections
1937
1935
1936
1937
V
■■■
from
Freight Loaded
Railroads
1936
1937
1935
1936
1937
ENDED NOV. 20
CONNECTIONS (NUMBER OF CARS)—WEEK
Connections
from
Freight Loaded
3561
Chronicle
Financial
145
Volume
Northern Pacific
Spokane International
Spokane Portland A Seattle...
Total.
9,923
3,861
Central Western District—
Allegheny District—
Akron Canton A Youngstown.
Baltimore A
Ohio
Bessemer A Lake Erie
2,564
13,788
1,351
17,628
2,402
Atch. Top. A Santa Fe System.
Alton
,
Bingham A Garfield
348
Cambria A Indiana
377
305
5
8
1,377
7,458
1,289
5,749
18
20
Chicago Burlington A Qulncy..
1,339
6,588
...
Buffalo Creek A Gauley
Chicago A Illinois Midland....
694
51
42
Chicago Rock Island A Pacific.
274
355
29
32
Chicago A Eastern Illinois
200
203
21
52
Colorado A
117
Cumberland A Pennsylvania..
12,343
791
245
Cornwall
10,593
554
Central RR. of New Jersey...
Southern
1,266
71,184
15,848
14,603
1,093
58,752
12,478
8,902
2,398
1,433
35,492
15,745
1,542
2,816
1,333
46,425
Denver A Rio Grande Western.
1,063
54,933
12,437
7,614
18,724
4,974
Illinois Terminal...
48
74
84
0
0
3,583
3,929
3,036
5,601
7,064
Ligonier Valley*..
721
869
Long Island.
Penn-Reading Seashore Llnee.
Pennsylvania System
Reading Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
118,469
Total..
158,676
780
123,833
888,806
114,785
916
28
27
1,370
1,380
2,184
1,667
2,053
1,751
1,271
1,298
1,158
1,404
143
127
879
825
363
441
521
69
0
117
186
205
20,411
23,207
17,303
407
372
16,901
17,090
15,403
4,789
1,144
9,107
6,638
427
......
Nevada Northern
...
Western Pacific
Peoria A Pekin Union
(Pacific)
Toledo Peoria A Western
Union Pacific System
12,059
4,945
1,241
3,588
9,942
4,392
1,378
1,099
46,778
16,811
19,010
22,167
20,117
Norfolk A Portsmouth Belt Line
Virginian
26,285
24,788
939
906
4,520
41,718
Norfolk A Western
18,839
18,033
1,022
3,824
56,532
Total.....
611
857
13
12
1,939
1,707
2,150
2,138
114,327
124,164
102,389
51,241
62,089
169
Total
193
5,184
765
Southwestern District—
Gulf Coast Lines
Atlantic Coast
193
1,181
1,478
567
718
711
891
915
9,795
8,135
3,922
4,765
Cllnchfleld
...
Litchfield A Madison
472
345
1,099
1,407
1,095
2,109
338
523
293
150
121
385
276
852
843
812
58
63
67
82
1,189
1,472
1,786
492
375
491
507
1,990
25,407
1,788
1,140
12,714
367
20,179
19,108
207
152
339
166
213
134
364
352
1,740
2,183
2,102
1,644
2,410
3,349
2,915
revised.
2,579
downward trend for the 10th
certain cotton
goods, wool, hemp,
jute, and silk were
responsible for
the lowest point
reached in the past four years. Further recession took place in the metal
price index, with copper and zinc seeking lower levels. A decline in the
index of building material prices resulled from a mark-down of lumber
in the textile
quotations.
27
119
133
8,247
2,578
8,022
5,374
2,570
3,293
2,173
3,068
3,850
17,024
4,915
2,563
3,301
4,435
19,319
243
233
59
86
37
36
30
28
29
Louis
Terminal RR. Assn. of St.
109
9,754
3,408
9,426
6,233
3,047
272
Texas A Pacific
143
6,286
2,689
8,511
5,915
2,368
Texas A New Orleans
Total..
9,585
26
52
77
40
276
210
68,067
57,351
56,932
63,665
57,537
......
11
price average, taking it to
included in the index
declined during the week and
week there were 44 declines and 18 ad¬
in the second preceding week there were 33 declines and 18 advances.
WEEKLY WHOLESALE COMMODITY PRICE> INDEX
advanced; in the preceding
vances;
consecutive
wholesale commodity price index com¬
piled by the National Fertilizer Association dropped in the
week ended Nov. 27 to the lowest point reached since July
of last year.
Last week the index (based on the 1926-28
average of 100%) stood at 79.2% as compared with 79.8%
in the preceeding week.
A month ago it registered 82.2%
and a year ago 81.2%.
The Association's announcement,
under date of Nov. 29, continued:
Price weakness last week was common to farm products, foods, and
industrial commodities, with the farm product and food group averages
falling to new low points for the year, while the index representing the prices
of all commodities except farm products and foods was at the lowest level
since Jan. 1.
Cotton was slightly higher during the week and com, eggs,
lambs, and sheep also advances, but these increases were more than offset
in the farm product group by declines in small grains, cattle, hogs, poultry,
and wool. The trend of food prices was generally downward, with 12 items
included in the group declining and only four advancing. Lower quotations
the weekly
another downturn
276
5,469
18,153
3,505
St. Louis Southwestern
Ended Nov. 27
for
286
2,788
8,847
* Previous figures.
Association Reports Further Decline
Wholesale
Commodity Prices During Week
Continuing the
131
5,137
14,823
Quanah Acme A Pacific
St. Louis-San Francisco
Thirty-four price series
week,
671
240
15,315
1,828
5,598
National Fertilizer
in
1,043
218
Wetherford M. W. A N. W
25,436
1,091
10,063
4,642
1,979
Note—Previous year's figures
738
652
Wichita Falls A Southern
882
184
Savannah
Mississippi Central
....
Macon Dublin A
L.
370
352
Natchez A Southern
1,448
21,997
18,840
Nashville Chattanooga A St.
423
410
4,736
Missouri Pacific
934
813
Georgia I
Mobile A Ohio
160
Missouri-Kansas-Texas Lines..
317
339
Georgia
Central System
1,811
1,250
239
Missouri A Arkansas
35
Gainesville Midland
Illinois
1,058
....
158
Florida East Coast
Louisville A Nashville
176
1,751
1,368
129
Southern
Louisiana A Arkansas
Kansas City
821
Durham A Southern
Florida
Gulf Mobile A Northern
198
2,243
1,446
Midland Valley
1,159
Columbus A Greenville
3,551
2,492
321
173
,
Louisiana Arkansas A Texas
2,872
420
4,553
2,543
1,099
1,232
4,436
1,404
2,104
1,164
2,281
1,034
158
171
710
Carolina
Charleston A Western
311
2,958
2,082
1,575
2,582
291
291
868
441
Central of Georgia
207
2,059
1,764
Gulf...
257
677
8,961
3,555
Line
483
231
766
Kansas Oklahoma A
241
Northern
Atl. A W. P.—W. RR. of Ala..
Atlanta Birmingham A Coast..
146
217
3,432
1,923
....
International-Great Northern..
Southern District—
5,024
177
172
Burlington-Rock Island
163
130
Southern
Alton A
Fort Smith A Western
Alabama Tennessee A
1,295
11,219
638
Western Pacific
Pocahontas District—
.
1,802
Utah
Chesapeake A Ohio
895
1,475
1,908
1,723
Fort Worth A Denver City
Southern Pacific
3,350
1,860
4,468
709
Denver A Salt Lake
North
2,233
13,126
Preced'g
Latest
Per Cent
Week
Week
Group
Each Group
Nov.
27,
Nov.
20,
Month
Ago
Oct. 30,
Year
Ago
Nov.
28,
1937
1937
1937
1936
*79.6
80.3
83.1
83.1
*61.6
65.4
65.6
82.2
*65.9
66.2
69.2
96.5
*70.2
71.0
74.3
81.7
44.2
43.1
45.3
67.4
67.1
68.1
71.5
99.3
*77.1
78.3
81.8
79.0
79.7
80.8
Bears to the
Total Index
25.3
Foods
Fats and oils
-
Cottonseed oil
23.0
Farm
products
Cotton
Grains
Livestock
_
84.0
Miscellaneous
commodities..
8 2
Textiles
7.1
Building materials
Chemicals and drugs
1.3
3
65.1
67.2
73.7
99.5
101.4
87.9
84.6
84.3
83.2
-
96.4
.3
Farm
100.0
machinery
All groups
combined
95.6
96.5
73.2
73.8
68.5
79.9
80.5
74.7
96.5
Fertilizers
96.4
73.2
79.9
Fertilizer materials...
.3
*
83.1
Metals
6.1
81.3
99.1
10.8
84.0
*83.2
Fuels.
*80.7
*64.6
17.3
85.4
96.5
96.4
92.6
*79.2
79.8
82.2
81.2
New 1937 low.
Selected Income
and Balance Sheet Items of
for September
Class I
Steam Railways
The
Bureau
of
Statistics of the
Commission has issued a
Interstate Commerce
statement showing
the aggregate
3562
Financial
Chronicle
Dec.
totals of selected income and balance sheet items
of Class I
steam railways in the United
States for the month of
September.
These figures
Percentage Change
Commodity
subject to revision Rnd were compiled
representing 141 steam railways.
The
present statement excludes returns for Class I
switching and
terminal companies.
The report in full is as follows:
from
135
are
STATES
For the Month
•
(ALL
For
of Sept.
the Nine
1936
1937
Net railway operating income. $59,304,954
$70,096,165
Other Income
11,058,436
Total income
11,981,493
Inc. avail, for fixed charges-.
Fixed charges:
Rent for leased roads
Interest deductions
1,504,140
Total fixed charges
10,958,844
41,030,253
234,915
17,226,980
1,017,472
15,218,693
99,690,873
365,502,567
2,083,862
99.666,899
87,967,444
9,244,960
52,847.973
9,134,960
$78,722,484
$43,713,013
Depreciation (way & structures
equipment)
16,566,876
3,404,205
16,116,349
2,270,115
146,884,341
29,352,776
145,157,864
20,068,889
5,051,641
2,116,636
72,584,273
1,305,000
Federal Income taxes
d637
14,402,099
63,802,944
17,228,275
Dividend appropriations:
On common stock
On preferred stock
Balance at End of September
1937
1936
as
companies
■'
^
43.0
52.5
66.8
—7.1
49.6
118.7
/16.6
)
1
—6.6
59.5
56.7
New York Federal Reserve Bank
"Total October sales of the
reporting chain store systems
in the Second (New
York) District were
0.7% lower than a
ago," said the Federal Reserve Bank of New York in
"Monthly Review" of Dec. 1, adding that "after allow¬
ing for the influence of one less shopping day this year than
last, the increase in average daily sales of about
year
its
33^%
somewhat smaller than in
the following to say:
September."
was
The Bank also had
Average daily sales of the 10 cent and variety, and shoe chain stores
showed smaUer advances than last
month, and for the grocery store systems
.below a year ago by a somewhat larger percentage than in
September.
Average daily sales of candy chains, however, registered a smaller
decline
were
There
was a
in operation
$697,348,188
$688,528,312
448,487,803
Demand loans and deposits
Loans and bills receivable
Traffic and car-service balances
receivable
Net balance receivable from
agents and conductors.
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends
receivable
Rents receivable
Other current assets
505,909,839
14,447,651
40,668,235
147,204,421
2,349,257
61,399,538
54,999,915
144,093,506
295,676,806
27,803,975
2,560,850
6,538,001
16,975,622
40,782,230
142,180,679
10,653,709
60,064,079
54,891,319
142,320,988
Time drafts and
deposits
Special deposits
decrease of about 1H % in the total
number of chain stores
during the past
bined showed
increase
an
383,794,201
23,009,518
2,193,446
8,762,855
year, so that sales per store of all chains
over
Percentage Change October, 1937
Compared with October, 1936
Type of Store
Grocery
Number
Total
Sales
of Stores
Sales
per Store
—5.0
...
—5.5
—0.6
+ 1.4
+0.3
—1.1
—0.2
+ 0.6
—5.6
—6.7
—1.6
—0.7
Ten cent and variety
Shoe
Candy
.
—
+0.9
—1.1
*
+0.9
$1,334,116,449 $1,303,651,994
.
Selected Liability Items—
Funded debt
maturing within six months.b
$74,734,216
$158,852,956
October Department Store Sales in
District
1.6% Below Last
New York Reserve
Year—Decrease
Loans and bills pay able, c
210,501,064
81,151,380
259,060,579
102,556,267
634,072,506
12,988,519
476,907,390
2,379,597
102,917,870
32,359,645
26,082,058
Traffic and car-service
balances payable
Audited accounts and
wages payable
Miscellaneous accounts payable
Interest matured unpaid...
Dividends matured unpaid
Funded debt matured
unpaid
Unmatured dividends declared
Unmatured interest accrued
Unmatured rents accrued
Other current liabilities
219,111,734
80,805,625
231,150,686
106,202,341
520,496,575
13,015,809
474,318,202
1,141,223
103,276,261
31,768,727
25,836,309
Total current liabilities
$1,807,123,492
Tax liability:
United States Government
taxes.
Other than United States
Government
113,974,895
taxes.
158.404,455
_
77,033,982
160,538,854
The net income as
reported Includes charges of
$3,432,988 for September, 1937
and
$29,645,708 for the nine months of
1937, $1,449,185 for September, 1936 and
$13,113,727 for the nine months of
1936 on account of
accruals for excise taxes
levied under the Social
Security Act of 1935; also includes
charges and credits result.
a
w
~
f
«nu
,U\JKJ
AUJ.
(/UU
UillC
months of 1937, boacuse of
provisions of the "Carriers
Taxing Act of 1937," approved
June 29, 1937 and
repeal of the Act of
Aug. 29, 1935, levying an excise tax
upon
an income tax
upon their employees, and for
other purposes.
No. 400, 74th
(Public
Congress). The charges and credits were not
handled in a uniform
manner by all the
carrieis and separate totals
are not available.
The net income for
carriers and
lncludes charges of
S3,880,889 and for the nine months of 1936
of
$27,275,110 under the requirements of
an Act
approved Aug. 29, 1935,
excise tax upon carriers and
levying an
an income tax
upon their employees, and for
other
purposes.
(Public No. 400, 74th
Congress).
b Includes
payments which will become
due on account of
debt (other than funded
debt
matured
month of report.
unpaid)
principal of long-term
within six months after close of
Includes obligations which
mature not more than two
years after date of
issue.
or other
reverse items.
d Deficit
Sales of Wholesale Firms in
New York Reserve
District
October
Reported
1936
6.5%
Below October,
com¬
last year of
approximately 1 %.
All types
Total current assets
During
MM'
48.0
0.7% in Chain Store Sales During October
Compared with October Year Ago Reported
by
Cash
c
MM
from last year than in September.
Selected Asset Items—
Investments in stocks, bonds,
Ac., other than those
of affiliated
51.4
MM
+ 7.1
—2.5
average
36.6
51.9
+23.8
-
38.7
40.8
'
Decrease of
372,909,108
2,045.487
$16,209,508 $26,481,594
Net income.®
'
Quantity figures reported by the National Federation
of Textiles, Inc., not
includedjin weighted average for total wholesale trade,
x Reported by
Department of Commerce.
15,137,311
27,499,066
1,017,472
Contingent charges
M
+22.5
—1.7
Diamonds
$51,632,270 $52,224,012 $467,277,302 $474,621,494
charges
:
*
2,3.54,580
11,079,387
40,327,080
225,803
40.9
+ 15.6*
—3.9
Jewelry
$68,859,250 $79,723,078 $555,244,746
$527,469,467
Other deductions
m
—5.6
Weighted
94.4
42.8
59.2
MM
+ 13.2*
+2.2x
I*aper
$468,449,037 $434,482,732
102,014,402 108,124,046
MM
—29.1
Stationery
1936
1937
93.1
43.6
*
—37.1*
Drugs and drug sundries
$70,363,390 $82,077,658 $570,463,439 $542,606,778
Miscell. deductions from Income
Income after fixed
—6.2
Hardware
1937
1936
+5.1
—10.5
Rayon and silk goods
Shoes
Months of
of Month
—2.9
Men's clothing
Cotton goods
Collected in October
Stock End
Sales
Groceries
REGIONS)
Income Items
and
Net
reports
TOTALS FOR THE UNITED
Per Cent of Accounts
Outstanding Sept. 30,
October, 1937, Com¬
pared with October, 1936
■
1937
4,
Noted in
Metropolitan Area of New York
also
in
First
Half of November
According to the Dec. 1 "Monthly Review" of the New
York Federal Reserve Bank, October sales of the
reporting
department stores in the Second (New York) District
showed virtually all of the usual seasonal
increase over
September. As compared with a year ago, total sales were
about 1342% lower, but, after
allowing for one less shopping
day this year than last, there was an increase over a year ago
of
approximately 23^% in average daily sales."
The
"Review" said:
The New York and
Brooklyn, Northern New Jersey, Westchester and
Stamford, Hudson River Valley, and Central New York State
department
store groups all showed less favorable
year to year sales comparisons than
in September.
On the other
hand, the Buffalo, Rochester, Syracuse,
Bridgeport, Southern New York State, Capital District, and
Niagara Falls
reporting stores recorded somewhat larger advances in
average daily sales
than in the previous month, and the
Northern New York State stores
recorded
slightly smaller decline in average daily sales than in
September.
Total sales of the leading apparel stores in this
district were 4.3% below
a
last year, and average
in
daily sales about the
same,
following
a
small advance
September.
Department store stocks of merchandise
were
10% higher than
19%
in the first
5.4%
higher
a year ago, as
seven
than
a
months
year
ago.
on
hand at the end of October
compared with
of this
year.
October
an
average increase of
Apparel store stocks
collections
by the
were
department
stores and also the apparel stores were lower
than last year.
As to sales in the
Metropolitan area of New York during
the first half of November the New York
Reserve Bank, in
its "Review," stated:
Sales of the reporting department stores in
the Metropolitan area of
New York tended, as in other
years, to rise during the first half of
November,
but were about 4% below the
relatively high level of sales in the corres¬
ponding period of 1936.
The
Federal Reserve Bank of New
York reported in its
"Monthly Review" of Dec. 1 that "in October total
Percentage Change from
a Year
Ago
sales of
the
reporting wholesale firms averaged about
6>£% lower
than last year,
following two months in which increases had
been reported."
reported the largest gain since
July.
The grocery, rayon and silk,
larger stocks of merchandise
concerns
standing
were
were lower in
on
1936 level.
October than
concerns
drug, hardware, and diamond firms
reported
hand this year than
last, while stocks of the
below the
lines.
diamond
a year
Collections of
ago in the
accounts
out¬
Stock
on
Hand
Feb. to
Oct.
the
jewelry
Net Sales
The Bank continued:
Sales of the shoe and
paper concerns, and
yardage sales of rayon and
silk goods showed the
largest decreases in over three
years, and hardware
sales were reduced by the
largest percentage since
January, 1936. Sales of
the grocery, men's
clothing, cotton goods, and
stationery firms were
smaller than in October a
year ago, following the
year to year increases in
September, and the October increase in sales of
drug concerns was less
than in the previous month.
The jewelry
firms, however, recorded a
smaller decrease in sales than in
September, and
New York
—2.2
Buffalo..
Rochester.
._—
,——
Bridgeport
.
Sept. 30
Collected in Oct.
Oct.
End of
Month
1936
+ 4.7
+ 10.7
52.1
1937
_
51.4
+2.0
+ 7.3
+ 7.2
57.0
44.1
+ 7.1
+ 6.7
+ 7.8
52.6
53.0
+9.4
—
.....
Syracuse
;.
Northern New Jersey....
_
Per Cent of
Accounts
Outstanding
Locality
+ 9.9
+ 13.4
42.9
44.3
+ 10.9
—4.7
...
Central New York State
Hudson River Valley District
44.7
44.9
+ 10.3
+ 5.6
46.6
31.2
—0.2
Northern New York State
Southern New York State......
+ 5.6
+ 11.7
...
Elsewhere
+3.6
—2.6
+ 4.4
37.3
41.2
—4.9
+0.3
+3.1
+5.4
—8.2
+3.6
+ 4.0
Capital District
Westchester and Stamford
+2.9
+ 1.3
Niagara Falls
+ 4.4
+ 7.0
-1.6
+5.1
+ 10.2
49.4
47.8
-4 3
+2.0
+5.4
48.8
47.9
All department stores
majority of reporting
Apparel stores...
+2.2
...
...
+3.2
\
Financial
145
Volume
principal departments are compared
October sales and stocks In the
a year
with those
o'
previous in the following table:
the
Net Sales
Stock on Hand
Percentage Change
October, 1937
1937
Compared with
Oct. 31, 1936
Oct. 31,
Compared with
October, 1936
Classification
These increases were
the increase recorded this year.
of
lower payments of Standard Oil Co. of
Atlantic Refining Co., and South West
somewhat
by the
offset
Standard Oil Co. of Ohio,
which companies were the only
dividend payments failed to equal or
Pennsylvania Pine Lines,
the
1937
whose
group
members of the
exceed those of
preceding year.
continued to lead the group, its
Jersey
of New
Co.
Oil
Standard
divi¬
+0.4
+ 13.9
total cash distribution of approximately
$65,650,000, or more than in any single year 6ince the dissolution in 1911,
and comparing with $52,421,683 paid out to stockholders in 1936.
Stand¬
ard of New Jersey's payments in 1937 consisted of regular semi-annual
—0.4
+ 12.4
dividends
—2.4
+20.9
+ 1.1
June
—3.4
+ 14.0
per
—3.8
+ 19.6
+ 8.8
+8.6
+3.5
+ 16.2
Linens and handkerchiefs
+ 0.4
+ 16.8
i.
Silverware and Jewelry
Women's and Misses' ready-to-wear
Shoes
...
—2.9
Toilet articles and drugs
accessories
Women's ready-to-wear
—4.1
+ 11.0
—5.9
goods..
Luggage and other leather
+4.3
—5.2
Home furnishings
—13.6
—14.6
+ 17.1
—5.6
+5.9
t—-8.0
Cotton goods
...
—8.1
Men's furnishings
—11.1
Woolen goods
—12.3
Books and stationery
Silks and velvets
Musical Instruments and radio...
Miscellaneous
Electric
During Week Ended
Production
Nov. 27
Year Ago
The Edison Electric Institute, in its weekly statement,
discolosed that the production of electricity by the electric
6% Below
a
light and power industry of the United States for the week
ended Nov. 27, 1937, totaled 2,065,378,000 kwh., or 6%
below the 2,196,175,000 kwh. produced in the corresponding
week of 1936. The Institute's statement follows: *
PERCENTAGE INCREASE OVER
yWeek Ended
Major Geographic
Regions
Nov. 27. 1937
New England
Nov. 6, 1937
x5.9
x6.9
0.2
1.7
2.1
x0.3
xl.9
x0.5
x0.9
Central
2.3
x5.8
Middle Atlantic
Central Industrial
West
Week Ended
Week Ended
1937 Nov. 13,1937
x6.4
xl2 0
-
PREVIOUS YEAR
Week Ended
Nov. 20.
1.8
0.8
1.1
x3.0
0.0
0.9
4.0
Southern States
16.4
17.9
9.9
Rocky Mountain
10.6
5.3
6.7
6.6
11.5
x3.2
2.5
0.3
1.2
Pacific Coast
Total United States .
Decreases,
DATA FOR
y
conditions both years.
RECENT WEEKS (THOUSANDS
Per
■
i
1936
1937
OF KILOWATT-HOURS)
Cent
Change
1937
1932
1935
1936
4
Sept. 11
mm
Sept. 18
mm
Sept. 25
Oct.
2
mm
m
m
Oct.
9
m
m
Oct.
16
m
m
Oct.
23
mm
30
Oct.
mm
6
m
m
Nov. 13
m
m
Nov. 20.
mm
Nov.
Nov. 27
--
FOR
DATA
2,320,982
2,154,276
2,280,792
2,265,748
2,275,724
2,280,065
2,276,123
2,281,636
2,254.947
2.202,451
2,176,557
2,224,213
2,065,378
RECENT
share and extra dividends
per
or
of 75c. per share each in
total of $2.50 per share,
a
1929
■
,
+ 8.6
1,809,716
1,464,700
1,761,594
+2.6
1,752,066
1,827,513
1,851,541
1,857,470
1,863,483
1,867,127
1,863,086
1,895,817
1,897,180
1,913,684
1,938,560
1,953,119
1,423,977
1,476,442
1,490,863
1,499,459
1,506.219
1,507,503
1,528,145
1,533,028
1,525.410
1,520.730
1,531,584
1,475,268
for the current quarter declared an
addition to the regular quarterly divi¬
dend of
25c.
per
share.
Extras of 20c. per share each in June and
September, and an extra dividend of 5c. per share in the March quarter,
bring total payments by the Colafornia company this year to $2.00 per
share compared with $1.20 per share in 1936.
Socony-Vacuum Oil Co., in addition to the semi-annual payments of
25c. per share each in March and September, declared a special dividend
of 30c. per share payable in December, making a total of 80c. per share
in 1937 as against 70c. per share in the previous year.
Humble Oil &
Refining Co., which paid quarterly dividends of 37l/2c. per share in the
first
$1.50
62%c. per
share in 1937 compared with
subsequently increased the rate of
year,
paying a total of $2.00 per
is
share in 1936.
per
of
distribution
$1.00 per share this year,
while Creole Petroleum Corp's
payments, totaling
60c. per share in 1936,
$1.00 per share compares
with
compare
dividend
Co.'s
Oil
Ohio
this
quarters
two
share, and
with 50c. per share paid in
+ 12.4
2,170,807
+ 4.4
2,157,278
2,169,442
2,168.487
2,170,127
2,166,656
2,175,810
2,169,480
2,169,715
+ 5.5
2,196,175
—6.0
+ 5.1
+ 5.0
+ 5.1
+ 4.1
+ 1.2
+0.3
+2.5
MONTHS (THOUSANDS OF
South
Oil
Penn
dividend of 77%c.
declared a final quarter extra
Co.
addition to the regular quarterly dividend' of 37^c. per
share, which, together with the payments previously made this year, bring
total dividends by South Penn in 1937 to $3.65 per share compared with
in
share
per
together with the regular quar¬
$1.50 per share declared
by this company for 1937 as against $1.35 in 1936.
Pipe line members of the group paying more this year are Buckeye Pipe
Line
Co., with
distributions totaling $3.75 per share, compared with
$3.25 per share in 1936 ; National Transit, $1.00 per share as against
75c. per share;
New York Transit, 40c. compared with 35c. in 1936 ;
Northern Pipe Line, $1.00 against
35c., and Southern Pipe Line, 45c.
of
20c.
share in the current quarter,
per
share, make a total of
terly payment of 25c. per
■ ■V'-o:
Indiana's final quarter extra
Co. of
Oil
dividend of 75c. per
regular quarterly payment of 25c. per share,
bring this company's total 1937 distribution to $2.30 per share,* while in
1936 a total of $2.40 per share was paid.
Atlantic Refining and Standard
Oil of Ohio also paid less in 1937 than last year.
Atlantic Refining's
payments of $1.00 per share compare with $1.25 in 1936, while Standard
Oii of Ohio is paying a total of $1.50 per share this year as against $2.00
addition to the
in
share,
share in 1936.
record of quarterly
per
disbursements in recent years follows:
The
Is*
1,806,259
1,792,131
1,777,854
1937
1.819,276
1935
1,806,403
1,798,633
1,824,160
1,815,749
1,798,164
1,793,584
1,818,169
1934
1932
1931
1930
....
Does
Co.
not
of
3d Quarter
$94,996,530
74,817,051
63,821,486
58,908,391
34,527,547
46,278,873
57,843,467
68,555,901
331,984,248
29,911,506
17,653,161
18,582,065
19,546,576
43,858,468
4th Quarter
3121,317,075
114,399,982
70,516,298
67,289,092
42,457,920
44,112,501
32,406,332
46,801,053
48,530,230
51,263,688
63,101,797
83,012,644
68,271,015
66,687,168
Include 1,399,345 shares of Mission Corp. distributed
1933
*
2d Quarter
f
...$25,437,708
19,872,088
*18,122,737
24,312,981
1936
Oil
Quarter
1936
1937
KILOWATT-HOURS)
and
Cent
1937
1935
1932
1929
from
January
February..
March
April
May
June
July
-
10.351.661
August
9,982.609
September.
October.
November.
December
8,664,110
8,025,886
8,375,493
8,336,990
8,532,355
8,640,147
9,163,490
9,275,973
9,262,845
9,670,229
9,237,905
9,850,317
+ 13.7
7,762,513
7,048,495
7,500,566
7,382,224
7,544,845
+ 13.6
7,404,174
+ 10.4
7,796,665
+ 11.6
8,078,451
7,795,422
8,388,495
8,197,215
8,521,021
+ 13.0
+ 11.2
+ 18.3
+ 15.0
+ 7.8
107035740
Total
7,011,736
6,494,091
6,771,684
6,294,302
6,219,554
6,130,077
6,112,175
6,310,667
6,317,733
6,633,865
6,507,804
6,638,424
7,585,334
6,850,855
7,380,263
7,285,359
7,486,635
7,220,279
7,484,727
7,773,878
7,523,395
8,133,485
7,681,822
7,871,121
93,420,266 77,442,112 90,277,153
by Companies of Standard Oil
15% Above 1936—Estimated Dis¬
of $273,735,561 Largest of Any Year
Payments
Group
in
1937
bursements
Except 1930
companies of the Stand¬
estimated at $273,735,561
compared with $239,000,627 in 1936, an increase of $34,734,934, or approximately 15%, and the largest for any
year with the exception of 1930, when the record total of
$286,526,728 was distributed, according to figures compiled
by Carl H. Pforzlieimer & Co., New York City, members of
the New York Stock Exchange.
Aggregate disbursements
of the group for the fourth quarter of 1937 are estimated by
the firm at $121,317,075 compared with $114,399,982 in the
final quarter of 1936, and represent the largest total of cash
dividends paid by these companies in any quarterly period,
said an announcement in the matter, which continued:
Increased payments by practically every member of the group account
for the greater total as compared with last year, while the unusually large
disbursement in the current quarter reflects the substantia] vear-end extra
and special dividends declared by many of these companies as well as the
fact that several of the larger companies are on a semi-annual basis with
payments being made in the second and fourth quarters.
Substantially larger dividends by Standard Oil Co. of New Jersey,
Standard Oil Co. of California, Humble Oil & Refining, Socony-Vacuum
Oil Co., Ohio Oil Co., Creole Petroleum, and South Penn Oil Co. account for
Cash
dividend payments by the
ard Oil group
for the year 1937 are
128.938,375
181,050,895
220,739,182
286,526,728
by Standard
in October—Imports
Exports
Statistics of the Department
The Bureau of
of Commerce
foreign
months
Washington on Nov. 29 issued its statement on the
trade of the United States for October and the ten
ended with October, with comparisons by months back
1932.
The report is as follows:1
United States exports
the highest
Imports,
October and reached
1930. The value—$333,October than in September, 1937 and 26%
month since March,
in
October, 1936.
136,000—was 12% greater
larger than in
$224,391,000, were 4% below the
valued at
both
preceding month's
basis. Imports
corresponding
than in October, 1936. On a quantity
September and October were smaller than in the
total, but 6% larger
for
to
continued to increase during
value for any
month of 1936.
The unit value
modities in our
and of total imports remained higher in
1936. although prices of many of the com¬
trade have declined in recent months.
of total exports
in October,
October, 1937 than
Dividend
*170,113,682
169,092,529
at
1936
9,791,969
8,926,760
9,908,259
9,584,251
9,703,394
9,818,888
10,113,071
Totals
$273,735,561
239,000,627
Jersey.
New
Change
Month of
dividend
Standard Oil Co. of Kentucky's extra
1936.
$2.60 per share in
Country's Foreign Trade
Per
the
preceding year.
1.674,588
2,135,598
2,098,924
2,028,583
compared with $2.00
55c. per share in
dividend of
Standard
from
Sept.
50c.
December,
a
against 25c.
Adjusted to Include holiday
Week Ended
of
and
extra
+24.2
+ 4.6
+ 17.4
+6.1
+5.2
+2.0
Furniture
representing
year
share in the preceding year.
Standard Oil
Co. of California
_
Men's and boys' wear..
this
dend
Hosiery
Toys and sporting goods
x
major part
partly
Indiana,
Percentage Change
3563
Chronicle
foreign
compared with
October, 1936.
warehouses, plus
goods which entered merchandising channels immediately upon arrival in
the country) amounted to $224,391,000 compared with $233,362,000 in
Exports,
including re-exports,
amounted to $333,136,000
$296,713,000 in September, 1937 and $264,949,000 in
General imports (goods entered for storage in bonded
September, 1937 and
$212,692,000 in October, 1936.
consumption (goods which entered merchandising or con¬
immediately upon arrival in the country, plus with¬
warehouse for consumption) amounted to $226,505,000 com¬
Imports for
sumption channels
drawals from
pared with
$234,077,000 in September,
1937 and $213,419,000 in
October,
1936.
There
October.
was
of merchandise exports of $108,745,000 in
first nine months of 1937 the net balance of merchandise
net balance
For the
imports was
a
a
period.
first
the October figures, there was
$60,443,000 for the 10 months'
net export balance of $18,783,000 in the
nearly $50,000,000.
Including
balance amounting to
shift to a net export
This compares with a
of 1936.
10 months
articles showed some increase in quantity and value
As a result of the large crops this year, exports of wheat,
apples and dried fruit increased considerably, and cotton exports were
larger in October than in September.
Exports of many
during October.
also
Exports of passenger
automobiles, which had
recently declined during
increased substantially during October.
smaller than in any previous month
of this year.
Exports of industrial machinery reached the largest amount
for any month since May, 1930, and exports of iron and steel manufactures
were somewhat larger than in September, although slightly under the large
amounts recorded for several other recent months.
the
change-over to
However, motor
1938 models,
trucks exports were
3564
A few
wood
Financial
Chronicle
pulp
particularly leaf tobacco, motor fuel, crude
petroleum,
naval stores, were smaller in value in October
than in
and
September.
•'
•
GOLD AND
October
during October reflected
considerable extent
Because
a
1936
more
satisfactory
1937
1,000
Exports..-.-...
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
+535,210
117
Silver—
crops in 1937 the need
90,709
27,308
1,011,085
1,546,296
218*812
Excess of exports
Excess of imports
to a
232
218,929
90*477
9*83*778
1,5*45*412
;
Imports.
—26,424
*
Exports
Imports.
for such
imports has decreased.
After reaching a value of
$46,000,000 in
June, imports of competitive agricultural commodities
decreased in each
succeeding month and in October were valued at less than
$19,000,000.
Particularly marked decreases have been shown for imports of
268
2,318
3,779
+ 1,461
5,701
176,099
58,093
—118,006
26", 663
Excess of exports
Excess of Imports
380
26,931
*5*320
1*73*781
54*313
and
corn
vegetable oils.
Incr ease (+)
Deerease{—)
1936
Dollars
relatively large in the
With the
1937
Gold—
reduction in imports of competitive
agricultural prod¬
1936 drought, these were
of the
first half of this year.
10 Months Ended Oct.
Exports and Imports
petroleum products, approximately one-half larger in
October, 1937.
The value of exports of raw cotton was smaller in
October, 1937 than
a year ago.
This decline resulted, in part, from the lower
price of cotton
this year and the marked reduction in
shipments to Japan.
The decline in the total value of
imports
1937
SILVER BY MONTHS
Exports, Imports and Net Balance
"
v
In comparison with the
corresponding month a year ago, the major part
of the export increase in October was
due to larger shipments of manu¬
factured articles.
Exports of metals and manufactures were nearly twice
as large in value, and
exports of machinery, including vehicles, and of
ucts.
Dec. 4,
exports,
>
Gold
Imports of many other commodities also declined
during October.
Cocoa
imports were barely half as large as the monthly
average quantity imported
during the first nine months of this year.
Imports of precious
Month
Stiver
Period
or
1934
1935
1936
1937
1934
1935
1936
1937
1,000
1,000
1.000
1,000
1,000
1,000
Dollars
1,000
Dollars
1,000
Dollars
Dollars
Dollars
Dollars
4,715
363
338
51
46
23,637
44
540
2,315
stones were
smaller in value than in any previous
trus of burlaps.
Hides and
month of
1937, and the
skins, crude rubber and raw wool
leading commodities imported in smaller value in October than
in
same
was
Exports—
January
February
other
were
September.
particularly cheese, vegetables, certain fruits,
nuts, al¬
A few imports,
March
April
coholic spirits and wines, showed, as
usual, a seasonal expansion in October.
In comparison with a year
ago, the higher value of total
imports in Octo¬
ber was due, mainly, to
larger receipts of crude rubber, paper and
37
62
51
13
Dollars
1,248
253
1,661
141
611
665
39
Dollars
859
734
11
...
3,128
237
346
468
612
a
Imports
year ago.
Including
Re-exports,
General
October
Imports,
10
and
Balance
Months Ended Oct
Exports and Imports
203
2,404
1,717
197
244
114
59
695
206
1,789
1,547
138
214
14.556
22,255
102
1,741
2,009
143
86
42
129
1,424
285
76
117
232
1,162
1,472
260
204
2,173
268
310
380
242
127
1,698
512
411
140
170
99
1,014
769
236
52,309
52,759
1,548
1.960
27,308
27,534
13,840
17,520
18,801
2,965
1,947 149,755
452,622 122,817
237,380
13,543
54,785 148,670
45,981
3,593
19,085
58.483
2,128
1,823
16,351
20,842
17,636
October
MERCHANDISE TRADE BY MONTHS
Exports,
2,885
81
December
higher prices of this year.
substantially smaller than
4
77
November
of grains were
5
166
of
Trade
10 mos. end. Oct.
12 mos. end. Dec.
Increase(.+)
Decrease(—)
1936
1937
1936
1937
1,000
1,000
1,000
Dollars
1,000
Dollars
Dollars
Dollars
Dollars
April
264,949
212,692
Excess of exports....
Excess of imports
333,136
224,391
1,999,814
1,981,031
2,712,426
2,651,983
+ 712 612
May
52,257
108,745
18,783
60,443
January
February
March
or
Period
June
+ 670,952
July.
August
Exports, Jncludino
Reexports—
January
February
1933
1935
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
150,022
153,972
120,589
172,220
162,762
190,938
101,513
April.
154,876
135,096
108,015
105,217
May
131,899
June
114,148
106,830
108,599
132,037
153,090
138,834
131,614
114,203
119,790
144,109
131.473
160,119
176,223
...
October..
November..
December
mos.
12
mos.
198,564
163,007
161,672
July
10
1937
Dollars
March
August
September
1936
182,024
195,113
185,026
164.151
192,795
165,459
200,772
171,984
170,244
173,230
172,126
191.313
198,803
193,069
206.413
184,256
192,638
194,712
170,654
221,296
269,838
223,469
185,693
180,390
178,975
220,539
264,949
179,427
160,197
170,519
222,665°
233,125
256,565
268,946
289,922
265,341
268.185
277,829
296,713
333,136
226,364
229,800
ended Oct... 1,340,569
1.298.099 1,767,435 1,789,567 1,999,814
ended Dec.. 1.611,016
1,674,994 2,132,800 2,282,874 2,455,978
2,712,426
Germed Imports—
January
February
March
135,520
130,999
131,189
126,522
April
May
96,006
83.748
94,860
88,412
112,276
...
135,706
132,753
158,105
166,832
152,491
146,523
177.356
170,500
154,647
136,109
170,533
156,754
August
91,102
September
106,869
122,197
142,980
154,918
98.411
146.643
105,499
104,468
97,087
150,867
128,541
133,518
79,421
October
November
December
10 mos. ended Oct...
mos. ended Dec..
12
191,077
195,056
286,828
284,911
285,925
265,223
169,030
193,073
245,707
161,647
189.357
215,701
212,692
233,362
224,391
169,385
196.400
186,968
150,919
132,258
110,280
July
240,452
277,709
245,161
191,697
October
Exports and Imports
1936
1,000
and
10 Months Ended Oct.
1937
1,000
Imports for Consumption
Increase (+)
Decrease^—)
1936
1937
1,000
1,000
1,000
Dollars
Imports for consumption
Month
or
Period
Exports—U. S.
Merchandise—
January...
February
March....
April
...
June
July
August
September
Dollars
2,669,654
2,596,515
+ 701,271
213,419
December
Dec.
+ 613,071
1933
1934
1935
1936
1937
1,000
1,000
Dollars
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
151,048
161.403
132,268
128,553
109,478
104,276
118,559
169,577
99.423
159,617
173,560
160,312
195,689
179,381
106,293
103,265
219,063
229.671
187,418
176,490
157,161
181,667
160,511
159,791
192,405
189,574
252,442
264,628
285,081
256,481
264,614
274,359
111,845
117,517
141.573
129,315
157,490
190,842
181,291
189,808
197.020
167,902
159,128
167,278
167,865
181,386
177,006
169,851
169,683
175,825
188,860
196,040
203,536
218,184
217,925
262,173
192,156
168,442
267,258
220,931
293.509
329,807
223,920
226,666
Imports for
Consumption—
January
i
February
March
April
92,718
128,976
168,482
84,164
125.047
152,246
91,893
88,107
153,396
141,247
175,485
166,070
May
112,611
June
109.141
147,467
166,756
112,509
123,931
141,018
135,067
155,313
124,010
173,096
July
79,934
186,377
189,590
194,296
199,776
189,008
194,311
197,458
228,734
260,224
295,929
281,287
278.642
278.722
263,312
August
September
117,262
102,933
180,381
200.783
October
147,599
149,893
104,662
149,288
125,269
127,170
168,683
189,806
218,425
137,975
234.077
213,419
200,304
240.230
226,505
93,375
November.
105,295
December
10
mos.
12
mos.
95,898
ended Oct
ended
152,714
149,470
126,193
1,123,899 1.180,573 1.360,340
162,828
179,760
249,083
1,696,318 1,983,443 2,596,515
Dec.. 1,325,093 1,433,013
1,636,003 2,038,905 2,423,977
1,955
11,002
4,435
13,501
4,989
6,431
2,458
21,926
10,444
30,230
23,981
30,820
16,637
20.831
45.689
14,425
2,848
14,080
8,115
4,490
6,589
2,821
3,165
6,025
4,476
6,574
8.363
4,964
8.427
48,898
26,931
5,701
15,011
60,065
4,461
8,711
47,603
2,267
58,093
Activity in October Continued Downward
Trend, According to National Industrial Confer¬
Board
ence
Further
curtailment reflected by
nearly all indices of
production and trade
during October and the first half of
November has dispelled any
tendency to minimize the seri¬
of
ousness
the
current recession,
according to the latest
monthly review of business conditions
by the National In¬
dustrial Conference Board.
the
following to
No
review,
shall
are
formation
experience
and
to
their
present
to
intense
chances
better
place
Mention
of
are
than
their
regulation
of
Nov. 26 also had
on
lessened,
a
to
net
it
for
is
in
the
in
eventual
profits
investment
on
that
we
Investors
seem
most
socialization,
especially
already reduced by the
discouraged from retain¬
are
in
Board's
restrictions
doubtful
recovery.
industries which
Management itself is
income
made
present
"limping"
funds
or
realizing
heavy tax burden.
portion
a
investment
anything
particularly loath
vulnerable
ing
The Board
say:
attempt to forecast future developments is
but the opinion is expressed that until
capital
capital
goods.
is
made, however, in the Conference Board's review of certain
salutary developments in the current situation.
First among these is the
growing realization on the part of Congress that the
present tax laws
seriously impair the ability of private
enterprise to pull the country out
of
its eight-year-old
depression.
From some quarters, at
least, there is
finally coming the admission that the Federal
budget must soon be bal¬
anced.
The effectiveness and
desirability of further "pump-priming" is
being seriously questioned.
The practical
inability of both railroads and
utility companies to finance plant expansion under
also
present
receiving
duction
of
In
serious
the machine
November,
tically
in
Building
volume
again
declined
business
with
is
mill
rayon,
to
silk,
and
Pro¬
textiles,
in
amount
the lowest
well
was
production
sharply.
power,
level
maintained.
of
cotton
wool
has
and
October.
since
Textile
cloth
also
dras¬
declined
months.
receded.
W.
foreign
depressed
Consumption of
conditions
*
seasonally adjusted,
industry, domestic orders fell
but
continue
curtailed.
recent
F.
tool
1936,
operations
consideration.
production,
automobiles, steel ingots, pig iron, electric
coal fell by more than the usual
seasonal
bituminous
activity,
The
of
except
Conference
Dodge
Corp.
for
construction
a
fractional
Board's
indicates
has
that,
now
gain
analysis
on
receded
a
of
in
public
figures
seasonally
from
the
works,
reported
adjusted
recovery
also
by
the
basis,
the
reached
peak
January, 1937, to approximately the level prevailing in
March, 1936.
Department store sales in October declined
1.1% after seasonal adjust¬
ment, returning to the level during the
period from March through June.
The
net
physical volume of these sales showed a decline of
1.2% as
department store prices rose
fractionally.
Rural retail sales remained at
the
134,311
129,804
130,584
123,176
121,336
7,002 120,326
7,795 154.371
28,106 215,825
in
1,310,774 1,276,121 1,739,538
1,754,892 1,968,383 2,669,654
1,576,151 1.647.220 2,100.135
2.243,081 2,418,969
3,779
Business
Industrial
136,402
128,975
10 mos. ended Oct
1.983,444
1932
129,538
151,035
November
ended
Dollars
1,968,383
106.270
October
mos.
Dollars
329,807
226,505
146.906
May
12
Dollars
262,173
Exports (U. S. mdse.)..
278
2,318
10 mos. end. Oct. 973,223
1339990 1011085 1546296
79,004 246,863 176,099
12 mos. end. Dec. 1186671
1740979 1144117
102,725 354,531 182,816
when
1,121,219 1,187,500 1,371,878 1,691,132
1,981,031 2,651,983
1,322,774 1,449,559 1,655,055 2,047,485
2,422,592
Exports of United States Merchandise
December..
307,474
176,631
127,229
119,513
131,658
129,635
.
June
187,482
192,774
198,701
202,779
16,551
46,086 67,524 105,013
3,585 156,805 171.866 145,623
13,010 315,424 218,929
90.709
121,199 210,810 75,962
92,249 190,180 57,070
November
1934
884
51,781
September
1932
169
35,362 140.065 169,957 155,366
70,291 230,538 277,851 262,103
52,460
16,287
16,074 175,624
October
Month
32
341
Imports—
1,000
Exports..
imports
...
July
August
September
paper
materials and non-ferrous
metals, at the
535
49
1,425
1,638
1,593
1,780
6,586
May
June
and
recovery peak established last month.
Variety sales
five and ten cent store sales were
reduced by 5.4%.
The
factors
the
Conference
in
use
bringing
of
equipment.
Financial
and
Board's
large
a
An
about
amount
points out
sustained
of
analysis of the
Chronicle"
holding
review
indicates
that
recovery
in
one
of
prior
dropped
the
4.3%,
fundamental
periods
has
been
capital
funds for expansion of plant and
figures compiled by the "Commercial and
that, excluding investment trust, trading,
issues, new capital flotations for the
year to date
only 22% of the 1928-29 average.
New railroad issues,
year than in 1928, this year fell below the
total for
each
of
the
corresponding 10-month periods from 1928
through 1931.
Public utility and industrial issues
were
nearly twice as large as last
year, but actually 92% and 56%,
respectively, below the 1928-29
company
have amounted
to
although higher last
average.
Volume
Among
iron
industrials,
the
steel, coal,
and
Monthly
the
oil,
Business
expansion has
classifications.
greatest
and
copper
taken place in * the
of
Indexes of Board of Governors
there was a
sharp reduc¬
tion and activity at woolen mills and shoe factories continued to decline.
There was an increase in output at sugar refineries, where activity had
been at a low level in September.
In most other lines changes in output
were
largely seasonal.
Mineral production continued at about the level
further
the Board of Governors of the
issued as follows its monthly indexes
industrial production, factory employment, &c:
Under date of Nov. 24,
=
of
little
showed
Without
Seasonal Adjustment
clines
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
1937
1937
1936
1937
1937
1936
the
in
seasonal
a
was
and
ment
General Indexes—
109
111
pi 00
106
110
pl22
125
115
56
57
p48
56
54
37
43
37
41
71
69
p35
p59
order sales increased seasonally in
sales at department stores have been sus¬
tained, with seasonal fluctuations, and the Board's adjusted index of these
72
65
sales
Residential
p36
All other
p62
p98 .3
Distribution
Sales
94 .4 plOO.4
100 .7
102.1
96 .7
P100.2
100.1
89 .0
-
Factory payrolls
76
78
77
84
87
86
p93
94
90
P102
100
100
123
department stores and mail
at
October.
Throughout the year
little change.
shown
has
Freight car loadings declined in
123
Selected Production Indexes—
Commodity Prices
100
125
127
108
114
p93
107
rll8
87
105
89
83
104
89
135
112
53
65
p99
112
123
157
93
97
p90
Leather and shoes
..
155
shipments
86
86
p90
92
94
52
52
53
152
182
98
156
218
167
98
73
115
Zinc
Lead
-
p Preliminary,
r Revised.
Note—Production, carloadlngs
116
101
112
110
declined sub¬
81
77
71
84
73
and department store sales Indexes
based on dally
based on three-month moving average
Dodge data for 37 Eastern States.
Employment index, without seasonal adjustment and payrolls Index
by Bureau of Labor Statistics.
EMPLOYMENT AND PAYROLLS
of F. W.
000,000
from
100)
a
New York
in
a
reflecting the Federal Reserve security pur¬
required reserves at member banks
City, caused partly by a reduction in demand deposits arising
$1,100,000,000,
to
and
considerable
Payrolls
Employment
Without
Adjusted for
Seasonal Varia'n
Without
Sea¬
sonal Adjustment
Sea¬
sonal Adjustment
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
Oct.
Sept.
Oct.
1937
1937
1936
1937
1937
1936
1937
1937
liquidation of brokers' loans.
to brokers and dealers reported by banks in
the four weeks ending Nov.
1936
96.7 100.2 100.1
89.0
99.4
85.3
98.5 100.9
decline in
leading cities declined
17. Commercial loans,
following a steady increase for several months, declined after the middle
of October.
Member banks in New York City increased their holdings
of United States Government securities by over $150,000,000, while banks
outside New York City showed a further reduction.
Deposits continued
Loans
by $250,000,000 during
93.7
98.3 100.7
96.4
98.6
94.4 100.4 102.1
88.2
97.3
89.2 101.6
97.3
100.2 102.9 101.2 103.7 107.3 104.7
Non-durable goods
moderate reductions.
to show
Unemployed Workers During October In¬
293,000 Over September Level, According
National Industrial Conference Board—Esti¬
Number
of
creased
to
6,355,000
mated Total Placed at
Durable Goods—
steel
Iron and
-
Machinery
Transportation equipment..
Automobiles
93.2
112.9
105.3 108.4 98.4 105.7 108.8 98.9 107.3
134.3 134.3 102.7
127.7 130.2 108.4 128.6 130.7 109.6
95.8
104.4
125.0 123.9 105.0 121.5 107.0 102.1 128.0
113.4 132.3 112.5 110.0 135.8 105.6 101.5
136.4 135.5
63.1
65.6
60.4
60.4
58.9
60.1
60.1
58.7
109.7 110.1
109.4 113.7 105.2 112.7 114.1 108.3
68.2
65.4
69.2
71.7
66.2
69.5
69.2
66.4
Railroad repair shops
Nonferrous metals
Lumber
and products
Stone, clay
B.
Wearing apparel
products
Food products
Tobacco products
Paper and printing
Chemicals & petroleum
B.
71.4
72.7
69.1
69.7
99.7
63.5
prods.
87.1
88.5
81.3
85.3
85.1
ence
87.6
87.0
91.5
66.1
71.6
74.0
133.2 111.5
114.2 114.8 112.7 125.5 137.8 124.2 125.4
54.7
56.5
57.8
64.5
62.5 62.1
61.1
60.2
59.2
96.5
107.7 104.0 105.0 103.7
106.8 107.8 103.1 107.7
139.0 114.4
125.0 127.4 117.9 127.8 128.6 120.3 138.5
99.5
98.3
97.5
98.0
97.9
compiled by the Bureau of Labor Statistics.
for seasonal variation compiled by Federal
93.9
seasonal adjustment
Index of factory employment
adjusted
Under¬
of month and have been
October, 1937 figures are
Reserve Board of Governors.
for payroll period ending nearest middle
adjusted to the Census of Manufactures through 1933.
lying figures are
not
culture,
agencies, aggregating
sufficient
last
month
since
During the
year.
of
The total labor force
UNEMPLOYMENT AND
103%
an
was
a
of the
average
marked
index of industrial production
compared with 111% in September
this year. There
1923-25 average as
in the first eight months of
curtailment of activity in the durable
of 116%
goods industries.
ingots, which had shown a steady decline since August,
rate of 59% of capacity in October and by the third
week in November the rate had declined to 36%.
Automobile production
increased considerably in October as most manufacturers began assembly
of 1938 model cars.
In the first three weeks of November output of
automobiles showed little change from the level reached at the end of
Output
was
at
October,
of
steel
an
average
assemblies by one leading manufacturer continuing in
small volume.
Production of lumber and of plate glass
further in October.
In the non-durable goods industries, where
with
exceptionally
declined
1937
1937
Aug.
Sept.*
Oct.*
47,368
10,650
14,984
35,586
7,464
45,134
46,891
6,062
47,079
6,355
46,836
9,920
11,132
11,652
11,763
11,579
6,201
268
Extraction of minerals
Manufacturing
Construction
Transportation
—
Public utilities
-
and finance--
Service Industries
industries and ser¬
136
192
203
201
195
18,582
Total Industry.
♦
1937
Oct.
-
Agriculture
Forestry and fishing
Miscellaneous
1936
920
Unemployment, total
Employment, total
Trade, distribution
1933
March
10,998
16,142
16,918
16,707
10,550
1.087
11,071
2,841
2,416
1,167
7,325
9,160
587
741
759
778
789
7,013
11,129
1,447
1,882
11,700
1,473
1,992
11,683
1,287
1,963
11,589
1,234
1,383
989
1,545
1,943
864
943
993
997
995
5,869
7,549
7,295
9,004
7,444
9,245
7,644
9,328
7,725
9,354
1,114
1,369
1,429
1,435
1,433
Preliminary.
Board's seasonally adjusted
In October the
and
EMPLOYMENT (IN THOUSANDS)
Aver.
vices
Production and Employment
increased 693,000 persons
1929
Sharply in
Nov. 25:
and fishing.
in the same
12 months the Conference Board estimates
persons into the Nation's employed labor
1,702,000
is estimated to have
October, 1936, and 4,903,000 since 1929.
reabsorption
Volume of
October—Employment Also Reduced
Volume of industrial production showed a further sharp
decrease in October and the first three weeks of November,
-and there was a reduction in employment, states the Board
of Governors of the Federal Reserve System, in its monthly
summary of general business and financial conditions in
the United States, based upon statistics for October and the
first three weeks of November.
Commodity prices continued
to decline.
Distribution of commodities to consumers was
maintained at the level of other recent months, according
to the Board, which issued its summary, as follows, on
employment of 184,000 in agri¬
53,000 in construction, 20,000 in trans¬
offset decreases in
to
94,000 in manufacturing,
portation, and several thousand in public utilities and forestry
The unemployment total in October was 1,109,000 less than
force.
of Business Conditions in United States by
of Governors of Federal Reserve System—
Industrial Production Again Decreased
enterprise and in permanent
46,836,000 persons in October, showed a
decrease of 243,000 under the total for September.
The number of persons
employed in non-agricultural activities aggregated 35,257,000 persons during
the month and was 69,000 under the total in September.
Increases in employment of 81,000 in trade, distribution and finance,
26,000 in the service industries, and 11,000 in extraction of minerals,
Government
a
preliminary.
fields of private
in all
employment
swing
after a
Confer¬
adding:
Board said,
Total
were
employment and payrolls without
Note—Indexes of factory
•was
of the upward
84.6
97.9
Rubber products
Board
resumption
a
98.7 101.6 104.3
Chemicals group,
ex¬
137.7 113.9
125.1 127.9 117.4 128.3 128.9 120.2 137.4
cept petroleum refg.
143.1 115.9
124.6 125.3 119.4 125.8 127.2 120.6 142.1
Petroleum refining
96.8
97.4
Summary
represents
increase
from July to August of this year
succession of monthly declines since January, the
96.3 100.9 101.7
Fabrics
A.
62.5
67.2
97.1
94.9
91.7
95.5
95.9
90.2
107.7 109.7 113.4 112.3 114.4 118.3
92.8
92.7
92.0
89.3
90.0
88.6
products
A.
Leather
69.9
70.5
Unemployment in the United States in October advanced
293,000 over the September level to an estimated total of
6,355,000, according to the latest report of the National In¬
dustrial Conference Board, made public Nov. 30.
This
which took place
Non-durable Goods—
Textiles and
63.9
69.4
and glass
banks purchased
United States Government securities, in accordance with
policy adopted in September to provide additional reserves for meeting
seasonal currency and other requirements.
From the middle of October
to Nov. 17 excess reserves of member banks increased from about $1,000,of
$28,525,000
chases
compiled
INDEXES BY GROUPS AND
INDUSTRIES (1923-1925 average=
Durable goods
Credit
Bank
the
Construction contract Indexes
Total
by
following the announcement
of November the Federal Reserve
During the first half
averages.
FACTORY
Livestock and meat prices
products.
stantially, and coffee prices dropped sharply
Brazil of modification of its control policy.
183
113
October to
in the prices
industrial
finished
of
Bteel
metals,
November, and there were some decreases
week of
the third
non-ferrous
declined further from the middle of
rubber, and hides,
scrap,
particularly
materials,
industrial
of
67
177
p69
pi 79
91
Petroleum, crude
167
p54
Anthracite
146
pi 77
Minerals—Bituminous coal
162
179
p82
Tobacco manufactures
Iron ore
Prices
98
Automobiles
October and the first half of November,
forest products, ore, and miscellaneous
freight.
p91
Textiles
1 Meat packing
of
shipments
smaller
reflecting
it
■j
'
pi 03
p50
Manufactures—Iron and steel
establishments
'
mines and at
111
Total
Freight-car loadings
at
in wholesale and retail trade.
105
110
Construction contracts, value:
Department store sales, value
seasonally
increased
115
111
Factory employment
in
increase
payrolls
110
pl03
plOl
pi 13
Minerals
textiles, and in many smaller industries.
There
employment at automobile factories.
Employ¬
and
lumber,
machinery,
engaged
total
private
The decline was chiefly in
substantially in October and payrolls
change, although an increase is usual at this season.
De¬
number employed were reported by factories producing steel,
declined
employment
Factory
Adjsided for
Manufactures
the first half
according to
non-residential construction.
100)
Seasonal Variation
Industrial production,
preceding six weeks,
the
in
Dodge Corp.
W.
F.
a
awarded in October and
contracts
than
showed
maintained throughout this year.
and
1936
smaller
was
the
of
figures
of
close
construction
November
of
*
BUSINESS INDEXES
(1923-1925 average
the
at
Value
this year,
of
consumption
Cotton
October.
in
spring
the
declining 6ince
decrease
reached
Federal Reserve System
been
had
output
Federal Reserve System
of
3565
Financial Chronicle
145
Weekly
of
Report
Lumber Movement—Week
Nov.
The lumber
stood at 53%
Ended
20, 1937
industry during the week ended Nov. 20,1937,
of the 1929 weekly average of production and
The week's reported pro¬
business booked and
22% greater than reported shipments.
Production, ship¬
ments and new orders, as reported, were all slightly below
the preceding week.
Reported production was somewhat
below the corresponding week of last year: shipments and
45% of average
duction
was
1929 shipments.
29%
greater than
new
3566
Financial
orders
new
reported
showed
greater
National
declines.
Chronicle
of Customs
production
for
tions
tion
wood
Cuban
from
regional associations covering the opera¬
important hardwood and softwood mills.
Produc¬
of
in
the
Nov.
week ended
mills
20, 1937,
shown by
was
reporting for both 1937 and 1936
soft¬
output in corresponding week of 1936; shipments were 20%
below last year's shipments of the same
week; new orders
3G% below orders of the 1936 week.
were
The Association
further reported:
feet
hardwoods
of
orders of
Mills,
were:
and
20,
softwoods
production,
147,026,000
1937,
543
mills
combined;
141,187,000 feet.
566;
feet; orders,
produced
shipped
Of the
181,580,000
149,057,000
Revised figures for the preceding week
186,618,000
feet;
shipments,
those of
Hemlock
but
regions
corresponding week of 1936; all but West Coast
mills
wood
mills.
same
feet,
Reports
last year's week,
and
and North¬
all
Sugar
137,232,000
Shipments
from
as
feet,
or
for
reported
20%
the
Production
20,
below
the
6,388,000
feet,
were
of
Identical
Last
week's
feet, and
a
142,669,000
year ago,
according
Season
There
177,609,000
and
(States
feet; shipments
feet,
and
was
two cane
harvesting
Pernambueo, Alagoas,
of
the
and
(States
country
in Brazil.
seasons
136,668,000
In the northern
Sergipe, and Bahia)
continues
of
March
to
Rio
de
the
Sao
until
In the
Paulo,
October
Brazil
is
or
starts
southern
and
Minas
November.
consumed
locally.
little under 4,000
a
section
campaign
April.
or
Janeiro,
harvesting begins in June and lasts
Practically all of the sugar produced in
During 1936-37 the exports were negligible, or
respectively,
received,
orders
an
as
Geraes)
172,053,000
were,
under
against 884,000 tons
increase of 73,000 tons, or approxi¬
are
of
generally in November
part
of 457 identical softwood mills
957,000 long tons
mately 8.3%, according to advices received by Lamborn &
Co., New York.
An announcement by the firm continued:
172,583,000 feet.
Reports
it was 187,973,000
ago
feet
142,188,000
feet and
production
year
Mill
at
produced last season,
the
mills give new business as 3,955,000
feet,
Shipments as reported for the same week were
29% below production.
Production was 8,997,000 feet.
or
a
in
Brazil During
1937-38
Forecast 8.3% Above Last Season
way, is forecast
463 soft¬
production
week
same
was
1937, by
hardwood
96
the same date
Brazil's 1937-38 sugar crop,
harvesting of which is
Nov.
56% below production.
or
on
Production
softwood
pine; reported production below that
for the week ended
17% below production.
or
below
and Northern
reported
totaled
Oct. 31 aggregated 922,899
long tons com¬
on
to the report.
week.
Lumber orders
total
pared with 745,214 tons available
reported shipments
West Coast
of similar 1936
Above
31
tons
Stocks of sugar in Cuba
151,610,000
feet.
regions reported orders below production in the week ended Nov.
20,
and all reported shipments below production.
All regions reported orders
below
from Jan. 1 to Oct.
Similar Period Year Ago
sugar exports during the period under
review, 1,749,278
were shipped to the United States
compared with 1.482,566
shipped during the corresponding period of last year, statistics show.
long
feet;
All
ern
Exports
also said:
During the week ended Nov.
booked
Sugar
Cuba's export trade in raw
sugar from Jan. 1 to Oct. 31,
1937, amounted to 2,341,960 long tons compared with
2,289,235 long tons during the corresponding period of
1936, according to statistics made available in Havana and
reported to the United States Department of Commerce
by the office of the American Commercial Attache.
In
noting this, an announcement by the Department, Nov. 29,
8% below
as
1937
4,
or
of the current calendar year.
was
Association
the free
dutiable status of each shipment of sugar from
the Philippine Islands
arriving in the United States during the remainder
the week ended Nov. 20, 1937, by 4% fewer
3% less than the output (revised figure) of the
preceding week; shipments were 2% below shipments of
that week; new orders were 4% below that week's
orders,
according to reports to the National Lumber Manufacturers
mills
Dec.
as to
tons.
212,852,000 feet.
327,000 Bags of Coffee Burned
Automobile
Production in
by Brazil from Nov. 1
to
15—Destroyed After Change of Policy Had Been
Announced—Coffee Exports Resumed Under New
October Higher than
Last Year
The Bureau of the Census has issued
the figures in the
factory sales of automobiles manufactured in
the United States (including foreign assemblies from
parts
made in the United States and reported as
complete units
of vehicles) for October, 1937.
Canadian production figures
have been supplied by the Dominion Bureau of Statistics.
Figures of automobile production in September, 1937,
1936 and 1935 appeared in the issue of the "Chronicle
of
October 30, 1937, page 2760.
table below of
NUMBER OF
VEHICLES
United Slates (Factory Sales)
Total (All
Passenger
Trucks,
Vehicles)
Cars
&c.
burned 327,000 bags of coffee
during the fortnight
immediately following the announcement that the 30-yearold coffee policy would be
changed, the New York Coffee
and Sugar
Exchange announced that it had learned by cable¬
Canada (Production)
Nov.
1
118,671
52,532
4,417
1,926
2,491
298,662
31,214
8,103
7,378
725
4,123,218
3,376,150
747,068
169,774
124,454
45,320
1936—
135,165
October
224,688
Total 10 mos.end.Oct.
80,101
45.064
190,242
34,446
4,655
2,223
5,361
2,432
4,448
913
Since
July
total
change
in
destroyed
1,
to
2,903,078
657,340
131,099
policy,
being
estimated
28,773
September
87,540
56,097
31,443
5,186
3,402
272,043
213,310
58,733
8,273
6,803
1,786
1,470
3,147,347
2,572,308
575,039
145,597
113,980
31,617
October
at
completion
$35,000,000)
development to be
Exchange has
"Will
from
difficult
coffee
Brazil
obtain
to
that
been
the
owing
Rubber
of
Basic
Export
Allowances
International
At
Quota
for
Lowered-—Fixed
First
at
70%
Quarter of 1938 by
Committee
on
New York:
semi-official
Nov. 30
Siam
and
French
in
the
restriction
Indo-China,
at
used
to
obtain
be
sources
the
an
explained
transitory
believed
fully
70%
continued
subject
to
was
has
the
position
destruction
of
70%
the
ques¬
rate?"
coffee
of
of
the
New
The
interviews
the
of
to
The
to
what
doubt
contos
prior
answer
at
current
some
crop.
official
the major
the
been
approved
of
and
of
500,000
a
official
that
30,
70%
although
purchasing
unable
of
However, there
program,
emission
paper
June
next
the
were
policy,
current
Department of Commerce announced
that it had been
advised by reports from the
office of the American Consulate at Brazil that
exports of
coffee from Brazil, which had
Nov. 3, when the coffee
exchanges were closed, were to be
resumed immediately under the terms of a decree issued
Nov. 13
by the Brazilian Government.
The
Department continued:
scheme,
226,669
tons,
with
the
which
exception
compares
of
with
283,362 tons during the last quarter of 1937—a decrease of 20.1%.
announcement
of the Commerce
Under the terms of the
are no
new decree, exporters of all commodities in Brazil
longer required to sell the proceeds of 35% of the value of exports
to the Bank of Brazil at the
dispose of the entire
official rate of exchange and
are
permitted to
amount of exports at rates not lower than those in
the
free exchange market, the reports stated.
Under the
The decision of the committee today places
permissible exports from all
participating
this
end
purchase
virtually been suspended since
meeting of the International Rubber Regulation
Committee, held in London Nov. 30, permissible exports
of crude rubber from countries
participating in the restric¬
tion scheme were fixed at 70% of basic
quotas for the first
quarter of 1938. The permissible exports previously fixed
for the third and fourth quarters of 1937 were
90% of the
basic quotas.
The following is from an announcement
issued on Nov. 30 by the
Commodity Exchange, Inc.,
a
countries
of
will
the
bags.
would be completed.
The United States
Crude
through
destruction
on
which
year
25,462,000
York
crop
crop
available
(about
latest
but
Total 10 mos.end.Oct.
burnings have totaled 7,090,000 bags, bringing the
bags.
According to plans made prior to the
total of about 20,000,000 bags was scheduled to be
a
made
the
of
announcement
1937,
latest
102,326
from
54,571,000
during the
part
reis
page 3127.
The
Sugar Exchange said:
and
tion,
3,560,418
1935—
period
886,000 bags and 811,000
3028, and Nov. 13,
regarding
September
the
covers
with
on
crop
Total 10 mos.end.Oct.
destruction
compares
during the last and first half of October,
The change in Brazil's coffee policy was an¬
Nov. 3, after a holiday on the first two
days
of the month, and was referred to in
our issues of Nov.
6,
page
329,876
This
respectively.
grand
October
26.
15 and
bags destroyed
Trucks
171,203
...
to
the Coffee
Total (All Pass'ger
Cars
Vehicles)
1937—
September..--.
Nov.
gram,
nounced
(INCLUDING CHASSIS)
Year and
Month
Decree
Brazil
agreements
new
law, the Minister of Finance is authorized to "discuss
to
regulate the responsibility and form of liquidation of the
£20,000,000 coffee realization loan," it was reported.
Until an agreement
is reached with reference to this
loan, the balance upon which is
approxi¬
mately $55,000,000, funds for servicing this loan will be derived from
50%
(1 milreis equals about $0.06 U. S.) per bag export tax and
of the 12 milreis
108,652,638 Pounds of Refined and 1,748,052,494 Pounds
of
Unrefined
Sugar
Philippines from Jan. 1
The
Commissioner
of
Reported
Received
from
will be deposited in a special account, the
reports stated.
According to the terms of the
to Nov. 20
Customs
on
Nov.
27
announced
that
new
decree the export tax on coffee, which
formerly 45 milreis per bag, was reduced to 12 milreis per bag.
The reduction of the export tax to 12 milreis
per bag and the permission
was
to
dispose of the entire proceeds of export sales at the free market exchange
are designed to facilitate greater Brazilian
participation in world coffee
preliminary reports from collectors of customs show
total importations of 108,652,638 pounds of refined and
1,748,052,494 pounds of unrefined sugar from the Philippine
Islands, during the period Jan. 1 to Nov. 20, 1937.
These
total
importations represent 97.01% and 97.55%, re¬
spectively, of the duty-free quotas on importations of these
commodities, established under the quota provisions of the
Philippine Independence Act, for the current calendar
year. An announcement issued by the Treasury Department
rate,
continued:
A drop of nearly 150,000 barrels in
daily average crude
priduction for the final week of November brought total out¬
put below estimated demand for the first time since mid-1935
For the purpose of administering control of these quotas, the collectors
of customs
are
required to
secure
telegraphic authorization from the Bureau
markets, according to the report.
Petroleum
and Its Products—Oil Output Below Con¬
sumption: First Time in 23^ Years—Reduction Due
to Sunday Shutdown in East
Texas—Pennsylvania
Crude
Prices Slashed
Again—Governor Allred Re¬
fuses Governor Marland's Bid
Others
to
Price
Conference,
Accept
Volume
at
3,425,800
barrels,
reports
by the
compiled
3567
Chronicle
Financial
145
Marland
Governor
American
continued
his
announcing that
plans,
demand
Kansas, Arkansas, New Mexico and Michigan already have
accepted his invitation. Governor Marland, in his original
announcement on Nov. 26 when the State Corporation Com¬
actual
mission
83,200 barrels
under the United States Bureau of Mines November market
Petroluem Institute disclosed.
The total
was
estimate of 3,509,000 barrels, but 415,150 above
production for the like 1936 period.
The slump, which carried production off to the lowest
total since April 10, last, was due to the Sunday shut-down
of the East Texas field which caused a reduction of 68,550
All fields in Texas
barrels, which was
equal to 73% of the reduction for the entire country of 148,050 barrels.
Since the Sunday shut-down will continue for
three more weeks, a continuance of the production-belowconsumption trend may be expected.
Only once before in recent years has production been below
consumption and that was for only one week in June, 1935.
Only a few months ago, daily average crude oil production
hit a new record peak of 3,731,450 barrels, which was nearly
270,000 barrels above current demand.
During this period
stocks of crude oil were climbingrapidly after having touched
a new 15-year low last January.
Stocks currently are on the
down-trend, contra-seasonal expansion in demand due to
heavy exports to the Far East adding to pressure generated
by the lowered production rate.
The mo ve of the Texas Railroad Commission in first slash-
cut December
quotas for Oklahoma to 550,000
barrels, 38,000 barrels below the Bureau of Mines' market
demand estimate, said there is "no reason why every oil-
producing State can't talk price."
The following crude oil price changes were posted this week:
barrels in the daily average for that area.
last week showed a decline of 108,450
Nov. 30—The Joseph Seep purchasing agency
pared prices of Pennsylvania grade crude oil 15 to
(All gravities where A. P. I. degrees are not
Bradford, Pa.
Lima (Ohio Oil
Corning, Pa.
Railroad
suit, although pared in the number of
de-
fendents, furnished some excitement this week when the
prosecution and defense attorneys argued over whether or not
testimony concerning the activities of Secretary of the In¬
terior Ickes and the Oil Planning and Coordination board in
"staving off crude oil price cuts during 1934," would be
Judge Stone ruled that this testimony was im¬
material but added "the defense should be permitted to show
admitted.
prices during 1935-36."
Although current stocks of crude oil, as disclosed in the
most recent report of the Bureau of Mines, are far above
those recorded for the comparable 1936 period in barreltotals, on a supply basis they are equal to only 86 days,
circumstances which affected
against 94 days' requirements held a year ago. This is the
most favorable supply situation for several years. Reductions
of nearly 3,000,000 barrels in crude stocks for the two weeks
ended Nov. 20 pared the total to 304,324,000 barrels, against
the 15-year low of around 287,000,000 barrels set early last
January. The low was the climax of a decline that started
early in 1936 and continued virtually unchecked until the
initial month of 1937.
fuel field for
Pennsylvania grade crude oil prices were slashed 15 to 18
a barrel on Dec.
1—Hhe third reduction in as many
months—as demand continued to lag despite the recent
Corning grade crude held unchanged at $1.27 a
new schedule posted by the Joseph Seep
purchasing agency of the South Penn Oil Co., effective
Dec. 1, Bradford and Allegheny crude were cut 15 cents to
$2.20 a barrel. Crude in Eureka Pipe Lines was off 18 cents
to $1.82; South West Pennsylvania Pipe Lines off 17 cents
to $1.88, and Buckeye down 15 cents to $1.70.
Governor Allred of Texas on Nov.
29 announced that he
Marland of Okla¬
homa to attend a proposed meeting of the Governors of 21
oil States to take steps to reduce oil production and fix the
price of crude. In his reply, Governor Allred said that he
did not care to "be a party to doing something for the oil
companies that they couldn't do themselves," adding that
the Oil States Compact Commission is authorized only to
act to prevent waste in production and it cannot engage in
any move
invitation from Governor
to fix prices.
Despite the "cold shoulder" given the proposition by
Governor Allred, head of the Nation's most prolific oil State,
STEADY-
SHOW SEASONAL RISE—REFINERY
LIFTED
every
major consuming area east of
of
stocks of gasoline upon the market in
excess
a genral
taken to
fear of
price collapse were checked by the quick action
crude oil output.
pare
lag in demand sent stocks of finished
881,000 barrels during the week
ended Nov. 27 to 68,544,000 barrels, the American Petroleum
The normal winter
and unfinished motor fuel up
Refinery holdings gained 690,000 bar¬
bulk terminals were up 224,000 barrels.
Inventories of unfinished gasoline dipped 31,000 barrels.
Refinery operations were pared more than 1 point during
the final week of November, running at 81.2% of capacity,
reported.
Institute
rels while holdings at
against 82.3% in the previous week.
Daily average runs of
crude to stills slumped 40,0000 barrels to 3,325,000 barrels.
A 45,000-barrel reduction in daily average production of
cracked gasoline pared the total to 745,000 barrels.
Stocks
fuel oils gained 425,000 barrels to 121,616 000
'
<'
Seasonal strengthening developed in the mid-west heating
oihmarket late in the week when a sweeping readjustment of
prices was posted by Standard Oil Co. of Indiana, effective
the following Monday.
The company announced on Dec. 3
that it will advance sub-normal prices on kerosene, tractor
fuel and furnace oil Yi cent a gallon.
The advance will restore normal prices in all cases where
of gas and
barrels.
less
special price is abnormal only Yi cent per gallon or
the
in those cases where they are more
normal, the company pointed out.
change will be made in the Chicago or Detroit metro¬
than raise prices 3^ cent
than that amount below
No
politan areas.
Representative price changes follow:
Dec. 4—Standard Oil of
tractor fuel and
and Detroit
U. S. Gasoline (Above
Stand.
OH
Indiana advanced sub-normal prices of kerosene,
furnace oil % cent a gallon,
with the exception of the Chicago
metropolitan areas, effective Dec. 6.
65 Octane), Tank Car Lots, F.O.B* Refinery
Other
New York—
New York—
Texas
N. J..$.07%
.08
.08%
Richfield OiKCal.) .07%
Warner-Qulnlan.. .07%
(Bayonne)
.08% New Orleans..
07%
Shell Eastern
Gulf ports
Tulsa
Kerosene, 41-43 Water
• -.05%
.06%- -.07
.05%
.04%- -.04%
$.05
White, Tank Car, F.O.B. Refinery
$.04
(North Texas
New York—
Cities—
$.07% Chicago
-
Gulf...
Socony-Vacuura ..
Tide Water Oil Co.
..$.05%|Los Angeles... .03%-.05
INew Orleans..$.05%- .05%
ITulsa
03%- .04
Refinery or Terminal
New Orleans C
.$1.05
(California 24 plus D
1.35
$1.25
$1.00-1.25 Phila., Bunker C—.
Fuel Oil, F.O.B.
N. Y.
(Bayonne)—
Bunker C
.
2.201
Gas Oil,
N. Y.
Gasoline,
Brooklyn
z
I
;
$1.75
...$.1651 Buffalo
.181
2% city sales tax.
Average
Ended
The
| Boston
.19
Not including
Daily
$.053
Service Station, Tax Included
I Newark
$.19
New York
$.02%-.03
|Tulsa
$.04%|
— .
z
F.O.B. Refinery or Terminal
|Chicago—
28-30 D
(Bayonne)—
27 plus.
z
Under the
an
practically
Diesel 28-30 D....
cents
had declined
SLASH BOLSTERS
STRUCTURE
the Rocky Mountains during the past month or so.
Fears
that the over-production of crude might result in dumping
189,700 barrels.
barrel.
Canada
The
Substantial reductions in daily average
price cuts.
Huntington, Calif., 30 and over
Petrolia,
sharp slash in daily average crude oil production
last week brought a cheering note of steadiness into the
Nation's refined products price structure which was starting
to show an underlying weakness due to the twin-pressure of
sustained high production and refining operations and
seasonal contracting demand.
Seasonal reductions already have been posted in the motor
Pt
>
crude oil produc¬
tion for the week ended Nov. 27 was reported by all of the
other major oil-producing States besides Texas. Oklahoma
production sagged 22,000 barrels to 567,800, which com¬
pared with the State quota of 575,000 barrels and the Fed¬
eral recommendation of 598,000 barrels.
California was off
11,500 barrels to 700,500, which compared with the joint
Federal-State recommendation of
674,600 barrels.
The
Texas total of 1,321,950 barrels compared with a State quota
of 1,354,143, and the Federal suggestion of 1,413,300 bar¬
rels. A drop of 1,350 barrels carried Louisiana off to 242,700,
against 253,150 and 246,200 barrels, respectively. Kansas
was up 350 barrels to 179,300, compared with 180,215 and
1,09
1.42
1.22
1.22
1.42
2.10
Mont
OPERATIONS PARED—HEATING OIL PRICES
;
The anti-trust
1.35
Kettleman Hills, 39 and over
MARKETS—PRICE
MOTOR FUEL STOCKS
Sunday shut-down in the East Texas fields to Feb. 1 —caused
the organization of a committee of operators from the area
to oppose the proposal should it be made at the state-wide
proration hearing set for Dec. 17.
The committee, it was
indicated in reports from Austin, will recommend that if the
Sunday shut-down is extended, that it be applied to all wells
in the State.
Sunburst,
REFINED
might extend the
Commission
1.40
1.30
1.25
0.90
REFINED PRODUCTS—CRUDE PRODUCTION
.
$1.27
Central Field, Mich
Rodessa, Ark., 40 and above
Smackover. Ark., 24 and over
demdnd.
the
1.35
Mid-Cont't, Okla., 40 and above
cut-back
the point where it is roughly equal to meeting
market
that
__
... ...
-
shown)
$2.20 • Eldorado, Ark., 40....
1.25 Rusk, Texas, 40 and over......
1.27 Darst Creek..
Western Kentucky
allowables, Texas has been the leader in the move to
Fear
Co.)
Illinois
the November allowab.e for the State sharply and then
shutting down the East Texas field completely for four
Sundays goes far to bolster a crude oil price structure that
only a short time ago appeared to be in an extremely vulner¬
able position, veteran oil men point out.
With the support
of the State regulatory agencies in Oklahoma and Kansas,
both of which have ordered reductions in the December
current
18 cents a barrel, effective
Crudes per Barrel at Wells
Prices of Typical
ng
production to
of the South Penn Oil Co.
Dec. 1.
Crude
Oil
Production
During
Week
Nov. 27 Placed at 3,425,800 Barrels
American
Petroleum
Institute
estimates
that
the
crude oil production for the week ended
Nov. 27, 1937, was 3,425,800 barrels.
This was a drop of
148,0.50 barrels from the output of the previous week, and
daily
average gross
was also
below the 3,509,000
United States Department of the
Interior to be the total of the restrictions imposed by the
various oil-producing States during November.
Daily aver¬
age production for the four weeks ended Nov. 27, 1937, is
estimated at 3,518,550 barrels.
The daily average output
for the week ended Nov. 28, 1936, totaled 3,010,650 barrels.
Further details, as reported by the Institute, follow:
the
current
week's figure
barrels calculated by the
3568
Financial
Imports of petroleum for domestic
use
daily average of 120,714 barrels, compared with
a
Dec.
B8TIMATED UNITED STATES PRODUCTION
and receipts in bond at principal
United States ports for the week ended Nov. 27 totaled 845,000
a
Chronicle
COKE
(IN
NET TONS)
barrels,
daily average of 138,286
Week Ended—
4,
OF COAL AND BEEHIVE
Nov. 20, 1937
Nov. 13. 1937
Nov. 21, 1936
barrels for the week ended Nov. 20 and 125,607 barrels daily for the four
Bituminous coal:
weeks ended Nov. 27.
|b Receipts of California oy at Atlantic and Gulf Coast
ended Nov. 27 totaled
117,000 barrels,
a
a
Total, including mine fuel
Dally average
Pennsylvania anthracite: b
Total, including mine fuel...
Dally average
ports for the week
daily average of 16,714 barrels
compared with 12,607 barrels daily for the four weeks ended Nov. 27.
1^ Reports received from refining companies owning 89.0% of the 4,159,000
barrel estimated daily potential refining capacity of the United States,
c7,908,000
1,580,000
1,720,000
—
983,000
163,800
999,000
199,800
1,267,000
211,200
—
936,000
951,000
1,207,000
38,600
41,300
52.100
6,433
Commercial production. 1
8,688,000
cl,318,000
6,883
Beehive coke:
Indicate that the industry as a whole ran to stills, on a Bureau of Mines*
United States total
basis, 3,325,000 barrels of crude oil daily during the week, and that all
Daily average
companies had in storage at refineries,
10,317,000
8,683
bulk terminals, in transit and in
pipe lines as of the end of the week, 68,544,000 barrels of finished and
Calendar year to date f—
un¬
1937
1936
1929
finished gasoline and 121,616,000 barrels of gas and fuel oil.
Cracked gasoline production by companies owning 94.8% of the
potential
charging capacity of all cracking unite indicates that the industry as a
whole, on a Bureau of Mines' basis, produced an average of 745,000 barrels
daily during the week.
DAILY AVERAGE CRUDE
Bituminous coal:
a
Total, including mine fuel
Daily average
Pennsylvania anthracite: b
Total, including mine fuel.......
Dally average
399,783,000
1,443,000
379,906,000
1,369,000
479,492,000
h43,742,000
162,000
h47,797,000
178,000
h63,961,000
238,200
Commercial production.!.......
OIL PRODUCTION
g
United States total
10,356
Allowable
Ended
Nov. 1
Nov. 27
Previous
1937
Week
1937
1936
Week
lations
Change
Weeks
Week
Ended
Ended
Nov. 27
Nov. 28
from
Includes for
and statistical convenience the
production of lignite and anthracite and semi-anthracite outside of Pennsylvania,
b Includes washery and dredge coal and coal shipped by truck from authorized
operations, c Subject to revision, d Revised, f Sum of 47 full weeks ended Nov. 20,
a
Calcu¬
(.Nov.)
1937.
575,000
567,800 —22,200
574,200
568,100
180,215
179,300
+350
181,450
—4,750
72,100
63,450
Panhandle Texas
North Texas
72,550
:
East Texas
Southwest Texas
64,650
34,300
200,800
106,500
33,600
242,950
195,200
Coastal Texas
Total Texas.
466,800
—7,700
247,950
—4,700
199.750
ESTIMATED
PRODUCTION
WEEKLY
are
based
Arkansas
246,200
Michigan...,
33,100
124,000
47,400
Wyoming...
253,150
66,300
Eastern
Montana
17,100
Colorado
72,100
168,350
157,900
242,700
—1,350
240,450
235,400
27,800
113,250
29,750
45,450
134,150
54,900
55,000
15,000
4.500
New Mexico.
Total east of Calif.
.
California.
104,800
2,834,400
674,600
revised
45,850
134,600
—350
55,350
—2,200
55,750
15,850
43,500
4,200
104,650
3,400
—300
1937p
Alaska
........
y674,600
+ 60
700,500 —11,500
A rkuriMAa
.......
Colorado
Illinois
17,950
83,300
704,900
566,100
to
100
161
178
262
236
*
1
409
8
8
331
1,168
961
1,150
1,571
60
400
329
342
536
60
83
78
88
Kansas and Missouri
137
141
162
169
140
175
Kentucky—Eastern
821
765
948
745
922
724
189
167
200
185
283
218
34
30
31
34
58
35
8
10
16
12
18
26
69
75
81
83
74
83
....
Western
Maryland..
Michigan..........
.
-
-
Montana
New Mexico
30
30
37
128
59
36
62
64
77
81
s49
s35
490
530
427
484
764
1,928
1,947
2,443
1,816
2,848
2,993
119
112
116
92
106
117
15
14
19
15
16
78
92
93
102
141
112
297
304
284
208
266
217
-
Pennsylvania, bituminous
Tennessee
Texas
64
521
North and South Dakota
......
West Virginia—Southern.a.....
Northern, b
CRUDE RUNS TO STILLS AND STOCKS
OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND FUEL OIL
WEEK ENDED NOV. 27, 1937
(Figures in thousands of barrels of 42 gallons
144
56
conditions."
y Recommendation
of Central Committee of
Producers.
Note—The figures indicated above do not
include any estimate of any oil which
might have been surreptitiously produced.
stable
more
244
74
344
Utah..
California Oil
2
28
85
1,045
1,354,143, effective Nov. 16.
In addition, the
Railroad Commission's order calls for
shutting down the East Texas field on the
following Sundays: Nov. 21 and 28; Dec. 5 and
12, "in order to take pressure tests
under
8
2
247
1,033
Iowa
Ohio
3,425,800 -148,050 3,518,550 3,010,650
s
2
*
146
*
1923e
63
72
„
Avge.
1929
1935
1936r
243
2
.
231
and Ok Ifihnma
Nov. 14 Nov. 16 Nov. 16
1937p
.....
—50
STATES
Nov.
Nov. 6
Indiana
—600
104,850
BY
Week Ended—
Nov. 13
Georgia and North Carolina..
2,725,300 -136,550 2,813,650 2,444,550
3,509,000
allowable
77,500
—1,450
4,200
104,800
COAL
loadings and river shipments
State
Alabama
Total Louisiana....
car
and are subject to revision on receipt of monthly tonnage reports from district and
State sources or of final annual returns from the operators.)
76.950
—1,250
—100
railroad
on
152,600
74,950
167,750
Coastal Louisiana....
OF
(IN THOUSANDS OF NET TONS)
(The current estimates
443,150
170,350
151,950
1,413.300 X1354.143 1,321,950 -108,450 1.401,300 1.156,700
North Louisiana
xNov.l
73,100
—300
188,250 —16,750
100,500
—5,350
416,050 —68,550
—
East Central Texas—
—350
33,650
West Central Texas—
1929.
£ Comparable data not yet
i Excludes mine fuel.
h Sum of 46 weeks ended Nov. 13.
165,400
72,800
purposes of historical comparison
nd corresponding 47 weeks of 1936 and
t
available,
598.000
189,700
West Texas
5,961,500
21,522
Four
State
Interior
Kansas
*
1,468,500
5,301
2,975,600
....—..
Dally average
of M.,
Dept. of
Oklahoma.
g
Beehive coke:
(Figures in Barrels)
P.
1,723,000
Virginia
29
38
42
40
47
49
72
1,731
1,721
2,076
1,653
2,098
1,271
585
568
662
449
740
776
140
144
129
152
184
Washington
128
Wyoming
♦
*
Other Western States, c..
Total bituminous coal
*
1
8,600
10,106
87
7,934
s5
10,740
999
952
855
612
1,281
10,878
1,896
9,687
9,552
10,961
8,546
12,021
12,774
8,688
Pennsylvania anthracite, d
each)
All coal...
Daily Refining
Capacity
Crude Runs
to Stills
Finished and
Unfinished Gasoline
Stocks
of
District
Finished
Poten¬
Reporting
Daily
Aver¬
tial
Rate
Total
P.
C.
P.
Oper¬
age
ated
Uhfin'd
Gas
and
icrms.,
of
Nap'tha
Fuel
<fcc.
Distil.
Oil
C.
ai
ne-
fineries
Includes operations on the N. & W.,
C. & O., Virginian, K. & M., B. C. <fc G.,
Mason, and Clay counties,
b Rest of State,
including the Panhandle District and Grant, Mineral, and Tucker counties,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
a
Stocks of
and on
the B.
O. in
&
Kanawha,
anthracite from
published reports of the Bureau of Mines,
s Alaska, Georgia,
North Carolina, and South Dakota included with "other Western States."
* Lees
1.000 tons.
than
East Coast..
669
521
77.9
Appalachian.
Ind.,Ill.,Ky_
Okla., Kan.,
146
129
88.4
14,598
82.2
971
10,808
1,621
1,159
106
529
223
489
92.4
458
93.7
5,183
4,339
626
1,044
7,441
452
383
84.7
278
Inland Texas
72.6
355
3,485
201
2,333
397
56.6
134
Texas Gulf..
La. Gulf
66.7
1,658
253
833
358
797
95.7
712
89.3
7,239
192
174
168
96.6
1,930
143
3,907
1,813
12,204
No. La .-Ark.
85.1
905
91
448
401
58
63.7
53
3.463
91.4
Rocky Mtn.
California.
272
142
89
62
67
523
69.7
56
90.3
821
1,387
746
89
90.9
656
545
73.1
9,099
2~3ll
1,253
72,717
increase of
35,834
2,900
22,447
6,503 118,366
280
3,250
September,
669 100.0
*
Mo
__
Reported
3,702
Esta.unrepd.
89.0
3,006
457
319
81.2
5,635
580
Summary
4,159
4,159
4,159
3,325
38,734
4,159
3.365
38,044
U.S.B. of M.
xNov. 27'36
x
z2,971
Estimated Bureau of Mines' basis,
z
33,111
23,027
22,803
19,271
November, 1936, dally
6,783 121,616
6,814 121,191
This is
7,908,000 net tons.
sharp decrease—780,000 tons, or 9.0%—from the
outputi in the preceding week, and is in
comparison witL.
10,317,000 tons in the corresponding week of 1936.
a
cumulative production of soft coal in
1937 to date
5.2% ahead of that in 1936; the cumulative total
of
both hard and soft coal to date
4.4% ahead of 1936.
The United States Bureau
of Mines in its
weekly coal
statement showed that production of
anthracite in Pennsyl¬
vania for the week
ending Nov. 20 amounted to 983,000
stands
tons,
or
163,800 tons
day, a decrease of 1.6% when
compared with tonnage in the
preceding week. Compared
^Jhe
we.ek of Nov* 13» the daily rate dropped
18.0%. Production in the
corresponding week of 1936 was
1,267,000 tons.
The
per
consolidated report of both of the
above-mentioned
organizations follows:
that
of
and
September,
an
5.1% from the figure of $52,491,300 reported for
1936.
of
s
the
manufactured
$28,450,400 for the month,
an
industry aggregated
gas
increase of 2.2%.
utilities
reported revenues of $26,724,100,
8.3% above the figures for September, 1936.
gas
Month
the' manufactured
of
$55,174,500 in
totaled
for
of the American Gas Associa¬
revenues
utilities
gas
Revenues
The natural
which were
Sales of manufactured gas reported for September totaled
27,572,400,000 cubic feet, an increase of 7.1%, while natural
gas utility
sales for the month were 95,764,700,000 cubic
feet, an increase of 9.0%.
For the
Weekly Coal Production Statistics
The National Bituminous
Coal Commission in its
weekly
coal report stated that the
total production of soft coal
in
the week ended Nov. 20 is
estimated at
disclosed
natural
6,303 111,649
average.
Company Statistics
September, 1937
Gas
The current monthly report
tion
xEst.tot.U.S.
Nov. 27'37
Nov. 20*37
of
natural
of
4.6%
from
of
nine months
gas
revenues
over
ending Sept. 30, manufactured and
year.
showed
were
Revenues from
increase
an
an
increase
the corresponding period
domestic customers
last
$596,235,900,
aggregated
of
of 1936.
Revenues
1.6% above the same period
industrial-commercial
users
11.2%.
Non-Ferrous Metals—Domestic Copper Down to 10}^c.,
Valley—Zinc Established
"Metals
and
Mineral
at
5^c. Early
Markets"
in
its
issue
in
Week
of
Dec. 2,
reported that though sentiment is better, because of some
encouragement from Washington, the improvement has not
been reflected in the markets for non-ferrous metals.
wise, the last week
copper
Dec.
Price-
distinctly disappointing, domestic
falling to lOJ^c., Valley basis, the lowest price since
14,
was
Prime Western zinc declined one-quarter
in fair volume, and producers generally
regarded the market as steady.
Tin was higher. "M. & M.
cent.
1936.
Lead
sold
M.s" index of non-ferrous metal prices for November
was
78.91, against 85.26 in October and the high for the year of
103.78 in March.
The publication further reported:
Volume
Financial
145
for
usual end-of-the-month
a
contract
dull last
was
Except for the
week.
bookings, transactions were few and far
Valley, until Dec. 1,
The open-market quotation held at 10%c.,
between.
when
copper
of 10 %c.,
low for the year.
Even at the lower level business remained stag¬
The large mine operators held to the 11c. figure, pending further
leading custom smelter offered the metal freely on the basis
a
new
nant.
Domestic statistics for November are expected to show an¬
The figures of the foreign group, however, may
developments.
other increase in stocks.
Curtailment in
for the month, according to traders.
show little change
before the sta¬
production here is proceeding, but it will take some time
tistics will reflect the drop in output.
Domestic business for the last
including average-price contracts
week
totaled 6,005 tons, which compares with
2,736 tons in the week previous.
Sales for November totaled 21,035 tons.
market was active last week and moderately
The foreign
satisfactory.
inspired
of higher freight rates
Talk
The
higher.
November, which was con¬
Cartel sold about 80,000 tons of copper during
sidered
some
prices for materials as a stimulant for
buying is withheld pending any
the steel industry that
ment of
President's
considering that
suggestion,
policies.
Of
more
provided freight rate advances
Commission with reasonable
dispatch.
In hearings at Washington the prospect was held out of pur¬
chases of 100,000 cars a year and up to 2,000 locomotives a year for several
years if railroad revenues are made sufficient.
Meanwhile, railroads continue to enter orders for rails and track supplies,
are
of the
in fair
compared with 2,653 tons in the previous
about
be
to
70%
for
statistics
last
There is
covered.
month
some
uncertainty over
believe the
Some in the industry
show.
will
November statistics will reflect an increase in stocks,
in the supply on
crease
though others feel
will slightly exceed production and bring a
that shipments
estimated
what the
delivery, which is
Buying was principally for December
moderate de¬
hand.
of large-scale railroad buying,
Interstate Commerce
permitted by the
York, which was also the contract
Refining Co., and at 4.85c.,
brands in the East
steady.
basis of the American Smelting &
St. Joseph Lead Co. reported sales of its own
St. Louis.
at a
The undertone was
premium.
lantic Coast Line and affiliated roads have
The
week.
reduced one-quarter cent on Nov. 26, establishing the quotation
This reduction brought in virtually
business.
Indicated shipments by the Prime Western di¬
for the week ended Nov. 27 amounted to only 2,550 tons, which
the unfilled orders of about 60,000 tons look rather large to producers.
price was
5%c., St. Louis, for Prime Western.
at
additional
no
vision
makes
The November statistics are
expected to show another fairly liberal increase
in stocks.
during October amounted to 9,338 tons, against
and 3,960 tons in August.
Imports during the
10 months of 1937 totaled 35,751 tons, against 10,036 tons in the
Imports of slab zinc
14,741 tons in September
first
period
same
Some zinc is imported monthly that enters
a year ago.
into
for export. This zinc, when finally
from the total quantity brought into the
country to arrive at what the trade accepts as net imports.
In the Jan.Oct. period of this year probably not much more than 23,000 tons were
brought into the United States for home consumption.
the
production of certain zinc products
exported, should be deducted
Tin
Business in tin was more
as
prices on the
a
the Kansas City Southern
here and covering
Tin Committee, when
the week
sentiment
shorts in London on rumors that the International
it meets on Dec. 10, will recommend a deeper cut
than 25%.
United States deliveries in November were 5,195 long tons, against
in production quotas
Car shops are quoting on
South Manchurian Railways,
whose inquiry for 25 to 100
been pending for some
weeks.
December schedules
plants, as
Ford suppliers are expected to place
still buying lightly, but
The automotive industry is
despite reduced operations at some
Ford swings into volume production.
steel orders soon.
This week's lettings
of fabricated structural steel are
Rockefeller Center group, New
building in the
taken Jan,
will be
8,210
November last year.
United States
deliveries in 11 months totaled 76,645 tons, against 67,065 tons in the
same period last year.
World's visible supply at the end of November,
including the Arnhem and Eastern carry-overs, totaled 24,389 tons, com¬
pared with 22,864 in October.
Chinese tin, 99%, was nominally as follows: Nov.
40.000c.; 27th, 40.625c.;
8,000 tons of plate construction
6 on
estimated by Pittsburgh mills at
November steel buying is
Some mills report, however,
that of October.
For the first time since late
in prices of
August there has been no decline
quoted at $12.92 for the third
brokers believe that the decline has
trend until steel production is
The
Electrolytic Copper
Lakes
Great
ore
definitely better.
for 1937 has been completed.
totals, and were
17,776,813 tons, or 39.66%, above the
1,424,679 tons com¬
month last year.
Bolt and nut prices have been reaffirmed for the first quarter.
An an¬
nouncement of the 1938 tin plate price is expected this week.
American steel mills may cooperate with the Continental Steel Cartel in
The November movement was only
shipped in 1936.
pared with 2,333,472 tons in the same
markets, according to cable ad¬
The proposed arrange¬
thin sheets and tubes.
of the Cartel in Paris.
vices following the meeting
ment covers all
products except
THE
"IRON
COMPOSITE PRICES
AGE"
Finished Steel
(Based on steel bars, beams, tank plates
wire, rails, black pipe, sheets and hot
1937, 2.605c. a Lb.
Nov. 30,
___—2.605c
2.605c
One week ago..
One month ago
25th, holiday; 26th,
41.500c.
85% of the United States output.
1936
1935
1934
_
1932
1931.
Pig
Straits
Zinc
Tin
New York
New York
St. Louis
St. Louis
—-
One year ago
Holiday
Holiday
Holiday
Mar. 10
2.124c.
Jan.
2.008c.
Jan.
2
1.867c.
Apr.
lo
41.750
5.00
4.85
5.25
1937
9.500
42.375
5.00
4.85
5 25
1936
4.85
5.25
1935.-
Nov.
29
10.525
9.700
42.375
5.00
1.926c.
Feb.
2
1.945C.
Dec.
29
Iron
30
10.525
9.725
42.500
5.00
4.85
5.25
10.275
9.775
43.250
5.00
4.85
1933
1
5.25
Dec.
Average..
10.475
9.617
42.450
5.00
4.85
5.25
$23.25
19.73
18.84
17.90
16.90
14.81
15.90
-
-
1934
Nov.
»
(Based on average of basic iron at Valley
$23.25]
furnace and foundry Irons at Chicago,
23.251
Philadelphia, Buffalo,
Valley, and
19.73( Southern iron at Cincinnati.
Holiday
9.500
Nov. 27
Mar.
2.084c.
Low
High
9.500
10.525
—
2
2.330c.
Mar. 9
Dec. 28
Oct.
1
Apr, 24
Oct.
3
Oct.
4
Jan. 13
$23.25 a Gross Ton
One week ago
10.525
26--
Low
High
2.605c.
2.330c.
2.130c.
2,199c.
2.015c.
1.977c.
2.037c.
1937
QUOTATIONS)
Lead
These products re present
rolled strips.
...2.249c.
One year ago
Holiday
25
Nov.
Ship¬
by the 1916 and 1929
44,822,023 tons
movement
62,598,836 gross tons, exceeded only
total
One month ago
Nov.
this week
markets. The "Iron Age"
consecutive week. Scrap
been halted, but look for no upward
steel scrap in any of the important
composite price is
ments
16% less than
that tonnage in the latter
than in the first half.
half of November was slightly better
Nov 30, 1937,
Dom.,Refy. Exp., Refg.
Bids
York.
for the Grand
Coulee Dam.
1933
29th, 40.625c.; 30th, 40.750c.; Dec. 1.,
PRICES OF METALS ("E. & M. J."
DAILY
less than 12,000
14,000 tons, the largest being 5,400 tons
tons, with new projects calling for
October, and 5,345 tons in
in
2,000 cars for the
locomotives has
quiring for 400 freight cars.
trend was influenced by a mild phase of better
by
issued an inquiry for
Pacific for 22,000 tons and
The Western Pacific is also in¬
for 5,000 tons.
preserving price stability in world export
active in the domestic market during
London Metal Exchange rose and brought higher quotations
41.750c., and it closed yesterday at 43.250c.
Sellers believe this
& St. Louis, whose orders were
The Norfolk & Western has
week ago.
25,000 tons of rails and fastenings, the Western
On Nov. 26 the price was
here.
tons
reported
inconsequential.
placed orders for 50,000 tons
These
rails and 10,000 tons of fastenings.
for another
Zinc
almost at a standstill in the last
New business in zinc was
The At¬
of
roads include the Louisville &
though their purchases of other materials are
should show improvement,
Quotations continued at 5c., New
settling
is
the Government's housing program
immediate promise than
the prospect
Nashville and the Nashville, Chattanooga
week.
much of the present steel-
Administrations' labor and taxing
making cost is directly traceable to the
by producers of lead during the last week was
volume, involving 4,965 tons,
with high wages and
problem is presented by
is so tightly bound up
The question of steel prices
the
downward adjust¬
quotations.
prospective advances in freight rates that no easy
.7'' v:'
Lead.
of lower
housing construction on a large scale,
uncertainty, it being axiomatic In
President Roosevelt has injected a fresh
activity.
Business booked
In his advocacy
enced in most lines of metalworking production.
Copper
market
domestic
The
3569
Chronicle
-
1932
-
1931..
-
Mar. 9
Nov. 24
Nov. 5
May 1
Dec. 5
Jan.
5
Jan.
6
.
Feb. 16
Aug. 11
May 14
Jan. 27
Jan. 3
Dec. 6
Dec. 15
$20.25
18.73
17.83
16.90
13.56
13.56
14.79
Steel Scrap
Domestic copper, f.o.b*
refinery, 10.575c.; export copper, 9.463c.; Straits tin, 41.700c.; New York lead,
5.000c.; St. Louis lead, 4.850c.; St. Louis zinc, 5.400c., and silver, 44.750c.
The aoove quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash. New York or St. Louis, as noted.
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
Average prices for
calendar week ended Nov. 27 are:
deliveries; tin quotations are
for prompt delivery only.
Nov.
30,
1937, $12.92 a Gross Ton
One month ago
One year ago...-.-
....——
1936
*
1934
1933
Copper, Std.
Lead
Tin, Std.
Copper
Zinc
Electro.
Spot
3M
(.Bid)
Spot
3M
Spot
Spot
3M
25
37»u
37»h
42
180 %
180%
15"n
15 %
26
37%
38 %
42
183
183
15%
15%
14%
15%
1415U
Nov.
44%
190 %
190
16*u
163,,
1513U
15i;i»
15%
163%
153%
I5q«
15»i,
16%
Nov.
29
4on»
40uIB
Nov.
30
38 "i«
38»u
43
185
184%
15%
40 %
40%
44
191%
191
16%
Dec.
-
15»j«
prices.
and zinc are the official buyer's prices for the first session of the
prices for copper and tin are the official closing buyers'
All are in pounds sterling per long ton (2,240 lbs.)
Steel
Ingot Production at
Prices for lead
London Metal Exchange;
The
"Iron Age"
30% May Have Hit Bottom
in its issue of Dec. 2
reported that the
that the decline in steel ingot production has
been checked at approximately this week's estimated rate
of 30% is suggested by the course of operations in various
districts, with some minor ups and downs and unchanged
output elsewhere.
A sidewise movement of small swings is
indicated for December followed by an upward trend in Jan¬
uary, but of less than seasonal proportions.
The "Iron
Age" further stated:
Despite the efforts being exerted at Washington to revive business, It is
generally believed that the entire first quarter, at least, will be required for
the period of convalescence from the drastic decline that has been experi-
possibility
1932
Low
High
Nov. 16
Mar. 30
$12.92
Dec.
21
12.67
June
Dec.
10
10.33
Apr.
Mar. 13
9.50
Sept.2
8
6.75
Jan.
Jan.
12
6.43
July
Jan.
6
8.50
Dec.
Aug.
2
29
Institute on Nov. 29 an¬
nounced that telegraphic reports which it has received indi¬
cated that the operating rate of steel companies having
The
Nov.
1
-
1931
3M
14.421
16.17(
$21.92
17.75
13.42
13.00
12.25
8.50
— —
11.33
1937
1935
Dally London Prices
(Based on No. 1 heavy, melting stee
quotations at Pittsburgh, Philadelphia
and Chicago.
$12.92]
One weel ago
American
Iron
and
Steel
98% of the steel capacity of the industry will be 29.6% of
capacity for the week beginning Nov. 29, compared with
31.0% one week ago, 48.6% one months ago, and 75.9%
one year ago.
This represents a decrease of 1.4 points, or
4.5%, from the estimate for the week ended Nov. 22, 1937.
Weekly indicated rates of steel operations since Nov. 23,
1936, follow:
Nov. 30
Dec.
7
Dec.
14
Dec.
21
Dec.
28
1937—
Jan.
4
Jan.
11
Jan.
18
Jan.
25
Feb.
1
Feb.
8
Feb.
15
Feb.
22
1937—
1937—
1936—
Nov. 23
74.3% Mar
75.9% Mar.
79.4%
78.8%
80.6%
77.9%
79.6%
80.6%
81.6%
-82 5%
June
87.3%
88.9%
89.6%
90.7%
8
76.6% Mar. 15
79.2% Mar. 22
77.0% Mar. 29
5
77.0% Apr.
Apr. 12
June 21
76.6% Sept. 27
4
75.9% Oct.
June 28
75.0% Oct.
May
89.9%
90.3%
91.3%
26
92.3%
3
91.0%
10.
..91.2%
17.:—90.0%
24
91.0%
31
77.4%
June
7--—76.2%
Apr.
Apr.
May
May
May
May
1937—
85.8%
1
19
—
July
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
14
5
67.3% Oct.
12-....82.7% Oct.
19
82.5% Nov.
26
84.3% Nov.
2
85.5% Nov.
9
84.6% Nov.
16
83.2% Nov.
23
83.8%
30
84.1%
7
71.6%
13
80.4%
20
76.1%
11
m
74.4%
66.1%
63.6%
18
55.8%
25.-..52.1%
1
48.6%
8
15
41.0%
36.4%
22.--..31.0%
29
29.6%
3570
Financial
"Steel" of
markets,
Cleveland, in its
Nov.
on
summary of the iron and steel
in
October,
conditions.
of
with
Much
practically
of the
sufficient inventories
in the
demands for their products.
In the automotive field
rate
a
all
between
10% and 15% lower
meeting about the same
buying is attributed to existence
of
hands of
to
consumers
meet present
has
proceeding
difference being supplied
this
less
appears
evident
at
much
a
from
stocks
better
than
in
others,
With
the
national
Thanksgiving Day holiday causing
steelworks operating
was
lation
of
small
curtailment.
land
13
increase
some
of
than
production,
during the summer
points
production in
was
not
28%, at Cincinnati
3.5
sufficient
to
the
and
idleness the
points to 31.6%.
few centers, caused
a
Chicago the rate increased
to
week-end
some
rate last week declined
orders, but this
At
overcome
by
accumu¬
the
general
2.5
points to 30%, at Cleve¬
points to 29, and at St. Louis 5.6
4
points to 20.5%.
Birmingham continued without change at
54% for the
fourth
week.
Pittsburgh last 7 points to 27, Eastern
Pennsylvania 8
points to 27, Youngstown 5 points to
37, Wheeling 8 points to 35, Buffalo
7 points to 21, New
England 3 points to 27, and Detroit 12
points to 59.
Automobile production fell
sharply last week to 59,405, with some pro¬
ducers closing
Wednesday night for the week.
General Motors assembled
24,075 units compared with 40,900 the week
before; Chrysler 16,020 com¬
pared with 26,700 the previous week; Ford
7,960 against 3,525; and the
independents 11,350 compared with 14,632.
Ford apparently has licked
production difficulties and assemblies last week
were close to
2,500 daily.
Railroads continue to contribute
some
important tonnages to the mar¬
ket, though delay until the matters of increased
rates is
the
of buying below what
their needs
tonnage recently placed has benefited
while
those
benefit.
rate
in
the
Western
decision.
occupation
once.
Some
'
Oil
and
the first of
tonnage
giving
buying
all
not
promises
on
rate,
down
almost
last
week
tonnages
the year,
the
will
Delaware
deferred
give
Lacka¬
list,
awaiting
relatively little
mills
some
rails
tonnage
Co.
is
in
prospect
bids
on
the
to
one
East
four
will
for
be
rolled
the
steelmaking
$12.75, which
While
indicates
present
level
continues
scrap
is
33c.
the second consecutive drop of that amount.
Pittsburgh markets declined 50c., while prices in the East
below
Chicago
were
to
the
and
nominally
Steel ingot production for the week
ended Nov. 29 is
placed at nearly 32% of capacity, according to the "Wall
Street
Journal"
of
Dec.
the previous week and
2.
This
with 35% in
compares
39% two weeks
The "Journal"
ago.
further reported:
U. S. Steel is estimated at
31%, against 35% in the week before and 34%
Leading independents are credited with 32%, compared
35% in the preceding week and 43% two weeks ago.
The following table gives a
comparison of the percentage of production
with the nearest
corresponding week of previous years, together with the
two weeks ago.
with
approximate changes, in points, from the week
immediately preceding:
Indvstry
1937
32
U. S. Steel
3
1933
28
+
17
+2
+
20
and
+2
+
1
H
32 H
81 H
M
—
1
28^
39
—
1
31 M
29
45
—
2
68
1H
83 H
63
67
1928
84^
1927
61
+
5
—
+
+
X
1
+
1
M
X
-
17H
28
2H
—
67
16
1931
War
the
Independents
4
—
67
29
1932
45
25H
1934
31
y3
1^
—
a
shipbuilding,
tankers
purchase
are
export
unchanged.
The composite has reached the same level as in the first
week of July, 1936.
The iron and steel composite is 4c. lower at
$38.86,
resulting from the scrap decline.
The finished steel
composite is steady
at $61.70.
;,.,
'.v
x:
^
1929.
in
considering
indi¬
now.
1930
although
the
seaboard.
that
or
actual
prices
and
preceding,
+
on
prices,
occasional
an
of
Current
Atlantic
stockpiles
reaching
+
cars
absence
developing that
composite price of
75
by the
the
accumulated
the
is
time.
higher
along
large
56H
cars
for
non-existent
have
material
in
short
a
supplies
1936
500
nominal
settle, sentiment
strength
some
"Steel's"
in
slower
a
is
lay
melters
profit
a
Decline
show
to
to
change within
1935
12,000
car
is
largely
are
continue
may
for
inquiry
1937
4,
has reduced
•
plate
Standard
an
places about
Rail
before
of
situation
dealers
that
prices
scrap
quotations
would
normally bring out.
Birmingham and Colorado mills,
Chicago districts have received little
Pittsburgh and
Withdrawal
&
wanna
at
settled
volume
Rail
the
situation
but
rate
accumulated
early fall.
There
and
cates
tempting
consump¬
been
sales
reduced
limited production of cars has cut
deeply into requirements.
Some miscel¬
laneous consumers have been
buying at a fair rate, and had railroad and
automotive needs been at the usual rate for this
time of year total steel
sales would have been at
practically a normal rate, in the opinion of
many steelmakers.
It has been apparent for some time that steel
tion
Although
producers
lack
current
Dec.
Department asking bids on a seagoing dredge, which will
require 1,800
tons of plates.
These are in addition to the steel required for two battle¬
ships for the navy.
29 stated:
November steel buying has been at
than
Chronicle
1
+
28
35
2
—
—
—2
66
1H
2
—
85
+
1
60
5
—
—
4
Current Events and Discussions
The Week with the Federal
Reserve Banks
During the week ended Dec.
1 member bank
from
arose
bal¬
of
other Federal Reserve accounts.
Dec. 1
on
000,000,
were
Excess
estimated to be
reserves
of member
approximately $1,120,-
decrease of $20,000,000 for the
week.
Inactive
gold included in the gold stock and
Treasury cash amounted
to $1,243,000,000 on Dec.
1, an increase of
$1,000,000, for
the week.
The statement in full for the
week ended Dec. 1 in
com¬
parison with the preceding week and with the
corresponding
date last year will be found on
pages 3608 and 3609.
and
Dec.
related
amount of
items
1, 1937,
were
Reserve bank credit
outstanding
during the week and the year ended
as follows:
Increase
(+)
or
Decrease
(—)
Since
Dec.
1.
1937
$
Bills discounted
Bills bought
_
2,564,000,000
$13,000,000 commitm'ts—Dec.
1)
18,000,000
Total Reserve bank credit
Gold stock
Treasury currency
Member bank reserve balances
Money In circulation
*
accounts...
24, 1937
Dec. 2, 1936
S
+1,000,000
+11,000 000
"
+13_4 obb'666
—1,000,000
—8 000 000
__
*
+6,000,000
2,603,000,000
12,774,000,000
2,621,000,000
6,906,000,000
6,568,000,000
720,000,000
+136,000,000
+1,586,000,000
+ 99,000,000
Returns of Member Banks
in
+ 2,000,000
—43,000,000
+131 000 000
+14,000,000
+102!000!000
+1,000,000 +1,274,000,000
+64,000,000
+67 000 000
—26,000,000
+248,000,000
Industrial,
7,819
7,833
3,559
8,680
3,456
Nov. 24
Dec. 2
1937
1936
$
$
1,919
1,931
2,061
659
668
596
and
agricultural loans:
On securities
235
237
*
31
32
1,575
1,594
*
Open market paper
410
419
*
191
190
*
Loans to brokers and dealers.
Other loans for purchasing or
29
30
*
710
718
carrying securities
Real estate loans
Loans to banks
229
233
131
132
30
27
237
235
*
196
193
*
2,990
2,976
Otherwise secured & unsee'd
1,002
On securities
Otherwise secured & unsee'd
U. S. Govt, direct obligations
Obligations fully guaranteed by
United States Government
Other securities-
375
'
*
37
77
77
130
13
13
32
2
2
22
22
38
'
36
14
6
*
36
904
3,722
*
907
*
1,105
Balances with domestic banks..
Other assets—net
378
453
100
100
97
920
Reserve with Fed. Res. banks..
Cash In vault
920
256
263
2,569
1,049
2,547
256
2,543
607
600
629
52
59
56
29
29
37
69
84
161
160
193
483
496
62
61
71
76
483*
Liabilities—
Demand
39
*
Other loans:
deposits—adjusted..__
5,802
Time deposits
United States Govt, deposits...
Inter-bank deposits:
5,841
6,417
1,480
722
1,485
1,590
742
613
453
453
437
228
228
83
45
45
47
1,985
1,952
2,536
529
528
653
Domestic banks
Foreign banks....
Borrowings.^
380
408
6
6
4
388
356
18
18
24
1,483
account
382
373
Other liabilities
Capital
1,480
1,450
247
246
236
Comparable figures not available.
Complete
New York
Returns
of
Member
Reserve System for the
Banks
of
the
Federal
Preceding Week
As explained above, the
statements of the New York and
Chicago member banks
are given out on
Thursday, simul¬
taneously with the figures for the Reserve banks
themselves,
and covering the same
week, instead of being held until
the
City and
Below is the statement of the
Board of Governors of the
Reserve System for the New
York City member
banks and also for the
Chicago member banks for the cur¬
rent week, issued in advance
of full statements of
the member
banks, which Jatter will not be available
until the
Federal
$
3,534
Loans—total
Commercial,
$
following Monday, before
which time the statistics
cover¬
ing the' entire body of reporting member banks in 101 cities
cannot be compiled.
Chicago—Brokers' Loans
j
$
Investments—total..
1937
—2,000i000
+ 7,000,000
Less than $500,000.
Monday:
Assefs—•
Loans and
Chicago
Dec. 1
$
,
*
Treasury cash.
3,627,000,000
Treasury deposits with F. R. bank..
177,000,000
Non-member deposits and other Fed¬
eral Reserve
Nov.
3
17,000,000
3,000,000
U. S. Government securities.
Industrial advances (not
including
Other Reserve bank credit
New York City
Dec. 1 Nov. 24 Dec. 2
1937 %
1937
1936
$64,000,000 in
a
Changes in the
(In Millions of Dollars)
Reductions in member bank
increases
Treasury
deposits with Federal Reserve banks and
$14,000,000 in
money in circulation, offset in part
by increases of $7,000,000
in Reserve bank credit and
$2,000,000 in Treasury currency
and a decrease of $26,000,000 in
non-member deposits and
banks
ASSETS AND LIABILITIES OF WEEKLY
REPORTING MEMBER BANK
IN CENTRAL RESERVE CITIES
,
decreased $43,000,000.
ances
reserves
reserve
coming
In the following will be found
the comments of the Board
of Governors of the Federal
Reserve System
respecting the
body of reporting member banksjof
the Federal Reserve
System for the week ended with the
returns
of
the
entire
close of business Nov. 24:
The
condition
statement
of
weekly
reporting
member
banks
in
101
leading cities shows the following principal
changes for the week ended
Nov. 24:
Decreases of $55,000,000 in
commercial, industrial and
cultural loans and
agri¬
$32,000,000 in "Other secutities
* ind
an
increase of
*
Volume
Financial
145
3571
Chronicle
Clarence E. Gauss, protested to the
SI6,000,000 in loans to brokers and dealers in securities; an increase
General
153,000,000 in demand deposits—adjusted, and decreases of
Japanese authorities, and on Dec. 1 the American tug was
returned, with apologies for the incident.
The Italian tugs
in
deposits credited to
to
of
$106,000,000
domestic banks and $13,000,000 in deposits credited
foreign banks.
in New York
all reporting
$29,000,000
$55,000,000 at
Loans to brokers and dealers in securities
decreased
loans
agricultural
City, $8,000,000 in the Chicago district and
member banks.
obligations increased
$18,000,000 in New York City, and declined $6,000,000 in the Chicago
district, all reporting member banks showing a net decrease of $8,000,000
for the week.
Holdings of obligations fully guaranteed by the United
States Government declined $5,000,000.
Holdings of "Other securities"
Holdings
of
United
Government
States
direct
$27,000,000 in New York City and $32,000,000 at all
declined
reporting
Demand
dis¬
York City,
all reporting member banks.
Time deposits decreased
York City and $23,000,000 at all reporting member
deposits—adjusted increased $24,000,000 in the Chicago
$9,000,000 in the Boston district, $8,000,000 in New
and $53,000,000 at
$9,000,000 in New
banks.
the principal
$12,000,000 in
the Chicago district. $11,000,000 in the New York district, and $9,000,000
in the Richmond disitrict, the total decrease at all reporting member banks
being $106,000,000.
Deposits credited to foreign banks declined $13,Deposits credited to domestic banks declined in all districts,
decreases
the Kansas City district,
being $21,000,000 in
000,000 in New York City and at all reporting
member banks.
amounted to $3,000,000
Borrowings of weekly reporting member banks
on
Nov. 24, a decrease of $1,000,000
for the week.
A±summary4of thejprincipal assets and liabilities of the
reporting member banks, together with changes for the
week and year ended Nov. 24, 1937, follows:
Increase
Assets—
—98,000,000
—53,000,000
21,432,000,000
Loans-total
9,479,000,000
Commercial, industrial, anc agri¬
cultural loans;
.
(—)
or Decrease
Since
$
$
#
(+)
Nov. 17, 1937
Nov. 24, 1937
Loans and investments—total
Nov. 25, 1936
$
—969,000,000
+ 700,000,000
'
■,
—4,000,000
—51,000,000
*
*
479,000,000
—6,000,000
*
+16,000,000
—299,000,000
651,000,000
—7,000,000
1,168,000,000
64,000,000
Otherwise secured and unsec'd
585,000,000
4,098,000,000
881,000,000
On securities
—1,000,000
—1,000,000
*
+14,000,000
Open market paper
Loa. s to brokers and dealers in
securities
loans
purchasing
tor
or
carrying securities
Real estate loans
Loans to banks
—5,000,000
—32,000,000
+29,000,000
+3,000,000
—17,000,000
customs
Chinese
office
—127,000,000
—330,000,000
—37,000,000
—90,000,000
—625,000,000
—799,000,000
+239,000,000
+ 53,000,000
—23,000,000
+2,000,000
14,665,000,000
5,273,000,000
Government deposits
418,000,000
Time deposits....
—31,000,000
—106,000,000 —1.212,000,000
—13,000,000
—34,000,000
5,016,000,000
420,000,000
3,000,000
Foreign banks
Borrowings
+1,000,000
—1,000,000
Control
of
Shanghai
•—Communication
Lines
Taken Over by Japanese
Taken Over—Evacuation
Nanking by Ambassadors of United
States and
Powers—Japanese Apologize for Seizure of
American and Italian Tugs
Other
Following the taking over, on Nov. 26, of
civil control by
of Shanghai (supplementing its military occupation
of the city), Japan on Nov. 27 seized control of all Chinese
communication facilities in the Shanghai area, according to
Japan
Shanghai, which added that
most of China's means of communicating with the outside
world have been concentrated in that area.
To make effec¬
Associated Press accounts from
Japanese repre¬
Settlement to assume
control, said the Associated Press,
sentatives
entered
the International
charge of post offices,
cable and radio administrations and
CGRA) hitherto operated
by the Chinese Government.
Reference to protests by the
United States, Great Britain and France over reports that
Japan planned to take over the customs organization at
Shanghai is made in another item in this issue.
United
Press advices from Shanghai, on Nov. 26, in which the tak¬
ing over of civil control of the city was noted, had the fol¬
broadcasting stations (XQHC and
lowing to say, in part:
The Domei News Agency announced that tomorrow morning the Japanese
would take over control of all Chinese Government communication facilities
in
Shanghai,
office
accountant
including the headquarters
of the telegraph, radio
and post
H Japanese troops seizing control of
to
formerly under General Chang
Line"
were
Hsueh-Liang. commander of the
Twenty-ninth
Kiangyin-Wusih "Hendenburg
Eight hundred Chinese troops
Other disgruntled soldiers were
had been withdrawn from the
because they had refused to fight.
Army,
executed
understood to
report said.
have been sent to posts behind
at
Wusih,
a
Nanking.
naval authorities in Shanghai on Nov. 30
seized an American-owned tug flying the American flag, and
reportedly tore the flag from the mast. At the same time,
two Italian tugs were also seized.
The American Consul
Japanese
by
large area of the International Settle¬
a
began contracting their lines.
According to Shanghai advices to the "Times" Nov. 30
(from Hallett Abend) the Japanese army announced the
capture of the Kiangyin Forts and the town of Kiangyin,
which is up river beyond the forts, capturing it is said the
important railway city of Wutsin.
This, it was added, marked the entire collapse of the last
strongly fortified line of Chinese defences between Shanghai
and Nanking,
• V/';
+"5;'
From a wireless message from Shanghai to the "Times"
we take the following:
of Lake
surrounding the
important town of Ihing, whence the highway leads westward to Nanking.
Another highway leads northeast along which a further advance would
Pushing their rapid advance northward along the west shore
Tai, Japanese forces last night succeeded in completely
off and outflank the Wutsin area.
cut
borders into Anhwei Province,
From
Shanghai,
dropped a score of projectiles on that day along
thoroughfares of Nanking, killing 40 civilians.
suit craft,
main
In
24, Associated Press accounts
bombing planes, protected by pur¬
Nov.
on
stated that two Japanese
the
another Japanese
which is an important narrow
the highway leading from Lake Tai to Wuhu.
pass on
part, these advices continued:
the
was
since
Sept.
National
The
Nanking's walls
damaged in the bom¬
Japanese planes had struck within
first time
26.
Gallery
Art
was
bardment.
While
the
engaged
planes
pursuit
Chinese
craft
in
a
dogfight, the
passed through anti-aircraft fire to attack the Chinese emergency
field between Nanking and Wuhu, a short distance up the Yangtze.
bombers
air
28 other foreigners remaining in
make their quarter a neutral zone to
prevent possible destruction by bombs or shells.
United States Ambassa¬
dor Nelson T. Johnson sent a similar request to the Chinese Government,
Earlier
into
there
that
Americans and
34
the
Japanese
said
authorities
Japanese
added
the
today
asked
to
favored the
they
proposal in principle, but
had to take
military considerations which the army
were
account.
conflicting communiques on the fight¬
100 miles east of Nanking.
Japanese claimed steady progress, but the Chinese said they were repuls¬
ing attacks south of Lake Tai and preventing attempts to land behind
Chinese lines.
They asserted 10 Japanese launches attempting to cross
The
factions issued
warring
two
ing along the Wusih-Kiangyin line,
the
lake
of
coastal
in
Shanghai,, in
Powers,
other
Chinese
former
The
their
most
for
of
American
of the
few
the
on
remaining
The American
the
ad¬
Nov. 23, which, in part, added:
carrying the Ambassadors and the
proceeded up the.Yangtze River at 11 a. m.
the Chinese ministries have been established.
Captains Frank Roberts
attaches
Nov. 23, of Nanking by the
States, Great Britain and the
on
United
gunboats
foreign
nationals
where
law was proclaimed
landing.
in the face of the Japanese drive on
capital, was indicated in United Press
Nanking,
vices from
of 200 men.
loss
Shantung Province, martial
evacuation,
of the
Ambassadors
some
because of threatened Japanese
Tsingtao
official
The
with the
sunk
were
North
majority of
for Hankow,
and J. M. McHugh, assistant military
Embassy, were left behind to
and naval
provide protection
Americans.
Ambassador, Nelson T. Johnson,
boarded the United States
Luzon of the Yangtze River patrol yesterday, but waited until
today to depart with most of the other diplomats.
The Luzon led the
procession of warships because Admiral Edward Marquart, commander of
the United States river
patrol, is senior officer among Occidental com¬
manders in the Ninking area.
The Luzon is his flagship.
gunboat
British,
Chester,
Agency
held
been
opposition of United States Marines today
ment ran into the determined
include offensives against Nanking, Hankow and Chungking,
Lieutenant-General Iwane Matsui, Japanese commander-in-chief, announced.
General Matsui told representatives of the Japanese press that the in¬
vasion inland would continue "unless the Nanking Government reconsiders
its attitude and ceases resistance."
At the same time, it was learned that three divisions of Chinese troops,
Domei
had
positions
launches and
Yesterday (Dee. 3) United Press accounts from Shanghai
Germans,
Route
seizure of customs
said:
The
divisions.
Shanghai
These
Shanghai.
other craft does
not
signify the military arm is taking over the customs service at
Shanghai, which will continue under international administration, but all
Chinese will relinquish important administrative posts.
Inspector General
Maze will remain, although at first it was feared his resignation might
be sought in favor of the candidacy of H. Kishimoto, head of the audit
secretariat and long
considered a possible successor when Sir Frederick
retires, particularly if Japan then enjoys most of China's trade.
added that it was informed that the Japanese would
take over the Ministry of Communications'
broadcasting station XQHC.
Meanwhile the Japanese Army is preparing for a decisive drive west of
The
of
navy's
Japanese
Nanking
Comparable figures not availabe.
tive its
administrative
as
Yoshisuke
naming
Europeans.
Inter-bank deposits:
of
Maze, the Inspector General of
Akatani of the Tientsin customs
commissioner for Shanghai and Kelichi Kato as
Sir Frederick
appointments,
Customs,
revenue
It
Demand deposits—adjusted
Domestic banks....-..-
in
has been given by two
Recognition of Japan's new position in Shanghai
new
?
Liabilities—
Civil
cablegram
New York
Abend,
Hallett
force at present is pressing on Kwangteh,
—2,000,000 ■
*
+ 3,000,000
*
—8,000,000 —1,212,000,000
729,000,000
Otherwise secured and unsec'd
824,000,000
U. S. Govt, direct obligations
7,966,000,000
Obligations lully
guaranteed by
United States Government
1,120,000,000
Other securities
2,867,000,000
Reserve with Fed. Res. banks
5,394,000,000
Cash in vault
317,000,000
Balances with domestic banks
1,850,000,000
On securities
*
under
Having crossed the
Other loans:
United States
a
date of Nov. 24, to the
24,
Nov.
of
date
Shanghai,
and immediately
f*
Other
from
The
member banks.
trict,
Under
'Times," said, in part:
York City.
increased $17,000,000 in New
Shanghai,
likewise returned to their owners.
were
and
industrial
Commercial,
in
Embassy
The
no
taken
101
departing on the Luzon were Miss Sara Glenn of
Foster and a Mrs. Andrews.
States Embassy was negotiating with the Japanese for the
neutral zone around Embassy premises.
Chinese authorities
attaches,
S. C.; a Mrs.
United
creation
of
a
already had agreed to
The
Italian and German delegations followed.
The
warships in the Yangtze, had chartered the S. S.
nationals on' board.
The only Americans, except
French,
having
and
Kutwo
the proposal.
removal of China's
capital from Nanking to Chung¬
king, 750 miles further inland, was reported
Press advices from
Shanghai on Nov. 20,
stated, the Japanese
in Associated
when, it was.
captured Soochow, keypoint of
China's;
Line."
It was added that Japan's legions;
poured through three gaps In the main Chinese defense line,,
pushing the Chinese troops back toward Nanking, about
"Hindenburg
125 miles
west.
Japanese planes raided
the United Press advices
Canton and vicinity on Nov. 24,.
from Canton
reported, killing, it;
Financial
3572
is
said, at least 100 civilians and causing terrific destruc-
Chronicle
ment
Dec.
ports will be "attached."
4,
1937
On the following day Great
Britain denied the right of the insurgents to blockade these
tion.
Dmitry V. Bogomoloff
replaced on Nov. 22 as Soviet
Luganets-Orelsky, the Associated
was
Ambassador to China by X.
ports or to attack merchant ships. Meanwhile, on Dec. 1,
Associated Press advices from Hendaye, France, reported
the progress of the war in Spain as follows:
Press account from Nanking said.
_
Spanish Government reports tonight said the insurgents lost heavily in
United States Protests to
Japan Over Reported Seizure
Also
by
Great
Britain and France—Secretary Hull Reveals For¬
mal Note Has Been Sent to Tokio Foreign Office
of
Customs—Protests
Chinese
Secretary of State Cordell Hull announced on Nov. 29
that Ambassador Joseph C. Grew had presented to the
Japanese Government a formal note protesting against
reported plans by Japan to alter Chinese customs arrange¬
ments without consulting the United States.
It had pre¬
viously been revealed, on Nov. 27, that simultaneous repre¬
sentations had been made to Japan by the United States,
Great Britain and France concerning the taking over by
Japan of the Chinese customs organization in Shanghai. In
indicating on Nov. 27 that the United States had formally
expressed its concern to the Japanese Government over any
attempt to interfere with the integrity of the Chinese mari¬
time customs system.
Associated Press advices from Wash¬
ington (Nov. 27) said:
Secretary Hull announced to-day that this step had been taken in
com¬
menting on reports that the Japanese authorities in Shanghai intended tak¬
ing over the Chinese customs organization.
A reference to the
taking over of civil control of Shanghai
elsewhere in this issue of the "Chronicle." The an¬
nouncement by Secretary Hull regarding the Chinese cus¬
toms was noted as follows in a Washington dispatch of
•
appears
The fact that the United States had taken stronger action than it under¬
took last week, in line with a similar course by Great Britain, was brought
published
conference today after the Secretary had been asked about
Tokio
from
reports
quoting
Foreign
a
Office spokesman
as
saying Japan insisted on its "right to act independently" at Shanghai.
Mr. Hull declined to comment on that report, since he could not know
how accurate
forth
set
it
He recalled,
was.
Government's
this
orally
Koki
to
Foreign Minister, last week, and said he had presented
Hirota,
Japanese
a note on
the sub-
over
the customs organization at Shanghai.
were
planning to
The Governments
of international obligations,
thus
and
entitled
were
to
informally elaborated by calling
Washington dispatch of Nov. 27 to
"Times" described the tri-Power protest to
diplomatic representations
were
other interested
Governments
a
as
the New York
Japan as follows:
termined
those
matter of
information.
more
as
around
the
attraction for tourists.
an
Under date of Nov.
Madrid
29 Associated
stated that 37
killed
were
Press
on
accounts
from
that
day and more
than 50 injured in insurgent aerial bombardment of Guad¬
alajara, 30 miles northeast of Madrid.
The advices added:
It
the second raid
was
Guadaljara in four days.
on
Other insurgent planes struck near Madrid, just east of the capital, and
the village of Torrejon de Ardoz was bombarded—but without casualties.
The Spanish insurgents recently continued to move into
position along the Aragon front for a major drive into
eastern Spain, but were hampered by heavy fog and rain.
Government forces on Nov. 18 were reported to have added
to the insurgents' difficulties by harassing
infantry attacks
and artillery bombardments, particularly in northern Ara¬
gon.
In Associated Press advices from Hendaye, France (at
the Spanish frontier), Nov. 18, it was also stated:
Nevertheless,
reaching
reports
border
the
a
said
insurgent
Navarrese
leading role in the recent
con¬
quest of the Bay of Biscay coastal area—were in villages between Burgos
and
Valladolid, ready to
move to
the eastern front.
Heavy forces of Moroccan and Foreign Legion troops, regular army,
Falangist (Fascist) and Italian units already were concentrated in Aragon
and on the Almeria front.
Previously insurgent officers had said Almeria,
port of the southern coast, probably would be Franco's first objective.
San
which
The repre¬
Hendaye, Dec. 2 the Associated Press said:
from
Hendaye,
Pedro, in the Sabinanigo sector of the northern battle line,
a
was
highway
said:
The Government militiamen
wounded
postal and communications services may not be de¬
until after
From Bilbao
fortifications
That the insurgent troops had repulsed attacks in the
Sabinanigo sector of the northern Aragon front was reported
in advices from Hendaye, Nov. 13,
by the Associated Press,
made after consultations among the
Whether protests will be made concerning the Japanese assumption of
of Chinese
ring"
Government
gunners
bombarded insurgent communications between
Teruel, the southern tip of the Aragon front, and Saragossa, the Insurgents'
principal Aragon base.
sentations, while simultaneous, were not Joint but parallel.
control
"iron
the
between Teruel and Alcaniz.
three countries and after the United States had also communicated her views
to
that
heavily shelled while Loyalist patrols attacked insurgents along
was
States has in the matter.
The
of Asturias was completed with the slaying of the
announcement
Basque city, which failed to halt the insurgent forces, would be preserved
and
Japan's attention to the economic and historic interests which the United
A
the
came
A Barcelona communique said that insurgent
positions at Casa Batanero
be
consulted before any change was made.
Subsequently the American position
Insurgent headquarters announced the clean-up of Government resistance
in the northern province
last chiefs and bands holding out in mountain strongholds.
An earlier
Associated
Press
dispatch
Nov. 18, had the following to say:
con¬
zation of the Chinese customs, under arrangements which apply collections
payments
down the insurgent infantry with machine guns as it sought to advance.
in positions.
cerned pointed out that they had direct interest in the integrity and organi¬
to
the
on
Reports from both sides said that the skirmishing resulted in little change
Britain, with France also making
representations, was based on reports that the Japanese
take
positions southwest of Toledo
The Spanish rebels and Loyalists fought a series of
localized, indecisive
battles on the Aragon and Teruel fronts today.
Jest yesterday.
The action of the United States and
Government
Government soldiers entrenched in olive groves were said to have mowed
From
however, that Ambassador Grew had
position
on
bank of the Tagus River.
west
(monarchist) brigades—units which took
Nov. 29 to the New York "Herald Tribune":
out at a press
five futile attacks
on
the
were
forced to abandon 500 dead and 1,000
battlefield and artillery bombarded insurgent concentra¬
tions
along the entire Aragon front in an effort to delay the planned insur¬
gent drive to cut off Catalonia from the rest of Government Spain.
detailed official reports have been received on
questions.
A
communique issued at Madrid said Government troops had captured
positions at Campo Corono and Cuesta del Batanero, in upper Aragon,
where heavy insurgent concentrations were located.
Soviet Envoy Sees President
Whether there
was
any
connection between this situation
Japanese conflict in other respects and
a
or
the Sino-
conference Alexander Troyanovsky,
-
Government planes bombed enemy concentrations at
Teruel, Calatayud
the Soviet Ambassador, had with President Roosevelt in the White House
and Moline de
today
Aragon and at Pamplona, where, insurgent headquarters
reported,
than
was not
The
and
disclosed.
Ambassador
was
An
State
in conference with Mr. Roosevelt for some time.
tion concerning its
State
sought the interview through*the
Department
inference
purpose
or
was
was
not
Department
Exact informa¬
obtainable at the White House, the
the Soviet Embassy.
obtained
that
the
call
desired
to
take
up
questions
of that
character
with
the
President
Secretary of State Cordell Hull made the announcement of the repre¬
sentations in Tokio at his press conference today.
Japan,
he said,
had
Joseph O. Grew, the
informed the Japanese
Government
that the United States would view with great concern any
step that would
impair the integrity of the Chinese customs service, particularly in regard
to its functioning and its distribution of funds.
The United
States has
part of Chinese customs
obligations.
There
are
a
material
revenues is
several
which customs revenues are
interest in the funds because
pledged to
a
large
payments on foreign debt
agreements, Mr.
Hull pointed out, under
pledged for Chinese obligations held in this
country.
While Secretary Hull said two or three other countries bad made similar
representations and that he had informed other countries of his action, be
did not name any of them.
Japan Formally Recognizes Spanish Insurgents—Gen¬
eral Franco Proclaims Blockade of All Government
Ports—Great
Britain
Protests
Action—Weather
celona—the
The insurgent Government in
Spain, headed by General
Franco, was formally recognized by Japan on
Dec.
1.
Following this announcement, General Franco
recognized Manchukuo, and received in return Manchukuo's
recognition.
The Spanish civil war was last referred to in the "Chron¬
icle" of Nov. 13, page 3126.
On Nov. 28 the insurgent
regime proclaimed a blockade of all Spanish Government
ports, including those on the island of Minorca. A com¬
munique said that all vessels attempting to enter Govern¬
were
killed.
minimized
"temporary"
Azaila, in the interior
insurgent
capital—on
near
warplane attacks
Tarragona
Saragossa.
and
The planes
on
were
on
Bar¬
Lerida
and
driven
off, the
The
War
Ministry announced in Barcelona on Nov. 18
Alvarez del Vayo, former Foreign
Minister, as Commissar General of the Loyalist land forces.
An assistant, Crescenciana Bilbao, was made
acting suc¬
cessor, also continuing as Commissar General of the eastern
(Aragon) armies.
the resignation of Julio
France to Float New
5% Loan of About $116,600,000
From Associated Press advices from Paris, Dec.
1, it is
learned that the Ministry of Finance would float a new issue
of Treasury bonds on Dec. 2, which, it was
hoped, would
bring in about 3,500,000,000 francs (about $116,600,000).
The advices said:
Maturing in nine
years,
the bonds will bear 5% interest.
Officials said bond money would be used in part to
repay a London
bankers' loan of $200,000,000 to the French railroads which falls due be¬
tween Dec. 12 and 26.
New
York
Hampers Military Operations in Spain
Francisco
100
miscellaneous
directly.
Ambassador to
more
Government report
report said.
minor
on
was
matters, but, if so, there was no adequate explanation of why the Ambassa¬
dor
A
Stock
ment
Exchange Rules on German Govern¬
5^2% International Loan of 1930
The New York Stock Exchange announced as follows, on
Nov. 26, the adoption of rulings by its Committee on Securi¬
ties on the German Government 5^% international loan of
1930, the so-called Young Loan:
NEW
YORK
STOCK
Committee
on
EXCHANGE
Securities
Nov.
Notice
German
stamped
having been
Government
"U.
S.
A.
received
that
international
Domicile
the
loan,
coupons
due
Dec.
1,
26,
1937.
1937,
from
1930, 5%% gold bonds, due 1965,
1935," will be purchased on and
1st October,
Volume
Financial
145
3573
Chronicle
New York
New York
after
Co.
J. P. Morgan &
date, upon presentation at the office of Messrs.
that
that Young marks may be
acquired for coupons from "plain" bonds at the customary rate of exchange
as heretofore,
according to the regulations in effect;
Notice also having been
received that arrangements have been made
each
for
$27.50
of
amount
face
coupons;
bonds stamped "Canadian
whereby the coupons due Dec. 1, 1937, from the
will be
Holder"
Bank
of
Canada,
United
the
purchased on and after that date upon
payable in
America,
of
$20 lawful money of
Canadian dollars, on the basis
of the equivalent of
the rate
at
States
presentation at the
fall due:
"U. S. A.
Domicile 1st October, 1935," and the bonds stamped "Canadian Holder,"
be quoted ex-intere6t $20 per $1,000 bond on Dec. 1, 1937; ,
That the "plain"
bonds be quoted ex the Dec. 1, 1937, coupon on
of the
Committee
Dec.
Wednesday,
That
the
June
that the bonds stamped
Securities rules
on
1, 1937;
and
transactions
of
beginning Dec.
made
—
-
866
105
Reports showing transactions:
As
specialist*
Other than
as
specialist:
274
57
Initiated off floor
—322
111
Reports showing no transactions
463
610
*Note—On the New York Curb Exchange the round-lot transactions of specialists
"in stocks in which registered" are not strictly comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
Initiated on floor..
—
-
....
dealer, as well as those of the specialist.
The
in the various
of reports
number
than the number of reports
single report may
classification.
EXCHANGE—TRANSACTIONS IN ALL STOCKS
OF MEMBERS* (SHARES)
STOCK
YORK
classifications may total more
received because, at times, a
entries in more than one
carry
FOR ACCOUNT
1937, must carry
1,
1,074
210
Number of reports received..
NEW
and subsequent
1938,
1,
1937
Week Ended Nov. 6,
L.
FISHER,
Total volume of round-lot sales
27, page 3419,
to an announcement by the German Consulate General in
New York regarding the payment of the Nov. 1 coupons on
6,798,040
effected on the Exchange
transactions of
odd-lot dealers In stocks in which registered:
transactions
Round-lot
specialists and
except
members
of
Initiated on the floor—Bought
1.
478,310
....
517,960
Sold
the Young Loan.
+.
Odd-Lot Trading on New
York Stock Exchange During
Sold
Weeks Ended Nov. 20 and 27
The Securities and Exchange
Commission has made public
20 and Nov. 27 of the
summaries for the weeks ended Nov.
figures
on
odd-lot transactions of odd-lot
Total
registered—Bought..658,880
data
The
with
filed daily
specialists.
figures for the weeks ended Nov. 20
The following are
the
of
1,567,325
Sold..
odd-lot dealers in stocks in which
registered:
581,690
In round lots—Bought
1.
Sold
DEALERS AND SPECIALISTS
IN STOCKS, RIGHTS AND WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEKS ENDED NOV. 20 AND NOV. 27, 1937
TRANSACTIONS OF ODD-LOT
(Customers' Orders to Buy)
In odd lots (including
2.
—,
odd-lot transactions of
specialists):
849,848
—
1,369,209
Sold
('Customers' Orders to Sell)
4.80
652,860
Total
PURCHASES
,
71,170
-
Bought
ILM
SALES
21.54
2,928,477
Transactions for account of
and Nov. 27:
ODD-LOT
10.02
members, except transactions
odd-lot dealers in stocks in which registered—Bought1,361,152
Total round-lot transactions of
Total
published are based upon reports
by odd-lot dealers and
Commission
the
704,220
1,363,100
Total
Nov. 20, page 3271.
of
issue
by the Commission.
13 were given in our
which
Sold
specialists in stocks, rights and warrants on
the New York Stock Exchange, continuing a series of cur¬
figures being published weekly
The figures for the week ended Nov.
in
4.19
569,107
-
stocks
In
specialists
of
transactions
Round-lot
and
rent
223,962
345,145
Initiated off the floor—Bought..;
2.
7.33
966,270
Total
dealers
Cent, a
Week
Secretary.
in our issue of Nov.
Reference was made
corrected
Per
Total for
coupons.
ROBERT
daily
Exchange
Exchange
dealt in "flat" and to be a delivery
bonds shall continue to be
the
settlement
in
exchange on the day such coupons
current rate of
The
Curb
Stock
'
;•/
;
Line, at the rate of $20
offices of Hamburg-American
American
at
or
2,219,057
Total
Trade Date
No.
Shares
Ord.
Value
No. Ord.
Shares
6,855
191,815
6,178
178,194
101,182
Value
CURB
EXCHANGE—TRANSACTIONS IN
FOR ACCOUNT OF MEMBERS* (SHARES)
YORK
NEW
$6,612,588
5,940,198
3,495,627
$7,830,479
8,458,289
4,449,418
6,330,888
19,260,776
14,875
59,561
1,473,917 $46,329,850
36,043
Nov. 22
14,028
218,494
$7,141,718
13,447
338,973 $10,162,970
9,760,275
322,446
7,674
Nov. 23..
8,708
252,426
143,532
7,938,987
291,837
ALL
STOCKS
9,253,347
9,785
249,644
Nov. 16
9,713
Nov. 17.
5,112
246,266
128,152
Nov. 18..
7,682
192,076
Nov. 15..
Total
for
657,779
27,269
Nov. 19 and 20
week.
3,707
4,428
9,226
216,826
6,755,854
5,329
Exchange
Nov. 24_____
424,875
13,383,974
10,324
13,071,558
1,023,915 $33,565,335
53.863
1,303,120 $40,063,073
32,035
round-lot sales effected on
Total volume of
1,115,260
the Exchange
members, except transactions
specialists in stocks In which registered:
1. Initiated on the floor—Bought
—
Round-lot
transactions of
Sold
of
-
——
906,289 $29,174,761
on
Trading by all members of the New York Stock Exchange
and the New York Curb Exchange (except odd-lot dealers
on the
Stock Exchange) for their own account during the
week ended Nov. 6 was below the previous week, it was
Sold
(Dec. 3) by the Securities and Ex¬
change Commission.
The Stock Exchange members traded
for their own account in amount of 2,928,477 shares during
the week ended Nov. 6 (which week included the Election
Day Holiday, Nov. 2), an amount which was 21.54% of
total transactions of 6,798,040 shares.
During the preceding
week ended Oct. 30 trading by the Stock Exchange members
amounted to 5,567,839 shares, or 22.73% of total trans¬
actions of 12,246,060 shares.
On the New York Curb Exchange, total round-lot trans¬
actions for account of all members during the week ended
Nov. 6 were 440,610 shares; as total transactions on the
Curb Exchange during the week amounted to 1,115,260
shares, the member trading for their own accounts was
19.75% of total transactions, which compares with a per¬
centage of 21.80% in the preceding week ended Oct. 30,
when member trading amounted to 795,390 shares and total
transactions 1,824,420 shares.
The data issued by the SEC is in the series of current
----
of specialists in stocks in
registered—Bought.—————.————
Round-lot
transactions
—-
148,930
——
292,170
—---
Total
203,265
143,240
-
transactions for accounts
237,345
-
published weekly in accordance with its pro¬
embodied in its report to Congress in June, 1936, on
and Advisability of the Complete Segregation
of the Functions of Broker and Dealer."
The figures for
the week ended Oct. 30 were given in our issue of Nov. 27,
page 3419.
In making available the data for the week ended
Nov. 6, the Commission said:
The figures given for total round-lot volume for the New York Stock
Exchange and the New York Curb Exchange represent the volume of
all round-lot sales of stock effected on those exchanges as distinguished
from the volume reported by the ticker.
The total round-lot volume for
the week ended Nov. 6 on the New York Stock Exchange, 6,798,040 shares,
8.3% larger than the volume reported on the ticker.
On the New York
Curb Exchange, total round-lot volume in the same week, 1,115,260 shares
exceeded by 8.3% the ticker volume (exclusive of rights and warrants).
The data published are based upon reports filed with the New York
Stock Exchange and the New York Curb Exchange by their respective
gram
the "Feasibility
was
members.
These reports are
classified as follows:
19.75
440,610
Total
Odd-lot transactions of
specialists in stocks In
which registered:
Bought......
Sold
13.10
of all members:.
Bought...
Sold
4.45
99,315
which
Sold..
Total round-lot
2.20
29,685
69,630
floor—Bought
announced yesterday
figures being
24,650
24,475
49,125
Total
Initiated off the
Total
Trading
Cent, a
Week
4,840,709
New York Stock and New York
Curb Exchanges During Week Ended Nov. 6
Member
Per I
Total for
2.
Total for week..
1937
4,445,364
Closed
17,162
Nov. 25
Nov. 26 and 27—
124,142
428,582
Week Ended Now. 6,
—....
66,340
85,751
-
-
152,091.
The term "member" includes all Exchange members, their firms and their
partners, including special partners.
|
a Percentage of members' transactions to total Exchange transactions.
In cal¬
culating these percentages the total of members' transactions is compared iwith
twice the total exchange volume for the reason that the total of members' trans¬
actions includes both purchases and sales, while the total exchange volume Includes
Total.
-
*
m
only sales.
$37,836,293 in Outstanding Brokers' Loans
Stock Exchange During November—
Total Nov. 30 Reported at $687,786,579—Amount is
Decrease of
on
New York
$296,218,123 Below Year Ago
York
loans
on
the Exchange decreased $37,836,293 during November
to $687,786,579 Nov. 30 from $725,622,872 Oct. 30. The
decrease during November followed declines during the two
preceding months. As compared with Nov. 30, 1936, when
the loans outstanding amounted to $984,004,702, the figure
for the end of November, 1937, represents a decrease of
According to the monthly compilation of the New
Stock Exchange, issued Dec. 3, outstanding brokers'
$296,218,123.
Demand loans outstanding on
Nov. 30 were above Oct.
less than
Nov. 30
totaled $498,567,175, as compared with $493,340,168 Oct.
30 and $708,177,287 at the end of November, 1936; time
loans at the latest date were reported at $189,219,404 against
$232,282,704 and $275,827,415, respectively, a month and
30, 1936, while time loans were
earlier dates. The demand loans on
30 but below Nov.
on
a
the
two
year ago.
The
monthly compilation of the
30, 1937, as
Stock Exchange for Nov.
issued by the Exchange Dec. 3,
follows:
3574
Financial
New York
Stock
Exchange member total net borrowings
contracted for and carried in New York
of the close of
as
on
Chronicle
Dec. 4,
covered
are
separately in item No. 1.
Data are available at
time through August, 1937, but the material will be
brought
periodically.
collateral,
business, Nov.
30. 1937, aggregated $687,786,579.
4.
The detailed tabulation follows:
1937
the present
to date
up
Expenses of registration and flotation of securities registered under the
'
Demand
(1)
Time
$468,352,275
$186,769,404
or trust
(2)
companies...
Underwriting commissions and discounts and other
-
Net borrowings on collateral from private bankers,
brokers, foreign banks agencies or others in the
City of New York
expenses of flotation
shown on the basis of the estimates reported by the
regis¬
registration statements.
All figures are expressed as per¬
centages of the estimated gross proceeds of the issues proposed to be sold
for cash, and are shown for the main industrial
groups according to the type
and issuance
in
trants
30,214,900
2,450,000
$498,567,175
$189,219,404
687,786,579
Combined total of time and demand borrowings
Total face amount of "Government securities" pledged as collateral
for the borrowings included in items
Securities Act of 1933 during 1936 and the first half of 1937.
■
Net borrowings on collateral from New York banks
(1) and (2) above..
and size of securities proposed to be sold.
In addition, an itemization of
expenses other than commissions and discounts is shown by types of se¬
curities and by size of issues.
5.
29,171,850
Classification
by industry and by type of security of the monthly
(estimated gross proceeds) of securities registered under the Securities
totals
The scope of the above compilation is exactly the same as in the loan
report issued by the Exchange a month ago.
Below
we
furnish
version.
Demand
Loans
Time Loans
Total Loans
1935-
$
Nov. 30..
This
Dec.
439,457,000
391,183,500
938.441,652
600,199,622
631,624.692
324.504.713
924,704,335
846.113,137
1936—
31..
Feb.
29..
292.695.852
1,063.950.736
410,810.915
969.997,839
753,101,103
688,842.821
May 29..
Nov. 30..
559,186,924
581.490.326
571.304,492
591.906,169
598,851,729
661,285,603
708,177,287
275,827.415
984,004,702
Dec. 31..
768.439.342
282,985,819
1,051,425.161
June 30..
July 31..
Aug. 31..
Sept. 30..
31..
22,
trations of
new securities under the Securities Act.
The data in this form,
of the maxim run amount of the
regis¬
tered securities that were available for sale for cash
or other considerations.
Figures are available from September, 1934, through October, 1937, and
be kept up to date from the Commission's monthly releases.
996.894,018
407,052,915
988.543.241
396,076,915
381,878.415
967.381.407
973,784 584
372,679,615
971.631.244
313,642,415
974,928.018
Chicago Stock Exchange Expands Odd-Lot Trading —
System Extended to Include 27 Issues Also Listed
Jan.
30..
719.105.327
Feb.
27..
734.435.343
Mar. 31..
792,419.705
804,749,884
777.836,642
818.832,335
836,864,420
872,462,148
732,505,016
493,340,168
498,567,175
30..
May 29..
June 30..
31..
Aug. 31..
Sept. 30..
30..
Nov. 30-.
307,266.765
340.396.796
1,026,372,092
1,074,832,139
1,158,684,205
1,187,279,384
1,152,212.988
1,186,327,681
360,264,500
382,529,500
374,376,346
307,495,246
336,893,088
313,987,000
306,615,500
1,173.757,508
1,186,449,148
1,039,120,516
725,622,87
232,282,704
189,219.404
687,786,579
New York Stock
on
The
system of
Exchange
dealing in odd lots
Exchange in issues which
Stock
such
Exchange
issues.
1937
Oct.
con¬
924.320.544
243,792,915
375,107,915
Mar. 31..
Apr. 30..
July
against
supplements Securities Act Release No. 1195 (dated
1936), which showed this break-down on the basis of all regis¬
may
Jan.
Apr.
reserve
;-'c
.
tabulation
however, indicate the classification
406,656,137
547,258,152
Dec. 31..
Oct.
Act of 1933 after deduction of securities registered for
two-year compilation of the figures:
a
are
their
Chicago
the
on
the
of
the
next
proper
place
Chicago
Stock
New York
Nov.
issues
3,
1930.
the
on
total
Chicago
29
issued
Stock
the New York
include
to
Nov.
on
26
27
the
first
after
Exchange
In
that
receipt
Chicago
Stock
reported,
Stock
month
there
the
9,800
round
order,
shares
In
lot
or
transaction
transaction,
whichever
on
was
inaugurated
executed
were
October
of
this
19,800 shares
were
lot
round
placing the order,
Exchange.
volume
of
shares of stock
49
to
one
Exchange
Stock
sale the customer specifies at the time of
smaller
Nov.
on
announcement
next
takes
whichever
on
on
of executing odd-lot orders of from
basis
on
an
the Chicago
on
listed
Exchange said:
The system
or
expanded
was
In
also
are
in
these
with
year,
executed
so
a
the
on
Exchange.
SEC Repeals Rules AN-12 and AN-13 Under Securities
Exchange Act—Provided Temporary Exemptions to
Volume
Public
Effective immediately, the Securities and
Exchange Com¬
announced on Nov. 29 that -it has repealed rules
AN-12 and AN-13 of the Rules and
Regulations under the
Securities Exchange Act of 1934.
Both were temporary
mission
rules, already expired, which provided temporary exemptions
from registration for the securities of certain classes of
issuers, the Commission explained.
The Commodity Exchange Administration
inaugurated on
2 the daily publication of cotton futures transactions
on the New York Cotton
Exchange, the New Orleans Cotton
Dec.
Exchange and the Chicago Board of Trade.
The Adminis¬
is releasing the volume of
daily transactions, the
tration
amount
Exempt Exchanges Required by SEC to Explain Reasons
for
Terminating Listings or Unlisted Trading
Privileges
The rules
governing exempt exchanges under the Securi¬
Exchange Act of 1934 have been amended, it was an¬
nounced on Nov. 30 by the Securities and
Exchange Com¬
mission.
The amendment,
which will become effective
Dec. 10, provides that when an
exempt exchange files with
the Commission the required notice
regarding the termina¬
tion of listing or of unlisted
trading privileges, the notice
must be accompanied
by a brief statement of the reasons
ties
for
such
of Rule
B
action.
The
amendment
was
to
paragraph
CB-4, to which the following sentence
Current supplements filed
trading privileges in
shall include
a
any
added:
was
to report the termination of listed
security admitted
brief statement of the
reasons
to dealing on
(b)
or
unlisted
the Exchange
for such termination.
tions
was
made
Nov.
on
^Exchange Commission that
studies
29
by the Securities
number of statistical
available upon request
Requests for any of the studies should
the "Publications Section, Securities and
by its Research Division
a
are
to those interested.
be
addressed
to
Exchange Commission, Washington, D. C."
The material
available, the announcement of the SEC said, covers the
following subjects:
1.
Data
on
certain
common
This
ings
presents certain pertinent data with
respect to recent offer¬
of common stock issues by means of
rights.
The data include the
percentage of each offering taken by stockholders, the value of the
offering,
the discount of the
subscription from the market price and the period dur¬
ing which the offering was available to stockholders.
covers all
The
to
2.
information
registered issues offered during the period between
July 27, 1933,
1937.
It is contemplated that this taoulation
and June 30,
up
date
by
will be kept
periodic supplements.
Underwriting participations
The tabulation
in issues registered
under the Securities
the dollar value of the
participations of individual
investment banking firms, as underwriters
in issues with
gross proceeds of
$1,000,000 or more registered under the Securities Act of
1933 and offered
for sale during the period
beginning July, 1936.
Information is available
at the present time
up to Sept. 30, 1937, but it is intended to make avail¬
able additional material at
quarterly intervals.
Statistics are available
for each of the more active firms in each
period, and for all firms classified
as "New York
City firms" and "Out of New York
City firms," according
to the location of their
principal offices.
Data cover the number of issues
in which the firms had
underwriting participations, the total amount of
the issues managed, the amount of
managed and the
3.
covers
purchase group participations in issues
participations in other issues.
amount of purchase
group
Underwriting data
on
selected issues registered under the
Securities
Act of 1933.
This is
tribution
a
of
issues, the
which
tabulation of information
underwriting commissions
on
on
the
all
gross proceeds of which amounted
size
and contemplated dis¬
registered stock and bond
to
$1,000,000
and
1, 1936.
Issues
excluded, since they
offered for public sale at
any time after July
offered to stockholders by means of
rights have been
were
or more,
The figures
open com¬
transac¬
on
by
clearing members on the New York
Exchange are being released each morning by
H. Baston, local supervisor of the CEA in New
Dr. J. W. T. Duvel, Chief of the
CEA, had announced on
Nov. 28 that the Administration would
inaugurate the new
service on Dee. 2.
The following bearing on Dr. Duvel's
announcement was issued by the CEA:
Although practically the entire cotton crop, which averages approxi¬
mately 15,000,000 bales annually and comprises the principal
money crop
of about 2,000,000 American
farmers, is bought and sold at a price based
futures
volume
prices,
statistics
have
never
character of these futures
or
been
available
the
concerning
transactions.
The. cotton
hedging
exchanges perform a very useful purpose in furnishing a
price-insuring market, Dr. Duvel pointed out, but it is desirable
or
there
should
be
the
most
complete
information
available
to
the
public concerning the transactions on them.
The figures which are made
public each day will be in equivalent 500-pound bales by individual futures
well
as
is
all
as
interested
Fifteen
of
futures
in
them
years
trading and
and
complete
grain
It
the
was
so
practically
and
set
was
the country
understand
grain
to
up
control
futures.
who
them.
the
information available
no
in
farmer in
every
read
the CEA
commitments
open
that
be able to
when
Since
trade
in
to volume
as
then
the most
comprehensive
futures
is
combined
will
ago,
futures, there
grain
have been
of
purpose
in
regard
to
facts and figures concerning the trade in
compiled, analyzed and published.
the CEA, Dr. Duvel stated, to follow the same
cotton
futures
so
that
the
transactions
these
on
important markets will be known not only to the large interests who have
representatives on the floors of the exchanges but to every farmer, mer¬
chant, or miller who is not in a position to receive first-hand information.
Under the provisions of the Commodity
Exchange Act, regulations were
issued
Aug.
became
and
30
commission merchants
futures
Act of 1933.
day.
Board of Trade are being released
daily by L. A. Fitz, local
supervisor of the Administration in Chicago.
procedure
table
commitments, and the change in
reported
George
York; the report of the transactions on the New Orleans
Cotton Exchange are being released
daily by William D.
Espy, local supervisor of the Administration in New Or¬
leans; while the report on transactions on the Chicago
stock issues registered under the
Securities
Act of 1933 and offered to stockholders
by means of rights.
as
Cotton
that
Announcement
of open
mitments from the previous
on
SEC Issues Several Statistical Studies—Data
Available
Pertains to Securities Registered Under Securities
Act
and
of
Cotton Futures Transactions
Being Made
Daily by CEA—New Service Covers Trading
on
New York and New Orleans Cotton
Exchanges
and Chicago Board of
Trade—Figures for Dec. 1
Certain Issuers
and
there
is
Although
the CEA
are
make
a
report
pereons
exchanges
which
2
required
all
Spot cotton
weekly concerning
having
as
on
on
public
rapidly
upon
as
other
Dec.
Dec.
have
an
open
cooperated
of the Act,- Dr.
national
a
Just
Duvel
Oct.
themselves.
futures
their
merchants
operations
interest in any
or
cotton
with
transactions
as
exceeding 5,000 tales must notify the CEA
change in their position.
public reports
Dr.
to
exchanges while
the
information.
well
as
since the passage
affected
effective
report daily concerning the transactions in cotton
required
are
cotton
to
customers
future equaling
cotton
day
their
processors
the
on
of
2
1
possible
phases
made
on
the
whole-heartedly
Duvel stated,
interest
and
the
CEA
known
New
be
will
futures
that
with
these transactions
should
of cotton
one
every
general public
investigate
and
transactions.
cotton
York Cotton
futures
and
New
Orleans Cotton Exchanges and the Chicago Board of Trade
128,800 bales, while open commitments, those
outstanding transactions which have not been settled by an
offsetting transaction
or
by delivery,
totaled 3,757,050
bales. Dr. Duvel further reported:
'
aggregated
Volume
Transactions
futures
the New York Cotton
on
January,
were:
16,400;
Financial
145
bales;
5,900
Exchange
March
"We of the New York
Dec. 1 for the several
on
May,
31,000;
600; July,
100;
939,200;
Total,
all
July,
New
Orleans
4,600
ary,
900 ;
the Act of 1934.
We see, however, grave danger if regulation Is carried to the point
where the essential public service rendered by a broad, liquid market is destroyed."
October,
Cotton
Exchange
I
December,
2,750
the
on
bales;
condition
indeed
to
any
single
I
failed
to
say
that
in
the
belief
May,
of
what
functions;
stands
ready
better
performance
of
for the several
public
interest
best
of Trade
March,
Dec.
on
May,
50;
1
200;
the
Charles R. Gay of New York Stock Exchange,
to Chairman
Douglas of SEC, Reiterates
Control
Government
of
Exchanges—
Favors
Self-Regulation with SEC Supervision—
Exchange to Name Committee to Study Transfer
of
Greater
Administrative
Responsibilities
to
Executives
O. Douglas, Chairman of the Securities and Exchange
mission,
unless
that
exchanges
securities
of
the
Com¬
country
reorganize and provide for more adequate regulation they
will
be
SEC,
the
subjected
made
was
York
New
phasizes
imposed
the
by
Nov. 29 by Charles R. Gay, President of
on
Stock
In his reply Mr. Gay em¬
Exchange.
further
that
restrictions
further
to
of exchanges
regulation
can
best be
themselves under super¬
vision of the Commission rather than by direct and more
accomplished
by
exchanges
the
stringent regulation by the government.
This was a reitera¬
tion by Mr. Gay of the stand taken by him in his annual
tration
form
fully
ferred
in
to
annual
rendered
by
a
broad, liquid market
issue
our
report
Nov.
of
page 3421; Mr. Gay's
"Chronicle" of Aug. 21,
27,
the
in
given
was
is
week ago, was re¬
a
In
discussing, in his reply this week to Mr. Douglas, the
recent decline in market nrices, Mr. Gay said that while he
did
not
contend
failed
to
firmed
say
my
the
that
drop is to be attributed
to
any
"I would be less than candid, however, if I
that recent market developments have con¬
single cause,
the interests of the public and
restrictions upon
belief that in
the investor the question of what are wise
Mr. Gay, making
Mr. Douglas's state¬
the scope of the market is an urgent, one."
direct references to certain portions of
ment of
a
week ago, says:
that
functions;
is
it
Although differing with Mr. Douglas's views on Govern¬
regulation of the securities exchanges, Mr. Gay stated
comments are made "in the friendliest spirit, and
ment
that his
firm belief that cooperation
the
in
and the Commission is essential."
the statement
between the Exchange
He also pointed out that
of the SEC Chairman "is of special interest,
does after such a drastic decline in stock
prices." Mr. Gay also disclosed that he will appoint
shortly a special committee to study and report on the
desirability of transferring "greater administrative re¬
sponsibilities [of the Stock Exchange] to executives acting
under committee
supervision, thus leaving the standing
committees of the Exchange more time for questions of
coming
as
it
market
policy."
Mr. Douglas
suggested last week salaried execu¬
had no professional interest in
tives for the exchanges who
their activities.
The
following is the
by Mr. Gay:
text
of
statement issued
the
on
29
Nov.
of
the regulation
of
stock
exchanges, particularly of the New York Stock Exchange, of
which I have long been a member and Governor, and, since May, 1935,
President.
I do so in the friendliest spirit, and in the firm belief that
O.
William
asked
been
have
I
Douglas,
comment
to
Chairman
of
upon
the
the
recent
SEC, in
public
statement
Stock
and
with
the
Commission
such
time
Douglas's
full
to
ments
In my
aspects
istrative
of
than
paratively
in
prices.
statement
decline in
kept.
is of
stock
recovery.
regulation,
necessarily
experimental,
called attention to certain
which had been
among
make the market so thin that it would be less
otherwise to absorb large offerings of stock, and that a com¬
might
Commission
the
the
in
for
long
run
exchanges,
the
to
that
way
it
the
the
and
all
of
pervasive
more
under
phases
of
adminis¬
business
exchange
to
which has resulted in a flexible and
Immediate
supervision
the general nature
with
than
York Stock Exchange is the product of a
the New
of
process,
is
Discipline
no
over
possible through
the
is
the
in
the members is far
the
responsive
of
hands
those
with the details of
less than
more
prompt
of the courts.
processes
orderly development of Exchange management further
leaving 'the
policy.
of
I
acting under committee
executives
about
am
a
of
the
Exchange
supervision,
time for
appoint, with the approval of the
special committee to study this whole matter and
committees
standing
Governing Committee,
more
to
report as promptly as possible.
The
object
the
for
of
of
the
organized
Nation's
The
It
markets be
such
as
Mr.
primarily
prior
Exchange.
the
Exchange
is
or
part of the
performed in
now in force governing the trading
Exchange are rules of the Exchange itself,
object
of
anxious
but it is also true that these
Exchange had been the subject of
between the Commission and the
That is true;
it.
adoption
by
interchange
as
manipulation
long-established
tliis function be
way
the rules
the
of
Exchange
The
with
views
and
that
important
that
by
their
to
continuous
according to the needs and wishes
this purpose which is provided by
and that the operation of exchanges
unnecessarily prejudiced.
not
members
of
enforcible
for
essential
an
is
dependable
Douglas states
activities
cash,
into
machinery
is
exchanges
economy.
the most efficient and
furnish serviceable market facilities
enterprise and the
to
representing productive
securities
of securities
individual.
is
Exchange
the
purchase of
convertibility
the
of views
stands ready to continue this interchange of
constantly improving trading methods.
The
as
the
Commission
to
prevent
any
form
of
abuse.
The
Exchange has recently invited an independent research organization to
make a complete investigation of this problem and to publish its findings,
and has agreed to make available to it, as well as the SEC, all of the
data on this subject already in its hands, and any additional data that
may be deemed necessary.
If this investigation discloses evils which can
be remedied, the Exchange will not hesitate to take prompt action.
A considerable part of Mr. Douglas's statement is concerned with the
"specialist system" and the method of dealing in odd lots—that is, lots
of less than 100 shares.
The methods now in use have been developed
over
we
a
can
selling
has
been
a
controversial
question
for many years.
period of many years and have been steadily improved.
see,
they are the fairest means which have yet been
number of public orders to buy and sell
So far as
devised for
securities.
If
the Exchange
in undertaking mere
experimentation, because we know that the general public would pay the
price of mistakes and that price might be high.
The statement of Mr. Douglas raises the question whether professional
trading by members of the Exchange has been excessive and represents
an
artificial force stimulating or accentuating price fluctuations.
Certain
statistics for particular days are cited in support of this general conclu¬
sion.
Statistics for other days could be cited to support an opposite con¬
clusion.
We do not believe that dependable conclusions can be drawn from
such comparisons.
We think that an impartial study of all relevant facts
would demonstrate that the transactions of professionals are an essential
part of an orderly and serviceable market for securities.
I am in full agreement with the declaration of Mr. Douglas that it is
the province neither of the exchanges nor the Commission
to interfere
with the basic trends of security prices, which should at all itmes freely
reflect the ups and downs not only of the enterprises against which the
securities are issued, but of basic economic conditions.
It is a familiar
experience in Stock Exchange history that this fact is overlooked when
prices have gone down.
There is a tendency to blame the machinery which
registers the judgment of the multitude of buyers and sellers as to price,
and
undoubtedly to blame as well those who regulate that machinery.
The task remains not that of seeking to control prices, but of maintaining
the efficiency of the Stock Exchange as a broad general market.
I agree with Mr. Douglas that Stock Exchange methods should be under
constant study and reappraisal.
We shall continue to give our best thought
to every suggestion
of the Commission and of our members, being con¬
fident that with such cooperation the Exchange can be most effective in
accomplishing the protection and development of the securities market.
I
am
certain that in this spirit of cooperative endeavor the
interests of
the whole public in recovery can be best advanced.
in the
will
search
for
improvement better methods can be found,
We do not feel justified, however,
adopt them.
Repeal of Amendment of
cause
undue fluctuations
Uneconomic Tax Laws Which
Urged by Guaranty Trust
York—Reduction in Government Ex¬
Are
Affecting Business
Co.
of
New
penditures also it
Declares Essential to Business
Recovery
Discussing
the
"Problem
of Rising Costs and Business
publication ("The Guaranty Sur¬
vey"), the Guaranty Trust Co. of New York points out that
"the present situation contains several outstanding examples
of the unfortunate effects of high costs."
The "Survey"
Recovery," in its monthly
to say:
goes on
Many
operating to
small volume of transactions
In this connection I said:
leaving
immediate
"an
responsibilities to
questions
do everything in its power to cooperate
administration of the Act."
That promise
annual report, published last August, I
factors
able
the
that
and
by
served
every
regard to
special interest coming as it does after
a
drastic
market prices.
This is particularly a
for cooperation in constructive effort in order to avoid any impedi¬
Mr.
the
in
an
should be made in the direction of the transfer of greater admin¬
progress
intends to
kept and will be
been
has
Exchange
is
methods;
its
in
authorities
functions;
be
Exchange activity.
effective
between the Exchange and the Commission is essential.
On the day in 1934 when the Securities Exchange Act became law, the
President of the New York Stock Exchange, in a public statement, said:
Stock
by
I think that in
cooperation
"The
improving
public
with
by
than
handling the vast
me that the Exchange is fully alive to its
constantly improving its methods; that it
stands ready to cooperate with public authorities in every way for the
better performance of those functions, and that in the long run the public
interest can best be served by leaving to the exchanges, under the super¬
vision of the Commission, "much of the regulation of their own business,"
rather than by "an immediate and more pervasive administration directly
by the Commission of all phases of Exchange business coming within the
purview of the Securities Exchange Act of 1934.
My experience has convinced
public
the question
market
that the Exchange is fully alive to its
me
constantly
is
those
organization.
Short
1185.
page
rather
conversant
rules
Mr. Douglas's statement,
can
management
of
almost
public service
it
that
cooperate
directly
danger if regulation is carried to the point where the essen¬
tial
the
coming within the purview of the Securities Exchange Act of 1934."
report of last August, in which he said that there is "grave
destroyed."
of
scope
supervision of the Commission, "much of the regulation of their own
thus
to the statement made last week by William
resixmse
to
long evolutionary
in Answer
Danger in
the
be
is to
attention,
one.
business,"
*
called
candid, however,
have confirmed my
public
upon
My experience has convinced
The
A
restrictions
wise
are
public
July,
all
prices
I
than
developments
and the investor
market
the
of
market
which
to
be less
would
I
recent
bales; Janu¬
October, 69,495,600 bales.
;
Total,
100;
October, 50;
Total, all futures, 350. Open commitments as reported by clearing members
of the Chicago Board of Trade were:
January, 1,300 bales; March, 3,500;
May, 2,450; July, 2,400; October, 800 ; Total, all futures, 10,450 bales.
Further
that
interests
market
the
in
decline
recent
of
cause.
24,750
December,
110,700
bales;
50
the
the
158,150 ;
Old
were:
Chicago Board
January,
were:
that
contend
to
or
the
for
1
5,000;
not
urgent
December,
Total, all futures,
;
Dec.
on
March,
do
attributed
fu¬
reported by clearing members of the
as
May,
;
Exchange
2,150
New
2,450;
Open commitments
Transactions
futures
futures,
if
Cotton
Orleans
December,
March, 124,750
;
New
New
Old
were:
4,550;
17,750.
tures,
all
227,200; December, 66,700; inactive futures,
October,
the
on
futures
3,500;
Total,
5,400;
futures, 3,251,000 bales.
Transactions
several
December,
16,600;
Exchange are in sympathy with the endeavor to
Stock
promote the public welfare by those who are charged with the administration of
July,
35,400 ;
110,700.
Open commitments as reported by clearing members of the New York Cot¬
ton Exchange were:
January, 177,200 bales; March, 866,000; May, 974,October,
3575
Chronicle
have
of
the durable goods industries, and construction in particular,
backward place in the recovery movement, partly as a result
factor.
The railroads have been obliged to seek general rate
to offset the effects of higher expenses for labor and other purof
taken
this
increases
a
3576
to
Financial
raise
prices
that
social
from
$20
by
Chronicle
Rising costs in the automobile industry have forced manufacturers
poses.
in
spite of the
security
$25
to
corporations
increase
taxes alone
per
in
in
increase
an
in
costs
averaging
branches
numerous
business
of
confirm
earlier
The
An
reform,
tax
fiscal
and
the
on
almost
of
recent
corporation's
any
shows
years
government has become
figures alone, since
balanced
a
the
serious
comparative
extent
budget
income
which
to
the
ditect offsetting factor in earnings.
a
concern cannot
As
far
tax
of
the
as
It
laws
tax
that
of the
aspects
consists, first,
in
problem
the repeal
The undistributed
repealed
drastically
or
should be revised in such
The
second
a
But the real
and
The
its
view
simple
the
budget
the
causing
of
taxes
and
difficulty;
levels into
a
basis
in
increase
corresponding
result
either
quently,
if
difficult
emphasis
in
budget.
He
a
the
of
also
government
balanced
of
budget
recovery.
on
the
low
demand,
for
some
is
expenditures cannot
is to be reached,
Roosevelt
for
time
and
has
clearly
are
be
advo¬
there is
of balancing the
products of industry
that
that
has
been
stands
political
of
gaining
are
placed increasing
circles
Congress,
out
taken
in
on
rather
the
including
by
need
Senator
capital
as
"Buying and Selling of
Do
Not
Constitute
a
There is nothing deep or mysterious about
banking.
Fundamentally, it
has many of the characteristics of all
other businesses, and this fact would
be more widely recognized if bankers had
not allowed themselves to be
bound by their traditional
reticence, to which I have already referred.
We
like to earn reasonable profits and dislike
red ink just as any of you gentle¬
men do.
We have plenty of "goods" to sell and
we suffer from lack of
effective buyers, just as many of
you do.
We have to try to appraise the
future from time to time, just as other
business men must, and sometimes
We dislike unfair competition and
ject to being compelled to make
would, if
you
why
me to
or
are
on
recog¬
Clubs
conducted
by savings banks
below:
Number of Club Members
suggest that
i£.the
P. C. of
Increase
1937
P.C. of
1936
1937
we
ob¬
competitors, just
Increase
$775,000
26.16
15,497
20,323
7,675,960
5,290,886
16.31
169,053
199,472
17.99
15.93
90,012
23.95
Queens
1,154,918
24.92
31,020
612,890
1,442,833
725,000
111,575
39,155
18.29
13,431
15,093
12.37
$13,551,326
$15,909,679
17.40
319,013
385,618
20.87
Richmond
Total
31.14
26.21
Chairman
Eccles of Federal Reserve System Believes
Adjustment of Productive Forces Under Way—
Regards It as Basis for Balanced National Economy
—Both He and
Secretary Morgenthau Assert That
No Sterilized Gold Is To Be Released At This Time
a
rapid adjustment of productive forces in
the country is now occurring which will provide a basis for
a balanced national
economy was expressed by Marriner S.
Eccles, Chairman of the Board of Governors of the Federal
System, in testifying before the House Banking and
Currency Committee on Dec. 2 relative to the administra¬
tion's housing bill.
This is learned from the "Wall Street
Journal" of Dec. 3, whose advices from its
Washington
Reserve
bureau added:
(Mr.
Eccles)
stated that the national economy "got badly out of
with farm prices going down, labor costs going up in
certain fields and material costs
going up, with little if any increase in the
income of the unorganized worker."
views
(Dem.,
had asked Mr.
Eccles'
inflationary effect.
The Price
"I
Tex.;
the proposal to use the Treasury's sterilized gold for isssuance of
on
currency, which would have an
don't think
we
could accomplish
Level
much by holding prices up,"
Mr.
Eccles said, "with the rapidity with which the adjustment is
going on.
"It seems we are getting an adjustment which will allow us to build
a
sound basis than if
more
ment of last
farmer
and
we
had continued
on
the inflationary
on
develop¬
spring which would have worked to the disadvantage of the
the unorganized
Coincident
with
worker."
Chairman
Eccles' statement, Secretary of Treasury
Morgenthau announced the government's mid-December financing, calling
for $450,000,000 in cash to cover an equal amount of
maturing obligations—
a fact which the Secretary
pointed to as one which should
dispel rumors of
further
gold desterilization.
intended to
release
The implication
that
was
if the
Treasury
gold from its hoard, it would not need cash from other
sources.
Desterilization Rumors
Prior
to
several
Mr.
Morgenthau's statement
reports
had
been
current
tor
days that the Federal Reserve Board's Open Market Committee
would request the Treasury to add to the national credit base
release of metal held in inactive
upon to do so.
by further
gold fund.
However, the committee met and adjourned: its only statement being
ways and policies of banking
and difficult to understand
bank does this
a
up the losses of unfair
you were called
Therefore, permit
seem queer
appear
Representative Wright Patman
Mr. Klein continued:
as
whatsoever
Clubs
$614,272
balance (last spring)
Loans
others do.
interest
no
Christmas
4,563,779
no
Klein, Assistant Secretary of the Brooklyn Trust
Co., told the Riverhead Rotary Club at Riverhead, L. I.,
on Dec.
1 that banking "is
nothing more or less than the
buying and selling of credit plus the performance of certain
specialized services."
He pointed out that when a banker
accepts deposits he is "buying credit" and when he makes a
loan or buys a
security he is "selling credit."
The making
of a loan which cannot be
repaid, he said, is no more a sale
than the giving
away of
merchandise by a merchant.
as
pay
6,605,467
a
Harold F.
mistakes
particularly impressive in
Manhattan
Valid "Sale"
we make
19,890
Brooklyn
He
Bad
banks
Christmas
area
1936
be reduced,
of the undistributed profits and
H. F. Klein Defines Banking
Credit"—Says
the
1937
on
York
now
need
the
position
a
members
Glass, have publicly urged revision
gains taxes.
the
on
prices
emphasis in
Several
of
12.722
18,000
deposits
New
Greater
57
is
15,244
617,719
savings
19,815
619,255
Christmas
20,000
promoting regular savings, for it is estimated that 25%
go into permanent savings.
Club
statistics
The belief that
statements
earlier
price levels.
of
means
Bronx
But to balance
of these requirements
some
President
public
authorities
to
28,376
900,000
Amount of Club Deposits
be.
may
advocated
a
of
Members
844,000
662,720
615,049
savings at the present time.
a
expendi¬
expenditure would require
government expenditures must
signs that
stimulating
contrast
raising
process
are
recent
has
economic
many
marked
of
levels
of
aggravate the conditions that
government
that
were
Number
taxes
would tend to "freeze" the higher tax
On the other hand, tax reduction without
official quarters.
his
means
A
sound solution of the problem
the conclusion
in
the
in
would only postpone the issue and would
ultimately
inflation or in an unbearable future tax burden.
Conse¬
Fortunately, there
recognition
as
it
moreover,
as
Christmas
Detailed
uneconomic
course
in
a
from
escape
however
thus
curtailment of
cated, since this
reduction
vital.
present
the economic system.
largest
seven
$1,650,000
Brooklyn
that
fact
Club
profits tax and the capital gains tax
and the social security plan
stability and sound business
the
on
less
no
the
first
modified,
remedy—the
but
of
the remedy is
of the
The
.
splendid record of
of
nized
concerned,
are
way as to place the entire system
of the
part
less
essential to economic
further
State.
East New York Savings Bank
East River Savings Bank
be judged by such
virtually
"pay-as-you-go" basis, with the huge "reserve fund" eliminated and
imposed only to meet current requirements.
tures—is
the
Green Point Savings Bank
of
are
taxation.
be
should
Savings maintained its position with
savings banks in
Lincoln Savings Bank.
state¬
seriously affecting business; and, second, in a reduction
governmental expenditures that will permit a balanced budget without
excessive
for
among
Dime Savings Bank of
'
amendment
or
the
operated
now
York
Seamen's Bank for Savings
Christmas
Remedy
number
Deposits
throughout the economic system.
The Twofold
was
adopted
Amount of
for
cost
large part of the total tax load is indirect
a
incidence is diffused
twofold.
New
The Bank for Savings
burden of government costs on any given
real
of
prospect
bank
1937
prospective
year.
examination
for
the total
in
100.
the
by
the coming
ment
and
year,
is
1937
4,
member
additional
costs is
by
ticularly
One
year.
during the
the State
in
Bank
Club
follows:
as
the rising tax burden.
The seriousness of the problem
President's message to Congress this month, in which
emphasis is placed on the need of encouraging productive enterprise, par¬
shown
is
last
Club
Christmas
Seamen's
Christmas
Increase in the Tax Burden
increase in
than
banks of Greater
savings
The
In part, the "Survey," under date of Nov. 29, adds:
of the principal causes of this actual and
banks
majority of
months.
one
less
plan
Christmas
per
again accounted for the large
savings with 385,618 members and $15,909,679 in
deposits; however, while the 17.4% gained in dollar volume of deposits
is
slightly greater than the State average, the 21% increase in total
number of depositors is lower than the gain for the State as a
whole.
tending to show the increasing pressure of costs on profits, with a conse¬
quent narrowing of profit margins that is regarded by many observers as
one
of the principal causes of the decline in stock prices in the last few
It is clear that
deposit
average
Club
by savings
reports
Dec.
slightly
Christmas
Third-quarter earnings statements made public
car.
The
$41.55,
it haB been estimated
volume;
represent
Clubs.
ana you find it impossible to
imagine
that, just put yourself in the banker's place and
that
"nothing sensational" had been recommended.
remarks
to
his press
conference
were
regarded
as
Mr.
Morgenthau's
the final word
on
the
subject.
ask, "What would I do?"
+
Deposits and
Depositors
in
Christmas Clubs of New
York State Savings Banks Reached New
Record —
Savings
Reported
17%
Above
Last
Year's
Tenders
of $138,479,000 Received to Offering of $50,000,000 of 107-Day Treasury Bills Dated Dec. 1—
$50,040,000 Accepted at Average Rate of 0.119%
Peak
Figure
Secretary
The Savings Banks Association of
the State of New York
nounced
on
of
the
Nov.
29
Treasury
that
the
Henry
tenders
Morgenthau
to
the
Jr.
offering
an¬
last
announced
week
eral
bills totaled $138,479,000, of which $50,040,000 were accepted.
As noted in our issue of Nov. 27, page 3425, the tenders to
yesterday (Nov. 27) that "despite a reported gen¬
of about
19% in Christmas Club savings for
in banks throughout the
country, the savings banks
decline
the year
of New
York
State again
savings both in dollar
bers."
The
in the
mas
a
and
new
in
peak in
the
Christmas
number of
mem¬
total
amount saved through Christmas Clubs
savings banks this year, the Association
reported, is
$21,818,686,
1936.
report
amount
In
an
increase
1937, 526,396
Clubs, which
of
$3,160,522,
or
nearly
17%
over
joined savings banks Christ¬
is 101,551, or 24%, more than the number
savers
who utilized this form of
saving in the previous year.
Association's announcement continued:
For
the
fourth
successive
dollar
an
year
new
peaks
have
been
attained
The
in
the
amount of Christmas
savings, and the record remains unbroken of
increased number of members each
year since the inception of Christmas
of
$50,000,000,
the
offering
and
the
were
branches
or
thereabouts,
received
the
at
of
107-day
Federal
Treasury
Reserve
banks
thereof up to
2 p. m., Eastern Standard
Time, Nov. 29.
The Treasury bills are dated Dec. 1, 1937,
and will mature on March 18, 1938.
Regarding the accepted bids to the offering, Secretary
Morgenthau's announcement of Nov. 29 had the following
to
say:
Total
applied for
Total accepted-.
Range of accepted bids:
High
Lowj
$138,479,000
99.970
99.961
Average
price
50,040,000
-
99.965
Equivalent rate approximately 0.101%
Equivalent rate approximately 0.131%
Equivalent rate approximately 0.119%
(10% of the amount bid for at the low price
was accepted,)
Financial
Volume 14S
3577
Chronicle
New Tax Form Requiring Taxpayers
Over
$100,000 to List Net Worth—
Assets Including Homes, Autos,
of $50,
000,000,Tor Thereabouts,JofJlOl- ■Treasury Issues
with
Income
Treasury Bills—To^be Dated %Dec. 8, 1937
New! Offering
Day
Announcement of a new offering of $50,000,000, or there¬
abouts, of 101-day Treasury bills, dated Dec. 8, 1937, and
maturing March 19, 1938, was made on Dec. 2 by Secretary
of the Treasury Henry Morgenthau, Jr.
Tenders will be
received at the Federal Reserve banks, or the branches there¬
of, up to 2 p. m., Eastern Standard Time, Dec. 6, but will
not be received at the Treasury Department, Washington.
The bills, which will be sold on a discount basis to the
highest bidders, will, on their maturity date, be payable at
their face amount without interest.
An issue of similar
securities in amount of $50,010,000 will mature on Dec. 8.
The following is from Secretary Morgenthau *s announcement
of Dec. 2:
■
El ^ ^ 'M
*—
-M
*
and in amounts or
$1,000. $10,000, $100,000, $500,000, and $1,000,000
They (the bills) will be issued In bearer form only,
denominations
of
(maturity value).
No tender for
must be in
an amount
less than $1,000
Each tender
expressed on the
g., 99.125.
Frac¬
will be considered.
The price offered must be
multiples of $1,000.
basis of 100, with not more than three
decimal places, e.
tions must not be used.
Tenders will be accepted
ment securities.
of 10%
are
Tenders from others must be
incorporated banks
in invest¬
accompanied by a deposit
the tenders
incorporated
of the face amount of Treasury bills applied for, unless
accompanied by
bank
without cash deposit from
and from responsible and recognized dealers
and trust companies
trust
or
express
an
guaranty of payment by an
company.
Must
Yachts, &c.
Treasury Department has this week distributed new
taxpayers with annual net incomes of $100,000
orjover, requiring them to list all their assets, including those
which are not taxable and those from which no income is
The
tax forms to
derived. The
all tenders received at the Federal
tenders on Dec. 6, 1937,
Reserve banks or branches thereof up
public announcement of the accept¬
thereafter, probably on the follow¬
ing morning.
The Secretary of the Treasury expressly reserves the right
to reject any or all tenders or parts of tenders, and to allot less than the
amount applied for; and his action in any such respect shall be final.
Those
submitting tenders will be advised of the acceptance or rejection thereof.
Payment at the price offered for Treasury bills allotted must be made at the
Federal Reserve banks in cash or other immediately available funds on
able prices will follow as soon as possible
be
sworn
to in
panying the
an
new
accompanying affidavit. In a letter accom¬
form, Guy T. Helvering, Commissioner of
Internal Revenue, said:
The attached form
with respect to
(Form 962) has been prepared for the purpose
Individual taxpayers having a
The form is to be
prepared and submitted in duplicate
(not the examining officer) incident to the
taxpayer. For the year
statement both as of the
of any
The Treasury bills will
be exempt, as to principal and interest,
and any
thereof will also be exempt, from all
and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury
bills are not exempt from the
No loss from the sale or other disposition of
shall be allowed as a deduction, or
of any tax now or
the Treasury bill
otherwise recognized, for the purposes
hereafter imposed by the United States or any
of
its pos¬
sessions.
Treasury Department
Circular No. 418, as amended,
prescribe the terms of the Treasury bills
and this notice
and govern the conditions of
their
the
net-worth
beginning and end of the year.
Similarly in the case
$100,000 or over for any
should be secured both as of the
indiviudal taxpayer having a net income of
subsequent year, a net-worth statement
beginning and end of such year.
^
^
^
Washington
on
Dec. 1, said
in part:
gain from the sale or other disposition
estate
by the taxpayer
examination of the returns of
1936 an effort should be made to secure a
Associated Press advices from
except
of assist¬
certain desired information
net income of $100,000 or over
for 1936 and subsequent years.
Dec. 8.1937.
gift tax.)
form, which is called by the Treasury a
requires the listing of all the tax¬
payers' assets at the beginning and end of the year, including
cash, accounts and notes receivable, holdings of stock of
corporations, holdings of Government and other securities,
including those tax exempt, real estate holdings, non-business
property, partnership interests, joint ventures, syndicates,
leases, and the like. Under the item non-business property
the taxpayer is required to list his residence, autos, yachts,
and presumbly jewelry and works of art. All assets, the new
form states, must be valued at cost.
The taxpayer must also list his liabilities showing accounts
and notes payable, mortgages and business liabilities. He
must then estimate his net worth. The whole statement must
closing hour will be opened and
taxation,
new
"statement of net worth,"
ing internal revenue agents in charge in obtaining
Immediately after the closing hour for receipt of
to the
All
Reveal
The
similar infor¬
partnerships and some
out to a large group of in¬
said today that although
Revenue Bureau
Internal
mation has been asked in the past
of corporations,
individuals, no blanket request ever
has gone
dividuals before.
for statistical
direct Federal tax on property—
only a tax on the income from services and property. They also said that the
questionnaire had no relation to the loophole plugging program inaugurated
Officials asserted that the
purposes,
information was wanted only
however, because there is no
earlier in the year.
♦
issue.
-V
President
Treasury to Seek No "New Money" Dec.
Morgenthau Discloses—$615,000,000
Interest
Totaling
Dec.
15, Secretary
in Bills and
Paid
in
$277,000,000
to
Be
Converted—Details
Bills Beginning
6—Treasury To Issue 90-Day
Dec. 20
In
Florida
Next Week,
Notes
Cash—Maturing
Be
to
discussing the plans of the Treasury for its Dec.
15
financing, Secretary of the Treasury Henry Morgenthau Jr.
disclosed on Dec. 2 that no "new money" will be sought, the
financing being confined to the refinancing of current maturi¬
ties.
The Secretary said, at a press conference Dec. 2, that
the Treasury will offer $450,000,000 of securities for cash
subscription and an additional amount to meet the Feb. 1
maturity of about $277,000,000 of 2%% five-year notes.
The type of securities to be issued was not disclosed; the de¬
financing/will be made public on Monday, Dec. 6.
The Treasury will pay off, in cash, around mid-December
approximately $450,000,000 in Treasury bills and will also
meet $165,000,000 of interest due on the public debt.
Disclosure of the Treasury's plans for its Dec. 15 financing
followed a meeting on Dec. 1 of Secretary Morgenthau with
the Executive Committee of the Open Market Committee of
the Board of Governors of the Federal Reserve System.
used
of 90-day Treasury bills, the proceeds of which will be
to meet current bill maturities.
The bills will not represent
In commenting on the Secretary's press
conference of Dec. 2, Washington advices, that day, to the
New York "Herald-Tribune" of Dec. 3, had the following to
new
borrowings.
say:
-r
Mr. Morgenthau
replied: "We think at this time it's a good kind of a bill to use.
There is a
great shortage of that kind of paper in the market, and we think it is to the
interest of the government to use that particular kind as an instrumen¬
When asked why the
Treasury was offering 90-day bills,
tality."
The Secretary said the
time, therefore December
Treasury's working balance was
ample at this
financing would be conducted without seeking
market. He added that the current program
additional funds in the capital
will carry through to
The
one
will probably offer weekly in
series of $50,000,000 in bills in addition to the regular
January an extra
replacement bills
issues. This will be new money, he said. The Treasury
replacement bill series coming due around the March
is currently issuing a
income tax date.
.
In connection with
sury may
.
.
the $277,000,000 of notes
offered in exchange for new
securities.
balance as of Nov. 30 was approximately $832,000,000.
This included $218,000,000 of inactive gold, which may not be
used, leaving a net cash available balance of $614,000,000.
During Decem¬
ber the Treasury expects to collect between $450,000,000 and $475,000,000
in income taxes, more than $50,000,000 in social security taxes and about
$200,000,000 in miscellaneous taxes, indicating a cash balance of more than
$1,200,000,000 available during December.
^
vacation
Mr. Roose¬
27 and went
to Miami, Fla., where he boarded the yacht Potomac.
After
completing his fishing trip, he planned to spend a day at the
Warms Springs Foundation for Infantile Paralysis in Georgia,
and
dedicate a civic center in Gainesville,
had planned these events for Thanks¬
Dec. 8 he will
on
The President
Ga.
giving, but his vacation was postponed as a result of a tooth
infection.
It was revealed in Washington that further action
negotiations between
in the
President Roosevelt and utility
he. returns to Washington next
officials will be resumed after
week.
The President's vacation
follows in a
the NewaYork "Times":
plans were outlined as
Washington dispatch of Nov. 27 to
»«
Leaving here tonight, the
morning and Mr.
four
or
Presidential train will arrive in Miami
Monday
Roosevelt will embark at once on the Potomac to spend
angling between that coast and the Bahamas, long his
five days of
J,'-:,/"'.-'
*; :-y
Warm Springs Foundation
for Infantile Paralysis and give an address at the unveailing of a monument
to him at Gainesville, Ga.
These events were scheduled for the Thanks¬
giving holiday but were postponed on account of his illness.
The exact time of his return to Washington is uncertain, but it is expected
fishing
favorite
waters.
On the return trip he
.
will spend one day at the
toj>e_on or about Dec. 6.
Those With the President
his special train are Harold L. Ickes*
Senator Claude Pepper of Florida; John DBiggers, Director of the Unemployment Census, and Robert J. Jackson.
Assistant Attorney General.
Harry L. Hopkins, Works Progress Admin¬
istrator, is scheduled to join the train at Bennett, S. C.
Others on the train are Mr. Mclntyre, James Roosevelt, the President's
son and Secretary; and Mrs. James Roosevelt, Dr. Ross T. Mclntyre, the
President's personal physician, and Capt. W. B. Woodson and Col. E. M.
Watson, the naval and miltary aides.
Also on the train were several stenographers and attaches of the White
Accompanying the President on
Secretary4pf the Interior:
House,
aslwell
as
secret service men, newspaper
correspondents and pho¬
tographers.
who
will go on the Potomac
Secretary Ickes, Mr.
velt, Capt. Woodson,
for the
fishing'cruise will include
Roose¬
Hopkins and possibly Mr. Jackson, also James
Col. Watson and Dr. Mclntyre.
In another item we
refer to the President's conference on
Miami, with Assistant Attorney General
Further conferences have since continued.
Nov. 28, enroute to
Jackson.
be obliged to issue an
exceed cash expectations.
are
maturing Feb. 1, the Trea¬
additional series of bills if cash retirements
Ordinarily from 90 to 95% of maturing securities
this week was enjoying a
spent on a fishing trip off the coast of Florida.
velt left'Washington on a special train on Nov.
Those
March.
exception is that the Treasury
After Brief Visits in Georgia
Roosevelt
President
tails of the
Secretary Morgenthau also said on Dec. 2 that beginning
Dec. 20 the Treasury will issue a new series of $50,000,000
Vacation Fishing Trip Off
Coast—Will Return to Washington Late
Roosevelt Takes
The Treasury's working
President
Roosevelt Confers with Assistant
Attorney-
Anti-Trust and Monopoly
Laws—Bill
Introduced by Senators Borah and
O'Mahoney Would Require Federal Licenses for
General
Jackson
on
Business in Interstate
Commerce
Miami, Fla., on Nov. 28, President Roosevelt
conferred with Robert H. Jackson, Assistant United States
En route to
3578
Financial
Attorney-General,
Chronicle
the anti-trust laws and their possible
revision.
As we note in another item in this issue, the anti¬
trust laws were the subject of an address in New York
City
on Nov. 29
by Attorney-General Homer S. Cummings, and
on
he declared therein that these laws "need
restatement."
A
hand, but also of the
the pursuit of industrial
more
1937
employees (the
be fixed) would be permitted to accumulate surpluses of no
than 50% of the value of their
capital stock and their indebtedness
could not exceed the value of their
outstanding
capital stock plus surplus.
Such corporations would be
required to distribute any surplus
clarification and
of
staff
intelligible policy based
4,
more
correspondent of the New York
(John C. O'Brien), reporting from Jack¬
sonville aboard the President's special train, said in
part:
r~Mr. Jackson has been making a study not only of means of strengthening
up an
more than a certain number of
total yet to
50%
the
"Herald Tribune"
the Government's
Dec.
Corporations employing
in excess
dividends to stockholders, except where they had paid
10% on
as
stock in the preceding year.
common
In that event the excess surplus
in
a
corporate purpose and
proper
general question of setting
the
upon recognition of the distinction between
would be distributed to the employees
profit-sharing plan approved by the stockholders, unless the corpora¬
could satisfy a competent court that "such
surplus is needed for£a
tion
minimum
be
may
standards
wage
so
expended without endangering
the maximum hours
or
of unemployment
established by virtue of this Act."
efficiency and the competition-destroying pursuit
of industrial empire building.
Among the proposals the President
Clarifying amendments to the
Act
and
other
fused in
said,
anti-trust
reported to have in mind
restore
Anti-Trust
Act,
the
were:
President
Clayton
meanings wittled down
or
to
con¬
been raised
consent
by trade combinations
previously
as
bar
a
Governmentjfor acts commlttted since
entered
was
to
into,
further
the decrees
warning that unless the new farm program now pend¬
ing in Congress is kept within the present limit of $500,000,-
which
prosecution
000 per annum
were entered.
Mr. Jackson did not feel free to
say whether
the regular session
Under
but he hinted strongly
tional
a
bill,
which
pools
referred
was
ideas
to
Federal
licenses
forbid
child
collective
Commission, increased
bill, would be directed
cant which
was
bagraining,
and
prevent
i
to
nine
to withhold
members
are
regarding the
quoted in part
Standards of corporate finance and
stock ownership for the
"protection
L
fcT
constantly increasing proportion of the national
falling under the
hope to continue
dent's wishes.
k.
remarks is from
large corporations
assemble
their
derived from trading in different
States, the bill asserts, "such corpora¬
tions are in truth and in fact
instrumentalities of interstate
qommerce and
ought to derive their charters
by authority of the
The
Congress."
Federal Trade Commission
would
members to administer the
proposed act.
would represent
employees,
one
be
enlarged from
One of the
employers,
one
would be named
new
five
consumers.
Commissioner of Corporations.
enlarged Commission would call an
industrial
90 days of enactment of the bill
to aid
The
it in
for
the
coordination, stabilization
and
industries of the United States
and for
earnings of commerce, trade and
a
conference
developing "a general
orderly development
within
program
of the basic
more
equitable distribution of the
industry" to employees and investors.
The Commission would
be empowered, after
investigation, to recommend
to
Congress legislation to eliminate unfair
trade and labor practices in
any
or
industry, to provide for outright Federal
incorporation and
basic trade
rs,
i
n
'
.
MI
had
■■
infill
having obtained
a
lawfully
In
formally voted its intention to abide
by all acts of Congress.
All licenses would
provide that women workers be
no
Dishonest or fraudulent
trade practices, as defined
by Federal
by commissions subject to
judicial review, could be
courts or
prohibited
Trade Commission.
by the
Corporations doing business
without licenses would be
guilty of unfair
competition "where the effect in
conforming
a
or
upon commerce may be to
give cor¬
substantial advantage in
competition with
conform."
The Federal Government
could only buy from
licensed corporations and
Federal agencies could lend
money only to (newspapers
exempt) such
cor¬
porations.
Newspapers,
radio
broadcasting stations, magazine
common
-
bill
can
and book
"Of
publishers,
carriers, corporations organized under
the China Trade Act and
"Government corporations" would
be exempt from the
provisions of the
For the "protection of
investors," the bill would provide that
corpora¬
tions hold shares in another
corporation only when its charter
granted it
such power on the date of the
enactment of the proposed law and
when
the second corporation was a
subsidiary of the first.
pointed
as
course,
we
can,
tinued.
is
consistent
with
Congress
his
attitude
will respond
inability
from
no
Congress feels the
the
one
can
quar¬
would
program
that it would be obligated to find
start
attitude,"
that
to
sound attitude and one that
a
sure
the
it is
out
a
new revenues.
large part of the conversation,
convass the situation
revenue
the
as
as
to
as
he went away.
the time
when
a
tax
House, which must, under the Consti¬
legislation, had
but I reiterate that
"There is
we cannot
no use
we
we
are
no
bill before it.
going to
cannot
do
pass
a
tax
bill
as
it at this session,"
to kid the country into
believing
we can
soon
he con¬
do
some¬
do.
weeks left of this session of Congress, and with
Means Committee not yet ready to report a bill,
more
House Ways and
prefectly obvious
We
that
everybody knows
"With only three
we
cannot
complete tax legislation at this
session/^
making reference in another item in this issue of
the "Chronicle" to the farm
legislation pending before the
Senate and House.
The following is the text of President's
are
Roosevelt's letter to Senator
Barkley:
My dear Senator:
In the discussion of the
proposed farm bill now
1
notice
in the Record
that
you
pending before the Senate,
asked the following question
of Senator
Smith:
"It
has
been
generally asserted
that
the
amount
available
under
the
Soil Conservation Act
additional
an
sum
of
was $500,000,000,
subject to a possible contingent
$125,000,000, making $625,000,000.
Is that practically
accurate statement
of the present financial situation?"
Senator Smith replied that your statement of the
financial situation is
correct.
In
this connection I would like to call
your attention to the fact that
while the amount of $625,000,000 has been
appropriated for agricautural
problems not all of this sum has been provided in the present tax
structure.
Recalls
bill.
mind
one
or
be enacted," he explained.
tution, originate
wage
other discrimination
when engaged in work
similar to that of men work¬
ers; that children under
16 not be employed in
any trade or industry and
that children under
18 not be
employed in hazardous occupations or be¬
tween the hours of 7
p. m. and 7 a. m., and that
employees have the right
of self-organization
for collective
bargaining.
To insure the
effectiveness of collective
bargaining the Commission would
be authorized to
obtain from licensed
corporations all information on
pro¬
duction costs, prices
and-profits "for the confidential use of
the representa¬
tives of the
employees and employers."
so
"It's
I feel
just trying to
was
thing
subjected to
or
corporations which do
letter
Apparently tax revision occupied
license from
applying for a license any corporation would be
file with the Commission a
certificate that its board of directors
so
despite the unwillingness
the Senator had the subject very much on his mind
date
porations not
this subject,
on
"It is hard to guess the amount
needed, but it may turn out at the end
of the year that not more than half of the
appropriated sum is necessary."
The object of Mr. Barkley's visit to the White
House was a discussion
of the general legislative situation
just before the President was to leave
for his trip to Florida.
He then
as yet unfixed
in the draft, no
corporation could
engage in interstate commerce
without first
required to
took the position that Congress would be of
doubt that
any
cost more money,
"I
ml-
a
President's
and I haven't
Requisite of Application
After
President
-
_
from the Commission.
the
said Mr. Barkley.
to fix minimum
wages for unskilled labor.
-
jirobably adhere to the Presi¬
following bearing on Senator Barkley's
Washington account of Nov. 27, appear¬
a
rel with, but I think that if. at
any time,
The
sound basis of financial
of Congressional advocates of the
pending farm bills to predict what they
would cost the Treasury.
nine
other
on a
affairs unless the regular ex¬
within the revenues.
I feel that
government
The
Senator Barkley
with
"The
to
Commissioners
only
can
ing in the New York "Times" of Nov. 28:
raw
materials from many
in several States and
the bulk of their profits
are
revenues
vision at the special session of
Congress.
He also discussed
the President's letter on the cost of the farm
program and
hinted that Congress would
Asserts Congress Authority
Because
increase of expenditures
continuation of deficits.
a
control of a constantly
decreasing number
of corporations; and that such
maldistribution of national wealth has
pre¬
vented the expansion of
public purchasing power for consumer's
goods,"
and therefore "has been a
major cause of business depressions and has
had a substantial and
directly restrictive effect on interstate
apd foreign
commerce."
*
States, their shareholders live
constant
a
penditures are brought
every effort should be made to keep the new farm
program
within the present limit of
$500,000,000 per annum.
If this
is not possible, I then
urge that steps be taken to provide the
necessary increase in revenue to meet any expenditures under
the new farm program in excess of this sum/'
Senator Barkley had conferred with President Roosevelt
at the White House on Nov.
27, and at a press conference
following the visit intimated that there would be no tax re¬
of investors" would be set
up.
The text declares that "a
wealth has been
that
equally constant increase in
management of
the
license from any appli¬
combination in viola¬
Further details
herewith:
obvious
"We cannot
kfcj*
under
has been provided in the
present tax
sum
He said:
an
result in
wage
or
given in the "Times" dispatch,
as
w
is
without
a
"unlawful trust
an
tion of the anti-trust laws."
bill,
"It
the conduct of business in
interstate commerce
and the Federal Trade Commission would
be directed
protect
to
your
lems not all of this
for
labor,
was.
connection," the President wrote, "I would like
structure."
discrimination against women workers.
Senator Smith, who is Chairman of
Committee, had implied there
attention to the fact that while the amount of
$625,000,000 has been appropriated for agricultural prob¬
..>■
would be required,
The
call
sponsors had incorporated in separate
Judiciary Committee, of which both are
members.
to
"In this
its
the
"contingent addi¬
$125,000,000, making $625,000,000" available
of
sum
for the farm program.
the Senate Agriculture
bill introduced on Nov. 30
by Senators O'Mahoney
Borah, drastic regulation of large corporations is
pro¬
posed, according to a Washington dispatch on that date to
the New York "Times," which also said:
The
Nov.
on
The President's letter was
prompted by a reply by
Senator Ellison D. Smith, of South
Carolina, on the Senate
floor to a query whether there was not a
and
measures,
was
27.
.
clarifying legislation would
of Congress,
In that direction.
the excess,
cover
letter to Senator Alben
a
Barkley, Administration floor leader, made public
fishing
.
imposed to
expressed by President Roosevelt in
W.
The President has invited Mr. Jackson to
go along as one of his
so that he may continue his
study of the situation.
available under the Soil Conservation Act
taxes would have to be
new
companions
at
Urges Farm Program Be Limited
Yearly—Writes Senator Barkley
A
decrees
Increasing the appropriation of the anti-trust division by at least
$1.000,000 to permit the Attorney General to proceed with ten
contemplated
prosecutions.
be submitted
Roosevelt
$500,000,000
Extra Costs Should be Met with Increased Taxes
in themselves contradictory.
are
by the
was
Sherman
to
long line of "superfine" court decisions, many of which, it
a
Limiting the effect of
have
laws
Message of March 3, 1936
You will recall that in my message of March
3,
1936, I recommended
additional permanent taxes of $620,000,000, of which
$500,000,000 repre¬
sented
a
substitution for the processing taxes lost
preme Court decision and
veterans
$120,000,000
was to
as
the result of the
adjusted service bonds.
.
■
Su¬
provide funds for the present
/
Volume
This
Financial
145
resulted
recommendation
of 1936, which provided for the
the
in
Revenue Act
of the
enactment
The 500,is the only amount now
additional revenue requested.
000,000 thus provided for the agricultural program
in the tax structure for these purposes.
I
contingent additional sum of
that the
assume
to
by
to
30% of the
$125,000,000 referred
of
is the permanent indefinite appropriation
you
gross
receipts from custom duties
amount equal
an
collected during the pre¬
domes¬
of the Act of
1935, amending the Agricultural Adjustment Act.
It should be
that this appropriation has added a burden of expenditure to the
ceding calendar
for the purpose of encouraging exportation and
year,
consumption of agricultural commodities by Section 32
tic
Aug. 24,
apparent
budget without
any
operating activities of the Department
of Agriculture prior to the emerg¬
within the
adopted
programs
four years.
past
from
These
have been greatly expanded within recent
operating activities, however,
years
without any increase in the revenues to meet the
expenditures caused
by such expansion.
For
and
now
expends
than $25,000,000 a
more
control soil erosion;
year to
$20,000,000 for
and $70,000,000
Tenancy Act authorizes an appropriation of
the current fiscal year, $45,000,000
for the next fiscal year
annually thereafter.
It is obvious that
a
constant increase in
within the
the
to
apportionment
can
White House,
The
the
unless
sound basis of financial management of
annual expend itures are brought
regular
Washington dispatch of Nov. 30 to the New York
(.from Albert L. Warner) reported re¬
garding the attitude of Congress as follows:
A
"Herald Tribune"
Scarcely
to meet any expenditures
If this is not possible,
$500,000,000 per annum.
I then urge that steps be taken to
provice the necessary increase in revenue
under the new farm program in excess of this sum.
FRANKLIN D. ROOSEVELT.
of March 3, 1936, re¬
given in our issue of March 7.
message
ferred to in his letter, was
1936,
1565.
page
crat
down!"
committee today.
Roosevelt Asksf ^Congress to Curtail Road
Expenditures—Special
Message Asks that Such
Spending Be Limited to $100,000,000 Annually in
Interest of Balanced Budget—Members of Congress
Criticize Suggestions
committee,
with heartfelt vigor the proposed laying of impious hands on
obligations."
Under general authorizations already made
Arizona, head of the unofficial Democratic Senate patronage
to protest
"contractural
the States had started road-building programs, he
Senators Pat McCarran, Democrat,
of legislation curtailing Federal
appropriations for State road construction to approximately
$100,000,000 annually, as compared with similar expendi¬
tures of more than $200,000,000 a year during the depres¬
sion.
He pointed out that this action was a necessary step
in efforts to achieve a balanced budget.
Mr. Roosevelt
also asked that the unappropriated balance of $200,000,000
for highway authorizations for the current fiscal year be
spread over the next two fiscal years, and that a $214,000,000
highway authorization for the next fiscal year be canceled.
He further urged revision of the highway law to eliminate
the requirement that the Secretary of Agriculture allot to
the States the full amount of authorized highway expendi¬
tures, regardless of actual appropriations or the state of
the budget.
The President's message was received with disfavor by
many members of Congress, many of whom defended the
road program and their right to appropriate in whatever
manner they wished.
The text of the special message is given below:
Congress:
Act
June
of
$216,500,000
totaling
Federal-aid
16,
for
1936,
each
the
authorized
Congress
the
of
fiscal
years
1938
appropriations
1939, for
and
grade
public
lands, to be administered by the Department of Agriculture.
This Act
also authorized appropriations totaling $21,500,000, for each of the fiscal
years
1938 and 1939, for roads and trails within national parks, for
parkways to give access to national parks and form connecting sections
of
a
national
parkway plan, and for Indian reservation roads, to be
administered by the Department of the Interior.
Under the first category
there has been appropriated to date on account of the authorizations for
the fiscal year 1938 a total of $24,500,000, and under the second category
a total of $13,500,000, or a grand total of $38,000,000, leaving $200,000,000
still to be appropriated for that fiscal year.
To meet obligations under
this $200,000,000 of outstanding authorizations, I propose to include an
estimate
of appropriation
of approximately $100,000,000 in the budget
for the fiscal year 1939, with the balance to be provided for 1940.
This
takes care of the authorizations for the fiscal year 1938 and leaves for
consideration
the authorizations of $238,000,000 for the fiscal year 1939.
In
view
of the large amounts which have been contributed by
the
Federal
Government,
particularly during the past five years, for the
construction
of public roads,
and because of the necessity for taking
definite steps to reduce expenditures for the purpose of securing a balanced
budget, I recommend that the Congress adopt the following policies:
1. Provide
for
the
cancellation of the 1939 authorizations prior to
Jan.
1,
highways,
1938,
apportion to
2.
Limit
secondary,
roads
highways,
forest
crossings,
feeder
or
and
roads,
trails,
and
elimination
highways
of
across
required to
the various States $214,000,000 of such authorizations.
by
not
to
for
authorizations
date the Secretary of Agriculture is
which
than
more
fiscal
the
$125,000,000
year
1940
per
and
for
annum
each
all public roads
of the next few
succeeding years.
first Federal-Aid Highway Act in 1916,
Since the enactment of the
has
been
appropriated
emergency
for
public
highways,
including
allotments
there
from
more than
$3,100,000,000, of which amount
has been made available during the last five years.
This
for the past five years of $298,000,000 contrasts with an
of less than $100,000,000 for the fiv^-year period preceding
appropriations,
$1,490,000,000
annual
average
annual
average
Democrat, of Arizona, added to the protest on the floor.
going in at last for economics, said
pick out for lonely attention "the most
he ought not to
which the government
which
should
Agriculture
authorized
is
for
prevision of the existing law relating to
receive
consideration in
required
to
this
apportion to
appropriation,
valuable expenditure
makes."
of the unsuspicious reception
effect
The
Outside, Senator
revolt. If
Senator McNary,
McNary, Republican leader, added his bit to the
istration essay into specific
thus given the first Admin¬
heightened by
Works
reduction of appropriations was
of 123 House members for the undertaking of new Public
The powerful group which has been success¬
ful for the last two years in providing more
Works Progress Administration
of the President in ending
funds started to undo the administrative action
Representative Alfred Beiter,
further PWA commitments.
New York, disclosed that a poll
PWA funds has brought
Democrat, of
of House members on provision of more
125 replies, of which 123 say "Yes."
Recommendations for
The poll is
and
to
connection.
public roads
The Secretary of
the States the annual amount
projects of proposed State
approve
Housing Legislation in Message
of President Roosevelt to
ing
Congress—Calls for Build¬
Large Scale in Next Five Years at Cost up
on
$16,000,000,000—Burden to Be Borne by Private
Capital—Need of Lower Costs by Labor andAIn¬
dustry Urged—Changes in Housing Act
Would
Provide for Chartering National Mortgage^Associa-
to
$50,000,000
Supplying
RFC
tions,
for
Capital
Purposes
President Roosevelt, in
Nov.
on
Hausing Act "to
National
tion and financing
to
addressed to Congress
encourage
activity
and
employment.
prepared before the President's departure for
"housing constitutes the
Nov. 27, declared that
on
the private construc¬
of housing on a large scale," with a view
general business
increasing
The message,
Florida
message
a
29, recommended a number of amendments to the
largest and most promising single field
for private enter¬
prise." "It is estimated," said the President, "that an aver¬
age of 600,000 to 800,000 dwelling units ought to he built
annually over the next five years to overcome the accumu¬
lated shortage."
"In other words," he added, "we could
build over the next five years 3,000,000 or 4,000,000 housing
at a moderate estimate of $4,000 per unit
spending from $12,000,000,000 to $16,000,000,000,
without creating a surplus of housing accommodations, and
which
units,
would
mean
consequently without impairing the value of existing hous¬
ing that is fit for decent human occupancy."
"Revival of
construction," said the President, "must be based
of building and the payment for buildings
than on a resumption of the rising costs that stopped
housing
the
on
rather
costs
Housing
the
must
mass
went
this essential field last spring and summer.
be produced at prices, rates and rents that
of our people can afford to pay."
The President
to say that "the government has made provision,
in
progress
on
assistance to municipal housing, for many of
needy."
"But," he added, "private enterprise
through
most
the
and
private capital must bear the burden of providing the great
bulk of new housing."
In presenting his recommendations
amendments
for
to the
FHA, the President declared that
this" "cannot be assured
"the success of such a program as
by governmental action
alone."
In part, he continued:
and labor to
the reach of the
labor should aim
is sustained large-scale production at lower costs to the consumer.
This
will mean a larger annual wage for labor because of the larger amount
of employment that is possible at high hourly rates with long periods of
unemployment.
It will mean a larger annual income for industry because
of the larger volume of production than is possible at high unit prices
It
will
mainly
depend
on
the
willingness
of
industry
housing at costs that are within
The goal at which both industry and
cooperate in producing
mass
of
with
greatly restricted output.
this was not the goal
our
people.
Because
of
industry and
labor during the past
the building
generally. The
sharp rise of wage rates and prices in this industry, just before the last
building season,
reduced by 100,000 to 150,000 the number of new
dwelling units that competent authorities had estimated were in prospect
construction
industry and
the
depression.
There is another
argued.
of Nevada, and Henry F. Ashurst,
CongresiTon
President Roosevelt, in a special message to
the
of
Capitol, Senator Carl Hayden, Democrat,
being extended to the Senate.
Nov. 30, urged the enactment
the
Protest
Join
Senators
On the other side of the
the line-up
President
By
No bill to put those recommendations
the Presidential recommendations.
Administration expenditures.
To
don't
Mr. Cartwright is an Oklahoma Demo¬
and chairman of the House Committee on Roads, which will handle
the President was
Roosevelt's
when the outbreak
been read
message
"As for myself," said Representative Wilburn
Patrick Henry defiance of the Chief Executive, "I
a
intend to take this lying
Charles L.
Sincerely yours,
President
President's
had the
Cartwright, in
rose
effort should be made to keep the new farm program
within the present limit of
ROOSEVELT.
D.
Nov. 27, 1937.
of deficits.
only result in a continuation
revenues.
every
among
authorized for appropriation,
be
of expenditures without an equally
constant increase
revenue
affairs
I feel that
object
may
into effect came to his
We cannot hope to continue on a
government
the States of such amounts as
I do most strenuously object to the
mandatory incurrence of obligations by the Federal Government under
such apportionments without regard to its ability to finance them from
its revenues.
I, therefore, recommend that the Congress take the necessary
action permanently to eliminate this provision of our public roads law.
not
began in Senate and House.
Soil Conservation Service was added two years ago
example, the
and the Farm
constitute
regardless of the availability of appropriations
Government
FRANKLIN
base an amount for the normal
about $70,000,000 a year, and are separate
ency, which amounted to
agricultural
contractual obligations of
for
their payment and of the fiscal outlook of the Treasury.
This mandatory
provision completely ties the hands of the Executive as to the amount of
road funds to be included in the budget for any fiscal year.
While I do
shall
which
thereunder
expenditures
the Federal
provision for additional revenues to meet it.
There is, of course, included in the tax
the
3579
Chronicle
for
3937.
year,
the result soon proved injurious not only to
its workers, but
to business and employment
3580
It
is
Financial
clear
now
struction
terms
rise
in
The
rapid
and
likewise
too
that
hourly
for
great
checked
have
cannot
we
the
on
spring.
that
exacted
were
the
housing
and
material
prices
in
bear.
to
consumer
of
industry
by
and
rates
wage
revival
strong
a
A
production and buying in other
similar
industries
in
"1.
To
"2.
"3.
further
extend
To
tions not
the
reductions
I
insurance
of
am
incomes
costs;
mortgages
to
make
the
institutional
of
funds
of
housing
individual
and
investors
more
of
1.
Raise
the present
insurable limit from
appraised value in the
does
of
exceed
not
"great
in
importance"
appraised value.
because
depression to buy homes with
of
20%
2.
to
at
as
it
the
as
insured
hard
persons
low
as
said
this
hit
was
by
the
and
service
charge
of
insured
an
required;
now
at
not
prior to July 1,
furthermore,
than
1%
of
the
cut
the
on
rate
and
the
on
5%%
to
where
"diminish¬
original
%
of
the
face
1%
is
1939.
4. Authorize insurance of
mortgages up to $200,000 for construction
of apartments and groups of houses for sale or
rent, but limit the mortgage
to
$1,000
each
per
Revise
struction
sured
the
of
loans
insured
loans
as
kept
at
$5,000,000,
present,
for
too
6.
dividend
rental
be
to
are
limited
now
corporation
properties
80%
at
existing
to
$16,000
for
but
of
appraised
limitation
a
"low
section
the
in
income"
to
value
of
encourage
In¬
mortgages
on
$1,200
definition
per
which
up
to
to
be
room
officials
regard
provisions
for
chartering
mortgage
In
at
Make the
$2,000,000,000 limitation
apply
the
to
the total amount
on
insurance
of
amount
to
be
of mortgages
outstanding
at
any
time.
one
8.
Revive
of loans
such
ment
the provision that expired last April,
authorizing insurance
to $10,000 for modernization and repairs, but excluding equip¬
up
refrigerators.
as
The
introduction
President's
To
to
the
out
carry
to
in
President's
another
follows:
item.
The
'
United States:
the
a
to
encourage
large scale.
eration
now
business
are
The
proposals which I
important part of the
an
presenting for
am
for
program
activity and employment during the coming
From
the
population.
our
most
increasing general
year.
In
number of
contrasted
to
1930.
with
In
to
annual
an
or
is
estimated
our
be
to
that
built
an
800,000
in
the
seven
As
next
to
five
800,000
dwelling
to
years
4,000,000
would
the
meet
normal
units
operation
I
am
creating
growth
in
number
out
impairing the value of existing housing that
loans
of
for
the
long-continued lag in building is
All
government.
diffusion
of
numbers
business
of
purchasing
that
power
people look directly
for employment.
This
industry, to
work
and
This,
in
as
a
thus
turn,
result,
Since
1933
been
part
has
But,
though
Instead
principal
latter
We
too
3,000,000
is fit
decent human
for
and
not
of
been
common
the
of
industry,
orders
and
the
when building is thriving.
Great
indirectly to the construction industry
income,
great recovery
a
minor .part.
movement
That
in which
it should
by this Administration
done
to
encourage
rise
there
why
in
was
general
an
must
in
recognize
relation
clearly
the
sharply—far
housing
early
business
play
from
construction
construction
downturn.
failed
that housing
too
1937
was
housing
premiums
of
to
summer.
The
of
our
consumer's
forge
will
was
sharply—between
The
fact
September
primarily responsible for the downturn
recoveries
government
housing, for
many
has
of
afford
made
to
the
fullest encourage¬
ranging
large
from
the
low-rent
construction,
new
of
program
small
apartment
I
recommend
repairs
this
private
the
in
capital
framework
a
and
mod¬
effective
more
the
housing field,
National Housing
of the
experience.
enacted by the Congress in 1934, provided
applicable to
all types
of lending
finan¬
a new
institutions that make
Enabling legislation giving effect to this
purposes.
subsequently enacted by all the States.
which
to
it
applies,
it
Within
has
proved
the
new,
limits
Housing Act
but
insures
which
loans.
no
Congress
be
to
established
mortgages
the
both
certain
on
Federal
types
of
The agency is designed to become self-
the operation of
this
of loans that
sale
insurance
Hence,
be
would
and
should it
fund,
only
properties,
should
be
in
the event that
together
insufficient to
with
all
the
pay
the
insured
if any cost should result to the government because of
even
it
guaranty,
operative
defaulted
of
default is given by the Federal
may
guaranty becomes
the
the
construction
the
a mortgage insurance fund, into which
by borrowers who obtain loans under the provisions of
private lending institutions.
from
in
claims.
negligible
employment
have
ever
when
induced
be
to
by
availed
measured
the
fact
by the volume of
that
the
is
guaranty
of.
financing under the National Housing Act apply to two
main classes of transactions—namely, those in which a
single house becomes
security for a loan and those in which a limited-dividend company obtains
a
loan
in
The
order
to
effect
further
in
the
investors
I
it
housing it
(3)
is
the
funds
the
average
buyer of
the property,
largest
all,
kinds:
to extend
(1)
To
insurance
the
adequately provided
now
institutional
items in
and
second
house
a
the
and
individual
In
costs.
in housing a
the long
is in
the
of
case
in whether construction
first
in
investor
or
of financing
cost
housing
determining factor,
a
at
(2)
of
three
of
are
financing costs;
make
to
for
pay
the
undertaken
suggesting
am
available for the financing of large-scale operations.
easily
takes
of
one
housing project.
rental
in
types of housing operations not
Act;
more
long time to
run
a
which
reductions
mortgages to
for
develop
amendments
arriving at
the
scale
rental
be
rentals to
of
shall
be
are
past
of
if
costs
that
in
1936
As
a
housing and
ishing
reduction
a
of
the
costs
resumption of
field
last
of
through
But
assistance
to
municipal
private enterprise and private
further
Congress
interest charge up
an
total of 5%% per
a
or
annum.
5% net by amending the administrative
to
reducing
the
authorize
to
as
of
as
insured
an
required
now
by
low
July 1,
of 1%
%
as
instead
of
on
the
on
I
Administrator
the dimin¬
original
face
the Act.
encouragement to the construction
I would ask the Congress to authorize
Housing Administrator to fix the mortgage insurance premium
in
not
low
borrower, however,
Housing
one-fourth
as
mortgage
Federal
as
mortgage
of giving special
a means
the
to
cost
the
mortgage insurance premium
balance
Federal
as
of 1% on the diminishing balance of an
insured
where the estimated value of the property to be built
$6,000 and where the mortgage is iiasured prior to
cases
exceed
1939.
Another
change that I would ask the Congress to make in the existing
legislation is to raise the insurable limit from 80% of the appraised value
of
the
property,
at
as
present,
90%
to
the
in
of
case
loans
to
owner-
occupants, where the appraised value of the property does not exceed $6,000.
ment
is of great importance.
proposal
who desire
large
as
to
own
20%
as
homes
of
It recognizee the
their
of the purchase
own
price.
This
fact that most
make
cannot
is
a
first
pay¬
particularly true
depression of recent years, in which the savings of millions
prudent and thrifty families were depleted.
of
The
families
severe
fact
are
is
not
generally
not home-owners.
Accordingly,
I
recognized
suggesting for
am
the
that
In the larger
60% to nearly 80%
from
runs
your
majority
of
urban
our
cities the proportion of rented
of the total.
consideration
designed
measures
especially to facilitate the construction and financing, under the economies
of
a
blanket
mortgage,
option to purchase.
as
well
formation
in
These
as
in
Such
groups
of houses for rent,
operations
financing,
substantial
same
apartment
of
of
of
and
or
for rent with
would afford economies in
would therefore,
I believe,
an
construc¬
lead
the
to
companies to avail themselves of the opportunities
this particular field.
the
provision,
the most needy.
this
small, moderately-priced houses,
the
spring
rents that the
pay.
reduce
of
the
Further,
tion
on
to
means
ask
to fix the
are
and
by regulation to make
permitted
service charge of y2 of 1%,
a
proposed
would
the
housing
making loans to be insured by the Federal Housing Admin¬
now
regulations.
persons
the
during the
of
Housing must be produced at prices, rates and
can
and
extensive
an
enterprise and
An ultimate guaranty
major
the
one
ahead
not be built
income.
generally this year.
housing construction must be based
people
for
mass
paid
are
Government,
outset.
a
the
activity,
through
This
building and the payment for buildings rather than on
the rising costs that stopped
progress in this essential
mass
and
rent,
stimulate
to
actual
National
from
Act
This
in recovery
Revival
for
or
enlargement of
sustaining through
the
dwellings
to
rent
or
?"
give
of encouraging and facilitating
means
Administration,
after the
of
and
of
concern
infusion
yet been satisfactory.
seasonal
a
is the
needs
of the year.
part
of
has
summer,
arose
March
thus
a
buy
practicable
practical.
the
Housing
all industry and trade.
on
reduce unemployment and,
balancing of the budget.
a
it
,
may
communities
for
housing, but itself makes
does
clearly recognized
reasons
high
costs
had
played only
much
have
spring and
have
we
has
drag
a
national
contribute toward
construction
results
increase
sale
of housing
types
5% and
greater extent than any other, can put idle funds to
up the circulation of the Nation's money supply.
a
speed
would
for
private
was
is
come
or
to
means
make
to
I recommend that the Congress adopt
to facilitate the financing of every type of
housing
made
housing
Under
amount
and
mechanisms
government
measures
be
light of
mechanism
It
surplus
This presents an urgent
problem which
labor
to
mechanism
of
occupancy.
The
of
the
to
which at a moderate estimate of $4,000 per
spending from $12,000,000,000 to $16,000,000,000, with¬
of housing accommodations, and consequently with¬
out
a
The government,
reduction of financing
a
building,
residential
This legislation,
cial
housing units,
mean
that
whether
suggesting
in
the
overcome
other words, we could build over the next five
years
or
itself.
families of moderate
providing
measures
Institutions
to
building industry
the
revival of
practicable
a
istration
600,000
families.
unit
prior
years
shortage
In
growth
or
accumulated
and
-
charged.
the
over
by
therefore,
addition
of
average
annually
by
part
and
provision
existing housing has seriously deterior¬
has been demolished.
It
of
average
addition, much of
ated,
ought
either the needs
1937,
inclusive, the average annual
dwelling units constructed in the United States was 180,000
new
as
1930
'■
a
ernization.
of
promising single field for private
not kept pace with
From
^
1
reducing costs to
point where larger volume, longer
higher annual earnings are possible is one that must be
entire
Because
Housing construction has
a
■/).
to
that
enterprise.
of
The lower unit
will make for greater annual
including all workers engaged in
higher standard of living for the country as a
buildings.
consid¬
your
point of view of widespread and sustained economic recovery,
housing constitutes the largest and
way.
the American
The benefits of
to the Congress upon the convening of the extraordinary
15, I said that I would address you further in regard to
the private construction and financing of housing
Nov.
on
proposals
developed,
take the initiative by bringing about
time
house
there
my message
session
on
bills
referred
message
the Congress of
In
of
is
have
building industry,
for
of
broad
a
moneys
recommendations
indus¬
large-scalh production
■'-
and
order,
this
to permit
insurable
be
cannot
it in the characteristic American
industries
market.
associations
financing of such large building projects by a single or "blanket"
mortgage; the Reconstruction Finance Corporation to make available $50,000,000 for capital purposes.
proposals
the construction
private enterprise to engage in large-scale housing operations for the
popular
national
and
major
can
houses,
new
con¬
communities.
larger
in
citizens.
our
great
by making it easier for
vague.
Liberalize
7.
in
costs,
Act
limited
large-scale
substituted
as
Such
room.
project.
5.
employment,
solved
however,
on
mortgage
These
elements concerned
of new housing.
building to meet
private
encourage
means.
it must do
other
as
entire
problem
construction,
y2 of
$6,000
from
>
instead
mortgage
more
insured loans
on
.-vV:
to
are
moderate
majority of
:,v
.
The
10% instead
as
the
industry,
ment to
interest
valued
properties
President
payment of
mortgage insurance premium
balance"
amount,
The
permit
-V-v;,,;./
Make
ing
would
down
a
5%.
3.
property's
a
present.
the
Reduce
90% of
to
vast
develop,
for
whole.
of loans to owner-occupants where the property
case
$6,000
80%
the
resulting from
that
are
numbers of housing units.
The proposed
summarized by the Associated Press, are:
of
building industry is to play the vital part that it ought to have
must
costs
large
as
suggest
economic system,
returns
Eight changes in the National Housing Act of 1934
now
families
genius for efficient and economical large-scale production.
proposed by the President to make possible, through Fed¬
eral insurance of low-interest mortgages, the private financ¬
ing
our
It
opera¬
easily available for the financing of large-scale operations."
changes,
of
the
in
types
of
effective, however, unless all
If
financial
in
I
measures
needs
4,
try—builders, contractors, manufacturers of materials and equipment, labor
and finance—cooperate in producing
housing that is within reach of the
adequately provided for in the Act;
now
To
costs
of three kinds:
are
effect
The
the
too
well.
as
The President stated that "the amendments which
suggesting
last
was
Dec.
capital must bear the burden of providing the great bulk
con¬
labor
rise
Chronicle
measures
buildings
to
are
also designed
be operated
mortgage in any case not
apartment
smaller
cities.
property
on
to exceed
particularly
to
a
encourage
moderate
$1,000
adapted
to
per
the
the construction
scale
room.
of
of
rentals, with
This
is
requirements
a
of
type
our
Volume
In
able
the
Financial
145
construction
of
large-scale rental properties,
a
small but credit¬
beginning has already been made under the existing provisions of the
National
limited-dividend companies.
Those
provisions, however, need to be clarified and simplified in order to encour¬
age
a
Housing
applicable
Act
to
rental projects in
extensive development of large
more
where
communities
they
the larger
needed.
are
Among the most important of the measures to which I would invite your
consideration
those
are
designed
to
facilitate the financing of these large
The large
projects thus far constructed under the provisions of the National Housing
Act have been closely regulated as to rents, charges, capital structure, rate
of return, &c., and the excesses and abuses which widely characterized the
financing of apartment properties in the 1920's have thereby been avoided.
The very size of the loans in the case of these large projects, however,
projects.
Here there is
makes it- difficult to finance them
would
I
therefore
urge
by
means
of a single mortgage.
shall
I
ask
of the
for
the
of
Finance
Reconstruction
national
the
mortgage
Corporation
to
make available, out
national
$50,000,000
provide
Under the amendments proposed, this would
purposes.
$1,000,000,000 of private funds obtainable
for
basis
chartering
already allocated to the RFC mortgage company,
funds
capital
the
the
through the sale
debentures.
Another of the suggested amendments that I regard as of special im¬
portance would make the limitation of $2,000,000,000 on the amount of
mortgages insurable under the National Housing Act apply to the amount
of insurance to be outstanding at any time and would remove the limitation
of
mortgage
association
of the Federal
private financ¬
without increasing the amount of the contingent guar¬
July 1, 1939, now applicable to the ultimate guaranty
Government.
These changes would measurably encourage
of
under the Act
ing
anty provided in the existing legislation.
In connection with these changes, I would
limit
eventually
to housing on which the
approved prior to the beginning of
mortgages
insurance of
the
suggest that the Congress
application for mortgage insurance is
construction.
be provided for repair and
modernization
loans
in a manner similar to
that which was formerly
provided under Title I of the National Housing Act.
This former pro¬
I
Finally,
by limitation on April 1 of the present year.
relation to existing provisions of the National
vision expired
Federal Reserve Act, the Federal Home Loan Bank Act, and
enabling legislation that has been enacted by the several States,
the
extensive
the
Housing
in
Considered
Act,
that insurance
suggesting
am
these measures would for the first
mechanisms essential to a widespread and
of
adoption
financial
time provide - all the
sustained revival of
generally
half, the
cost of loans of comparable proportions under the system of first, second
and third mortgage financing that was widely prevalent in the 1920's.
Large and continuous activity and employment in housing construction,
which
is
would
be
under
feasible
not
put
decisively
a
on
present limited
our
methods of financing,
success
such
of
a
program
coets
the
to
will
This
consumer.
mean
a
wage
for labor because of
the larger
great
employment than
of
for the consumer to bear.
A similar rise in costs likewise
production and buying in other industries as well.
In emphasizing these facts, I am not seeking to
manifestly
that
what
no
would
did
checked
and
insure
$6,000
the consequences
what
was not
could not afford to put up
were.
the 20% down payment, running from $700 to
$1,000.
having $500 to construct a $5,000 home,
a person
through guaranty by the FHA of a mortgage of $4,500.
Another
provision
permits
It is designed to permit the economies of
economies
be
can
The bills also reduce from 53^
% to 5% the aggregate to be charged for
loans under mortgages accepted for
insurance.
offered for further reducing the cost to the bor¬
Two other provisions are
rower.
First, the FHA would be empowered to fix the insurance premium
at one-haif of
1%
on
is one-half of 1 % of
the diminishing balance of the mortgage. At present it
the face value of the mortgage.
The second provision is that
rate at
one-quarter of 1%
.V:'.-1'
means.
intention to initiate a series of con¬
labor, and finance, with a view
giving housing construction a fresh start in the coming building year
and averting a recurrence of the conditions that brought about the reverses
of the present year.
If these groups will cooperate in this effort, as I
believe they will, the result cannot but work to the advantage of our
help attain this end, it is my
To
with representatives of industry,
ferences
to
whole national economy.
.
Comporatively
this
make
start
simple changes
possible.
in and additions to
existing laws will
FRANKLIN D. ROOSEVELT.
The
White House, Nov.
27, 1937.
the diminishing balance of a mortgage not
on
Encourage Private Capital
The
bills also pave the way for
national
the organization by private capital of
which may issue debentures bearing 3%
mortgage associations,
interest, guaranteed as to principal and interest by the government, but
not tax exempt.
This follows the recommendation of the President,
ask the
capital
purposes.
in Congress Embodying President
Proposals for Housing Legislation—
M. S. Eccles of Federal Reserve System Testifies at
House Committee Hearing on Bill—Jessie H. Jones
Introduced
Roosevelt's
of RFC and Stewart
McDonald FHA Also Heard
out the recommendations of President
Roosevelt for housing legislation (his message on the subject
Bills
is
to
carry
given in another item
in this issue) were
introduced in the
who said he would
Corp. to make available $50,000,000 for
Reconstruction Finance
The bills provide that such mortgage associations may have
outstanding obligations in an amount not to exceed tweny times the amount
of its
capital. Thus $1,000,000,000 could be made available if all of the
funds allocated to that purpose were
RFC
."'V;-;--;.'
lent.
the bill were opended on Nov. 30 by the HBCC
the hearings Stewart McDonald, Federal
Housing Administrator, told the Committee that the enact¬
ment of the bill will benefit all lines of business and industry
Hearings
the
At
well
as
on
of
start
as
the
open
way
to thousands of citizens who have
homes.
of
Nov. 30 from its Washington bureau, which
been
unable to finance the bulding
This
was
in part
their
of
own
indicated in advices to the New York "Journal
on
added:
Both Senate and House
majority leaders predicted that the measure will
of the special session. Senator
find little difficulty in obtaining approval
Barkley (Dem., Ky.) declared that the Senate may not require more
day to dispose of the bill, while Representative
than a
Rayburn (Dem., Tex.)
voiced similar belief.
(Dem., Va.), however took issue with the
Glass
He declared: "I am bitterly opposed to the Government
It has no more right to
"
Mr. McDonald
that there
have
Kentuckian.
going into business.
build private homes than I have to build
houses."
public
'
.
presented a detailed explanation of the new bill, recalling
been
a
number of criticims leveled at the existing law.
of the pending measure, he said,
objections of certain life insurance companies
would do much to dissolve
and other financial institutions
the housing program. Questioned by committee
members, he said, that one of the chief objections raised concerns the fact
that bonds and debentures of the National Mortgage Association are subject
to Federal taxation and. in some areas, to State levies.
against participating in
Under the new bill,
he continued, the Government at
all times would
of $2,000,000,000 of Federal Housing
be standing back of a maximum
Ad¬
ministration-insured mortgages.
Questioning developed that at the present
of $6,000,000
on
time, FHA has sustained losses
its modernization activities alone.
sisted, however, that some of this
Jesse H. Jones,
Mr. McDonald in¬
deficit is recoverable.
Chairman of the Reconstruction Finance
Corp., appeared before the Committee on Dec. 1 on which
date an account from Washington to the "Wall Street
Journal
had the following to say:
Chairman
Jesse
Jones
distinct
displayed
yesterday
President Roosevelt's program
it
apathy toward
He made
for encousging private housing.
housing bill, but it also was clear to mem¬
HB&CC, before which he was testifying, that he was not con¬
plain that he approved the new
forth
a vast
construction program.
Questioned about the cost of the program
an
contemplated in President
"I haven't any fear about this being
expensive operation to the Government.
The only fear 1 have is that they
(private investors) won't use it."
Mr. Jones is scheduled to appear on the same
bill before the SB&CO.
of the Board of Governors
of the Federal Reserve System, was heard by the House
Committee on Dec. 2; in testifying Mr. Eccles said that
eommercial banks, which are now prohibited by law from
investing more than 60% of their savings deposits in real
estate mortgates, will be permitted under the Administra¬
tion's new housing program to invest without limit in the
debentures to be issued by national housing associations.
The "Journal of Commerce" in noting this in the Washington
advices, also said:
Marriner S. Eccles, Chairman
which are
the NHA, although secured
only by insured mortgages, will be classed the same as any other security
and in that way will be available for investment by banks in such amounts
Governor Eccles
Bills
.
the FHA may fix the mortgage insurance
exceeding $5,400 at the outset.
bers of the
decline in some one's business
be built.
90% insured mortgage plan.
and some one's
employment.
The essential problem of the construction industry and its
workers, then, is to find a reasonable way, through continuity of produc¬
tion and employment, to adjust the costs of housing to the consumer's
in turn, means a
mortgages
large-scale production so that these
passed along to the purchaser of a small home under the
Roosevelt's message, Mr. Jones said,
sumption,
construction
of
insurance
the
covering property on which large numbers of small homes are to
fident the bill would bring
the
80%. Senator
liberal enough because, thousands of persons
budget of the great mass of our families, the point is quickly
reached where increased costs mean reduced consumption.
Reduced con¬
In
authorizes the FDHA
of the appraised value of homes costing
mortgages up to 90%
lass. At present mortgages can be sceured only to
or
Wagner declared this
apportion blame, for
industrial or labor groups would deliberately adopt a policy
to their own disadvantage.
I am simply pointing out
react
occur
One of the important provisions of the measures
to
Enactment
annual
larger
is possible at high hourly rates with long
periods of unemployment.
It will mean a larger annual income for
industry because of the larger volume of production than is possible at
high unit prices with greatly restricted output.
Because this was not the goal of industry and labor during the past
construction year, the result soon proved injurious not only to the building
industry and its workers, but to business and employment generally.
The
sharp rise of wage rates and prices in this industry, just before the last
building seaon, reduced by 100,000 to 150,000 the number of new dwelling
units that competent authorities had estimated were in prospect for 1937.
It is now clear that we cannot have a strong revival of housing con¬
struction on the terms that were exacted by industry and labor last spring.
The rise in hourly wage rates and in material prices was too rapid and too
amount
29 to the New York "Times" said in part:
Senator
as
governmental action alone.
It will
industry and labor to cooperate in
sponsored by
were
Wagner, Chairman of the Senate Banking and
Currency
Committee,
and Representative
Steagall of
Alabama, Chairman of the House Banking and Currency
Committee. Regarding the bills Washington advices Nov.
practicable basis.
this, however, cannot be assured by
depend mainly on the willingness, of
producing housing at costs that are
within the reach of the mass of our people.
The goal at which both
industry and labor should aim is sustained large-scale production at lower
The
Act
Senator
Commerce"
housing construction.
The terms of financing would be the most favorable ever made
available in this country for housing purposes—half, or less than
Nov. 29. The identical bills designed
on
the National Housing
The bills would enable
the Congress to liberalize the provisions of
associations is
authorized, and, among other things, to give these associations explicit
authority to make loans on large-scale properties that are subject to special
regulation by the Federal Housing Administrator.
The effect of the
change here proposed would be to enable these properties to be financed
by national mortgage associations through the sale of housing bonds or
debentures amply secured by the insured mortgages on the properties.
In order that one or more such associations may be promptly organized,
which
under
Act
Sentate and House
to liberalize
great gap in our financial mechanisms.
a
3581
Chronicle
to
as
be set up
said that the debentures of the associations,
under liberalized provisions of
they might desire.
Views on Interest
At the same
time, the Reserve Board
head expressed strong opposition
legislation which would lower the maximum interest
rate of 5% allowed to be charged by lending institutions eligible to make
FHA loans. He said surveys have shown that the 5% rate is as low as it is
to any
change in the
3582
Financial
Chronicle
safe to go and any lesser rate might discourage
participation in the program
Dec.
"probably tomorrow." United
by lending Institutions.
Bill
Act—Measure
Returned
The
House
Liberalizing Federal Credit Union
by Senate at Last Session
that
to
it
Passed
Body for Action
Amendment
on
The following
bearing
Washington dispatch,
a
Nov.
House
The
House
credit
tions
Act,
The
Farm
added
unions
amends
Credit
amendment assuring employers
furnishing quarters
they would not be violating the Wagner Labor Rela¬
because of this
and
bill
the
Credit
Administration
the
bill
Union
now
Act
goes
by
the
Governor
authority to scale down the examination fees
upon
the ability of the unions to pay such fees.
It also provides
inter-lending between credit unions, and removes from such unions all
taxes except those on tangible and real
property.
It would permit the
taxing of members on their holdings, but not to
of
taxation
for
holdings
in
similar
domestic
range
organizations.
appeared in
on
taxation of the House
Dec. 1
on
hearings
made in our issue of Nov.
27, page 3428.
The sub-committee on Dec. 1 discussed
the possibilities
of revenue from
taxing the salaries of State and
was
vVage-Hour Bill to Be Brought Before House For Action
on
Dec. 13—Required 218 Signatures Secured to
Petition
to
Further
Discharge
Rules
Consideration of
Committee
From
Bill
over the
Black-Connery Wage and Hour Bill
Dec. 2, when the necessary 218
signatures to
the petition to force the bill out of the hands of the
House
Rules Committee were obtained.
As a result the measure is
broken
on
scheduled
to
Dec.
The final
13.
before the
come
House for consideration
on
signature to the petition was that of
Representative Mansfield of Texas who rolled up to the
clerk's desk in his wheel chair to affix his name to the
petition.
Before the 218th signature had been
secured,
made for
was
a
demand
inquiry into statements (said the Associated
Washington Dec. 2) that backers of the wages
and hours bill "swapped everything%ut the
capitol" to insure
a vote on the measure at the
special session.
Representative Fish, Republican, of New York, asked the
inquiry, it was noted in the press accounts quoted, which
an
Press from
added:
While he spoke, the 216th House member
signed
labor bill from the Rules Committee, which has
%
a
petition to wrest the
blocked
it
since
last
summer.
As
soon
inquiry resolution
objected and forced
After
of
the Fish
was
read in the House
Majority
Rayburn, Democrat, of Texas, asked that it be
tabled, but Mr.
Leader
Fish
as
the
petition
roll call.
a
was
The vote to table
was
281 to 94.
completed.
Representative Norton, Democrat,
New Jersey, Chairman of the Labor
Committee, and other backers of
the
bill
years
It
pressed up to shake the hand of Mr.
has been forced by illness to
use a
Mansfield, who for
Representative Healey,
Democrat, of Massachusetts,
Chairman
of
an
He asserted that the Labor Committee would
request administration of
the proposed law by a single administrator in
the Labor
Washington dispatch Dec. 2 it
a
was
Department.
stated in part:
Whether passage will result was still in
doubt, however, because of strong
differences of opinion among the advocates of minimum
wage and maximum
hours legislation.
Administration efforts to put the bill
through are ham¬
pered by the fight between the Committee for Industrial
Organization and
the American Federation of
Labor, which differ as to the desirability of the
bill as it stands.
William Green, President of the A. F. of
L., recently put the Federation
on
record
as
regulations
at
the
opposing administration by a five-man board of
wage and hour
provided in the measure, which was passed
by the Senate
as
last session.
Signing the discharge petition were 196
Democrats, 9 Republicans, 8
Progressives and 5 Farmer-Laborites, but this does not
promise a united
front by the signers when the debate
starts.
Amendments
will be offered
which may alienate the
support of some proponents, who might
conceivably
combine with the present opponents to send
the bill back to the Labor
Committee for further study, thus
ending all chance of enactment at the
special session.
.
.
debate, starting on Dec. 13, is a far different
adopted by the Senate at the last session. Even if the
bill, it is evident it will differ from the Senate
version
fundamental way that it cannot be
compromised in conference
in time for final enactment at the
special session. The conference committee
in such
might go in
reaching the salaries of State and municipal
employees, only to arrive again
at the conclusion that a
Constitutional amendment would be
necessary,
in view of court decisions
limiting the power of Congress to tax this now-
exempt class.
In
discussing the question of taxing the salaries of State and
municipal
officers, Representative Vinson said:
P* The idea
is prevalent in the minds of
many persons that salaries of
Federal officers and
employees are free from Federal taxes.
That idea is
They are taxed at the same rate that
applies on ordinary
income of any kind.
Before 1932 Federal judges' and
President's salaries
under the law were exempt from Federal
taxes, but after 1932 any President
elected or any Federal
judge appointed pays a Federal income tax.
erroneous.
From
Washington dispatch of Dec. 1, to the New York
Dec. 2, we take the
following regarding the
agreement given by the sub-committee on taxa¬
tion of the House
Ways and Means Committee to revision
of the estate and gift taxes:
The present law
governing estate and gift taxes was
superimposition in 1935 of new legislation
upon the 1926
sometimes
a
baffling system of bracketed charges, with
created
by the
law, resulting in
many
variables and
percentages.
The simplification is
achieved
by establishent of
on
a
single set of
per¬
various amounts.
Representative Vinson, Chairman of the
subcommittee, in explaining
the lowered exemptions, said:
Under the existing law we have an
exemption of $40,000 under gifts,
a
$40,000 exemption under estates, a $40,000 under
insurance and the
$5,000 annual exemption per person from
gift taxes.
We have consolidated the
$40,000 gift tax and estate tax so that when
$40,000 is reached in respect to either
gift or estate or both, their is no more
exemption.
The $40,000 insurance
exemption still remains, but we have lowered the
$5,000 gift per person exemption to $3,000.
Save for the lowering of the
exemptions to include
a
broader field, tax¬
payers in specific brackets will pay the same amount
in dollars under the
new
plan
as under the
existing rates.
Under
the present rates, for
example, on an estate of $50,000 there is an
exemption of the first $40,000 and the tax is
2% on the remaining $10,000,
or a payment of $200.
Under the
new
plan, Mr. Vinson explained,
tax of
a
there being no exemption of the
$40,000 in the tax
0.4%
on
$50,000,
reckoning, would like¬
wise yield $200.
As
an
example of the
manner in which the
system would work out, Mr.
Vinson made up the following table:
Estate
Tax in %
$40,000
50,000
70,000100,000
200.000
Estate
None
600,000
800,000-
1.7
4.2
9.9
-
Tax in %
14.7
17.2
19.3
21.1
$400,000
0.4
1,000,000
100,000,000
on the first
70% of estates above $50,000,000.
The gift tax amounts to three-quarters of the
67.3
$10,000 of taxable estate
up to
estate tax.
a
Hearings in
The Labor Committee will have about
60 amendments to offer from the
Some are relatively
non-controversial, but others will stir up almost
House rules permit only five minutes of
debate to each
member on each amendment, but a
determined opposition can
string this
filibuster by offering pro forma
amendments "to
strike out the last word," "to strike out
the next to last word," etc.
Senator Berry announced that, if the
House adopted an amended
out to what amounts to
a
.
back to the
attempt
measure
to
recommit
the
.
.
Wages
and Hour Bill and sent it
to
Senate for concurrence, he would
the
Senate
Labor
Committee
for
revision.
He would then seek to have his bill
substituted.
nation-wide
maximum
40-hour week and
30
It calls for enactment
cents
an
hour
as
the
minimum wage standard for the
production of goods that enter interstate
commerce.
President Green of the A. F. of L. announced
after a meeting
council, that the Federation would submit
with his executive
wage
and hour bill for congresssional consideration
Washington
Manufacturers
however, early in
unlimited debate.
new
of
tentative
Commerce
vision
floor.
a
a
"Times"
starting Jan. 3.
a
of Dec. 2:
The Committee, which is
working on general tax revision legislation the
Administration has promised for the
regular session of Congress, also entered
a field
of speculation on how far
the Federal Government
a
could report an agreed
version, if agreement is possible,
the regular session
of
we
day, to the New York "Times"
The present rates range from
2%
The bill which the House will
House does pass
1,
municipal
employees which are now exempt from Federal
this phase of the sub-committee's
hearing
take the following from
Washington advices,
to
,
Far Apart From the Senate
measure from that
As
centages showing the effective rate
informal committee backing the petition, said that it
appeared certain the
provisions for a five-man administrative board in the
pending bill would
be eliminated by amendment on the floor.
In
Dec.
that
many
wheel chair.
minutes before the House calmed down.
was
officials and
taxes.
The deadlock
was
between
to reduce
based
the rate
without
Ways and
tentatively agreed to a proposal
exemptions under the Federal gift and estate taxes
and simplify the present
complex estate and gift tax struc¬
ture.
The proposal, which, it is
estimated, would raise
revenue
ranging from $15,000,000 to $25,000,000
annually,
was reached
after nearly a week of
study with Treasury
experts.
The sub-committee on taxation has been in session
for nearly a month, and
previous reference to its
the
for
exceed
and that
Sub-committee
Means Committee
of
now
wages
hour, he said.
an
The sub-committee
back to the Senate.
giving
minimum
Tentatively Approves Plan to
Exemptions in Case of Estate and Gift
Taxes—Proposal Would Yield from $15,000,000 to
$25,000,000 Annually
an
that
being drafted
and
Lower
24, appearing
in the New York "Times" of Nov. 25:
to
hours
probably would
the action of the
on
measure was
maximum
Detailed reference to the
wage and hour bill
our Nov. 27 issue,
page 3430.
regular session, was amended by the House in passing
it on Nov. 24, and so goes back to the Senate for action on
from
recommend flat
30 and 45 cents
last
is
would
He said that power to administer the standards
would be vested in the
Department of Justice. The minimum wage
on
the amendment.
Wash¬
administrative board to fix them.
^ov. 24 passed the special session's first
measure, a bill liberalizing the Federal Credit Union Act.
The measure, passed by the Senate toward the end of the
House
from
ington added:
Mr. Green said the Federation
Houses Passes
Press accounts
1937
4.
of
from
Reported
Anti-Trust
on
Patman
Bill
to
Divorce
Retailers—Department
of
"Piecemeal" Re¬
Laws—Other Objections to
Opposed
to
Bill
With the opening in Washington Dec. 1 of
hearings on
the Patman bill to divorce manufacturers from
retailing, the
Department of Commerce is reported to have warned against
of regulatory legislation at a time when business is
already resentful of the regulation under which it is now
passage
forced to operate.
The Department's views were contained in
House Interstate and Foreign Commerce
a
letter to the
Committee, before
which
the hearings were opened, it was stated in Wash¬
ington advices to the New York "Journal of Commerce"
on Dec.
1, which added that opposition of the Administration
to piecemeal revision
of the anti-trust
laws was
seen
in
the
attitude
legislation
of
the
proposing
to
Department of Commerce against
prohibit manufacturers from en-
Volume
Chronicle
Financial
145
is
3583
regarded
gaging in retail activities where the effect is to lesseen com¬
petition and restrain trade.
The advices to the "Journal of Commerce" continued in
ministrative officers
part:
Bureau
sirable.
of
by the Treasury Department
The amended regulations
with reference to the Patman pro¬
Attorney-General Cum-
posal is believed to be in line with the thought of
mings that the anti-trust laws need a general overhauling
Treasury Department and the
in
cooperation
with
officials
Social
Fixes
the
Revenue
Security Board.
The text of the Social Security Act, in which is embodied
Title
VIII, was given in our issue of Aug. 24, 1935,
page 1164.
;•/
need for revision of
While the Department did not make reference to the
the anti-trust laws, its critical position
the
NBCC
Anti-Trust Views
of
Internal
of
especially de¬
as
worked out by ad¬
were
and that a fact
finding impartial committee should be formed to recommend such changes
to
Congress.
proposed by Mr.
bill
The
pendent merchants and has received considerable support from this group.
this bill with
V.
Dye,
that it "looks upon
enactment of the Patman bill but
sales
Clayton and Federal Trade
It might serve to strengthen the Sherman,
and resultant monopoly
it would protect consumers from eventual monopoly
prices.
•
■
advanced against its en¬
Objections to Measure
It is "entirely possible" that the proposed bill adds nothing to present
1.
bill
It is very difficult, either under this
under siniilar legislative
or
of monopoly in any
It is costly to Government to prove allegations
event.
but is limited to
few such
a
as
shoes, millinery, tires and electrical goods.
The consumer often is not aware of competition because of differences
5.
Direct competition, therefore, might not exist.
in trade names.
,
business
Some argue that the bill should not be passed at a time when
6.
of
Nov.
on
30
east
areas
of the Mississippi
in
and
Both
areas.
it
would
bituminous
governing
the
prices and the regula¬
after
Dec. 16.
on
coal
further
consid¬
The Commission
proceed
immediately to complete the
prices in the remaining districts
of the Mississippi River.
Effective Dec. 16, the prices of coal in the East for indus¬
and
heretofore,
into
railroad
line
with
domestic
the
One of those supporting the measures, it is said, is George
Burger of New York, representing the National Association
of Independent Tire Dealers, who, it is reported, stated that
some
such measure as this is needed to protect the inde¬
pendents in the tire manufacturing and selling industry
will
purposes
of
cost
1937.
of
bringing them
provided
as
for
prices
However,
be generally lower
in the past.
somewhat higher
be
explained,
production
Act
Coal
sizes will
the coals
fuel
the Commission
Bituminous
in
for
than average prices
The Commission said that for
commonly known as steam grades, such as mine
nut and slack, it used
higher than
householder
by
a
level from 5c. to 20c.
per
ton
was
proposed by the industry through the latter's
producer boards.
Conversely, however, it lowered
prices on double screened coal, commonly used by the
below
resent regulation it is already operating under.
may
Commission
subject to revision
are
trial
run,
Competition of the type outlined in the bill is not common to all trades
4.
Coal
regulations
same
for such grades
proposals to prove that competition has ben lessened in a particular case.
3.
that
the
law and is therefore legislatively unnecessary.
2.
the
than
he continued:
actment,
and
which
west
,
On the other hand, the following reasons are
80%
in
Iowa
Issued—
establishment of minimum
retailers to confine their attention to retail merchandising, and
courage
in
said
would en¬
give full attention to manufacturing activities and, conversely,
Regulations
eration, will become effective
would encourage manufacturers to
"It might protect the small retailer; it
for
and
Also
price schedules, at the mines, for all
produced in
rules
tions,
Commission Acts, he said adding:
Prices
16
Bituminous
minimum
Coal
Mississippi
State of Iowa, and at the same time promulgated mar-
keting
also six disadvantages.
are
National
coal
the
Secretary of Commerce, said that there are possibly
Assistant
four advantages that would flow from
there
soft
concurred in by Ernest G.
Commerce, who prepared the letter which was
Draper,
The
announced
Domestic
of the Bureau of Foreign and
Director
of
Both Effective Dec.
skepticism."
Alexander
Soft
East
Affected—Marketing
of Commerce advised the Committee that it is question¬
But the Department
able whether it would serve this purpose and concluded
Minimum
Mines—Areas
to benefit small inde¬
designed
Patman is
from 5c.
amounts ranging
to 15c.
per
ton
those
proposed by the industry.
The areas affected
by the new price schedule and marketing arrangements
comprise 80% of the country's bituminous fields and are
generally in West Virginia, Pennsylvania, Ohio, Michigan,
North
Virginia, Kentucky, Tennessee,
In announc¬
Carolina, Maryland,
Illinois, Indiana, Iowa, Alabama and Georgia.
ing the prices and regulations the NBCC said:
bituminous
The
Payment of Tax Returns Under Social Security Act to
Be
Made
by
Employers
Quarterly, Instead of
Monthly, After Jan. 1
-
_
J
will
after
1 next monthly tax returns under Title VIII (taxes
respect to employment) of the Social Security Act
no longer be
required, but instead tax returns under
this
Title
Secretary Morgenthau
Jan.
with
are
announced
be made
to
and
Nov. 29 that
on
taxes
to
are
competition
be paid on a
quarterly basis.
provides also that
have
paid and the amount paid to them are to be combined
authorizing this change
Secretary
information returns listing employees to whom wages
been
in
form
one
further
ment
Prior
terly,
for
information
under
returns
SS-1
calendar
must
be
must
of this
31
for
made
calendar
the
SS-2
Form
Dec.
also
for
made
be
made for
the
six
months'
Monthly tax returns under
the months of the present
year.
of
each
year
Jan.
Form SS-la
in
return
will
be
required
to
make only a single return
of
on
place of the monthly tax return and the quarterly informa¬
required by the regulations.
now
with
together
Returns,
Internal
VIII
employer liable for the payment
each
however,
1938,
1,
Title
unner
Revenue in
tax
1938,- in July for the quarter
must be
payments,
the month
against
the
made to Collectors of
ending June 30,
in
October for the quarter
purpose
the
of the change is simplification of our tax collection system
Social
It
government.
recently in
Security
is
in the
Act
line
in
interest
the
with
both
of the taxpayer and
general policy that I 6tated
collection and make the
"We want to simplify
these words:
taxpayer's record-keeping less
difficult."
change
will,
think,
I
provide
a
form
of
checking and going back to the taxpayer to reconcile
It
will
more
accurate
names
and
collected
in
mean
the
a
great deal to the employee,
and
by
the
future
employers
old-age
report
for
to
the
government
and
who are to
receive
retirement benefits.
approximately
returns
under
Title VIII and some 26,000,000 employees from whom taxes
under the Act are now being collected.
Of the employers
making returns approximately 95% have 20 or less em¬
ployees.
It is for this 95% of small employers, it was ex¬
plained, that the utmost simplification of record-keeping
The
new
1,800,000
regulations,
employers
it is
now
stated, affect
making
tax
the
was
to bring prices
production, and it is this that
this accomplishment decent wage
Through
inevitably will result from continued waste of
generally will be assisted by re-establish¬
business
of the 500,000 or more persons who work
power
a
on
which
basis
will
permit
adjustments
of
This
from past practices in the
is
departure
a
industry, as these freight
have amounted to as much as $1 per ton.
The
adjustment was adopted on the principle that a producing district
situated that it could not reach a market without reducing its f.o.b.
adjustments
times
at
limited
so
mine
prices in
amount in excess of 35c. per ton was reaching too far
an
markets.
its
strongly emphasized that the minimum prices and mar¬
The Commission
keting rules and regulations
announced today are subject to such revision
after further study and consideration.
The law
provides adequate remedy for the correction of any mistakes that may have
occurred.
Pending possible revisions, in order that damage shall not
accrue
to anyone, the Commission provided that contracts and orders may
not
be made for a
period longer than 30 days, except in the case of
as
be
may
necessary
local governments whose laws require longer contracts.
State and
Special provision has been made for
them.
regarding the marketing regulations of the
NBCC is from a Washington account, Nov. 30, appearing
in the New York "Times" of Dec. 1:
The following
regulations, which will govern the sale of all bituminous
also are to become effective Dec. 16.
The marketing
coal
It
13
the
in
made
of
allowances,
orders,
of
will
public within a few days.
definitions, Bales agents,
cooperative organizations, discounts
regulations' 11 sections cover, respectively,
registration
and
districts,
expected that regulations for the remaining Western districts
is
The
use
of
and
coal,
wholesalers,
limitations
farmers'
of
orders,
and quotations, spot
crushing and pulverizing
agreements
coal analyses, terms of payment,
"miscellaneous."
been reduced to the simplest form
wholesalers which, together with farm¬
ers' cooperative organizations, constitute the entire set-up.
Only two sources of remuneration for distributors are permitted—com¬
question
of
distributors
has
possible—that of sales agents and
missions
Any
to
person
must
have
sales
or
agents
group
registered
and
discounts
to wholesalers
and
cooperatives.
desiring to receive any commissions or discounts
with the Commission and proved his or their
fides.
too, because it will insure a
the Social Security Board of the
paid by those from whom payroll taxes are being
timely
the amounts
and
established
were
bona
differences.
cut-throat
below
far
limited to an amount not in excess of 35c. per ton.
The
record-keeping far less
burdensome to employers who are required to pay taxes under the Act
and to transmit taxes collected from their employees.
At the same time,
since the tax return must agree with the information return to be made
for the same period and on the same form, the government's record-keeping
will be made much more simple and efficient by the elimination of cross¬
The
coals
the industry.
be
The
from
years
existing differentials
Secretary Morgenthau, in explanation of the change, said:
the
which
prices
reserves,
Prices
ending Sept. 30, and in January, 1939, for the quarter ending Dec. 31, 1938.
under
high
coal
ing the full purchasing
for the quarter ending March 31,
of April
for
industrial
revitalizing the industry, therefore,
accomplishes.
action
Federal,
year.
After
tion
six
the
1937, requiring
instead of quarterly periods.
Information returns
months' period which ended June 30, and similar
which will end
Form
Depart¬
suffered
for
prices
working standards will be maintained, the consumer will be protected
and
for
were
half-yearly
made
period
The Treasury
returns.
tax
said:
exceptions
in
returns
taxes
the
has
industry
forced
production.
today's
regulations required that these information returns be made quar¬
but
were
with
has
generally in line with the average cost of
According to the announcement a Treasury decision signed
the
coal
which
The first step in
in
by the Commissioner of Internal Revenue and approved by
of
cost
Policing
of the
industry by the Commission
and its agents has been
by a system of registration of all those subject to the Act,
and the requirement that full details of all sales of coal by a producer to
his distributors, and
therefore by distributors to their outlets, shall be
filed with the Commission's local office within a specific time.
simplified
The
regulations include all of that portion of the Act [Section 4, Part 2,
(i) ] which lists 13 general "unfair" methods of competition,
Subsection
under
that,
These
and
or
the Act, constitute violations of the code.
consignment of unordered coal; methods by
include
unfair
rebates
have
been
granted;
obtaining
The
which
which secret
by bribes
information
misrepresentation of coal analyses, and splitting of commissions.
Commission supplements these prohibitions with others, notably one
forbids the payment of any commission or discount allowance on
gifts;
\
<
£ 3584
sold
coal
Financial
locomotive
for
minimum
other
or
prices
forbidding
another
and
purposes,
from
for retailing by that
coal sold to any person
on
discount
Chronicle
unit, either with
If contracts
would
In
statement issued
a
rate of 3
Chair¬
Finance
Corporation, confirmed
the promise of the RFC to provide whatever additional
amount may be necessary for the Commodity Credit Corpo¬
ration to make or purchase 1937 cotton loans.
The state¬
ment was prompted by an increase in the estimate of the
1937 cotton crop.
The RFC has already made available
$150,000,000 to the OCC for the purpose of making loans to
producers of the 1937 cotton crop or purchasing the loans
banks
from
the
to
1681.
that
At
i
time
Agricultural
than
more
the
loan,
and
in
my
more
latest
the crop
than
was
amount
release
by
(of
CCC
Sept.
page
I
9)
enable
to
it
to
make
that
stated
of
Agricultural
if
it
Economics
increase of
an
needed,
may
and
be
this
is
confirm
to
was
period of several
cover a
made to another provision, which would
hoped they
years.
remove a
stipula¬
that
is
2,650,000 bales
that
the
RFC
a
The action of the Senate and House Agriculture Commit¬
tees in
our
reporting the respective measures was referred to in
issue of Nov. 27, page 3427.
As to the status of the bills
we take the
following from a Washington
Dec. 2
on
of that
dispatch,
date, appearing in the New York "Journal of Com¬
merce" of Dec. 3:
Minority Leader Charles L. McNary, of Oregon, ranking Republican
member of the Senate Agriculture Committee, led the movement to
Pope-McGill
measure with a
warning that revision of the bill
recom¬
on
the
floor would prove too complicated and predicted that unless it is amended
to conform to suggestions of Secretary Wallace it would meet
with a
veto
at the hands of the President.
He based this latter argument on two reasons:
the
should
cents
Wallace said it would require $270,000,000 to pay the
subsidy to all farmers,
1. Operation of the program will require more than the
$500,000,000 set
by the President as the maximum for farm expenditures unless new revenues
obtained.
are
2. Expression of President Roosevelt in a speech at
Topeka,
which he condemned coercion in the farm legislation.
It therefore appears that substantially more
whatever amount
to
regardless of compliance.
mit the
needed the RFC would provide it.1
was
Bureau
the
be
will
the
to
18,243,000 bales,
authorized.
$150,000,000
will provide
11,
was estimated by the Bureau of
bales, and it was thought that not
required for the loan.
Accordingly,
be
would
will approximate
since the loan
Sept.
Jones said:
crop
than $150,000,000
estimate
of
else with offers
or
pound to cotton farmers who complied with next year's
cotton-adjustment program.
Opposing removal of the restriction, Mr.
reference
15,593,000
that
press
Previous
of Nov. 20 Mr.
September) the
$150,000,000
develop that
The
(in
Economics at
agencies.
in these columns
statement
authorized
RFC
lending
appeared
his
In
other
or
loans
covering all commodities
be used, and Mr. Wallace made it clear he
tion in the last session's appropriation of $130,000,000 for
payments at the
1937 Crop
Nov. 20, Jesse II. Jones,
on
the Reconstruction
of
man
were to
be, he suggested that they
Objection
Chairman Jones of RFC Pledges Additional Funds for
on
a contract
1937
4,
farmers without contracts," he said.
person.
CCC Cotton Loans
Dec.
Proponements of the bill
were
Kan., by
quick to respond and bitterly criticized the
attitude taken by the Secretary that the bill is "too restrictive."
.
.
.
to complete the loan.
necessary
House Leaders Beaten
•;
v
Secretary of Agriculture Wallace Voices Opposition to
Senate Farm Bill—In Letter to Measure's Sponsors
Urges Important Changes—Move Made to Recom¬
mit Bill to Committee—House Measure Amended
The
by Secretary of Agriculture Henry A.
was opposed to the Senate farm
its present form and desired several important amend¬
be made to it, prompted a movement in the Senate
bill in
ments
on
hours of bitter debate, approval was given by a vote of 114 to
95 to the
Boileau amendment prohibiting co-operative farmers from
acreages to pasture for
recommitted to committee.
measure
more
favorable of the
two
measures,
greater amount of
a
time
having been given to it in Committee.
Secretary Wallace explained his stand on the Senate
measure in a letter to Senators James P.
Pope of Idaho, and
George McGill of Kansas, sponsors of the measure.
The
Secretary's letter was summarized as follows in Washington
advices, Dec. 1, to the New York "Times" of Dec. 2:
Secretary Wallace pointed out that benefit payment schedules proposed
In the bill would vary from year to year and, he asserted, would
range from
$100,000,000 to $500,000,000 or more in excess of the $500,000,000 a year
Marketing quota provisions of the Senate
were
and
intend
take
to
Under the rules of the House roll call votes
mend made to the bill and such
at the proper
In
the
a
chance to reverse the vote
advantage
can
of this
be demanded
opportunity.
on
any amend-
vote will be demanded on the amendment
time.
bitter
debate
that
developed around the Boileau amendment,
Chairman Jones of the House Agricultural Committee,
argued that the bill
would not encourage increased production, of
dairy products
because
perience under Agricultural Adjustment Administration has been that
tailment programs actually reduce cow herds
benefited
and the
ex¬
cur¬
industry had been
by tariffs and Government purchase of surpluses.
Proponements, however, attacked the bill
tional"
"unfair, dishonest, and
as
sec¬
without
the Boileau amendment and predicted ruination of the
industry in the North, Central and Northeastern [states unless the amend¬
ment
was
adopted.
Southwestern
of the bill when
Calif.;
areas
Congressmen lost
an
rejected.
was
a
fight to revise the
cotton
provisions
amendment offered by Representative Gearhart
(Rep.,
He proposed smaller reductions for irrigated cotton
than the acreage allotment formula would
require.
—4
Representative Elliott (Dem., Okia.) failed in
so
that
no
an effort to amend the bill
State's cotton acreage allotment could be less than
75% of the
previous year's.
measure,
Mr. Wallace said,
Senator
"more restrictive than necessary" and would mean the application of
compulsory crop control in most years.
The bill
as
written would result in
Senate
a
was
"vital to the whole farm program."
Secretary Wallace took the position in his letter to Senators Pope and
McGill that the
reserve
supply levels they had prescribed
probable current requirements for wheat and
were too close to
build up and maintain
reserves
the original Pope-McGill bill,
those
of
corn
and wheat at the levels proposed in
but rather to prevent them from reaching
levels," said Mr. Wallace.
Later in the day he explained that in his opinion
924,000,000 bushels
of wheat
about
and
reserve
supplies of
2,600,000,000 bushels
of
corn
should be built up before compulsory marketing
quotas were invoked.
The
corresponding figure for cotton would be about 20,005,000 bales
"One consequence of the Committee bill's reduction in the ever-normal
granary reserve supplies is to make the bill more restrictive than
Mr. Wallace wrote to the Senators.
marketing quotas.
corn
If these quotas
at about average
necessary,"
"This would result in frequent use of
are intended to hold
levels and cotton supplies at
supplies of wheat
even
less, the quota
system apparently would have to be employed in most years.
"But in the long run, the farm program is most
use
likely to work if the
of extreme
employed
measures
is confined to emergencies and if the methods
ordinarily
It has always been my thought that marketing
are moderate.
quotas should not be used unless and until the every-normal
granary was
running over, and then only if approved by two-thirds vote in a referendum.
"In my opinion, greater protection could be afforded
by the bill to both
cotton and wheat growers
by changes to safeguard the export possibilities
for these two commodities.
In the
case
of cotton,
marketing quotas would
be used under the
bill as now drawn to restrict the annual
supply to a quan¬
tity which would hold the American price out of line with the world
price
level.
price differential would have the effect of reducing export outlets
The cotton farmers might for the time being
gain in
price this way, but the temporary gains from price would be more than
a
offset by losses in volume."
Also
Objects to Contract Form
Another objection raised by Mr.
Wallace to the Senate
measure
as
it
that for wheat and
corn it contemplated contracts with
farmers
under which they would reduce acreage of such crops by
specified amounts.
For other commodities no contracts are provided in the
was
measure, and co¬
operating producers would be offered bounties
on
proof of compliance,
as
under the present Soil Conservation Law.
"In the interests of workability, it would seem
program,
important that the entire
including the conservation program, should treat the farm
as
a
Committee
Levies
of
Modification
Capital
Have
Gains
Chairman,
Retarded
of
Taxes—
in Radio
Industrial
was assured on Nov. 29
by Senator Pat Harri¬
Democrat, of Mississippi, Chairman of the Senate
Finance Committee, that substantial modifications will be
made by Congress in the undistributed profits tax and the
son,
on
capital gains.
nation-wide
radio
The Senator made this pledge in
address
broadcast
from
a
Washington.
While stressing that "the country
may
will be no deviation of plans and no
be assured that there
let-up of purpose" to
accomplish the modification of the two levies, Senator
Harrison warned, however, that Congress should not be
expected to complete the task over-night, and that the
country should not expect the changes to be retroactive to
1937 income.
He said that inasmuch as
many corporations
already distributed their profits of the current year
through dividends, and as most of the other corporations
must declare out their dividends
by mid-December if they
have
to be sure to obtain the benefit of a dividend credit in
the computation of their 1937
taxes, "it would be hardly
fair to penalize corporations that have
are
already made their
distributions in the light of existing law and favor others
might happen to be able to take advantage of a retro¬
active measure.
Such modification must, in
my opinion,"
who
he
said, "date from the first day of the next calendar
and
the future and not the past."
Senator Harrison in his address conceded
erred in enacting the undistributed profits
year
cover
taxes, although he
"Such
for American cotton.
stands
Holds
and
The Nation
tax
corn.
"In its present form the machinery of the bill would be intended not to
Nation
Profits
Progress
Although conceding the Senate's lack of jurisdiction, Secretary Wallace
<»s
Assures
Finance
Address,
Thus, he said, exports would be reduced.
suggested processing taxes for wheat and cotton, and possibly rice,
dependable system of financing benefit payments.
This, he declared,
Harrison
Undistributed
rise in the domestic price of the principal export crops, wheat and cotton,
above the world level.
and
emendment
one more
expended for soil conservation.
now
a
the
on
Action
on the House farm measure the
past week, however,
progressed a little better, and the House on Dec. 2 adopted
several amendments, even though only a small
portion of the
80-odd page document had been read.
The House measure,
sponsored by Representative Marvin Jones, of Texas, Chair¬
man of the House
Agriculture Committee, is regarded as the
dairying purposes.
Opponents of the amendment have
Dec. 1 that he
Dec. 2 to have the
on
the Jones bill at the hands
on
bi-partisan bloc intent upon safeguarding the dairy industry against
backfiring of the progrgm on the dairy industry.
Following several
a
diverting their
declaration
Wallace
House leaders suffered their first defeat
of
any
enactment.
was
one
He said that not
these taxes have
an
that Congress
and capital gains
of those who supported their
only does he now believe "that
adverse effect
as
far
as
revenue
is
con¬
cerned, but I believe they have retarded industrial progress
and contributed to the
unemployment situation."
The Senator predicted that modification of the undis¬
tributed profits and ! capital gains taxes "will
encourage
business, increase Government receipts, and offer greater
hope to the unemployed." He referred to the tentative plans
agreed upon by the sub-committee of the House Ways and
Means Committee for alteration of the taxes, and
expressed
the hope that further changes will be made. Senator Harri¬
son said that there are also other
changes needed in our tax
Volume
structure, "but in my opinion
and important."
these two
are
Every time
the most pressing
Taxes
are
From
exist.
And
Without taxes govern¬
standpoint, taxes
Government's
Federal
the
ability
to pay, such as income, estate and gift taxes; second, those based upon
the principle of benefits received from the Government, such as social
security taxes; and third, luxury taxes, such as those on liquor and tobacco.
be placed in three principal categories: First, those based on
may
ing
and I
The remain¬
about 10%, and the third about 25%.
The amount of revenue recieved by the
Government is dependent largely
The amount received from this source
depends upon two things: the rate, and the base upon which that rate
applies.
For instance, on income taxes, if the net income decreases sub¬
stantially, even very excessive rates avail nothing in bringing in additional
revenue.
•
'
The same applies to estate taxes.
If the value of stocks, bonds and other
upon
the principle of ability to pay.
property declines 50% in
value,
no more revenue is
secured even by a very
excessive rate.
be fixed at such an excessive point as to
In other words, tax rates may
diminish the revenue of the Government instead
At the present time
taxes which have
reached
point of diminishing rather than increasing the
a
The taxes to which I refer are the
revenues.
of increasing it.
undistributed profits tax and
Not only do I believe that these taxes have an
the tax on capital gains.
is concerned, but I believe they have re¬
adverse effect so far as revenue
and contributed to the unemployment situation.
tarded industrial progress
the Federal Government has expended large sums to
In recent years
These enormous expenditures, to meet the emergency
employment.
aid
of a
made it neces¬
sary not only to retain existing taxes but to increase and add new taxes.
While the policies adopted by the Government for relief to the unem¬
ployed have ameliorated human suffering and brought relief to millions,
the problem is still with us, and if the unemployment problem is to be solved,
and solved soundly and permanently, it must be through the whole-hearted
depressed economic situation throughout the country, have
I believe, therefore, that an
up as
If such
a
its
pay
punitive taxes.
imposed upon an industry as to make it impossible for it
tax is
debts or to expand its business, serious consequences
facilities, but it will also bring about substantial
construction of added plant
and continuous employment
in the operation of such added plant facilities.
industries, to that extent persons are
governmental expenditures to aid
people are employed in new
new
result.
only bring about increased employment in the
Business expansion will not
As
We cannot give this
of employment.
much as possible of the slack
incentive by excessive or
to
incentive should be given to business to take
taken from the relief rolls and necessary
unemployment thereby
And, as private industry prospers, more
Government and less money goes out in relief.
lessened.
in to the
revenue comes
If private enterprise can
thus take over, to a considerable extent, the
will soon arrive when the revenues of
problem of unemployment, the time
the
Government will equal
its expenditures.
business is to be obtained to the fullest
If the cooperation of private
degree, then the Government must give encouragement to
New industry cannot be.
operated without adequate and
regulation
private business.
created and old industries cannot continue to be
sufficient capital. Too rigid or unreasonable
or punitive taxes discourage,
of business or too burdensome
shackle and often destroy business.
Every good citizen will appreciate
of
a
social or punitive nature, I have no doubt that the
country today is suffering
course
many
of our tax laws.
unconscionable methods have been created by the tax¬
to avoid or evade taxes, and
payer
increased
or
from fear and uncertainty, occasioned, may I
extent by certain provisions
say, to some
Of
the
number
it would seem that as taxes are broadened
methods and tricks employed
of devices and
However, I have no doubt that the vast major¬
proportionately.
increases
that adequate taxes must be provided
Only in exceptional cases
of government.
for the efficient administration
should the purpose be
fair to the Government and do not resort to such
ity of our taxpayers are
practices.
As it is the duty
of the taxpayer to deal fairly with his government, it
public servant to be fair toward the taxpayer.
is likewise the duty of a
those who formulate a government
have made a mistake which works
ment or administration,
taxpayer or
laudable may be the purposes of certain policies and how¬
theoretically, sometimes, as a practical
attractive they may appear
matter, the injurious
When in
effects are greater than the benefits sought.
1936 the Congress enacted the
tax, I was one
should
corrected.
be acknowledged and
ever
injustices to the
injuriously affects government receipts, then the mistake
However high and
* If
policy, either through legislative enact¬
so-called undistributed profits
of those who believed that the effect would be to put a stop
who accumulated their earn¬
of surtaxes by their stockholders, and
penalized their small stockholders by retaining from them dividends
to the unfair
practice of certain corporations
ings in order to prevent the payment
who also
which should have been farily
distributed to them.
I did not then believe, nor do
I recognize,
who has studied the question must recognize, that it is sound
be allowed to build up
as
every one
or
expansion.
upon
unreasonable and unnecessary reserves.
to retain from
business
current
I now believe, that large corporations should
current
profits sufficient reserves either to meet
future obligations or for improvements
business
enacted, it was based
or necessary
And so, when the law was suggested and
that high purpose.
been shown conclusively, that,
of a few corporations, it has
others.
In other words, for each
Experience has shown, and to me it has
while the law corrected some improper practices
worked tremendous hardships upon many
by this tax, there are probably
been unjustly penalized because, for legal or moral
corporation which has been justly penalized
a
hundred which have
in dividends. The result
the economic life of the country, and to many of our
they could not distribute their earnings
reasons,
has added confusion to
fine American citizens it has been most
It is a harsh and unwise policy
ration that may
women
be giving employment to hundreds
to declare its earnings
when it needs such earnings to
If the corporation has
well and
in the form of
of thousands of men and
dividends to its stockholders
of those people.
to meet these necessities, then
perpetuate the employment
sufficient reserves
and there are
profits made to carry a punitive tax
good; but when the corporation is without reserves,
thousands of them, and we require the
when
disheartening and discouraging.
for the Government to compel a corpo¬
used to
pay
its legitimate
obligations or
to
improve or enlarge
reserves
and must be corrected.
present system is continued, large corporations with tremendous
can continue, but less favored and weaker corporations without the
reserves
may
its plant, then the policy is wrong
If the
be forced out of business.
respecting employment that we are
In such cases the very
trying to relieve will be
situation
aggravatedt
for debt retirement and for
Means Committee of the House of
The Sub-committee of the Ways and
Representatives has already announced a tentative plan
which will sub¬
present undistributed profits tax.
the severity of the
stantially modify
which in all probability will be reported by the
the full membership of the Ways and Means Committee
The plan considered, and
Sub-committee to
of the House, exempts all corporations
This means in numbers that
88% of all corporations, under such a plan,
undistributed profits tax.
be exempt from the
would
'
with net incomes of less than $25,000
profits tax.
from the undistributed
On the remaining
number, it is proposed that if they retain
maximum total tax rate of 20% will be imposed.
If a
corporations, or 12% of the whole
all their earnings, a
50% of its net income in dividends, only an effective
If the corporation, on the other hand,
corporation pays out
18% will be imposed.
tax rate of
be reduced through a credit to a maximum
of earnings is retained.
amount
income of
law, is much higher when any substantial
For example, a corporation with a net
$1,000,000 which retains 50% of its net income pays an effective
of about 23% and if it retains all of its earnings it pays a rate
tax rate
about
of 16%.
that the rate on this group of the
In this connection it must be recalled
larger corporations, under existing
of
32%.
I am sure that
if we went no farther than the Sub-committee's
even
those percentages are retained, all corporations, both
tentative draft, and
in the larger and smaller classes,
tion with the
will find great relief.
of Congress were holding hearings in connec¬
When the tax committees
of
effective total rate of tax will
out all of its net income in dividends, its
undistributed profits tax in 1936, many of the representatives
and
corporations
associations recommended a very substantial
trade
normal corporate rate as a more preferable means of raising
increase in the
One representative of a
suggested a 22 M% flat rate.
provision of the present tax law that should and must
than through an undistributed profits tax.
money
cooperation of private business.
permit a corporation, if it desires, to pay from its
without penalty, amounts
earnings,
business expansion.
pays
I believe we have at least two so-called ability-to-pay
.
It is my hope and belief that in any event the law
will be modified so as to
annual
v
of the great majority of
Congress, that this undistributed profits tax must be sub¬
quite sure that I speak the sentiments
the members of
from miscellaneous taxes.
comes
adds to the
Chairman of the Senate Finance Committee,
I say to you, as
so
am
stantially modified.
Government receives about 50% of its revenue;
From the first group the
from the second group
appropriations to aid the unemployed.
ergency
function of government.
necessary
a
cannot
going concern is forced to suspend operations it
a
unemployed roll and threatens to compel the Government to increase em¬
Senator Harrison's address follows in full:
ment
3585
Chronicle
Financial
145
great business association
There is another
been
has
in discouraging trade in stocks,
influential
more
property holdings than our high surtax
that those In the higher income brackets or
It is apparent
high
they must share with the State
because they do not
feel they can afford such an impairment of capital
would come about by the payment
as
It did not then
of the capital gains tax.
and does not now appear to me to be logical that an in¬
dividual can trade an apartment house
he
one
horse for another horse without
but when the same
tax;
for another apartment house; that
bank to another bank, and can
shift his moneys on deposit from one
can
trade
and Federal Government a tax
So they choose to retain their holdings indefinitely,
90%.
as
money
middle income
their holdings when they know that in some
brackets will not part with
instances
as
structure and very stringent tax
,'
capital gains.
on
In my opinion no factor
securities or
I refer to the capital gains tax.
be changed.
the payment of a capital gains
individual trades a horse for a buggy or takes his
and trades that bond for a bond
and buys a United States Steel bond
in some other company,
he must pay the tax.
change
No person can be
criticized for refusing to sell a security, stock or peice of property when he
knows that if a large profit has been realized the Government will give the
individual one slice of the profit pie and retain nine slices for itself.
Our tax policy with respect to capital gains, without question, has slowed
up trade.
Such a policy has filled safety deposit boxes with property in
securities and stocks and cash, freezing credits and preventing the flow of
In other words, in some
of his investment,
and in
instances a man pays a heavy tax on mere
other instances he does not.
If securities or property are permitted to be
will be more trade and in my opinion a freer flow
capital into new enterprises.
turned over rapidly there
of ready money
into new industry.
immediate and rational modifica¬
profits provisions—that
the inequities occasioned by the latter may be eliminated and the barriers
erected by the former against the free flow of credit and capital may be
No part
of our tax structure needs more
tion than the
capital gains and the undistributed
removed.
These two changes
and offer greater
More
will encourage business, increase Government
receipts,
hope to the unemployed.
specifically speaking, I would say that
be taken out of the ordinary
the capital gains tax should
law
income and surtax sections of the present
classification to itself; and the tax on capital gains should be
reasonable figures as not to prevent or hamper ordinary business
and placed in a
at such
I have no doubt that this will
transactions.
The subcommittee
agreed to a tentative plan in the
that the rate will
over
one
I
will be 16%.
hope, if possible, keeping in
Treasury, to see that rate
mind, as we must, the condition of the
made lower, and greater relief given as to
Other changes are
two are the most
needed in our tax structure, but in my
in the House of
opinion these
pressing and important.
working out these tax plans, and in
bear in mind that under the
action upon
time
for holding property.
requirements
In
modification of the capital gains tax,- so
the property has been held
held over five years, the
be graduated downward after
After the property has been
year.
maximum rate
be done.
Committee has already
of the House Ways and Means
the enactment of the law, please
Constitution revenue legislation must originate
take any
have first been acted on in the
Representatives, and the Senate is powerless to
these tax measures until they
House.
There has been a fine degree
the members
of cooperation upon the part of the Treasury,
of the House and the
research and extreme care must be
of the Ways and Means Committee
membership of the Senate, but study,
employed in the constructive work in tax legislation.
Since Nov. 4 a subcommittee of the Ways and Means Committee
has been
speedy but careful consideration of this problem.
working toward one goal, and we are trying to do the job just as
meeting twice daily in the
We are all
expeditiously as the magnitude of the task will permit.
There is no doubt that the Congress is alive to the need
attention to this important matter,
be swept
off our feet and complete this task
In conclusion,
for prompt
but the country must not expect us to
overnight.
should not be encouraged
permit me to say that the people
those modifications.
The year 1937 has
almost passed into history.
Many of the corporations have already dis¬
tributed in dividends the profits of the current year.
As a practical matter,
most of the others must declare out their dividends by Dec. 15 if they are to
to
expect a retroactive feature to
be sure to obtain the
1937 taxes.
benefit of a dividend credit in the
computation of their
3586
Financial
Chronicle
It would be hardly fair to
penalize corporations that have already made
their distributions in the
light of existing law and favor others who might
happen to be able to take advantage of a retroactive measure.
Such modifi¬
cations, must, in my opinion, date from the first day of the next
calendar
The country may be assured that there will be
let-up of
purpose to
accomplish the ends
by Attorney General Cummings was ex¬
Charles Wesley Dunn, general counsel to the
Grocery Manufacturers of America, Inc., in
speaking before the Nov. 30 session of the convention.
From
pressed
the
deviation of plans and
no
seeking, and I pledge you
can do, either as Chairman of the
Finance Committee or as a
member of the Senate, to effectuate these modifications in
the undistributed
we are
as
expeditiously
by
Dunn,
should he
adopted
The
as
all
indicated
paper
Mr.
that what I
profits tax and the capital gains tax, I will do, and that
orderly and rational consideration will permit.
however,
resolution
a
of
resolution
dispatch
to
New
the
I
The
which
chance
a
to
create
stable
a
prosperity
people.
for
by epithets—which have
heretofore
united
Secondly,
he
aroused
class
hatreds
situation
heretofore unknown
in
toward
moves
duplication
and
and
relief
match
Third,
the
waste
eliminated
are
expenditures
with
and
the
those of
States
the
responsibility
Government.
or
repeals the undistributed profits tax and
he asserted, it will make a far more
tangible con¬
business confidence than can
possibly be made by all
if Congress
tribution
the
to
a
new
platitudes which
The
Senator's
amended
to
the most
fourth
make
eloquent
point
lips
that
was
"needless
unnecessary
000,000 reserve."
utter.
can
the
Social
burden
Security Act
of
could
Food
'•
be
$47,000,.-v/'"
-v
Fifth, he called for changes in the Wagner Labor Act to
make relations
between labor and industry more
equitable.
The right to strike must be
protected, he said, but the government also must
uphold the right of
men
to
work.
Abandonment
with
the
goods
less
child
moving
of
the
labor
in
Wages
and
amendment
interstate
and
Would
other
three
itself
his
was
legislation
created
commerce
advantageous than the State
The
Hours bill
to
sixth
protect
under
point;
this,
conditions
to
change
increase
power
the
the
cost
of
cost
reasonable
a
overnight
materials,
regard to difference in
Eighth,
value
money
of
and
well
as
by
as
inflationary
manipulate
production" at home and
farm
bill
he
must
enacted
controls which reduce
every farmer "to the status of
Ninth,
people's
foreign policy is needed
a
and
wars
commit
us
which
"shall
a
powers
tariffs
can
"without
abroad.
without
regimented peasant."
not
involve
other
in
us
to
neutrality despite the President's refusal
thus far to follow the mandate of
the last Congress."
Tenth, the abandonment of all anti-constitutional
activities which shat¬
ter
democratic
are
bad
are
faith.
"Candid
Communists
worse."
enough,"
honest
these
Senator Vandenberg said,
or
Fascists
in
a
democracy
"but wolves in sheep's
clothing
Act
Revision
of
Anti-Trust
Cummings Cites Failure
tive—Growth
of
Monopolies He
Lead
and
Indicates
to
May
Government Supervision—Other Views
Resolutions
at
Convention
of
Associated
Grocery Manufacturers
In
Laws, Attorney
Major Objec¬
of
of
life."
Attorney General Cummings's address
on
Nov. 29 at
in
New
was
delivered
luncheon held at the Waldorf-Astoria
Hotel
a
York,
incident
to
the
annual
convention
Associated
of
the
Grocery Manufacturers of America, Ino.
Mr.
Cummings, whose speech followed a conference on Nov. 28
between
President
charge of
the
Anti-Trust
Justice, to which
to
state
at
represented
sonal
Dec.
the
"my
we
own
it
was
of
and
his
remarks
viewpoint
thht
of
H.
Jackson,
in
the
Department of
in another item, took occasion
In the New
stated
Robert
Division
refer
outset
experience."
1
Roosevelt
and
York
that
grow
his
out
"Herald
disagreement with
comments
of my per¬
Tribune" of
many
of the
Dunn
6aid.
Mr.
of
trade" and
of
"monopoly,"
revision
administrative
an
of
the
prosecution
order;
or
and
to
secure
equal
by
revenue
more
legislation
for
compulsory
trade-mark
|
bill
as
amendment
bill
and
if
substitute
a
for
the
revision
of
latter
the
definition
were
the
Copeland Pure
of
false
passed.
Labor
checked
Reliable
growth
laws,
of
monopoly,
estimated
totally
to
that,
56.
.
information
of wealth
in
small
in
and
business
democracy
1929,
man
200
such
judgment,
that
and
have been
non-financial
has
factor
a
must
we
world.
And,
not be
let
that
except their
this
has
These
that
ate
men
welter
If
or
that
unless
destroy most
the
of
life.
common
our
.
subject.
.
In
.
my
legitimate considerations
vision.
Indeed,
one
essential
ment—and
that
monopolies
or
problem has
deal
to
It
with
in
wide
a
holding
licensing,
or
price
the
whole
should
railroads
the
run
the
deeply
field
direct
set up an
other
and
utility
were
man
tolerate
you
result
resented.
means
are,
of
The
of
inde¬
American
monopoly or its evil fruits.
Every
and, indeed, those who maintain
full well,
nothing
the
road
those
are
o!
is
business
at
likely
fact
with
that
economic
of
for
groups
dominance
regulatory
reference to so-called
with
unless
national
it
that
accumu¬
government super¬
that
position
a
candidates
dealing
us
the
than
ultimate
to
persuaded
are
especially true
of
long with
so
leading
arrived
are
obvious
more
is moving blindly but with
who
have
activity
lines
is
that term,
use
another
or
this
been
incorporation
cover
mergers,
have found it necessary to
we
average
things,
down
line
as
to monopoly are opposed to
every monopoly
Complaints under the anti-trust laws usually originate
and are directed against other business men.
there
way
necessity
subjects
taxation.
occurred
this
of
.
developments
the
may
acceleration
in
add
me
life.
ways
our
tantamount
of
big business, if I
lating
and
.
permanently
own.
business
In
progressive
a
American
amend
to
any
must
such
Federal
.
Commission
What
practices
not
touch
patents
business group understands
conditions
that
matter
forgotten that
aware.
will
should
control,
bids,
Commerce
well
the
national life.
transportation.
with
approach
contended
of
which
financial
our
must
fensible
be
consideration
identical
course,
not
may
inquiry
Interstate
of
been
in
ignored.
of
of
1933 the
large numbers of industrial
there
as
slap-dash
a
corpora¬
In
should not only be serious study but extensive hearings,
interested element of our national* life may be represented,
it
Adequate
It
deprecate
not
there
every
that
so
range
I
have
economic control
corporations.
that
then
face of the
and
monopoly, monopoly will find ways to
and, in the end, lower the standards of our
Naturally,
they
.
that
to,
comes
the
.
discloses
disappeared
the
but
destroy
so
an
..'■•v,...
is
increased
judgment
reforms
they represent
■.
49.2% of the assets of all
of
what
confess
the
undue concentration
statistical
have
anti-trust
our
an
It
had
elimination
of
'....
toward
controlled
is
said
it.
percentage
this
be
democratic processes.
With the objectives of
that few responsible persons have
any serious quarrel.
our anti-trust laws have failed of their
major objective.
is unmistakable.
units
Attorney General Cummings said:
preserve
assume
The trend
in
treat¬
natural
The
resources.
is frankly
considered and
firmly grasped, it will get quite beyond control and lead to remedies of a
character that few really desire.
A
adapted," he said, "to our modern problems more
realisti¬
cally and intelligently, and they need behind them
the drive
of adequately financed
enforcement machinery."
He went
on
to say:
"Do not for a moment
imagine that this is
solely the government's business.
It is the problem of all
of our people, and that
includes every element of American
"restraint
directed
State
National
may
to
have
may
prevented
America, Inc.
address delivered this week under
the title of "The
Unsolved Problem of
Monopoly," United States Attorney
General Homer S.
Cummings declared that "the anti-trust
laws need clarification and
restatement.
"They need to be
an
revision,
business court
structure
Wheeler
the
else
manifestly,
They
any
General
the
attempt
that
Advocating
for
sanctioning declaration or valida¬
business which is beneficial to
by
violation
expert
an
Wheeler
address
laws, I
people
compulsory
the
in
In his
leaders,
made by Senator
Vandenberg were:
of the emergency Acts.
Business, Senator Van¬
denberg said, cannot be expected to go ahead when the President
has
A
terms
of
case
proposed
to
Whatever
gamut
many
business"
action
Relations Act to define and prohibit
practices by labor organizations.
Approval of the early passage of the Copeland bill
amending the Federal
Pure Food and Drug Act.
suggestions
Seventh, reoeal of
a
tax
Drug
and
companies,
prescribed.
Repeal Emergency Acts
of
unfair
States against
working
to
of
Amendment of
we
ultimate
an
'
"case
a
cooperative
Federal
advertasing
amends
capital gains tax,
law6
levies.
Opposition
tions
assume
Federal
of
sound
registration..
our
balancing the budget, which can be done not at the
expense of human
suffering but through sharp curtailment of needless
spending.
Even relief
agencies, Senator Vandenberg said, can receive hundreds of
millions if
to
methods
and
(subject only to Supreme
apply judicially the anti-trust laws.
to
Condemnation
130,000,000
for .prompt
calls
was
definition of the
a
review)
of the
Yet,
the
on,
unfair
effective
administrative interpretation of those
terms;
clauses of the anti-trust laws limiting criminal
equitable
country.'
went
unqualified opposition
trade and
of
by the Association included the following:
Repeal of the undistributed profits and capital gains taxes and modifica¬
tion
Senator
fear
of
approval
Other resolutions adopted
; From the "Times" dispatch we also
was
public";
Court
give
quote:
Vandenberg declared, first, that the chief trouble with business
induced by a long series of
governmental attacks by statutes and
Association's
authorized
York
shall
unqualified
possibly the creation of
prepared to go forward with any
party, old, new or fused, which
promises liberalism with sanity, social-mindedness
without socialism, and
a
restoration of those equitable
economic fundamentals
business
the
undue restraints
following changes:
triple damage suit
am
honest
there
"reasonable
penalty
advices reported
same
of
the
or
"Times"), should not be permitted to run the
government,
but should have reasonable latitude "to run
itself free from
ambitious collectivism which creates more
problems than
it solves."
It should be
regulated for the sake of the com¬
mon
welfare, but the government should not "kill that
which it attempts to
regulate."
the Senator as saying:
.
Mr.
effect.
affirmed
its
advocated the
tion
(we
Washington
and
However,
Modifications of Administration
policies to end the pres¬
recession were proposed in a
10-point program offered
by Senator Arthur H. Vandenburg in a radio address
broad¬
cast from Washington on Nov. 22.
Business, he said
a
that
to
also
monopolistic practices,
He
ent
from
quote:
prohibiting them.
Administration's Policies Suggested
by
Senator
Vandenberg—Chief
Trouble
with
Business, He Finds, Is Fear Induced by Govern¬
mental Attacks by Statutes
quote
we
approved
Cummings's proposal that revision
only after due investigation, and the Association
yesterday
made
competition,
Modifications
1937
4.
Associated
year and cover the future and not the past.
no
Dec.
used
arguments
portion of Mr. Cummings's remarks is taken
from the account
nal
of Commerce":
The
complexities
of
modern
undoubtedly had their effect
and
their
tangled
down
and
Congress,
of
after
we
almost
the
law
and
of
the
Following
of
which
Clayton
20
in
The
the
enactments
Walsh-Healey
Act
and
the
like
Guffey
coal
essential way6, with resultants
meantime, various
tended
scope
of
to curb
its
Act
of
years
due,
was
and
the
were
from
in the
a quarry
The
forest.
have
with
experience
passed
bill,
have
have
events
time
have
courts
time
to
self-contradictory nature.
even
Tydings
the
if it
impenetrable
inadequacy of the anti-trust laws.
many
of
laid
Is is a
Sherman
the
and
set
experience
Act
and its
the
up
Federal
with this
form
of
to the period of the National Recovery Administration,
came
establishment
pressure
confounded."
24 years
interpretation,
Commission.
procedure,
an
worse
the
be searched out, as
must
modifying and
a
"confusion
judicial
Trade
law
and
the anti-trust
upon
reinterpreted
doctrines of
of
case
The
underbrush
interpreted
existence
laws, their interpretation,
Only the simple expect to find the law in the
administration.
statute book.
the
follows
as
by A. E. Mockler, in the New York "Jour¬
decisions
the power of
useful
have
we
part
at
least,
Robinson-Patman
Wagner
bill,
Labor
affect
the
to
the Miller-
Act,
Relations
business
relative
have not yet fully appraised.
been
rendered
by
our
the
law,
methods
courts
the Federal Trade Commission
and
in
In
which
limit
activity.
Despite the difficulties and uncertainties to which I have alluded, there
still
under
remains
an
extensive area within which anti-trust proceedings,
existing laws and procedure, may be highly fruitful.
even
■
Volume
Financial
145
Private Industry to Promote Business Confidence
and Maintain Wages and Employment
apparently a
"temporary check in our progress toward larger production
volumes and higher standards of living while business waits
for accumulated supplies to be bought off," the American
Federation of Labor, in its monthly survey of business,
issued at Washington on Nov. 26, pointed out that "serious
danger lies in the possibility that workers' buying power
may be reduced while industrial production is checked dur¬
ing the waiting period," and suggested the following as
Describing tbe present business recession as
Maintain
In
it
avoid wage
to
at
employment
and
wages
determination
firm
the
highest
possible
and profitable operations made
possible, raise wages.
Stimulate
and
purchase of
in heavy industries by taking
justifiable plans for plant expansion
employment
and
production
prevent postpohement of
to
measures
equipment and to encourage building
new
of all types.
Special
measures
begins
payment
in
States
22
in
workers'
prompt
for
secured.
be
cannot
credit
Prepare
January
of unemployment compensation, which
and will be an important addition to
buying power.
to promote business confidence.
Take
employees; (a) employers by
recognizing
unions and negotiations with them;
(b) union members,
wherever a satisfactory collective bargaining relationship exists, by cooper¬
ating to cut costs by improving efficiency.
relations between employers and
expressed the opinion that investors' in¬
farmers' income, combined, would show' little
Federation
The
and
come
diminution, since while
profits of business men may decline
farmers' income would
Special advices from Washington to
temporarily, the year's increase in
help to compensate.
the New York "Times,"
As
the
result
a
that the
concluded
study
volume of wage and Balary
other factor in maintaining
for consumers'
market
have tended to limit very high profits
which previously tempted business enterprise, in order to distribute indus¬
trial income more equitably," the survey pointed to the utilities as among
the industries where prospects for profit were not bright enough to tempt
money into productive investment.
"To increase
workers' buying power, both by higher wages and by
Stating that "New Deal measures
the survey added, "is to build for sound indus¬
trial growth and higher living standards; but when opportunity to make
profits is limited, private enterprise hesitates to push forward with full
vigor.
This policy on the whole makes for slower and more lasting growth
and tends to check speculative advances."
The Federation stated that it considered the current high level of buy¬
prices of necessities,"
lower
favorable for early resumption of business recovery.
"Enough effective demand exists," it concluded, "to lift production
ing power as most
the
future
near
in
to checkmate
folly
in
both producer and consumer industries.
It would be
the forces of recovery by fear and deliberate curtail¬
ment."
President Roosevelt's Housing Recom¬
J. McDonough of Federation's
Building Trades Department Opposed to Lowering
of Wages to Promote Building—President Green
Also Views with Disfavor Building Wage Cuts
Labor's Views
on
mendations—M.
reported on Nov. 29 as viewing more
doubtfully President Roosevelt's housing program
Labor leaders were
less
or
program.
by unit by different highly paid skilled groups could not be eliminated,
Green
"It
is
said:
difficult
to
adopt
plan to
a
However, the Build¬
that.
overcome
ing and Construction Trades Department of the Federation has full autonomy
that
over
be
and
matter
final
therefore
It
say.
is
to
up
what shall
them
done.
"Personally,
period to
I do
not think
you
guarantee work for any extended
can
construction business."
in the
men
Danger in Increased Wage and Six-Hour Day in Build¬
ing Industry Forecast Early This Year by Building
Trades Employers'
Association—Comments Inci¬
dent
to
President
Roosevelt's Housing
Recom¬
mendations
(to which we refer in another item in this issue), and as
to which the President said that the success of the program
"cannot be assured by governmental action
alone."
"It
mainly on the willingness of indus¬
cooperate." He added that "the goal at
labor should aim is sustained largeproduction at lower costs to the consumer."
The
in
industry,
his message
29
Nov.
on
to labor
as
to Congress
on
housing legislation, the Building Trades Employers' Associa¬
tion stated on Nov. 29 that "the President has just pointed
out now,
at the beginning of December, what building con¬
in June—that with building at 40% of its
knew
tractors
1929
level, industry could not stand an increase in hourly
the 1929 level
to
and
the six-hour day."
drop to
a
The statement of the Association, as given in the
New York
Tribune" of Nov. 30, continued:
June 4 of this year the official publication of the Association pre¬
"Herald
On
dicted
building slump
a
because of
and
higher
mistakes
on
wages
in
wage
new
scales which had
just
of the most monumental
contractors is making one
history, and if the rank and file understood the economics
its
of the situation
No increase in machine
they would not be insistent on it.
in building work
operations
the
"Building trades labor enforcing shortened days
into effect, stating:
gone
the cut in hours, which will surely
warrants
production and add to the unprofitable time between starting and
decrease
completion
in part, also said:
be of more influence than any
goods.
payments will
the
housing
quote:
we
Pointing out that seasonal variations and the technique of construction
unit
Mr.
wages
measures
Improve
advices
same
Roosevelt's
President
with
ac¬
attempt
building industries in
hourly pay rates in
high
From the
and
needed to make credit available to business, for
would provide employment are being postponed
are
which
programs
because
reduce
connection
Anent President Roosevelt's recommendations
The Federation also said:
many
to
with
level,
cuts.
industry where sustained demand
any
(on Nov. 26), President Green,
earlier
days
cording to the United Press, said he opposed any
prevent this:
to
measures
Several
and
A. F. of L. Sees Need of Measures by Government
3587
Chronicle
building.
the
of
The cut
hours and
in
increase of wage is
definitely against all sound reasoning, particularly at a time when building
costs should be reduced rather than increased."
Asked
the
at
concerning the rising
time
the
of
Chairman
stated:
Association,
wage
scales,
patient
"The
C.
G. Norman,
been given
has
an
awfully large dose of bitter medicine, and it will be some time before he
recovers
from it."
He also pointed out that the rise of material costs
in large measure to the unionization drive in
could be attributed
and
manufacturers
of
be
materials
union
used
of
insistence
the
in
trades
building
labor
the plants
that only
All these factors made a
building operations.
building recession seem inevitable.
last
opinion of the Building Trades Employers' Association here, the
the President are the most important as far
the
In
recommendations of
four
building is concerned.
Its spokesmen state in New York
individual private building can in any way approach the volume
desired, because individual building of $6,000 or less homes has
large-scale
as
City
no
that
is
been important in
never
the city area.
to 1,000 houses are erected at one
apartments.
Such operations
of the revision of the limited
dividend corporation section of the old housing bill; by the authorization
of mortgages up to $200,000 on apartment houses instead of the $16,000
limit now on each project, and by the recommendation that the provisions
be liberalized for
chartering national mortgage associations.
Most im¬
Large group operations ip which 500
time
needed,
are
be
will
definitely
well
as
medium-size
as
encouraged
by adoption
housing corpo¬
of the great amount of red tape and restrictive
would be encouragement of large limited dividend
portant
rations, and the elimination
limited dividend provisions in previous
rulings which were characteristic of
laws.
bring
of
to
reference
In
about
question
this
make
wage
President
the
System
that
a
amplified by Chairman
series of conferences will
as
building trades wages and possibly adoption
reduced hourly rates, the Association
in
in return for
involved and that the present attitude of labor
the technicalities
feels that
of
Reserve
reduction
a
annual
some
hope
the
Federal
the
of
Eccles
so
extremely difficult
no
adequate solution will be
found.
♦
will," he said, "depend
try
and labor to
New York Laundry Workers
15,000
Given|,10% Wage
which both industry and
Increase—Reduction in Hours and Other Benefits
scale
Also
President
It
is
on
the terms that were exacted
in hourly wage rates
The rise
have a strong revival of housing con¬
by industry and labor last spring.
and in material prices was too rapid and too
that we cannot
clear
now
struction
great for the consumer
to bear.
production and buying in other
A similar rise in costs likewise
industries as well.
checked
of
reported
for labor to reduce
its hourly
We
are
not
in
accord with the proposal
help promote a building boom.
Similar proposals following the
crash proved unsuccessful, because when union officials had reduced
1929
to
wages
the
maximum, building contractors
On
the
same
try,
the
date John
Coefield, President of the
A. F.
saying that he hoped
President's message might help the construction indus¬
but attacked proposals for an annual wage. He made
of L. Plumbers'
the
held off in the hopes that
could be forced even lower.
wages
Union, was quoted as
following further comment:
won't work out.
The President has been talking about it ever
That
and it isn't practical.
President of the A. F. of L., indicating on
Nov. 29 that he approved the President's plan, but stating
that final judgment would rest with the building trades
unions of the Federation, said:
Naturally, labor is interested in the recommendations the President has
made, and will be particularly interested in any plan to increase the
annual wage of workers in the building industry.
However, the difficulties
of arranging that in the building industry are extremely great.
since
he got
into office,
William Green,
10%
Arbitration
Award
Between
increase, a reduction in hours, and other
recently accorded more than 15,000 laundry
wage
in
workers
the
in
and Owners
were
New
down
handed
by
City under an arbitration award
George W. Taylor of the University
York
Dr.
Pennsylvania.
Dr. Taylor acted as arbitrator between
United Laundry Workers, Local 300, of the Amalga¬
mated Clothing Workers of
for Industrial
mittee
to
wage
A
benefits
of
the
Secretary-Treasurer
Building Trades Department of the A. F. of L., was
in Washington Press advices, Nov. 29, as saying:
McDonough,
J.
Michael
Provided
Union
likewise said:
America, affiliate of the Com¬
Organization, and six associations of
award, announced on Nov. 7, was
The following bearing on the award
is from the New York "Times" of Nov. 8:
The award provides for a minimum wage of 35c. an hour for inside
workers, a minimum wage of $30 a week for retail drivers, and $35 for
wholesale drivers not employed on commission.
Hours are reduced to 44
a week
for women and 48 for men.
Overtime is to be paid at the rate
laundry
owners.
The
retroactive to Oct. 1.
of
and
time
day
half.
^
of the
award
employed for one year
workers
for
a
provisions
Other
during
the
months
of
July
include one week's vacation with pay
or more, rest periods of 15 minutes a
and
August,
and recognition
of legal
holidays.
The
Inc.;
associations of laundries
affected by the award are the Brooklyn
Owners Association, Inc.;
Interborough Laundry Board of Trade,
six
Laundry
Laundry Association ; Laundry Owners Association of
Inc.; Wholesale Laundry Board of Trade, and Wholesale Shirt
Queens Power
Brooklyn,
Laundries,
These
Workers,
been
Inc.
associations operate under
between
an
agreement with the United
Laundry
Local 300, entered into last September.
Herman Brickman has
permanent impartial chairman for adjustment of disputes
the employers and workers in the industry.
named
3588
Financial
Study
by National Industrial Conference Board
"International Raw Commodity Price Control"
The
National
Industrial
Chronicle
tially the agreement
on
"Under
Board, New York,
recently published a new study describing the aspects of
the changing methods of commodity
price control.
The
study, entitled "International Raw Commodity Price Con¬
trol," points out that attempts to control the prices of raw
trol
under
The
following, bearing
international
In
the
Board's
of
case
plies
from
price
which
the
initial
duced,
In
to
the
in
further
of
of
down
a
This
the stored
in
by
the
aid
production.
giving
seeming
supplies and
to
The
final
stage
uniformly
was
temporary
a
reached
and
became
measure
when
a
the
a
and
international
each
shows
case
the
ceased
the
policies in
a
separate
relation
to
rubber, silk,
analysis
nine
is
of national
important
tea/ tin,
sugar,
raw
and
which
to
stimulated
significant
control
has
increased
succeeded
failed
or
in
evident
in
of
case
following table, presenting data taken
shows
the
widespread
control
of
percentage
principal
producing
control
had
been
each
of
the
country
policies
in
the
nine
and
sugar,
commodities
with
the
stabilizing
to
wheat.
accounted
for
"It
(production)
(production)
British India (exports).
Tea
Tin
British Malaya and Bolivia
Wheat
United States
x
1935 percentage;
Strike of
New
in
1936
a
(production).
(production)
Greyhound Bus Drivers
Provides
the
"But
x59%
34%
41%
in
16 States
34-Cent
Mile
a
Ends—
Wage
In¬
men
re¬
having
affiliated with the Brotherhood had
gone on
Nov. 25, their demands
including a 5.5c.-a-mile
increase, with a 200-miles-a-day guarantee for
drivers with
three years' experience.
The %c.-a-mile increase
provided
in the new agreement
will raise the lowest
bracket from
2.6c. a mile to
2.85c., and the highest bracket from 3.9c. to
4.15c. for three-year drivers.
No minimum
mileage is guar¬
anteed.
The
strike affected service on
eight affiliated
extending
directed
was
and
companies against which
the Central
Greyhound, Penn¬
were
sylvania
Greyhound, Eastern Greyhound of New
England,
Greyhound, Capitol Greyhound, Richmond
(Ya.) Grey¬
hound, Illinois Greyhound and Canadian
Greyhound.
In
reporting the settlement of the
strike, Associated Press
advices from
Cleveland, Ohio, Dec. 1, said:
John
ment,
L.
Conner,
Federal
Labor
Conciliator, who negotiated
issued the following statement:
settlement
of
the
strike
now
"I
existing
received
the sincere
cooperation of both
the settlement.
The accord reached is
"This contract broadens the
base
said.
"Roughly, it will
Other
of
men
for
he
a
company
a
wage
$80-a-month
guaranteed
mean
an
in
minimum,
of
lower
$15
he said,
miles
each
said.
There
were
were
thrown
scattered
at buses in
that three buses
Ivan
were
instances
of
a
violence
$65.
the
a
I
have
month
a
more
Cochran
per
guaranty to
The
union's
working day
was
during the strike.
man."
extra
demand
rejected,
Missiles
localities, and non-striking drivers reported
upon in the Pennsylvania mountains
yesterday.
Bowen, general counsel for Greyhound Lines, said:
itself
is
present
with,
to
wags
the
dog.
what
an
buys.
got
us
need
we
Money is just part
from
financial
our
has
system
when
of
money
buy goods with.
moving goods
time
instead
what
to
man
man;
engineers developed
control
and
he
labor,
the
even
wants
to
schools.
control
It
govern¬
manifests
an
everything."
had
no
overnight
for
panacea
added,
"that
seeks
profits
alone
what
is
he
terribly
with.
be the richest nation
in
the
world
when
of anything
because there is not enough
here; the ability to produce is here; the stoppage
puts profits before production and that is the
"■//>;;
present
of
Ford
system
'financial
went
work
as
engineers'
to
on
"have done
say,
well
it
as
coming
has,
along
a
good job of
but there will be a
whose
pride
will
be
the
efficiency of their system, rather than its profitjmaking possibilities.
efforts,
however,
be
may
hindered
unless
there
is
a
more
"This
is
essen-
Grange announced
on
general
Nov. 23 its 1938 "plat¬
agriculture," consisting of 12 planks based
clusions
reached
at
the
organization's
on con¬
seventy-first annual
Pa.
The platform,
meeting held recently in Harrisburg,
copies of which have been sent to all members of
Congress,
is intended, it is
said, to represent not only interests of
Grange members, but farmers throughout the
country
well.
as
At its recent convention the National
resolutions covered by its
platform,
Grange, besides the
Nov. 18 adopted
voicing opposition to the wages and hours bill
supporting a new child labor amendment giving Con¬
gress
right to prohibit employment of persons under 16
on
resolutions
and
years of age in industries
manufacturing
into interstate commerce.
As to the
products going
Grange's attitude with
respect to the wages and hours legislation we
quote below
a
Harrisburg, Associated Press, dispatch of Nov. 18:
In adopting a resolution
disapproving the Wages and Hours bill, which
already has been passed by the Senate and is pending in the
from
House, the
stand
well
The
forth
it
would
be
detrimental
members of
the Grange saw little, if
reasons.
It would be
virtually
their
to
labor
and
industry
hired
help
at
wages
specified
in
any,
good in the bill and
impossible
the
for
bill—that
the
would
Labor
would
be
thrown
Industry
because employers would be
encouraged to install
machinery to keep production costs down and workers
burden
a
out
which
Board would
to
beyond
suffer
labor-saving
would
as
set
farmer
be
reach.
more
be
that
agriculture.
obtain
his
taken
was
as
of
work.
could
not
meet
be forced to 6hut
the
on
requirements
down
and
of
the
those thrown
Labor
out of
Standards
work
would
public relief rolls.
Possibility of achieving price parity between agriculture and
industry
would
be
the same
It
hours
as
destroyed
low
to
a
because
it
would
increase
price level.
would
useless
both parties."
several
fired
in
enough
financiers, Mr.
the
to
that might
that
The National
settle¬
complete
Lines.
brackets," Mr.
included
of
the Asso¬
system.
he
The need is
form for
efforts to bring about
satisfactory" to
the
announce
Greyhound
sides in my
instead
200
glad to
the
average of
concessions,
minimum
am
on
business
National Grange Drafts 12-Point
Program for Agricul¬
ture—Opposes Regimentation of American Farmer
—Declares Against Wages and Hours
Bill—L. T.
Taber Re-elected President at
Recent Convention
from
Chicago and St. Louis on the
west, to Norfolk, Va.,
Portland, Me., on the east.
The
the strike
American
understanding'of the shortcomings of the present system."
on
area
begin
haven't
system
race
Their
The drivers
an
the
wealth
The
dollars
for
is
control
money
Nation
a
seeks
that
system,"
to
is
the
social
of
over
of
is
business,
on
17%
by the company of an ultimatum that
unless the
by Dec. 1 they would be considered
"as
resigned."
Ohio
in
new
53%
x79%
9%
37%
51%
turned
operating
effect
reported by
as
dollars
the tail
it
industry
would
outmoded
we
making
Railroad Trainmen for a closed
shop.
Acceptance of
the contract, which will
become effective on July
1, 1938,
and continue for one
year, followed the issuance on Nov. 29
lines
mind
business
a
buy
to
system
that
that
food,
that
any
production.
is
of
Greyhound
of
down.
produce
system
often
so
money. system."
1,300 drivers of the Grey¬
hound Bus Lines ended on Dec. 1
following the acceptance
by the drivers of an agreement
granting a wage increase
of ^c.-a-mile, but
denying the demand of the Brotherhood
strike
present
will
explained
handicapped
1936
Effective July 1 Next—Demands for Closed
Shop Refused
six-day, 16-State strike
become
upside
things
that
system
Ford
termed
after
1936 data not available.
Contract
"has
transportation
finance,
Mr.
crease,
A
the
avariciousness
of
65%
54%
53%
49%
65%
21%
43%
55%
25%
Cuba
Sugar
state
the
fluctuation.
permanent
Money is not wealth;
turned
producing
down
is
ment,
Production
British Malaya
(exports)
Japan (exports)
Silk
the
no
market
was
Congress
..
Percentage of Total World
(exports)
(production)
Rubber
said,
been
into
"Here
United States
United States
he
has
Honest
Copper
stock
them
But
present money system, as exemplified by those "who
manipulate it
profit," Mr. Ford said, is entirely out of date, and is in
large measure
responsible for recurring business recessions.
by
1923-25
Cotton
of
of
interference.
for
The
institution
the
percentage
Country
Brazil
effect
an
money system
actually
Coffee
the
was
The present slow¬
climb.
one
better model."
a
applied for several years:
Commodity
other
as
the market.
business.
to
breaks
Conference Board's report,
1923-25. prior
compared
regarding political
The
and
now,
24,
The
copper,
from
have
society's
it
production.
cotton,
just
on
uncertainty.
before another
pause
it
Nov.
recession
Press follow:
"Under
of
facts
the
the
part, his further comments
that
a
com¬
wheat.
brought out in this study is the tendency
the development of new
productive capacity in areas outside the
scope of the control operations, and the
resulting decline in the share of
the
original producing areas in
total
output.
This
development is
especially
it's
business
plays
"Money,"
But
toward
the
does
who
adjunct
to
governmental
graphic and statistical comparison of price and stock trends
has
of
includes
report
cotton,
copper,
extent
prices and
One
a
Board's
control
modities—coffee,
In
it
twisted
Conference
setback;
a
of that.
care
ciated
policy.
The
not
things helped to bring
In
liquidate
control
permanent
Detroit,
According to Mr. Ford, a contributing factor to the pres¬
"pause" has been the fact that money has too long been
"principal commodity of commerce."
of
assurance
inability
at
ent
aid,
instance to curtailment of production, first
by
then by governmental bounties or
compulsory meth¬
voluntary action, and
represent
intro¬
This
them led ultimately in each
ods.
but
man
commodity, in order to
in
interview
Everybody knows the stock market has
success,
then
was
is
taking
Conference
apparent
Press
look at next year with
any
uncertainty of
withholding sup¬
temporary increase in
control.
increase
production
increase
was
in
need
one
Two
an¬
in
Government
on
this
covered
consisted
there
case
successful
loans
face
Continued
control
production.
stimulated
stability.
commodities
of
each
the form
prices
nine
indicate
increased
usually in
however,
price
the
method
market.
seemed
however, attracted
maintain
of
seven
the
study
No
developed.
been
Associated
an
Henry Ford described the present business
"temporary and artificial," and added:
con¬
the study, is also from an
by the Conference Board, Nov. 22:
issued
nouncement
have
agreements
Another Climb"
In
ulti¬
on
its terms, and then only by a two-thirds vote of
company
Henry Ford Regards Present Business Recession as
Temporary—Declares It to Be a "Pause Before
meet
for complete government
programs
this
we
drivers."
commodities have usually led to government control of
pro¬
ducers.
The beginnings of government intervention have
mately permanent
1937
4,
offered to the Brotherhood during the negotiations.
contract
the Brotherhood cannot call a strike unless the
company violates
Conference
customarily taken the form of emergency measures to
specific temporary difficulties, the study said, and
Dec.
fix
week
as
3c.
a
give
minimum
while
to
5c.
prices
of
commodities
on
•
be unwise to
an
wage
permitting
an
appoitive board
of
40c.
an
imports
hour
from
power
with
countries
over
a
industry and
maximum
where
of
wages
40
are
hour.
The 12-point program for agriculture
was drawn by Louis
J. Taber, Master of the National
Grange, and the Executive
Committee
composed
of
Fred
J.
Freestone
of
N.
Interlaken,
Y.; E. A. Eckert of Mascoutah, 111., and Ray W. Gill of
Montavilla Station, Portland, Ore.
The platform was sum¬
marized
as
follows
risburg, Nov. 22:
in Associated
Press
advices
from
Har¬
Volume
The
Financial
145
preamble
forth
set
progress for
sought advance¬
that certain groups, such as cotton,
had certain problems calling for
unity
that
the
was
agriculture and the country, and for this reason the Grange
all
of
ment
dairy,
specific
tobacco
and
growers,
action.
The Grange
the
mine
but recognized
farmers,
wheat
each group should deter¬
the preamble said, and
that would deprive them of this right.
\
believes that farmers themselves in
best
program
objects to any move
Twelve
The
farmer is
The American
1.
immediate
opportunity and to a
establish
should be
farmer
soil
The
4.
of 1935, Mr. Willkie advocated
retention of all its present regulatory provisions, but suggested modifica¬
tion of Section 11, the socalled "death sentence," "to eliminate all inter¬
mediate holding companies within three years, but otherwise to confirm
existing holding companies in their present ownership of property, requiring
that any future acquisition of property or securities shall be subject" to
either
farmer to
be restored to the American
to produce
continued to help the farmer
but it must not be used as a
exportable surpluses, and for
which marketing agreements are undertaken, the program should be adopted
only after a vote of farmers affected, and complete control should remain
in their hands.
Reasonable commodity loans, based on warehouse receipts,
those
For
5.
should
be
The
6.
crops
of
made available
which
to
there
are
protected, in soil conservation bene¬
principle that provides basic exemptions
for small incomes and bases taxation upon ability to pay.
7. Cooperation should be fostered among farmers and farm organizations
as
a means
of solving their problems; cooperation to be successful should
be
based on sound business principles, one-member-one-vote,
control by
farmers themselves,
and efficient management.
8. Make the extension service more helpful to agriculture by:
on
Sepai ating this
(a)
any
the
tax-supported service and participation
in its benefits from
9.
ers
■
by:
(a)
Creation of a bi-partisan
board with terms of members
staggered, to administer
"'^v
■farm credit.. V
■
refunded at lower rates.
business principles
10. Balance the budget;
insist upon economy and efficiency in local,
State and Federal government; eliminate and avoid duplication of public
services; protect the taxpayer, and keep in mind that for everything asked
or government the taxpayer must pay the bill.
11. Foster cooperation and goodwill between government,
labor, indus¬
try and agriculture; create confidence, so that recovery may go forward,
the wheels of business may turn faster, more people may be employed, and
In part, these proposals were:
private utilities.
municipality, if it establishes its own
price determined by a "fair
system at a
tribunal";
purchases shall be made
That such municipal
system to obtain power
buy out the existing private
from TVA, shall be required to
without any gift or grant
from the Federal Government;
in
Government shall allocate territories
cooperatives; and
disputes arising between utilities and Federal agencies be sub¬
under rules to the Federal Power Commission.
companies and the
private
building rural lines or promoting rural
That
In reporting
the
said:
would, in large measure, appease
Mr. Willkie added that such a truce
and
unemployment
market to private
the New
interview with Mr. Willkie,
press
York "Herald Tribune" of Dee. 2
problems
relief
by reopening the
the
capital
enterprise.
[[Utilily[ Expenditures Cited
year.
According to
Power
Commission,
^
$450,000,000 this
Frank R. McNinch, former Chairman of the Federal
ordinary annual expenditures of the private utilities
^ "The private utilities will have
spent approximately
$1,500,000,000," he said.
total around
He also called attention to the
by the Committee
the last five years the
statement last month
which contended that over
of Utility Executives,
private utilities were behind some
$2,500,000,000 in ordinary expenditures.
the last five years Mr.
governmental procedures, which he
in utility construction in
The virtual stagnation
administrative burdens so they may
the service was established.
Provide ample funds for agricultural extension, education and research.
Make the Farm Credit Administration of continued benefit to farm¬
Relieving county agricultural agents of
devote all their time to the purpose for which
(c)
a
same
farm organization.
(b)
That
pressing
assist orderly marketing.
family-sized farm should be
taxation,
and
fits
ment and
mitted
production control.
to
Authority—and other similar
future—Mr. Willkie advocated a compromise ar¬
rangement for the generation and distribution of power by both the govern¬
That
service should be
of the Tennessee Valley
On the question
Federal projects in the
efficiently; there should be no
and diversify his crops,
his land
improve
means
Public Utility Act
With regard to the
replaced.
conservation
will
the industry."
Federal approval.
market should
his ability
"in order to
government and utilities which
relationship between the
a
restore investment confidence in
of
ment
"clarifications," Mr. Willkie said, were necessary
Other
curtail¬
crop production that would
place him at a disadvantage, and
imports should be limited to those things which he cannot supply; agri¬
culture should be given equal protection with
labor and industry under
the tariff and those reciprocal trade treaties which are harmful to the
limit of
the
intangibles and inflation included in the
capital assets."
income.
enacted which would result in
regimentation of the American farmer.
eventual
or
Planks
entitled to equality of
legislation
no
American
The
3.
be
must
There
2.
national
the
6hare of
fair
their needs,
for
suited
"write-ups, improperly capitalized
of
keynote
3589
Chronicle
the door of
Willkie laid squarely at
market to the utilities.
asserted had closed the capital
"Remove the uncertainties as to
what the
Government has In mind
and
closed or automatically reopen," he said.
market is reopened more than 80% of the money raised and
capital market will remain
the
"If the capital
spent will go directly into pay
envelopes," he added.
Revise interest rates where farm loan bonds have been
(c) Provide farm credit at lowest rates consistent with sound
(b)
consuming power
more
12.
Encourage
alliances
of
profit
take
wars
world peace by strict
of aggression, provide
of
out
created.
war
neutrality,
avoiding entangling
armament adequate for defense,
by conscripting wealth and industry as well as
man-power.
Taber,
who
the convention, to serve
held Grange office
has
Wendell
L.
had been re¬
15 session of
for the next two years.
for 37 years, the last
Mr. Taber
14 as Master.
Willkie Reveals Utilities Offer to Adjust
with Government—"Peace"
Gesture
Differences
Seen in
Memorandum to President
Roosevelt
Congress
to
Steps to
Take
Adopted by New York State
Chamber of Commerce—Opposed to Capital Gains
Tax—Also Records Itself in Favor of Amendment
Promote
Recovery
Multiple Dwelling Law
to
Winthrop W. Aldrich, President
merce
of the State of New
meeting on
of the Chamber of
York, presided at the
Com¬
Chambers
unanimously
steps to
Interstate Commerce Com¬
Dec. 2 at which resolutions were
to take legislative
Congress
petitioning
adopted
urging the
and sympathetic consideration to
the petition of the railroads for an increase in freight and
passenger
rates and opposing Congressional interference
with the rate-making authority of the Commission.
The Chamber also went on record in favor of an amend¬
ment to the multiple dwelling law to make it conform with
the new Building Code and opposed bills now before Con¬
gress
which would transfer to other government depart¬
ments the rivers and harbors and other public projects
promote
is from Columbus, Ohio,
elected President of the Grange at the Nov.
Mr.
Petitioning
Resolution
mission
recovery,
to
give
prompt
Many utility leaders are prepared to compromise with the
Federal Government and to agree to some of its demands,
work of the Army
provided the Government declares a truce in its "war" on
private utility systems, it was revealed on Nov. 30, with the
publication of a memorandum to President Roosevelt from
Wendell L.
Willkie, President of Commonwealth and
Southern Corp.
Mr. Willkie was one of the utility leaders
who recently conferred with the President at the White
House.
In his memorandum he informed the President that
he believed a "satisfactory relationship" could be worked
out "without injury to legitimate investment and well within
the broad framework of your social objectives."
In an inter¬
view on Dec. 1 Mr. Willkie again urged an armistice between
corporate business interests and the Government.
Associated Press Washington advices of Nov. 30 outlined
Mr. Willkie's memorandum
to President Roosevelt as
Edwin G. Merrill for the
follows:
The memorandum was
the
submitted at a White House
conference Nov. 23
advisement. At a press conference
conversation with the utility executive, but
specific proposals in the memorandum.
Roosevelt has it under
and President
President discussed his
made no reference to
the
J^On the question of property valuation, the basic factor in making rates
for electric power and a point long at controversy between utility interests
and the Administration, Mr. Willkie suggested a two-point formula, con¬
taining concessions of significance.
The points
in this formula are:
-
He proposed that utilities
reproduction cost new.
If Mr. Willkie's suggestion
utilities, it would mean
"write-ups" were accepted by other
the scaling down of the utility industry's present
on
companies
15%.
estimated that in
18 top holding companies, 42 sub-holding
and 91 operating companies, there was about $1,491,000,000 in
the industry, or
engineering corps.
help recovery,
to
at
unemployment and urged upon
in
mies in
of
Federal
legislation
downward
low
to
encourage
The resolution said:
believes
that the
the
tide
of
undistributed
fixing it at a
confidence and
immediate repeal of the
tax
stemming
enactment
business" and to reverse the
and a modification of the capital gains tax,
flat rate, would be of material assistance in restoring
profits
Chairman
Congress "drastic econo¬
appropriations" and "immediate
trend.
Chamber
"The
offered by
Committee on Taxation, expressed
the continued recession in business and increase
depression."
of finding additional revenues to replace
those produced by these measures was recognized in the
resolution.
It held that it would be unwise, however, to
The importance
such action until a new tax bill could be com¬
In the resolution it was stated:
Congress acts quickly in repealing and modifying these measures,
postpone
pleted.
"If
they could rely upon Congress to
legislation during the regular session
theory that moderate taxes for reve¬
nue
only will produce more income for the Federal Government than
heavy taxe6 resulting from hastily enacted legislation based on theories
American
taxpayers
would
feel
that
give careful consideration to new tax
and formulate such legislation on the
of reform
made
that have been
proved disastrous."
amendment to the original resolution
it clear that it was opposed to a capital
principle.
William J.
Graham, Chairman
(1) The operation
Commit¬
the condition
as being most
of the Executive
tee, also offered a report and resolution on
of business in which five causes were outlined
responsible for the present
the Chamber
gains tax, in
recession. They were:
of the undistributed
profits tax,
capital gains tax,
(3) The threat of existing and further Government competition
public utility field,
(4) Fear of sudden changing of the gold content of the dollar,
(5) Federal labor legislation, particularly the National Labor
(2) The
capital structure of around $12,000,000,000 by almost
In its final report of 1935, the Trade Commission
about 85% of
alarm
By
eliminate immediately from their capital
structures all of the "write-ups" in property value which have been ascribed
to them by the Federal Trade Commission;
2.
He recommended acceptance of the "prudent investment" theory of
valuation, as desired by the administration.
This method of valuation, as
the Federal Power Commission views it, is based on what was prudently
and honestly invested in physical property.
It would replace, under Mr.
Willkie's proposal, the present method, which takes into account the
1.
resolution
The
in the
and
Relations
Act.
3590
Financial
President Roosevelt and members of
Congress
Chronicle
Dec.
4.
1937
resolution to revise these and other statutes
which
discourage business and industrial expansion "so that
the investment of private funds in
business will be encour¬
ployees in the plant involved, and in the event of
a strike it
shouldlbe
illegal to transport pickets from other
plants and industries.
Although it is not perfect in its present state of
development, Mr. Weir
said that the employees
plan of representation affords a basis from which a
aged,
satisfactory method of employer-employee relations
In
were
urged
the
now
employment increased and business recovery aided."
•
+.
Prompt Consideration
Rates
senger
^
New
of
Upon
York Chamber
Declaring that
Increased
Urged
of
Freight and Pas¬
by Committee of
ICC
he stated, "is right in
principle because its purpose is to
basis for peace, its methods
provide for cooperation, and its
character adapts it to the structure of
modern industry.
With these great
fundamental advantages in its favor, I see
nothing to prevent the elimination
ma¬
to offset the additional
situation
A
reduced
list
of
net
has
there
or
been
is
railroad
a
gain in
no
revenues of
the railroads
burden, and sounds this warning:
reached
where
corresponding
receiverships
unless
these
in
increase
appears
increased
railroad
unavoidable,
costs
owing
to
be
can
revenues,
long
a
insufficient
earnings to meet fixed charges.
Calling attention to
of
the
Nation's
the direct
railroad
bearing which the condition
system
has
the
upon
welfare and financial
stability of the country
The bond
the
estimated
billion
issues
stock
that
approximately
number
of
of
railroad
855,000.
involved
bank
in
approximate 10% billions of dollars,
billions.
Of the bond
issues, it is
the
50
is
the
are
banks
number
of
as
insignificant
million
whose
savings
and
statistics
however,
depositors
and
bonds;
These
the
eight
companies
stockholders,
individuals
savings
approximate
insurance
value
par
(of the railroads)
issues
industrial
at large,
report continues:
and
insurance
security
situation.
is
own
of
Dec.
nearly
1936.
beside
the
policies
and
jeopardized
five
stockholders
31,
by
of
million
the
the
railroads
for
the
12
months
ended
June
30,
railroad
1937, had
railway operating income of $726,583,000, if the increased
in
effect
would
have
had
$160,000,000
since
June
further
then
been
to
30
only
meet
been
railroads'
traffic,
and
The
railroads
for
have
railway
charges
consequently
petitioned
authority
net
$481,000,000,
fixed
declined.
Commission
the
approximately
the
railroad
operative
to
the
or
of
a
wages and
operating
income
insufficient
Interstate
net
taxes
$641,000,000.
railroad
by
And
have
revenues,
Commerce
increase
their freight rates
generally 15% and their coach passenger fares from 2c. to
2.5c. per mile,
these increases to be in addition to the
increases recently allowed
by the Commission.
The
goes on to say:
The
It
railroads' petition
presents
pers
drive
can
many
afford
traffic
to
deserves
questions,
such
report
thorough and sympathetic consideration.
as
pay
per¬
centage increase may not unduly disturb
competitive situations upon which
industry and the public have come to rely.
But, on the other hand,
unless operating costs can be
sufficiently reduced, it is difficult to see
to what other method the
railroads could turn to secure increased
net
revenues, without
which
financial disaster seems
inevitable for some of
them
at
speaker
sibility.
urged
"Whatever
private
enterprise
business
business
to
assume
may
think
men
men
by the National Steel Corp.
greater
about
Government regulated and
over
the
fact remains that
today Government is in
"More than that,
history should teach us that
political
the
controlled
A
least.
resolution
accompanying the report urges that "every
made to bring about
promptly a result
whereby railroad revenues will be
adequate to meet the
expenses of providing railroad service and
to do this in a
way
be
which
traffic
was
should
or
will not unduly
disrupt existing channels
unduly burden railroad patrons. The
likewise adopted at the Dec. 2
meeting.
business," he pointed out.
no
how
matter
quickly
Weir Urges Business Men
as
Offset to Official
Affairs
ness—Declares
Now Founded
to
of
resolution
be a matter of years.
So there is nothing constructive in
business men
just lamenting the presence of
government in business.
Neither would
there be any point—even should such
action be desirable—in business men
attempting
business.
political
a
frontal
attack
aimed
"To my mind, the
practical course is
fact that government is in business
and
for
to
drive
business
Enter Government
Intervention in Busi¬
Labor
Weir, in his address
at
legislation which will
Chicago, advocated
to
accept the
probably will be in business, to
degree, permanently.
And then, on this basis, as good business men
and as good citizens, set about
doing all within their power to shape the
effect of government
upon economic activity so that it will work for and not
against the great objective—which government and
business shares—of
higher living standards for America".
Ill-Considered Reforms Tending to
Destroy Industrial
Stride Says Merle
Thorpe in Addressing New York
State Chamber of
Commerce—Defends
Similar Groups for
Latter and
Outspoken Criticism
With America "fast
dropping to the level of other politi¬
cally-ridden countries, the tragedy of a great Nation com¬
mitting suicide" is now being witnessed, Merle
Thorpe,
Editor of "Nations Business" told
members of the Chamber
of Commerce of the State of New
York, gathered at their
final meeting of the
year on Dec. 2.
"Ill-considered reforms
today
destroying the three things which
are
industrial
gave
us
Corp., added:
chances
on every
sustain
the
pressure
upon
which
miracle" he added "can loosen
grip of the political horde upon production.
And no
the
relief will
come
return to the
we
to
necessary
depends.
progress
was
organized."
Mr.
sum
"Only
a
in
employment or increase in wealth until
principles upon which our American society
Thorpe continued:
Where shall
look for
we
a
sign?
If congressmen again turn over a lump
Executive, only to find themselves later begging for funds for
districts and paying for them with
votes for executive measures,
to the
their
then the America
we
have known,
we
shall know
no more.
reasserts its constitutional
powers over appropriations
maintains a comptroller
general to
see
that
the
But, if Congress
allocating funds and
funds
are
Congress wills, then there is hope.
expended
Thorpe, whose address was delivered under the
"Demoting the General Welfare" and in defending
Chamber and like
groups said:
that rank and file
members could control policies and
officers; should publish certified audits
of accounts; should be
prohibited from contributing to political
campaign
funds, and should be held responsible for the
statements and acts of their
agents.
It should be illegal to call a strike without a
prior vote of the
em¬
as
title
the
The Chamber of Commerce of the
State of New York is older than the
Government.
The Chamber of Commerce idea
goes back to the day when
the first white folks on this continent
banded together to provide for the
common defense and
promote the general welfare.
It has grown out of the
town
meeting idea.
experiments
It has been effective because it
prove
and pursue the
impractical, they
has been voluntary.
objective by experiment.
If
discontinued.
Unlike poli¬
ticians, voluntary groups have no inhibitions
against admitting mistakes.
Political agencies, aspiring for more
power, fear most these voluntary
groups.
The individual member of a Chamber of
Commerce can
are
make
himself heard and felt
through his voluntary association.
Speaking alone,
he faces political
discipline—to use a mild word.
Politicians dub such
groups
"reactionary," but they
to accept
untried theories
on
only realists.
are
Business must be slow
large scale.
a
like yours become the last line of
So, Chambers of Commerce
ordered
democracy's defense, and they
an
get no cheers from political opportunists.
Today there is
sneers
a
tendency to discredit such business groups; there are
for Chambers of Commerce and
proposed legislation to license trade
associations.
Citizens
should
be
wittingly lending aid and comfort
advised
and
be
on
guard
against
un¬
to
the political forces which would
disrupt
ultimately destroy these voluntary groups.
It is the fashion, I
know, to accuse business groups of lack of patriotism.
and
The record
runs
the other way.
This Chamber of Commerce of the State
of New
York, although it received its charter from the Crown,
entirely independent of government affiliations and led the
ing the Stamp Act, the tax on tea, search and
was
conducted
way in oppos¬
seizure, and other political
protests,
it
remained
as
iniquitous and tyrannous.
loyal
to
the
Crown,
Yet, through all its
the
acknowledged authority,
although not hesitating to criticize. And that
goes for other early Chambers
of Commerce in the
United States.
Boston merchants opposed the British
restrictions
on
trade and navigation and later were summoned to
the very
rooms, where their resolutions
garoo courts set up
so
our
stride," Mr. Thorpe said.
"The enterpriser is
hand by restrictions; earned income of
the rest of us is denied him
because of heavy taxation for
Government expenses; and administrative
law, that is,
government by men, is
deterring him from taking those
hampered
restrictions regarded
labor
bear with equal
justice upon all parties
in labor relations and remove the
special exemptions now
accorded labor unions.
An outline of his
speech, issued by
the National Steel
Unions, he said, should be required to reorganize
from
government
men
some
Groups enlist in joint effort
Relations in United States
on
False Basis of Conflict
Unsettled labor conditions
prevail in the United States
because the Administration and
labor leaders have made
"the false assumption that labor
relations must be founded
on a basis of conflict
and, therefore, have shaped their action
in the spirit and with the
methods of war," Ernest T.
Weir,
Chairman of the Board of the
National Steel Corp., said on
Dec. 1 in an address before the
Economic Club of
Chicago.
On the preceding
day, Mr. Weir had addressed the Chamber
of Commerce of
Cincinnati, and had asserted that since
Government intervention in business
may be expected as a
permanent feature of American life, business
men
should
engage in Government affairs to
help direct economic activ¬
ities.
Mr.
or
relinquishes them only
slowly and reluctantly.
Even should tomorrow bring a
public reversal of
feeling against government in business, the
unscrambling process would
the
E. T.
of
enterprise,
Mr.
effort
respon¬
superiority
what pretext government
assumes newpowers.it
on
whether
with
declining business ship¬
higher freight rates, whether the increases
may not
competitive forms of transportation, and whether a
to
of the address issued
resume
The
'.v."';-::;
report also says:
While
A
continued:
is
number
13
In his speech at
Cincinnati, Mr. Weir deplored President
Roosevelt's criticisms of business leaders.
This
Two recent wage increases to
non-operating labor unions
and operating unions are
estimated to increase the annual
expenses
of the carriers by
approximately $133,000,000,
based on the 1936
payroll, and in addition the cost of
maintenance supplies, coal and other
materials has ad¬
vanced during the year.
The
now
a
of any drawbacks that it
may have at present."
Commerce
serious emergency exists in the financial
condition of the
railroads, a report adopted by the Chamber
of Commerce of the State of New
York on Dec. 2 urges the
Interstate Commerce Commission to
give sympathetic and
prompt consideration to the petition of the roads for
an
increase in freight rates and
passenger fares.
The report,
which was drawn by the Committee on
Internal Trade and
Improvements, of which Frederick E. Hasler is
Chairman,
points out that while operating costs have
advanced
a
terially, there has been
be evolved.
may
"The plan,"
establish
had been drawn up, to testify before kan¬
by British troops.
Such outspoken criticism
by
of our national life
attests
business groups throughout the 150 years
the political freedom which has
gone hand in
hand with the economic freedom
they btand for. And today business groups
remain loyal to the White
House and Congress, yet feel it their duty as
free men to give the benefit of
their counsel and advice on matters economic.
Volume
Business
Alfred
Crossroads,
at
P.
Sloan
mild statement that business is faced with a serious
Declares—
Path to
Are Uncertain of
administrative
"Business
am
into
a
should
am,
be true, there is not much use of attempting to forecast whether
will be long and serious or short
might better direct
our
should take definite steps de¬
business if it wishes to end the current
industrial recession, 12 leading economists agreed in a sym¬
posium conducted by the Associated Press and published
of the tax
ation"
finance and government.
Some credited the
recovery
We
¬
weight.
Without that, the whole effort
economic sense, that industry has to deal with, I should be
B. M. Anderson of the Chase
define
should
component parts
"component
these
the future—the last named being a "silent
have
parts"
as
represented by management; the consumers; the Government, and
an
their
progress
with
stability.
The share of the worker's group is represented
the number of hours of work.
The
by the price level—the price of goods and
The owner's group by profit and its realization in
it
the
and to provide for the
essential
to our national objective of an ever-increasing standard of living.
Still
further, and to the same point, to accelerate that increase by providing the
enterprise with better instruments of production made possible through an
ever-advancing technology, resulting in lower costs and selling prices.
necessary
expansion in production—always more goods and services
Boom?'% Pamphlet of University
of Minnesota
Marget,
Professor of Economics and Banking, University
First Vice-President,
of Minnesota, and Oliver S. Powell,
Federal Reserve Bank of Minneapolis.
prices
down and thus increasing consumption.
One asserted that a housing drive, properly
conducted, would set things
going full tilt.
urged action by Congress, some were strong for giving
Of the experts who
more
credit control to the Federal Reserve Board.
Others contended that
credit had nothing to do with the problem.
Some wanted taxes up. some
to
wanted taxes down, but all wanted business
the Roosevelt Administration was
get the feeling, as one put it, that
ready to "make friends."
the situation thus:
Mr. Friday summed up
action to show that Govern¬
"There is need of some definite, dramatic
promises of helping business are more than juts a lot
ment
Such "dramatic action,"
of talk."
undistrib¬
he said, would be to "abolish the
uted profits tax."
off," he said, "business is going to expand plant im¬
"If they take (it)
good deal of construction work, where
mediately, and that will create a
it
is
New taxes to replace the undistributed profits levy
needed.
most
already have the social security tax to
would not be necessary because we
take its
place."
Mr. Friday, is not essential.
A balanced budget, according to
"In the long run it is
"Talk of
Nobody's going to
essential, but not now," he explained.
anyhow.
do it."
of credit control was Professor Fisher.
One of the proponents
for the present recession, as well as for the
"The main reason
University of Minnesota, Minneapolis, has recently
published a pamphlet entitled "Can We Control the Boom?"
The pamphlet, which may be obtained at a nominal cost,
contains the text of a conference held at the University of
Minnesota to discuss possible eventualities resulting from
credit and monetary policies pursued in the last five years.
Contributors to the pamphlet are Bertil Ohlin, Professor of
Economics, University of Stockholm; Fritz Machlup, Pro¬
fessor of Economics, University of Buffalo; Alvin H. Hansen,
Professor of Economics, Harvard University; Arthur W.
The
between labor and business
could pull itself out of the hole by holding
balancing the budget now is all academic
"Can We Control the
University of
prices and steady employment.
wages,
an
enterprise the essential stability over the years,
of the
Virginia, and Morton A.
Congress could relieve the situation.
thought
economists
Others said business
equivalent or accrual on investment.
equitable opportunity for accomplishment.
To the future, must be
allocated a certain share in the form of earnings retained to insure to the
all
Some held that the remedy lay in cooperation
on
dividends or
The Government, by the part
levies, in the form of taxes, for its services in maintaining an orderly and
their
Douglas
Paul
University.
Aldrich of Tulane
by the hourly wage and
In other words, the annual income.
consumer's position is determined
services.
of
National Bank; Dr. Reid L. McClung of the
California;
Southern
Chicago; Abraham Berglund of the University of
partner." in which all the others
important interest from the standpoint of
of
University
technique of dis¬
directly involved
the workers: the
I
Friday of
Irving Fisher of Yale; James H. R. Cromwell
Col. Leonard P. Ayres of Cleveland; Dr. Willford I. King of
New York University; O. C. Ault of George Peabody College in Nashville;
Not
problem,
tributing its productivity among the
owners,
budget's existing unbalance as being a cause of the
in business after the depression.
Washington; Professor
To delay may be dangerous to all concerned.
inclined to say that it is nothing more or less than the
therein.
economists
Among economists who contributed their views were David
All are involved in its
Now, if you should ask me what I regard as the most elementary
an
on
Actual immedaite balancing of the budget, a majority of the
the change
and to the normal definition of "cooper
in each other and with mutual respect."
speaking in
tax
said, was not essential to recovery, but a few disagreed.
if it is to be met at all, demands the aggresive attention of
industry,
own
the
Associated Press, follow in part:
"working together for a common cause" I add: "with confidence in
falls of its
the economists advocated abolishment
oi
abolishment
capital gains, ending "Government com¬
petition" with business and bolstering public confidence by
definitely indicating an intention to balance the budget.
The replies of the 12 economists, as summarized by the
of
fundamental causes of the slump in which we now
It demands cooperation
as
Most
undistributed profits, revision or
on
New Jersey;
The problem,
solution.
encourage
Nov. 21.
on
find ourselves.
agriculture,
Federal Government
The
intelligence and our experience toward determining
and then eliminating the
would be placed in a better position if taxation would be
many laws passed which stop the confidence of the
business man in business for the future."
signed to
If that
and moderate, for it may be either.
eliminated."
be
average
however, persuaded that it may generate
in our recovery from the old depression.
State
"Business
What we are at the moment experiencing, I believe to
serious interruption
a sound basis until relieved from the
interference."
be restored to
and
reduced and not too
depression if we continue to pursue the course that we have
been following.
be
I
be both re¬
"Industry that conducts its affairs on the basis of thrift and honesty
ought not to have its success imperiled by confiscatory laws or laws that
change the basis of contracts."
"Government competition, such as is found in the public utility field,
quite convinced that in no sense of the word is there a new depression,
real
a
of competition should
the subject were expressed as follows:
on
cannot
Federal
of
burden
"enterprise," or embark on some new adventure, "the rules,
objectives and purpose of which we know nothing," Alfred P.
Sloan Jr., Chairman of the Board of the General Motors Corp.
declared yesterday (Dec. 3), in an address in New York City
before the annual convention of the Association of Life
Insurance Presidents.
In referring to the sharp drop in
business in recent months, Mr. Sloan said that "there has been
superimposed upon the normal course of the recovery
movement, certain influences—some due to our national
economic policies and others, psychological in nature—which
have resulted in not only arresting but actually reversing the
normal trend of the recovery movement."
He continued,
in part:
such, gettirg under way.
freedom
commissions,
Some of the ideas
Industry in the United States today "stands at the cross¬
whether it will
symbolized by
I
problem of adjustment
"respecting the degree to which/ by law and
changing concepts
strained and supplemented."
Government, Capital and Laborjg
roads of doubt and uncertainty," doubtful
continue to follow the old road which is
as
the
to
Industrial Leaders
Follow—Urges Coopera¬
General Motors Chairman Says
tion of
3591
Financial Chronicle
145
depression, was monetary," he said.
Discussion
of
"The main remedy must be
original
monetary."
Sino-Japanese Situation by Edward C.
Institute of Pacific Relations
Carter of
on Nov. 24, Edward
Institute of Pacific Re¬
lations, discussed the Far East situation, his talk follow¬
ing visits the present year to Japan and China, and the
far eastern section of the Soviet Republic.
In his speech
he stated that "the more far-seeing of the statesmen of
Japan know that they can have peace with China the
moment their armies act as their statesmen talk, when they
say they have no territorial ambitions in China."
In part,
Before the Bond Club of New
C.
York,
Carter, Secretary-General of the
he also had the following to say:
Freedom from
Government Interference and
Removal
Competition with Private Business Viewed as
Necessary to Place Business on Better Foundations
—Results of Inquiry by Merchants* Association of
New York—Associated Press Indicates Result of
of
Questionnaire to 12 Economists
an inquiry by Louis K. Comstock, President of
the Merchants' Association of New York, "What does busi¬
ness need in order to
be placed on a better foundation,"
Answering
approximately half of a group of corporation officers and
which have done business in New York City
for more than 40 years, put Government interference with
business and Government competition with private business
at or near the top of their list of problems to be solved.
An
equally large number, frequently the same individuals,
dwelt on the necessity of lowering taxation, or of revising
present tax laws.
In making this known under date of
Nov. 22, the Merchants' Association said:
heads of firms,
l
The responses came
in answer to a letter
which Mr. Comstock sent to
with that
1897, and who have, therefore, been in
business in New York City for at least 40 years.
Twenty-seven repre¬
sentative concerns, most of them large enterprises, responded.
In making
public an analysis of the repUes, Mr. Comstock explained that some of the
replies were regarded as semi-confidential and that, therefore, the names
were
withheld.
There were many variations of the theme relating to
Government interference and Government competition.
These ranged
members of the Merchants'
Association, who have been connected
organization since its formation in
"
the way from
the flat charge of "Government
persecution" down to the
When
over
I
.
that
.
there seemed suddenly to come
with reference to the stern
facing Japan, and as a result of her five or six
in April
in Japan
.
facts
economic
years
was
Japan
a
were
'.
of
wave
.
.
realism
of effort to make Manchuria the paradise of Asia.
.
.
.
wave
of realism that was prompted by a very objective and
That
drab
facts of the Far Eastern 6cene was reflected
by a group of Japan's foremost bankers and industrialists that went all
over
China in March of this year, the Japanese Economic Mission.
They had unusual opportunities of meeting the ablest of the modern
Chinese
bankers,
the ablest of the modern style Chinese Government
officials
and got a very general picture of what China was like. When
in April I met members of this Japanese mission, they told me that they
were recommending
to the government and to the Chambers of Commerce
and bankers associations of Japan to form new Japanese policy in China.
They said China recognizes that the two countries should go forward
together as friends.
China is ready for large-scale economic cooperation
which can Ipe mutually advantageous to both countries, and there is only
one
fly in the ointment.
That is the aggressive attitude and behavior
of what is called the Japanese North China Army.
May I remind you gentlemen that there were at that time two Japanese
armies on
the main line of China.
The first was called the Frontier
Army in Manchuria, second, the North China Garrison based on Tientsin,
a sort of outgrowth
of the legation guards of Pekin.
That
the
Chinese
were,
the Japanese discovered, willing to forget
Manchuria.
They were willing, however, to go in for the joint develop¬
ment, railways, mines, transportation, air, and so on, provided this fly
in
the ointment
in North China, namely, this second army, was Withanalysis
the
of
.
.
economic
.
drawn.
That
Chinese
-
army,
by
they told me,
reason
of
1
making itself rather obnoxious
carried off another little buffer
was
having
to the
State,
3592
called
Financial
Chronicle
the
Escopay Province, and having used that as an indirect way of
demoralizing the Chinese Customs, which British, American and other
foreign effort had built up as the great underwriting and securing for
Chinese
Government
gations.
The
back
finance
and
the
her
foreign
Dec.
reduce
the
China,"
strength
and
reported
activities
burst
just
we
and
forth
to the government,
of
into
this
aggressive
totally
a
in
cial
psycho¬
back
came
the
with
same
the
report,
Division
of
E.
Japanese Ambassador and
4,
1937
Conference
Held
Be
to
Finance
executives
at
and
Hotel
the
City, Dec. 14 and 15, it
logically and economically between the two countries.
Others
Executives
Accounts
Management Association will hold
"Call
army
day,
new
Association
in
for
York
New
14-15
obli¬
The
Japanese Economic Mission then
Management
Financial
...
or
North
of
repayment
American
Dec.
of the
American
conference
a
Pennsylvania,
was announced
for
finan¬
New
in
York
Nov. 8 by Alvin
on
Dodd, President of the Association, who said that some
speakers who will be heard during the sessions are
the head of the great Japanese news
agency,
of the
generals
Harold
of
of
the
Cherry
Hayashi.
of
the
size
of
the
the
this
second
erals,
not
of
only
in
in
great
to
reduce
the
of
names
this
and
strategy
and
he
three
or
China command
send them
Before
two
some
North
back
to
able
was
to
the door of death when
September and today, is
to
send
organization,
and
what
Japan,
have
and
the
to decide
got
of
universities,
the
the
or
of
and
Chinese
the
is
Foreign
Japanese Army?
man,
his
Japan
which
Tientsin
to
He
his
in
extremist
Government.
.
the
the
is
Government
.
on
factors
some
a
with
much
moved,
is
reference
highly
to
real
to
not
to
judge
a
pocket
the
by
fell
ill
and
the Japan
liberal
of
the
of
factions
will
speak
on
Dr.
Wilford
Commerce,
"Instalment
on
Leipzig Trade Fair
Germany from March 6 to
Debt
and
Chinese
that
war
the
and
in
going
the
in
on
unexpected
East.
speak
Relations, which many here
are
of
halls, with
feet of display space, will be added to
square
some
tracted from 74 countries in all
parts of the world, it is said,
It is announced that the entire exhibition
space
of several of the great Fair halls was sold out in
September,
is assured.
arborial
One
in
use.
The Spring Fair
10,000 exhibits of every industrial and art
product assembled from 21 countries including the United
States.
An attendance of over 250,000 business
men, at¬
will include
Chinese are carrying
opinion generally is very
most
Held
the 51 exhibition halls heretofore in
business¬
the
the Far
200,000
over
people and the
to
Be
to
14
The Leipzig Trade Fair will hold its 1,979th session from
March 6 to 14.
To accomodate new exibits two
within
indicating
the
substantial increase in world trade.
a
members of,
can
condemn, but simply to understand.
If the area of
gradually be enlarged all over the world, our children's
not
be
the
Domestic
the
Willard Thorp
Year's Experi¬
Earnings Tax";
and
Spring Session of
dealings with
children
or
Foreign
of
speak
paper on
of April,
understanding
may
of
Trust, who
Depression."
at
was
newspapers
extremist
American
emotionalized
is
Undistributed
vestment
officers
Japan, the Japan
great
led
and
find
I
quarters with reference to what
aims of the Institute of Pacific
is
will give a
.
steadily retreating front.
the
Bureau
will
who
"The Present Instalment Credit Situa¬
tion"; Dudley Cates, Vice-President of the Commercial In¬
gen¬
The Japan of August
Now, in the remaining few minutes, Mr. Chairman, I would like
on
with
White,
quietly and painlessly
That is the problem alike of the American
British
to
with
man
had
more
retire
a
who have business
us
is
which
but
July 7.
on
and
Office
out
instruction, he
began
here, especially those of
we
the
of
to
was
antithetical Japan
an
and
Forms
and
Japan.
in
the incident
and
banks
he
out
carry
activities
ence
hundred
that
garrisons
the
Neff, Director of Systems and
Exchange Commission, who
"Corporate Financing Under the SEC"; Dr.
of Dun & Bradstreet, whose
topic will be "A
nominee
a
of their really great Japanese
one
large view of politics and mankind, General Tashiro.
in
himself
H.
Securities
China.
persuaded
was
army
General,
a
designed
North
Tokio
second
told
himself
Minister,
in
this
Sato,
Minister,
army
general staff
command
Mr.
Prime
Prime
as
General's staff.
Time,
then
army
The
Imperial
Blossom
several of the highest ranking
And even the Foreign Minister
me
that both he and Senjuro
or
thinking
annihilation
personal
of
of
imminence of
the
turning
annihilation
in
Report of Operations of RFC Feb. 2, 1932, to Oct. 31,
1937—$12,016,041,300
Loans
Authorized
During
war
Period—$1,746,747,934 Canceled—Expenditures for
of Corporation Totaled
$6,618,756,861
pacifist.
Activities
In
Banking
A.
Problems
A.
B.
New
Confronting Research Council of
By Gurden Edwards, Before
York
Financial
Advertisers'
the
Study Reveals 3 Types of Prejudice
wholly
banking situation, there are nevertheless a
number of outstanding questions calling for intensive
study
and sound action, Gurden Edwards, Director of the Re¬
search
Council
the American
of
Bankers
Association, told
the New York Financial
Advertisers'monthly meeting at the
Lawyers Club in New York City on Nov. 29.
He described
the way in which the Bankers Association has been
geared
up to meet more effectively than ever before these new cur¬
rent problems in banking.
Stating that "we have a number of concrete problems
that
can
be dealt with in
a
level headed and effective
man¬
ner," Mr. Edwards added:
question of the place and the value of the
Federal deposit insurance plan in the banking structure.
It would appear
that sufficient experience under this
plan has elapsed to permit of a study
and review of its operations.
have
a
distorted
a
banks,
starvation in
commercial loans.
We have banks, there¬
fore, under-equipped to handle investments and
over-equipped to handle
available volumes of loan business.
We have the problem of pressure
by some groups in Congress
creased Federal Government control of
banking, and
particularly
measures
f)
Edwards said that, in order to
bring attention and
action to bear on these various
problems, the American
Bankers Association has created the Research Council.
Its
functions, he explained, are to coordinate all the several re¬
search activities
being conducted by different units in the
organization, expand this type of work and foster the dis¬
tribution and utilization of the
resulting studies both within
the banking profession and
among those outside this field
interested in obtaining authoritative information
about the
phases of banking.
rocess
e
or
There
under consideration
the
at
end
of
the
month
of
Jones,
of the RFC
amounted
to
and
in
$77,-
commit¬
$12,016,041,300.
amounts include
$280,622 authorized
agencies
October
other
during
governmental
and
These
governmental
total
a
agencies
to other
of $1,026,557,042 to
$1,800,000,000 for relief
and
from
organization through Oct. 31, 1937.
Authorizations
aggregating $7,085,148 were canceled or withdrawn
during
October, Mr. Jones, said, making total cancellations and
withdrawals of
$1,746,747,934.
mains available
to
A
total
of
$674,822,589
re¬
borrowers and to banks in the
purchase
of preferred stock,
capital notes and debentures.
The relief
disbursements, Mr. Jones
said,
advanced
directly
States
to
by
include $299,-
the
Corporation,
$499,999,881 to the States upon certification of the Federal
Emergency Relief Administrator, $500,000,000 to the Fed¬
eral
Emergency Relief Administrator under provisions of
Emergency Appropriation Act, 1935, and $500,000,000
under the provisions of the
Act,
1935.
Emergency Relief Appropriation
$28,569,155 was disbursed for
$18,430,267 was repaid, making
During October
loans and
investments and
total disbursements through Oct.
31,
and
repayments of
The Chairman continued:
During October, loans were authorized
panies
sions
1937, of $6,618,756,861
(approximately
to
nine
(including those in liquidation) in the
and
withdrawals
of
loans
to
banks
banks
amount of
and
and
73%).
trust
com¬
$513,994.
Recis¬
trust
companies (including
in liquidation)
amounted to $2,119,168; $2,289,915 was disbursed
$3,974,284 repaid.
Through Oct. 31, 1937, loans have been authorized
to 7,509 banks and trust
companies (including those in receivership)
aggre¬
gating $2,532,777,293. Of this amount $467,337,173 has been
withdrawn,
$72,663,099 remains available to borrowers and
$1,992,777,022 has been
and
disbursed.
During October,
capital
aiming to lay down
a
bankers in their
In his address Mr. Edwards stated the
Association, "using
experiment," has been
the state of public
opinion
and
found to exist there.
definitely three types of prejudice
affecting banking, which he indicated as follows:
social prejudice, which would favor the
socialization of banking.
Another was an attitude among conservative
people who believe that there
should be an increased degree of Federal control over
all banking as a struct¬
ural whole.
The third type of prejudice was based on
actual
was
experience
during the days of banking difficulties with the suspension and the closure
of banks in the community."
of
trust
amount
debentures
a
in
total
6,835
this
has
of
$1,833,533,850,
preferred
in
authorization
banks
been
and
closed
ments
to
amounted
$1,318,244,963
disbursed
for
loans
to
;
and
districts
$305,742
1937,
loans
irrigation
of
have
amount
and
have
been
debentures
capital
been
of
stock,
the
in
amounted
made
for
to
the
of
notes
;
and
debentures
$169,318,286
to
of
banks
the
met.
for
distribution to
depositors of
$479,969, recissions and withdrawals
amounted
to
$2,311,439, and
repay¬
Through Oct. 31, 1937, loans have been
depositors of 2,742 closed banks aggregating
to
of
available
this
to
increased
borrowers;
91%,
over
has
been, authorized
aggregating
to
been
finance
to
$93,000
has
amount
the
been
was
has
and
been
drainage, levee and irriga¬
in
the
amount
of
disbursed.
refinance
$136,682,291,
withdrawn
$956,115,764
repaid.
authorizations
;
withdrawn, and $102,746
districts
preferred
$4,117,434.
$874,418,773,
have
been
includes
companies
withdrawals
$1,289,281,339
authorized
were
the
$288,583,662
were
were
trust
$36,097,500 remains available
During October the authorizations
tion
purchase
and
stock,
companies
and
distribution
remains
has
that
6,750 banks
$1,265,958,584 and 1,121 loans were
$23,322,755 to be secured by preferred 6tock,
preferred
trust
in
notes
$2,102,168, disbursements
authorized for
$73,545,537
of
authorizations
banks
and
authorizations
capital
and
aggregating
withdrawal
During October,
amounted
to
recissions
;
1937,
stock,
the amount
conditions of
seven
31,
made
three
92%,
or
banks,
open
company.
banks
were
of
$175,000
Oct.
companies
authorized
an
was
latter
authorizations
and
purchase
when
notes
he said, in
banking.
able to reduce to definite terms
about the banks and bankers as it
This study he said revealed
this
Only $10,419,867 is owing by
$8,531,581 from one mortgage and trust
20 pieces of research to
year,
guinea-pig for
Of
repaid.
Through
pracitical operating problems and also of value in
creating
public information and viewpoints in regard to
"One
ing
$40,000.
at present,
sounder
as a
October
H.
Corporation,
$16,103,113, making total authorizations
through Oct. 31, 1937, and tentative commitments outstand¬
amount
are
some
completed during the coming
typical city
during
program
aggregate
factual basis which will be both useful to
a
12, Jesse
Finance
those
Mr.
many
Nov.
Reconstruction
$4,812,935,381
for in¬
aimed to set up in this
country what some believe would lead to political
central banking.
And always we have with us the special
problem of
public relations,
issued
report,
the
ments amounted to
the
earning assets picture in the commercial
that is, an excess of
investments, which are futhermore rendered topheavy by concentration in one particular class of security.
We have on
the other hand
recovery
984,999
We have for Instance, the
We
of
875,391, recissions of previous authorizations
as
the
in
monthly
stated that authorizations and commitments
Association—
While critical conditions and emergency
problems such
culminated in the Banking Holiday of 1933 are now
absent
his
Chairman
Discussed
of
617
Through Oct. 31,
drainage, levee and
which
$18,197,138
has
Volume
been
Financial
145
available
remains
$39,811,493
withdrawn;
to
the
borrowers,
The loans authorized and
and
the
Finance
struction
Corporation
$690,833
aggregating
which was added to the Recon¬
19, 1934, 11 loans to industry
Section 5(d),
of
provisions
June
Act
authorized duriug October.
withdrawn during October.
were
amount of
1937,
$211,032
leans
including
mortgage loan companies to
the purchase of participation
which has been
Corporation has authorized, or has agreed to
of 401 businesses, $8,656,876 of
$4,609,308 remains available.
and
i
Canceled
k
Authorized
"
v"7.
]:;
V
•''' '■V-V
;T„
7
,
Aberdeen & Rockflsh RR. Co
Ashley Drew & Northern Ry. Co.
400,000
Baltimore & Ohio RR. Co. (note) 87,125.000
Carlton & Coast RR. Co
Central of Georgia Ry. Co
Buffalo Union-Carolina RR
14,600
Charles City Western Ry.
41,300
535,800
13,200
3,124,319
35*702
1,000
464,298
140,000
5,916,500
46,688,133
1,289,000
Chic Gt. West. RR. Co.(receiver)
of
Administration
having
this
a
value of $5,046,500, and sold
par
having
securities
amount
of $400,843,034 were sold at a
value
par
premium of $12,101,888.
Securities having a par value of $89,840,115 are
still held.
In addition, the Corporation has agreed with the Administrator
collected or sold at a later date, such
part of securities having an aggregate par value of $184,592,813, as the
PWA is in a position to deliver from time to time.
to
purchase at par, to be held and
Chicago & North Western RR. Co
Chicago Great Western RR. Co
Chic. Milw. St.P. &
_ .
150,000
Pac. RR. Co. 12,000,000
listed as follows disbursements and repay¬
for all purposes from Feb. 2,1932, to Oct. 31,1937:
report
ments
Disbursements
$
$
1,980,288,789.87 1,822,223,435.17
181,193,748.56
Loans under Section 5:
•
(incl. receivers)
Banks and trust companies
(Including receivers)
537,126]239.11
Federal Land banks...387,236,000.00
Railroads
393.419,039.63
173,243,640.72
117,005,895.34
89,675,416.42
17,979,621.38
Mortgage loan companies.
corporations
associations (Incl. receivers).
Regional Agricultural Credit
Building and loan
Insurance companies..
Joint Stock Land banks.
12,971,598.69
Livestock Credit corporations..
State funds for insurance of deposits
600,095.79
14,718.06
14,718.06
Agricultural Credit corporations
5,643,618.22
719,375.00
Fishing industry
Credit unions-
Processors or distributors for
60,000
of
Secretary
Agriculture to purchase
3,300.000.00
Loans for refinancing drainage,
3,300,000.00
West.RR.Co.
Eureka-Nevada Ry. Co
(receivers)
Ft.Smith & W.Ry.Co. (receivers)
Ft. Worth & Den. City Ry. Co..
Fredericksburg & Nortb. Ry. Co.
Gainsville Midland Ry.(receivers)
Gainesville Midland RR. Co
Galv. Houston & Hend. RR. Co.
Georgia & Fla. RR. Co. (receivers)
78,673,660.22
1,514,145.69
22,448,420.02
22,300,000.00
281,160,506.48
tion districts
55.144,372.28
puhlic school authorities for payment
of teachers' salaries and for refinancing out¬
Loans
to
standing indebtedness..
Loans to aid in financing
self-liquidating construc¬
tion projects....
.................
Loans for reoalr and reconstruction of property
damaged
by
tornado, flood
fire,
earthquake,
and other catastrophes....
11,919,885.32
surpluses in foreign markets.
...;
Loans to industrial and commercial businesses...
Loans to mining businesses......
20,177,690.67
21,108,460.69
813,076.48
94,391,044.07
2,991,500.00
12,488,231.82
......
purchases of assets of closed banks..
finance the carrying and orderly market¬
Loans on and
Loans to
5,521,807.92
20,224,586.66
———
sale of agricultural
Loans to aid in financing the
ing of agricultural commodities
Commodity Credit Corporation
and livestock:
671,666,080.29
19,484,491.78
11,700,000.00
Administration...
661,501,126.20
18,496,383.30
2,425.46
1
secured by pref.stock.4,968,687,086.07
Purchase of preferred stock, capital notes and
debentures of banks and trust companies (in¬
cluding $18,148,730
disbursed and $7,239,074.89 repaid on loans secured by pref. stock)—1,083,865,553.23
Purchase of stock of the RFC Mortgage Co.......
25,000,000.00
Loans secured by preferred stock of insurance
companies (including $100,000 disbursed for
the purchase of preferred stock)
34,375,000.00
Total loans,excl.of loans
Works security
Allocations to Governmental agencies
visions of existing statutes:
....
.i.'.
. .
. .
Federal Farm Mtge. Corp.
Federal Housing
.-
.———— -
Joint Stock Land banks...—
—....
for loans to farmers.
Administrator:
insurance
fund..
To create mutual mortgage
For other purposes
Sec. of Agricul
for crop loans to farmers
Governor of the Farm
revolving
(net)..
capital for pro¬
duction Credit corporations
Corporation
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of capital stock (Incl. $34,500,000
Stock—Commodity Credit
held In revolving
fund)...—
Expenses—Prior to May 27,
Since May 26, 1933
—
1933....
directly by Corporation
For relief—To States
To
States
on
Governmental agencies
certification
of Federal
under Emergency
Under
Appropriation Act—1935...
Relief Appropriation Act,
RR. Co
N. Y. N. H. & Hartford RR. Co.
Pennsylvania RR. Co
Pere Marquette Ry. Co
Pioneer & Fayette RR
—
Pittsburgh & W. Va. RR. Co
Puget Sound & Cascade Ry. Co _ _
St. Louis-San. Fran. Ry. Co
St. Louis-Southwestern Ry. Co..
Salt Lake & Utah RR. (receivers)
Sand Springs Ry. Co
Southern Pacific Co
Southern Ry. Co
Sumpter Valley Ry Co
Tennessee Central Ry. Co
Texas Okla. & Eastern RR. Co..
Texas & Pacific Ry. Co.
Texas Southern-Eastern RR. Co.
Tuckerton RR. Co..
2,600,000.00
55,000,000.00
10,000,000.00
45,621,074.55
115,000,000.00
and relief
principle, loans in the
specified conditions.
Address
He
175,102
750,000
117,750
1,200,000
100,000
300,000
7,995,175
18.672,250
200,000
162,600
22,000,000
19,610,000
100,000
2,805,175
18,672,250
162~600
22,000,000
2,267,460
100.000
5,147,700
4,366,000
400,000
700,665
30,000
6,000
147,700
7ob~666
108,740
30,000
39,000
39,000
15.731,583
4,366,000
400,000
22,525
22,525
i,403"666
100,000
22,525
537,126,239 181,193,749
has approved
the performance of
authorized the Corporation
amount of $56,385,985, upon
„
Federal Repeal of Statutes
Urges
Hampering
Recovery
changed attitude on the part of the Federal
business, is needed as an aid
The
lure
of uncertainty
and fear which
industry
on every
present
on
surrounds the construc¬
Mr. Frothingham
hand?"
499,999,880.89
500,000,000.00
to
fidence of a
be
effective in dispelling
the uncertainties and fears
of a kind that will give
they must be genuine, must be
new intent on the part of Congress,
and not merely be of a
that
con¬
kind
-----—-bl¬
in substance.
undistributed profits tax, for instance, while it will
the prudent conduct of business, or the
repeal of the capital] gainsltax, would not in themselves mean half so much
as the favorable psychological reaction to the fact that Congress, by such
actions intended—now and willingly, not later and grudgingly
to do
—.. — ..
something about it
that yield
901,449,006.11
299,984,999.00
burden'would seem to be on Government, to relieve the preethat it may breathe again. If these re-
the lungs of business so
are
retard progress,
44,500,000.00
3,108,278.64
12,605,652.92
remove
17,084,858.00
w
^
——.
in detail, but not
repeal of the
a
crippling influence on
effects of recent and of a good
suggestion in this that needed
abandoned: only that too great
needed directions drags the good with the bad
corrections
produce results in
of confusion and uncertainty. _
is]not] unmindful of its]obligations but it can only function rightly
atmosphere and in a fairjfield.
Isjnot the.first.need, therefore, that
into the maelstrom
in a free
the throtting
legislation.
There is no
of business practices should be
of pending
haste to
9,343,386,604.04 4,830,020,238.79
all.
Let Congress remove now
Business
18,200.000
28,900,000
3,000,000
10,500
300,000
5,147,700
108,740
700,000
30,000
45,000
loans
27,499",000
+
seases
advances—23,195,857.06
-
600,000
18,200,000
7,699,779
28,900,000
3,000,000
17,000
4,475,207
continued, in part:
40,500,000.00
97,000,000.00
8,COO,000.00
Issued for funds for allocations
—
221
27,499,000
Attitude Responsible for Business Re¬
Francis E.
Frothingham Declares—In
Before Connecicut Investment Bankers
Government
tive forces of
17,084,858.00
Grand total
162,600
"""200
785,000
570,599
25,000
643,597,795 106,393,556
addition to the above
sense
1.799,984,879,89
-
-
RR.Co.
Wrightsville & Tennille RR
Wichita Falls & Southern
deal
—-
1,070,599
......
15,731,583
WabashRy. Co. (receivers)
Western Pacific RR. Co
In
99,200
785,000
18,200,000
7,700,000
29,500,000
3,000,000
17,000
4,475,207
300,000
7,995,175
18,790,000
200,000
23,200,000
19,610,000
656.368
62,500
2,300,000
2,300,000
23.134,800
an
145,000,000.00
500,000,000.00
1935
Total for relief
23,134,800
99,200
785,000
1,070,599
25,000
27,499,000
Co
Co
Mobile & Ohio RR. Co. (receivers)
Murfreesboro-NashvilleRy. Co—
New York Central RR. Co
985,000
6,843,082
100,000
......
Government,
to industrial
recovery, Francis E. Frothingham, President of the Invest¬
ment Bankers Association of America, declared on Dec. 1 in
address before the Connecticut Investment Bankers
Association at Hartford. "If," he said, "the question is fairly
asked why business is lagging, and why capital will not risk
investment, will not the answer be found in the prevailing
200,000,000.00
122,514,000.00
Emergency
Interest on notes
Co.
Missouri Southern RR. Co
A
Relief
Administrator....—.—..——.^-..—---.
800,000
2,550,000
50,000
197,000
3,000
744,252
1,729,252
6,843,082
100,000
2,300,000
Missouri-Kansas-Texas RR. Co.
The
Total allocations to
8,500.000
800,000
2,550,000
rather than of
Credit Administration for
fund to provide
Co
Ry. Co.
Mississippi Export RR. Co.....
cession,
for loans to:
Farmers
8,500.000
22,667
1,000,000
-
in
under pro¬
purchase:
Capital stock Home Owners' Loan Corp....
Capital stock of Federal Home Loan banks..
Farm Loan (now Land Bank) Commissioner
13,915
520,000
100,000
800,000
2,550,000
200,000
...
Minn. St. P. & SS.Marie Ry.
417,829,939.83
Secretary of the Treasury to
;.
(trustee)
6,000,000
35,290,000
Meridian & Bigbee River
....6,618,756,860.98 4,812,935,380.79
Total
354,721
99,422,400
9,500,000
Totals
506,829,221.68
transactions.--.
1,061,000
6,000,000
13,915
520,000
35,312,667
..........
496,172,812.50
320,000
227,434
8,176,000
—
Illinois Central RR. Co
489,590,533.01
6,582,279.49
627.075
15,000
10,539
13,915
520,000
RR. Co
......
Gulf, Mobile & Northern RR. Co.
Public
of
Administration
Emergency
Federal
3,898,932,628.46
1,143,240,553.23
Total
105,422,400
Great Northern Ry. Co
—
Other..
Loans to Rural Electrification
11,310,414.45
53,500
500,000
71.300
582,000
3,000
90,000
354,721
Green County
Lehigh Valley RR. Co
Litchfield & Madison Ry. Co
Maine Central RR. Co
8,081,000
3,182,150
16,582,000
53,500
219",000
16,582,000
3,000
717,075
227,434
8,176,000
15,000
10,539
78,000
1,061,000
N. Y. Chic. & St. L.
levee and irriga¬
8,300,000
1,481,000
53,600
53,500
8,300,000
3,182,150
Mobile & Ohio RR.
3,738,238,679.41 3.077,742,725.32
Total loans under Section 5
cotton
1,150,000
13,718,700
8,300,000
28,925,300
60,000
Erie RR. Co
Missouri Pacific RR.
payment of pro¬
cessing tax.............................
538
2,098,925
Copper Range RR. Co
Denver & Rio Grande W. RR.Co.
Maryland & Penna. RR.
13,064,631.18
9,250,000.00
5,542,544.98
135,383.30
449,214.21
13,064,631.18
9,250,000.00
to
374,194,099.19
268.260.278.83
173,243,640.72
115,280,811.29
86,313,148.61
15,748,251.64
12,828,819.58
of public
moneys
Federal Intermediate Credit banks
Loans
Repayments
838
16,000
597,000
1,150,000
10,398,925
28,978,900
Columbus & Greenville Co
Denver & Salt Lake
4,338,000
3,840,000
500,000
13,718,700
Colorado & Southern Ry. Co
123,156
220,692
464,298
28,000
155,632
11,500,000
3,840,000
(receiver)
Chicago R. I. & Pac. Ry. Co
Cincinnati Union Terminal Co
Fla. E. Coast Ry. Co.
The
150,000
Chic. Milw. St.P. & Pac. RR. Co.
Chic. No. Shore & Milw. RR. Co.
12,150,477
41,300
7,569,437
140,000
5,916.500
46,589,133
1,289,000
Co
Chicago & Eastern HI. RR. Co.—
securities having par value of
$828,100, at a premium of $4,503.
The Corporation also collected maturing
Public Works
Administration
securities having par value of $99,650.
Through Oct. 31, 1937, the Corporation has purchased from the PWA 2,483
blocks (1,683 issues) of securities having par value of $506,575,921.
Of
87,110,400
53,960
500,000
Central RR. Co. of N. J
434,757
400,000
400,000
3,124,319
—
605*367
634,757
7,569,437
53,960
549,000
Boston & Maine RR
127,000
2,500,000
41,300
Birmingham & So'eastern RR.Co.
$
$
127,000
275,000
2,500,000
634,757
(receivers)..
Bepaid
Disbursed
275,000
Alton RR. Co
Ann Arbor RR. Co.
or
Withdrawn
"•/;J
127,000
Ala. Tenn. & Northern RR, Corp.
purchased from the Federal Emergency
Public Works nine blocks (seven issues) of securities
During October the Corporation
table (as
Authorizations
were
to
aggregating $20,999,423
withdrawn
of
amount disbursed
repaid by each are shown in the following
Oct. 31, 1937), contained in the report:
and
Authorizations in
Through Oct. 31,
assist business and
industry in cooperation with the National Recovery Administration pro¬
gram, the Corporation has authorized 2,261 loans for the benefit of industry
aggregating $170,076,442.
Of this amount $54,813,058 has been with¬
drawn and $22,903,743 remains available to the borrowers.
In addition,
the Corporation authorized, or has agreed to, the purchase of participations
of one business aggregating $12,000 during October, and similar authoriza¬
tions aggregating $139,943 were withdrawn.
Through Oct. 31, 1937, the
the
to
authorizations canceled or with¬
railroad, together with the
drawn for each
$78,673,660 has been disbursed.
Under
3593
Chronicle
3594
Financial
the Congress shall give
the'business
to be realistic in a world beset with hazards and
should make ourselves
From
as
nation internally
a
dangers against which
we
strong?
business
expenses
Chronicle
of the country an earnest of its intention
must come the wealth that employs labor,
of government, balances the budget, reduces the debt.
the
pays
Mr.
From
1911
Surety
Swiss Trade and Industry in 1936
The "Swiss Federation of Commerce and Indust~Tr" has
recently published its annual "Report on Swiss Trade and
Industry during the year 1936."
The various economic
facts and figures make available to the
foreign reader an
insight into Swiss economic conditions.
As formerly, the
general part of the report contains a concise statement as to
on
questions concerning prices, depreciation of currency, com¬
mercial policy and political economy.
Then follows a statis¬
tical part, giving data about the different branches of
Swiss
economics, such as: population, waterpower, factories, la¬
bour questions, cost of living,
banking, foreign trade and
finance.
The greater part of the volume is devoted
to
special reports in the individual branches of trade and in¬
dustry, on traffic, insurance and banking, on production
and distribution of electric
energy and on technical and
mercial education
com¬
The report which comprises some 190
pages, appears in
French and in a German edition and
may
be obtained
the reduced price of Swiss francs
5.—(plus postage) from
the Secretariat of the Swiss Federation
of Commerce and
Industry, Zurich, Borsenstrasse
of St.
Louis, Mo.
until
1932
Mr.
St.
Louis
Co. in their
nection
with
the
Home
until Jan.
Schmitt
and
York
Attorney-General of Idaho
Theodore
A.
Interior, died
Walters,
Nov. 27 of pneumonia at the Naval
Hos-
on
ad
Eital,been Assistant Secretary 61 years InteriorMr. Walters
Washington. He was of the old. since 1933.
habilitation and Liquidation Bureau and
bar
in
1906
and
Caldwell, Idaho, where he remained until
to Washington in 1933.
Mr. Walters was
of Idaho from 1917 to 1920 and
Board of Education before
When advised
of
following statement
Theodore A. Walters
on
was
practiced law in
his appointment
Attorney-General
President of the State
was
coming to Washington.
death, Secretary Ickes issued the
his
Nov. 27:
fine
a
He organized the auditing divi¬
May 10, 1936. he
on
♦
of
David
V.
Penn,
Second
Supervising Examiner of the Second
District of the Federal
Deposit Insurance Corporation with
York, died
Englewood, N.
on
J.
Nov.
He
26 of heart
was
Wellsville, Mo., Mr.
disease
37 years old.
served
as a
the New
arms
manufacturer, died
Penn
was
appointed an Assistant National Bank
Examiner and was
assigned to the Kansas City Federal
Reserve District, with
headquarters in Kansas City.
He
as National Bank
Examiner in
among those selected early in 1933
received his full commission
1926.
Mr. Penn was
the
to form the national bank
reorgan¬
ization division in the office
of the
Comptroller of the Cur¬
rency
In October, 1933, he was
appointed
Supervising
Examiner for the Federal
Deposit Insurance Corp. for New
York State and later his
control was extended to the
entire
Second District of the
Corporation, which comprises New
York, New Jersey and Delaware. Mr.
Penn assisted in the
program of bank rehabilitation in
the New York area
during
the depression.
Member of Parliament from 1918 to 1922.
From
"Herald Tribune" of Nov. 25, we take the
Mr. Vickers was long a
powerful figure in the munitions firm, second
largest of its kind in the world, which had borne the name of his
family
1829.
After his tenure
as
Chairman of Vickers, Ltd., he served as
managing director of Vickers-Armstrong, as the firm is known today. Aloof
from business publicity, he seldom committed
himself in statements open
to attack from
those who held that munitions manufacturers endangered
world peace.
•
Hutchinson, Vickers & Co., and
names since
many
Louis
of New
A.
Schmitt, Deputy Superintendent
York State
Insurance Department
Tribute was made on Nov. 28
by Louis H. Pink, Superin¬
tendent of Insurance of New York
State, to the late Louis A.
Schmitt for his services as
Insurance.
Mr.
Special Deptuy Superintendent of
Schmitt died
on
Nov. 23 at his home in
Pelham, N. Y.
He joined the New York State
Insurance
Department in 1933 and at the time of his death had
been
in full charge of the
auditing of the Liquidation Bureau and
of the Title and
Bureau.
)£, The
is
from
Mortgage Rehabilitation
#
following, summarizing the
an
announcement
Department:
first founded in
In 1829, it became Naylor,
in
1867, Vickers. Sons & Co.
In 1897
the firm bought the Maxim-Nordenfeldt
Guns and Ammunition Co., and
a time was known as
Vickers, Sons & Maxim.
for
of many
worth
of
subsidiaries, it
was listed in 1915 as
having shares and debentures
Its officials declined to make public the firm's full list
£9,688,000.
holdings.
S.
G.
■
Dobson
Elected
/
■
President of
Canadian
Bankers
Association—Succeeds S. H. Logan
8. G. Dobson, General
Manager of the Royal Bank of
Canada,
elected
was
President
at the annual
of
meeting
Canadian
the
on
Nov. 18.
Logan, President of the Canadian Bank
Other officers elected
First
Bankers
He succeeds
of Commerce.
were:
Vice-President, H. B. Hen wood, General Manager, Bank of Toronto*
Vice-President, H. F. Patterson, General Manager, Bank of
Second
Nova Scotia.
Third
Vice-President,
Charles
S.
Pierre,
General
Manager,
Banque
Canadienne Nationale.
Fourth
Vice-President,
Honorary presidents
Jackson
were
Dodds,
General
Manager,
Bank
of
reelected.
♦
William L. Forster
Appointed Assistant Vice-President
of Stock
Clearing Corporation of New York Stock
Exchange
William
Corp.
L.
since
Forster,
June
22,
an employee of the Stock Clearing
1892, has been appointed Assistant
was announced by the New York Stock
Exchange on Nov. 27.
Mr. Forster has been Manager of
the Night Clearing Branch since
October, 1929, and Assistant
Secretary since May, 1933.
+-
S. D. Leidesdorf and H. L.
issued
and
Liquidation
'
career of
was
Schmitt,
by the State Insurance
made
Nov.
on
26
that
Samuel
D.
Leidesdorf, head of the firm of S. D. Leidesdorf & Co.,
accountants, New York, and Herbert L. Carpenter, Presi¬
dent of the Carpenter Cintainer
Corp., Brooklyn, N. Y.,
have been elected to the Board of Directors of
the "Merchants'
Association of New York.
Mr. Leidesdorf succeeds to the
post formerly held by the late Arthur Lehman, and Mr.
Carpenter replaces the late Walter Stabler.
Thirteen Elected Members of Chamber of Commerce
of
State of New York
At its regular monthly
meeting held Dec. 2, the Chamber
of Commerce of the State of New
York elected the following
to
membership: Walter H. Aldridge, Robert R. Appleby,
Joseph O. Brown, John F. Curry, Jr., John T. Egan, J.
Andre Fouilhoux, Theodore G.
Montague, John A. Osborne,
Frank S. Staley, Edward R.
Stettinius, Jr., Ottomar H.
Van Norden, Earle W. Webb and
Hadley Case.
R.
Hook
Committee
of
Elected
Chairman
Annual
Industry—Congress
to
of
Congress
Meet
in
Resolutions
of
New
American
York
Next
Week
Charles R. Hook, President of the American
Rolling Mill
Co., Middle town, Ohio, accepted the
Chairmanship of the
Resolutions Committee of the annual
Congress of American
Industry to be held in New York next week sponsored by the
National Association of
Manufacturers, William B. Warner,
President of the Association, announced on Nov. 26. The
Congress will be held Dec. 7, 8 and 9 at the Waldorf-Astoria,
on Dec. 5 and 6
by the annual riieeting of the
preceded
National
Mr.
Carpenter Elected Directors
of Merchants' Association of New York
Announcement
Charles
of
Nov.
York
by
Treasury Department
Death
on
following:
at
Born in
Penn began his
banking career in the
Farmers National Bank of
Hammond, Okla., first as Assist¬
ant Cashier and later
as Cashier.
He remained with that
bank until 1920 when he was
elected Assistant Cashier of
the First National Bank
of Walters, Okla.
Two years later
Mr.
a
23 in London at the
age of 76.
He was Chairman of the
armanent
firm of Vickers, Ltd., from
1918 to 1926 and
Vice-President, it
Supervising Examiner for
FDIC—Helped
Reorganize
District
of
Closed Banks in New York
Area
David V. Penn,
offices in New
his home in
made
Parliament
Douglas Vickers, former
'
The death of Mr. Walters is a
personal loss to me and a serious
one to
the department.
All of those who have
worked with him will miss him
Death
was
Montreal.
public servant—devoted, sincere and
loyal to the people whom he served.
As First Assistant
Secretary of the
Department of the Interior I had come to
rely greatly upon him.
He was
willing to shoulder responsibility, he was a
man of sound
judgment and
he never complained,
however great the burden that
he was called upon
to carry.
con¬
of Douglas Vickers, Former Munitions Manu¬
facturer—Ex-Chairman of Vickers, Ltd., Served in
S. H.
Idaho
became
Death
working
University and the University of Iowa,
through by teaching school.
He was
way
Southern
also
Special Deputy.
Association
his
the
He
Liquidation Bureau.
On Dec. 1, 1934, he was appointed an
Special Deputy Superintendent of the Title and Mortgage Re¬
Assistant
He had been prominent in the
Idaho Democratic
Party for
years and served as Chairman of the
Democratic
State Central Committee from
1928 to 1933.
Born in
Garber, Iowa, in 1876, Mr. Walters received his education
at the Upper Iowa
many
admitted to the
with
offices.
Swelled in power and prestige
during the pre-war years by the acquisition
Assistant Secretary of the
First
on
9, 1933, when he joined the Liquidation Bureau of the
Vickers, Ltd., has been known by
A. Walters, First Assistant
Secretary of
Interior—Was Former Democratic Leader
and
4,
born there
Indemnity Co. in 1930 and retained that
1790 by a munition maker, George
Naylor.
the
was
sion of the
17.
Death of T.
He
associated
was
New
New York State Insurance Department.
since
a
at
native
a
work.
affiliated
Report
was
April 10,1891, and attended the St. Peter and St. Paul Schools and St. Louis
University.
He specialized in insurance, accounting, Investment and claim
Business
and capital want nothing more than to be permitted to do this
job.
Dec.
Schmitt
Industrial
forthcoming
3141.
The
continued:
Council.
event was made in
announcement
Previous
reference to the
issue of Nov. 13,
page
Nov. 26 by Mr. Warner
our
issued
Volume
Financial
145
industrial viewpoint for
Assisting Mr. Hook in the formulation of the
manufacturers from all sections of the
country who will attend the sessions will be Elon H. Hooker, President of
the Hooker Electrochemical Co., of New York, who will be Vice-Chairman,
presentation to the thousand or more
and
a
ranks of industry.
Council of the U. S.
of outstanding leaders drawn from the
group
Mr. Hook is
a
member of the Business Advisory
Department of Commerce, a member of the Executive Committee
of Directors of the American Iron
and Steel Institute, and a
Board of Directors of the National Association
day sessions of the Congress of American
and Board
member of the
of Manufacturers.
_^The Resolutions Committee will sit almost
constantly during the three
Industry, preparing its reports
for
Before it, are privileged to appear any manu¬
whether members of the National Association of Manufacturers
presentation to the floor.
facturers
or
,
viewpoint for adoption by the
not, who seek to expound a
convention.
Committee,
that
general area will be honor
Sedler of Syracuse and William
Director, American Institute of Banking.
will be Surrogate
cational
Banking, Wilhelmina A. Wendel, Chairman,
this season on
of
Institute
its first Women's Forum Dinner
announces
6, 1937, at Longchamps, 20 West 58th St.,
City. Dinner will be served at 6:15 p. m.
Dec.
Edgar B. Landis, Trust Officer, Chemical
Bank & Trust Co., New York City, are:
M. E. Selecman, Deputy Manager A. B. A., in charge of Trust Division.
E.
Vincent
Curtavne, Assistant
Secretary Brooklyn Trust Co.,
<ew
York
speakers will be Mrs. Ethel White Kuchler, Chair¬
National Women's Committee, American Institute of
man
Banking,
Director Women's
Helen Stansbury,
Airlines, Inc.
and Miss
by
over
City.
John
T.
York
New
Vice-President
Read,
A.
William
Tax Administrators
of
Association
in Atlantic
To Meet
City Dec. 5-7 Senator Pat Harrison
and
Representative Doughton To Speak
Tax officials,
representing most of the states of the Union
will gather in Atlantic City, N. J., for the three-day con¬
ference of the National Association of Tax Administrators,
Federal and state tax problems, and the
from Dec. 5 to 7.
entire range of taxes which bring 812,500,000,000 annually
in revenue to governmental units in this country, will be dis¬
Chair¬
scheduled to ad¬
U. S. Senator Pat Harrison, of Mississippi,
cussed.
of the Senate Finance Committee, is
man
Tuesday's (Dec. 7) luncheon meeting
Program," and Representative Robert
L. Doughton, of North Carolina, Chairman of the House
Ways and Means Committee, is to present a talk on "Rela¬
tionship Between Federal and State Tax Programs." Gover¬
nor Harold G.
Hoffman, of New Jersey, will speak at the
dress the conference at
"The Federal Tax
on
Dec. 6.
of the conference on Dec. 6 will be opened
by the Association's President, Alfred H. Stone,/Chairman
of the Tax Commission of Mississippi, after which Mayor
Charles D. White of Atlantic City, will greet the delegates.
banquet
on
The formal part
Eleventh
Convention
Annual
Wholesale Dry
Jan. 18-21
the
of
Goods Institute to Be Held in New York
eleventh
Goods
will
convention
annual
Institute
The
the
of
be held at the Hotel
Wholesale
Dry
New Yorker in
City Jan. 18-21.
The tentative program for the
business sessions provides for the discussion of topics of
New
York
current
such
outstanding authorities, and include
Trends," "Trends in Taxation,"
Expect from Washington," "Labor Relations,"
Distribution," "What Wholesalers Can and
for Their Customers," "Truth in Fabrics Legis¬
by
interest,
subjects
"What
to
"Wholesale
Should Do
J.
Assistant
Weig,
lation," and "State Fair Trade Laws and the Miller-Tydings
An announcement by the Institute said:
the
with and
first
will
time
be
convention
entire
Merchandise Exposition
a
sessions,
in
will be held in conjunction
Institute's annual meeting.
the
feature of
a
quarters
adjoining
the
During the
meeting
hall,
the
products of important manufacturers and selling agents will be no display.
Here
wholesalers may
conveniently acquaint themselves with the mer¬
of
and
selling
and
chandise,
developing
a
plans, of manufacturers desirous
profitable relationship with wholesale
promotional
and
closer
more
distributors.
Manufacturers
invited
be
will
to
attend most
of the business sessions.
Manufacturers will be asked to decide
upon
and arrange the program for one of the sessions, thus affording
manufacturers the opportunity to express to wholesalers, as a group, their
views on
how manufacturer-wholesaler
relationships may be further de¬
In
the Advisory Committee of
fact,
veloped.
entire
The
beneficial
to
the
further
program
wholesale
is being designed
to prove equally interesting and
to manufacturers; to
executives and buyers, and
pleasant relationships now existing
State-Wide Conference of
State
between them.
Trust Officers of New York
Dec. 8 Under
Banks to Be Held in Syracuse
Bankers Association
The Committee on Trust Functions of the New York
State Bankers Association has called a
meeting of the
representatives of trust companies and banks doing a trust
business, to be held at the Onondaga Hotel, Syracuse, N. Y.,
on Dec. 8.
There will be an afternoon session from 2:15
to 5:00 p. m., which will be in the nature of a symposium on
fees and costs, said an announcement issued by the New
York State Bankers Association, which continued:
Reports and recommendations of the Committee on Fees and Costs will
Auspices of New York State
be
made and
thoroughly discussed.
is two-fold:
Our
(1)
by
purpose
To acquaint
our
member
with the progress made
committee and the important matters in which cooperation of
institutions
the member trust institutions
is essential.
with respect to the committee's program.
A
the Onondaga Hotel at 6:30 for those who
participate in the afternoon session, and also for directors and attorneys
of trust institutions as well as general bank officers and others interested
in
the
development of trust department business.
The Surrogates of
(2)
York
Guaranty Trust Co., New
Secretary
Security Trust
President
Co., Rochester, N.
Y.
League of Savings
New York State
tions
Trust Functions and Vice-
Chairman Committee on
H. Stackel,
William
and Loan Associa¬
Conference on
Hold Annual Mid-Winter
to
Dec. 9-10
savings
hundred
Five
officials
loan
and
representing
home-financing institutions in all parts of New
State are expected to attend the annual midwinter
and
thrift
York
New York
of the
State League of Savings
and
Waldorf-Astoria Hotel,
New York, on Dec. 9 and 10, Zebulon Y. Woodard, Execu¬
tive Vice-President of the League, has announced.
The
convention sessions, the banquet and dance on Dec. 9, will
take place in the hotel's Starlight Roof.
Charles H. John¬
son
of New York, former State Commissioner of Public
Welfare, will be the speaker following the banquet, at 9:30
on
Dec. 9.
Among the speakers scheduled to address the
be held at the
sessions of the conference are:
Tremaine,
S.
Morris
Comptroller
./
of the
State of New York;
Morton
the United States Building
and Loan
of the Federal Home Loan
Bank Beard, Washington, D. C.;
Francis J. Ludemann, Deputy Superin¬
tendent of Banks, State Banking Department; Stewart McDonald, Admin¬
istrator Federal Housing Administration ; Henry Bruere, President of the
Bowery Savings Bank, New York; Daniel McNamara Jr. of Brooklyn, and
John M. Bush, Poughkeepsie, President of the New York State League of
Executive Vice-President of
League; John H. Fahey, Chairman
Bodfish,
Chicago,
Savings
and Loan
Associations.
Midwinter Trust Conference of A.
New York City Feb.
B. A. to Be Held In
15-17
annual Midwinter Trust Conference of the
American Bankers Association will be held at the WaldorfAstoria Hotel in New York City, Feb. 15-17, 1938, it is an¬
nounced by Robertson Griswold, President of the A. B. A.
Trust Division, who is Vice-President of the Maryland Trust
Co. of Baltimore, Md.
The annual banquet, which will
The nineteenth
bring the conference to a
close, will be held on
the' evening
Feb. 17.
Trust men in various sections of
the country are being invited to submit suggestions for dis¬
cussion.
In this manner it is expected that a most effective
of
Thursday,
program
will be built around the
in the trust
important current problems
field.
'Trice
as
Act."
For
Co.,
City.
Loan Associations, to
National
New
City.
conference
Traffic Division, United
Vice-President City Bank Farmers Trust Co.,
•-A;;/'/,
Central Hanover Bank & Trust
Creighton,
York City,
New York
Guest
A. Irwin, Assistant Edu¬
session, which will be pre¬
speakers at the afternoon
The
sided
Chapter, American
The Women's Committee, New York
surrounding counties and the Supreme Court Justice
guests. The speakers on that occasion
Onondaga County and
of
William
New York Chapter, American
Institute of Banking, to Hold Forum Dinner Dec. 6
Women's
3595
Chronicle
To receive suggestions
dinner will be held at
Leonard
Colonel
Association
P. Ayres
Research
American Bankers
Council—Membership of
Heads
Council
Colonel Leonard P. Ayres,
Vice-President of the Cleveland
Cleveland, Ohio, has been named Chairman of
Research Council of the American Bankers Associa¬
Co.,
Trust
the new
Nov. 24 by Orval W. Adams,
in announcing completion of
the Council.
Colonel Ayres is and will continue as Chair¬
man of the Association's Economic Policy Commission.
The
membership of the Research Council is representative of the
various sections of the country, Mr. Adams said, and of all
schools of banking thought.
In addition, it will have the
assistance of three non-bankers, authorities in the fields of
bank analysis, bank supervision and general economic re¬
search.
These are John J. Driscoll Jr., of the Philadelphia
accounting firm of Driscoll, Millet & Co.; Herman B. Wells,
former Banking Commissioner of Indiana and now Acting
President of Indiana University, at Bloomington, Ind., and
Dr.
Virgil Jordan, President of the National Industrial
tion, it was made known on
of the Association,
President
Conference Board.
primarily educational, Mr.
of technical specialists
engaged in collaboration with practical bank executives in
studies in banking and related fields.
The information de¬
veloped will be made available to the banking industry
through all existing educational agencies, such as the Amer¬
ican Institute of Banking, which is the educational section
of the American Bankers Association, State bankers asso¬
ciations, local bankers' associations, and other groups.
Gurden Edwards, who has been Secretary of the Eco¬
nomic Policy Commission under Colonel Ayres, is director
of the Research Council, as was indicated in these columns
The purpose
Adams said.
Nov.
of the Council is
It consists of a group
6, page 2950.
are 12 bankers on
There
Ayres.
Leonard
the Council, including
They are:
P. Ayree, Vice-President Cleveland Trust Co.,
Colonel
Cleveland, Ohio,
Chairman.
Ohio Bankers Association, 923
Bank Building, Columbus, Ohio.
Raymond N. Ball, President Lincoln-Alliance Bank & Trust
David
ter,
N.
M.
Y.
Auch,
Secretary
Huntington
Co., Roches¬
3596
John
Financial
Byrne,
President
Hartford-Connecticut
Trust
H. H.
Griswold, President First National Bank &
Fred
I.
New
Kent,
York, N.
Director
Bankers
Trust
Co.
Co.,
Trust
Hartford,
Chronicle
Conn.
Co., Elmira, N. Y.
(address,
100
Broadway),
Y.
Austin
McLanahan, President Savings Bank of Baltimore, Baltimore, Md.
Andrew Price, President National Bank of
Commerce, Seattle, Wash.
Tom K. Smith, President Boatmen's National Bank, St.
Louis, Mo.
A. L. M. Wiggins, President Bank of
Hartsville, Hartsville, S. C.
0.
Howard
Charles
building recently completed there.
originally occupied there by the bank four
Yirgil
Driscoll
Jordan,
have been named advisory members:
Jr., Driscoll, Millet & Co., Philadelphia, Pa.
President
National
Industrial
Conference
The directors and stockholders of the Banca Commerciale
Italiana Trust Co. of Boston,
Mass., have decided to
Board,
place
New
the
company in voluntary dissolution, inviting its clients
withdraw funds on deposit and to make
arrangements,
at their convenience, for the termination of other
pending
business.
This bank, with a capital and
York, N. Y.
Herman
B.
Wells,
Ind., former Indiana
to
Acting
President
on
the
Indiana
University,
Bloomington,
Banking Commissioner.
Six members of the A.
serve
B. A. headquarters staff will
Research Council.
They
surplus of $970,000,
also
has about
are:
Edwards, Director;
Eepey Albig, Secretary
W.
T.
B.
Savings
Division;
Simonds,
T.
Stephenson,
Senior
Deputy
Manager,
Secretary
State
Bank
Division ;
Gilbert
institution "has had
Director
of
Trust
Research, Graduate School
of
merciale
Banking, and
J.
Raymond
Dunkerley,
A.
Culbertson
Appointed
Member
of
Executive
.
Culbertson, Vice-President of the Continental Na¬
tional Bank & Trust Co., Salt Lake
City, Utah, has been
appointed a member of the Executive Council of the Amer¬
ican Bankers Association to succeed the late D. A.
President of the First National Bank,
McMillan,
Murray, Utah, it is
announced
by Orval W. Adams, President of the Associa¬
Mr. Culbertson will serve until the next
general con¬
vention of the Utah Bankers Association.
Meeting
Bankers
Executive
of
Association
to
annual
Council
Be
Held
of
American
April
11-13
spring meeting of the Executive Council
at
of
Bankers Association will be held April 11-13
Edgewater Gulf Hotel, Edgewater Park, Biloxi, Miss., it
was announced on Nov. 24
by Dr. Harold Stonier, Executive
Manager of the Association. The meeting of the Executive
Council is
second
in
families
received
from
importance and authority only to the
of the
Association held in the fall, and
by about 300 bankers and members of
usually is attended
their
from
the
all
various
tees of the Association
policy and
ITEMS
sections
are
of
the
country.
Reports
divisions, sections and commit¬
studied, along with questions of
operation of the Association.
ABOUT
Arrangements
BANKS,
were
excellent record."
an
will
hereafter
carry
The Banca Com¬
its activities
on
in
Nov. 21, from which this is learned named the
banks, to¬
gether with details, in each case, as follows:
The first local bank to "pay off will be the
County Trust Co. on Dec. 3.
The 14,752 depositors of the County Trust will receive
$248,934, or 5% of
the deposit liability, bringing their total dividends to
47%. Last payment
TRUST
.
COMPANIES,
&c.
made Nov. 30, for the transfer of
a
New York Stock
Exchange membership at $70,000.
The
previous transaction was at the same price on November 27.
#
The Board of Managers of the New York Coffee &
Sugar
Exchange, Inc., resolved on Dec. 1 that the Exchange be
closed for trading at 1
p. m., Dec. 24, the day preceding
Christmas, and at 12 noon, Dec. 31.
«
made to this group on Oct. 31,1934.
The 8.900 depositors of the Manayunk Trust Co. will
receive $98,966, a
5% dividend, on Dec. 7. This will bring their distribution to 47 H
%•
payment was made
on
Last
Aug. 8, 1934.
Checks amounting to $14,775,
a 5% distribution, will be mailed to the
3,315 depositors of the North City Trust Co. on Dec. 17.
This will be the
first distribution for this bank.
A
the American
at
annual convention
Italiana
Depositors in five closed Philadelphia banks are to receive
aggregating $617,793 before Christmas, it was
announced on Nov. 21 by Luther Harr, State
Secretary of
Banking for Pennsylvania. The Philadelphia "Record" of
was
Biloxi, Miss.
The
the
dividends
E. A.
Spring
of
care
through its agency in New York and sub¬
sidiary trust companies in New York and Philadelphia.
Council of A. B. A.
tion.
take
deposit
the United States
Secretary.
+.
E.
of all
repayment
to
liabilities aggregating
about $1,334,000.
In addition, the trust company has other
readily marketable assets amounting to $273,000.
Massa¬
chusetts Bank Commissioner William P. Husband said the
Paton, Assistant General Counsel;
W.
$1,970,000 available in cash
immediate
Gurden
Frank
years ago.
♦
The following
John J.
1937
4,
With the opening of the two new offices in the
Center, the
Chase will have almost trebled the amount of floor
space
Wolfe, Cashier Philadelphia National Bank, Philadelphia, Pa.
Zimmerman, President First National Bank, Huntingdon, Pa.
F.
Dec.
offices is installed in the International
Building in ground
floor and basement space at the corner of Rockefeller Plaza
and 51st St., and the other new office
occupies the ground
and mezzanine floors in the corner location at
Rockefeller
Plaza and 48th St. in the
4%
dividend, totaling $220,735,
will
be
mailed
Security Trust Co.
positors of the United
on
Dec.
payment in that institution to 44%.
Nov. 16. 1933.
to
21.
the
This
The last distribution
22.654
-will
was
de¬
bring
made
on
The $12,386 which will be paid (on date to be announced
later, but before
Christmas) to the 3,462 depositors of the Wharton Title & Trust
Co., will
bring the return to 55%. Last payment made for this bank
was
Sept. 3,1934.
*—
The
appointment of Benjamin FTSawin'of Rochester,
Y., as a Vice-President of thelNational City Bank of
Cleveland, Ohio, was announced on Nov. 28 by Sydney B.
Congdon, President of the institution, we learn from Cleve¬
land advices on that date,
appearing in the Chicago "Journal
of Commerce," which further stated that
Mr.lSawin was
relinquishing his post as a Vice-President of the Union Trust
Co. of Rochester to accept the new
position.
N.
*
Directors
of
the
Northern
Trust
Co., of Chicago, 111.,
Manager of the real estate
department to assist Keith J. Sheckler, Vice-President, ac¬
cording to the Chicago "Journal of Commerce" of Dec. 1,
have elected Clifford A. Zoll
which went
Mr.
Zoli
to say:
on
until
as
recently
was connected with the Chicago office of the
Equitable Life Assurance Society in the management of real
estate.
Prior
f
to that he was associated for nine and
New York
of the
Trustees and officers of the North River
Savings Bank,
City, were guests of George T. Connett, President
of that institution, at dinner at the
Union League Club on
Dec. 1.
The affair marked the 30th
anniversary of Mr.
Connett's association with the bank.
Among the guests was
William H. Sage, the
only member of the Board who was a
Trustee when Mr. Connett entered the
institution.
Mr.
Connett went to the North River
Savings Bank
as a
junior
officer from the Greenwich
Savings Bank, where he had been
At the time the North River,
which was then on 34th St. between 5th
and 6th Avenues,
had 18,000 depositors and
$8,000,000 in deposits.
Today
it is stated 63,000
depositors have placed $37,000,000 in the
bank's care.
In 1914 Mr. Connett was elected
to the Board
of Trustees and in 1930 he was made
Vice-President. He has
been President since 1933.
employed since boyhood.
corporate
The
Peoples Wayne County Bank of Hamtramck, Mich.,
totaling $290,000 on Dec. 6, ac¬
cording to an announcement made last week by the Ham¬
tramck Depositors' Corp., it is learned from the
"Michigan
Investor" of Nov. 27, which added:
will pay a third dividend
on
The Dec. 6 distribution will amount to
16% and wiU bring the total paid
certificates of indebtedness to 56% and
78% of the original deposits.
.
«
From the "Commercial West" of Nov. 27
it is learned that
Frank H. Johnson of
Helena, Mont., was recently elected
Secretary of the Federal Home Loan Bank
Portland, Ore., which serves Montana, Washington, Ore¬
gon,
Idaho, Utah and Alaska.
The paper
outlined Mr.
President and
of
Nov.
the
Guaranty
Bank
Assistant Cashier in 1929 and is well known
throughout the
Southern territory.
■
♦
The Chase National Bank, New
York, on Nov. 29, opened
two new offices in Rockefeller Center
(in New York City),
in addition to the bank's
present office at 30
Rockefeller
Plaza in
the
R.
C.
A.
building.
One
of the
new
Chase
department.
*—
at
and Trust Co. of Memphis,
Tenn., and entered the
employ of the National City in 1929.
He was elected an
half years with the real estate office
trust and close corporation divisions of
the trust
At a regular
meeting of the Directors of The National City
Bank of New York on Nov. 30 William M.
Vermilye was
elected a Vice-President and Robert H.
Matson was elected
an Assistant' Vice-President.
Both are assigned to the Bank's
district covering the Southern States.
Mr. Vermilye has
been associated with various textile
houses and recently was
Executive
Vice-President of
the
National Aniline and
Chemical Co.
He attended the Massachusetts
Institute of
Technology in the Class of 1902.
Mr. Matson graduated from the
University of the South,
Sewanee, Tenn., and during the war was a pilot in the
Aviation Corps. He began his
banking career in the
a
University of Chicago.
Mr. Zoll assumes the post of Sheldon A.
Weaver, Second Vice-President, who now is in charge of the
Johnson's banking career, in part, as follows:
Mr.
Johnson
National,
three
Butte,
first
later.
years
went
becoming
In
Montana
to
Cashier
1910
he
and
in
1901
Manager
associated
as
of
Cashier
of
the
Whitehall
the
himself
with
the
First
State
American
National,
Helena, as Assistant Cashier, and in two years became Cashier
Manager of the Conrad National, Conrad.
Six years later he returned
and
to
Helena
14
as
Vice-President of
later with
years
September,
1932,
he
intendent of Banks,
15,
1936,
and
the
First
was
the American
National, he
appointed
serving four
with
Mrs.
State
years
National, and when it merged
was
named
examiner
under three
Johnson
took
a
Vice-President.
and
ex-offieio
governors..
nine-month
In
Super¬
He resigned
tour
around
world.
The
Royal Trust Co. of Toronto, Ont., Canada,
announces
the removal of their offices on Dec. 6th to the new
Royal
Trust Building, 66 King Street West, Toronto.
The Royal
Trust Co. (the head office of which is in
Montreal) has assets
under administration in excess of
$782,000,000.
«
Edward B.
erpool,
Eng.,
Orine, Chairman
and
a
director
died in that city on Nov. 29,
lowing
an
automobile
of Martin's
of
several
after
accident.
a
The
Bank, Ltd., Liv¬
large
companies,
month-long illness fol¬
deceased
banker, who
Volume
was
pool
Financial
14C
the Liver¬
of the World
68 years of age, was a former President of
Cotton
Association
and
Vice-President
Cotton Conference in Liverpool in 1921.
Cable
advices
received
from
Barclays
Bank
(Dominion,
Overseas), London, at the New York agency
of the bank, announce that the board of directors have
recommended final dividends for the fiscal year ended
Colonial
and
Se>pt. 30, 1937, at 8% per annum on the cumulative prefer¬
shares, and
per annum on the "A" and "B"
shares.
With interim dividends paid last June this makes
ence
a
distribution of 6% for the year on the
"A" and "B" shares
for the preceding year.
Barclays
Bank (Dominion, Colonial and Overseas), which is affili¬
ated with Barclays Bank, Ltd., London, one of the "Big
as
compared with 0^2%
British territories
improved trad¬
ing conditions in and with such sections as South, East and
West Africa, Palestine, Egypt, the Sudan, and the British
Five,"
maintains
overseas,
West
offices
in
the
3597
Chronicle
main
and the increased dividend reflects
but extended to all parts of the list.
As the market worked
higher the volume of sales increased, the total transfers
reaching approximately 232,000 against 186,000 on Thurs¬
day.
Specialties were in demand and public utilities were
active on the side of the advance.
Prominent among the
closing on the up side were Texas Power & Light pref.,
points to 100; Royalite Oil Ltd., 534 points to 46; Lynch
Corp., 6 points to 39; Babcock & Wilcox, 5 points to 80 and
Aluminum Co. of America, 4 points to 80.
As compared
with Friday of last week prices were higher, Aluminum Co.
of America closing last night at 80 against 7534 on Friday a
week ago; Carrier Corp., at 3134 against 2734; Commowealth Edison at 27% against 26; Creole Petroleum at 24
against 23; Fisk Rubber Corp., at 7% against 634; Gulf Oil
Corp., at 39 against 36; Hudson Bay Mining & Smelting at
2234 against 20%; Humble Oil (New) at 63 against 56%;
Newmont Mining Corp at 6334 against 60 and South Penn.
Oil Co., at 38 against 35%.
stocks
4
DAILY
NEW
THE
AT
TRANSACTIONS
Indies.
CURB
YORK
EXCHANGE
Bonds (Par Value)
Stocks
(.Number
THE
Week Ended
CURB EXCHANGE
Dec. 3,
New York Curb Exchange have
unsettled this week, and while there have
Price movements on the
been somewhat
periods of strength from time to time, the trend
of the market showed a strong tendency to work downward.
Public utilities have been somewhat irregular and industrial
been brief
specialties have been in good demand at times, but the ad¬
vances were not maintained.
Oil stocks have been fairly
steady but showed little change in price from last week.
Mining and metal shares have pointed higher due to activity
in the metal market abroad.
prices moved upward during most of the brief session
on Saturday.
Sharp gains were registered by many of the
market leaders, and while there was brisk buying in all
sections of the list, public utilities were most in demand. The
advances were not particularly noteworthy despite the fact
that the upward swing was fairly steady throughout the
session.
Industrial specialties were prominent on the up¬
points to 1634; Carrier Corp., 33d* points to 3034; Newmont
Mining, 334 points to 6334; Pepperell Manufacturing Co.,
834 points to 68%; Royal Typewriter, 4 points to 44; and
Sherwin Williams, 5% points to 78%.
Scattered offerings persisting throughout the session forced
There was no special
the list, and despite the moderate rally in the
final hour, the price range was, on the whole, below the
preceding close.
The utilities which led the advance on
Saturday were generally down, though there were occasional
stocks that stood out against the trend.
Aluminum Co. of
America was one of the weak spots and slipped back 4 points
prices somewhat lower on Monday.
pressure on
to 78.
to
Chemical, 2% points
6% pref., 5% points to
86%; Royal Typewriter, 1% points to 42%; American Book,
1 point to 54; Browm Co. pref., 1 point to 3134; Childs pref.,
1% points to 3534; and Celanese 1 pref., 2 points to 83.
Absence of offerings resulted in brisk advances all along
the line on Tuesday and a number of prominent stocks
registered gains ranging .from 2 to 4 or more points. Spe¬
cialties led the upward movement, the metal stocks were
stimulated by the firmness in the foreign price of copper, and
public utilities resumed their advance though the gains were
comparatively small.
The transfers were lower than the
preceding day, the volume of sales totaling 186,000 shares
against 193,000 on Monday. Prominent on the side of the
advance were Pepperell Manufacturing Co., 834 points to
77; Quaker Oats, 7% points to 97; Todd Shipyards, 7 points
to 46; Aluminum Co. of America, 434 points to 8234; Mont¬
gomery Ward, 3% points to 123%; and Royalite Oil Ltd.,
634 points to 4034Moderate declines due to early realizing were apparent on
Wednesday.
Industrial specialties which showed good re¬
covery on Tuesday were again down and some of the public
utilities were off on the day.
Mining and metal stocks were
down fractionally and the oil shares were steady but quiet.
Outstanding among the stocks closing on the side of the
decline were Aluminum Co. of America, 334 points to 79;
Babcock & Wilcox, 3 points to 77; Brown Co. pref., 2 points
to 31; Newmont Mining, 134 points to 6234; Quaker Oats,
1 point to 96; Sherwin-William, 1% points to 80; Techni¬
color, 1 % points to 1834; and Todd Shipyards, 1 point to 45.
Lower prices prevailed during the early dealings on Thurs¬
day but the list turned strong during the final hour and some
of the morning
losses were cancelled.
number of
the side of the decline.
Specialties attracted some speculative attention. Mont¬
gomery Ward A moving up 5 points to 128% and Pepjierell
Manufacturing Co., 2 points to 79.
Oil stocks were fairly
firm during the morning dealings and registered additional
advances in the late trading.
Metals were quiet and public
utilities showed moderate improvement with the gains
largely in minor fractions.
Stocks again moved upward on Friday and many of the
leading issues registered substantial gains as the session
ended. The advances were not confined to any special group
closed
on
$1,048,000
11,000
1,066,000
185,590
SI,021,000
1,015,000
1,074,000
1,101,000
49,000
7,000
1,130.000
Wednesday
192,960
186,135
169,885
27,000
39,000
Thursday
185,565
1,173,000
65,000
25,000
1,167,000
1,263.000
Tuesday
40,000
*231,570
1,571,000
36,000
24,000
1,631,000
*1,151,705
S6,955,000
$233,000
$117,000
$7,305,000
Friday
Total.
Jan. 1 to Dec. 3
Week Ended Dec. 3
Sales at
New York Curb
1937
Exchange
1936
1937
1936
1.151,705
12,326,270
*98,925,125
456,297,242
$6,955,000
$6,459,000
$300,958,000
Foreign government..
233,000
Foreign corporate
117,000
9,122,000
64,527,000
$393,876,000
11,575,000
9,425,000
2,664,833,000
$7,305,000
$80,108,000
$414,876,000
$3,280,634,000
Stocks—No. of shares.
Bonds
Domestic
Total
*
.....
Volume for Friday,
Nov. 26, should have been
314,843,000
229,845 instead of 299,845.
Course of Bank Clearings
decrease com¬
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. 4) bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
13.0% below those for the corresponding week last year.
Our preliminary total stands at $6,452,453,827, against $7,414,456,513 for the same week in 1936.
At this center there
is a loss for the week ended Friday of 24.5%.
Our com¬
parative summary for the week follows:
this week will again show a
Bank clearings
pared with
a year ago.
Per
Clearings—Returns by Telegraph
Week Ending Dec. 4
Cent
1937
1936
$2,908,478,922
279,802,623
$3,852,962,442
298,803,055
368,000,000
239,277,000
85,659,056
—24.5
86,200,000
149,043,000
—0.1
127,867,416
109,064,268
81,615,643
66,527,877
—10.7
$4,410,556,646
966,488,210
$5,465,019,757
1,012,462,986
—19.3
$5,377,044,856
1,075,408,971
$6,477,482,743
936,973,770
1 >-►->> 00©
+
$6,452,453,827
$7,414,456,513
—lx.O
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
by the
cannot
New York
Chicago.
Philadelphia
Boston.....
...
.
341,000,000
186,183,261
81,296,077
86,100,000
159,940,000
114,203,819
99,391,486
88,061,982
66,098,476
A-
AA**
Kansas City
St. Louis.....
San Francisco
Pittsburgh
.
.
.
Detroit
Cleveland
Baltimore
Eleven cities, five
days
Other cities, five days
Total all cities, five
days....
All cities, one day
Total all cities for
week
—6.4
—7.3
—22.2
—5.1
+ 7.3
—8.9
+ 7.9
—0.6
—4.5
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all'cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to
for the week previous—the
results
For that week there was a
give final and complete
week ended Nov. 27.
decrease of 17.5%, the aggregate
of clearings for the whole country having amounted to
$4,803,437,667, against $5,819,516,969 in the same week in
1936.
Outside of this city there was a decrease of 8.7%,
the bank clearings at this center having recorded a loss of
Federal Reserve
We group the cities according to the
districts in which they are located, and from
23.3%.
that in the New York Reserve
this it appears
District (including this city)
The gains did not
extend to all sections of the market as there were a
fairly active issues that
Total
$11,000
Monday
Other declines included Heyden
31; New York Power & Light
Foreign
Corporate
Saturday
and metal stocks were
quite active.
The best gains included Aluminum Co. of
America, 6% points to 82; American Hard Rubber, 434
Domestic
$16,000
Curb
side, oil shares were strong and mining
Foreign
Government
of
Shares)
1937
of
14.0%.
are
In the Cleveland Reserve
7.8%, in the Richmond
smaller by
District the totals
Reserve District by
2.9%. The
the St. Louis
Reserve Dis¬
trict of 3.7%.
The Minneapolis Reserve District enjoys an
increase of 2.0% and the Dallas Reserve District of 12.0%,
but the San Francisco Reserve District shows a falling off
5.2% and in the Atlanta Reserve District by
Chicago Reserve District suffers a loss of 8.0%,
Reserve District of 8.6% and the Kansas City
In the foliowin t we
districts:
furnish
a summary
by Federal Reserve
3598
Financial
Chronicle
SUMMARY OF BANK CLEARINGS
The
Federal
Reserve
1937
1936
Dec.
1935
$
$
%
$
Dists.
volume
of
transactions
in
1937
4,
share
properties on the
New York Stock Exchange for the 11 months of the years
1934 to 1937 is indicated in the following:
Inc.or
Week End. Nov. 27. 1937
Dec.
1934
$
1937
1st
Boston
210,098,664
270,169,253
—22.2
230,885,890
203,317,225
2nd
New
York. 13
"
2,781,226,018
3,600,161,942
—22.7
3,423,024,099
3rd
PhiladelphialO
317,676,311
369,375,133
—14.0
329,332,134
274,782,398
5
"
"
252,034,609
273,296,772
—7.8
215,660,655
186,492,064
.6
"
111,344,394
117,504,873
—5.2
103,837,852
90,611,354
10
"
126,769,559
130,559,356
—2.9
114,917,302
300,033,203
1935
1934
93,996,780
Chicago ...18
1936
2,702,633,252
4th
12 cities
Cleveland..
6th
Richmond
6th
Atlanta
7th
"
407,580,800
442,925,966
—8.0
401,239,207
8th
St. Louis...
4
"
118,501,039
129,647,861
-—8.6
112,807,522
Minneapolis 7
"
90,181,152
88,436,581
+2.0
76,015,011
"
106,181,956
No.
Shares
No.
58,671,416
60,248,010
50.346,280
67,201,745
60,884,392
51,016,548
159,265,706
34,606,839
No.
Shares
Shares
19,409,132
14,404,525
15,850,057
54,565,349
56,829,952
29.900,904
179,102,685
49,663,714
141,296.205
39,609,538
22,408,575
18,649,189
16,449,193
20,613,670
30,439,671
22,336,422
29,845,282
25,335,680
21,428,647
69,605,221
81,651,855
75,184,668
71,981,117
228,870,927
260,754,540
124,848,382
213,277,322
20,722,285
17,212,553
33,854,188
34.793,159
26,563,970
29,427,720
42,925.480
21,113,076
30,872,559
34,726,590
February
March——.
65,550,213
10th Kansas City 10
Month of January
Sharu
91,626,710
9th
No.
First quarter.
Month of April
119,273,544
—3.7
101,651,365
81,277,717
May
6
"
66,446,383
59,314,039
+12.0
48,583,437
38,783,148
June
Fran.. 11
"
215,396,782
218,851,649
—1.6
208,873,469
168,126,160
11th Dallas
12th San
Second quarter
Total...
112 cities
4,803,437,667
5,819,516,969
—17.5
5,366,827,943
4,297,230,224
2,121,473,646
Outside N, Y, City
2,323,201,034
—8.7
2,043,392,659
1,693,018,913
—14 4
346,813,291
305,143,668
16.800,155
Six months
i
Canada.
32 cities
357,034,529
We also furnish
417,262,466^
Month of July........
August
today
a summary of the clearings for the
For that month there was a decrease
month of November.
September
Third quarter..
71,789,026
92,229,688
107,079,790
50,439,918
Nine months..
300,659,953
352,984,228
231,928,172
263,717,240
51,127,611
29.254,626
43,995,282
50,467,182
46,658.488
57,459,775
15,659,921
20,870,861
for the entire body of clearing houses of
9.9%, the 1937
aggregate of clearings being $24,389,767,774, and the 1936
aggregate $27,083,987,830.
In the New York Reserve Dis¬
Month of October...
trict the totals show
Month of November.
falling off of 16.3%, in the Boston
12.05%, and in the Philadelphia Reserve
District of 4.1%.
The Cleveland Reserve District has
managed to enlarge its totals by 0.3%, the Richmond Re¬
serve District by
5.0%, and the Atlanta Reserve District
by 3.5%.
In the Chicago Reserve District there is an in¬
crease of 0.8%,
and in the Minneapolis Reserve District
of 5.9%, but in the St. Louis Reserve District there is a
decrease of 3.5%.
The Kansas City Reserve District
suffers a loss of 0.8%, but the Dallas Reserve District
enjoys a gain of 8.5% and the San Francisco Reserve Dis¬
trict of 4.8%.
a
Reserve District of
November
Federal
November
Inc.or
November
1936
Dec.
1935
1st
New
$
14 cities
Boston
$
1,063,459,998
"
Philadelphia 17
3d
4th
York. 15
"
1,569,535,502
Cleveland..19
"
1,300,025,665
13,547,272,187
%
1,215,933,835
$
—12.5
16,183,525,613
MONTHLY CLEARINGS
1937
a
SSs
1
£
1
1
1st qu.
985,725,488
—16.3
14,534,605,843
1,636,783,483
—4.1
1,541,452,663
1,220,119,239
1,296,151,364
+0.3
1,072,572,480
622,274,142
592,777,232
+ 5.0
526,288,004
+9.3 36,395,525,412 30,844,729,915 + 18.0
+6.5 12,744,647,797 10,863,640.546 + 17.3
+ 7.3 12,037,903,347 10,326,237,123 + 16.5
+0.3 12,420,968,079 11,274,260,853 + 10.2
680,259,183
657,179,815
+3.5
568,677,125
Chicago..-31
M
2,108,328,956
2,092,362,245
+0.8
_1,901,237,725
St.
7
"
619,572,028
641,975,518
—3.5
572,726,107
479,524,525
9th
Minneapollsl6
"
481,425,300
454,735,098
+ 5.9
417,783,228
360,994,808
10th KansasCity 18
762,465,259
768,693,512
—0.8
665,145,576
505,152,639
465,502,148
+8.5
398.350,233
314,883,139
Fran..20
"
1,129,996,915
1,078,367,697
+4.8
1,036,091,109
847,604,567
27,083,987,830
—9.9
24,406,878,036
+7.1
+4.0 36,401,739,126 33,760,963,475
+ 7.8
+6.0 110000783,761 97,069,831,912 + 13.3
19,539,779,295
Outside N. Y. City
Canada...
11,342,843,025
11,388,046,928
—0.4
10,353,396,827
1,735,144,338
-6.7
1,691,940,641
course
of bank
showing the clearings by Federal
Inc.or
11 Months
11 Months
1937
1936
Dec.
1935
1934
New York
1936
Federal
Reserve
1st
Boston
New
3d
Dists.
$
14 cities
York. 15
15,696
1,285
1,319
Chicago
$
12,808,555,549
%
+ 7.1
16,014,999,106
13,845,520,105
+ 16.6
10,963,276,178
+ 12.0
+ 15.8
"
Cleveland.. 19
"
16,142,811,214
5th
Richmond .10
"
6,942,103,129
6,197,424,916
6th
Atlanta
"
7,742,220,317
6,684,645,743
—1.1
10,331,532,172
1934
1
to Nov.
30—
1936
1935
1934
$
$
$
$
170,591
14,053
11,180
1,207
913
173,067
15,587
1,052
1,557
1,012
1,477
860
1,172
373
375
346
287
18,052
4,411
10,926
166,004 146,955
14,115
11,949
10,154
10,660
9,624
8,965
16,863
15,359
13,180
4,056
3,580
3,150
Pittsburgh
521
546
455
364
6,770
5,946
San Francisco
605
583
586
460
7,181
6,497
4,050
4,966
9,369,939,663
Baltimore
283
273
251
209
3,320
3,009
4,749
5,858
2,651
5,289,765,171
4,724,044,577
Cincinnati
251
249
219
182
2,967
2,585
2,234
5,729,504,378
4,952,646,434
375
390
326
282
4,847
4,677
3,382
4,320
3,961
170,986,021,806 151,301,580,004
7th
Chicago...31
"
24,980,842,075
22,531,089,545
+ 10.9
18,915,531,673
15,786,332,527
Kansas City
Cleveland
389
357
313
235
8th
St.
7
"
7,063,097,252
6,508,448,835
4,938,221,631
Minneapolis
304
282
262
229
MinneapollslG
"
5,257,404,618
4,773,751,121
+ 8.5
+ 10.1
5,613,839,425
9th
4,357,889,895
3,794,255,656
New Orleans
166
152
137
118
10th KansasCity 18
11th Dallas...._11
"
9,178,558,923
8,337,573,838
+ 10.1
7,409,304,577
6,330,916,823
Detroit
v.
470
428
404
278
M
5,537,237,845
4,701,034,712
+ 17.8
3,817,224,841
Louisville.-....-..
138
139
131
10$
12th San
3,396,385,479
"
13,241,935,866
11,805,304,272 + 12.2
10,391,753,482
8,998,230,677
Omaha..
Louis..
IN NOVEMBER
1937
907
St. Louis
13,769,545,329
Philadelphia 17
11,184,743,846
CITIES
Jan.
1935
1,483
Philadelphia
$
+3.2
4th
16
S
12,415,717,362
176,615,172,407 178,522,878,238
19,094,843,877 17,823,967,390
M
LEADING
$$$
13,047
Boston
2d
AT
November
1937
$
11 Months
clearings at leading cities of the country
BANK CLEARINGS
(000,000
omitted)
11 Months
+0.4
—0.4
for the month of November and
sinc§ Jan. 1 in each of the
last four years is shown in the
subjoined statement:
Reserve districts for the 11 months for four
years:
Week Ended Nov. 27 1937
+ 7.9
+ 8.5
—3.9 12,670,123,125 12,622,761,338
—9.9 11,342,843.025 11,388,046,928
..
The
1,432,455,225
We append another table
252679902,495 238406 136,957
Oct... 27,535,112,803 28,657,231,290
24,389,767,774 27,083,987,830
Nov
8,359,789,990
1,618,698,175
32 cities
+ 7.0 73.599,044,635 63,308,868,437 + 16.3
+5.5 12.691,807,678 11,854,065,151
+ 5.1 11,645,643,608 10,789,275,911
+ 1.4 12,064,287,840 11.117,622,413
557,526,942
11
"
"
+ 4.6 37,203,519,223 32,464,138,522 + 14.6
3d qu. 80,331,336,376 77,274,634,350
1,421,372,447
8th
80,445,906,517
172348 566,119 161131 502,607
9 mos.
489,631,725
7th
qu. 84,120,741,435
mos.
..
444,710,872
"
24,389.767,774
%
July
28,792,060,433 27,302,371,638
Aug... 24,766,234,335 23,567,963,759
Sept.. 26,773.041,608 26,404,298,953
838,382,642
"
16
194 cities
$
88,227,824,684 80,685,596,090
6
11,579,302,901
Richmond .10
Total
1936
$
%
29.924,287,813 27,663,352,857
+8.2 12,400,970,597 10,876,517,032 +14.0
26,070,426,220 24,084,886,600
+8.2 10,750,471,638 9,502,491,474 + 13.1
32,233,110,651 28,937,356,633 + 11.4 13,244,083.177 10,465,721,409 +26.5
1
1
1
A
%
1937
June.. 28,697,184,405 28,599,694,452
Atlanta
11th Dallas
Clearings Outside New York
1936
%
2d
5th
12thSan
the clearings by months
April- 28,818,231,387 27,067,061,596
May.. 26,605,325,643 24,779.160,469
6th
Louis..
covers
Clearings, Total All
$
1,171,947,943
following compilation
Month
1934
Reserve Dists.
2d
The
since Jan. 1, 1937 and 1936:
November
1937
16,690,972
12,635,870
3,810
3,083
3,106
2,407
1,930
3,306
2,714
2,472
2,788
1,292
4,088
+3.6 270,673,854,378 237,693,630,972
134,013,749,911 121,080,640,178 + 10.7 104,669,876,211 90,738,689,333
Outside N. Y. City
Canada
32 dries
17,191,739,510
17,440,451,833
—1.4
15,411,515,606
14,479,509,508
129
132
131
108
1,499
42
48
43
35
515
481
417
Milwaukee—.....
85
80
73
60
998
925
753
633
Buffalo
140
141
133
110
1,736
114
112
103
90
Denver...........
144
139
123
96
1,225
1,526
1,523
1,161
1,334
1,341
1,069
1,143
1,230
St. Paul.
19 4 cities 304,604,783,072 294,147,356,077
1,266
1,368
Providence
Fran. .20
Total..
1,789
5,397
1,626
1,477
75
78
66
55
877
774
661
546
Richmond
186
172
169
149
1,921
1,666
1,544
1,420
Memphis
101
121
94
85
948
924
745
687
151
137
134
102
1,833
1,566
1,321
1,072
70
66
57
50
772
676
584
494
44
45
48
39
561
535
502
400
Indianapolis
Our usual
monthly detailed statement of transactions on
Exchange is appended.
The results for
the New York Stock
November and the
11
months of
1937 and
1936 follow:
Seattle.
Salt Lake
City....
Hartford
Month of November
Eleven Months
1937
1936
29,254,626
Bonds
Railroad and misc. bonds $135,316,000
State, foreign, &c., bonds
27,359,000
9,819,000
U. S. Government bondsTotal bonds
1937
$
First Federal Reser
ve
Me.—Bangor
2,309,598
8,594,824
Portland
Mass.—Boston
.
New Haven
Waterbury
7,164,300
R. I.—Providence
N. H.—Manchester...
(14 cities)
our
8,360
134,014
121,081
104,670
two years
or
separately for November and since Jan. 1 for
and for the week ended Nov. 27 for four years:
FOR WEEK ENDED NOV. 27
Week Ended Nov. 27
Inc. or
Inc. or
1936
Dec.
1935
$
%
$
$
%
$
$
%
$
—9.1
+ 1.4
—13.8
31,690,219
90,739
for each city
1937
8,476,397
943
950
detailed statement showing the figures
Dec.
1,215,933,835
Springfield
Worcester
add
1936
1,063,459,998
Lowell
New Bedford
Total
907,443,537
3,178,531
1,995,493
1,764,246
2,978,112
13,584,805
8,821,694
43,698,380
17,516,444
now
1937
Boston—,
2,539,790
373
19,540 304,605 294,147 270,674 237,694
10,353
Dec.
42,280,600
2,129,434
/
24,407
1936
1,052,392,894
3,053,926
1,667,342
1,557,334
3,367,912
14,418,389
8,495,917
45,028,537
17,478,085
7,281,800
47,906,000
2,269,512
Fall River
Holyoke
Conn.—Hartford
District—
We
11,388
11 Months Ended Nov. 30
Inc.
1937
Outside New York.11,343
NOVEMBER, SINCE JANUARY 1,
Month of November
1,269
447,446,692
$213,556,000 $1,934,900,000 $2,617,339,000
34,941,000
321,724,000
308,147,000
42,198,000
337,908,000
295,509,000
Clearings at—
1,136
3,237
1,081
1936
381,042,190
$172,494,000 $290,695,000 $2,594,532,000
$3,220,995,000
CLEARINGS FOR
1,463
21,878 24,669 22,353 17,853 275,912 268,796 249,934 219,720
Other cities....—. 2,512
2,415
2,054
1,687
28,693
25,351
20,740
17,974
Total all........24,390 27,084
50,467,182
4,792
Total
Description
Stocks, number of shares.
1,533
30,010,718
+ 5.6
424,041
1,758,577
182,041,070
468,182
482,569
2,056,488
232,945.561
591,167
1934
$
—12.1
453,813
—14.5
—20.8
1,654,484
199,921,633
585,310
+ 13.5
301*371
"217"763
2,203,991
432,354
1,340,785
175,329,005
99,625,160
99,838,300
:—0.2
+4.1
10,925,906,366
32,722,863
+ 7.7
+ 19.7
18,509,682
10,659,774,619
30,396,794
17,211,790
+ 13.3
—11.6
16,840,696
+ 11.9
3*0*7*984
+3.8
+7.4
532.806
567,300
—6.1
2,329,815
2,724,175
1,767,286
—14.5
612,020
2,791,123
—1.7
1,284,009
934,539
10,580,648
4,049,137
—20.9
—9.8
10,682,943
2,830,084
9,789,369
3,129,741
—11.7
18,852,781
34,072,634
156,302.280
101,475,506
560,647,862
204,825,799
82,735,200
514,877,400
70,990,200
481,035,500
+ 16.5
13",634,700
9.259,500
26,311.797
26,617,039
—1.1
8,024,200
450,233
—41.1
—6.2
498,818
—9.7
509,600
8,541,000
483,477
—12.5
12,808,555,549
12,415,717,362
+3.2
210,098,664
270,169,253
—22.2
230,885,890
203,317,225
—5.8
+ 3.8
—3.0
+0.2
—1.6
32,823,583
145,537,982
84,617,245
535,079,911
184,942,985
+2.5
+ 7.5
497,028
~
+ 19.9
+ 4.8
1,736,972
+ 10.8
3,653,406
+7.0
—21.9
8,371,378
271+04
418,233
Volume
3599
Chronicle
Financial
145
CLEARINGS
(
Week Ended Nov. 27
11 Months Ended Nov. 30
Month of November
Clearings at—
$
36,714,192
Syracuse
Utlca
Harrisburg
__
Lebanon
NorrLstown
23,800,000
517,460
504,934
373,613
2,681,964,021 3,496,315,935
—23.3
Reading
Scranton
Wilkes-Barre
York
Pottsville..
...
N. J.—Trenton....,
Fourth Federal Res
3,480,388
2",583:228
+33.3
2", 42"o:§42
1,377:244
174,152,351
18,686,874
903,389,586
+ 19.2
+6.8
4,424,191
4,065,075
+8.8
3,156,525
294,098
+ 17.6
190,403
+6.4
17,045,362
—19.2
+5.6
+ 1.5
26,696,030
17,839,177
32,120,444
2,609,158
326,382
16,490,486
1,547,734,867
42,143,057
*250,000
21,089,510
27,224,440
35,798,968
—16.3 176,615,172,407 178,522,878,238
—1.1
—22.7 3,423,024,099
2,702,633,252
—7.5
—2.2
+0.5
—0.3
Cleveland...
Columbus
Hamilton
Lorain
Mansfield
Youngstown
Newark........
Toledo...
Franklin
Pittsburgh
24,466,645
21,460,103
+ 14.0
422,371
417,662
+ 1.1
+23.7
26,141,620
597,621
+4.7
253,043
*350,000
244,435
+ 70.7
15,844,560
109,114,365
22,230,800
15,128,531
95,145,083
+ 17.6
+ 0.6
+3.5
272,474
248,055
—13.3
66,665,116
22,913,519
60,082,788
+ 11.0
1,007:581
1,342,893
—25:6
1,043,834
"661:572
19,370,714
+ 18.3
23,222,807
18,052,000,000
70,217,095
116,082,555
51,500,632
82,647,526
16,525,622
6,696,202
31,550,292
169,144,721
210,110,600
25,067,138
—7.4
359","006:666 —14:8
3i9~,"o"o~o:666
267,"O"O"O:666
+ 18.5
1,797,869
2,428,600
"
+ 13.4
—30.7
1,557,000,000
6,093,952
—4.8
10,779,055
—7.6
+ 1.6
4,011,293
6,274,510
+ 10.8
+ 6.0
1,558,686
577,226
3,142,544
11,586,414
12,287,300
+4.7
+ 12.6
—16.9
+4.5
+45.5
19,094,843,877
1,636,783,483
8,394,552
249,253,774
357,217,895
+ 18.3
+0.7
+9.0
116,262,178
2,966,700,721
4,677,287,743
49,567,800
—3.1
584,626,700
1,915,377
1,120,181
7,225,568
12,387,752
—4.0
25,439,262
18,061,233
—15.6
6,003,667
—8.6
20,750,676
898.627
+2.5
479,355
1,289,273
545,627,246
1,446,135
520,842,012
Green sburg
'
Total
Ga.—Atlanta
Macon
-
—
Fla.—Jacksonville.
...
Tampa
Ala.—Birmingtham
Mobile
Montgomery
+ 17.0
17,947,496
—7.1
8,848,536
—11.5
5,463,982
—13.0
22,908,333
272,786,955
—14.6
1,473,743
+ 8.3
91,263,704
+ 11.0
130,941,000
1,921,004,058
63,839,276
91,209,683
56,288,738
173,209,572
3,320,007,839
19,076,310
1,148,579,157
592,777,232
+ 5.0
6,942,103,129
+ 4.3
+ 8.6
—2.0
+ 3.8
69,401,649
+3.6
—2.9
183 ,923,063
854 ,978,336
2,620 ,800,000
5,858,470
3,624,365
—17.7
60 ,430,766
+ 1.9
43 ,789,696
4,846,967
—4.0
48 ,086,959
56,595,000
+25.5
837 ,104,676
4,912,652
84,512,701
6,360,287
4,247,620
3,893,000
6,680,048
1,298,066
775,189
151,520,795
—3.7
58 ,981,796
680,259,183
657,179,815
4.508,000
7,047,391
1,073,722
Meridian
710,702
Vtcksburg
(16 cities)....
Seventh Federal Re
Mich.—Ann Arbor...
Detroit
—12.3
238,300,000
14,972,364
71,923,107
231,500,000
4,824,273
3,693,669
4.651.885
70,998,628
4,733,000
83,002,240
6,750,232
3,891,296
Jackson
Total
—--
Flint
Grand Rapids
Jackson
serve
1,572,816
469,677,858
6,747,937
12,755,686
2,025,653
7.324,544
Muskegon
2,723,028
3,143,663
4,824,623
13,539,800
75,271.175
6,400,956
Bay City
Gary
Indianapolis
South Bend....
14,353,006
50,815,271
—4.1
80,045,568
—4.2
+8.6
9,887,800
1,405:517
1,496:920
•r~
r*
X
116,118:511
X
131,657:267 —l"l".4
89,288,549
mm mm — m
+ 11.0
+ 19.6
252,034,609
273,296,772
—7.8
215,660,655
186,492,064
284,223
2,535,000
+ 3.6
—10.8
199,218
2,389,000
32,325,951
825,797
2,195,000
29,055,459
168 668,442
+ 9.2
"""
+2.
+ 10.3
52",414:478
57","346:623
—"Ve
52",463:249
1,018 382,559
+ 12.8
17,42"l", 117
18,499,759
—5.8
15,634,637
13",584:334
6,197,424,916
+ 12.0
111,344,394
117,504.873
—5.2
103,837,882
90,611,354
156,773,626
726,706,156
+ 17.3
3,053,493
14,279,204
47,600,000
—5.0
2,386,444
12,360,203
+ 12.5
+ 9.6
3,009,301
13,558,684
43,700,000
—1.4
2,330,500,000
55,146,114
34,516,582
42,836,333
676,268,379
—8.2
41,600,000
2,116,054
10,111,870
33,500,000
900,394
1,147,977
—21.6
1,112,108
915,057
"915:145
—Vo
738,214
""728:169
13,370,000
962,992
12,461,000
+ 7.3
11,829,000
9,640,000
16,426:348
16",809:805
—2:3
15,399,850
13",358:278
1,229,283
1,299,276
—5.4
1,047,359
821,912
+ 19.5
+ 17.7
+26.9
+ 12.3
+23.8
+ 7.2
+ 16.2
+24.9
+ 1.0
+21.9
+ 11.0
X
+ 13.4
4,809,366
88,468
33,533,172
+2.3
28,321,930
22,717,032
126,769,559
130.559,356
—2.9
114,917,302
93,996,780
+ 16.7
+ 15.8
589,955
97,103,817
60,616,990
+ 14.8
2,378:169
2",64i:676 —Vo'.O
2~,"09"0~,656
l",421,599
1,016:886
l",245:621
1,130,359
"726,500
51,732,860
132,637,669
20,424,340
+ 14.4
68,625,343
+ 12.5
26,857,088
53, ,780,528
169 ,740,569
131,921,556
+22.3
+ 7.5
+28.7
+ 13.2
+22.3
+ 7.2
+24.3
+ 7.9
+ 12.0
—18.4
522,058
+ 19.4
26.906,029
50,023,772
240 ,786,602
+9.5
53 ,496,709
+2.5
X
"l22", 194
—6.1
876, ,564,648
72 ,100,560
4,448,337
X
—23".7
"133:232
+21.0
+ 6.0
—3.3
X
174,718
32,770,891
+ 13.9
223,053
+ 1.8
77,814,000
6,286,8t
21,112,530
x
+5.0
44,929,335
96,065,048
+ 8.1
—3.8
+ 19.7
714,554
269,982
4,464,932
14,081,436
+ 6.8
132,672
90,161,987
+ 15.7
—2.4
+ 0.6
—10.1
+ 9.9
774,320,000
85,968,429
224,650,242
43,052,578
925,258,092
20,731,837
"871,142
932,878
—6.6
"732",480
"614,787
13,848:666
15",556:660
—10.9
11,854,000
9",625:666
1,100,219
4,640,016
1,153,348
4,764,450
—4.6
677,904
700,411
—2.6
3,931,854
3,218,155
15",451:725
15,303,825
+V.0
15,371,768
ll",334:3 72
32,382.897
5,285,100
+ 6.4
14 ,790,375
14,173,243
+4.4
53 ,496,443
49,159,962
391,647.029
+8.8
"909,814
+5.6
158,514,682
7,048,334
18,724,872
19,745,105
—5.0
6,864,802
2,675,499
5
8
,545.033
,731,141
639,160
+39.6
4,327,107
1,622,286
2,247,104
+92.6
30 ,539,798
1,614,827
20 ,649,788
1,284,679,138
1,318,609,899
+0.5
—2.6
4,221,708
18,599,726
4,066,405
+3.8
15,586 ,920,431
45
+4.9
22,133,759
—16.0
5,162,124
5,756,437
592,073
5,239,831
—1.5
67 ,477,789
5,517,990
+4.3
66 ,039,548
521,679
+ 13.5
6 ,982,440
2,092,362,245
+0.8
24,980,842,075
22,531,089,545
*477:286
5,612,603
2,537,105
5,546,901
"36"5",976
"357:680
—14.5
*316:698
"616:942
259,928,710
812,082
+ 4.6
56,725,900
6,019,795
2,108,328,956
"769:162
—8.4
—16.9
—8.5
252,227,000
198,737,288
+ 0.6
612,851
459,111
4,341,136
991,496
1,013,165
284,075,530
807,366
5,796,136
1,166,056
1,032,414
—25.1
3.919,378
—15.0
880,290
2,018,291
557,226
—1.9
881,987
875,442
407,580,800
442,925,966
—8.0
401,239,207
300,033,203
1,961,850
+23.9
50,425,961
203,488,315
l",095:568 —1V6
7,493,789
3,221,528
+63.1
14,114,552,169
38,299,289
,363,929
195 ,637,256
97,969:527
+9.1
+ 12.6
+ 14.4
150 ,567,423
Sterling
X
16,933,090
—3.1
Springfield
"858:832
X
4,791,853,967
23, ,359,262
77, 181,271
32, ,059,868
32, 895,382
+39.1
14,915,656
...
"bVl'.OOi
X
18,,615,158
+ 15.0
+9.7
413 ,502,371
Bloomington
—5".7
5,396, 647,028
59, 208,032
152, 243,947
1,367,997
428,212,405
4.852,107
13,071,378
1,896,232
6,121,391
2,400,729
2,716,346
35,848,629
111.—Aurora
—7.9
3,008, 984,725
15 960,144
6,684,645,743
+3.5
+4.6
1,385,518
4,979,198
37,513,039
14,454,272
892,433
X
38,520,278
49,940,505
7,883,900
+ 16.9
1,148,824
7,742,220,317
+ 18.8
488,485
Manitowoc
X
43,946,379
63,163,541
9,650,200
+ 7.2
1,032,557
+3.5
476,375
1,166,601
Watertown
X
+9.9
1,789 ,408,534
34 ,464,478
(31 cities)
48,750,061
76,649,420
9,111,100
+ 18.5
+9.5
23 ,222,524
Total
+ 14.7
+22.8
51, 232,037
8 ,169,835
998, ,231,744
Peoria
274,782,398
37,696,144
15 ,783,357
75 ,648,422
+6.3
Rockford..
2",336:500
317,676,311
294,403
—8.3
—0.1
Decatur—
2"t"905",666
329,332,134
2,260,000
37,921,839
—17.3
—11.9
Chicago
+56+
—14.0
+ 15.3
54 ,474,000
2,072,356
3,341,601
Ames
—9.1
2","413:666
+37.3
+ 15.8
+5.5
80,294,378
Sioux City
1,779,137
702,191
987,807
+ 11.6
41 ,384,235
2,071,905
2,942,886
Sheboygan—
—
—14.9
13, 073,814
82 ,537,317
966 ,719,325
85,377,646
Oshkosh
Dee Moines
885,024
1,035,287
1,319,397
1,882,068
1,078,134
1,249,218
117, 284,000
+6.1
Milwaukee
Iowa—Cedar Rapids..
1,343,944
1,666, 406,969
53, 876,991
83, 555,235
—8.4
—1.8
Wis.—Madison
—
70,930,289
125,706,532
55,031,005
831,978,034
66,093,118
40,961,176
44,678,000
68,134,420
15,026,850
7,172,493
1,532,823,457
22,382,869
4,872,367
Terre Haute
+ 6.6
+ 10.2
369,375,133
District —Chicago—
Lansing
ind.—Fort Wayne
1,182,953
2,069,506
District— Atlanta—
M iss.—Hatt lesburg
La.—New Orleans
X
3",773:500
+23.6
+ 16.6
—2.6
165,978,674
Nashville
182,112
252,921
+ 14.3
Richmond—
1,325,753
11,897,000
171,642,970
5,166,256
622,274,142
Sixth Federal Reser
Tenn.—Knoxville
Augusta
Columbus—
District
1,551,001
11,049,000
186,333,602
5,060,943
7,829,551
4,754,021
19,555,500
283,281,593
1,595,744
101,263,187
(10 cities)
94,039,950
2,585,469,901
3,809,543,581
538,428,800
23,731,079
12,043,317
13,845,520,105
16,142,811,214
D. C.—Washington..
+ 7.1
87,863,000
+0.3
Frederick
17,823,967,390
72,069,131
106,224,672
7,858,150
56,938,304
1,296,151,634
Md.—Baltimore
+5.5
5,945,633,683
1,300,025,665
N. C.—Durham
.
+20.8
+ 1.1
+ 10.7
6,769,507,420
(19 cities)
Greenville...
1,199,567
—1.6
—11.2
Columbia
+ 17.1
+6.7
—4.5
8,609,934
S. C.—Charleston
880,524
—17.2
7,647,418
Richmond..
—1.8
+ 13.9
+3.4
5,147,952
ve
1,261.324
2,280,780
+26.3
+ 12.2
Ky.—Lexington
Va.—Huntington.
306",000:666
58,892,736
222,224,087
8,692,956
5,202,336
14,027,601
94,447,398
W. Va.—Wheeling
Fifth Federal Reser
+ 7.1
+ 15.8
+ 1.2
141,513,444
70,782,881
265,278,967
10,645,921
5,706,439
16,499,497
+ 44.0
+ 1.3
12,422,917
714,268
5,872,771
695,887
.....
Va.—Norfolk
114,649,729
52,458,914
70,599,672
15,482,313
5,542,554
31,213,596
152,736,204
199,179,100
+50.0
+33.2
+ 12.6
+20.2
+ 19.4
+22.5
+9
+ 17.6
78,630,621
124,168,297
8,721,677
68,076,516
100,454,299
Oil City
16,863,000,000
60,620,151
+ 14.7
6,400,000
6,300,000
10,284,305
Erie
304,541
+ 12.2
8,155,050
5.778,791
929,472
605,282
Pa.—Beaver County..
W.
2,781,226,018 3,600,161,942
—1.9
1,396,708
9,928,309
250,977,118
389,218,043
48,020,800
1,838,479
1,612,785
7,320,586
10,458,396
5,485,804
21,266,882
Cincinnati
Total
+ 16.0
6,642,016
District —Cleveland—
erve
Ohio—Canton
Warren.
+9.2
+ 18.7
2,015,485
1,569,535,502
(17 cities)
404,633
3,444~458
+2.2
390,143,973
229,280,391
40,631,525
174,303.742
207,606,317
19,958,795
960,898,762
1,633,996,195
42,769,698
—1.4
*1,900,000
650,186
Hazleton
Del.—Wilmington
+ 1.7
+ 12
+20.6
3,860,022
2,610,713
12,107,146
17,884,000
Bois
543,867
+30.6
6,866,780
4,906,954
+ 6.3
127,534,619
1,483,000,000
6,188.745
9,960,341
4,443.058
6,650,011
1,631,642
Philadelphia
Total
685,088
27,100,000
—0.2
3,323,435,284 2,604,211,311
5,941,841
+3.4
5,260,416
3.261,467
+ 41.0
2,865,194
1,820,917
85,285,572
2,260,660
*2,350,000
1,405,043
9,660,439
5,012,859
2,038,584
1,681,975
Chester
Du
768,404
—5.4
31,603,131
27,809,960
173,066,715.899
357,297,425193,125,100
35,033.882
154,662,019
District— Philadelphia
rve
Bethlehem
Lancaster
+ 16.6
+ 12.9
Pa.—Altoona
8,430,759
—35.9
16.345,229
Third Federal Rese
S
5,767,818
754,900
—16.9 170.591,033,161
13,547,272,187 16,183,525,613
—18.0
29,900,000
799,218
534,638
+ 17.1
(15 cities)...
6,522,594
879,917
13,533,574
Oranges
5,347,786
28,300,000
512,554
36,327,376
Northern N. J
1934
+ 14.0
+ 13.1
Newark
;
+ 10.9
1,736,467,156
31,533,532
N. J.—Montclair
S
1,522,870,050
—0.6
Westchester County.
Total
+ 10.2
4,122,897
—22.9
Conn.—Stamford
%
+ 16.9
18,452,506
1,684,683
83,388,751
128,192,898
3,846,915
Rochester
$
393,828,013
53,826,024
15,845,761
New York
1935
$
460,530,007
59,691,777
+ 13.7
3,054,578
2,712,484
13,046,924,749 15,695,940,902
31,763,323
33,778,297
16,408,817
19,790,796
3,297.344
3,371,306
Elmlra
Jamestown
Dec.
%
141,131,143
Buffalo
1936
New York—
erve
Bingham ton
1937
%
District
41,735,978
4,543,998
140,292,540
2,356,313
3,066,696
Second Federal Res
N. Y.—Albany
Dec.
1936
1937
Dec.
1936
Inc. or
Inc. or
Inc. or
1937
3
—3.9
+ 10.9
Financial
3600
Chronicle
Dec.
4,
1937
CLEARINGS (Concluded)
Week Ended Nov. 27
11 Months Ended Nov. 30
Month of November
Clearings at—
Inc.
1936
1937
Dec.
8
Eighth Federal Res
138.786,126
—0.6
121,126,070
—16.2
948,447,923
923,504,080
249,076
+22.7
3,262,164
3,072,906
2,548,000
2,446,000
+ 4.2
29,317,000
24,666,000
641,975,518
Qulncy.
619,572.028
Minneapolis.
Rochester
448.627
+ 5.
74,500,000
+8.8
78,000,000
70,200,000
54,700,000
24,611.340
17,616,182
21,026,462
15,504,248
+ 16.2
+ 12.0
+ 11.2
24,836,182
26,826,601
—7.4
+2.7
+6.2
+ 18.9
18,690,857
24,300,260
—23.1
474,000
521,000
—9.0
380,000
396,000
x
x
x
x
7,063,097,252
6,508,448,835
+ 8.5
118,501,039
129,647,861
—8.6
112,807.522
91,626.710
+2.7
174,821,777
139,925,087
+24.9
2,910,262
+ 0.5
281,989,555
1,417,313
112,218,143
+ 8.0
3,015,740,678
14,043,792
+ 12.2
56,868,117
+ 4.0
2,564,301
49,298,545
46,807,823
—10.4
+ 1.7
3,382,302,782
14,266,556
1,224,856,730
2,925,101
59,168,146
22,188,097
23,146J 86
18,964,859
12*.*1*0*0* 083
1,669,705
—10.4
16,741,689
16,590,566
+0.9
567,488
—0.6
5,730,424
5,775,173
—0.8
+ 9.3
105,292,323
98,899,344
1,742,001
1,660,697
+ 4.9
1,631,149
1.379,801
7+33.6
639,000
—5.6
543,649
456,087
114,106,944
Minneapolis
1,495,762
564.117
Fergus Falls
9,241,643
10,100,861
N. D.—Fargo........
Grand Forks
;.
1,190,000
793,000
891,000
708,904
2,952,957
7,012.082
726,800
3,740,378
3,371,788!
13,041,400
234,003
2,735,730
7,787,726
684,700
+ 6.1
3,387,602
+ 10.4
+ 1.1
+ 9.9
Miriot...
S. D.—Aberdeen
Sioux Falls
Huron
Mont.—Billings
Great Falls...
Helena
Lewlstown.......
481,425,300
(16 cities)
Tenth Federal Rese
rve
3,335,775
11.869,419
275,628
454,735,098
1,161,497,091
11,114,000
9,165,000
11.9
9,999,287
8,163,067
+ 7.9
32,826,813
—10.0
71,537,442
29,072,541
78,229,367
6,751,110
6,586,188
if
33,586,886
+ 5.5
+ 6.5
+21 3
+22.5
+ 12.9
603,488
—8.6
+2.5
"
2,981,514
5,257,404,618
4,773,751,121
+ 10.1
+5*9
549,295
""4*08*627
12*1
2*. 46*3*213
2,2~79,409
88,436.581
+2.0
76,015,011
65,550,213
—15.0
—15.2
96,248
78,691
1.885,003
1,499.647
—10.8
24,672,969
19,563,919
1,223,118
2,046,898
1,324,398
1,726,471
54*.524*283
—10.5
+5.9
744*783
90,181,152
+ 5.1
2*46*7*536
+ 7.0
—15.1
788,596
+9.2
35,678,683
120.633,085
2,765,723
80,087
30,769,945
38,178,869
126,728,998
2,668,932
+
410,402
Lincoln
Omaha
...
Kan.—Kansas City
Manhattan..
.....
Topeka
.
5,043,463
5 ,267,194
504,859
11,513,156
+ 4.0
6,527,591
126,761,384
5 ,987,275
+9.0
94,142
—9.6
133 ,219,317
—4.S
1,917,807
1,499 ,445,311
—1.5
24,995,500
94,167
102,181
2,262,619
28,028,442
135, 496,933
+34.5
5 ,412,080
+ 18.8
1,488,682
2,541,852
1,378,598
+ 8.0
2,692,663
—5.6
.
St.
Joseph
Carthage
—1.7
14,971,741
—1.1
445,999
+29.2
743,227
7,840,693
—23.2
12,831,565
1,972,543
389,790,765
13,692,405
+ 8.0
—11.8
467,877
.—0.8
36,226.068
+21.9
+3.4
Colo.—Colo. Springs..
Denver
760,365
342,005
—0.2
+5.5
2,756,951
—6.0
—7.1
1,272,885
+25.4
12, 828,401
+ 14.4
768,693,512
—0.8
9,178,558,923
8,337,573,838
+ 10.1
106,181,956
119.273,544
—3.7
101,651,365
+ 4.0
67,128,100
56, 491,356
+ 18.8
920,092
863,596
+ 6.5
855,995
716,512
+21.2
51,577,423
2,461,138,651
219,094,106
41, 620,028
,+23.9
+ 6.4
+ 17.9
2,167, 305,530
+ 13.6
53,733*297
45*. 6*0*4*215
1*7*8
36,963,637
30**4*3*6*679
+ 17.1
376,969,181
294, 178,685
+28.1
6*.256*459
7*.102",704 —*11*9
5*.831*026
4*.062", 640
—12.9
132,278,000
1,974,659,112
23,219,132
117, 249,000
+ 12.8
1,921,000
2,588,000
2,234,000
1,927,000
1,627, 073,746
17, 471,928
+21.4
2,438.177
....
(18 cities)-.
Eleventh Federal R
eserve
Texas—Austin
4,440,319
227,286,613
22,239,861
34,159,573
12,903,000
175,829,011
2,411,718
4,346,412
1,554,039
Dallas.
El Paso.._»......v.
Fort Worth
Galveston
Houston
+2.1
—3.8
+3.2
5,412,906
3,664,954
213.591,267
18,868,147
29,170,787
14,807,000
160,162,441
14,624,412
Wichita Falls
Texarkana
La.—Shreveport
(11 cities)
Twelfth Federal Re
13,173,113
+ 9.8
+24.7
+27.4
+2.1
+ 11.0
505,152,639
Port Arthur
465,502,148
+ 8.5
serve
District
*2,100,000
151,198,337
41,118,000
4,859,990
Wash.—Bclllnghara
Seattle
Spokane
Yakima
1,717,000
3,412,743
1,521,790
-San
Francl
—21.0
45,145,000
—8.9
+ 0.7
+ 10.3
Idaho—Boise
6,406,850
Ore.—Eugene
1,106,000
841,000
130,162,684
121,615,391
+ 7.0
3,450,306
69,547,765
14,275,533
10,088,535
3,757,466
65,994,468
15,800,320
—8.2
8.018,036
+25.8
Berkeley
20,833,074
16,749,679
+ 10.4
6,935,540
10,160,141
17,358,848
16,081,857
3,268,000
16.393,327
3,131,664
583,191,899
11,606,434
6,111,424
9,886,604
+ 20.0
Long Beach
1,129,996,915
1,078,367,697
Portland
Salt Lake City
Ariz.—Phoenix
Calif.—Bakersfield—
Modesto
4,145,000
15,443,503
3,457,384
604,540,439
13,418.155
...
....
San Francisco
San Jose
Santa Barbara
Stockton
(20 cities)....
Grand total (194 cities) 24,389,767,774 27,083,987,830
Outside New York
11,342,843,025 11,388,046,928
CANADIAN
+ 6.6
+ 12.2
71*987*265
80,941*775
—1*1*1
842,587
+ 0.5
2,150,902
2,773,377
—22.4
68,142,334
2,416,927
6, 289,083
—4.6
392, 828,099
30, 406,624
+ 18.9
488,715
435,996
+ 12.1
424,558
91,769
1,333 673,463
+ 14.4
32 865,762
—5.5
4~37~009
563,726
—22*5
664*619
'4*0*1*528
81,277,717
+4.
2,032,958
CLEARINGS
FOR
182 924,776
+
+ 19.8
—25.8
+32.9
44,365,127
36, 469,843
+21.6
827,288
*691*444
+
19*6
688,229
15,918,478
170,890,535
13, 752,925
146, 496,895
+ 16.7
2*788*247
2,464*080
+
13*2
2*.01*0*556
1,640,317
5,537,237,845
4,701,034,712
+ 17.8
66,446,383
59,314,039
+ 12.0
48,583,437
38,783,148
27,823,861
—12.6
+ 15.7
SCO—
2,659,764
137,033,280
4,826,101
5,646,814
Utah—Ogden
707,829
791,721
+ 12.8
Distric t— Dallas—
5,627,681
Beaumont
Riverside
8 409,789
100,
146,
21,
4,319,
146,
139,091,424
2,623,477
Pueblo
Pasadena...
1,476,985.384
182,260,147
6,429,882
8,393,803
106.350,840
54,741
58,003
165,039,247
23,144,295
4,846,789,920
147,632,185
5,999,462
467,259,987
31,894,519
1,526,324,317
31,050,426
14,672,071
464,139
.44,143,210
2,590,164
143,564,230
Okla.—Tulsa
W yo.—Casper
131,511,985
—7.9
1,595,670
Mo.—Joplin
Kansas City........
_
—5.8
762,465,259
.....
.
435,892
*525,000
10,412,872
129,228,507
14,806,224
576,122
570,596
8,110,193
13,854,427
2,013,513
375,087,748
12,074,065
Hastings..
2,118.383
+ 1.6
District— Kansas City-
N eb.—Fremo nt
Total
4,055.653,618
33,346,842
5,118,254
1,463,087,135
—3.5
District—I
Winona.....-.—..^
...
1934
%
304.432,239
1,269,666
.......
St. Paul...
Parsons..
1935
Dec.
15,954,767
rve
..........
Wichita.....
$
16,393,313
(7 cities)...
Ninth Federal Rese
Minn.—Duluth
Total
3,437,874
305,535
.
LI.—Jacksonville
Total
—0.5
—4.4
101,477,141
Ky.—Louisville
Term.—Mem phis ....
1936
1937
Louis—
375,481.745
3.286.191
474.920
Independence
Total
-St.
4,411,149,591
38,733,216
5,732,886
1,626,454,472
373.468.848
...
Cape Girardeau..i..
Total
Dec.
1936
138.011,393
Mo.—St. Louis
Inc. or
or
%
1937
%
District
erve
Inc.
or
+ 13.5
+31.5
+ 5.4
—9.7
24,309,779
1,833,254,020
443,221,000
52,299,979
62,283,977
12,060,000
1,523,911,100
37,083,830
772,427,469
175,504,796
87,787,271
239,259,768
+ 17.1
30,671,217
28,12*0*. 175
+9.1
+ 1.8
—20.7
+ 17.4
7,096,000
892,934
8,953,000
44,753,087
941,418
—5.2
27,918,080
7,175,000
834,253
21*36*8*178
435,477,000
55.772,218
9,493,000
+ 11.7
25,498,559
24,622,865
+3.6
20,507,498
17,960,620
13,555,649
13,685*116
-^<>"9
ll",*7*86*2 76
9*.~73~7~2O6
1,565,662,279
1,334,309,515
35,897,736
675,716,036
147,462,810
63,491,795
+27.0
+ 14.2
+3.3
+ 14.3
7,623,000
480,161
+ 19.0
+38.3
201,933,837
+ 18.5
185,916,476
+ 7.2
+22.7
3,447,343
3~,*54*7*571
—2*8
3,103,054
2,549,149
+ 18.9
2*.876*612
3,214,458
—10*5
3*.15*6*206
2*.2*46*951
+ 10.5
125,184,000
129,809*000
—3*6
128,866,169
102*.*235*,624
+ 13.0
2,420,501
1,340,142
2,453,671
+ 15.4
1,287,029
1,753.097
968,484
96,787,100
+ 12.5
2,413,825
2,407,617
1,160,855
2,389,574
+ 0.5
+ 7.0
+ 1.0
1,786,233
1,263,696
13,241,935,866
11,805,304,272
+ 12.2
215,396,782
218,851,649
-1.6
208,873,469
168,126,160
-9.9 304,604,783,072
294,147,356,077
+ 3.6
—0.4 134,013,749,911
121,080,640,178
+ 10.7
+4.2
+26.8
38,571,792
6,497,410,759
124,770,541
66,746,113
+2.8
199,323,714
43,180,343
191,869,893
41,913,146
7,180,866,154
141,050,455
71,432,642
108,896,530
+ 4.8
—5.8
+3.7
+ 16.5
+ 13.5
35,181,581
162,347,736
+ 8.7
4,803,437,667 5,819,516,969
2,121,473,646 2,323,201,0341
—17.5 5,366.827,943 4,297,230,224
—8.7 2,043,392,659 1,693,018,913
NOVEMBER, SINCE JANUARY 1, AND FOR WEEK ENDED NOV. 25
Month of November
11 Months Ended Nov. 30
Week Ended Nov. 25
Clearings
Inc.
or
1937
Dec.
$
Canada—
1936
$
%
Toronto
561,524,956
Montreal
484,130,818
536,684,605
—9.8
Winnipeg
183,791,113
76,531,780
92,039,668
25,264,451
207,223,622
78,912,922
112,793,212
22,407,181
—11.3
12,105,033
24,797,299
,10,298.623
+ 17.5
Hamilton
20,710,556
+ 19.7
Calgary
28,336,601
25,213,081
+ 12.4
8,262,053
7,886,163
+ 4.8
7,316,069
7,098,130
11,690,816
+ 3.1
Vancouver
Ottawa
Quebec
Halifax
St. John
Victoria
London
12,659,714
20,323,565
13,272,223
1,748,794
*2,500,000
5,546,954
2,440,925
Edmonton
Reglna
Brandon
Inc. or
596,688,765
17,382,722
17,240,088
—5.9
1937
+ 16.9
—23.0
170.630,652
+ 19.6
15,413,975
+ 12.5
—20.8
22,636,550
64,252,025
28,226,606
+ 14.6
45,774,517
+ 13.9
36,932,149
+ 14.1
31,852,082
+ 10.7
11,222,238
30,417,899
32,342,772
—3.0
+ 12.8
+ 8.3
Brant ford
4,360,397
Fort William...
3,749,982
New Westminster...
2,959,347
1.122.723
1,462,814
2,221,453
6,986,155
3,082,270
3,803,276
3,293,576
2,593,335
1,014,096
3,400,815
3,156,962
2,714,759
2,548,563
4,823,942
14,426,934
1,555,204
3,983,625
2,610,191
4,672,121
12,139,654
+ 18.8
1,607,902
—3.3
3,460,418
2,436,750
+ 15.1
37,816,217
2,695,330
1,985,543
+ 7.1
+ 18.7
26,767,588
*3,200,000
2.210.724
4,545,313
+ 11.3
4,195,837
+8.3
27,759,016
22,817,893
46,290,704
1,618,698,175
1,735,144,338
—6.7
17,191,739,510
Lethbridge
Saskatoon
Moose Jaw
Medicine Hat
Peterborough
Sherbrooke
Kitchener
Windsor
Prince Albert
Moncton
Kingston
Chatham
Sarnla
Sudbury
Total
*
(32 cities)
Estimated.
x
—20.6
+25.3
+23.9
+ 3.2
Inc. or
51,529,372
145,902,764
16,677,616
Dec.
1937
%
5,825,146,304
5,340,430,511
1,892,100,382
897,046,934
977,784,967
239,874,976
121,657,312
259,659,543
280,564,071
91,078,999
77,580,250
134,136,450
189,416,176
—18.4
1936
8
5,842,941,498
4,859,675,816
2,724,641,446
—30.6
861,150,642
+4.2
115,539,842
106,671,039
50,982,459
16,727,367
1,035,723,750
—5.6
18,106,701
198,918,440
108,592,406
213,600,278
+20.6
+ 12.0
6,092,099
2,699,514
+21.6
5.830.544
279,352,919
82,579,075
+0.4
+ 10.3
6.120.545
79,221,329
131,921,662
178,110,487
198,331,499
14,836,793
21,717,888
70,230,126
28,500,983
40,931,347
34,504,168
29,161,622
11,343,718
—2.1
1,673,490
+ 1.7
2,814,636
+ 6.3
—14.0
4,313,380
2,757,768
+3.9
311,687
29,487,697
27,232,664
49,700,349
126,943,805
16,171,763
33,543,872
25,501,399
22,729,394
21,418,030
—0.3
+9.9
1,644,583
+ 4.2
502,578
—8.5
1,119,243
—1.0
468,001
+ 11.8
950,664
+ 7.0
—1.1
823,235
591,996
230,286
+ 3.2
616;732
+ 9.2
721,742
+ 18.8
+3.7
1,073,659
+ 14.9
3,339,715
335,341
+3.1
1,040,828
572,915
+ 12.7
+5.0
+22.1
148,547,797
121,804,776
45,675,251
19,988,191
34,847,051
5,082,946
2,388,555
4,966,265
5,976,782
1,985,688
1,611,911
2,630,079
3,479,750
3,708,490
279,634
434,071
1,515,968
648,502
848,390
809,051
616,613
226,584
596,952
581.875
1,059,710
2,983,584
333,979
851,110
540,186
1935
1934
—22.2
—12.4
108,654,710
97,625,625
+ 11.6
64,279.279
—16.3
16,188,392
16,329,384
—48.0
+ 19.9
106,795,820
94,275,604
48,622,760
13,599,653
4,340,555
3,878,305
2,143,425
3,431,696
+ 17.4
4,164,075
3,398,761
+2.4
7,657,357
5,296,922
1,472,616
1,222,722
2,224,199
3,786,290
3.535,031
272,659
+ 13.0
—17.2
1,796,423
+ 3.8
1,455,226
2,386,016
+ 7.0
+24.0
—25.6
+ 11.5
3,543,491
3,729,301
257,345
1.945,084
+ 15.8
504,015
393,780
—26.2
1,513,589
675,940
1,257,586
+ 12.1
757,704
589,882
+ 1.8
—4.0
549,244
564,143
529,235
+ 1.6
265,636
580,208
581,865
—27.8
+3.3
400,564
497,986
181,090
555,145
+24.0
+ 1.3
+ 11.9
+ 0.4
+22.4
898,728
513,292
850,682
2,308,028
1,841,731
383,182
332,309
842,560
947,806
+6.1
472,922
694,742
+ 7.7
510,484
500.366
+ 8.3
464.094
331,044
+2.1
852,595
737,763
-14.4
346,813,291
305,143,668
+ 6.5
41,734,968
+ 10.9
1,037,603
532,184
1,015,799
17,440,451,833
—1.4
357,034,529
417,262,466
/
Dec.
%
747,981
576,356
Figures not available.
1936
463.035
Volume
3601
Chronicle
Financial
145
THE LONDON
We
purchase from Brokers and Investment
Firms
drafts, with securities attached, drawn
their
on
Nov. 29
105/4/9
435/70/292/6
46/3
British Amer TobaccoCanadian Marconi
Central Mln & Invest-
COMPANY
Cons Goldfields of S ACrown Mines
DEPARTMENT*
PRINCIPAL
OFFICE
AND FOREIGN
55
BROAD
STREET, NEW YORK
Courtaulds S & Co
De
104/-
Electric & Musical Ind.
17 6
Ford Ltd
Association
Insurance Corporation
Member Federal Deposit
£10%
Beers
Distillers Co
Member Federal Reserve System
Member New York Clearing House
23 /9
A
Tariff
is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
give below a record for the week just passed:
RES1 RVE
FEDERAL
BY
CERTIFIED
RATES
EXCHANGE
ACT OF 1930
TREASURY UNDER TARIFF
BANKS TO
Exploration &
Finance of Australia-
Hudson Bay Min & Sm
Imp Tob of G B & I„ Holiday
IMPS
23/3
147/6
2/7%
23/6
147/6
147/6
147/6
York
Palmietkuil Gold M—
Rand
Fr Est Gold—.
Nor. 30
$
$
1
Drc.
192/6
182/6
2
Dec.
Dec.
3
Unllever
Union
$
2/7%
2/7%
23/3
23/6
146/10% 146/3
153/9
145/7%
16/6
16/6
16/6
16/6
66/6
11/9
46/3
67/12/3
47/6
66/12/3
47/6
67/6
13/6
48/1%
£7%
16 6
£36
£417«»
17/3
17/-
£36%
£4]98i
£37%
£4%
7/3
185/57/-
—
7/3
192/6
57/6
7/3
187/6
58/-
7/3
190/57/9
34/9
34/6
147/6
148/9
24/6
32/6
24/6
32/6
Molasses
,189125*
.189141*
.189085*
.188985*
.188914*
.188885*
West Rand Consol M-
Bleglum, belga
,170115
.170042
.170017
.169871
.169955
.169934
West
.012725*
.012725*
.012725*
.012850*
.012725*
.0 12725*
,035185
.035166
.035168
.035156
.035133
.222887
.222935
.222566
.222791
4.992750
148/9
25/4%
33/1%
25/6
33/1%
.222779
England, pound sterl'g 4 ,994958
,022081
Finland, markka
-_i
7/3
191/9
58/36/6
148/4%
25/33/1%
.035139
.222952
17/£37%
£429si
36/1%
35/6
150/-
Ltd
Corp
United
Europe—
Austria, schilling
£8
£7%
£7%
16/6
8ub Nigel Mines
$
2/7%
£7%
Triplex Safety Glass.—
Nov. 29
2/—
190/182/6
£36%
£49i#
So Kalgurll Gold M—
Value in
$
18/23/3
5/6
2 /—
67/12/46/10%
Metal Box
Royal Dutch Co
Unit
Nov. 27
£11%
104 -
16/9
Mines of Kalgoorlle-
Roan Antelope Cop M.
Rate for Cable Transfers in New
United States Money
Noon Buying
46 3
£11%
Lake View South Gold
Shell Transport
Country and Monetary
2/7%
23/6
148/1%
148/1%
103/9
5/3
450/73/1%
296/3
46/-
104/18/23/1%
5 3
190/180/-
190/177/6
Rand Mines
DEC. 3, 1937, INCLUSIVE
NOV. 27, 1937, TO
Fri.,
Dec. 3.
Thurs.,
Dec. 2
103/9
5/3
445/73/1%
295/-
Gold
1930, the Federal Reserve Bank
FOREIGN
Nov. 30
104/4%
103/9
4/10%
5/3
435/440/70/7%
73/1%
292/6
293/9
45/6
46/3
£10%
£11%
103/3
104/17/3
17/3
23/3
23/3
5/3
5/3
2/—
2/—
187/6
180/-
Geduld Prop Mines—
requirements of Section 522 of the
Pursuant to the
2/—
*
"(E)"———III"
Gedufd
Act of
5/3
Gaumont Pictures ord.
RATES
EXCHANGE
FOREIGN
received by cable
Wed.,
Dec. 1
Tues.,
Mon.,
Sat.,
Nov. 27
foreign correspondents and clients.
MANUFACTURERS TRUST
STOCK EXCHANGE
Quotations of representative stocks as
each day of the past week:
Bulgaria, lev
Czechoslo'kia,
koruna
Denmark, krone
I
France, franc
L994458
1.985916
.991291
.022050
.022008
.022033
.033898
.033920
NATIONAL
.033923
information regarding National banksTis
from the office of the Comptroller of the Currency, Treasury
Department:
The
,403407
.403215
.403165
.403011
.403084
.402896
Greece, drachma
009159*
.009158*
.009173*
.009150*
.009152*
.009137*
Holland, guilder
1
,555853
.555789
.555857
.555132
.555371
.555421
Hungary, pengo
1
,198375*
.198375*
.198325*
.198275*
.198300*
.052611
.052606
.052610
.052611
.052606
Norway, krone..
,250937
.250872
.250922
.250531
.250754
.250775
Poland, zloty
.189200
.189400
.189400
Portugal, escudo—;
,045200
.045066
Rumania, leu
,007314*
.007314*
Spain, peseta
Sweden, krona.
,062562*
.062500*
,257443
.231285
following
.198400*
Italy, lira
.052609
relchsmark
Germany,
Switzerland,
_
...
.
franc
CAPITAL STOCK REDUCED
COMMON
Amount
SellersvUleNSTational Bank, Sellersville, Pa., from
$75,000 to $15,000. Amount of reduction
Nov. 24—The
.189333
.189400
.189333
.045100
.045158
.045162
.045183
.007292*
.007300*
.007300*
.007328*
.063571*
.063214*
.063571*
.063571*
.257389
.257458
.257050
.257262
.257227
.231169
.231198
.230908
.231053
.231035
.023100*
.023080*
.022800*
.022850*
.023090*
,023100*
Yugoslavia, dinar
BANKS
.022033
.033958
Asia—
Dividends
first
Chefoo (yuan) dol'r
Hankow(yuan) doi'r
,295000
.294791
.294791
.294791
.294791
.294791
,295000
.294791
.294791
.294791
.294791
.294791
Shanghai (yuan) doi
,295000
.294791
.294791
.294791
.294791
.294791
Tientsin (yuan) Joi'r
,295000
.294791
.294791
.294791
.294791
,311593
.311906
.311750
.311750
.311593
.311750
India, rupee—-
.376970
.376871
.377018
.376462
.376643
.290860
.290812
.290856
.290603
.290710
.290625
,585500
.585250
.585500
.585000
.585250
.585250
we
all the dividends announced the
follow with a second table in which
the dividends
previously announced, but which
been paid.
Further details and record of past
bring together
dividend payments in many cases are
.981510*3.977500* 3.980089* 3.972395* 3.975833*3.975833*
4.004955*4.005000*
pound. 4 .009642 * 4.006250* 4.009375*4.003750*
Africa—
4.944732*4.945703*
South Africa, pound— 4.948437*4.945156* 4.949285*4.940267*
.000781
1.000132
1.000372
.999166
.999166
.999166
.277500
.277500
.277500
.277500
.277500
.998378
.998080
.997566
.997946
.997700
.333000*
.332516*
.332725*
.054937
.054957
.055614
Per
1.000228
.999166
,998320
dollar
1.000564
.999166
,277500
Mexico, peso
1.000841
.999166
....
Newfoun Hand,
Acme Wire Co., com. vot.
.051680*
.051680
.051680
.040000*
.039500*
.039600*
.040000*
.542880*
.542680*
.534800*
.526,300
.526350*
.791700*
.791700*
.791700*
.791700*
.800000*
American Optical Co
,057162
.056166
Chile, peso—official..
"
"
export—
,051680*
.051680*
Colombla, peso
544480*
Uruguay
791700*
peso
♦Nominal rates; firm rates not
.332758*
x
x
x
x
(Free) milrels
Aluminum Co. of Amer.
7%
available,
x
No rates available.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
27
29
30
1
2
3
Per Cent of Par-
*
118
Elektrizltaets-Gesellschaft
Handels-Gesellschaft (6%)
Berliner Kraft u. Llcht (8%)
Commerz-und Privat-Bank A. G. (5%)—
Berliner
Gas
^5%)-
—
(5%)
-
Deutsche Erdoel (6%)
Deutsche Relchsbahn
(German Rys pf 7%).
Dresdner Bank 4%)
—
Farbenindustrie I. G. (7%)
—
Gesfuerei (6%)
Elektrlzitaetswerke (8%)
Hamburg
Hapag.
116
116
116
134
169
118
119
122
144
134
168
118
119
134
168
118
119
134
168
118
119
122
143
130
114
155
145
148
80
116
122
143
130
114
155
122
143
130
114
155
144
148
129
114
156
146
148
--
Mannesmann Roehren
117
(4% %)
Nordeutscher Lloyd
82
207
231
177
—
Reichsbank (8%)
208
232
175
203
Rhelnische Braunkohlen
(8%)_;
—
Salzdeturth (6%)
Siemens & Halske
(8%)
ENGLISH
202
144
147
80
116
82
207
231
177
201
—
116
82
206
231
177
200
FINANCIAL MARKET—PER
as
Sat.,
Mon.,
Nov. 29
Nov. 30
War Loan
Wed.,
Tues.,
Nov. 27
19 ll-16d. 19%d.
19%d.
Gold, p. fineoz. 140s.
139s.Il%d.l39s. lid.
Consols. 2% %_ Holiday
£75%
£75%
British 3% %
Silver, peroz__
Holiday
£101%
Thurs.,
Dec. 1
Dec. 2
19 ll-16d. 19%d.
140s. %d. 140s.
£75 7-16
£74%
11
Dec.
10
Dec.
Dec.
$l.:-0
Dec.
Doc.
7
20c
Dec.
Dec.
10
L
25c
Dec.
Dec.
10
6% cumul. pref
pref. (quar.)
Atlas Powder Co. (special)
Atchison Topeak & Santa Fe, pref. (s.-a.)
Babcock & Wilcox Co..
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quarterly)
Bastian Blessing Co. (quar.)_
Preferred (quarterly)
Beatrice Creamery Co. (quar.)
M
Jan.
130
113
156
156
144
144
149
149
Holiday £111%
1960-90
The
States
£112%
£112%
£112
£112
price of silver per ounce (in
the same days has been:
U. S.
cents) in the United
on
Closed
U. S. Treasury- 50.00
Bar N.
Y.(for.)
44%
50.00
44%
50.00
44%
50.00
44%
50.00
44%
50.00
Bliss & Laughlin,
Extra
Preferred
77.57
77.57
77.57
77.57
77.57
Inc.
77.57
$2
Dec.
15
Feb.
Jan.
Dec.
Dec.
5
14
Dec. 31
Dec.
Dec.
11
Jan.
Dec.
10
Jan.
Dec.
40c
Jan.
Dec.
10
15
Jan.
Dec.
15
25c
Jan.
Dec.
14
50c
Jan.
Dec.
14
$1%
——
14
1
Dec.
Dec.
11
Dec.
Dec.
11
37%c
62%c
Dec.
Dec.
11
Dec.
Doc.
3
62 %c
Dec.
Dec.
Dec.
Dec.
6
Dec.
Dec.
10
Mar.
class A (s.-a.)
Dec.
25c
(quarterly),.
Dec.
Dec.
50c
:
Jan.
25c
(quar.)
Bondholders Management, Inc.,
Mar. 10
Bourjois, Inc., common
Bower Roller Bearing Co., common
Common
Dec.
15
Dec.
14
Dec.
—
British Columbia Power Corp., class A stock—
Brunswick-Balke-Collender Co., (special)
Preferred (quarterly)
Burlington Steel Co.
Canada Bud Breweries, Ltd
Canadian Foreign Investment (quar.)
Preferred (quarterly)
Canadian Fur Auction Sales Co.—
7% non-cumulative preferred
Canadian Westinghouse Co. (quar.)
Canadian Wirebound Box. class A (quar.)
Central Maine Power, 7% preferred6% preferred
$6 preferred
City Auto Stamping (quar.)
3
Dec.
Nov. 30
Jan.
Dec. 31
Jan.
& Power, pref. (quar.)
Briggs Mfg. Co. (final)
Bristol Brass
9
$1%
— —
(quar.)
Brazilian Traction Light
Dec.
Feb.
50c
;
Preferred (quarterly)
Bellows & Co.. Inc., class A
Extra
Treasury
(newly mined)
Extra
Class A (extra)---
£101%
British 4%
Art Metal Works, Inc., common
Extra
£101%
Jan.
Dec.
145
£101%
18
4
Jan.
50c
113
£101%
30
Dec.
Dec.
25c
130
139s.ll%d
£74%
Oct.
Dec.
Dec.
(extra)
Arkansas-Missouri Power (initial)
Armstrong Cork Co
Art Metal Cons ruction (irregular)
143
Fri„
Nov.
Jan.
Dec.
(quarterly)
122
Dec. 3
Nov. 30
Dec.
Preferred
Anaconda Wire & Cable
122
19 9-16d.
Dec. 20*
Dec.
Dec.
Atlantic Refining Co.,
daily closing quotations for securities, &e., at London,
reported by cable, have been as follows the past week:
50c
Jan.
Jan.
Atlanta Gas Light Co.,
The
15c
$1%
$1%
119
CABLE
1
1H%
Dec.
118
177
11
Dec.
Jan.
168
201
Dec.
Dec.
25c
Extra.
118
177
8
Dec.
25c
11
8
Dec.
118
201
Dec.
Dec.
168
306
Dec.
Dec.
134
206
Dec.
Dec.
Jan.
134
81
Nov. 30
Dec.
75c
116
116
Dec.
Jan.
$1%
Chemical Corp
Refining Co., pref. (qu.)_
(quar.)
117
116
Holders
$1
75c
25c
American Smelting &
American Snuff Co.
received by cable
When
Payable of Record
$1%
American Potash &
Closing prices of representative stocks as
each day of the past week:
Investment
$1%
$2%
$1%
$1%
preferred (quarterly)
American Fork & Hoe (quarterly)
Preferred (quarterly) —
BERLIN STOCK EXCHANGE
THE
Deutsche Bank
—
.055787
.051680*
.332920*
Dessauer
trust ctfs. (extra)
(Pa.), 6% pref. (qu.).
6% preferred (additional)-- —
—
American Agricultural Chemical Co
American Automobile Insurance (quar.)
American Can Co., pref. (quar.)
American Factors, Ltd. (monthly)
,333000*
Argentina, peso
Brazil (official) milrels
AUgemeine
Share
Name of Company
Ainsworth Mfg. Corp., common
America—
Soutf
name
America—
Canada, dollar
Cuba, peso
given under the com¬
in our "General Corporation and
News Department" in the week when declared.
The dividends announced this week are:
pany
Australia, pound
North
show
have not yet
Australasia—
New Zealand,
Then
current week.
we
In the
grouped in two separate tables.
are
.376732
Japan, yen
Singapore (S. S ) dol'r
we
.294791
dollar—
$60,000
DIVIDENDS
China—
Hongkong,
£7%
£6%
£6%
£6%
£6%
Areas
:.991208
.022033
.033941
,033951
Witwatersrand
J50c
50c
$1%
15c
10
Dec.
Dec.
Jan
Dec. 20
Jan.
Dec.
15
40c
4
70c
Dec.
Dec.
Jan.
Dec.
1
Jan.
J40c
Dec.
1
Nov. 15 Nov.
8
50c
Jan.
Dec. 20
37%c
Jan.
Dec.
mk
Jan.
t$i%
t$i%
Jan.
Dec.
10
Jan.
Dec.
10
Dec.
15
10
15c
Dec.
20 Dec.
8
30c
Dec. 20 Dec.
8
3602
Financial
When I Holders
Payable of Record
Per
Name of Company
Share
Citizens Water (Wash., Pa.), 7% pref.
(qu.).
15 Jan.
1 Dec.
3
Jan.
Dec.
13 Dec.
6
50c
tSl
Dec.
10c
Jan.
15 Jan.
1
Jan.
1 Dec.
18 Dec.
1 Dec.
22 Dec.
10*
10*
10*
Jan.
II
Dec.
Jan.
30c
Dec.
10c
Dec. 23 Dec.
.
3
4
share of capital
a
cash.
Commonwealth Water & Light, $7 pref. (quar.).
$6 preferred (quarterly)
Jan.
Jan.
Feb.
1 Jan.
3
1 Jan.
15
Extra
—
Corroon & Reynolds Corp., $6 preferred
Creameries of America, Inc., com. (quar.).—
Dec.
8
8
4
4
13
Dec.
Cuban Atlantic
Dec.
Dennison Mfg. Co., debenture stock
This div. liquidates all arrears on this stock.
Detroit Gray Iron Foundry (s.-a.)
Extra
10
3 Dec.
14 Dec.
16 Dec.
10
10
6
20 Dec.
14
20 Dec.
22 Dec.
14
Dec.
Jan.
Preferred (quarterly)
Dominion Foundries & Steel, 6% pref. (quar.)._
Dresser (S. R.) Mfg. Co., class A
Duke Power Co
Jan.
Dec.
...
Emporium Capwell...
Fafnir Bearing Co. (quar.)._.
Famous Players Canadian Corp
15
3 Dec.
15
1 Nov. 20
10
7
15
1
1
15
15 Dec.
6
9
35c
Prcforrod
Jan.
$5
common
Dec.
Dec.
Dec.
SIX
Fidelity & Guaranty Fire Corp
First National Stores, Inc.,
7% 1st pref
Fisk Rubber Co., pref.
(quar.)
Flint kote Co., common
Formica Insulation Co. (quar.)
Foundation Co. (Canada) (resumed).
Fox (Peter) Brewing Co.
(common)
50c
Jan.
$1M
SIX
Jan.
25c
....
20c
50c
25c
Fruehauf Trailer Co
General American Investors, pref.
(quar.)
General Cable Corp., 7% preferred-
25c
General
Candy Corp
Telep. Allied Corp., $6 pref. (qu.)
General Telep. Corp., com.
(quar.) & extra
$3 conv. preferred (quarterly)
r5c
SI X
25c
9
3 Dec. 23
17 Dec.
8
15 Dec.
15 Dec
8
8
.
3 Dec.
Dec.
22
3 Nov. 26
20 Dec. 10
20 Dec. 10
Dec.
Dec. 22 Dec.
Dec. 15 Dec.
2 Dec.
Jan.
Dec. 24 Dec.
Jan.
General
7
6
15
15
3 Dec.
20
Dec. 17 Dec.
Dec. 20 Dec.
1 Jan.
Feb.
Dec. 23 Dec.
10
15
8
10
75c
Jan.
3 Dec.
15
25c
(quar.)
Dec. 23 Dec.
13
Jan.
1 Dec.
17
Dec.
9 Dec.
1
nli
Godchaux Sugars, Inc., class A
Preferred (quarterly)
Goobel Brewing Co
Extra
Goldblatt Bros., Inc. (quar.)
Opt. payment l-40th of a sh. of
Preferred (quarterly)
6
Dec.
(quar.)—
15 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
...
..........
5% preferred (semi-ann.)...
Federal Insurance (J. C., N. J.)
Ferro Enamel Corp..
;
General Time Instruments
Preferred (quarterly)
Gleaner Ha vaster
3 Dec.
Dec.
Federal Bake Shops..
Mining & Smelting Co.,
11
Dec. 20 Dec.
Dec. 22 Dec.
Jan.
3 Dec.
Jan.
1 Dec.
Jan.
1 Dec.
Jan.
3 Dec.
(quarterly)....
$1
Jan.
1 Dec.
18
$1g
Jan.
Dec.
1 Dec.
18
23 Dec.
4
Dec.
23 Dec.
4
3 Dec.
10
2c
60c
Jan.
62Xc
com. or
Jan.
Dec.
10
Dec.
Dec.
1
cash
-
~ -
-
.... _
.
-
Midland
Indemnity (N. Y.). (s.-a.)
Steel
Preferred
15
10
Jan.
Dec.
3
Dec.
Dec.
10
Dec.
Dec.
15
20c
Dec. 20 Dec. 10
Dec. 15 Dec.
1
Dec. 29 Dec.
9
Dec.
1 Nov. 22
Dec. 23 Dec. 10
Dec. 23 Dec. 10
Jan.
3 Dec. 17
Jan.
3 Dec. 17
Nov. 30 Nov. 23
Dec. 24 Dec.
9
He
32c
40c
.
Lackawanna RR. Co. of N. J
Lawrence Portland Cement
Lima Locomotive Works, Inc
I.IIIIII
■
Link Belt Co. (quar.)
Extra
?fs
SIX
J10c
25c
40c
45c
f25c
$1
t$2
t$3
_II~~
II _I"
11III
Extra
Little Miami RR., original
capital
Special guarantee (quar.)
Loew's, Inc. (quar.)
I
Extra
Long Island Lighting Co.. 7%
ser. A
pref.
(qu.)I
10
8
10
9
21
17
9
9
7
10
Jan.
1 Dec.
15
Jan.
3 Dec.
20
Jan.
3 Dec.
20
50c
Dec. 22 Dec.
Dec. 22 Dec.
15
75c
Dec. 20 Dec.
15
9
$1
Jan.
<iPl /\
Jan.
3 Dec.
SIX
SIX
Jan.
Jan.
3 Dec.
1 Dec.
70c
Jan.
3 Dec.
15
Jan.
1 Dec.
SIX
SIX
Jan.
1 Dec,
1 Dec.
15
15
15c
Dec.
5c
25c
SI
$1
SI
SIX
Jan.
15 Jan.
24 Dec.
Dec. 24 Dec.
Dec. 16 Dec.
3
15
15
15
15
1
14
9
Jan.
3 Dec.
3
Dec.
Dec.
15 Dec.
4
15 Dec.
4*
Mar.
1 Feb.
Dec. 23 Dec.
Apr.
15
10
25c
Dec.
1 Mar. 15
24 Dec. 15
25c
Dec.
24 Dec.
15
40c
SI. 10
50c
Jan.
Dec.
Dec.
3 Dec.
18
10 Nov. 24
10 Nov. 24
50c
SI
(quarterly)
17
50c
50c
Liquid Carbonic (quarterly)
Dec. 27 Dec.
Jan.
3 Dec.
Dec. 24 Dec.
Dec. 31 Dec.
Dec. 23 Dec.
Dec. 15 Nov.
Dec. 24 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec. 12 Dec;
Dec. 15 Dec.
tSlH
SIX
lXc
SIX
I""
Preferred (quar.)
Lion Oil Refining Co
20
25c
Joplin Water Works, 6% pref. (quar.)
Kansas Electric Power, 7%
pref. (quar.)
6% preferred (quar.)
Katz Drug Co., pref.
(quar.)
Keystone Public Service Co. $2.80 pref_____
Kings County Lighting Co., 7% ser. B.
pf. (qu.)
6% series C preferred (quar.)
5% series D preferred fquar.)..
III
Kleinert (I. B.) Rubber Co.
(quar.)
Special
Kreuger (G.) Brewing Co., common
6% series B preferred
Lord & Taylor (quar.).
Dec.
Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Jan.
1 Dec.
15
15
Jan.
3 Dec.
17
1 Dec.
3
10
Dec.
Jan.
llDec.
14
Jan.
Dec.
3 Dec.
23 Dec.
13
Dec.
$1
55c
36c
-J;,
...
36c
5% preferred (with warrants)
National Cash Register (year-end)
SIX
25c
Quarterly
25c
National Distillers Products (extra)
National Malleable & Steel
Nehi Corp., common
New Idea, Inc., common.
75c
Castings Co.,
50c
com..
$1
15c
Special
65c
New Jersey Water Co., 7% pref. (quar.)
SIX
75C
Niagara Alkali Corp., 7% pref. (quar.)
Niagara Share Corp. of Md., cl. B com
Class A preferred (quarterly)
Noranda Mines, Ltd
Northwest Engineering Co., com
SIX
45c
....—
.....
SIX
SIX
—
75c
Northwestern Teleg. Co. (s.-a.)
Norwich Pharmacal Co., common
Nova Scotia Light & Power Co. (quar.)
SIX
50c
tsix
Ohio Brass Co., com. class A& B
Ohio Confection Co., class A
75c
Ontario Mfg. Co
Pacific & Atlantic Telep. (s.-a.)
Pacific Finance Corp. of Calif, (quar.)
25c
•
50c
50c
45c
3.
.......
45c
._
Pacific Lighting Corp., pref. (quar.)
Pacific Tin Corp. (quarterly)
SIX
3
l!Nov. 19
Dec. 20 Dec. 13
Dec. 27jDec. 15
Dec. 20;Dec. 10
Jan.
3 Dec. 20
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Dec. 21 Dec. 10
Dec. 23 Dec. 14
1 Dec. 30
Dec. 21 Dec. 10
Dec. 22 Dec.
8*
Dec. 22 Dec.
6
Dec. 15 Dec.
4
Dec. 15 Dec.
4
Jan.
_
50c
3 Dec. 20
3 Dec. 10
3 Dec. 31
Jan.
3 Dec. 15
Dec. 24 Dec.
7
Jan.
Jan.
Dec. 24 Dec.
7
Dec. 23 Dec.
8
Dec. 20 Dec.
4
Jan.
3 Dec. 16
Dec. 15 Dec.
5*
Jan.
Dec.
Dec.
3 Dec.
24 Dec.
15 Dec.
Dec. 20 Dec.
3 Dec.
Dec. 24 Dec.
Dec. 24 Dec.
Jan.
Jan.
_
15
8
4
10
15
10*
10*
15,Dec. 31
24 Dec.
Dec.
24!Dec. 10
Jan.
25c
—
Dec.
85c
pref. (quar.)
Dec.
Dec.
3 Dec. 23
3 Dec. 10
3 Dec. 10
20 Dec. 11
$1
—
Trading Corp., class A
Pfaudler Co. (quar.)
Phelps Dodge Corp
Philadelphia Diary Products, 1st pref.
Pittsburgh Ft. Wayne & Chicago Ry. Co
62^c
$1
35c
t$3
•Ax
■
Preferred
8/
Pittsburgh Plate Glass Co
Plymouth Cordage Co. (quar.).
Plymouth Oil Co., common (quar.)
Extra, i
_.
_
.
__—__
_
Dec.
25c
-
60c
20 Dec. 31
22 Dec.
6*
Dec. 22 Dec.
6*
Nov. 24 Nov. 17
Dec.
$1
Dec. 23 Dec.
$3
6% preferred (semi-ann.)
Power Corp. of Canada, Ltd., coml (interim)
6% cum. preferred (quarterly)
6% non-cum. preferred (quarterly).
Pratt & Lambert, Inc
Premier Gold Mining (quar.)
Prosperity Co., Inc., class A & B
Payable in 5% pref. stock.
Pyle-National Co., common
Quaker State Oil Refining (year-end)
Queens Borough Gas & Electric Co.—
Jan.
Dec.
50c
3c
50c
Jan.
15 Dec.
Decs 24 Dec.
15c
Dec. 20 Dec.
Dec. 24 Dec.
75c
9
15
Jan.
1 Dec.
15
Dec.
24 Dec.
14
Dec. 24 Dec.
14
25c
Jan.
SIX
Jan.
SIX
5X% preferred (quarterly)
$ 1.31X
Richmond Water Works Corp., 6% pref. (quar.)
SIX
Rochester Telep. Corp. (quar.)
SIX
6X% preferred (quar.)
SIX
Roeser & Pendleton, Inc., com
25c
Ross Gear & Tool Co. (quar.)
$1
Rubinstein (Helena) (initial)
$1
Class A (quar.)
25c
St. Joseph Lead Co
50c
Dec.
(with warrants)
37 Xc
:
Savage Arms Corp., 2nd preferred
Schenley Distillers Corp
3 Dec. 13
3 Dec. 13
20 Dec.
9
Dec. 20 Dec.
9
3 Dec. 20
Dec. 23 Dec. 11
Dec. 23 Dec. 11
Jan.
1 Dec. 10
Dec. 20 Dec. 10
Dec. 15 Dec. 10
Jan.
3 Dec. 22
Jan.
Dec.
Dec.
20 Dec.
10
1 Nov. 23
Shell Union Oil Corp., common
50c
preferred (quar.)
SIX
Simmons Co
S. M. A. Corp. (extra)
50c
20c
Quarterly
Smith (Howard) Paper Mills, pref. (qu.)
Sonotone Corp
Southern Canada Power Ltd., 6% pref
SIX
.
5c
Ws
South Perm Oil Co
...
20c
—
—
South Pittsburgh Water Co., 7% pref. (quar.)..
77 Xc
SIX
SIX
SIX
50c
SIX
15c
$1.05
40c
...
_
Dec. 20 Dec.
Dec. 24 Dec.
10
Jan.
SIX
75c
(quarterly)
(quarterly)
14
50c
Remington Rand, Inc..'.
Extra
17
20c
Revere Copper & Brass, 7% pref. (quar.)
Extra
4
15 Dec. 31
15 Dec. 31
Dec. 24 Dec.
8
Jan.
SIX
6% cum. preferred (quarterly)
conv.
11
3 Dec. 20
21 Dec.
Jan.
W
Reed Roller Bit Co., common
Extra
5X% cumul.
11
10
3 Dec. 20
Dec. 18 Dec.
8
Dec. 24 Dec. 14
Jan.
3 Dec. 10
Jan.
4 Dec. 10
Dec. 24 Dec.
J30c
..—
San Jose Water Works
20 Dec.
17 Dec.
Jan.
_
;—-
-.
Jan.
Jan.
10
Jan.
35c
Pneumatic Scale Corp., Ltd., com
Pocahontas Fuel Co......
Preferred
14
SIX
SIX
70c
Extra
Pathe Film Corp., $7
Preferred
24 Dec.
Jan.
New York Lackawanna & Western
New York Mutual Teleg. Co. (s.-a.)
Preferred
3,Dec. 17
87 Xc
50c
Starrett (L. S.) Co
Jan.
S2X
15'Jan.
15 Dec.
Jan.
$1
25c
11
87 Xc
75c
Jan.
Jan.
25c
6% preferred (quarterly)
5% preferred (semi-aim.)
South West Penna. Pipe Line
Southwestern Gas & Electric, 7% pref. (qu.)
Spencer Trask Fund, Inc
Square DCo
Stanley Works (quar.)
11
SIX
S2X
8
Dec.
18|Dec. 10
20iDec. 10
50c
—
Dec.
Jan.
4
SIX
—
National Acme Co
National Battery Co., preferred (quar.)
National Bond & Investment Co
Extra
15
Dec. 15
Dec. 15
Dec. 14
3 Dec. 15
18 Dec. 10
Dec.
Dec.
Myers (F. E.) & Co
Extra-w......
20
Dec. 29'Nov. 30
Dec. 20 Dec.
4
Dec. 20 Dec.
4
Dec. 24 Dec. 15
Murphy (G. C.) Co., common (quar.)
Murray Corp. of America
■
26
31
22|Dec. 4
Jan.
Morris & Essex RR. Co
Mountain City Copper
Dec.
25c
5
22
Dec.
Dec.
Nov.
Dec.
Dec.
Dec.
Dec.
50c
16
SIX
Jewel Tea Co.. Inc. (uear-end.
div.)
Jan.
-
Monroe Chemical Co
Preferred (quar.)
Dec.
50c
Hygrade Sylvania Corp
Ingersoll-Rand Co
Imperial Tobacco Co. of Canada, ord
Interlake Iron Corp
International Elevating Co
International Mining Co
International Paints. Ltd., 5% preferred.
5% preferred.
International Power Securities, $6 pref. class A.
International Products, preferred
International Shoe Co. (quar.)
Investors Corp. of R. I., 2nd cumul.
pref___I__
$6 preferred (quarterly)
Investors Royalty Co.
(quar.)
Preferred (quar.)
I
15
Dec. 20
Dec.
Jan.
SIX
(increased)..
Jan.
Dec.
Petroleum &
Jan.
43
Dec. 31
Dec.
6
Dec.
Dec.
Jan.
Monongahela Valley Water Co.—
7% preferred (quarterly)
Montgomery Ward & Co., Inc
Class A (quarterly)
10
50c
Houston Oil Co. of Texas, preferred
Jan.
Modine Mfg. Co
16
Jan.
Dec.
9
Nov. 29
Dec. 31
Dec.
(quarterly)
Dec.
25c
Preferred (quarterly)..:
Honolulu Rapid Transit Co.
Hoskins Mfg. Co
Dec.
Jan.
-
Mississippi River Power Co., 6% pref
Mock, Judson Voehringer
Dec.
15c
Preferred (quarterly)
Holland Furnace Co
-
20 Dec.
5
10 Dec. 20
3 Dec. 20
Jan.
Dec.
SIX
Hinde & Dauch Paper Co
Dec.
Jan.
Products
Jan.
$100
3%
S2X
Harrisburg Steel Corn
Hearst Consol. Publishers,
7% pref. A (quar.)..
Hecla Mining Co
Heywood Wakefield, 5% 1st pref. B (quar.)
Dec.
8% preferred (quarterly)
10c
5% preferred
Haloid Co., common
-
Pennsylvania Edison Co., $5 pref
$2.80 preferred
Peoples Drug Stores, Inc. (quar.)
Special
50c
Greening (B.) Wire Co., Ltd. (initial)
Group No. 1 Oil Corp
Guaranty Trust Co. of N. Y. (quar.)
Gulf Mobile & Northern
RR, preferred
-
15 Dec. 31
15 Dec. 31
15 Dec. 31
15 Dec.
3
10 Dec.
8
Jan.
$2 non-cumulative..
Minneapolis-Honeywell Regulator (extra)
35c
ctfs
Greenwich Water & Gas System,
6% pref
-
Jan.
Jan.
Dec.
-
25c
common, vot. tr.
-
I Holders
Payable of Record
Jan.
.
25c
Mfg. Co.,
Grand Rapids Varnish
Corp
Grant (W. T.) Co
Great American
10
Dec.
Detroit Steel Products
Dominion Glass Co. (quarterly)....
Preferred
8
Dec.
....
Ecuadorian Corp., Ltd., common (quar.)
Preferred (semi-ann.)
IX1
IX'
5% preferred (quar.)
Mangel Stores Corp., $5 conv. pref
Manning, Maxwell & Moore
Marchant Calculating Machine (year-end)
Margay Oil Corp
Marion Water Co., 7% pref. (quar.)
Marlin-Eockwell Corp
Massachusetts Lighting Cos. (quar.)
$8 preferred (quarterly)
S6 preferred (quarterly).
Maytag Co■iMcCahan (W. J.) Sugar Refining, pref. (quar.).
McColl Frontenac Oil, pref. (quar.)
McKee (Arthur) & Co., class B (year-end)..—
McKeesport Tin Plate Corp., com
Memphis Power & Light Co., $7 pref. (qu.)
$6 preferred (quarterly)
Merchants & Miners Transporatkm (omitted)
Metropolitan Edison Co., $6 pref
Michigan Gas & Electric, 7% preferred
6% preferred
-
When
Share
Louisville Gas & Elec. Co. (Ky.), 7% pref. (qu.)
6% preferred (quar.)
13
Dec.
Dec.
...
__
28 Dec.
Jan.
(Md.)
Sugar Co. (quar.).
Per
Name of Company
4, 1937
__
13 Dec.
27 Dec.
27 Dec.
Dec.
Extra
Crown Central Petroleum
Crown Zellerbach Corp
Dec.
—
Dec. 31 Dec.
Dec. 31 Dec.
Dec. 18 Dec.
Dec. 15 Dec.
Jan.
3 Dec.
Nov. 26
Consolidated Steel Corp., %l% preferred
Continental Casualty Co. (Chicago. 111.) (special)
Continental Gas & Electric, prior pref. (quar.)
Continental Gin Co., (resumed)..
3 Dec. 20
3 Dec. 20
Feb.
Consolidated Edison Co. (N. Y.), pref. (quar.).
Consolidated Laundries Corp., pref. (quar.)...,Consol. Mining & Smelting, (Can.) (s.-a.)
Gorham
6
1 Nov. 24
$ 1.08X
Commercial Solvents Com., (serm-ann.)
Commonwealth Distribution._.
Federal
10
10
SIX
SIX
$4 X conv. preference (quarterly)
or
20
Dec.
Columbia Broadcasting System, cl. A & B (extra)
Columbus Auto Parts Co., $2 cumul. pref
Commercial Alcohols, Ltd., 8% pref. (quar.) —
Commercial Investment Trust, common (quar.)
Extra
stock
3 Dec.
15 Dec.
15 Dec.
Dec.
10c
Colgate-Palmolivo-Peet, pref. (quar.)
Optional payment, l-5th of
Jan.
S1il
Clark Controller Co
Cleveland Builders Realty Co. (reduced)
Clinton Water Works Co., 7% pref. (quar.)
Chronicle
16
1 Dec.
16
Dec. 20 Dec.
9
Jan.
3 Dec. 15
Dec. 22 Dec. 10
Dec. 15 Dec.
6
Jan.
3 Dec.
6
Jan. 15 Dec. 31
Dec. 30 Dec. 10
Jan.
15 Dec. 20
Dec. 28 Dec. 10
Dec. 28 Dec. 10
Jan. 15 Jan.
3
Jan. 15 Jan.
3
Feb. 19 Feb. 10
Dec. 31 Dec.
3 Dec.
15*
Jan.
15
Dec. 15 Dec.
Dec. 24 Dec.
14
4
Dec.
$1
50c
15 Nov. 26
Dec. 15 Nov. 26
Dec. 30 Dec. 17
SIX
Dec. 30 Dec. 17
Volume
Dec.
Dec.
Dec.
8
American Toll Bridge Co.
Extra
Sub-share ctfs. for sub-shs. in ctfs. of prop.
Dec.
American Tobacco Co.,
Dec.
Dec.
8
15c
Jan.
Dec.
75c
Dec.
Dec.
30c
Dec.
Dec.
$1X
Dec.
Dec.
15
15c
Dec.
Dec.
SI 34
Jan.
Dec.
(quarterly)
7
10
Armour & Co.
:.5714% Dec. 21 Nov. 30
Amer. dep. rec. def. register (final)
Less tax and deposit expenses.
$6 preferred
Dec.
11%
Amer. dep. rec. ord. register, (final)
Less tax and deposit expenses.
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 23 Dec.
6
3c
8
3 Dec.
Dec. 23 Dec.
25c
Dec.
Jan.
7
10
10
Dec.
Dec.
10
Dec.
Dec.
Dec.
Dec.
10
10
Jan.
Dec.
13
Dec.
Nov. 29
Dec.
Nov. 29
(quarterly)
Atlanta, Birm. & Coast Co., 5% pref. (s.-a.)
Atlantic Coast Line Co. of Connecticut
Atlantic Coast Line RR
Dec.
3 Dec.
Dec.
17 Dec.
10
Atlantic Refining Co.
Dec.
Nov. 22
Jan.
15 Dec.
20
Nov. 30
Dec.
6
Atlas Powder Co. (Del.), common
Automatic Voting Machine (quar.)
Dec.
23 Dec.
Jan.
Dec.
20
Jan.
6 Dec.
3
Avon Geneseo & Mt. Morris RR. (s.-a.)
J an.
15%
Baldwin Rubber Co. (quarterly)
Jan.
Jan.
15
Jan,
Nov. 30
Jan.
Nov. 30
Dec.
ord. reg__
15c
United Specialties Co
United States Trust Co. (quar.)
35c
United Verde Extension Mining
52
15c
Liquidating distribution.
Universal Products Co., Inc—
Upresit Metal Cap Corp., 8% preferred
Vulcan Detinning
...
Preferred (quarterly)
...
Preferred (quarterly)
Preferred (quarterly)..
Preferred (quarterly)
Waldorf System, Inc., common
Walworth Co., payable in cash or 3 full shares of
pref. stock for any 100 shares of common.
Ward Baking Corp., preferred
Wellington Fund, Inc. (quar.) —
Extra
14
Jan.
3 Dec. 21
6
Dec. 20 Dec.
Dec. 22 Dec.
23 Dec.
14
13
Dec. 22 Dec.
20 Jan.
14
Beech-Nut Packing
Extra
53
SIM
SIM
SIM
SIM
Jan.
Apr.
July
Oct.
Dec.
20 Oct.
21 Dec.
10
10
25c
Dec.
t50c
11 Dec.
Dec.
15c
24 Dec.
Dec. 30 Dec.
Dec. 30 Dec.
3 Dec.
Jan.
50c
Jan.
3 Dec.
Jan.
3 Dec.
15 Dec.
SI
Westmoreland Coal Co
Dec.
25c
Weston Electrical Instrument
Class A
(quarterly)
Weston (Geo.) Ltd
Weyenberg Shoe Mfg. Co..
Wheeling & Lake Erie Ry., intitial
Willys-Overland Motors, pref. (quar.)
Winn & Lovett Grocery, class A (quar.)—...
Class B (quarterly)
,
Preferred (quarterly)
Youngstown Sheet & Tube Co
534% preferred A
Yukon Gold Co
Dec.
50c
Jan.
20 Dec.
3 Dec.
20c
Jan.
20c
Dec.
S5
15c
Dec.
Jan.
50c
Dec.
25c
13
Dec.
22 Dec.
13
Dec.
22 Dec.
13
75c
Dec.
20 Dec.
1 Dec.
Jan.
Dec. 22 Dec.
9
9c
iron
When
Dec.
Dec.
a
Holders
Payable of Record
16
16
Dec.
(quar.)
Extra
29 Dec.
29 Dec.
13 Nov. 15
.
Dec.
Acme Steel Co. (quarterly)
2
22 Dec.
23 Dec. 10
Dec.
Dec. 23 Dec.
Dec. 23 Dec.
10
20 Dec.
3 Dec.
10
15
Dec.
-
Jan.
Agnew-Surpass Shoe Stores, pref. (quar.)
Agricultural Insurance Co. (N. Y.) (quar.)
Alabama Great Southern RR. Co. ord. stock—
Ordinary stock (extra)
3 Dec.
16 Dec.
15
a
4 Nov. 20
27 Dec.
13
Dec.
27 Dec.
13
2 Dec.
21
Jan.
pref. (quar.)
I
Allis-Chalmers Mfg. Co., common
Alpha Portland Cement-.
Aluminum Goods Mrg. Co_
Aluminum Manufacturing, Inc. (quar.)
7% preferred (quar.)
Amalgamated Leather Cos., 6% pref. (quar.)
American Bakeries Co
7% pref (semi-annual).
Dec.
22 Nov. 30*
Dec.
21 Dec.
3
31 Dec.
16
15
4
Dec.
15 Dec.
24 Dec.
Dec. 24 Dec. 10
Dec. 31 Dec. 23
Dec. 24 Dec. 14*
20c
Jan.
10
SI
t$7
American Meter Co
Special
7°7r preferred (quarterly)
American Power & Light Co.
Dec.
3 Dec. 14*
3
20 Dec.
Dec.
20 Dec.
75c
Monthly
American Ice Co., preferred
Dec.
II
SIM
Dec.
21 Nov. 30
21 Nov. 30
$6 preferred
t93Mc
$5 p referred
1
Dec.
SI
Dec.
6
18 Dec.
16 Nov. 26
SI
Dec.
22 Dec.
50c
Dec.
15 Nov. 30
50c
Jan.
SIM
Jan.
25c
Tobacco Corp
50c
Extra
1
40c
(quar.)
Co_
American Telephone & Telegraph (quar.)
American Thermos Bottle $7 pref. (quar.)
6
50c
15c
American Radiator <fc
American Surety
16 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Dec.
6
4
16 Dec.
Dec. 23 Nov. 26
Dec. 15 Nov. 15
SIM
7% preferred
Standard Sanitary
Rolling Mill Co. (extra)
Safety Razor (quar.)
Seating Co
Smelting & Refining (special)
Steel Foundries
Sugar Refining (quar.)-
American Public Service,
American Sumatra
Dec.
--
SIM
S2M
87 Mc
Dec.
3 Dec.
3 Dec.
1
6
6
1
Dec.
15 Dec.
Dec.
15 Dec.
1
3 Dec.
9
Jan.
Jan.
Jan.
15 Dec. 15
3 Dec. 20
Burroughs Adding
1
Dec.
15,Dec.
1
m m rnnrnmm memm
mm^
29 Dec.
Dec.
15 Dec.
Dec.
15 Nov. 30
15 Nov. 30
Dec.
Jan.
1
Dec.
1
Feb.
Dec.
14
Dec.
1
1
Dec.
Dec.
Dec.
Nov. 20
Jan.
Dec.
24
Dec.
24
Jan.
m
Nov. 16
Dec.
Jan.
Dec.
1
Dec.
17
17
Dec. 17
SIM
Feb.
Jan.
15
40c
Jan,
Dec.
15
SIM
SIM
$3
25c
Dec.
Dec.
10
Dec.
Dec.
Nov. 19
Dec.
4
25c
—
mm m
Dec.
Dec.
SIM
I
Foundry (extra) —
(quar.)
(quar.)
pref. (quar.).
(quar.)
Carpenter Steel Co. common (interim)
Case (J. I.) preferred (quar.)
Caterpillar Tractor stock dividend
CelaneseCorp. oi Am. 7% cum. lstpf. (s.-a.)...
Central Aguirre Assoc
Incl. 38c. from net income of Luse Co.
Central Cold Storage Co. (extra).
Central Illinois Light Co., 4M% pref
Central Illinois Puolic Service, $6 pref
6% preferred
—
Central & South West Utilities, $6 prior lien—
$7 prior lien
Centrifugal Pipe Corp. (special)
Champion Paper & Fibre 6% preferred.:
Chesapeake Corp.
Chesapeake & Ohlo Ry. (quar.).
(quar.).
Dec. 31
$1M
Corp., Ltd
7% cumulative preferred (quar.)
Canada Permanent Mtge. (Toronto, Ont.) (qu.)
Canadian Canners, Ltd., conv. pref. (quar.) ...
First preferred (quar.)
Canadian Car & Foundry, 7% pref. (quar.).....
Extra.
15
Jan.
Apr
50c
preferred
Malting Co. (quar.)
Canfield Oil Co., pref.
15
Feb.
87m
Ltd
Canadian Oil Co.., Ltd., 8%
3 Dec.
3 Dec.
Jan.
10c
Calamba Sugar Estate (extra)
Preferred (quarterly)
Canadian General Electric
Jan.
15
3
Apr.
SIM
pref.~(quar.)
Canadian Cottons, Ltd.
Preferred (quarterly)
10 Nov. 26
Dec.
15c
Ltd
^
Dec.
$1
(special)
m
Butler Water"Co". 7%
Dec. 10 Nov. 26
40c
—
Machine Co. (quar.)
Sp0ci3>[
Preferred
1
15,Dec.
Dec.
118
Canada Northern Power
15
6
15 Dec.
21 Nov. 30
3 Dec. 10
1
Dec. 15 Dec.
Dec. 17 Dec. 10
Dec.
Dec.
Dec.
Oct.
30
50c
Dec.
Oct.
SIM
Dec.
Dec.
30
1
60c
Jan.
Dec.
35c
Jan.
Dec.
15
15
40c
Jan.
Dec.
15
5c
Dec.
Dec.
1
62Mc
75c
Dec.
Dec.
10
Jan.
Dec.
15
25c
Dec.
Nov. 30
+S1M
Dec.
Nov. 30
Dec.
130c
Nov. 30
Dec.
Extra
30 Dec.
21 Dec.
Dec.
50c
20c
(quar.)..
(quar.)
Campbell Wyant & Cannon
Dec.
8 Nov. 24
Dec.
7Mc
Canada Cement Co., 6M %
40c
preferred (quar.)
American Locomotive preferred
Prererred
Prior preferred
Canada
1
50c
Bullard Co
15 Dec.
15 Dec.
75c
20c
'
Dec.
1
17
Dec. 20 Nov. 26*
31 Dec.
50c
dividend)..
(Quarterly)
Calgary & Edmonton Corp.,
25c
American Home Products Corp
Dec.
75c
California Ink Co., Inc. (quar.)
Camden & Burlington Co. Ry. (s.-a.)
50c
(Ga.)
American Hawaiian Steamship, (quarterly)
American Discount Co.
Dec.
15 Dec.
15 Dec.
10c
Power, 1st pref
15 Dec.
15 Dec.
Dec.
Dec.
40c
pref. (quar.)
Participating pref. (participating
Buffalo Niagara & Eastern
15 Dec.
10
SIM
(quar.)
American Paper Goods.
Budd Wheel Co., partic.
9
Dec.
—
Cigar Co. (stock div.)
Payable at the rate of l-40th sh. Amer. Tob.
common B for each sh. of Amer. Cigarette
& Cigar Co. held.
9
15 Nov. 15
tl&
...
3 Dec.
3 Dec.
Dec.
Special
3
21 Dec.
Dec.
25c
50c
—
Dec.
American Cigarette &
Extra
PrGforrod
Dec.
American Chicle Co. (quar.)-
American Hide & Leather
7% cum. preferred
3M% cumulative preferred (quar.)
Jan.
American Chain & Cable Co
Preferred
3 Dec.
Dec.
75c
17
Jan.
Jan.
SIM
(quar.)
1 Dec.
3 Dec.
Jan.
13
17
3
Jan.
Bruce (E. L.) Co.,
Burgess Battery Co.
15 Dec.
31 Dec.
Dec
.
3 Dec.
50C
—
Bulolo Gold Dredging,
Dec.
American Bank Note Co
Preferred (quar.)
24 Dec.
50c
50c
Extra
Brown Shoe Co., common
1
Dec.
Jan.
20 Dec.
Dec.
sh. of
Bucyrus-Erie Co., com. (interim)
1
Dec.
Allied Stores Corp., 5%
Dec.
Jan.
25c
Buckeye Pipe Line Co
Dec.
1
Rubber Co., pref.
Boston Woven Hose &
13
13
__—.—--
20 Dec.
t$5M
SIM
Bridgeport Brass Co. (quar.)
Bridgeport Gas Light Co. (quarterly) .
—
Briggs & Stratton Corp—
Bright (T. G.) & Co., 6% pref. (quar.)
Common (quarterly)
Brillo Mfg. Co. class A (quar.)
Common (quar.)
Brooklyn-Manhattan Transit—
Preferred (quar.)
Preferred (quar.)
-—
Brooklyn Union Gas
Brown Fence & Wire Co., pref. A (semi-annual).
Brown Rubber Co., Inc., common
3 Dec.
3 Dec.
Dec.
Dec.
Boston Elevated Ry. Co. (quar.)
4
3
Jan.
13 Nov. 20
$2M
3
Jan.
Dec.
SIM
Extra
24 Dec.
Jan.
$6 preferred (quarterly)
Albany & Susquehanna RR. (s.-a.)
Allegheny Steel Co
Allen Industries, Inc. (quar.)
Allied Laboratories, Inc. (quar.)
1
18 Dec.
$1
of
class A stock for each sh. of class B.
Borg-Warner Co. (quar.)
15 Jan.
Dec. 24 Dec.
Preferred (extra)_—
15
Dec.
30c
Class B (extra)
Class B stock dividend—l-200th
Dec.
Feb.
3Dec.
Jan.
25c
25c
sh. of class A stock for each share
Dec.
Alabama Power Co., $7 pref. (quar.)
Preferred
10
3;Dec. 15
Jan.
SIM
Dec.
3 Dec. 20
3
24 Dec.
Jan.
Preferred
Extra..
15 Dec.
Dec.
(initial)
Aetna Ball Bearing Mfg. Co
6
Dec.
(extra)
Addressograph-Multigraph (quar.)
Aero Supply Mfg., class A
Class A (quarterly)
Adams (J. D.) Mfg. Co.
15 Dec.
4
15
15 Nov. 22
30 Dec.
Dec.
(special)
Class A stock dividend
2-200ths of
held.
Dec.
Abbott Laboratories
15iDec. 23
15 Dec. 20
Jan.
Boston & Albany RR. Co
Per
1
Jan.
10
87 Mc
SIM
6
give the dividends announced in previous weeks
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Share
10
lSiDec.
Works Corp., payable in stock
9
we
Name of Company
15
3 Dec.
Dec.
7% preferred (quar.)
5% preferred (quar.)
B /G Foods, Inc., 7% preferred
Biltmore Hats, Ltd., 7% pref. (quar.)
Birdsboro Steel Foundry
Birmingham Water Works 6% pref. (quar.)
Black & Decker Mfg. (quar.)
Blaw-Knox Co. (year-end dividend)
Boeing Airplane Co. (initial)
Bohn Aluminum & Brass Corp
Bon Ami Co. class A (extra)
10
SIM
SIM
3 Dec.
3 Dec.
Jan.
Preferred series A
14
15
1 Dec.
22 Dec.
31
Jan.
Bethlehem Steel Corp..
15
18 Dec.
15 Dec.
Jan.
Belding-Oorticelli, Ltd. (quar.)
Preferred (quar.)
Bellows & Co. class A (quar.)
Bendix Aviation Corp
Beneficial Industrial Loan Corp., com
6
10
15
15
15
15
15
1
10
20
3 Dec.
28 Dec.
15 Nov. 30
Jan.
Co. (quar.)
Beech-Nut Packing Co. common
25c
Inc
Bath
15 Nov. 30
Dec.
(quar.)
Bell Telep. of Penna.. 6M% pref. (quar.)
Berghoff Brewing Corp. (quar.)—...
11
11
12 Mc
Extra.
Westmoreland,
Dec.
Belden Mfg. Co. (special)
Bell Telephone of Canada
10
20 Apr.
20 July
20c
18]
Beech Creek RR. Co
Dec.
SIM
tS3
(quar.)
Bangor & Aroostook RR. Co., common
Cumulative preferred
Bayuk Cigars, Inc
Special
1st preferred
4
Dec. 15 Dec.
Dec. 24 Dec.
10c
-
Wesson Oil & Snowdrift Co., Inc
American
Nov. 12
Dec.
Jan.
United Public Service Co
American
10
Nov. 12
Dec.
$2
75c
Special
American
American
10
Dec.
Feb.
25c
Co., common—
United Molasses Co., Amer. dep. rec.
Less tax and deposit expenses.
American
Dec.
Jan.
Jan.
(Del.), preferred (quar.)
(111.)
-
Preferred
7
17
6
10
Dec. 10
Nov. 25
Dec.
51
United Engineering & Foundry
American
Dec.
Dec.
3
50c
United Fruit Co. (quar.)
'■
Dec.
Dec.
Dec.
23 Dec.
15 Dec.
25c
Extra
Class B
Nov. 30
Jan.
(quar.)
Extra
15
Jan.
SIM
United Carr Fastener Corp. (quar.)
United Dyewood Corp., common (quar.)
Below
Nov. 30
Dec.
$1.40 prer. (quar.)
i
Associated Dry Goods Corp., 1st preferred
Second preferred
Associates Investments (quarterly)
6
S3
Special
Tonopah Mining Co. (Nevada)
„
Union Electric Co. of Mo., 7% pref. (quar.).—
Union Investment Co
Dec.
Asbestos Mfg. Co..
50c
Todd Shipyards Corp
Nov. 19
7% preferred (quar.)
21 Nov. 30
1
Dec.
Dec.
Anchor
Armour & Co.
Tobacco Securities Trust Co—
Dec.
Mining Co
Cap Corp. common
Special
S6M preferred (quar.)
Andes Copper Mining (resumed)
Arkansas-Missouri Power, 6% preferred
15
Tidewater Assoc. Oil Co. (extra)
1
(Del.) (quar.)
Anaconda Copper
10
2
Thompson Products
(quarterly)
1
Dec.
Dec.
American Toll Bridge Co. (quar.)
Thermoid Co., convertible preferred
Tex on Oil & Land Co., common
10
Dec.
Amer. Water Works & Elec. Co., Inc., com
Dec.
Jan.
20c
int.
Dec.
Dec.
Dec.
Nov. 30
Dec.
20c
Texas Pacific Land Trust, ctfs. of prop, int
Preferred
Jan,
Jan.
(semi-ann.)
pref. (quar.)
American Thread Co.. oref
50c
Dec.
Dec.
50c
Extra
Preferred
Payable of Record
of Company
1
1
10
10
Dec.
21c
49c
Telep. Bond & Share Co., 7% 1st preferred
$3 1st preferred
Texas Corp
I Holders
When
Name
Payable of Record
Share
of Company
Holders
When
Per
Name
3603
Chronicle
Financial
145
Nov. 30
Jan.
Dec. 31
Jan.
Dec. 31
Jan.
Dec.
?15c
Jan.
Dec.
125c
J44c
Jan.
Dec.
Jan.
Dec.
Jan.
Dec.
Jan.
Dec.
SIM
Jan.
Dec.
15
15
15
27
17
17
15
$2
Jan.
Dec.
20
iB
SIM
Dec.
Dec. 20
25c
Dec.
Dec.
10
12
Jan.
Dec.
Dec.
Nov. 15
S3M
Dec.
Dec.
15
88c
Dec.
Dec.
4
50c
Dec.
6
16 Dec.
2 Dec. 20
SIM
Jan.
15 Nov. 20
15 Nov. 20
4
20 Dec.
4
Dec. 20 Dec.
Dec.
$1
Dec.
S3
Dec.
S3M
55c
Dec.
SIM
Jan.
75c
Jan.
75c
Jan.
11
Dec.
'Jan.
10 Nov. 30
1 Dec. 15
1 Dec.
8
1 Dec.
8
24 Nov. 24
1 Dec.
8
Financial
3604
Per
Share
Name of Company
—
Nov. 26
Dec.
75c
Dec.
Nov. 26
Nov. 20
15
75c
Jan.
Dec
Dec.
50c
Dec.
Nov. 27
Dec.
Dec.
Dec.
6
Nov. 22
$3
common
Cincinnati Gas & Electric, pref. (quar.)
Cincinnati N. Orleans & Texas Pac. Ry. —
Jan.
$1
Chile Copper Co
Christiana Securities Co. (final, quar.)
Dec.
Nov. 12
SIX
Jan.
Dec.
Jan.
Dec.
Dec.
15c
Dec.
50c
Dec.
3
3
1
Dec.
Dec.
10
Finance Co. of Amer. (Bait.) com. cl. A & B_.
21
Jan.
$Wc
Dec.
Nov. 26
Dec.
Nov. 26
Dec.
Dec.
Nov. 26
Dec.
Nov. 26
Dec.
Dec.
15!Dec.
Dec.
Dec.
Dec.
Nov, 24
Nov. 19
Nov. 19
40c
Dec.
$1
Dec.
15 Nov. 26
Dec.
Extra
Dec.
15 Nov. 26
S1.06H Dec.
75c
Jan.
Jan.
SIX
Jan.
SIX
15 Nov. 26
3 Dec. 10
six
25c
$1
Compressed Industrial Gases (quar.)
Gonfederatinn Life Assoc
(Ont.) (quarterly)
Congoleum-Nairn, Inc. (quar.)
Connecticut Light & Power (quar.)
Consolidated Biscuit Co..
.......
50c
SI
Dec.
50c
Dec.
75c
Jan.
10c
Dec.
Diversified Standard Securities—
non-cumulative preferred (s.-a.).
onsoli *
Consolidated Edison Co. (quar.)
37M?
Consolidated Elec. Light & Power Co. (Balt.)..
5% preferred (quar.)
90c
Jan.
SIX
Jan.
90c
Jan.
SIX
30c
Jan.
Dec.
50c
Dec.
Consof. Gas of Baltimore (quar.)
(quarterly)
;
Consolidated Investment Trust (quar.)
Special
Constable (Arnold) Corp..
Continental Can Corp., Inc., $4X pref
Continental Oil Co
Continental Telep. Co. 7% partic. pref. (quar.).
6H% preferred (quar.).
ntii
Continental Steel Corp. (quar.)
Preferred
(quar A
Cooper-Bessemer Corp., $3 pref. (stk. div.)
Div. of l-20th of a share of common stock.
Cosmos Imperial Mills 5% preferred
(quar.)
Crane Co. common
5% cumulative preferred
Creole Petroleum Corp
Extra
(quar.)
12 Xc
3
15 Dec.
1
15 Dec
l|Dec. 15
23jDec. 4
Dec.
15 Nov.
3 Dec.
3 Dec.
3iDec.
3Dec.
15 Nov.
15 Nov.
Dec.
4
10*
Dec.
Nov. 29
SIX
six
Jan.
Jan.
Dec.
Dec
15
15
25c
Jan.
Dec.
15
SIX
Jan.
Dec.
15
Jan.
Dec.
10
Jan.
Dec.
Dec.
31
Dec.
1
Dec.
1
Dec.
Dec.
Nov. 22*
56 Xc
Dec.
Nov. 30*
56Xc
Dec.
Nov. 30*
7
14
10*
Dec. 24 Dec.
14
Dec.
Dec.
10
1
SI
Jan.
Nov. 30
50c
Dec.
Nov. 26
Dec.
Dec.
4
25c
Doehler Die Casting Co
Dolphin Paint & Varnish, $2 class A
Dominion Coal Co., Ltd., pref.
(quar.).
Dominion Textile Co., Ltd.
(quar.)
4
Dec.
Jan.
Nov. 30
Dec
20
Dec.
Dec.
7
25c
75c
Dec
Dec.
7
Mar.
Feb.
15
Jan.
Dec.
20
Dec.
Dec.
10
Jan.
62Xc
Jan.
6
Nov. 27
Dec. 10
Dec. 10
50c
t50c
Dec.
Dec.
14
Dec.
1
I38c
Jan.
tsix
tsix
Dec.
Dec.
Dec.
Jan.
15
Jan.
du Pont de Nemours (E.
I.) & Co
$2
Dec.
Debenture
$4 X preferred
Eagle Picher Lead Co...
SIX
SIX
Jan.
Jan.
10
Jan.
Jan.
10
10c
Dec.
Preferred (quarterly)
Eastern Gas & Fuel Assoc.,
4X% pref. (quar.)..
6% preferred
Eastman Kodak Co., common
Extra
SIX
SIX
Jan.
Jan.
Dec.
Dec.
Dec.
75c
Jan.
$2
Jan.
50c
Dec.
Preferred
(quarterly)
Eddy Paper Corp
Edison Bros. Stores, Inc.
(quar.)
5% cumulative preferred (quar.)
Electric Boat Co
Electric Storage Battery Co. common
Preferred (final)
Electrolux Corp. (quar.)
Extra...
Electro master. Inc
Elgin National Watch Co
El Paso Electric Co.
$6 pref. (quar.)
El Paso Natural Gas Co
Special year-end dividend
Erie & Pittsburgh RR. Co.. 7% gtd. (quar.)
Preferred (quarterly)
General Outdoor Advertising preferred
General Public Utilities, Inc
,V£
Jan.
Dec.
25c
Dec.
62 He
Dec.
60c
Dec.
$1
$1
40c
Dec.
Dec.
Dec.
30c
Dec.
5c
Dec.
SIX
SIX
Dec.
Jan.
8
15
15
15
4
20
4
10
30
30
23
Dec.
Dec
Dec.
1
20c
Dec. 29 Dec. 18
Dec. 10'Nov. 30
18
May 20
Nov.
Dec.
15 Nov. 15
15 Dec.
1
Dec.
Jan.
Dec.
Feb-
18
2
3 Dec. 10
13 Nov. 12
Feb.
1 Jan.
10
Dec.
9
18 Nov. 30
Dec.
23 Dec.
Jan.
3 Dec.
Jan.
3 Doc.
10
23 Dec.
3 Dec.
14
3 Dec.
15
25c
Dec.
18
10
SIX
SIX
S2X
Razor Co
preferred (quar.)
(quar.)
Jan.
Jan.
15'Jan.
1
SI
25c
Georgia RR. & Banking Co. (quar.)
Giddihgs & Lewis Machine Tool Co
Dec.
15 Dec.
Dec.
1
1
Jan.
Dec.
15
SIX
Dec.
10
Dec.
Dec.
10
40c
Jan.
Dec.
15
4
Jan.
25c
Dec.
Dec.
Jan.
Dec. 20
Nov. 30
SI
Goodyear Tire & Rubber Co., common
$5 convertible preferred (quar.)
Grand Rapids & Indiana Ry. (s.-a.)
Great Northern Ry.. pref. (resumed)
Dec.
SIX
Goodrich (B. F.) Co. $5 preferred (quar.)
Dec.
50c
SIX
$2
$2
Great Western Electro Chemical
$1.40
6% preferred (quar.)
30c
$50
common
Sugar (quar.)
60c
Dec. 17
Nov. 15
15 Nov. 15
Dec. 20 Dec. 10
Dec. 20 Dec.
1
Dec. 15 Dec.
1
Jan.
1 Dec. 31
Dec. 15
Jan.
3 Dec. 15
Dec.
Dec.
3 Dec.
Dec. 21 Dec.
Dec. 21
Jan.
$5
$50
$15
75c
Dec.
21
Dec.
13 Dec.
Dec.
$3
(semi-annual)
Greenfield Tap & Die, $6 preferred
Gulf Oil Corp
Gulf States Utilities, $6 pref.
SIX
25c
Extra
R.R. Co.
$1 H
25c
Dec.
SIX
SIX
Dec.
Gunnar Gold Mines, Ltd
Gurd (Charles) & Co., Ltd. (interim)
Hackensack Water Co., elass A pref.
3c
Dec.
(quarterly)
30c
Dec.
Dec. 31 Dec.
SIX
t$l X
...
6
15 Nov. 30
15 Nov. 30
15 Dec.
1
15 Dec.
1
43 X c
(quar.)
Hamilton Paper 6% preferred (quar.)__
Hamilton United Theatres, Ltd., 7% pref
15
8
13 Dec.
6
Dec. 20 Dec. 10
Dec. 15 Nov. 30
Dec. 15 Dec.
1
(quar.)
preferred
3
50c
...
Preferred (quar.)
Golden Cycle Corp—
Great Western Fuse Co.
Dec.
SIX
Glens Falls Insurance Co. (quar.)
Globe-W ernicke
Feb.
12 Xc
Jan.
75c
17
3 Dec. 15
31 Nov. 30
Dec. 15 Nov. 26
Dec.
Dec.
Dec.
SIX
1
Dec.
1
Jan.
10
Jan.
3 Dec.
3 Dec.
SIX
Preferred (quar.)
Hein-Werner Motor Parts Corp.(quar.)
Jan.
$2
Extra
Dec.
15
20
15
3
15
SIX
Corp. (quar.)
Hedley Mascot Gold Mines, Ltd. (quar.)
Helme (Geo. W.) common
Jan.
75c
3c
Hazel-Atlas Glass Co. (quar.)
Jan.
SIX
SIX
$1
15c
Extra
10c
Hercules Powder Co., new (year-end div.)
75c
Hershey Creamery Co. common
7% cum. preferred (s.-a.)
Hewitt Rubber Corp.
50c
$3H
25c
Jan.
Dec.
Jan.
1
6
Dec.
6
Dec.
11*
Dec.
1
10
3 Dec. 10
20 Dec.
5
20 Dec.
5
Dec. 21 Dec. 10
Dec. 21 Dec.
6
Dec. 21 Dec.
6
Dec.
Dec.
Dec.
6 Nov. 24
31 Dec
21
Ribbard, Spencer. Bartlett & Co. (monthly)
20c
Dec.
Hilton Davis Chem cal Co. common
Hiram Walker-Gooderham & Worts
25c
Jan.
$1
25c
Dec.
15 Nov. 26
Dec.
80c
Dec.
15 Nov. 26
15 Dec. 10
Preferred (quar.)
Home Insurance Co. of Hawaii, Ltd
Honolulu Gas Co. (fully paid stock) (final)
60c
Honolulu Oil Corp., Ltd. (quarterly)
25c
Houdaille-Hershey class A
Dec.
$1
1S1
Idaho-Maryland Mines (quar.).
Dec.
25c
Hummel-Ross Fibre Corp. (special)
Hutchim Sugar Plantation Co. (monthly)
Huttig Sash & Door Co. 7% preferred (quar.)..
Dec.
62 He
20c
Dec.
10c
six
5c
Indianapolis Water Co. 5% cum. pref
Indian Refining Co
Payable in 5% deb. notes dated Dec. 3, 1937,
payable Dec. 1, 1942.
Ingersoll-Rand Co., pref. (s.-a.)
International Business Machines (stock div.)
Dec.
Dec.
Dec.
Dec
Dec.
1 Dec.
10 Dec.
15 Dec.
1
1
3
3 Dec. 20
6
15 Dec.
4*
10 Dec.
10 Nov. 20
1
16 Dec.
27 Nov. 27
1
15 Dec.
5 Nov. 15
30 Dec 20
10 Dec. 1
Dec.
10 Dec.
1
S2X
Dec.
$2
Jan.
15 Dec.
3 Dec.
11
5c
...
Illinois Central RR. Co. leased line
Imnerial Life Assurance of Canada (quar.)
Common
International Harvester Co. (quar.)
Dec.
Jan.
37 He
Class B
Household Finance Corp. (special)
Hudson Bay Mining & Smelting Co
Hudson Motor Car Co
Humble Oil & Refining Co. (quar.)
Extra.
Illinois Bell Telep
Dec.
62 He
Indianapolis Power & Light preferred (quar.)
31
June
25c
Indiana Hydro-Electric Power preferred
Dec.
Nov. 26
Mar.
SIX
Georgia Power Co., $6 pref. (quar.)
$5 preferred (quarterly)
Greene
Dec.
$1X
General Theatres Equipment Corp
conv.
50c
Dec. 21 Dec.
Option div. payable in cash or stock.
$5 preferred (quarterly)
$5
Dec.
Dec.
13
5
15
Dec.
2
Dec.
4
$3
General Railway Signal Co., common
Preferred (quarterly)
1
50c
87 He
Dec.
.
1
Nov. 15*
Nov. 15
Nov. 24
29 Dec.
Dec.
$1
Hazel tine
$2
25c
Dec.
Dec.
Nov.
Dec.
Dec.
Nov.
Nov.
Nov.
Dec.
Dec.
Dec.
12c
Dec
$2
...
Dec.
Dec.
Dec.
$1
Harbison-Walker Refractories Co., pref. (quar.)
Hartman Tobacco prior preferred (quar.)
75c Jan.
Dec.
6c
SIX
SIX
(quar.)
Hamilton Watch Co
(quar.)
Hammermill Paper (increased)
sn. held
Jan.
SIX
—
Dec. 20
Dec. 23
Jan.
Jan.
62 He
5 He
Dec.
Nov. 30
Draper Corp
Special
(quar.)
Draper Corp., one sh. for each
General Electric Co. (final)
General Gas & Electric Corp. (Dela.)—
$5 prior preferred (quarterly)
Jan.
15
Dec. 31
Nov. 13
Dec.
4
4
Dec.
Nov. 22
Preferred
Jan.
87 He
SIX
Dec.
Dec.
14
14
Dec. 15
Dec. 22
Dec.
4
Dec.
SIX
Jan.
50c
14
Dec.
$2
Jan.
37Xc
(Quarterly)
Dec.
Dec.
Dec.
2c
...—
25c
Class A (quarterly)
Dec.
Dec.
SIX
six
Jan
SIX
t50c Dec.
15c
Dec.
$5H
25c
Diamond State Telep., 6H% pref.
(quar.)
Di Giorgio Fruit
Corp., $0 partic. preferred
Distillers Corp.-Seagrams
(resumed)
Dixie-Vortex Co. (extra)
15
.Tan.
Dec.
25c
Dec.
Jan.
;
Dec.
Dec.
Hillsdale & Southwestern RR.
(s.-a.)
Detroit Steel Corp.
(quar.)
Extra.
Diamond Match Co., pref. (semi-ann.)
1
1
Jan.
Dec.
Dec.
Dec.
Detroit
Dec.
Feb.
2c
Jan.
Devonian Oil Co
Jan.
Dec.
Preferred (quarterly)
Green Bay & Western RR. Co
Class A debenture, on each $1,000 certificateClass B debenture, on each $1,000 certificate.
Greene Cananea Copper (quar.)
50c
Y., 7% pref. (quar.)
15
Dec.
t$5H
$1 H
Great Western
75c
Darby Petroleum Corp. (s.-a.)
15
Dec.
Dec.
Dec.
Nov. 30
25c
David & Frere, Ltd. A (resumed)
De Long Hook & Eye
(quar.)
Dentist* Supply Co. of N.
Dec.
Jan.
25c
30c
Nov. 30
Crown Cork International
Corp., class A (quar.)
Cutler-Hammer, Inc
Dec.
50c
125c
Dec.
SIX
8
1
$1 H
Dec.
Crown Cork & Seal Co., Inc
S2X preferred (w.w.)
...
15 Dec.
Dec.
Freeport Sulphur Co.. pref. (quar.)
Game well Co., preferred
Gannett Co., Inc., $6 conv. pref
General American Transportation Corp
General Box Co. (quar.)
General Cigar Co., Inc
7% preferred (quar.)
7% preferred (quar 1
Girdler Corp.
Extra..
Dec.
Dec.
Dec.
7
Dec.
15
16
16
Jan.
20c
7
15
15
Dec.
6
Nov. 27
Nov. 30
10c
8% class A cumulative preferred
Cuneo Press, Inc, Preferred (quar.)
Curtis Publishing 7% preferred
Curtiss-Wright Corp., class A
Dec. 22 Dec.
Dec. 22 Dec.
Dec. 31 Dec.
Dec. 30 Dec.
Dec.
Gillette Safety
25c
$2
10
10
20c
5
15
15
15
Crocker-Wheeler Electric Mfg
Crowell Publishing Co., (quar.)
S2X preferred (x. w.)
Crum & Forster Insurance Shares—
8% preferred (quar.t
Cuban American Manganese
Corp.—
Dec.
Dec.
25c
25c
Cresson Oonsol. Gold Min. <fc Milling
10
Dec.
Jan
Dec.
General Investors Trust.
15 Nov. 30
'Dec.
Dec.
Jan.
Dec.
General Mills. Inc.. oref.
General Motors Corp
SIX
SIX
$1
SIX
Jan.
15c
15
Dec.
Dec.
10
Jan.
SIX
new
3|Dec. 15
11 Feb. 15
4
Dec. 15 Dec.
4
Dec. 15,Nov. 30
Dec. 31 Dec. 24
Consolidated
$2X
Dec.
3 Dec.
Mar.
$6 preferred (quar.).
—
Dec.
__
Dec.
Dec. 10
Dec. 10
Jan.
Ford Motor Co. of Canada. Ltd.. A and B
Four-Wheel-Drive Automobile Co. (initial)
20jDec.
Dec.
Dec.
Dec.
Jan.
Jan.
six
Insurance stock series (s.-a.)
Florida Power & Light Co. $7 preferred (quar.).
Food Machinery Corp. 4H% preferred
Foote-Burt Co
Dec.
1
1
18
23
SIX
$25
Fohs Oil Co.
6
$1
$1
75c
414% conv. preferred (quar.)
Commonwealth & Southern Corp. $6 preferred-_
Commonwealth Utilities Corp., 7% pfd. A (qu.)
6% preferred B (quar.)
614% preferred C (quar.)..
Compo Shoe Machinery (quar.)
First National Bank of N. Y. (quar.)
First National Bank (Toms River, N. J.) (qr)—
First National Stores (quar.)...
Fiscal Fund, Inc., bank stock series
Dec.
40c
Columbia Oil & Gasoline Corp
Commercial Credit Co..
Extra
—
Nov. 26
25c
Special
7% preferred
7% preferred class A
Nov. 26
Dec.
17 He
SIX
3 Dec.
43 Xc
8Xc
;
Dec.
Dec.
15 Dec.
15 Dec.
50c
——
Dec.
Dec.
15c
I Holders
87 He
Feltman & Curme Shoe Stores
Dec.
25c
Extra
Columbia Broadcasting, class A A B
Columbia & Xenia RR. Co
Columbian Carbon Co., voting trust
21
Nov. 26
25c
Participating preferred (quar.)
(N. Y.)
Falconbridge Nickel Mines, Ltd—
Falstaff Brewing
Payable 25c. cash and $1 in 5% 10-yr.deb notes
Fansteel Metallurgical Corp $5 pref. (quar.)
Faultless Rubber Co. (quar.)
...
Dec.
50c
Columbia Baking Co
20c
30c
—
Extra. ._
Exceisior insurance Co.
10
S15H
S3
12Hc
Extra
SIX
Dec.
13
56 Xc
$1$H3
Dec.
Dec.
Dec.
Dec.
t$2^
Preferred (quar.)
Fifth Avenue Coach
Dec.
Dec.
Jan.
t$2 X
20
M
Class A (semi-ann.)
Colgate-Palmolive-Peet (quar.)
Colt'8 Patent Fire Arms Mfg. (quar.)
...
Dec.
Jan.
When
1937
Payable of Record
75c
Jan.
50c
4,
25c
15 Nov. 30
Nov. 29
Nov. 29
$2
Coca-Cola International (quar.)
Extra
$6 preferred (quarterly)
Ex-Cell-O Corp
SIX
Dec.
SIX
(quar.)
Elec. Co., 6% pref. (qu.).
Empire Power Corp., $6 cum. pref. (qu.)
Participating stock dividend
Emporium Capwell Corp. (quar.)
4H % cum. preferred A 'qu.)
Engineers Public Service $5 preferred
$5 preferred (quarterly)
$5H preferred
$5H preferred (quarterly)
$6 preferred
Dec.
75c
Coca-Cola Co. (quar.)
Extra..
Class A (semi-ann.)
Share
50c
S2X
Coast Counties Gas &
Per
Name of Company
SIX
SIX
SIX
$4 H preferred
13
23 Dec.
4 Dec.
25c
Extra
Clorox Chemical (quarterly)
Cluett Pea body & Co., pref.
13
23 Dec.
$22 X
City & Suburban Homes Co—
City Ice & Pue ICo
Clark Equipment Co. (quarterly)
Preferred (quarterly)
Clearfield <te Mahoning Ry. (s.-a.)
Cleveland Electric Illuminating common.—.—
15
15
$5
Common (semi-ann.)
Common (extra)
Preferred
Dec.
Dec.
Jan.
$2H
SIX
62Hc
$39.30
—
Dec.
Holders
Dec.
;
Chestnut Hill RR. Co. (quar.)
Chicago Junction Ry. & Union Stockyards
6% preferred (quar.)—
Chicago Pneumatic Tool, $2X Pref. (quar.)
S3 preferred (quarterly)
Chicago Rivet & Machine—
Chrysler Corp.,
When
Payable of Record
SIX
Cheeebrough Mfg. Co. (quar.)
Extra
I
Chronicle
S3X
SIX
SIX
SIX
Ian.
Dec.
Jan.
Jan.
3
3 Doc
31
15 Nov. 30
1 Dec.
4
1 Dec. 11
15c
$3
5%
SIX
62He
Jan.
3 Dec.
6
Apr.
1 Mar. 15
Dec. 23 Dec. 15
Jan.
15 Dec. 20
Volume
of Company
25c
Extra
International Paper Co. 7%
M
$1H
Dec.
10 Nov. 26
$5
Dec.
Dec.
1
37Hie
Dec.
Dec.
25c
Dec.
Dec.
1*
1 *
$2
preferred^
-—
5% pref., new
5% preferred new (initial, quar.)
International Kys. of Central America—
5% preferred (resumed)
International Salt Co. (quar.)
International Paper & Power
Extra
Dec.
10 Nov. 26
10 Nov. 26
Dec.
Dec.
13
Dec.
-------
Nov. 15
Nov. 15
Dec.
Nov. 30
Nationa JSugar Refining Co. of N. J
National Supply Co. (Penna.), stock
Inter type Corp., 1st pref. (quar.)
2d preferred (semi-annual)
$2
$3
$1H
Jan.
—
—
Payable in five-year 5H % notes.
Dec.
Dec.
Nov. 22
$1
Dec.
$2
$1H
$1H
$1H
n%
Jewel Tea Co., Inc. (quar
\)_.
Dec.
75c
"
Extra
Preferred (quar.)
Kansas City Power & Light
pref. B (quar.)
Co., preferred
Inc., preferred
Kelley Island Lime &. Transport
Kennecott Copper Corp
Special
Ken-Rad Tube & Lamp class A
Klein (D. Ernil) (quar.)
Preferred (quar.)
:
Kimberly-Clark Corp. (quar.)
Special
Preferred (quar.)
Kingston Products (quar.)
King-Seeley Corp
Option dividend of cash or ,2iooth of a
Kaufmann Dept. Stores,
31 Dec.
$1
Dec.
24 Dec.
62 He
25c
2 Jan.
20
Jan.
3 Dec.
14
50c
Jan.
10c
Dec.
$1H
—
Jan.
Dec.
30c
$1H
(quar.)_
Dec.
$1H
$1M
Jan.
....
1
Dec.
15 Dec.
5c
Dec.
23 Dec.
6
62 He
14 Dec.
2
Preferred
$1
Jan.
Dec.
3 Dec.
15 Dec.
10 Dec.
14
50c
Dec.
5c
3%
$1
$2
$1M
37Hc
1H%
$1 %
50c
$1.10
Louisiana Land & Exploration
Dec.
15 Dec.
& B (quar.)
Louisville & Nashville RR. Co. (extra)
Lunkenheirner Co. preferred (quar.)____
Lykens Valley RR. & Coal Co. (s.-a.)
Lynchburg & Abingdon 1 elegraph Co. (seml-an.)
Louisville Gas & Electric class A
A (stock div.)
Dec.
1
Pacific Public Service, 1st
Dec.
15 Dec.
1
10c
Dec.
15 Dec.
1*
10c
Dec.
15 Dec.
1*
Dec.
24 Nov. 30
Dec.
23 Nov. 29
2
3 Dec.
40c
Jan.
$3
UOc
Jan.
3 Dec.
3 Dec.
15
15 Nov. 15
15;Dec.
Park
1
10,Dec.
Dec.
15 Nov. 30
Dec.
15,Dec.
initial)
Macfadden Publications, inc., preferred
Magma Copper Co., year-end dividend
Magnin (I.) & Co. (quar.)
Mangel Stores Corp. $5 pref. (quar.)
Dec.
15 Dec.
$1
McLeod Building Ltd. (new
Dec.
15 Dec.
21 Nov. 30
15 Nov. 26
$3
---
Dec.
$1H
Dec.
Extra
Extra stock dividend
(quarterly)
Mathieson Alkali (year-end div.)
Preferred (quarterly)
Melchers Distilling, Ltd., 6% pref. (s.-a.)
Memphis Natural Gas, pref. (quar.)
2 Dec.
15 Dec.
5c
Dec.
Dec.
Dec.
3
15
1
15 Nov. 30
15 Nov. 30
15 Nov. 30
10 Nov. 15
4
(quar.)
Mengel Co. 1st preferred
For period from July 1 *37 to
Mergenthaler Linotype (quarterly)
Dec.
Dec.
20 Dec.
Dec.
23 Dec.
1
Dec. 23 Dec.
1
$1H
-_
30c
$1H
30c
Common
—
Dec. 31 '37.
Dec.
Dec.
$1H
Dec.
50c
$1
$1
Mesta Machine Co., common
Co
50c
$3
(s.-a.)
(semi-ann.)
Miller Wholesale Drug Co
Midwest Oil Co.
—
Mississippi Valley Public Service Co.—
6% preferred B (quarterly)
Mobile & Birmingham RR., 4% pref. (s.-a.)
Mohawk Carpet Mills (quar.)
Monarch Knitting Co., Ltd., 7% preferred_ _—
Monsanto Chemical Co. (extra)
(Quarterly)
$4H class A pref. (semi-ann.)
Montreal Loan & Mtge. Co. (quar.)
Moore <Wm. R.) Dry Goods (quar.)
Morris Finance Co., class A, common (quar.)
Class A common (extra)
(quarterly)
(extra)
Preferred (quarterly)
Mother Lode Coalition Mines Co__
Motor Finance Corp., extra (pay. in cash or stk)
Motor Wheel Corp. (quar.)
Mountain Fuel Supply Co
Mountain Producers Corp. (semi-ann.)
Muncie Water Works 8% pref. (quar.)
Muskogee Co., bommon
Muskegon Piston Ring
Mutual Chemical Co of Amer.. 6% pref. (quar.)
Mutual Telephone Co. (Hawaii)-----Class B, common
(special)
Breweries, Ltd. (quar.)
Dec.
Jan.
Dec.
Dee.
Jan.
$2H
Mid vale Co
Dec.
50c
Dee.
12Hc
Dec.
$1H
Jan.
$2
30c
Jan.
Dec.
Jan.
t$Tl
15
3 Dec. 20
7
17 Dec.
Dec. 31 Dec.
Jan.
50c
Mead Corp.
15 Dec.
Dec.
52 He
—
Preferred (quarterly)
Dec.
Jan.
10c
40c
Master Electric Co.
National Biscuit Co.
National Bond & Share Corp.
15 Nov. 30
3*
15 Dec.
25c
Masonite Corp. (quar.)..
Michigan Steel Tube
Midland Grocery Co 6% pref.
Dec.
3%
Maryland Fund (quar.)
Dec.
50c
(quar.)-
25c
$1H
$1H
Dec.
50c
Dec.
$2 X
June
50c
Dec.
$1H
Jan.
$3H
$3H
3 Dec.
18 Dec.
$1H
9
15 Nov. 15
27 Dec. 15
2 Dec. 20
1
3 Dec.
15 Dec.
10
3 Dec.
10
1
22 Dec.
15 Nov. 24
Dec.
75c
22
1 May 10
15 Nov. 30
2 Jan.
2
40c
Dec.
25c
Dec.
10 Nov. 20
6 Nov. 15
30c
$2
Dec.
15 Nov. 15*
15 Dec.
1
65c
Dec.
15 Dec.
4
$1
Dec.
22 Dec.
4
*1H
Dec.
18 Dec.
10 Dec.
16
5
Dec.
12c
Dec.
40c
Dec.
$3
Dec.
t50c
J43c
15 Nov. 12*
15 Nov. 30
—
Plymouth Oil Co. (quar.)
Extra
Co. 7% pref. (quar.)
Co. (quar.)
Metals of America (quar.)
Preferred Accident Insurance
preferred
5% 2nd preferred
5% pref. (quar.)
(quarterly).
preferred (quarterly)
3 Dec.
15
5H% preferred
Jan.
3 Dec.
15
6%
■
16 Dec.
1
10
Dec.
3
15 Jan.
1
Dec. 20 Dec.
Dec. 20 Dec.
Dec.
1
Nov. 22
Dec.
Nov. 15
Dec.
Nov. 15
""25c
Dec.
Dec.
1
Jan,
Dec.
15
Dec.
Dec.
15
5
Feb.
Feb.
Nov. 12
20
%\H
$1H
Jan.
Dec.
Jan.
Dec. 20
50c
Dec.
Dec.
6
$IH
Jan.
Dec.
15
55c
Jan.
Dec. 20
55c
Fob.
Jan.
20
55c
Mar.
Feb.
21
$1H
Mar.
Feb.
21
75c
Dec.
Nov. 20
$3
Dec.
Nov. 30
Jan.
Dec.
15
Jan.
Dec.
15
$1H
Dec.
Dec.
$2
50c
Dec.
Nov. 12
Dec.
Dec.
8
8
!!S
1
75c
Dec.
Dec.
Dec.
Dec. 20
Dec.
Dec.
1
25c
Dec.
Dec.
1
70c
Pittsburgh Metallurgical Co
Pittsburgh Screw & Bolt Corp
Preferred (quarterly)
Placer Development Ltd. (semi-annual)
Jan.
6 Nov. 26
6
Dec. 21 Dec.
50c
--
Prosperity Co., Inc., pref. (quar.)
Protective Indemnity Co
Public National Bank & Trust (quar.)
Public Service of N. J. (quar.)
$5 preferred (quar.)
7% preferred (quar.)
—
8% preferred (quar.)
6% preferred (monthly)
Public Service Electric & Gas, $5 pref. (quar.)-7% preferred (quar.)
Public Service Co. of N. H., $6 pref. (quar.)---$5 preferred (quar.)
Public Service Co. of Oklahoma—
7% prior lien stock (quar.)
6% prior lien stock (quar.)
Pure Oil Co.,, 5% preferred (quar.)
10
Dec.
37 He
-
10
23 Nov. 29
23 Nov. 22
6
Dec.
25c Dec.
10
Dec.
15
40c
31 Dec.
Dec. 31 Dec.
Dec. 31 Dec.
Dec.
1 Dec.
5 Dec. 27
15 Nov. 26
S1H
Procter & Gamble,
$2
6 Nov. 15
1 Dec. 15
40c
10
45c
1
15 Dec.
15 Dec.
25c
debs.
31 Dec.
Dec. 31 Dec.
10
Dec.
Dec.
15c
--
---------
5% 1st
20 Nov. 30
Dec. 20 Nov. 30
Jan.
$1
(quarterly)
Peter Paul, Inc.. new (increased)
Philadelphia Baltimore & Washington (s.-a.)
Philadelphia Co., $6 preference (quar.)
$5 cumul. preference (quarterly)
Philadelphia Electric Power, 8% pref. (qu.)
Phoenix Finance Corp
8% pref (quar.)
Pioneer Gold Mines of B. C., Ltd--Pittsburgh & Lake Erie RR
Pressed Steel Car
Dec.
Jan.
50c
Extra
Pressed
15
Dec. 23 Dec.
-
Pollock Paper & Box
10
15 Nov. 30
Dec. 15 Nov. 30
Dec. 15 Nov. 30
Dec.
Jan.
Pet Milk Co.
6 Nov. 20
10 Nov. 30
15
Dec.
50c
Perfection Stove Co. (quar.)
1
1 Dec.
Dec. 23 Dec.
1 Dec.
Jan.
Jan.
$1
Pennsylvania Gas & Electric, $7 pref. (quar.)
7% preferred (quar.)
Pennsylvania Glass Sand Corp
.$7 cum. conv. pref. (quar.)
Pennsylvania Power Co., $6.60 pref
(monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6 preferred (quar.)
Pennsylvania RR. Co
Pennsylvania Salt Mfg_-_-—
Penn. Water & Power Co., common (quar.)
$5 preferred (quarterly)
Peoples Drug Stores, Inc., 6H % Pret—
Peoples Gas. Light & Coke (resumed)
Perfect Circle Co. (quar.)
.
10
15 Nov. 24
1 Dec. 16
Dec.
65c
20 Dec.
31 Dec.
Jan.
25c
-
pref. stock.
Consol. Mines (resumed)
—
Permutit Co,
10c
16
15 Nov. 30
Dec. 15 Nov. 30
Dec. 31 Dec. 15
75c
(quar.)
Pennroad Corp
5c
Preferred (quar.)
Mapes Consol. Mfg. Co. (quar.) —
Martin Custom-made Tires, 8% pref.
-
7% preferred (quar.)
1
1
75c
Dec.
10c
Parker-Wolverine Co
A div. of 75c. payable in 2% 5-year conv.
Penick & Ford, Ltd
Peninsular Telephone Co. (quar.)
1
16
$1H
$1H
$1H
t$1.30
t50c
preferred
Extra
common.
$3 preference (quarterly)
Utah
24 Dec.
10c
50c. div. nayable in cash or
Jan.
10
Dec.
40c
Extra
1
10
15 Nov. 30
15 Nov. 30
Dec. 24 Dec.
Dec. 24 Dec.
60c
& Transport
Payable in 7-year 3 H % notas.
Panhandle Eastern Pipe Line (initial)
Paraffine Cos., Inc. (quarterly)
Preferred (qnar.)
Park & Til ford, Inc
15
Dec.
S1H
Pan American Petroleum
Dec.
—
H of 1 sh. of funding stock for each cl. A held.
Class A stock dividend
H of 1 sh. of funding stk. for each cl. A held.
McKenzie Red Lake Gold Mines
McKesson & Robbins, Inc., stock dividend
Div. of l-25th of a share of $3 pref. stock
Class B, common
Jan.
Pahang Rubber Co., Ltd.
10
Dec.
6Hc
$1 %
-
1st preferred
Pacific Western Oil Corp
37Hc
$1
$1H
15
43 He
Extra
Dec.
McColl Frontenac Oil (quar.)
McCord Radiator & Mfg. class
Dec.
n%
Co. (quarterly)--
Jan.
30c
Extra
—
preferred (quar.)
Paauhau Sugar Plantation (monthly)
Pacific Indemnity Co. (quar.)
13
Dec.
$2
25c
-
22 Nov. 22
Dec. 17
3
Jan.
$1.80
Otis Steel 1st
4
23 Dec.
Dec.
S1H
(quarterly)
Lorillard (P.) Co. (quarterly)
Preferred (quarterly)
(quar.)—
Corp.
Extra
Dec.
1
10 Nov. 29
10 Nov. 30
30c
pref. (quar.)
Otis Elevator Co
Preferred (quarterly)
20c
Loose-Wiles Biscuit Co pref.
National
Jan.
15 Dec.
Dec.
$1
30c
—
Co. 8% pref. (quar.)
(initial)
Preferred (quar.)
Oneida, Ltd. (quarterly)
7 % participating prelerred (quar.)
10 Nov. 26
10 Nov. 26
31 Dec. 20
3 Dec, 31
Dec.
$1H
--_
Old Joe Distilling
75c
Lone Star Gas Corp
Meteor Motor Car
Dec
Dec.
10
50c
6% preferred (quar.)
Oklahoma Natural Gas 6% prior pref.
mn
pref
Lone Star Cement
the
Dec
3
3
22 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
$2
Extras
Omnibus
22 Dec.
3
50c
(quar.).__
Oklahoma Gas & Elec. 7%
Dec.
15 Nov. 30
4
15 Dec.
20c
Ohio Water Service, ciass A
Dec, 27 Dec. 20
Dec. 15 Nov. 20
7
Dec. 22 Dec.
1 Dec. 10
Jan.
1
Dec. 15 Dec.
4
Dec. 13 Dec.
2 Dec. 15
Jan.
3
Dec.
30c
Oilstocks, Ltd. (semi-annual)
4
15
14 Dec.
Dec.
Special (payable in 5% notes)
1
15
Dec.
Dec.
Jan.
Dec.
Ohio Oil Co
Dec.
&
15
15
3 Dec.
Dec.
Ohio Finance Co
5
3 Dec.
Jan.
$2H
Oahu Sugar Co., Ltd. (monthly)
Ogilvie Flour Mills Co., Ltd. (bonus)
20
3 Dec.
Jan.
$6
12 He
20c
25c
Inc
(final)
1
1 Jan.
Dec.
10 Nov. 20
7
18 Dec.
50c
River Insurance Co.-
15 Dec.
15 Dec.
Feb.
75c
$2
(monthly)
North
Dec.
40c
Elec. Light & Power
North Central Texas Oil
Dec.
Jan.
$2
North American Aviation,
1
13 Dec.
31 Dec. 24
3 Dec. 20
24 Nov. 30
3
21 Dec.
Dec.
$1
7% pref
Extra
11
2 Dec.
Dec.
t$l
preferred (quar.)
Lava Cap Gold Mining Corp
Lehn & Pink Products Corp., common
Lehigh Portland Cement Co. pref. (quar.)
Leslie Salt Co, (quarterly)
Lessing's, Inc
Libby, McNeill & Libby pref. (semi-annual)
Libbey-Owens-Ford Glass
Liggett & Myers Tobacco com. & com. B (extra)
Preferred (quar.)
Lily-Tulip Cup
Lindsay Light & Chemical Co., pref. (quar.)
Link Belt Co., pref. (quar.)
Little Miami RR., special guaranteed (quar.)..
on
New York & Queens
15 Nov. 30
Dec.
$2H
$2H
$2H
$1M
$1H
preferred
Niagara Hudson Power-Corp., common
Niles-Bement-Pond Co
Norfolk & Western Ry. (quar.)
share
Laudis Machine 7%
8% preferred (quar.)
Loew's (M.) Theatres, Ltd., 7%
$6
10
Dec.
t50c
$1H
-—
New York Power & Light Corp.,
1
15 Dec.
4 Nov. 12
Dec.
72c
Preferred-;
14 Nov. 29
3 Dec. 14
Dec.
$1H
Nov. 30
20 Dec.
Phelps
New England
14
Feb.
Dec.
Dec.
20 Dec.
Dec.
mont
Dec.
25c
Dec.
75c
20 Dec.
Dec.
55c
Dodge Corp. com. for each share of New¬
Mining Corp
Gas & Electric Assn. $5H pref_New England Tel. & Tel. (quar.)
New Jersey Zinc Co
New York City Omnibus Corp. (special)
New York & Harlem RR. Co
10
1
15 Dec.
23 Nov. 26
Dec. 23 Nov. 26
Dec. 10 Nov. 30
Dec.
37Hc
60c
Newberry (J. J.) Co., (quar.)
Newmont Mining Corp
Year-end div. of l-10th of a share of
Dec.
50c
Bonus
Original capital
Lock Joint Pipe Co.
1
—
pref
Dec.
50c
Neisner Bros., Inc
Dec.
40c
6
6
6
Dec. 15 Nov. 30
Dec. 15 Nov. 30
$1H
National Transit Co
1
1 Dec. 14
15 Nov. 30
stock.
Koppers Co. 6% preferred (quar.)
Kresge (S. S.) Co
Kroeiiler Mfg. Co. 6% pref. A (quar.)
Kroger Grocery & Baking Co., 6% pref.
7% preferred (quar.)
Lake Shore Mines, Ltd. (quar.)
1
15 Dec.
15 Dec.
Dec.
1
8
50c
9
Jan.
3 Dec.
Dec. 22 Dec.
S1H
20 Dec.
15 Dec.
5 H % prior preferred
$2 10-year prior preference
National Supply Co. (Pa.), 6%
Dec.
.
Joslyn Mfg. & Supply (quar.)
3 Dec. 15
Jan.
1-10th of a
stock for each share held.
15
Dec.
10 Nov. 26
Jan.
div
sh. of $2 10-year prior preference
15
Jan.
15 Nov. 26
1 Jan. 21
50c
each sh. held
Dec.
Jacobs (P. L.) Co
common
Opt. paym't of 1-20 sh. of com. for
Feb.
Dec.
50c
National Oil Products
Dec.
M
Dec.
11c
9c
---
Interstate Natural Gas Co
25c
$1H
National Standard Co. (quar.)
Inc. com
-
Jan.
12 He
Preferred A (quar.)_,
Preferred B
$1.60
Interstate Home Equipment Co.,
Extra
—---
Kansas City Southern Iiy.
Co., 1st pref. (quar.)
(quarterly)
National Lead Co
-
International Silver Co., preferred
Dec.
30c
$1H
$1H
National Gypsum
2d preferred
15 Nov. 30
15 Nov. 29
3 Nov. 29
4
Dec. 22 Dec.
4
Dec. 22 Dec.
Dec. 24 Dec. 18
Dec.
25c
National Dairy Products Corp
Preferred A & B (quar.)
_
Holders
Payable of Record
Share
Company
National Casualty Co. (quar.)
1
1
Dec. 31 Dec.
Dec. 31 Dec.
50c
International Nickel of Canada
Name of
Payable of Record
Share
When
Per
Holders
When
Per
Name
3605
Chronicle
Financial
145
Dec.
Nov.
2
$1H
$1H
$1H
Dec.
Dec. 15
Dec.
1
Jan.
Jan.
Dec.
1
50c
Jan.
Dec.
50c
Jan.
Dec.
10
31
tlOc
1
Jan.
Dec.
$2H
Dec.
Nov. 19
25c
Dec.
Dec.
20c
3
Dec.
Nov. 26
$1
Jan.
Jan.
60c
Dec.
Nov. 19
35c
25c
Dec.
Dec.
Dec.
Dec.
6
$1 H
Dec.
Dec.
20c
Dec.
Dec.
15
11
Dec. 22
3
6
50c
De.s.
6Hc
Dec.
62 He
Dec.
Dec.
$1H
$1 H
Dec.
Nov. 24*
Dec.
Dec.
Nov. 20
10
20
Dec.
10
Jan.
Dec.
21
65c
Dec.
Nov. 26
$1H
$1 %
Dec.
Nov. 20
Dec.
Nov. 20
$2
Dec.
Nov. 20
20c
37 He
Dec.
50c
Dec.
Nov. 20
$1H
$1H
Dec.
Nov. 20
Dec.
Nov. 20
Dec.
Nov. 30
Dec.
Nov. 30
Jan.
Dec. 20
Jan.
Dec. 20
Jan.
Dec.
10
Jan.
Dec.
10
Jan.
Dec.
10
$1H
$1H
1H%
1 H%
1 H%
3606
Financial
Per
Name of Company
When
Share
Pullman. Inc. (special)
8uaker Stateof America, Corp. quar.)
Oil Refining
adio Corp.
common
$3 M cumul. conv. 1st preferred
B preferred
Ralston Steel Car (special)
---
Dec. 28 Dec. 15
Dec. 28 Dec. 15
Dec. 15 Dec.
1
Dec. 15 Nov. 30
Preferred
(quar.)
Rapid Electrotype Co.
(quar.)
Raybestos-Manhattan, Inc
Rayonier, Inc
$2 preferred (initial quar.)—
Reading Co.. 1st preferred (quar.)
2nd preferred (quar.)__.
Reeves (Daniel), Inc.
(quar.)
Option div. 1 sh: of pref. for each $100 in d
Preferred (auar.)
Reliance Grain Co.,
Ltd.r6M% pref. (quar.)
Reliance Insurance Co. (Phila.)
•Extra....
—i...
Remington Rand, Inc. (interim)
Preferred (quarterly).
1
Rensselaer & Saratoga RR. (s.-a.)_
Reynolds Metals Co., 5M % cum. pref. (quar.)
Reynolds (R. J.) Tobacco Co
Jan.
1 Dec.
Jan.
Jan.
Dec.
Dec.
Nov. 26
Dec.
26
Jan.
Nov.
Dec.
Dec.
Dec.
Jan.
Dec.
21*
Jan.
Dec.
4
4
Jan.
Jan.
Class B
Jan.
Dec.
Dec.
....
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
River Raisin Paner Co..
Riverside Silk Mills, class A (quar.)
Robertson (H. H.) Co
Roberts Public Market, Inc. (quar.)
13
13
15
Dec.
Dec.
Rich's, Inc. (extra)
6 M % preferred (quar.)
Ritter Dental Mfg. Co.
(quar.)
Preferred (quar.)
Dec.
6
15
10
10
Dec.
10
15
Nov. 29
Dec. 20
Dec. 11
Dec.
Nov. 24
Jan.
Dec.
Apr.
July
June
10
Dec.
Dec.
6
Jan.
Dec.
Rochester Telephone Corp., 6M % pref
Jan.
(quar.).
Rollins Hosiery Mills, conv. stock
(initial)
Roeser & Pendleton, Inc.
(quar.)
Quarterly
Quarterly
Ruberoid Co. (quar.)
Year-end div. in
promissory notes at the rate
of $1.40 of face value for each sh.
Notes
will bear interest at rate of
4% per annum,
with a duo date of Dec.
20,1940
Ruud Mfg. Co
(quar.)
Extra
Dec. 20 Dec
Dec. 16 Dec.
Dec. 16 Dec.
10c
$3 Jan.
1
6
6
6
Dec.
15
1 Dec. 15
SIM Jan.
S3M Dec. 23 Dec.
9
Dec.
1-100th of
15 Dec.
value of 5% preferred stock
on
SIM
Jan.
Jan.
Dec.
1 Dec.
1 Dec.
Dec.
16 Dec.
Dec.
15 Nov. 30
15 Nov. 30
15 Nov. 30
15 Nov. 30
1
Jan.
—
Light & Pow. Corp. 6% pref. A & B
7% preferred A & B (quar.)
Schiff Co., common
(quar.)
7% preferred (quar.)
5M % preferred (quar.)
Scott Paper
(quarterly)
75c
$1
$1
Dec.
Dec.
_
50c
SIM
SIM
Dec.
Dec.
10
10
10
1
a
Dec.
Dec.
15 Dec.
1
1
60c
75c
....
Dec.
14 Dec.
Dec.
15 Nov. 15
25c
Seaboard Oil Co. of Dela.
(quar.)
Securities Acceptance
Corp
Payable in $25 par 6% pref. tock.
Seeman Bros., Inc.
(quarterly)
Selby Shoo Co. (quar.)
Selfridge Provincial Stores
Serrick Corp., class A common
Class B stock div. of l-20th of
40c
10c
Extra
Scranton Lace Co., common
Sears, Roebuck (quar.)
15 Nov. 30
15 Dec.
1
Dec. 15 Dec.
50c
Dec. 24
62 Mc
Dec.
Dec.
40c
Dec.
1
10
15 Nov. 30
2M%
,1.
share class A
Dec.
6 Nov. 24
8 Nov. 16
22c
Dec.
Jan.
3 Dec.
20
15c
Dec.
21 Dec.
1
Dec.
21 Dec.
1
3 Dec. 15
15 Nov. 27
40c
of Canada, pref
Simonds Saw & Steel Co
t tSIM
J
an.
80c
Dec.
5c
Siscoe Gold Mines
(quar.)
Extra
Dec.
Dec.
Dec.
Dec.
lc
_
Skelly Oil Co
Sloss-Sheffield Steel & Iron (special)
Preferred (quar.)
Socony-Vacuum Oil (special)
Soss Mfg. Co.
(quar.)
50c
SIM
SIM
15 Nov. 30
15:Nov. 30
15jNov. 22
2l|Dec.
30c
Extra.
Sound view Pulp Co. stock
dividend
Payable at rate of 2-100th of a sh. of
6%
Pref., $100 par, for each sh. of common.
South Carolina Power
Co., $6 pref. (quar.)....
South Porto Rico
Sugar Co., com. (quar.)
Preferred (quar.)
Southern Calif. Edison.,
original pref. C (quar.)
Original preferred (quar.)
Dec.
Dec.
12 Mc
50c
Dec.
10
21 Dec. 10
15 Nov. 18*
10 Nov. 26
10 Nov. 26
Dec,
15 Nov. 15
Dec.
,
SIM
Jan.
Dec.
15
50c
Jan.
Dec.
Dec.
9
2%
34Mc
37Mc
37Mc
Jan.
#
_
Extra
par
Extra
$25
II
III
(quarterly)
Standard Steel Construction
Co., $3 cl. A_.
Stanley Works (New Britain) (year end)
Preferred (quar.)
Stecher-Traung Lithograph 7M% pref. (quar.).
Stix-Baer & Fuller 7% pref. (auar.)
Stone & Webster, Inc. stock
dividend
sh.
Webster capital stock held.
Sudbury Basin Mines
Sun Oil Co., common
k<
Common (stock dividend)
Preferred (quarterly)
Sunshine Mining Co
Sutherland Paper Co. (quarterly)
Dec.
1
Dec.
10
Dec. 20
Dec.
3
Jan.
1
1
Dec.
Dec.
Dec.
......
Nov. 15
Nov. 15
Nov. 15
Nov. 15
Dec.
Dec.
Nov. 15
Nov. 15
Dec.
25c
75c
25c
20c
25c
50c
Dec.
Dec.
SIM
tSIM
$1.40
31Mc
SIM
43 Mc
Nov. 15
Nov. 15
Nov. 30
Dec.
Dec.
Nov. 30
Nov. 30
Nov. 30
Dec. 31
Dec. 15
Dec.
Dec.
Jan.
Jan.
Dec.
Feb.
Nov. 26
Jan. 29
Dec. is
Dec.
Dec.
Dec.
15
Dec.
Dec.
3
Jan.
of Stone
Jan.
Dec.
Jan.
Dec.
15
Jan.
Dec.
15
Jan.
Dec.
15
50c
60c
Texas Gulf
Producing Co
Texas Gulf Sulphur Co.
Extra
10c
50c
50c
Thatcher Mfg. Co. (special)
SIM
Quarterly
25c
Tilo Roofing Co., Inc.
(quar.)
Extra
Dec.
Dec.
Dec. 23 Nov.
Dec. 15 Dec.
Dec. 15 Dec.
Dec. 15 Nov.
25c
.....
Jan.
Dec. 15
Dec. 15
Dec. 28
Dec. 15
Dec. 16
8%
68 Mc
75c
40c
3 Dec.
14
Nov. 24
Nov. 24
Dec.
8
Nov. 30
Dec.
6
15
Dec.
Dec.
Dec.
15
19
1
1
30
15 Nov. 30
15 Nov. 26
15 Nov. 26
4 Nov. 17
75c
Dec.
SIM
Dec.
15c
Feb.
SIM
SIM
SIM
Dec.
15 Dec.
1
Dec.
15 Dec.
15 Dec.
15 Dec.
1
...
Trade Bank (N. Y.) (quar.)....
Troy & Green bush RR. Assoc. (s.-a.)
Truax-Traer Coal Co., 6% pref.
—
(quar.)
5M% preferred (quar.)
Twentieth Century-Fox Film Corp.
Preferred (quar.)..
Underwood Elliott Fisher Co.,
Special
Jan.
25c
TImken Roller Bearing (quar.)
Extra
15
Jan.
25c
Dec.
Dec.
Dec.
$1
37
common
4 Nov. 17
1 Jan.
5
1
3
15 Dec.
Dec.
(quar.).
3
4*
15 Dec.
25c
Dec.
80c
t20c
Jan.
SIM
Jan.
20c
cum. Dreferred
Dec.
Feb.
Dec.
1 Jan.
3
18
4
3 Dec.
8
1
Jan.
Jan.
15 Dec.
3 Doc.
10
Dec.
24 Dec.
3
Dec.
15c
t$l Dec.
Dec.
$1.08
—
.....
1
Dec.
15 Nov. 30
10 Dec.
1
15 Dec.
1
15 Dec.
1
Dec
24 Nov. 30
Dec.
24 Nov. 30
Dec.
1M%
2M%
25c
SI K
58l-3c
53c
50c
6.36% preferred (monthly)
6% preferred (monthly)
United New Jersey RR. & Canal
(quar.)
United Profit Sharing Corp..
United States Graphite Co.
(quar.)
United States Gypsum Co.
(quar.)
Dec. 24 Dec.
Dec. 24 Dec.
15
Dec.
15
24 Dec.
15
$2M Jan. 10 Dec. 20
10c
Dec. 15
8
Dec.
Dec. 31
Dec. 24
50c
50c
Extra
50c
Nov. 24
Nov
Dec.
24
8
Dec.
United States Sugar Corp
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
United States Tobacco Co., common
Jan.
8
3 Deer- 8
3 Dec. 10
75c
Dec.
20 Nov. 30*
25c
Jan.
25c,
Jan.
$1
Dec.
10c
Preferred (quar.)
United States Leather Co.,
7% preferred
United States Pipe <fc Foundry Co
com
(quar.)
United States Playing Card
(quarterly)
Extra
United States Steel
Corp. (resumed)
Dec.
Mining Co
Jan.
SIM
tSIM
SIM
SIM
SIM
SIM
$2
SIM
Common (special)
Preferred (quar.)
United Verde Extension
15 Dec.
15 Dec.
15 Dec.
SIM
Preferred
(quar.)
5% preferred (semi-annual)
27 Nov. 24
Dec.
Dec.
20c
75c
25c
(quar.)
United Drug, Inc
United Dyewood Corp.. pref.
(quar.)
United Elastic Corp. (Jersey City, N.
J.)
United Fuel Invest., Ltd., 6% preferred
United Gas & Electric Corp., com
Dec.
SIM
SI
Extra dividend is optional cash or stock.
United Aircraft Corp
United Biscuit Co. of
America, pref. (quar.).
United Carbon Co
United Corp., common
Dec.
50c
Stores, Inc. (quar.)
Extra
15 Dec.
4*
1 Dec.
3
15 Nov. 20
3 Dec.
1
27 Nov. 24
90c
Union Carbide & Carbon
Corp
Union Gas Co. of Canada
(quar.)
Union Pacific RR
Union Premier Food
$2
1 Dec.
Jan.
Apr.
July
16
1 Dec. 16
20 Nov. 20
10
15
15
15
Nov. 30
Dec.
15
Mar. 15
June 15
Dec.
15 Nov. 29
Dec.
15 Nov. 29
15 Nov. 29
20
Dec.
Dec.
Liquidating.
$ 1.16 2-3 Dec. 21 Nov. 22
Dec. 21 Nov. 22
$1
Utlca Clinton & Binghamton RR
Debenture (semi-ann.)
Vanadium Corp. of Amer. (resumed)
Vapor Car Heating Co., Inc. 7% pref
Veeders-Root, Inc. (quar.)
25c
Extra
Ventures, Ltd., new
Victor Equipment Co., pref.
(quar.)
Viking Pump Co. (special)
Preferred (quar.)
Virginia Electric & Power Co., $6 pref
Virginia Public Service, 7% pref. (quar.)
Virginian Ry. Co
Vulcan Oils, Ltd.
(semi-ann.)
Wagner Electric
Walgreen Co. pref. (quar.)
Washington Water Power, pref. (quar.)
Wayne Pump Co
Welch Grape Juice, common
West Jersey & Seashore RR. Co.
(s.-a )
West Virginia Water Service Co.—
$6
cum. preferred-
Westinghouse Air Brakes (irregular)
Subject to approval of stockholders.
Quarterly
Quarterly
27 Dec.
15 Dec.
10 Dec.
1
Dec.
Dec.
15 Dec.
15 Dec.
Dec.
1
17
4
Jan,
16
1
1
Dec.
Dec.
Dec.
SIM
60c
Dec.
Dec.
1
M
M
Dec.
Dec.
3
Jan.
Dec.
5c
Dec.
Dec.
Dec.
$1,125 Dec.
Dei.
$1M
SIM
Dec.
1
10
Dec. 13
Nov. 30
Dec.
2
Nov. 26
50c
Jan.
Nov. 25
Dec. 17
25c
Dec.
Nov. 24
$1M
tSIM
SIM
1-3-
Dec.
15
Dec. 31 Dec. 15
Dec. 23 Nov. 27
Jan.
Dec
Apr.
July
Mar. 31
June 30
25c
Oct.
$2
$2
Quarterly
Quarterly
Westinghouse Electric & Mfg
Participating preferred
Westminster Paper Co (semi-ann.)
West Texas Utilities, preferred
Preferred (quarterly)
$2
25c
25c
Dec.
Dec.
Dec.
$2!i
(quar.).
Dec.
Dec.
Sept. 30
Dec.
7
25c
25c
25c
25c
31
Dec.
7
Dec.
May
Jan.
Dec.
Dec.
6% preferred (quar.)
Dec.
Whitaker Paper Co
Jan.
Preferred (quar.)
Jan.
Whitman (Wm.) & Co.. Inc.. 7% pref.
Jan.
(qu.)
Wilson Products. Inc.
(quar.)
Dec.
25c
Wisconsin Power & Light Co.,
Dec.
6% cum. pf. (qu.)
SIM
7% cum. pref. (quar.)
S1.31M Dec.
Wisconsin Public Service Corp.—
7% cumulative preferred (quar.)
Dec.
SIM
6M% cumulative preferred (quar.)
Dec.
SIM
6% cumulative preferred (quar.)
Dec.
SIM
Woolworth (F. W.) & Co., Ltd.—
American dep. receipt 6% pref. reg.
Dec.
(s.-a.)
3%
Less income tax and deduction for
dep. exp.
Worthington Pump & Mach'y, 4M % prior pref. $4.31 M Dec.
4M% convertible preferred
$4.31 M Dec.
Wright Aeronautical Corp
Dec.
$2
Wright-Hargreaves Mines, Ltd. (monthly)
Jan.
10c
Extra
Jan.
5c
Dec.
15
15
11
11
Dec.
18
Dec.
Dec.
18
;.±
Wheeling Steel Corp., $5 pref. (quar.)
t$l
SIM
SIM
SIM
SIM
SIM
SIM
Jan.
.
Interim (special)
Wrigley (Wm.) Jr Co. (monthly)
Special
10c
1 Dec. 15
15 Nov. 29
1 Dec. 15
3 Dec. 10
$1.80
Yale & Towne
Mfg. Co
&
15
15
17
tig
(quar.).
vquar.;
;
Four-fifths of a sh. of
Engineers P. S. Co.
com.
& 1-10th of a sh. of
Sierra Pacific
each
Nov. 30
Dec.
1
Dec. 15
Jan.
$3
I
Standard Oil of Ohio
(quar.)
Special
for
Nov.~30~
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
III.
(semi-ann.)
Extra
com.
Jan.
Dec.
Mar.
75
$2
Standard Oil of Kentucky
(quarterly)
Co.
Nov. 30
Dec. 20
Dec.
par"(s".-a.TI
Extra
Power
Dec.
Mar.
55c
50c
Standard Oil (Indiana)
(quarterly)
Preferred
Nov. 20
25c
„
com.
Dec.
SIM
S4M cum. pref. (quar.)
Standard Oil of Calif, (quar.)
Common $100
Jan.
9
Dec. 20
Dec. 20
Jan.
Edison, Ltd., 6% pref. ser. B
(qu.)_
Southern Colorado Power
Co., 7% pref
Southern Pine Chemical Co.
6% pref
Southland Royalty Co
20c
Southwestern Light, preferred
...II t62Mc
Preferred
I
SIM
Sovereign Life Assurance, 25% paid ctfs 1111111
SIM
Spencer Kellogg & Sons, Inc.
(quar.)
40c
Spiegel. Inc. pref. (auar.)
$1,125
Staley (A. E.) Mfg. Co., $5 pref.
(quar.)
SIM
7% preferred (semi-annual)
3M %
Standard Brands, Inc., common
(quar.)
20c
$4 M preferred
(quar.)
SIM
Extra
pruierreu
preferred
Utah Power & Light, $7 preferred
SIM
Sherwin-Williams
Standard Oil Co. (N.
J.),
10c
$6 Preferred
Servel, Inc. preferred
(quarterly)...
Shattuck (Frank
G.) (quarterly)
Extra
...
6%
o/o
1
25
$1M
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
7.2% preferred (monthly)
15 Nov. 25
common for each class B common
held.
Dec.
Jan.
Tennessee Electric Power Co.—
5% first prererred (quar.).
1 Dec.
Dec. 31 Nov.
Dec. 31 Dec.
Dec. 31 Dec.
Feb.
1 Dec.
Jan.
10c
pref. (mo.)
Dec. 15.
Sin Francisco Remedial Loan
Amoc. (quar.)
San Joaquin
15c
Jan.
68Mc
United Gas Improvement
(quar.)
Preferred (quarterly)
United Light & Ry. Co., 7%
on market
5% preferred (quarterly)
6% preferred (quarterly)
7 % preferred
(quarterly)
$1M
5M% participating preferred (quar.)..
Tech-Hughes Gold Mines (quarterly)
1
a share of
5% pref. stock for each
share held.
Div. resulting in a fraction of
less than 1-10th of a share will be
paid in
cash not later than Dec.
21; based
(quarterly)
Extra
$3
...
Safety Car Heating & Lighting Co
Safeway Stores, Inc., stock div..
5c
50c
50c
Talcott (James) Inc., common.-..
10
Mar. 10
30c
:
...
10c
St. Louis Bridge Co.,
6% 1st pref. (s-a)
3% 2d preferred (semi-ann.)
Preferred
23
15 Nov. 30
Dec.
_
Swift & Co
Holders
of Record
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge, class A (quar.).
Common (quarterly)
15
Nov. 30
Nov. 30
1937
Per
13 Dec.
Dec.
4,
Share
Name of Company
1 Dec. 15
9 Nov. 18
Dec.
Dec.
Holders
Payable of Record
Dec. 21 Nov. 26
Dec. 24 Dec.
1
Feb. 28 Feb.
1
Dec. 15 Nov. 30
Dec. 21 Nov. 12*
Dec. 21 Dec.
3*
Dec. 21 Dec. 10*
Quaker Oats Co. (quar.)
Preferred (quarterly)
Chronicle
Yellow Truck & Coach
Mfg., preferred
Youngs town Steel Door Co., common
*
10c
Jan.
25c
Jan.
15c
Jan.
Dec.
18
Nov. 30
Nov. 30
Nov, 30
20 Nov. 30
20 Nov 30
20 Nov. 30
8 Nov. 16
15 Dec. 11
15 Dec. 11
14 Nov. 26
3 Nov. 24
3 Nov. 24
15 Dec.
1
3 Dec. 20
40c
Dec.
3 Dec.
17 Dec.
6
SIM
Dec.
23 Dec.
15
75c
Dec.
15 Dec.
1
6
Transfer books not closed for this dividend,
t On
account
of accumulated dividends.
t Payable in Canadian funds, and in the
deduction of
a
tax of
case of non-residents of Canada,
5% of the amount of such dividend will be made.
Volume
MEMBERS
OF
FOR
OF
♦
*
Clearing House
Net Demand
Deposits,
Average
Dec.
National City Bank
Chem Bank & Trust Co_
Guaranty Trust Co
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr Co.
Flrst National Bank
Irving Trust Co
Continental Bk <fc Tr Co
Chase National Bank
Fifth Avenue Bank
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co..
New York Trust Co
Comm'l Nat Bk & Tr Co
Public Nat Bk <fc Tr Co
Totals
*
and due from
United States Treasury.*
Redemption fund—F. R. notes
Other cash
62,816,000
101,056,000
51,255,000
24,816,000
4,380,000
t
—
1937 Nov. 24, 1937
2,
Dec.
1936
3,559,741,000 3,565,765,000 3,396,137,000
973,000
1,624,000
1,775,000
56,387,000
77,368,000
78,198,000
3,638,733,000 3.645,738,000 3,453,497,000
Total reserves
Bills discounted:
Secured
S. Govt, obligations,
guaranteed
U.
by
direct or fully
8,147,000
Total
457,000
Industrial
4,648,000
1,005,000
4,656,000
1,099,000
6,304,000
189,679,000
212,930,000
337,095,000
189,679,000
101,245,000
334,763,000
159,235,000
739,704,000
739,704,000
645,243,000
748,893,000
749.060,000
657,294,000
68,000
70,000
85,000
5,967,000
7,553,000
147,806,000
9,987.000
12,991,000
6,339,000
158,521,000
market.
4,605,000
advances
Government securities:
United States
Bonds..
.....
——
...
212,930,000
337,095,000
Treasury bills
•
Total U S. Government
trust
3,695,000
1,007,000
bills discounted.
Bills bought In open
768.976,000
3,186,000
1,462,000
3,120,000
;
Treasury notes
1937; State, Sept. 30, 1937;
3,324,000
371,000
3,577,000
Other bills discounted
8,610,000
61,388,000
2,914,000
51,919,000
2,580,000
3,307,000
37,802,000
3,070,000
61,017,000
9,072,025,000
894,916,300
523.431,000
reports: National, Sept. 30,
As per official
Gold certificates on hand
11,264,000
42,864,000
206,852,000
22,919,000
137,830,000
13,252,400
377,508,000
25,804,400
58,932,400 ol,413,947,000
407,135,000
54,330,900
180,657,900 51,295,285,000
437,569,000
44,247,000
680,229,000
68,756,100
238,409,000
17,632,600
428,077,000
105,095,400
458,255,000
61,140,100
37,556,000
4,095,300
126,158,500 cl ,826,546,000
47,310,000
3,529,900
<£745,019,000
76,151,400
12,318,000
1,302,800
100,264,000
9,061,900
276,096,000
28,125,700
76,579,000
7,976,700
76,093,000
8,665,900
6,000,000
20,000,000
77,500,000
20,000,000
90,000,000
42,661,000
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
100,270,000
500,000
25,000,000
10,000,000
5,000,000
12;500,000
7,000,000
7,000,000
Bank of Manhattan Co.
1,
Assets—
$
Bank ofN Y & Trust Co
corresponding
Average
Profits
Members
with the previous week and the
date last year:
Time
Deposits,
Surplus and
Undivided
Capital
New York at the close
in comparison
YORK CLEARING HOUSE
SATURDAY, NOV. 27. 1937
ENDED
shows the condition of the Federal Reserve
of business Dec. 1, 1937,
The following
Bank of
NEW
THE
WEEK
THE
York
New
Clearing House is given in full below:
ASSOCIATION
Bank of
Condition of the Federal Reserve
Weekly Return of the New York City
Clearing House
The weekly statement issued by the New York City
STATMENT
3607
Chronicle
Financial
145
securities..
companies, Sept. 30, 1937.
Includes deposits in foreign branches as follows: a §278,000,000; 6
<£$129,716,000; d $38,716,000.
t
Total bills and
publishes regularly each week
of a number of banks and trust companies which
members of the New York Clearing House.
The
returns
not
following
IN
NOT
BUSINESS
CLEARING HOUSE WITH THE
WEEK ENDED FRIDAY, NOV.
FOR THE
AND
NATIONAL
STATE BANKS—AVERAGE
169,390,000
Disc, and
Including
Investments
Bank Notes
Deposits
Elsewhere
Other deposits
Manhattan—
Grace National.
Deferred availability Items
326,200
People's National
1,514,600
161,300
7,526,500
Surplus (Section 7)
105,000
6.403,300
4,879,000
Lafayette National._
713,000
180,000
5,268,000
Surplus (Section
Reserve for
TRUST
N.
Cash
Elsewhere
Fulton...
Lawyers
United
States
4,613,900
2,626,032
184,000
225,800
18,409
816,300
70,572,200
11,027,526
9,877,424
77,264,000
Brooklyn
30,523,003
ciary, $728,219; Fulton, $6,172,100; Lawyers,
60,617,000
22,582,000
72,429,000
145.898,000
51,052,000
51,474.000
156,380,000
50,259,000
50,825,000
7,744,000
7,744,000
9,117,000
2,524,000
8,849,000
8,992,000
4,585,960,000 4,573,205,000 4,320,046,000
-
reserve
to
to
make
84.7%
industrial
t "Other cash" does not
73,470,244
85.5%
84.7%
682,000
783,000
4,873,000
purchased
ad
vances
54,000 110,062,000
34,677,293
with Federal Reserve as follows:
Includes amount
97,457,000
157,864,000
4,775,000
Commitments
22,663,900
36,489,500
37,129,000
7,641,596
3,533,000
2,242,219
98,900,000
133,383,000
deposit and
liabilities combined
total
liability on bills
for foreign correspondents
include Federal Reserve notes or a
8,851,000
bank's own Federal
Reserve bant notes.
United States Treasury for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934.
x
Kings County
of
Contingent
15,365,266
^ Brooklyn—
*
Deposits
$
11,902,600
1.599,735
735,293
*1,106,274
*6,453,100
27,271,500 *10,370,200
67,753,329 20,267,890
10,718,217
20,426,100
Fiduciary
Ratio
F. R. note
53,252,800 *11,157,000
235,354
8,837,380
Empire.
883.585,000
Gross
•
$
$
$
Federation
Trust Cos.
$
Investments
Manhattan—
Y. and
...
Total liabilities
Dep. Other
Banks and
Res. Dep.,
Loans,
Disc, and
13b)
contingencies...
All other liabilities^..
FIGURES
COMPANIES—AVERAGE
49.172,000
166,374,000
51,045,000
51,474,000
7,744,000
9,117,000
2,395,000
...
Capital paid In.
^ Brooklyn—
92,101,000
3,343,075,000 3,360,202,000 3,153,412,000
Total deposits
26,543,300
28,100,000
7,010,394
3,726,400
3,426,000
182,010
945,194,000
3,018,691,000 3,055.709,000 2,997,784,000
—
$
$
■
7,598,000
7,593,000
2,762,518
136,900
560,000
325,732
19,031,400
20,112,000
4.932,073
Sterling National
Trade Bank of N Y__
$
$
$
954,736,000
circulation
Deposits—Member bank reserve acc't.
U. S. Treasurer—General account...
Foreign bank
—
Gross
10,860,000
33,450,000
4,585,960,000 4,573,205,000 4,320,046,000
Total assets.
Liabilities—
Trust Cos.
Y. and
12,940,000
All other assets
F. R. notes in actual
N.
9,969,000
Bank premises—-
FIGURES
Dep. Other
Banks and
Res. Dep.,
Other Cash,
Loans,
of other banks.
Uncollected Items
OF
CLOSING
26, 1937
banks...
Federal Reserve notes
the figures for the week ended Nov. 26:
are
INSTITUTIONS
securities
Due from foreign
"Times"
York
The New
are
592,458,000;
Empire, $9,131,100; Fidu¬
$7,359,000.
These are
certificates given by the
System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of the
and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Baord of Governors of
I,he Federal Reserve System upon the figures for the latest week appears in our department of "Current Events and Discussions",
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Banks of the Federal Reserve
Weekly Return for the Member
resources
Commencing with the statement of May 19, 1937, various changes were made in
an announcement of the Federal Reserve Bank of New York of April 20,
the breakdown of loans as
reported in this statement, which were
1937, as follows:
of loans and discounts. This classification has been changed primarily to show
(2) loans (other than to brokers and dealers) for the purpose or purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with
acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural loans" and
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29, 1937, issue of the "Chronicle," page 3590.
described in
the
The changes in the report form are confined to the classification
amounts of (1) commercial, industrial and agricultural loans, and
"other loans'
ASSETS AND LIABILITIES
OF WEEKLY REPORTING MEMBER
Total
Federal Beserve Districts—
Boston
On securities
Otherwise secured and
%
$
1,135
1,850
674
8,699
4,002
462
711
50
13
40
15
18
44
11
44
51
35
252
12
585
160
339
4,098
98
146
148
247
87
168
564
1,718
143
280
18
10
7
85
23
62
36
202
4
3
15
24
479
unsecured..
...
Other loans for purchasing or
1
17
6
3
3
4
22
5
727
19
44
30
15
91
13
9
13
14
57
19
86
47
6
20
21
371
1
1
3
15
10
78
carrying
554
2,979
658
394
687
507
620
999
323
187
283
250
253
290
651
...
310
36
240
60
176
30
27
84
6
27
2
3
3
3
64
Real estate loans
35
39
1,168
securities
Other loans:
unsecured..
United States Government obligations
Obligations fully guar, by U. S. Govt.
Otherwise secured and
119
30
26
46
9
12
12
28
104
54
37
40
64
43
31
259
60
59
55
1,399
181
658
151
240
7,966
817
260
150
3,190
312
194
414
27
118
64
267
Other securities
61
189
14
93
46
423
35
1,120
23
43
48
116
49
290
261
64
43
268
95
1,084
392
127
78
2,867
330
5,394
283
2,682
227
139
115
134
170
330
76
104
Bank..
804
20
12
11
20
5
18
37
11
76
60
36
163
203
98
199
1,850
174
143
77
127
94
142
320
110
88
39
17
80
107
23
202
570
94
29
38
23
1,310
Cash in vault
11
317
Reserve with Federal Reserve
2,214
408
404
917
329
494
1,064
418
268
796
184
122
146
995
871
127
185
11
37
61
2
16
11
4
112
345
188
181
232
245
713
...
Balances with domestic
banks......-
Other assets—net
LIABILITIES
deposits—adjusted.
;
Government deposits..
Inter-bank deposits:
14,665
985
5,273
—
United States
Domestic banks
50
6
2,111
1,045
824
729
On securities.....
,
$
$
881
...
Loans to brokers and dealers
Time deposits
San Fran.
Dallas
%
1,238
agricul. loans:
...
Open market paper.
Loans to banks
NOV. 24, 1937 (In Millions of Dollars)
Minneap. Kan. City
St. Louis
Chicago
Atlanta
9,479
Commercial, Indus, and
'
Cleveland Richmond
Phila.
$
%
investments—total
Loans—total
Demand
CITIES BY DISTRICTS, ON
BANKS IN 101 LEADING
21,432
ASSETS
Loans and
New York
272
6,368
1,152
279
743
197
418
18
235
8
9
6
5,016
Other liabilities
2,015
258
313
8
384
3
214
1
3
1
1
1
1
14
7
"~8
""8
*329
56
81
329
2
- -
....
'"""24
19
28
7
26
""401
"""23
884
Borrowings
Capital account....—
200
420
...
Foreign banks
1,614
227
349
89
368
237
93
3,624
3608
Financial
Chronicle
Dec.
Weekly Return of the Board of Governors of the Federal
The
following^was issued by the Board of Governors of the Federal
Reserve
4.
System
Reserve System on Thursday afternoon, Dec.
2}
showing the condition of the twelve Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the
figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the twelve banks.
The Federal
Reserve note statement (third table following) gives details
regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments
returns
for the latest week
COMBINED RESOURCES
Three ciphers
in
appear
on
of the Board of Governors of the Federal Reserve System
department of "Current Events and Discussions "
AND LIABILITIES OF THE FEDERAL RESERVE
BANKS AT THE CLOSE OF BUSINESS DEC.
Dec. 1,
1937
(000) omitted.
ASSETS
Gold ctfs.
our
$
hand and due from U. 8. Treas.x
Other cash *
-
Not.
17J
1937
$
Nov.
10.
1937
$
3,
S
27.
1937
J
$
9,122,402
9,123,898
9,287
325,221
i 9,124,891
9,124,896
9,940
319,183
9,381
306,008
9,381
308,145
9,451,525
9,458,406
9.440,280
14,711
6.265
9,453,956
...
Oct.
1937
9,121,905
322,264
Total reserves—
Nov.
9,787
Redemption fund (Federal Reserve notes)
9,126,391
9,421
Oct.
20,
1937
Oct.
13.
1937
*
$
1, 1937
Oct. 6,
1937
Dec.
2,
1936
8
I
9,126,389
9,126,889
9.127.389
9,646
10,422
11,407
315,489
9,438
303,903
293,765
300,809
246,357
9,442.422
9,451,301
9,439,730
9.430.300
9,438,620
9,068,785
16,950
7,369
17,890
5,536
13,193
13,268
10,183
12,327
4,351
10,729
1,987
23,426
18,484
23,451
23,056
6,338
2,830
19,622
2,813
3,087
19,680
25,696
'
8,811,021
k
Bills discounted:
Secured
Nov. 24,
1937
the
upon
4
by U.
S. Government obligations,
direct or fully guaranteed
Other bills discounted
4,961
Total bills discounted
;v';.
*
12,072
.
1
17,033
"
11,597
4,266
14,414
4,282
5,291
.
Treasury notes.
Treasury bills
...
...
Total U. 8. Government securities
Other
...
24.319
2,828
2,831
19,256
2,832
19,332
2,832
2.830
2,830
18.589
19,352
19,450
19,478
738,073
1,168,463
738,073
1,158,483
738,073
738,073
738,073
648,179
1.157,713
1,157,713
640,054
1,158,463
629,654
1,157,713
657,479
738,073
1,158,463
629,654
738,073
1,168,463
630,404
630,404
630,404
381,326
1,449,163
599,738
2,564,015
2,554,715
2,536,590
2.526,190
2.526.190
2,526.190
2,526.190
2,526.190
2,430,227
2,601.295
2,595,498
2,579,730
2,572,693
2.571,896
2,566,982
2,572,093
2.671,739
2,465,348
738,073
1,168,463
657,479
2,564,015
738,073
securities
Foreign loans
on
Total bills and securities
2,602,340
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks
Uncollected items.
Bank
20,976
2,828
United States Government securities—Bonds..
18,696
18,464
Bills bought In open market.
15,863
""178
25,784
670.245
premises
45,268
178
'"175
"""l73
173
"*173
""l73
25,892
589,718
45,344
23.785
25,427
28,526
622,341
27,814
28,172
23,823
638,847
27,262
581,920
28,431
736,957
714,261
657,615
651,945
45,365
45,364
633,125
45,435
45,455
45,456
45,456
48,066
"""173
"""l90
""221
44,161
All other assets...
Total assets.
43,850
42,470
45,365
41,720
40,730
40,807
39,679
40,849
39,114
43,285
12,841,932
...
12,757,802
12,902,656
12,771,542
12,710,564
12.760.479
12,834,711
12,774,300
12.756,416
12,301,473
LIABILITIES
Federal Reserve notes in actual circulation
4,279,489
4,264,829
4,249,618
4,277.419
4,284,159
4.256.097
4,270.223
4,291,519
4,284,339
4,202,799
Deposits—Member banks'
6.906,472
176,637
272,492
6,948,927
6.922,400
6,888,943
6,950,730
6,938,802
113,302
6,918,902
94,046
265,891
186,855
81,557
276.444
214,742
237,178
209,879
110,826
253,936
227,788
283,014
218.679
202,130
174.745
7,003,033
76,183
287,311
134,065
6,775,236
270,068
135,165
266,227
6,879,403
139,237
7,542,456
7,547,039
7,560,970
7.501,261
7,481,493
7,529,346
7,498,933
7.459,892
7,500,592
7,096,589
669,928
132,518
145,854
27,615
595,428
642,771
595,440
624.534
716,041
132,505
145,854
27,615
742.234
132.505
145,854
27,615
622,374
650,064
132,679
145,854
35,734
35.709
35,709
35,769
8,338
8,823
8,151
672,090
132.656
145.854
27,490
35,803
7,597
8,996
35,804
7,336
12,757,802
80.0%
1,888
reserve account-...
United States Treasurer—General account..
Foreign banks
Other
deposits
Total deposits
Deferred availability items
Capital paid in
Surplus (Section 7)
Surplus (Section 13-B)
L
Reserve for contingencies
All other liabilities
Total liabilities
12,841,932
Ratio of total reserves to
deposits and Federal
Reserve note liabilities combined
Contingent
foreign
liability
bills
on
purchased
-
to make Industrial
advances...
13,249
83,231
109,628
59,405
152,320
132,541
132,682
132,683
145,854
145,854
27.615
35,742
27,615
35,742
8,339
7,579
145,854
27,615
35,768
8,582
12,902,656
12,771,542
12,710,564
12,760,479
12,834,711
12,774,300
12.756,416
12,301,473
80.0%
80.1%
80.1%
80.3%
80.2%
80.2%
80.2%
80.1%
80.3%
2,169
2,486
2,586
2,219
2.326
1.855
1,511
1,365
13,431
13,522
14,403
14,488
tl4,554
tl4,654
14,739
21,544
16,903
18,533
for
correspondents
Commitments
272,742
13,316
27,615
132,627
130,275
145,854
145,501
27,490
27,088
34,251
14,906
Maturity Distribution of Bills and
Short-term Securities—
1-15 days bills discounted
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
14,889
16,604
704
650
21,744
456
21,306
5,082
823
426
429
301
291
272
403
515
612
383
237
277
347
448
824
954
492
478
836
318
145
966
348
552
334
234
187
528
23,056
6,338
679
808
933
17,033
open market
15,863
18,696
20,976
24,319
23,426
18,484
23,451
586
open market
485
544
232
297
171
26
26
1,451
311
134
539
485
544
232
297
1,451
200
49
1,895
1,966
117
"""353
1,919
222
196
25
278
587
297
273
2,310
2,285
2,331
2,486
471
2,828
2,828
2,831
2,832
2,832
2,830
2,830
2,830
2,813
3,087
1,091
922
1,226
1,032
1,014
244
1,086
1.057
323
288
960
468
257
1,009
1,022
337
751
161
866
301
916
784
290
407
842
712
802
818
624
689
645
827
664
791
876
830
903
962
16,187
928
16,256
16,259
16,519
16,612
16,788
16,814
22,637
1,990
open market
""791
open market
in open market
1-15 days industrial advances
16-30 days Industrial advances
31-60 days industrial advances
61-90 days industrial advances
Over 90 days industrial
advances
Industrial
21,044
180
628
•
Total bills bought in
open market
Total
21,956
247
604
Total bills discounted
1-15 days bills bought in
16-30 days bills bought in
31-60 days bills bought in
61-90 days bills bought in
Over 90 days bills
bought
13,903
478
15,576
advances
15,878
18,464
...
securities
Over 90 days U. S.
Government securities
Total U. S. Government securities
18,589
19,256
19,332
19,352
33,103
41,783
57,681
147,816
2,283,632
28,285
31,255
31,370
38,083
54,053
147,937
2,295,657
32,103
51,768
145,392
141,932
2,294,197
2,277,987
29,539
31,255
59,486
139,147
2,266,763
2,564,015
1-15 days U. S, Government securities
16-30 days U. S. Government
securities
31-60 days U. S.
Government securities
61-90 days U. 8. Government
2,564,015
2,554,715
2,536,590
2,526,190
28,285
57,016
668
19,450
19,478
19,622
19,680
25,696
29,685 vi
30,190
27,349
31,370
29,539
63,358
121,372
29,281
26,739
151,028
2,101,807
2,352,114
51,768
2,351.335
2,352,485
25,282
30,190
60,794
59,486
2,350,438
2,526,190
2,526,190
2,526,190
2,526,190
2,430,227
60,168
52,853
29,686
59,655
57,016
1-15 days other securities
16-30 days other securities
31-60 days other securities.
61-90 days other securities
Over 90 days other securities
.
_
Total other securities
......
Federal Reserve Notes—
Issued to Federal Reserve Bank
by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
...
m
mm
mm.
mm
m
4,623,603
344,114
4,608,797
343,968
4,645,443
4,609,218
4,604,267
365,825
320,108
4,612,569
356,472
4,618,979
348,756
4,608,405
331,799
316,886
4,609,199
324,860
4,497,999
295,200
4,279,489
4,264,829
4,249,618
4,277.419
4,284,159
4,256,097
4,270,223
4,291,519
4,284,339
4,202,799
4,641,132
18,276
4,639,132
23,149
32,000
4.636,132
22,822
32,000
4,464,838
32.000
4.691.408
4.694.281
4.690.9.54
4,557.533
Collateral Held by Agent as
Security for
Notes Issued to Bank-
Gold ctfs.
on
hand and due from U. S. Treas..
*
4,645,632
4,644,632
'.
15,293
20,443
20,000
4,645,132
23,938
20,000
4,637,132
20,000
4,654,132
18,195
20,000
4,643,132
16,450
20,000
By eligible paper
United States Government securities
Total collateral
i
4,682,082
4.679,925
4,692,327
4,683.575
4,689,070
4,692.318
23,186
32,000
4,695
88,000
"Other cash" does not Include Federal
Reserve notes,
f Revised figure.
These are certificates given by the United
States Treasury for the gold taken over from
the Reserve banks when the dollar was devalued from 100 cents
to 59.06
cents on Jan. 31, 1934, these certificates
being worth less to the extent of the difference, the difference itself
having been appropriated as profit by the Treasury under
provisions of the Gold Reserve Act of 1934.
x
Volume
3609
Chronicle
Financial
us
Weekly Return of the Board of Governors of the Federal Reserve System (Concluded)
THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS DEC.
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF EACH OF
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
RESOURCES
Gold
certificates
and
$
$
$
Chicago
St. Louis
$
S
$
$$
$
$
San Fran.
Dallas
Minneap. Kan. City
S
$
due
752
873
24,377
9,453,956
511,394 3,638,733
505,216
701,166
338,450
9,787
Other cash *_
reserves
696,057
190,070
841
469
78
261
1,243
39,601
15,015
9,152
22,141
13,587
32,194
290,479
198,358
303,621
203,918
729.494
255
510
50
139
282
385
85
22
214
703
181
340
532
264
842
463
353
78
54
80
80
200
753
239
688
477
1,005
28,709
63,894
101,151
20,750
Redemption fund—Fed. Res. notes
281,402
188,737
274,623
233,396 1,799,731
669
22,526
9,121,905
_.
217,691 1,759,709
421
1,648
317,031
675,916
478,990 3,559 741
908
1,624
77,368
31,496
481,938
322,264
from United States Treasury.
Total
]
S
$
hand
on
Atlanta
Cleveland Richmond
Phila.
New York
Boston
1. 1937
14,057
Bills discounted:
Secured by U. S. Govt,
obligations,
guaranteed—
12,072
4,961
—
2,639
840
392
457
493
'175
183
2,632
1,953
1,323
3,577
3,132
1,015
575
4,585
2 828
Total bills discounted
3,120
495
17,033
—
828
205
269
110
99
2,842
53,770
85,125
47,899
1,007
4,605
21k,,930
337,095
293
18,464
direct and (or) fully
Other bills discounted
3,601
779
1,809
136
62,423
98,823
71,847
38,687
51,150
45,448
34,462
28,780
72,310
37,829
21,285
57,085
55,607
32,379
51,260
28,844
23,895
61.247
189,679
113,742
64,002
81,173
128,508
36,058
32,120
25,574
56,917
216,853
249,591
134,396
112,238
281,991
112,483
83,009
125,263
99,731
221,962
223,879
251,654
136,890
117,058
283,437
113,332
84,015
126,662
101,279
224,077
Bills bought in open market
Industrial advances
U. S. Government securities—Bonds-
738,073
1,168,463
657,479
Treasury notes
Treasury bills
2,564,015
-
—
186,794
2,602,340
Total U. S. Govt, securities
Total bills and securities
739,704
191,164
748,893
Uncollected
Bank
178
13
68
18
16
8
5,967
817
1,281
3,384
52,745
61,894
60,977
4,836
6,228
2,709
4,902
4,677
2,663
2,394
22,645
2,198
1,698
792,413 1,026,916
3,006
44,161
—
69,161
45,268
items
resources
169,390
2,637
9,969
12,940
12,841.932
Total resources
777,922 4,585,960
5
5
992
504
3,392
37,222
24,859
37,740
1,356
3,355
1,634
3,870
4,599
4,062
1,646
1,537
3,159
1,895
545,081
379,395 2,180,564
437,065
307,564
473,556
1,508
285,151
954,736
319,791
433,149
213,703
162,773
988,778
180,738
138,684
168,307
89,404
344,275
6,906,472
372,568 3,018,691
92,101
4,093
352,747
3,136
452,611
24,993
2,558
133,382
10,824
5,131
314
192,346
3,387
7,878
1,825
548,740
26,623
5,290
125,254
5,516
6,248
2,620
240,280
98,900
167,628 1.006,400
20,542
3,090
31,513
9,508
1,509
2,036
197,782
19,831
231,425
10,318
11,682
3,394
399,050 3,343,074
387,796
499,424
256,819
182,262 1,059,964
217,219
139,638
257,545
205,436
594,229
69,575
9,383
9,826
166,374
51,045
62,229
59,585
28,564
27,567
4,070
3,877
3,613
7,744
9,117
2,396
4,885
4,869
3.422
19,830
2,892
3,116
37,715
12,946
14,323
86,956
12,902
2.874
51,120
12,262
13,362
4,325
3,000
757
717
176,637
272,492
U. S. Treasurer—General account-
Foreign
bank
deposits
186,855
7,542,456
Total deposits-
669,928
132,518
145,854
27,615
35,734
8,338
Deferred availability items
Surplus
———
(Section 7)—
Surplus (Section 13-B)
Reserve for contingencies.
All
other
liabilities
Total liabilities
12,841,932
—
Contingent liability
on
1,888
13,249
correspondents—-. —
Commitments to make indus. advs__
.
"Other
does not Include
cash"
51,474
1,570
493
754
1,416
545
1.003
1,142
1,497
1,715
7,694
1,175
2,020
941
1,847
38,919
10,021
9,645
2,121
2,037
301
•
3,851
1,262
389
1,350
326
381
223
311
694
379,395 2,180,564
437,065
307,564
473,556
545,081
21,494
4,392
5,616
.
3,843
4,655
333,555 1.001,941
81
66
219
56
43
55
55
1 34
1,771
4,775
136
812
1,658
350
10
183
51
114
269
3,120
l,p26,916
•
Boston
STATEMENT
RESERVE NOTE
*
'
$.
%
,
Atlanta
Chicago
St. Louis
$
$
$
$
San Fran.
Dallas
Kan. City
Minneap
$
Cleveland Richmond
Phila.
New York
%
Federal Reserve notes:
$
$
%
177,326
96,792
390,883
9,019
7,388
46,608
181,792 1,014,391
25,613
19,019
194,317
13,579
144,301
5,617
988,778
180,738
138,684
168,307
89,404
344,275
162,000 1,020,000
200,632
147,000
180,000
99,500
399,000
340
532
179
813
463
385
186,349 1,020,340
201,164
147,179
180.813
99,963
399,385
4,623,603
344,114
335,848 1,064,619
109,883
50,697
335,406
461,148
226,780
15,615
27,999
13,077
4,279,489
285,151
954,736
319,791
433,149
213,703
162,773
4,645,632
—
21,504
174
■
Reserve Bank
17,972
185
5
In actual circulation—
8,229
19,288
792,413
Total
R. Agent
7,878
682
(000) Omitted
Issued to F. R. Bank by F.
9,073
Federal Reserve notes.
Federal Reserve Bank of—
Held by Federal
1,007
3,121
6,156
8,150
138
FEDERAL
Three Ciphers
10,996
777,922 4,585,960
bills purchased
for foreign
*
333,555 1,001,941
4,279,489
Member bank reserve account
—
13
2
1,522
20,622
27,423
2,345
Deposits:
Capital paid in
1,530
3
3,147
85,567
LIABILITIES
F. R. notes in actual circulation
Other
385
1,837
21
6
547
premises.
All other
32,308
25,784
670,245
Due from foreign banks
Fed. Res. notes of other banks
,
341,000 1,070,000
337,000
462,500
227,000
3,517
2,974
1,015
560
Agent as security
for notes Issued to banks:
Collateral held
by
Gold certificates
on
and due
hand
from United States Treasury
Eligible paper
16,450
—
U. S, Government securities—.—
Total collateral..
United
—
York Stock
4,682,082
Government
States
1,323
4,349
20,000
20,000
339,974
342,323 1.073,517
Securities
Transactions
the New
on
227,560
463.515
at
Exchange—See following page.
United
are
for discount at purchase.
PARIS
THE
8 1937—
Dec.
April 6 1938—
April 13 1938
April 20 1938
April 27 1938
0.14%.
— —
Dec.15 16 17&18 1937
0.14%
Dec. 20 21 & 22 1937.
0.14%
Dec. 29 1937-
0.14%
0.5%
Jan.
5 1938--—
Jan.
12 1938—
19 1938
Jan.
May
May 11 1938
0.8%
-
May
0.8%
May 25 1938
June
1 19.38
2 1938
0.10%
Feb.
9 1938
Feb.
16 1938
0.10%
0.12%
0.12%
Feb.
Feb. 231938—.—
Mar.
Mar.
June
June
9 1938
Mar. 23 1938
Mar. 30 1938
—
8 1938
15 1938—
June 29 1938
July
July
0.20%
0.20%
0.20%
Mar. 16 1938
18 1938
June 22 1938
0.16%
0.18%
2 1938
—
4 1938
0.5%
26 1938
Jan.
Asked
Bid
Asked
Bid
July
6 1938
13 1938
20 1938
0.21%
0.21%
0.21%
0.21%
0.22%
0.22%
0.22%
0.22%
0.23%
0.23%
0.23%
0.23%
0.23%
0.25%
0.25%
day of the past week:
Francs
420
420
235
25,900
671
248
248
"253
24,900
25,000
25,000
Transatlantique..
236
24,400
667
1,260
42
-————
515
—
Citroen B
-
— —
—
Nord
Electrique du Littoral—
683
670
1,300
1,260
685
200
200
190
190
231
228
•'mmmm
466
477
466
mmmm
1,420
1,290
295
505
1,450
1,330
1,420
1,310
291
295
510
510
mmmm
645
mmmm
Nord
6%
Pathe Capital
.
•
Figures after decimal point represent one or more
a
32ds of
Int.
Int.
Rate
Maturity
Dec.
15 1938
Dec.
1
H%
15 1941...
—-
Sept. 15 1939—
Dec. 151939...
Bid
100.29
99.31
Asked
101.17
101.19
1 K%
100.1
Mar. 15 1942...
1 V<%
100.31
101.1
102.1
101.3
101.5
101.6
Sept. 15 1942...
June 15 1939
i v%%
100.13
100.15
—
i^%
101.4
101.6
.Sept. 15 1938...
Feb.
1 1938...
1 x%
100.29
101.31
June
151940—
Dec. 15 1940...
1H%
101.8
101.10
m%
101.4
101.6
Bid
Mar. 15 1940...
Mar. 15 1941...
June
Rate
Asked
100.31
101.4
IV*%
Maturity
Mar. 15 1939...
15 1941
-
Pechiney
Rentes, Perpetual 3%
1917
Rentes 4%, 1918
Rentes 4^%. 1932, A
Rentes 4H %, 1932 B
Rentes 5%, 1920
Royal Dutch
Saint Gobain C&C
Schneider & Cie
Societe Francalse Ford
Societe Generale Fonclere—
Rentes 4%,
point.
June
day
Ry
Orleans Ry
3
15 1938.--
Mar. 15 1938-.-
2%
101.31
2 ya%
2H%
102.4
102.6
101.28
101.30
2%%
100.23
100.25
2 Vs%
101.17
101.19
3%
101.6
101.8
Society
-
510
mmmm
687
689
mmmm
44
1,430
1,320
•
•••
640
1,110
827
824
388
22
1,983
71.90
70.10
68.70
76.00
1,110
840
835
388
23
1,130
1,110
850
835
844
845
378
378
374
23
25
mmmm
2,044
71.90
1,985
71.40
71.50
69.10
68.80
68.60
69.10
68.50
68.50
74.80
95-75
£-330
2,007
72.10
70.40
69.00
76.30
75.00
96.00
5,420
?•?«£
*
2*
««
66
113
66
112
'.H
Lyonnalse—
Marseillaise
Silk preferred.
Union d'EIectricite
Wagon-Li ts —
44
520
654
!lon
140
398
480
143
407
Societe
Tubize Artificial
1^290
40
640
Holl-
-
Lyon(PLM)
Friday,
Treasury Notes
mmm
1,290
42
523
Kuhlmann
Liquide
m mm
1,410
1,320
290
505
Comptoir Nationale d'Escompte
Coty S A
Courrieres
LyonnaLse
Lyonnalse cap
m
685
190
223
485
—
Energie Electrique du
Quotations for United States
6,700
1,133
423
Cle Generale d'EIectricite——
L'Air
Francs
1,160
Cle Distr d'EIectricite—
Energie
Dec. 3
Francs
6,600
Canal de Suez cap
0.25%
Dec. 2
Francs
1,119
Pacific
Generale
Dec. 1
Francs
6,400
,
—
Banque de Paris et Des Pays Bas
Banque de l'Union Parisienne—
Cle
Nov. 30
6,400
1,105
406
Bank of France.
Canadian
Francs
6,400
Credit
..
3625.
BOURSE
Nov. 27 Non. 29
Eaux
...
page
Quotations of representative stocks as received by cable
each
Credit Commercial de France.
Dec.
Exchange,
3625.
Bills—Friday, Dec. 3
Treasury
States
quoted
Stock
York
New
Averages—See
Stock and Bond
Rates
the
Daily, Weekly and Yearly—See page
-
80
76.30
1,120
mmmm
■
mmmm
mmmm
75.75
75.70
75.00
74.60
74.70
95.90
95.40
95.50
5,520
2,105
1,115
5,450
2,070
67
69
5,500
'
'mmmm
1,120
69
112
112
1,335
1,306
mmmm
480
•mmmm
480
mmmm
151
147
mmmm
408
403
88
89
mmmm
mmmm
3610
Dec.
Stock and Bond Sales—New York Stock
1937
4,
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are
account is taken of such sales in computing the range
disregarded in the day's range, unless they
for the year.
United States Government Securities
Below
furnish
the New
on
the only transactions of the day.
are
York Stock
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
'
we
a
Daily Record of U. S. Bond Prices Nov. 27 Nov. 29 Nov. 30
Dec. 1
Dec. 2
Dec. 3
Daily Record of U. S. Bond Prices Nov. 27 Nov. 29 Nov. 30
Treasury
116.7
116.12
116.13
116.15
116.14
116.7
116.8
116.13
116.15
116.14
116.11
(.Close
4Mb, 1947-52
116.7
116.10
116.13
116.15
116.14
116.11
10
6
I
25
1
Total sales in $1,000 units—
16
106.31
fHigh
100.19
Total sales in $1,000 units...
106.29
106.30
107
107
106.31
Low,
106.29
106.27
106.29
106.29
106.30
106.29
106.29
107
107
1
4
106.30
20
Dec. 3
{Low.
[Close
101.6
101.9
101.14
101.10
101.6
101.9
101.14
101.10
101.10
101.16
*
31
100.20
100.19
101.11
18
5
100.25
100.23
100.23
Low.
-
111.28
100.17
100.1b
100.19
100.18
100.22
100.21
Close
2Ms, 1951-54
12
111.28
Dec. 2
101.7
106.28
5
4
Dec. 1
High
2 Ms, 1948-51,
106.28
C108C
Total sales in $1,000 units...
(High
3 Ms, 1943-45...
Federal Farm Mortgage
116.11
[High
{Low.
Treasury
No
100.19
100.20
100.19
100.23
100.22
100.23
12
116
35
5
22
2
100.9
100.12
100.14
100.14
100.8
100.12
100.14
100.10
100.8
100.12
100.14
100.12
2
3
Total sales in $1,000 units
High
111.28
111.29
111.29
111.30
Low,
111.24
111.29
111.28
111.30
111.28
111.27
Close
111.28
111.29
Low.
100.6
100.9
111.28
111.30
111.28
Total sales in $1,000 units...
111.28
6
Close
100.8
1
100.9
5
1
1
2
Total sales in $1,000 units...
16
1
(High
98-28
98.31
99.1
99.3
Low.
Close
98.24
98.29
98.29
98.29
99.2
99
98.28
98.31
98.29
99.3
99.3
99
Total sales in $1,000 units...
12
*4
43
4s, 1944-54
High
110.7
110.7
Low.
110.7
110.7
(Close
110.7
110.7
3 Ms, 1946-56.
Total sales in $1,000 units...
65
(High
110.12
110.8
2 Ms, 1956-59
110.7
110.12
110.8
110.7
110.12
110.8
110.7
2 Ms, 1949-53
107.15
3 Ms, 1943-47
{ Low.
1
1
30
[Close
(High
103.19
3s, 1951-55
103.20
103.21
103.20
103.25
103.23
Low.
103.19
103.18
103.16
103.18
103.21
[Close
103.18
103.20
103.20
103.24
9
45
2
6
8
(High
104.23
104.25
104.27
104.28
104.29
Low
104.21
104.25
104.27
104.25
104.29
104.21
104.25
104.27
104.25
104.29
6
1
4
•
Close
Total sales in $1,000 units...
•
102.27
105.28
Low.
105.28
105.28
105.28
105.28
105.28
4
1
105.30
5
105.28
103.16
103.16
103.21
103.16
103.16
103.21
1
20
11
t3
10
(High
105.14
105.19
105.13
105.20
105.18
Low.
105.14
105.12
105.13
105.17
105.17
105.14
105.16
105.23
105.17
102.25
Low.
102.21
102.22
102.21
102.23
4
11
105.17
1
12
1
7
11
105.5
105.9
105.13
105.5
105.9
105.13
105.9
105.13
1
25
106.22
106.23
106.23
100.20
Close
106.22
106.23
9
101.5
101.6
101.3
101.5
101.5
101.5
101.5
16
101.5
101.5
101.5
101.4
101.4
4
100.24
100.25
100.24
100.25
100.25
100.27
{Low.
100.23
100.23
100.22
100.24
100.25
100.23
100.24
100.24
100.23
100.25
100.25
100.27
3
7
6
2
17
27
(High
9
106.25
106.27
106.20
106.24
106.25
106.24
{Low.
106.25
106.23
106.24
100.24
106.25
106.24
(Close
106.25
106.23
106.26
106.24
106.25
106.24
1
8
12
3
13
1
101.10
101.13
101.14
101.13
Total sales in $1,000
units...
I Low.
101.8
101.8.
101.6
101.7
101.8
101.8
101.11
*
Odd lot sales,
t Deferred delivery sale.
101.6
101.8
101.10
101.13
101.12
39
45
1
table
includes
only
Transactions in registered bonds
Tre&s.
3Ms, 1944-46
4 Treas.
sales
2Ms. 1955-60
1
of
coupon
were:
106.20 tq 106.20
101.4
to 101.9
Fed.Farm 3s, 1942-47
101.12
67
bonds.
above
101.10
[Close
„
102.25
2
6
108.20
3
fHigb
„
102.25
102.25
3
28
Note—The
Ms, 1955-60..
102.25
102.28
106.23
106.22
Total sales <n $1,000 units
,
102.23
102.25
53
2MS, 1942-44
Low.
_
101.3
102.22
102.26
3
Home Owners' Loan
High
3Ms, 1944-46
101.3
102.2
102.25
32
101.3
101.2
6
102.28
[Close
41
105.5
101.3
Low
Close
105.14
1
High
Total sales in $1,000 units
105.12
....
102.10
Total sales in $1,000 units...
105.15
Low.
fa- W-irf-
102.23
2Ms, series B, 1939-49..
102.8
....
9
102.21
Home Owners' Loan
102.10
102.8
102.8
Close
Total sales in $1,000 units
Close
Total sales in $1,000 units...
_
-.t.
High
3s, series A, 1944-52
High
gjrr
Low.
....
Total sales in $1,000 units..
[Close
3Ms. 1941
102.8
Close
| Low
3 Ms, 1949-52
High
Home Owners' Loan
Close
Total sales in $1,000 units...
103.21
103.17
103.20
2MB, 1942-47
Total sales in $1,000 units
3Ms, 1946-49
103.16
103.19
103.19
Federal Farm Mortgage
(High
3 Ms, 1941-43
3
103.19
{Low.
105.28
■
12
103.20
103.19
Total sales in $1,000 units...
Close
Total sales in $1,000 units...
Totaljales in\$1,000 units...
37
23
*102.34 to 102.34
20
United States
103.5
103.9
103.7
103.11
Low.
103.5
103.7
103.7
103.10
103.6
103.5
103.7
103.7
103.11
103.6
Treasury Bills—See previous
page.
103.8
Close
Total sales in $1,000
units
2
102.27
(Close
10
6
102.27
102.23
(High
3s, 1942-47
(High
3 Ms, 1940-43
2
102.26
102.25
Total sales in $1,000 units...
Federal Farm Mortgage
51
....
(Close
(High
3s. 1944-49
23
99.2
7
{Low.
103.23
1
Federal Farm Mortgage
103.20
103.19
3s, 1946-48
103.8
7
99.3
103.8
103.9
Total sales in $1,000 units...
Total sales in $1,000 units...
■
103.9
Close
1
17
103.10
High
3M8, 1944-64
107.15
103.9
Low.
Federal Farm Mortgage
107.15
Total sales in $1,000 units...
100.9
100.8
High
(High
Ms, 1945-47
1
4
2
United
27
8
States
Treasury
Notes,
&c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
Saturday
Monday
Nov. 27
$ per share
37
3712
43l2
46
*30
46
9*8
*19»8
2138
*112
4812
1*8
*
$ per share
37
22
1*8
14
Dec.
$ per share
1
$ per share
371*
*37
*37
431?.
*37
431?
*37
46
Ds
5034
1*4
Ds
48ig
lh
934
20
IDs
lh
1*2
13U
Ds
141o
D8
1*4
*
Ds
505s
*
12
1*2
13i2
137s
13U
*1112
14
*11
15
16
*11
15
*11
14
*1234
15
*12
15
15
15
15
19i«
18
191?
77s
123S
U?
1514
15
72
12
1*2
*13
18
2H8
D8
50l4
lh
49l2
lh
1*4
74
IDs
15U
zl8
lh
13i2
15h
15
15
18*8
18
18
8
8
8
8
*734
8I4
*4478
9
*19l4
2114
*D8
49
*1*8
►
138
12i2
*lli8
*10i2
14i2
17^8
*734
123g
158
13h
14
15
15i2
18
8
154
157
153
157
154
156
153
*9
10
159
*9
10
*9
10
*9
1212
12%
10
13
125)5
*51l2
55
44
45«4
1434
212
15
*20l2
22
55
27s
5534
*6112
14
834
*5112
x42i8
14i8
238
*18lf
5334
65
62
1412
*
50
*
1414
*_
_
12h
1234
1238
914
878
9i8
8i2
5U2
55
83.i
814
13h
834
5078
4134
507s
4312
521?
52
52lo
43 h
x\4i4
258
45
4234
44
15
14
*20
22
56
55
62
*59
4412
14's
27s
22
14i2
56
1412
*53
25?
1414
3
22l2
55
63
*62
65
54i4
13I2
2l2
13*2
22
22
5U2
*60
212
40
50
9i2
lOh
20
20
STOCK8
Range Since Jan. 1
On Basis of 10O-Sharo Lou
STOCK
Week
Lowest
Shares
600
20
500
9,300
200
Pai
%
Mar
6
42
Acm«
44
Nov 22
85
Aug 13
69
Steel Co
Art ami
2f
Express
No pai
Adams-Millie
..No
778Nov23
17i2 Oct 19
16i2 Oct 19
U2 Oct 15
4412Nov 24
pai
lh
4.200
Air Way El Appliance..No pai
Aia A Vicksburg RR Co.. 100
lh
11.300
1419
7,500
14i8
15
*lll2
15h
1,400
4,000
8
*7h
15912 163
700
4,600
9lo
10
200
1358
14
4,400
878
9*8
5114
27,800
10
600
1334
137g
14
143),
53
53
54
54
a
100
2,900
40
Def'd delivery
74*4
Apr
15*4 Not
28*8 Feb
3
177f June
35*4
36
9
22 if
5U
xlig
7
68
Jan 25
2
Jan
Jan
Apr
Jan
100if Jan 22
91
Mar
Oct 19
15*4 Feb 25
13
July
$2.50 prior
6%
Corp..
Oct 19
59*4 Feb 11
Oct 20
69
Feb 11
1
68 h Feb 17
27
267g July
0i2 Oct 19
Nov 23
9
Nov 26
10
Oct 19
618 Oct 18
85
34
83if Jan 22
Mar
9
50
Amerada Corp.
..No pai
Am AgrlcChem (Del).-JVe pai
Oct 20
52h Mar If
5U2Nov 23
53i2 Oct 19
1147s Mar 11
n
Bank
r
10
10
50
Note
PreferrM
New stock,
19
53
Cash sale.
x
Oct 19
Dec
Ex-div.
1
y
103
Not
17if Sep*
195
Mar
6if Not
61if Not
60if Not
60
Not
54if Not
40*s Oct
246
Aug
Aug
6*4 Jan
34
Not
23
4978Nov26
pai
Jan
Apr
Oct
21if Jan
86if Not
6i8 Apr
" "Jan
157
331s Jan 10
217i Mar 6
Ne pas
Oct 19
Feb
Feb
237s Apr 12
258if Mar 9
171« Aug 14
812 Oct 19
U4 Oct 19
6%
Jan
62is Feb 18
1
American
Apr
Jan
455s Mar If
Oct 19
Oct 19
145
No pai
No
2if
12*8
10i2 Oct 19
....100
preferred
178 Aug
12U
12if
10
Allied
Allied Stores
Aug 10
5*8 Feb 18
13
No pai
Inrtustriee Ins
Oct 19
166
11
war 100
Aided Chemical A Dy0.N0 pa>
Kid Co
5
Allied Mills Co Inc
No pai
5
11
prat.No pai
conT
Allegheny Bteel Co
Allen
1
Oct
Nov
37U
Jan
4*8 Jan 26
80h Jan
Mar 11
4,500
143S
12 Oct 19
Apr
9*8
8
22
53
pai
22*8 Mar 11
97
Amalgam Leather Cot Inc
6% eoi»v preferred..
HI4
share
70
146
1,600
68
per
Mar
Alaska Juneau Gold M1&...10
5684
55
Highest
share $
Albany A Susq RR
100
Allegheny Corp
No pai
5M %Prei A with $30 war 100
5M %Pret A with $40 warlOC
2,900
100
234
*62
t In receivership,
Corp.
Aids-Chalmers Mfg
Alpha Portland Cem
14
*20
53'2
66U
17,500
457s
51h
44U
*1358
2l2
Address Multlgr
6M%Pref A without
1578
1834
173.t
1936
t>
Mar
li4
lh
I3h
$ per
55
..No pai
*13
share
69
..No
13", 800
per
8
Advance Rumely
1214
9
Nov 26
Air Reduction Inc
72
share
Nov
1,200
12
Year
Lotoest
37
8,400
400
per
Highest
36
5234
*
Range for Previous
Abbott Laboratories. ..JVC pai
Abraham A Htraua
Ne pa
2234
134
53
this day.
YORK
EXCHANGE
2214
*15s
145?
on
NEW
5H4
551*
Bid and asked prices; no sales
*2i2
*19l2
52l2
3678
40
lh
72
12
3
3678
51
10
9
Sales
the
ver share
*46
48
938
20
21h
134
1134
8*8
121?
$
40
*9
157i2
CENT
Dec.
37
*37
938
20
x21h
lh
37
453.J
914
*19is
95?
19%
211?
50
1*4
Ds
137s
4534
938
50
12
46
19U
2112
22
74
12
46
2
$ per share
40
*44
Dec.
37i2
9l2
PER
for
*37
*19i8
2D8
NOT
Friday
Nov. 30
*13
157
SHARE,
37
74
16**4
PRICES—PER
Tuesday
Nov. 29
934
20
SALE
39*4
Jan 2$
87i Mar 13
101 if
69
Jan
35*8
Jan
19*4 May
4
Oct
31*4 Nor
76
Jan
20 >8 Not
90
Not
81
Deo
34M Not
5*4
Deo
39h Dee
125if Mar
Jan 22
49
July
41*8
Jan 16
36
Dec
65if
Apr
751*
Feb
66
Jan
73
Nov
Ex-rights,
4
89
Not
f Called for redemption.
Volume
LOW
SALE PRICES—PER
HIGH
AND
fnr
Tuesday
Monday
Nov. 27
Nov. 29
Nov. 30
$ per share
■9 per share"
$ per share
32
32%
31
33%
32%
82
85%
85%
4234
42%
16%
161
163
23%
23
24
23%
23%
44
46
47%
46
47
162
*16034 164
*162
164
164
6,500
22
23%
24%
25%
45%
49
51
52
9,500
2,200
17%
17
16%
17
*90
150
*90
95
*91
95
*91%
95
*91%
95
95
98
97
97
*95%
99%
*96
99%
*9512
99%
95%
95%
29
*23
25
10,900
95
*95
8
16
16
16%
83
5%
25%
11%
26%
7
7
*175
21%
20%
12%
21%
12%
3%
22%
35%
22%
23
23
35%
35%
35%
*36%
2
2
2
2
2
2
18%
18%
7%
*18
37%
7S4
24
19
*16%
12%
334
*12
*22
24
*20%
37
37
36
3%
24
2
*1%
1%
800
American Ice
18
16%
16%
19%
19
20%
19
20
18%
75
80
81
81
81
79
81
15
14%
15%
15
15
14%
15%
59
5984
7%
7%
10234
5934
734
18
75%
18%
14%
27
27%
26%
26% 27
25%
48
*48%
50%
49%
4934
47%
♦122% 124
*122% 124
*120% 125
14
14
14
13%
1334
48
48
49
49
48
♦105
125
*101
125
125
9%
9%
26
9%
67
*28
69
70%
69
*17
*13
125
*120
9%
9%
9%
28%
28%
110% 110%
*17
18%
148% 149
67%
67
69
67
68%
69
14%
13%
14%
7%
13%
88
85
85
85
85
5%
3234
6%
26%
634
*32
7
734
■
5%
5%
33%
32%
6%
40
87
33
4%
27%
6%
6%
6%
4I0
27
6%
35
*30
40
*84%
4%
29%
30%
2834
29%
29%
31%
29%
30%
128%
46%
*16%
40%
47
47
46
47%
46%
46%
*15%
16
16%
17
16
46%
10%
17
15
*11%
*3
29%
27%
100
*.
6%
38%
734
"37%
7%
*734
4%
*414
100
"38%
80
8
80
*
8%
85
"*8%
8%
85
""s"
8%
6%
68
100
4%
98
38%
8
4
4%
*
85
~"s"
8%
*/i2
4%
*
26
Oct 19
Jan 12
29% Feb 3
Jan 21
36%
Feb
Apr
167
$6 preferred
95 preferred
7
American
100
14,300
600
8
Oct 19
$6 1st preferred
No par
American Woolen.....No par
82
Oct 20
4%
6,300
29%
7,600
6%
8,500
40
100
31%
32
138,200
|5 prior conv pref
25
Anaconda Copper Mi»ing__60
50
800
Anaconda W A Cable—No par
17
1,700
6%
30%
47
16%
*103
*14%
14%
*3
4
27%
27%
*119
97%
98
6%
6%
66
*65%
*
150
107
400
16
4
27%
----
------
1,400
------
97%
500
6%
13,000
69
41%
8
8
8
♦4
4%
*
8%
70%
*50
70%
*55
70
*50
90
*50
41%
41%
*36
No pur
16.50 conv preferred.No par
Andes Copper Mining
20
A P W Paper Co..
No par
Archer Daniels Mldl'd.No par
7% preferred..
—100
ArmourACo(Del)pf 7% gtdlOO
Anchor Cap Corp
Armour A Co of
700
Artloom Corp
10
8,100
79
7
79
77
75
75
74
74
73%
74
75
75
38%
4034
37%
39%
37
39%
42
30,100
71
72
72%
73
73%
74
73
73%
73%
40%
73%
72%
75
2534
26%
25%
26%
26%
27%
8,700
6%
634
300
1134
II84
20%
*10334 106i2
834
*40
40%
9%
42
42%
1234
24134
*110
"*612
7
*6
8i2
3%
9
20
3%
20
27%
"
*6
7%
*6
*13
13%
*12
7%
14
8%
*3%
20
42%
115
*6
6%
3%
3%
3%
*19%
3%
20-%
21%
8,800
104% 104i2
5,400
42
600
44
46
46
2,000
110
110
110
30
6
6
6
8%
812
43%
22%
8%
3
*20%
42
42
6%
8%
3
700
2,300
700
3
*20%
3
22%
22%
50
3%
334
3%
3%
3%
334
3%
3%
3%
334
3%
3%
5,400
8
8%
8%
8%
8%
9
8%
8%
12
7%
8%
8%
9%
15,400
11%
.14%
*31
1234
15
3434
11%
14%
*30
11%
12%
1434
35
14%
*31
11%
14%
12%
15%
*31
3434
*
11%
13%
15
*30
34%
97
*
12%
14%
15
*31
34%
97
*
13
15%
42,200
6,900
34
97
"""36
97
97
97
17%
1634
1734
17
17%
16%
16%
1734
6,200
10%
10%
10%
10%
10%
*10
1034
*10-%
17
10%
"l7%
934
10%
1034
1,300
23%
23%
28%
24
24
*24
29
*24%
28%
13%
14
14
13%
14%
1134
13%
*11%
13%
11%
13%
1334
*24%
1334
♦11%
1134
11%
*
98%
"i«"
12%
12%
297
*24
13%
*11%
*11%
1134
112
*110
112
*110
112
*16%
17
16
16
*16
18
*92
93
*92
*30
34%
*31
34%
*30
97
100/
*97
*111
97
97
93
*110
16%
16%
10
18
400
97%
*92%
100
34
*30
*30
*97
8%
84%
*82
8%
8%
*8
~
84%
*82
13%
18
8
8%
*82
84%
1334
13
1334
18
17%
1734
*17%
7%
100%
8
84%
*97
8%
34
10034
8%
*82
13%
2,800
84%
13
""566
~7~. 200
12%
13
17%
17%
17%
17%
1,700
34
36
2,200
32%
34%
34
34%
34
35
35
34%
35
49%
51%
48%
50
49%
52
49%
13%
1734
35%
51%
48%
52%
52%
55% 110,400
14%
15
14%
15
15
15%
15
15
214%
14%
14%
15
89%
91%
91%
92
93
94
92%
91
92
94
24
23
23
*23%
24%
*23%
92%
24
290%
*23%
24
24
24
2334
14%
14%
15
15%
15
15%
14%
15
13%
14%
14%
12%
*15%
13%
12%
1234
12%
12%
12%
12%
*15%
19%
*15%
*15%
12%
1734
12
18
12%
1834
14%
13%
♦15%
17%
*15%
*50
64
*50
64
*.50
64
*50
64
*50
60
*17%
24
24%
23%
24%
23%
24%
12%
*17%
23%
24%
23%
24%
0*73.
973.
97
97
Jan
Nov 27
Atlantic Coast Line RR...100
18
Oct 19
All G A W I
Jan
43
Nov
July
7
Nov
Jan
111
2,400
2,400
600
3,600
3,900
13*4 Feb 27
Corp of Del (The)
13
Baltimore A Ohio...——.100
4% preferred
.....100
Bangor A Aroostook.......60
Conv 6% Drererred
100
Barber Co Inc
10
Barker Brothers..
No par
Vot
tr ctfs
..—
Bayuk Cigars ino
1st preferred
Beatrice Creamery
No par
...—100
25
No par
Beech Creek RR.
60
Beech-Nut Packing Co
20
Beldlng-Heminway ...No par
Belgian Nat Rys part pref
Bendlx Aviation
6
Beneficial Indus Loan..Ns far
Best A Co
No par
Bethlehem Steel (Del). A# par
6% preferred...........20
7% preferred
100
Blgelow-Sanf Carp Inc.Nt par
Black A Decker Mfg Co No par
S5 preferred w w
No par
Blaw-Knox Co.—
50
50
"""16
Blumeothal A Co pref
24%
25%
29,000
Boeing Airplane Co
9ZSa
snn
Ttnhn
6
16% Feb 27
Aluminum A
Brass
Jan
110%
7%
Jan
July 23
6
Jan 28
Mar
9
Jan
4% June
Jan
84
Jan
Aug
Feb
7% Jan
128
Deo
104
47%
95
Jan
Jan
106
88
96
Dec
112
Oot
98
Fab
124
Oct
June 29
88% Aug
9
ad
Jan
Feb
7
90*4
Jan
107
Oct
55% Mar 17
21%
Apr
49
Dee
11
Apr
31%
13%
Apr
29
Mar 13
6
6
116% Feb
18% Mar
26% June
109
Sept
Oct
54*4 Nov
35%
Apr
118%
Deo
62% Mar 10
94
Mar 11
48
Jan
84
NOV
2
133
Jan 13
*112
Jan
131
Nov
9
2
14
June
Dec
18%
Jan
36*4 Feb
9% Feb
62% Mar
9% Jan
11% Jan
9% Jan
1
25
12
29
30
18
2334 Aug
Oct 19
40% Mar 17
Oct 19
30
Oct 19
*97
Nov 29
10% Oct 19
8% Nov 22
9% Oct 19
108
Oct 20
26% June
29% June
46%
3
Apr
2% July
2% July
"l5%
Deo
41%
49%
24% Nov
38%
Dec
2%
Nov
28%
Dee
9
32
Jan 21
42
13%
Jan
115
Aug 16
14%
Jan
10*4 June
110
May
Jan
Feb
Oct 19
14
Oct 19
85% Nov 24
Nov 29
13% Nov 24
Oct 19
43% Feb 19
35
114*4 July 14
85
Feb
15*4 Feb
8
13
Dec
88% July
4
83
June
23*4 Jau
62*4 Jan
5
26%
8
48
Jan
72
45*4
Apr
Apr
10%
107% July
23
Jan
05%
Deo
28*4
Deo
*34%
24%
Doo
14% July
94%
Jan 16
77% July
48%
16
21
Oct 19
Doc
Deo
29% Mar 10
18% May
5
77*4
20
135% Nov
69*4 Feb 10
Jan 21
7
100
5
Oct
Oct
Nov
38
Jan
3
Oct 19
89% May
32%
Jan 18
Oct
Deo
10% Mar
Jan
32%
Dec
42%
112
Jan
129% Feb 16
Dee
28% Nov
July
105
20
105% Mar 11
20
22% Nov
116
21%
30% Feb 11
17% Nov 15
50
Oct
Jan 21
35% Feb 1
20% Jan 17
Aug
41
Feb
21
18
Nov 26
Dec
Nov
39
100
32
9%
"27%
8
9
Oct 19
Jan
Deo
Feb 11
46
8
Jan 16
11*4
47*4 Mar 17
110% Feb
43% Mar
28*4 Feb
8% Oct 19
Jan
7*4 Mar
Apr
Apr
105*4 Mar
15
Fob
54% Mar
10%
Nov 10
32% Nov 13
9034 Oct 19
7% Oct 19
30%
6*t June
13% Oct 19
9
Feb
May
27% Nov
Apr
94*4May
104
8%
23
22%
108
12%
Feb 18
Oct 19
84
02% Mar
18% Nov
67% Feb 18
5
92
Jan
Nov 26
4% Oct 19
6% Oct 19
2
Sept 25
15% Oct 19
2% Oct 19
3% Sept 10
3
Sept 11
10
60
122
8%
17% Jan 21
24*4 Mar
Jan 18
No par
3
{Baldwin Loco Worka.No par
n
irO.rJti
9
Jan
70% Mar 13
100
Apr
May
106%
66%
99% Mar
126
Mar 11
S5 prior A—
Avia
6
44
Bloomingdale Brothers.No par
18
Mar
37
118
Feb 18
46
121% Feb
37
No par
Austin Nichols
26*4 Mar
June
Oct 19
38
Dee
89%
9
Oct 19
110
65% Nov
3
Oct 19
,
Dee
10% Feb 10
5
1013s Sept 29
7% Oct 19
39% Oct 19
7*4 Mar
50
37% Jan 12
9
.....1
6% preferred
60
Atlas Powder
No par
6% conv preferred... -.100
Atlas Tack Corp
No par
Auburn Automobile..-No par
Feb
70*4
,
111
18
Corp
Jan
15%
Feb
11%
May
25
4% conv pref series A... 100
109*4 Sept
97
Feb 13
—100
SS Lines..No par
5% preferred
Atlantic Refining
Atlas
2
24«4 Aug
111
Nov 12
71
Oct 19
97
*92
Jan
35
73
.1
32% Nov 23
Jan
28
Oct
27*4
Apr
7% Sept
Feb 23
5% pref with warrants..100
100
Dee
69% Mar 10
Nov 20
100
18
62*4 Sept
74
5% preferred
Mar
3% July
24
May
101
15 pref without warrants
Feb
150
Jan 12
97
Feb
104
Feb 23
125
Atcb Topeka A Santa Fe-.lOO
102%
Jan
136
79% Feb 23
20
Oct 19
Nov 24
112
97%
Nov 27
10
*17
34
4% Oct 19
2% Oct 19
80
20
*111
103
Oct 19
5\£% preferred.........50
17
97%
30
Barnsdail Oil Co......—-.6
111
*92
4
Feb
130
300
16
*30
12%
8%
84%
14%
1134
4% Oct 19
96
13,900
29
111
93
10034
13
*82
111
34
93
*82
8%
16%
4
Oct 18
190% Nov
19%
143s Jan 18
79
Nov 15
Assented
12
Nov 24
Apr
Mar
88% Mar
92*4
29% Jan 13
Feb 1
Nov 20
200
8%
834
834
110
*40
8%
3%
8%
20
20
20
8%
6
81
6%
12
20%
20%
10534
'104
43
6
12
114
45
6%
8%
9
43
113% *110
*42%
*110
♦6
7%
13
2034
21
20%
20%
20%
20%
*104
10534
104% 104% *103% 106
9
834
8%
834
834
9%
41
*40
41
41%
41
40%
115
*_
25%
25%
93
20% Mar
Jan
8% June
3
107
35
900
*6%
26
11684May
Jan
73%
63% Aug
146
Sept
26% Jan
87
4
20% Feb
71
1,400
24%
7
2% Oct 19
36
149%
Jan 28
150% Jan 26
83
130
3834
7%
13)4
2U4
Oct 26
Oct 19
Deo
Deo
Apr
129
8
Jan
99% Feb
100
190
6% 1st preferred
7% 2d preferred
160
79
75
3634
26%
Oct 19
Jan
Deo
04
48%
25% Jan 25
Assoc Investment Co.-No par
38%
13
10
96
6% Oct 19
1
Associated Dry Goods
------
36%
24%
*6%
No par
....100
Preferred
Oct 20
64% Nov 24
.—.No par
600
-
40%
*77
6
Illinois
|6 conv pref
90
*35
39
7% preferred..
...100
Armstrong Cork Co—No par
Arnold Constable Corp
5
8,900
4%
85
"8"
..100
Preferred
100
100
"3934
39%
8
3% Oct 19
26% Nov 30
3% Oct 19
*27% Oct 19
24% Nov 8
Amer Zinc Lead. A Smelt.... 1
28
*31
105
Am Type Founders Ine
*47%
16%
4%
28%
6%
90
79
99
Am Water Wks A Elec.No par
*55
*77
187
152*4 Mar
24%
143*4 Jan 13
23
23
13
19
Nov
103
146%
26% Jan 20
66% Jan 11
Oct 19
Oot
Apr
20%
Oct 19
300
*55
77%
100
10
6% preferred
Jan
Jan 21
73%
14
65% Nov
67»4 Nov
128%May
4% Oct
..25
Common class B
28*4 Nov
45% Deo
Jan
136% Jaa
67% Mar
1333g Jan
6
Feb
148
140
100
.—.25
2,800
70%
77%
z27% Dec 3
104% Oct 11
23,000
80
*74
Teleg Co
American Tobacco
Oct 19
8% Nov 22
No par
100
Amer Telep A
400
88
*60
76
Nov 16
Dec
22%
Am Sumatra Tobacco..No par
6,300
*60
79%
125
Preferred
400
67
70%
*76
100
6% preferred
American Sugar Refining—100
80
*75
68% Jan 29
Amer Steel Foundries.-N# par
39*4
Apr
56*4
106*4 Mar 11
164
Jan 28
Oct 19
1,500
*60
*35
2
46
American Stores
*60
*35% .41%
Nov 23
25
Snuff
1,900
70%
41%
Nov 23
41
9%
80
*35
25
122
Co.No par
Dec
18
25%
Refg.No par
Preferred
30
69
31
3
100
Amer Smelting A
17,500
13%
Feb
Feb 20
Amer Ship Building
Jan
Nov
37
101% Aug 18
Mar 19
30%
*60
41%
Oct 19
70
...100
74% Sept
27%
165% Aug
Jan
23*4 July
68
770
*84%
4%
18»4
45% Mar 11
14%
14%
88
72%
170
15% Oct 19
25
4^% conv pref
Oct 23
29
45,800
*60
*35
100
American Rolling Mill
Oct 19
9%
140
Am Rad A Stanu San'y.No par
36
50%
68%
85
"*7%
87% Sept
*138% 138%
7%
7%
100
"38%
39%
8
66
*
No par
...No par
Feb
9%
*119
6%
6%
8
4%
*
*3
27%
-
97%
*65
*
39%
8
4%
39
---
97%
6%
*
8%
4%
~36%
*119
14%
28
2734
-
69
*65%
67
*65
66
100
6%
6%
6%
6%
*64
*
*3
4
98
98
99
*97
97%
97%
---
105
15%
28
27%
*119
*119
105
*14%
4
*3
4
27
4
*3%
*27
*119
105
15%
14%
14%
*11%
105
105
104
104
105
*103
*16
14% July
43
75
7% Oct 19
125
34
34
Feb
87% Jan 18
29%
68%
13%
27%
7
5%
4%
40
*30
87
16% Jan 13
Oct 19
Seating Co—No par
125
139
139
Oct 19
American
800
67%
68%
139
Oct 20
3
17% Oct 19
26%
28
28%
28% *27%
109% 109% *105% 110
*17
17%
17%
18%
150% 152
147% 150
*65%
Feb 15
Feb
16
64% Nov
31
2,000
13%
67
1
American Safety Raxor.. 18.50
50
9%
129% Feb
2,300
49
29
Nov 20
122% Nor
29% Jan
53
400
125
26%
100
Corp.-No par
Preferred
17,200
2,800
68*4 Mar 10
2434 Nov 22
100
6% conv preferred
-
-
*121% 124
50
27%
-
48%
49%
*49
27
-
13%
25%
26
46%
-
19
*19
13%
25%
50%
*138% 139i,i
7%
7%
7%
14%
1434
13%
139
*138
75%
50
18%
139
75
*49
149
*66%
6834
24
■
125
23%
Amer Power A Light...No par
Amer News N Y
4,800
5,900
60,200
15
23
122
2834
147
6934
*30
Nov
165
122
110
110
67%
7
69
24,800
*151
123
9%
67%
6%
Jan
7%
240
7%
165
18%
26%
4734
28%
67%
5%
*35%
61%
14% Oct 19
100
Preferred
300
105
7%
14%
*110
125
27%
28%
28%
29%
29%
*109% 110
*107% 110
19%
18%
*17%
*17%
145
147%
146% 148%
33
July
59%
123
49%
27%
*26
7%
134
74%
18%
22%
7334
18%
7%
Dec
23
74%
18%
14%
27
118
105
21%
23%
72%
*80
Amer Metal Co Ltd...No par
7%
73%
2234
*136% 139
11,600
*150
18%
9%
Amer Mach A Metals..No par
30%
v
165
73
8%
1,600
29%
Apr
Apr
39
23%
27%
May
10
48%
18%
25%
21
36%
14%
72%
13%
66
8
45%
22%
13
6
35%
18%
Dee
Feb
42
74
48%
13% Jan 20
34%
13%
24%
Jan
16% Nov
293s Mar
41%
18%
Jan
24
16% Sept
9% Apr
Oct 19
14%
72
27% Feb
17*4 Mar
58% Feb
Jan
5%
2% Sept
Oct 19
43%
22%
4«4 Mar
Oct 19
60
23
51% Nov
3
35
*151
46
Jan
10%
14
165
Oct
37
53
42
*147
Oct
3
16
16
11
4
Amer Mach A Fdy Co..No par
34%
165
*147
4%
31%
62% Mar
3,600
15
14%
8% Mar
11% Mar 13
65*4 Mar 13
14,700
1,400
37
1434
Dee
De
21% July
15%
5%
76
4334
13%
50%
21%
103
59%
7%
Jan
14%
5%
29%
103
Apr
13
Deo
22%
Apr
25
5
Feb
Oct
60%
Jan
12
38% Jan 22
Feb
9*4 Mar
Apr
Apr
*36
37
14%
165
*147
59%
Jan 18
Dee
14%
175
Apr
58% Jan 22
Oct 19
6%
par
Oct
21
Oct 20
14
100
Corp.-.No
68%
Aug
Sept
8%
Jan
6%
29«4
1334 Jan 22
32
101
20%
*67%
5%
27
pref
non-cum
Amer Internat
934
175
4
Mar
16%
American Locomotive..A# par
45%
45
38%
44
*102
105
5%
30
1,800
38
8
7%
8%
46%
37%
13%
5%
5%
29%
6%
400
8
7%
59%
7%
*43%
59%
*59
59%
7%
28%
*101
105
*101
105
105
5
30
5
6%
7%
No par
225
Oct 19
7»4
60
6% preferred
2
Oct 19
2% Oct 19
20% Oct 19
32% Oct 19
1% Oct 19
American Hide A Leather.-. 1
600
1%
14%
29%
2,500
2
75
5%
500
4
534 Oct 19
17
American Home Products.-.1
18
29
No par
2d oreferred A...No par
24
3%
Oct 19
19
27
13% Jan 28
17
Jan 18
2% Oct 19
97 preferred
9?
700
14%
5%
Oct 19
38%
19%
29
Oct 19
*36%
71%
5
5
175
Bees...No par
Express Co
100
36
14%
28%
Oct 19
S6 preferred..
..No par
Amer Hawaiian SS Co
10
12
18
7%
7%
2
Amer A For n Power...N# par
3,300
1,700
20%
25
*1%
*17%
18
18
Encaustic Tiling—1
Amer European
2,500
12
—100
Nov 29
111
33% Jan 21
99% Mar
80
12
13
70
7%
7%
734
25%
11%
7h
19%
7%
11,700
8% Oot 19
12% Oct 19
10
1st preferred
6%
American
Amer
5
19%
3%
23%
*3%
200
300
24%
11%
19
7,700
9
4%
25
10%
19
20%
*12
3%
3%
334
334
12
12
12
*11%
19
*18%
20% July
16% Jan
89
Apr
3% Apr
60
5%
*175
4%
24
r
11
11
•
80%
*6%
300
4%
24%
24%
11%
20%
20%
20%
26
11
*175
5
4%
9
*6%
215
*175
5%
25
26%
11%
9
*6%
300
434
5%
11
334
30*4 Mar 31
Dee
36% Nov
American Crystal Sugar
7
26
12%
7% July
23% Mar
Oct 19
5%
American Colortype Co.—.10
Am Comm'l Aloobol Corp..20
4%
4%
3
800
2,500
300
*175
300
*175
Oot
3684 Dee
4,200
*6%
7
*6%
Dee
113%
15%
5
Oct 19
120*4
7%
80%
Dee
3334 Aug 25
Nov
16%
5
Dee
Dee
60%
Nov
15
80
100
87% May
7%
15%
5
Apr
Apr
Apr 25
15%
80
57
Aug 12
Jan 25
16
5%
30%
4
29
14%
83
4
112
14%
5
Feb
150
1534
*80
71
104% Feb
Oct 19
Dee
Oct 19
15%
5%
174
137% July
Oct 19
7%
80
May
Nov 23
15%
5
Dec
162
23
15%
80
110
9
90
7%
5%
9
Jan
86
1534
80
Jan
174
100
16%
5
5%
121
70%
141
No par
5% preferred
American Chicle
7%
7%
May
11%
Am Chain A Cable Inc.ATe par
1534
7%
124
Am Coal Co of N J(Alleg Co)25
■
1534
734
■■
shaft
Dee
Apr
Feb 18
36
—100
1534
80
5
American Car A Fdy...No par
100
300
25
*23
25
per
40
100
Dec
151%
16
15%
1534
*80
*23
Highest
share $
Oct 22
15% Oct 19
26
100
Preferred
per
79% Oct 19
--.100
Pre! erred.
Lowest
9
share
80*4 Feb 18
per
1
28
109
7%
734
15
*7%
*23
29
*23
29
*23
17%
16%
17%
16%
17%
16%
17%
5H% conv pre!
American Can
500
$
share
Oct 19
S per
Am Brake Shoe & Fdj.Ne par
110
87
168
84%
86%
8534
6,300
109% 109%
113
*109
87
85%
43%
22%
21%
110
109
87%
22-%
162
160
160
85
86%
35%
33%
32%
31%
Par
Shares
$ per share
Highest
Lowest
Week
3
Dec.
2
Dec.
$ per share
33
32
120
*110
121
*110
122
♦110
33%
1
Dec.
$ per share
Pretious
Year 1936
100-<SAar« Lou
EXCHANGE
the
Friday
Thursday
Wednesday
On Bart* of
STOCK
NEW YORK
Range fm
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE.
JUT
Saturday
3611
New York Stock Record—Continued—Page 2
145
3
10%
Feb 13
40%
49*4 Mar
Apr
Dec
Dee
38% Nov
120
37%
Oct
Deo
63% Mar
New York Stock
3612
LOW
HIGH
AND
SALE VlilCES—PER
SHARE,
NOT PER
CENT
Record—Continued—Page 3
Sales
STOCKS
for
Saturday
Monday
Tuesday
Nov. 27
Nov. 29
Nov. 30
$ per share
*86
88
$ per share
$ per share
88
*84
43
43 >4
*43
4314
14
14
*137s
1434
1734
28
18i4
28%
£41%
14%
17%
27%
*4
6%
*1
1%
21
9%
22%
19%
9
8734
17%
1734
27%
3%
28%
1
21
23
22%
*30%
34
30
*30
3034
2
11 %
11
34U
33
10%
34
21%
2214
2134
*35%
37
978
*35%
9
9
87
5%
4412
5%
43
*2
85
33
187a
183s
1834
19
7]2
17%
*2%
7%
18i2
2%
7%
13%
8%
20J2
3%
834
1312
7%
18%
*2-%
8%
734
19%
234
8%
14
14
834
10
3i2
1078
*31
38%
*17j4
18*2
22
22i2
*4778
1%
8%
14'%
1334
k
"2
8%
*20%
3%
10%
32%
*17%
22%
*47%
1%
834
13%
31%
6
6
*33i2
6
42
*33%
90
95
234
4,100
Burlington Mills Corp
1
Burroughs Add Mach—#« par
234
20
33s
3%
3%
10%
23
23
23
22%
23
23%
*47%
52
*47%
1%
8%
14%
15%
31
15
45
31
7
4
7
*82%
85
90
16
4
4
92%
86%
100
47
31
50
100
46%
101% 101% *101
16%
438
88%
6%
42
*33%
*82%
*82%
15%
4%
90
85
16
4%
90
100
48
49
101
►101
19%
92
25%
26%
"25%
26%
26%
26%
25
59
25%
59
*60
61
62
62
63
26
28
29%
3%
29%
*29
2934
4%
4
4%
4
4%
*28
11
11
0lS
10
6
6
*96
6
6%
*4%
6
*5%
6*2
*5
*96
106
39i4
40'4
39%
9
9%
34i2
106
106
40
42
9
43
4338
36«4
38i2
96
*90
27
8
8
*90
*1%
1%
314
3l4
32%
I
64
9
35%
32%
34
I
44%
43
43
3834
37%
38%
92%
92%
*90
1%
*1%
1%
*1%
3%
334
*1%
1%
5%
3%
*1%
4%
3%
1%
5%
314
*2%
12%
1%
3%
12%
1%
12%
1%
2
2
5%
*2%
2
1%
2
1%
5%
1134
6
6
6
123S
29%
30
30
3
1%
13l4
*66
9l2
14%
5i2
20
1
1
1
1
1,300
2
2%
30%
12%
2,000
6
1,300
11%
12
12%
3,300
30
30
30
500
400
10%
13
12%
1234
9%
13
200
13
538
50
1,500
15
113
59
*56%
10*2
10%
*90
97%
26
24%
9834
*9834 100%
29
*10
1478
15*4
1434
*7%
*9l2
*8i4
18%
18%
7058
8%
7%
5%
48
*35%
57
58%
50% 155,300
13
*65
67
*65
67
100
75
63
63
*50
75
10
3%
22%
3%
22%
75
*63
3%
23%
15%
114%
59
10%
98
2,900
*92
98
24
*l6"
30
99
2438
99
*16"
39
24%
99
»_
*16"
734
*7%
*10%
11%
11%
9%
*8
20
19%
20
19%
20%
*19%
72%
*10%
11%
10
10
*7%
20
20
*19%
20
1934
19%
72%
16%
73
72
*28
934
16%
10%
77%
71%
6934
6934
_3734
38%
38%
39%
84
84
*71
90
42%
42%
44
46
76%
*81
44%
*96
9%
2%
8%
2%
*44
*15%
*2834
35
9%
78
89
50
"4", 500
8%
390
11%
12%
120
10
10
20
£19
10%
19%
16%
8
8
10%
60
19%
3,700
1,900
76
3,300
16
16
16
1,600
*25
31
78%
70%
90
44%
99%
96
96
10%
10%
49" 500
78
78
78
78
900
70%
38%
70
70
20
38%
39%
*81
42
*90
90
9,100
*82%
44%
90
100
44%
45
8,800
96
*90
9%
9%
£8%
23g
2%
9%
23g
43%
44%
44%
9%
96%
100
8%
9%
9,300
2%
2%
63,600
44%
2,600
43
t In receivership,
a
Nov 22
2
Oct 19
2
Dec
100
Feb
115
t
7
54
May
June 29
8
Oct 19
'4
Oct 19
preferred
100
No par
Checker Cab
41% Jan 15
24% Jan 11
14% Mar
115
35% Nov 24
3% Oct 19
18% Oct 19
5
5
Jan 12
Chesapeake Corp
No
Chesapeake & Ohio Ry
par
25
100
Jan 14
82
111
Feb 10
Feb
4
Nov 24
31
Oct 19
89% Oct 19
tChlc & East 111 Ry Co—100
6% preferred
100
tChlcago Great Western.. 100
4% preferred
6% preferred
$3
Pef. delivery,
Nov
97% May
108
Oct
74
Nov
4734
Dec
Apr
90% Mar
68% Mar
100
6
59
Jan
4
51
Jan
4
Mar
18% Mar
1
8
1% May
2% Jan
8
6
12%May 19
32
Jan 20
7% Mar 17
1%
4
45
Jan
2% Apr
684 May
19% Feb 17
Feb
Apr
6
May
253$ May
1% Apr
2% Apr
4
33
3%
Jan
8%
2%
14%
Deo
Feb
Dec
12
Jan
33% Nov
2%
Feb
5%
Feb
4%
9
12% Apr
Feb
12%
24%
Dec
Oct
Oct 16
3% Mar 17
1% Apr
3
1% Oct 19
10% Feb 19
3% Apr
3% Apr
1984 Jan
1788 Sept
8
Jan
1
8
July
Chlckasha Cotton Oil
Chllds Co
No par
3
Opt 19
15% Mar
25
36
Oct 19
80
10
Chile Copper Co
Chrysler Corp
City Ice & Fuel
6H% preferred
City Investing Co
City Stores
Clark Equipment
6
No par
Oct 19
6% Oct 19
12
Oct 19
52% Nov 23
11
Oct 19
8% Mar
8
27% Jan 14
22% Jan 29
3
7
Jan
Mar 11
25
Jan
51
85%
15%
72%
Jan
Jan
138% Nov
Jan
8934 Nov
135% Feb 11
21% Feb 18
100
63% Nov 23
92
Feb 18
100
60
74
July 15
Feb 16
2
Oct 19
Nov 24
179
Oct 18
179
Oct 18
Clev El Ulum $4.50 pt.No par
Clev Graph Bronze Co (The)-l
lt>234June 21
113
Jan
5
No pa:
4%
50
Climax Molybdenum ..No par
Cluett Peabody & Co
No par
guar
Preferred
100
Coca-Cola Co (The).—No
Class A
par
No par
Colgate-Palroollve-Peet
No par
100
Collins & Alkman
No par
6% conv preferred
100
Colonial Beacon OH
No par
Colo Fuel & Iron Corp.No par
23
Oct 19
82
Oct
8
47% Mar 31
24% Nov 26
13% Oct 19
120% Dec
1
93% Oct 19
56% Jan 29
8% Oct 19
95% Nov 26
20% Oct 19
98% Nov 24
26
Jan 18
10% Mar
48
45
Mar
1
484
Jan
Aug 10
2384
156%
107%
Jan
7
June
9
90
Deo
51
Oct
48
Apr
July
Nov
Jan
58
Nov
55%
13
100
June
Aug
39% Apr
19
100
9
Oct 19
30
4% 2d preferred
100
Columbia Broad SysIncclA2.50
8% Oct 21
29
18
Class B
2.50
Columbian Carbon
Columbia Pict v t
Oct 19
17% Oct 19
v
t c No par
65
Nov 23
c
No par
10
Oct 19
preferred.#*) par
27
Oct 19
Columbia Gas A Elec._#0 par
6% preferred series A.-.100
6% preferred
Commercial Credit
£4% Oct 19
£68% Oct 19
.100
69% Nov 30
33% Oct 19
84
Nov 27
...10
4J% % conv preferred
100
Comm'l Invest Trust.-#0 par
38% Nov 23
95
Oct 19
par
5
Oct 19
par
1
Oct 19
.No oar
34
Oct 19
pf ser '35.No par
Commercial Solvents.-#0
Commonwith A Sou
No
$6 preferred series.
r
Cash sale
x
Ex-div.
32
Dec
106% Feb
6684 Nov
30
Oct
48
Dec
Jan 14
19%
Jan
Jan 25
16
Jan
36
Aug
1
108
Jan
101
Jan 14
69% Jan
8
8
Jan 12
80% Jan 26
Jan 25
21% Jan 21
4% Jan 13
75% Jan 13
yEx-rlghts.
Mar
2
2
39% Jan 20
46% Jan 20
20% Jan 14
120
Dec
21%
36% Feb
37% Mar
31% Aug
125% Apr
114
Dec
129
134
8% Jan
28% Sept
4% 1st preferred
77%
Jan
Jan
25% Mar 19
5
Oct
84
104% Jan 6
62% Feb 13
112% Mar 11
45
Dec
47%
124
Apr 12
51% Feb 10
11% Oct 19
Oct
Feb
27% Mar
—100
200
Mar
5% Oct 19
Colorado A Southern
Nov
13% Nov
46% Mar
48
Jan 14
2
Nov
82
90
50% Feb 26
37
Oct 26
29% July 15
132%June 3
50
Jan
Dec
Deo
111%
33
170% Apr
Jan
23
Oct
Jan
July
48% Aug 16
59
Feb
32%
30%
1434
22
n New stock,
Nov
77% Nov
100
No par
conv
100
100
7% preferred
$4.25
Deo
Aug 28
6% preferred
Chicago Yellow Cab
conv
111
Mar 11
6% Mar
Nov
19% Mar
72% Deo
69%
3% Mar 18
29
j an
8% June
57% Sept
38'4
% Oct 19
1% Oct 19
6% Oct 19
preferred ...No par
tChtc Rock Isi A Pacific. -100
Feb
12
Jan
Oct 19
conv
57
Apr
Aug
Oct 15
par
Chicago Pneumat Tool. No
Apr
6%
4% Mar 16
Oct 19
Dec
35
13% Mar 17
1
Dec
9%
Mar
Oct 19
3
Sept
37%
19
Oct 19
100
86
Jan
22%
3
100
Preferred
Dec
101
Feb 13
% Oct 19
tChlcago & North West'n.100
Dec
39%
48
1
2% Nov 24
10% Oct 19
Jan
110
63% June 10
2
100
Chic Ind & Louisv 4% pf__100
Chicago Mall Order Co
5
JChlc Mil St P & Pac..No par
32%
6% Nov
3
86% Mar 10
23% Feb 10
Oct 19
£40
253s
12% Jan 28
107% Jan 26
3% Oct 19
103% Dec
25% Nov 23
Nov
Dec
96
prior
£91
Apr
Central RR of New Jersey. 100
Central Vloleta Sugar Co..-J9
Common
Jan
21% May
19
82% Jan
6%
July
106
39%
ChampPap & Fib Co 6% pf 100
5434
June
143
9
Oct 21
Feb
984
186
8
Oct 19
Deo
Jan
June
Oct 19
Sept 23
6% May
Jan
92%
116
48% Mar
Oct 16
Oct
103%
2
105% Aug 11
4l%May 20
2
$2.75
37%
k
2%
Bid and asked prlces;no sales on this day,
"5", 166
70
10%
353gJune
52
95
Nov
Jan £100
Jan
24
Preferred
100
Cerro de Pasco Copper.#*) par
Certain-Teed Products
1
Feb
53
87
21
par
Feb
18%
91
92
par
12% May
45% Jan
8
100
6% preferred
31
43
44%
10,000
70
3834
44
300
15%
*26%
9%
44%
9%
2%
1,200
16%
78%
*76
10
72%
34
38%
*
3,300
3,400
17%
16%
100
Aug
16
Jan 18
Dec
Oct
6834 Nov
Feb
17
Dec
Dec
Nov
60
Jan
Apr
102
101
Clev & Pitts RR Co 7% gtd.50
39
734
16
25%
40
Jan
10%
37
106
2% Oct 19
par
Dec
16% Nov
40% Apr
30*4 Deo
8
13% Nov 19
100
3
Jan
Nov 12
C C C & St Louis Ry Co.-100
120
98
8%
*76
45
*
39
*90
8%
78
99%
24
98
16%
38%
9
2434
99
*10
*90
16%
78
2%
*
98
16%
36%
9%
2434
5% preferred
Special
29
15%
10%
2%
*90
26
16%
9
28
2934
24
27% 27%
27%
28%
15
14%
15
15
15
16
14%
14%
124
12034 12034 *120% 124
*120% 124
112% 114% *112% 114% *113
115% 116
117%
57%
57%
*57%
57% *57%
57%
57%
57%
10
10
10%
10%
9%
10% £10
10%
74
23s
*22
*113
10
32
1,300
107% 107% *10734 111% *107% 110
*107% 110
25
2434 25%
25
25%
25
26%
27%
*
*78
*78% 90
90
90
*78%
80%
8%
73
*3%
22%
12%
1,000
16
73i4
12%
2,500
983
19%
3%
12%
4
26
30
3%
12%
23%
29
124
*63
334
23%
24
82
75
3%
20
44
58
10
67
18%
*96
58
900
13
*9%
19%
*
538
*34%
67"
19
9%
5434
5%
13
10
10%
57%
13
45
67
18%
16
56
*5%
45
13
10
*2834
59
13
5%
50
67
10
16%
*35%
10
13-
11*2
31%
5
5%
50
*9
800
67
28%
*113
♦
4,600
2
6
1%
*63
114l2
45%
*29
2%
1%
5%
3
2%
15
45
30
2,500
1%
66
2912
100
*29
11%
500
500
*2%
2%
9%
12%
*112i4 114
*96
11%
1%
4%
1%
5%
1%
.
Oct 18
Oct
%
6
18% Mar 11
52% Jan 2
Central Agulrre Ahboo—#0 par
Central Foundry Co
;
1
Central 111 Lt 4J^% pref--100
Preferred series A
2%
2%
£13
71%
6,200
20,500
90%
*1%
*3%
1%
No par
Apr
30% Apr
9
0
2%
2%
107% 107%
24% 2434
*
40
200
234
2%
*78
10U
9%
45%
234
*2%
*9%
1314
82
16%
1,800
3%
2%
10%
106% 106%
24l2 24%
*28
40
30
*234
*23g
*9%
*78
*10
10,700
15,200
1,510
3%
2%
10%
1334
5%
2338
10%,
44%
9%
Caterpillar Tractor
5% preferred.
Celanese Corp of Amer.No
7% prior pref.
Celotex Co
No
Century Ribbon Mills. .No
600
24l2
25
1,500
1%
2212
*85
30
1,600
1%
3%
*56
110
600
8,200
1%
3i2
15
100
2,700
1%
338
112
200
1%
*938
13%
5%
*35%
563s
75
29%
9,100
8,400
3%
238
67
*63
50%
102%
19%
1,200
2
__
6% Mar
29%
88%
33%
48%
Apr
129% Jan 22
3%
1%
*5%
11%
5
33
90
85
1634 Nov
22
10%
9% Apr 20
191% Aug 3
12%
1%
100
31% Nov
33% Nov
Jan
54
Jan 14
17% Mar
01% Jan
Nov 27
Stamped
Carpenter Steel Co
Dec
Jan
Nov 23
5%
3%
2
6
Mar
Jan
99% Nov 26
12%
5%
1
Oct
9
61
Nov 24
Capital Admin class A
*3 preferred A_-
34%
33%
6
80
3%
1%
28
Deo
Dec
Jan
38% Mar 19
6% Oct 19
-.25
Mar
Jan
30
Oct 21
No par
14
59%
35%
16% Apr
64% June
6% Feb 25
20% Jan 12
37% Feb 13
100
12%
2
Oct 19
Oct 19
100
12%
*5
1
100
Dec
52% Sept 29
4
1
Canadian Pacific Ry
Cannon Mills
2
Preferred
3%
1
48% Feb
Mar 22
50
50
2
Carriers & General Corp..-.l
1%
2%
50
57
*90
5%
No par
34% Mar
Case (J I) Co
350
3%
1%
5%
*2%
5%
California Packing
12% Oct 19
20% Oct 19
2%
Deo
Sept
15% May
115% Sept
14% Apr
13% Dec
29% Dec
Jan 11
2,300
334
3%
12%
91
6,700
1%
595s
*32
*7%
44%
39%
1%
Oct 19
4%
*1%
3
2l2
9l2
*1334
478
12%
30%
1,400
■1%
2
558
1238
93%
Oct 19
No par
-10
Carolina Clinch 4 Ohio Ry.100
90
85
1%
5%
*2%
2
2
42
105
"28%
38%
6
24
Partlc preferred
Byron Jackson Co.-
9% Oct 19
600
2
Jan
115
Apr
2%
8%
1
18% Mar
100
5
45
900
36%
t
44
37
45% Feb
No par
Copper & Zinc
Canada Sou Ry Co...
20
25
1
36% Mar 3
9% Feb 25
33% Mar 9
10% Oct 19
*3%
1%
2i4
42
*90
Oct 19
Callahan Zinc-Lead
1%
1
178
34
8%
30
Calumet & Hecla Cons Cop.-5
Campbell W & C Fdy.-iVe par
Canada Dry Ginger Ale
5
*1%
*12
2
34
8%
10
6% conv preferred
6% preferred
1%
3%
12%
'5%
lli2
29i2
1%
9
28
Byers Co (A M)
1,200
9
Feb
Jan
Jan
Oct
22%
21%
Jan
11% Jan
20% Apr
11% Jan 29
39
2,300
240
21,900
16
35% Feb
7% Nov 24
Butte
106
43%
28
10%
*90
*96
9
103% 104%
28
3734
931
i
4334
32
105
"28"
28%
106
41%
8%
*8
13S
lis
*96
43
8%
*1%
12
106
41%
Oct 19
1% Oct 19
100
Oct
57
65%
8% Apr
2
No par
Debentures-
3,900
30%
638
28%
3%
4%
101% 101%
11
10%
63g
634
6
*4%
6%
5%
11
512
*1
6%
*4%
*8%
43%
478
12
*96
6%
6
15
2
10
17,900
28%
3%
10%
634 Dec
85
45% Jan 18
18% July 14
5% Oct 19
16% Oct 19
2% Oct 19
500
9%
7
65% Mar
106
8% May
8%
107% Sept
Feb 15
tBusb Term Bldg gu pf ctfs 100
15%
64
63
10%
Jan
13
Butler Bros
2,700
95
28%
10%
9%
105
"28"
*H4
*25s
63s
*96
32
105
"27"
10%
6%
*4%
6
934
32%
104% 104%
27%
2734
*9%
11
42%
43
37%
38%
*
10
40%
9
32
10
10%
98
Oct 19
20,300
25%
334
4
Oct 19
2% Oct 19
"4",400
25
£28%
2934
3%
*91
*100ls 10H2 *100% 101% *100% 101% *100% 101% *100% 102%
35
2,500
1,900
14%
100
19%
92
25l2
58
JBush Terminal
117% Mar 12
14% Jan 11
2% Oct 19
par
100
97% Feb
44% May
45
Sept
7
92%
90
100
18%
600
8%
30
6%
101
19
93
3%
10%
34%
20%
23%
52
45
31
44%
102
19
*88
12,100
1,000
200
8%
8%
84
47%
95
1%
834
14%
15%
100
100
20
34
*19%
45
8%
*30%
*5%
*33%
*82%
*82%
1534
4%
42
r
17
14%
*
8%
*5%
*33%
42
134
58
"23 r4
14
21
1834
8%
2%
9%
14
35
14
18%
8%
20%
8%
18%
100
19%
14
20
35
85%
..
17%
2%
*8%
18%
90
89
18%
2%
934
10
*13%
838
9%
15%
17
It'
7
Nov 30
85
Jan
24% Jan 11
24% Feb 3
10% Oct 19
34
*6
95
No par
10
8%
100
Bullard Co
3%
45
7% preferred
Budd (E G) Mfg
2,300
10%
8%
60
50
6% Oct 19
19%
18
15%
6
5
26
19%
47
Bruns-Balke-Collender.#* par
Bucyrus-Erle Co
No par
8%
2034
14%
1
Oct 19
1,100
Jan 12
102% Jan 2
52% Jan 14
19% Oct 19
35% Dec
Bulova Watch
*834
*14
2
Dec
No par
3,000
2%
*31
12% Mar
33%
19%
6%
50% July
58% Sept
No par
634
Jan
4%
Apr
51% Mar
Budd Wheel
18
Feb
64% Mar
69
Jan
210
7%
Jan 13
"18%
Dec
41
40%
No par
No
47
53
Oct 19
32
$6 prerfered series A .No par
7% preferred
1/12% July
43% Apr
8
par
Brown Shoe Co
9,600
11% Jan
5% Nov
Jan
3,500
5%
4
32% Aug
Apr
1% July
Jan 23
8
6
Dec
3,500
3%
9%
35
47
"25% "Jan
33
Brooklyn Union Gas
200
Nov
38% Jan 14
4%
34
8%
20%
3%
2,800
Apr
47
June
6% Oct 19
No par
49%
14
10%
16 preferred
5%
45%
14
8%
Brooklyn <fe Queens Tr_#o par
Oct 19
5%
44%
4%
19
2%
834
9%
8
4
4
4
412
88
88
90ls 93
*100
103
99i2 100
46
48
46%
46%
*100% 102*2 *100% 102
1938
20'i4
20%
19%
*-
7%
18
5
Bkiyn-Manh Transit--.#*)
2,900
9%
9%
9%
19%
7%
7%
;
37
Bridgeport Brass Co ...No
Brlggo
85
19
19%
32
20%
% Oct 19
18% Oct 19
Co. 17
Bearing
85
19%
8%
18
9%
£834
1834
9%
86
18
17
10%
33
15%
90
86
17
6,100
32
8%
*33%
10%
10%
33
14%
13%
42
2,000
Roller
85
2
31
Oct 19
1,300
8%
fBotany Cons Mills class A.50
Bower
44%
43s
52
31%
6%
1
2
8
32%
1%
*45
Oct 19
14,500
2
"5"
5%
44%
4%
*47%
8
7%
30
30
8
5
438
2
47
48
"778
29
4%
3234
52
834
Bristol-Myers Co
45
1%
15
400
32
*48%
13%
31%
500
10
20%
*35%
9%
21
2
*31
32%
15
23
Oct 19
s
*mmmm
50% Aug 25
15% Mar 23
4% Jan 11
34
Aug 14
23% Feb 23
59% Feb 11
53% Feb 13
Nov 24
20%
36%
2034
22%
52
18
29
32
9%
14%
834
3%
10%
*33%
*17%
7
Manufacturing.#*) par
Brlggs & Stratton
No par
20%
234
9
par
100
Jan 18
share
per
100%
80% June
39
Aug 16
28
Oct 19
30
36%
9%
834
*42
3
24%
2
9%
5
100
31
8
9%
15
Maine RR
24
10
85
Borden Co (The)
Borg-Warner Corp
Highest
share $
per
Jan 22
25
13% Nov 24
17% Oct 19
24% Oct 19
*29%
21
9%
1
30
31
9
93
$
46% Apr 13
Oct 19
1
35%
934
76% Oct 19
39
20%
1,500
8,600
share
No par
Bond Stores Inc
Boston &
per
No par
Class B
1
20
!
500
$
20%
9%
35%
32%
9,000
Lowest
Highest
share
22
9%
21%
9
16,000
per
1
£30
1034
33
2.400
Bon Ami class A
$
20%
9%
33%
22
7%
19
22
3%
1034
32%
19%
8%
£15
15l,i
14i4
*2
*4%
19%
32
21
1
*20
31%
2%
*8%
10%
53«
331
45%
4%
28
5
31
85
2314
1834
4%
18
28%
*4
37
5
5%
5%
45
4i2
17%
27
20%
9%
2234
9%
2%
44%
4%
3234
4%
100
220
22
11%
33%
*21%
*35%
*9%
£9%
87
88
41%
14
18%
29%
5
8%
8%
9%
9%
87
88
41%
*30%
31%
31
11
9
9
10
*85
31
2'4
8*4
III4
3414
22%
37.
2'8
8*4
2%
9
8%
97s
88
*1
10
23
33
9%
Par
41%
14%
*4
Range for Previous
Year 1936
100-Share Lots
Lowest
Shares
88
13%
17%
On Basis of
Week
% per share
41
14%
Range Since Jan. 1
STOCK
1937
4,
EXCHANGE
41%
1434
18
28%
4%
1%
20%
22
$ per share
YORK
NEW
the
3
88
20%
*30%
Dec.
41
*14%
17%
27%
33
2034
*29%
*29i2
Friday
2
Dec.
88
14%
18
291.1
434
1%
20%
934
Thursday
,
1
$ per share
41%
*1
1
21
Dec.
88
*4
438
Wednesday
Dec.
84
Jan
31
May
Dec
39%
14
Jan
90%
8034
Jan
44
Jan
Jan
100% July
55
Jan
97
Jan
14% June
2% Apr
59%
Apr
136% Aug
Jan
51% Jan
23% July
10884 Oct
r45%
103
Aug
84% Sept
128
Nov
91% Nov
136
Nov
24%
Feb
5%
Feb
82
Feb
T Called for redemption.
Volume
LOW
AND
SALE PRICES—PER
HIGH
"MTTW
Nov. 27
Nov. 29
Nov. 30
3 per share
3 per share
$ per share
*684
7%
2434
*6%
24
2478
7%
25%
7%
25%
*634
*24%
1
Dec.
7%
*634
10
*8%
8%
8%
10%
*8%
*9%
10
*9%
10%
9%
*8%
9%
11%
12%
12
12%
9%
1178
12%
117S
117g
*6%
734
6%
634
634
6%
6%
*8
934
67
70
*60
68
*69
74
1%
1%
1%
*60
68
*60
74
♦79%
1%
74
1%
1%
7
7
7
*7
734
*6%
2778
2634
2778
27
27%
2534
27
95
27
*94
7
9434
95
95%
95%
96
96
;v
5% >:.c5
*434
934
9%
*100
103%
4
4
%
%
434
*4%
*84
1434
127S
12
178
*75
75
4178
4434
9
28%
2634
27%
87g
28
2,200
*67g
7%
500
27
26%
*97% 103%
36,900
4
h
47g
85%'
85%
1334
14%
13%
14
1334
1434
11,900
12%
*11%
117g
117g
12%
12%
12%
4,700
1%
2
;
*84
85
178
1%
4134
1%
1%
27%
15%
47%
57%
2834
15%
*14
15
14%
15
48
48
58
1%
*1%
2834
15%
28
47%
29%
27%
1%
2978
1%
1%
27%
27
734
7%
29
83s
834
34%
41
*343S
40
33%
1034
33%
34%
*32%
1138
*32%
107,
66
6634
69%
15
15
1534
47
47%
477s
477g
820
58%
58
59%
165%
59%
61%
11,600
434
26%
91%
92
434
*73
86
*34
78
*s4
6
6%
4%
434
16
534
4%
*75
*77% 100
16
16%
6
6%
6%
*48
49
*4838
40
34%
*32%
11%
71
16%
16%
16%
48
12%
*6%
*1334
14
22%
*6%
7%
14
*99% 101
23%
24%
*54%
65
12%
*54%
31
25
25
*24
2334
23
24
65
7
7
23%
*634
13%
7
14
13%
13%
22
100% 10034
24%
22%
22%
*21%
14
*14
100% 100%
22
24%
21
21%
*21
1334
14
*13%
15
17
2134
223g
*31%
7?s
15%
66%
*15%
33%
8
8%
634
1334
101%
5
Oct 19
24% Mar 17
147, Apr
tDenv 4 Rio Gr West 6%pfl00
134 Oct 19
10% Feb 18
7%
13
22
223g
32%
33
16
15%
16
*15%
67
67
67
68
17
*15%
1634
*15%
1634
*15
157s
15%
15%
*30
32
*31
32
20%
20
21
2034
21%
20%
21%
21%
22
47%
47%
*5%
32%
47%
47
47%
47
48%
48%
50%
*5%
5%
33%
5
32
53g
33%
87%
85
30
27
85
86
86
87
87
87
30
*28
32
*28
32
12
12
*78
%
*38
*%
11%
*%
1
1
*2%
*2%
*11
12
*11
12
3
2%
8534
88%
29
29
*%
3%
110
105% 109%
13134
131
131
110% 11034 *110% 11034
*113
113
113
113%
*11
114
106% 114
113
2,400
113% *113
6%
5%
*158
161
*158
161
*158
158
158
158
50
20
20
4%
4%
4%
20%
4%
4%
2034
20
21%
6%
67g
6%
634
6%
4%
4%
4%
4%
1478
48
48%
4%
13%
44%
197g
634
4%
14%
I934
44
25%
43%
26%
78
2%
2%
19%
*2%
18%
*100
106
7%
*45
45
43
25%
*2478
*%
234
18%
*34%
40%
234
18%
234
1834
33
34
34
*100
*7%
7%
47
*44%
234
106
*7%
7
7%
*45%
47
100
100
100
7%
4734
*46%
44
25
%
19
42
13
25%
%
33
4534
6%
4%
43
18%
35
*33
47
334
19
6%
4%
13%
46%
*%
78
*%
43
19%
4%
19%
6%
*4%
1334
4634
42
6%
4%
13%
43
*25
*%
46%
4%
20%
14%
r43
25
45
25
14-%
13%
45%
42%
*%
234
2-%
334
1934
6%
4%
14
1,700
4,400
500
102
*7
7%
4778
4734
103
102
48
4734
*46
51
*46
51
*47
51
51
51
60
*53
65
*52%
65
*53
65
*2%
7%
1278
12
1234
*834
*9
934
3
8
8
13%
13%
12%
*8
*
50
51%
51%
1,000
12%
10
10
800
4%
"*4%
419
"4%
4%
"4%
1078
*1%
11%
10%
1034
10%
10%
134
*1%
1%
*1%
134
10%
1%
11%
134
2
2
2
2
2
*134
2
*134
2
260
1034
11%
11
11
*1078
11
1034
11
380
27%
28
11%
29
10%
11%
27
28
29
28
*95
*95
••
32
32"
31
31%
12
12
11
11
*10%
84
*75
84
*75
3234
•» —
32
33
3234
12
*10%
12
*10%
84
*75
33%
84
*75
65
65
60
62
62
65
*66%
*95
105
*95
105
*95
105
*75
*95
70
105
3%
3%
3%
3%
3%
3%
3%
3%
*4%
4%
4%
4%
4%
4%
2%
*3%
4%
2
*2%
18%
•
2%
2%
2%
18%
18%
18%
17%
Bid and asked prloee; no
27
18%
2
*17
2
17%
sales on this day.
66%
*95
3%
*334
2
17%
200
6%
preferred
50
84
68
29
Jan 18
Nov 24
60
Feb 11
100
100
Nov 30
Engineers Public Service....1
3
Oct 19
17%
JaP 16
Oct 21
78% Jan 30
5%
35
preferred
conv
preferred
preferred
1st preferred
4%
2d
preferred
100
100
60
4%
3%
*334
2
*2
3%
17%
17%
1 In receivership,
3
1% Oct 19
4% Oct 19
8% Oct 19
100
4%
5
Oct 19
*75%May 27
Eureka Vacuum Cleaner
5
3
Oct 19
Evans Products Co
5
7
Oct 19
1%
Oct 14
1
Oct 19
Exchange Buffet Corp-No par
Fairbanks Co
...25
8%
$6
1,000
7% Oct 18
23% Oct 19
150
Mar 31
100
preferred
Oct 18
100
2
2%
1,600
Federated
Oct 19
1% Oct 19
17
Dept Scores. No par
t Cash 3*le.
Jan
10
15
17
17
28% Mar 17
55
11*4
Jan
Jan 14
68
Jan
Jan 21
Mar 3
Jan 21
Jan 28
12
Jan
86%
984
23%
353s
80
14%
34%
684
63,
28
«
Oct 19
E*-dlv.
Feb
Jan
Mar
Mar
Jan 28
Jan
6% Apr
11
16
Apr
Apr
23% July
43,
Jan
2% June
8% Apr
34*4 Jan
71% Jan 15
210% Jan 14
122%
Jan 11
31%
70
293, Jan 18
Oct 19
Federal Motor Truck..No par
Federal Screw Works.-No par
n New stock
Jan
Jan
103
Federal. Water Serv A..No par
a Del, delivery,
7%
48
129
200
63% July
Aug
110
45%
Nov 29
Oct 19
1,400
% Jan
1% Jan
22*4 Nov
Feb 19
81
60
90
100
2%
177g
1,100
115% Jan 19
7% Oct 19
74
Nov 24
100
preferred
Federal Mln 4 Smelt Co
Preferred
26
4%
3%
Jan 18
14% Oct 19
3
Corp
500
105
8
Jan 19
33
Endicott-Johnson
11%
68
2
50
El Paso Natural Gas
10%
*75
Jan
Jan
11%
*95
Jan
% Oct 19
1% Oct 19
6% preferred..
..100
Fajardo Bug Co of Pr Rico. 20
Federal Light 4 Traction.. 15
68
32*4
fElk Horn Coal Corp..No par
Fairbanks Morse 4 Co.No par
84
Jan
7
Dec
1,500
105
Deo
92% Jan
39%
4,300
---
Apr
5
6*8
44% Jan 16
33%
2978
•
10
26% Jan 14
Oct 19
33%
2878
*95
6
Jan
Apr
30*4 Apr
22
33
28%
*95
*95
4,800
Feb 23
7% Feb
July
29%
Erie 4 Pitts RR Co
600
16
28%
5*4
8
Erie Railroad
13%
45% Feb 11
152
87
1,400
12%
9%
Mar 17
Oct 19
9,300
3,200
*
4
37% Feb 11
24
8%
97g
5
Aug 16
Nov
No par
preferred
36
2%
12%
Oct 19
Mar
*111%June
5% July
156
Apr
preferred
No par
Elec Storage Battery..No par
37
734
78%
19
19
19
19
Oct
Oct
Oct
Oct
Nov 18
27
2%
"4%
1034
3
77g
*
16
15%
384
3%
6%
5
Electric Boat
Oct 19
3
.No par
Electric Auto-Lite (The)
2%
4.U
27%
SchUd
4
164
Nov 23
11%
*95
Eltlngon
17
198
2
15% Oct 19
Apr
51
10%
1%
1%
Eaton Manufacturing Co
112
115% Jan 22
Nov 24
No par
~*4%
2
6% cum preferred
36
134
1%
Oct 21
$5M preferred w w_.No par
4%
78%
Oct 20
107%
Equitable Office Bidg..No par
11%
78%
130
200
65
*53
*1%
178
*
Feb
100
No par
Nov
1034
78%
Apr
45
"4%
78%
*
133
129
41
78%
4%
*
Feb
180% Jan 18
135% Feb 19
No par
400
13% Aug
Nov 24
7%
117g
*8%
8
834
7%
40
1% Jan
4% July
98
2%
2%
734
13%
8
978
2%
8%
*2%
234
103
7%
7%
*5178
3
Jan
% May
Du P de Nemours (E 1)4 Co 20
Elec 4 Mus Inc Am shares...
19%
Jan
5%
114
Electric Power 4 Light-No par
3478
29
Jan 19
4,800
2%
1878
347g
Jan 7
Jan 5
Feb 19
Jan 16
Jan 19
122
72,700
234
187g
39%
13,
3%
8%
17%
Nov 20
67g
48
14334 July 13
55
Jan 16
41% Jan
7% Apr
60% Jan
106
4%
14%
400
65
8
1
No par
preferred
2,300
45
27
403s
Dec 2
Oct 19
8
77% Jan 25
100
8%
15,200
9,200
%
51%
2%
Dunhill International
4%
2734
*51%
758
100
2034
%
.
1834
100
2,900
%
26%
*34%
19
1934
5,300
1,900
2,600
*46
2%
preferred
9
150
160
1978
79% Nov 26
144
160
4%
128s Mar
—
100
160
19%
Dec
109% Oct 27
2% Oct 19
162
19%
Oct
5
26% Oct
Eastman Kodak (N J)-No par
158
20%
35
Duquesne Light 5% 1st pf.100
Eastern Rolling Mills
5
*148% 151
4%
16% Oct
4684 Feb 17
51
Jan 28
140
153
20
Aug
5,100
151
20%
40
4,700
153
20
41% Jan 25
6%
6%
6%
150
2034
Oct
Oct
113%
113% *113
150
20
19
27
% Oct 25
% Oct 19
1% Oct 19
10
Oct 19
$4.50 pref
6
160
9
6% non-voting deb
148
Dec
9
Feb
27
500
6«4
18% Apr
93
Mar
No par
200
6
Mar 17
Dresser (SR)Mfg conv A No par
Class B
No par
131% 131% *131% 13134
13134
11034 11034 *110% 11034 *110% 11034
113
29
25
Dow Chemical Co
20,800
149% 15034
534
Oct
96
No par
11834
112%
Oct
Oct
Douglas Aircraft
Duplan Silk
10
Oct
15
fDuluth 8 8 4 Atlantic... 100
12
*108
Class A
6%
Jan
Apr 10
10
Doehler Die CastlngCo No par
Dome Mines Ltd
No par
100
3%
12
114
23
60% Oct
Dominion Stores Ltd.-No par
1,800
2
4
June
No par
Co
1,300
15,300
1,600
%
*11
6%
6%
3
1
*108
110
105% 114
*131
13134 *131
6%
%
10%
36% Feb
40% Feb
Oct
Occ
13
42
30%
37%
No par
Dixie-Vortex
2,600
18,000
400
934
*%
%
3
2%
5
12
*11
*107% 114
107
50%
27
%
.•>
23
35%
*3g
%
1
5% pre! with warrants.. 100
40
Apr
May
634 Oct
Distil Corp-Seagr's Ltd No par
100
*107% 141
12
*11
107
113
*%
3
*2%
12
114
113
1
*78
5,400
May
4
76% Feb 19
18%
25
Jan
128
30
30
No par
Diamond T Motor Car Coj.2
1634
34
10%
Match
6% participating pref
800
86
9%
11%
*%
%
*%
%
*107
*131
10%
Diamond
43,
7
12% Oct
Nov
19% Apr
Jan
19
May 13
Jan
22
34
100
preferred. .100
2,400
1578
5
'
107
*110% 11034
86%
*27
1134
11%
22%
49%
non-cum
Jan
Oct
5
Devoe 4 Raynolds A ..No par
200
32%
32
19%
30
1,800
68
*15%
6%
31*4 Mar
116%
88% Dec
100
Det 4 Mackinac Ry Co
60
3234
No par
20
new.
Detroit Edison
700
8
1534
6578
32
;
22%
8
8
16%
67
47
•:
7%
38
33
Jan
Delaware Lack 4 Western..50
3
13
34%
Deo
27
800
15%
33%
1
14,700
83g
66
34%
Nov
36*4
38
6
27
Io7~
5838 Mar 17
15%
*5%
3278
5
29
6778
6
Jan
Oct 19
15
6
109
7% Apr
5
96lz Oct 21
19% Nov 23
20% Nov 20
Oct 19
7%
*31%
Feb
8
19
8
Jan 16
24
13
37
8
Oct 29
12l2 Oct 19
Diesel-Wemmer-Gllbert.... 10
36
8%
Davega Stores Corp
5
Conv 5% pref
25
Dayton Po w 4 Lt 4^ % pf. 100
Delaware 4 Hudson......100
*13
8
Feb 27
18%
700
19
*32%
62
27
Oct 19
6
Jan
Jan
Sept
36% May
9,000
37
22
Nov 20
24
4
10%
59
18%
*35
*32%
*734
Jan 14
14%
17%
*13
34
86
18% Nov 23
Cushman's Sons 7% pref. .100
38 preferred
No par
Cutler-Hammer Inc newNo par
Preferred
30
22%
6
4
6
Deere 4 Co
2,400
217g
8% Mar
800
90%
34
23'4 Mar
54,400
88%
*5
8% Oct 19
67% Aug 19
1
20% Feb 11
22%
14%
89%
7%
109% Jan
Jan
Jan
35% May
167, June
99% Mar
25%
89%
*5
Oct 18
Nov 20
Oct 19
2
1
22%
87S
90
4
46
1
Class A
Mar
24%
32
*5%
3334
170
Curtlss-Wright
43
Sept
6%
63%
Jan 11
22
32
*31
900
8%
•2%
89
1578 Nov 26
50
95% Apr
1% Sept
9
17% Jan 4
143, Jan 12
127
Apr
28
24
*66
32
200
101
100
66%
16
8
14%
2%
22
2134
8%
634
1334
7%
2%
7%
*32
36
13%
19
367S
2134
5,000
3678
*13
2134
*32
20
25
2%
*5
7%
19
3678
25
23%
*6%
*1334
8%
90%
*5
*24
24
8
90%
3678
25
100% 100% *100
22%
23%
22%
2134
*2178
22%
278
*13
*24
*23%
*2%
*2%
7%
25
24
14
8%
19
60
17
234
34
60
19,400
12,100
16%
734
234
„
13%
3%
14
16%
8
34
2,800
2,200
Oct 19
Jan 11
234 Oct 19
Oct 28
Dec
7% May
135
3
Jan
44
8I84Mar 3f1
MarlO
Oct 19
75
100
Curtis Pub Co (The)...No par
Preferred
No par
6%
46% July
Nov 26
3
..100
Sugar.... 10
Preferred
Cudahy Packing
48%
1234
*54%
Cuban-American
43%
8
5s Oct 19
80
No par
15% Mar
3
Jan
47% Jan 28
25% Apr 13
108»4 Apr 15
Nov 16
21
...100
(The)
1,300
17%
838
*5
1634
6
12%
*54%
Jan 15
56%
812 Oct 19
Cuba RR 6% pref
100
47%
3%
6
48
33s
12%
3,900
14
2%
*13
60
1634
1638
57g
450
4%
100
16%
8
92
16%
Preferred
14
2%
91%
3%
12%
*70
2834
Mar
100% Feb
8
64% Nov 23
Cuba Co
634
4%
4%
Oct 19
Oct
35
Jan 16
5
Crucible Steel of America.. 100
July
Aug 13
No par
3,400
•
s4
*5%
6%
75
4634
3%
6%
86
34
Aug
4
41
37
33
No par
pref
conv
158
115
37% Nov
8,900
33%
*75
34
.
35
63% Aug
Oct 19
28*4 Nov 23
pref w w..No par
Crown Zslierbach Corp
700
17%
8%
1634
8%
92
15,400
14%
1634
91
43g
75
534
47%
1134
*25
57g
4%
31
3034
85
%
*5%
75
6%
48
12%
24
29%
*75
34
16%
6
48
127g
65
:
75
3%
31
Pref ex-warrants
578
4%
4%
3%
23%
100
12%
3%
*54%
34
69
3%
*25
*33%
Crown Cork 4 Seal....No par
Dec
65% Apr
Jan 15
Jan 14
Mar 16
Feb 3
77
Nov 23
Crosley Radio Corp...No par
12%
3%
117g
*54%
33%
25
8
Feb 13
71%
171%
10%
56%
7
1,300
69
3%
3%
12%
40
*32%
35% Mar
21
7,900
12
99%
16%
6%
48
36%
35% Apr
2% Apr
28% June
3% Feb 11
July 19
90
6% conv pref
100
Cream of Wheat ctfs_._No par
conv
103, Jan
1% Jan
67% Jan
6334 Dec
17% June
49
22% Nov 20
9
6758
6
*75
100
25
100
15»4 May
Jan 9
2534 Jan 23
4234 Jan 23
Oct 19
No par
Co
33%
85
June
12% June
69%
9% Oct 19
4634Nov27
50i2 Oct 20
153
Apr 14
3
Oct 19
Preferred
Coty Inc
Crane
32.25
3034
2
6
6
Jan 15
10934 Feb 17
78 Oct 19
24
Continental Oil of Del
5
Continental Steel Corp.No par
Corn Exch Bank Trust Co-.20
Corn Products Refining....25
100
34
3, May
5%
40*4 Nov 24
5i2 Oct 19
23
Oct 19
Continental Insurance...32.50
Continental Motors
1
40
11%
2934
Oct 18
34%
67%
%
65
*36
117g
*75
85
8% preferred
100
Continental Can Inc
20
Continental Diamond Fibre. .6
40
8%
71%
31%
30
*75
78 ?>■ h
634
534
4% .0 4%
Oct 19
31
9
33%
22%
11%
12%
71
30
92%
2234
*68%
11%
2,300
9,400
1,500
1,000
47g
27
712 Oct 19
1
100
163
163
27
Oct 19
No par
Class B
22%
858 h 834
33%
327g
*8%
32%
*36
70
85
29%
31%
29%
*75
138
31%
48
8%
3438
8%
33%
*34%
*35
5,900
4,500
26,200
1,300
57%
56%
59%
165% *161
165% *161
165% *161
165% *160
5
5
478
5
434
4%
478
478
*27
28
25%
28%
26% 27%
2738
27% 28%
91
91
91
90
*90
91%
90
9034
90
22
22
*21
22
2234
22
2234
22%
*21%
33%
9,300
6,100
7%
29%
47%
5
9
7%
28%
1%
29%
500
58
*160
34%
1»4
48
*14
13% Apr
52»4 Apr
Jan
5% Sept
37% Apr 13
3784 Jan 14
427g
8%
29%
101
10% Jan 4
1% Feb 27
IO84 Oct 19
41
7%
29%
105% Jan 23
Container Corp of America. 20
Continental Bak class A No par
43
8«4
29%
100% Nov 29
2*8 Oct 19
Jan
Apr
Apr
37,
11%
92% Aug 16
4078
4334
8%
2834
Jan
Jan
102
Jan 12
13% Feb 26
17% Apr 5
16
43
4234
49% Jan 23
108
3% Oct 19
7
Oct 19
% Oct 16
3
Oct 19
33%
4% Sept
15% Apr
27% Apr
9
80% Oct 19
80
9
Jan
Consumers PCo34.50pfNo par
80
44%
I884
Consol Coal Co (Del) v t C--25
5% preferred v t 0 .....100
1%
7978
1%
72%
414 Oct 19
Jan 20
200
78
1%
Mar 11
684
Oct 19
Jan
25'4 Mar
6684 June
95
Nov 26
Dec
June
87
Oct 21
200
5%
78
1%
*75
78
*75
85%
8
15%
44%
7
23
434
*20
21
Aug
Jan 15
Mar 2
Oct 19
92
15
July
1
22
Jan
18%
63
100
12 partic pref
No par
Consol Edison of N Y—No par
3,900
14
9
%
1434
5
22
preferred
% prior pref w w._—100
Consol Film Industries
1
July
16
26
484 Oct 19
65
Oct 18
tConsolldated Textile..No par
4
1134
47,
*18%
V
—1
No par
7
307, Aug
Jan 14
22
6*4 Oct 18
8
Oct 19
Consol RR of Cuba 6% pf.100
103%
*3%
%
Nov 24
4^ % pref.100
200
934
14%
46*4
55%
32%
9%
103% *100
.
8
par
2,500
1,300
5%
Oct 19
share $ per share
per
19% Feb 11
45% Mar 11
19% Jan 23
4% Oct 19
35 preferred
No par
Consol Laundries Corp
5
Consol Oil Corp
No par
35 preferred........No par
1,500
1,800
38,100
85
%
No
Lowest
Highest
$ per share
share
per
21
400
■4%
4%
9%
4
•
100
134
85%
29
1%
1%
*'•>4*
*%
19
19
78
4234
9
277g
1%
378
7%
70%
*1%
Cigar
Consol Aircraft Corp
Consolidated Cigar
68
70%
96
4%
9%
100% 100% *100
500
15%
1234
14
2
1%
75
9%
2,800
7
%
*4%
*18%
*84%
19
*85
87
1334
11%
9
12%
90
*16
18
18
9%
9%
9%
9%
103%
100% 100% *100
4
378
*3%
*3%
%
%
%
%
5%
434
4%
*4%
Conn Ry A Ltg
7%
2634
*634
5
100
1%
25%
95%
5
5
5
5
83g
*60
68
*70%
1%
1%
Congress
12%
*6%
734
68
69
1%
634
934
100
8%
12
70%
*60
70%
*60
•
*6%
3,900
834
%
Conde Nast Pub Inc.—No par
Congoleum-Nalrn Jnc—No par
2434
*834
10
*8%
8%
11%
*6%
Range for Previous
Year 1936
100-Share Lots
Lowest
Par
100
7
*6%
24
25
25
On Basis of
01
Shares
$ per share
684
634
25
25
flTHTTT
I UlViV
EXCHANGE
Week
3
Dec.
2
Dec.
S per share
$ per share
VOPTf
xi JCs W
the
Friday
Thursday
Wednesday
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE,
JUT
Tuesday
Monday
Saturday
3613
New York Stock Record—Continued—Page 4
145
160
4
84
Jan
Mar 11
37
Aug
Apr
697, Mar
7% Jan
3
Apr
Jan
2
11% Feb 19
11% Feb 25
6
Jan
Feb
18*4 Apr
Jan 14
43*4 Mar
y Ex rights
4
2%
Jan
20%
Jan
f Called to rredersptlon.
New York Stock
3614
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 5
CENT
Sales
STOCKS
for
Saturday
Monday
Tuesday
Not. 27
Nov. 29
Not. 30
$ per share
9 per share
$ per share
60%
67
28%
21
92
*90
93
28%
21%
90%
30
31
31
*90
32%
32%
19%
19
*21
*17
21%
18%
19
19%
9 per share
69
69%
70
70
70
29%
22
90%
3J%
29
29
287g
29%
20%
3l7g
21
90%
32
29%
20%
18%
19
*90
19%
31
*23
29
*25
22
*17%
21
*17%
*2%
21
2%
*17%
32
32
86
17
85%
18%
67
67
30
*69%
50
23
*2%
85%
17%
4%
*44%
*30
35
*30
15
15
*14
104%
30%
31%
15
15%
33
15%
2%
16
2%
2%
5%
5%
*14%
15%
*14%
15%
20%
14%
90
*85
90
89
89
22
6%
6%
6%
91
39
4%
12%
8
"8'
130
25%
26%
83
83
22%
4
4%
13%
23%
120
40%
26%
11%
10%
*58
9%
♦49
25%
*45%
120
40%
2978
1%
4178
41%
50
19
10%
22
14
14%
*15
26%
47
18%
54%
43
41%
33
115
28
28
5%
10%
*86
18%
2334
22%
25
24
14%
19%
*95
105
21%
82
82
4%
60
178
1178
27
45
4%
4%
2
13%
15
15%
26
26
10%
9%
67
27
27
%i
3
47
29
*
29%
132
*45
64%
17%
18%
10
10%
*8%
87S
*16%
1734
*53
20%
83
21%
83%
4%
55%
213s
*80
85
83%
*58
2
1%
4%
4%
*1%
1%
60
5
2
16%
16
17
26%
60
1%
4%
1%
*1234
13
26%
27%
2878
29%
*95
*92
22%
98
100
*45*
18%
18%
10
878
*8%
1%
1%
21
64%
18%
10%
878
1%
*16
6
578
15%
21
7
17%
21
1%
4%
*1%
14
25%
27%
64%
18%
10%
1838
10
87g
1%
*16%
87g
1%
21
6%
678
22
23
55%
21%
87
4%
65%
21%
87
4%
00
*59
1%
4%
1%
4%
1%
13%
15%
22%
13
1534
22
23
21
14%
26%
29
28%
*
*45"
*20%
95
90
16
55
90
130
16
69%
*126
129
43
43
*83
847S
*15
20
20%
21%
104% 105
11
11
21%
21%
24%
11%
2434
11%
9
200
700
50%
51
*79'%
82
7%
45
7%
*1%
40%
2%
*5%
6
7%
1%
10%
8%
1%
11%
18
19
39
39
*6%
*
7
22
100
22
21
21
*20
21
95
95
*95
97
*95
97
97
97
92
*92
100
*92
100
*92
100
10
92
59
59
58
129
*126
129
45
43
43
*83%
*15%
85
22%
22
23
10478 105
1078
1078
102
103
8478
*15
18
21%
21%
1078
2134
-
w.
21%
18
11
21%
*100
1634
59
127% 129
49
*83%
*16%
22%
85
*83
18
*17%
*103
22%
104
10%
1034
21%
21%
*100
51%
51
517g
25
25
25
11%
11
11%
11
5034
5134
837S
11%
52%
*81
734
4734
47
46
1%
2
*5%
7%
1%
10%
18%
39%
6
7%
45
*178
5%
*734
2%
5%
52%
7%
6
134
11%
1834
40
1078
1%
11%
1834
18%
19
39%
7%
39%
*778
397S
40
77«
8
7
Bid and asked prices: no sales on tnia day,
7%
47
2%
*5%
7%
184
10%
18%
1%
85
*178
1%
11%
7V8
18
8
7%
t
11
*49%
*81%
7%
44%
*1%
*5%
7%
134
*900
600
65
No par
.No par
"*3*,600
20
600
7%
*1%
Great Western
Sugar..No
Preferred..
par
100
5*4% preferred...
Guantanamo Sugar
par
10
No par
8%
preferred
100
Gulf Mobile A Northern.. 100
6
*5%
7%
7%
1%
11%
19
40%
7
In receivership,
1*4
11%
19%
49%
7%
a
96
6
7%
1*4
11%
20%
49%
8
47g
Dee
48% Deo
71
Deo
32% Apr
89
Deo
17
31%
Deo
July
30% July
44% NOV
13% June
Aug
6% Jan
27% Nov
84
Oct
92
37% Deo
52% Sept
55%
Jan
56
Deo
70
"12*400
4,200
800
100
3% Jan
0% Nov
10
116
Fob
Jan
Sept
21% July
*100
Deo
8% Apr
Jan
5
77
Jan
4% Feb
9
2
June
15
Jan 12
1% July
5% Jan 22
3% Apr
10
Apr
24% Aug
28% Jan
Oct 19
27% Feb
1
14% Nov 20
48% Feb
8
Hackensack
23% Oct
23% Oct
131% Oct
50% Sept
15% Oct
7% Oct
19
19
27
14
19
19
7% Oct 19
% Oct 19
12
Oct 15
3% Oct 19
100
Oct 19
25
Water
7 % preferred class A
Hall Printing
12
25
Nov 19
25
0% preferred.
26% Apr 17
4% Oct 19
10
Hamilton Watch Co
Dec
28% Mar 8
56% May 20
4212 Jan 2
146% Mar 2
64% Mar 10
39% Mar 10
16% Feb
8
16
32%
Jan
31
Jan
136
Jan
60% Mar
22
Apr
14% Deo
11% Mar 18
4% Jan 11
59
Jan
1% July
July
Jan
9
17% Mar
6
9%
Jan
59% Mar
34% Feb
6
30%
Jan
8
30
Jan
36
7
33
June
20% Feb 10
6
Jan
24
Jan
No par
19
Oct 19
31
Feb 10
14
Jan
100
95
Nov 20
108
Feb 18
*104
Dec
Hanna (M A) Co $5 pf.No par
92
Oct 26
105
Jan 22
100
June
6%
preferred
Harbison-Walk Refrao. No par
18
Oct 19
6% preferred
Hat Corp of America cl A
100
123
Oct 28
l
5
Oct 19
6H% preferred
Hayes Body Corp
100
w w
2
Hazel-Atlas Glass Co
25
19%
Oct
90
Jan
6%
68% Mar
Feb
Feb
Oct
35% Dee
80% Nov
317g Apr
105% Deo
14% Deo
96% July
4% Feb
11% Mar
6%
Jan
*25% Nov
44
Deo
Dee
Nov
116
Jan
9
Mar
133
Mar
135% Deo
18% Nov
21%
Jan
89
Nov 24
120
Feb
9
117
May
141
Jan
Nov 24
106
Jan
0
165
Deo
No par
11
Oct 19
150% July
251, Apr
41
Oct
136
Apr
100
50
Nov 24
125
May 22
39% Feb 11
60% Nov 29
136% Feb
41
Dec
Nov 26
111
HInde A Dauche Paper Co. 10
Holland Furance
No par
20
Nov 19
37
preferred..No par
5
No par
.....100
Homestake Mining
12.60
Houdallle-Hershey d A. No
Class B
Household Fin
par
No par
com
6% preferred
stk.No par
100
Houston OIJ of Texas
v
t C..25
Howe Sound Co
Hudson A Manhattan
100
5% preferred
Hudson Motor Car
5
100
15% Oct 19
Jan 19
June
114% Mar
52% Nov
5
4
9
7
3
8
Jan
5
Nov 19
52% Feb
120% Jan
10
Oct 19
30% Mar
15% Oct 19
43% Jan
Oct 19
x39% Oct 19
126
Aug
687, Sept
102
Sept
23
Oct 19
41
6
Oct 19
27% Feb 11
44
Oct 19
73
Jan 11
80% Nov 23
4% Oct 19
94
90% Mar 10
5% Jan 21
Jan
June
9
Jan
19%
Jan
Feb
115
Oct
544
Feb
Oct 19
1% Oct 19
3% Oct 19
1712 Jan 22
6%
48%
Jan
Jan
3% June
8% Apr
13% May
1% Oct 19
Oct 19
38
Oct 19
07% Mar 11
30
June
220
Leased lines 4%
RR Sec ctfs series A
39
Nov 23
72
Jan 20
58
Jan
0
Oct 19
25% Mar 11
11
May
r
1000
Cash sale
*
Dec
Oct
Deo
Dec
397, June
22% July
54*4 June
8
New stock,
33%
427,
108
10
100
49% Deo
124
407
100
1
Jan
Feb
44%
33
Feb
Mar
Mar 20
37
30%
108
0% preferred series A...100
No par
80
119
4
93
109
2
07% Jan 21
Hupp Motor Car Corp
Illinois Central
n
55
4% Apr
99% Dec
12% Aug
Jan 14
83
350
Nov
104
Feb 26
8
117% Aug 13
15% Jan 25
No par
oonv
32
125% Nov
105% Mar
Jan
preferred—No par
5%
Deo
129
cum preferred
conv
Deo
19% Mar
62% Oct
347, Deo
37
Aug
16% Deo
Jan
107
Oct 19
4%
66
12
70% Nov 19
1% Oct 19
6
Jan
Oct
177, not
120
81
Nov 23
30%
05
39% Nov
25
Herahey Chocolate
$4
6
62% Not
22% Oct
40% Oct
42% Deo
149% Aug
Feb 26
6,700
24,700
2,900
Del, delivery,
7%
10%
118
17% Jan 11
140
16% Jan 21
23% Feb 17
4% Aug 17
0,300
Nov
100
Preferred
83
7«4
48%
2%
Feb
Deo
118% Mar
1
3,400
13.300
Oct 19
Mar 11
6
Holly Sugar Corp
7% preferred
52
47
June
6%
Apr
13% Jan 18
47% Jan
1,900
11%
7%
Oct 19
47% Mar 11
141
21
Hollander A Sons (A)
11
2%
Oct 19
3% Oct 18
Feb 17
1
540
zll
47
2
8% Feb 19
3
1,200
700
52
59% Dee
15% Dee
26% May
33% Apr
6% Feb 25
116
Oct 19
200
18
9
51% Jan 28
Dec
Hercules Powder new.. No par
85
*82%
20% Feb 1
88% Feb 23
9
Dec
60
800
50%
Jan
105% Jan 4
24
Aug 30
10
3,800
25
85
6j
16% Oct 19
100
61
*24%
52
Oct 25
77
Hercules Motors
*100
19
7
-
51%
24%
10%
*40
_
900
51
49
6
Jan 25
1% Oct 19
No par
No par
1,100
2334 24%
103% 103% *102% 103
11
*1038
10%
1034
21
21%
21%
21%
503s
2434
3,600
m *0
130
*17%
Feb
Oct
70%
123% Nov
Jan
74
17%
23
*100
5034
*7978
22
71
Jan
Jan
106
87% Mar 11
Hecker Prod Corp v t c.No par
85
4%
57
54% Nov 24
Helme (G W)
*413s
Jan
110
13%
130
85
Dec
Nov
Jan
60% Mar 11
1,200
*125
Dee
65
44
3% Apr
32% Apr
Oct 19
8,700
59
130
*41%
25
7%
58%
*125
105
13
92
17%
59%
152
Feb
Jan
18%
5%
Oct 28
145
17%
42
51
84
17
118
Oct 19
91
-
Jan
128% Nov
69% June
Apr
34%
33%
%
2
*132
91
145
41
25
62%
907g
*132
Jan
43% Feb 11
22
50
145
43%
8478
400
*21
91
88
33%
7
21
60
2,900
*131
Oct 19
4
10
2,100
7
60%
7
1,400
33
16%
45
10
25
91
140
90
Greyhound Corp (The)-No
33
145
Deo
Jan
Dec
1
Green Bay & West RR Co. 100
Green (H L) Co Inc
1
25
*90
8
1
12,700
6%
*20%
00%
Jan
70%
6% Jan 20
48% Jan
70% Feb
5% pref
20
Gt Nor Iron Ore Pro p. No par
Great Northern pref
100
10
33
16%
11%
*50%
*7978
738
1,200
25
16%
25
30,300
25
16%
109% 109% *100
50%
50%
50%
300
*32
90
15%
57%
*126
1,800
3,600
25
132% *131
Nov 29
$3 conv pref series
Granite City Steel
Grant (W T)
22%
22% 23%
23
24
23%
23%
2234 23%
22% 23%
*121
127% *121
127% *121
127% *121% 127% *121% 127% *121% 127%
6
7
7
7
7
7
7
6%
7
684
034
*6%
*60
71
71
*60%
*60% 71
*60% 71
*60% 71
*60% 71
2%
2%
2%
2%
2%
2%
*2%
2%
2%
2%
*23s
2%
*88
92
*86
93
92%
93
93
93
93
94
9284 92 34
6%
678
7
6%
678
7
7%
67,
6%
034
0%
6%
90
130
13% Oct 19
9% Oct 19
19% Oct 19
600
33
92
Oct 19
5,100
33
100
Oct 19
18
4
117% Jan 22
Oct 19
14
__
17
*2478
95
1
8
5% Jan 13
65% Feb
1% Oct 19
25
22%
Nov
'j2 Oct
"2",800
6%
1
58% Jan 18
»,« Oct 2
1134
6%
Feb
70% Feb 11
1% Oct 19
33
634
124
Jan 19
3
21%
Jan 18
110
1
22
9
Oct 19
1
21
Jan 13
90% Mar
64%
18%
*6
Jan
Deo
17
Oct 19
6
*0
11%
28
49
0478 Jan 21
Oct
Oct
Jan
4
44% Feb
Dee
Nov
7
65
Mar
70
20
155
Mar 20
Grand Union Co tr ctfs
1%
19%
6%
22%
Jan
5%
126% Mar 31
52% Jan 23
43
60
18%
1%
141
4
49% Oct 19
20% Oct 19
No par
preferred
Preferred
5,800
33
6%
(The)
conv
11
*8%
4
Feb 11
3%
Nov
104% Apr
Jan
42% Apr
10% Apr
32% Mar
152
30
97
No par
11
*16
Feb
14
Nov
5
19% Jan 14
153
11% May
100
9
86% Feb 17
29% Mar
18
13S
Feb
7% Aug
105% Aug
177, Nov
14% Nov
7% Oct 19
10%
9
Dee
63%
16% Dec
8% May
1
19
Graham-Paige Motors
Granby ConsoJ MS&P
16%
6%
Jan 16
19% Feb
15% Mar
105% Jan
No par
95 conv preferred
12*966
*24%
6%
Brothers
Gotham Silk Hose
•
25
6%
33
106% Jan 28
Oct 19
Oct 15
Oct 19
17%
21%
130
900
131
6412
78
x39%June21
9
1
200
2134
14%
2734
28%
Oct
Feb
Apr
15% July 19
2
Oct 19
No par
Goodyear Tire <fc Rubb.No par
2,000
33
7
Jan
15% Feb
13
*21%
14%
2634
131
9
Apr
3%
60% Jan
8
6% preferred
31,600
60
4%
*1%
16%
Jan
31%
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
700
*1%
*45"
47%
8
3
122% Feb
56
Gobel (Adolf)
Goebel Brewing Co
"l5~700
1%
*
4
Jan
Oct 19
95
4H %
Rights
.
183s
4%
1334
2434
*27%
26%
27%
131
*45"
1,200
3,200
21
21
♦
2%
2
*13
13%
15%
23%
Jan
7% Mar
Oct 19
100
Gtldden Co
33,000
15%
22%
4%
1%
13%
29
*59
1%
15%
*21%
1378
27%
131
10%
6%
*92
*26%
28%
*
64%
*32
7
*20
~13%
20%
83%
4%
4%
*58
2
13
21%
%•
92
"1784
Nov *136
73
Oct 25
1
$6 preferred
200
3%
*
18%
60
18%
9%
2%
3
3%
Feb
97%
36%
'
46%
%!
2%
92
55
29
25
he
"l7%
131% 131%
33
18%
2734
*44%
47
*54%
20%
26
7
*15
6
27%
18%
13%
*22%
6
*46
No par
Railway Signal
Glmbel
23% July
108
48%
111
General Tire & Rubber Co.. 6
Gillette Safety Razor—No par
$5 conv preferred—No par
3,900
57
55
1%
*1278
15%
*32
21
28
934
1
6% pref
8,200
9%
No par
Gen Theat Equip Corp. No par
Gen Time Instru Corp. No par
300
Mar 25
July
Nov
*6 preferred
..No par
General Refractories
No par
Gen Steel Cast 16 pref.No par
8,800
55
4%
32% Jan 13
117
03
77
Gen Realty & Utilities
4,000
103s
9
Jan
85
12%
Jan
53%
100
59%
9%
56%
83%
*8%
1%
*15%
5%
15%
*2278
♦1%
*15
12
"l7%
*4%
83
Aug
0% preferred
10
45% Dee
127
123
17
69%
95% July
Oct
No par
10
24% Apr
Jan 14
18% Jan 12
10
1
31% Oct 19
May
No par
60
*
54% Feb
117
10
$6 preferred
40
11% Mar
4812 Dee
Jan
Gen Public Service
100
June
July
Gen
1,200
32
14
1,600
3,700
Dec
25% Mar
3% Aug
68
5,500
105
*95
21
*45
14%
12
18%
1%
4%
23%
*17
45
105% Nov
68% Nov
42% Dee
66% Deo
34% Deo
65% Jan 18
General Printing Ink
800
30% Sept
6412 Jan 29
21%
3%
8%
103%
1%
7,700
Jan
100
$5 preferred
"15*066
Feb
Apr
Oct 19
2,400
2
z24%
100%
Nov 16
Gen Outdoor Adv A ...No par
Common
No par
18%
25%
25%
1434
19%
49% Nov
36% Dee
48
1,800
1%
2434
115% Nov
Apr
33
1,400
10
Dec
38
par
preferred
General Motors Corp
1,200
Oct 19
ihars
per
105
No par
pref series A. No
conv
6%
100
*18
105
2%
x3%
3%
92
21
29
1334
19%
%t
278
*
2
2334
%«
*2%
3%
3%
92
S6
General Mills
5%
1034
*85
17%
9%
*49%
26%
*4478
29
%»
20
Electric
31
30%
5%
25
11%
97S
57
*4478
47
ht
"l3% "13% "13% "l4
27%
115% 115%
100
*58
9%
*49
287g
47
4%
45
53%
56%
*58
2
*33
General
9
Highest
share 9
per
Sept
135
% Oct 19
538
*95
12
57
3%
No par
13%
10%
3
Gen'l Gas & Elec A
1%
28%
*17
60%
3%
7,100
23
23%
13%
19%
13
20
10
3
34
28% Nov 23
1%
17%
23%
18%
25
100
No par
115
*85
preferred
Oct 25
66
22% Nov 26
110
Sept 27
No par
10
2
100
No par
General Foods
5%
100
2
No par
preferred
2% Oct 19
6% Oct 19
14% Oct 19
6,500
*10%
10%
10%
104% 104% *103
104% *103
104%
2%
2
2%
2
*178
2%
21
24
21%
20% 22
223s
100
Oct 13
14l",000
500
63%
118% 118% *118% 123
20
3334 35%
35%
36% 142,900
115
5%
117
31%
13g
53
28
Oct 19
4438
33
115
5
43%
53
53%
*118% 123
34% 35%
Class A
7%
5
Nov
31% Nov 22
6
..5
General Cigar Inc
120
5% Oct 19
91
3034
33
1%
*53
28
*110
Oct 19
No par
Cable
cum
4
43
4078
3034
60
92
General
7%
Nov 23
31%
1%
42%
31%
1%
33
1%
10%
%
12,200
2,800
6
Oct 19
10% Oct 19
No par
*2*706
*110
120
No par
4%
4%
120
61
*49
4%
20
88
No par
preferred
S8 1st preferred
General Bronze
*110
*59%
978
125
1,400
*10%
65%
20%
83%
4%
*119
3,100
2.000
1078
*17*
125
8.
S6
3% Oct 19
3
Gen Am Transportation
General Baking
9,200
2
20% Oct 19
6% Oct 19
1% Oct 18
No par
Gen Amer Investors
400
3934
25%
61
278
3%
734
..10
..
16 pf.-No par
4,900
100
3884
734
87
12%
*
*90
3834
conv
Gar Wood Industries Inc
24%
95
3%
6%
100
Gannet Co
Dec
2% Oct 19
1
4,900
87
117g
2%
6%
6%
634
26
95
%e
0%
23%
12
%
6%
84
45
56
30
25
95
10%
S3 preferred
GamewellCo (The)
400
90
23
*47%
26%
10%
20%
*1%
*12%
23
20
10%
16
90
13
*56%
978
64
4%
18%
23%
800
*15
13
2
24
Galr Co Inc (Robert)
5,600
81
1178
92
*58
*85
2
5%
22%
25
95
12
278
54%
100
2
100
3%
17
*85
*17
22%
Fuller (G A) prior pref-No par
$6 2d preferred
No par
Gabriel Co (The) cl A ..No par
81
60
20
5%
130
960
700
24
123
19
Oct 19
24
*33
22%
22%
13%
102
80
53%
53%
*119
*119% 123
36%
34%
36
2%
18%
24%
23%
14%
10
100
25
63%
100
3,200
12
1%
11% Oct 19
9
40
107% Feb
52% Mar
46% Feb
98
Oct 19
14%
2%
108% Mar 9
45% Jan 18
41% Mar 11
Oct 19
Nov 23
35
snare
Oct 20
10
Sulphur Co
6% conv preferred
per
27
18
120
S
80
45
*2
Year 1930
Lowest
68iz Feb
39% Mar
9% Feb
58
Apr
Free port
4%
31
1%
Nov 22
17% Nov 26
1% Oct 19
F'k'n81roon<feCoInc7% pf 100
120
*110
29
20
127«
2534
*23
23%
8
Oct 18
45%
80
r80
Foster-Wheeler.
40
16
4%
Machinery Corp
100
conv pref
....100
4>S%
9,800
90
*119
Food
Nov
11% Oct 19
par
J Foliansbee Brothers. .No par
260
13%
26%
31%
*33
125
No
90
30
67
14%
5%
22%
6
22% Oct 19
16% Oct 19
17 conv preferred...No par
Francisco Sugar Co
No par
*30
15
3734
7%
z65
ihare
Oct 19
900
438
27
119
%•
*
*119
35
*90
per
4%
23
1937
Range for Pretioxu
Share Lou
Highest
23%
104% 104%
50
23
6
6%
92%
38%
7%
70
12%
114% 115
115% 115%
115%
28
28
28
27% 27%
5%
5%
6%
5%
5%
11
11% 11%
1078
10%
*103
104% *103
104% *103
2
2
2%
2%
2%
20
20
21
19%
21%
*95
130
4%
24%
*110
60
*119
82
23
1%
92%
*37%
7%
13%
*75
30%
1%
92
7%
4%
12%
42%
29%
13%
Fllntkote Co (The)
Florence Stove Co
1,400
4%
45%
6
6%
8toree-_A% par
No par
Florehelm Shoe class A .No par
32%
86%
19%
S
6% preferred series A...100
First National
600
18%
L2%
90
Par
Firestone Tire A Rubber...10
200
2,900
18,900
70
4%
104%
*21%
*15%
15
90
6%
6%
39
*119
130
15
On Basil of 100
Fed Dept Stores 4H % pf..l00
Fidel Pheu Fire Ins N Y..2.50
3,000
2%
2%
*2
21
21
*89
6%
92
38%
8%
*110
6
92
7%
5% f
6%
6:
6
6100
39%
*119
22
2%
5
2%,
*85
22
5%
2%
55
2U
15
37%
50
104
5%
*92
4%
*44%
2278
22% 22%
104% 104%
f
6%
85%
*30
16%
2%
22
2%
32
85%
18%
80
4%
104% 104% *104
31%
15%
28
19%
80
5
*44%
22%
4%
50
*30%
18%
80
2%
31%
86%
*68%
4%
85%
18%
*4%
*42%
21%
*104% 104-%
30
2%
31%
85%
2%
31
*70
4%
22%
2%
800
3,500
21
*31
■r"
29
*17%
2%
30%
85%
17%
45
*15
32%
18%
21
21%
18%
*87
*17%
2%
45
21
20%
90
32%
19%
20
80
23
90
Ranye Since Jan. 1
STOCK
Lowest
Shares
70%
29%
20%
92%
32%
19%
*23
*4%
2
20
*31%
17%
YORK
4,
EXCHANGE
Week
$ per share
31
*70
*85
$ per share
3
*23
85%
19%
34%
Dec.
31
29
53%
2
Dec.
81
*84%
18%
*33
1
Dec.
NEW
the
Friday
*23
*2%
119
Thursday
70
*67
22
*21
lb,
67%
28
66'2
28%
27%
Wednesday
Dec.
4
Oct 19
Ex-dlv.
y
Ex-rights
Mar 17
18% Apr
*78% Nov
137,
Deo
05
Deo
S7,
Jan
17% Feb
22% Nov
29% Oct
54% Sept
73%
Oct
20
Oc
1 Called for redemption.
\
Volume
Satvrdaj
Monday
Nov. 29
Nov. 30
S per
734
20
20
20
18%
20%
77
74
132
132
61
63
60*4
63
113g
11%
11
11%
4
4
5
*24
27
*24%
*98
100
3
3%
99
3%
62%
138
138
*135%
7%
8
7%
4%
4%
834
43g
8%
ar41
9
41
*126
132
Agricultural..No par
Prior preferred
100
Int Business Mactalnes.No par
1,300
18,900
Internat
No par
Harvester
100
Preferred..
300
Sys cl A...25
Int Hydro-EIec
1O.8G0
4,400
2,300
Int Mercantile Marine.No par
77,100
44
132
Int Nickel of Canada_.No par
29,500
Inter Pap & Pow
Class B
Internat Mining Corp
1
No par
3%
3%
42%
4134
43%
3%
41%
43%
3%
41%
43%
3%
42%
3i4
1,220
37
37%
170
*21
22%
3334
1,100
38
44
47%
*38
40%
38
22%
21
21
*20%
22%
*21
22%
*21
32%
32
32%
32%
33%
21
*19%
22%
*33%
*1938
34
20
32%
20%
21
*19%
21
*19%
23
*73
78
78
*72
77%
*72
75
71
72
71
71
47
20%
*72
40
40
7%
7%
6%
7%
6%
7%
634
8
8
738
7%
7%
7%
7%
13
1234
.
7h
12%
80
*75
10
*10
11%
75
13
7
6%
1234
75%
13
*10
*
International Salt
Foreign share ctfs
5,000
Preferred
50
300
22
*22
23
*116
118
*116
118
53%
53%
53
53%
50
52
51
75
78%
76
78%
78%
80%
77%
79
76
83
83
*118
*11612 122
22
*21%
21%
118
*116
*116% 122
*116% 122
122
22
*21%
125
*116
*120%
733g|
71
76%
73
75
73
74
74
74
70
17
17
17%
18
17%
17%
17%
17%
17%
120% *119
120% *119
120% *119
♦119
11,700
Johns-Manvllle
85
Steel pref. .100
Kalamazoo Stove <fe Furn___10
Kan
120
9%
2034
~1~,706
16%
No
600
City P <& L pf ser B No par
9
9
9
9%
*20%
20%
20
*1934
19%
20
20
19%
17
18
*16%
17%
*16%
17%
16%
16%
20%
16%
13%
13%
*13%
14
14
13
13
*13
13%
600
Kayeer (J) & Co
13%
1378
9
20%
8%
1934
*18
87%
8%
5%
*80
87%
100
9%
9%
1,500
6
6%
2,300
87%
*81
9
87%
*83
14
*9
9'
9%
9%
9
6
6
6%
6
*
92
90
91
"34"
35
34
34%
8%
*20%
2is
24
7%
20%
2%
20%
838
8%
2%
24%
7%
*20%
8%
7%
2234
*20%
2%
2%
2%
*14l2
15%
14%
14%
14%
16
1634
16%
1634
216%
6
25
16!%
16%
16
12
12
25%
1634
2434
25
22%
•21
15
15
*634
8%
133s
13
16%
*6
6%
2434
16
16%
*15%
13
13%
20
19
20
20
21
100
*95
100
100
100
1834
*95
634
7%
1
1%
434
4%
634
1%
1H2
*2512
26
40
41
11%
13
10
10%
40
22
*21
*21
16
15%
*15%
*6%
8%
13%
1834
*6
13
18%
1
19
434
5
4%
25%
27
2534
11%
*25
11%
2634
*25%
40%
40
87
88
87
87%
89
90%
90
90%
163
1034
*253g
3734
8%
25
88
88
89
90%
89%
89%
163%
162% *160
18
18
*16%
30
31
29%
*160
*16%
2934
4%
8
1034
10%
10%
25%
26
38%
39%
40%
7,500
8
8%
25
25%
88%
3,200
1,400
2,200
4,800
8%
25
25
87%
8734
8634
90
89
89%
89%
161% 161% *160% 162
18
18
*16%
*16%
30%
29%
28%
x27%
36
37
3634
*36
39
3734
*34
*35%
37
18%
18%
18%
18%
18%
18%
18%
18%
18%
18%
48
50%
51
49%
47%
49
49%
5034
49% 51
104%
104% *104
*102
105% *103
♦102% 105
105
*102
4
193s
1%
1%
1%
*1%
1%
1%
37%
13s
3834
39%
4%
38%
40%
38%
4%
4%
19%
106
♦103
17%
1678
*130% 131%
17%
17%
48%
17%
50
30
4
19%
*103
19%
106
43g
4%
*19
19%
106
*103
17%
Xl7
17%
132%
131% *130
17%
17%
17%
217%
51%
50
51%
50
17%
131
19
*103
17
131
*17
18%
17%
200
200
1834
19%
51%
54
1,700
27,300
105
'
1%
1%
1%
13g
40%
39%
39%
38%
4%
4%
4%
4%
4%
19
19
19%
19
1834
*104% 106
106
♦103% 106
17
17
173g
17
16%
132%
132% *131% 132% *131
5,100
8,600
3,000
1,200
1%
1734
50
50
1734
1734
1734
*47%
17%
*29%
1734
18
49%
"4,800
18%
700
3,300
3,100
19
31
31
*29%
31
31
*29%
30
*29%
30
*123% 126
*123% 126
♦123% 128% *123% 128% *123% 128% *123% 126
22% 23
21
2134
20%
21%
22%
2134
21% 2134
2034 22%
29
30%
29
28%
30%
30
29%
3034
29% 30%
2934 30%
1034
*10%
9%
*10
9%
10%
*10
10%
♦10
10%
10
10
24
25%
24%
2334
24
25%
24%
25%
24
24%
2534
10
*6
*6%
9
20
♦14
6%
♦10%
♦134
6%
♦1%
*4%
*8%
*1%
1%
*134
*1%
63s
11
1%
2
*6
8
*6
8
6
*6%
9
*6%
9
6%
*14
21
6%
20
*14
6%
6%
634
10%
1%
1%
10%
11
11
1%
1%
1%
*13
*6%
11
1%
634
634
6%
6%
1%
1%
*4%
1%
♦1%
1%
*1%
5%
5%
*434
5%
*3
9%
9%
9%
*8%
97g
2
*1%
634
7
2
*1%
2%
8%
*1%
*134
2
6
*6%
8
6%
*4%
8%
17%
2
18
♦13
*134
2
200
MOO
10,000
300
6,300
*6%
8
9
100
*13
18
•1034
1«4
*134
11%
1%
11%
I84
11%
1%
6%
6%
684
♦1%
1%
5%
♦1%
1%
2
1%
134
30
11%
10%
1034
14
1434
14
14%
14
14%
14%
14%
14%
143g
143g
10%
15
334
34%
25%
*3%
33
23%
4
34%
24%
155
*145
*3%
4
v
4
♦3%
33%
334
32
4
33
*3%
4%
33
32
33
33%
33%
24
24
24%
24%
24%
24% 24% z2434
*14534 155
♦146% 155
*14534 155
*145% 155
35
35%
37
3434
37
37%
38
37
334
33%
243s
146
146
6%
25
*2334
*2334
25
*23%
6%
27%
6%
•2334
634
25%
37%
26%
*2384
25%
•2334
37%
6%
25%
90
*80
90
*80
90
*80
90
♦80
90
*80
38
6%
6
13%
9%
14
9%
80
♦75
»
6%
13%
9%
*75
13%
10%
80
6%
13
10%
*75
Bid and asked prices; no
6%
13%
6%
12%
13
12%
12%
10%
79%
1034
10
10%
10
79%
*75
79%
*75
sales on this day.
X In
13
10%
*75
receivership,
Dec
66% Nov
43% May
tfarlO
1353^ Jan 5
19% Sept 22
18
Apr 6
9% Apr 6
738g
Nov
136
125%
Feb
2%
Jan
14%
Deo
1%
Jan
8%
Deo
384
Jan
3
Jan
11%
10%
Oct
Oct
Jan
61% Nov
68% Sept 22
Feb 16
10
88, Jan 30
57% Feb 16
2884 Jan 25
498g Jan 4
23
47
Oct
52
Mar 11
15
Apr
35
Nov
110
Feb 19
50
June
93
Nov
19%
8% Nov 10
36% Jan 18
107% Apr 6
82
Jan
15
26% Jan 30
30
Apr 15
127
Aug 4
87% Jan 5
37% Nov
Apr
58%
22'4
Apr
313g Nov
126
8ept
93% Nov
Jan
May
88
Oct
107
Jan
24% Aug
113
Feb
19%
Apr
10%
Feb
53%
11% Sept
15% Feb 19
Oot
30
Apr
5
46
1
preferred
6
152
Deo
126%
Deo
133
Deo
17
Jan
Jan 18
23%
Deo
Jan 14
80
Jan
19%
Deo
17%
Deo
87
Feb
Mar
35
27%
110
5
233g Feb 11
19% Jan 14
109% Feb
4
28% Jan
1784 June
18% Jan
3% May
30
Apr
693g Mar 10
28% Nov 8
5% Oct 19
19% Nov 19
1'4 Oct 19
8
4634 Apr 14
93g Mar 30
20% Oct 13
71
20% Mar
Feb 30
Oct 19
29% Jan
Apr
48% Aug
36% Nov
Feb
33%
110
Nov
28%
Jan
24%
Jan
Oct
107
63% Nov
Oot
Deo
24%
46%
7%
Jan
Nov
61
35% July
15% Nov 24
Deo
Apr
50%
Jan
19%
44% Jan 16
14% Oct 19
Feb
121*4
12
20% Apr
Apr
4%
"32%
Nov
18% Nov
Oct 19
15%
Jan 16
24% Nov 30
14% Oct 19
47%
Jan 23
3584 Aug
51
Nov
24%
Jan 14
19% June
28
Jan
Jan
4
6
Oct 19
27%
Jan 14
20% Apr
33%
100
8
Oct 19
41%
Jan 14
32
05% July
Lambert Co (The).
No par
13
Oct 19
24
No par
5
preferred
5%
Lee Rubber A
Tire..
Cement—.25
100
Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
60
Lehigh Portland
4% conv preferred
Lehman Corp
1
5
(The)
Lehn A Fink Prod Corp
27% Mar 11
12
18*4 Deo
45% NOV
14
384
Jan 18
18%
Jan 18
J6.60
Lort
preferred..——No parr
Inc
Lone 8tar Cement
No par
Corp No par
A...No par
25
Long Bell Lumber
Loose Wiles
Biscuit
preferred
Lor! I lard (P) Co
100
preferred
100
89
May
21% Feb 11
12
Jan
688(i
Jan
79
Jan 16
10
15% Mar
29
Aug
82% Oct 19
83% Oct 19
151 May 20
113% Feb
15% Oct 19
18% Oct 19
23%May
14
..10
100
June 22
Oct 19
400
3,500
2,600
10
2,800
3,300
79%
a Def. delivery,
Jan
23% Feb
63% Nov
Deo
65
18
Oct 19
101
Oct 30
28% Feb
15% Oct 19
123% Nov 19
18% Oct 19
Oct 19
8% Oct 19
18% Oct 19
1% Oct 19
Jan
Jan
35%
3%
8
45
Jan
Sept
Dec
20
May
Jan
22% July
67%
4184 Mar 11
36
Feb 11
8% Mar
113
140
Mar 17
Feb
Deo
3%
61%
Oot
21% Apr
Jan 20
Jan 13
Deo
108% July
May
x38»4
107
"67%
33
Oct
26%
151
Jan
Jan
30%
102%
Oot
35
Feb
42
Jan
Oct
9
8
58% Mar 8
153g Jan 20
127%
27%
Jan
Jan
134% Nov
49% Oct
40%
8%
Apr
65% Nov
15% Deo
Mar 10
34%
67
Nov
Jan 12
1%
Jan
Jan
9
Dec
7%
Jan
35% Deo
132% Feb
62% Mar
63
7%
100
100
6
Oct 16
30
Jan 11
6
Dec
Jan
Mar 30
...-No par
100
100
21% Apr 6
16% Jan 11
7
June
Jan 14
32
Dec
57%
Dec
23%
2484
39
16% Jan 20
25'
1
9% Oct 19
1% Oct 19
29% Jan 30'
Midland Corp.—.-.5
5% Oct 19
14% Feb 13
17% May
2% Jan
8% Apr
1% Jan
6% July
18*4 Jan
2% July
Maracaibo Oil Exploration..
Market Street Ry
preferred-
6%
prior preferred
6% 2d preferred
Marlln-Rockwell Corp
-100
100
100
—100
Marshall Field A Co
6%
Oct 19
4% Oct 19
Manhattan Shirt.—
Marine
1
6% Oct 20
10
12%
6%
10
Apr
July
21
76% Mar 11
IO84 Jan 26
43% Jan 8
110
May 12
2% Oct 19
7
1 Manhattan Ry 7% guar.
Modified 5% guar
600
Jan
Apr
Oct 15
Pref ctfs of deposit
13,100
6,100
Jan
Jan
Deo
43"
1
Mandel Bros
60
Nov
31%
170%
25%
Certificates of deposit... 100
600
13
Oct
160
Apr
I *04% Feb
3% Feb
1
32
27
Nov
80% Nov
116%
87% Aug 11
110
Jan 23
99
Magma Copper
65
26% July 26
14% Oct 19
No par
12384 Nov
2184 Nov
9784 Mar
19
48% Nov 24
13% Oct 19
2684 Oct 20
Macy (R H) Co Inc
No par
Madison Square Gard..No par
Nov
115
36
Louisville A Nashville
Mack Trucks Inc
Mar
6
Louisville Gas A El
No par
May
97
Jan 13
2884
preferred
May
25
Jan 28
14784
A..No par
100
Ludlum Steel
1
MacAndrews A Forbes.
10
7
83% Feb 16
63
Aug 14
45% Nov 24
9934 Nov 24
125
Jan
47%
2
5
4
175
Nov 24
Oct 19
33
38% May
9
114
Oct 29
7%
Oot
43%June 10
Oct 19
Liquid Carbonlo Corp.No par
Loew's Inc
No par
19
Oct 19
8
23
Wks. No par
...No par
Feb
Apr
233gNov23
Llbby McNeill A Llbby No par
Life Savers Corp
6
Link Belt Co
Oot
4
9%
Oct 19
Lima Locomotive
22
8%
Oct 19
Oct 19
25
100
180
94%
84 Oct 19
Nov 24
B.
Apr
Apr
Jan
15%
1
2
3
18% Nov
July
1
Feb
203
5
Series
July
51% Feb
Nov 12
4% Oct 19
34
Preferred
Mar
24% Mar 17
Oct 19
100
23
Tobacco..25
Fob
1784 Mar
15% July
7% Jan
26«4
6% Oct 19
No par
Liggett A Myers
June
934 Oct 19
Llbbey Owens Ford Gl.No par
Lerner Stores Corp
90
♦81
36%
No par
McCrory Stores
30
10%
29%
10%
31
10%
Deo
Feb
26
4,400
29%
10%
8
18%
Jan
1034
28
11%
Jan
Deo
13
3,000
28
10%
4%
13%
9
7
Mar 17
No par
(G R) Co
Jan
29
13%
28
11%
18«4
Oct 19
1
...No par
Martin (Glenn L) Co..
1
Martin-Parry Corp....No par
MasonlteCorp
...No par
Mathleson Alkali Wks. No par
7% preferred
100
May Department Stores...10
Maytag Co
......No par
13 preferred w w
No par
S3 preferred ex-warr.No par
16 1st cum pref
...No par
McCall Corp
..No par
28
11
15% Apr
10%
121
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
5%
*27
Apr
Nov
No par
$5 prior preferred
No par
10
Kresge (8 S) Co
Kresge Dept Stores
No par
Kress (S H) & Co-.-.-.N# par
(8
100
*3
834
234
116
Keystone Steel A W Co No par
10,400
834
Apr
Jan 29
16%
Oct 19
1,200
6%
2734
*27
"woo
11%
8%
1%
160
Nov 29
50
*6
6%
8%
♦1%
Jan
Mar 17
4
100
6%
8%
148i2
121
90
JManatl Sugar
6%
*4%
Deo
Jan 18
162
39% July
1
6%
6%
6%
1%
5%
105%
76% May'
Kendall Co 16 pt pf A.No par
Preferred
7
Jan
Jan
Kelsey Hayes Wheel conv cl A1
"
24%
*1%
56%
Oct 19
Kinney
Deo
5
Feb 15
7
Kimberly Clark
Deo
194
4
Nov 20
Kennecott Copper
Apr
Jan
Aug
136
80
_
7%
2234 July
160
Deo
120
6434Nov24l
15% Nov 23
115% Apr 8
5
B
2% July
63% Apr 14
Sept
5%
18% Deo
6% Mar
2
Kelth-Albee-Orpheum pf__100
Class
112
Jan
9% July
189
Oct 19
70
61%
17%
Apr
2%
Jan
100
112.50
6%
18
49
107
28% Mar 11
9% Apr 14
Nov 20
300
105
111% July 16
11% Marl6
126
Lily Tulip Cup Corp—No par
"(JJOO
40
*38
Jan
Jan
4884 Nov
8
13
200
40
30
18%
18
18
5,200
1,600
26
*34
37
8,600
12,800
2,500
27%
11
87%
18
4%
26%
41
87%
30
4%
26
8%
1
25%
11
25
7%
4%
*25%
25%
*25
10
25%
38
8%
8%
434
26
MOO
2,400
125
6%
%
1
~
13%
19%
12%
*95
125
*95
900
8%
7%
18%
Jan
Lane Bryant
22
15%
Deo
Oct
Dec
Jan
15
Kaufmann Dept Stores.
50
1
5
28%
*9%
1
8%
900
9,500
1
41
27
1634
1
12
600
27
1%
26%
6
16%
125
27
*17
28
7
2434
18
6,200
6%
8%
29%
160
16%
53g
16%
1934
19%
5
161% *160
16%
16%
6
634
24%
26%
*15%
16%
6
6%
8%
*17
16
15%
7%
24%
*160
16
634
11%
10
24%
7
24%
8
*2%
1,000
*21
8%
13%
13%
*95
*39%
27
2%
24%
16
*6
26
26%
300
21
16%
22
*21
8%
75,700
6,900
13
22
♦6%
8%
8%
21
2%
*2%
37%
16%
♦10
14
8
2234
*2034
91
"36%
36%
*21
27
♦22
16%
*15
13%
15%
16
16
16
13
15
16%
20
8%
22
24%
"34%
40
preferred...:
4%
2,200
*25
22
6
22
15%
*6%
2%
*
91
7%
8
2234
15
*10
13
*10%
*18%
35%
24%
*21
534
5%
6<
*514
"35"
36%
2%
24%
5%
*
91
"35"
*20
*20
6
*
91
8%
8%
5%
6%
*_
*80
8%
9%
6
8%
83
80
86
*83
9
9
9%
19%
24%
5
155
100
City Southern
Kansas
6
May
4
Oct 19
par
63s Oct 23
par
9% Oct 19
100
72% Oct 18
par
9 Nov 29
!l
20% Oct 19
1x116 Sept 23
par
49% Nov 24
par
65% Nov 22
1001 *20
Mar 18
Jones & Laugh
1,500
18
17%
*119
120
590
No
Preferred
10
73%,'
73
17%
120% *119
Jewel Tea Inc
121% 121%
122
preferred.
J6
"woo
51
No
Intertype Corp
Island Creek Coal
300
53%
22
125
No
Interstate Dept Storee.No
2,800
Nov
37
Oct 19
65
Deo
122
6%
No par
Inter Telep & Teleg
135g
53%
*21%
*116
100
.....100
preferred
7%
100
54
22
125
No par
140
10%
19% Oct 19
30
Oct 19
16
Oct 19
.No par
Shoe
International Silver
300
53%
*2H2
*116
100
preferred
International
18,500
76
*16"
13%
5%
100
7%
7%
13%
7%
6%
12%
12%
*10
79
9
33%
33%
75%
12%
123s
80
17%
*10
22%
6%
6%
7
75
12%
84
1134
*78
r.
Am..100
Voting trust certlfs..No par
32%
46%
*20%
Internat Ry9 of Cent
3%
*3%
3%
*3%
3%
3%
4134
147
Aug
88% July
Jan 20
36% Oct 19
2% Oct 19
4% Sept 25
35
Oct 19
5% conv pref
15.500
43
42
May
125
64% Apr 20
4% Sept 10
100
Class C
40
Feb
106
1334
7% Oct 19
8*4 Sept 13
No par
15% Nov
41% Nov
33% Feb 23
6
Jan 18
127%May 27
15
Co
share
per
4% Jan
25% May
5
Feb
131% Mar
Nov 23
37
100
Preferred
1034
10%
10%
9%
10%
10%
42%
43%
Internat
No par
Iron
Interlake
500
25
*126
132
*126
11
103s
3
13034 131
60%
66-%
42%
41%
42%
132
*126
113s
*23%
130
130
3
25%
25%
131% 131%
67%
69%
63%
*135% 140% *137% 141
141
734
7%
734
7%
7%
4%
4%
4%
4%
4%
9%
9%
9
884
9
26
*23%
24%
132
10%
3
3
100
Rubber...-No par
Intercont'l
1,800
20,700
2,600
4%
preferred
6%
4,000
100
10%
934
3
3
t Interboro Rap Transit--.100
Interchemlcal Corp
No par
share %
per
July 30
143
6% Oct 19
3% Oct 19
1% Oct 19
20
Oct 19
98
Nov 19
2% Oct 19
6
Oct 19
2
Oct 19
18% Oct 19
127% Nov 22
53% Nov 22
138
Nov 30
3
Oct 19
1% Oct 19
6
Oct 19
1
share
per
144
58% Nov 23
No par
Steel
Insuransharea Ctfs Ine
t
22% Jan 20
47% Apr 20
Oct 16
132
100
.
Inspiration Cons Copper...20
1,600
1,300
1,000
4%
10%
4%
Inland
5,300
No par
preferred
6%
27.800
4''%
25%
.
*96
100
4
10
9%
!
25
25%
25%
100
4%
4%
65
42%
132
103s
26
99
62
8%
40%
113s
*25%
4%
10%
132
4%
*4%
100
24%
23%
*126
132
1034
4%
9%
132
*8
42%
41
*126
4%
3
61%
8%
4
4%
Ingersoll Rand
60
132
*126
132
I
share
per
5% Oct 19
16
Oct 19
72
Nov 24
No par
Industrial Rayon..
1,700
71%
12%
4
4%
63%
*138% 141
139% 140
7%
734
8%
7%
4
4%
4%
4%
8
12%
4%
25
132
64
60
70%
12%
*3%
*98
23%
24%,
135
66%
11%
4
434
3%
10%
934
3%
3%
23%
135
64
12%
4
26
*3%
10%.
9%
66%
11%
100
*98
4
♦334
65
12%
4
434
2534
73%
*126
$
10
4,300
20
77%
19%
7634
67
3%
5
434
4%
1934
75
132
7334
*126
4
4
20
19%
74
132
11%
75
138
132
6334
75
*132
Par
Indian Refining
300
8
*7%
8
20
75
*7%
Highest
Lowest
Highest
Lowest
Shares
S per share
$ per share
8
♦7%
734
21
7334
734
8
*7%
$ per share
$ per share
$ per share
share
734
100-Sharo Lots
EXCHANGE
the
Week
3
Dec.
2
Dec.
1
Dec.
Friday
Thursday
Wednesday
Tuesday
Nov. 27
On Basis of
STOCK
YORK
NEW
for
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
Sales
CENT
NOT PER
SHARE.
HIGH SALE PRICES—PER
AND
LOW
3615
New York Stock Record—Continued—Page 6
145
conv
Corp.———1
preferred...—100
n New stock,
r Cash sale,
684 Feb 17
3% Mar 29
Jan 21
1
Sept 10
3
Oct 19
20
8% Dec 1
1% Oct 19
26
Oct 21
39
9% Oct 19
10
Oct 19
I84 Oct 19
20
Oct 18
22% Oct 19
May 17
142
Jan 20
6% Mar 27
5184 Mar 4
30% Mar 1 u
29% Apr 30
13% Jan 10
74
Feb
11%
Nov
Jan
Feb
Deo
684 Mar
12*4 Aug
3% Mar
23
Nov
45
Nov
May
7% Deo
56% Nov
Jan
25% Nov
6% Apr
12
Mar
5
42% Nov
8
27%
Apr
Jan 25
153%
Jan
163
Dec
43% May
70
Nov
4184 Jan
165
41
"li"
Nov 23
66% Mar 11
4% Oct 19
23% Nov 23
15% Jan 11
44
Jan 13
13% Apr
43% Deo
21%
Feb
55
Feb
34
Nov
3
45
Jan 13
44
Nov 22
111
Jan 22
103
Jan
12% Dec 1
784 Oct 19
X66
Oct 19
36
2
29
Feb
35
93
June
z Ex-dlv.
Jan
24% Feb 11
106% Mar
v Ex-rlghts. T
2
2% May
92
June
60% Apr
110%
37
Oct
Deo
23% Nov
101%
DOO
Called for redemption
New York Stock
3616
LOW
AND
HIGH
SALE
PRICES—PER
Saturday
Monday
Nov. 29
Nov. 30
$
share
per
♦14
$ per share
15
9
*9
9%
14
$ per share
14
14
9
22%
2134
*8%
9
8%
35
33%
33%
94
*80
90
15%
*14%
15
21
22
22
23
10
103#
10%
10%
34
34
34
8%
♦81
94
14
14
75
8%
*80
12%
*66%
*66%
80
8%
8%
*66%
75
8%
*66%
59%
59%
60
60
*55
67%
*55
46
45
45
*45
46
22
*15
534
5%
21%
5%
22
*15
16%
16%
39%
9%
8%
,19%
21%
19%
22%
87
89
9%
104
65%
♦104
7%
7l4
65
%
1%
♦%
*1%
%
1%
16%
3%
%
♦15%
3%
11
2
3%
3%
17
3%
17
74
109
34%
%
%
%
12%
19%
1234
20%
18%
12%
18
19%
6%
17
21%
26
90
91
91
17
77
2
*2%
3%
2%
3%
16%
76
76
76
*110%
33%
*23%
*42
18%
41%
%
19%
13
13
13
12%
12%
12%
20%
20%
20%
21
21
21
6%
6%
%
%
19
6
6%
19
62
62
*60
6%
62%
11%
11%
12%
12%
♦12%
12%
54
54
53
54
54
54
54
54
♦104
107
*104
107
*104
107
*105
107
6
6%
46
6%
46
1H2
12
*4434
11%
6%
47%
*44%
12%
11%
14%
12%
7%
14
15
14
14
11%
13
12-%
6%
12%
7%
7%
19%
8
8
19%
18%
19%
♦150% 153% *151% 153%
16% 17% *16% 17
♦75
*75
84%
84%
♦39
45
*39%
6%
6%
1,500
3,400
30
40
40
40
40
135
22%
19%
9%
%
834
8%
*%
*%
*120
135
*132
21
22
*22
20%
9
8%
*%
*%
%
*%
22
60%
225g
59%
21%
60%
22%
*%
60%
21%
23%
24
25
25
24%
70
70
*65
75
58
4%
8l2
4%
9%
4%
4%
4%
8%
62
22%
24%
74%
4%
9%
37%
*95
9%
26%
*25
27
*25
*66
75
*66
75
*66
*38
50
♦38
50
*95
100
*95
100
37%
100
*9%
15%
30%
18%
10%
*9%
1434
16%
31
30%
19%
18%
10%
9%
4
*113
123
%
*
%
67
"2%
2%
6%
1%
5%
6
1%
*5
%
*38
50
106
*95
22%
35
37
36
23%
4%
24
*113
%
%
*
2%
"2%
6%
6%
1%
55
*35
1%
5%
54%
♦86
95
*87
90
*97
112
*95% 108
4%
*35
*9
22%
36%
24%
4%
9%
21%
35%
24
,
*4
9%
%
11
2%
6%
1%
4%
53
90
*87%
*95% 108
11
5
"2%
6%
6
1%
5%
*1%
5%
*37
40
*88%
90
*98
*38
*87%
108
*97
55
*14%
50
15
57%
*14%
50
*54"
15%
*30
50
*114%
5934
*55
*114%
14
15
*30
50
*114%
61
63
11%
*4%
11%
10%
11
4%
*4%
14
14
7%
♦
63
14
734
Bid
7%
55%
14
7%
64%
11
11
*5
*13%
7%
13%
*40
5%
14%
8
*52
13%
50
*12%
*
61%
60
10%
10%
4%
*10%
4%
14%
*4%
*13
14
7%
7%
day,
*7%
t
1,500
30
123
%
"2",600
2%
"2",600
6%
*1%
5%
6%
4,800
1%
5%
1,500
67
*38
100
100
100
13
54%
13%
13%
*
50
*114%
-
63
68%
10%
10%
*4%
11
14%
8
40
500
500
150
48,200
900
12,100
900
30,300
130
1,100
a
20",300
8,900
5,800
50
1,200
8,400
100
15,000
800
600
20
19
38% Jan 15
28%
Apr
43%
19
26
Feb 13
1 /»!•
Jan
27
8
51
Mar 15
90
Nov 23
Apr
8
108% Jan 26
3
Oct 19
20% Feb 11
Nov 27
Oct 19
Oct 20
8
6% Oct 19
18% Oct 19
145
May 18
Oct 19
13
Oct 19
12
Oct 19
-100 *107%June
100
104% Oct 19
No par
preferred
Nat Distillers Prod
1
1,200
30
40
delivery
Mar
24
Mar
9
18% Jan 21
33% Mar 2
167
May
Jan
44% May
102% July
14
Apr
43
153
Dec
164%
3734
Deo
Dec
107%
Deo
21
21
Apr
Apr
107%
Oct
32% Nov
28% July
112% Mar
57% Aug 17
38% Feb 25
26% Feb 8
112% Mar 11
112
May 20
5% Oct 19
24% Mar
Jan
30%
9
107
Dec
10
Apr
24% Nov
33% Mar
35
Mar 17
25% June
38
Mar
28
4% Oct 19
18
Oct 19
100
153
Oct 19
6% preferred B
100
Nat Mall A St Cast's CoNo par
127
National Power A Lt ...No par
Nat Rys of Mex 1st 4% pf-100
5
July
18
9
N Y Air Brake
1
Oct
171
Deo
137%
Jan
147
Nov
54
Dec
1
78
7% July
10% June
3234 Apr
60
41
64% Nov
Nov 23
80%
12%
13%
57%
Oct 30
Jan 15
Feb 25
Feb 13
Oct 27
87
Oct 19
64% Mar 10
109
Jan 11
104%
110
Nov
37
Mar 17
10%
Feb
43
Apr
9
Apr
40
Deo
98% Feb 10
32%
Jan
83
Deo
55% Mar 17
27%
Jan
49%
Oct
17%
Jan
53%
36%
Jan
95
Oct
Sept
15
Nov
Nov 26
15% Oct 19
Oct 19'
72
100
Oct 19
2% Oct 20
Mar
17T
Jan 22
12% Jan 22
25% Jan 22
Oct 19
135
Jan 20
119
50
113
Nov 24
137
Mar 12
% Oct 18
2
90
Jan
3
Apr
Apr
Oct 15
934 Mar
8
4% Oct 19
26% Feb
6% Feb
19% Feb
76% Jan
102%May
112%May
434 Mar
25
N Y Steam $6 pref
$7 pref series A
No par
73
100
9
preferred
Northern Central Ry Co
Northern Pacific
83
Mar
114
Jan
Jan 14
3
Oct 19
93
Oct 27
91
Oct 14
105
1% Oct 19
15
60
Jan
105
May
Feb
3
Jan 21
Jan
8
Jan 28
36% Mar 11
53% Jan 22
6% Mar 3
Oct 19
40
9
No par
Oliver Farm Equip
No par
Omnibus Corp(The)vto No par
8% preferred A
100
Oct 19
Nov 23
22% Apr 5
73
Apr 20
26% Feb 16
6% Oct 19
90
Nov 19
par
5% Oct 19
No par
20% Oct 19
125
100
No par
Nov 10
6% Oct 19
112% Jan 23
prior preferred—-.100
$5.50
210
8
24
Ohio Oil Co
Oppenhelm Coll A Co..No
Jan 14
34%
57%
17%
104%
9% Oct 19
34
Sept 25
conv
114
Jan 18
Feb 13
19% Mar 1
45% Jan 21
140
Apr
93% Apr
1% Aug
272
100
July
5
8
Telegraph.—50
9%
3
3
Oct 19
50
4
May
Apr
14% Oct 19
48%June 18
7%
57
180
Norwalk Tire A Rubb—No par
6% preferred
Otis Steel
11
102
60
Elevator
11
22
100
No par
North Amer Aviation
1
No Amer Edison $6 pf.No par
Otis
June
% Oct 19
97
100
Adjust 4% pref
North American Co
Northwestern
Oct 15
63%June 14
—No par
t Norfolk Southern
Norfolk A Western
Oct 19
Oct 19
Sept
Feb 10
Oct 23
2
1
Oct
138
Jan
Jan
69
3
150
1
Conv preferred
100
tNY Ontario A Western..100
N Y Shlpbldg Corp partstk—1
Feb
3
24% Mar
8
154% Oct 25
1 st pref..No par
Outboard Marine A Mfg
6
54
Nov 27
97
13
Nov 24
28
No par
48
Oct 13
75
Jan 12
100
114
May 4
51% Nov 20
115
9% Oct 19
23
2% Oct 19
7% Oct 19
15% Feb
1
40
3
52%
6%
Feb
Jan
Jan
97% Apr1
23% July
Aug
50
2
Jan
19
Aug
12% Aug
24% Jan
17
107
July
Jan
8
Jan
24%
Apr
123
Jan
12% July
70
July
2%
Feb
99% Sept
6% Deo
18% Deo
7% Feb
15% Mar
Sept
99
104
Nov
109% Aug
2% Jan
310%
Oct
115
Oct
35% July
59
June
14%
Deo
106% July
103
Nov
3 684
57
Feb
Mar
4% Mar
32
Nov
18
Deo
59% Deo
25% Mar
115% Feb
19% Nov
3984 Nov
136
June
20»4 Mar
12084 Nov
Jan 26
Outlet Co
23% Apr
98
29% Nov
Jan
125
1NYNH4 Hartford—100
30
10% May
7
Jan
N Y Lack & West Ry Co. .100
6%
3% July
110
100
Apr
31% Mar 19
50
par
Nov
8
Oct 19
10% pref
tNY Investors Inc.—No
Apr
Nov 24
5
-
12% Nov
13% Jan
Sept 21
-No par
N Y A Harlem
Deo
Oct 29
41% Jan 18
15
No par
Feb
Apr
70
9
Feb
1%
57%
99% Aug 14
26% Nov 12
99% Nov
Feb
3
Jan
30
65
37
Deo
61%
14%
%
Nov 24
23% Oct 20
9% May
% Jan
36% Nov
Jan 18
19% Nov 24
14
preferred series A—.100
NYC Omnibus Corp—No par
5% preferred
155
Jan 29
30% Nov 24
6%
New York Dock
Jan 22
26%June
14^4 Jan 14
2% Jan 18
Oct 19
Apr
171
Oct 19
Oct 19
37%
150
61% Jan 22
55
Oct
Mar 11
29
No par
June
44
10% Oct 19
—No par
York Central
3
23
100
112
18% Apr 22
Nov 19
%Sept 9
% Sept 11
-.100
t New Orl Tex A Mex
Dec
10% Jan 28
Oct 19
19'
Newport Industries
Deo
100
Oct 19
4M % conv serial pref—100
Newberry Co (J J)
No par
5% pref series A
100
19%
15% Mar
3884 Jan
Jan 18
Oct
100
Deo
22% Mar
"47% "dot
17
5H% Prior pref
108
20% May
12% Apr
9% Apr
28% Oct
18
National Steel Corp
25
National Supply (The)PcnnalO
$2 pref
.40
101% Nov
3 684 Deo
79% Aug
62% Nov
No par
preferred A
Oct
Nov
Jan
Nat Enam A Stamping-No par
Nat Gypsum Co
1
National Lead
—10
7%
2% Nov
33% Jan 13
103% Feb 3
4
10
70
21
1
*24% Jan 28
47% Mar 11
Oct 19
39
Nat Depart Stores
71
10
Nat Bond A Share Corp No par
Nat Cash Register
No par
Nat Dairy Products.—No par
7% pref class A
7% pref class B
Mar 13
46
Oct 19
Preferred
"6~6o6
350
Def
Feb
Jan
Aug 20
Preferred
5%
8
In reoelverehtp
10
153#
8%
*13
Feb
84
15% Aug 16
99% Mar 19
36% Feb 11
5
Nov
3% Feb 26
Nov
102
Mar
26
16
w w.
7% preferred
-
61
Deo
103
71
90
A
17%
"54%
62%
300
54%
90
4%
120
120
90
___
2,900
530
90
50
*114%
60
and asked prioes; no sales on this
54
*114%
62
4%
54
20
13,700
10
*1
*1
1%
1
1
1%
*1%
1%
1%
1%
1%
1%
*194
♦192% 198
197% 198
198
193
195
*185
190
*187
189
103
♦103% 105
105
*103
105
*103
105
*103
105
105
105
22% 23%
2238 23%
22%
23%
21%
22%
21%
23
23%
23%
52% 5238 *52
52%
52%
52%
52%
52
52%
52
52
52
7%
7%
7%
7%
7%
7%
7%
7%
6%
7%
7%
7%
97
97
*95% 98
97
97
97
97
97% 97%
97
97%
*9134 93% *92
93
*92
93
*92
93
*91%
92%
*91%
9234
12% 12%
11%
12%
12%
13%
13
12%
11%
12%
1234
1334
35
35
35
*31
35
35%
*31
35
*32
35
*32
35
2%
2%
2%
2%
2%
2%
*2%
2%
*2%
2%
*2%
23#
*15% 20
♦15% 20
*16
20
20
*15%
20
*15%
20
*15%
12% 12%
12% 12%
12%
12%
12%
12%
12%
12%
12%
12%
29
30%
27% 29%
28% 30
27%
27
27%
29
28%
30%
14
14%
13%
14
13%
14
14%
14
13%
14%
14%
14%
92
92
*91
*88%
92
92
92
92
92
92
*92
96lo
7%
*7%
7%
7%
o714
7%
7%
7%
J1*
7%
24
27
27% *26% 27%
27
26%
26%
26% 27
26
27
*126
*126% 130
130
*126
129
128
128
128
128
128
128
11
11%
10%
11%
10%
11
9%
10%
10
11
11%
11%
54
""loo
"2%
54%
33%
Oct
68
1
10
2%
6%
1%
5%
Feb
59%
Nelsner Bros Inc..
7,700
%
7%
Feb
Jan
100
41
*
Feb
Sept
Jan
3% Oct 19
39
1
Deo
4
Jan
Dec
6%
38%
24%
4%
9%
67
Feb
41%
60%
.100
ser
N Y Chic A St Louis Co—100
*%
Jan 23
Feb
29%
9%
33%
Jan
3% Jan
19% Aug
79
May
Feb
5%
3584
No par
2,900
*113
2%
6%
66% Jan 18
No par
24%
123
Mar 17
107% Aug 27
3
National Tea Co.Natomas Co
23
4%
2
Dec
22
600
24
*113
2%
7% cum pref
-100
Nat Bond A Invest Co.No par
New
25
Mar 17
50
10
203g 123,300
*4
Oct 19
Oct 19
94
16% June
5%
14%
Mar 17
Deo
12% Mar
2% Aug
2-% Jan
Apr 5
9% Mar 17
34%
6%
12%
40%
4% Oct 19
No par
-
19 1
123
*2%
6%
♦1%
National Biscuit
19%
24%
4
8
58% Nov 22
11% Nov 29
.1
15%
*118
*
Mfg Co class B...1
preferred.—No par
conv
National Acme---—
Nat Aviation Corp
200
1,200
17
Munslngwear Inc
No par
Murphy Co (G C)_—No par
5% preferred
100
Murray Corp of America
10
Myers F <fc E Bros
No par
38
120
%
$7
-1
-
15%
*118
67
Mulllns
.——.5
Co
35
120
.."2
Wheel
15%
*113
67
6%
1%
*23%
4%
19%
Motor
Mueller Brass
34
*118
123
"2%
*35
4%
10%
118
100
106
21%
10
67
*4%
50
*95
22
118
123
*
*38
19%
4%
*113
50
11
5% Mar
6% Jan
Oct 19
Oct 13
23% Dec
39% Nov
*%Nov
12% Oct
8% Oct
50
Mother Lode Coalltlon-No par
Motor Products Corp.-No par
200
106
18%
10
10
10%
9%
*114% 118
*114% 118
17",400
28,300
12,100
1,300
*38
*9%
14%
31%
18%
20
6% Jan
57% Jan
1% July
Aug 3
2% Jan 23
Oct 19
5%
1%
1%
14%
100
16% Mar 11
34
2
—100
conv preferred
6%
4
*95
18%
24
2,800
71
8%
15% Nov 26
100
Mohawk Carpet Mills
Monsanto Chemical Co.
20
75
11
24
MOO
7,600
18,200
4
*25
15%
31%
6%
5% pref
13,300
*66
15
35
100
600
x7l
4%
8%
108
-100
Preferred series A
"
"ejoo
75
*9%
2334
4%
900
18,800
23
24%
25
31%
18%
20%
35%
72
63% Dec 1
% Sept 15
1% Oct 15
% Oct 19
Nash-Kelvlnator Corp
6
Nashv Chatt A St LoulS—100
320
1,600
65%
*24
120
100
7% preferred
4% leased line ctfs
6% 2d preferred
25
16%
23
23,800
,
*66
27%
33
3334
400
20
75
15%
35
6,300
1,700
21,200
100
9%
8%
27
33
21%
*4
8%
22%
112
Dec
Feb 17
23
%
25
*4
9
1
16%
31%
21%
1934
9%
20%
*23%
*6934
24%
73%
4%
Apr
46
132
*%
62%
22%
*65
119
Minn St Paul & S S Marie. 100
60
41
%
Mar 17
MarlO
preferred.No par
conv
Nov
120
124
Morris & Essex
3,100
6%
47%
11%
15%
12%
22%
834
62
$6.50
Sept
Nov 24
MarlO
12%
21%
20
40
%
60
21%
4%
*8%
*834
*24%
75
♦66
61
53
109
98% Oct 19
4% Oct 19
400
8
132
Mar
69
10
8%
88
Oct 19
800
21%
Jan 22
30
56
8%
*%
*%
106
21%
Sept 24
105
135
21
9
24
8'
*132
22%
*%
*%
60%
21%
27
♦25
135
8%
Oct 26
170
19
16%
19
18%
18
18%
18%
18%
17%
17%
18
17%
14%
15%
15
15%
15%
15
15%
15%
15
14%
1434
15%
♦104% 111% *105
111% *105
111% *105
111% *105
111% *105
111%
105% 105% *104% 108% *105
108% *105
108% *105
108% *105
108%
8
7%
8%
8
8
8%
7%
7%
8
8
7%
8%
*4%
5%
*4%
5%
*4%
5%
*4
*4%
5%;
*4
5'.
5%
21% 22%
22
21% 22%
23%
22%
23%
22% 23%
23% 24
♦17
19%
*18%
19%
*18%
19%
18%
18%
*18%
19%
*18%
19%
8%
8%
8%
8%
8%
8%
7%
8%
7%
8%
7%
8%
24
26
25
23% 25%
25
26%
25%
24% 25%
25% 26%
♦153
154
158% 154
154% 154% *145
158% *145
158% *145
158%
*120
135
*120
♦20
48% Sept
91
109
700
40
30% Nov
131% Mar
Oct 19
30,500
4,100
1,900
1,400
18%
18%
19%
18%
19%
18%
19%
153% 153% *153% 156
*153% 156
*153% 156
17
*16%
16%
16%
17
17
18
18
*75
*75
84%
*77
*77
84%
84%
39%
Deo
Jan
Nov 23
57,200
%
8
16%
Feb
105
6%
8
Nov
5
*71
12%
14%
11%
Oct
65
Dec
110
48% Mar
10
62
11%
35% Mar 10
$4.50 preferred
No par
Mont Ward A Co Inc.-No par
Morrel (J) A Co
No par
6
*7%
Oct 19
12
45
2
tMissouri Pacific.-
12%
54%
*13
72% Mar 5
26% Feb 23
6% May
31% Jan
40% Jan
534 Jan
zl7% Apr
Jan
No par
100
6%
Jan 16
122
No par
17
*45%
10%
14%
12%
8
41
Oct 19
Mission Corp
62
6%
9
47% Mar
3
Nov 24
1st pref-—
Mo-Kan-Texas RR
6
11
Nov
"9l" "Oct
15
cum
500
23%
47%
122
87
1,300
42
6%
11%
14%
12%
7%
Jan
Dec
100
8%
1,300
2,300
14,600
37"
*44%
10%
47
10%
16% Feb
Oct 18
14
10
Midland Steel Prod—-No par
49% Nov
21% Nov
108% Dec
2884 Deo
"5514 "Jan
Jan 13
Oct 19
Dec
33% Nov 23
4% Oct 19
5
Jan
14% Nov
Dec
12%
Feb 16
86
Nov 23
14
Mid Continent Petrol
Deo
93% Aug 13
20
1,000
78%
105
8
*95
2
Dec
Oct
8% Apr
3734 Jan
11% Apr
12
Jan
42
Minn Mollne Pow Impl No par
12%
107
17
101
5% conv 1st pref
100
Mercb A Mln Trans Co-No par
Mesta Machine Co.—
5
80
23%
56
38%
share
24
70
Minn-Honeywell Regu.No par
4% conv pref ser B
100
62
1234
*51%
14
24%
49%
59% Nov 27
3
5,000
3%
11%
2%
3%
18%
12%
21%
June
*95
1
2
%
per
16
112% Jan 14
34% Apr 19
-
No par
Miami Copper
19
share $
78% Dec
11% Oct 19
No par
150
400
42
12%
21%
5%
62
6%
46
11%
14%
12%
7%
19%
5,000
2
36
19
*105
46
*13%
11%
7%
35%
24%
40%
%
Oct 19
Highest
per
19
28% Jan
42% Jan
42% Mar
16% Mar
47% Jan
Oct 19
6
100
$
Mllw El Ry & Lt 6% pf-100
18
77
33
1
preferred
Mengel Co. (The)
190
*110%
%
19
12%
*54
2%
3%
*110%
35%
33%
24%
*23%
45
z40%
12l2
♦55
6,700
1
*1%
*1%
17%
3%
10%
2%
3%
*16%
2
17%
3%
10%
*3%
9%
2%
3%
16%
10
76
24
91
1
2
*1%
*1%
1%
3%
1
♦%
16%
41%
1,500
12,400
8,400
9%
No par
Stores
$5.50 pref ser B w w'sNo par
Melville Shoe
-—-No par
30
21%
27%
preferred
conv
$6 pref series A
780
41%
9
23
3%
10%
36%
14
87
17
34%
23%
%
14
41
9%
19%
17
17
*73%
20%
5%
20%
19%
2634
%
19%
20
6%
68%
20
*1%
1%
16%
42
40%
21
14%
3934
8%
19%
1
24
*23
1,800
3,500
*a4
*111
41%
♦23
48
5%
*92% 100
*92% 100
57%
61
59%
59%
103% 104
*103% 105
*103% 105
*7%
7
7%
7%
7%
7%
53%
54%
54
*51%
54
55
2%
3%
*3%
36%
46
46%
5%
21%
14%
3934
5%
2
3%
75
73%
34%
300
♦92% 100
58
58%
2
10
*110
36%
24%
41%
20
61
conv
Mead Corp
7,000
80
61
9%
19%
*21%
16%
3%
10%
*2
14%
$3
McLellan
6%
5
Lowest
$ per share
21
Sept 21
8% Dec 2
30% Oct 19
19% Oct 19
6% Oct 19
30
*67
share
per
12% Oct 19
McKesson A Robbing
1,600
70
1
16%
3%
16%
16
75
109
2
♦2
56
*%
♦1%
*1%
16%
3%
10%
2%
9%
2
7%
55
o
*1%
*1 •%
16%
104
7%
55
*114
3i«
10-38
104
7%
55
59%
81?
79%
1434
|
1
800
65
21%
16%
87
96
58
105
7%
56
*92%
60%
7%
*70
14%
4,200
34
Par
new
Mclntyre Porcupine Mines. _5
McKeeeport Tin Plate
10
12,900
70
41
87
23%
8%
Year 1936
Highest
McGraw-Hill Pub Co.-No par
1,900
8,500
*55
9
22%
87
100
61%
104
22
91
38
Range for Previous
On Basis of 160-Share Lots
v
McGraw Elec Co
900
*46
21%
*15%
9%
19'%
22%
90
100
69
19%
20
8%
94
14%
76
*39
16%
39%
*8
♦70
STOCK
Lowest
Shares
14%
9%
*33
YORK
7
EXCHANGE
63
5%
21%
39%
884
34
NEW
Dec. 4,
Range Since Jan. 1
Week
46%
5%
46%
5%
16%
40%
3934
39%
8%
19%
2084
5%
21%
8%
*33
14%
14%
8%
36%
2234
8%
9
8%
80
78%
14%
44
5%
2134
22%
8%
*32%
8%
38
13%
7
STOCKS
the
3
$ per share
22
3734
2234
37
Dec.
13%
8?4
37%
9
37%
38
Sales
Friday
2
$ per share
9
37%
8%
Dec.
37%
2234
38
CENT
Thursday
1
Dec.
14
9
9%
36%
33%
8%
Wednesday
$ per share
14
14
NOT PER
for
Tuesday
Nov. 27
SHARE,
Record—Continued—Page
Owens-Illlnola Glass Co. .12.50
Pacific Amer Fisheries Inc.—5
Pacific Coast
10
1st preferred
No par
2d
»
pref
New stock
4
No par
•>
Oaab sale.
*
Oct 19
Ex-dlv
v
Mar
June
8
9
79
Dec
83%
47
Jan
70
Nov
114
July
114
July
July
3% Jan
22
Deo
15
Deo
8% July
4% Jan
32%
29%
Dec
Deo
103% Aug 11
Jan
Mar
27% Feb
Ex-rtghta
7
2
13
Deo
t Called for redemption
Volume
LOW
SALE PRICES—PER
HIGH
AND
NEW
Saturday
Monday
Tuesday
Nov. 27
Nov. 29
Nov. 30
$ per share
$ per share
$ per share
14
14
14
15
14
Wednesday
*15%
26%
27
2634
27
26%
20%
26
26%
26%
39
38
38
37%
1134
38
13
37i2
38
37%
123s
12i2
12%
125s
12%
114
115
115
*134% 137%
*134% 139
*1234
13%
13%
13%
5
5
6*4
5i8
9%
*8i2
*8%
10
1%
*1%
1%
1%
43
45
45l2
45's
39
40
*39%
41
*91
95
*91
12l4
12l4
*115% 116
*115i2
134i2 134% 134i2 134i2 134%
*1234
13%
13i4
*1212
13%
5
5
5
5
5%
9
*858
9
9%
*83s
1%
li4
1%
1%
*1%
*39
43
44
*40
43%
*11414 118
40
40
41
*91
95
40%
95
*91
95
13%
123s
13
12%
13
95
95
95
95i2
9412
98i2
117g
24
11%
*2234
234
1218
24
30%
17*8
234
31
1738
*1%
2
25s
4%
*41
2
6
4%
41%
4%
41
68
66%
*2%
4%
24
1734
6%
11%
4%
41%
16
21%
22
21%
1
Oct 19
43%
43%
120
100
29
Oct 19
1,600
42
•
55" 900
12%
98%
900
11%
11%
2334
13
98*2
12%
96%
1178
2334
9,300
*23
1%
6
5%
11%
6%
6%
6%
12%
12%
4%
4%
4%
12%
4%
2,500
11
11%
5%
42%
1,100
6,600
Penney
2%
*2%
2%
2
2%
3
3
5%
*4%
4%
4%
4%
4%
4%
22%
22%
22
32
32
31
22
23
*30
34
22%
32
31
32
*32
38
36
38
80
*36
38%
38%
38%
40
40
290
*13%
10%
14%
*13%
10%
14%
*14
*5%
5%
25%
24
25%
23%
26
26%
27%
35
35
34%
35
34%
35
*33%
34%
7%
11%
13
*%
12%
13
*9
*2%
2%
95
*60
14
15
*13%
*%
19%
*41
*60
14%
*%
18-%
15
%
%
19%
1%
20
*2%
19%
12
*10%
13
*19%
9%
10
9%
9%
2%
3
2%
2%
1%
*1
1%
*10%
10
2%
*1
1%
4%
9%
10%
95
13
1,500
46
*78
*9
18
300
1%
18
2
2
2
95
*60
"7,400
2
*60
95
2%
16%
590
1%
♦%
1%
400
19
18%
19%
xl8%
19%
6,400
12
12
*11%
%
18%
*10
15
15%
10%
10%
10%
*11%
9%
3%
2%
2%
2%
10%
2%
*%
1%
1%
4%
9%
*%
4%
9%
9%
29%
29%
4
4
1,500
11
29%
28
29
29%
30%
46
47%
46%
46
45% 47
46%
46%
116%
116% 116%
116% *116
116% 116% *116
37
36
37
37
36%
36
36%
36% 37%
36%
36% 37%
95%
95%
95%
*94
*94%
95%
*94%
94%
95%
94%
95%
*93%
108
108
*106% 110
108
*106
*104% 108
108
*103
*103% 108
6,400
28%
*27
47
47
46
116
116
116
28
*122
124
*121
128
*122
128
*123
*136
142
*136
138
*133
138
*134
*123
138
126
125
138
*133
lll»ai
Ill"u
11%
111»« lll"»t
95
95
*90
14
14
*85
98
51
zl3%
13%
7%
*13%
*95
54
51%
5%
5
*95
8%
7
4%
23
23
*22
19%
20
20
12%
111«» 111253S
8%
7%
7
95
8%
8%
8
11%
12%
7%
96
11%
13%
7
*22%
20
8%
8%
13%
7%
8%
*13%
6%
14%
7%
8%
*14%
7
98
*75
98
*87%
51%
4%
5%
52%
4%
x49%
51
49%
23
21%
22
20%
20
4%
19%
20%
20%
20%
22
22%
34
*25
34
*26
*27%
26
26
26
*20
25%
*24%
25%
*24%
25%
4
*4
5
*4
5
4
4
*36%
1%
*1%
*7%
9
*8%
*36%
*1%
1%
10
58
*8
58
10
*38%
55
*38%
*1%
*1%
1%
*7%
8%
8
9%
1%
9%
*9%
*10%
9%
14%
9%
*10%
13%
*58
78
*60
70
*60
70
*58
72
*77
80
*75
80
79
79
♦76%
2%
79%
17%
18%
9%
*10%
13%
9%
9%
*10%
17%
14
13%
9%
17%
11%
13%
12%
14%
11%
13%
13
♦
"2%
2%
2%
2%
2%
2%
2%
2%
18%
17%
18%
17%
18%
72%
*75
78%
68
*65
68
73
72
72
72
*68%
75
69
69
*65
17
78%
15%
14%
30
30
*28%
38
*30
38
*29
*92
*92
97
*92
97
*92
*
70
"l8~
*80
9%
43%
*59%
10%
4%
*9%
18%
92
10
44%
60
11%
5%
11
*46%
50
24
24
*
70
~17%
*85
9%
43%
60
*10
4%
10%
47%
*22
18
92
*
70
"l8~
♦95
9
10
43%
43%
60
10%
59%
*10
18
92
60
10%
48%
24
24
2%
2%
2%
30%
30%
31%
1%
1%
3%
*4%
1%
3%
*4%
7
*4%
7
*7%
30
*7%
12
•
10
3%
3%
7
10
*4%
*10
Bid aad asked prices; as tales ©» this
day.
200
14%
*77%
78%
31
32
300
92
92
92
50
70
18
"17%
92
9%
43%
8%
43%
*60
24
3%
31%
1%
3%
5
*49%
21%
*2%
29%
1%
3
*5
*11%
64
17%
8%
43
9
43%
*59%
*9%
10
64
5%
11,100
700
50
50
1,000
800
1%
x22%
*2%
32%
1%
24
3%
3%
22%
3%
31%
3%
100
33%
5,200
1%
3%
400
7
*5
7
20
*11
30
2,400
X In ree«l*ersbiD
a
70
Def delivery.
8% Oct 19
% Oct 19
13
Oct 19
127g Nov 19
7
Oct 19
»4 Oct 19
Oct 19
43%
114% Mar 25
...100
100
No par
100
Aug 30
Feb 4
Jan 22
3% Jan 22
15% Jan 20
31% Feb 11
31
Feb 10
86
Feb 11
65%
Jan 16
118% Jan
1
4
30% Oct 19
91
Oct 20
52% Jan 21
112% Feb 8
Oct 19
Oct 25
128% Jan 21
140% Jan 20
162% Jan 25
113% Jan 25
72% Feb 4
103%
117
132
Sept 29
110
June 17
26% Oct 19
8%
Oct 19
107iaJune 28
85
Oct 18
5% Oct 19
13% Dec
4%
1
Oct 19
2
18% Nov 24
34
Nov 22
24% Dec 3
3% Oct 19
50
Oct 19
24% Feb 3
112% Feb 27
79
Nov 30
1% Oct 19
115
Nov
5
Jan 15
80
Oct
Oct
103*8
Feb
113% Apr
128
Apr
146
Apr
112
36%
Jan
Jan
10
Aug
103
May
16% Oct
9% May
83% Jan
68% Apr
5
Jan
Jan
8
37
Jan
43% Jan
13% Jan 16
Jan 20
83
4% Mar
30
Mar
8
9%
Jan
65% Oct
1% Apr
12% May
16
Aug
35% Mar 31
0
94% Jan 30
17% Aug
81
Dec
Feb 18
99% Sept
9% Feb 18
4% July
110
47% Mar 11
Apr 23
16% Apr
69
124
77
07
Oct 26
110% Mar 10
78% May
9
Oct 19
49% Apr 14
10
98
24% June
12% Oct 19
Nov 25
26% Nov 24
Dec
88
60
2
Nov 19
Apr 14
Apr 17
95*4 Jan 26
30% Jan 14
139
12% Oct 19
Nov 12
8
Oct 19
112
80
Jan
8
July
Apr
10% Nov 9
4% Oct 19
Feb 23
4
86% Mar 10
38
June 4
Oct 19
9% Feb 19
05
Mar 11
4*4 Mar 17
11% Feb 25
3% Oct 20
20% Mar
10
Nov
Ex-dlv.
y
19|
58% Sept
8% Nov
6% Oct 29
31% Feb
44% Nov 23
17% Oct 19
1
Dee
22% May
105
Apr
50
14
1
Apr
92
25
Jan 26
Nov 26
Apr
90
8
Jan
9
May
34% Jan 22
67
x
17%
Jan
68
Cash nMo.
17%
57*8 Oct
40% May
116% Deo
39
Apr
39
Oct 19
r
Jan
6% May
Jan 11
49
1% Oct 15
New »u cfc
Jan
1%
Jan
26% Nov 24
*
Jan
4%
35%
6% preferred
...100
X St Louts Southwestern. _ 100
6% preferred
100
Joseph Lead
May
12
28%
Mar
Oct 19
t St Louis-Ban Francisco..
20
8
47
pref.....100
10
100
Rutland RR 7%
St
Jan
1% Apr
11% Jan
10% Apr 19
37% Aug 25
Oct 19
Capper Mines
Ruberold Co (The)
No par
Oot
Jan
21
9% May
65
Antelope
June
2%
91% May
43
No par
14
58%
Feb 15
10
Pow
No par
Jan
1% May
23% Feb 25
18% Jan 21
12% Mar 6
107
B.10
Corp
Roan
Jan 12
29% Mar
6
10
6
Apr 22
8% Oct 19
61% Nov 8
Rltter Dental Mfg
Oil
3
29%
22%
33%
11%
22% Feb
Common..
Richfield
47% Mar
Oct 21
.....
Rhine Westphalia El A
10
Jan 12
49
8% Feb 1
July 14
8% Oct 19
9% Oct 19
Reynolds (R J) Tob class
90
11%
56%
Class A
3,500
5%
28
141
9
8
5X% conv pref
Reynods Spring
11,000
Oct 22
1% Oct 19
x97% Apr 29
No par
Revere Copper A Brass
2,400
*10%
5%
10
18
92
*85
Jan 12
Sept 11
Co
7% preferred
6H% preferred
Reynolds Metals Co
70
8%
x43%
*
17%
*85
7
~~
20
32
♦
64
Reliable Stores Corp
Reliance Mfg
300
92
30
—
Mar 10
4
1
6% conv preferred
100
6% conv prior pref ser A. 100
2%
90
11,800
122
No par
100
Republic Steel Corp -_.Ne par
78%
2%
Co,
Rets (Robt) A
1st preferred
500
70
*75
18%
6
100
11,100
*58
2%
60
4% 1st preferred
60
4% 2d preferred.........60
19% 112,300
14%
70
18%
Nt par
Manhattan. A# par
10
Remington Rand
1
Preferred with warrants..25
Rensselaer A Bar RR Co
100
Reo Motor Car......
6
3,700
10
*1%
1,800
13
16
*9%
*2%
100
10
67
5%
11%
56%
31
10
9%
*10%
1%
23% Dec
2
19% Dec
63.50 conv let pref__N# par
Real 811k Hosiery
8
Mar
tRadio-Kelt h-Orph
Preferred
15%
10lo
*21
300
Feb
7*8 Apr
43
Raybestos
Reading
176
Oct 19
97*2 Nov 17
48% Nov 24
2% Oct 19
66 preferred B
300
67
5
*50%
24%
15
*9%
50
*2
3%
*60
*10
30
3%
9
43%
5
2%
3%
*85
10%
30%
*1%
17%
1,400
2,600
69
88
70
5
*2
1%
*
9%
43%
30
*1%
15%
10%
49%
5%
10%
24
16%
N# par
No par
*29%
96
15%
Corp..10
15
38
97
Quaker Bute Otl Ref
Radio Corp of Amer
9%
13%
Nt par
300
11%
8
100
100
18% conv preferred
6% preferred
Purity Bakeries.
200
*38%
*1%
*8%
1%
Nt par
Pore Oil (The)
45
45
$5_N» par
No par
57,200
*65
15%
14
15
*4
78
*58
17%
*71
Pullman Inc...
300
5
24%
100
..100
100
8% preferred
33%
4
81
20%
No par
No par
Pub Ser El A Gaa pf
5,300
*27
26
*1%
45,100
13,400
34
*25
*36%
14,000
51%
21
34
4%
98
*27
34
*4
-
5%
5
4%
20%
15
7%
98
53%
22%
20%
-
360
7%
52%
4%
12%
-
7,100
14
98
5%
11%
12%
-
8%
8%
98
52
11%
-
111«M lll"a2 lllMjj 111»M *lll«ii 112
*94
95%
95
*95
95% *95
8%
98
12%
80
•
1
..—6
..60
7% preferred
Mar
7
8
20
pf.100
66 preferred
155
Jan
190
2% Oct 19
5% Oct 19
5% Oct 19
20
Oct 19
6% preferred
100
Jan 18
Mar
176
1% Oct 19
5% Dt (ser oi Feb, 1 *29). 100
of N J..N# par
200
100% Aug 14
Apr 12
Dec
Jan
7% June
35% Apr
2
76% Jan 22
14% Aug 16
A.N# par
Nt par
Pub Serv Corp
200
138
*111% 113
*111% 113
*111% 113% *111% 112% *111% 113
*111% 113
33%
30
32%
32%
31%
31%
30%
31%
30%
30%
31%
29%
12%
No par
Procter A Gamble
8
% Nov 24
..26
6% conv 1st pref
6% conv 2d pref...
18% Jan
July
27% Dec
49% Dec
174% Apr 23
4% Oct 19
45
..100
t Postal Tel A Cable 7%
180
125
*133
124
11%
5,100
46%
116
Oct 19
Jan
70
Feb 17
56
May
6% July
9% Jau 20
4% Oct 19
1
Pressed Steel Car Co Inc
400
38%
6
July 26
74% Jan 13
20% Apr 5
33% Jan 18
578 Nov 30
48% Dec 2
165
Mar
7% Apr
68
64
Oct 19
Jan
66
87% Jan
Nov 19
25
1
Jau 16
20
Oct 19
4
20%
Pocahon._N« pen
Class B
1.200
26
12,500
3% Feb
95% Aug 31
30% Oct 19
2% Oct 19
27
Oct 19
37
Jan 12
14
Oct 19
Nov 22
50
No par
Porto Rle-Am Tob cl
2
% Oct 16
Oct 19
Jan
81% jan
3% Jan
8% Jan
1% July
8
7% Feb
5% Oct 19
unstamped
100
Pittsburgh A West Va
100
Plttston Co (The)
No par
Plymouth Oil Co
6
500
100% Jan
June 28
Oct 18
8
6% preferred...
Pittsburgh United...
1,600
10%
9%
25%
45t2
100
%
*9
3%
54% Jan 14
2%
No par
100
7% pref class B
2%
*3%
9%
10
59% Mar 10
65
No par
Pittsburgh Steel Co
2%
%
11
9%
28
18% Nov 22
50
..50
Poor A Co olass B
9
4%
9%
10% June
No par
Pitts Term Coal Corp..
3,500
*9
9
*8%
13% Feb 19
2
$5 conv pref
Pond Creek
12
Oct 19
34% Nov 26
...100
11%
9%
4%
9%
10
8%
Jan
21% Mar 11
12% June
3
Flour Mills
10%
9%
4
4
*9
Jan
16
Conv pref
*%
15
15%
56
7% gtd conv pref..
100
Plttsb Screw A Bolt...No par
400
8%
45
%
1%
4%
5,800
8
1%
8
Jan 11
Oct 19
76
Pltte Ft W A Chicago
8%
12%
Jan
25
5
6% preferred
40
54%
*50
91
Pitts Coke A Iron Corp No par
*166
48
15%
12
500
1,500
25% Apr
64% Jan
Oct 15
pref... 100
26
shares'
Pittsburgh Coal of Pa
100
200
6
12%
95
*60
1%
19%
8
35%
7
Nov 26
No par
preferred
PUlsbury
5
Jan
17
93
Pirelli Co of Italy "Am
6
45
*9
500
Jan
4
87
11
Pierce Oil 8% conv
1,900
21%
~~8~
00
1%
—
*31%
7%
34
13%
1%
—
46
13
2%
15
21%
*
6
7%
•'
7%
7
6%
21%
34
4
Mar
48% Mar
3
Dec
35
7% preferred
100
Phillips Petroleum....,No par
Phoenix Hosiery
6
Preferred
.100
200
Apr
Oct 19
9
Phillip Morris A Co Ltd...10
35,100
3%
Feb
Mar
38
par
Am.
Phillips Jones Corp
41%
30
110
6
Mar
100
No
Milk
Phila A Read C A I
1,600
8,300
77
*29%
48%
18
*9
2%
34
%
9
65% Feb
63
Oct 15
3
36
Jan
June
17
116% Jan 27
110% Sept 27
22
Oct 19
100
100
7% preferred
8%
*166
8
1%
14
*10
2%
8%
*6%
56
*45
1%
79%
*5
6
13%
12%
~~7~
*31%
169
7%
8%
50
*%
%
95
*60
12%
12%
13
*9
2%
8
8%
77%
40%
3%
100
2
Dec
31
No par
JPhlla Rapid Tran Co
70
4
76%
*50
28% Apr
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...50
2%
*3%
%
39%
50% Mar 17
$6
%
46
54%
*49
*166
169
6%
*21%
*
35
4
3%
*29%
6%
*5
6
49%
49%
50
%
1
*32%
*166
*3
21%
"*7%
34%
8%
*41
50
*41
8
8%
8%
34%
5%
54%
169
*166
37%
46
"*2%
2%
Oct 19
Pfelffer Brewing Co. ..No par
70
77
*50
34
*6%
*21%
*
~*7%
6%
6%
*49%
55
169
7
37
*6%
3%
*29%
21%
74%
40
*3
34
*
7%
34%
*32
7%
*6
*48%
7
37
38%
3%
*29%
6%
21%
215g
"7%
7%
*3
*3%
%
77
*50
77
41
39%
7
35
8%
*50
21%
76
79
*6%
34
*
37
77%
8%
77
3%
*28
7
*6%
~*2%
4
5%
*
70
%
70
3%
21%
%
40
38%
34
*3%
%
8
*50
3%
~*2%
3%
76
*6%
41
2%
%
%
76
*
64%
2%
3%
4
%
*
70
~*2%
2%
3%
70
*166
*
5%
5%
20
Petroleum Corp of
800
5%
5
50
6% Prior preferred
5% preferred
3,000
24
8%
35
12
5%
70
77
~~7%
11%
11
35
%
*29%
6%
*21%
11
Jan
28%
Pet
.
24%
4
♦
11%
14%
1,500
44,000
"*2~
2%
*3%
11%
38
*33
4%
76% Feb
29% Feb 10
Pere Marquette
300
38
3% June
2
1
Oct 19
People's GLAC (Chic)..100
Peoria A Eastern
100
1,800
38%
14%
12% Feb
Nov 24
6% conv preferred
38
Mar
Oct 19
1%
14
Peoples Drug 8tores
400
32% Nov
Jan
Aug
69
15
Pennsylvania RR
29,300
38%
60
8
6% Jan 23
Jan
No par
17 conv pref ser A
600
Dec
5% Jan
47% Mar
6% June
103% Mar
2%
No par
Cement
Deo
37%
10% May
Penn G1 Sand Corp v t 0No par
700
17%
23%
A Coke Corp...10
Coal
22%
Jan1
9
64
Nov 23
57% Nov 23
1% Oct 19
No par
C)
Penn-Dlxle
3,400
24
24
*15%
22%
Penn
800
(J
37
No par
Penlck A Ford
71%
*13%
11%
5%
*
%
39%
7% Feb 18
3
Jan
4%
23% Mar 11
Oct 19
14%
*34
70
*48
Oct 19
2%
*5%
35
74%
*6%
Oct 19
8
23%
24%
34%
4
4
38
11%
5%
23%
~*2~
No par
Patlno Mines A EnterprlVo par
38%
*14
14%
*
Pathe Film Corp
9,300
2,400
Peerless Corp
Deo
Deo
40% May
23
Apr
7% Jan 14
10% Jan 5
Deo
25
174
2% July
Oct 19
69%
18
17%
44% Feb 3
29% Aug 25
Oct 19
109*8
8% Aug
Jan 28
1%
37%
37
12
June
34% Jan 5
8% Feb 25
18% Oct 19
Co.f_.2.50
59
Parmelee Trans porta'n.No par
400]
42
24
26%
Oct 19
69
'
Oct 19
28
42
*16
8
No par
67
*23
200% Jan 28
Oct 19
Parker Rust Proof
18%
1%
Oct 19
1
1,100
18%
2
80%
1
2,000
18
Apr
July
100
10
Parke Davis A Co
Utah
Jan
7% Aug
28% Jan 28
1
Park
18%
4% Apr
74*8 Apr
97*8 Feb
Jan
67
Oct 19
Inc
6,500
Jan
1%
103
8%
CM
278
32%
38
39
36
*14
Park-Tllford
200
278
31%
Oct
6%
1
6% 1st preferred
6% 2d preferred
Dec
13%
20%
11% Apr
109% Mar 18
x95
100
23*8
Jan
12% Aug
Jan 20
4% Jan 25
121
J fay 13
90
M ar 10
32% Nov 23
Sept 30
No par
4% conv preferred
Paramount Pictures Inc
95
*1%
16%
6
tPanhandle Prod A Ref No par
17%
24
29% Apr
500
31%
24
July
1%
1%
*16
Dec
152
9i8
42
16
153
Jan
*1%
68%
24
Jan
140
17%
41%
16
118
2
12% Feb 18
66
24
4
Jan
Oct 19
cony preferred
Parafflne Co Inc
Dec
Jan
Oct 19
8%
July
149
7
*109% 114
*109% 114
*109% 114
*109% 114
*110% 114
*110% 114
36
36
35
35
36%
36
37
37%
37%
37%
37%
37%
5
5%
*4%
5%
*4%
5%
*4%
*4%
*4%
5%
5%
*4%
*13
*12
16
*13
14
15%
16%
14
15%
12%
*12%
12%
*34
10
47%
152
4
5
34
Corp
Packard Motor Car
41%
68
15%
22%
*30
Oil
Western
Pac
58% July
No par
3134
18
4%
100
Dec
14% May
9
Pan-Amer Petrol A Trans p.. 5
*41
2%
12
100
6% preferred
1,200
2%
5%
*14%
80
44%
Jan
44%
300
234
32
1%
5%
11%
4%
67%
.2%
24
14%
34
3134
2
24
23%
*30
3134
17%
Pacific Telep A Teleg
110
41
51,700
*91
*23
278
10%
Jan
5%
4034
1034
234
x34%
No par
share
Deo
30%
53% Jan 14
Oct 19
Oct 19
110
Nov 22
133
Apr 28
12% Oct 19
No par
Corp..
per
39% Nov
30
5
43
11%
24
Pacific Mills
Oct 19
1*2
95
1138
3
*1%
6%
11%
4%
z41%
6%
5%
5%
17%
11%
11%
2%
67%
2%
234
3134
31%
1 778
*1%
68
*23
2%
31%
1778
6%
11%
4%
41%
6%
11
113s
115s
24
Pacific Ltg
1,700
share %
per
32% Jan 14
38
Jan 12
Oct 19
*9
95
113g
*23
11%
24
3,000
11
22
9%
40*2
1258
*90
7,300
I
6 per share
share
6 per
Lowest
Highest
5%
*91
98i2
12t8
12i2
Par
Pacific Finance Corp (Cal).lO
Pacific Gaa <fc Electrlo
25
600
*15%
1578
1578
26%
27
205S
38
38%
38%
12%
1234
12%
115% 115%
119i2
134i2 *134% 137%
1378
14
13i4
Year 1936
100-Shaie Lots
Lowest
Shares
$ per share
$ per share
$ per share
15
15i4
On Basis of
STOCK
YORK
EXCHANGE
Week
3
Dec.
2
Dec.
38%
115
Friday
Thursday
1
Dec.
the
Range for Previous
Ranoe Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
for
*14
3617
New York Stock Record—Continued—Page 8
14S
5
37% Mar 11
Ex-rlgkU.
19% Feb
32
5%
22
1%
2%
7%
18
Jan
June
July
Jan
Jan
Jan
Jan
1 Galled for redemption.
New York Stock
3618
LOW
HALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
Record—Continued—Page 9
Sales
CENT
STOCK8
for
Tuesday
Monday
Saturday
Nov. 27
Not. 29
Nov. 30
$ per share
$ per share
$ per share
22%
24
24%
*
2434
£23%
90
90
90
102
101
102
91%
91%
105
*103
15%
15%
15
15%
*15
28%
28
28%
28
29
77
74%
74%
*74%
1%
1
1
1
5%
6
35%
%
2%
21%
2%
21%
4%
57%
15%
4%
5334
1434
9
3%
*21%
*3%
54%
4%
56%
15%
1534
15%
9%
£8%
8%
19%
65
*18%
5%
63
63
63
63
5
5
*43%
28
16%
57
53%
5
5%
18
18
*62%
64%
62%
62%
65
65
5%
5%
5
5
4478
29%
44
45
*45%
*26
27
*26
*88%
71
70
*97
103
*97
20
21
22
*14
16
29%
*97
22
23
22
30%
90
88%
30%
88%
*87
90
100
73%
71
71
72
73
73
73
680
*98
102
*98
102
100
100
10
22
23
23
1,700
Smith (A
16
*14%
11%
14%
11%
1,900
102
23%
22%
15%
15%
11%
11%
11%
*13%
11%
15%
15
15%
15
113%
2%
25%
26%
*25
2%
25%
25%
*132
115
140
*132
21
21
21
21%
21%
20%
13%
19%
20%
20
21%
13%
12%
13
19
20%
13
18%
*28%
3%
20
*34
42
2%
*8%
*48%
9
*8%
9
75
75
75
24%
13%
27
21
21
13%
13%
"*3%
*33
3%
40%
3%
42
3
3%
20
*
__
21%
40%
"3%
*35
3
42
3
3
15
15
14
16
13%
13%
41
*39
41
40
11
*22"
40
11%
11%
52%
11
11%
50%
53
1978
8%
51%
21
19%
8%
8%
104% 104%
*3%
334
6
6%
12%
12%
23% 24%
28
29%
2078
£52
20%
8%
9
104
104% 104%
*3%
3%
5%
6%
11%
1278
30%
32%
32%
20%
8%
104
3%
5%
3%
12%
3%
45%
21
55%
55%
55%
56
56
56%
56%
10%
10%
10%
10%
10%
10%
10
*9%
15%
10%
10
10
10
16%
6%
49%
*47%
15%
16%
9%
15%
6
6%
49
48%
6
123
120
33%
9%
16%
15%
6%
5%
49
48%
120
213%
14
13%
14
13%
26
26%
25%
2%
27
3
26
27
26
3
15%
15%
15%
15
19
19
*8%
16%
12%
24%
24%
8%
6%
7%
*8%
16%
23%
7%
12%
17
24%
8%
6%
6%
7%
6%
*7
8
*7
*43%
*4%
44%
*43%
5
5
7
7%
39%
6%
37%
38%
3%
29%
7%
7%
4
3%
31%
8%
7%
19%
*19
25
31
7%
7
19%
25
*55
*24
59
*5%
*56
5%
1
4
*55
5%
65
*56
4
4%
*
35
"*2"
2%
*4%
5
14%
3%
14%
3%
►
*4%
14%
2%
*19%
*8%
£10%
24%
17
10
27
200
3
234
14%
15%
20
*19
12%
17%
24%
*8%
16%
*24
51%
22%
8%
52%
23%
3,300
8%
17,900
3%
5%
104
3
3%
5%
12%
5%
23%
27%
*1%
24
8,500
1%
400
30%
31%
34%
19,800
32%
35%
36
36
10
10%
*9%
10
45%
23%
57%
10%
*9%
15%
46%
23%
56%
45%
22%
56%
10%
9%
15%
14%
5%
15%
48
6
48%
48
5%
*120% 123
14
13%
26
23%
2%
2%
13%
14%
20
19%
19%
12%
*8%
12%
17
16%
16%
13%
26%
234
15%
24%
24
24
58%
11%
10
15%
5%
6%
48
*46%
■120% 123
14%
14%
26%
2%
8%
8%
6%
7%
*7%
7%
*7%
7%
*43%
7
40%
4%
39%
3%
£29%
7%
7%
30%
8%
7%
30
19
*5
7
7%
7
*43%
4%
5%
7%
39%
3%
7
38%
3%
30%
8%
7%
29%
7%
7%
19%
49
30
3
20
1934
20
25%
24
24
*23
60
*55
24%
60
*55
59
*55
60
3%
»
*5
5%
56
*55%
3%
4%
*
35
"*2~
*5%
56
4
35
"*2~
2%
6
57
2%
5
5
6
14%
3%
14%
14%
14%
3%
15%
*434
14%
14%
3%
3%
3%
14
14
13%
14%
91%
15
13%
15%
80
5
3%
1
20
5%
56
3%
7%
3%
8%
7%
20%
23%
*55
4
*4%
14%
3%
2384 Jan 12
35
Aug 14
5*4 Apr
6% Jan
73% June
2984 May
16% Apr
13% Jan
60
44
28
31
Feb 26
2
Oct 19
Jan 18
49
Nov 23
16
Nov
95% Apr 28
48% Mar 8
16% Jan 20
8
7% Oct 19
101
1
Oct 20
2% Oct 19
2% Oct 19
5
56
No par
10
104% Oct
14% Mar
32% Mar
8
8
Aug
36% July 12
25
Standard Oil of New Jersey.25
Starrett Co (The) L S._No par
42
Nov 24
76
Mar
9
20
Nov 26
48
Mar
5
55% Jan
24*4 May
1,800
Sterling Products Ino
64
Nov
4,200
Stewart-Warner
1,200
400
Standard Oil of Kansas
...10
30,100
10
8,800
600
"4",500
1,800
400
57,900
5.600
5,400
65
16% Apr
33% Jan 29
1
3
20
No par
100
48
118
10
9
18
No par
(The)
6% preferred......
6,900
35
5
*4%
14%
14%
1,600
3%
6,600
13%
600
16%
12,500
300
Aug
6
20
18
Oct 13
7% Oct 19
15% Oct 19
22% Oct 19
Symington-Gould Corp ww__l
434 Oct 19
4% Oct 19
6% Oct 19
60
42
5
....5
4
Texas Corp
(The)
Texas Gulf Produc'g Co No
Sulphur
2
par
5
Oct 19
Oct 19
2334 Oct 19
53s Oct 19
5% Oct 19
No par
Texas Pacific Coal & Oil
Nov
5% Oct 19
3434 Oct 19
25
10
100
4
20%
28%
33%
23%
10
50
5H% preferred
Telautograph Corp
Tennessee Corp
Jan
Feb 3
Mar 2
Mar 11
Ji*n 25
25
1
125
61%
7%
47%
39%
Sutherland Paper Co
Sweets Co of Amer (The)
9
Feb 17
77% Jan 11
Oct 19
Oct 19
Without warrants
Jan
14%
9%
Jan
Jan
15% Nov 19
Dee
Jan
Mar
Mar
Jan
17% Jan
15% Jan
8
31
20
21
8
3
8% Jan 12
15% Mar 3
Jan
60
Jan
6*4 Mar
42% Deo
9% July
23
6%
Jan
37%
Jan
13% Nov
26% Nov
35% Jan
20% Apr
28% Apr
15
Nov
20%
15%
6*4 May
5% Apr
28% Jan
13
Deo
55%
Deo
65% Apr 22
9% Mar 15
44
Mar 30
6
Nov
33
Jan
16% Jan 22
15% Jan 28
54% Mar 6
28
7% Jan
9% June
Jan
59
The Fair
No par
Nov 23
36
2% Oct 19
Sept 25
1% Oct 19
13% Mar
1
93% Jan
13% Feb
£40
Sept
4
3
2
Oct 19
28% Feb 11
1% Oct 19
6% Oct 19
13% Oct 19
10% Jan 25
40% Jan 25
4% Nov 23
80
82
82
12%
13%
13%
12%
13%
12%
13%
12%
13
13%
13%
4,500
Tim ken Detroit Axle
42
43%
42%
43%
11%
6%
8%
4%
11
11%
6%
43%
11%
6%
42%
10%
43
11
42%
10%
6%
41%
10%
42%
42%
Tlmken Roller Bearing.No par
36
Oct 19
79
Feb
4
11
43%
11%
6,900
11%
10.700
10
Oct 19
17
6
Aug
Deo
6%
5%
6%
6
8
6%
10,500
4
Oct 19
8
4
8%
4%
7%
4%
800
4
Transue A Williams St'l No par
4%
5,600
Trl-Continental Corp..No par
56 preferred
No par
22%
27%
11%
109%
9%
Jan
8% Deo
44*4 Nov
15% Feb
14% Mar
49
July
48% Nov
63%
Oct
16
Nov
110
Feb
12% Mar
Jan
"9% "Feb
8%
Jan
24%
4%
Jan
13% Nov
32*4 July
2
9
Transamerlca Corp
2
Transcont & West'n Air Inc. 5
Oct
8% May
*3%
10
25
Mar
8*4 June
85
8% Jan 13
15% Mar 5
par
Deo
57% Feb
33% Apr
3% Oct 20
Oct
12% Nov
Jan 13
par
30% Deo
15% Oct
3
Feb 19
Thompson (J R)
Thompson Prods Inc..No
Thorn pson-Starrett Co. No
Deo
27
48
10
31
70% Deo
40% Oct
78% Nov
24% Apr
Mar
64
100
Jan
Nov
Oct 19
Third Avenue Ry
Deo
47% Feb
48% Deo
91
Oct 19
55
Deo
72%
3%
125
19
.100
1
62
Jan
65
...
Nov
118
No par
pref
37
Dec
No par
conv
24% Aug
70
Thatcher Mfg
53.60 conv pref
Preferred....
Thermold Co..
Oct
Jan
20% July 12
8
Swift International Ltd
Oct
92%
17% Jan 20
Oct 19
Swift & Co
53 div
""206
2%
2
1% Oct 19
1
Texas & Pacific Ry Co
2%
Oct 19
Dec
100
...
Texas Pacific Land Trust.-.1
70
j an
Mar
Jan 29
6,000
"""206
32*4
Feb 11
6,100
300
9
75
Sunshine Mining Co
Texas Gulf
Feb
21
Talcott Ino (Jamee)
4,500
60
7
8
1
Stone & Webster
Studebaker Corp
Sun Oil
Jan 12
5% Oct 19
884 Oct 19
6% Oct 19
...6
Stokely Bros <fc Co Inc
21,500
1,100
10
27
36*4
13% Mar
9% Feb
27% Deo
6% Apr
9% Jan
24% Apr
26*4 Apr
35
700
114% Nov
9% Mar
9% July
12% Jan 22
Oct 19
Feb 19
20,800
Oct
43% Nov
18% Nov
50
50,600
Oct
82
21*4 Apr
14% Apr
28% Oct 19
26% Oct 19
30%May 14
Standard Oil of Calif ..No pat
Standard Oil of Indiana
25
Det
11% Nov
2
Feb
*
26% Dee
63% Mar
2
prior pref
Mar
32% July
47% Oct
Jan
Jan 11
cum
57 cum prior pref
No par
Stand Investing Corp_.No par
160
28% Feb 11
3%
*13%
14%
78%
12%
14%
14%
15
79
79
6%
8%
3%
14%
88
~*6%
*8%
21%
*25
5%
*46
6
9%
23
29
5%
50
6%
*7%
4%
*80
6%
23
22
30
28%
5%
28%
*27
*5
*47
69%
19%
87%
5%
50
8%
2%
49
21
48%
10%
68%
20%
69%
21%
88%
87
88
*22%
22%
18%
19%
6%
23
2%
82
*80
6%
22%
2%
10%
6%
88
10
*2%
48%
10%
67%
*
6%
*80
*8
8
82
86
*80
10
8%
50
79
14%
*8
7%
i-
6% July
63% June
101% Mar
4
6,600
5
12% Apr
72% Jan
2
14%
3%
Jan
65
8,400
4
Feb
July
7% Feb
35% Aug
54%
8% Oct 19
Superheater Co (The) ..No par
57
Jan
25
23%
114
59
2
No par
Superior Steel
5%
*5%
150
Oct 19
60
57
Mar
3% July
Apr
26
Jan
Jan
No par
Superior Oil
7%
22
23%
110
Oct 19
14,200
35
"2"
30% Deo
17% Nov
Sept
12% May
Jan
Feb
54 preferred
2,900
49
5
7%
42%
3%
30%
30
8%
*24
5%
Jan
21
Nov 22
8
41
25
56
Nov
72
19
94
Oct 20
47% Deo
Apr
34
36
13% Nov 30
Dec
Nov
6
* Oct 19
40
64
40% June
1
7%
*4%
7%
41%
3%
Jan
Mar
Mar
Jan
Jan
Deo
Deo
Deo
45
20
16
17
7
60% Mar
65%
11%
77%
104%
9%
Nov
Nov
85
14
24%
9%
*43%
5
1
10
No par
fStand Gas & El Co
2
73% Sept 20
1
54.50 pref
Stand Comm Tobacco
Oct 19
Jan
20
par
17,400
12%
*7%
7
No par
5,600
17
6%
*5
Conv 54.50 pref.... .No
Square D Co class B
Standard Brands
3
9
32% Jan 13
05«s Mar 11
433s Mar 17
Oct 19
Oct 18
Dec
Nov
8
Jan 11
June
155
Oct 25
Oct 19
1% Oct 19
35% Oct 19
76
Oct 21
1% Oct 19
2
5,800
20
*8%
16%
24%
9
par
2%
15%
£20
6%
49
53 conv preferred A..No
Spiegel Inc
28
14%
6%
100
55.50 preferred
No par
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Spicer Mfg Co
No par
2,200
28%
34
56%
2,500
10,500
23
44%
22
800
12
8%
38%
3%
4%
104
1.160
12
6%
7
3,800
52%
21%
£8%
8%
104
104
8%
39%
4
31%
8%
7%
19%
9,500
40
21
,
200
18,300
*43%
60
15
14%
*7%
53
13%
*35
7%
44%
5%
7%
2%
12%
8%
44%
5%
35
~*2~
75
*20%
22
*119% 123
15%
19
2,600
9
*
40
50%
20%
4434
*20
14%
19
3%
8%
*39
9
31%
32%
34
2%
3%
Spalding (A G) <k Bros.No par
1st preferred
100
Spang Chalfant dc Co 6% pflOO
Sparks Wlthlngton....No par
Spear <fc Co....
......1
30%
32%
45
15
400
31%
33%
33%
20
*120
3%
41%
31%
33%
34
123
*3%
3%
30%
32%
22%
♦120
15
28
31%
32%
45
6
100
Mobile & Ohio Stk tr ctfs 100
27%
1%
35
100
6% preferred..
200
*1%
44%
*20%
Southern Railway
12,900
28
26
*30
30,500
115
17% Oct 19
17
23%
1%
22
25
28
27%
45%
130
100
Southern Calif Edison
Southern Pacific Co
13%
24
35
2,500
22
*1
44
Oct 19
Mar 18
13%
23
21
13
22
20
32%
40% fob 16
29% Febl5
23% Aug 14
40%
1
30%
Oct 19
60,600
11%
24
13
8% preferred
21
40%
3
Smith & Cor Typewr_.No par
Snider Packing Corp...No par
142
20%
21%
10%
5%
Mar
54%
22%
14%
28
1%
*132
10%
3%
120
Oct 19
110
Nor
Sept
6% Feb 26
14%
40%
12%
June 17
13
42% Jan 12
9%
5%
.
96
10
20% Oct 19
75
11%
578
No par
So Porto Rico Sugar...No par
*13%
*103% 104
64
1,500
*38
9
MarlO
27
13%
20%
19% Jan
97% Dec
197
934 Oct 19
Deo
7%
101%
31%
19%
32%
104%
11%
132
60% Apr 22
102% Feb 4
Nov 24
O) Corp.....
2% Dec
8% Deo
44
19% Jan
£3% June
Dec
8% July
Nov 23
56 preferred
Feb
Feb
28% Deo
127% Nov
14% Jan
48% Oct
684 Jan
102
67
26% Nov 24
....100
26%
1
29
30%
£52
9
Jan
30% Apr
14% Apr
88
25
6% preferred
26%
50,200
Jan
100
Skelly Oil Co
Slosa Sheff Steel <fc Iron
1% Oct 19
12%
1078
52%
Mar 16
Socony Vacuum Oil Co Inc. 15
Solvay Am Corp6M% pref 100
14%
10%
68
4% Apr 21
26
Oct 8
4
4%
20%
43%
8
South Am Gold <fc Platinum. 1
41
14%
Jan 21
Feb
200
15%
3
"22"
10
65
Oct 19
Jan
July
4%
44
Nov 26
2% Nov
19
89
1
10,000
2%
*8%
13%
*40
21
11%
23%
27%
2378
27
*1
13
2,500
112
38
*
25
32%
10
Feb
34% Feb 19
1053s Feb 2
17% Mar 11
5% Oct 19
17% Oct 19
Stmonds Saw & Steel..No par
MarlO
17% Nov
55% Nov
101% Mar
Jan
Jan
14
114% Mar
Apr
Jan
3
5%
11%
22%
23%
1%
978
75
81m ins Petroleum
%
2
30% Aug
3% July
69% Jan
15%
120
49% Nov
1% May
7% June
11%
20%
112
37%
3
*8%
1,800
Dec
4
Feb
2%
3%
42
*
16
*39
18%
91
100
2,200
2%
June
17% Feb 10
42% Mar 10
2
Dec
1
2%
21
*25
preferred
31
11%
44
Silver King Coalition Mlnee_5
Simmons Co
.No par
22
2%
34
Oct 19
62% Dec 2
3% Oct 19
No par
2
6
98% Aug 18
6% Oct 19
15
9
8% Jan
64% Apr
11% Mar
3% Oct 19
pref ser A.N0 par
20%
21
3%
3
9
*8%
10,900
142
13%
*37
24%
19%
12%
40%
*3%
23%
21
21
19%
23%
2%
21%
30%
99%
*132
21%
20%
*25
3%
20
142
12%
75
*20%
12%
*48%
*20%
13%
*
3,400
2%
26%
*132
8%
14% ,15%
*110
115
3
19%
140
11%
15%
21%
19%
12%
*13%
115
2%
20%
26
20%
15
*110
2%
21
140
29
*85%
11%
11%
*110
2%
21%
22%
15
2%
conv
22
15%
112
5H%
30
2%
3% Feb
Oct 19
14% Nov 22
22
8%
11
45% Jan 14
2% Jan 2
24% Oct 20
700
8%
8%
22
Nor
23% Feb 10
Sheaffer (W A) Pen Co. No par
24
11%
2%
102
con?
114
Oct 19
Oct 19
Shell Union OH
10
5,300
8%
14%
112
53.50
200
17%
22%
2%
11
2%
48
27
17
Aug
93
1% Oct 19
No par
No par
No par
Sharpe & Dohme
108
110% Sept
34% Nov 26
% Oct 19
—
24%
2%
*14
*13%
600
5,000
Dee
6
3
37% July
100
Sharon Steel Corp
55 conv pref
8%
2%
21%
102%
1,500
5%
97% *100
90
49%
5
97%
71
*30
3,700
97
*88
30%
31%
16.700
8%
97
71
*1
15%
20
97
90
10%
50%
8%
17%
71
40%
15%
8%
19
15%
Line
Air
99
5184 Mar 17
1
No par
No par
4-2% preferred
Dec
98% Mar 15
49% Nov 23
13% Oct 19
tSeaboard
July
96
6
Nov 29
Seagrave Corp
No par
Sears, Roebuck & Co..No par
Serve! Inc
—1
Shattuck (F G)
No par
8%
19%
8%
Oct 19
share
per
27
Mar
Nov 23
24%
74%
%
3%
100
8% preferred
Scott Paper Co
700
30.100
16%
*89
tSchulte Retail Stores
3,100
58
17
24
11
__
Jan 13
Highest
share $
per
2
100
700
4%
55%
16%
30
27% Mar
5^% preferred
No par
Schenley Distillers Corp
5
16
*26
21
Feb
Seaboard Oil Co of Del. No par
*43
22%
32%
Jan
113
5,100
17%
8%
113
4,500
27
*94%
Nov 22
Nov 26
%
45
8
90
100
3%
23%
4%
16%
25%
2%
21%
29%
103
%
4
15%
46
Oct 29
3%
55%
15
Oct 19
92
22%
4
55
21
3%
27
8
*132
1
35.400
570
38
Lowest
I
share
per
100
100
100
21%
*43
23%
2%
*110
1%
8%
*7
37%
Range for Pretious
Year 1936
Highest
5
share
per
No par
200
76
VI
J0%
93%
*30
*
1%
8
37%
27
8
*2%
*21%
1.300
9.300
45
16%
93%
24%
2%
7%
23
14%
30%
53%
14%
8%
3%
3%
15%
20
14%
9
5% preferred
0% preferred
7% preferred
Savage Atxbh Corp
Safeway Stores
80
91%
29
*20
'
10%
94
♦91
3%
Par
4,000
105
*75
*43
49
*26
1%
21%
55
19
3
21
*334
3%
22
4%
14
*7
37%
*%
3%
20%
1
8%
18%
*62%
9
18%
1%
*%
3
9%
75
8%
21%
19
29%
75
37%
3
91
J
13%
29%
1%
24
{ *103
14
Lowest
Shares
92
91%'
105
75%
*7
1
24
4,
EXCHANGE
Week
3
*
.
28%
37
203«
19
QO
*103
8'%
%
Dec.
$ per share
23%
*9l"
91
37%
£36
1
%
1
23%
105
13-%
28%
*74%
75%
1%
1%
8%
8%
36%
36
3534
"9l"
2
*
92
*103
17
27%
*74%
Dec.
Range Since Jan. 1
On Basis of 10O-Shar* Lou
STOCK
YORK
NEW
the
Friday
$ per share
24
23
¥
92
90
*100
1
Dec.
$ per share
24
*
92
92
Thursday
Wednesday
Dec.
*81%
22%
18%
10%
*47
11%
88
6%
50
2%
*2%
48%
10%
69%
20%
2%
50%
10%
72%
21%
91
*82%
22%
23
19%
19%
20%
*86%
88
23
8
4%
*80
88
*80
6%
*45
2%
88
8
4
52
8%
83
*8%
£21
7%
2%
49%
10%
£48%
72
£68
10
6%
19%
77
No par
10
"~8J66
300
5%
Oct 19
33a Oct 19
86
Twin City Rap Trans..No par
Preferred
.100
52
8
2%
48%
10%
71
83
22%
19%
6%
10
*45
8%
49
t In receivership,
400
50%
10
71%
20%
88%
*83%
22%
19%
"4" 100
2%
*2
10
Union Pacific
600
22%
600
20%
42.600
delivery.
.....
26% Mar
8
Mar 13
17% Jan 22
Oct 19
94
Jan 20
Oct 19
25
9
Oct 19
o% Jan 25
100% Jan 8
18% Sept 17
111
17% Oct 19
80
Nov 23
100
148% Mar 16
Feb 20
28% Feb
4
100
r
78
Oct 19
22
Nov 24
31% Feb
4
10% Oct 19
35% Mar
5
Cash sale,
x
Jan
39*4 Feb
21% Deo
Jao
27%
Apr
74% Nofl
Jao
10% May
7% Jan
27% Apr
22% Dee
14%
93
Jan
12
110
Deo
Feb
Oct
4% Jan
7% Apr
22% June
31% Apr
8*4 May
65% Jan
109
2% June
74% June
8% Jan
102% Deo
9% Nov
28
Deo
38% Nov
47% Nov
17% Deo
Mar 29
No par
4% preferred
Union Tank Car
New stock,
3
61% Nov 23
United Aircraft Corp.......5
s
Jan 21
Mar
50
1% Oct 19
46% Nov 24
Under Elliott Fisher Co No par
3,300
8
7
No par
5,400
12
Jan 11
Jan 22
Mar
40
Union Bag A Pap new.No par
Union Carbide A Carb. No par
Union OU California
25
20%
90
Def
Ulen A Co
Apr
14%
12%
40% Mar 13
Nov 23
2% Oct 19
8% Mar
26
58
25
...1
2,800
28,100
a
Twin Coach Co
Nov 16
Jan
21% Feb 4
98% Aug 13
28% Feb 11
4% Oct 19
7% Oct 16
18% Oct 19
20th Cen Fox Film Corp No par
3,600
74%
87
No par
10
Truscon Steel
52
8%
Truax Traer Coal
Nov 24
8% Oct 19
51.60 preferred.. ...No par
600
87
Bid and asked prloes.; no salee on this day;
pref
5%
20%
22%
conv
10
22
29%
86%
£19
54.50
par
5%
88
19%
T.266
No
pref
Tide Water Assoc Oil
5%
20
22%
88
com
21%
28%
'
*22
700
53 50
6%
*8%
21%
*27%
10
20%
83
86
8
*4%
8%
*82
4
£28%
*44
13%
15%
4
22%
28%
5%
8%
x87
*7%
22%
28%
8%
49
15%
10
*5
14
15
*8
5%
10%
69%
20%
*13%
3
Ex-dlv.
y
9984 Jan 13
Ex-rights.
71% Jan
20% Aug
108% Jan
90% Jan
22% Jan
20% Apr
Deo
l05"4
Nov
28% Feb
149% Aug
100
June
31%
Feb
32%
Feb
T Called tot redemption.
SALE PRICES—PER
HIGH
AND
LOW
; $ -per
8
8%
lh
8%
*9
10
1812
1812
18;%
18'i8
48
49
47i2
2212
22i2
4%
34l2
22l2
4%
4%
337g
7
34
t
*
,
538
5%
32
32
53
121*
*6%
8%'
9
\
914
6634
8
66
66%
1%
*1
*7
8
*7
87g
*7
*32
*32
40
8%
834
*31
40
66
67
160
*180
*31
20
2038
21U
20%
2034
20%
21%
20%
2034
5U
5%
5%
5%
5%
5%
9%
S34
834
5%
9%
5%
87g
8%
9
•70
86
*70
86
9%
*70
29
31
z29
31
29%
6I4
26%
6
2534
27
26%
28%
5H2
6%
27%
55%
3934
6%
53
54
53%
55
56%
56%
58
56%
60
6%
6%
6438
53%
10334 1043g
1037g
54%
♦117i2 128
*117%
*14314
*143%
4%
438
"4%
238
2%
6334
♦38
2%
*30
5734
64%
64%
56%
*63
i
86
11%
1%
%
68
300
I6I4
22
*
7g
78
h
7g
78
32
*22
30
17%
217g
*16%
17%
22%
36%
26>4
26%
106i2 106%
37g
25
3684
*m
61
4%
4%
27
25%
*$.3
434
|4%
4
.33s
3%
,
412
4
8%
jg 81
19%
J*737S
79
74%
93s
9
834
26%
4
.
12
38
*
60
*_.--
43s
118
*113
*113
65
*55
65
*56
64
*56
120
♦119
125
*119
125
*119
3
*2%
>
5
*3%
*2%
5
4%
4
438
2%
43s
8
20%
74%
8
8
8
20
20
20
20
*72
9%
834
*737g
834
9
4%
77
2%
43g
*3%
*11%
12%
3%
*12
45
*40
45
*35
33s
3%
45
83s
43%
3%
42%
33s
43
♦9%
20%
15
11%
2134
15%
15
15%
15%
26%
28
2634
267s
27
3
3
12
10
20%
21%
8%
-
378
10%
21%
15%
273g
*1%
1%
2834
*28
74
*73%
7%
3%
1%
29
8
7%
7h
44
*38
3%
*39
43g
334
12
12
27
*1%
1%
3
*2%
1%
*1%
73%
91
92
92
*95
95%
95%
95%
96%
96%
97
97
98
98%
*85%
90
85%
86
85%
85%
119
*118
119
112
*112
113
28
24%
98
*124
*15%
*32%
1378
24%
♦75
*90
25
*80
*59
18
*1734
18
478
47g
5
5
934
*7%
934
9
9
1%
*1%
3
3
13»
1%
1%
3
3
3%
2978
28
29%
2434
243g
25
101%
_
16%
347S
14
24%
105
95
2534
105
59%
97% 101
123% 123%
16
*15%
*31% 3478
13%
13%
28% 2934
24% 25%
99% 103
1243s 1243s
16
♦31%
1334
17
347g
1334
24
24
24
24
*75
105
*75
105
*90
24
95
*90%
24
2534
95
25%
28
85%
28%
87
85%
29
73%
87
•
*80
*90%
95
24
24
105
*80
*80
105
*497g
62
*497g
60
16
*15
16
15
15
10%
10%
*497g
*15%
1034
10%
10%
10%
10%
*978
11
!*io%
1034
10%
10%
10%
10%
*10
•
57S
*53%
37%
18%
*2
2
2
16
2%
3%
2%1
*2
2%
15%
15%
15
15%
2%
2%
3%
634
*2
38%
38
39
38
39%
38
38%
38
38%
193s
1734
18%
18
18%
18%
19
1734
187g
19
19%
69%
*65%
57
58
*57%
38%
40%
40%
4034
45
48
49
52%
*52
51%
597g
*49%
65
49%
597g
51%
*49
*52
63
63
25
25
11%
95
26%
*83
26%
63
2634
7% pref.100
100
preferred
Supply Co.-.10
300
3,900
8,600
11,500
37,200
70
800
"l"500
500
5,100
100
"""266
8,200
300
500
400
38%
17,100
6,100
6%
100
100
preferred
Telegraph.100
Westlngh'se Air Brake.No par
Westinghouse El A Mfg
50
1st preferred
60
Weston Elec Instrum't.No par
Class A
No par
Westvaco Chlor Prod ..No par
5% conv preferred
30
Wheeling A L Erie Ry. Co.lOO
5H% conv preferred. ..100
Wheeling Steel Corp...No par.
Preferred
100
$5 conv prior pref...No par\
WhiteDent'lMfgCo(The SS> 20.
White Motor Co
1
White Rk Min Spr ctl.-No part
Western Union
White Sewing
M&ch
$4 conv preferred
Wilcox Oil A Gas
$6
No par
1034
z27%
10%
1,100
31,000
95
*89
95
22
22%
22
22%
38%
39%
37%
39%
*747g
80
747S
80
20%
193s
203s
1978
20
19
19%
183g
19%
3%
3%
3%
3
3
22
22
393g
*747g
41%
1834
3%
1934
80
3%
Feb
an1
Apr
30
8
2
Oct 19
40
Oct 19
434 Oct 19
Oct 19
"6% "Jan
8
60% Feb 1
1084 Feb 26
99% Mar 2
69% Jan 23
7h Oct 19
36
197# Jan
Jan
18
107s
Apr
4738
9%
5
Jan
2%
Jan
Apr
44
Apr
Jan
2% Oct 19
12% Jan 25
4%
9
Nov 24
35% Jan 16
157S
Jan
16
Oct 19
21
Apr
19%
Apr
MarlO
46
11% Oct 19
38% Feb 19
Oct 19
6084 Aug 10
20
1
6
6% June
Mar 17
33% June
984 Feb
2% Oct 19
1
July 15
23% Oct 19
66
73% Nov 20
84% Feb
2% Jan
1
4
78
Aug
Feb
Jan
Oct 25
Oct 20
108
109
Aug 26
Feb 11
9184
88
96
Jan
76
Oct 23
103
Aug 26
87
Feb
116%
III84
Jan
Jan
84
117% Oct 19
110% Apr 9
16
Oct 19
90
123% Mar
115% Jan
9
8
29% July 12
series
2,100
30,400
100
7,000
6,200
Feb
6% Aug
72% May
96% NOV
6
3484
Jan
87% Nov 23
Oct 18
167% Jan 22
170
Jan 22
123%
x5Q7g Deo
153% Oct
160
Oct
IO84 Oct 19
3038 Jan 22
39 May 6
36%
113
31% Nov 19
1034 Oct 19
75
Nov 23
Oct 19
93
Nov 20
23
19
Oct 19
75
Nov 23
60
Oct 18
57«4 Mar
Jan
Jan
22% June
94%
Jan
32
July
3478 Jan 7
115
Apr 13
126
Aug 6
31»4 Nov
34
Jan
35%
Mar 11
21% July
84
July
65
126% Aug 14
9034 Aug 31
99
333a Feb 16
18%
187» Jan 25
13»4 July
684 Mar 22
46% Jan
4
1»4 Oct 19
6% Jan 25
2% Nov 19
6% Nov 24
4% Oct 19
3%
16
2»4
Feb
Apr
Apr
Jan
5% Sept
Oct 19
100
100
10
40
Oct 19
12
Sept
12% Feb 27
9l»4 Mar 2
653s Jan 20
47
Jan 22
112% Mar 26
100
Mar 10
34% Nov
4034 Dec
54
Nov
Oct 19
Apr
23%
Apr
66
Apr
47
Jan
5
38
6% June
June
70
44'4
1
45
3
Nov 27
Jan
128
Mar
6
62%
58% Oct 19
76
Jan
7
63
Aug
22% Nov 22
7% Oct 19
85
Nov 23
62% Jan 27
33%
373s Feb 16
Jan 23
83%
Apr
Jan
Jan
46% Feb 15
42% July
21
Oct 19
34% Nov 24
70
Oct 25
12
Oct 19
2% Oct 19
142
1017s Mar
115
6
Jan 27
4384 Aug 31
9%
Jan 16
884
4184
105
11%
91
July *120
23%May 15
1% Oct 19
Oct 19
Jan
39
19*4 June
8% Oct 19
11
33<4
Oct
27% Feb 23
14% Oct 19
6
Oct 19
12
cl B..1
100
Wire.-No par
Youngstown S A T.—.No par
5H% preferred
100
Zenith Radio Corp
No par
Zonite Products Corp
1
Yellow Truck A Coach
Feb
978
11% Mar 17
54% Oct 20
pref 4)4 % convserleslO
Feb
4
83% Jan 22
Oct 19
Aeronautical—No par
lh Nov
1% Oct 19
Nov 29
Prior
434 Mar 17
25% Oct 19
1734 Oct 19
35
Wrlgley (Wm) Jr (Del) .No par
Yale A Towne Mfg Co
25
Preferred
Oct 15
52
Co
WorthlngtonPAM (Del)No par
Wool worth (F W)
Young Spring A
1
100
10
preferred
Wright
27%
85
9%
19% Feb 11
49
12%
"""600
40
Oct 19
23% Sept
63
22
7% Oct 19
18
Jan
4% June
Mar 17
Apr
52%
68%
3734
5
16
Apr
*60
217g
2% Aug
1838 Mar 16
15
*57
*747g
10% Mar 16
2% Oct 19
2
~~8%
*50
85%
2
Oct 16
2% Oct 19
11734 Feb
6
61%
H3g
Aug
6
63
27%
Aug
1134 Mar
627g
10
70
120
23% Mar
51
27%
Jan
Mar 12
98
122% Jan 11
5% Oct 19
4%
51
*87%
Oct 23
62
*114%
2% Oct 19
*60
86%
4
100
*56
1034
6%
Western Auto
Prior pref 4)4 %
10%
Mar
100
63
3
west Penn Power
Preferred A 7%
85
135
Maryland
60
3
6%
100,
100
preferred
preferred
Preferred B 6%
11%
3%
7%
10
85
3
$4 conv preferred
No par
West Penn El class A —No par
400
3878
*70
.No par
Co
1
Wesson Oil A Snowdrift No par
1,400
1,000
21%
75
1
Wayne Pump Co
Webster Eisenlohr
43
10%
11984 Sept 23
2d preferred
Western Pacific
6234
267g
267g
Class B
61
85
May
Apr
A—No par
No par
Preferred
100
Warner Bros Pictures
5
$3.85 conv pref
No par
J Warren Bros
.No par
$3 convertible pref.-No par
Warren Fdy A Pipe
No par
Waukesha Motor Co
5
Ward Baking class
69%
11
14
Apr
*40
95
Apr
5
177g
*63%
37%
2134
39%
75
3
26%
103s
63
4
Jan
26%
*58
21%
21%
37%
19%
6234
*52
63
7
37
51% July 15
40%
69%
*57
6534
37
Mar
12»4 Jan
Oct 20
3% Oct 19
8
Oct 20
61
*64
62
*65%
55
37
*63%
109
Feb 16
115
May
4% Jan
28>4 Aug
6
Oct 19
40%
69%
68
60
63
6%
6
57%
72
6
17
Wilson A Co Inc
6%
534
*53%
12«4 Apr
7438 Apr
Apr
32
6,100
6
55
634
80
Jan
Feb
Walk(H)Good & W Ltd No par
Preferred
No par
6
6
55
6%
2% Oct 19
18% Oct 19
105 June 29
May 12
Mar 27
110%
40
a:
92% Aug 18
1884 Mar 11
634
6
58
6%
38
10%
3
47
5
73% Dec 3
3% Oct 19
2,800
1,600
3
3534 Nov 24
66
Sept 27
Apr
28'4
44% Jan 20
Mar
June
16%
393gMar 11
115
July
30
58% Jan 20
Oct 19
Jan
1
4)4% pref with warrants 100
Walworth Co
No par
No par
No par
6
Willys-Overland Motors
-1
6% conv pref
10
2%
9% Oct 19
14% Oct 19
97
Jan
3%
47g Jan 13
2% Jan 20
Western
700
57g
6%
634
3
..No par
No par
Co
% Oct 19
16
Oct 19
Mar
100
1,300
*52%
578
3%
100
100
100
preferred A---5% preferred B
6%
34 Oct 19
Apr
57%
800
2%
53
63s
2,100
1534
52
6%
6%
*3
3
37
*80
23g
1534
*2%
113g
10%
55
3
*55
63
2%
*2
16
278
6%
57g
*55%
37%
3
110
60
63
11%
6%
90
105
10%
3
90
*80
113s
2%
27
*15
10%
*2%
25%
*52
15%
*2%
210
95
237g
20
120
95
*90
63
2
90
95
105
15%
2%
99%
95
*59
2
130
*90
*80
15%
95
•••
247g
Vick Chemical Co...
Wells Fargo A
73%
*80
15
2%]
90
800
700
105
*80
16
16
99%
2,400
"
1~700
105% 1097g
98% 10534
9834 101
*125
124% 124% *124%
16
16
16
16%
15% 15%
*32
*32
347g
347g
*31% 347g
14%
1334
1334
1334
1334
*13%
2434
*237g
2434
*237g
24% 24%
11%
2%
73%
*91
1,300
1,200
29%
119%
119% *118
118% *118
113
113
113
112% 112% *112
173g
173g
173g
17%
17%
17%
5
5%
5%
47g
*45g
47g
9
934
9
*8%
*8%
*8%
1%
*1%
13g
1%
13s
*1%
3
3
3%
234 ■3
234
283g
2634
27%
2534
27% 28
24
25%
24
24%
2334
2434
10
15%
29
27g
1%
118
15
*15
900
273g
*2%
*1%
*28%
73%
91
112
300
18,600
47g
2534
25%
27g
73%
118
28", 100
14
16
74
112
1,500
20%
16%
90
17%
40
45
16
90
11834
4%
8%
12%
20%
89
5
90
45
16
89
17%
J Wabash Railway
100
3%
2134
88
*47g
*634
1%
27g
600
2,400
4,600
70
*15
74
17
5
Vlck Shreve & Pac Ry Co.100
Va-Carollna Chem....No par
6% preferred
..100
Va El & Pow $6 pref...No par
Virginia Iron Coal A Coke.100
5% preferred
100
Virginia Ry Co 6% pref.-.lOO
Vulcan Detinnlng
100
Preferred100
4%
*19%
2634
100
1st preferred
300
12
15%
26%
5
Van Raalte Co Inc
7%
"2600
2,200
20%
88
112
Vanadium Corp of Am.No par
800
2%
47g
*9%
*73
•118
ll",900
"
20
*1%
28%
*73%
28%
3%
7h
44
*37
334
278
3
3
3%
*30
45
33s
1%
3%
*35%
7h
3%
*1%
27%
tUtilltiee Pow & Light A
1
Vadsco Sales
..No par
Preferred
100
""166
12%
3%
234
50
13
*12
234
Jan 18
23,700
2,400
13
*35
108
4134
*183g
*12%
734
153
Oct 20
Walgreen
12%
*40
Jan 19
29
Waldorf System
*12
33s
Jan 21
Universal Pictures 1st pref .100
400
12
May 17
86
164
preferred
1,400
1834
•<
Apr
6784 May
21
Nov 29
8%
2,600
*183g
20
5
9% Feb 9
8% Feb 5
84% Jan 11
27g Oct 19
1
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
8%
18%
40
160
Oct 25
74%
9%
4134
187g
*18%
3%
*7%
6
Oct 19
20%
1878
40
Jan
1
*8%
*18
83s
169
46
20%
73%
z9
9
41
40
40
40
41
40
8%
20%
20
77
*73
77
9
9%
4%
8%
4%
2%
*4%
*3%
3
1878
45
Apr 29
Nov 26
125
120
3
4%
338
*18%
8
147
Apr
Oct
No par
64
*55
187g
♦39
131
Corp
16 conv pref. A
118
*18%
3%
9
Nov 22'
4%
2634
♦113
40%
3
Mar
11
26
25
2434
24% 25%
107
10634 *104
106% 10634 *104
4
4
4
4
*3% 7 4
1234
12
*11
12
1234
1234
3938
12
136
5,400
1,700
60
"4"
4%
4%
*112% 118
40
40
61
.
"*4%
173g
21%
*9734110
38% 38%
Jan
Oct 22
140
16%
38
Jan
463g
47
21
118
8
8
20
20
a
*
4%
*1134
12
16%
15%
21%
21%
*9734 110
115%
114
United Stores class A..No par
26
♦22
26
*22
16%
21%
126%Mar 11
150
Jan 22
135
13g
78
h
26
*9734 110
37%
3634
61
<;
h
Jan
68%
...100
United Stockyards
30
1%
Jan
753$ Jan 18
No par
Tobacco
Preferred
100
37
153a
10678 10678
1--4
4
*11%
12
Preferred-...100
U S
1,100
54
37
1%
1%
h
21
*22
*9734 110
36% 36%
*112% 118
*11214 118
*52%
65
*52
6478
*118% 125
*.118l2 125
*3
*2134
10634 10684
4
4
*1134
7«
*9734110
4%
4
1%
*....
65
"4%
48% Nov 23
100% Oct 19
..100
U 8 Steel Corp
Jan
72% July
100
11
♦50%
*130
36
35
34%
1%
*21
*9734 110
*35i2 3634
50
Preferred
140
11
56
136
135
34%
1634
17%
22
*50%
1%
37
*34%
f
11
♦107g
13g
^■22
32
*22
I
11
50%
1%
33
.
50
65
135
1638
723gMar31
Jan
Apr
47
Feb 18
8% 1st preferred
U S Smelting Ref & Min
9
193g Jan 12
Jan
21%
7%
Mar 11
5734
72% Mar
Oct 19
24
Oct
71
112
105
2834
preferred
Jan
Aug
10
22% Mar 17
Mar 30
6% Oct 19
Sept 23
Jan
Aug
4%
15% Mar 13
334 Oct 19
85
1938
31% Aug
118
66
50%
*130
49
52% Nov 23
63
Oct 21
61
11
50%
135
87«
•
9
45% Nov 23
66
13s
1%
34
*49
*130
43% Feb
100
60%
*63
68
Feb 10
23% Mar 22
70
Mar 22
No par
59
60%
60%
*63
172
U S Rubber
7,200
63,200
11,600
5,000
6%
6
4
Oct 20
3% Oct 18
20
Oct 19
52%
55
Apr
.100
20
No par
5%
25%
27%
10
Nov
87
24% June
80% May
160
May
U S Realty & Impt
54%
534
2534
52»4
11
11
11%
50%
33
33
33
,
31%
Jan
U S Pipe & Foundry
86
30%
30%
57g
27%
55%
28%
3034
6
Jan
2
~8"66o
Prior
27%
2938
Apr
91
20% Jan 19
16% Oct 19
Partlc & conv class A.No par
13
3
347g Jan 13
Feb 3
6% Oct 19
No par
U S Leather
2,500
1,800
534
9%
9
137
x34
5)4% conv pref
50
U S Industrial Alcobol.lVo par
113% July
Jan 14
Nov 23
154% Nov
Corp...6
...
135
135
135
v
*70
86
Gypsum
7% preferred
"9",900
2134
834
...20
100
U S
U S Hoffman Maoh
Jan
3% Jan 28
4% Oct 20
5% Oct 19
53
Doc
109
2
2484 Mar
100% Feb
84 Oct 19
100
....No par
8%
1034 Nov
17
Nov 23
70
100
No par
prererred...
U S Freight
700
5%
8%
*70
Conv
10
593
186,700
67
54
57%
5534
53%
54%
56%
6,400
106
106% 108
105
106
106%
106
106
107%
200
120
120
128
*117% 122% *117% 125
*117% 122
*14434
*14434
*143% .... *143%
"2~500
4%
"4%
4%
4%
4%
4%
4%
4%
2%
2,700
2%
2%
2%
2%
2%
2%
2%
2%
*
*
100
6334
6 334
50
50
*35
6334
6334
*49
*127
$6 first preferred...
105
32% June
66% Jan
14% Nov
Mar
11378 Jan 14
16% Feb 8
3% Oct 19
6% Oct 19
U S & Foreign Secur...No par
55%
11
50%
Oct 20
1,700
21%
534
K
IH4
*47%
Oct 19
42
21%
*3%
8%
86
*70
68
*63
9
101
United Paperboard
Feb
29% Aug
June
July
No par
.10
preferred
$5
9
*36
37
4
9% Mar 11
2% Oct 19
United Gas Improvt___No par
161
8%
8%
8%
Jan
Feb
9%
16%
Jan
63
1,900
13,000
68%
62
8%
39%
Nov 16
15
93
8684 Mar 19
Fruit
U S Dlstrlb Corp
9
87g
160
160
160
159%
834
8%
8%
9
80
100
2634 Apr 19
106% Feb 26
Oct 19
100
834
i%
9
68%
6% Oct 19
8
Oct 19
1%
*8%
65%
10
Mar
16
52
300
♦1
4878 Aug
8% Jan 14
4678 Jan 14
Oct 19
No par
800
♦65
538 Apr
40% Apr
IOS4 Apr
2
24
2,200
7
75
35% Nov
5
United
7%■: 7%
75
5%
7
96»4 Nov
Jan
5
11,800
1%
68%
157
157
157 ;
*5
♦65
7%
Jan
22%
Mar 17
United Electric Coal Cos
11%
102% 102%
5%
5%
102
Oct
68
35
Oct 19
Preferred
*1
9%
64
6214
159
155
8%
8U
"32
397s
56
11%
55%
11%
102
111
3
91
Oct 19
5
Jan
117
6
Feb
2
20
4434 Dec
United Eng & Fdy
1,500
5,600
59%
11%
Z5634
30%
11784 Feb
25% Oct 19
United Dyewood Corp
12",400
638
37
37
31% Feb 10
Jan 11
Oct 15
.....No par
No par
5
preferred
13
United Drug Ino
85
6%
6%
35%
110
United Carr Fast Corp No par
5,800
7,200
II2
♦II
1%
*7%
9%
1%
♦
85
35
75
♦65
75
900
37g
8
♦1
*7g
7%
7%
7%
10%
9%
55
*65
70
934
7%
""5%
55%
55
11%
11%
1134
102
102U *100
5%
6%
5%
6
7%
7%
♦60
70
United Corp..
7%
33%
6%
978
*95
534
534
7l2
714
53,700
34%
par
No par
United Carbon
22%
x334
1H2
12
4,400
1,000
33%
6%
35%
Preferred
per
2438 Jan 12
Oct 19
Highest
share $ per share
13
Jan
25% Sept
37% Nov
16% Apr
33% Nov
24% Mar
$
share
per
Oct 19
100
No
United Biscuit
600
10
45%
21%
7
15
United Amer Bo8ch__.Aro par
4678
22%
4%
3334
7%
45
23
4%
85
5®4
35%
6
37
54l2
0414
zlDg
*
85
300
$
share
5% Oct 19
$ ver
5
Un Air Lines Transport
10,600
9%
177S
*110%
113
4434
10
10
10
5%
*102% 10212
6
534
70
10
17%
17%
8%
9%
1778
10
113
share
§ per
8
8%
lh
10
73s
67g
714
33
5312
53»4
11*8
;0258 104
17%
2634
32
*9?8
85
512
32
1S«2
*17
7%
10
85
534
7
7i4
10
10
*7
*111% 113
*111%113
....
45%
46%
x46%
47i2
49
22%
23%
22% 2258
22l2
4
4%
4%
4-%
43S
34%
34%
347g ; 33'4 34%
*111%
111%
8%
11%
17%
lh
812
10
♦8
10
Par
•■■■<
Shares
Lowest
Highest
Lowest
Week
Dec.
$ per share
$ per share
$ per share
$ ver share
share
8
10
EXCHANGE
the
Friday
3
Thursday
Dec.
2
Wednesday
Dec.
1
Tuesday
Nov. 30
Monday
Nov. 29
Nov. 27
100-Share Lots
On Basis of
STOCK
NEW YORK
Range for Previous
Year 1936
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
for
Saturday
3619
New York Stock Record—Concluded—Page 10
145
Volume
Jan
Jan
Jan
5*4 July
Oct
Nov
Oct
397s Deo
109%
Feb
3620
Dec.
NEW
YORK
1937
4,
STOCK EXCHANGE
Record,Bond
Friday, Weekly and Yearly
NOTICE—Prices
"and
are
Interest"—except for income and defaulted bonds.
Cash and deferred delivery sales
they are the only transactions of the week, and when selling outside of the
regular weekly range are shown In
No account Is taken of such sales In computing the
range for the year.
unless
occur.
Friday
BONDS
N. Y.
Ended
Week
Week's
Last
EXCHANGE
STOCK
Dec.
Range
Sale
3
Bid
dk
Since
Jan. 1
Treasury 3s
116.15
44
113.16121.14
107
46
104.2
109.26
111.28 111.24
♦Sinking fund 7s of 1926
111.30
16
109.12115.20
♦Sinking fund 7s of 1927
Copenhagen (City) 5s—
25-year gold 4 Ha
15
16
Treasury 3Hs—.June 15
Treasury 3 Ha—Dec. 15
June
110.7
110.7
107.15
102.15
1
103*23
103.16
103.25
71
104.21
104.29
23
105*28
105.28
105.30
10
J
1940-1943 J
1941-1943 M
1946-1949 J
1949-1952 J
—Aug. 16 1941
Treasury 3 Ha—Apr. 16 1944-1946
Treasury 2Hs—.Mar. 15 1955-1960
Treasury 2Ha
Sept. 16 1945-1947
110.12
98
Z106.10 106.24
105*17
105.12
105.5
*10*6*20
F
Treasury 3%b
106.20
106.24 106.23
A
107.12114.9
104.28110.18
101
106.28
.1957 F
102.20108.24
♦Costa Rica (Rep of)
68
102.24108.18
106.23
21
104.24108 24
38
104
109.25
99
104.30
99.2
104.10
192
98.4
46
May 16 1944-1949 M N
100.18100.16
102.23
102.27
105.23
104.10
100.28
68
101.6
100
100.27
62
99.24105.3
98.28103.2
20
20
1
20
21
4
20
30
29
97
101
6
6
1945
J
■
♦External
sec s
♦External
sec s f
X6
J
1945
♦External
1957
O
7s 3d series.1957
o
Antwerp (City) external 5s
1968
Argentine (National Government)—
30
20 H
20
6
6
O
f 7s 2d series. 1967
101
6H
6H
20
D
6
**5
0
6X
2
8
20 X
B%
6
5H
5H
17 H
5X
*5H
8
98
17
16 H
16 H
5H
97
102
5H
<z97
97
13
BX
S f external 4Hs
1971
93 %
89H
94%
71
S f extl conv loan 4s Feb
1972 F
88M 103 H
86 H
86
81
86 H
86 H
90
80
8 f extl
loan 4s
conv
Apr
Australia 30-year 5s
A
1972
81 %
104%
105
41
104 H
104H
104H
18
104H 110
100
41
103H
103%
1957 M
External g 4 Ha of 1928—--.1956 M N
Austrian (Govt) s 17s
—.1957 J
♦Bavaria (Free State) 6 Ha
Belgium 25-yr extl 0Hs
External
s
1945 F
A
20
.1949 M S
f 6s
1955 J
D
102 X
111H
Bergen (Norway) extl s f 5s—1960 M S
'Berlin (Germany) s f 6 Ha
------
1950 A
99%
102
103
23
105H 111
101H 110H
HI H
110
44
110
118H
100
3
99
1
18
103 H
25 H
18H
18%
24%
8
18H
25
43
22
69 H
20%
20%
93
18
65
18
47 H
47
21
69
99%
99%
16
18
47H
97H 103H
97 X 103H
22
O
20 X
19
O
20H
19H
99H
19 X
1957 M
Sinking fund gold 5s
20-year a f 6a
8
1958
1950
♦Budapest (City of) 6s.-.
Buenos Aires (City) 6 Ha B-2.1955 J
♦Buenos Aires (Prov) extl 6a.-.1961 M
♦6s
stamped
1961 M
♦6 Ha stamped
Extl a f 4HB-4HB-
1961
Refunding
19%
97%
97%
99%
1962 J
F
1977 M
D
22%
J
------
22%
100»J»
8
♦80
8
*70
A
------
8
68
1976 F
A
69H
O
70 H
68
3% externa] s f S bonds
Bulgaria (Kingdom of)—
1984 J
♦Secured
s
1975
f 7s
1960 A
5s
O
1952 M N
10-year 2
25-year 3H»
7-year 234s
30-year
—Aug 15 1945 F
J
—.1944
J
-—1967
3a.
♦Farm Loan
J
a
a
f 6s
1954
J
Jan 1961
A
J
f 6s
1928
—
112%
99H
99%
------
93%
O
F
A
J
J
33
14H
14H
14%
------
14%
D
14%
14%
12%
J
D
13
A
O
13
1962 M N
13
1960 M
10%
1951
J
Oct 1961
—Jan 1961
S
4
— —
—
-
-
—
-
-
99 X 105 H
22 H
33H
100
102H
97 H 106 H
80
78 H
63 H
68 H
123
69 %
70 %
54
64
25
65 H
93 H
92
♦Frankfort (City of) s f 0Hs
1953 M N
French Republic 7 Ha stamped. 1941 J D
7 Ha unstamped
1941
External 7s stamped
—1949 j"*D
7a unstamped
♦5Hs unstamped
45
D
8
13H
13H
Irish Free State extl
5a
a f
Extl sinking fund 5 Ha
page
3625
24 H
7
23
30 H
X
29X
3
23 H
33
1
25 H
30 H
27 H
29%
30%
34
42
3
25
35%
26
5
25
28
29
33
27%
96 H
18H
32 X
90% 101H
7
19H
*15
J
20
mm— —
105
1965 M N
105
2
♦17H
*
17
25
15H
104
20 H
107
17H
30 H
—
— -
18H
30H
-
— — -
17H
30 H
18X
1
27%
47%
62%
114H
114H
1
74 H
82 X
82
103
*73 H
*65
260
65 H
*15
79
76
57
07 H
100 H
66 H
65
79H
67 H
40 H
20 H
98 H
82
52 H
89 H
10
29 X
80 H
♦Jugoslavia (State Mtge Bk) 7a 1957 A O
♦Leipzig (Germany) a f7s
1947 F A
Lower Austria (Province)
7HS.1950 J
40 H
20 H
98 H
111
05 H
65
57
1
19H
1
95
115H
93 H
94
82 H
42
26
100H
2
3
3
2
2H
2%
2%
110H
114H
101H
95
54 H
40 H
48 H
12
14H
42
12
25
15
48
12
7H
a f
♦Sec extl a f 0Hs
♦Montevideo (City) 7a
*1%
4
6
4
30
——
4
B9X
66
50
59
82
10H
11H
49
10H
34
S
11
"59"'
56 X
11
59
59 H
56 X
57
5
19
4
100
101 X
17
100
105H
101
10
100
105
107
107H
14
104 H
1Q8H
105H 100
101H 106H
99 X 104 H
A
107
107
107 X
13
S
104H
103H
103H
102 H
104H
103 H
23
O
1963 F
5a—1970 J
A
102
101H
102 X
D
*102 H
104 H
1952 F
A
19H
19H
63H
24 X
12
13
24 H
44
♦Nuremburg (City)
10H
11
13H
13H
29
21H
21H
21H
Oriental Devel guar 6a
11
13
38
10x
14
4s
a
f ext loan
Municipal Bank extl
a f
extl 6s
Extl deb 5 Ha
Oslo (City) a f 4 Ha
Panama (Rep) extl 5 Ha
♦Extl
s f
5s ser A
1953 M S
—1958 M N
1955 A
68 H
100
101H
1044 F
11H
33
76
56H
A
A
1065 A
External
10H
59
O
1956 M
12
13
11%
External sink fund 4 Ha
a f 4Hs
12
13H
64H
20-year external 6a
35
9
4%
2H
S
New So Wales (State )extl 5e_.1957 F
External a f 5s
Apr 1958 A
Norway 20-year extl 6a..
1943 F
23
1H
9
9H
9H
O
1952 J D
1959 M N
♦6s series A
15
18H
J
J
8
1958 M
-
14%
21H
BX
17
8H
—1059 M
6Hs
11
22
D
Milan (City, Italy) extl
6Ha—1952 A
Mlnaa Geraes (State)—
♦Sec extl
2H
D
1954 J
♦STreas 6s of *13 assent(large) *33 J
♦f Small
J
13%
73
6
J
J
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
24 H
24 H
39 H
Q
1945 Q
1945
1954 J
-
63H
60
60 H
60
1953 J D
1063 M N
101H
103
O
58 H
101
103H
94
99
"*1<
95X 102 H
102X 104 H
17
25 X
37
52 H
85
42
47 H
79 H
18
97 H
103%
103
107
54
9
85
20 H
13 H
13 H
38
38
♦Stamped—
1963 M N
41%
40 X
43
♦Pernambuco (State of) 7s....1947 M S
♦Peru (Rep of) external 7a
1959 M S
♦Nat Loan extl a f 6a 1st ser__1960 J
O
♦Nat Loan ext) a t ds Id aer..1961 A O
10 H
10H
11H
11H
10H
10H
♦External sink fund g 8a..
sea
31H
28H
25 H
36-
*25 H
29H
..I960 M N
♦Poland (Rep of) gold 6a
♦Stabilization loan a f 7a
For footnotes
37
18H
25 H
26 %
4
25 H
25
24
*30k
—
3%
30H
62
29H
24 H
— -
2H
127
14%
14%
-
11H
11
7
13%
13%
24
23
11H
20 H
2
H
3
5
20
21
124
3H
00
37
20 H
"~3H
40
9
269
*2H
*2H
45
*20 %
20
26
5H
32 H
26 H
9H
9H
8H
23
BX
5
35
23 H
130
6
3
U%
11%
105 H
99
3H
4H
6
15
19
*3 X
90 H 103 H
99 H
12
14
101
*2H
38 %
42
17H
25H
124X
92% 119H
102
♦Mexico (US) extl 5s of 1899 £
33%
33%
15
13
22
♦Medellln (Colombia) 0Hs
D
1954 J
♦Mexican Irrlg assenting 4HS.1943 M N
32%
32%
32%
12%
12%
12%
12%
12%
12%
32%
14%
14
93 H
IHH
66H
100%
84 H
85 H
98
45
98
105 H 109
99
18%
Italy (Kingdom of) extl 7s
1951 J
D
Italian Cred Consortium7aser
B,"47 M S
Italian Public Utility extl 7a.—1952 J
J
Japanese Govt 30-yr a f0Ha—1954 F A
♦Assenting 4s of 1904
91
109H
— —
— —
60
♦4s of 1904
12
92 H
60
33 H
29
19 X
103H
26
55 H
2
100M
107 H
20
106
24
30 H
25
20
105
81
19
21
*20
100H
*106H
*18
22
99%
61
62
20 H
♦Sinking fund 7 Ha aer B
1001 M N
♦Hungary (Kingdom of) 7Hs—1944 F A
21 H
93%
82
81H
81H
19
19H
25M
3
99%
65
59
*18
6
93%
82
71
J
30%
32%
97
82 H
75
M N
♦Assenting 5s of 1899
♦Assenting 5s large
♦Assenting 5s small
104 H
109 H
60 H
63 H
59 X
65
1940
05 H
13
45
26H
1908 FA
♦7s secured sfg
48 H
16
107 H
100H 103 H
W7H 101H
10
59M
♦Hungarian Land M Inst 7HS.1961
67
107H
112H
99H
104 H
65H
*20
Hungarian Cons Municipal Loan—
♦7 Ha secured sfg
..1945
8
98%
99%
93%
137
60 H
"20H
21H
Haiti (Republic) a f 6a ser A
1952
♦Hamburg (State) 6s
1940
♦Heidelberg (German) extl 7 Ha '50
Helslngfora (City) ext 0Hs
1960
30
112
08H
68
1908
BOX
24
D
♦(Cons Agrlc Loan) 0Ha
1058 J D
♦Greek Government a f ser 78—1904 M N
♦7s part paid
1904
♦6s part paid
52
99H
*63
Holder)'65
♦Sink fund secured 6a
100H
♦_
♦German Rep extl 7a stamped. 1949 AO
♦7a unstamped
1949
German Prov A Communal Bka
71%
107 %
1965 J
1905
♦5 Ha atamp(Canad'an
77
106
60 H
105
47 H
103 X 105 H
103 H 105 H
99
.1949
German Govt International—
♦5 Ha of 1930 stamped
68 H
32%
102
374
103H
63 H
59 X
J
86 H
88
38%
------
1961
—-
♦68 extl a f g
—
O
M N
A
♦Cologne (City) Germany 5 Ha. 1050 M
Colombia (RepubUo of)
of
-
1961
♦Chilean Cona Munlo 7e
♦Chinese (Hukuang Ry) 5s
♦6s
—
1957 J
♦Chile Mtge Bank 6Ha
♦Sink fund 6Ha of 1928
•Guar a f 6s
a
—
32%
O
♦Extl sinking fuDd 6s..Sept 1961 M S
♦External sinking hind 6s
1962 M 8
♦External slicing fund 6a
1963 M N
*Guar
— —
1950 M S
f 6s_.July 15 1960 J
f 6s
Oct 15 1960 A
a
♦Farm Loan 6s ser A Apr 15 1938
♦Chile (Rep)—Extl a f 7s
1942
♦External sinking fund 6s—.I960
♦Extl sinking fund 68—.Feb 1961
♦Ry ref extl
A
1961
♦CarlBbad (City) a f 8a.—
♦Cent Agrlo Bank (Ger) 7a
♦Farm Loan
•
1968 MN
Canada (Dom of) 30-yr 4a
100'ai
-
104H
65H
103H
60 H
S
30%
71X
J
J
%
24
—
101
104H
100H
98H
J
1945 M
(Republic) ext 6a
48 H
M N
1967 J
♦Stabilization loan 7Ha
63
6
23 %
87
65
1976 A
f 4H&-4HB
14
101
108 X
85
*70
Extl re-adj 4Ha-4Ha
Extl a f 4H8-4H8
s
25 H
al9%
22 X
D
18 H
al9H
99H
100H 105 X
104H
97 H 102
101
104H
1
D
1952 J
98
10
♦Brazil (U 8 of) external 8s
1941
♦External s f 6 Ha of 1926—.1057
♦7s (Central Hy)
Brisbane (City) a f 5s
1948 J
dep
1907 J
99 % 103 H
20
D
f 6 Ha of 1927—1967
110H
107
al9H
18H
s
4
103H
80
107
♦External sinking fund 6s—.1958
♦External
98
20
------
J
1955 J
External 30-year a f 7s
95 H
94 H
104%
99H
1955 J
External 6s of 1927
36 H
103H
103H
105
Finland
20
6X
"ox
20
60 H
100H
98 X
Estonia (Republlo of) 7a
A
O
^External s f 7s series D_
20 %
C103H
1C3H
101
Customs Admins 5 Ha 2d ser. 1901 M S
6Hs 1st series
1969 A O
♦El Salvador 8s ctfs of
99 H
6
80
99
20
5Hs 2nd aeries
1960 A O
♦Dresden (City) external 7a-..1945 M N
6H
90
53 H
103
f♦Stamped extd to Sept 1 1935.. M S
Dominican Rep Cust Ad 5Hs—1942 M S
1st ser 5 Ha of 1920
1940 A O
2d series sink fund 5Hs
1940 A O
98.10102.31
Foreign Govt. & Municipals—
J
77
84
1C3H
al03H
External g 4 Ha
Apr 15 1962
Deutsche Bk Am part ctf 6s_-_1932
99.6
J
93
*102 H
Denmark 20-year extl 6s.--.-.1942
External gold 5Hs
1955
101.8
1945
96
29
56
103
B—..... 1942
ser
106.10
100.11105.17
f 7s 1st series
Sinking fund 8s
101.7
15
1963 M N
42
95 H
31
87 X
103H
*65
9
103.10
45
1945
101H
100H
99
88
103.18
15
1948 A
30 H
20H
84
101
101.22
103.11
Agriculture JMtge Bank (Colombia)
♦Gtd sink fund 6s
-.1947
30 H
20
94 H
20
1949
06.0
102.10
f 7s series C
External loan 4 Ha
98
103.16
J
1951 M N
7s
139
99.3
Mar.
1 1942-1947 M 8 102.10 102.8
Home Owners' Loan Corp—
3s series A....May
1 1944-1952 M N 102.25 100.21
2 %b series B_.Aug.
1 1939-1949 F A 101.4 101.2
J 100.27
2Ha series G
..1942-1944
100.22
15 1942-1947 J
20
20
55
Sinking fund 6 Ha
Jan 15 1953
♦Public wks 5Ha.-.June 30 1945
Czechoslovakia (Rep of) 8s
1951
103.17
100.14
Jan.
a
High
20H
20H
*78
87%
Cuba (Republic) 5s of 1904—. 1944
External 5s of 1914 ser A
1049
105.15
106.27
70
3s..
♦External
Low
104.24 108.24
"*32
105.20
101.16
100.25
2HB
f 7s series B
Since
High
98
95 %
A
42
103.8
99
D
.1942 J
231
3s
s
Range
Jan. 1
20 H
20H
1953 M N
Cordoba (Prov) Argentina 7s
101.14
8
.1952 J
102.10107.30
Federal Farm Mortgage Corp—
♦External
i
S3
Asked
20
A
1947 F
104.20107.27
103.11
M
O
.1940 M N
—
A
101.12 101.6
100.12 100.6
99
98.24
Mar. 16 1944-1964
♦Colombia Mtge Bank 0Ha— .1947 A
1957 F
103.6
Treasury 2Jia...Sept. 15 1956-1959 M
D
Treasury 2Ha—-Dec. 16 1949-1953
Akershus (Dept) Ext 5s
♦Antloqula (Dept) coll 7s A
dk
Low
♦Cordoba (City) 7s
♦7s stamped
IVI
103.5
101.10 101.6
100.23 100.17
♦Gtd sink fund 6s
Bid
Price
High
M
Treasury 2Hs— Sept. 15 1948-1951 M
Treasury 2%t
June 15 1951-1954 J D
3Hs.
Sals
Foreign Govt. & Mun. (Cent.)
15 1946-1948
June
Week
EXCHANGE
Ended Dec.
3
No.
Low
Range or
Friday
STOCK
116.11 116.7
106.28 106.27
Treasury 3Hs—Mar. 15 1946-1956 M
Treasury 3Ha.~June 16 1943-1947 J D
Treasury 3s.-_--8ept 15 1951-1955 M
Treasury 3 %»
Y.
High
(J. S. Government
Treasury 4H#-—Oct. 15 1947-1952 A
Treasury 3 Ha—Oct. 16 1943-1946 A
Treasury 4s
.Dec. 15 1944-1954 J
Treasury 3Ha—-Mar
N.
which they
Week's
Last
BONDS
Range
Asked
Loto
the week In
Friday
or
Friday
Price
disregarded In the week's range,
are
a footnote In
11H
"lOH
10H
10
1940 A
O
59 H
1947 A
1950 J
O
72 H
10H
57 H
68 X
J
56 H
53 X
*16
40 X
76
23
10H
30 H
39
11
28
139
49
9X
9X
26
26
59 H
13
47
72 H
24
60
80
56 H
14
45 H
64
62H
Week's
Last
Range or
Range
Sale
Friday
Bid
dk
Asked
Since
si
Price
1961
1966
1952
of) 8s
♦Extl loan 7 Ms
High
Low
Foreign Govt. & Wlunlc. (Concl.)
♦Porto Alegre (City
D
12
19M
20 M
~19%
O
107M
1947
F
A
1950
1946
1953
M
S
A
O
11%
11M
F
A
10%
10
O
♦Extl sec 6 Ms
92
10
95
A
25-year external 6a
♦Rhine-Maln-Danube 7s A
♦Rio de Janeiro (City of) 8s
10
95
95
1946
♦6s extl
1968
J
20
32 M
12H
11
34 M
Big Sandy 1st 4s
11
81
10
33
Boston A Maine 1st 5s A C
9
11M
40
D
11
10
11%
56
1966
11
10
11
28
1967
Rome (City) extl 6 Ms
1952
♦Roumanla (Kingdom of) 7s.__1959
♦Saarbruecken (City) 6s
1953
D
10M
11M
14
10M
32 M
O
61
67 M
27
60
83 M
37M
41
13
25 M
43
27
♦7s extl loan of 1926
♦7s municipal loan
secured
extl
♦6 Ms extl
secured
s
San Paulo (State of)
1952
1957
f
s
f
*20 M
20M
23M
♦6s extl Dollar loan
s
f 7s
1945
1962
♦7s series B sec extl
7s—.—1958
♦Sllesian Landowners Assn 6s__1947
Syria (Province of) 7s
1946
Sydney (City) s f 5 Ms—
1955
♦81Iesia (Prov of) extl
Taiwan Elec Pow s f 5 Ms
Tokyo City 5s loan of 1912
External s f 5 Ms guar
Trondhjem (City) 1st 5 Ms
11
18 %
13M
14
11
11
6
10
12
36
45 %
50 M
13M
12
O
46 M
j|»Botany Cons Mills 6 Ms
35 M
45
10M
34 M
2
17M
39
12 M
11
44
43 M
♦External s f 6s
28M
28 H
30 M
24
31
SIM
53
40 M
28
A
F
A
F
A
104 M
1971 J
1952 M
1961 A O
1957 M N
57 M
28
*50 M
62 M
63 M
105"
45
48
47 M
9
52
M N
*65
99 M
99 M
54 M
52 H
64
62 M
46 M
47
70 M
47
88
80
100
"9
54 M
64 M
39 %
51M
48
90
53
41
48
91M
47
42
44
85 M
F
A
*9M
12
A
O
J
♦5s stamped
Allegh <fc West 1st gu 4s..
1950
1998
63
37
56
*
J
90
6
90
90 M
1
90
77
1
77
D
s
D
102M
102 M
"4
101
55M
55 M
1
51
57
67
....
98 M
98 M
97
74
74
76 M
40
71
62
65
54
59
39
40
2
29
32 %
84
A
8
A
it
O
M
~32M
O
38
207
24M
1942
1950
107M
107 %
94 M
M%
94 M
4
92
Alplne-Montan Steel 7s
1955
Am & Foreign Pow deb 5s.....2030
American Ice s f deb 5s
1953
Amer I G Chem conv 5 Ms
1949
Am Internat Corp conv
Amer Telep
Wl
J
56
D
*96 H
"loi"
J
102 M
96 M
97
M N
20-year sinking fund 5 Ms—1943
J
1fConvertible debenture 4 Ms-1939
*99 M
A
99
103
97 M
A
1955
58.1964
series B.1955
C (Del)..—1957
Ark & Mem Bridge & Term
Armour & Co (Del) 4s
..1995
1995
1995
Conv gold 4s of 1909
1955
Conv 4s of 1905
1955
Conv gold 4s of 1910
1960
Conv deb 4 Ms
1948
Rocky Mtn Div 1st 4s
1965
Trans-Con Short L 1st 4s—1958
Cal-Arlz 1st & ret 4 Ms A
1962
Atl Knox & Nor lBt g 6s
1946
Atl A Charl A L 1st 4 Ms A
1944
1st 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4 Ms A
1964
10-year coll tr 5e
May 1 1945
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4s
1948
Second mortgage 4s
1948
Atl Gulf A W I 88 coll tr 5s
1959
Auburn Auto conv deb 4Mb—1939
Austin A N W 1ft gu g 5s
1941
stmpd.1940
Bait A Ohio 1st g 4s
July 1948
Refund A gen 5s series A
1995
1st gold 5s
July 1948
Ref A gen 6s series C
1995
P L E A W Va Sys ref 4s
1941
Southwest Div lBt 3Ms-5s.-1950
Tol A Cin Div 1st ref 4s A
1959
Ref A gen 5s series D
2000
Conv 4Mb
..I960
Ref A gen M 5s series F
1996
Bangor A Aroostook lBt 5s
1943
Con ref 4s
1951
4s stamped
1951
Battle Creek A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3 Ms
1951
Bell Telep of Pa 5s series B.
1948
1st A ref 58 series C
1960
10
9
32
8M
8
7
31
45
5
105N
11
7
7M
42
119H
104
106
13
32
109M 116
116M
H2M
115M
H3M
J
116H
18
113
H8M
118M
11
114M 121
A
1
114M 121
D
116M
118%
H8M
116M
5
A
112M H8M
110M H6M
J
118M
114
114M
6
S
H3M
113 M
113M
15
124
124
J
J
124
J
J
86
101
85M
M
trust
gold 6s
J
J
D
101M
J
J
96 %
J
Dec 1
trust 4Mb
S
J
J
V
99M
HIM
101M
..
96 M
H5M
102 M
24
98 M
39
90 M
110M
105M
97
101 %
0
107%
107%
42
>MN
87%
87M
D
71
73
i D
F
A
*16
24
*25
14
30 M
7M
8M
48
7
23M
D
*
J
*
J
J
J
*
M
S
*102
M
S
«
69 M
36
99
O
.....
25
45
A
----
13 M
*105M
204
100 M
100
100M
89
108 M
110
93 M
102
2
95
107
4
32
36
25M
28%
93 %
%
99
*
O
9
91
Q
36 M
M
38 M
44
38M
38 %
5
80 M
87
8
A
35
38M
*
99
-
86 M
J
87 %
35
107
108 M
150
104 M
87 M
O
108M
Nov
J
84 M
D
J
D
J
D
J
J
J
J
M
8
J
D
J
*
105M
J
104 %
111M
.....
Wl
....
15
105 M
94M
92 M
128M
102M
102M
111
*
105M
99 M
105
J
J
75 M
100M
J
J
*109
109M 115
80
99 M
J
J
105 M
104 M
J
109
107 %
104M 109M
Wl
S
103M HO
F
A
F
A
A
23
O
108
104M HI
108
108
O
J
112
107 M
....
8
A
112
100
108
Wl
1O0M 116
HIM
120M
108M
58 M
31
22
106
30
104
109
10
107M H3M
26 %
110
117M
109
107 M
109
93
107
102 %
101M
102M
68
106M
104 M
106M
48
101 % 110M
104M 119
4
88
17
14M
17M
52
10
101M
46 M
16
14
16
16
9
45M
90
90
105
107
110
114
110M
111M
17
110M H3M
Wl N
*99 M
.....
M
S
19
17M
19
13
118M H8M
98
111M
J
J
14M
14M
14%
12M
44 M
J
J
13
13
1
13
43
J
J
13 M
13 M
8
10 M
39 M
98
Wl N
....
100 M
0
85 %
90 M
70
85 M 105 M
75 M
76 M
13
92
92 M
6
73 M
92
74M
99M 110
♦Refunding g 6s series B...
99 M
75 M
76 X
29
32
10
27
28
28
5
28
61 M
2
61M
2
25
85 M
99
5
107M
181
11
107M 124
15
51M
7M
6M
7M
32
5M
J
J
7M
6M
7M
21
5M
J
J
*92 M
93 M
J
D
)J
J
J
20 M
20 M
83M
28
107 M
Wl N
100M
31
32
99 M
60 M
54
99 M 107M
102
*102
104
O
80
78 M
80 M
181
73 M
J
D
46 M
44
47
204
40
84 M
A
O
85
81
85
156
79
110M
J
D
53
48M
53 M
159
M N
73
69
73
J
Chic LS A East
lstiM"-
Chic Mllw A St.
Paul—
May 1
♦Gen 4s series A
B..May 1
♦Gen 4Mb series C
May 1
♦Gen 4Mb series E._.May 1
♦Gen 4Mb series F...May 1
{♦Chic Mllw St P A Pac 5fl A—
♦Conv adj 5s
—Jan 1 !
62 M
85
214
46
108M
103M
67M 105
51
107M
50
99 M
38M
93 M
{♦Chic A No West gen g
♦General 4s
3MS—
62 M
53
52 M
56
44 %
40 M
42 M
46M
118
38%
41
466
33
82 M
♦Gen 5s stpd Fed lnc tax
46 M
184
38 M
93 M
♦4 Ms
112M
112M
5
*105M
106M
43
45
.
93 M
33
*106M
*112M
76
8
116 M
32
94%
1
.......
A
18
95
93 M
J
76 M
J
118
93 %
10
98
8
117M
95
s
A
113
.
M N
IVI
105M 109
M N
♦Gen g 3 Ms series
F
104M 108
9
J
*75
J
6
105%
J
26
J
105 M
105M
J
61M
M
105 M
74
28
A
96 M
S
N
105M
100
J
92
55
64
42 M
104
175
62
Ml
63
58
95 M
116M 125 M
38 M
90
MN
J
M
B
2
116M
105M
113
D
M N
Wl
104M
76
....
112 M
......
8
105 M
66M
88
90
116M
108M
101
23
100
28
103 M
-
J
M
*
....
103
107
105
105
J
J
102
102%
D
J
140
*102
J
A
M N
....
78M
93M H2M
46
76
*
Wl
99M 107
88 M
25M
88
F
J
F
102
1941
28
57
59
Wl N
110M
93 M
100 M
102
102 M
96M 102M
75 M
26
*
M N
104M
38
98%
72 M
76
109
90
100M 108 M
....
45
43
125M
102
0
96 M
106%
244
67
10
34
90
....
95 M
23M
18
....
69M
*105M
96 M
£1 A
200
96 M
-
-
31
11H
....
-
40
24
15
69M
A
25
24%
*7
F
81M
23 M
J
87 M
40
71
7
J
28
97 M
18
9M
J
J
70 M
-
-
19
O
J
-
49
A
8M
8M
J
-
8M
O
J
15
7%
14
A
May 1 1942
Central Steel 1st g s f 8s
93
71
M N
5s extended to
111M
87M 106M
70
13
105%
107
A
J
101 %
3
87%
F
109M
83 M
50
107
86M 106 M
K 105 M
109 M
101 %
100
99 M
99
53
25
101%
J
100M
80
101
112M
1>
J
118M
110M 110
120
128M
6
110
86 M
55
*40
s
100
104
O
O
100 M
73 M
102 M
106
A
100716
83
55
3
103 %
9%
A
111M 114
100»« 113
43 M
....
55
103 %
103 M
90 M
83
87
55
F
99
93
11
*40 M
Wl
100®«
Atchison Top A Santa Fe—
Baldwin Loco Works 5s
"33
45
9M
*83
101M
87
104M 105M
9
87
48
45
47
112M
86
O
deb 4 Ms 1950
♦Anglo-Chilean Nitrate—
Jan
S f income deb
1967
Anaconda Cop Mln s f
Adjustment gold 4s
Stamped 4s
54 M
108 M 112M
32
*105M
F
93 M 102 M
155
109
103M 107
100
102
M
Guaranteed gold 4 Ms.
72 M
72
100»32
debentures
1961
J
D
debentures
1966
J
J
Founders conv deb. 1950
M N
Amer Wat Wks & Elec 6s ser A. 1975
3Ms
3Ms
General 4s
112M
106
94
7
100
110M
77 M
J
Guar gold 4Ms...
93 M
113M
112M
112M
J
♦Am Type
1st M s f 48 ser
58
45
105%
Wl N
& Teleg—
f Ann Arbor 1st g 4s
173
102
57
M N
6MS--1949
102 M
*98 M
8
Wl
J
100 M
102%
97
94 M
11
F
87 M 100M
105 M
96
F
4Mb debentures
1951
M S
A Ills-Chalmers Mfg conv 4s... 1952
79
105M
J
Allegh Val gen guar g 4s_,
Allied Stores Corp deb 4 Ms
107 M
110M 132M
107M
94 M
122M
106
22
115 M
A
93 M 102 M
"26
83
75"
"22
*
J
96 M
O
104
55
107M
77M
J
J
101M
64 M
O
106
81
*
O
107
A
o
A
"75"
75M
107 M
A
74
*57
105M
55
245
44 M
O
76
O
97 M
36
59%
101M
DU
A
110
O
41M
41M
72
102%
*
O
110M 115
U2 H
7M
55
55 M
J
93 H 105M
99 M
76
O
in
34 M
7%
102
102%
O
J
105M
9
67
49%
106
90 M
8M
10M
9%
9
9%
O
109M
90
96 M
1950
♦Coll & conv 5s
61
90
90 M
8
D
5a...1944
5s.............1949
Alleghany Corp coll trust
Coll <fc conv
63
D
51 %
9M
COMPANIES
J|*Abitlbl Pow & Paper 1st 5s.1953
M
4s
1948
J
Coll trust 4s of 1907
1947
F
10-year deb 4Ms stamped.. 1946
Adriatic Elec Co extl 7s___....1952
Ala Gt Sou 1st cons A 6s
1943
1st cons 4s series B
1943
Albany Perfor Wrap Pap 6s—1948
6s with warr assented
1948
Alb & Susq 1st guar 3 Ms
1946
92
99 M
44
A
Collateral
Adams Express coll tr g
112
48 M
80M
INDUSTRIAL
107
48
S
J
Coll
AND
RAILROAD
1
53
57
22
107M
107M
J
6s......1961
89 M
47
100M
28
202
51M
72
83 M
92 M
92
106M
O
103
78
25
99 M
A
52 M
15
20 M
108
Wl N
M
70M
61
20
100 H
92 M
A
80 M
113
52 M
52
27
18M
7
73 M
50
99 M
45
6
52
48
50 H
N
N
50
64 M
101
18 M
4
99M
♦Certificates of deposit.
78 M
49 M
66
100
28
15
2
D
A
98 M
49
J
High
20
022 M
J00
O
Ta)w
a22M
<z22M
A
J
101M 106
58 %
23
..1941
Wl N
Bklyn Edison cons mtge 3Ms.-I960
Wl N
Bklyn Manhat Transit 4Mb.—1966
Wl N
Bklyn Qu Co A Sub con gtd 58.1491
J
J
1st 5s stamped
1941
F A
Bklyn Union El 1st g 5s
—1950
Wl N
Bklyn Un Gas 1st cons g 5s....1945
Wl N
1st lien A ref 6s series A
1947
J D
Debenture gold 5s
.....1950
Wl N
1st lien A ref 5b series B
1957
F A
Brown Shoe s f deb 3Ms-.
1950
J
J
Bruns A West 1st gu g 4s
1938
F A
Buffalo Gen Elec 4Mb ser B
1981
J
D
Buff Nlag Elec 3Ms series C..1967
Wl N
Buff Roch A Pitts consol 4 Ms. -1957
39 M
90 M
*95
22 M
20%
♦Certificates of deposit
Brooklyn City RR 1st 5s
57
28
D
F
1934
31M
25
30 %
53
J
(City) external 7s...1958
Yokohama (City) extl
25
25
29M
A O
19521M N
6s..
98
19 M
22
30
Wl N
3M-4-4M% extl readj
1979
Venetian Prov Mtge Bank 7S..1952
45 H
141
34 M
*22
D
D
1960 M
1964 Wl
♦External s I 6s
35 M
10
*22
J
8s.—1946 F A
♦Uruguay (Republic) extl
♦Warsaw
10M
17 H
♦Sinking fund g 6M»
1946
Serbs Croats <fe Slovenes (Kingdom)
♦8s secured extl
1962 Wl N
(City of)
11M
11
J
♦Saxon State Mtge Inst 7s
Vienna
11M
1961
^♦Boston A N Y Air Line 1st 4s 1955
11M
2
11M
Wl N
.1950
1956 M
1968 J
A
1940
♦7s extl Water loan
Secured
M N
1936
♦8s external
1967
1955
32 M
—
§♦88 extl loan of 1921
....1944
33
9%
10
Sao Paulo (City of. Brazil)—
♦8s
1966
E
4Mb series JJ
1st g
MN
f g
s
21M
23
J
"23
12
21M
O
J
Cons mtge 3%s series
11M
A
Beth Steel cons M 4Mb ser D..1960
113
12
4
O
1st M 5s series II
♦8s extl loan of 1921
25%
A
Rio GraDde do Sul (State of)—
A
25M
♦Berlin Elec El A Undergr 6 Ms 1956
106 %
*23
No.
25%
A
3
106 M
High
J
D
1955
♦Debenture 6s
10
106
Since
Jan. 1
J
Low
100
Range
2
Asked
&
J
Co deb 6 Ms-1951
F
♦Deb sinking fund 6 Ms
1959
107M
107
Bid
Price
Sd,
c
Friday
Sale
3 fe
3
Dec.
♦Berlin City Elec
25 M
16M
25 M
104M H3M
23
EXCHANGE
Ended
Belvldere Delaware cons 3Ms._1943
17M
2
20
19M
33 M
31
11
10
IVIN
Prague (Greater City) 7 Ms
M S
♦Prussia (Free State) extl CMs.1951
A O
♦External s f 6s
1952
Queensland (State) extl s f 7a-.1941
1
1
STOCK
Week
High
Low
No.
Y.
Range or
Last
BONDS
N.
Jan. 1
12
12
J
Week's
Friday
Friday
SI
BONDS
Y. 8TOCK EXCHANGE
Week Ended Dec.
3
N.
3621
New York Bond Record—Continued—Page 2
145
Volume
.
-
.
.
106
106
106
12
...
.
1
♦
70
....
*
.
100
....
—
.....
126M
♦8tpd 4s non-p Fed lnc tax
♦Gen 4Mb stpd
111
116
stamped
J ♦Secured 6 Mb
103
110M
Fed lnc tax..
♦1st ref g 5s—
105 M 116M
60
78 M
101
103M
117M
118M
21
H5M 121M
126M
126 M
15
120
131
(J
J
J
.
.
.
30
27M
26
28M
57 M
28
09 M
28
09 M
29
32
25
37
30 M
20 %
16
32
29
00
46
27 M
32
107M
102
30
27 M
J
93
110M 112M
*110
28M
71M
J
J
31 %
29M
F
A
11%
9M
12M
844
8
>A
O
3%
4M
358
3
12M
18
18M
11
16
19
20
13
17
49 M
52 M
4
M N
M N
19
30 M
*16M
20
18
52 M
M N
21
17M
21
34
17M
54 M
M N
20
20
21M
39
18
M N
M N
—
May 1:
1 !
♦1st A ref 4Mb ser C.May 1 1
♦Conv 4Mb series A
♦1st A ref 4Mb stpd.May
>J
.
Wl N
....
.
23
.
22 M
23
27
11M
27
38
9
30 M
82
9
30 M
5M
24 H
11M
10%
J
D
11M
9%
11M
J
D
11M
9%
11M
7M
497
5M
01
143
D
7M
52
20
9M
J
M N
56
37
New York Bond Record—Continued—Page 3,
3622
Dec.
Friday.
Lati
!
«?
BONDS
N
Y.
EXCHANGE
STOCK
Week
Ended
Dec.
Range
Sale
3
Ntt,
dt
or
Gen A ref M 4s
Since
High
8
Jan. 1
No
A
F
113%
109%
112%
109%
110
,1965 A
E
ser
Range
Asked
Low
Gen A ref 6s
F
ser
109%
109
109%
17
105%
104%
105%
32
Gen A ref mtge 3 Mb ser G... 1966 M
♦Detroit A Mac 1st lien g 4s... 1995 J
1937
Friday
bid
Price
.1952 A
Detroit Edison Co 4 %s ser D.. .1961
4,
Week's
113%
*38
12
Low
High
111% 110%
100% 110%
105% 111%
101
109%
70
60
60
♦1st 4a assented
1995 J
*38
65
53
65
♦Second gold 4s
♦2d 4s assented
1995 J
*38
65
45
48
37
55
*38
1995 J
1965 J
East Ry Minn Nor Dlv
1st 4s..1948
East T Va A Ga Dlv 1st 6s
N.
y.
STOCK
Week
EXCHANGE
Ended
Dec.
Week's
Lati
Range or
Friday
Sale
3
•Nft.
Bid
Price
<k
Range
Since
Asked
Jan. 1
1939 J
4s
conv
{♦Chic RI4P Ry gen 4s
♦Certificates of deposit—
{♦Refunding gold 4s
47 %
19%
1988
47
19
O
A
"16
8
7%
8%
7%
4%
HA
♦Conv g 4 %s.—1960 (VIN
1951 J
*
D
Memphis DIv 1st g 4s_.
1951 J
Chic T H A S'eastern 1st 5S--1960 J
5%
D
June 15 1951 J
D
3%s.
47
117
7%
327
6%
120
6%
47
7
123
100
4
113%
94%
98%
99%
80
80%
D
70
51
90
70
50
70
17
43%
42%
26%
22%
25%
22%
16
105
*86
—-
83%
16%
148
8H
9H
8H
5%
Deo 1 1960 M S
Ino gu 6s
High
16%
10
8M
9%
-.1952 M S
♦Certificates of deposit--
Gold
47%
20%
47
♦Certificates of deposit
Cb St L A New Orleans 6s
Low
48%
91
Chicago Union Station.1944 A
O
1st mtge 4s series D
1st mtge 3%s series E
.1963 J
J
110
1963 J
J
107 %
105
guaranteed
,1951 M S
-
-
cons
5a.
O
-
102%
102
D
106%
106
1st mtge guar 3%B series D_. 1971 M N
Clearfield A Mah 1st gu 4s
1943 J
J
Ref A lmpt 4 %s series E
Cairo Dlv 1st gold 4s
D
14
108%
109
104 %
104%
104%
40
23
"50
29
101
83
J
83
"72 ~M
84
~67*"
J
*102
J
*
*
1939
27
"72%
10
mm
*19
%
Series B3Hb guar
.-1942 A
Series A 4%s guar
1942 J
Series C 3%s guar
Series D3Hs guar
J
.
Gen A ref mtge 4 %s series B_ 1981 J
Cleve Short Line 1st gu 4 His.—1961
Cleve Union Term gu 5%s
1972
8 f
5a series B guar
1st s f 4 Mb sertesC
110 M
*104%
110%
J
*109%
*104
82
07
102%
103
102%
100%
102%
49
100%
96%
100%
65
92 X
90
IVI N
A
O
J
J
92%
50
161"
"~9
63%
60
63%
6
Genessee River 1st
1957 J
J
1947 M N
N Y A Erie RR ext 1st 4s
3d mtge 4 %s
1938 IVI
102% 110%
100
95% 111%
90
105%
109
112%
99% 108
59
90
38%
77%
92
90
105%
92% 105
90
92%
111%
82
106%
96%
99%
102%
103%
16
111%
106 M
105 %
102 M
101%
*101
1
13
29
16
25
103%
104
23
20%
107%
95%
57
15
*12
J
7
104%
94%
18
94
101
99% 105%
1
74
23
18
100
105%
104%
100%
102%
99%
112%
1955 A
O
*15
1956 J
J
*12
♦Consolidation Coal b 16s
1960 J
J
Consumers Power 3%s_May 1 1965 M N
1st mtge 3 Ha
May 1 1905 IVI N
49
50
2
108
107
108
10
103%
99%
98%
96%
101%
79%
27
104%
104
104%
36
104
80
101
101
14
102%
103%
99%
102%
104
1966 M N
103
5
100
-—1943 J
D
15 1954 F
A
100%
A
98%
90
J
1950 M N
Cuba RR 1st 5s g
1952 J
7%s series A extended to 1946... J
6s series B extended to 1940
J
Dayton Pow A Lt 1st A ref 3 Ha 1900 A
Del A Hudson 1st A ref 4s.
Del Power A Light 1st
4Ha
105%
103%
38%
J
D
O
1943 M N
37
43%
44%
D
*40
107
62%
90
100%
97%
106%
60
4
25
22
f 5s
103% 107
6
101% 106
43%
2
35
45
2
107
73
104
105%
"~9
J
105%
1
1951 M N
105%
107%
108
6
1951
107
107
2
J
♦Ref A lmpt 6s ser B
Apr 1978 A O
{♦Des M A Ft Dodge 4s ctfs... 1935 J
J
{♦Des Plains Val 1st gu 4 Ha
1947 IVI 8
page
3625.
*106%
14
94%
1946 J
100
94%
00
60
100
99
96
97
1
100
6
89
94%
*25
56
"l2
60
56
80%
105
95% 103%
98% 102%
97
103%
98% 104%
86
105
82
96%
81%
55
""l
56
87
8%
7
8%
194
6%
7%
40
2%
2%
2%
9%
*1%
2%
2%
6%
2%
5
5%
20%
0
20
1952
owner. M N
2%
1982
{{♦Proof of claim filed by owner M N
♦Certificates of deposit
3
1941 J
J
Framerlcan Ind Dev 20-yr 7 %s 1942 J
J
Francisco Sugar coll trust 6s—1956 M N
3
104%
104%
107
107
3
Fort St U D Co 1st g 4%s
♦Sinking fund deb 0%s
♦20-year s f deb 6s
107"
*45
104% 107%
107
110%
50%
87%
54
84%
-119%
A
101
97
100%
96%
90
100%
121% 122%
99
1§2%
90% 100%
101
97
A
1951
—-
102
101%
100%
53"
"23%
95
1st mtge 4%s
1956
Goodyear Tire A Rub 1st 5s—1957 IVI N
91%
89%
100%
95%
101%
Gotham Silk Hosiery deb 5s w w '40 IVI s
Gouv A Oswegatchle 1st 5s
1942 J D
Grand R A I ext 1st gug4%s..l941 J
J
44
98% 105
98% 105%
97%
92
53
41%
19
23%
20
95%
89
*20
Goodrich (B F) conv deb 6s...-1945
41%
35
42%
t
{♦Ga A Ala Ry 1st cons5a Oct 1 '45
{{♦Ga Caro A Nor 1st ext 6S-.1934
♦Good Hope Steel A Ir sec 7S--1945
44
30
101%
*92
Gen Pub Serv deb 6 Mb
1939
Gen Steel Cast 6%s with warr.1949
30
29%
102
101%
Gen Motors Accept Corp deb 3s '40 F
15-year 3%s deb
114%
100%
7%
"6%
6%
10%
13%
14%
88
21%
62
89
102
171
100
88
2
103%
97%
44%
52
30%
107
88
95%
104%
Great Northern 4%s series A—1961
General 5%s series B
General 5s series C
72%
101%
106
107%
103% 103%
106% 111
J
108
105
104%
J
97
108%
105%
1976
J
"89" "
89
97%
89%
1977
J
88
87
88
J
1940
Gen mtge 4s series H—
Gen mtge 3%s series I
102
106%
106%
1946
J
96
95
96
1967
J
79%
77%
79%
♦Green Bay A West deb ctfs A.
Feb
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 5 %s B
*55
Feb
♦Debentures ctfs B
1940 M
1950 A
1st mtge 5s series C
1950
Gulf A 8 I 1st ref A ter 5s Feb 1952
"16%
10%
N
*104%
O
84
11
76%
O
74
21
16
26
301
365
129
65
78
*60
4
91%
85
1961
83%
85%
14
Gulf States Utll 4s series C
1966
o
101%
100%
101%
18
10-year deb 4%s
Hackensack Water 1st 4s
1946
o
103
102%
103
20
1952
J
107%
107%
10
1949
1999
1944
J
*20
117%
"II
f 4 %s
115%
109%
108%
98% 141%
89
111%
90
77%
89
87
7%
106
05
15
100%
100%
75
103%
90* ~
o
s
97
91
*60
108
116%
100% 119%
83
"84"*
J
98%
95%
50
"l6
....
J
95
69
61
65
1952
Stamped
95
10
72%
J
1952
♦Harpen Mining 6s
Hocking Val 1st cons g 4 %s
Hoe (R) A Co 1st mtge
93%
83%
99%
97% 105%
102% 105%
{{♦Housatonlc Ry
cons g
117%
o
*55%
44%
64
98%
30%
119%
51%
100
58—1937 M N
Houston Oil sink fund 5%s A..1940 IVI N
Hudson Coal 1st
s
f 5s ser A—1902 J
D
Hudson Co Gas 1st g 5s
1949 M N
Hudson A Manhat 1st 5s ser A. 1957 F A
♦Adjustment Income 5s Feb 1957 A
Illinois Bell Telep 3 %s ser B
Illinois Central 1st gold 4s
O
1970 A
O
1951 J
J
32
64%
62%
55
Refunding 4s
108
60
95%
107
101% 105%
104% 107
100% 108%
106% 108%
122
11
30%
5
11
38
11
5
23
5%
6%
10%
114
4
9%
22%
32%
3%
3%
1
7%
2%
42
12
57%
—.1955 M N
Purchased lines 3 %s
Collateral trust gold 4s
Refunding 5s
40-year 4%s
Cairo Bridge gold 4s
1952 J
Litchfield Div 1st gold 3s
Louisv Div A Term g 3%S
A
39
48
76
14
107%
107%
107%
39
g
1951
110
97
11
97
111
93
93
33
93
*91
99
107%
107%
"53"
53
t
f
*46""
50%
92%
1
"44"
46
57
39
42%
93
"31
24
137
53
95
44%
96
71
165
62%
56
*42"
96
93
45
49%
90%
41%
56
36%
90
104%
80
103
109
82
93
98
80
103%
"80~"
80
80
102%
70
70
75
88
80
70
90
89%
92%
98%
3%b—1951
Western Lines 1st g 4s
101%
85%
30%
97
"93""
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3a. —1951
Gold 3%s
1951
Springfield Div 1st
3
43
86%
96% 103%
28
57%
116% 124
19%
1951
1953
18
73
119%
53%
J
1953 M N
1 1960 F
1950
"4
33%
17%
1955 M N
Aug
44%
28
114% 120%
61
97%
18%
53
J
1951 J
99%
105% 108
22
J
42%
6%
91
"95"
71
72%
J
1973
-
General 4 %s series D
General 4%s series E
General mtge 4s series G
Gulf States Steel
A
Extended 1st gold 3 %s.—-.-1951 A O
1st gold 38 sterling
-1951 IVI s
Collateral trust gold 4s
1952 A O
14%
45
Gt Cons El Pow (Japan) 78--—1944 F
1st A gen s f 6%s
1950 J
*90
D
1st gold 3%s
5%
*8%
1947 J
65
104
14
J
30
"~8
62%
J
A
99%
*60
35
46
J
{{♦Den A R G 1st cons g 4s
1930 J
{♦Consol gold 4Hs
1936 J
{♦Den A R G West gen 6s. Aug 1965 F
♦Assented; subj to plan)
f 7s
112% 118%
103
12
1971 J
IVI N
97
49
25
1969 J
as to Penna tax
99%
40%
71%
110%
107%
108%
103%
105%
103%
102%
105%
103%
38%
1909 J
1st A ref 4%s
40
15
~19~"
1970 M N
D
107%
108%
106%
107%
20
18%
105% 108%
92% 107%
15
41%
15
41%
♦Debenture 4s
1946 J
108%
100%
104
105%
104%
20%
102
72
*107%
105
105%
109
114%
111% 115
♦Debenture 4a
D
97
1942 IVI
1942 M
-.1954 J
Grays Point Term 1st gu 5s
*107
D
1942 J
s
89
89
Consol Oil
1951 J
113
28
107
Cuba Nor Ry 1st 5Hs
99%
96
{♦Fla Cent A Penln 5s
1943 J
J
{♦Florida East Coast 1st 4 %S—1959; J D
♦1st A ref 5s series A
1974 M S
40%
108%
48
93%
J
Crown Cork A Seal s f 4s
Crown Willamette Paper 0s
Flat deb
119
*38
92%
107%
95%
F
60
100
Federal Light A Traction 1st 5s 1942 M
6s International series
1942 M
1st lien b f 5s stamped.
1st lien 6s stamped
30-year deb 6s series B
89
105
45
93 M
D
—1961
D
40
19
109
A
1956 J
225
100
S
—1954 F
Fairbanks Morse deb 4b
132
49
42
78
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s...1956 J
Consol Gas (N Y) deb 4 Ha
1951 J
f deb 3 Hs
*102
6
106%
52
92%
47%
94%
47%
94%
58
93%
105
*38
64
104
Copenhagen Telep 5s__Feb
44%
105
*38
95
A
J
"44%
48%
J
45
104%
"48%
105
J
J
40
O
see
1967 IVI N
1975 A O
1955 J
100
80
60%
48%
1947 J
93
O
deb 3Hs
1951 J
{♦Consol Ry non-conv deb 4a-_1954 J
♦Debenture 4s
1955 J
11
O
1940 J D
1948 IVI N
44
O
N
58%
52%
52
Gen Cable 1st s f 5%s A
95
Consol Edison (N Y) deb 3%s.l940 A
3 Mb debentures
1956 A
conv
8
*105%
100%
52
52
Ref A lmpt ofl of 1930
f 6s
20
56
Erie A Jersey 1st s f 6s.
s
103
103% 107
82
♦Gen Elec (Germany) 7s Jan 15 1945 J
109% 113
108
O
A
footnotes
—1953 A
Ref A lmpt 5s of 1927
103
105% 111%
110% 110%
107%
A
55
139%
97% 111
108% 113%
100% 100%
106% 112
95
100%
52%
Gen Amer Investors deb 5b A-.1952 F
100
1901 F
For
4s series D
97
100%
111%
52
1953
103
110
O
J
58%
-—1953
B
conv
82
104
J
99
s
Gen
J
J
Galv Hous A Hend 1st 5%s A—1938 A O
Gas A El of Berg Co cons g 5s. .1949 J D
A
O
94%
Container Corp 1st 6s
15-year deb 6s
98%
111%
90 M
1st mtge 3 Hs
1st mtge 3%s
107%
109
99%
Stamped
Series
131
96%
102%
*102%
80%
J
1940 J
{{♦Proof of claim filed by
(Amended) 1st cons 2-4s
105
O
1st mortgage 4 Hs
Den Gas A El 1st A ref
1st consol gen
Conv 4s series A
103% 110%
103% 107%
101
1996 J
1990 J
4s prior
lien g 4s
cons g
101
110%
104% 104%
107
2Mb debentures
1942 J D
Commercial Invest Tr deb 3 Mb 1951 J
J
Conn A Passum Riv 1st 4s
1943 A O
Conn Ry A L 1st A ref 4 Mb
1951 J
J
Stamped guar 4Mb
1951 J
J
s
Erie RR 1st
♦Certificates of deposit
Fonda Johns A Glov 4%s
108
1980 M N
f 3Mb A
15
O
D
A
Columbus A Tol 1st ext 4s
1955 F
Columbus Ry Pow A Lt 4s
1965 M
Commercial Credit deb 3%s—1951 A
Crane Co
Erie A Pitts g gu 3%s ser B
Series C 3 Mb
40%
97% 104%
104% 100%
104% 108%
105% 109%
115% 118
103
O
100
103%
104% 108
110%
*109
O
o
1977
Coal River Ry 1st gu 4s. 1945
Colo Fuel A Iron Co gen i f 6s. .1943
♦5s Income mtge
1970
Colo A South 4%s series A
94
35
99
*109
D
104
o
1973
Columbia O A K deb 6s—May 1952
Debenture 5s
Apr 16 1952
Debenture 5s
Jan 15 1961
ColumDia A H V 1st ext g 4s..1948
55
A
1950
---1977
111%
101% 108%
95
108%
92% 105%
111
O
1965
1940 J
101
—1948 M N
Gen 4Mb series A
103
94% 104%
4s
Cleve Elec Ilium 1st M 3%s—1905 J
Cleve A Pgh gen gu 4 %s ser B.1942 A
104
107%
104% 113
102% 100%
89% 104
84%
91%
*101%
J
1940 J
Cleve-CllffB Iron 1st mtge 4%s.l950 M N
s
"71
106%
"Io9~"
Spr A Col Dlv 1st g 4s.—1940 M S
Conn Riv Pow
3
33
97%
94%
64%
34%
102%
*101
1990 M N
St L Dlv. 1st coll tr g 4s
21
D
1977
Cln Wabash A M Dlv 1st 48.1991 J
1st
60
*11
A
Cln Leb A Nor 1st con gu 4s.
1942 M N
Cln Un Term 1st gu 6s ser C— 1957 IVI N
Cieve Cln Chic A St L gen 4S-..1993
General 5s series B
1993
105
93%
1952 IVI N
Cincinnati Gas A Elec 3%s—. 1966 F
1st mtge 3Hs
1907 J
107%
104%
95%
04
J
110
105
97 %
93 M
1943 A
1st A ref M 4%s ser D
Chllds Co deb 6s.
W W Val Dlv 1st g
107%
109%
1962 M S
Chic A West Indiana con 4s__. 1952 J
{♦Choc Okla A Gulf
1905 A
Ernesto Breda 7s
Guaranteed 4s
3%s
1951 J
El Paso A S W 1st 5s
5s stamped
—1934
{♦Secured 4%s series A
High
110
107
100%
1952 F
Elgin Jollet A East 1st g 5s-—1941 IVI N
El Paso Nat Gas 4%a ser A
Low
{{♦Chicago Railways 1st 5b Btpd
Feb 1 1937 25% par paid
102
107
*89%
103%
*131%
103%
Ed El 111 (N Y) 1st cons g 5s. .1995 J
Electric Auto Lite
23
107%
107
1956 M N
Ed El III Bklyn 1st cons 4a
Friday
BONDS
109% 118%
100% 102%
21
72%
106%
O
A
110
101%
21
22%
107%
{{♦Dul Sou Shore A Atl g 6s__. 1937 J
DuQuesne Light 1st M 3%s
55
110
101%
Detroit Term A Tunnel 4%s_. 1901 IVI N
Dow Chemical deb 3a
1951 J
83%
83%
83%
100% 100%
83% 101%
Friday
Week's
Last
Range or
BONDS
N.
Y.
STOCK EXCHANGE
Ended Dec.
3
Price
Bid
<k
44
56 H
102 H
56
220
57 H
50
97
4
49
13 H
56
58 H
60 H
75
54 H
60
16
53
O
72 H
69 H
72 H
101
100 H
99H
100 H
S
A
J
5
67
98 H
102
44
17
42 H
79
4H
16H
17H
16 H
18
20
17H
20
32
67 H
46
90
50
31
47 H
89 H
t A I Namm A Son 1st 6s
1943
J
D
91H
46
89H 102H
Marlon Steam Shovel s f 6s
1947
A
O
129
84
76H 101H
80 H
Mead Corp 1st 6s with
97
94
J
56 H
54
56 H
126
38 H
J
J
86 H
82
87
179
74
75
94 H
F
A
61H
57 H
61H
139
40
80 H
♦Mex Internat 1st 4s asstd
M
8
J
3;.;;/:
80
S
O
80
3
80
91H
94 H
92 %
"34" "33"
28
♦Certificates of deposit
64
29
72 H
71
73
17
65H
67
58 H
J
J
D
107 H
104 H
108
J
105
*35
MN
106
108
21
105
9
25
*23
21
31
*27
M N
25
35
12 H
84 H
"loo"
84 H 100
85 H
84 H
166"
89 H
116H
101H
♦
100
99
*
109
*100
109 H 109H
107H 108 H
107H
146 H 161
*150
~84H
1
100
100
5
104
107
*98
101
100 %
102 H
"57
98 H 102
99 % 104 H
96 H
99H
22
96H 111 H
84 H
M N
102 %
J
J
F
"90
A
89H
83 H 108H
99 % 114
8
104
89 H 102 H
90 %
7
27%
123
92 H
19
23 %
89
64 H
67 H
112
53 H
65
64 H
66
38
54
52
53
3
43
68 H
25H
O
27H
50 H
101
12
95
99H
98
109H
29H
70
115
21 H
70 H 106 H
67H
69
105H
97%
S
>
64
66
94 H
A
"
74
76
100H
28 H
28 H
*29
74 H
74H
'
86 H
74 H 100 H
75
5
60
31H
31H
33 %
50
IVI N
38 H
38
38H
81
*
O
A
A
J
D
129H
122
117
104
100 H 106H
108
108
101H
D
63 H
98
95 H
101H
63 H
67
63 H
79%
100
100
102 H
101H 103H
A
O
*99H
J
D
*100H
s
~89H
2
90
6
90
90
126
127
118H
118H
s
127
J
J
"*73"
M
S
102 %
IVI
S
70 %
102 H
*106 H
106 H
94H
94 %
*
s
110H
126 H
97
3
4
73*
30
102 H
36
108
89 H
106H
104 H
90
125H 135
116H 124 H
67H 100 H
99 H
102H
106
108
112H
109H
A
103H
104 H
87
103
99 H
104 H
100 H
47
98
93 %
4
93
108H
90
103H
100 H
A
93 %
A
*84
A
80 H
F
107
IVI
*111%
M
85
J
A
81H
*96H
"18
10
107
80 H
111
98
105 H 111H
96 H
85 H
110H 115
*85
85
112H
*
IVI N
89
89 H
{
98
IVI N
97
97
97
97
IVI N
96 H
96 %
97%
|{*Manatl Sugar 1st a f 7 Ha—-1942
A
106
D
90 H
93
95 H 105H
90 H 105 H
D
60
60
55
88 H
O
41
41
25
90
39
42
25
90 H
—2013
Manila Elec RR A Lt s f 58—1953
Manila RR (South Lines) 4s—1939
1st ext 4s
-—-.1959
{♦Man G B A N W 1st 3Hs—1941
J
O
D
29H
J
J
J
IVI
S
1st A ref 08 series A
25-year
-.-—1949
5Ha
J
67
21H
2H
10
2H
95
61H
90 H
45
47H
46
43
88H
42
38 H
42
28
37
76
41H
41
41H
7
38
116
21
79 H
80
45
19
48H
A—1902
1962
1978
♦Cum adjust 5s ser A
Jan 1967
{♦Mo Pac 1st A ref 5s Ber A
1965
J
J
J
J
M N
40-year 4s series B
Prior lien 4 Ha series D
A
O
25H
23
25%
F
A
23
21 H
23
20 H
20%
1
18H
1975
1977
IVI
S
7%
8H
224
5H
24
M
S
291
18H
49
18
47
1978
MN
18H
48 H
45 H
1949
IVI N
♦Certificates of deposit
♦General 4s
8H
21
23
1980
H
A
O
1938
Mohawk A Malone 1st gu g 4s. 1991
Monongahela Ry 1st M 4s ser A '60
Monongahela West Penn Pub Serv
1st mtge 4 Ha
I960
6s debentures
1905
♦Secured 5% notes
21%
F
M
F
M
75 %
4
74
20%
16
17
15%
32
17
13 H
17
56
81
81
1
A
A
106%
107H
104
O
103 %
104
95
O
94 %
88
89
9 •
78H
J
*10
25
32
41
80 H
04
M N
58
58 H
58
M N
*113%
%
100
70
J
27%
J
D
*97%
M N
IVI N
102
*1%
*1 %
*1%
*2%
*2%
J
J
O
O
97
100
111
98 H
03 H
101
95 H 107
2H
4
1H
2%
2H
106H
2
2
2H
6H
4
6H
2%
*1%
12
7H
56
102H 107 H
*1%
*1%
*1H
D
103H
105
*55
IVI N
J
97H
*1%
J
95
102%
101%
J
24
100
98%
97
98%
72 H
28
'
J
84
102
112H 119
114H
IVI N
6s—1945
'
80
J
J
J
*30
D
39H
122H
123
120H
1st g 4Ha
121H
106%
107
♦
N J Junction RR guar
107
96
72%
50"
65
93 H
116H 122 H
"38"
*25
"0"
2%
105
*116H
D
J
52
82
74 H
52 H
118H 127H
125H
116H
100
101
104 H 108H
75 H
98
85 H
50
45
103H
A
O
94H
95H
90 H
D
94
95%
89 H
103
1955
J
J
J
78
78
100H
4s—1953
5s ser A. .1952
B
80 H
80
67
{♦New England RR guar
♦Consol guar 4s
1st A ref 5s series
74
66%
J
New Orleans Term 1st gu
99 H
98 H 104 H
85 H
79 H
67
New Orl Pub Serv 1st
92 H
110H
88
73 %
33 H
82 H
90
76%
12
69 H
108H
7
75
18%
92 H
111H
73 H
5s—1948
New England
105
100
76 %
Mexico—
J
♦4 Ha Jan 1914 coup on
1957
J
♦4 Ha July 1914 coup on
1957
J
♦4H July 1914 coup off—-.1957
♦Assent warr A rets No 4 on *57
A
♦4s April 1914 coupon on — .1977
A
♦4s April 1914 coupon off
1977
♦Assent warr A rets No 5 on '77
Nat RR of Mex prior Hen 4 Ha—
♦Assent warr A rets No 4 on. 1920
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off—1951
♦Assent warr A rets No 4 on '51
1945
98H
79 H
*73
A
39 H
80
82 H
*73 %
F
54 H
39 H
7
75
75
*
M N
97
21
1
99%
*73%
National Rys of
1954
8H
9H
25
107 H
IVI N
1965
49 H
47
14
S
46 H
18H
19H
S
18H
48 H
92 H 100
"74"
M
45 H
18H
237
"88"
15H
M
3H8-1966
1941
Gen A ref s
1956
Gen A ref s
1955
Gen A ref s f 4Hs series C—1955
Gen A ref s f 5s series D
1955
Morris A Essex 1st gu 3 Ha
2000
Constr M 5s series A
1955
Constr M 4 Ha series B
1955
Mutual Fuel Gas 1st gu g 5s—1947
Mut Un Tel gtd 6s ext at 5%-1941
UNamm (A I) A Son—See Mfrs Tr
Nash Chatt A St L 4s ser A
1978
Nassau Elec gu g 4s stpd
1951
Nat Acme 4H« extend to
.1946
Nat Dairy Prod deb 3 Ha w w_.1951
Nat Distillers Prod deb 4Ha—1945
18H
17H
20 H
*14H
97
95
5
S
53
99
~23~~
21
S
23
85
132
A
25
*84
19
*20
K
5s
f 5s series A
f 5s series B
f 4s...
23
21%
22 %
A
MN
1st A ref
{♦Naugatuck RR 1st g 4s
6%
5H
82
*20
1981
{♦Mobile A Ohio gen gold 4s—1938
♦Montgomery Dlv 1st g 6S—1947
♦Ref A lmpt 4 Ha
1977
22%
23
of deposit
4%-July 1938
21
6H
♦Certificates of deposit
♦1st A ref 5s series I
9
19%
21
of deposit
6 Ha
23
*20
"22 H
28
*72
96
71
J
Nat Steel 1st coll a
95 H
32
J
♦Certificates
66
2
73 H
47
Mo Pac 3d 7s ext at
28 H
7
15
D
gold
30
7H
74
J
♦Certificates
41H
7H
2
73 H
1990
♦Conv
8
10
10
69
J
M-K-T RR pr Hen 6s ser
3
23
32
J
4s
8H
37 H
32
9
71
32
J
1959
B
1st Chicago Term s f
14
10
14H
9
8H
60
J
1978
—1941
1st ref 5 Ha series
{♦Mo-Ill RR 1st 5s series A
Mo Kan A Tex 1st gold 4s
31
29
*70
J
40 H
3H
4
12%
9%
13H
7 H
8H
13H
57 H
H
IVI N
8
91H
15
57
3
2%
Tel A Tel 5s A. .1952
IVI N
series B
—1961
F
A
1st 4a.-1986
N J Pow A Light 1st 4 Ha
I960 A O
J
J
New Orl Great Nor 5s A
1983
J
J
N O A N E 1st ref A Imp 4 Ha A 1952
IVI N
IVI
99 H
77
8%
*3
*26 H
42 H
A
85
90
16M
"HH
83
54 %
100 H
109 H 115
99 H
93
f deb 6s. 1951
deb 5 Ha. 1950
Maine Central RR 4s ser A_—1945
Gen mtge 4 Ha ser A
1960
{♦Manhat Ry (N Y) cons
4s. 1990
♦Certificates of deposit
105
95
15
15H
J
1938
1946
Int
1st cons 5s gu as to
Newark Consol Gas cons
♦Certificates of deposit—
105
97
80
.
J
McKesson A Robblns
3625
109
136
"97 %
J
F
98
9
87H
Montreal Tram 1st A ref
116
McCror > stores Corp s
1st cons 5s
Montana Power
126
*107
A
IVI
98H
*77
J
86
114
A
♦Second 4s
98
90 H
26
27
99
98
97
108
88
24
4s Int gu. 1938 J
1938 J
M St P A SS M con g
76 %
129
103 H
F
IVI
27H
32 H
122
122 H
M N
IVI
103 H
72
25 H
129
O
F
107
59 H
96
90
*113""
O
O
1940
2003
2003
1st A ref 4s series D
2003
1st A ref 3Ha series E
2003
Paducah A Mem Dlv 4s
1940
St Louis Dlv 2d gold 3s
1980
Mob A Montg 1st g 4 Ha
1945
South Ry Joint Monon 4s.--1952
Atl Knox A Cln Dlv 4s
1955
Lower Austria Hydro El 6H8--1944
32
75
IVI N
F
C
77
20
30 %
A
B
27 H
29%
1951
Louisiana A Ark 1st 5s ser A--. 1969
Louisville Gas A Elec 3 Ha
1966
Louis A Jeff Bdge Co gu 4s
1945
Louisville A Nashville RR—
Unified gold 4s
30
124
1944
.i
35
59 H
28
J
A
78
38
64 K
*35
A
90
88
99
1939
IVI S
{♦Mil Spar A N W 1st gu 48—1947
J
J
{♦Mllw A State Line 1st 3 Ha—1941
M N
{♦Minn A St Louis 5s ctfs
1934
♦1st A ref gold 4s
1949 IVI S
♦Ref A ext 50-yr 5s ser A
1962 Q F
104H
O
2003
2003
Leh Val Term Ry 1st gu g 5s—1941
Lex A East 1st 50-yr 6s gu
1965
Liggett A Myers Tobacco 7s—-1944
5s
1951
Liquid Carbonic 4s conv debs-.1947
Little Miami gen 4s series A.--1962
Loews Inc s f deb 3 Ha
1946
Lombard Elec 7s ser A
1952
Long Dock Co 3Ha ext to
1950
Long Island gen gold 4s
1938
Unified gold 4s
1949
Guar ref gold 4s
1949
4s stamped
1949
104H 110H
85 %
Con ext 4 Ha
35 H
F
General cons 5s..
28""
103 H 105 H
J
J
J
1st mtge 5s
D J
{|*MilwANo 1st ext4H8(1880)1934
1st ext 4 Ha
1939 J D
106H
8
95
M
IVI N
page
D
J
5H
2l"
104 H
O
J
series C
♦1st A ref 5s series G
98
2003
footnotes see
70H
>
4s
For
A
1961
1971
Ref A lmpt 4 Ha
♦1st A ref 5s series F
28H
J
1st A ref 4 Ha series
1940
Mllw El Ry A Lt 1st 6s B
1H
102
*
IVI N
16H
7%
25
*20
D
{♦Mid of N J 1st ext 5s
99 H
J
1940
1
#
70
*50
Lorlllard (P) Co deb 7s
J
*
85H
J
4 Ha
Lehigh Val (Pa) cons g
General cons 4 Ha
7H
4H
J
♦1st A ref g 6s series
gold notes
5s
Leh Val N Y 1st gu g
7H
*1%
M
107H
102% 109H
100
104 %
*2%
A
S
49
25H
*50 H
1954
1964
1974
1938
1954
10
102
O
♦Certificates of deposit
A
102
102
M
gold 3 Ha
89 %
99H
4s A—.1965
4s
1945
ref s f 6s_l944
13
103
93
4
107H
97%
107 H
s
85
97%
107
N
J
1st
55
1975
1st A ref s f 5s
J
85
1940
1951
1952
1979
City Air Line 4s
Jack Lans A Sag 3 Ha
*84 H
1997
Lehigh A N Y 1st gu g
97H 104
70
100
75
*70
1
High
Low
1022#sj1022,JJ
►
S
1914 coupon)
1977
♦Mlag Mill Mach 1st s f 7a
1956
Michigan Central Detroit A Bay
*50
95
Lehigh A New Eng RR
No.
1977 M S
♦4s (Sept
70 H
53
A
92
S
Lehigh C A Nav s f 4Ha A
1954
Cons sink fund 4 Ha ser C—1954
Leh Val Harbor/Term gu
119H
"67_
IVI
Since
Jan
«5<*2
107 H
108
1941
1st A ref s f 5s
109 H
11H
12 H
-1942
Lehigh Val Coal 1st A
1st A ref s f 5s
100
102 H 105
44
40
47 H
RR—
♦1st mtge Income reg
95
69
59 H
extended at 3% to.-1947
1st A ref 5s series
25
65H
unguaranteed
L A P 6s
1937
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 5s
1954
1st A ref 6 Ha
1954
Kinney (G R) 5 Ha ext to
1941
Koppere Co 4s ser A
1951
Kresge Foundation coll tr 4s.-1945
3Ha collateral trust notes.-.1947
{♦Kreuger A Toll secured 5s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 5s_1939
Coll A ref 5 Ha series C
1953
Coll A ref 5 Ha series D
1960
Coll tr 6s series A
..1942
6s
6
J
Kings County El
Secured 6%
66 H
O
1961
1961
So g 3 Ha
Co Ltd—
108
26
A
-—-1961
Lautaro Nitrate
102 H
"35" "42
J
1950
Apr 1950
Kansas City Term 1st 4s
1960
Kansas Gas A Electric 4H8—1980
♦Karstadt (Rudolph) 1st 6s. _ .1943
♦Ctfs w w stmp (par $645)—1943
♦Ctfs w w stmp (par $925)—1943
♦Ctfs with warr (par $925).-1943
Keith (B F) Corp 1st 6s
1940
Kentucky Central gold 4s
1987
Kentucky A Ind Term 4 Ha—1961
Ref A lmpt 5s
9H
91 H 106
33
O
A
80
94 H
D
J
95
102
2H
50
3
tfc
In
Market St Ry 7s ser
82
*95H
A
Lake Sh A Mich
Mfrs Tr Co ctfs of partlc
Range
i2
Asked
High
Bid
Low
81H
A
IVI
2d gold 5s
Price
3
Dec.
89 H
82
4s. .1990
{|*K C Ft 8 A M Ry ref g 4S.1936
5s 1937
Ended
A—April 1940 Q
warr—1945 IVI
Metrop Ed 1st 4 Ha ser D
1968 IVI
Metrop Wat Sew A D 5 Ha
1950 A
F
f {*Met West Side El (Chic) 4s. 1938
F
Clear 1st 4s—1959
Steel 4HaA—1961
Coll tr 6s series B
Week
*80 H
S
M
Friday
EXCHANGE
STOCK
64
mH
Kanawha A Mich 1st gu g
4 Ha
Y.
47H
67H
Range or
Sale
BONDS
N.
1-1598
Week's
Last
40 H
40 H
18
20
Jones A Laughlln
Plain
Friday
104H
10
*
21
20
ref 4s. 1951
1st gold 3s
NEW YORK
A. T. A T. Tele. N. Y.
Telephone WHltehall 4-2900
5H
19H
21
5H
1939
1955
Debenture 5s
Stock Exchange
St.
91
M N
Wall
91H
57 H
63
95 a
25
IVI N
Conv deb 4 Ha
Members New York
108
56 %
1st 5s B__. 1972
1st lien A ref 6 Ha
1947
Int Telep A Teleg deb g 4 Ha—1952
Int Rys Cent Amer
Lake Erie A Western
105 H
101
20 H
M
1947
stamped 1942—.
Stamped
43
14
98 H
19
103
19H
58 H
J
Kan City Sou
D. H. SlLBERBERG & Co.
96 H 107
21
55 H
"19 H
O
A
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6a ser A.-July 1952
♦1st 5s series B
1950
♦1st g 5s series C
1956
Internat Hydro El deb 6s
1944
Int Merc Marine s f 6s
1941
Internat Paper 5s ser A A B—1947
Ref s f 6s series A
1955
James Frank A
106 H 108
104 H 104 H
42
101 %
*100
"103""
Interlake Iron conv deb 4s
{♦Iowa Central Ry 1st A
87 H
107
18H
18H
DEALERS
FOR BANKS AND
91 H
37H
166"
...
1932
1932
|*10-year conv 7% notes
♦Certificates of deposit
Corp 5s
40 %
91
44 H
106 H
107
154
48
H
40
H
57 H
♦Certificates of deposit
5 ♦10-year 6s—
Int Agrlc
44
48
A——1963
1963
Illinois Steel deb 4 Ha
1940
Ind Bloom & West 1st ext 48—1940
Ind 111 A Iowa 1st g 4s
1950
{♦Ind A Louisville 1st gu 4s—1950
Ind Union Ry 3 Ha series B—1986
Inland Steel 3 Ha series D
1961
{Interboro Rap Tran 1st 5s—1960
C
BROKERS IN BONDS
High
Low
High
St L & N O—
1st A ref 4 Ha series
Since
Jan. 1
Asked
Low
Joint 1st ref 5s series
Range
Is
Friday
Sale
*1
Week
HI Cent and Chic
3623
New York Bond Record—Continued—Page 4
145
Volume
78
78
%
New York Bond
3624
Friday
BONDS
N.
STOCK
Y.
Week
Week's
Last
Range or
8?
EXCHANGE
Dec,
3
Sale
si
Ended
Price
Bid
♦Certificates
Range
oqc^
High
No.
||
O
1954 A
29M
29M
29 M
O
36
33
36
32
♦1st 6e series B
32
Since
Ixnc
2
Paris-Orleans RR ext 5%s
Parmelee Trans deb 6s
36
32
36
19
32
60
32
30
32
7
30
A
37
33 M
37
82
30
55%
62%
32
32
1
32
57
♦Certificates of deposit
Newport ft C Bdge gen gu 4%si945
N Y Cent RR 4s series A
*110
110
Guar 3 %s trust ctfs D
Guar 4s ser E trust ctfs
28-year 4s
68
69M
63%
A
76
70 M
76
113
155
84 M
190
83
84M
94
91M
94
44
1942
97
96 M
97 %
30
A
Lake Shore coll gold 3 Ms
2013
69M
65
69M
94
81
80
81
76
1998
1998
26
69
60
65
137
53
78
71M
78
4
88
87
1953
107M
1st guar
5s series B——..1953
N Y Dock 1st gold 4s
1951
Serial 5% notes
—1938
Certificates of deposit
N Y Edison 3%s ser D
1st lieu ft ref 3Ms ser
Purchase money gold 4s
2
"87
102M
32
122
2
113
6
37%
72
40%
102 %
60
97
111
"2
110%
93%
119
4 Ms series B
.1973 IV» N
N Y L E ft W Coal ft RR 6Ms. .1942 (VI N
N Y L E ft W Dock ft Impt 5s. .1943 J
J
N Y ft Long Branch gen
4s—. .1941 M
1»NYANE (Boat Term) 4s., .1939 A
{♦N Y N H ft H n-c deb 4s.—. .1947 (VI
94M
*88
*
*11III
S
O
1965 J
1984 J
1952 A
cons
6s
1943
19%
19 %
109%
Refunding gold 5s
Peoria ft Eastern 1st
cons
4s
4s—1940 a
April
1990
Peoria ft Pekln Un 1st 5%s
1974 F
1956 J
J
1956 J
105%
100%
105
106%
101% 108%
"79"
*114
J
*108
1981 J
D
*105
S
{♦Phila ft Reading C ft I ref 68.1973 J
J
16%
4
20%
19%
47
105%
1949 IVI
s
5%
8
18%
|*Phllipplne Ry 1st s f 4s
1937 J
Pillsbury Flour Mills 20-yr 6s.-1943 A
Pirelli Co (Italy) conv 7s—
1952, M
J
19M
18%
.1955
20 M
20 M
21
♦Non-conv debenture 4s
.1956 (VI N
17
18%
44%
47%
20M
19
21
47
.1956 J
52
19
♦Conv debenture 3 Ms.
16M
19
53
16%
45
11C
20%
71
♦Conv
I
J
.1948 J
J
23 M
23 M
25
.1940 A
debenture 6s
♦Collateral trust 6s
O
36 %
35 M
36 M
20
9M
4
21M
9M
23M
80
80
.1957 (VI N
♦1st ft ref 4Mb ser of 1927--. .1967 J
D
♦Harlem It ft Pt Ches 1st 4s. .1954 M N
♦Debenture 4s
1992 M
{♦N Y Ont ft West ref g 4s
♦General 4s
—.
1955 J
{ *N Y Providence ft Boston 4s. ,1942
N Y Steam 6s series A
—
S
1st mtge 5s
ref mtge 3Ms ser B
N Y Trap Rock 1st 6s
6
J
1937 J
76% 106
"28
450
1
101
68
103%
97% 119%
107
113%
116
110
109%
129
119
.
108% 117
90%
91%
72
87
106%
104%
105%
102
102
105%
29
13
50%
26%
16
17
A
90
100%
105 M
105 M
105M
105%
12M
16
10
*38
l"06%
103 %
103 M
107
103M
a
D
{♦N Y Westch ft Boet 1st 4%s. 1946 J
1966 M
Nlagara Falls Power 3 Ms
1955 A
Nlag Lock & O Pow 1st 5s A_
Niagara Share (Mo) deb 6%s.- 1950 (VI
N
"93"
Nord lty ext sink fund 6 Ms
1950 A
O
98 M
I {♦Norfolk South 1st ft ref. 5s.. 1961 F
A
J
6
S
105M
107%
110%
110%
♦110%
Series E 3 %s guar gold
Series F 4s guar gold
1949 F
A
1953 J
D
Series G 4s guar
Series H cons guar 4s.
Series I cons 4 Ms
1957 M N
1960 F A
35
5
2
98
68
"21
23
2
10
3
76
48
16
50
~89
106
47
101
106%
109%
103%
94%
100
22%
109%
108
104
4%
91
93
75
97M
98%
11M
9M
12
95% 109%
9
32%
31
8%
9%
55
102
101
102 M
102
103M
102M
55
112
102
8
102%
103%
99%
M
98 M
98M
S
97
125
119
♦Oct. 1 1934
ftsub coupons. 1945
♦Oct 1937 and sub coupons.. 1945
as to sale
*70
*
97
60%
J
75M
72
Ref ft impt 6s series B
2047 J
J
90 M
Ref ft lmpt 5s series C
Ref ft lmpt 5s series D
Nor Ry of Calif guar g 5s—
87%
2047 J
62%
75%
90%
J
76
2047 J
J
76
1938 A
Northwestern Teleg 4Mb ext.--1944 J
O
*102%
♦Og ft L Cham 1st gu g 4s
Stamped
1948 J
J
J
J
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1943 M S
.
1965
1st mtge 3Ms
1972
Ohio Indiana & West 5s.-Apr 11938
lOhlo Public Service 7s ser B—1947
Oklahoma Gas 4 Elec 3Ms
4s debentures
Ontario Power N F 1st g 5s
Ontario Transmission 1st 6s
Oregon RR & Nav
con
g
J
Q
87
81%
133
90% 112%
60%
82%
conv
108%
S
119% 124%
57
104%
J
*45
J
{♦Postal Teleg ft Cable coll 5s. 1953
J
Potomac Elec Pow 1st M 3%s.l966
J
Pressed Steel Car deb 6s
1951
J
{♦Providence Sec guar deb 4s_.1957
IVI N
1956 IVI
75%
104
108%
88%
52
48
12
233
104
3
100
106
6
70
100
10%
104
75
7%
75%
7%
"85""
J
41
35
104%
"85%
4
s
1948 J
11%
104
110
57
55%
J
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s ft com stk (65% pd)
—
J
9%
7%
85%
85
45%
28%
90
101
D
§»Debenture gold 6s
-1941 J D
Reading Co Jersey Cent coll 4s. 1951 A O
Gen ft ref 4%s series A
J
1997 J
Gen & ref 4%s series B
J
1997 J
Remington Rand deb 4%s w w_1956 IVI s
Rensselaer ft Saratoga 6s gu—1941 IVI N
Republic Steel Corp 4%s ser A. 1950 M S
Gen mtge 4%s series B
1961 F A
*87
78
92%
91%
*
126%
76% 104%
84%
31
58
92%
110
"il2"
112
82%
78
106
84
78
91%
90%
84%
108%
84% 108
88
115%
112
106
110
212
64
82%
112
13
115
105
77
100
18
130%
83%
60
78
100
97%
98%
19
97% 106
26
26%
8
22
20
21%
99%
78%
83%
J
96
76%
85%
91%
Gen mtge 4%s series C
1956 Nl N
Revere Cop ft Br 1st mtge 4 %s. 1956 J
J
♦Rhelnelbe Union s f 7s
-.1946 J
J
♦Direct mtge 6s
97%
110%
*110
6s. .1942
{♦Providence Term 1st 4s
Purity Bakeries s f deb 5s
108
D
D
1960 M
1st 5s 1935 extended to 1950
Porto Rlcan Am Ton
108%
96
21%
4
18
26%
19
30
3
19%
30
*27
1952 IVI N
30
30
32
A
29%
36
10
19%
30
30
30
11
19%
30%
1952 M
S
14
87
89
16
14
84
92
33%
11%
10
14
1952
J
*104
1955
A
*40
{♦Rio Grande June 1st gu 5s__ 1939
gold 4s_.1939
D
*26
89
J
*36
48%
19%
4s
♦10%
11M
11
"162"
iooM
102"
43
96M
95%
96%
16
llOhe
noii 1
"2
109% 109%
96
106%
91% 100
109% 112%
95
98% 104
107M
107%
108"
"l4
1945 M N
15
110
101
115
107% 115
106
114
115
1
115
121%
117%
1
117
123
105
1963 IVI
S
Otis Steel 1st mtge A 4 Ms
1962 J
J
J
"73"
72
"73%
*38
62%
108
107%
104 M
103%
99%
100 %
F
*-_.
J
*11
102"
A
102%
101%
*
"97 M
63
22
*100%
63
103% 107%
99% 103%
69%
92%
82
108
103
111
104%
100%
99% 107%
94% 100%
85% 102%
95
102%
99
105%
98% 104%
108% 108%
97
101%
85
93
102%
102%
97%
63
f
conv
debentures
Rlchm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s
♦Rio Grande West 1st
con
ft coll trust 4s A
1949 A
Roch G ft E 4 %s series D
Gen mtge 5s series E
O
1977 M S
1962 IVI s
f {*R I Ark ft Louis 1st 4%s„1934
♦Ruhr Chemical s f 6s
*115
108%
10%
♦Stamped
con
109
3
9
10%
24%
*
15
*10%
4%s.__1941
*13
♦Stamped
*11
Safeway Stores s f deb 4s_..
1947
Saguenay Power Ltd 1st M 4%s '66
100%
100%
100%
99%
13
84
18%
52%
116% 117
107% 109%
8
20%
13
....
18
91%
49%
14
m.
108%
-
1st
91
*19
1949
♦Rutland RR
101% 104%
53%
60
48
19
19%
1948
♦Rut-Canadian 1st gu g 4a
89
28%
25%
32%
----
15%
12%
101%
....
----
13%
15
34%
15
37
103%
29
100%
109%
99%
97
104%
USt Joe ft Grand Island 1st 4S--1947
*
107
112%
St Lawr ft Adlr 1st g 5s
54
106
"97%
"36
s
♦1st
115
1996
*
94
96
103%
1966
*
97%
92
102
2d gold 6s
St Louis Iron Mt ft Southern—
"
♦JRlv ft G Dlv 1st
g
4s
1933 IVI N
75%
57%
59%
76
55
59
59
19
63
88%
15
5
15
48
—
70
85
10%
37%
33%
{♦S L Peor ft N W 1st gu 5s„.1948 J
St L Rocky Mt ft P 5s stpd—1955 J
J
15
J
*60
{♦St L-San Fran
J
pr lien
4s A..1950 J
♦Con M
4%s series A
73%
15%
1950
j
15%
14
14
♦Certificates of deposit
♦Prior lien 5s series B
11%
13%
12%
J
15%
S
13%
♦Certificates of deposit
62
59
♦Certificates of deposit
♦Ctfs of deposit stamped
62
60%
G
66
3625.
64%
62
60%
1955 A
104
page
*60
61%
107%
112% 113
64%
96%
—1953 F
117%
see
101
"64"
♦Cons mtge 6s of 1928
105
footnotes
102%
*62
♦Cons mtge 6s of 1930
Richfield OilCorp—
"7%
For
101%
*106
104%
107%
92
A
123%
109%
101%
111%
1955 F
109
76
J
3s loan ctfs
102%
124%
124
3
21
109
103
-----
J
s f g
1974 J
1977 J
110
1946 J
1st M
5s series C
1st 4%s series D
76
101
S
113
111 V
109
A
4
99%
J
1st gen
Port Gen Elec 1st 4 %s
111
114%
114%
125%
2
ifo"
109
109
D
1962 F
18
100%
110%
*111%
Paducah ft 111 1st s f g 4 Ms.—1955 J
Panhandle Eastern Pipe L 4s.-1952 IVI
Paramount Broadway Corp—
1948 J
A
ser
1st gen 6s series B.
80
101M
J
Pitts Y ft Ash 1st 4s
80
100 %
1st ft ref mtge 3 Ms ser I
1966
Pac RR of Mo 1st ext g 4s
1938
2d ext gold 5s.
1938
Pacific Tel ft Tel 3Ms ser B...1966
Ref mtge 3Ms ser C
1966
O
118%
110
♦Rhine-Westphalia El Pr 7s—.1950 M N
D
Pacific Coast Co 1st g 5s
.1946 J
Pacific Gas ft El 4s series G
1964 J
1st ft ref mtge 3Ms ser H--.1961 J
118%
*116
O
1960 A
♦Rhine-Ruhr Water Service 6s. 1953 J
A
6s.-.1946 J
1st mtge 4 %s series C
112
..-1961 J
cons g
118%
D
106
Guar stpd cons 5s
Ore-Wash RR & Nav 4s
Oslo Gas & El Wks extl 5s
Ore Short Line 1st
110
109
1943 M N
Pitts ft W Va 1st 4 Ms ser A—.1958 J
1st mtge 4 %s series B
1959 A
70
P
D
J
83
1943 F
J
Pitts Va ft Char 1st 4s guar
O
83
1946 J
4s__.1946
1975 A
113%
113%
112%
109
♦111
D
1977 J
108
107
A
1966 J
1970 J
118
J
F
1963 F A
1964 hi N
4Mb
cons guar
Gen mtge 5s series A
Gen mtge 5s series B
Gen 4Mb series C
Purch money 1st M conv 5%s '54 M N
193
J
M N
J
83
72%
70
92%
62 M
120
87
70
*
J
F
106%
72%
of April 1 '33 to
April 1 1937 incl coupons.-1945
North Pacific prior lien 4s_
1997 Q
Gen Hen ry & Id g 3s Jan
2047 Q
Ref & lmpt 4Mb series A
2047 J
82%
122
98% 105%
101% 106%
95% 107
120
125%
S
♦Stpd
98
106
*45
Series J
106
110%
69%
6
A
1974 IVI
♦{Northern Ohio Ry 1st guar 6s—
91
7
107M
F
Gen ft ref 4 Ms series A
97% 108%
102% 108%
98% 1073%
98
107%
10%
92%
105M
M
N IVI
105%
5
North Amer Co deb 6s
A
95
"l"6
116%
1961 F
90
77
116
1957
Deb 6Ms series B—-Aug 15 1963
Deb 5s series CNov 15 1969
North Cent gen ft ref 5s
1974
46%
42%
101%
101% 109%
71%
116%
No Am Edison deb 5s ser A
8%
100%
107% 111%
107% 113%
107%
1942 M N
1945 M N
65
30
108%
87
1942 A
104%
♦Certificates of deposit
O
86
*108
Series B 4%s guar..
Series C 4%s guar
70
§ {♦Norfolk ft South 1st g 5s...1941 IVI N
Norf ft W Ry 1st cons g 4s
1996 O A
O
106
85% 102
Series D 4s guar
107M
O
1940 A
6
101
•mil
S
Plxta C C C ft St L 4 %s A
8
108%
55
76M
*66"
108
*.
99%
60
106M
108%
4%
14
12
80
16
8M
1946
—
107%
105M
1C5M
O
N
4 %s A. 1952 IVI
conv
12
69
5%
20
99
107
1943 (VI N
1939 M N
1967 J
J
106M
37%
Pitts Coke A Iron
5%
10%
2
98
90
A
1940 F
6M
7%
♦Conv deb 6s
92
69
68M
J
1937 F
10
5M
98
*62 M
106 %
N
1951 (VI N
1947 M N
1946 J
6s stamped
9M
O
1961 M N
1956 M N
1st mtge 5s
{♦JN Y Susq ft West 1st ref 5s.
j*2d gold 4 Ms.♦General gold 5s.—.——
♦Terminal 1st gold 5s
N YTelep 1st ft gen s f 4%8...
9%
O
4s... .1993 A
N Y Queens El Lt ft Pow 3 Ms.. .1965 M
{NY Rys prior lien 6s stamp.. .1958 J
N Y ft Rlchm Gas 1st 6s A
23
D
A
N Y ft Putnam 1st con gu
9!
46%
26%
113
60
35
91
99
5%
70
109
1977 J
D
♦Non-conv debenture 4s
"25
A
98%
109%
105% 123
86% 107
95% 111%
95% 111%
82% 111%
116% 121%
108% 117%
107
79
"68"
96% 106%
112%
116%
109% 116%
89% 103%
115% 126
100% 115%
69
107
69%
69%
101%
109%
123%
"69"
101%
105%
109
~16
8
76%
S
F
"~5
68
*
Phila Co sec 5s series A
1967 J
PhJIa Electric 1st ft ref 3Ms... 1967 IVI
19%
19%
121
144
109%
*101
98
♦Non-conv debenture 3Ms.. .1954 A
88
7%
98
24
201
117
*60
1943 M N
1974
125
98%
97%
96%
8
15
89
84%
*114%
108%
J
PhJIa Balv ft Wash 1st g 4s
General g 4%s series C
General 4%s series D
105
128
D
1st g 4Mb series C
1980 M
Phelps D dge conv 3 Ms deb—1952 J
General 5s series B
103%
109
95%
a
Pere Marquette 1st ser A 6s
10
118
103%
106%
86%
o
Apr
102
108
117
---1947 M S
84
105%
94% 109%
99% 102
94 M
100
91
93%
117%
103%
108%
a
97% 101%
99% 107
"85*
100
*20%
♦Non-conv debenture 3M8-. .1947 (VI
116% 125%
109% 117%
O
1960 F
Gen mtge 4%s series E
Conv deb 3%s
Peop Gas L ft C 1st
105%
97% 105%
101
113
111
1970 A
95% 106%
109% 111
105
*110
1st 4s series B
90
*102
84
IOOM
98%
97%
87%
~~6
N Y A Greenwood L gu g 5b—. .1946 IVI N
N Y ft Harlem gold 3 Ms
.2000 (VI N
N Y Lack ft West 4s ser A— .1973 (VI N
100% 107
1981 A
105%
109%
108% 109%
47
72%
45
112M
102
33
87%
102
H2M
11
101%
IVI N
♦Income
1949
88
103
1968 J
122
102M
18
1970 a
43
N Y ft Erie—See Erie RR
O
89%
101%
88%
102%
100%
*99%
100%
J
A
103% 107%
104% 110
47
Debenture g 4 Ms
General 4%s series D
95%
96
107
97%
General 5s series B
"50
80
101% 106%
Consol gold 4s
—1948 IVI N
4s sterl stpd dollar May 1 1948 M N
105
77%
96%
71% 100%
101 M
N Y Gas El Lt H ft Pow g 58-1948
J
96%
103
97%
87
42
102 M
4%s series B
-.1981
Pennsylvania P ft L 1st 4%s—1981
Pennsylvania RR cons g 4s
1943
105%
116% 122%
"80
104%
104
A
106
60
40
D
16
*40
50
90
1
♦118%
29
88
107M
15
*
Gen mtge 3%s ser C
Consol sinking fund 4%s
General 4 %s series A
*108M
1965
1966
E
"75 M
72M
64M
92%
42
1952 M N
-
Penn-Dlxle Cement 1st 6s A...1941 M S
Penn Glass Sand 1st M 4%s__1960 J
D
Pa Ohio ft Det 1st ft ref 4 %s A. 1977 A O
99is,,102%
73
1946
4s collateral trust
N Y Connect 1st gu 4Mb A
81% 109%
89% 105
96% 108%
59%
96%
80
98%
80%
97%
81
1937
1974
1978
1938
103
89
72%
104
1963 F
113%
104%
59%
06%
High
20
42
*102%
1944 J
77% 106%
Debenture 4s
Mich Cent coll gold 3 Ms
8
86
IVI N
NY Cent ft Hud River M 3 Ms-1997 J
|»N Y Chic ft St L 1st g 4s
Ref 5 Ms series A
Ref 4 Ms series C
3-year 68.—..——.—Oct 1
♦Paullsta Ry 1st ref b f 7s
1942 M
Penn Co gu 3%s coll tr ser B—1941
Guar 3 Ms trust ctfs C
1942
94
Low
90
91
S
65
NO
High
76%
91
O
82
Jan. 1
42
8
1944 A
Pat A Passaic G ft E cons 5s—.1949 M
80%
Since
Asked
A
74
s
1968 IVI
86 %
88 M
69 M
Bid
89
1947 IVI
88 M
1946
A
2013
Ref ft lmpt 5s series C
2013
Conv secured 3%s
—.1952
Range
or
Friday
Price
1955 J
3%s conv debentures
82
1998
10-year 3%s sec s f
Ref ft Impt 4M« series
Ref & lmpt 4 Ms ser
sr.
IjOW
54%
32
F
♦1st 6 Ms series A
Range
Sale
3
Dec.
1937
4,
Week's
Last
EXCHANGE
Ended
Paramount Pictures deb 6s
A
M
STOCK
Week
51%
59%
30
1956 A
1954 O
♦1st 4%s series D
N. Y.
High
29%
30
.-1956 F
♦1st 6s series C
Dec.
BONDS
Jan. 1
1
of deposit
5
Friday
-3
Friday
A
Asked
Low
:§*N O Tex ft Mex n-c lnc 5s..1935 A
Record—Continued—Page
j
14
1978 M
12
.,
14
/
-
-
128
44
10
45
16
14
i
*■
-
89%
j
vv
11%
36%
19
10%
33%
294
9%
33%
8%
30%
'84
Volume
New York Bond
145
BONDS
N. Y.
STOCK
Week
Last
EXCHANGE
Ended
Dec.
Prict
dk
♦Gen A ref g 5s series A
1990 J.
St Paul & Duluth 1st con g 4a.-1968 J
t*8t Paul E Gr Trk 1st 4*s.--1947 J
Paul A K C Sh L gu
70
69*
*35
"29 *
27
20 *
20*
Asked
High
70
No.
6
58
29*
21*
9*
8*
"34
34
1940
1972
St Paul Un Dep 5a guar
J
26
103
J
117
S A & Ar Pass 1st gu g 4a
1943 J
San Antonio Pub Serv 1st 6a..1952 J
San Diego Consol G & E 4a
83
1965 M
♦Guar
s
*20*
A
I ♦Refunding 4s
♦Certificates of deposit
cons
6s series A
N
O
O
A
O
1945 M S
♦Certificates of deposit
{♦Alt A Blrm 1st gu 4s
^♦Seaboard All Fla 6s A ctfa.
57
4
42
High
69* 100
36
74*
25*
65*
15*
54
109*
8
37
7*
27
1933 MS
S
1952 J
D
96*
*56*
.1935 1
J
41
2*
51
5
13*
20*
6*
18
5*
20
6*
6*
10
8*
21
250
73
12
*98*
4*
5*
5
42
3
97*
♦Silesia Elec Corp 6*8
Slleslan-Am Corp coll tr 7a
1946 F
A
1952 A
O
1951 J
J
deb 4s
Skelly Oil deb 4a
Socony-Vacuum Oil 3*8
1950 A
79*
South A North Ala RRgu 5a. —1963 A 0
South Bell Tel A Tel 3 * 8
1962 A O
Southern Calif Gas 4 Ha
1961 M 8
101*
Southern Colo Power 6s A.---.1947 J
Southern Kraft Corp 4*8
1946 J
1951 A
So Pac coll 4a (Cent Pac coll)-.1949 J
25
84
"99*
1941
^♦Wabash Ry ref A
3
26
72
63*
63*
63
86
101*
118
3
99* 106*
91
9
89* 100*
95*
70*
72
63*
1
5
82
841
44
64
277
63*
198
86
176
103*
25
104
86*
93
"82*
"81*
83
53*
48*
53*
111
64
55*
64
140
68
119
*
5s
1938 M S
Mobile A Ohio coll tr 4s
1938 M S
98
"45
*
1964 J
♦JSpokane Internat 1st g 5a
Staley (A E) Mfg 1st M 4a
1955 J
1946 F
60
68
*72*"
J
78
107*
100*
101
88*
78*
"77*
D
D-.1960 M N
107*
12
101
11
13*
101*
15*
A
102
D
1943 J
deb 68.1945 J
D
98*
*100*
69
68*
105*
104*
119*
119*
.1961
J
1950 M N
Tenn Coal Iron A RR gen 5s
Tenn Cop A Chem deb 6a B
Tennessee Corp deb 6s aer C
1951 J
J
1944 M
Tenn Elec Pow 1st 6s
A
1947 J
D
4 *s
1939 A
O
1944
Gen refund sfg4s.-1953
Texarkana A Ft S gu 5*8 A—-1950
Texas Corp deb 3 *s
1951
J
O
1977
O
1979
D
Gen A ref 5s series D
1980
Tex Pac Mo Pac Ter 5*a A...1964 M S
Jan 1960 A
♦AdJ inc 5s
I ♦Third Ave RR 1st g 5s
85* 108*
100* 100*
79
112*
85*
43*
53
105*
55* 110*
101* 105*
77*
102
105
95*
109*
16*
22
32
100* 106*
116
"76" "53
105*
45
119*
3
100
3
"88"
95
102
100
103
59* 159
102* 107*
115
126
J
O
1937 J
87
104
104*
*
J
113
83
82*
82
80
80
93* 105
32
31*
6*
76*
99*
109*
118*
105* 111*
115
87
87
6*
l"66*
108*
100
114
105*
105
104*
103*
110
110* 128*
83
106*
83*
82*
82
129
J
D
J
D
A
O
60*
97
30
5*
A
.1945 M
S
.1962 J
J
Ujlgawa Elec Power
s
f 7s
Union Electric (Mo) 3*s
r95*
51
152
97
96
106
105*
*11*
117*
116
1971 M N
35-year 3*8 debenture
United Biscuit of Am deb 5s... 1950 A O
Un Cigar-Whelen Sts 5s
1952 A
O
United Drug Co (Del) 5s
1953 M
1944 IV!
S
90
1
56
11
"~7
106
10
37
110
116*
106
46
103
114*
92
92*
52
77*
50*
74*
93
27
93
34
106
21
52*
77*
23
23
60
23
J
♦Un Steel Works Corp 6 *s A— 1951
♦Sec a f 6 *s aeries C
1951
108*
102*
25*
"25"
♦Sink fund deb 6*8 ser A... 1947
108*
100*
25*
103
*25*
A.. 1947 J
1944
1944
"87*
24*
25
1947
51
1959
51
87
86
50*
88*
51*
50*
51
54
70
100*
s
42
42
12
36
*
77
100
102*
107*
*109*
107*
106
110*
105*
121*
100*
120*
120*
2
117
110
110
5
106* 111*
102
109*
121*
101*
120*
107*
92*
95
IVI
108* 112*
104* 108*
121*
3
116
101*
49
107*
109
96*
11
s
O
F
A
Vandalia cons g 4s s rioaA
,.f 95j5
„T9&7
{♦Vera Cruz AHdtf»4V *.'.1934
Cons s f 4s aerir
3
j
£
.
81*
81*
81*
J
J
J
J
19
"""6
19
66
16*
J
100*
98*
100*
53
98
IVI N
67*
66*
67*
85
65* 111*
66* 107*
1938 J
17*
19
71*
69
65*
69*
110
20*
23
7
West Shore 1st 4s guar
71*
70*
72
47
D
2361
J
J
2361
J
J
1949 M
Wheeling Steel 4*s series A
1966 F
1940 M N
1*
107*
113*
106
73
86*
84*
*92*
86*
96
68
105
*111
A
White Sew Mach deb 6s
70* 100*
70
s
39*
104*
63* 109*
19
25*
107*
D...1966 M S
RR 1st consol 4s
84* 103*
100*
105
92
^♦Wlckwire Spencer St't 1st 7s. 1935
♦Ctf dep Chase Nat Bank
J
J
♦Ctfs for col A ref conv 7s A. 1935 MN
gu
101*
4
92*
94*
49
y
92
87
108*
14*
38
11*
12*
8*
8*
11*
7
6*
32*
25*
4
8*
24
8
96
during the current week
12
9
8*
8*
*6*
97
104*
89
100*
106* 115
35*
10*
"2
12*
12*
IVI N
62
101* 104
108*
♦Certificates of deposit
^♦Wor A Conn East 1st 4 *a... 1943 )~"j
Youngstown Sheet A Tube—
1st mtge s f 4s ser C
1961 IVI N
Cash sales transacted
6*
14*
♦Certificates of deposit
{♦Sup A Dul dlv A term 1st 4s '36
e
12*
58
"94*
1949
4s
47
28
101*
1960
gen
47
19*
7*
7*
Wilson A Co 1st M 4s series A..1955
Conv deb 3*s„
1947
t*Wis Cent 50-yr 1st
12*
6*
18
19*
1938
Winston-Salem S B 1st 4s
20
*15*
D
1942
5s
Wllmar A Sioux Falls 5s
7
7
96
113
97*
105
and not Included in the yearly
range:
No sales.
Cash sale; only transaction during current
r
a Deferred delivery sale; only
week,
during current week.
» Under-the-rule sale; only transaction during
x Ex-interest.
{ Negotiability Impaired by maturity
t Accrued
transaction
week,
current
interest payable at exchange rate of $4.8484
f Bonds called for redemption or nearlng maturity.
t Companies reported as being in bankruptcy, receivership, or reorganized
Section 77 of the Bankruptcy Act, or securities assumed by such companies
*
♦
z
Deferred
not included
delivery sales transacted during the current week and
in the yearly range:
Italian Pub. Util.
7s
under
No sales transacted during current week
Friday's bid and asked price.
Bonds selling flat.
Transactions
1952, Nov. 29 at 56*.
the
at
York
New
Stock
Exchange,
Daily, Weekly and Yearly
Stocks,
Week Ended
Dec. 3
1937
Railroad &
Stale,
United
Total
Number of
Shares
Miscell.
Municipal dk
States
Bond
Bonds
For'n Bonds
Bonds
1,141,230
1,145,910
1,153,000
696,870
Wednesday
Thursday
Friday
Total
1,219,000
266,000
6,587,000
1,050,000
437,000
8,483,000
950,000
138,000
5,817,000
1,161,000
1,191,000
307,000
7.038,000
230,000
9,954,000
$6,149,000
$1,571,000
$42,976,000
5,570,000
$35,256,000
$193,000
6,996,000
4,729,000
6,631.600
Monday
Tuesday
Sales
$578,000
$4,326,000
5,102,000
937,590
1,557,000
Saturday
8,533,000
$5,097,000
3
Jan. 1 to Dec.
3
Week Ended Dec.
Sales at
New York Stock
1937
1936
1937
Exchange
1936
6,631,600
3,368,135
384,233,650
122,523,000
$1,571,000
6,149,000
35,256,000
$14,014,000
269,000
$338,583,000
$742,521,000
325,026,000
1,953,732,000
16,812,000
340,000
$42,976,000
$14,623,000
$2,617,341,000
$771,471,000
Stocks—No. of sharesBonds
Government
90* 101*
State and foreign
91* 101*
Railroad and industrial
50*
64*
Total.
12,138,000
72* 103*
114*
109
Stock and Bond
36*
7
106
100
107*
2
22
33*
23*
32*
32*
Averages
170*
133
"16
21
102
19*
Below
are
the
daily closing
stocks and bonds listed
as
on
averages
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
85* 105*
84
106*
27
41
41
Bonds
Stocks
69
67
67*
6
81* 111
4
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili¬
40
roads
ties
Slocks
trials
Rails
Rails
ties
Bonds
Total
5*
4
20
Rail¬
trials
113*
1*
10
30
Indus¬
Date
111
110
1*
94* 108*
111*
40*
16*
106
105* 109
107*
MN
88* 106*
111*
18
127*
96* 101*
123*
29
92*
107*
89*
94*
*107*
S
80
3
70*
ser
76
30
70
100
105*
1946 IVI
Registered
90
*1111
10
Vanadium Corp of Am conv 5a. 1941 A
{♦July coupon
111* 116*
23
26
25*
85*
Utah Lt A Trac 1st A ref 5a
Utah Power A Light 1st 5a
....
80
71*
109*
114*
106
78
67
23
113*
106
99*
78*
97*
104*
1
75
67*
23
102* 106*
111*
J
1934 J
^♦United Rys St L 1st g 4s
U 8 Pipe A Fdy conv deb 3 *a. 1946 IVI N
{♦Debenture 5a
100
69
104*
110
J♦Uti 1 Power A Light 5 *s
101*
105*
*108
ser
123
113
S
U 8 Rubber 1st A ref 5s
119
104
90
73*
106*
11*
117*
2
A
1951 J
Wheeling A L E Ry 4s
109*
19
78
J
116* 121*
101
114*
June 2008 M S
1970 A O
U N J RR A Can gen 4s
103
102* 107*
r95*
100
71
75
8
83
108*
106
1952
34-year 3*s deb
73*
117*
Union Pac RR. 1st A Id gr 4s... 1947
1st lien A ref 4s
June 2008 M S
1st lien A ref 5s
112
109"
36
101*
39*
S
1960 IVI
76* 101*
*95*
73*
:i*Unlon Elev Ry (Chic) 5s... .1945
Union Oil of Calif 6s series A.-. 1942
3*s debentures
108*
40
69
1943 A
30-year 5s
96* 101*
*116*
108*
10
46*
5
104"
1
♦Westphalia Un El Power 68—1953 J
73*
66
93*
*103
M N
Tyrol Hydro-Elec Pow 7*8.-.1955
Guar sec a f 7s
1952 F
61*
100
44
10
71
J
1950
10*
78
1977 J
4*a
85
100
101*
1952 A
1946
g
15
O
1966 J
♦5s assented
Funding A real est
25-year gold 5s
108*
Too*
M S
Toronto Ham A Buff 1st g 4a.. 1946 J D
Trenton G A El 1st g 5s
1949 IVI S
J
Trl-Cont Corp 5a conv deb A-.1953 J
60*
*
1961
Western Union coll trust 5a
Tokyo Elec Light Co Ltd—
1st 6s dollar series..
1953
Tol A Ohio Cent ref A imp 3*s 1960
Tol St Louis A West 1st 4a
1950
Tol W V A Ohio 4s ser C
1942
D
10
O
1967 J
E..1963 IVI
West N Y A Pa gen gold 4a
t* Western Pac 1st 6s ser A
43*
10*
10*
10*
10
Westchester Ltg 5s stpd gtd.._1950 J
Western Maryland 1st 4a
1st A ref 5 *s series A
41
*88
11*
"15"
O
1939 J
ser
44
12
14*
10*
__
f 5s
Gen mtge 3*s._
West Penn Power 1st 5a
1st mtge 4s ser H
L
1st mtge 3*s series 1
10
10*
11
14
Washington Cent 1st gold 4s—1948 Q-M
Wash Term 1st gu 3*8
1945 F A
1st 40-year guar 4s
1945 F
107* 110*
69
88
44*
41*
108
80
83
32*
6*
76*
100*
"82* 104""
106
106*
J
1952 J
"33
5
15
O
1955 A
^♦Wlikes-Barre A East
102*
99*
107*
115*
109~ ~v 109*
D
1960 J
68* 100*
58*
98
58
97*
57
97*
84* 102*
101* 109*
98* 106*
40
11*
*105*
J
2000
Tide Water Asso OH 3 *8
86*
A
D
Gen A ref 5s series B...
Gen A ref 5s series C
Third Ave Ry 1st ref 4s
94* 101*
65
99*
S
1943
gold 5s
Texas A Pac 1st gold 5s
con
17
"84""
A
gold 5s
1944 M
108
90* 103
100
S
98* 102
105
100
J
Standard Oil N J deb 3s
Staten Island Ry 1st 4*s
130
99*
*
aer
94* 102*
100* 107*
101* 107*
101*
93
1996 J
1951 J
8-western Bell Tel 3 *s aer B
82*
102*
22
68*
69*
60*
60*
59*
84*
A
25*
107*
94*
1956 A
1956 A
18*
iol* "59
70*
1994 J
50*
73
11
11*
73
15*
14
1941 IVI
89*
10*
"II*
"14*
A
1 ♦Warren Bros Co deb 6s
100
99*
11
1976 F
♦Certificates of deposit
Walker(Hlram) GAW deb 4*8.1945 J
Walworth Co 1st M 4s
1955 A
a
71*
97*
15*
5*8 A. 1975
♦Certificates of deposit
Warren RR 1st ref gu g 3
*s.._2000 F
102
81
40
91
gen
6s debentures
86
106*
40
40
1941
22*
38*
14*
14*
108
99*
90*
1956
Tex A N O
♦Omaha Div 1st g 3 *s
♦Toledo A Chic Div g 4s
23*
107
Mem Dlv 1st g 5s
St Louis Dlv 1st g 4s
cons
60
1939 M
108
Devel A gen 6 Ha
1st
82*
97
Warner Bros Plct deb 6a
101
95*
So Pac RR 1st ref guar 4a_—- -1955 J
1st 48 stamped
1955 J
Southern Ry 1st cons g 5s
Devel A gen 4s series A
Devel A gen 6s
85*
94*
106*
O
1946 J
J
1950 A O
San Fran Term 1st 4a
68
D
1st 4 Ha (Oregon Lines) A—1977 M S
Gold 4*8—•
1968 M S
Gold 4*s
1969 M N
Gold 4*s
1981 M N
10-year secured 3*8
1
11
*116
D
J
54*
100
5
79*
106*
A
Southern Natural Gaa—
1st mtge pipe line 4 *8
93
20*
94*
106*
1965 F
81
60
84
O
1st mtge A ref 4s
97*
20*
78*
A
1941 F
Simmons Co
Term Assn of St L 1st g
3*
4*
60
-.1951 M S
ser
17
30
55
Wash Water Power
f 7a
♦Studebaker Corp conv
Swift A Co 1st M 3*a
36*
65
11
1939
1980 A
35*
26
34
105
94
♦Ref A gen 5s series D
10
101
67*
33*
101*
107*
103*
98*
1941
30*
13
69
65
104*
104*
67*
A
1978 A
72
67
110
84
♦Det A Chic Ext 1st 5s
♦Des Moines Div 1st g 4s
27*
17*
4*
7*
45
103
63
♦Certificates of deposit
♦Ref A gen 4 *s series C
♦Certificates of deposit
43*
45
1954
115
121
High
8
41*
104* 109*
1939 F
♦Ref A gen 5s series B
25
10
102*
65*
*1111
S
Low
61
*40
*
1939 IVI N
43
1951 M
♦Debentures! 6*8
1966 IVI
No.
11
♦2d gold 5s
♦1st lien g term 4s
41*
Shell Union Oil deb 3*s
Shlnyetsu El Pow 1st 6 *s
S'western Gas A Elec 4s
Virginian Ry 3*8 series A
♦JWabash RR 1st gold 5a
Hioh
Jan. 1
051
109
9*
J
Since
Asked
A
109
O
44
110
10
S
1958 A
19
A
5
D
1949 IVI
2003 J
5s
5s
cons
19*
A
reor lien g
1st
32
1935 F
East Tenn
124
82
103*
108* 112*
105* 110*
110
"25
Bid
1955 M N
22*
1935 F
a
113
Va Iron Coal A Coke 1st g
Va A Southwest 1st gu 4s
1942 J
Range
Friday
Price
Low
♦Vertientea Sugar 7s ctfa
Virginia El A Pow 4s ser A
30
*111*
*14*
13*
17*
4
3*
7*
6*
6*
8*
9*
7*
8*
19*
4*
"~5*
Range or
Sale
si
3
30
32
♦Series B certificates
♦ISiemens A Halske
Dec.
Last
fcl
EXCHANGE
Ended
32
0
1959 A
17
STOCK
20
0
♦Stamped
♦lBt A
109
Y.
Week
101* 106*
113
J
1946 A
Scioto V A N E 1st gu 4a
1989 M
{^♦Seaboard Air Line 1st g 4s. .1950 A
I ♦Gold 4s stamped
1950 A
♦Adjustment 5s
Oct 1949 F
83
109*
108*
1946 J
f 6*8 aeries B
117
*112*
Santa Fe Pres & Phen 1st 5a.-1942 M
^♦Schulco Co guar 6*s
♦Stamped
82
109*
Week's
Low
96
To"" '"5
10
N.
St Paul Minn A Man—
tPaciflc ext gu 4s (large)
3625
BONDS
Since
Jan. 1
*96
4*8-1941 F
Range
Is
Friday
Bid
Low
*st L 8W 1st 4a bond ctfa
1989 M N
♦2d g 4s lnc bond ctla
Nov 1989 J
{♦1st terminal A unifying 5a. 1952 J
6
Friday
Range or
Salt
3
Record—Concluded—Page
Week's
Friday
Dec.
3
127.55
32.35
22.51
43.19
103.88
103.21
62.28
103.59
93.24
Dec.
2
125.14
31.75
22.50
42.49
103.49
102.69
60.88
103.45
92.63
Dec.
1
122.11
31.56
22.17
41.69
103.54
102.40
61.11
103.56
Nov.
30
123.48
32.25
22.60
42.31
103.51
102.04
61.19
103.83
92.64
Nov.
29
121.58
31.54
22.48
41.66
103.39
101.63
61.19
103.48
92.42
Nov.
27
123.71
31.71
22.96
42.31
103.31
101.70
61.00
103.60
92.40
92.65
New York Curb
3626
NOTICE—Cash and
deferred delivery sales are
Exchange—Weekly and Yearly Record
disregarded In the week's
regular weekly range are shown in a footnote in the week In which they occur
Dec.
4,
and when Belling outside of the
for the year.
range unless they are the only transactions of the week,
No account Is taken of such sales In computing the range
In the following extensive list we furnish a complete record of the transactions on the New York
week beginning on Saturday last (Nov. 27, 1937) and ending the present Friday (Dec. 3, 1937).
from the daily reports of the Curb
which any dealings occurred during
Exchange itself, and is intended to include
the week covered:
Sales
Friday
Par
20
Acme wire v t c com
Week's Range
for
Sale
of Prices
Low
High
Week
Price
29
25
Supply Mfg class A
Aero
Low
Shares
29
29
Par
Jan
Oct
16
56%
24%
Sept
Oct
OX
Mar
Blue
Ridge Corp com
$3 opt conv pref
Blumenthal (S) A Co.
..*
*
1
common,.6
21X
24%
9%
Feb
38
May
Bohack (H C) Co com...*
8
2,300
6%
Oct
22
Feb
1
IX
700
Oct
4
May
ix
800
An
400
%
Oct
80
June
55
Oct
87
Jan
50%
Oct
77
Sept
1%
Dec
100
%
Dec
100
11%
Dec
63
63 X
80
IX
X
11X
200
Ailed Internat Invest com*
IX
*
UX
10
-.25
Class A
Aumlnlum Co common.
preference
Aluminum Goods Mfg
5
83 X
73
3,000
Nov
72%
Nov
109
*
—
Oct
15
80
100
6%
15%
200
72
119
119%
11% 12
2,050
15%
100
6% preferred
'u7A
62 X
200
American Capital—
Class A common
Jan
May
7%
Oct
50
Sept
5
Oct
200
4
Oct
40
10 X
3%
Nov
Oct
Too
~24% ~24X
15.50 prior pref
23%
Nov
78%
IX
1
'A
IX
1,300
Oct
1%
Oct
32%
3%
75
24%
11
1%
42
89%
5%
Jan
Jan
Mar
Apr
Mar
Feb
Feb
Mar
Class A__
25
Class A with warrants 25
Class B
27X
28X
250
23%
Oct
25
27 %
1,900
22%
Nov
"23 X
com___l
Amer Foreign Pow warr...
Amer Fork A Hoe com...*
"29"
*
110 j*
American General Corp 10c
4%
Preferred.....
12 preferred
12.50 preferred
Amer Lt A Trac com
25
6% preferred.
Preferred
1
18,600
21%
99
Oct
800
4
Nov
25%
400
27%
25
16%
300
18
22%
Preferred.
..*
American Thread pref
Anchor Post Fence
5
18
13%
14%
100
1,900
~24% "24% "25"
36%
Jan
24
100
21%
21%
200
Class B
Brown Co 6% pref.
100
Brown Fence A Wire com.l
1
com
33
31
33
"50
%
24%
700
$3 convertible pref
Oct
82
%
7
5%
1%
IX
75X
75%
19
18%
7
Sept
6%
Nov
25
"
'"7X "ix
3,200
1,400
IX
18,200
75%
21%
100
1,000
Oct
Angostura Wupperman..l
Apex Elec Mfg Co com...*
Appalachian El Pow pref.*
"l2%
Arcturus Radio Tube
1
*
4
Oct
5%
Oct
37%
37%
21%
39%
21%
350
21%
200
20
Oct
96
94
96
400
90
Oct
16%
15%
17
2,700
13%
Oct
Oct
30%
51%
25%
106%
31%
Carman A Co class A
Nov
5%
Oct
Oct
1
Oct
3X
3%
12
12%
104% 105
400
2%
8%
Oct
110
100%
Oct
5,100
3,300
%
Oct
2%
Oct
Oct
59%
4%
5%
8%
42%
110%
Jan
Carolina P A L $7 pref.
$6 preferred
Jan
Carrier Corp.....
Jan
Carter (J W) Co common. 1
Casco Products
*
Feb
Feb
Jan
Feb
3
—
1%
Jan
20%
Nov
5%
32%
Feb
Feb
Oct
20
Oct
5%
200
14%
3%
Oct
31%
Feb
8%
Jan
7%
Jan
3%
Jan
23% May
2%
Jan
26% July
8% July
1%
1,400
100
1%
4%
10,300
2
Oct
6%
2,600
4%
Oct
Jan
$7 dlv preferred
10
66%
Oct
96
Jan
1st preferred
*
15%
8%
Feb
Cent Hud G A E
*
12%
Jan
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
"84%
Art Metal Works
com
5
1
Associated
Elec
8
"ix
8%
700
4%
Oct
4
4%
2,600
1%
Oct
Industries
Amer deposit rets
Assoc Gas A Elec—
£1
Common
11.
1
1
Class A
1
1%
15 preferred
*
9
11%
1%
2
11
he
»«
Assoc Laundries of Amer.*
Atlanta Birmingham
Corp
Nov
500
%
7,100
1,800
3,900
1
Oct
5%
Oct
'j2
X
Oct
July
13%
3
Sept
*
Oct
Mar
Jan
5%
39%
Jan
7j2
1%
J an
Feb
Jan
% May
A
Coast RR Co pref
100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co..60
Atlas
9%
*is
Option warrants.:
V to common
600
warrants
3%
31
Atlas Plywood Corp
Austin Silver Mines
*
Automatic Products
5
2
Automatic Voting Mach.
Avery (B F)
__5
3%
24
8
14
1
%
7%
Axton-Fisher Tobacco—
Class A common
10
*
12%
%
1%
7%
7%
1%
1,100
20
Sept
Oct
3
270
4%
31
1%
90
13%
57%
Mar
Oct
%
Oct
1,200
14
2,100
9%
Oct
•u
8.000
%
Oct
2%
1,900
1%
Oct
600
6%
Oct
400
6
Oct
8
8
4
29%
3%
9
11%
16%
Feb
Jan
Mar
Mar
Feb
Mar
Aug
21
1%
100
1%
10
27%
31%
10,800
6%
6%
14%
500
16
Oct
43
Jan
Oct
156
Jan
300
"ix "ix "2",900
4%
15%
Barium Stainless Steel... 1
Barlow A Seellg Mfg A...5
"2%
Bath Iron Works Corp
"4%
8%
3%
14
4%
15%
8
8%
6.200
200
Berkey A Gay Furniture. 1
Purchase warrants
Blckfords Inc common..
...
$2.50
conv
Crtfsfor
see
Oct
7%
8
150
4
1,200
6%'
6%
200
*
40%
9%
40%
800
9%
%
35%
2
27%
2
200
7
400
37
2%
28%
26
150
22,400
1,800
Aug
30
50
Clayton A Lambert Mfg..*
12
100
3
200
160%
30
3%
17%
100
1%
3%
%
X
1
103
Jan
Cleveland Elec Ilium
*
Cleveland Tractor com...*
Nov
1I8
May
158%
113%
Nov
X
8
Oct
2
900
Oct
3%
16
June
Nov
27% Aug
4% May
18% July
8% Mar
5%
18
1%
1%
125%
5%
Mar
6% conv pref
Colorado Fuel A Iron
Mar
Colt's Patent Fire Arms.25
Feb
%
Oct
4
Jan
X
Oct
Oct
2%
15%
37%
Feb
2%
92%
5%
Oct
60
Oct
1%
15
Oct
Oct
24
Nov
Oct
58
Jan
79%
Feb
Feb
Feb
4
Oct
Sept
15%
4%
Nov
40
%
Oct
Oct
32%
5%
4%
5%
1,500
16
Oct
2
3
Oct
%
Oct
7%
2
Sept
Sept
Sept
3
Oct
100
12
3%
2%
3%
8,700
6%
52
5%
6%
2,800
51%
53
300
61
61
25
Oct
«!»
Oct
Feb
Apr
3%
10%
48%
Jan
Jan
Jan
76
18
2,600
Feb
Apr
Jan
5%
500
£1
warr.
Oct
30
3
*
Cohn A Rosenberger Inc.*
Colon Development ord
76% May
18% July
3,400
Cockshutt Plow Co com..*
Sept
19
Oct
Club Alum Utensil Co
170
Sept
30%
5%
18
Clinchfleld Coal Corp..100
Oct
Oct
Oct
123
3
5%
1
Apr
July
1,700
50
City Auto Stamping
*
City A Suburban Homes 10
Feb
28
30
May
Sept
Apr
13
30
19
16%
Sept
7n
1%
*
Mar
27%
Oct
32
9%
»i«
39
Jan
7
Oct
95%
96%
Jan
Nov
150
96
,-..*
Cities Serv P A L $7 pref.*
$6 preferred
...*
Oct
6
7%
19
5
June
17%
9
Mar
Jan
Jan
Aug
Apr
2%
22
Mar
Mar
9%
8%
4%
24%
74%
Feb
Feb
Feb
Feb
Apr
Columbia Gas A Elec—
Conv 5%
pref erred.. 100
Columbia Oil A Gas
1
Mar
Feb
Commonwealth Edison..25
4%
xAX
5%
15,800
Columbia Pictures com..*
57
Sept
2%
Oct
29
27%
26%
27%
7,200
he
28%
%
1%
30
Jan
Jan
June
20.500
30
104%
10%
39
Jan
Oct
33
Aug
20%
Commonwealth A Southern
400
6%
12
3,900
4%
6%
5
2%
16
x3 %
7%
Claude Neon Lights Inc..l
9
page
Oct
Feb
17%
1%
u v common..
For footnotes
Jan
3
33%
26%
21
2%
..
Bliss A Laughlln com
Jan
Oct
Dec
%
1
Apr
2%
8%
3%
7
Feb
Jan
450
900
22%
91%
52
9%
4%
1%
Nov
Nov
Oct
Clark Controller Co
1%
Oct
7
7
Feb
Oct
Jan
Feb
88
525
Aug
pref
Bliss (E W) A Co com.
600
19
96
18%
Mar
12
Blrdsboro Steel Foundry A
Machine Co com..—..*
Blauner's com
*
7%
Oct
Oct
12
74
82%
Jan
5
160
6%% pf-100
Hedges com
*
*
7
10
6%
8
22%
3
210
2%
27%
15
4%
100
84%
Oct
Oct
80
1%
12%
80
83
Nov
74
200
12%
80
Oct
Oct
11%
11%
Mar
Mar
Mar
Oct
1%
Oct
15
57
105%
%
1%
900
Oct
Oct
Jan
June
2%
5
4%
Oct
72%
124
Feb
875
100
Oct
No*
July
600
900
300
12
50
83
42%
10%
5,700
5,000
.10
Conv pref
Nov
75
Oct
Feb
%
1%
Bell Tel of Pa
Benson A
Sept
400
Oct
June
2
Jan
Aug
14%
38%
8%
18%
2%
20
Bell Tel of Canada
10
15%
85
10
Jan
2%
1%
100
11.50 conv pref
Beech Aircraft Corp
Oct
Nov
Oct
Jan
Feb
7%
2%
8%
Baumann (L) A Co com..*
Bell Aircraft Corp com... 1
Bellanca Aircraft com
2
10%
Oct
6
3
5
Preferred BB
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
83
10
com
Preferred B
Sept
23%
35
3%
102%
97%
67%
100
Preferred
60
Oct
2%
%
Chllds Co preferred
100
Cities Service common.—*
70
Oct
Oct
X
Mar
13i#
Chic Rivet A Mach......4
Chief Consol Mining
1
1J00
19
78
Mar
7%
25
Chicago Flexible Shaft Co 5
16%
Oct
25
Chesebrough Mfg
80%
Oct
Oct
1,800
87
74%
*
Chamberlin Metal Weather
Strip Co
Charls Corp
Cherry-Burrell
%
8
100
warr
Conv preferred
100
Conv pref opt ser '29.100
73
Purch warrants for com..
com.
6% pref without
7% preferred
16
80
JBaldwln Locomotive—
7% let pref
Beaunlt Mills Inc
Cent P A L 7% pref
100
Cent A South West Util 50c
Cent States Elec com
1
85
Centrifugal Pipe
Oct
83
1%
Babcock A Wilcox Co
com
Oct
Oct
1,200
*
75%
Ashland OH A Ref Co
Oct
2%
%
6
28
6%
Feb
Jan
Oct
9%
14
3%
75%
3%
Mar
Mar
Oct
75
31%
6%
6X
3%
Jan
%
87
75X
»
Jan
Aug
4%
1
21
1%
10
Common class A
Preferred
7% 1st partic pref... 100
Celluloid Corp common. 15
Mar
100
Oct
3%
Arkansas P A L $7 pref.—*
Feb
Jan
Apr
Sept
Mar
Feb
200
100
2
15
12%
13%
10%
3%
38%
%
5%
Feb
Apr
4%
20%
700
*
Castle (A M) com..—..10
Catalin Corp of Amer
1
Celanese Corp of America
Oct
Nov
5
Feb
June
1,100
1
*
*
Aug
%
3%
70
Feb
Mar
3%
2%
%
9%
1%
Carnation Co common...*
Carnegie Metals com_.._l
6%
3%
Mar
11
3%
2%
*
Jan
Nov
32
3%
*
Jan
10%
Nov
1%
25c
Class B
Jan
100
%
9%
Jan
Apr
2%
53
Oct
2%
9
*
3
700
4
1
99
2%
%
Marconi
*15%
28%
12%
Oct
non-voting...———*
Oct
Oct
4
"""%
Arkansas Nat Gas
B
Canadian
Capital City Produc.ts
Carlb Syndicate
Jan
Oct
3
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
Dec
3
4
500
Mar
Mar
4
85
60
12%c
%
75%
2
.....
2%
59
Nov
9%
10
*
_
28
2%
39
100
Warrants
Burma Corp Am dep rets..
Nov
Sept
3%
60
..*
common
1
3%
60
20%
Oct
Feb
3%
%
Oct
Jan
32
20
4%
%
33
900
Calamba Sugar Estate..20
Canada Cement Co com..*
20
Oct
Oct
1,100
*
i.200
lhe
28
Mar
6%
Amer dep rets pref shs £1
Apr
1,350
5
Cable Elec Prod vtc
Cables A Wireless Ltd—
Oct
Mar
25
2%
Jan
15
Mar
Oct
5%
50
Feb
Jan
Feb
26%
31
2%
Mar
Jan
Feb
Mar
Oct
6
42
Feb
12%
Feb
May
2%
37
38
Oct
77
Jan
Apr
16
8% May
32
26%
28%
54%
Oct
Oct
Oct
33
2,700
Oct
Oct
Oct
25%
25%
Oct
Oct
Oct
Apr
%
1%
2%
16%
7%
*
Burry Biscuit Corp.
Oct
7
28
Am dep rets ord reg-.lOs
British Col Power class A.*
Feb
10
1,300
23
May
14
4%
4
24
£1
Bruce (EL) Co
Jan
100
Am dep rets ord bearer£l
Amer dep rets reg
British Celanese Ltd—
Jan
Mar
%
British Amer Tobacco—
Brown Rubber Co
12
Oct
Jan
19%
Jan
48%
112%
Oct
2
Registered
Jan
24
3
*
British Amer Oil coupon.
47
5%
4%
800
21%
Class A
Oct
1,700
1,800
4
7% preferred...
100
Briilo Mfg Co common...*
10
108%
11
10
8
27
79%
""A
*
com
Oct
2%
12%
6"
3
*
Class A
41%
23
14%
10
Seal-Kap com
2
Superpower Corp com*
Oct
975
4%
6%
%
Burco Inc
4%
11%
100
Feb
Oct
Amer Potash A Chemical.*
1st preferred....,—...*
*
Machine
Preferred
$5 1st preferred
*
Bunker Hill A Sullivan 2.50
Amer Pneumatic Service.*
Republics
Bridgeport
11%
6%
2%
10%
x20
*
Amer
Mar
Mar
Aug
Jan
12
100
Amer Meter Co
30%
14%
5%
21%
108%
3%
7%
16%
Jan
900
xl4X 114%
29%
26%
108
111%
..25
Amer Maracalbo Co
Nov
Buff Nlag A East Pr pref25
14
14
*
20
Amer Mfg Co common 100
10%
Buckeye Pipe Line
Oct
Jan
1,500
Aug
Nov
Jan
Mar
Jan
Aug
1
%
7%
2%
32%
8
8
100
Oct
Oct
Sept
37
900
500
1%
37
3%
Sept
X
3%
%
1,400
%
%
Jan
50
Oct
2
Feb
200
Oct
1X
Jan
19
2
Oct
2
56%
Oct
12
17%
3%
27%
1
Amer Invest (111) com
Amer Laundry Mach
700
ib~8o6
24%
1
Amer Hard Rubber com.50
3X
23%
3X
"ix
*
Amer Gas A Elec com
3
22 X
11
Oct
3%
2
27%
3X
-
Amer Cyanamld class A. 10
Class B n-v
10
Amer Equities Co
28%
26 X
6%
5
Oct
11
50
20
18
18
12
Class A pref
-*
Brown Forman Distillery. 1
$6 preferred,.—
*
July
Am Cities Power & Lt—
Jan
Jan
Jan
2
Brill Corp class B__
Feb
Oct
12
Feb
Mar
Mar
Nov
4
4%
48%
43%
9
3%
.....
Bright Star Elec cl B
131
%
9X
4
*
Amer Centrifugal Corp.—1
Jan
400
1,200
High
Oct
100
July
Nov
10c
$3 preferred
Jan
Low
1%
34%
100
16%
26%
177%
119%
17%
14%
Mar
700
54
53
9%
10c
—
class B
'24
800
7% 1st preferred
Brazilian Tr Lt A Pow...*
140
700
6
1%
36
6%
3%
Shares
2d preferred
Breeze Corp.....
Brewster Aeronautical...1
Oct
119
35%
6%
*
.
_
Jan
Nov
1
100
Amer Box Board Co com. 1
m
com.
Jan
Mar
55%
American Beverage com.
American Book Co
Oct
5%
4%
70
American Airlines Inc.-.10
Oct
14
Aluminum Industries com*
Ltd common.
Bowman-Biltmore
2%
63
Products com
Jan
57
71
IX
X
Common
36
1%
IBotany Consol Mills Co.*
Bourjols Inc
1%
25
61X
Alies & Fisher Inc com.—*
13 conv pref
Jan
Oct
Dec
100
61
69X
*
$6 preferred
5%
34%
Jan
Sept
7
Alliance Invest common..*
Aluminium
1%
7% 1st preferred
100
Borne Scrymser Co.....25
IX
%
1%
Southern..50
Alabama Gt
Price
1
1,300
Ala Power $7 pref
Am
Week
High
Oct
25
Conv preferred
Warrants
American
for
of Prices
Low
High
3%
Air Devices Corp com
1
Air Investors common,—*
Ailed
Week's Range
Sale
2%
Agfa Ansco Corp com
Alnsworth Mfg
Range Since Jan. 1 1937
Last
*
Class B
Sales
Friday
STOCKS
Continued)
Range Since Jan. 1 1937
Last
STOCKS
every
Curb Exchange for the
It is compiled entirely
security, whether stock or bond, in
15
3631.
Oct
14%
July
Oct
15
Sept
Oct
24%
Oct
10
Sept
Oct
41
Aug
Jan
Warrants
Commonw Dlstrlbut
1
1
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv.. 1
150
Sept
%
500
>,i
Oct
-
18
%
300
7i«
Jan
2%
Jan
Oct
%
-
64
Oct
13
34
Oct
2%
Jan
Jan
Mar
New York Curb Exchange—Continued—Page 2
Volume 145
STOCKS
Last
{Continued)
Weet's Range
Sals
Par
of Prices
High
Low
Price
Range Since Jan. 1, 1937
for
Weet
Shares
Cities Service Co.
High
LOW
Compo Shoe Mach—
v
Common
t c ext to 1946
13
13
14*
600
Oct
8*
17*
S3 preferred
BO UQHT—SOLD—Q VOTED
*
3*
5
Consol Retail Stores
700
12,300
65*
200
Oct
110
114*
IX
300
X
Oct
53 X
1,250
48 X
Nov
3*
100
3X
Nov
3*
10*
Oct
135
Oct
Oct
Oct
Oct
3*
17*
102*
2*
26*
90
10
*
76X
»i»
4%
76X
50
2X
69 X
1,000
*j6
5
X
1,800
Oct
Jan
Jan
Feb
Mar
Last
West's Range
for
Sale
of Prices
Low
High
Weet
Mar
Jan
Feb
1,600
4
Oct
100
4
Oct
15
Oct
Oct
21*
61*
Oct
35
Apr
Jan
Copper Range Co
Copperweld Steel
8X
2,100
19*
100
*
6%
200
"2%
2~3O6
6X
5
Corroon & Reynolds—
Common
4X
Oct
52*
18*
2*
"Y
Oct
34
IX
2%
2
Jan
Class B
Fox (Peter) Brewing
IX
13*
10X
July
Gatlneau Power Co
Oct
20X
100
400
8
7
X
"T
(Md)<5
'ix
Drug Co com..25c
"5%
"T* "ix
TlOO
4X
Oct
Oct
16
Feb
'"eoo
8X
IX
Oct
5
Jan
Sept
25
Feb
10
7X
7X
50
3X
Cuneo Press Inc
3X
4*
200
*
6* % preferred
Nov
102
100
Curtis Mfg Co
h«
X
„35
9Ji
9X
18
18
Dejay Stores
18
8X
8X
'if
Aug
700
6X
Oct
"3% "i"
Detroit Paper Prod
Detroit Steel Products
*
De Vilblse Co com
Tire
Gen Water G & E com
100
300
8H
12
Oct
£
ov
Oct
Nov
8*
89
Feb
Jan
Apr
19* May
20
Feb
3* May
10*
Jan
Gorhain Inc class A
*
Feb
63 preferred
35*
Sept
Sept
10*
Sept
Nov
30
Apr
Vtc agreement extend
Grand National Films Inc 1
Jan
Grand
Jan
Gray Telep Pay
Oct
200
2 X
13
Oct
600
10
Oct
28*
July
Aug
Mar
7% 1st preferred
14
7X
6X
7X
2,800
6*
6X
6X
600
10*
7,600
Oct
104
Dec
Oct
Oct
Oct
4
Oct
3X
Oct
7
Oct
17*
42*
111
6*
79
1*
7*
10*
27*
Apr
Jan
May
Feb
Feb
Mar
Mar
Jan
Feb
Oct
10*
Jan
Oct
80
Jan
Hat Corp of
26*
Oct
71
Jan
Oct
1,000
Oct
26*
6*
82*
82*
Feb
IX
Oct
13*
$6 preferred series B
*
Edison Bros Stores
1!
*
Easy Washing Mach B
Economy Grocery Stores
2
Elsler Electric
24
575
11*
IX
20
.
450
12*
24
5X
14
200
12*
12
1
300
10
20X
"~5X
5
IX
12X
1
IX
Elec Bond & Share com..6
ux
11
53
50 X
53 X
58
56 X
59
3X
3X
36X
4
4
36X
Corp
15 preferred
*
J6 preferred
Elec Power Assoc com..
3*
Class A
3*
Elec P & L 2d pref A
IX
500
600
16*
3
Oct
Nov
23
Jan
24
Mar
400
2*
Oct
14
2,000
1*
Oct
7*
98*
22*
17*
5*
40*
Oct
10
Oct
com.
Electrol Inc vtc
1
IX
1
Elgin Nat Watch Co
15
"32"
700
125
50
22 X
Oct
60
Jan
25 X
Oct
72*
Feb
26*
Oct
74
Feb
37
35
37
250
24
Oct
77
Mar
40
40
50
26
Oct
81
22
100
Nov
7
Oct
10
Emsco Derrick & Equip..6
9X
10
600
_10c
1«1«
X
1
1
com..
10X
8X
3,500
1,200
Esquire-Coronet
Eureka Pipe Line com
10X
8
24*
50
7% preferred
Ex-Cell-O
100
Corp
.....
17*
19*
400
1*
21,400
16*
*
Oct
Dec
9
1
3
Falstaff Brewing
1
7
.
31"
Flsk Rubber Corp
$6 preferred...
8
Oct
6
600
4*
Oct
33*
4*
18*
22*
550
Dec
*
36*
68*
2*
12
117*
Jan
Oct
128
Feb
Oct
47
Apr
500
4
Oct
16*
100
3
Oct
Hires (C E) Co cl A
Hoe (R) & Co class A—10
1*
"l%
4X
10*
1*
*
1*
4*
*14*
7*
33*
9*
20
7*
33
*
67
Nov
90
Feb
Nov
95
Jan
Sept
17*
7*
Apr
Jan
600
3
12*
2*
Oct
300
11*
Nov
7*
31
Sept
15*
Nov
70
*15*
24
*
Oct
1*
1,000
*
4*
Oct
4
Jan
Nov
15
Feb
18*
17*
Feb
Feb
5*
500
16*
8*
1,800
800
Dec
Oct
7
Oct
5
83*
100
33*
Dec
52
10*
3,400
5*
Oct
4*
Oct
25*
9*
7
Oct
11
o4H
Oct
7*
Oct
10*
28*
16*
47*
20
50
8
400
33*
400
20
31
Oct
Nov
10
11*
100
Oct
7
Oct
500
1*
Oct
7
100
6
Oct
21
20 X
21*
ht
53
300
16*
Oct
5X
100
5
8X
300
8*
Oct
15*
Oct
47*
Oct
1*
82*
22
X
52X
3,600
ht
54
1,600
1,700
90
Nov
*
41
Oct
xMX 113*
7X
6X
8
..100
1
..100
56
56
10
5,300
75
June
35
Apr
15*
33*
11*
22*
15
15*
300
10
Oct
23*
24
75
20*
22*
13,900
63
57*
63
6*
Oct
Sept
2*
18*
Oct
Oct
6*
6*
3,400
1.C00
11
Oct
16*
15*
54*
Oct
42
Nov
87
Jan
Jan
Feb
Mar
July
Jan
Jan
Sept
Feb
Feb
Oct
12*
July
JaD
4*
23
Mar
*
2
Feb
Sept
.....
1*
2*
36
37
4*
17*
5*
18*
700
100
2,400
Oct
27*
Feb
Nov
26
Apr
4*
900
6
8
Nov
13
1*
Oct
Feb
Oct
35
§*
5*
53*
Oct
11* May
Oct
Jan
Mar
7
11*
7*
1,600
1,500
11*
100
Illuminating Shares cl A.*
33*
13*
May
10
Nov
34
July
50
18*
7
Sept
62*
Feb
8* June
9*
24*
Mar
Mar
3*
Oct
May
Imperial Chem Indust—
Am dep rets
18
9*
17*
9*
18
4,200
14*
17*
17*
17*
200
14*
ord reg..£l
Imperial Oil (Can) coup..*
Registered
*
300
12*
Imperial Tobacco of Can. 5
Imperial Tobacco of Great
Britain and Ireland..£1
Oct
Oct
Oct
24
Feb
15
Mar
44*
Jan
200
35*
5*
Mar
Feb
36
Jan
Jan
7% preferred
100
Indpls P & L 6* % preflOO
Indian Ter Ilium Oil—
20
Oct
Oct
Oct
Oct
15
10*
10*
39*
Jan
84
Oct
105
Jan
Oct
18*
Mar
Oct
92
Mar
Indiana Pipe Line
Non-voting class A
Class B
37*
"15*
37*
"17*
200
1*
Jan
*
1*
1*
Nov
Oct
*
1*
*
Oct
2*
5*
Oct
22*
Feb
Oct
75*
July
Industrial Finance—
1
preferred
100
7%
Insurance Co. of No Am. 10
9
41*
112
Nov
17
♦
Vtc common
3631.
Jan
Aug
..10
115
50
Jan
July
Indiana Service 6% pf. 100
June
3 *
Oct
109*
Apr
45
9
22*
Feb
5
Apr
Oct
700
300
Nov
Feb
Feb
Mar
Mar
Feb
Mar
Aug
Feb
Mar
Feb
Mar
Jan
300
12*
10*
1*
3*
45*
27*
8*
11*
25*
17*
15*
Apr
Dec
13
13
U*
47*
Oct
Nov
10*
10*
11*
Oct
50
2*
3*
100
Hygrade Sylvanla Corp..*
Preferrred...
Jan
700
4C0
36
Illinois Iowa Power Co...*
Ctfs of deposit
Jan
Aug
*
2
1
Common
24
54*
1*
*
Hussman-Llgonler Co
Jan
68*
100
5%
Humble Oil & Ref
Jan
Oct
16
preferred
..100
(Harvey) Ito
5
Hud Bay Mln & Smelt—*
Jan
33
1
Hubbell
Mar
1*
63*
9,700
5%
*
6
39*
(Geo A) Co com
C) Co com
Oct
12*
10*
Holllnger Consol G M—5
*
48
8
Mar
Jan
Aug
Jan
Jan
10
68*
19*
2*
*
Jan
78*
39
1*
Oct
Aug
27
116*
#I6
Hygrade Food Prod.....5
3
5X
8X
10
For footnotes see page
6*
Feb
National Stores—
7% 1st pref
100
5*
31*
7
21X
1
Fansteel Metallurgical...*
Fedders Mfg Co
5
Ferro Enamel Corp
1
Fldello Brewery
1
First
9X
21*
Fanny Farmer Candy
Fire Association (Phila)
9
1
Feb
3i«
3,400
1,300
Jan
Apr
17*
8*
3
9X
*.3
Falrchild Aviation
X
X
X
X
X
7*
38
100
10
Illinois Zinc
Option warrants
Feb
Dec
Dec
7% pref stamped
100
7% pref unstamped.. 100
Hydro Electric Securities.*
European Electric Corp—
Evans Wallower Lead
Feb
27*
20*
Oct
*
Feb
*
150
7
Hummel-Ross Fibre Corp 5
25
..100
39*
20*
7
Mar
32
.
Empire Power part stock.*
Equity Corp
Oct
Oct
34X
32
* June
27* Dec
Dec
7
Horn & Ilardart
34X
100
7% preferred
8% preferred
IX
20
9*
{Hylers of Delaware Inc—
100
6*% preferred
IX
26X
107
200
Jan
Jan
Feb
Feb
Mar
34X
Empire Dist El 6% pf.100
Empire Gas & Fuel Co—
6% preferred
■IX
26X
com
Heyden Chemical
Horn (A
200
Oct
Sept
7
5
Hormel
5X
2X
Oct
Electrographic Corp
Hewitt Rubber
Jan
5X
2X
11
Feb
2*
25
ww
Holophane Co com
Holt (Henry) & Co cl A.
2%
11
Feb
28
500
2
com
Preferred
Jan
5
w w
Heller Co
80
60
pref
Nov
Feb
Aug
12*
12
*
Oct
:.*
conv.
Oct
16
45*
12*
Feb
.*
Rubenstein
Class A
Oct
Oct
Elec Shovel Coal $4 pref..*
$6
Helena
Jan
Jan
Jan
Oct
Oct
1*
5
Apr
Apr
Jan
Nov
55
1,300
8*
Feb
Nov
22
Oct
July
2*
2*
33*
87*
11*
9*
47*
20
Nov
6
11*
36*
95*
25
50
25c
preferred
Hecla Mining Co
80
700
2*
Oct
27*
16
Jan
Jan
Oct
50
Sept
27*
2*
20*
Dept Store com..5
Hearn
6%
Am cl B com.l
4*
28*
*
5X
800
Jan
Jan
Jan
Oct
83,900
2.100
1,800
Jan
Nov
"ix
Option warrants
Electric Shareholding—
Common
.
25
1
Hazel tine Corp
21
Jan
Feb
Jan
7
Harvard Brewing Co
52
650
1{
Sept
65
107
15
3*
1
2
200!
31X
23
Oct
700
*
54
*
51*
51
6*
Hartford Rayon ytc
52
Iron.25
22*
Oct
Oct
3*
*
Hartford Elec Light
29*
Malleable
Feb
Oct
Oct
Hamilton Bridge Co com.*
3*
$7 preferred series A...*
8*
*18
6
52
Eastern
Feb
5
75
Haloid Co
29*
Eastern States Corp
3*
24
300
25
Gulf States Util 65.50 pref *
S6 preferred
*
Gypsum Lime & Alabas..*
Hall Lamp Co
*
*
800
Oct
200
32
Greenfield Tap & Die
4* % prior preferred. 100
6% preferred
100
3X
1
3,400
55
Hartman Tobacco Co
East Gas & Fuel Assoc—
3X
Mar
6*
119
Gulf Oil Corp
X
Jan
100*
28*
31
Jan
IX
200
8
48
96
52
25
119
Oct
75
73*
50
55
500
Jan
Nov
*
Grocery Sts Prod com..25c
Guardian Investors
1
Common
1,300
119
Apr
9
1*
13
*
50
xlOH
1*
11*
200
100
Non-vot com stock
Gt Northern Paper.....25
Oct
1H
Feb
>1-
96*
Great Atl & Pac Tea—
19 X
68*
100
Oct
Aug
Mar
Nov
7
Station .10
7% preferred
Draper Corp
10
Feb
85
Rapids Varnish—*
Sept
10
32
Feb
Gorham Mfg Co—
July
10*
29*
5*
22*
100
25*
1*
Nov
'
600
23
Oct
Oct
20*
Oct
100
Oct
Nov
6*
Oct
85
2X
14%
Mar
9*
45
12*
12*
100
10
*
67 preferred
100
64
98
71
43*
50
Oct
Jan
Jan
July
75
Goldfleld Consol Mines_.l
Goodman Mfg Co..
15
19
21*
6
Feb
300
Feb
28
Nov
Eagle Plcher Lead.
2,300
*
Oct
8
11
13
IX
10*
100
Oct
13*
67
19
900
Gilchrist Company
May
68 X
200
U16
54*
83
...100
19*
13*
Nov
32
5*% preferred
100
Douglas (W L) Shoe Co—
Dubilier Condenser Corp. 1
Oct
7*
15
Durham Hosiery cl B com *
Duro-T<st Corp com
1
Duval Texas Sulphur
*
1*
Preferred
A Chem com.*
Duke Power Co
1,100
2
50
Gilbert (A C) com
2
1,100
104
2*
Oct
32*
100
4
104
20
8*
65*
Oct
71
73*
Oct
3X
13
100
Jan
70
19*
13*
"16
Georgia Power 66 pref...
$5 preferred
IX
Mar
7% preferred
10*
1
Godchaux Sugars class A.
Class B
2X
26
Driver Harris Co
14
500
75
70
Glen Alden Coal
2,100
60
150
11
63 preferred
Aug
1
x56
15
100
6% preferred A
July
'""800
£1
57
14*
Gladdlng-McBean & Co..
Distillers Co Ltd
*
Oct
Rubber—
&
May
Apr
14*
Feb
General
87
9
ar
14*
6*
*
pref
Nov
16
1
Feb
conv
Jan
10
com
Feb
63
Apr
Diamond Shoe Corp com.
Distilled Liquors Corp
5
Dominion Steel & Coal B 25
Jan
Feb
16
28*
10*
Divco-Twln Truck com__l
June
Gen Rayon Co A stock
*
General Telephone com .20
Oct
10
Preferred
Oct
500
10*
61
Oct
12
2%
2*
22
7*
*
16
10
2%
2X
21*
.
15
Warrants
33
9
IX
Jan
66 preferred
Oct
6X
Jan
Oct
Gen Outdoor Adv 6% pflOO
Gen Pub Serv 66 pref
Nov
12
1*
Sept
5
52*
1
7*
*
9
100
Feb
Feb
4
Oct
5
Amer dep rets ord reg_£l
Gen Fireproofing com
General Investment com.l
100
*
6% pref ww
20
Detroit Gray Iron Fdy
1
Det Mlcb Stove Co com.
50*
108*
16*
Feb
1,000
50
Derby Oil & Ref Corp com*
15
Oct
Oct
100
2*
n
18*
15*
28*
Dennison Mfg 7% pref. 100
Detroit Gasket & Mfg
Sept
7,400
13
Jan
Mar
100
100
7 Y
m
"~9~
7
9*
7%
Davenport Hosiery Mills
Dayton Rubber Mfg com
Preferred
Oct
10
5
Cusl Mexican Mining..60c
Darby Petroleum com
5
Class A
May
Sept
2*
14
Mar
8*
29*
31*
Gen Electric Co Ltd—
Sept
Oct
Nov
5
65
5*
Jan
11* June
*
com
Aug
20
'"Too
com v t c
*
High
Oct
2*
1
General Alloys Co
Oct
8*
Low
21*
17
15
Feb
Oct
12
preferred
5% preferred
Oct
1*
Conv
Jan
X
5X
900
..25
6% preferred
Cuban Tobacco
6*
28
3
3,400
2,100
X
Crown Cork Internat A.
com
Oct
14*
1*
38*
*
Crystal OH Ref
Oct
16*
Crowley, Milner & Co
24H
22X
*
1,600
1,800
Gamewell Co $6 conv pf..*
July
Nov
1,500
8
5*
17*
1
Fruehauf Trailer Co
2X
24
17
5*
16*
1
Jan
11X
*
800
Froedtert Grain & Malt—
Mar
14*
1
42*
5
Franklin Rayon Corp
Oct
U
5
40
Amer dep rets...100 frcs
Nov
14*
Crocker Wheeler Elec
Croft Brewing Co
40
Ford Motor of France—
2
50
Creole Petroleum
Range Since Jan. 1, 1937
Shares
*
63
Cramp (Wm) & Sons com.l
Dobeckmun Co
Jan
May
Ford Motor of Can cl A__*
1,800
£1
H
Price
dep rets ord reg._£l
100
2%
70
70
com..
6% conv preferred
Courtaulds Ltd
Preferred
5*
Jan
Mar
Am
*
X
1
*
Crown Cent Petrol
Oct
Feb
Florida P & L $7 pref
Ford Motor Co Ltd—
Common
16 preferred A
Cosden Petroleum
Nov
20
com.. 10
Cord Corp
3Xr
17 X
Par
Jan
5*
7X
Sales
STOCKS
7*
19*
Teletype: N. Y. 1-1943
Friday
(Continued)
514
8X
2-5383
Jan
7
19*
INC,
Street, New York City
Mar
9
*
HA
Wall
Jan
5*
com
prior preference
60
Mar
52
Cooper Bessemer
WILLIAM P. LEHRER CO.,
Mar
7X
J4 preferred
Domin 1
4*
100
IX
100
Continental Secur Corp. .6
Cook Paint 4c Varnlsn....
Crown
11*
89*
1
Cont G & E 7% Prior pf 100
Continental Oil of Mex.__l
Cont Roll & Steel Fdy
*
S3
11
Oct
60
10
38
Oct
Oct
2*
3X
52
x52
1
8% preferred
Consol Royalty Oil
Consol Steel Corp com
3H
5*
3*
4*
65*
113* 113*
100
Consol Gas Utilities
1
Consol Mln <fc Smelt Ltd.6
Oct
38
1
Consol Copper Mines
5
Consol GELP Bait com *
6% pref class A
Preferred
and
Jan
Conn Gas & Coke Secur—
Consol Biscuit Co
3627
Sales
Friday
10
53*
10
100
51*
53*
950
46
Feb
New York Curb
3628
STOCKS
Last
(Continued)
Week's Range
Sals
Par
Price
of Prices
High
Low
International Cigar Mach
1954
20
18
300
175*
195*
95*
Oct
44
Oct
25*
Sept
185*
1,600
35*
25*
285*
35*
305*
6,100
9,900
Internat Metal Indus A--*
International Petroleum
295*
25*
235*
315*
25*
Registered
International Products—*
Internat Radio Corp
3
-1
65*
65*
100
4
1,800
9
Oct
Oct
Class A
X
1
Mar
Oct
Oct
Oct
Oct
215*
35*
155*
Interstate Home Equip-.1
Interstate Hosiery Mills--*
3%
3%
27 5*
Interstate Power $7 pref-*
Investors Royalty
1
55*
Iron Fireman Mfg v t C..10
"l3~~
1
1%
5*
35*
35*
275*
55*
5*
125*
75*
5*
35*
4
275*
Feb
Feb
Sept
Oct
38
Aug
300
X
Oct
1,600
25*
35*
Oct
1,000
25
Oct
150
Oct
5*
135*
8
1,000
15*
5*
115*
65*
300
Italian Superpower A
Warrants
*
Jacobs (FL) Co
Jeannette Glass Co
1
1
X
X
7
July
Oct
Oct
Nov
Jan
National Refining Co...25
Nat Rubber Mach
*
Jan
Nat Service
425*
245*
Mar
275*
185*
Feb
Jan
.1
X
600
5*
Oct
'w
Sept
1,600
45*
15*
Oct
25*
5*
185*
14
Jan
635*
Oct
89
Jan
965*
Jan
Feb
Feb
6% preferred
7% preferred
100
72
83
Jonas A Naumburg...2.50
Jonee A Laughlln Steel-100
Julian A Kokenge com—*
"36"
Kansas G A E 7% pref. 100
Keith (Geo E) Co 7% pflOO
Kennedy's Inc
Kingsbury
lOS"
Breweries
835*
25*
365*
20
1,400
2,200
Io5~"
""50
"55* "T"
T,66o
81
55*
xll
sll
125*
6.50
1
1
1
Oct
Nov
105
44
44
20
1
2Va
3
3
1
35*
Leonard
49 5*
"49k "525*
25*
25*
25*
25*
Oct
i',300
400
1
Apr
5*
155*
165*
5*
5*
Sept
300
135*
Oct
39
Aug
185*
4,900
12 5*
Oct
34
July
10
95*
Nov
13
Oct
Nov
215*
9
75*
85*
1X
100
48
100
385*1
Louisiana Land A Explor. 1
Lucky Tiger Comb G M.10
Lynch Corp common
Majestic Radio A Tel
Mangel Stores
5
15*
Oct
200
5
Oct
4,900
25*
200
4
Oct
2,700
55*
Oct
15*
65*
5*
Oct
65*
155*
Jan
Nor Amer Lt A
Common
12,700
100
Dredging
*
Memphis Nat Gas com
Memphis P A L $7 pref.
15*
300
X
35*
600
25*
425*
Oct
Oct
82
Jan
105*
Oct
155*
Apr
Nov
25^
May
50
26
Oct
17
55*
Jan
Aug
Feb
Jan
Sept
Jan
6
Oct
10
335*
225*
35*
165*
255*
Jan
Mar
Mar
65*
700
2
Oct
"65*
"966
45*
Oct
145*
145*
200
135*
Nov
25*
35*
1,100
25*
Oct
105*
105*
115*
1,500
75*
Oct
Oct
125
July
Oct
7
Jan
65*
"T
""45* "45*
uoo
"2l"
"215*
""156
40
5*
3
1,600
45
5*
15*
29
50
»u
15*
200
30
Oct
27
Oct
85*
45*
85*
55*
9
50c
35*
5*
15*
75*
zl8
19
800
"T
55*
"""300
75*
Oct
125*
May
3,700
15*
Oct
Oct
13
100
X
105*
5*
Oct
35*
35*
28?*
25*
1125*
595*
805*
19?*
195*
2?*
23?*
895*
65*
Sept
500
13
65*
85*
55*
135*
102
34
34
365*
300
"Ik
78?*
55*
100
3
Oct
7
8
300
65*
Oct
5*
53
45*
58
685*
68?*
1035* 1035*
85*
57
95*
59?*
59
635*
Oct
Nov
50
58
Oct
98
Nov
53
1,400
15*
505*
15*
Oct
Oct
89
60
865*
Dec
4
500
25*
Oct
100
160
95*
23,200
x8X
72
375
74
Oct
Oct
Mar
65*
-i«
75*
2,800
Q
25*
65
Jan
165*
Feb
100
94
Feb
795*
Aug
Feb
Oct
5*
Oct
800
34
4?*
30
65*
Oct
Nov
Mar
13
Aug
5
Jan
16
Feb
98
62
Apr
Aug
Oct
100
15
Aug
15*
800
1?*
Sept
25*
Oct
3?*
115*
Feb
700
25*
25*
2,000
15*
Oct
75*
Jan
7% preferred
38
50
37
Oct
23
1,100
20
Nov
1,100
205*
Nov
475*
15*
15*
15*
45*
400
X
5*
1,700
76
74
76
40
10
A. .100
*
13?*
135*
"13"
215*
34
com
Ohio Edison $6 pref
Ohio Oil 6% pref
21
32
14?*
1,300
"135*
""400
215*
200
35
225
105"
Ohio Power 6% pref... 100
Ohio P S 7% 1st pref... 100
106k
109?* 110
""266
40
,8*
72
Oct
Nov
10
comIl5
8
50
20
6% conv pref
Oldetyme Distillers
10
10
200
100
7?*
20
Oct
41
Feb
37
Feb
35?*
Jan
nH
20
Oct
Nov!
Oct
Oct
67
Mar
Nov
110
Jan
Nov
285*
1025* June
85*
21
1,200
400
"2"
Jan
Feb
Oct
Oct
Oct
29
26
28?*
Feb
6
Jan
Nov
10
Oct
6?*
200
65*
Dec
29
500
265*
Oct
145*
315*
32
400
17
1,600
55*
23,200
2?*
Oct
500
3?*
155*
145*
Oct
175*
21
140
21
Dec
53
22
150
20
Oct
43
4
100
Oct
125*
30?*
4
Feb
Jan
*
Oct
4
Oct
12.80 preferred
$5 preferred
Penn Mex Fuel Co
Feb
Pennroad Corp
1
2?*
25*
Apr
Pa Gas A Elec class A
Pa Pr A Lt $7 pref
*
9?*
935*
95*
1,100
Penn Edison Co—
Jan
Oct
165*
115*
100
12
Oct
25
15*
15*
1,700
1
Oct
2
100
2
Nov
25*
45*
May
Sept
Feb
23?*
235*
235*
100
100
v
t c
$6 preferred
Penn Salt Mfg Co
200
5
Nov
17
Jan
120
1205*
275*
25*
105*
157
Feb
139
Penn Traffic Co
2.50
Pa Water A Power Co..
Sept
37
Jan
24
'""50
24
Nov
44
Jan
31
31
50
27
Oct
Aug
455*
184
Aug
Apr
Peppered Mfg Co
Perfect Circle Co
100
Oct
Nov
Sept
Jan
Feb
Jan
305* July
110
Feb
Feb
Feb
Mar
Apr
425*
Mar
72
Mar
495*
35*
25*
Nov|
8?*
Feb
Oct
Mar
300
95*
Sept
5?*
175*
93
94
250
87
20
1355* 139
100
Jan
86
Oct
113
795*
Oct
112
Jan
Oct
179
June
115
24?*
2
68?*
82
Oct
Jan
Aug
9,400
Pennsylvania Sugar Co..20
Nov
19
28
855*
50
35*
Oct
109?* May
1
*
sSH
155*
43
Oct
Oct
2$
21
98
5*
Oct
215*
21
Jan
Jan
Mar
45*
Oct
55*
89
Feb
24?*
545*
1065*
185*
100
Feb
295*
107?*
Oct
Oct
Apr
4
17
Feb
Jan
4?*
17
Apr
Aug
85*
45*
*15
10?*
Oct
4
Oct
2
26
1015*
*
com..!""
315*
Jan
106
1?*
25*
Feb
July
Oct
2I4OO
"266
Feb
Oct
""25*
25*
65*
Jan
111?*
104?*
145*
14?*
32?*
Sept
95*
65*
195*
1115*
112
Oct
7
Class B
Jan
103
85
"25*
Oliver United Filters B.
Overseas Securities
*
Feb
12?* May
7
90
Oklahoma Nat Gas
$3 preferred
1
103^
Oct
98
100
com
Oct
Sept
Jan
515* Aug
50?* Apr
515* June
4X
Jan
Jan
65*
X Jan
965* Jan
89
»
100
6% 1st preferred
Oct
77
Jan
5?*
INor Texas Elec 6% Pf-100
Northwest Engineering.
Novadel-Agene Corp
Oct
3?*
100
4?*
1
100
com cl
Dec
225*
35*
Nor Cent Texas Oil
Nor European OH com..
Northern Pipe Line
9
21?*
Dec
700
Feb
45*
265*
6,000
Feb
Feb
Q
Peninsular Telp
Preferred
95*
X
2?*
Oct
21?*
"l*7k
Jan
Mar
45*
145*
115
Feb
Sept
22
Parkersburg Rig A Reel.
Patchogue-PlymouthMllls*
Pender (D) Grocery A._
10
90
Feb
Oct
"22"
*
175*
Oct
Jan
15*
38
Pan-Amer Airways..... 5
Pantepec Oil of Venez
1
Paramount Motors Corp.l
Parker Pen Co
10
Oct
Mar
Mar
Feb
800
6?*
15*
Jan
Nov
Mar
July
695*
915*
8
15*
53
Feb
155*
115?*
1055*
Oct
4
1.3C0
1?*
31?*
Pacific Tin spec stock
Feb
34
Jan
Mar
98
Page-Hersey Tubes Ltd..*
Feb
65*
16
Apr
93
Jan
2
37
Feb
65
Feb
7
Mar
Mar
Oct
Nov,
5*
Mar
Oct
4
155*
50
Jan
88
12?*
5?*
"Ik "55*
45*
35*
115*
185*
15*
Mar
Oct
Oct
45*
Jan
Apr
35
Jan
35*
185*
Jan
Mar
Nov
45*
17
Jan
Jan
135?*
Oct
85*
35*
Feb
Nov
965*
865*
Apr
5
100
22
995*
Jan
Feb
Mar
Oct
10
995*
Apr
1405*
305*
945*
Dec
200
7
Feb
Nov
85*
Pacific PAL 7% pref—100
Pacific Public Service
*
11.30 1st preferred....*
180
3631.
Nov
Jan
Oct
Nov
24
31
Oct
20
1,100
1,800
20
"Ik "Ik
Oct
Oct
Oct
6
Nov
5?*
55*
Novl
Oct
1205* 1295*
Oct
985*
5*
*
128
30
25?*
65*
135*
5
June
175
2
Monarch Machine Tool-
Oct
200
25*
100
Jan
1
5*
6% prior preferred
50
No Am Utility Securities.*
Ollstocks Ltd
Jan
Jan
95*
2
15*
com
Nor Sts Pow
Mar
i»ie
I!
$6 preferred
IIIII
North Amer Rayon cl A.
Class B
Mar
Sept
26
200
285*
28
Jan
IX
1X
4
265*
Oct
102
1,200
400
18
.....
IV*
95*
page
185*
26
Jan
5*
75*
X
75*
575*
101
55
Feb
35*
900
Oct
Pacific Ltg $6 pref
Oct
"~50
Oct
Jan
Oct
15*
Sept
25
60
285*
1
Montreal Lt Ht A Pow
Jan
Feb
5*
500
106
8
2.50
Moody Investors pref
Moore Corp Ltd com
Class A 7% pref...—100
Jan
Apr
Nov
Voehrlnger
*
Jan
Feb
19
Feb
5
*
Montgomery Ward A
2
Mar
915*
125*
Oct
37
Oct
25*
*
Monogram Pictures com.
Monroe Loan Soo A
Montana Dakota Utll... 10
315*
115*
25*
805*
Apr
Mar
Oct
Oct
Oct
1
200
"635* "64
10
Molybdenum Corp
X
X
100
5
Jan
Feb
35*
265*
3
Co
7
Feb
Pacific Can Co com
*
Pacific G A E 6% 1st pf.25
55*% 1st preferred...25
25*
35*
73
535*
47
Nov
Oct
3,100
200
5*
555* May
Feb
145*
445* Feb
Aug
Oct
5*
5*
5*
*
Minnesota Mining A MIg.*
Minnesota P A L 7% pf 100
Missouri Pub Serv com..
Oct
Nov
2,600
5
*
Mining Corp of Can
15*
5*
78
10
Mid-West Abrasive
Midwest Oil Co..
Midwest Piping A Sup
Oct
1,400
29
Metropolitan Edison pref
pref
Oct
5*
24
25*
*
*
Nov
18
3
1
t c
25*
58
65*% A preferred... 100
Preferred
Middle States Petrol—
Class A v t c
Nov
90
Warrants
Mexico-Ohio Oil
...»
Michigan Bumper Corp.. 1
Michigan Gas A Oil
1
Michigan Steel Tube..2 60
Michigan Sugar Co
Jan
Mar
Aug
135*
195*
135*
Oct
65
T,200
Pow—"
Ohio Brass Co cl B
Z52
Participating preferred.*
Merrltt Chapman A Scott *
Mesabl Iron Co
Metal Textile Corp com.
Partlc preferred
65
"55*
Nor Ind Pub Ser 6% pf. 100
85*
Mercantile Stores com..
Merchants A Mfg cl A...1
Oct
17
5
see
Jan
25*
555*
55*
105*
39
*
footnotes
Dec
Sept
July
July
Oct
4
100
5*
12
18
45
X
"T
5*
Noma Electric
*
Mead Johnson A Co
For
Jan
65*
13
Class B common...
10?* May
Oct
Oct
4
Class A pref
IOO
Niles-Bement Pond
Nineteen Hundred Corp B1
Nlplsslng Mines
5
Jan
35*
$4 preferred w w
McCord Rad A Mfg B
Jud,
Jan
Mar
Inc
Common
Feb
Oct
July
35
5
Class A opt warr
Class B opt warr
Jan
Feb
145* May
Jan
35*
Niagara Share—
93
1
Massey Harris common.-*
Master Electric Co
1
Mock,
Jan
23
Nov
Oct
X
1,050
June
Oct
65*
21
100
2d pref cl B
80
85*
Marlon Steam Shovel....*
Mid vale
65*
Mar
Nov
100
21
615*
1st pref
HI 100
2d pref cl A
100
2d preferred.... 100
Nov
Communlcatlonordreg£l
Margay Oil Corp
*
conv
185*
165*
145*
Nov
5%
5%
5%
5%
Nov
*
to
65
"55*
17
445*
65*
5*
15*
35*
21
21
N Y Water Serv 6% pf.100
Niagara Hudson PowerCommon
10
365*
Marconi Intl Marine—
Midland Oil
Oct
7
Feb
Nov
25*
89
525
65*
39
4.6C0
$6 preferred
»
N Y Shipbuilding Corp—
Founders shares
1
New York Transit Co
5
360
..
v
1
4,400
3
"39*
14
7
50
3
"3%
13J*
Warrants
395*
3
1
$5 conv preferred....
Manlschewltz (B) Co
Mapes Consol Mfg Co.
15*
455*
365*
14
N Y A Honduras Rosarlo 10
Nov ;
Jan
135*
1,200
N. Y. Merchandise
10
; N Y Pr A Lt 7% pref.. 100
Feb J
135*
25*
7
8
.
Feb
Oct
25*
10
J
Mar
25*
7X
*
Jan
2,800
4,300
8%
Class B
Oct
110
,
Jan
Feb
Jan
*
7% preferred
6% pref class B
Loudon Packing
Oct
Oct
Nov
215*
785*
595*
95*
20
1
McWilllam8
455*
15*
"28
Oct
Lockheed Aircraft
Lone Star Gas Corp
Mills
Oct
Oct
25*
95*
Hosiery
Oct
21
*
*
Sept
6
Jan
Jan
105*
100
75*
635*
100
18
8
Newmont Mining Corp. 10
Feb
Dec
7
New Process common....*
N Y Auction Co com I HI*
N Y City Omnibus—
45*
9%
May
135*
175*
Oct
Feb
12
85*
200
Feb
125*
6
v
Oct
1555*
285*
1,000
40
Apr
35*
Locke Steel Chain
Mass Utll Assoc
21
Jan
105*
45*
26
Common
85*
15*
3
Nov
3",700
375*
685*
10
»16
100
75*
"85*
Feb
Feb
Nov
ioo
6% preferred
75*
Nov
85*
4
100
5*
18
12
"15*
New England Tel A Tel 100
New Haven Clock Co
»
New Jersey Zinc
25
New Mex A Ariz Land... 1
125*
4
18J*
Long Island Ltg—
%
Oct
100
Jan
Mar
Feb
Oct
10
Le Tourneau (R G) Ino_-l
com
885*
88
Develop.-.26
Llpton (Thos J)clA
6% preferred
2$
600
1
*
Oct
Nov
Oct
4",100
300
New Engl Pow Assoc
1
60
Lion Oil Refining
Lit Brothers
"75*
95*
*
7% preferred
New Bradford Oil
105*
"T
*
Oil
Jan
Feb
15*
*
*
Nestle-Le Mur Co cl A
Nev-Callf Elec com
Jan
Aug
Nov
25
Oct
75*
Neptune Meter class A...*
Mar
65*
1015* 1015*
45*
Feb
9
Nelson (Herman) Corp..5
12
Feb
Lakey Foundry A Mach_.l
Lane Bryant 7% pref—100
Preferred
Jan
52
Oct
6
Koppers Co 6% pref.-.100
Lefcourt Realty com
1145*
900
HI*
1st preferred..
Jan
Oct
155*
Krees (S H) A Co pref—10
Lehigh Coal A Nav
30
45*
12
*
Mar
Dec
365*
275*
Klelnert (I B) Rubber—10
Knott Corp common
1
Langdendorf Un Bak A
Dec
2,500
25*
Klrkl'd Lake G M Co Ltd. 1
Klein (D Emll) Co com..*
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lake Shores Mines Ltd
1
Oct
100
95*
1265*
55*
105*
200
Kings Co Ltg 7% pref B100
6% preferred D
100
Kingston Products
Klrby Petroleum
Nov
15*
275*
235*
May
1
Nebraska Pow 7% pref. 100
Nehl Corp common......*
30
5
-
Ken-Rad Tube A Lamp A *
83
25*
325*
Nov
Jan
13
III*
Nebel (Oscar) Co com
100
—100
5
Oct
*
Nat Union Radio Corp
Navarro Oil Co
Jersey Central Pow A Lt—
65* % preferred
Apr
45*
1
National Tea 55* % pref. 10
National Transit
12.50
Nat'l Tunnel A Mines
*
Feb
Oct
US
31800
125
1
common
Conv part preferred
National Steel Car Ltd...*
National Sugar Refining
*
Nov
"65* ""75*
*
National Oil Products... 4
National P A L $6 pref...*
High
8
"55* "65*
1
com
National Candy Co com..*
National City Lines com.l
$3 conv pref
50
National Container (Del).l
National Fuel Gas
*
Nat Mfg A Stores com
*
Feb
Mar
Sept
Isotta Franschlnl Co—
Amer dep icts—20 Lire
X
75*
Oct
300
75*
350
Nat Bellas Hess
•
Oct
100
..
85* Apr
155* May
5*
30
X
Irving Air Chute
9
Murray Ohio Mfg Co... *
Muskegon Piston Rlng_25*
Nachman-Sprlngfllled.
.*
Nat Aqto Fibre com
1
National Baking Co com.l
Feb
4,100
*
Vitamin—1
95*
Low
15*
15*
10
Shares
Mountain States Power..*
Mountain Sta Tel A Tel 100
Jan
Mar
Sept
15*
8
New warrants,
International
X
...»
$3.50 prior pref
45*
75*
*
1
$1.75 Preferred
45*
Mar
International Utility—
Class B
6
Oct
5*
High
Mountain Producers
Range Since Jan. 1, 1937
for
Week
of Prices
Moore (Tom) Distillery.. 1
Mtge Bk of Col Am shs
Mountain City Cop com 5c
38
Oct
Internat Safety Razor B_*
Week's Range
Low
Feb
Feb
395*
Nov
Price
Jan
Oct
285*
45*
.0*
185*
Pow war
Last
Sales
Sale
Par
High
Oct
A stock purch warr—
Internat'l Paper A
STOCKS
(Continued)
Low
15*
60
Dec. 4,
3
Friday
Range Since Jan. 1, 1937
for
Week
Shares
Internat Holding A Inv—*
Internat Hydro-Elec—
Pref $3.60 series
Exchange—Continued—Page
Sales
Friday
68?*
100
62
63
835*
720
585*
25
Nov
Sept
24?*
45*
Jan
Nov
Mar
Oct
95
Feb
Nov
151
Apr
Oct
37
Feb
New York Curb Exchange—Continued—Page 4
Volume 145
STOCKS
Week's Range
Last
Sale
(Continued)
Par
Pharls Tire A Rubber
1
Philadelphia Co com
14
._*
8%
Nov
July
20
Oct
6%
200
7%
116%
June
Oct
34
2
Oct
15%
Feb
Oct
11%
Mar
Oct
40
Exchange
Mar
Oct
33%
"TOO
"~3~X ~~4~X
Curb
Feb
111
25
FOLEY
York
New
Members
Jan
30
115
115
..*
Phlllipe Packing Co
3%
600
QUAW &
High
Lots
Shares
4%
7%
Phlla Elec Co $5 pref
*
Phila El Power 8% pref.25
Range Since Jan. 1, 1937
for
Week
of Prices
High
Low
Price
3629
Sales
Friday
Mar
New York
30 Broad Street
Phoenix Securities—
—.1
Common
Conv pref series A
3 X
10
Pines
22
11
19
200
io x
200
100
j~3%
x3X
ix
3X
6%
1%
2,500
2%
5X
5X
6%
600
4%
Oct
IX
Pioneer Gold Mines Ltd.-l
Telephone HAnover 2-9030
Feb
Nov
Oct
1
Winter-front
2%
2,400
3%
21
22
Pierce Governor com.....*
~
Feb
*
Meter
39
Nov
5X
52%
Nov
220
Oct
3,000
6%
77
Pitts Bessemer A L ERR 60
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
1
Forgings
57 X
w61
Metallurgical 10
Plate Glass..25
Pleasant Valley Wine Co.l
Plough Inc
*
Polaris Mining Co
25c
Potrero Sugar com
5
88
88
IX
7X
x83X
IX
"rx
4,300
7X
62
6X
7X
A Lake Erie.50
700
800
2 X
X
Powdrell A Alexander....5
7X
2X
X
X
5,200
3X
4X
1,800
4
3,400
3
Power Corp of Can com.
Pratt A Lambert Co
"l9X ~20~~
*
Premier Gold Mining
1
2
2X
'""600
1,100
Jan
Dec
19
2%
H
Oct
6%
4%
12%
33%
.!*
Oct
Producers Corp
X
8X
X
7X
Prudential Investors....
6
Oct
Oct
6
Oct
Jan
Jan
Mar
Jan
m
14%
Jan
98
preferred..
Sept
103
Jan
Oct
109
Jan
10
98
June
105
Feb
22
Oct
68%
10%
Oct
41
Mar
74
100
100
100
100
Oct
98
Jan
Public Service of Indiana—
$7 prior pref
$6 preferred
29X
*
15
31X
14%
....
90
16X
270
Pub Serv of Nor 111 com.
Common
74
60
Oct
110
Nov
Jan
Feb
93
115
Sept
120%
120%
prior lien pref...100
77
Nov
103
7% prior lien pref...100
90
100
100
%G% preferred
17% preferred
Pub
120X 120X
125
Nov
Nov
Service of Okla—
6%
Feb
Oct
Pub Utll Secur $7 pt pf—.*
%
106%
Jan
Oct
4%
Jan
Puget Sound P A L—
$5
32 %
preferred-—..--.
......*
Pyrene Manufacturing-.10
Quaker Oats com.....
*
6% preferred
100
16 X
$6 preferred
32%
17X
30
15%
500
8
8
~95X
900
300
Oct
26
10%
6%
91
Oct
Oct
Nov
98
120
135
135
30
125%
Apr
16
16
50
15%
Nov
95%
9C%
60%
14%
124%
Jan
Jan
Feb
Ry. A Light Secur com...
9X
11X
125
Dec
Oct
1%
Jan
2
Jan
X June
Class B
•
%
X
Jan
%
Nov
Feb
50
14%
14%
preferred
*
Raytheon Mfg com...50c
conv
Red Bank Oil Co
14
Oct
30
*
Common
Nov
Oct
1
*
3X
24 X
Reed Roller Bit Co
23%
4%
24%
300
600
11%
Reliance Elec A Engin'g
Reybarn Co Inc
1
Radiator
300
11
"2'x
2X
X
%
3,500
6
2%
1,100
4
400
1
2
Sept
Mar
Oct
Nov
5%
X
*
Richmond
11%
Mar
Feb
Nov
Nov
%
500
2%
1
Reynolds Investing.
Rice Stlx Dry Goods
900
6ie
*
Mar
53%
7%
Oct
3%
21
4
Reeves (Daniel) com
Relter-Foster Oil
49
2%
Nov
%
Oct
Oct
Oct
8%
1%
32%
5%
2%
Feb
Apr
Mar
Jan
Feb
Mar
13%
7%
Feb
Rio Grande Valley Gas Co-
1
X
Rochester G A E 6 % pf D100
95 X
Voting trust ctfs
100
X
95%
95%
50
%
95%
110
Rochester Tel 6%% pf.100
Roeeer A Pendleton Inc.
Sept
Nov
Oct
%
104%
July
Feb
112
July
12
Nov
13%
Nov
26
June
27%
15%
4%
13%
Aug
Rolls Royce Ltd—
Amer dep rets ord
reg.£l
Rome Cable Corp com
$1.20
conv
300
5%
Oct
1%
5
Root Petroleum Co
6
IX
700
1
Oct
2X
3
5%
5
Roosevelt Field Inc
2X
1
Oct
2
1,300
9%
20
pref
~~~Xt"~X
""600
Rossla International
*
Rotallte Oil Co Ltd
*
46
40%
46
150
32
*
2%
46
42
46
700
35%
1
9
Royal
Typewriter
Russeks Fifth Ave
Rustless Iron A Steel
$2.50
conv
8%
38
Mar
July
Apr
Jan
Oct
Oct
5
66
66
25
3X
400
57
Nov
1%
Oct
*
15
15
1%
15%
29
IX
27%
29
..5
Scranton Elec $6 pref
Scranton Lace Co com
IX
300
300
9,900
May
4%
1
Oct
13
Oct
26
May
23%
Oct
65
Mar
Oct
109
109
»
36%
*
Jan
July
Feb
69
Sept
Jan
.
Oct
54% May
18
Water Service pref
1%
Securities Corp general-..*
Seeman Bros Inc
IX
*
com
500
IX
3
3,400
Nov
2X
1%
2%
900
Jan
Jan
Nov
2
5%
50%
Jan
Oct
4%
Oct
%
16%
Selby Shoe Co
78%
Nov
1
29
1
Segal Lock A H'ware
9%
Feb
Mar
Oct
30
Jan
J
59
200
57
Dec
4%
28%
101%
57%
59%
350
57%
Dec
104
8X
"57
25
$5.50 prior stock
1
57
IX
5
57 X
Allotment certificates.
1%
8
7,000
100
1
Oct
8%
Dec
Jan
Mar
Mar
June
Amer dep rec
Sentry Safety Control
Seton Leather
1%
£1
Shawlnlgan Wat A Pow__«
2%
1%
4%
IX
4X
Oct
12%
ix
■'
Mining..5
IX
1,500
%
Oct
7%
8%
7,300
3%
Oct
6%
28%
33%
154%
19X
82X
106X
19%
400
4
18
Oct
20%
84%
3,000
72%
Nov
106% 106%
10
106%
Oct
'
com..25
5% cum pref aer AAA 100
Sberwln Williams
Oct
8X
'
Denn
Jan
%
700
300
4%
»
com
Several!y Aircraft Corp._.l
Shattuck
'l8
®18
18
74%
17
8herwin Williams of Can.*
Sllex Co
com
Nov
114
28%
pref
Nov
10%
Aug
Nov
35
Feb
Nov
7%
13%
21
•
2
Simplicity Pattern com
1
Singer Mfg Co
100
225
5%
2%
600
6
900
4%
Nov
230
20
221%
Nov
1%
preferred
4%
4%
1,400
4%
Oct
98
Apr
*
2
July
Smith (H) Paper Mill...-*
18
Oct
Sioux City G AE 7% pf 100
nave
3631
6%
100
5%
29%
27
Oct
18%
63%
14%
Oct
21
Aug
Oct
m
Apr
17%
Jan
Apr
Jan
Sept
Mar
17%
23
1,300
8
400
9
23%
16
300
Oct
Oct
3", 800
%
6%
IX
7%
%
6i«
3%
4%
6
Oct
25
Feb
Oct
6
Oot
12
Jan
Sept
2%
Oct
8
Mar
Feb
25
Mar
93*
5,000
Oct
10
Feb
93
13
Nov
Feb
100
13
"466
"T
5%
9
1%
"13%
12%
Feb
Feb
21%
Oct
13%
40
Oct
15%
13%
7%
6%
27%
5%
33%
Oct
28
Oct
Oct
4%
Oct
500
3
Oot
2X
10%
1%
13%
1,300
700
700
600
400
2
P:
Oct
9
Dec
1
Sept
10%
5%
13%
July
Feb
107
Oct
400
9
Feb
Sept
Mar
Feb
Mar
Feb
Feb
Feb
Mar
Feb
Oct
19%
4%
Mar
4,300
2
35
35
100
32
Oct
50
Jan
13%
13%
100
10
Oct
22%
Feb
44
Apr
46
Apr
2%
3
75
108
4%
7i#
su
X
IX
19%
5%
1%
Oct
17
Feb
119
Aug
Oct
6C0
25%
Nov
1S«
23,700
X
Nov
"it
X
Oct
2%
Jan
1%
1,000
1,000
5%
Mar
Aug
5%
160*
6,900
1,400
14*
Oct
Oct
Oct
10
100
96
Nov
2
Oct
4%
4%
4%
14%
11%
14%
1,100
1,400
8%
8%
9%
200
3%
3%
100
9%
Nov
3*
Nov
Oct
55
""2% ""2% """466
•
Feb
4%
July
166"
16%
2,900
20
5
98
5
27%
x
17
Jan
Jan
5%
108
27
Apr
2
Oct
Jan
41
34
6%
77%
112
Dec
Feb
Jan
Jan
7%
25%
18%
10%
66
4%
Jan
Sept
Mar
Jan
Jan
July
Trust
dep rets ord reg
£1
dep rets def reg...£l
Todd Shipyards Corp
*
43%
38%
500
46
14%
1%
32%
"97"
7% preferred A
100
Tonopah Belmont Devel
Tonopah Mining of Nev.l
"97"
'"""40
Oct
Oct
18%
3
Feb
Oct
74
July
Oct
95
105
Feb
116
Mar
H
""
Jan
««
""»!«
""l"66
X
Oct
2%
4%
3%
2,000
5%
3,400
1,800
1%
4%
Nov
Trans Lux Pict Screen—
1
3%
10
5%
Common
Transwestern Oil Co
Trunz Pork Stores
I'ld
1
*
Tubize Chatillon Corp... 1
Class A
1
Tung-Sol Lamp Works
1
8%
7%
2,400
9
200
33
33
~~2X
2%
2%
1,000
*
com.
6%
Oct
33
Nov
1%
5%
1%
1%
1%
100
1%
Oct
12%
13%
900
11%
Oct
4%
Oct
%
13%
Apr
„•
Union Oil of Calif deb rts._
9%
10%
1,000
8X
8%
8%
.200
X
•i«
%
%
1%
*
Products
preferred
*
5%
92
5
90%
1%
5%
93
31,300
1%
600
600
"3%
"3% "4"
Feb
Feb
Feb
Feb
Jan
Jan
July
Nov
Apr
30%
13%
Oct
July
Nov
Jan
Mar
Feb
52% May
1% Nov
Oct
2
Jan
Mar
xll
Mar
3
Oct
78
»!•
4%
"29%
19
27
18%
4%
30%
19
1%
500
2%
14%
9,100
Oct
Nov
Nov
Oct
Oct
Oct
13%
124
3%
Feb
Jan
Jan
94
Jan
11%
11%
76%
Jan
Jan
Jan
17
Nov
45
Feb
55
125
May
75
Feb
Molasses Co—
5%
reg.
*
Jan
Feb
May
10%
%
Oct
ii~66o
244
United N J RR A Canal 100
10
11%
13%
9%
6%
4%
18%
4
80
*
United Profit Sharing
Feb
Apr
til
*
$6 1st preferred
86
12%
2
1%
Common class B
Jan
Feb
9% May
31%
85
47
*
Cigar-Whelen Sts-.lOc
United Corp warrants
United Elastic Corp
*
A part pref
Un
United G A E 7% pref. 100
United Lt A Pow com A.*
3
Oct
19,400
1,700
United Chemicals com...*
1
5%
13%
Jan
9%
Transport
pref non-voting.*
*i«
2
85
*16"
100
Warrants
Oct
1%
2
Unexcelled Mfg Co.....10
Union Gas of Canada.^
Oct
Nov
%
Oct
Oct
Oct
80c dlv preferred
*
Ulen A Co 7%% pref...25
preferred
Oot
6%
»u
.
Jan
Oct
90
Toledo Edison 6% pref. 100
Preferred
"i«
3
5%
4%
Am
dep rets ord
Jan
Jan
700
Am
Am
Jan
69%
300
9%
com.
Tllo
Milk
Jan
Oct
1,300
1
Texon Oil A Land Co...
Thew Shovel Co com...
$3
Mar
45
105%
30
100
Mines
1
Tenn El Pow 7% 1st pf. 100
Texas PA L 7% pref...100
United
Jan
Oct
600
9
2%
Teck-Hughes
cum
Sept
1
1,000
3
4%
.....
$3
Aug
Apr
Oct
8
Rights......
Tasty east Inc class A...1
Taylor Distilling Co....
Technicolor Inc common^
Aircraft
Jan
Jan
Oct
8
Investment
1
Mar
Apr
Oct
$3.30 class A particlpat *
Swan Finch Oil Corp...15
Union
1%
12%
4%
16
5%
..*
Securities
Sept
107
Sunray Drug Co
Sunray Oil
5% % conv pref
50
Superior Ptld Cement B__*
Swiss Am Elec pref
Taggart Corp com
Tampa Electric Co
Oct
%
20
Stroock (S) A Co
Sullivan Machinery
Oct
100
~~fi"
Stetson (J B) Co com....*
Stinnes (Hugo) Corp
5
United
Singer M fg Co Ltd—
Amer dep rec ord reg.£l
For footnote* •«**
370
FeD
July
4
16%
13
Option warrants
5%
Mar
16%
3%
United Gas Corp com
*
81mmons Hard're A Paint *
Skinner Organ com
2d
Jan
Sept
1
23%
.100
Apr
%
Jan
Oct
Aug
16%
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
1st $7
1
25
42
..50
United
Feb
56
Oct
9
....._
preferred
Jan
Slmmons-Broadman Pub—
Conv
1st
Feb
Shreveport EI Dorado Pipe
Line stamped
6%% preferred
Sterchl Bros Stores
Union Stockyards
Mar
Jan
Feb
Feb
Mar
Oct
Nov
6%
500
6
2%
Union Premier Foods Sts.l
Selfridge Prov Stores—
Oct
35
700
3,300
Mar
Feb
Apr
14
%
Steel Co of Canada ord._
Stein (A) A Co common. *
5%
Selected Industries Inc—
Convertible Stock
7%
t c
v
Aug
7%
5%
11%
Oct
Oct
20
5
Standard Tube cl B
1
Standard Wholesale Phosp
A Acid Works com...20
Trl-Contlnental warrants.
Scranton Spring Brook
x7
•
Starrett (The) Corp
Feb
Mar
500
IX
Apr
Apr
Apr
Oct
163
8%
17%
»
Tobacco
Jan
Dec
3%
1%
200
38
"ix "2"
1
Tobacco Prod Exports
Nov
4%
100
Jan
3
common
Common
"23%
Apr
27%
2%
6%
35%
9
%
15%
38%
11%
117%
6%
7,500
148
Jan
83
14
"17%
10
Standard Oil (Neb)
25
Standard Oil (Ohio) com 25
5% preferred
100
141
4
Oct
July
9
16%
Nov
Jan
10
148
Standard Dredging Corp—
$1.60 conv preferred..20
Standard Invest $5% pref*
Roofing Inc
.1
Tlshman Realty A Const. ♦
Tobacco and Allied Stocks*
3X
28
100
Mar
Apr
41%
29%
Nov
Jan
15
8
Manufacturing..25
Selberling Rubber
Standard Brewing Co....*
Standard Cap A Seal com. 1
Conv preferred
10
6%
%
Nov
% May
Oct
73
Sept
25%
23%
1%
Oct
100
33%
5%
Oct
400
80
800
36
"23% "24%
_
2%
1%
»
Dec
%
36%
81
2%
20
6%
38
Am dep rets ord bearer £1
Spencer Shoe Corp.
*
Stahl-Meyer Inc com
*
Preferred
Jan
Mar
Oct
400
Spanish A Gen Corp—
Am dep rets ord reg..£l
Standard Pow A Lt
Common class B
Aug
July
4%
3
4%
South Penn Oil..
25
So West Pa Pipe Line..50
(Ky)
Mar
2%
10%
5%
0
148
Southern Union Gas__.__*
Southland Royalty Co...5
100
58
Savoy Oil Co
July
51
Oct
1
700
San ford Mills com
Scovlll
65%
110%
14%
17%
5%
3X
Samson United Corp com
Schlff Co
Oct
Jan
1%
7
65
South New Engl Tel...100
Southern Pipe Line
10
Standard Oil
High
Oct
100
100
200
'18
6
100
7% preferred
preferred
1%
50
pref A
7%
3%
80
Safety Car Heat A Lt -..*
St Regis Paper com
Jan
1
1,200
Southern Colo Pow cl A. 25
IX
38
"ix
8t, Anthony Gold Mines. 1
St. Lawrence Corp Ltd.. .*
conv
1,700
18
Nov
1%
35
35
"24%
25
3%
38
•
Ryerson A Hay nee com__l
$2
9
Jan
Nov
Sept
5%
*
pref
Ryan Consol Petrol
5»«
Aug
Feb
Low
1%
2%
3
.
Raymond Concrete Pile—
13
1%
Standard Steel Spring
9%
*
...
3
6
1
Jan
Rainbow Luminous Prod-
Class A..
Ii
South Coast Corp com
Southern Calif Edison—
Jan
150
25%
28%
Railway A Utll Invest A..
IX
Standard Products Co..-l
Standard Silver Lead
1
Jan
*i«
Quebec Power Co.
„i
...
Soas Mfg com
Week
100
3
1
5% % pref series C
Feb
,7*
Price
5% original preferred-25
6% preferred B
25
100
$6 preferred
Pub Ser of Col 7% 1st pf
Solar Mfg Co
Sonotone Corp
Jan
1,700
*
Shares
Jan
Feb
Oct
X
7,700
for
of Prices
Low
High
Feb
41
7%
*
Providence Gas
Apr
4%
35%
Oct
Week's Range
Sale
Par
July
Oct
1%
600
Prosperity Co class B
2%
Oct
15
16
Pressed Metals of Amer..*
6%
1%
7%
Nov
Oct
Last
Apr
Nov
Oct
Range Since Jan. 1, 1937
STOCKS
(Continued)
Jan
9%
42%
Feb
27%
116% Mar
16% June
Feb
147%
Nov
Sales
Friday
Jan
Pitney-Bowes Postage
300
%
8%
Jan
8%
Apr
Oct
253
Aug
Oct
Oct
2
July
12
Mar
New York Curb Exchange—Continued-Page 5
3630
Friday
STOCKS
■
Weel's Ran gel
Last
Sale
(Concluded)
Par
United Shipyards cl
Class B
A—1
2
X
70H
975
63
Oct
200
37%
4%
Apr
"l~X
1,700
5%
5%
0%
7
4,200
"n
6
1,i*
500
21%
250
19
4X
2,900
51
51
U S Playing Card
21%
20%
U S Radiator com
1
3%
3%
3
3
United
X
3X
2%
N
Exten—50c
1%
xlX
2
2%
2%
9
Cl
0
2%
IX
2%
Wall
Paper
Universal Consul Oil
10
Universal Corp v t c
Universal Insurance
JUtil Pow A Lt
Class B_
Vot tr
%
100
pref
103
Jan
6s
92
Oct
104%
79%
Apr
1943
Cities Serv PAL
5%s. 1952
5% 8
1949
Commerz A Prtvat 5%s'37
Commonwealth Edison—
3%
Oct
19
Oct
35%
z2%
80%
4%
Oct
1,400
42
Oct
Apr
Jan
Jan
Feb
Sept
Jan
2X
2%
Sept
Nov
.8
Oct
2
Jan
Oct
6%
Feb
""400
2,400
Oct
0
Apr
Jan
89%
Jan
1*
Oct
Jan
Sept
11%
(Balt) 3%s ser N—1971
Consol Gas (Bait Clty)5s
Mar
6s ser A stamped... 1943
Oct
Jan
2
Oct
Feb
2,650
20
Oct
Feb
Cont'l Gas A El 5s... 1958
Crucible Steel 5s
1940
Cuban Telephone 7%s 1941
Cuban Tobacco 5s
300
13%
Nov
Apr
300
3%
%
72%
6%
Sept
Feb
Jan
Oct
Jan
Denver Gas A Elec 6s. 1949
Det City Gas 6s ser A. 1947
Nov
Feb
1%
11%
83%
Oct
Jan
Oct
Aug
Nov
Aug
Oct
Jan
6
200
Oct
5s 1st series B_
Oct
Jan
Eastern Gas A
Nov
Feb
6
Oct
Aug
4%
Oct
Apr
Edison El 111 (Bost) 3%s '65
Elec Power A Light 5s.2030
Elmlra Wat Lt A RR 5s *66
El Paso Elec 5s A
1,200
Jan
"ex
"800
6
Oct
Apr
2%
2%
2%
900
2
Oct
Mar
3%
4
400
20
20
"166
Oct
Mar
101
Feb
Jan
9
Oct
Mar
2%
Western Maryland Ry—
100
70
*
Westmoreland Coal Co...*
West N J A Seashore RR 60
West Texas Utll 10 pref..*
West Va Coal & Coke
»
Weyenberg Shoe Mfg
1
Williams (R C) A Co
*
Williams Oll-O-Mat Ht._*
IWll-low Cafeterias Inc..l
Conv preferred
*
Wilson-Jones Co
*
50
60
2%
Aug
74%
1%
6%
Oct
5%
1,300
6%
200
5
5%
300
4
Oct
4%
----
2%
4%
100
2
Oct
X
%
%
1
100
hi
105
8,000
118
Mar
July
101
July
80
Jan
73
70
4%
86%
71%
104
"85%
66
64%
Oct
Nov
104%
85
85
5s ex-warr stamped. 1944
Gatlneau Power 1st 68
1956
Deb gold 6s. June 151941
Deb 6s series B
1941
85
102% 103
100% 101%
100% 101%
102%
Oct
Georgia Power ref 6s.. 1967
Georgia Pow A Lt 5s.. 1978
86%
67%
{30%
Jan
♦Gesfurel 6s
1953
Glen Aid en Coal 4s... 1965
Gobel (Adolf) 4%s.._1941
Sept
Mar
Grand Trunk West 4s. 1950
Gt Nor Pow 68 stpd..l950
7%
Yukon Gold Co
"~7% *~7%
V,660
5%
14%
1%
0
5
15%
1%
17%
2
2,700
1,900
Apr
Oct
Nov
Oct
23%
6%
8%
30%
4%
Jan
Apr
Grocery Store Prod 6s.
1942
{103
104%
1st A ref 58
1946
1st A ref 5s
1951
100%
100% 101
95%
93%
4,000
87
Oct
Oct
105%
99%
92%
92
15,000
86
1968
85%
80%
84
85%
17,000
78%
Oct
76%
80%
46,000
71
Oct
6,000
102
Apr
Amer Radiator
106% 107%
80"
4%s__1947
Amer Seating 6s stp..l946
Appalachian El Pr 5s_1950
Appalachian Power 5s. 1941
Debenture 6s
2024
Ark-Loulslana Gas 4s 1951
Arkansas Pr A Lt 5s..1956
Associated Elec 4%s._1953
106
78
88
30,000
80% 137,000
105% 106
88
15,000
1,000
106%
105% 106%
35,000
107%
107
10,000
loo"
93%
40
107%
111% 111%
99% 100%
92%
93%
40
37%
5,000
104
68
103%
87
103%
105%
109
62
31%
33%
34,000
31
90,000
3,000
40
Locom
1950
Bell Telep of Canada—
1st M 5s series A...1955
68%
95
Bethlehem Steel 6s
121
1,000
13,000
1,000
Broad River Pow 5s.. 1954
85%
Too
Carolina Pr A Lt 5s. ..1966
94%
Cedar Rapids M A P 5s '53
Central 111 Public Service—
113%
1956
ser F.1967
May
June
91%
5s series G...
.1968
1981
"89"
Cent Ohio Lt A Pr 5s_.1950
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 5s. 1956
"Yl"
1948
ex-warrants... 1954
Cent States PAL
5%s '53
Oct
61
Jan
Oct
Jan
22
Oct
05%
65%
Dec
60%
Oct
69
69
Oct
95
Oct
1901
Chicago A Illinois Midland
Ry 4Mb A
1950
For footnotes
see
page
Nov
113
91%
105%
Jan
Jan
68 series B
86%
44
44%
l05%
92
3631
Mar
93%
101%
102%
103%
Jan
Jan
104
Dec
105% Mar
105% June
72
Oct
100%
Jan
12,000
100,000
82
Oct
101%
104%
102%
101%
101%
104%
99%
Jan
Jan
111 Northern Utll 5s... 1957
IU Pow A Lt 1st 6s ser A *53
90
Jan
Sept
96
Oct
96
Sept
7,000
78
Nov
85
Oct
75
ie'ooo
58%
Oct
74
3,000
70%
72%
Jan
Oct
97
3,000
87% 117,000
70
6,000
2o"66o
110
70
"3",000
52
2,000
40%
{100
42
5,000
"11",000
88
Jan
Mar
31
Aug
89%
Jan
Feb
00
Oct
"moo
78
81%
8,000
25
Oct
105
Jan
Jan
107
June
68
43
28
Oct
Oct
Oct
Sept
3,000
97
8,000
-
62
107% 107%
98%
97%
102
Apr
78
Nov
Jan
20%
------
30%
65
Jan
Nov
23
89%
97%
105%
88
106%
105"
95%
{17
61%
{60
107%
Oct
Oct
100%
97
Jan
74
56
59
{21%
Jan
Mar
58
21%
36
{
62
Jan
Jan
77
77
Jan
Jan
6,000
-
-
-
-
—
5,000
25,000
Mar
91
Oct
97
Dec
95%
25
61%
Nov
Oct
Dec
74
Sept
106
89%
94%
Jan
62
Jan
75%
109%
Jan
Jan
107
Oct
102%
37%
Feb
Sept
27% Aug
104%
Feb
105% Sept
103% June
33%
Apr
88%
Feb
86%
Feb
Jan
108
Aug
106%
Feb
91%
12,000
84%
83%
Oct
91
Oct
106%
Jan
89%
88%
89%
45,000
79
Oct
May 1957
76
76
78
9,000
74
Oct
104%
99%
Jan
Electric Corp—
6s series A...
1947
88
88
88%
5%8
98
Jan
Indiana
6%s series B
1953
58 series C
1951
Indiana Gen Serv 5s.. 1948
Indiana Hydro Elec 5s 1958
Indiana A Mich Elec 5s '55
5s
1957
♦Indianapolis Gas 5s
Nov
99
13,000
17,000
{26
{91
77%
78
93%
78
{108%
79%
3,000
------
9,000
------
78
80
{106
106%
-
6,000
82
Oct
105
Jan
85%
Oct
106%
Jan
70
Oct
99
Aug
108
Oct
Oct
101
Jan
106%
78
105%
Mar
109%
Feb
Jan
107% June
-----
{111%
1950
57%
57%
59
24,000
45
Oct
79%
1963
58%
56%
58%
25,000
48
Oct
78
A 1952
Ind'polis P L 5s ser A. 1957
International Power Sec—
106"
---«
48%
{46%
105% 106
------
49 %
70,000
Nov
103%
Mar
111
June
Jan
Jan
82%
106%
Jan
Apr
6%8 series C_
5,000
1955
58
53%
58
23,000
52
7s series E
7s series F
1957
60
55%
60
17,000
53
1952
60
53%
60%
21,000
53%
107% 107%
44%
42%
29%
28%
3,000
105
95,000
32
Oct
18
Oct
76%
69%
Jan
32,000
Oct
96
Jan
International Salt 5s..1951
107%
Oct
14,000
58
Nov
85
Interstate Power 5s
1957
Debenture 6s
..1952
Interstate Public Service—
43%
Oct
60%
85%
14,000
85
Sept
102% 103%
105% 106
94%
92%
113% 113%
9,000
22,000
101
Mar
102
Oct
41,000
1,000
91
Sept
111%
15,000
Jan
Feb
81
Feb
109
May
Mar
69%
69
70
15,000
62
4%s series F
1958
64%
63
64%
18,000
58%
96
96
96%
13,000
92
June
92
July
5s series B
Feb
95%
1961
Iowa Pow A Lt 4%8.. 1958
Jan
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 7s. 1952
Isotta Fraschlnl 7s... 1942
Italian Superpower 6s. 1903
Jan
Jacksonville Gas 5s
Jan
-----
Stamped
Jersey Central Pow A Lt—
99%
86%
105
Jan
Oct
Jan
19,000
95
Oct
11,000
87%
Cct
104%
104%
103%
104%
91 i
94*
5,000
88
Oct
70%
86%
42%
71%
4,000
63
Oct
94
Feb
87%
61,000
73
Oct
99
Jan
44%
31
Oct
41
44
54,000
79,000
31
Oct
33
Oct
72%
72%
75%
Jan
33,000
11,000
77
83%
1956
Iowa-Neb LAP 5s... 1957
Oct
65,000
28%
Oct
Oct
Nov
5s series D
89
92
Oct
51",000
90
81%
58
92
03
Jan
Oct
Aug
Sept
13,000
105
Mar
42%
44%
106% 106%
105% 106
103% June
Oct
93
12,000
52
41%
1949
Jan
92
43.
Feb
69
73%
91%
73%
108%
{107
114%
128
90%
Oct
88
69
3,000
102
Jan
54
11,000
70
warrants. 1943
Indiana Service 5s
1st lien A ref 5s
Jan
Mar
74
6%s with
♦Hungarian Ital Bk 7%s'63
Hygrade Food 6s A...1949
Feb
Mar
13,000
93%
{55
10,000
99%
Chic Dlst Elec Gen 4%s'70
6s series B
Jan
20%
22%
59
Jan
Feb
lo3^f
84%
69
"90"
Heller (W E) 4s w w.,1946
Houston Gulf Gas 0S..1943
Sf deb
83% May
62%
Jan
29%
32%
1947
Jan
Oct
110
Jan
90%
74
♦Hamburg Elec 7s... 1935
♦Hamburg El Underground
A St Ry 5% s
1938
Jan
Oct
7,000
109
115
73%
1977
1st A ref 5%s ser B.1954
1st A ref 58 ser C
1956
Jan
55
122,000
Oct
102% May
77
85
101
4%s series H
Cent States Elec 5s
121
128% 128%
60%
5s series E
70
57%
Nov
Oct
78
{80
73%
83
1998
Birmingham Elec 4%s 1968
Birmingham Gas 6s
1959
Canada Northern Pr 5s '53
♦Canadian Pac Ry 6s. 1942
62
113% 114%
118% 118%
1st M 5s series B...1957
5s series C
1960
5^8
73%
107
110%
119%
102%
104%
67%
Works—
Convertible 6s
4%s
40
72
95
72%
Oct
Oct
Mar
23%
33
1977
Assoc T A T deb 5%s A'55
Atlanta Gas Lt 4%«_1955
Mar
Oct
39",000
32
108%
28
30%
29%
June
Nov
62,000
28%
30
108%
Jan
Oct
33
29%
June
Nov
Oct
""29%
Registered
Conv deb 5%s
107%
100%
98
4,000
Jan
Jan
Jan
106%
89
1908
Debenture 5s
1st A ref
62
95
Oct
75,000
1950
Conv deb 5s
Baldwin
61%
{29
Oct
104%
Jan
32,000
Associated Gas A El Co—
Conv deb 5%s
1938
Conv deb 4%s C...1948
Conv deb 4%s
1949
Jan
Oct
1950
106
Jan
105
97
1967
106
108%
5s series A..
Hall Print 6s stpd
$7,000
1st A ref 5s
Aluminium Ltd debt 5si948
Amer G A El debt 5s..2028
Am Pow A Lt deb 6s..2016
Guardian Investors 5s. 1948
Hackensack Water 5s. 1938
Jan
1st A ref
92%
Apr
102
Alabama Power Co—
4%s
1945
78
Guantanamo A West 0s '58
BONDS
Abbott's Dairy 6s
1st A ref 6s
101
101%
General Bronze 6s
1940
General Pub Serv 5s.. 1953
Wool worth (F W) Ltd—
17%
Dec
Mar
71
3,000
86%
Gen Wat Wks A El 58.1943
Youngstown Steel Door..*
%
100%
Gary Electric
Nov
Oct
Mar
Mar
Jan
Oct
2,000
Oct
15%
Jan
4%
4%
95%
85
103% 104
104% 105
104% 105
{93
95
Oct
200
13%
12%
Sept
65
12,000
5
17%
4
75,000
66
4%
17%
Jan
Oct
Oct
4
July
58
2
Amer dep rets
5o
6% preferred
£1
Wright Hargreavee Ltd..*
Oct
Jan
105%
109% Mar
107% Apr
106% May
~i4~666
87%
78
Gen Pub Utll 6%s A. 1956
♦General Rayon 6s A. 1948
.300
Oct
97%
Jan
101
104% 104%
104%
97
1%
102
57
Oct
Jan
"i"66o
86
71%
Oct
98%
2%
{
Nov
100
11,000
2,000
73% 104,000
23,000
106%
67%
70% 208,000
104% 104%
4,000
Oct
100
13,000
71%
Jan
2,300
101%
106
106%
6
7
105
1,000
16,000
4%
{1%
%
61
3
"l4"666
108%
5%
Winnipeg Electric cl B___*
Wise Pr A Lt 7% pref. 100
Wolverine Portl Cement-10
6
101%
5
5%
92
52
60
Nov
7
Jan
93%
98%
10
5%
Jan
125%
104%
1
3
109%
Oct
Oct
Wolverine Tube com....2
Petroleum
l
July
Apr
Feb
Oct
Dec
Woodley
104%
Oct
1
Wlllson Products
Jan
Apr
00
11
1%
12
Jan
99%
300
11
101
130
60%
300
1%
11
113% Apr
113% Sept
112% July
Deo
112%
107% Aug
Jan
106%
104% June
Jan
90%
Finland
July
2%
6%
104%
.1953
1967
98%
19,000
{50
Florida Power A Lt 5s_1954
A Gas—
Nov
8%
6% s series A
Erie Lighting 5s
Sept
Aug
47,000
101%
108%
104%
100%
108%
1950
Empire Dlst El 5s
1952
Empire Oil A Ref 5%s. 1942
Ercole Marelll Elec Mfg—
Oct
93
(-■ to CO
62
52,000
80% 117,000
5,000
101%
96% 100
16,000
98
Federal Water Serv
5%s '54
Residential Mtge
Banks 6s~5e stpd...l961
Firestone Cot Mills 5s. 1948
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s '57
Oct
19
Fuel 4s. 1956
Oct
56
Nov
78
Aug 1 1952
♦Certificates of deposit
%
Apr
Oct
Mar
Jan
Jan
68%
60
79
♦Deb 7s
%
Jan
80
Jan
101
61
101%
1950
100
102
106% 107
119% 122
Detroit Internet Bridge—
♦6%s
Aug 1 1952
♦Certificates of deposit
800
5,000
107%
100%
99%
103% 104
1944
%
3%
7% 1st preferred
Western Tab A Stat
104
Delaware El Pow 5%s 1959
Oct
96%
{124% 130
1954
150
5,000
8,000
68
95%
1939
Gen mtge 4%s
66
95%
Consol Gas Utll Co—
1,400
"id"
107%
"66
A Lt 5s '57
3%
"10"
112%
Community Pr
Community P S 5s... 1960
Conn Light A Pow 7s A '51
Consol Gas El Lt A Power-
1%
9%
West Cartridge 6% pf-100
Western Grocery Co...20
46% June
100%
1%
"T
13,000
3%s series H
1965
Com'wealth Subsld 5%s '48
7%
"0"
1.25
67
15,000
23,000
8%
22%
%
Wellington OH Co
Wentworth Mfg
Western Air Express
67
102% 102%
Oct
1%
8%
7%
Oct
27,000
Nov
7%
Wayne Knit Mills
5
Welsbaum Bros-Brower..l
Oct
36
107% 107%
105% 106%
Oct
1%
1,200
8
30%
26,000
July
8
1
Class B
1,000
87,000
55%
18
..100
Walker Mining Co.;...
54%
55
Jan
300
12
100
53%
Apr
13%
2%
100
54
55%
107%
400
7% preferred
Oct
110%
110%
'""106
Wahl (The) Co common.*
Waitt & Bond class A
*
88
2,000
2%
12 X
94
11,000
"ex "h%
*
92%
14,000
Va Pub Serv 7% pref.. 100
Wagner Baking vtc
93
Cities Service Gas 5%s '42
Cities
Service
Gas
Pipe
113% 113%
400
2%
Jan
Jan
112% 113
111% 112
112% 112%
16 X
3%
IX
*
82
83
1st M 5s series A...1953
14%
3%
IX
*
Oct
Oct
1st M 5s series B...1954
1st 4%s series C...1956
1st 4%s series D
1957
1st M 4» series F...1981
10
Waco Aircraft Co
45
42
Jan
Van Norman Mach Tool.5
Vogt Manufacturing
90
14,000
196,000
36,000
6
30
Petroleum... 1
"moo
65
60
90
Oct
27 X
Venezuela Mex Oil Co.. 10
90
60%
57%
90
1%
30
Venezuelan
105%
Jan
Feb
64
2,300
7
3%
3%
Nov
84
59%
17%
16
com.
101%
Feb
3,300
Jan
Nov
1968
5s
Conv deb 5s
Line
110
Nov
1950
..1955
Service
Nov
43
87
12,000
Feb
2X
X
0s series B
Cities
105%
{104% 106
45%
48
90
{
4%
43%
2
1940
§*Chlc Rys 5s ctf8.__.1927
Cincinnati St Ry 5%s A *52
'Its
5
conv
Jan
High
Oct
..1
7% preferred
Jan
5s
Dec
300
"~2X "~2X
1
common..
42 X
42
42
,._7
Valspar Corp vtc
Oct
1%
12%
Utility Equities Corp
Priority stock
*
Utility A Ind Corp com...5
preferred
Mar
Yards
%
100
ix
Feb
14
Low
Chlo Jet Ry A Union Stock
Zix
"l % "ix ""206
IX
Mar
Mar
Range Since Jan. 1 1937
Shares
High
100
—
Utah-Idaho Sugar
6
Utah Pow & Lt $7 pref...*
Utah Radio Products
*
Conv
34%
10
9%
T%
Universal Pictures com—1
Universal Products
°k
Jan
for
WeeI
of Prices
Low
12,900
-8
1
Feb
Mar
Oct
1
v t c
Aug
18%
Oct
1%
>l« June
400
*
1st pref
conv
Oct
Oct
2%
U S Stores Corp com..
$7
15
WeeVs Range
Sale
Price
7% May
Jan
4%
Jan
96%
Jan
47%
Oct
Nov
%
U S Rubber Reclaiming..*
United Stores
Oct
X
47
51
Nov
4
50
*
*
..10
United Verde
Oct
2
39
1
Last
High
68%
1
roNDS
(Continued)
Low
Oct
U S and Int'l Securities..
1st pref with warr
U S Lines pref
Range Since Jan. 1,1937
39
69%
25
United Specialties com—
U S Foil Co class B..
for
Shares
1,500
1,300
2
2
1
United Shoe Mach com.25
Preferred
High
1937
Sales
Friday
I Weel
of Prices
Low
Price
Sales
Dec. 4,
Jan
Jan
Apr
107
Sept
4,000
103%
104%
Mar
107
June
2,000
91%
Oct
100
Jan
5s series B
{106%
96
-----
8,000
------
104%
Oct
Apr
Jan
88%
Jan
104%
Feb
104%
Feb
106% May
105%
Jan
79% Feb
99%
99
99%
7,000
99
62%
58
62%
9,000
54
Oct
71
Oct
80
32%
Oct
71
5,000
35
Oct
56%
Jan
104% 104%
19,000
103
Mar
Apr
103
44,000
105%
105%
—
46
{74
80
41
46
------
31,000
Oct
Feb
.
Feb
1942
37
1947
4%s series C
1901
Kansas Elec Pow 3%b. 1966
Kansas Gas A Elec 68.2022
103%
Kansas Power 5s
100%
1947
97%
113%
38
103%
97%
26,000
113% 113%
100% 100%
3,000
97
7,000
98%
Nov
93% June
110%
98
Nov
Nov
98
121%
104%
Jan
Oct
Jan
Jan
Volume
New York Curb Exchange—Concluded—Page 6
145
Sales
Friday
BONDS
Last
(Continued)
Week's
Sale
Price
Range
of Prices
High
Low
Kentucky Utilities Co—
1st mtge 6s ser H
1961
Range Since Jan. 1, 1937
for
Week
Shares
Jan
Sheridan Wyo Coal 6s. 1947
Sou Carolina Pow 5s. 1957
Southeast PAL 6s...2025
Jan
65
Oct
2,000
93
Oct
1955
86
86
Oct
79
7934
1,000
5,000
85
.1969
68 series I
65%
Oct
93
9334
10134
16,000
93
Mar
99%
107%
103%
99%
101%
Lake Sup Dist Pow
44,000
99%
Oct
111%
18%
Mar
26%
July
3%s '66
9334
Lehigh Pow Secur 6a..2026
101
♦Leonard Tletz
*2134
7%b..1946
Lexington Utilities 68.1962
Libby McN & Llbby 5s '42
Long Island Ltg. 6s... 1945
Louisiana Pow & Lt 6s 1957
♦Manitoba Power
96
99%
104%
5%sl951
29
96
101% 10234
99% 10134
103%
*72
104%
"2",000
57,000
61,000
60,000
Jan
Ref M
3%s.May 1 1960
104
Jan
Ref M
3%s B.July 1 '60
104%
Jan
Nov
106
Feb
99%
Nov
107
May
106%
May
Oct
July
105
Jan
♦7s without warr'ts.1941
*2134
4%s.l952
9834
1,000
78
78
5,000
*85
8234
83
27%
Aug
22%
...
9834
McCord Rad & Mlg 6s *43
Memphis Comml Appeal
Deb 4%s
1952
Memphis P A L 5s A..1948
Mengel Co conv 4%s.l947
Metropolitan Ed 4s E.1971
May
97%
Oct
101
Aug
76
Nov
104
Jan
95
8234
1,000
89%
17,000
81
Oct
104
Jan
80%
Oct
118
Apr
Jan
90%
7,000
86
Oct
9934
89%
9834
107%
99%
97%
106%
102%
9934
14,000
95
Oct
106
Jan
Mississippi Pow 5s._.1955
72
71
72
21,000
68
Oct
Jan
Miss Power A Lt 5s..-1957
82%
82%
23,000
78
109%
5,000
107
99%
100%
109%
103% 104
100%
Nov
80
80
11,000
1,000
69
70
5,000
64
Oct
Mllw Gas Light
93
93
5,000
93
Nov
4%s_. 1967
PAL 4%s
1978
Minn
1955
1st A ret 5s.
Miss River Pow 1st 5s. 1951
Missouri Pub Serv 58.1960
Montana
Dakota
"67%
67%
67%
1,000
67%
93%
6%s ctfs.1937
93%
3,000
92
4
Nassau A Suffolk Ltg 5s '45
Nat Pow A Lt 6s A...2026
Deb
79
Oct
Nov
Feb
Nov
75
Jan
Mar
Feb
Jan
Jan
Apr
Nov
Power—
1944
♦Munson SS
8034
109
5s series B
{♦Nat Pub Serv 5s ctfs 1978
44%
Nebraska Power 4%b 1981
6s series A
2022
1
71
67
Oct
Nov
Oct
Oct
51
Jan
June
110
May
Oct
88
Dec
69
Oct
1,000
113
Apr
116% 116%
58
59%
46,000
47%
Oct
16,000
59
45
Oct
Jan
United El Serv 7s
Jan
♦United Industrial
Jan
56%
59
72,000
Oct
84%
8334
40,000
81
Oct
Jan
8434
85%
47,000
84%
Oct
101%
102%
9134
21,000
4,000
85
Oct
95%
Jan
60
Oct
5,000
99
Nov
104%
Feb
101
Nov
Jan
Aug
JaD
Nov
Jan
♦Income 6s series A. 1949
69
72%
101
92
95
23,000
94
Nov
14,000
100
Apr
104%
10334
10634 107
*99
106%
94%
N Y A Westch'r Ltg 4s 2004
Debenture 5s
1954
94%
*112%
*62%
Nippon El Pow 6%s..l953
68,000
104%
110%
....
54
65
Jan
Oct
Apr
Oct
112%
86%
July
Feb
5%s series A
1956
83
Northern
6s
83
4034
8334
41%
23,000
10834 10834
Nor Cont'l Util 5%s__1948
No Indiana G A E 6s. 1952
8,000
40
8,000
83
35
106%
Oct
100%
69%
Jan
108%
Dec
Jan
Jan
Nov
series
1966
99%
9834 100
Ssserles D
1969
99
9834
4%s series E
1970
9334
C__
1945
10234
Ohio Power 1st 5s B—1952
1st A ref
4%s ser D.1956
Okla Nat Gas 4%8.__1951
58 conv debs
1946
105%
"84%
101%
104%
Oct
111%
Jan
108
105% 105%
97
96%
85
83%
5,000
103
Feb
Okla Power A Water 5s '48
82
Pacific Coast Power 5s '40
*104
Jan
Nov
92
Oct
23,000
79
Nov
105% May
100%
Jan
108%
Jan
2,000
80
Nov
100
Jan
102
Oct
108
113%
Oct
119
Jan
Oct
102%
Jan
104%
Pacific Gas A Elec Co—
1941
115
115
A. 1948
*84
90
1st 6s series B
Pacific Invest 5s
ser
Pacific Ltg A Pow 5s
1942
Pacific Pow A Ltg 5s.. 1955
Palmer Com 6s
1938
Park Lexington 3s
Penn Cent L <fe P
1st
65%
101
4%s.197
5s...
36
3,000
51
99%
30
36", 660
83%
86%
95
95
1,000
95
"87"
86%
87
6,000
84%
94%
95
7,000
/
1971
111%
84,000
88
.1979
Penn Electric 4s F
84
101
*32
1964
7,000
*112% 113
64%
65%
88
Deb
1950
5%s series B..1959
Penn Pub Serv 6s C..1947
5s series
D
Nov
Oct
Mar
Oct
Oct
Oct
117
93%
Jan
Jan
103
Aug
37%
105%
105%
Nov
Jan
Jan
Nov
103
Jan
89
Oct
106
Mar
10,000
80
Oct
May
Penn Water A Pow 5s_1940
4%a series B
105%
Jan
4,000
105
109
Apr
5,000
107% 108
10,000
100% May
107% Mar
106%
111%
Jan
3,000
105
Mar
108
June
13,000
76
Oct
100
Jan
103
"i07%
1968
87
106% 106%
107% 107%
Peoples Gas L A Coke—
4s series B
.1981
87
86%
{♦Peoples Lt A Pr 5s.. 1979
1234
11
Phila Elec Pow
5%s._1972
111%
Phila Rapid Transit 6s 1962
Piedm't Hydro El
74
87
11,000
74
6%s '60
*59
Pittsburgh Coal 6s... 1949
*106
74
5%
Oct
13,000
2,000
12%
109% 111%
108%
Mar
74
Nov
30%
113
99%
52
Oct
77
106
62
Jan
Jan
4,000
105%
Jan
108
July
4,000
104
Apr
109
Jan
Mar
Nov
81
96
Oct
104
Feb
18
Mar
25
July
Oct
147
Jan
58%
60
"8",000
30
Public Service of N J—
12,000
128%
Pub Serv of Nor Illinois—
103
ser
4,000
F.1981
103"
1960
105%
102% 102%
102% 103
104% 105%
107%
7,000
102% 103
70
Nov
10,000
55
Oct
62
14,000
63
Oct
97
47,000
103
56,000
95%
102
*96
83%
80
Jan
Jan
Feb
16,000
38,000
106
Jan
Nov
106
Feb
98
99%
85%
Oct
102
Nov
113
Feb
92%
Oct
104%
Jan
Jan
80
106%
109
Apr
63
65
42,000
55
Oct
94%
37
38
5,000
31
Oct
55
114
6,000
111
Mar
62
10,boo
49%
Oct
1,000
20%
19%
Mar
27
Mar
28
Jan
Jan
47
Oct
53
Oct
99
99%
76
9,000
31,000
97%
61%
Oct
103% 104%
61%
63%
75%
76
10,000
103
9,000
4,000
62
75%
Dec
103
Jan
83
Dec
71
1959
68 series A
"76"
1952
103%
6s series A
1973
Utah Pow A Lt 6s A..2022
"75%
84%
5%s A.. 1946
1st ref 5s series B...1950
6s
1946
59
71%
25
Oct
June
Oct
89%
94%
107
96%
115
89%
Feb
July
Aug
Jan
Jan
Jan
Jan
Jan
Jan
"84%
84%
7,000
102
Jan
89%
1944
Va Pub Serv
117%
79%
June
91
4,000
85
84%
9,000
81
Oct
104%
102%
Jan
84%
80%
1,000
75
Oct
101
Jan
54,000
11
Oct
83
80%
,
Oct
Jan
Waldorf-Astoria Hotel—
♦5s Income deb
17
16%
104% 105
1954
Wash Gas Light 5s... 1958
Ry A Elec 4s... 1951
105%
103
Nov
Apr
June
94
West Newspaper Un 6s '44
West United G A E 5%s '55
40
Wlsc-Mlnn Lt A Pow 5s '44
105
93
Oct
Nov
87
1,000
58,000
101
86
75
Oct
40
10,000
38
Nov
19,000
92
Yadkin River Power 5s *41
104
Mar
Feb
Jan
Jan
Jan
Feb
Jan
102
Oct
105
Feb
105
Oct
107%
Nov
89%
Nov
103%
June
102%
107%
100%
Jan
Jan
19,000
12,000
82
20%
Jan
107
106%
105%
114%
99%
79%
105%
5,000
106% 106%
92
90%
104
105%
79
82
108
2,000
107% 107%
106%
1968
1937
8,000
104% 105
"87"
96
102
38
96
2030
West Penn Traction 5s '60
York Rys Co 5s
9,000
104%
102
West Penn Elec 5s
1957
37,000
1,000
106% 106%
104% 105%
Wash Water Power 5s 1960
32% June
20%
74,000
79
Dec
108
Apr
Jan
foreign government
and municipalities—
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
♦20-year 7s...
103%
14,000
1,000
5,000
1951
Oct
Mar
100
Oct
101
Mar
100%
Oct
18,000
102
Mar
60,000
.94
Oct
112%
105%
105
2,000
20%
21
9,000
20%
20
1947
♦Baden 7s
20
5,000
18
•20%
20
Nov
Dec
Sept
30
29%
25
Feb
Feb
Mar
Buenos Aires (Province)—
1952
*70
*70
85
6
♦7s stamped
1952
5%s
1955
5s
■
m
mm
m
mm
Aug
Nov
96
Sept
6
Nov
21
Feb
Apr
29
Sept
17,000
24%
24
24
100%
1953
6%
24%
♦Prov Banks 6s B..1951
Danish
94%
82
83% May
90
♦7%s 8taraped.___.1947
♦Cauca Valley 7s
1948
Cent Bk of German State A
24
1,000
4,000
20
Mar
7,000
99
Apr
97
Apr
8,000
3,000
50
Apr
77
Feb
17
Jan
4,000
5,000
17
Jan
25%
25%
Aug
Aug
17
Mar
100% 101%
*99% 100%
19%
27%
102%
101%
July
Jan
Feb
Danzig Port A Waterways
External
54
♦Secured 6s
1947
54%
19%
6%s._____ 1952
♦German Con Munlc 7s '47
20
19%
19%
20
19%
20
♦Hanover (City) 7s.-.1939
♦Hanover (Prov) 6%s. 1949
*21%
30
♦Lima
*12%
20
*14%
(City) Peru 6%s_'58
mm
mm
mm
17%
13
Apr
Sept
26
Aug
25%
29%
Mar
July
Aug
20%
107% 107%
106% 107
1980
8,000
66
Jan
Aug
Sept
20%
Jan
1978
78
62%
49%
106%
106%
98%
85%
Mtge Bk of Bogota 7s. 1947
85
4%s series D
4%s series E
1st A ref 4kb
4%s series I
Mar
Jan
Nov
110%
105% 105%
Mar
Feb
57
110
May
Apr
5,000
1956
37
102
102%
Feb
57%
1966
2,000
96%
57
1st A ref 5s
7,000
25,000
Jan
July
21
Jan
5s series C
41
105% 105%
56
33
Aug
132%
Apr
Oct
25
*21
37
45
Oct
107
130
44%
Nov
108
130
Oct
7
Oct
6% perpetual certificates
16
75
Apr
Electric 6s_1954
Mar
52,000
21 %
Nov
♦Prussian
55%
20%
34,000
2,000
18%
106%
100%
96
m'mmmmm
96
*56
Oct
7
2,000
100
Jan
70"666
35
75
3,000
107%
102
26
97%
1961
Nov
7
20
4%s series F
Mar
72
75
97
Potrero Bug 7s stmpd.1947
Power Corp (Can)4%sB '69
96
Mendoza 48 stamped. .1951
20
Potomac Edison 5s E.1956
Oct
♦Medellin 7s series E.1951
Oct
Pittsburgh Steel 6s... 1948
57%
39%
Mar
♦Pomeranian Elec 6s.. 1953
Portland Gas A Coke 5s '40
63,000
16,000
♦6 series A
103
85
10634
1954
Mar
60%
74%
58%
24%
63~66o
Un Lt A Rys (Del)
5%s '52
United Lt A Rys (Me)—
Penn Ohio Edison—
6s series A
Mar
96
Jan
10,000
82
Mar
95%
Oct
71
Wise Pow A Lt 4s
1,000
95
Oct
40
67%
Jan
3,000
Oct
42
62,000
68
105
88
42
26,000
61
64%
Oct
101%
23,000
59
114
1974
Oct
102 34 10234
3,000
Jan
59%
58%
58%
57%
*68
63%
Wheeling Elec Co 5s.. 1941
Oct
Mar
38
1945
Jan
Jan
Oct
Mar
95
"67%
f 6s
s
6%s
5%s
105%
104%
105%
95
89%
2,000
♦1st
Jan
19,000
Jan
95
Oct
23%
107
21,000
Jan
Jan
23%
*23%
Oct
10634 10634
N'western Elec 6s stmpd'45
N'western Pub Serv 6s 1957
Ogden Gas 5s
21,000
99
Jan
23%
95
93%
93%
102% 102%
88%
88%
Jan
,
104
"62"
West Texas Utll 5s A
Indiana P S—
87
103%
1956
United Lt A Pow 6s...1975
Wash
No Amer Lt A Pow—
Nov
6%s.'41
4%S
109%
107%
104%
10334 104
Ext 4%s stamped. .1950
N Y P A L Corp 1st 4%s '67
NY State E&G4%s 1980
7034
69
101
Oct
90
Oct
107% 108%
108
5%s '52
Jan
Jan
Nov
87
Jan
UlenCo—
110
82%
N Y Central Elec 5%s 1950
New York Penn A Ohio—
"84%
1962
99%
121%
84%
Jan
91%
"97""
Conv 6s 4th stamp. 1950
United Elec N J 4s
1949
85
Nov
59
102%
Jan
44
105%
76
65%
Texas Power A Lt 5s.. 1956
6s series A
2022
126%
85
1942
Ternl Hydro-El
6%si.1953
Texas Elec Service 5s. 1960
Jan
42
8,000
4,000
105% 105%
Tennessee Elec Pow 5s 1956
Tenn Public Service 5s 1970
Jan
110%
40
40
105%
1970
Twin City Rap Tr
May
106%
106%
103.000
4%s
51
108
Jan
102%
108
16,000
38,000
*42
2d stamped 4s
1946
Super Power of 111 4%s '68
Jan
1,000
115,000
1940
Mar
Apr
Mar
99%
99%
104
106
59
24
Aug
Oct
59
"57%
107%
99%
59
♦Starrett Corp Inc 6s. 1950
Stlnnes (Hugo) Corp—
Jan
Mar
104%
57%
59%
58%
Jan
Oct
101
"58%
101
109%
76%
100
1951
Mar
Oct
103
79
Debenture 6s. Dec 1 1966
Standard Investg 5%s 1939
{Standard Pow A Lt 6s 1957
1st
24,000
105% 106
103% 104% 149,000
103% 104%
7,000
108
108%
6,000
105
25,000
105%
60
13,000
54%
*92
95%
93
95% 27~000
77
"58%
Toledo Edison 5s
5,000
73
High
Oct
77
2,000
2,000
72
Oct
70
58
{♦Stand Gas A Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s
1935
♦Certificates of deposit
2d stamped 4s
80%
92% 102,000
90
100
Tide Water Power 5a__1979
Tletz (L) see Lteonard
17,000
44
Low
60
60
78
Jan
58%
1954
95%
Feb
New Orleans Pub Serv—
58 stamped
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6s..2022
107%
97%
83
1950
Sou Counties Gas 4%s 1968
Sou Indiana Ry 4s
1951
S" western Assoc Tel 5s 1961
107
45
90
56%
Jan
109
7034
59
Feb
137,000
88
"59"
Q4 Q
100%
14%
71
72
New Eng Pow Assn 5s. 1948
Debenture 5%s
2%
99%
June
88
New Amsterdam Gas 5s *48
Ka
44%
109
68,000
114% 114%
Nelsner Bros Realty 6s '48
Nevada-Calif Elec 5s. 1956
Conv deb 5s
1,000
81
69
6,000
9934
79
71
2030
N E Gas A El Assn 5s. 1947
4
9934
8034
1960
Debenture 6s
Middle States Pet 6%s '45
Midland Valley RR 5s. 1943
104
1st A ref mtge 4s
So'west Pub Serv 6s__1945
Mansfield Mln & Smelt—
Marlon Res Pow
eek
80%
"92%
106
101%
102%
Range Since Jan. 1 1937
for
Shares
60
Debenture 3%s____1945
105
87
75
60
Jan
Oct
93
of Prices
High
Low
Sou Calif Edison Ltd—
Jan
10,000
98
5%s series F
Week's Range
Sale
Price
80
97
Last
(Concluded)
High
Low
97
1948
BONDS
,
-
!
7834
6%s series D
3631
Sales
Friday
|
Aug
Apr
July
♦Maranhao 7s
.1958
♦Issue of May
♦IssueofOct
1927..
*20
12%
1927
♦Mtge Bk of Chile 6s. 1931
6s stamped
10%
♦6%s certificates
1919
♦5%s
1921
♦5%s certificates.._1921
10%
♦Russian
%
1949
♦7s
July
Nov
34
Jan
10%
Nov
35%
%
Oct
Jan
Apr
Oct
mmmmmrn
mmm'mm
62%
Oct
Jan
10%
10%
9,000
10%
Nov
10
10
1,000
9%
Nov
*55
10%
Apr
Oct
52,000
%
%
%
'
1961
74
27%
Feb
27%
Feb
21% Mar
13% Aug
100% June
12
31,000
12,000
1
*%
♦Santa Fe 7s stamped. 1945
♦Santiago 7s
%
*%
Oct
1,000
10%
%
♦Rio de Janeiro
Oct
3,000
15
%
6%s__1959
Govt 8%s
1919
98
14
Nov
11
11%
95%
17
97
14
1958
7s
17,000
*10
..1931
Mtge Bk of Denmark 5s '72
♦Parana (State)
13
20%
21%
5,000
25
m
2
1%
1%
1%
81%
20%
20%
Apr
Apr
Apr
Mar
Mar
Mar
104% June
104
Nov
105% May
Pub Serv of Oklahoma—
1966
100
Puget Sound PAL 5%s '49
1st A ref 5s series C. 1950
71
68%
71
112,000
60%
Oct
69
66
69
18,000
57
Oct
96
Jan
the
65
63%
65%
47,000
54%
Oct
92%
Jan
range,
87
87
92
48 series A
1st A ref
4%s ser D. 1950
Queens Boro Gas A Elec—
5%s series A
.1952
♦Ruhr Gas Corp 6%s. 1953
♦Ruhr Housing 6%s__ 1958
Safe Harbor Water 4%s '79
{♦St L Gas A Coke 6s. 1947
San Antonio P S 5s B.1958
99% 100
87
Jan
7
Oct
100%
Apr
107
18
130
112
112
*26
23%
L A P 6s B '52
1955
23%
♦Schulte Real Est 6S..1951
Scrlpp (E W) Co 5%s.l943
Servel Inc 5s
1948
100
Shawlnlgan WAP 4%s '67
103%
4%s series B
1968
4%s series D...1970
28
Jan
15,000
26%
108% 108%
8
8%
101
101%
107
19,000
22%
*20%
101%
Dec
28% Aug
25% Aug
108% May
18% Mar
28
*127
let
4,000
*25%
♦Saxon Pub Wks 6a..l937
1st
Jan
•
No par value,
rule salee not
x
a
Deferred delivery sales not included In year's range,
n Under
In year's range,
r Cash sales not included In year's
included
Ex-divldend.
y
Ex-Interest.
? Friday's bid and asked price.
Sauda Falls 5s
San Joaquin
105%
98%
24,000
104%
125
~
4~66o
107%
22
Mar
Apr
Jan
♦
Nov
132
Feb
112
Nov
35
Sept
47
e
Dec
94%
Nov
103%
Apr
107% May
102% 103%
101%
Oct
103% 103%
101%
103% 103%
101%
Oct
Mar
105
104%
105%
Jan
Feb
Feb
July
Cash sales transacted during the current
week and not Included in weekly er
yearly range:
No sales.
Mar
23%
1
t Called for redemption.
Jan
105%
24%
95% 100
*107
No salee were transacted during current week.
{ Reported In receivership.
Jan
Mar
Bonds being traded flat.
y
Under-the-rule sales transacted during the current week
and not Included in
weekly or yearly range:
No sales.
%
delivery sales transacted during the current week
Deferred
in weekly or
and not Included
yearly range:
no sales.
Abbreviations Used Above—"cod," certificates of deposit;
'eons," consolidated;
"cum," cumulative; *conv," convertible; "m," mortgage; "n-v," non-voting stock;
"v t c," voting trust? ertlflcates "w 1," when Issued; "w w," with warrants :"x-w."
without warrants.
Chronicle
Financial
3632
Dec. 4,
1937
Other Stock Exchanges
Sales
Friday
Stocks (Concluded)
Par
Week's Range
for
Sale
Exchange
Closing bid and asked quotations, Friday, Dec. 3
of Prices
Low
High
33%
Park
1945
90
Bryant Park Bldg6%sl945
11 West 42d St 6^s.. 1945
Inter nat Commerce Bldg—
pt Hotel 6s %
1938
10 East 40th St Bldg 5s 1953
250 W 39th 8t Bldgs 6e '37
Ask
Isle Royal Copper
Maine Central-
616 Madison Are
28
6s.—_:.1941
Alden (The)
Dodge Corp—
income bonds v t c
B'way 38th St Bldg—
7s
Place
Bid
Price
Mergentbaler
Linotype..*
Narragansett Racing Ass'n
21
77
Inc
12
New England Tel A Tel 100
N YNH&HRR
100
North
on
Baltimore Stock
Exchange
1853
39
BALTIMORE, MD.
Louisville, Ky.
3%
4%
%
101
Nov. 27 to Dec. 3,
Week's Range
Last
Sale
Par
Stocks—
Arundel Corp
of Prices
High
Price
Low
15%
26%
*
Atl Coast Line
(Conn)..50
Bait Transit Co com v t c. *
1st pref vtc
Black & Decker com
*
Consol Gas E L A Pow
*
14
29
100
22
%
2%
15%
337
1
64
122
10%
19%
20
20
•
*
3
Nov
11%
Nov
25%
Jan
"Io%
10%
10%
670
10%
Dec
3%
16%
Feb
15%
14%
16%
2,273
6%
91c
Oct
33%
Jan
"27%
27%
28
%
18%
1,050
38%
%
20
70%
39
1.00
99c
Oct
9
13%
36
38
Oct
62
167
Oct
110%
Fidelity A Guar Fire
1st
415
10
Oct
48
89
Oct
136
33%
9%
common vt_
25
preferred
2d preferred
Mar Tex Oil
-
-
-
~
-
-
25
1
2%
2%
Common class A..
Merch A Miners Transp..*
Aug
30%
33%
Dec
58%
Dec
13%
Preferred
100
Owtngs Mills Distillery..1
U S Fidelity A Guar v...2
61
23%
%
July
61
7%
Nov
%
Nov
1%
12%
2%
Jan
44
Oct
4%
%
7%
%
2%
2%
20
2
1,600
1,778
2
Oct
265
14
Dec
41
Jan
61
120
60
Nov
82
16
10%
1%
8,017
8%
1%
Dec
2
%
14%
800
%
Oct
1%
Feb
14%
%
13%
33
33
6s
to
Dec.
Oct
F'eo
18%
Sept
11
29%
Jan
Oct
37
Jan
117%
14
Oct
15%
1,185
flat
1,000
117% 117%
Nov
95
95
3.000
95
25
95
25%
7,500
22%
28
6,500
25
117%
Oct
Oct
27%
1975
Dec
Nov
Jan
106%
41%
Jan
Stocks—
Par
Established
Jan
Common
*
(new)
Adams (J D) Mfg com
Royalty Co com..*
Advance Alum Castings..5
Aetna Ball Bearing com._l
Boston Stock
Sales
Week's Range
Week
37
37
9%
*"s%
4%
5
4%
54
6%
5%
1%
40%
40%
4%
2%
100
pref
Armour A Co common...5
Aro Equipment Corp com
1
1
*
6%
1%
"4%
1
9
12%
3%
2%
9
Preferred
100
10U
Boston Edison Co
100
Shares
60c
Low
50
12%
12%
144% 151%
10
Boston Elevated
100
Boston-Herald-Traveller _*
90
101%
117%
51%
20
90
101
102%
116% 119%
51% 53
20
20%
13
"7%
7%
6%
"21%
20
28%
6%
27
Common
100
Class A 1st pref stpd. 100
Class B 1st pref std..100
13
4
5%
Class C 1st pref std. .100
Class D 1st pref std. 100
Boston Personal Prop Tr. *
Calumet & Hecla
..25
Copper Range
25
4%
11%
3%
4%
4
6
5%
11
4%
13
4%
5%
60c
12
3,590
Dec
Nov
139%
Oct
6
2%
30
187%
Jan
Jan
Jan
Oct
115
Feb
99%
NOV
147
Jan
Dec
160
Jan
354
116%
51%
18%
Oct
69%
30%
Mar
75
346
965
87
-
Dec
5
com
com
1
6
*
8%
1
6
10
"m
20%
Jan
Castle (A M) common.. 10
Common
50
*
Prior lien pref.
*
Central States P & L pref. *
Chain Belt Co—
Eastern Steamship com..
Common
*
*
Preferred
(New) common. ......*
Cherry-Burrell Corp com .6
Chic City A Con Ry—
Participation pref
"4%
Economy Grocery Stores.*
Employers Group
*
General Capital Corp
Gilchrist Co
Chicago Corp common...*
*
Preferred
—
4
Oct
23
Mar
5
Nov
29
Mar
Cities Service Co
Oct
18
Oct
20%
17%
10%
Jan
50%
Nov
26%
Oct
100
%
Oct
For footnotes see page 3636
29%
6%
10
Mar
9
1,750
9
Dec
Oct
Nov
850
12%
500
8%
Oct
1,200
4%
Oct
6
Oct
100
16%
Oct
24
1,150
Oct
Feb
Feb
20%
23%
Feb
22
Aug
Feb
30%
14%
14%
43%
Mar
Feb
Feb
8%
21%
450
1,000
.
Oct
6
Oct
60%
15%
30%
Mar
6
Dec
13
July
Oct
Mar
9
21%
2,150
Oct
18%
36%
%
100
%
Oct
5%
400
20%
Nov
22
400
Aug
5
2,150
150
%
%
5%
17
750
48%
50%
1,050
43
Feb
Mar
Jan
July
2%
4,150
Oct
3%
Feb
Nov
%
48
181%
Feb
Oct
6%
2%
32%
33
60
30
Oct
93
50
78
Oct
110%
Oct
20%
4%
5%
130
1%
3%
50
650
1,750
12
NOV
35
Oct
Oct
75
Jan
Jan
Mar
Jan
15
Nov
26%
Sept
2
6%
48
77
3
Oct
35
20
Nov
12
25
12
Nov
16
720
15
Oct
40
75
1%
Oct
6%
10
10
1,000
8
Oct
37%
60
64
70
80
Nov
1%
81
48%
3%
27%
Nov
10
2
2%
Jan
Club Aluminum Uten Co.*
1
1
Jan
Coleman Lamp A St com.*
28
28
26%
Jan
New
Edison—
25
Compressed Ind Gases Cap*
Aug
Consolidated Biscuit
Mar
Consumers Co v t c pref-50
Continental Steel pref.-lOO
com.
1
6
12
Jan
53%
22%
26%
Jan
Mar
Cudahy Pack'g Co pref. 100
Cunningham Drg Stores 2%
Dayton Rubber Mfg com.*
Deep Rock Oil conv pref
*
47
Mar
Dixie Vortex Co com
Jan
Oct
14%
Jan
241
8%
Oct
20%
Feb
Dodge Mfg Corp com
*
EJdy Paper Corp (The)..*
1,400
25o
Oct
Jan
Elec
Class A
27%
21%
3%
..*
Household Utll cap.5
21
3%
6%
"98"
Jan
Mar
Feb
150
Mar
77
Mar
Feb
May
98
6%
1%
27%
5%
Jan
Oct
50
1
Oct
2%
Mar
30
25
Nov
350
2,250
Oct
37
33%
48%
27%
21%
3%
11,150
20%
Oct
950
20%
Nov
850
2
Oct
11
6%
98%
40
5
Oct
14%
170
97
Oct
2%
1,000
105
Jan
May
Aug
Feb
Jan
July
Apr
Oct
5%
Feb
59
2%
60
230
59
Nov
Mar
14
15
350
12
Oct
2%
1%
10
300
Oct
110%
26%
28%
18
14%
18
10
18
Dec
32%
Jan
15%
32%
16%
32%
200
15
Oct
25
Feb
50
21
Oct
41
Feb
13%
13%
20%
100
3%
4,300
9%
*
6
2
9%
*
com
Cord Corp cap stock
455
40c
9
Jan
256
9%
Oct
40
2
Comrpon
*
Chicago Yellow Cab Co..!*
240
25c
1%
Chi Towel Co—
30
25c
Jan
150
Nov
Mar
53%
9%
17
1%
32%
Mar
30
•
Nov
7,050
20
Oct
*
4%
57%
Mar
Oct
3%
2%
24%
Hathaway Bakeries—
Class B
H
34%
Oct
50
500
33
Nov
Oct
6
1,050
Dec
Nov
2%
"m
July
Dec
4%
475
*
Feb
12%
%
37
330
28%
7%
10%
84%
13%
Nov
18%
340
3%
54%
31%
*
Oct
5%
100
10
3%
52%
15%
28%
Jan
4%
900
950
40%
3%
4%
12
Oct
4,150
%
2%
33
41%
2
Chic A N West Ry com. 100
Chic Rivet A Mach cap
4
419
"15 li
48
18%
Mar
50
3%
Oct
Oct
30
Vs
2%
32%
Mar
300
23
Oct
9%
7
18%
56%
9%
6%
3%
5%
150
18%
*
14%
4
20
Oct
13
Oct
8%
6%
3%
3
13
Nov
10%
23
Feb
650
Jan
12%
12% Mar
14% May
Apr
17%
Feb
23%
90
2%
33
3%
6
100
6%
21%
6
20
%
1
*
1
Commonwealth
100
100
6% preferred
East Mass 8t Ry—
Feb
17%
Nov
Central Illinois Sec—
11%
3%
21
3
4% % prior pref
Gillette 8afety Razor.
"22"
50
East Gas A Fuel Assn—
Common...
55%
Nov
4%
400
,13
14
13%
7%
%
926
12%
8%
6%
NOV
9
Warner Corp—
Chic Flexible Shaft com..5
.100
36
170
Central S W—
High
Boston A Maine—
Prior pref
High
800
550
10
10
12
12%
5
Cent 111 Pub Serv pref
Bigelow Sanford Carpel Co
Boston A Albany
Low
100
37%
9%
5%
4%
Amer Pub Serv
Preferred
150 %
Week
Range Since Jan. 1 1937
American Pneumatic Serv-
.100
Range Since Jan. 1 1937
for
7
Common...
Amer Tel & Tel
Jan
Sales
10%
54%
6%
6%
1%
Common
for
of Prices
Low
High
...50
Dec
St., CHICAGO
Shares
Price
5% conv preferred ....30
Canal Constr Co conv pref*
Exchange
Sale
1st preferred
26
Unlisted
10
(New)
Last
60c
Feb
of Prices
Low
High
Bruce Co (E L) com.
Lewlston
Friday
*
46
7
Brown Fence A Wire
N. Y. Tel. CAnal 6-1541
Dec. 3, both inclusive, compiled from official sales lists
Common
Feb
60
10
Borg
30 State St., Boston
Price
Mar
19%
12%
Oct
Chicago Stock Exchange
Chicago Curb Exchange
Burd Piston Ring com
Butler Brothers
Par
2%
Oct
10
Blnks Mfg Co capital
1
Bliss A Laughlln Inc cap.5
DEPARTMENT
Portland
Stocks—
Apr
7%
2%
.*
com.
Bendlx Aviation com
Private Wire System
to
1%
60
Allied Products Corp com 10
Berghoff Brewing Co
Exchange
York Curb Exchange (Asso.)
UNLISTED TRADING
Nov. 27
2% June
100
Week's Range
*
Adams
Barlow A Seellg Mfg A com 5
Bastlan-Blesslng Co com.*
Belden Mfg Co com.....10
1887
Members
New York Stock
LAF 7010
Oct
Abbott Laboratories—
Asbestos Mfg Co com
48
Townsend, Anthony and Tyson
Bangor
510
Sale
Automatic Products com.5
Bottoa Tel
Jan
2,351
Last
Athey Truss Wheel cap
New
46%
3, both inclusive, compiled from official sales lists
Associates Invest Co com.*
Boston Stock Exchange
Sept
625
Friday
Allied Laboratories
Bait Transit Co 4s (flat) '75
A
Nov. 27
4% .Apr
Bonds-
City 4s Art Mus (cpn) .1963
Atlantic Coast L 5% ctfs..
Jan
200
Mar
2%
1%
Western National Bank .20
Mar
98
8%
4%
Jan
9%
-
Mar
33
Oct
Chicago Stock Exchange
Jan
1%
—
1
Nov
u)H.Davis &
Jan
%
7%
%
14
616
-WW
Aug
18%
64%
37%
Aug
16%
60
25c
10
780
Mar
Oct
1.485
Mt Vern-Woodb Mills-
New Amsterdam Casualty5
North American Oil com..
Feb
May
SECURITIES
10 So. La Salle
Jan
9%
414
18%
14
14
Oct
5
121
10
2
3%
41%
Members
Apr
9%
17%
100
.
New York Stock Exchange
New York Curb (Associate)
Jan
97%
34%
45
34%
Finance Co of Am cl A...*
Houston Oil pref
Mfrs Finance
Pa
Jan
Jan
94
•
Nov
Nov
27
27%
26
Listed and
Jan
89%
115
Oct
915
-
25
578
Jan
Jan
8%
18%
-
20
10
3
20
1%
1%
26
70
20
99c
69
CHICAGO
Jan
94
1
Preferred
Fidelity A Deposit
Mar
Jan
Jan
Nov
7%
3%
...*
Mar
2%
4%
(S D) Co
50
400
90c
*
Oct
Oct
2%
"95c
1
507
29%
44%
2%
*
(new)
1%
Mar
Mar
Mar
Nov
7%
18%
8
Mar
Oct
1
1
2%
Sept
4%
25c
Apr
Nov
2
330
23%
Eastern Sugar Assoc—
Common
Mar
High
Oct
%
280
14%
68
65%
113% 114
68
100
5% preferred
Low
195
2
*
9%
Oct
Week
Shares
16%
1
1
Mar
zfl
142
30
~70"
Warren
Range Since Jan. 1 1937
%
Oct
Nov
6%
12%
23%
3%
Warren Bros Co
for
Sept
1
98
5%
11%
21%
3%
Venezuela Holding Corp..*
Waldorf System Inc
*
Sales
Friday
10c
400
200
5%
12%
23%
3%
Utah Metal A Tunnel
Exchange
Apr
100
Union Cop Land A Min.25
Union Twist Drill Co....5
both inclusive, compiled from official sales lists
Feb
11%
40c
United Shoe Mach Corp. 25
Preferred
.....25
Baltimore Stock
56
1,560
Suburban El Sec com
Chicago Board of Trade
Oct
Oct
49c
25
Jan
24% May
Jan
3%
399
m
106
Mar
6%
2%
1,802
2%
50
Torrington Co
New York Curb Exchange (Associate)
%
Dec
23
45c
Qulncy Mining, Co
York, Pa.
4%
i%
l02
140
220
2%
Reece Folding Mach Co. 10
Shawrnut Assn T C
*
Exchanges
1%
26
Dec
7%
1%
~~45c
Stone A Webster
Members New York, Baltimore and Chicago Stock
10
25
Reece Button Hole MachlO
Broadway
NEW YORK
Hagerstown, Md.
7%
27
Nov
169
Pennsylvania RR
.
Established
Calvert St.
S.
Oct
1
2.50
Butte
Old Colony RR
Pacific Mills Co
Stein Bro s &B oyce
6
18
1,440
18
1%
"25%
National Tunnel A Mines. *
Orders Executed
35
2%
National Service Co com.l
1943
6%s
1
High
7%
Mass Utilities Asso v t c_.*
_
Low
Shares
1
18
1%
100
Common
A
38
Co...25
1937
Week
Int Button Hole Mach_.10
Unlisted Bonds
Ask
Bid
Unlisted Bonds
Range Since Jan. 1
Last
New York Real Estate Securities
32%
20%
3%
50
5%
13%
20
2%
Feb
Apr
Nov
26%
Aug
Oct
41%
12%
Aug
Oct
Jan
Volume
145
Financial
Friday
Week's Range
for
Sale
Par
of Price*
Week
Lota
Price
3633
Sales
Last
Stock* (Concluded)
Chronicle
High
Range Since Jan. 1 1937
Shares
Member* Cincinnati Stock Exchange
High
,
Active
Elgin Nat Watch
FltzSlmACon DAD
15
Gen Candy Corp A
Gen Finance Corp com
500
21
Oct
100
5
Oct
20
500
11
11K
250
10
2K
2%
UK
7%
2%
5
1
"4K
.......
17A
4
5%
May
Dec
23%
July
100
9%
Oct
450
3%
Oct
11,450
1%
Oct
4%
Cincinnati and Ohio Listed and Unlisted Securities
Jan
Nov
2%
U
BALLINGER & CO.
Feb
19
UNION
6% May
Gen Household Utll—
Common..
Godchaux Sugar clA
Class B
l
27
*
30
Great L&kee DAD com..*
Dec
38
Oct
42%
Mar
Friday
Oct
12%
July
Last
Week's Range
for
29%
Jan
Sale
of Prices
Low
High
Week
100
5%
12%
5%
6K
10
7A
7A
6%
Feb
Oct
12
8
13
9
1,400
130
Oct
Dec
5%
50%
Feb
Mar
20
Helleman Brew Co G cap. 1
Heln-Wern Mot Pts com.3
5
■5
5
50
Hlbb Spencer Bart com..25
42
42
42
250
40
Nov
11
11%
11%
1A
250
10
Nov
450
7%
106%
460
92
Oct
22
150
21
Nov
49
300
Nov
10%
14%
17 A
5%
14 %
18%
Nov
27
Feb
13%
Oct
29%
Feb
25
25
150
19%
Oct
51
Feb
40%
4K
45%
300
39
Oct
65
Aug
4%
3,100
4
Oct
16%
12%
Feb
Mar
Houdatlle-Hersliey cl B... *
"UA
Hubbell Harvey Inc com.5
Hupp Motor
(new)..]
com
10
'~~~7A
100
106%
Illinois Brick Co cap
111 North Utll pref
Indep Pneum Tool
v t
Jarvls (W B) Co cap
5A
18%
1
*
com.
7K
106
22
22
c..*
Indiana Steel Prod com__l
Iron Fireman Mfg v t c
*
Jefferson Electric Co
11%
l%
Joslyn Mfg A Supply com 5
Katz Drug Co com.
1
4%
Kellogg Switch A Sup com*
7
7
Ken-Rad T A Lamp com A*
Kerlyn Oil Co cl A com..6
61
Leath & Co
20
20
Oct
Oct
Nov
4%
Aug
Oct
19%
111%
Aug
4%
14
5
Oct
Jan
Mar
May
10%
Oct
28%
Feb
19
Oct
43%
Jan
Oct
89
Jan
Oct
7%
3%
3%
34%
54
250
600
%
Oct
300
Jan
2%
24%
Nov
12%
1%
1
1
2A
Jan
11%
13% Mar
52% May
Feb
27%
4%
3%
3%
Kingsbury Breweries cap. 1
La Salle Ext Unlv com
5
100
Oct
11
200
26
3%
61
50
950
12 A
2 5K
60
"26"
5
3%
450
7
12%
50
100
Ky Utll Jr cum pref
6% preferred
500
550
3%
Mar
Jan
Auk
*
24%
20
1%
24%
10
8K
9
250
7%
Nov
8%
300
6%
Oct
19%
15%
July
8
4
4
(
600
2%
Oct
12%
Jan
2%
Nov
4%
Mar
pref
cum
Le Rol Co com
Llbby McN A Llbby.._10
Lincoln Printing Co—
Common...
..*
Lindsay Light
10
com
2%
17%
Lion Oil Refining Co com. *
London Packing com
*
McCord Rad A Mfg A...*
McQuay-Norris Mfg
Marshall Field com
150
150
15
Nov
2
Oct
6%
Jan
Oct
19
30
*
10%
10%
Mer A Mfrs Sec cl A com.l
4
Stocks
(.Concluded)
*
Cincinnati G A E pref..100
CN OAT P pref
100
Cincinnati Street Ry
Cincinnati Telephone
1
20
18
1
33-
"IV
7%
27
3
20
97
108
94
110
1
110
5
334
96%
110
110
5
4%
Cincinnati Tobacco Ware25
Cincinnati Un Term pf.100
Coca-Cola A
80
80%
80%
1%
105% 106%
119
119
14%
Jan
7%
Mar
Jan
Oct
108
Jan
Dec
120
Jan
Nov
Jan
10%
100
Jan
1%
Dec
5
Feb
102%
95
119
Oct
Oct
Nov
108%
Feb
8
1%
13%
Nov
4%
40
1%
106%
High
Nov
5%
5%
2%
79
5
103
Jan
190
Oct
28
Jan
Dec
9
Mar
July
Crosley Radio
*
Dow Drug
Formica Insulation
*
8%
5%
*
12%
75
75
75
5
75
Oct
94% May
*
25
25
25
60
24
Oct
36
Gallaher Drug new pref
Gibson Art
Hilton Davis
8%
13
5%
12%
8%
5%
12%
145
7%
5%
11%
20
Nov
25
Jan
Feb
23
23
23
30
23
Oct
30%
Hobart A...
*
33
33
35
80
33
Nov
49%
Kahn
*
8
8
8
30
8
Oct
11%
100
15
Oct
24
Jan
pref..
com
Kroger
Little Miami Guar
Apr
*
Feb
Jan
16%
16%
50
Lunkenhelmer
16%
98
98
98
18
97
Oct
106
Mar
*
20
20
20
1
20
Dec
37
Mar
;
...2.50
1
1
1
20
25
Magna vox
30
30
30
2
29%
46%
46%
46%
5
44
Oct
Nash
Procter A Gamble
*
1
Oct
Mar
Feb
4%
45
July
Jan
65%
100
215
215
215
5
211
Feb
215
Mar
*
23
23
23
10
22
Oct
38
Feb
Fabln Robblns pref....100
104
104
6
102
Feb
105
Sept
8% preferred
Rapid
US Playing Card
10
Wurlitzer
100
104
21
21%
12
21%
48
19%
13
12
50
12
Oct
Nov
Feb
34%
26
Mar
Feb
110
29%
Nov
48%
57%
1,200
%
Oct
4%
Jan
2,200
9
Oct
30%
Mar
2,200
3%
Nov
7
Feb
2%
2,300
1%
Oct
5
Jan
7%
2%
8,700
3%
Oct
15%
Jan
1,250
%
Oct
7%
Jan
Jan
1%
11%
4%
VA
2%
6%
1%
1%
650
%
1A
Oct
3A
%
4%
1,500
"4 K
Oct
12%
Ohio Listed and Unlisted Securities
1%
60
1A
Oct
9%
Feb
Oct
9%
Mar
June
8%
Jan
5
Members Cleveland Stock Exchange
Jan
1%
Feb
Middle West
Corp cap
5
purchase warrants
Stock
7%
97
50
....*
Low
53
3
3
50
Range Since Jan. 1, 1937
Shares
7
6%
7%
Cincinnati Advert Prod..*
Cincinnati Ball Crank pref*
Mlckelberry'a Food Prod—
Common..
Price
Par
Churngold
Sales
Mar
19
29%
1
Mar
200
2%
1
Mar
2%
30"
*
com.
Oct
18%
2%
2%
Mauhatt-Dear'nCorp com*
CINCINNATI
19%
30
150
8
TRUST BLDG.
Phone Cherry 6711—BeU Sys. Tel. Cln. 363
Jan
10%
27
12
25
Gossard Co (II W) com..*
com.
27
12
24%
*
Goldblatt Bros Inc com..*
Harnlschfeger Corp
2
%
Trading Markets in
Mar
40%
10
1
*
:
common
27
7K
com. *
Fuller Mfg Co com
Gardner Denver Co—
New
26
Midland United Co-
Common
*
Conv preferred A
•
K
GILLIS
Midland Utll—
6% prior lieu
7% prior lien
6% pref A
..100
7% pref A...
...100
2
Modlne Mfg Co com
Monroe Chemical Co
23%
4%
*
*
com
130
Montg Ward A Co c! A...*
Muskegon Not
cl A
*
Natl Pressure Cooker Co.2
Natl Rep Inv Tr conv pf
*
spec
..
_
Noblitt-Sparks Ind
22%
1
8%
Jan
Oct
46%
Jan
10
Nov
J 56
15
Nov
15%
Nov
17
50
2%
22%
%
100
2
100
18
23%
7%
13%
1,600
22%
%
6%
50
■
350
Oct
12%
36%
58
Feb
Oct
16%
10%
Oct
37
Mar
10
10
90
12
Oct
54
Jan
20
32
Oct
81
Jan
Amer Coach A Body
5
1
10
38
1
19%
19
100
U
100
70%
106%
66
10%
32
Cleve Cliffs Iron pref
*
Cl Elect Ilium 34.50 pref.*
Cleve Railway
100
100
20
1
1%
1%
%
.
%
Oct
Dec
Oct
2%
%
50
1%
100
A
Feb
Mar
24%
17%
Oct
25
400
Jan
55
Oct
7%
81
120%
120%
95
136%
81
81
35
Oct
Jan
Jan
3%
Feb
Oct
5%
Feb
Oct
3%
Jan
120»« 120%
120% 120%
200
74
June
2,470
104
Oct
940
99
Jan
120»«iNov
105
Oct
95
99
660
86
Nov
137
550
121
Apr
500
16
Dec
37%
Mar
Oct
7%
Feb
Oct
3%
Feb
Oct
36%
Jan
2%
July
16
3
3
6% pref Ttc
Reliance Mfg Co com... 10
Rollins Hos Mills—
1
16%
1
10%
Common
1
24 K
Sangamo Electric Co
Schwitzer-Ouromlns cap..l
13
Sears Roebuck A Co com.*
57%
1
24%
12%
54%
7%
3
50
1
350
10%
1%
25
50
1%
%
6
500
%
Oct
250
23%
Nov
13
650
11%
57%
7%
300
50
50
122
Jan
125%
Jan
150
Jan
Oct
42
Apr
Feb
28%
98
Aug
Nov
14%
Mar
35
Mar
27%
Mar
Slgnode Steel Strap—
25
30
So Bend Lathe Wks cap..5
16
S'west G A E 7% pref.. 100
Southw Lt A Pow pref...
25
50
15%
93%
16
300
12
Oct
93%
10
89
Nov
25
Nov
Jan
107
77
Standard Dredge com
Convertible preferred..*
Standard G A E com
3A
13
5K
Sunstrand Mach Tool com5
77
10
75
Oct
77
Dec
60
St Louis Natl Stkyds cap.*
60
20
60
Dec
83%
Jan
3
13
5%
3%
14%
2,000
2%
250
9%
Oct
5%
500
5%
Dec
Oct
6%
*
*
CJ A Buffalo Transit
Cliffs Corp vt c.
6%
11
6%
11
12%
11
365
6
Oct
14%
Feb
11
Oct
20%
July
60
33
%
34
Feb
18
Oct
40%
Feb
58%
Oct
101%
Mar
11
316
103% June
31
110
18%
17
21
Jan
425
%
%
Nov
12%
33 %
350
70%
106% 106%
33%
*
112
Jan
Oct
63%
Jan
Sept
%
4%
Mar
3,215
14
Oct
50
Dow Chemical
*
108
108
108
10
105
Aug
117
*
21
21
21
30
21
Nov
30
Jan
Federal Knitting Mills...*
28
25%
28
460
20
Oct
49%
Feb
Halle Bros pref
37
37
37
90
35
Nov
18%
100
Jan
5%
20% May
Nov
Dec
5%
28%
Nov
33%
9
9
50
Mar
Jan
May
Harbauer Co
*
9
120
Interlake Steamship
Jaeger Machine.
*
40
40
40
229
40
Nov
73%
Mar
*
20
20
20
4
20
Oct
37%
Mar
Lamson A Sessions
*
Lima Cord Sole A Heel
Nov
6%
High
Oct
Faultless Rubber
135
16
Low
5
300
20
14
135
13
38
City Ice A Fuel
Clark Controller
12%
38
%
*
Range Since Jan. 1, 1937J
Shares
10
14%
50c
Preferred.
Airway Elec Appl pref.. 100
36
IK
Rath Packing Co com... 10
Serrlck Corp cl B com
High
13
1%
100
v t c
Low
Jan
6%
Raytheon Mfg—
Common
Price
32
...100
com
for
Week
13%
10%
...100
....
Par
of Prices
1
1
Preferred
Stocks—
Week's Range
Sale
"38"
.....60
preferred
7 % preferred
Quaker Oats Co
Sales
Last
35
*
6%
Friday
Feb
Nov
Exchange
3, both inclusive, compiled from official sales lists
Feb
3%
Public Service of Nor III
Common...
Dec.
to
Jan
Oct
19
Cleveland Stock
Nov. 27
Apr
Nov
%
1,550
Jan
Feb
Nov
35
1
com
Oct
120
50
A. T. & T. CLEV. 565 A 566
"i3~
100
com
4
250
6%
com. .5
com
250
Union Trust Building, Cleveland
Telephone OHerry 5050
Akron Brass Mfg
conv
(The)
Co
Oct
21
7
A.. 10
Penn Gas A Elec A com..*
Perfect Circle (The) Co..
Potter Co
1
500
13%
100
6% preferred
Prima
250
3
2%
22%
23%
4%
4%
123% 130
15%
15%
7%
Northwest Utll 7% pref 100
Pine* Wlnterfront
Nov
22
.
Peabody Coal Co B
1
_23%
Northwest Bancorp com. *
Northwest Ene Co com... *
Penn El Switch
1 %
20
2%
.
com.
Prior lien pref
2
20
1
6%
National Standard com..10
Natl Union Radio com
70
2%
1
MlHer & Hart conv pref..*
2
2%
.100
100
1
McKee (A G) B
Medusa Port Cement
*
*
Metro Paving Brick
*
7% cum pref
National Refining
100
25
National Tile
*
Ohio Brass B
.*
5
5%
4%
27
18
18
4%
2%
235
75
18
35
3
2%
71
71
325
29%
5
4%
29%
178
71
I
4%
115
2%
34%
610
32
4%
4%
2%
2%
32
110
Nov
7%
5
Oct
Nov
4%
27
Nov
Dec
18
18
14
Apr
Jan
8% June
58% Mar
60
Feb
Nov
11%
Mar
Nov
2%
71
85
Mar
3%
Oct
12%
Feb
2
Oct
10%
Mar
Oct
67
Mar
Oct
20%
11%
11%
12
230
28%
10%
18
18
18
424
17%
Oct
34
Feb
Reliance Elec A Eng
5
11%
11%
12
450
11
Nov
18
Sept
Richman Bros
*
36
35%
36%
896
30
Nov
Mar
Packer Corp
*
Patterson-Sargent
Mar
Oct
100
21
17
21
30
17
Nov
64%
1
1
.1
Seiherllng Rubber
57%
9%
10
10
10
125
10
Sept
19
4
4
4
50
4
Oct
10%
Apr
7
7
7
220
6
Oct
13%
Mar
*
8% cum pref
S M A Corp
Troxel Mfg
Upson-Walton
........
Van Dorn Iron Works
*
Warren Refining.7......2
2%
3
2%
2%
1%
2%
460
2%
2%
2,136
50
2%
2%
Nov
1%
2
Oct
14
5%
Apr
Aug
Jan
Feb
Jan
Mar
10
12
750
10
24%
17%
15%
1%
%
500
22%
•
23%
16%
13%
1%
H
VA
1%
19%
1%
20%
1,050
18
Oct
49%
Feb
Common
*
14%
14%
50
13
Oct
26%
*
80
80
20
80
Nov
93
June
*
20
20
20
66
Mar
Cumui prior pref.
Weinberger Drug Inc
17%
Feb
26
July
Mar
Swift
International
Swift A
25
Co
Trane Co
10
15
(The)
com
17~"
2
15%
Utah Radio Products com *
Utll A Ind Corp com
Convertible pref
6
7
Wahl Co (The) com
lA
Walgreen Co common
2
Mar
3,800
15%
Oct
28%
Mar
900
11%
Oct
26%
July
600
1%
Oct
4%
Apr
450
%
Sept
2
Jan
400
1%
Oct
6%
300
%
Oct
5
Jan
Wieboldt Stores Inc—
Wisconsin
Woodall
com
4A
"l9%
4%
4%
4%
4%
2
4K
2
Yates-Amer Mach cap
5
Zenith Radio Corp com..*
2
18%
19%
Cincinnati Stock
Nov. 27
to
Members
New York Stock
600
1,450
100
1,950
Dec
12
Dec
Nov
15%
2%
Friday
43%
Aug
12%
Nov. 27
to
Sale
of Prices
Low
High
Week
Friday
*
18
18
Champion Paper pref..100
104
104
For footnotes
see
5%
page
3636
5%
5%
18
105%
Sales
Stocks—
Shares
Low
Par
Week's Range
for
Sale
Range Since Jan. 1, 1937
of Prices
Low
High
Week
Price
10
4%
Oct
13%
Feb
Baldwin Rubber com
38
16%
Oct
36%
Feb
Brigga Mfg com
*
Burroughs Add Mach —*
7
104
Shares
Range Since Jan. 1. 1937
Low
High
High
Auto City Brew com....*
20
Exchange
Last
for
Aluminum Industries
Randolph 5530
Dec. 3, both inclusive, compiled from official sales lists
Sales
Amer Laundry Mach
DETROIT
Telephone:
Detroit Stock
Week's Range
Price
Chicago Stock Exchange
Building
Feb
Exchange
Last
Par
New York Curb Associate
Nov
Oct
4%
4%
2
Buhl
Dec. 3, both inclusive, compiled from official sales lists
Stocks—
Exchange
Detroit Stock Exchange
Bank she com.*
Indu*t
Watling, Lerchen & Hayes
Feb
Dec
111
Jan
1
A
8
A
A
4,100
%
Oct
Oct
18%
7%
8
929
21%
23
600
19
Nov
18%
18%
1,025
16
Oct
5%
2%
15%
56 %
Feb
Feb
Jan
35
Jan
3634
Financial
Last
Week's Range
for
Sale
(Concluded)
of Prices
Low
* High
Burry Biscuit com.__12%c
Bower.,..
Chrysler Corp com
6
Consolidated Paper com. 10
2%
"59 %
.
55 %
14
General Motors com
11
10
3%
3%
2
1,895
Oct
27%
2%
Oct
19%
Feb
Oct
70
Feb
Last
Week's Range
for
Oct
8
Feb
Sale
Week
Oct
4%
Feb
of Prices
Low
High
Oct
Feb
2%
5% June
Universal Consol Oil
7
32
2%
1%
11
200
9
Oct
1,225
4
Oct
2,200
1,346
1,050
2%
100
"x
%
2x
2%
1,127
20
20
25
1
IX
1%
820
X
ht
1,755
*
%
1
X
100
29%
Oct
2%
Oct
1%
9%
19
Tlmken-Det Axle
com..
2c
4,000
l%c
Jan
9c
Feb
Feb
Zenda Gold
5%c
5%c
6c
3,000
4%C
Nov
15c
June
Mar
29%
27%
5%
Feb
Oct
Oct
4%
Jan
Dec
37%
Sept
1
Feb
Commonwealth & South..*
Feb
Continental OH Co (Del).5
Oct
675
2
Nov
1,409
2
Oct
715
2%
Oct
Aug
Aug
Jan
Unlisted—
.
14%
14%
14%
100
12
Oct
13%
13%
13%
2%
2%
100
Dec
300
42
42
42
100
Goodrich (B F) Co......*
16%
16%
16%
100
13%
1%
1%
30%
10%
37%
16%
35%
20%
35%
35%
20%
7%
100
29%
20%
100
16
400
*
Electric Bond & Share
General Electric Co
Feb
Kennecott
6%
Jan
New York Central RR
10%
Jan
28%
Feb
North American Aviation. 1
Packard Motor Car Co...*
10
Feb
310
12
Nov
Oct
IX
4%
1%
2
7
4%
6.X
2%
X
2%
X
5%
com. .4
1
5%
Young (L A) Sp & Wire..*
21%
866
1%
100
5
4%
5%
2%
%
220
3%
3
260
Copper
*
*
2%
30%
200
100
11%
30%
11%
200
7%
Oct
8
Feb
13
Jan
Oct
11
Feb
Texas Corp.....
Tide Water Assoc Oil
US Rubber Co.
7%
8%
8%
10
15%
*
26%
54%
39%
15%
26%
54%
7%
105%
360
4%
Oct
9%
Feb
1%
Oct
8%
Mar
%
2%
Oct
1%
Jan
Warner Bros Pictures
7%
Feb
Westlnghouse El & Mfg.50
»n
1,100
%
5%
July
200
Dec
18
Feb
Jan
Jan
Nov
27
Nov
62%
Dec
49
Mar
Nov
62%
Mar
Oct
54%
Mar
Oct
17%
12%
12%
Feb
Feb
Feb
21%
Nov
44
Corp
.*
5
8
105%
5
7%
8%
39%
15%
26%
54%
8%
105%
3%
1,000
5
Nov
100
5
Oct
Jan
Jan
100
8%
Nov
100
41%
Oct
64%
July
100
15
Oct
21%
Feb
100
24%
Nov
100
49%
Nov
500
5%
Oct
100
105%
Dec
16
30
Jan
Nov
117%
17%
July
151
June
Feb
Feb
100
7%
39%
425
5%
21%
5
/.
25
300
U S Steel
7
5
Radio Corp of America
*
Seaboard Oil Co of Del... *
Nov
Oct
2
2%
30%
11%
.*
Oct
2,643
Feb
Feb
Dec
7
2
2
5
3%
13%
39c June
'
-
*
2%
3 %
Oct
5
_
460
13%
12c
Jan
9,485
%
com
2c
4
5%
2%
com
2c
3
~3H
*
Wolverine Tube
Development_25c
4
1
Wolverine Brew
Imperial
2%
*
Wayne Screw Prod
Apr
12%
44%
19%
5%
6%
9%
5%
Oct
1
com
82 %c
Feb
10%
2%
United Shirt Dlst com....*
B
4c
Sept
4
1
Universal Cooler A
Mar
20c
20%
200
Union Investment com... *
Warner Aircraft
lc
200
3
10
Tlvoli Brewing com..
Tom Moore Dlst com
2,000
18c
Oct
II
3%
9,000
12c
Oct
11
3%
20c
18c
1%
1%
Oct
Rlckel(HW) corn
2
River Basin Paper com... *
Standard Tube B com.... 1
17c
Bendlx Aviation Corp
Cities Service Co
1,265
5%
12c
Amer Rad & Std Sanitary
28
2%
2%
2%
3%
Nov
July
Aug
Apr
June
18c
Jan
510
2
2%
9
12c
Jan
31
2X
13%
20c
4%
31
2%
Oct
1
Oct
4
2%
Oct
5
Cardinal Gold
1,200
i*
2
5%
200
Jan
4%
4,216
Prudential Investing com. 1
100
300
Feb
Oct
%
2% June
2,290
Reo Motor com... ......5
18%
Mining—
200
5%
*
High
Oct
Blk Mammoth Cons MglOc
Calumet Gold
10c
28
1% June
Oct
%
5
1
Low
5
1,200
2%
Oct
6
.
6%
6%
3%
Jan
5
com..
6%
3%
Range Since Jan. 1, 1937
Shares
Feb
OH
Penln Metal Prod com
6%
3%
Feb
Murray Corp com
Packard Motor Car
Parker Wolverine
6%
Yosemlte Ptld Cement
1%
1%
6%
*
Kamp's H D Baks *
Wellington Oil Co
.1
6%
Feb
Feb
8%
IX
Parke-Davis com
Price
Par
Miies
Van de
Jan
Oct
1%
*
Stocks (Concluded)
riaay
9
Oct
3
_
r
6%
Dec
3
.
SANTA ANA
,
8%
%
2
3
.10
SAN FRANCISCO
10
15%
%
Mid-West Abras com..50c
com
^
Feb
23
1
...
Mar
27%
8
McClanahan Oil com
Mlcromatlc Hone com
Oct
1
Oct
Masco Screw Prod com
Mlchlagn i- ugar com
7%
2%
I'll
Teletypes LA 477
4%
200
3X
16%
%
EXCHANGE
LOS ANGELES
Jan
3
%
Telephones VAndike 2201
•
Feb
Nov
3
Lakey Fdy & Mach com._l
Mahon Co (R C) A pref..*
May
SPRING STREET
11
%
3%
15%
650 SOUTH
10
1,075
X
&
STOCK
Oct
4%
1
ANGELES
Oct
11
10
1
LOS
2
4
7%
MEMBERS
Jan
3
Hurd Lock & Mfg com._.l
.
145%
3%
740
Hudson Motor Car com..*
STOCKS
Mar
"i«
"ii
BANK
2%
100
2,485
2,917
2,255
Jan
3%
Oct
1%
ANGELES
Revel Miller
Mar
22
Dec
90
100
IX
OX
36%
Aug
Oct
1%
700
650
1,170
11
3X
IX
*
*
.
180
LOS
Mar
132%
Dec
IX
34
4%
com
Nov
14
420
6%
36
General Finance com._._l
Kingston Products
52%
150
3
"~"7«
Kresge (SS) com...
Klnstl Drug com
2,479
14
2%
11
1
Graham-Paige cpm
1
Grand Valley Brew com__l
Houdallle-Hershey B
60
IX
Goebel Brewing com
Hall Lamp com
Nov
IX
*~6%
3
High
Oct
18%
2%
Frankenmuth Brew com..1
Gar Wood Ind com
Low
2
100
2%
1%
_
Detroit Paper Prod com__l
Ex-Cell-O Aircraft com. _.3
1,535
7%
34%
I %
92 X
90
90%
Range Since Jan. 1, 1937
Shares
20
IX
Detroit Gray Iron com...6
Detrolt-M lch Stove com
1
2%
2%
20
Det&Cleve Nav com...10
Detrolt-Edlson com... 100
1937
4,
Week
Price
Par
Dec.
Sales
Friday
Stocks
Chronicle
Feb
Feb
"i«
Established 1874
DeHaven 8k Townsend
Members
WM.CAVALIER & Co.
New York Stock
New York Stock Exchange
Los
523 W. 6th St.
PHILADELPHIA
30 Broad Street
San Francisco Stock Exchange
Los Angeles
Teletype L.A. 290
Philadelphia Stock Exchange
Nov.
Los
NEW YORK
1613 Walnut Street
Chicago Board of Trade
Angeles Stock Exchange
27
to
Dec.
3, both inclusive, compiled from official sales lists
Friday
Angeles Stock Exchange
Nov. 27 to Dec. 3, both
Friday
Bandini Petroleum
1
Barker Bros Corp com
5%% pref
50
Barnhart-Morrow
Week's Range
for
Sale
Par
of Prices
Week
Price
3%
10%
24%
Cons-.l
Bolsa-Chica Oil A
55c
Low
High
3%
10%
24
3,400
1%
48c 57%c
1
1%
2%
High
100
40
Oct
2%
10%
Nov
24
Nov
Jan
9%
30%
41%
Mar
Mar
35c
Oct
90c
ADr
62% c
Oct
Jan
Horn & Hard
5c
800
14c
Feb
6C
6c
1,500
Central Investment.... 100
19
19
20
100
20
Nov
43
Feb
Chrysler Corp
.5
55%
53
Nov
135
Feb
7%
55%
7%
9%
100
Claude Neon Elec Prods—
55%
7%
9%
9%
4%
33%
9%
300
10
200
Creameries of Amer
v t c._
1
Douglas Aircraft Co.
9%
9%
4%
33%
100
4%
100
33%
100
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
10
Farmers & Merchs NatUOO
390
390
36
36
36%
400
9
200
100
400
General Motors
10
com
Gladding-McBean & Co..*
85c
75c
10
600
85c
390
1,600
15
5c
6%
7%
7
Sept
Sept
Oct
Holly Development Co
Oct
4
Oct
32%
7
Kinner Alrpl & Motor.
Lincoln Petroleum
Oct
50c
390
Oct
32%
55c
100
1%
Nov
20c
15,005
18c
9,550
10c
1;200
5%
1%
16c
18c
9
16c
15c
Scott Paper
Tacony-Palmyra Bridge
III
Tonopah Mining
Jan
Union Traction
Oct
60c
Feb
United Corp com
Oct
16%
6%
Feb
10
1.45
1%
1%
1
1%
200
90c
Oct
4%
10c
19,000
lc
Jan
23c
500
60c
Oct
2%
25
25
55c
200
60c
2,400
11
Aug
50c
Oct
50
Ryan Aeronautical Co
Samson Corp B com..
6% preferred
1
>
50
*
United Gas Imp com
Preferred
8%
9%
2%
2%
21%
23%
114% 115%
18c
5,800
13c
July
1,200
25c
Oct
27c
25c
30c
26,200
16c
Sept
7
7
7
100
6%
Oct
18
Oct
32
15%
14%
15%
600
12%
38
38
38
100
36
5
2,100
4%
32
4%
32
5%
1%
Oct
Oct
89
Jan
Feb
2%
Oct
Nov
13%
16%
Feb
11
10%
11%
910
2%
5%
Oct
30
Jan
38%
28%
36
38%
28%
39
22%
Oct
35%
27%
21
22%
Oct
35%
»ie
200
Sept
3%
.4%
1.014
%
1%
34%
12%
101% 102%
10
.
2%
2%
4
4%
*
34%
11%
32
5
1%
50
Nov
2%
30
45c
v
w„nlhnr.
Members
Feb
1,032
Oct
1%
25
Apr
Feb
Apr
Jan
Aug
Aug
Mar
Oct
Feb
7%
Oct
8%
Jan
Oct
40%
Jan
17%
114%
Jan
4,927
8%
Oct
191
100%
Oct
Jan
40c
Mar
f Plttaburgh Stock Exchange
j
Feb
80c
Tel. Court-6800
Feb
120
Jan
52%
13%
Feb
PITTSBURGH, PA.
A. T. 8c T. Tel. Pitb-391
BROADWAY, NEW YORK
Jan
Oct
New York Curb Exchange (Associate)
UNION BANK BLDG.,
Oct
50
4,800
4%
Oct
10%
May
600
1.25
Oct
3%
Specialists in Pittsburgh Listed and Unlisted Stacks and Bonds
July
5%
1%
July
Pittsburgh Stock Exchange
4%
4%
4%
300
Oct
9%
1.35
1.50
600
1.35
Oct
3.25
Feb
6
1.45
July
3.25
Mar
6%
Feb
Friday
1
1
1
4
Jan
Nov.
27 to Dec.
3, both inclusive, compiled from official sales lists
Sierra Trading Corp...25c
So Calif Edison Co Ltd. .25
Feb
Last
Week's Range
8c
7c
8c
2,000
2c
Jan
15c
Aug
Sale
of Prices
800
19
Oct
Jan
200
25%
Oct
300
23%
27%
Nov
32%
29%
28%
17%
28%
29%
9%
17%
Nov
21
21
25
26%
..25
24%
So Calif Gas 6% pref A. .25
Southern Pacific Co
100
Standard Oil Co of Calif..*
28%
25%
23%
28%
21%
26%
24%
28%
22
19%
22
31%
30%
Superior Oil Co
37
35
2.20C
3,800
Oct
166
1.35
11
10%
31%
38%
11%
20%
20
21
3636
5
2%
19%
770
Nov
nee onge
Mar
405
4,583
2,244
Jan
4%
6%
2%
27%
For footnotes
Feb
7%
10
*
5%
Oct
1,000
25
Oct
Nov
2%
27%
Transamerica Corp
1
931
1%
2%
27%
Union OH of Calif.
Mar
109%
30%
2%
25
13%
24%
21
27%
5%% pref C.
Oct
493
10
6% pref B
Nov
4%
2%
"11%
..
Jan
3%
55
31%
•
int_.
Security Co units ben
112
173
H. S. EDWARDS 8k CO.
Apr
1.10
*
Nov
Feb
41%
2
._*
Feb
97% c
16c
Roberts Public Markets..2
Nov
Feb
6%
*
Preferred
Mar
1.05
*
100
Jan
44%
3%
*
June
1%
18c
.
80
101%
Feb
20%
139
Jan
6c
1.10
Richfield Oil Corp com
Warrants.
Feb
1%
60c
1
23
Jan
Feb
Mar
%
25
5
Pacific Lighting Corp com*
Republic Petroleum com.l
5%% pref
50
Feb
6c
Mt Diablo Oil M & Dev._l
100
31%
2%
.50
Aug
Oct
Oct
23
Mar
13
31
*
'.25
Nov
Oct
88%
Oct
Jan
Mar
14%
5%
50%
117%
35%
_
Mar
50c
Pacific Clay Products
*
Pacific Finance Corp com 10
Phila Elec of Pa $5 pref
Phila Elec Pow pref
Mar
2%
72% c
4%
Ollnda Land Co
Mar
9
2%
23%
.50
RR
1.50
500
Nordon Corp Ltd
Oceanic OH Co..
Pennsylvania
27%
65c
Nov
100
Feb
Mar
'
*
National Power & Light
Pennroad Corp vtc... III
Oct
65c
B
Feb
Mar
Oct
65c
Oct
45%
2%
Feb
1%
18
Menaseo Mfg Co
1
Mid-Western Oil Co... 10c
Mills Alloy Inc A.
*
2%
5
55
Nov
1%
Mar
Oct
508
3%
21%
100
...
43
127%
14%
100%
Mitten Bank Sec Corppf.25
46
Mascot Oil Co..
500
May
10
7%
1%
Oct
400
112
648
4
16%
2%
4%
347
101
25%
6%
Mar
2%
4%
Oct
101
•»
3%
30%
16c June
5%
45%
4%
6%
27%
7%
Oct
9
4%
5%
10
26%
187%
Mar
Feb
7%
2%
4%
_
«
.50
7% preferred
Philadelphia Traction.. .50
Salt Dome Oil Corp
..1
300
5
45%
3%
Feb
1%
Nov
110
23
*
70
75c
145%
27%
-
100
Nov
1%
8
631
150
Phila Rapid Transit
70c
10c
Preferred
Lehigh Coal & Nav
Lehigh Valley
Jan
70c
_.
Jan
Nov
6%
460
21%
21%
Lockheed Aircraft Corp.
Los Ang Industries Inc
2
Los Ang Investment Co. 10
Feb
Horn &
7
-
com
(Phila) com.*
*
Hard (N Y) com
Nov
9%
21%
21%
1
7
64%
19%
1%
Sept
9%
21%
21%
Hupp.....
12.%
17%
24%
Oct
1%
Goodyear Tire & Rubber.*
Hancock Oil Co A com
*
16c
Curtis Pub Co
High
920
4%
Electric Storage Battery 100
Oct
3%
7%
Jan
1.10
Low
9%
5%
*
Budd Wheel Co
800
6c
Consolidated Oil Corp
Consolidated Steel pref
116
*
Budd (E G) Mfg Co...
Preferred100
Range Since Jan. 1, 1937
Week
145% 151%
16%
17%
115% 116%
151%
10
700
5c
9
9%
100
2%
5c
1
-
Barber Co
5c
Preferred vtc
Shares
*
American Stores
American Tel & Tel
Low
Shares
1,800
2%
Buckeye Union Oil com__l
Range Since Jan. 1, 1937
3%
10%
24%
1
com..
for
of Prices
Low
High
Price
Bell Tel Co of Pa pref.. 100
10
Berkey & Gay Furn Co
Par
Week's Range
Sale
Sales
Last
Sales
Last
inclusive, compiled from official sales lists
Stocks—
Stocks—
Exchange
Philadelphia Stock Exchange
MEMBERS
300
1,200
260
1,700
Dec
Oct
Oct
Oct
56
Stocks—
Par
Price
Sales
Low
High
Range Since Jan. 1, 1937
for
Week
Shares
Low
High
Jan
Mar
Allegheny Steel
31
Aug
Armstrong Cork Co
62%
49%
Mar
Blaw-Knox Co
Feb
55
Mar
Oct
16%
Aug
Oct
28%
Feb
Byers (AM)
Carnegie Metals
com
*
18
18%
*
38%
12%
39%
13%
10%
1%
4
10%
--*
*
1
Clark (D L) Candy Co...*
Columbia Gas & Electric.*
9%
1 %
1%
4
3%
9%
206
43
Oct
97
14%
31%
Oct
70%
Mar
118
9%
Oct
29%
Mar
55
5%
Oct
21%
July
Mar
3,278
1,135
90c
Oct
4
Feb
3%
Oct
8%
Feb
721
4%
Oct
20%
Jan
Volume
Financial
145
Friday
Week's Range
of Prices
Low
High
Week
Price
Par
Consolidated Ice pref___10
Fo llans bee Bros pref___100
Fort Pitt Brewing.
..1
Harb-Walker Refrac com.*
10%
70c
Koppers G & Coke prgf 100
102k"
Lone Star Gas Co
Low
Shares
70c
70c
23 %
102%
102
170
*
1%
1%
5h
5%
2%
2%
860
Penn Federal Corp com..*
Preferred
6%
83%
Pittsburgh Screw & Bolt..*
Pittsburgh Steel Foundry *
Plymouth Oil Co.......
4%
Feb
Oct
12%
Jan
Oct
10
1
2%
Oct
100
22%
Nov
5%
Nov
60
7%
76
85
19%
Jan
3
_
Cons Chem Indus A
*
Di Giorgio Fruit com
S3
70
*
Jan
4% % cum pref w w__50
Emsco Derrick & Equip..5
Fireman's Fund Insur
74
Oct
29%
Apr
1
Oct
2%
Mar
810
2%
Oct
7%
Jan
23%
Oct
25
Food Mach Corp com
10
Foster & Kleiser com..2%
31%
65c
100
Oct
01%
1%
Mar
65c
Feb
Galland Merc Laundry
General Motors com
23 %
21%
566
18
Oct
56%
Feb
General Paint
Westinghouse El & Mfg.50
98%
99%
100
89
Nov
163%
Jan
Gladding McBean & Co..*
37
32
60c
67
Mar
19%
30
United Engine & Fdry.._5
Victor Brewing Co.
Westinghouse Air Brake.
_
*
2%.
Unlisted—
■
2%
2%
50,
5%
Oct
Mar
all
*
*
Par
Stocks—
Price
Low
3
Boyd-Welsh Inc com.... *
*
Brown Shoe com
Burkart Mfg com
Preferred..
36%
23
32
*
Chic & Sou Air L pref._.10
.
Dec
Nov
35%
Nov
22
Dec
Feb
31 %
Nov
4
300
25
Aug
8
Apr
Feb
49%
Jan
37
32%
Feb
9
28
100
24%
Oct
39% May
22%
24
235
19%
Oct
48
20
20
Nov
32
20
20
Mar
Nov
23
July
8
Nov
20%
50c
Nov
3%
Jan
Nov
15%
Feb
Nov
49%
Jan
Oct
17%
Jan
7
29
30
165
24
Oct
12
12
225
12
10
10
*
5
100
Huttig S & D com
_
4%
95
50c
55c
3
Hydraulic Pr Brick com
Preferred
......100
3
Feb
11%
40%
Oct
7
30
Hussmaun-Llgonier com.
Feb
3
272
1
Griesedieck-West Br com. *
8%
120
30
31%
443
Apr
Feb
International Shoe com ._*
31%
33%
Johnson-S-S Shoe com...*
12
12
20
11
10%
10%
11
94
10%
Dec
21
Aug
28
28
28
10
28
Dec
36
Apr
10
10
10%
230
10
Dec
22
Mar
16%
16
16%
210
12
Oct
32%
Mar
_*
Knapp Monarch com
'
Preferred............ *
Laclede-Christy C Prcom *
Laclede Steel
20
com..
29%
*
McQuay-Norris com
12%
Mo Port Cement com...25
Natl Bearing Metals com. *
Preferred.
..100
Natl Candy com
24
106
14
"Vo"
5
35
16
8
5
Sculiln Steel pref
*
Southw'n Bell Tell pref 100
19%
29%
fCity & Subur P S 5s..1934
fCity & Subur 5s c-d's.
1
_
Oct
June
128
Oct
Dec
13%
Feb
4
580
2%
Oct
106
7
8%
1%
..10
1%
15
7%
6%
8%
7%
6%
Automotive Fibres..*
*
8%
12%
9%
18%
*
7%
*49%
24
84,000
23
Dec
32
24
24
2.000
24
Dec
33%
Oakland
1,000
70
Nov
91
102
2,000
56
Nov
5,000
23%
Nov
12%
11,000
Nov
Dec. 3,
Nov
75
Sale
Par
Price
Atlas Imp
Bishop Oil Co....
—
5
Byron Jackson Co....*
Calamba Sugar com....20
7%
16
8%
Diesel Eng Co.5
Bank of California N A. .80
preferred
...20
185
Fresno
Beverly Hills
Range
of Prices
High
Low
16
8%
185
5%
18
22
21%
21
4H
Honolulu Stock Exchange
Honolulu
Los Angel®*
Ppsodeno
long Beoch
Exchange
3S%
102
5%
18%
*
com..
100
Paraffine Cos common...*
Oct
41%
2%'
5% %
preferred
_
^
_
...
50
32
4%
21%
13%
Jan
1,668
27%
Oct
25y%
Oct
32%
29%
Jan
569
1,395
53%
Jan
Oct
98
Oct
111
2
Oct
1,399
113
Nov
35
Nov
l
Oct
5%
Jan
Oct
Oct
18%
13%
Feb
20
32
Southern Pacific Co.__100
22
%
31%
15%
11%
20
20%
8%
9
1,465
5
Union Oil Co of Calif...25
20%
8%
Universal Consol Oil
6%
10%
39%
10 ^
Victor Equipment pref..
Waialua
8%
8%
10
Wells Fargo Bk & U
39%
18%
3%
3%
Nov
9%
Oct
2
20
Oct
4
3,976
Oct
.50
Jan
Apr
19% June
10% May
12%
33%
Apr
48%
Mar
69%
30%
July
65%
2%
Mar
Feb
500
15% Nov
Oct
20%
19%. Nov
Oct
27%
17% Nov
Oct
%
690
28
Oct
852
13%
Oct
7,614
9%
Oct
292
17%
Oct
270
8%
4%
10%
35%
Oct
28%
23%
Oct
19
July
18%
Aug
20
28%
2,670
22
260
10%
39%
Nov
49%
21%
16%
Oct
Nov
Oct
206
3
Oct
Aug
Feb
Feb
Aug
Feb
Jan
Jan
350
16
100
20
3%
Aug
75
275
417
275
275
H
31
320
13%
5%
2,423
11%
J an
Feb
87
2%
24
2
Jan
152%
5
21%
28%
19%
%
30%
14%
10%
Traasamerica Corp..
24
100
23
15%
Jan
8% June
140
Soundview Pulp Coeom..5
Sou Calif Gas 6% pref..25
31
Jan
685
23
10
10/
4%
Signal Oil & Gas Co A—*
com
11%
170
156
Standard Oil of Calif...
Oct
1,185
460
Tide Water Ass'd Oil
6%
36%
3%
17%
%
Nov
10
180
24
23%
Apr
Jan
3%
17%
*
Mar
12% May
Feb
23
So Pac Golden Gt A
28
18%
3%
11%
*
Oct
Oct
4%
38
Schlesinger Co (B F) pf.25
Union Oil com
Oct
12
22%
13%
Shell
Feb
Mar
Oct
j
Rheem Mfg Co com____.l
Richfield Oil Corp com-..,
5%
Oct
10
13%
16%
17%
5
5
4%
1
Oct
Oct
475
41%
2%
2
5
*
Petroleum
13% May
23
220
6%
116
40
Feb
Oct
9%
40
100
26
25%
3J
37%
100% 102
5%
6%
19%
18%
115
116
Jan
28
Oct
740
Feb
5
Oct
Nov
18%
7%
Jan
Oct
%
11%
9/2
10
Republic
Feij
40%
4%
Mar
July
STRASSBURGER & CO.
133
Montgomery Street, San Francisco
BROAD STREET
(Hanover 2-9050)
NEW YORK OFFICE: 25
Stock Exchange; San FranTrade; NewYork Curb Exchange (Assoc.)
Members: NewYork Stock Exchange; San Francisco
cisco Curb
Exchange; Chicago Board
or
Teletype S. F. 138
Direct Private Wire
Francisco Curb
San
27
to
Dec.
Sale
Par
for
1937
Alaska Tread well
21
4%
16
8%
185
5%
19%
22%
21
4%
460
15%
Oct
31%
Feb
4
Oct
25
Feb
10
185
Oct
214
July
Oct
10
Feb
400
4%
Oct
675
13
692
20
Oct
20
20
Nov
100
3
245
Oct
%
35
Oct
Dec
34%
32%
23%
12%
1%
53%
Mar
Feb
Mar
Mar
of Prices
High
150%
Anglo-American Mines
__
-
_,
30c
1,800
10c
Jan
50c
Feb
2.80
1,800
45c
Jan
3.10
Nov
8c
10c
5,000
6c
Jan
50c
Feb
'Jan
Oct
186%
64c
75c
2,375
55c
Oct
97c
Feb
50c
50c
700
40a
Sept
85c
Aug
12%
395
12
Nov
27%
Feb
Mar
I... 10
15%
Calif-Ore Pow 6% pf
'27100
145
60
8%
36
8
Oct
18%
14%
20
12
Oct
29%
Feb
5%
15%
6%
3,986
60
3%
13%
Oct
Oct
-13%
15%
Jan
Aug
60
60
24
60
Dec
95%-
Mar
28c
23c
30c
523
23c
Dec
58c
July
1
...—1
1.75
1.65
1.80
9,665
40c
Jan
1.90
Mar
1.75
1.70
1.80
3,200
40c
Jan
1.90
Mar
2%
707
1%
Oct
5%
1%
3%
3%
263
Jan
3%
Mar
Mar
5%
8%
Mar
...
—
2
1
Columbia River Packer...
Curtiss-Wright Corp—._1
Dominguez Oil Fields
Electric Bond& Share
44%
5
11%
7%
General Metals
Gt West Elec Chem com...
54
2
1%
3%
3%
40%
11%
7%
54
60
125
44%
118
12%
1,295
70c
3
Oct
2%
Nov
40
815
7
Oct
65
58
Oct
79
■
7%
61
1
70c
75c
200
50c
Oct
Idaho-Maryland Min
1
1
4.90
Internat'l Cinema
Jan
z
Feb
Internat'l Tel & Tel
54
28%
10%
Oct
6%
Holly Development
z
31
-.1
Cardinal Gold
z
12
268
8%
1
Central Eureka
146% 151%
14%
Standard
z
High
Low
65c
.5
_.
1. 1937
Range Since Jan
50c
12%
Anglo Nat'l Corp —
for
Week
Shares
20c
100
1
American Toll Bridge
Preferred
557
Week's Range
Low
10c
American Tel & Tel
official sales lists
Sales
2.00
Alaska United Gold.....5
Cities Service
High
Low
Price
5
25
Alaska Mexican
z
Exchange
3, both inclusive, compiled from
Last
Week
Shares
*
Feb
5
45%
16%
6%
6%
9%
18%
7%
Ry Equip & Realty com..*
Pig'n Whistle pref
z
1.600
Co com...
Oct
435
29
Bunker Hill-Sullivan
Range Since Jan. 1,
Calif-Engels Mining Co__l
Calif Ink
14
875
28/jj
Co.
&
Sales
Week's
5%
19%
Calaveras Cement com— *
Feb
1,154
26
Claude Neon Lights
Anglo Cal Nat Bk of 8 F.20
Jan
42
7
12%
29
Nov
Private Leased Wires
NewYork
Portland
Friday
Stocks
16%
4%
Oct
Oct
Nov
9
12
Jan
Feb
Feb
8
Jan
Jan
both inclusive, compiled from official sales lists
Last
Oct
8
25
Pacific Lighting com
._*
6% preferred
*
Pac Pub Ser (non-v) com. *
1st preferred
May
34%
75
75
Francisco Stock
San
Oct
%
2
655
25
6%
Bancamerica-Blair
to
1,867
2,11
Amer Rad
27
720
11%
Atlas Corp com
Nov.
1,615
2,480
27%
May
36%
22
1.000
23
57%
24
24%
(Asso J,San Francisco Curb Exchange,
Stockton
16
Jan
11%
Exchange, SanFrancisco Stock Exchange, Chicago Board ofTrade
Sacramento
31%
4%
11
Jan
70
'
MUNICIPAL AND CORPORATION BONDS
Tocoma
Oct
6%
26%
Stocks—
Seattle
Nov
11
Feb
Dean Witter
SanFrancisco
Sept
1.40
50*
Friday
NewYork Curb Exchange
36%
No\
6%
26%
5
...*
Feb
Dei
65c
18
8%
1%
16%
8%
15
22
23%
13,456
15%
Nov.
Members: New York Stock
Oct
9
Jan
Apr
3,221
80c
18
Jan
Oct
57
24%
Oct
10
Mar
5
8
23%
St Louis C"r 6s lioext,
8
Apr
19
50
8%
28
75
fScullin Steel 6s
1941
fUnited Railways 4s. .1934
fUnited Ry 4s c-d's
l,46h
1%
34%
Mar
70
24
Feb
10
54.
2%
Jan
18%
31%
8%
20
12%
Mar
Mar
70%
401
Mar
Oct
5
117%
55
23
_
Oe.
Mar
Mar
Oct
206
12%
Bonds—
St Louis Car 6s extd...
Sept
Feb
544
26%
15
9
24%
47%
19%
96%
5<%
Mar
8%
160
6
8
Stix Baer & Fuller com.. 10
Wagner Electric com
13%
Oct
7
10
Oct
Mar
Nov
415
Feb
29
Oct
143
12%
122
6
1
Sterling Alum com.
121
80c
17
20
Yosemite Port Com pref. 10
Nov
3
70
8
11%
121%
13%
5%
560
Seruggs-V-B Inc com
Oct
15%
15
7
3%
Mar
20
May
6
40
De.
59
7
12
275
Mar
116
3%
16
Nov
32%
1,228
24
Agricultural...20
T.100
70
Dec
7
28
Oci
455
12
Western Pipe A- Steel... 10
Nov
6
30
7%
23%
Mar
23
106
3%
*
Mar
20
St Louis Bk B1 Equip com *
com....
Mar
26%
35
Rice-Stix Dry Goods com. *
National Oats Co
58
Nov
24
6
*
Nov
11
325
106
23%
106
Mar
24
United Air Lines Trans..5
29%
20
29%
7
2
Mar
27
com...
Oc.
215
Preferred
Dr
Falstaff Brew
2
36
High
3
30
10
4%
4%
730
2
Pacific Can Co
Coca-Cola Bottling com__l
Pepper com
____*
Ely & Walker D Gds com25
Oct
1%
Pacific Gas & Elec com..25
20
210
32
27
90
3
Oliver United Filters A...*
Low
25
3
36%
22
...1
920
74
31%
2%
30%
36%
8%
1%
O'Connor Moffatt & Co A A*
Range Since Jan. 1. 1937
271
20%
Oct
35
Pacific Tel & Tel
20
American Inv com
Oci
3
B
Shares
Apr
Mar
6%
69%
2
Nat
Week
High
Apr
108%
17%
27
1%
Natomas Co..
Sales
of Prices
Apr
6% May
25
665
20
3
5%% preferred
Sale
Oct
Feb
46
860
8%
3%
North Amer Oil Cons... 10
for
Nov
64
35
both inclusive, compiled from official sales lists
Range
Oct
...10
Meier & Frank Co.
St., St. Louis, Mo.
Week's
Oct
8%
10
Pacific Amer Fisheries.
Last
3
10
Marcnant Cal Mach com.5
New York Curb (Associate)
Chicago Board of Trade
Friday
Nov
10%
80;
Magnavox Co Ltd
St. Louis Stock Exchange
Dec. 3,
29
300
12
Pineapple
Rights..
Telephone Central 3350
27 to
Mar
665
LeTourneau (R G) Inc...l
Lockheed Aircraft......
1874
Chicago Stock Exchange
Nov.
Mar
12%
106%
29
10
B.
MEMBERS
315 North Fourth
July
125
Oct
6%
9%
72%
30%
2%
4
Leslie Salt Co
Mid'WeBtern and Southern Securities
New York Stock Exchange
Nov
28
35
Langendorf Utd Bak A...*
St. Louis 8tock Exchange
63
Oct
554
Feb
Nov
100%
100
9,853
1,170
Aug
99%
104%
10
12%
71%
4%
28%
5%
Feb
53
9%
30
Preferred
I. M.SIMON &CO.
on
Nov
750
8%
Hawaiian
ST. LOUIS MARKETS
Enquirien Incited
Nov
40
862
36%
Hunt Bros common
Established
49%
48%
13
4%
30
Honolulu Oil Corp
Business
Oct
11%
28
10
Hale Bros Stores Inc
2%
.*
100
High
22
2%
22%
4%
4%
Corp com..*
Golden State Co Ltd
Pennroad Corp v t c
10
401
5
10%
4%
28%
4%
30
405
29
5
5
..100
Doernbecher Mfg Co
51
90z
47%
47%
100% 100%
57%
58%
7%
7%
101% 101%
12%
10
preferred
50
Low
Shares
23%
29
29
12%
28%
10%
Oct
3%
100
Corp
5
Claude Neon Elec Prods..*
Cst Cos G & E 6 % 1st pf 100
Emporium Capwell Corp.*
600
Shamrock Oil & Gas.
Preferred
Chrysler
22
Range Since Jan. 1, 1937
for
Week
Feb
Oct
12%
50,%
47%
100%
57%
7%
101%
Feb
5
1,200
50
Caterpillar Tractor com..*
Feb
Feb
50
27
4%
12
1
23%
174 %
555
19%
1
Preferred
Crown Zeller Corp com..5
Preferred
*
217
8H
10%
Packing Corp com..*
Range
of Prices
Low
High
Price
Creameries of Amer Inc-.l
8%
Nov
80
Par
Mar
29
Oct
440
(Concluded)
1% May
Oct
22%
Renner Co
'
Oct
25
7%
9%
10%
Jan
23
23
1
Pittsburgh Plate Glass. .25
Feb
14 %
3
2%
*
Pittsburgh Forging Co
111%
Oct
29
29
_
100
1%
1%
4%% preferred_
50
Pittsburgh Brewing Co...*
58%
Oct
3%
1 %
1,111
2H
Oct
1
2,410
Calif
July
1%
Jan
Mar
100
200
Mountain Fuel Supply..10
Natl Fireproofing Cor com5
Oct
Apr
5%
160
8
Oct
41
18%
55
7H
5
60c
208
Feb
1%
Stocks
High
5
250
10%
8
Week's
Last
Sale
21%
*
McKlnney Mfg Co
Range Since Jan. 1, 1937
2%
11%
2%
Sales
Friday
for
Sale
(Concluded)
3635'
Sales
Last
Stocks
Chronicle
1.60
Jan
Mar
Jan
Jan
Oct
July
Mar
5%
610
3.60
Apr
7%
Jan
50c
55c
500
45c
Oct
1.85
Mar
6%
6%
175
5%
Oct
15%
Feb
Financial
3636
Chronicle
Dec.
4. 1937
Toronto Stock Exchange—Curb Section
Schwabacher &
Members New
Nov.
Co.
San
Private wire to own offices In
—
Del
Monte
•
Stocks—
Par
Los Angeles
—
Beverly
—
for
of Prices
Week
Low
Price
*
„
Brett Trethewey
—
Week's Range
Sale
Biasell
Francisco
1
10 He
~35%
Malting..
Canada Vinegars
Hale
Stocks (Concluded)
of Prices
High
Low
Price
Par
Range Since Jan. 1,1937
for
Week
Shares
High
Nov
6
12
Mar
Oct
21c
Feb
Oct
3c
8%c 12 He 176,200
8
Low
1
Canadian Wirebound
Apr
Feb
Coast Copper
Cobalt Contact
High
41c
40c
45c
750
30c
Oct
IX
Mar
1
2.45
2.20
2.40
1.45
Oct
7%
1.25
Klnner Air & Motor _._1
13c
12c
21c
10c
Jan
72c
Feb
Menasco Mfg Co._-..kl
Oct
320
Feb
3%
-
Jan
20
125
19%
Dec
25
Jan
2.60
520
1.95
Oct
10
Feb
1.00
.5
19 H
2.35
20
1.00
6,000
lc
Oct
3 %c
Jan
2.60
1
"~7~X
Dalhousle Oil
z
21
1.00
7
7%
3,947
6
Oct
19%
May
88%
15
80
Dec
95%
Mar
56c 78 He
26,244
35c
Oct
3.60
Feb
3%
Nov
6%
Mar
z
1,820
7,715
Oct
1,100
18
1.20
"1". 25
Consolidated Paper
*
Corrugated Box pref... 100
1
Oct
55
30 H
16
10%
38%
36
17
*
435
8%
35
*
Canadian Marconi
Hales
Week's Range
20
6
Hills
Canada
Last
Low
Shares
High
6
Canada Bud...
Friday
Range Since Jan. 1, 1937
Last
York
Hollywood
—
Sales
Friday
Cortlandt 7-4150
Barbara
3, both inclusive, compiled from official sales lists
York Stock Exchange
111 Broadway, New
Santa
27 to Dec.
Italo Petroleum
Prferred
M J& M & M Consol
Mountain City
1%
Pac Coast Aggregates..10
1.30
Oct
80c
Jan
Disher Steel
4,900
24c
Oct
63c
Feb
650
4 %
Oct
Dominion Bridge
Dom Foundry A Steel
7
5
6%
Sept
.17%
17%
Mar
7
7
10
31c
6
7
20
Pacific Clay Products
IX
5%
Copper..5c
Olaa Sugar Co
7
200
Oct
18%
Feb
Foothills...
Hamilton Bridge..
1.20
1.50
75c
6
3,379
90c
Oct
4.15
Jan
Packard Motors.......
5
5
370
4%
Oct
12 %
Feb
7
7%
576
5%
Oct
12%
Jan
9%
8%
21%
26%
100
9%
Nov
.
.
Schumacher Wall Brd pref.
Silver King Coal
5
9%
8%
25
Sou Calif-Edison
6% preferred
21
21
26
25
Texas Consol OH......1
1.15
U 8 Steel
Vlca Co
*
com
.........
two-for-one basis
c
on
•
Inter Metals A
21
22%
*
8
1
1
Oct
Mandy
•
Jan
Montreal L H & P
*
29 %
29
National Steel Car
*
31
30
32 H
160
185
8%
Nov
29%
16%
2,450
50c
Oct
2.70
6%
460
5%
Oct
u%
Aug
1.15
200
36
75c
10
1.25
53 %
2.50
36
2,000
20
80
Feb
Mar
1.00
2.90
Feb
Nov
51
115
3.75
Oct
Nov
95c
126%
Oct
3.50
Nov
Oil Selections
41%
Feb
Oct
18%
Jan
1,400
14HC
Oct
55c
Apr
1%C
15,000
lc
Nov
4%0
Feb
12c
1,200
10c
Nov
69c
Jan
29%
361
26%
Oct
37%
Jan
825
18%
Oct
57%
Jan
16Hc 16 He
lc
x
Ex-dlvldend.
10c
*
4c
4%c
2,500
3 He
Oct
l%c
l%o
l%c
1,000
l%c
Oct
6c
Feb
1.80
1.65
1.89
18,150
1.25
Oct
6.65
Feb
Ritchie Gold......
1
2%c
l%c
11,050
2c
Oct
16c
Feb
l%c
4,500
4
Oct
l%c
2% June
12%c
*
*
20
2%c
lHc
3%
19H
2%
2 He
Robb Montbray
Rogers Majestic..
Shawinigan W & P
1
Paving
*
2%
100
.1
Thayers
Ex-rights.
y
*
preferred
19
19
or
Walkervllle Brew.....
CURRENT
NOTICES
Wyckoff & Co., of
Jan
*
200
2%
25
20
2H
19
12,100
2H
Oct
2%
50
1,100
Mar
Jan
56
Oct
58c
Mar
2%
Jan
1%
Feb
9%
Dec
16C
Jan
Jan
34
Oct
17%
Nov
24
100
17
June
41
447
30
Oct
62%
1.50
*
•
20 H
8%
25
Feb
Jan
1.30
1.50
130
1.25
Oct
3.25
Jan
1.00
1.05
250
1.00
Nov
600
Feb
No par value.
Philadelphia, members of the New
the
new
reorganization.
pref
1,330
36
Waterloo Mfg A
t Company In bankruptcy, receivership
12c
24
*
4l"
Fuel
4
17 He 19%c
17%c
2%
100
United
The
Oct
7
1
Thsyers
announce
15%
1
Temlskaming Mines
t In default.
Exchange,
Apr
Apr
Pawnee-KIrkland
Preferred
Cash sale—Not Included In range for year,
Department.
18%
90%
Pend Oreille
Stand
Listed,
Stock
Feb
Oct
Dec
.
Mar
Oct
March 9, 1937.
r
Investment
Aug
3.35
Mar
2
York
43%
5
80
Malrobic
Stock dividend of 100% paid Sept. 1, 1936.
G.
Oct
Oct
49
2,078
8
Klrkland Townslte
b Ex-stock dividend.
—Edward
Apr
10
50
22 %
Hudson Bay M & 8
49
Jan
d Stock spilt up on a two-for-one basis.
0
Apr
58%
20
50
Feb
A. M. Castle & Co. split Its common stock on a
a
100
16%
60c
2.05
Cash sale,
10
Oct
30c
18,700
8%
8%
Preferred
32 %
53 %
___.25
com
No par value,
24
1.15
Oct
1.10
100
100
27
50c
1.00
Nov
9
36
1~25
1
24
8%
Jan
1.15
Title Guaranty pref
10
245
19 X
25 X
6
US Petroleum
*
3%
30%
785
55c
"56c
Stearman-Hammond 1.25
Studebakcr
2
Mar
9
Standard Brands Inc.
2
200
27
3H
29 H
27
"30
*
Jan
Radio Corp of America
2
75c
29c
1
80
establishment
department
of
Institutional
an
will be under
the super¬
vision of Howard J. Laurent who has just become associated with the firm.
Investing Companies
Mr. Laurent has been actively identified with this division of the securities
Closing bid and asked quotations, Friday, Dec. 3
business
for
number
a
of
years.
He
was
formerly associated
with
the
Par
Philadelphia office of Brown Harriman & Co.
Administered Fund2ndlnc*
[J—Dyer, Hudson
Affiliated
nounce
that
& Co., members of the New York Stock Exchange, an*
Arthur
W.
Stanley, formerly with The First Boston Corp.,
has become associated with the firm in its
trading
department,
as a
specialist
also announces the establishment of
nection with McKnew, Fairfax & Co., Inc.,
of the
a
direct private wire con¬
Washington, D. C., members
Washington Stock Exchange.
—Chandler & Co.,
Inc. of Philadelphia and New York City, announce
Henry, until recently a member of the firm of Carr, Henry &
that Fred A.
Inc.,.1%
Amerex Holding Corp..
Amer Business Shares. 50c
Amer <fe Continental Corp.
Bid
Doyle, has become associated with them in charge of the Municipal Bond
Department in their New York office.
Assisting Mr. Henry will be
Patrick Henry and Fred C. Ponty, both
formerly with Carr, Henry &
Doyle.
Am Insurance Stock
—Thomas J. Mullins, a former partner in Gilbert J.
Pastley & Co. has
4.76
Company
as
dealers in tax exempt securities, specializing in
municipals, under the management of Chas. H. Bower.
.65
—-Chas. E. Quincey & Co., 24 Broad
St., New York City, are distribut¬
ing an interest table for U. S. Treasury issues accrued during the month of
December, 1937 on each different $1,000 bond or note
together with an
interest table for Home Owners' Loan
Corporation and Federal Farm
Bankers Nat Invest Corp ♦
Basic Industry Shares.. 10
2%
3%
Fund
Inc
Bullock Fund Ltd
Masterson & Co., 64 Wall St., New York
City, announce
the retirement from the firm
and James H. O'Neil.
son,
as
general partners of Leonard
M. Totten
The present partnership consists of Frank C. Master-
Benjamin H. Van Keegan and Joseph C.
Eagan.
—David E. Wilson and Robert F.
Chamberlain, formerly with L. G. Smith
&
Company,
Kern^& Co
H—John
are now associated
of Paul E.
Inc.
,
B.
Thompson
with the trading department
16.92
.38
.53
23.21
24.82
Carroll & Co., 70 Pine St., New York
City, announce that
and William Budd have become associated with
them in their municipal bond
department.
partnership and E. Schuyler Jackson, Jr. has retired
as a
general
partner.
sociated
with
G.
A.
Saxton
Robbins, Inc. is
now as¬
&
KlrkHW. Magill, deceased, has been
Warren W. York & Co.
D—Harold
&
Allentown,
announces
transferred
that the membership
to
Warren W.
-
of
York of
Pa.
He
was
associated with the Chemical Bank & Trust Co. of
New York for 19 years.
>
a
—Amott, Baker & Co., Inc., 150 Broadway, New York
City, has prepared
special report on Benjamin Franklin Hotel first mortgage series "A"
new
of the branch office of Prentice
and
Brady at 1410 Broadway, has become associated with
Eisemann & Co. at their branch office at 499 Seventh
Avenue.
Alexander
—Homer & Co., Inc., 40 Exchange Place, New York
City, has issued its
—Hardyf&
the high grade railroad and public utility bond market.
Hardy
announce
the
formation
of
department under the supervision of Hugh Evans.
19.72
20.92
10
10.89
11 90
Wide Securities 25c
3.31
Voting shares
3.90
Century Shares Trust...*
Commonwealth Invest... 1
20.28
21.81
3.34
3.57
6%
7%
Shares
pf.100
Corporate Trust Shares.
1
2.17
'
-
-
2.67
-
-
•
—
2.17
Series
AA
mod
1
Series ACC mod
10
22
.100
7% preferred
Cumulative Trust Shares
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
109
ser
B]
C
3.50
D
24
25c
Eaton a Howard Manage¬
ment Fund series A-l
N Y Bank Trust Shares.. 1
1.46
12.44
13.38
2%
N Y Stocks Inc—
Agriculture
8.38
9.06
7.82
8.52
Building supplies
7.27
7.87
7.94
8 59
Insurance stock..
8.01
8.67
7.77
8.41
9.33
—
23
Metals
1.54
2.45
7.40
801
7.93
8.58
m
m
No Amer Bond Trust ctfs.
2.12
-
»
Series 1955
1
«
~
-
..
Series 1956
1
•
-
w-
Series 1958
1
«.
-
■
Pacific Southern Inv pref. *
Class A
*
3.65
5.95
1.24
1.34
an
investment
9.66
52%
No Amer Tr Shares 1953.*
w
4.73
2.70
8.93
Steel
26
8.63
Railroad equipment
Class B
2.66
2.61
2.41
26
28
7%
*
%
8%
1%
12.31
18.59
26.26
28.22
Fidelity Fund Inc
18.40
26
29
Plymouth Fund Inc—10c
46c
54c
Quarterly Inc Shares. .10c
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
Bank
1
5.40
Oils..
5.35
Dividend Shares
England Fund
5.15
Machinery
-
115
com
Investors Corp.l
Electrical equipment
«.
2.67
8% preferred..
100
Crum A Forster Insurance
Common B shares... 10
3.41
1.33
Bank stock
2.26
Series A A
10.51
11.84
9.56
10.06
Representative TrustShslO
Republic Invest Fund.25c
35c
Royalties Management.. 1
19.81
40c
stock series—10c
2.47
2.71
Insurance stk series. 10c
Fixed Trust Shares A...10
2.99
3.35
.45
.65
Shares.2%
9.46
10.27
Selected Income Shares—
4.12
Selected
Amer
Sovereign Investors
Spencer Trask Fund
.65.
.76
*
15.06
15 85
Standard Am Trust Shares
9.35
2.70
2.90
10
7.40
Foundation Trust Shs A.l
Fundamental Invest Inc.2
Fundamental Tr Shares A2
3.80
4.05
State Street Invest Corp.*
78
16.31
17.22
Super Corp of Am Tr Shs A
3.03
4.74
5.25
Standard
4.31
General Capital Corp
*
General Investors Trust. •
Utilities
Inc.50c
AA
.63
29.57
31.86
4 63
5.04
3.14
2.67
C
5.77
D
5.77
3
Supervised Shares
Agricultural shares
1.18
Automobile shares
85c
1.29
93c
Building shares
1.32
1.44
Chemical
1.17
1.28
.77
.85
shares
.68
81
2.07
B
Group Securities—
9.37
10.19
Trustee Stand Invest Shs—
Series C
Series
1
1
Dt*
2.33
2.28
Trustee Stand Oil Shs A.l
6.37
1
5.70
Series B
Investing shares
77c
85c
Trusteed Amer Bank Shs B
Merchandise
87c
97c
Trusteed Industry Shares.
.95
1.04
U S El Lt A Pr Shares A..
13%
13%
1.98
2.08
shares
62c
Mining shares
1.17
1.28
Petroleum shares
RR equipment shares
1.07
1.17
.77
.85
Steel
1.17
1.28
Un N Y Bank Trust C-3-*
2%
.93
1.02
[JnNYTr Shs
*
1
*
%
%
1
13.43
1
.36
.76
1.13
1.26
1.19
1.33
16.45
17.69
shares
Tobacco shares
I^'v-Charles
on
6 50
National
Huron Holding Corp
periodical circular
Z5.88
1
New
Guardian Inv Trust
manager
10c
Mutual Invest Fund
Nation
6.12
2%
14%
6s (in default).
B. Zohn, formerly
16.75
5.52
*
3 o0
Food shares
J. Terhune has joined the sales organization of A. W. Benkert
Co.. Inc.
1527
Series 8-2
BB
Co. in their trading
department special
I'drig in the securities of Associated Gas & Electric
System.
—The^Philadelphia Stock Exchange
12.10
13 %
B
—Arthur W. Bertsch, formerly of Howard &
L .88
11.06
1
B
—J. W. Sparks & Co. announce that
Charles K. Wynn has been admitted
to general
16.67
16.23
Canadian Inv Fund Ltd.. 1
Fiscal Fund Inc—
Woodland
15.25
Series K-l
Mass Investors Trust
3.60
Diversified Trustee Shares
—Frank O.
10.62
24.86
Major Shares Corp
Maryland Fund Inc
15.82
British Type Invest A...1
Broad 8t Invest Co Inc..5
Ask
10.00
22.73
Series 8-4
6%
Deposited Insur Shs
Mortgage bonds.
.73
4%
5%
Crum & Forster
southern
.78
8
4%
Boston
Bid
1
Series K-2
.71
6
Investors Fund C
Keystone Cust Fd Inc B-2
Series B-3
20
.18%
Accumulative series... 1
Following the retirement of James P. Jamieson from Jamieson, Edwards
the firm's business will be continued under the name of Edwards
&ICo.,
Par
13.15
4.33
Assoc. Stand Oil Shares..2
Continental
become associated with White, Weld & Co. in their
trading department.
Corp
Ask
12.36
Amer Gen Equities Inc 25c
in bank and insurance stocks.
fc^The firm
Fund
com.
Institutional Securities Ltd
Bank
Group shares
Insurance Group Shares
Incorporated
Investors. .*
Insuranshares Corp (Del) 1
Invest Co. of Amer com. 10
B...
Voting shares
92 c
F
ser
Wellington Fund
32
1%
36
Corp.l
Central Nat Corp cl A
First Boston Corp
Schoelkopf,
5%
*
30
*
class B
2
par
value
e
Ex-coupon,
z
3%
1%
14.79
Pomeroy Inc
Ex-dlvldend
6%
35
5
10
12%
13%
10c
1%
2%
Hutton A
com
trust
No
1.00
Inveatm't Banking Corps
Bancamerica-Blair
%
70c
v
Ex-8toek dividend.
/
new
members
Telephone
HAnover
52
BUILDINGS
ALDRED
WIRES
Cable Address Hartwal
STOCKS
STREET
BONDS
AND
ROYAL
BANK
BUILDING
TORONTO
YORK
NEW
PRIVATE
association
NY 1-395
INDUSTRIAL
AND
WILLIAM
MONTREAL
Volume
dealers
security
UTILITY
CANADIAN
IN
SPECIALIZING
york
Bell System Teletype
2-0980
CONNECT
OFFICES
145
3637
Canadian Markets
LISTED
Provincial and
AND
UNLISTED
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations, Friday, Dec. 3
Province of Alberts—
1 1950
54
Oct
6s...
Sept 15 1943
May
4s
June
Prov of British Columbia—
5e-
July 12 1949
4%s
Oct
98% 100%
96
94%
1 1953
Jan 15 1965
Province of Quebec—
94
1 1941
92
5s
June 15 1954
92
94
5s
Dec
2 1959
93
95
Aug
Mar
113
114%
108% 109%
1 1958
106%
107%
May
1 1961
109
110%
*
Saskatchewan—
•
77
5s
June 15 1943
75%
Nov 15 1946
76
78
Oct
1 1951
75
76%
1 1960
Stocks (Concluded)
Par
Ask
Bid
Pacific
Bid
Canadian Pacific Ry—
Sept
1954
6s
Dec
1
4% a
July
1 1960
5s
July
97
96
79
81
16%
*
*
Massey-Harrls
*
4%s
4%s
4%s._
4%s
113% 113%
116
Oil
*
MtlLHA PConsol
*
114
114%
July
Oct
1 1969
5a
1 1969
6s
Feb
1
118
5s
1970
6%s
Grand
123%
1 1946
July
Trunk Pacific Ry—
:
124
107
Jan
3s
1962
1 1962
95
*
*
25
96
to
Exchange
Sale
Price
Par
Stocks—
of Prices
High
Low
12%
Simon (H) & Sons..
11%
Batburst Power & Paper A*
Bawlf (N) Grain
*
100
Bell Telephone
163%
11%
Brazllllan Tr Lt <fc Power. *
*
Canada Cement
*
16
3,225
9%
Oct
225
1.25
Oct
160
11
163%
12%
662
8,484
157
10%
May
23%
5.75
.
170
30%
39%
Nov
9,977
14%
Nov
54
378
46
Nov
16%
16
16%
9%
309
15
Oct
9
9
24
20
m
>
1
9
-
•
-
9%
100
.
"
Mar
25
14%
7%
10
95
63
445
56
170
149
15
62%
55%
*
...25
149
4%
__.*
125
West Kootenay pref.-.100
*
2%
*
2%
2%
Nov
16
Jan
Jan
7%
101
110
Aug
Sept
11%
Oct
53
Oct
49
155%
Jan
510
3
Oct
5
4%
125
Nov
125
251
2%
2%
250
18%
Feb
96%
88%
Mar
Mar
Feb
159
11%
125
Mar
Nov
Oct
10%
Jan
Oct
2
1.85
10
Jan
60
June
Banks—
67%
50
74
57%
Oct
55
Feb
Nov
22%
Nova Scotia.-...
100
295"
294
295
95
290
Nov
340
Mar
Feb
Royal
100
166%
165
168
319
Jan
Toronto
100
7%
111
3
3
187
2
July
9%
9%
170
9
Oct
20%
29%
6%
18%
290
34
Nov
61%
35
103
103
6
101
Oct
110
Apr
Jan
Mar
Oct
21%
22
1,790
12%
Oct
32
Feb
18
18%
380
15%
Oct
31
Mar
Oct
126
5%
4
7%
8%
8%
54%
75
Feb
93
105
Apr
106
805
3
Oct
96
5
Oct
2,626
7
Oct
7%
Oct
225
4,520
45
Oct
Public Utility and
255 St. James St., Montreal
Mar
Oct
8%
7%
23%
17%
22%
100%
56
Jan
Industrial Bonds
Jan
Jan
Montreal Curb Market
Mar
Mar
Oct
29
92%
Feb
94%
«* -
24
Oct
375
15
Oct
116
100
Nov
8,575
10
Oct
13%
100
14%
7%
1,480
10
450
5%
Oct
118
18%
85%
July
68
70
Oct
149
15
135
Oct
149
20
8%
8%
690
5%
Oct
1.25
1.35
100
1.25
Oct
12%
12%
540
12%
10
10
185
10
Nov
June
6%
Jan
Jan
14
14%
530
9
Oct
9
9%
70%
9%
7%
671
4%
Oct
14
Oct
75%
Aug
8%
Jan
18
Mar
7%
Oct
70
9%
297
3,102
55
8
8
60
5
Oct
49
45
49
Dec
90
15%
12%
14%
12%
15%
Imperial Tobacco of Can.5
Industrial Acceptance
•
13%
*
*
"43%
7%
6%
100
17%
13%
6%
100
140
1,870
5%
Oct
652
10%
Oct
170
13
Oct
20
98
Oct
15%
34%
106
Apr
Aug
Feb
Mar
Apr
Jan
Apr
July
7,025
14%
Oc-
24%
Mar
13%
1,730
12%
Oct
15%
38%
73%
39%
Mar
25
25
24%
Oct
40%
28%
44
15,062
36%
Nov
30%
2,600
23%
Oct
Last
Par
Stocks—
reek's Range
Sale
of Prices
Low
High
Price
Abltibl Pow & Paper Co..*
1.90
1.90
100
*
20%
60
0% eum pref
Asbestos Corp Ltd
Beauharnols Pow Corp—•
"~0%
Jan
Mar
Mar
7%
6
4%
4%
21%
20%
21%
11
11
Can
&
Dom
Sugar Co..*
"68"
Canadian Breweries Ltd..*
35%
1.40
1.40
16
*
Preferred
68
109
Can Nor P 7% cum pref 100
17%
Oct
1,804
40
Oct
122%
Apr
3%
Oct
12%
4
Oct
9%
Apr
Jan
60%
Van..5
Canada Malting Co Ltd..*
2,790
21
56
6
High
Nov
20%
5
Low
1.75
3,880
Brit Amer OH Co Ltd—.*
Brewers & Distill of
British Columbia Packers*
Range Since Jan.. 1 1937
for
Week
Shares
2.00
4%
Batburst Pr <fe Pap class B *
Mar
18%
25
29
Jan
16%
49
18
Apr
31
49
100
Apr
Nov
24
15%
18%
18%
*
Mar
Mar
Sales
Friday
Mar
28%
71
10
9%
70%
9%
7%
6%
3, both inclusive, compiled from official sales lists
Mar
19
58%
23%
16
12%
14
Dec.
Jan
627
149
8%
to
Mar
10%
68%
7
4.
330 Bay St., Toronto
Siiarfcs SI, Ottawa
Mar
,
30
15%
Feb
May
Municipal
INCORPORATED
Aug
5
3%
220
258
ESTABLISHED 1SS1
Mar
25
226
Dec
Nov
165
235%
HANSON BROS Canadian Government
Feb
5%
110
Jan
Apr
3,535
45
Aug
Apr
10%
71
«
10
235% 235%
161%
Jan
9%
20%
*
60
8%
13
1,205
1
Internat-Pet Co Ltd
Apr
9
149
—*
Intl Nickel of Canada
Feb
30
214
7
*
*
100
*
33%
Oct
Nov
100
100
Imperial Oil Ltd
Oct
15
193
18%
19
100
17%
65
32
Mar
29
30
Dominion Steel A Coal B 25
Preferred
1,369
15
Apr
Feb
68%
15%
*
*
5
*
Aug
195
52
54
100
Howard Smith Paper
98
110
Nov. 27
Holllnger Gold Mines
Oct
195
8
*
Con Mln & Smelt new...25
100
43
100
7%
7%
Preferred
1,456
Montreal
4
Hamilton Bridge
54%
20%
73
8%
...*
Gypsum Lime <fc Alabas..*
51
Nov
4
Gurd, (Charles)...
June
40
♦
*
.25
*
25
270
Canadian Indust Alcohol.*
General Steel Wares
39%
Oct
45
82
Preferred
Oct
20
19%
20
Oct
12
15
15
*52""
4
596
211
109
*
Apr
2,125
17
18
5
Jaa
5
*
100
15
6
16%
18
Nov
82
Gatlneau
Apr
150
109
Foundation Co. of Can
Apr
150
5
100
*
Jan
33
75
109
100
Electrolux Corp
29
103%
219
100
,_*
English Electric B._
Oct
157
100% 108
...25
Dry den Paper.
Eastern Dairies
Oct
156% 158
9%
20%
18%
100%
Preferred
18
95
154
34
Canadian Car & Foundry. *
Dom Tar & Chemical
10
125
154
8%
*
Dominion Textile
Jan
16%
99
158
16%
Dominion Glass
29
16%
100
18%
Dominion Coal pref
Aug
100
43
m
50
Preferred
June
Canada
Canada North Pow Corp. *
Dominion Bridge
11
25
Commerce
Oct
Distill Corp Seagrams
Jan
Oct
7%
Canadienne
Oct
Cocksbutt Plow
Mar
Jan
12
B
79
25%
15
20
*
Winnipeg Electric A
48%
Apr
19
230
98
16%
Jan
Feb
90
24
16%
Apr
33%
Jan
Oct
...
Jan
Oct
12
130
Jan
10
Class B
Apr
Dec
46
110
United Steel Corp
123%
17
24
Nov
63%
Jan
80
Canadian Pacific Ry
Jan
Mar
May
11%
69
Canadian Locomotive
485
68
11%
140
Preferred
35
28%
Oct
150
Canadian Cottons
35
Nov
Oct
15
Preferred 7%
July
57
27%
Nov
96
Preferred
Mar
158
150
2
18
Canadian Celanese
300
170
10
4
13%
Cndn Bronze pref
Oct
Apr
110
741
28
30
93
Canadian Bronze
Feb
5
18
(new).*
83
370
15
Preferred
Oct
340
96
Canada Steamship
37
5
*
—
Feb
1,594
4
32
100
Preferred
Can Forgnlnga class A
54
5
4
*
Building Products A
42%
Jan
1.25
11
Oct
3%
..*
B
Oct
11%
30%
British Col Power Corp A. *
Bruck Silk Mills
9%
1.25
*
Associated Breweries
55
240
29
Sons pref. 100
Preferred
High
12%
12%
12%
12
Jan
185
54
Tuckett Tobacco pref--100
Alberta Pac Grain pref. 100
Feb
57%
18
"5%
100
*
Steel Co. of Canada
Week
Low
Feb
43%
Oct
Southern Canada Power..*
Simon (H) &
Range Since Jan. 1, 1937
Shares
42%
Oct
17
16
Sherwln Williams of Can.*
Sales
for
Oct
36
123% 123%
14%
15%
*
A preferred
Week's Range
Last
33
407
1,385
164
57
St Lawrence Flour Mills*
Friday
3,284
225
27%
50
St. Lawrence Corp
118%
both inclusive, compiled from official sales lists
Dec. 3,
1,237
164
Saguenay Power pref. .100
Jan
Feb
218
*
*
Dec
Feb
48%
100
Apr
8%
98
100
47
15
110
110
Oct
May
48%
Power Corp. of Canada..*
Price Bros & Co Ltd
*
Mar
80
Noranda
100
Mar
15
2,176
34
*
16%
71
33
28
60
Oct
Apr
89%
34
*
Oct
4%
36%
Niagara Wire Weaving. _.*
100
60
65
32%
Shawlnlgan W & Pow
27
10
41
Ogllvle Flour Mills
June
Oct
38%
*
Aug
73
Oct
30
Mines
27
56
40
St Lawrence Paper pref
Nov.
89
Jan
43%
Oct
June
23
36%
Rolland Paper v t
1
Jan
73
901
60
30%
Regent Knitting
Preferred
Jan
98
Oct
25%
38 %
Rolland Paper
r
Jan
4s
Montreal Stock
29%
76
10
98
28%
60
"89"
10
6%
10%
41
*
25
Preferred..
12%
Nov
3%
455
65
6
98
'29%
40
100
12
69%
63%
6%
10%
Montreal Cottons pref. 100
Quebec Power
116%
112% 113%
115% 116%
118% 118%
11
100
Ask
Canadian Northern Ry—
1951
1955
1956
1957
1
Junel5
Feb
1
July 1
Sept
Bid
Ask
Canadian National Ry—
16%
69%
100
MacKinnon Steel pref._100
Preferred
Nov
65
Lake Sulphite
Lindsay (C W) pref
McColl-Frontenac
High
Low
Shares
78
Penmans
Government Guaranteed Bonds
Bid
High
100
Preferred
Preferred
Dominion
Low
4
(New)
111
109
1 1944
Ask
100% 101%
101
102
1 1946
6s
4%s
Price
4
Lake of the Woods
Preferred
4s perpetual debentures.
85%
85%
Sept 15 1942 /105% 106
99%
98%
Dec 15 1944
Week
National Steel Car Corp..*
4%s
Ry—
for
of Prices
*
International Power
National Breweries...
Canadian
Week's Range
Sale
Telegraph
Montreal Tramways
Railway Bonds
Range Since Jan. 1,1937
Last
Montreal
107% 108%
114% 116
Sept 15 1952
5s
107
5%s
4%s
Province of Nova Scotia—
4%s
117% 118%
106
2 1950
4%s_
106% 108
104
103
15 1961
Apr
117
116%
Feb
4s
Prov of
Apr 15 1960
4%s
4%s
110% 111%
Mar
4%s_
Prov of New Brunswick—
1 1959
1 1962
4%s
Province of Manitoba—
4%s
1 1942
5s
Sales
Friday
Ask
Bid
Province of Ontario—
55%
fSQ %
58
5s
1 1948
Oct
4%s
Ask
Bid
Jan
6s
190
2.203
31
5%
1,035
16%
10%
Nov
Oct
Oct
60
Apr
50
15%
80
9
Apr
Apr
Apr
26%
Mar
22
Mar
68
25
82%
Aug
30
380
32
Oct
39
Apr
109
31
109
Jan
112
Feb
Nov
4.00
Jan
12
Oct
23%
Aug
1.55
225
1.20
16
107
Can Dredge & Dock Co._*
34
34
10
32
Nov
47
Mar
*
188
188
4
200
Oct
248
Mar
100
160
160
3
160
160
Apr
Cndn Ind Ltd B
Cndn Intl Invest Trust...*
1.00
1.00
30
1.00
Apr
Nov
Co...l
1.10
1.20
200
1.00
Oct
3%
1.50
61
1.50
Jan
7% cum pref...
Canadian
Marconi
1.50
Cndn Power & Paper,I iv. *
Cndn P & P Inv 5% cm
Can
Vlckers Ltd
7% cum pref
•
Nf
oar
value
6
pf *
4%
*
100
15
15
5.00
Jan
Jan
Sept
7.75
6
75
6
Dec
27%
Jan
4%
31
2
Oct
16
Jan
245
10
Oct
65
Jan
16
Financial
3638
Canadian Markets
Dec.
Chronicle
1937
4,
Listed and Unlisted
Montreal Curb Market
Sales
Friday
Par
Week's Range
for
Sale
Stocks (Concluded)
of Prices
Week
Price
Low
Catelli Food Prods Ltd—*
1.50
Paper Ltd.*
.
11*4
STOCK BROKERS
11%
Members Toronto Stock Exchange
Feb
8
Nov
25c
100
20c
Sept
80c
Jan
225
1.25
Oct
4.00
Jan
734
15.848
10
5
.
Jan
6
Oct
20
51
Sept
24 H
73
734
785
5
Oct
19*4
634
5
Oct
19
---*
Inc.
New York Curb (Associate
16
WA. 3401-8
King Street West, Toronto.
Apr
360
Canadian Commodity Exchange,
Apr
Apr
6*4
6*4
Apr
6%
45
*
B
Nov
8%
734
High
1.50
7H
Works.*
Donnacona Paper A
Low
Shares
25c
Commercial Alcohols Ltd.*
Do in Engineering
High
1.40
10
Claude Noon Gen Adver..*
Consolidated
'
TV*
15
6% cum prof
Duncanson, White & Co.
Range Since Jan. 1, 1937
Last
45
7
8
25
5
Oct
33
Jan
East'n Dairies 7% cm pflOO
7H
734
25
6
Oct
30
Jan
Ltd....5
4*4
534
480
3
Cct
13
4
4
5
Nov
Ea Kootenay P7%cm
Falrchlld Aircraft
pi 100
*
Fleet Aircraft Ltd
17 a
65c
17J4
*
65c
15
Cos Ltd..
15*4
16
36
*
100
GenStlWares7% cum pflOO
Inter-City Baking Co.. 100
Voting trust ctfs
Frelman (A J) 0%cm pf
Feb
Oct
50
17
1,456
Oct
50
38
44
32
Nov
49
Jan
80
87
55
75
Oct
110
Mar
22
"80"
25
60
22
Dec
5
3
Sept
15 *4
3 X
lnt'1 Utilities Corp A..... *
334
834
5
1.00
400
8H
m
85c
*
13%
Oct
7
Oct
70c
1934
490
13 H
Oct
46 H
41
190
90
77
32 H
89
2.00
29
142
5
Oct
13
634
1334
595
7 H
Oct
30
85
50
80
Nov
iio
95
40 %
Melchers Distilleries Ltd.*
18
85
Massey-Harr 5% cu pf 100
McColKF Oil 6% cm pf 100
97
1.90
..10
6
13
Page-Hershey Tubes Ltd.
Power 6% cum 1st pref. 100
Feb
Feb
87
Aug
Jan
Mar
Nov
37%
73*4
100*4
1.50 June
9.00
Feb
9*4
Feb
Oct
Mar
Jan
,
Mar
Aldermac
—1
Feb
July
Sarnia Bridge Co Ltd A..#
8
10
7
Sept
22
Jan
28
104*4
108
Feb
107
1.00
1,075
65c
Sept
Apr
1.35
55
1.00
Oct
1.15
Jan
Jan
40
41
356
32
Oct
3*4
51*4
18J4
*
pref
cum
90c
1.25
Walker-Good & Worts(H)*
SI
10634 107
90c
1834
205
17 H
Oct
20
July
Feb
Beaufort
Gold
Aug
9c
Jan
13,300
19c
Sept
65c
FeD
5,000
32c
Nov
72c
Feb
13,050
8,100
7c
Nov
1.14
Feb
2 H
Nov
234c
2 34c
234c
500
22c
20c
22c
32c
36c
10c
12c
Bouscadlllac Gold Mines. 1
10c
4c
534c
95c
2634
1.00
5J4c
Bulolo Gold Dredging
5
Can Malartlc Gd M Ltd-.*
1
l*4c
2%c
2*4c
3c
1
Capltol-Rouyn Gold
Oct
Oct
50c
Big Missouri Mines Corp. i
Brownlee Mines (1936)...!
30c
46c
46c
25
7,225
5,300
550
20
Oct
June
834c
2,450
28,000
90c
8c
6?4c
10c
7,000
11c
Oct
10,100
1,045
22c
1.05
4*4c
Jan
13c
Jan
30
Sept
2.00
Feb
Nov
9c
8 He
Cartier-Malartlc G M Ltd 1
1.90
Feb
2.28
Feb
18c
Aug
c
Jan
65c
Mar
Oct
5.15
Feb
June
2.03
Jan
47*4
Central Cadillac G M Ltd 1
"~35c
34c
37c
Central Patricia Gold M..1
2.40
2.40
2.40
1.50
1.50
1,000
22c
12,800
20c
Nov
2.70
Feb
975
36 %
Oct
50*4
Jan
18,150
4,900
2,750
5c
Sept
15c
Mar
60c
Oct
2.03
Jan
1.45
Oct
3.60
Apr
Conlaurum Mines Ltd...*
Consol Chlbougamau
Dome Mines Ltd
1
*
"'21c
51
Duparquet Mining Co.,.1
East Malartlc Mines
1
Eldorado Gold M Ltd
1
20c
46%
51
6c
6c
90c
8334 c
90c
2.20
2.00
2.20
5.25
Falconbrldge Nick M Ltd. *
634c
5.25
50
4.70
Oct
12.75
Feb
Federal-Klrkland Min___l
15c 1534c
6,000
8*4c
Oct
55c
Jan
Francoeur Gold M Ltd ...*
33c
38c
2,900
33c
Nov
1.58
Feb
Graham-Bousquet G M..1
5c
5c
4,000
4*4c
Nov
60c
Feb
200
Howey Gold Mines
1
28c
Hudson Bay Mln & Smelt *
J M Consol Gold.
2134
1
18c
28c
19c
35c
Sept
62c
350
22
18c
15*4
Oct
41*4
Feb
5,900
18c
Oct
57c
Feb
1,300
Jan
Oct
1%
Nov
4*4
Jan
11c
Oct
31c
Nov
*
1.90
1.45
2.00
1.00
Nov
2.00
Dec
3.50
3.65
Nov
8.75
Feb
25c
29c
1,207
18,699
3.40
25c
Oct
1.42
Feb
23c
25c
7,200
18c
Oct
1.15
3*4c
3*4c
10,400
3c
Oct
25c
Feb
Nov
102 H
Feb
Oct
16c
*
Batburst Power A...
Bell Tel Co of Canada. 100
Bralorne Mines
B A Oil
7.80
100
Preferred
300
10c
Oct
30c
l*4c
Oct
7*4C
Jan
Canada Wire A
3.95
Oct
8.50
Jan
1
97c
97c
300
1.00
Oct
1.56
Apr
Mclntyre-Porcupine
Cndn Bakeries pref.. ..100
Can Bank of Commerce 100
5
3634
30%
Oct
*
32c
37 34
32c
05
McWatters Gold
500
25o
Oct
1.19
Jan
Moffatt-Hull Mines
Newbec Mines Ltd..
1
134c
4,000
l*4c
Dec
8c
Jan
2 34c
134c
2 34c
1,000
2 He
Nov
lie
Feb
O'Brien Gold..
1
5.00
4.70
5.10
13,110
2.45
Oct
13*4
Pamour Porcupine M Ltd *
Pandora Cad
1
Parkhill Gd M Ltd new._l
3.30
3.30
3.30
100
2.15 June
4.05
Jan
35c
35c
38c
7,350
20c
Oct
1.10
Mar
13c
11c
15c
57,599
7 He
Nov
42c
Feb
*
Canada Packers
12*4
7,029
21*4
2,250
32
*
Preferred
Jan
*
Can Car & Foundry.
Preferred
25
*
Canadian Dredge
Canadian Ind Alcohol A..*
2.10
2.25
1,100
1.70
Oct
3.80
Feb
1.85
1.70
1.89
600
1.25
Oct
6.50
Feb
1.20
Canadian Malartlc..
1.03
1.25
20,050
60c
Oct
2.51
Jan
C P R.
5.25
5.25
100
4.30
Sept
9.10
Feb
3.25
3.25
50
3.25
Nov
6.75
Feb
2.00
2.00
1,000
2.00
Dec
4.15
Jan
400
53c
Oct
1.27
Aug
Canadian Wineries
60
12*4
2,815
3c
46
Central Porcupine
Chemical Resear ch.
37c
38c
3.80
3.40
3.95
1,300
11,250
2.25
Oct
6.85
Feb
*
45c
40c
48c
9,700
20c
Sept
2.00
Feb
Reward.
1
6Hc
5c
Chromium Mining...
Commonwealth Petroleum*
634c
5c
Nov
22c
Feb
234c
Cockshutt Plow.____
♦
2Hc
234c
2c
Oct
16c
Feb
35c
Conlaurum Mines...
#
34c
20,300
1,700
2,700
30c
Oct
1.13
Feb
1.25
1.35
Cons Bakeries
2,725
97c
Oct
4.00
Feb
3.60
3.25
1
3.60
3,570
2.25
Nov
6.65
85c
80c
85c
Cons Chlbougamau..
Cons Smelters
3,100
74c
Oct
2.50
Jan
46 He
40c
54c
136,025
28c
Nov
2.90
Mar
95c
1.00
9,859
80c
Oct
2.25
Jan
5.30
400
4.50
Oct
6.10
Feb
..1
Thompson
Cad
Towagmac
"5*30
Exploration.. 1
Wood
1
Cad
32c
5.15
Jan
31c
34c
17,275
16c
Oct
2.15
Jan
39c
39c
1,000
39c
Dec
1.95
Feb
1
37c
36c
38c
26,500
19c
Oct
Wright Hargreaves M Ltd*
73*4c
Apr
7.65
7.40
7.65
350
5.80
Oct
8.10
Jan
Anaconda Oil Co
*
lOHc
7c 1034c
7,500
7c
9,200
Oct
25c June
Calgary & Edmonton
Calmont Oil Ltd
*
2.67
1.95
2.70
1.25
Oct
6.40
Feb
1
57c
51c
57c
500
73c
Dalhousie Oil Co
Davies Petroleum
Aug
1.70
Mar
*
75c
55c
75c
21,350
38c
Oct
3.60
Feb
31c
1,000
31c
Nov
31c
Nov
14c
2,000
14c
*
31c
East Crest Oil Co..
Foundation Petroleum
*
25c
25c
500
25c
Home oil Co.
*
1.37
1.00
1.38
I"*
33,930
80c
1.40
1.15
Okalta Oils Ltd
14c
*
Pacalta Oils
14c
Dec
Dec
25c
Dec
Oct
4.10
Feb
25c
1.40
200
1.00
Oct
1.55
SeDl
934c 1434c
*
Prairie Boy
Dec
8,000
9 He
Oct
16c
Sept
500
25c
Nov
37c
Dec
59*4
Mar
37c
37c
*
47
36
47
Toronto Stock
Nov.
27 to
Dec.
4,775
Darkwater Mines
Week's Range
for
Sale
of Pries
Week
Price
*
Abltlbl
Acme Gas <fe Oil
• 1 »-4 o *©
1
1
1
•
Low
1.90
20*4
20
9*4c
High
2.25
21
10c
Shares
2,430
1,330
2,200
Range Since Jan
1.65
Mar
23c
19
2%
Oct
8
Feb
Aug
Jan
55
29 H
Dec
44*4
Jan
2.74
67,690
1.15
Oct
6.55
Feb
56c
36c
57c
57,023
30c
Oct
1.75
Mar
eo
3*4
9
_
„
_
oo
3*4
5KS
2*4
9*4
20
8%
158
Oct
65
65
Oct
98
Feb
137
Nov
160
July
2
July
7
Apr
35
158
1.50
15
6
186
2,460
8
July
18
Apr
50
May
79
Aug
Dec
73
Jan
Nov
210
Apr
34 H
149
1.00
Nov
13*4
16
196
12
Oct
17*4
120
17
Oct
8
8
110
10*4
20
21*4
350
37*4
34
37*4
75
5
5*4
569
6 H
746
21
9*4
9*4
Jan
Apr
Aug
45
17
8
io*4
23
110*4
62
65
1.25
Oct
Oct
3
34*4
155
7%
85
9*4
*
34*4
1.50
3 H
175
65
34*4
25
9
96
96
-
_
Oct
3*4
23*4
20*4
12*4
Jan
Aug
Jan
Jan
Feb
Oct
21*4
13
Oct
32
Jan
Oct
47
May
Oct
7*4
June
2.30
Feb
Oct
17*4
Mar
5 H
4
4
200
29?*
3%
3%
96c
93c
96c
8,000
85c
8*4
7*4
8*4
1,921
3
5
,1*4
Oct
1.62
1.62
500
1.30
Oct
1.75
Jan
2.43
2.35
2.50
9,895
1.85
Oct
5.25
Feb
7%c
8*4c
7%e
Oct
43c
Jan
40c
Oct
1.44
Oct
1.47
Jan
Oct
95c
Feb
22*4
Mar
5
3
3
55C
55c
43c
43c
46c
3,000
5,700
8,500
38c
33c
43c
33,525
21 *4c
8*4
8
1.56
3,300
16 *4
515
20c 21 *4c
11,325
15c
210
1.40
1514
8*4
1.45
38
Oct
7H
Oct
OO
May
1
15
20c
Nov
Oct
8*4
4
2.14
23
2.70
Jan
Jan
Mar
Jan
Jan
Feb
Feb
51
55
3,717
45
Oct
100*4
Mar
195
197
142
192
Oct
211
Mar
19
20*4
85
19
Nov
33
33
34
17
33
Dec
53%
10c
9*4c 10*4c
Davies Petroleum
*
44
30
46
Dlst Seagrams
*
15%
15*4
16
_.
.
inn
.
70
*
Dominion Coal pref-.
Dom Steel Coal B
208
—
46*4
50*4
208
197
127,980
2,905
30
8H
Nov
50
2.95
Feb
Feb
Jan
20
Oct
40
Aug
10 H
Oct
28*4
Mar
94*4
Feb
66H
Oct
10,848
36
Get
51
29
194
Nov
250
Jan
Jan
18*4
13*4
25
25
70
67
50
..100
Dome Mines..
12,010
27*4
14
18*4
345
17
Oct
24
Mar
14*4
6,795
10
Oct
28*4
12*4
Mar
18
Apr
♦
5*4
6*4
5*4
275
5H
Nov
Dominion Tar
*
7%
7%
7*4
50
6H
Nov
Dorval Slscoe
1
20c
18c
21c
20,600
16c
Nov
1.22
Feb
East Crest Oil
♦
13*4c
12c
15c
61,400
10c
Nov
45c
Feb
Eastern Steel..
*
East Malartlc
1
Easy Washing
*
Eldorado Mines
1
Dominion Stores
Equitable Life
16*4
90c
*
1
1
*
Foundation Pete
92c
25,525
4%
4*4
10
2.17
1.98
2.24
18,180
5.05
4.95
21*4
13*4c
20*4
5
150
3,475
3,500
21*4
I5*4c 148,300
■
6,900
17*4
2,485
17 *4 c
24c
36,850
32c
21 *4c
21c
16*4
17
»
*
13c
5*4
5.15
19c
...
Gatlneau Power..
General Steel Wares
GUUes Lake Gold
15
80c
25
Falconbrldge
Fanny Farmer._
17
36c
7,700
9
9
12
60o
4
1.50
Oct
24
Feb
Oct
2.05
Jan
Nov
9*4
Feb
Oct
3.65
Dec
8
4 75
Oct
12.90
16 H
5
Mar
A
>•
Aug
May
Oct
25*4
6*4c Sept
54c
Jan
Oct
26c
July
Oct
29*4
Jan
16**c
Oct
1.25
Feb
32c
Nov
1.58
Feb
16c
15
67
7H
35
8
Oct
14
Aug
Aug
Nov
Nov
15*4. Apr
80
20c
*
9*4
9*4
Feb
18*4
Apr
1
13c
12c
14*4c
19,800
12c
Oct
65c
May
Olenora
High
Oct
9c
74%
No\
1
5*4c
5c
5%c
9,700
3 Ho
July
30c
Jan
God's Lake Mine.
Lew
18
1 1937
Mar
1.90
.
Last
Par
Nov
Sept
Feb
c
6*4
20
...1
Francoeur
Sales
10c
12
Oct
75
12.50
100
Crows Nest Coal
Preferred-
39
15
30
Apr
2c June
197
Firestone Petroleum. ..25c
*
Ford A
3, both inclusive, compiled from official sales lists
Stocks—
preferred
Oct
Exchange
Friday
6%
24c
2*4
8.25
Jan
65c June
♦
Federal-Kirk land
Royallte Oil Co
405
Nov
60
Jan
1.10
100
Consumers Gas
Cosmos
Dominion Bank
Oil—
5
Mar
24,710
29*4
...1
*
Mar
2638
39
2.66
30
*
1.35
Teck Hughes Gold
16c
12*4
2%
1
1
Feb
235
15c
12%
*
1
Read Authler Mine
Red Crest
Sullivan Cons Mines Ltd.l
50
47
43
16c
1
Central Patricia
30*4
Oct
20,500
_.
Cariboo Gold
Jan
Oct
Nov
'
»
25
10
16*4
29
23c
*
B
Jan
Jan
53,450
11*4
Jan
Jan
Feb
46c
2*4c
Feb
9.00
33c
60
72c
6*4
40
25 H
42c
3c
Jan
Dec
6.40
Oct
60
Jan
1.70
May
Oct
23
Feb
Feb
176
29c
8c
lie
*
Canadian Cannerslst pf.20
*
2nd preferred...
Oct
3,500
*
Canadian Breweries.
Oct
May
20c
68
50
29c
3 H
30
18c
145
2.25
*
80
Oct
18c
68
1
Slscoe Gold Mines Ltd...l
Sladen Mai
]
15
11
137
Jan
22,100
10,330
32
3
1
Stadacona-Rouy n
24
68
Pend-Orellle.
1
7.90
7.75
23
145
.
l
11c
*
Perron Gold Mines Ltd...l
Pickle Crow Gold
1
1
40
Ap'
36c
25
Canada Permanent.- ..100
new
154
3,060
4
35
Can Steamship (new)
Pato Gold
Ritchie Gd Mines Ltdt
36c
10
42,402
20*4
*
Canada Cement
1,150
Sherrltt-Gordon
*4 c
11
*
Canada Bread
6,000
85c
396
32
1
Calmont Oils
14c
Shawkey
9*4
21*4
*
5.00
Oct
Oct
9c
24
25
Burt (F N).
Calgary & Edm
2 34c
30c
4*4
7*4
40c 43
12 *4e
Burry Biscuit
4.85
Quebec. Gold Mine Corp.,1
1.75
9c
*
12 34c
2c
1.09
Oct
159*4 164
*
Burlington Steel
Apr
96c
35c
*
Building Products...
Apr
12%
6,900
2,345
1.30
12*4
Bunker Hill.
24*4
4%
4
*
Buffalo-Canadian
Feb
Oct
Oct
175
6,200
34
Buffalo-Ankerlte
Preferred
Mar
65c
340
Jan
JaD
Aug
273
Nov
5
6
41c
10(1
Brown Oil pref
He
1.09
164
*
Brown Oil
340
Nov
12c
12
1.25
6*4
*
5.00
2.00
1.30
4
British DominlonOil-
Nov
234
4*4
»
Brit Col Power A
286
15*4
Jan
42
19
137
297
11*4
11*4
*
Brazilian
56
15
*
...
Mar
1
Jan
Brantford Cordage pref.25
Nov
1
1.85
....1
Bobjo Mines
Sept
1
Sept
1
3c
Preston East Dome
53c
50
Preferred
46%
Pioneer Gold of B C
Premier Gold Min
19,917
*
Blue Ribbon
97*4c
*
65c
1
Bldgood K'rkland--Blg Missouri
470
Lake
58c
*
10,000
Mackenzie-Red
63c
*
1.25
"2
Apr
*
B
334c
1
49c
234*4 236
5234
1
Nov
290
1.21
1
Feb
Jan
60
14*4c
297
334c
Mines
Oct
23
4,300
236
5034
Mncassa
5*4c
18c
«•
1.25
59
3,000
Feb
58*4
*
3%c
27*4c
100
15c
57
100
50 H
Lebel Oro Mines Ltd
58
25
8c
8c
Bank of Nova Scotia. ..100
Bank of Toronto
Base Metals Mln
1
Lee Gold
100
1
Bankfleld Cons
1
Apr
100
22
16*4c
Lake Shore Mines
1.64
3*4c
50
Kirk land Lake Gold
Lamaque Contact G M..*
Feb
30c
24,701
Beauharnols
Aldermac Copper Corp...*
Alexandria Gold Mines... 1
Arno Mines Ltd....
.*
1.89
Jan
23,550
Beattle Gold
Mines—
Feb
18c
46,600
24,620
Bagamac Mines
8
95c
22,375
'A-1-*-
__
Bank of Canada
5
Jan
Oct
40c
21c
Ault & Wiborg pref-- -100
..50c
Aztec Mining
107
■;
50c
1
Oct
43*4
2*4c
Astoria- Rouyn
Nov
57c
Sept
16c
1
4
Sept
9
45c
46c
J
95
22 He
40
2*4c
Arntfleld Gold
30
700
Sept
19c
Argosy Gold Mines..
37
Jan
2c
14
30c
10*4 c
3,500
29c
29c
35*4c
High
Low
Shares
3c
13
*
Anglo-Huronlan
434
High
2*4c
1
Anglo-Can Hold Dev
4*4
Walkervllle Brewery Ltd.*
IjOW
1
Gold
Amm Gold Mines
Quebec Tel & Pow A
Sou Can Pow 6% cum pflOO
United Distillers of Can..*
Price
pf 100
Copper—
Alexandria
Week
1
-
A P Cons Oils...---
89
18
Ajax Oil & Gas
Jan
21*4
3*4
Range Since Jan. 1 1937
for
of Prices
1
Afton Mines Ltd
11
33
Nov
Par
Stocks (Continued)
Week's Range
Sale
Alberta Pacific Grain
369
Sales
Last
Jan
36
Exchange
Friday
39*4
34
MacLaren Pow & Paper..*
Mitchell (Robt) Co Ltd..*
2.50
38
17
Internat) Utilities Corp B. 1
Preferred
29*4
Feb
Apr
Apr
Intl Paints (Can) A...—*
Lake St John P&P
July
Oct
12 H
Toronto Stock
Jan
10*4
Oct
14 %
95c
*
Foreign Pow Sec Corp
Fraser
5
285
Ford Motor Co of Can A. *
*
52c
48c
53c
13,885
40c
June
1.02
Jan
1
16c
16c
18c
4,000
Goldale Mines
Apr
Mar
*
No par value
'
..
10
15
Oct
49
J an
Volume
Financial
145
Chronicle
Canadian Markets
-
3639
Listed and Unlisted
Toronto Stock
F. O'HEARN & CO.
STOCKS
11 KING ST. W.
Stock* (Concluded)
Perron Gold
OFFICES
Montreal
Noranda
Ottawa
Winnipeg Grain Exchange
Kirkland Lake
Montreal Curb Market
Sarnia
North Bay
Canadian Commodity Exchange
Owen Sound
Bourlamaque
Chicago Board of Trade
Stock* (Continued)
Par
26%
Jan
4.10
Oct
9.20
Feb
3.20
3.10
3.25
3,900
2.35
Oct
6.85
Feb
1.60
*
15
Goodflsh Mining
9c
1
22
23,830
22,000
15c
Oct
29c
1
1.90
1.85
2.09
10,650
1.50
Oct
4.50
Jan
30
17%
Nov
36
Feb
1.15 118,185
50o
Oct
*
91c
47c
38c
47c
3.25
3.90
16,100
40
1
40
31c roct
2,300
3.80
.*
—100
1.47
2.25
3
Nov
40
Apr
Jan
85c
Jan
6.85
Oct
Feb
58
Feb
1.95
39c
46c
2,500
*
19c
17c
21c
55,750
12c
Nov
1.78
Reeves-Macdonald
*
35c
32c
35c
2,200
25c
kOct
1.52
*
2%
2%
100
2
July
1
64c
65c
9,600
57c
Nov
*
...
64c
*
Rocbe Long Lac
.
-
-
8c
9c
7 Ac
July
22c
Apr
Royal Bank
100
Oct
97%
Aug
Royallte Oil
—*
Oct
57
Jan
St Anthony
169
75
25
22
-
-
1
....
20c
Sept
Feb
Apr
4
June
1.35
Jan
33
Dec
22
Feb
Feb
23,900
10c
164% 169
7o
Oct
48%c
53
164%
Dec
227
Mar
Oct
60
Mar
*
Feb
5%c
5c
5Ac
6,250
Nov
63c
Feb
San Antonio
1
1.37
1.31
1.37
4,877
9,200
5,032
19
Oct
2.40
Jan
1
4%c
4%c
4XC
11,000
4%c
Nov
57c
Feb
Shawkey Gold
.1
31c
30 Ac
36c
10,030
29c
Oct
1.10
Feb
12
12
12
Dec
Dec
Sherrltt Gordon
.1
1.33
1.20
1.38
23,787
90c
Oct
3.95
Feb
4%c
Nov
75
78
105
54
58
233
*
Mines
Great Lakes Paper
Preferred
10
5c
3,500
10
545
31A
454
4%c
9
*
31 %
29%
12
18c
Gold
Gypsum Lime & Alab
Halcrow -Swaze
„
.
Simpsons B—.
Apr
Simpsons pref
100
Oct
23%
Jan
26%
Aug
Siscoe Gold..
...1
8c
8c
8c
500
7c
Nov
18c
Feb
i
81c
81c
88c
17,500
55c
June
1.25
Jan
6%
6X8
6X
805
5A
2c
Oct
18%
Ap
1
Jan
Apr
3 A
Oct
92c
88c
98c
Oct
10%c
16c
35,115
10,100
70c
ll%c
1
Barker
50
1
8c
Oct
12c 18 Ac
18,000
10c
'
*
17c
5
"12%
15%
12%
Hinde A Dauche
Holiinger Cons
7c
40A
500
t3%
32
*
High wood Sarcee
Oct
Oct
2 Ac
32
3%
2 Ac
"§2"
Hamilton Cottons pref..30
Harding Carpets
Hard Rock.
30
10
—
.
24
1
10
80
5
81
5
121
5
80
85c
82c
Slave Lake
]
16c
15cJ16%c
Southend Petroleum
*
7%c
10c
55c
3,020
3.30
3.55
85c
.1
Southwest Petroleum
*
Stadacona
*
Standard Chemical
3.44
Jan
Steel of Canada.
33c
Feb
55c
......
8
......
62
55
63
_.*
25
Feb
6.65
Oct
2.49
Nov
2.50
Feb
19c
Aug
15c
5c
Nov
Jan
Jan
2.00
Feb
Nov
2.85
Apr
Dec
15%
Oct
40c
28
8
400
63%
57%
Jan
110
74o
75
8
17
Dec
Nov
2.40
54c 148,910
40% c
46c
*
Preferred—
6c
Jan
Dec
9,000
Sladen Malartlc..
3.50
32c
12c June
12,305
14,350
22,000
Jan
7
15c
_*
...
47
I3%c
13% c
53%
*
—
37
47
1
Oct
7
1
Grull Wiksne Min
Jan
52%
Oct
96
Feb
55
61
Oct
88
Mar
Oct
90c
Mar
Straw Lake Gold..
*
15%
12%
16
100,600
9%c
Oct
15%o
Oct
Oct
22%
15%
Jan
Sudbury Basin
*
2.90
2.75
2.92
1,925
1.75
Oct
6.90
Feb
Oct
Jan
Sudbury Contact
1
14c
12%c
14c
14 000
9C
Oct
40% c
80
190
13
14
9X
17
Oct
405
Jan
*
1.34
1.00
1.38
Jan
Sullivan Cons
1
98c
95c
1.00
7,600
80C
Oct
3.25
Jan
27c
25c
30c
18,300
2c
Oct
87c
Jan
Sylvanlte Gold
1
2.95
2.85
3.00
7,425
2.50
Oct
4.80
Feb
1
Home Oil Co
3,701
47,432
..1
-
Homestead Oil
27%c
27Xc
29c
13,877
21c
Oct
72c
Jan
14%
Nov
52
52
52
Dec
Howey Gold
100
Huron & Erie
Huron A Erie
20%
15
8
19
7A
208
100
*
208
200
18
6A
Teck Hughes
Mar
3c
5.10
5.25
.1
1.
10
52
3c
Jan
16%
54
Jan
3c
Oct
28%c
4.25
1,000
3,470
24,730
Oct
6.00
Feb
Jan
Oct
65c
Oct
3.25
Feb
Toburn Gold
1
2.35
2.25
2.45
15c June
1.62
Mar
Toronto Elevators
*
18
17%
18
100
16
Nov
46
Apr
53c
Mar
Toronto General TrustslOO
80
80
55
77
Nov
110
Feb
2.15
Feb
Toronto Mortgage
120
120
110
Sept
126
Mar
59c
Feb
Towagmac
International Pete..
*
29
28%
Intl Utilities B
1
85c
Jack
1
40c
40c
Mines
1
23c
21 Ac
Cons
1
1.02
87c
1
18c
18c
14 A
41c
6,953
Oct
Oct
12
520
13%
36X
1,000
23c
10,366
1.05 167,920
19c
7,900
Nov
21c
Nov
6Uc
Oct
18c
Oct
13
105
11%
105
10
104 A
13.
105'
Mar
125
15
15
*
50
Preferred
Tasbota
23 A
44
*
Tamblyns
300
40 X
100
Mar
May
1.00
43%
Kelvinator
June
15%
30%
13 %
*
Kelvinat or pref
95
240
42,216
9,365
5
International Nickel
M Consolidated
Nov
24%
15%
73%
39%
Imperial Tobacco
Walte
Nov
195
55
18%
17%
13 A
Imperial Oil....
Nov
68
70
70
100
Imperial Bank
J
19
19
1.12
72 A
52 A
4c
78
55
Greening Wire Co Ltd...*
Jellicoe
68
Oct
Feb
7,550
...1
Graham Bousquet
Granada Mines
Jacola
Feb
July
39c
Reno Gold
High
Lots
*
Preferred
Gunnar
2.20
33%
12
Retnhardt Brew
50
Goodyear Tire
Grandoro
Sept
June
Oct
76c
5
103
Jan
96
.^58,220
34c
..1
Red Lake G Shore
Shares
11c
9c
1.64
15
35% c
Red Crest Gold
I 1937
Week
31c
25c
27c
1
„
1.31
15
25c
Riverside Sllk__
Gold Eagle
16
15
98
98
1
Real Estate Loan
Range Since Jan.
for
Jan
Deo
8,045
100
Prairie Royalties.
Premier
Sales
Price
10
2.50
5.35
Read Authler
of Prices
Low
High
High
Oct
16
Quemont Mines
Sale
50,825
5.10
Pressed Metals
Range
Low
50 Ao
16
Power Corp
Exchange
1.26
1
Preston E Dome
Week's
Wee
5.30
Powell Rouyn_.
(Inc.)
Timmlns
Last
1.02
1.17
*
Porto Rico pref
Sudbury
Hamilton
Friday
Shares
Price
__1
Pioneer Gold
The Toronto Stock Exchange
Toronto Stock
Range Since Jan. 1 1937
for
of Prices
Low
High
_1
Photo Engravers
Pickle Crow
MEMBERS
Cobalt
Par
Week's Range
Sale
TORONTO
WAverley 7881
Toronto
Sales
Last
GRAIN
BONDS
Exchange
Friday
Oct
Nov
Feb
Mar
39
Feb
108
Mar
_♦
5.25
Texas Canadian
*
1.50
Tip Top Tailors.
Preferred...
*
50
.
«• .
m — .
1
Uchl Gold
Feb
16
Aug
106
Nov
110
June
1.00
1.79
1,575
6
34% C
41c
20c
20c
85c
93c
12%
40 c
Exploration.. 1
Treadwell-Yukon
107
106
100
2.35
10
49
12
Oct
30
1.50
1.25
11%
13%
11,000
1,100
6,800
1,644
1
.
.
.
.
.
.
"13%
4.65
Oct
Jan
Jan
Feb
34%C
Nov
2.00
20c
Nov
2.60
Feb
50o June
1.10
Aug
Oct
Jan
19
Kerr Addison
J
1.62
1.69
35,112
1.40
Oct
3.30
Kirk Hud Bay
1
1.08
95c
1.08
75c
Oct
2.65
Feb
United Oils
*
22c
14c
24c
45,570
12c
Oct
70c
Feb
...1
1.25
1.20
1.25
90c
Feb
1.70
Apr
United Steel..
*
4%
4%
4%
2%
Oct
11%
Mar
25c
Oct
1.10
_.*
5.30
5.00
5.35
1,655
3,570
9.10
May
Oct
59%
1
1.25
1.00
1.30
17,250
580
45 X
10
Nov
1.28
1.44
32,400
33c
Oct
I 33
Jan
June
1.30
July
1
Kirkland Lake
Gold.—— —
Lag una
Lake Shore.
........
37c
37c
40c
2,200
39,910
10,700
1
49%
49 A
52 A
9,490
48c
1
15%c
Oro
Leitch
95c
*
30c
Jan
Westflank Oil..
*
42
30
44
5,700
29,550
5,930
1,106
7%c
Jan
Westons
*
10%
10
10%
35c
Oct
1.35
Jan
82
85
4 00
Oct
8.40
Jan
Whitewater
5%C
6%c
22
Oct
25
Feb
19 A
11c
Oct
23%
Aug
Wlltsey-Coghlan
Winnipeg Elec B
Sept
90c
Feb
3.70
Oct
8.60
Jan
Wood
80c
Oct
4.85
Jan
Wood Cadillac
1.20
Mar
2Ac
23
22 A
23%
21
20 X
21
18c
1
4.95
4.80
5.01
1
1.11
1.10
1.18
1
34%c
34Xc
41c
23(
22c
*
2 %(
23c >
2c
7%
7X
East
Mines
Nov
12%
14,075
I,625
Oct
36c
Oct
16%
74
10 A
1,448
88 X
89 X
65
86
36A
38
3,179
30
470
87c
1.07
12c
13c
33c
*
*
1
25c
Oils
;
A
2.03
Jan
57c
29 X
31A
460
25
5
140
4c
44c
105
Oct
1.18
13c
Nov
63c
Sept
39c
5.00
Feb
1.25
Oct
3%c
Nov
32c
Oct
Nov
56c
July
95c
June
1.98
Apr
Oct
45%
Aug
Oct
15c
Oct
88c
2 Ac
10c
38
128
1
"~27c
15
128
25c
30c
2%c
35
555
6
35
SA
2Ac
125
Oct
Nov
65c
3%c
2 Ac
14c
60c
48%
18c
18c
4,500
8,300
69c
8,600
'53
Beauharnols Pr Corp 5a *73
Bell Tell Co of Can
Feb
Burns & Co 5s
83
68.1946
5s^1955
1958
Ontario Loan
103
Canadian Lt A Pow 5s 1949
Canadian Vickere Co 6s '47
Cedar Rapids M A
1.37
65c
Oct
4.10
Feb
1,200
II,034
lc
Oct
12c
Jan
30c
Oct
1.28
Jan
Oils
Page Hereey
*
*
Porcupine
Pandora-Cadillac.
Pantepec Oil
13%c
8%c
9
106
Jan
112
25
9
1.24
9
Dec
18
13,800
Aug
Jan
85c June
2.20
Mar
8c
Nov
43% c
Feb
P 5s '53
Consol Pap Corp 6%s 1961
6%s ex-atock
1961
Dom Gas A Elec 6%s. 1945
Donnaconna Paper
54
1.90
June
4.00
Jan
4,050
34c
Nov
42c
Nov
Gt Lakes Pap Co 1st 5s *55
""*A
4A
5A
920
9%
16c
18c
15c
Oct
35
Jan
July
Int Pr A Pap of Nfld
16c
40
55
Oct
81
2X
Oct
118
Mar
76
97
35,413
5s '68
Co
,
_
_
101
102% 103%
90%
91%
101% 102%
Park hill
1
13c
11c
15c
7 Ac
Nov
Feb
5%s
Partanen-Malartic
8c
6Ac
9c
37,500
5c
Oct
41c
1
Apr
6s
18,700
8c
Oct
46c
Jan
51%c 114,105
33c
Payore Gold
Paulore Gold
...
Paymaster ConR.
1
.1
14%c
51%c
10c
40c
16c
Oct
1.38
•
Jan
1961
95
—1951
No par value
«
66
f Flat price
n
Nominal.
»
•
-
~
105
100%
106
99% 100%
102% 103%
102
-
-
-
99% 100
101% 102%
100% 100%
101% 102%
76
62%
70
Winnipeg Elec 6s.Oct 2 *54
Lake 8t John Pr A Pap
5,005
54,459
«.
Ottawa Valley Pow
74
37%
105
50
50%
100% 101
95%
1939
1956
1973
Montreal Tramway 5s
46%
94
104
104
1941
5%s'70
Power Corp of Can 4%s '59
5s
Dec 1 1957
Provincial Pap Ltd 5%s '47
Saguenay Power 4%s A '66
4%8 ser B
1966
Shawlnlgan WAP 4%s '67
Smith H Pa Mills 4%s '51
United Grain Growls. 1948
United Securs Ltd 5%s '52
66
/45%
75
36c
value) 3s
3%s
3%s
/64
51
Eastern Dairies 6s
45
93%
Minn A Ont Paper
par
94
93
74
.1956
1942
3.45
3.30
101
112% 113%
Co
—
34c
82%c 86 Ac
"
96%
95
4s
2.95
15c 162,000
*
103%
95%
East Kootenay Pow 7s
1949
Fraser Co 6s—Jan 1 1950
Gatlneau Power 5s...1956
1
.1
1
106 A
9
1.10
37
58.1953
Jan
106 A
6s. 1945
Montreal Island Pr 5%s '57
Montreal L H & P ($50
Canadian Inter Pap 6s '49
Feb
1.20
103
Canada North Pow
Feb
39c
McColl Frontenac Oil 6s '49
Apr
4A
37c
97
Feb
4.00
1.45
96
-
101
70
Maple Leaf Milling—
2%s to '38—5%s to '49
Massey-Harris Co 6s_. 1947
49c
13.25
Ask
100%
5%s.l951
59
95c
Oct
3Ac
63
Oct
Oct
Friday, Dec. 3
57
Sept
Aug
88c
Utility Bonds
62%
107
3 A
3AC
2-6363
Bid
113% 114%
Calgary Power Co 5s.-1960
Canada Bread 6s
1941
1.00
40
Corporation
Montreal and Toronto
Manitoba Power
Jan
2.50
1.35
•
New York,
70
July
50
*
Feb
65
16%c
19,900
33,060
*
*
Jan
52c
MacLaren-Que Pr 5%b '61
Oct
3 A
Ora Plata Mining
8.10
Oct
61
Nov
5.15
Ontario Steel
Oct
18c
Ask
/60%
2.23
3A
37c
5.80
SECURITIES
Municipal
•
Bid
4.75
*
1
50
77c
Exchange—Curb Section
Closing bid and asked quotations,
*
...
Feb
Oct
20c
6,600
Industrial and Public
Feb
Apr
June
3%
1.35
Jan
WWWWWWWWWWWWWWWWOWWW"
4.95
1.35
25c
Oct
Royal Securities Corporation
1
Gold
Olga Oil A Gas
Omega Gold
Pamour
30c
2.00
65c
*
7.60
17,900
15,320
3c
30 Broad Street • New York • HAnover
hell System Tele. NY 1-208
5
Preferred
Aug
22c
Jan
Oct
5.160
North Star Oil
95
7.40
Feb
Dec
Sept
75c
16c
Jan
23c
3.60
28c
1.55
36 X
3%c
*
53
7.50
1.49
3,950
1,150
4,081
69c
Norgold Mines
Jan
5
*
Alberta Pac Grain
12c
2%C
Nordon Oil
44
..*
Feb
Oct
70c-
North Canada
10
Oct
38c
Abltlbi P A Pap ctfs 6a
Oct
.*
1
1
Normetal
Nov
10
36c
Feb
20c
*
Mines
28c
140
2 Ac
2.00
1.85
11
18,600
4,000
48 %
47
42%
1.05
5
28c
Feb
2
5
36% e
Private wire connection between
Feb
38
July
Oct
7A
17c
Jan
100
1
Government
Feb
5,000
"~sx
Mar
5c
June
10,300
*
1
Pacalta
190
19c
Nlplsslng
Okalta Oils
Feb
17Xc
Nay bob Gold
Newbec Mines
New Golden Rose
O'Brien
1.15
2%c
100
Preferred
Noranda
33%c May
16c
*
Mar
28c
82
Feb
2Ac
*
106%
Oct
65
CANADIAN
Mar
6c
24c
2%c
National Grocers...
Dec
55
See Page 3636
Jan
Jan
"i6%c
National Brewing
36%c
18%
Aug
Nov
3c
65
Toronto Stock
Feb
1
Murphy Mines
Oct
9%
Mar
Oct
31%
4c
35c
150
Jan
25c
490
Mar
1
Kirkland
July
20
51,800
12
Wright Hargreaves
52%
Oct
2%
3c
2%
12
.100
(Alex) pref
Oct
Mar
101
Oct
23c
185
165
4c
Oct
14%
12c
2.14
8%c
9 Ac
176
3c
*
Feb
31
3,800
5,300
100
Ymlr Yankee Girl..
Jan
85c
1.83
22c
6c
June
II
42%
18Xc
15c
Jan
Oct
2.10
31c
100
A
Morris
8X
21%c
34c
22c
1
*
Moneta Porcupine
32
76,850
4,480
7,200
15,800
28,800
1,825
1,800
2,100
46,500
24,715
*
Model Oils
Moore Corp
4%
41
10
13c
Corp
1
4.65
2.25 June
Mar
Oct
6A
40
10 %
99c
Gold
~6c
Mar
8e
40
*
""
1
Preferred
Jan
12c
9Ac
6
100
...
Oct
Nov
Oct
3
1
*
McWatters Gold
5%
Preferred
Sept
Feb
10
1
Mercury OH
Merland Oil
June
16c
3%
3X
McVittle-Graham
Monarch
2c
44c June
1
McKenzie Red Lake
Minto
Oct
5 "36 k"
Preferred
Mining
Dec
10c
2%
12c
....100
*
.100
Preferred-
McColl Frontenac.
Mclntyre
34%c
5,610
5,000
180
"T%
m
1,600
5,290
38,368
42,100
361
3
*
Massey Harris
2%c
7%
2 A
1
Mines
Maralgo
330
23c
Preferred
Oct
90c
1.00
711
Oct
Maple Leaf Gardens pref 10
Maple Leaf Milling
Preferred...
....-*
Manitoba &
18%
Nov
75<
....*
42%
18
2c
23c
McDougall-Segur
40
10c
4.81
MacLeod Cockshutt
*
68c
67c
Madsen Red Lake
Walkers
3.30
'
20,382
2,866
14,600
4.65
Mines
1.35
26,700
*
Macassa
*
93c
75c
11%
16%
Walte Amulet-
12Xc I5%t
4.85
Lowery Petroleum
Vulcan Oils
42%
18%
*
B
Ventures
Jan
98c
1
A..
Loblaw
Feb
Aug
48c
—*
Gold
Little Long Lac——
27
..*
Union Gas
45c
2%c
1
Lee Gold
12
10X
♦
Lapa Cadillac.—— — 1
Lava Cap Gold
1
Lake Sulphite
Lebel
1.50
Apr
(
65
Financial .Chronicle
3640
j
New York
July
May
Nov
Mar
a3?*s
a3j*s
a3?*a
a3?*s
a3?*s
a3'4n
1 1977
1 1975
99?* 100?*
103?*
1 1954
102
1 1954
102?* 103?*
101?* 103
101?* 102?*
1 1960
15 1976
Jan
July
1 1975
a4s
May
1
a4s
Nov
1 1958
...
May
1 1959
ate
May
1 1977
ate
Oct
1 1980
a 4s
1 1960
a4?*s Sept.
a4?*s Mar
a4?*a Mar
1
105
103
106?* 108
106?* 108
106?* 108?*
105?* 107?*
107
108?*
1957
109?* 110?*
109?* Ill
109?* 111
1962
1 1964
Dec.
a4?*s Apr
a4?*s Apr
a4?*s June
a4?*8 Feb
a44e Jan
a4?*s Nov
a4?*» Mar
a4?*s May
a43*s Nov
a4j*s Mar
a4?*s June
a4j*s July
a4?*8 Dec
a4?*s Dec
1
4,
*
t*
New York Bank Stocks
1966.
110
15 1972.
1114
1 1977.
110?* 111?*
110?* 112
110?* 112 J*
111
112?*
15 1978.
Ml* 112?*
1 1974.
16 1976.
Par
Ask
Bid
97
96
i'
City Bonds
Ait
Bid
Jan
a3a
*
1 1957.
112
113 J*
111?* 113?*
1 1957.
112
1 1963.
Bid
Par
Ask
Bank of Manhattan Co. 10
234
25
Klngsboro
Bank of Yorktown..66 2-3
53
63
Merchants Bank
95
125
Bensonhurst National
50
Bid
100
100
National Bronx Bank...50
Ask
65
100
40
National
115
45
..13.55
30?*
32?*
National Safety Bank. 12?*
13?*
14?*
12?*
Chase...
27?*
29?*
Penn Exchange
10
10
12
Peoples National
50
54
65
City (National)
Commercial
130
Fifth Avenue
100
136
820
National..100
870
25
29
30?*
Sterling Nat Bank A Tr 25
26
28
Trade Bank
21
25
Public National
113
114?*
113?* 115
1 1981.
1 1965.
114
114
115?*
15 1971.
115
1 1979.
116
116?*
117?*
1 1967.
1776
First National of N Y..100 1730
Flatbusb National
45
35
100
New York Trust
Par
Banca Comm
Bid
12?*
Companies
Asl
Bid
Par
Ask
Itallana. 100
100
106
Fulton
100
220
240
Bk of New York A Tr__ 100
367
377
Guaranty
100
234
239
Bankers
Bronx
10
48?*
7
County
100
.20
Irving
88
83
Central Hanover
New York State Bonds
50?*
8?*
6?*
Brooklyn
Lawyers
Asl
Bid
Ail
1974
62.70 less
1
World War Bonus—
3a
1981.
62.80 less
1
4?*s April 1940 to 1949
Highway Improvement—
4« Mar A Sept 1958 to'67
62.90
Highway Imp 4?*s Sept '63
131
Canal Imp 4?*« Jan 1964.
Can A High Imp 4>*8 1965
128
14?*
11?*
16?*
New York
13?*
.25
Manufacturers
20
35?*
37?*
......20
46
48
25
98
101
Title Guarantee A Tr...20
6
Preferred
Corn Exch Bk A Tr
20
48
49
Underwriters
Empire
123
10
22?*
23?*
United States
7
70
......100
80
100 1475
1525
123
Barge C T 4a Jan
110?*
113?*
42 A '46
Barge C T 4?*s Jan 1 1945
...
58
Continental Bank A Tr .10
62.10
Canal Imp te J&J *60 to '67
...
131
43?*
36
91?*
41?*
52
50
Colonial Trust
3s
Canal A Highway—
58 Jan A Mar 1964 to '71
88?*
Clinton Trust
12?*
1700
31
25
Chemical Bank A Trust .10
Bid
11?*
10
100 1660
Kings County
Chicago & San Francisco Banks
Par
Bid
Par
Ask
American National Bank
Port of New York
A Trust
Authority Bonds
Ask
Port ol New York—
Gen A ref 4* Mar 1 1975
Gen A ref 2d ser
Gen A rel 3d
3?*8 '65
3>*» '76
ser
Gen A ref 4th
«er
Bid
Holland Tunnel
3s 1976
Gen A ref 3?*a
1977
George Washington Bridge
4?*8 ser B 1940-53.M N
106?* 108
102?* 103?*
100?* 102
4?*s
Ask
MAS
4?*s
60.75
MAS
1942-1960
Inland Terminal
A
81
515
85
190
195
Trust...33 1-3
First National
100
SAN
FRANCISCO
Bk of Amer
40?*
NTASA..12?*
110?* 112?*
95?*
96?*
1938-1941
MAS
Insurance Companies
97
97?*
1942-1960
MAS
Par
2.00
61.00
Bid
Par
Ask
109?* 111?*
Aetna Cas A Surety
Aetna..
10
754
77?*
Home Fire Security
41?*
Homestead Fire
10
10
24
43?*
25?*
25
62
66
American
54?*
11
12?*
17?*
19
Ins Co of North Amer
Knickerbocker
28
Lincoln Fire
5
2?*
10
8?*
10
3?*
Newark.-.2?*
10?*
Maryland Casualty
1
Mass Bonding A Iua.. 12?*
38?*
41
Re-Insurance. 10
27?*
37
40
American of
Asl
Bid
100
1014
Honolulu 5s
103
U S Panama 3s June 1 1961
103
Govt of Puerto Rico—-
63.50
4?*a Oct
4?*s July
1959.
101
1952.
101
5s
Apr
1955.
100
102
4?* s July
1958
5»
Feb
1962.
106
109
5s
1948
5?*8 Aug 1941.
Hawaii 4?*8 Oct 1956.
Ask
108?* 110?*
July
115
3 00
12?*
10
5
29?*
Merch Fire Assur
10
18?*
20
Merch A Mfrs Fire New'k5
9
American Surety
Automobile
25
39
41
Merchants (Providence).-6
10
24?*
26
National
U S conversion 3s 1946
108
2?*
Bankers A Shippers
72
75
525
535
Camden Fire...
Federal Land Bank Bonds
5
16?*
10
19?*
10
17?*
Connecticut Gen Life
110?*
108?* Ill
Conversion 3s 1947
Carolina
City of New York
116
10
25?*
5
22?*
2?*
3?*
3s 1955 opt 1945
3s 1956 opt 1946
38
1956 opt
JAJ
1014
1014
10)4
1024
JAJ
1946
MAN
3?*s 1955 opt 1945..MAN
1014
1014
1014
1034
10
20
2
New Amsterdam Cas
18?*
20?*
19?*
26?*
24?*
4?*
A St
Bid
10
6
14?*
53?*
16
55?*
6?*
7?*
104?* 108?*
94
10?*
...10
New Brunswick
2
244
394
41?*
37
39
New
Hampshire Fire
10
New Jersey
...20
...
New York Fire
2
Northern
15?*
26
17
12.50
76
79?*
2.50
24
25?*
National-26
114
119?*
North River
40
42
Excess
Asl
4g 1946 opt 1944
4s 1958 opt 1938
10
Employers Re-Insurance 10
4?*
32?*
Pacific Fire
25
98
10
34?*
Phoenix
10
71
fidelity A Depof Md...20
93?*
98
Preferred Accident
52?*
53?*
Providence-Washington. 10
72
75
Federal
Bid
Casualty
National Liberty
National Union Fire
6
5
25
100
Boston
Continental Casualty
Eagle Fire
113
5
com
National Fire
Baltimore Amer.
3.50
110?*
3?*
44
4
117
d3.70
109
8?*
26?*
American Reserve
Bid
4s 1946
34
16?*
7?*
52?*
5
Equitable
American Home
American
Importers A Exporters.-.5
Asl
24
15
..10
American Alliance
United States Insular Bonds
±Bidf
10
10
Aetna Life
106?* 108
Agricultural
Philippine Government-
42?*
1.75
D
ser
300
485
100
E
ser
1938-1941
Ask
275
Northern Trust Co
195
165
Continental Illinois Natl
Bank
Bid
Bid
Harris Trust A Savings. 100
100
JAJ
no?* 110?*
Fire Assn of Phila
MAN
I01*u 101?*
Fireman's Fd of San Fran25
4?*s 1958 opt 1938..MAN
103?* 103?*
10
Firemen's of Newark
5
Northwestern
J*
5
8?*
9?*
.6
Franklin Fire
25?*
26?*
5
73
15?*
27
29
Reinsurance Corp (N Y)-2
Republic (Texas)
Revere (Paul) Fire
Rhode Island.
102
13?*
5?*
10
21?*
10
21
6?*
22?*
22?*
General Reinsurance Corp5
Chicago 5s
Asl
99
100
Louisville 5s
100
99
100
Maryland-Virginia 5s...
Mississippi-Tennessee 5s
100
/50
100
60
102
f5!i
...
Dallas 3a
100
6?*
102
Denver 5s
96
First Carolines 5s
90
95
First of Fort Wayne 4?*s..
First of Montgomery 5s
99
101
First of New Orleans 5s
First Texas of Houston 5s.
First Trust of
Chicago 4?* 8
Fletcher 3?*8..
98
...
Greenbrier 6s
Bid
111 of Monticello
4?*s
La Fayette 5s
Lincoln 5s
...
5
6
176
185
98?*
5
5
35
99
99?*
100?*
98
99?*
/58
37
19
32?*
Seaboard Surety
Security New Haven
73
Great American..
Great Amer Indemnity
19?*
77?*
21?*
5
1
8
Halifax
10
22
10
27?*
23?*
29?*
94
96
98
100
Pac Coast of San Fran 6a..
100
Pennsylvania 5s
100
107
100
101
f24
27
100
102
72
78
r 13
15
101
70
75
102
102
Southwest 5s
84
.
San Antonio 5s
93
100
96
1
■
•
99?* 101
78
83
Southern Minnesota 5s
Tennessee 5s.
4?*s
Virginia-Carolina 3s
97?*
99
Virginian 3s
98
U S
Fidelity A Guar Co..2
68
5
25?*
13?*
14?*
46?*
40
42
2.50
U S Guarantee
44?*
10
27
28?*
U S Fire
60?*
27?*
4
Westchester Fire
Surety Guaranteed Mortgage Bonds and Debentures
Bid
All series 2-5s
1953
83
Arundel Bond Corp 2-5s '53
Arundel Deb Corp 3-6s '53
Associated Mtge Cos Inc—
Bid
Nat Union Mtge Corp—
Series A 3-0S
1954
Bid
Par
Bid
50
60
New York
100
11
38
42
North Carolina
100
76
Series B 2-58
Potomac
1953
43
Cont'l Inv Bd Corp 2-5s '53
Contl Inv DebCorp 3-6s'53
76
3-6s
86
44
45
..1945
1953
Bond
76
Pennsylvania
100
Bondholders part ctfs
(Central
Funding
series)
1954
Corp
Issues) 2-5s
M
M
M
M
•
M
M
100
43
73
Ask
54
Debenture
99
101
Ask
Allied Mtge Cos Inc—
53
■...
72
(all
1953
71
Potomac Cons Deb Corp—
3-6s
1953
42
Potomac Deb Corp 3-6s '53
Franklin Deb Co
45
42
45
42
45
Potomac
47
32?*
3-6s
M
.
M
«.
1953
M
Potomac Maryland Deben¬
85
M
ture
Corp 3 6s
Potomac
100
Deb
Realty
Corp 3-6s
1953
70
Atlantic
1953
42
45
24
Asl
10
15
Potomac
50
60
San Antonio
3
6
Virginia
Fremont
100
1
3
Lincoln
Virginia-Carolina
100
1
Asl
14
Nat Cons Bd Corp 2-5s *53
Nat Deben Corp 3-68.1953
3
100
65
38
1
100
50
29
71
74
42
45
Par
100
Bell Telep of Canada
Federal Intermediate Credit Bank Debentures
Bid
86
FIC 1?*8—Mar
15 1938 6.45%
FIC l?*s—Apr
15 1938 6.50%
Mortgage
1953
44
47
Unified Deben Corp 5s 1955
31
33
Ask
91
Asl
Bid
Asl
20
Ask
25
161
165
Pac A Atl Telegraph
25
14
115
117
Peninsular Telep com
*
Preferred A
...100
107
24M
110?*
115
39?*
53?*
58?*
32
37
*
87?*
90
Int Ocean Telegraph
100
Mtn States Tel A Tel..100
81?*
85?*
Telegraph
100
Rochester
22
18
Telephone—
$6.50 1st pref
100
110
So A Atl Telegraph
25
Sou New Engl Telep... 100
S'western Bell Tel pref. 100
17
22
145
148
120
122 5*
Wisconsin Telep 7% pf.100
116
118?*
Gen Telep Allied Corp—
6
.50%
6.55%
6 .60%
6 .65%
Bid
100
$6 preferred
FIC l?*s—May 16 1938
FIC l?*s—June 15 1938
FIC l?*s._.July 15 1938
FIC 1?*8—Aug 15 1938
Par
New York Mutual Tel. 100
Bell Telep of Pa pref
100
Cuban Telep 7% pref. .100
Franklin
b 35%
15 1938 b .40%
15 1938 6. 40%
A
113?* 116?*
Emp A Bay State Tel.. 100
Dec 16 1937
Bond
deb 3-6s
Telephone and Telegraph Stocks
1?*
55
Preferred
Bid
Realty
42
5
/26
75
....100
Am Dlst Teleg (N J) com.*
l?*s—Feb
411
66
Inc 2-58
...100
l^s.-.Jan
401
58?*
Empire Properties Corp—
100
FIC l?*a
100
mmim
100
Union of Detroit
100
F I C
Travelers
■
100
Potomac 5s
St Louis 5s
...100
FIC
6?*
475
10
109
99
99?*
100
Denver
105
5?*
425
101
Phoenix 5s
98?*
Par
Des Moines
102
.5
29~~
100
10
Nat
First Carollnas
27?*
101
100
Joint Stock Land Bank Stocks
Dallas
10
22?*
Springfield Fire A Mar. .25
Stuyvesant
Hartford Fire
Interstate Deb Corp 2-5s'55
Mortgage Bond Co of Md
Atlantic
8
10
10
Sun Life Assurance
9
Hartford Steamboller
Home
2-3s.
Atlanta
7
5
Seaboard Fire A Marine..5
13?*
28
63
99
5
Globe & Rutgers Fire
15
2d preferred
...15
.
'
100
.......
100
_.
New York 5s
81
Iowa of Sioux City 4?*s._.
Kentucky 5s.
5
St Paul Fire A Marine. -.25
Hanover
MM
Ohio-Pennsylvania 5s
Oregon-Washington 5s
100
Greensboro 3s
Rossla
20
'
North Carolina 6s
100
Illinois Midwest 5a
Ask
102
Pacific Coast of Portland 5a
Pac Coast of Los Ang 5s_.
Pac Coast of Salt Lake 5s..
100?* 102?*
Fremont 5s
22
18
Globe A Republic
Bid
Burlington 5a...
California 5s
20
Glens Falls Fire
Joint Stock Land Bank Bonds
.......
27?*
10
Gibraltar Fire A Marine. 10
Atlanta 3s
Atlantic
a
25?*
Georgia Home
For footnotes
see
page
124
3642.
129
Volume
Financial
145
3641
Chronicle
Quotations on Over-the-Counter Securities—Friday Dec. 3—Continued
RAILROAD BONDS
Guaranteed Railroad Stocks
BOUGHT
Dealers in
ii20 Broadway
Bulletin
Members New York Security Dealert Association
41 Broad St., N.
2-6600
STOCKS
Monthly
e. sloane &, co.
john
Tel. REctoir
guaranteed
NEW YORK
-4
Exchange
.
.
QUOTED
.
Earnings and Special Studies
on Request
3o$epb Walkers Sons
Members Ncu> York Slock
SOLD
.
Y.
-
HAnover 2-2456
-
Bell SyBt. Teletype NY 1-624
Since 1853\
5H
//
v..
Railroad Bonds
Guaranteed Railroad Stocks
Akron Canton A Youngstown 6 Ms
1945
50
52
1953
1939
1957
April 1, 1943
82
87
63
65
92
96
1950
1942
45
48
56"
1044
Augusta Union Station 1st 4s
Dividend
Albany A Susquehanna (Delaware A
Bid
Asked
6 00
63
68
10.50
1(M)
Hudson)
128
Birmingham Terminal 1st 4a
Boston A Albany 1st 4Ms....
135
52
68
Boston A Maine 3s
Prior lien 4s
73
68
6 00
Allegheny A Western (Buff Roch A Pitts)
.........
Baltimore & Ohio 4 Ms
Par in Dollars
2.00
31
8.75
101
104
100
8.60
80
2.85
44
47
4 00
82
85
ion
6% stamped
Cleve Clnn Chicago A St Louis pref (N Y Central) -100
50
Cleveland A Pittsburgh (Pennsylvania)
5 00
83
86
5.00
90
96
3.50
77
81
96
94
90
-.100
Central)
Carolina Cllnchfleld A Ohio (L A N-A C L) 4%.. -.100
Prior Hen 4 Ms
34
100
52
50
1945
6s
Alabama A Vlcksburg (Illinois Central)
Asked
Bid
(Guarantor In Parenthesis)
Beech
Creek
(New York Central)
(New York Central)
Boston A Providence (New Haven)
Boston A Albany
.......1940 45
Convertible 5s..
Buffalo Creek 1st ret 5s
60
65
1961
90
94
.........
Chateaugay Ore A Iron 1st ref 5s.
Canada Southern (New York
Common
70
72
1949
1965
1995
/30
50
60
65
65
70
1945
45
50
1978
1946
90
60
60"
1978
1939
88
92
1949
91
Cincinnati Indianapolis A Western 1st
Georgia Southern A Florida 1st 5s
Goshen A Deckertown 1st 5 Ms
2.00
47
60
25
2.00
41
44
Hoboken Ferry 1st 5s
5.50
57
63
Kansas Oklahoma A Gulf 1st 5s
100
10 00
172
178
4.00
45
50
..100
60.00
900
1050
Delaware (Pennsylvania)
pref (N Y Central)
Georgia RR A Banking (L A N-A CL)
Lackawanna RR of N J (Del Lack A Western)
Fort Wayne A Jackson
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western
5s
Cleveland Terminal & Valley 1st 4s
100
stock
Betterment
1942
Choctaw A Memphis 1st 5s
,
1st 4s
Little Rock A Hot Springs Western
Long Island ref mtge 4s
3.875
43
69
92
95
45
60
4.50
100
64
50
56
Montgomery A Erie 1st 5s
1.60
,
40
6 00
4.00
60
(D L A W)
38
42
New York A Hoboken Ferry general 5s
Northern Central (Pennsylvania)
Northern RR of N J (Erie)
4.00
.60
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
3 00
75
80
Pittsburgh Fort Wayne A Chicago (Pennsylvania) ..100
7 00
105
169
1(M)
7.00
175
100
0 82
78
80
6.00
138
93
100
....1965
Macon Terminal 1st 5s
1951
45
48
1955
85
91
....1949
1956
25
35
Maryland A Pennsylvania 1st 4s
Meridian Terminal 1st 4s
Minneapolis 8t Paul A Sault Ste Marie 2d 4s
178
11
fJ
90
55
05
88
90
68
61
84M
1946
1966
1951
1945
1957
80 M
142
Preferred
Preferred
(Delaware A Hudson)
St Louis Bridge 1st pref (Terminal RR)
Second preferred
Rensselaer A Saratoga
.
3.00
70
0.00
140
145
10.00
236
240
0.00
81
66
Louis (Terminal RR)
United New Jersey RR A Canal
,
.
West Jersey A Seashore
75
5 00
54
59
5.00
-.50
(Pennsylvania)
65
30
35
3.00
100
Western)
60
3.50
Preferred
Warren RR of N J (Del Lack A
5.00
A Northern
Ry 1st mtge 3 Ms
Consolidated 5s
...
Rock Island Frisco Terminal 4M»--
68
1951
Shreveport Bridge A Terminal 1st 5s......
Somerset Ry 1st ref 4s
—
Southern Illinois A Missouri Bridge 1st 4s........
Toledo Terminal RR 4 Ms
Toronto Hamilton A Buffalo 4Mb
EQUIPMENT TRUST CERTIFICATES
71K
75 M
77
Philadelphia, Pa.
Carolina Pr A Lt 37
0%
Equipment Bonds
Bid
Ask
3.00
2.25
30
Ask
64.00
2.75
63.75
5 Ms
3.00
63.75
Missouri Pacific 4Mb
5s
2.75
2.75
New Orl Tex A Mex 4 Ms..
63.80
2.75
63.60
2.75
New York Central 4Mb.—
63.00
2.75
62.00
1.25
63.25
2.50
63.25
2.50
Canadian Pacific 4Mb
63.20
2.40
Cent RR New Jersey 4Mfl-
63.50
2.00
4mb...
62.75
2.00
5s
6s
61.75
1.00
4s series E
65.50
4.00
65.50
4.00
65.75
5.00
Pere Marquette
5.00
Reading Co 4Mb
5s
63.60
—
3 Ms Dee 1
1930-1944—
5s
63.25
5s
6s
A St Paul 4Mb
65.75
6s
Chicago R I A Pacific—
Trustees' ctfs 3 Mb
61.75
1.20
62.00
1.25
61.60
1.00
1937-49
2 Ms series G non-call
62.90
2.00
Dec 1 1937-50
62.75
2.00
63.10
2.40
due
4Mb
preferred
preferred
100
100
pref.,100
pref *
.100
Consumers Power 35 pref
88
63.20
3.00
63.75
2.50
5 Ms
63.75
2.25
Erie RR 5 Ms.
63.50
2.60
62.50
1.75
4Mb
63.25
62.25
1.75
61.80
1.26
98
Southern Ry 4Mb
5s
2.40
2.00
63.25
2.50
62.75
—-
2.00
62.60
Southern Pacific 4Mb
5s
3.00
63.00
5 Ms
63.75
63.00
St Louis Southwestern 6s..
2.00
2.50
5g
1.10
97
95
4Mb
64.00
2.40
94
St Louis-San Fran 4s
6s
—
Great Northern 4Ms
6s
Hocking Valley 6s
63.20
4Mb
61.80
1.25
1.00
Union
Pacific 4Mb
-
5s—
Illinois Central 434s
6s
Internat Great Nor 4Ms..
Long Island 4Mb
6s
Louisv A Nash 4Ms..._
6a
Maine Central 6s
5 Mi
Minn St P 4b S S M 4s....
63.25
2.50
62.50
1.76
64.00
3.00
63.15
2.50
62.75
2.00
61.75
1.10
61.75
1.10
63.25
2.50
63.25
2.50
63.75
3.00
2.40
62.25
5s
61.75
2.40
63.20
Texas Pacific 4s.
Virginia Ry 4 Ms
5s
Wabash Ry 4Mb
5s
6 MB
6s_
_
Consol Traction (N J)
7%
preferred
9
11M
Monongahela
West
pref
5M
25
Mountain States Proom..*
23 M
61
6M
a**..
25
3
100
16
21
20
23
107
preferred...
Nebraska Pow 7% pref.100
105
21M
22
New Eng G A E 5M%
100
120
pf-*
N E Pow Assn 0% pref.100
New Eng Pub Serv Co—
37 prior lien pref
*
28
29
67K
68 K
35
37
48
49 K
88 M
90 M
97 K
99 M
Newark Consol Gas
80 M
•
89
82
79 X
81
69 M
76
71
79
7
10
43
40
92 M
94M
100
70 H
78M
40
Gas
100
Corp—
preferred
30.50 cum preferred...*
'
37 cum preferred
*
Gas A Elec of Bergen.. 100
Hudson County Gas... 100
178
Essex Hudson
Federal Water Serv
36 cum
25
25M
26M
27M
28 M
30 M
New York Power A Light—
$0 cum preferred
7% cum preferred
*
100
Northern States Power—
(Del) 7% pref
(Minn) 5% pref..
100
*
Ohio Edison 30 pref.....*
37
pref—100
Ohio Pub Serv 0% pI..100
7% preferred
100
Ok la G A E 7% pref...100
Pacific Pr A Lt 7% pf—100
Penn Pow A Lt 37 pref...*
Gas—*
Interstate Power 37 pref..*
Interstate Natural
Iowa|Soutbern Utilities—
7% preferred
100
103
50
pf..l00
pref.100
Kings Co Ltg 7% pref..100
Long Island Ltg 6% pf-100
7% preferred
100
Memphis Pr A Lt 37 pref.*
Mississippi Power 30 pref.*
37 preferred
*
Kan Gas A El 7%
90
90 M
98
92
100
108 M 110M
87
88
95 M
99 M
96 M
102
50
63
93 H
94M
38
40 M
Philadelphia Co 15 pref..*
pf.100
108
110
100
preferred
107
26M
6
28 M
7
Republic Natural Gas
1
0% preferred C
100
Sioux City G A E 37 pf.100
52
54
6% pref series B
25
South Jersey Gas A El. 100
83
85
Tenn Elec Pow
6% pf.100
46
48
58
60
100
Texas Pow A Lt 7% Pf-100
Toledo Edison 7% pf A.100
United Gas A El (Conn)—
7% preferred
100
47
50
Utah Pow A Lt 37 pref..*
50
54
Virginian
preferred
7%
90
4M
97 M
87
89
27
28
Calif Edison—
Southern
104M 107
42 M
46M
39 M
37M
3K
Rochester Gas A Elec—
42 M
39 M
Jamaica Water Supply—
Jer Cent P A L 7%
75
89 M
Queens Borough G A E—
178
6%
*
100
*
preferred
Ohio Power 0%
72 M
Pub Serv of Colo 7%
120
Idaho Power—
preferred
Atk
101 M 103 M
71
115
7M%
59
69
32
preferred
7% preferred
Bid
Penn
Pub Serv 7%
7%
118
112
1.00
61.50
1.00
61.70
1.00
61.70
1.00
95
100
Ry
178
63 X
65
58
60
99
101
97
75
41 K
137
98M
77
43
145
95
100
95
Chain Store Stocks
Par
100
100
95
Par
Mississippi P A L 30 pref. *i
Miss Rlv Pow 0% pref.100
Missouri Kan Pipe Line..5
Nassau A Suf Ltg 7% pf 100
109
pref. 100
Derby Gas A El 37 pref..*
Dallas Pr A Lt 7%
»
64.00
3.00
64.00
30 K
31M
2.00
Western Pacific 6s
9M
2M
11M
3.00
*
►
3
4
100
17
97
101
—*
7
9
»
7%
Bid
UK
pref
Ask
Miller
(I) Sons common.
; 6M%
preferred
100
Murphy (G C) 35 pref.100
Reeves (Daniel)
pref—.100
6
UK
23
10
30
104
107M
100
—
20
100
7%
Kress (8 H) 0%
85
IK
10M
*
2.25
62.66
7M
Par
Ask
75
100
100
62.75
Bid
i__*
For footnotes see page 3642.
53
1.60
61.60
Western Maryland 4Mb...
5s
5 Ms
90
47
ContlnentalTGas A El—
$6
62.00
5s
85
6s
Denver A R G West 4Mb..
3.00
Northern Pacific 4 Ms
Jan A July
Chlo"MHw
3.06
Pennsylvania RR 4Mb
Chesapeake A Ohio—
Chicago & Nor West 4Mb.
2.00
64.00
5s
N Y N H A Hartf 4 Ms
2.50
62.50
64.25
N Y Chic A St L 4MB
Canadian National 4 Ms—.
6M
10
79
Consol Elec A Gas 36
2.25
63.60
Boston A Maine 4Mb
110
86
New Orl Pub Serv 37 pf..*
pref..*
preferred
Cent Pr A Lt 7%
63.75
4K
8M
Central Maine Power—
7%
5s
107
Ask
Bid
70 K
pref..*
pref *
Associated Gas A Electric
Original preferred....
30.50 preferred
37 preferred.
Atlantic City El 6% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec 37 pref.*
Buffalo N lagara AEastern—
31.60 preferred
...25
Stroud & Company Inc.
1.25
82"
78
Utility Stocks
Alabama Power 37
Quotationa-Appraiaala Upon Requeat
Bid
93
50
1954
Arkansas Pr A Lt 7%
Atlantic Coast Line 4 Ms.? "62 00
64.00
Baltimore A Ohio 4Ma_—
90
85
62
Par
Railroad
85
1955
Washington County Ry 1st 3 Ms
Public
Private Wires to New York
75
1955
...1951
1957
1960
St Clair Madison A St Louis 1st 4s
100
(Pennsylvania).. —100
100
Utlca Chenango A Susquehanna (D L A W)
—100
Valley (Delaware Lackawanna A Western)
Vlcksburg Shreveport A Pacific (Illinois Central). —100
Tunnel RR St
Piedmont
Portland RR 1st 3 Ms
10
16
100
75
82
United Clgar-Whelan Stores
35
preferred
•
18
20
3642
Financial
Quotations
Public
Bid
Chronicle
4, 1937
Over-the-Counter Securities—Friday Dec. 3-Continued
on
Utility Bonds
Ask
Bid
Specialists in
Ask
83
86
Federated UtU 5HS-..1957
Green Mountain Pr 5s. 1948
44M
45 H
Houston Lt <fe Pow 3Hs '66
103 H
104K
28 M
29
99 M
99^
28 H
29 H
Idaho Power 3^8
1967
Iowa Sou Util 5HS--.1950
95
97
30 Vi
21H
33 M
34
68 H
67
Dec.
68
—
Water Works Securities
60
101M 102M
Complete Statistical Information—Inquiries Invited
Assoc Gas <fc Elec Corp—
Income deb 4s..
Kan
59""
61 M
City Pub Serv 4s.l957
27 M
Kan Pow & Lt 1st 4Hs '65
56 M
57
108 M
Keystone Telep 5H8--1955
91M
93 M
104 H
66M
70
90
Metro p Edison 4s ser G *65
Missouri Pr & Lt 3 Hs.1966
88
90
Mtn States Pow 1st 6s.1938
85
Narragansett Elec 3Hb '66
Newport N & Ham 5s. 1944
103
101
29*"
Sink fund lnc 4^s-_1983
Sink fund lnc 6s
1983
30
Sink fund inc 5HS-.1983
40
.1—
1965
North Boston Ltg Prop's
Secured notes 3 Ms.-1947
29
30
Water Bonds
90
Bid
Alabama Wat Serv 5s. 1957
91
40
Alton Water Co 5s
92 M
f inc
98H
Blackstone V G <fc E 4s 1965
102
Cent Ark Pub Serv 5s. 1948
109
102
5s
99 M
90 X
105 H 106 M
87
/75
68
103 M
104 M
64 X
66 M
67
69
103
Income 5Hs with stk '52
12 H
6s series B
1962
Cumberl'd Co P&L 3 Hs '66
3M
97
41
42
61
H
43"
41
43
97M
103
98 M
1954
103 H
1957
104 5*
A
104
75
1961
5s
92
102 H 104 X
Ore-Wash Wat Serv 5b 1957
78
82
88 H
89 X
102 H
1st coll trust 4HS..1966
■
Issues
em'm.
m
60
Connellsvllle Water 5s 1939
99
-
1958
90
95
100
150
St Joseph Wat 4s ser A..'66
4Hs
1942
101
100
..1942
100 H
92
Bid
92
96
104
..1954
Broadmoor
(The) 1st 6s '41
B'way Barclay 1st 2s..1956
B'way & 41st Street—
1st leasehold 6H8..1944
Bid
1954
103
1962
103 H
»*■
■■
/35H
/36M
121
23"
34H
36M
1st & gen 6s
4s
S f deb 5s
1945
1st mtge 2s stpd <fe reg '55
1946
Broadway Motors Bldg—
4-6s
1948
53
.1945
51
56 H
53
Chsebrough Bldg 1st 6s '48
65
62
64
•
99
00
22 M
22
_
Court & Remsen St Off Bid
1st 6s
Apr 28 1940
Dorset (The) 1st 6s...1941
H
/30
/25
fS
60 M
34
85
6
103
6 Ms stamped
1949
52d & Madison Off Bldg—
34
Corp 6s
1958
42 Bway 1st 6s
1939
1400 Broadway Bldg—
1st 6s
42
(Phlla)
...July 7 1939
/19
Kokomo W W Co 58-.1958
Lexington Wat Co 5 Ms '40
Long island Wat 5 Ms .1955
2d
mtge 6s
1951
103 E 57th St 1st 6S-.1941
165 Bway Bldg 1st 5 Mb '51
45
47""
f7H
60
5 Ms stamped
1961
Realty Assoc Sec Corp—
—
5s Income
m
102
m
*
mmm
98
91
95
104
99H 102 H
1950
1951
93
102
1950
97
100
Westmoreland Water 5s '52
Wichita Water—
101H
98
101
5s series B
1956
101 H
5sserie8 C
1960
104
6s series A
1949
104
W'msport Water 5s.-.1952
102
...
90
94
100
...
Par
70
40
/42
Bid
Cuban Atlantic Sugar. -.10
Eastern Sugar Assoc.. ...1
Preferred.
1
Ask
11H
Par
13H
7H
8H
18
Haytian
Corp Amer
...
...
104""
West Indies Sugar
Bid
*
Savannah Sug Ref com
19
No
value,
par
Interchangeable,
a
/ Flat price,
z
1
1
1
on
n Nominal quotation,
New York Curb Exchange,
t Now listed
•
1
b Basis
w
selling
Ask
1
M
1
30
32
5H
4H
Corp__l
t
price,
When issued,
d Coupon,
Now
v
New York Stock Exchange.
on
t Quotations per 100 gold rouble bond, equivalent to 77.4234
1
Ex-rights.
e
Ex-divldend.
t
Ex-stock dividends,
grams of pure
^
58
gold.
/5H
m
/50
1st fee & l'hold 6)48-1940
/44
46
25
27
Patrick.
36 X
39 M
1946
Savoy Plaza Corp—
55
57
3s with stock..
Sherneth Corp—
Harrlman Bldg 1st 68.1951
Hearst Brisbane Prop 6s '41
35
37
68
70
Hotel Lexington 1st 6s '45
Hotel St George 4s
195<
37
40
37
39 M
86 M
40
65
60"
35 M
87H
Trinity Bldgs Corp—
1st 5 Ms
42
...
83
Walbridge Bldg (Buffalo)—
1st 6 Ms
Oct 19 1938
(Cann¬
1st 4Ms
92
1st
of H.
consolidation of
T.
Carey,
offices
will
be
50
at
Joost
a
&
strictly
H. T. Carey & Co. and
Joost,
Broadway, New York City,
Troy and Middletown, New York.
Buchanan Houston, Sherman B. Joost.
a
Partners in the
new
member of the New York
Exchange, Clifford L. Maxwell, John J. Patrick, George N. Patrick,
Kellock Myers, Rufus S. Rowland, Douglas Kent, also a member of the
Exchange and Howard Corlies,
is resident partner of the
a
limited partner.
George N. Patrick
Troy branch and Richard Knight is manager of
the Middletown office.
H. T. Carey & Co. was organized in 1872.
78
textile and
51
54
of the Credit
Joost, Patrick & Co. dates
He
18
fee & leasehold 4s '48
67
20 M
was
Talcott,
assume
Inc.,
entire charge
Department of the Scottish American Co., 209 South La Salle
company
of the Talcott organization.
Mr. Lawrence has spent his entire business
/18
1951
Department of James
general factors, has gone to Chicago to
Street, correspondent
Corp—
w-s_.
—Harry Lawrence of the Credit
73
Westlnghouse Bldg—
88
Head
a
formation
Exchange firm, which will conduct
from 1921, succeeding a business established
many years ago.
1958
1939
2 Park Ave Bldg 1st 4s 1941
Wall & Beaver St
business, is
Co.
of the
made
Stock
Stock
37 M
62
80
25"
are
Stock
38
61
Ludwig Bauman60
33
122
Textile Bldg—
1st 3-5s (w s)
'mmm
/38
138
1950
17 X
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
Lewis Morris Apt Bldg—
58
...
/16
&
new
with branches at
firm
3-5Hb deb inc (ws).1956
(Newark) 6s '37
616 Madison Av 1st 6Ms'38
61 Broadway Bldg—
This
commission
Patrick
1956
60 Park PI
3 H -5s with stock
60
—Announcement is
54
1949
NOTICES
...
1943
Graybar Bldg 5s
19'
mmm
95
95
5s series B
1st mtge 5s
1st mtge 5Hs
99 H
100
104H
1950
...
46H
es
104H
Western N Y Water Co—
CURRENT
44
Metropolitan Corp
102
101
Monongahela Valley Water
Prudence Co—
1944
6s.
102
101
104
*
Fuller Bldg deb 6s
1st 2M-4s (w-s)
Lefcourt Manhattan
Bldg
1st 4-5s extended to 194!
1955
1960
1960
21
Roxy Theatre—
6Hs.-_.Sept 1 1941
67
/41
37 M
1st
/39H
56
1 Park Avenue—
/47M
62
Sugar Stocks
35K
Oliver Cromwell (The)—
1st 6s
Nov 15 1939
36
81
100
91
105
63 M
41
81
77
97
Texarkana Wat 1st 5s. 1958
Union Water Serv 5Hs '51
90
1957
5 Ms
77
1967
1961
ser B
51
/34
/53
5Ms series F-l
60
mmm
98 H 100H
Terre Haute Water 5s B *56
6s series A
1949
••
101
...1958
Jo pi In W W Co 5s
30
5Ms series C-2
19th & Walnut Sts
50 Bway Bldg 1st 3s inc '46
500 Fifth Avenue—
6s
Nov 1947
Film Center Bldg 1st 6s '43
27 H
/48K
5Ms series Q._
Eqult Off Bldg deb 5s. 1952
40 Wall St
1956
5 Ms series BK__
East Ambassador Hotels—
1st & ref 5^s
1947
Deb 5s 1952 legended
with stock..
104H
100 H 102 H
60
Chanln Bldg lnc 4s.
100
W Va Water Serv 4s..l961
1966
Middlesex Wat Co 5 Ms '57
Monmouth Consol W 5s '56
r Y Athletic Club—
95
Spring! City Wat 4s A *56
Indianapolis Water—
Ask
mmm
86
1st mtge 5s
5s series A
101
Illinois Water Serv 5s A '52
Mortgage Certificates
mmm
82
5s series B
108
6s.
& CO.
As*
mmm
■
South Bay Cons Wat 5s '50
South Pittsburgh Water—
96
..1977
Water—
5s
1941
93
104K
Water Service 5s.l961
1st & ref 5s A
Indianapolis W W Securs—
Alden 1st 6s
90
101
104
1958
Shenango Val 4s
1952
1st mtge 3 Ms
Real Estate Bonds and Title Co.
—
Scranton-Sprlng Brook
100 H
..I960
5s series B
BelN?S]U588Te1'
-
105
106H 108H
Scranton Gas <fc Water Co
5 Ms series B
Broadway, N.Y.
'
95
..1958
E St L & Interurb Water—
INCORPORATED
2360
102
Roanoke W W 5s
1950
Roch & L Ont Wat Ss.1938
»
-
Consol Water of Utlca—
5s series B
1952
Hackensack Wat Co 5s. '77
BArclay 7
101
98
Pittsburgh Sub Wat 5s '68
Plainfieltl Union Wat 5s '61
Richmond W W Co 5s. 1957
65
5s
BAKER
99
1948
Prior lien 5s
1948
PhJla Suburb Wat 4S..1965
Pinellas Water Co 5 Hs. '69
100 H
104 H
99
1946
Huntington
AMOTT,
99
1948
1st consol 5s.
62 K
5s series A
Markets
96
1st consol 4s
Greenwich Water & Gas—
-
1950
101
6s series B
Reports
—
1st & ref 5s
58
1st mtge 5s
75
•
Peoria Water Works Co—
mmm
1946
103
71
Penna State Water—
102
1941
4 Ms
72
88
(Chattanooga)
5s series A
Estate
101
105
5s series D__
Real
86
98
68
Ohio Water Service 5s. 1958
1951
A
5 Ms series B
6s series A
103 H 104K
83
City of New Castle Water
105
1st mtge 4s
67
-
Community Water Service
103 M
77
64
1951
Ohio Cities Water 5Ks '53
Ohio Valley Water 5s. 1954
1951
5 Ms series
»
99 H 101H
B
..1954
1st 5s series C
1957
Clinton W Wks Co 5s. 1939
63
1951
New York Wat Serv 5s '51
101
5s series
101M 102 H
102
Dallas Pow & Lt 3Hfl-1967
1954
City Water
119 H
42
B
5s
105
Consol E & G 6s A...1962
102
Citizens Wat Co (Wash)—
77
96
Colorado Power 5s...1953
1957
Calif Water Service 4s 1961
Chester Wat Serv 4 Ms '58
104
101H 101M
•
Newport Water Co 5s 1953
C
5 Ms series
66
Cent Maine Pr 4s ser G '60
-
5Hs
series
Butler Water Co 5s
54
89 M
85
Central New York Power—
mmm
"
98 H 102
New Rochelle Water—
5s series
91
Central G & E 5KS...1946
1st lien coll trust 68.1946
General mtge 4^8.-1962
Central Public Utility-
"
103
98
Calif-Oregon Pow 4s. .1966
104
101
Ask
103
104
5s series B
100M 101
97 M
98
98 K
Morgantown Water 5s 1965
Muncle Water Works 5s '65
New Jersey Water 5s 1950
Birmingham Water Wks—
99 M
51
Bellows Falls Hy El 5s 1958
Bid
96
104 H
Atlantic County Wat 5s '58
103 M 104
103
Ask
92 H
1956
Ashtabula Wat Wks 5s '58
31M
S
New York 1-1073
100
99 M
Sink fund lnc 5-68.-1986
NEW YORK
Teletype:
105K
99
Y State Elec & Gas Co
4s
31M
S f lnc 4Hs-5Hs.-1986
5H-6Ks—1986
Atlantic City Elec 4Kb '64
EXCHANGE PLACE,
Tel. HAnover 2-0510
104
27
Sink fund inc 4s,... 1983
Sink fund lnc 4-5s..l986
40
103 H
Assoc Gas & Elcc CoCons ret deb 4HS..1958
INCORPORATED
63
88
*
R.E.Swart&Co.
28M
109K
career in
the
factoring field.
associated with L. Erstein & Brother before coming to James Tal¬
cott, Inc., with whom he has been for the past eight years.
He is a member
of the National Institute of Credit, the Textile Credit Association
and the
Esquire Club.
—Alexander Eisemann & Co.
Miscellaneous Bonds
Bid
91H
Ask
92 H
Bear Mountain-Hudson
River Bridge 7s
1953
Federal Farm Mtge Co
1 Ms
Sept 1 1939
Federal Home Loan Banks
1 Ms
1 Hb
2a
April 1938
July 1938
Dec 1940
Bid
—
April 1 1955
Home Owners' Loan
2s
100.29 100.31
1 Ms
June 1 1939
Triborough
4s
101
4s serial revenue 1942-68
101.1
&
Hixson
Son.,
104K
101.2
...
101.8
100.29 100-31
f revenue 1977. A&O
Inc.,
72
74 H
106
106 H
52.40
3.70
&
Co.
are
announce
and
now
Broadway
that Edward B. Hixson,
Harold
associated
and
formerly
Eichhorn, formerly with
with
Daniel H.
them
in
Gattone
is
E.
H.
their New
York
with
their
now
Philadelphia office.
Henry L. Crane, formerly with Foster & Co., Inc., has become associated
with E. P. Frazee & Co.
Stephen Jonas is
Bridge—
100.13 100.16
s
partner in
Rollins
City Office at 42
Corp
Aug 15 1938
Reynolds Investing 5s. 1948
100.10 100.12
Ask
Henry Hudson Parkway—
4s
96
a
now
associated with Hirsch, Lilienthal & Co.
—Burton, Cluett & Dana
ciated with their
announce
Philadelphia office.
that R. H. Reilly Jr. is
now
asso¬
'
3643
Chronicle
Financial
145
Volume
Dec. 3
Quotations on Over-the-Counter Securities—Friday
Concluded
Foreign Stocks, Bonds and
Coupons
Inactive Exchanges
BRAUNL
WALTER E.
52 William
Tel. HAnover 2-5422
St., N. Y.
Foreign Unlisted Dollar Bonds
Bid
5
/20
/20
/21
/21
3
7
3
3
Bavaria
1939
1939
Housing & Real Imp 7s '46
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7348 '32
Hungarian Discount & Ex¬
change Bank 7s
1936
Hansa SS 6s stamped.
22
68 unstamped
25
24
24
18
*
/13
/20
22
5
654 s to
bid
Ask
Bavarian Palatinate Cons
/15
Ilseder Steel 6s
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
/9
11
88.
5
/8
10
ollv
7
/334
434
7s.
3
/334
4
7s.
9
/354
/5
no
4
3
3
1
Brazil funding scrip...
3934
/55
-
Ind
1937
/41
1943
/20
/53
Leipzig O'land Pr 634s '46
/22
••
•
Leipzig Trade Fair 78.1953
/2034
Luneberg Power Light &
Water 7s
1948
/2134
Mannheim & Palat 7s. 1941
...
/21
/24
Meridionals Elec 7s... 1957
/2234
/52
55"
0 /110
...
654
f5Va
6
/10
7
4
7
64
Munlc Bk Hessen 7s to '45
/20
/20
23
Municipal Gas & Elec Corp
Recklinghausen 7s. .1947
634
654
/2034
2334
Nassau Landbank 634 s '38
/24
27
Nat
/22
22
100
Book
51
Ohio Match Co.
56
American Hard Rubber-
8%
pref
cum
American
*
pref
25
86
Petroleum
23 34
Petroleum Heat & Power. *
Ask
Bid
17
12
83*
754
97
93
14"
/12
.
14
/50
55"
7
/58
64
17
Publication Corp com
*
pref.. 100
Andlan National Corp...*
77
8134
Remington ^rms com
*
334
434
44
46
Scovill
Manufacturing..25
2834
30 34
1
1934
213*
Singer Manufacturing.. 100
>
/17
m'm
734
Singer Mfg Lid
Skenandoa Rayon Corp..*
235
225
534
454
/17
Art Metal Construction. 10
Bankers Indus Service A_*
9
/17
American Mfg 5s
*
5%
Beneficial Indus Loan pf. *
5034
Belmont
Radio
Corp
73*
334
*
334
373*
80
90
z4
6
14
preferred
3134
Crowell Publishing com..*
$7
109
100
preferred
3334
-
-
-
15*
38"
43
47
United Artists Theat com. *
13*
United Merch & Mfg com *
734
83*
United Piece Dye Works. *
3*
3*
63^8.
*
Dictaphone Corp
11634
100
Preferred
100
Preferred
43*
3
«•
*
55
7%
23
West Va
x55
58
4
*
2
47
49
Gen
Fire Extinguisher...*
18
19
10
1
5
Good
Humor
Corp
Graton & Knight com
634
3
434
43
46
32
343*
Paper...25
Harrlsburg Steel Corp
5
Klldun Mining Corp
1
King Seeley Corp com
1
31
854
5*
754
5*
16
28
30
10
100
x53
Woodward Iron com
Worcester Salt
100
200
1334
1434
6634
6934
80
90
100
128
American Tobacco 4s. 1951
106
Wire Fabrics 7s..1942
1st 6% preferred
2d 8% preferred
100
100
110
mmm
8
48
52
2834
3034
113
1952
843*
843*
96
1940
81
1st conv s f 6s
1955
1937
Haytian Corp 8s
1938
Kelsey Hayes Wheel Co—
5
8
/20
Martin
213*
30~~
1957
133
/20
/20
deposit. 1957
/14
18"
1948
/50
8s ctfs of deposit. 1948
/40
/32
33
3
/95
99
4s scrip
8s
--
9234
71
-
/58
/40
July to Dec 1933
Jan to June 1934
...
July to Dec 1935
Jan to June 1930
/32
/25
/25
July to Dec 1930
Jan to June 1937
1951
634s
mmm
State
1956
56
58
1956
66
58
/60
1937
1946
Stlnnes 7s unstamped. 1936
/20
2d series 5s
27
734
German Dawes coupons:
/8 34
/173*
934
183*
Oct 1935
to April
12
1134
12 34
Casket_.._....*
44
48
*
110
com...*
..100
23
27
Scovill Mfg 534s
20
22
...
...
1942
/24
/33
36
Woodward Iron—
...
70
ia
/4034
45
/20
23
/5 34
1947
7s
634
*
Union of Soviet Soc Repub
1943 {86.98
7% gold ruble
95
91.60
/20
22
/20
22
/20
1947
Veaten Elec Ry 7s
22
2534
Witherbee Sherman 6s 1944
/45
107
6s.
...
/47
/57
60
11134 11234
Standard Textile Products.
85
/59
1946
Certificates 4s—1946
Unterelbe Electric 6s. .1953
82
75
90
---
22
1434
Great Britain & Ireland-
(Glenn L)—
75
...
/42
4s—1936
Certificates
7s unstamped
/II34
/133*
22
390"
Coupons—
Oct 1932 to April 1935
5s
mmm
27
6 34
10
22
Mtge Bk Jugoslavia
mmm
Stettin Pub Util 7s...
Apr 15 '35 to Apr 15 '37.
/20
/20
.1947
6s.2930 /360
Siem <fe Halske deb
90
/8
/2034
Saxon State Mtge 6s.
mmm
12
66
/534
6s..1943
rnmm
/634
German scrip
P
/64
/80
Santander (Colom) 78.1948
Saxon Pub Works 7s. .1945
mmm
.'3734
/36 3*
/35
Z33 34
,
1942
Scrip
Sao Paulo (Brazil)
:
July to Dec 1934
Jan to June 1935
1947
8%
Santa Fe 7s stamped.
18
100
7% preferred
Muskegon Piston Rlng.2 34
12
/8
Santa Catharina (Brazil)
e
94
SI 34
1945
7%
7s ctfs of
23
-
90
1948
Conv deb 6s
Mock Judson & Voehrlnger
22
26
83
/69
/1534
10
18
/203*
German Young coupons:
Cudahy Pack conv 4s. 1950
Deep Rock Oil 7s
'mmm
109
/18
/2034
...
/9934
/22
July to Dec 1937
1st 33*8
6
*
100
preferred
Bethlehem Steel 3 34s.
.mmm
Macfadden Pub common. *
/9934
9
95
*
York Ice Machinery
Chicago Stock Yds 5s. 1961
Cont'l Roll & Steel Fdy—
250
preferred
57
Bonds—
13*
Lord & Taylor com
6%
14
123*
7% preferred
100
Young (J S) Co com...100
1
19
7
934
834
/50
1941
1933
Rom Cath Church 034 s '46
Royal Dutch 4s
6s.
99
9334
13
7%
854
17
Merck & Co Inc common. 1
100
Spencer Steel..*
50
7% '30
Saarbruecken M Bk 6s '47
6s.
White Rock MIn Spring—
$7 1st preferred
f'25
fl8
R C Church Welfare 7s '40
92
88
"
/1934
/25
Rio de Janeiro 6%
...
2134
1034
Lawrence Portl Cement 100
115
1934
'33
'36
1941
6s
...
---
/9934
234
Am
Lawyers Mortgage Co..20
mm-
1946
many) 7s
Prov Bk Westphalia 6a
5s
4
2034
33
Great Northern
17
WJR The Goodwill Sta__5
'■mmm
*
15
103 34
134
Wilcox & Glbbs com
.....100
Preferred
105
7
7s to...
44
163*
23*
Great Lakes SS Co com..*
Preferred.
39
*
Wick wire
Golden Cycle Corp
22
102
7
Frankfurt
1968
(Ger¬
Prov Bk Westphalia 6s
3
.100
$3 cum preferred
334
*
shares
Garlock Packing com
/28
/21
/28
/21
/20
mm
Salvador
West Dairies Inc com v t c 1
20
23*
100
Pulp& Pap com.*
preferred
Preferred
534
15
30
Foundation Co For shs..
American
conv
18
(Jos) Crucible.-.100
Douglas Shoe preferred. 100
Draper Corp
*
Federal Bake Shops
Preferred
«
(Northam)—
preferred
_*
Welch Grape Juice com..5
$3
Porto Alegre 7s
mmm
m
22
Warren
50
Dixon
10
1952
Protestant Church
24
5
78.
Dentists' Supply Co
10
Devoe & Raynolds B com *
35
/8
634
634s
5% scrip
Rhine Westph Elec
234
23*
34"
Dennison Mfg class A... 10
Corp
Tublze Chatillon cum pf.10
1C634 1083*
/25
2
Trlco Products
234
3634
*12
cum
Panama
5
14
*
*
$1
Continental Can 4 34 % pf- *
Panama City
20
3
1334
Tennesseo Products
Columbia Baking com...*
22
22
24
3
*
43*
Steel common
10
22
/21
5
5
Taylor Wharton Iron &
Chilton Co common
23
/20
/25
3
83*
1534
Sylvanla Indus Corp
10
6134
/20
9
73*
13
8
59 34
7s
1946
Oldenburg-Free State
7s to
..1945
/20
/20
/20
no
/21
8
1454
9
1
Burdlnes Inc common
/9834 10034
1947
4s
Oberpfals Elec
f5Vs
J
3034
*
100
1st preferred
8
6
2834
Stromberg-Carlson Tel Mfg
Hotels
Bowman-Blltmore
20
Standard Screw
52
/21
/21
North German Lloyd 0s '47
14
/91
/90
1948
/21
City Savings Bank
43
*
Amer Maize Products
6^8.1946-1947
6^8.1948-1949
Hungary 734s
1962
National Hungarian & Ind
68
/65
3
6
634
Panama
Mtge 7s
8
Chilean Nitrate 5s..
134
34
534
39
7s assented
22
Nat Central Savings Bk of
/12
-
1
Conversion
80
22 34
100
Hardware
*
Pathe Film 7%
*
American Arch..
American
Leather common...*
Ohio
25
Bank
(C & D)
Central German Power
Par
Ask
7s to
(A & B)
/4
4
61
1945
Munich
12
fbVs
f57A
6
Bid
52
/58
Nov 1935 to May
/1934
-
Par
52
5034
Land M Bk Warsaw 8s '41
mmm
19c 3
Industrial Stocks and Bonds
5034
Koholyt 634s
7
/2234
19£ 2
Corp—
034s
24
/21
41
9
734s
/23
22
Hungarian Bank
Brown Coal
1948
Nov 1932 to May 1935
5
6s.
/21
/21
Coupons—
'
British
/9434
/2034
18
7
Cities 7s to
Ask
/7934
National
Preferred
Nat Paper & Type
5%
preferred
New Britain Machine
434
*
m
mm
N Y
Northwestern
Norwich
/14
Shipbuilding 5s.. 1946
m mmm
1945
Yeast...100
43
46
5
z35
37
1962
1st 5s
2d conv Income 5s..1962
AUCTION
The
following securities
19"
1
were
8034
7634
SALES
sold at auction
on
Wednesday
By Crockett & Co., Boston:
•* V*r Share
Co., par $50
534
Co. preferred, class B
834
10 Springfield Gas Light Co., par $25.
9 34
$100 Boston City Club deb. 4s, July 1, 1945, reg. bond; 10 shares F. M.
Hoyt Shoe Co. 2d pref.; 50 Sheldon Hall. Inc., capital stock, par $10
$11 lot
1 White River RR., Inc.. par $100; 10 Champlaln Valley Exposition Inc.,
Slocks
8 Farr Alpaca
4 Nashua Mfg.
par
$50;
$100 Champlaln Valley
Exposition, Inc., 5% certificate
debtedness, July 1, 1937
of In¬
$7 lot
RR. Corp. Ford Bacon & Davis deposit
receipt for subscription receipt for face value of 1st & coll. trust mtge.
bonds and stock accompanying such bonds, stamped as to payment of 3%.*$5
$
per
Co., par $20..
Quincy Market Cold Storage & Warehouse Co. common, par $100
Co. common, par $5
Columbian National Life Insurance Co., par $100
"
10 Great American Insurance Co.. par $5
preferred
$10
5 Crum & Forster, Inc., common, par
200 United Light & Power Co. common A__
)
$50,000 Central New York Southern
Stocks
300 United States Lines, Inc.,
3642.
AUCTION SALES (
Shares
102
6 Gloucester Safe Deposit & Trust
6 General Baking
page
75
HBy R. L. Day & Co., Boston:
225
footnotes see
1063* 1073*
of the current week:
Shares
For
634
lst 68 assented
100
Pharmacal
115
1946
Nat Radiator 5s
New Haven Clock—
Preferred 634%
1939
Conv 6s
....
Share
16
5V4
7%
81
1914
\%/^
20
lot
By Barnes & Lofland, Philadelphia:
Shares
Stocks
$ Per s*iar$
.
20 Cenlral-Penn National Bank, par
$10
Co.. par $5
50 Ninth Bank & Trust Co., par $10
45 Cincinnati & Lake Erie RR. Co. C common
18 Cincinnati & Lake Erie RR. Co. A preferred
-
50 Land Title Bank & Trust
435 Educational Pictures, Inc., common
—
-
31
4 3*
41
lot
J°J
54 lot
3644
Financial
General
Chronicle
Dec.
7
4.
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
The company has registered the 56,802 shares class B convertible pre¬
ferred and 56.802 shares common for reserve for exercise of the warrants in
units consisting of one share each of class B and common to be offered at
$33 per unit.
Any unsubscribed
units or separately.
The remaining common shares
as follows: 139,639 shares are to
and B preferred stocks and 2,500
stock participation plan.
RIGHTS—SCRIP
Specialists since 1917
All of the securities
are to
for units will be offered publicly either in
being registered are to be held in reserve
be reserved for conversion of the class A
shares are reserved for employees under a
be issued in connection with
a
tion
plan of reorganiza¬
David F.
no underwriter is
named in the registration statement.
Edwards is President of the company.
Filed Nov. 26, 1937.
]y[Cf)ONNELL&fO.
The
New York Stock Exchange
120
has
of
announced
the
Telephone REctor 2-7816-30
that
it
has
consented
to
the
following registration statements filed
under the Securities Act of
New York Curb Exchange
Broadway, Naw York
SEC
withdrawal
Member*
1933:
(A. M.) Castle & Co. (3399) covering 115,000 shares of capital stock,
par $10.
Filed Sept., 4, 1937.
Boll Tola type NY 1-1640
Guardian Gold Mines Ltd. (3491) covering 1,000,000 shares common
Filed Oct. 29, 1937.
stock, par $1.
FILING
OF
REGISTRATION
STATEMENT
SECURITIES
The
following:
additional
UNDER
ACT
registration
statement
(Nos.
3533 to 3541, inclusive and 3175 and 3370, refilings, have
been filed with the Securities and Exchange Commission
under
the
Securities Act
of
1933.
The
total
involved
Dow Chemical Co. (2-3533, Form A-2) of Midland, Mich., has filed a
registration statement covering 30,308 shares of 5% cumulative preferred
stock, $100 par value, for an estimated offering price of $3,121,724.
The
shareholders of record Dec. 22 will be offered the right to subscribe to the
preferred on the basis of 4-125 share of preferred for each share of common
then held at a price of $103 a share.
The right to subscribe expires Jan. 12,
The directors of the company are authorized to sell at not less than the
price fixed any portion of such preferred stock that remains unsubscribed
on Jan. 12, without the
necessity of offering such shares to holders of com¬
mon
The company said the proceeds would be used for additions to plants,
for the purchase of 6% preferred stock of Ethyl-Dow Chemical Co., and
.
for projects to be selected in the light of future business conditions, trade
developments and the results of experimental work.
W. H. Dow is President of the company.
Filed Nov. 24, 1937.
North Western
a
Refrigerator Line Co. (2-3534, Form A-2) of Chicago,
registration statement covering $780,000, 3 %% serial equip¬
ment
trust certificates, series K, due 1938 to 1948, to be offered to the
public at $100.
Proceeds will be used to purchase new refrigerator cars.
Underwriter will be named by amendment to the registration.
J. Kibben
Ingalls is President of the company.
Filed Nov. 24, 1937.
Bill O Type Corp. (2-3535, Form A-l) of St. Louis, Mo., has filed a
registration statement covering 800,000 shares 50 cents par value common
stock, of which 400,000 shares with rights will be offered in exchange for
capital stock and assets of its predecessor company, 100,000 shares will be
reserved for exercise of the rights and 200,000 shares will be reserved for
exercise of rights to be issued to purchasers of these 100,000 shares at $1.50
per share.
Any of the reserved shares unsubscribed for, together with the remaining
100,000 shares, will be offered to the public through underwriter at $2 per
share.
Proceeds will be used for equipment, dies, and for developments
and working capital.
Harvey F. Robinson will be underwriter.
Erwin
Von Gemmingen is President of the corporation.
Filed Nov. 24, 1937.
Evans Wallower
filed
a
stock.
Zinc, Inc. (2-3536, Form A-l) of Cardin, Okla., has
registration statement covering 61,495 shares of $5 par common
All the stock being registered will be reserved for the exercise of
warrants issued to stockholders of
The warrants are exerciseable at
predecessor company upon its dissolution.
prices ranging from $10 to $20 per share
and expire on Dec. 31, 1942.
Proceeds are to be used for working capital.
No underwriter is named.
F. S. Elfred, Jr., is President of the company.
Filed Nov. 26,1937.
Sunbeam Gold Mines Co. (2-3537, Form AO-1) of Tacoma, Wash.,
has filed a registration statement covering 1,674,452 shares of common
stock, 10 cents par, of which 24,452 shares have been subscribed for but not
issued at 25 cents per share and 1,650,000 will be offered to the public at
30 cents per share.
Proceeds will be used for property, plant, mill, equip¬
ment, development and working capital.
No underwriter was named.
Erie O. Annes is President of the company.
Filed Nov. 27, 1934.
Euthenlcs Products Corp. (2-3538, Form A-l) of Denville, N. J., has
filed a registration statement
covering 3,999 shares of $10 par value 7%
cumulative preferred stock and 3,999 shares of no par value common stock,
to be offered in units of one share of preferred and one share of common at
$25 a unit.
The proceeds will be used for development, production and
working capital.
No underwriter named in registration.
Robert A.
Oarradini is President of the corporation.
Filed Nov. 29, 1937.
Drewrys, Ltd., U. S. A., Inc. (2-3539, Form A-l) South Bend, Ind.,
a
registration statement covering $300,000 5% convertible 1st
has filed
mortgage bonds, due 1948, to be offered at $100, and 100,000 shares of
common stock, $1 par.
Of the common shares registered
71,242
are
reserved for conversion of
the
bonds, and 28,758 are optional to underwriter.
Proceeds will be used
for plant, improvements, and working capital.
Name of underwriter will
be filed by amendment.
Carleton S. Smith is President of the company.
Filed Nov. 29, 1937.
Weatgate Greenland Oil Co. (2-3540, Form A-2) of Kansas City, Mo.,
has filed
a registration statement
covering 1,200,000 shares common stock,
$1 par, and warrants to purchase 197,894 shares common.
Of the common
shares registered, 197,894 are reserved for exercise of the warrants, 791,577
outstanding, and 210,529 are unissued.
The outstanding and unissued
shares are not to be presently offered.
Any of the common shares not
subscribed for by stockholders will be offered to the public.
Proceeds will
are
be used to reduce current liabilities.
No underwriter was named.
O. G. Bitler is President of the company.
Filed Nov. 29.1937.
Managed Estates, Inc. (2-3541, Form A-l) of Philadelphia, Pa., has
filed
a registration statement covering
$500,000 5 % 20 year secured bonds,
due 1957, to be offered at 102.
Griffin & vose, Inc., will be underwriter.
Proceeds will be used for investment.
Robert H. Griffin is President of the
investment trust.
Filed Nov. 29,1937.
Buffalo
The last
in
is
approximately $9,466,757.
111., has filed
Brough Lake Molybdenum Ltd. (3516)
(par $1) common stock.
Filed Nov. 13, 1937.
covering
800,000
previous list of registration statements
was
shares
given
issue of Nov. 27, page 3488.
our
Abbott Laboratories—Underwriters—
Company has filed an amendment with the Securities and Exchange
Commission, stating that the following will underwrite its 20,000 shares
4K% cumulative convertible preferred stock: A. G. Becker & Co., Inc.,
10,000 shares, and F. 8. Moseley & Co. and Shields & Co., 5,000 shares
each.—V. 145, p. 3488.
Acme Wire Co.—*Extra Dividend—The directors
have
declared
an
extra
of $1
dividend
per
share
on
the
common
stock, par $20, payable Dec. 12 to holders of record Nov. 30.
Regular dividends of $1 were paid on Nov. 15 and on Aug. 14, last, and
previously regular quarterly dividends of 50 cents per share were dis¬
tributed.
In addition, an extra dividend of $1.25 per share was paid on
Dec. 15, 1936.—V. 145, p. 746.
Ainsworth Mfg.
The
directors
have
stock,
common
par
Corp.—Larger Dividend—
declared
a
of 75 cents per share on the
16 to holders of record Dec. 11.
dividend
$10, payable Dec.
This compares with 25 cents
paid on Oct. 1, July 1 and March 25, last;
$1 paid on Dec. 23,1936, and 50 cents paid on Oct. 5, July 10 and April 10,
1936.
A special dividend of $1 was paid on March 2, 1936, and on Dec. 28,
1935; 75 cents
was
paid
on
June 28 and March 4, 1935; $1.25 on Dec. 27,
1934 and 50 cents per share paid on Dec. 27, 1933, and on March 15, 1932.
—V.
145,
Air
See
1890.
p.
Associates, Inc.—Merger Voted—
Nicholas-Beazley Airplane Co., Inc., below.
Earnings for 11 Months Ended Aug. 31, 1937
Net
income
after
operating expenses and Federal income
charges
but before provision for Federal surtax on undis¬
tributed earnings
Earnings per share on 82,921 shares common stock
—V. 145, p. 3336.
Akron Canton & Youngstown Ry.October—
Gross from railway
Net from railway
1937
-
Net after rents,
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 145, p. 3488.
$84,277
$0.80
-Earnings-
1936
1935
1934
$182,267
56,876
29,526
$212,746
86,636
57,639
$189,905
66,324
42,434
$136,256
35,888
15,041
1,844,076
631,538
301,195
1,864,782
699,323
395,835
1,629,189
531,018
309,604
1,443.980
484,527
234,595
Alabama Great Southern R R.—Earnings—
October—
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1937
1935
$647,040
159,291
107,314
$614,429
183,090
102,498
$507,885
122,014
70,392
1934
$437,019
85,928
57,982
6,282,835
1,765,575
1,061,336
5,398,296
1.379,286
756,773
4,359,991
694,682
313,278
4,099,879
815,364
540,263
1936
—V. 145, p. 3488.
Alleghany Corp.—Collateral Behind Issues Increased—
The collateral behind corporation's 5s of 1944 has been increased by the
addition of 156,020 shares of Chespeake & Ohio Ry. common stock and
"deposited cash" of $500,000, and the collateral behind the 5s of 1949 has
been increased by the addition of 90,800 shares of C. & O. common and
"deposited cash" of $200,317. This information has been given to the New
York Stock Exchange
by Guaranty Trust Co., trustee under the indentures.
Both collateral trust bonds, as well as the issue maturing in 1950, are in
technical default, because collateral behind the issues, at the last appraisal
on Nov. 1, was less than 150% of the face amount of the bonds.
Behind
the 1944 issue, the collateral was appraised at 135.8%, and behind the 1949
issue, 113.7%.
The additions to the collateral do not mean that there has been a net
increase in the collateral by the amount of the C. & O. stock.
On Nov. 30
Chesapeake Corp. paid
a dividend of one-fifth of a share of C. & O. Ry.
stock, and since Alleghany holds about 71% of Chesapeake Corp.,
a large block of C. & O.
This was added to the collateral.
Chesapeake Corp., which previously held about 1J4 shares of C. & O.
stock for each share of its own stock, now holds approximately 1.3 shares of
O. & O.
Consequently, the appraised value of Chesapeake Corp. is now
common
it received
lower than before the dividend.
The additions of "deposited cash," amounting to $700,317, were said to
have come "about principally through cash dividends received during the
year.
No mention was made of any increases to the collateral behind the issue
of 1950, which has been in technical default for some time.
Its collateral
was
appraised at only 44.7% on Nov. 1.—Y. 145, p. 3337.
Idaho
Mining Co. (2-3175, Form A-l, a refiling) of Golden,
registration statement covering 680,000 shares of common
stock. 25 cents par, to be offered at par.
Proceeds will be used for mill,
machinery, equipment, development and working capital.
Ray R. Beeker
is President of the company.
Filed Nov. 27, 1937.
Idaho, has filed
(A. S.) Aloe Co.—$5 Special Dividend—
a
Saco Lowell Shops (2-3370, Form E-l, a
refiling) of Boston, Mass.,
has filed a registration statement covering 77,157 shares $1 cumulative
class A convertible preferred stock $20 par, 56,802 shares $1 cumulative
class B convertible preferred stock $20 par, 311,122 shares common stock
$5 par, and 189,338 rights to subscribe to units, each unit consisting of 1
share class B preferred and one share common.
Of the shares registered,
77,157 shares class A convertible preferred stock
112,181 shares common stock are to be issued in exchange for 6%
common stocks of a predecessor com¬
pany.
The 189,338 warrants for class B preferred and common stock will
be issued with each full share of class A preferred or common stocks issued in
the foregoing exchange.
and
preferred, 7% second preferred, and
The directors have declared a special dividend of $5 per share on the
common stock, par $20, payable Dec. 27 to holders of record Nov. 30.
The
dividend is payable either in cash or in 7% preferred stock, at the stock¬
holders
option.
A
regular dividend of 50 cents was paid on Nov. 1 and on Aug. 1, last,
previously regular quarterly dividends of 25 cents per share were
distributed.
In addition, an extra dividend of $2 per share was paid on
Dec. 15. 1936.—V. 145, p. 268.
and
Aluminum Co. of
America—Preferred Dividends—
The company on Nov. 24 announcedjpayment of the regular quarterly
dividend of 1H% on its outstanding 6% cumulative preferred stock, par
$100, payable
At
per
the
on
same
Jan. 1, 1938 to holders of record as of Dec. 8.
time the company
share upon the back
has authorized the payment of $2.25
dividends accumulated on its preferred stock.
Volume
Financial
145
This payment will be made on Dec. 20, to holders of the preferred stock of
record Dec. 8.
After this payment there will remain back dividends ac¬
cumulated
on
the preferred stock in
cessions, the operated properties ultimately revert to
ments.
RR.—Earnings—
after
Period End.
1937
1936
1935
1934
$1,512,072
377,065
$1,501,723
417,358
150,531
$1,399,261
147,274
$1,234,278
297.534
50.522
14,172,342
3,357,626
13,373,030
2,869,615
709,898
Gross from railway
Net from railway
261,301
11,483,510
1,655,598
def637,957
11,156.714
2,454,679
280,435
129,584
rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
...
400,118
Other
Total income
American
Agricultural Chemical Co. (Del.)—Dividend
par
no
value, payable Dec. 23 to holders of record Dec. 11.
This
with $4 paid on Sept. 30 last; $1.50 paid on June 30 last; $1 paid
March 31 last; $1.75 paid on Dec. 23, 1936; dividends of 75 cents paid
each three months from Sept. 30, 1935, to and including Sept. 30, 1936,
on
The
this issue.—V. 145,
50 cents per share paid in each of the four preceding quarters.
and
Sept. 29, 1934 dividend was the initial distribution on
2685.
P.
V.
Foundry Co. — Vice-President Resigns—
of the
company
effective Jan. 1,
Chicago.
announced the resignation,
1938, of Cary D. Terrell, Vice-President, with offices in
Large Order—
of the company, announced receipt of orders
powered with the Hall-Scott horizontal engine.
been made by the Gary Railways Co., Gary, Ind.,
Los Angeles Railway Corp., Los Angeles, Calif., for
five coaches; by the San Diego Electric Ry. Co., San Diego, Calif., for
three coaches; and by the Collacutt Coach Lines, Oshawa, Ontario, Canada,
for one coach.
The Cumberland & Westernport Transit Co. of Frostburg,
Maryland, has placed a repeat order for one coach.—V. 145, p. 1087.
Charles J. Hardy, President
for
25
A.C.F.
coaches
Initial purchases have
for 15 coaches; by the
Steamship
American-Hawaiian
Co.—New
Chairman,
&c.—
Roger D. Lapham, President of this company since 1925, was on Nov. 23
of Directors, and John E. Cushing at the
time was elected President, effective Jan. 1,1938.—V. 145, p. 3489.
elected Chairman of the Board
same
American
.
not
Felt
&
Hair
(& Subs.) —Balance Sheet
Co.
Notes pay. to bks.
Accounts payable.
$306,875 $1,161,002
Notes & accts. rec.
Inventories
760,909
1,914.407
d871,404
2,830,462
Prov.
for
income
Prepaid taxes, in¬
Other
$593,158
431,816
244,930
chin'y, eq., &c_ 2.190,572
Intang. assets in
2,075,605
522,284
348.655
437,359
453,449
185,744
Mln. stockholders'
267.021
223,590
401,365
200,441
228,250
rolls, com., &c._
Reserves
&c
Investments
L'd, bldgs., ma-
of amort.
taxes,
pay¬
Corp
2d
pref.
1,478,200
(par $100)
pref. stock
I
Total
1,478,200
1,796,400 bl,796,400
800,270
C800.270
719,017
Surplus
$6,756,064 $6,500,953
Total
394,122
$6,756,064 $6,500,953
$3,351,972 in 1937 and $3,246,362 in
b Represented by 29,940 no par shares, after deducting 60 shares
After reserve for depreciation of
stated value of $60 per share, c Represented by 160,054
no par shares after deducting 300 shares held in treasury at a stated value
of $5 per share,
d Accounts receivable only.
The earnings for the nine months ended Sept. 30 were published in
V. 145, p. 3337.
held in treasury at a
American
Foreign
&
Period End. Sept.
30—
Power
Co.,
1937—3 Mos.—1936
Inc.
(& Subs.)—
$14,340,916 $61,763,194 $55,445,630
y8,365,032 x36,697,640 y32,834,734
1,088,554
5,077,971
4,505,234
$4,940,855
$4,887,330 $19,987,583 $18,105,662
$24,131,648
116,894
Total
Loss
sale of investment securities
on
Earned surplus Sept. 30,
$24,014,754
1937
Comparative Balance Sheet Sept. 30 (Company Only)
«jj>
9,308
12,388
42,091
50,035
517,164,213 516,882,666 488,403,154
Cash
9,318,977
10,200,082
8,517,063
Special deposits
63,613
Loans receivable—subsidiaries
3,905", 242 29,623",534
4,213,482
3,665,181
Accounts receivable—subsidiaries
2,458,719
1,532,818
5,507
12,771
Accounts receivable—others
8,850
245,525
Contracts receivable—subsidiaries
Unamortized discount and expense..
6,982",984
7,057,735
6,908,233
83,193
76,832
Sundry debits.
72,555
*
538,480,827 540,519,296 538,402,807
Total
Liabilities—
393,940,453 393,940,452 393,940,452
Gold debentures, 5% series due 2030. 50,000,000
50,000,000
50,000,000
Notes and loans payable—banks
26,800,000
32,676,610 31,907,048
Electric Bond & Share Co
41,700,000
42,500,000
42,976.762
Contracts payable
3,344
3,344
272,779
Accounts payable
15,716
92,457
75,008
Accrued accounts
2,006,561
1,952,513
2,037,162
Surplus
24,014,754
19,353,920
17,193,596
Capital stock.
x
.538,480,827 540,519,296 538,402,807
Represented by 478,995 shs. $7 pref. stock
$4,874,942 $19,945,492 $18,055,627
798,293
415,733
857,499
$5,368,822
Other income (net)
Interest
$5,290,675 $20,802,991 $18,853,920
to
public
and
(Del.)—To Pay $1.75 Dividend—
American News Co.
a dividend of $1.75 a share on the proposed
which would be outstanding if stockholders
special meeting on Dec. 6 approve the merger of the American News
New York Corp. into American News Co.
If the plan of merger is approved
present stockholders will receive two shares of American News Co. stock
ror each share of American News New York Corp. stock now held.
The
dividend, the company says, includes the dividend which would ordinarily
be paid Jan. 15, 1938.
The dividend is payable Dec. 15 to holders of record
Dec. 10.—V. 145, p. 3337.
issue of 432,000 shares of stock
American Potash & Chemical
The
directors
on
Nov.
29
declared
$4,391,245
Balance..
z
Crl9,769
charged to constr..
Pref. divs. to public._
668,241
int.
198,589
Portion appl. to min.
995,046
019,847
$4,315,476
669,407
219,585
3,867,309
Cr65,672
4,157,154
056,440
17,001.354 $14,753,206
2,651,455
2,662,855
380,422
490,923
stock,
Net equity of Amer.
& For. Power Co.Inc
$3,524,415
$3,426,484 $13,847,576 $11,721,329
Am. & For. Pr. Co., Inc.—
American Power & Light Co.—Balance Sheet
1937
$
Inv. (book val.)_253,734,356 256,861,219
59,000
Southw. P. & L.
1,750,000
Dlvs. declared.-
4.148,000
2,413,380
payable.
84,716
67,837
428,585
399,990
Accts.
801,440
4,476,143
....
exchange adjust $3,524,415
5,857
$3,426,484 $13,847,576 $11,721,329
5,755
69,217
22,895
$3,530,272
$3,432,239 $13,916,793 $11,744,224
yl20,560
x736,249
y683,829
Other income
Total income
Accrued
accts.-
Long-term debt,
loafls
matured int..
1,900,000
1,494,000
1,474,606
1.393,374
25,571
—
10,632
Deferred credit.
153,997
10,589,900
Surplus.--——.
163,354
liver securities
163,354
subs.
Subsidiaries
4,148,000
2,413,374
Liability
deposit-
Contrac'l rights.
to
153,997
de¬
10,589,900
385,355
10,613,372
11,994,289
Accr, int. rec. on
385,355
29,934
contrac'l rts.-
29.934
Reacq. cap. stk_
Unamortlz'd dis¬
3,489,559
Sundry debits--
27,358
3,534,120
27,019
275,882,545 288,173,879
Total
275.882,545 288,173,879
Represented by: $6 pref. cum. (entitled upon liquidation to $100 a
share, pari passu with $5 pref.); authorized, 1,000,000 shs.; issued and
outstanding, 793,581 2-10 shs. (incl. of 31 2-10 shs. of scrip in 1937 and
35 2-10 in 1936); $5 pref. cum. (entitled upon liquidation to $100 a sharo,
pari passu with $6 pref.); authorized, 2,200,000 shs.; issued and outstanding,
978,444 shs.; common, authorized, 4,000,000 shs.; issued, 3,013,812 27-50
shs. (incl. of 2,436 27-50 shs. of scrip in 1937 and 2,786 27-50 in 1936).—
V,145, p.3489.
x
is avail, in U. S. curr.)
before
$
11,083,890
Other short-time
Special
1936
Capital stock.214,645,637 214,645.637
6% gold debens. 43,385,500
43,385,500
x
Co. 6% debs.
_
receiv.,
'
$
1,550,000
_
deposits In
Notes and
Liabilities——
2,690,817
6,320,845
U.S.Govt.secur.
Time
Sept. 30—
1937
1936
$
Assets—
Total
Net equity of Am. & For.
Pr. Co., Inc., in inc. of
subs, (not all of which
Corp.—Larger Dividend—
dividend of $2 per share on the
no par
count & exp-a
a
value, payable Dec. 10 to holders of record Dec. 3.
This compares with $1.50 paid on June 22 fast,
$1.25 paid on Dec. 18,
1936, and $1 paid on July 1, 1936, this latter oeing the first payment made
on the common stock since June 30, 1931, when a regular quarterly dividend
of 25 cents per share was distributed.—V. 145, p. 2061.
common
Others
997,346
other deductions
Int.
2d pref., series A.
in 1937 (1,976,334
1936), and option warrants to purchase 6,716,494 shs. of common stock
in 1937 (6,721,498 in 1936) for $25
per sh, (one sh. of 2d pref. stock
acceptable in lieu of cash with warrants for four shs. in full payment for
our shs. of common stock).—V. 145, p. 1574.
Accts. receivable:
Gross income
387,025 shs. of $6 pref.
stock (inclusive of 5.65 shs. of scrip)
2,615,736 shs. $7
in 1937 (2,004,234 in 1936), 2,009,238 shs. of com. stock
securities
$4,931,547
437,275
Operating income
$
*\sscts
banks
-
1935
$
1936
Investments in subsidiaries, &c
Cash
Rent for
(net)
3,063,222
1,703,879
10,627
1937, before exchange adjustments (as above)
Equity in surplus of subsidiary company liquidated in 1936
Exchange adjustments (net)
1937—12 Mos.—1936
Operating revenues
$16,062,640
Oper. exps., incl. taxes._ x9,655,634
Prop, retire't res. approp
1,466.151
Net oper. revenues—
lease of plants
30,
at a
stock
Common stock...
a
1, 1936
The directors have declared
int. on Dry-Zero
First
1937
$19,353,920
Summary of Surplus for the 12 Months Ended Sept. 30,
surplus Oct.
Does
in
taxes...
69.290
171,081
1936.
$2,171,546
Balance from statement of income for 12 months ended Sept.
1936
$300,000
Federal
61,481
process
$3,063,222
Total
1937
IMbUtties—
1936
1937
Assets—
Cash
a
$159,094
provision for Federal surtax on undistributed profits,
y
Include any provision for Federal surtax on undistributed profits.
Earned
30—
surance,
$767,419
(before exchange
adj.) carried to sur.
x
Sept
y683,829
7,155,806
1937
American Car &
Receives
x736,249
6,514,131
Includes
145, p. 2685.
Officials
yl20,560
1,808,970
Bal.
-
American Brake Shoe & Foundry Co.—New Official—
William B. Given Jr., President of this company, announced on Nov. 30
that Samuel F. Pryor Jr. had been appointed Assistant to the President.—
$2,088,624 $10,313,602 $10,011,181
$2,546,668
xl67,095
other deductions
the capital
compares
$2,540,811
5,857
1,612,154
Expenses, incl. taxes
Interest (incl.interco.) &
x
The directors have declared a dividend of $1.25 per share on
1937—3 Mos.—1936
1937—12 Mos.—1936B
$2,082,869 $10,244,385
$9,988,286
5,755
69,217
22,895
Sept. 30—
Income from subsidiaries
—V. 145, P. 2833.
stock,
though in some cases, under the terms of con¬
the grantor govern
deferred to future years even
Comparative Statement of Income (Company Only)
Alton
October—
Net
the amount of $2.25-—V. 145, p. 2216.
3645
Chronicle
Expenses, incl. taxes—
Interest
to
public and
other deductions
xl67,095
1,612,154
1,808,849
6,514.354
7.155,317
$1,502,830
$6,666,190 $3,905,078
x Includes provision for Federal surtax on undistributed profits,
y Does
not include any provision for Federal surtax on undistributed profits,
z Full dividend requirements applicable to the respective periods whether
earned or unearned,
a In income of subsidiaries (not all or which is avail¬
able in United States currency)—before exchange adjustments.
Notes—1. All intercompany transactions have been eliminated in the
above statement.
Interest and preferred dividend deductions of sub¬
sidiaries represent full requirements for the respective periods, paid or
accrued (where not paid), on securities held by tne public.
The 4 portion
applicable to minority interests" is the calculated portion of the balance
or surplus or deficit for the respective period (before exchange adjustments)
applicable to minority holdings by the public of common stocks of sub¬
sidiaries.
The "net equity of American & Foreign Power Co., Inc., in
income of subsidiaries (not all of which is available in United States cur¬
rency)—before exchange adjustments" includes interest and preferred divi¬
dends paid or earned on securities held, and the amounts (before exchange
adjustments) applicable to common stocks held by American & Foreign
Bal., before exch. adj. $1,751,023
Power Co., Inc.
2. The above statement reflects appropriations made for retirement of
plant property rather than provision for amortization of fixed capital over
an
estimated duration of the properties, such appropriations being in
addition to maintenance expenditures included in operating expenses.
Expenditures relating to obtaining and revising concessions generally have
been regarded by the companies as costs of franchises and as constituting
continuing assets not undergoing amortization in the case of concessions,
amortization of both tangible and intangible property generally has been
American Snuff Co.—25-Cent Extra Dividend—
declared an extra dividend of 25 cents" per share In
to the regular quarterly dividend of 75 cents per share on the
common stock, par $25, both payable Jan, 2 to holders of record Dec. 9.
Similar payments have been made on Jan. 2 of 1937.1936,1935,1934,1933,
1932 and 1931.
An extra dividend of 50 cents per share was paid on Jan. 2,
The directors have
addition
1930.—V. 144, p. 1266.
American Water Works & Electric
Co., Inc.—Weekly
Output—
electric energy of the electric properties of American Water
week ended Nov. 27, 1937, totaled 40,793,000
decrease of 12.26% under the output of 46,495,000 kilo¬
for the corresponding week of 1936, which, however, did not
Output of
Works & Electric Co. for the
kilowatt hours, a
watt
hours
Thanksgiving Day.
Comparative table of weekly output of
include
years
Nov.
6
Nov. 13
Nov. 20
Nov. 27
*
electric energy for the last five
follows:
1935
1934
42,629,000 33,737,000
43.446.000 34,257.000
43,756,000 35,014,000
44,400,000 35,437,000
Thanksgiving Day.—V. 145, p. 3490.
Week Ended—
Includes
1937
46,531,000
44,513,000
44,631,000
*40,793,000
1936
48,431,000
47.728,000
47,134,000
46,495,000
1633
31,484,000
33,629,000
33,065,000
33,231.000
American Woolen Co.—Omits Preferred Dividend—
Directors at their meeting held on Nov. 30 omitted declaration of a
dividend due on the 7 % cumulative preferred stock at this time. Dividends
of $1 per share were paid on Sept. 15, June 15 and March 15, last, and on
3646
Financial
Chronicle
Dec. 15, Sept. 15, June 15, and March
16, 1936, this latter being the first
made on the pref. stock since
July 16, 1934, when SI.25 per share was paid.
A dividend of $1.25 was also
paid on April 15, 19.34. this latter being the
first distribution made since the
regular quarterly dividend of $1.75 was
paid on April 15, 1927.
In
the
Dec.
Associated Gas & Electric Co. —
Weekly
1937
4,
Output
—
For the week ended Nov. 26, Associated Gas &
Electric System reports
electric output of 84.489,857 units (kwh.). Tnis is a decrease of
396,512
units or 0.5% below the same week a
year ago.
This is the first decline in output under a
comparable week
net
announcing the suspension of current dividends directors authorised
reported since
April, 1935,
following statement.
period of
a
over
30 months.—V. 145, p. 3490.
"Conditions facing the company are radically different from those which
prevailed
when
the results of the first half year were announced
dividend declared in August.
Almost
and
Associated Gas & Electric Corp. (&
Subs.)
the
September
immediately thereafter
began a sweeping decline in wool and other raw material prices.
This
situation was further aggravated by competitive price
cutting in the finished
goods market and a retroactive reduction of prices on
existing contracts.
Manufacturing activity as measured by loom run has fallen from a high
of 130% in June to about 40% currently.
Unprofitable operations for the
last quarter, in conjunction with the sudden and severe
shrinkage of in¬
ventory values, forecast a substantial net loss for the year.
Under these
Dates
Amparo Mining Co .-One-Cent Dividend
The
directors
have
declared
par 50 cents,
A like amount was paid on
a
dividend
The par value of
share
Dividends of
on
company's stock
March 25,1936.
was reduced from
share
the
on
per share to
firm.—V. 145,
p.
33
$45,504,215 $45,038,874
11,074,069
8,793,008
$465,341
2,281,061
26
$34,430,146 $36,245,866 x$l,815,720
Net operating revenue....
x5
a
x
provision
is
included
for
Federal
surtax
on
1
undistributed
profits, if any, of the corporation and (or) its subsidiaries, for the
145, p. 3338.
Atchison Topeka & Santa Fe
Ry.
1937.
year
—V.
by the death
a
7
7
Decrease.
Note—-No
director of this
was
—
...
Operating income
two cents
company arfd of Chile Copper Co. to fill the vacancies caused
of the late Andrew J. Miller, who,
prior to his
same
$8,624,440
4,262,772
3,896,327
50
Anaconda Copper Mining Co.—New Director—
the
11,728,470
Provision
Provision for retirements
$1
per share were paid on the old stock on Nov.
15,
1935, May 10, 1935 and on Jan. 25, 1935; a dividend of three cents was
paid on Nov. 10, 1934, and dividends of one cent per share were
paid on
May 10, 1934 and on Jan. 25, 1934.—V. 140, p. 137.
decease,
525,492
33,413
18,247
38,425
Operating
per
Harry H. Moore of Hallgarten & Co. has been elected
Amount
$7,647,203
361,660
Total gross oper. revenues...$124,538,768
$115914,328
expenses & maint...
63,409,756
59,146,984
for taxes
15,624,797
—
cent
one
1936
....
...
payable Nov. 30 to holders of record Nov. 20.
Feb. 10, 19.37, Oct. 15, 1936 and on June 10,
1936.
cents per
of
1937
$100,511,687 $92,864,484
13.528,100
13,166,440
Transportation
6,291,835
5,766,343
Heating
1,627,678
1,594,265
Water......................
1,300,730
1,282,483
Ice....-..-......-.-...--..
1,278,738
1,240,313
profitable operations."—V. 145,
capital stock,
of Acquisition
Increase-
12 Mos. Ended. Oct. 31—
Electric
Gas...
circumstances the directors had no other course than to
suspend payment
of preferred dividends pending the return of
p.1089.
—Earnings —
Consolidated Statement of Earnings and
Expenses of Properties Irrespective of
System—Earnings —
[Includes Gulf Colorado & Santa Fe Ry. and Panhandle & Santa
member of
Period End. Oct. 31—
3338.
Fe Ry.]
1937—10 Mos.—1936
1937—Month—1936
$
Anaconda Wire & Cable Co.—Extra Dividend—
The directors have declared
common
an extra dividend of
$1.25 per share on the
stock, payable Dec. 18 to holders of record Dec. 11.
This com-
J?aresawith dividends of $1 per share March 15, last; special13 and June 21,
ast;
dividend of 50 cents paid on paid on Nov. 20, Sept.
dividend of $2
a
paid
Dec. 22, 1936; a dividend of 50 cents in addition to
aspecial dividend
of $1 paid on Nov. 16, 1936; 50 cents
per share distributed on
Sept. 14,
1936, and regular quarterly dividends of 25 cents per share
paid previously.
—V.
on
145,
p.
3000.
Ann Arbor
15,620,661
12,999,144
xl,303,008
__
Other debits
credits.
or
1937
Gross from railway.....
Dr69,857
.
Net ry. oper. income.
1,248,650
2,460,906
15,805,892
13,350,564
1936, respectively, $374,642 and $301,549 ac¬
and unen ployc ent insurance taxes,
y In¬
cludes for 19.37 and 1936,
respectively, $3,343,318 and $2,403,065 accruals
x
Includes for
cruals
1937
of railroad
and
retirement
> ent and uneo
ployn.ent insurance taxes, with a credit in
1937 of $2,234,363 reversing charges in 1936 account railroad
retirement
taxes.
1936
50,848
1935
$376,405
89,711
55,189
1934
$293,034
64,436
38,427
3,260,546
602,307
310,728
3,266,557
762,715
426,211
2,779,606
626,135
315,001
$314,533
$351,703
48,566
82,676
railway
Net after rents—16,989
From Jan. 1—
Gross from railway
3,340,742
_
Net from railway
Net after rents..
599,542
267,216
800,000 Issue—
S.
T.
Bledsoe, President, has announced that the directors have au¬
thorized the issuance of $4,800,000
equipment-trust certificates for stain¬
less-steel cars and Diesel engines.—V.
145,
Antilla Sugar Estates—Interest
Payments, &c~—
In accordance with the provisions of the
agreement under which the
20-year 6% income debentures were issued the directors have
determined
and declared that (a) the amount of the "consolidated
net earnings avail¬
able for interest" applicable to the payment of
accumulated interest on
the debentures on Jan. 1, 1938, is
$540,000, which is equivalent to 6%
of the principal amount of the
outstanding debentures and (b) there are
no
"consolidated net earnings available for interest"
applicable to the
payment of interest on July 1, 1938.
Upon surrender to Chase National Bank, 11 Broad
St., New York,
after Jan. 1, 1938, of Coupon No. 13 due on said
date, accompanied by a
duly executed ownership certificate, an amount equivalent to
6% of the
principal amount of the debenture to which such coupon
appertains will be
paid on account of accumulated interest.
Coupon No. 14 due July 1,
1936,
is void.
Interest at the rate of 6 % per annum on such
debentures has been cumu¬
lative since July 1, 1933, and the
unpaid accumulated interest will become
payable on maturity of the debentures or the first interest
payment date
or dates prior
thereto, when the consolidated net earnings available for
interest, as defined in said agreement, shall be sufficient for such
purpose.
The directors also determined and declared that
there are no consolidated
net earnings available for a
sinking fund instalment on
March 1, 1938, or available for interest
—V. 144, p. 270.
on
its
debentures on
20-year 6% income notes.
Atlanta Birmingham & Coast RR.October—
1937
Gross from railway
Net from railway—...
3,122,819
359,544
def21,573
Net after rents
—V. 145, P. 2834.
Atlanta Gas Light Co.$
Prop., plant & eq.12, 201,524
Misc.
investments
deposits
1937
Merchandise,
($100 par) a
Common stk. ($25
1,300,000
1,300,000
par)
1st mtge.
2,343,625
2,218,625
186,738
126,550
627
100
670,083
658,564
80,315
77,999
231,881
54,480
517,428
121,906
Notes payable.
Accts. pay. (trade)
120,685
Div.
ma¬
terials & supplies
on rental
Def. debit items..
Net operating rev
Other revenue.........
Gross income
Int.
$86,220
2,378
8,385
$45,931
$148,413
23,673
$244,613
$172,086
137,989
7 827
137,989
9,594
11,537
$10,257
on
$85,491
'
54
undistributed earnings
p.2834.
Armstrong Cork Co.—Final Dividend—
declared
a
company also announced that employees will
participate in the
distribution of approximately
$102,000 which has accumulated under the
company's group insurance program as a result of the fact
that experience
record of the company has been better
than the average record used
in
computations upon which rates were based.—V.
145,
p.
2834.
dividend of $1.20 per share on the com¬
stock, par $10, payable Dec. 15 to holders of record
Dec. 7.
This
compares with 80 cents paid on Oct. 1
last; 60 cents paid on July 1 last40 cents on April 1 last and on Dec.
17, 1936; 35 cents on Sept. 3,
1936;
25 cents on June 30, 1936, and 15 cents
per share paid on Jan. 2,
1936,
this latter being the first
payment made since Jan. 2, 1932, when a dis¬
tribution of 10 cents per share was made.
In addition, the company on Dec.
17, 1936 paid a special stock dividend
of one share of common stock for each 20 shares
held.—V. 145, p. 1891.
a
mon
Art Metal
Works, Inc.—Extra Dividend—
The directors have declared
to
the
regular
an
October—
23,666
9,470
2,355,204
154,157
25,933
210,790
918,593
210,790
623,544
1,885,571
_
14,008,605 12,836,964
Sept. 30,
was
given
-Earnings—
1936
1935
1934
$161,078
25,795
def1,465
$156,893
36,250
12,469
$126,670
20,004
def 1,939
'1,523,710
196,890
defl8,607
From Jan. 1—
Gross from railway.
railway
Net after
157,007
$158,388
27,745
3,596
1,473,152
207,427
defl5,995
1,301,255
145,133
def49,011
1,171,488
61,344
defll9,255
Net after rents
Net from
19,500
168,960
238,664
accts
Total
1937
rents
—V. 145, p. 3001.
Atlantic Coast Fisheries Co.-
-Earnings—
6 Months Ended Oct. 31—
Net profit before charges
1937
$40,857
39,338
200
Net
profit
Earnings per share.
—V. 145, p. 1575.
1936
$160,236
44,518
16,000
$1,319
Reserves for depreciation
Reserves for income taxes
$99,718
$0.33
.
Atlantic Coast Line
Period End. Oct. 31—
Operating
Operating
extra
dividend of 25 cents per share in
quarterly dividend of 20 cents per share on the
stock, par $5, both payable Dec. 21 to holders of record
Dec. 10.
See V. 144, p. 1099 for detailed record of
previous dividend payments.—V
144, p.3996.
revenues
expenses
RR.—Earnings—
1937—Month—1936
1937—10 Mos.—1936
$3,681,490
$3,428,983 $40,297,984 $35,734,879
2,970,601
2,749,172 .30,450,239
27,765,767
Net oper. revenues—
Taxes
$710,889
325,000
$679,811
275,000
$9,847,745
4,175,000
$7,969,112
3,800,000
Operating income
Equip. & jt. fac. rents..
$385,889
46,225
$404,811
11,994
$5,672,745
1,113,755
$4,169,112
765,884
Net ry. oper. income.
$339,664
$392,817
$4,558,990
$3,403,228
—V. 145, p. 3339.
Atlas Powder
The directors
on
Co.—Special Common Dividend—
Dec. 1 declared
special dividend of 50 cents per share
the common stock, no par value, payable Dec. 24 to holders
of record
This compares with 75 cents which had been
previously declared
and is payable Dec. 10; $1 paid on
a
on
Dec. 14.
Sept. 10, last; 75 cents paid on June 10
10, last.
A special dividend of 50 cents was paid on Dec. 24,
1936, and extra dividends of 25 cents in addition to regular
quarterly divi¬
dends of 50 cents per share were
paid on Dec. 10, Sept. 10, June 10 and
March 10. 1936.—V. 145, p. 3188, 2835.
and March
Atlas Press
common
12,836,964
Gross from railway
Net from railway
Art Metal Construction
Co.—Dividend Increased—
addition
14,008,605
297,915
19,500
final
dividend of 50 cents per share on
the common stock, no par value,
payable Dec. 15 to holders of record Dec. 9.
Dividends of 50 cents were paid on Dec.
1, Sept. 1, June 1 and March 1, last
and previously regular
quarterly dividends of 373^ cents per share were
distributed.
In addition, an extra dividend
of $1 was paid on Dec
19
1936, and an extra dividend of 25 cents was paid on
Dec. 2, 1935.
The
The directors haye declared
96,271
340,908
stock
Atlanta & West Point RR.-
$26,215
Arkansas-Missouri Power Corp.—Initial Dividend—
have
5,000,000
235,870
pref.
Note—The income account for the 12 months ended
in "Chronicle" of Oct. 30, page 2834.
$1,321,871
1,173,458
The directors have declared an initial
dividend of 25 cents per share on
the common stock, payable Dee. 24 to
holders of record Dee. 10.—V
145
directors
6%
Donated surplus.
Total....
$218,659
25,954
24
Note—No provision has been made for
surtaxes
—V. 145, p. 748.
The
413,000
5,875,000
Earned surplus
provi¬
293.
$1,538,8261,320,167
$46,799
34,497
2,019
34,497
Miscellaneous interest..
Other deductions
Balance
p.
1937—12 Mos —1936
6,125
$91,193
'
on
403,000
bonds,
Reserves
$22,708 prof$171,171
$40,674
4,972
*
1st mtge. bonds.
on
mtge.
4K% series
Service exten. dep.
Def. credit items..
Inc.-—Earnings —
1937—3 Mo.?.—1936
$429,071
$358,816
342,850
318,142
Total oper. expenses
5% 50gold bonds.
Consumers' dep
1937—10 Mos.— 1936
142,
Arizona Edison Co.,
Gen.
514,916
x
Period End. Sept. 30—
Total oper. revenue
year
Accrued
After operating expenses and Federal income
charges, but before
sion for Federal surtax on
undistributed profits.—V.
$
245
144,099
Due from affil. cos.
1936
$
6% cum. pref. stk.
•
1937—Month—1936
$3,299 proff 17 ,160
Net loss
Sept. 30—
108,090
.
Notes receivable..
Accts, receivable-_
2,352,578
def21,226
11,029,249
77
Cash
Appl'nces
def254,290
liabilities—
Sinking funds and
special
2,503,971
178,703
def77,154
60,680
1936
$
Assels—-
$217,281
defl9,215
def38,943
Balance Sheet
1937
1934
$253,971
17,619
def4,980
2,819,749
360,269
def5,416
Gross from railway
Net from rail way.....
1935
$308,399
53,949
10,220
32,954
Net after rents
From Jan. 1—•
-Earnings—
1936
$299,407
Argonaut Mining Co., Ltd.—Earnings—
Period End. Oct. 31—
34.90.
p.
—V. 145, P. 2834.
x
15,271,318 143,742,352 127,513,330
11,569,298 116,721,540 103,149,742
xl,307,642 y10,539,474 yl 1,413,568
C'r66,528
Dr675,445
CY400.544
of railroad retire
RR.—Earnings—
October—
Net from
Railway oper. revenues.
Railway oper. expenses.
Railway tax accruals.
Co.—Earnings—
10 Months Ended Oct. 31—
Net income before taxes
—Y. 145, p. 2063.
1937
$157,802
1936
$73,587
Financial
Volume 145
Bill O
Augusta Warehouse & Compress Co.—Earnings—•
Net profit after operating expenses and Federal income charges,
but before provision for undistributed profits
per
share
on
Corp.—Earnings—
for
3 Months
$27,528
9 Months
$60,118
After provision of $22,355 for the 3 months and $22,355 for the 9 months
decline in marketable securities, but exclusive of net proceeds over
ledger value of securities sold.
The company states in its report to stockholders: "In view of fact that
major portion of the earnings represented by Baldwin Laboratories dividends
were earned prior to the date of the acquisition of such
corporation by
Automatic Products, the dividend received from Baldwin Laboratories,
Inc., in the sum of $33,043, has been applied in reducing the amount of
the capital investment of your corporation in Baldwin Laboratories.
"We have been informed that it is the intention of directors of the Spun
Steel Corp. to declare, on or about Dec. 15, 1937, a dividend of approxi¬
mately $70,000.
Approximately $20,000 of this sum will be credited to
income and the balance applied in reduction of the amount of the capital
investment of your corporation in the Spun Steel Corp.
This treatment
results from the fact that only $20,000, approximately, of such dividends
will be represented by earnings of the Spun Steel Corp. after the date of the
acquisition of such corporation by Automatic.
The dividend receivable
from the Permutit Co. of $53,620 will be added to the income account."—
V. 145, p. 3001. 2381.
Baltimore Transit
(Including
Baltimore
Period End. Oct. 31—
Co.—Earnings—
eliminated)
1937—10 Mos.—1936
$9,886,442
$9,757,049
8,317,583
8,191,388
1937—Month—1936
$1,045,368
$1,042,116
837,208
814,678
Operating re venues
Operating expenses
items
Co.—Inter-company
Coach
$208,159
93,401
$227,438
113,219
$1,568,858
955,318
$1,565,660
Taxes
Operating income
Non-operating income.
$114,758
1,229
$114,219
1,322
$613,540
19,610
$605,353
17,044
$115,541
10,157
$633,151
70,026
$622,398
101,996
$110,119
$105,384
5% debentures..
$563,124
353,076
$520,401
235,380
$210,048
$285,020
Net oper. revenues
Gross income
_
...
Fixed charges
Net income
Interest declared
on
series A 4 &
for
deductions
A
series
4
and
debentures,
5%
in the
cumulative figures are for the six months to June 30 only.
Interest for the
four months, July to October, inclusive, at the full stipulated rates, for
which no deduction is made above, totals approximately $313,855.—V.
145,
p.
regular meeting accepted the resignation of
Frank B. Foster as a director, effective Nov. 23, and elected Schofield
Andrews of the Philadelphia law firm of Ballard, Spahr, Andrews &
Ingersoll. to fill the vacancy thus created.—V. 145, p. 2835.
their
recent
Barker Brothers Corp .--President
Resigns—
Paul Quattlander, President of this company, has tendered his resignation,
effective immediately, due to ill-health.
His duties have been taken over
who has served as
tentatively by El von Musick, Chairman of the Board,
President since January, 1935.—V. 145, p. 2538.
Botany Worsted Mills—Receivership Terminated—All
details in
Barre & Chelsea RR.—Abandonment—
Nov. 19 issued a certificate
7,171 feet, all in the town of Barre, Washington County,
Vt.
Dolomite, Inc.—Extra Dividend—
dividend of five cents per share in
quarterly dividend of 20 cents per share on the
stock, both payable Dec. 15 to holders of record Dec. 1.—V. 145,
The directors have declared an extra
addition
to
common
p.
connection with the reorganization
the regular
Inc.,
has been absorbed
by the Botany Worsted Mills, the operating organiza¬
Only the mechanics of issuing new stock certificates of the Botany
Worsted Mills to holders of its old stock and holders of bonds and stocks of
Botany Consolidated Mills, Inc., remains to carry out the terms of reor¬
ganization under which there will be issued 176,262}^ shares of new pre¬
ferred stock ($25 par), 235,269 shares of new class A stock ($25 par) and
150,000 shares of new class B stock.—V. 145, p. 599.
tion.
Bourjois, Inc. —To Pay Si Dividend —
The directors have declared
stock,
no
par
a
dividend of $1 per
share
on
the common
11 to holders of record Dec. 6.
This
11, 1936 and 25 cents per share paid
value, payable Dec.
compares with 75 cents paid on Dec.
on June 1, 1935.—V.
144, p. 4169.
Bower Roller Bearing
The
Co.—Dividends
—
directors
have declared a dividend of $1 per share on the capital
$5, payable Dec. 22 to holders of record Dec. 10 and a dividend
of 50 cents per share payable March 25, 1938 to holders of record March 10.
A dividend of $1 was paid on Sept. 25, last; one of 50 cents was paid on
June 2
and on March 25 last; $1 paid on Dec. 19,1936; 75 cents on Oct. 24,
1936, and previously regular quarterly dividends of 25 cents per share were
distributed.
In addition, a stock dividend of 20% was paid on Dec. 20,
1935.—V. 145, p. 3189.
stock,
par
Mines, Ltd.—Extra Dividend—
The directors have declared
an
extra dividend
of 10 cents per share in
quarterly dividend of 10 cents per share onr the common
stock, no par value, both payable Jan. 15 to holders of record Dec. 31.
Similar payments were made on Oct. 15, July 15 and on April 15 last.
Extra dividends of 5 cents were paid on Jan. 15, 1937, Oct. 15, July 15 and
April 15, 1936.
Dividends of 15 cents per share were paid on April 15 and
Jan. 15, 1935; Oct. 15 and July 16, 1934, and a dividend of 12)^ cents was
paid on April 15, 1934.
In addition an extra bonus of 20 cents was paid
on Dec.
17, 1934.—V. 145, p. 3002.
addition
to
a
Briggs Mfg. Co.—$1.50 Dividend—
on
Dec.
2 declared
a
dividend of $1.50 per share on the
stock, no par value, payable Dec. 23 to holders or record
Dec. 14.
30 and on June 25, last; 50 cents paid
on March 31, last; an extra dividend of $1 per share paid on Dec. 21, 1936,
and an extra of 50 cents in addition to a regular quarterly dividend of 50
cents per share was distributed on Oct. 31, 1936.—V. 145, p. 2837.
Bristol Brass
Corp.—To Pay $1 Dividend—
The directors have declared a dividend of $1 per share on the common
stock, par $25, payable Dec. 15 to holders of record Nov. 30.
A dividend
of $1.25 was paid on Sept. 15 last and previously regular quarterly divi¬
dends of 50 cents per share were distributed.
In addition, an extra dividend
of 50 cents was paid on June 15 last and an extra of 25 cents was paid on
March 15 last.
See V. 144, p. 3488, for detailed record of previous divi¬
dend payments.—V. 145, p. 1578.
British Columbia Power
Paper Co., Ltd.—Dividends Resumed
of 25 cents per share on the class
payable Dec. 20 to holders of record Dec. 4. This will be the first
dividend paid since March 15,1929 when a similar distribution was made.—
V. 144, p. 4168.
share on the class A
stock, no par value, payable Jan. 15 to holders of record Dec. 31.
A like
amount was paid on Oct. 15 last and compares with dividends of 45 cents
paid on July 15 and April 15 last; 40 cents paid in each of the four preceding
guarters and 37^ cents per share paid each three months from Jan. 15,
1934 to and including Jan. 15, 1936.
The company paid quarterly divi¬
dends of 50 cents from Oct. 15, 1928 to Oct. 16, 1933, inclusive.
1937—Month—1936
$1,248,462
$1,204,892
714,260
669,621
Period End. Oct. 31—
Operating expenses
Net earnings...
The directors have declared a dividend
A stock,
Corp., Ltd.—50-Cent Div.—
The directors have declared a dividend of 50 cents per
Gross earnings
1249.
Bat hurst Power &
of the company have
been
been completed and the receivership, which began 5K years ago, has
terminated.
The holding company, the Botany Consolidated Mills,
The Interstate Commerce Commission on
permitting abandonment by the company of part of its so-called East
Barre branch, extending from East Barre to a point about 2,100 feet east
of the connection of the branch line with the main line, approximately
Basic
par
This compares with $1 paid on Sept.
Co., Inc.—New Director—
at
of 25 cents per share in
dividend of 50 cents per share on the com¬
$5, both payable Dec. 24 to holders of record Dec. 11.
Dividends of 50 cents were paid in the three preceding quarters; regular
dividends of 37 H cents were paid in each of the last three quarters of 1936.
and an initial dividend of 25 cents was paid on March 31, 1936.
In addi¬
tion an extra dividend of 50 cents was paid on Sept. 30, last; one of $1 was
paid on Dec. 26, 1936, and an extra of 37J^ cents on Sept. 30, 1936.—Y.
145, p. 2687.
stock,
common
Barber
extra dividend
an
addition to the regular quarterly
The directors
2835.
Directors
have declared
Bralorne
$115,988
5,868
Remainder
Note—Interest
960,307
department.
Laughlin, Inc.—Extra Dividend—
The directors
mon
Period Ended Sept. 30, 1937—
Net loss after expenses, interest, &c
x
Bliss &
$5,323
$2.66
2,000 shares
Automatic Products
x
Type Corp.—Registers with SEC—
See list given on first page of this
Earnings for 3 Months Ended Oct. 31, 1937
Earnings
3647
Chronicle
•v
-V.
.
145,
X*±U,
$535,271
$534,202
.
1937—4 Mos.—1936
$4,933,611 $4,809,971
2,881,145
2,732,981
$2,052,466
$2,076,990
p. OiOtf.
3189.
Brough
Lake
Molybdenum,
With¬
Ltd.—Registration
drawn—«
Baton
Rouge Electric Co.—Earnings—
y
$1,689,567
non-operating income,
tirement reserve.—V. 145, p. 3002.
Includes
net.
y
582,901
543,808
233,926
Brown Rubber
Beatrice Creamery Co.—Extra Dividend —
declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
common stock, both payable Jan. 3 to holders of record Dec. 14.
Like
amounts were paid on Jan. 2, 1937.—V. 145, p. 2218.
mon
$206,518
47,361
Gross from railway
Net from railway
Net after rents
defl0,380
1934
1935
1936
1937
October—
From Jan.
Western Ry.—Earnings—
$196,340
61,402
10,895
$112,429
$164,103
55,136
19,766
11,401
def26,952
1,430,880
1,406,415
1—
2,453,226
979,753
364,538
Gross from railway
Net from railway
Net after rents
1,814,712
473,582
def36,654
352,733
def53,389
328,185
defl03,508
—V. 145, P. 2835.
Dividend—
the
p.
Stock Exchange has approved the
Telephone Co. of
Period End. Oct. 31—
Pennsylvania—Earnings—
1937—Month—1936
w
1937-10iMoj.- 1936
24,390
$5,693,067 $57,288,283 $54,196,625
16,894
163,760
142,028
Operating revenues.
Operating expenses -
$5,902,764
3,965,154
$5,676,173 $57,124,523 $54,054,597
3,730,825
38,823,266 36,591,015
Net oper. revenues.
$1,937,610
$1,945,348 $18,301,257 $17,463,582
4,121,000
488,121
4,905,820
$5,927,154
Operating revenues
Uncollectible oper. rev._
_
498,310
Operating taxes
Net oper.
p.
2688.
Buffalo Idaho Mining Co.—Registers with SEC—
of this department.—V. 145, p. 1250.
See list given on first page
Burlington-Rock Island RR.—Earnings—
October—
Gross from railway
Net from railway
Net after rents
income
$1,439,300
$1,457,227 $13,395,437 $13,342,582
Lake Erie RR .—Earnings—
October—
railway
Net from railway.
Gross from
Net after rents
From Jan.
1937
$1,474,285
739,801
564,857
16,524,587
Net from railway
9,190,486
Net after rents
7,692.685
2836.
1934
1936
1935
$2,041,873
1,338,657
1,111.745
$1,035,620
418,680
403,069
$777,330
212,745
177,324
13,132.319
6,737,301
5,840,392
8,368.828
2,899.929
2.569.001
7,417.608
1,656,438
1.459,214
1—
Gross from railway
—V. 145, p.
1937
$134,369
13,514
defl8,839
1935
1936
$115,081
28,238
9,872
$115,351
20,688
def231
1934
$92,588
5,676
def 8,377
Net from railway
Net after rents
1,138,602
706,687
706,178
161,151
def86,206
def89,215
def252,621
def 115,005
def277,371
670,416
def91,143
def225,643
—V. 145, p. 2837.
Cambria & Indiana RR.- -Earnings—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1937
1936
1935
1934
$126,323
58,228
71,672
$129,043
63,977
85,641
$127,720
def5,881
41,571
$98,281
def61,546
4,537
1,082,401
415,632
788,081
1,048 037
227,621
655,398
914,188
211,927
695,599
867,435
84,519
607,977
—V. 145, p. 2838.
Canada Bud Breweries, Ltd.—40-Cent Dividend—
declared a dividend of 40 cents per share on the com¬
stock, no par value, payable Dec. 15 to holders of record Dec. 4.
Similar payments were made July 20 last and on Dec. 19 and July 20, 1936;
20 cents was paid on Dec. 20, 1935, and dividends of 15 cents per share
were distributed on April 15 and Jan. 15, 1935.
This latter was the first
dividend paid since Oct. 16, 1933, when a regular quarterly dividend of
15 cents per share was paid.—V. 145, p. 1894.
The directors have
mon
—V. 145, p. 3002.
Bessemer &
share
payment to be made on the common stock since Nov. 15, 1929, when a
regular quarterly dividend of 75 cents per share was distributed.—V. 145,
October—
3491.
Bell
special dividend of 50 cents per
company's common stock, payable Dec. 20 to holders of record
A like amount was paid on Oct. 1 last, this latter being the first
Dec. 10.
From Jan. 1—
application of the com¬
pany to list 224,112 rights to subscribe to additional shares of common
capital stock, evidenced by warrants of subscription. These securities will
be admitted to trading Dec. 11, 1937, and will expire Dec
30, 1937.—V.
145,
Collender Co.—To Pay Special Com¬
The directors on Nov. 29 declared a
Gross from railway
Co.—Application Approved—
Belden Mfg.
The Chicago
have been elected to the board of
company.—V. 145, p. 3492.
Brunswick Balke
on
145, p. 3340.
Co., Inc.—New Directors—
Murray D. Safanie and J. Leo Grace,
directors of this
After appropriations for re¬
The directors have
Beaumont Sour Lake &
first page of this department.—V.
1936
$1,899,292
248,871
Balance for dividends and surplus
x
See list given on
1937
12 Months Ended Oct. 31—
Operating revenues
x Balance after operation, maintenance and taxes.
^
Canada Northern Power Corp., Ltd.—Earnings—
1937—Month—1936
1937—10 Mos? —1936
$428,075
$386,842 $4,104,763 $f»757,487
Operating expenses
177,439
152,585
1,710,854
1,439,486
Period End. Oct. 31—
Gross earnings
Net earnini
-V. 145, p.
$250,636
$234,257
$2,393,909
$2,318,001
3648
Financial
Chronicle
Canada Malting Co.. Ltd.—Extra Dividend—
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of 37 A cents per share on the
Gross earnings
Breweries, Ltd.—Earnings —
Period End. Oct. 31—
Profit from operations—
1937—3 Mos.—1936
$923,226
4,403,183
earnings
145, p. 3492.
119.831.155 114.-193.000
9,846,238 102,478,107
97,962,349
17,353,048
16,230,651
Canadian Wirebound Boxes, Ltd.—Accumulated Div.—
1937—12 Mos.—1936
$3,430,722
$2,924,898
2,570,912
2,404,255
$749,959
540,876
622.653
...
14.249.421
4,279,107
expenses
1937
1937—10 Mos.—1936
$
$
$
14,729.165
10,450.057
Net
—V.
Canadian
Taxes
Working
3834.
p.
1937—Month—1936
$
no par value, both payable Dec.
15 to holders of record
Like amounts were paid on Dec. 15, 1936 and oh Dec. 15, 1935Quarterly dividends of 37 lA cents per share have been distributed since and
Nov. 30.
4,,
Ry.—Earnings—
Period End. Oct. 31—
capital stock,
including March 15, 1928.—V. 143,
Dec.
Canadian Pacific
The directors
have declared a dividend of 37Ac. per share on account
on the $1.50 cumulative class A participating
stock, no
payable Jan. 2 to holders of record Dec. 15.
A like amount was
paid on Oct. 1 last: a dividend of $1.37 A was paid on July 2 last; dividends
of 37H cents were paid on April 1 and Jan. 2, 1937, Oct. 1 and July 1,
1936;
25 cents per share paid in each of the seven preceding quarters and on June
30, 1934, and 37 A cents per share distributed on April 1 and Jan. 2, 1934.
Accruals after the current payment will amount to $2.25 per share.—V. 145,
p. 1413.
of accumulations
par value,
Profit
$300,572
23,838
Total
$859,809
102.901
$520,643
54.377
$200,255
$962,711
26.556
100,142
305.879
$575,020
89,250
368.659
$224,113
income
Interest
Provision for depree
$209,083
Dr8,829
324,410
22,438
77.859
Other income
$85,984
$556,690
$117,111
87,715
x
Profit
x
Subject to provision for minority interests and
Cariboo Gold Quartz Mining Co., Ltd.—Extra Div.—
The directors have declared
Dominion Government
an extra dividend of 1M cents per share in
the regular quarterly dividend of 2 A cents per share on the
stock, both payable Jan. 3 to holders of record Dec. 8.—V. 138,
income-taxes.
addition to
No provision has been included in the above for depreciation of idle
pro¬
perties.
It is anticipated that such provision will be made in the final
audited accounts for the year as a deduction from surplus not
common
508.
p.
exceeding
$96,000.
Commencing with the new fiscal year it is proposed to charge
such depreciation on a monthly basis thereby making a
year-end adjust¬
ment
Consolidated Balance Sheet Oct. 31,
A suets—
$106,572
Investments
& bills
Bank loans
tor
less res.
rec
doubtful accounts
65,440
Prepaid expenses
223,321
Land, building, plant & equ<p.x5,923,868
Other investments
388,983
Total
After
for depreciation of
Total.
$9,363,814
$4,292,514.
Represented by 163,428
cumulative sinking fund convertible preference shares of no
par value and
673,861 common shares of no par value.—V. 145, p. 1735.
Canadian Car &
Net profit
expenses
Fees of directors and
1935
28,893
20,510
5,363
committee
27,518
41,638
26.207
74,600
52,962
22,113
$336,555 loss$393,822 loss$716.632
88,230
88,365
2,060
3,044
11,538
430,576
290,000
Depreciation..
Net total profit
12,025
12,515
$7,685 loss$497,256 loss$729,147
Consolidated Balance Sheet Sept. 30
1937
Assets—
Real estate,
y
1936
$
by
own sins,
113,840
held
assoc. cos
5,274
32,500
75,000
Invests. In & advs.
331,132
co
292,860
for
Matl. suppl., Ac.. 3,701.360
Accts. receiv. (less
rec'd
reserves)
Cash In banks
409.308
112,293
684,776
re¬
;
266,000
Capital surplus
266,000
863,679
1,867,558
853,211
surplus
3,001,972
416,507
367,252
Deferred charges..
in
with
aeroplane contr.
Earned
31,301
and
other taxes
serve
1,234,894
312,938
pay¬
Dom.,
provincial
cash
7,077,875
9,145,000
471,393
Ac.,
able
Operating, Ac.,
684,776
$
7,077,875
9,145,000
1,563,525
Accts.,
connection
Cash rec'd A dep.
with bankers...
1936
$
Ordinary stock..
Net
partly-owned
sub.
x
Prov.
Investments
to
Liabilities—
Preference stock.,
Dom. of Can. bds.
Co.'s
108,299
Total
708.265
•
1936
1935
1934
$1,500,313
370,190
245,803
$1,390,707
355,166
262,483
$1,159,641
248.973
141,569
14,187,199
2,024,548
882,181
13,092,108
2,116,636
897,383
12,075.528
1,853,303
823.187
11,132.754
-
Gross from railway
1,668,402
560.346
—V. 145, p. 2838.
Light Co.—Earnings—
Period End. Oct. 31—
Gross revenue.........
1937—12 Mos.—1936
Gross income
Int. & other fixed chgs.
$710,410
411,936
82,600
$668,946
366,345
75,000
$8,739,960
4,810.764
970,000
$8,146,728
4,327,543
900,000
$215,874
79,339
$227,600
76,066
$2,959,196
930,825
$2,919,184
883,291
$151,534
41,800
$2,028,371
501,608
$2,035,894
620,628
$94,735
exps. & taxes...
Prov. for retire, reserve.
y
1937—Month—1936
$136,535
41,800
Oper.
x
Net income
Divs. on pref. stock
$109,734
$1,526,763
$1,415,265
Balance
x Includes provision for Federal surtax on undistributed
profits for 1936.
No provision has been made for such tax in 1937.
y Includes, effective
as of July 1,
1936, amortization of preferred stock premium,
discount,
commission, and expense.—V.
145, p' 3003.
Central Hanover Bank & Trust Co., trustee, has addressed a letter to
the holders of the 1st mtge. sinking fund 6% gold bonds due 1938,
advising
them of the present status of the company and asking for an
expression of
their views regarding the bringing of foreclosure proceedings in the immediate
future.
The letter to the bondholders states that of the $1,360,000 bonds
outstanding $461,000 have been purchased at a public auction sale by the
Foundry Co.
The latter in addition owns $32,000 of the bonds
substantially the entire capital stock.
Default in the payment of interest on the bonds occurred on
Aug. 1,1932,
when Central Iron & Coal Co. failed to pay the interest coupons then due.
This default and default in payment of the semi-annual interest coupons due
up to and including Aug. 1, 1937, still exists.
Company has paid all real
estate taxes assessed to date against the mortgaged property.
During the pendency of the proceedings to reorganize the Universal
Pipe & Radiator Co. and The Central Foundry Co., pursuant to the pro¬
visions of Section 77-B of the Bankruptcy Act, Central Hanover endeavored
to have included in the plan of reorganization of the
companies dated March
20, 1936, some provision for adequate and equitable treatment of the hold¬
ers of the bonds of Central Iron & Coal Co.
These efforts were unavailing.
Early this year Central Iron & Coal Co. had under consideration the filing
of a petition for reorganization under Section 77-B of the
Bankruptcy Act.
Company has recently advised counsel for the trustee that it does not be¬
lieve. in view of existing business, economic and financial conditions, that
it is in a position at the present time to make an
application under Section
77-B.—VT 125, p. 2392.
and is the owner of
Central Maine Power Co.—Accumulated Dividends—
23,063.752 19.564,352'
Total
23,063,752 19,564,352
Represented by 365,800 shares common stock of no par value,
y De¬
posited with Royal Trust Co. as guarantee under Workmen's Compensation
Act of Quebec.—V. 145, p. 1735.
x
Canadian
1937
Central
1937
$
plant,
goodwill,pats. Acl7,039,616 16,988.926
Govt, bonds
4,000
4,000
2688.
Central Iron & Coal Co.—Possible Foreclosure—
11,890
226,690
$1,134,413
p.
$1,278,062
53.420
def37.450
Net from railway
Net after rents
ex¬
Prov. for income taxes..
Of this department.—V. 145,
Ry.—Earnings—
1934
$281,790 loss$485,091 loss$870,401
$1,960,179
86,831
6,821
Salaries of officers
ecutive
1936
28,893
13,093
1,187
Profit on investments
Interest earned (net)--.
Legal
y
Foundry Co., Ltd. (& Subs.)—Earns.
Years End. Sept. 30—
1937
Combined profits
$1,917,007
Divs. rec. from partly
owned subs
October—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Central Illinois
$9,363,8141
reserve
$200,000
762,546
5A% series A sink, fund deb.
due April 1, 1946
1,300.000
Minority interest In sub. co—
278,627
Capital stock.
y4,918,154
Capital surplus & dlstr. surplus 1,904,487
252,736
1,558,608
Invest. In A adv. to aff'.l, co_.
(secured)
Acc. payable & accrued liab.__
844,278
Inventories.
x
Central of Georgia
1937
Liabilities—
Cash
Acc.
(A. M.) Castle & Co.—Registration Withdrawn—
See list given on first page
unnecessary.
Cottons, Ltd.—New Directors —
Two new directors have been elected to the board of this
company,
Edward O. Fox and William B. Boyd, both of Toronto.
They succeed W.
A. Black and George C. Caverhill.—V.
145, p. 1895.
to
The directors have declared the
holders of record Dec. 10:
$1.75 per share
$1.50 per share
following dividends payable Jan. 1,1938,
the 7% cumulative preferred stock (par $100).
on the 6% cumulative preferred stock (par $100).
$1.50 per share on the $6 cumulative preferred stock (par $100).
Similar distributions were made on Oct. 1, July 1, April 1 and Jan.
1,
1937, and payments at one-half of the above rates were made in each of the
on
nine
preceding quarters.
Regular preferred dividends had been
paid
quarterly from time of issuance up to and including July 2, 1934.—V. 145,
3493.
p.
Canadian National Lines in New
October—
Gross from railway.....
Net from railway
1937
$119.319
def2,6G0
England—Earnings
1936
1935
1934
def37,767
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145, p. 2838.
...
$131,051
26.690
def 14.700
$98,679
defl7,132
def53,027
$80,106
def35.450
def84,028
1,236,809
def48.582
def484,204
1.133,922
defl54,327
def568,641
954,060
def205,526
def599,486
899,985
def207,289
def684,078
Central RR.'of New
October—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Jersey—Earnings—
1937
-
1936
1935
1934
$2,849,518
$2,884,717
801,783
901,926
273,159'
264,049
$2,580,856
780,466
121,891
$2,506,337
937,887
279,994
27,508,131
7,680,174
24,665,206
6,834,948
2,170,695
24,346,145
7,286,575
2,698,589
2,289,009
26,165,403
6,600,413
1,279,811
—V. 145, p. 3341.
Canadian National
Rys.—Earnings—
Certain-teed Products Corp.—To
(All-inclusive System)
Period End. Oct. 31—
1937—Month—1936
1937—10 Mos.—1936
Operating revenues..—$19,328,357 $18,786,278 $165403,656 $153234,590
Operating expenses
15,896,781
15,147,759 151,444,218 143,390,610
Net
revenue
$3,431,576
$3,638,519 $13,959,438
Earnings of System for 9 Days Ended Nov. 30
1937
Canadian Pacific Lines in
October—
Gross from railway
Net from railway......
Net after rents
From Jan. 1—
....
Gross from railway.....
Net from railway
Net after rents
1937
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145, p. 2838.
1936
1935
def 12,195
def20,145
def33,593
1,982,298
325,680
48,674
1,777,706
108,469
def169,492
def183,747
1937
Increase
$459,568
Maine—Earnings—
$143,440
2,005
Canadian Pacific Lines in
Gross from railway
Net from railway
$4,633,071
$143,995
def4,234
def22,472
—V. 145, p. 2838.
October—
1936
$5,092,639
—VSSl?5rnpn83492
$9,843,980
$129,754
1.551,735
60,865
1934
$117,625
def9,399
def29,876
1.671,976
215,644
def49,578
Vermont—Earnings—
1936
$95,310
def8,029
def26,977
$95,537
def7,145
def26,341
971,169
defl09,315
def364,350
def263,856
def513,757
847,957
1935
$74,800
def32,381
def54,086
$79,258
defl7,518
def37,736
777,906
def219,298
def433,885
786,843
defl83,909
def398,707
,
,
HTA special meeting of common stockholders has been called for Dec. 17
to act upon a proposal to change the relative voting rights of the 6
% cumuulative prior preference and common stocks respecting the election of
directors.
UlUnder the proposal, the preference stock will have the right, voting
separately as a class to elect one-third of the board after dividends on that
issue are in default for six quarterly dividend periods, whether or not
successive, such right to continue until all dividends on the senior issue
have been paid.
Currently, preferred stockholders vote for directors only
after default of the preference dividend for eight successive
quarterly periods.
The proposed change in voting power of the company's issues, according
to Walter G. Baumhogger, President, is in line with the view of the New
York Stock Exchange expressed in August, 1936, when Certain-teed applied
for listing of the securities.
*>In his letter to stockholders asking approval of the plan, Mr. Baumhogger
said it is anticipated that by Jan. 1, next, the corporation will be in default
in payment or preference stock dividends forjthree quarterly dividend
periods.
He stated that the Phoenix Securities*Corp., owning the largest
single block of common stock (109,360 shares, in addition to 9,496 shares
of the preference stock owned beneficially), has advised that it will vote for
the adoption of the proposal.
New
1934
Change Voting Rights
of Securities—
Vice-President, &c.—
The appointment of Edwin G. Ross as Vice-President in Charge of Sales,
was
announced
on Nov. 27 by Walter G.
Baumhogger, President of the
Mr. Baumhogger also announced the appointment of George
Controller.—V. 145, p. 3004.
corporation.
P. Krug as
Chapman Valve Mfg. Co.—Extra Dividend—
The directors have declared an extra dividend of $1.50 per share In addi¬
tion to the regular quarterly dividend of 50 cents per share on the common
stock, both payable Dec. 15 to holders of record Dec. 8.—V. 145, p. 1896.
/
Volume
Financial
145
Chicago St. Paul Minneapolis & Omaha Ry.— -Earnings
Charleston & Western Carolina Ry.—Earnings—
October—
1937
$194,549
46,327
28,283
$194,525
62,991
44,452
$164,872
46,748
37,700
$143,461
36.468
29,234
2,121.988
690.324
427,748
1,845.407
587,217
369.230
1,632,611
433,740
271,949
1,613.850
501,561
319,540
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway.
Net from railway
Net after rents
,
—V. 145, p. 2839.
1937
$9,840,989
3,120.503
Net from railway
Net after rents
1,741.360
$8,960,932
3,052,035
$9,834,129
3,691,439
2.332,464
2,115,455
$8,087,196
2,712,018
1,930,224
From Jan. 1—
Gross from railway
Net from railway
83,656,651
20,576,174
Net
10,440,709
—V.
after
rents
80,483,511
67,948,398
14,411,829
5,982,422
21,255,435
10,284,814
67,369,584
18,715,719
10,426,462
145, p. 3191.
^
October—
1937
From Jan.
1936
,
15,045,837
1,678,446
173,324
$1,109,377
235,491
43,777
13,663,842
3,176,843
1,084,147
1 2,974,733
3,196,334
1,009,390
10,924,317
2.120.775
10,617,222
2,243,911
351,217
381,278
1—
Net after rents
-
—V. 145, p. 2839.
Net after rents
def268,011
1936
$1,764,979
518,506
Gross from railway
Net from railway
Net after rents.
$1,903,799
677,714
Net
after
In
—V. 145, p.
$1,600,908
505,049
157,221
355,254
252,214
157,588
15,328,839
4,314,319
12.865,147
2,869,572
1,576,138
574,040
3,460,029
1,015,728
2839.
Chicago & Illinois Midland Ry.—Earnings—
$343,296
80,938
$416,225
222,737
$297,831
90,125
48,655
175,690
75,055
87,279
3.274,202
1,053,314
717,809
Gross from railway
Net from railway
Net after rents
3,020,752
1,148,100
2,725,557
792,888
2,463,377
695,263
941,014
710,105
653,150
—V. 145, p. 2840.
Ry .—Protective
& Louisville
Seek Deposits Orally—
Indianapolis
outstanding 84,600 shares
have
of new capital stock.—
Ry.—Earnings—
1936
1935
$1,393,868
$1,472,942
593,628
484,33 3
$1,259,262
527,302
432,079
railway
$966,200
264,368
197,846
13,816,336
5,470,700
4,059,836
11,178,233
3,937,139
2,963,606
10,414,772
3,845,079
2,754,446
512,555
Net from railway
358,323
Net after rents
From Jan. 1—
14,534,867
5,731,830
Gross from railway
Net from railway
4,166,975
Asphalt Products Co.—Acquires Warner-
Quinlan Co. Assets in Reorganization—See latter company
below and in V. 145, p. 2410.
Clark Controller Co.—Dividend Increased—
per share on the common
Dec. 10.
This compares with
March 18, last, and an initial
dividend of $1 per share paid on Dec. 28, 1936.
The old com. stock was split-up on a three-for-one basis.—V. 145, p. 936.
The directors have declared a dividend of $1
stock payable Dec. 15 to holders of record
50 cents paid on Sept. 29, June 30 and on
Climax Molybdenum
Co. (& Subs.)—-Earnings—
Earnings for 9 Months Ended Sept. 30,
Net
sales
1937
-$11,874,103
5,356,806
-
sold and selling expenses
Administrative and general expenses
1934
$941,819
227,297
79,785
8,501,079
1,254,283
8,474,705
1,724,333
6,680,390
1,166,328
6,230,627
1,041,210
def9,804
Gross from railway
Net from railway
Net after rents
1935
$795,629
179,679
65,062
293,152
defl4,429
def330,825
1936
$6,359,714
Profit
13,600
income
and
•
11,655
Federal income and excess profits taxes
share based on 2,520,000 shares issued
Net profits after
profits.—V.
145, p.
Net from railway
after rents
$5,338,187
$2.12
made for Federal surtax on undistributed
2067.
Clinchfield RR.—Earnings—
13,429
1936
1937
October—
Gross from railway
15,135
669,220
Sundry taxes
111,039
From Jan. 1—
339,117
and obsolescence
_
$673,247
$6,373,314
Provision for depletion of mine properties
Provision for Federal income taxes
Note—No provision has been
1937
$834,928
96,230
def42,665
157,583
__
Net profit
Other income
Earnings per
Earnings for October and Year to Date
October—
1934
1937
Provision for depreciation
for holders of 1st & geri. mtge. bonds, seies
A and B, have asked the Interstate Commerce Commission for authority to
solicit deposits orally.
On Juno 28, the ICC allowed the committee to
solicit deposits of bonds but refused oral solicitation.
The protective committee
Net
stock held and the
each share of the
for Dec. 13, the
at a special meeting called
Gross cost of goods
From Jan. 1—
—V. 145, p.
will
October—
$302,395
96,730
Net after rents
Committee to
company have submitted a plan of reorganization to the
Under it holders of the present preference shares will receive
holders will receive 2-25 shares of new common for
Gross from
1934
1935
1936
1937
October—
Capitalization—
this
If the plan is approved
old.
3493,3342.
p.
1 7-25 shares of new common for each share of preference
common
13,053,075
Gross from railway
Net from railway
above.- -V. 145,
capitalization from $676,500 to $423,000,
effort to reduce present
Cities Service
$1,528,724
420.381
589,548
Chicago
an
directors of
stockholders.
1 934
1935
15,719,068
3,596,282
rents
87,137
34,896
Cincinnati Ball Crank Co.—To Reduce
From Jan. 1—
Gross from railway
Net from railway.
12,512,797
2,268,538
780,172
—V. 145, p. 3342.
Chicago Great Western RR.—Earnings—
1937
12,720,325
1,714,863
256,237
Copper Co.—New Director-
Net after rents
October—
1 5.336.778
2,682,470
481,467
Cincinnati New Orleans & Texas Pac.
$1,280,685
358.183
192,688
Gross from railway.
Net from railway
1934
$1,402,219
—V. 145, p. 2840.
1934
1935
1935
$1,640,789
379,197
206,301
V. 145, p. 1897.
$1,497,961
491,853
267,547
$9,450,488
360,847
railway
Net from railway
Net after rents
1936
$1,705,975
377,273
143,663
From Jan. 1—
Gross from railway
Net from railway
company
Chicago & Eastern Illinois Ry.—Earnings—
Gross from
Net from railway
Net after rents
See Anaconda Copper Mining Co.
1 934
1935
1936
Gross from railway
Chile
Chicago Burlington & Quincy RR.—Earnings—
October—
Gross from railway—..
1937
$1,671,499
349,649
105,003
October—
1934
1935
1936
3649
Chronicle
1934
1935
$584,286
250.458
269,750
$569,626
253,222
234,352
$499,568
225,690
219,179
$444,452
175,081
179,275
5,821,119
2,756,115
2,698,896
Gross from railway
5,066,571
2,178,683
2,087,841
4,306,604
1,702,270
1,547,272
4,378.499
1,861,594
1,735,884
_
Net from railway
Net after rents
From Jan. 1—
2839.
Gross from railway
Chicago Milwaukee St Paul & Pacific
RR.—Protective
Nec from railway
Net after rents
Committee—
—Y. 145, p.
Wolf, James B. Johnston, Karl A. Meyer, Rucker
Dinkins have been authorized by the Interstate Com¬
merce Commission to serve as a protective committee for holders of the
preferred stock of the company.
3004.
H. C. Orton, D. C.
Colorado & Southern Ry. -Earnings—
Penn and Lynn H.
Earnings for October and Year to Date
$9,996,171 $10,458,585
2,181,052
3,063,680
Gross from railway
Net from railway
Net
after
$8,534,475
1,916,589
1,849,172
1,634,230
982,415
984,518
rents
From Jan. 1—
90,698,530
17,505,696
90,440,357
18,887,263
76,396,019
11,923,502
74,200,664
15,729,891
7,806,215
Gross from railway
Net from railway
6,803,182
2,376,175
5,833,857
Net after rents
Note—Income for the period ended
Oct. 31, 1937, includes a credit of
$1,523,755 reversing charges made against income in
Railroad
Retirement Act recently amended effective
V. 145, p. 3004.
1936 account of
1, 1937.—
Jan.
1937
1936
1934
1935
$8,312,669
1,807,579
$9,140,102
2,681,176
$7,666,505
1,799,411
$7,364,251
1,796,880
976,549
1,885.325
1,059,226
1,043,119
76,008,918
6,988,202
Gross from railway
Net from railway
Net after rents
76,708,272
11,627,103
3,293,475
64.368,683
9,460,405
64,842.012
12,174,983
2,191,547
4,618,364
From Jan. 1—
Gross from railway
Net from
railway
Net
rents
after
—V. 145, p.
def45,119
2840.
1934
$335,293
79,175
1937
$373,214
77,240
def8,505
1936
$387,820
133,235
65,623
1935
$347,151
91,855
30,044
15,456
3,988,495
1,220,058
369,223
3,603,465
1,004,225
3,226,712
862,410
31,808
3,060,303
739,268
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway..
Net after rents
—V. 145, p.
253,218
def 16.288
3004.
Chicago Rock Island & Pacific Ry.—Earnings—
$7,173,202
5,865,947
Total oper. revenue
Total oper. expense
Net rev. from opers..
Taxes & rent for equip.
&
$1,307,255
$7,873,360
7,500,593
8,259,491
765,879
$531,693
Net oper. income
$477,395
$3,762,584 def$386,131
Trustee—
The Marine Midland Trust Co.
trustee
$1,243,274 $11,263,177
775,562
joint facility
Successor
$6,973,542 $68,848,981 $64,690,739
5,730,268
57,585,804 56,817,379
of New York has been appointed successor
July 1, 1907 under which $331,000,
under trust indenture, dated
principal amount of Carroll ton Branch first mortgage
outstanding.—V. 145, p. 3342.
6% gold bonds, are
x
y
SO—
-
—
Earnings per share
:
After
—V. 145, p.
1936
$56,712
$0.70
$0.57
6,013,160
1,263,239
4,958,245
749,276
12,963
4,630.842
171,541
88,030
374,542
819,820
72,903
2840..
Columbia Broadcasting System, Inc.—Special Div.—
declared a special dividend of 50 cents per share
stocks now outstanding payable Dec. 13 to holders
of record Dec. 6.
A dividend of 40 cents per share which had been previ¬
ously declared will also be paid on Dec. 13.
An initial dividend of 40 cents
per share was paid on Sept. 10, last.
See V. 145, p. 3005 for detailed
The directors on Nov. 30
on
the class A and class B
145,
p.
3191.
Columbia Pictures Corp.
Income
Account
(Company
(& Subs.)— Earnings —
Domestic Subsidiaries)
'36 Sept. 28 '35 Sept. 29 '34
$2,744,922 $2,535,773 $2,036,275
2,583,295
2,024,539
1,812,298
and
Sept. 25 '37 Sept. 26
13 Weeks Ended—
$2,951,597
2,806,530
b Net profit
c Amort, of film. &c
$145,066
15,745
$161,627
9,681
$511,234
d68,850
$223,977
$160,811
*13,500
$171,308
*42,050
$580,084
85,000
$282,268
42,655
$147,311
4,420,607
h65,000
$129,258
4,018,463
$495,084
4,627,555
$235,712
3,151,129
$4,632,918
51,566
87,367
164,978
$4,147,721
51,565
f 74.162
$5,122,638
12,946
el,217,384
35,050
$3,386,841
$4,429,009
$0.27
Earns.per sh.on com.stk.
$4,021,994
$3,857,259
$3,329,852
$0.26
$2.64
$1.30
Other income-
Fed¬
eral income tax
Prov. for Fed. inc. tax--
d58.291
Exps. relating to org. &
est. of newly formed
foreign
—
Reversal of reserve
pref. stock—-
on
Divs. on common
stock-
Other expenses.
Miscell.
3,902
subsidiaries—
Net profit
Previous balance
12,946
42,543
"Y,5O5
adjustments
b After deducting general, administrative and selling expenses, including
depreciation on furniture and fixtures in main office and branches, amount¬
ing to $16,273 in 1937, $10,806 in 1936, $7,550 in 1935 and $8,216 in 1934.
c Including
depreciation of studios and studio equipment capitalized as
production cost: 1937, $48,331:1936, $39,606; 1935, $30,151; 1934, $25,838.
d Includes $61,782 in 1935 ($33,490 in 1934) operating profit of foreign
subs, and branches,
e Consists of $45,595 in cash and $1,171,788 in stock,
f Cash only,
* No provision has been made for taxes on undistributed
profits,
h Reversal of reserve for Investment in a former partly-owned
company
.1937
$69,559
operating expenses and Federal income charges, bufbefore pro¬
vision for Federal surtax on undistributed earnings,
y On 100,000 shares.—
V. 143, p. 4148.
x
Gross from railway
Net after rents
company
Chicago Venetian Blind Co.—Earnings —
9 Months Ended Sept.
Net income.
$586,568
—
Net from railway
Divs.
(Including Chicago Rock Island & Gulf Ry.)
Period End. Oc\ 31—
1937—Month—1936
1937—10 Mos.—1936
$658,065
212,209
129,659
From Jan. 1—
Net profit before
Chicago Rock Island & Gulf Ry.—Earnings—
October—
Gross from railway
$752,733
215,629
113,245
Net after rents
dividend record.—V.
Chicago & North Western Ry.—Earnings—
October—
1934
1935
$681,971
159,066
34,295
6,556,242
1,576,682
709,273
Net from railway
1934
1935
$9,849,300
2,608,581
1936
1937
October—
1936
1937
October—
Gross from railway
now wholly-owned and consolidated.
I Deficit of subsidiary
(wholly-owned subsequent to June 26, 1937) not heretofore con¬
solidated.—V. 145, p. 1580.
Columbus Auto Parts
accumulations on the $2 cum.
to holders of record Nov. 24.
Co.—Accumulated Dividend—
dividend of $1 per share on account of
pref. stock, no par value, payable Dec. 1
A dividend of 75 cents was paid on Sept. 1
The directors have declared a
3650
last;
Financial
of $1
Chronicle
paid on May 21 last; 25 cents paid on March 1 last and
dividends of 50 cents were paid on Dec. 26 and on Oct. 15, 1936.
Divi¬
dends of 25 cents per share were paid on Sept. 1, June 1 and March 2, 1936.
A dividend of 10 cents was paid on Dec. 2, 1935, this latter being the first
payment made on the issue since Dec. 1, 1933, when a regular quarterly
dividend of 50 cents per share was distributed.—V. 145, p. 1253.
one
Columbus & Greenville
October—
1936
Net after rents
def8,886
From Jan. 1—
Gross from railway
1,083,008
130,493
Net from railway
Net after rents
Consolidated Oil Corp.
1935
$141,165
35,602
24,094
981,062
140,466
80,421
o,090
—V. 145, p. 2840.
"
-
Costs, operating and general
expenses
—
$230,418,368
—
187,676,953
—
Profit
-
Total income
$42,741,414
2,741,406
-.
Net-operating income (net)
707,985
15,595
3,107
42,953
23,360
Gross operating earnings
x
$91,512
7,926
4,156
786,454
(& Subs.)—Earnings
Consolidated Statement of Income July 1, 1936 to June 30, 1937
1934
$122,713
39,396
31,606
4, 1937
ager
Ry.—Earnings—
1937
Gross from railway
$126,051
Net from railway-5,841
Dec.
of Consolidated, were elected to the board of directors to succeed
Oscar Heyman and Frederick K. Heyman.
WV
Consolidated recently completed the purchase of approximately $200,000
of new press equipment, one-half of which is alreday in operation and the
other half to be in operation about Feb. 1, 1938.
It has been operatinglat
100% capacity in all of its plants since 1930.—V. 144, p. 275.
was
—
-----
1
$45,482,820
1,949,864
19,874,518
3,591,013
1,401,609
Interest and amort, of debt discount and expense
.
Depreciation and depletion
Canceled leases, abandonments and dry holes
—
Commonwealth Edison Co.—New Vice-President—
The board of directors at
D. Gale
as
special meeting held Nov. 16 elected Willis
charge of finances to succeed Purcell L. Smith
resigned.—V. 145, P. 3493.
Community Power & Light Co. (& Subs.)—Earnings—
Period End. Oct. 31—
Operating
1937—Month- -1936
$375,700
163,338
25,410
a37,920
revenues
Operation
-----
Maintenance
Taxes
-;
Net
oper.
—
$345,026
154,923
20,156
33,154
$149,030
revenues—
$136,791
1937—12 Mos.—1936
$4,219,891
$4,016,341
1,898,445
1,896,043
266,542
202,991
a394,319
364,310
229
3
$1,660,584
2,587
$149,260
23,539
$136,794
23,154
$1,663,171
243,937
$1,559,636
304,122
$125,720
$113,640
1,905
69,367
$1,419,234
26,998
835,404
$1,255,514
2,332
70,089
1,211
578
1,211
578
14,532
6,944
14,649
6,944
$51,507
$40,577
$535,354
Non-oper. income (net).
Balance
—
Retirement accruals--__
Gross income-.
Interest to public
Interest to parent co—
Amort, of debt disc, and
expense:
Provision for est. United States Federal income tax
a
Vice-President in
$1,552,996
6,640
24,287
832,049
-
Public-
Parent company
Net
profit$18,665,816
x Exclusive
of
inter-company
sales,
inter-company
transportation
charges, and United States Federal and State gasoline and oil taxes.
Note—-No provision has been made for Federal surtax
profits,
income
To public
To parent company
_ -
$99,203
5,831
$99,527
$430,320
$272,226
$828,990
$819,810
12,238
_
Balance applicable to parent company
Earnings from subs. cos. deducted in arriving at
5,831
6,413
5,831
Preferred dividends
Other
5,831
6,952
—
61.091
4
11,606
.
■
15, 1932, and at the end of the
company's fiscal year March 31, 1938 the stock will still be $33 per share
in arrears.—V. 141, p. 2113.
'
1
Consolidated Textile Corp.—To Protect
145, p. 2541.,
Continental
Casualty Co.—Special Dividend—
V The directors have declared
a special dividend of 30 cents
per share on the
capital stock, par $5, payable Dec. 15 to holders of record Dec. 4.
The regular quarterly dividend of 30 cents per share was
paid on Dec. 1,
ast.
See also V. 144, p. 1104.
Directors at their meeting held Nov..30 decided to take no action on the
payment of a dividend on the common stock at this time.
The company
paid a dividend of 25 cents per share on Sept. 30, last, and
previously
regular quarterly dividends of 50 cents per share
p. 3343.
Corroon &
"""247
278
$1,351,908
889,000
$1,183,051
928,152
$462,907
$254,899
income
Amount available for divs. and surplus..
—
a No provision has been made for the Federal
surtax on undistributed net
income for the year 1937, since any liability for such tax
cannnot be deter¬
mined until the end of the year.
The
subsidiary companies on Jan. 1, 1937, adopted the Federal Power
of accounts, hence previous years' figures are not
exactly comparative.—V. 145, p. 3493.
Commission system
were
distributed.—V. 1 45,
Reynolds Corp.—Accumulated Dividend—•
The directors have declared
Total
gross
Minority —
Federal Bankruptcy Referee, Peter B. Olney Jr., at a hearing of creditors
Nov. 30 intimated that provisions for the protection of the
minority
interests will have to be incorporated in the proposed plan of
reorganization
before it receives his approval. Under the proposed plan, the referee
said,
the reorganization committee of three members would have exclusive
power
to appoint directors of the hew
company and the directors would have sole
authority to interpret the plan's provisions, their decision being final.—
on
73,117
Other income
Expenses, taxes and deductions from
Pay $7 Dividend
Continental-Diamond Fibre Co.—Dividend Omitted—
-
Interest not earned.--
Miscell. earnings from subsidiary companies.
Common dividend from sub.—not consolidated—
To
undistributed
1095.
will be the first dividend paid since Nov.
above:
Interest earned
—
on
145, p.
The directors have declared a dividend of $7 per share on the 7
% cumu¬
lative preferred stock payable Dec. 15 to holders of record Dec. 4.
This
$377,584
*
Dividends paid and accrued on preferred stocks:
provision is believed necessary.—V.
Preferred Shares—
on
V.
Net
as no
Consolidated Sand & Gravel Ltd.
dividend of $1.50 per share on account of
pref. stock, par $100, payable Dec. 13 to
made on Oct. 1, July 1
and on April 1, last, and a dividend of $4 was paid on Dec.
15, 1936, this
latter being the first dividend paid since July 1, 1931, when a
regular
quarterly payment of $1.50 per share was made.—V. 145, p. 1898.
accumulations
on
holders of record
the 6%
Dec.
8.
a
cum.
Similar payment was
Creameries of America, Inc.—Extra Dividend—
The directors have declared an extra dividend of five cents
per share
in addition to the regular quarterly dividend of 10 cents
per share on the
common
stock, both payable Dec. 27 to holders of record Dec. 10.
Like
paid on Sept. 30, last, and an extra dividend of 15 cents was
Dec. 21, 1936 —V. 145, p. 3193.
{
amounts were
Commercial Investment Trust
The directors
the
common
Dec.
on
Dec.
stock,
no
1 declared
par
an
Corp.—To Pay $1 Extra
extra dividend
value, payable Dec.
18
of $1
to
share
per
holders
10.
Bonus to
Employees—
The directors approved the distribution of extra
compensation, in addi¬
salaries, to employees of companies in the C. I. T. Group
aggregating an amount in excess of $600,000 for the year 1937.
The plan
or distributing this sum, which is exclusive of
amounts for senior
executives,
is based upon the salary of the
employee, length of service and individual
tion to regular
Eerformance record. to be distributed this been in greater in previous years
ut the total
Similar plans have year is effect than in any prior
amount
145,
p.
2541.
Consolidated
.
Edison
Float $30,000,000 Issue
Co. of New York,
Early in January—
Inc.—Will
Floyd L. Carlisle, Chairman, stated before the Public Service Commission
Dec. 1 that the company proposes to sell
$30,000,000 of 20-year debentures
early in January for new capital.
Mr. Carlisle told Milo R. Maltbie,
Chairman of the Commission, that proceeds from
the sale of the debentures
would be used to pay
$15,000,000 in bank loans and $15,000,000 would
be applied for new construction.
Mr.
Carlisle further stated that the
company had already undertaken
expenditures of $8,000,000 for modernizing its waterside
generating sta¬
tion, and $4,000,000 has been spent improving
distributing facilities.*
Mr. Carlisle further said that
$12,000,000 more would be used to
improve
generating facilities, and $3,000,000
more would
improvement of distribution facilities.
be used for further
The company would repay
$12,500,000 bank loan due National City
Bank and $2,500,000 to
pay notes due City Bank Farmers Trust Co.
Mr. Carlisle hopes to sell the debentures with an
interest rate of less than
3%%.
Further data in regard to redemption prices and sale
price will be
filed with the Commission at a later
date.—V. 145, p. 3192.
Consolidated Mining & Smelting Co. of
Canada, Ltd.
—Extra Dividend—
The
directors
have declared an extra dividend of
$1.50 per share in
semi-annual dividend of 50 cents
per share on the capital
Mock, par $5, both payable Dec. 31 to holders of
record Dec. 8.
Extra
dividends of $1 were paid on
July 15, last, and on Dec. 31, 1936 and a
dividend of 50 cents was paid on
July 15, 1936.—Y. 145, p. 3493.
addition
to
a
Consolidated
Lithographing
Corp.—President
Owns 90% of Stock—Advances Cash
for
and Class A Common—New Directors—
Now
Retirement of Pref.
J. A. Voice, President, at a
meeting of the board of directors held Nov.
29, announced that just prior to the
meeting he had completed the purchase
for his own account of another block
of 40,000 shares of the
corporation's
J
held
u
^ ^nd £ad I?a?e ,a furih<* cash payment for the retirement of
preferred stock and 20,000 shares of class A stock formerly
by United States Printing & Lithographing Co
k
tt
"This series of cash
transactions," Mr. Voice
tion in the position of
having outstanding
with no
Co., Inc., New Britain, Conn.—Stock
Offering—
regular quarterly dividend of $1 per share which had been declared
on Nov. 26 will be paid on Jan.
1, 1938 to holders of record Dec. 10.
An extra dividend of $1.25 per share was
paid on Dec. 15, 1936.
other
on
Cremo Brewing
on
of record
The
year.—V.
paid
prior
obligations.
said,'"places
127,000 shares of
the corpora¬
common stock
The amount paid by Mr. Voice for
the retirement of the
preferred and
class A issues, as well as the purchase of
the 40,000 shares of common
stock,
was not disclosed.
However, this is the outstanding achievement in Mr.
Vo!ce 8 business career.
He started as a bronze feeder
in a lithographic
establishment m 1900 and now owns
90% of the only outstanding stock of
a corporation
having no bank or other indebtedness outside of its
current
The company early in October offered 70,000 shares of common
stockholders of record May 20, 1937, pro rata in the ratio of
stockfto
1% shares for
Rights expired about Nov. 1, and sub¬
scriptions are payable 25% at time of subscription, 25% within 30 days
thereafter, 25% within 60 days after subscription and 25% within 90 days
after subscription.
At the same time company offered 15,300 shares for
exchange to holders
of the 10-year 1st mtge. 7% notes in the ratio of 17 shares for each
$100
of notes. Exchange offer expired about Nov. 1.
A total of 26,542 shares were either subscribed for or
exchanged for the
each share held at $6 per share.
notes.
The balance of the unsubscribed stock (58,758
shares)
offered directly to the public at $8 per share.
Proceeds are to be used for improvements, additions, &c.
The company having its plant and principal office at Belden
is
being
Sc., New
Britain, Conn., was incorp. in Conn, on Oct. 11, 1911. Company succeeded
Cremo Brewing Co. which had operated a brewery since
January, 1905, and
continued the operation of the brewery until prohibition in 1918.
During
1919 and 1920 non-alcoholic products were manufactured, and
operations
discontinued until early in 1933 when the plant was
reconditioned,
additions made, and operations as a brewery resumed.
Company dis¬
were
tributes its
to
products throughout Connecticut and adjoining States directly
permittees, solely under its corporate name of "Cremo."
Capitalization—Company has an authorized capital stock of 150,000
shares (par $51. Before the above offering 40,000 shares were
outstanding,
leaving unissued 110,000 shares.
Company also had a funded debt of $90,000 outstanding as of May 31.
1937, consisting of 10 year 1st mtge. 7% notes dated May 1, 1934 ana
maturing May 1, 1944 secured by mortgage on the real estate, plant and
equipment.
? f
To
Pay Initial Common Dividend—
The directors have declared
the
p.
common
604.
an initial dividend of 10 cents per share on
stock, payable Dec. 22 to holders of record Dec. 15.—V. 145,
/»■
-'..V
-:y-
<
.
Crescent Public Service Co.—Interest—
Interest of 1% for the six months' period ended Oct. 1, 1937 was
paid
Dec. 1, 1937 on the collateral trust 6% income bonds, series B.
Applicable
earnings computed in accordance with the formula set forth in the trust
indenture securing the bonds amounted to $39,192, which is sufficient to
provide for a disbursement of 1% with a balance of $1,982, which will be
retained by the trustee for future disbursements.
This interest payment,
together with the 3% paid on June 1, makes a total of 4% for the year 1937,
as compared with 2% % for 1936 and 1 % for 1935.
Consolidated earnings (company and subsidiaries) for the nine months
ended Sept. 30, 1937, show operating revenue of $1,830,294, an increase of
$97,988 or 5.65% over the corresponding period of 1936.
Consolidated
gross income before provision for renewals and replacements (depreciation),
fixed charges, &c., for the nine months' period amounted to $497,055, a
decrease of $2,845 or 0.57%.
Construction work on the new power plant of Central Ohio Light & Power
Co., a subsidiary, is showing good progress, says Floyd W. Woodcock,
President, and it is expected that the initial installation will be ready for
operation early in April, 1938.
Central Ohio Light & Power Co. in the
latter part of June sold an issue of $750,000 3-year 4^% convertible secured
notes in order to provide in part the necessary funds for the power plant
construction program.—V. 145, p. 3193.
Crown Central Petroleum Corp.
This company, a
Maryland corporation,
on
(,Md.)—10-Cent Div.—
Dec. 1 declared
a
dividend of
10 cents per share, payable on Dec. 28 to holders of record Dec. 10.
This
corporation succeeded the Crown Central Petroleum Corp., a Delaware
purchases.
corporation,
all
Mr. Voice also announced at the
meeting plans for the participation by
executives of the
corporation, enabling them to become substantial
stockholders.
Nov. 10, 1937, equal to 50 cents a share on the present stock, since the
stockholders of the present company received one share in exchange for each
five shares previously held.
Thus the total distribution this year by these
A. Fichman, President of Consolidated's
affiliate, the Rayner-Consolidated Decalcomania Corp., and Ralph D.
Cole, Secretary and Sales Man¬
companies equals 60 cents per share on the stock now outstanding.
This
60-cent distribution compares with an equivalent 30-cent distribution for
the year 1936.—V. 145, p. 2223.
which
company
paid
a
dividend
of
10
cents
per
share
on
Volume
Financial
145
Crown Cork International
The directors have declared
a
on
of
3 to
last;
dividends of 25 cents were paid in each of the six preceding quarters; on
Dec. 20, Aug. 30 and May 22, 1935, and on Dec. 21. 1934, and 50 cents
paid on March 30, 1934, and Nov. 1, 1933.
The last regular quarterly
dividend of 25 cents per share was paid on April 1, 1931.—V. 145, p. 2542.
Crown Zellerbach
by the
cents
per
the common stock since Oct. 15,
also distributed.
company on
share
was
1930, when 25
1936
______.$27,729,645 $25,249,194
depletion.. 17,947,812
17,138,995
Cost of goods sold, excl. of deprec. &
1,202,363
947.505
$9,057,704
2,948,543
113,771
1,627.205
336,820
subsidiaries
e.penses__^
2,978,442
177,679
1,690,791
.•
Other e:pense, net
Depreciation
Depletion
Int.
_
_ _ _
_____
_
_
404,443
___
incurred in
connection with redemption of bonds & debs__
bonds & debs. &
on
Dallas Gas Co.—Bonds Called—
of the company, announced that $14,500 principal
company's 1st jntge. 6% obnds due 1941 (2d series) have been
by lot for redemption on Jan. 1, 1938, at 102% of par plus accrued
interest.
Drawn bonds will be paid on that date at the corporate trust deR. G. Soper, President
Sartment of the 145, p. 1737.Manhattan Co., successor trustee, 40 Wall St.,
lew York.—V. Bank of the
Davega Stores Corp.—Strike Settled—
Balance
458,625
797,352
Minority stockholders' propor., Pacific Mills, Ltd_
U. S. & Can. income taxes, but excl. of U. S. surtax
on undistributed profits
Net profit for
$3,492,995
25,762
490,685
On basis of
x
Willamette
capital stocks outstanding as
Co,
new
Paper
$4,440,801
$2,976,548
$1.37
$0.73
result of merger of Crown
since any liability for such tax
fiscal year.—V. 145, p. 3006.
cannot be determined
all of the directors
California, known
board of directors.
the plan of reorganization, application was made to the
Corporation Commissioner of the State'of California for authority to issue
the preferred and common shares of the new California company, which
shares are to be issued in exchange for the now outstanding shares of the
To accomplish
Arizona corporation.'
preferred shares of the Arizona corporation will receive one
share of new $100 par value 6% cumulative preferred stock and four shares
of $1 par value common stock, in exchange for each share of the preferred
stock of the Arizona corporation.
The new preferred carries with it the
exclusive right to vote and elect a board of directors in the event of default
in payment of dividends for one year, which right the present preferred
shareholders of the Arizona corporation do not possess.
Holders of the common stock of the Arizona corporation will receive one
share of the new common stock in exchange for each share of the common
stock of the Arizona corporation.
*
It is requested that stockholders indicate their assent to the plan of
reorganization by forwarding, either by mail or in person, the certificates
for shar&s of stock of Crystalite Products Corp., now held, to the office of
the company, 1708 Standard Avenue, Glendale, Calif.
In order that all stockholders may be in a like position, the effective date
of the plan is to be Jan. 1, 1938.
The new California company will have an authorized capital of 1,800
shares of $100 par, 6% cumulative preferred stock and 20,000 shares
($1 par) common stock.
The California company will issue the following securities:
909 shares of
6% cumulative preferred stock and 10,151 shares of common stock.
Up
to 909 shares of the preferred stock and 3,636 shares of the common stock
will be issued to present preferred stock and up to 6,515 shares of common
Holders of the
stock of the Arizona corporation
participate, in the exchange for their present holdings—V. 145,
may
p.
be issued to present common
2069.
Cuban Atlantic Sugar Co .—To Pay 2 o-Cent
Dividend—
quarterly dividend of 25 cents per share on
the capital stock payable Dec. 14 to holders of record Dec. 10.
An initial
dividend of 50 cents was paid on Sept. 24, last.—V. 145, p. 1737.
The directors have declared a
Net from rahway
Net after rents.
Cunningham Drug Stores, Inc.—Earnings—
1937
$9,238,159
5,950,245
discounts, returns and allowances
Cost of goods sold__
Gross sales, less
Other operating revenues
$3,287,914
64,763
Total profit
Selling, adver., warehouse, delivery, gen. & adminis. exps_
$3,352,677
x2,533,139
Gross
profit
$819,538
Operating profit
Income deductions (net)
43,417
124,506
45,000
__
Normal income & excess-profits taxes
Surtax on undistributed
Net
profits
$606,616
1,097,991
profit
Earned surplus, balance at
Oct. 1,1936
436,247
73,882
20,753,946
19,129,776
2,051,673
3,571,668
2,267,451
1,241,842
19,526,807
1,811,641
1,230,888
2842.
—V. 145, p.
RR,—Earnings—
Delaware Lackawanna & Western
1937
$4,410,940
1,083,519
669,885
1936
$4,480,680
1,210,437
872,546
1935
$3,951,177
880,729
563,753
1934
$3,784,230
870,293
457,644
42,293,139
9,570,529
5,167,890
October—
Gross from railway
Net from railway
Net after rents
145,
—V.
41,007,917
8,225,448
4,726,302
37,132,186
6,046,474
2,564,589
37,566,006
7,761,611
3,988,742
—
2842.
p.
Delta Electric Co .—Earnings—
Net
Earnings for 9 Months
before Federal taxes
income
—V. 144, p.
Ended Sept. 30, 1937
$122,402
3835.
Dennison
Mfg. Co.—Plan Abandoned—
from preferred stockholders, the proposed
Because of insufficient assents
recapitalization plan has been abandoned.
The plan was proposed last
May and the stockholders' meeting called for the purpose of ratifying it
was several times adjourned.
Henry S. Dennison in a letter to the stockholders states;
The adjourned special meeting of stockholdersheld Nov. 30, 1937, took
action with respect to the plan for recapitalization dated May 1, 1937.
number of shares of preferred stock have assented to make
possible, under the agreement of association, to adopt the plan.
As
the present business outlook is uncertain and the earnings for the year may
be less favorable than we anticipated when the plan was submitted in May,
it appears inexpedient to ask the stockholders to consider further the present
plan or modifications of it.
For these reasons the plan is abandoned.
This action has been taken with reluctance.
The plan was offered only
after exhaustive study of the entire situation.
In the opinion of the direc¬
tors, it served the best interests of all constituent elements of the company—
stockholders, management and employees.
It sought to repair the dam¬
ages of the depression and was deemed equitable to all concerned.
The reluctance to abandon the plan is particularly great because such
large percentages of all classes of stockholders have indicated their assent
no
An insufficient
it
t0Out
of the
total
number of 3,625
their assent.
stockholders, 84.5% have indicated
,
By shares of stock the assents given
agreeing to deposit, are as follows:
Debenture
Preferred
-—
Class A
_
_
Shares
39,289
-.25,743
87,311
Class of Stock—
_
_
.
by proxy, by depositing stock or by
Per
Total
Cent
86.4
71.2
78.4
100.0
Assents
33,961
18,351
68,519
84,993
x
„
Per Cent
Reauired
6o 2-3
75
66 2-3
66 2-3
None
84,993
25,963
25,610
98.6
of association.
,
A relatively small number of preferred stockholders have made it im¬
possible to carry out the wisnes of tne large majority of the stockholders.
Management
Employee
x
Earnings for the Year Ended Sept. 30,
1934
$1,946,486
123,965
75,760
From Jan. 1—
Gross from railway
Crystalite Products Co.
This was done for the express purpose of con¬
summating a plan of reorganization adopted by the unanimous vote of the
as
1935
$1,930,277
145,657
From Jan. 1—
Company
California
Certain of the preferred and common stockholders and
of the corporation have organized a new corporation in
1936
$2,337,885
576,445
21,364,201
3,958,528
2,583,084
Net after rents.
as
stock will
1937
Gross from railway
Corp.—New
Products
RR.—Earnings—
$2,147,361
363,618
252,608
Gross from railway
Net from railway
Net after rents
(Calif.)-—Organized—
Cystalite Products Corp. below.
Crystalite
v
Delaware & Hudson
Net from railway
Crystalite Products Co.
See
until the end of the
of 13 Yt%
—v.,145, p. 3494.
made for United States surtax on undis¬
payable under the Revenue Act of 1936.
Note—No provision has been
tributed profits, which may be
with the C. I. O. local, calls for an increase
October—
the period
Earnings xier share on 2,261,199 common shares
x
shop.
The Davega contract
in wages, restoration of the eight-hour day; 40-hour week for office workers;
44-hour week for warehousemen, and a 48-hour week for store employees.
538,370
i,274,216
36,063
________
_____________
and representa¬
tives of the Retail Employees' Union Local 830, a C. I. O. unit have been
concluded and the strike has been settled, with Davega retaining the
notes pay.
on
loss$809
amount of
open
Total
Operating
5,753
$1,649
for period
2841.
Negotiations between the management of this company
$10,984,196
and its
$4,945
4,060
Expenses—net
$8,110,199
$9,781,833
Gross profit from sales before deprec. & deple'n_
Other oper. income, net, incl. net equity in con¬
solidated earnings of Fibreboard Products, Inc.,
132,160
$5,709
drawn
1937
6 Months Ended Oct. 31—
Net sales
2 Months
$137,105
87,422
Gross loss
mon
made
Month
$93,131
i
Cost_#__
share on the com¬
stock. par $5, payable Jan. 3, 1938, to holders of record Dec. 13.
A
like amount was paid on Oct. 1, last, this latter being the first payment
Corp.—Earnings—
Period Ended Oct. 31—
Sales.
Net profit
—V. 145, p.
Corp.—25-Cent Dividend—
The directors have declared a dividend of 25 cents per
Distilleries
Cummins
Corp.—25-Cent Class A Div.
dividend of 25 cents per share on account
the $1 cum. class A stock, no par value, payable Jan.
holders of record Dec. 10. A dividend of 75 cents was paid on Oct. 1
accumulations
3651
Chronicle
For
The
action
under agreement
experience with the plan
for recapitalization
of May 1, 1937, has
afforded no common denominator among the objecting stockholders upon
which a new plan might be offered or the original plan amended to solve the
problems the company faces.
of certificates of deposit for preferred stock, class A stock, or
receipts should present and surrender such certificates of
deposit at any time at the office of the Old Colony Trust Co., transfer agent.
17 Court St., Boston.
Upon such presentation, and surrender, stock and
interim optional receipts represented by the surrendered certificates of
deposit will be returned to the registered holders of such certificates of
deposit or to their assigns.
The problems of accumulated dividends, building up of surplus, and re¬
sumption of current dividends are still unsolved.
These must be met as
earnings permit, conditioned by financial safety and the maintenance of the
competitive strength of the company.
corporate
Holders
interim optional
Pays Up Preferred
Accruals■—
Nov. 30 declared a dividend of $2 per share on account
the 8% cum. debenture stock, par $100, payable Dec. 16
to holders of record Dec. 6.
This payment liquidates all arrears on the stock
—V. 145, p. 3494.
The directors on
$1/704,607
Total.
class A prior preference stock—$6 a
class B preferred stock—$6 a share
Divs.
on
Divs.
on
Divs.
on common
stock—$1.50
a
share
share
•
21,159
3,198
286,203
of accumulations on
—
Earned surplus—Sept. 30,1937
Earnings per share on 190,798 shares com. stock (par
x
Includes provision
Note—The
net
$1,394,046
$3.05
$2.50)
of $88,358 for depreciation.
of one wholly-owned subsidiary
profit
amounting to $1,124, is not reflected herein.
for the year,
Other subsidiaries not con¬
Denver & Rio
Interstate
all in Pueblo County,
Assets—
Cash
on
'
Liabilities—
$669,443
47,765
Notes & accts. receivable
on
hand
&
in
transit
Other assets
________
Property, plant &
Goodwill
Gross from railway
.
hand & on deposit
Inventories
October—
30, 1937
1,413,000
129,685
equipment_xl.183.379
__
Prepaid & deferred expenses..
1
288,353
Accts.
for purchases, ex¬
& payrolls....
penses
Accrued expenses....,
—_
Fed. tases on income—est'd..
Due to sub. cos. for cap.
Reserve for
stock.
contingencies
Earned surplus_
the
and
Total
_
_
.
53,300
476,995
496,536
_.____yl,394,046
$3,731,626
of $584,215. y Surplus is restricted in
amount of $35,574 representing the cost of reacquired stock canceled
in treasury.—V. 144, p. 3496.
After allowance for depreciation
Net after rents
GrossTronTrailway
Net from railway
Net after rents..
—V.
B pref. stk.
Capital surplus
x
173,388
4,000
75,000
333,300
($100 par)
6% non-cum. cl.
($100 par)
$3,731,6261
$675,939
49,122
6% cum. cl. A prior pref. stk.
Commonstock ($2.50 par).___
Total
Net from railway
pay.
Colo.
Earnings for October and Year to
solidated were inactive.
Balance Sheet, Sept.
Grande Western RR.—Abandonment—
Commerce Commission on Nov. 23 issued a certificate
abandonment by the trustees of a branch line of railroad,
extending from Southern Junction to Blende, approximately 3.36 miles,
The
permitting
145, p.
1935
$2,640,711
971,324
743,331
1934
$2,327,879
711,771
467,267
22,580,680
1,998,488
334,318
20,984,478
3,666,450
1,068,653
17,064,780
3,490,227
1,459,921
15,951,583
3,811,782
1,976,599
Salt Lake Ry.—Earnings—
October—
Gross from railway
Net from railway
Net after rents
fronfrail way
Net from railway
Net after rents
—■V. 145, p.
1936
$3,021,489
1,101,378
792,685
3343.
Denver &
Gross
Date
1937
$2,983,237
821,568
412,645
2842.
1937
$366,509
147,793
143,305
1936
$385,113
190,258
178,431
1 935
$301,083
167,953
179,165
1934
$269,493
}£§'99Z
186,615
2,214,961
526,058
651,628
2,265,971
620,543
783,037
1-705,763
£24,546
991,486
1,279,989
542,281
602,184
o
3652
Financial
Chronicle
Derby Oil & Refining Corp. (& Subs.)—Earnings —
Period End. Oct. 31—
Oper. profit before
1937—Month—1936
Drewrys, Ltd., U. S. A., Inc.—Registers with SEC—
\
productive devel., de-
Duluth
precia'n & depletion..
Non-prod, dev., deprec.
and depletion
$18,950
$78,255
$797,892
$643,443
4,427
Net profit
49,582
347,691
382,710
$14,523
$28,673
$450,202
assets..
Current liabilities....
Working capital-....
-
—
..
$399,198
130,000
1,248,270
831,321
416,949
Detroit Gray Iron
The directors
stock,
to
both
have
(Allen
extra
an
of 2
Detroit & Mackinac
dividend of 8 cents per share in
cents per share on the common
Ry.—Earnings—
public at $12
1937
1936
1935
$96,716
32,623
24,606
$81,235
33,916
28,077
$73,412
23,321
19,249
Gross from railway
769,722
Net from railway
184,256
641,627
133,915
82,541
540,751
84,235
50,837
535,573
98,535
a
1934
$97,289
34,123
22,215
Net
railway
from railway......
Net
after rents
From Jan.
1—
Net after rents.*...
—V.
145,
p.
Detroit
98,917
Durham
1937
1936
y$98,843
202,158
861,863
def8,097
def23,939
def143,309
738,261
def62,133
def63,363
m
Du
Mont
Laboratories,
Stop Order —
Inc.—Examiner
share through Schatzkin, Loewi & Co.—V.
145, p. 2389.
Hosiery Mills—Accumulated Dividend—
p.
1935
3194.
At the annual meeting to be held on Jan.
24, 1938, stockholders will be
asked to vote on a proposed
change and conversion of all authorized and
common stock of the company, without par
value, into com.
stock of one cent par value.
1934
outstanding
x$180,829
x$124,0l8
x$118,280
x After
deducting all charges, incl. depr. but before Fed. inc. taxes,
After charges and normal Federal income taxes, but before surtax on
undistributed profits, equal after dividends of
$7,540 paid on 6% preferred
stock issued during the year, to 38 cents a share on
240,000 shares (par
$1) of common stock.
Current assets as of Sept. 30, 1937, amounted to
$625,441 and current
liabilities were $137,249—V. 145, p. 2071.
East
y
Operating
—V.
declared a dividend of 50 cents per share on the
payable Dec. 22 to holders of record Dec. 11.
This compares with 75 cents paid on
Sept. 30, last; 50 cents paid on June 30
last; 25 cents paid on March 31 last; $1 paid on Dec. 21, 1936, and 25 cents
per share paid on Sept. 30 and on July 10, 1936, this latter
being the first
distribution made since Oct. 1, 1930, when a dividend of
35 cents per share
was paid.—V.
145, p. 3193.
1936
$512,925
189,579
126,725
Net from railway
Net after rents..
1935
$566,639
250,649
172,082
From Jan. 1—
Gross from railway
6,368,179
3,028,862
1,943,052
6,354.934
3,168,886
2,197,009
$363,016
137,164
78,845
6,711,174
3,609,831
2,639,528
—V. 145, p. 2842.
Detroit & Toledo Shore Line
October—
Gross from railway
1937
The
would
From Jan. 1—
Gross from railway
3,191,909
1,754,353
910,429
Net from railway
Net after rents
Diamond Match
9 Mos. End. Sept. 30—
Gross earnings from all
1934
$334,720
198,005
106,304
$313,112
173,775
93,460
$218,374
101,509
43,181
3,146,730
1,709,633
858,779
2,847,384
1,525,578
793,298
2,440,009
1,267,758
610.443
Co.—Earnings—
1937
letter over the
signature of E. R.
letter states "As the cost of issuing actual
subscription warrants
be very heavy and out of all proportion to
any benefits that might
to shareholders, your directors have decided that no
subscription
be issued.
"No shareholder will be entitled to subscribe for a fraction
of a share,
nor will shareholders be entitled to sell or
assign their rights to subscribe
for shares.
"The company will not buy, sell or adjust
rights.
"Subscriptions will be accepted for full shares only, and must be forwarded
1935
—V. 145, p. 2842.
a
warrants will
RR.—Earnings—
1936
$355,906
199,743
109,007
Net from railway
Net after rents
4,948,520
2,435,627
1,693,910
84,955
$185,500
Ltd.—Subscritpion Rights —
This offer is made to shareholders in
accrue
Net from railway
Net after rents
99,551
$225,497
$28,864
Parkins, K. C., Secretary of the company, and follows the unanimous
approval by shareholders at a special general meeting held Nov. 19 last of a
by-law authorizing an increase of the capital stock of the
company from
3,000,000 to 4,000,000 shares of $1 par value.
1934
$550,767
280,555
197,879
$33,441
1937—7 Mos.—1936
$325,048
$270,455
Shareholders are being offered the
opportunity to subscribe for ad¬
ditional shares of the company's $1 par value stock on the
basis of one new
share for each three shares held at the close of business
on Dec. 6, 1937, at
the price of $1 per share,
payable in full on or before Dec. 15,1937, at which
time all rights to subscribe for the new shares will
expire.
RR.—Earnings—
1937
earnings
145, p. 3194.
East Malartic Mines,
par value,
October—
Gross from railway
1937—Month—1936
$48,946
$42,008
15,505
13,144
expenses
Net
have
Detroit Toledo & Ironton
Kootenay Power Co., Ltd.—Earnings—
Period End. Oct. 31—
Gross
earnings
Detroit Steel Products Co.—50 Cents Dividend—
no
1,127,816
paid on Nov. 16,
1936, and on Sept. 1 and June 1, 1934; $1 was paid on March
1, 1934 and
50 cents on Nov. 20 and Feb. 21,1933.—V. 145,
107,703
Paper Products Corp.—Earnings—
directors
1,197,846
230,945
def9,562
Duquesne Natural Gas Co.—To Change Par Value —
9 Mos. End. Sept. 30—
The
def 14,806
The directors have declared a dividend of $1.50
per share on account
of accumulations on the 6% cum.
preferred stock, par $100, payable Dec. 20
to holders of record Dec. 10.
Dividends of 50 cents were
3007.
Net profit....
capital stock,
def4,319
Victor Schwimmer, Trial Examiner for the Securities
and Exchange
Commission, in a report to the Commission has recommended that a
stoporder suspending the effectiveness of the
registration statement covering
74,000 shares of common stock,
issued.
The recommendation found that the registration
statement contained
certain untrue statements of material fact and omitted
to set forth certain
important facts.
The registration statement of the
company purported to
cover 74,000 shares of stock of which
20,000 shares were to be offered to the
Dec. 20 to holders of record Dec. 14.
An initial
dividend of 2 cents was paid on June 21, last.
See V. 144, p. 4003 for record
of previous dividend payments.—V. 145, p. 2070.
Gross from
$88,314
def 1,988
H.
payable
October—
B.)
1934
10,878
Recommends Issuance of
Foundry Co.—Extra Dividend—•
declared
semi-annual dividend
a
1935
$103,153
—V. 145, p. 28.43.
—V. 145, p. 3494.
addition
1936
$116,069
30,392
14,175
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1936
$588,270
170.000
1,416,877
806,126
610,752
Due banks
1937
$117,532
15,563
def6,022
Net after rents
$260,734
1937
Winnipeg & Pacific Ry.—-Earnings—
October—
Gross from railway
Net from railway
Current Assets and Liabilities Oct. 31
Cash in bank...
Current
4, 1937
See list given on first page of this
department.
1937—10 Mos.—1936
non-
Dec.
with payment in full by marked cheque
payable at par in Montreal, so as
to reach the Montreal Trust Co., 511 Place
d'Armes,
Montreal,
Dec. 15, 1937."
Eastern Gas & Fuel
1936
1935
1934
$2,631,836
722,397
211,622
$2,461,665
580,004
287,118
5,313.828
Drl 16,239
.$1,520,531
5,585,915
Drl84,990
$1,697,817
-5,913,027
7,379
$1,594,543
5,851,558
$6,792,668
1,200,000
Common dividends.....
2,100,000
$6,921,457
825,000
1,225,000
$7,618,223
795,000
1,365,000
$7,446,706
675,000
700,000
$3,492,668
$4,871,457
$5,458,223
1937
$1.21
$1.46
$1.31
1936
$11,260,778 $10,608,366
Federal income taxes
(est.)
Depreciation and depletion
Interest.
548,623
4,023,615
3,004,314
576,683
1,627
457,601
3,606,906
3,180,097
462,947
62,279
$3,105,916
1,108,719
$2,838,536
1,108,933
2,253,228
105,187
2,123,247
101,617
$361,218
$0,182
$495,261
$6,071,706
$1.31
before
Associates—Earnings —
12 Months Ended Oct. 31—
Total
income
Debt discount and expense
$2,363,490
630,305
212,653
on or
sources
$2,580,779
Fed., State & city taxes.
794,634
Depreciation
191,067
Net income
$1,595,079
Surplus Jan. 1
Surplus adjustments
Total surplus
Preferred dividends
Balance Sept. 30
Earns, per sh.
000
shs.
on
com.
Co.—Registers with SEC—
Dec. 1, 1936, and $1.50
per share
Dec.
Duke Power Co,—To
paid
on
Dec. 1, 1935 and
Pay $1.50 Dividend—
The directors have declared a dividend of
$1.50 per share on the common
payable Dec. 22 to holders of record Dec. 7.
This compares with
82.82 cents paid on Nov. 1, last; 75 cents
paid on Oct. 1, last; $1.25 paid on
July 1, last and previously regular quarterly dividends of 75 cents
per share
145, p. 2843.
Duluth Missabe & Iron Range Ry.—Earnings—
October—
1937
railway
—
Net after rents.—
145,
p.
$2,330,043
1,381,224
1,080,945
1936
$3,078,327
2,166,489
1,886,862
1—
Gross from railway
Net from railway
—V.
Shore
Public
for
surtax
Service
on
Co.
profits.—
(Del.)—Subsidiary
Bond Application—
26,329,920
17,301,881
14,053,681
17,512,218
10.604,073
8,993,555
2843.
ing-mortgage
1935
$1,654,937
993,237
868,383
bonds
The Eastern Shore Public Service Co. of Md. is
Delaware company.
Inc.—Weekly Input—
week ended Nov. 25,1937, the"kilo-watt-hour system input of oper¬
ating companies which are subsidiaries of American Power & Light Co.,
Electric Power & Light Corp. and National Power & Light Co., as com¬
pared with the corresponding week during 1936, was as follows;
1934
$1,054,072
478,221
404,499
It%ctcclsc
Operating Subsidiaries of—
American Power & Light Co
Electric Power & Light Corp
National Power & Light Co
1937
104,479,000
51,519,000
75,133,000
1 936
99,577,000
50,273,000
73,966,000
Net after rents—
GmssTrom*railway
Net from railway
Net after rents
145,
p.
1937
$1,497,774
275,054
95,769
19,283,810
6,256,230
3,884,531
193o
1936
$1,707,794
539,842
361,997
$1,310,915
412,568
308.214
15,286,578
4,572,139
3.082,171
11,504.022
3,198,784
2,225,745
1937
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
2843.
1936
1935
1934
$246,419
52,791
25,383
$287,200
108,029
84,173
$238,726
46,777
35,627
$203,026
50,963
38,116
El Paso Electric
2,514,713
2,488,830
799,683
587,837
2,031,157
510,913
377,293
1,910,090
397,431
193,376
682,344
483,562
§,706.265
1,681,482
489.152
Co.-—Earnings—-
12 Months Ended Oct. 31—
revenues
x
Balance after operation, maintenance and taxes
y
Balance for dividends and surplus
x
1934
$775,925
121,115
18,258
2843.
_
October—
%
4.9
2.5
1.6
Elgin Joliet & Eastern Ry.—Earnings—
October—
Gross from railway
Net from railway
9,295,290
3,471,034
2,740,931
|| Duluth South Shore & Atlantic Ry.—Earnings—
Amount
4,902,000
1,246,000
1,167,000
—V. 145, p. 3495.
—V.
11,364,843
5,744,493
4,790,844
gold
and 3,500 shares ($100 par) common capital
a subsidiary of the
The application states that the Delaware company
desires to buy the capital stock and the bonds to deposit them under its
first mortgage and first lien.—V. 145, p. 3344.
stock.
Operating
—V. 145, p.
$4.89
undistributed
on
1932,
stock
From Jan.
provision
Ebasco Services
1, 1934, this latter being the first payment made since June
1,
when 75 cents per share was
distributed.—V. 145, p. 2692.
Gross from
no
For
a dividend of $1.50
per share on the class A
stock payable Dec. 20 to holders of
record Dec. 10..
This compares with
Net from railway
Net after rents
Note—There is
V. 145, p.3495.
145, p. 1255.
The directors have declared
li
$0,249
$5.32
Maryland P. S. Commission has been asked by the co. to permit
the Eastern Shore Public Service Co. of Md. to issue $1,100,000 in refund—
(S. R.) Dresser Mfg. Co.—$1.50 Class A Dividend—
distributed.—V.
stock)
The
See list given on first page of this
department.—V.
were
ury
Eastern
Corp.-Seagrams, Ltd.—New Director
Dow Chemical
—
Per share of common stock—deficit
Earned per share of 6% cum. stock (excl. of treas¬
700,-
York, Vice-President of this company, and Treasurer
of subsidiary companies, has been elected
to the board of directors, it was
announced on Nov. 17.—V.
145, p. 3194.
on
Deficit..
604
J. E. Friel of New
$3 paid
Net income.
-Dividend requirements on
% prior pref. stock._
Dividend requirements on 6% cum. pref. stock,
excl. of stock owned by East. Gas & Fuel Ass'ts
State taxes on dividends
stock
(nopar)
—V. 145, p. 1582.
Distillers
Minority interest
Includes non-operating income, net.
reserve.—V. 145, p. 3007.
y
I??7
$3,101,241
1,198,690
390,255
$2,911,949
1,098,036
326,070
After appropriations for retire¬
ment
El Paso Natural Gas Co. (Del.)— Si,200,000 Bonds Placed
Privately—During the month of October the company placed
privately SI,200,000 1st mtge. bonds, series B, 4%, due
June 1, 1952.
Volume
Financial
145
Proceeds from the issue
were
Period End. Oct. 31—
Gross oper. revenues
108,654
9,250
28,686
48,990
Taxes
Prov. for retirements
167,290
343,261
832
$147,810
41,927
3,910
$2,198,886
$1,576,505
390,582
35,988
614,858
60,727
$193,016
Interest
$146,977
$229,640
32,700
3,924
Amortiz. of debt expense
before
$1,546,200
871,997
73.633
964
Gross income
inc.
16,516
33,772
$3,002,383
$2,187,488
11,397
2,895
$228,676
Net oper. income
Other income
Net
$4,482,348
1,284,416
103,382
392,982
514,079
$290,898
90,737
$424,257
Maintenance
$101,972
$1,772,315
Drl3,141
$900,919
4,197
$1,759,174
$905,116
30,304
non¬
recurring income
Non-recurring inc. (net)
Federal Mining & Smelting Co.—To
The directors
1937—12 Mos.—1936
1937—Month—1936
Operation
x
used to reimburse the company's treasury
capital expenditures and for working capital.
or
r
3653
Chronicle
_
Dec. 1 declared
on
a
Ferro Enamel
Corp.—Larger Dividend—
a dividend of $1 per share on the common
value, payable Dec. 17 to holders of record Dec. 8.
This
compares with 75 cents paid on Sept. 20, last; 50 cents paid on June 31,
last; 25 cents paid on March 31, last; $2 paid on Dec. 11, 1936; 55 cents
paid on Sept. 21, 1936; 25 cents on June 20, 1936; 20 cents per share dis¬
tributed on March 20, 1936; Dec. 20 and Sept. 25, 1935; 15 cents per share
paid in the two previous quarters, and dividends of 10 cents per share
distributed each three months previously.
In addition, extra dividends of
five cents per share were paid in each of the four quarters of 1934.—V.
145, p. 2545.
The directors have declared
stock,
no
par
Fire Assn. of
Philadelphia—Financial Statement Sept. 30
1937
$101,972
$193,016
83,080
103,579
8,631
8,631
ments
for
com.
494,531
260,972
640,406
280,935
1.128.448
$93*,341
$184,384
$1,655,595
$822,036
1,502,213
1.298.449
339,462
Real estate
undistributed profits.—
Comparative Consolidated Balance Sheet Oct. 31
$
Fixed assets..
....18,758,732 15,889.750
Instalm. notes rec.
165,900
184,300
Sinking fund cash.
852
1936
S
TdahUUies—
$
.
$
7% cum. pf. stock
(parSlOO)
1,479,700
Com. stk. ($3 par)al,763,874
10.204
"9",995
330,323
185,040
Notes receivable..
22,717
13,134
Accts. receivable..
436,272
314,341
Mat'ls & supplies.
Unamortized debt
129,635
103,482
4%% conv. debs—
Accts. payable
1,479,700
1,023,507
1st mtge. series B,
Special deposits...
Cash...
on
com.
589.404
9,554
Misc. def'd chgs..
43,098
8,521
51,749
Reacquired securs.
3,028
167,000
422,943
3,303,426
stock
1st mtge. series A,
3,401,000
146,932
Accrued interest..
156,980
207,936
Accrued taxes
336,725
536,593
Res. for retirera'ts 1,831,100
116,112
52,035
Advs. by consum's
by
1,434,147
8,317
7,144
39,430
30,020
2,175,509
33,728
1,633,701
sumers
for
20,383.885 17,498,319
Total
20,383,885 17,498,319
Total
125 shares of common stock, shown in assets under caption
Includes
a
surplus
22,168,394 23,004,618
Toal
2545.
p.
First National Stores,
Inc.
■To Retire
Preferred Stock-
Curb■—
The company has sent a letter to first preferred stockholders notifying
them that the stock has been called for redemption as of Jan. 3, 1938, at
share.
The regular dividend has already been declared payable
The letter also states that any stockholders wishing to surrender
tax or other purposes, prior to the call date will receive
a
Jan. 3.
$110 a share and accrued dividend to the date of surrender.
Redemption of the preferred stock will reduce the capitalization to simply
817,077 shares of common stock.
On the latter, it will mean a saving
equal to 20 cents a share annually.
The New York Curb Exchange has removed from unlisted trading the
7% first preferred stock, par $100.—V. 145, p. 3345.
(Henry) Fischer Packing Co., Louisville, Ky.—Option
Exercised—
The Bankers Bond
In accordance with the underwriting agreement,
unearned
profits
Earned
2,000,000 2,000,000
8,320,344 10,099,044
Capital
Surplus
22,168.394 23,004,618
145,
Removed from
con¬
Res. for contlngs—
Res.
351,326
their stock, for
1,200,000
137,000
263,641
Contribs.
558,783
coram's,
taxes and
other liabilities.
Other assets
-V.
for
exps.,
Prems. In course of
$110
7,161,000 c7,500,000
4Hs~„--_
4s—
455,168
expenses.
expense
Prepaid
b Prem.
571,217
adjustment
Res.
&
Total
1937
1936
1937
Assets—
banks
in
collection
Includes Federal income tax.
x
Note—Does not include provision for surtax on
1,366,692
Loss68 in process of
1,192,830
8,980,098
1,452,606
Prem. reserve....
office
&
divs.
9,824,227
19,316,917
Cash
Bal.
$
$
Liabilities—
Bonds & stocks...18,366.521
Mortgage loans
Pref. stock div. require¬
1936
1937
1936
$
Net income
Pay $5 Common Div.
dividend of $5 per share on the common
stock, payable Dec. 15 to holders of record Dec. 8.
This will be the first
common dividend paid since 1927.—V. 145, p. 3008.
b Represents excess upon reclassification of no par
value common stock into $3 par value common stock as of Sept. 4, 1936,
bo.,
Louisville, Ky., has exercised its option to purchase the additional 1,750
units, each unit consisting of 4 shares of 6% sinking fund cumulative pre¬
ferred stock (par $25) and 1 share of common stock (par $10).
It is stated
1,000 units are now available, and the additional 750 units will be
1, 1938.
Price per unit, $110.
that
available after Jan.
9 Mos. End.
reacquired securities,
Period—
July 31 '37
and allowances $2,041,897
Year Ended
Oct. 31 *36
1,750,428
$2,405,508
2,108,475
Expenses.
plus excess of amounts received over par value of shares issued since that
c Includes
$167,000 shown in assets under the caption reacquired
date,
$291,469
179,455
$297,033
230,220
Other
$112,015
2,978
$66,813
3,849
$114,993
42,966
13,500
$70,662
3,055
10,799
$58,528
173,389
$56,808
171,844
$231,916
42,000
$228,653
26,864
28,400
Sales of edible products, less returns
Cost of edible products sold
securities.
Directorate Increased—
Paul Kayser, President of the company, announced on Nov. 26 that the
board of directors had been increased to nine members and the election of
Howard Bayne, Robert W. Carle and W. J. K.
the additional directors.—V. 145, p. 3344.
Vanston, all of New York,
income.
as
Engineers Public Service Co. (& Subs.)—Earnings—
{Inter-Company Item
Income Statement of Subsidiary Companies
Combined
Eliminated)
1937—Month—1936
WPeriod End. On. 31—
Operating
Operation
$4,490,494
1,779,542
revenues
306.105
578,093
Maintenance
Taxes..
1937—12 Mos.—1936
$4,138,488 $51,986,518 $47,468,937
1,758.133 20,734,127
19,539,100
271,084
434,217
3,535,884
a6,049,086
2,805.414
5,258,501
Other deductions
Provision for Federal income taxes.
Net profit
Balance, beginning of period-
Common dividends—Cash.
Stock
Preferred dividends—Cash.
$1,826,753
Dr58,984
Int. and amort., &c_.
Balance
$1,750,638 $21,544,324 $21,051,812
737,155
7,903,377
8 293,405
$1,111,659
Balance
$1,675,053 $21,667,420 $19,865,921
75,585
Drl23,095
1,185,890
$1,767,769
656.109
Net oper. revenues.
Non-oper. inc. (net)..
$1,013,483 $13,640,947 $12,758,406
5,590,314
Appropriations for retirement reserve
5,293,853
15,750
Balance, end of period.--
$174,166
policy is undetermined.
Balance Sheet July 31, 1937
Liabilities—
Assets—
Cash
on
and
hand
In
Accounts
banks,
Dividends
on
$7,464,553
2,654,537
1,435,130
2,525,756
1,450,846
pref. stocks, declared
Cumulative pref. divs. earned
but not declared..
expenses
$109,297
s.127,524 Pref. stock 6% ($25 par).
162,947 Common stock ($10 par)
Accts. receivable, customers.,
Inventories
...
(refunded In Sept. 1937)
$3,960,964
$3,487,950
23,160
Balance
Amount applicable to
15,118
minority interests
1st
Earned
bond—Windfall tax suit
Cash
mtge.
$3,937,804
Cumul. pref. divs. of
14,
14 '37)
note due Mar.
1932 (int. paid to June
800
21,022
$310,713
$433,947
certain sub. cos., not earned
Unlisted securities at cost (est.
value $250)
780
1,349
——
Federal surtax
Due from officers & employees
undistributed profits for four subsidiary companies amounts to
$2,894.
Property, plant & equipment-
been made by the other subsidiary companies for
Federal
Prepaid expenses
a
on
$3,472,831
Includes Federal income taxes of $987,493 of which the
No provision has
surtax
on
Total
b Applicable to Engineers Public Service Co., before allowing for un¬
earned cumulative pref. divs. of certain subsidiary companies.
Notes—(1) Certain subsidiary companies on Jan. 1, 1937 adopted the
Federal Power Commission wystem of Accounts, hence previous year's
figures are not exactly comparative.
(2)
On March 31, 1937 the physical
property and certain other assets of Ponce Electric Co. were sold.
The
income statement includes results of operation of that company for periods
prior to that date.—V. 145, p. 3008.
Euthenics
Inc.—Registers with SEC—
special dividend of 15 cents per share on
value, payable Dec. 15 to holders of record
The directors have declared a
par
this year on
previously paid
this issue.—V. 144, p. 3499.
x
y
Earnings per share
-
-
common
1936
$182,219
$0.58
Famous Players
Canadian Corp., Ltd.—60-Cent Div.—
dividend of 60 cents per share on the no-par
Dec. 6. A like amount
was paid on Dec. 22,
1936, this latter being the first dividend paid since
April 27, 1935, when 50 cents per share was distributed.
Prior to this
latter payment no dividends had been disbursed since June 27, 1932,
when a regular quarterly dividend of 50 cents was paid.—V. 145, p. 2545.
stock payable Dec. 15 to holders of record
7,703,860
1,826,118
598,762
6,988.598
1,646,332
1—
1934
$410,183
def46,389
defl43,788
$393,820
defl01,414
def201,185
6,373,901
823,619
def277,157
6,309,492
1,245,634
122,077
'
—
517,197
Years End. Oct. 31—
Gross income from opers.
Other income
Total income
Interest
—
charges
off
Net loss from rental of
property not used in
operations
Co.—Earnings—
1935
1937
loss$70,740
2,824
1936
$140,258
2,618
$122,795
loss$67,916
$142,876
12,905
10,148
$132,881
8,557
5,781
5,661
8,675
830
1,197
10,085
1934
$424,905
5,897
$430,802
192
24,998
950
1,578
46~513
27". 620
12,722
Flood expenses
46,533
loss on disposal of
capital assets
on malt sold
Prov. for Fed. inc. taxes
Loss
40.425
696
9,168
1,800
lb",114
"9", 762
46",215
loss$94,417
384,208
$48,928
340,651
$61,317
282,953
$289,771
52.483
15,699
$289,791
$389,580
$344,270
$357,953
75,000
$0.60
provi¬
shares
stock.—V. 145, p. 2073.
The directors have declared a
common
1936
$530,206
" 48,403
defl4,379
Net
1937
$173,309
After operating expenses and Federal income charges, but before
sion for Federal surtax on undistributed earnings,
y On 200,000
x
1935
1937
railway
Depreciation
Family Loan Society, Inc.—Earnings—
3 Months Ended Sept. 30—
Net income
After reserve for depreciation of
$574,071
18,707
def90,292
October—
Gross from
Net from railway
Net after rents
Uncoil, accts. charged
Dividend—
Two dividends of 35 cents per share each had been
y
2844.
Fort Pitt Brewing
because of ill health.
no
p.
$967,181
Total
—V. 145, p. 2844.
President, &c.~
H. G. Bixby, Assistant Secretary and Comptroller, was elected SecretaryTreasurer and added to the board of directors.—V. 145, p. 3496.
the common stock,
145,
$11,366.
Florida East Coast Ry.—Earnings—
Net after rents
Phil Huber, Vice-President and Assistant General Manager was elected
President and General Manager, succeeding N. A. Wood worth, who resigned
Exolon Co.— Special
$294,424—V.
Net from railway
given on first page of this department.
Ex-Cell-0 Corp.—New
$967,181
——
After reserve for losses of
Gross from railway
first page of this department.
Evans Wallower Zinc,
x
From Jan.
Corp.—Registers with SEC—
Products
See list given on
Dec. 8.
y529,513
8,950
undistributed profits since any liability for such tax cannot be
determined until the end of the year.
See list
.
surplus.-.-------.--
$49,161
43,854
350,000
350,000
174,166
5,000
— -
Cash value of life Insurance...
b Balance
payable
Accrued
unrestricted..
$8,050,632
Balance
$173,389
provision has been made for surtax on undistributed profits
Note—No
for this period as the dividend
Net income
-----
Previous surplus
—-
Adjustments
Total surplus
Cash dividends paid-—
Charges to surplus
Balance,
Earns, per
Oct. 31
share on shs.
capital stock (par $1)-
"
1,146
$288,645
Nil
5,372
$384,208
$0.09
"¥,619
$340,651
$0.16
$282,953
$0.58
Financial
3654
Chronicle
Balance Sheet
Assets—
Nov. 1, '37 Oct.
Cash...
General American Oil Co. of Texas
Liabilities—
31/36
Accts.
$37,836
$39,833
......
1/37 Oct. 31/36
Nov.
$59,363
payable—
Consolidated Profit and Loss Account for
$21,206
Accts. receivable..
x27,980
14,110
Accrued
taxes
5,347
Inventory
.......
105,946
122,663
Accrued
expenses.
1,945
est.
In oper.,
6,976
45*666
Notes pay. to bks.
depr.
45,801
15,000
$4,438,805
3,863,718
2,831
barrels and cases
$575,087
77,652
Customers' dep. on
Ctfs. of deposit...
Refund claim.....
(Del.) (& Subs.)—
Year Ended June 30, 1937
Gross income from operationsOther income
192,000
Royalties payable.
less al-
7
Vo" 114
Federal Income tax
used
not
4,
Net sales and operating revenue
Cost of sales and expenses
9,111
Other cur. assets..
Real
Dec.
low'ce
for
Common
Paid in surplus...
under
—
Deferred charges..
Net income before Federal income tax
Food
1937
$1,854,469
y426,033
$4.10
30—
outstdg
share.
Earnings per
1936
$1,359,965
y384,444
$3.33
After
Federal income and
depreciation, amortization,
profits taxes, &c.—V. 145, p. 2225.
x
Fort Worth & Denver
Preferred
the
per
Accrued liabilities
216,956
183,974
827,083
496,496
_
4,806,997
1,771,956
1,155,760
-
(parSlO)
$7,985,110
reserve
—
Total...
for depreciation and
a
dividend of 50
cents
—
$59,131.
share on the
per
$7,985,110
b After
of
acquisition,
■
for
Fruehauf Trailer Co.—25-Cent Dividend—
a
net
thereon and the balance as additional working capital;
(2) the reservation
50,000 shares of common stock against options to underwriters at
$7 per share, exercisable on or before July 1, 1938; (3) the modification of
the terms of payment of note payable to bank pursuant to
agreement
dated June 8, 1937, made at the request of the
company and contingent
upon the sale of the 83,333 snares of common stock.]
This compares
initial dividend of 25 cents paid on
Earnings—
-3
Period—
Assets—Property, plant and equipment. $6,797,513; investments (pledged
Months
Ended-
$306,732), $332,903; cash, $467,414; notes and accounts receivable
(pledged $64,421.24), $127,359; inventories, $241,414; accounts receiv¬
able (less discount thereon)—collectible solely out of future oil
produc¬
tion—$93,775; notes and accounts receivable—not current (incl. $81,196
9 Mos. End.
Sept. 30 '37 June 30 '37 Mar. 31 *37 Sept. 30 '37
$43,266
$43,228
$70,8j*5
$157,379
xNet income
$0.14
yjEarns per share
as at that date to (1) sale of 83,333 shares of common stock
amount of $468,748 and the application of the
proceeds to the
$146,750 to Lie liquidation of notes payable and accrued incerest
of
stock, payable Dec. 24 to holders of record Dec. 15.
-
.
30, 1937
iGiving effect
The directors have declared a dividend of 25 cents per share on the com¬
Fuller Mfg. Co.-
Dr765,478
depletion, &c., of $901,699.
Pro Forma Condensed Consolidated Balance Sheet June
extent of
with 50 cents paid on Oct. 1, last, and an
July 1, last—V. 145, P. 1738.
co15,452
...
reacquired—
for doubtful debts of $1,982.
c Includes company's proportion
undistributed net income of Bell General Pipe Line Co. since
stock, payable Dec. 15 to holders of record Dec. 6.
$0.24
$0.14
$0.52
•
indebtedness of officers, directors and employees).
$153,022; deferred
charges, $57,791; goodwill of sub. co., $35,918' total, $8,307,108.
Liabilities—Long-term debt—purchase money obligations, bank loan and
notes payable to directors
(secured $2,783,134), $2,871,726; purchasemoney obligations and notes payable to directors
(secured $427,298),
$486,878; accounts payable, $94,935; Federal, State and local taxes
and other accrued liabilities, $163,340; provisions for
expenses incident
to financing, $38,616; reserve for contingencies,
$50,000; preferred stock
(6% cum. conv.), $1,730,000; common stock (par $5), $2,666,665'
common stock reserved for
options (50,000 shares),
^
•
capital
surplus, $454,976; earned surplus, $515,451; cost of 133,333 shares com¬
mon stock reacquired (pledged), Dr.$765,478;
total, $8,307,108.—V. 145.
x After operating
expenses and Federal income charges, but before pro¬
vision for Federal surtax on undistributed earnings,
y On 300,000 shares.
1585.
Industrial
Securities
Corp., Jacksonville,
Offered—The company is offering (through
dealers) 20,000 shares of $3.50 cum. pref. stock (no par) and
20,000 shares of common stock (par $1) in units of 1 share
of each class at $57 per unit.
Fulton
...
reserve
have declared
1,730,000
2,250,000
402,893
Common stock (par S5).____
Capital surplus
surplus
Common stock
After
50,000
......
57,791
Earned
a
94,935
35,918
.——_
Total
1,038,628
Reserve for contingencies
Pref. stock (6% cum. conv.)
89,626
1,573,192
153,022
_
Goodwill of subsidiary co...
2845.
directors
—V. 145, p.
bl 27,359
—
241,414
93,775
Deferred charges.
This will be
first payment made since March 15, 1934 when a dividend of 25 cents
share was distributed.—V. 145, p. 112.
mon
$2,451,726
145,416
—
Notes & accts. rec., not curr.
4,374,432
1,083,517
Foundation Co. of Canada, Ltd.—Resumes Dividends
The
Cash on hand and in banks
Long-term debt
Notes payable
Accounts payable
Accounts receivable.
148,585
(par $5)__.
Liabilities-
a$6,797,513
332,903
Investments.
$477,976
145,778
4,856,752
1,494,869
com. stock
Consolidatec£ Balance Sheet June 30, 1937
1934
$593,079
250,191
83.420
—.
Net after rents-.
common
316,667 shares
Inventories
1935
1
$483,860
103,800
$1.20
;
on
1—
Gross from railwayNet from railway.—V. 145, p.
1936
$570,212
222,264
—
Assets—
undistributed
6,134,728
2,301,568
Net after rents..,.
From Jan.
share
Property, plant & equip
City Ry.—Earnings—
$574,487
169,811
■
1934
$485,412
zl90,797
$2.29
dividends
per
Notes & accts. receivable.
1937
October—
Gross from railway
Net from railway
$ 94,160
10,300
Net income
Earnings
1935
$1,025,038
zl92,222
$5.08
60,571
Net income before Federal 'income tax....
Provision for Federal income tax
Machinery Corp. (& Subs.)—Earnings■—
Shares com. stk.
$433,589
profit from operations of Overton Gasoline Plant after
deducting prov. for deprec., $44,927 (plant sold Feb. 5,1937)
After reserve for depreciation of $284,060 in 1937 and $210,119
144, p. 773.
y
...
-
Net
194,668
—.
1936.—V.
Years End. Sept.
Net profit.
x
Leaseholds surrendered
....$1,223,857 $1,339,731
Total
_
on sale of capital assets
Dry holes drilled,
Includes notes receivable and is after reserve for doubtful accounts of
$7,500.
in
—
;
$652,739
198,851
3,805
4,385
12,109
Loss
reval. of plant &
equipment
$1,223,857 $1,339,731
Total,....
x
12,472
175,673
1,054,386
40,043
Permanent assets 1,027,061
21,094
y
12,472
Interest and discount
500,000
384.208
Surp. arising from
deposit In
on
600,000
288,645
Earned
402
Cash
bks. oper.
stock...
surplus...
600
notes rec.
_i
Total income
15.256
Capital surplus.._
8,891
Miscell.
restriction...
28,247
Fla.—Stock
...
The preferred stock is preferred as to assets and dividends over any other
class of stock; entitled to cumulative dividends at the rate of $3.50 per
share per annum, payable Q.-F.; redeemable as a whole or in part on 30
1258.
p.
General
days' notice at $60 per share and accumulated dividends; preferred as to
to $55 per share in event of voluntary, or $50 per share in event
dissolution.
Common stock is full voting.
Business—Corporation was incorp. in Delaware in May, 1927 to organize,
own and operate personal loan and finance companies.
Subsidiary companies, all of which are wholly owned, operate offices in
the following cities:
New Orleans, La. (2); Shreveport, La.; Jacksonville,
Fla.; Tampa, Fla.; Chattanooga, Tenn.; Denver, Colo.
These offices, licensed by the States in which they do business, are
making loans of from $10 to $300 in accordnace with the laws of the various
States regulating such loans.
Purpose—The proceeds of the sale of preferred and common stock units
will be employed in developining business potentially available to existing
subsidiaries, in the establishment of other offices and (or) for other corporate
purposas including retirement of bonds.
Assuming the entire issue is sold, it is contemplated that the amount of
the proceeds will be devoted to the following uses and purposes in the
approximate amounts and in the order named below:
American
Transportation
Corp.—Dividend
Feb.
(a) Retirement of bonds
distributed
Correction
assets up
of involuntary
■
'
$200,000
60,000
10,000
25,000
20,000
20,000
100,000
—
*
'
-
(b) Additional loans to be made in New Orleans, La
(c) Additional loans to be made in Tampa, Fla
(d) Additional loans to be made in Denver, Colo
(e) Additional loans to be made in Jacksonville, Fla__.
(f)
Additional loans to be made in Shreveport, La
(g) Additional loans to be made in Chattanooga, Tenn.
(n)
Due to a typographical error, last week's "Chronicle" on page 3497
stated that the $2 dividend recently declared on this
company's common
stock will be paid on Dec. 15.
This is incorrect as the dividend will be
,
paid
on
Dec. 20.
To List Stock
Amsterdam Bourse—
on
The
corporation, according to Chicago press dispatches, is
making
application to list its capital stock on the Amsterdam Bourse.
The issue
will be sponsored by Labouchere & Co., N. V.—V.
145, p. 3497.
General Cable Corp.— Accumulated Dividend
The directors have declared
accumulations
on
the
a
dividend of $7
per
Dec. 17 to holders of record Dec. 8.
—
share
7% cumulative preferred stock,
on
account
was
1936, thlsl atter being the first payment made on
1, 1931 when a regular requarterly dividend of $1.75 per share
New Directors
of
$100, payable
paid on Dec 15
the preferred stock since
A like amount
par
was
—
C. D. Dallas and C. R. Myer have been elected to the board of
directors.
They fill vacancies created by the resignations last April of E. A. Fish and
S. L. Fuller.
C. E. Yates, was elected Secretaru, succeeding William C.
Hall, retired.—V. 145, p. 2693.
Opening two new offices in New York state:
Furniture and fixtures
Promotional
6,000
20,000
488,436
advertising
Loans to customers
completion of present financing capitalization
will be:
Preferred stock authorized, 30,000 shs.; to be issued 28,734 shs.
Common stock:
Authorized and issued 200,000 shs. (par $1) of which the
20,000 shs. are to be donated by majority stockholders to the company for
sale with each share of preferred stock.
Earninqs—Net earnings, after providing for income taxes, years ended
June 30:
1935
$35,146
1936__
$66,544
1937___$101,478
Capitalization—Upon
Consolidated Balance Sheet June 30, 1937 (Incl. Subs.)
Assets—
Liabilities—
Cash
$92,449
w
Notes receivable
1,241,805
'
.
Notes payable
$227,000
Provision for income taxes.__
Fixed assets..——
10,161
Accrued Interest
Deferred charges
36,725
Long-term debt
on
bonds.
Deferred income
Capital stock
Surplus
Total
SI,381,139
-V. 145, p.
Total
__
13,341
5,660
479,600
9,504
566,120
79,914
$1,381,139
2225.
Gaylord Container Corp.—Extra Dividend
The directors have declared an extra dividend of 25 cents per share in
to the regular quarterly dividend of 25 cents per share on the
common
stock, both payable Dec.
15 to holders of record Nov. 24.—V.
no par
a
dividend of 30 cents per share on the
common
value, payable Dec. 10 to holders of record Nov. 24.
This
compares with 25 cents paid on Sept. 10 and on June 10, last.
A dividend
of 20 cents was paid on March 10, last; dividends
totaling $1 per share were
paid during 1936 and a dividend of 10 cents per share in 1935.
were paid in the years 1934 or 1933.—V. 145,
p. 1418.
No divi¬
dends
General Investors Trust—12-Cent Dividend—
The directors on Nov. 24 declared a dividend of 12 cents per share on
company's shares of beneficial interest, par $1, payable Dec. 15 to Polders
of record Dec. 1.
This compares with 10 cents paid on Sept. 15
last;
5 cents paid on June 15 and March 15 last; 40 cents paid on Dec.
15, 1936;
8 cents on May 1, 1936; 7 cents on Nov. 1, 1935; 6 cents on
May 1, 1935,
and on Nov. 1, 1934; 10 cents on May 1, 1934; 20 cents in 1933 and
1214
cents per share paid on Dec. 1, 1932.—V. 145, p. 3196.
General Motors
Corp.—Buick Sales —
Retail deliveries of Buicks for the first 20 days of November
13,411 units, against 12,025 for corresponding period of 1936 and
for the first 20 days of October.
For the second 10 days of November sales were 6,635 units
6,977 for the corresponding 10 days a year ago and 5,732 for the
10 days of October 1937.—V. 145, p. 3498.
totaled
10,492
against
second
General Outdoor
General Acceptance Corp.—Extra Dividend —
The directors have declared an extra dividend of 20 cents per share in
to the regular quarterly dividend of 30 cents per share on the
class A and common stocks both payable Dec. 15 to holders of record Dec.
addition
Advertising Co.—To Vote
on
Capital
Reduction—
Stockholders
1900.
p.
General Fire Extinguisher Co.—Dividend Increased—
The directors declared
stock,
—
addition
145,
—
at
special meeting to be held on Dec. 28 will consider
reducing the capital of the corporation from $14,465,924.73 to $12,655,712.30 by retiring 4,085 shares of class A stock now owned by the corpora¬
tion, and to reduce the stated value of the common stock from $10 to $7.50;
a
also to decrease the authorized class A stock from
shares.—V.
145,
p.
279,085 shares to 275.000
3498.
6.
General Reinsurance
New Director—
Norman
145,
p.
P.
Fernon
Net
has
been
elected
a
director of this company.—V.
2845.
General Household Utilities Co.—New Directors—
Lawrence H. Callahan and Thomas E. Pegram, were elected directors of
adjourned special stockholders' meeting held on Nov. 30
They will fill existing vacancies on the board.—V. 145, p. 3345.
this company at the
written
Corp.—Business Volume Higher —
premiums of General Reinsurance Corp. were $4,262,808
Sept. 30, last, the largest for any corresponding period
since 1929 and $214,406, or 5% greater than those for the same
period last
year, Edgar H. Boles, President, announced on Nov. 29.
For the same 1937 period, net written premiums of the
company's fire
reinsurance affiliate. North Star Insurance Co., were
$1,258,750, an in¬
crease of $326,429, or 35% over the 1936 period and also the
largest for any
corresponding period since 1929.
for the nine months to
Volume
Financial
145
The company's volume of casualty and surety
reinsurance business has
not so
far felt any adverse effects from the recession in general
It continues to show
an increase over last year, particularly in
business.
affiliate, which is confined to fire reinsurance, has increased for the major
part because of the premiums received from new accounts, although there
has also been a sizable volume of increase from the old accounts, that is,
those which were with us prior to the first of the year," Mr. Boles stated.
—V. 145, p. 2075.
Operating
expenses
Maintenance
Taxes
(other than
465,385
531,439
$1,825,326
44,477
$136,793
3,261
$1,948,141
Dr590
$158,848
7,702
$140,055
5,919
$1,984,732
100,794
$151,146
35,854
_■
Expenses & taxes.
Gross income
Charges of subsidiaries.
Chrgs. of Gen. P. U., Inc
$134,135
39,111
$1,883,937
454,232
.$1,802,420
420,713
71,353
3,333
856,238
866,754
3,333
45,256
71,353
2,670
funded debt..
Federal income tax
36,591
stock,
$41,268
$20,337
67,383
3,242
General
38,910
a
Other
than
Federal
income
of
General
$472,709
Inc.
(excl.
Divs.
on
30,1937
Improved Properties—
$2,553,873
1,387,144
717,055
Interest on mortgages
by the
315,508
$134,165
8,657
$446,655
Before
non-recurring income.
both periods are stated after deducting
$120,000 in respect of estimated reduction which will result in the event
that a rate case decision of the Public Service Commission of the State of
New York affecting Consolidated Water Co. of Ufcica, N. Y., a subsidiary,
is upheld on appeal now pending before the United States Supreme Court.
Effect has also been given to the resultant reduction in the provision for
Note—The operating revenues for
Federal income tax.
'
1937
1936
Fixed
capitaL..20,229,811 23,561,037
investments
367,391
34,391
In
tax
28,707
Income from other sources.
86,666
State & Federal taxes other than income taxes
613,467
306,052
342,537
468,943
Other
108,391
118,011
17,992
110,720
177,565
for
Inventories
curr.
liablL
tion in lltlg
Res. for conting.,<fcc
2,788
31,573
32,827
1,160.060
expenses.
Deferred charges..
Park West) in
earnings for the
30, 1937 before depreciation amounts to
period ending Sept.
$51,648 and after depreciation $16,374.
Although the elimination of consolidated income tax returns under
recent revenue acts may render some of the companies liable to claims on
nine months
the part
tributed
of the Treasury Department for normal income
tax and undis¬
profit tax, no provision therefor has been made
3345.
considered that that is properly due.—V. 145, p.
979,545
Pref. stocks of subs.
publicly held...
Minority Interest in
common stock &
b $3 cum.
pref. stk. 3,814,400
(par $1)
217,622
Paid in and capital
Com. stk.
3,344,989
surplus
cPref.stk.lntreas
because it is
25,627,810 27,380,602
Total
a
After reserve for depreciation
for depreciation
1937
transacted
$15,171,825
Intercompany sales of sub. plants
1,132,388
Cost of merchandise sold and all exps. 13,039,185
Provision for Federal taxes
242,000
1936"
$10,879,874
799,493
9,290,843
130,380
.1935
$6,712,039
194,128
5,962,842
90,188
$659,158
$464,880
851,510
$758,252
1,708,365
Preferred dividends cash
and depletion of $4,696,799 in 1936.
b Represented by
76,372 no par shares in 1936.
c Repre¬
$1,316,390
39,800
118,013
39,900
47,223
430
......
28", 281
Railway oper. revenue..
Railway oper. expenses.
$1,228,837
102,791
$6.02
72,201
$5.88
$1.54
Net rev.from ry .opers.
1,395,489
1,124,165
37,662
Accts. rec., less res
Inventory
963,686
mdse
notes
211,368
est., bids.
Res. for conting..
Reserve
&
equip., less depr.
Goodwill,
238,541
1,008,672
117,890
54,217
for
1
Res
for
Surplus
Total
15,938
$5,260,769 $4,186,742
20,890
Total......
1,915,706
496,300
1,396,852
1,708,365
1938
def$333
1,458
$140,778
67,454
$78,032
67,928
$2,377
Drl,925
$73,324
Dr7,280
Drl9,481
$10,104
Cr 1,401
Drl9,369
def$107
1,371
$46,562
13,371
def$7,864
13,203
$1,264
$59,933
9,441
$5,339
9,712
$50,492
def$4,372
the meeting that
charges including
Dr5 58
$1,124
973
998
$265
$151
Jan. 1 to Nov. 21—
1937
1936
■Week Ended Nov. 21
1937
$19,575
Operating revenues.
3498.
1936
$24,750
RR.—Earnings—
Georgia
$1,185,499
$1,061,410
GrS?fromnrafcy
railway.1
Net after rents
—V. 145, p.3009.
1936
$360,566
93,000
74,797
1935
$318,391
73,284
75,205
1934
$287,851
76,821
80,222
3,136,014
512,288
527,351
Net from railway
Net from
,
1937
$296,461
8,232
Def3,851
October—
3,059,039
559,886
560,068
2,695,484
456,566
489,089
2,659,511
431,076
438,574
Georgia Southern & Florida
Net from railway
Gro^ivomrailway
Net from
railway
Net after rents
—V. 145,
p.
earnings for the
normal preferred
Ry.—Earnings—
1937
$187,098
15,507
def4,491
1936
$181,624
18,316
2,455
1935
$168,505
1<?,232
3,431
1934
$142,976
defl2,376
defl7,431
2,034,721
384,432
179,372
October—
1,884,110
2 55,984
47,549
1,587,809
155,143
21,406
1.562,242
128,218
55,759
Tool Co.—Earnings—
Earnings for 10 Months Ended
income after operating expenses and
charges, but before provision for Federal
tribution earnings
.
Oct. 31, 1937
Federal income
Net
Earnings per share on
—V.
w
2847.
Giddings & Lewis Machine
Ltd.—Dividend Plan Approved—
Shareholders at a recent special meeting approved a plan for payment
of arrears of preferred dividends amounting to $50.75 a share on May 1,
Corrigan, Vice-President, told
irst 10 months of present year, after all
def$2,373
CV4.001
Drl,961
$5,260,769 $4,186,742
145, p. 2391.
8.
Surplus applic. to int.
Period—
Net after rents
100,000
General Steel Wares,
F.
Gross income
Gross from railway....-
possible
lossoncom'tm'ts
496,300
8% conv. pref. stk.
Common stock
2,111,940
—V.
$9,486
7,109
$375
2,749
141,012
insur.
advances, &c
695,281
1
patents
and trade-marks
191,391
134,978
54,216
of officers,
em pi., & others.
Deps.
rec.
not current
Real
897,386
5,749
126,242
248,842
Prov.for Fed .taxes
1,140,455
mdse
6,766
&
royalty
436,310
Raw materials and
Em pi.
Net ry. oper. income .
Non-operating income..
Net after rents
balances
Prov. for payroll
ol mfg.
$54,077
credit
Customers'
30,048
Misc. accts. rec
$49,842
—not due
$765,010
1936
payable
Accounts
$503,437
1937
Liabilities—
1936
Cash in banks and
hand
Railway oper. incomei.
Equip, rents (net)
Joint facility rents (net) -
Gross from railway
Balance Sheet Oct. 3
1937
1937—10 Mos.—1936
$1,122,223
$989,184
981,445
911,151
—V. 145, p.
$1,708,365
$1,915,706
467,384
Surplus, Oct. 31,1935.
Shares common stock
Earnings per share
on
RR.—-Earnings'—
1937—Month—1936,
$95,708
$103,681
95,333
94,195
Period Ended Oct. 31—
>
$1,894,459
$2,466,617
39,704
511,208
..
s_
A ssets—
$3 preferred stock, at cost.—V. 145, p. 3196.
Georgia & Florida
6,464
Common dividends, cash.
25,627,810 27,380.602
Total
.
1,228,837
Sundry minor adjustments.
3,028,745
547,834
of $3,682,708 in 1937 and after reserve
Corp.—Earnings—
Years Ended Oct. 31—
Net business volume
404,167
i)r41,218
76,288 no par shares in 1937 and
sented by 1,114 shares of
Railway tax accruals—
General Shoe
12,340
3,818,605
217,615
6,733
Res. fro rate reduc¬
non-current....
for the nine months
.Park Plaza Corp. (Eldorado Apartments—300 Central
which we have a one-half ownership. Our share of the net
1,314,950
36,344
redemption.
deposits
int.
$169,122
Note—There has been excluded from income the loss
390,000
252,857
matured or called
Earned surplus
Net income
198,066
Consumer's & oth.
Subs, funded debt
34,734
ending Sept. 30, 1937, of Lefcourt Realty Corp., applicable to the stock¬
holdings of General Realty & Utilities Corp., which share amounts to
$137,177 after making provision for dividends on preference stock.
There has not been included in income the results of operations Central
115,058
290,000
pref. stock
surplus of subs..
Miscellaneous expenses
81,057
Accrued divs. on $3
$316,421
97,621
14,944
Total income
Salaries
4,733
80,382
on
744,732
Prepaid
$154,301
162,121
19,036
510,000
divs.
493,366
Accts. receivable—
Profit from real estate operations
11,941
18,793
(est.)..
pref. stk. of subs.
Marketable securi¬
accr.
93,334
1,691
111,672
312,925
Prov. for Fed. inc.
1,428,782
&
400,000
71,830
Accr. int. & taxes.
497,711
Accrued
hand..
Divs.
260,000
68,165
298,577
payable.
457,000
Gas
Corp
on
Notes payable
145,000
States
&
$
15,962,600 16,645,900
578,717
Special deposits
Invests.
Funded debt
Accounts
secur.
—par value....
1936
$
Liabilities—
$
$
receivable
$17,229
V
Consolidated Balance Sheet Oct. 31
1937
less reserve
unimproved properties
(3) Companies not Consolidated—
Divs., int. on mtge., &c., Central Park Plaza Corp
$0.78
stock
Unbilled rev.—est.
Loss
$5.19
$0.90
number of shares out¬
(average
Accts. & notes rec.,
Interest on mortgages
$439,067
$5.55
pref. stock
standing)
$142,822
....
$396,981
42,085
Earned per share:
x
12,230
4,999
improved properties
Unimproved, Properties—
Carrying charges, excl. of int. on mtges
(2)
81,958
284,042
65,691
23,342
Non-recurring income deducted above
ties at book value
Income
55,549
$423,313
Cash in banks and
<?mpany
•
264,155
Net income
Electric
Income after depreciation
applic. to minority interest in sub.
34,910
41,845
stocks
15-year 5% 1st lien & coll, trust bonds
Reacquired
_
Gross income
Share of loss
38,765
Provision for Federal income tax (estimated).
Miscl.
Oper. exps., excl. of int. on mtgs. & deprec
(based on estimated values redetermined
management of the company as of Jan. 1,1934)
453,100
35,928
A
series
a
Depreciation
283,248
subs, preferred
on
Assets—
(Exclusive of Lefcourt Realty Corp.)
(1)
$1,633,572
263,840
471,114
5,110
34,979
29,853
Amort, of subs, debt & pref. stock discount & exp.
Prov. for amort, of deferred charges
Corp. (& Subs.)—Earnings
Consolidated Income Jan. 1,1937 Through Sept.
168,300
$1,630,817
unfunded debt
on
Common
operating di visions).
Note—No provision has been made in the above statement for Federal
undistributed profits taxes other than reflecting the accrual for the calendar
year 1936 in the figures for the 12 months ended Oct. 31, 1937.—V. 145,
p. 3498.
General Realty & Utilities
$1,465,272
177,468
Provision for depreciation
Interest on subsidiaries' funded debt
38,910
Utilities,
Public
284,843
$1,453,348
Total income
Interest
1936
$2,726,982
875,006
124,398
262,304
140,153
Net oper. revenues before prov. for deprec
Other income
$3
$500,310
$17,095
1937
$2,807,725
929,379
revenues
Maintenance
Taxes (other than Federal income tax)
Bal. avail, for common
$38,026
Water, Gas & Electric Co. (& Subs.)—Earns.
12 Months Ended Oct. 31—
x
stock & surplus
record Dec. 10.
An extra
23 last.—V. 145, p. 3498.
Balance
$511,619
$539,220
3,242
Corp.—To Pay Extra Dividend—*
$20, both payable Dec. 23 to holders of
par
Interest
Gen. P. U., Inc.
$5 pref. stock
share on common stock presently outstand¬
dividend of 10 cents was paid on Sept.
12,350
Net income
on
$1,869,803
21,896
Fed. undist. profs, tax
Divs.
General Telephone
425,791
500,492
39,449
Non-oper. income
on
250,166
1,974,470
229,385
$159,439
Net oper. income
Int.
$4,955,467
2,172,897
40,567
44,314
Depreciation
Total.
$5,368,030
Fed.
income)
a
1937—12 Mos.—1936
1937—Month—1936
$416,229
$447,309
171,396
185,104
23,333
17,883
Period End. Oct. 31—
Gross oper. revenues
a
The directors on Nov. 29 declared an extra dividend of 25 cents per share
in addition to the quarterly dividend of 25 cents per share on the common
Operating
Operation
Earnings—
(& Subs.)
dividend, amounted to $1.10
ing.—V. 145, p. 2226.
the more
desirable lines, and the increase in written business has come from both a
larger volume of premiums received on accounts which we had prior to this
year, that is to say, from old customers, as well as a substantial volume
of new business from new customers.
The business of our North Star
General Public Utilities, Inc.
3655
Chronicle
145, p. 3498.
surtax on undis-
100,000 common shares
Jol<L
$3.13
3656
Financial
Gleaner Harvester
Chronicle
and
Corp.—Earnings —
W.
Earnings for the Year Ended Sept. 30, 1937
Net sales
Cost of sales (Including provision for depreciation of $47,013)
Gross profit on sales
Selling, gen'l & admin, exps. (incl.
Net profit
prov.
from operation
and ic is difficult to exceed those results under
present conditions of business.
New Delaware
Company Formed—Initial Dividends—
At the directors' meeting of the W. T. Grant Co.
Net profit
Interest expense
$890,573
7,420
189,806
Provision for Federal and State income taxes
Net profit, carried to earned surplus
1930 provided at date of organization not
consolidation
a
share
was
declared
the
on
new
common
a share was declared on the new
preferred
stock, both dividends payable Jan. 1, 1938, to holders of record Dec. 16,
1937.
This action continued the regular
quarterly dividend rate on the
stock of W.
common
25,759
value (9,933 shs. at $25persh.)
was
new company through the consolidation
Estates, Inc., and Grant Finance Corp., which
approved by the stockholders of all three companies on
Nov. 26 a dividend of 35 cents
stock and a dividend of 25 cents
617,831
required..
$1,336,936
248,325
51,200
now
(Delaware) which met
Nov. 27 after the formation of the
of W. T. Grant Co., Grant
$693,347
Earned surplus balance at Sept. 30, 1936
Restoration to surplus of reserve for Federal income tax for the
year
ending Jan. 31, 1938.
He said,
however, earnings for current six months may not equal those of a similar
a year ago, explaining that the 1936
period was exceptionally good
period
$810,441
80,132
Interest and other income
5% cumulative preferred stock.
W. T. Grant, Chairman, told stockholders he expected the company to
show good earnings for its current year
$1,097,353
286,912
for deprec. of $5,020)-.
1937
4,
Corp., will receive with respect to 654,801 shares of
T. Grant Co. and other assets valued in excess of $1,300,000 an
ag¬
650,000 shares of new $10 par common stock and 215,000 shares
gregate of
of $20 par
$2,608,607
1,511,254
Dec.
Grant Finance
T. Grant Co. and initiated the dividend
on
the
cumulative preferred stock.
Total
Divs.—Paid in
com.
stk.,
no-par
Paid in cash
Balance at Sept. 30. 1937
Earnings per share on 259,486 shs.
com.
$1,037,411
$2.67
stock ($2.50 par)
Great Atlantic & Pacific Tea Co.—Denies FTC
Price -Act-—
»
Paid prior to exchange of two shares of $2.50 par value stock for
share of no-par value stock.
one
on
Note—No provision has been made by the company for Federal surtax on
undistributed profits for the nine months ended Sept. 30, 1937 (returns
filed
calendar-year basis)
Act,
as
If
A- $8€tS
Fledman &
The
-—.. .
.
Inventories......--.-—----Deferred receivables
Prepaid expenses
Property, plant & equipment.
Patents and goodwill..-
Total
a
After
$945,947
b351,375
412,197
17,772
Res. tor impt. changes on prod¬
uct in ham s of customers..-
5,372
a417,276
Common stock ($2.50 par)
Capital
surplus
surplus
..$2,149,939
for
reserve
Deferred credits
$7,460
214,781
in its reply the company maintains that the Robinson-Patman Act
was
designed to prevent "snam brokerage," and does not prohibit "differentials
which make only due allowance for differences in the cost of
manufacture,
sales, or delivery.
..."
The company directs the attention of the FTC to the
report of the Com¬
mission's trial examiner, which says in the examiner's own words that
the
service of the Atlantic & Pacific field buying agents "was of more value to
the sellers than were the services of a broker in
making sales of the same
quantities of like merchandise."
It also quotes the examiner's own words to show that "the evidence
shows
10,000
------
,
1,037,411
Total
$2,149,939
depreciation of $585,382.
b After
reserve
for
bad
that
debts, $19,659.
(returns
filed
on calendar year basis), as it is Impossible to determine the
amount
of such liability at this time.
If no dividends are paid during the remainder
of the calendar year the maximum amount of surtax on
earnings to
Sept.
1937
Balance
Assets—
5.
That the Act, in so many
rendered in connection with"
1936
$695,723
2,750,150
2,836,547
Res. for conting
Capital stock
Surplus..
Invest'I s at cost..
Accts. & notes rec.
Inventories
-
Liabilities—
747,198
penses, Ac
Plant, Ac., less de¬
preciation
3,541,457
3.253,983
109,275
1937
to
respondent
Great Northern
$1,050,465
323,528
3,750,000
2,623,886
—
Ry.—Earnings—
1936
1935
1934
Net after rents
$8,083,450
3,628,431
2,790,768
83,018,438
30,339,096
21,980,336
Gross from railway
Net from railway
2,590,055
words, permits compensation "for services
purchase.
sale or
$9,881,581 $10,526,828 $11,090,055
4,193,542
5,276,615
6,003,131
3,028,246
4,203,372
5,184,393
Net after rents
From Jan. 1—
$971,229
323,528
3,750,000
a
1937
Gross from railway
Net from railway
97,110
59,832,148
18,730,720
11,663,664
75,762,661
28,174,163
20,447,594
69,150,682
27,238,159
20,150,636
—V. 145, p. 2847.
Total
$7,747,879 $7,634,812
Total
$7,747,879 $7,634,812
Green Bay & Western
-V. 145, p. 610.
October—
Gross from railway
Net from railway
Gorham Mfg. Co.—50-Cent Dividend—
The directors
Nov. 26 declared
dividend of 50 cents per share on the
common stock, no par value,
payable Dec. 15 to holders of record Dec. 1.
Similar amount was paid on Nov. 15, Sept. 15 and June 15 last; a dividend
of 25 cents was paid on March 15 last; 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. 145, p. 763.
Gotham
on
Credit
a
Corp.—Stocks
Offered—Offering
par)
class B stock of the corporation
by James Shean & Co., New
York.
The class A shares are priced at $62.50 and the class
B shares at $6.25 per share.
It is intended that the proceeds of this financing will be used
mainly as
additional working capital, enabling the corporation to
accept a large
volume of business which formerly had to be avoided. Part of tne
proceeds
may be used to replace lines of credit now outstanding which
approximate
$190,000.
Incorporated in New York in 1922, the corporation has since formation
restricted its business solely to the financing of retail sales of
automobiles
by dealers, and the wholesale purchases of automobiles
by dealers located
and its environs.
business.
The corporation has no funded debt.
As of June 30, 1937, total current
assets amounted to
$306,391, compared with total current liabilities of
$165,645.—V. 145, p. 1259.
Grand Trunk Western
October—
Net after rents
From Jan. 1—
Gross from railway.
Net from railway...
_
Net after rents
RR.—Earnings
1937
_
...
...
...
1936
$1,995,542
434,38 7
113,301
$2,037,692
492,351
327,428
$1,289,836
422,187
199,831
...
20,695,538
4,812,146
2,328,622
19,447,035
4,392,835
2,069,817
17,123,340
3,243,285
1,834,308
14,744,871
2,191,756
$2,130,678
—V. 145, p. 2847.
1935
1934
123,495
6,642
„
Net after rents
—V. 145, p. 3345.,
1935
1934
$135,835
37,614
22,463
$115,172
20,930
14,910
1,435,557
390,333
230,296
1,333,312
312,872
138,455
1,179,831
261,466
137,063
def7,743
917,831
59,996
(B.) Greening Wire Co., Ltd.—Initial Common Dividend
The directors have declared an initial dividend of 15 cents
per share on
the common stock, payable Jan. 3, 1938 to holders of record Dec.
15.
—V. 145, p. 1586.'
Group No. One Oil Corp.—Dividend Increased—
The directors have declared
stock,
a
dividend of $100
per
share on the capital
no par value, payable Jan. 3 to holders or record Dec. 10.
This
compares with dividends of $50 per share paid on Sept. 30 last and in each
of the four preceding quarters, and dividends of $100 per share
previously
distributed each three months.
In addition, an extra odividend of $100
was paid on Sept. 29, 1934; an extra of
$200 paid on Dec. 31, 1932, and an
extra of $150 per share was paid on Sept. 30, 1932.—V.
145,
Guardian Gold Mines, Ltd.—Registration
p.
1740.
Withdrawn-
See list given on first page of this department.—Y. 145,
p. 3009.
Gulf Mobile & Northern RR.—To
Company Organized —
Stockholders on November, 26 approved the plan for simplification of the
company's corporate structure through the formation of a new Delaware
corporation to absorb the present organization, the Grant Estates, Inc.,
and Grant Finance Corp.
The proposal also was approved by stockholders
of the latter two companies.
(For full details See V. 145, p. 3197).
Under the plan, stockholders of W. T. Grant Co., except Grant
Estates,
Inc., and Grant Finance Corp., will receive for each share held one share or
$10 par common stock and one-quarter share of $20 par 5% cumulative
preferred stock of the new company.
Stockholders of Grant Estates, Inc.,
Pay Preferred Div.—
New Directors—
The directors on Nov. 30 declared a dividend of $2.50 per share on the
6% cumulative preferred stock, payable Dec. 17 to holders of record Dec. 10.
This will be the first dividend paid on the preferred issue since Jan.
31,1931
when a regular quarterly distribution of $1.50 per share was made.
The directors also authorized a payment of 2H% interest on the 5%
income debentures of the New Orleans Great Northern Ry.
The terms by
which the New Orleans Great Northern is leased to the Gulf Mobile &
Northern restrict dividends by the lessee company while rentals for the con¬
trolled company are in arrears.
H. A. Pnarr, a Vice-President of the First National Bank of Mobile,
and J. F. McRae, Senior Vice-President of the Merchants National Bank
of
498.636
(W. T.) Grant Co .—Corporate Structure Simplified—New
1936
$150,124
33,976
14,741
With
the additional capital, the prospectus
states, the corporation contemplates
expansion into other parts of New York State, where it is
qualified to do
Gross from railway.
Net from railway
RR.—Earnings—
1937
$132,071
30,257
10,218
Net after rents
From Jan. 1—
Gross from railway
Net from railway
was
made Dec. 1, by means of a prospectus, of 200 shares of
class A convertible stock (no par) and 115,000 shares
($5
principally within the confines of New York City
is
That it was undisputed that the services rendered by its field
buyers
far in excess of the services of any broker.—V. 145, p. 3009.
October—
1936
Accts. A notes pay¬
able, acrued ex-.
4,250
Other assets
were
$841,657
72,647
July 31
1937
$387,224
4,250
955,521
Cash
made
earn.
$1,103,517
261,859
$615,007
581,176
Consolidated Balance Sheet
now
4. That the discrimination was against it, because it did not
get due
allowance for amounts other than brokerage which it
actually saved the
SGUGI*
1
6.
Dividends paid.
are
charges, the company contends:
That, it not being claimed that it received any discriminatory
prices,
a law
which was aimed
only at dis¬
criminatory sales and purchases.
2. That its purchases, which took into consideration
only a saving to
the seller of the brokerage paid, violated no law.
3. That no law required it to pay the "hallowed broker" a fee he did
not
1936
$738,980
123,973
-
sales
1.
(& Subs.)—Earnings—
Years Ended July 31—
when
In its denial of the FTC's
stock, par $1, both payable Dec. 23 to holders of record Dec. 4.
Previous extra distributions were as follows: 15 cents on Sept. 30
last;
10 cents on June 30 last- 5 cents on March 31 last* 20 cents on Dec. 18,
1936;
lOcentson Sept. 30, 1936; 5 cents on June 30 and March 31, 1936; 10 cents
on Dec. 20, 1935, and 5 cents on Sept. 30, 1935.—V.
145, p. 2694.
Reserve for Federal taxes
sellers
to
it could not be held to have violated
common
Earnings
expense
sustained."
Goebel Brewing Co.—Extra Dividend—
The directors have declared an extra dividend of 2 cents per share in
addition to the regular quarterly dividend of 5 cents per share on the
Goodall Worsted Co.
the
,
negligible," in contrast to other items of expense, which the seller would
have to pay a broker in addition to his fee.
On this basis, the Atlantic & Pacific maintains
that, unless the FTC
wishes to read into the Act an intention on the part of
Congress to force
the payment to outside brokers of "a brokerage they do not
earn, to which
they are not entitled, and which would, to that extent, increase the cost of
merchandise sold by respondent, the charges of the complaint cannot
be
Note—No provision has been made by the company for Federal surtax
on undistributed profits for the nine months ended
Sept. 30, 1937
30, 1937, would be approximately $157,000.—V. 143, p. 3317.
is
snatched from the Act."
198 660
1
payable..-.
Accrued liabilities
King & Brode and
Kittelle.
that this Act, "when read without a magnifying
perfectly plain, with the qualifications that the "brokerage
section" can only be made ambiguous
by its being "rudely and ruthlessly
32,911
648,715
Accounts
24 by
company claims
glass,"
Earned
-
was made Nov.
in a brief filed in reply to the Commission's charges.
The
brief deals with the various contentions of the
attorneys for the Commission,
and sets out the
company's understanding of the Act.
It was filed by
Caruthers Ewing and his Washington associates, Watson
Liabilities—
Cash in banks & on hand
charged by the Federal Trade Commission,
as
the company,
no
Balance Sheet Sept. 30, 1937
Receivables—trade—
Charges
Flat denial that it had violated the provisions of the Robinson-Patman
it is impossible to determine the amount of
dividends are paid during the remainder
of the calendar year the maximum amount of surtax on earnings to
Sept. 30,
1937 would be approximately $157,000.
The provision for the year ended
Sept. 30, 1937 includes $3,671 for Federal surtax on undistributed profits
for the calendar year 1936.
on
such liability at this time.
5%
Existing stockholders of W. T. Grant Co. were on Nov. 29 forwarded a
letter advising them that each of the old shares of W. T. Grant
should
b« forwarded to the
Guaranty Trust Co. of New York for exchange into
one share of common stock and
134 share of preferred stock of the new
company.—V. 145, p. 3498.
Mobile,
were
elected directors of this railroad.—V. 145, p. 3498.
Gulf Power
Co.—Earnings—
Period End. Oct. 31—
Gross
x
revenue
Oper.
exps.
& taxes
Prov. for retire,
^Gross
res
income
Int. & other fixed chgs—
Net income
Divs.
on
pref. stock
Balance-
1937—Month—1936
1937—12 Mos.—1936
$1,645,016
$1,440,180
1,055,701
931,968
151,614
91,000
$135,808
93,418
-11,942
$124,589
78,935
8,000
$30,447
18,852
$37,654
17,880
$437,699
$11,595
5,584
$19,773
5,584
$214,703
67,014
$206,032
67,014
$6,011
$14,189
$147,689
$139,018
222,996
$417,211
211,179
x Includes provision for Federal surtax on undistributed
profits for 1936.
No provision has been made for such tax in 1937.—V. 145, p. 3009.
,
Volume
Financial
145
Gulf & Ship
Condensed Balance Sheet June
Island RR.- -Earnings—
1937
October—
$106,004
11,568
def9,915
13,753
defl0,934
Net after rents
From Jan. 1—
Gross from railway..
1.077,444
16^,677
def67,208
124,154
defl29,430
1,342,622
241,220
defl7,612 i
Net from railway...
Net after rents
...
—V. 145, p. 2847.
968 431
v^:'v
receivable
Accounts
,
Accts. pay. & current
Accrued
supplies
Cash sinking fund for redemp¬
80,608
tion of bonds
b3,005,920
Prepaid expenses
Sundry
41,140
,
30
debits
1937
12 Months Ended Oct. 31—
& taxes
2,898,412
$5,855,493
2,817,455
y
Balance for dividends and surplus.
1,165,439
902,479
$6,334,974
Includes non-operating income
ment reserve.—V. 145, p. 3009.
net.
y
After appropriations for retire¬
of
1930)
that Dec. 1, 1937, coupons will be purchased on and after that date at the
office of J. P. Morgan & Co., New York, or at any American offices of the
detached
were
.$3,224,950
Total
After
a
reserve
Hotel
This company is notifying holders of bonds of the American Tranche
the Young Loan (German Government International 5Loan
Ham burg-American
Line, provided the
bonds from which such coupons
1,1935, and that
domiciled in the United States cm Oct.
Net income
Shares common stock.._
40 Weeks Ended
$112,952
75,317
$173,921
74,846
$0.14
$1.37
$0.82
and Federal income charges but before
undistributed earnings.—V. 145, p. 2227.
$0.25
Earnings per share.
x After
operating expenses
provision for Federal surtax on
Harshaw Chemical Co.
II. Larman, Walter L. Pate and Sherman S.
27,645
Amort, of dt.
Another 20-Cent Div.-—
declared a dividend of 20 cents per share on the
$5, payable Dec. 20 to holders of record Dec. 10.
A
15 and on Sept. 15 last, this latter being
the initial disbursement on the new shares.
See also V. 145, p. 3346.
have
Hartford & Connecticut Western
RR.—Time Extended
_
Hartford Rayon
The New York Curb Exchange
has admitted to listing and
Hawaiian Commercial &
dated
Sugar Co., Ltd.—Extra Div.—
dividend of 50 cents per share on
the capital stock, par $25, payable Dec. 10 to holders of record Dec. 1.
The regular quarterly dividend of 75 cents per share was paid on Nov. 15
last.—V. 143, p. 2371.
Magazines, Inc.—Bonds Called-*
The company has called for redemption on Jan. 5, 1938, all remaining
unpaid portions of the 6% bond issue, brought out in 1927 in the amount of
$10,000,000. The issue has been retired at the rate of $1,000,000 annually.
The last payment
would have become due March 1,
Helena Rubinstein,
The directors
1938.—V. 145, p. 1587.
Inc.—Initial Common Dividend—
dividend of $1 per share on the
15 to holders of record Dec. 10.—V. 145,
have declared an initial
stock, payable Dec.
2548.
Hoberg Paper Mills, Inc.—Earnings —
Earnings for 12 Months Ended Oct.
Earns, per share on
—V. 145, p. 2076.
31, 1937
incl. surtax on undistributed
18,600 common shares.
Holland Furnace Co.—To
Houston
$316,711
108,125
9,415
$3,894,323
1,046,250
134,445
$3,766,886
1,297,500
95,524
$199,171
stocks for the
$2,713,628
$2,373,862
$330,413
80,208
12,621
$315,341
1,37)0
$237,584
Net income
Dividends applicable to preferred
Balance.
14,315
315,078
315,078
—$2,398,550
$2,058,784
period, whether paid or unpaid
—
x Regular dividends on 7% and $6 preferred stocks were paid on Aug. 2,
1937.
After the payment of thase dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on Nov. 1, 1937.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.
—Y. 145, P. 2848.
Houston Oil Co. —Resumes Preferred Dividend —
have declared a dividend of $1.50 per share on the 6%
pref. stock, par $25, payable Dec. 22 to holders of record Dec. 17.
This will be the first dividend paid on the preferred shares since Feb. 1,
1932, when a dividend of 37H cents per share was distributed.—V. 145,
The directors
3347.
•
Houston Oil Field
The directors have declared a
17. A
Aug. 2,
1936, and a dividend
dividend paid on the
dividend of 25 cents
Co., Ltd/—Dividend Raised■—
dividend of 40 cents per share on the com¬
stock, par $20, payable Nov. 30 to holders of record Nov. 23.
This
compares with 35 cents paid on Sept. 30, last; 30cents on June 30, last:
15 cents paid on March 31, last; 40 cents on Nov. 30, 1936; 30 cents paid
Sept. 30, 1936; 20 cents per share paid on June 30 and March 31, 1936:
40 cents on Dec. 31, 1935; 20 cents on Sept. 30, 1935; 25 cents on June 29,
1935; 15 cents per share on March 30, 1935; 50 cents per share on Dec. 31,
1934; 30 cents per share on Sept. 29, 1934; no dividend distribution made
during 1933, and 20 cents per share paid on Sept. 30, June 30 and March 31.
1932.
Period End. Oct. 31—
from transp__
1937—Month—1936
$107,994
$89,400
69,698
60,028
1937—10 Mos.—1936
$973,735
$836,924
646,680
3,662
$275,101
29,282
Rev. other than transp
-
from opers.
$33,034
8,393
$360,103
83,771
$304,383
78,160
$41,228
8,480
_
.
Taxes assign, to ry. oper
Interest
117,958
11,795
128,332
44
Crl08
303
937
857
8,700
1,172
$18,239
$11,942
$139,391
$106,788
13,571
Depreciation
Profit and loss
Replacements
Net revenue
—V. 145, p.
16
k
2848.
Hoskins Manufacturing Co.—Dividend Reduced—
directors have declared a dividend of 25 cents per share on the
stock, par $2.50, payable Dec. 24 to holders of record Dec. 9.
A
dividend of 40 cents was paid on Sept. 27, and on June 26, last, this latter
being the initial payment on the $2.50 par shares.
See V. 144, p 4009 for
detailed record of previous dividend payments.—V. 145, p. 3347.
The
common
Hotel Syracuse,
Inc.—Earnings—
Income Account
Income after
Hydro-Electric Corp. of Virginia—Tenders—
The
City
Bank
Farmers Trust Co., as successor trustee, is inviting
5% gold bonds, series A, at prices not exceeding
104% of the principal amount and accrued interest, in an amount sufficient
to exhaust the sum of $8,367.24 available.
Tenders will be received on or
before 12 o'clock noon, Dec. 13, for acceptance on or before 3 p. m., Dec. 16,.
1937.—V. 144, p. 4010.
Illinois Bell
Telephone Co.—Rates Cut—
The Illinois Commerce
redemption of bonds and profit from
rentals, concessions and miscell.
Gross income.
1st mtge. bonds
on 1st mortgage bonds.
Fixed interest, 3% per annum on
3% per annum
Depreciation on properties
Income interest,
Net profit
for the year ended June
30, 1937-
this company to
Illinois Central RR .—Earnings of System
1935
<
1937
1936
railway—-$10,400,584 $11,258,577 $9,717,804
2,752,567
Net from railway
3,588,812
3,326,353
1,923,703
Net after rents.
2,554,100
2,214,029
October—
Gross from
From Jan. 1—
95,040,605
23,145,248
13,879,241
Net from railway
Net after rents
—
93,495,968
22,539,697
12,053,787
80,414,539
16,905,397
9,448,769
Earnings of Company Only
Gross from railway
Net from railway
Net after rents
75,794,508
19,336.731
10,827,862
1936
$9,592,883
2,716,877
1,843,116
1935
1934
$8,312,297
2,235,901
1,607,955
$7,088,908
81,532,151
18,644,431
11,351,861
80,806,264
18,544,762
10,234,148
70,137,441
14,374,495
8,800,576
66,022,733
16,807,399
10,303,840
1—
Gross from railway
Net from railway
Net after rents
1934
$8,248,514
2,119,989
1,193,858
1937
$8,817,214
2,944,898
2,128,064
October—
From Jan.
also refused
which would
T
...
1,815,550
1,113,971
Two Units Ask Maturity Dote Extension—
Two subsidiaries have asked the ICC for authority to extend maturity
dates of bonds pledged for the Illinois Central 4s of 1952.
Rantoul RR.
asks authority to extend to April 2, 1952, the maturity date of its $1,000,000
first mortgage bonds, which were due June 1, 1927.
Cherokee & Dakota
RR. likewise asked authority to extend to April 2, 1952, the maturity of
Its $3,100,000 first mortgage bonds, payable Dec. 1,1935.
Reconstruction Loan Extended—
Commission on Dec. 2 found the company not
need of financial reorganization in the public interest at this time
ahd approved the extension of the time of payment, for a term ending
not later than June 1, 1939, of loan of $7,758,000 to the road from the
Reconstruction Finance Corporation, maturing on Dec. 7, 1937.—V. 14o,
to be in
1937
the sale
of Truax furnishings
Other income from store
Commission on Nov. 23 ordered
telephone rates $2,650,000, effective Jan. 1, 1938, and
permission to pass on to the telephone user a 3% sales tax
have added $2,265,000 to telephone bills.—V. 145, p. 3499.
cut
The Interstate Commerce
for 12 Months Ended June 30,
deducting cost of sales and operating expense
Discount from the
To Pay 12}/2-Cent
have declared a dividend of 123^ cents per share on the
stock payable Dec. 20 to holders of record Dec. 5.
An initial
paid on Sept. 30, last.—V. 145, p. 2848.
Gross from railway
$29,371
—
tenders of first mortgage
561,823
$327,054
33,048
$58,295
2,932
from transp.
Material Co., Inc.
—
dividend of 50 cents per share was
mon
Total oper. expenses
Dividend
The directors
common
share was distributed.—V. 145, p. 3198.
Honolulu Rapid Transit
rev.
$3,752,571
on mtge. bonds
Other int. & deductions.
Int.
stock, no par value, payable Jan. 5 to holders of record Dec.
was paid on Oct. 8, la&t, and compares with $1 paid on
Net
$3,876,531
17,792
$328,393
2,020
Net oper. revenues-..
Other income
x
—
1937—Month—1936
1937—12 Mos.—1936
$925,578
$856,289 $10,586,523 $9,537,939
456,514
421,038
5,066,557
4,565.868
140,671
119,910
1,643,435
1,219,500
Operating revenues
Oper. exps., incl. taxes..
Prop, retire, res. approp.
p.
of 50 cents per share on the com¬
last; a year-end dividend of 25 cents paid on Dec. 21,
of $1 paid on Nov. 27, 1936, this latter being the first
common stock since July 1, 1932, when a quarterly
rev.
$97,573
Lighting & Power Co.—Earnings
Period End. Oct. 31—
profits—$290,213
$13.46
Pay 50-Cent Dividend—
like amount
Net
$189,396
No
Common
The directors have declared a dividend
rev.
$23,227
cum.
Net income after all charges
Gross
679
$336,174
226,109
7,302
5,189
429
provision has been made for the Federal surtax on undistributed
1937, since any liability for such tax cannot be de¬
termined until the end of the year.—V. 145, p. 2848.
The directors have declared an extra
per
$26,777
Gross income—-----
registration
voting trust certificates issued under voting trust agreement,
June 3, 1937, for common stock, $1 par.—V. 145, p. 3346.
mon
exp.
$412,635
195,751
19,674
7,813
$41,767
17,430
net income for the year
Corp.—Listing and Registration —
the
p.
disc. &
1,167,426
328,119
304,124
237,742
par
Federal Judge Carroll C. Hincks on Nov. 30 granted the company, a
subsidiary of the New Haven, ah extension of time until Jan. 1 to file a
plan for reorganization.
The plan originally was due Dec. 1.—V. 145,
P. 764.
common
15,969
2,399
613
bonds
on
$2,373,587
388,870
294,400
a314,990
$383,396
similar amount was paid on Nov.
Hearst
$45,758
Net oper. revenues...
a
stock,
a29,177
Taxes
!,772,773
1,361,876
102,942
29,649
24,579
21,506
Retirement accruals
Net income
Harrisburg Steel Corp.—To Pay
directors
124,035
1937—12 Mos.—1936
$220,445
35,792
Rogers.
firm of
—
$262,408
Other interest, &c___
1937
Net income after Federal income & excise
The
Co.—Earnings
1937—Month—1936
Maintenance
—V. 145, P. 3346.
common
Secretary and Ralph W. Crolley of the law
Dykman represented the committee.—V. 145, p. 3010.
Operating revenues
Operation
Interest
(& Subs.)—Earnings —
Months Ended June 30,
profits taxes
6
Earnings for
signed an order Dec. 2 approving the final account¬
Period End. Oct. 31—
Oct. 10. '36
Oct. 9, '37
'37
Oct. 10, '36
$26,260
$17,450
74,846
75,317
Oct. 9,
Period—
x
b After reserve for
of $5,015.
-M-:'v''
Houston Electric
Co.—Earnings—
—:
T0tal^.-^./.p-.Ui^i-i.$3,224,950?
accounts
Taft—Reorganization Completed—
Cullen &
4 Weeks Ended
surplus
of Hotel Taft reorganization committee.
Reorganization of Hotel
Taft 5H% guaranteed first mortgage bond certificates (Prudence Bonds
Corp. first mortgage participating certificates, Hotel Taft issue) was
recently completed (see V. 145, p. 3010).
George V. McLaughlin, President of the Brooklyn Trust Co., was
Chairman of the committee.
Other members were: Ivor B. Clark, Edward
C. Delafield, David
John R. Waish was
•
./••' 459,678
10,273
51,686
surplus
ing
$20 per
stamped to that effect.
The purchase price will be
$27.50 face amount of the Young Loan coupon.—V. 144, p. 3674.
.
doubtful
for
bonds and coupons are
Hamilton Mfg.
which capital
against
depreciation of $226,933.
Justice Lloyd Church
Hamburg-American Line—To Buy Coupons —
were
Equity
stock may be Issued
1936
:
Bal. after operation, maint.
x
—
Capital
*
revenues
due 1955
1,667,600
Pref. stock, class A (par $1)__
100
Pref. stock class B (par $10)
278,000
Pref. stock class C (par $10)—
248,540
Common stock (par $10)
•
403,120
Earned
Gulf States Utilities Co,—Earnings—
Operating
84,011
184
-
1st mtge. bonds,
30,043
miscellaneous
$21,758
payrool.
accounts
Sundry credits
Inventories, food, beverages &
Property accounts..
" ' -V
'
$48,861
al8,347
Cash on hand and in banks.—
$105,912
$122,450
14,453
def9,820
$122,260
19,882
def4,004
30,1937
Liabilities—
Assets—
1934
1935
1936
,
1,222,632
165,635
def84,085
/,x^v
Gross from railway..
Net from railway.
3657
Chronicle
income
$190,404
31,367
29.025
$250,798
50,680
50,028
115,555
$34,532
P.
3010.
Illinois Commercial Telephone Co.—Accumulated Div.
have declared a dividend of $2 per share on the $6 cum.
pref. stock, no par value, payable Jan. 2 to holders of record Dec. 15.
Like
amount was paid on Oct. 1, last, and a dividend of $3 was paid on July 1,
last.
Accumulations after the current dividend will amount to 50 cents
per share.—V. 145, p. 1587.
The directors
3658
Financial
Incorporated Investors—To Pay 40 Cent Dividend—
Chronicle
Dec.
1937, $2,374,446 in
The directors on Dec. 2 declared a dividend of 40 cents per share
payable
Dec. 22 to holders of record Dec. 4.
June 30,
1935.
sale of securities.
on
A dividend of 25 cents was paid on
Oct. 30, last; one of 30 cents was
paid on July 30, last; one of 25 cents per share was paid on April 30, last,
and a dividend of $1.90 was distributed on Dec. 22, 1936.
This current dividend
represents a disbursement of 30 cents from income
received during the second half of the year, and the
remaining 10 cents
from
realized
gains.—V.
145,
an
extra dividend
of 25
cents
per
share in
Works
Water
Securities
,
(499,935 shares;
Liabilities—
'•
Capital stock—common
$6,000,000
Cash.
53,485
-
Secured 5% gold notes
...
Unmatured Interest
Sinking fund
343
debt accrued..
&
109,429
Special deposits
on
59,975
1,650
512,349
Surplus.
-
-
Total...
.$6,177,240
Interlake Iron
Corp.—25-Cent Dividend—
The directors have declared
a dividend of 25 cents per share on the com¬
payable Dec. 23 to holders of record Dec. 9.
A dividend,
of 40 cents was paid on Sept. 30, last, this latter being the first dividend
paid on the common stock since March 25, 1931, when a quarterly distribu¬
tion of 15 cents per share was made.—V. 145, p. 2696.
stock,
International Great Northern RR.
October—
Gross from railway..
Net from railway—
railway
.
...
1936
1935
$1,182,385
266,803
110,557
$1,119,458
287,212
174,197
1934
$1,191,620
347,999
199,005
11,062,716
1,877,207
378,576
...
.
Net from railway
Net after rents
10,037.366
1,604,216
126,861
9,665,626
1,746,616
536,358
10,704,537
2,916,569
1,344,602
charges
$15,368,706 $14,898,668 $63,342,960 $60,951,178
816,405
693,562
3,195,226
3,184,409
Total revenue
$16,185,111 $15,592,230 $66,538,186 $64,135,588
revenue
incl. pureh.
388,786
than
5,453,998
1,002,768
20,953,181
3,805,002
20,574,444
3,960,806
1,877,124
Maintenance
depreciation
International Products Corp.—S3 Accumulated Div.—
on
1,782,336
debt
7,592.576
7,104,776
$7,353,128 $34,187,426 $32,495,562
&
other debt of subs
on debs, of Internat.
2,901,996
3,153,157
11,573,240
12,849,098
Hydro-Elec. System.
Amortiz. of debt discount
398,520
398,520
1,594,080
1,594,089
& expense
Prov. for deprec. charged
240,704
Int.
_
228,861
957,914
915,827
5,516,335
1,997,947
5,392,464
1,585,251
undistributed
profits tax.
stocks of subs
Divs. not being currently
1,884,957
1,553,563
7,609,350
6,405,711
pref. stocks of
subs
72,170
586,575
402,070
Other charges agst.
of subs
217,567
1,497,420
1,099,132
$139,782 loss$330,617
$2,591,987
6,000
443,498
$499,061
The plan for the amalgamation of Canadian
Hydro-Electric Corp.,
Ltd., with its subsidiary, Gatineau Power Co. became effective in
Sept.,
1937.
International Hydro-Electric System now holds
directly
1,439,024
(88.72%) of the common shares of Gatineau Power Co. and Canadian
Hydro-Electric Corp., Ltd., is in process of being liquidated. The
simplified
capital structure resulting from the amalgamation
should
materially
improve prospects for taking care of the maturity of Gatineau Power
Co.'s 6% debentures which are due in
1941, but present unfavorable con¬
ditions in the security markets have made
it necessary to postpone any
immediate consideration of refunding
operations.
International Hydro-Electric Corp., one of the
System's United States
subsidiaries, has made a new 10-year contract with New York Power &
Light Corp., effective Oct. 1, 1937 covering the sale of the
output of its
plants on the Hudson River at higher prices than were in force under
the
old contract which had been in effect
since Oct. 1, 1934.—V. 145, p. 1101.
International Mining Corp .—To
Pay 45-Cent Dividend—
directors have declared
dividend of 45 cents per share on the
common stock, par $1,
payable Dec. 24 to holders of record Dec. 17.
Dividends of 15 cents per share were
paid on Sept. 20, June 21 and on March
20, last; a dividend of 45 cents was paid on Dec.
24, 1936 and previously
regular quarterly dividends of 15 cents per share were
distributed.—Y. 145,
a
2696.
International Power Securities
Corp.—Accum. Div.—
The
directors have declared
the
on
no par
to holders of record Dec.
ly paid
$2
7.
dividend of $2 per share on account of
pref. series A stock, payable Dec. 15
This compares with $3
paid on June 15, last¬
a
$6
on Dec. 15. 1936; $2, June 20. 1936; $3 paid on Dec. 30. 1935;
15,1935; $3 on Dec. 31,1934; $2 on June 15,1934; $3 on Dec.
on
15,
June 15, 1933.—Y. 144, p. 3338.
International Petroleum Co., Ltd.
Years Ended June 30—
a
Dec. 15, 1936;
a
divi¬
a
similar amount
was
distributed.
International Radio
Corp.—Earnings—
Shares
1937
Earnings per share
x
1936
$70,877
$93,776
188,400
$0.50
stock
common
150,000
$0.47
After depreciation, Federal income taxes and undistributed
profits tax.
—V.
145,
p.
438.
International Rys. of Central
Gross
Oct. 31—
revenues
Oper. exps.
and taxes..
a
Income..
Before fixed
tax.—V.
145,
p.
America—Earnings—
1937—Month—1936
$443,577
$294,125
303,509
263,228
1937—10 Mos.—1936
$4,870,123
2,782,815
$4,223,770
2,499,539
$140,068
$30,897
$2,087,308
$1,724,231
charges and without provision for undistributed profits
3199.
Iowa Southern Utilities Co. of Del.PeriodEnd. Oct. 31—
—Earnihgs—
1937—Month—1936
$341,634
$337,057
earnings
1937—12 Mos.—1936
$4,038,015
$3,878,663
Oper. expenses, maint. &
200,134
193,796
2,370,507
2,237,496
Net oper. earnings...
Other income
$141,499
4,815
$143,260
6,107
$1,667,508
87,934
$1,641,167
108,660
$146,315
58,519
12,585
6,932
26,250
$149,367
58,519
12,602
7,983
26,250
$1,755,442
702,234
151,071
91,385
315,000
$1,749,828
707,768
151,533
93,435
315,000
$42,027
$44,012
$495,751
$482,092
Combined profit from
1937
(& Subs.)—Earns.
1936
1935
operations..$31,081,666 $27,260,595 $26,754,069
Counsel & solicitors' fees and salaries
of executive officers, including all
salaried directors
Balance—
320,691
...
299,760
275,006
$30,760,975 $26,960,834 $26,479,063
4,970,961
4,531,700
4,754,443
of concessions, &c__
2,518,291
2,395,354
2,463,897
Depreciation and depletion
Prov. for amort,
Profit
Other income—
Total income
Minority interests.
Net profit
-
—
—
...
-$23,271,723 $20,033,780 $19,260,723
b3,341,822
b4,306,353
2,738,778
$26,613,545 $24,340,133 $21,999,501
297,457
316,376
332,966
$26,316,088 $24,023,757 $21,666,535
500,492
496,404
454,348
35,845,433
36,049.093
32,540,607
Earns, per sh. on 14,324,088shs. com.
$1.80
$1.65
$1.48
a After charging all
producing, refining, manufacturing and distributing
expenses, and income taxes amounting to $3,415,818 in year ended June
30,
Preferred dividends...
Common dividends
Int.
on
other funded dt_
Note—No provision has been made in the above statement for the
Federal surtax on undistributed profits applicable to income included
therein for 1937, since the amount thereof cannot
satisfactorily be deter¬
mined at this time.—V. 144, p. 4182.
Isotta Fraschini—Removed
from Unlisted Trading—
The New York Curb Exchange has removed from unlisted trading privi¬
leges
the
American depository
value 20 lire.—V. 142, p. 2325.
Jamaica
Public Service Ltd.
Period End. Oct. 31—
Gross earnings
Oper.
exps.
receipts
representing
capital
stock,
par
(& Subs.)—Earnings —
1937—Month--1936
1937—12 Mos.—1936
$71,956
42,997
$875,418
529,835
$25,006
$372,899
1,874
$345,583
62
$28,959
8,779
$25,069
8,621
$374,774
104,694
$345,683
103,944
$20,179
Net oper. revenues
Inc. from other
$897,521
524,621
$28,959
& taxes
$70,241
45,235
$16,447
$270,080
$241,738
sources.
Balance.
Int. & amortization
Balance
99
—V. 145, p. 3011.
Jewel Tea Co.,
Inc. —Final Dividend—
The directors on Nov. 26 declared a final dividend of the year 1937
of 75 cents per share on the common stock, no par value, payable Dec. 20
to holders of record Dec. 9.
A regular quarterly dividend of $1 per share
which had been previously declared will also be paid on Dec. 20. A special
dividend of $2 per share was paid on Dec. 21, 1936.—V. 145, p. 3500.
cum.
on June
1933 and $2
1931, when
3 Months Ended Oct. 31—
Net profit
Net income
inc.
Consol. net profit....
accumulations
on
2,154,929
242,951
of subs
p.
share on account of
$100, payable Dec. 15
per
par
—V. 145, p. 2551.
Amort. & other deducts.
Prov. for retirements
Min. int. in near earnings
The
of $3
pref. stock,
3,586
being
currently
paid on pref. & class A
on
dividend
This compares with $3 paid on Sept. 15, last;
Total net earnings
Int. on mtge. bonds
1,228,535
316,967
Divs.
paid
a
cum.
10.
$6 paid on July 15, last; $3 on Feb. 15, last, and
taxes
1,237,276
454,603
Prov. for income taxes..
for
6%
dend of $6 paid on July 15, 1936, and $3 per share
paid on Jan. 15, 1936,
and on Oct. 24,
,1935, this latter being the first payment to be made on the
Gross oper.
against operations
Prov.
the
to holders of record Dec.
a
funded
on
166,286,862
and
d Investments
inc.
$7,578,958
Int.
103,199
....156,107,818
After
Period End
5,727,546
1,001,482
power
(other
taxes)
339,301
depletion,
b After
amortization,
c After
(at cost);
Shares which have a quoted market
value (market value, $24,621,637),
$18,495,005; cum. pref. shares which
have no quoted market value (all pref. divs. paid and
sinking fund provisions
complied with) $7,795,100; secured vessel mortgages, $11,355,645; bonds at
market value plus accrued interest (subject to pledge as collateral
security
under
guarantees),
$1,834,442;
miscellaneous
investments,
$37,587.
e
Represented by 14,324,088 no-par shares.—V. 145, p. 3348.
x
System—Earnings
Other income—net
Taxes
166,286,862
ap-
surplus.
3,234,534
45,568,242
—
reserves,
2849.
Statement of Consolidated Income Account (Incl.
Subs.)
Period End. Sept. 30—
1937—3 Mos.—1936
1937—12 Mos.—1936
exps.,
3,027,597
39,517.780
134,086
..
on contr..
pref. stock since July 15,
International Hydro-Electric
Oper.
6,063,908
Earned
rec.
accumulations
$1,187,493
190,509
19,645
...
Net after rents
From Jan. 1—
Operating
2,579,228
5,180,031
The directors have declared
-Earnings-
1937
P.
1,312,379
51,698,486
proport'n
of surplus
loans
mLsc.
a
145,
3,007,825
sup.
Total
$6,177,240
-V. 145, p. 2849.
—V.
1,113,975
41,668,659
Total....... 156,107,818
7,760,789
Def. and prepaid
11,000
-
Total
Gross from
6,622,840
pllc'ble thereto
and advances,
Dep.
6,225,996
2,799
—
Keacq uired securities
mon
7,111,467
re¬
d In vestments
funded
Other accrued accounts......
expenses
&
5,778,157
and
receivable
4,766
183
discount
Accts. & notes
Def'd accts.
6,224,188
other
insurance
25,576,989
13,924,403 Cap. stock held
31,882,020
by min. ints.
14,818,248
MateriaLs
$2,000,000
3,598,500
Taxes accrued
Coupons receivable
debt
23,129,457
fined products
Water Co. stock
payable
marine
&c.
Crude oil and
Assets—
30,088,640
31,340,102
Co.—Balance
100,375,000
Reserve for fire,
Bonds
Sheet Oct. 31, 1937—
Unamortized
27,618,048
Cash
c
$
500,000
Common stk.. 100,375,000
Accts. and notes
Concessions,
rights,
devel.
expenses,
1936
$
500,000
e
bldgs., plant &
the regular quarterly dividend of 15 cents per share on the
stock, par $1, both payable Dec. 23 to holders of record Dec. 10.
Indianapolis
1937
Liabilities—
Preferred stock.
wells,pipe lines
b
—V. 145, p. 3347.
Indianapolis
$
Land, produc'g
a
addition to
common
1936
$
equipment—
Indiana Steel Products Co.—Extra Dividend—
The directors have declared
Consolidated Balance Sheet June 30
1937
Assets—
2695.
p.
4, 1937
ended June 30, 1936, and $1,558,483 in year ended
b Includes $226,207 ($1,814,500 in 1936)
profit realized
year
Kansas City Gas Co.—Bonds Called-—
The City Bank Farmers Trust Co., as successor trustee for this com¬
pany's first mortgage gold bonds 5% series due 1946, is noitfying holders
of the bonds that there has been drawn by lot for redemption on Feb. 1,
1938, at 102% of their principal amount, $17,000 aggregate principal
amount of the bonds.—V. 144, p. 4011.
Kansas Oklahoma & Gulf Ry.October—
Gross from railway
1937
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
Earnings—
1936
1935
1934
$249,747
146,145
102,631
...
$213,711
107,030
64,235
$195,192
94,881
61,949
$159,608
59,095
30,939
2,023,061
1.087,692
708,344
2,053.081
1,068,534
654,356
1,623,865
696,910
405,720
1,584,290
748,960
440,206
—V. 145, p. 2850.
Kinner
Airplane
&
Motor
Corp.,
Ltd.—Files to
Re¬
organize—
Reorganizing to conserve U. S. Navy contracts for the benefit of both
creditors and stockholders, the corporation on Dec. 2 filed a petition in the
Federal Court under the terms of the amended Bankruptcy Act.
Assets of the corporation exceed $1,500,000 and its liabilities total
$310,000, according to the petition.
The petition sets forth that the company's reputation had been made
on the manufacture of low-horsepower
airplane motors until a few years
ago, when the market fell off abruptly.
Since that time, the petition
Financial
145
Volume
recites, more than $300,000 has been spent on the development of engines
in excess of 100 h. p. for military and transport use.
The corporation cited two contracts it has with the navy covering develop¬
ment of high-horsepower engines, but set forth it is behind
unless new capital can oe had, the contracts may be canceled.
Earl E. Moss, attorney for a group of creditors, said that new capital is
being recruited and that with it the company will be able to carry on with
its contracts and eventually be in a sound financial condition.
It is asked
that incumbent officials retain control, under supervision of the Federal
We deal in
City of Philadelphia Bonds
New York, Phila. & Norfolk
schedule and,
Philadelphia Electric Common
Key West Electric Co.—Earnings—
revenues
y
income, net.
3012.
Includes non-operating
x
145,
ment reserve.—V.
Kilburn Mills
p.
—Earnings
y
After appropriations for
Gross from railway
$1,334,803
1,323,699
1,700,225
$55,790 prof$l 1,103
Net loss.
Balance Sheet
'37
2
Oct.
invests., prepaid
x
and
less re¬
bldgs.
mach'y.
serve
Total volume of notes
341,487
415,667
x
Surplus
x
$1,209,713
10,560 shares, par value
Kinsey Distilling
..$1,209,713 $1,286,185
Total
$75 per share.—V. 144, p.
3841.
Ended Oct. 31, 1937
Earnings for 12 Months
Net profit after all charges incl. deprec.,
State income taxes and undistributed
Provision for Federal and State
but before Federal and
profits taxes
income taxes
$107,191
19,300
for surtax
x$87,S91
Earnings per share on 60,000 shares common stock.
- _
$0.30
x After allowance for full annual dividends of 80 cents per share on 11,984
shares of prior preferred stock and $1 per share on 60,000 shares of par¬
ticipating preferred.
During the 12 months the company's plant was operated at the full
capacity of its present equipment.
Approximately 90% of production is
sold to rectifiers and blenders and wholesalers for resale under private
Correction—The
figures
Sept. 30 (V. 145, p. 3349)
145, p. 3349.
which we indicated for the 12 months ended
should have been for nine months ended Sept. 30.
—V.
Dividend—
Co.— To Pay Special
(I. B.) Kleinert Rubber
declared a special
The directors have
dividend of five cents per share in
quarterly dividend of 15 cents per share on the
common stock, par $10, both payable Dec. 24 to holders of record Dec. 14.
A special dividend of 15 cents, in addition to a regular dividend of like
amount was paid on Sept. 30, last; a dividend of 30 cents was paid on
April 30, last; a special dividend of 40 cents paid on Dec. 24, 1936; 20 cents
paid on Oct. 31, 1936, and 10 cents paid on April 30, 1936 and on Oct. 31,
1935, this latter dividend being the first payment made since Dec. 1, 1930,
when a dividend of 25 cents per share was distributed.—V. 145, p. 1906.
addition
(G.) Krueger Brewing
After
all charges,
mon
\2lA
dividend of 25 cents per
share were distributed.
paid on Jan. 15, 1937.—V.
dends of 25 cents per
dend of 54 cents was
La Salle Extension
In addition, a special divi¬
145, p. 1906.
University—Application A pproved
Nov. 20.
■
■
■■
trading on notice of issuance and
registration has become effective under the Securities Exchange
These securities
notice that
will be admitted to
Act of 1934.
Earnings for 10 Months
Ended Oct. 31, 1937
Net income after oper. exps. and Federal income charges
before prov. for Fed. surtax or undistributed profits
Earnings per share on
145,
—V.
Lake
p.
Superior & Ishpeming RR.—-Earnings—
1936
1937
October—
$417,775
294,719
232,853
$349,619
229,489
175,304
Net from railway
Net after rents
From Jan. 1—
Net from railway
after rents
145,
p.
2,676,565
1,649,201
1,216,043
3,129,686
1,989,487
1,492,015
Gross from railway
—V.
$222,636
$0.90
2397.
Gross from railway
Net
but
220,000 common shares
1935
$425,216
306,628
250,404
2,039,429
1,127.539
836,730
1934
$163,275
74,310
51,902
1,351,070
555,161
350,384
2851.
Lima Cord Sole & Heel
145, p. 1906.
Lefcourt
Realty Corp. (&
9 Months Ended
x
Subs.)—Earnings—
1937
Sept. 30—
$57,586
Net loss..
x
After
depreciation, Federal taxes,
Lehigh & Hudson River
Gross from railway—._
Net from
railway.
Net after rents
From Jan. 1—
Gross from railway-....
Net from railway
Net after rents........
—V. 145, p.
Net
1935
$147,606
$147,606
62,946
62,946
34,240
34,240
$141,807
52,882
25,575
1,394,593
440,833
188,648
1,297,977
397,706
1,255,232
415,585
173,098
146,057
RR.—Earnings—
1937
1936
$320,514
84,027
69,652
Gross from railway.
railway.
Net after rents.
$366,387
107,872
78,365
3,109,433
757,677
663,101
3,293,032
861,392
650,776
1935
$318,965
81,322
71,170
1—
Gross from railway
Net from railway.
Net after rents
—V. 145, p.
profit after oper. exps. & Fed. inc.
on
undistributed earnings
Earnings per
—V. 145, p.
1937
charges, but before surtax
$100,962
$0.90
...
...
share on 112,600
3501.
capital shares.
Lima Locomotive Works,
Inc.—Dividend Increased—
dividend of $1.50 per share on the common
value, payable Dec. 15 to holders of record Dec. 4.
This
compares with $1 paid on Aug. 20, last, this latter being the first distribution
to be made on the common shares since Feb. 17, 1931, when a special divi¬
dend of $2 per share was paid, this being the first dividend paid since
June 1, 1928, when a quarterly dividend of $1 per share was distributed.
—V. 145, p. 768.
The directors have declared a
stock,
no
par
Link Belt Co.—Extra
Dividend—
declared an extra dividend of $1 per share in addition
quarterly dividend of 50 cents per share on the common
stock, no par value.
The extra dividend will be paid on Dec. 23 to holders
of record Dec.
10, and the regular quarterly payment will be made on
March 1, 1938 to holders of record Feb. 15.
A special dividend of $1 per share was paid on Dec. 23, 1936.—V. 145,
The directors have
the regular
to
^
2851. vC5-;;
Lion Oil Refining Co.—To Pay Extra Dividend—
26 declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of 25 cents per share on the
common stock, both payable Dec. 24 to holders of record Dec. 15.
Similar
amounts were paid on July 20, last.—V. 145, p. 2698.
The directors on Nov.
Lockheed Aircraft
High of
169% Over Last Year—
orders Nov. 30 when the backlog of
Corp.—Backlog Peaches Record
$6,125,000—Unfilled Business Up
Corporation reported a new peak in
business reached an all-time
unfilled
high of $6,125,000, including spare
additional equipment, a gain of 169% over the same date a year
according to figures released by Robert E. Gross, President.
This
compares with $2,275,000 reported as of the same date a year ago and with
$3,173,000 and $2,878,000 reported at the end of the six and nine months
period of 1937 respectively.
parts and
ago,
According to company
to
officials the bulk of the
Lockheed "14," the
orders for tne
backlog figure comprises
company's latest model, which
be the world's fastest commercial transport plane.
Number of planes delivered from Jan. 1, 1937, to date
is claimed
totals 74, compris¬
ing 46 Electras, 34 Model "12's" and 5 Model "14's".
This compares with
deliveries of 24 Electras and 6 Model "12's" as of the same date a year ago.
Inasmuch as the Model "14" was in the development stage last year, no
comparative delivery figure for this model is available.
The first Lockheed
"14" was delivered to Northwest Airlines on Sept. 10, last.
According to President Gross, the substantial increase in business "is
largely attributable to the company's policy, inaugurated three years ago,
of methodically following world markets as well as domestic markets, and
has resulted in the company achieving a wide diversification of customers
the world over through the many commercial and government connections
established."
backlog of orders shows that several United
Western Air Express and Northwest Airlines,
The current
including
States air lines,
have purchased
Several foreign lines have also filed orders for
delivery in 1938.
Among these are:
Royal Dutch Air Lines, its associate
company;
Royal Netherlands Indias Airways, and Trans-Canada Air
Lines.
Repeat orders have also been received from Polish Airlines; Industria Aeronautia Rornana (Roumania) and Aeropout (Jugoslavia).
President Gross, in commenting on the new business, said that the recent
granting of the A. T. C. (Approved Type Certificate) for the Lockheed
"14" by the Bureau of Air Commerce, was instrumental in closing a number
of orders that have been pending since the company announced construc¬
tion of the new model and which were contingent upon the granting of this
Lockheed
equipment.
certificate.
$154,562
63,010
30,188
Lehigh & New England
From Jan.
1936
Co.—Earnings—
[Including Caledonia Co.]
minutes
plane has already established a transport record of 55
Washington and New York," Mr, Gross said.
"Regular air line
is 80 minutes."
Now in operation between Chicago
St. Paul over Northwest Airlines Route, the planes have exceeded our
expectations in performance and are being well patronized by the
public.
"With the Model T4' on the market, the Lockheed Company now is
to offer a complete line of moderate sized, high speed, twin engined trans¬
"The
between
1934
$119,537
31,542
8,676
1,212,908
346,055
119,135
and
time for this run
traveling
able
air line, commercial or individual operation.
The company
employs 1,890 persons at its Burbank factory."—V. 145, p. 1907.
ports for
now
2851.
October—
Net from
V. 145, p. 1263.
Ry.-4-Earnings
1936
1937
October—
&c.-
1936
$102,481
but before surtax
period last year.
Earnings for 9 Months Ended Sept. 30,
thus
Portland Cement Co.—To Pay $ 1 Dividend —
The directors have declared a dividend of $1 per share on the common
stock, payable Dec. 15 to holders of record Dec. 4. A dividend of $2 per
share was paid on Dec. 19, 1936, this latter being the first payment made
since June, 1931, when a dividend of $1 per share was distributed.—V.
Lawrence
$1.96
...
Contemplates Issuance of 30,000 Additional Shares
The company, it is stated, contemplates the sale of 30,000 additional
class A shares when market conditions warrant.—V. 145, p. 2229.
—
Chicago Stock Exchange has approved the application of the
university to list 59,634 additional shares of common stock, $5 par, to be
issued in accordance with authorization of stockholders in meeting held
The
1936
$1,286,000
37,242
including Federal income taxes,
against $1,286,000 in the same
p.;
Co.—2b-Cent Dividend—
share on the com¬
stock, payable Dec. 16 to holders of record Dec. 9.
A dividend of
cents was paid on Sept. 16, last, and previously regular quarterly divi¬
The directors have declared a
1937
$2,960,000
98,978
......
undistributed profits,
y On the average number of class A common
shares outstanding.
Total volume of notes purchased for the first 10 months was $2,960,000
the regular
to
purchased.
Earnings per share
Balance, before deduction
label
33,449,219
7,441,792
4,195,119
on
as
Co.—Earnings—
5,041,878
Net income...
y
$1,286,185
t
33,572,745
6,965,884
3,882,733
40,153,496
10,974,748
7,179,007
Liberty Loan Corp.— Earnings—
x
Total
41,134,880
9,884,759
10 Months Ended Oct. 31—
38,495
358,821
347,339
for deprec.
...
1,095,165
1934
$3,518,253
1,004,838
756,648
SVL.
792,000
..
1935
$3,600,611
885,164
719,271
1936
$4,622,673
1,453,800
3349.
—Y. 145, p.
for taxes and
contingencies.
407,981
....
1937
$4,215,756
1,142,770
701,660
From Jan. 1—
Gross from railway
Net from railway
Net after rents
55,219
Capital stock.792,000
Res.
$519,383
$334,779
527,595
after rents
Net
$29,462
10,560
Dividend payable
items
Oct. 3 '36
Net from railway......
$21,006
Accounts payable.
Inventories
Land,
Oct. 2 '37
Liabilities—
'36
3
Philadelphia
.
Lehigh Valley RR.—Earnings—
Gross expense
Oct.
St.
Walnut
1528
October—
$1,644,434
Cash, accts.receiv.,
§
Teletype—Phlla. 22
retire¬
Oct. 3 '36
Oct. 2 37
;
Assets—
A. T. & T.
—
Years Ended—
Gross income
Stock
YARNALL & CO.
$139,965
62,139
15,363
$150,506
66,120
20,848
....
maintenance and taxes.
Balance for dividends and surplus.
Balance after operation,
x
1936
1937
12 Months Ended Oct. 31—
Operating
Stock Trust 4s
Lehigh Valley Annuity 4^s and 6s
Missouri Public Service 1st 5s, 1960
effected.—V. 145, p. 3349.
Oourt, while reorganization is being
3659
Chronicle
.'
3012.
2,908,499
745,084
738,891
•': V.;.
Long Island
1934
$301,085
62,995
Net from
55,966
Net after rents.
railway
_
1937
$1,953,958
381,739
def30,005
1 936
$2,132,071
360,673
defl06,292
1 935
$1,895,097
333,385
def92,171
1 934
$1,983,898
584,581
174,969
21,017,522
4,273,321
defl08,779
21,404,998 20,022,668
5,277,945
4,677,789
907,668 "
524,484
20,478,299
5,881,004
1,826,990
From Jan. 1—
2,946,011
733,395
658,063
(R. G.) Le Tourneau, Inc.—Earnings —
Period End. Oct. 31—
1937—Month—1936
1937—10 Mos.—1936
x Net profit
$79,615
$138,221 $1,292,402 $1,294,023
Shares common stock
450,000
225,000
450,000
225,000
Earnings per share
$0.18
$0.61
$2.87
$5.75
x After depreciation and normal Federal income taxes, but before surtax
on undistributed profits.—V. 145, p. 3200.
RR.—Earnings—
October—
Gross from railway
Gross from railway
Net from railway..
Net
after rents
—V. 145, p.
2851.
Loew's, Inc.—Extra Dividend—
Dec. 1 declared an extra dividend of $1 per share in
dividend of 50 cents per share on the common stock, no par
payable Dec. 31 to holders of record Dec. 11.
This compares
with $3 paid on Aug. 25, last, and 50 cents paid on June 30, last,
three months previously.
In addition, the following extra
were
distributed: $1.50 on June 30, last; 50 cents on March 31, last; $1 on Dec.
The directors on
addition to a
value, both
and each
dividends
31,
3660
Financial
1936; extra® of 50
Chronicle
cents
paid on Sept. 30, 1936 and on Dec. 31, 1935, and
extras of 75 cents per share distributed on
Dec. 31, 1934, ad on Dec. 31,
1929, while an extra of $1 was paid on Dec. 31, 1931, and 1930.—V.
145,
p. 2698.
12 Months Ended Oct. 31—
Operating
Weeks
Period Ended—
Gross ticket receipts
x
52 Weeks
$136,176
$132,902
$130,824
324
234
581
$137,005
$133,226
$131,058
$212,296
97,096
Total revenue
-
Balance.
100,681
100,651
145,421
$32,545
$30,406
$66,875
$39,908
Kent received
.
60957
Interest and exchange.
on sale of equipm't
_
60
60
2,556
$32,085
on April 1, last, and extra dividends of 25 cents per share in addition
the regular 25-cent quarterly dividend paid on Jan. 2. 1937, Oct.
1,
July 1 and Jan. 1, 1936 and on Oct. 1, 1935.
A special dividend of 25 cents
per share was distributed on Dec. 22, 1936.—V. 145, p. 1745.
$69,531
22,188
20,564
25,891
55,607
3,142
2,077
987
1,883
$11,105
11,809
$5,208
11,809
$12,041
11,443
re¬
....
Govt,
income tax.
paid
to
$33,745
$15,597
5,905
Taxes, insur., repairs,
(Arthur) McKee & Co .-Year-End Dividend—
100
1,422
$40,926
newals, Sec..
Prov. for
Dom.
...
Net profit
dividends
Preferred
Maine Central RR.—New Director
Aug.26, *37 Aug.27,"SS
$74,178
$58,170
Cash
approved, however, by the Interstate Commerce Commission.
Mr. Gray was elected to fill the vacancy caused
Governor William T. Cobb of Rockland.
Liabilities—
booking
rights, Ac
Earnings for October and Year to Date
charges
516,827
$904
516,827
Prov.
263,892
7% pref. stock
Common shares..
Real est., bldgs.,
for
260,601
$383
taxes
3,700
337,410
1
1
5,741
Surplus
14,530
337,410
500,000
4,838
$856,544
$844,631
Total
$856,544
$844,631
exp.
Total.
500,000
1937—Month—1936
1937—10 Mos.—1936
$1,059,251
$1,112,395 $10,636,692 $10,041,523
786,018
791,296
7,662,459
7,824,147
Operating revenues
Operating expenses
2,000
4,936
Movietone install.
Prepd. Ins. A
Period End. Oct. 31—
Domin.
Govt. inc.
Ac.......
Net oper. revenues
$273,233
68,925
24,095
26,225
Nine Months Ended Sept. 30—
1937
Income—Dividends
on
Excess of Income from divs. & int.
Net profit on securities sold
over expenses
673,971
profits
•»
Balance Sheet,
1936
Securities at cost..$l,844,641
579,072
Cash in bank
Cash
on
$1,966,394
119,442
deposit for
23,115
23,690
receivable..
7,140
6,099
$636,410
$320,943
over ex¬
Sept. 30
Liabilities—
1937
1936
$23,115
Dividend payable.
$23,690
Provision for Fed'l
8,925
34,568
2,429,248 x2,054,969
140
Tax refund, rec...
831
1,222
Divs.
Capital stock
x
-.$2,461,288 $2,113,327
Total....
no par
p.
1937
$57,964
13,745
2,495
2,863
$19,814
5,803
1,578
1,032
2,966
$38,030
68,346
$8,435
49,309
$106,376
$57,744
35,345
17,932
$71,031
$39,711
Management fee
831
Prov. for Fed. capital stock & Mass. excise
taxes._
Excess of inc. from divs. & int. over
expenses
Net profit on securities sold
Total.
Pro v. for Fed. income tax
(prior year)
Dividend paid
$39.00
$41.73
Managed Estates, Inc.-—Registers with SEC—
698,884
Cash
on
div.
The Court has entered
Tax refund
15,777
15,940
rec
7,421
p.
Dividend payable.
Prov. for Fed. and
$17,932
$6,275
with Federal income tax law.—V. 145, p. 3501.
Manning, Maxwell & Moore, Inc.—To Pay SI.50 Div.—
a dividend of $1.50 per share on the common
payable Dec. 10 to holders of record Dec. 8.
A like payment was
Oct. 4, July 7, and on April 1, last, and compares with $2.50
paid
on Dec.
18, 1936; $1.50 paid on Oct. 1, 1936; $1 paid on June 30, 1936,
and 50 cents per share distributed on April 1, and Jan.
2, 1936, this latter
being the first distribution made on this issue since Oct. 2, 1930, when a
dividend of 50 cents was also paid.—V. 145, p. 285.
made
—V.
145,
p.
Marchant Calculating Machine Co.— Year-End
The directors have declared a year-end dividend of $1
5,850,925
$10)
Total
o
Net after rents
52
1935
1934
defll,416
$475,228
180,576
116,752
$401,306
137,272
92,003
4,942,143
4,643,032
3,942,552
1,625,865
1,034,278
3,716,025
1,609,538
1,005,394
1,371,934
922.034
1,285,386
860,694
Net after rents.
1936
1,115,898
262,797
59,745
Louisville & Nashville
October—
1937
Gross from railway.
Net from railway.
_
Net after rents
From Jan. 1—
Gross from railwayNet from
railway.
_
Net after rents
—V. 145, p. 3591.
52 Weeks
10,350
9,300
$141,080
59,286
$111,730
699,416
Balance, Aug. 30
$52,861
656,305
$96,633
571,115
$745,189
45,773
$709,166
45,773
$667,748
11,443
$699,416
$663,394
$656,305
,
Includes profit on sale of scenery and equipment.
Cash
Aug. 26.'37 Aug. 27,*36
hand A in
on
bank
A
int. thereon
1935'
1934
$96,239
25,451
6,336
1,057,161
190,227
defl8,833
804,101
182,895
def38,887
816,486
184,981
13,756
RR.—Earnings—
1935
1934
$7,976,256
2,036,871
1,597,162
$8,773,696
2,853,582
2,150,463
$7,192,974
1,800,395
1,468,684
$6,087,481
1,497,732
1,212,573
76,046,617
19,287,371
13,893,560
73,820,060
61,949,287
14,410,231
11,033,740
58.248.949
13,729,405
10.472.950
Liabilities—
Aug. 26'37 Aug. 27,'36
A cc'ts payable and
accrued
accr'd
$290,829
$182,953
3.50
1,022
bldgs. A equip..
Altera'as to Yonge
1,095,690
1,136,341
Street Theatre..
6,623
750,000
$2,611
653,900
699,416
30,000
10,519
$2,581
750,000
30,000
charges..
9,935
10,676
Accts. receivable.
_
A
for
Govt.
Domin.
inc.
taxes
cum.
pref. shs.
Common
shares..
23,600
653,900
750,000
surplus—
753,930
Earned
15,000
750,000
book¬
Organization exps.
Prepaid ins. A exp.
Total
-V.
Prov.
7%
ing rights
-Earnings—
$92,228
31,363
17,326
20,192,713
15,592,920
$81,795
663,394
$753,930
Net profit
310,535
$264,811
168,178
$811,146
57,216
Interest, taxes, depr., &c
9,379
$107,425
54,563
Real est., leasehold,
$99,780
def31,480
def52,248
1936
52 Weeks
Jan. 5,'33 to
Aug. 29/35 Aug. 30/34
x$116,804
$575,348
Aug. 27/36
$150,380
$178,098
66,367
Balance
Goodwill
—V. 145, p. 3013.
Weeks
Aug. 26,*37
$188,448
Theatre exps., salaries &
wages, &c
Assets—
1936
$125,371
23,605
def2,121
Theatres, Ltd.—Earnings■—
Balance Sheet
$434,976
24,087
► From Jan. 1—
Gross from railway
Net from railway
Marcus Loew's
Period Ended—
Total revenue
$5,857,200 $2,742,640
$538,265
176,497
101,045
1937
Div.—
per share on the
par
2,703,185
Capital stock (par
Louisiana Arkansas & Texas
Ry.
October—
Gross from railway
Net from railway......
stock,
$5, payable Dec. 20 to holders of record Dec. 5. This
compares with $1.15 paid on Oct. 15, last 50 cents paid on July 15, last;
35 cents on April 10, last; $1.50 on Dec. 21, 1936 and 50 cents
paid on
Oct. 10 and on Aug. 15, 1936, this latter
being the first distribution to be
made since 1930.
During this latter year three dividends of 40 cents per
share each were paid.—V. 145, p. 2853.
x
3501.
on
common
21,523
...
1937
From Jan. 1—
Gross from railway
Net from railway
Net after rents
an
bonds.
consolidated
Funds for the payment of the Oct. 1, 1937 interest on the consolidated
bonds deposited with the protective committee for the bonds are now in
depositary.
Holders of certificates of deposit may obtain
payment of interest upon presentation of their certificates to the depositary
for appropriate stamping, accompanied by
ownership certificates in accord¬
Louisiana & Arkansas Ry.
—Earnings—
October—
2082.
the Court has
what funds or propertydhall eventually be
charged with such payment, and
whether such payment shall be made a charge on the earnings or
properties
of Manhattan Ry. prior to the lien of the consolidated
mortgage.
As of Dec. 31, 1937, unpaid real estate and special franchise aexes on the
Manhattan properties, with interest and penalties, will
aggregate apprixmately $8,190,000.
The trustee under the consolidated mortgage has
written bondholders a letter, dated Nov. 15, 1937,
setting forth, among
other things, a summary of the tax situation.
1425.
Gross from railway
Net from railway.
Net after rents
the
on
perties)
1936
1,962
$5,857,200 $2,742,640
145,
1937
571
Total
p.
order for payment of the Oct. 1, 1937 interest
In this order (as in prior orders for
payment
bonds and taxes on the Manhattan pro¬
reserved for future determination the question of
the consolidated
of interest
Total surplus
Preferred dividends
Liabilities—
State taxes
17,932
Divs. receivable..
Accrued int. ree'le.
—V.
192,426
deposit for
payable...
department,—V. 145,
Manhattan Ry.—Interest on Consolidated Mortgage As—
Previous surplus.
Balance Sheet, Sept. 30
Securities at cost..$5,126,028
$2,522,900
Cash in bank
1,696,504
$442,592 def$296,090
101
Excess of inc. & realized profits over
exps. & divs.
paid for the period
Net asset value per share, on the basis of
market
quotations for the securities was
1936
1.726,963
The directors have declared
$18,101
1,713
Custodian & transfer agent fees & expenses
Miscellaneous expenses
1937
169,347
$69,578
income.
396,402
stock
1936
$44,130
13,834
...
Total income
Assets—
$1,400,414
See list given on first page of this
3200.
Loomis-Sayles Second Fund, Inc.—Earnings—
bonds
$2,169,555
$2,461,288 $2,113,227
shares.—V. 145,
3 Months Ended Sept. 30—
Income—Dividends
on
$238,925
the hands of the
Represented by 23,106 (23,730 in 1936)
Interest
$1,004,012
656,050
262,969
294,345
—V. 145, p. 3201.
ance
Total—
$1,798,000
371,555
&c.).
Net
on
$386,719
■
3,561
Accrd. int. ree'le.'.
—
64,944
and State taxes.
dividend payable
—
70,259
penses and dividends paid for tne period
1937
$19,738
366,981
$706,669
Provision for Federal income tax
(prior year).
Dividends paid
Excess of Increase and realized
$57,972
19,160
2,448
1,286
15,340
$32,698
Management fee
Custodian and transfer agent fees and
expenses
Miscellaneous expenses
Prov. for Fed. capital stock & Mass. excise taxes
$55,569
2,403
$69,551
22,136
4,561
1,430
8,725
Total income
Assets—
1936
$56,533
13,018
bonds
Gross income
$205,089
33,836
170,338
.
$2,217,376
$16,808
Net ry. oper. income.
Other income
Loomis-Sayles Mutual Fund, Inc.—Earnings—
$2,974,233
692,337
212,116
271,780
$187,146
Joint facil. rents—Dr..
After reserve for depreciation of
$186,066 in 1937 and $182,511 in 1936.
—V. 145, p. 2081.
$321,099
67,850
18,791
29.369
$153,988
33,158
Taxes
Equipment rents—Dr
x
Interest
by the death of the late
Atttf.26/37 Aug.27,'36
Accts. pay. A accr.
Goodwill,
x
—
Carl Raymond Gray, Vice-Chairman of the Board of the Union Pacific
RR. and former President of that road was on Nov. 23 elected a director
of this railroad at the board's monthly meeting.
His election must be
Balance Sheet
Assets—
698,166
Includes non-operating income, net.—V. 145, p. 2230.
The directors have declared a year-end dividend of 50 cents per share
the class B stock payable Dec. 20 to holders of record Dec. 10.
This
compares with an extra dividend of 75 cents and a quarterly dividend of
25 cents per share paid on Oct. 1 and on July 1, last; an extra of 50 cents
197
Total revenue
1936
$2,409,270
on
1,140
Profit
1937
$2,679,681
696,631
The directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, both payable Dec. 15 to holders of record Dec. 1.—V. 143, p. 2848.
salaries,
exps.,
Corp.—Earnings—
,
Lyon Metal Products Co., Inc.—Extra Dividend—
$211,715
830
wages, Sec...
1937
4,
Jan.5,'33 to
Aug. 26, '37 Aug. 27, '36 Aug. 29,'35 Aug. 30, '34
Sundry revenues
Theatre
Weeks
52
*
revenues
Balance after operation, maint. & taxes
x
Loew's London Theatres, Ltd.—Earnings—
52
Dec.
Louisiana Steam Generating
..$2,184,012 $2,120,927
Total
$2,184,012 $2,120,927
145, p. 3501.
Marlin-Rockwell Corp.-—To Pay $1.75 Dividend—
The directors
have declared
a
dividend of $1.75 cents per share on the
common
stock, no par value, payable Dec. 16 to holders of record Dec. 9.
A dividend of $1.50 was paid on Nov. 18, last, and a
regular quarterly
dividend of 50 cents per share was paid on Oct. 1, last.
In addition, a
special dividend of $2 was paid on Dec. 18, 1936 and one of $1.25 was paid
on Jan. 2, 1936 —V.
145, p. 3350.
Massachusetts
Fire
&
Marine
Insurance
Co.—Extra
Dividend—
The directors have declared an extra dividend of $2
per share In addition
the regular semi-annual dividend of $5 per share on the
capital stock
payable Dec. 15 to holders of record Dec. 7. Similar payments were made
on Dec. 15, 1936 and on Dec.
16, 1935—V. 143, p. 4006.
to
Volume
Financial
145
Mississippi Central RR.—Earnings—
Maytag Co .—To Pay 50-Cent Dividend—
have declared a dividend of 50
cents per share on the
slock, no par value, payable Dec. 21 to holders of record Dec. 6.
A similar payment was made on Dec. 21, 1936, this latter being the first
dividend paid on the common stock since Oct. 1, 1930 when 25 cents per
share was distributed.—V. 145, p. 2853.
The
directors
common
Melville Shoe
Corp.—Sales—
1937—4 Wks.—1936
$2,712,904
$2,644,547
Period End. Nov. 20—
Sales.
3661
Chronicle
1937—48 Wks.—1936
$35,103,170 $31,558,295
October—
1937
Gross from
$77,469
17,491
Net after rents
From Jan. 1—
Gross from railway
Net from railway
789,123
129.756
761,241
,
Net after rents
$56,683
7,100
1,697
$69,233
11,591
6,542
10,617
599,449
1
198,100
125,778
39,300
1934
1935
1936
$87,155
14,747
3,016
railway
railway
Net from
539,768
95,693
38,040
52,627
def2,855
—V. 145, p. 2854.
—V. 145, p. 3013.
Mississippi Power Co.—Earnings
Memphis Power & Light Co.—Earnings1937—Month—1936
Period End. Oct. 31—
$697,691
434,189
81,677
Operating revenues
Oper.exps.,incl. taxes..
Prop, retire't res. approp
$614,896
397,684
58,961
Period End. Oct. 31—
1937—12 Mos.—1936
$8,544,801
$7,706,606
5,489,068
4,935,326
Gross
x
Oper.
exps.
15,000
$158,251
3,178
$2,328,065
$2,083,275
30,220
$205,145
61,448
4,115
$161,429
61,448
3,031
$2,377,819
737,375
42,706
$2,113,495
737.375
38,581
Divs.
$139,582
$96,950
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
$1,597,738
$1,337,539
394,876
394,876
Balance.
$1,202,862
$942,663
Net
Gross income
mortgage bonds.
Other int. & deductionson
Net
x
income.
__
—
Regular dividends on the $7 and $6 preferred stocks were paid on Oct. 1,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Note—Includes no provision for Federal surtax on undistributed profits
for the month of October, 1937.
During the month of October, 1936,
provision for Federal surtax on undistributed profits was made in the
amount of $16,000.
Includes provision of $129,199 made during the 12
months ended Oct. 31,1937, and $32,000 made during the 12 months ended
Oct. 31,1936, for Federal surtax on undistributed profits.—V. 145, p. 2854.
x
Merchants & Miners Transportation Co.—Div. Omitted
ordinarilydue at this time
on the common stock.
A dividend of 40 cents per share was paid on Sept. 30
last, and each three months previously.
In addition, an extra dividend of
60 cents was paid on Dec. 28, 1936.—V. 145, p. 3201.
Thedirectors have decided to omit the dividend
Merrimack Hat
cents per share on its common stock
week's "Chronicle," page 3502.—V.
145, p. 3502.
Metal Box Co.,
Balance
have declared
dividends of $3.50 per share
on
Dividends—
the 7% prior
lien stock and $3 per share on the $6 prior lien stcck as payment on arrears.
Those dividends will be paid on Dec. 20 to holders of record Dec. 4.
Divi¬
$1.80 respectively was paid on Oct. 25, last; $1.40 and
$1.20, respectively, on July 20 last, and dividends of $4.90 and $4.20 per
were distributed on the respective issues on Dec.
15, 1936.
These
latter were the first payments made since May 1, 935, when dividends at
dend of $2.10 and
share
one-quarter the regular rate were
distributed.—V. 145, p. 2854.
Midland Steel Products Co.—To
Midland Valley
Gross from
a
60,554
Net after rents
From Jan. 1—
$129,873
58,898
39,633
$144,738
75,465
57,598
$159,861
93,403
72,161
$156,463
82,360
railway
Net from railway
1934
1935
1936
1937
profits,
1,287,828
588,625
1,266,523
593,784
1,091,676
476,354
1,089,455
453,567
418,398
Net after rents
421,871
329,288
314,509
dividend of 50 cents per share on the
value, payable Dec. 23 to holders of record Dec. 14.
The directors have declared an extra
no par
The regular quarterly dividend of 75 cents per share was paid on Nov. 20,
last.
See V. 144, p. 443 for detailed record of previous dividend payments.
2854.
1937
$861,058
196,764
65,457
after rents
7,546,719
1,583,030
657,879
From Jan. 1—
Gross from railway
_
Net from railway
Net after rents
1934
$828,008
206,415
141,333
1935
$863,708
230,338
137,697
/ V '
6,297,995
614,163
20,882
1936 «■
$863,594
205,188
107,713
7,147,204
1,159,846
311,393
Net from railway
6,378,706
623,967
59,463
3201.
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earnings
[Excluding Wisconsin Central Ry.]
-
$1,288,818
53,372
115,901
1937—10 Mos.—1936
$1,301,810 $10,880,610 $10,074,982
56,228
784,761
739,526
118,879
1,145,909
1,069,042
Total revenues--.—
$1,458,092
$1,476,917 $12,811,281 $11,883,550
1937—Month—1936
Period End. Oct. 31—
Freight
revenue
Passenger
revenue
All other revenue
expenses
Net railway revenuesTaxes
-
Net after taxes
Hire of equipment
Rental of terminals
Net after rents
Other income (net)—Dr-
funded debt
2,417,338
349,358
5,432,474
584,385
1,897,913
2,259,602
352.881
5,029,226
631,013
$363,625
121,410
$413,391
107,525
$2,033,211
676,103
$1,712,912
951,901
$305,865
$1,357,108
39,9.54
14,570
293,059
196,391
$761,011
230,654
158.617
$171,985
36,475
492,712
$251,340
27,982
479,337
$867,657
388,024
4,829,466
$371,739
333.277
4,651,609
Note—As there is no
1,994,513
$4,349,833
$4,613,147
taxable income to date, no provision is necessary
$255,979
$357,201
Net deficit.
for the surtax on
196,476
224,317
33,934
546,743
62,055
53,318
16,911
Transportation expenses
201,266
210,927
33,882
590,746
57,644
$242,215
ture expense
Maint. of equipment—.
Traffic expenses
on
undistributed profits.
$89,675
12,374
1,596
$72,211
Gross from railway
Net from railway
849,349
157.440
40,080
523,763
130,866
68,695
794,059
163,654
55.857
15,553
8,149
Net after rents
—V. 145, P. 2854.
Missouri Edison
Co.—Preferred Arrearages Paid Up—
per share on account of
stock, no par value, payable
The directors have declared a dividend of $14
accumulations
the $7 cumulative preferred
on
holders of record Dec. 10.
This payment
accumulations on the preferred stock.—V. 145, p. 3503.
Dec.
20
to
will clear up all
Ry.—Earnings—
1934
1935
1936
1937
October—
$133,216
39,640
11,821
railway
Net from railway
$128,796
41,697
22,479
$103,576
27,248
9,522
$92,225
23.445
11,095
1,283,635
410,621
195,862
Gross from
Gross from railway
Net from railway
Net after rents
929,668
216,856
878,596
174,688
37,334
805,364
175,950
47,690
Lines —Earnings
available
for
fixed
797,621
352,844
3,029.348
3,511,070
3,288.474
3.531.773
$220,598 inc$444,776
$481,722
$243,298
134,624
355,223
charges
Fixed charges-..
—
1937—Month—1936
1937—10 Mos.—1936
$2,969,378 $27,178,645 $25,885,615
$2,987,076
1,890,087
20,263,064
19.249,548
2,309,702
Period End. Oct. 31—
Operating revenues
Operating expenses
Inc.
52,306
2854.
Missouri-Kansas-Texas
..
-V. 145 ,p. 2854.
Missouri Pacific
RR.—Earnings—
1934
1935
1936
1937
October—
$8,285,720
1,922,877
1,035,709
Net after rents
$8,631,801
2,435,823
1,520,025
$7,402,043
1,822,767
976,270
$6,771,365
1.403,995
544,098
78,019,410
18,454,900
10,150,271
Gross from railway
Net from railway
74,308,021
18,056,023
8,738,158
61,570,538
11,215,244
4,076,923
62,339.547
13,656,762
5,915,537
From Jan. 1—
Net after rents
—V. 145, p. 3503.
Mobile & Ohio RR?
-Earnings—
1937
$1,064,451
220,218
77,028
8,797,323
1,902,220
959.467
Net from railway
Net after rents
1934
1935
1936
$1,098,033
326,466
10,246,334
2,191,124
Gross from railway
railway
from
Net from railway
Net after rents
—V. 145, p.
901,376
$907,459
159,820
73,036
7,325,860
220,109
$731,455
7,206,189
1,062.849
62,174
92.437
5,964
972,355
82,547
2855.
Mock, Judson,
■To
Voehringer Co., Inc.
common
55-Cent
Pay
October—
railway
Net from railway
Gross from
Net after rents..
Gross from railway
Net from railway
Net after rents
3014.
Dec. 18 to holders of
of 15 cents per
regular quarterly dividends
tributed.—V. 145, p. 613.
Modine Manufacturing Co.—To Pay $1 Dividend—
have declared a dividend of $1 per share on the common
payable Dec. 20 to holders of record Dec. 10. Ibis
compares with 75 cents paid on Nov. 1 and on Aug. 2, last, and previously
regular quarterly dividends of 50 cents per share were distributed,
in
addition, a special dividend of $1 per share was paid on Dec. 22, 1936.
—V. 145, p. 285.
The directors
stock, no par value,
Monongahela Ry.—Earnings—
October—
Gross from
railway
Net from railway
after rents
19!37
$417,397
247,488
127,044
1936
$454,961
3,833,872
2,237,170
1,049,715
3,839,435
2,343,600
1,167,301
1936
$2,700,819
866,147
517,672
1935
$2,748,485
997,274
707,415
1934
$2,148,000
23,929,357
5,329,247
22,452,267
5,045,550
2,654,231
1,946,198
19,968,363
3,680,202
1,344,716
19,003,508
3,698,242
1,082,538
572,351
364,599
r
291,888
167,911
From Jan. 1—
railway
Net from railway—-—_
Net
after rents
—V. 145, p.
Year Ended Aug. 31—
Operating revenues
Operating expenses, maintenance
Net oper. rev. (before approp.
Rents from lease of properties
Inc. from merchandising,
3,178,458
1,906.293
3,227.897
1,923.465
926,895
926,981
aWoai
$£,911.^41
2,oo4,bU9
and taxes
for retire't res.)_.
electric propertydebt
Amortization of debt discount and expense
no
A'zH
jobbing & contract work
Gross income
(before
$1,499,984
300,UUU
$1,1 ^9,984
f.yuu
{I'XTn
45,91/
ib.ids
Other income deductions
1936
$3,538,572
2,320,219
$1,218,353
244.975
3,031
Dr21,803
376,482
Other interest (net)
$1,466,360
300,000
$1,166,360
12,000
482,011
48,768
399.893
5,147
$218,540
Net income
Note—In the above statement
$279,925
income for the
of income qccounts. net
ended Aug. 31, 1936, and for
the last four months of
for the year ended Aug. 31,
$11,371, respectively, to reflect
in the above income account
by $37,612 and
$1,276,632
o'V
Net operating revenue and other income
appropriation for retirement reserve)
Appropriation for retirement reserve
reduced
1934
$318,166
183,647
83,332
Co.—Earnings
Miscellaneous non-operating revenues
year
1935
$314,366
177,518
80,684
2855.
Mountain States Power
Rent for lease of
1937
$2,533,184
614,834
241,144
share on
record Dec. 10.
share were dis¬
declared a dividend of 55 cents per
stock, par $2.50, payable
Previously
Interest on funded
Earnings of System
—V. 145, P.
$92,089
14,479
def 1,119
From Jan. 1—
Gross from
Maint. of way and struc¬
Int.
1934
1935
1936
961,026
165,685
34,153
Net after rents
Net
General
-Earnings—
1937
$106,870
27,247
14,432
The directors on Nov. 30
Minneapolis & St. Louis RR.—Earnings—
October—
—V. 145, p.
$245,126
Dividend—
Gross from railway—
Net
$135,067
Missouri & Arkansas Ry.October—
Gross from railway
Net from railway
Gross
Minneapolis-Honeywell Regulator Co.—Extra Dividend
—V. 145, p.
$27,557
<
1936 for
From Jan. 1—
—V. 145, p. 2854.
stock,
$498,188
253,062
as
October—
Gross from railway
Net from railway
$388,129
253,062
made in
Gross from railway
Net from railway
RR.—Earnings—
October—
$48,645
21,088
$35,713
No provision was
Def. after fixed charges
Pay $3 Dividend—
dividend of $3 per share on the com¬
mon stock, no par value, payable Dec. 24 to holders of record
Dec. 15.
This compares with 50 cents paid on Oct. 1, July 1, April 1 and Jan.
1,
last; $2 was paid on Dec. 23, 1936; $1.25 per share paid on Oct. 1, 1936,
and 25 cents per share distributed on July 1, April 1 and Jan. 1, 1936, this
latter being the first dividend paid since Jan. 1, 1932, when 75 cents per
share was distributed.—V. 145, p. 3014.
2 declared
The directors on Dec.
$951,263
453,074
Federal surtax on undistributed
all taxable income for that year was distributed.
No provision
has been made for such tax in 1937.—V. 145, p. 3014.
x
—V. 145, p.
Michigan Gas & Electric Co.—Accumulated
Directors
$1,122,505
734,375
From Jan. 1—
Ltd.—Interim Dividend—
120.
common
preferred stock-
Net after rents
The company declared an interim dividend of 5% actual, less tax, on the
common stock for year ending March 31, 1938, same as year ago.—V. 145,
p.
income
on
Missouri Illinois
Corp.—Dividend Correction—
The company paid a dividend of 50
Dec. 1, not 25 cents as stated in last
on
$85,592
36,946
$56,801
21,088
Int. & other fixed chargesi
49,754
Int.
9,000
$108,457
51,655
res.
$181,825
23,320
Net oper. revenues—
1937—12 Mos.—1936
$3,416,881
$3,047,510
2,180,376
1,982,246
114,000
114,000
688,005
727,668
Gross income
Other income (net)
$283,375
188,783
$311,764
188,306
and taxes.
Prov. for retirement
—
1937—Month—1936
revenue
1936 (deluded
1937) has been
adjustments of
Financial
3662
Chronicle
amortization of debt discount and expense charged to surplus in 1937 and
sundry other items charged or credited to surplus after the close of teh
respective periods affected, which have been applied retroactively in the
National Bond & Investment Co.—Extra Dividend—
to
William
145,
Drop Plan for Preference Issue—
J.
Hagenah, counsel for the company has asked the Federal
Power Commission for permission to withdraw from the company's appli¬
cation those parts seeking authority to issue 69,160 shares of $6 prior prefer¬
R. Lohr, President of the company, announced on Nov. 26 that
B. Hanson, William S. Hedges and Mark Woods, all departmental
heads, had been made Vice-Presidents at the regular monthly meeting of
the NBC board of directors held on Nov. 26.
All appointments are effec¬
tive immediately.—V. 145, p. 2399.
Appearing in connection with company's application for authority to
National Cash Register Co .—Extra Dividend—
The directors on Dec. 2 declared an extra dividend of 25 cents per share
in addition to the regular quarterly dividend of like amount on the common
stock, no par value.
The extra dividend will be paid on Dec. 23 to holders
of record Dec. 14, and the regular quarterly payment will be made on
by the Oregon and Washington Utility Commissions.
The preference stock was to have been issued to Standard Gas & Electric
Co., parent, in exchange for, and upon cancellation of the indebtedness of
Mountain States Power Co. in the amount of approximately $6,916,000.
The request has been taken under advisement.—V. 145, p. 3503.
Jan.
—
declared a dividend of 50 cents per share on the
stock, no par value, payable Dec. 24 to holders of record Dec. 14.
Th,s compares with 60 cents paid on Dec. 24, 1936; 25 cents paid on Oct. 1
and July 1, 1936; 37^ cents paid on Dec. 24, 1935; 25 cents on Oct. 1, 1935,
and 50 cents on Dec. 24 and on March 20, 1934.
Prior to this latter pay¬
ment no dividends were distributed since July 1,
1930, when a regular
quarterly payment of 37H cents per share was made.—V. 145, p. 123.
common
National
Like amounts
adver.
Operation
Taxes
14,856
9,381
17,078
4,336
$40,881
30,211
Prov. for Fed. inc. taxes
Balance of net income
$72,593
4,292
$28,052
332,245
Drl ,320
$9,914
330,935
Dr8,603
$52,930
277,997
$358,977
$332,245
$330,935
1937
Liabilities—
$70,304
284,290
1,060
ccts. rec.—trade-
Notes receivable.
1936
$62,763
375,564
1,770
320,588
.
Inventories
265,976
Marketable secur.
50
490
Accounts
9
1937
1936
payable
—trade
9,381
4,336
the
8,194
145,500
x
Class A stock.—
889,040
y
Class B stock.
377,870
377.870
10,287
497,076
484,130
655,925
...
Total
x
655,925
$1,946,337 $1,941,484
Total
51,946,337
$1,941,484
Represented by 58,399 no par shares,
y Represented by 399,982
z Less reserves for depreciation.
Frank M. Archer, Chairman, in letter Nov.
£4 stated that the amount
of "A" stock deposited under the
plan has not been deemed sufficient to
declare the plan of recapitalization
operative.
A new special meeting will
be called later on.—V. 145, p. 2082.
declared
a
dividend
of
25
cents
—
per
share
the
13.
A
on
common
stock, par $10, payable Dec. 20 to holders of record Dec.
dividend of 50 cents was paid on Dec.
15, 1936, this latter being the first
dividend paid on the con n on stock since Feb.
1, 1930, when a stock
The directors
stock,
compares
on
Nov.
no par
with
29 declared a dividend of $1 per share on the
value, payable Dec. 27 to holders of record Dec. 15.
an
dividend
extra
of 50
cents
paid on Oct. 25, last;
a dividend of $1.25
paid on Sept. 27 last; $1 per share paid on June 26 and
March 20 last; 75 cents on Dec. 26,
1936, and previously dividends of
50 cents per share were distributed each three
months.
In addition, an
extra dividend of 25 cents
per share was paid on Sept. 30 and June 30, 1936
-—V. 145, p. 2232.
Nash-Kelvinator
Corp. —Earnings
—
distributed income.
Dividends paid
....
Period covers the
earnings of Nash Motors division for 10 months
since the close of the last fiscal
year, Nov. 30, 1936 and
earnings of Kelvinator division for nine months since the date of
the merger, Jan. 4, 1937 —
V. 145, p. 2700.
National
there
after
rents.
Net
after
1935
1934
$1,349,525
94,410
10,446
$1,102,606
167,252
113,016
$1,086,330
281,333
217,788
12,201,511
1,763,334
973,660
rents
1936
$1,202,230
;
11,608,678
1,609,241
1,056,572
10,221,566
10,754,016
1,520,949
890,665
114,012
65,079
950,695
375,844
have
declared
a
dividend
of
50 cents per share on the
stock, par $1, payable Dec. 20 to holders of record Dec.
10. This
compares with 25 cents paid on Nov. 15 and June 30 last and
on Dec. 22,
Nov. 20 and Aug. 20, 1936, this latter
being the first dividend paid by the
company since May 1, 1931, when a
quarterly dividend of 20 cents was
distributed.—V. 145, p. 3202.
common
x
9 Mos. End. Sept. 30—
Net profit
1937
1936
$591,176
$2.30
$2.75
$2.39
outstanding.—V. 145,
p.
Manufacturing Corp.—To Reorganize—
The management has been directed to attend a
hearing before the U. S.
District Court in Boston on Dec. 6, to present evidence of
progress in
effecting
reorganization plan satisfactory to all parties.
Attorneys for the
Bank and Safe Deposit National Bank, both of New Bed¬
to the liquidation of the corporation only in case of a satis¬
factory reorganization plan cannot be agreed upon.—V. 145, p. 3016.
a
First National
ford,
agree
Nevada Northern
October—
145,
New
-
573,266
282,176
211,699
1935
$48,738
19,747
452,513
189,712
137,549
1934
$41,112
16,492
14,283
$42,871
17,003
12,609
322,562
80,091
14,158
299,710
69,105
37,754
56,509
p. 3016.
Idea, Inc.— -Earnings —
Period End. Sept. 30—
Net income
Shares
1936
$66,886
34,017
26,499
_
Net from railway.
Net after rents
—V.
Ry.—Earnings—
1937
Gross from railway
Net from railway.
Earnings
per
1937—3 Mos.—1936
$374,566
common
stock...
share
272,000
$1.66
1937—9 Mos—1936
$884,375
225,000
$827,397
272,000
$3.04
$0.67
x After
operating expenses and Federal income charges,
provision for Federal surtax on undistributed earnings.
The directors have declared
addition
common
$525,271
225,000
$2.33
but
before
3015.
October—
share
on
special dividend of 65 cents per share in
per share on the
1937
Gross from railway
Net from railway. -
$3 .3,457
.
Net after rents
From Jan.
145,
railway..:.railway
p.
1936
-
Earnings1935
1934
$225,679
$189,958
3J.248
$269,038
107,070
60,057
77,645
32,745
38,243
def.3,728
2,772,866
1,076,325
496,208
2,272,610
760,519
308,5j7
1,942,494
512,592
1,835,750
426,035
42,159
98,224
1—
Gross from
159,401
2857.
New Orleans Texas & Mexico Ry.1937
Gross from railway.
Net from railway
end
of
stock
the
on
a
third
basis
From Jan. 1—
Gross from railway
Net from
a
a
to the regular quarterly dividend of 15 cents
stock, both payable Dec. 15.—V. 145, p. 772.
Net after rents
common
common.
Nine months net profit is equal to $1.15
now
new $6 no-par cumulative
3681.
Corp.— To Pay SI Common Dividend—
October—
but oefore provision for
reorganization since
quarter, the class A stock being converted into
shares
p.
1935
$680,593
After depreciation and Federal income
taxes,
Federal surtax on undistributed profits.
Note—There has been a capital
class A for two
1 1-3 shares of
The directors have declared a dividend of $1 per share on the common
stock, payable Dec. 22 to holders of record Dec. 6. A similar amount was
paid on Oct. 1, and on July 31, last, this latter being the first payment
made on the common stock since 1931.—V.
145, p. 2084.
—V.
$568,670
..
x
one
dividends for
Net after rents
Fibres, Inc.—Earnings—
Earns, per share on 247,255 shs. class
A stock
of
Corp.—Stock Ruling—
Refining Co.—Plan Upheld—
accrued
are
Net from
National Automotive
initial dividend of 15 cents per share on
20 to holders of record Nov. 27.—V.
New Orleans & Northeastern RR.-
National Acme Co.—50-Cent Dividend—
directors
an
Dec.
Special Dividend—
—V. 145, p. 2855.
The
included only since date of acquisition
preferred, and % share of common.—V. 144,
x
Ry.—Earnings—
1937
From Jan. 1—
Gross from railway
Net from railway
are
The Ohio Appellate Court at Cleveland has upheld the capital reor¬
ganization plan in a decision reversing the Common Pleas Court of Cuya¬
hoga County, which had enjoined the plan.
The plan provides for the exchange of the present 8% preferred on which
From Jan. 1—
Gross from railway
$3,640,747
3,193,560
x
Net
payable
Net after rents
Earnings for Fiscal Period Ended Sept. 30, 1937 x
Net profit after deprec. &
taxes, incl. prov. for surtax on un¬
October—
Gross from railway
Net from railway
$0.56
$0.56
undistributed net
denying the petition of New Jersey Power & Light Co. (Associated Gas &
Electric Co. subsidiary), for distribution of 712,411 shares of Jersey Central
Power & Light Co. common stock, collateral
supporting National Public
Service Corp. debentures, to debenture holders.—V. 145, p. 3203.
_
Nashville Chattanooga & St. Louis
on
—
National Public Service
Neild
(F. E.) Myers & Bro. Co.—-To Pay $1 Dividend—
This
$229,559
75,370
$154,188
The Appellate Division of the New York Supreme Court lias
unanimously
without opinion the decision of supreme court Justice Collins
dividend of 2% was distributed.—V.
145, p. 3015.
common
stock,
common
Nehi
Murray Corp. of America—Common Dividend
have
$256,390
79,465
$176,925
$0.63
$0.57
6,166
$16,930
affirmed
no
Special Stockholders'' Meeting to Be Called—
directors
$333,065
103,505
154,750
par shares,
The
$317,072
15,993
135.942
shares
Initial Dividend
889,040
8,168
10,287
Surplus......
$385,440
6,891
$23,096
8,065
The directors have declared
..
$0.85
145, p. 3504.
marks and good¬
will
$27,730
$19,664
properties acquired Aug. 19, 1937
2,421
Real estate mtgeg.
insurance
$33,066
liability for such tax cannot be determined
until the end of the year.
Note—The operating results of subsidiaries sold since Nov. 1, 1935 have
been eliminated entirely from, this statement and other adjustments have
been made to place all prior figures on a basis
comparable to the operating
results of the system as constituted on Oct.
31, 1937, except that new
854
come tax..Accrued expenses.
Prepaid taxes and
16,416
per average
814
Unclaimed empties
442
Organization exps.
Patent rights,trade
_
$392,332
985
$33,080
9,983
per present share.
No provision has been made for the Federal surtax
income for the year 1937 since any
Res. for Federal In¬
589,218
'
for
1937—12 Mos.—1936
$1,179,293
$1,009,485
557,425
644,509
59,624
61,903
75,362
a87,439
a
$22,307
566,891
rec.
Plant and equip.
Earnings
Earnings
prov.
shares
Subs.)—-Earnings-
$32,094
327
Gross Income..-----Interest and amort
$24,234
7,822
Sundry accts.
$43,818
$44,146
-----
Net income
Balance Sheet Sept. 30
Assets—
Cash
_
Retiren. ent accruals
$76,885
23,955
$375,006
Total surplus
_.
Balance.
757
$47,121
358,977
Dr31,094
Previous surplus
_
com.
1937—Month- -1936
$122993
$95,039
65,185
50,444
6,841
5,443
a7,148
7,057
Net oper. revenues—
$49,467
Interest, bad debts, &c_
revenues.
Non-oper. income (net).
$38,486
2,396
but before
^
>■;;
Maintenance
$46,631
2,836
Oct. 20, last.
National Gas & Electric Corp. (&
299,693
$71,359
Total income....
on
Earns, per share on 35,850 combined classes A & B
1934
$67,889
3,470
......
paid
—v. 145, p. 2399.
Not available
Income from operat'ns
Other income
share on the
Earnings for 10 Months Ended Oct. 31, 1937
$346,325
349,795
1935
ad¬
and
ministrative expenses.
were
Net income after oper. exps., Fed. inc.
chgs.,
Federal surtax on undistributed earnings
Operating
1936
Dividend—
cents per
Funding Corp.—Extra Dividends—
Period End. Oct. 31—
1937
$417,684
dividend of 75
an extra
no par
The directors have declared an extra dividend of 2H cents per share in
addition to the regular quarterly dividend of 17H cents per share on the
class A and class B shares all payable Dec. 20 to holders of record Dec. 15.
Co.—Earnings—
Years End. Sept. 30—
Gross profit on sales.-.-
stock,
dividend of $3.50 per share on the
capital stock, payable Dec. 15 to holders of record Nov. 26.
This com¬
pares with $2 paid on Nov. 15, last; $1.50 paid on Aug. 16, May 15 and
Feb. 15 last; $2 per share paid on Nov. 16 and on Aug. 15, 1936; $1.25
paid
on May 15,
1936; $1 per share paid in each of the two preceding quarters,
and 50 cents per share paid each three months from May 15,
1934, to
Aug. 15, 1935, inclusive, and on May 15, 1931.—V. 145, p. 3014.
Moxie
145, p. 3015.
value, payable Dec. 21 to holders of record Dec. 10.
A like am ount was paid on Dec. 22, 1936.
The regular quarterly dividend
of 50 cents per shalre was paid on Nov.
1, last.—V. 145, p. 3503.
Morse Twist Drill & Machine Co.—Extra Dividend—
extra
Dec. 30.—V.
The directors have declared
directors have
an
15 to holders of record
National Distillers Products Corp.—Extra
common
The directors have declared
Broadcasting Co.—New Vice-Presidents —
Lenox
$8,000,000 6% first mortgage bonds and $700,000 serial notes, in
addition to the prior preference stock, Mr. Hagenah gave as the reason
for the withdrawal request that it was indicated at the joint
hearing held
on Nov. 23 in Salem,
Ore., that this proposal would meet with disfavor
z
10.—V.
Q,
issue
Monroe Chemical Co.—~.r>0-Cent Dividend
p.
National
stock.
Selling,
stock, both payable Dec. 21 to holders of record Dec.
3202.
common
Seeks
The
1937
4,
The directors on Nov. 26 declared an extra dividend of 36 cents per share
in addition to the regular quarterly dividend of 36 cents per share on the
accounts.
ence
Dec.
the 494,510 common
Net
—Y.
railway
after rents
145,
p.
2857.
1936
■Earnings—
1935
1934
$193,669
29,454
26,111
$193,423
50,746
40,952
$158,771
28,116
25,153
$103,659
defl0,887
7,377
2,200,702
780,909
1,690,038
397,176
285,924
1,435,593
307,9 5
363,272
1,395,960
306,467
446,636
810.886
Volume
Financial
145
in Supreme Court and the stock would
submitted by the assenting creditors.
New York Central RR.—Abandonment—
19 issued a certificate
Interstate Commerce Commission on Nov.
IF The
If the creditors
of railroad
5.26 miles,
permitting abandonment by the company of a branch line
extending from Suspension Bridge to Lewis ton, approximately
all in Niagara County, N. Y.
•
new
$25,202,899
5,872,426
2,422,957
310,240,195 294,573.431 254.831.798
73,870,657
73,740,473
61,015,441
35,178,568
38,471,583
28,834,147
247,802,495
61,345,316
From Jan. 1—
Gross from railway
Net from railway
Net after rents—
—V. 145, p.
.
be offered for sale with a bid being
bidders, all the capital stock of the
a
placed in voting trusts, with the trustees to be ap¬
Supreme Court Justice. The voting trust agreement would be
maximum period allowed by law.
The plan was drafted Dy Simon H. Rifkind of Wagner, Quillinan & Rifkind, attorney for the creditors' committee.
Before the plan can become effective it must receive the approval of
Mr. Martin, Louis H. Pink, Superintendent of Insurance Supreme Court
Justice Alfred Frankenthaler, who appointed Mr. Martin, Referee, and the
holders of not less than two-thirds in amount of all outstanding guarantees
or the holders of not less than two-thirds in amount of the estimated allow¬
1934
$31,835,274 $33,034,358 $28,792,066
6,540,118
9.318,411
8,158,379
3,023,513
5,791,607
4,772,545
Gross from raUway
Net from railway
Net after rents
the successful
effective for five years, the
1935
1936
1937
are
company will be
pointed by
Earnings for October and Year to Date
October—
3663
Chronicle
25,878,891
3204.
able claims against the old company.
At the close of business on Dec. 31 last year, the old company had
with a book value of about $54,000,000.
The realizable value of
$6,000,000 in equity in assets pledged with the
Finance Corporation as security for loans.
estimated
New York City
Omnibus Corp.—Earnings—
[Incl. Madison Avenue Coach Co., Inc. and Eighth Avenue
Coach Corp.]
on equipment obligations, interest on bonds assumed from
York Railways Corp., amortization and other charges, but before
provision for Federal surtax on undistributed profits or excess profi
After interest
x
New
any
these
Reconstruction
Holders of Series Q Certificates—
Chairman of the Trustees appointed by
Armin H. Mittleman,
$948,892
199,130
150,613
$1,014,566
218,815
187,186
Net after Federal income taxes & depreciation
xNet income
To Distribute $300,000 to
1936
1937
Month of October—
Gross
assets
Among them is an
$16,000,000 upward.
assets has been estimated at from
Court Justice Alfred Frankenthaler to administer the
Supreme
$10,000,000 series Q
certificate issue announced that the trustees soon
would distribute about $300,000 to cettificate holders.
A total of $102,053
will be paid on account of principal and $192,880 on account of interest
at the rate of 4% a year.
Besides Mr. Mittleman, the trustees are Joseph
D. Nunan Jr. and Harry Y. Hoyt.—V. 145, p. 3504.
guaranteed mortgage
tax.
Note—Net income for October, 1937, and 1936 is before deduction of
$19,353 and $1,441, respectively, charged to income in respect of provision
amortized on basis of recapture contract
in monthly instalments.—V. 145, p. 3353.
for amortization of amount to be
New York Connecting
1934
1935
1936
$166,706
106,145
$214,958
157,764
$230,863
175,890
$213,827
155,432
39,852
Gross from railway
Net from railway
91,805
101,183
79,695
after rents
Net
RR.—Earnings—
1937
October—
2,157,023
1,622,518
after rents
Net
145,
2,321,873
1,793,513
2,256,422
1,725,247
2,232,540
1,744,815
1,026,626
Gross from railway
Net from railway
1,146,897
1,036,227
1,009,329
2857.
p.
New York New Haven & Hartford
Two Bond Issues
on
RR.—To Pay Interest
—
Federal Judge Carroll C. Hincks has
authorized the road to make interest
payments of $84,785 on two bond issues.
One for $78,440 on Providence
Terminal 4% bonds and the other for $6,345 on Dutchess County RR. C.
4Yi% bonds.
Sale of
Broader
Nicholas-Beazley Airplane Co., Inc.—Merger Voted—
Stockholders of this company
will receive
approved plan to combine with Air
Central
Pennsylvania RR. Offer Is Sought —
raiiroads six Governors have
obtain independence for New England
asked for a broadening of the Pennsylvania RR.'s
shares of Nicholas-Beazley common.
Both companies are leaders in national
Mines, Ltd.—$1.50 Dividend—
Noranda
dividend of $1.50 per share on the no-par
stock, payable Dec. 23 to holders of record Dec. 9.
This compares
with $1.50 paid on June 30, last, and on Dec. 22, 1936; $1.25 paid on June
$415,779
railway....70,370
Maine.
Net
rents
the
in
New
proposal, they say, would make both New Haven and Boston &
No answers have yet been received
to their proposals.
Acceptance of the plan, together with the Pennsylvania's voluntary
offer, would remove the objections previously raised by the New England
Governors to the four-party plan of the trunk-line railroads, which was
blocked by the Pennsylvania's ownership of railroad stock in New England.
This
Maine free from outside domination.
Interstate
New York Ontario & Western
Ry.—Application Denied
Hulbert has denied for the second time the appli¬
Hartstein, attorney for a group of bondholders, for
Federal Judge Murray
cation of Benjamin A.
permission to intervene in reorganization proceedings and for other relief,
including an order to compel officers of the company to submit to examina¬
tion under Section 21-A of the Federal Bankruptcy Act.
Earnings for October and Year to Date
def38,000
$668,626
124,284
44,446
5,534,243
658,385
defl09,075
7,421,317
1,801,862
962,406
7,092,712
1,685,331
956,407
Gross from railway
17,537
Net from railway
after rents
From Jan.
after rents
New
8,053,764
1,956,326
1,021,687
2857.
York Steam Corp.—Deposits—
the outstanding shares of preferred stock have pre¬
certificates to the Consolidated Edison Co. of New York,
exchange for the parent company's $5 preferred stock.—V. 145,
Holders of 92.4% of
their
sented
Inc., in
Net
New York Title & Mortgage Co. —Bond Payment —
Declaration of two distributions aggregating more than $1,100,000 to
holders of the defaulted $28,000,000 issue of mortgage investments known
as series F-I, which had been guaranteed by the New York Title & Mortgage
Co., has been announced by Aaron Rabinowitz, James L. Clare and Law¬
N. Martin, trustees.
The first distribution will be
1934
1935
$405,349
81,570
$439,236
105,996
11,106
21,324
53,746
19,919
4,180,210
928,846
3,697,579
683,407
4,088,420
1,045,027
370,132
218,684
3,969,614
833,238
311,017
after rents
—V.
145,
479,596
2858.
p.
North Western
Refrigerator LineCo.—Registers with
department.—Y. 143, p. 3328.
SEC
first page of this
Ry.—Earnings-
Northern Alabama
1937
$70,994
October—
1936
1935
1934
$71,478
28,296
$45,187
13,055
448,539
152,448
4,223
10,229
$45,277
13,185
def534
Gross from railway
679,550
581,763
462,642
NeLfrom railway..
Netkafter rents......
2858.
296,813
101,265
246,258
83,598
160,308
10,817
Gross from railway
28,409
Net from railway
Net after rents
.
deft83
From Jan. 1—
19,806
—V. 145, p.
Northern Pacific
Net after rents
—V.
1935
$6,302,803
2,177,599
1,951,367
1934
$5,119,168
1,173.937
958,339
51,051,327
10,307,873
44,615,885
7,074,215
9,666,061
after rents..
Gross from railway.
1936
$6,719,439
2,367,456
2,086,728
55,479,925
11,265,398
Gross from railway
Net from railway
Net
Ry.—Earnings-—
1937
$6,318,870
2,047,733
1,606,777
October—
7,789,454
5,136,569
43,315,757
8,374,796
6,322,858
„
„
_
145, p. 2859.
Northern States Power Co. (Del.)—Weekly Output—
Electric output of the Northern States Power Company's system for
the week ended Nov. 27, 1937, totaled 25,000,057 kilowatt hours, an
increase
of
2%
compared
with the corresponding week last. year.
—V. 145, p. 3505.
Northwestern Bell
2857.
p.
after
1936
$387,772
70,388
From Jan. 1—
Gross from railway.;
Net from railway......
Net from railway
Net from railway
Net
$676,531
104,337
15,795
1—
Gross from railway
—V. 145, p.
1934
1935
$672,482
138,099
73,599
1936
1937
$520,000
October—
Net
Gross from railway
18 issued a certificate
Commerce Commission on Nov.
permitting abandonment by the trustees of part of a branch line of railroad
extending from a point at York Hill Quarry, in the Town of Meriden, to
the point of switch in the present Berlin-Middletown main track at Westfield, in the Town of Middletown, approximately 4.88 miles, all in New
Haven and Middlesex counties, Conn.—V. 145, p. 3504.
RR.—Earnings—
1937
October—
See list given on
Abandonment—
The
Norfolk & Southern
Haven.
munications to the Pennroad Corp.,
1934.
1931,
23, 1936, and $1 per share paid in December and June of 1935 and
During 1933 a total of $1.50 per share was disbursed; 1932, $1.10;
50 cents, and in 1930, $2.50 per share.—V. 145, p. 2857.
Net from
holdings
distribution of aircraft materials
and Air Associates, Inc., also manufactures standard aircraft hardware and
special aircraft equipment.
The merger gives Air Associates, Inc., additional sales outlets through¬
out the country, and is expected to widen the scope and substantially
increase sales during the coming year.
Combined sales of the two com¬
panies during the current year will exceed $1,800,000.
Present unfilled
orders are in excess of $250,000.—V. 145, p. 3353.
offer of trusteeship for
The Governors have addressed com¬
asking it to place its stock ownership
in Boston & Maine RR. and the New Haven RR. in the hands of trustees,
and to the New Haven, asking it to trustee its stock interest in Boston &
its
Asso¬
Under the terms of the plan stockholders of Nicholas-Beazley
share of Air Associates, Inc., common stock for each five
one
common
Judge Hincks approved the sale of the Steamship Mohawk to the
Vermont Transportation Co. for $20,000.
To
share on the
stock, par $5, payable Dec. 24 to holders of record Dec. 7.
This compares with 15 cents paid on July 26, last- 50 cents paid on Dec. 18,
1936, and 10 cents paid on July 15, 1936, this latter being the first payment
made since January, 1933, when 10 cents per share was also distributed.
—V. 145, p. 2701.
The directors have declared a
Steamship —
Dividend—
Nov. 26 declared a dividend of 45 cents per
on
common
ciates, Inc.
From Jan. 1—•
—V.
Niagara Share Corp. of Md.—Larger Class B
The directors
class B
Telephone Co.—Earnings—
Operating revenues
Uncollectible oper. rev..
1937—Month—1936
1937—10 Mos.—1936
$2,878,318 $2,748,945 $28,089,747 $26,827,782
2,281
10,269
83,128
88,818
Operating revenues...
Operating expenses
$2,876,037
1,928,843
Net operating revs.w.
Operating taxes
$947,194
$856,153
$9,118,841
392,697
278,163
a3,646,426
Period End. Oct. 31—
$2,738,676 $28,006,619 $26,738,964
1,882,523 18,887,778 18,215,906
rence
made on Dec. 31 to certificate holders of
$827,237, which is at the rate of $3
held.
The second payment, amounting to
$275,746, will be made early in January and will be at the rate of $1 for each
15.
record of Dec.
each
for
It will amount to
$100.
New
A
new
ReorganizationPlan Proposed—
plan for the reorganization
1936.—V. 145, p. 2859.
of the company, was submitted Dec.
2,
Martin, provides
of $9,000,000 to
$11,500,000. This company would be sold to the assenting creditors of the
old one, unless a better outside bid was obtained, for an assignment of their
The plan, which is to be subject to hearings before Mr.
for the creation of a new mortgage company with a capital
Non-assenting creditors would have
their rights determined in the
liquidation proceedings now in progress and would receive their pro rata
share in any distribution of the old company's assets.
Except for the right to guarantee mortgages on real estate, the proposed
new company would have substantially all the rights and privileges of the
old one. It would own all the capital stock of the New York Title Insurance
Co. which now engages in the insurance of real estate titles, and would have
the right under its own charter to engage in a mortgage and servicing
business, including the making of mortgage loans, the servicing of mortgages,
the management of real estate and the exercise of the functions of a mortgage
as now or
The
title
by the
1933 when the parent company was
placed
company
Superintendent of Insurance in
n
law.
which it would own was set up
hereafter authorized by
insurance
rehabilitation.
,
.
to
company
the title insurance company the assets of the proposed
would consist of $5,000,000 to $7,500,000 in securities or cash
the old company in return for the relinquishment of
be obtained from
^The
new
by making
an
company would be set up by the Superintendent of Insurance
the necessary transfers of the assets of the old company. Later
for the capital stock in the new company would be fixed
upset price
The
directors
common
have
declared a dividend of 75 cents per share on the
20 to holders of record Dec. 4. Dividends of
Nov. 1, Aug. 1, May 1, and on Feb. 1, last; $1 was
stock, payable Dec.
25 cents were paid on
15, 1936, and dividends of 25 cents per share were paid on
1, 1936, this latter being the first distribution made
1932, when a dividend of 25 cents was
paid.—V. 144,
paid on Dec.
Nov. 2 and on Aug.
since
p.
Feb.
1,
2314.
Northwestern
October—
Gross from railway
Net from railway
Net after rents
Gross from railway
Net from railway
Net after rents
—V. 145, p.
Pacific RR.—Earnings—
1937
1936
1935
1934
_
$337,500
16,843
defl2,374
$369,551
68,856
48,279
$345,892
68,635
45,271
$312,013
44,462
16,104
3,271,778
263,581
def9,529
3,152,645
440,228
265,534
2,807,012
219,643
2,832
794,836
53,996
2859.
,
Besides the stock of
new
Engineering Co.—Larger Dividend—
Northwest
Referee James A. Martin in behalf of a committee representing about
one-third of the $460,000,000 in claims that have been filed by creditors.
bank
2,945.412
$577,990 $5,472,415 $5,577,646
a Includes an amount of $41,154 for possible additional Federal net income
taxes for year 1936 due to adjustment of depreciation expenses for year
$554,497
Net oper. income
to
claims.
$8,523,058
$100 of certificates
Ohio Confection Co .—Dividend Increased —
directors have declared a dividend of 50 cents per share on the
payable Dec. 15 to holders of record Dec. 4.
This compares
with 25 cents paid on June 15, last, and on Dec. 15, 1936. this latter being
the first payment made on the class A shares since Dec. 16, 1929, when
31j^ cents per share was paid.—V. 143, p. 3852.
The
class A stock,
3664
Financial
Norwalk
Sheet
Tire
Assets—
Balance
equipment
Preferred stock
$290,820
$252,509
58,187
Notes
A
1937
Liabilities—
1936
1
45,790
Common stock..
z
Notes pay., bank.
209,976
47,258
448,301
&c._
Inventories
453,840
Accrued accounts.
446,297
receivable,
286,086
11,842
jdes.
Deferred charges..
Other assets
11,111
20,724
—.
24,688
for
loss
future pur. cont.
Capital surplus.
$1,275,441 $1,074,756
$1,074,756
After deducting $178,141
Oklahoma City-Ada-Atoka Ry.—Earnings—
1937
1936
$51,269
23,281
$45,678
14,021
968
October—
Gross from railway
Net
from railway
Net after rents
From Jan. 1—
Gross from railway
Net
after
440,992
163,124
67,970
from railway
Net
12,320
-
rents
1935
$32,483
8,769
def 1,138
452,540
204,103
111,479
1934
$33,634
13,191
3,198
357,139
128,887
37,933
283.912
92,320
def5,218
—V. 145, p. 2859.
Oklahoma Natural Gas Co. (&
Opera ting
revenues —
$8,163,185
202,180
a790,101
$7,497,893
2,897,333
194,511
655,896
$4,185,461
16,472
$3,750,152
77,503
$4,201,933
1,144,879
$3,827,655
1,342,349
$3,057,054
1,522,171
$2,485,306
$1,534,882
$836,655
133,200
:
1936
66,600
-
2,985,441
Maintenance...........^.............
Taxes
operating revenues..
Non-operating
income
(net)
...—
Balance..
Retirement
Gross
accruals
...
income
Interest and amortization, &c_.
Net income
Dividends paid and accrued:
preference stock
Convertible 6 % prior
No provision has been made for the Federal surtax
Income for the fiscal year
a
such
undistributed net
on
beginning Dec. 1, 1936, since
be determined
tax cannot
1,648,650
Balance Sheet Sept.
Assets—
funds...
65,001
135,083
5,897
no
par
Accrued Items
Deferred
Deferred charges and prepaid
accounts
....
York
S. Commission has denied a petition filed by the
rehearing on a recent order refusing authority to issue
$581,400 par amount of 5% cumulative preferred stock.
The company, at
the original hearing, announced plans to use the proceeds from sale of the
stock solely to retire an
equal amount of its outstanding 6% cumulative
preferred shares.
Denial of a rehearing was based on the Commission's belief that the
questions raised in the petition substantially were those upon which the
Commission had passed in the original proceeding.—V. 145, p. 3206.
seeking
P.
a
31,451
....
pany to extend from May 1, 1933,
of not exceeding $1,951,000 of
115,060
591,433
...
cum.
350,000
42,500
pref. stock.
d Common stock
Total
$4,699,741
Total
258,035
$4,699,741
———
a After
reserve
for uncollectible accounts of $29,688.
b To Federal
Water Service Corp. due Nov. 12, 1941.
c Represented by 7,000 no par
d Repersented by 42,500 no par shares.,
shares,
Note—Cumulative dividends on pref. stock to Sept. 30, 1937 not declared
and not reflected in the above balance sheet, amount to $45,500, or $6,50
share.
per
On Sept. 1, 1937 a regular dividend of $1.50 per share and an
additional dividend of $1.50 per share, to be applied on dividend arrears,
paid on the $6 cumulative pref. stock, and on Nov. 5, 1937 a divide
of $3 per share was declared and paid on the
pref. stock on account of
were
dividend
to stockholders of record that date, all of these dividends
arrears
being charged to capital surplus.—V. 145,
Peter Paul,
p.
3207.
Inc.—Earnings—
Earnings
share
per
on
Nov.
on
23 authorized the
com¬
to May
Petroleum Heat & Power Co. (&
Patino
Mines
&
Enterprises
Consolidated
Net profit from operations.
Other expenses
Consolidated net profit.
Liabilities—
Inventories
Accounts payable
109,394
Petro¬
135,620
Miscellaneous assets
34,119
x2,204,039
...
Intangibles
x
as
Profits of
subsidiary companies
1937 period
against £185 at the close of the 1936
Par Value Reduced—
on Nov. 24
approved a reduction in the par value of the
capital stock from $20 to $10 and an increase in the authorized
capital stock
1,380,316 shares, now issued, to 2,500,000.
Alexander B. Royce,
Vice-I resident, told stockholders
the company probably would declare a
year-end dividend, the amount of which would
be determined later.—V.
145, p. 2860.
from
reserve
for
an
New Director—
M err ell
P. Callaway, Vice-President of
the Guaranty Trust Co., was
director of this company and the Yukon Gold
Co.—V. 145, p. 1749.
Pennsylvania Reading Seashore
Lines—Earnings
after rents
1937
Net after rents
145, p. 2860.
1935
1934
$409,652
def29,446
def175.720
$541,290
102,867
def75,533
$423,345
35,128
def 106,917
$391,976
def30,483
def182,989
5,597,175
556,646
5,670,058
4,954,006
267,491
5,105,220
393,359
From Jan. 1—
Gross from railway
Net from railway
1936
was
defl,363,985
def939,146defl ,403,547def1,530,383
Peoples Drug Stores, Inc.—Special Dividend—
The directors have declared a special dividend of
$1 per share in addition
to the regular quarterly dividend of 25 cents
per share on the common stock
no par value, both
payable Dec. 20 to holders of record Dec. 11.
A special
of 50 cents in addition to the 25 cents
quarterly dividend was paid on
Oct. 1, last.
A special of $1.75 was paid on Dec. 21, 1936; an extra
dividend
of 50 cents was paid on Oct. 1 and Jan.
2, 1936, and an extra of 25 cents
was paid on Oct. 1 and Jan.
2, 1936, and an extra of 25 cents per share was
distributed on July 1, 1935.
The company paid a stock dividend of 100%
on Dec
31, 1934.—V. 145. p. 3207.
0
Total
56,735,412
p.
3207.
on
the
5%
paid
a dividend of 62 M cents
per share on account
cum. class A stock, par $25, payable Dec. 17
A like payment was n ade on June 25, last, and
on
Dec. 15,1936; 35 cents paid
on
July 15,1936;
made
on
Sept. 2, 1930.—V. 144,
p.
4019.
Phelps Dodge Corp.—Smaller Dividend—
The
directors
have
declared a dividend of 35 cents per share on the
$25, payable Dec. 18 to holders of record Dec. 8.
Divi¬
paid on Sept. 10 and on June 10, last; a dividend of
35 cents was paid on March 10, last, and previously, regular
quarterly
dividends of 25 cents per share were distributed.
In addition, an extra
dividend of 25 cents was paid on Dec. 15, 1936.—V. 145, p. 2703.
capital stock,
par
dends of 45 cents
were
Philadelphia Dairy Products Co., Inc.—Accumul. Div.
The directors on Nov. 26 declared a dividend of $3
per share on the first
preferred stock, payable Dec. 24 to holders of record Dec. 14. This dividend
will cover the accumulation 011 these shares from
July 1, 1937 to Dec. 31,
1937 and will be the first dividend paid since February,
1936, at which
time this company was organized.—V. 145, p. 952.
Philadelphia & Reading Coal & Iron Co.—Counsel for
Asks for Appointment of
Group of Debenture Bondholders
Independent Trustees—
A motion for the removal of the present management of the
company and
appointment of a disinterested trustee or trustees was filed Nov. 29
the
by Mercer Davis, attorney for a group of debenture bondholders, in the
U. S. District Court, Philadelphia.
The petition charges that 75% of the anthracite industry and its
carrying
railroads are in the grip of financial interests headed by J. P.
Morgan &
Co., who have remote control by a system of interlocking directorates
which he asserts violate the spirit of the 1920 U.S. Supreme Court decision
that railroads and coal companies must dissolve their
relationship.
The petition, which also mentions the Baker interests and New York
financial institutions as dominant factors in the control, insists that the
Philadelphia & Reading Coal & Iron Co. purposes of reorganization are
"headed for certain disaster" because of continued
heavy operating losses
as
971,310
426,839
depreciation of $1,747,068.—V; 145,
compares with 90 cents
Corp.—Extra Dividend—
extra dividend of 85 cents
per share in
regular quarterly dividend of 50 cents per share on the common
payable Dec. 24 to holders of record Dec. 10. Extra
dividends
of 25 cents were
paid on Sept. 28, June 28, and on March
25, last.
An
extra dividend of 60 cents was
paid on Dec. 23, 1936 and an extra of 50
cents per share was distributed on
Nov. 2, and on Feb. 1, 1936.
a
October—
Gross from railway
Net from railway
Earned surplus..
25 cents paid on Dec. 20, and on June 28,1935 and oOcents paid on Dec.
28,
1934.
From May 1, 1929 up to and including May 1,1930 regular
quarterly
distributions of 31K cents per share were n ade.
A similar distribituion
Stockholders
Pacific Tin
75,000
1.477,109
Petroleum & Trading Corp.—Class A Dividend—
are not taken up
Production for the nine months ended Sept.
30, 1937 was 6,184 tons of
as against a
production of 5,523 tons for the same period in 1936.
The directors have declared
149,126
2,708,503
The directors have delcared
One tin
Period
Deferred income
contingencies
Capital stock
Capital surplus
1
of accumulations
dividends.
in concentrates shipped but not sold
at the close of the
valued in inventory at £180 as
888,835
106,250
Mortgages payable—...
56,735,412 I
After
3,750
i
Reserve for
leum Co
Fixed assess
5900,000
Notes payable
2,092,622
144,981
—
Deferred charges
Net invest't in Taylor
Bank loans
1,698,763
-
Prepaid expenses.
2555.
(Inc.) —
The company reports that for the nine months ended
Sept. 30, 1937. its
estimated net profits were £86,781,
including dividend of £19,500 from
non-affiliated companies, plus 4,483,206.89 bolivianos after taxes but
before
providing for United States undistributed profits tax.
This compares with
a profit of
£25,000, no dividends received, plus 3,000,000 bolivianos for
addition to
5315,872
(net)
to holders of record Dec. 10.
the same period in 1936.
$30,757
-
Consolidated Balance Sheet Sept. 30, 1937
Assets—
Total
Earnings•—
until declared
$38,432
2,248
5,428
Federal income taxes
—
p.
$3,072,264
3,033,832
Cost of sales, including all operating expenses
The directors have declared an extra dividend of
45 cents per share in
addition to the regular
quarterly dividend of like amount on the common
stock, both payable Dec. 24 to holders of record Dec. 10.—V. 145,
Subs.)—Earnings—
Consolidated Statement for 3 Months Ending Sept. 30, 1937
^
Pacific Finance Corp. of Cal.—Extra Dividend
$299,663
$2.07
144,894 capital shares
—V. 145. p. 3355.
Notes & accts. receivable
1, 1958. the date of maturity
first-mortgage 25-year goid bonds, to bear
interest from May 1, 1937, to the
maturity date as extended, at the rate of
3% per annum.
Authority was granted to the Spokane, Portland & Seattle Railway to
assume obligation and
liabhity, as guarantor, in respect of the payment of
the principal of, and interest on, the bonds as extended.—V.
145, p. 3206.
—V.
$6
c
146,427
...
Capital surplus....——---
Cash
Oregon Electric Ry.—Bonds Extension—
The Interstate Commerce Commission
Net
',
liabilities
Reserves
Net sales
Orange & Rockland Electric Co.—No Rehearing—
The New
company
a
Due to affiliated companies..
101,630
405,132
-•
299,500
95,000
33,142
10,642
'
Earnings for 7 Months Ended July 31, 1937
stock,
elected
6% sinking fund gold bonds
b 6% note payable.........
Accounts payable.
Net income after operatingexpenses and Federal income charges,
but before provision for Federal surtax on undistributed earns_
a dividend of 25 cents
per share on the com¬
value, payable Dec. 20 to holders of record Dec.10.
This compares with 35 cents paid on Oct. 1, last; 50 cents on
July 1, last;
40 cents on April 1, last, and dividends of 25 cents per share
paid on Nov. 30,
Oct. 20, Sept. 30, 1936, and each three months
previously.—V. 145, p. 1911.
was
1st rntge. 5% gold bonds.... $2,758,000
Coos Bay Water Co. 1st mtge.
Cash with trustee..
any liability for
year.—V. 145,
The directors have declared
Tin
30, 1937
Liabilities—
Plant, property, rights, franchises, &c_—.......
$3,955,546
Cash in banks and working
until the end of the fiscal
Ontario Mfg. Co.—25-Cent Dividend—
mon
$83,001
Note—The operating results for the year ended Sept. 30, 1937 are not
comparable with those for the year ended Sept. 30, 1936, as the company
sold its Vancouver, Washington, water property on June 4, 1937, and
acquired natural gas distribution properties in Mississippi on Oct. 29, 1935
and manufactured gas properties in Florida on Nov. 14, 1935.
2859.
p.
76,250
$98,145
Materials and supplies......
1937
— —
69
77.625
,
Accounts & notes receiv...
Accrued unbilled revenue
Sub.)—Earnings—
Operation
Net
Net income
a
12 Months Ended Oct. 31—
156,005
14,129
15,102
-—
Miscellaneous interest (net)
—.
Normal Federal income tax
Federal surtax on undistributed profits..
Provision for retirements and replacements
39,909
($153,434 in 1936) reserve for depreciation,
y After deducting $35,756 ($24,723 in 196) reserve for bad and doubtful
accounts and notes,
z Represented by 202,230 no par shares.
The earnings for the year ended Sept. 30 were published in V. 145, p. 3505.
x
$350,925
155,130
5,182
14,299
17,061
Federal income tax
Interest
271,427
$1,275,441
Total..
$348,563
2,362
$361,077
—
Gross corporate income
on funded debt
5,705
271,427
59,645
..
and general taxes—
$917,508
568,945
$356,099
4,977
expenses
Other income.
23.962
1936
1937
$1,016,970
660,871
revenues
Net earns, before pro vs. for
98,028
on
Earned surplus
Total
Operating
Operating
$439,200
202.230
40,000
Accounts payable.
accts.
1937
4,
Peoples Water & Gas Co.—Earningi8 —
1936
$439,200
202,230
...
Dec.
Years Ended Sept. 30—
,
1937
Cawh
y
Co.—Consolidated
Rubber
Sept. 30—
Prop., plant and
x
&
Chronicle
long
Mr.
as the oanker interests control the situation.
Davis did not ask the company management
be ousted entirely,
conceding that experienced men to run the business were essential, but he
pressed for the appointment of "independent trustees" to aid in the forma¬
tion of
a
reorganization plan.
The petition also says that the company can offer no plan which would
be acceptable to the bondholders because it would be drawn to suit the bank¬
ing intersts who are interested only in their own behalf, and can make
money either out of the coal companies or out of the railroads since they
dominate both.
Fifty men constitute the bankers' set-up which wields this
control.
Davis said and 20 of them were among a group that Morgan &
"Co. and Drexel & Co. permitted to
purchase stock below market prices
some
time ago.
Saying that the company is headed for certain disaster, Davis' petition
a financial report of the
company which he says shows a net loss
of $6,284,423 for the 12 months ended
Sept. 30, 1937.
Of this $2,209,661
refers to
y f/tof
Financial
143
Chronicle
3665
due to operation and before provision
forTdepreciation and depletion;
interest on funded debt and reserve for doubtful accounts.
(Philadelphia
was
Comparative Balance Sheet Sept. 30
1937
"News Bureau.")—V. 145, p. 3506.
Pictorial Paper Package
Assets—
Corp.—Extra Dividend—
The directors have declared an extra dividend of
6H cents per share in
addition to the regular quarterly dividend of 8% cents per snare on the
1,913,376
Dom. of Can. bds.
728,960
310,756
917,703
311,438
>ther mktble sees.
339,801
242,801
616,051
supplies 5,315,425
779,449
5.191,457
U. S. Treasury bds.
and notes
stock, both payable Dec. 22 to holders of record Dec. 10.
An
cents was paid on Sept. 30, last, and one of 21H
was paid on Dec. 22, 1936
dividend of 3H
cents
x
10 Months Ended Oct. 31—
Net income
y
Earnings
per
ef'
.
1936
1935
1934
$6,862,909
5,797.285
$4,848,368
4,325,442
$1,001,826
147,540
Stat? and Federal taxes.
163,982
Depreciation, &c
161,887
Loss on assets disposed of
or destroyed
39,870
Prem. on own bda. purch
3,894
Miscellaneous
33,387
$1,065,623
147,862
$522,926
160,858
158,046
31,984
188,128
$413,700
151,302
27,731
147,106
19,324
91,334
4,449
41,059
Balance Sheet Oct. 31
$534,533
xl21,002
Assets—
1937
Plant & franchises,
less depreciation $7,500,410
(Incl.
1936
$20,015
x60,501
$42,187
61,001
Liabilities—
Common
506,225
776,366
First mtge. bonds
Cash in closed bks.
Notes & accts. rec.
15,838
246,358
20,664
280,133
531,020
Sundry accts. pay
2,683
Accrued interest-
Inventories
589,864
2,139
1,001,530
_
Investments
962,357
Dlvs.
checks
2,459,000
139,241
2,459,000
154,612
3,560
3,560
49,180
49,180
161,770
157,559
829,038
214,400
Earned surplus..
214,400
Surplus by elimina.
of inter-co. stk.,
ownership
Total
x
$9,862,364 $9,843,270
$9,862,364 $9,843,270
Total
Represented by 121,002 shares pref. stock (no par) and 119,245 com¬
stock (no par).—V. 145, p. 2556.
1937
Gross from railway
Net from railway
Net
1936
$2,239,291
$1,602,727
480,814
476,861
261,240
316,845
$1,219,844
95,657
178,434
20,473,489
4,107,371
4,189,793
From Jan. 1—
Gross from railway
18,000,649
4,189,247
4,394,859
13,917,642
2,744,752
3,202,241
13,007,025
2,179,977
2,785,832
•
Net from railway
Net
after rents
—V. 145, p. 3208.
v/
The directors have declared
a
dividend of $1 per
share
on
1937
Gross from railway
for
reserve
Scale^Corp.—Pays Larger Dividend—
Sept. 1, and
on
Jan. 2, last, this latter being the first dividend
when 30 cents per share was also distributed.—
Pollock's Inc.—Dividend Increased—
*
The directors have declared a dividend of 37 H cents per share on the
stock payable Dec. 15 to holders of record Dec. 6. An initial div.
common
of
7^ cents
per
share
was
paid on June 15, last.—V. 144, p. 4196.
Postal
Telegraph & Cable Corp.—Anti-Trust Charges
Filed by Government—See Western Union Telegraph Co.
below.—V. 145, p. 3208.
Potomac Electric Power Co.—$5,000,000 Bonds—
The Securities and Exchange Commission has exempted from the provi¬
of Section 6(a) of the Act of the issue and sale of $5,000,000 first
mortgage bonds, 3J*% series due 1966.
The bonds are to be issued under the company's first mortgage and an
sions
indenture
company
supplemental thereto, both dated July 1, 1936, between the
and Riggs National Bank, Washington, D. O., as trustee, under
are now outstanding $15,000,000 of bonds issued July 1, 1936.
which there
bonds are to be sold at private sale to the Metropolitan
Life
be used in part (approxi¬
mately $3,500,000) to reimburse the treasury for expenditures previously
made and to provide for expenditures to be made for extensions and im¬
provements to property in respect of which no other securities have been
issued and, to the extent bf not more than $1,500,000, to provide additional
working Ccipitoi
The Public Utilities Commission of the District of Columbia by order
dated Nov. 24, 1937, has authorized the issue and sale of these bonds.—V.
1936
Net after rents
at
Alexander, Inc.—Dividend Omitted—
their recent
meeting took no action on the payment of a
15.
A dividend of 20
share was paid on Sept. 15 and on June 15 last, and previously
regular quarterly dividends of 15 cents per share were distributed.
In
addition, an extra dividend of 25 cents was paid on Dec. 24, 1936.—
V, 145, p. 1112.
on
the $5 par common stock on Dec.
cents per
Power
Corp. of Canada, Ltd.—Interim Dividend—.
The directors have declared an interim dividend of 30 cents per share on
payable Dec. 31 to holders of record Dec. 4.
This
with 25 cents paid on July 26, last, and on Dec. 21, 1936, this
made on the common stock since May, 1932.
—V. 145, p. 1750.
compares
1935
latter being the first payment
1934
$105,664
23,545
11,252
$61,025
def2,422
def4,781
$70,441
defl,126
def9,070
844,683
87,540
def32,358
From Jan. 1—
Gross from railway
Net from railway
Directors
dividend due
the common stock,
$85,721
7,289
def6,045
Net from railway
Net after rents
872,174
124,612
36,307
768,310
61,578
def8,702
749,644
8,400
def67,573
Prosperity Co., Inc.— Class A & B Dividends—
The directors have declared a dividend of $1.50 per share on the Class A
and B common shares payable In 5% preferred stock on Dec. 24 to holders
of record Dec. 14.
A dividend of 25 cents per share in cash and $1 per
share in
—v: 145, p. 2861.
preferred stock was paid on Dec. 23, 1936.—V. 145, p. 2703.
Prudence-Bonds
Pittsburgh & Shawmut RR.October—
Earnings—
1937
...
$61,657
10.071
7,633
542,585
5,076
31,542
railway
1936
$63,241
6,935
6,499
Gross from railway
Net. after rents....
From Jan. 1—
Gross from railway.....
437,969
defl9,123
defl1,177
The Chase National
1935
$36,489
def3,093
1,532
477,789
6,224
35,218
Corp.—Payment
on
14th Series—
Bank, as successor trustee, is notifying holders of
$58,256
7,747
9,824
bonds, 14th series, that a payment at the rate of
$1.50 per $100 bond will be made pursuant to order of the U. S. District
Court, Eastern District of New York, upon presentation of the bonds at Its
principal trust office, 11 Broad St., New York.—V. 145, p. 3208.
535,304
52,591
93,860
Operating revenues
first mortgage collateral
1934
Puget Sound Power & Light Co.—Earnings—
1937
12 Months Ended Oct. 31—
^
,
1936^
$16,625,132 $14,755,181
x
1937
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
$331,005
56,865
84.932
3,592,092
890,659
1,019,315
Net from railway
Net after rents
1936
$356,459
77,142
88,870
3,179,116
983,088
1,060,481
$309,561
114,628
125,874
2,462,111
777,877
833,694
$204,808
31.099
62,654
2,311,686
634,690
729,311
Balance for dividends and surplus
1,826,783
1,708,928
Pullman Co.—Asks
This company on Nov.
$207,633
50,890
28,525
10,180
$725,699
104,133
1,853
Dr6,383
$297,228
86,000
$211,228
$643,303
Miscellaneous surplus items
Total income
Res. for current U. 8. & Canadian income taxes..
Aggregate amount received in liquidation of 8isal
Corp. (Cuba)
Stock of Sisal Corp. (Cuba) written off—less ad¬
vances repaid
Net addition to oper. surplus before dividends..
Dividends declared
177,372
$269,173
t
$414,897
$2J*4
Quaker State Oil Refining Corp.—Year-End Dividend—
share
payable Dec. 24 to holders of record Dec. 15.
paid on Sept. 15 and June 15, last, and with
last, Dec. 15, 1936, Oct. 15, 1936, and each
the common stock, par $10,
This compares with 25 cents
20 cents paid on March 16,
In addition, an extra dividend of 10 cents was
paid on Dec. 15, 1936.—V. 145, p. 3209.
three months prior thereto.
Railway Express Agency, Inc.—Earnings—
Charges for
1937—Month—yl930
1937—9 Mos.—y 1936
transporftn.$14,390,235 $13,822,288 $118704,381 $111662,282
230,163
229,812
2,071,850
1,993.892
$465,931
379,086
$86,845
4,027,579
$4,114 424
Total revenues & inc.$14,620,398 $14,052,100 $120776,231 $113656,174
67,484,978
7,952.319 " 74,168;843
Operating expenses.....
8,887,644
201,663
xl ,869,673
1,735,408
491,198
Express taxes, j
Interest and discount
funded debt
Other deductions
z
1936
$1,029,290
$1,029,401
639
110
$1,028,651
$1,029,290
on
Rail transp. revenue
133,936
7,636
$5,099,984
133,135
3,161
1,201,320
84,367
1.206,215
18,998
$5,761,822 x$43452,028 $43,210,575
$2,153,569 due to reversing in June, 1937, accruals
up during the period March to December, 1936, inclusive, at 3>4%
covering Federal Excise Tax under Act of Aug. 29, 1935 (Railroad Re¬
tirement).
y 1936 figures restated for comparative purposes—including
elimination of Federal excise tax (Railroad Retirement) accruals,
z Pay¬
ments to rail and other carriers—express privileges.—V. 145, p. 3019.
x
set
1937
Capita surplus at end of year—
petition with the Interstate Commerce
parlor and sleeping car rates
57,945
Capital Surplus Accoun
surplus at beginning of year
Excess of cast over par value of treasury stock purch
a
Other revs. & income
413,395
Net addition to operating surplus for the year._def$144,221
Operating surplus at beginning of year
—
4,114,424
Operating surplus at end of year
$3,970,203
Capita
for 10% Increase in Kates—
27 filed
The directors have declared a year-end dividend of 15 cents per
on
Period End. Sept. 33—
-
After appropriations for re¬
Pyle National Co. (& Subs.)—Earnings—
$825,303
182,000
Adjustment of prior taxes
y
Commission asking for permission to raise its
and charges 10%.—V. 145, p. 3209.
$1,151,877
426,178
Other income—Dividends, interest, &c., net
non-operating income, net.
reserve.—V. 145, p. 3019.
Earnings forilO Months Ended Oct. 31,1937
and Federal income charges,
surtax on undist. earnings
Earnings per share on 149,058 common shares
—V. 144, p. 2145.
1936
Operating profit, after regular charge for deprec.
of plant and inventories taken at the lower of
cost or market
$1,133,383
Addition to reserve revaluing normal inventories..
925,750
Profit.
Includes
Net income after oper. expenses
but before provision for Federal
Plymouth Cordage Co.—Earnings—
1937
7,010,033
tirement
145, p. 3355.
Years Ended Sept. 30—
7,178,911
x
1934
1935
Balance after operation, maintenance & taxes..
y
Pittsburgh & West Virginia Ry.—Earnings—
October—
Profit
After
paid a dividend of 60 cents per share on the common
Nov. 24 to holders of record Nov. 17. This compares with 30
Powdrell &
the common
Pittsburgh Shawmut & Northern RR.—Earnings
October-
—V.
y
145, p. 3356.
stock, par $25, payable Dec. 24 to holders of record Dec. 4.
A like amount
was paid on Oct. 1, last, and
compares with $2 paid on Aug. 20, last; $1.50
paid on July 1, last; $1 on April 1, last; $2 on Dec. 21, 1936; $1.50 paid on
Oct. 1, 1936; 50 cents paid in each of the six preceding quarters, and divi¬
dends of 40 cents per share distributed quarterly prior thereto.
In addition,
an extra dividend of $1
per share was paid on April 1,1936, and on Aug. 15,
1935, and an extra dividend of 10 cents per share was disbursed on April 2,
1934.—V. 145, p. 2402.
Net from railway
Net after rents
—V. 145, p. 2861.
14,394,258 13,672,451
fTotal
company
on
cents paid on
Pittsburgh Plate Glass Co.—$1 Dividend—
Net from
69,580
1,029,290
4,114,424
Insurance Co. at par and accrued interest.
The proceeds from the sale of these bonds will
1934
1935
$1,818,554
113,777
201,581
after rents
14,394,258 13,672,451
All of the
Pittsburgh & Lake Erie RR.—EarningsOctober—
y556,735
Pneumatic
stock,
798,784
Res. for Federal &
State taxes
mon
Total
out¬
standing.......
6.822,000
50,000
3,441.324
562,565
bulldlngs.x3,325,486
Mach'y & equip..
1 x$6,006,175x$6,006,175
stock./
Cash
38,326
50,000
(Canada selling
agency) at cost.
Land &
1936
1937
_
68,838
^ai144pe fi21*
Tech. Food Products Co.)
Preferred stock
$7,270,048
53.849
1,098,800
of Cordage
Distributors, Ltd
45.373
Exclusive of inter-company dividends.
Accrued Interest
48,407
stock
(par
6,830,600
$100)
Employees special
stock (par $10) ^
55,480
1,028.651
Capital surplus
Operating surplus. 3,970,203
x After
reserve
for
depreciation of $3,023,131.
depreciation of $2,720,846.—V. 143, p. 401&.
40,551
$451,266
x423,507
312,155
86,145
lnsur.
Com.
175,605
The
Net income..
Dividends paid
x
170,383
employees
Itec. bds. & notes
$4,774,938
4,361,238
150,406
172,121
declared
A
Stock
1937
Interest
Pension
53,849
fund—employees
revaluing
normal invent'ry 2,024,550
rec., less reserve
$8,519,970
7,518,144
,
Operating. &c., expenses
86,207
Reserve
dwellings.37,784
on
258,805
State,
—reserve
Dividend
chge8.,prepd.
oans to
Fee..,
city <fe town taxes
secured by mtges
[Income Account Years Ended Oct. 31 (Incl. Tech. Food Prod. Co.]
a
Ac............
Acer.
notes
patent
rights. &c._
145, p. 3207.
$
payable for
mdse., supplies,
insurance prems.
Pittsburgh Brewing Co.—Earnings—
Sales & earns., all sources
&
1936
$
Accts.
taxes,
After operating expenses and Federal income charges, but before pro¬
vision for Federal surtax on undistributed
earnings,
y 105,700 shares,
x
present capitalization.—V.
&
receivable, &c..
tdse.
$64,232
$0.61
$69,095
$0.65
share
\ccounts
1936
1937
1937
Liabilities—
$
2,874,040
common
extra
1936
$
Cash
Includes credit of
3666
Financial
Chronicle
Radio-Keith-Orpheum Corp.—Hearing Adjourned—
June 30 '37
Assets—
as
The
Chase
National
Bank
has
Accts. rec., trade 4,087,588
Govt, accts. rec. &
2,957,701
Accounts payable.
a
29 declared
Rheem
and
Mfg. Co.—Extra Dividend—
an extra dividend of 30 cents
per share in
regular dividend of 20 cents per share on the common
stock, both payable Dec. 15 to holders of record Dec. 5.—V. 145, p. 2704.
Rhode Island Knitting
The
which
company
last
was
granted
c
Fixed
1936
$633,273
120,955
54,703
Net from railway
Net after rents
$581,502
143,072
86,218
$468,682
27,783
defll,186
From Jan. 1—
Gross from railway
7,218,883
1,880,835
914,156
Net from railway
Net after rents
6,139,629
1,380,395
589.931
5,389,425
865,112
270,339
$412,384
defl8,089
def37,923
5,097,774
900,217
313,865
Ritter Dental Mfg. Co., Inc.—To Increase
The new preferred stock would be convertible Into common in the ratio
one for four.
No public offering of the new common stock is contem¬
plated, and the 80,000 shares being retained by the company for conver¬
sion purposes.
All preferred shares now are held by persons close to the
of
company.
The retirement of the 5,000
preferred shares is being made out of the
company's own cash, which stood at $1,300,000 at the close of 1936 and
which is understood to have been increased since.
Stockholders of record
Dec. 10 will be given the right to vote on the
proposal.—V. 145, p. 3209.
Rochester
Telephone Corp.—Earnings—
Period End. Oct. 31—
Operating
1937—Month—1936
$431,303
$408,381
revenues
Uncull. oper. revenue
Operating revenues..
Operating expenses
$4,151,300
2,963,740
$3,943,887
2,899,188
$119,918
28,245
$1,187,560
$1,044,699
329,020
$78,455
Net oper. income
$408,381
288,463
$131,304
52,849
Net oper. revenues...
$91,673
—V. 145, p. 3019.
Rock Ola Mfg.
452.684
$734,876 "
$715,679
Corp.—Earnings—
Period Ended Oct. 31—
Gross profits on sales
Month
8 Months
$250,653
114,092
J"otaJ i?C0I?e
Other deductions.
$356,653
47,368
$144,584
Operating profit
$1,003,202
646,549
$136,561
8,023
expenses
Other income
^
$3,947,796
3,909
$431,303
299.999
_
Operating taxes
Operating
1937—10 Afos.—1936
$4,154,981
3,681
$404,021
57,516
Net income before Federal taxes
—V. 145, p. 2705.,
125,661
$87,068
$278,360
\
%
Ross Gear & Tool Co.—To
The directors have declared
a
stock,
Pay Si Dividend—
dividend of $1 per shaxe on the
common
no par value, payable Dec. 20 to holders of record
Dec. 10.
This
compares with 60 cents paid on Oct. 1, last and in each of the four
preceding
quarters, and dividends of 30 cents per share
pa^d quarterly previously. In
addition, the following extra dividends were paid: 30 cents on
July 1, 1936:
50 cents on Dec. 31, 1935, and $1 paid on Feb.
10,1934.—V. 145, p. 2404.
Royal Weaving Co.—-New Control—
Total
a
Douglass Newman, Vice-President.
Secretary and Assistant Treasurer.
George E. Cheek, has been chosen
Joseph Ott, has been retained as
Joseph M. P. Ott, Jerome A. Newman,
Douglass
Newman,
George E. Cheek, Benjamin Graham and Elias
Reiss, constitute the board of directors.—V. 145, p. 3357.
RR.—Earnings—
1937
$292,347
4,156
def20,134
Net from railway
Net after rents
1936
$314,856
49,226
34,398
$290,975
23,809
2,213
$276,242
7,676
def8,591
2,992,130
252,855
29.869
Net from railway
Net after rents
From Jan. 1—
Gross from railway
2,865,210
223,037
89,812
2,703,746
74,823
defll4.633
2,758,908
168,183
defl,349
1935
—V. 145, p. 3210.
Saco-Lowell
Stockholders at
1934
Shops—Recapitalization Plan Voted—
a
special meeting held Nov.
In favor of the amended recapitalization
18 voted
overwhelmingly
plan which, David F. Edwards,
stated, retained a large proportion of the advantages of the
earlier plan.
The latter was abandoned because of adverse stock market
President
developments.
About 82% of the 6% preferred, 83% of the second pre¬
ferred and 85% of the common were voted in favor of the amended
plan,
with only scattered votes being recorded against it.
Registers with SEC—
See list given on first page of this department.—V. 145, p. 3210.
75,608,724 66,726,173
After
reserve
b After
75,608,724 66,726,173
Total
of $151,949 at June 30, 1937 and $146,686 at Dec. 31,
of $112,840 at June 30, 1937.
c After reserve for
reserve
depreciation of $17,518,821 at June 30, 1937 and $16,732,200 at Dec. 31,
1936.
d Represented by 802,220 no par shares at June 30, 1937 and
798,984 no par shares at Dec. 31, 1936.—V. 145, p. 3210.
1937
$516,151
115,925
73,942
Net from railway
Net after rents
-Earnings1934
1935
1936
$444,604
92,197
61,115
6,582,646
2,436,153
1,814,270
railway
4,454,884
979,882
503,659
$318,909
41,335
11,381
$353,835
3,785,013
3,853,127
1,141,274
643,113
71,501
42,067
From Jan. 1—
Gross from railway
Net from railway
Net after rents
826,728
430,607
—V. 145, p. 2863.
St. Louis San Francisco & Texas
October—
1937
Gross from
railway..
Net from railway
Net after rents
From Jan.
1934
$107,995
def5.359
def31,788
$79,220
def22,808
def28,420
1,316,636
192,885
defl67,789
1,118,299
def4,080
def383,617
909,788
defl03,219
def386,235
813,113
def 121,248
def413,483
__
Net after rents
...
...
145, p. 3020.
Louis-San Francisco
Pursuant to order of the U.
Eastern
the
1935
$122,204
4,685
def26,410
1—
Gross from railway..
Net from railway
—V.
Ry.—Earnings—
1936
$122,542
def1,200
def41,637
—
Division
Interstate
of Missouri
Commerce
S.
Ry.—Reorganization Plan.—
District Court for the Eastern District,
June 29, 1937, and to the order of
entered
Commission
made
March
13,
1936, company,
pursuant to authorization by its board of directors, submitted both to the
Court and the ICC on Nov. 19 a modified plan of reorganization under
Section 77 of the Bankruptcy Act.
The plan was referred to briefly in
our
issue of Nov. 27.
New
Securities—The
securities
provided
for
under
this
plan
will
be
issued either by a new corporation to be organized under the laws of Missouri
by the existing corporation as reorganized as may be determined by the
directors with the approval of the Court.
or
The
new
company
will
initially
be
authorized
to
issue
the
following
securities:
First
Mtge.
8%% Bonds—Unlimited in
authorized principal amount.
The 1st mtge. oonds will be issuable in series.
The bonds of each series
other than series A will mature upon such date or dates, not earlier than
the maturity date of bonds of series A (except as otherwise provided), shall
bear such rates of interest and shall contain such provisions concerning
redemption and conversion and such other provisions as may be determined
by the directors.
Bonds of series A shall be dated Jan. 1, 1938, shall mature Dec. 31,
1978, shall bear int. at the rate of 8% % per annum, payable semi-annually
(J. & J.) and shall be redeemable as a whole or in part at any time on 60
days' published notice at 103 if red. on or before Jan. 1, 1948, at 102 if
red. thereafter and on or before Jan.
1, 1958, at 101 thereafter and on or
before Jan. 1, 1968, and at their principal amount if red. thereafter, to¬
gether in each case with accrued interest to the date of redemption.
The 1st mtge. bonds of all series will be equally and ratably secured
by a mortgage which will (except as specifically provided) constitute a
first lien either directly or through the pledge of securities (1) subject to
the lien of the Kansas City Memphis & Birmingham RR. mortgage, on
all the property and assets owned by the new company on the consum¬
mation of the plan, including securities, equipment and the equity in such
equipment as may be subject to equipment trust obligations and (2)
subject to liens existing at the time of acquisition, on all such property
thereafter acquired.
The mortgage shall not constitute a lien upon
(1) property acquired after the consummation of the plan and paid for
wholly out of net income available for dividends or from the proceeds
of the issue of securities other than 1st mtge. bonds or income bonds unless
such
after-acquired property be railroad property appurtenant to the
property then subject to the lien of the first mortgage or unless such afteracquired property (or securities representing control of railroad property)
will displace, divert traffic from or otherwise adversely affect the railroad
properties then subject to the first mortgage; (2) cash and similar items
and other customary items.
First mtge. bonds, series A, shall be issued in exchange for outstanding
obligations of the company as a part of the reorganization in the amounts
necessary to carry out the provisions of this plan.
Bonds of series A or
of any other series in the aggregate principal amount of $5,000,000 may be
issued at any time or from time to time, without restriction, for the new
company's general corporate purposes.
Additional 1st mtge. bonds may
be issued only for the following purposes and subject to the following
.
consultant and technical advisor.
Rutland
9,795,648
resttrictions:
Control of the company is now with Jerome A.
Newman, New York,
and his associates, who have purchased more
than 70% of the outstanding
stock at $78.50 per share in accordance with
the offer recently made. The
amount of money involved in the deal Is
reported to be about $1,570,000.
Jerome A. Newman has been elected President
and Treasurer and
October—
Gross from railway
1,585,300
9,795,648
surplus...11,491,066 11,347,013
Earned surplus...10,641,640 10,168,602
Treasury stocks.. Dr591,449
Z>r45,872
Capital—
5%
5,509,100
1,585,300
Pald'in
St.
issue.
5,691,500
pf. stock
cum.
d Common stock..
—•V. 145, p. 2862.
A special stockholders
meeting has been called for Jan. 4 to vote on a
proposal to increase the number of common shares authorized from 160,000
to 240,000 to call at $105, 6,000 shares of
7% preferred stock and convert
the remaining shares of preferred Into a new cumulative convertible
529,958
8,399,700
pref. stk.
cum.
(par $100)
St. Louis Brownsville & Mexico Ryv
1934
540,246
8,217,300
pref. stk.
cum.
(par $100)
RR.—Earnings
1935
15,000,000
(par $100)
6%
October—
Richmond Fredericksburg & Potomac
and
fund
sink,
dian subsidiary.
7%
713,152
(less amort.)
Gross from
to
Fed.
for
Min. int. in Cana¬
645,942
Deb. discount and
reorganize
permission
liquidate after informing the U. S. District Court that, because of condi¬
tions that make further operation of the mill
"impracticable," it cannot
meet Its current obligations and its
payments to creditors.
Federal Judge John C. Mahoney, in authorizing liquidation,
appointed
James J. Corrigan, of Providence,
temporary trustee and referred the
affairs of the corporation to referee in
bankruptcy George J. Sheehan.
Under the reorganization plan on which the
company has now defaulted,
it was to have paid all creditors in full at the rate of
5% per month.
1937
1,133,815
214,199
Can. Inc. taxes.
10-yr.
22,809,102 21,732,536
assets
not been given permission
to
October—
Gross from railway
1,048,005
Res.
59,114
Mills, Inc.— To Liquidate—
April
Bankruptcy laws, has
229,270
debs
619,712
1936.
the
under Section 77-B of the
1,951,709
641,330
a
The directors have declared
to
2,501,170
closed
therefor—
quarterly dividend of 20 cents per share on the no par common stock, both
payable Dec. 24 to holders of record Dec. 14.
Like amounts were paid on
Sept. 30, last.
Extra dividends of 10 cents were paid on June 30 and on
March 31, last.
Extra dividends of 55 cents were paid on Dec. 15 and on
Sept. 30, 1936.
An extra of 10 cents in addition to an initial quarterly
dividend of 20 cents per share was distributed on June 30, 1936.—V.
145,
p. 3209.
i
addition
expense?.
Dividends payable
5%
extra dividend of 50 cents
an
5,907.731
State sales taxes
1,223,178
banks and secure
acq.
exp.
Nov.
1,198,768
666,750
Invest. & advances
Reed Roller Bit Co.—Extra Dividend—
on
In
9,046,966
Accrued
warrants
690,942
Sundry accre. rec.
Mdse. inventories.35,061,146 30,745 926
Prepaid expenses.. 1,061,011
636,709
The directors have declared an extra dividend of three cents per share
in addition to the regular quarterly dividend of like amount on the common
The directors
10,000,000
Notes pay., banks.
b Bale.
stock, par $1, both payable Dec. 15 to holders of record Dec. 10.
An extra
dividend of three cents was paid on Dec. 15, 1936, and a stock dividend of
50% was distributed on April 1, 1936.—V. 144, p. 118.
$
Liabilities-
8,093,239
munlc.
Red Indian Oil Co.—Extra Dividend—
June 30 *37 Dec. 31 '36
Dec. 31 '36
$
9,332,379
...
State, county &
appointed transfer agent for this
3356.
p.
Cash.
—
been
company's common stock.—V. 145,
4, 1937
Safeway Stores, Inc.—Consolidated Balance Sheet-
Federal Judge William Bondy on Nov. 25 adjourned until Dec. 21 a hear¬
on
the proposed plan of reorganization.
The Court fixed Dec. 16
the final date for the withdrawal by bondholders and other creditors of
their acceptances of the proposed
plan, including certain amendment
porposed by Special Master George W. Alger, Jr.—V. 145, p. 3507.
ing
Rayonier, Inc.—Transfer Agent
Dec.
(a) For improvements, extensions, betterments and the acquisition
(otherwise than in connection with a merger or consolidation) of additional
property other than equipment to the extent of 75% of the cost thereof;
(b) For the acquisition of new equipment to the extent of 75% of the
cost thereof, provided, however, that the duration of bonds issued for this
purpose shall not exceed the shorter of 20 years or the life of the equipment
acquired (as determined by the certificate of an engineer appointed by the
board of directors for the purpose, who may be an officer or employee of
the new company), and provided that a cumulative sinking fund (which
may be based on net earnings available for dividends) is created, calculated
as sufficient to retire such bonds at or before their maturity;
(c) To the extent of 75% of the cost thereof for the acquisition, subject
to the approval of the ICC (or other Federal regulatory body having juris¬
diction in the premises) when required by law, of railroad properties or
securities of companies owning railroad properties or securities or properties
of companies owning or operating terminals;
(d) For the refunding of (i) equipmnet trust obligations of the company;
(ii) the gen. mtge. bonds of the Kansas City Memphis & Birmingham
RR., ana (iii) any mortgage obligations constituting at the time a lien
on any part of the company's railroad properties prior to the lien of the
1st mtge. bonds;
(e) For the consolidation with or merger into the new company of any
other railroad company required by future legislation or requirement of the
ICC or other Federal regulatory body having jurisdiction m the premises,
or approved
by the ICC or other Federal regulatory body having juris¬
diction in the premises.
First mtge. bonds may, however, be issued for
any
of the purposes specified in the foregoing paragraphs (a), (b), and (c)
only provided that net income available for interest (determined in accord¬
ance with the requirements of the ICC or other Federal regulatory body
having jurisdiction in the premises) shall, during 12 consecutive calendar
months out of the 18 calendar months immediately preceding the application
for the issue of said bonds, have amounted to 1>4 times the interest on all
1st mtge. bonds then outstanding, the additional 1st mtge. bonds thus to
be issued, all equipment trust obligations then outstanding and any other
Volume
Financial
145
3667
Chronicle
bonds tben outstanding secured by a lien on any part of the new company's
system prior to the lien of the first mortgage; and provided further that,
in
computing such net income in the case of bonds to be issued under the
foregoing paragraph (c), the earnings of the line of railroad to be acquired
or an
appropriate part of earnings of a railroad whose securities are to be
acquired shall be included in the same way as are the earnings of the
witbTall unpaid dividends which shall have been declared thereon or shalj
have accumulated by reason of the existence of available net Income.
Preferred Stock—Pref. stock (no par) and with a stated vaiue of $100
company.
any
Capital Fund—The first mortgage shall provide that out of the company's
income after fixed charges for each year (that is, net income after
interest on the 1st mtge. bonds, all equipment trust obligations, the gen.
ratge. bonds of the Kansas City Memphis & Birmingham RR. and any
other bonds then outstanding secured by a iein on any part of the system
prior to the lien of the first mortgage), there shall be credited to a capital
fund, to the extent to which net earnings after fixed charges shall be availablei therefor, the sum of $500,000 until, through such credits, the capital
fund shall amount to $5,000,000 and thereafter at any time when payments
out of the capital fund shall have reduced it below $5,000,000.
The capital
net
fund shall
be available in the discretion of the
board of directors for im¬
provements, betterments, or equipment.
Income Bonds—Income bonds will be unlimited in authorized principal
amount
will be issued
and
general mortgage indenture to be ap¬
Bonds
will ma time upon such date or dates
not earlier than the maturity date of series A (except as hereinafter otherwise
provided), shall bear such rates of contingent interest, and shall contain
such provisions concerning redemption and conversion and such other
provisions as may be determined by the board of directors.
Income bonds of series A shall be issued in exchange for outstanding
obligations of the company as a part of the reorganization in the amounts
necessary to carry out the provisions of this plan.
Bonds of series A
shall be designated income mtge. bonds, series A, 4%, shall be dated
Jan. 1, 1938, shall mature on Dec. 31, 1988, and shall bear contingent
proved by the Court.
of
each
series
other
under
a
The income bonds will be issuable in series.
than
series
A
non^cumulative interest at the rate of 4% per annum payable annually
April 1
(beginning April 1 of the calendar year next succeeding the year
becomes effective) but only to the extent of the net income
income obligations (that is, net income after fixed charges
and after all required payments Into the capital fund) of the preceding
in which the plan
available for
calendar year.
Income bonds, series A, shall be redeemable as a whole or in part at any
time on 30 days' published notice at 100, together with interest at rate of
4% per
annum
from the last interest payment date to the date of redemption.
The gen. mtge. income bonds of all series will be equally and ratably
secured by a mortgage which will be a lien upon all property and assets
which shall at any time be subject to the new first mortgage subject only
to the prior lien of the firt mortgage and any liens prior
The income bonds of series A shall be entitled to the
thereto.
benefit of a sinking
by the annual payment on April 1 in each year (be¬
ginning April 1 of the second full calendar year succeeding the year in
which the plan becomes effective) of an amount equal to ^ of 1% of the
largest principal amount of series A bonds at any time outstanding.
Said
annual amounts shall be payable into the sinking fund only to the extent
of the net income available for income obligations of the preceding year
remaining after the setting aside of all funds necessary for payment of
interest requirements for such preceding calendar year on the outstanding
income bonds.
Moneys in the sinking fund shall be applied first to the
purchase of series A bonds at prices not exceeding their redemption price
and, to the extent that bonds cannot be so purchased, to the redemption
of series A bonds.
All bonds acquired by the sinking fund shall be canceled
fund to
and
no
be created
other bonds shall be issued in lieu thereof.
The sinking fund requirements
in respect of income bonds of any series
directors.
be issued on consummation
of the plan, income bonds may be issued only for the following purposes
and subject to the following restrictions:
(a) For improvements, extensions, betterments, and the acquisition
(otherwise than in connection with a merger or consolidation) of additional
property other than equipment, to the extent of 75% of the cost thereof,
less so much of said cost as is provided for by the issuance of 1st mtge.
bonds, if any;
(b) For the acquisition of new equipment, to the extent of 75% of the
cost thereof, less so much of such cost as is provided for the by issuance
of 1st mtge. bonds, if any; provided, however, that the duration of bonds
issued for this purpose shall not exceed the shorter of 20 years and the life
of the equipment acquired (as determined by the certificate of an engineer
appointed by the directors for the purpose, who may be an officer or
employee of the new company) and provided that a cumulative sinking
fund (which may be based on net earnings available for dividends) is
created, calculated as sufficient to retire such bonds at or before their
maturity.
In any year in which the full sinking fund requirements for such
bonds is not provided from net income available therefor, the deficit there¬
under shall be added to the sinking fund requirement of such bonds for the
next succeeding year or years until such deficit shall have been made up;
(c) To the extent of 75% of the cost thereof, less so much of said cost
as is provided for by the issuance of 1st mtge. bonds, for the acquisition,
subject to the approval of the ICO (or other Federal regulatory body having
jurisdiction in the premises) when required by law, of railroad properties
or securitias
of companies
owning railroad properties or securities or
properties of companies owning or operating terminals;
(d) For the refunding of any obligations for whose refunding the issue
of 1st mtge. bonds is permitted; and
(e) For the consolidation with or merger into the new company of anyf
other railroad company required by future legislation or requirements o
the ICC (or other Federal regulatory body having jurisdiction in the
other than series A shall be determined by the
In addition to the income bonds, series A, to
share will be originally authorized in the number of shares necessary
carry out provisions of the plan requiring the issue of pref. stock plus
approximately 100,000 shares which may from time to time be issued for
per
to
proper
corporate purpose.
The suggested stated value is tentative
and may be changed by the directors with the approval of the Court.
Pref. stock shall be entitled to annual dividends when and as declared
by the directors of $5 per share before any dividends shall be declared
or
paid on the common stock.
Dividends on the pref. stock shall be
payable only to the extent that funds are available therefor out of net
income for the preceding calendar year after payment of tne full dividend
for said year on the prior pref. stock.
To tne extent that net income
for any year is available for dividends on the pref. stock and such dividends
are
not paid, the dividends shall cumulate without interest and shall
thereafter be paid before any dividends shall be declared or paid on the
common stock.
Dividends on the pref. stock shall accumulate only by
full multiples of 25 cents per share.
In the event of dissolution, winding up or liquidation of the company
the holder of each share of pref. stock shall be entitled to the same share
in the assets of the company to which a holder of common stock may be
entitled.
Each
share
of pref.
the company at any time
in whole or in part on 30 days' notice at $100 per share, together with
all unpaid dividends which shall have been declared thereon or shall have
accumulated by reason of the existence of available net income.
Common Stock—Common stock (no par) shall be originally authorized
in the number of shares necessary to carry out the terms of the plan, plus
approximately 200,000 shares, which may be issued for any proper corporate
purpose.
Each share will entitle the holder thereof to one vote at all
meetings of stockholders.
The common stock will have a stated value
of $100 per share.
This suggested stated value is tentative and may be
changed by the directors with the approval of tne Court.
Scrip—No fractions of shares of prior pref. stock, pref. stock, or common
stock shall be issued, but in lieu thereof non-voting, non-dividend-bearing
bearer scrip certificates shall be issued, calculated to the nearest one-tenth
of one share, which, when presented at any time within three years from
the consummation of the plan, in amounts calling, in the aggregate, for
one or more full shares of stock, shall be exchangeable for stock certificates
Pref. stock shall be redeemable at the option of
called for.
Miscellaneous Provisions Applicable to New Securities
proposed that the new securities will be issued and dated as of
Jan. 1, 1938.
Appropriate provisions shall be contained in the mortgage
indentures under which the 1st mtge. and gen. mtge. income bonds will
be issued to avoid a default in case any instalment of interest or sinking
fund payments should become due before the plan is consummated.
The
directors of the debtor may substitute for Jan. 1, 1938, any later date
for the number of full shares thus
It
Is
Ereceding the consummation of the plan with the approval of the court
aving jurisdiction of the debtor's property.
Management—Immediately upon the confirmation of a plan the debtor
authorize the issue of its securities hereunder.
otherwise as the Court may
direct, a list shall be prepared of the persons or corporations entitled to
receive voting stock under the plan and a stockholders' meeting of such
holders shad be held under such supervision as the Court may direct.
At such meeting directors shall be elected and by-laws adopted.
Upon
approval of the Court of the acts and proceedings of such meeting the
new company shall take over the title to and assume the management
and operation of the debtor's property.
Until such time such management
and operation shall remain in the hands of the trustees in reorganization.
Consolidation—To the extent, if any, that the directors shall propose,
and the Court and the ICO shall approve, prior to the consummation
of the plan, the subsidiaries of the debtor shall be eliminated through
merger, consolidation, sales of assets or otherwise, so that all of the proper¬
ties of the debtor's entire system shall to such extent be consolidated into
shall cause the new company to
Forthwith under the direction of a master, or
one
corporation.
Table of
Will
91,887,100
Prior lien A 5s.
25,561,500
,
Each $1,000
Consoi. series A
4^ 8... 108,305,000
$1,000
10,000,000
Consoi. series B 6s
Each $1,000
5 190,000
RFC loans
Each $1,000
RCC loans
3,286,100
:
Each $1,000
a
5,136,900
Bank loans
Each $1,000
c
27,566,100
300
Each $1,000
Each
the
be.
case may
Net income
as
that term is used
herein is "income after fixed charges,"
computed in accordance with the order of the ICC.
The net income shall be determined at the end of each
calendar year
as promptly as possible after the
termination
calendar year, the new company shall fail to earn its
fixed charges, such dificit shall be added to the fixed charges in the next
succeeding calendar year or years so that no income shall thereafter be
available for income bonds of any series until such deficit shall have been
and
shall
thereof.
be
determined
If, in
made up.
Interest
on
any
the income bonds shall
be payable only in multiples of \i
1%.
Any interest earned but, by reason of the foregoing provision,
paid on any interest date shall be added to the fund available In the
succeeding year or years for the payment of such interest.
Prior Preferred Slock—Prior pref. stock (par $100) will be originally au¬
thorized in the number of shares necessary to carry out provisions of the
of
not
next
plan
requiring the issue of prior pref. stock plus
approximately 100,000
be issued for any proper corporate
The suggested stated value is tentative and may be changed by
the board of directors witn the approval of the Court.
The prior pref. stock shall be entitled to annual dividends, when and a«
declared by the directors, of $5 per share before any dividends shall be
declared or paid on the pref. stock or the common stock.
Dividends on
the prior pref. stock shall be payable only to the extent that funds are
available therefor out of net income for the preceding calendar year after
interest and sinking fund requirements on the income bonds.
To the
extent that net income for any year is available for dividends on the prior
shares, which may from time to time
General cieditors
200
250
1.98
7,668,400
300
27,076,200
5,112,300
200
21,661,000
6,390,400
250
56,256
250
2,500,000
250
2,076,000
400
985,800
300
2,054,800
400
200
2,000,000
200
2,076,000
400
985,800
See below
pref. stock and such dividends are not paid, the dividends shall cumulate
without interest and shall thereafter be paid before any dividends shall
be declared or paid on the pref. stock or the common stock.
Dividends
on the prior pref. stock shall cumulate only by full multiples of 25 cents
per share.
In the event of the dissolution, winding up or liquidation of the comapny,
the holders of the prior pref. stock will be entitled to receive $100 per
share, together with all unpaid dividends thereon which shall have been
declared or have accumulated by reason of the existence of available net
income before any distribution shall be made to the holders of the pref.
stock or the common stock, but they shall not be entitled to any further
share in the assets of the company.
Each share of prior pref. stock shall entitle the holder thereof to one
vote at all meetings of stockholders.
The prior pref. stock shall be redeemable at the option of the company
at any time in whole or in part on 30 days' notice at $105 per share, toegther
300
2,054,800
400
16,245,800
150
1,500,000
150
1,038,000
200
1,314,500
400
1.027,300
200
2.20
294,372
2.72
31,023
3.10
6,588
1.27
1,566
.48
b6,582
1.28
v
Exchange of Old for New
Stock
Outstanding
Existing Stock—
Will Receive
—
Com. Shs.
Pref. Shs.
196,620
,40
655,432
Each share-...1
a Bank loans are made up
as follows:
(1) First National Bank in St.
Louis. $343,t)(K) 6% note due 1932, secured by $625,000 consoi. mtge.
oonds, series B.
This creditor is offered $137,200 in new 1st mtge. bonds.
$137,200 in new gen. mtge. income bonds, $68,600 in new prior pref.
stock (par $100), and shares of new common stock.
(2) Mercantile Commerce Bank & Trust Co., $402,100 6% note, due
July 1, 1932, Secured by $625,000 consoi. mtge. bonds, series B, as col¬
lateral.
This creditor is offered $160,840 in new 1st mtge. bonds, $160,840
in new gen. mtge. income bonds, $80,420 in new prior pref. stock (par $100)
$49,157,400
Preferred stock.
Each share
—
Common stock.
—
-
294,944
.60
65,543,200
stock.
(3) Bankers Trust Co., $422,800 6% note, due July 1, 1932, secured
$625,000 consoi. mtge. bonds, series B, as collateral.
This creditor
is offered $169,120 in new 1st mtge. bonds, $169,120 in new gen. mtge.
income bonds, $84,560 in new prior pref. stock (par $100), and shares of
and shares of new common
by
new common
stock.
Guaranty Trust Co.,
(4)
$1,042,900 6% note, due July 1, 1932, secured
by $1,562,500 consoi. mtge. bonds, series B, as collateral.
Tnis creditor
is offered $417,160 in new 1st mtge. bonds, $417,160 in new gen. mtge.
income
bonds, $208,580 in new prior pref.
stock.
•
stock (par $100), and shares
of new common
prnpose.
^
350
.84
18,377,400 $22,971,800 181,998
650
Each $1,000
Prior lien A 4s
in paragraphs (a),
as
Receive
1st Mtge.
Income
l*rlor Pref.
Com.
Outstanding
Bonds
Bonds
Shares
Shares
Equipment trusts
$9,190,000 Will remain undisturbed
K. C. Mem. & Birm. 4s.
3,323,390 Assumed and extended 20 years at 4%
K. C. Mem.& Birm. 5s.
3,182,780 Assumed and extended 20 years at 5%
K. C. Ft. Scott & M. 4s. 25,835,000 $16,792,700
$9,042,300
21,606
Existing Securities—
in
be issued for any of the purposes specified
(b), and (c) above only provided that full interest and
sinking fund requirements on all outstanding income bonds shall have
been earned for the two calendar years preceding the year in which such
additional income bonds are to be issued; and the total amount of 1st mtge.
bonds and income bonds that may be issued for any of the purposes set
forth in the foregoing paragraphs (a), (b), and (c) shall be limited to 75%
of the cost of the improvements, extensions, betterments or acquisitions,
Exchange of Old for New Securities
V
;
urisdiction
the premises).
Jiremises) or permitted by the ICC (or other Federal regulatory body having
Income bonds may, however,
vote
stock shall entitle the holder thereof to one
of stockholders.
at ail meetings
t Central Hanover Bankconsoi. mtge.
secured by $625,000
& Trust Co.,
.
This
gen.
,
$433,500 6% note, due July 1,
bonds, series B, as collateral.
creditor is offered $173,400 in new 1st mtge. bonds, $173,400 in new
mtge. income bonds, $86,700 in new prior pref. stock (par $100)
stock.
National Bank, $2,492,600 6%
and shares of new common
(6)
Chase
_
note, due Dec. 31, 1932,
secured by $4,183,500 consoi. mtge. bonds, series B, as collateral.
creditor is offered $997,080 in new 1st mtge. bonds, $997,080 in new
mtge.
income bonds,
$498,440 in new prior pref. stock (par
This
gen.
$100), and
stock.
b The 6,582 shares of new common stock are to be apportioned between
bank loans in proportion to accrued interest when determined.
c General
Creditors—General claims against the debtor accrued prior to
Nov. 1, 1932, upon which a bill for receiver of the debtor's property was
filed and upon which a receiver was afterwards appointed are outstanding
in
disputed, unliquidated amounts.
It is recommended that the new
company shall agree to give in payment for such claims as may be finally
allowed as just debts of the debtor one share of pref. stock for each $100 of
debt so allowed.
The amount fixed in settlement of any such claim pur¬
suant to agreement by the board of directors of the new company shall
be entitled to the same treatment as a judgment in this respect.
t
,
The debtor is a joint and several guarantor on the outstanding bonds of
a number of terminal companies.
The new company will assume these
shares of new common
joint and several guarantees.
„
3668
Financial
Chronicle
All
executory contracts not rejected by the trustees In reorganization
prior to the consummation of the plan shall be assumed by the new com¬
pany.
Any claimant for damages arising out of rejection of an executory
contract by the trustees in reorganization shall have the status of a
general
creditor.
Earnings of Company Only
October—
1937
$4,237,340
691,236
434,929
Gross from railway
Net from railway
Net after rents..
From Jan, 1—
Gross from railway.....
Net from railway......
Net after rents.
...
1936
1935
1 934
$4,738,259
1,269,809
1,000,801
7,452,212
5,159,595
$3,579,574
39,539,148
7,409,139
41,980,941
$3,967,014
757,705
524,700
33,598,954
3,947,375
1,498,476
34,074,512
4,580,710
Total oper. expenses
Net ry. oper. income...
Other income
Total income
Deductions from income
mentioned wage increase.
Earnings for October and Year to Date
October—
Gross from railway
5,979,877
3,065,233
Bal. avail, for int., &c
$970,561
5,729
$5,063,124
Payment Sought
on
Federal Judge Charles B. Davis at St. Louis, heard
arguments and took
under advisement the evidence in which
Guaranty Trust Co. of New
York,
seeking to establish
approximately $37,000,000 and
representing bonds under the mortgage with face value of $21,638,000.
Because the United States left the gold standard since the
bonds were
issued, the bondholders, if paid in guilders, would benefit
substantially as
as
a
trustee under the first terminal and
unifying bonds, is
claim for 53,878,620 guilders, equal to
Serrick
gold and permitted the discharge
Supreme Court, but he cited
State and Federal
cases
The
Guaranty Trust Co. claim
Attorney, of New York.
in support
supported by Ralph M. Carson,
A similar claim was made by Gov. Henry S.
was
Caufield, representing a protective committee for certain bondholders.
Mr. Carson pointed out that the bonds are
guilder bonds and not dollar
bonds and that the precise question has been
authoritatively decided by the
He also supported the
right of the mortgage trustee to exercise the
Judge Davis ordered that briefs be filed by Dec. 20.
courts.
guilder option.
Earnings for October and Year
to Date
Period End. Oct. 31—
Railway
Railway
1937—Month—1936
1937—10 Mos.—1936
$1,929,298
$1,835,580 $17,882,113 $15,756,885
expenses.
1,360,329
1,217,313
13,397,007
10,653,116
oper.revenues.
oper.
Net rev.
fromry.
Railway tax accruals...
$568,968
111,751
$618,267
103,166
$4,485,105
808,063
$5,103,768
936,578
Ry. oper. income
Other ry. oper. income.
$457,216
27,490
$515,100
$4,167,190
25,605
$3,677,042
256,667
Total ry. oper. income
Deduc s from ry. oper.
$484,707
$540,706
$3,933,709
tional shares of class B stock
on the Exchange.
These securities will be
admitted to trading upon registration under the Securities Exchange Act
of 1934 becoming effective and upon notice
Shell Union Oil
The directors
income
167,211
Non-oper
income
Gross income
138,922
1,981,442
1,758,212
$317,496
19,445
Net ry. oper. income.
$401,784
$1,952,267
82,571
$2,655,623
6,020
$336,941
271,592
Deduc's fr. gross income
Net income
—V. 145, p. 3357.
$407,804
273,386
$65,348
$2,716,888
2.837,422
1936
1934
$109,047
10,659
defl6,845
$57,666
def24,273
def48,248
$81,684
31,158
7,528
1,038,848
67,617
def237,474
1,067,474
306,653
23,188
713,131
def47,013
def292,313
905,562
292,465
49,094
railway......
From Jan. 1—
Gross from
railway
railway
Savannah Electric & Power Co
.—Earnings—
12 Months Ended Oct. 31—
Operating
Balance after
y
Balance for dividends and surplus
x
Includes
operation, maintenance &
taxes..
non-operating income, net.
y
tirement reserve.—V.
145, p. 3020.
Schumacher Wall Board
Period End. Oct. 31—
Net prof, after all
chgs
145,
p.
$1,924,852
901,327
329,063
appropriations
for
directors
1937—6 Mos—1936
$23,945
$0.23
$0.45
$0.83
$0.81
$4
I-III" III" HI!
I-IIIIIIIIII
156 421
3,041418
expenses...
Profit from operations.!
Other income credits
234,496
$880 507
36355
$917 262
—I"!—
26 918
"
S. M. A.
on
was paid on Dec. 15, 1936, and
Jan. 2, 1936.—V. 143, p. 3648.
779,499
$1,307,053
on
been made.
relating to the reorganization
of the company under Section 77B of the
Federal Bankruptcy Act.
—Y. 145, p. 3020.
Ry.—Operating
Revenues
Increase
for October—
Total
operating revenues for the month of October, 1937, amounted to
$3,359,790 compared with $3 313,613 for the same month of 1936.
While
the revenues for October, 1937, were
slightly in excess of those for the same
month
last year, net railway operating income for
the month decreased
from $452,160 for October, 1936, to $87,218 for
October, 1937, a decrease
$364,942.
The decrease in net railway operating income is attributable
of
the
(T. L.) Smith Co.—Preferred Dividend Deferred
one
of 10
—
The directors have decided to defer
payment of the dividend on the 6%
cumulative preferred stock, par $10, due at this time.
A dividend of 15
cents per share was paid on Sept. 1 and June
1, last, this latter being the
initial distribution.—V.
144,
p.
3852.
Socony-Vacuum Oil Co., Inc.—Ewing to Retire—
Frederic Ewing, Director of this company and Vice-President in
Charge
of Eastern Operations, announced on Dec. 2 his withdrawal from active
service in the company for reasons of health.
tive Committee, Mr. Ewing will continue
At the request of the Execu¬
director of the company
as
during the next 18 months before retirement.
The Executive Committee has created the new
position of Eastern Sales
Manager in Charge of Operations for New England, New York, New
Jersey and Pennsylyania.
Walter Faust, previously in charge of the
marine and aviation business for
Socony-Vacuum, has been appointed to
this new office as of Jan. 1, 1938.—V. 145,
p. 3020.
Pay Special Dividend—
a special dividend of five cents
per share on
stock, par $1, payable Dec. 20 to holders of record Dec. 10. A
dividend of 10 cents per share was paid on Dec. 3 and on Sept. 15, last, and
compares with 5 cents paid on Oct. 15 and on April 15, 1936, this latter
being the initial distribution on the issue.—V. 145, p. 3021.
common
South
American
x
Period End.
Net income
Earnings
Sept. 30—
per share
Gold
Platinum
&
1937—3 Afos.—1936
$97,505
$238,254
$0.06
$0.13
Co.
(& Sub .)—
1937—9 Mos.—1936
$492,874
$0.28
$480,874
$0.27
After depreciation, estimated depletion, United States and Colombian
income taxes and minority interests, but before provision for surtax on
undistributed profits, y On 1,760,000 shares capital stock (par $1).
During the nine months ended Sept. 30, 1937, the subsidiaries produced
32,260 ounces of crude gold and 13,837 ounces of crude platinum both of
these products require refining.—V.
145, p. 2559.
South Carolina Power
x
Oper.
exps. and taxes.
Prov. for retire,
reserve.
Co.—Earnings —
1937—Month—1936
$273,385
$238,769
166,166
151,347
35,000
18,000
1937—12 Afos.—1936
$3,232,228
1,894,121
341,000
$2,808,381
1,677,050
220,000
Gross income
Int. & other fixed charges
$72,219
56,536
$69,422
53,699
$997,107
659,970
$911,331
648,323
$15,682
14,286
$15,723
14,286
$337,136
171,438
$236,007
171,438
$1,396
$1,436
$165,698
$91,569
Balance
No
was made in 1936 for Federal surtax on undistributed
all taxable income for that year was distributed.
No provision
has been made for such tax in 1937.—V. 145,
p. 3021.
x
profits
provision
as
Southern Canada Power Co.,
Years End.
Sept. 30—
Ltd. (& Subs.}—Earnings
1936
27,214
$1,987,772
166,692
26,487
$1,969,027
revenue..
1937
28,366
$2,138,052
170,036
172,015
1934
27,119
$2,010,960
179,122
Gross earnings.......
$2,308,088
127,450
369,667
283,100
181,137
3,600
312,165
$2,154,464
108,894
374,870
239,258
187,579
3,600
331,904
$2,141,042
95,094
371,723
232,448
164,368
3,600
333,339
$2,190,082
84,485
353,654
216,862
162,708
6,500
338,375
Surplus for year
$1,030,969
Surplus brought forward
319,921
$908,359
373,866
$940,470
b404,828
$1,027,498
359,402
$1,350,890
425,334
319,642
$1,282,225
425,334
319,257
$1,345,298
425,334
321,010
$1,386,900
425.334
——
124
186
233,381
14,070
217,713
224,964
229,549
$373,866
$411,262
Customers connected
revenue
Purchased power
Operation
Taxes
Line
on
Corp.—Extra Dividend —
paid
Miscellaneous
1V412
I-IIIIIIIIIIIIIIIII
Surplus, Sept. 30, 1937.
Air
share
holders of record Dec. 6.
An extra dividend of 25 cents
cents was
106*.144
Notes—In opinion of counsel,
company is exempt from Federal surtax
undistributed profits, and no provision therefor has
Seaboard
per
The directors have declared an extra dividend of 20 cents
per share in
addition to the regular quarterly dividend of 20 cents
per share on the
common stock, par $1.
The extra dividend is payable Dec. 15 to holders of
record Dec. 6 and the regular
quarterly dividend will be paid on Jan. 3 to
Electric
$514 142
No provision has been made for
expenses
50 cents
April 16, last $1.75 paid on Dec. 21, 1936 75 cents paid on Nov. 24,
1936, and 50 cents per share paid on Sept. 1, 1936, this latter being the first
paid by the company since May 1, 1930, when a regular quarterly
payment of 75 cents per share was made.—V. 145, p. 2244.
270 159
taxesIIIIIIIIII
Net income
Surplus credits
Surplus, Jan. 1, 1937.
of
Net income
Divs. on pref. stock
Co.—Earnings-
Statement of Income for Nine Months
Ended Sept. 30, 1937
Net sales
Gross income
Income charges
Interest on bonds
Provision for Federal normal and
State income
dividend
dividend
..
$24,295
Selling, general and administrative
a
and on
Period End. Oct. 31—
Gross revenue.
$13,182
Cost of goods sold
have declared
stock, no par value, payable Dec. 22 to holders of record Dec. 10.
This compares with 75 cents paid on Oct. 16, last 50 cents
paid on July 19
re¬
$6,745
1113.
Scullin Steel
1936
$2,143,696
980,360
353,938
Corp.—Earnings —
1937—3 Mos.—1936
Earns, per sh. on 29,410
preferred shares
—V.
After
dividend of 50 cents per share on
x
1937
revenues
x
a
Simmons Co.—50 Cents Dividend—
The
y
Net after rents
—V. 145, p. 2863.
Nov. 29 declared
common
the
$90,269
def23,909
def55,284
3358.
stock payable Dec. 20 to holders of record Dec. 9.
Alike
paid on July 15, last, and a dividend of 25 cents was paid on
Dec. 15, 1936, this latter
being the first dividend paid on the common
stock since 1930.—V. 145, p. 2706.
The directors have declared
1935
p.
common
Sonotone Corp.—To
RR.—Earnings—
1937
Net after rents
Net from
$2,034,839
2,714,944
61,264
$134,417 def$680,105 def$120,534
San Antonio Uvalde & Gulf
October—
Gross from railway
Net from
246,645
on
of issuance.—V. 145,
Corp. —To Pay 50-Cent Dividend —
amount was
$4,413,836
oper.
Corp.—Application Approved—
aggregate number of shares of class A common stock that will be issued
for this dividend is 6,971 shares.
The class A stock is convertible into
share, which necessitates the listing of 6,971 addi¬
said, has been decided by the U. S.
numerous
of his contention.
1,289,948
class B stock share for
the
of all obligations in United States
money, dollar for dollar. He argued that
the word "obligation" referred to the bonds and not
to gold clauses only.
The specific question, Mr. Kiskaddon
28,139,537
4,227,978
1,274,584
4,020.409
Chicago Stock Exchange has approved the application of the corporation
list 6,971 additional shares of class B common stock
($1 par).
The
directors declared a dividend, payable on Dec. 15, 1937, to holders of class
B common stock of record on Nov. 25, 1937, at the rate of l-20th of a share
of class A common stock for each outstanding share of common stock.
The
Currencies,
trustee of the
road opposed the claim contending that the
joint resolution of Congress of
June 5,1933, outlawed
payment of debts in
27,965,641
to
gives the holders
the right to elect to receive
payment in guilders and other foreign
well as in United States dollars.
A. H. Kiskaddon and Carleton S.
Hadley, Counsel for the
30,909,462
4,751,803
2,121.889
Selfridge Provincial Stores, Ltd.—Final Dividend—
The Netherlands Government has made no revision of
its currencies.
The bonds contain a foreign
money option clause which
as
1934
$2,610,194
154,927
def40,668
The directors have declared a dividend of 9 3-10 cents per share on the
American depository receipts for ordinary shares payable Dec. 8 to holders
of record Nov. 16.—V. 145, p. 2244.
$4,069,578
St. Louis Southwestern Ry.—Guilder
Bonds—Suit Taken Under Advisement—
1935
$2,867,628
281,972
67,190
—V. 145, p. 2863.
V
;
1936
$3,313,614
626,798
452,160
35,343,481
6,797,848
3,283,620
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
$4,131,507
61,929
$964,832
$400,951
—V. 145, p. 3508.
$5,116,711
53,586
1937
$3,359,790
423,665
87,218
Net from railway
Net after rents.
1937—Monks—1936
1937—10 Mos.—1936
$4,402,612
$4,936,194 $43,832,729 $41,348,589
3,710,441
3,667.631
36,137,656
34,067,753
392,948
958,533
4,994,150
3,945,420
13,264
12,027
122,560
186,087
$406,212
5,261
1937
4,
518,825
233,792
Earnings of System
Period End. Oct. 31—
Total oper. revenues..1..
Dec.
primarily to increases in wages, price of coal and other materials and supplies
and an increase of approximately $165,000 in the tax accrual.
The tax
accrual in October 1936, included substantial credits referable to prior years,
comparable credits not being included in the October, 1937, accrual, while
the October, 1937, accrual also includes an accrual for taxes under the
Carriers' Taxing Act of 1937 which was not included in October, 1936.
Maintenance charges were approximately $75,000 in excess of the same
month of last year, of which approximately $60,000 is due to the above-
MaintenanceBad debts
Interest.
Total
Preferred divs. paid
Common divs. paid
Minority int. in surplus.
Transf. to deprec. res've
Amortiz. of bond disc't.
Surplus
b
$358,463
Surplus of discontinued subsidiary
$319,921
company
1935
eliminated.
320,569
Volume
145
Financial
Consolidated Balance Sheet Sept. 30
Vw
1937
bonds,
advs.
Other
216,901
165,166
106,334
106,334
343,520
Customers' depos.,
cos,,
shs.
incl.
&
Bond
book
at
lnvestmentsx2,592,374
accrued
392,844
2,520,934
tncl.
revenue
403,312
354,173
228,581
210,215
95,392
expenses.......
y
Common
157,625
7,088,900
8 ,672,000
in
stock.
sh'hlrs.
cap.
<fe
99,863
24,214
8,672,000
4,660
Res. forbad debts.
/ 44,601
Total.
18,403
25,517,387
128,213
179,900
358,463
reserve
326,016
25,767
25,367,0351
6,295,137
2,379,726
1,254,483
4,916,913
2,148,024
1,297,705
The directors have declared
a dividend of $1.05 per share on the class B
value, payable Dec. 24 to holders of record Dec. 14.
This
paid on Sept. 30 and June 30, last; 25 cents paid on
March 31, last; $1.50 paid on Dec. 19, 1936; 25 cents on Sept. 30, 1936:
12;Ha cents on June 30, 1936; and a dividend of 25 cents plus an extra of
10 cents paid on March 31, 1936.
These latter payments were the first
made since Dec. 31, 1930 when the company paid a dividend of 50 cents
per share on this issue.—V. 145, p. 3022.
*
Sept. 30, 1937 the market value of "other investments" was
924,849 less than the book value shown above,
y Represented by 400,000
no par shares,
z Balance after applying $195,850 to write down value
of certain investments.—V. 145,
p. 3359.
no
par
compares with 35 cents
Standard Chemical Co.,
25,517,387 25,367,035
Total
196,208
6,899,822
2,374,784
1,100.410
Square D Co.—$1.05 Dividend—
;
stock,
stock,
cap.
220,718
$474,191
196,175
112,048
9,500
1,892,811
42,874
Earned surplus...
purch.accts., bal
$769,505
394,906
—V. 145, p. 3022.
475
zl ,934,241
8,224
in
1934
$928,781
420,201
278,159
7,657,494
2,557,829
1,450,672
Net from railway
Net after rents
surp.
with trus.
for bondholders.
1935
1936
$866,357
349,809
From Jan. 1—
Gross from railway
int.
of subs
6,902
1937
railway
railway
Net after rents
142,063
7 .088,900
Miscell. & conting.
less reserve
secure,
&
Res. for deprec
Mortgages receiv.,
escrow
due
Net from
40,503
43,240
Preferred stock...
Min.
Mdse. & main sup.
Funds &
Interest...
int.
Spokane Portland & Seattle Ry.—Earnings—
October—
Gross from
accrued
406,722
rec.,
presenting his resignation, Mr. Spalding stated that although hi
principal duties as an officer of the company have been to act as its general
counsel, he desired to resume a more general practice of law and would
become partner of the law firm of Lewis & Kelsey.—V. 145, p. 1752.
122,816
823.668
Prepaid & deferred
Empl.
264,132
Dividend payable.
value
Accts.
6,562,590
680,583
affll.
$
$
6 ,517,825
Accounts payable.
Pro v. for taxes...
hand & In
on
banks
Invest,
Liabilities—
Funded debt
403,897
bonds
on
Cash
1936
1937
:•
$
$
investment .20,659,247 20,580,924
Unamortized disc.
3669
In
1936
Assets—
Plant
Chronicle
Ltd.—Earnings—
6 Months Ended Sept. 30—
.
1936
$8,684
1937
$25,172
Net loss
—V. 145, p. 132.
Standard Gas & Electric
South Penn Oil Co.—Extra Dividend—
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
& Electric Co. system for the week
ended Nov.
27, 1937 totaled
The directors on Nov. 29 declared an extra dividend of 77 H cents per
share in addition to a regular quarterly dividend of 37
3^ cents per share on
Gas
the capital stock, par $25, both payable Dec. 28 to holders of record Dec. 10.
Previous extra distributions were as follows: 77H cents on Sept. 30, last;
week last year.—V.
37^ cents on June 30, last; 223^ cents on March 31, last; 52 H cents on
Dec. 29, 1936; 22 H cents on Sept. 30 and June 30, 1936, and 123^ cents
on March 31,
1936.
See V. 142, p. 1485, for detailed dividend record,
—V. 145, p. 1599.
1937—Month—1936
$335,702
193,174
30,000
$3,851,516
2,238,090
402,152
$3,553,152
1,987,627
298,274
$106,932
29,406
$108,193
27,323
$1,211,272
352,265
$1,267,249
314,633
$77,525
34,358
Gross income
Int. & other fixed chgs__
$297,149
158,956
35,594
x Oper. exps. & taxes—Prov. for retire, reserve-
$80,869
41,868
$859,007
467,691
$952,615
532,374
Net income
Divs.
pref. stock
of pref. stock,
on
Amortiz.
Balance
No
108,484
$32,319
provision
was
$39,001
$282,831
made in 1936 for Federal surtax
on
$420,241
undistributed
been
Erofits asmade for such tax infor that year was distributed. No provision
all taxable income 1937.—v. 145, p. 3021.
as
Southern Pacific
Co.—Acquisition—
The Interstate Commerce Commission on Nov. 17 authorized the acquisi¬
tion by the company of the railroad properties of the South Pacific Coast
The Coast company is controlled by the Southern through ownership
Its railroad, consisting of 32.81 miles of main
By.
of its entire capital stock.
line and 45.01 miles of branch lines, located in Alameda, Santa Clara and
Santa Cruz counties, Calif., is operated under lease by the Southern as a
component part of its system.
The Southern
Coast
now proposes to acquire by deed all the properties of the
as shareholders' liquidating dividends, and tbe Coast
is to be dissolved.—V. 145, p. 3509.
company,
company
Southern Pacific SS. LinesOctober—
1937
Gross from railway
Net from railway..
$642,113
7,896
defl0,552
Net after rents
From Jan.
■Earnings—
1935
$426,263
def49,781
def56,579
1934
$414,295
def92,273
def91,317
4,924,619
3,953,532
defl 1,403
def463,081
def52,057
def487,529
3,757,680
def662,392
def663,243
1935
1934
$7,888,030
2.552,873
1,850.066
$6,860,713
1,649.007
1,030,832
68,173,608
17,288,556
10,948,411
65,240,460
16,124,261
9,786,623
1936
$630,596
79,778
80,008
1—
Gross from railway
Net from railway
6,431,944
194,805
def33,993
Net after rents
—V. 145, p.
2864.
■
1937
October—
83,840,654
23,558,365
13,840.047
-
-
1936
$9,113,859
3,087,793
2,227,431
-
-
-
78,957,438
23,223,756
15,627,082
—Third
1937
Period—
Gross earnings (est.)—
—V. 145, p. 3509.
Week of Nov.—
1936
2,269,746
Net income.
y
Earnings per share
x
sion
1936
1937
118,988.122
112,551.870
Co.—Earnings—
—3
x
2,734,041
■Jan. 1 to Nov. 20-
•
Southland Royalty
Period—
Months
9 Mos. End.
Ended-
Sept. 30 '37 June 30 *37 Mar. 31 '37 Sept. 30 "37
$150,312
$158,082
$120,990
$429,384
$0.17
$0.18
$0.14
$0.50
After operating expenses and Federal income charges, but before provi¬
for Federal surtax on undistributed earnings,
y On 862,305 shares
Products
Co.-—Reorganization
The modified plan of reorganization, dated May 25, 1937, as
and modified Nov. 12, 1937, has been confirmed by the U. S.
Com-
changed
District
Court for the Southern District of New York.
The plan was consummated
on Nov. 29, 1937, and there were transferred to the new company, Standard
Coated Products Corp. (New York), the assets to be acquired by it under
the plan.
Cash deliverable to holders of first mortgage bonds of the company and
securities of the new company deliverable to the bondholders and to class A
$7 preferred, class B $5 preferred and common stockholders of the old
ready for distribution by City Bank Farmers Trust Co.,
as exchange agent.
The holders of the first mortgage sinking fund 20-year
6^% gold bonds
of Standard Textile Products Co., due Sept. 1, 1942, or of certificates of
deposit for the bonds will receive for each $1,000 of bonds (with Interest
coupons maturing Sept. 1, 1934 and thereafter attached and accompanied
by all scrip certificates issued by Standard Textile Products Co. in respect
of the interest coupons maturing Sept. 1, 1932 through Sept. 1, 1933, incl.)
and all claims of whatsoever nature in respect thereof, $100 in cash, 30 shares
of pref. stock and 10 shares of the common stock of the new company.
Holders of bonds or of certificates of deposit for bonds in the denom.
of $100 and $500 will receive ratable amounts of cash and of securities of
Southwestern Associated
Period End. Oct. 31—
plan stockholders are entitled to receive common
company on the following basis:
One share of common stock of the new company for each two shares
of class A $7 preferred stock.
(b) One share of common stock of the new company for each five shares
of class B $5 preferred stock.
(c) One share of common stock of the new company for each 50 shares
(a)
of common stock.
<
In a circular to the security holders, dated Nov. 16, President James T.
Broadbent, stated in part:
A contract had been entered into by the company for the sale of the socalled "Meritas Mills."
The purchasers have paid the full purchase price
of
$500,000, less adjustments for taxes.
#
subsidiary organized in
subsidiary was referred
to in the reorganization plan as Artificial Leather Co.) the fixed property
and appurtenant equipment owned by the company and located at Youngstown, Ohio, and at Clifton, N. J., and the capital stock of Cotex Corp.
The reorganization plan provides that Interchemical Corp. was to advance
to the new company (Standard Coated Products Corp.) the sum of $260,000,
and to receive therefor the promissory note of Artificial Leather Co. (now
Cliftex Corp.) in the amount of $260,000, endorsed without recourse against
The company has caused to be vested in a new
New Jersey and known as Cliftex Corp. (which
Standard Coated Products Corp. and to be secured by pledge
of all of the
$319,372
$223,112
to the company dated May
has served notice that it is
$43,490
10,354
100
55.116
"
—
1937—10 Mos.—1936"
$969,430
1,300
$792,272
1,000
,
25, 1937, have not been complied with, and it
no longer under any obligation in respect of
said proposal.
The company
—V. 145, p. 2706.
Southwestern Bell Telephone Co.
Earnings—
has contested the right of Interchemical Corp. so to
obligations, and after negotiations with representatives of
of the reorganization managers under the reorganization
plan, and or the first mortgage bondholders protective committee, certain
modifications in the reorganization plan and in said proposal of Inter¬
chemical Corp., dated May 25,1937, were agreed to by the various interests
conducting the negotiations, subject to the approval of the court.
Such
modifications provide that the company, will as a capital contribution to
Cliftex Corp., reduce from $260,000 to $200,000 the amount"due on the
note issued by Cliftex Corp. to the company,rand that Interchemical Corp.
terminate
1937—10 Mos.—1936
1937—Month—1936
$6,836,107 $71,764,388 $66,332,722
$7,336,977
22,125
256,160
264.401
25,808
Operating revenues— $7,311,169
Operating expenses.,
4,717,698
$6,813,982 $71,508,228 $66,068,321
4,380,838
45.918,535
42,394.344
$2,593,471
$2,433,144 $25,589,693 $23,673,977
Net oper. revenues—.
Rent for lease of operat¬
held.
new
$25,662
Net oper. revenues.__
Operating revenues
so
the modified
$275,684
52,572
$87,764
Uncollectible oper. rev
basis, and in addition there will be paid in cash for any such interest coupons
maturing from Sept. 1,1932 through Sept. 1, 1933, incl., an amount equal
to that which the holder would have received had he accepted the pertinent
offers of Standard Textile Products Co. in respect of such coupons.
If
the bonds are also accompanied by the March 1, 1934, coupons, an addi¬
tional amount equal to the amount previously offered by the company^in
respect thereof will also be paid.
If the bonds are not accompanied by all of the scrip certificates and (or)
coupons referred to above (other than the March 1, 1934 coupon), the
amount of cash and preferred stock and common stock of the new company
deliverable in respect of such bonds will be ratably adjusted and decreased.
The holders of scrip certificates (who are not also holders of bonds) will
receive $10 in cash, three shares of preferred stock and one share of common
stock of the new company for each $130 principal amount of such scrip
77,625
$101,274
57,784
Period End. Oct. 31—
also accompanied by all of the interest coupons maturing
1932 through Sept. 1, 1933, which were not surrendered
are
$396,997
Operating revenues—
Operating expenses
$33,136
1,
pursuant to offers of Standard Textile Products Co. for settlement of interest
on the bonds due during said period, settlement will be made on the above
$32,648
6,986
Uncollectible oper. rev—
Net operating income-
company.
Sept.
$791,272
515,588
$87,864
Operating taxes
new
If the bonds
$968,130
571,133
Telephone Co.—Earnings
1937—Month—1936
$101,424
150
revenues
the
from
outstanding capital stock of Cliftex Corp.
According to their respective books of account and records, the company
has certain claims against Cotex Corp., its wholly owned subsidiary, and
Cotex Corp. has certain claims against the company.
In connection with
consummation of the reorganization plan, it became advisable to have
mutual releases exchanged between Cotex Corp. on the one side and the
company and other subsidiaries on the other, so that all claims of Cotex
Corp. against the company or such other subsidiaries and all claims of the
company or such other subsidiaries against Cotex Corp. be released.
Interchemical Corp. has taken the position that as a result of certain
contracts for materials (primarily made by Cotex Corp.) and other changes
in the financial condition of the company, certain conditions of its proposal
capital stock (par $5).—V. 145, p. 3359.
Operating
Textile
pleted—
stock of the
From Jan. 1—
Gross from railway-.-.
Net from railway
Net after rents
corresponding
Kenneth R. Kingsbury, 61, President of this company died suddenly of
on Nov. 22.—V. 145, p. 3022.
-
Under
$8,559,296
2,207,459
1,149,143
-
Net after rents
the
heart attack
certificates
Southern Ry.-- -Earnings—
Gross from railway
Net from railway
compared with
company are now
10,848
expense
x
1937—12 Mos —1936
decrease of 3.5%
145, p. 3510.
a
Standard Oil Co. of California—President Dies—
a
Standard
Southern Indiana Gas & Electric Co.—Earnings—
Period End. Oct. 31—
Gross revenue
103,212,675 kwh.,
the
its
company,
ProductslCorp. $200,000 instead of the
contemplated.
Under these circumstances, Inter¬
shall advance to Standard Coated
ing propery
-
893,480
Operating taxes
39.234
7,163,000
3,909
756,000
9,008", 980
$260,000
originally
chemical Corp. will, of course, pay'over to
Standard Coated Products Corp.
in excess of the sum of $200,000 (plus interest thereon, or on
unpaid part thereof, at 4% per annum and the costs and expenses
incurred by Interchemical Corp. in connection with realizing on such stock
or assets) realized by Interchemical Corp. from the stock or assets of Cliftex
any amount
Net operating income—V. 145, p.
$1,699,991
$1,673,235 $16,580,713 $16,471,743
3021.
(A. G.) Spalding & Bros.—New Officials—
C.
S.
Lincoln,
Treasurer of the company, has been elected
CoTD
Secretary,
succeeding H. Boardman Spalding, resigned.
Herbert H. Pease
named a director to fill the vacancy created by the resignation
Combs, Comptroller.
the
has been
of E. E.
;•
is to reduce by $60,000 the initial
of Standard Coated Products Corp.**#*-**
The net result of these modifications
cash
and
net current assets
The court approved the modifications and
accepted the changes.
Ik MLlLik
creditorsiandtstockholders
—
Financial
3670
Preferred stock
(par $5)
—
50 cents per share on the com¬
value, payable Dec. 30 to holders of record Dec. 17.
dividend of $1.75 was paid on
dividends of 35 cents per share
were distributed.
In addition, an extra dividend of 40 cents was paid on
March 30 last; an extra of 25 cents was paid on Dec. 30, 1936, and an
extra dividend of 15 cents per share was paid on Sept'. 30, 1936.—V. 145,
p.looo.
no
13,899,916
695,176
10,095,184
224,847
3,275,181
Interest receivable
Appliances on rental, less rentals charged
Prepayments of insurance, taxes, &c
Sink, funds, representing cash held by bond trustees
Special deposits
1937
$125,695
def3,416
$136,350
defl,726
$134,066
1,195
def36,320
def38.282
def38,734
def.33,818
1,298,872
def9,332
1,338,351
defl,335
1,251,642
def53,988
1,419,890
218,661
def360,566
def429,704
defl23,038
-
—V. 145, P. 2864.
'
Swift & Co.—New
President, &c.—
He succeeds Gustavus P.
pany's founder, who was made Vice-Chairman of the board.
Both Gustavus P. Swift and Harold H. Swift became Vice Chairmen of
the company in the shift in executive personnel.
Charles H. Swift con¬
tinues as Chairman of the board.
S. W. Lund was elected a Vice-President
in charge of the pork
division.—V. 144,
p.
2678.
351,100
482,045
10,184,785
10,125,877
638,670
Total..
888,637
406,590,191 416,761,152
—-
-
Liabilities—
Bonds, mtges. & coupon notes
Notes payable (subsidiaries)
(subs.)
Accounts payable
Interest and taxes accrued
Dividends declared (subsidiaries)
—
158,083,500 157,832,000
1,410,520
848,473
3.038,644
15,010,387
6,068,398
Ret. res., represent'g prov. for future prop,
5,637,064
1,803,048
821,723
330,534
retires- 29,423,571
Sundry liabilities.
y,
1928, was on Nov. 18
Swift Jr., son of the com¬
836,747
^
_
^
Customers' deposits
John Holmes, Vice-President of this company since
1,622
stock
Unadjusted debits
$132,558
13»*67
Gross from railway..—
Net from railway...--
Net after rents
236,943
-
Acct. receivable from officer under long-term
Unamortized debt discount & expense—
1934
1935
1936
294,928
470,011
purchase contract—..
def288,632
Net after rents...
From Jan. 1—
President.
21,857,229
460,006
2,732,127
502,462
444,956
45,230
miscell. sources,
Materials and supplies
Rapid Transit Ry.—Earnings-
Staten Island
October—
elected
17,920,737
484,699
receivable
including instalment accounts
par
Gross from railway
Net from railway_>_.—
r
10,00/ tUlo
Cash in banks and on hand
Notes and warrants
Accts. receiv. from customers &
The directors have declared a dividend of
stock,
Iofb5o#ooo
Securities
Like amount was paid on Sept. 30, last; a
June 26, last, and previously regular quar.
$
?
349,566,245 344.323,387
Property, plant and equipment
(L. S.) Starrett Co.—To Pay 50-Cent Dividend—
mon
1936
1937
Aissets——
156,663 shs.
181,300 shs.
156,663 shs.
181,300 shs.
-
10c.)———
1937
4,
Comparative Consolidated Balance Sheet Sept. 30
Capitalization of New Company upon Completion of Reorganization
Authorized
To Be Outst'd'g
Common stock (par
—V. 145, p. 3359.
Dec.
Chronicle
2,977,177
798,115
205,774
27,190,231
doubtful notes &
Other res., incl. prov. for losses on
accts., injury & damage claims, &c
2,197,773
2,112,488
Unadjusted credits
813,547
772,009
(entitled in involuntary liquidation to $120.722,820)
113,949,377 114,012,529
Premium & discount on pref. stocks (subs.)
78,679
78,679
Cum. pref. divs. not declared (subs.)
9,948,658
11,386,900
Min. ints. in com. stocks & surplus of subs
5,701,030
6,437,655
Capital stock (2,104,391 shares)
—
20.000.0GO
50,000,000
Capital surplus
52,446,562 22,040,568
474,628 def1,178,895
Earned surplus.
,
Pref. stocks (subs.)
,
...
Stone &
Webster, Inc.—Earnings-—
Comparative Income Statement (Parent Corp.)
$1,442,145
296,058
.
Other..
...
Total
_
divs.,
interest &
miscellaneous
earnings
$635,214
288,748
46,533
726,823
bl20,7l0
$970,495
691,096
84,093
$195,306
Profit on sales of securities.
Total earnings.,
a
Operating
expenses
Taxes
—
Net income
-
$485,426
64,333
85,455
$890,670
—
$1,288,450
53,319
100,375
$1,738,203
Dividends.
Interest
Other
~
1936
1937
12 Months Ended Sept. 30—
Revenue from subsidiaries:
a
Expenses include, in addition to fixed rental payments for space oc¬
cupied, $145,862 (1936—$102,325) paid to Stone & Webster Realty Corp.
under the terms of its net lease of the Boston office building owned by that
corporation.
b Includes
$41,000 Federal surtax on undistributed profits for the year
1936.
No provision has been made for Federal surtax on undistributed
profits for the year 1937, since any liability for such tax cannot be deter¬
mined until the end of the year.
Note—The earnings as stated do not take account of the difference be¬
tween book amount and market or estimated fair value of securities owned.
—
Total
x
406,590,191 416,761,152
-
Represented by 2,104,391 shs. of no par value.—V. 145, p. 3511.
Sunbeam Gold Mines Co.—Registers
See
list
given on first
with SEC—
of this department.—V.
page
Sunray Oil Corp.—Earnings
—
9 Months Ended Sept. 30—
Gross oper. income, producing and refining divs..
Cost of refinery sales, oper. exp, (incl. gross pro¬
1937
$4,365,993
Operating
7,523,248
1,856,367
2,071,388
expenses
Taxes...
Int. & amortization
Balance.
...
d
Approp. for retire, res.
Divs. on pref. stocks of
subsidiaries, declared.
Cum. pref. divs. of subs.,
$4,191,034
1,474.911
6,807,485
1,730,615
2,119,055
28,964,655
c7,065,688
8,386,540
—
1,828,398
$1,089,659
43,698
15,025
$2,097,673
Other deductions:
Interest, abandonments, &c._
237,857
Estimated reserves for depletion and depreciation
925,326
Estimated taxes (but before surtax on undistributed
earings)
90,000
$1,104,684
214,001
416,668
$844,490
2,005,000
$0.37
$401,015
1,910,248
$0.24
Total income
;
1,173,234
1,311,856
5,108,391
4,970,806
539,586
not declared
Earnings
402,086
1,745,844
per
...
share
1937—Month—1936
1937—12 Mos.—1936
Operating revenues
Oper. exps., incl. taxes..
Prop. retire. res. approp.
$87,039
64,893
4,000
$81,694
59,824
4,000
$991,403
737,069
48,000
$973,680
699,782
48,300
Net oper. revenues—
Other income
$18,146
$17,870
$206,334
$225,898
203
377
886
$18,073
$206,711
5,450
99,864
$226,784
5,450
95,140
1,884,899
$1,003,304
$779,767
$2,455,050
$1,957,639
81,872
64,144
182,022
182.414
to
minority interests
Balance
Stone
applicable to
&
Webster,
$18,146
$0.34
$1.08
income tax returns, which are based on
1
a
*937, the physical property and certain other
sold.
The earnings as statea do not take account of the difference
between book
amount and market or estimated fair value of
securities owned.
Comparative Balance Sheet Sept. 30 (Company only)
1937
1936
hand
.♦
accounts
receiv.
receiv.
77,511
29.986
33,469
8,219
265,487
18,945
396,433
4,102,876
contract..
1,577,592
25,055
26,687
351,100
liabilities
.
provided for
long term stock
purchase acct..
Unadjusted credits
25,486
Capital stock (2,104,391 shares).20 ,000,000 50,000,000
Capital surplus...51 ,810,021 21,603,410
Earned surplus
426,605
def68,211
Federal surtax on undistributed profits
1936, inasmuch as the company reported no undistributed adjusted
for that year.
No such provision has been made to date for
1937—V. 145, p. 2865.
Tampa Electric Co.—Earnings—
1,920
9,382
869
Total
....72,709,823 72,072,834
1937—Month—1936
Period End. Oct. 31—
1937—12 Mos.—1936
Operating revenues—$377,743
Operation
152,086
$349,376
137,222
$4,494,128
1,797,501
$4,186,266
1,649,870
23,282
a48,596
20,117
47,030
248,015
a557,347
248,164
483,257
$153,779
$145,005
2>364
Dr418
$1,891,263
Dr3,228
$1,804,973
Crl6,542
$153,414
35,833
$144,587
$1,888,035
430,000
$1,821,515
$117,581
1,096
$108,753
$1,458,035
12,893
$1,391,515
12,941
$116,484
$107,766
$1,445,141
70,000
1,269,323
$1,378,574
70,000
1,269,422
Maintenance
Taxes
—
Net oper. revenues.
..
Non-oper. income, netBalance
Retirement accruals
35,833
Gross income
430,000
Interest
Net income
Pref.
divs.
987
declared
Com. divs. declared
No provision has been made for the
income for the year
net
1937, since
any
determined until the end of the year.—v.
Federal surtax on undistributed
liability for such tax cannot be
145, p. 3512.
Tappan Stove Co.—Dividend Increased—
directors have declared a dividend of 80 cents per share on the
stock payable Dec. 15 to holders of record Dec. 1.
An initial
dividend of 20 cents per share was paid on June 15, last.—V. 145, p. 1117.
The
common
Tecumseh Products
Co.—Earnings—
Period Ended Sept. 30, 1937—
x
y
Earnings
3 Months
$7,217
Net income
After
shares
per
$0.05
share
9 Months
$121,392
$0.97
operating expenses and Federal income charges, but before
for Federal surtax on undistributed earnings,
y On 125,000
stock.—V. 145, p. 1437.
common
Telephone Bond & Share Co.—Accumulated Dividends—
The directors
cents per
at their
meeting held Nov. 24 declared dividends of 49
share on the 7 % 1st pref. stock and 21 cents per share on the $3
1st pref. stock, to be paid on Dec. 15 to holders of record
Dec. 1.
payments were made on Sept. 15, June 15 and on March 15, last.
39,606
2,175
35,000
$91,215
Note—No provision was made for
V.
30,069
35,000
$66,422
-
net income
x
482,045
allow, for depre.
the
for
provision
Furn. & equip.,less
Sundry assets
Unadjusted debits
for
Regular dividend on 7% preferred stock was paid on Oct. 1, 1937.
the payment of this dividend there were no accumulated unpaid
x
Res.
2,340,253
officer under long
term stock purch
.
$
73,878
3,856,826
from
stock
pref.
dividends at that date.
1936
Taxes accrued
Sundry
Other notes, int. &
Acct.
$
81,418
4,598,500
Cash in banks and
on
1937
Liabilities—
Accounts payable.
4,898,500
Sec. of other cos..
Cr21
$126,215
After
a
assets of
The income statement includes results of
Assets—
$
$
Stocks of sub. cos.61,196,463 61,242,738
Notes receiv. from
to
Balance
Hr(2)n|4o!o57m0r *° that date- ^ t0U°WS: (1) $14-"
sub. cos
Cr25
$101,422
1...
t19371?0rtati0n equipment and ^tened to the accounts affected since
were
$9,549
period,
a
Note—Certain utility subsidiaries on Jan.
1, 1937, adopted the Federal
Rower Commission system of
accounts, hence previous year's figures are not
exactly comparative.
Ponce Electric Co.
$9,188
Net income.
Divs. applic.
$0.84
straight-line method, and the re¬
depreciation reserve would be if
,?UCJ? straight-line method. In addition to the amounts shown,
$117,989 has been appropriated by utility subsidiaries for accrued deprecia-
sulting reserve is substantially less than
454
8,070
chgd. to construct'n
(1)$715,623(2)$2273,028 (3)$1775,225
$0.44
blncludes, in addition to the customary profits and losses on security trans¬
actions of Stone & Webster and Blodgett, Inc., incident to its
business,
profits of $13,496 for three months of 1936 and $98,392 for 12 months of
1937 (1936—$182,629) realized on sales of investment securities.
Excludes
net profits realized by a subsidiary in August,
1937, and September, 1936,
arising from the sale of shares of common stock of El Paso Natural Gas Co.,
such profits having been credited to the subsidiary's earned
surplus account.
The amounts of these profits were $830,843 and $609,460 respectively.
Eliminating that portion of the profit of August, 1937, realized through the
sale of part of the shares to an affiliate antf
allowing for minority interest,
$474,302 and $558,143 is applicable to Stone & Webster, Inc., for the
respective periods mentioned.
c Includes
$55,807 Federal surtaxes on undistributed profits.
Except
in the case of three subsidiary companies, no
provision has been made for
Federal surtaxes on undistributed profits for the year
1937, since any
liabUity for such tax cannot be determined until the end of the year.
d The largest part of these amounts
represent appropriations by utility
subsidiaries to provide reserves against which
property retirements will be
charged as they occur.
The amounts so appropriated are substantially less
than the depreciation deductions claimed or to be claimed on
Federal
Jan
Int.
x
$921,431
share
per
454
8,504
Int. on mtge. bonds
Other interest
_
Inc
Earnings
-Earnings—
Superior Water, Light & Power Co.
Period End, Oct. 31—
Gross income
Balance
Amount
applicable
73,000
—V. 145, P. 3212.
26,473,844
5,975,922
8,658,077
$3,941,182 $15,204,445 :$14,385,225
1,447,473
5,895,161
5,571,881
_
2,312,017
Net operating income
Other income.
Shares common stock
Comparative Consolidated Income Statement (Incl. Sub. Cos.)
1936
$2,918,057
$2,053,976
duction tax) and administrative expense
Net income
Period End. Sept. 30—
1937—3 Mos.—1936
1937—12 Mos.—1936
b Gross earnings
$15,642,037 $14,598,338 $59,621,328 $55,493,068
144, p. 2677; V.
V. 143, p. 3858.
143,
p.
3649.—V. 145,
p.
Similar
See also
3360.
Telephone Investment Corp.—Delisting—Dissolution—
Total
The Securities and Exchange Commission has issued an order granting
the application of corporation to withdraw its no par capital stock from
72,709,823 72,072,834
listing and registration
on
the
San Francisco Stock Exchange.
In the
Volume 145
Financial
application it was stated that delisting was sought
solution of the corporation.—V. 145, p. 2407.
because
dis¬
of the
$214,878
57,142
27,337
$258,000
86,265
73,051
$228,097
78,847
:
55,597
2,134,754
561,353
291,176
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 145. p.
The
1934
$189,458
55,978
38,904
2,076,839
601,232
391.860
1,859,756
538,706
356,986
1.755,471
468,607
287,778
1937
income for that year.
—V. 145, p. 2866.
1936
1935
2865.
Operating revenues—
Oper. exps., incl. taxes..
Prop, retire, res. approp.
$324,186
223,821
32,363
$307,658
211,516
31,314
Net oper. revenues...
Rent from lease of plant.
$68,002
8,213
$64,828
8,208
Operating income
Otherincome
$76,215
1,299
on mtge. bonds
Other int. & deductions.
Net income
Divs. applic.
x
$3,311,967
2,390,625
362,203
$729,733
98,313
$559,139
98,626
$73,036
$828,046
Third Avenue Ry.
13,810
8,207
$73,991
32,417
397
$841,856
389,000
5,127
$665,972
389,000
3,749
$41,177
$447,729
$273,223
$44,708
for
the
to pref. stock
whether paid or unpaid
•:
period,
297,618
Net oper. revenue....
$334,436
116,304
$989,888
517,361
$1,160,393
443,261
$148,116
25,970
$218,131
38,563
$472,527
103,238
$717,132
153,642
$174,087
218,835
$256,695
230,320
$575,765
877,984
$870,774
916,744
$44,748 prof$26,375
$302,219
$45,970
Taxes
$283,671
135,554
Operating income
Non-oper. income
Gross income
Total deductions.
Net loss
•
—Y. 145, p. 3360.
Thomson Electric Welding Co.
To Pay $'3 Dividend—
—
The directors have declared a dividend of $3 per share on the common
stock, payable Dec. 1 to holders of record Nov. 22. This compares with 50
cents paid on Sept. 1, last, and quarterly dividends of 25 cents per share
previously distributed.—V. 139, p. 3657.
297,618
$150,111
System—Earnings—
IRailway and Bus Operations!
1937—Month—1936
1937—4 Mos.—1936
$1,201,570
$1,194,799
$4,554,359
$4,473,872
917,899
860,363
3,564,470
3,313,479
Period End. Oct. 31—
Total oper. revenue
$657,765
955
389
Gross income
Int.
$3,717,948
2,610,588
377,627
$77,514
32,417
__
Pay 15-Cent Dividend—
have declared a dividend of 15 cents per share on the
stock, payable Jan. 3 to holders of record Dec. 10.
A regular
quarterly dividend of like amount was paid on Sept. 30, last.—V. 145,
p. 2247.
directors
Total oper. expenses
1937—12 Mos—1936
1937—Month—1936
1937.
7,
common
Tennessee Public Service Co,—Earnings—
Period End. Oct. 31—
No such provision has been made to date for
Texon Oil & Land Co.—To
Tennessee Central Ry.—Earnings—
October—
Gross from railway
Net from railway
3671
Chronicle
def$24,395
Thompson Products, Inc.—To Pay 30-Cent Dividend —
■
Balance
_
.
.
.
.
.
-
.
■_
.
Divs. accumulated and unpaid to Oct. 31, 1937 amounted to $781,247.
Latest dividend amounting to $6 a share on the :$6 preferred stock, was
paid on Dec. 12, 1936. Dividends on this stock are cumulative.
Note—No provision was made for Federal surtax on undistributed profits
x
,
for
1936.
net
income for that
inasmuch
the
as
company
adjusted
reported no undistributed
No such provision has been made to date for
year.
1937.—V. 145, p. 2865.
The
The directors have declared an extra dividend of 50 cents per share in
addition to the regular quarterly dividend of like amount on the common
stock, par $25. The extra dividend will be paid on Dec. 24 and the regular
quarterly payment will be made on Jan. 2, 1938, both to holders of record
T.
Reiber, Chairman, estimates that for all of 1937 the company, in¬
cluding its subsidiaries, will earn approximately $5 a share on capital stock
after all
charges, including depreciation, depletion, amortization and
Federal taxes.
This means about $55,000,000.
It would compare with
the actually reported net income of $38,260,341, after charges, equal to
$4.10 a share on about 1,500,000 fewer shares outstanding, for 1936.
The
previous peak earnings for the company were $48,318,072 in 1929.—V. 144,
p. 2848, 2323.
1937—Month—\936
$723,265
$651,164
364,785
334,014
approp.
125,834
29,166
Net oper. revenues...
$232,646
$287,984
5.000
$3,083,966
5,635
$3,055,310
Dr4,164
140,542
2,494
$283,120
140,542
2,338
$3,089,601
1,686,500
19,319
$3,051,146
1,686,500
27,104
$90,266
Gross income-.---....
Net
$282,984
136
$140,240
$1,383,782
$1,337,542
656
$233,302
mortgage bonds-
Other int. & deductions.
x
$3,115,310
60,000
$232,646
Operating income
on
$3,093,966
10,000
_
Other income (net)
Int.
1937—12 Mos.—1936
$8,214,791
$7,332,439
4,264,159
3,825,461
856,666
391,668
income
375,678
$961,864
Regular dividend on $6 preferred stock was paid on Oct. 1, 1937.
After
the payment of this dividend, there were no accumulated unpaid dividends
v
-
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
income for that year.
No such provision has been made to date for 1937.—
V.
Texas Mexican
Ry,—Earnings—
1937
October—
1935
1934
$99,112
14,786
$88,510
13,655
$96,702
32,319
4,183
4,801
24,502
1,255,688
361,493
234,372
1,066,332
278,788
1,003,475
276,889
156,010
171,975
783,876
184,392
98,616
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
$908,476
53,273
$151,223
$1,307,497
$961,749
59,153
54,576
16,971
34,561
46,911
9,402
145,875
155,614
126,427
89,514
137,196
100,631
$135,577
293,290
$0.42
$60,349
283,610
$0.17
$879,581
293,290
$634,408
283,610
$2.11
$2.87
Tide Water Associated Oil Co.—Extra Dividend—
The directors have declared
the
common
stock,
an
value,
no par
share on
extra dividend of 15 cents per
payable
Dec.
17
to holders
of
record
Extra dividends of 10 cents in addition to the regular quarterly
dividend of 25 cents per share were paid on Dec. 1, and on Sept. 1, last;
Dec. 7.
a
dividend of 20 cents
was
paid
on
June 1, last; 15 cents paid each three
months from June 1,1936 to March 1,1937, inclusive, and a special dividend
of 25 cents paid on Jan. 15, 1936, this latter payment being the first made
since
Feb.
16,
1931 when 30 cents
per
share
was
distributed.—V.
145,
2866.
p.
Todd
Shipyards Corp. *—Special Dividend—
on Nov. 29 declared a special dividend of $3 per share
to a quarterly dividend of 50 cents per share on the capital
stock, no par value, both payable Dec. 20 to holders of record Dec. 6. A
special dividend of $2 was paid on Dec. 21, 1936.—V. 145, p. 134.
The
directors
in addition
Tokheim Oil Tank & Pump
Co.—Larger Dividend—
a dividend of 75 cents per share on the
18 to holders of record Dec. 7.
An extra
dividend of 25 cents in addition to a quarterly dividend of 25 cents per
directors
share
have
declared
stock, payable
common
paid
was
on
Dec.
Sept. 15, and on July 14, last. An initial dividend of
April 30, last.—V. 145, p. 1438,
25 cents was paid on
Toledo Peoria & Western RR.—Earnings1937
October—
railway
railway
1934
1935
1936
1
$256,067
107,354
52,434
$223,061
127,803
52,644
$193,555
73,955
42,799
$171,190
56,388
21,626
2,010,107
605,041
251,728
2,005,066
625,421
276,643
1,502,452
358,163
156,192
1,472,828
332,651
130,388
From Jan. 1—
Gross from
railway
Net from railway
Net after rents..
—V. 145, p. 2866.
Tonopah Mining Co. of Nev.—Three-Cent Dividend—
The directors have declared a dividend of
3 cents per share on the com¬
mon
was
Texas & New Orleans RR.
—•Earnings—
1937
1936
1935
1934
$4,059,238
893,508
417,914
$3,997,327
1,215,241
895,713
$3,437,744
999,741
734,702
$2,956,289
647,156
216,023
39,172,627
9,148,650
4,045,271
33,478,186
28,110,535
4,865,434
1,687,214
26,440,532
3,843,732
def466,537
October—
.
__
Net from railway
Net after rents.
From Jan. 1—
Gross from railway
Net from railway.
$1,202,041
105,456
stock, payable Dec. 23 to holders of record Dec. 8.
A similar payment
on Dec. 21 and on Aug. 1, 1936, this latter being the first distri¬
bution made since Oct. 31, 1929, when a semi-annual dividend of 7)4 cents
—V. 145, p. 2865.
Gross from rail way
share on the
$266,277
Net profit
Shs.com. stk. (no par)..
Earnings per share
—V. 145, p. 2708.
Net after rents.
1936
$112,813
19,431
6,701
per
$125,713
25,510
Federal income taxes—
Net from
Gross from railway
cents
int.,
Gross from
145, p. 2865.
of 30
$228,048
38,229
Total income........
The
at that date.
dividend
a
1937—3 Mos.—1936
1937—9 Mos.—1936
$3,414,350
$2,439,656 $11,127,663
$8,196,317
2,313,943
9,925.622
7,287,841
3,186,302
.......
Developm't exps.,
royalties, &c
Depreciation
375,678
$1,008,104
Balance
x
Sept. 30—
&c_
Operating profit—
Dividends applicable to preferred stock for the
period, whether paid or unpaid
exps.,
Otherincome
Texas Electric Service Co •—Earnings—
Rent for lease of plant.
declared
no par
Net sales
Costs,
Texas Corp.—Extra Dividend—
Prop, retire, res.
have
value, payable Dec. 23 to holders of record Dec. 15.
was paid on Oct. 1 and on July 1, last; one of 40
cents was paid on April 1, last; 90 cents was paid on Dec. 15, 1936, and
dividends of 30 cents were paid on Oct. 1 and on July 1, 1936, this latter
being the first made on the common stock since Jan. 2, 1932, when a regular
quarterly dividend of 30 cents per share was distributed.
stock,
A dividend of 50 cents
Period Ebd.
.J;
Period End. Oct. 31—
Operating revenues
Oper.exps.,incl. taxes..
directors
common
_____
Net after rents
7,371,301
3,474,200
—V. 145, p. 2865.
per
made
share was paid.—V. 145, p. 959.
Transcontinental & Western Air, Inc.—Earnings■—
1937
x 1936
29,222
24,833
22,234,014
22,074,354
Express pound miles
127,202,380 116,666,201
Mail pound miles
635,995,022 733,928,315
Mail revenue per pound mile flown with mail_
$.0007
$.0007
Operating revenue.......—...—$1,698,843
$1,757,572
Operating expenses.
1,547,529
1,307,647
Depreciation
233,072
244,702
Ordinary taxes
"..._
25,622
• 27,707
3 Months Ended Sept. 30—
^
Number of passengers
Revenue passenger miles
—
.
_ —
Texas Pacific Land Trust—To
Pay 20-Cent Dividend—
The directors have declared a dividend of 20 cents per share on the sub-
payable Dec. 27 to holders of record Dec. 8. An initial dividend of
10 cents per share was paid on Dec. 21, 1936.
On the full certificates of proprietary interest each of which is equivalent
to
100 sub-shares the current dividend is equal to $20 per share.—V.
145, p. 3360.
shares
—
—....
Operating loss.
$107,380prof$177,516
43,691
Drl 1,728
___.
Other income (net)
$63,689prof$165,788
33,730
Loss
Texas Power &
Light Co.—Earnings—
1937—Month—1936
Period End. Oct. 31—
Operating revenues
$1,104,498
Oper. exps., incl. taxes..
501,213
Prop, retire, res. approp.
109,021
Federal
1937—12 Mos.—1936
$983,170 $10,934,567
453,669
5,479,872
46,818
840,291
$9,844,864
4,538,335
552,069
$494,264
1,378
Net oper. revenues
Other inc. (net)--
$482,683
846
$4,614,404
9,165
$4,754,460
8,570
$495,642
177,708
$483,529
177,708
10,000
12,392
$4,623,569
2,132,500
120,000
222,872
$4,763,030
2,130,416
120,000
159,330
income
tax
Net loss
x
$63,689prof$132,058
-
Revised.—V. 145, p. 1538.
Tri-State
Telephone & Telegraph Co.—Earnings —
1937—Month—1936
1937—10 Mos.—1936
$535,388
$501,096 $5,182,546 $4,756,323
Period End. Oct. 31—
Operating revenues
Uncollectible oper. rev._
on
Int. on
;.
mortgage bonds.
debenture bonds.
*
Other int. & deductions.
Net income
x
..
10,000
20,214
$287,720
$283,429
$2,148,197
$2,353,284
865,050
865,050
$1,283,147
2,310
632
27,270
11,545
Operating revenues—
Operating expenses
$533,078
403,095
$500,464
364,266
$5,155,276
3,934,380
$4,744,778
Net oper. revenues...
Gross income
Int.
$129,983
$1,220,896
$1,230,304
46,312
$136,198
27,964
455,616
313,051
$83,671
$108,234
$765,280
$917,253
& Foundry Co.—To Pay
$2 Div.—
3,514,474
$1,488,234
Operating taxes
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Balance
Regular dividends on 7% and $6 preferred stocks were paid on Aug. 2,
1937.
After the payment of these dividends there were no accumulated
unpaid dividends at that date.
Regular dividends on these stocks were
declared for payment on Nov. 1, 1937.
Note—No provision was made for Federal surtax on undistributed profits
for 1936, inasmuch as the company reported no undistributed adjusted net
Net oper. income
—V. 145, p. 2866.
United Engineering
x
The directors have declared a dividend of $2 per
stock, par $5, payable Dec. 17 to holders of record
of $1.50 per share was paid on Dec. 22, 1936.
regular quarterly dividend of 50 cents per
Nov. 16, last.—V. 145, p. 1277.
The
on
share on the common
Dec. 10.
A dividend
t
share was .distributed
Financial
3672
Union Premier Food Stores,
Inc.—Listing Approved—
The New York Ourb Exchange has approved for listing 28.500 additional
shares of common stock, $1 par, upon official notice of Issuance.—V, 145,
■
3361. m ammM*
p.
per
share In
regular dividend of 25 cents per share on the common
value, both payable Dec. 23 to holders of record Dec. 7.
the
to
stock, no par
1937
1936
$270,238
$247,497
$1 -36
$i .22
x After depreciation. Federal income taxes, &c., but before provisions
for undistributed profits surtax,
y On 167,594 shares common stock.—
x
9 Months Ended Sept. 30—
Net profit
y
Earnings
V.
per
'•
V
145, p. 3213.
Co.—Special Dividend—
The directors on Dec. 2 declared a special dividend of $1 per share In
addition to the regular quarterly dividend of 75 cents per share on the com¬
stock, no par value.
The special dividend will be paid on Dec. 23 to
holders of record Dec. 6, and the regular quarterly disbursement will be
made on Jan. 15, 1938 to holders of record Dec. 20.
A special dividend of $1.25 was paid on Dec. 21, 1936, and an extra divi¬
mon
dend of 50 cents per share was paid on April 14,
United Gas
United Paperboard
Woodward Babcock
91,589,483
91,016,529
Co.—New Director
elected
was
Nov. 28 *36
86,235,832
(kwh.)
Nov. 20'37
a
—
director of this company at the recent
annual meeting of stockholders, succeeding
James Todd.—V. 145, p. 3023.
United Public Service Corp.—To
Pay IB-Cent Dividend —
p* The directors
on Nov. 26 declared a dividend of 15 cents per share on the
stock, payable Dec. 15 to holders of record Dec. 4.
Ajq Initial
dividend of 30 cents was paid on Dec. 26, 1936.—V. 145, p. 3513.
common
United
Public
Utilities
Corp.—Sub. Cos.' Notes—
The Securities and Exchange Commission has approved the acquisition
by the company of certain promissory notes to be issued by three whollyowned subsidiaries.
The name of the issuers and the amounts and the
terms of the notes are as follows:
DfeTexas Ice & Refrigerating Co. promissory notes aggregating $618,085,
to be dated Jan. 1, 1937, to mature Jan. 1,1945, and to bear interest at the
rate of 6% per annum.
y Louisiana Ice & Coal Co., Inc., promissory note in the principal amount
of $933,531, to be dated Jan. 1, 1937, to mature Jan. 1, 1945, and to bear
int. at rate of 6% per annum.
Cap
F.
Bourland Ice Co., promissory note in the principal amount
of $2,964, to be dated Jan. 1, 1937, to mature Jan. 1, 1945, and to bear
interest at the rate of 6% per annum.
y All three of the issuing companies are ice companies and are not public
utility companies within the meaning of the Holding Company Act.
^ The notes to be issued are for the purpose of refunding certain demand
notes of the respective issuing companies and also, in the case of Texas Ice
Refrigerating Co. of open account indebtedness representing interest
accrued and owing, but not paid, to United Public Utilities Corp-—V. 145,
p. 3513.
United
Robert N. Golding, however, representing
wording the injunction would apply to the press and would
news stories concerning developments
In the controversy.
Judge Holly said that was not his intention and that
he would modify the order.—V. 145, p. 3513.
Utilities Power &
Consolidated net earnings after provision for
NState taxes..
Earns, per sh. on 143,000 shs. of common stock
Federal
and
$219,441
$1.53
•
—V. 145, p. 2867.
The Securities and Exchange Commission announced Dec. 2 that a
public hearing will be held on Dec. 16 regarding the application of the
corporation to acquire $3,000,000 of debentures of its parent company.
Utilities Power & Light Corp.
The subsidiary will also acquire an ad¬
ditional $3,000,000 of certain securities issued by the parent company's
sut)sidi^ri6s
stock.
In the
acquisition of these securities corporation will utilize a portion of
on July 29,
1936, of its holdings in Greater
Counties Trust, Ltd., and in the English Electric Co., Ltd.
The securities will be bought through brokers at market prices on national
securities exchanges and by over-the-counter transactions in the cases of
unlisted securities, it is stated.—V. 145, p. 1602.
funds realized from the sale
London
&
Vento Steel Products
Co.—Earnings—
Earnings for 9 Months Ended Sept. 30, 1937
Net income after operating expenses and Federal income charges,
but before provision for Federal surtax on undistributed earns,
Earnings per share
145, p. 1440.
on
214,630 shares
$40,083
$0.19
—V.
Vick Chemical Co.
3 Mos. End. Sept. 30—
x
Net profit
Earnings
x
per
share
z
— Earnings—
(& Subs.)
1935
1936
$808,171
y$1.15
1937
$1,000,785
z$1.44
After depreciation, taxes and other
$840,104
y$1.20
1934
$631,919
y$0.90
charges, but before possible surtax
$5) capital stock,
undistributed profits,
y On 700,280 snares
(par
On 697,480 shares capital stock.—Y. 145, p. 3213.
on
The company is notifying holders of Keokee Consolidated Coke Co.
purchase money mortgage and deed of trust 5% 50-year gold bonds, due
July 1, 1959, that there has been drawn by lot for redemption on Jan. 1,
1938, at par and accrued interest, $13,000 principal amount of these bonds.
Payment will be made at the office of City Bank Farmers Trust Co.,
Corp.—Obituary—
Virginia Electric & Power Co.—Earnings—
Stanley T. Scofield, 51, assistant to the Vice-President of this company,
Nov. 30.
12 Months Ended Oct. 31—
1937
'
"
Operating
Number of Stockholders—
x
\
...
United States Steel Corp. common stockholders of record as of Nov. 20,
1937, numbered 163,053, an increase of 4,297 since Aug. 31, 1937.
Preferred stockholders of record as of Oct. 29, 1937, totaled 62,503, an
increase of 677 since Aug. 2, 1937.—V. 145, p. 3213.
United Verde Extension Mining Co.—Liquidation
Plan
Voted—Dividend—
Stockholders
k
The corporation in its application proposes to acquire $3,000,000 of
30-year 5% gold debentures, due Feb. 1, 1959, and 20-year gold debentures
5K%, due June 1, 1947, of its parent company.
The other application covers a proposal to expend $3,000,000 for the
acquisition of the securities of the following companies, all of which are
subsidiaries of Utilities Power & Light Corp.:
Central States Power & Light Corp. 1st mtge. & 1st lien gold bonds
5K% series, due Jan. 1, 1953.
Interstate Power Co. 1st mtge. gold bonds, 5% series, due Jan. 1,1957.
Laclede Gas Light Co. 1st mtge. coll. & ref. 5H % gold bonds, series C,
due Feb. 1, 1953, and series D, due Feb. 1, 1960 10-year 5H % gold notes,
due Aug. 1, 1953
ref. & ext. mtge. 5% gold bonds, due April 1, 1934
coll. trust 6% notes, series A, due Aug. 1, 1942, and series B, due Aug. 1,
1943, and common stock.
Also United Elkhorn Coal Co. 6% 20-year 1st mtge. sinking fund gold
bonds, due July 1, 1945, and Darby Gas & Electric Co. $7 dividend series
cumulative preferred stock and $6.50 dividend series cumulative preferred
22 William St., N. Y. City.—V. 145, p. 3024.
United States Steel
on
Light Corp., Ltd.—SEC Sets Hearing
for Dec. 16—
Virginia Coal & Iron Co.—Bonds Called—
Specialties Co.—Earnings—
Earnings for 10 Months Ended Oct. 31, 1937
died
debenture holders, objected that
in its present
interfere with the fair treatment of
,
Nov. 27*37
Electric output of system
—V. 145, p. 3513,3361.
i.
1934.—Y. 145, p. 2561.
Improvement Co.—Weekly Output—
Week Ended—
1937
entered in the U. S. Circuit Court at
Chicago Nov. 26 by Federal Judge William H. Holly.
Any communica¬
tions must be submitted to Judge Holly.
While the request for the injunction originally arose out of the assertion
share
United Fruit
Dec. 4,
for control of the corporation was
by the Atlas group that the Associated Gas group was seeking proxies,
attorneys for Associated Gas raised no objection at the hearing Nov. 26,
Union Investment Co.—Extra Dividend —
The directors have declared an extra dividend of 25 cents
addition
Chronicle
on Nov. 29
approved the plan of liquidation for the company.
The vote was 735,775 in favor out of a total of 1,050,000 shares outstanding.
The directors on Dec. 1 declared a liquidating dividend of $2 per share on
the capital stock, par $50, payable Dec. 20 to holders of record Dec. 6.
See V. 144, p. 3522 for record of previous dividend
payments.—V. 145,
p. 3213.
Universal Pictures Co., Inc.—Personnel—
WRobert H. Cochrane,iPresident of the company, since April, 1936, has
been elected Chairman of the Executive Committee and Nathan J. Blumberg has been elected President of the company, effective Jan. 1, 1938,
it was announced tonfNo v. 30,
following a special meeting of the board of
directors, by J. Cheever Cowdin, Chairman of the board.
2HMr. Cowdin alsoVmnouncedlthelappointment of William Scully as general
sales manager of Universal.—V. 145,
p. 3213.
Universal Products Co., Inc.—Larger Common Div.—
The directors have declared a dividend of $1.25 per share on the common
stock, no par value, payable Dec. 21 to holders of record Dec. 10. This
compares with 50 cents paid on Sept. 30, June 30, and on March
31, last;
$1.25 paid on Dec. 18, 1936; 75 cents on Sept. 30, 1936; 25 cents
paid on
June 30 and March 31, 1936; 40 cents on Dec. 31 and
Sept. 30, 1935;
20 cents per share in each of the three
preceding quarters; 40 cents on
Sept. 29, 1934, and 20 cents per share on June 30 and March 31, 1934, this
latter
being the first payment made since Jan. 2, 1933, when
ofJO cents was paid.—V. 145, p. 2410.
a
dividend
y
revenues
Balance after operation,
maintenance & taxes__
Balance for dividends and surplus
x
Includes
non-operating
income, net.
y
1936
$17,616,234 $16,128,273
7,184,722
6,930,885
3,407,220
3,128,928
After
appropriations for re¬
tirement reserve.—V. 145, p. 3024.
Virginian Ry.— ■Earnings—
1937
From Jan. 1—
Gross from railway
Net from railway
Net after rents
1935
1934
$1,771,161
1,059,144
1,016,492
$1,677,966
1,032,854
905,004
$1,254,459
705,695
625,023
16.545,861
8,993.075
7,747,535
Net after rents
1936
$1,897,675
1,104,539
966,284
October—
Gross from railway
Net from railway
14,405,071
7,880,887
7,243,066
13,106,410
7,095,627
5,968,715
11,888,921
6,292,247
5,493,177
—V. 145, p. 2869.
Vulcan Detinning
Co.—$3 Dividend—
The directors have declared a dividend of $3 per share on the common
stock, par $100, payable Dec. 22 to holders of record Dec. 14. Like amount
was paid on June 21, last.
Special dividends of $4 were paid on Dec. 21,
1936, Jan. 20, 1936, and on Jan. 19, 1935, and compares with $3 paid on
April 20, 1934, and 50 cents per share paid on April 20, 1932.
Regular
dividends of $1 per share were distributed each quarter from April 19,
1930, to and including Jan. 20, 1932.—V. 145, p. 3213.
Wabash
Ry.—Earnings—
1937
1936
1935
1934
$4,040,961
786,533
249,451
$4,096,361
1,187,030
677,124
$3,872,836
668,459
$3,253,331
898,482
497,484
38,938,978
8,688,589
Net after rents
3.591,272
—V. 145, p. 3514, 3362, 2869.
37,922,982
9,277,544
4,358,909
34,218,979
8,148,975
3,809,476
32,123,588
8,183,900
3,524,822
October—
Gross from railway
Net Jfrom 'rail way
Net after Vents
....
1,088,390
From Jan. 1—
Gross from railway
Net from railway
Upressit Metal Cap Corp.—Accumulated Dividend—
The directors have declared
a dividend of $3
per share on the 8% cum.
stock, par $100, payable on account of accumulations, on Dec. 23
to holders of record Dec. 13.
Dividends of $2 were paid on Oct. 1, July 1
prer.
and April i last, and on Dec.
23, Oct. 1, and on July 1. 1936; $1 was paid
on April
1, 1936; $3 on Dec. 30, 1935; $1 on Oct. 1 and April 1, 1935; $2
?nL8hSoe on Oct. 1 and 28, Oct. 1, July 1, and April 1, 1934;
pai£ on Dec.
1934; $2
°ct.
1 and July 1,
u
$3 on Jan. 8,
July 1, 1933; $1 on April 1, 1933; $2
1932 and $1 perfshare on April 1, 1932.
on
Dec. 28,
dividends have been accumulating
Dividends prior to
—V. 145, p. 1440.
Utah
Jan.
1,
1925,
on this stock since Jan. 1, 1925.
were waived by the pref. stockholders.
October—
From Jan. 1—
Gross from railway
Net from railway
Net aft® rents..
—V. 145, p. 2868.
Waldorf System, Inc.—20-Cent
1937
Dividend—
a dividend of 20 cents per share on the com¬
value, payable Dec. 21 to holders of record Dec. 10.
A like amount was paid on Oct. 1, last; dividends of 30 cents were paid in
each of the four preceding quarters and compare with 20 cents paid on
July 1, 1936; 12}4 cents on April 1 and Jan. 10, 1936, Dec. 20 and Oct. 1,
1935; 20 cents paid on Dec. 31, 1934; 25 cents on April 1 and Jan. 3, 1933,
and 37 H cents per share distributed each quarter from April 11, 1927, to
Oct. 1, 1932, incl.
In addition, an extra dividend of 25 cents was paid
on Dec. 23, 1936; an extra dividend of 10 cents on Oct. 1, 1936, and an extra
dividend of 17>£ cents per share was paid on April 1, 1936.—V. 145, p. 2869.
mon
1936
1935
1934
$134,778
49,209
33,091
$115,359
59,119
46,908
$155,503
75,980
61,052
$111,657
42,287
21,466
1,008,056
200,479
96,146
845,377
237,821
152,427
774,967
215,982
93,835
538,257
77,580
def98,049
f Utilities Power & Light Corp.—Court Extends Time for
Filing Plan—Permanent Trustee Appointed—
Federal Judge W. H. Holly at Chicago on Nov. 26 extended to Dec. 24
the dime for filing new plans for reorganization of the
corporation under
Section 77-B of the amended
Bankruptcy Act.
The new date was set to
enable the company's directors to formulate a plan after the annual
meeting
of stockholders on Dec. 17.
Judge Holly also appointed Willoughby O. Walling permanent trustee.
k Court Enjoins Use of Messages to Security Holders—
rA
permanent injunction
against unauthorized communication with
security holders of the company in the part of the warring groups fighting
on Nov. 26 declared a dividend of $1.25 per share on the
stock, par $15, payable Dec. 20 to holders of record Dec. 2. This
with 50 cents paid on Sept. 20, June 21 and on March 20 last:
$1.50 paid on Dec. 21, 1936; 25 cents paid on Sept. isl, 1936; 50 cents paid
on June 20, 1936; 25 cents paid on March 20, 1936; 50 cents on Dec. 20,
1935; 25 cents on July 20, 1935, and 50 cents on Dec. 20, 1934.
Prior to
this latter date no payments were made since Sept. 1, 1932, when a regular
quarterly dividend of 12Yi cents per share was paid.—V. 145, p. 786.
compares
The directors have declared
Ry.—Earnings—
Gross from railway
Net from railway
Net after rents
Wagner Electric Corp.—Dividend Increased—
The directors
common
stock,
no
Walgreen
par
Co.—Fails to Exercise Option—
An option held
by the company on a total of 28,500 common shares of
Mickelberry's Food Products Co. expired Nov. 30 without exercise thereof.
Of this total, 20,000 shares were purchasable by the drug chain at $3 a
share and the balance at $2 a share.
Walgreen previously has exercised its
options on 15,000 shares at $1.50 each and 6,500 shares at $2 each.
No proposals have been made for renewal of this option it is understood.
To Reduce Stock
—
Stockholders at their annual meeting on Dec. 8 will consider amending
the articles of incorporation so as to decrease the authorized amount of
common stock from 2,000,000 shares to 1,955,828 shares, by canceling and
retiring 44,172 shares.—V. 145, p. 3514.
um
Volume
Financial
145
Ward
(Tom) Walker, Inc.—Earnings—
Period Ended Oct. 31, 1937—
Sales
Month
$240,460
206,246
$34,214
21,548
$334,777
222,620
$12,666
Cost
10 Mos.
$1,806,819
1,472,042
$112,157
Mft.
Gross profit
•
_
Expenses—Net
m
Net profit
!
—V. 145, p. 3360.
-Dividend Plan
Walworth Co.
Baking Co.—Accumulated Dividend—
account
pref. stock, par $100, payable Dec. 24
The directors have declared a dividend of 50 cents per share on
of accumulations
on
the 7%
to holders of record Dec.
cum.
Approved—Additional Stock
Warner-Quinlan Co.—Delisting—
dividend
plan proposed by the directors was approved by unanimous vote of the
stock represented at the meeting, it was announced by W. B. Holton Jr.,
President.
More than 68% oi the 1,310,504 shares outstanding was voted
in favor of the proposal, he stated.
This proportion was in excess of the
required.
By this vote, the stockholders authorized the creation of additional
capital stock consisting of 150,000 shares of 6% preferred stock of $10 par
value per share and 150,000 more shares of common stock.
The new pre¬
ferred will be convertible into common stock on a share-for-share basis from
April 1, 1938 to Dec. 31, 1938, inclusive, and at lower rates in 1939 and
1940.
Following the stockholders' meeting, the directors voted payment of
dividend on the common stock outstanding, at the option of the stock¬
holders, of 25 cents a share in cash or 30 cents in par.value of the new con¬
vertible preferred stock.
This dividend is payable Dec. 11, 1937, to
holders of record Dec. 6.
If no notice of election is received from a stock¬
holder prior to the close of business Dec. 9, such holders will receive three
full shares of preferred stock for every 100 shares of common held by him,
with the cash dividend for any number of commoij, shares less than 100 so
held, and for any odd number of common shares in excess of 100, or some
even multiple of that figure.
The three elections open to stockholders consist of payment: (1) wholly
in cash; (2) wholly in preferred stock and (or) fractional warrants; or (3) for
holdings of 34 common shares or more, in as many full shares of preferred
6tock as the holder is entitled to receive or any lesser number of full shares,
and in either event the balance of the dividend in cash.
Stockholders
application of the New York Stock Exchange to strike from listing
registration the 6% gold debentures, due March 1, 1939.
In its
application the Exchange stated that delisting was sought because a plan
of reorganization under Section 77-B of the Bankruptcy Act has been
consummated on Oct. 1, 1937, and the mortgage bonds of Cities Service
Asphalt Products Co. are now available for delivery under the plan in
exchange for the present security.—V. 145, p. 2410.
the
and
Washington Water Power Co. (& Subs.)—Earnings—
Period End. Oct. 31—
1937—12 Mos.—1936
$857,060 $11,404,226
$9,540,761
429,694
6,666,983
4,915,002
87,611
1,010,452
925,718
1937—Month—1936
Operating revenues
Oper. exps., incl. taxes-.
Prop, retire, res. approp.
$989,706
593,829
83,804
Net oper. revenues--
$312,073
1,879
$339,755
$3,726,791
973
33,978
30,804
$313,952
82,963
4,523
3,641
$340,728
82,963
$3,760,769
$3,730,845
1,837
995,550
53,811
13,438
995,550
34,952
$230,107
$255,928
$2,724,846
$2,700,343
-
a
making the latter election will receive no fractional warrants.
and others holding stock for two or more beneficial owners will be
to make such separate elections as will satisfy the requirements
Brokers
allowed
of such
owners.
It is provided that the fractional warrants will become
31, 1940.
subsequent meeting of the directors, action will be taken on the
proposed additional 1937 dividend of 70 cents a share on the common,
payable entirely in the new preferred stock, according to Mr. Holton's
statement.—V. 145, p. 3514.
beneficial
void after Dec.
At
a
Mills—Earnings —
1937
1935
1934
$2,274,035
2,062,246
55,000
$1,640,688
$1,319,293
1,264,355
$69,559
Operating expenses
Depreciation
1936
$2,933,439
2,782,630
81,250
Years End. Sept. 30—
Gross income
$156,789
loss$82,036
Net profit.
Balance Sheet Sept.
Int. on mortgage bondsOther int. & deductionsInt. charged to constr._
Net income
x
1936
822,162
payable
753,660
Cotton acceptances
419,895
Deprec. & surplus.
726,370
164,641
984,732
888,907
164,641
57,992
ceptances
Deferred charges—
Regular dividend
x
accumulated unpaid dividends
Note—Includes provision made during December, 1936, of $1,500 for
Federal surtax on undistributed profits of a subsidiary for 1936.
No such
provision has been made to date for 1937.—V. 145, p. 2869.
Waypoyset Mfg. Co.—Second Dividend to Creditors—
of
Distribution
a
second 25%
dividend on allowed claims of creditors
$7,208,6771
Total
Wellington Fund, Inc.—Extra Dividend—The directors declared
an
extra dividend of 10 cents per
145, p. 2093.
Wentworth Manufacturing
Co.—Earnings—
Shipley, formerly First Vice-President, was elected President
Wanamaker, Philadelphia, John Wanamaker, New York, and
the A. T. Stewart Realty Co. at a meeting of directors held on Nov. 22.
He succeeds William L. Nevin, who announced his retirement from these
companies in order that he may devote more time to his personal affairs.
Rodman Barker, formerly Treasurer, was elected Vice-President of the
Thomas L. Prendergast, Assistant Treasurer and Con¬
troller, will become Treasurer and Controller; John E. Raasch, executive
director of the New York store, was named Executive Vice-President of
John Wanamaker, New York, and James T. Dooley was named Assistant
Treasurer and Controller.—V. 144, p. 956.
companies,
1937
$4,707,150
sales
Net
John
three
share in addi¬
quarterly dividend of 15 cents per share on the common
stock, par $1. both payable Dec. 30 to holders of record Dec. 15.
Like
amounts were paid on Sept. 30 last; an extra of 40 cents was paid on June
30 last; extra dividends of 10 cents were paid on March 31 last, Dec. 30
and Sept. 30, 1936.
An extra of five cents was paid on June 30, 1936;
extra dividends of 10 cents per share were distributed on June 1 and March 1,
tion to the regular
.$7,564,934 $7,208,677
(John) Wanamaker & Co.—New President, &c.—
Charles R.
of the stockholders
144, p. 2682.
approved in Judge O'Connell's decree.—V.
Earnings for Year Ended Oct. 31,
of
by Judge Jermiah E.
O'Connell, who also allowed the second report of Benjamin C. Chace,
permanent receiver.
Approximately $246,000 will be paid creditors under
the current distribution.
Nearly 50% of the company's allowed claims of
approximately $993,665 has been paid since it entered receivership last
1936, and on Dec. 1 and June 1, 1935, and extras of five cents were paid on
March 1, 1935, Sept. 1 and March 1, 1934, and on Dec. 1 and March 1,
3652.
p.
4,204,251
Cost of
goods sold
Selling, general and administrative expenses
340,126
$162,773
Net operating income
Other income, less other
23,613
deductions
$186,386
27,626
Net income before Federal income taxes
Provision for
Net
Federal income taxes
$158,760
income
Earned surplus, balance Oct.
515,204
31, 1936
$673,964
34,533
133,246
4,494
Total
Warner Bros.
Pictures, Inc.—Consolidated Balance Sheet
Preferred
Aug. 31,'35
$
3,312,593
1,019,735
Common
Aug. 28,*37
$
4,058,253
1 1,415,522
J
Assets—
Cash
Notes receivable
Trade customers
and
Officer
Aug. 29,'36
$
3,888,217
1,310,661
205,196
100,601
273,610
257,508
16,865,964
2,083.307
Rights and scenarios
335.869
20,285,392
_
Inventories
1,613,945
12,550.026
1,088,457
214,559
Net current assets of subs
-
......
Dep. to secure contr. and sink fund
deposit
1,405,902
511,018
Feb.,
1936
Investments
from
1,379,124
446,847
1,819,766
94,673
officers under
advances
Properties owned and equipment
Properties leased and equipment
Deferred charges
Goodwill
Sheet
31
Oct.
Liabilities—
1937
1936
$1,218,028 $1,160,665 Current liabilities.
Conv. pref. stock.
Property not used
in business
19,100
19,300 Common stock...
1936
1937
Current assets
$117,841
$503,091
x512~,370
Fixed
y539,190
8512,520
501,690
assets
Earned
(less
depreciation)--prepaid expenses
371,580
x
surplus._.
320,101 Capital surplus--.
stock
Treasury
-
515,203
660
.zDt 17,225
30,599
45,968
$1,654,676 $1,530,665
Total
110,000
1,778.776
1,565,678
1,286,803
120,803,971 120,682,921 121,129,118
15,073,187
15,497,270 16,623,675
1,133,727
977,340
961,393
agreement
and
$501,690
Oct. 31, 1937
Deferred charges <fc
Mortgages receivable
reciv.
Earned surplus,
Assets—
97,879
Sundry accounts receivable
dividend
dividend
charges to surplus—net.
Other
Balance
employee notes and ac¬
counts receivable
Accounts,
1937.
the $6 preferred stock was paid on Sept. 15,
on
After payment of this dividend there were no
at that date.
1933.—V.
$7,564,934
143,
$2,077,825
March.
$5,593,400 $5,593,400
960,106
rec.
Total
622,518
$2,102,328
Balance
last April was also
Cotton against ac-
—V.
622.518
period, whether paid or unpaid
Dissolution of the concern in accordance with a vote
1937
$3,700,041
Dividends applicable to preferred stock for the
$9,714
Notes and accounts
401,030
stock in process-
1
Gross income
45,224
30
Capital stock
ma¬
chinery, &c
$5,981,167 $6,035,122
Mdse.. materials &
Cash & accts.
1,667,724
55,000
Liabilities—
1936
1937
Assets—
bldgs.,
Other income (net)
has been authorized in Rhode Island Superior Court
Wamsutta
Land,
has issued an order granting
The Securities and Exchange Commission
At the special meeting of the stockholders held on Nov. 29, the
and on
A dividend of $1 was paid on Oct. 1
10.
July 1, last; a dividend of $1.75 was paid on April l last; $4 was paid on
Dec. 24, 1936: $1.75 paid on Oct. 1, 1936; 75 cents paid on July 1, 1936;
50 cents paid in each of the 11 preceding quarters; on April 1 and July 1,
1933, distributions of 25 cents each were made; 50 cents per share paid on
Jan. 3, 1933; $1 per share on July 1 and Oct. 1, 1932 and $1.75 per share in
previous quarters.
Accumulations after the payment of the current dividend will amount to
$21 per share.—V. 145, p. 3214.
Authorized—
66 2-3%
3673
Chronicle
$1,654,676 $1,530,665
Total
Represented by shares of $5 par.
y Represented by 39,940 no par
z Represented by 1,750 shares preferred stock,
a Par $1.25.—
shares,
V.145,p.3514.
Wesson Oil &
Snowdrift Co., Inc.—Extra Dividend—
8,299,503
8,239,981
8,227,483
177,544,606
173.009,012
168,471,830
1,875,000
2,283,611
9,393,471
1,960,000
2,814,161
8,035,720
1,559,550
511,075
6,822,477
Due to affiliated companies
Deferred income
109,738
1,362,434
174,572
1,745,343
198,176
2.036.587
Royalties payable
1,168,697
478.154
1,012,151
484,566
811,834
307,011
598,303
933,963
546,212
1,052,058
590,521
1,510,853
Reserve for Federal income taxes
3,012,773
1,270,000
1,294,643
1,500,000
1,075,474
Reserve for contingencies
1,220,262
respective participations, the coupon rate and call prices.
The underwriters and their respective participations are to be as follows:
Brown Harriman & Co., Inc., $3,600,000; Blyth & Co., Inc., $1,500,000;
Kidder, Peabody & Co.. $1,000,000; White, Weld & Co., $750,000; Gold¬
man, Sachs & Co., $750,000; Alex. Brown & Sons, $750,000; and Kuhn,
4,778,371
5,063,304
2,926,825
fund purposes
Total
Liabilities—
Notes
payable
notes payable
payable and sundry accruals
Unsecured
Accounts
Advance payment of film deps., &c_.
Net current liabs. of subsidiaries
Remitt. from foreign
in abeyance
Purchase
Serial
money
bonds,
obligations
sinking
49,026
companies held
fund
require¬
purchase money & contract
obligation, &c
Optional 6% conv. debs., series due
Mortgages and funded debt
Propor. of capital and surplus of sub.
cos. applic. to minority stockholders
y
Preferred stock
x
Common stock
Capital surplus
Deficit-.
-
declared an extra dividend of 50 cents per share In
quarterly dividend of 12 H cents per share on the
addition to the regular
common
stock, both payable Jan. 3 to holders
dividend of 87H cents was
West
Virginia
An
new
amendment to
30.700.000
31,924.000
45,369,872
50,029,024
238,914
5,670,885
273,432
5,670,885
5,670,885
19,006.723
19,006,723
19,006,723
57,044,331
56,774,519
56.650.505
4,188,044
10.469.148
14,961,310
581,358
Paper
Co.—Bond
Offering
—
the registration statement
issue of $10,000,000
relating to the proposed
Dec. 1,
Exchange Commission at
underwriters, shows their
first mortgage bonds, which are to be due
1952, was filed Dec. 3 with the Securities and
Washington. The amendment names the several
Co., $1,650,000.
The bonds are to carry a
29,412,985
43,045,273
&
An extra
3362.
of record Dec. 15.
paid on Aug. 25, last.—V. 145, p.
Pulp
„
Scheduled for Dec. 8
Loeb &
ments,
1939
The directors have
4y2 % coupon and will be redeemable
1, 1940 and at declining prices
at 102 to Dec.
for sinking
thereafter.
sinking fund purposes at 105 to
in the redemption price of 1%
during each two-year period thereafter, to and including Dec. 1, 1948; at
100 M thereafter to and including Dec. 1, 1950 and thereafter at 100.
In the ordinary course of events
the registration statement should
become effective and public offering should be possible on Dec. 8.
It is
understood that the underwriters plan to proceed with the offering accordThey will be redeemable for other than
Dec. 1, 1940 with successive reductions
ng
to schedule.
public offering price has not yet been announced.
proceeds to be received from the sale of the bonds, company
plans to use $8,500,000 to retire unsecured bank loans of like amount
incurred principally in connection with the construction of its mill at
Charleston.
The remainder of the proceeds will be used for increases in
The
Of the
Total.
177,544.606 173,009,012 168,471,830
x Represented
by 3,801,344 shares common stock,
y Represented by
103,107 shares of no par value.
Note—The above balance sheet has been reprinted due to typographical
errors in our issue of Nov. 27, 1937.—V. 145, p. 3514.
md
cash, receivables and inventory occasioned by increased
higher raw material prices and for general corporate purposes.
capacity and
Financial
3674
Chronicle
Operating Statistics of Company and its Subsidiaries
Provs. for
Deprec. &
Earnings
from
Operations
y
Years End.
Oct. 31—
1937
1936
1935
1934
1933
1932
1931
1930
1929
1928
1927
Earns.
Before Int. &
Oct. 31—
1935
1934
L
-
1930
1929
1928
1927
593.907
680,747
610,770
563,149
730,432
641,870
671,537
Net Income
Avail, for
Dividends
Taxes
z$704,340
278,795
126,614
55,000
$2,438,892
1,904,834
821,683
664,820
268,827
619,409
1,453,538
3,350,240
185,000
450,000
600,000
4,750,101
4,520,106
4,593,513
600,000
575,000
x Ten months ended Aug, 31,
1937.
y Before deducting provisions for
depreciation, depletion and bad and doubtful accounts,
z Includes
pro¬
vision for surtax of $221,128 on undistributed profits.
Note—Results shown above differ from those disclosed in certain of
company's puDlished annual statements *>ecause of certain adjustments in
provision for loss on marketable securities or in depreciation provision.
The differences relate to reports in years 1936, 1935, 1933, 1932 and 1931.
Provisions for bad and doubtful accounts increased
substantially in
1933 and subsequent periods as compared with 1932 and prior years. These
increased provisions for bad debts were made in respect of indebtedness
arising under contracts between the company and certain of its customers
with which the company still has contracts for the sale of
paper.
Consolidated Balance Sheet Aug. 31, 1937
Assets—
Liabilities—
r
Cash
$3,300,014
Marketable securities
742,455
Notes payable to banks
Accounts payable
Receivables
4,756,213
Inventories
8,031,429
$3,500,000
1,302,126
Provision for taxes
Profit-sharing bonus
Notes payable to banks
Investments
794,042
Fixed assets.
40,388,748
54,000
Patents
Deferred charges
581,272
460,131
286,258
Advances to wood contractors
Loans to employees
Receivables (not current)
839,491
205,549
4,000,000
Reserves
(155,829shares).. 15,582,900
Com. stock (902,570 shares).
Capital surplus
Earned surplus
27,835,959
132,370
7,582,214
1,611,044
Total
$61,005,611
Total..
$61,005,611
-V. 145, p. 3362.
West Point
Manufacturing Co .—Earnings—
(Including Dixie Cotton Mills, fully-owned Subsidiary)
Consolidated Statement of Income and
Surplus
52 W/cs.End. 52 Wks.End.
Aug. 28*37 Aug. 29*36
Net sales of cloth & yarn $22,353,508
Cost of cloth & yarn sold
& sell. & admin, exps.
Oper.
profit
of
12,130,435
$1,618,004
165,184
$1,461,272 loss$576,830
104,510
101,232
$926,122
94 »839
226,815
65,608
251,716
Net profit for year...
Previous surplus
$1,623,168
7,569,990
8,005
_
Fed.
.
Total surplus...
Excess of net assets Dixie
Cot.
Mills over est.
at
val.
of its
$9,201,164
$1,379,675 loss$415,216
6,775,869
7,839,085
226,202
$8,381,746
$7,423,868
unapprop
per
share
$8,049,164 x$7,569,990
a360,000
z72,000
$4.51
$19.16
$8,542,925
468,000
$6,775,868
z72,000
Nil
Aug. 28*37 Aug. 29'36
Assets—
'
Inventories
Cash
Goodwill
&
Liabilities—
9,365,373
883,750
2,433,030
5,681,878
609,341
8,924,484
923,750
2,298,809
4,029,599
$12.10
$
7,200,000
7,200,000
900,000
and
Surp.
accruals...
res.
for
972,268
931,164
con¬
tingencies..
375,000
375,000
Profit and loss
8,049,164
7,569,990
1
on
cot. future contr.
209,300
163,760
expenses..
Total
Total
-.19,346,432
16,976,154
*
ducting $10,312,427 ($10,081,916 in 1936) allowance for de¬
preciation and $245,756 ($276,596 in 1936) reduction of
non-operated plant
to assessed value.—V. 145,
p. 2093.
Western
n
.
—Week End. Nov. 21
1937
Gross earnings (est.)...
—
V.
145,
p.
1936
'
$289,191
3515.
of the Jan. 1, 1938 rediscount rate will mature Jan. 1, 1940, and the
bearing int. of 2XA% in excess of the rediscount rate
1, 1938 will mature Jan. 1, 1941.
Mr. Huntington testified that a bonus of M of 1% of the face amount
of the loan had already been paid to the banks and that there would be no
other charges in connection with the financing beyond the interest rate
provided.
As a result of the loan Mr. Huntington testified interest charges
would be reduced by $178,000 in 1938.
excess
balance of $5,100,000
Jan.
Sued Under Anti-Trust Act—
States Government filed two suits in equity Dec. 1 In
Court against the Western Union Telegraph Co. and the
Telegraph & Cable Corp., charging the companies with conspiracy
to restrain and attempt to monopolize interstate commerce in telegraphic
communications.
The alleged conspiracies, called violations of the Sherman
anti-trust law, related to certain contractual arrangements maintained
between the telegraph companies and other corporations.
The Government
did not charge conspiracy between Western Union and Postal Telegraph.
The filing of the suits, brought by the Department of Justice, was an¬
nounced in Washington by Attorney General Homer S. Cummings and
Robert H. Jackson, Assistant.. Attorney General in charge of anti-trust
prosecution.
The petitions were signed by Mr. Cummings, Mr. Jakcson
and Lamar Hardy, United States Attorney for the Southern District of
New York.
'
The United
U. S. District
Postal
Among the defendants listed in the Government's Postal petition were
Governor Alfred E. Smith, G. S. Gibbs, and, R. C. Kramer as
former
Clarence H. Mackay, Clinton B. 41sop, and William B. Dunn
officers, and 36 subsidiary companies.
Newcomb Carlton, Chairman
the Board of Western Union; J. C. Willever, First Vice-President,
and Lewis McKisick, Vice-President and
Secretary, were named codefendants with the company in the other petition.
The Government specifically cited in its petitions the execution and
enforcement of certain exclusive contracts by which either of the telegraph
companies obtains the exclusive right to construct lines along railroad
rights-of-way, and the exclusive right to transact business "from and on
various properties which are strategically located for the transaction of a
telegrap.i business."
Each company has this succeeded, the petitions charged, in excluding
its competitor in certain communities along railroad
ngnts-of-way through¬
out the country.
The competing company is also prevented from es¬
tablishing a telegraph station in any railroad terminal adjacent to tnis
right-of-way.
The Government cnarged that the public was being deprived
of the benefits of competition.
In addition to these railroad contracts, the petitions alleged that each
company had executed and was enforcing exclusive contracts with hotels,
clubs and other public and semi-public buildings, giving it the exclusive
right to any telegraph business transacted on the premises.
In some
cases owners of these premises or tneir employees acted as "agents" for the
telegraph companies, the petitions said.
The resultant effect of these contracts, the petitions said, has made it
trustees;
as
of
impossible or unprofitable for any competing company to serve the general
public in the communities established along the railroad rights-of-way
within the areas contractually dominated by the other company.
In its "prayer for relief," the Government requested the Court to decree
that Western Union and Potsal
ana
.
3516.
Westgate Greenland Oil Co.—Registers with SEC—
See list given on first page of this department.—V. 143, p. 4172.
Westinghouse Building, N. Y, City—Earnings—
Net income for the six months ended Aug. 31, 1937, before interest, uepreciation and amortization, amounting to $171,353, was at the annual rate
of 10.53% on the $3,253,091 of outstanding 4% first mortgage bonds,
according to Amott, Baker & Co., Inc., in a new operating report just
published.
This compares with net income of $115,812, or at an annual
rate of 7.12% on the bonds, in the same period of 1936.
Net income after
depreciation and amortization but before depreciation and income taxes,
was $72,679 in the 1937 period, against $14,880 in the like 1936 period.
The property, which is assessed for 1937 at $3,900,000, is currently ap¬
proximately 98% occupied, with real estate taxes paid through October,
1937.
A reorganization plan declared operative in March, 1934, with the ap¬
proval of holders of over 95% of the bond issue, provided for extension of
maturity of all bonds to April 1, 1948, and reduction of interest to 4%.
Net income, after interest, up to 2 % of the outstanding issue, is to be applied
to retirement of the bonds at par.
Under the plan, $288,325 of outstanding
bonds have been retired to date.—V. 145, p. 2411,
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
New Director—
pany
1937
1936
$328,361 $15,929,327 $14,403,943
and Westmoreland, Inc.—V. 145,
1935
1934
$1,792,096
694,711
459,533
$1,485,487
492,941
328,825
12,173,522
1,264,157
def346,131
10,566,744
1,743,365
418,927
10,350,716
2,212,521
1,179,367
The
have declared a dividend of 25 cents per share on the
stock, no par value, payable Jan. 3 to holders of record Dec. 15.
quarterly dividends of 30 cents per share were dis¬
directors
New Director—
See Westmoreland Coal Co.
The directors
common
on
1937
1936
$2,166,203
Balance after operation, maintenance & taxes..
$2,141,868
711,054
y
Balance for dividends and surplus
135,744
764,623
187,354
Operating
revenues
Includes
non-operating income,
tirement reserve.—V. 145, p. 3025.
x
net.
y
After appropriations for
re¬
an initial dividend of $3 per share
18 to holders of record Dec. 14.
Earnings for October and Year
Net from railway
Net after rents
x
145, p. 963.
Dec. 2 declared
stock, payable Dec.
Gross from railway
Co.—Earnings—
above.—Y.
Wheeling & Lake Erie Ry.—Initial Common Dividend—
October—
Western Public Service
12 Months Ended Oct. 31—
963.
tributed.
1936
$1,803,629
585,354
377,731
—V. 145, p. 3362.
p.
Westmoreland, Inc.—To Pay Smaller Dividend—
Previously regular
$1,943,001
580,245
322,199
13.968,571
986,572
def489,030
Pay $1 Dividend—
The directors declared a dividend of $1 per share on the common stock,
payaole Dec. 15 to holders of record Dec. 1. A dividend of 30 cents was
paid on Dec. 22, 1936, this latter being the first dividend paid Dy the
company since Dec. 22, 1931 when 50 cents per share was distributed.
Jan. 1 to Nov. 21
1937
_
Telegraph had engaged "in a combination
in telegraphic communication."
on
RR.—Earnings—
October—
Gross from railway
Net from railway.
commerce
It further requested that the companies be enjoined from "continuing
carry out .
.
the said combination, conspiracy and attempt to
monopolize" and from entering into and carrying out any similar enter¬
prise in the future.
The Government's petitions finally asked that the
exclusive rights gained through these contracts be invalidated.—-V. 145,
common
Western Pacific
Hanover
1, 1938,
C. Stevenson Newhall, President of the Pennsylvania Co. for Insurance
Lives and Granting Annuities, has been elected a director of this com¬
Maryland Ry.—Earnings—
,
Period—
Aid
At a hearing before the Public Service Commission Dec. 2 conducted
by examiner Walter W. Cooper on an application to approve the loan G. A.
Ifuntington, Western Union Treasurer, testified that an agreement had
already been made with the banks whereby Chase National would lend
$5,500,000 and Central Hanover $3,000,000.
Of the total loan $1,700,000 bearing int. rate of 1% in excess of the
prevailing Federal Reserve Bank of New York rediscount rate Jan. 1,
1938 will mature Jan. 1, 1939; $1,700,000 bearing int. rate of 1%% in
Westmoreland Coal Co.—To
138,210
19,346,432 16,976,154'
Inc.—Banks
Co,
000.
z72 000
Notes payable
2,750,000
Accounts
payable
661,302
trade¬
Margin deposits
Prepaid
$
Capital stock
marks
3025.
A banking group consisting of Chase National Bank and Central
Bank & Trust Co. will finance the company in its refunding Jan.
$7,839,085
Aug. 28*37 Aug. 29*36
$
equipment.
1.079,081
def21,582
def39,040
of $8,745,000 collateral trust 5% bonds through a three-year loan of $8,500,-
271,840
432,000
no
Real estate, plant
and
1,117,960
def29,294
def67,194
88,109
Union
Telegraph
$8,745,OCX) Refunding—
p.
276,596
103,160
432,000
1,152,000
The companies have made
Securities owned..
Accts. & notes rec.
1,294,680
109,268
26,010
1—
and conspiracy in restraint of, and have attempted to monopolize, interstate
provision in their accounts for liability
if any for tax under Title III of the
Revenue Act of 1936 (windfall tax),
because of uncertainties as to
interpretation of the statutory provisions,
y Includes surtax on undistributed profits,
z Par $100.
a Par $20.
Consolidated Balance Sheet
y
railway1,421,100
170,853
Western
trade
180,000
for conting.
Dividends paid in cash..
res.
Surplus
$119,950
11,448
7,327
—V. 145, p.
or
stock
Shares capital stock
$134,211
20,692
16.378
From Jan.
$871,869
7,671,056
1934
*
24,997
7,534
to
Red. of non-oper. plants
to assessed valuation.
Earnings
9,917
159,008
acquisition
Surplus
x
60,381
&
Miscellaneous credits
mkt.
'34
16,671,113
y386,834
...
for
prov.
1
16,977,723
State income taxes...
Est.
Sept.
20.735,505
Net profit other divis"ns.
Other income (less other
charges).
44 Wks.End»
cloth
divisions.
mill
Year End.
Aug. 31'35
$18,438,995 $16,094,282 $13 ,056,558
1935
$150,292
Net from railway.
Net after rents
25,000
Pref.stock
1936
$145,499
14,745
4,157
Net after rents
Gross from
1937
4,
Alabama—Earnings—1937
October—
Gross from railway
Net from railway
460,978
442,122
543,944
Federal
$242,657
115,562
234,098
180,738
166,869
308,784
593,143
384,451
85,204
Cr9,635
40,875
435,696
928,193
2,231,681
4,184,691
5,435,305
5,110,471
5,209,388
Inc.
Other
Income
on
Sees. Soldi Net)
900,258
h
1933
1932..
1931
$289,629
Chgs.
Inc. Losses
$3,385,889
2,299,191
1,182,395
1937
1936
x
Received &
$1,198,449
1,260,210
1,187,846
1,525,232
1,055,800
107,667
107,995
150,179
158,861
136,941
127,435
2,148,267
2,105,893
1,984,616
1,949,310
1,827,376
2,237,996
2,141,470
2,048,127
1,866,397
1,894,179
Int., Fed. Inc
Taxes, &c.
Year End.
Int.
&
& Doubtful
Accounts
Depletion
$1,885,383
$6,180,092
5,246,690
4,034,012
3,866.262
2,847,099
2,182,489
3.966,902
5.913,191
6,911,861
6,471,939
6,559,465
x
Western Ry. of
Divs.
Provs. for Bad
Dec.
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 145, P. 2870.
on
the
to Date
1937
1936
1935
$1,335,079
386,087
314,926
$1,412,726
415,597
372.121
$1,351,863
362,276
$839,183
186,845
117,354
14,008,556
4,551,530
4,082,621
12,709,096
3,620,115
2,770,753
11,095,224
2,789,172
1,966,915
9,486,111
2,220,831
1,286,965
456,438
1934
Weston Electrical Instrument
The
no
directors
have
declared
a
compares with 50 cents
of the bonds issued and refused to permit the remainder to be extended. Un¬
der the circumstances it was impossible for the company to refund or extend
Corp.—25-Cent Div.—
of 25
dividend
cents
per
share on the
stock, payable Dec. 20 to holders of record Dec. 10.
par common
the total amount of the issue.
The company at once instituted legal
proceedings contesting the jurisdiction of the Commission to prevent the
extension of all of the bonds
and a preliminary injunction in this suit
was granted Nov. 30 by the Court of Common Pleas at Harrisburg, Pa.,
This
Sept. 20 last; 25 cents paid on May 14 last;
60 cents on Dec. 10, 1936, and 25 cents paid on March 2, 1936, this latter
being the first distribution made by the company on the common stock since
July 1, 1931, when a regular quarterly dividend of like amount was paid.
Dividends of 25 cents had been distributed each quarter from Jan. 2, 1930,
to and including July 1, 1931.—V. 145, p. 3516.
paid
on
with two
Wheeling Steel Corp.—Exchange Date Extended—
The company has extended to the close of business Dec. 31 next the date
which holders of the 6% preferred stock can exchange one share of their
stock for one share of the $5 cumulative prior preferred and one-half share
or
common stock under the recapitalization
plan.
of the old stock has been exchanged under this plan
'
••
Approximately 92%
thus far.—V. 145, p.
■
tofore made to its bondholders.
The plan
(S. S.) White Dental Mfg. Co. (& Subs.)—Earnings—
9 Months Ended Sept. 30—
*
Net
1937
income
Earnings
per
$386,853
$1.28
$1,10
interest, depreciation, loss of $34,483
(profit of $37,313 in 1936)
foreign exchange. Federal, State and foreign income taxes, but before
surtax on undistributed profits.—V. 145, p. 1279.
on
Wieboldt Stores, Inc.—Sales—
for nine months ended Oct. 30, 1937, were $19,419,870, against
$15,741,429 in nine months ended Oct. 24, 1936, an increase of $3,678,441
or 23.4%*
For quarter ended Oct. 30 last sales totaled $6,486,315, against $5,343,474
m quarter ended Oct.
24, 1936, an increase of $1,142,841 or 21.4%.
Sales for 1937 include operations of the company's Oak Park store, which
was opened March 4,
1937.
E. F Wieboldt, President, advised that indicated net profits to date are
somewhat lower than for the same period in 1936 but are in excess of regu¬
lar quarterly dividend payments—Y. 145, p. 456.
The
Interstate Commerce Commission has ratified the appointment of
Joseph P. Jennings as trustee of the company.
Mr. Jennings was appointed
trustee by order entered by the U. S. District Court for the Middle District
Pennsylvania
Oct. 27, 1937.—V. 145, p. 2250.
on
Period. End. Oct. 31—
1937—Month—1936
$567,782
322,755
$565,598
326,685
Net earnings
—V. 145, p.3214.
$245,027
$238,913
Youngstown Sheet & Tube Co.—75-Cent Dividend—
The directors
cents per
$5,518,513
3,259,880
$5,404,777
3,124,193
$2,258,633
$2,280,584
other revenue......
Total
revenues
78,974
Maint. of way & struc—
Maint. of equipment-__
141,949
168,823
Traffic
27,984
442,766
42,360
expenses.
Transport,
expenses
General expenses
Net
railway
Int.
on
funded debt....
Net deficit
r
Note—As there is
the surtax
no
$3,332,636
714,091
$377,081
65,628
45,122
$2,774,867
568,373
419,919
$2,618,545
608,038
436,049
$266,330
Dr86,058
132,733
$1,786,573
Dr744,312
1,393,026
$1,574,458
Dr746,004
1,413,877
$147,611
(net)
$3,296,035
521,168
$69,158
Dr73,422
143,347
after rents......
income
$452,754
75,673
48,126
Hire of equipment
Rental of terminals....
Net
$9,507,604
333,670
727,441
$168,231
50,946
Net after taxes
Other
1937—10 Mos—1936
$251,209
82,977
revenues.
Taxes...
prof$47,538
$350,764
$585,422
taxable income to date, no provision is necessary for
undistributed profits.—V.
on
distributed.—V. 145, p. 3517.
declared
Pay Larger Dividend—
a
dividend of nine cents per share on the
capital stock, payable Dec. 22 to holders of record Dec. 6.
This compares
with six cents paid on Sept. 24 and on June 22, last; five cents paid on
Dec. 31, 1936, and a dividend of eight cents per share paid on Oct. 21,1936,
this latter being the first dividend paid on this issue since June 29, 1918,
when 23^ cents per share was distributed.
'■
Dividend
145,
p.
3362.
Shares, Inc.—Earnings—
Income Account
for the Year Ended Oct. 31, 1937
Income—Cash dividends
per
$1,223,901 $11,118,076 $10,568,716
119,844
1,309,345
1,172,333
149,632
1,656,292
1,447,312
23,399
258,484
242,234
431,188
4,159,684
3,876,777
47,082
438,234
497,422
$1,075,092
$1,544,268
—
-
proceeds from sales of sees. rec. as div. distributions
investments held
.
regular stock divs. & rights, incl.
certificate of incorporation
Total
$1,711,548
-
-
381,800
Expenses
regular stock divs. & rights sold,
losses...
$1,329,749
Balance of distribution account at Oct. 31, 1936:
Net income, incl. proceeds of
but exel. security profits &
28,133
473
Included in earned surplus
Included in capital surplus
subscriptions to shs. of cap. stk. to
equalize the per sh. amt. avail, for distrib. on then outstdg. shs
Amts. incl. in price paid for shs. of cap. stk. surrendered for
purch. at liquidating value equal to the per sh. portion of dis¬
Amts. incl. in price ree'd on
73,649
Dr463
tribution acct. at time of purchase
$1,431,542
3,430,117
Total—
Dividends declared on capital stock.
Amt. thereof chgd. to
surplus arising from sales of investments.
-Cr2,079,464
ending Jan. 15,1938
$80,889
Balance at end of period is transferred to surplus accounts, and is included
in earned surplus or capital surplus in amounts representing the earned or
paid-in portion thereof as follows:
Unearned portion of bal., incl. in cap. surplus, annexed
$6,090
Earned portion of bal., incl. in earned surplus, annexed
74,798
Bal. avail, for div. distrib. for quar.
$80,889
Balance, as above..
at
Deferred—
meeting decided to take no action on the common
dividend ordinarily due Dec. 15.
A regular quarterly dividend of 25 cents
per-share was paid on Sept. 15, last.
H. J. Woodall, President, stated, that the company during the summer
had introduced
a new process for
manufacturing its major products which
temporarily resulted in manufacturing difficulties with increased costs of
manufacture and lower earnings.
He stated that the problems have now
been worked out and that operations for 1938 should show improvement as a
result of the changes, provided automobile production remains at normal
levels.—V. 145. p. 2871.
$1 Extra Dividend —
an extra dividend of $1 per share in addition
regular quarterly dividend of 50 cents per share on the common stock,
holders of record Dec. 6. Extra dividends
1936, Dec. 31, 1935, June 29, 1935, and
Dec. 31, 1934.—V. 143, p. 3862.
a
par $100, both payable Dec. 15 to
of 50 cents were paid on Dec. 15,
on
Yazoo &
The
received on subscriptions to cap. stock
credited to distribution account)
Excess over par value paid to stkhldrs. for shs. of cap. stk. sur¬
rendered for purchase at liquidating
value (not including
$462 charged to distribution account—
(not incl. $73,649
Portion of balance of
Commerce
Commission
issued
on
Nov.
19
Balance, Oct. 31, 1936.
Net
1937
Net after rents
From Jan.
1936
1935
1943
$1,665,694
609,476
360,613
$1,405,507
516,666
310,748
$1,159,606
304,439
69,442
Gross from railway
—V. 145, p.
13,508,454
4,500,817
2,431,630
12,689,704
3,994,93 5
1,728,842
10,277,098
2,530,902
584,118
9,771,775
2,529,332
422,646
York Rys.—Files
Under 77-B—Unable
Maturity—Reorganization Plan Filed—
to
Meet Dec.
1
Company, which operates the street railway system in and around
York, Pa., and whose subsidiaries render electric and steam heating service
in the same locality, on Nov. 30 filed in the U. S. District Court for the
Eastern District of Pennsylvania a voluntary petition for reorganization
tinder Section 77-B of the Bankruptcy Act.
The filing of the petition was
brought about by the inability of the company to provide for the payment
onjDec. 1, 1937, of the maturity of the principal of its 5% mtge. bonds
which then became due.
The interest due Dec. 1 on the bonds is being
paid in the usual manner.
The company issued the following statement:
outstanding in the amount of $6,116,000
through the efforts of the company the issue had been reduced to
$5,000,000 and an offer of extension made to the holders of the bonds,
which embodied a number of additional safeguards for the extended bonds
not contained in the original indenture under which they were issued, one
of which was an agreement that the company would pay no dividends
until the principal amount of the extended bonds had been reduced to
and
$4,000,000 or the sisue had been assumed by Metropolitan Edison Co.
Pennsylvania Edison Co.
This offer received the recommendation
of leading investment services and has been actively pressed
by the company.
The question of extension of the bonds was submitted
on'July 21, 1937, to the P. U. Commission of Pennsylvania, which only
a few days ago issued an order authorizing the extension of only $3,300,000
of a majority
-----------------
declared, charged thereto
of Fed. stock transfer taxes of which
$6,300 relates to the current fiscal year (assess¬
being disputed by the corporation)
$3,741,132
2,079,464
approx.
ments
Bal. of earned
distribution account
33,093
$1,628,574
74,798
-.—
1,703,372
surplus at Oct. 31, 1937
Surplus at Oct. 31,1937
— - —
.$29,824,973
Notes—During the period there was a change in net unrealized apprec.
or deprec. of investments, as follows:
Net appreciation at Oct. 31, 1936, before provision for Federal
.
..
Net depreciation at October at
or
—
,
„
$12,832,273
1,436,999
income taxes
2871.
The bonds of the company were
2,110,146
Oct. 31,1937
Prov. for assessments
Portion of bal. of
1—
Net from railway
Net after rents
profit for the year ended
Balance at Oct. 31,1937--
$1,583,370
643,914
415,836
October—
by the applica¬
------
Portion of divs.
cer¬
abandonment by the company of a branch line of rail¬
extending from Minter City Junction to Sisloff, approximately 3.14
miles, all in Le Flore County, Miss.
road
Gross from railway
Net from railway.
6,090
$28,121,601
surplus at Oct. 31,1937
Arising from sales of investments computed
tion of first costs against first sales:
tificate permitting
Earnings for October and Year to Date
Dr45,58o
distribution account
Total...---------------------a
■
12,342,444
Earned surplus:
Mississippi Valley RR.—Abandonment—
Interstate
$15,818,653
Balance
Excess over par value
Balance of capital
The directors have declared
to
Year Ended Oct. 31, 1937
Capital surplus—Balance, Oct. 31,1936r
—^r-r^x^®^5,819,126
Amt. of cap. surplus incl. in bal. of distrib. acct. at Oct. 31,1936
473
Surplus Accounts for the
their recent
Worcester Salt Co.—To Pay
17,714
149,567
145, p. 2871.
Woodall Industries, Inc.—Dividend
Directors
the
Net cash proceeds from sales of
$1,108,573 $10,019,911
25,013
332,528
90,314
765,635
$969,579
26,538
was
See Pacific Tin Corp., above.—V.
1937—10 Mos.—1936
Ry.—Earnings—
1937—Month—1936
Freight revenue.
Passenger revenue
All
share
Yukon Gold Co.— To
on
rPeriod End. Oct. 31—
Nov. 29 declared a dividend of 75 cents per share on
with $1
Net cash
Wisconsin Central
on
stock, payable Dec. 20 to holders of record Dec. 9.
This compares
paid on Oct. 1, last, and 75 cents paid on July 1 and on April 1,
last, this latter being the first dividend paid since July 1, 1931, when 50
common
New Director—
Winnipeg Electric Co.—Earnings—
Cross earnings.
Oper. exps. and taxes...
properties
will be transferred to Metropolitan Edison Co., a
large operating utility which also renders electric service in York, and
in the event this is done, the holders of the York Rys. bonds will be given
an alternative of accepting $700 of Metropolitan Edison Co.
bonds and
three shares of its $6 cum. pref. stock for each $1,000 principal amount of
York Rys. Co. bonds.
A petition was filed with the Pennsylvania Utilities Commission some
time ago for permission to transfer these electric and steam heating proper¬
ties to Metropolitan Edison Co., but this petition has not yet been acted
upon by the Commission.—V. 145, p. 3362.
The directors have
Wilkes-Barre & Eastern RR.—Trustee—
of
regulatory
also provides that if the consent of the necessary
can
be obtained, the electric and steam heating
of the company system
1936
$331,224
share
commissions
After
x
judges sitting restraining the Commission from interfering with
the extension of the bonds.
In view of the fact, however, that it was
impossible to arrange with all bondholders for an extension of their bonds
before Dec. 1, 1937, when they mature, the company felt that in order
to protect the interests of security holders it was essential that a petition
for reorganization under Section 77-B of the Bankruptcy Act be filed.
Attached to the petition which the company filed for reorganization is
a
plan of reorganization which provides for an extension of $5,000,000
of the bonds of the company for a period of 10 years from Dec. 1, 1937,
at the same rate of interest as is now paid on the bonds, which is sub¬
stantially the same as the offer which tne company has voluntarily here¬
on
3516.
3675
Chronicle
Financial
Volume 145
Oct. 31,1937
$14,269,272
Decrease.!
Balance Sheet. Oct. 31, 1937
Liabilities—
$32,973,950
Investments
Cash
on
deposit with
3,278,465
82,410
Cash divs. receivable
capital stock...
-
for
Accts. pay. &
and misc.
Amt. due on subscriptions to
Deferred charges
secure,
purchased,
received
accrued exps...
Prov.for Fed. cap. stock,State
Pay.
not yet
Guar.
Trust Co. of N. Y., trustee
416,342
45,193
$16,414
69,236
146,453
taxes
Capital stock (par $25)
Capital surolus
Earned surplus
6,739,283
28,121,601
1,703,372
-
$36,796,359
Note—No provision has been made for Federal income
months ended Oct. 31, 1936 and for the year ended Oct.
taxes for the 10
31, 1937 as the
Total
—
$36,796,359
Total
corporation has distributed all of its taxable income for the former period
and, on advice of counsel, has claimed classification as a "mutual investment
company" for the former period and has distributed all of its taxable income
and intends to claim such classification for the fiscal year ended Oct. 31,
1937.
Such classification and distribution will eliminate surtax on un¬
distributed profits, and will eliminate normal Federal income taxes which
would otherwise amount to approximately $216,000 for the 10 months
ended Oct. 31, 1936, and approximately $306,000 for the fiscal year onded
Oct. 31, 1937.—V. 145, p. 2543.
—
3676
Financial
Chronicle
Dec.
4.
1937
The Commercial Markets and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY
COMMERCIAL EPITOME
lower, while Rios
10 points lower. In later trading
points lower, with September at 5.97c.,
off 15 points, while Rio contracts were dull and still 10
points
lower. French interests were believed selling this morning
against the Havre market, while short covering of yesterday
was much
lighter. Cost and freight offers from Brazil were
about unchanged in the range, although some
shippers were
lower. Santos 4s were at from 6.90 to 7.15c. for
prompt
shipment. Manizales offered at 8%e. after frantic short
covering yesterday brought the price up as high as 8.70c.
The milreis weakened by 250 reis against the dollar and stood
17.2 milreis to the dollar. The
spot No. 7 price was 200 reis
per 10 kilos higher. Havre futures were 5% to 8 francs lower.
Santos
Friday Night, Dec. 3, 1937. ^
Coffee—On Nov. 27 futures closed unchanged to 11 points
higher in the Santos contract, with sales totaling 117 lots.
The Rio contract closed 7 to 16
points higher, with
totaling only 9 lots.
Returns
sales
Friday's notices against
the Santos December
position, all of which were issued by
on
Schwabach & Co., showed that 30
were stopped by J. Aron
Co., 5 by Louis Seitz and 2 by Leon Israel & Bros.
Apart
from the rally at Havre, which
ranged from 14% francs to
14% francs per 50 kilos higher, all of the factors in the
&
market
were
bearish
spot price in Brazil
had
or
was
bearish taint.
a
down 900 reis to
The Rio
13.500 and
7s
the
Santos 4s spot was off 300 at
19.700, while the dollar rate was
weak by 200 reis at 17.10 milreis to the dollar.
On Nov. 29
futures closed 16 to 22
points lower in the Santos
with sales
contract,
The Rio contract closed 12 to
totaling 81 lots.
18
points lower, with transactions totaling only~10~lots.
for short covering, the market lacked buying
power,
and because of this
hedge selling was restricted, which
Except
accounted for the
9 francs at Havre
rate
came
in
drop in volume.
was
no
aid to
atJ17728 milreis
to
week-end weakness of 180 reis.
supply of
1,096,000
coffee
a
week
Later weakness of 6 to
the market.
Theldollar
the dollar, andjover the
The United States visible
gtandsjnowlat 1,224,000 bags, against
ago, of Iwhichjstocks Brazilian,
486,000,
against 462,000; afloat from Brazil, 404,000,
against 29,000;
and stocks "others,"
334,000, against 305,000.
On Nov. 30
futures closed 5 points
up in the December
delivery of the
Santos contract, with the rest of the list
5 to 7 points off.
Sales of the Santos contract totaled
208 lots.
The Rio con¬
tract closed 2 points lower to 1
point higher, with sales
totaling 28 lots.
Cables from Rio reported a further
decline
of 300 reis in the
spot price, which stood at 13.200, but the
Santos spot was
unchanged at 19.700 and theldollar rate
was better
by 50 reis at 17.23 milreis to the dollar,
equal to
5.804c. per milreis.
On Dec. 1 futures closed 29 to
16
points up in the Santos contract, with transactions
totaling
142 contracts.
The Rio contract closed 31 to 10
points up,
with transactions of 55 contracts.
Short covering
by the
local trade and
buying by
was
termed
a
technical
European interests brought what
correction
to the coffee futures
After opening 15 to 21
points higher, Santos con¬
tracts this afternoon were 19 to 4
points higher, with Septem¬
ber at 5.97 cents,
up 19 points.
Rios were 9 to 15 points
higher, with March at 4.13 cents.
In Brazil spot No
7s
were
200 reis lower at 3 milreis
per 10 kilos, ' while the
milreis exchange
improved by 10 reis to 17.22.
Cost and
market.
freight offers
Manizales
Roasters
futures
at
were
unchanged.
Milds were steady with
8% cents after sales yesterday at 8 cents.
were
were
reported displaying greater interest.
2% to 4% francs higher.
Rio coffee prices closed
December
_
-
as
May
Santos coffee prices closed
March
4.ii
-111111114.11
4.15
December
as
6.45
:
May__
In Havre
follows:
-4.88 July
4.20 September
—
March
6.05
6.07
follows:
iuly—r
September
-6.05
_
6.06
On the 2d inst. futures closed 6 to
20 points net
higher in
the Santos
contract, with sales totaling 148 contracts. The
Rio contract closed 6 to 10
points net higher, with the ex¬
ception of December which closed 2
points net lower. A
firmer milreis rate,
hedge lifting, further short covering and
buying as a result of higher offers on
actuals, carried the
rally in coffee futures further. The Brazilian milreis
improved
by 200 reis and stood at 16.95 to the dollar. Cost and
freight
offers from Brazil were
higher, especially on forward ship¬
ment, after purchases of 1938, Santos 4s at 6c.
and 6.10c.
yesterday. Manizales sold at 8%e. against sales earlier in the
week at a low of 8c. Added to the
improved tone in actuals
were gains of
10% to 13% francs per 50 kilos in Havre, which
may have brought some European
buying into the New York
market. In Brazil the futures markets
were still
closed, but
the Santos spot No. 4
price was quoted at 19.6 milreis
per
10 kilos at yesterday's
close, off 100 reis, while spot No. 7
price was unchanged at today's opening at 13 milreis.
Today futures closed 5 to 6 points off in the Santos
contract,
with sales totaling 109 contracts. The Rio
contract closed 6
to 4 points down, with sales
totaling 25 contracts. The
market reacted after a three
day recovery, which at its peak
had brought some Santos months as much as
55 points above
the lows of Nov. 30. Santos Contracts
opened H to 24
GOODS—WOOL—ETC.
points
were
were
13 to 17
Cocoa—On the 27th ulto. futures closed 9 to 5 points»net
higher.
The opening range was 12 to 6 points aboveithe
previous finals.
Trading was very light and without special
feature.
Transactions totaled 137 lots or 1,836 tons. |London outside prices reflected our
Friday strength here, show¬
ing gains of 9d. to Is.
Local closing: Dec. 5.40; Jan. 5.42;
March 5.45; May 5.54; July 5.63; Oct. 5.74.
On the 29th
ulto. futures closed 2 points
higher to 1 point lower. The
opening range was 5 to 2 points off.
Transactions totaled
627 lots, or 8,402 tons, most of which were involved in the
liquidation of the December position.
London reported outsiae prices 3d. lower and the futures on the Terminal Cocoa
Market 3d. to 7%d. easier, with 780 tons
changing hands.
Active exchanging of December futures contracts for actual
cocoa beans
by the Hershey Chocolate Corp. proved the
feature of an otherwise quiet market for the
commodity on
the local Exchange.
This manufacturer swapped a total of
449 lots of the spot
delivery for actuals, mostly Bahias, ac¬
cording to the trade, of which 399 contracts were exchanged
in a single transaction.
In addition there were 68 more
December notices, presumably tendered to the
Hershey Co.
Local closing: Dec. 5.42; Jan.
5.43; March 5.45; July 5;62;
Oct. 5.73.
off.
The
On the 30th ulto. futures closed 11 to 6
opening
points
2 to 5 points under the previous
lots, or 2,868 tons.
London re¬
ported outside prices unchanged to 6d. higher, while futures
on the Terminal Cocoa Market rose
l%d. to 4%d., with
finals.
Sales fell
range was
to
214
1,300 tons trading.
No further notices were posted against
December in the local market.
It is figured, however, that
the
Hershey Corp. still has about 1,000 lots of the delivery
Commission house longs in December continue to
holdings and buy into the more distant deliveries.
At
the
same
time
hedges are being moved forward.
Local closing: Dec. 5.31; Jan.
5.33; March 5.43; May 5.43;
July 5.55; Sept. 5.64.
On the 1st. futures closed
14
points net higher.
Transactions totaled 512 contracts.
European buying lifted prices of cocoa futures 10 to 15 points
in active
trading, with December reaching 5.45 cents.
coming.
sell these
It
was
said that London
was
far
more
concerned
over
the
African
holding movement than New York. However, it is
known that the leading manufacturer here is not
liquidating
any of his December holdings, but is swapping them for
actual cocoa, thus
effecting a considerable saving.
Ware¬
house stocks decreased
a further
9,000 bags, and now are
approximately 1,133,000 bags.
Gold Coast exports of cocoa
during November amounted to only 13,878 tons against
32,053 tons last year, and were the smallest for November
since 1934, thus confirming
reports of a holding movement.
Local closing: Dec. 5.45; Jan.
5.47; May 5.60; July 5.69;
Sept. 5.78.
On the 2d inst. futures closed 2 to 3
points net higher.
Transactions totaled 226 contracts. The market's steadiness
today was attributed largely to European buying. It was
understood European dealers, who had sold contracts with
the intention of delivering actuals, were
finding it so difficult
obtain cocoa from West Africa for
delivery, that they were
buying back their contracts at a loss. There are no afloats from
Africa against 102,960 bags at this time last
year. Warehouse
stocks continued to decrease,
losing 5,000 over night. They
now
total approximately
1,128,000 bags. Local closing:
Dec., 5.47; Jan., 5.49; March, 5.53; May, 5.62; July, 5.71;
Sept., 5.80; Oct., 5.84; Dec., 5.94. Today futures closed 19
to 23 points net higher. Transaction totaled 583 contracts.
When manufacturers began nibbling at the cocoa futures
market they found contracts rather scarce, with the result
that prices easily advanced 18 to 24
points by afternoon.
The West African holding movement was the
principal
market factor, as it is causing increasing tightness in actuals.
Warehouse stocks today were virtually unchanged. Local
closing: Dec., 5.66; Jan., 5.70; March, 5.73; May, 5.83;
July, 5.93; Sept., 6.02; Oct., 6.07.
to
Sugar—On the 27th ulto. futures closed unchanged to 1
point higher in the domestic contract.
The market was re¬
ported as extremely quiet, but the undertone was steady.
There was very little to report in the way of
developments
either in
or
outside the market.
A sale of 700 tons of
Perus,
Volume
Financial
145
due Dec. 13, at 3.33c. delivered to
National,
on
Friday,
effected late
the only one reported in Saturday's short
session.
The 3.33c. price was a reduction of 2 points in
the spot price.
As the spot market closed, there were offer¬
ings of Cubas for late Dec. arrival available at 2.45c., with
was
Chronicle
3677
\
of
trading relatively light .^Western hog receipts were far
a week
ago and totaled only 70,000 head, against
93,000 head a week ago and 43,000 head a year ago. Hog
prices at Chicago closed 30c. to 40c. higher, and on some
weights prices were 45c. to 50c. higher. Hog prices ranged
below
no better interest than 2.40c.
The world
contract closed unchanged to 2 points higher, with
sales totaling 17 lots.
On the 29th ulto. futures closed un¬
from $8.25 to $8.60.
Lard exports from the Port of New
York over the week-end totaled 74,895
pounds, destined for
changed to 2 points higher.
Transactions totaled 14 lots,
or 700 tons.
It was an abnormally quiet market, though the
undertone was steady.
This dulness was attributed to un¬
certainties on this and next year's
quotas.
The premium on
spot sugar, which slightly more than a week ago was 15
points over the new crop positions, today was narrowed to
2 points.
The decline in the spot basis from a recent high
of 3.45c. developed
following announcement that the Govern¬
ment was watching the situation and
ready to reallocate
50,000 tons deficiency in the beet quota to other areas, mostly
Cuba, to eliminate the tight spot position.
The world sugar
market closed ^ to 1^ points
higher, with transactions
totaling 242 lots, or 12,100 tonSj the best in over a month.
London, except for Dec., which was Yd. lower on liquida¬
tion, finished Y to %d. higher, with raws there held at 6s,
equal to 1.10H f.o.b. Cuba, with freight at 20s. 16d.
On
the 30th ulto. futures closed 1 point
higher to 1 point lower.
Moving within a 2 point range, domestic sugar continued
steady today. Transactions totaled 151 lots. In the mar¬
ket for raws McCahan today bought
4,100 tons of Puerto
Ricos, loading Dec. 4-10, at a price of 3.31c. delivered if the
sugar is within the 1937 quota, but at 3.28c. if it is in excess
of the quota.
The spot price was not disturbed by that
transaction nor by the only other
reported sale of a cargo
of Puerto Ricos for second-half March
shipment at 3.28c. to
National.
Additional quantities of 1938 raws were held at
2.40c. for Cubas and 3.30c. for
duty frees, but reportedly
there were some sellers ready to take 3.28c.
The world
sugar contract closed 1 point higher to 1H points lower.
lower.
On the 30th ulto. futures closed 22 to 7
lower.
The market ruled
buyers showing
sugar
Transactions in this contract totaled 153 lots.
On the 1st
inst. futures closed 1 to 2
points net higher in the domestic
contract, with transactions totaling 167 contracts.
The
sugar markets were all stronger.
In the domestic trading
prices advanced on trade hedge lifting, possible against pur¬
chases of raws, showing gains of 1 to 2 points this afternoon,
with March selling at 2.37c., up 2 points.
Meanwhile in the
raw market an operator
paid 3.30c. for 5,000 tons of Philip¬
pines Dec .-Jan. shipment, and for 4,600 tons of Jan. ship¬
ment sugars.
The price was 2 points over the last previous
sale.
The world sugar contract established gains of half a
point, with March selling at 1.71 H» a new high for the current
movement.
Transactions in this contract totaled 127 con¬
tracts.
Gains of H to 2Hd. were registered in London, the
near months being strong.
Raws were held at the equivalent
^
of 1.13c.
a
pound.
Hamburg.
Liverpool lard prices
unchanged to 3d.
points net
heavy during most of the session.
Prices started with losses of 10 to 15
points on the nearby
deliveries and 2 to 5 points off on the later months. Weak¬
ness in
hogs and grains were the contributing factors in the
day's decline.
Chicago hog prices averaged 25c. lower at
the close, with the top price at $8.45.
Sales generally
ranged from $8.30 to $8.45. Total receipts for the western
run were 80,300 head
against 143,300 head for the same
day a year ago. Lard exports from the Port of New York
today were reported as 474,000 pounds destined for London,
Liverpool, Southampton and Glasgow.
Liverpool lard
futures were unchanged to 3d. lower. On the 1st inst. futures
closed 15 points off to unchanged.
Further losses were due
to heavy tenders on December
contracts, which forced
liquidation in this delivery.
The bulk of the selling was
reported for speculative account.
For|the last two weeks
of November, Chicago lard stocks increased 848,000
pounds,
but for the month supplies decreased 8,699,000.
Total
stocks on Nov. 30 at Chicago were 11,566,000
pounds,
against 20,256,000 pounds on Oct. 31 and 71,810,000 pounds
on Nov. 30, 1936.
Hog prices at Chicago were 10c. to 15c.
lower, with the top price at $8.45, and sales generally at
$8 to $8.35. Total receipts for the western run were 72,400
head, against 114,000 head for the same day a year ago.
Liverpool lard futures closed irregular 6d. lower to 3d. higher.
On the 2d inst. futures closed 12 to 20 points net higher.
A maximum rise of 50 points was scored in the December
delivery, while the deferred months showed maximum gains
of 15 to 25 points, due to heavy speculative
buying and short
covering. At these levels profit taking resulted, which cut
down these gains, though the market closed with substantial
net advances.
Export shipments of lard from the Port of
New York today totaled 45,000 pounds, destined for Rotter¬
dam.
Hog prices at Chicago were 10c. higher, the top price
being $8.45.
The bulk of sales ranged from $8.30 to $8.50.
Hog receipts at the leading Western packing centers totaled
59,800 head against 102,600 head for the same day last year.
Liverpool lard futures were 9d. to Is. 3d. lower.
Today
futures closed 20 to 15 points net higher.
The firmness dis¬
played in most commodity markets and the marked strength
evidenced in the securities markets, had their effect on lard,
and resulted in considerable short covering in this commodity
and substantial net gains in prices at the close,
were
DAILY CLOSING PRICES OP LARD FUTURES IN CHICAGO
Sat.
Mon.
Tues.
On the 2d inst. futures closed 1 to 3 points net lower in the
domestic contract, with transactions totaling 231 contracts.
December
8.85
8.75
8.40
January.
8.90
8.95
The
March
9.05
8.95
8.55
8.70
May
9.07
9.00
8.87
opening range was unchanged to 1 point lower, with
March selling at 2.37c., unchanged.
In the market for raws
an operator paid 3.32c., an advance of 2
points, for 4,000
tons of January shipment Philippines, followed later
by a
sale of 10,000 bags of February
shipment Puerto Ricos to
National at 3.30c.
World sugar contracts closed unchanged
to H point lower, with transactions
totaling 170 contracts.
London futures were unchanged to Hd.
higher on all except
spot December, which was Hd. lower.
In the raw markets
there 14,000 tons of "afloat sugars" were reported sold at
6s. 3d., equal to about 1.16c. per pound f. o. b. Cuba, while
1,000 tons of December sugar went at 6s. 3Hd., equal to
1.17^c.
Refined was up lHd.
Today futures closed 1
point down to 1 point off in the domestic contract, with sales
totaling 324 contracts. The trading was featured by rather
aggresive covering in January contracts, possibly hedge
lifting against sales of actuals.
The market opened un¬
changed to 3 points higher, with March at 2.36c., unchanged,
while January stood at 2.83c., up 2 points.
In the market
for raws Arbuckle was reported to have bought 1,550 tons
of Perus, ex store, at 3.35c., up 5 points.
It was believed a
fair quantity of Cubas, for early 1938 arrival, sold at 2.40c.,
but so far details are lacking.
Meanwhile refined with¬
drawals continue disappointing to those who expected a
heavy movement to avoid the freight increases set for
Dec. 15.
World sugar contracts opened H point lower and
later stood % lower to H point higher in quiet trading. This
market finally closed unchanged to 1 point lower, with sales
of 48 contracts.
In London spot December was unchanged,
while the balance was H to Id. lower.
Raws there were
offered at 6s. 3d., the price paid yesterday, which is equal
to about 1.16 He., with freight from Cuba to Europe reduced
3d. to 20s. 3d. per ton.
Closing quotations
December
January
March
follows:
2.37 May
2.36 July
2.35 September
2.36
2.37
2.39
Lard—On the 27th ulto. futures closed 5 to 7 points net
lower.
Trading was light and without noteworthy feature.
Hog prices at Chicago ranged from $8.20 to $8.35.
Total
hog receipts at the leading western packing centers were
12,600 head, against 22,400 for the same day last year.
Liverpool lard prices were Is. 3d. to Is. 6d. higher. On the
29th ulto. futures closed 15 to 5 points net lower.
The
market ruled heavy during most of the session, with volume
Thurs.
Fri.
8.45
8.62
8.82
9.05
8.62
8.82
8.97
9.17
Pork—-(Export) mess, $33.75 per barrel (per 200 lbs.);
family, $31.75 (40-50 pieces to barrel), nominal, per barrel.
Beef:
(export) steady.
Family (export), $26 to $27 per
barrel (200 lbs.), nominal.
Cut Meats:
Pickled Hams,
Picnic, loose, c. a. f., 4 to 6 lbs., 13c.; 6 to 8 lbs., 12^c.;
8 to 10 lbs., 12HcSkinned, loose, c. a. f., 14 to 16 lbs.,
18c. 18 to 20 lbs., 16^c.
Bellies:
Clear, f. o. b., New
York, 6 to 8 lbs., 19%e.; 8 to 10 lbs., 19c.; 10 to 12 lbs.,
18Y±c.
Bellies: Clear, dry salted, boxed, New York, 16 to
18 lbs., 15%c.; 18 to 20 lbs., 15%c.; 20 to 25 lbs., 15%c.;
25 to 30 lbs., 15Ye.Butter: Creamery, firsts to higher than
extra and premium marks:
31 He. to 40c.
Cheese: State,
held, 1936, 22c. to 24c.
Eggs:
Mixed colors, checks to
special packs, 17He. to 28He.
Oils—Linseed oil market reported as dull, with tank cars
quoted 9.8c. to 10.0c.
per lb., mill town areas.
Quotations:
Tanks, nearby, 15c., nominal; futures, 15c.,
nominal.
Coconut:
Crude, tanks, 4c.;
Pacific Coast,
3%c. to 3Yc.
Corn:
Crude, West tanks, nearby, 6Hc.
Olive:
Denatured, spot, drums, $1.10 to $1.15; new crop,
85c. to 90c.
Soy Bean:
Crude, tanks, West, forward,
5Hc. to 5Hc.; L. C. L., New York, 8c.
Edible: 76 degrees,
10c.
Lard:
Prime, 12c.; extra winter, strained, 10He.
Cod:
Crude, Norwegian, light filtered, 39c.
Turpentine:
31 He. to 35%c.
Rosin: $6.10 to $7.25.
China Wood:
Cottonseed Oil, sales, including switches, 102 contracts.
Crude, S. E., 6c.
Prices closed as follows:
December
January.
February
March
were as
Wed.
8.25
8.50
8.70
8.87
7.20®
.
7.25 April
7.15@
n
7.11® 7.15 May
7.18@
7.15®
7.20®
n
7.22® 7.23
7.14®
June
7.16 July
n
Rubber—On the 27th ulto. futures closed 3 to 7 points
net lower.
The opening range was 4 points lower to 5
points higher.
Transactions totaled 1,490 tons.
Outside
prices were quoted on a spot basis of 14 ll-16c. for standard
sheets today.
The London and Singapore markets closed
steady, prices in London unchanged to l-16d. higher.
Local closing:
Dec., 14.57; Jan., 14.66; March, 14.76;
May, 14.89; July, 15.02; Sept., 15.12.
On the 29th ulto.
futures closed 3 to 11 points net lower.
The market had a
most favorable start, with the opening range 11 to 25 points
higher than previous close.
For a time the market main¬
tained its early strength, but subsequently all the early
Financial
3678
gains were wiped out and net losses established in their
place.
London was l-16d. firmer on some months and
c.i.f. offerings from the East were about unchanged.
Dealers
in the outside market here lowered asking price 1-16c. a
pound on all descriptions of ribs, crepes and ambers. Local
closing of futures: Dec., 14.46; Jan., 14.55; March, 14.70;
May, 14.83; July, 14.97; Sept., 15.07; Oct. 15.14.
On the
30th ulto. futures closed 75 to 92 points net higher.
At the
opening prices leaped forward 61 to 82 points.
Transactions
totaled 6,670 tons.
Offerings of trade brokers against ship¬
ment business in actuals were readily absorbed by com¬
In the outside trade where the tonnage
mission houses.
transacted for manufacturer account was greatly restricted,
prices rose %c. to an asking basis of 15 %c. per pound for
spot ribbed smoked sheet, and to 15J^c. for pale latex crepe.
The export quota for rubber was reduced 20% to 70% of
basic production for the first quarter of 1938 by the Inter¬
national Rubber Regulation Committee at London today.
The cut
was more
drastic than the markets had been led to
for the commodity here were rushed up
92 points, almost a full cent per pound, on the
expect, and prices
as
much
as
exchange futures, and Mc. for actuals.
Local closing:
Dec., 15.30; Jan., 15.39; March, 15.50; May, 15.62; July,
15.78; Sept., 15.82.
On the 1st inst. futures closed 30 to
18 points net lower.
Transactions totaled 240 contracts.
Profit taking erased early gains in the rubber futures market
and caused net losses that were quite substantial, and this
despite favorable statistical news, showing a sharp drop in
exports of rubber.
London closed psd. lower, but Singapore
was 7-16d. to Yid. higher, with trade there reported active
on
the buying side.
Local closing:
Dec., 15.00; Jan.,
15.09; May, 15.41; July, 15.51; Sept., 15.61; Oct., 15.67.
On the 2d inst. futures closed unchanged to 6 points up.
Transactions totaled 263 contracts. Trading was light, and
for a time the market ruled heavier. In the late trading a
much steadier tone developed, influenced apparently by the
better action of the securities market, and prices closed
substantially higher at the tops of the day. London and
Singapore closed easy, prices declining l-16d to 34d. Local
closing: Dec., 15.03; March, 15.32; May, 15.47; July, 15.57;
Sept., 15.67; Oct., 15.72. Today futures closed 49 to 40
points net higher. Transactions totaled 360 contracts. Active
buying of rubber for European account continued, resulting
in a further rise of 35 to 40 points or more in the local market.
Firmness of foreign markets was a factor, the East holding
recent advances strongly. It also was noted that cost and
freight offers from primary markets were high and limited.
It was estimated that United Kingdom stocks would show
an increase of 700 tons this week. Local closing: Dec., 15.52;
Jan., 15.62; March, 15.78; May, 15.87; July, 15.98; Sept.,
16.08; Oct., 16.13.
27 futures closed 45 to 49 points net
Opening from 12 to 25 points advance under active
demand, the list continued on the upward trend most of the
session, and closed with substantial net gains.
The marked
strength in the securities market was said to have had a
highly stimulating effect on the hide market.
Transactions
in hide futures totaled 4,960,000 pounds.
No new developments were reported in the domestic spot hide market, and
the last sales of big packers heard of included 20,000 branded
cows at 9c., as previously reported.
Local closing: Dec.,
8.97; March, 9.31; June, 9.62; Sept., 9.94c.; Dec., 10.24.
On Nov. 29 futures closed 19 to 23 points net lower.
The
opening range was 27 points off to 9 points advance.
Heavi¬
ness prevailed
during most of the session and the market
closed slightly above the lows of the day.
The early weak¬
ness
in the securities markets together with the sluggish
condition of the domestic spot hide market was held mainly
responsible for the downward trend in hide futures.
Transactons totaled 4,160,000 pounds.
No reports of interest
came from the domestic
spot hide market.
Local closing:
Dec., 8.75; March, 9.06; June, 9.40; Sept., 9.73; Dec. (1938),
10.03.
On Nov. 30 futures closed 4 to 13 points net higher.
The opening range was 15 points off to 2 points up.
Trans¬
actions totaled 2,240,000 pounds.
In the domestic spot
market the only sale reported included 15,000 heavy native
cow hides,
August forward, at 1034c.
Local closing: Dec.,
8.88; March, 9.15; June, 9.47; Sept., 9.77; Dec. (1938,, 10.10.
On Dec. 1 futures closed 5 points up to unchanged.
Trans¬
Hides—On Nov.
higher.
actions totaled 89 contracts.
hides
had
little
effect
News of future sales of spot
futures.
They opened 1 to 13
points lower and stood 1 to 3 points lower this afternoon,
on
with December at 8.85 cents.
Certificated stocks in licensed
warehouses decreased 6,076 hides.
They now total 793,418
hides.
Local closing: Dec., 8.93; March, 9.15; June, 9.49.
On the 2d inst. futures closed 30 to 35 points net higher.
In the earlier session the market showed
a
decidedly easier
tone, with prices being 10 to 9 points lower in the afternoon.
Subsequently there was a vigorous rally, influenced partly
by the better showing of the securities markets. As a result
of this surge forward all early losses were erased and most
substantial net gains recorded. Certificated stocks in licensed
warehouses decreased 3,977 hides to a total of 789,441 pieces.
Local closing: March, 9.45; June, 9.84; Sept., 10.14. today
futures closed 65 to 71 points net higher. Transactions totaled
336 contracts. Reports in the trade of further sales in the spot
market caused shorts to cover hide futures actively.
The
result was an excited opening and continued strength in
later trading. Sales were unusually heavy, with a total of
8,200,000 pounds to early afternoon.
Certified stocks
Chronicle
Dec. 4,
decreased 1,000 hides to 788,441 hides. Local
1937
closing: March,
10.16; June, 10.49; Sept., 10.79.
Ocean
Freights—Chartering interest continues spotty in
all
parts of the world, informed observers state; and the
undertone of the market is reported as generally dull.
Charters included: Grain booked: 14 loads, New York to
French
Atlantic, Dec., 20c.
15 loads, Philadelphia to
Rotterdam, Dec., 14c.
Grain: Gulf to United Kingdom,
Dec., 3s. 9d. Atlantic range to four ports Denmark, Dec.Jan., 22h£c., h£c. reduction for each port saved.
Ealindini
to United Kingdom-Continent, 28s. 6d., maize, Feb .-Mar.
Madras Coast to Mediterranean-United Kingdom-Conti¬
nent, Jan. 5-25, 41s., kernels.
30 loads, Gulf to AntwerpRotterdam, Jan., 3s. 3d.
Gulf to Antwerp-Rotterdam,
Jan. 1-20, 3s. 3d.; option picked United Kingdom
ports,
3s. 6d.
Trip: Trip down, North Atlantic to West Indies,
Dec., no rate.
Scrap: Halifax or St. John to United King¬
dom, Dec., 24s. 6d. North of Hatteras, including St. JohnsHalifax to United Kingdom, Jan., 24s. 6d.
Coal—Advices
from
authoritative
sources
state,
that
although code prices under the Guffey-Vinson Act have been
established for the eastern part of the
country, affecting
80% of the nation's bituminous fields, industrial consumers
in this section have as
yet not been induced to extend their
purchases.
It is further stated, that the higher price basis
at the mines
undoubtedly is an incentive to add considerably
to coal holdings before the new schedules become effective
at noon,
Dec. 16. To what extent consumers will buy before
that date is problematical.
Industrial users added to their
supplies of bituminous during Oct., and the reserve rose from
37,000,000 tons at the end of July to 39,944,000 tons at the
close of Oct.
Many of them added further to their stocks
in November.
It was said that much of this coal was bought
cheaply, with slack obtained at the mines as low as 25c. a
ton in some instances, while considerable
quantities were
reported to have sold at 60c. In view of these developments,
no
great rush to buy is expected in some quarters.
Metals—The report
and Pig Iron, usually
articles
appearing at
"Indications of Business
more
.
of Copper, Tin, Lead, Zinc, Steel
appearing here, will be found in the
the end of the department headed
Activity," where they
are
covered
fully.
Wool—Despite
a
further sagging of
raw
wool prices, there
still ^appears no real sign of a
step-up in mill demand. Mean¬
while, a very restricted demand from worsted manufacturers
covering 12 months Texas and French combing territory is
being filled at from 70-75c. scoured basis. A few small lots
are
available below 70c. of class 4
combing, so advices state.
however, that topmakers show no interest in
acquiring wool at these prices and their ideas of value run
much closer to the low wool price indicated
by operations in
the top futures market.
Fleece and scoured wools are
drifting along aimlessly. It is stated that their real value is
It is asserted,
now known and sales are
generally below the prices asked by
large holders.
The wool trade is sharply divided on the
question of the value of the future market as a raw wool
barometer, the situation becoming increasingly tense as the
most irregular price market for
years disturbs the entire wool
industry.
Silk—On the 29th ulto. futures closed
3^c. higher to lc.
Opening sales were lc. off to unchanged from the
previous finals.
Transactions
totaled
870
bales.
The
Japanese markets were slightly better with the range on the
Yokohama exchange reported 10 to 13
yen higher and 7 to
11 yen better at
Kobe.
Grade D also ruled higher at
682^2 yen, up 15 yen at Yokohama, and 680 yen, or 10 yen
higher at Kobe.
Sales in the primary markets were small,
spot sales reaching 475 bales, while futures transactions
totaled 4,025 bales.
Local closing: Dec., 1.47; Jan., 1.46;
March, 1.45; May, 1.44^; June, 1.44^; July, 1.43^.
On the 30th ulto. futures closed
off to lc. up.
The
opening range was 3^c. higher to unchanged.
Transactions
totaled only 580 bales.
The Japanese markets continued
firm, with the Bourse at Yokohama showing an advance
from 3 to 11 yen and the Kobe market 3 to 6
yen higher.
Grade D at Yokohama scored at 2^2
yen drop to 680 yen and
remained the same in Kobe at 680
yen.
Volume in the
primary markets was also small, with the spot trade taking
525 bales and the futures markets
transacting 2,550 bales.
Local closing: Dec., 1.48; Jan.,
1.47; March, 1.45; May,
1.45; July, 1.44.
On the 1st inst. futures closed 1 3^c. down
to lc. up.
Transactions totaled 89 contracts.
The market
was higher
despite a sharp decline in mill takings of raw silk
during November and further accumulation of stocks here.
The market opened
unchanged to lh£c. higher and held the
gains during a good part of the session.
In the New York
lower.-
.
spot market the price of crack double extra silk
was raised
ll/2 cents to SI-583^The Yokohama Bourse closed 4 to
yen higher.
Grade D silk in the outside market was
10 yen higher at 690 yen a bale.
Local closing: Dec.,
1.46)^; Jan., 1.47; March, 1.453^; May, 1.443^; July, 1.45.
On the 2d inst. futures closed lc. up to
down. The
market opened lower but on improved demand advanced
above last night's close on December, which rose to $1,473^,
up lc. Transactions totaled 67 contracts. The price of crack
double extra silk in the New York spot market remained
unchanged at $1.58 K- Yokohama closed 2 yen lower to 2 yen
higher. Grade D silk outside was unchanged at 690 yen.
9
Financial
145
Volume
Local closing: Dec.,
1.47H; Jan., 1.47; Feb., 1.46; March,
1.45; May, 1.45H; June, 1.44H; July, 1.44H- Today futures
closed \y2 to 3 c. net higher. The market opened unchanged
to 13^c. higher excepting May, which was 3^c. lower. How¬
ever, a firm trend was in evidence throughout the forenoon,
although trading was quite dull, with only 310 bales done to
early afternoon. At that time March stood at $1.47, up 2c.
In|the New York spot market crack double extra silk was
He. higher at $1.59. Yokohama closed 4 to 6 points higher,
while grade D silk outside sold at 690 yen, unchanged. Local
closing: Dec., 1.49; Jan., 1.49; March, 1.48; April, 1.47:
May, 1.47; June, 1.47; July, 1.463^.
3679
Chronicle
From
Exported to—
Aug. 1, 1937, to
Dec.
Ger¬
3, 1937
Exports from—
Britain
Galveston
172,971 122,962
Houston
159,781 111,697
81,818 68,158
Great
Corpus Christ!.
Beaumont
New
Orleans
Lake Charles
France
Mobile
Jacksonville
887
55,475
15,809
8,776 111,956
567,929
23,031
3,500
55,586
336,518
200
87,340
5,278
515,141
14,762
9,285
101,231
39
26,942
3,588
100
243
648
3,996
3,147
101,991
1,493
15,522
100
2,260
4,876
5,761
Gharleston—
76,613
1,135
1,879
22,231
10,595
1.142
250
768
San
For the week
from the South tonight, is given below.
grams
1937*
Dec. 3,
169,362
bales, against 160,560 bales last week and 195,034 bales the
previous week, making the total receipts since Aug. 1, 1937,
4,866,774 bales, against 4,440,257 bales for the same period
of 1936, showing an increase since Aug. 1, 1937, of 426,517
ending this evening the total receipts have reached
....
1,065
1,457
1,727
32,118
2,555
87,527
22,786
32,661
70
70
.
„
113
17,124
200
515
6,604
1,162
16,859
2,488
829,344 452,665
474,813 223,843
99,559
21,309 465,692 2567,225
483,921388,028
657,970356,541
339,512 124,441
385.841 174,773
675,252
10,947 301,465 2323,566
16,741 437,757 2719,357
Francisco.
Total 1936—
1935
13,660
3,541
3,846
:
689,734
practice to Include In the
the reason being that virtually
Canada—It has never been our
NOTE—Exports to
above table reports of cotton shipments to Canada,
all the cotton destined to the Dominion comes overland and It is Impossible to
returns concerning
the same from
give
week to week, while reports from the customs
hand.
In view,
districts on the Canadian border are always very slow In coming to
however, of the numerous inquiries we are receiving regarding the matter, we will
say
bales.
.
250
■
Total
Total
,5,
'•
„
4
132
142
Philadelphia
Los Angeles
indicated by our tele¬
as
420
749
■
__
1,014
40,190
72,647
10,807
42,399
York..
28,985
60
25,604
112
Norfolk—
Baltimore...
Friday Night,
Crop,
1,200
67
■
28,928
Boston
The Movement of the
10,056
47,230
1,169
64,740
Pensacola, &c_
Savannah..,
New
Total
648,488
50,217
1,900
Gulf port...
COTTON
Other
7,833 114,952
54,208
179,629 124,946
5,024
7,991
9,769
51,647
__
30,642
63,852
3,178
._
China
Japan
Italy
many
135,276
104,435
that for the month of October the exports to the Dominion the present season
In the corresponding month of the preceding season the
have been 49,053 bales.
217
384
18,245
2,760
127
2,177
110
291
Christi—
Corpus
9,989
68
Houston--
8,697
6,037
170
254
116
149
jV
333
-
-
Total
40,046
48,193
1,071
67,022
6,060
4,607
14,079
7,065
4,042
2,253
5,474
9,552
10,084
7,872
8,477
137
17,719
-
Fri.
Thurs.
Wed.
Tues.
Mon.
Sal.
Receipts at—
Galveston-
Mobile
:&'L-
546
5,900
382
23
New Orleans
Savannah
161
492
89
101
874
1,260
1,758
337
337
Lake Charles
:
—
14
454
763
260
Wilmington
483
___
Norfolk
—
—
20
_
_
2,241
223
100
100
•
On
39,538
29.370
34,948
11,077
26,917 169,362
27.512
Britain France
Other
Foreign
wise
Slock
Coast¬
many
Total
10,200
5,081
8,490
Galveston
Houston
Orleans.-
9,900
3,516
31,312
829
30,500
14,666
10,512
5,414
23,000
3,000
1,057
1,296
76,600
25,149
57,024
500
500
Savannah
Charleston
following table shows the week's total receipts, the
1937, and the stocks tonight, compared
The
Leaving
Ger¬
Great
New
Totals this week.
Shipboard Not Cleared for—
Dec. 3 at—
1,251
-
408
440
427
Baltimore
In addition to above exports, our telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
23
211
15,169
Jacksonville
Charleston
exports were 37,574 bales.
For the three months ended Oct. 31, 1937, there were
65,401 bales exported, as against 61,882 bales for the three months of 1936.
total since Aug. 1,
with last year:
4,186
Other
28,457
52,519
48,428
1937
45,019
80,152
28,546
54,407
34,341
21,609 93,858
16,091 112,292
8",304
ports—
Total 1936—
Total 1935--
Stock
3",827
Norfolk
Total 1937-
1936
"29l
Mobile
842,585
787,456
859,673
156,200
76,645
77,018
28,416
173,200
5,353 167,577 3,001,193
4,318 252,456 2,639,805
2,350 207,707 2,661,310
Receipts to
This
This
Since Aug
1, 19:37
Week
1, 1936
58,383 1,341,823
48 ,193 1,249,378
1 ,071
384,128
57",720 1,025,477
624,706
65,846
27,054
795,160
118,232
8,295
812,605
78,891
16,427
916,697
85,322
50
Corpus Christi.—
67 ^022 1,317,877
6 ,060
147,575
New Orleans
Mobile.
-
23
_
_
_
.
,260
,758
_
Charleston
337
Lake Charles
,251
,241
Wilmington
Norfolk
76,892
8,454
52,560
3,474
110,224
159,480
70,321
6,975
29,867
Pensacola, &c
JacksonvilleSa vaxmah
1,347
7,814
Beaumont—
588
3,047
831
3.060
779
275,721
9,426
1,220,663
157,466
77,607
3,516
95,482
133,391
52,293
14,239
21,124
14,192
3,668
156,700
76,645
43,670
11,746
28,416
2,698
152,361
65,304
27,636
19,991
31,536
100
100
3,481
1,025
2,565
1,025
New York,
Boston
797
10,287
100
Baltimore
12,029
169,362 4,866,774 211,898 4,440,257
Totals
In order that
3,168,770 2,892,261
comparison may be made with other years,
give below the totals at leading ports for six seasons:
1937
Receipts at—
Houston
Orleans.
New
Mobile
Savannah
Brunswick
_
53,712
81,607
62,563
32,577
4,128
58,383
57,720
76,892
8,454
588
4,662
•
2,627
"5~982
77,825
113,571
73,303
7,547
3,250
'3,031
3,047
3,060
11,188
516
494
779
1,251
2,241
_
Norfolk
1,546
2,232
841
808
2,631
3,010
'
N'port News.
2,975
6,113
8,207
10,347
14,377
169,362
211,898
258,950
104,014
218,332
298,545
1__ 4,866,774 4,440,257 4,722.214 2,886.429 4.892,303 5,138.781
for the week ending this evening reach a total
bales, of which 80,330 were to Great Britain,
40,038 to France, 31,845 to Germany, 15,166 to Italy, 565 to
Japan, nil to China, and 47,517 to other destinations.
In
the corresponding week last year total exports were 156,262
bales.
For the season to date aggregate exports have been
of 215,461
period
the exports for the week:
2,567,225 bales, against 2,323,566 bales in the same
of the
previous
season.
Below are
Dec.
market
The
opened
Britain
Corpus Christi.
_
38,239
New Orleans
China
Japan
7,218
3,625
6.394
31,729
3,940
11,688
59,974
3.503
7~,60i
2,129
7,825
20,086
—
210
10,808
73,751
3,508
272
393
393
-
Charleston
Total
11,373
"272
Savannah
"715
3,455
477
2,871
154
2,740
2,394
1,287
256
Angeles
—
868
2,712
Norfolk
4,585
265
8,565
16.127
626
1,000
300
9,360
11,286
47,517 215,461
•
80,330
40,038
31,845
15,166
565
Total
1936
40.055
10.472
1935
66,847
88,951
16,155
19,399
52,639
Total
12,466
55,653
Total
Other
9,288
3*298
Pensacola, &c
San Francisco
Italy
5,488
—
Jacksonville
Los
many
5,176
Houston
-
France
9,004
23,685
Galveston
Mobile
Ger¬
Great
Exports from—
63,768
"544
24,475 156,262
55,729 350,891
steady
at
7
to 9
points
advance in
to higher Liverpool markets and continued marked
strength in the stock market.
Houses with foreign con¬
response
nections were
reported as conspicuous buyers, especially for
and Bombay account.
On the bulge there was
considerable profit-taking, and some increaseJn the volume
of hedge selling.
These offerings took the edge off the
market for a while, but later prices rallied and final quota¬
tions were within a few points of the best of the day.
Liverpool
from Washington have apparently been hav¬
to this
rather
change in the cotton situation generally.
Spotmarkets in the South, as officially reported, were 9 to 17
points higher.
Average price of middling was reported
ing a more cheerful effect on trade sentiment, and
is attributed the better action of the cotton market
than to any
8.13c.
as
ult.
29th
prices closed 11 to 14 points net lower.
dull during most of the session, with prices
distinct sagging tendency.
Traders seemed more
Trading was
showing a
disposed to
farm
at Washington now that
There was a slight increase in
watch developments
bill
is in debate.
hedging from the South and moderate local offerings influ¬
by the relapse in the stock market.
Other contribut¬
enced
in the setback were the depressing reports
lack of interest in the spot market
and continued uncertainties surrounding the industrial situ¬
influences
ing
from the textile trades, a
ation
generally.
The Liverpool market opened 1 to 4 points
higher, but closed 1 to 3 points lower. Private cables indi¬
cated that easiness of Bombay had been offset by firmness
ton
3, 1937
active during the short session today,
Trading was fairly
of New York,
Exported to—
Week Ended
quantities of the crop are going into
prices following the general trend of securities and most
other commodities, and closing with substantial net gains.
the
The exports
that large
custody of the Commodity Credit Corporation.
On the 27th ult. prices closed 8 to 14 points net higher.
the
On the
"f,53l
Total this wk.
and
loan
~
All others
Since Aug.
70,018
67,377
60,445
2,885
1,630
2,215
1,766
28,960
23,447
27,403
"
1~758
Wilmington
farmers are inclined to avail themselves of the government
Recent reports
~
Charleston
1932
1933
1934
1935
1936
40,046
48,193
67,022
6,060
1,260
Galveston—
Speculation in cotton for future delivery during the past
was more or less sporadic, with price trend irregular.
Advices from the South state that mounting numbers of
week
949,702
919,185
City____—
Houston
we
1936
1937
40,046 1,316,814
Galveston
Texas
Since Aug
Week
Dec. 3
with traders very cautious pending Washing¬
developments.
Southern spot markets, as officially re¬
ported, were 10 to 14 points lower. Average price of mid¬
dling at the 10 designated spot markets was 8.00c.
On the 30th ult. prices closed 5 to 8 points net lower.
The market continued inactive, there being no disposition
to
operate with so much
uncertainty in the air, especially
developments at Washington in connection with
the farm bill.
The market opened lower, but subsequently
as concerns
devel¬
scattered selling and hedg¬
ing.
Sentiment appears more or less depressed as a result
of continued reports of dulness in the textile trade and the
absence of important interest in spot markets.
The Liver¬
pool market opened quiet, 1 to 3 points lower, and closed
4 to 5 points lower.
Private cables said incentive abroad
recovered the losses.
Further unsettlement of prices
oped in the later trading due to
Financial
3680
bill uncertainties.
lacking because of farm
was
leading spot markets
ing and liquidation by longs came into the market and met
from the trade.
Foreign, in¬
cluding Bombay selling, contributed to the supply of con¬
tracts.
The high prices of the day were unchanged to 2
only
scale-down
a
response
points up, with the low 4 to 7 points down.
Two private
estimates appeared during the day, both indicating a larger
cotton
at 18,491,000 bales, comparing with 18,109,000 a
ago.
The "Daily News Record," which showed
crop
month
highest, lowest and closing prices
week have been as follows:
at
New York for the past
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Nov. 27
Nov. 29
Nov. 30
Dec. 1
Dec. 2
Dec. 3
Dec. (1937)
8.03- 8.09
.
7.95- 8.05
7.89- 7.99
7.85- 7.91
7.79-
8.07
Range..
Closing
Jan.{1938)
7.95
7.89- 7.90
7.85
7.90
-
-
-
7.90
7.83-
7.94
7.88
—
8.04- 8.12
7.97- 8.06
7.91- 8.00
7.86-
7.83- 7.96
7.89- 7.97
8.10- 8.11
7.9 In
7.91
7.86ft
7.96
7.93
8,13ft
8.00ft
7.93 ft
7.88ft
7.96ft
Range_
Closing
_
—
7.92
—
Feb.—
y
Range..
Closing
.
7.95n
March—
Range..
8.10- 8.19
8.03- 8.13
7.95- 8.06
7.90- 7.97
7.87- 7.97
7.39-
Closing.
crop
bales.
the
than the last government estimate of 18,243,000
The "Journal of Commerce" this morning estimated
Dec. 4,
Futures—The
Sales at
for the day were 19,917 bales,
compared with 34,988 bales last year.
Average price of
middling at the 10 designated spot markets was 7.92c.
On the 1st inst. prices closed 4 to 6 points net lower.
The market was again reactionary.
Continued hedge sell¬
the
Chronicle
8.17- 8.18
8.03
7.95- 7.96
7.90- 7.91
7.96-
7.98
8.18ft
8.05ft
7.98 ft
7.93ft
7.99ft
—
7.97
8.06
M
April—
Range..
Closing.
May—
Range..
17,619,000 bales last month, was reported placing the crop
now at
18,367,000 bales.
No other private crop estimates
"I
8.13- 8.24
8.06- 8.16
8.01-8.11
7.95- 8.02
7.92- 8.02
7.98- 8.10
8.20
8.07
8.02- 8.03
7.96
8.02
8.01- 8.02
June—
appeared so far, but all estimates are expected to show
substantial upward revisions from a month ago.
7.99 n
July—
Closing
firmness
was
largely
attributed
the strong action
to
Range.
Closing
8.03ft
7.98ft
8.05ft
8.05- 8.14
8.00- 8.06
7.97- 8.08
8.04-
8.11
8.05
8.01
8.08
8.06
—
—
—
—
—
^
8.15
-—
Aug.—
Range..
Closing
8.23 n
_
8.07 ft
8.09ft
8.02ft
8.06ft
8.12ft
Sept.—
Closing.
Oct.—
almost
recurrence
concerning gold desterilization.
offerings, and
bare of
result prices responded
a
as
readily to the demand.
The spot situation continued dead¬
locked and the textile news, if anything, quite depressing.
Spot interests reported that while many small shippers have
cotton bought at higher prices, they are not pressing, and
the basis holds steady.
It is stated that mills are covered
on commitments for about two months, and for the present
showing hardly anything more than a routine interest.
Southern
spot markets,
officially reported, were 5 to 7
as
Average price of middling at the 10 desig¬
nated spot markets was 7.93c.
Today prices closed 3 points down to 2 points up.
The
market opened barely steady, with losses of 2 to 7 points
recorded in the early dealings.
Heavy commission house
liquidation was brought about in the December contract by
points higher.
the issuance of 209 December notices.
Leading spot houses
considerable amount of hedge sell¬
ing, while Liverpool and trade houses were the best buyers.
Futures recovered 2 to 3 points from the early lows on
responsible for
were
a
after the call, and a continued improvement
noticed in the subsequent dealings.
However, the close
trade support
was
8.03ft
8.09ft
8.10- 8.20
8.22
.
Scattered buying,
by locals and New Orleans interests, found the market
was
—
Range..
rumors
are
—
8.21ft
.
of inflationary talk, and
of the stock market, a
led
—
8.16- 8.25
Closing.
On the 2nd inst. prices closed
late
—
Range..
have
5 to 10 points net higher.
The market ruled firm a good part of the session, with
trading more active, after a rather listless opening.
This
.
very
estimated
mate in
irregular.
The crop yield in north Brazil was
at 868,000 bales compared with a previous esti¬
Prices were steady, with
August of 1,005,000 bales.
spots dull on the Liverpool Exchange.
quotation for middling upland cotton in the
New York market each day for the past week has been:
Sat.
Middling upland
8.22
Mon.
8.10
8.13ft
Range—
8.08-
Closing.
8.26-
8.15
8.08 ft
8.01- 8.13
8.09- 8.20
8.03-
8.08- 8.09
8.27
8.19
8.10ft
8.02- 8.08
8.07ft
8.15- 8.24
8.12- 8.13
8.10
8.04
Nov.—
Range..
Closing
.
Nominal.
ft
Range for future prices at New York for week ending
and since trading began on each option:
Dec. 3, 1937,
Range Since Beginning of Option
Range for Week
Option for—
8 1937 13.93
Tues.
8.04
Wed. Thurs.
8.00
8.06
Fri.
8.08
1937—
7.83
Dec.
3
8.09
Nov. 27
7.53
Jan.
1938—
7.83
Dec.
2
8.12
Nov. 27
7.50
Oct.
9 1937 13.94
Apr.
Feb.
1938—
7.69
Nov.
3 1937 13.85
Mar. 31 1937
Nov.
Staple—The
premiums and discounts for grade and
staple in relation to the base grade, Middling %, established
for deliveries on contract on Dec. 9, 1937.
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 3^-inch cotton at the 10 markets on Dec. 2.
7.39
Dec.
3
8.19
Nov. 27
7.39
Dec.
3 1937 13.97 Apr.
7.92
Dec.
2
8.24 Nov. 27
7.60
Oct.
8 1937 12.96
9.63
7.97
Dec.
2
8.25
Aug. 27 1937 11.36 July
Oct.
8 1937 11.36 July
8.01
Dec.
2
8.27 Nov. 27
Mar. 1938—
May 1938—
June
1938—
July
1938—
Nov. 27
15-16
1 In. A
Vs
15-16
Inch
Longer
Inch
Inch
Mid. Fair
.65 on
.90
on
1.14
on
Good Mid
.14
on
.33
on
.54
on
St. Good Mid..
.58
on
.83
on
1.07
on
St. Mid
.05 off
.15
on
.36
7.65
.43 off
1937
27 1937
27 1937
Sept. 1938
1938—
Nov. 1938
afloat
figures
4 1937
8.52
Oct.
16 1937
Supply of Cotton tonight, as made up by
The Visible
cable and
as
7.85 Nov.
—
telegraph, is
are
follows.
as
this week's returns,
are
Foreign stocks as well
and consequently all foreign
brought down to Thursday evening.
the total show the
To make
complete figures for tonight (Friday) we
add the item of exports
from the United States, for Friday
'■
1937
Dec. 3—
1934
842,000
1935
82,000
73,000
58,000
832,000
196,000
255,000
17,000
22,000
8,000
6,000
566,000
184,000
95,000
15,000
51,000
79,000
11,000
2,000
900,000
326,000
162,000
27.000
71,000
43.000
10,000
8,000
569,000
Stock at Rotterdam
493,000
49,000
11,000
5,000
Stock at Havre
750,000
964,000
202,000
277,000
25,000
bales-
Great Britain
Total
1936
815,000
149,000
Stock at Liverpool
Stock at Manchester-.
504,000
437,000
647,000
Stock at Barcelona
Stock at Genoa
Stock at Venice and Mestre.
Stock at Trieste
Total Continental stocks
European stocks
1,533,000 1,336.000 1,003,000 1,547,000
India cotton afloat for Europe
28,000
80,000
62,000
68,000
American cotton afloat for Europe
437,000
326,000
618,000
266,000
Total
159,000
184,000
171,000
133,000
on
.64 off
5 1937
Mar. 21
Aug. 1938..
Oct.
Egypt, Brazil,&c.,afl't for Europe
V*
Inch
Apr.
Apr. 1938..
Stock at Bremen
Premiums and Discounts for Grade and
table below gives the
5 1937
5 1937
Dec.
only.
The official
Nov. 27 to Dec. 3—
8.03ft
8.24 n
8.19- 8.27
While—
1
In
A
Longer
Spotted—
Good Mid.....
Stock in U. S. interior towns
.50
on
.75
on
.99
on
Mid
St. Mid
.35
on
.61
on
.84
on
♦St. Low Mid.. 1.48 off 1.32 off 1.18 off
Mid
Basis
.25
on
.48
on
♦Low Mid
.61 off
.36 off
St. Low Mid...
Low Mid.
.18 off
1.39 off 1.23 off 1.13 off
♦St
Good Ord. 2.15 off 2.10 off 2.05 off
♦Good Ord
2.77 off 2.75 off 2.73 off
Extra White—
Good Mid
.50
on
.75
on
.99
on
St. Mid
.35
on
.61
on
.84
on
Mid
Even
.25
on
.48
on
8t. Low Mid
.59 off
.35 off
Low Mid
♦St.
♦
.16 off
1.37 off 1.21 off 1.10 off
Good Ord. 2.13 off 2.08 off 2.02 off
Good Ord
2.75 off 2.73 off 2.71 off
.23 off
2.24 off 2.14 off 2.07 off
U. S. exports today
Total
8,768,544 8,127,442 7,786,208 7,854,515
visible supply
,
.29 off
.13 off
Liverpool stock
St. Mid
.71 off
.53 off
.36 off
Manchester stock
♦Mid
1.50 off 1.39 off 1.27 off
Low Mid.. 2.30 off 2.24 off 2.17 off
Bremen stock
Havre stock
stock
Other Continental
♦St.
1.72 off 1.52 off 1.43 off
U. S. interior stock
2.41 off 2.28 off 2.22 Off
U. S. exports today
437,000
3,168,770 2,892,261 2,869,017 3,028,862
2,545,908 2,366,617 2,358,279 1,960,556
61,866
2,564
51,912
39,097
Total American
7,224,544 6,252,442 6,472,208 6,037,515
Mid
♦Mid
.93 of
Gray—
Good Mid
.56 off
.36 off
.19 off
.80 off
.59 off
.43 off
1.40 off 1.26 off 1.15 off
Brazil, &c.—
Liverpool stock
East Indian,
Manchester stock
.
Bremen stock
Other Continental stock
Indian afloat for Europe
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader, we also add columns
a
on
glance how the market for spot and futures
davs.
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
Total American
Closed
Saturday
Monday
Tuesday
Wednesday.
Thursday
Friday
Steady, 10 pts. adv.
Quiet, 12 pts. adv..
Quiet, 6 pts. dec
Quiet, 4 pts. dec
Steady, 6 pts. adv..
Steady, 2 pts. adv..
Closed
Spot
Steady
Steady
Steady
Steady
Very steady
Steady
4",200
uvwi
Total
4",200
30",947
4,200
4,200
82,200 113.147
264,000
627.000
\40,000
63,000
41,000
29,000
80,000
25,000
62,000
16,000
27,000
57,000
23,000
70,000
68,000
159,000
184,000
133,000
305,000
370,000
570,000
288,000
403,000
530,000
v
ioiwiv
—
of
increase
Q14- 02Q
61,000
62,000
171,000
284,000
490,000
8,127,442 7,786,208 7,854,515
6.81d.
12.64c.
11.45d.
6.67d.
12.20c.
10.53d.
5.63d.
6.02d.
7.02d.
12.70c.
9.73d.
5.74d.
8.06d.
5.67d
been 213,000 bales.
increase over last
87,292
bales, a gain of 641,102 over 1936, an
of 982,336
bales
over
1935, and a gain of
Continental imports for past week have
The above figures for 1937 show an
week
Total week.
Since Aug. 1
Contr'ct
498,000
53,000
43,000
32,000
21,000
28,000
Total visible supply
8,768,544
4.65d.
Middling uplands, Liverpool
8.08c.
Middling uplands. New York
9.19d.
Egypt, good Sakel, Liverpool
3.97d.
Broach, fine, Liverpool
6.00d.
Peruvian Tanguis, g'd fair, L'pool
4.12d.
C.P.Oomra No.l staple.s'fine.Liv
j
SALES
Market
373,000
1,544,000 1,875,000 1,314,000 1,817,000
7,224,544 6,252,442 6,472,208 6,037,515
Total East India, &c
x
Futures
Spot Market
31,000
269,000
139,000
89,000
266,000
American afloat for Europe
U. S. port stock
Stained—
Market and Sales at New York
same
215,000
48,000
122,000
79,000
97,000
618,000
1.22 off 1.05 off
Yel.
Havre stock
on
229,000
42,000
133,000
214,000
24,000
326,000
2.89 off 2.84 off 2.80 off
♦Low Mid
Not deliverable on future contract
which show at
252,000
Good Mid
♦Mid
closed
442,000
96,000
159,000
245,000
69,000
bales.
.45 ofr
'
The total sales of cotton
and other descriptions are as follows:
American—
Tinged—
♦St
305,000
370,000
288,000
284,000
530,000
570,000
403,000
490,000
3,168,770 2,892,261 2,869,017 3,028,862
2,545,908 2,366,617 2,358,279 1,960,556
61,866
2,564
51,912
39,097
Of the above, totals of American
Good Mid
St. Mid
'
Stock in Alexandria, Egypt
Stock in Bombay, India
Stock in U. S. ports.
hales
from
1034.
145
At
Interior
the
3681
Financial Chronicle
Volume
Quotations for Middling Cotton at Other Markets —
are
the closing quotations for middling cotton at
Southern and other principal cotton markets for each day
the
is,
movement—that
the
Towns
Below
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
of the week:
detail below:
Closing Quotations for Middling Cotton on-
Towns
Ship-
Receipts
Ala.-. Birming'm
41,530
416
53,407
530
66,950
570
66,430
574
4,470
38,516
3,338 110,750
996 30,873
1,442
71,084
2,320
I,893
145
743
51,199
112
9,395
Montgomery.
709
Selma
759
5,799
119,335
Forest City..
1,282
Helena
3,037
Hope__-
1,341
185
39,375
27,730
7.71
7.76
7.78
8.26
8.15
8.10
8.12
7.92
7.87
7.86
8.42
8.28
8.16
8.22
8.35
8.20
8.03
7.87
8.20
8.15
7.95
8.03
7.81
8.10
8.05
8.10
7.90
8.17
8.23
8.20
7.95
7.98
Norfolk
■
8.17
Montgomery
Augusta
Memphis
8.42
8.05
8.28
8.20
8.15
8.21
8.23
7.95
8.00
7.86
7.85
7.79
7.80
Houston
7.74
7.85
7.81
8.00
7.62
7.80
7.62
7.80
7.40
7.40
7.35
Fort Worth
7.90
7.48
7.48
7.75
Dallas
72,392
7,873 108,937
162 16,840
2,668 32,293
2.291
7.35
7.41
7.41
7.90
7.81
7.85
7.43
7.43
Little Rock
21,186
1,166
1,230
7.76
12,226
200
31,017
December-
8.24
8 13
8.04- 8.06
7996- 800a
8.01
8.06
2,158
78,731
578
Jan. (1938)
820 6- 822a
8076- 809a
8.02
7976- 801a
8066- 808a
8.05
9,805
83,690
4,651
129.796
4,375
9,878
38,632
9,952
15,502
132,835
172,296
17,858
158,109
26,410
102,545
42,078
10,893
17,520
125,348
140,132
8,125
30,515
17,458
97,061
58,429
February
703
33,646
314
340
35,420
867
35,574
March..
8.25- 8.26
8.14- 8.15
8.08
8.03
12,467
8,059
228,826
113
55.820
8.29
8.16
8.10
8056- 806a
1,659
15,355
1,461
936
34,499
1,175
8.30
8.16- 8.17
8.13
8.10
8.31
8.20
8166- 818a
8.11
Jonesboro
604
Little Rock..
54
2.730
35,633
568
Pine Bluff.
5,453
Walnut Ridge
2,404
Ga., Albany—_
Athens
Atlanta
6,289
25,630
800
84,501
2,391
37,473
7,539
1,040
541
4,022
Macon
240
16,200
36,054
710
3,631
33
33,832
165
17,253
2,758
306132,256
2,853140.285
125,577
800
Rome
18.660
655
4
Columbus
La., Shreveport
Miss.Clarksdale
5,534
929
5,246
92,061
Augusta
633
1.386 26,777
2.826101,811
121,562
35,128
135,958
48,602
15,575
5,432
Newport
600
721
35,408
450
400
35,350
22,424
Vicksburg—
1,225
Yazoo Clty__
3,343
Mo., St. Louis.
N.C.,Gr'nsboro
5,133
228,437
58,183
14,029
37,396
57,056
66,347
351
1,939
15 towns *--
22,254
395,865
S. C..Greenville
3.279
53,729
1,000
24,708 225,707
2,050 70,943
85,201 638,321
1,015
8,334
Greenwood
-
_
1.278
1,343
...
—
252
.
33,355
8,143 133,111
1,097 36.588
49 10,291
884 22,150
1,677 36,954
5,215
2,519
25
2,839
Columbus
Natchez
63,949
53,769
60,922
28,375
Eufaula.-—
Jackson
2,647
62
10,640
7.83
Mobile
Savannah
55,957
236
55,782
8,135
36,764
51,615
159,741
29,719
1,219
7.97
New Orleans
4
: :
2,087
1,981
41,798
Ark.,Blytlieville
:
Week
4,525 120,404
2,210 19,251
3,848 79,730
2,700 22,668
112
week have been
as
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
6,590 134,542
Nov. 27
Nov. 29
Nov. 30
Dec. 1
Dec. 2
Dec. 3
500
34,700
266
39,572
Nov (1937)
13,820 106.547
1,897 27,672
1,807
50,419
1,775
II,814
135,598
11,599
5,488
80
May.....
July
October
354
1,765
153, 778
21
12,964
68
3,128
225
5, 372
338
__
1,579
17,314
1,397
60, ,015
2,509
85.407
1,600
26,857
1,839
64 ,521,
2,466
15,656
180
91
21
7,333
94
648
438
7 ,315
444
936
38,401
403
33 ,225
1,547
82,534
188
20,616
21,013
689
437
San Antonio
Texarkana
1,120
72 356
2,177
Steady.
Steady.
13, ,383
Bain
Amarillo.
above
totals
that
the
during the week 44,349 bales and are tonight
179,291 bales more than at the same period last year.
The
1932
——
19.95c.
12.15c.
20.85c.
23.40c.
36.75c.
25.25c.
1926
1925
1924
1919
82
1
0.06
80
0.30
0.48
0.06
64
Oklahoma—Oklahoma City__
39.75c.
28.15c.
1917
30.55c.
1909
1916 —.20.10c.
1908
1910
34
76
0.02
0.12
1
-
34
64
0.03
-
45
32
70
60
0.22
1
SI vl£
-
Birmingham
Montgomery
38
28
,
30
58
64
70
dry
Vicksburg
Alabama—Mobile
40
51
53
53
43
46
44
52
60
60
dry
dry
Mississippi—Meridian
12.85c.
9.30c.
15.05c.
14.75c.
9.35c.
11.70c.
11.00c.
1911
1918
0.01
0.03
1
-
38
36
26
32
64
0.02
1
Shreveport
1913 —-13.50c.
56
32
40
62
1
2
-
------- -- -
37
52
70
0.23
2
36
38
68
70
1
.
Little Rock—Louisiana—New Orleans
54
1930
1923
1922
1915— -12.45c.
1914
7.50c.
1907
1906
0.13
80
64
36
0.68
80
42
3
1
0.60
0.02
77
41
32
2
1
2
0.64
0.08
0.91
1
0.84 v:
1
3
3
2
0.20
0.55
0.52
0.13
3
-
dry
Pensacola.
Overland Movement for the Week and Since Aug. 1—
We
give below
a
.
Atlanta.
statement showing the overland movement
Aug. 1, as made up from telegraphic
.
-
...
-
Macon.
South Carolina—Charleston
—
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
North Carolina—Charlotte
_
..
-
-
-
Asheville
-1936-
-1937Dec. 3—
-
Augusta
for the week and since
Since
Since
Week
Aug. 1
Aug. 1
Shipped—
Week
Via St. Louis.......
5,215
1,950
66,372
62,570
11,599
5,707
96
157
3,100
40,351
1,337
1,907
69,520
304,609
4,715
34,000
136,658
72,122
2,924
5,755
76,914
289,520
.50,712
506,315
56,729
10,287
3,645
93,599
797
12,029
Via Louisville-
Via Virginia points.
Via other routes, &c
Total gross overland
Deduct Shipments—
Overland to N. Y.t Boston, &c__
Between interior towns
Inland, &c., from South
.
.
9,183
Leaving total net overland-*
42
63
20
26
32
27
0.18
60
30
45
58
26
42
1.4
2.4
3.8
4.0
9.2
9.2
Shreveport
Vicksburg
Above zero of gauge_
Above zero of gauge-
7.4
4.0
0.9
2.6
41.851
397,796
Receipts
from the
figures do not include overland receipts nor
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
tions.
Receipts at Ports
169,362~"4,866,774
211,898
398,784
41,851
125,000
397,796
2,290,000
1937
|
1936
|
1935
7,360,558
1,724,353
378,749
*30,571
7,128,053
1,183,850
10-
300.222201,842188.943
309.808 271,456 215,017
347,270 340,815265,021
3.
1936
Received from Plantations
1935
1937
1936
1935
24.
411.538 314,287 330,897
836.739 1.219,831;! .178,879 330,292 280. 892 248.136
918,178 1,339,682 1,274,081 361,614 391, 307 310,219
,050,914 1,499.2754,414.604 480.006 500, 408405.644
.246,639 l,677.862;i,610.222 606.163492, 874632.515
Oct.
,490,5641.832,0261,784,489 724,826'473, 918:500.419
343 593,294
441,721330.033387.060 ,715.693 1,980,336 1,990,723 660.850478,
379,066370,723 372,9451 ,904.035 2.098,733 2,132.345 690.889 489, 120514,566
22. 323,319378,683 405,164 2 ,051,912 2,179.563 2.220.751 471.196 483, 163 493,670
29. .313.437385.111372,1492 .129,804 2.266.371,2,253.100391,329 471, 919,404.498
1.
i
518,003
196,844
1937
Sept.
17.
2,095,000
Stocks at Interior Towns
Ended
Since
Aug. 1_
4,440,257
Week
The
Southern
Week
1936
Since
Aug. 1
consumption to Nov. 1__.
Plantations—The following table
indicates the actual movement each week from the planta¬
1937
over
Dec. 4, 1936
Feet
Above zero of gauge-
Above zero of gaugeAbove zero of gauge.
398,784
315,636
44,349
46
Nashville
186,097
41,274
3.-105,000
48
51
Memphis
of 988 bales.
Southern consumption to Dec.
70
5,248
foregoing shows the week's net overland movement
has been 41,274 bales, against 41,851 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
Receipts at"ports to Dec. 3
Net overland to Dec. 3-
64
70
168,820
14,878
Week
v:
53
314
year
Spinners'
Takings
48
68
13,767
107,531
In Sight and
32
50
32
Dec. 3, 1937
Feet
The
this
30
34
28
72
New Orleans.
movement by rail to Canada.
Including
70
72
following statement has also been received by tele¬
graph, showing the height of rivers at the points named at
8 a. m. on the dates given:
9,438
-
50
61
59
47
0.02
Kh
1
-
—
65
; >
The
.41,274
Total to be deducted—
*
-
551
2
Nashville----.-
62
'
583,893
100
215
Via Mounds, &c
Via Rock Island
Tennessee—Memphis
-
45
49
56
30
2
1931
48
54
36
50
0.76
w'.PT/
Florida—J ackson ville
63
47
30
'
dry
dry
Arkansas—-Fort Smith
51
64
-
70
68
74
dry
..
51
46
3
3
t
56
47
"
34
30
46
I
Palestine.
Port Arthur-—
San Antonio
New York Quotations for 32 Years
quotations for middling upland at New York on
Dec. 3 for each of the past 32 years have been as follows:
1927
72
0.02
-
The
12.35c.
12.65c.
10.15c.
5.75c.
6.20c.
10.40c.
68
0.58
1
.
—
1912
24
3
-
week last year.
16.15c.
70
dry
Del Rio-.
receipts at all the towns have been 27,400 bales more than
17.80c.
41
0.06
-
increased
8.08c. 1929 ..—17.55c. 1921
20.45c. 1920
12.64c. 1928
71
__
Brownsville.
have
stocks
High
0.25
.
Austin
-
interior
Inches
1
-
of 15 towns in Oklahoma.
show
-Thermometer
Low
Mean
Rainfall
1
Days
223,1264,085,287178,7772545908 195,726 4,060,852226,2972366617
Includes the combined totals
Steady.
done.
-
Total, 56 towns
Steady.
by
Reports
12,971
8,192
.
.
Waco
1933
—
Steady
Steady
Steady.
Telegraph—Reports to us by
telegraph this evening denote that reports from the interior
of the cotton belt indicate that in sections where picking
has been completed no great amount of fall plowing has been
1,639
938
"28
1,037
Robstown
1935
1934
8.20
Quiet.
Steady.
Quiet.
Weather
11,865
11,376
Paris
1936
8186- 820a
—
Steady.
Steady.
Spot .....
Options.—
2,700
77,336
_
bid
8.16- 8.17
September
8,929 114,221
5,400 77,893
6,514
108, 660
94,356 1,551, 914 103,848 727,805
4,956
2,012
35, 008
1,162
531
1,311
609
14, 308
8,135
1,053
2,514
1937
8.13
8166- 817a
August.
2,727
Dallas...
same
bid
8.12
June.*...
818
39
Bid.
-
April..—.
7,077
19,067
25,170
Brenham.
the
follows:
22,277
7,017 152,420
Tone—
Tenn.,Memphis 105,187 1,300,629
41,485
1,367
Texas, Abilene.
87
16,027
Austln——
The
closing quotations
leading contracts in the New Orleans cotton market for
the past
18,038
750
New Orleans Contract Market—The
for
Oklahoma—
♦
Friday
Wed'day Thursday
Tuesday
Saturday Monday
Galveston
Dec.
?nents
Season
Week
3
36,755
10,369
4,091
Stock
Ship-
Dec.
,
Week
Week Ended
Dec.
3
1936
Dec. 4,
Receipts
Stocks
|
ments
Season
Week
Movement to
1937
Movement to Dec. 3,
'479,801319,754 326.252
8.
15.
348,178
.359,985
9,281*755
Total in sight Dec. 3
8,829,906
m4
Nov.
North, spinn's' takings to Dec. 3-
40,924
593,661
87,673
5.
735,997
12.
*
19.
^
Decrease.
26-
Movement into
r
sight in previous
Week—
1935—Dec. 6-u
1934—Dec. 7
1933—Dec. 8
°
245,688264.096330,4851
-
—
Dec.
years:
Bales
Since Aug. 1—
412,239 1935-----...---.219,588 1934
-362,081 1933---_-.---_ —
259,641363,6802,226,923 2,301,7842,287,654 388.719 295, 054398,140
...2,342.886 2,310.783 406.335305, 198359.714
195.034251,440 271,9932.459.694 2.373.757 2,321,538 267.158 282, 3111276,748
160.560217,563 222,4322,501,559 2,397,1882,350,425202,425240, 994251.319
263.182
■r
3.
.169,362211.898258.9502,545,9082,366,617 2,358,279 213,711181,327266,804
Bales
8,335,609
5.548,870
8,172,087
The above statement shows:
from the
(1) That the total receipts
plantations since Aug. 1, 1937, are
6,600,444 bales;
3682
in
1936
Financial
5,619,800 bales and in 1935
were
Chronicle
5,935,123
bales.
(2) That, although the receipts at the outports the
past week were 169,362 hales, the actual movement from
plantations was 213,711 bales, stock at interior towns
having increased 44,349 bales during the week.
Nov.
announced
of
Nov.
on
CCC
Aggregated
$117,356,357
Commodity Credit Corporation
25—The
that
26
"Advices
1937
4,
were
1937
of
Cotton
Cotton
32s Cap
ings, Common
Middl'g
Twist
to Finest
Upl'ds
d-
d.
s.
s.
d,
8X Lbs. Shirt¬
Cotton
ings, Common
Middl'g
to Finest
Upl'ds
32s Cap
Twist
d.
d.
s.
d.
d.
s.
e.
Sept.
3.
11%@13
10
1%@1(>
4%
5.56
1 %@10
11 %@13
10
17.
n%@i3
10
1%@10
4%
4%
5.33
10%@11% 10
10
10% @ 12
10%@11% 10
4%@10
@10
7%
3
6.98
24.
11%@13
10
0
3
5.08
10%@11% 10
0
@10
3
6.73
IX
4.89
0
@10
3
@10
3
6.86
4.82
10%@11% 10
11
@12% 10
11
@12% 10
0
IX
IX
IX
4%@10
7%
6.99
6.96
10.
Loans"
received
by it through Nov. 25, 1937, showed loans dis¬
bursed by the Corporation and held by lending agencies on
2,647,919 bales of cotton.
The amount of the loans aggre¬
gated $117,356,356.68, and represented an average loan of
8.43 cents per pound.
-
1936
8X Lbs. Shirt¬
'
Loans
Cotton
Through
Dec.
@10
5.46
1%@10
4%
0
6.70
6.99
Oct.
1.
n%@i2%
9
8-
11%@12%
9
15.
11%@12%
11%@12%
11%@12%
9 10%@10
22.
29.
10%@10
9
@10
9 10%@10
9 10X@10
4.75
4.89
4.83
10%@12
10%@12
IX
IX
4.55
11
7.02
10
3
@10
6
10
9
@11
0
10
7%@10 10%
6.81
Nov.
Member
New
of
York
New
Cotton
Exchange—At a
meeting of the Board of Managers of the New York Cotton
Exchange held Dec. 1, J. Henry Fellers of N. Y. City, who
is associated with E. A. Pierce & Co., was elected to member¬
ship in the Exchange.
World's Supply and Takings of Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two
seasons
from all
19367
from which statistics
sources
obtainable; also the takings
sight for the like period:
are
amounts
or
12.
Takings,
1937
9 10%@10
11
@12% 10
9
@11
10%@12
9iox@io
\y2
4.55
11
@10
6
6 76
IX
4.64
11
@12% 10
@12% 10
3
9 10%@10
9
@11
0
6.72
10%@11%
9
1%
4.65
11 %@12%
9
@11
0
6.81
Season
Alexandria receipts to Dec. 1.
Other supply to Dec. 1 *b
78,000
10,000
Week
3.
-
10%@10
781
883
1,462
7,567
2,248
1,377
...
___
To Manchester—Nov.
3(>—Tripp, 7,567
To Venice—Nov. 30—Laura C., 2,248
To Trieste—Nov. 30—Laura C., 1,377
To Susac—Nov. 30— Laura C., 500
500
28—Hordnes, 1,437
To Antwerp—Nov. 27—Leerdam, 200
Dec. 1—San
150_
1
To Ghent—Nov. 27—Leerdam, 811 ..-Dec. 1—San
1,437
Pedro,
350
348", 178
8,829,906
346,000
187,000
966,200
174,000
63,000
10,000
68,000
14.0G0
9,153,165 15,063,977
27—Leerdam, 432
To Havre—Dec. 1—San Pedro, 4,103.
To Dunkirk—Dec. 1—San Pedro, 1,385
To Bremeh—Dec. 1—Bockenheim, 7,218
8,768,544
8,127,442
6,295,433
4,474,633
1,820,800
526,587
366,587
160,000
150
200
29—Nishmaha,
3,094
Nov.
27—San
Pedro, 4,145
7,239
To Rotterdam—Nov.
29—Nishmaha, 481
481
To Bremen—Nov.
29—West Moreland, 3,231
Nov. 30Kersten Miles, 3,524—Nov.
29—Bockenheim, 3,427
10,182
To Hamburg—Nov. 29—West
Moreland, 100---Nov. 30—
Kersten Miles, 48—Nov.
29—Bockenheim, 1,043
1,191
To Liverpool—Nov.
30—Diplomat,
15,517
Nov.
27—
Nordness, 1,863.
17,830
To Gdynia—Nov.
30—Dathem,
3,667.—Nov.
27—Sture¬
holm, 2,205
5,872
To>Havana—Nov. 29—Ruth Lykes, 50
50
To Puerto Colombia—Nov. 29—Ruth
Lykes, 171...
171
To Buena Ventura—Nov. 29—Ruth
Lykes, 83
83
..
To
Copenhagen—Nov.
27—Stureholm,
1,790
Pedro, 2,049
"C," 1,650
Venice—Nov. 26—Lucia "C," 2,290
Gothenburg—Nov. 27—Stureholm, 642
Susac—Nov. 26—Lucia "C," 200
Manchester—Dec. 2—
6.305
1,790
2,049
1,650
2,290
To Dunkirk—Nov. 27—San
To Trieste—Nov. 26—Lucia
Cotton Movement
from All Ports—The
receipts
Bombay and the shipments from all India
ports for the week and for the season from Aug. 1 as cabled,
To
To
of Indian cotton at
as
1937
To
To
NEW
follows:
1936
Since
Week
1935
Bombay
Since
Week
Aug. 1
20,000
234,000
Week
63,000
346,000
For the Week
30—Louisiana, 4,892
Britain
Conti-
389.000
nent
Bombay—
Great
China
Total
Conti¬
Britain
To Liverpool—Nov.
Japan &
nent
China
1.
3,079
1937
3,000
6.000
9.000
5,000
64,000
130,000
1936
8,000
1,000
9,000
8,000
72,000
14,000
9,000
85,000
237,000
225,000
317,000
319,000
4,000
29,000
78,000
107,000
10,000
10,000
71,000
116,000
187.000
10,000:
11,000
67,000
114,000
181,000
1935
2.000
12,000
4.0001
i~66o
Total all—
7,OOo|
1937
1936
r.ooo
6,000
13.000
34,000
142,000
130,000
1,000 19,000
12,000| 12,000 25.000
79,000
188,000
76,000
199,000
237,000
225,000
18,000,
306,000
504,000
500.000
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's
receipts of
43,000 bales.
Exports from all India ports record a decrease
6,000
bales during the week, and since Aug. 1 show
decrease of 198,000 bales.
Alexandria
Receipts
and
Shipments—We
now
a
The following
the past week and
the receipts and shipments
for the corresponding week of the
Alexandria, Egypt,
1937
1936
29—Ida
Zo,
8,077
1,046
10,476
Chatala, 10,476
Beige, 300
City, 721
300
721
375
18
JACKSONVILLE— To Manchester—Dec.
1—Saccarappa, 272
NORFOLK—To Antwerp—Nov. 27—Black
Gull, 154
To Hamburg—Nov.
27—City of Baltimore, 315-.-Dec. 2—
City of Hamburg, 553
To Manchester—Dec.
2—Waukegan, 265
CHARLESTON—To Liverpool—Nov.
20—Zonnewick, 650
To Manchester—Nov.
20—Zonnewick, 1,744
To Antwerp—Nov.
20—Zonnewick, 477
LOS ANGELES—To Gdynia—
(?)
400
To Japan—
(?)
—Chichiby Maru, 165; President Van
Buren, 100
To Bombay—
(r)
—President Van Buren, 400; Hermios, 7,765
...
This week
SinceAug. 1
390,060
4,802,979
This
Exports (Bales)—
To
Liverpool
To Manchester, &c
To Continent & India
To America
Total exports.
Week
340,000
4,822,610
Since
Aug.
This
1
9,000
67,937
62,193
28",666
Week
420,000
4.727,926
Since
Aug.
This
1
9,000
Week
Since
Aug.
1
259,621
10,236
74,185
11,000 76,824
8,000 203,544
10,004
91,240
57,809
15", 000 23.9619
1,000
13,412
38,000 399,987
28,000 364,557
26,000 455,980
1,000
To Bremen—Nov.
30—Tacoma, 3,085
To Hamourg—Nov.
To
30—Tacoma, 1,500
Liverpool—Nov. 30—John Bakke, 2,712
.•
CORPUS CHRISTI—To Ghent—Nov.
27—Western Queen, 1,696To Havre—Nov. 27—Western
To
Queen—5,176
Bremen—Nov. 27—West
Moreland, 3,503
Rotterdam—Nov. 27—Western
Queen, 433
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week
ending Dec. 1
390,000 cantars and the foreign shipments 38,000 bales,
Manchester
Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and in cloths is steady.
Demand for India is poor.
We
give prices today below and leave those for previous weeks
of this and last year for comparison.
•
650
1,744
477
400
265
33
2,259
1,039
210
700
1,207
1,533
15
626
Freights—Current
for
rates
Stand-
Density
ard
Liverpool
.52c.
67c.
Manchester. 52c.
.67c.
9,110
52c.
High
Stand
Density
ard
.85c.
1.00
Flume
d.4<*.
60c
Salonlca
,85c
1.00
.67c.
Barcelona
•
.67c.
Japan
♦
*
.67c.
Shanghai
*
»
d.45c.
.60c.
Bombay
x
.50c.
,58c.
.73c.
Bremen
.52c.
.63c.
.78c.
Hamburg
.52c.
x
as
Stand-
Density
Piraeus
,52c.
No Quotations.
High
ard
New
are
.60c
.52c.
Stockholm
Inc.,
d.45c
Rotterdam
Oslo
from
Trieste
Havre
Genoa
250
....
cotton
York, as furnished by Lambert & Barrows,
follows, quotations being in cents per pound:
•
1,000
300
_
.215,461
Cotton
Antwerp
8,165
3,085
1,500
2,712
3,503
Total
High
were
868
265
1,695
5,176
?
28—Uddaholm, 700
Liverpool—Nov. 27—Zonnewick, 1,207
To Manchester—Nov.
27—Zonnewick, 1,533
To Antwerp—Nov.
27—Zonnewick, 15
SAN FRANCISCO—To Great
Britain—(?), 626
;
To Germany (?)—1,000
To Japan—(?), 300
To Australia—(?), 250
To India— ( ?), 9,110
10,000
Note—A cantar is 99 lbs.
154
__
To
Receipts (cantars)
272
__
MOBILE—To Bremen—Nov. 25—Barbara
Cates, 2,259
To Hamburg—Nov. 25—Barbara
Cates, 1,039
To Rotterdam—Nov.
25—Barbara Cates, 210
SAVANNAH—To Gdynia—Nov.
1935
Dec. 1
2,954.._Nov.
-To Liverpool—Nov.
29—Bienville, 375
To Manchester -Nov.
29—Bienville, 18
To
years:
26,717
PENSACOLA, &c.-
re¬
are
800
27—
To Ghent—Nov. 30—Elizabeth von
To Rotterdam—Nov. 30—Azalia
ceive weekly a cable of the movements of cotton at
Alexan¬
dria, Egypt.
1,681
14,689-.-Nov.
Cranford, 2.044
To Hull—Dec. 1—Dryden, 1,046
To Manchester—Nov. 29—West
199,000
Oth. India—
100
400
922
*
26—Custodian,
Luckenback, 12,028
To Genoa—Nov.
26—Montello,
Total
;
.!
100
400
200
To Venice—Nov. 23—Lucia
C., 922
To Trieste—Nov. 23—Lucia
C., 1,681
To Susac—Nov. 23—Lucia C., 800
Since Aug. 1
Jap'nA
100
29—Kexholm, 400
Gothenburg—Nov. 29—Kexholm, 200
To Tallin—Nov. 29—Kexholm, 100
To Acra—Dec.
1—Contessa, 400
Exports
Great
1,725
15,194
4,892
To
Aug. 1
56,000
ORLEANS—To Antwerp—Nov. 30—Louisiana, 1,725
7,743
Azalia City, 2,880
To Oslo—Nov. 29—Kexholm,
To Gdynia—Nov.
Since
Aug. 1
642
200
6,305
,
To Havre—Nov.
30—Louisiana,
Elizabeth von Beige, 4,571
To Dunkirk—Nov.
Dec. 2
Receipts—
2,199
To Havre—Nov.
b Estimated.
have been
7,218
...
Ghent—Nov. 29—Nishmaha, 902___Noy. 27—
Pedro, 1,297
To Antwerp—Nov. 29—Nishmaha, 50
Nov. 27—Ban Pedro,
7,274.922
5.668,722
1,606.200
Of which other
1,385
San
8,127,442
384,621
273,621
111,000
432
4,103
HOUSTON—To
8,654,029 15,402,364
8,768,544
Pedro, 1,175 1,986
To Rotterdam—Nov.
$ Embraces receipts in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug.
1 the total estimated consumption by
Southern mills, 2,0y5.000 bales in
1937, and 2,290,000 bales in 1936—
takings not being available—and the aggregate amount taken by Northern
and foreign spinners, 4,200,433 bales in 1937 and
4,984,922 bales in 1936,
of which 2,37w,633 bales and 3,378,722 bales American.
previous two
Bales
GALVESTON—To Copenhagen—Nov.
29—Stureholm, 781
To Gdynia—Nov. 29—Stureholm, 883.
To Gothenburg—Nov. 29—Stureholm, 1,462.
4,899". 258
9,281,755
234,000
107,000
953,200
149,000
4,000
Visible supply, Dec. 3
1935
10
Shipping News—Shipments in detail:
8,150,851
359,985
20,000
Total takings to Dec. 3 a
Of which American
1935
6.71
0
Dec.
Season
4,339",022
Total supply
Deduct—
From—
4.63
_
Week
for three years,
6 92
10% @12
Week and Season
India
@12
19.
1936
8,681,180
for
910%@10
To Liverpool—Nov.
Cotton
Visible supply, Nov. 26
Visible supply, Aug. 1
American in sight to Dec. 3—
Bombay receipts to Dec. 2
Other India ship'ts to Dec. 2-
of
10%@12
10%@12%
26-
of
out
gone
5.
Only small lots.
Venice
.65c.
67c.
d,85c.
Copenhag'n.57c.
1.00
.72c.
Naples
d.45c.
,60c.
Leghorn
d.45c.
.60c.
.57c.
,72c.
Gothenb'g
,67c
d Direct steamer
Financial
145
Volume
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &c., at that port:
59,000
866,000
434,000
61,000
964,000
538,000
from
85,000
126,000
56,000
162,000
136,000
232,000
the most encouraging of
25,000
351,000
274,000
Of which American
Total imports
Of which American
Amount afloat
Of which American
The tone of the
101,000
288,000
215,000
352,000
288,000
161,000
and futures
the daily closing prices of
Liverpool market for spots
day of the past week and
spot cotton have been as follows:
each
Tuesday
Monday
Saturday
Late
58,000
802,000
362,000
Total stocks
Friday
Thursday
Wednesday
12:15
Quiet
Quiet.
Quiet.
Quiet.
Quiet.
Quiet.
«
P.M.
.
Futures,
f
4
Market
3
[
opened
to
5
4 pts.
3 to
4
6
adv.
Quiet, un¬
Steady,
Market,
to 1
1
pts. stdy.,
advance.
Quiet,
Quiet,
Quiet but
Steady,
to
3
pts. 1 to 3 pts. changed to
1 pt. dec.
decline.
4 to 5 pts.
advance
Quiet but
5
to
pts.
decline.
Quiet at
Quiet but
Quiet,
pts. changed to stdy., 3 to 5
pts. deo.
3 pts. dec.
Prices of futures at
Steady at
Quiet, un¬
decline.
advance.
P. M.
'4.65d.
4.62d.
4 65d.
4.64d.
4.70d.
4.69d.
Mid.Upl'ds
stdy.,
1
3
2 to 4 pts.
dec.
pts.
to
advance
Liverpool for each day are given
below:
winter
hard
ering of December futures as delivery
Dec. 3
New Contract
d.
d.
d.
d.
4.50
4.46
'
"
d.
d.
d.
d.
d.
d.
d.
4.47
December (1937)
4.57
4.56
4.54
«*"""•»
4.50
4.59
4.54
4.55
4.54
4.51
4.48
4.52
4.61
4.52
4.61
4.49
(1938)_
4.65
4.60
4.60
4.59
4.56
4.54
4.54
4.57
4.67
4.57
4.67
4.66
4.66
4.64
4.61
4.59
4.59
4.62
4.62
4,72
4.70
4.63
4.62
4.66
4.65
4.68
4.67
4.71
4.69
January
March
May. -iw
July
-
- -
-i-i
4.72
December
4.76
4.73
4.69
4.69
4.67
4.79
October
4.75
4.65
4.80
4.78
4.74
4.74
4.72
4.70
4.82
4.81
--
4.77
-
-
«...
4.83
4.80
4.86
4.86
4.82
4.88
4.87
4.84
July
4.89
4.88
4.85 -11 .'V
(1938)..
-
-
4.78
-
ll '
-
-
4.72
4.70
4 73
4.76
4 84
March
May
January
4.73
--
4.80
-
4.81
•
-
—
4.75
m[
.
mm
-
4.75
4.77
been
upturns
Chicago Board cut down the early wheat
gains, though prices were materially higher than previous
close.
Export purchases of North American wheat today
were estimated at only 600,000 bushels, and included
but
taking
the
on
100,000 bushels of United States hard winters.
Today prices closed y2c. lower to lc. higher.
Increasing
evidence of a
substantially smaller Argentine exportable
surplus than expected ran Chicago
bushel
two bushels an acre below the
predicted. Brisk enhancement
market values also provided a stimulus to wheat
of
yield fully
a
of recent years was
average
stock
price
wheat was
in
DAILY
CLOSING PRICES OF WHEAT
Sat.
CLOSING PRICES
July-—
-
131 %
May
122%
July
10551
Mon.
Sat.
December.
-
—
-
substantial
Fri.
but
way.
WINNIPEG
Wed.
Tues.
Thurs.
110% ...
110% 114% 117
109% 110% 109% 112% 113%
-106% 106% 106% 108% 108%
Corn—On the 27th ult. prices
Fri.
116%
113%
109%
closed %c. down to %c. up.
above the previous close during
This market held
session,
Thurs.
92%
89%
89 %
111% 112%
— 109%
110%
November
the
Fri.
IN CHICAGO
Wed.
Tues.
PRICES OF BONDED WHEAT IN
DAILY CLOSING
May
July.
Thurs.
94
95
89% 91% 92% 92%
85% 85% 85
86% 86% 86%
When Made
Season's Low and When Made
July
6, 1937 December
84%
Nov. 8, 1937
July 29, 1937 May.
85% Nov. 8,1937
Sept. 28, 1937 July—81)2
Nov. 8,1937
and
Season's High
December
Wed.
104% 107% 109% 109%
90%
90
unchanged to %c.
of trading an unusual
demand sprung up which lifted prices about lc. a bushel,
but it proved to be just a "flash in the pan," petering out
quickly.
As a result prices dropped off sharply.
Most of
the session prices fluctuated nervously in a quiet trade.
"Weakness at Buenos Aires, where wheat closed % to l%c.
lower, lagging export business in domestic wheat and failure
of Liverpool prices to reflect. fully the previous day's up¬
turn were the bearish items operating against the upward
trend.
Reports of moisture in the domestic Southwest and
forecast of additional precipitation depressed July wheat,
which was the weakest of the three contracts.
Little ex¬
port business was confirmed either in Canadian or United
States wheat, but reports from Winnipeg estimated export
sales at 200,000 bushels.
Argentina estimated area seeded
to wheat about 1,409,000 acres larger than in 1936, but the
figure was 300,000 smaller than the previous estimate.
On the 29th ult. prices closed unchanged to y2c. higher.
December was the strong spot.
A firm stand by holders of
the December
contracts on the eve of the first notices
turned wheat firm after a disappointing Liverpool market
influenced considerable selling into the North American
pits. Fluctuations were narrow, however, a strong stimulus
in favor of either side being absent.
While certain sources
told of an export demand for hard winters, nothing much
could be confirmed.
Possibly 200,000 or 300,000 bushels
were worked.
The strength of December wheat today was
regarded as indicating that tenders would prove compara¬
tively light.
Visible supply figures ran true to the pre¬
dicted form.
For the third successive week the wheat total
dropped sharply, a decrease of 4,501,000 bushels putting the
visible stock down to 105,795,000 bushels as compared with
65,838,000 last year.
News from Southern Hemisphere
points ran mildly bullish.
On the 30th ult. prices closed unchanged to l^c. off.
The
market ruled heavy during most of the session.
There were
displays of firmness at times, partly in response to the
firmness of the securities market, but prices generally ruled
lower.
Relative weakness of wheat quotations at Winnipeg,
where the November position was under heavy pressure,
acted as a weight on values here.
Late reports of snow¬
falls in domestic winter wheat areas of the Southwest
served also as a handicap to friends of higher prices.
The
pronounced weakness in the corn market also acted as a
depressing influence. Unfounded rumors of intended liberal
deliveries on Chicago December wheat contracts tomorrow
were an additional late depressing factor.
Tumbles of Liv¬
erpool wheat quotations today were ascribed largely to lib¬
eral tenders of Australian wheat. Action of the Liverpool
market, however, was minimized here as being in the face of
persistent reports of Argentine crop damage, 30% loss in
Buenos Aires Province, and 50% in Cordoba Province.
Mon.
90%
May
prices closed
IN NEW YORK
Tues.
OF WHEAT FUTURES
Sat.
During the first few minutes
Mon.
--105% 106
No. 2 red
DAILY
Open
Profit-taking led to late reactions.
101,804,000 bushels.
upturns.
interest
December
Wheat—On the 27th ult.
wheat prices up 2%c. a
Official reports indicated that in
Aires Province one of the most promising areas of
maximum today.
Argentina,
3, 1937.
Late profit-
totaled 126,849,000 bushels.
output last year
state of trade.
off.
93,153,000 bushels.
Fe—was estimated at
4.80
been rather dull.
Sellers on this market reiterate reports of a poor demand,
bakers showing no disposition to follow the market higher
at the moment, both because they own considerable flour
on mill
books and also because of the uncertainties over¬
shadowing almost all markets as a result of the present
Entre Rios
Their
of Argentina—Cordoba,
provinces
large
4.79
Friday Night, Dec.
higher.
of almost
4.78
flour recently lias
>
2c. a bushel in Chicago wheat
prices today accompanied reports that Argentine frost dam¬
age "is beyond anyone's previous guess."
Argentina's wheat
crop situation was asserted by one dispatch to be "deplor¬
able." ; Other advices, however, said crop losses in South
Argentina would be offset by better than expected yields
in North Argentina.
The prospective wheat harvest in
Fresh
Buenos
Flour—Trading in
intentions continued
2%c. higher, and Kansas City 1% to 3%c. higher.
On the 2nd inst. prices closed unchanged to l%c.
4.77
BREADSTUFFS
high as 1,500,000
Winnipeg ended 2% to 4%c. stronger after having
as much as 3y2 to 5c. better.
Minneapolis stood 2 to
and Santa
Close
Noon Close Noon Close Noon
Close Noon Close Noon Close
estimated as
sales
export
bushels, there was buying on advices from both Argentina
and Australia believed detrimental to their crops, and cov¬
three
to
which was the second day of good
export sales of hard winters, which carried wheat prices
substantially higher on all markets.
December in Winnipeg
reached a maximum gain of 5c. per bushel.
In addition to
Fri.
Thurs.
Wed.
Tues.
Mon.
Sat.
Nov. 27
net higher.
today's strength in wheat,
for
responsible
developments
light.
Market,
to 3%c.
with maximum advances of 2y2 to 3%c.
profit-taking accounted for the moderate recession
the day's highs.
There were a number of bullish
compared
56,000
781,000
334,000
-
closed iy2
prices
inst.
1st
the
On
This
72,000
Forwarded
Spot
Dec. 3
Nov. 26
Nov. 19
Nov. 12
3683
Chronicle
most of
in a
showed little tendency to improve
Prospects of unfavorable weather
sug¬
further curtailment in the movement of corn to
primary markets.
On the 29th ult. prices closed 1 to
%c. net lower. Corn
was
weak during most of the session, chiefly due to the
gested
December and May
and 56c., respectively.
Corn export sales attained a fair total, some estimating
up to 750,000 bushels to United Kingdom and the Continent,
but this latter bullish item appeared to be ignored from the
way the market acted.
However, corn visibles rose 2,656,000
bushels to a total of 22,277,000, which, of course, is far
ahead of last year, and could hardly be regarded as having
a
December
of
influence
touched
bullish
liquidation.
seasonal lows of 52^
new
influence.
On the 30th ult.
prices closed y2 to %c. net lower.
Corn
result of unusually large primary re¬
ceipts for this time of the year.
Corn values dropped to
new low price records today, outdoing in some cases lowest
prices toppled
as a
levels since 1933.
higher. Influ¬
strength of the wheat market,
corn
Failure of heavy deliveries
to be made helped this market.
Yesterday's intentions were
only 10,000 bushels after 200,000 the day before.
Exports
of about 100,000 to 150,000 bushels were mentioned.
On the 2nd inst. prices closed unchanged to %e. up.
Trad¬
ing was light, though the undertone was firm in sympathy
with a stronger wheat market.
Today prices closed y2 to
%c. higher.
This grain was steadied by the strength of
wheat and the strong action of the securities market.
Open
interest in corn was 44,232,000 bushels.
On the 1st inst.
prices closed % to y2 c. net
by the vigorous
steadied considerably.
enced largely
DAILY CLOSING
PRICES OF CORN IN
,
No. 2
yellow
-
DAILY CLOSING
-
(new)
May— —
July
—
and
86%
74
66%
Tues.
NEW YORK
Wed.
Thurs.
Fri.
68% 67% 68%
68% 70%
PRICES OF CORN FUTURES IN CHICAGO
•
Sat.
Mon.
Tues.
52%
56% 56%
57% 57%
When Made
Season's
July 8, 1937 Dec. (new)
July 29, 1937 May
Sept. 30, 1937 July
-
Season's High
Dec.
Mon.
70
53%
December
May,.
July
Sat.
Wed.
Thurs.
Fri.
52% 53
53%
55% 55% 56% 56%
56% 56% 57
57%
Low and When Made
51%
51%
55%
-56%
Nov. 30, 1937
Nov. 30. 1937
Nov. 30, 1937
3684
Financial
Chronicle
Oats—On tthe 27th ult. prices closed unchanged to y^c.
higher.
Trading was dull and of a routine character.
On
the 29th ult. prices closed Vsc. off to %c.
up.
was dull and afforded no feature of interest.
ult. prices closed
On the 30th
off to %c. up.
affected
On the 2nd inst. prices closed % to %c. net higher.
This
of oats was attributed to a better spot
demand,
also steadier wheat and corn markets.
Today prices closed
firmness
unchanged
%c.
to
higher.
Trading
was
Flour
This market
This market appeared
by the depression in wheat and corn
values.
On the 1st inst. prices closed %c. up to
%c. off.
There was very little of interest in this market.
little
very
Receipts at—
light
very
and
Dec. 4,
bbls 196
New
York
Wheat
lbs\
Corn
Oats
bush 60 lbs
bush 56 lbs
bush 32 lbs
1,757,000
288,000
4,000
5,000
52,000
15,000
1,000
638.000
19,000
6,000
133,000
320,000
3*0*0^666
2L000
6*5*666
1,044,000
"moo
3*49:666
9,000
2,000
9,000
1,000
New Orleans *
Galveston
.
Montreal
21,000
...
Halifax
30%
May...
July
29%
29%
-
Season's High
December
and
41%
May
July
32%
29%
29%
29%
29%
When Made
I
Season's
July
6, 1937 December
July 29, 1937 May
Oct.
2. 19371July
33%
31%
30%
29%
30
29%
Low
and
When
27%
28%
31%
30%
29%
Made
Oct. 13,1937
Oct. 13,1937
Nov.
6,1937
28
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
November
44%
44%
45
December
44%
44%
_.
May
July
43%
-
44%
43%
43%
45
44%
42%
-
45%
44%
42%
46%
45%
42%
Rye—On the 27th ult. prices closed % to 2%c. lower. The
was attributed largely to heavy
pronounced weakness in rye
selling
of
December
by
also considerable hedge
elevator
an
interest.
selling reported.
There
was
312.000
4,391,000
Since Jan.1'3712,857,000 90,391,000
prices closed % to
Trading was moderately active, with the under¬
fairly steady in face of the marked declines in wheat
V2c. lower.
tone
and
corn.
On
1st
the
inst.
prices closed 1% to 2c. net
This, of course, is a bread grain and closely related
wheat, and naturally responded to the strength displayed
higher.
to
in
all
which
responded
y2 to
%c. higher
distant
July.
very
This
rye,
substantially.
the
on
The
near
grain
Today prices closed
deliveries and %c. lower on
firm
was
in
DAILY
PRICES
OF
'Sat.
December
65
May
July
65%
62%
Season's
High
and
December
96
May
July
84
70
65%
62%
65%
62%
When Made
|
Season's
May 6, 19371 December
Aug. 10, 1937 May
Oct. 21, 19371July...'.
DAILY CLOSING PRICES
OF
RYE
Sat.
December
May
July
and
Tues.
69
Exports from—
64%
IN WINNIPEG
Thurs. Fri.
Wed.
69%
72%
72%
74%
74%
73%
75%
75%
74%
76%
75%
DAILY CLOSING PRICES OF BARLEY FUTURES IN
WINNIPEG
Sat. Mon. Tues.
Wed.
Thurs. Fri.
November
59%
58%
57%
December
56%
56%
May
July....
56%
55%
55%
56%
56%
57%
55%
57%
57%
56%
57%
57%
56%
New
York
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
376,000
77,000
49,740
4,000
352,000
—
Baltimore
Port Arthur, Texas—
5,000
9,000
65,000
5,000
349,000
1,000
9,000
651,000
Sorel
438,000
128,740
160,955
350,000
87,000
39,000
9,000
738,000
82,000
New
Orleans
57,000
_
953:666
Galveston.
1,044,000
Halifax
Three Rivers
493,000
Total week 1937—
Same week 1936.
3,782,000
4,465,000
.
The destination of these
exports for the week and since
July 1, 1937, is
below:
as
Flour
Wheat
FLOUR
and Since
Week
Week
Since
Week
Since
Nov. 27
July 1
Nov. 27
July 1
Nov. 27
1937
July 1
1937
1937
1937
1937
1937
Barrels
July 1 to—
Since
Barrels
Bushels
Bushels
Bushels
Bushels
United Kingdom.
73,210
1,113,004
Continent
11,030
So. & Cent. Amer.
13,000
208,186
269,500
West Indies
24,000
7,500
498,500
115,726
288,000
1,461,000
128,740
160,955
2,204,916
2,402,976
3,782,000
4,465,000
57.045,000
68,980,000
Other
countries..
Total 1937
The
visible
supply
1,594,000
1.900,000
Soft winter straights —...4.85@5.10
Cornflour
Hard winter straights
Hard winter patents
Barley goods—
Hard winter clears
5.40@5.70
5.75@6.00
4.60 @4.80
2.05
4.00
Fancy pearl, Nos.2,4&7 5.25@5.60
Wheat,New York—
of grain,
Corn, New York—
No. 2 yellow, all rail
New York
afloat
Philadelphia
Baltimore
N ew Orleans
70%
regarding the movement of grain
—receipts, exports, visible supply, &e. —are prepared by us
by the New York Produce Exchange.
First we give the receipts at Western lake and river
ports
for the week ended last
Saturday and since Aug. 1 for each
from figures collected
of the last three years:
Receipts at-
Flour
Wheat
bbls 196 lbs bush 60 lbs
comprising
Chicago
Minneapolis..
212,000
Peoria
—
Kansas City..
103,000
32,000
11,000
Omaha
St.
Joseph...
Wichita
.
.
.
Sioux City...
Buffalo
175,000
2,851,000
8~000
4,000
27,
173,000
470,000
1,714,000
750,000
750,000
714,000
Fort Worth..
Wichita
Hutchinson
St. Joseph
Kansas City
34,000
621,000
126,000
85,000
320,000
28,000
94,000
84,000
81,000
14,000
710,000
4/2,000
419,000
"2*666
116,000
3,000
40,000
84,000
23,000
51,000
43,000
Sioux
City
7,747,000
6,040,000
10,225.000
5,093,000
Same wk.1935
907,000
376,000
6,126,000!
7,020,000
2,345,000
Rye
Barley
Bushels
Bushels
148,000
29,000
48,000
193,000
90,000
146,000
1,585,000
3,154,000
698,000
708,000
1,374,000
890,000
10,000
86,000
6,524,000
10,553,000
1,286,000
afloat
On
Lakes
1,040,000
Milwaukee
1,985,000
10,083,000
5,100,000
180,000
8,994,000
5,225,000
18,000
Duluth
Detroit.
Canal
Total Nov. 27,
Total Nov. 20.
352",666
•
20,000
27,000
39,000
61,000
"moo
1,000
3,000
"moo
14,000
6,000
1,689,000
Chicago
32", 000
53,000
35,000
194,000
116,000
69,000
614,000
75,000
771,000
1,205,000
190,000
54,000
550,000
59",666
9,000
227,000
43,000
24,000
183,000
113,000
8,000
30,000
9,000
19,000
3,305,000
1,257,000
1,0*95*.000
965,000
440,000
474,000 13,909,000
1,087,000
2,486,000
112,000
1,463,000
1,243,000
2,000
5,000
900,000
2,000
652,000
2,124,000
632,000
265,000
346,000
378,000
946,000
5,521,000
1,762,000
170,000
901,000
242,000
72",000
1937-105,795,000 22,277,000 24,196,000
1937-110,296,000 19,621,000 24,925,000
5,662,000 10,815,000
5,801,000 10,516,000
Note—Bonded
grain not included above: Oafs—On Lakes,
254,000 bushels;
254,000 bushels, against none in 1936.
Barley—Duluth, 198,000 bushels;
York, 35,000; New York afloat, 25,000; on Lakes, 707,000; total, 965,000 bush¬
els, against 3,546,000 in 1936.
Wheat—New York, 1,788,000 bushels; New York
afloat, 213,000; Buffalo, 1,607,000; Buffalo afloat, 489,000; Albany, 363,000; on
Lakes, 2,300,000; total, 6,760,000 bushels, against 26,195,000 bushels in 1936.
total,
New
Wheat
Corn
Oats
Rye
Bushels
Canadian—
Bushels
Bushels
Bushels
Lake, bay, river & seab'd 15,257,000
Total Nov.
Barley
Bushels
30,504,000
786,000
912,000
8,490,000
27, 1937— 60,339,000
63,370,000
10,188,000
10,668,000
1,316,000 10,760,000
1,326,000 11,166,000
..105,795,000 22,277,000 24,196,000
60,339,000
10,188,000
5,662,000 10,815,000
1,316,000 10,760,000
1937-166,134,000 22,277,000 34,384,000
6,978,000 21,575,000
14,578,000
Total Nov. 20, 1937—
42,000
2,309,000
924,000
350,000
6,958,000
1,493,000
Summary—
American
Canadian
Total Nov. 27,
The world's shipments of wheat and corn, as furnished
by
Broomhall to the New York Produce Exchange, for the week
ended Nov. 26, and since July 1, 1937, and
July 1, 1936,
Exports
the
are
following:
Week
Nov. 26,
1937
Bushels
North Amer.
6,672,000183,297,000 82,970,000
7,551,000127,964,000 66,279,000
6,912,000217,460,000 47,488,000
......
Wheat
nee
61,716,000 18,140,000 48,860,000
39,355,000 8,932,00051,885,000
80,439,000 11,709,00044,852,000
Total receipts of flour and grain at the seaboard
ports for
the week ended Saturday, Nov. 27, 1937, follow:
follows:
~
375,000
1936
in
and
5,000
5,527,000
shown in
111,000
25,000
453,000
1935
lake
Oats
4,722,000
23,217,000
6,077,000
Omaha
2,299,000
1,869,000
2,512,000
268,000
365.000
219,000
Same wk.1936
Aug. 1—
1937
were as
stocks
at
8,000
307,000
2,000
69,000
21,000
278,000
Total wk.1937
S
Barley
4,000
4,496,000
I~7~666
loledo..
Indianapolis..
Louis
Rye
bush 56 lbs bush 48 lbs
2,255,000
1,080,000
609,000
170,000
77,000
374,000
462,000
548,000
.516,000
995,000
97,000
16,000
666,000
Milwaukee...
Oats
bush 32 lbs
111,000
34,000
211,000
Duluth
St.
478,000
732,000
Corn
the
accumulation
Bushels
3,622,000
6,171,000
1,434,000
4,527,000
.■
Ft. William & Pt. Arthur
Other Can. & other elev.
bush 56 lbs
1,287.000
1,000
Corn
421,000
Galveston
On
All the statements below
438,000
Bushels
2,000
300,000
103,000
1,210,000
1,601,000
No. 2
white.
44%
Rye, No. 2. f.o.b. bond N. Y.. 83%
Barley, New York—
47% lbs. malting
55%
Chicago, cash
42-60
162.000
Wheat
...
afloat
Oats, New York—
No. 2 red, c.i.f., domestic
109%
Manitoba No. l.f.o.b. N.Y._151%
367,000
758.000
1,000
Bushels
United States—
Boston
Buffalo
GRAIN
86,000
351.000
GRAIN STOCKS
Minneapolis
Coarse
30,585,000
24,046,000
933,000
20,000
granary at principal ports of
seaboard ports Saturday, Nov.
Peoria
Spring oats, high protein _6.50@6.70 Rye flour patents
4.45@ 4.65
Spring patents
.5.85@6.00 Seminola,bbl.,Nos.1-3- 6.95@
Clears, first spring
5.50@5 80 Oats, good
2.45
Conn
Exports for Week
St. Louis.
follows:
were as
30,000
638,000
Montreal..
P*
30,000
278:666
Indianapolis
Closing quotations
84,000
Bushels
Made
Nov. 30, 1937
Nov.
8,1937
Nov.
8.1937
62
70%
72%
68%
65%
When
63%
63%
FUTURES
Mon.
70%
73%
Low
67%
64%
39,000
The exports from the several seaboard
ports for the week
are shown in the annexed
statement:
RYE
FUTURES IN CHICAGO
Mon. Tues.
Wed. Thurs. Fri.
64%
64
66
67%
67%
132,000
954,000
ending Saturday, Nov. 27, 1937,
Total 1936
CLOSING
480.000
4,712,000
220,000
6,114,00010,171,000
Jan.1'3613,833,000124,728,000' 9,931,000
7,353,000 4,413,000 3,896,000
Receipts do not Include grain passing through New Orleans
for foreign ports
through bills of lading.
on
sympathy with the
grains.
405,000
5,992,000
*
wheat markets.
On the 2nd inst. prices closed 1 to l%c. net
higher.
better tone to all grain markets
naturally affected
other
376,000
.
670,000
29,682,000
Since
On the 29th ult.
prices closed Vs to y2c. down.
While the market for rye
ruled heavy, it was in sharp contrast to the extreme
weak¬
ness of the day before.
On the 30th ult.
651,000
493,000
wk,1937|
Week 1936
245,000
1,000
11,000
1,000
without feature.
DAILY CLOSING PRICES OP OATS FUTURES IN CHICAGO
Sat. Mon. Tues.
Wed.
Thurs. Fri.
December
30%
30%
30%
199,000
57,000
5,000
Three Rivers.
Total
Barley
24*666
Baltimore—
Sorel
Boston
Rye
bush 56 lbs bush 48 lbs
158,000
21,000
18,000
Philadelphia.
1937
Black Sea.
Argentina
Australia
5,286,000
2,312,000
128,000
978,000
India
Oth. countr's
Total
Since
July
Corn
Since
Week
Since
July 1,
July 1,
1937
1936
Nov. 26,
1937
Bushels
Bushels
Bushels
1,
75,823,000102,337,000
49,130,000 35,120,000
16,118,000 23,749,000
28,979,000 27,475,000
9,744,000
424,000
11,520,000
Since
July
1,
1936
Bushels
Bushels
1,254,000
1,000
9,041,000
2,791,000
6,003,000155,072,000 167,332,000
5,576,000
9,872,000
437,000
1937
2,348,000 47,461,000
11,125,000
9,128,000 189,666,000 205,777,000- 8,788,000 206.578,000 187,499,000
Volume
Financial
145
Weather
Report for the Week Ended Dec. 1—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Dec. 1, follows:
At the
of high pressure dominated the
abnormally low temperatures
southward to the east Gulf
districts.
At the same time, low pressure obtained from Arizona to Alberta,
with widespread precipitation over the Northwest.
The cold weather moderated somewhat on the 25th, with a trough of
low pressure covering the Great Plains, while a disturbance In the Gulf
caused general rains over the east Gulf coast.
By Friday, the 26th, low
pressure was dominant over the Great Plains and unsettled conditions
prevailed from the Gulf northward over the Ohio Valley into Ontario.
Precipitation was fairly general over the Southeast and Northwest as a
consequence of the pressure distribution.
By Saturday, the 27th, un¬
settled conditions were widespread over all sections from the Great Plains
eastward and precipitation was general over the Atlantic Coast States and
many parts of the central and northern Rocky Mountains.
On the 28th, a disturbance of considerable intensity was central over
Lower Michigan, with extensive precipitation over all sections east of the
Mississippi River.
At the same time, much colder weather had over¬
spread the Mississippi Valley, with subfreezing reported as far south as
northern Texas.
At the close of the week, low temperatures for the season
prevailed over eastern districts, but a reaction to warmer had begun in
beginning of the week
an
area
entire country east of the Great Plains, with
the season prevailing in Eastern States
for
the Northwest.
North¬
Moun¬
tains.
In New England, New York, and the Middle Atlantic area, the
weekly means were from 4 to 10 deg. above normal, while in the more
western States the plus departures ranged from 3 to 8 deg.
On the other
hand, temperatures were abnormally low in the central and west Gulf areas,
and from Oklahoma and Arkansas northeastward to the upper
Mississippi
Valley.
Minimum temperatures were not as low generally as during the preced¬
ing week, though the lowest reported for the period, 10 deg. below zero at
Devils Lake, N. Dak., on the 28th, was the same as the low record for
In the western Canadian Provinces there was some extremely
cold weather, the lowest temperature reported
prince Albort
Sssk
Ohio'
being 40 deg. below zero at
Valley the low records for the week ranged
from 12 to 20 deg., and in the central portions of the Gulf States to around
32 deg.
Freezing weather did not reach the coast as during last week; the
lowest in Florida reported from first-order stations ranged from 36 deg. at
Pensacola to 66 deg. at Miami.
Precipitation was general from the Mississippi Valley eastward, but oc¬
curred mostly in moderate amounts.
Heavy rains fell in the central Florida
Peninsula and the extreme Northeast, and fairly heavy amounts in the
middle Atlantic area.
The falls were heavy also in the far Northwest, the
In the
and Mississippi
Island, Wash.
The Northwestern
extended eastward to Idaho and
to much of northern California.
Moderate precipitation occurred in much of Kansas and eastern Colorado,
but otherwise over the Great Plains the falls were decidedly light.
With mild temperatures and mostly moderate rainfall, truck that was
damaged by recent freezes is showing some recovery in more southern
greatest being 6.1 inches at Tatoosh
precipitation in substantial amounts
western
Montana
and
then
southward
sections, especially the Southeast, though heavy rains in the central Florida
Peninsula were unfavorable.
Citrus fruits, including satsumas, in east
Gulf sections, apparently were not harmed materially.
In central and
States, however, the weather was rather unfavorable and winter
made but little progress.
was the continued precipitation in the
west Gulf
crops
„
A feature of the week's weather
extending from northern California
northward and northeastward.
In Washington and Oregon the soil is
now unusually well supplied with moisture, being too wet for work, with
some flooded
lowlands, in western sections.
Precipitation of the week
was helpful also in central and northern Rocky Mountain districts, with
a good
snowcover in the higher elevations.
Moisture is still needed in
southern California, Utah, and parts of New Mexico and Arizona.
In the Great Plains States the moisture situation has changed but little,
northwestern
more
States,
the
area
that moderate precipitation was beneficial in limited areas, such
The subsoil is very dry throughout most of the Plains
country, while it was the driest November in 80 years in Minnesota.
At
the close of the week there was a light to moderate snowcover in the upper
Mississippi Valley, the western Lake region, and the northern Ohio Valley.
Much of the week was unfavorable for outside operations in most of the
except
as
parts of Kansas.
Southern States and the Atlantic area.
Husking corn made rather slow progress, but is well along in the prin¬
cipal producing States, being 80 to 90% completed in Indiana, Illinois, and
Missouri.
In Iowa the snowcover disappeared early in the week, per¬
mitting some progress in husking the remainder of corn left in the fields,
but the storm of Nov. 26-27 again blanketed the State with snow.
In the north-central and northeastern portions of the Cotton Belt field
work was retarded by rainfall and cold weather during part of the week,
and progress in picking cotton was slow.
Much is still in the fields in
some central-northern districts, especially the lowlands of Arkansas.
In
the western belt, but little cotton remains out.
Ilfl
moderate precipitation oc¬
Small Grains—Although beneficial light to
over many parts of the Winter Wheat Belt, most western sections
continue dry, with subsoil moisture deficient, particularly in Missouri.
In the Ohio Valley wheat is in fair to good condition generally, although
curred
it continues small in parts, and progress during
some
snowcover
remains in western sections.
the week was rather slow;
In Missouri and Iowa
light to moderate precipitation was beneficial, with a snowcover renewed
in Iowa, but in the former State the moisture penetrated only a few inches
and the subsoil remains very dry.
Wheat was not bodly frozen in these
States, although stands continue poor in many parts.
!P*In Kansas moderate snows were beneficial locally, but the subsoil con¬
unfavorably dry in practically all parts; winter wheat held its own
improved in eastern sections.
Progress and
were mostly good in Texas, but little growth was made in Okla¬
homa; moisture is needed in some western parts of both States.
In the Pacific Northwest and adjoining sections, notably over Idaho and
Montana, generous precipitation was highly beneficial, with winter wheat
in good to excellent condition.
In Washington and Oregon the moisture
supply is now ample, and unusually abundant in the wheat belts, with
more than normal seeding in drier sections.
Winter grains continue to
do well in southern and eastern districts under largely favorable conditions.
tinues
in most western districts and
condition
The Weather Bureau has furnished the
following
resume
of conditions in the different States:
first part of week; favorable for butchering
Rather slow progress in gathering and husking corn and picking
Early sown wheat fairly good; seeding not yet finished.
Not
much damage reported to hardy truck by early cold spell.
North Carolina—Raleigh; Cold
hogs.
cotton.
Carolina—Columbia;
South
week.
Cold
first
but warmer last half of
for small-grain growth and
part,
Moderate rains middle part favorable
sowing.
Coastal truck made better progress since
Farm butchering active first of week.
Scattered cotton picking
about completed.
continued
warmth.
in north
Mississippi—Vicksburg: Mostly abnormally cool Wednesday and Mon¬
day, otherwise normal to somewhat above.
Cloudiness prevalent, with
preventing soil drying sufficiently for plow¬
retarding picking remnants of cotton.
Probably appreciable
damaged cotton will never be picked.
Louisiana—New Orleans: Scattered showers; temperatures moderately
low.
Good progress in harvesting cane, but more than half of crop still
in fields and being windrowed rapidly to prevent deterioration as result
of previous freeze.
Fair progress towards completing cotton picking in
northeast, where still considerable oats, alfalfa, and winter cover crops to
plant.
Truck and other winter crops at standstill.
Texas—Houston: Averaged slightly warm in extreme west and north¬
west and cool elsewhere.
Light precipitation in Panhandle and coastal
regions, but none reported elsewhere.
Progress and condition of wheat,
oats, and barley mostly good, but moisture needed for germination of
late-planted in west-central.
Few remnants of cotton remain in fields.
Ranges and cattle fair to good, though some ranges locally poor in westcentral.
Truck made slow progress and mostly poor to only fair condition.
occasional light precipitation,
ing
3685
little
growth; condition fair, but moisture needed in much of
stock mostly in good condition.
Arkansas—Little
Rock:
Weather
unfavorable
most
of
west.
week
Live¬
and
only
days, except Sunday and holiday, for picking cotton.
Much cotton
in fields on lowlands; also unfavorable for gathering corn.
Cold
weather checked growth of vegetation, but winter grams,
meadows, winter
two
still
pastures, and truck in good to excellent condition.
_
Tennessee—Nashville:
Cold
veather at beginning of week" and rains
interrupted farm work considerably, although some plowing
and seeding were done.
Cotton somewhat stained >y rains; some yet un¬
picked.
Early winter grains in excellent condition; late only fair. Tobacco
handling and stripping resumed after interruption by cold spell.
latter
part
THE DRY GOODS TRADE
New York,
Friday Night, Dec. 3, 1937.
Favored by better weather conditions, and owing to the
approach of the holiday season, retail trade expanded
materially over recent weeks although comparisons with
the
corresponding period of last
year
still revealed
declines in the dollar volume of sales.
average
This recession
was
most
Temperatures for the week, as whole, were abnormally high in the
eastern States, and also in practically all sections west of the Rocky
last week.
Chronicle
and
amounts of
Oklahoma—Oklahoma City: Cool, with
Little farm work accomplished.
flurries.
but little remains
only light showers, or snow
Picking cotton slow advance,
unpicked, except in extreme west.
I
Winter wheat made
pronounced in the industrial sections of the East and
middlewest where declining activities and growing unem¬
ployment have seriously weakened the purchasing ability of
consumers.
Other
sections
were
better
able
to
maintain
their level of
sales, although it was again noted that mer¬
increasingly resorted to special promotions, at price
concessions, in order to stimulate the flow of goods and
chants
reduce inventories. Early estimates of the size of the
holiday
trade indicate that merchants in
general will do well if they
are able to
equal last year's volume of sales.
Trading in the wholesale dry goods markets continued
quiet. While preoccupation with the taking of inven¬
tories was in part responsible for the dullness, the latter was
again chiefly due to the continued extreme caution of retail
merchants in adding to their supply of goods.
This caution
extended even to the usual re-orders on Christmas
gift
merchandise, although it was still asserted in some quarters
that a last-minute rush for goods may easily eventuate,
causing the usual delivery difficulties.
Little buying for
January promotions developed during the week, but the
belief prevailed that these seasonal
purchases cannot be
delayed much longer. Business in silk goods remained very
quiet, with the easiness in the raw silk market and growing
boycott tendencies serving to further intensify the stillness
in trade.
Trading in rayon yarns continued dull, and a
further increase in surplus yarn stocks was
reported.
No
immediate change in the price structure is anticipated, how¬
ever, as the spreading movement to curtail the production
of yarn is counted upon to
bridge the present gap in the
very
demand.
Domestic
markets
Cotton
continued
in
Goods-—Trading in the gray cloth
its previous desultory fashion, and
prices
for most constructions showed further recessions.
slightly better tone of raw cotton and the growing ten¬
dency to curtail production had no effect on the volume of
business as converters as well as industrial users stayed out
of the market.
While it was considered possible that Wash¬
ington developments, notably in connection with farm legis¬
lation and contemplated processing taxes, may stir buyers
into action, no permanent improvement is looked for until
general business conditions show a decided turn for the
better and the flow of finished goods in distributive channels
experiences a real revival.
In some quarters the point is
made, though, that stocks of many converters are running
low and that the replensihment of these supplies must soon
proceed, irrespective of the dullness in general trade pre¬
vailing at present. Business in fine goods remained inactive,
although predictions were made that this division will be
first in registering an improvement, because of the thorough¬
going trend to restrict the output of goods. Organdies moved
in fair volume, and slightly better interest was shown in
dimity stripes and checks.
Closing prices in print cloths
were as follows: 39-inch 801's, 6J^ to 6c.; 39-inch
72-76's,
5%c.; 39-inch 68-72's, 5^8 to 5c.; 38^-inch 64-bO's, 4^ to
4^c.; 38H-inch 60-48's, 3% to 3%c.
The
Woolen
Goods—Trading in men's wear fabrics remained
clothing manufacturers refrain¬
ing fromfiadding to their commitments, notwithstanding
recent price reductions.
No resumption of buying on a
larger scale is anticipated until existing stocks of Fall mer¬
chandise have undergone a further decline.
Some seasonal
interest in tropical worsteds was shown but the total volume
of orders on these materials remained disappointing. Reports
from retail clothing centers reflected a moderate expansion
in sales of winter apparel as the advent of colder weather
induced consumers to carry out long deferred purchases.
Business in women's wear materials continued quiet although
active sampling of new spring lines appealed to get under
at
a
virtual standstill, with
way.
Foreign Dry Goods—-Trading in linens improved slightly,
notably in the division for household and gift items where
fill-in purchases for the holiday trade made themselves felt.
Interest in dress goods and suitings was limited, with busi¬
ness
confined to occasional small spot lots for the winter
resort and cruise trades.
Business in burlap remained inac¬
tive, and neither the price fluctuations in the Calcutta
market nor the substantial increase in burlap stocks at that
center, had any important influence on the local price
structure.
Domestically lightweights were quoted at 3.70c.,
heavies at 5.10c.
Financial
3686
Chronicle
Dec.
4, 1937
The Congress might adopt again the method approved in Flint vs.
Stone-Tracy Co.: transform the corporation normal tax on income into a
corporation privilege tax, measured by income, including interest from all
sources.
Such a change would bear with particular severity, of course,
upon financial institutions with large holdings of State and Federal bonds.
Moreover, since the present exemptions have a 25-year standing, Congress
would have to decide whether any change should apply only to the interest
on future issues of bonds; or to the interest on all issues received after the
effective date of the law.
Similar changes by the States have taken the
latter course.
,,;-v
Specialists in
Illinois & Missouri Bonds
.
The issues of
were as
STIFEL, NICOLAUS & CO., Inc.
106 W. Adams
St.
314 N.
DIREGT
CHICAGO
Broadway
ST.LOUIS
WIRE
,000,000
BOND SALES
IN
of emissions
for
the
11
months
of the
current
One of the factors which has contributed to the diminu¬
tion in new offerings during the present year has been the
sharp curtailment of the activities of the Reconstruction
Finance Corporation in its capacity as liquidating agent of
bonds originally acquired by the Public Works Administra¬
tion.
This may be explained in the fact that the most recent
operation by the RFC, held last May, was far from satis¬
factory. Of the 72 issues offered on that occasion, only 46
proved.possible of sale, no bids having been made for the
remainder.
Several
developments of considerable importance to dealers
municipal securities came to light during
the month of November.
These include the invalidation by
a
Fed eral Judge at Fresno, Calif., of the new Municipal
Bankruptcy Act (V. 145, p. 3375) and the decision of the
United States Supreme Court upholding the right of the
State of Iowa to tax income derived from holdings of bonds
and investors in
State
and
its
subdivisions
(V.
145,
p.
3226).
Of
greater significance, however, are two proposals now under
consideration by the Tax Subcommittee of the House Ways
and Means
Committee, which is engaged in a study of the
a view toward seeking additional
revenues to offset potential losses in revenues which may be
suffered through a revision of existing corporation taxes.
Each of these measures is designed to eliminate the longestablished immunity from Federal taxation of income de¬
rived from holdings of municipal bonds. Although the com¬
mittee has not as yet indicated whether it will definitely
Federal tax structure with
decide to include these
measures
in its recommendations for
providing additional sources of Federal revenue, bond
dealers, municipal attorneys and others closely identified in
the municipal bond field have already
expressed their sharp
disapproval of the schemes in question.
The two proposals
have been reported as follows:
(1)
To require that tax-exempt income from State and municipal bonds
of determining the
applicable to such individual's taxable income, a device which,
be included in an individual's income for the
purpose
surtax rates
in fact,
amounts to a Federal tax on municipal bonds.
To transform the corporation normal tax on income into a corpora¬
tion privilege or excise tax, measured by income, including interest from
tax-exempt State and municipal bonds, a method approved by the United
States Supreme Court some years ago.
(2)
Chairman Vinson of the Tax
ing
on
The banking group re-offered the bonds at
yield from 0.75%
maturity.
to 3.75%,
according to rate of
2,307,000 Boston, Mass., 2H% municipal relief and airport improve¬
ment bonds, maturing serially from 1938 to 1947, incl., were
taken by Phelps, Fenn & Co., Inc., New York, and associates,
at 100.23, a basis of about 2.45%.
The bankers re-offered the
bonds to yield from 1% to 2.45% for the 1938 to 1945, incl.,
and at par for the 1946 and 1947 maturities.
2,150,000 Mississippi (State of) highway notes, first series, sub-series E,
were sola to a syndicate headed by A. C. Allyn & Co., Inc. of
New York, as 3s, 3^s, 3Ms and 3 Ms, at a price of par.
The
notes, due annually from 1938 to 1955, inci., were offered for
general investment to yield from 1.62% to 3.57%, according
to date of actual maturity.
Callable on any interest date at
various prices, depending on the time of redemption.
1,360,000 New Mexico (State of) 2M% and 3% highway debentures,
due
annually from 1945 to 1952, incl., were awarded to
Lazard Freres & Co., Inc., New York, and associates, at a
price of 100.049, a net interest cost of about 2.964%.
The
1945 to 1948 maturities were re-offered to yield from 2.60%
to 2.80%, according to maturity, the 1950 bonds at 100.50
and those due in 1952 at par.
1,239,000 Memphis, Tenn., 2M and 3% sewer and school building
bonds, due annually from 1938 to 1968, incl., were purchased
by an account headed by Blyth & Co., Inc., New York, at
101.55, a basis cost of about 2.97%.
1,000,000 Rochester,
N. Y., 1M% tax revenue bonds, due annually
1938 to 1942, incl., were sold to Lazard Freres & Co.,
Inc., New York, and associates, at 100.468, a basis of about
from
year
amounting to but $817,169,725, it is quite obvious that the
year's output will fall far short of the total of $1,117,351,518 established in 1936.
For the calendar year of 1935
the figure was $1,220,150,097.
In connection with the
awards made thus far in 1937, it is again pertinent to call
attention to the fact that the sales for the month of January
aggregated no less than $207,228,381.
the
to
interest and
1.35%.
1,000,000 South Dakota (State of) 3"%% refunding bonds were sold to
a
syndicate managed jointly by Phelps, Fenn & Co., Inc.,
New York, and the Wells-Dickey Co. of Minneapolis, at a
price of 100.01, a basis of about 3.87%. They mature Nov. 15,
1947 and were offered to investors to yield 3.65%.
entire
of
3.63%.
prices
NOVEMBER
Although the volume of long-term State and municipal
financing during the month of November was considerably
larger than the total established in the preceding month,
this in itself was not a matter of great significance in view
of the fact that the October awards, at $27,956,690, repre¬
sented a new low for this type of financing for any period
since August, 1934.
Moreover, although the disposals for
November reached $46,515,774, no less than $10,200,000 of
the total represented an award of that amount on the last
day of the month by the Los Angeles, Calif., Department of
Power and Light.
This issue was underwritten by a nation¬
wide banking group headed by Lehman Bros, of New York.
If we were to eliminate this loan from the past month's
total, it becomes clearly evident that new financing in the
recent period was negotiated within an extremely narrow
level.
This, of course, represents a continuance of the
restricted output which has characterized this form of
borrowing since the month of February.
With the grand
total
sold during November
more
$10,200,000 Los Angeles, Calif., power and light bonds, maturing serially
from 1938 to 1977, inci., were awarded to a large syndicate
headed by Lehman Bros, of New York, which bid a price of
100.048 for a combination of 2s, 2Hs, 3s, 3#s and 3%s, the
successful bid figuring a net interest cost to the community of
about
MUNICIPAL
or
follows:
Subcommittee, in comment¬
the first proposal, stated as follows:
The committee discussed tax-exempt interest with respect to individual
income.
The plan suggested is to add to the taxable income the tax-
exempt interest, and use that tax-exempt interest in arriving at the surtax
Decision of the Supreme Court, particularly that in the case of
Maxwell vs. Bugbee, 250 U. S. 525, involving the New Jersey State inherit¬
ance tax, leads me to the conclusion that such a tax as now suggested would
be upheld.
In addition, we find that the tax was recommended by Senator
Carter Glass in his annual report as Secretary of the Treasury in 1919.
rate.
Temporary financing by States and municipalities in
anticipation of the collection of taxes or pending the issu¬
ance of bonds at a later date aggregated $51,152,500 during
the month of November.
The City of New York contributed
$24,200,000 to the total.
The City of Boston, Mass.,
placed an issue of $6,000,000. This type of paper continues
as a favorable medium for investment of institutional funds,
and, while the cost in most instances is somewhat higher to
the borrower than was true last year, the increase on the
average has been comparatively slight.
There was a sharp increase in activity in the Canadian
municipal bond market during November as is indicated in
the fact that the total issues brought out in that period
amounted to $136,354,218.
The month's financing was
featured by the marked success which attended the Dominion
of Canada's conversion loan offering of $100,000,000.
Pro¬
ceeds of the issuance of the new bonds, augmented with
Treasury cash, was applied to the redemption on Dec. 1,
1937 of $122,799,800 5^% Victory bonds, these being the
balance still outstanding of the tax-free liens issued by the
Government during the war.
About $113,500,000 of such
obligations previously had been converted into taxable liens
last March.
In last month's operation, the Dominion issued
$60,000,000 14-year 3Ms, $20,000,000 1M year Is, and
$20,000,000 7-year 2MsThe Dominion also completed
last month the sale of short-term Treasury bills in the prin¬
cipal amount of $50,000,000.
The Province of Quebec was another large borrower in the
capital market in November, having sold to a Canadian
banking group a total of $25,000,000 bonds, including $15,000,000 15-year 3 Ms and $10,000,000 3-year 2s. Temporary
debt in the amount of $23,500,000 was retired from the
proceeds and the balance of the new money used for general
purposes.
Other large flotations included those of $6,500,000
by the Province of Quebec and $4,461,200 by the City of
Quebec, Que.
None of the Canadian financing during
November
was
underwritten in the United States.
undertaken in
last month.
Below we furnish a comparison of all various forms of
obligations put out in November during the last five years:
No United States Possession financing was
this country
.
1937
$
Perm't loans (U. S.)
46,515,774
♦Temp.loans (U.S.) 50,152,500
1936
1935
$
$
64,855,702 112,713,762
40,899,387
39,856,000
1934
$
92,091,301
72,031,145
'
1933
$
82,680,536
73.839,381
Canadian—
None
Placed In U. S—
Placed In Canadal36,354,218
None
1,303,685
None
26,535,000
None
None
4,577,914
3,407,764
General fund bonds
(New York City)
None
None
None
None
None
None
_
Bds.ofU.S.Posses'ns
None
1,750,000
None
None
233,022,492 107,058,774 180,854,762 168,700,360 159,927,681
Total
*
The basis for the second
proposal has been attributed to
the following remarks made by Roswell Magill, Under¬
secretary of the Treasury, in an address delivered at a meetng of the National Tax Association on Oct. 28:
Includes temporary securities Issued by New York City: $24,200,000 In Nov.,
1937; $25,500,000 in Nov., 1936; $25,000,000 in Nov., 1935; $50,900,000 in Nov..
1934; $55,411,900 in Nov., 1933.
The
of municipalities emitting bonds and the
separate issues made during November, 1937, were
number
number of
Volume
Financial
145
277 and 321, respectively.
for October, 1937, and with
This contrasts with 307 and 339
273 and 303 for November, 1936.
For comparative purposes we add the following table,
showing the aggregate of permanent loans, excluding Cana¬
dian and United States Possessions issues, for November and
the 11 months for
a
series of years:
Month of
1936-
1934—
1933—
1932
1931
1930
1929
—
1927
1926
1925
1924
—
—
1923
1922
1921
— —
1920
1919
1918—
1917
1916
18,813,239
421,361,571
1915
28,815,595
60,114,709
7,309,770
1893
463,644,631
Includes $70,000,000 bonds sold by
a
New York City,
*
Includes
$55,000,000
bonds sold by New York City.
Owing to the crowded condition of our columns, we are
obliged to omit this week the customary table showing the
month s bond sales in detail.
It will be given later.
News Items
Georgia—Legislature Convenes for Revision of System—A
special dispatch from Atlanta to the "Wall Street Journal"
of Nov. 29 reported in part as follows on the purpose of the
special legislative session:
call by Governor E. D. Rivers, the Georgia Legislature
consider a thoroughgoing revision
enabling Acts for the new ad valorem
approved at a constitutional amend¬
ment earlier this year.
A special legislative committee appointed at the
regular 1937 session has been studying the tax systems of a number of other
States and this committee has recommended a complete revision of Georgia's
tax system, both as to tax levies and administration.
Chief among the committee's recommendations is a change in the present
method of taxing intangible personal property, taxed on the same basis
as real estate.
The present system had the effect of subjecting securities
to State, county and local ad valorem taxes on the same assessment basis
Responding to
has convened
a
here in special session to
of the State's tax system and to pass
homestead-tax exemption which was
and tax rates as real estate.
,
this has resulted in a prohibitive levy and even
] j many cases,
where
officials agreed to accept assessments for securities at 15% of their
market value, the return was not general.
While the special legislative
tax
of taxation for intangibles, it did
recommend taxing this type of property under a special schedue and at
Ta e
in keeping with the income received from the property.
committee did not set up specific rates
Massachusetts—Revised
Booklet
of
Municipal
Statistics
Compiled— Tyler & Co., Inc., Boston, are making free dis¬
the quarterly
tribution of the 17th edition of their booklet in
series, giving up-to-date financial statistics of the Common¬
wealth of Massachusetts, its counties, cities, towns and
districts.
This
contains
edition
an
outline
map
of
Freres & Co., Inc., New
their completed
The
York bankers, who have just issued
study in pamphlet form.
only element found worthy of criticism in the report is the lack of
retrenchment in both operating and capital expenditures, even during the
worst
depression years.
Lazards point out that the State has borrowed
heavily for relief purposes and that its programs of relief and social welfare
indicate there will be no reduction in general fund requirements for some
i
11 Months
§21,691,126 $444,862,916
846,515,774
817,169,725 1914.
358,611,490
30,708,685
64,855,702 1,020,356,584 1913
358,893,919
13,021,999
112,713,762 1,086.582,869 1912
360,830.804
19,738,613
92,091,301
817,751,815 1911
283,414,600
24,456,351
a82,680,536
475,260,703 1910
307,673.842
18,906,555
29,588.884
731,527,808 1909
285,747,250
54,364,707 1,210,494,700 1908-——.— 28,427,304
213,924,703
4,408,381
88,682,310 1,300.540,012 1907
180,483,172
12,511,550
84,687,874 1,139.822,962 1906174,825,430
25,888,207
....*171,281,282 1,265,355,715 1905
240,819,161
32,597,509
101,528,336 1,398,557,694 1904-—
138,789,258
14,846,375
71.074,222 1,220,179,240 1903
136,895,772
13,728,493
66,926,289 1,241,650,345 1902
116,092.342
6,989,144
74,765,203 1,305,270,172 1901
123,572,311
9,956,685
98,521,514
949,473,914 1900.
113,131,789
8,790,489
44,379,484 1,034,567,913 1899
95,778,450
7,721,284
119,688,617
988,081,613 1898
120,128,531
6,868,775
627,711,624 1897
57,602,117
95,831,773
34,913,894
47.564,840
629,435,991 1896
105,475,839
6,524,901
273,572,370 1895
27,783,332
103.869,851
4,549,580
418,719,565 1894..
15,890,626
-
1935
1928-
11 Months
3687
the debt burden since 1920 and the accumulation of a constant increase
Sears to come. It is stated that there has been an almost heavy deficit has
For the
Month of
November
For the
November
1937
Chronicle
the
forced the State to increase the rates of existing taxes
and to impose
so-called
emergency taxes.
Many of these "temporary"
been extended year after year, it is pointed out.
measures
new,
have
According to the report, New York State has a well-diversified tax system,
with no tax a predominant producer of revenue.
There has been a rapid
increase in tax revenues during the past two years, and such important
sources of income as a general property and general sales tax remain un¬
tapped.
New York's per capita debt of $44.11 is high compared with that of other
large States.
Considering the great per capita wealth and higher-thanaverage income, however, Lazards believe the State "to be entirely capable
of meeting its debt service requireu ents."
They conclude that "in view
of the predominant importance of the favorable factors, we believe that
obligations of the State of New York continue to warrant a high credit
rating."
New York State
— Special
Legislative Session to be Called
York City Requests—Governor Herbert H. Lehman
if New
Nov. 30 that he would consider calling an extra
Legislature, at the request of Mayor La Guardia
of New York, to act on the new administrative code for the
city, so as to make it immediately effective under the new
city charter, which becomes operative on Jan. 1, according
to a news dispatch from Albany, which continued in part as
announced
on
session of the
follows:
.
The Governor
stipulated that the Mayor must certify to him that the
extra session was absolutely necessary, and must reach an agreement with
legislative leaders that the code would be passed promptly.
Although the Mayor would not comment on the Governor's statement,
it was learned that he and his legal advisers were preparing briefs to submit
to Mr. Lehman, pointing out the need of enactment of the code before the
old charter expired on Dec. 31.
It was explained that the new charter
represented only the outlines of the city's basic law, while the code, pre¬
pared during the last two years by the Board of Statutory Consolidation,
of which Reuben A. Lazarus is counsel, contained all the myraid detail for
governing and administering the city.
State
Tax Upon Incomes—Attorney
upheld on Dec. 2 the con¬
stitutionality of a law passed by the 1937 Legislature re¬
quiring elective officials of New York State to pay personal
income taxes, according to Albany advices.
Following Mr. Bennett's ruling the State Tax Department
is said to have prepared to levy on the salaries of the Gover¬
nor, the Lieutenant Governor, State Comptroller, Attorney
General, members of the Legislature, judges, county clerks,
registers, district attorneys and sheriffs, all of whom have
been exempted heretofore on the ground that as constitu¬
tional officers their salaries could not be diminished during
Officials
Must
Pay
General John. J. Bennett, Jr.,
their
of office.
terms
In his opinion
Mr. Bennett overruled predecessors in the office of At*
torney General who have held that the salaries of State officers were con¬
stitutionally protected against diminution and therefore were not subject
Mr. Bennett said that
decisions of the United States Supreme
Federal income tax on the salaries of
Federal judges constituted a diminution of their salaries.
"In considering the effect of these decisions," Mr. Bennett wrote, "it
must first be recognized that they dealt exclusively with the imposition of a
Federal income tax upon the salaries of Federal officers.
Consequently,
while they have strong presuasive effect under the doctrine of stare decisis,
they are not binding precedents upon-this question, which involves only
construction of the State constitution and which presents no Federal
to the
provisions of the personal income-tax law.
the previous opinions were based on
Court holding that imposition of a
Commonwealth, showing all its political sub-divisions.
question."
show population, assessed valuation,
gross and net debt, net debt ratio and per capita, tax levy,
tax collections, tax titles, and a comparison of tax rates.
Resources and Debts of the 48
depression has served
to increase the gross bonded debt of the States 34.25%, or
from $2,372,041,765 in 1930 to $3,184,467,709 in 1937,
according to an analysis entitled the "Resources and Debts
of the 48 States," just published by the Municipal Service
Department of Dun & Bradstreet, Inc.
The statistics given
Copies
are
available
upon
request.
Bonds—History and Reliability Reviewed in
Book—A new trend in financial books may be started by the
treatment used in "The A B C of Municipal Bonds," just
Municipal
published by Harper & Brothers, to retail at $1.50 a copy.
The author, Louis S. Lebenthal, head of the odd-lot mu¬
nicipal bond firm of Lebenthal & Co., New York City,
permits an actual municipal bond to tell its own story in the
first person from beginning to end:
The talkative
bond is
one
of the Improvement Bonds of 1930 issued by
its birth, beginning
North Shrewsbury
River as a shellfish area because of pollution from Red Bank sewage,
and continuing, step by step (with reproductions of actual newspaper
clippings), through the decision of the town to erect a new disposal plant,
the borrowing of money froir the local banks, the later decision to fund the
bank notes, the advertising for bids, the execution of the contract with the
successful underwriters, the sale of the bonds, and the subsequent serial
retiren ent of a portion of the issue, all in such sin pie terms that the lay¬
man who reads it gets a clear picture of the workings of municipal finance.
This type of treatment ir ight well be applied to other supposedly intricate
financial subjects, thus progressing further towards the education of the
investor, so much desired today.
The second half of the book begins with the story of the issuance of the
first municipal bond in America.
It tells how the Commonwealth of Massa¬
chusetts issued scrip in 1690 to pay its soldiers returning from the French
and Indian Wars (these "bonds," incidentally, were a forerunner of a type
of inflation which resulted in shoes selling at $5,000 per pair).
The author
continues with a comprehensive study of the relative advantages of the
various types of municipal bonds through the depression.
A chart shows
that defaults of municipal bonds totaled only 2%, while those of public
utilities bonds amounted to 6%, railroad bonds 16% and foreign bonds
38%.
A study is made of the record of municipal bonds in the face of
overwhelming local disasters, such as the Jonhstown flood, the Chicago
fire, the San Francisco earthquake and the calamitous floods of the past
of Red Bank, N. J., and gives the story of
with the State of New Jersey's condert nation of the
the town
two springs.
The striking fact that approximately 70% of the municipal bonds out¬
standing are held by individuals with annual incomes of less than $5,000
and by institutions who have little concern with tax exemption
is dis¬
closed in a special table, indicating that the tax exemption feature of mu¬
.
.
nicipal bonds has been over-stressed.
New York
State—Accorded High Credit Rating in Recent
Study-—That the State of New York has at all
its obligations and maintained a consistent
record of honorable discharge of its debt, despite some ad¬
verse
conditions which it has had to weather during its
financial history, is cited as one of numerous favorable fac¬
tors in that State's credit structure analyzed by Lazard
Financial
times fulfilled
United
States—Report
on
States in 1937—State borrowing in the
New York accounts for over
one-fifth of the present debt total, while the
Empire State and five other large borrowers carry over half the total.
Approximately 1)4 billion dollars in new State bonds have been sold
since 1930, the survey discloses, including such special items as $425 million
for unemployment relief, $111 million for refunding and $96 million for
funding operating deficits.
When allowance is made for sinking funds and for debts of self-supporting
enterprises, the resulting net, tax-supported State debt in 1937 is $2,528,300.498, up 35.42% from 1930.
On a per capita basis, this figure is a
modest $19.69, but it is very unevenly distributed from under $10 in 19
States to over $50 in Arkansas, Louisiana and South Dakota.
upward trend in State deb* has not been universal.
While 27 States
1930, 18 have reduced them and three have
no change.
Large increases, on a per capita basis, in this period
have been few.
Louisiana leads with an increase of $34.59 per capita,
followed by Minnesota and New York with approximately $20 each.
Only
six otners showed increases of more than $10 per capita.
Most outstand¬
The
have increased their debts since
effected
ing for debt reduction is North
followed by Oregon,
Dakota, down $16.82 per capita from 1930,
with a reduction of $11.37, and South Dakota, with
$9.71.
Delaware and North Carolina had almost equal success in lowering
their obligations.
Emphasizing the importance of considering city, county, school and other
local debt in conjunction with that of the States, the study estimates by
States the net local tax-supported debt. The total figures, after deduction
of sinking funds
and debts for self-supporting utilities, is
$12,071,010,000.
with the States' net debt, the grand total is $14,599,310,498,
$113.68 per capita.
"The familiar variation from State to State is again evident," Dr. Trull,
Combined
or
the combined debts range from $26.62 per capita
$274.05 for its neighbor, Florida."
The latter,
the fact that there is no simple
correlation of State and local borrowing habits.
Stressed, however, is the
fact that heavy local borrowing tends to be reflected in State budgets,
through increasing State assumption or servicing of local debt and grants-
the author, observes, "for
in the case of Georgia to
with
no
State debt outstanding, evidences
in-aid for local debt payment.
4
"Measuring debt by population," the author is careful to point out,
sound method of determining the weight of the debt burden."
"is not a
The survey also discards assessed valuation as a gauge of debt load, on
grounds of undependability, and seeks to develop a more realistic measure¬
ment standard.
ability to pay, the study combines in a composite
of population making income tax returns,
of population making returns over $5,000, per capita retail
sales, per capital gasoline consumption, motor vehicle ownership per 1,000
persons, estimated true value of taxable property, and savings deposits
per capita.
"Noteworthy in reflecting the wide disparity in the debt-paying resources
of the States," observes the survey, "is the fact that the first ranking State,
New York, shows more than six times the ability of the 48th ranking State,
Mississippi."
The top group of 12 "comprehends all of the New England
States except Maine and Vermont: embraces New York, New Jersey,
To reflect variations in
index the factors of percentage
percentage
Financial
3688
Chronicle
Delaware and Maryland; then skips westward to take in Illinois, and moves
much farther west to include California, Nevada and Wyoming."
On this groundwork the study measures the relative direct and overall
debt loads of the States.
The range in combined State and local debt load
Florida, at the upper extreme, ten times as heavily
indebted in relation to paying capacity as Nevada, at the lower end of the
is shown to be wide, with
scale.
.
.
^
A
ties of municipal corporations.
The Association as a private corporation pays on its outstanding
obliga-
tions a higher rate of interest than is required of public bodies
performing
the same service, whose securities are tax-exempt.
It was impossible for
the Association to convert itself into a public district, because of certain
provisions in its contracts with the United States for the construction and
operation of the works of the Salt River Project. The officers of the Association therefore conceived the idea of organizing an agricultural improvement district, providing by contract between the Association and the Dis-
^
trict tbat
District should assume the outstanding obligations of the
Association, and that the Association should continue to operate the project
under its contracts with the United States as agent of the District.
In order to save taxes on trucks, supplies and other personal
property of
a transient nature
purchased by the Association but used for the benefit
»
Overall
#o;ia<#7
-trirnr
Mississippi
$84.77
Missouri--
83.26
Colorado
84.15
5.80
of the
85.20
4.04
turn
Delaware
—
15.15%
6.09
City Managers' Group Finds Few Debt-Free Cities-Some
interesting facts on the small city, whose importance is
generally obscured by more pretentious municipal neighbors,
are brought to light m a report issued recently by the International
nauonai
Oitv
IVTanat^firs'
city
Association
Association.
managers
The
ine
of
01
survev
survey
mi
the Territory of Arizona had, at that time, no laws
providing for public
irrigation districts. In 1921 the State Legislature passed an Act authorizing
the organization of irrigation, drainage,
electric and agricultural improvement districts, giving them the status, privileges, powers and immuni-
Slightly lower than the debt load of Florida are those of Arkansas and
Mississippi, with North Carolina and Louisiana a close fourth and fifth.
The only two wealthy States with debt loads conspicuously above average
are New York and New Jersey, with Identical debt burdens.
The most nearly normal or average overall debt loads are those of Idaho,
Missouri, Illinois, Maryland, Iowa, Pennsylvania, Rhode Island and North
Dakota.
Ranking next to Nevada for low debt burden is New Hampshire,
followed by Massachusetts, Wisconsin and Coimwticut, which tie for third
place.
Vermont comes next, then Georgia, Indiana, Nebraska, Maine,
Kentucky and Delaware.
The survey emphasizes that similar per capita debts are not to be depended
on to indicate similar debt burdens and cites such figures as the following
by way of illustration;
IjL
Dec. 4,
In explanation of this proposed issue, and in addition to the information
contained in the enclosures, the Association was incorporated in 1903, under
Arizona laws, to cooperate with the Secretary of the Interior in
carrying
out the purposes and provisions of the Federal Reclamation Act in the constructlon and operation of the Salt River Project.
Although incorporated
for a public purpose, it was necessary to take a private charter, inasmuch as
United
States
the
over
entrusted to it, the Association agreed to
these properties
to the District.
There
property
nominal
title
to
.to the comract> 38
The organization of the District, the
contract of the Association and
UK*
has been approved by the Secretary of the Interior of the United States
aP?
now in force. Chapman & Cutler of Chicago have given a favor-
SO
©u
able
opinion
to
as
the
validity of the bonds and
their exemption from
The present proposed issue of
COUncil-manager Cities with populations under 0,UUU shows
Federal income taxes under present laws.
that'
$3,197,000 of District bonds is part of a first issue of $13,000,000 of District
bonds voted and authorized by the District pursuant to the provisions of
.'
.
.,.
Jtl_
..
A
..
.
,
.
,
,
.
„,
,,
Nine of the cities report that they are completely debt-free.
Of the
other cities, two are not in dent on general obligation bonds, 52 of them
have no special assessment debt and 44 are paying what debt they have
its contract with the Association,
(These bonds
as
noted
in
were
originally offered for sale without
these columns
long-term funded basis.
The nine cities with clear financial con¬
are; Anoka, Minn.; Crystal Falls, Mich.; Devol, Okla.; Marianna,
Ark.; Mt. Pleasant, Iowa; Stambaugh, Mich.; Temiskair ing, Quebec;
on
^
'nrin
FiftvSh? oiPthe citS
woriMPl?
t/ion
the
success on
Sept. 7,
time )
reDortineown
off n dect H cH g htpla n t*;
system, <md
1
port fftciliti^*
ini/a
and
their
orarate
ARKANSAS, State of—INCREASED SCHOOL FUND ALLOTMENTS
7° DE ¥AD#—Arkansas school fund allotments to local districts will be
water
own
ele&ic distribution system^
21 have
Thirteen of the citrfGs do
do %
own
m
City
A
smSiXiiitvvSvVnuA ?o
fVftrrl
representatives meeting
in
SSST&Tw 0?0fo^blfsE'pirUyTtw^K
01?
savo
hel<?
by
State
October
both State and
presented to a special session of the Legislature on tax
only.
and
Texas
8 Hies SSSft ff&EfS
municipalities
urged
taxes.
and up-to-date municipal
ac-
Dond
n
1
\1
1
■
I
ADA >>
stMw
a i
nm\u~iv
n
•
tt
A/ionn
fitv
to
the
the
as
new
sftAi*
e
canalization
system
on07
fund
HaHu/^tiAu fen*
of accounting
was
(State
of)—BOND
OFFERING—As
previously
an-
1949;$215.000,195cand 1951;$225.000,1952and 1953,and$100.000,1954:
CALIFORNIA, State of—WARRANT SALE—A $3,000,000 issue of
unemployment relief registered warrants was offered for sale on Dec. 1 and
was awarded to a
group composed of the American Trust Co., the Bankamenca Co., the Anglo California National Bank, all of San Francisco,
r'iftrir
tt^^e^l34^6o<^e?ectric^stributionsy8tem borui^uphel<7re^nt]y
"iMT8
Cm oftheLte^™
bythestatj.Supreme Court, as noted in these columns-V. f45. p. 3529have been sold.
HALE COUNTY (P. O.
fAVAmin
by Charles G. Johnson, State Treasurer.
Denom. $1,000.
Dated
j
1938.
Principal and semi-annual interest (Feb. 1 and Aug. 1)
at the State Treasurer's office, or at the State's fiscal agency
in New York, at holder's option.
Due on Feb. 1 as follows: $210,000.
1939; $175,000, 1940; $160,000, 1941; $150,000, 1942; $175,000, 1943;
$180.000,1944 and 1945; $190,000,1946 and 1947; $200,000, 1948; $210,000,
•
■
$91 652 43
date
jan
m
s/ir n—t
apportioned
was
payable
ALAdAIVI A
fMiwrFP^vii if
revenue
CALIFORNIA
"
>
Stended fo^the^qSSrion^und1
revenue
nounced in these columns—V. 145, p. 2885—the Veterans' Welfare Board
win on Jan< 6 offer for sale an issue of $3,000,000
2^% bonds.
Bids for
the oonds, at not less than par, will be received until 10 a. m. on that
rrooosals and Negotiations
o
*
HPhA
over-
«.202.239. of which $207,857 was from Federal funds.
CALIFORNIA
,
—
1
difitriotR
1^123®^weS^dfJLi^filsHil^lsS^iormdudiig1
Kentucky cities authorized their league to ask the United States Bureau
of Public Roads to extend municipalities the same matching of funds for
municipal streets now extended to counties on farm-to-market roads.
They also voted to seek legislation securing them a percentage of State
auto license fees and gasoline taxes for city streets.
Wisconsin cities asked the htate to pay one-half the relief costs for
the next two years; petitioned the Governor and Legislature to enact permissive low-cost housing acts for cities and villages.
H
tbo
e^ebf^Mll
towra-and
SSS^SSSbmt
uniform
of
quarter of 1936 are not available,
,„„io1„f|n„
to^ndemke l^w^cewit hm^ng^lneTfei^ sTate s^imrt oFmibfic schooS^
Nebraska
of
distrfbutioJ of
forth thB two fluids will shErA aaheHv in
MfchfeS.'ctte?eikathi £.to?tp«%.cture,
i,„,0
i^oTiffition
and $4,933.80 for division
rm r
s0T0r6
and ifc!tiC8' countles
result, to be
fimnicia,]
between it and the common school fund. Hencetotltutiom Sf Ibl^eFKtagT'Uy in reVeDUe after a 20% dedUCtiOD fOT
W:f2??t
f$e?a]<fVgu^ for fheSeptemb^
nPuv°twa anri'«evere ©cododiic aDd drougth cocditions^night
prarmrHf^amwYron^t!h
ir^ht
local
th^
aPnd
of
gasoline and motor vehicle taxes to maintain and construct city streets.
matters
imnrovt1
to
furJ hl^receWed ITSc^OOO
municipal
lea^ Kansas f citfes ^oo™ aB<»nc<mt(^i^anc?^^^^
b0CEus6 of ldx tax laws aDd
exneeted
Legislature
in 1929
1931. in passing two Acts to govern
cigarette tax revenue, failed to Insert the word "annually," and the
1036
conferences
MC AC
MrirYMFlZjMO
general funded
tSZ^m^Vtmd8' Anoka6 Mtan^onW
*
at
a
sciences
be
for payment on or about Feb. 23,
S
1938.
Greensboro), Ala.—BOND OFFERING—H. A,
A group headed by Weeden & Co. of San Francisco, offered $390.00
Terry, Probate Judge, stated that he will seil at public auction on Dec. 13,
11 a. m., an issue of $100,000 nighway bonds.
Interest rate is not to
premium on the same rate and another group headed by R. H. Moulton &
Co., Los Angeles, bid $211.00 premium, also for 0.75% interest.
I&che? ftun Fn IIQ^Q
CALIFORNIA (State of)—WARRANT SALE—The $2,874,263.85 registered general expense warrants offered on Nov. 29—V. 145, p. 3530—
were awarded to R. H. Moulton & Co. of San Francisco, for 0.75% Interest,
plus a premium of $286. Weeden & Co. of San Francisco submitted the
second best bid, offering a premium of $150 on a 0.75% basis. The warrants
at
J' 1SL kSVLIo'SSS
xrfLr'
(?n«tnn
xF
^
check for $2,000,
T
payable to the rn StV must accompany the bid.
county, mSotbin
Al
on or
about Feb.
23, 1938.
INDIO, Calif.—INTEREST RATE—The interest rate
$20,000
WANCHORAGE, Alaska—BONDS VOTED—An election held
pavinfand cSSdSsyft^^n^00
1937 and callable
£>ec
are
ACI/A
MLMdrVM
on
highway relocation bonds purchased
coupon
&
Nov. 10
^ th6 iS8UanCe °f $55,°0°
we
hadStly reportedt^e
on
given
whS^ th? ^ert
basis cost
on
the
Nov. 17 by Red-
4%'
at^.72%.
LOS ANGELES COUNTY (P. O. Los Angeles). Calif.—BOND ELEC-
ARI70NA
TI0N IN TEMPLE SCHOOL DISTRICT—An election will be held in
Temple School District
MARICOPA COUNTY SCHOOL DISTRICT NO. 44 (P. O.
°2en? °r3 ph°ftv--2^
XaV«i»b^'
«fnri
nn' i
Dated Dec. 1, 1937.
SALT
Phoenix),
Interest payable June 1 and Dec. 1.
RIVER PROJECT AGRICULTURAL
Due serially.
IMPROVEMENT AND
hlo
m
An
iinn
u
PLACERVILLE, Calif.—BOND SALE DETAILS—It is now reported
by the City Clerk that the $50,000 sewer bonds purchased jointly by Donrecently—V. 145, p. 3377—were sold as 3j!^s, paying a premium of $1,918,
equal to 103.836.
If-? Yo7nnn^!t^f
tho
«f
iqq7
1937*
nnn
rini'SS
on
Due
w
Jan.,
i
1
as
follows,
$100,000, 1948 to 1954; $200,000, 1955 to 1957; $250,000, 1958 to 1960;
$247,000, 1961, and $300,000, 1962 to 1964. The district reserves the right
to redeem the bonds on Jan. 1, 1948, or on
any interest payment date
thereafter upon 45 days' notice at par and accrued interest plus a premium
of ^ of 1% of the principal for each year or fraction of year of the term
thereof which has not expired at the date of redemption, provided .the
premium shall not exceed 3% of the principal.
Principal and interest
(J. & J.) payable at the Harris Trust & Savings Bank, Chicago.
Bonds are payable from taxes levied upon all taxable real property within
the district without limitation of rate or amount and payment of the bonds,
both principal and interest, is further secured by Salt River Valley Water
Users Association, whose executed guaranty of payment will be indorsed
upon each bond.
'The district will furnish printed bonds and the approving
opinion of Chapman & Cutler of Chicago. Proposals must be accompanied
with a certified or cashier's check for $60,000, drawn upon a bank or trust
company for that amount, payable to the order of the district.
Bonds will be awarded to the acceptable bidder offering to purchase same
for not less than 95% of the par value thereof, plus accrued interest and
bearing the lowest rate of interest not to exceed 5%.
These bonds
tion and
are
issued in pursuance of a contract between the Associa-
the District,
of which is enclosed for your information.
explanatory information as to the Association
taken from a prospectus covering this bond issue now in course of preparation. The complete prospectus will be mailed to you on or about Sept. 1.
There is also enclosed
a
copy
some
ANGELES, Calif.—BOND SALE—The two issues of electric plant
bonds aggregating $10,200,000, offered for sale on Nov. 30, as
our issue of Nov. 20—V. 145, p. 3377—were awarded to a
syndicate composed of 50 members, headed by Lehman Bros, of New
York, paying a price equal to 100.048, a basis cost compused at about
o
revenue
fnl
hnnT On^nnn hnnni'
nF to principal only. Dated Oct* ^
nFt 1»
as
tn
Dec. 3 for the purpose of voting on a proposition
nellan & Co. and Dean Witter & Co., both of San Francisco, as noted here
£2JK5S,JSl!^nPiL°rLOS
PhmliriFtiii?9
on
to issue $100,000 school building bonds.
described in
nn
«Q
nen
neo
fhfi Iwndsi dividfid
qlll^
follows*
as
ir ia?7. ^ 3hinh
«
«i
97^ nnn
^9*4
$9,000,000 Second issue of 1937, of which $1,275,000 ^^.P^chased as
^ ATong«i°/?n r?nn' 1J9 tt'/ln ion. linniin 10%'
1
1940 to 1942.^$100,000, 1943; $200,000, 1944, $100,000,^1945,
$160,000, 1946, and $165,000 in 1^^, the foUowing $2,335,000
Ann
'
1
«fon^nn ^
ncF> 'ioon
nnn
^
'
mfi oF nnnC' Hi^?
'
fA?f
«99o
nnn'
5 «oA %nn fJ? W
&nn
nnn
iiw SSn
n
rwi'
'
?o?A~
$245,000, 1957, and $255,000 m 1958; the remaining $5,390j(K)p
bonds as 3 ^s maturing on Dec. 1,, as ^Hows: $265,000, 1959;
|220,000, I960; $225,000^'1961, $230,000, 1%2, $235,000, 1963;
f240,000
1964;, $250,000, 1965; $2o5,000, 1966; $260,000,
1967; §275,000, 1968; $285,000, 1969, $295,000, 1970, §300,000,
}971; $315,000, 1972; $325,000, 1973, $335,000, 1974, $345,000,
1975; $360,000, 1976, and $375,000 m 1977.
1,200,000 Tbird issue of 1937; of which the first $500,000, ma timing $100,009 fr°.m D^£. 1, 1938 to 1942. were purchased as 2s, and the
remaining $700,000, due from Dec. 1, 1943 to 1949, were taken
as 3s.
,
nnn
The other members
»,nrw
of the successful syndicate are as follows: Halsey,
& Co., Inc.; Lazard Freres
Co., Inc.; the Bancamerica-Blair
Corp.; Ladenburg, Thalmann & Co.; Hallgarten & Co.; Stranahan, Harris &
Co., Inc.; Hemphill, Noyes & Co.; F. 8. Moseley & Co.; B. J. Van Ingen
Co., Inc.; Phelps, Fenn & Co., Eastman, Dillon & Co.; Paine, Webber^&
Stuart
Volume
Financial
14S
Co.; Schwabacher & Co. of San Francisco; Cassatt & Co., Inc., Philadelphia;
Lawrence Stern & CO., and the Central Republic Co., both of Chicago
Otis & Co. of Cleveland; Arthur Perry & Co. of Boston; Burr & Co., Inc.,
New York; the Robinson-Humphrey Co. of Atlanta; the Wells-Dickey Co.
of Minneapolis- Stern Bros. & Co. of Kansas City; the Pasadena Corp. of
Pasadena; the Equitable Securities Corp. of Nashville; Schlater, Noyes &
Gardner, Inc., or New York; Newton, Abbe & Co. of Boston; Kalman &
Co., St. Paul; Piper, Jaffray & Hopwood, Minneapolis; Morse Bros. & Co.,
Inc., and Charles Clark & Co., both of New York; Brown, Schlessman,
Owen & Co., Denver; Edward Lowber Stokes & Co., Philadelphia; Welsh &
Green, Chicago; Kaiser & Co.; Brush, Slocumb & Co.; Stone & Youngberg,
all of San Francisco; B. B. Robinson & Co.; Croweh. Weedon & Co., both
of Los Angeles; Wm. R. Compton & Co., Inc.; Minsch, Monell & Co.,
Inc., both of New York; Hartley, Rogers & Co., Los Angeles; McDonaldCoolidge & Co., Cleveland; Putnam & Co., Hartford; Watling, Lerchen &
Hayes, Detroit; Thrall, West & Co., Minneapolis; Walter, Woody &
Heimerdinger, Cincinnati; the J. K. Mullen Investment Co., Denver;
W. H. Newbold's Son & Co., Philadelphia, and Wheelock & Cummins,
3689
Chronicle
investors.
The bonds
are
being reoffered on a basis to yield .50% for the
the last maturity.
earliest maturity, to a price of 100.25 for
The
following is
a
complete list of the bids submitted:
Bidder—
Int. Rate
Premium Bid
Dougherty, Corkran & Co., and E. H. Rollins & Sons lMi% Jl*ui*iiS399.00
1
,
91.50
Francis I. du Pont & Co
l%%
,162.50
Schmidt, Poole & Co
1M%
409.50
Paine, Webber & Co
—
—--
Bankers Trust Co
—,
l%%
_
Granbery, Marache& Lord
Halsey, Stuart & Co
Harris Trust & Savings Bank
-
Brown Harriman& Co.——
Washburn & Co
*
119.55
El
29.85
None
—
1%%
—.
Farmers Bank
Campbell, Phelps & Co
l%%
2%
.
Wm.H. Newbold's Son & Co
None'
2.280.00
"
1,500.00
,900.00
2%
2%
First National Bank of York
-
271.50
211.50
133.50
IH%
1% %
IV»%
_—
.
Inc., of Des Moines.
REDEMPTION PROVISION ON BONDS—Redeemable, as to $1,275,000
3H% bonds, maturing from Dec. 1, 1938 to Dec. 1, 1947, and $5,390,000
3%% bonds maturing from Dec. 1, 1959, to Dec. 1, 1977. in whole or in
une
BONDS
FLORIDA
Sart in the inverse order interest payment date thereafter, Department on
1, 1939, or
any of numbers at the option of the
upon 30 days'
on
published notice, at 107, beginning on June 1, 1939, and thereafter on or
before Dec. 1; 1942; at 106 thereafter and on or before Dec. 1, 1947; at
105 thereafter and on or before Dec. 1, 1952; at 104 thereafter and on or
before Dec. 1, 1957; at 103 thereafter and on or before Dec. 1, 1962; at
102 thereafter and on or before Dec. 1, 1967; at 101 thereafter ana on or
before Dec. 1, 1972; and at 100 thereafter to maturity, plus in each case
Clyde C. Pierce Corporation
-
-
-FLORIDA
-
Branch Office: TAMPA
accrued interest.
Redeemable as to $2,335,000 3M% bonds maturing from Dec. 1, 1948,
1, 1958, in whole or in part, in the inverse order of numbers, at the
option of the Department, on June 1, 1939, or on any interest payment
date thereafter, upon oO days' published notice, at 104^, beginning on
June 1, 1939, and thereafter on or before Dec. 1, 1942; at 104 thereafter
and on or before Dec. 1, 1947; at 103 thereafter and on or before Dec. 1.
1952; at 102 thereafter and on or before Dec. 1, 1957; and at 101 thereafter
to maturity, plus, in each case, accrued interest.,
Building
Barnett National Bank
JACKSONVILLE-
First
National
Bank
Building
T.
S. Pierce, Resident Manager
to Dec.
BONDS OFFERED
FOR
INVESTMENT—'The purchasers
immediately
re-offered the above bonds for general subscription, the early 35^s to yield
from 0.75 to 2.90%; the 3^s to yield from 3.00 to 3.35%, while the last
priced to yield from 3.50 to 3.75%, all according to maturity.
On the short loan, the 2s are priced to yield from 0.75 to 2.25%, while the 3s
are offered at a price of 102.25 to maturity.
3%s
are
OTHER BID—The second best bid was tendered by a comprehensive
syndicate headed by Brown Harriman & Co., Inc., of New York, an offer
of 10C.059, on the bonds divided as fojows: $550,000 as 3K». the remain¬
ing $8,450,000 of the large issue as 3%s; the $1,200,000 issue to be taken
as 3>£s on all maturities.
ANGELES
LOS
COUNTY
(P. O.
Los Angeles),
Calif.—HUDSON
building bonds of Hudson School
offered on Nov. 30—V. 145, p. 3377—were awarded to the
Security-First National Bank of Los Angeles, as 3s, at par plus a premium
of $304, equal to 100.76, a basis of about 2.85%.
Dated Jan. 1, 1938.
Due $4,000 yearly on Jan. 1 from 1939 to 1948.
Kaiser & Co. of San
Francisco bid a premium of $61 for 3s.
SCHOOL BONDS SOLD—The $40,000
District,
P*LOS
ANGELES
PASADENA
COUNTY
SCHOOL
BONDS
O.
Los
Angeles),
DEFEATED—At
the
Calif.—SOUTH
election
held
on
23—V. 145, p. 3040—the voters turned down the proposal to issue
$225,000 in South Pasadena School District bonds.
MERCED
COUNTY
(P.
O.
Merced),
Calif.—MARQUIN SCHOOL
BONDS SOLD—The $25,000 issue of Marquin Union Elementary School
District building bonds offered for sale on Dec. 1—V. 145, p. 3530—was
awarded to Dean Witter & Co. of San Francisco, as 4s, paying a premium
of $57.68, equal to 100.23, a basis of about
Due $1,000 from Oct. 1, 1938 to 1962 incl.
3.98%.
Dated Dec. 1, 1937.
COUNTY (P. O. San Bernardino), Calif.—
BONDS
OFFERED—Harry L. Allison, County
Clerk, will receive bids until 11 a. m. Dec. 13 for the purchase at not less
than par of $75,000 school building bonds of Etiwanda School District.
Bidders are to name rate of interest, not to exceed 4 % %.
Denom. $1,000.
Dated Dec. 1, 1937.
Principal and semi-annual interest (June 1 and Dec.
1) payable at the County Treasurer's office.
Due $5,000 yearly on Dec. 1
from 1938 to 1952, incl.
Certified check for 4% of amount of bonds bid
for/payable to the County Treasurer, required.
BERNARDINO
ETI WANDA
SCHOOL
SAN
SAN JOAQUIN COUNTY (P. O.
Stockton), Calif.—TRACY SCHOOL
Graham, County Clerk, will receive bids
of $50,000 school building bonds of
Bidders are to name rate of interest, not to exceed
BONDS OFFERED—Eugene D.
until 10 a. m. Dec. 13 for the purchase
Tracy School District.
Principal and semi-annual
Due
1958,
Certified check for $2,500, payable to the Chairman of the Board of Super¬
5%.
Denom. $1,000.
16
O. Pensacola), Fla.—BOND OFFERING—J. H. Varnum, Supt. of
(P.
the County Board of Public Instruction, will receive bids until Dec.
on an issue of $420,000 school construction bonds.
Denom. $1,000.
IONA DRAINAGE DISTRICT (P.O. Fort Myers),
Dated Jan.
1,
1938.
interest (Jan. 1 and July 1) payable at the County Treasurer's office.
on Jan.
1 as follows; $3,0G0, 1939 to 1948, and $2,000, 1949 to
s' visors, required.
SELMA, Calif.—BOND OFFERING—Sealed bids will be received until
10 a. m. on Dec. 6, by J. Burt Edsall, City Clerk, for the purchase of a
$20,000 issue of coupon street lighting bonds.
Interest rate is not to
exceed 6%, payable semi-annually.
Rate to be in multiples of
of 1%
and to be uniform for all of the bonds.
Denom. $1,000, except two for $500
each.
Dated Jan. 1, 1938.
Due on July 1 as follows; $500, 1938 and 1939;
$1,000, 1940, and $2,000, 1941 to 1949, incl.
Principal and interest pay¬
able at the office of the City Treasurer.
Legal opinion of Orrick, Dahlquist, Neff & Herrington, of 3an Francisco, to be furnished to the purchaser
without cost.
These bonds were approved by the voters on Oct. 11. as
noted in these columns at the time.
A certified check for 5% of the total
bid, payable to the City Treasurer, is required.
COLORADO
Colo.—BOND CALL—It is reported that the following
bonds are being called for payment at the City Treasurer's office on Dec. 10:
No. 31, of Pavement Improvement District No. 13, for $500.
Nos. 481 and 482, of Pavement Improvement District No. 17, for $1,000.
No. 73, of Pavement Improvement District No. 20, for $500.
Nos. 6 and 8, of Pavement Improvement District No. 22. for $1,000.
No. 76, of Pavement Improvement District No. 23, for $500.
CONNECTICUT
HARTFORD COUNTY METROPOLITAN DISTRICT (P. O.
Hart¬
Lee County, Fla.—
tive committee for above named district announced that the
19345
Reconstruction
has authorized a loan for the retirement of the bonds
the bondholders.
The initial instalment will be at the rate of 20 cents on the dollar, and the
remaining seven cents will be paid if and when all of the bonds of this issue
are made available for refinancing, or when such a large percentage of the
issue is made available as may be satisfactory to the RFC.
The committee announced that it will deliver to the RFC for sale on
this basis only those bonds covered by certificates of deposit whose holders
specifically consent to the loan.
In order to accept the loan, a holder of a
certificate of deposit must surrender it to Boatmen's National Bank,
St. Louis, depositary, with a letter of transmittal and power of attorney.
The form may be obtained from Boatmen's.
Holders of undeposited bonds
may make deposit also.
It was also announced that the bonds must be
delivered to the RFC not later than Dec. 3.
Finance Corporation
of this district on the basis of 27 cents on the dollar net to
Fla.—BOND
OFFERING—Sealed
Assessment Roll for
$75,696,200.00
The present bonded indebtedness of the City
The City owes for certificates issued for the
for street purposes
of Jacksonville is$l 1,972,000.00
purchase of land
14,189.00
and equipment
indebtedness
Less sinking fund
Total
Total
—$11,986,189.00
—
1,419,834.00
-------------
—
-
——
Deduct for water bonds
Net indebtedness
DELAWARE
DELAWARE (State of)—BOND SALE— The issue of $150,000 improve¬
ment bonds of 1937 offered on Dec. 1 was awarded to Dougherty, Corkran
& Co. of Philadelphia, as l^s, at a price of 100.266, a basis of about 1.45%.
Dated Dec. 15, 1937.
Due $15,000 annually from 1938 to 1947 incl.;
provided, however, that on and after Dec. 15, 1943, any or all of the bonds
outstanding may be redeemed at 104 on any interest date, on 30 days'
$9,641,355.00
thejprospective bidder is called to the fact that the net
Earnings
Operating
Earnings
$2,748,786.00
$879,231.00
$1,869,555.00
2,664,993.00
836,776.00
1,828,217.00
2,742,933.00
1,027,390.00
1,715,543.00
2,900,087.00
1,143,302.00
1,756,785.00
1936..-3,125,750.00
1,198,665.00
1,927,085.00
1937, 9 mos__
2,569,440.00
1,006,367.00
1,563,073.00
The costs of the utilities owned by the City of Jacksonville are as follows:
1932
1933..
$10,492,027.00
Electric plant and distribution system
works
3,242,944.00
2,842,322.00
62,501.00
167,437.00
A
syndicate composed of Dougherty, Corkran & Co. and
E. H. Rollins &
award of a new issue of $150,000
bid of 100.266 for 13^s, is now offering the bonds to
Sons, Inc., which on Dec. 1 received the
improvement bonds on a
...
Docks and terminals
Golf courses
Total
-
MIAMI,
Sor ted that $433,000 water plant revenue certificates have
y the Equitable Securities Corp. of Nashville from the
Finance
$16,807,231.00
FU.—CERTIFICATES PURCHASED FROM RFC—It is re-
been purchased
Reconstruction
Corporation.
TURKEY CREEK SPECIAL TAX SCHOOL DISTRICT (P. O.
Tampa), Fla.—BONDS TO BE SOLD TO PWA—E. L. Robinson, SuperInstruction, states that the $37,000 4%
semi-annual construction bonds approved by the voters on Nov. 16 will be
purchased by the Public Works Administration.
Dated Sept. 1, 1937.
Due on Sept. 1 as follows: $1,500, 1939 to 1960, and $2,000 in 1961 and
intendnet of the Board of Public
1962.
VOLUSIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO. 8
(P. O. De Land), Fla —BONDS NOT SOLD—The $30,000 6% coupon
Smyrna Beach school addition bonds offered on Nov. 30
—V. 145, p. 3228—were not sold as no satisfactory bids were received.
semi-ann. New
BONDS RE-OFFERED—It is stated by
notice.
$10,566,355.00
925,000.00
profits of the Electric Light Plant are pledged for the payment of interest
and principal of these proposed bonds.
The profits from said municipally operated Electric Plant are as follows:
Gross
Interest and Expenses
Net
purchase of $760,000 2M % coupon or registered sewage treatment plant and
intercepting sewer bonds.
Dated Jan. 1, 1938.
Denom. $1,000.
Due
$38,000 each Jan. 1 from 1939 to 1958 incl.
Principal and interest (J. & J.)
payable at the District Treasurer's office.
Creation of the district and
authority for the incurrence of debt are contained in a special Act of the
State Legislature, passed in Jan. 1929 and approved May 13, 1929, as am¬
ended by an Act approved April 30,1931, the latter entitled "an Act Amend¬
ing An Act creating a Metropolitan District within the County of Hartford."
Tenders are asked on the basis of $100 and accrued interest.
A certified
check for 2% of the bonds bid for, payable to the order of the Deputy Dis¬
trict Treasurer, must accompany each proposal.
Successful bidder will be
furnished with the approving legal opinion of Storey, Thorndike, Palmer &
.
9,680,260.00
$85,376,460.00
Total
Radio station WJAX
Dodge of Boston.
be
30, 1937
1937
——--------——-——- - - -----
water
Dec. 20 for the
will
Financial Statement as of Sept.
(50% basis)
Personal property—- - Real estate
ford), Conn.—BOND OFFERING—Charles A. Goodwin, Chairman of the
District Commission will receive sealed bids until noon on
bids
W. Bishop, Secretary of the
City Commission, for the purchase of all or any part of a $205,000 issue of
coupon refunding bonds, issue of 1938.
Interest rate is not to exceed 6%,
payable J. & J.
Denom. $1,000.
Dated Jan. 1, 1938. Due $125,000 on
Jan. 1, 1952, and $80,000 on Jan. 1, 1953.
Prin. and int. payable at the
office of the City Treasurer, or at the Manufacturers Trust Co., the city's
fiscal agency in New York, at the option of the holder.
A certified check
for 2% of the par value of the bonds bid for, payable to the order of the
City Treasurer, is required.
These bonds are direct obligations of the City of Jacksonville, secured
by the net revenue derived from the operation of the electric light plant of,
and by pledge of the entire taxable property In the City of Jacksonville,
real and personal, and are registerable as to principal.
Said bonds are part of an issue of $325,000 authorized by resolution of the
City Council of the City of Jacksonville, entitled "a resolution authorizing
the issuance, sale and (or) exchange of refunding bonds by the City of
Jacksonville, pursuant to the provisions of Chapter 15772 of the Laws of
Florida, Acts of 1931," which resolution was approved by the Mayor and
concurred in by the City Commission of said city: and said bonds have been
validated and confirmed by a decree of the Circuit Court of Duval County,
Florida.
The legality of said bonds will be approved by Thomson, Wood &
Hoffman, of New York, whose opinion as to the legality of said bonds, or a
duplicate thereof, will be delivered free of charge to the purchaser, or
purchasers.
No bid for less than the par value of said bonds will be
considered.
; ;
, :-v- i
;
received until 2:30 p. m. on Dec. 20, by M.
The attention of
BOULDER,
27
BOND SETTLEMENT PLAN AUTHORIZED—The bondholders' protec¬
|JACKSONVILLE,
(P.
Nov.
P*
FLORIDA
ESCAMBIA COUNTY SPECIAL TAX SCHOOL DISTRICT NO.
Jan. 6, for
on
George W. Marks, Superintendent
Instruction, that he will receive sealed bids until
the purchase of the above bonds.
Deated July 1, 1937. Due
July 1 as follows:
$1,000, 1940 to 1963, and $2,000, 1964 to 1966.
of the Board of Public
1
3690
Financial
WALTON
COUNTY
(P.
O.
D.
Chronicle
Funiak
Springe), FU.—BONDS
VOTED—At the election held on Nov. 23—V. 145, p. 3228—the voters
approved the issuance of the 5% bridge bonds in an amount not to exceed
$350,000, to be used as the loan portion on a Public Works Administration
Dec.
4,
obligation of the City of Hammond, but are payable solely out of
special taxes on all property in the Park District, which is a special taxing
an
unit.
Other bids
project.
were
as
follows:
Bidder—
Premium
A. S. Huyck & Co., Chicago
GEORGIA
$224.87
Seipp, Princell & Co., Chicago
;
4,515.00
b Fletcher Trust Co. and City Securities Corp., Indianapolis
2,527.00
a Bid rejected
because the good faith check was not certified as required
in sale notice,
b This tender was rejected as the amount of the good faith
deposit was not in accordance withf the terms of the offering.
a
-
SUMMIT-GRAYMONT, Ga.—BOND SALE— The $18,000 issue of 4%
Twin City water works bonds offered for sale
noted in these columns, was purchased by Johnson, Lane,
semi-ann.
on
Oct.
21,
as
Space & Co. of
Savannah, at a price of 93.055, a basis of about 4.60%.
Dated April 1,
1937.
Due on Dec. 1 as follows: $500, 1939 to 1958, and $1,000, 1959 to
1966.
/.
INDIANAPOLIS PAR K DISTRICT, I nd.—BOND SALE—The $62,000
3)4% bonds offered on Dec. 1—V. 145, p. 3378—were awarded to the
...
.
Fletcher
Trust Co., the Union Trust Co. and the Indianapolis Bond &
Share Corp., all of Indianapolis, at par plus a premium of $3,588, equal to
HAWAII
105.787,
HONOLULU (City and County), Hawaii—BOND SALE—The $500,-
on
York, 13. 13. Robinson & Co. of Chicago, and Strassburger & Co. of San
Francisco, paying a price of 110.80, a basis of about 3.10%. Dated Dec. 1,
1937.
Due on Dec. 1 as follows: $17,000, 1938 to 1965, and $24,000 in 1966.
Bonds Offered for Investment—The successful bidders reoffered the above
bonds for public subscription at prices to yield from 0.75% to
3.10%,
according to maturity.
Municipal Bonds of
ILLINOIS INDIANA
MICHIGAN IOWA WISCONSIN
basis of about 3.15%.
a
Jan. 1 from 1940 to 1959.
Securities
000 issue of 4% coupon semi-ann. sewer, Series A bonds offered for sale on
Dec. 1—V. 145, p. 3228—was awarded to a syndicate composed of Phelps,
Fenn & Co., C. F. Childs & Co., Mackey, Dunn & Co., Inc., all of New
Dated Dec. 1, 1937.
a
premium of $2,841
Premium
$2,841.00
1,787.39
MARION COUNTY (P. O. Indianapolis), Ind.—BOND SALE— The
$745,000 advancement fund bonds, series B of 1937 offered on Nov. 29—
V. 145, p. 3378—were awarded to an account
composed of Blyth & Co.
E. H. Rollins & Sons, Inc., First of Micnigan Corp., all of New
York, and
the Illinois Co. of Chicago, as 2^s, at a price of 100.776, a basis of about
2.12%.
Dated Dec. 1, 1937, and due as follows: $37,100 on June 1 and
Dec. 1 from 1939 to 1945, incl.; $37,000 June 1 and $38,000 Dec.
1, 1946;
$38,000 June 1 and Dec. 1 in 1947 and 1948.
Other bids were as follows:
Bidder—
■
Int. Rate
•
Phelps, Fenn & Co
^cni^ta^u^ Afric.
Brown Harriman & Co
Union Trust Co. of Indianapolis
MONTICELLO
MUNICIPAL BOND DEALERS
135 So. La Salle
St., Chicago
State 0540
Teletype CGO. 437
ILLINOIS
BRIDGEPORT
PARK
DISTRICT,
111.—BOND SALE
DETAILS—
The $20,000 Shelter House construction bonds sold to
Paine, Webber & Co.
of Chicago, as previously reported in these columns—V.
145, p. 3378,
bear 4% interest and brought a premium of $727,
equal to 103.635, a
basis of about 3.42%.
Due Dec. 1 as follows:. $1,500 from 1938 to 1949.
incl. and $1,000 in 1950 and 1951.
CHATSWORTH,
111.—BONDS
SOLD—An
street bonds has been sold to the Citizens Bank of
were
of
$10,000 4^%
Chatsworth.
The bonds
CHICAGO, 111.—BOND OFFERING PLANNED—'The city will call fo^
the near future on $10,000,000
refunding bonds to meet Jan. 1
bids in
Ind.—BOND
OFFERING—Harry
city, payable from unlimited ad
valorem taxes on all of its taxable property.
A certified check for $1,000,
payable to the order of the Board of Trustees, must accompany each pro¬
posal.
The approving legal opinion of Matson, Ross, McCord & Clifford
of Indianapolis will be furnished the successful bidder.
Purchaser will be
required to accept delivery and make payment for the bonds at the State
6 Savings Bank, Monticello.
OTTER CREEK TOWNSHIP SCHOOL TOWNSHIP (P. O.
Holton),
OFFERING—Sealed bids addressed to Everett E. Chaille,
Ind.—BOND
Trustee, will be received until 1 p. m. on Dec. 17, for the purchase of $21,000
not to exceed 4)4% interest school
building bonds.
Dated Nov. 1, 1937.
Denom. $540.
Due as follows:
$1,680 Jan. 1 and $840 July 1, 1940, and
Jan. 1 and July 1 from 1941 to 1951, incl.
Bidder to name a single
interest, expressed in a multiple of M of 1 %.
The bonds are direct
obligations of the school township, payable from unlimited ad valorem
maturities.
$840
Complete details of the financing have not been arranged but comptroller
R. B. Upham is now completing plans which should be finished in the
next
rate of
day
or two.
CHICAGO
DISTRICT,
III.—BOND CALL—Frank O.
that the following described series B
B-69092. and B-84393
to
B-84892,
1,539,000
2,500
aggregating
360, B-6799o to
(denom. $1,000),
4M%
aggregating
Refunding 4%
(denom.
$1,000),
2,600,000
1,649,000
aggregating
COOK COUNTY FOREST PRESERVE DISTRICT
(P. O.
111.—BOND
CALL—William
Chicago),
Gormley,
District
Treasurer,
announces
that the following numbered refunding bonds of
1936, series A, will be re¬
deemed on Jan. 1, 1938, at the American Natinoil Bank &
Trust Co. of
Chicago: 320 to 358; 370 to 373; 375 to 382; 3*4; 392 to 544; 582 to
719;
720 to 1069; 1120 to 1144; 1150 to 1338.
FREEBURG,
111.—BOND SALE—The Municipal Bond Corp.
of
Chicago has purchased an issue of $19,500 3)4% water works
refunding
bonds.
Dated Nov. 15, 1937.
Leaglity approved by Charles & Trauernicht of St. Louis.
HOLLAND TOWNSHIP (P. O.
Mode), III.—BOND SALE DETAILS—
The $20,000 (road) bonds sold
recently to Vieth, Duncan,
of
Davenport,
and
were
as
on
taxes
all of its
on
taxable property.
Approxing legal opinion of Matson,
of Indianapolis will be furnished the successful
Ross, McCord & Clifford
SANITARY
Birney, District Treasurer, announces
refunding bonds of 1935 will be redeemed on Jan. 1, 1938, at the First Na¬
tional Bank of Chicago:
Nos. B-521 to B-1039, 5% (denom. $1,000;,
aggregating...
$519,000
Nos. B-3506 to B-4014, B-26101 to B-26880 and B-81393 to
Worley & Wood
previously reported in these columns, bear 4}4% interest
Due July 15, 1947.
bidder.
Bonds will be ready for
LAKE
COUNTY
(P.
O.
Waukegan),
IU.—DELINQUENT
TAX
total
penalties, will be $4,400,000.
since 1930 are unpaid.
delinquencies, including
of taxes levied
Nelson estimated that 14%
Of the total unpaid, $3,500,000
represents original tax bills and
accrued penalties.
On the 1936
$900,000
levy alone, according to Nelson, $500,000
$100,000 in penalties are unpaid.
The county treasurer said little
money can be raised from tax sales.
Since Oct. 11 properties have been offered for
sale in the County court
and only $10,000 of taxes has been
paid.
About 100 of the 45,000 parcels
of property on which taxes are overdue were
sold.
in taxes and
MALTA, 111.—BONDS SOLD—C. H. Sherwood, City Clerk, reports
bonds, approved at the Nov. 1 election, have been sold.
They consist of:
$3,000 storm drain bonds.
Due $1,000 from 1941 to
1943, inclusive.
2,000 water bonds.
Due $1,000 in 1939 and 1940.
Trustees,
must
each
accompany
SPRING VALLEY, 111.—BOND SALE—An issue
of $31,000
funding bonds has been sold to Barcus, Kindred & Co. of
Chicago.
sale:
int. Rate
3^%
3lA%
3M%
3)4%
3)4%
McNurlen & Huncilman
Indianapolis Bond & Share Corp
Kenneth S. Johnson
July 3)
payable at the County Treasurer's office.
Due $5,000 each six months
3, 1939 to Jan. 3, 1949.
Cert, check for 3% of amount of bonds
bid for, payable to the Board of Commissioners,
required.
from July
IOWA
ALLERTON,
Bidder—
290 00
117 00
290.00
$243.00
200 00
47 00
285.25
3^%
DISTRICT,
National Bank of Hammond
was
Premium
3%
Kenneth S. Johnson
PARK
$400.20
343.00
3%
3%
3%
Indianapolis Bond & Share Corp
HAMMOND
*
int. Rate
City Securities Corp
McNurlen & Huncilman
A. S. Huyck & Co
Ind.—BOND SALE—The
awarded
on
Nov. 30
99^75
Calumet
issue of $86,000
equal to 102.58, a basis
an
3H% P^k bonds at par plus a premium of $2,226,
of about 3.47%.
Dated Oct. 15, 1937.
Denoms. $1,000
and $300.
Due
$4,300 on Jan. 1 from 1940 to 1959, incl.
Principal and interest (J. & J.)
payable at the City Comptroller's office.
The bonds are not in
any
Iowa—PURCHASER—We
are
now
informed by the
$26,000 coupon water works bonds sold on Nov. 23
as 3)4s, at a price of
100.173, a basis of about 3.48%, as noted in our issue
of Nov. 27—V. 145, p. 3531—were
purchased by Jackley & Co. of Des
Moines.
Due annually beginning on Dec. 1, 1939.
Town Clerk that the
AMES
SCHOOL
DISTRICT.
Iowa—BOND
SALE— The
$175,000
on Dec. 2—V. 145, p. 3531—were awarded
Corp. of Des Moines as 2)4s, at par plus a premium
of $215, equal to 100.122, a basis of about
2.49%.
Dated Jan. 1, 1938.
Due on Jan. 1 as follows: $1,000, 1939: $2,000,
1940; $3,OCO, 1941; $4,000,
1942; $5,000, 1943; $10,000, 1944 and 1945; $15,000, 1946 to 1949; and
$20,000, 1950 to 1953.
Stern Bros. & Co. of Kansas City, Mo. and the
Mercantile Bank & Trust Co. of St. Louis bid a premium of $211 for 2)4s.
school building bonds offered
to the Polk-Peterson
BEEBETOWN
Beebetown),
CONSOLIDATED
SCHOOL
DISTRICT
(P.
O.
Iowa—BOND
SALE—The $10,000 issue of construction
Nov. 29—V. 145, p. 3531—was awarded to the
Carleton D. Beh Co. of Des Moines, as 3s, paying a premium of $65, equal
bonds offered for sale
to
to
on
100.65, a basis of about 2.92%.
1950, inclusive.
DAWSON
CONSOLIDATED
Dated Dec. 1, 1937.
SCHOOL
DISTRICT,
$18,000 school building bonds offered
p. 3532—were awarded to the Carleton D. Beh
at par plus a premium of $150, equal to 100.833.
1,
on
Due from 1939
Iowa—BOND
Nov.
30—V.
Co. of Des Moines
145,
3s,
as
Denom. $1,000.
Dated
Interest payable June 1 and Dec. 1.
Due serially beginning
1940.
FERNALD
VOTED—At
SCHOOL
an
DUilding bonds
DISTRICT
election held
was
on
Nov.
(P.
15
a
O.
Fernald),
Iowa—BONDS
proposal to issue $22,000 school
approved by the voters.
GILLETT GROVE CONSOLIDATED SCHOOL DISTRICT (P. O.
Gillett Grove), Iowa—BOND SALE—The $25,000 issue of building bonds
on
Dec. 1—V. 145, p. 3370—was awarded to the White-
offered for sale
Premium
For $28,525 Issue
,
of
Phillips Corp. of Davenport, as 2Ms, paying a premium of $80.00, equal to
100.32, a basis of about 2.70%.
Due from Dec. 1, 1938 to 1949.
For $29,000 Issue
Bidder—
A. S. Huyck & Co
City Securities Corp
opinion
the purchase of an issue of $l0O,OOO courthouse
refunding bonds.
Bidders
are to name rate of interest, not to exceed
3)4%.
Denom. $1,000.
Dated
Jan. 3, 1938.
Principal and semi-annual interest (Jan. 3 and
Dec.
Indianapolis, of $29,000 Civil Twp.
atLa Preinium of $351, equal to 101.21, a 2.87% basis, and
$28,525 School Twp. bonds as 2%s, for a premium of
$88, equal to 100.343,
a
2.70% basis.
The following is a list of the other bids submitted at the
approving
VANDERBURGH COUNTY (P. O. Evansville), Ind.—BOND OFFER"
already reported in these columns—V. 145, p. 3531—Edw. D.
Koenemann, County Auditor, will receive bids until 10 a. m. Dec. 20 for
Dec. 1, 1937.
INDIANA
BAUGO TOWNSHIP (P. O.
Elkhart, R. R. 4), Ind.—OTHER BIDS
—As previously reported in these
columns, the township made award on
Nov. 20 to the Fletcher Trust
Co.,
The
ING—As
SALE—The
4)4%
proposal.
Matson, Ross, McCord & Clifford of Indianapolis will be furnished the
successful bidder.
Purchaser will be re quired to accept delivery and
pay
for the bonds at the State & Savings Bank, Monticello.
that $5,000 4%
ST. ELMO, 111.—BONDS SOLD—The H. C.
Speer & Sons Co. of Chicago
purchased the $17,500 sewer system bonds which were
approved a vote of
270 to 73 at the Nov. 10 election.
delivery within 12 days after sale date.
UNION TOWNSHIP SCHOOL TOWNSHIP
(P. O. Monticello),
Ind.—BOND OFFERING—Harry L. Miller, Secretary of the Board of
Trustees, will receive sealed bids until 11 a. m. on Dec. 18 for the purchase
of $45,800 not to exceed 4^
% interest high school building bonds.
Dated
Jan. 1, 1938.
Denom. $1,000 or $500, and one bond for $800.
Due as
follows: $800, Jan. 1 and $1,000, July 1,1940; $1,000 Jan. 1 and
July 1 from
1941 to 1962, incl.
Bidder to name a single rate of interest, expressed in a
multiple of )4 of 1%.
The bonds will be direct obligations of the school
township, payable from unlimited ad valorem taxes on all of its taxable
A certified check for $1,000, payable to the order of the Board of
property.
sold at par.
REPORT—At the end of 1929 tax delinquencies on real estate in
Lake county
amounted to only $125,000.
Figures furnished by County Treasurer Allen
J. Nelson show that at the end of 1937 the
.
CITY,
100.71
100.70
100.606
100.419
100.338
L. Miller, Secretary of the Board of Trustees, will receive sealed bids until
11 a. m. on Dec. 18 for the purchase of $40,000 not to exceed
4)4 % interest
high school building bonds.
Dated Jan. 1, 1938.
Denoms. $1,000 or
$500.
Due $1,000 on Jan. 1 and July 1 from 1940 to 1959, incl.
Bidder
to name a sincle rate of interest.
expressed in a multiple of )4 of 1 %.
The
bonds are direct obligations of the school
issue
approved at the Nov. 23 election.
SCHOOL
Rate Bid
2)4%
2)4%
2M%
2)4 %
2)4%
Halsey, Stuart & Co., Inc
0te6infam W
for the bonds.
Other bids were as follows:
Bidder—
John Nuveen & Co. and City Securities Corp
Ross T. Ewert, Inc. and Kenneth S. Johnson,
jointly
Lazard Freres & Co
Bought— Sold—Quoted
Due $3,100 yearly
John Nuveen & Co. of Chicago and the City
Corp. of Indianapolis bid
respect
LEE COUNTY (P. O. Keokuk), Iowa—BOND OFFERING—On Dec.
7 the County Supervisors will offer for sale an issue of $70,000 warrant
funding bonds.
MORNING
SUN, Iowa—BOND
OFFERING—E.
J.
Walsh, Town
Clerk, will receive bids until Jan. 3 for the purchase of $40,000 municipal
light and power plant revenue bonds.
Interest rate is not to exceed 6%.
Due as follows: $500, 1940 and 1941; $1,000, 1942; $3,000, 1943 and 1944;
and $4,000. 1945 to 1952; redeemable after 1942.
Cert, check for 5%,
required.
MUSCATINE INDEPENDENT SCHOOL DISTRICT, Iowa—BOND
OFFERING—Paul Giebel, Secretary, Board of School Directors, will re¬
ceive bids until 2 p. m, Dec. 15 for the purchase of an issue of $280,000 school
building bonds.
Interest rate is not to exceed 4%.
Due serially from 1947
1956.
The District will furnish the printed bonds and the approving
opinion of Chapman & Cutler of Chicago.
to
NEW
SHARON
Sharon),
INDEPENDENT SCHOOL DISTRICT
(P. O. New
Iowa—BOND OFFERING DETAILS—In connection with the
offering scheduled for 7:30 p. m. on Dec. 8 of the $25,000 building addition
Volume
Financial
145
bonds noted in these columns on Nov.
27—V. 145, p. 3532—it is
stated by-
of $1,000
Pearl Harper, District Secretary, that the bonds are in the denom.
each and mature on Dec. 1 as follows: $1,000, 1940; $2,000, 1941;
$1,000,
1942; $2,000, 1943; $1,000, 1944; $2,000, 1945; $1,000, 1946; $2,000, 1947;
$1,000. 1948; $2,000, 1949; $1,000, 1950; $2,000, 1951; $1,000, 1952;
$2,000, 1953, and $1,000. 1954 to 1957.
Prin. and int. (J. & D.) payable
at the office of the District Treasurer.
These bonds were approved by
the voters on May 13.
NORWAY CONSOLIDATED SCHOOL
.
DISTRICT (P. O. Norway),
offered
Iowa—BOND SALE—The $15,000 issue of coupon building bonds
on Nov. 29—V. 145, p. 3379—was awarded to Jackley &
for sale
premium of $91, equal to
Dated Nov. 15, 1937.
Due from Nov.
Des Moines as 2 Ms, paying a
about 2.37%.
inclusive.
Co. of
ICG .606, a basis of
15, 1939 to 1945,
premium of 90 for 2Ms.
RINGGOLD COUNTY (P. O. Mt. Ayr), Iowa—BONDS VOTED—
At a special election held on Nov. 29 the voters of the county approved a
proposal to issue $425,000 primary road bonds.
SIOUX CITY, Iowa—BOND SALE—The four issues of bonds aggregat¬
ing $445,591.32, offered for sale on Dec. 1—Y. 145, p. 3532—were awarded
The White-Phillips
Corp. of Davenport, bid a
follows:
as
the
and
paying a
2.247%.
to 1953 incl.
25,000 improvement bonds to Brown Harriman & Co., Inc., and the
Wachob-Bender Corp. of Omaha, jointly, as 2s, paying a premium
of $130.00, equal to 100.52, a basis of about 1.85%.
Dated Dec.
1,1937.
Due from Dec. 1, 1939 to 1941.
88,000 paved roadway bonds to the purchasers of the improvement bonds,
as 2Ms, paying a premium of $25.00, equal to
100.028, a basis
of about 2.495%.
Dated Nov. 1, 1937.
Due from Nov. 1, 1939
to 1952.
payable at the fiscal agency in Topeka.
total bid, payable to the city, is required.
ready for delivery about Dec. 10.
of
bonds to Shaw, McDermott & Sparks,
Dated Oct. 22, 1937.
Due
4s, at par.
1, 1938 to 1940.
Des Moines,
from May
as
1923708 1934567
Bonds Offered for Investment—The combined issues of the improvement
paved roadway bonds aggregating $113,000, were offered
by the two purchasers for general subscription, priced to yield from 1.25 to
1.70% on tne 2s, and from 1.25 to 2.50% on the 2Ms, all according to
maturity, with the 1951 and 1952 maturities on the 2Ms priced at 99.50.
bonds and the
SCHOOL DISTRICT (P. O. Marysville). Kan.—
$104,775 coupon bonds described below, which were
awarded to Stern Bros. & Co.
of Kansas City, Mo., at a price of 101:
$29,775 2M% high school bonds.
Due on Aug. 1 as follows: $5,775 in
1939; $5,000. 1940 and 1941, and $7,000 in 1942 and 1943.
75,000 2% % high school bonds. Due on Aug. 1 as follows: $7,000, 1944
and 1945; $8,000. 1946 to 1948; $9,000, 1949 to 1951. and $10,000
MARYSVILLE
on
VINTON INDEPENDENT SCHOOL DISTRICT (P. O. Vinton),
Iowa—BOND OFFERING—Bids will be received by W. L. Conder, Dis¬
until 2 p. m. on Dec. 7 for the purchase of a $50,000 issue
of school bonds.
Bidders to name the rate of interest.
No bid for less
Dated Nov. 1, 1937.
will be considered.
Due as follows: $5,000
$5,000 on May 1 and Nov. 1 from 1948 to 1951, and
on May 1, 1952.
The approving opinion of Chapman & Cutler of Chicago
will be furnished to the purchaser.
These bonds were approved at the
Nov. 1, 1947, and
Nov. 2 general election.
(This report supplements
the offering notice given in our issue
of Nov. 27.)
KANSAS
EMPORIA,
Kan.—BOND SALE—The City Commission has sold
$7,214.91 paving bonds and $5,625,38 refunding bonds to the Lyon County
State Bank of Emporia.
KANSAS,
ISSUED IN
State
of—EMERGENCY BONDS AND
1937 BY LOCAL UNITS— It is reported by
Commission that virtually half the
and school districts in the State have
this year to meet
WARRANTS
the State Tax
counties and many cities, townships
issued emergency bonds and warrants
obligations not provided for in
regular levies by local taxing
officials.
records show permission has been obtained so far this
year to issue emergency poor fund bonds to the amount of $1,989,000.
In
the period covered in the record, up to Nov. 15, 12 counties, eight cities and
40 townships and school districts within the State received permission to
The Commission's
furnish general fund monies.
warrants to
emergency
KANSAS, State of—BONDED DEBT OF THE STATE AND LOCAL
UNITS SURVEYED—The following information is contained in a bulletin
furnished to us by Beecroft, Cole & Co., National Bank of Topeka Build¬
ing, Topeka:
"In our Oct. 16,1935, 'Kansas Bond Bulletin,' and again in our Oct. 28,
1936, Bulletin, we discussed the debts of the State, county and other
political subdivisions of Kansas, and noted the fact that while some of the
divisions of government had shown a debt increase, the total had shown a
marked decline.
The following table shows the figures as reported by the
State Auditor as of June 30, 1936, and as of June 30, 1937, as well as the
total debt figures from June 30, 1927 to June 30, 1937, inclusive:
1936
1937
Decrease
Increase
1,592,728
County general
County road..
City
Township
13,361,991
12,811,459
54,933,394
1,121,247
14,954,720
11,100,038
52,319,552
1,025,439
School district
28,814,439
96,500
28,703,815
87,000
2,571,850
18,250,000
1,000,000
132,861,959 129,012,416
5,541,194
Railroad aid
........
2,472,527
Drainage district
19,250,000
Soldiers'%onus
"Thedecline of the total debt as
1,711,420
2,613,842
95,807
110,623
9,500
Dated Dec. 1, 1937.
.
O. Wichita), Kan .—BOND
by Louis Gerteis, Secretary of
scheduled for Dec. 7, on the
issuance of $688,314 school building bonds, as noted in these columns
recently—V. 145, p. 3379—has been deferred until June, 1938.
(P.
DISTRICT
SCHOOL
WICHITA
ELECTION DEFERRED—We are informed
the Board of Education, that the election
Kan.—BOND OFFERING—H. H. Hanlen, City Clerk,
7:30 p. m. Dec. 7 for the purchase of the following
WINFIELD j
bonds:
;/
.
$45,000 incinerator improvement bonds.
Due $4,000
and $5,000 yearly thereafter for five years.
95,000 sewage disposal works improvement bonds.
-
—
-
99,323
KENTUCKY
$141,509,252
142,383,876
137,141,526
132,861,859
129,012,416
000 school improvement
as
noted in these
KENTUCKY,
missioner
approximately $1,600,000 being largely the result of public assistance and
public relief issues.
The only other division which showed an increase was
a slight increase in drainage district bonds,
County road bonds continued their decline, cities showed a decline of
over $2,000,000 and, despite the number of new school houses that have
been built as a result of grants from the Government, the school debt
showed a small decline.
The annual reduction in the soldier bonus debt
of $1,000,000 brought that total to a new low of $18,250,000.
"Readers of the Bulletin' probably grow tired of the number of times in
the past three years that we have stressed the declining Kansas debt, but
to us it has been a source of pride that it has been possible for this to happen
during the depression and drought years such as we have been having."
of
"
AUTHORIZED—An ordinance has been
$30,000 electric light and power bonds.
SALINE COUNTY (P. O. Salina), Kan.—BOND SALE DETAILS—
It is now reported by the County Clerk that the $15,000 poor relief bonds
purchased by the County Sinking Fund, as noted in these columns recently
—V. 145, p. 3532—were sold as 2s at par, and mature $3,000 annually from
ST. FRANCIS, Can.—BONDS
passed authorizing the issuance of
"
WICHITA, Kan —BOND OFFERING DETAILS—In connection with
the report given in these columns recently of the offering scheduled for
7:30 p. m. on Dec. 6 of the three issues of bonds, aggregating $215,268.71—
V. 145, p. 3229—it is now stated by E. S. Worrill, Director of Finance,
that the bonds are divided as follows:
$18,000 park, series 437, 2M% bonds.
Dated Nov. 1, 1937. Due on
Nov. 1 as follows: $2,000, 1938 to 1945. and $1,000 in 1946 and
1947.
Interest payable M. & S.
54,268.71 paving and sewer, series 438, 2M% bonds.
Dated Nov. 1,
1937.
Due on Nov. 1 as follows: $5,268.71 in 1938: $5,000, 1939
to 1943, and $6,000, 1944 to 1947.
Interest payable M. & N.
143,000 refunding, series 439, 2M % bonds.
Dated Dec. 1, 1937. Due as
follows: $14,000, 1938 to 1944, and $15,000, 1945 to 1947.
Inter¬
J.
& D.
$1,000, one for
$268 71. Bids must be
The approving opinion
Clerk.
of Highways,
CALL—Robert Humphreys, Com¬
with the provisions of
ot—BOND
states that in accordance
securing such bonds, the following out¬
standing Commonwealth of Kentucky bridge revenue refunding bonds are
being called for redemption on Jan. 1, 1938, on which date interest shall
cease, at the Chemical Bank & Trust Co., New York City:
$235,000 Project No. 1,3% bonds.
Payment of the principal amount of
said bonds, together with a premium of 2% of such principal
amount will be made on or after date called on surrender of said
II of the trust indenture
Article
bonds in
negotiable form, accompanied by
all July 1, 1938, and
subsequent coupons.
Dated June 1, 1936.
Due July 1, 1950,
redeemable Jan. 1, 1937, or any interest payment date thereafter.
70,000 Project No. 2 3% bonds.
Payment of the principal amount of
said bonds, together with a premium of 2% of such principal will
be made on or after dated called on surrender of said bonds in
all July 1, 1938, and subsequent
Due July 1, 1950, redeemable
date thereafter.
70,000 Project No. 3, 3M% bonds.
Payment of the principal amount
of said bonds, together with a premium of 2% of such principal
amount, will be made on or after date called on surrender of said
bonds in negotiable form, accompanied by all July 1, 1938, and
subsequent coupons.
Dated July 1, 1935.
Due July 1, i950,
redeemable Jan. 1, 1936, or any interest payment date thereafter.
150,000 Project No. 8, 3M % bonds. Payment of the principal amount of
said bonds, together with a premium of 1M% of such principal
amount will be made on or after date called on surrender of said
bonds in negotiable form, accompanied by all July 1, 1938, and
subsequent coupons.
Dated July 1, 1935.
Due July 1, i945,
redeemable Jan. 1, 1936, or any interest payment date thereafter.
60,000 Project No. 9, 3M% bonds.
Payment of the principal amount of
said bonds, together with a premium, of 2M% of such principal
amount will be made on or after date called on surrender of said
bonds in negotiable form, accompanied by all July 1, 1938, and
subsequent coupons.
Dated Aug. 15, 1935. Due July 1, 1955,
redeemable July 1, 1936, or any interest payment date thereafter.
165,000 Project No. 10, 3% bonds.
Payment of the principal amount of
said bonds, together with a premium of 2M% of such principal
amount will be made on or after date called on surrender of said
bonds in negotiable form, accompanied by all Jan. 1, 1938, and
subsequent coupons.
Dated Nov. 15, 1935. Due July 1, i950,
redeemable Jan. 1, 1937, or any interest payment date thereafter.
negotiable form, accompanied by
coupons.
Dated June 1, 1936.
Jan. 1, 1937, or any interest payment
LOUISIANA
CONSOLIDATED SCHOOL DISTRICT NO. 2 (P. O.
Farmerville), La.—PRICE PAID—It is now reported by the Superin¬
tendent of the Parish School Board that the $25,500 building bonds pur¬
chased by the Ernest M. Loeb Co. of New Orleans, as 5Ms, as noted in
these columns recently—V. 145, p. 2580—were sold for a premium of
$57, equal to 100.223, a basis of about 5.47%.
Due from Sept. 1, 1939 to
BERNICE
OFFERING—Sealed bids will be received
Clerk, for the purchase of a
loan of $17,000 has been approved
according to report, by the City
$10,000 issue of water works bonds.
(A
by the Public Works Administration.)
CALL—A total of $235,000 in
Coun¬
paving certificates has been drawn for redemption by the Commission
cil of New Orleans, the third drawing within a year, and will be paid off by
the city Jan. 1, according to Finance Commissioner Jesse S. Cave.
Prior
to refinancing of paving loans last year, the city's paving obligations were
$7,854,000.
The Legislature authorized refinancing extending payment
time 15 years.
Two drawings have since taken place and in all the city has
retired $3,204,960, or nearly half of the indebtedness.
RUSTON, La —BONDS VOTED—The voters of
their approval to a proposition calling for the
gave
this table, we note first that the debt decline is $3,849,the period.
This decline is about $500,000 less than for
period for the year before, which was $4,279,566.
In looking
over the breakdown of debt figures, you will note only two divisions showed
an increase.
The county general debt continued to increase, the increase
est
columns—V. 145, p. 3532—have been sold.
State
Ruston on Nov. 23
issuance of $135,000
improvement bonds.
ST. HELENA PARISH (P. O. Greensburg), La.—Robert T. Carter,
Secretary of Police Jury, is calling for bids on an issue of $18,000 public
improvement bonds.
Interest rate is not to exceed 6%.
Denom. $500.
sewerage system
for
Denom.
DISTRICT (P. O. Ashland) Ky.—BONDS
of the Board of Trustees that the $65,bonds validated by the Court of Appeals on Nov.
SCHOOL
ASHLAND
NEW ORLEANS, La .—CERTIFICATE
1,692,051
"In looking over
furnished by the City
Due $9,000 yearly
for five years.
SOLD—It is stated by the Secretary
PORT BARRE, La .—BOND
the similar
1938 to 1942 incl.
yearly for five years,
1957.
reported for the last 11 years is shown as
$162,205,418
158,804,221
160,995,781
160,963,914
160,609,611
153,911,560
and $10,000 yearly thereafter
Dated Dec. 1, 1937.
for five years,
Denom. $1,000.
until Dec. 18,
follows:
542.72
Nov. 29—V. 145, p. 3532—were
in 1952.
_
trict Secretary,
issue
A certified check for 2% of the
The bonds will be printed and
BOND SALE—-The
offered
17,
32,591.32 street improvement
on
Prin. and int.
will be furnished the purchaser.
& Rhodes of Kansas City
will receive bids until
Edward B. Smith & Co. of New York,
Polk-Peterson Corp. of Des Moines, jointly, as 2Ms,
premium of $35.00, equal to 100.011, a basis of about
Dated Nov. 1. 1937.
Due $20,000 from Nov. 1, 1939
$300,000 flood protection bonds to
than par
3691
Chronicle
submitted on blanks
of Bowersock, Fizzell
Dated Dec.
Dec.
1 from
Parish
1, 1937. Interest payable June
1939 to 1952, incl.
Certified
WISNER, La.—BONDS SOLD TO
water
works
1 and Dec. 1. Due serially on
check for $360, payable to the
required.
Treasurer,
system
PWA—It is stated that $24,000 4%
bonds have been purchased at par
by the Public
Administration.
Denom. $500.
Dated Oct. 1, 1937.
Due on
Oct. 1 as follows:
$500, 1940 to 1949; $1,000, 1950 to 1965, and $1,500
in 1966 and 1967.
Prin. and int. (A. & O.) payable at the office of the
Village Treasurer.
It is reported that these bonds are payable solely from
the revenues of the system.
..
Works
MAINE
Me.—BOND SALE—1The issue of $108,000 2M% coupon
water flume bonds offered Nov. 27—V. 145, p. 3379—was awarded to the
Merrill Trust Co., Bangor, at a price of 104.06, a basis of about 2.03%.
Dated Dec. 1, 1937, and due $6,000 on Dec. 1 from 1938 to 1955 incl.
The following other bids were received:
BANGOR.
Bate Bid
103.919
Bidder—
C. F. Childs & Co
Pierce, White & Drummond
First National Bank of Boston
Eastern Trust & Banking Co
Kennedy, Spence & Co
Estabrook &Co
E. H. Rollins & Sons
Chace,
--
Whiteside & Co-_--___——
Savings Bank..-
Harris Trust &
Brown Harriman
-----
-—
.
—
& Co—
Coffin & Burr
—
Debt Statement as of
Assessed valuation 1937
Debt limit (5% of assessed valuation)
Bonds and notes outstanding
103.039
102.092
102.08
101.91
101.867
101.629
101.07
Nov. 4, 1937
S27.990.060
1,399,530
731,000
$668,530
Borrowing capacity
Population as of 1930,
103.725
103.634
103.15
28,749
Financial
3692
Dec.
1937
4,
SOUTHBRIDGE, Mass .—NOTE SALE—Wrenn Bros. & Co. of Boston
MARYLAND
obtained award
^BALTIMORE,
Md .—TAX COLLECTIONS—City taxes and other ac¬
counts collected during the 10 months ended Oct. 31, 1937, totaled $44,349,971, or 95.92% of the year's estimated levy of $46,236,060, according
to the monthly report issued by Herbert Fallin, Municipal Budget Director.
This compares with $43,190,640 collected in like period of preceding year,
or
95.14% of the estimated amount of $45,396,338.
In 1935 the city
collected $40,953,851, or 94.80% of that year's estimated levy of $43,of 199 872.
K This year's budget is based on the collection of 9134% of the total current
levy as against 90% in the preceding year and 88% in 1935.
Delinquent taxes collected amounted to $2,928,261, or 88.74% of the
estimated $3,300,000 to be collected this year.
This compares with $3,262,365 collected in the same period of 1936, or 93.21% of the year's total
$3,500,000.
f
MASSACHUSETTS
on
Dec. 1 of
an
issue of
Dated Dec. 6, 1937, and due April 12,
Bidder—
Tyler
First
&
$75,000 notes at 0.323% discount.
Other bids were as follows:
1938.
Co
^-^29%
Boston
0.33%
Corp
Bancamerica-Blair
Corp
First National Bank of Boston
0.39%
0.42%
Mass .—NOTE SALE—An issue
of $200,000
revenue
anticipation notes was awarded on Nov. 30 to the Merchants National
Bank of Boston on a 0.58% discount basis.
Due Nov. 22, 1938. Whiting,
Weeks & Knowles of Boston bid 0.65% discount.
WEBSTER,
Other bids
were as
follows:
Discount
0.675%
'
Bidder—
First National Bank of Boston
0.68%
Worcester County Trust Co
Bancamerica-Blair Corp
0.717%
Mass .—NOTE SALE—An issue of $40,000 revenue
notes, due Nov. 15, 1938, was awarded on Dec. 3 to Jackson & Curtis of
Boston on a .40% discount basis.
WINCHENDON,
ATTLEBORO, Mass.—NOTE SALE—The $100,000
revenue anticipa¬
offered on Dec. 2 were awarded to the First National Bank of
a 0.31% discount basis.
Dated Dec. 2, 1937, and payable
Nov. 10, 1938.
Other biddersjwere:
»»
tion notes
Attleboro
Chronicle
on
Name—
Discount
-.
Boston Safe Deposit Co., Boston
Whiting, Weeks & Knowles, Boston
Second National Bank of Boston
New England Trust Co., Boston
First Boston Corp., Boston
Premium
0.32%
0.32%
0.33%
0.334%
Jackson & Curtis, Boston
We
A
$7.00
Buy for Our Own
Account
MICHIGAN MUNICIPALS
0.338%
0.36%
«.
Wrenn Bros. & Co., Boston
Bancamerica-Blair Corp., Boston
0.46%
Cray, McFawn & Company
2.50
0.476%
0.535%
Mansfield & Co., Hartford
DETROIT
A. T. T. Tel. DET 347
Telephone CHerry 6828
~BEVERLY, Mass.—NO%EOFFERING^-John C7Lovett, City Treasurer,
bids until 11a.m. Dec. 8 for the purchase at discount of $200,000
anticipation temporary loan notes, dated Dec. 8,1937 and payable
Sept. 20, 1938.
This loan will be issued in the following denominations:
will receive
revenue
5@$25,000, 6@$10.000, and 3@$5,000.
Notes will be authenticated as to genuineness and validity by The First
National Bank of Boston, under advice of Ropes, Gray, Boyden & Perkins,
Boston, and all legal papers incident to this issue will be filed with said
Bank, where they may be inspected.
They will be delivered on or about
Thursday, Dec. 9, 1937, at The First National Bank of Boston, 17 Court
Street Office, Boston, for Boston funds, and are payable at The First Na¬
tional Bank of Boston, in Boston, or at the Central Hanover Bank & Trust
Co., in New York City.
Tax Collection Report
1936 levy
$1,430,256
Uncollected Dec. 1,1937
1,383,075
Uncollected Dec. 1,1937
tax titles loans, $45,240.
1937 levy
Tax
titles,
$65,663
$5,869
316,943
—
BURLINGTON
$20,000 notes
was
(P. O. Woburn), Mass.—NOTE SALE—An issue of
sold on Nov. 23 at 0.58% discount.
Due July 30, 1938.
ESSEX COUNTY (P. O. Salem), Mass.—NOTE SALE— The $30,000
temporary loan tuberculosis hospital maintenance notes offered on Dec. 3
were awarded to the Gloucester National Bank of Gloucester
discount basis.
Dated Dec. 1, 1937 and payable April 1, 1938.
Boston Corp. bid .21% discount.
on
a
.20%
The First
■AMld*'
*♦*
■*"<
FITCHBURG, Mass.—BOND SALE—The $25,000 couponRegistrable
as
to
principal, municipal relief loan bonds offered on Dec. 3 were awarded
Kennedy, Spence & Co. of Boston on a bid of 100.479 for 2s, a basis of
1.90%.
Dated Dec. 1, 1937.
Due yearly on Dec. 1 as follows:
$3,000, 1938 to 1942; and $2,000, 1943 to 1947.
Tyler & Co. of Boston
to
MICHIGAN
BARRY
COUNTY (P. O. Hastings), Mich.—DRAIN
FERED—Andrew A. Matthews, Drain Commissioner, will
exceed
15.
for
4y2%.
Dated Dec. 15, 1937.
Interest payable annually on April
Due $400 yearly on April 15 from 1939 to 1943, incl.
Cert, check
1% of amount of issue, payable to the Drain Commissioner, required.
BAY CITY, Mich.—BOND SALE—The issue of $300,000 general obli¬
gation bridge construction bonds offered on Nov. 29—V. 145, p. 3533—
was awarded to Braun, Bosworth & Co. of Toledo.
Dated Dec. 1, 1937
and due Dec.
1 as follows: $13,000, 1936 and 1939; $15,000 from 1940 to
1955, incl. apd $17,000 in 1956 and 1957.
John Nuveen & Co. of Chicago and W. O. Clift & 8on of Bay City
participated in the purchase.
This group bid for the bonds as 2Ms. at par
plus a premium or $555.55, equal to 100.185, a basis of about 2.48%.
The accepted bid, according to report, was the fourth highest offer, but was
the best unconditional tender submitted for the issue.
The purchasers are making public offering
of the issue at prices to yield
Principal and interest (J. &
Legality to be approved by
Miller, Canfield, Paddock & Stone of Detroit. The bonds, in the opinion
of counsel, are full and direct obligations of the city, payable from unlimited
from 0.85% to 2.50%, according to maturity.
D.) payable at the City Treasurer's office.
ad valorem taxes
on
all of its taxable property.
about
Financial Statement
(Officially reported Nov. 18, 1937, by City Comptroller)
bid 100.399 for 2s.
Financial Statement. Nov. 2, 1937
_
Assessed valuation, 1936* including motor vehicle excise
Total bonded debt, not including this issue
Water debt (included in above)
$517786,425
2,657,800
342,800
2,315,000
Net debt
Population 1930
40,692 and 1935 census, 41,640.
Tax collections as of Nov. 1, 1937:
1936 levy, $1,707,319.14; uncollected to date, $1,129.53, 99.9% collected.
1937 levy $1,819,846.85; uncollected to date $526,954.62, 71% collected.
No uncollected taxes prior to the levy of 1936.
Tax titles held Nov. 1,
1937, $29,446.61. (Funded under Chapter 49, $26,500.)
census,
HOLYOKE, Mass.—NOTE SALE—The issue of $300,000 revenue an¬
ticipation notes offered Dec. 3 was awarded to the First National Bank of
Boston at
0.32% discount.
Second high
bid of 0.33%
Dated Dec. 3, 1937, and due May 18, 1938.
was made by Jackson & Curtis of Boston.
LYNN, Mass.—BOND OFFERING—Joseph Cole, City Treasurer, will
receive bids until 11
a. m. Dec. 7 for the purchase at not less than
par of
$75,000 coupon, fully registerable, municipal relief loan bonds.
Bidders
are to name rate of
interest, in a multiple or
%.
Denom. $1,000. Dated
Dec. 1, 1937.
Prin. and semi-ann. int. (June 1 and Dec. 1) payable at
the First National Bank of
Boston, in Boston, or at the City Treasurer's
office.
Due $40,000 Dec. 1, 1938 and $35,000 Dec. 1, 1939.
These bonds will be valid general obligations of the
City of Lynn, ex¬
empt from taxation in Massachusetts, ana all taxable property in the cirty
will be subject to the levy of unlimited ad valorem taxes to
pay both prin¬
cipal and interest.
They will be engraved under the supervision of and authenticated as to
their genuineness by The First National Bank of Boston.
The favorable
opinion of Storey, Thorndike, Palmer & Dodge as to the validity of this
issue will be furnished without
charge to the purchaser.
The original
opinion and complete transcript of proceedings covering all details required
in the proper issuance of the bonds will be filed with
Bank of Boston, where
they may be inspected.
Bonds will be delivered to the
First National Bank of Boston,
The First National
purchaser on or about Dec. 13, at The
17 Court Street office, Boston, against
payment in Boston funds.
Financial Statement, Nov. 30, 1937
1937 assessed valuation (including motor vehicle
excise)...$136,959,982.00
Total bonded debt (present loan not
included)...
6,034,500.00
Water debt, included in total debt
420,000.00
Sinking funds, other than
water..
102,261 44
5,512,238.56
Population, 100,701.
Tax levy 1935—$4;786,148.74—Uncollected Nov.
30, 1937—
$2,827.06
Tax levy 1936—$4,777,054.62—Uncollected Nov.
30, 1937—
$8,380.30
Tax levy 1937—$4,354,896.81—Uncollected Nov.
30, 1937—$1,234,105.29
Net Debt.
MENDON, Mass.—NOTE SALE—The $32,000
offered
on
coupon
schoolhouse
notes
Dec. 1—V. 145, p. 3533—were awarded to
Kennedy, Spence &
on a bid of 100.599 for 2H&, a basis of about
2.18%.
Dated
Co. of Boston
BONDS OF¬
receive bids
until 4p.m. Dec. 15 for the purchase of $2,000 serial bonds for the Gardner
Drain in Woodland Township Drainage District.
Interest rate is not to
Full value of taxable property, estimated-.
Assessed valuation, 1937
$53,000,000
42,532,280
Total bonded debt
523,500
Less: Sinking funds
$92,966
Net debt
*430,534
Population, 1930 U. S. Census, 47,355; 1937 (estimated), 50,000.
*
This debt is more than offset by the city's electric light
sinking fund
of $861,527, invested principally in U. S. Government, Bay
City water
revenue and Bay County bonds.
The above debt does not include $1,421,000 water revenue bonds, payable solely from water earnings and $71,700
of short term notes.
The city net debt, plus overlapping, is approximately
-
-
$1,137,610,
These bonds, in the opinion of counsel, are full and direct obligations
Bay City, Mich., payable from unlimited ad valored taxes on all taxable
property within the city. Bay City operates under a "Home Rule" charter
and is independent, as to both operating and debt service, of any tax
limitation under Michigan laws.
of
Tax Collection Records—
Collected to Nov. 18, 1937
*
In collection.
1934-35
1935-36
1936-37
88.7 %
85.0%
86.8%
1937-38
*69.3%*
BERKLEY, Mich..—WITHDRAWS AS REFUNDING AGENT—In
a
notice sent under date of Nov. 10 to holders of bonds and notes of the above
city (formerly the Village of Berkley), Matthew Carey, 2149 Union Guar¬
dian Bldg., Detroit, announced that he had tendered its resignation as re¬
funding agent at a meeting of the City Commission on Nov. 4.
In ex¬
planation of his action Mr. Carey, who has successfully completed a large
number of refinancing programs on behalf of Michigan municipalities and is
currently engaged in working out debt adjustments for a considerable num¬
ber of other communities in the State, is furnishing creditors of Berkley
with a detailed exposition of the protracted efforts which have been made to
work out a program for the city.
The delay in submitting details of a prom¬
ised refunding plan, the letter says, has been caused by uncertainty as to
the community'8 ability and willingness to perform.
Mr. Carey presents
in chronological order a complete account of the history of the negotiations
and conferences which attended his efforts in trying to draft a workable
refunding program in co-operation with the municipal officials.
These
discussions he says, finally resulted in the approval of a plan of refunding
by the City Commission on Jan. 25, 1937, a summary of which was sent to
all known bondholders.
However, according to Mr. Carey, because of the
adoption by the City Commission of a course of action held inimical to the
operation of a sound refunding plan and inasmuch as "long and patient ef¬
forts to offset previous disregard of recommendations had failed, resignation
as refunding agent seemed to be the only course to take."
Although char¬
acterizing tne city's financial situation as one of the worst in the Detroit
area the difficulties, in Mr.
Carey's opinion, can be solved as soon as the
municipal administration is convinced as follows:
That its outstanding obligations are valid and that an honest effort must
be made to support a refunding plan granting a 30-year extension ot principal
at low rates
of interest before its creditors can be asked to consider more
drastic
21ItornBitjivgs *
That this "honest
effort" implies reasonable debt service levies, proper
follows: $2,000, 1938 to 1949; and $1,000,
allocations of collections and respect for pledges, and a frugality in operating
costs consistent with the admitted financial limitations of the
municipality;
NORTHAMPTON, Mass.—NOTE SALE—The $125,000 revenue anticipation temporary loan notes offered on Dec. 2 were awarded to the
Second National Bank of Boston on a
.25% basis, interest to follow.
Dated
Dec. 6, 1937 and payable $65,000 June 16, 1938 and
$60,000 Aug. 16, 1938.
That "deals" with individual taxpayers disturb the confidence of both its
citizens, taxpayers, and creditors alike.
Although admitting that he has no program or "next step," Mr. Carey
adds that further contact with bondholders will be necessary in the near
future and is making arrangements to keep creditors posted on future de¬
££9;
1950 to
\9M.'
1957.
Due
on
Dec- 1
as
PITTSFIELD, Mass.—NOTE SALE—'The $200,000
tion notes offered
on
revenue
anticipa¬
Nov. 30—V. 145, p. 3533—were awarded to the New
England Trust Co. of Boston on a 0.344% discount basis.
Dated Nov. 30.
1937 and payable Nov. 25, 1938.
The Second National Bank of Boston
bid 0.387% discount.
Other bids were:
Bidder—
R. L. Day & Co
Bancamerica-Blair Corp
First National Bank of Boston
Merchants National Bank of Boston
Discount
0.41%
0.419%
0.464%
0.53%
SOMERVILLE, Mass.—BOND SALE DETAILS—The $160,000 2H%
relief bonds sold to Brown Harriman & Co., Inc., and F. L. Putnam
Co. of Boston, jointly, at a price of 100.50, a basis of about
2.40%,
poor
&
previously reported in these columns, are in coupon form, registerable
to principal only and payable as to both principal and semi-annual
National Bank of Boston.
Legality approved
by Storey, Thorndike, Palmer & Dodge of Boston.
as
as
interest (A. & O.) at the First
velopments.
COTTRELLVILLE TOWNSHIP (P.
Mich.—BOND OFFERING—Walker H.
O., R.
F.
D„
Marine
City),
Smith, Township Clerk, will
for the purchase of $57,050 not
water extension bonds, issued in
anticipation of collection of special assessments to be levied on property
receive sealed bids until 8 p. m. on Dec. 8
to exceed 6% interest special assessment
within
Water
Extension
District No.
1.
The
bonds
are
dated
Dec.
16
1937 and mature April 14 as follows: $1,050, 1938: $2,000 in 1939, and
$3,000 from 1940 to 1957 incl.
Principal and interest (A. & O. 15) payable
at the Marine Savings Bank, Marine City.
Legal opinion of Miller, Canfield, Paddock & Stone of Detroit, will be furnished by the township, and
cost of printing the bonds will be paid by the township.
A certified check
for $1,000 must accompany each proposal.
(The above issue was un¬
successfully offered on Oct. 12.)
CROSWELL SCHOOL
—Samuel J. Long of
DISTRICT, Mich.—BOND SALE DETAILS
Croswell paid a price of par and a premium of $100,
equal to 101.25, in purchasing recently an issue of $8,000 4% gymnasiumauditorium bonds, as previously reported in these columns.
Volume
INDEPENDENT SCHOOL DISTRICT NO.
Minn.—BOND OFFERING— Sealed bids will be
Dec. 7, by T. J. Lynch, District Clerk, for the
purchase of a $38,000 issue of building bonds. Interest rate is not to exceed
3%, payaDle J. & J. Denom. $500. Dated Dec. 1, 1937. Due on July 1 as
follows:
$2,500. 1939 to 1952, and $3,000 in 1953. Prin. and int. payable
at the office of the District Treasurer.
The bonds will not be sold for less
than par. A certified check for 5% of the bid is required.
LE
FFERNDALE,
Mich.—TENDERS
WANTED—Jay F. Gibbs
City
Manager, will receive sealed tenders for sale of certificates of indebtedness
to the city until 8 p. m. (Eastern Standard Time) on Dec. 13.
Tenders
will be received for series A and B certificates to an approximate amount
of $5,000, and for series C and D up to an approximate amount of $7,000.
Tenders to fully describe certificates offered, including serial numbers and
state price for which they will be fold.
Delivery of certificates to be made
at the City Treasurer's office, or to the Fern dale Branch of the Wabeek
State Bank, within seven days after notice is made of acceptance of tenders.
91
O.
recent
a
election
MINNEAPOLIS,
30,
as
' ^
June
1,
June
obligation of the city at large.
This was the opinion of Judge Frank L. Doty in Oakland circuit court in
denying John P. Hettche of Detroit a summary judgment of $6,192.40 for
five special assessment bonds, plus accrued interest.
The bonds are parts
of a series of 300 issued for miscellaneous improvements in 1929.
June
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1,
1.
June
June
June
June
June
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
ST. CHARLES, Mich.—BOND OFFERING—William C. Krause, Village
Clerk, will receive sealed bids until 6 p. m. (Eastern Standard Time) on
Dec. 14 for the purchase of $41,000 4% general obligation water works
in
to
Coupon bonds registerable as to principal only, at holder s
Principal and interest (J. & J.) payable at the Village Treasurers
at the St. Charles State Bank, St. Charles.
Issue was approved
incl.
1934-5786.
on Oct.
25.
Total
$2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
2,000
OFFERED
FOR
York City.
INVESTMENT—The
and maturity.
successful ^bidders
prices to yield from
I
MINNEAPOLIS, Minn.—BOND OFFERING—Geo M. Link, Secretary,
bids until 10 a. m. Dec. 14
purchase at not less than par of $500,000 coupon, registerable, water
works bonds.
Bidders are to specify rate of interest, in a multiple of M %
or 1-10%, but not to exceed 6_%.
Dated Dec. 1, 1937.
Due in 10 equal
annual installments beginning Dec. 1, 1938.
Cert, check for 2% of amount
of bonds bid for, payable to the City Treasurer, required.
Approving
opinion of Thomson, Wood & Hoffman of New York will oe furnished by the
Board of Estimate and Taxation, will receive
for the
purchase price, purchasers of the bonds will be required
the Board of Estimate and Taxation $1.30 per bond to apply on the
of the Board in issuing and transporting tne bonds to the place of
delivery.
Delivery will be made in Minneapolis, Chicago or New York City at a
national bank acceptable to the purchaser, any charge made by such bank
for delivery service to be paid by the purchaser.
■
In addition to the
to pay
$106,700.00
120,000.00
-
-------
disposal---
$226,700.00
$5,000.00
-
obligation bonds—Outstanding
-j
120,000.00
obligation bonds
Add: Sewage disposal general
(Loans and investments)—Due city
(loans)—From city funds
,
Resources of city funds after loans are
paid
$7,187.50
------
Tax Report
rate statement for
the following years:
"
•
■
1935-36""
1934-35
■'
'l936-37~~
$10,179,855 $10,089,935 $10,074,851
City budget
133,825
132,800
142,800
City tax rate
$13.14
$13.17
$14.23
Total City, school, State
and county tax rate..
31.48
28.95
30.36
Valuation
1937-38
$10,088,366
146,000
$14.55
-----
10,137; estimated 1937 (not including 2,000
F Population—1930 Census,
NORMAN COUNTY COMMON SCHOOL DISTRICT NO. 81 (P. O.
Shelly), Minn.—BOND SALE— The $15,000 issue of coupon school bonds
27—V. 145, p. 3381—was awarded to the State
Bank of Shelly, as 3 Ms, at par.
Due $1,000 from Jan. 3, 1939 to 1953 incl.
H^Charles A. Fuller & Co. of Minneapolis, bid par for 4% bonds.
offered for sale on Nov.
SCHOOL DISTRICT, Minn .—RESULT OF BOND
special election held on Nov. 23 the voters of the dis¬
proposal to issue $800,000 high school building bonds
but approved the issuance of $50,000 school addition construction bonds.
ROCHESTER
ELECTION—At
a
trict turned down a
$125,000.00
$15,000.00
7,812.50
outstanding would be
funds.
Total general obligation bonds
Resources
Liabilities
students), 11,000.
'
IBS*®*Sai
Fiscal year begins May l.and ends April 30 of each year.lTwpi
Tax payment dates:
City tax payable July 1 to Aug. 15 without added
penalty.
School, State and county tax and unpaid special assessments
payable Dec, 1 to Jan. 15 without added penalty.
msr. PAUL, Minn.—BOND SALE—The two issues of coupon bonds,
aggregating $700,000, offered for sale on Dec. 1—V. 145, P- 3381—were
awarded to Halsey, Stuart & Co., Inc., at a price of 100.554 for 2.60%
bonds, a basis of about 2.55%.
The issues are as follows:
$500,000 water works bonds.
Due from Dec. 1, 1948 to 1957, inclusive.
200,000 general improvement bonds.
Due from Dec. 1,1948 to 1957, incl.
The second best bid was submitted by a group headed by Lehman Bros,
of New York, an offer of 100.54 for the large issue and 100.17 for the small
issue, both as 2.60s.
SCOTT AND LE SUEUR COUNTIES JOINT SCHOOL DISTRICT
NO. 73 (P. O. New Prague), Minn.—BOND SALE— Of the $20,000 re¬
funding bonds offered on Nov. 29—V. 145, p. 3381—$13,000 were
to the First National Bank & Trust Co. of Minneapolis as 2Mb, at Par-
awarded
SHELLY, Minn.—BOND OFFERING—S. A. Uhler, Village Recorder,
Dec. 13 for the purchase of $10,000 3% water
construction bonds.
Denom. $500.
Dated Dec. 1, 1937.
In¬
terest payable semi-annually.
Due $500 yearly on Dec. 1 from 1938 to
will receive bids until 8p.m.
works
1957.
1
"
■
Tax Collection Report
■
-
v
STILLWATER
-
-IB——TZzm,mSOf
-----
"
"■
1
-*■'
■»
-—
■,
Special Assessment Collection Report
Uncollected F
Uncollected at
That
TlJue
Year
as
End of Year of Levy
$24,124.86
$12,149.53
20,416.01
18,728.50
12,042.53
8,505.61
6,222.83
7,161.18
Overlapping Debt
City School District
This municipality's
share
~i"
~ {Bank Deposits
of This Date
$6,323.36
6,412.32
6,222.83
7,161.18
County Debt
$947,000.00
$396,000.00
356,400.00
Gross debt less sinking funds
$68,277.96
58,221.48
General funds
—
are on
$126,499.44
-
deposit in one bank../
v.rr.
••
Security of $5,000 on bank account.
be not pledged to secure public funds
City funds in closed banks
$892.99
The City School District and City of Ypsilanti Gas Department are not
T The State law provides that assets
in report.
Ypsilanti has not defaulted in the payment
O.
Stillwater)
$95,000 grade school building bonds.
Denom. $1,000.
$2,000, 1941 to 1944; $3,000, 1945 to 1948, and
1963: redeemable after Jan. 1, 1943.
Due as follows:
$5,000, 1949 to
152,500 junior high school building bonds.
Denom. $1,000, except one
for $500.
Due as follows:
$3,500, 1941; $4,000, 1942 to 1947;
$5,000. 1948, and $8,000, 1949 to 1963; redeemable after Jan. 1,
1952,
bid is required on each issue.
Bidders are to specify interest
(but no more than two interest rates on each issue) in a multitple of
M%. but not to exceed 3%.
Dated Jan. 1. 1938.
Principal and semi¬
annual interest (Jan. 1 and July 1) payable at the First National Bank of
St. Paul.
Certified check for 2% of amount of bonds bid for, payable to
the district, required.
Approving opinion of Chapman & Cutler of Chicago
will be furnished to the purchaser.
A separate
rates
WATONWAN COUNTY SCHOOL
DISTRICT NO. 12 (P. O.
Crystal), Minn.—BONDS SOLD—The district has
building bonds to the State of Minnesota at par.
WINONA SCHOOL DISTRICT (P. O. Winona),
—The
$150,000 4% coupon building bonds
Lake
issued $4,000 3% school
Minn.—BOND SALE
offered on Nov. 22—V.
145,
3044—were awarded to the Merchants Bank of Boston, the First National
Winona National & Savings Bank, with the pro¬
vision that the banks will accept delivery in such amounts and whenever
the School Board needs funds and that the Board can repurchase the bonds
at any time without notice.
Dated Dec. 31, 1937.
Due $50,000 on
Dec. 31 in 1940, 1942 and 1944.
Kalman & Co. and the First National
Bank of St. Paul offered to take the bonds as 2Mb, subject to delivery
p.
Bank of Winona and the
u
The City of
of the following coupon
24,422.40
fj
Water works fund
. - -----
(P.
DISTRICT
Holm, Secretary, Board of Education,
Dec. 15, for the purchase at not less than par
bonds:
will receive bids until 4 p.m.
as of
$21,600.00
21,122.50
26,355.22
10,391.05
94,777.50
116,444.78
135,608.95
-
SCHOOL
Minn —BOND OFFERING—A. J.
This Date
$11,279.65 ^
13,553.67 ,
15,175.85
31,361.37
...
Operating
$112,225.00
Beginning May 1—
CITY
Uncollected *
Debt
Service
Fiscal Year
included
Amount
June 1, 1934]
1, 1935.
1
of Chapman &
with the approval
the above bonds for public subscription at
2.60 to 2.85%, according to the rate
$56,700.00
5,000.00
45,000.00
—
—......
—
Total bonds outstandingAdd bond issue pending—sewage
_Total _
jJ"Funds
22.000
22,000
5,000
1964—
the rate of 3.5% were issued
bearing interest at the rate of 2.9% were issued Sept.
BONDS
$10,088.366.00
Special assessment bonds
General obligation bonds
ax
22,000
22,000
1961—
1962—
1963.-.
Work Relief Bonds
of Thomson, Wood & Hoffman of New
Debt Statement
Water works bonds--
Ij^Tax
22,000
22,000
1960—
expense
Total
General
19532
$22,000
22,000
1958—
1959—
Int. Rate
Date Due—
20,000
2.9%
10,000 Sept. 1, 1946—
2.9%
21,000 Sept. 1, 1947—
2.9%
21,000 Sept. 1, 1948—
2.9%
21,000 Sept. 1, 1949—
2.9%
11,000 Sept. 1, 1950—
2.9%
21,000 Sept. 1, 1951—
2.9%
21.000 Sept. 1,
2.9%
21,000 Sept. 1,
2.9%
22,000 Sept. 1, 19u4.—
2.9%
22,000 Sept. 1. 1955—.
1946—
1947—
1948—
1949—
1950—
1951
1952—
1953—
1954—
1955—
reoffered
$8,839,600.00
1,2^8,766.00
.•
—
1957—
1956—
The sewage system bonds were issued with the approval
Cutler of Chicago: the work relief bonds were issued
Financial Statement Dated Nov. 24, 1937
Personal
1955—
1956—
1958—
1959—
1961
1962—1963—
1964—
divided
System Bonds (Concluded!)
Amount
Date Due—
Sept. 1,
Sept. 1,
Sept. 1,
Sept. 1,
Sept. 1,
Sept. 1,
Sept. 1,
Sept'. 1,
Sept. 1,
All bonds bearing interest at
bonds
YPSILANTI, Mich.—BOND OFFERING—H. C. Holmes, City Clerk,
will receive sealed bids until 7:30 p. m. (Eastern Standard Time) on Dec. 6
for the purchase of $120,000 general obligation sewage disposal bonds.
Dated Dec. 1, 1937.
Denom. $1,000.
Due $5,000 each Dec 1 from 1939
to 1962, incl.
Tenders are asked on 3 and 3M % bonds.
Callable at the
city's option on any interest date after four years from Dec. 1, 1937, upon
six months' written or public notice to holders.
Principal and interest
(J. & D.) payable at the City Treasurer's office.
City will furnish transcript
of proceedings.
Successful bidder to furnish legal opinion and pay for
printing of the bonds.
A certified check for 5% of the bid, payable to the
order of the City Treasurer, must accompany each proposal.
(The above issue was approved at an election on Nov. 22.
Although
general obligations of the city both principal and interest, it is said, will be
paid largely through an increase in rates charged for city water service.)
Assessed valuation 1937-38—Real estate
9,000
4,000
5,000
10,000
10,000
18,000
18,000
40,000
40.000
40,000
40,000
1, 1951—
June 1, 1952.—
June 1, 1953—
June 1, 1954—
OAK, Mich.—SPECIAL ASSESSMENT BONDS NOT PAY
has no authority to pay
special assessment bonds out of the general funds of the city and the city
charter gives the city no power to declare a special assessment bond a general
by more than two-thirds of the qualified voters at an election
A certified check for $250 must accompany each proposal.
$4,0001
June
ROYAL
office or
| Sewage
Amount I
Date Due—
June 1, 1950—.
ABLE FROM GENERAL REVENUES—'The city
for the bonds, which are
::
Sewage System Bonds
OWOSSO, Mich.—NO BIDS—No bids were submitted at the Nov. 29
offering of $21,900 not to exceed 6 % interest general ooligation tax antici¬
pation notes.
They will be sold privately.
Dated Nov. 1, 1937 and due
Sept. 25, 1938.
system bonds.
Dated Jan. 1, 1938.
Due Jan. 1 as follows: $1,000
1940 and 1941: $1,500 from 1942 to 1947, incl., and $2,500 from 1948
SALE—'The
BOND
Sinking Fund Commission on
as
follows:
district rejected a
building bonds.
FUND
Minn.—SINKING
noted in these columns recently—V. 145, p. 3534—were
awarded to a syndicate composed of the Bankers Trust Co., Brown Harnman & Co., Inc., Phelps, Fenn & Co., all of New York, the Northwestern
National Bank & Trust Co. of Minneapolis, and Mannheimer-Caldwell,
Nov.
Mich.—-BONDS
(P. O. Morenci),
the voters of the
proposal to issue $90,000 high school
option.
COUNTY
Center)
Inc., of St. Paul, paying a price of 104.89
DISTRICT
SCHOOL
DEFEATED—At
1959,
Le
$650,000 total of bonds offered by the City's
(P.
1942 and 1943.
MORENCI
SUEUR
(P.
received until 2 p. m. on
O. Ionia), Mich.—BOND SALE—-The $4,000
Ginnebaugh Drain of Danby Township drainage district bonds offered on
Nov. 26 were awarded to Leslie Morrison of Ionia at 3 % % interest.
Dated
Dec. 1, 1937.
Due April 1 as follows: $1,000, 1939 to 1941, and $500,
COUNTY
IONIA
3693
Chronicle
Financial
145
of bonds or int¬
on or
before Jan. 15,1938.
erest.
MISSISSIPPI
MINNESOTA
FBRAHAM, Minn.—BONDS TO BE SOLD—It is reported by the Village
Clerk that $6,000 3% water system bonds which were to be passed on by
the voters on Nov. 30, will be sold to the State of Minnesota.
% *4
fc
kfeLLOGGT"Minn.—BIDS~REJECTED—The $18,000 sewage system
145, p. 3230—were not sold.
A joint bid
F. Lowe Co. and M. H. BishoD & Co.,
bonds offered on Nov. 29—V.
for 4Ms, submitted by the Justus
both of Minneapolis, was rejected.
W LAKEFIELD
SCHOOL DISTRICT (P. O.
BONDS TO BE SOLD—It is stated by Harold O.
of Schools, that $20,000 school heating plant bonds
on
Sept. 13, as
Lakefield),
Minn.—
Bauer, Superintendent
approved by the voters
noted in these columns, will be sold to the State.
CONSOLIDATED SCHOOL DISTRICT (P. O. Belzonla),
Miss.—BONDS NOT SOLD—The $27,500 school bonds offered on Nov. 2—
V. 145, p. 2582—were not sold, as no bids were received.
Interest rate
was not to exceed 6%.
Due as follows: $2,000,1938: $1,000, 1939 to 1948;
$1.500, 1949 to 1956. and $3,500 in 1957.
* ■- wmm*
ISOLA
ROLLING
Rolling
FORK^CONSOLIDATED
SCHOOL DISTRICT
(P.^O.
reported that the
$24,000
Fork), Miss.—BONDS SOLD—It is
2428—7
.Datea
%
ITTA BENA, Miss.—BOND OFFERING—It is stated by'Mrs
JTR.
Williams, City Clerk, that she will receive sealed bids until Dec. 7 for the
building bonds offered for sale without success on Oct. 4—V. 145, p.
were purchased by Scharff & Jones, Inc., of New Orleans, as 5 Ms
Sept. 1, 1937.
Due from 1938 to 1962.
/,-r.
3694
Financial
Chronicle
The
Offerings Wanted:
will
certified check in the
sum
of $500, pay¬
NEBRASKA
BANK
CUSTER COUNTY CONSOLIDATED SCHOOL DISTRICT NO. 23
(P. O. Broken Bow), Neb.—BONDS SOLD—It is stated by the school
that $5,500 construction bonds have been sold to the State, as
DueonJuly20,1957. Optional on any interest payment date
after July 20, 1940.
NEW ORLEANS, LA.
Bell Teletype N. O. 182
director
Raymond 5409
3 %s, at par.
MISSISSIPPI
GERING, Neb.—BONDS CALLED—The following bonds are said to
called for payment on Dec. 1, at the office of the Greenway'
Raynor Co., Omaha:
$115,300 4%% refunding bonds, (entire issue).
Dated in 1934.
Due
from 1938 to 1951.
26,000 4%% intersection paving bonds.
Dated Dec. 1, 1927.
Due
on Dec.
1, 1937.
have been
$50,000 issue of electric light and water works revenue bonds.
Denom. $500.
Dated Dec, 1, 1937.
Due as follows: $1,000 on Dec. 1,
1938, June and Dec. 1, 1939 to 1947; $1,000, June and $1,500, Dec. 1,
1948, and $1,500 on June and Dec, 1, 1949 to June 1, 1958.
Bidders to
name the rate of interest.
Prin. and int. payable at the office of the City
Clerk or at any other place designated by the Board of Aldermen and
Mayor.
A certified check for 5% must accompany the oid.
a
State
purchase the bonds at par.
Department
WHITNEY NATIONAL
MISSISSIPPI,
1937
All bids other than by or on behalf of the State Board of Land Commis¬
sioners must be accompanied by a
able to the order of the Clerk.
MUNICIPALS
purchase of
4,
be sold for not less than their par value with accrued
interest, and all bidders must state the lowest rate of interest at which they
LOUISIANA & MISSISSIPPI
Bond
Dec.
bonds will
of—NOTE OFFERING—J. A.
Lauderdale, As-
slatant Attorney-General states that the State Highway Note Commission
will receive sealed bids until Dec. 20. for the purchase of a $2,250,000 issue
of
highway notes, Second Series, Sub-Series U. Dated Oct. 1, 1937.
$450,000 from Oct. 1, 1957 to 1961 incl.
GORDON, Neb.—BONDS SOLD—We
that
a
time,
are
informed by the City Clerk
total of $24,000 refunding bonds, all that can be refinanced at this
sold
was
SIDNEY.
on
Nov. 18 to the Wachob-Bender Corp. of Omaha, as 3%s.
Neb.—BOND SALE—An issue of $40,000 2%% street im¬
been sold to the Wachob-Bender Corp. of Omaha.
bonds has
provement
Due
VALENTINE, Neb.—BOND SALE DETAILS—It is stated by the City
that the $10,900 4% city hall bonds purchased by the Wachobof Omaha, at par, as noted in these columns in October—
V. 145, p. 2728—are dated Oct. 1, 1937, and mature on Oct. 1, 1957, be¬
coming optional after 10 years.
Payable at the County Treasurer's office.
Clerk
MONTICELLO,
Miss.—BOND
SALE—The
$30,000
5%
registered
works and fire department bonds offered on Nov. 29—V. 145,
p.
3534—were awarded to the United Bond Corp. of Jackson, at 91.25. Dated
Nov. 1. 1937.
Due annually as follows:
$500, 1938 to 1941: $1,000, 1942
water
Bender Corp.
to
1944; $2,000, 1945; $1,000, 1946: $2,000, 1947 to 1952; $3,000. 1953 and
1954, and $4,000 in 1955; redeemable in inverse order on any interest pay¬
plus a premium of % % for each year, but not to exceed
2%%.
ment date at par
OTTER BAYOU DRAINAGE DISTRICT
(P. O. Rolling Fork),
Miss.—BONDS SOLD TO RFC—The Reconstruction Finance Corp. has
Surchased fromLegality approved byof $344,500 Trauernicht ofbonds, dated
the district an issue Charles & 4% refunding St. Louis.
ict. 1, 1935.
PASCAGOULA RURAL SEPARATE SCHOOL DISTRICT (P. O.
Pascagoula), Miss.—BONDS VALIDATED—A special dispatch from
Pascagoula on Nov. 21 to the New Orleans "Times-Picayune" had the
following report to make:
A $100,000 bond issue was validated by Chancellor Russell this week at
a special hearing, after a protest had been filed
against the issue, and later
withdrawn.
The bonds are for school purposes in the Pascagoula Separate
School District, and are to match a grant from the Works Progress Adminis¬
tration of $81,818.
The bonds will be purchased by the Government at
4%.
Immediately after the bonds were validated the board of trustees of
the district began advertising for bids for certain
alterations, additions and
repairs to the present high school building and the construction of a new
brick building.
Bids will be received at the office of the superintendent of
education and will be opened Dec. 14 at 10 a. m.
The amount available
for the purposed improvement is stated in the advertisement at
$138,000.
This bond issue was voted at a special election held on Oct. 30.
NEVADA
ELY PUBLIC SCHOOL DISTRICT NO. 1 (P. O. Ely), Nev.—BOND
SALE—The $55,000 issue of coupon school bonds offered for sale on Dec. 1
—V. 145, p. 2890—was awarded jointly to the First National Bank, and the
Ely National Bank, both of Ely, as 4s, paying a premium of $2,200.00,
equal to 104.00, a basis of about 3.50%.
Dated April 1, 1937. .Due from
April 1, 1938 to 1956.
NEW
BERLIN,
H.—BOND SALE DETAILS—Brown Harriman & Co.,
Inc. and F. W. Horne & Co. of Hartford, which purchased recently an issue
of $75,000 3% coupon permanent public
improvement bonds, as previously
reported in these columns, paid a price of par, plus cost of certification,
legal opinion and printing of the bonds.
CONCORD, N. H.—BONDS AUTHORIZED—The Board of Aldermen
recently authorized the issuance of $70,000 improvement bonds.
MUNICIPAL BONDS
New
UNION, Mies.—INTEREST RATE— The $35,000 industrial building
bonds awarded to local investors at par on Oct. 12—V.
145, p. 2582—will
bear interest at 6%.
Markets in all
Jersey and General Market Issues
B. J. Van
BONDS
Ingen & Co. Inc.
WILLIAM STREET,
57
MISSOURI
HAMPSHIRE
N.
N. Y.
Telephone: John 4-6364
A. T. & T.: N. Y. 1-730
Newark Tel.: Market 3-3124
State, County & Town Issues
$20,000 Township of Teaneck, N. J.
5%
Bonds, due August 1, 1948-49
Price to yield 3.70%
SCHERCK, RICHTER COMPANY
LANDRETH
BUILDING, ST. LOUIS, MO
Colyer, Robinson $ Company
*
1180
MISSOURI
CRAIG
New
an
York
Wire:
DISTRICT,
Mo .—BOND SALE—The
district
issue of $5,000 school bonds to the Baum, Bernheimer
MArket 3-1718
A. T. & T. Teletype
NWRK 24
REctor 2-2055
SCHOOL
recently sold
INCORPORATED
Raymond Blvd., Newark
Co. of Kansas City.
JEFFERSON
CITY
SCHOOL
DISTRICT
(P.
O.
Jefferson
May, were sold for a
premium of $1,000, equal to 100.333, a net interest cost of about
2.84%,
on the bonds divided as follows:
$50,000 as 2%s, maturing $10,000 from
1939 to 1943; $115,000 as 2%s,
maturing $10,000 in 1944; $35,000 from
1945 to 1947; the remaining $135,000 as
3s, maturing:
$35,000, 1948 to
1950, and $30,000 in 1951.
KANSAS CITY, Mo.—BONDS SOLD—The Harris Trust &
Savings
Chicago, is said to have purchased recently the following
bonds,
aggregating $250,000:
Bank of
$200,000 3% city hall bonds.
Due on Dec. 1 as follows:
$5,000, 1949 to
1962, and $10,000 from 1963 to 1975.
50,000 2Vi% city hall bonds. Due $5,000from Dec.
1,1939 to 1948, incl.
Denom. $1,000.
Dated Dec. 1, 1937.
Prin. and
int!
(J. & D.) payable
City Treasurer's office or at the Chase National
Bank, New York.
Legality to be approved by Charles & Trauernicht, of St. Louis.
It is
at the
said
that
these
bonds
are
direct
general
payable from unlimited ad valorem taxes.
M°*—BONDS SOLD—It is
obligations of the entire city,
now reported
by the City Clerk
that the $90,000 light plant bonds
approved by the voters on Jimp*
noted in these columns, were sold on
i
as
Sept. 15.
ST. CHARLES, Mo.—BOND
ELECTION—The City Council has set
Dec. 18 as the date of a special election at
which a proposal to issue $30,000
city hall remodeling bonds will be submitted to a vote.
MONTANA
LODGE, Mont.—BONDS SOLD—It
is stated by the City Clerk
$2,400 special improvement bonds offered on
Sept. 2, as noted
purchased by the Deer Lodge Bank & Trust Co. as
6s, at par.
Due $400 from 1938 to
1943, inclusive.
that
here
the
were
ROOSEVELT COUNTY SCHOOL DISTRICT NO. 17
(P. O. <NdMont.—BOND SALE—The $7,000 issue of
gymnasium-audi¬
bertson),
torium construction bonds offered for
was
sale on Dec. 1—V. 145,
p. 3230—
purchased by the State Land Board,
according to the District Clerk,
SHERIDAN COUNTY SCHOOL
DISTRICT NO. 29 (P. O. PlemTwood), Mont.
BOND OFFERING—Henry Walder, District
Clerk, will
receive bids until 2 p. m. Dec. 28 for the
purchase of an issue of $2,000
gymnasium bonds.
Amortization bonds will be the first choice
and serial bonds will
second choice of the School Board.
be the
If amortization bonds are sold, the entire issue
may be put into one single
bond or divided into several bonds, as the Board of
Trustees may determine
upon at the time of sale, both principal and interest to be
payable in semi¬
annual installments during a period of 20
years from the date of issue.
If serial bonds are issued they will be in the
amount of $100 each, the
sum of $100 will become payable on Dec.
28, 1938, and a like amount on
the same day each year thereafter.
The bonds, whether amortization or serial
bonds, will bear date of Dec. 28
1937, and will bear interest at a rate exceeding 6%, payable
semi-annually!
on June 28 and Dec. 28, and will be
redeemable in full on any interest
payment date from and after five years from the date of issue.
NEW
City),
Mo.—BOND SALE DETAILS— It is now
reported by the District Secretary
that the $300,000 school bonds purchased
by the Central Missouri Trust
Co. of Jefferson City, as noted in these columns last
JERSEY
BURLINGTON, N. J —BOND OFFERING—Sealed bids addressed to
Walter W. Marrs, City Clerk, will be received until 8
p. m. on Dec. 16 for
the purchase of $146,000 not to exceed 4%% interest coupon or registered
refunding bonds of 1937.
Dated Dec. 1, 1937.
Denom. $1,000.
Due
Dec. 1 as follows: $5,000, 1938 to 1941, incl.; $6,000, 1942 to
1945, incl.;
$7,000, 1946 to 1948, incl.; $8,000, 1949 to 1951, incl.; $9,000 from 1952 to
1954, incl., and $10,000 from 1955 to 1957, incl.
Rate of interest to be
expressed in a multiple of % of 1%.
Principal and interest (J. & D.)
payable at the Mechanics National Bank of Burlington.
A certified check
for 2% must accompany each proposal.
Legal opinion of Hawkins, Delafield & Longfellow of N. Y. City will be furnished the successful bidder.
BUTLER SCHOOL DISTRICT, N. J.—BOND OFFERING—Clarence
Decker, District Clerk, will receive sealed bids until 8 p. m. on Dec. 14
for
the purchase of $91,000 3%, 4 or 4%% coupon or registered school
Dated Jan. 1, 1937. Denom. $1,000. Due Jan. 1 as follows: $5,000
bonds.
from 1939 to 1955 incl. and $6,000 in 1956.
payable at the First National Bank, Butler.
Principal and interest (J. & J.)
A certified check for 2% must
accompany each proposal.
The approving legal opinion of Hawkins, Delafield & Longfellow of New York City will be furnished the successful bidder.
CAMDEN, N. J.—BONDS SOLD—The city has recently disposed of
total
a
of
$450,000 4%% refunding bonds, maturing serially from 1940 to
1949.
The Camden Safe Deposit & Trust Co. took $100,000 of the bonds,
the West Jersey Trust Co. and the First Camden National Bank & Trust
Co., $150,000 each, and the Camden Fire Insurance Association $50,000.
DUMONT, N. J.—FINANCIAL STATEMENT—In connection with the
offering on Dec. 3 of $20,000 5% public improvement and sewer assessment
bonds, previously described in fcnese columns, the following has been issued
by H. C. Holshue, Borough Treasurer:
Financial Statement (Sept. 3J, 1937)
Total assessed valuation (real and personal), 1937
Assessed valuation (real property only), 1937
Average assessed valuation last three years (real prop. only)__
Gross debt (including school and amount to be issued)
$6,165,429
5,445,088
5,386,929
1,719,000
Analysis of Gross Debt
Tax anticipation notes
None Amount to be issued
Sewer bonds
$109,000 Amount due local schools
Public improvement bonds.
98,000 Unpaid State taxes
Assessment refunding bonds
Chapter 60
Chapter 233
14,000 Unpaid county taxes
105,000 Other accounts payable
855,000 School debt
$20,000
None
None
None
None
518,000
Information Regarding Budget
Local hospital tax
State schoo, tax
State soldiers' bonus tax
.0527
District Court tax
.2881
General local taxes
.0201
County tax
.6579
Local school tax
1937 tax rate per $1,000
Cash
on
hand
Assessments
.
uncollected
Sept. 30, 1937
Levy
Tax
Collected
$346,700.48
356,318.07
360,018.33
1937
1936
1935
$175,222.95
272,996.71
294,717.30
years
title
liens,
$59.30
44,935
52,444
Tax Collections as of
Year
Year
Year
Prior
.0149
2.3542
2.5421
$274,824,33.
Delinquent
$171,477.53
32,869.68
9,620.56
4,303.19
1
Volume
3695
Chronicle
Financial
145
somewhat
over 6,500.
The Borough is located five miles from the George
Wasnington Bridge and is served by the West Shore RR.
In December, 1935, the Borough of Dumont was placed under the Cash
Basis Acts, Chapters 60 and 233, P. L. of 1934.
Both of these Acts pro¬
expressed in a multiple of M or l-10th of 1%.
JH
Principal and interest
(M. & S.) payable at the First National Bank, North Tarrytown, with
First National
North Tarrytown, with
New York exchange.
The bonds are general obligations of the Town of
Mount Pleasant, payable from unlimited taxes, but payable primarily from
taxes on the district.
A certified check for $420, payable to the order of
the town, must accompany each proposal.
The approving opinion of
Clay, Dillon & Vandewater of N. Y. City will be furnished the successful
vide
bidder.
The Borough of Dumont is a residential community in Bergen County,
N. J.
The population as shown by the 1930 Federal Census was 5,861.
There has been some growth since that time and the present population is
_
a great assurance of prompt
payment of debt service and that the
maturities on the funding bonds nave been spread in a conservative manner
is evidenced by the fact that the Borough of Dumont paid $61,000 of its
bonds during the year 1936 and $46,000 of
bonds becoming due to Sept. 30,
1937•
more than 55% of the tax levy for that year.
In 1935 the
tion of the levy was in excess of 57 %, while in 1936 the percentage
levy collected was in excess of 63%.
Tax rate: Year 1935, $6.18 per $100;
1937, $5.93
EAST
per
year
collec¬
of the
;
RUTHERFORD,
N.
J.—BOND
'
E.
OFFERING—William
DeNike, Borough Clerk, will receive sealed bids until 8 p. m. on Dec. 6
4% interest coupon .or registered
general refunding bonds.
Dated Nov. 1, 1937.
Denom. $1,000.
Due
Nov. 1 as follows:
$5,000, 1938 and 1939; $20,000, 1940 to 1942 incl.;
$25,000, 1943 and 1944; $30,000, 1945; $35,000 from 1946 to 1948 incl. and
$34,000 in 1949.
Bidder to name a single rate of interest, expressed in a
multiple of M of 1%.
Principal and interest (M. & N.) payable at the
Rutherford National Bank, East Rutherford.
The price for which the
bonds may be sold cannot exceed $290,000.
A certified check for $5,780,
payable to the order of the Borough, must accompany each proposal. The
approving legal opinion of Reed, Hoyt & Washburn of New York City
for the purchase of $289,000 not to exceed
will be furnished the successful bidder.
(This report of the offering supersedes that given in
a
previous issue.)
EDGEWATER, N. J.—BONDS SOLD—The Borough will sell
an
Works Progress Administration bonds to the Police and
men's Pension Fund Commission.
of $45,000
NEW
BRUNSWICK,
N.
J—BOND
OFFERING—John
L.
issue
Fire¬
Snitzler,
City Treasurer, will receive bids until 11 a. m. Dec. 21 for the purchase of
$250,000 refunding bonds.
Dated Dec. 1, 1937.
Due $25,000 yearly on
June 1 from 1938 to 1947.
Rate of interest must not exceed 6%.
Issue is dated Dec. 1, 1937 and
due $25,000 each June 1 from 1938 to 1947, incl.
Denom. $1,000.
Prin.
and int.
(J. & D.) payable at the City Treasurer's office.
Legal opinion
Raymond of N. Y. City will be furnished the successful bidder.
of Caldwell &
SECAUCUS, N. J.—BONDS APPROVED ON FIRST READING—The
recently gave first reading to an ordinance authorizing the
Town Council
issuance of $34,000 sewer bonds.
ation on Dec. 7.
The measure will receive final consider¬
WEST ORANGE, N. J —BOND SALE—H. L. Allen & Co. and Minsch,
Monell & Co., Inc., both of New York, jointly, were the successful bidders
at the offering on Nov. 30 of $124,000 bonds.
Accepted bid was a price of
103.41 for $120,000 3Ms, the other $4,000 bonds, being the last maturing,
having been deducted from the original amount of accordance with the terms
of the sale.
coupon or
awarded to
1936, $6.05 per $100; year
$100.
Net interest cost to the town about
2.92%.
The offering was
made in the following series:
$83,000 improvement bonds.
Due Dec. 1 as follows: $6,000, 1938 to 1945
incl.; $8,COO from 1946 to 1949 incl.
and $3,000 in 1950.
20,000 sewer bonds.
Due Dec. 1 as follows: $2,000 from 1938 to 1945 incl.
and $1,000 from 1946 to 1949 incl.
21,000 municipal building bonds.
Due Dec. 1 as follows:
to 1946 incl. and $1,000 from 1947 to 1949 incl.
All of the bonds will be dated Dec. 1, 1937.
COUNTY
(P. O. Mineola), N. Y.—BOND SALE—The
registered bonds offered on Dec. 2—V. 145, p. 3535—
syndicate headed by the Chase National Bank of New
York and including Salomon Bros. & Hutzler, A. C. Allyn & Co., Minsch,
Monell & Co., the First Boston Corp., Stone & Webster and Blodget,
Roosevelt & Weigold, R. D. White & Co., and William R. Compton & Co.,
all of New York, and Kelley, Richardson & Co. of Chicago, as 3Ms and
3.90s, on a net interest cost basis of 3.264%, as follows:
$1,500,000 land purchase, series H bonds as 3 Ms.
Due Dec. 15 as follows:
$60,000 from 1938 to 1947, incl. and $90,000 from 1948 to 1957
$2,500,000
were
The tax collection situation has been very satisfactory and has shown ma¬
terial increase over the amount necessary when the Borough was placed on
a cash basis, as evidenced
by the fact that during 1934 the Borough collected
slightly
NASSAU
.
a
incl.
750,000 bridge, series D bonds as 3Ms.
Due Dec. 15, as follows:
$30,000 from 1938 to 1947, incl. and $45,000 from 1948 to 1957, incl.
250,000 improvement, series A bonds as 3.90s.
Due Dec. 15 as follows:
$20,000 from 1938 to 1942, incl. and $30,000 from 1943 to 1947.
incl.
The successful bid was par, plus a $5 premium, equal to 100.0002.
All ofthe bonds will be dated Dec. 15,1937.
Denom. $1,000.
Principal
and interest (J. & D. 15) payable at the County Treasurer's office.
The bankers are reoffering the bonds to investors at prices to yield from
1% to 3.30%, according to maturity.
NEW YORK, N. Y.—BOND OFFERING—Sealed bids will be received
by Frank J. Taylor, City Comptroller, on Dec. 15 for a total of $90,000,000
corporate stock and serial bonds, the proceeds of which will be used in the
redemption of an equal amount of special corporate stock notes which have
been absorbed by the various sinking funds during the past two years.
The proceeds of the notes, which mature within the next six months, were
Used
finance the city's
to
capital expenditures during the 2-year period,
except for those which were provided for through the sale of bonds to the
Public Works Administration.
As noted in these columns on Dec. 3, the
Sinking Fund Commission has authorized Comptroller Taylor to submit a
bid on its behalf for all or any part of the $90,000,000 offering.
This total
a series of issues of corporate stock and serial bonds in the ag¬
gregate principal amount of $78,790,000, to be designated for such purposes
as rapid transit, docks, water,
"various municipal purposes" and schools.
The corporate stock will be du9 in 40 years, wnile tne serial loans will run
for period of 40, 30 and 25 years.
Redemptions in the case of the serial
maturities will begin Dec. 1, 1939.
The balance of $11,210,000 of the
offering will comprise a series of loans all maturing serially over a much
shorter period of time as indicated herewith: $7,290,000 due in equal annual
installments from Dec. 1, 1939 to 1953 incl., $2,220,000 due in equal annual
payments from Dec. 1, 1939 to 1948 incl. and $1,700,000 due in equal an¬
nual installments from Dec. 1, 1939 to 1943 incl.
Because of the nature of the offering, it is generally believed that the
Sinking Fund Commission will be able to submit a better bid for the $78,790,000 of long-term liens than can be expected from investment banking
groups.
In the case of the $11,210,000 of bonds with maturities of 5, 10
and 15 years, however, the belief exists that, owing to the current marked
demands for securities of that duration, the sinking fund is likely to be out¬
will include
bid for this series by syndicate accounts.
NEW
YORK, N. Y.—1938 BUDGET ADOPTED BY BOARD OF ALDEFT
on Dec. 2 adopted the city budget for 1938
to $589,980,576.64, as approved by the Board of Estimate.
MEN—The Board of Aldermen
amounting
While several amendments
were
offered, one providing for the elimination
,
WOODRIDGE
SCHOOL
$2,000 from 1938
of interest
was
The
DISTRICT, N. J.—BONDS TO BE SOLD—
be
The $35,000 building bond issue approved by the voters on Oct. 15 will
taken by the State Treachers Pension and Annuity Fund, Trenton.
on
the debt service, they were
board also approved
bill providing for
employees, although Mayor La Guardia is said
ception to this because of the handicap it would
city departments.
The budget was forwarded to the Mayor for
a
critics claim it is still out of balance.
NEW
ALAMOGORDO,
N.
MEXICO
Mex.—BONDS NOT
PRESENTED
FOR PAY¬
1936.
The interest coupons should be sent to the Town Treasurer, or the
Chemical Bank & Trust Co., New York City, and principal will be payable
at the First National Bank of Denver.
ALBUQUERQUE,
bonds offered
N.
Mex.—BOND SALE—The $280,000 refunding
3383—were awarded to John Nuveen
Co., Chicago, Kennedy, Spence & Co., Boston, and Peters, Writer &
Chistensen, Inc., Denver, at par plus a premium of $147, equal to 100.0525.
Of the issue, $143,000 bonds running from 1938 to 1950 will bear 3 M%
interest, while the remainder will bear 3% interest.
Dated Dec. 1, 1937.
Due $11,000 yearly on Dec. from 1938 to 1961, and $16,000 Dec. 1, 1962.
Basis of about 3.06%.
on
Nov. 30—V. 145, p.
&
Bonds Ojjered for Investment—The above are being offered for public
subscription, the $143,000 3M% bonds to yield from 1.00% in 1938 to
3.00% in 1950; the remaining $137,000 3% bonds, to yield from 3.00%
in 1951 to 3.10% from 1958 to 1962.
NEW
YORK
BUFFALO,
N. Y.—CERTIFICATE OFFERING—William A. Eckert,
City Comptroller, will receive bids until 10 a. m. Dec. 7 for the purchase
at not less than par of $2,200,000 tax anticipation certificates of indebted¬
ness, composed of $900,000 series of 1934-35 certificates, $600,000 series of
1935-36 certificates and $700,000 series of 1936-37 certificates.
Bidders
are to name rate of interest, not to exceed 6%.
Denominations to suit
the purchaser, in multiples of $5,000.
Dated Dec. 15, 1937.
Due June
15, 1938.
Principal and interest payable at maturity at the City Comp¬
troller's office
at
or
the Central
Hanover Bank & Trust Co., New York.
check for $44,000, payable to the City Comptroller, required.
Approving opinion of Caldwell & Raymond of New York will be furnished
by the city.
DUTCHESS COUNTY (P. O. Poughkeepsie), N. Y.—NOTE SALE—
The issue of $300,000 tax anticipation notes offered on Nov. 29 was awarded
the National City Bank of New York, which bid an interest rate of
0.24%, and paid
a
price of par.
Dated Dec. 1, 1937, and due March 1,
1938.
YORK, N. Y.—NOVEMBER FINANCING— During the month
of $24,200,000, which includes the
Ward's Island
sewage disposal plant bonds, due on or before Nov. 22, 196/.
The balance
of the money was derived from the issuance of the following:
NEW
of November the city borrowed a total
$10,000,000
2,500,000
1,500,000
1,500,000
7,500,000
Y.—BOND
N.
OFFERING—Eleanor
Chamberlain, will receive sealed bids until 2 p. m.
on
F.
Conevery,
Dec. 8 for the
Due
relief.
17,
May
1938.
of)—FINANCIAL STATEMENT— In connection
Dec. 7 of $10,000,000 not to exceed 4% interest grade
crossing elimination bonds, complete details of which appeared in V. 145,
p. 3536, and formal notice of which appears in this issue on
page III,
Morris S. Tremaine, State Comptroller, again calls the attention of invest¬
ment bankers and investors in the State's obligations to the constitutional
provision guaranteeing the necessity of setting aside from the first general
fund revenues of sufficient funds to cover payment of both principal and
interest on State bond issues.
This requirement is stated as follows by
Mr. Tremaine in the circular announcing the call for bids on the current
NEW YORK (State
with the offering on
offering:
"As provided by Section 11, Article 7, of the Constitution, direct annual
appropriations will be made for the payment of interest and instalments of
principal of these bonds as the same become due, and if at any time the
Legislature shall fail to make any such appropriation, the Comptroller shall
set apart from the first revenues thereafter received applicable to the gen¬
eral fund of the State a sum sufficient to pay such interest and instalments
may
The Comptroller
such revenues as aforesaid, at the
shall so apply the moneys thus set apart.
of principal, and
be required to set aside and apply
holder of such bonds."
suit of any
Freres & Co. of New York have
SURVEY ISSUED—Lazard
recently
prepared for distribution an exhaustive analysis of the finances of the State.
pertaining to their conclusions appears in a preceding page of this
An item
section.
Financial Statement
The assessed
valuation of the State of both real and personal property
subject to taxation for State purposes for the year 1937 was $25,548,805,083.
and the net debt of the State on Nov. 1, 1937^was $667,304,788.63, or about
City
of
$55,000
not
as
Highways
preserve.
a
single rate of interest, expressed in
a
multiple of M
$46,657,494
2,222,389
Net Debt
$46,942,505
2,777,610
5,900,000
Institutions buildings
Park system
elimination
Emergency construction—__—
Emergency unemployment relief-
4,537,045
87,627,154
62,996,845
21,600,000
32,096,000
11,257,000
79,132,000
84,620,000
41,680,000
166,355,000
Grade crossings
Total bonded debt
1,362,954
150,624,000
21,600,000
32,096,000
_.
World War bonus
—
11,257,000
79,132,000
84,620,000
41,680,000
166,355,000
$691,864,000 $137,869,993 $553,994,007
or
general obligations of the town, payable from unlimited taxes and the pro¬
ceeds will be used to pay the town's share of the cost of projects to be
undertaken in concert with the Works Progress Administration.
A certi¬
$400, payable to the order of the town, must accompany
each proposal.
The approving opinion of Clay, Dillon & Vandewater of
New York City will be furnished the successful bidder.
fied check for
(P. O. North Tarrytown). N. Y.—OFFERING
WATER DISTRICT BONDS—Edward F. Hennessey,
will receive sealed bids until 10 a. m. on Dec. 8 for the
purchase of $21,000 not to exceed 5% interest coupon or registered, series 2,
water bonds.
Dated Sept. 1, 1937.
Denom. $1,000.
Due $3,000 each
Sept. 1 from 1938 to 1944, incl.
Bidder to name a single rate of interest,
Impounded
Revenues
Temporary Debt—
x
z
x
...$150,000,000
Revenue loans
7,500
Recodifying insurance law
$36,721,718 $113,278,281
7,500
Constitutional Convention com¬
25,000
mittee
25,000
$150,032,500
$36,721,718 $113,310,781
_________
Total temporary
MOUNT PLEASANT
debt
Total State debt
VALHALLA
1937
Sinking Funds
5,000,000
Canals..
l-10th of 1%.
Principal and interest (F. & A.) payable at the Hamilton
County National Bank, Wells, with New York exchange.
The bonds are
Town Supervisor,
1,
$93,600,000
-
Palisades Interstate Park
Forest
of Nov.
Gross Debt
General improvements
(P. O. Long Lake), N. Y —BOND OFFERING—Harry
D. Stone, Town Clerk, will receive sealed bids until 3 p. m. on Dec. 9 for the
purchase of $20,000 not to exceed 6% interest coupon or registered public
works bonds.
Dated Dec. 15, 1937.
Denom. $1,000.
Due Feb. 1, as
follows: $2,000 from 1939 to 1945 incl. and $3,000
in
1946 and 1947.
name
Debt
Bonded Debt—
to
LONG LAKE
Bidder to
State
pur¬
exceed 6% interest coupon or registered park
system bonds.
Dated Oct. 1, 1937. Denom. $1,000. Due Oct. 1 as follows:
$2,000 from 1938 to 1942 incl. and $3,000 from 1943 to 1957 incl. Principal
and interest (A. & O.) payable at the City Chamberlain's office.
Bidder
to name a single rate of interest, expressed in a multiple of M or 1-10th of
1%.
A certified check for 2% must accompany each proposal.
The ap¬
proving legal opinion of Hawkins, Delafield & Longfellow of New York
City will be furnished the successful bidder.
OF
May 22, 1938.
May 28, 1938.
Nov. 17, 1938.
1938.
temporary certificates of indebtedness for work and home
special corporate stock notes.
Due
special corporate stock notes.
Due
special revenue bonds of 1937.
Due
tax notes of 1937.
Due Nov. 17,
2%
2%
2%
2%
2%
2.6% of the assessed valuation.
ELMIRA,
chase
signature although some
approved by the aldermen is to be
sale to the Public Works Administration of $1,200,000 4%
Certified
to
The aldermanic vote
five-day week for city
to have taken some ex¬
entail in some important
a
The item of $12,000,000 which would
the reduction of city water rates
tested in the courts.
cover
MENT—The following bonds, part of the 5M% water bonds which were
called for payment on Nov. 1, are said to be still unpaid:
Nos. 163, 164,
301 to 320, and 523, all in the denomination of $500, all optional on May 1,
defeated.
46 to 6.
x
These loans
were
$841,896,500 $174,591,711
and will be redeemed
$667,304,788
to be col¬
1938.
general fund appropriations
made in anticipation of taxes and revenues
lected and will be redeemed prior to June 30,
z These loans were made in anticipation of
prior to June 30, 1938.
3696
Financial
Chronicle
W NIAGARA
FALLS, N. Y.—CERTIFICATE OFFERING—William D.
Bobbins, City Manager, will receive sealed bids until 11 a. m. on Dec. 6,
for the purchase of $100,000 certificates of indebtedness.
Dated Dec. 1,
1937 and due Dec. 1, 1938.
Payable at the Power City Trust Co., Niagara
Falls.
Legal opinion of Clay, Dillon & Vandewater of New York City.
(U.
A certified check for $2,000, payable to the order of the
city, is required, jg
ONEIDA,
193654
Y.—FINANCIAL STATEMENT—In
N.
connection
Dec.
1937
4,
The bonded debt figure above does not Include the debt of any other sub¬
division having power to levy taxes upon any or all of the property subject
to
taxing power of the City of Syracuse.
A detailed report of essential
facts will be submitted to any interested bidder upon request.
Population
8.
•*.
Census
We.'.'
:;f
■
1930),
v;
'
209,326.
"»
/
with
Tax
the
offering on Dec. 7 of $45,000 not to exceed 6% interest coupon or
registered water refunding bonds, previously described in these columns,
the following has been issued:
'
1...
Fiscal Yr. Begin. Jan. 1
1934
Total gen. prop, tax
$9,014,803
Uncollected
Financial Statement
The City of Oneida Water System furnishes water to the
City of Onedia
and the Villages of Canastota, Wampsville, Oneida Castle, Vernon and the
•! !
:,t
.'''V.
,-;'t
•'
V'
■
'
•*-
Collection Report
1935
$7,688,008
1936
1937
$9,157,635 $10,274,494
^
at end of the
fiscal year_
Uncollected Nov. 26'37.
1.346.725
261,625
857,173
366,596
848.279
239,338
857,189
City of Sherrill, New York.
Total
bonded
debt,
incl.
this issue of $45,000 refunding
bonds
water
Less:
f"
1
$1,742,954.31
...
Self-supporting utilities
Net bonded debt
incl.
real
1936
N.
Uncollected
End of Year
$46,715.68
42,594.27
27,020.04
$366,803.89
306,174.03
352,579.64
397,006.43
MANOR,
$9,986,420.00
Financial Statement
Uncollected at
F PELHAM
SALE—The
Assessed valuation of property subject to taxation in county-.$28,816,332
Total bonded debt (including this issue)
175,000
Population (1930 census), 25,480.
of
$3,976.58
3,570.35
9,326.53
51,656.75
.......
Y.—BOND
as
Nov. 1,1937
$48,000
The total debt above stated does not include the debt of any other sub¬
division having power to levy taxes upon any or all of the
property subject
to the taxing power of the
county.
coupon
Tax
or
registered bonds offered Dec. 1—V. 145, p. 3536—were awarded to R.
D.
White & Co. of New York, as
2.90s, at a price of 100.288, a basis of about
2.86%.
The sale consisted of:
$32,000 land and improvement, series
56 bonds.
Due Dec. 1
as
R.
are
Fiscal Year
Taxes levied.
Uncollected
dated Dec. 1, 1937.
were
► Bidder—
Int. Rate
R. D.White & Co
A. C. Allyn & Co., Inc
Manufacturers & Traders Trust Co
Rate Bid
.
2.90
3.10
3.20
3.20
George B. Gibbons & Co., Inc
ROCHESTER,
N. Y.—PLANS
SYSTEM—The Rochester
WATER
UIT
are said to receive more than half of
their income from the
city.
In
them the city is the largest single
taxpayer.
For the city, it would mean a
saving of about $80;d00, the sum paid
annually for various taxes in all the towns and to the counties and the
State.
City Manager Harold W. Baker admitted payments to the school dis¬
towns
overdue, had been held up pending settlement of the
ques¬
indicated the city would enter a friendly suit with one or
the
some now
or
1947.
assessment bonds.
Denom. $1,000, except one for
Interest payable annually.
Due Dec. 1 as follows:
$4,250.39, 1938; $4,000, 1939, and $3,000, 1940 to 1947.
71,471,32 delinquent tax bonds.
Denom. $1,000, except one for $471.32.
Interest payable June 1 and Dec. 1.
Due Dec. 1 as follows:
$15,471.32, 1938, and $14,000, 1939 to 1947.
Dated Dec. 1, 1937.
Prin. and int. payable at the City Treasurer's
office, with New York exchange.
Salomon Bros. & Hutzler of New York offered a premium of $22.64 for
1.60s.
WOODSTOCK (P. O. Woodstock), N. Y.—BOND OFFERING DE¬
TAILS—As previously noted in these columns the town is
offering the sale
Dec. 3 an issue of $32,000 town hall bonds. They will be dated March
15,
1937 and mature $2,000 each March 15 from 1938 to 1953 incl.
Bidder to
on
counties seeking an
interpretations by the Court of Appeals.
in a study of 1935 laws, Edelstein
recommended
name a
single rate of interest of not more than 6%, expressed in a multiple
M or 1-1 Oth of 1%.
Principal and interest (M. & 8.) payable at the
Kingston Trust Co., Kingston, in New York exchange.
Coupon bonds
of
convertible into fully registered
instruments.
The bonds are general
obligations of the town, payable from unlimited taxes.
Legal opinion of
Clay, Dillon & Vandewater of New York City.
~WOODSTCUKTPTb7WoodstockTT"sTY^BIDSUNOPENED^-The
> Uncovering the section
the payments to schools be
delayed pending further study.
JfcThe section of the law, describing water works as an
"undertaking,"
specifically includes in its scope municipal plants "now existing
erected."
or
hereafter
F For years, it was recalled, large cities, chiefly New
York, Albany
Rochester, have battled to be relieved of paying taxes on watersheds and
and
conduits.
All court rulings have been adverse to
the municipalities and
attempts to enact special legislation nave been fought
successfully by rural
towns and
counties.
Should Rochester essay a suit
now, it would hold
Statewide legal attention, it was said.
to decide this issue once and for all throughout the State,"
Edelstein said.
Fj "We will seek
fc Earlier this
year, as
taxes to the towns.
F ROME,
N.
is the custom.
Y.—BOND
wty paid the regular real estate
OFFERING—Lynn C. Butts,
ssue of
$32,000 town hall bonds offered Dec. 3—V. 145, p. 3537—was not
bids having been returned unopened.
It was reported that the
opposition of taxpayers to^the issue caused the action. B
Hmi
sold,
F« YONKERS, NT Y.—BONLf SALE—The issue of $850,000 coupon or
registered debt equalization bonds offered on Nov. 30—V. 145, p. 3537—
was awarded to an account
composed of Phelps, Fenn & Co.; Ladenburg,
Thalmann & Co.; Eastman, Dillon & Co.;
Equitable Securities Corp.;
Campbell, Phelps & Co. and Charles Clark & Co., all of New York, as
3Ms, at a price of 100.19, a basis of about 3.735%. Dated Dec. 1, 1937 and
due Dec. 1 as follows:
$60,000 in 1949; $70,000, 1950 to 1953, incl.;
$60,000, 1954 and 1955; $50,000 from 1956 to 1959, incl.; $35,000 in 1960,
and $30,000 in 1961.
city
Treasurer,
will receive sealed bids until 11 a. m. on
Dec. 10 for the purchase of $77,000
not to exceed 6% interest
coupon or
registered bonds, divided as follows:
$45,000 series B emergency relief (home and work relief
purposes) bonds.
Due Dec. 1 as follows: $4,000 from
1938 to 1942 incl. and $5,000
from 1943 to 1947 incl.
k
125,000 series B general city bonds, to provide
city's share of cost of Works
Progress Administration projects.
Due Dec. 1 as follows:
$2,000
from 1938 to 1942 incl. and
$3,000 from 1943 to 1947 incl.
street improvement bonds.
Due $1,000 on Dec. 1
from 1938 to 1944 incl.
Eacn issue is dated Dec.
1, 1937.
Denom. $1,000.
Bidder to name a
single rate of interest for all of the bonds,
expressed in a multiple of M or
1-1 Oth of 1%.
Principal and interest (J. & D.) payable at the Chase Na¬
tional Bank, New York
City.
The bonds are general obligations of the
city,
payable from unlimited taxes.
A certified check for
$1,540, payable to
the order of the
City Treasurer, must accompany each proposal.
Ap¬
proving legal opinion of Clay, Dillon & Vandewater
of New York City
will be furnished the successful
bidder.
7,0001series of 1937
►•
SYRACUSE, N. Y.—BOND OFFERING—Chester
troller, will
receive
par«°M $1 »912,000
as
follows:
bids until
noon
H.
KingTcTty
Comp-
Dec. 8 for the purchase at not less than
coupon, fully registerable, bonds, divided into four issues
schoQl bonds.
Due $45,000 yearly on Dec.
15 from 1938 to 1957.
190,000 general improvement bonds.
Due $19,000 yearly on Dec.
15
from
1938
to
1947.
672,000 welfare bonds.
Due yearly on Dec. 15
?,ncl 1939» and $67,000, 1940
,
150,000 Federal aid project bonds.
IL
1938 to 1947.
Bidders
are
to name rate of
as
follows:
interest, in
NORTH
following bonds
were purchased for sinking funds:
$13,000.00 Buncombe County bonds at 31.35/
149,476.35 City of Asherville general bonds at 31.67.
h 18,000.00 Asheviile Local Tax School District bonds at 30.54.
t 33,837.50 City of Asheviile water bonds at 59.41.
F7,000.00 Beaverdam Water and Sewer District bonds at 29.025.
B 52,000.00 Swannanoa Water and Sewer District bonds at 33.05.
l,
CLAYTON,!N.rC.—NOTES
were
multiple of M %
SOLD—It is reported that $7,000 notee
purchased onINov. 23 by the Bank of Clayton, at 3%, plus a premium
of $1.00.
■■
DAVIDSON COUNTY (P. O. Lexington) N. C.—NOTES SOLD—The
Wachovia Bank & Trust Co. of Winston-Salem, is said to have purchased
on Nov. 23 a block of
$40,000 notes at 1M%. plus a premium of $153.00.
ELIZA BETHTOWN, N.
6%.
GREENVILLE, N. C.—BOND SALE—The
two issues of coupon'or
bonds, aggregating $150,000, offered for sale on Nov. 30—V.
3384—were awarded jointly to the Wachovia Bank & Trust Co. o
Winston-Salem, and Lewis & Hall, Inc., of Greensboro, paying a premiur
of $3,000, equal to 100.002, on the bonds divided as follows:
registered
or
These bonds are general obligations of the
City of Syracuse, and are
payable from unlimited taxes, and are
exempt from taxation under Section
8,
Chapter 24, of the Consolidated
Laws, and interest htereon is exempt from
Federal income tax and from New
York State income tax.
The legality of the issue will be
examined by Caldwell &
Raymond of
New York, whose favorable
opinion will be furnished to the purchaser.
A certified check for
2% of the face value of bonds bid
for, payable to the
order of the Comptroller of
the City of Syracuse, must
accompany each bid.
be delivered to the purchaser on
Dec. 15 at the office of
the Chase National
Bank, New York, or as soon thereafter as the
bonds
may be prepared.
p.
$115,000 water
k
I- c-4
Financial Statement
Assessed valuation taxable
property
$377 337 793 00
400
I
(exempt debt)
Temporary debt, tax anticipationjS(exempt)__
Temporary debt (not exempt)
l_
Sinking fund (cash proceeds 1937 Mebt
equalization bond
issue, to pay like amount of bonds maturing
during 1938)
taken
works extension bonds, of which the first
as
3 Ms, the remaining $21,000 as 3 Ms.
on
Dec. 1 as follows:
$3,000, 1939 and
mature
000'000
00
36l'898'90l'00
15
438*892
00
42 118 589 38
5i412!500.00
1,002*000
00
l 350 000 00
456 009 42
1,500,000.00
$94,000 wer'
These bonds
1940; $4,000,
1941
35,000
to 1944; $5,000, 1945 to 1950, and $7,000, 1951 to 1959.
extension bonds, of which the first $29,000 were taken
3Ms, the remaining $6,000 as 3Ms.
Due on Dec. 1 as follows:
$1,000, 1939 to 1945, and $2,000 from 1946 to 1959.
sewerage
as
'
The second highest bid
was an
offer of $57.55 premium, submitted by
R. S. Dickson & Co. of Charlotte, on the bonds divided as follows:
$115,000
issue to be $101,000 3Ms, the remaining $14,000 as
3Ms; $35,000 issue to
be^split
as
follows:
$31,OCO
as
3Ms and the last maturing $4,000
as
3Ms.
GUILFORD COUNTY (P. O. Greensboro) N. C.—BOND OFFERING
a. m. on Dec. 7, by W. E.
Easterling,
Secretary of the Local Government Commission, at his office in Raleigh,
for the purchase of a $200,000 issue of
coupon road and bridge refunding
bonds. Interest rate is not to exceed 6%, payable J. & D.
Denom. $1,000.
Dated Dec. 15, 1937.
Due on Dec. 15 as follows:
$6,000, 1942 to 1946;
$8,000, 1947 to 1951; $12,000, 1952 to 1956, and $14,000, 1957 to 1961,
incl., without option of prior payment.
There will be no auction.
Bonds registerable as to principal only; prin¬
cipal and interest (J. & D. 15) 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 one-fourth of 1%.
Each bid may name one
—Sealed bids will be received until 11
Actual value taxable
property
Assessed valuation real
property
Assessed valuation special franchises
Bonded debt, including above issues
Water bonds, included in above
(exempt debt)
Local improvement bonds, incl. in above
C.—NOTES SOLD—The Bank ofElizabeth-
town is reported to have purchased on Nov. 23 a block of
$2,200 six-months
notes at
145,
a
CAROLINA
BUNCOMBE COUNTY
(P. O. Asheviile), N. C.—BONDS PUR¬
CHASED BY SINKING FUNDS—In connection with the call for tenders
on Nov. 27, noted in these columns
recently—V. 145, p. 3232—it is stated
by Curtis Bynum, Secretary of the Sinking Fund Commission, that the
$68,000, 1938
to 1947.
Due $15,000
yearly on Dec. 15 from
1-40%, but
to exceed 6%.
Denom. $1,000.
Dated Dec. 15, 1937.
Principal
and semi-annual interest
(June 15 and Dec. 15) payable at tne Chase
Na¬
tional Bank, New York.
not
-
$250.39.
which
most of
He
10,054.45
32,250.39 deferred
OPPOSING
TAXATION vr
OF
of Nov. 20 reported as
First step was ordering
payments stopped of approximately $21,000 to
20 school districts in three counties.
Next week,
Corporation Counsel Abraham Edelstein announced, a
court action will be instituted seeking an
interpretation of the newly dis¬
covered law that pertains to
municipal revenue-producing undertakings
and in one section
specifically exempts from taxation such properties.
Favorable decision, officials freely admitted, would have a serious
effect
on a number of
upland towns in Livingston and Ontario counties, some of
tricts,
10,054.45
4,253.69
$10,000,000 public improvement bonds. Denom. $1,000.
Interest payable
June 1 and Dec. 1.
Due $1,000 yearly on Dec. 1 from 1938 to
100.39
100.18
Pouncing on a heretofore obscure section of the general
municipal
law, the City of Rochester last night prepared a new battle to
exempt from
town and special district taxation its extensive
upland water works system.
tion.
9,465.01
3,902.69
100.288
100.27
Democratic
follows:
10,720.10
31,1937
UTICA, N. Y.—BOND SALE—The $113,721.71 coupon, fully registerable, unlimited tax, general obligation, bonds described below, which were
offered on Dec. 2—V. 145, p. 3536—-were awarded to Brown Harriman &
Co. of New York as 1.60s, at par plus a premium of $34,
equal to 100.029, a
basis of about 1.59%:
follows:
as
1936
$228,849.16
.^■5-
D.
1
of Oct.
as
Data
1934
1935
$204,769.60 $234,386.83
T he amount of county taxes levied for the fiscal year
commencing Nov. 1,
1937, is $228,625.
Collection of said taxes will begin on Jan. 1, 1938.
to
White & Co. of New York are offering for public investment
$48,000 2.90% land, improvement and refunding bonds at prices to
yield
from 1% to 3%, according to
maturity.
Bids received for the issue on
Dec.
Beginning Nov. 1—
Uncollected at end of fiscal year
follows:
$2,000 from 1938 to 1941 incl. and $3,000 from 1942 to 1949 incl.
16,000 refunding, series 57 bonds.
Due $1,000 on Dec. 1 from 1938
1953 incl.
All of the bonds
the
Collections
Total Levy
^
Owego, with New York exchange.
They are general obligations
county, payable from unlimited ad valorem taxes.
Legality ap¬
proved by Clay, Dillon & Vandewater of N. Y. City.
of
and
$9,969,145.00
Tax
,
Bank,
$240,828.37
1937
assessed
valuation,
special franchise
on
1,502,125.94
—
Total
basis of about 1.50%.
Dated Nov. 15, 1937 and due $20,000 annually
Nov. 15 from 1938 to 1942 incl.
The bonds are payable as to
principal and interest at the Owego National
a
$1,224,000.00
278,125.94
Other deductible items
1937.
TIOGA COUNTY (P. O. Owego), N. Y.—BOND SALE—The issue of
$100,000 3% coupon or registered highway bonds offered Dec. 2—V. 145,
p. 3537—was awarded to Gertler & Co. of New York, at a price of 104.401,
Debt Statement
-
Volume
Financial
145
3697
Chronicle
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
bonds at the lowest interest
be awarded to the bidder offering to purchase the
deducting the total amount
of interest upon all of the
No bid of less than par and accrued
cost to the county, such cost to be determined by
of the premium bid from the aggregate amount
bonds until their respective maturities.
interest will be entertained.
»
be accompanied by a certified check upon an incorporated
payable unconditionally to the order of the State
The approving opinion of Reed, Hoyt and Wash¬
burn, New York City, will be furnished the purchaser.
NrBids must
bank
or
crust company,
Treasurer for $4,000.
of—REPORT ON RECENT DEBT RE¬
taken from a Raleigh new16:
paying its debts almost $10,000,000 a year faster than it is contracting new ones and has paid off almost
$50,000,000 of bonded debt during the five years ending June 30, 1937,
Governor Clyde R. Hoey has announced.
This means that if conditions
during the next 10 years remain anywhere near on a par with the past
five years, the State and its subsidiaions will be able to retire another
$100,000,000 worth of bonds and thus materially reduce the taxes now being
NORTH
CAROLINA,
DUCTIONS—The
State
following information is
report to the "Wall Street Journal" of Nov.
North Carolina, with its subdivisions, is
levied to retire these bonds. Governor Hoey said.
The State of North Carolina itself levies no property taxes
for any pur¬
All of the revenue for these purposes is derived from
Counties, cities and towns are the only units which levy
and from 50 to 75% of these taxes are for debt service.
As the debt service requirements diminish, the local property taxes will
naturally decrease, Governor Hoey believes.
•
"During the five-year period from June 30, 1932, to June 30, 1937, the
counties, cities and towns in North Carolina paid off approximately $50.363,936 in bonded debt, not including interest, and the State retired
$32,128,000 of its bonds, making a total of $82,491,936," Governor Hoey
said.
"During this same five years the State issued $18,553,000 in new
bonds while the counties, cities and towns issued approximately $15,000,000,000 of bonds, making a total of $33,553,000 in new bonds issued by the
State and its subdivisions as compared with the total gross reduction of
whatever.
pose
indirect taxes.
any taxes on property
$82,491,936.
"This
means
that North Carolina has reached its crest of
debt five years
and in spite of the depression has since been maintaining a balanced
budget and reducing its debt."
In addition to formal debt payments by towns and counties, the Local
Government
Commission
estimates
that refunding operations and re¬
ago,
financing plans completed during the past five years have saved the sub¬
divisions alone at least $35,000,000 which when added to the $50,000,000
of debt retired, makes a
total of $85,000,000 of debt disposed of
past five years.
During this same period, the subdivisions have paid
$82,500,000 in interest on their bonds, in addition to the
during the
out approximately
principal payments
approximately $35,500,000 while the State has paid over approximately
$36,308,000 in interest in addition to principal payments of $32,128,000.
This makes a total of $118,808,000 in interest alone for this same five year
period in addition to the total of $82,491,936 principal retired at the same
of
time.
,
.
RALEIGH, N. C.—BOND SALE—The $80,000 coupon, registerable as
to principal, refunding bonds offered on Nov. 30 were awarded to Halsey,
Stuart & Co. of New York as 3 Ms, at par plus a premium of $132, equal to
100.165, a basis of about 3.23%.
Dated Dec. 1, 1937. Due $10,000 yearly
on Dec. 1 from 1946 to 1953, mcl. Stranaham, Harris & Co. of Toledo bid
par plus a premium of $116 for $50,000 3Ms and $30,000 3Ms.
successful bidder reoffeFed
above bonds for public subscription at prices to yield from 2.80 to 3.20%,
BONDS OFFERED FOR INVESTMENT—'The
the
according to maturity.
ROCKY MOUNT,
ment
Commission
and water
is
N.
and $3,000, 1966 to 1968.
151,000 school bonds.
Due on Jan. 1, as follows: $6,000, 1948 to 1959
$8,000, 1960 and 1961, and $9,000, 1962 to 1968.
294,000 general bonds.
Due on Jan. 1 as follows: $12,000, 1948 to 1958
$15,000, 1959 to 1964, and $18,000, 1965 to 1968.
Coupon bonds, not registerable.
Denom. $1,000.
Dated Jan. 1, 1938.
Prin. and int. (J. & J.) payable in New York City in legal tender.
Delivery
at place of purchaser's choice.
A separate bid for each separate issue (not less than par and accrued
interest) is required.
Bidders are requested to name the interest rate or
rates, not exceeding 6% in multiples of M of 1%; each bid may name one
rate for part of the bonds of any issue (having the earliest maturities) and
another rate for the balance, but no bid may name more than two rates for
any issue, 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 of the bonds until their respective maturities.
No bid for less than all of the bonds 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 $9,800.
The approving opinion or Reed, Hoyt & Washburn,
New York City, will be furnished the purchaser.
NORTH
DAKOTA
CHICAGO TOWNSHIP NO. 59, N. Dak.—BOND
OFFERING—John
JD. Schatz, Clerk, Board of Township Supervisors, will receive bids at the
County Auditor's office in Jamestown until 2 p. m., Dec. 15 for the purchase
of $898.40 6% refunding bonds.
Certified check for 2%, required.
GRENORA, N. Dak.—BOND OFFERING—Sealed
bids will be received
O. Nordby, City Auditor, at the County
the purchase of a $20,000 issue of city
bonds.
Interest rate is not to exceed 5%, payable J. & D.
Due on Dec.
15 as follows: $1,000, 1940 to 1955, and $2,000 in 1956 and 1957.
A cer¬
tified check for 2% of the bid is required.
until 2 p. m. on Dec. 14 by John
Auditor's office in Williston, for
MANDAN, N. Dak.—BOND SALE—The $60,000 4% water filtration
plant revenue bonds offered on Oct. 25—V. 145, p. 2585—were awarded
to the Bank of North Dakota.
Due on Oct. 1, as follows:
$1,500, 1939;
$2,500,1940; $2,000,1941; $2,500, 1942 to 1945; $3,000,1946; $2,500.1947;
$3,000, 1948 and 1949; $3,500, 1950; $3,000, 1951; $3,500, 1952; $4,000,
1953; $3,500, 1954; $4,000, 1955 to 1957, and $3,000 in 1958; subject to
retirement on any interest payment date.
MEDICINE LODGE SCHOOL
DISTRICT NO. 28, Williams County,
Dak.—CERTIFICATE OFF ERIN G—Elmer Tofte,
District Clerk, will
Auditor's office in Williston until 2 p. m. Dec. 7
for the purchase of $2,400 certificates of indebtedness.
MOUNT PLEASANT SCHOOL DISTRICT NO. 4—(P. O. Rolla),
N. Dak.—CERTIFICATE OFFERING—Sealed bids will be received until
10 a. m. on Dec. 14, by R. G. Mosher, District Clerk, for the purchase of
$3,500 issue of certificates of indebtedness.
Interest rate is not to exceed
7%.
Denom. $500.
Dated Dec. 15, 1937.
Due on April 15, 1939.
The
district reserves the right to sell only a portion of the notes specified.
A
certified check for 2% must accompany bid.
receive bids at the County
RAINY BUTTE SCHOOL DISTRICT
N.
■
•
CUYAHOGA COUNTY (P. O. Cleveland), Ohio—BOND OFFERING
—Geo. H. Stahler, Clerk, Board of County Commissioners, will receive
bids until 11 a. m. Dec. 21, for the purchase of $3,700,000 4% coupon or
registered Main Avenue Bridge bonds.
Denom. $1,000.
Dated Jan. 1,
1938.
Principal and semi-annual interest (April 1 and Oct. 1) payable at
the County Treasurer's office. Due $74,000 on April 1 and Oct. 1 in each
of the years from 1939 to 1963, incl.
Certified check for 1% of amount of
bonds bid for, payable to the County Treasurer, required.
Approving
opinion of Squire, Sanders & Dempsey of Cleveland will be furnished by
the county.
Bids must be made on forms obtained from the county.
DISTRICT (P. O. South Park,
BID—The Banc Ohio Securities Co. of Columbus,
CUYAHOGA HEIGHTS SCHOOL
R. F. D.). Ohio—HIGH
and a premium of $6,610 for 3 Ms, equal to 101.322, was
high bidder at the Nov. 29 offering of $500,000 school building bonds.
Award is expected to be made some time today. The bonds are dated
Dec. 1, 1937 and mature Dec. 1 as follows:
$33,000 in 1939,1940 and 1942,
1943, 1945 and 1946, 1948, 1949, 1951 and 1952; $34,000 in 1941, 1944,
1947, 1950 and 1953. Other bids were as follows:
with
an
orfer of par
Rate Bid
Int. Rate
1
Bidder—
100.69
3M
3 '
3
McDonald, Collidge & Co
First Cleveland Corp.
Johnson, Kase & Co
Charles A. Hinsch & Co
100.67
100.60
100.42
a
HILLIARD, Ohio—BOND OFFERING—C. H. O'Brien, Village Clerk,
Dec. 21 for the purchase of the following 6%
will receive bids until noon
bonds:
$6,500 water works bonds. Denom. 2 for $250 and 12 for $500. Due
May 1 and Nov. 1 in 1939, and $500 on May 1 and Nov. 1 in
of the years from 1940 to 1945.
6,000 sewer system bonds. Denom. $500.
Dated about Dec. 1, 1937.
Interest payable semi-annually, May 1
Dec. 1. Certified check for 1 % of amount of bid, required.
$250
each
and
HOLLOWAY, Ohio—BOND ELECTION—At an election scheduled for
14 a proposition to issue $20,000 sewer system bonds will be sub¬
Dec.
mitted to
vote.
a
LUCAS COUNTY
(P. O. Toledo), Ohio—NOTES
EXCHANGE FOR BONDS—Adelaide E.
SOLD PENDING
Schmitt, Clerk of the Board of
County Commissioners, informs us that $120,000 notes were sold privately
on Nov. 26 to Ryan, Sutherland & Co. and Braun, Bosworth & Co., both
of Toledo, as 2%s.
The Clerk adds that these notes, also
pre¬
viously outstanding, will be redeemed through the sale of an equal amount
of bonds to the above firms, to bear interest at 2%% and to be sold at
Dak .—CERTIFICATE
will be received until Dec.
plus a premium of $928.75.
par
C.—BOND OFFERING—Sealed bids will be
received until 11 a. m. on Dec. 14, by W. E. Easterling, Secretary of the
Local Government Commission, at his office in Raleigh, for the purchase
of three issues of refunding bonds aggregating $490,000, divided as follows:
$45,000 water bonds.
Due on Jan. 1 as follows: $2,000, 1948 to 1965,
N.
.'
Treasurer, required.
$743,000
N. C.—BONDS APPROVED—The Local Govern¬
to have approved $500,000 electric light
reported
supply bonds.
WINSTON-SALEM,
OHIO
Ohio—BOND OFFERING—Theo. A. Kreischer, Village
Clerk, will receive bids until noon Dec. 20 for the purchase at not less than
par of $7,000 4% sewage disposal revenue bonds.
Denom. $500. Dated
Dec. 20, 1937.
Interest payable June 20 and Dec. 20. Due $500 yearly on
Dec. 20 from 1940 to 1953. Certified check for $100, payable to the Village
CONVOY,
NO. 11 (P. O. Rainy Butte),
OFFERING—It is reported that sealed bids
10, by Inga B. Larsen, District Clerk, for the
purchase of an issue of $1,000 4% certificates of indebtedness.
WEST FARGO RURAL SCHOOL DISTRICT NO. 6 (P.
O. West
N. Dak.—BOND OFFERING—W. N. Leonard, District Clerk,
p. m. Dec. 9, for the purchase of $5,000 school
building bonds.
Denom. $1,000.
Due $1,000 from Nov. 1, 1939 to 1943,
incl. Certified check for 2%, required.
MUSKINGUM WATERSHED CONSERVANCY DISTRICT,
BOND SALE ENJOINED— Sale of a $1,500,000 bond issue by the
Ohio—
Muskin¬
Watershed Conservancy District was halted at New Philadelphia re¬
cently by Common Pleas Judge Clarence U. Ahl, of Bucyrus, in an injunction
suit instituted by Attorney Charles N. Hostetter, Masillon taxpayer.
fm The proposed issue was to have been retired by a general tax levy against
all real estate in tne 18 counties in the district.
The court held that the district could not make a general real estate levy
to provide funds to pay for actual construction work.
The decision of Judge Ahl enjoined the directors of the conservancy ditrict
from issuing and selling the proposed bond issue which was devised to retire
$1,500,000 in negotiable warrants sold by the district to pay its preliminary
organization costs and part of the cost of construction work on district
improvements. A total of $3,000,000 worth of such warrants fall due next
gum
Jan.
1.
Wilkins, whose firm is chief counsel for
not affect the progress of the
favor of the district in matters
were holding up
he 30-year benefit assessment bonds, proceeds of
will be used to pay the district's share of the cost of the flood cont ol
According to Judge Robert N.
the conservancy district, the decision will
district as the supreme court has decided in
which
which
and water conservation program.
District directors
,
attempted the general tax levy
,
bonds because of the
According
order
delay in obtaining a decision on the supreme court legislation.
to Judge Wilkin, the district may appeal from Judge Ahl's decision in
to clear up several points of law.
,
,
^
In event Judge Ahl is upheld by higher courts, the assessments against
benefited property will be increased proportionately, it was said.
The directors of the district and Stark County Auditor Lester S. Lash
were named defendants in the injunction action filed by Prosecutor A. O. L.
Barthelmeh of Stark County in behalf of Attorney Hostetter.
The suit was filed in Tuscarawas County common pleas court, Aug. 11.
V. Weygandt of the Ohio
Judge Ahl was assigned by Chief Justice Carl
Supreme Court to hear the case.
The hearing
decision was deferred until Tuesday.
was
held Sept. 11 but the
Mi
NELSONVILLE, Ohio—LITIGATION HALTS BOND SALE—The
sale of $90,000 in bonds by Nelsonville city for improvement of its municipal
electric light plant,
scheduled for Nov. 27—V. 145, p.
of the money on
an
3233—was blocked
by the Columbus & Southern
that sale of the bonds and use
a temporary restraining order obtained
Ohio Electric Co.
The company contended
by
misapplication of funds and
the plant would constitute a
abuse of corporate powers.
,
_
.
..
authorized by an ordinance of council, and the
ordinance was approved by a majority of Nelsonville voters at the Nov. 2
election. A hearing at which the restraining order will be made permanent,
or will be dissolved, will be held later.
The
bond
issue
was
RIVER, Ohio—BONDS NOT SOLD—The issue of $41,600
city's portion sewage disposal plant bonds offered Nov. 29—V. 145,
3233, was not sold, as the maturities contained in the bond ordinance
did not correspond with those included in the proposal as approved by the
voters. The maturity schedule will be rearranged and a new offering made.
ROCKY
4%
p.
SUMMIT
COUNTY
(P.
O.
Ohio—BOND OFFERING
issue in connection
we learn that the
Akron),
DETAILS—In addition to details given in a previous
with the offering on Dec. 15 of $102,000 4% bonds,
proceeds win be used for poor
relief purposes and that the
purchaser will be
provisions
furnished approving legal opinion.
They are issued pursuant to
of amended Senate Bill No. 13, enacted by the 92nd General
Assembly
mh—
UTICA, Ohio—BOND SALE—The'Banc Ohio Securities Co~of Columi
bus purchased on Nov. 30 an issue of $36,000 sewer bonds.
It was approved
(Public Utility Excise Tax.)
at the
^
Aug. 31 election by a count
WEST
ALEXANDRIA,
^
t
MH
of 433 to 89.
Ohio—BOND
OFFERING—Carl ~WT"Fritz.
for the purchase of
Dated Dec. 1, 1937.
payable semi-annually. Due $500 each six months from March 1,
Sept. 1, 1963.
Certified check forA$500. payable to the Village
Village Clerk, will receive bids until noon Dec. 18
$25,000 4% sewage system bonds.
Denom. $500.
Interest
Fargo),
1939
will receive bids until 2
Treasurer, required.
OHIO
ASHTABULA COUNTY*(P. O. Jefferson), Ohio—
SALE—
On Nov. 29 the County Commissioners sold $89,500 1M % poor relief notes
to the BancOhio Securities Co. of Columbus at a premium of $112.
/
to
OREGON
KLAMATH FALLS, On.—BOND ELECTION—We
the City Clerk that an election will be held on Dec. 3 in
the issuance of $215,000 in not to exceed 6% bridge and
ment bonds.
Due in 10 years.
Informed by
order to vote on
general improve¬
are
3698
Financial
Chronicle
OREGON
HAWLEY
PORT OF COOS BAY (P. O.
Mar.hfield), Ore.—BOND OFFERING
—Sealed bids will be received until 11 a. m. on Dec. 13, by I. N.
Hartley,
Secretary of the Board of Commissioners, for the purchase of a $25,000 issue
of 5% refunding bonds.
Denom. $1,000.
Dated Jan. 1, 1938.
Due
$5,000 from Jan. 1, 1940 to 1944, incl. Prin. and int. (J. & J.) payable in
lawful money at the fiscal agency of the State in New York
City.
The
approving opinion of Teai, Winfree, McCulloch, Shuler & Kelley, of
Portland, will be furnished.
None of the bonds will be sold for less than
Beaverton),
1940
SALE—The
First
Mackeyville), Pa.
1957
to
Bidder
to
incl.; $2,000
name
a
single
from
1958 to
of
rate
Dated Nov. 1, 1937.
$1,000,
1 as follows:
1961
interest.
incl. and $1,500 in 1962.
Both principal and interest
(M. & N.) will be payable without deduction for any tax or taxes, except
succession or inheritance taxes, now or hereafter levied or assessed thereon
under any present or future law of the Commonwealth of
on
Pennsylvania, all
district assumes and agrees to pay.
The bonds
registerable as to principal only and will not be sold at less than par and
interest.
A certified check for 2%, payable to the order of the District
on the bonds divided as follows:
$23,500 as 2Ms. maturing on
1:
$3,500 in 1939, and $5,000, 1940 to 1943; the remaining $16,000
3s, maturing $5,000 from Dec. 1, 1944 to 1946, according to the District
of which taxes the school
Dec.
are
Clerk.
R. J.
Pa.—BOND
or 4% coupon consolidated school bonds.
One bond for $500, others $1,000 each.
Due Nov.
2.89%,
as
DISTRICT,
3M, 3M
DISTRICT
Nov. 24—V. 145, p. 3386—was awarded to
Tripp
McCleary, of Portland, at a price of 100.11, a net intererst cost of about
&
SCHOOL
LAMAR TOWNSHIP SCHOOL DISTRICT (P. O.
NO.
48
(P. O.
SALE—The $38,500 issue of coupon building
Ore.—BOND
bonds offered for sale
SCHOOL
4, 1937
DISTRICT
—BOND OFFERING—Isabelle Hayes, District Secretary, will receive sealed
bids until 7 p. m. on Dec. 21 for the purchase of $27,500 2M, 2H, 3, 3II,
3386*)
COUNTY
SCHOOL
National Bank of Hawley recently purchased an issue of $55,000 3% build¬
ing bonds at par plus a premium of $100, equal to 100.18, a basis of about
2.98%. Dated Nov. 1, 1937.
Denom. $500.
Due $2,500 on Nov. 1 from
1941 to 1962, incl.- callable on any interest date on or after Nov. 1, 1947,
at par and accrued interest.
par value.
A certified check for 5% of the bonds must accompany the bid.
rThese are the bonds mentioned in
these columns recently—V. 145,
WASHINGTON
TOWNSHIP
(P. O. Davidsville), Pa .—BOND OFFERING—J. W. Johns, District Secretary, will
receive bids until 7 p. m. Dec. 9 for the purchase of $170,000
coupon bonds.
Bidders are to name a single rate of interest for the entire issue,
making
choice from 3%, 3M%. 3M%, 3M%, 4%. 4M%. and 4M%.
Denom.
$1,000.
Dated
Feb.
1,
1938.
Interest
payable semi-annually.
Due
$8,000 yearly on Feb. 1 from 1941 to 1961, and $2,000 Feb. 1, 1962.
Certified check for $8,500, payable to the district, required.
MULTNOMAH COUNTY SCHOOL DISTRICT NO. 45 (P. O. Portland, Route 3, Box 1178). Ore.—BOND SALE DETAILS—It is stated
by the District CJerk that the $40,000 school bonds purchased on Nov. 22
by the Baker, Fordyce Co of Portland, as noted in these columns—V. 145,
p. 3234—were sold at a price of 100.08, on the bonds divided as follows:
$14,000 as 3s, and $26,000 as 3 Ms.
Due from Dec. 1, 1939 to 1957.
p.
Dec.
CONEMAUGH
Treasurer, is required.
The bonds will be issued subject to approving legal
opinion of Townsend, Elliott & Munson of Philadelphia.
(The above issue was previously offered on Oct. 30, at which time bids
were returned unopened.
On that occasion the amount of the loan was
$32,000 )
EDWARDS, Inc.
MARS SCHOOL DISTRICT, Pa .—BOND SALE—'The issue of $15,000
registered high school building bonds offered Nov. 29—V. 145,
3538—was awarded to Glover & MacGregor of Pittsburgh, as 3Ms, at
coupon or
p.
Municipal Bonds Since 1892
plus a premium of $39, equal to 100.26, a basis of about 3.22%.
par
Dated
Dec. 1, 1937 and due Dec. 1 from 1940 to 1954, inclusive.
Oklahoma City,
AT&T
Ok Cy
Oklahoma
19
MORRIS
TOWNSHIP (P. O. Waynesburg), Pa.—BOND SALE—
The issue of $17,000 coupon or registered funding bonds offered Nov. 27
145, p. 3386—was awarded to S. K. Cunningham & Co. of Pitts¬
burgh.
Dated Dec. 15, 1937 and due Dec. 15 as follows:
$1,000 in 1938
and 1939, and $1,500 from 1940 to 1949, inclusive.
—V.
Long Distance 158
,
OKLAHOMA
COMANCHE
COUNTY
(P.
O.
Lawton), Ok la.—BONDS
MYERSTOWN, Pa .—RESIDENTS OPPOSE UTILITY PLANT—A
hearing will be held Dec. 6 on the application of residents for the courts to
make permanent a temporary injunction
restraining the Council from
awarding a contract and starting construction of a municipal electric plant,
a $125,000 bond issue for which was
approved at an election in 1936.
In
this connection, it may be pointed out that in June, 1937 the State Supreme
Court refused to consider an appeal of the Borough for reinstatement of its
permit to operate a plant.
The permit had been granted by the Public
Service Commission after approval of the bond issue and later revoked as
"unsound" by the Superior Court, which sustained the contention of the
Metropolitan Edison Co. that it created "unwarranted and unfair com¬
petition in the utility field."
VOTED—
The voters of the county at a recent election
approved a proposal to issue
$110,000 courthouse construction bonds.
Delaware
County, Pennsylvania
3'M% Bonds, Various Maturities
Prices:
On A
pplication
NEW
HOLLAND
SCHOOL
DISTRICT
(P.
O.
New Holland),
Pa.
—BOND OFFERING—John
H. Martin, Secretary Board of School Di¬
rectors, will receive bds until 7:30 p. m. Dec. 8 for the purchase at not less
than par of $35,000 coupon, registerable as to principal only, school addition
Moncure Biddle & Co.
bonds.
Bidders are to name rate of
interest, making choice from 2%,
2M%. 2M% and 3%.
Denom. $1,000.
Dated Jan. 1, 1938.
payable Jan. 1 and July 1.
Due $2,000 yearly on Jan. 1 from
1939 to 1954, and $3,000 Jan. 1, 1955.
Certified check for 2% of amount
of bonds bid for, payable to the District Treasurer, required.
Legality
approved by Townsend, Elliott & Munson of Philadelphia.
1520 Locust St., Philadelphia
2M%,
Interest
PENNSYLVANIA
ALTOONA SCHOOL
DISTRICT, Pa.—BONDS AUTHORIZED—The
Board of School Directors has authorized the
issuance of $150,000 Mansfield
bonds.
PHILADELPHIA, Pa.—INTERVENES IN ATTACK ON SINKING
FUND
BADEN,
CONSOLIDATION ACT—The Board of City Trusts and four
companies on Nov. 16 were permitted by the State Supreme Court
join in the attack on the constitutionality of the Sinking Fund Consolida¬
trust
Pa.—BOND OFFERING—As previously reported in these
columns—V. 145, p. 3386—George A.
Balzier, Borough Secretary, will
to
of H%. Denom. $500. Dated Dec. 1, 1937. Interest payable June
pec- 1. Due $1,000 yearly on Dec. 1 from 1938 to 1947. Certified
invalid,
receive bids until 8 p. m. Dec.
6, for the purchase of $10,000 coupon muni¬
cipal building bonds.
Bidders are to name rate of
interest, in a multiple
for $500, payable to the
1 and
check
Borough, required. Approving opinion of Burgwin,
Scully & Churchill of Pittsburgh will be furnished
by the borough.
BENTLEYVILLE, Pa.—BOND OFFERING—As previously
reported in
these columns—V. 145, p. 3386—W.
J. Wilson, Borough
Secretary, will
receive bids until 8 p. m. Dec. 6 for the
purchase of an issue of $75,000
coupon water works bonds.
Bidders are to specify rate of
interest, in a
multiple of M%*
Denom. $1,000.
Dated Dec. 1, 1937.
Due yearly on
Dec. 1 as follows: $3,000, 1941 to
1950, and $5,000, 1951 to 1959.
Certi¬
fied check for $1,500 required.
BOYERTOWN, Pa .—BOND OFFERING—Philip I. Haring, Borough
Secretary, will receive sealed bids until 8 p. m. on Dec. 10 for the
of $70,000 not to exceed 3% interest
purchase
general
obligation bonds.
Dated
Dec. 15, 1937.
Denom $1,000.
Registerable as to principal only.
Due
Bffi;
f?U?*wsA *2,000, 1939; $3,000, 1940; $2,000, 1941; $3,000,
^H^3'000' 1944: *2.000, 1945; $3,000, 1946; $2,000, 1947;
§M2°'
!2'000' 1949; $3,000, 1950; $2,000, 1951; $3,000, 1952;
$2,000, 1953; $3,000, 1954; $2,000, 1955;
$3,000, 1956; $2,000, 1957;
1959; $3,000, 1960; $2,000, 1961; $3,000 in 1962
and $2,000 from 1963 to
1967, incl.
Any and all bonds are redeemable on
and after Dec. 15
1947, at any interest date, in inverse numerical order.
Bidder to name a
single rate of interest on all of the bonds, making choice
from the following;
2, 2M, 2 H, 2 %, or 3 %.
Interest payable J. & D. 15.
Principal and interest will be payable without deduction for
taxes,
except succession
assessed
of
thereon
Pennsylvania, all
of the
or
inheritance taxes,
now
or
any tax or
hereafter levied or
under
any present or future law of the Commonwealth
of which taxes the
borough assumes and agrees to
^ certified check for 2%
Borough Treasurer,
of the bonds bid for, payable to the order
must accompany each proposal.
..
to
CONNEAUT LAKE SCHOOL
DISTRICT, Pa.—BOND SALE—The
$18,500 3% coupon, registerable as to
principal only, bonds offered Nov. 29
rr*. 145, p. 3386—were awarded to Johnson & McLean
of Pittsburgh.
Due Nov. 1 as follows:
$1,000 from 1940 to 1957, incl. and $500 in 1958.
bonds are dated Nov. 1, 1937, and are being reoffered by Johnson &
McLean, Inc., at prices to yield from about
2.10% to 2.87%. according to
maturity.
Principal and interest payable at the First National
Bank,
Conneaut Lake.
Legality approved by Burgwin, Scully & Churchill of
Pittsburgh.
The school district is coterminous with the
Borough of Con¬
neaut.
The bonds, the bankers state
are free of
Pennsylvania personal
property tax under present and future laws and free of all
present Federal
income taxes.
Legal investment, in the opinion of counsel, for trust funds
and savings banks in
Pennsylvania.
■%r
Delinquent taxes and tuition receivable (at 75% of
face)
Net debt (5.3% of assessed
«280 260
18 500
_IH_
None
IIIZIZ
3,156
valuation).
$15,344
Population, 550.
Year—
T^ievy
1934-35
during
.$5,653
year
of
^I^vyr^-—Jxf—iV" 4.319—76%
as of Nov.
Collected
1937
15,
;
1935-36
$5,806
i
i
Court postponed it.
Now there is some doubt whether there will be a
decision before the end of the year.
Mr. Wilson said that he had no alternative but to take advantage of the
law, which permits him to short-change the sinking fund appropriation for
one year.
By invoking the law, the Mayor was enabled to perform the paradoxical
of increasing appropriations
to
the individual departments, and
decreasing the total from this year's figure.
feat
When Governor Earle signed the bill, he said that he had been advised
it might be unconstitutional, and
he recommended
a
Supreme Court test
of its
validity.
City Treasurer Hadley, commenting on Wilson's budget figures, declared
that his department had been allocated some $10,000,000 less than his own
0S()ilHctt}0S
Mr.
Hadley recommended a full payment of $8,043,898 to the sinking
where Mr. Wilson allowed only $1,000,000.
The treasurer also
an appropriation of $2,050,000 for State tax on
city bonds, which
not requested by Mr. Wilson.
Fund,
included
was
SCHOOL DISTRICT, Pa.—BOND OFFERING—
Anderson, Secretary of the Board of Public Education, will receive
until noon on Dec. 14 for the purchase of $6,650,000 not to
exceed \M% interest school bonds, proceeds of which will be used to fund
temporary indebtedness incurred for current purposes prior to July 1,
1937.
The bonds will be dated Dec. 16, 1937.
Due $350,000annually
on Dec. 16 from 1939 to 1957 incl.
Bidder to name a single rate of interest
on all of the bonds, making choice from the
following:
23^, 2%, 3, 3M,
3M,3M,4,4M,or4H%Interest payable June 16 and Dec. 16.
Denom.
$1,000, or at successful bidder's request, in larger denoms. of $10,000 and
$100,000.
Coupon bonds registerable as to principal only or, if desired,
bonds in fully registered form will be issued.
Bonds of the same series
will be interchangeable, registered bonds to coupon bonds or coupon bonds
to registered bonds.
All taxes assessed on the principal or interest of the
bonds by the Commonwealth of Pennsylvania, under any present or future
law, except income, gift, succession, or inheritance taxes, will be paid by
the school district, without deduction.
Bids shall be made at not less
than par, and must be for the entire issue.
A certified check for 2% of
the par value of the bonds, payable to the order of the school
district, must
accompany each proposal.
Bids must be unconditional except that they
may be made subject to the opinion of the bidders' counsel as to the legality
Add B.
sealed
bids
of the
loan, ? Settlement of the bonds in full with accrued interest from
Dec. 16, 1937, to be made with the Secretary on or before Dec.
20, 1937,
at noon.
Pending the preparation of definitive bonds, negotiable interim
of the Philadelphia National Bank, fiscal agent of the school
district, in such denoms. as may be requested by the successful bidder
certificates
will be delivered at the time of settlement.
posed to sell the above issue
a
decision
Nov.
of
the
State
on
16, while sustaining
a
a
(The district originally pro¬
Oct. 22 but canceled the offering pending
Supreme
Court.
Common
Pleas
Acts under which the district proceeded in
cretion were unconstitutional, nevertheless
This
decision, handed down
Court ruling that legislative
levying taxes at its own dis¬
permitted the district to levy
923^ cents per $100 of assessed valuation for the years 1938
This is the rate in effect for 1937 and
compares with the maxi¬
85H cents permitted to the Board by the lower court ruling.
tax rate of
mum
1936-37
$6,308
In
of
allowing
Court
a rate of 92
to
the
referred
3^ cents for the next two
"threatened
emergency
years the State
of
serious
Supreme
proportions"
confronting the Board were it forced to meet mandatory obligations, such
teachers' salaries, within the confines of a tax rate of 85 cents.
The
Board, according to report, originally intended to promulgate a tax rate
4.781—82%
4,565—71%
as
5,646—96 %
5,246—82%
of about $1.10 per $100 for 1938.)
,
5,073—89%
an additional $7,000,000 will have to be added to the total.
Pointing out that, as holders of city bonds, they have an interest in the
proceedings before the Supreme Court, the trusts board petitioned for
leave to intervene in the suit brought by the Committee of Seventy.
The board holds $13,536,400 in city bonds.
The trust companies which
joined in the action, and the amounts of bonds they hold, follow:
The Pennsylvania Company for
Insurances on Lives and Granting
Annuities, $25,329,000; the Girard Trust Co., $20,063,900; the FidelityPhiladelphia Trust Co.,
$21,000,000, and the Provident Trust Co.,
$4,832,000.
A hearing on the suit was to have been held Nov. 19, but the Supreme
and 1939.
Tax Collections (as
Officially Reported)
Collected
The act under fire is the one invoked by Mayor Wilson to cut his total
budget requirements for 1938 to about $78,000,000.
If the law is declared
PHILADELPHIA
BRADDOCK SCHOOL
DISTRICT, Pa .—BOND SALE—The $175,000
coupon bonds offered on Nov. 29—V.
145, p. 3386—were awarded to E. H.
Rollins & Sons and Singer, Deune &
Scribner, both of Pittsburgh on a bid
of 101.676 for 3s, a basis of about 2.85%. Dated Dec. 1, 1937. Due on
Dec. 1 as follows:
$7,000. 1940 to 1948, and $8,000, 1949 to 1962.
Halsey, Stuart & Co.; Johnson & McLean, and Glover &
MacGregor
submitted a bid of 101.1354 for 3s.
D* D. Rollins & Sons, Inc. and Singer, Deane & Scribner are offering
the above bonds at prices to
yield from 1.75% to approximately
2.86%,
according
maturity.
Financial Statement
Assessed valuation
Bonded debt, including this issue
I
Floating debt
tion Act.
Financial
145
Volume
POTTER COUNTY
(P. O. Couder.port),
Pa.—BOND OFFERING—
County Commissioners,
Gunzburger, Chief Clerk of the Board of
announces that sealed bids will be received until
F.
W.
4jp.^m. on Dec. 14, for the
or 4K%
coupon,
purchase of $40,000 IK. IK. 2. 2tf, 2K, 2%
registerable as to principal only, refunding
Dated
1,
Denom. $1,000.
Due $5,000 on Jan. 1 from 1939 to 1946, incl.
to
name a single rate of interest, the latter to be paid semi-annually & J.
Bonds and interest will be payable without deduction for any tax or taxes,
bonds'.
Jan."
1938.
Bidder
J.
except succession or inheritance taxes, now or hereafter
thereon under any present or future law of the
levied or assessed
Commonwealth of Penn¬
to pay. A
order of the
County Treasurer, must accompany each proposal.
The bonds will be
issued subject to approving legal opinion of Townsend, Elliott & Munson
sylvania, all of which taxes the county assumes and agrees
certified check for 2% of the bonds bid for, payable to the
of Philadelphia.
(This report
of the offering
3538.)
supersedes that given previously
TOWNSHIP SCHOOL DISTRICT (P. O. Hamlin), Pa.—
OFFERING—William H. Alt, Secretary, Board of School Directors,
until 8 p. m. Dec. 20, for the purchase of $33,000 3%
school bonds.
Denom. $1,000.
Interest payable Jan. 1 and July 1.
Due
on Jan.
1 as follows:
$1,000, 1940 to 1950, and $2,000, 1951 to 1961
Certified check for 2%, required.
The $33,000 3% coupon consolidated school district bonds will be
on and after Jan.
1, 1950, at par and accrued interest.
Issue is dated
SALEM
BOND
callable
Interest payable J. &
J.
\
SHAMOKIN SCHOOL DISTRICT, Pa .—BOND OFFERING—Earle
Fox, District Secretary, will receive sealed bids until Dec. 15 for the
purchase of $120,000 site purchase bonds.
Due $5,000 each Dec.
1938 to 1961, incl.
Legal opinion of Townsend, Elliott & Munson of Phila¬
delphia.
This issue was approved at the Nov. 2 election.
G.
15 from
Pa.—BOND OFFERING—J. P.
receive sealed bids until 7:30 p. m. on
$175,000 2, 2K, 2K- 2K. 3, 3 A, 3K, 3K or
4% coupon bonds, divided as follows:
$98,000 Junior High School building bonds.
Due Dec. 1 as follows:
$5,000 from 1940 to 1955, incl. and $6,000 from 1956 to 1958, incl.
77,000 Sixth Ward School building bonds.
Due Dec. 1 as follows: $5,00
from 1940 to 1952, incl. and $6,000 in 1953 and 1954.
This issue
was approved at the Nov. 2 election.
All of the bonds will be dated Dec. 1, 1937.
Denom. $1,000. Bidder to
name a single rate of interest on all of the bonds.
Interest payable J. & D.
A certified check for 2% of each issue bid for, payable to the order of the
District Treasurer, must accompany each proposal.
The bonds will be
issued subject to approving legal opinion of Townsend, Elliott & Munson
SUNBURY
SCHOOL
DISTRICT,
District Secretary, will
Dec. 14, for the purchase of
of
Philadelphia.
MORELAND
TOWNSHIP
$1,000.
SCHOOL DISTRICT, Pa.—BOND OFFERING—
Josephine Diksa, Secretary of the Board of School Directors, will receive
sealed bids until 7 p. m. (Eastern Standard Time) on Dec. 20 for the
purchase of $100,000 not to exceed 4% interest coupon, registerable as to
principal only, tax-free school building bonds. Dated Jan. 1,1938. Denom.
$1,000. Due $5,000 each Jan. 1 from 1941 to 1960 incl. Bidder to name a
single rate of interest from the following: 2A,2h,3,3K,3A.3K or 4%.
Interest payable J. & J. Both principal and interest will be payable without
deduction for any tax or taxes, except succession or inheritance tax, now or
hereafter levied or assessed thereon, under any present or future law of the
Commonwealth of Pennsylvania, all of which taxes the school district
agrees to pay.
A certified check for $1,000, payable to the order of the
WEST HAZELTON
District Treasurer, must accompany
each proposal.
O. Williamstown), Pa.—BONDS SOLD
funding and swimming pool bonds offered
WILLIAMS TOWNSHIP (P.
—The
$12,000 4K%
coupon
3049—were sold at par plus a
to 100.791, a basis of about 4.40%.
Dated Dec.
each 1 from 1938 to 1957, inclusive.
Nov.
12—V. 145, p.
premium of $95, equal
1, 1937 and due $600
DETAILS— In connection with the
YEADON, Pa .—BOND OFFERING
previous report in these columns of the Dec. 6 offering of $40,000 coupon,
registerable as to principal only, borough hall bonds, we are
the bidder is required to name a single rate of interest making choice from
the following:
1, IK, IK. IK. 2, 2K. 2K. 2K. 3, 3A or 3K %■ Interest
payable J. & D. The bonds will be issued subject to favorable legal
of Morgan, Lewis & Bockius of Philadelphia, which will be
successful bidder.
The bonds Will be delivered to the purchaser about
advised that
opinion
furnished the
RHODE
ISLAND
TENNESSEE, State of—BOND OFFERING EXPECTED—It is stated
subject to the approval of the funding board, which is
from Nashville that
will offer
$2,-
expected on the bond ordinance about Dec. 7, the State Treasurer
for sale on Dec. 15, an issue of $3,397,000 funding bonds, to mature
000,000 in 1947, and
(P. O. Apponaug, R. I.—BOND OFFERING—G. C.
City Treasurer, will receive sealed bids until noon on Dec. 9
purchase of $139,000 bonds, divided as follows:
$84,000 relief bonds.
Due $7,000 each Dec. 1 from 1938 to 1949 inclusive.
55,000 relief bonds.
Due $5,000 each Dec. 1 from 1938 to 1948 inclusive.
Bidder to name one rate of interest, expressed in amultiple of A of 1%.
No bid for less than par will be considered.
Legality to be approved
Storey, Thorndike. Palmer & Dpdge of Boston.
WARWICK
Anderson,
by
TEXAS
INDEPENDENT SCHOOL DISTRICT (P. O. Alvin), Texas
—BOND OFFERING DETAILS—In connection with the offering scheduled
for 7:30 p. m. on Dec. 6, of the $300,000 not to exceed 3K% semi-ann.
school bonds, noted in these columns on Nov. 27—V. 145, p. 3539—it is
now stated by the Secretary of the Board of School Trustees that the said
CAROLINA
SOUTH
CHESTER,
the interest thereon
such bond
bonds with
they mature.
All bids to be conditioned upon the approval of
issue by the Attorney-General, with proper registration of the
subject to the right of the State Board of Education
the best bid received therefor.
Due $30,000 serially
consecutive years.
A certified check for 1% of the amount bid is
the Comptroller, and
to take said bonds at
for
10
required.
DISTRICT (P. O. Big
INDEPENDENT SCHOOL
SPRING
BIG
Spring) Texas—BONDS NOT SOLD—The $65,000 issue of 5% semi-ann.
building bonds offered on Nov. 22—V. 145, p. 3387—was not sold as all
bids were rejected, according to Edmund Notestine, Business Manager.
DALLAS
Dallas);
INDEPENDENT SCHOOL DISTRICT (P. O.
BONDS—A syndicate of six Dallas investment
Texas—BID FOR
19 offered to pay par for $150,000 bonds
struction of a new high school athletic blant for
Nov.
houses on
which will be used in con¬
Dallas. However, the bid,
received by the City Council, specified that the syndicate
a commission for handling, depending upon the type of
that the ordinance authorizing the bonds provide
a clause giving the bondholders a lien, as security, on revenues of all athletic
contests held in the plant and a lien on surplus funds, if any, of the Board
only one to be
receive
should
bond issued, and requires
of Education.
The syndicate's
proposed commission on 4K% bonds was $4.95 per
Bids were asked on bonds bearing
$100, and on 4^% bonds was $3.40.
both rates of interest.
The maturity
of the bonds will be 15 years
after
Pierce & Co.;
and A. B.
Joining in the bid were:
Brown-Crummer Co.; Rauscher
Garrett & Co.; Miller, Moore & Brown, Inc.; Evans & Scott,
Wood.
HIDALGO COUNTY
S.
C.—BOND
SALE—The $65,000
following report to make:
coupon
water and
100/327,
and $5,000, 1949 to 1953.
GEORGETOWN HIGH SCHOOL
DISTRICT (P. O. Georgetown),
is reported that bids will be received
of the Board of Trustees, for the purchase
$80,000 issue of school bonds.
:
S. C.—BOND OFFERING^— It
Dec. 14, by the Secretary
SOUTH
until
of an
DAKOTA
HURON, S. Dak.—BOND OFFERING WITHDRAWN—REFEREN¬
DUM ORDERED—In connection with the offering of $200,000 4% muni¬
3387—City
cipal auditorium bonds planned for Dec. 6—V. 145, p.
Trea¬
surer William H. Olson informs us that the sale of the bonds has been
withdrawn pending the result of a referendum on the bonds set for Dec. 14,
because on Nov. 27 the Circuit Court of Beadle County rendered a decision
favorable to the petitioners for a referendum on the bond issue.
The City
Auditor set the date for the vote at Dec. 14.
AUTHORIZED—The town trustees have
of $35,000 refunding bonds.
WOOD INDEPENDENT SCHOOL DISTRICT NO. 1 (P. O. Wood)
S. Dak.—BONDS SOLD—Ervin Dickson, District Clerk, states that the
$13,000 6% coupon semi-ann. school bonds offered without success on
Oct. 25, as noted in these columns—V. 145, p. 2894—have been sold to the
State of South Dakota.
Dated Nov. 15, 1937. Due from Nov. 15, 1940
KADOKA, S. Dak.—BONDS
resolution authorizing the issuance
to 1956.
(P. O. Edin¬
LOAN AUTHORIZED—A
special
2 had the
Street Journal" of Dec.
loan of $525,according to announce¬
of Harlingen, division
appraiser for the Corporation.
An election to issue bonds in that sum to
secure the loan will be called by the Board of Directors of the District, and
the loan will be used to refinance $750,000 of outstanding bonds, which
would mean a saving of approximately $400,000 through reduced principal
"The
Reconstruction Finance
Corporation has authorized a
000 to the Hidalgo County Drainage District No. 1,
ment received from Washington by R. J. Easley
outstanding indebtedness.
petitioned commissioners court for an election to
but it was ascertained that dissolution might prevent
refinancing of the indebtedness on a basis favorable to property owners and
this effort was abandoned.
"At the recent special session of the Legislature an act was passed which
validated the District and all its acts to date and which gave permission to
commissioners court to act also as directors of a drainage district where the
district was located entirely within the boundaries of a single county.
The
law also gave directors permission to apply to the RFC for a refinancing loan.
and interest on the
"District
directors had
dissolve the District,
PAINTED CREEK
VOTED— The
BONDS
RURAL HIGH
SCHOOL DISTRICT, Tex.—
have approved a $35,000
residents of the district
bond issue.
school building
WEATHERFORD,
recently approved
of the city
Texas—BONDS VOTED—The voters
the issuance of
light plant
$600,000 water and electric
bonds.
UTAH
Utah—BONDS NOT SOLD—It is stated by Mayor Mark
Anderson that the $40,000 6% semi-ann. special improvement paving
bonds scheduled for sale on Nov. 24, as noted here—V. 145, p. 3387—were
not offered on that date since the bonds must first be offered to the State
before inviting bids for their purchase.
It is understood that they will be
reoffered about Dec. 7. Due serially in from one to 10 years.
UTAH, State
of—REPORT ON LOCAL
following information was
Lauren W. Gibbs, of the
UNITS IN DEFAULT—'The
contained in a letter sent to us on Nov. 23 by
Lauren W. Gibbs Co., Salt Lake City security
dealers:
are now
extension system bonds offered on Dec. 2—V. 145, p. 3539—were
awarded to the Robinson-Humphrey Co. and C. W. Haynes & Co. of
Columbia as 4s, at par plus a premium of $212.50, equal to
a
basis of about 3.96%.
Dated Jan. 15, 1938.
Due Jan. 15 as follows:
$4,000, 1939 to 1948,
DRAINAGE DISTRICT NO. 1
burgh Tex.—RFC REFINANCING
dispatch from Edinburg to the "Wall
three issues of bonds within the entire
There is an issue of Mapleton 6%
in default.
State of Utah which
bonds which will no
date by the city in the very near future. The
bonded heavily—is in one of the finest areas in the State of Utah
doubt be brought to
sewer
a
all taxable property within the district
and create a sinking fund to pay such bonds as
board is authorized to levy a tax on
to pay
There are but
^
$1,397,000 in 1948.
PROVO,
for the
passed
(P. O. Jasper), Tenn.—BONDS VOTED—At an
22 a proposal to issue $90,000 school building bonds
approval of the voters.
MARION COUNTY
election held on Nov.
received the
issue.
SCHOOL DISTRICT (P. O.
Hatboro), Pa.—BOND OFFERING—On Dec. 13 the district wLl offer
for sale an issue of $50,000 coupon high school improvement bonds. Denom.
UPPER
building
145, p. 3539.)
ALVIN
will receive bids
Van Dyke,
York City.
(M. & N.) payable at the Chemical Bank & Trust Co., New
Legality to be approved by Chapman & Cutler of Chicago.
(We recently reported the sale of $147,000 refunding and school
bonds to Nunn, Shwab & Co., on a report from the City Recorder—Y.
in these
columns.—V. 145, p.
Jan. 1, 1938.
3699
Chronicle
.
Dupree), S. Dak .—BONDS AUTHORIZED
—The County Commissioners recently approved a resolution authorizing
the issuance of $89,500 refunding bonds.
ZIEBACH COUNTY (P. O.
city is not
and has a
interest and serial payments
resented the high rate
effort to reduce
alter their position
weeks.
bonds in default.
and sufficient
operating and tax income to maintain a splendid, orderly financial position.
The area within Duchesne County,
however, probably contains more
marginal land which has been settled than any other section within the
State.
In addition to this the county has a large section of land owned by
the Government and which is used as an Indiana Reservation. The United
States does not contribute to any part of the Governmental cost within the
county and the Indian Reservation yields no taxable income, yet the popu¬
lation within the Reservation are furnished governmental service and
regulation by the two or three towns, the county and school district.
In
addition to these features and in addition to our "recently forgotten de¬
pression" there existed in the Duchesne area a seven-year drouth period,
from 1930 to 1936.
The towns hardest hit within the area—Myton, Du¬
chesne City and Roosevelt, have had their outstanding bonded indebted¬
capacity to pay several times the amount of
which come due.
Some of the present officials have
of interest and the present delinquency has been a deliberate
the rate of interest.
The bond holders have refused to
and we are sure this delinquency will be met in the next few
Duchesne County and Duchesne School District have
Duchesne School District has a splendid financial statement
ness
accrued interest,
refunding bonds.
School District and Duchesne
refunded without discount as to principal or as to
concession as to interest under the future
is now underway with Duchesne
but with some
This process
County.
There is
no
There were a
other delinquent
total of not more
bonded indebtedness in the
than 25 to 30 communities
entire State.
who fell into
somewhat extended, during the depression
period, but all of these communities have since been refunded on serial
basis—without loss to the bondholders (at least, in each case the bondholders
received not less than par and accrued interest). It might be added modestly,
that this office handled practically all of these refinancing arrangements.
delinquency, either temporary or
The smaller
communities have been given
specialized attention by us.
all taxing units
absolutely sound
Constitution. The de¬
knowledge or lack
communities.
information, the Constitution limits corporate debt of Utah
to not over 4%. This is increased an additional 8% in the case
probably been due to our steadfast belief that
Utah, regardless of how small in size, are
credit risks to the amount of debt allowed by the
linquencies in most cases have been lack of attention or
of system on the part of various officials of smaller
This has
in the State of
TENNESSEE
O. Huntingdon) , Tenn.—SINKING FUND
connection with the report given in our issue of
CARROLL COUNTY (P.
PURCHASES BONDS—In
Nov. 20 that
sealed tenders would be
received until Nov. 29 for
general
the
refunding and funding bonds of 1936, series C to H, inclusive, for
ac¬
count of the interest and sinking fund—V. 145, p. 3387—it is stated by
Adrian Bramley, County Judge, that a total of $10,000 6% and 5K%
bonds were purchased at an average price of 99.97.
COLUMBIA, Tenn.—BONDS SOLD—We are informed that $42,000
3K% coupon fund, bonds have been purchased jointly by the Harris Trust
& Savings Bank, of Chicago, and Nunn, Shwab & Co. of Nashville, at par.
Dated Nov. 1, 1937.
Due on Nov. 1 as follows:
$7,000, 1940; $5,000,
1941 and 1942; $10,000, 1943 and 1945, and $5,000 in 1947.
Prin.
int.
and
For
your
taxing units
of towns
and cities of the third class.
Said 8% indebtedness is created for
and light or sewer—all of which
themselves of retiring their own
the purpose of installing waterworks, power
of course are revenue bearing and capable
debt.
fund levy to
levy for the
make mandatory the provisions for sinking
issued. The law places no limit on the amount of
The Utah laws
retire bonds
payment of bonded debt.
The outlying districts of Utah are almost entirely farming
and have been settled for many years. There are no towns or
communities
communities
3700
surviving
Financial
Chronicle
single industries.
The communities,* furthermore, are
pre¬
ponderate] y of the Mormon Faith, which, throughout its
history, has laid
great stress upon the prompt
payment of debt.
The State of Utah truly has an enviable record In
the retirement of bond
Indebtedness of its communities. Except as above
outlined, there has never
been a default within the
State, regardless of the size or type of community,
Dec.
1937
4,
on
Canadian Municipals
unless the default has been corrected and the
indebtedness paid or refunded
and now in current
position,
Information and Markets
VERMONT
BRAWLEY, CATHERS & CO,
RUTLAND, Vt.—BOND
SALE—The issue of $25,000 coupon sidewalk
curbing bonds offered on Nov. 29—V. 145, p. 3539—was awarded to
Halsey, Stuart & Co., Inc., New York, as 2s, at a price of
101.068, a basis
of about 1.84%.
Dated Nov. 15, 1937 and due $5,000 on Nov. 15 from
1942 to 1946, inclusive.
25
and
KING ST.
WEST, TORONTO
ELGIN MM
CANADA
,
r
BRITISH COLUMBIA (Province of)—REVENUES HIGHER—British
expects to have a surplus on ordinary account, exclusive of
unemployment relief, of $2,600,000 in the current fiscal year, which ends
March 31, 1938, according to figures given to the B. C.
legislature by Hon.
John Hart, Provincial Treasurer, in his budget
speech.
Ordinary surplus
in 1936-1937 was approximately
$2,600,COO also.
Revenue returns for the six months ended Sept. 30 were well ahead of
estimates, amounting to $16,600,000.
This is an increase of $1,600,000
over collection in the same
period of 1936-1937 and Treasurer Hart now
Columbia
$77,000.00
COMMONWEALTH OF VIRGINIA Ref. 4s,
Due
July 1962 @ 2.40% basis & interest
F. W. CRAIGIE & COMPANY
estimates that
will amount to at least $29,000,000, which will be
In his budget last year, he estimated revenues
for
$26,500,000.
The increase has largely been due to higher returns from
liquor profits,
gasoline tax, income tax, motor vehicle licenses, timber royalties and
another
Richmond, Va.
Phone 3-9137
new
1937-1938
A. T. T. Tel. Rich. V«. 83
revenues
record.
at
timber sales.
VIRGINIA
DANVILLE,
Va .—BOND
OFFERING
CONTEMPLATED—It
reported that the city is planning to issue
$100,000 in paving, bonds.
,
VIRGINIA, State of—ROAD FUNDS REPORTED
NEEDS—Estimated revenues for the next fiscal
million dollars short
of
taking
care
of the
LESS
year will fall
State's road needs.
is
average discount
THAN
some
eight
Highway
Commissioner Henry G. Shirley told Governor
Peery and the budget ad¬
visory committee recently.
,
Shirley estimated highway
revenues from State sources for the
and the needs for the year at
$22,735,417.13
second
year
Chairman
of
the
predicting
CANADA (Dominion of)—TREASURY BILLS SOLD—The Bank of
announced Nov. 30 on behalf of the Finance
Department the
acceptance of subscriptions to an issue of $25,000,000 treasury bills, at an
Canada
period
as
$30,655,313.
Figures for the
biennium, 1939-40, were similar with the
highway
$23,972,917.13 would probably be available and
$30,675,828 needed.
He added that he would not
undertake to say where funds to meet the
full needs of his
department could be gotten.
He said he felt he should
only point out what was needed.
price of 99.80680, to yield 0.785%.
HALTON COUNTY (P. O. Milton), Ont.—BOND
SALE—Harris,
MacKeen & Co. of Toronto were the successful bidders for the
$12,000 3%
bonds offered Nov. 30.
Accepted bid was a price of 100.52.
Second
bid of 100.10 was made by the Bank of Nova Scotia.
20, 1937, and due in five instalments.
high
Issue is dated Dec.
KINGSVILLE, Ont .—REFUNDING PLAN READY—A settlement
plan which is understood to have the council's approval and to be satis¬
factory to creditors' representatives, is now ready to go before the Ontario
Municipal Board.
The plan provides that new 25-year serial debentures are to be issued to
replace all old debentures maturing before the date of issue of the new
securities.
Past due interest will be paid in cash at the contractual rate
to the original maturity date, and from that time at
4H% until Dec. 31,
,
1937.
Under the plan new debentures will also replace unmatured
debentures,
and will bear interest at the original contract rate up to the
original maturity
date, and thereafter 43^% to the new extended maturity date.
Interest is overdue on $414,398 of general debt and
$120,286 of
NORTHWESTERN MUNICIPALS
obliga¬
tions in connection with the Windsor, Essex and Lake Shore
Railway.
This is to be settled by payment of $111,483 cash.
For this purpose, it is
estimated $110,749 cash will be available as at Dec. 31, 1937.
Washington—Oregon—Idaho—Montana
4)rumWlpr. EMurhtnan & IDhitc
SEATTLE
Teletypes SEAT 187, SEAT 188
WASHINGTON
PIERCE COUNTY SCHOOL DISTRICT
NO. 4 (P. O. T.coma),
Wash.—BOND OFFERING—Sealed bids will be
received until 10:30 a. m.
Dec. 18 by Paul Newman,
County Treasurer, for the purchase of a
$6,000 issue of school bonds.
Interest rate is not to exceed
6%, payable
semi-annually.
Due in from 2 to 13 years after date of
issuance.
Prin.
and int. payable at the
County Treasurer's office, the State Treasurer's
office, or at the fiscal agency of the State in New York
City.
A certified
check for 5% of the bid is
required.
on
SEATTLE, Wash.—BOND OFFERING CORRECTION—In
with the
connection
offering scheduled for Dec. 31, of the $500,000
municipal water
extension bonds, 1937, series No.
1, noted in these columns recently—
V. 145, p. 3540—the
following statement has been sent to us by H. W.
Carroll, City Comptroller, calling attention
ing notice:
to an error In the
original offer¬
•Please disregard previous
copy wherein it relates to specifications (a)
and (b)—fifth
paragraph under heading 'Call for Bids.'
This has been
changed by Resolution No. 12183 to read as follows:
'Bidders shall submit
separate bids on blank forms furnished
by the City Comptroller specifying
the coupon rate of interest that
the bonds shall bear, and no bid for
more
than the maximum
coupon rate of interest shall be considered.
Said bids
shall be without condition,
interlineation, explanation or erasure.' "
TENINO, Wash.—BOND ELECTION—At an election set
for"Dec.
a
proposal to Issue $45,000 water works bonds will
be submitted to
£^H£TCOM COUNTY
(P. O. Bellingham), Wash.—BOND
7
vote.
a
OFFER¬
ING—Sealed bids will be received until 11
a. m. on Dec. 17
by A. C. AtCounty Treasurer, for the purchase of an issue of
$160,100 of
refunding bonds.
Interest rate is not to exceed
4%, payable semi-annually.
Dated Dec. 20, 1937.
Bonds to run for 20
years, maturing and numbered
P?1 Pne uPward, consecutively, which annual maturities shall commence
wood,
with the second year after
date of issue of said
bonds, and shall be (as nearly
as
practicable) in such amounts as will, together with
interest on all out¬
standing bonds, be met by an equal annual tax
levy for said payment.
The county reserves the
right to pay and retire said bonds, or
any of them,
on any interest
These
bonds
amount of
for
paying date at any time after five
years from the date thereof.
are
being issued and sold for the purpose of
funding
outstanding and unpaid warrant indebtedness. * A
5% of the bid
a
like
certified check
is required.
WHATCOM COUNTY SCHOOL
DISTRICT NO. 101 (P. O.
Belling¬
Wash.
BOND OFFERING—-Sealed bids
will be received until
a. m. on Dec. 10
by R. C. Atwood, County
Treasurer, for the purchase
ham),
10
of a 810,000 issue of
school bonds.
Interest rate is not to exceed
4%,
payable semi-annually.
Denom. to be in multiples of
$100, except bond
No. 1, to mature and become
payable in from 2 to 20 years after date of
Issuance, provided that the right is reserved to
redeem said bonds or
any
of them at
any time after five years from the date
of issuance.
Prin. and
payable at the County Treasurer's
office.
A certified check for
5%
Int.
must
accompany the bid.
(This notice supersedes the
offering report given in these columns
cently under the caption of "North
V.
145, p. 3540.)
'
re¬
Bellingham School District, Wash."—
LEAMINGTON, Ont.—REFUNDING APPROVED—A
effected without further delay.
Unmatured debentures amounting to $466,306 principal amount are to
be replaced by an issue of an equal amount of new
20-year debentures,
redeemable at the town's option, in whole or in part, on Dec. 31 In
any
year, at par and accrued interest.
Interest from Jan. 1, 1937, to the
original maturity date will be at the original contractual rate, and there¬
at 4H% Per annum.
It is understood the new bonds will mature
after
serially.
It is proposed to pay the 1934 principal maturities,
totalling $44,267, in
cash.
The 1935 and 1936 maturities, amounting to $72,623 and
$72,507 re¬
spectively, will be settled by the issue of an equal amount of new 4H%
debentures.
Interest accrued on all these securities to Dec.
31, 1936,
totaling $18,413,will be paid in cash.
Debt charges for 1937, which are
approximately $64,756, will also be paid out of cash on hand.
It is esti¬
mated there will be $200,000 available for cash settlements and for
working
capital and refunding expenses as at Dec. 31,1937.
Liabilities in connection with the Windsor, Essex and Lake Shore
Ry.
and the Ontario Housing Loan will be settled as to
principal by issue of
$203,159 of new debentures.
Interest arrears on Dec. 31, 1936, amounting
co $36,512. are payable in cash under the Dlan.
LONGUEUIL, Que.—BOND SALE— The issue of $41,700 improvement,
on Nov. 19—V. 145, p. 3388—was awarded to
Credit AngloFrancais, Ltd., and Banque Canadienne Nationale, both of Montreal,
jointly, as 43^s, at a price of 97.25.
Dated Nov. 1, 1937, and due serially
bonds offered
in
25
years.
»
QUEBEC
(Province of)—BOND SALE—A syndicate headed by the
Bank of Montreal purchased on Nov. 29 a total of
$25,000,000 bonds, of
which $23,500,000 was used in the retirement of an
equal amount of tem¬
porary indebtedness and the balance of the proceeds set aside for
general
Surposes. Theand $10,000,000 non-callable 2s, due Dec. 1, 1940. All of
sale consisted of $15,000,000 33^ % non-callable bonds, due
1, 1952,
une
the bonds are dated Dec. 1, 1937.
The $10,000,000 series was placed
privately, while the loan of $15,000,000 was offered publicly on Nov. 30
at a price of 98.29 and accrued interest, to
yield about 3.40%. The bankers
announced closing of the books on the latter issue at the close of business
on Nov. 30.
Both principal and semi-annual interest on the bonds (June 1
and Dec. 1) are payable in lawful
money of Canada in the cities of Quebec,
Montreal or Toronto, at the holder's option.
Coupon bonds in denoms.
of $1,000 and $500. registerable as to principal
only.
Legality approved by
Meredith, Holden, Howard & Holden.
They are direct obligations of the
province, constituting a charge upon its consolidated revenue fund and a
sinking fund of at least H of 1 % will be provided annually during the term
of the loan.
Associated with the Bank of Montreal in the
underwriting were: Hanson
Bros., Inc.; L. G. Beaubien & Co.; Royal Securities Corp.; Mills Spence
& Co.; McLeod. Young, Weir & Co.; Bell, Gouinlock &
Co.; McTaggart,
Hannaford, Birks & Gordon, Nesbitt, Thomson & Co.; Collier, Norris &
Henderson; Mead & Co.; Kerrigan, MacTier & Co.; Harrison & Co.;
Ernest feavard, Drury & Co.; Bariett, Cayley & Co.; R. O.
Sweezey & Co.;
Rene-T. Leclerc, Cochran, Murray & Co., and the Midland Securities
Corp,
TRENTON,
Ont.—REFUNDING
WISCONSIN
mature
f LA
in
the
VICTORIA,
Wis.—BOND SALE—The
15 years.
Grantsburg), Wis.—
the District Clerk that the
to the State Trust Fund
sold
as
33^8. at
par.
and
CROSSE,
Wis.—BOND OFFERING—F. L.
Kramer, City Clerk,
will receive bids until 2
p. m. Dec. 13. for the purchase of the
following
4%bonds:*f
£ *
* w * L At,
$13,620 sewer construction bonds.
Denom.
1^7,780 grading bonds.
h
fc 520 sewer,
curb
and
$681.1 WSI
Denom.
gutter
$778.
bonds.
Denom.
$52.$
JR
f ST. CROIX COUNTY (P. O. Hudson),
Wis.—BONDS AUTHORIZED
—The County Supervisors have
passed a resolution
authorizing the issuance
of $260,000 highway
bonds.j
Council
Under the plan,
new
15-year 4M % bonds in the principal
$105,000 will be exchanged for an equal amount of matured debt.
The residue of unpaid principal will be settled
by cash payments.
$132,000 coupon sewage dis¬
posal plant and intercepting sewer bonds
offered on Nov. 27—V
145
p
3540—were awarded to the Harris
Trust & Savings Bank of
Chicago as
2 ^s, at par plus a premium of
$1,410, equal to 101.068.
Denom. $1,000.
Dated Dec. 15, 1937.** Interest
Payable Dec 15> Due from 1948 to
1957
O.
ADOPTED—Both
holders of the required principal amount of matured debentures
have agreed to a plan for adjusting the
default, according to Canadian press
advices.
Final settlement of the problem is expected to be made before
close of the year.
y GRANTSBURG SCHOOL DISTRICT
(P.
DETAILS—It is now reported
by
$25,000 refunding and improvement bonds sold
as noted here
recently—V. 145, p. 3388—were
PLAN
and the
amount of
BARABOO,
plan for settle¬
ment of the default situation has received
approval of the town council
and representatives of creditors.
The plan must now go before the Ontario
Municipal Board, and it is believed approval of holders of the required 66 %
of debenture holders will be forthcoming so that final
settlement can be
B.
C.—REFUNDING
PLAN
MAY
BE
EFFECTIVE
SOON—Consents representing more than the required
51% of debentures
in favor of the plan for
refinancing the city's outstanding indebtedness
(with the exception of $76,000 housing bonds) have been
forwarded
to
Victoria and will be submitted to the British
Columbia Legislature soon,
It is understood that the provincial government is
the necessary refunding act and to
expedite the
requiring readings, after which it will be made effective.
As outlined in
these columns sometime ago, the plan does not
provide for any financial
concessions by creditors, other than approval of a
recasting of maturities.
The city, it was said, announced its
inability to continue meeting debt
service requirements under existing
maturity schedules.
The refunding
bonds to be exchanged under the plan will mature Dec.
31, 1966, although
provision is made for redemptions on any interest date.
They will be paid
in the currencies
provided for in the original securities and bear interest at
the same rate specified in the old bonds
up to maturity date of the latter;
thereafter interest will be paid at
4)4% until redeemed.
City securities
now held in the
sinking funds will be canceled and a Board of Debenture
Retirement Fund Trustees will be established to administer the
existing
sinking fund, also to receive and disburse subsequent income in accord¬
according to report.
prepared
ance
to
introduce
with the terms of the plan.
The plan was issued by W. F. Mcllroy,
Secretary of the Victoria Debenture
Toronto.
Holders
Committee, 302
Bay
St.,
@FedFRASER