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■"."".'■J'..
■
'
■
act of march c, 1879.
.«:£&
THE
NO. 3790.
CHASE
NATIONAL BANK
of
the
city
of
new
york
aJRK
The
chase is
tra-
ditionally a bankers' bank.
For
many
served
COMPANY
a
years
it has
large number
of banks and bankers
as
New York
correspondent
and
reserve
Member Federal
depository.
Deposit Insurance Corporation
STATE
./
AND
MUNICIPAL
ices
Par
BONDS
Buenos Aires
United States
Government
Securities
The
SMITH, BARNEY
14 WALL
& CO.
STREET, NEW YORK
FIRST BOSTON
CORPORATION
new
522 FIFTH
AVENUE, NEW
PHILADELPHIA
Street, New York
BOSTON
Boston
chicago
and other
offices
Incorporated
63 Wall
Telephone: BOwIing Green 9-5000
YORK
YORK
philadelphia
principal
Brown Harriman & Co.
Philadelphia
San Francisco
Chicago
Washif
tton
san francisco
Representatives in other leadin,
,
lilies
principal cities
in
BOSTON
1411 Chestnut St.
111
CHICAGO
Devonshire St.
LONDON
105 W. Adams St.
11 Birchin
Lane, EC3
'
Tl
'
L:''
The
State and
NewTbrkTrust
Municipal Bonds
Hallgarten & Co.
Company
Established 1850
NEW
YORK
Chicago
Capital Funds
.
.
$37,500,000
London
INC.
New York
IOO
Wertheim & Co.
Barr Brothers & Co.
Chicago
BROADWAY
57TH ST. & FIFTH AVE.
40TH ST. & MADISON AVE.
120
Service
Broadway
London
Banks and
Dealers since
1888
Amsterdam
European Representative's Office:
8 KING WILLIAM STREET
Carl M. Loeb, Rhoades & Co.
61
LONDON. E. C 4
Paris
Amsterdam
HORNBLOWER
&
WEEKS
Established 1888
40
BROADWAY
*
NEW YORK
London
to
NEW YORK
New York
Berlin
Member of the Federal Reserve System,
the New York Clearing House Association
and of the Federal Deposit Insurance Corporation
Wall Street
NEW YORK
Members New York,
Cleveland,
Boston, Chicago,
Philadelphia and
Detroit Stock Exchanges
New \
Leau.
Investment ha,.
BIRMINGHAM
Specialists in
MARX & CO
Secun
BIRMINGHAM, ALABAMA
PUTNAM &
Members New York Stock
MUNICIPAL
SOUTHERN
AND
CORPORATION BONDS
6
CENTRAL ROW
Tel. 5-0151.
A. T. T. Teletype—Ha
ST. LOUIS
DETROIT
MICHIGAN MUNICIPALS
and
Missouri and Southwestern
Stocks and Bonds
CORPORATION BONDS
WATUNG, LERCHEN & HAYES
Members
New York Curb Assoc.
Chicago Stock Exch.
Stock Exch.
Detroit Stock Exchange
New York
334 BUHL
*
HA*
DETROIT
BLDG.,
Smith, Moore & Go.
[na
°t
St. Louis
Head Office
A. T. & T. Teletype
YO
St. Louis Stock
St. L. 587
Exchange
FULLY PAID CAPITAL
.
£3,000,000
RESERVE FUND.
.
3,000,000
.
.
LONDON AGENCY
PUBLIC UTILITY BONDS
6 and
&
Co.
Branches in all the
principal Towns in
GA/NT LOUIS
Charles A. Parcel Is & Co.
7, King William Street, E. C. 4
EGYPT and the SUDAN
oo^ouvc st
Member* of Detroit Stock Exchange
PENOBSCOT BUILDING, DETROIT, MICH.
Members St. Louis Stock Exchange
MILWAUKEE
NATIONAL BANK OF INDIA, LIMITED
Bankers to the Government in
and
WISCONSIN
CORPORATION SECURITIES
BROKER WANTED
To sell part or
all of 75,000
EDGAR, RICKER&CO.
shares of Gold Mining Issue
7B0 North Water Street
Prospectus filed with Securi¬
Milwaukee, Wig.
In
ties and
Exchange Commis¬
Copies
on
application.
Bishopsgate, London, E. C.
Burma, Ceylon, Kenya
and Aden and Zanzibar
India,
Colony
£4,000,000
Subscribed Cap!tal
Paid Up
sion.
£2,000,000
Capital.
£2,200,000
Reserve Fund
The Bank conducts every
description of banking
and exchange business
Trusteeships
and
Executorships
also
undertaken
James L. Curran
Notices
NOTICE OP VOLUNTARY
Head Office: 26,
Branches
Teletype—Milwaukee 92
Kenya Colony
Uganda
LIQUIDATION
Lead, South Dakota
OF
THE
MT. GILEAD NATIONAL
Mt. Gilead,
BANK
Ohio
CHARTER NO. 6620
hereby given that the shareholders
owning more than two-thirds of the stock of the
Mt. GlleadtNational Bank, Mt. Gilead, Ohio,
at a meeting regularly called and held for that
purpose on the 22nd day of August, 1935, voted
that said Bank should go into voluntary liquida¬
Notice
tion and be closed.
that the Association
and the holders of its
notes
and other creditors are hereby notified
to present the notes and other claims against the
Notice
Is
closing
PORTFOLIO
MANAGER
is
is
further
up
Its
given
affairs
Association for payment.
By order of its Board of Directors.
WM. F. BRUCE, President.
(SEAL)
20 years'experience man¬
aging bank investment port¬
folios; trading and analyzing.
credentials.
BANKING 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
BOND TRADER
Highest
Hong Kong & Shanghai
Box
S2, Financial Chronicle, 25
Spruce St., New York City.
of the Colony.
Authorized Capital (Hongkong
Paid-up Capital
Currency) H$50,000,000
(Hongkong Currency)—HJ20.000.000
Fund in Sterling
Reserve Fund In Silver (Hongkong Cur¬
Reserve
Reserve
£0,600,000
H$ 10.000,000
rency)
Liability of Proprietors
(Hong¬
—H$20,000.000
kong Currency)
A.
72
G.
KELLOGG, Agent
WALL STREET, NEW
YORK
\
financial
TV
ommerctHi
No. 3790.
FEBRUARY 12, 1938
Vol. 146
CONTENTS
Editorials
page
The Financial Situation
956
The Federal Housing
968
970
The
Program
Growing International Tension
Comment and Review
Gross and Net
Earnings of United States Railroads
December
-
Amending National Housing Act....
Text of Measure
Annual Report
New
for
—
972
976
980
982
of Comptroller of the Currency
Capital Issues in Great Britain
Book Reviews:
Credit Manual of Commercial Laws,
The New York Bond Market,
Week
on
the European Stock
971
983
1938
1920-1930
Exchanges
..
960
961
965 & 1017
Foreign Political and Economic Situation
Foreign Exchange Rates and CommentsCourse of the Bond Market
983
984
959
1016
Indications of Business Activity
Week
on
the New York Stock Exchange..
Week
on
the New York Curb Exchange
News
997
Current Events and Discussions
Bank and Trust Company
General Corporation
1015
1060
Items.
and Investment News
Dry Goods Trade
1103
State and
1104
Municipal Department.
Stocks and Bonds
1016,1017 & 1025
Foreign Stock Exchange Quotations
Dividends Declared
1019
1019
.
Auction Sales
1026
1036
—1042
1046
1048
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations..1026 &
New York Curb
Exchange—Stock Quotations
New York Curb
Exchange—Bond Quotations
Exchanges—Stock and Bond Quotations
Canadian Markets—Stock and Bond Quotations
Other
Over-the-Counter Securities—Stock & Bond
1053
Quotations 1056
Reports
Foreign Bank Statements
Course of Bank
964
1017
—
Clearings
1023
Federal Reserve Bank Statements
General Corporation and
Investment News
...1060
Commodities
1094
1096
The Commercial Markets and the Crops——
Cotton
Breadstuff s
1101
.
Published Every Saturday Morning by the William B.
Dana Company, 25
Spruce Street, New York
(except Spain), Asia, Australia and Africa,
line.
Contract and card rates on
per agate
for foreign
Dana Seibert,
subscriptions and advertisements must be made in New York
City
William D. Riggs.
208 South La Salle Street (Telephone
1938
Act of March 3, 1879. Sut»mptions
$16.50 per year, $9.75 for 6 months,
Great Britain, Continental Europe
$20.00 per year, $11.50 for 6 months.
Transient display advertising matter, 45 cents
request.
NOTE;
On account of the fluctuations in the rates of exchange, remittances
Herbert D. Seibert, Chairman of the Board and Editor; William
President and Treasurer;
Manager.
Other offices:
Chicago—In charge of Fred H. Gray, Western [Representative,
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens. London, E. C.
Copyright
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the
in United States and Possessions, $15.00 per year, $9.00 fori 6 months; In Dominion of Canada,
8outh and Central America, Spain, Mexico and Cuba, $18.50 per year, $10.75 for 6 months;
funds.
The Financial Situation
four hours of half-hearted
E?TLE wonder that a question put to the President
early in the week about
"breathing spell"
a
for business
met with loud
was
guffaws of laughter
by the assembled representatives of the
not have been surprising, but it
may
shocking and disheartening that,
such
those
as
according
should,
existing,
now
to
member
nonetheless
was
in
of
mittee
It
press.
coming
measure
the
which
a
indicate that the laughter
itself furnished the
to the
episode,
times
as
it
unquestionably
Senate
for
convince
dent of current events that
business,
else
multitudes
to
results
It
growing
those
among
forward
put
the
enthusiastic
to
that
us
which
possibly
the
of
rian
the
farmer.
most
A
brought
which
one
vicious
measures
to the
of
other that
time
at
signature by the
President to
which
took
Maloney
become
the
bill
one
more
they do
what appears to
be
out
on
an
be
saw
year
current
gress,
_
backing which
to Con¬
cannot
these
it
as
a
of
some
be
There
sorrow
in
possible
to
to
the
marshal
reminder
of
the
proceed much
of
for
the
they
are
These
tainly
today.
of
course
are
are
foredoomed
to
if the
House
sea
by
were
a
a
the
in
future.
near
The fact that this obvious
through
outcome is
so
as a
being accepted
matter of
course
rank and file of the
of
the
country
beings
evidence of the
programs
which
to
ploited by
is
other
important
serves
of
the
as
another
President to
calm and the
range
maximum.
The
ability
House of Representatives
large majority, with only
demands
mute
degree in
one
being
ex¬
of the most
troublesome, expensive,
failure.
a
by the
people
they have become
reconciled
and avaricious lobbies this
elementary truths, but they cer¬
not
understood at Washington
struggle between
as
be
basically
country
or
any
known.
other has
The
plainly the result of
determination
visibility at
"machine" in the
of
a measure
can
by the House will become
law
ever
White
to force the
passage,
profes¬
perceive.
human
nearly certain
identical with that adopted
from
economic
of
as
is that
not inspire whole-hearted
support
the rank and file of those who must
forward the actual work.
and
the
to
now as
run
anything in politics
throughout the length
execution
various
at
able
must work with and
stages of completion more or
less admittedly
upon the New Deal agenda, and the
merriment
is
diffi¬
What
is
is
When the programs do not command even
the respect of thoughtful men and women
foreboding.
however, several
are,
measures
rarely
individuals
same
not
carry
priming the pump again,
hardly suggests even tem¬
economic
reformer
into
among
others,
surcease
which
us,
which do
to
of
porary
of
Many supposed that
would
culties in the House.
one
effectively
cost
$8,000,000,000
the purpose,
among
all
an
be amended
not
may
ate.
it
shortcomings.
Except under absolute dictatorships, and
probably not even there in the long run, it
the construc¬
highways to
with¬
many
incred¬
seem)
may
set out
upon
tion
as
for
as
here and there in the Sen¬
impossible."
and breadth of the land in whom he finds
is
wholly ignored,
life
they deserve.
The agricultural bill may
or
So obsessed is he with the desire to make the
world over to accord with his ideas that he
fiscal
and which heard
energy
are
It is just this vital truth that the
sional
proposal (apparently with
ible
abundant
forgets that he
duly delivered
self-sacrificing
best results
would
one
Example
forward
to put
all
but
The Agricultural Bill
program.
expended for relief
during the
attention
of the New Deal—
men
for
will have the constructive
of the chief objectives, if not
the chief objective, of the whole New Deal
additional $250,000,000
to
the
professedly
book, which
measures
quo
being from
predict that they
It
are,
more
Presidential request for
a
in status
time
took to
are
"inspire free
such
the tax bill,
be rash indeed who under¬
probable, would make
and impotent thing,
indeed, a deadening influence upon
free men effectively
preventing them from
exerting themselves as they otherwise would
in ways well designed to
lay the basis for the
smoothed road toward the
statute
which
They
well
a
not
as
appearances,
any
bureaucratic organization seated
a
the enthusiastic
se¬
step
the
is
The
a
Other
can.
matters,
example
Washington.
so-called reform
regulation of over-thecurities
for
But the
super-
counter transactions in
session, if he
weakness of this measure so
clearly
exposed by Mr. Frothingham is also the weak¬
ness, or one of them, of most of the other
law,
so-called
for
of
tates
There
become law at this
important
convinced, convert
the privilege of selfregulation is professedly granted, into a
policeman charged with enforcing the dic¬
point where it lacks
and
lame
would in practice, we
the dealer, to whom
only approval by the Sen¬
ate
seems
a
measure
Frothingham
would indeed make the
very term a farce.
agra¬
all
now
Congress
seen.
question that the
no
remain
Mr.
lobby and
President will have such
it
best
exceptionally strong
grounds.
either in its present form or in
self-regulation
be
can
self-
the
"deal" with
in
servants
remains to be
inspire free
measure,
week
its
mar¬
whom
to
not
energy without
impossible."
are
seems
upon
and
relief
on
over-the-counter
explained, "that it does
men
any one
the
except
the
carries
wage-hour legislation
passage upon a
(the so-called Maloney bill
of
support
sacrificing
for
or
regulation
he
breathing spell is in store
for
3255
with
ease
measure
the agricultural
directly applies.
"So directly and
indirectly overpowered is
it by Commission
supervision and dictation,"
nothing in the nature of
a
Bill
hearted
serious stu¬
any
Presi¬
as
kets) would not, in his opinion, win whole¬
not required to
was
not
America, which office he holds, Francis E.
Frothingham told the Senate Committee on
Banking and Currency on Tuesday last that
unbecoming the
as
was,
"Speaking personally/' and
no
supposedly depending for
dent of the Investment Bankers Association of
answer
But this
question.
Failure
to
com¬
which
in
portent of ill concerning
the
Foredoomed
form
a
Whether the
own.
re¬
indeed
and
play,
in
agricultural
an
conference
marshaled for this
were
port, join heartily in the
horse
the
possibly understand it fully, hardly
"independent Congress" with con-
an
votes
debate, of
from
houses
ideas of its
tructive
the President himself
two
can
bespeaks
circumstances
it
to
bill
a
is
hard
politically powerful President who
controlled
agriculture
and
a
dominant
agrarian political bloc demanding enormous subsidy.
The
farmers
are
already being subsidized directly
in the amount of about
few could say
a
half
a
how much they
billion annually, and
are
being subsidized
indirectly through loans, free seeds, and in various
other
ways.
To these special favors the bill
now
apparently about to become law will add, according
to
most
conservative
estimates,
some
$300,000,000
Volume
Financial
146
per annum forthwith.
No one need be greatly surprised if presently the cost of the program thus set
in motion
runs
But this
cial
that
measure
reason
each year.
sum
is worthy of spe-
that it well illustrates
lengths lobbying, subsidies, and planned
economy
already
are
amended in certain
going.
The
bill
may
be
particulars in the Senate, or it
There is, however, little likelihood that
not.
may
times
extraordinary
scrutiny for the
what
to
to several
it will lose much of its essential nature before be-
"normal supply," a "normal year's domestic consumption,"
maj
cording to
an(j wheat it "shall be a normal
centum in the
0f
foggy phrases exuding economic miasma.
per
The
time has not
yet arrived for a detailed or complete
analysis of the provisions
as
they now stand.
It is,
of corn,
case
40
per
centum in the case
cotton, 10 per centum in the case of
rice, and 15
year's
centum in the case of wheat, of a normal
for
of
rice,
year's domestic con-
sumption and exports of the commodity, plus 7 per
domestic
mass
lawmakers it varies somewhat from
our
to crop, but in the case of corn, cotton,
crop
coming the law of the land. The measure as it came
terrifying
"normal year's exports," and a "nor-
a
yield." What is a "normal supply"? Well, ac-
from the conference committee is
a
957
Chronicle
consumption and exports, as an allowance
normal
a
carry-over."
But what is
tion"?
a
Again
«n0rmal year's
domestic consump-
turn to the source of New Deal
we
Here this term "in the case
wisdom, the bill itself.
however, instructive to examine certain objectives
of
sought and the technique by which they are to be
tity of the commodity, wherever produced, that was
These without
reached.
is
it
unless
measure
question will remain in the
completely rewritten
wholly different lines
the limits of
a
along
consummation far beyond
probability.
^
Over
and
Allotment Act
ent bill
the
also
payments now being made, the pres-
y€ar
immediately preceding the marketing
years
in which such consumption is determined, ad-
justed for current trends in such consumption."
Other definitions are given for other products, but
Turn to
they are like unto this.
a
"normal year's
bacco, and wheat shall be the yearly average quan-
tity of the commodity produced in the United States
parity payments. Two types of control are
termed
purposes
"to
keting
during the ten mar-
and so-
which the loans are made)
one
acreage
control and the other
Payments are related to what
marketing control.
ers
consumed in the United States
responsible beyond the market value of
on
envisaged,
are
Domestic
yearly average quan-
exports." These "in the case of corn, cotton, rice, to-
goods
called
Conservation and
and wheat, shall be the
contemplates both loans (for which the bor-
is not
rower
the
above
corn
"parity prices," and one of the major
of the measure is assertedly to assist farm-
obtain, in
so
far
as
practicable, parity prices
that
was
exported from the United States during
(or, in the case of rice, the
the 10 marketing years
immediately preceding the
marketing years)
five
marketing
year
in which- such exports are deter-
mined, adjusted for current trends in
such exports."
farm, in the case of wheat
«'Normal yield' for any
for such commodities
(cotton, wheat, corn, tobacco
01.
cotton, shall be the average yield per acre of
rice) and parity of income." Parity prices must >;wheat or cotton for the farm, adjusted for abnordefinitely established in order to compute paymaj weather conditions, and, in the case of wheat
and
be
ments due.
Now, what
but not in the case of cotton,
"parity prices" or "parity income" ?
during the ten calendar years in the case of wheat,
Let the bill itself answer.
" 'Parity,' as
applied to
prices, shall be that price for the commodity which
give to the commodity a purchasing power with
will
respect to articles that farmers buy equivalent to
the
purchasing power of such commodity in the base
period; and, in the case of all commodities for which
the base
period is the period August, 1909, to July,
1914, which will also reflect current interest payments per acre on
farm indebtedness secured by real
estate, tax payments per acre on farm real estate,
freight rates, as contrasted with such interest
and
for trends in yields,
.•
are
and five calendar years
in the case of cotton, imme-
diately preceding the year with respect to which
yield is used in any computation au-
g„ch normal
thorized under this title."
same
And much more of the
order.
Now,
no one
with more than the most casual ac-
quaintance with the matters with which all
this ver-
biage is concerned needs for a moment to be told
that data necessary for purely objective computation of such
quantities
do not exist.
as are
here described simply
and an
It would be a waste of time
payments, tax payments, and freight rates during
unwarranted imposition
The base period in the case of all
reader to enter upon any
the base
period.
agricultural
commodities except tobacco shall be
period August, 1909, to July, 1914, and, in the
the
case
of tobacco,
shall be the period August, 1919, to
July, 1929.
"
'Parity,'
the
applied to income, shall be that per
the patience of the
officially determined will be subject to
tion of the Secretary
0f millions of the
as
upon
extended demonstration of
Obvious fact that within wide limits the figures
taxpayers' money and the personal
liberties of millions of farmers hang upon
capita net income of individuals on farms from
mjnations
farming operations that bears to the per capital net
evidently becomes a farce, and
income of individuals not on
tion
as
farms the
same
rela-
prevailed during the period August, 1909, to
July, 1914."
In order to determine
how much of a given crop
specified in the bill the farmers of the country are
to be
permitted to produce in any given year, how
much acreage may
much of such a crop
the farmers are to be permitted
place on the market, how
quired to determine for each year such
even
of
the
Secretary.
if it had not been
the deter-
Planned agriculture
would be a farce
perverted by the greed of the
an.powerful agrarian lobby. The fact that the measure ag a wbole and in important details may turn
out f0 be
unconstitutional has, apparently, received
hardly more than passing
consideration up to the
present time,
be allowed to these crops, how
much money is to be
paid to farmers as the price of docile submission
to regimentation, the Secretary of Agriculture is reto
the discre-
of Agriculture. Yet hundreds
quantities as
_
Vhe Maloney Bill
T TNFORTUNATELY the week has focused atten' tion upon another projected sally into the
field of government control and regulation. On this
occasion, the securities markets (outside of the na-
958
Financia< f
tional
securities
exchanges)
but the whole country can
the
so-called
Chronicle
Discounts by the regional banks were off
to
were
$11,215,000.
the statute book in its present form.
and
in
015,000.
It ought not,
judgment, be taken there in any form. The
impression seems to have been gained in some quar¬
our
that
ters
embody
the most
the
recently proposed amendments
suggestions,
least
at
or
the
remove
grounds for the objections, of representative invest¬
ment bankers and others who have
Senate
the
Banking and
is
latest
text
of
the
bill
at
once
discloses.
This
version, for example, shows not the slightest
objections of a long list
trace of the criticisms and
of
or
municipal dealers and other interests.
next to
nothing, has been done to
Nothing,
embody the sug¬
gestions of the Investment Bankers Association
America.
oughly
The bill
remains, in
unworthy
should be
and
judgment,
our
upon
un¬
States
Treasury securities at $2,564,-
The character of the Treasury issues
somewhat
altered,
$8,000,000 and
000,000
however,
increase
of
bonds
as
off $2,000,000,
notes
discount
declines.
:
Business
with
off
$10,-
a
bills
:v
was
were
offsetting
.•:%/*
■:&.' \"r
the
Failures in
January
COMMERCIAL insolvencies, which displayed a
rising tendency during the final quarter of 1937,
which
in
period each month's total exceeded the
corresponding month
January to
a
of 1937, rose drastically in
total of 1,320, the highest since August,
In December last there
1933.
in
January of last
year
932 failures while
were
only 811 firms failed.
The
sharp rise in the number of casualties suggests that
there may be considerable unsoundness in the under¬
of
a
thor¬
measure,
troublesome
promptly laid
United
to
idea, as careful comparison
suggestions and the objections with the latest
revised
holdings
There
measure.
basis for any such
no
market
appeared before
Currency Committee
give their opinions concerning the
of the
Open
changed in total, with bankers' bills again $548,000
to
go
by $5,000
to
directly affected,
hardly fail to suffer if
are
Maloney bill is permitted
Feb.'12, 1938
and
lying condition of
many firms.
Certainly the course
depression has not been long enough,
ordinary circumstances, to undermine so many
of the current
the shelf.
under
additional situations.
This is fairly clearly demon¬
by the fact that in January, 1930, a month
comparable to some extent to last month, failures
Federal Reserve Bank'Statement
strated
ONLY modeststatementare recorded in the Reserve
changes
current
Federal
condition
of the 12
to the tendencies disclosed.
tion
fell
All
117,000,000 for the
week
to
circulation
an
a drop in currency
increase of member bank re¬
further increase of the
Treasury's general
found
their
reserve
of
total
Liabilities
account
in
Reserve banks continue to
about the need for
ness
requirements
enterprises.
others.
Retail
498 with
$12,756,000,000.
The
12
regional banks found their gold certificate
holdings
unchanged, however, at $9,116,097,000.
flow of
currency from circulation increased
cash, and total
to
reserves thus mounted
$9,563,830,000.
circulation
Total
The return
dipped
other
by $6,219,000
Federal Reserve notes in actual
$12,652,000
to
$4,125,104,000.
deposits with the regional institutions
moved
$19,481,000 to $7,794,701,000, with the account
variations consisting of a decline
of member bank
up
reserve
deposits by $44,588,000 to
$7,204,708,000;
increase of the
Treasury's general
an
account balance
by $13,601,000 to $156,272,000; an increase of for¬
eign bank deposits by $1,516,000 to
$153,380,000, and
a
gain of other deposits by $48,952,000 to
$280,341,000. The reserve ratio was unchanged at
80.2%.
as
the
demon¬
month's
failures
were
industry there
some
trade
proved
was a
failures
considerable
vulnerable than
more
numbered
872
and
106,000 compared with 136 failures with $2,502,000
liabilities
a
116
were
The drop now recorded amounts
to
a
Manufacturing firms numbering 216 failed for $4,-
expanding loans to small busi¬
week,
of
$7,614,000 compared with only
liabilities of $3,746,000 in
January, 1937.
with 90
with
were
45
firms
for
failed
for
Sixty
year.
$775,000 in
$1,015,000 in January,
$326,000
compared
a year
Hardly
to
any
the
Richmond
with
42
con¬
comparison
1937.
56 commercial service insolvencies with
liabilities
tion
involving $1,900,000 compared
involving $1,072,000 last
struction
-
In the wholesale division there
year ago.
disasters
The
statement
involved in last
although
to
the
inclination
during profitable
involved liabilities of
drop, despite all the talk
monetary gold stock of the country was per¬
mitted by the
Treasury to advance $1,000,000 in
normal
January, 1937.
increase
by the 12 Federal
$163,000, which brings the aggregate down to
$17,625,000.
the
fortify themselves
In all divisions of
advanced
$20,000,000 to an estimated
$1,410,000,000. Also of some interest is
the fact that industrial advances
be little ques¬
profits tax has restricted
similarly higher amounting to $15,035,000 in com¬
parison with $13,291,000 in December and $8,661,000
thus
of
to
can
9%
only
increase of
stration of the result.
a
lessened, apparently because deposits with them
were
down, and excess reserves over legal require¬
ments
There
by
an
periods against the advent of periods such
the
banks
considerable extent
a
1929
was
present and last months record of failures is
regional institutions, but some
special transactions obviously figure in the matter
as
well, for other deposits advanced $48,952,000.
Member
January, 1937.
over
enterprises
Ordinarily,
means
with
to
gain at
a
serve
deposits, but on this occasion a decline
$44,588,000 is recorded. In part, this is due to
balance
63%
than in January,
January, 1938 there
tion that the undistributed
Wednesday
night, although past experience suggests
this time of year.
whereas in
in circula¬
money
higher
were
banks, combined, and in the credit summary. Some
of the items are
fairly interesting, however, owing
failures
There1
$640,000
involving
ago.
section of the country was
an excep¬
general increase in bankruptcies.
District
showed
a
slight
The
decrease from
January, 1937 however and the Minneapolis District
a slight rise; both of these districts
comprise
only
only about 6% of the total casualties however.
All other districts showed
over
January, 1937 and also
a
very
over
substantial rise
December, 1937.
In the
New York district there
month
compared with 279 in December and 280 in
were
374 failures last
January, 1937; in the Chicago District there
201 last
in the
month, 140 in December and 103
were
a year ago;
Boston District 133 firms failed this
year
in
comparison with 96 in December and 85 in January,1937; it is unnecessary to mention figures for the
Volume
districts for they
other
959
Chronicle
Financial
146
likewise improved. At the moment no apprehension is felt in the financial markets because of such
show practically the same
relationship for the three months.
movements.
The New York Stock
Market
Qn
the
New
York
Stock
Exchange 43
stocks
IN slightly higherof quiet New York stocks edged touched new high levels for On yearNew York stocks
A SERIES
the sessions, markets this
touched new low levels. the the while 127 Curb
on
week.
There
were
struggled under
at
measures
hardly
crease
early end
similar lack of fair and friendly
Traders and investors
a
inclined, in such circumstances, to incommitments to any great degree,
their
turnover
the New York Stock Exchange
on
consistently under the
was
an
Washington.
were
Share
indications of
no
depression in business, and the markets
of the latest
1,000,000 level in all
exceeded
the 500,000 mark.
But the price trend was moderately upward, just the same, for a technical rally
sessions, and at times the trading barely
after the
due
was
of
advances
the
of
downswings that have
with
day partly wiped out by declines
Holiday influences were evident as
next.
progressed, and turnover yesterday was
week
the
one
violent
The advance was irregular,
occurred of late.
The market
fresh developments,
only in the highly perplexing domestic sphere,
also in the equally uncertain international
exceptionally small for a full session.
plainly was inclined to await
not
but
Administrative and regulatory
all times, and
fore at
Railroad
able.
group
problems were to
interpretations of such
partly favorable and partly unfavor-
matters were
securities
were
stimulated
as
a
the carrier
freight rates and
passenger fares in the East to 2%c.
generally believed a decision on this
by the termination of hearings on
application for a 15% increase of
an
a
advance of
It is
mile.
vital matter will not
of the
long be delayed, and in
desperate plight of the
believed that at least some
will be
tion
view
railroads it is further
of the desired advances
Hearings started on an applicacommunications companies for a 15%
permitted.
of the
increase of
fulness
charges, and here, also, a degree
of hope-
Some uncertainty developed, on
hand, when on Wednesday price cuts were
prevails.
the other
announced by
sheets,
maintenance agreeby the United States Steel Corp.
steel companies on cold-rolled
just a few hours before a wage
ment was
signed
at 1%.
On the New York Stock Exchange
and the Steel Workers
Organizing Committee.
Coal
the sales at
the half-day session on Saturday last were 445,690
shares; on Monday they were 513,151 shares; on
747,770
Friday,
387,210 shares. On the New York Curb Exchange
the sales last Saturday were 60,600 shares; on Mon-
Tuesday, 773,150 shares; on Wednesday,
shares; on Thursday, 631,670 shares, and on
day, 84,645 shares; on Tuesday, 112,855 shares; on
Wednesday, 127,080 shares; on Thursday, 112,550
shares, and on Friday, 93,930 shares,
Stock prices were generally higher
this week,
The market on Saturday last presented some semblance of strength and moved higher partly on technical grounds and in part on proposals relative to
an increase in naval armaments both at home and
abroad. Resuming its customary trend, the market
on
aspects of affairs.
the
high levels and
121 stocks touched new low levels. Call loans on
the New York Stock Exchange remained unchanged
Exchange 41 stocks touched new
Monday turned irregularly lower, with prices
off from fractions to two points at the close.
no apparent reason equities rose on Tuesday
For
in a
brisk rally, and prominent issues showed revisions
of from one to four points in their closing quotations. Some progress was made in early trading on
Wednesday, but weakness soon developed and left
prices irregularly changed for the day. Equities,
led by the rail issues, advanced on Thursday to
irregularly higher levels. Profit-taking entered the
market late in the day, and while prices suffered to
a degree, they closed generally higher.
Yesterday
sagging tendencies overtook the market and converted early gains into losses in a very dull trading
session. General Electric closed yesterday at 39%
against 37% on Friday of last week; Consolidated
Edison Co. of N. Y. at 21% against 21%; Columbia
Gas & Elec. at 7 against 7; Public Service of N. J.
at 31 against 30%; J. I. Case Threshing Machine
at 91% against 84; International Harvester at 63%
against 60; Sears, Roebuck & Co. at 59 against 57;
Co. at 33% against 31%;
Tel. &
In the listed bond market trading also was on a
closed
small scale, but the trend was optimistic in almost
yesterday at 24% against 23% on Friday of last
all sessions.
This is due to persistent increases of
week ; Allied Chemical & Dye at 159% against 160 ;
railroad bonds that are low priced, but that still
E. I. du Pont de Nemours at 115 against 110; Napaying interest.
Speculative and investment tional Cash Register at 16 against 15%; Internabuying obviously was in progress, and the endeavor
tional Nickel at 49% against 47%; National Dairy
plainly was to discount any increase of carrier revProducts at 14 against 13%; National Biscuit at
from
favorable decision on freight and pas19% against 19%; Texas Gulf Sulphur at 30%
senger charges.
Highest rated bonds were quiet but
against 30; Continental Can at 41 against 38%;
generally steady.
Commodity markets reflected Eastman Kodak at 154% against 152; Standard
hardening tendencies, despite the lack of industrial
Brands at 8 against 8; Westinghouse Elec. & Mfg. at
demand for important items.
Grains and other
95 against 90%; Lorillard at 15% against 16; U. S.
leading agricultural items were inclined to move
Industrial Alcohol at 18% bid against 18; Canada
upward. Base metals held firm, as there is now a
Dry at 18% against 16%; Schenley Distillers at
tendency to shut down mines and bring production
23% against 22%, and National Distillers at 20%
price-fixing under the Guffey Act ran into
ties and added a disconcerting element.
difficul-
Montgomery Ward &
Woolworth at 42 against 41%, and American
Tel. at 133% against 131%. Western Union
are
enues
a
down to the
level of inquiry.
markets reflected a
eign
funds
from
The foreign exchange
further outflow of fugitive for-
this
country.
Sterling was
especially strong, and such Continental units as
the French and Swiss francs, guilders and belgas
against 19%.
The steel stocks
made gains and closed yesterday
at higher levels than a week ago. United States
Steel closed yesterday at 53% against 50% on Friday of last week; Inland Steel at 63% against 62%;
960
Financial
Bethlehem Steel at 55% against
51%, and
town Sheet & Tube at
35%
Chronicle
Youngs-
against 33%.
await
In the
Auburn Auto closed yesterday at 4%
against 4% on Friday of last week; General Motors
of last
mined.
ad¬
for
Pennsylvania
yesterday at 22% against 20% on Friday
week; Atchison Topeka & Santa Fe
Anaconda Copper closed
yesterday at
on Friday of last
week; American
Smelting & Refining at 48% against 46%,
Phelps Dodge at 25% against 23%.
Trade and industrial
reports reflect
and
inconclusive changes this week.
tions for the week
ending today
the American Iron
and
only small
were estimated
and Steel Institute at
by
in
for the week ended Feb. 5
power
was
reported by the Edison Electric Institute at
2,082,447,000 kilowatt hours against
2,098,968,000 in the
preceding week and 2,201,057,000 in the
correspond¬
ing week of last
Car loadings
year.
freight for the week
to Feb. 5
are
of
revenue
reported by the
Association of American Railroads at
564,740 cars.
This is an increase of
11,564
week and
a
decline of
cars over the
56,946
cars
preceding
from the level of
the similar week in 1937.
As
indicating the course of the commodity mar¬
kets, the May option for wheat in
Chicago closed
yesterday at 94%c.
Friday of last
as
week.
against 95%c. the close
May
corn at
on
Chicago closed
yesterday at 59%c. as against 59%c. the close on
Friday of last week. May oats at
Chicago closed
yesterday at 31%c. as against 31%c. the close on
Friday of last week.
The spot price for cotton here
in New York closed
yesterday at 8.81c.
Friday of last
yesterday
on
was
as
week.
The
14.41c.
Friday of last
against 8.60c. the close
as
spot
price for
Domestic
copper
yesterday unchanged at 10c., the close
on
of last week.
In London the
price of bar silver
20%
pence
per
ounce,
rubber
against 14.22c. the close
week.
last
on
closed
Friday
In
the
matter
on
unchanged from Friday of
on
the
foreign
exchanges, cable
London closed
against $5.01%
transfers
of
on
Paris
yesterday at $5.02% as
Friday of last week, and cable
closed
yesterday at 3.31%c. as
against 3.28%c. the close on
Friday of last week.
European Stock Markets
EFTLE business the leading European
changes in was done this week on
centers,
as
stock
ex¬
financial
the tendency throughout
Europe is to
of the
Official British
sense.
economic upset
States last autumn.
1,827,607
last
1,665,407 in
in
December.
German
rumors
it is
Reich
the
Thursday of
from
of
Boerse
gained
construction
new
were
more than
the
Bank
fund.
business
was
against
difficulties
stabilization
decline
a
but
of vast
of
French
Britain
French
gold
francs
the
unemployed
Great
3,000,000,000
to
helpful,
unemployment
growing incidence
The roster of
month
on
France
the Conti¬
on
that started in the United
signalized by the transfer
In
activities
comfort
of
the
is
from
programs, by which
expected the Hitler regime
soon
will start to
allay unrest.
Trading
on
the London Stock Exchange
when business
day.
was
was
quiet
resumed for the week last Mon¬
Gilt-edged issues wavered, but closed without
changes, while home rail securities ad¬
material
vanced
on
good dividend declarations.
securities
and
commodity issues
whole, and international issues
bonds
man
dipped sharply
opments in Berlin.
day, gilt-edged
Industrial
soft
were
were
irregular.
a
Ger¬
the week-end devel¬
on
In another dull session
issues slowly
as
receded.
on
Tues¬
Industrial
stocks
continued their
decline, but a little inquiry
developed for gold and base metal mining stocks.
Anglo-American favorites and German bonds were
marked
on
upward in the foreign division.
Wednesday reflected
mism.
Dealings
modest increase of opti¬
a
Gilt-edged obligations advanced fractionally,
did
as
most
British
industrial
stocks.
The
com¬
modity group held to former figures. Reports of a
rally at New York stimulated the Anglo-American
favorites.
tive
on
The London
market was
extremely inac¬
Thursday, but gilt-edged issues were well
maintained.
Industrial
commodity shares
were
international section
stocks
drifted
lower, and
somewhat uncertain.
stimulated
was
reports from New York.
A
a
bit
The
by good
degree of uncertainty
prevailed at the start yesterday, but improvement
followed and
was
week, and spot silver in New York closed
yester¬
day at 44%c., the close on Friday of last week.
transfers
market
a
Home rails
yesterday
deter¬
hastily
by the London
the economic indices at all
were
statistics this week reflected the
30.7% of
capacity against 30.5% last week, 27.8% a month
ago, and 80.6% at this time last year.
Production
of electric
Nor
reported,
Steel opera¬
be
to
understanding with Italy, it did not help
was interpreted as an
an
nent.
at
against 29%
reorganization remains
When the British authorities moved
indication of the serious view taken
18% against 17%; Southern Railway at
11%
against 10%, and Northern Pacific at 12 against 11.
Among the oil stocks, Standard Oil of N. J. closed
copper group,
political upset in Germany in¬
Foreign Office of the developments
against 33; New York Central at 17% against
16%;
Union Pacific at 79
against 74; Southern Pacific
32
The
sentiment, for that action
at 36
yesterday at 48% against 47% on Friday of last
week; Shell Union Oil at 15% against 15%, and
Atlantic Refining at
21% against 20%.
In the
demand.
centers, for the real significance of the extensive
higher ground this week.
RR. closed
were
lower at London
Paris, although the Berlin market reported mod¬
governmental
27%, and B. F. Good¬
The railroad shares
political
Price trends
duced the greatest caution in the British and
French
Goodyear Tire & Rubber closed yesterday at
on Friday of last week; United
15% against 15%.
and
economic
1938
and
19% against 18%
vanced to
the
all sides.
on
12,
est
34% against 32%; Chrysler at 55% against 51%,
and Hupp Motors at
1% against 1%. In the rubber
rich at
of
mixed, with levels inclined to drift
at
States Rubber at 29 against
clarification
puzzles apparent
motor group,
group,
Feb.
A
the
closing figures showed few changes.
were
good start
lower at the end.
was
made
turned
uncertain
and
closing
only modest changes.
interpreted
to
on
the Paris Bourse in
early dealings last Monday, but the session
soon
figures represented
The crisis in Germany
was
sign of weakness, but doubts began
prevail and levels on the Bourse declined as the
as a
doubts increased.
bank stocks
ties drifted
ties.
slightly lower, but
Industrial and other
equi¬
as
did international securi¬
assurances
were
given on Tuesday
Chautemps regime would stimulate indus¬
production
market
Rentes closed
better.
downward,
Official
that the
trial
were
advanced
and
on
protect
such
the
franc,
declarations.
and
the
Rentes
Volume
Financial
146
showed sizable
in
French
After
firm
a
again
gains, and advances also appeared
equities
opening
Wednesday, prices once
on
downward
turned
securities,
international
and
Rentes closed without material
market,
Paris
the
on
changes, and French
Internaconsiderable
equities also held close to former levels.
securities
tional
Indications
concessions.
losses
are
ward
liquidated
were
at
Thursday that
on
large unsettled the Bourse.
movement
A slow downin
took
that
developed
gold
961
Chronicle
of the United States navy in conjunction with any
other nation.
And an equally uncompromising
negative was supplied by Mr. Hull in response to
the question whether there is any understanding for
police or patrol by the American navy of any par-
ticular waters or ocean. It may be added that even
these explicit assurances failed to allay all apprehensions, for the question of "parallel thinking" in
London and Washington was posed in
rentes,
hearings.
Naval Race
equities and international securities, alike.
French
ESSENTIALS of the naval armaments problem
* were brought abruptly to the fore, last SaturDealings on the Berlin Boerse were not much
day, when the signatories of the London pact of
affected by the governmental changes of the last
qualitative limitation sent queries to Japan regardweek-end.
The session on Monday was buoyant,
ing the building intentions of that country. In
although transactions were on a small scale. Gains
similar notes, the United States, British and French
of a point or two were common in almost all groups
Governments asked Tokio to signify by Feb. 20
of issues, and fixed-income securities also were firm,
whether building is in progress or contemplated of
Activity increased a little on Tuesday, and the'gains
vessels in excess of the limitations stipulated in the
extended.
Machine stocks were in greatest
existing treaty. The way was left open for a qualifavor, but heavy industrials, chemicals and others
tative accord to which Japan might adhere, for the
also reflected inquiry.
After a firm opening on
notes suggested that a pact might still be possible,
Wednesday, liquidation developed on the Boerse and
even if the battleship and cruiser tonnage limitathe usual charges were made that the sales were for
Wens of the London treaty were being exceeded by
"emigrant" account.
Net changes for the session
the Japanese Government. These notes followed a
were of no consequence, as the late decline merely
iong series of unofficial reports that Japan was inoffset the initial gains.
In a more active session on
tent upon constructing larger vessels than any other
Thursday, advancing tendencies were the rule,
navy now possesses. Nor is the Japanese reaction
Gains of one to three points appeared in heavy into the latest exchange at all reassuring. Tokio disdustrial stocks, and chemical issues also were in
patches indicate that the question is being debated
demand.
Fixed-interest issues were steady. Berlin
of a simple denial of the requests for information,
dealings were unsettled yesterday by rumors of disor compliance with the inquiry. It seems fairly
sension. Losses of one to three points took place in
clear that a prompt and decisive reply would have
leading equities.
*)een made if the London treaty limitations were not
Small gains
occurred in rentes and French equities
yesterday, but international issues receded.
were
being exceeded.
Foreign Policy
Inferentially, therefore, it is to be
assumed that an unbridled naval armaments com-
NAVAL expansion proposals occasioned a broad petition has been unloosed upon
Washington have of the AdministraJapan,
tion in
sweeping debate in Congress as to the foreign
and
policy of the United States, and the comments,
modest clarification of our
have led to
turn,
a
attitude.
The
official
has circulated with
rumor
great persistence that the United
Governments
and in
States and British
to eye on the naval problem,
eye
instances the assertion has
some
that more
see
or
in
less definite assurances of
unanimity.
underlie the assumed
been made
joint action
In public hear-
ings, last week, it appeared that consultations between British and Americal naval experts have
taken
tenor of such
an
Admiral William D. Leahy,
place of late.
Operations, refused to disclose the
Chief of Naval
offer
was
discussions in open sessions, although
made
as a
matter of course to inform
the Naval Affairs Committee
In the
tive session.
was
of the House in execu-
Senate
formulated and laid
on
a
proposal thereupon
the table for a formal
inquiry as to the intentions of the State Department
certain aspects of foreign policy.
with respect to
Senator
uncompromising reply
questions raised, without waiting upon
Secretary of State Cordell Hull sent to
Key Pittman, on Tuesday, an
to
all
the
formal transmission of the
inquiry.
In response to
the query
whether any alliance, agreement or under-
standing
exists
Britain
answer
as
to
or
war
is no, Mr.
with
Great
the possibility of war,
Hull wrote.
made to the second
any
is contemplated
or
the
A similar reply was
point, whether or not there is
understanding, express or implied, for the use
the world by
The State Department made available the full
text of the note to Japan, and also a statement in
explanation of the naval problem, as it relates to
the qualitative limitations of the London accord,
Japan was pointedly reminded in the communication, and also in the British and French notes on
the subject, that the escalator clause of the pact
leaves the signatories free to exceed the stipulated
limits, in the event any non-signatory set that sort
of pace. The recent rumors of building by Japan,
coupled with the lack of any reassuring declarations
by the Tokio Government, suggest that it will be
necessary to exercise the right of escalation, the
note indicated.
A Japanese statement was requested by Feb. 20, and if none is forthcoming, then
full liberty of action is to be resumed. But consultation was specifically welcomed, even if Japan is
exceeding the limits, as a limitation of some sort
was held advisable. Tokio dispatches suggest that
the fateful problem thus placed before the Japanese
Government is being considered long and carefully.
It was generally surmised that no assurances will
be given as to qualitative limitations, but it was
indicated that J apan might go so far as to place all
information before the United States, British and
French Governments, so far as current building
and current plans are concerned. In Washington
and London it was made quite plain that any Japanese building of super-treaty ships will be more than
matched.
962
Financial
Chronicle
German Reich
a
EUROPEAN tension in Germany perceptibly
was increased
by developments
the last
over
week-end
which
only
are
than the famous
little less sensational
a
"blood-purge" of
few years ago.
Hints of grave differences between Chancellor Hit¬
ler and his Nazi
leading
cohorts,
commanders,
army
circulate two weeks ago,
to
the
on
a
hand, and the
one
the other, began to
on
and the difficulties
crystallize when War Minister Werner
seemed
Blom-
von
Feb.
compromise, in which the
necessarily
old-school
inroads,
berg
of
It
commoner.
was
quickly
Blom-
von
particular importance, save perhaps
the percussion cap that started an internal ex¬
as
was
plosion.
no
With characteristic abruptness, Chancel¬
Hitler late
lor
and
the
last
sale
dismissals
Cabinet
of
reorganized the Cabinet
completely.
No
reasons
high officers and the extensive
changes, and the entire matter still
obscurity.
It
hear
a
is veiled
was quickly announced,
however,
Reichstag would assemble Feb. 20
that the all-Nazi
to
week
command
army
given by the German dictator for the whole¬
were
in
young
pronouncement
Berlin observers
are
by the
German
by the army leaders, from time to
time, against the
pagan
this
of
question, and
foreign
information
nervousness
prevails
throughout Europe.
Several decrees
military forces
relating to the Cabinet
published late
were
post
von
Ambassador to London.
same
time
cellor Hitler
rath
was
a
on
Council.
Japan
was
created at
Cabinet Council for
advising Chan¬
foreign affairs, and Baron von Neu¬
not
reorganization
Hitler
von
Ambassadors to
recalled at the
have
cessors
Blomberg
of
number
Austria, Italy and
time, and the
announced.
The
suc¬
army
less startling, for Chancellor
their
and
a
Neurath in the
von
same
yet been
was no
relieved
posts both War
Colonel-General
Fritsch, Commander-in-Chief.
and air force commanders of
Minister
Werner
von
A dozen other
army
highest rank
were sum¬
marily dismissed, and it developed this week that
lesser commanders also
of health."
reasons
were
forced to
resign "for
Chancellor Hitler assumed
per¬
sonal and direct command
of
all German
military
forces, and this authority he promptly delegated to
a
"Supreme Command of the Armed Forces," headed
by General Wilhelm Keitel.
equal in rank to
Chancellor
chief
a
Hitler's
command
of
Cabinet
The
the
chief
army
von
latter
is
Minister, and is
personal
Colonel-General Walther
lor Hitler's personal
was
of
to
The
Dr. Hans
to be
staff.
entrusted
to
the
Brauchitsch.
Chancel¬
favorite, General Goering,
was
effect
that
Chancellor Hitler had
by a "Napoleonic gesture" a grooving revolt
by high army commanders against his methods and
aims.
Subsequent dispatches suggested, however,
the
entire matter
may more
to
Washington,
moves
represent merely the change
personalities, and not
change of policy.
a
Rumanian Cabinet
RUMORS of growing political dissension in Ru¬
confirmed, Thursday, when the
mania
Octavian
were
highly anti-Semitic regime of Premier
Goga resigned, and King Carol commis¬
sioned the Church
Patriarch, Miron Cristea, to form
regime.
successor
It
anti-Jewish
inevitable that any
seems
change would bring about
modification of the
a
campaign
Goga, and for this and other
instituted
ments were viewed with satisfaction
tries.
Dr.
in most
coun¬
Recent reports have indicated that trade in
Rumania
the
by
the develop¬
reasons
was
brought virtually to
Goga regime and its
increased the pressure
tion of the
a
for
a more
political problem.
standstill by
This doubtless
excesses.
reasonable solu¬
Dr. Goga, it will be
recalled, polled very few votes in the national plebi¬
scite
a
uled
for
few months ago.
March
that the
was
generally assumed
Goga regime would be unable to gain the
required 40%
despite
Another election is sched¬
2, and it
chinery.
of the ballots to remain in office,
curious changes in the election
some
Any
government
will be of the stop-gap
now
variety.
formed
ma¬
obviously
King Carol virtu¬
ally assumed the dictatorship of the country when
he
forced Dr.
be
that the
Goga out of office, and it
anti-Semitism will not
well
may
be relaxed
en¬
tirely, for Patriarch Cristea has voiced anti-Jewish
sentiments of late.
The
new
regime is
of per¬
one
sonalities, responsible directly to the King.
It is
rumored
post¬
that
the
March
elections
may
be
poned.
Japan and China
to
crushed
that
such considera¬
any way upon
Ambassador
But it
military
Dieckhoff, declared publicly last Saturday
The
significance of these changes still is
largely
matter of conjecture.
First reports from Berlin
all
few
a
whether the Cabinet and
German
that the German
ONE of the major battles of thein which Japan
war
forced
China is
in the
upon
area
the
The
were
seen
be
promoted to the rank of Field Marshal.
a
troops to Spain for participation
based in
were
tions.'
absurd
Ribbentrop, the German
But there
leaders will join Baron
The
changes
that
placed at the head of that advisory body.
were
appears,
duly constituted Spanish Government.
remains to be
of
adventurous ele¬
have gained strength
Blomberg, it
von
be
was
being waged by General Franco against
war
One
Neurath of
von
Close associates of Chancellor Hitler and
of army
the
more
It
military leaders who opposed ship¬
ments of German
in the
a
Foreign Minister and transferred
as
portfolio to Joachim
the
and the
Feb. 4.
on
of these relieved Baron Konstantin
his
of the
fascist and
degree of
a
General
change.
one
was
leader.
concerned not
only with the govern¬
reorganization, but also with German for¬
eign policy, and
in the
may
by "Der Fuehrer."
Europe that the
On
delicate matter
more
relations, further
made available Feb. 20
in
teachings of the Nazis.
the still
on
generally agreed that the ad¬
dress will be
mental
Several
objections
have been voiced
feared
plain that the marriage of General
noted that
strenuous
ments of the Nazi faction may
made
was
placed in the highest posts.
were
correspondents recalled that
and
a
It
officers, who probably will resist Nazi
berg defied the objections of his military associates
married
1938
command does not
army
off second best.
come
12,
closely resemble
ous
now
between the two
progress
regions recently occupied by
invaders, with the outcome uncertain.
attempts
tarists
to
are
Strenu¬
being made by the Japanese mili¬
join the conquered territories and thus
gain control of the entire northeastern section of
China.
In
pursuit of this aim, large armies
pushing north from Nanking, and others
south from northern
The
are
are
moving
China, with Suchow the prize.
Lung-Hai Railway
runs
through this fertile
cor-
Volume
Financial
146
ridor, where 400,000 Chinese troops are reported
from the south
far have been
so
unavailing, as the
defenders halted them at the Hwai River.
been
have
concentrations
troop
Larger
possible for the
Japanese in the north, where they can draw upon
the
change in the Japanese plans, last
sudden
a
Manchukuo, and dispatches indi¬
from
reserves
cate
In place of the drives north and south,
Wednesday.
troops were deployed fanwise to
from
eight points
state
that
the
attack the Chinese
Some reports
important junction point
forces, has been reached by
simultaneously.
Kweiteh,
an
back of the main Chinese
their oppo¬
in a trap.
But the Chinese continued the
defense, apparently with Generalissimo
are
stubborn
Chiang Kai-shek in direct command.
There were no
involving the nationals of third Powers,
incidents
possibly because foreigners are not numerous
of current
area
in the
The Japanese continued
operations.
airplane bombings of helpless
their
civilians far in
The devastation and
in their
nese
campaign to establish "peace" in East¬
only now are beginning to be
Asia
adequately.
New
the
suffering caused by the Japa¬
reported
In a Hankow dispatch of Thursday to
York
"Times," it is indicated that
before the
and of these 5,000,000 are esti¬
10,000,000 Chinese fled from their homes
advancing invaders,
mated to be destitute and near
starvation, while the
5,000,000 have found temporary accommoda¬
with relatives or friends.
Terrible hardships
other
tions
millions who fled, but the con¬
90,000,000 who remained is said to be
The hostilities occasioned widespread
suffered by many
dition of the
little better.
wreckage of urban
and
ness
commerce
communities, the ruin of busi¬
and cessation of land cultiva¬
flee before the invaders has
The tendency to
tion.
been stimulated
enormously by reports of barbarous
well authenti¬
cated, it is said.
The Japanese, meanwhile, are
moving briskly to monopolize the foreign trade of
north
Tokio
The stories of atrocities are
China, which the
highest civil officials at
recently promised would
Tariffs
been
have
cut
on
remain open to all.
many
items benefiting
and it is announced that north
is to be linked to the Japanese yen.
Japan exclusively,
China currency
The
question
whether
still is being debated at Shanghai
at that port shall be
customs collections
deposited in a Japanese bank or placed in the hands
of an international committee and deposited in
banks of various
reported from London, on
Wednesday, as "eagerly clearing
the ground for a
The changed situation
Italy."
reconciliation with
European affairs resulting from
in
man
Anglo-Italian understandings.
for
taken by the British
Direct action also was
ernment to
Anthony
informed the
is no
attacks on British ships;
longer willing to tolerate
General Franco was
informed, he added, that Lon¬
right henceforth without further
don "reserves the
retaliatory action in the event
notice to take such
of these attacks as may be re¬
recurrence
any
Eden
Commons, Monday, that London
of
House
quired by and appropriate to the
particular case."
fighting within Spain remained inconclusive,
The
this
although some gains apparently were
week,
At the
by the insurgents north of Teruel.
made
conclusion of three days
of fierce fighting, the town
Alfambra, 15 miles north of Teruel, was reported
officially in insurgent hands, and the capture
the
of the
end
between
Saragossa and Teruel.
Each side claimed
heavy losses in the struggle, and
there is little reason to
doubt either claim.
Loyal¬
made several sallies, which complicated
ist troops
the
meant
loyalist threat to communications
the other suffered
a
Gov¬
protect shipping in the Mediterranean.
Secretary
Foreign
of
the latest Ger¬
the efforts
is believed to have hastened
purge
In the hills southwest of Teruel
picture greatly.
Wednesday toward the
Albarracin, while in
attack was launched over
sharp drive was started
stronghold
insurgent
of
Granada, to the south, an
the last
week-end, with some success.
the inhabitants in the name
cruelties inflicted upon
of peace.
base on Majorca.
ernment nevertheless was
of
the interior.
are
surgent-Italian
Japanese, and the invaders claim
nents
ern
operating out of the In¬
That the air¬
planes were Italian is not doubted, even in London.
Moreover, it is reported that no denial has been
made to loyalist charges that a number of Italian
destroyers and submarines were "presented" to the
insurgents by Premier Mussolini. The British Gov¬
insurgent black cross, and
Japanese assaults
massed to combat the invaders.
963
Chronicle
Cuban Default
A FTER long
/A
Cuban
is moving toward a par¬
default on pub¬
highway
the capitol building and other pur¬
adjustment of the long-standing
tial
lic works
on
and unconscionable delays, the
Government finally
the
obligations incurred for the main
island,
The Congress completed last
poses.
Monday its
approval of a measure providing for a refunding
issue of $85,000,000 4%% bonds due 1977.
Presi¬
dent Laredo Bru announced on Thursday a veto of
bill, owing to some
the
serious diversions from the
question. The
recommendations he submitted on the
the Cuban Congress, provided for
part of the public works default,
some railway obligations.
Further
bill, as passed by
nationalities.
settlement of only
Spain
and
included
study of the railway
again repercussions this
INTERNATIONAL overshadowed, of theweek, the
Spanish
civil
war
fighting between insurgents and loyalists on the
Teruel front.
Alarmed by the submarine sinking
of
a
weeks
British freighter
ago,
in the Mediterranean, two
the British Government moved
for a
Italy
the anti-piracy patrol.
participate in the augmented meas¬
ures, on Feb. 4, after Rome was warned that France
and England would essay the task together if no
acceptance was received.
Ironically, the Italian
reply was received in London only a few hours after
still another British merchant ship was sunk in the
Mediterranean, this time by airplanes carrying the
strengthening
of
finally agreed to
works debt was
message,
vide
for
tions.
of
debt and the unadjusted public
his veto
urged by the President in
and the Congress again was urged
settlement of certain uncontested
The public
to pro¬
obliga¬
works debt consists, in the main,
$40,000,000 5y2% bonds, $20,000,000 of credits
American banks, and a further
extended by three
$20,000,000 of contractors'
certificates.
Under the
proposed adjustment, holders of the defaulted bonds
are
to receive $44,000,000 of the new obligations,
while the
bank credits would be covered
amdunt of new bonds.
and
vetoed by the
refunding
by an equal
The bill passed by Congress
the
$10,000,000 of
President provided also for
of something more than
964
Financial
railway debts, and it
further
a
intended to hold unissued
was
$10,000,000 of the
4%% bonds pend¬
new
ing settlement of the contractors' certificate default.
THERE have been no changes during the week in
discount
of the foreign central
rates of any
banks.
Present
rates
the
at
leading
centers
are
shown in the table which follows:
Rate in
Date
vious
Feb. 11
Established
Rate
Argentina..
Austria....
3X
3X
Batavla
4
Belgium...
2
Bulgaria...
Canada....
6
Chile
Colombia..
Czechoslo¬
2X
Mar.
Country
Date
vious
Established
Rate
Dec.
2 1936
now
at 93,387,191,920
francs, is compared
86,896,864,325 francs last year and 80,617,340,210 francs the previous year. French commercial
bills discounted showed
3
Nov. 29 1935
June 30 1932
current accounts of
May 18 1936
Apr.
6 1936
Java
4
July
6
Jugoslavia
3H
Lithuania..
Morrocco..
Norway...
6X
3X
Poland
4X
Portugal
4
Aug. 11 193"
1 1936
3
14 1937
5
.
Jan.
Feb.
1 1935
5X
July
1 1936
May 28 1935
6
4X
4
Jan.
21937
4
Oct.
19 1936
England
Estonia....
2
June 30 1932
5
Dec.
4
4X
SouthAfrlca
3X
France....
3
Sept. 25 1934
Dec.
4 1934
Nov. 12 1937
4X
Finland
3X
Spain
6
Germany..
4
May 15 1933
July 10 1935
Sept. 30 1932
5
Sweden
5X
Greece
Dec.
1 1933
6
Jan.
3
7
Switzerland
2X
IX
Nov. 25 1936
2
41937
Rumania
.
.
Jan.
Changes
for Week
51938
4
5
•
7 19.54
4X
6
4
a
were
as
on
at
Friday
was
J^%.
At Paris the
market rate remains at 3 J4% and in Switzerland
1%.
out int.to State.-
No change
31,903,974,773 19.772,095,857
—1.34%
48.32%
Includes bills purchased In France,
55.01%
9
and
a
gain
of
a
of
equal amount in
reserves,
bullion
holdings having changed only to the extent of in¬
creasing £278.
Gold holdings now aggregate £326,987,905 compared with £314,112,228 a year
ago.
Public deposits rose
£4,672,000 and other deposits
fell off £9,517,026.
Of the latter amount, £8,475,625
was
from bankers' accounts and
accounts.
from
last
The
31.5%
proportion
rose
to
32.9%
week ago and compares with 39.80%
Loans on
government securities
de¬
a
year.
creased
reserve
£41,401 from other
£4,805,000 and
other secutities £634,076.
The latter consists of discounts and
advances which
fell
off
£919,130
£285,054.
rate.
and
No change
Below
we
on
securities
which
c Rep¬
10-bllllon-france credit opened at Bank.
Since the statement of June 20, 1937, gold valuation
has been at rate of 43 mg.
gold, 0.9 fine, per frano, previous to that time and
subsequent to Sept. 26, 1936,
gold valuation was 49 mg. per franc prior to
Sept. 26, 1936, there were 66.6 mg.
on
Treasury
on
of gold to the franc.
Bank of
Germany Statement
THE statement for the first quarter of February
showed
decline
242,in
a
which
note
circulation
items with comparisons for
BANK OF ENGLAND'S
liabilities.
A
year ago
preceding
last year
and 76,595,000 marks the previous year.
foreign currency, silver and other coin
and
investments
206,000
marks
1.53%;
A
1937
Feb.
12,
1936
Feb. 13,
1935
Feb.
14,
1934
£
Circulation
476,071,000 454,993, 929 399,280,680
374,945,595 366,280,410
16,076,000 11,695, 579
10,980,558 18,340,176 23,375,578
138,456,416 136,601, 768 139,928,826
142,246,340 135,597,489
Bankers' accounts. 102,907,133
99,157, 140 103,627,075 101,819,644 99,278,011
Other accounts
35,549,283 37,344, 628 36,301,751
40,426,696 36,319,478
Govt, securities
93,273,165 81,230, 231 79,190,001 82,766,413
72,195,610
Other securities
28,516,101 26,026, 453 27,971,286
17,922,000 19,387,454
Dlsct. & advances.
9,559,422
6,509, 174 13,407,644
7,942,597
8,200,336
Securities
18,956,679 19,517, 279 14,563,642
9,979,403 11,187,118
Reserve notes & coin
50,916,000 59,118, 299 61,940,574
78,076,139 85,562,634
Coin and bullion
326,987,905 314,112, ,228 201,221,254 193,021,734
191,843,044
Proportion of reserve
Public deposits
..
Other deposits
to liabilities
Bank rate
1
32.90%
39.80%
41.04%
2%
48.61%
2%
53.82%
2%
2%
2%
Bank of France Statement
francs.
Gold
a
55,806,192,055
year ago amounted to
francs and the year before to
57,358,742,140
64,974,790,189 francs.
for
Reichsmarks
+ 1,000
r.
66,939,000
18,031,000
5,701,000
—242,000,000 4,957,400,000 4,560,544,000 3,920,347,000
—107,350,000
744,098,000
674,996,000
610,299,000
—4,379,000
339,122,000
343,802,000
265,385,000
Other liabilities
Propor'n of gold & for'n
clrcul'n.
+ 0.07%
New York
THE wreek in the
and rates
The situation
70,771,000
20,333,000
76,595,000
20,264,000
+206,000
5,510,000
5,236,000
—347,044,000 5,172,048,000 4,546,715,000 3,752,095,000
+ 11,615,000
185,391,000
216,417,000
207,224,000
—5,921,000
59,761,000
47,150,000
63,890,000
+ 2,674,000
398,280,000
524,405,000
664,215,000
—14,876,000
792,875,000
795,576,000
654,323,000
I
Liabilities—
Notes In circulation
Oth. dally matur. obllg.
curr. to note
Feb. 7, 1936
Reichsmarks
No change
curr.
Investments
Feb. 8, 1937
were
1.53%
1.59%
2.08%
Money Market
money market all departments.
again was dull,
unchanged in
remains that of
large available
plies of funds and few borrowers. Bankers' bill
nominal.
an
of
paper
The
trading
was
hardly
more
Treasury sold last Monday
a
sup¬
and
than
further
$50,000,000 discount bills due in 91 days,
awrnrds
annual
were
at
0.080%
average,
bank discount basis.
New York Stock
months'
datings.
computed
Call loans
on
on
the
Exchange held to 1% for all trans¬
actions, while time loans again
and^notesHinlicirculationf recorded^ncreases
items
Reichsmarks
for maturities to 90
4,-
different
Feb. 7, 1938
Credit balances abroad, advances
against securities
of
the
at
Reichsmarks
Other assets
and
to
of
now
years ago
Changes
issue
3, have been reduced
is
for Week
Assets—
OWING to a transfer of moreEqualization
than 3,000,000,000
.francs
the
Exchange
dated Feb.
ratio
namely
2,674,000
REICHSBANK'S COMPARATIVE STATEMENT
the Bank's
Fund,
gold holdings, according to the statement
reserve
and
1.59% and two
was
comparison
increases,
marks
three years is furnished below:
commercial
to
The
it
a year ago
2.08%.
showed
11,615,000
respectively.
Reserve in foreign
Feb. 10,
also
marks,
Advances
Feb. 9.
1938
aggre¬
before 3,920,-
year
Reserves in
Bills of exch. & checks.
Silver and other coin...
COMPARATIVE STATEMENT
to
gold holdings rose slightly to
70,771,000 marks, compared with 66,939,000 marks
Gold and bullion
Of which depos. abr'd
years:
circulation
The Bank's
made in the 2% Bank
was
of
brought the total down
347,000 marks.
Decreases also appeared in bills of
exchange and checks, in advances, in other assets,
in other daily
maturing obligations and in other
increased
show the amounts of the different
70.83%
b Includes bills discounted
abroad,
gated 4,560,544,000 marks and the
THE statement of the Bank for theinweek ended
Feb.
shows
loss
£623,000
circulation
219,647.770
on
4,957,400,000 marks.
England Statement
Feb. 7, 1936
14,245,545
000,000 marks,
Bank of
Feb. 5, 1937
—549,000,000 11,505,937,471 8,035,549,814
9,263,664,130
b Bills bought abr'd
—17,000,000
836,342,384 1,309,189,873 1,314,313,386
Adv. against secure.
+ 151,000,000
3,975,164,293 3,784,752,483 3,330,552,048
Note circulation
+ 1,132,000,000 93,387,191,920
86,896,864,325 80,617,340,210
Credit current accts. —4,307,000.000
22,103,829,486 17,367,810,770 11.117,201,621
c Temp. advs. with¬
a
Friday of last week, and 9-16% for three-months'
bills, as against 9-16% on Friday of last week. Money
open
years:
Francs
hand to sight liab.
1ISTbills Friday market discount rates 9-16%
LONDON open 9-16%, against for short
on
and
ago
STATEMENT
French commercial
resenting drafts
call at London
a year
furnish the various
bills discounted.,
Foreign Money Rates
on
The pro¬
Francs
Francs
Gold holdings
—3,126,847,034 55.806,192,055 57.358,742,140
64,974,790,189
Credit bale, abroad,
+4,000,000
20,369,568
Propor'n of gold
on
Feb. 3, 1938
Francs
4
Danzig
5
we
comparisons for previous
ex
Denmark..
3X
2X
6X
Below
BANK OF FRANCE'S COMPARATIVE
6
Dec. 17 1937
Jan.
4,307,000,000 francs.
years ago.
3.65
3
4 X
3.29
4X
18 1933
549,000,000 francs,
48.32%, compared with 55.01%
70.83% two
2x
3X
Italy...
Japan.....
mm
loss of
a
of 17,000,000 francs and creditor
4X
Ireland
7
bought/abroad
bills
2X
Aug. 28 1935
India
4X
2X
2
4
Mar. 11 1935
Jan. 24 1935
3
stands
items with
Holland...
Hungary...
4
4
vakia
000,000 francs, 151,000,000 francs and 1,132,000,000
The total of circulation which
Pre¬
Effect
Feb. 11
1 1936
July 10 1935
July
1 1935
May 15 1935
Aug. 15 1935
1938
portion of gold on hand to sight liabilities fell off
Pre¬
Effect
12,
francs, respectively.
to
Rate In
Country
Feb.
with
Discount Rates of Foreign Central Banks
the
Chronicle
were
quoted 1%%
days, and 1%% for four to six
Volume
Financial
146
New York
$5.02^ compared with
Money Rates
and
DEALINGExchange from day toloan rates was the
in detail with call day, 1% on the
Stock
ruling quotation all through the week for both
and renewals.
loans
continues
market
for
time
new
money
prime commercial
paper
has continued
Paper has been in good supply
active this week.
and the demand has been undiminished.
Rates
are
news
of
foreign
All financial centers look with
concern
in Wall Street.
other countries
which is
It
a
larger supply and the demand
has
There has been
improved.
issued by the Federal Re¬
and including
The official quotation as
Bank of New York for bills up to
serve
90
change in rates.
no
days
Yl% bid and 7-16% asked; for bills run¬
are
and Yi% asked; for
six-months, %% hid and 9-16% asked. The
ning for four months, 9-16% bid
five and
retardation to
own
of the
that British
action
The Federal Reserve Bank's
remain
holdings of acceptances
unchanged at 1548,000.
Open market dealers
quoting the same rates as those reported by the
Federal Reserve Bank of New York.
The rates for
the
dispatches asserted
press
ban
American
markets and
foreign
on
lending
preparing to
is
assets,
low
current
purpose,
foreign borrowing in the
on
of foreign
Yi°/o f°r hills running from 1 to 90 days; %% for
the relaxation
capital responding to the Government's
relaxing
their
the
week that
column last
Recent
purchases
at
labor
industry here.
Treasury's ban
London market.
bill-buying rate of the New York Reserve Bank is
120-day bills, and 1% for 121- to 180-day bills.
organized
and
Administration
noted in this
was
greater or less
a
cooperation on the part of the
London authorities have decided upon
dollar securities
accumulate
A private
levels.
and
enter
investment
it is asserted, has already formed for this
company,
91- to
longer be denied that
can no
beginning to feel trade recession
are
directly attributed to the American situation.
cribing their
It
Prime bills have been in
course
Reports from foreign centers are unanimous in as¬
Washington
THE market for prime bankers'activity this week.
acceptances has
shown
moderate increase in
a
of the
toward business and
Bankers' Acceptances
importance likely to have
immediate
the
on
extent to the lack of
quoted at 1% for all maturities.
of between $5.00 9-16
a range
ago.
the trade recession here and the lack of buoy¬
ancy
days and 1 y2% for four to six months maturities.
week
exchanges.
transactions having been reported
no
a
no
There is
bearing
Rates continued nominal at 1 \i% up to
The market for
very
$5.01^8
upon
quiet,
this week.
90
The
965
Chronicle
and London dispatches stated that it is
believed this will prove the forerunner of
other such
enterprises which will take advantage of the Treas¬
ury's approval to acquire United States securities.
There
can
be
doubt
no
that
October
last
since
a
are
large volume of funds in both London and Amster¬
dam
market acceptances are as follows:
open
DELIVERY
SPOT
—180
—120 Days
150 Days
Day*-—
Bid
Asked
Bid
Asked
Bid
Asked
%
Prime eligible bills—
»u
H
*i»
'n
K
90
30
Days
60
Days
Bid
Asked
Bid
Asked
7i»
Y
ht
Days
Asked
Bid
Y
Prime eligible bills.
Ys
waiting
Government's
British
foreign lending has
opportunity
an
H% bid
54% bid
of
relaxation
any
—
a
move
the
ban
on
relation to the movement of
British funds to this side
organized with
to
markets, but the view that the
be
can
easily misinterpreted.
Undoubtedly such investment companies
....
—
been
7ti
WITHIN THIRTY DAYS
FOR DELIVERY
Eligible member banks
Eligible non-member banks
has
the American
into
are
being
special view to acquiring American
securities, but they are no more likely to enter this
Discount Rates of the Federal Reserve
Banks
market
now
than
the
were
large amounts of idle
funds in London and Amsterdam inclined to
THERE have beenofno changes this week banks.
rediscount
the Federal Reserve in the
rates
is the schedule of rates now in effect
The following
the
for
of
classes
various
securities is at
has
There
the different
at
paper
American
Reserve banks:
or
BANKS
DISCOUNT RATES OF FEDERAL RESERVE
Date
11
Previous
Established
Effect on
Feb.
low point at present.
been
never
a
ban
on
the
other foreign securities
institutions such
as
purchase of
by individuals
management trusts or insurance
companies, which do not specify in their prospectuses
Rate in
Federal Reserve Bank
or
a
come
In London interest in American
here since October.
Rale
4 1937
11 1935
has been
2
2
New York
1
2 1937
Aug. 27 1937
Philadelphia
Cleveland
Richmond
1Y
Sept.
IX
May
1Y
Aug. 27 1937
2
Atlanta..,.
1H
Aug. 21 1937
1Y
Aug. 21 1937
2
1H
IY
Sept.
2 1937
Aug. 24 1937
2
1Y
The ban
they intend to purchase.
applied only to fixed trusts which have to
2
Chicago
St. Louis
what securities
Sept.
1H
Boston
Minneapolis
Kansas City
IH
advertise
the
names
of
securities
they
propose
to
2
include in their portfolios.
London bureau in
1H
Sept. 3 1937
Aug. 31 1937
2
Dallas
San Francisco
1H
Sept.
3 1937
a
sumably under the
2
The Wall Street Journal's
dispatch
on
Feb. 8 said:
relaxed regulations
on
"Pre¬
capital
2
—
movements announced last week
2
Chancellor of the Exchequer,
Course of
Sterling Exchange
Advisory Committee might now consider granting
STERLING exchange has for a period terms of
displayed unusual firmness in of eight
weeks
Doubtless the
the dollar for this season of the year.
by Sir John Simon,
the Foreign Investment
uncertainty prevailing here and elsewhere as to
the
permission to form a fixed trust with a portfolio of
American securities,
although there is
no
certainty
that they
would interpret the relaxation of the ban
this
their decision being subject to
in
sense,
con¬
future trend of business on
this side, together with
ditions within the balance of payments, strength of
the
to the French public
which factors tend to
sterling and similar considerations ruling at the time
general
finance
uneasiness
as
both
of
situation,
accelerate
the
movement
of funds to London,
largely responsible for the firm undertone of sterling
exchange in a limited between-season
market.
of
The
application."
London investors would be
are
largely guided by the
and direction of the Amsterdam market opera¬
tone
and
tions
Amsterdam is decidedly
range
for
is
$5.00^j and $5.01 9-16 last wreek.
cable
transfers
has
been
between
The
range
$5.01 1-16
for
and
no
this
movement away from
hesitant about
Undoubtedly there
American securities at present.
this week has been between $5.01 and $5.02 5-16,
bankers' sight, compared with a range of between
American securities at
time, but prospective foreign investors in
American market have
adopted
a
the
policy of watchful
966
Financial
This
waiting.
is
predominating factor
a
current
firmness
dollar.
This attitude is also
of
retardation
the
sterling
the
in
with
Chronicle
in
the
ing within
to
respect
the
lations.
largely responsible for
of
movement
foreign centers to this side.
gold
It is in large
standard
weeks
American
than for investment in London
British investors
also
are
or
elsewhere.
showing
the
for
accounts
greater
activity in the
edged security market in London.
deem
gilt-
of the
loans
British
the
which
for
The
the other side.
on
Corporation offered
A few
offered at
was
index
£58,000,000.
price which insured
a
hand, is given
ago
reception, and its
indicate
much stronger flow of such issues in the
a
The
England
given rise
may
future to
to
rumors
that the
influx
also
help to
of
of
Call
Lombard
in
money
cur-
Street
continue
un-
against bills is in supply at
bills, 19-32%.
All the gold
chiefly for account of foreign hoarders.
there
last
near
on
offer
available
was
On Saturday
£268,000,
Monday
on
on
It is thought
£712,000,
on
Thursday
£623,000,
and
reduction might help to check
a
£100,000.
York
gold movement
30, 1932.
balances and would
At
.
opinion
the
However,
to
accept
of
New
as
Reserve Bank of New York,
imports
the
Wednesday
on
Friday
reported by the Federal
was as
follows:
Exports
1
None
the
nothing of the necessity, of such
Port
.
gold movement at new york, feb. 3-feb. 9, inclusive
a
more
7
..
disinclined
is
for
way
the
for the week ended Feb. 9,
thought, might also give further
say
(in national
prices
average
£377,000,
issue of national defense bonds.
probability, to
the other
on
Tuesday
stimulus to British funds and prepare
Conservative
Gold value,
in the London open market seems to have been taken
difficulties in the discount market,
A lower rate, it is
was
on
fugitive foreign
ease
That low proportion
£162,000,
has been in effect since June
the
less than 74% of 1929 in
H%> two-, three-and four-months bills at 9-16%,
l*/2% from the present 2% level which
in London that such
new
Bank
reduce its rate of rediscount in the
is
the
46% of the 1929, figure, while the
of
and six-months
superabundance of funds in London at this
has
time
that
The report estimates 1937 physical
rates
changed.
future.
near
on
as severe as
shows
report
was never
as
number
Money
is believed to
success
issued
rencies) is but 47% of 1929.
en-
thusiastic
This
volume at 98% of 1929.
£2,000,000 loan
a
subscriptions amounted to
loan
days
gold
report of the
a
Association
of the depression.
reached in 1932.
gilt-edge issues is expected to accelerate the
new
free
study entitled "Trends in International
physical volume
any year
The buoyancy
flow of
Policy
believed.
generally
British investors
these the least risky shares.
but according to
Foreign
Trade," the curtailment has not been
toward stocks of any kind, their own or foreign, and
this
the
to
return
a
modified basis suitable to changed
severe,
Feb. 1, as a
disinclination
a
re¬
Zeeland, it should be recalled,
The curtailment of international trade since 1929
ownership of gold rather
been shown for the actual
1938
world conditions.
measure
has been
a
van
on some
preference has
many
12,
limits the present exchange
narrow
Mr.
urged the necessity of
from
responsible for the hoarding activity in the London
gold market, where for
Feb.
None
I
Net Change in Gold Earmarked for Foreign Account
Decrease: $177,000
The above figures are for the week ended
a
reduction.
on
the opinion is widely
Wednesday. On Thursday there were no imports or
exports of the metal or change in gold held earmarked for foreign account. On Friday there were
held among industrial interests in Great Britain that
no imports or exports of the metal or change in gold
the
he*d earmarked for foreign account,
Gold held in the inactive fund, as indicated in the
dailv Treasury statements issued during the week
ended last Wednesday was as follows. The day-todaY changes are our own calculations:
discussion
trade
Anglo-American
the greatest interest
arouse
interests
have
in
Parliament,
where
,
the
in
United
States,
any
would not be worth the sacrifices involved
individual
the
..
voice
confidence
restore
trade pact
for
pact is doubtful, and these
members hold that unless President Roosevelt
many
can
found
a
to
both here and abroad,
but it appears that at present
desirability of such
continued
.
products
,
.
on
which
G0LD HELD IN THE treasury's inactive fund
concessions
Date—
.
would have to be made.
attitude
The
of
Parliament
opponents
of
a
1
,
1
,,
liawS
the level of world
commodity prices
consideration
trade
were
coming
Board of Trade,
$187,628
Canadian exchange
funds during the week
1-64% and a premium
Tile following tables
Oliver Stanley, said they
ra^e on Paris, the
Mr. Van Zeeland's report on international
it would seem, has
1.1.
,.
,
Trip,
a
few
,i
,
stabilization somewhat
to
the
L.
t
J.
in
.
managed currencies.
Dr. Trip urged reinforcement
,.
.
.
.
...
by abolishing the
agreement by
a
member
by agreement
provisions
among
agreement
.,1,^
currency
,
for withdrawal from the
power on
24 hours' notice,
the signatories for maintain-
Montreal
a premium
of
show the mean London check
market gold price, and the
open
mean London check rate on paris
152.50
Wednesday, Feb.
Monday,
152.69
Thursday,
Feb. 10
152.64
052.80
Friday,
Feb. 11
151.46
Feb. 7
Tuesday» Feb. 8
..
LONDON OPEN MARKET GOLD
SaturdayiFahL°ND0N
Monday,'
Feb.
9d.
-139s-8d-
9
...
152.85
PRICE
Wednesday, Feb.
7ZIIIIZII1393.
Tuesday' Feb-8
9
139s. 8d.
Thursday,
Feb. 10
139s. 8d.
Friday,
Feb. 11
139s. 9d.
PRICE PAID FOR GOLD BY THE UNITED STATES (FEDERAL
„
and extension of the tripartite
ranged between
of 3-64%.
Saturday, Feb. 5
a
A.
gold standard and stressed the great
the present monetary situation and
,
and
t
Dr.
the
to
danger
6
.
t\
President of the Bank of The Netherlands,
days ago in an address advocated a general
return
.
-
fore.
is relatively firm.
Price paid for gold by the United States:
trade,
again brought the question of gold
i
+9,968
Increase for the Week Ended Wednesday
objects.
,
+10,111
to be taken
growing body of opinion in Great Britain
a
+961
1.223,236,908
Anglo-American
would not—a fact which may be the very thing to
which
1,223,226,797
feb. 9
In reply the President of the
negotiations.
British
the
in
+m$u
1,223,225,836
Feb. 8
questioner asked whether currency stability and
into
+$11,569
Feb. 7
,
,
Daily Change
$1,223,060,849
the
trade agreement was expressed a few days ago when
,.
Amount
Feb. 3
:
reserve bank)
35.00
Tuesday, Feb. 8
on
Saturday last
Friday,
*35*°?
Monday, Feb. 7
Referring to
Wednesday, Feb. 9
Thursday,
Feb. 10
35.00
fj1,11!?3,7, Eeb* J-
Feb. 11
$35.00
35.00
35.00
day-to-day rates sterling exchange
was
firm in limited trading. Bankers'
Volume
sight
On Monday the pound fluctuated
The
only slightly.
bankers'
$5.01@$5.01% f°r
cable
was
range
sight and $5.01 1-16@$5.01 5-16 for
Tuesday
On
transfers.
firmer
Thejcurrent statement of the Bank of France
shows a decrease in gold holdings of 3,127,000,000
francs. This indicates the return of the gold to the
Exchange Equalization Fund. Present gold holdings
of the Bank are 55,806,000,000 francs, approximately
the level of last November.
It is generally feared in Paris that the Government
will be forced to resort to further extraordinary
cable transfers
$5.01 1-16@$5.01 5-16;
was
$5.01%@$5.01%.
$5.01 1-16@$5.01
sterling
5-16;
fractionally
was
Bankers' sight was
transfers $5.01 %@
demand.
foreign
on
cable
steady in a
quiet market. The range was $5.01@$5.01 3-16 for
bankers' sight and $5.01 1-16@$5.01% for cable
transfers.
On Thursday sterling continued steady
On Wednesday sterling was
$5.01%.
The
activity.
noticeable
without
$5.01 9-16 for cable
was
and $5.02
$5.01%@
On Friday the foreign
transfers.
exchange market was strong against
range
was
range
3-16@$5.01% for bankers'sight and
$5.01
New York. The
$5.01%@$5.02 5-16 for bankers' sight
1-16@$5.02% for cable transfers. Closing
quotations on Friday were $5.01 for demand and
$5.02 5-16 for cable transfers.
Commercial sight
finished at
bills
60-day bills at $5.01 3-16,
$5.02,
$5.00%, documents for payment
(60 days) at $5.01 3-16, and seven-day grain bills
at
$5.01 11-16.
Cotton and grain for payment
bills
90-day
at
closed at $5.02.
#
Continental and Other Foreign
967
Chronicle
Financial
146
Exchange
overdraft upon the Bank of France within a few
weeks. The Paris money market is incapable or
unwilling to finance the huge deficits of the Government.
The foreign .markets are also practically
closed to the French Treasury except in extreme
emergencies and then only against deposit of gold
security.
French investors, large and small, seem again to
be hastening to convert all their spare funds into
foreign currencies, favoring Holland, Switzerland,
and to greater extent, London,
A few months ago French capital was inclined to
favor Brussels, but the belga has been showing
weakness for some time, owing largely to internal
political difficulties in Belgium. The present weakness of the Belgian unit is due to uneasiness caused
by the French financial situation. On several occasions
during the past week the belga
moved fraction-
THE French franc situation showsthe tension of ally under dollar parity and futureeither flat or atfor
no signs is a long time in 1937 were quoted belgas, which a
improvement.
On the contrary
not
are
and there is
Money is dear in Paris
heightened.
slightest indication that French investors
interested in domestic securities of any de-
the
inclined to support Government issues,
and perhaps final crisis is impending
under the new Chautemps Cabinet.
On Feb. 8,
Finance Minister Paul Marchandeau announced that
scription or
further
A
sweeping financial reforms
fidence
.
designed to restore conthe
and aid French business by lightening
-n
,
tax burden Will
u
j
be made.
mi_
i-
j
j.
-i
r
u
lnus far details 01 such
proposals have been withheld pending submission
and formal approval by the entire Cabinet.
M.
Marchandeau's announcement was
dicating
a
regarded
as
in-
complete break with the policies of im-
If the Government's
stable franc and a solvent
mediately preceding Cabinets.
new
plans succeed, a strong
slight premium, are now at fractional discounts in
terms of the dollar.
The following table shows the relation of the
leading European currencies to the United States
dollar:
«£!%«
6.63
3.92
b France (franc)
's.mk to "s'.Mjl
"'Is
19.30
Switzerland (franc)
Holland (guilder)
a
New dollar parity as
40.20
3.27^ to 3.32H
32.67
68.06
23.19 to 23.24**
55.88 to 65.98
before devaluation of the European
currencies
between Sept. 30 and Oct. 3,1936.
b Franc cut from gold and aUowed to "float" on June 30. X937.
The London check rate on Paris closed on Friday
151,46, against 152.67 on Friday of last^ week,
ln New York sight bills on the French center finished
3.31%, against 3.28; cable transfers at
3.31%,
against 3.28%. Antwerp belgas closed at 16.99 for
The
exchange
equalization funds have been
bankers' sight bills and at 16.99 for cable transfers,
aiming in the psat few weeks to hold the franc
against 16.95 and 16.95. Final quotations for
pegged around 152.90 to the pound, and this week
Berlin marks were 40.46 for bankers sight bills and
the authorities have been successful in maintaining
40.46 for cable transfers, in comparison with 40.39%
reasonably firm franc still more in favor of Paris,
anc^ 40.39%. Italian lire closed at 5.26% for bankers
with
range of between 151.46 and 152.85.
But sight bills and at 5.26% for cable transfers, against
future franc quotations tell a different story. Sterling
5.26% and 5.26%. Austrian schillings closed at
and other leading currencies are at marked premiums.
18.95 against 18.95; exchange on Czechoslovakia at
In New York the discount on 30-day franc futures is
3.51%, against 3.51%; on Bucharest at 0.74%,
than five points below the basic cable rate,
against 0.74%; on Poland at 19.00, against 19.00;
while 90-day francs are around a discount of 14 points.
an<^ 011 f inland at 2.22%, against 2.22. Greek
M. Marchandeau is emphatic that there will be
exchange closed at 0.92%, against 0.92.
Treasury may result.
a
a
more
no
further
devaluation of the franc and that the
>
•—
F^XCHANGE on the countries neutral during the
exchange control.
Hi war are generally steady, moving with respect
It is reported in Paris that the Bank of France
to the dollar in close sympathy with sterling. The
will soon increase its rediscount rate from the present
day-to-day quotations, however, for each of the
3% level which has been in effect since Nov. 12,
neutral currencies are also governed by conditions
1937 when it was reduced from 3%%.
peculiar to each country. For instance, the ScandiIt is understood also that the^Bank of France is
navian units show three distinct trends. The Swedish
repaying to the French Stabilization Fund 3,000,crown is stronger than that of Norway or of Denmark.
000,000 francs of/gold^which the Fund transferred
The greater firmness of the Swedish unit is due to the
to the Bank in December, presumably in connection
superior economic position and trade balance of
with the repayment of the £40,000,000 sterling credit.
Sweden. The Norwegian unit, while not as strong
Chautemps administration is
opposed to
any
form of
968
Financial
that of
as
Sweden, is^also relatively firm due to the
favorable trade position established by
the
Norway in
Denmark started 1937 rather ad¬
past years.
versely, but finished the
in
year
improved position.
an
Chronicle
Feb.
12, 1938
respective dates of most recent statements, reported
to us by special cable
yesterday (Friday); comparisons
are
shown for the
corresponding dates in the previous
four years:
Her adverse trade balance for the
year amounted to
Dutch
guilders
exceptionally
are
of the Bank of
reserves
firm.
The Netherlands
Gold
shown
as
In the statement for the week ended Feb. 7 stood at
the
record
The
gold
have
high
been
never
ciation of the
value
of
figure
of
revalued in
guilder. The
$963,547,000.
895,000 guilders,
1,415,800,000
or
line
a
dollar
with 569,-
Current gold holdings
of the currencies favored
one
Bank
on
Feb.
7
of
1937
£
1936
£
314,112,228
347,628,740
2,443,800
201,221,254
519,798,321
2,816,550
Italy
326,987.905
293,716.800
2,521,900
c87,323,000
a25.232.000
87,323,000
42,575,000
90,124,000
42,575,000
Netherlands
116,735.000
68,298.000
55.726.000
Nat. Belg-Switzerland
100,950,000
105,399,000
83,501,000
25,519,000
6,551,000
97,137,000
46,827,000
23,816,000
6,555,000
6,602,000
France
Germany b_
Spain
79,603,000
Sweden
Denmark
26,172,000
6,544,000
7,515,000
.
_
Norway..,
Tot. wk.
6,603,000
1934
£
193,021,734
655,065,948
2,932,000
90,729,000
62,854.000
67,960,000
72,669,000
69,071,000
15,993,000
7,395,000
6,852,000
francs closed
at
23.24
cable transfers, against
on
90,462,000
76,700,000
74,341,000
78,448,000
67,541,000
14,560,000
7,398,000
6,674,000
1,073,300,605 1,089,953,768 1,093,198,125 1.244,542,682 1,223,121,201
Pre v. week. 1,091,365,367 1,089,988,027
1,094,963.626 1,244,566,226 1,241,062,152
Amount held Deo. 31. 1936. lateet figures available,
b Gold holdings of the
Bank of Germany are exclusive of gold held
abroad, the amount of which Is now
reported at £1.016.650.
c Amount held Aug. 1, 1936. the latest
figure available.
The gold of the Bank of France was revalued on
July 23. 1937, at 43 milligrams
■
of gold 0.9 fine, equal to one franco; this was the second
change In the gold's values
within less than a year, the previous revaluation
took
on
Sept. 26.
1986,
when the gold was given a value of 49 milligrams to the franc
as compared with
On the basis of 65.5 mgs., approximately 125 francs
equaled
£1 sterling at par; on basis of 49 mgs.. about 165
francs equaled £1 sterling, and at
43 mgs., there are about 190 francs to £1.
66.5 mgs. previously.
The Federal
on
for
checks
and at
against
23.24
for
23.22)4 and 23.22)4' Copen¬
22.38)4
and
22.3834*
The National
Friday
hagen checks finished at 22.42 and cable transfers
Housing Program
Checks
velt
new
Feb. 4, while in form
Its
on
an
enactment
elaborate
against 25.84)4 and 25.84)4; while checks
finished at 25.23)4 and cable transfers at
25.2334>
against 25.19 and 25.19.
have been
if
no
weeks.
Argentine Government promises
greater relaxation of restrictions
on
a
path in which private
capital fears to tread is both risky and unwise. Hav¬
exchange, but the majority of the South American
ing embarked
upon
countries
ernment
be expected to do its best
exchange.
show
a
stronger
tendency
,
to
•
restrict
•
against 33.43.
The unofficial
or
free market close
was
26.85@26.90, against 26.50. Brazilian milreis are
quoted at 5.85@5.90 (official), against 5.85@5.90.
Chilean exchange is quoted at 5.19
(official), against
Peru is
may
the venture, however, the Gov¬
through, and the provisions of the Act
Argentine paper pesos closed on Friday, official
quotations, at 33.47 for bankers' sight, against 33.43
on
Friday of last week; cable transfers at 33.43,
nominally quoted at 24)4, against 24)4-
statute
a
who will feel that
are many
soon
foreign trade and
would
remunerative field for
private capital
a
for the Government to enter
The
forthcoming in volume
need, presumably, for such
investment, and there
recent
of financial aid
housing problem. There
EXCHANGE on the South from those of
American countries
presents
features
no new
course
housing construction of the kind contemplated
had offered
:v
purposes a
launches the Federal
housing, not in the form of direct Government
which it is assumed will be
Norway
amendment
building but through Government backing for loans
sufficient to solve the
on
an
1934, is for most practical
measure.
Government
for
Housing Act which President Roose¬
on
of the Act of
at
on
approved
Sweden closed at 25.89 and cable transfers at
25.89,
5.19.
191,843,044
599,061,657
16,192,500
202.16%.
Friday of last week;
55.97)^, against 55.90)^; and com¬
sight bills at 55.92, against 55.85.
Swiss
.
1935
£
.
2,880,800,000 Swiss
cable transfers at
22.42
England---
of gold to notes in circu¬
55.973^, against 55.90
mercial
of—
place
of 148%.
year
Bankers' sight on Amsterdam finished
at
a
$387,856,000 immediately follow¬
francs represents a ratio
lation of
have
depre¬
by
The heavy gold stock of the Swiss
money.
National
the
This compares
gain since devaluation last
The Swiss franc is
refugee
with
reserves now
ing devaluation of the guilder.
represent
guilders.
of the Bank of The Netherlands
reserves
1938
£
Banks
91,000,000 kroner.
as
to make it
investment,
reasonably certain that
even
to
some
see
it
drawn
are so
private
if not enough to revolutionize the
housing situation, will be made in the enterprise.
The main features of the
Act, meantime, merit
ex¬
amination.
Title I of the Act authorizes the Federal
Administrator to insure
♦
personal
finance
Housing
"banks, trust companies,
companies,
in July of the conflict between
Japan and China.
mortgage companies,
building and loan associations, instalment lending
companies," and such other financial institutions as
The other Far Eastern
currencies,
he may
EXCHANGE on the Far Eastern countries follows
closely the trends manifest
the outbreak
since
by the Asiatic
war,
move
in
hardly influenced
close
relationship to
sterling exchange, to which they are attached either
legally or through exchange control.
Closing quotations for
29.09, against 29.05
on
checks yesterday were
Friday of last week. Hong¬
and
find "qualified by experience
approves
as
eligible
"against losses which they
of loans
and advances of
for
credit
insurance,
sustain
as a result
credit, and purchases of
yen
obligations
credit,
representing
loans
and
tions, repairs and improvements
urban
15-16, against 50.00; Singapore at
58.80, against
58.85; Bombay at 37.90, against 37.86; and Calcutta
37.90, against 37.86.
"under
a
par
of
lease
of
urban, sub¬
or
lessees
expiring not less than six months
maturity of the loan
so
the amount of the
or
advance of credit."
granted is not to exceed 10% of
loan, and the aggregate liability
of the Government is limited to
loans
upon
rui;al real property" by owners
The insurance
European Banks
exchange) in the principal European baixk&1?a&
or
after the
THE following table indicates the amounts of gold
bullion (converted into
pounds sterling at
of
...
advances
for the purpose of financing altera¬
49
Gold Bullion in
facilities"
may
kong closed at 31%@31)4, against] 31.35@31
7-16;
Shanghai at 3134, against 29%@29%; Manila at
at
or
$100,000,000.
The
themselves, to be eligible for insurance,
may
Volume
not exceed
for
$10,000 for existing structures
or
$2,500
mortgage insurance for building is more gen¬
For
erous.
dwellings for not
ilies the insurable
more
than four fam¬
reach $16,000
or
80% of the appraised value of the property; for
an
urban, suburban
mortgage
may
rural one-family dwelling, $5,400
or
90% of the appraised value;
or
value
than
more
the first
$6,000 but not
or
over
in the case of
$10,000, 90% of
$6,000 and 80% of the remainder. On this
basis the minimum down payment on a
constructed house would be
be
carried
as
constructed
$8,600.
until
on
a
newly
$10,000 house the minimum down pay¬
$1,400 and the insurable mortgage
Mortgages
20 years,
$600, and $5,400 would
insurable mortgage;
an
would be
ment
$6,000 newly
are
to mature in not more than
except those in the $5,400 class executed
July 1, 1939, where the period may be 25 years.
Interest is limited to
5%,
or
6% "if the Adminis¬
trator finds that in certain areas or under
fourth of
mortgage market demands it."
the
circumstances
There is also
a
special
premium charge varying from one-
1% to 1% per annum on the outstanding
The total obligation of the
principal obligation.
Government under insured mortgages
is limited to
$2,090,000,000, but subject to increase to $3,000,000,000
of the President.
the discretion
in
In
the
case
authorized
to
issue
negotiable debentures to
amount of the value of the
est at not more than
State
the
mortgage, bearing inter¬
3% and exempt from Federal,
local taxes except surtaxes,
or
from
$2,000,000,000 to $3,000,000,000 and keep it in
mortgage business for from 20 to 25 years de¬
pends upon several factors, no one of which, at the
moment, is exact. One is the actual
the Act is to encourage.
estate, inheri¬
kept pace with
past decade has admittedly not
the
growth of population, but the rate of
population
declined.
growth during the same period has also
President Roosevelt has
expressed the opinion that
600,000 to 800,000 new dwellings are needed
from
On the other hand Thomas S.
annually.
Holden,
Dodge Corporation and
Vice-President of the F. W.
has
needs set
recognized authority on construction business,
a
recently stated that "estimated housing
at
750,000 units
that
feasible."
represent a program
one
new
commercially
occupant of an old or
be expected to remove to
Not every owner or
house
deteriorated
a
or more a year
today is socially desirable but not
Personal
can
merely because a new one is available.
family associations, mortgage indebted¬
or
inability to sell without loss, and access to
ness,
schools
place of business are matters to be con¬
or a
sidered before
leaving
home for another.
one
question of ultimate cost looms large in the
decision of most would-be home owners.
The in¬
The
provided by the Act lifts so large a part of
shoulders of the investor
the financial risk from the
probably to induce mortgage loans
as
of a much
higher figure in proportion to valuation than pru¬
dent investors would otherwise make. To the small
down
payment,
"fully and unconditionally guaranteed as to prin¬
ments
over
cipal and interest by the United States."
but also
the
the purchaser must of
however,
add not only
Such debentures are to be
gift taxes.
Residence building during
the
course
and
tance
demand, present
prospective, for new housing of the types which
and
surance
of foreclosure the Administrator is
969
Chronicle
the
structures.
new
The
Financial
146
interest and amortization pay¬
period of the life of the mortgage
taxes, insurance, up-keep
and the premium
charge, while if the house
is located in a compara¬
scribed, the Act provides for similar insurance ap¬
tively new region there are
practically certain to be
plicable to residence property held by Federal, State
substantial betterment charges
In
or
addition
the
to
mortgage insurance just de¬
municipal corporations or specified private cor¬
porations
or
associations formed or operated for the
or blighted areas.
The prin¬
tial demand is for
under
cipal obligation in such cases may not exceed $5,000,-
sents the
80% of the estimated value of the property
or
when the
so
proposed improvements are completed, and
much of the property as
purposes
is devoted to residence
is not to exceed in cost $1,350 a room. In¬
provided, together with advances
during construction, for properties of one or more
multi-family dwellings or a group of not less than 10
single-family dwellings, to an amount not less than
$16,000
than $200,000 of the principal ob¬
nor more
ligation, or not more than 80% of the estimated
value when
cost to
The Act
national
completed, with a limitation of dwelling
$1,150
a room.
further authorizes the establishment of
mortgage associations impowered to make
real estate loans and deal in
the
Act
mortgages under
con¬
The capital of
ditions
which
such
association is limited to $2,000,000, but the
an
association may issue
prescribes.
and have outstanding tax-free
notes, bonds, debentures or other similar obligations
exceeding 20 times its paid-up
to an amount not
ital and
surplus
the insured
eral
cap¬
the current unpaid principal of
mortgages which it holds.
ing otherwise
securities
or
For borrow¬
than through the issuance of such
as are
mentioned the approval of the Fed¬
Housing Administrator is required.
The
success
of
an
undertaking which is to involve
the Federal Government
in mortgage obligations of
greatest need. It is the persons
incomes, however,
with small
whose incomes over an extended
the possibility of losing
maintain the annual
payments cannot be left out of consideration.
period are least certain, and
the
is further
surance
units which, with the land, cost
$5,000, while a $2,000 to $3,000 range repre¬
rehabilitation of slum
000,
for public improve¬
According to Mr. Holden, the largest poten¬
ments.
property from failure to
In the case
of multi-family or
large-scale housing
the question of demand
is of primary importance.
It is doubtless possible
to build large apartment structures with the cost
restrictions per room which the Act lays down. It
has been frequently asserted, however, in discus¬
sions of the housing problem, that the greatest need
for suitable housing is found in the low income
projects of the rental type,
groups,
but that building costs
make it impossible
rentals which many in
the lower income groups can pay. If the contention
in regard to costs is well founded, the new Housing
Act cannot be expected to provide good housing for
to
provide such housing at
those
have
who need it most,
and we shall continue to
demands for tax exemption
sions which
The whole
and other conces¬
in effect operate as a
public subsidy.
of course,
scheme of insured mortgages is,
subsidy of a special form. It is to
be operated without
loss, but if there is a loss the public will have to pay.
The problem of dealing with slums or "blighted
areas" presents difficulties of its own. Theoretically,
the best way to get rid of a slum area would be to
only a Federal
be
hoped that the scheme may
970
Financial
purchase the property outright and clear it for
building, but the high prices at which such
new
proper-
ties have often been held have tended to make such
a
course
rentals
impracticable if prospective income from
to bear
was
The
ment.
scale
fair
a
alternative
proportion to the invest-
has
been
housing projects in other
to
Feb.
12,
1938
influential section of British public opinion in
an
international affairs,
saying
as
address at the National Liberal
to believe
on
good authority that
on
American Government
that day, in
Club, "I have
assurance
we
an
reason
have given the
that
we
are
ready
develop large
to support them in
any
where land is
areas
cheaper and population less dense.
Chronicle
facing
"The trouble is," he continued,
The alternative
risk."
any
"that it
was
action which they may take
confidential
a
communication
of
the
procedure certainly provides new housing, but it is
Government that most people here do not know of,
far from clear that it draws many
and the great American public does not know it
slums, especially if removal
creased travel cost in
time
in-
or
going to and from work. What
happens is that the slum remains
as an eyesore
and
wellbeing, and the
to health and social
a menace
families from the
means more
mu-
believe it for
ties and conveniences.
United
hope for
-
successful operation of the
a
as
saying that "we
could go in with America, and I think I may say
there is reason to believe it is perfectly certain that
if
chief
went in with America, Russia would be
we
ing:
"I
Press, Professor Murray
never
was
suggested that there
quoted
Act holds out for the investment of
been made by the British Government.
The encouragement
is offered, however,
has been
as
than
more
a
as say-
'agree-
was any
ment.' I merely stated my belief that
said, through the assumption by the Federal Gov-
on our
side to support us." Later, in an interview with the
Housing Act lies in the encouragement which the
private capital,
or
Referring to the situation
in China, he was further quoted
nicipality is burdened with additional outlays for
streets, water, sanitation, police and other necessiThe
moment."
a
had
assurance
This has
been stated in the press, notably in
once
speech by General Spears published in the Carlisle
ernment of financial risks which
Journal. I
left to
for this belief, but I should not have expressed it
private capital, if
itself, would be quite unlikely to take. To
the extent that the risk
loss will be made
eventually entails loss, the
good by taxation which the public
cannot avoid
paying.
housing is
national problem, to be solved by the
a
The theory of the Act is that
intervention of the Federal Government.
are
who believe, however, that housing is not
many
national
problem at all, but
Federal
gage
There
local
and that
had not the
public
liberty to give all
my reasons
statement already appeared in the
same
Furthermore, I thought there
press.
were no
reporters present when I made my speech."
The anxiety which is being increasingly felt at
Washington and in the country connects itself more
closely with the implications of Professor Murray's
a
remarks than with the unequivocal denial of Secre-
case
in the form of mort-
prove to
be in the end only a
tary Hull. The occasion for anxiety is President
Roosevelt's speech at Chicago, on Oct. 5. In that
subsidy, in this
insurance, will
a
one,
further
injection of Federal authority into
affairs.
This aspect of the situation is
that States and
a
am not at
municipalities,
well
as
local
one
speech, it will be remembered, he strongly criticized,
without naming them, dictatorships which denied
private in-
liberty and ignored their obligations under treaties
obviously
as
vestors, will do well to keep in mind.
and international law, and suggested that, for the
•
protection of democracies and respect for law, such
ThelGrowing International Tension
m,
The
,
,
categorical
Tuesday, in
denial
letter to
a
by
Secretary
Senator Key
Nevada, that the United States
commitments
Congress
tration's
has
not
on
Pittman of
dispelled anxiety, either in
"quarantine" might take
but ^
dictatorship
for
united
spread.
as an
Prenot
was
gpeech geemed clearly to brand
infection
action
so
dangerous
as
to call
by democracies to prevent
its
The speech was timed to coincide with the
approval by the League of Nations of the Brussels
foreign policy. The questions to which Sec-
Conference, but while the attempt to bring Japan to
Johnson
Monday, asked
agreement
or
of
resolution which
a
California
whether
or
sibility of war," "whether
or
agreement,
of the
navy
with any other
or
introduced
not any
understanding exists
plated with Great Britain relating to
use
Hull,
a
in the country, regarding the Adminis-
or
Senator Hiram
standing
dictatorships might well be "quarantined."
cisely what form
11
has any foreign war
retary Hull replied, framed in
on
tt
alliance,
is contem-
or
war or
the pos-
not there is any under-
express or
implied, for the
of the United States in conjunction
nation," and "whether
not there
or
terms at B™ssejs was a dismal failure, the Rooserine of "quarantine" has not been re]s proper
know
that Congress and the country should
whether President
Roosevelt
still
stands
by
his
Chicago declaration, and, if he does, precisely
what he means by it. Secretary Hull has denied
that there is
an
alliance
understanding with
or
any
foreign Power "relating to war," or any agreement
regarding the disposition or use of the American
•
is
any
understanding
plied, with
or
any
any part of
.
„
agreement, express
or
nation, that the United States navy,
it, should police
or
ferred to any particular waters
ocean."
To each of these
declared that "the
No
or im-
disposition
answer
patrol
or
or
any
be trans-
particular
questions Secretary Hull
is no."
in
a
a
Secretary Hull's denial.
curious coincidence, however, the United
Press,
dispatch from London on Wednesday, quoted
Professor Gilbert
Murray, Chairman
of Nations Union and
an
At those points his denial will be accepted,
American
f0
howe^
this is not the whole
of the League
outstanding spokesman for
8to*
of
foreign policy. what the country wants
know, and what Congress should insist
upon
learning, is whether Mr. Roosevelt is planning
kind of interference in the affairs of
Power, and is calling for
apears to have been shown to ques-
tion the entire
accuracy of
By
navy.
^
a
greatly enlarged
order that such interference
The testimony given
any
may
any
foreign
navy
in
be effective,
by Admiral Leahy at the
hearings before the Naval Affairs Committee of the
House has not clarified the situation at this point.
The need for
an
enlarged
miral Leahy, is found
navy,
according to Ad-
in the political conditions
Volume
In
Far East.
and Ja-
together as if their combined
grouped
were
force
known. The demand has, naturally, been irritating
to Japan, and cannot be expected to improve American-Japanese relations. Meantime the war in China
continues without apparent relaxation on either
side, but with ominous prospect of a weakening of
Chinese resistance because of famine,
The significance of the political and military
changes abruptly made in Germany cannot be determined with certainty until more "inside" information is available than foreign correspondents have
been able to give, but the changes themselves and
the manner in which they were accomplished are
disturbing. It was natural to expect that Chancellor Hitler would in due course seek to end any doubt
comparing the naval strength of vari-
Powers, the navies of Italy, Germany
pan
might have to be met.
The present navy, ac-
cording to Admiral Leahy, is adequate for the defense of the Pacific Coast from Panama to Alaska
and
including Hawaii, but an increase is necessary
distance
The increased
the other hand, would not be able to dekeep an enemy at a considerable
in order to
and
outlying possessions.
protect
on
navy,
fend both the
Atlantic and the Pacific coasts at
the
adequate for a war
writh Japan in the Far East. Finally, there is no
single Power that could successfully attack the contime, and would not be
same
tinental United States.
statements
be drawn from such
The inferences to
well pointed out
have been
in a recent bulletin of
"The factual evipossible conclusions:
(a) that the national policy is predicated on a single-handed defense of the Western Hemisphere
against a possible threat from a combination of
Powers; (b) that under pressure of political developments abroad the Administration is about to
abandon the traditional policy of isolation and to
implement an 'active' foreign policy with a navy
designed for joint action with other Powers. The
first thesis is stoutly defended by the majority members of the Naval Affairs Committee.
.
.
.
The
second thesis is officially rejected by Admiral
Leahy's assertion that the navy has no 'understanding' based on joint action with Britain or any other
foreign Power. And yet the burden of circumstantial evidence points to the second conclusion. It is
supported by the undeniable fact that naval operations which cannot be contemplated on the basis of
individual action can be carried out by joint action. It is supported by Admiral Leahy's significant
statement that the traditional defense line in the
Pacific has now been extended to include Samoa,
which lies 2,600 miles southwest of Hawaii, and the
announcement that the annual maneuvers, which
the
Foreign Policy Association.
dence," it says, "leads to two
begin in March, will take the United States battle
for the first time. The circumstantial
fleet to Samoa
ment
reports that Navy Depart-
also includes
evidence
experts have been
from the Aleutian
extend
line extending
.
f3
,
from
British
Singapore around Borneo. In
& ^ .
,
...
...
.
Congressional critics this evi„
minds of many
the
Islands through
where it would meet a
Hawaii to Samoa,
about his control of the army, and since some of
the officers who have been advanced are men whose
training and experience go back to the World War,
it is possible that German foreign policy, to some
aspects of which the high command has been known
to be opposed, may become more conservative. On
the other hand, with the army fully under his control, it is possible that Hitler may show himself more
aggressive. The clouds on the horizon are due to
reports of marked restlessness in army circles and
dissension between the army and the Nazi political
leaders. The situation in Spain does not clear, and
the reported negotiations which Great Britain has
undertaken with a view to the withdrawal from
Spain of some of the Italian troops hold little promise of easing the strain.
The situation into which the United States is
being maneuvered is a dangerous one. The statements attributed to Professor Gilbert Murray
merely tend to confirm the impression that Great
Britain, in the Far Eastern crisis, is standing aside
and allowing the United States, if it will, to take
the initiative in coercing Japan, but that it is ready
to follow where the United States may lead. The
last thing that the Administration should think of
is to take any such responsibility. A stronger navy
for national defense, if such additional strength is
needed, is a proposal that the country will undoubtedly support, but a navy actually intended to support American interference abroad means war, and
to a foreign war of any kind or for any purpose
American public opinion is absolutely opposed,
giving careful study to the
possibility of a long-range naval blockade of Japan
undertaken jointly by Britain
and the United
States. Under such a blockade the American sector
would
971
Chronicle
prevail at the present time in Europe and the
which
ous
Financial
146
conclusive, confirms other indicais in fact designed to serve as
instrument of diplomacy in the present
BOOK REVIEW
714 Pages.
National Association of Credit Men.
Credit Manual of
New York:
Commercial Laws, 1938.
$6.60.
This annual volume offers to
credit men and others an
exceptionally of the particular laws andcommercial lawthe
full and useful summary of practices of in
general and
different
States.
The topics include, among
corporations, sales, collections,
dence, while not
iaw 0f contracts,
tions that the navy
instruments, insolvency, and
an
active
-p
There
is
.
.
,
crisis.
J? ar i^astern
every
„
from a purely national
this matter should be investi-
gated by Congress down to the ground. There is additional reason in the fact that international tenm
Europe and the
than
rather
-n
j
_
.
sion
relax.
x
i
x
Far East tends
x
•
to^ increase
The request, amounting to a
States for information renaval building program will,
demand, of the United
^ardin0' the Japanese
,
°
u
,
i„,x
««
o
w
...
n .
.
„
perhaps, be met, but probably as a matter of international comity and not because Japan recognizes
any
treaty or other
negotiable
warehouse receipts. Under the
head of anti-trust and fair-trade laws are given the text
of theunder it> and the teXf- 0f tbe a summary of important
Robinson-Patman Act, with Tydings-Miller Act. The
caseg
reason,
point of view, why
others, the
obligation to make its plans
text 0^ ^
\yaiSh-Healey Government Contract Act
is also
included, contracting with the
United States Government
that subject.
The series of legal forms
receives a chapter, and the National Labor Relations Act
is summarized. A chapter of summarizes at deals with bonds
special value length the State
on public improvements and
jawg rejating to
used in a variety of
business transactions will also
be found
summaries of statutory limRations for civil actions, bulk sales law requirements, and
exemptions. The book covers, in fact, a wider field than
^ » commerclal credit> and commends ltself t0 business
useful, as will also the tabular
executives as well as to
needs it is compiled.
the particular users for
whose
972
Financial
Chronicle
Feb.
Gross and Net Earnings of United States Railroads for the Month of
Railroad
operating statistics
December reflect, to the
for the
month
of
operation.
justed to
full, the unfortunate inci-
wage
and other regulations upon the principal
of the Nation.
*
\t
x,
indication
this year,
of
x-
t*
t~\
i.
what lies in
store
for
the
the carriers will be
right back where they
pit of the 1929 depression.
Administration.
Gross
,
,.
.
,
rail-
month in
1936, but in the
than
half the income
debt
charges
case
was
xi
our
upon
x
,
against that
as
thinking that financial malpractices alone
the
difficulties
.
„
of
creases
,,
of
the
railroads.
o
,
all
,
The
.
of
sorts
falling off is shown
.
steady in-
.£
contributed
,
taxation
,
have
.xx.
xi
+1
and
more
.I.
,,
unreasonable
the
x
wage
increases
f
v
J
,
and
over
j
aggravated by
were
.
above
even
railways
matter of any
a
country-
are
particular section
or
is indicated by the
survey now presented
„
*
Gross earnings of the railroads amounted last
.
December
to
latest
j
j
x
decline of $71,666,679,
a
All districts and
was
it
t
x
1299,827,815 against 1371,494,494 in
December, 1936,
which
n
reaions narticinated in
w
occasioned
business
by
rloss
the
depression
thi« dron
f
of traffic
«•
L
that the
brought with it.
But
little could be done
by the managers to adjust the
operations to this precipitate decline, and we find
in consequence that net
earnings suffered to a sensational
degree.
The net last December
amounted to
$57,116,581 against $114,883,828 in that month of
1936, a drop of no less than $57,767,247, or 50.28%.
present
tabular form
these
hisrhlv
•
„
Month of December—
Rat
Inc.
(+1
or
Dec.
$299,827,815
$371,494,494
-$71 666,679
242,711,234
256,610,666
—13,899,432
5.41%
(so.95%)
$57,116,581
(69.07%)
$114,883,828
.
50.28%
drastically adverse tendencies already have
Bankruptcy Act.
applications of the Soo and
The railroads
attempted to curtail
wages
costs
and taxes stand
adjustments.
accused of
The
as
to
meet
as a
whole have
the
crisis, but
barriers to any
railroads
can
no
proper
longer
be
failing to meet motor, airplane and other
competing forms of transportation, for the highspeed freight and passenger
services, and especially
the many stream-lined
and air-conditioned trains
in
made.
operation, show that great efforts are being
It may be
questioned whether motor com-
petition
has been
with
'
1932.
T
the
even
now,
placed
on
railroads
under the Motor Carriers
Act,
the
in
same
plane of disadvantage
interstate
commerce.
It
is
certain that intrastate
commerce of motor carriers
remains in a favored
^ withf4'f^f7 Sross
(a drop of 67%).
Morev
/
the smallest output for December since
it was
'
„
,
^
^
In
,
position
.
^
x
x-
December, 193o, steel ingot production
0
'
'
Li
aggregated 3,073,40o gross tons; m 1934, 1,964,257;
1
L oJa
moo
oci no^
mo/
,
,
n~0
.
.
1
ocrrr
.
•
a
'
,
1'301f;Q grf!3
La
Si °^ut/as.aad J? 1929 reached
^
'
UC
,
Age" reports that only 1,490,324 gross tons 6of coke
Z
*
Z L
tL
.
101+
r?D
.
•
^
Fg/ron ^ere
turned out in December, 1937, as
L 8T Z™L ^
' L
in December, 193o, but comparing with
2'106,4o3
1,027,622 in 1934; 1,182,079 in 1933; 546,080 in 1932,
'
'
,
0_A
'
.
'
.nOA
'
,
'
.
.
aad 980,376 in 1931 In 1930, however pig iron
Zl ' t grosa tons'.a*d f T'
2>836f5; As ta
•?
a'"
of ^mobiles-production was also
greatly reduced scale as compared with
December o£ tbe P*evloas year, the Bureau of the
a
°n
Ceas"s at Washington reporting that only 326 234
motor vehlcles were turned 01lt
ln
December, 1937,
498,710 in December, 1936, and 404,528
December, 1935. Carrying the comparisons fur7
..
as
ther
against railroad
back, however,
tnmPfl
Ollt ill
1932;
121,541
,
,
we find that
1 Q34-
"^ie t.UI neU OUt m lUOi
in
—$57,767,247
Erie systems for
reorganization under Section 77 of
now
m
,,
19.29%
been emphasized in the
the
Decembe£ 1937> as 1936
December,
tons
(—)
0.16%
Net earnings
Such
1936
—379
expenses....
tremendous
as a8a'nst
235,431
of expenses to earnings
O
in
235.052
Gross earnings
a
American Iron and Steel Institute, only 1,172,241
o£ steel inSots were turned out in
in
1937
Mileage of 136 roads
Operating
statistics
•
'
_
nerturbin?
Here
^ofis tons
19.29%.
or
meas-
compared with December,
as
•
district
u
here.
importance.
1'798'6f! V
That the problems of the
the
as
According to the figures compiled by the
high levels of 1929.
wide and not
We
1936.
over,
carriers,
ut
recently the problems
,
•
greatly to the precarious situation of these
i
,
the ad-
activity> one naturally turns to those
great industries, the iron and steel trades, as
first in the order of
caused
Oom.
consideration of the adverse
a
practice, the leading trade indices
two
be said by various spokesmen
may
to
serious
Washington who would delude the country into
Commerce
offset.
as an
now
Higher
for this
reason
Intergtate
of bnsiness
ure
of net earnings more
stripped away.
not the
are
change, whatever
in
December
m
^
regulatory circumstances, bore so heavily
^ railroads last December In taking, as is
verse
upon
.
,
sharply
^
business trend which, in combination with
the
of
evident
We turn
_
roads tumbled
jg
merely the latest example,
is
grant a goodly part of the rate advances sought by
Nor is it unfair to
revenues
of last year
the railroads
at
were
place the blame for this situation very largely
the
wage
Jt
to be wiped away and
are
The
regu-
mission, in the interests of simple justice, ought to
then it is apparent that all real gains made
again
the
any
railroads
in recent years once
But such matters doubtless will be adreasonable degree, however tardily.
a
increase
are
December
^03T measures, of which the unreasonable
car-
ix
If December results
1938
primary consideration remains that of adverse
dence of the Roosevelt depression and the adverse
riers
12,
in
•
,
only lo3,624
hilt SO
ill
1
OllL OU,0OO in 1X36
1931;
155,601
in
•
,
cars
107^
1930,
and
120,007 in 1929.
Turning
now
to the mining of coal, we find that
here, too, there
production
anthracite
mer.
both
was
a
in
the
coal, but
very
case
more
heavy falling off in
of
bituminous
and
particularly in the for-
According to the statistics prepared by the
United
States
bituminous
Bureau
coal
mined
of
in
Mines, the quantity of
December, 1937,
gated only 36,226,009 net tons
as
aggre-
against 45,756,000
net tons in December of the previous year, but corn-
paring with 35,388,000 in 1935; 32,526,000 in 1934;
30,377,000 in 1933; 31,522,000 in 1932, and 30,579,000
in 1931. Back in December, 1930, however, the output of bituminous coal reached 40,222,000 net tons,
and in 1929 was no less than 47,046,000. Production of Pennsylvania anthracite in the month under
review
totaled oqly 4,752,000 net tons as
against
4,947,000 net tons in December, 1936, but comparing
with only 4,726,000 in 1935; 4,687,000 in
1934, and
Volume
Financial
146
In preceding years, back to and
4,437,000 in 1933.
973
Chronicle
1934;
2,087,640
1933;
in
including 1929, the output was 5,141,000 in 1932;
4,679,000 in 1931; 6,050,000 in 1930, and 7,377,000
weeks of
enue
in 1929.
On
other
the
hand, that
important indus¬
very
substantial im¬
building trade—showed
try—the
provement in December, 1937, the money value of
construction contracts awarded in the 37 States
the
of
east
statistics
to the
according
Mountains,
Rocky
compiled by the F. W. Dodge Corp., hav¬
$209,450,600
ing been
December of the
against $199,695,700 in
but comparing with
as
previous
year,
In preceding years
$264,136,500 in December, 1935.
back to and
including 1929, construction contracts
outlay
in the month of December involved a money
$92,684,900 in 1934; $207,209,500 in
follows:
as
less than $316,368,100
increase recorded in the building
$249,435,500 in 1930, and
The
1929.
in
1931;
$81,219,300 in 1932; $136,851,600 in
1933;
trade, however,
no
not reflected in the lumber
was
industry, with which it is so closely allied.
statistics
The
compiled by the National Lumber Manu¬
facturers Association show that
mills
identical
reported
a
an
of 545
average
cut of only 660,307,000
feet of lumber in the five weeks ended Dec.
31, 1937,
against 903,174,000 feet in December, 1936, or a
as
decrease of
five
same
Shipments of lumber during the
27%.
reduced scale
1937
of
weeks
were
also
on
greatly
a
compared with the preceding year,
as
aggregating only 680,897,000 feet as against 972,582,000 feet in the same period of 1936, or a falling
off of
30%, while orders received totaled only 747,-
711,000 feet as compared with 1,347,894,000 feet,
Turning for the moment from the trade statistics
the
traffic
grain
Western
over
find that the movement was on a
scale
with
compared
as
roads,
we
greatly increased
December,
1936.
The
enlarged receipts at the Western primary markets
were
in
part due to the much larger corn
most
movement, although all the different cereals, with
single exception of rye, contributed in greater
the
less
or
with
We deal in detail
degree to the increase.
Western
the
grain movement in a separate
paragraph further along in this article, and there¬
fore
only note here that the receipts at the
need
Western
of the
markets
primary
five staples—
wheat, corn, oats, barley and rye—combined, during
five
the
Dec.
ended
weeks
31,
1937,
aggregated
64,743,000 bushels as against only 43,754,000 bushels
in the same five weeks of 1936, and contrasting with
46,167,000 bushels in
1935; 28,662,000 in 1934; 40,075,000 in 1933; 37,376,000 in 1932; 32,813,000 in 1931; 65,590,000 in
previous
as
years
follows:
1930, and 76,931,000 in 1929.
Perhaps, however, the very best index of trade
and
conditions during
business
review is to be found in the
the month
under
statistics showing the
loading of revenue freight on the railroads of the
United States,
which furnish, as it were, a sort of
composite picture of the general traffic and revenues
of
the
Car
roads.
Service
These
figures,
Division
of
the
as
collected by the
American
Railway
Association, show that during the four weeks of
December,
1937,
with revenue
States
as
only 2,309,127 cars were loaded
freight
on
the railroads of the United
against 2,775,618 cars in the correspond¬
In view of what has been said
weeks of
above, it is no sur¬
prise to find that when the figures of earnings of
the
separate roads and systems are scrutinized the
list
of
decreases
alike is
in
both
and net earnings
gross
long and dismal, and embraces roads and
In numerous
systems in every part of the country.
solitary road—the Virginian
one
Only
too, the losses are for large amounts.
cases,
Ry.—is able to
report an increase in both gross and net earnings
above
$100,090, and
no
other roads are able to show
gains in either case above that amount.
prevents
space
Lack of
naming separately, with their
our
losses, the numerous roads and systems (67 in the
case
of the gross
and 69 in the case of the net) which
have suffered decreases in both gross
more
we
will mention only a few of the
The Pennsylvania RR. reports a
so
decrease of
of
and net earn¬
outstanding.
ings alike,
$10,266,596 in gross earnings and a loss
$5,214,069 in the case of the net; the New York
Central, with a loss in gross of $7,299,281, shows a
in net
loss
of
$6,776,944
(these figures cover the
its leased
Lake Erie
is included, the result is a decrease in gross of
$8,263,402 and of $7,451,056 in the case of the net);
operations of the New York Central and
lines; when, however, the Pittsburgh &
Southern Pacific System,
the
with
a
loss in gross
of $5,284,440; the
Ohio, reporting $2,962,402 loss in gross
earnings of $5,892,510 and in net
Baltimore &
with
$2,079,361 decrease
in net; the Norfolk & Western, showing a loss of
$2,471,121 in gross and a decrease of $1,876,621 in
the net; the Chesapeake & Ohio, reporting a loss of
$2,295,556 in gross and $2,293,152 in net; the Atchi¬
son Topeka & Santa Fe, with $2,266,223 decrease in
gross and $2,566,314 decrease in net; the Erie RR.,
showing $1,994,082 loss in gross accompanied by
$1,730,602 loss in net, and the Louisville & Nash¬
ville, with $1,942,572 decrease in gross and a loss
of $1,299,537 in the case of the net.
In the following
table we show all changes for the separate roads
and
$2,098,203 loss in net; the Union Pacific,
and
systems
whether
in amounts in
of $100,000,
excess
increases or decreases,
and in both gross
and net:
PRINCIPAL CHANGES
IN GROSS
OF
EARNINGS FOR THE MONTH
DECEMBER. 1937
Decreas
Increase
$233,997
Virginian.
_
Pittsburgh & Lake
Lehigh Valley
Erie-
Wabash
Illinois Central
Pere Marquette
Grand Trunk West—..
Delaware Lack &
Decrease
$10,266,596
Pennsylvania
New York Central—... a7,299,281
5,892,510
Southern Pacific (2 roads)
2,962,402
Baltimore & Ohio
2.785,985
Union Pacific
2,471,121
Norfolk & Western
2,295,556
Chesapeake & Ohio
2,266,223
Atch. Top. & Santa Fe_.
1,994,082
Erie (2 roads). _ _ _ _ _ - —
1,942,572
Louisville & Nashvillp..
1,635,702
Southern
1,367,613
Reading.
1,270,596
N Y N H & Hartford1,251,004
Chic Mil St P & Pac
1,219,619
Missouri Pacific.
1,172,935
New York Chic & St L..
1,122,124
Northern Pacific
1,094,055
Great Northern
1,089,058
Elgin Joliet & East
1,048,688
Boston & Maine
1,008,915
Chicago Burl & Quincy..
1,004,691
Chicago & North West..
----
Fran (2 rds)
Lake Erie...
Chic R I & Pac (2 roads).
Wheeling & Lake Erie..
St Louis-San
Bessemer &
Western
*West
Pacific
Delaware & Hudson
Atlantic Coast Line
Yazoo & Miss. Valley—
Denver & Rio Grande W
Chicago & Eastern 111—
Central of New Jersey..
St. Louis Southwest
Missouri-Kansas-Texas..
Chicago Great Western.
Detroit Tol & Ironton..
Cin N O & Texas Pac...
Nash Chatt & St Louis..
Central of Georgia
Long
Island
315,854
310,693
303,434
298,971
298,961
289,823
288,789
277,359
273,207
259,381
231,487
Alton
Chicago Ind. & Louis—
New York Ont & West..
Maine Central
Western
$567,100
540,080
473,560
429,691
36l ,597
346,350
322,658
Maryland
Kansas City Southern—
215,984
200,405
197,722
181,633
173,338
Spokane Portl & Seattle.
169,842
Texas & Pacific—
163,124
159,163
964.121 Monongahela
145,210
962,938 Central Vermont
140,517
929,922 Clinchfield.
139,031
827,050 Detroit Tol & St L
131,762
796,608 Colorado & South (2 rds)
103,216
792,666 Northwestern Pacific—
695.122
653,004
Total (67 roads)
$70,005,855
613,154
the operations of the New York Central andfthe
lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Northern, and Evansville Indianapolis & Teije Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is a decrease of $8,263,402*
a
the same four1935, but comparing with 2,105,569 cars in
ing period of 1936 and 2,322,522 in
1930, 2,781,582 cars were loaded with rev¬
freight, and in 1929, 3,338,334 cars.
$2,785,985 decrease in gross and
45% below the corresponding weeks of 1936.
to
1932, and
1,936,187 in
But in the corresponding four
2,138,417 in 1931.
These fisrures cover
leased
Cincinnati
Financial
974
PRINCIPAL
CHANGES IN NET EARNINGS
OF DECEMBER. 1937
FOR
THE
Delaware & Hudson
$458,816
432,205
395,689
338,662
335,413
313,473
289,023
266,543
261,233
247,195
235,778
230,772
218,972
215,132
208,073
189,700
186,618
179,824
I Missouri-Kansas-Texas-.
Grand Trunk Western..
New York Central
a$6,776,944
Southern Pacific (2 rds).
5,284,440
Atch Top & Santa Fe...
Ohio
Union Pacific.
Norfolk & Western
Erie (2 roads)
Louisville &
Nashville
Chic Mil St P & Pac
Pacific..
Northern
Southern
Missouri Pacific
N Y N H & Hartford...
N. Y. Chic & St. Louis..
Lehigh
Valley
St Louis San Fran
(2 rds)
Wabash
Reading
Chic R I & Pac (2 rds)..
Bessemer & Lake Erie..
Elgin Joliet & East
Pittsburgh & Lake Erie..
Pere
Marquette
Wheeling & Lake Erie
Del Lack & West
Western
Chicago Great Western..
Seaboard Air Line
Detroit Toledo & Ironton
Nash Chatt & St Louis..
Cin N O & Texas Pacific.
Alton
Colo & Southern (2 rds).
Chicago Ind & Louisv..
Chicago Burl & Quincy..
Illinois Central
Central of Georgia
New York Ont & West._
Western
Pacific
i
Atlantic Coast Line
172,495
163,738
160,089
154,454
143,563
141,221
140,767
134,001
131,194
Maryland
Mobile & Ohio
905,550
902,250
893,329
Boston & Maine
Chic & North West
Great Northern
Central
Maine
2,566,314
2,293,152
2,098,203
2,079,361
1,876,621
1,730,602
1,299,537
1,296,441
1,207,674
1,144,332
1,133,420
1,123,879
959,365
914,415
Chesapeake & Ohio
Yazoo & Miss. Valley.__
Chicago & Eastern 111...
Central of New Jersey..
5,214,069
Pennsylvania
Baltimore &
I
St.
Louis
Southwest—„
Gulf Mobile & North
823,397 Texas & Pacific
737,278 Denver & Rio Grande W
705,651 Spokane Portl & Seattle.
693,023 Monongahela
682,991 Internat'l Great North..
128,771
679,409 Central Vermont
122,798
674,112 Detroit & Tol Shore Line
108,184
673,108 Kansas City Southern...
105,795
550,950 Florida East Coast
101,090
546,188
537,700
Total (69 roads)
503,807
$56,418,793
aTThese figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansvlle Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is
decrease of $7,451,056.
a
When the roads
arranged in groups,
are
or geo¬
unfavorable character of the returns is brought
very
out very
strikingly, in
as
all
three
districts—the
the
great
much
it is found that
as
Southern and the Western—as well
Eastern,
all the vari¬
as
regions comprising these districts, without
ous
single exception, report decreases in both
net
earnings alike.
below.
to
the
As
to
the
Commerce Commission.
ferent groups
we group
classification
of
the
a
and
Our summary by groups is
previously explained,
conform
gross
as
the roads
Interstate
The boundaries of the dif¬
and regions
indicated in the foot¬
are
note to the table:
Columbia River to the Pacific.
Southwestern
Region—Comprises the section lying between the Mississippi River
south of St. Louis and a line from St. Louis to Kansas City and thence to El Paso»
and by the Rio Grande to the Gulf of Mexico.
Western
had
the
roads,
movement in
the
GROUPS
Moreover, with the single
1199336776.
1936
ended
bushels
Dec.
primary markets in the five
31, 1937, aggregated 11,998,000
weeks
of
37,455,000 bushels
6,794,000
oats,
of
case
against only 11,635,000 bushels in the
as
five
same
less
or
particularly pronounced. Thus the receipts
of Avheat at the Western
weeks
excep¬
the increases extended in greater
degree to all the various staples, and in the
corn was
grain
much larger
very
a
December, 1937, than in December of
previous year.
tion of rye,
have already pointed out,
as we
advantage of
1936;
the
against
as
against
bushels
5,234,000,
as
of
receipts
cori\,
19,720,000; of
only
and
7,576,000 against 5,578,000, but in the
of
case
barley,
of rye,
compared with 1,587,000.
Altogether, the receipts at the Western primary
markets of the five
ley and
aggregated
64,743,000
only 43,754,000
1936;
cereals, wheat, corn, oats, bar¬
in the five weeks ended Dec. 31, 1937,
rye,
bushels
bushels in
46,167,000
in
1935
compared
as
the
28,662,000
;
with
similar period
in
of
1934;
40,075,000 in 1933; 37,376,000 in 1932, and 32,813,000
in
1931, but against 65,590,000 in 1930, and
than
76,931,000 bushels in 1929.
table
we
ment in
Dec.
WESTERN
GRAIN
RECEIPTS
Flour
31
move¬
usual form:
Wheal
Corn
Oats
(Bbls.)
5 Wks. End.
less
no
In the subjoined
give the details of the Western grain
our
(Bush.)
FLOUR AND
(Bush.)
(Bush.)
Barley
(Bush.)
Rye
(Bush.)
■
1937
BY
line from Chicago to Omaha and thence to Portland,
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
to the Pacific,
Chicago—
SUMMARY
a
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
only 920,000
graphical divisions, according to their location, the
19 3 8
Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of
and by the
12,
DISTRICT
WESTERN
Northwestern
Decrease
$153,294
Feb.
MONTH
Increase'
Virginian.
Chronicle
899,000
735,000
5,859,000
1,720,000
971,000
1,005,000
914,000
7,702,000
949,000
1,013,000
119,000
390,000
......
3,037,000
3,060,000
424,000
3,403,000
5,001,000
880,000
936,000
*
227,000
1,882,000
568,000
1,027,000
3,743,000
1,278,000
847,000
39,000
266,000
1,000
15,000
227,000
110,000
Minneapolis—
District and Region
Cross
Month of December—
1937
Eastern District—
New England region (10 roads)...
Great Lakes region (24 roads).....
Earnings
1936
$
Inc.
(+)
$
or
Dec. (—)
$
%
12,454,182
15,263,692
-2.809,510
18.40
50,983,711
58,102,278
73,571,629
-16,587,918
22.54
77,026,260
-18,923,982
24.56
.127,540,171
165,861,581
—38,321,410
23.10
Central Eastern region (18 roads)..
Duluth—
......
Milwaukee—
1937
Total (52 roads)
Southern region (28 roads).......
Pocahontas region
Total
(32 roads)....
.40,351,783
17.882,468
47.152,629
22,485,868
—6.800,846
14.42
—4,603,400
20.47
58,234,251
69,638,497
—11,404,246
16.37
31,516,632
57,713,034
24,823,727
30,548,737
—5,032,105
13.76
70,900,690
28,544,989
—13,187,656
18.60
—3,721,262
13.03
114,053,393
(4 roads)
135,994,416
—21,941.023
16.13
.
.
.
Western District—
76,000
340,000
86,000
2,111,000
99,000
63,000
15,000
736,000
96,000
1 1,692,000
122,000
1937......
331,000
451,000
963,000
1936
458,000
186,000
1,651,000
1937......
......
(21 roads)..
.
(62 roads)
Total all districts (136
.
.
roads)...299,827,815
Eastern District—
371,494,494
-—71,666,679
19.29
■Net Earnings
1936
Inc. (+) or Dec. (—)
1937
1937
1936
6,976
6,996
2,289,425
4,855,021
26,350
26,524
22,210,195
Central Easternreg'n 24,757
24,800
7,642,505
10,884,266
New England region.
Great Lakes region..
$
$
58,089
$
%
-2,565,596 52.84
14,567,690 65.58
11,567,207 51.52
22,451,473
58,320
20,816,196
38,702
38,768
8,861,646
49,516,689 —28,700,493 57.96
Southern District—*
Southern region....
Pocahontas
region..
6,042
6,048
44,744
Total
44,816
14,010,432
11,334,880
7,282,395
16,144,041
25,345,312
—5,148,786 36.74
—4,052,485 35.75
—9,201,271
36.30
Western District—
Total
46,022
4,027,752
8,768,577
—4,740.825 54.06
56,752
23,230,646
-11,281,718 48.56
29,521
11,948,928
4,179,664
8,022,604
—3,842,940 47.90
132,295
132,219
Total all
20,156,344
40,021,827 —19,865,483 49.63
57,116,581
114,883,828 —57,767,247 50.28
districts...235,052 235.431
gr?uP'ng of the roads conforms
^
commerce
Commission,
and
and
the
to the classification of the Interstate
following indicates
the
confines
of the
different
regions:
——
_
EASTERN DISTRICT
England Region— Comprises the New
England
Comprises the
section
on
between
to Chicago, and north of
Pittsburgh to New York.
Rastfn Re^}°'n Comprises the section south of the Great Lakes Region
"/?e fr?.m 9£.icaJ;? tJirough Peoria to St. Louis and the Mississippi River
the mouth of the Ohio
River, and
a
north of the Ohio River to
Hue
thence
to
the southwestern
corner
River to its mouth.
of Maryland
Parkersburg, W. Va.,
and
^
79,000
738,000
4,024,000
867,000
100,000
521,000
922,000
210,000
15,000
695,000
8,015,000
2,999,000
344,000
532,000
590,000
315,000
17,000
330,000
307,000
204,000
......
......
122,000
70,000
:
■
■
•
196,000
169,000
2,398,000
311,000
184,000
98,000
1,270,000
150,000
51,000
3,651,000
56,000
3,257,000
3,052,000
1,196,000
232,000
136,000
238,000
767,000
155,000
187,000
250,000
361,000
953,000
21,000
111,000
Kansas City—
St. Joseph—
1936
-
......
1937......
Comprises the section east of the
Mississippi Rives ard south
River to a point near Kenova, W. Va., and a line thence following the
boundary of Kentucky and the southern
boundary of Virginia to the Atlantic
Rocc^°ntas Region
east
of
1,443,000
24,000
3,000
11,000
1936......
850,000
30,000
40,000
......
Total all—
435,000
92,000
'
47,000
17,000
18,000
2,000
,
.
1,728,000
11,998,000 37,455,000
6.794,000
7.576.000
920,OOu
1936
1,840,000
11,635,000
5,234,000
5,578,000
1,587,000
On
Comprises the section
Kentucky and the Ohio
and south of
north
River
of the southern boundary o*
to Parkersburg, W. Va.,
north
a line from
Parkersburg to the southwestern
thence by the Potomac River to its
mouth.
corner
the
Western
other
roads
smaller than
19,720,000
hand,
the
appears
in*
to
December,
livestock
have
1936.
traffic
been
over
somewhat
At Chicago the
receipts comprised only 9,571 carloads in Decem¬
1937,
as
9,847
with
compared
carloads
December, 1936, and at Kansas City, only 2,889
in
cars
against 3,659 cars, but at Omaha they aggregated
2,036
cars as
Coming
compared with only 1,723 cars.
now
to
the
cotton
movement
in
the
South, this,
we
scale both
regards the overland shipments of the
9
Virginia,
......
Sioux City—
by the Potomac
* iMlfc
SOUTHERN DISTRICT *
eastern
91,000
739,000
St. Louis—
ber,
States?
the Canadian boundary
«J* laud and the westerly shore of Lake Michigan
line from Chicago via
a
a
17,000
6.958.000
1937
Northwestern region 45,959
Cent. West, region..
56,851
Southwestern region. 29,409
to
......
Wichita—
Total
and
4,000
......
848,000
......
1936
District and Region
Month of Dec.
—Mileage——
New
■
.
121,000
1937......
Peoria—
groups
......
1936
1937......
Total
17,000
2,000
Detroit—
Indianapolis-Omaha—
Northwestern region <15 roads)..
Central Western region (16 roads)
Southwestern region
61,000
1936
Toledo—■'
Southern District—
of Maryland and
as
find,
was
on
a
greatly increased
staple and the receipts at the Southern outports.
Gross
shipments overland totaled 212,121 bales in
December, 1937 (the largest quantity for the month
Volume
in all recent
bales
Financial
146
years),
as
1936; 143,882 bales in 1935;
December,
in
compared with only 176,312
128,238 in 1934; 97,334 in 1933;
65,166 in 1932;
150,261 bales
76,849 in 1931; 142,249 in 1930, and
Receipts of cotton at the Southern out-
1929.
in
ports during
December, 1937, aggregated 680,631 as
previ¬
but comparing with 773,734 bales in
against only 609,986 bales in December of the
ous
year,
In preceding years, back to and
December, 1935.
fol¬
764,167 in 1933;
including December, 1929, the receipts were as
432,371
lows:
1934;
in
bales
1,039,511 in 1932; 1,113,458 in 1931; 888,213 in 1930,
and
we
In the following table
1,107,014 bales in 1929.
give the details of the port movement
for the
of cotton
past six years:
Or
RECEIPTS
COTTON
AT
1932 TO 1937, INCLUSIVE
1936
Month of
"
fr
contraction
1934
Ports
1933
1932
196,169
184,741
234,358
119,635
265,365
254,001
Houston, &c._v
197,599
150,309
256,738
85,245
7,991
1,151
278,355
5,641
178,519
53,831
5,704
10,997
151,740
16,493
383,267
9,572
2,513
284,436
45,655
9,881
8,910
19,293
1,485
20,259
3,732
829
2,145
231,050
19,611
214,073
26,345
6,069
Beaumont
5.441
4,978
2,284
Corpus Christi
2,193
5,230
*
-
-
-
1,908
9,426
4,213
3,162
10,181
11,952
3,041
3,778
2,562
4,293
7,140
84
34
258
774
680,631
Mobile
156,643
17,997
3,455
5,971
9,107
7,199
5,707
2,529
3,516
38
New Orleans
609,986
773,734
432,371
Pensacola...
Savannah
6,174
8,775
Brunswick
Charleston
Lake Charles
Wilmington
Norfolk..
Jacksonville
Total
1,548
3,826
Results for
Earlier
293
12,283
9,253
10,105
8,157
1,185
764,167 1,039,511
Years
decreases (as indicated above) sustained by the
railroads of the country in December, 1937, namely a loss
Tlie huge
$71,666,679 (or 19.29%) in gross earnings and of $57,(or 50.28%) in the case of the net, followed large
increases in both gross and net earnings alike in December,
of
767,247
1936,
$73,848,004 (25.25%) in gross and $43,941,677
in net, and these gains, in turn, came on top of
viz.:
(64.24%)
increases
in both gross and net,
$38,679,418 and $7,658,607,
respectively, in December, 1935. In December of the two
preceding years (1934 and 1933) gains were also recorded,
though of very moderate amount, in both gross and net
earnings, namely: $12,107,100 in gross for the whole body of
roads, and but $3,837,771 in the net, in December, 1934, as
compared with the same month of 1933 and but $2,297,276
and $1,268,259, respectively, in gross and net, in December,
1933, as compared with December, 1932.
These cumulative
gains are the more noteworthy as they follow four suc¬
cessive years during which there was a large shrinkage
in earnings, making a cumulative loss for these four years
for the month of December which stands out with con¬
spicuous prominence. The shrinkage in the gross in Decem¬
ber, 1932, was $42,454,535, though this was converted into
through a cutting down of
expenses. The falling off in December, 1931, was $89,259,333
in gross and $32,841,593 in net, and it followed $91,220,835
falling off "in gross and $25,567,928 falling off in net in
December, 1930, and $27,767,999 in gross and $32,186,071 in
net in December, 1929.
It seems proper to point out, how¬
ever, that the falling off in earnings in December, 1929,
quite generally came after gains in gross and net in the
previous year.
In this previous year (1928) virtually all
circumstances and conditions combined to bring about favor¬
able results, and our compilations then showed $27,178,944
gain in gross earnings attended by a reduction in expenses
of $21,265,477, thus yielding a gain in net in the large sum
of $48,444,421, or over 54%.
On the other hand, it must
a
gain
also
be
of $4,372,095
borne in
in
net
mind that these gains followed a
heavy
in December, 1927, and, in the case of the net,
losses in both 1927 and 1926.
In December, 1927, our com¬
loss in gross
pilations recorded $59,294,705 falling off in gross and $28,169,018 in net.
In December, 1926, the exhibit was a poor
one, there having then been only $2,943,972 gain in gross
with $15,267,349 loss in net.
In the years prior to 1926,
likewise, the December showing was somewhat disappoint¬
In December, 1925, the exhibit was quite an indifferent
one, due to the strike at the anthracite mines, with the
complete stoppage of the mining of hard coal involved, this
having operated to pull down the earnings of the anthracite
carriers, all of which suffered heavy losses in gross and net
alike at that time.
Stated in brief, our compilations for
ing.
December,
in gross, or
1925, showed no more than $18,591,184 increase
3.69%, and $10,354,676 increase in net, or
8.34%,
notwithstanding the country was then enjoying great pros¬
the previous year, too, the improvement was
rather moderate, our tables for December, 1924, having
shown only $11,308,819 gain in gross, or 2.29%, though the
net
earnings of the roads, by reasons of the growing
efficiency with which they were being operated, increased
$17,998,730. or 16.90%.
On the other hand, this followed
losses in both gross and net in the year preceding (1923).
perity.
In
the
December, 1923
in
gross
(as com¬
being
$19,212,804, or 3.75%, but it testified to a slackening in
trade, of which much had been heard in the summer and
autumn of 1923.
This falling off of $19,212,804 in the gross
attended
was
by
reduction
a
leaving, nevertheless,
in
of $16,773,652,
off in the net, viz.,
expenses
small falling
a
$2,439,152.
In considering
in
this shrinkage in gross and net, however,
1923,
December,
the
circumstance should
not
be over¬
comparison then was with extremely heavy
totals in the year preceding (1922)—so much so that some
falling off in traffic and revenues was rendered inevitable,
looked
that
trade made its influence felt.
the moment the slackening of
December of that year (1922),
interesting fact that as the country got
In reviewing the results for
noted
we
farther
as
an
from
away
disturbing
the
influence
of the
coal
previous spring and summer, and of
the railway shopmen's strike of the summer, the returns of
earnings were becoming better.
The addition to the gross
in December, 1922L over December, 1921, was no less than
miners'
9901233246587106547
of
strike
or
the
20.66%, and though this was attended by an
augmentation in expenses in amount of $52,530,924, there
remained an increase in the net of $35,204,666, or 45.87%.
was,
however,
a
qualifying consideration to take
big gain made in Decem¬
into account in connection with the
busi¬
tabulations for
December, 1921, having shown $120,615,992 falling off in the
gross earnings, though accompanied by a curtailment in
expenses in the huge sum of $144,215,090, leaving, hence, a
gain in net of $23,599,098.
As it happened, too, this gain
in the net in December, 1921, followed a moderate gain in
the net in December, 1920, making the December statement
for 1922 the third consecutive one in which improvement in
Comparison was with a period of intense
1922.
ber,
Galveston
in
pared with 1922), was not large, relatively speaking,
There
December
1935
'
''
The
$87,735,590,
PORTS IN DECEMBER FOR
SOUTHERN
YEARS,
1937
SIX
975
Chronicle
in the previous
depression
ness
99123321465075648
year,
our
the net had been recorded.
the net in
higher schedules
of passenger and freight rates which had then been put into
effect a short while before.
In December of that year busi¬
ness depression had already begun, and a marked falling off
in traffic had occurred.
But owing to the advance in rates
referred to, the falling off in traffic was obscured.
Our
tabulations for December, 1920, showed a gain of $96,073,439
in gross and of $13,804,825 in net.
Moreover, this small
gain in net succeeded a whole series of losses in net in the
same month of the years immediately preceding.
Below we
furnish the December summaries for each year back to 1909:
that the improvement in
be added
should
It
December, 1920, followed entirely from the
Mileage
Gross Earnings
Month
of
Year
Given
Inc. (+) or
Dec. (—)
Year
December
Preceding
$217,724 ,459 $203,799,142 + $13,925,317
+ 15,067,962
229,379 ,163 214,311,201
+ 1,339,735
233,614 ,912 232,275,177
+ 29,681,242
263,768 ,603 234,087,361
254,218 ,891
232,598 ,369
295,202 ,018
262.171 ,169
343,875 ,052
438,365 ,327
451,991 ,330
539,197 ,615
406,864 ,055
512,433 ,733
493,099 ,550
919...
920
921..
922
912
-
504,818 ,559
523,041 ,764
525,411 ,572
466,526 ,003
495,574 ,485
-
468,182 ,822
377,473 ,702
288,239 ,790
245,751 ,231
248,057 ,612
257,199 ,427
295,880 ,873
371,673 ,127
299,827 ,815
Cent
Given
+ 6.83
+ 7.03
+0.57
+ 12.68
—4.51
—9.94
Preced'g
225,666
225,177
235,682
229,369
228,687
238,561
238,072
243,322
246,807
+ 26.82
+8.31
+8.18
234,146
241,180
243,242
247,673
248,437
216,811
247,988
215,669
247,271
232,774
232,399
+ 2.61
233,899
233,814
+ 21.68
229,422
228,134
—22.87
225,619
235,920
235,379
224.784
+ 20.66
—3.75
+ 2.29
236,196
235.875
+ 2.69
236.957
236,057
+0.56
236,982
—11.28
238,552
+5.80
—5.62
240.337
241,864
237,373
237,711
239,286
240,773
—21.47
242,677
242,592
—23.64
242,639
—14.73
241,806
+0.93
240.338
238,570
242,319
241,950
240,950
239,833
238,436
237,288
235,431
+30.62
+ 4.94
+ 15.04
+ 25.65
—19.29
Inc.
Net Earnings
Year
Year
(+)
236,121
235,555
237,074
236,191
235,052
or
Dec. (—)
Month
of
Year
Year
Given
Preceding
Amount
December
$68,317,388
66,101,371
56,776,970
72,932,360
82,622.271
68,274,222
61,186,558
86,302,108
103,520,028
—$1,302,623
+ 2,175,077
85,767,019
44,919,752
37,517,854
—41,028.870
—6,383,320
—47.84
+ 13,804,825
+36.79
44,250,090
76,738,092
108,687,310
106.482.164
124,090,958
134.504,698
118.520.165
+ 23,699,098
+ 53.33
+35,204,666
—2,439,152
+ 17,998,730
+ 10,354,676
—15,267,349
—28,169,018
+ 45.87
$67,014,765
68,276,448
61,225,377
81,701,974
909
910-
911...
-
....
918...
937 j
68,800,026
61,134,750
105,878,758
83,237,395
85,715,727
44,738,149
38,536,432
51,322,679
67,849,188
111,942,758
106,248,158
124,480,894
134,445,634
119,237,349
90,351,147
138,293,445
106,315,167
80,419,419
*47,141,248
57,854,695
59,129,403
62,187,963
70,445,503
932.
*
—12,005,787
—25,686,901
+ 62,438,948
232,763,070
+ 20,106,934
242,064.235
+ 26,038,666
317,836,386
335,607,571 + 102,757,756
+ 11,510,209
440,481,121
+96,073,439
443,124,176
527,480,047 —120,615,992
+ 87,735,590
424.698,143
512,312,354 —19,212,804
+ 11,308,918
493,509,641
+ 18,591,184
504,450,580
+ 2,943,972
522,467,600
525,820,708 —59,294,705
+ 27,178,944
468,395,541
495,950,821 —27,767,999
468,694,537 —91,220,835
377,499,123 —89,259,333
288,205,766 —42,454,535
+ 2,297,276
245,760,336
+ 12,107,100
245,092,327
+38,679,418
257,201,455
295,805,392 + 75,867,735
371,494,494 —71,666,679
266,224,678
258,285,270
Per
...
The Chicago &
/114,829,753
/ 57,116.581
89,849,024
138,501,238
105.987,3471
79,982,8411
*53,482,600
57,861,144
58,350,192
62,786,896
70,293,610
114,883,828
Alton In Its return
dismantled equipment.
—1.91
+3.24
+ 4,448,407
+ 7.83
+ 8,769,614
+ 12.02
—13,822,245
—16.73
—7,139,472
—10.46
+44,692,200
—3,064,713
—17.804.301
—17.23
+ 73.04
—3.55
—14.21
—2.25
+ 16.90
+ 8.34
—11.36
—23.76
+ 54.43
+48,444,421
—32,186,071
-25,567,928
—32,841.693
+ 4,372,095
+ 1,268,259
+3,837,771
+ 7,658,607
+ 44,536,143
—23.12
—24.08
—41.06
+ 8.17
+ 2.19
+ 6,58
+ 12.20
+ 63.36
—50.28
—57,767,247
for 1931 Included In expenses
In Its return for
has been omitted from
explain the wide difference in the 1931
1931, this Item
Per Cent
$6,453,714 for
1932, In giving comparative figures for
the expenses of the latter year.
This will
totals In the respective comparisons.
976
Financial
Chronicle
Feb.
1938
12,
Text of Newly Enacted Measure
Amending
President Roosevelt on February 3 of
National Housing Act—Approval By
Changes Embodied in Conference Report
Adopted by Congress
President Roosevelt
Feb. 3
signed the bill embodying
Housing Act of 1937,
generally known as the National Housing Act.
The latter
became a law with the signature of President
Roosevelt
on
Sept. 2, 1937, and the text was given in our issue of
Sept. 4, page 1481.
In these columns a week ago (page
amendments
841)
on
United
the
to
the
States
approval by the President of the amend¬
Housing Act as contained in the conference
the
to
report adopted by the House
Feb.
1.
The bill
had
Jan. 21 and the Senate
on
been sent
to
conference
on
Dec. 21,
after it had passed the Senate on that
day, in a form differ¬
ing from the bill adopted by the House
visions in the
legislation
new
on
on
Dec.
indicated in
were
this issue.
measure
The text of the bill
the Administrator
"(2)
their
execution
or
charges,
a
appraisal,
in
to,
and
be
held
by,
a
mortgage shall—
mortgagee approved by
a
responsible and able to service the mortgage properly.
principal obligation
(including such initial service
as
Involve
approve)
inspection,
and
other
fees
the
as
Administrator
amount—
an
shall
•
"(A) not to exceed $16,000 and not to
exceed 80% of the appraised value
(as
insurance) of a property upon which there
designed principally for residential use for not
more than four families in the
aggregate, irrespective of whether such dwe ling or
dwellings have a party wall or are otherwise physically connected with
another
dwelling or dwellings, or
of the date the mortgage is accepted for
is located a dwelling or dwellings
signed by the President
as
of
Have been made
Feb. 3 follows:
on
date
To be eligible for insurance under this section
referred to elsewhere in
are
the
to
"(1)
The introduction of the bill, to carry out the
of President
Roosevelt, was reported on
page 3581 of our Dec. 4 issue, and the President's
message
was given on page
3579; other references to the bill ap¬
peared on pages 3746, Dec. 11, and 4046, Dec. 25.
Rules
new
prior
"(b)
recommendations
issued under the
mortgages
Pro¬
week ago.
a
such
thereon:
of
item of
18.
our
of
Provided, That the aggregate amount of principal
all mortgages insured under this title and
outstanding at
any one time shall not exceed $2,900,000,000,
except that with the approval
of
the President such aggregate
amount
may
be increased to not to
exceed $3,000,000,000: Provided
further, That on and after July 1, 1939,
no mortgages shall
be insured under this title except mortgages (1) that
cover
property which is approved for mortgage insurance prior to the
completion of the construction of such property, or (2) that cover
property
the construction of which
was
commenced after Jan.
1, 1937, and was
completed prior to July 1, 1939, or (3) that cover
property which has
been previously covered by a
mortgage insured by the Administrator.
obligations
we noted the
ments
insuring
disbursement
"(B) not to exceed $5,400 and not to
exceed 90% of the appraised value
(as
insurance) of a property, urban, suburban,
rural, upon which there is located a dwelling designed principally for a
singlefamily resident (i) the construction of which is begun after the date of enactment
of the National Housing Act Amendments of 1938
and which is approved for
[H. R. 8730]
of the date the mortgage is accepted for
or
AN ACT
To amend
the
National
Housing Act, and for other
purposes.
Be it
enacted by the Senate and House
of Representatives of the United
of America in Congress assembled, That this Act
may be cited as
the "National
Housing Act Amendments of 1938."
States
Sec.
Act,
2.
"Sec.
such
Subsections
amended,
as
2.
terms
(a) and
The
and
(b)
of section
amended to read
are
(a)
conditions
he
as
2
of
as
the National
authorized
Housing
follows:
is
Administrator
and
empowered,
upon
prescribe, to insure banks, trust
companies, personal finance companies,
mortgage companies, building and
associations, installment lending companies, and other such
may
loan
mortgage insurance prior to the beginning of
construction, or (ii) the construction
of which was begun after Jan.
1, 1937, and prior to the date of enactment of the
National Housing Act Amendments of 1938, and which has not been
sold or occupied
since completion; Provided, That with respect to
mortgages insured under this
paragraph the mortgagor shall be the owner and occupant of the
property at the
time of the insurance and shall have paid on
account of the property at least
10%
of the appraised value in cash or its
equivalent, or
"(C) not to exceed $8,600, and not to exceed the
the appraised value (as of the date the
mortgage is
of (i) 90% of $6,000 of
accepted for insurance) and
of $10,000, of a property
of the character described in
paragraph (2) (B) of this subsection and
subject to the
same limitations and conditions which
apply to such property.
(ii) 80% of such value in
excess of
$6,000 and not in
sum
excess
financial
institutions, which
facilities
or
and
the
Administrator
approves
finds
eligible
as
for
to
be
qualified by experience
insurance, aganst losses
credit
which
they may sustain as a result of loans and advances of
credit, and
purchases of obligations representing loans and
advances of credit, made
by them on and after the date of the enactment of the
National
Act Amendments of
the
a3
there
President
1938
and
prior to July
by proclamation
fix
may
1,
1939,
or
his
upon
such
Housing
earlier
date
determination
any necessity for such insurance in order to
make
available, for the purpose of financing
alterations, repairs,
and improvements
upon urban,
suburban, or rural real property, by the
owners
thereof or by lessees of such real
property under a lease expiring
not less than six months after
the maturity of the loan or advance
of
credit
credit.
In
no
case
this
section
and
purchases
and after
ments
any
shall
date
1938
the insurance granted
by
such financial
made
the
of
credit,
to
by such
of
the
exceed
institution
financial
enactment
of
the
10% of the total
the Administrator under
loans, advances of credit,
on
institution
for
such
purposes
on
National
of
amount
and
Housing Act Amend¬
loans, advances of
may be outstanding at
such
purchases.
The total
liability which
plus the amount of claims paid in
respect of all insurance hereto¬
fore and hereafter granted under this
section and section
6, as amended,
shall not exceed in the
aggregate $100,000,000.
"(b) h[o insurance shall be granted under this section to
any such
any time
financial
loan,
institution
advance
advance
of
advances,
ments
with
of
of
credit,
to
for
any
obligation representing
by it,
exceeds
if
the
$10,000
amount
with
of
such
any
such
respect
to
loan,
repairs, alterations, or improve¬
existing structures, or exceeds $2,600
with
advances,
purchases
or
for
financing the building
new
structures, nor unless the obligation bears such
interest, has such
maturity, and contains such other terms,
conditions, and restrictions as
the
Administrator
the purposes
Sec.
to
3.
read
shall
prescribe
in
order
to
make
credit
avaailaable
for
of this title."
Title II
of
National Housing Act,
as
amended,
is amended
follows:
as
"(4)
not
Bear
to
"(a)
fee
The
simple,
term
or
on
to
years
'first
to
mortgage'
the
laws
a
first
means
the
means
date
such
the
mortgage
classes
of
executed;
was
first
liens
as
are
the unpaid purchase price
of,
or
of
and
the
term
commonly given
real estate,
under
State, district, or Territory in which the real
estate
located, together with the credit
instruments, if any, secured thereby.
"(b)
The term 'mortgagee' includes the
and
gage,
the
term
his
original lender under
his
a
is
mort¬
and
successors
assigns approved by the
Administrator; and
'mortgagor' includes the original borrower under a
mortgage and
successors
and assigns.
The term 'maturity date' means the
date on which the
mortgage
indebtedness would be
extinguished if paid in accordance with
periodic
payments provided for in the
"(c)
mortgage.
"Mutual
per
finds
"Sec.
202.
There is
(hereinafter referred
istrator
with
a
respect
vided,
of
as
and
"Sec.
the
him
such
#
of this
203.
which
is
terms
as
in
the
as
Mutual
Mortgage Insurance Fund
shall
shall
of
be
funds
title.
(a)
allocated
made
be used by the Admin¬
provisions of this title
203
as
hereinafter
immediately to such Fund the
available to the Administrator for
"Insurance of Mortgages
The Administrator is
pro¬
sum
the
authorized, upon application by
hereinafter provided
any mortgage offered to
as
hereinafter provided, and, upon
the Administrator
may prescribe, to make commitments for
to insure
eligible
original.
as
for
insurance
to
that
in
by the mortgagor not in
determined by the Administrator.
annum
certain
premium
charges
the amount
on
not to
or
exceed
areas
of
6%
under
or
for
the
insurance)
principal
special
at
obligation
the Adminis¬
annum if
per
excess
circumstances
the
mortgage market demands it.
"(6) Provide, in a manner satisfactory to the Administrator, for the
application of the mortgagor's periodic payments (exclusive of the amount
allocated
interest
to
mortgage insurance
and
to
the
premium
hereinafter
as
charge
provided)
to
which
is
required
amortization
the
of
for
prin¬
cipal of the mortgage.
"(7)
Contain such terms and provisions with respect to insurance,
repairs, alterations, payment of taxes, default reserves, delinquency
charges,
foreclosure
liens,
proceedings,
and
other
anticipation of maturity, additional and secondary
matters
the
as
Administrator
in
may
his
discretion
prescribe.
"(c)
The Administrator is authorized to
fix
premium charge for the
a
the insurance of mortgages under this title but in the
such
charge shall not be less than
annum
nor
amount
of
time,
Provided,
the
the
would
in
and
become
further,
(b)
(2)
prior to July
1,
1% per
of
annum
per
payments
and
to
That
shall
also
be
of
enactment
of
lieu
of
any
such
the
in
and
any
date
in
after
the
at
prepayments:
or
computed
the
1938
due
(B)
mortgage
of
date
of
case
accepted
for
premium
with
respect
mortgage
any
insurance
1939, the premium charge shall be
after
%
of
such
outstanding principal obligation.
Such premium
be payable by the mortgagee, either in cash, or in deben¬
annum
charges shall
issued
interest,
203
prior
Amendments of
Act
1%
to
%
mortgage outstanding
fixed
so
insured
otherwise
section
the
delinquent
charge
Provided
mortgage:
of
of any
case
equivalent to
equivalent
account
mortgage
Housing
which
per
into
premium
a
each
to
date
tures
taking
amount
an
amount
an
principal obligation
That
National
such
than
more
without
on
by
in
the
such
Administrator
manner
as
under
be
may
Provided, That the Administrator
this
title
prescribed
at
by
plus
par
the
accrued
Administrator:
require the payment of
may
one
more
or
such premium charges at the time the
mortgage is insured, at such discount
rate as he may prescribe not in excess of the interest rate
mortgage.
for
If the Administrator finds
insurance
and
the tender
required that
the
mortgage
such mortgage may
the
as
for
sound.
for
In
under
require
in
such
in
respect
specified in the
the presentation of a mortgage
premium charge or charges so
upon
initial
complies with
the
provisions
section
which
to
as
the
but
unless
the
mortgage
no
the
in
the
forth
be
is
mortgage
executed
principal obligation of
by the mortgagee of
the
a
aggregate
of
amount
time
the
mortgagee for
such
under
the
mortgage
the
of
"(d)
which
of
a
repaired,
is
accepted
that
the
economically
mortgage accepted
any
adjusted premium charge
be equitable, but not
an
the
premium
the
payment,
the
same
is
property
of the
that
the
if the mortgage had
maturity date; and
paid
in
full
is accepted
the Administrator
account
charges
pay
such
until
section
as
herein
for insurance
is authorized to
mortgagor
all,
or
such
set
at
refund
to
portion
at
equitable, of the current unearned premium charges
paid.
The
visions
this
principal obligation
on
he shall determine to be
theretofore
be
finds
section,
otherwise
Administrator determines to
insured
that
event
and
shall
Administrator
mortgagee would otherwise have been required to
to
this
or
this section or section 210 is paid in full prior to
the Administrator is further authorized in his discretion
the payment
of
continued
of
under
amount
excess
the
prescribe;
may
this
the event that the
insurance
of
be accepted for insurance by endorsement
Administrator
insurance
project with
to
a
'Fund'), which
revolving fund for carrying out the
mortgages insured under section
mortgagee,
So
hereby create *
to
there
$10,000,000 out
purposes
to
Administrator, but not
payments
pay as
(exclusive of
time,
the maturity date,
Mortgage Insurance Fund
periodic
ability to
interest
any
trator
the
to
the
insurance of the
mortgaage: Pro¬
mortgage of the character described in
subsection shall be eligible for insurance
a
a
maturity satisfactory to the Administrator,
from the date of the insurance of the mortgage.
complete amortization provisions satisfactory to the Ad¬
5%
1%
this title—
mortgage on real estate, in
(1) under a lease for not less than 99 years
(2) under a lease having a period of not less than 60
advances on,
secure
of
this
of
has
exceed
such
203
leasehold
or
from
run
in section
'mortgage'
a
which is renewable
used
it
outstanding at
to
"Definitions
As
1939,
of
if
requiring
his reasonable
"(6)
date
1,
25 years
Contain
ministrator
of
described
"Section 201.
(B)
section
satisfactory
the
July
(2)
this
charge
"TITLE II—MORTGAGE INSURANCE
from
but not to exceed
applicable
the
maturity
a
years
paaragraph
under
loans,
financing
connection
loans,
to
purchase
purchase
or
in
or
respect
respect
or
purchases
or
upon
with
credit,
Have
20
vided, That until
that
longer exists
no
ample
"(3)
exceed
Administrator
this
farm
and
section,
house
(B)
or
any
authorized
is
mortgage
other
otherwise
farm
would
to
insure,
which
buildings
be
eligible
(A)
are
for
pursuant to
covers
to
be
a
the pro¬
farm
upon
constructed
insurance
under
or
the
Volume
Financial
146
provisions of paragraph
(b)
be undertaken
for
labor
of
of
said
principal
and
obligation
to
of this section: Provided, That the construc¬
tion and repairs to
materials
Chronicle
such farm shall involve the expenditure
on
amount
an
less
not
than
15%
total
the
of
the
Administrator
mortgagor
had
the
mortgagee
acquisition
that
"Sec.
204.
insured
(a) In
any
section
under
in which the mortgagee under a mortgage
case
203
section
or
shall
210
foreclosed
have
of
and
within
with
the
the
mortgaged
be
period to
a
of
consent
the
regulations
in accordance with
property
determined
by,
Administrator,
the
Administrator,
have
or
acquired
otherwise
of,
shall,
such
property from the mortgagor after default, the mortgagee shall be entitled
to
the
benefit of
the
receive
the insurance
hereinafter
as
provided,
(1)
upon
prompt conveyance to the Administrator of title to the property which
the
meets
force
the
requirements
the
at
ment
and
regulations
was
insured,
prescribed by
him
to
others,
of rules
mortgage
the
time
manner
all
of
in
evidenced
in
which
is
such rules and regulations, and
claims
of
the
mortgagee
the assign¬
(2)
the
against
of the mortgage transaction
arising out
Administrator
of the
and
mortgagor
claims as may have been released with the consent of the
Administrator.
Upon such conveyance and assignment the obligation of
such
except
the
mortgagee to pay
the
Administrator
vided,
issue
the
to
the
to
insurance shall
for
cash
of the
and a
mortgagae
hereinafter
adjustment
claim,
of
be
determined,
in accordance with
and
rules
as
face
of foreclosure
proceedings,
other than
default
after
have
made
been
which
rates,
pro¬
regulations
prescribed
the date of the institution
on
the date of the acquisition of the property
or on
by foreclosure, the amount of all payments which
by the
liens
are
unpaid
was
mortgagee
prior
the
to
for
special
taxes,
assessments,
insurance
mortgage,
on
water
property
the
of
such dates, and by deducting from such total amount any amount received
on
account of the mortgage after either of such dates,
and any amount
received
as
rent
or
other
income
from
the
property,
less reasonable
expenses
incurred in handling the property, after either of such dates:
Provided, That with respect to mortgages which are accepted for insurance
prior to July 1, 1939, under section 203 (b) (2) (B) of this Act, and
which are foreclosed before there shall have been paid on account of the
principal obligation of the mortgage a sum equal to 10% of the appraised
value of the property as of the date the mortgage
was
accepted for
insurance, there may be included in the debentures issued by the Admin¬
istrator, on account of foreclosure costs actually paid by the mortgagee and
approved by the Administrator an amount not in excess of 2% of the
unpaid principal of the mortgage as of the date of the institution of
foreclosure proceedings,
but in no event in excess of $75.
"(b)
The Administrator may at any time, under such terms and con¬
and
mortgaged,
ditions
he may
as
premiums
insurance
mortgage
any
paid
after
either
prescribe, consent to the release of the mortgagor from
liability under the mortgage or the credit instrument secured thereby,
his
or
the
the release
to
consent
of
of the mortgaged property from the lien
of parts
mortgage.
denominations
conditions,
in
$50,
of
multiples
shall
and
section shall be
issued under this
Debentures
"(c)
shall
subject
be
redemption,
for
such provisions
include
in such form and
to such terms and
if
any,
as
be prescribed by the Administrator with the approval of the Secretary
may
of the
Treasury, and may be in coupon or registered form.
between
value of the
the
Any difference
herein provided and the
mortgage determined as
issued, not to exceed $50, shall be
aggregate face value of the debentures
adjusted by the payment of cash by the Administrator
from
Fund
the
to
as
insured under section
mortgages
to the mortgagee
and from the
208
under section 210.
"(d)
The debentures issued under this section to any mortgagee with
respect to mortgages insured under section 203 shall be executed in the
naame
of the Mutual Mortgage Insurance Fund as obligor, shall be signed
Fund
Housing
by
the
shall
be
negotiable
executed
the
and
with respect
the
in
and
any
insured under section 210 shall be
Housing Insurance Fund as obligor, shall be
to mortgages
of
name
his written or engraved signature,
debentures issued under this section to
either
by
Administrator
mortgagee
insured
mortgages
to
as
the
signed by the Administrator by either his written or engraved signature,
be
shall be
the
date foreclosure proceedings were instituted, or the property was otherwise
acquired by the mortgagee after default, and shall bear interest from
such date at a rate determined by the Administrator, with the approval
of the Secretary of the Treasury, at the time the mortgage was offered
for insurance, but not to exceed 3%
per annum, payable semi-annually
and
shall
the
on
shall
1st
negotiable.
day
issued.
covered
the
by
date
years
enactment
only
of the
to
as
under
day
1st
the
of
interest
section
or
section
207 prior to
1938
and local taxes as the
issued would be subject to in
State,
they are
and
debentures
by
203
Housing Act Amendments of
Federal,
such
to
for which
holder
and
principal
the
National
such debentures shall
but
Fund,
the
of
mortgages in 'exchange
the hands
of
the property in exchange for which the debentures
as
are
issued in exchange for property
insured
mortgages
subject
as
debentures
Such
of
be
shall
dated
of July of each year, and
after the 1st day of July following the maturity
date of the mortgage on
were
debentures
such
and
January
of
mature three
All
shall be
a
liability of the
fully and unconditionally guaranteed
the United States; but any mortgagee
be
elect to receive in lieu
issued as hereinafter provided
Such debentures as are issued
in exchange for property covered by mortgages insured after the date of
enactment of the National Housing Act Amendments
of 1938 shall be
entitled
and
receive
to
thereof
cash
a
debentures
such
any
and
adjustment
bearing the current rate of
both
exempt,
to
as
estate,
surtaxes,
may
debentures
interest.
principal and interest, from all taxation (except
and gift taxes) now or hereafter imposed
inheritance,
by the United States, by any Territory, dependency, or possession
thereof,
taxing authority; and
county, municipality, or local
such debentures shall be paid out of the Fund, or the Housing Fund, as
by
or
the
be
State,
any
case
fully
may
In
of
that
event
the
Fund
and they shall
principal and interest by
or
the
Housing
Fund fails
to
demand, when due, the principal of or interest on any debentures
this section, the Secretary of the Treasury shall pay to the
the amount thereof which is hereby authorized to be appropriated,
any
money
in the Treasury not otherwise appropriated, and there¬
to the extent of the amount so paid the Secretary of the Treasury
succeed to all the rights of the holders of such debentures.
upon
shall
"(e)
The
be
certificate
of
claim
issued
in
the
which the
shall
be for
adjustment
paid
to
the
by the Administrator
mortgagee,
to
connection
shall
the
mortgage,
in
full
all
of
such
the
obligationa
subsection
If
be
proceedings,
and
the
certificate of claim
of
certificate
such
the
or
conveyance
shall
with
increment at the rate
an
compounded.
such certificate shall
"(f)
holder
certificate,
be
not
such
Each
foreclosure
otherwise,
property
the
to
accrue
amount
the
with
mortgaged
provide
respect to
of 3%
per
The amount to which the holder
entitled
shall
be determined
provided
as
(f).
the
Administrator
net
deducting all
realized
amount
under
this
section
from
the
and
property
any
claims
conveyed
to the
assigned therewith,
after
incurred by the Administrator in handling,
dealing
with, and disposing of such property and in collecting such claims, exceeds
the
expenses
face value
such
be
of the
debentures
property plus all
divided
issued
and
interest paid on
the cash
paid in exchange for
such debentures, such excess shall
follows:
as
"(1) If such
is greater than the total amount payable under the certificate
excess
of claim issued in connection with such property, the Administrator shall pay to
the holder of such certificate the full amount so payable, and any excess remaining
thereafter shall be paid to the mortgagor of such property; and
itm
"(2) If such excess is equal to or less than the total amount payable under such
certificate of claim, the Administrator shall pay to the holder of such certificate
the full amount of such excess.
"(g)
to
Notwithstanding
sition,
handling,
Administrator
modernize,
have
insure,
as
vision
of
with,
cash
of
way
by
the
credit,
or
United States,
complete,
in
his
exchange for debentures
in
this
by
property
deal
section;
the
mortgagees to
discretion,
power
any
Administrator
other
pro¬
to pursue to final
mort¬
provided in this
claims
all
any
and certificates of
notwithstanding
and
compromise or otherwise,
the
renovate,
rent,
as
against
Provided, That section 3709 of the Revised Statutes shall not be
section:
construed to
apply to
contract
or
to
the Administrator shall also have
by
assigned
gagors
in
real
for
to him
provided
law,
collection,
other provision of law relating to the aacquiof
power
sell
or
properties conveyed
claim
any
disposal
or
shall
for
contract for hazard insurance, or to any purchase
any
services
thereof
amount
does not
supplies
or
exceed
account
on
such property
of
if
the
$1,000.
certificate of
claim shall be construed to give to any mortgagee or mortgagor, any right
or
interest in
any property
conveyed to the Administrator or in any
claim assigned to him; nor shall the Administrator owe any duty to any
mortgaagee or mortgagor with respect to the handling or disposaal of any
such property or the collection of any such claim.
"(h)
No
"Sec.
205.
mortgagee
shall
classified
be
and
with and
the
accepted
for
insurance under section
203
charges,
Premium
adjusted
premium
charges,
fees
and claims assigned to the Administrator in connection there¬
earnings on the assets of the group account shall be credited
mortgage
to
the
mortgage,
no
received on account of the insurance of any
receipts derived from the property covered by the
appraisal and other
such
and
in accordance with sound actuarial practice
into groups
characteristics.
risk
and
have,
of Mortgages and Reinsurance Fund
Mortgages
(a)
shall
mortgagor
or
"Classification
all
the
of
account
the mortgage
which
to
group
is assigned.
The
paid and to be paid on debentures issued in
exchange for property conveyed to the Administrator under section 204 in
connection with mortgages insured under section 203, payments made or
to be made to the mortgagee and the mortgagor as provided in section 204,
and expenses incurred in the handling of the property covered by the
mortgage and in the collection of claims assigned to the Administrator
in connection
therewith, shall be charged to the account of ttie group
to which such mortgage is assigned.
and
of
principal
interest
The Administrator shall also
"(b)
provide, in addition to the several
accounts, a general reinsurance account, the credit in
to cover
charges against such group accounts
group
available
be
credited
amounts
to
allocated
or
allocated
to
account;
reinsurance
the
the Administrator among the
of
except
that any
described in section 203
mortgages
where
insufficient to cover such charges.
to mortgages
discretion
the
in
accounts
accounts are
Housing Administration under
insured under section 203 may be
several group
charged to the general reinsurance account, and the amount
the Fund under section 202 shall be credited to the general
respect
with
title
this
such
which shall
of operation of the Federal
General expenses
(b)
incurred with respect to
(2) (B) shall be charged to the
expenses
general reinsurance account.
shall terminate the insurance as to any group
shall determine that the amounts to be
each mortgagee under an outstanding
assigned to such group are sufficient to pay off the unpaid
The Administrator
"(c)
of
(1)
mortgages
distributed
mortgagae
when
he
hereinafter set forth to
as
principal of each such mortgage, or
(2) when all the outstanding mortgages
Upon such termination the Administrator
account the estimated losses arising from
group, shall transfer to the general reinsur¬
ance account an amount equal to 10%
of the total premium charges there¬
tofore credited to such group account, and shall distribute to the mort¬
gagees for the benefit and account of the mortgagors of the mortgages
assigned to such group the balance remaining in such group account.
Any
such distribution to mortgagees shall be made equitably and in accordance
with sound actuarial and accounting practice.
"(d)
No mortgagor or mortgagee of any mortgage insured under section
203 shall have any vested right in a credit balance in any such account,
or
be subject to anv liability arising out of the mutuality of the Fund,
and the determination of the Administrator as to the amount to be paid
in
any
group
have been paid.
to the group
transactions relating to that
shall
charge
to any mortgaagee or
by him
this
conclusive.
insured under
but does not convey such
in accordance with section 204, and the
mortgagor shall be final and
In the event that any mortgagee under
title forecloses on the mortgaged property
"(e)
Administrator
mortgagor
a mortgage
the Administrator
is given written notice
to
property
the obligation
pays
thereof, or in the event that the
under the mortgage in full prior to the
and the mortgagee pays any adjusted premium charge
required under the provisions of section 203 (c), and the Administrator
is given written notice by the mortgagee of the payment of such obliga¬
maturity
tion,
thereof,
the obligation to pay any
cease,
and all rights of
subsequent premium charge for insurance
the mortgagee and the mortgagor under
of the date of such notice.
Upon such
termination the mortgagor under a mortgage insured under section 293
shall be entitled to receive a share of the credit balance of the group
account to which the mortgage has been assigned in such amount as the
Administrator shall determine to be equitable and not inconsistent with the
colvency of the group account and of the Fund.
shall
204
section
shall
terminate
as
"Investment
any
an
equal the amount
mortgagee would have received if, at the time of the conveyance
cash
in
the
which shall
any
amount which the Administrator determines
sufficient, when added to the face value of the debentures issued
mortgagee
and
the
to
be expressed on the face of the
under
holders
to
as
upon
issued
out
guaranteed
States, and such guaranty shall
debentures.
pay
be, which shall be primarily liable therefor,
and unconditionally
the United
of
hereinafter
by the Administrator, by adding to the amount of the original principal
obligation of the mortgage which
by
paid
face value equal
total
a
certificate
and
cease
For the purposes of this subsection, the value of the mortgage
provided.
shall
subject
the mortgagee debentures having
to
value
the premium charges
shall,
and
property
or
foreclosure proceedings,
or
covered
property
the
the Administrator.
there
the
taken
and
annum
possession
of
thereof to
"Payment of Insurance
the
of
redeemed
under the mortgage and a reasonable amount for
necessary expenses incurred
by
mortgage.
977
"Sec.
of
the
urer
206.
Federal
of
Funds
the current operations
be deposited with the Treas¬
States to the credit of the Fund, or invested in bonds
Moneys
in
the Fund not needed for
Housing Administration shall
of the United
978
Financial
other
obligations of, or in bonds or other obligation* guaranteed as
principal and interest by, the United States.
The Administrator may,
or
to
with
the
of the Secretary of the Treasury, purchase in the
approval
market
debentures
purchases
issued
be
shall
the
under
made
at
provisions
which
price
a
of
will
section
provide
tration
by this sectoin.
reissued,
and
the
been
charged
purchases.
Debentures
several
be
shall
purchased
so
accounts
group
charged
with
which
to
the
shall be
canceled
such
in
making
207,
The term 'mortgage' means
simple, or
lease
a
lease
to
be
to
executed,
constructed
residential
liens
as
and
use;
which
years
is
renewable
to run
years
which there is located
upon
building
a
the term
advances
to
99
buildings
or
'first mortgage'
commonly given to
are
limited
than
period of not less than 50
a
mortgage was
is
less
not
during construction)
on,
(A) under
(B)
or
under
or
which
upon
real
is
estate
located,
ments, if any, secured
or
credit
and
successors
issued
ments
under
holders
"(3)
act
The
for
"(4)
trust
a
mortgage
the unpaid purchase price
its
'mortgagor'
'maturity date'
provided
"(6)
The term
ings
for
trust
pursuant
borrower
original
under
by
any
where
area
dwell¬
payment over
of the
by
not,
or
the
the
of
terms
agreement,
such
period of time will entitle the occupant to the ownership
a
premises.
"(b)
trator
is authorized
to
insure mortgages as
defined in this section
such mortgages during construction)
on
which
(includ¬
property
cover
by—
"(1)
Federal
State,
or
one
or
instrumentalities,
States,
more
municipal
instru¬
corporate
limited dividend corporations formed
or
under and restricted by Federal or State housing laws as to
rents, charges,
capital structure, rate of return, or methods of operation; or
"(2)
legal
Private corporations,
agents
owner-occupants,
cooperative societies
formed
trusts
Or
of rehabilitating slum or blighted
purpose
rent
of
associations,
areas,
which
trator
to
as
rents
created
or
exceed
$100
tenants and
make
may
such
stock
cooperative society,
providing housing for
or
such
contracts
interest
or
trust
or
reasonable return
a
in,
with,
investment.
acquire
and
for
The
not
"(c)
he may deem necessary to render effective
as
To be eligible for insurance under this section
property or project
exceed
when
the
be
may
bear
within
5%
such
term
annum
any
such
time.
the
ance
under
that
the
"(d)
this
on
any
amount
not
80%
value
the amount which
of
of
the
the
completed,
shall
use
property
and such
exceed
not
is
or
Administrator
premium
the
shall
charges
for
thereof
part
$1,350
per
as
room,
by periodic pay¬
prescribe,
insurance)
and
at
shall
not
to
release.
economically
he
as
No
the
adjustment
total
a
provided
of
claim
for
amount
assessments,
insurance
to
and
mortgagee may
water
have
which
liens
rates,
the property; and
on
issue
(h),
principal face
original
the
as
and
(j),
subsection
in
the
equal to
such
subsection
in
provided
as
face value
plus
mortgage
taxes, special
with
are
(C) reasonable
default under the mortgage, may, at its option and in accordance
and regulations to be prescribed by the Administrator, proceed
a
rules
to
foreclose
a
on
which
the
of
mortgagee
shall
be
cash
as
added
adjustment
claim
which
amount
the
to
delivery
claim
with
the
to
all
of
face
extinguished
value
3%
the
the
by
the
case
the
receive
Administrator
mortgage
of the
to
in
for
suf¬
the
which
subsection
indebtedness
mortgage
Each
mortgage.
the
all
by
(g),
the
payment
in
certificate
such
of
to the holder of such certificate
accrue
amount of such
and
be
to
amount
certificate,
claims
in
increment
an
which shall not be compounded.
mortgage,
any
issued and
debentures
the
to
Administrator
the
to
determines
equal
provided
the
under
face
per annum
from
and
210
the date of the assignment, transfer
on
provide that there shall
respect to the
rate of
provided in the
as
section
Administrator
Administrator
obligations
shall
the
of
paid to the mortgagee,
had
mortgagor
issued
the
mortgagee would have received if,
and
under
provided in such section.
assignment
the
an
when
default
of
upon
for
the property
acquire
in
is
insurance
certificate
The
"(h)
otherwise
or
mortgage
benefits
the
at
If the net amount
therewith,
connection
so
assigned, transferred, and delivered, and from the property covered by such
mortgage and all claims in connection
all
title
acquiring
by
incurred
expenses
and
to,
with such property, after deducting
Administrator
the
in
handling,
disposing of such mortgage
cash
adjustment paid
and
dealing
with,
in
and
property
such
debentures,
the mortgagee plus all interest paid
to
shall be divided
excess
such
on
follows:
as
210
with
shall
unless
respect
authorized
for
the
the
to
premium charge
of
par
amounts
as
insur¬
finds
mortgage
is
he may deem
for
reason¬
insurance
and
the
for
insurance
event
that
under
the
this
obligation
principal
is
section
paid
maturity date, the Administrator is authorized
payment
by
the mortgagee of
an
adjusted
the Administrator determines
as
to
of the aggregate amount of the
premium
otherwise have been
until
"(f)
referred
trator
such
There
as
to
a
section
in
his
in
of
full
prior
discretion
premium
be equitable,
to
to
charge
the
require
in
but not in
6uch
excess
charges that the mortgagee would
required to pay if the mortgage had
continued to be
maturity date.
the
and
210,
the
Administrator
is
hereby
directed
to
transfer
immediately to such Housing Fund the sum of $1,000,000 from that part
of the Fund now held by him
arising from appraisal fees heretofore collected
by him.
the
both
as
to
exempt,
taxes,
the
General
expenses
of operations
of
the
Federal
Housing Adminis-
of
United
shall
States,
State,
any
be
paid
fails
to
by
the
out of
holders
which
amount thereof
any
and
In
and
is
in the Treasury
money
Debentures issued under
denominations
conditions,
may
so
this
$50,
of
multiples
include
shall
and
as
to
be
or
interest
such
pay
Fund
on
any
to
the
otherwise appropriated, and there¬
paid, the Secretary of the Treasury
such debentures.
section shall
shall
be
provision
be in such form
subject
for
to
such
redemption,
terms
if
any,
and
and
as
be prescribed by the Administrator with the approval of the Secretary
of the
Treasury, and
between
under
not
in
guaranteed
such guaranty shall
the event the Housing
shall succeed to all the rights of the holders of
"(j)
They
liable
hereby authorized to be appropriated,
not
the amount
by
thereof,
authority.
be primarily
unconditionally
be
sur¬
imposed
possession
or
local taxing
States,
United
(except
the Secretary of the Treasury shall
guaranteed,
to the extent of
upon,
fully
the
Such
1938 shall
taxation
demand, when due, the principal of
upon
so
the
of
be
or
issued.
were
hereafter
or
Fund which shall
Housing
they shall
now
dependency,
municipality,
on
and shall
insured after the date
from all
taxes)
Territory,
any
year,
Housing Act Amendments of
and gift
county,
payable semi-annually
following the maturity date
for which the debentures
the face of the debentures.
pay
debentures
annum
day of July of each
principal and interest,
with
at the time the mortgage
exchange for mortgages
National
inheritance,
estate,
by
in
issued
are
as
of
or
exceed 3% per
to
after the 1st day of July
enactment
the
this
to
amount
exceed
"(k)
$50,
be in coupon or registered form.
Any difference
debentures to which the mortgagee is entitled
may
of
and
section,
aggregate face value of the debentures issued,
the
adjusted
be
shall
the mortgagee
to
Administrator
The
is
by the
payment
of
cash
by
the
from the Housing Fund.
hereby
authorized
either
to
(1)
acquire
oovered by a mortgage insured
him, by voluntary conveyance in
extinguishment of the mortgage indebtedness, or (2) institute proceedings
possession
under
for
of
this
and
acquire
on
such
to
and
any
property,
assigned
to
the property covered
proceedings
possession
institute
title
section
foreclosure
prosecute
or
is
hereby created a Housing Insurance Fund (herein
'Housing Fund') which shall be used by the Adminis¬
revolving fund for carrying out the provisions of this section
as
not
mortgage in exchange
debentures
mortgage
any
an
name
rate determined by the Administrator,
a
January and the 1st
years
Administrator
In
insured
the
of
of
in debentures
or
plus accrued interest.
project offered
or
day of
three
on
mortgage.
amount
1st
and interest by
the inspection of such
property or project during construction: Pro¬
vided, That such charges for appraisal and inspection shall not aggregate
more
than
% of 1% of the original principal face amount of the
accepted
insured, but
the
mature
and
for
"(e)
interest at
the Secretary of the Treasury,
of
approval
expressed
for
the assignment of
upon
be executed in the
They shall bear
was
principal
the
shall
the
therefor,
Administrator
section
obligor, shall be signed by the Adminis¬
or
trator, by either his written or engraved signature, and shall be negotiable.
mortgage
which
under this
Fund
mortgage
herein provided for, the Administrator
property
a
at
Debentures issued
mortgage to the Administrator
Housing Insurance
out
charge and collect such
appraisal
"(i)
insured
the
the
sound.
by the Administrator under this title
to
"(2) If such excess Is equal to or less than the total amount payable under such
certificate of claim, the Administrator shall pay to the holder of such certificate the
full amount of such excess.
the
able annually in advance by the mortgagee, either in cash
addition
the holder of such certificate the full amount so payable, and any excess remaining
thereafter shall be paid to the mortgagor of such property; and
of
be accepted
the
to
"(1) If such excess Is greater than the total amount payable under the certificate
of claim Issued In connection with such property, the Administrator shall pay to
and
the lien
prescribe
may
mortgage
section
or
project,
from
property
conditions
The Administrator shall collect a premium charge for the insur¬
mortgages under this section and section 210 which shall be pay¬
of
issued
project
or
the
of
amount
an
principal obligation out¬
The Administrator may consent to the release of a
section
property
executed,
ance
exceed
the
are
the
as
of
on
mortgaged
and
terms
provide for such
may
to
be
dwelling
(exclusive
parts of
or
upon
to
per
standing at
part
not
will
improvements
mortgage
a
principal obligation in
a
mortgage shall provide for complete amortization
interest
exceed
and
estimates
proposed
attributable
the
ments
shall involve
$5,000,000
Administrator
and
-
to
corporation, association,
such
any
the
on
restriction or regulation.
Such stock or interest shall be paid for
out of such
Housing Fund, and shall be redeemed by the corporation,
association, cooperative society, or trust at par upon the termination of all
obligations of the Administrator under the insurance.
'
the
reduction of the principal of the
(6) all records, documents, books, papers, and
mortgage transaction.
Upon such assignment,
the
3uch
able
in
the
for
or
to
Administrator
is
property held by the mortgagee, or to
for the account of the mortgagor
made
collecting such claims, exceeds the face value of the debentures issued and
sales, charges, capital structure, rate of return, and
operation to such extent and in such manner as to provide rea¬
of
sonable rentals
In
advanced
or
methods
and
and all
any
not
are
sale, and which possess powers necessary therefor and incidental
thereto, and which, until the termination of all obligations of the Admin¬
istrator under such insurance, are regulated or restricted
by the Adminis¬
to
and
loan
mortgage
amount of such principal obligation, and
(iii) any net income received
by the mortgagee from the property : Provided, That the mortgagee, in the
realized
mentalities of
guaranties
the
(i)
full
In addition to mortgages insured under section 203, the Adminis¬
ing advances
held
whether
upon
for the completion and preservation of the property, less the sum
that part of the amount of the principal obligation that has been
repaid by the mortgagor, (ii) an amount equivalent to 2% of the unpaid
of
ficient,
The term 'rental housing' means housing, the occupancy of which
permitted by the owner thereof in consideration of the payment of
charges,
the
of
means
"(6)
agreed
provided,
expenses
of
reason
hereinafter
as
other
or
or
applied
certificate
a
(A)
event of
the date on which the mortgage
if paid in accordance with the periodic
morals.
is
cash
deposits
been
to
having
of
paid for
a
means
blighted area'
or
bonds
balance of
any
any
as
not
the cash
to
mortgagee
amount
which
to
dilapidation, overcrowding, faulty
arrangement or design, lack of ventilation, light or sanitation facilities,
or
any
combination of these factors, are detrimental to safety, health,
or
the
named.
the mortgage.
in
'slum
which,
predominate
of
the
insurance
delivery to the Administrator, within a period
and regulations to
be prescribed by the
surety
(4)
entitled,
have
debentures
and assigns.
successors
The term
deed
or
means
indebtedness would be extinguished
payments
or
(5)
relating
subject
trustee therein
a
such
transfer, and delivery the obligation of the mortgagee to pay the premium
for mortgage insurance shall cease, and the Administrator shall,
the original lender under a mortgage,
includes the holders of credit instru¬
and
if
charges
trust
means
assigns,
by and through
term
mortgage and
is
it
which
(including but not being
be in the form of trust mortgages
securing notes, bonds, or other
may
of
and,
mortgage
rules
prior to the mortgage; (B)
The term 'mortgagee'
its
such
deeds
or
such
the mortgagee shall be entitled
(1)
insurance
accounts
instruments.
"(2)
and
thereby, and
indentures
mortgage
the
under
days,
mortgage indebtedness; and
means.such classes of first
or
30
(2)
the mortgagor;
and
district, or Territory in which
the credit instrument or instru¬
together with
of
and
with
thereunder;
which
a
there
principally
default;
other
to
of, real estate under the laws of the State,
the
benefits
of
default
a
period of
a
transfer,
accordance
claims
from the date the
designed
advances
secure
real estate in fee
on
lessee thereof
or
for
all rights and interests arising under the mortgage
all claims of the mortgagee against the mortgagor or
others, arising out of the mortgage transactions; (3) all policies of title
or
the interest of either the lessor
on
for
in
in
so
first mortgage
a
considered
the
receive
assignment,
and
such
As used in this section—
(a)
having
be
Administrator
"Sec.
12, 193s
be charged to the Housing
may
to
shall
default continues
not
"Rental Bousing Insurance
"(1)
and section 210
failure of the mortgagor to make any payment due under
be paid by the terms of a mortgage insured under this
The
provided
or
section
debentures have
used
amounts
and
this section
under
"(g)
Such
investment
yield of not less than the yield obtainable from other investments author¬
ized
Feb.
Fund.
open
204.
an
Chronicle
of
and
foreclosure
to
such insured mortgage and
The Administrator shall so
by voluntary conveyance
provided in this section within a
by
any
conclusion.
title to the property
proceedings
as
from the date on which any such mortgage becomes in
default under its terms or under the regulations prescribed by the Admin¬
period of
one year
istrator: Provided, That
any
manner
to
limit
the foregoing provisions shall not be construed in
the
power
of
the
Administrator to foreclose
011
the
mortgaged property after the expiration of such period, or the right of the
mortgagor to reinstate the mortgage by the payment, prior to the expira¬
tion
of
such
period,
of
all
delinquencies thereunder.
The Administrator
Volume
at
in his discretion, for the protection
sum up to but not in excess of the total
by the mortgage, plus taxes, insurance, fore¬
costs, fees, and other expenses, and may become the purchaser of
any
of
the
foreclosure may,
under
Bale
bid
Housing Fund,
any
indebtedness secured
unpaid
closure
the
Financial
146
sale.
The Administrator is authorized to pay from
the Housing Fund such sums as may be necessary to defray such taxes,
insurance, costs, fees, and other expenes in connection with the acquisition
or
foreclosure of property under this section.
Pending such acquisition
the Administrator is author¬
ized, with respect to any mortgage assigned to him under the provisions
of subsection
(g), to exercise all the rights of a mortgagee under such
by voluntary
lien
the
conveyance
such
advance
such
of
by foreclosure,
or
the right to
including
and
action
contract
sums
as
sell
may
to take such
to preserve or protect
and
such mortgage,
be
necessary
mortgage.
with, and to deal with, complete, reconstruct,
rent, renovate, modernize, insure, make contracts for the management of, or
establish
suitable agencies
for the management of, or sell for cash or
credit or lease in his discretion, any property acquired by him under this
connection
in
section; and notwithstanding any other provision of law, the
also have
shall
the
to pursue to
power
otherwise all
or
and delivery
transfer,
assignment,
time,
any
default,
upon
for
provided
to foreclose on
contract for hazard insurance, or to any
supplies
exceed
such
of
account
on
in
in connection with
this section,
and
any
purchase or contract for services or
if
property
the
amount
thereof
does
not
"Rules
"Sec.
rules
this
Premium
other
fees,
under
this section
received
charges, adjusted premium charges, and appraisal and
on account of the insurance of any mortgage insured
section 210, the receipts derived from any such mort¬
or
and from any property
acquired by the Administrator, and all earnings on the assets of the
Housing Fund, shall be credited to the Housing Fund.
The principal of
any interest paid and to be paid on debentures issued in exchange for any
mortgage or property insured under this section of section
210, cash
adjustments, and expenses incurred in the handling of such mortgages or
property and in the foreclosure and collection of mortgages and claims
assigned to the Administrator under this section or section 210, shall be
charged to the Housing Fund.
"(n)
In the event that mortgage insured under this section becomes in
default through failure of the mortgagor to make any payment due under
or
provided to be paid by the terms of the mortgage and such mortgage
continues in default for a period of 30 days, but the mortgagee does not
foreclose on or otherwise acquire the property, or does not assign and
gage
such
transfer
in
instrument secured thereby to the
credit
accordance with
(g), and the Administrator
subsection
written notice thereof, or in the event that the mortgagor pays
under the mortgage in full prior to the maturity thereof,
pays and adjusted premium charge required under the
given
the
obligation
the
and
mortgagee
provisions of subsection
(e), and the Administrator is given written
notice
such obligation, the obligation to pay
annual premium charge for insurance shall cease, and all rights of
mortgagee and the mortgagor under this section shall terminate as
by the mortgagee of the payment of
the
the
of
notice.
of such
the date
empowered
such
reissue
to
mortgage
insurance
in
accordance
with the
provisions of this section as amended by such Act, and any such insurance
not so reissued shall not be affected by the enactment of such Act.
United States
the
Housing Fund not needed for current operations
210 shall be deposited with the Treasurer of
the credit of the Housing Fund or invested in bonds
the
section
and
section
this
in
Moneys
"(p)
of
to
guaranteed as to
The Administrator may,
in the open
market
and section
204.
Such purchases shall be made at a price which will provide an
investment yield of not less than the yield obtainable from other invest¬
ments authorized by this
subsection.
Debentures so purchased shall be
or
obligations of, or in bonds or other obligations
other
principal
with
the
by,
interest
and
States.
United
approval of the Secretary of the Treasury, purchase
debentures issued under the provisions of this section
the
and
canceled
not
reissued.
.
"Taxation Provisions
this title shall be construed to exempt any real
Nothing in
208.
"Sec.
held by the Administrator under this title from
taxation
or political subdivision thereof, to the same extent,
according to its value, as other real property is taxed.
acquired and
by any State
property
"Statistical and Economic
"Sec.
shall
The Administrator
209.
cause
made such statistical
and legal and economic studies as he shall deem useful to guide
the development of housing and the creation of a sound mortgage market
in the United States, and shall publish from time to time the results of
surveys
such
surveys,
and
shall
the
and
of
expenses
and
studies
Fund
surveys, and
such studies and
publication and distribution of the results of
Expenses
of such
studies and
publication and ditribution of the reults of
of
such
studies.
and
surveys
expenses
surveys,
Housing
shall
Fund
be charged
such
in
as
a
proportion
general expense of the
as the Administrator
inafter
be
"Additional
Bousing Insurance
the
207
of
not
shall
of
is
(a)
to
less
have
addition
is
to mortgages insured under sections 203
to insure mortgages as defined
authorized
be
one
or
more
construction.
"(b)
To be eligible for insurance under
this section a mortgage shall—
"(1) Involve a principal obligation (Including such Initial service charges, appraisa., inspection, and other fees as the Administrator shall approve) in an amount
in excess of $16,000 but not In excess of $200,000 and not in excess of 80% of the
amount which the Administrator estimates will be the value of the property when
the proposed improvements are completed, and such part thereof as may be attrib¬
utable to dwelling use shall not exceed $1,150 per room.
the Administrator, but not to exceed 21
provisions satisfactory to the Administrator.
premium charges for insurance) at not to exceed
5% per annum on the amount of the principal obligation outstanding at any time.
"(4) Contain such terms, conditions, and provisions with respect to advances
during construction, assurance of completion, recognition of equitable rights of
"(2) Have a maturity satisfactory to
years
and contain complete amortization
"(3) Bear interest (exclusive of
301
(a)
To
and directed to
make
such
out the provisions
carry
of
(a) of 6uch Act is amended to read
follows:
as
The Administrator is further authorized and empowered
insured
"(2)
loans
this
To
purchase,
service,
in which
held
estate
which
is
simple,
under
or
No
V "(d)
of
value
until
than
in
or
such
other
transact
this
other such obligations as herein¬
-v.'
"/,;7''-7
any
except such as is
do so by the
capital stock of a par
business
the
that at least
as
25% thereof has been paid in cash,
first mortgages or
(a) hereof, which
at their par value, or in
are
described in section 301
securities
liens
first
shall have a
and no authorization to commence
Administrator to any such association
such capital stock have been subscribed for at
by
mortgages or liens shall be taken at
of
such value as the Administrator may
mortgages insured until title II
(except as to
exceeding
60% of the appraised value of the property as
Act)
subscription,
by
$2,000,000,
that
and
par
not
or
association
such
granted
government
determine,
of the
' .
of the foregoing purposes through the
;"7.
shall
than
be
satisfied
he is
less
not
less
not
shall
business
not exceed 60%
organization until it has been authorized to
Each
Administrator.
shall
(d) of such Act is amended to read as follows:
301
association
its
to
mortgage
for any
money
.
Section
incidental
lease for not less than 99 years
a
of the date the mortgage is purchased
bonds, debentures,
notes,
5.
State, district,
to secure advances upon
thereby; but the amount of the principal
as
:,V ;'■■■■,
and
provided."
Sec.
first mortgages and such
lease having a period of not less than 50
such uninsured
any
To borrow
of
partial interests
or
the laws of the
located
is
under
or
a
appraised value of the property
"(4)
of the United
for insurance or
from the date the mortgage was executed, together with the
to run
obligation of
issuance
or
association
this Act;
of
under
estate
credit instruments, if any, secured
after
such
agency
any
is accepted
sell uninsured
or
the real
fee
in
renewable,
or
insurance
for
no
sell any mortgages,
or
commonly given
are
as
That
this Act;
of
insured under Title II
are
accepted
are
Provided,
real-estate loan which
To purchase, service,
liens
which
Act:
operated by the United States
Territory
years
of
make any
which
"(3)
real
II
under section 203
therein,
or
Administrator—
real-e6tate
Title
or
shall
States
other
make
under
controlled
the remainder of the subscription
that
and
of the date of
to such capital
at such time as may be deter¬
Provided, That no association shall issue
notes, bonds, debentures, or other such obligations until such time as such
subscriptions are paid in full in cash or government securities at their
par value or in mortgages or other liens as hereinbefore set forth."
Sec. 6.
Section 302 of such Act is amended to read as follows:
"Sec. 302.
Each national mortgage association is authorized to issue
and have outstanding at any time notes, bonds, debentures, or other such
stock
payable in the same manner and
is
mined
by
Administrator:
the
obligations
in
of
its
aggregate
an
amount not
paid-up capital and surplus,
to exceed
20 times the
(2)
(1)
and in no event to exceed
and insured under
the provisions of title II of this Act, plus the amount of its cash on hand
and on deposit and the amortized value of its investments in bonds or
other obligations of, or in bonds or other obligations guaranteed as to
principal and interest by, the United States.
No national mortgage asso¬
ciation shall borrow money otherwise than through the issuance of such
notes, bonds, debentures, or other obligations, except with the approval
of the Administrator and under such rules and regulations as he shall pre¬
scribe.
An association may, if its bylaws so provide, accept any notes,
bonds, debentures, or other obligations issued by it in payment of obliga¬
tions due it at par plus accrued interest: Provided, That such notes, bonds,
debentures, or other obligations so accepted shall be canceled and not
the
unpaid principal
current
of mortgages held by it
reissued."
303 of such Act
Section
7.
Sec.
is amended to read as
follows:
mortgage association not invested
or other liens as provided in section 301, or in operating
facilities approved by the Administrator, shall be kept in cash on hand or
on
deposit, or invested in bonds or other obligations of, or in bonds or
other obligations guaranteed as to principal and interest by, the United
States; except that each such association shall keep and maintain such
reserves as the Administrator shall by rules and regulations prescribe, and
Moneys
303.
"Sec.
of any national
in first mortgages
purchase in the open market notes, bonds,
issued under section 302."
8.
Section 307 of such Act is amended
may
debentures, or other such
obligations
Sec.
All
307.
"Sec.
notes,
bonds,
to read as follows:
debentures, or other
obligations issued
as to prin¬
mortgage association shall be exempt, both
cipal and interest, from all taxation (except surtaxes, estate,
by any national
inheritance,
hereafter imposed by the United States, by any
Territory, dependency, or possession thereof, or by any State, county, mu¬
nicipality, or local taxing authority. Every national mortgage association,
including its franchise, capital, reserves, surplus, mortgage loans, income,
and stock, shall be exempt from taxation now or hereafter imposed by
the United States, by any Territory, dependency, or possession thereof, or
and
gift taxes)
any
herein
ity
State,
county, municipality, or local taxing authority. Nothing
exempt the real property of such association
State, county, municipality, or local taxing author¬
be construed to
shall
taxation
to
or
now
by any
the same extent
according to its value as other
real property is
tExcd#*'
Sec.
property upon
constructed
to
necessary
provided which shall be authorized, subject to rules and regulations
insured
(1), including advances on Buch mortgages during con¬
which there is located or upon which
multifamily dwellings or a group
than 10 single-family dwellings: Provided, That the property
been approved for mortgage insurance prior to the beginning
covering
struction,
In
Administrator
207
section
there
(a)
210.
"Sec.
in
authorized
is
be
may
prescribed by the
from
and
301.
"(1)
by
determine.
as
^
Regulations
provide for the establishment of national mortgage associations as here¬
Surveys
to be
and
Administrator
Section
amount
with the consent of the mortgagee and the
mortgagor of a mortgage insured under this section prior to the date of
enactment of the National
Housing Act Amendments of 1938, shall be
Administrator,
The
"(o)
The
regulations
4.
"Sec.
to
Administrator
the
to
and the
mortgage
Administrator,
is
assigned
claim
or
payment of taxes,
title."
Sec.
■
211.
and
the association;
$1,000.
"(m)
mortgage, insurance, repairs, alterations,
Administrator may in his discretion prescribe.
Administrator
final collection by way of compromise
claims assigned and transferred to him
property secured by any
mortgage assigned and transferred to or held by him: Provided, That
section 3709 of the Revised Statutes shall not be construed to apply to any
at
of the
default and management reserves, delinquency charges, foreclosure proceedings,
anticipation of maturity, additional and secondary liens, and other matters as the
to
Notwithstanding any other provisions of law relating to the
acquisition, handling, or disposal of real and other property by the United
States, the Administrator shall also have power, for the protection of the
interests of the Housing Fund, to pay out of the Housing Fund all expenses
charges
the lien
from
"(1)
or
purchasers In good standing, or lease of part of the mortgaged premises
at such
property
mortgage,
979
Chronicle
Section
9.
"Sec. 512
512
(a) of such Act is amended to read as follows:
the purpose of obtaining any loan or advance
(a) Whoever, for
partnership, association, or corporation with
advance of credit shall be offered to or
accepted by the Federal Housing Administration for insurance or for the
purpose of obtaining any extension or renewal of any loan, advance of
credit, or mortgage insured by the said Administration, or the acceptance,
release, or substitution of any security on such a loan, advance of credit,
or for the purpose
of influencing in any way the action of the said Admin¬
istration under this Act, makes, passes, utters, or publishes, or causes to
be made, passed, uttered, or published any statement, knowing the same
to be false, or alters, forges, or counterfeits, or causes or procures to be
altered, forged, or counterfeited, any instrument, paper, or document, or
utters, publishes, or passes as true, or causes to be uttered, published, or
passed as true, any instrument, paper, or document, knowing it to have
been altered, forged, or counterfeited, or willfully overvalues any security,
of
the
credit
from
intent
that
any
person,
such
loan or
980
asset,
Financial
income, 6hall be punished by a fine of not more than $3,000
imprisonment for not more than two years, or both."
or
Sec.
end
10.
thereof
"(d)
after,
of
such
Act
following
the
while
new
he
public
the
Federal
has
or
by adding at the
corporation, shall here¬
or
exists,
the
use
combination
any
words
any
such
Administration,
the
individual,
with,
association,
partnership, or
from, the Federal
authorization
or
Government
of
the
United
one
States,
or
any
year,
Sec,
variation
or
other
514.
the
that any project or
he
it
or
represent
falsely by
device
any
whatsoever,
business in which he is it is engaged, or product which
deals in, or sells, has been in any way endorsed,
by the Federal Housing Administration, or by
the United States, or by
any instrumentality thereof.
manufactures,
authorized,
the
otherwise
or
approved
Government
of
Every violation of this subsection shall be punished by a fine not exceeding
or by imprisonment not exceeding one year, or both.
$1,000
"(e) Whoever, for the purpose of inducing the insurance of the accounts
any institution by the Federal Savings and Loan Insurance Corporation
of
for the
or
by
Corporation
said
action
of
the
said
or
causes
publishes,
ment,
causes
or
or
any
the
to be
same
or
published,
this
false,
utters,
or
makes,
or
or
in
any
as
way
utters,
any
any
true,
instrument,
or
or
causes
or
or
insured
or
both.
Any
to
person
another
who
or
willfully
others
any
and
knowingly
statement,
or
by word of mouth, which is untrue in fact and
is
makes,
rumor
circulates,
written,
directly
or
or
printed
the Act
functions of
accordance
to
approved
10
as
January
as
31,
295)
amended
amended
as
adding after section
1 and 10b of the Federal
(a)
(49 Stat. 294,
Statutes,
Bankruptcy Act,
paragraph seventh
;
(49 Stat. 709) ; section
(49 Stat. 706)
amended
1935,
subsection (n)
;
(49 Stat. 664) ;
continuing
and
section
extending
the
with
the
provisions
apply to such Act,
Sec.
12.
(a)
the
regulate
Section
(3)
paragraph
read
35
of
1934
and
of
chapter III of the Act entitled "An Act to
life
insurance
(48 Stat.
paragraph
Bonds
notes
or
in
the
District
of
Columbia",
1152), is amended by inserting between
(4)
of
such
section
a
paragraph
new
this section
in
secured
to
by
mortgages insured by the Federal
Provided, That the restrictions in paragraph (8)
Housing Administrator:
regard to the ratio of the loan
erty shall not apply to
(b)
be held
Housing Act, shall
follows:
as
"(3a)
of
of the National
amended."
as
business
approved June 19,
Paragraph
(4)
such
of
insured
section
35
to
the value
of the prop¬
mortgages."
of
such
Act
read
is
amended
of
the farm loan
to
as
follows:
"(4)
Bonds
authorized
of
national
Sec.
the
colon
United
evidences
Federal
thereto,
of
Farm
and
indebtedness
Loan
bonds
or
Act
Acts
or
other
banks
amendatory thereof
evidences
indebtedness
of
mortgage associations."
The
13.
of the Revised
last
sentence
Statutes,
after
States"
the
a
of
paragraph
"Seventh"
of
section
6136
amended, is further amended by inserting before
aB
words
"guaranteed
and
comma
the
as
principal and interest by the
to
following:
"or
obligations
national
of
associations".
mortgage
by inference
other
or
under
supplementary
or
the
"(f)
transmits
as amended
Reserve Act,
77B of the
of
or
is guilty of a misdemeanor punish¬
rumor,
Reconstruction Finance Corporation (49 Stat. 1) ; and
all other provisions of law
establishing rights under mortgages insured in
to
docu¬
willfully
applying for insurance by said corporation, shall be punished by a fine of
not more than $5,000, or by imprisonment for not more than
two years or
or
(c)
or
instrument,
paper,
ment, knowing it to have been uttered, forged, or counterfeited,
overvalue
any security,
asset, or income, of any institution
the
state¬
counterfeits,
or
5
insurance
any
published,
forges,
passes
such
passes,
counterfeited,
or
true,
of
influencing
Act,
utters,
or
forged,
as
renewal
uttered,
publishes,
passes
or
of
purpose
be made, passed,
to
document,
extension
under
to be uttered,
procures
uttered,
for
or
Corporation
knowing the
paper,
be
of obtaining
purpose
or
who
or
induces another to start, transmit,
or
provisions of section
Act,
of the Federal
falsely advertise,
or
The
Home Loan Bank
of section
financial
or
than $1,000 or by imprisonment of not exceeding
more
of section 5136 of the Revised
instrumentality thereof, where such connection, or authorization does not,
in fact, exist.
No individual, association, partnership, or corporation shall
12, 1938
solvency
Title V of such Act is further amended
by
the following new section:
513 thereof
24
the
both."
or
11.
"Sec.
procures,
statement
able by a fine of not
affects
or
Savings and Loan Insurance Corporation,
knowingly counsels, aids,
circulate any such
Administration
with
Feb.
derogatory to the financial condition
standing of the Federal
words, as the name under
business, which shall have the effect of leading the
or
connection
any
further amended
Housing',
alone
that
believe
to
corporation
Housing
shall do
it
or
words,
is
partnership,
Housing
'National
or
these
by
subsections:
Housing'
of
any
which
512
No individual, association,
'Federal
of
Section
or
Chronicle
Approved,
Feburary
3,
1938.
Annual Report of Comptroller of
Currency
O'Connor—Deposits June 30,1937 $26,765913,000—Increase of $565,460,000 During Year—Appraisal of Assets on "Recovery
Basis"—Preferred Stock of Aggregate Par Value of
$60,213,325 Retired During
Year by 1,320 National Banks—Time Within Which
Executive Bank Officers May
Pay Indebtedness Extended for One Year
An increase of
$565,460,000 or 2.16% in total deposits
during the year is indicated in the annual report of the
Comptroller of the currency, J. F. T. O'Connor made public
Feb. 10; the total deposits June 30, 1937 at
$26,765,913,000
compare with $26,200,453,000 on June 30, 1936.
The latter
figures were shown in the report of the Comptroller a year
ago, referred to in these columns Feb. 13, 1937,
page 1006.
In his report just made
available, the Comptroller states that
one of the
important questions before his office "has been the
proper appraisal of assets of going banks."
As to this he
Active National Banks
As required in section 5211 of the Revised Status, National banks were
called upon to submit three reports of condition during the current
The figures for deposits and assets
report year.
dates
are
on
annual
each of these three call
follows:
as
No. of
Banks
Total Deposits
Total Assets
Dec. 31, 1936
Mar. 31, 1937
5,331
$27,608,397,000
5,311
June 30. 1937
5,299
26,515,110,000
26,765,913,000
$31,070,441,000
30,049,172,000
30,337,071,000
says:
It
unfair to appraise assets at the
existing cash market basis, and
there were established market
was
even
where
have been
structed
quotations, they could easily
broken
all
by forced liquidation.
National
bank
The Comptroller, therefore, in¬
examiners
to appraise assets on a
"recovery
basis," taking into consideration their intrinsic and
potential values.
The
Comptroller's instructions are quoted in full in his annual
report for the
year ended Oct. 31, 1934.
For the first time, a survey was made of the
classifications of loans in the 1934
report of examiners.
This survey showed
that in the 5,275 banks
examined, the total amount of loans was $7,740,596,000.
The examiners placed 2.88% of these loans in the
loss column,
4.19% in the doubtful column, and 27.05% in the slow column.
A com¬
pilation from the reports on 5,312 National banks made
during 1937 shows
total loans of
$8,426,931,749, of which .65%
1.14% in the doubtful column, and 10.68%
In his
placed in the loss column,
in the slow column.
were
suggestions for legislation Comptroller O'Connor
that "since the National banks
under the existing laws
are
says
functioning successfully
governing them, the only recom¬
banking legislation other than
mendation made for additional
suggestions made in earlier reports which have not been acted
is with reference to loans to executive officers."
upon,
Continuing he
On June 30, 1937, the 5,299 active banks
reported loans and discounts,
including overdarfts, of $8,812,895,000; United States Government obliga¬
tions direct
offcers could pay their
indebtedness to June 16, 1938.
The Banking Act of 1935
permitted an
executive officer, with the prior
approval of a majority of the entire board
of directors of the
bank, to become indebted to the bank In
to exceed $2,500.
On June
an
amount not
30, 1933
4,404 National banks held direct
loans of their executive officers in
the sum of
$93,743,000, and indirect loans
in the amount of
$43,487,000.
On June 30,
1937, these direct liabilities
had been reduced
69.83% and amounted to
$28,281,000, while the indirect
obligations were reduced 62.11% and amounted to
$16,477,000, and 1,283
of these banks showed no
liabilities of their executive
officers
It would
seem that the officers had in
good faith made an effort to
pay their obliga¬
tions and to comply with the
express will of the Congress.
In view of this
fact, it is recommended that an additional
year be given to the executive
officers to pay the balance of their
indebtedness.
This will give a total of
six years, and it would seem that
further extension could not be
justified.
fully guaranteed of $8,219,195,000; other bonds and se¬
$3,903,092,000; cash, balances with other banks, cash items in
process of
collection, and
869,000; total
assets of
reserve
with Federal Reserve banks of $8,377,-
$30,,337.071,000, deposits of $26,765,913,000;
bills
payable and rediscounts of $8,530,000, capital stock of $1,582,131,000; and
surplus, profits, and
reserves
of $1,630,034,000.
A comparison of the principal items of assets and liabilities for June
this year with those for June
30,
shows an increase of
30
1936, the corresponding call last year,
$1,049,553,000,
their ratio to
due
or
13.52%, in loans and discounts,
tptal deposits having increased from 29.61 to 32.91%; and,
primarily to
an
19 of the Federal
increase of 100%
increases in loans
in the required reserves under section
Reserve Act, the reserve carried with Federal Reserve
banks increased 17.95%
and
,
or
These
from $3,520,901,000 to $4,152,889,000.
reserves
totaling $1,681,541,000 were balanced in
part by decreases of $360,338,000 in bonds and securities, $87,096,000 in
cash, and $548,449,000 in balances with other banks, including cash items
in process of collection.
The reduction in investments was made up of a
decrease of
$170,458,000 in direct obligations of the United States Govern¬
ment, $57,711,000 in obligations guaranteed by the United States Govern¬
ment
says:
Section 12 of the Banking Act of
1933, approved June 16,1933, prohibited
executive officers of banks which
are
members of the Federal Reserve
System from becoming indebted to their banks.
Officers who were in¬
debted at the tune were
given two years in which to
pay their obligations.
This section was amended
by House Joint Resolution 320,
approved June
14, 1935, to extend the time in which
executive
and
curities of
as
to
interest
and
principal,
$76,015,000 in obligations of States,
counties, and municipalities; and $56,154,000 in other bonds and securities.
The total deposits on June
30,1937, had increased $565,460,000, or 2.16%
during the
year.
The June 30 deposits consisted of demand and time de¬
posits of individuals,
partnerships, and corporations of $12,430,183,000
$7,469,842,000, respectively; United States Government deposits of
$379,331,000; State, county, and municipal deposits of $2,203,466,000;
and
postal savings of $88,542,000; deposits of other banks of $3,790,587,000;
and
certified
and
cashiers'
checks outstanding, &c., of
partnerships,
and
checks,
cash
$403,962,000.
corporations
included
letters of credit,
travelers'
and
The time deposits of individuals,
time certificates
of deposits of
,
In
detailing the growth in deposits and assets, the
Comp¬
same time notes that
during the year preferred
stock of an aggregate
par value of $60,213,325 was retired
by 1,320 National banks, and mention is made of the fact
that authority to exercise
fiduciary powers was held by 1,913
troller at the
National banks.
From the report we
quote:
$591,423,000; time deposits,
open accounts of $305,715,000; and deposits
evidenced by savings passbooks of $6,511,352,000, comprising 15,794,219
accounts.
The book value of capital stock was $1,582,131,000
par
value of $1,587,726,000.
and
common
represented a
The latter figure consisted of class A pre¬
ferred stock of $281,012,000, class B preferred stock of
stock of $1,288,749,000.
$17,965,000, and
Surplus funds of $1,073,154,000, un¬
divided profits of $389,233,000, reserves for contingencies of $155,623,000,
and
preferred
stock
retirement
fund
of
$12,024,000,
$1,630,034,000, increased $155,681,000 in the
making
a
total of
year.
Reports showing earnings and
the
dividendsjare rendered semiannually to
Comptroller by all National banks, and their consolidated returns cover¬
ing the year ended June 30, 1937, showed net profits before dividends of
$286,561,000, which
amount
was
an
increase of $44,907,000, or 18.58%
reported for the year ended June 30, 1936.
June 30,
1935, 1936, and 1937
are
the only years
,
over
tbo
The three years ended
since|1931 that the con¬
The profit*
solidated returns showed the banks have operated at a profit.
for the year ended June 30,1937, were $234,020,000, or 445.40%
.
over
1931.
Volume
Financial
146
Dividends declared on common and preferred
stock in the year ended June
30,11937, totaled $153,475,000, in comparison with $125,604,000 in 1936.
The dividends were 9.67% of common and preferred capital and 4.78%
of capital funds.
The gross earnings from current operations aggregated
$847,197,000, and the expenses $577,851,000, resulting in net earnings from
current operations of $269,346,000, an increase of $22,992,000, or 9.33% ,
in the year.
Recoveries on assets previously charged off of $279,583,000,
including profits on securities sold of $124,858,000, decreased $19,358,000.
or|6.48%
Losses and depreciation charged off were $262,368,000, a re¬
Chronicle
981
andlNational
State
have taken
amount of
banks located in the vicinity of closed National banks
RFC loans, or made original loans, in the approximate
over
64)4 million dollars.
Of this total commitment, approximately
60 million dollars has been actually advanced, of which nearly 54 million
dollars had been repaid on Oct. 31, 1937.
The amount repaid includes loans to
injfull,
paid
of
53 receiverships which have been
and the balance unpaid is owing by 42 trusts.
In order to reduce expenses in
the receiverships, the practice was adopted
combining several receiverships under
when the assets were
one receiver
.
$41,273,000, or 13.59%
duction of
.
preferred stock of an aggregate par value of $60,213,325
was retired by
1,320 National banks.
180 such banks retired preferred
stock in full and 1,140 completed partial retirements.
Coincident with these
retirements of preferred stock, the common capital of National banks,
exclusive of newly organized banks, was increased $35,367,245 and new or
additional preferred stock in the aggregate sum of $2,047,250 was issued.
As of Oct. 31,1937, there was outstanding in 1,846 National banks preferred
^During the
year,
stock aggregating
held by 1,913 National banks,
administering 135,772 individual trusts, with assets
1,551 were
with note
aggregating $9,656,397,140 and 15,983 corporate trusteeships,
and bond issues outstanding in the amount of $10,570,032,665.
Compared
with June 30,1936, these figures represent an increase of 2,930 in the number
and $91,745,854 in the volume of individual trust assets under administra¬
tion, while corporate trusteeships decreased 1,014 in number and $597,536.477 in volume of note and bond issues outstanding.
Gross earnings from
trust department operations increased $3,520,000, or 11.63% , over 1936.
Section 304 of the Banking Act of 1935, amending section 22 of the
Banking Act of 1933, provided for the termination of the double liability
of shareholders of National banks on
July 1. 1937.
Section 315 of the same
5199 of the Revised Statutes to provide among
Act amended section
things that a National bank
full time.
Oct.
31
In accordance with this plan, the
receiverships
other
shall, before the declaration of a dividend on
net
surplus fund until the same shall
equal the amount of its common capital.
Prior to the Banking Act of 1935
the maximum surplus required of a National bank was but 20% .
It is interesting to note that at the date of the first call following the
enactment of the Banking Act of 1935, namely Nov. 1, 1935, of the total of
5,409 active National banks, 912 without preferred stock had surplus funds
equal to or in excess of their common capital.
The capital and surplus of
these 912 bankf* was $252,618,000 and $428,258,000, respectively.
On
June 30, 1937, however, the date of the last bank call, this class of banks
had increased 262 in number, or to 1,174, with common capital of $457,357,000 and surplus of $664,067,000.
In 1935, 425 of the banks had surplus
exceeding their capital stock compared to 481 banks in 1937.
In addition,
or
an
on
of 2.4
average
.per receiver.
In order to handle
effectively the real estate owned by and mortgaged
more
1,173 insolvent National banks, then under active receivership, and to
to
issue
appropriate instructions with regard to
the management and
dis¬
position thereof, the Real Estate Activities Section of the Insolvent Bank
established
was
on
Jan. 22, 1937.
The section has obtained from
622 receivers reports covering approximately 10,000 assets secured by liens
real estate, which reports were carefully analyzed as a basis for issuing
on
appropriate instructions to the receivers.
...
In the year ended Oct. 31,1937, receivers and trustees for waiving credi¬
of National
tors
banks, unlicensed incident to the banking holiday, re¬
leased and made available to creditors $42,077,776 of the remaining un¬
secured liabilities.
holiday
is
The total of such liabilities released since the banking
$1,562,739,935,
or
81.28%
79.09%
compared to
,
as
of Oct.
31, 1936.
During the
of
99.08%
security,
four National banks have failed, with deposits at closing
year
$4,294,296.
and
Of these deposits
79.79%
,
$3,030,000,
or
were
insured,
of the depositors were fully protected, by insurance, offset,
preferment.
or
NATIONAL
BANK
stock, carry not less than one-tenth part of its
its shares of common
receiver's
882 receiverships remaining
being administered by 367 receivers,
were
Division
$290,603,830 par value.
Authority to exercise fiduciary powers was
of which
reduced to the point where the work involved did not require the
SUSPENSIONS.
ACTUAL
FAILURES,
FOR
WHICH
RECEIVERS WERE APPOINTED
profits of the preceding half year to its
Years Ended
Years Ended
NO. of
Banks
Oct. 31
No. of
Banks
Oct. 31
Deposits
8
$3,665,576
1927.
Deposits
111
5
1912
52
1919
1
4,327,166
1,543,397
283,684
1934.
1
1920
6
3,154,793
1935.
4
$46,113,688
19,798,224
46,448,301
49,707,145
361,976,551
250,494,710
255,049,262
41,950
5.398,802
1921
38
13,084,637
1936.
8,982,862
1937.
1,915
$1,234,395,857
21
5,995,997
7,516,182
1928.
1914
1915
12
8,203,765
1930.
88
1916
13
1,997,020
1931.
357
1917
7
1932.
322
1918
2
1933.
396
1913...,
Nov. 1, 1935, which had both common and pre¬
1922
$35,813,000
1923
51
127
48,816,366
equaled or exceeded their common
1925
95
1926
91
"*3,984,583
39,836,690
1937, this latter class of banks had increased
71
17,358,274
1924
1929.
30,616,232
there were 187 banks on
ferred stock outstanding of
$80,713,000 whose surplus funds of
capital of $29,687,000. As of June 30,
37 in number, or to 224, with
surplus totaling $41,794,000 and common capital $33,144,000.
Since June
30,1937, reports thus far received show that in 13 States 15 additional banks,
with common stock only, have transferred $371,000 to surplus in connection
Federal Deposit Insurance Corporation
their capital stock.
The
Deposit Insurance Corporation of which the Comptroller
Federal
of the Currency is a director, was
All Active Banks
also shown in the condition of all classes of
active banks in the country as
June
banks in the
reflected in their consolidated returns as of
15,580 National, State, and private
United States and possessions with loans and investments of
On that date there were
30,1937.
$1,273,623,000, or 2.62% , the
figures reported as of June 30, 1936, when there were 15,803 banks.
Cash,
balances with other banks, and reserve with reserve agents of $15,628,614,000 increased in the year $506,233,000, or 3.35% , and the total assets
amounting to $68,941,069,000 increased $1,742,488,000, or 2.59%.
The
total deposits in 1937 were $59,822,370,000 and showed a rise of $1,482,555,000, or 2.54% in the year.
Although the total of capital stock, capital
$49,972,315,000, which amount exceeded by
notes and debentures
4.99%
or
,
of $3,250,650,000 showed a reduction of $351,109,000,
due primarily to a decrease of 223 in
retirement of
the number of banks and the
This limit was increased to $5,000 on
there were 13,941
profits, and reserves of $4,985,781,000 had increased
$435,914,000, or 9.58%
The ratio of loans and discounts, including over¬
.
drafts, to total deposits on June 30,
banks, with deposits of $48,802,185,000 insured by the
$21,400,000,000, or 44%, of their
It was estimated that
Corporation.
Of their more than
deposits were insured.
50 million depositors, over
98% were fully covered by insurance, security or preferment.
During the year ended Oct. 31, 1937, 55 bank failures occurred in
United
Of these banks,
States.
National banks; 2, with deposits of
were
the
with deposits of $14,438,000, were
47,
Four of these 47 insured banks, with deposits of $4,294,000, were
insured.
members of the
$1,707,000, were State banks which
Federal Reserve System; and 41, with deposits of
$8,437,000, were State nonmember banks.
In these 47 insured banks,
of the deposits were covered by insurance, offset, security or pre¬
95.2%
ferment, and 99.7%
preferred stock and capital notes and debentures, the com¬
bined total of surplus,
organized in the summer of 1933, and
$2,500 for each depositor became effective on Jan. 1, 1934.
July 1, 1934.
As of June 30, 1937,
insurance up to
Continued improvement is
Total.
Preliminary figure subject to revision.
making their total surplus $2,660,000, or the same
with dividends declared,
as
*
32
of the depositors were covered in full.
The total assessments
the year 1937,
paid to the Corporation by all insured banks for
amounted to $38,811,953, of which the National banks
paid
54.83%.
1937, was 37.94% compared to 35.72%
National Banks in the Trust Field
June 30, 1936.
on
Insolvent
The
Banks
administration
the fiscal
With
active
National banks restored to a sound condition, and with
only four National bank failures during
the year ended Oct. 31, the major
insolvent
problem before the Comptroller's Office has been the liquidation of
National banks and the payment of dividends to depositors.
In order to
of devising ways
Division for the primary
of remaining assets
The chief methods used have been the disposition
,
through *bulk sales, termination loans, and through
shareholders' agents.
the transfer of assets to
made available for distribution to
By these methods, funds
are
creditors in the form of a final dividend,
termination of the receivership ensues.
and the immediate
including
two
supervision of the Comptroller's office, were liquidated and finally closed.
This is the greatest
$113,600,000, or 73.41%
,
returned to depositors.
was
The total cost of
liquidation in these trusts was 6.83% of the collections from assets and stock
assessments, including offsets allowed.
Remaining in process of liquidation on Oct. 31, were
District
date of failure were
or
State bank receiverships.
of Columbia
$1,689,372,000, of which approximately $1,227,000,000,
Receivers have estimated
of $237,527,000, or 14.05% will be made, bring¬
72.63%, had been returned to depositors.
that additional payments
ing the total
As of Oct.
$494,495,500,
of the par
been established by 1,551 of these banks and
135,772 individual trusts were being administered with assets
$9,656,397,140.
aggregating
772 of these banks were also administering 15,983 cor¬
for note and bond issues amounting
Compared with 1936 these figures represent an in¬
number of individual trusts being administered;
of $91,745,854 in the volume of individual trust assets under
porate trusts and acting as trustees
$10,570,032,665.
to
crease
of 2,930
increase
in the
administration; a decrease of 1,014 in the
a
reduction of $597,536,477
standing under which
number of corporate trusts, with
in the volume of note and bond issues out¬
National banks had been named to act as trustees.
in National banks re¬
those created under private or living
Segregation of the number of fiduciary accounts
vealed that 70,665 or
trust
46.57%
were
agreements; 65,107 or 42.90%
the jurisdiction
were trusts
being administered under
10-53% were
of the courts and the remaining 15,983 or
note-issue indentures. Private trust
assets comprised $7,788,959,078, or 80.66% , of the total assets under
administration, while the remaining $1,867,438,062 or 19.34% , belonged
trusteeships under corporate bond or
to
court
trusts.
An analysis
of the $8,135,313,923 of invested trust funds belonging to
private and court trusts under administration revealed that
in bonds; 31.41% in stocks; 7.14% in real estate mortgages;
The
48.95% were
7.32% in real
5.18% consisted of miscellaneous assets.
development of trust
activities in National banks is emphasized
1937 with that of 1933 which reflects an increase
40,615, or 36.54% in the number of trusts being
administered; an increase of $3,344,739,387, or 52.99% in the volume of
individual trust assets under administration and an Increase of $151,605,728,
or 1.46%
in the volume of note and bond issues outstanding for which Na¬
by comparing the record in
of which $389,399,367 was actually loaned.
Of this
aggregating $13,669,500 had been granted to 27
during the 4-year period of
commitments
ending Oct. 31, 1937.
due to the Corporation by all receivers
declined from $21,913,601.76 to
In accordance with
President
During that
year the
bal¬
of insolvent National banks
$8,900,734.80 and the number of borrowing
receiverships declined from 315 to 101.
ment to
$1,301,36.10% of the
value of capital, and 86.38% of the assets of all
exercise trust powers, with a combined capital of
the receivers of insolvent National banks amounted
receivers during the year
ance
of
The statistics reveal that 1,913 National banks
Trust departments had
estate; and
.
31,1937, the total commitments granted by the Reconstruction
Finance Corporation to
amount
,
estimated recoveries to depositors in all the remaining re¬
ceiverships up to 86.65%
to
882 National and
Their total deposits at
National banking system during
banks in the National banking system.
number of closings ever effected during a Comptroller's
These banks had deposits at failure of $154,754,207, of which
report year.
had authority to
an
1937, 341 National bank receiverships,
District of Columbia State bank receiverships under the
During the year ended Oct, 31,
in the
368,385, and banking assets of $26,205,955,724, representing
purpose
and means to terminate receiverships and to actively con¬
summate such plans.
activity.
this important
number, 81.96%
expedite this work, there was established on Jan. 15, 1937, a
Termination Section of the Insolvent Bank
of trusts
ended June 30, 1937 reflected continued development
year
Growth in earnings from trust department
Roosevelt's'expressed desire for
the Govern¬
withdraw from business as soon as privately owned agencies were
able to take over the functions
tional banks were acting as trustees.
operations has kept pace with
^
of the Government lending agencies, various
the increased
fact
volume of trusts under administration, as revealed by th«
that during the fiscal year
ended June 30, 1937 gross earnings ag¬
gregating. $33,779,000 were reported as against
$30,259,000 in 1936 and
982
Financial
121.461,000 in
1936 and
1933,
representing
$3.520,000?orjll.63%
of
gain
a
increase of $12,318,000 or 57.40%
an
299 National banks
acting
were
as trustees
over
1933.
over
under 1,213 insurance trust
agreements involving $55,705,783 in proceeds from isurance policies, while
702 National banks had been named to act
ance trust
401
trustees under 16,259 insur¬
agreements not yet matured or operative supported by insurance
policies with
37
as
face value aggregating $639,827,330.
a
of the banks spent $244,465 during the year for trust
advertising;
banks
employed full-time trust solicitors,
services of
71
and
banks utilized
The advertising value of including the words "Trust
title of
National
a
the
part-time trust solicitors.
being recognized,
bank having authority to exercise
Company" in the
fiduciary
powers is
Chronicle
Feb.
12, 1938
solidating groups of receiverships under individual receivers, where the
remaining asset values in such receiverships plus the additional efficiency
and!
economies
solidations.
be obtained
to
The
effect
of
evidenced by the fact that
a
thereby
these
found
are
consolidations
total of 833 receivers in
to
of
warrant
such
receiverships
con¬
is
well
charge of active National
bank receiverships as of June 30,
1934, had been reduced to a total of but
367 as of Oct. 31, 1937, with little or no increase in the
average salaryjof
individual receivers.
This reduction in number of receivers in
charge of
active receiverships, together with
corresponding economical consolidations
in the field staff of receivers' clerks
and assistants, resulted in the administra¬
tion of an average of 2.4
receiverships
31, 1937.
Individual receiver
per
of Oct.
as
...
evidenced by the increasing number of such institutions
availing themselves of this privilege, 279 banks having already obtained
qnaReceiverships 1865-1937
permission from this office to amend their titles in this respect.
243 banks were acting as transfer agents for 2,458 accounts
involving
$2,185,212,186, and 369 banks were acting as registrars of stocks and bonds
a National bank in the
year 1865
Oct. 31, 1937
2,950 National banks and 16 State banks or loan as¬
sociations located in the District of Columbia have been
placed in charge
as
From the date of the first failure of
to
,
for 4,044 accounts involving $4,477,638,034.
of receivers.
An analysis of the new trust accounts placed on the books of the
National
banks between June 30, 1936 and June 30, 1937,
reopened,
developed that 283 banks
named trustees for 1,089 bond and note issues
aggregating
were
901; 873 banks
ments
$887,908,-
named to act under 2,901
were
executorships involving $204,857,152; 572 banks
named
were
administra¬
as
tors under
1,677 appointments involving $24,092,583; 546 banks were named
under 2,666 guardianships involving
$12,528,417; 17 banks were named to
act as
assignees in 45 instances involving $2,268,823; 28 banks
to act in 82 receiverships
involving $1,377,635; 140 banks
act as committee of estates of lunatics in 400
cases
were
were
named
named to
involving $2,657,290,
voluntary liquidation.
solvency, one bank was eliminated
receivership through revocation of the receiver's commission as of the
date of issuance,
leaving 2,808 receiverships to be administered by receivers.
Of these
receiverships so administered, 882 are still in process of liquidation
as
were named to act as individual trustees under 6.250
agree¬
involving $345,634,961; 781 banks
Of this number, 157 have been restored to
solvency and either
other institutions, or placed in
sold to
In addition to the 157 banks
restored to
a
and 1,926 have been
closed.
completely liquidated and the affairs thereof finally
The capital of these 2.966 insolvent
National banks at date of failure,
exclusive of the one bank eliminated
through revocation of the receiver's
commission,
was
been restored to
while 412 banks were named to act 6,546 times in
miscellaneous
that
capacities other
$400,900,595.
solvency
was
The capital of the 157 banks that have
$22,950,000.
The capital of the 882 banks
the
than
those
enumerated
fiduciary
involving $658,717,018.
above,
were named to act as
registrars of stocks and bonds in 348
involving $444,840,088, while 77 banks were named to act as transfer
12,843
gragating $688,756,609, and
were
and bond issues amounting to
acting
year
National
banks.
1937564
of
In
of receivers
ments
Oct. 31,
only
1937.
for
Bank
actively
assets
ag-
addition
to
seven other
insolvent
such
unfinished
business
four
failures,
banks
ceivers, to Sept. 30. 1937, amounted to
$2,537,512,381
total of such assets and stock assessments.
or
receivers
were,
total of 11 appoint¬
a
seven
were
enforcing
for the purpose
stock
was
assessments
necessary
be¬
of unsatisfied indebtedness of such institutions.
The liquidation of 341
completed and the affairs of
such
receiverships finally closed during the year ended Oct. 31, 1937.
These 341 receiverships disposed of
during the current year represent the
largest number of terminations of receiverships in a like
period during the
history of the office of the Comptroller of the Currency.
It is also found
as a result of these
receivership terminations in 1937, together with other
final closings and additional banks
placed In receivership period 1934 to
1936, that the largest number of active National bank
receiverships in the
history of the Comptroller's Office, of 1,568 as of July 19,
1934, had beeD
reduced as of Oct. 31, 1937, to 882.
In reporting upon
63.09%
of the
Covering the entire period from Feb. 25, 1927, to and
Including Oct. 31,
1937, 2,013 branches have been added
1,190
were de novo
the progress and results of liquidation of insolvent
National banks for
the year ended Oct. 31, 1937, it has been
possible to
furnish data with respect to earnings of
receivership banks during such
period of liquidation, as derived from the accruals and collections of
interest,
premiums, rents, &c.
As will be noted from these figures of
earnings con
trasted with expense of liquidation
reported upon in detail in
following
branches, 313
verted into National
cause
was
or
On Feb. 25, 1927, the date of the
passage of the McFadden Act, 118
National banking associations had in
operation 372 branches as compared
with 192 National
banking associations with 1,546 branches as of Oct. 31,
1937.
during the year ended
against shareholders of banks, the collection of which
receiverships
Total collections from assets,
including earnings,
collections from stock assessments as
reported by re¬
Branches
but 4 .actual failures
were
banks, making
National
$3,694,230,852, in
was
aggregating $327,961,187.
offsets allowed and
Failures t
Of these total appointments,
of completing
were
trust
trustees for outstanding note
as
ended Oct. 31, 1937, there
however, appointed for
30, 1937,
individual
$262,558,097?
National
During the
with
trusts,
receiver¬
ships, including assets acquired after
suspension,
addition to which there have been levied
against shareholders assessments
agents in 362 instances involving $100,221,679.
National-bank branches numbering 345 on June
engaged in administering
still in process of
liquidation was $199,358,175, and the capital of
1,926 banks that have been
completely liquidated was $178,592,420.
The aggregate book value of the assets of
the 2,808 administered
105 banks
cases
are
were
to the
system.
Of these branches
branches of State banks which
associations, and 510
con¬
branches brought into the
were
system by the consolidation of State banks with National
banks.
During
this same period, 839 branches were
relinquished, 564 went out of the
system
through liquidation of the parent institutions, and 275
through consolida¬
tions
or
for other reasons.
The net result of these
operations
for the system of 1,174 branches since
Feb. 25, 1927.
During the
year ended Oct.
number of authorized
96 of which
were
places other than
branches
were
while
were
15
31, 1937. there
branches, 110 de
novo
was
a
net
was
a
gain
gain of 86 in the
branches being established,
authorized under the Banking Act of 1933 to
operate in
the city In which the
parent bank is located.
Nine
discontinued by reason of liquidation of the
parent bank,
discontinued through action of the board of
directors or
shareholders of the parent bank.
Investments
of National
Banks
The following table discloses
a
Bummary of the investments of National
banks in United States Government and
other bonds and securities as of
June 29, 1935, and June
30, 1936 and 1937
paragraphs for
various groups of banks in liquidation, the
earnings of
National bank receiverships
approximate or exceed the amount of expenses
incurred, contrary to the view often held that expenses of
liquidation result
in additional losses to
depositors and creditors.
In view of the approxi¬
mately equal proportion of earnings to expenses resulting from the
liquida¬
tion of insolvent National
banks, it should be noted that depositors' equities
in the assets of failed National
banks
of
not
are
materially reduced because
receivership operations.
equivalent to 8.81%
banks,
31,1937, in the liquidation
reported by receivers
as
of total collections from all
are
found to have been
sources
including offsets
allowed.
Such percentage of cost for the
current year will be noted to
represent a material decrease from the
comparable percentage cost for the
previous year of 10.27%
This decrease in percentage of annual liquidation
particularly gratifying in view of the increased average liquidation
age of receiverships in process of
liquidation during the period, combined
with the well understood fact
that the percentage of costs to collections is
comparatively low during the early
years
of liquidation, but progressively
increases from date of failure to date of
final closing.
proportion of liquidation expense for the current
and
Also
a
considerable
year consisted of interest
payments to the RFC and
lending banks
the
indicated by the records of
approximately $1,031,254
data by years from 1933
inception of such loans of Oct. 31, 1937, as
this office, aggregated
$11,436,363, of which
was
to
paid during the current year.
date
expense, interest payments, &c.,
ANNUAL
Year
LIQUIDATION
No. of
Ended
Receiver-
Oct. 31
Ships Ad¬
loans to receivers for dividend
upon
Such total interest
payments by receivers to the RFC
lending banks, from
as
to
are as
total
Total Collec¬
tions from All
Sources, In¬
cluding
June
30,
1936
June 30,
1937
5,431
5,374
5,299
$4,423
119,330
$162,258
Obligations of—
Corporation guaranteed
by United States Govt, as to Interest only.
Federal Land banks
Federal Intermediate Credit
insular
notes,
and
14,438
1,451,629
10,977
13,589
593,211
536,496
665,059
653,650
673,942
638,563
366,671
36,728
461,751
466.023
90,095
79,377
79,680
35,150
34,879
25,925
80,656
of
1,527,644
36,628
possessions
25,405
108,605
32,307
26,765
113,294
65,167
90,395
92,365
39,012
42,662
39.533
83,487
BANK
debentures
(not including
stock) of other domestic corporations:
Railroads
Public utilities
...
Real estate corporations
Other domestic corporations
Stock of Federal Reserve bank
Stock of other domestic
corporations:
Real estate corporations
Banks and banking corporations
Other domestic corporations
Foreign securities:
Obligations of foreign central governments.
Obligations of foreign provincial, State, and
municipal governments
Other foreign securities
ments to
of
Liquidation
pense
Receivership
Percentage
RFC and
Cost of
Lending
50,941
40,149
32,067
Total miscellaneous bonds and securities.
States Government securities, direct
$3,543,379
$4,035,261
$3,903,092
6,077,724
7,072,979
6,902,521
1,095.283
1,374,385
1,316,674
United
ernment as to interest and
Earnings,
Interest,
Liquida¬
Banks
Allowed
tion
on
Dividend
30,172
obligations..
Securities guaranteed by United States Gov¬
RECEIVERSHIPS
Inter est Pay¬
Total Ex¬
81,284
the
United States
Bonds,
*
$125,494
73,545
14,124
13,118
States, counties, and municipalities.a
and
*
16,839
Joint Stock Land banks
Territorial
'
1,386,230
banks....
follows:
Offsets
tered
Comparable
collections, total liquidation
COSTS—NATIONAL
minis¬
Premiums,
Rent, &c.
Loans to
principal
Total bonds and securities of all classes..
$10,716,386 $12,482,625 $12,122,287
*
Called for redemption July
1,
1935.
a
Including school, Irrigation, drainage
and reclamation districts, and
Instrumentalities of one or more States.
Receivers
1,325
1,649
1,582
1,427
1,223
Total
.
1,771
§357,910,227 $11,507,389
509,709,399 23,744,028
361,513,764 27,872,955
185,513,628
19,052,765
156,829,985 13,823,379
$1,571,477,003 $96,000,516
3.22
*$470,107
4.66
334,766
5,608,104 $24,370,858
3,992.132
17,149,515
1,031,254 12,109,220
7.71
10.27
.
.
8.81
6.11
™6
u,. luwucat puiu iu
irom
struction Finance Corporation
dividend loan activity.
a Data unavailable as
separate
$11,436,363
aate
oi
a
53,629,593
inception or recon¬
figure.
The decrease in
percentage cost of liquidation
expense during the current
year is principally the result of the
existing policy of this office in con-
t
29,
1935
.
cost is
payment purposes.
June
Number of banks.
Home Owners' Loan
Total costs incurred during the
year ended Oct
of insolvent National
(In Thousands of Dollars)
Including District of Columbia
associations.
State
banks
and
building and loan
New Capital Issues in Great Britain
The
following statistics have been compiled by the Midland
These compilations of issues of new
capital,
which are subject to
revision, exclude all borrowings by the
British Government for
purely financial purposes; shares
issued to vendors; allotments
arising from the capitalization
of reserve funds and undivided
profits; sales of already issued
securities which add
nothing to the capital resources of the
company whose securities have been offered; issues for
conversion or redemption of securities
previously held in the
United Kingdom; short-dated bills sold in
anticipation of
Bank Limited.
■
Volume
Financial
146
long-term borrowings; and loans of municipal and county
authorities which are not specifically limited.
In all cases
the figures are based upon the prices of issue.
SUMMARY TABLE OF NEW CAPITAL ISSUES IN THE UNITED KINGDOM
[Complied by the Midland Bank Limited]
The Course of the Bond Market
The
general trend
Year to
January
Jan. 31
CAPITAL ISSUES IN
NEW
THE UNITED KINGDOM
194,248,000
232,100,000
228,170,000
251,231,000
322,177,000
376,143.000
223,257,000
231,567,000
79,230,000
118,453,000
135,412,000
155,929,000
200,195,000
210,872,000
150,757,000
High-grade railroad bonds displayed
eries
the close
at
109%
were
vanced % point to
April
May
JXITIA
July.
August
September
October
November
December
Year
GEOGRAPHICAL
£33,963,149
19,687,120
6,961,500
10,456.037
19,505,122
18.410,698
24,402,925
6,194,413
26.943,859
20,939,125
20,211,176
10,671,858
11,257,125
11,947,382
11,410,692
24,514,648
20,305,459
7,141,184
1,963,697
13,855,183
12,400,174
17,824,624
£217,221,225
£170,906.191
DISTRIBUTION
OF NEW CAPITAL
UNITED KINGDOM BY MONTHS
February
March
...
-
July
£
—
August
194,000
Northern
THE
IN
Total
73,000
268,000
6,961,000
10,456,000
19,505,000
18,411.000
24,403,000
2,939,000
3,537,000
1,770,000
1,528,000
3,763,000
2,069,000
1,572,000
128,000
153,000
78,000
6,194,000
9,546,000
568,000
1,487,000
1,090.000 22,264,000
26,944,000
20,939,000
20,211,000
3,060,000 217,221,000
2,405,000
407,000
2,581,000
17,000
34,000
June
1,467,000
4,792,000
2,097,000
830,000
14,558,000
4,481,000
586,000
27.614,000
10.672,000
678*666
July
1,125,000
53,000
April
1,000,660
396,000
141,000
6,503,000
August
September
1,867,000
i
November
December
11,257,000
11,947,000
11,411,000
24.515,000
20,305,000
7,141,000
1.964,000
13,855,000
12,400,000
17,825.000
20,000
96,000
680,000
"2~,66O
1,015,000
2,273,000
13,141,000
11,372,000
10,667,000
October
Among
13,000
4,885,000
32,000
138,768,000
1,634,000 23,304,000
945,000
In
the
(Based
on
have
been
1952,
moderately
Light &
Utah
1944, Illinois Power & Light 6s, 1933, United
issues,
Certain-teed
points
5%
to
to
amusement
advanced 1
63.
Products
Rubber
bonds
Changes in steel
64%.
and oil bonds have risen
1948,
been
have
2% points to 92%.
Outstanding in the retail
company
a
gain of 7% points
bonds have been small,
fractionally.
Remington Rand 4%s,
group,
5%s,
Warner Bros. Pictures 6s, 1939,
group,
point to 73%.
have been Childs 5s, 1943, with
group
In the miscellaneous
1956, have risen 1% points
92.
to
The foreign
this
and
noticeable
receded
bond market has been comparatively stable
German
week.
higher,
Italian
as
as
a
group
Japanese
strength.
of
degree
slightly,
bonds
and
have been slightly
issues have
French
evinced
government
a
bonds
did the 8s of the Republic of Czecho¬
slovakia.
Moody's computed
are
MOODY'S BOND PRICES
109;
gain of
week, both in high- and medium-grade issues.
risen
have
7,465.000
...
grades
Electric 5s,
&
featured by a rise in Goodrich 6s, 1945, of
7,200,000 170,906,000
6,520,000
Year..
1938—January
Medium
building
33,963,000
751,000
31,000
May
a
1946, recovered in convincing fashion.
have
9,756,000
7,135,000
8,313,000
22,611,000
March
3%s, 1965, at 103% registered
Foreign
Countries
8,043.000
Feburary
week.
the
Improvement has been registered by the industrial bond
1,356,666
24,802,000
1937—January
during
adVanqed
Light & Railways 6s, 1952, and Virginia Public Service 6s,
ISSUES
84,000
190,808,000
...
bonds
Columbia Gas
Traction 5s,
2,014,000
30,000
to
(series H), at 92%
4s, 1946
conv.
utility
105%.
to
strong,
27,000
155,000
3%
up
--------
232,000
18,271,000
16,997,000
-
December..
6s, 2047, were
% point, and New York Telephone 3%s, 1967, advanced %
19,687,000
451,000
Pacific
4% points.
up
point
221,000
22,730,000
November
Brit.
Northern
York Edison
New
964,000
8,018,000
September
October
Year
Other
ranging more
convertible railroad issues also
many
Illinois Bell Telephone 3%s, 1970, advanced % point to
£
33,019,000
18,502,000
6,877,000
8,795,000
17,196,000
15,344,000
20,712,000
4,346,000
1936—January
June
Countries
£
April
May
Ceylon
gains
Baltimore & Ohio 6s, 1995, advanced 3%
Great
market this
India and
at
Medium-grade and
bonds registered
points, and
scored advances.
[Complied by the Midland Bank L mited]
United
recov¬
107%, while Terminal RE. of St. Louis 4s,
speculative railroad
than five
price
Atchison gen. 4s, 1995,
£7,464,872
£27,614,265
Kingdom
week.
1938
1937
9,546,101
the
1953, closed 2% points higher at 105%.
36%;
£182,824,210
March
of
BY MONTHS
£16,592,347
12,620,080
12,386,235
4,108,238
19,727.811
20,610,166
53,909,166
6,682,428
7,719,440
4,706,804
12,543,554
11,217,941
February
better tone during
%; Chicago Union Station 3%s, 1963, ad¬
up
High-grade
January
a
the week,, which has been augmented by broad
moved
1936
slight gain by United States Govern¬
a
ments.
points at 83;
[Compiled by the Midland Bank Limited]
1935
prices has been upward this
High-grade issues have been moderately higher, and
there has also been
£83,478,000
261,647,000
364,234,000
235,670,000
214,377,000
£18.341,000
42,446,000
22,469,000
42,343,000
21,052,000
11,540,000
20,940,000
28,368,000
26,332,000
33,795,000
47,418,000
16,926,000
12,332,000
2,896,000
8,310,000
10,853,000
16,592,000
33,963,000
27,614,000
7,465,000
of bond
week, with improvement most conspicuous in the railroad
group.
Month of
9831
Chronicle
bond prices and bond yield
averages
given in the following tables:
MOODY'S BOND YIELD AVERAGES (REVISED)
(REVISED)
(Based
Average Yields)
on
Individual Closing Prices)
*
120 Domestic Corporate *
All
Govt.
Corporate by Groups *
Domes¬
Bonds
120 Domestic
by Ratings
120
U. S.
1938
Daily
tic
Aaa
Corp.*
Averages
Aa
A
Baa
RR.
P. U.
All
120 Domestic Corporate *
Corporate by Groups *
Domes¬
tic
Indus.
120 Domestic
by Ratings
120
1938
Daily
Averages
30
For-
A
Aa
Aaa
Corp.
Baa
RR.
P. U.
Indus.
eigns
Feb. 11— 110.18
10- 110.08
115.14
106.54
93.69
68.87
77.96
98.62
107.69
Feb. 11-
4.39
3.21
3.64
4.38
6.33
5.51
4.08
3.58
5.82
93.37
114.93
106.36
93.37
68.77
77.48
98.62
4.40
3.22
3.65
4.40
6.34
5.55
4.08
3.58
5.86
92.90
114.30
106.17
93.06
68.47
76.88
98.62
107.69
107.30
10-
9— 110.05
9-
4.43
3.25
3.66
4.42
6.37
5.60
4.08
3.60
8— 110.06
92.90
114.30
106.54
92.90
68.17
107.49
8—
4.43
3.25
3.64
4.43
6.40
5.63
4.08
3.59
92.59
114.09
106.17
92.43
67.87
76.53
75.94
98.62
7- 110.05
98.45
107.30
7-
4.45
3.26
3.66
4.46
6.43
5.68
4.09
3.60
5— 110.15
92.43
114.09
92.28
67.97
75.94
98.45
107.30
5-
4.46
3.26
3.68
4.47
6.42
5.68
4.09
3.60
4- 110.16
92.28
113.89
105.79
105.79
92.28
67.68
75.70
98.45
106.92
4-
4.47
3.27
3.68
4.47
6.45
5.70
4.09
3.62
3- 110.18
92.59
113.89
105.98
93.06
67.77
76.05
98.62
107.11
3-
4.45
3.27
3.67
4.42
6.44
5.67
4.08
92.90
114.51
105.98
93.21
68.37
76.64
98.62
107.69
2-
4.43
3.24
3.67
4.41
6.38
5.62
4.08
3.58
110.24
92.90
114.51
105.79
93.06
68.27
76.17
98,62
107.69
1
4.43
3.24
3.68
4.42
6.39
5.66
4.08
3.58
1
—
Weekly—
*
m
m
mm
105.04
92.59
66.41
73.99
98.62
107.69
Jan. 28—
4.50
3.26
Jl.72
4.45
6.58
5.85
4.08
3.58
5.78
106.73
94.81
69.99
77.84
100.18
109.05
21—
4.34
4.31
6.22
5.52
3.99
3.51
5.76
95.62
72.32
80.84
100.53
109.24
14-
4.25
3.20
3.17
3.63
107.69
3.58
4.26
6.00
5.28
3.97
3.50
5.83
95.62
115.78
107.88
95.46
72.00
81.35
99.83
108.46
7-
4.26
3.18
3.57
4.27
6.03
5.24
4.02
3.54
5.75
95.95
116.00
108.27
95.95]
72.65
82.13
100.53
109.24
4.50
3.27
3.75
4.47
6.68
5.85
4.09
3.61
5.87
91.81
113.89
104.48
92.28
66.41
73.99
98.45
107.11
Hlgh 1938
Low 1938
4.24
3.17
3.55
4.24
5.97
5.18
3.97
3.50
5.75
104,48
114.93
111.03
102.84
91.51
99.66
104.30
110.04
1 Yr. Ago
Feb.11'37
3.75
3.22
3.41
3.84
4.52
4.02
3.76
3.46
5.18
100.88
113.07
108.08
97.78
87.21
94.65
100.63
107.88
2 Yrs.Ago
Feb.11'36
3.95
3.31
3.56
4.13
4.81
4.32
3.97
3.57
6.09
94.33
95.78
7- 109.97
Hlgb 1938 110,60
Low 1938 109.69
2 Yrs.Ago
Feb.11'36 108.39
---
'
116.00
14- 110.15
1 Yr. Ago
Feb.11'37 112.20
m
m
114.09
115.35
91.81
21— 110.52
These
—
Weekly—
Jan. 28— 110.07
*
m
3.61
2- 110.17
mm
5.87
prices are computed from
the basis of one "typical" bond (4% coupon, maturing in 30 years), and do not purport to show either the average
level or the average movement of actual price quotations. They merely serve to Illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
average
BOOK
yields
on
interpretation of present financial events.
REVIEW
developments in
The New York Bond
Abbott.
224
Market, 1920-1930.
Pages.
University Press.
Professor
Abbott
Cambridge,
By Charles C.
Mass.;
Harvard
the
reader
that
many
of
the
of the New York bond market
belong to
a
situation which
passed, and do not, accordingly, bear directly
upon
the
and
"The most recent
policy," however,
"are based
the triumphs and disappointments of the past,"
and
his
inquiry has been made with that fact in view.
The book begins with a general discussion of the nature
$2.50.
warns
generalizations made and conclusions reached in his study
has
upon
theory
and characteristics of the bond market, its specialized func¬
tions due to the nature of
demand
for
bonds,
open
short term
prices, and the supply of bonds, the effect
market operations of the Federal Reserve System,
rates, market
of
bonds, the sources and nature of
factors affecting long and
984
and
Financial
similar general matters.
This is followed by a general
survey of market movements from 1920 to 1930, and particu¬
lar studies of the financial situation and the behavior
of
the
bond
and
market
1928-30.
in
For
1919, 1920-1922, 1922-24,
the
statistical
1925-26, 1927
material used,
special
knowledgment is made of the record of bond issues
piled and regularly published by the "Chronicle."
ac¬
com¬
was
country,
"the
fluctuations, the transactions and the behavior
were integral parts of the
movement,"
of the bond market
and
of
"the
that
bond
new
long upward sweep in the annual volumes
that began in 1920 and
continued, in
issues
spite of interruptions, till 1927 was instigated in the begin¬
ning by the needs for capital equipment, particularly in the
construction
A
large,
field, which had accumulated during the war."
even a major, part of the financing of the
decade was done by business corporations. Not
of the increase in
the volume
of bond
issues meant
an
increase in
debt, since there was much refunding. Business,
however, "influenced among other factors by the cheapness
and abundance of long term funds, turned more and more
in this period to the security markets for its
capital re-
STATE
THE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Feb. 11, 1938.
The
developments
the
the
to
encouragement
of
past
business
week
world.
afforded
little
Business
mercial
tunes
further decline
a
to
week and 96.3 for the
setback
in
this
automotive
operations.
showed
and
of
week
69.5,
Petroleum
against
the
wage
and the
Steel
steel
effect.
from
a
The
the
managements,
on
between
Workers
wage
in
car
loadings
Continuation
United
the
most
price
the whole,
steel
States
Steel
Organizing Committee
which
and
in
stills and electric output also
moderate upturn
prices apparently
conclusion
steel
The
curtailment
drop of 2.2 points
a
runs to
agreement
cutting of
the
and
further
to
fractional gain for lumber production.
a
Corp.
activity
losses
corresponding week of 1937.
attributed
was
see
had
draw
commentators
announcements
no
and
wholesome
no
was
change in the
that
uncer¬
tainty of outlook for the industry and business generally.
Failure of
the
thirties and
steel
new
production rate to rise from the low
declines in scrap steel prices are indicators
that the period of
hesitancy in business is not
over,
"Iron
Age"
points out in its current summary of the industry.
It remarks that steel consumers for the most
part continue
operate on recent low production schedules.
On wage
matters, "Iron Age" says that companies following United
States Steel Corp.'s lead a year ago in
making signed agree¬
covering wages and other conditions of work are
expecting to do likewise this year, with some of the larger
independent producers continuing to stand firm against such
agreements.
"Automobile manufacturers report improved
sales, particularly in used cars, providing basis for the hope
that the used car jam will be broken and that
assembly
schedules requiring increased amounts of steel are not far
off," the review continues.
"A slash of $100 by Packard
all
six-cylinder models
has
aroused speculation as to
prices generally, but reports
from Detroit indicate no
unanimity of opinion for wide¬
spread reductions."
Production of electricity in the United
States for the week ended Feb. 5 totaled
2,082,447,000 kilo¬
watt hours, a loss of 5.4% under the
corresponding week
of
automobile
of
last year, according to the Edison Electric
Institute.
Output for the week was 16,521,000 kilowatt hours below
the total of 2,098,968,000 in the
previous week and 118,610,000 under the total of 2,201,457,000 in the corresponding
week last year.
Progress of retail distribution this week
was
handicapped
by
spreading
loans,
changing the character of com¬
involving the public with the for¬
business," straining the mechanism for the
it had hitherto
been," and placing "great quantities of funds
a relatively small number of business men"
and enabling them "to extend their operations
greatly, both
in the hands of
in
the acquisition
the
creation
There
are
months
for
of
17
the
of existing plant and
equipment and in
productive capacity."
charts showing bond yields, trading
by
period covered, number and volume of
new
bond issues, short term interest
rates, classified bond issues,
growth
cial
of corporate
market
or
data.
bond issues, and other related finan¬
The statistical
and amplified in 17 appendices.
the Harvard Economic Studies.
average gain of
2%
states.
continued
six deaths in the terrific winds which struck 300
miles of the central California coast and
swept inland 200
Another
was
outstanding feature of the week's develop¬
situation in upper New York State, where
was considerable.
The ice-jammed Mohawk
the
flood
damage
River, swollen by recent rains and thawing temperatures,
poured over its banks, flooding farm lands and cities for
miles along its turbulent course and
leaving the city of
Amsterdam, N. Y., without gas service.
Swollen streams
that flooded highways, homes and
many thousands of acres
in North Central States and western
Ontario, receded as
unseasonable rains ceased and falling
temperatures checked
melting of ice and snow.
In the New York City area
the week's weather was somewhat
the
mixed, with some days
stormy with unseasonably high
temperatures.
Today it was cloudy and cold here, with
temperatures ranging from 18 to 29 degrees. The forecast
was for freezing
rain, possibly mixed with snow, late to¬
night.
Snow, changing to rain, Saturday.
Overnight at
cold and
clear and
others
Boston
it was 10 to 42
degrees; Baltimore, 28 to 56; Pitts¬
burgh, 28 to 40; Portland, Me., 6 to 34; Chicago, 30 to 34;
Cincinnati, 32 to 42; Cleveland, 24 to 32; Detroit, 24 to 28;
Charleston, 62 to 76; Milwaukee, 28 to 30; Savannah, 56
to 78; Dallas, 60 to
72; Kansas City, 38 to 44; Springfield,
Mo., 58 to 70; Oklahoma City, 56 to 70; Salt Lake City, 46
to 54; Seattle, 40 to
52; Montreal, 6 below to 18 above, and
Winnipeg, 16 to 20.
♦
Revenue
Freight
Car
Loadings
Rise
11,564
Cars
in
Weeks Ended Feb. 5, 1938
Loadings of revenue freight for the week ended Feb. 5,
1938, totaled 564,740 cars. This is a gain of 11,564 cars
or
2.1% from the preceding week; a decrease of 106,487 cars,
or
16.3%, from the total for the like week a year ago, and
a
drop of 56,946 cars or 10.1 % from the total loadings for the
corresponding week two years ago. For the week ended
Jan. 29, 1938,
loadings were 15.3% below those for the like
week of 1937, and
11% below those for the corresponding
week of 1936.
Loadings for the week ended Jan. 22, 1938
showed a loss of
14.3% when compared with 1937 and a drop
of 2.5% when
comparison is made with the same week of 1936.
The first 18 major railroads to
report for the week ended
Feb. 5,1938, loaded a total of
263,301 cars of reyenue freight
on their own
lines, compared with 257,796 cars in the pre¬
ceding week and 323,423 cars in the seven days ended Feb. 6,
1937.
A
comparative table follows:
REVENUE FREIGHT LOADED AND RECEIVED
FROM CONNECTIONS
(Number of Cars)
Loaded,
3% under the comparative 1937 week.
In the wholesale
division more spring market events
widened buying activity,
even though the 1937
volume was not approached, the Dun
report said.
Car loadings of revenue freight last week
totaled 564,740
cars, a gain of 11,564 cars, or 2.1% over
the previous week, and a decrease
of 106,487 cars, or 15.9%
under the comparative
period of 1937, it was reported today
by the Association of American Railroads.
An outstanding
feature of the week's weather was
Rivers swollen by 15 consecutive
a
storm
days
of
in
rain
California.
and
snow
or neared the
danger level in the Sacramento Val¬
ley, while central California counted six dead and
surveyed
on
Own Lines
Weeks Ended—
to 8% over the previous week's sales,
Over the expanding bulge in February
to
are
unemployment,
last year, gains either shrank or
vanished entirely, leaving
the range of the estimated
volume of retail sales at even
reached
exhibits
The book forms Vol. 59 of
widespread property damage resulting from winds of hurri¬
cane force.
Falling trees and collapsing buildings accounted
payroll
shrinkage and absence of seasonable weather, according to
Dun &
Bradstreet, Inc.
Retail trade volume showed an
the review
banking
bond—and
as
assets,
"big
ments
maintenance
the
upon
Professor Abbott
to
on
less
for the
of
which compares with a revised figure of 70.6 for the
previ¬
ous
and
absorption of new securities, making the cost structure of
industry "more rigid and more resistant to adjustment than
ments
showing
bank
bank
of
miles.
index
less
sees this change
in financial and investment
policy tending to become cumu¬
lative, the growth of indebtedness leading business financ¬
ing to rely more upon the security markets and less upon
activity
business
relied
stock—issues increased."
continues in its downward trend, the "Journal of Commerce"
weekly
12, 1938
and
structure, so that commercial loans declined
and
post-war
all
quirements,
commercial
Professor Abbott concludes that the period of the 20's
one of
"very great capital accumulation" in this
that
Chronicle
Feb. 5
Jan. 29
Feb. 0
Received from Connections
Weeks Ended—
Feb. 5
Jan. 29
1938
Atchison Topeka'A Santa Fe
Ry.
Baltimore A Ohio RR
Chesapeake A Ohio Ry
Chicago Burlington A Qulncy RR.
Chicago Mil. St. Paul A Pac. Ry.
Chicago A North Western Ry
Gulf
Coast
Lines
1938
1937
17,864
18,755
19,438
4,852
23,493
22,474
20,376
19,800
13,834
17,129
13,836
31,482
21,276
16,638
16,151
19,505
11,961
15,023
9,491
8,378
1,570
2,338
12,939
3,297
International Great Northern RR
1,997
Mlssourt-Kansas-Texas
3,966
RR
Missouri Pacific RR
New York Central Lines...
New York Chicago A St. Louis
13,630
..
Ry
Pennsylvania RR
...
Southern Pacific Lines.........
Wabash Ry..
.....
Total
...
Feb. 0
1938
1937
13,301
4,029
12,626
16,607
0,571
6,244
8,733
7,195
6.319
6,870
6,318
3,531
1,702
3,116
2,183
2,638
3,684
13,317
4,127
2,707
16.791
30,107
42,320
1,721
6,685
8,716
7,827
10,383
1,760
2,284
2,857
8,527
2,543
8.411
11,204
33,606
8,935
32,127
8,437
43,706
11,777
5,249
44,182
16,150
49,739
3,783
15,308
19,444
3,669
48,327
66,440
29,601
3,594
30,675
4,177
Norfolk A Western Ry.........
Pere Marquette Ry
Pittsburgh A Lake Erie RR
30,430
3.857
1938
4,029
4,908
4,676
4,223
3,797
7,578
10,323
7,650
9,486
4,850
3,096
3,349
8,118
3,674
22,479
4,849
22,965
23,251
7,540
6,513
7,953
4,717
263,301 257,796
323,423l163,327
5,171
8,199
157,356 215,149
grain products loading for the week of Jan. 29,
CONNECTIONS
LOADINGS AND RECEIPTS FROM
TOTAL
985
Chronicle
Financial
146
Volume
crease
(Number of Cars)
above the corresponding week
Live stock loading
Weeks Ended
Jan.
Feb. 5, 1938
29,1938
Feb. 6,
St. Louis-San
21,553
29,096
12,167
11,948
System
Francisco Ry
Total
69,202
28,669
in 1937.
Forest
186 cars below the pre¬
Coke loading amounted to
corresponding Week in 1937.
All districts, except the Pocahontas and Southern, reported decreases
compared with the corresponding week in 1937.
All districts, however,
reported decreases compared with the corresponding week in 1930.
of
freight for the week of Jan. 29 was a decrease
the
6,083 cars, a decrease of 642 cars below
preceding week, and 5,610 cars below the
-
Loading of revenue
corresponding week in 1937.
ceding week, and 3,727 cars below the
freight for the week ended Jan. 29 totaled 553,176
This was a decrease of 99,846 cars, or 15 3% below the corresponding
in 1937 and a decrease of 309,170 cars, or 35.9% below the same week
inJ1930.
I*
corresponding week in
amounted to 6,973 cars, a decrease of
Ore loading
Loading of revenue
week
24,759 cars, a decrease of 2,483 cars
and 6,116 cars below the
1937.
reviewing the
of American Railroads in
week ended Jan. 29 reported as follows:
cars.
products loading totaled
below the preceding week,
The Association
correspond¬
of live stock for
the week of Jan. 29, totaled 9,845 cars, a decrease of 1,967 cars below the
preceding week, but an increase of 465 cars above the corresponding week
16,546
62,597
22,761
Island A Pacific Ry.
Illinois Central
of 2,683 cars
but an increase of 469 cars above the
In the Western districts alone, loading
ing week in 1937.
23,987
29,461
64,389
Chicago Rock
in 1937.
amounted to 12,890 cars, a decrease
below the preceding week,
1937
totaled 19,204 cars, a de¬
preceding week, but an increase of 204 cars
of 3,494 cars below the
|below the preceding week.
m, Miscellaneous freight loading totaled 199,336 cars, a decrease of 7,494
cars below the preceding week, and a decrease of 65,301 cars below the
corresponding week in 1937.
Loading of merchandise less than carload lot freight totaled 142,180 cars,
a decrease of 3,367 cars below the preceding week, and 10,991 cars below
the corresponding week in 1937.
Coal loading]amounted to 129,344 cars, an increase of 4,238 cars above
preceding week, but a decrease of 10,574 cars below the corresponding week
17,157 cars, or 3%
products loading totaled 31,611 cars, a
Grain "and grain
Week of Jan. 15
696,035
570,333
553,176
665,346
862,461
847,155
653,022
862,346
2,256,423
2,714,449
3,347,717
Total
In the
following we undertake to show also the
for separate roads and systems for the week ended
1938.
During this period only 27 roads showed
decrease of 4,540
above the
grain and
when
Total Revenue
from Connections
Total Loads Received
from Connections
Freight Loaded
Railroads
1937
1938
1936
1937
1938
1937
1938
1936
1937
1938
ENDED JAN. 29
Total Revenue
Total Loads Received
Freight Loaded
loadings
Jan. 29,
increases
compared with the same week last year:
FROM CONNECTIONS (NUMBER OF CARS)—WEEK
FREIGHT LOADED AND RECEIVED
Railroads
'580,600
Week of Jan. 29
carslbelow the preceding week, but an increase of 2,004 cars
corresponding week in 1937.
In the Western districts alone,
REVENUE
775,755
700,046
552,314
Week of Jan. 22
in 1937.
^
1930
1937
1938
8
Week of Jan.
Southern District— (Concl.)
Eastern District—
531
Ann Arbor
Bangor &
511
596
889
1,153
2,227
6,802
1,399
2,201
8,624
1,436
2,538
7.748
1,346
251
257
27
30
1,208
4,623
9,593
1,455
4,922
9,282
234
—
Aroostook..
16
39
62
922
6,325
10,977
1,446
6,630
5,313
2,076
7,454
6,686
338
197
103
104
1,990
3,061
2,716
286
371
1,277
2,803
10,255
3,203
12,413
3,526
12,733
3,839
11,286
126
157
150
5,873
1,574
1,388
1,377
9,057
3,390
5.991
2,011
950
3,157
14,081
6,597
1,869
1,428
8,520
2,810
172
223
18
30
—
Delaware A Hudson
Delaware Lackawanna
A West.
Detroit & Mackinac
...
Detroit Toledo A Ironton
Detroit A Toledo
Shore Line.—
Erle
—-
Grand Trunk Western..
River
Lehigh A New England
Lehigh A Hudson
Lehigh Valley
Maine Central
Monongabela
2,627
1,760
Central System
Hartford
New York Ontario & Western.
N. Y. Chicago & St. Louis
Pittsburgh & Lake Erie
N. Y. N. H. &
Pere Marquette
30,108
8,153
1,674
3,783
3,358
4,029
'
367
2,267
40,835
11,016
1,990
4,753
340
Pittsburgh & Shawmut...
Pittsburgh Shawmut A North..
8,754
3,208
4,699
2,244
38,848
10,410
1,880
4,028
5,783
5,199
524
2,810
-—
Montour
New York
7,271
4,841
8,963
—
....
6,495
32,127
9,889
1,405
8,437
3,788
4,223
35,046
12,301
1,643
8,573
7,591
3,922
21
23
342
179
268
1,133
579
501
816
4,717
2,450
5,624
4,163
5,239
7,650
3,046
2,309
1,479
1,070
9,109
3,112
120,269
153,859
148,235
130,873
152,334
303
494
437
591
862
22,474
29,876
3,389
27,209
1,601
12,525
13,278
2,413
Ohio..
—
Bessemer A Lake Erie
Buffalo Creek A Gauley
Cambria A Indiana
Central RR. of New Jersey
A
316
711
141
181
147
586
80S
90,888
86,128
89,032
57,726
62,457
Chicago A North Western
11,961
2,462
16,151
3,745
15,558
2,320
19,358
4,647
14,552
2,047
19,571
8,378
2,243
6,318
2,628
11,066
Chicago Great Western
778
1,100
Southbound.
—
Northwestern District—
Chicago Milw. St. P. A Pacific
Chicago St. P. Minn. A Omaha.
Duluth Mlssabe A I. R
193
400
1,359
5,807
1,566
5,968
933
315
6
4
1,387
6,422
12
12
.
Great Northern
Green Bay A Western
Fe System.
Bingham A Garfield
Chicago Burlington AfQuIncy..
63
Northern
Maryland
229
210
16
30
656
706
2,503
88
0
3,896
3,185
4,770
6,675
122,819
77,898
102,905
19,800
15,308
3,894
12,548
22,122
12,536
3,543
19,734
3,394
813
587
39,002
28,627
45,250
10,651
9,727
162
212
156
172
127
625
764
677
1,164
1,151
781
742
Pocahontas District—
Chesapeake A Ohio
Norfolk A Western
—
Total.
Southern District—
Northern
Atl. A W. P.—W. RR of Ala..
Atlanta Birmingham A Coast-
Alabama Tennessee A
503
658
8,302
3,444
9,441
7,853
3,510
4,651
2,338
4,550
4,182
371
367
294
1,013
872
1,009
Coast Line
Central of Georgia.
1,318
1,108
1,674
1,340
365
205
284
307
Carolina
Clinch field
304
Columbus A Greenville
2,429
162
148
138
264
207
1,025
1,208
803
818
851
39
42
36
75
71
635
Durham A Southern
Florida East Coast
—
Louisville A Nashville—...—
Southern Pacific
Toledo
4,629
2,044
7,090
3,679
279
74
116
13,838
1,785
17,429
15,343
1,942
6,319
7,801
794
968
9,478
3,336
7,592
1,910
1,043
2,195
10,529
2,381
1,510
2,679
74
108
795
284
423
43
42
33
0
80
17,803
17,557
15,503
277
396
330
4,324
1,058
5,513
6,790
1,124
8,129
Fort Smith A Western—
International-Great Northern.
Kansas Oklahoma A Gulf
Southern..
Louisiana A Arkansas.—
Louisiana Arkansas A Texas.
Litchfield A Madison
Kansas
City
896
7
962
1,301
2,084
990
1,061
1,471
245
298
"
Missouri A Arkansas
Missouri-Kansas-Texas Lines
Missouri Pacific
Quanah Acme A
14,005
1,150
12,352
733
9
11
1,171
1,253
1,517
2,137
105,451
90,707
41,922
58,289
118
182
141
451
289
253
273
235
269
212
3,531
1,702
3,498
2,281
2,462
1,786
1,570
194
200
142
859
1,934
2,023
1,404
1,621
1,824
1,268
1,744
1,014
1,735
2,380
1,070
2,108
1,035
2,338
129
159
113
387
446
233
396
438
728
740
566
873
787
162
145
Midland Valley
92
55
201
223
3,684
13,360
4,176
16,079
4,417
14,751
2,545
8,411
2,868
246
11,350
100
19,848
20,778
8,977
4,469
13,146
2,818
161
122
368
404
Southern...
Wether ford M. W. A N. W__
Wichita Falls A
Total
63
90
83
8.362
2.363
6,955
4,620
7,308
4,007
2,060
3,852
2,254
2,956
3,914
7,512
2,793
2,610
4,454
176
260
191
101
65
20
23
42
31
33
47,079
Texas A New Orleans
Texas A Pacific
90
6,664
2,388
6,621
3,867
Pacific
Francisco
Louis Southwestern
St. Louis-San
St.
505
91,730
District—
Burling ton-Rock Island
789
Moody's Commodity
16,785
2,614
332
1,726
Southwestern
431
251
20,717
3,138
433
613
Total
1,490
336
18,755
2,483
334
430
109
44,174
1,320
1,145
214
34,337
12,699
1,403
revised.
75,677
1,350
Peoria A Western
268
152
Note—Previous year's figures
79,692
466
Utah
1,384
Dublin A Savannah
Mississippi Central
1,480
1,517
(Pacific)
385
Macon
316
1,028
...
Peoria A Pekln Union
1,688
18,979
11,628
781
143
1,187
484
Northern—.........
154
Illinois Central System
54,526
47,417
34,032
42,252
5,339
* Previous figures.
Index Declines Moderately
Staple Commodity Prices declined
closing at 148.2 on Friday, as com¬
pared with 148.9 a week ago.
Silk, rubber and cotton advanced. Cocoa, hides, wheat,
corn, lead, wool, coffee and sugar declined.
There were no
net changes for hogs, silver, steel scrap, and copper.
Nevada
294
747
3,500
121
1,295
1,653
.......
1,415
20,663
18,904
Georgia
Georgia A Florida—
Gulf Mobile A Northern
Moody's Index of
moderately this week,
Terminal
Gulf Coast Lines
610
2,528
51
979
City....
Western Pacific
3,815
5,325
1,945
3,299
Union Pacific System
6,244
3,594
71
5,242
9,069
1,706
2,304
4,154
1,244
1,034
2,362
18,307
3,522
144,739
10
1,540
1,292
North Western Pacific
2,754
240
1,408
2,400
Fort Worth A Denver
Illinois
629
392
1,534
5,735
8,807
964
Missouri-Illinois
101,999
2,846
513
999
1,333
41,932
0
2,221
611
767
Denver A Salt Lake
84
West Virginia
9,079
583
Western.
Denver A Rio Grande
24
58
Co
Union (Pittsburgh)
Reading
157
9,141
357
11,947
55
917
164
.10,271
2,732
Chicago A Eastern Illinois
Colorado A Southern
28
56,733
14,359
8,841
225
2,137
11,656
3,481
Chicago A Illinois Midland
Chicago Rock Island A Pacific
9,666
1,096
65,400
14,847
15,608
274
62,209
54
772
337
Central Western District—
355
48,327
11,184
6,638
Pennsylvania System..
358
5,641
94
...
Total
484
Penn-Readlng Seashore Lines..
197
4,356
4,204
Spokane Portland A Seattle...
316
2,298
1,260
30,675
13,837
1,226
713
5,428
7,328
166
Ligonler Valley
Long Island
797
8,100
128
Pacific
Spokane International
914
•
146
252
3,742
1,246
A Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
Lake Superior
185
348
Cumberland A Pennsylvania—
125
727
3,145
7,672
3,137
463
Elgin Joliet A Eastern
Ft. Dodge Dee Moines A South.
Northern
4,676
8,339
Duluth South Shore A Atlantic
Atch. Top. A Santa
947
Cornwall
Galnsville Midland..
676
6,721
17,751
403
Alton
Charleston A Western
3,934
13,629
885
8,586
18,053
Total
1,505
1,223
Alleghany District—
Akron Canton A Youngstown
Atlantic
929
5,615
426
Winston-Salem
415
Wheeling A Lake Erie
Virginian...
771
297
8,271
Southern System
Tennessee Central
478
Total.
421
17,625
Seaboard Air Line.....
1,524
Wabash
Western
479
438
4,106
3,983
12,623
Richmond Fred. A Potomac
348
Rutland...
Baltimore
942
367
Piedmont A Northern
852
Pittsburgh A West Virginia
Total.
1,599
2,043
803
1,193
163
Central Indiana
Central Vermont
1,616
2,426
2,254
2,309
931
Norfolk Southern
10,453
1,698
A Loulsv.
1,586
2,519
1,468
2,920
1,059
289
Nashville Chattanooga A St. L.
9,097
1,521
Boston & Maine
Chicago Indianapolis
Mobile A Ohio
The movement
parisons, is as
Feb. 4
Feb. 5
Feb. 7
Tues.,
Feb. 8
Wed.,
Feb. 9
Thurs., Feb. 10
Fri.,
Feb. 11
of the index during the week, with com¬
follows:
148.9
149.2
148.8
148.9
Fri.,
Sat.,
Mon.,
-
149.4
148.6
148.2
2 weeks ago, Jan. 28
Month ago, Jan. 11
Year ago,
Feb. 11
1937 High—April 5
Low—Nov. 24
1938 High—Jan. 10
Low—Jan. 3
149.8
148.2
206.3
228.1
...144.6
152.9
148.3
986
Financial
Chronicle
Fifth Consecutive Weekly Decline Noted in "Annalist"
Index
of
Wholesale
Commodity Prices
products,
Feb.
9
consecutive
week
prices
was
prices
have
declined.
The
On
of
weekly index of wholesale commodity
as with 83.2 in the preceding week
a year ago,
according to the
below
an¬
was
In December, 1934, the index
78.5.
Futures markets were featured by a sharp rally in cotton, prompted by
In active trading cotton pierced the old highs
September.
In sharp contrast, wool
tops broke to the lowest level since the middle of 1935.
Sugar options
the
touched
and
also
were
under
be t
fire,
price since
with the "World" options
breaking
new
were
to
"ANNALIST"
WEEKLY
INDEX
PRICES
WHOLESALE
COMMODITY
Feb. 9,
Farm products
Tuesday,
Feb. 9, 1937
78.8
79.3
-
—
Fuels
73.2
the
Wholesale market
index
to 'the
82.0
"191.6
91.1
com¬
declined 0.4%
below
for
were
during the week.
Industrial
a year ago.
Compared with both
.
contained in
were
prices of farm products registered
rose
higher for calves, hogs,
reported for
an
an¬
0.9%
ewes,
0.1%
a
corn,
oats,
advance.
Grains declined 2.1%
.
live poultry,
barley, rye,
hops, flaxseed, timothy seed,
oranges,
Lower
wheat, cows, steers, cotton,
prices
lemons,
eggs,
timothy hay, white potatoes at Boston, New York, Portland, Oregon and
wool.
This week's farm products index—70.9—is
2.5% below the level of
month ago and 21.7% below a year ago.
Average wholesale prices of cattle feed declined 8.4%
and crude rubber dropped
-
automobile tires
103.2
68.3
88.9
86.8
in August
t73.0
74.0
and raw
83.2
92.5
5.7%.
No changes
during the week
reported in prices of
were
tubes and paper and pulp.
and
98.1
t68.3
*82.9
Textile product prices fell 0.6%
to the lowest level reached since early
Woolen and worsted goods decreased 2.7% ; cotton goods
silk, 0.4%
Burlap and raw jute advanced.
Clothing and knit
1933.
.
goods remained unchanged from last week's level.
Continued decreases in prices of hides, skins and leather together with
f Revised.
products
index to drop 0.4%
group
.
The fuel and lighting materials group index decreased
0.3%
Wholesale Commodity Price
Average Further Declined
During Week Ended Feb. 5 Reaching New Low
Point in Current Recession According to National
Fertilizer Association
trend
of
the
two
preceding
of weakening
during the week ended
Feb. 5 dropped to a new low point in the current recession.
Last week the index (based on the 1926-28 average of
100%)
registered 76.8% as against 77.0% in the previous week.
it stood at 77.9% and a year ago at 85.9%.
Currently the index is at the lowest point reached since
June, 1936, and is 14% below the 1937 peak.
The announce¬
ment by the Association, under date of Feb. 7, went on to
A month ago
say:
prices for
anthracite,
gasoline
and
result
as a
kerosene.
Bituminous
coal advanced fractionally and coke remained unchanged.
Largely influenced by lower prices for fats and oils, the chemicals and
group index declined 0.3%
during the week.
Fertilizer material
drugs
prices averaged higher and mixed fertilizers and drugs and pharmaceuticals
remained steady.
Declining prices
weeks, the wholesale commodity price index compiled by
the National Fertilizer Association
copper and brass
of
nonferrous
metals,
including
cultural
electrolytic
copper,
manufactures, solder and pig tin caused the metals and
metal products group index to decrease 0.2%
implements,
iron
and
The indexes for the agri¬
vehicles and plumbing and
steel, motor
heating subgroups did not change.
The building materials group index also
dropped 0.2%
during the week.
Lower prices for oak, Ponderosa pine and poplar lumber
together with a
sharp drop in prices of turpentine
of chinawood
oil
and
rosin
were
were
responsible for the decline.
higher.
No
changes
Prices
reported in
were
prices for brick and tile, cement, and structural steel.
Lower prices for furnishings such as blankets, sheets and
pillow cases,
contributed to the decline of 0.2%
Seven of the principal group indexes declined during the week and
advanced.
none
In every case, however, the downward movement was slight.
in the housefurnishing goods group index.
Average wholesale prices of furniture remained steady.
Decreases of 0.6% in cereal products and 0 2% in meats largely accounted
Foodstuff price changes were mixed, with advances about offsetting declines;
for the decrease of 0.1%
the net result was
lower
a
small drop in the group index, taking it to the lowest
point reached since 1934.
The index of farm product prices remained
changed at the lowest level recorded by it in
tional
more than three years.
un¬
Frac¬
declines were
registeredfby the indexes representing the prices of
fuels, textiles, metals, building materials, fertilizer^materials and miscel¬
Twenty-seven price series Included in the index declined during the week
and 20 advanced; in the
preceding week there
were
39 declines and 12 ad¬
vances; in the second preceding week there were 36 declines and 20 advances.
WEEKLY
cocoa
raw
for
in the wholesale foods group
flour,
corn
meal,
Quotations
sugar, cocoanut
WHOLESALE
COMMODITY PRICE INDEX
Per Cent
Latest
Each Croup
Preced'g
Week
Bears to the
oil, and cottonseed oil.
Total Index
1938
Jan.
Year
Ago
29,
Jan.
pepper
and
corn
oil.
The current food index—74.5—is 3.0%
Cottonseed oil
1938
74.0
76.6
The
index of the Bureau of Labor Statistics includes 784 price series
weighted according to their relative importance in the country's markets
62.2
groups
of
com¬
1937, Feb. 8, 1936, Feb. 9,
1935 and Feb. 10, 1934.
(1926=100)
89.6
Feb.
Commodity
71.2
71.2
69.0
106.5
67.2
69.4
47.7
72.7
72.7
73.3
107.9
5,
Jan.
Jan.
Jan.
Jan.
Feb.
Feb.
Feb.
Feb.
29,
22,
1938
1938
1938
1938
1938
1937
All commodities
80.1
80.3
80.8
81.0
80.8
85.4
80.4
79.1
73.3
Farm products
70.9
70.8
71.8
73.4
72.7
90.5
79.4
78.1
61.4
76.8
groups
15,
8,
6,
8,
9,
1936
1935
84.9
47.5
72.0
Grains
the average for.the year 1926 as 100.
1937
67.2*
Cotton
on
following table shows index numbers for the main
85.2
62.8
.
47.8
Farm products
below the
below that of
last year.
Aqo
1938
73.8*
Fats and oils
starch,
Feb. 6,
8,
62.7
Foods
corn
Higher prices were reported
modities for the past five weeks and for Feb. 6,
Month
Week
Feb. 5,
Croup
were
lemons, fresh beef and pork,
salt mackerel, glucose, lard, oleomargarine,
for butter, rye flour, rice, dried apricots and
peaches, mutton, ham, veal,
The
23.0
wheat
copra,
and is based
Compiled by The National Fertilizer Association (1926-1928=100)
25.3
cheese,
beans,
level for the corresponding week of last month and
14.1%
laneous commodities.
Foods
74.5
74.6
76.1
76.8
10,
1934
86.7
82.9
82.3
66.8
79.5
17.3
Fuels
Hides and leather products
95.9
96.3
97.1
97.4
84.5
97.9 103.1
84.6
97.1
86.6
84.6
90.5
84.8
10.8
Miscellaneous commodities..
68.9
69.0
69.3
69.2
81.3
70.7
69.5
80.8
76.4
84.7
Textile products
Fuel and lighting materials._
Metals and metal products..
68.5
80.0
78.8
79.0
79.1
78.8
78.8
77.2
74.3
73.9
96.1
96.3
96.5
96.5
96.1
90.4
86.0
85.2
85.0
Building materials
91.6
91.8
92.0
92.1
92.3
92.1
85.2
84.7
86.3
Livestock.
8.2
69.8
69.5
72.9
Textiles.
61.4*
61.6
62.1
80.3
7.1
Metals
97.2
97.5
98.2
95.7
6.1
Building materials
77.0
77.2
81.6*
81.8
83.3
89.4
1.3
Chemicals and drugs
Chemicals and drugs
79.0
79.2
79.5
79.5
79.2
87.2
95.3
95.3
95.3
80.2
80.4
75.1
95.3
0.3
Fertilizer materials
Housefurnishing goods
90.5
90.7
90.7
90.8
72.4
90.8
87.2
72.5
82.8
82.3
72.4
71.0
81.9
Miscellaneous
74.7
75.2
75.1
75.0
74.5
75.8
67.9
70.1
68.5
.
.
0.3
Fertilizers
79.8
79.8
79.8
75.8
0.3
Raw materials
Farm machinery
74.0
74.1
75.3
87.4
97.9
97.9
96.5
92.7
Semi-manufactured articles..
76.5
77.0
77.5
77.6
77.0
84.9
74.7
*
*
Finished
83.8
84.1
84.5
84.4
84.3
84.8
82.4
*
*
100.0
•
a
minor decline in prices of shoes and harness caused the hides and leather
Continuing tfre downward
All groups combined
76.8*
77.0
77.9
85.9
1937-1938 low point.
All
products.
commodities
other
other
*
Prices
Ended
75.9
78.6
*
than
82.1
commodities
farm products and foods
Commodity
74.7
than
farm products
All
United States Department of Labor Index of Wholesale
82.4
82.8
82.8
82.6
84.2
80.7
79.3
75.8
83.2
83.5
83.7
83.6
83.5
83.5
79.1
77.8
78.7
Not computed.
5
Feb.
Declined
0.2%
During
Week
Domestic
During the first week of February, the wholesale com¬
modity price index of the Bureau of Labor Statistics of the
U. S. Department of Labor fell
0.2%.
Commissioner Lubin
announced
on
Feb. 10.
except farm
"Each of the 10 commodity
groups
averaged lower," Mr. Lubin said.
products
brought the all-commodity index to 80.1%
average, the lowest point reached since midJuly, 1936."
He continued:
"The
of the
decline
1926
Measured
by the
general index commodity prices at wholesale have
since the first of January.
They are 0.9% below the corre¬
sponding week of last month and 7.0% below a year ago.
declined 1.1%
The group decreases in all instances
commodities
dropped
0.7%;
textile
were
less than 1%
products,
0.6%;
.
Miscellaneous
hides
and
leather
.
"all
by the index for "all commodities other
apples in the New York market,
*73.0
Preliminary,
according
month ago and 2.5%
as measured
Average prices of livestock and poultry
88.9
All commodities
a
below their levels
semi-manufactured
ago,
by the Department of Labor, from which
following is also taken:
68.3
Miscellaneous
prices,
Commissioner Lubin's remarks
130.0
Metals
Building materials
Chemicals...
year
nouncement issued
84.4
t59.5
and 15.3%
a
103.4
72.3
*59.5
91.6
Food products
Textile products
*
Wednesday,
because
silk and crude
ago
dried beans, sweet potatoes and white potatoes at Chicago.
Feb. 2, 1938
1938
a
products and foods," decreased 0.4%
four weeks ago and last year they are 0.4% lower.
were
Wednesday,
below
0.6%
are
Quotations
OF
(1926=100)
Both groups are 0.6%
.
farm
than
lows
Rubber, coffee and hides
since the establishment of that contract.
also easier, but cottonseed oil moved higher.
THE
They
month
a
and finished product prices are down 1.2%
commodity
commodity prices,
bill.
passage of the farm
0.4%
Compared with
ago.
commodities other than farm products,"
established
largely
0.1%
copra, raw
below
Semi-manufactured commodity prices decreased 0.6%
year ago.
Non-agricultural
of the 1936 lows, and if prices drop much further they will touch the levels
was
a
month
a
modity prices are down 9.9%
In 1936 the low
decreased
prices
The group index—74.0—is 1.7%
and finished products fell
It is noteworthy that commodi y prices are now within striking distance
on^ay 12, when the index touched 79.6.
of
weakening prices for most grains, cattle, cotton,
of
nouncement, which went on to say:
prevailing in the closing months of 1934.
.
Index
rubber.
82.9, compared
(ended Feb. 2), and 92.5
materials
during the week.
Feb. 10 that for the fifth
on
commodity
Feb. 9 the "Annalist"
raw
goods, 0.2%
The "Annalist" announced
1938
12,
and
lighting materials and chemicals and drugs!
0.3%; metals and metal products, building materials and housefurnishing
and foods, 0.1%
The farm products group advanced 0.1%
During
Week Ended
Feb.
fuel
0.4%;
Commodity
Stocks
Decrease
Slightly
in
December
The
Survey of Current Business of the United States
Department of Commerce reported the combined index pf
commodity stocks in December slightly lower at 161.6 than
the
preceding month when it
was
162.0.
The
decrease
although small is notable in that it is the first monthly
decrease since June, 1937 when the index was 99.
In each
subsequent month to and including November, the index
increased sharply.
In the two subdivisions of the index
manufactured goods dropped to 113.7 from 114.4 while raw
materials fell off from
196.4
to
196.2
/
Volume
To
Financial
146
987
Chronicle
ANNUAL PRODUCTION OF ELECTRICITY
provide basis for comparison we are showing in the
indexes since January, 1936:
UNITED
table below the monthly
FOR PUBLIC USE IN THE
STATES 1936 AND 1937
(In Millions of Kilowatt-hours)
1923-25=100
Total
Domestic Stocks,
of
Manufactured Goods
1936
1937
1936
1937
1936
1937
P161.6
132
P113.7
108
P196.2
135
114.4
104
196.4
158
October
149.0
132
112.5
103
175.3
153
September
131
121
110
101
146
136
August
111
109
109
102
112
113
July
106
104
107
100
99
103
109
104
91
May__
99
106
; 107
102
106
104
June
93
1936
1937
x
101
109
107
102
98
+ 10
2,672
6,893
2,072
1,498
+ 10
6,240
+ 11
3,489
3,227
8,219
2,310
1,949
7,151
3,538
+13
+ 33
+1
168
261
3,261 4,390
12,469 12,662
+9
38,762 43,707
+7
+8
111
115
110
104
111
123
February
120
122
110
105
127
January
127
127
111
104
139
144
and 1937
are on a
FUELS
IN
Week Ended Feb. 5, 1938,
2,082,447,000 Kwh.
Coal
a year ago.
New England
Middle
Atlantic.
East No. Central
West No. Central
South Atlantic...
East So. Central-
Week Ended
Week Ended
Jan. 22,1938
29, 1938
10.3
12.0
1.4
1.4
1.6
0.7
12.3
11.3
9.1
11.3
1.3
6.3
4.6
1.8
x2.6
2.2
1.3
5.9
4.1
3.8
5.4
5.2
6.6
6.6
1.2
0.4
2.4
Rocky Mountain
1.4
Pacific Coast
Total United States.
■
Increase.
x
DATA
RECENT
FOR
WEEKS
%
3,057
3,280
—5
0
0
0
+5
3,210
4,849
—32
182
226
—1
938
4,773
13,452
30,775
2,682
5,440
72,806
5,310
20,840
7,235
15,331
34,745
3,657
6,293
80,935
6,812
16,180
+ 52
+8
—22
156080 171188
+ 10
+4
2,577
1,027
2,884
112
88
—21
885
907
+3
378
624
+ 65
988
1,932
+ 96
14,119 14,025
1936
+24
+ 10
+ 12
—1
West So. Central.
902
997
Mountain.......
718
871
+21
0
18
%
+ 14
+ 13
+ 36
+ 16
+ 11
+28
KILOWATT-HOURS)
(THOUSANDS OF
42,025 44,768
Federal
+7
Commission
Power
in
its
monthly
recent
electrical report
for
0.5
2.7
Southern States
1937
+1
2,381 2,414
13,138 13,802
16,305 17,525
3,631 3,607
4,074 4,222
877
1,312
1936
disclosed that the production of electricity
in the United States during the month of
December, 1937, totaled 9,729,727,000 kwh.
This com¬
pares with
10,528,000,000 kwh. produced in December,
1936.
For the month of November, 1937, output totaled
9,551,740,000 kwh.
Of the December, 1937, output a total of 3,556,872,000
kwh., was produced by water power and 6,172,855,000 kwh.
by fuels. The Survey's statement follows:
12.1
West Central
1937
%
+ 50
+ 11
The
1938
Jan. 15,
11.5
Central Industrial
Change
Change
Change
1937
1936
Total U. S
Middle Atlantic
Gas
(Million Cu. Feet)
(Thous. Barrels)
PREVIOUS YEAR
Week Ended
Jan.
+6
Division
Pacific
1938
—3
1937
Oil
(Thous. Net Tons)
weekly report,
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
Feb. 5, 1938, was 2,082,447,000 kwh.
This was a decrease
of 5.4% from the output for the corresponding week of
1937, when production totaled 2,201,057,000 kwh.
The
output for the week ended Jan. 29, 1938, was estimated to
be 2,098,968,000 kwh., a decrease of 5.2% from the like
Feb. 5,
+28
Totals
The Edison Electric Institute, in its current
Regions
+5
GENERATING ELECTRICITY
FOR PUBLIC USE 1936 AND
Electric Output for
New England
+5
+ 43
+ 12
comparable basis.
ANNUAL CONSUMPTION OF
Week Ended
+8
These data lor the year 1936 have been revised to exclude
Preliminary.
PERCENTAGE DECREASE FROM
+3
the output of certain
manufacturing plants, which were found to be producing energy for their own use,
and were thus excluded from the 1937 figures. Therefore, the data shown for 1936
x
134
Major Geographic
%
—1
72,665 77,289
+ 13
+7
1937
4,644 4,609
21,936 22,641
24,111 26,083
5,807
5,545
6,622 6,974
1,593
1,118
5,473 6,126
1,070 1,366
2,146 2,090
+21
+ 19
+ 12
+30
+ 15
+1
+ 55
+ 35
+2
111427 120996
Total U.S
115
March
week
Change
1936
%
108
April
V
%
14,615 14,752
Pacific
102
«
1937
7,316 7,836
Middle Atlantic. 28,829 30,860
East No. Central- 26,183 28,393
West No. Central 7,043
7,756
South Atlantic... 12,862 14,125
East So. Central.
4,607 5,131
West So. Central.
5,641
6,387
Mountain
4,331
5,756
150
162.0
x
New England-
1936
November
December
Change
Change
Raw Materials
(Quantity)
.
By Use of Fuel
By Use of Wat. Pow.
Division
Stocks of
Stocks
Combined Index
public
use
PRODUCTION
OF ELECTRICITY
PUBLIC
FOR
USE
IN
THE UNITED
STATES (IN KILOWATT-HOURS)
Per Cent
Change
1
1938
Week Ended
1937
1929
1932
1936
1937
Total by Water Power and Fuel
from
Division
1936
Jan.
1
—
1,998,135
Jan.
8
2,139,582
Jan.
15
2,115,134
2,108,968
2,098,968
2,082,447
Jan.
22
Jan.
29
Feb.
5
Feb.
1,847,264
2,080,954
2,244,030
2,264,125
12
—4.7
1,854,874
—6.6
1,970.578
2,256,795
2,214,656
—6.6
—5.4
1,949,676
1,955,507
1,962,827
1,952,476
Feb.
19
Feb.
26
5
—5.2
2,201,057
2,199,860
2,211,818
2,207,285
2.199,976
Mar.
1,950,278
1,941,633
1,903,363
1,414,710
1,619,265
1,602,482
1,598,201
1,588,967
1,588,853
1,578,817
1,545,459
1,512,158
1,519,679
New England
1,542,000
1,733,810
1,736,729
1,717,315
1,728,203
East South Central
442,647,000
1,726,161
West South Central
568,377,000
515,242,000
520,461,000
1,223,656,000
497,280,000
1,143,346,000
610,275,000
2,447,980,000
2,382,374,000
682,421,000
1,129,146,000
426,422,000
514,550,000
487,760,000
1,148,799,000
10,145,538,000
9,551,740,000
9,729,727,000
634,378,000
591,174,000
Middle Atlantic
2,509,255,000
East North Central
West North Central
2,470,518,000
599,330,000
2,362,196,000
2,330,572,000
572,616,000
South Atlantic
1,176,916,000
1,718,304
Mountain
1,699,250
1,706,719
...
Pacific
The average daily
Commission's
Power
Production
of
Electricity
Preliminary Report on
for Public Use
and
Consumption of Fuels Used in Generating Elec¬
tricity in the United States in 1937
The
Federal
Power
Commission
announced
on
Feb.
production of electricity for public use in December was
The normal change from November to December is +1.4%
November.
The production of electricity by use of water power
37% of the total.
TOTAL MONTHLY PRODUCTION OF ELECTRICITY FOR
x
1936
1937
1937
Over
1936
1937
9,849,712,000
12.6
8,965,323,000
9,957,310,000
yll.7
13.7
July
9,695,364,000
9,718,607,000
9,817,795,000
10,087,455,000
August
10,378,281,000
September..
9,984,986.000
10,145,538,000
9,551,740.000
10.5
7.2
disclosed:
April.
May
June
or
about 43,-
12.8% more than in 1936, and amounted to
of the total, whereas the average for the 17-year period, 1920 to 1936
36%
The preliminary data indicates that the fuel rate for 1937 will
be
ap¬
Following the former procedure of the U. S.
kilowatt-hour in 1936.
Geological Survey, the fuel rate was calculated by converting the oil and
used in the production of electricity into equivalent.tons of coal and
dividing the total coal used in producing electricity and coal equivalent
of the gas and oil used by the corresponding output.
This method does not
allow for the variation in B.t.u. content of the gas and oil as fired, and
includes the output of both steam and internal combustion engines, and is
therefore only approximate.
An analysis of all steam
plants using coal exclusively for fuel indicates
that the coal rate is 1.43 pounds per
kilowatt-hour.
coal used in plants held in reserve and operated
Since these data include
12.4
9.1
9,729,727,000
—3.1
Total
8.9
7
11
39
36
4
15
39
34
11
11
39
43
8
14
43
45
7
13
44
43
7
16
38
36
4
16
33
32
6
14
31
31
3
18
32
31
0
16
32
33
—2
13
38
34
—8
15
37
35
4
14
37
36
113602000,000
4.4
2.4
the
figures
comparable data for respective periods,
y Compensated for extra Saturday In February, 1936.
Note—The output and fuel consumption shown in above tables for the year 1937
are not exactly comparable with similar data for corresponding months of previous
years due to the following changes:
Beginning with the report for January, 1937,
the output and fuel consumption for street and Interurban railways, electrified
steam railroads, and miscellaneous Federal, State and other plants were grouped
In separate tables.
Also, all manufacturing plants, which formerly produced some
electricity for public use but no longer produce any except for their own use, have
been eliminated.
The figures, therefore, in the table for 1937 for the entire United
States are approximately 4.7% lower than they would be on the former basis.
The
percentage changes In output from corresponding months of the previous year have
been dropped as the electricity produced in any State varies with transfers of energy
from one State to another, with stream flow conditions and other factors, and is
not necessarily an index of the consumption within the State.
of production of electricity
monthly reports issued during 1937.
previously published
in the
The output of central stations, both
1938
generating electricity for traction, and Bureau of Reclama¬
Dec.
sold
are
of the output of manufacturing plants which is
included in these data.
representing approximately 98%
Accurate data
are
received each month
of the total output shown; the remaining
of the output is estimated so that the data represent 100%
of the
which will give totals for each State for 1937 and include
final revisions of previously published data, will be published in April, 1938.
Consumption
10,517,061 tons of which 9,074,728 tons were bituminous coal.
an
increase of 1.7%
The stock of bituminous coal increased
and the stock of anthracite increased 4.3%
1.
when compared with
1937.
Electric utility power
plants consumed approximately 3,743,390 net tons
of coal in December, 1937.
coal
when compared with Dec. 1, 1937 and an
27.3% over Jan. 1, 1937.
and
165,947
Of this amount 3,577,443 tons were bituminous
tonp were anthracite, increases of 4.2%
and 15.9%,
respectively, when compared with the preceding month.
In terms of days' supply, which is
generation.
A final report,
was
This was
Increase of
1.3%
tion plants and that part
between actual
Coal Stock and
publicly and privately owned, electric railway plants, plants operated by
steam railroads
comparison
Special
The total stock of coal on hand at electric utility power .plants on Jan. 1,
The information in the accompanying tables is preliminary and is based
2%
.
intermittently, it is not
representative of good practice.
on
12.6
9,722,000,000
10,176,000,000
9,785,000,000
10,528,000,000
December..
x
proximately 1.42 pounds per kilowatt-hour as compared with 1.44 pounds
gas
November.
1936
36.8% of the total.
was
per
9,247,000,000
8,601,000,000
8,906,000,000
8,893,000,000
9,088,000,000
9,160,000,000
9.682,000,000
9,814,000.000
17.5
117781 838.000
October
1937
Kilowatt-Hrs.
KUowaU-Hrs.
March
Water Power
Over
1936
February—
public use and consumption as compared with
108,159,890,000 kilowatt-hours produced for such use in
1936.
The remainder, 3,254,000,000 kilowatt-hours, were
produced by electric railroads, electric railways, and other
miscellaneous plants.
The Commission's report further
1935
1937
Over
January
for
707,000,000 kilowatt-hours,
PUBLIC USE
% Inc. % Inc. % Produced by
Inc.
duced
power was
.
in December was
2
996,000,000 kilowatt-hours, an increase of approximately
9% over the record-breaking year 1936.
Of this total,
approximately 117,742,000,000 kilowatt-hours were pro¬
of water
1,128,254,000
411,060,000
313,862,000 kilowatt-hours, 1.6% less than the average daily production in
that preliminary figures of the production of electricity in the
United States during 1937 indicate a total output of 120,-
The production of electricity by the use
December, 1937
1,637,683
Total United States
Federal
November, 1937
October, 1937
calculated at the current rate of con¬
sumption, there was enough bituminous coal on hand Jan. 1,
79 days and enough anthracite for 269
days' requirements.
1938 to last
Sl988
Financial
United
States
Consumption of
Textile
Fiber
in
1937
Chronicle
Month of
record 1937 consumption
dented
size
of
due entirely to the increase in cotton
was
takings
enabled cotton to reach a
exceeds
the
fiber
total
during
1937.
part
first
the
of
The unprece¬
three-quarters
of
1937
poet-war high of 3,630,400,009 pounds, whioh
new
previous high
consumption
Rayon
during the latter
activity
cotton
1927 by 42,700,000 pounds.
in
plus staple fiber) amounted to 6.9% of the
"This marks the first time in 17 years that
(yarn
consumption.
rayon's relative position has failed to increase over the preceding year,"
states the "Organon."
"This reversal, however, is not as ominous as it
would
first
By
appear.
comparison,
silk's
relative
position
1937
in
at
1.2% represents the lowest silk level since 1921; similarly, wool declined
remained
point in wool history since 1920 ; linen also
eight-year low of 0.8%.
Put another way, all fibers
the third lowest
8.1%,
to
at
an
f
Europe
81,115.000
60,294,000
Northern North America...
Southern North America...
39,545.000
'26,044,000
17,809,000
16,227,000
33,005,000
24,631.000
South America..
Asia
....
6,590,000
Africa
843,621,000
717,644,000
381,313,000
237.247,000
291,505,000
707,728,000
68,419,000
51,389,000
4,321,000
283.045,000
35,865,000
65,257,000
75,413,000
I 1,839,000/
1,933,000
....
Oceania
92,136,000
407,665,000
421,760,000
967,415,000
245,161,000 208,863,000 2,422,592,000 3,084,061,000
Total.
ment, issued Feb. 9:
1937
1936
1937
1936
consumption, all other fibers having been adversely affected by the drastic
textile
12 Months Ended December
December
Imports from—
Consumption of cotton, wool, rayon, silk and linen in the
United States in 1937 aggregated 4,374,900,000 pounds, the
largest total for any post-war year, according to the "Rayon
Organon," published by the Textile Economics Bureau, Inc.
The total compares with aggregate consumption of 4,270,300,000 pounds in 1936 and with 2,946,900,000 pounds in
1932.
The following is also from the Bureau's announce¬
in
1938
STATE8, BY GRAND DIVISIONS AND PRINCIPAL COUNTRIES
Organon"
decline
12,
VALUE OF GENERAL IMPORTS OF MERCHANDISE INTO THE UNITED
L^feLargest of Any Post-War Year—Increase Due to
Larger
Use
of
Cotton
According
to
"Rayon
The
Feb.
...
8,187,000
1,262,000
1,553,000
.........
6,602,000
....
11,466,000
6,840,000
19,216,000
39,008,000
3,197,000
9,178,000
7,236,000
Argentina...........
Australia—
Belgium
Brazil
British India
British Malaya
Canada
:.
Ceylon..
2,473,000
4,548.000
China
Cuba
Czechoslovakia
58.884,000
75,090,000
102,004,000
120,639,000
70,340,000
167,997.000
375.832,000
1,612,000
2,684,000
4,992,000
3,968,000
7,436.000
2,784,000
5,093,000
7,390,000
2,328,000
Colombia
139,123,000
43,639,000
65,882,000
22,917,000
25,449,000
24,876.000
1,544,000
Chile
4,126,000
103,622,000
235,194,000
398,539,000
13,963,000
20,706,000
25,804,000
74,232,000
103,616,000
43,085,000
52,329,000
127.475,000
148,047,000
23,513,000
37,185,000
46,251,000
371,000
744,000
...
Egypt
3,050,000
301,000
5,354,000
7,377,000
302,000
3,331,000
956,000
Dominican Republic
Ecuador
460,000
513,000
Denmark
588,000
10,301,000
15,410,000
4,012,000
13,533,000
6,823,000
showed
cotton
a
loss both
in
per
of total from
cent
+
Car-Makers Group Estimates January Factory Sales at
223,100 Units
facturers
sales
factory
January
estimated at 223,100
are
preliminary
American
of
report
released
cars
Feb.
automobile manu¬
and trucks in the
by
7
the
Automobile
Manufacturers Association.
basis
the
On
of
this
1,632,000
1,711,000
7,166,000
65,288,000
75,663,000
79,679,000
92,644,000
3,134,000
13,282,000
21,562,000
1,671,000
6,105,000
7,141,000
616,000
2,506,000
10,700,000
17,773,000
260,000
293,000
1,818,000
2,896,000
505,000
372,000
6.078,000
Hongkong
and
7,698,000
Gold Coast
pounds
1937."
to
France..
708,000
643,000
8,541,000
9,221,000
Iran (Persia)
1986
Germany
Greece
except
298,000
368,000
5,943,000
66,000
125,000
3,736,000
966,000
4,950,000
5,066,000
85,000
16,451,000
11,839,000
40,337,000
1,659,000
171.744,000
3.988,000
48,938,000
69,805,000
14,975,000
48,188,000
178,000
Finland
Haiti, Republic of
Honduras...
........
Irish Free State..
Italy
Jamaica
Japan
185,000
Kwantong..
estimate,
the
industry's January
operations were 36% under the preceding month and 44%
under January, 1937.
The Association's report is sum¬
marized as follows:
January, 1938, 223,100; December,
1937, 346,886; January, 1937, 399,638.
4,644,000
3,954,000
Netherland India
7,918,000
10,393,000
NetherlandtWest Indies
1,642,000
4,312,000
1,552,000
2,866,000
1,161,000
188,000
1,932,000
308,000
1,622,000
Netherlands
Newfoundland and Labrador-
533.000
New Zealand
564,000
1,710,000
Norway
395,000
Panama
985,000
Peru
4,602,000
1,605,000
1,028,000
1,864,000
Philippine Islands
Value
Total
by
of
Grand
and Imports of Merchandise
Divisions and Principal Countries in
Exports
Poland and Danzig
Portugal
Spain
Sweden...
December
...
.........
Switzerland
The
Department of Commerce on Feb. 3, 1938, issued
its report showing the merchandise imports and exports by
grand divisions and principal countries for the month of
and
December
the
the
12
1937 and
years
months ended
1936.
with
December
for
are
PORTS
Uruguay
OF
PORTS
EXPORTS.
MERCHANDISE
OP
OP
INCLUDING
RE-EXPORTS,
BY
DIVISIONS
GRAND
CIPAL
AND
AND
IM¬
PRIN¬
EXPORTS
FOR
OF
9,811,000
1,727,000
12,265,000
20.517,000
200,385,000
224,000
12,232,000
1,868,000
26,258,000
UNITED
CONSUMPTION
-
Asia
Oceania
Africa...
6,317,000
3,754,000
7,298,000
4,237,000
2,372,000
Argentina
Australia......
Belgium
Brazil
British India
British Malaya
385,000
Canada
32,556,000
Ceylon
103,000
Chile
1.579,000
4,748,000
2,915,000
6,680,000
China
Colombia..........
Cuba
Czechoslovakia
464,000
Denmark
Dominican Republic
Ecuador
1,133,000
499,000
218,000
Efeypt
1,181,000
Finland..
809,000
Gold Coast
Greece
Haiti, Republic of...
...
Honduras
Hongkong
(Persia)
Irish Free State
Italy
Jamaica
1,229.000
17,668,000
336,000
Germany
399,000
322,000
428,000
394,000
507,000
1,038.000
638,000
6,099,000
756,000
293,000
605,000
3,903,000
336,000
3,186,000
6,525,000
543,000
16,532,000
409,000
Japan
16,433,000
Kwantong
........
Mexico
175,000
685,000
42,000
661.000
7,723,000
1,693,000
Netherland West Indies
1,523,000
5,529,000
558,000
Netherland India
Netherlands
Newfoundland and Labrador_
New Zealand
Norway
•
Panama
....
1,636,000
1,256,000
2,050,000
Peru
951,000
Philippine Islands....
Poland and Danzig
Portugal
Spain.......
Sweden
5,355,000
1,825,000
5,300,000
Switzerland
833,000
800,000
Turkey
Union of South Africa
(Russia)
United Kingdom
Uruguay
Venezuela...
12,722,000'
2,435,000
9,583,000
2,346,000
2,710,000
9,585,000
980,000
1,441,000
2,315,000
1,792,000
1,896,000
7,373,000
2,815.000
1,724,000
;
U. S. S. R.
11,027,000
7,777,000
10.394,000
7,879,000
6,747,000
897,000
32,514,000
272,000
2,370.000
1,787,000
3,443,000
8,409,000
1,694,000
2,375,000
590,000
477,000
1,654,000
15,660,000
8,995,000
Prance
BY
DIVISIONS
8,401,000
1.381,000
40,623,000
803,000
2,636,000
6,618,000
829,000
1,305,000
9,670,000
5,950,000
63,605.000
1.233,000
4,741,000
94,173,000
58,491,000
58,826,000
73,406,000
95,137,000
49,019,000
68,631,000
26,807,000
5,021,000
43,747,000
384,151,000
509,508,000
1,275,000
1,796,000
15,739,000
27,729,000
67,421,000
4,656,000
12,212,000
4,578,000
3,326,000
10,035,000
7,456,000
129,457,000
101,956,000
3,806,000
6,049,000
3,942,000
4,900,000
8,550,000
58,989,000
3,882,000
204,348.000
3,542,000
76,041,000
13,752,000
14,154,000
53,253,000
7,201,000
19,499,000
15,436,000
22,717,000
13,439,000
60,350,000
20,278,000
8,510,000
21,540,000
43,074,000
7,660,000
6,222,000
70,079,000
33,427,000
440,122,000
8,531,000
24,079,000
IM¬
PRIN¬
Imports for
Consumption
12 Mos. End.
12 Mos. End.
8,834,000
23,997,000
49,697,000
39,200,000
92,283,000
13,165,000
17,211,000
6.469,000
5,052,000
13,711,000
12,268,000
164,311,000
124,166,000
Europe
...
Northern North America...
Southern North America
South America
..,
Asia
Africa
.....
Total.
316,466,000
25,407,000
411,622,000
577,937,000
72,038,000
946,201,000
98,600,000
2,048.000
151,470,000
3,887,000
62,634,000
90,147,000
491,680,000
Colombia
1,779,000
3,414,000
Cuba
8,131,000
49,541,000
38,731,000
90,780,000
Czechoslovakia
1,657,000
12,942,000
Denmark
2,365,000
581,000
17.150,000
6,371,000
474,000
5,004,000
301,000
Egypt
1,644,000
13,665,000
Finland
IndlalllllZIZIIIIII!
British Malaya
Canada
Ceylon
....
Chile
China...
...
Dominican Republic........
Ecuador
8,736,000
1,791,000
23,742,000
4,234,000
136,303,000
1,598,000
39,061.000
3,306,000
74,155,000
9,097,000
119,527,000
102,236,000
7,182,000
25,450,000
24,609,000
1,611,000
235,185,000
394,246,000
30,673,000
43,518.000
3,434,000
4,432,000
3,961,000
6,869,000
2,778,000
411,000
300,000
*
99,356,000
52,239,000
146,899,000
35,725,000
6,386,000
7,378,000
3,963,000
13,297.000
1,229,000
12,247,000
485,000
1,715,000
France
17.553,000
160,888,000
6,335,000
73,429,000
Germany
12,393,000
399,000
751,000
290,000
7,148,000
325,000
598,000
120,817,000
5,591,000
5,495,000
4,025,000
5.492,000
91,361,000
20,426,000
13,627,000
2,889,000
5,637,000
3,900,000
20,021,000
336,000
5,456,000
350,000
Irish Free State
3,185,000
12,648,000
205,000
5,009,000
1,710,000
Italy
6,510,000
75,738,000
5,083,000
3,784,000
47,521,000
111,000
1,606,000
287,386,000
16,044,000
105,760,000
11,390,000
195,095,000
35,000
3,268.000
4,883,000
10,395,000
55,248,000
115,252,000
20,339,000
53,071,000
Honduras
....
.....
Hongkong.
Iran (Persia)...
...
.....
Jamaica
541,000
Japan
Kwantong
.........
Mexico
25,050,000
Netherland India
34,197,000
94,093,000
9,480,000
23,876,000
Netherland West Indies
Netherlands.
Newfoundland and Labrador
22,198,000
35,235,000
19,016,000
Norway
85,031,000
Philippine Islands
15,091,000
5,972,000
64,449,000
9,623,000
14,916,000
88,572,000
42,903,000
534,564,000
13,203,000
46,470,000
278,056,000
33,824, 000
45,357, 000
31,194,000
271,000
2,367,000
Brazil
Haiti, Republic of
26,290,000
401,561,000
16,860,000
93,832,000
British
822,265,000
315,207,000
73.249,000
94,499,000
68,271,000
43,648,000
Greece
16,061,000
58,044,000
25,415,000
27,753, 000
11,002,000
5,568,000
109.450,000
151,310, 000 1,333,977,000
32,177, 000
501,260,000
7,770,000
10,310,000
7,832,000
6,740,000
897.000
Belgium
5,614,000
288,378,000
1937
%
315,271,000 3.294,916,000 203,700,000 3.012,487.000
Argentina..
Australia
4,084,000
5,117,000
December
1937
9,290, 000
15,556, 000
Oceania
Gold Coast
5,456,000
12,663,000
76,792,000
December
1937
$
5,591,000
20.169,000
December
1937
_
5,103,000
7,431,000
AND
AND
December
1937
56,910,000
46,819,000
13,789,000
22,770,000
MERCHANDISE
GRAND
Merchandise
Country
1936
229,800,000 319,256,000 2,455,978,000 3,345,158,000
Total
Iran
1937
100,117,000 152,986,000 1,042,804,000 1,355,685,000
33,137,000 33,605,000
391,555,000
619,174,000
22,611,000 28,414,000
225,155,000
321,341,000
20,100,000 33,975,000
204,222,000
318,384,000
35,772,000 45,489,000
398,885,000
579,749,000
5,412,000
9,299,000
79,154,000
98,832,000
12,651,000
15,588,000
114,202,000
151,992,000
Northern North America
STATES
202,771,000
and
12 Months Ended December
Exports to—
South America
5,916,000
Exports of United States
1936
8,848,000
13,806,000
58,653,000
26.864,000
17,855,000
14,411,000
30,752,000
20,669,000
3,389,000
956,000
Grand Division
Month of December
Southern North America
546,000
660,000
COUNTRIES
CIPAL COUNTRIES
Europe
9,023,000
12,138,000
6,884,000
18,537,000
48,178,000
1,304,000
26,430,000
United Kingdom
VALUE
VALUES
4,594,000
101,679,000
the tables
complete:
TOTAL
4,835,000
583,000
SouthjAfrlca
U. S. S. R. (Russia)
3,709,000
60,120,000
115,172,000
19,503,000
53,295,000
8,378,000
22,257,000
25,993,000
4.621,000
16,525,000
126,207,000
19,568,000
11,572,000
4,708,000
2,420,000
2,364,000
2,071,000
.....
Union of
1,864,000
1,590,000
204,202,000
21,578,000
6,668,000
1,438,000
4,999,000
5,674,000
49,990.000
1,140,000
2,802,000
Turkey
Venezuela
The following
62,000
Mexico
17,573,000
...
16,441,000
2,435,000
9,282,000
2,339,000
2,705,000
9,545,000
25,000,000
34,152,000
89,143,000
Panama
Peru
Poland and Danzig.....
973,000
9,396,000
1.438,000
2,308,000
1,775,000
1.880,000
New Zealand—
23,819,000
21,951,000
25,103.000
7,365,000
2,810,000
18,898,000
84,893,000
26,186,000
15.046,000
1,150,000
294,000
372,000
607,000
1,743,000
2,801,000
800,000
274.000
1,866,000
311,000
1,508,000
6,666,000
1,270,000
17,573.000
8,750,000
6,566.000
21,071,000
24,532.000
4,624,000
14,904,000
126,204,000
18,954,000
Portugal
Spain
1,724,000
571,000
8,633,000
661,000
5,959,000
936,000
Sweden
6,586.000
64,314,000
4.718,000
2,268,000
1.607,000
14,174,000
58.567,000
26,060,000
14,127,000
14,242,000
27,239.000
Switzerland
.......
Turkey
Union of South Africa
U. 8. S. R. (Russia).
United Kingdom
Uruguay
Venezuela
.....
806,000
1,298,000
9,654,000
5,950,000
62,638,000
1,233,000
4.712,000
9,412,000
14,856,000
88.141,000
42 840,000
627.618,000
13.105,000
1.569,000
13,212,000
46,254,000
1,860,000
947.000
417,000
200.197,000
12,865,000
22,751.000
is usual, output of bitumi¬
below the December
average.
Sales of reporting department stores throughout the United States
during the first three weeks of January were about equal to those of the
corresponding 1937 period, and, after allowance for the usual seasonal
decline, appear to have been well maintained as compared with December
electric
Industrial Decline in January Not So Pro¬
as
in
December, According to A. E.
Canadian
Manager of Canadian
General
Bank of
Commerce
(Canadian) industrial downturn occurred dur¬
"A further
as
stantial
decline
Toronto, announced on Feb. 7.
depressants of recent months
spread to some industries formerly unaffected, including a
few mining operations, seasonal influences caused an up¬
turn in certain others which were among the first to recede
from the high rate of productivity of the last progressive
Production
period," Mr. Arscott said.
in
little change
V-
...
:V
,
.
also
was
reduoed, and the generation
changed, sugar deliveries rose,
output was increased.
There
tool orders, due to
in excess of domestic orders for the
dollar volume of machine
the
which were
sales,
foreign
1933.
the
store, mail order house, and chain store sales, and
volume of check transactions throughout the country rose seasonally during
Department
estimated
for
units
185,000
at
railway freight traffic showed somewhat
Registrations of new passenger cars are
December, a decline of about 5,000 cars
recession.
usual
the
than
more
the movement of
but
December,
occurred in 1935 and 1936.
department stores and chain stores
figure, whereas increases
from the November
[December sales of wholesale firms,
for price
changes)
•
Dec.,
1936
comments are from the reports of the Reserve
banks of Boston, New York, Philadelphia, Cleveland, Rich¬
following
mond,
Louis,
St.
Chicago,
Atlanta,
Minneapolis,
Kansas
Dallas and San Francisco:
City,
says
the
practically all major industries in this district during the
entire fourth quarter of 1937 in contrast with the final
quarter of 1936, during which the level of business
rising, culminating with a peak in December, 1936."
in part:
says,
Freight
December
estimated
tion.
the
During
was
than
and
boot
England was
12.7% over
1936, produc¬
This was a gain of
in this district
although the cumulative
shoe production
the previous year,
in
months
10
pairs.
slightly higher than in the corresponding
was
total
of
new
construction contracts awarded in
New England
December amounted to $16,961,300 as compared with $14,801,200
in November and $16,608,100 in December, 1936.
During the entire year
1937 contracts awarded in this district were $199,586,500, an amount 7.3%
less than the total for the year 1936.
Residential contracts during the
during
gained 3.3% and non-residential contracts increased 10.4%, but
declines in the two other major classifications, public works
year
were
public utilities, amounting to
of
amount
The
December
was
cotton
raw
49,329
bales
there
and
about 38% and 12%, respectively.
as
consumed
compared
in
New
England
with 54,746 bales
mills during
in November
For the year 1937, however, cotton
New England States, except in Massachu¬
94,728 bales in December, 1936.
and
consumption in each of the six
larger than in the previous year, and although there was a
decrease in cotton consumption in Massachusetts of 3.9%, the New England
setts,
was
total
was
5.6%
Industrial
Massachusetts
between
December, 1936. There were increases of 3.6% and
but in each of the other nine divisions
6.9% in the food and fuel groups,
decreases were reported.
in January,"
further
New York
says
in presenting, in
1, its indexes of
the Federal Reserve Bank
its "Monthly Review" of
business activity.
The Bank further
Steel operations,
which had dropped from 84% of capacity in
August to
December, are estimated to have averaged somewhat higher in
Trade reports indicate that cotton textile mill operations also
increased slightly during January, following a 32% decline from August
in
January.
to
for
49 p
86
81p
91 p
86
84
87
107
95
94
63
128
63
245
143
121
100
100
95
90 P
96
88
81
73 p
34
25
28
19
59
46
54
63
84
United States
United States.
71
68
66
contracts.
Primary Distribution—
Car loadings,
merchandise and miscellaneous
85
80
73
73
67
86
88
94p
102
82
86
82 p
93
89
87
Car loadings, other
Exports
-
Imports
Distribution to Consumer—
Department store sales,
Chain grocery sales
United States
Second District
82
81
83
94
98
98 p
99
93
96
108
100
90
92
115
120r
80r
65 p
r
chain store sales
bouse saifis
Mail
passenger car
.
.
registrations.
Money Payments—
74
General price
age=100; not adjusted for
V
Preliminary,
r
64 p
40
43 p
70
72
69
56
47
44
50
158r
156
155p
147
153
152
151p
102
6
index of wages.c
112
112
lllp
—
1919-1925 average=100%. 6 1913 averc 1926 average=100%; not adjusted tor trend.
adjusted for price changes.
Not
63
40
74
159
level.6
Cost of living
67
50
outside New York City....... ...
York City
Velocity of demand deposits, outside N. Y. City a
Velocity of demand deposits, New York City .0. .
Bank debits, New
Composite
85
90
98
98
Department store sales,
Other
95
83
62
Residential building contracts
trend,
0
Revised.
Third
(Philadelphia) District
Federal Reserve
continued in early
January at the lowest level since 1935, it is stated in the
"Business Review," Feb. 1, of the Federal Reserve Bank of
Philadelphia, from which we also quote:
Output of manufacturing and extractive industries showed an additional
decrease of 4% when allowance is made for the usual seasonal variation.
Industrial
activity
in the Philadelphia
in December and
District declined further
index
The December
was
76
compared with 99 a year ago, 81
as
month of 1934. Nevertheless,
activity for the entire year 1937 was 6%
ber,
1935, and 74 in the same
rate
of
1936
productive
and the highest since
1930.
in Decem¬
the average
higher than
...
Public Relief
The
as
a
public relief increased at the turn of the year
industrial conditions, according to a report of the
Public Assistance for Pennsylvania.
In December the
burden
result
of
ment
of
of
receiving public assistance
number of persons
December.
seasonal
However,
variation,
shipments of freight by railway, after allowance
compared unfavorably with the December level,
largely
Depart¬
average
through direct relief, Federal
and pensions
for the blind approximated 1,300,000, or about 13.6% of the total popula¬
tion in Pennsylvania.
Total expenditures for the four types of assistance,
excluding Federal work relief and administrative expenses in the year 1987
relief,
work
old-age assistance,
to about
aid to dependent children
$90,000,000.
manufacturing plants in this district declined to an unusually
low level at the turn of the year.
The sharp recession that was in progress
during the fourth quarter of 1937, however, appears lately to have been
leveling off somewhat.
Demand for factory products slackened considerably during December
Activity at
and
states:
25%
73
45
13
Manufacturing
preliminary evidence, it appears that the decline
business activity which began in September did not pro¬
Feb.
79
58
102
Non-residential building & engineering
amounted
"From
of
87p
88
_
_.
New York (Second) District
ceed
90 V
140
Employment—
Rhode Island in December was 4.2% less
20% less than in December, 1936.
In
November and December there was a decrease of
in Manufacturing
by these concerns in
in
94
145r
in
employment and a decline of 6.0% in aggregate
weekly payrolls.
The declines in Massachusetts were more than seasonal
in nature and were general throughout most major industries.
In December the sales volume of 743 retail establishments in Massachu¬
setts was $28,974,889, an amount 3.4% less than the $29,983,956 reported
6.4%
94 p
123
Employment, manufacturing,
in
larger.
employment
94
November and was nearly
in
than
97
96
Machine tool orders*
♦
value
79 p
91
Cement
period of 1936.
The
83
Bank debits,
40.0% less than the December,
1937
year
less
for the first
total
6,592,000
but
total
nearly 5%
1936.
production of boots and shoes in New
have been
to
the November
86
-
Meat packing
New
less than in December,
December
106
99
trucks
Tobacco products
loadings and department 6tore sales in New England during
car
were
During
was
was
Fur¬
reporting conditions in its district, the Boston Reserve
Bank
61
62
Construction—
Federal
Reserve Bank of Boston, in its "Monthly Review" of Feb. 1,
"there was a further decline in the level of general business
activity in New England, after allowances had been made
for customary seasonal changes, with a downward trend in
ther
83
79
Employee-hours, manufacturing,
December,"
and
November
38
92
135
108
Wool consumption
First (Boston) District
"Between
52
108
110
cars.
Crude petroleum
Shoes
79
97
Cotton consumption
Excerpts from the reports on business conditions through¬
out the country, as appearing in the monthly reviews of
the various Federal Reserve banks, are given below.
The
1937
116
Electric power..
Reserve Districts
Dec.,
1937
Nov.,
_
-
Copper
Bituminous coal
Conditions in Various^. Federal
Oct.,
1937
industrial Production—
Steel
Motor
of Business
822.]
and where necessary
for year-to-year growth,
for seasonal variations,
(Adjusted
in our Feb. 5 issue, page
district were noted
York
the New
in
Passenger
Summary
of
peak in December, showed
However, shoe production, which ordinarily
movement, and lead
in
increase
Bince December,
first time
were
not substantially
was
the usual
an
substantial
dealers,
from Novembei.
December,
to
contrary
of
position
which usually reaches a seasonal
electric power,
He continued:
:,
one-third from the November level,
1934, and recessions also occurred
output, bituminous coal production, and textile mill operations.
assemblies, as a result of disappointing sales to consumers and
copper
the well-stocked
experienced,
irregularity developed in the automotive and associated trades, the present
indications pointing to less activity in most plants during the next few
months
than prevailed in
the corresponding period of last year.
This
slackening tendency ha6 been responsible for some decline in the heavy
industries as a group.
The majority of the units have, however, continued
to opreate at,
or close to, full capacity as a result of an accumulation
of orders, which are now being worked off and
are, unfortunately, not
being replaced with the same freedom as a year ago.
At that time fears
of a shortage of raw materials and a rush
to undertake deferred plant
renovation and expansion induced such a sudden and widespread demand
for practically all industrial equipment as to overtax productive facilities.
Logging has been resumed on a fairly large scale in the British Columbia
coastal area after a stoppage which once was thought might be prolonged.
The factors influencing the operators to reopen their camps are the favor¬
able weather conditions for cutting
(in contrast to the severe climatic
handicaps of a year ago), a decline in ocean freight rates, which has
improved the competitive position of exporting mills in the British and
European markets, and the probability of greater Oriental lumber require¬
v
retail trade, there was a further sub¬
operations during December.
business
of
level
Automobile
Following the busiest autumn and early winter seasons ever
ments.
of
the
at
was
the economic
while
the
in
steel
ingots, reduced by
lowest rate since October,
falls off in
Canadian Bank of Commerce,
"Thus,
increases in
Except for seasonal
December," A.
in
curtailed, and automobile assemblies fell
was
sales.
although it was not quite so pronounced
E. Arscott, General Manager of the
ing the past month,
declined more than
generation
power
coal
nous
nounced
Arscott,
989
Chronicle
Financial
146
Volume
the
orders
the
volume
of
new
business
likewise declined and
were
majority of reporting plants,
continued greatly reduced.
Unfilled
much smaller than a year earlier. At
stock of finished goods did not change
month, but in most cases they were larger than at the
close of 1936.
Inventories of raw materials, on the other hand, continued
to decline during December, and at
the end of the month were smaller
materially in the
than a year ago.
990
Financial
Chronicle
Fourth (Cleveland) District
in
in
Tlie Federal Reserve Bank of Cleveland states that
"while
few reports of expanding operations have come to
a
of
since the beginning of 1938, in most cases
they were chiefly
on
a
the
metal
important lines, such
and
glass,
operations*
day-to-day basis.
Despite the
business
were
on
reduced schedules and chiefly
very
a
...
an
.
.
industry, which
business
of
in
the Fourth
unusually sharp contraction late in the
of
January the expansion
The contraction
While
received
the
been
confined
for
year-end
the
to
auto
parts
low has
passenger
and
accessories
to
be
Delivery
schedules
smaller
have
than
been
held
la6t
even
up
the
as
year's
number
schedules,
of
which
assemblies
Dollar
in
the
sales
of all
reporting stores in Deceml>er
corresponding
month
of
1936.
5%
were
Compared
smaller
of
by
From the
marked recession in
a
tobacco manufacturing
except
District
serve
was
in
the
last
are
was
nearly all
better
much
so
higher
than
business
than
those
Fifth
in
in
1936
for
the
Federal
resulting rise in
a
Re¬
annual
preceding
figures
year.
.
.
in
October
District
and
State
November.
in
36.3%.
Construction,
declined
30%
in
from
the district
in
December,
in
the
the
last
every
Fifth
drop
a
in
1936.
December
Retaail
much
was
trade
in
lower
department
than
slightly larger volume in December, 1937, than in December, 1936,
but wholesale
trade
in
was
materially smaller volume.
I"
In its
Atlanta
awards and
reports that
a
trade
in
the
December,
as
declined.
Business
number
and
reporting
than
it
usually
there
was
a
(Atlanta)
does
liabilities
firms
holiday
declined
than
a
increased
that
at
occurs
the
at
failures
District
in
Rural
December,
time,
over
and
but
were
December
November,
the
wholesale
seasonally
adjusted
larger
index
of
daily average sales by 28 of these firms which have
reported over a long
rose from 105.4% of the 1923-1925
average for November
113.5% for December.
Total sales of the 49 firms
during the year 1937
were
6.9% larger than in 1936.
to
sales
by
70
reporting
November to December, and
sales volume for the
year
There
and
the
were
further
payrolls at
United
States
10.0% less than
was
1937
from
6,000
Bureau
of
a
declined
year
October
firms
Labor
in
to
the
Statistics.
from
earlier, but total
November
Sixth
in
.
.
.
employment
District reporting
to
...
Daily average consumption of cotton by mills in this district declined
10.7% from November to December and was 37.2% less than a
year ago,
and the
smallest
seed
mills
of
oil
December
a
for
any
declined
year
month since August,
further
in
December
1935.
and
Operations at cotton
at
were
about
the
level
1937
From
or
a
high level
quarter
equal
to
of
of activity which
the
that of
year
and
volume by the end of 1937
that at which the year started.
fourth
business
after
the
quarter,
middle
while
exceeded
the
extended
in
a
in
many
number
in
1936
to
a
In
of
the
still
point in
phases into the
instances
certain groups the
year,
others,
volume
some
until
in
some
it
particularly
the
sharply under
downward trend
began
early
retail
in
was
the
distribution,
closing months of the
From the "Review"
year.
also take the following:
Seventh District department store trade
in December failed
by 5% to
equal the volume of the corresponding 1936 month,
although with one less
Saturday in the 1937 period, average daily sales recorded a decline of
only 4%.
Preliminary data indicate that sales in the first half of
January
Comparisons
of
for
a
year
ago.
December
reporting wholesale trade
1937
and
Minneapolis
business
in
November in aggregate sales figures
of the district show a recession of 4%
.
reports
December,
as
reflect
to
sales
in
the
lower
several
prices
sections
of
for
the
agricultural
district
were
...
both
at
city
and
country
reporting
stores
larger
were
in
than
t;he
the
on
some
when
in
1936 and' other recent years were
and
Ramsay
Dakotas,
from
Counties,
gold
copper,
the
ments, shipments
consumption in
electric
and
1936
volume
of linseed
warranty deeds recorded in
power
silver
consumption
production,
of
occurred
iron
in
Minnesota
shipments,
ore
shoes, hardware and groceries.
in
flour
production
and
products, butter production and electric
ship¬
power
Montana.
Tenth (Kansas
City) District
The Kansas City Federal Reserve Bank states that busi¬
ness
activity in its district during 1937 averaged better
than 1936.
This was noted by the Bank in its Jan. 31
"Monthly Review," which also said:
The
first
three-quarters of the
in
the last
quarter
year
much
were
better,
but the
marked
reduced
greatly
earlier gains.
Higher check transactions reflect the greater activity of the
early part
of the year.
Bank loans were appreciably larger.
Retail trade held about
even.
Flour production reflected the
good wheat crop, and output of crude
petroleum
and
Moisture
lead
and
conditions
zinc
in
much
were
1937,
larger than in 1936.
better than in 1936, were much
exception of wheat, cotton and fruit, crops were
uniformly short.
The decrease in the slaughter of cattle and
hogs reflects
the greatly reduced number of live stock
resulting from drought.
Moisture
below
normal.
conditions
With
remain
while
the
critical.
,
recession
January
that started late
figures
show
the
in
little
continued through December.
year
change.
.
.
.
Marketings of wheat
the
good
wheat
to
market.
crop
slightly below
average
tions
but
in
of
crop
were in unusually
heavy volume in 1937, reflecting
harvested and a rather early movement of the new
Receipts
1936.
the
oats
also
were
in
marketings for the
but
years
months.
24%
of
Corn
10
past
recent
wheat
have
good
year
increased
In
December, receipts of
10% below average.
and oats
volume,
although
below the
42%
were
to
substantial
corn
propor¬
20% above
were
Eleventh (Dallas) District
"After showing a further
upward
nine months of 1937, business and
trend during the first
industry in the Eleventh
District
was
says
declined
much
the
in
the
smaller than
Federal
fourth
in
Reserve
the
Throughout most
establishments
1936,
and
in
of
this
aggregate
the
year,
district
sales
of
but
the
States
Dallas
as
in
recession
a
-whole,"
its
Feb.
1
It stated:
business
at
was
for
quarter,
United
Bank
"Monthly Business Review\"
a
at
both
wholesale
substantially
higher
and
level
retail
than
the
year were the largest since
1929.
Department store sales, which had risen 19% from 1935 to
1936, increased
further by 9% in 1937.
In the wholesale branch of
distribution, combined
sales of reporting firms in five lines of trade
increased 8% over those
in 1936, with hardware and
groceries showing the largest gains.
Employ¬
ment
and
payrolls were noticeably higher than in the 'preceding year.
The
with
groups
began
level.
January at
Hennepin
and
in
we
of
of
dollar volume of sales during the first two
of the reporting city department stores indicate
compared with the same two weeks in January, 1937.
Other indicators of business volume in the
district that were higher in
of
However, the recessions in activity in the latter
part of 1937 were not
sufficient, in general, to counteract earlier gains, so that
aggregate volumes
produced and sold exceeded those for the calendar
year 1936—by substantial
amounts in several phases.
likewise fell below
sales
groups was close
Seventh District industry and trade had receded
1929,
in
apparent
which
trade
December
increase
Early
business conditions during 1937 in the
Chicago Federal Reserve District is presented in the Jan. 28
"Monthly Review" (Jan. 28) of the Chicago Reserve Bank
by Geo. J. Schaller, President, in which he says:
fourth
Bank
volume
than
The
of
summary
"the
in
1936, resulting in a 4% increase for the district.
The
increase at city stores was one
point below the district figure and the rural
store increase one point higher.
ago.
Seventh (Chicago) District
A
.
our
1936
Retail
let-down
7.8%
11.5% larger than in 1936.
was
declines
than
more
wholesale firms
by
in
the
...
of
.
(Minneapolis) District
Reserve
49
period of years
Volume
.
in
by
increase
an
trade
larger
sales
in
the
Yields of all
that
retail
products
below
Decreases
substantially
but
season,
earlier.
year
67%
increased
with
year
country lumber sales and wholesale sales
In part, the "Review" also added:
Sixth
usually
in
retail
December
business
of
also
Review" also states, in part:
weeks of
volume of construction contract
larger than seasonal increase in retail trade
available
all
status
seasonally adjusted indexes, was slightly
lower than in the preceding month."
The Bank's "Monthly
-
the
in the Sixth District.
Retail
"in
28)
measured
"Monthly Review" of Jan. 31, the Federal Reserve
of
substantial increase in
the
preceding month,
in
Federal
(Jan.
an
Bank
amount
Preliminary reports
Sixth (Atlanta) District
virtually
gauging
with the
ago.
Aside from department stores and some
distribution affected by the
holiday trade, all lines
investigated by this Bank showed decreases from a year
a
Ninth
of
stores
December
in
some
The
2.6% less than contracts awarded
only
production
in
in
averaging
.
building permits issued last month,
1936, valuation, but contracts awarded
totaled
Coal
lower
were
December, 1936,
.
in
December,
month
1936.
in
reflected
as
corresponding month
in
was
Automobile sales
December than
compared
as
of
used
the main crops were
measurably above
earlier and the five-year (1928-1932) average in the case of cotton
lesser productions, were the largest of record.
year
.
.
during the preceding 12 months and all
month
branches of retail
seasonal
and
1937
Reviewing
developments
in
December
and
early January,
employment continued to decline, but apparently did not fall as
rapidly
as
decreases
unem¬
for
than
the
measurements
of the several States.
a
the first three-quarters of
that
District
.
""l
line of busi¬
every
[Richmond]
1937, with
ployment and reduction in payrolls,
the year
the
in
quarter of
practically
Louis)
.
"Monthly Review," Jan. 31, of the Federal Re¬
we take the
following;
Although there
ness
other
merchandising
the
Bank of Richmond
serve
the
sales this
groups,
than
December, and farm employment and wage scales
at the end of the month were
measurably below those of a year earlier.
From
the standpoint of yields
per
acre
and production of principal
crops, 1937 was an exceptional year in Eighth District
agriculture, accord¬
ing to the United States Department of Agriculture and the departments
November, sales
were up more than
seasonally; special advertising and early clearance sales
apparently stimulated buying.
Z~Z
was
was
lumber, glass, cement and the entire category of building materials.
Factory employment and payrolls declined in considerably more
than
with
Fifth (Richmond) District
In all of these
sales
as
earlier, and with the exception of electrical supplies and drugs and chemi¬
cals, decreases from November were recorded.
At industrial plants, par¬
ticularly those producing durable goods, activities in December were at
the low point of the year.
This was true particularly of iron and steel,
was
reduced
were
strikes.
and
For
corresponding period
other
continued
favorable
more
1931.
recorded
field.
car
were
since
indices
moderate.
very
supply
December,
for
corresponding 1936 month when, however,
exceptionally good volume.
in
was
1937
years
1937, showed
the third week
been
electrical
developed in a number of important lines."
The
Bank also had the following to
say :
Notwithstanding the severe setback during the last half, results achieved
by local plants, and a slight improvement since the
beginning of
has been apparent, orders were only for limited
quantities.
year
much
has
releases
some
from the
and up to
year,
in
average
the
month
ment has
good share of the
a
District in
10-year
in
the
it is
by the St. Louis Federal Reserve Bank in its "Monthly
Review" of Jan. 28.
"The rate of decline, however, has
been much less acute than
during the early fall," the Bank
said, "and since the turn of the year quite distinct improve¬
in
responsible for
was
done
the
2%% in the drug trade.
for
noted
.
volume
November
over
in
decrease
average
The decline
that
while
trends which have been in progress since last
summer,
contraction
automobile
12%
than
1927-1936
Eighth (St.
acquired last year, and these apparently were quite successful.
Sales of
reporting stores in the first three weeks of January were 3.4%
larger than
in the comparable period of
early 1937.
December sales were 6% smaller
than
in
December, 1936, but they were up more than
seasonally from
The
the
December,
Trade and industry in the Eighth District during Decem¬
ber and the first half of January continued the
recessionary
in employment and payrolls in
December, and
low levels in the first half of January, retail
trade, as
reflected in department store 6ales, held
up quite well in both periods.
Special efforts were made to stimulate sales in order to reduce inventories
favorable
of
smaller
as
their continuing at
November.
gain
A
for
seasonal
last December totaled below the
iron and steel, automobiles, most other
those lines allied with automobile production such as
products, and
rubber
9%.
about
was
12, 1938
of 14^% in the hardware trade.
one
exceeded
increase of only
occurred in the Fourth District at this time in other
years."
The Bank, in part, adds;
In
trade
somewhat
par with what has
Feb.
trade and
sales
grocery
hardware
light
seasonal and in some instances not
the grocery
were
able.
number
the
of
business
smallest
...
failures
reported
in
and
the
the
20
amount
years
for
of
indebtedness
which
records
involved
are
avail¬
Volume
Financial
146
production during the last four months
Despite the curtailment in
of
output of petroleum in 1937 was the largest on record,
exceeding that in 1936 by 23%.
This increase was accompanied by an
expansion in the demand for petroleum, resulting in generally stable prices
the
the
year,
for crude oil
throughout the year.
.
.
past year, and
in 1936,
yields.
month,
wholesale trade in this
district showed more than the usual recession during December, but, with
the exception of farm implements and hardware, sales in individual lines
were
about equal to or greater than those in December, 1936.
Sales of merchandise at department stores in principal cities in the
Eleventh District showed slightly less than the usual increase in December,
but continued in larger volume than a year ago.
The increase in the
dollar value of sales from November to December was 57.6%, and the gain
over
December last year was 4.8%.
Preliminary reports indicate that
business in the first half of January was substantially better than in the
same period
of 1937.
merchandise
of
in
five
of
lines
Twelfth (San Francisco)
District
1937
to
in the Twelfth (San Fran¬
cisco) Federal Reserve District declined substantially, and
in December, 1937, general business activity in this region
output and construction activity
considerably lower than in December,
was
Reserve
Federal
29.
Jan.
Bank
further
It
of
San
1936," says the
date of
year
more
1936.
trade,
732,440
874,096
34,732
50,719
674,832
23,664
517,798
Total lumber
669,718
633,163
783,159
698,496
927,703
during the four weeks ended
was
rugs
Weekly
Movement—Week Ended
Lumber
of
Report
Jan.
29, 1938
29, 1938, were 25%
Softwood orders in 1938
were 23%
below those of similar weeks of 1937 and 21% below the same
weeks of 1936.
Hardwood orders showed loss of 66% as compared with
Orders received during the
below
those
of corresponding
about 55 %
61%
The 1938 week showed gains
over the previous week in shipments and new business, with
production about the same.
All items were lower than dur¬
ing the corresponding week of 1937.
For the eighth con¬
53 % of average 1929 shipments.
Production was
of the corresponding week of 1929; shipments, about
week's shipments.
that
of
secutive
week
new
orders exceeded production.
National
production reported for the week ended Jan. 29, 1938 by
7% fewer mills was 2% below the output (revised figure) of
the preceding week; shipments were 3 % above shipments of
that week; new orders were 3% above that week's orders,
according to reports to the National Lumber Manufacturers
Association from regional associations covering the opera¬
tions of important hardwood and soft wood mills. In the
week ended Jan. 29, 1938, production, shipments and orders
as
reported by 413 softwood mills were
respectively 18, 14
week of 1937.
and 19% below similar items in corresponding
The Association's report further stated:
29, 1938, 501 mills produced 133,758,000
shipped 170,539,000 feet;
Revised figures for the preceding week
production, 136,072,000 feet; shipments 166,037,000 feet;
During the week ended Jan.
of
feet
hardwoods
and
softwoods combined;
booked orders of 190,949,000
were
mills 541;
feet.
orders 185,077,000 feet.
|| All regions but Southern Cypress and Northern Hardwoods
orders in excess of production in the week ended Jan. 29, 1938.
reported
All re¬
Northern Hemlock and Northern Hardwood reported
shipments above output.
All regions reported orders below those of cor¬
responding week of 1937; all but West Coast reported shipments below,
and all but Northern Pine reported production below similar week of 1937.
Lumber orders reported for the week ended Jan. 29, 1938, by 419 soft¬
wood mills totaled 184,114,000 feet; or 46% above the production of the
gions but Cypress,
164,990,000
feet, or 31% above production.
Production was 126,043,000 feet.
Reports from 98 hardwood mills give new business as 6,835,000 feet,
or 11%
below production.
Shipments as reported for the same week were
5,549,000 feet, or 28% below production.
Production was 7,715,000 feet.
same
mills.
Shipments as reported
for the same week were
Identical Mill Reports
Last week's
production of 413 identical
feet, and a year ago
softwood mills was 125,403,000
it was 153,558,000 feet; shipments were
164,090,000 feet, and
feet, and
190,062,000 feet; and orders received
respectively
183,106,000
225,147,000 feet.
Production
and
Shipments
of
Lumber
During Four
Weeks Ended Jan. 29, 1938
We
four weeks ended Jan.
weeks of 1937,
corresponding weeks of 1937.
1938, gross stocks as reported
by 438 softwood mills were
3,942,045,000 feet, the equivalent of 112 days' average
production (three
1935-36-37), as compared with 3,638,251,000 feet on
1937, the equivalent of 104 days' average production.
year average
1938, unfilled orders as reported by
On Jan. 29,
554,911,000 feet, the equivalent of 16
with
give herewith data on identical mills for four weeks
1938 as reported by the National Lumber
ended Jan. 29,
Manufacturers
Association
on
Jan. 30,
434 softwood mills were
days* average production, compared
equivalent of 43 days' average
1,471,239,000 feet on Jan. 30,1937, the
production
General
Mills,
production
as
Inc.,
Statistics
summarizes the comparative flour
totaled for the mills reporting in the following
These mills annually account for approxi¬
the total estimated United States flour
milling centers.
mately 65% of
production.
PRODUCTION OF FLOUR
(NUMBER OF BARRELS)
Month of January
7 Mos.
■
Ended Jan. 31
1937
1938
1937
1938
Southwest
1,119,314
1,875,644
8,316,415
15,089,667
Lake, Central and Southern....
1,649,588
410,751
1,234,769
2,144,494
1,825,938
219,681
12,271,214
3,119,242
9,081,189
15,327,677
12,720,642
2,605,437
5,055,297
5.424,882
38,796,538
39,734,945
Northwest
Pacific Coast
Grand total, all mills
reporting.
Products—Crude Production Lowest
Moves to Pare Allowable—■
Stocks Decline—Well Completions Show
Petroleum and Its
in
Year—Oklahoma
Petroleum
Slump—Oil Companies Plan to Remain
in Mexico
Daily average crude oil production during the week enclecL
Feb. 5 was the lowest in nearly a year, and was approximately
indicated market demand estimated
of Mines at 3,438,200 barrels daily.
The 3,316,450-barrel total was off 41,200 barrels as com¬
pared with the final week of January but was 4,350 barrels in
122,000 barrels less than
during the week ended Jan. 29, 1938,
40% of the 1929 weekly average of production and
The lumber industry
stood at
by
hardwoods, loss of 58%.
three
first
the
Jan. 29, 1938, as reported
below that of corresponding
23%
wood production in
by reductions
furniture,
53.607
weeks of 1937. Soft¬
1938 was 22% below that of the same weeks of 1937
and 33% below the record of comparable mills during the same period of
1936.
Hardwood output was 27% below production of the 1937 period.
Shipments during the four weeks ended Jan. 29, 1938, were 19% below
those of corresponding weeks of 1937, softwoods showing loss of 16% and
these mills,
as
in sales of the more durable consumers' goods such as
and electrical appliances.
Preliminary reports covering
weeks of January indicate that department store sales
continued to be well maintained and were only 3% lower than in the first
three weeks of 1937.
for
1937
611,837
21,326
ago.
measured by department store sales, increased slightly
than seasonally in December but was 3% below sales in December,
Much of the year-period decline at department stores was accounted
Retail
1938
622,444
47,274
January Flour Production
Crude oil output increased slightly, but refinery
operations declined as is usual at this season.
Industrial employment declined by about the usual seasonal amount in
California, but in the Pacific Northwest the reduction was larger than
is customary in December.
Declines in payrolls exceeded seasonal propor¬
tions in both areas, reflecting not only the decrease in employment but
also a curtailment in working hours.
a
1937
Hardwoods
states:
the Twelfth District
continued to decrease, but the decline was smaller than in any of the three
preceding months.
A further reduction during December in value of resi¬
dential building was more than offset by an expansion in other private
building and construction.
Lumber production was curtailed sharply fur¬
ther in December to a level approximately 25% lower than in December,
1936.
Cement and steel production remained at levels appreciably lower
than
1938
483,066
Softwoods
1937
Francisco, under
December, industrial activity and employment in
In
Orders Received
Shipments
1938
On Jan. 29,
expanded in the spring and early summer
the highest levels of recent years, industrial
"After liaving
of
(Figures in 1,000 Feet)
Production
Production
the Bank says:
Distribution
Lumber
.
.
.
wholesale and retail trade during the
the
to
of 521 mills reported as follows to the National
Jan. 29, 1938:
average
large volume during the
the harvest of virtually all crops was considerably greater
as generally favorable growing and harvesting conditions
brought about larger per acre
As
An
Trade Barometer for the four weeks ended
.
Agricultural production in this district was in
than
991
Chronicle
Feb. 8:
by the U. S. Bureau
excess
year
of the total recorded
earlier, the American
for the corresponding period a
Petroleum Institute report dis¬
closed.
Three of the major oil States—Texas, Oklahoma and
Kansas—contributed to the decline, the lower production
for these offsetting higher totals recorded in Louisiana and
California.
Texas and Oklahoma totals were below both the
respective State and Bureau of Mines suggested quotas.
A 19,200-barrel reduction in Texas pared production there
to 1,216,600 barrels which contrasted with the State quota of
1,405,240 barrels set on Jan. 15 and the recommendation of
the Bureau of Mines of 1,365,7000 barrels daily.
The State¬
wide Sunday
shutdown of Texas wells which
in effect through Feb. 27.
became effective
Jan. 23 remains
barrels to
the State
suggested
by the Federal Oil Agency.
Kansas, at 179,950 barrels
daily, was off 7,100 barrels and compared with the joint
Oklahoma operators
slashed output by 20,800
bring the total down to 533,100 barrels, against
allowable of 535,000 barrels the 569,700-barrel total
State-Federal quota of 176,400 barrels.
A rise of 4,500 barrels in California production lifted
total on the West Coast to 729,700 barrels, against
the
the
659,000-barrel total recommended by the Central Committee
of California Oil Producers and the 693,700-total suggested
by the U. S. Bureau of Mines.
Louisiana gained 3,350
barrels to reach 244,700 barrels, against the 244,700-quota
fixed by the State and 239,400 recommended by the Govern¬
ment.
Although the February quota fixed by the Oklahoma
Corporation for the State's wells already is 35,000 barrels
under the Bureau of Mines recommended total, a strong
move to have production pared to a daily allowable of 500,000
barrels resulted in a decision to hold a proration meeting
Feb. 18 at which the question of reducing the current allow¬
able will be considered.
Should this reduction be ordered, it
would pare the Oklahoma allowable to around 70,000 barrels
less than the Bureau of Mines figures.
The oil and gas conservation experts of the Commission are
reported to have favored an immediate reduction in the hope
of stabilizing the price structure which is showing some signs
of weakness due to the inability of the Oklahoma market to
absorb more than a half-million barrels of oil daily.
This
was decided against, it was indicated, but it is almost certain
that whether or not the February allowable is reduced, the
992
March
Financial
Chronicle
figure set by the State control board will be sharply
lower than the current quota.
The continued ebb in crude-oil
were
off
138,000 barrels during the final week of January,
dipping to
304,286,000 barrels, the lowest in many months.
A drop of
nearly 300,000 barrels in stocks of domestic crude was only
partially offset by a gain of 157,000 in inventories of foreign
crude oil.
These above-ground stocks are
equivalent to
approximately 85 days' supplies—the lowest on a per diem
basis in several years—and
compare with stocks equal to
91 days' needs a year ago.
dispatch from Washington carried in
8 issue of the New York "Times"
reported that
"President Roosevelt expressed interest in a
pending crudeoil tax bill today in a memorandum to Chairman
Daughton
of the Ways and Means Committee and
cut to
Boland, majority whip and author of the bill.
report
data in
on
an
The
'somewhat
reserves as
more
made at
rate of
discovery greatly exceeding discoveries
during the past even years."
Under Representative Boland's
bill, a tax of 1 cent a gallon
on oil used for
fuel, with the exception of Diesel engine oil and
additional minor exceptions, would be
imposed.
This
levy, he has estimated, would raise'
approximately $168,000,000 annually.
While the President's memo did not urge
approval of the bill, Representative Boland stated that he
took
"great encouragement" from it.
Although well completions during the initial week of
February showed a decline of 19 from the previous week, the
total for the year to date of
3,049 wells was far ahead of the
2,871-total recorded for the
corresponding 1937 period.
Of
the 501 wells
completed during the week ended Feb. 5, 384
were oil
wells; 36 gas, and 81 dry holes, it was reported.
Although negotiations between foreign oil companies op¬
erating in Mexico and representatives of the Government
admittedly
are
at
a
stalemate
at
the
present time, the
foreign companies have no thought of
abandoning their
investments in the latter
country, T. R. Armstrong, of the
Standard Oil Co. (N.
J.) disclosed upon his return here this
week following a month of
conferences in Mexico City. On
contrary, he pointed out, they are making every effort
adjust themselves to the conditions now
existing and the
hope of repairing labor-capital relations so that both
might
survive.
gallon in New York
Other Cities—
Texas
Tide Water Oil Co
Shell Eastern....
>.05
-.05 H
.06J4-.07
Chicago
08 H
New
Orleans.
.07X
Gulf
ports...
.07 X
Warner-Quinlan.
—S.07H
Gulf
.08 H
Richfield OlKCal.)
.05H
.07 H
.
Tulsa
04H-.04H
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
| North Texas
$.05X ' Los Angeles..
(Bayonne)
Fuel Oil, F.O.B.
N.
Y.
(Bayonne)—
Refinery
$1.25
Diesel 28-30 D
2.20
Y.
(Bayonne)—
| New Orleans C
Phila., Bunker C
$1.05
1.35
1
i
or
Terminal
Chicago—
$.04^1
27 plus
Terminal
or
$1.00-1.25
Gas Oil, F.O.B. Refinery
N.
INew Orleans.$.05K-05X
I Tulsa
.03>6-.04
$.04
.03 H--05
I California 24 plus D
Bunker C
I Tulsa
28-30 D___
$.02J*-.03
|
$.053
Gasoline, Service Station, Tax Included
i
New York
r
Brooklyn
*
$.19
I Newark
|
.19
..
$.105
Boston
j Buffalo
$.175
I
.18
Not Including 2% city sales tax.
Daily
Average
Ended
The
daily
Crude
Feb.
5,
American
Oil
Production
1938, Placed
Petroleum
average gross
at
During Week
3,316,450 Barrels
Institute
estimates
that
the
crude oil production for the week ended
3,316,450 barrels.
This was a drop of
Feb. 5, 1938, was
41,200 barrels from the output of the previous week, and
the current week's figure was below the
3,438,200 barrels
calculated by the United States
Department of the Interior
to be the total of the restrictions
imposed by the various oil
producing States during February.
Daily average produc¬
tion
at
for
the
four
weeks ended
1938, is estimated
5,
The daily average output for the week
1937, totaled 3,220,750 barrels.
Further
Feb.
details,
as
6,
reported by the Institute, follow:
Imports of petroleum for domestic
United
a
Feb.
3,414,300 barrels.
ended
the
to
States
daily
average
ports for
the week
and receipts in bond at principal
use
ended
Feb.
5
of 117,857 barrels, compared with
barrels for the week ended Jan. 29 and
totaled
a
825,000
barrels,
daily average of 139,143
126,357 barrels daily for the four
weeks ended Feb. 5.
"As the
he
New York—
a
some
a
U. S. Gasoline (Above 65 Octane), Tank Car Lota, F.O.B. Refinery
alarm¬
made
gallon, from 6% to 7 cents
a
Stand. OU N. J._$.07tf
Socony-Vacuum.. .08
memo
ing than I had previously believed.'"
"For instance," the President
added, "present drilled re¬
serves are estimated to be
capable of supply demand only
until November, 1941, and to meet
expected demand during
20 years to come it would be
necessary, in addition to pro¬
duction from known
reserves, to discover 28,000,000,000
barrels of new oil.
Such new discoveries would have to be
6H to 7 cents
New York-
accompanying Interior Department
the Nation's oil
market weakened
gasoline
Harbor.
Representative
to
1938
12.
Feb. 8—Tank-car prices for 65-octane gasoline, refinery, were reported
the Feb.
referred
bulk
during
exerted a de¬
pressing influence upon the price structure. Although no
open price cuts were posted, it was reported that 65-octane
to 7 cents a gallon, tank-car,
gasoline is now available at
refinery, against the former price of 6% to 7 cents a gallon.
The sag in the bulk market has not affected the retail
New York gasoline market as yet but northern New Jersey
is still suffering from price-cutting.
Local distributors feel
that unless the overstocked inventories are cleared up by
rising consumption, the local retail gasoline price structure
will have to undergo revision.
Representative price changes follows
production is being felt in
Stocks of domestic and foreign crude oil
An Associated Press
York
the week, prices sagging as the heavy stocks
domestic petroleum stocks, reports of the Bureau of Mines
indicate.
New
The
Feb.
joint representative of the several oil companies,"
said, "I entered Mexico with an open mind on the
ques¬
tions at issue and the
ability of the employers to meet the
conditions
imposed; An offer was submitted on behalf of
the oil
industry which is certainly reasonable and which, I
firmly believe, recognizes the best interests of labor, the
Government and the oil
companies. Before arriving at this
offer, full account was taken of all factors and it embodied
the limit of conditions to
which the industry could afford
to go if it were to be
permitted to continue in business."
There were no crude oil
price changes posted.
Pricef of
$2.20
at Atlantic and Gulf ports,
for the week ended
a daily
average of 18,286 barrels
with 11,393 barrels daily for the four weeks ended Feb.
5.
compared
Reports received from refining companies owning 89% of the 4,159.000
barrel estimated daily potential
refining capacity of the United States,
indicate that the industry as a whole ran to
stills, on a Bureau of Mines'
basis, 3,155,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 86,484,000 barrels of finished and
unfinished gasoline and 118,619,000 barrels of
gas and fuel oil.
Cracked gasoline production by companies
owning 94.8% of the potential
charging capacity of all cracking units indicates that the industry as a
whole,
Typical Crudes per Barrel at Wells
(All gravities where A. P. I.
degrees are not shown)
Bradford, Pa
Lima (Ohio Oil Co.).
Corning, Pa
Illinois
Receipts of California oil
Feb. 5 totaled 128,000 barrels
on a
Bureau of Mines' basis, produced an
average of 695,000 barrels
daily during the week.
DAILY AVERAGE CRUDE
OIL
PRODUCTION
1.25
1.27
Darst Creek
1.09
1.35
Western Kentucky
Eldorado, Ark., 40
Rusk, Texas, 40 and
Central Field, Mich
Sunburst, Mont
1.22
Dept. of
State
Week
Change
Weeks
1.22
Interior
Allormble
Ended
from
Ended
Ended
1.42
Calcu¬
Feb. 1
Feb. 5
Previous
Feb. 5
Feb. 16
2.10
lations
1938
1937
1.40
Mid-Cont't, Okla., 40 and above.. 1.30
Rodessa, Ark., 40 and above
1.25
Smackover. Ark., 24 and over
0.90
$1.27
B.
1.42
Huntington. Calif., 30 and
Kettleman Hills, 39 and
Petrolla. Canada
(Figures in Barrels)
1.35
over
over
over
of M
Four
1938
Week
Week
(Feb.)
REFINED
PRODUCTS—MOTOR
FUEL STOCKS HIT NEW
HIGH
—GAIN SHOWN DESPITE
LOWER REFINERY OPERATIONSLOCAL BULK GASOLINE
MARKET SAGS
An increase of
1,640,000 barrels in stocks of finished and
unfinished gasoline
during the initial week of February saw
a new all-time
high of 86,484,000 barrels
established, re¬
ports made public by
disclosed.
The new
the
American
Petroleum
Institute
peak was equal to approximately 74
compared with 62 days'
supplies held a
year ago when demand was
running lower than its current
days' supplies,
as
levels.
Refinery stocks of
motor fuel climbed
886,000 barrels
to
54,261,000 barrels with holdings of gasoline at bulk
terminals
gaining 743,000 barrels to reach a total of
25,343,000 barrels.
Unfinished gasoline stocks of
6,880,000 barrels represented
gain of 11,000 barrels over the previous week.
Stocks of
gas and fuel oil were off only
174,000 barrels to
a
barrels, the small decline being due
118,619,000
to the lack of extended
cold weather.
The sharp climb in
gasoline stocks came despite a reduc¬
tion of 0.4% in the
operations of the Nation's refineries,
which ran at 76.7% of
capacity, against 77.1% for the final
week of January.
Daily average runs of crude oil to stills
off 15,000 barrels to
3,155,000 barrels.
A gain of
10,000 barrels in the daily average
production of cracked
gasoline lifted the total to 695,000 barrels
were
daily.
Oklahoma.
569,700
535,000
Kansas
176,400
176,400
West Central Texas
West Texas
543,550
591,750
184.350
165,150
55,550 —18,650
63,050
+50
26,900 —4,450
Panhandle Texas
North Texas.:
533,100 —20,800
179,950 —7,100
68,700
71,600
67,650
67,050
32,700
172,300
30,550
•
176,550
+950
89,350 + 10,100
187,900
East Texas..
424,000
+ 750
458,100
Southwest Texas.
Coastal Texas
203,950
179,250
—2,950
223,100
109,600
450,000
212,650
—5,000
190,750
182,650
East Central Texas
.
..
Total Texas
1,365,700 xl405 240 1,218,000 —19,200 1,313,000 1.298,550
North Louisiana
Coastal Louisiana
Total Louisiana
80,650
177,350
239,400
244,700
+2,200
79,750
+ 1,150
173,350
85,150
106,400
258,000
251,550
Wyoming
....
New Mexico.
—950
41,500
24,150
137,250
+4,500
+ 450
133,950
49,100
112,050
48,700
51,800
Michigan
253,100
41,500
52,800
Eastern
+3,350
36,800
130,000
Arkansas
Montana
Colorado
86,250
45,150
14,300
4,150
—5,650
49,450
13,850
46,350
106,050
—1,100
12,400
4,400
105,100
105,000
Total east of Calif..
2,744,500
California
693,700
3,438,200
y659,000
+ 850
—50
4,350
106,900
29,350
15,000
3,450
95.300
2,588,750 —45,700 2,693.100 2,632,050
+4,500
721,200
729,700
588,100
3,316,450 —41,200 3,414,300 3,220.750
x Allowable
effective Jan. 15. The State-wide Sunday shut-down order which has
been in effect since Jan. 23
reflects itself in the Texas figures herewith. This Sunday
shut-down order will remain in effect
through Feb. 27.
y
Recommendation
of Central Committee of California Oil Producers.
Note—The figures indicated above do not include
might have been surreptitiously
produced.
X
any estimate of any oil which
Volume
Financial
146
CRUDE RUNS TO
UNFINISHED
STILLS AND STOCKS OF FINISHED AND
993
Chronicle
ESTIMATED
PRODUCTION
BEEHIVE
AND
OF PENNSYLVANIA ANTHRACITE
COKE (IN NET TONS)
AND FUEL OIL WEEK ENDED FEB. 5. 1938
GASOLINE AND GAS
42 Gallons Each)
(Figures In Thousands of Barrels of
Dally Refining
Capacity
Finished and
Unfinished Gasoline
to Stills
Calendar Year to Date
Week Ended
Stocks of
Crude Runs
Jan.
Jan. 29,
Stocks
Jan. 30,
22,
1937
1938
1937
1938
1938
1929
c
c
of
Unfln'd
Finished
District
Total
P.
Oper¬
At Re¬
age
C.
P.
Aver¬
tial
Rate
ated
fineries
Terms., Nap'iha
Distil.
Ac.,
■
517
lncl.
Total,
colliery
244
10,976
1,227
9,125
6,655
4,379
2,519
482
1,768
3,483
1,685
10,181
428
992,000 4,575,000 3,832,000 0,466,000
269,400
159,700
190,600
165,300
945,000 4,356,000 3,640,000 6,000,000
1,189,000 1,318,000
219,700
198,200
Daily average
921
b Comm'l production. 1,132,000 1,255,000
Beehive Coke—
3,210
669 100.0
146
129
88.4
96
74.4
529
489
92.4
440
90.0
452
383
84.7
240
62.7
Inland Texas
355
201
56.6
128
63.7
2,200
166
282
Texas Gulf..
833
797
95.7
704
88.3
10,619
1,494
231
122
684
77.3
Anthracite—
fuel
Oil
980
669
Appalachian.
Mo
a
Fuel
12,250
1,641
4,469
East Coast-.
Ind., 111., Ky
Okla., Kan.,
Penna.
and
In
C.
Dally
Reporting
Poten¬
Gas
7,320
1,455
174
168
96.6
No. La.-Ark.
91
58
63.7
43
74.1
131
103
Rocky Mtn.
89
62
69.7
56
90.3
1,954
113
746
90.1)
494
66.2
11,320
2*622
1,279
77,214
3,702
89.0
2,840
76.7
50,191
24,713
4,070
630
28,000
63,600
4,767
10,600
474,100
261,600
10,464
112,600
4,450
4,504
Dally average
18,964
truck from authorized
Adjusted to make comparable the number
Includes washery and dredge coal, and coal shipped by
a
b Excludes colliery fuel,
operations,
c
of working days.
711
821
26,700
United States total
La, Gulf
California.
Reported
Est.
_
325
315
457
unrept.
72.6
487
6,600 115,829
280
2,790
3,155
4,159
4,159
4,159
'38
5
25,343
54,261
6,880 118,619
3,170
53,375
24,600
z3,035
Jan. 29 '38
6,869 118,793
45,354
20,218
7,094 101,724
4,159
U.S.B. of M.
xFeb.
'37
5
Estimated Bureau of Mines basis,
x
Month
According to preliminary estimates made by the
United
Coal
States Bureau of Mines and the National Bituminous
xEst.tot.U.S.
Feb.
Preliminary Estimates of Production of Coal for
of January, 1938
February, 1937 dally average.
z
Commission, bituminous coal output during the month of
January, 1938, amounted to 30,173,000 net tons, compared
with 40,940,000 net tons in the corresponding month last
year and 36,226,000 tons in December, 1937.
Anthracite
production during January, 1938 totaled 4,790,000 net tons,
against 4,025,000 tons a year ago and 4,698,000 tons in
December, 1937.
The consolidated statement of the two
aforementioned organizations follows:
as
Weekly Coal Production Statistics
The
weekly report of the National Bituminous Coal Com¬
mission disclosed that the total
the country in the
000 net tons, an
increase of 420,000 tons, or 5.8%, over
below that in 1936-37; anthracite production to
date is 1.9%
in its weekly report,
trend of anthracite production in
Pennsylvania was halted during the week of Jan. 29, total
output, estimated at 1,189,000 tons, being 9.8% less than
that of the preceding week.
In comparison with the corre¬
sponding week of 1937, however, there was an increase of
19.9%.
Cumulations for the calendar year to date are
19.4% above the same period of 1937.
ESTIMATED
the upward
STATES
UNITED
COAL,
PRODUCTION OF SOFT
Beehive coke
Anthracite-b
.
Coal Year to Date e
1937-38 1936-37 1929-30
1937
1938
1,270
8,977 340,989 365,225 446,270
1,726
1,423
1,326
1,446
7,200
1,200
a
Includes for purposes
5,378
5,116 249,750 212,716 194,569
5,616
the
of historical comparison and statistical convenience
production of lignite and anthracite and seml-anthraclte outside of Pennsylvania,
c Total barrels produced during the week converted to equivalent coal assuming
6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per pound of coal,
d Subject
to revision,
e Approximate coal years to date.
Sum of 44 full weeks ending Jan. 29,
Note that the coal year 1937-38
which helped to depress
1938, and corresponding periods in other years.
unusually large stocks of bituminous coal,
purchases during the summer of 1937.
with
began
WEEKLY
ESTIMATED
OF
PRODUCTION
COAL,
BY
5,281
1,631,000
25.1
25
161,000
271,900
26
10,458
historical comparison and statistical convenience, the
production of lignite and of anthracite and semi-anthracite outside of Pennsylvania,
b Total production, including colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations,
c Preliminary.
Note—All current estimates will later be adjusted to agree with the results of the
Includes for purposes of
a
complete canvass of production made at
the end of the calendar year.
Stocks of Coal in Consumers' Hands on
Jan. 1, 1938
Department of the Interior, in its
latest
declined
during the month of December, but the reserves on hand on
Jan. 1, 1938, showed a slight increase when compared with
that bituminous coal stocks
report showed
the beginning of the fourth quarter
hands of industrial con¬
The total stocks in the
of 1937.
Jan.
and retail dealers stood at
on
Of
47,121,000 net tons on
8.3% over the
Compared with the amount
on Jan. 1 showed an increase
1, 1938, an increase of 3,622 tons, or
corresponding date
hand
on
a year ago.
Oct, 1, the reserves
2.4%.
Unbilled loads
on
Jan.
1 increased 56.4% over Oct.
and 27% over the same date last year.
Stocks on the lake docks began their
the fourth
in
STATES
(IN THOUSANDS OF NET TONS)
(The current estimates are based on railroad car loadings
are subject to revision on receipt of monthly tonnage
and
and State sources, or of
180,700
26
Beehive coke
sumers
of wkly. output
26
«
Crude petroleum: c
Coal equivalent
cl,393,000
Anthracite-b
.......
the amount in storage at
d7,620
Daily average
4,504
26
40,940,000
4,025,000
Bituminous coal.a
Bituminous coal a:
Total, including mine fuel
191,600
26
c36,226,000
4,698,000
137,300
Bituminous coal.a
Beehive coke
WITH
Jan. 29 Jan. 22 Jan. 30
1938
1,202,000
25
December, 1937 (Revised)—
coal
'
25.1
4,790,000
117,100
...
The United States
Week Ended
■
30,173,000
January, 1938 (Preliminary)—
(In Thousands of Net Tons)
'
(Net Tons)
Anthracite, b
ON PRODUCTION OF CRUDE PETROLEUM
DATA
COMPARABLE
Day
Days
per
January, 1937 (Revised)—
The United States Bureau of Mines,
that
Wor liny
(Net Tons)
1
Bituminous coal.a
below that in 1936-37.
stated
of
Month
m
iT
the
stands 6.6%
Working
for
week ended Jan. 29 is estimated at 7,620,-
preceding week. Production in the corresponding week last
year amounted to 8,797,000 tons.
The cumulative production of soft coal in the year 1937-38
Average
Number
Total
HI
production of soft coal for
Jan. 1,
usual seasonal decline
6.4% higher on
quarter of 1937, but were
1938, than on Jan. 1, 1937.
and river shipments
SUMMARY OF
reports from distriot
1
COMMERCIAL STOCKS OF BITUMINOUS
YARDS
COAL,
INCLUDING STOCKS IN RETAIL
final annual returns from the operators.)
•44
Week Ended—
P. C. of
Jan. 22 Jan. 15 Jan. 23 Jan. 25 Jan. 19
1929
1936
1938 p 1938 p 1937 p
Avge.
Jan. 1,
e
Dec. 1,
Oct. 1,
Jan. 1,
1938 d
1923
1937
1937
1937
From
From
Prev.
Year
Ago
Quarter
2
2
2
2
232
232
283
230
Alaska
Alabama
376
434
93
182
100
112
115
148
215
172
1
1
1
1
959
1,144
1,335
1,285
1,665
322
332
334
422
422
659
65
Indiana
70
94
100
106
140
255
220
Total tons..
207
188
203
190
604
725
780
941
607
105
230
410
240
Stks. on lake
24
39
36
62
55
11
18
16
17
32
75
76
82
76
29
42
34
63
72
66
84
802
850
450
385
493
437
475
814
1,483
1,447
2,240
1,701
2,932
3,402
99
83
105
103
129
133
Tennessee
26
15
16
17
15
24
02
62
113
77
156
109
251
224
288
215
263
211
...
Utah..
...—--—
35
Washington
Northern b
Wyoming
40
1,388
1,404 1
460
406 1
112
117
*
.
Other Western States c
2
34
65
74
/ 1,580
2,102
1,134
749
762
112
160
86
444
167
1
7,200
7,400
9,632
8,4.50
11,900
1,318
1,253
836
1,009
1,723
11,850
1,908
8,518
8.653
10,468
9,559
13,623
13,818
the N. A W.. C. A O., Virginian, K. A M., B. C. A O.,
and on the B. A O. in Kanawha, 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
anthracite from published records of the Bureau of Mines,
e Average weekly
rate for entire month,
p Preliminary,
a Alaska, Georgia, North Carolina, and
South Dakota Included In "Other Western States."
♦ Less than 1.000 tons.
1,694,000
1,139,000
1,402,000
+ 56.4
+27.0
—17.2
—10.8
+9.5
+0.6
—15.1
+6.4
docks: c
5,496,000
6,459,000
Lake Michigan
2,740,000
3,238,000
6,634,000
3,071,000
Total
8,236,000
9,697,000
9,705,000
7,743,000
Lake
Superior
householders is not Included, b Coal In cars unbilled at the
mines or in classification yards as reported to the Association of American Railroads,
c Covers all commercial American docks on Lake Superior and on the west bank of
Lake Michigan as far south as Racine and Kenosha, Wis., but not including Chicago
and Waukegan, 111.
Based on figures courteously supplied by the Maher Coal
Bureau for Duluth-Superior and Ashland-Washburn docks and on direct reports
from all other commercial operators, not reporting to that Bureau.
Figures include
certain tonnage of railroad fuel which Is also included In reports of consumers
stocks,
d Subject to revision.
a
Coal In tbe bins of
Industrial Bituminous
».
their stocks during
December, the exceptions being the class I railroads and the electric power
utilities.
The largest decreases in terms of per cent were reported by the
coal-gas retorts, steel and rolling mills, and byproduct coke ovens, whose
stocks declined 14, 11.7 and 10.4% , respectively, when compared with the
All but two classes
Total bituminous coal
Includes operations on
31.7 days
87
1
Pennsylvania anthracite d
All coal
40.6 days
180
1
52
2,436
42.6 days
5,020,000
2,723,000
73
64
Mexioo
7.140,000
39.9 days
82
66
26
Montana.-
Virginia—Southern a
+ 25.9
Unbilled loads, b
205
142
North and South Dakota
Virginia
+8.3
—1.7
8,270,000
1,781,000
169
586
Maryland
Pennsylvania bituminous
—6.8
+2.4
7,900,000
Days* supply
Coal In Transit—
Michigan
Ohio
+ 12.0
+ 10.6
47,121,000 48,280,000 46,032,000 43,499,000
10
Western
+0.8
8,473,000
35,020,000
Industrial, net tons.. 39,221,000 40,010,000 38,892,000
Retail dealers.net tons
8
8
30
Kentucky—Eastern
a
Conumers' Stks.—a
166
Missouri
Kansas and
Texas
.
2,111
Iowa, -i
West
8
61
Carolina
Illinois
New
8
108
Arkansas and Oklahoma
Colorado
Georgia and North
Change
Jan.
Slate
of industrial consumers decreased
preceding month.
Industrial consumption In December from
26,433,000 net tons, as
tons,
longer month,
and on a
all classes of consumers was
against 26,883,000 tons in November.
In total
of 1.7% . However, December was a
daily basis the decrease averaged 4.7% .
this represented a decrease
994
Financial
INDUSTRIAL STOCKS AND CONSUMPTION OF BITUMINOUS
COAL IN
THE UNITED STATES, EXCLUDING RETAIL YARDS
(Determined Jointly by F. G. Tryon, Market Statistics Unit, National Bituminous
Coal Commission, and Thomas W. Harris Jr.,
Chairman, Coal Committee, National
Association of Purchasing Agents.)
Chronicle
Feb.
1938
12,
Wisconsin Steel Co.; one Ford Motor Co. furnace, and North Birmingham
No. 4, Sloss-Sheffield Steel & Iron Co.
The three furnaces put in blast were a Sparrows Point unit of the Bethle¬
hem Steel
Co.,
Pioneer furnace, Republic Steel Corp. and
one
a
Woodward
Iron Co. furnace.
Dec., 1937
Nov., 1937
(.Preliminary)
(Revised)
Change
Net Tons
Net Tons
9,090,000
7,273,000
1,109,000
308,000
396,000
8,956,000
8,115,000
1,256,000
358,000
415,000
13,440,000
7,605,000
14,090,000
—4.6
6,820,000
+ 11.5
39,221,000
40,010,000
-2.0
Stocks, End of Month, at—
Electric power utilities.a
By-product coke
ovens, b
Steel and rolling mills.c
—...
Coal-gas retorts.c
Cement mllis.b.......—
Other industrial.c
Railroads (class I)_e
The number of available furnaces making pig iron has been reduced from
Per Cent
—.......
...
239 to 238
by the abandonment
+ 1.5
—10.4
1933
3-,433,000
4,573,000
January
Other industrial.d..
Railroads (class I).e.............
March
269,000
839,000
144,000
417,000
1936
1937
57.448
62,886
1938
103,597
65,351
46,100
107,115
52,243
57,098
65,816
111,596
57,561
55.449
113,055
55,713
80,125
85,432
—
42,166
51,570
86,208
103,584
First six months.
24,536
54,134
54,138
74,331
108,876
57,821
59,142
50,742
49,041
83,686
56,816
87,475
112,866
116,317
59,216
91,010
113,679
68,864
98,246
66,891
67,950
100,485
48,075
67,556
63,658
100,305
June
—19.3
+ 4.3
114,104
—6.7
+ 7.6
—24.5
10,105,000
—0.9
7,103,000
+3.6
26,433,000
26,883,000
-1.7
302,000
100,000
consumption
1935
47,656
65,900
64,338
July
302,000
128,000
.
38,131
39,510
34,012
29,935
30,679
31,898
33,149
26,199
43,592
——
August......—.-.
September
October
43,754
—
November...
Total industrial
39.201
45,131
12 mos, average..
Cement mills, b
of
—12.2
217,000
783,000
165,000
315,000
10,010,000
7,359,000
Steel and rolling mills.c
1934
18,348
19,798
17,484
20,787
28,621
—4.6
3,580.000
4,014,000
Coal-gas retorts.c
furnaces
—14.0
May....—
Beehive coke ovens, b
Lackawanna
DAILY AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES BY MONTHS SINCE JAN. 1, 1933—GROSS TONS
April«.i,-»—
Industrial Consumption by—
Electric power utilities, a
By-product coke ovens.b
of the
one
—11.7
February
Total industrial stocks
of
Bethlehem Steel Co.
Additional Known Consumption—
Coal mine fuel...
...
Bunker fuel, foreign trade
36,174
December.—.....
PRODUCTION OF COKE PIG
-21.9
63,820
96,512
IRON AND
OF
93,311
FERROMANGANESE
(GROSS TONS)
Days' Supply, End of Month, at—
Electric power utilities
By-product coke ovens
Steel and rolling mills
Days' Supply
79 days
56 days
44 days
62 days
39 days
—2.2
75 days
—17.3
30 days
+30.0
42 days
Cement mills
Other industrial
+5.7
45 days
42 days
32 days
Coal-gas retorts
Days' Supply
78 days
53 days
29 days
+io".3
45 days
+ 2.2
;
Railroads (class I)
Total Industrial
46 days
....
Collected by the Federal Power Commission,
Mines,
c Collected by
National Bituminous
a
of
based
Collected by the U. 8. Bureau
Coal Commission,
d Estimates
reports collected Jointly by the National Association of
and the National Bituminous Coal Commission
from a collected
sentative manufacturing plants.
The concerns reporting are
sumers and afford a satisfactory basis for
estimate,
e Collected
of American Railroads.
Pig Iron
January
February
March
1937
1,429,085
Purchasing Agents
list of 2,000 repre¬
chiefly large con¬
by the Association
May—
of consumption in 1937, allowing
for changes In stocks, exports and
imports, have been running somewhat above the
current estimates of production.
The discrepancy, which amounts to about
3.6%
may be partly due to a downward bias In the
production estimates which are based
on railroad
carloadings and may not make full allowance for the growth of
ship¬
Half year
August
■
27,757
26,765
34,632
-
34,415
3,498,858
3,605,818
23,913
;
29,596
3,410,371
2,892,629
2,006,724
26.348
1,490,324
22,674
36,611,317
324,961
November
December
'
Year
x
23,060
24,228
170,857
October
partly be due to an upward bias In the estimates of in
dustrial consumption, or to both causes.
The subject is under investigation.
22,388
19,706,593
_.
July
ments by truck; or it may
y
1937
3,107,506
-
September
current estimates
1938
3,211,500
2,999,218
3,459,473
3,391,665
3,537,231
_
June
Ferromanganese
x
1938
April
b
on
Note—It is found that the
+ 1.3
These totals do not include charcoal pig iron,
26,100
25,473
Included in pig iron figures.
y
Industrial Anthracite
Stocks, consumption and days supply of anthracite
reported by electric
power
utilities, class I railroads and miscellaneous industrial
plants
f* mc
*
i
^
■
ANTHRACITE
AT
ELECTRIC'POWER
UTILITIES,
RAILROADS
52 f January Production and Shipments of Slab Zinc
The American Zinc Institute
are
shown in the following table:
on
Feb. 5 released the follow¬
ing tabulation of slab zinc statistics:
AND
SLAB
OTHER INDUSTRIAL PLANTS (NET
TONS)
ZINC
STATISTICS
(ALL GRADES)—1929-1938
(Tons of 2,000 Pounds)
P. C. of Change
Dec.,
1937 d
Nov.,
Sept.,
Dec.,
From
1937
1936
Prev.
Quarter
Stock at
During
Period
Period
End of
Period
602,601
436,275
314,514
218,517
75,430
143,618
6,352
129,842
41
124,856
170
344,001
Year 1936.
523,166
352,663
465,746
561,969
105,560
119,830
83,758
44,955
239
Year 1935.
631,601
504,463
300,738
213,531
324,705
366,933
431,499
Ago
Elec. Power Utilities—a
Year 1929.
Days' supply, end of mo..
Railroads (Class I)—b
Stocks, end of month
Consumed during month.
mo..
+7.2
+31.1
+5.2
—1.5
269 days
290 days
256 days
202 days
+5.1
+33.2
275,475
146,599
307,848
129,000
334,425
320,239
—17.6
—14.0
105,330
153,202
+39.2
—4.3
58 days
72 days
95 days
65 days
—38.9
—10.8
Year 1930.
Year 1931.
Year 1932.
Year 1933.
Year 1934.
Consumers—c
240,889
113,985
66 days
247,989
97,672
244,920
86,213
281,675
—1.6
—14.5
125,157
+32.2
85 days
70 days
—22.4
—5.7
Collected by the Federal Power Commission,
b Collected by the Association
American Railroads,
c Collected
by the National Association of Purchasing
Agents.
109 firms reported for November
and December, 1937; 110 firms for
September, and 113 firms for December, 1936.
d Subject to revision.
a
Stocks of anthracite and coke held
by a selected group of representative
retail yards are summarized in the
following table:
STOCKS
OF
DOMESTIC
ANTHRACITE
AND
Jan. 1,
Dec. 1,
1937
Oct. I,
1937
Jan. 1,
1937
From
From
Prev.
Ago.
405,364
436,046
a
36 days
50 days
62,072
Coke, days' supply.a
Anthracite in producers'
72,986
35 days
55 days
tons
storage yards
405,307
458,757
38 days
—29*4
—5.3
75,705
73,361
—18.0
—15.4
81 days
35 days
23,099
18,560
23,653
28,887
78,626
51,227
33.775
40,285
*35,719
37,794
46,953
24,616
March
53,202
59,635
18,183
42,786
*38,289
43,635
April
52,009
56,229
13,963
*38,979
43,660
*39,019
43,724
2,154,429 2,395,741 2.390,824 2,258,973
—4.6
January Pig Iron Output Down Only 4. i%
"Iron Age" in its issue of Feb.
10 reported that
production of coke pig iron in
January totaled 1,429,085
The
1,490,324
tons in December.
decline of only 4.1%
48,075 tons to 46,100 tons.
a
Age" further reported:
there were 91
furnaces making iron,
operating at a rate of
46,035 tons daily, compared with 95 furnaces
on Jan.
1, producing at the
daily.
Seven furnaces were blown out or banked
rate of 44,470 tons
and
were
blown in.
Independent producers took four off blast and
merchant producers put out or banked three
furnaces.
Of the three furnaces
blown in, one belonged to an
Independent producer and the other two were
merchant stacks.
three
Among the furnaces blown
out or banked were the
following: Standish,
one Eliza, Jones &
Laughlin Steel Corp.;
Anna, Struthers Iron & Steel Co.; one Otis, Otis Steel
Co.; one Calumet,
89,846
*38,417
41,177
*38,936
81,448
13,774
*43,270
*42,519
June
50,526
50,219
14,081
44,186
43,205
59,209
July
49,181
49,701
13,561
*43,007
46,199
*45,175
*42,186
46,171
82,596
*45,147
50,163
48,520
106187
*48,387
51,809
*49,860
50,324
*47,552
49,511
*46,311
48,812
*45,704
*47,190
51,715
*49,766
92,319
48,309
50,643
11,227
September.
50,027
47,737
13,517
October...
52,645
40,345
25,817
November.
49,393
32,676
42,534
51,787
29,545
64.776
.
Total for yr.
Monthly
589,932
49,161
570,111
47,509
48,687
avge.
January..
24,931
Equivalent retorts computed on
In total shipments.
Chateaugay Ore & Iron Co.;
40,588
55,201
*
with
77,969
*37,851.
55,012
43,429
67,143
50,578
75,086
*48,110
49,350
61,151
*46,158
49,300
48.339
*46,192
45.383
b Sub¬
compared
76,544
1938
—9.9
The daily rate last month
showed
from that in
December, or from
40,613
39,948
—11.5
Calculated at the rate of deliveries
to customers in the
preceding month,
On Feb. 1
18,585
26,651
18,273
8,478
15,978
30,786
51,186
47,769
—56.8
51 days
ject to revision.
The "Iron
*38,447
40,047
December
Retail Stocks, 351 Selected
Dealers—
Anthracite, net tons
Anthracite, days' supply
tons
32,341
37,915
February..
Year
Quarter
1938 b
gross
0
COKE
P. C. of Change
a
59
68,491
January...
August
Coke, net
Orders
End of
Period
Period
38,329
42,965
148
Unfilled
Retorts
During
May
Domestic Anthracite and Coke
OF
Average
57,999
31,240
19,875
21,023
27,190
32,944
196
—8.9
82 days
of
SUMMARY
Shipped Operating
End of
for
Period
Export
1937
Stocks, end of month
Consumed during month.
Days' supply, end of mo..
W
Retorts
Shipped
During
Year
Stocks, end of month
1,442,333 1,382,241 1,345,791 1,100,064
Consumed during month.
165,947
143,241
157,795
168,487
Days' supply, end of
Other Industrial
(a)
Produced
From
1937
Non-Ferrous
in
Last
88,532
24-hour basis,
Metals—Lead
and
20/ 42,423
\ *38,030
a
44,623
*41,659
145,400
J
Export shipments are Included
Zinc
Prices
Reduced
Week—Export Copper in Demand
"Metal and Mineral Markets" in its issue of Feb. 10
re¬
ported that domestic trade in non-ferrous metals was quiet
all week, which brought about a reduction in prices for both
lead and zinc.
Domestic copper was maintained at 10c.,
Valley, the situation here being relieved by a steady export
market for the metal.
Interest centered in the wage negotia¬
tions in the steel industry that terminated Feb. 9 in a state¬
ment to the effect that the terms of the contract that expires
March 1 have been continued, though provision has been
made for a conference on 10 days' notice for the purpose of
negotiating changes in the agreement.
Also, it was an¬
nounced that steel sheets have been lowered $4
publication further reported:
a
ton.
The
Volume
Financial
146
Copper
W Except
for
good demand for copper abroad, particularly for near-by
a
in the last seven days totaled 2,951 tons, which compares
on
to the fact that pressure
The tone
was
with 3,121 tons
just about steady, owing chiefly
here has been relieved since the foreign and domestic
markets have come within a fraction of
a
The January
cent of each other.
statistics for this country are expected to show another
substantial increase
production is being restricted in various producing
However,
centers to relieve the situation.
Foreign prices covered a wide range almost daily, with prompt metal
c.i.f. usual ports, with the
from 9.60c. to 9.80c.,
Sales
bulk of the business at 9.65c- and under.
still running in excess of the current rate of production.
Lead
Drying
the
Producers
with producers book¬
of business brought action to lower
up
The lower figure also be¬
prices on Feb. 8 from 4.90c. to 4 75c., New York.
came
contract settling basis of the American Smelting
& Refining Co.
New York and
The price closed yesterday at 4.75c.
4.60c. St. Louis.
St. Joseph Lead Co. reported sales of its brands in the
a
37,989
45,112
Nov.
Dec.
42,892
premium.
The labor strike started
Chihauhua, Mexico,
Jan. 26 at the Boquilla Dam power
on
settled
was
plant in
This assured resumption of
Feb. 3.
on
lead production from mines in the Chihauhua and Parral districts.
The following
tabluation shows total lead stocks at the works of smelters
and refiners in the United States
so
far
reported, in short tons:
as
Canada
15,070
16,920
17,781
17,249
17.760
200,685
Mexico
20,084
21,513
19,743
21,133
21,307
20.761
1,830
1,800
1,583
el,400
el,400
246,563
18,998
4,911
15,497
4,075
3,802
3,659
1,221
4,343
15,210
15,976
15,006
3,849
17,993
16,519
3,557
4,005
3,527
1,224
Austria and Yugoslavia
France
Germany
Poland
1,213
1,268
1,466
Other Europe b_
16,200
Australia
20,196
17,300
20,965
22,996
7,252
2,250
7,252
7,252
Tunis
2,412
2,595
5,100
6,900
8,800
Burma
a
1,113
3,527
1,168
17,400
16,300
187,000
24,878
19,826
7,252
249,032
2,599
1,764
30,446
10,700
7,500
89,500
7,252
52,081
10,569
b Belgium, Russia, Great Britain, and Czechoslovakia; partly
d Argentina, Peru,
smelted in United States; partly estimated;
ore
also inclusive of what is probably the major part of the production Spain,
mated or partly estimated.
United
TONNAGE
Smelters and refineries
In transit to refineries
4,151
In process at refineries
States
Steel
14,610
106,583
6,990
OF
SHIPMENTS
we
a decrease of 631,596 tons or
list the figures by months since
PRODUCTS
STEEL
OF
BY
MONTHS
January statistics brought out offerings
of 25 points.
5c. metal and unfavorable
Feb. 7, at
on
a
reduction in price
On Feb. 7, however, some business was booked at the top
figure, which accounts for
As
soon as
split quotation for that day of 4.75@5.00c.,
a
the news got abroad that
metal was available at the
lower level, the market dropped to the 4.75c. basis in all
industry had counted on
and, when the figures were announced, showing production of 48,687 tons,
not
much
below
Shipments to
appointment.
than in December,
The rate of tin-plate operations is reported to
35 to about 40%
tin by the Navy Department has
seven
the price fluctuated be¬
Sellers noted better inquiries, however, as sentiment
have increased from
been
Buying of
during the last week.
steady basis during the past
on a
months, and estimates in the trade place purchases at about 1,000
tons in
period.
Seeking to assure an ample supply of tin for this
hearings in
Washington last week on the McReynolds Tin bill
that
country,
indicated
that
possibly to treat tin
Chinese tin,
39.100c.;
for
agitation
99%
ores
,
establishing a
nominally
as
4,
39.375c.
DAILY
369,938
August
378,023
September
370,306
PRICES OF METALS
("E. & M. J."
Straits
Electrolytic Cower
QUOTATIONS)
Zinc
Lead
Tin
New Yorl
Dom.,Refy. Exp., ftefy.
979,907
984,097
October
343,962
November
366,119
December
418,630
Yearly adjustment. —(19,907)
—(23,750)
886,065
950,851
1,107,858
1,047,962
923,703
961,803
1,007,417
882,643
614,933
686,741
681,820
661,515
Total for year
792,310
1,067,365
587,241
489,070
—(40,859)
7,347,549
5,905,966
10,784,273
12,825,467
January Steel Output Was 1,732,266 Tons
New Yorl
'
St. Louis
the American Iron and Steel Institute,
St. Louis
represented the lowest
output for any January in the past 20 years except
in 1932
and 1933.
was 63% below the output of 4,724,894 gross
January of last year, which was the highest for
any January on record.
January, 1938, production, however, was nearly 18%
greater than in December of last year, when 1,472,241 gross
The total
in
tons
produced.
producing last month's tonnage the steel industry
operated at an average of 29.14% of capacity, as against
25.36% in December and 81.43% in January of last year.
An average of 391,031 gross tons of ingots was produced
per week in January, it is calculated.
This figure compares
with a calculated weekly output of 333,086 gross tons in
December and with 1,066,567 gross tons in January, 1937.
tons
follows: Feb. 3, 39.100c.; Feb
7, 39.125c.; Feb. 8, 39.125c; Feb. 9,
5. 39.250c.; Feb.
Feb.
tin smelter in this country,
from South America, has been revived.
was
July
783,552
598,915
578,108
547,794
624,497
Production in January of 1,732,266 gross tons of openhearth and Bessemer steel ingots, as announced Feb. 8 by
Business in tin was spotty during the week as
and 41c.
985,337
Stocks of 88,532 tons are the
1,187 tons.
Wall Street improved.
582,137
668.056
591,728
Sales of the common grades of zine in the week
Tin
on
643,009
745,064
1938
518,322
during January were even lower
consumers
falling to 24,931 tons.
largest since October, 1935.
ended Feb. 5 totaled
588,209
Year
level, there was general dis¬
December
the
385,500
1,149,918
1,133,724
1,414,399
1,343,644
1,304,039
1,268,550
1,186,752
The
directions.
fairly substantial reduction in output for January,
a
Year 1937
721,414
676,315
June
Zinc
of zinc in
Year 1936
534.055
May
208,803
194,836
consumers
Year 1935
331,777
Month
9,294
At smelters.
Inability to interest
Year 1934
January
February
119,837
FOR
INDICATED
YEARS
March
...
Total stocks..
tween 40
Esti¬
Corp. Shipments Show Gain
April
Refined lead
Antimonial lead.
was
e
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
January, 1938, totaled 518,322 tons, an increase of 29,252
tons
over
the December,
1937, figure of 489,070 tons.
However, when compared with the figure of January, 1937,
10,959
2,219
14,413
In base bullion:
which
87,024
Includes Australian lead refined in Great Britain,
c
Japan, and the product of foreign
55%.
In the table below
January, 1934:
51,933
In ore, matte, process, a
St. Louis.
14,258
157,758 158,352 158,584 164,146 172,049 165,665 1,889,793
Domestic only,
estimated,
17,300
20,489
7,252
17,500
42,845
182,932
43,102
4,465
3,417
958
6,700
c
it will be noted that there is
Jan. 1
Dec. 1
a
1937
497,408
47,423
42,460
15,713
offering metal freely at this level, with few consumers dis¬
are
playing interest.
East at
42,480
a
World's totals
Sales of lead continued to be light during the week,
ing less than 1,000 tons.
United States
Sept.
Elsewhere, d
(Feb. 9)
On yesterday's
business abroad, sales were reported at prices ranging
are
Year
Oct.
Aug.
July
Italy
commanding a premium over forward copper.
abroad
duction, by countries,{for the last half of 1937, together with
thejannual totals, in shortens, follows:
All of the modest volume of business was booked
week.
the basis of 10c., Valley.
in stocks.
995
Domestic sales
delivery, the market was featureless during the last week.
in the previous
Chronicle
were
In
Feb.3
9.775
9.500
40.600
4.90
4.75
5.00
Feb.4
9.775
9.400
40.600
4.90
4.75
5.00
Feb. 5
9.775
9.400
40.750
4.90
4.75
5.00
9.425
40.625
4.90
4.75
4.75@5.00
(Calculations based on reports
40.625
4.75
4.60
4.75
open
40.875
4.75
4.60
4.75
40.679
4.85
4.70
4.896
Feb.7
9.775
Feb.8
9.775
9.275
Feb.9
9.775
9.300
9.775
9.383
.
MONTHLY PRODUCTION OF
OPEN HEARTH AND BESSEMER
INGOTS—JANUARY,
STEEL
1937, TO JANUARY, 1938
of companies which In 1936 made 98.29%
hearth and 100% of the Bessemer
of the
ingot production)
Calculated Monthly
Average..
They are reduced to
All prices are in cents per pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis: that is,
delivered at consumers' plants.
As delivery charges vary with the destination, the
the basis of cash, New York or St. Louis, as noted.
Month
Tons
of Capacity
{Gross Tons)
1,732,266
29.14
391,031
4.43
January
4,724,894 ,/
81.43
4,413,832'
84.25
5,216,243
89.90
1,066,567
1,103,458
1,177,481
4.43
February
14,354,969
85.23
1,116,250
12.86
4.29
1938—
January
1937—
Delivered
prices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic
seaboard. On foreign business in copper sellers usually name a c.i.f. price—Hamburg,
March
Havre, and Liverpool.
The c.i.f. basis commands a premium of 0.350c. per pound
above f.o.b. refinery quotation.
April
are
Weeks in
Per Cent
United States
markets, based on sales reported by producers and agencies.
figures shown above
Number of
Weekly
Production
Cross
finery, 9.775c.; export copper, 9.488c.; Straits tin, 40.763c.; New York lead, 4.900c.;
St. Louis lead, 4.750c.; St. Louis zinc, 5.000c.; and silver, 44.750c.
The above quotations are "M. & M. M.'s" appraisal of the major
Calculated
Production
Period
Average prices for calendar week ended Feb. 5 are: Domestic copper f.o.b. re¬
net prices at refineries on the Atlantic seaboard.
First quarter
4.00
44.3
3M
(.Bid)
Lead
Tin, Std.
Spot
3M
88.76
1,181,922
1,162,495
74.46
975,236
4.29
14,404,058
84.53
1,107,153
13.01
First six months
Copper
3M
Spot
28,759,027
84.88
1,111,675
25.87
4,556,001
4,875,671
4,298,354
78.48
83.79
1,030,769
1,100,603
4.43
76.46
1,004,288
4.28
—
4.43
Zinc
Electro.
Spot
90.24
Second quarter
Dally London Prices
Copper, Sid.
5,070,445
5,149,851
4,183,762
May
June
Spot
3M
July
Feb. 3
39X
39 X
43X
180 X
180 H
15%
15?*
14*16
Feb. 4
38X
38^
179X
179X
15X
15H
38'ie
38l*i«
180 X
180 X
15*16
15»u
14 H
14 H
14*16
Feb. 7
42 X
42 X
Feb. 8
38»i»
38^
178 H
14"ie
15*18
14
14*16
39
42^
43tf
178X
Feb. 9
181X
181X
15X
157ie
14K
4.42
14 H
39X
Prices for lead and zinc are the official
buyers'
August
September
14 K
prices for the first session of the
London Metal Exchange; prices for copper and tin are the
prices
14»i6
Third quarter
13,730,026
79.61
1,045,699
13.13
Nine months
42,489,053
83.10
1,089,463
39.00
3,392,691
2,153,781
58.31
765,844
4.43
38.22
502,047
333,086
4.29
1,472,241
25.36
7,018,713
40.67
534,149
13.14
49,507,766
72.39
949,516
52.14
official closing buyers'
October
All are in pounds sterling per long ton (2,240 lb.).
November.
December..
Refined Lead Production of the World
World production of
Fourth quarter
refined lead in 1937 totaled 1,889,793
Total
tons, according to the American Bureau of Metal
Statistics.
This compares with 1,646,154 tons in 1936 and
of 1,341,856 gross tons
the all-time
Open hearth and Bessemer
4.42
short
high of 1,932,520 tons in 1929.
Monthly
pro¬
based on annual capacities as of Dec. 31, 1937, as follow
ingots, 69,964,356 gross tons.
996
Financial
Steel Ingot Rate Holds at
The
"Steel"
31%—Scrap Prices Weaken
"Iron
Age" in its issue of Feb. 10 reported that,
overshadowed by interest in the wage negotiations are
other
developments indicating that the period of hesitancy
in
business is not over.
Steel ingot production for the
country stands at 31%, unchanged from last week.
Some
districts report slight improvement, with Pittsburgh up
fractionally to 31%, the Cleveland-Lorrain area a point
higher at 27%, and Chicago a point lower at 24%. Other
important centers, such as Youngstown and WheelingWeir ton,
unchanged.
January
ingot production of
1,732,266 tons was the lowest for any January in 20 years,
excepting 1932 and 1933.
The "Iron Age" further stated:
are
Reflecting continued low melting rates,
live weeks, have turned down with No
1 heavy
a
melting steel off 25c. at
$1
With weakness
a ton.
except in export classifications at Philadelphia, the "Iron
Age" composite price (an
prices) was
prices, after holding for
scrap
Chicago where other grades dropped from 50c.
at other centers,
of Pittsburgh, Chicago and Philadelphia
lowered by 8c. to $13.92
average
j^The steel industry finds its principal outlets still operating
low
on recent
production schedules.
Automobile manufacturers report
cars,
providing
a
Improved sales, particularly in used
basis for hope that the used
jam will be broken and
car
that assembly schedules requiring increased amounts of steel are not far off.
A slash of $100 by Packard on all six-cylinder models has aroused
speculation
as to maintenance of automobile prices generaUy, but
reports from Detroit
mdicate
unanimity of opinion for widespread reductions.
Purchasing by the railroads remains light, pending the Interstate Com¬
no
Commission decision
merce
plansja $1,253,000
road
a
freight rate advance.
Steel for six locomotives to be built for the
by American
iLocomotive Oo.
Bangor & Aroostook is inquiring for 500 box
50 rack
The New Haven
modernization program and contemplates purchase
car
of about 7,600 tons of rails.
Milwaukee
on
be bought
will
shortly.
100 70-ton hoppers and
cars,
cars.
Structural steel lettings for the week, including an award of 1,285 tons
American Rolling Mill Co. expansion at Middletown, Ohio, are the
for
lowest since mid-October, with new projects of 11,700 tons
covering 5,000
tons for a Pittsburgh|bridge and 1,020 tons for a
span between Lewis ton,
Idaho, and Clarkston, Wash.
Chronicle
The Bureau of Reclamation is inquiring for
1,400 tons of reinforcing bars, with reinforcing awards this week totaling
be placed mostly in
the(South for March-April
delivery.
Meanwhile the
reported 4.1% under December.
tons
January's total production
of the iron and
summary
from the conditions of several weeks.
The
one
bright spot, promising fairly large buying in the next few weeks,
is found in
shipbuilding.
proceeds.
Placing of several tankers is likely to bring
tolmills, followed by heavier purchases
immediate tonnages
Bids on the
as
some
construction
12 cargo ships under the aegis of the Maritime
Commission have been opened and distribution is likely to be made soon.
-^Automobile needs
the
light in view of shortened production of
are
(agricultural implement industry
smaller steel requirements.
maintain their policy
consumers
until the wage and price situation clears.
*Pig iron output in January totaled 1,439,191 tons,
1,503,474 tons made in December.
withl48,499
January, compared
lowest since December,
1934.
This
loss of 4.3%
a
from
The daily rate was 46,426 tons in
tons in December.
These figures are the
the lowest January output since
was
1934 and compares with 3,219,741 tons produced in January, 1937.
Active
stacks at the end of the month numbered 91, the lowest since June,
also at 91, and the lowest for
In January,
1937,
January since 1935 when only 89
total of 169 stacks
a
were
were
of adjustments
1935,
in blast.
producing.
Steelmaking operations last week receded 2 points to 31%,
result
and
cars
is in its seasonal quiet period, with
Miscellaneous
makingjno future commitments
of
the
at practically every center.
as
the net
Pittsburgh advanced
2 points and Chicago lost 2 points, with other changes from the preceding
week for
the most part
equally small.
Pittsburgh operated at 32%
up
,
2 points; Birmingham, Ala., advanced 3 points to 63% ; Cincinnati gained
4 points
to 44; Cleveland 2 points
Chicago lost 2 points to 25%
to 33,
Louis 8 points to 29.
and St.
Eastern Pennsylvania 1 point to 30; Youngs¬
;
Ohio, 1 point to 26; Wheeling, W. Va., 2 points to 44; Detroit, 5
town,
points to 47, and Buffalo, 4.5 points to 14%
New England remained
•
un¬
changed at 20%.
Expectation of large buying by railroads in the event
allowed
is
being discounted
heavily.
On
a rate
advance is
volume of traffic the
present
financial situation of the carriers would not warrant heavy buying and the
feeling is growing that higher charges in the absence of heavy movement will
not
yield
some
had
as
been expected.
and rolling stock requirements
likely to be the
the
business
much
as
track
decision
pressing and
source
can not
Steel exports
of
some tonnage
Current
rates.
on
hand
are
of
on announcement
are
for 1937 attained sixth rank, exceeded only by the period
40%
were
usually leading by
greater than in 1929.
In New York this week attempts to reach agreements
covering export
sales of sheets and strip by fixing of
also the largest ever recorded.
sentatives of the International Steel Cartel and the Steel
Scrap exports
A feature of the scrap movement
same tonnage
as
the Far East,
This indicates extent of the
wide margin.
a
materials in Europe.
raw
On the other
pressing that they
buying by railroads Indicates needs
Europe took approximately the
the latter
so
immediately
totaled 4,095,894 tons, an all-time high.
that
are
be held back until after the rate request is answered.
1916-1920, inclusive, and
hunger for
compared with 1,490,324 tons in December.
in its
With all important consumers of steel remaining out of the market except
was
1,429,085
was
Cleveland,
1938
13,
for imperative needs the situation shows no improvement and little change
was
January dailyjjaverage of pig Iron productinon in the United States
Feb.
steel markets, on Feb. 7 stated:
3,675 tons.
Japan is reported in the market for 50,000 tons of pig iron, expected to
of
Exports of pig iron and tin plate
were
priced commodities.
quotas were being made by repre¬
Export Association
an
increase in
Automobile assemblies last week
of America.
THE "IRON AGE"
week before.
COMPOSITE PRICES
Based
a
slight decrease
value, due to larger tonnage of higher
were
51,443, off about 8,000 from the
General Motors made 21,230, compared with 21,475; Ford
assembled 20,700, against 22,765; Chrysler dropped to 2,950 from 5,950;
Finished Steel
Feb. 8, 1938, 2.605c. a Lb.
One week ago
2.605c.
on
steel bars, beams, tank plates,
Independents slumped to 6,563 from 8,933.
After
advancing for
seven
consecutive weeks and remaining unchanged
2.605c.
One month ago
One year ago
for two weeks the composite price of steelmaking scrap last week dropped
2.330c.
_
wire, rails, black pipe, sheets and hot
rolled strips.
These products represent
85% of the United States output.
7 cents to $13.83.
Hioh
1937
2.605c.
9
2.330c.
1936
2.330c.
Dec.
28
2.084c.
Mar. 10
2.130c.
Oct.
Mar.
1
2.124c.
Jan.
Mar.
2
2.199c.
Apr.
24
2.008c.
Jan.
2
2.015c.
Oct.
3
1.867c.
Apr.
18
1932
1.977c.
Oct.
4
1.926c.
Feb.
1
1930
2.273c.
Jan.
7
2.018c.
Dec.
9
1927
2.402c.
Jan.
4
2.212c.
Nov.
1
Pig Iron
Feb. 8. 1938, $23.25 a Gross Ton
Based
23.25
on average of basic Iron at Valley
furnace and foundry irons at Chicago,
Philadelphia,
Buffalo,
Valley
and
20.25
One week ago
One month ago
Southern iron at Cincinnati.
$23.25
One year ago
from the
same cause
and stands at $38.94.
For the industry as a whole the output for the week ended Feb.
week and
31% two weeks
$23.25
19.73
Nov. 24
18.73
Aug. 11
18.84
Nov.
5
17.83
May 14
week before and 31 X%
17.90
May
16.90
Jan.
with
1934
$20.25
Feb.
16
27
J®33-._.
1932
16.90
Dec.
13.56
Jan.
3
14.81
Jan.
13.56
Dec.
6
1930
18.21
Jan.
15.90
Dec.
16
19.71
Jan.
17.54
Nov.
1927
1
Feb. 8, 1938, $13.92 a Gross Ton
ago.
Steel is estimated at approximately 32%
30X%
,
two weeks ago.
compared with 32X%
,
against 32X%
in the
Leading independents are credited
in the preceding week and 31%
two
weeks ago.
The following table gives a comparison of the percentage of production
which the nearest corresponding week of previous years, together
with the
Based
$14.00
14.00
One year ago
S.
7, is
in the previous
approximate changes, in points, from the week immediately proceeding:
Steel Scrap
One week ago
One month ago
U.
This compares with 32X%
of capacity.
1936
9
The finished steel composite is
Steel ingot production by subsidiaries of the U. S. Steel
Corp. last week was ahead of the average for the entire
industry, according to the "Wall Street Journal" of Feb. 10.
The big company's rate went down only }A of 1 point, while
that of leading independents declined 2 points, and the
industry as a whole was off about 1 lA points.
The "Journal"
further reported:
1937
Mar.
drop of 50 cents at Chicago,
unchanged at $61.70.
placed at 31%
Low
High
1935
a
The iron and steel composite lost 3 cents
trading.
8
1933
•
The change was caused by
the basis of dealer
on
Love
1935
1934
in volume from 1936 but
Imports for 1937 showed
on
No.
1
heavy, melting steel
quotations at Pittsburgh, Philadelphia
and Chicago.
19.00
31
independents
U. S. Steel
industry
1938
32
—1H
SOX
X
—
1937
High
1937
$21.92
1936
84
+4
79
+5
88
1936
52
+ 1X
46
+3
Mar. 30
$12.92
Nov. 16
1935
54
48
+ 1
58
17.75
Dec.
21
12.67
June
1934
+3
35
+3
42
13.42
Dec.
10
10.33
+ X
X
+2X
—
X
27X
+
X
53
+2
83X
+3X
—2
57
Low
9
+3
---
—1
X
+2X
1933
Mar. 13
9.50
Sept. 25
1932
27
Aug.
8
6.75
Jan.
3
1931
49 X
Jan.
12
6.43
July
5
1930
Feb.
18
11.25
Dec.
9
79 X
87
+3
15.00
+1
89
+ 1
84
+
15.25
1933
Apr. 23
13.00
1934
1932
39H
19H
12.25
1935
Jan.
17
13.08
Nov. 22
1928
85
+1
88 H
+ 1
+2
80
81
+1
+ 2X
90
1927
73
+2
8.50
1930
1927
The
American
Iron
and
Steel
Institute
on
Feb.
7
1929
16
+
22
+1
28 X
.
+
47
•
X
+3
76
+3
X
an¬
nounced that
telegraphic reports which it has received indi¬
operating rate of steel companies having 98%
of the steel
capacity of the industry will be 30.7 % of capacity
for the week
beginning Feb. 7, compared with 30.5% one
week ago, 27.8% one month
ago, and 80.6% one year ago.
cated that the
This represents an increase of 0.2
points, or
estimate for the week ended Jan.
0.7%, from the
Weekly indi-
31, 1938.
Emergency Crop and Feed Loans for 1938 Made
Available
Emergency
by
crop
Farm
Credit
Administration
and feed loans for 1938,
the Joint Resolution of Congress,
available to farmers within the next 10
1927—
Jan.
Jan.
4
11
Jan.
18
Jan.
25
Feb.
1
Feb.
8
1937—
-.79.4% Apr.
19
Apr,
26
Feb.
75
...80.6% May
3
-.77.9% May 10.
-.79.6% May 17
...80.6% May 24
...81.6% May 31
Feb.
22
...82.5% June
7
June
14
Mar.
1
Mar.
8
Mar. 75
Mar. 22
Apr.
Apr.
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
2
9
16
23
30
7
13
20
27
-.87.3% June 21
75.9%
Oct.
June 28
75.0%
67.3%
82.7%
82.5%
84.3%
Oct.
11
Oct.
18
Oct.
25
—89.6% July
-90.7% July
12
5
—89.9% July
12... -90.3% July
26
Mar. 29
1937—
91.3%
92.3%
91.0%
91.2%
90.0%
91.0%
77.4%
76.2%
76.6%
5
19
4.
Nov.
1
Nov.
8
as
authorized by
approved Feb. 4, will be
days, according to
a
1937—
85.5%
84.6%
83.2%
83.8%
84.1%
71.6%
80.4%
76.1%
74.4%
66.1%
63.6%
55.8%
52.1%
48.6%
41.0%
Nov. 15
Nov. 22
Nov. 29
Dec.
6
Dec.
13
Dec.
20
Dec.
27
36.4%
31.0%
29.6%
27.5%
27.4%
23.5%
19.2%
3
Jan.
10
Jan.
17
Jan.
24
Jan.
31
Feb.
7
the
25.6%
27.8%
29.8%
32.7%
30.5%
30.7%
by S. P. Lindsey, Jr., Director of
Emergency Crop and Feed Loan Section of the Farm
Administration.
Director Lindsey said the 1938
Credit
emergency crop
farmers
1938—
Jan.
statement issued Feb. 7
who
The money
loans will be made, as in the past, only to
obtain credit from any other source.
cannot
loaned will be limited to the farmer's neeessary
growing his 1938 crops or maintain¬
and actual cash needs for
ing his livestock.
ment issued
The following is also taken from a state¬
by the FCA:
Volume
various comities,
which any one farmer may borrow from the emergency
1938 is $400. The interest rate on the loans is 4%
The largest amount
loan offices in
crop
a
of the
year.
The emergency crop
covering the entire body of reporting member banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of
the Federal Reserve System for the week ended with the
Banks
the week ended Feb. 9 member bank reserve
balances decreased $44,000,000.
Reductions in member
bank reserves arose from increase of $2,000,000 in Treasurycash other than inactive gold, $13,000,000 in Treasury
$50,000,000 in
deposits with Federal Reserev banks, and
close of business Feb. 2:
non-member deposits and other Federal Reserve accounts,
offset in part by an increase of $4,000,000 in Treasury cur¬
and
a
The
banks on Feb. 9 were estimated
approximately $1,410,000,000, an increase of $20,000,000 for the week.
Inactive gold included in the gold
stock and in Treasury cash amounted to $1,223,000,000 on
Feb. 9, unchanged for the week.
The principal changes in holdings of bills and securities
were an increase of $10,000,000 in United States Treasury
bills and decreases of $8,000,000 in United States Treasury
bonds and $2,000,000 in United States Treasury notes.
The statement in full for the week ended Feb. 9, in com¬
ties and $11,000,000 In
be
Industrial
all reporting
1,000,000
other
offset by decreases in most of the other districts,
Member bank reserve balances
7,205,000,000
6,306,000,000
Money in circulation
3,650,000,000
156,000,000
Treasury cash
+4,000,000
R. bank..
Holdings of obligations fully guaranteed by
for the week.
$14,000,000
district and
district,
Time
$119,000,000.
being
crease
all reporting
Government deposits declined $14,000,000.
member banks.
little change for
of $6,000,000.
Deposits credited to foreign banks declined $8,000,000.
Borrowings of weekly reporting member banks amounted to $2,000,000
on
Feb. 2.
,
and year
ended Feb. 2,1938, follows:
Increase
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 will not be available until the coming Monday.
REPORTING MEMBERfBANKS
Chicago
10
Feb.
Industrial
agricultural loans:
Commercial,
Feb. 2
Feb. 9
Feb. 2
1938
1937
1938
1938
1937
%
I
%
$
$
7,818
3,244
7,823
3,285
762,000,000
—44,000,000
617,000,000
1,161,000,000
65,000,000
—1,000,000
—2,000,000
*
+10,000,000
+ 5,000,000
8,165,000,000
—4,000,000
—1,000,000
—11,000,000
*
—984,000,000
1,141,000,000
2,947,000,000
5,674,000,000
277,000,000
2,010,000,000
+ 2,000,000
+ 25,000,000
—61,000,000
-28,000,000
—36,000,000
—73,000,000
—328,000,000
+344,000,000
—98,000,000
—239,000,000
deposits—adjusted.-----14,464,000,000
5,225,000,000
Government deposits
639,000,000
—119,000,000
+12,000,000
—14,000,000
1,029,000,000
+148,000,000
+163,000,000
—6,000,000
-8,000,000
+1,000,000
-672.000,000
for purchasing
securities
or
loans
carrying
8,488
3,509
Real estate loans
Loans to banks.----
714,000,000
813,000,000
securities.
and unsec'd
obligations
by
fully guaranteed
States Government
Obligations
United
Other securities
1.933
2,099
618
615
690
-
Other loans:
Reserve with Fed.
1,936
*
—442,000,000
Res. banks.—
Cash In vault
Balances with
domestic banks
and1
220
223
unsec'dI
1,489
1,480
Open market paper
Loans to brokers and dealers-
171
175
572
611
purchasing or
carrying securities
211
211
i27'v
127
*
30
29
*
*
390
381
*
*
29
29
*
36
On securities
Other loans for
36
Loans to banks
Demand
Time
42
37
32
1,007
•
■
Real estate loans
^DomSS/baK-
*
73
73
129
12
13
14
44
1
1
5
*
Other loans:
231
On securities
unsec'd
U. S. Gov't direct obligations—
Obligations fully guaranteed by
Otherwise secured &
.
232
187
190
3,151
3,123
*
20
20
*
*
31
32
958
1,142
3,444
962
401
398
454
101
101
95
1,017
1,081
255
259
272
2,676
2,764
2,697
607
592
547
49
57
24
22
33
65
65
77
160
167
472
492
61
61
67
-
banks..
Other assets—net.
available.
Statement
by State Department Regarding Note to
Seeking Information as to That Govern¬
174
476
Res. banks..
Cash in vault
Comparable figures not
----------
+ 2,000,000
♦
52
Reserve with Fed.
5,316,000,000
417,000,000
2,000,000
Foreign banks
Borrowings
*
1,022
United States Government—
Other securities
deposits.-----------------
United States
♦
Balances with domestic
—4,000,000
securities
Other
*
*
+3,000,000
—4,000,000
455,000,000
Open market paper
Loans to brokers and dealers In
Otherwise secured
$
investments—total.
—41,000,000 +1,345,000,000
—57,000,000
+ 40,000,000
566,000,000
3,828,000,000
securities
Otherwise secured and unsec'd
On
1938
Loans—total
Japan
ment's
Building
Naval
Plans—Text
of
Liabilities—
Time
5,837
deposits...
Inter-bank deposits:
Domestic banks
—
5,852
6,453
1,435
1,421
1,564
648
deposits—adjusted
deposits
United States Govt,
651
628
469
469
454
343
343
136
62
62
36
2,073
2,125
2,381
561
562
605
In making
public
on
Feb. 5 the text of the note
379
371
5
6
5
344
"337
"367
"16
"15
"25
1,486
Capital
♦
account
Comparable figures not
Complete
Department at
1,486
1,475
240
240
231
available.
Returns
Reserve
of Member Banks of the Federal
Week
System for the Preceding
explained above, the statements of the New York and
given out on Thursday, simul¬
for the Reserve banks them¬
selves, and covering the same week, instead of being held
until the following Monday, before which time the statistics
As
Chicago member banks are
taneously with the figures
Washington issued at the same time a state¬
the reason therefor. The statement and
with respect to
note follow:
Since Dec.
Other liabilities
addressed
and
Japanese Government inquiring as to "the size
armaments of Japanese capital ships and cruisers" the State
ment
356
Foreign banks
Borrowings
United
States Note
to the
Demand
(—)
Feb. 3, 1937
$
$
$
U. S. Govt, direct
Feb. 9
Otherwise secured &
On
CENTRAL RESERVE CITIES
(In Millions of Dollars)
Loans and
or Decrease
Since
cultural loans:
Reserve
10
(+)
Jan. 26, 1938
Commercial, industrial and agri¬
Board of Governors of the
Feb.
1938
21,234,000,000
8,981,000,000
investments—total
Loans—total
Banks in New York City and
Chicago—Brokers' Loans
New York City
-
the
reporting member banks, together with changes for the week
of the principal assets and liabilities of
A summary
Returns of Member
OF WEEKLY
in the
and $12,000,000 at
all reporting member banks reporting a net decrease
Assets—
Assets—
increased $7,000,000
deposits
Deposits credited to domestic banks showed relatively
the week,
Loans and
IN
York City,
$13,000,000 in the Kansas City
$11,000,000 in the Richmond district, and the aggregate de¬
in the Cleveland
Feb. 2,
ASSETS AND LIABILITIES
all
districts, the principal decreases
being $27,000,000 in the Chicago district, $17,000,000 in New
Less than $500,000
Below is the statement of the
Holdings of "Other
reporting member banks.
+124,000.000
+ 50,000,000
number of
banks showing a net decrease of
securities" Increased $23,000,000 in New York City and $25,000,000 at
1,000,000
+ 434,000,000
—17,000.000
—54,000,000
+ 2,000,000 +1,087,000,000
+ 13,000,000
+24,000,000
693,000,000
eral Reserve accounts
the
York
of United States Government direot
the United States Government increased $2,000,000.
Non-member deposits and other Fed¬
Federal
net reduction of $1,000,000 for
a
all reporting member
districts,
$11,000,000
+1,369,000,000
+130.000.000
+ 1,000,000
2,661,000,000
•
was
A decline of $27,000,000 in holdings
+117,000,000
2,594,000,000
12,756,000,000
Treasury currency
Treasury deposits with F.
City
member banks showing
obligations in New York City was partly offset by Increases In a
—6,000,000
-18,000,000
*
$36,000,000
decrease of $119,000,000 in demand
a
Cleveland district, $5,000,000 In the Chicago district
$13,000,000 commitm'ts—Feb. 9)
Gold stock
banks; and
Demand deposits-adjusted declined in all
18,000,000
Other Reserve bank credit
Total Reserve bank credit
securities;" decreases of
City and $44,000,000 at all reporting member banks.
+8,000,000
—2,000,000
+134,000,000
2,564,000,000
securi¬
Loans to brokers and dealers declined $40,000,000 in New
week.
Including
(not
advances
weeklended
$17,000,000 in commercial, Industrial and agricultural
increase of
An
loans in New York
$
-
U. 8. Government securities
101
in
banks
deposits-adj usted.
Feb. 10. 1937
$
member
holdings of United States direct obligations, and
in balances with domestic
Since
Feb. 2, 1938
$
Bills bought
reporting
$61,000,000 in reserve balances at Federal Reserve banks and
(—)
Feb. 9, 1938
11,000,000
weekly
of $25,000,000 in holdings of "Other
increase
an
parison with the preceding week and with the corresponding
date last year, will be found on pages 1024 and 1025.
Changes in the amount of Reserve bank credit outstand¬
ing and related items during the week and the year ended
Feb. 9, 1938, were as follows:
discounted
of
statement
Decreases of $44,000,000 in loans to brokers and dealers in
Feb. 2:
Excess reserves of member
(+) or Decrease
condition
leading cities shows the following principal changes for the
decrease of $17,000,000 in money in circulation.
Increase
Dallas, Tex.; Salt Lake City,
Utah; and Spokane, Wash.
assisted by local crop loan committees in the
The Week with the Federal Reserve
Bills
The work is under the supervision
St. Paul, Minn.; Omaha, Neb.; Wichita, Kan.;
and feed loans will be made, as in former years,
During
to
Mr. Lindsey said.
Regional Emergency Crop and Feed Loan Offices at Springfield,
Mass.; Baltimore, Md.; Columbia, S. G.; Memphis, Tenn.; St. Louis, Mo.;
by field representatives
rency
997
Chronicle
Financial
146
31, 1936, when the
Washington Naval Treaty of
1922 and the
result of denunciation by
Japan, there has been no quantitative naval limitation, that Is, a limit on
the}numberIof ships which a nation may build.
There has beeniqualitatlve limitation, that is, a limit on the types of
ships which a nation may build.
This limitation has been in effect between
the signatories of the London Naval Treaty of 1936—the United States,
Great Britain and France—and between Great Britain on the one hand
and Germany and the Soviet Union on the other.
Japan took part in the early stages of the London Navel Conference of
1935-36, but withdrew when the other participants were unable to accept
the Japanese demand for a common upper limit, which meant that Japan
would have naval equality in principle with the United States and Great
London.
Britain.
Naval Treaty of
1930 expired, as a
998
Financial
Subsequently, In 1936, Japan
was'approached by the
and asked if it would not give assurances
that the treaty limits
This
Under Article 4 of the London Naval Treaty,
same
guns on
would become the treaty limit of guns carried on capital ships.
"Times"
Despite the efforts of this Government, Japan declined to accept the
There
16 inches.
or is
planning to build, above the
limit of types of ships as well.
The question arises,
so,
Feb. 5 said:
on
was
might decide to go
Recently, reports have been recurrent that Japan not only is exceeding
the limits provided in the London Naval Treaty, 1936, on the size of guns
building,
powers
little expectation here that the
Japanese Government would
be inclined to enter a discussion of limitation, unless it
limit of 14 inches and, as a consequence of the Japanese refusal, the limit
of cruisers and capital ships but is
Japan that the three
applied in the future.
In commenting on the purposes behind the
note, a Wash¬
ington dispatch by Harold B. Hinton to the New York
capital
on
time the notes informed
would be glad to begin new discussions of limitations to be
ships; however, if any of the parties to the Washington Naval Treaty of
Feb. 6, 1922, should fail to accept this limit by April 1, 1937, 16 inches
of the guns on capital ships rose to
information
Treaty, with a view to resuming their individual freedom of
regard to unlimited naval construction.
At the
1936, it is
provided that 14 inches should be the limit of the caliber of guns
12, 1938
action with
declined to give these assurances.
with Japan the limit of the size of
Government took up
capital ships.
Feb.
and assurances," all three powers
will feel free to consult, under the terms of the London Naval
see
London Naval Treaty.
The Japanese Government
*
the desired
types of
on
ships would in practice be adhered to by It even though it could not
Its way to subscribing to the
Chronicle
British Government
therefore, whether these reports
are correct
and, if
through the motions in order to gain time.
As the situation is understood
here, the Japanese admiralty is convinced that Japan's long-range
policy
Navy to become impregnable in the China
Sea and to be strong enough to keep out of those waters
any combination
in China requires the Japanese
of fleets that might seek to enter them.
Any discussion of limitation would founder almost immediately on the
whether it will be necessary for the parties to the London Naval Treaty,
of
rock
naval
This
ratios.
in accordance with the provision of the naval treaty
which gives a signatory the right of escalation in the event of building not
was
the issue which impelled the
Japanese
delegates to withdraw from the London Conference of 1936.
Great Britain
in conformity with treaty
and the United States declined at that time to
accept the Japanese suggesa "common upper limit" (i. e.,
parity in principle) to replace the 1930
ratio.
There is no reason to believe that the British or American official
1936,
to escalate,
limits by
a power not a party thereto.
Before
the parties to the treaty can
escalate, under its provisions they must con¬
A preliminary consultation has taken place and the British, French
sult,
and American Governments have decided to approach the
ment with
a
Japanese Govern¬
of
viewpoint has changed since that time.
request for information.
Note Held,
In the
following note to be delivered to the Japanese Government by the
American Ambassador at Tokyo, Joseph C. Grew, on Feb. 5, it is
suggested
that the United
to receive a
States,
as a
party to the London Naval Treaty, will be glad
reply to the inquiry with regard to the size and
armament of
for fixing Feb. 20 is that it is incumbent upon this Govern¬
reason
ment, under the London Naval Treaty, to furnish information with regard
to its naval program to the treaty powers within the first four months of
the calendar
year
and that, in order to
prepare its
estimates
and
have
them ready
for communication to the other naval powers parties to the
London Naval Treaty, it is essential that the facts upon which the estimates
aretbased be wholly-assembled at the latest by the
private expressions of
opinion by members indicated that the
Japanese capital ships and cruisers not later than Feb. 20 next.
The
end of February.
The hope is, therefore, expressed that a reply will be received from the
for
be completed by the final date referred to in the note, that is, May 1.
Text of Note
cepted
Treaty,
Government will be
1936, the American
that
aware
under the
London
Government is precluded from
American Government is limited to
a
or
which
are
of less than 17,500 tons
maximum of 8,000 tons with six-inch
guns/'
"quarantine" for
Officials here
The Japanese
Government has unfortunately not
subscribing to the London Naval Treaty
seen
its way to
has it hitherto felt able to
nor
give any assurances that treaty limits would in practice be adhered to by it
"3. As the Japanese Government will be aware, the naval treaty
gives
the^American Government a right of escalation in the event of building not
In conformity with treaty limits by a power not
a
party thereto.
intends to undertake construction of capital ships and cruisers not in
formity with the above-mentioned limits.
con¬
The American Government has,
therefore, decided that it will be necessary for it to exercise its right of
escalation unless the Japanese Government can furnish the aforesaid as¬
can
satisfy the American Government that it
will not, prior
to Jan. 1, 1943, lay down, complete or acquire
any vessel which does not
conform to the limits in question, without previously
informing the Ameri¬
can Government of its intention to do so and of
tonnage and caliber of the
"4.
of the vessel
gun
In
view
of
the
or
necessity for giving other treaty
powers
of
information
Government will
be
naval
as
estimates
reply be received by that date
that the Japanese
a
or
reply
should the reply be lacking
the limits referred
compelled to
Government either is constructing or acquiring
authorized the construction
to.
or
The
assume
or
has
Old
The capital ships and
35,000 and
10,000 tons,
Treaty Limits Observed
in consultation with the other naval powers with which it is in
resume full liberty of action.
"If, however, the Japanese Government, though engaged in,
to'engage in, construction not in conformity with treaty limits,
or
intending
were
willing
to indicate forthwith the tonnages and calibers of
guns of the vessels which
it was constructing, or was intending to
construct, the American Govern¬
ment for its part would be ready to discuss with the
Japanese Government
calibers to be adhered to in future if
were now prepared to agree to some
limitation.
It would, however,
any
such step
taken.
It is from this situation that the deadline of Feb. 20
sprang.
intended as an ultimatum of any kind.
For practical reasons,
It
was not
involving the
exchange of extimates for naval building between the three powers who
presented their notes today, it is necessary that the information asked of
Japan be available by that time.
The formal notes left
doubt that the three Western nations place the
no
blame for any building race which may ensue
squarely on Japan.
set forth the denunciation of the 1930
treaty by Japan and that
They
country's
subsequent refusal to discuss further agreements to replace it
as
the
reasons
for the apparently impending construction
competition.
The State Department's explanation pointed out that It had endeavored
to
persuade the Japanese to adhere to 14-inch guns
that
the
on capital ships and
obliged the other governments to install
Japanese refusal had
16-inch guns.
♦
Veto
by President of Cuba of Bill Providing For New
Replace Defaulted Public Works
Obligations
A bill passed during the week
by the Cuban Congress to
provide for the settlement of the Cuban public works bonds,
in default since
1933, was vetoed on Feb. 10 by President
Frederico Laredo Bru.
From wireless advices Feb. 10 from
Havana to the New York "Times" we take the
following:
acquisition of vessels not in conformity with
Government would thereupon be
the question of the tonnages and gun
They agreed to consult together, however, before
power.
His veto
American
treaty relations to
Japan
purposes, and an un¬
heavily armed "pocket battleships" in the form of
after the
and
to intended American
glad to receive
in the desired Information and assurances, it will be
obliged
battleships, largely for show
the German Navy has developed.
Issue of Bonds to
publication
not later than Feb. 20 next.
no
a
respectively, in the two categories.
vessels concerned.
forthcoming
construction, the American
"Should
Chicago when he advocated
convinced that Japan is building, or
planning to build,
two 43,000-ton
as
October at
agressors.
are
known number of fast,
There
time been persistent and cumulative reports, which in the
absence of explicit assurances from the Japanese Government that
they are
ill-founded, must be deemed to be authentic, that Japan has undertaken or
largest
one or
was
and
Roosevelt started in
all of them to disregard those limits if they were exceeded
by any other
of less than 10 inches.
surances
But
events
President
As regards cruisers (i. e., vessels of
of more than 16 inches,
carry a gun
some
expressed.
It was generally ac¬
clear up suspicions and semi-charges that have
10,000 tons with guns of not more than eight inches) the
carry a gun
or
have for
move to
been whispered about the chanceries of the world for
many months.
it was also viewed by many as a further development in the chain of
France, Great Britain and the United States, sitting at London in 1936
Japanese had walked out, bound themselves to observe the old
treaty limits, subject to the "escalator clause" which would permit any or
or
"2.
foreign
con¬
structing capital ships (i.e., vessels of more than 10,000 tons standard displace¬
ment or with a gun of more than eight inches) which exceed
35,000 tons
not more than
logical
current
was
cruisers alike would exceed the old limitations of
The Japanese
Naval
as a
would intensify the demand
-
opposition to the note
or no
move
President Roosevelt of the nation's
*
Little
cruisers such
Text of note:
"1.
clarification by
a
policy.
Japanese Government by Feb. 20, in order that the exchange of information
may
Logical Move
At the Capitol and in other quarters here the
dispatch of the note aroused
the greatest interest.
Neither House of Congress was in session, so that the
issues involved were not debated on the
floor, but
was
due exclusively to his opposition to a portion of the bill order¬
ing the payment of debts owed to the railroads by the government and the
establishment of
a highway tax, according to his statement to the
press.
Affirming that he is in complete accord with Congress in the payment of
the public works bonds and bankers'
credit, the Executive said he would
send a message to Congress to-morrow
asking for the liquidation of this in¬
debtedness.
in the
He said he would ask that the balance of the bonds
remaining
Treasury after the liquidation of the public works bonds and bankers
credit be distributed
as
For the payment of 50% of the arrears in
follows:
salaries of public employes with express prohibition
against the honoring of
be necessary that such consultation should be
completed
assigned pay warrants, only creditors and legitimate heirs being able to col¬
lect; $500,000 for public works in each of the six provinces with the exception
replacement of United States existing battleships by
been completed.)
work in the city; the balance to be used for the
by May 1."
(The date of Jan. 1, 1943, mentioned in the note, refers to the limit of
time, according to the Washington Naval Treaty of
1923, wherein the
new ones should have
of
Santiago, where $2,000,000 is
necessary to
and homes for workers and other
finish sewerage and pavement
financing of irrigation canals
expenditures for the public good under the
three-year plan.
United States Joins Great Britain and France in
President Laredo Bru also affirmed that he would ask for the appointment
Asking
Japan for Information on Limits of New Battle¬
ships by Feb. 20—Three Powers Warn That if
35,000-Ton Treaty Limit Is Exceeded They Will
Feel
Free
to
Emulate
Example
The United States, Great Britain and France
addressed almost identical notes to Japan,
on
Feb. 5
informing that
country that unless by Feb. 20, it indicated, that it
was not
building and did not intend to construct battleships of greater
tonnage than the maximum of 35,000 tons provided by the
1936 London Treaty, the other three powers would resume
full liberty to do likewise.
The text of the note from
the United States is given elsewhere in this issue of the
"Chronicle" under a separate heading.
The American note,
delivered by Ambassador Grew, said that if a
Japanese reply
is not forthcoming by Feb. 20, or if it should be
"lacking in
of
a commission to
study a definite solution of railroad debts, the claim of
Purdy & Henderson, United States contractor, and the so-called contractors'
indebtedness with
The bill
a
view to
including it in the floating debt of the nation.
passed by the Cuban Senate on Feb. 5 and
by the House on Feb. 7 by a vote of 137 to 13.
Plans for
the settlement of the indebtedness were recommended
by
President Laredo Bru in a message to Congress on Feb. 4.
With the approval of the bill by the House, special advices
Feb. 7 to the "Times" from Havana, said in part:
was
According to the text, made public following the lower chamber's
of the measure, the law provides
bonds due in 1977, which will be
as
for
a new
passage
issue of $85,000,000 of 434%
exchanged for the outstanding obligations
follows:
Holders of 40,000,000 of 534 % public
receive
$44,000,000 of the
defaulted interest.
ceive
$953,700.
new
works gold bonds, due in 1945, will
securities, covering principal and accrued
Holders of series certificates of 534% interest will re¬
The Chase National Bank and other banking institutions
Volume
holding
Financial
146
$20,000,000 short-term bankers' credit, will receive new bonds
a
that amount, the
Chronicle
of
The
(British owned), the Consolidated Railways and allied
United Railways
accord
ratification
interest being canceled.
& Western Railway and others are to receive
of the Cuban Government.
Payment of this debt, which has at no time been considered a part of the
public-works obligations, came as a surprise to the public. The President's
message urging settlement of the public-works debt made no recommenda¬
tion for paying the railroads.
companies, the Guantanamo
$10,163,000 to cover accrued indebtedness
999
stipulated
by
become
would
It
Congresses
the
of
of $250,000 would be delivered to Haiti
In
the
consisting of
agreement,
effective
immediately
The
countries.
both
first
upon
payment
immediately after such ratification.
14 articles, the
Dominican Republic
stipulated it did not recognize the responsibility of the State, but would
abide
their
by the findings of the Dominican tribunals which were to continue
investigation of the incidents that led to the friction between the two
countries.
The
•
Dominican
Government
the
incidents, and to give the results of the investigation full publicity.
Contractors' Liens Not Met
agreed to fix the responsibility for
In
addition, both governments agreed to prevent the recurrence of such in¬
Disregarded in the settlement are the $20,000,000 of 5H %
constructed the central highway, and having
and other contractors who
accrued interest of more than
$6,000,000 as well as
a
debt of some $2,000,000
provides that a commission shall be appointed to study the pay¬
of these obligations, but any
recommendation by this commission
by Congress.
must be acted on
The first
annual payment
the remainder in similar
of $100,000 would be made Jan. 31, 1939,
on
the identical date of subsequent
of Haiti and the
Dominican Republic signed the
instalments
years.
firm which built the national Capitol.
Purdy & Henderson, the American
The law
ment
cidents.
obligations, held largely by Warren Brothers
bonds known as contractors'
to
gold treasury
The representatives
agreement in a meeting at the Pan-American Union with the three members
he
of
Permanent
Committee
of
Counciliation.
Inter-American
The
committee entered into the negotiations late last year
the Gondra
Banks
Comparative Figures of Condition of Canadian
the condition of the Canadian
with the figures for Nov. 30, 1937,
In the following we compare
banks for Dec. 31, 1937,
and Dec. 31, 1936:
STATEMENT
CONDITION
OF
BANKS
THE
OF
OF THE DOMINION
OF CANADA
under the terms of
an
Treaty of 1923, which Haiti had invoked in
effort to speed a
solution of the dispute.
Odd-Lot
Trading
on
New York Stock Exchange During
Week Ended Feb. 5
The
and
Securities
Exchange Commission made public
for the week ended Feb. 5, 1938, of
daily corrected figures on odd-lot transactions of odd-lot
dealers and specialists in stocks, rights and warrants on the
New York Stock Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended Jan. 29 were given in the "Chron¬
icle" of Feb. 5, page 835.
The data published are based upon reports filed daily with
the Commission by odd-lot dealers and specialists.
on
Feb. 10
a
summary
the
31, 1937 Nov. 30, 1937
Dec.
Assets
Current gold and
Dec.
31, 1936
$
$
$
subsidiary coin-
4,873,925
5,339,044
5,066,131
4,129,971
5,060,578
6,115,140
10,212,969
in Canada
9,196,102
11,175,718
53,899,930
196,040,148
5,661,810
24,964,322
130,175,050
51,526,139
216,095,443
6,022,394
25,530,606
114,060,401
47,863,653
186,973,780
5,923,125
24,047,980
127,937,508
5,209,032
4,080,637
2.988,779
r
Elsewhere
Total.
Dominion notes
Notes of Bank of
Canada
Deposits with Bank of Canada..
banks...
United States A other foreign currenciesNotes of other
Cheques on other banks
Loans to other banks In Canada, secured,
OF ODD-LOT
ODD-LOT TRANSACTIONS
IN STOCKS. RIGHTS. AND
EXCHANGE—WEEK ENDED FEB. 5, 1938
Including bills rediscounted
SALES
and balance due
made with
Deposits
Canada
Due from banks and banking correspond¬
ents in the United Kingdom
Due from banks and banking correspond¬
ents elsewhere than In Canada and the
from other banks In
23,726,579
88,773,383
109,975,853
,110,646,221 1,085,302,989
,115,508,350
Railway and other bonds, debs.
Call and short (not exceeding
loans in
sufficient
171,149,233
129,602,816
174,139,191
131,599,766
156,541,278
111,601,752
75,845,106
59.546,790
748,817,290
165,590,124
86,806,562
51,567,790
768,263,684
158,569,260
113,945,859
75,424,484
675,451,831
161,893,879
22",762",126
25",318",630
19",733",763
and other securities of
marketable value to
Elsewhere than In
In Canada.
*-
Elsewhere
of Canada—
governments
Loans to the Government
Loans to Provincial
cities,
municipalities
towns,
90,382,496
90,700,879
95,618,097
10,047,137
8,438,461
4,267,272
10,359,366
8,347,946
4,296,918
11,991,412
8,802,580
4,263,718
less amounts (if any)
73,283,607
73,411,455
74,871,834
credit
63,601,026
63,551,781
66,575,576
5,987,203
11,370,629
5,981,194
11,532,796
7,042,885
9,341,937
1,651,838
1,749,698
1,412,904
and school districts
Non-current
estimated loss pro¬
loans,
vided for
Real estate other than
bank premises...
Mortgages on real estate sold
Bank premises at not more
by bank.
than cost
written off
Liabilities of customers under letters of
as
per contra
Minister of Finance
circulation
Shares of and loans to controlled cos
Other assets not Included under the foregoing heads.
with the
Deposit
for the security of note
^
3,280,858,992 3,292,923,935 3,242,339,594
Total assets
Liabilities
Notes In circulation
101,676,294
106,787,781
109,149,085
ducting adv. for credits, pay-lists, Ac.
Advances under the Finance Act
13,134,076
46,907,119
25,101,863
Balance due to Provincial governments.
39,476~859
38,617^661
47,335",521
699,186,909
695,342,882
682,326,453
Balance due to Dominion Govt,
after de¬
Deposits by the public, payable on
de¬
mand in Canada
Deposits
by
the public,
payable after
notice or on a fixed day In Canada
,582,825,511 1,570,213,802 1,547,822,474
408,544,643
413,404,322
418,177,732
Deposits elsewhere than In Canada
Loans
from other banks In
Canada,
secured, Including bills
144,612
11,584
270,441
9,036,483
6,634
4 and 5
12,169
280,235
10,278,788
7,874
Total for week__
42,285
991,474 $34,742,791
26,189
Value
113,212
98,798
101,514
$3,565,024
3,461,791
3,925,551
190,663
211,482
6,856,977
7,342,388
715,669 $25,151,731
16,959,644
15,441,992
12,708,736
10,273,881
8,991,689
46,478,616
939,169
35,350,028
1,285,510
31,368,927
698,811
63,501,026
3,929,915
802,940
133,750,000
145,500,000
63,551,781
4,178,685
2,953,184
133,750,000
146,500,000
66,575,576
3,193,336
793,045
133,750,000
145,500,000
12,268,982
banks and banking correspond¬
Elsewhere
than
Canada
In
and
the
United Kingdom
Bills payable
and letters of credit
out¬
Liabilities not lncl. under foregoing heads
Dividends declared and
unpaid
Rest or reserve fund
Capital paid up
...
Total liabilities
Trading
on
New
York and
New York Curb
Exchanges During Week Ended Jan. 15
Trading by all members of the New York Stock Exchange
(except odd-lot dealers
and the New York Curb Exchange
on
their own account during the week
below the previous week, it was an¬
the stock market) for
ended Jan.
15,
was
yesterday (Feb. 11) by the Securities and Exchange
The Stock Exchange members traded for
their own account (in round-lot transactions) in amount
of 3,323,760 shares, an amount which was 21.60% of total
transactions of 7,693,360 shares on the Exchange during
the week ended Jan. 15.
During the preceding week ended
Jan. 8 trading by the Stock Exchange members amounted
to 3,134,690 shares,
or 24.17% of total transactions of
6,483,410 shares.
On the New York Curb Exchange, total round-lot trans¬
actions for accounts of all members during the week ended
Jan. 15 were 502,890 shares; as total transactions on the
Curb Exchange during the week amounted to 1,321,740
shares, the member trading for their own account was 19.02%
of total transactions, which compares with a percentage of
nounced
Commission.
21.39% in the preceding week ended Jan. 8, when member
trading amounted to 390,590 shares and total transactions
912,790 shares.
The data issued by the SEC are in the series of current
weekly in accordance with its pro¬
embodied in its report to Congress in June, 1936, on
the "Feasibility and Advisability of the Complete Segre¬
gation of the Functions of Broker and Dealer."
The figures
for the week ended Jan. 8 were given in our issue of Feb. 5,
gram
ents In the United Kingdom
Acceptances
standing.
6,074
3
Shares
figures being published
rediscounted..
Deposits made by and balances due to
other banks In Canada
;..
Due to
3,826
2
Feb.
Member
Canada
Other current loans A dlscts.
to
4,152
3,703
Feb.
cover
Loans
5,484,186
5,107,282
No. Ord.
Canada on stocks, deben
tures, bonds
a
A stocks
30 days)
$4,836,052
Feb.
securities and Brit¬
se¬
foreign and colonial
public
curities other than Canadian
ish,
151,941
144,245
6,065
1
Feb.
Value
Shares
6,393
31
Jan.
78,079,663
Canadian municipal
CCustomers' Orders to Sell)
No. Ord.
15,430,948
26,138,803
Provincial
and
Government
Government securities
PURCHASES
(<Customers' Orders to Buy)
Trade Date
United Kingdom
Dominion
DEALERS AND SPECIALISTS
WARRANTS ON THE NEW YORK STOCK
3,269,414,389 3,283,558,012 3,233,053,551
Note—Owing to the omission of the cents In the official reports, the footings In
the above do not exactly agree with the totals given.
page 835.
In making available
Jan. 15, the Commission said:
The figures given
York
the data for the week ended
for total round-lot volume in the table for the New
the New York Curb Exchange represent the
Stock Exchange and
exchanges as dis¬
reported by the ticker. The total round-lot
volume for the week ended Jan. 15 on the New York Stock Exchange,
7,693,360 shares, was 8.4% larger than the volume reported on the ticker.
On the New York Curb Exchange, total round-lot volume in the same week,
1,321,740 shares exceeded by 5.3% the ticker volume (exclusive of rights
volume of all round-lot
sales of stock effected on those
tinguished from the volume
and warrants).
The
Signing of
Agreement
Settling Controversy Between
Republic—Payment by Latter
of $750,000 Indemnity Incident to Massacre
Haiti and Dominican
The signing of an agreement between representatives of
and the Dominican Republic settling a four-months
Haiti
controversy between the two nations on the West Indian
Island of Hispaniola was made known in Associated Press
accounts from
Haitian
Washington Jan. 31, which also stated:
officials
had
charged that their nationals in the
Dominican
data
published are based upon reports
Stock Exchange
members.
and the New York
These reports are
The
as
Dominican
Republic is to pay the neighboring country $750,000
indemnification—one-third of it in
a
lump
instalments, beginning on Jan. 31, 1939.
sum and
the rest in five equal
New
York
New
,,
.
York
Stock
specialist*
Other than as
Exchange
1,081
861
212
received
105
transactions:
Reports showing
As
Curb
Exchange
Number of reports
specialist:
67
123
457
588
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
Initiated off floor
Reports showing no
transactions
*
Republic were the victims of "wholesale massacre."
filed with the New York
Curb Exchange by their respective
classified as follows:
dealer, as well as
those of the specialist.
297
327
Financial
1000
f
Chronicle
The number of report® in the various classifications may total more than
of reports
the number
Am of Feb. 1,
received because, at times, a single report may
357,663
entries in more than one classification
carry
NEW
YORK
FOR ACCOUNT OF MEMBERS •
IN
ALL
On
STOCKS
Round-lot
transactions
members
of
transactions
except
a
7,693,360
of
specialists and odd-lot dealers In stocks In which registered:
1. Initiated on the floor—Bought..
there
1,
par
were
1,376
value listed
640,900
622,940
Sold...
Total
Per
Cent
the New York Stock Exchange, with a total
on
$42,486,316,399.
$47,694,471,418
Total for
Week
r-
Jan.
bond
issues
the
on
Feb. 1, 1938
1,263,840
1938
12,
1,378 bond issues aggregating $47,910,-
were
aggregating
Exchange, with a
total market value of $42,782,348,673.
In the following
table, listed bonds are classified by governmental and
industrial groups with the aggregate market value and
average price for each:
(SHARES)
Week Ended Jan. 15, 1938
Total volume of round-lot sales effected on the Exchange....
1938, there
value listed
par
market value of
EXCHANGE—TRANSACTIONS
STOCK
Feb.
8.21
Jan. 1,1938
2. Initiated off the floor—Bought
Sold
Market
288,535
-
-
of
528,690
-
In
specialists
In
stocks
3.44
1,928.084,253
14,662.187
244,487,490
91,642,564
19,120,150
36,407,428
227,242.991
152,996.523
71,769,136
9.605,845
51,119,414
123,134,057
418,136,971
68,485,308
34,797,376
0,414.940,250
615,441,546
1,546.740
2,816,985,990
163,999,934
....
Financial
-
....
Chemical
741,720
789,510
—
Total
....
.........
Building
1,531,230
Electrical equipment manufacturing
Food
9.95
__
Rubber and tires
Total round-lot transactions of members, except transactions
of odd-lot dealers In stocks In which registered—Bought..
Amusements
1,622,775
Sold
Land and realty
1,700,985
Total
Machinery and metals...
3,323,760
Mining (excluding iron)
Petroleum
21.60
....
Paper and publishing..
Transactions for account of odd-lot dealers In stocks in which
Retail merchandising
registered:
1.
In round lots—Bought..
Railway and equipment
Steel, iron and coke
Textile..
494,250
110,520
—..
Sold
.....
Gas and electric
Total
2.
604,770
In odd lots (Including odd-lot transactions of
Bought
(operating)...
Gas and electric (holding)
3.93.
Communication (cable, tel. & radio)
specialists):
Business and office
Shipping services
EXCHANGE—TRANSACTIONS
FOR ACCOUNT
OF MEMBERS ♦
IN
(SHARES)
Total for
Week
Total volume of round-lot sales effected
Round-lot
transactions
of
on
the Exchange
members,
except
specialists In stocks in which registered:
1. Initiated
Cent
a
46.87
89.06
57.00
101.13
01.21
73.99
99.34
91.50
64.21
36,125,495 101.26
96.49
225,562,881
151.064,754
99.91
81.46
72,090,893
10,093,628 49.26
50,691,712 88.18
59.69
131,916,251
419.410,304 101.28
88.90
67.678.078
87.85
87.63
34,788,378
7,018,652,156
470,190,885
2,027,708
87.61
59.95
91.42
78.00
101.35
05.66
91.02
24.47
2.606,191,253 101.94
165,916,766 84.63
1,006,324,407 99.41
213,971,749 43.63
18,018,000 91.00
14,410,520 46.93
11,638,964 60.08
83.65
99.78
44.22
46.57
4,472,526 104.71
43,568,473 126.35
163,446.795 64.62
63.59
1,050,216,367
65.10
1.057.194,362
65.34
35,005,625 100.02
34,248,125
97.85
88.68 42,782,348,673
89.70
42,486.316,399
The
following table, compiled by us, gives a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
of
the floor—Bought
41,625
36,825
Initiated off the floor—Bought
Sold
41,170
43,390
on
81.01
1,965,079,989
14,567,332
242,084,003
91,613,798
19,758,675
160,498,974
All listed bonds
1,321,740
transactions
101.19
10,734,510 46.74
4,491,026 105.15
43,001,608 124.83
Foreign cos. (lncl. Cuba & Canada)
Miscellaneous businesses
Per
97.21
14,261,071
.........
U. 8. companies operating abroad
Week Ended Jan. 15, 1938
62.18
102.05
90.00
Tobacco..
STOCKS
ALL
91.93
17,716,500
Leather and boots
2,418,489
CURB
75.63
100.33
216,869,945
equipment
Shipbuilding and operating
Total
YORK
%
60.54
988.432,948
„
Miscellaneous utilities
1,023,453
1,395,036
-
Sold
NEW
Price
Ac.).. 26.540.481,672 105.25 25,419,550,823 104.77
Foreign government
which
registered—Bought
Sold
Value
%
Autos and accessories......
transactions
Am.
Price
.
U. S. Govt. (incl. States, cities,
Round-lot
Market
240,155
—
Total
Aver.
Value
-
-
Sold
Total
78,450
2.97
Market
Round-lot
3.20
84,560
of
specialists
in
stocks
in
which
1_.__
May
1
1
July
1
Bought
253,655
249,235
Sold
Odd-lot transactions of specialists in stocks In which registered:
Bought..
calculating these percentages the total of members' transactions Is compared with
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
only sales.
+.
13.1% in Dollar Value of Transactions on
Security Exchanges During 1937 Reported
National
by SEC
The Securities and
Exchange Commission on Feb. 4
made public figures showing the dollar value of transactions
on national securities
exchanges
during 1937.
The value of
the 22 registered exchanges
during the year amounted to $23,708,915,211, a decrease of
13.1 % from the total for
1936, according to the Commission's
42,109,154,661
89.26
42.782.348.673
42,486,316.399
89.70
1937
1936
% Change
$27,282,741,291
23,621,121,598
3,661,358,145
decline
counting for 96.0%
York
exchanges
of the total value of sales
on
to
26.3%
staff of the
Bonds
with the
on
New
interpretation
a
On
Feb.
7
the
New
York
Stock
exchanges;
York
Stock
As
a
and the
result of these discussions
I have considered this re¬
that nothing in the rule shall
says
inquiring as to the purpose of the loan, but "the
lending member may none the less be criminally liable for a
violation of the short-selling rules if he knows that the bor¬
intends to violate such rules.
The circular reads, in part:
rower
General Rule
prohibits
Exchange issued
the
any
"short sale" of
a
security, by the
use
of any facility of
any national securities exchange, at or below the last regular
security
on
such exchange.
A "short sale" is de¬
(1) any sale of a security which the seller does not own; or (2) any
sale which is consummated
by the delivery of a security borrowed by or for
the account of the seller.
Thus, a sale of a security which is owned
as
by the
seller becomes
"short sale" if delivery to the purchaser
a
of borrowed securities
is not available in
not
This may often
or near
New York in
as
owns
negotiable form at the time of sale.
inconvenience
a
member
or a
actions
below);
or
or
(3)
sales which would
non-member, selling
a
and intends to deliver as soon as possible without
expense;
or
(2)
any
member executing for
account in which he has no interest a sell order marked
Orders"
use
long sales, the prohibition of the general rule does
apply to (1) any person, whether
undue
is made by the
be the case if the original security
term "short sale" may thus include many
security which he
announcement showing the total market value of
listed bonds on the
Exchange on Feb. 1:
the Exchange representatievs
member from loaning securities to another member
fined
ac¬
Exchange Feb. 1 Below Jan. 1
following
88.68
underlying intent of the rules.
The
ordinarily be regarded
Listed
between
Trading and Exchange Division.
revised draft of the circular has been made.
Although the
of
1
The interpretations proposed to be included in this circular have been
the subject of discussion
—26.3
and 99.8% of bond sales,
during 1937.
The dollar value of trading on all
exempt exchanges in 1937 amounted
to $13,095,100, a decrease of
31.9% from the 1936 total.
Value
1
Exchange on Feb. 5 distributed to
clarifying the short-selling regulation
issued by the Securities and Exchange Commission.
The
regulation, which became effective Feb. 8, was referred to in
these columns Jan. 29, page 674.
The circular, which was
approved by the SEC states that all trades on a national
securities exchange come under the regulation except those in
United States and municipal securities unless they are speci¬
fically exempt in the rule.
Ganson Purcell, Director of the
Trading and Exchange Division of the SEC, in a letter to
Dean K. Worcester, Executive Vice-President of the Stock
Exchange under date of Feb. 4 said:
way sale price of such
95.5% of stock sales
Market
Jan.
circular
a
—12.5
predominate,
all registered
90.11
without
% Change
956,341,484
$4,652,447,136
continue
91.51
on
In general, the rule
1936
$3,429,059,750
leading New
93,93
92.70
The New York Stock
The following table gives the
comparison of the shares of stock and the
principal amount of bonds traded the past two years:
amount of bonds
1
Stock
Rules
its members
prohibit
of
from 1936.
two
York
—26.3
The number of shares of stock traded
during 1937 totaled 836,818,741
or 12.5%
under the 1936 total.
The principal amount, of bonds
The
Oct.
97.35
45,053,593,770
—11.1
shares,
Principal
95.79
92.98
1938—
1
—13.1
830,818,741
Sept. 1
vision, as it appears in the enclosed copy, and am of the opinion that the
the interpretative material contained therein is correct and in accordance
$23,708,915,211
21,009,636,640
2,698,913,185
a
Aug. 1
Exchange Issues Circular Clarifying
Short Selling—Interpretation Ap¬
proved by SEC—Regulations Effective Feb. 8
a
The following table shows the
figures for the two years:
1
94.78
95.39
Feb.
on
announcement, which continued:
Shares of stock
July
Nov. 1
•
1937
04.24
Dec. 1
New
The term "members" Includes all Exchange
members, their firms and their
partners, including special partners.
a Percentage
of members*
transactions to total Exchange transactions.
In
$3,429,059,750,
93.89
97.01
161,002
to
93.88
93.33
95.92
1
New
Total
amounted
44,115,628.647
43,920,989,575
June 1_
19.02
76,841
84.161
Sold
year
Apr. 1
May 1
93.83
1937—
502,890
during the
94.47
93.90
96.04
43,779,640,206
Sept. 1
Jan.
Total
sold
45,113.047,758
45.007,329,915
1
44,170,837.675
44,001,162,031
44,296,135,580
43,808,755,638
43.270,678,790
42,591,139,774
Oct.
All bonds
Feb.
Mar. 1
Nov. 1
12.85
Total round-lot transactions for accounts of all members:
All stocks
$
93.50
94.44
Dec. 1
339,880
Total
90.83
1937—
39.648,252,468
41.618,750,056
41,685,172,818
42,235,760,556
43,305,464,747
43,179,898,504
Aug. 1
Total
all stock and bond transactions
Price
40.347,862,478
40,624.671,422
41,807,142,328
41,524,856.027
Mar. 1
June
170,860
169,020
Sold
Decrease of
Average
Value
$
Apr. 1
transactions
registered—Bought
Market
Price
1936—
Feb.
Total
Average
Value
2.
any
by odd-lot dealers
sale of
are
an
odd lot.
exempted.
an
"long" (see "Marking
Certain additional trans¬
Financial
146
Volume
above has the effect of a criminal law.
Including any member or any customer, who effects for his
own account or for any other account any "short sale" in violation of the
rule, may be guilty of a criminal offense.
general prohibition refered to
The
Any person,
received,
applies, generally speaking, to all securities
other than Government or
national securities exchange,
The rule
municipal securities.
the use of any facility of a
In consequence, it covers all short sales
exchange.
odd lots and other sales excempted by the rule itself) made upon
of any security subject to the rule.
The rule does not apply,
to sales not made on any national securities exchange,
(other than
apply to odd lots as well as to full lots.
Registrations for New Securities Totaling
$3,379,284,000 Effective During 1937—Estimated
Gross
Proceeds
at
$2,998,000,000 Approximately
dealt in upon any
applies to any short sale effected by
securities
national
with borrowed securities, or may fail to make delivery thereon.
SEC Reports
$1,802,000,000 Below Figures of 1936—Data
Effective Registrations in December
Place of Transaction
t
or
The provisions of this paragraph
Securities Subject to the Rule
The rule
1001
Chronicle
The Securities and Exchange
Commission
on
on
Feb. 10 made
analysis of security registrations which became
effective under the Securities Act during 1937.
This survey
public
an
the Exchange,
however,
""Every
odd-lots) in a security subject to the rule,
the Exchange whether originated or handled by a mem¬
sell order (including
which is executed on
revealed that
284,000
Marking of Orders
marked to indicate whether it is "long" or "short."
The
"S" may be used. A member (including any floor
broker) or any employee may mark an order "long" only if (1) the customer's
account is "long" the security involved; or (2) the member or employee is
Informed that the seller owns the security and will deliver it as soon as is
ber, must be
abbreviations "L" or
possible without undue inconvenience or expense.
To obviate the
of hurriedly obtaining the information specified in Rule X-10A-2,
necessity
it is ad¬
visable for the member when he receives the order also to obtain information
from the seller as to the practicability of then delivering the security.
As a
method of obtaining such information with respect to an order to sell, a
member (including any floor broker) may enter into any bona fide written
agreement with his customer that the customer, when placing "short"
sell orders, will designate them as such, and that the designation of a sell
order as "long" is a representation by the customer to the member that the
customer owns the security, that it is then impracticable to deliver the
security to such member and that the customer will deliver it as soon as is
registrations for
became
securities totaling $3,379,year, including ap¬
new
effective during the
proximately $381,000,000 of securities which were
registered
against the conversion of issues having con¬
vertible features.
Excluding this amount, new securities
with estimated gross proceeds exceeding $2,998,000,000
became fully effective during 1937, or about $1,802,000,000
less than in 1936 but about $465,000,000 above the com¬
for
reserve
Commission's
The
figure.
1935
parable
announcement
continued:
Effective registrations of
1936 and 1937 are summarized by quarters
compared in the following tabulation,
and
which shows the progressive decline
totals of registered securities. The
when the aggregate registra¬
reserved against conversion)
already reduced aggregate of the third
during 1937, quarter by quarter, in the
sharpest decline occurred in the last quarter
(other than registrations of securities
tions
one-third
were
lower
the
than
quarter, making the total for the
the period
last three months of 1937 the lowest over
beginning with the second quarter of
possible without undue inconvenience or expense.
1935, when large scale
reappeared.
flotations of new security issues first
(In Millions of Dollars)
Ownership of Securities
security if (1) he or his agent has title to it;
has entered into an unconditional contract,
binding on both parties, to purchase it but has not yet received it; or (3) he
owns a security convertible into or exchangeable for it and has tendered such
security for conversion or exchange; or (4) he has an option to purchase or
acquire it and has exercised such option; or (5) he has rights or warrants to
subscribe to it and has exercised such rights or warrants.
He is not deemed
to own a security if he owns securities convertible into or exchangeable for
it but has not tendered such securities for conversion or exchange, or if he
has an option or owns rights or warrants entitling him to such security, but
A person
Total
is deemed to own a
he has purchased or
(2)
or
has not
exercised them.
long 1,000 shares
of the same security in another, any sales of such security
sales" and are subject to the provisions of the
by such person are "short
rules.
Price at Which Short
Sales May Be Made
short sales made for delayed delivery, seller's option, &c.,
those made regular way.
A short sale at the opening must be
This applies to
well
to
as
above the last
regular way sale price,
occurred on the preceding
whether the security has,
ex-rights or ex-a
sale
irrespective of
ex-dividend or
irrespective of whether such last
day or on some earlier day, and
since such last sale, been quoted
distribution of any kind
national securities exchanges,
exchange involved is con¬
trolling.
Thus, if on a given day General Motors closes at 35 on the New
York Stock Exchange, and at 34 on another national securities exchange,
short sales at the opening the next day may be made at or above 35 H on
the New York Stock Exchange, and at or above 34H on the other exchange.
The price which governs the making of short sales is the last regular
way sale price regardless of the identity of the participants therein and
regardless of whether it was itself a short sale.
Thus, a member having an
order to sell 500 shares of stock short may offer the same at 50 H. if the last
sale regular way was 50.
If a transaction takes place at 50 H in which he
does not participate, he may not offer his 500 shares lower than 50
A
single buyer may take the 500 shares at 50 M in one lot; but if the member
sells any part of his 500 shares, e. g., 100 shares, at 50he may not offer
the balance of his order below 50%.
If the next sale should be at 50 H.
he may offer such balance at 50 J4. but not lower.
Of course, no member
may sell short for his own account at any price at which he could not sell
When
a
security is dealt in on two or more
the last regular way
sale price on the particular
In
less than Mth, the
short sale must not be less than the last regular way sale price plus
the case of securities
price of a
the minimum
dealt in at variations of
variation for the security in
Intended
Offered for
To Be
Cash Sale for the
Account of Registrants
1937
1936
1,297.1
909.4
1,028.7
1,391.3
2nd quarter
1,071.2
1,593.8
1,055.0
895.2
1.461.3
806.9
1,260.9
619.5
3rd quarter
909.0
725.6
853.5
538.4
718.3
420.6
4th quarter
1,490.7
367.2
1.430.4
356.0
1,266.6
301.7
3,379.3
4,800.2
2,998.4
4,155.2
2,370.5
1st
quarter
5,064.7
appended, as well as the
should be kept in mind that these statistics
interpreting the tables which follow or are
In
summary
figures given above, it
SEC. All data
in the registra¬
tion statements on the effective dates, and therefore, represent statistics
of intentions to sell securities rather than
statistics of actual sales of
based solely on registration
are
In
statements as filed with the
registrants' intentions and estimates as they appear
refer to
,
.
practically all cases where the registered issues proposed for cash
been underwritten, the issuing corporations have received the
sale
net
registration statements. Approximately $1,647.000,000 or 69.5% of the $2,370,000,000 of securities registered during 1937
for cash offering were covered by such commitments.
Figures on sales of
non-underwritten securities are not available.
Issues proposed for repayment of indebtedness during 1937 declined even
more sharply than the total of proposed flotations.
Funds earmarked for
"new money" purposes, on the other hand, remained practically unchanged
in dollar amount from the 1936 totals.
The figures are;
have
proceeds set forth in their
Proceeds
Proceeds
Proceeds
Intended for
Intended for
Proceeds
Intended for
Estimated Net
Estimated Net
Estimated Net
Estimated Net
Repayment of
Purch. of
Retirement of
Indebtedness
Preferred Stock
Intended
for
Increase of
Plant
Working
and Equipment
Capital
Amount
% of
Amount
% of
Amount
% of
Amount
% of
Total ($000,000) Total ($000,000) Total
($000,000) Total ($000,000)
1936—
43.5
5.0
669.2
70.6
19.2
2.3
24.8
2.8
quarter..
802.1
66.1
133.8
11.1
70.2
5.8
87.4
7.2
2nd quarter..
348.6
50.7
3.8
43.7
6.4
177.8
25.8
3rd quarter..
26.4
785.6
64.3
22.0
1.8
92.3
7.6
185.1
15.1
4th quarter..
65.2
201.4
5.0
231.0
5.8
493.8
12.4
2,605.5
11.1
45.8
4.6
93.5
9.4
1st
Total
1937—
quarter..
576.5
58.2
109.7
223.2
37.8
67.0
11.3
75.3
12.7
176.9
29.9
2nd quarter..
134.8
15.1
3.8
58.7
14.8
115.7
29.0
3rd quarter..
33.8
72.1
25.5
.7
.2
51.6
18.3
35.5
12.6
4th quarter..
44.5
192.5
8.5
231.4
10.2
421.6
18.6
1st
short for a customer.
(After Other
Deductions)
1937
1936
1937
1936
securities.
F No short sale which is subject to the rule may be effected on the Exchange
at or below the last regular way sale price of the security on the Exchange.
as
for Reserve
Against Conversion
"owns" securities only to the
such securities. Thus, if a person
and is short 1,000 shares of a security in one and
net long position in
maintains two accounts
Total, Less
Registered
Securities
Effective
Registrations
Period
Total
x
of the rules a person
Within the meaning
extent that he has a
Total
question.
1,006.6
Total
When Issued Transactions
issued" securities in the same manner
of a "when issued" security, the
last "regular way" sale price means the last price at which the "when issued"
security has sold on the Exchange
A person is deemed to be the owner
of a "when issued" security if he has entered into a contract to purchase
the same binding on both parties and subject only to the condition of issu¬
ance or, by virtue of his ownership of an issued security, will be entitled to
receive, witbou the payment of consideration, the "when issued" security,
to the extent that he has not already disposed of such "when issued" security.
The rules
as
apply to the sale of "when
issued securities.
In the case of a sale
Covering Transactions
If
on
marked
the due date of
to an order
received the security from the cus¬
position unless he knows or has been informed
the open
(1) that the security is in transit to him; or (2) that the
seller owns the security, that it Is then impracticable to deliver it and that
It will be delivered as soon as is possible without undue inconvenience or
by the seller either
expense.
If the member has received the security at his main or branch
has been informed by the seller that either (1) or
office, or if he knows or
(2) is the case, he may at
with borrowed securities.
by the seller that
his option either fail to deliver or make delivery
If, however, he neither know nor is informed
either of these situations exists, and has not received the
the transaction by buying in, for "cash," for the
the security sold.
Such buy-ins are not to be
security, he must cover
account of the customer,
of the Exchange for execution, but are to be effected
directly or through an agent of his own choosing.
If on
the date when delivery upon the original contract is due, the member
receives the security so brought in, or knows that it is in transit to him,
given to the Secretary
by the member
he
may
make delivery upon the
original contract with the security so
intended to be applied toward
representing the use of
1937 than in 1936.
Types of Registrants
delivery of a security sold pursuant
"long," the member has not
tomer, he must cover
repayment of indebtedness In
44.5% of the year's net proceeds, ap¬
proximated lees than 40% of the amounts intended for this purpose in the
preceding year.
The net cash proceeds intended for retirement of preferred
stock issues were somewhat lower in absolute amount than in 1936, so that
estimated amounts proposed for repayment of indebtedness and retirement
of preferred stock issues together dropped from $2,807,000,000 in 1936 to $1,199,000,000 for last year. On the other hand, the amounts proposed for pur¬
chase of plant and equipment were about the same for both years, and
amounts proposed for additional working capital were only 15% lower in
The amounts
1937, while
and Issues
of securities
conversion)
represented registrations of manufacturing companies.
As in 1936, the
iron and steel and the oil refining industries were the chief registrants in
this group—in 1937 these two industries accounted for about one-third of
the manufacturing total.
Next in importance were the electric, gas and
water utility companies which accounted for 23.1 (31.0*)%
of the total
registrations, while third in size were the financial and investment com¬
panies whose registrations totaled 18.4 (13.2*)%
four-fifths of which was
accounted for, during 1937, by registrations of investment companies.
Foreign governments followed next with 6.9 (2.5*)% of the year's registra¬
of the estimated gross proceeds
(other than issues reserved against
Approximately 39.7 (29.2*)%
registered during the year
tions.
The
accounted for by five
*
large refunding issues.
of common stock issues
estimated gross proceeds
the year
(other than issues
registered during
$922,000,000 or
reserved for conversion) totaled
Represents percentages
for 1936.
Financial
1002
30.7 (17.4*)% of the aggregate of $2,998,000,000 while preferred stock issues
amounted
$584,000,000 or
to
(8.8*)%.
19.5
Secured bonds aggregated
Chronicle
Feb.
1938
12,
TYPES OF NEW SECURITIES INCLUDED IN 46 REGISTRATION STATE¬
MENTS THAT BECAME FULLY EFFECTIVE DURING DECEMBER,
1937
$903,000,000 or 30.1 (43.9*)% ; debentures $353,000,000 or 11.8 (25.3*)% ;
short-term notes $15,000,000 or 0.5 (0.2*)% ; and certificates of participation
beneficial interest and warrants, $221,000,000 or 7.4 (4.4*)%
A little under $418,000,000 of issues, or 13.9%
total securities,
conversion
It was for
had convertible features.
of these issues
that securities having
aggregate
an
value
Issues
frequently in
Common stock
of 1936 having such option features.
20,768,403
9
3,507,267
37,073,600
50,211,822
35,624,812
terest, warrants, Ac
Secured bonds
10
Debentures
1
500,000
497,500
5
16,650,000
11,635,163
Total
;
75
$201,374,253*1
represented registrations of securities already issued and outstanding
About $86,000,000 of these securities
mediate sale to the
Total
Other Deducts.)
Securities
Proposed to Be
Reserved for
Offered for Sale
for Cash for
of
Type of Security
for
Conversion
securities registered
all the
(After
Total, Less
public
all, approximately $1,009,000,000 of securities, or 29.8 (18.0*)%
during the year, were intended for purposes
other than immediate cash offering for the account of the registrants.
Of
total, about $381,000,000,
stated earlier, were reserved for
as
version of other securities, $309,000,000 were registered
$82,636,553
Short-term notes
registered for the "account of others" during 1937 were proposed for im¬
this
875,596
in¬
hands of security-holders.
the
In
8,465,358
17
Certificates of participation, beneficial
More than $309,000,000 of the securities that were effectively registered
in 1937
Amount
33
Preferred stock
pro¬
portion to total registration in 1937 than In 1936. Securities with warrants
attached were registered to a limited extent—less than 2% of the issues of
in
Gross
Amount of
Bonds, &c.
During 1936,
conversion, when all other registrations totaled $4,800,000,000, indicating
that convertible features were used more than twice as
No. UnUs of
of Stock, <kc., Face
No.
of
approximately $265,000,000 of securities were registered for reserve against
or
Type of SecurUv
against the
reserve
approximately $381,000,000 were registered during the year.
1937
Total SecurUies Registered
.
of the $2,998,000,000 of
Account of
Per Cent of
Total Less
SecurUies
Reserved for
Conversion
Registrants
con¬
Gross
Gross
Amount
"for the account
Amount
Dec., Nov., Dec.,
1937 1937 1936
of
others"; $73,000,000 were reserved for the exercise of options; $219,000,000 were registered for exchange for other securities; $20,000,000 were
registered for future issuance; and $7,000,000 were registered for issuance
against claims, miscellaneous assets, Ac.
Common stock
$75,239,412
20,535,963
Secured bonds
December, 1937,
declared! fully
new
on
Feb. 10 that during
compared
with
$38,159,000
December, 1937 of several large
facturing companies with 27.9%
gas
Next in size
of this total, and third
and water utility companies with 7.1%
the
were
manu¬
the electric,
were
.
(of which all but $7,332,000 were for already-established enterprises)
were
intended to be offered for sale for cash for the account of the registrants.
Reflecting the high proportion of investment company registrations, 68.0%
of the $134,593,000 net proceeds expected to be received by the registrants
In
for investment.
33.0
6.0
2.8
2,149,489
$145,429,318
Reorganization and Exchange Securities
registered during 1937, 88 securities having
an approximate value of $252,895,000, in connection with contemplated exchanges of registrants' securities
own
issuance
of voting
statements
or
were
their predecessor's securities, and in connection with the
certificates and certificates of deposit.
Three
registered by guarantors of two issues of interest-
trust
also
bearing securities having
a
face account of $25,335,000.
During December, 1937, two statements
were
OF
SECURITIES
INCLUDED IN 32 REGISTRATION
STATE¬
MENTS FOR REORGANIZATION AND EXCHANGE * ISSUES WHICH
FULLY EFFECTIVE JAN. 1 TO DEC.
31, 1937
TYPES
BECAME
No.
for additional
for the repayment of indebtedness; and 1.8%
Type of Security
for
also from the SEC analysis
are
Common stock.
8
Certificates
—
of
Approximately $380,890,000 of the securities registered during 1937 were
against the conversion of other securities having convertible
reserved
the
basis
of securities
registered for
other
purposes
than
for conversion, preferred and common stock issues aggregated
50.2%
of the total against 42.4% for bonds and debentures, and
7.4% for cer¬
reserve
tificates of participation,
warrants,
participation,
main
industrial
classification,
indicating
the
proportions
in
which
different types of securities were employed in the proposed
financing
the
of the
16,580,669
Secured bonds
8
Debentures
2
4,188,097
89,440,796
3,839,321
46
26,738*718
47,089,157
15
19,618,722
39,593,107
88
$252,895,098
$114,734,183
728,792
8,441,413
3,189,889
Short-term notes
15,000
Certificates of deposit
Voting trust certificates.
*
Refers to securities to be issued in exchange for existing securities,
a Repre
sents actual market value or 1-3 of face value where market was not available.
TYPES OF. SECURITIES INCLUDED
IN TWO REGISTRATION STATE¬
MENTS FOR REORGANIZATION AND EXCHANGE * ISSUES WHICH
various classes of registrants.
BECAME
FULLY
EFFECTIVE
TYPES OF NEW SECURITIES INCLUDED IN 661 REGISTRATION STATE¬
DURING
No.
MENTS THAT BECAME FULLY EFFECTIVE FROM JAN. I TO DEC.
31,
1937
Type of SecurUv
DECEMBER,
1937
Approximate Market Value
of
a
Issues
Dec., 1937
Common stock
Total SecurUies Registered
$14,381,284
1,295,541
beneficial
Total
&c.
Table I la supplies a further breakdown of security types
according to the
a
Jan.-Dec., 1936
$92,488,775
6
3
Preferred stock
Interest, Ac
On
Approximate Market Value
of
Issues
Jan.-Dec., 1937
of Feb. 10:
features.
registered for 28 issues of
certificates of deposit which were proposed to be issued against
outstanding
securities valued at approximately $14,919,000.
of the net proceeds was intended
purchase of plant and equipment; 9.5%
following tabulations
100.0 100.0 100.0
discussing registration certificates for reorganization
exchange issues which became fully effective during
during 1937, the SEC said:
various other purposes.
The
34.7
In addition to the new issues covered in the preceding tables, there were
discounts and other expenses of flotation
Approximately 13.7%
working capital; 7.0%
Y.I
18.4
December and
and issuance, was proposed to be applied toward the purchase of securities
to be used for the
5.9
0.3
497,500
11,635,163
for their
After deduction of securities which were reserved for conversion, options,
&c., securities registered for "the account of others" and securities proposed
to be offered for other than cash considerations, $145,429,000 of securities
after payment of commissions,
21.3
—
in
issues of investment companies, the financial and investment companies'
registrations accounted for 56.3% of the month's total (exclusive of securities
registered for reserve against conversion).
25.9
$193,744,672
and
result of the registration during
5.1
50,190,000
18,998,650
were
The SEC added:
a
21.3
17.3
35,624,812
Debentures
November, 1937, and with $698,408,000 in December, 1936.
As
57.5
10.6
Short-term notes..
securities totaling $201,374,000
effective,
38.8
17,367,359
Certificates of participation, bene¬
ficial Interest, warrants, Ac...
The Commission also announced
$56,723,820
50,211,822
Preferred stock
Nov., 1937
$3,813
Dec., 1936
$3,018,750
Preferred stock
Certificates of participation, beneficial
Type of Security
No. Units of
No. of
Issues
Stock,
interest, &c
&c. Fac
Amount
>
Bonds, &c.
Common stock
524
$158,487,429
Preferred stock
178
14,847,373
Certificates of participation, beneficial
interest, warrants, Ac
Secured bonds
131
Short-term notes
Short-term notes
Total
974
Securities
to
Be
for
for Cash for
Account of
Registrants
Reserved for
Conversion
Jan.-
Dec.,
Dec.,
1937
1936
17.4
$922,151,180
583,706,126
$553,992,434
439,992,457
30.7
19.5
Total
173,659,336
861,446,698
335,686,929
5,728,788
7.4
the
month's
total,
while
Certificates of participation,
of the December
Repre"
30.1
from Charles R.
25.3
0.5
0.2
100.0
100.0
securities
totaled
beneficial interest, &c., amounted
to
24.7%
a
issued
to
the
Reports
as to
study committee
who knows
under
the
amended
the
the selection of anyone to be President of the New York
can
have
no
basis in fact.
It is inconceivable that anyone
anything about the election of a President of the Exchange
existing constitution,
as
a
or
under the constitution as it may be
result of that committee's recommendations, should take it
upon himself at this time to authorize the statement
person has been selected to fill a new post
which has not yet been created.
»
of
.
25.9%*
total, reflecting the large registrations in this month of
Represents percentages for 1936.
members
Stock Exchange under the organization plan proposed by the organization
conversion) accounted for 49.4%
interest-bearing
statement
In
Exchange, Mr. Gay declared that "the selection of a new
President will be made by the new Board of Governors," and
in Washington, Mr. Gardner denied that he had been ten¬
dered the position. The statement of Mr. Gay follows:
43.9
*
11.8
Gay, President of the Exchange, and Mr.
Gardner.
investment company issues.
a
Published reports as to the selection of O. M. Gardner,
Common and preferred stock issues (on the basis of
securities registered
for purposes other than reserve against
of
exchange for existing securities,
4.4
$2,998,394,108 $2,370,506,642
...
be issued in
former Governor of North Carolina, as the new paid President
of the New York Stock Exchange brought denials on Feb. 9
8.8
220,831,098
902,862,944
353,628,298
15,214,462
Short-term notes..
to
$7,104,539
Election of New Board of Governors—Comment by
Jan.-
Gross
Amount
Certificates of participation, bene¬
Debentures
Refers to securities
300,284
$14,919,393 $23,971,490
O. M. Gardner and SEC
Gross
Secured bonds
28
Charles R. Gay, President of New York Stock Exchange,
Issues Statement Denying Selection of New Paid
President of Exchange—Says Matter Will Await
Securities
Amount
ficial interest, warrants, Ac
196,842
The comparable SEC report for 1936 was
given in the
"Chronicle" of Feb. 20, 1937, pages*1196-97.
Per Cent of
Total Less
Offered for Sale
Conversion
Common stock
*
3,569*339
$14,919,393
(After
Other Deducts.)
Proposed
Reserved for
Preferred stock
28
sents actual market value or 1-3 of face value where market was not available.
$3,379,283,975
Total
Total, Less
220,831,098
903,607,319
353,628,298
15,214,462
353,319,069
20,200,000
9
74,333
141*833
Certificates of deposit
Voting trust certificates.
$1,299,101,732
586,901,066
38,820,166
911,567,600
90
42
_
23.770,835
.....
:
;
Debentures
Total.
Debentures
Type of Security
.....
Secured bonds
Gross
Amount of
that some particular
of paid president of the Exchange
Financial
146
Volume
by the members
of the Exchange.
How the new Board of Governors is to be constituted as
a result of the organization study committee's report, the persons whom
the nominating committee will nominate, how the new Board of Governors
will proceed to select a President, cannot be foretold.
It is unfortunate
that any reports should be circulated at this time when the administration
of the Exchange is doing its utmost to facilitate prompt and constructive
consideration of the organization study committee's report and the amend¬
ments to the constitution giving effect to that committee's recommendations
on
selection of the new Board will be made
in authority
in the Exchange, or anyone else, to attempt to commit the new Board to
the choice of any candidate for the post of President.
No one has been
authorized or can be authorized, formally or informally, to approach anyone
on the subject until after the election of the new Board of Governors.
Moreover, it
denial by Mr. Gardner, Washington
Feb. 9 to the New York "Times" of Feb. 10
reporting the
In
of
advices
Gardner, former Governor of North Carolina,
Roosevelt today that the former was not a
with President
said after a visit
candidate for the
presidency of the New York Stock Exchange.
"At this time." he commented, "I have nothing to say except that
the
and that I am not
presidency of the Exchange has not been tendered me
and have not at any time been a candidate."
The Securities and
Securities
Exchange Commission issued the following
for
York Stock Exchange and added that neither
it had approved the selection of any person
each of its members that
the presidency
statement:
behalf of
and Exchange Commission today denied in
of the New
member thereof has or ever has
the Commission nor any
sponsored any
candidate for that post."
The report
of the Committee, headed by Carle
recommended,
page
"The opening month of
was
referred to in
our
C. Conway,
the Organization
salaried President
issues of Jan. 29,
York,
markets," says the National City Bank of New
"but nothing like a general forward movement or
revival."
In
After
months
four
tributors
have
had
moderately
Curb Exchange Vote to Dis¬
Operations—Governors to Apply to SEC
Authority to Dissolve Exchange
Chicago
operations of the Chicago Curb
Exchange was voted by the members on Feb. 3, at which time
they authorized the Board of Governors to apply to the
Securities and Exchange Commission for the necessary
authority to proceed with the liquidation of the Exchange,
and seek withdrawal of its registration statement.
The
of the
plans of the Exchange to
suspend
were
noted in our Jan. 29
The following bearing on the action is from
Chicago "Journal of Commerce" of Feb. 4:
issue, page 657.
the
Out of 77 members,
on a
Governors
The Governors based their recommendation
65 approved the recommendation of the
None dissented.
to dissolve.
"continued operating deficit;
The continued small volume
their
increased
comparison with what had gone
will
markets to
the
the improvement is limited, and
However,
buying,
fill
of trading on the Exchange, and the slight
pass
what is done in the first quarter,
before.
.
.
.
the disposition is to defer prophecy.
borrowers
on
There is
rigidity of
inflexible
well
than
costs
costs
reported
as
lenders," the bank adds:
as
that the resistance
fear
will
ever
will
and
slow
formed in the latter part of 1927 with 200
members
recovery,
multiply losses.
Figures
capital markets were open,
until
expenditures
plant
operation.
$26,500 face value of bonds.
Seat
,
Bankers
It
Conference Inc. Assumes Super¬
Quotations Previously Con¬
York Security Dealers' Association
made known on Feb. 7 that the Investment
was
Conference Inc.
Sold for
Equity of memberships at the present
$3,000
quotations heretofore furnished by the New York
Security Dealers Association.
In a joint statement issued
by Frank Dunne, President of the New York Security Dealers
Association, and Wallace H. Fulton, Director of the Invest¬
ment Bankers Conference, Inc., it was stated:
counter
cooperative effort between the Investment
A
Bankers Conference, Inc.
Dealers Association which is designed better
the functions and activities of the two organizations, has re¬
the taking over by the Conference of the matter of quotations and
and the New York Security
to integrate
sulted in
uniform practice
This, in our judgement, represents an important
self-regulation of the industry.
As a part of
rulings.
milestone in the democratic
the program,
the Governors of the New York Security Dealers Association
their firms will become members of the Conference and
have indicated that
recommend to the membership of the Association
The New York Security
likewise.
of self-regulatioD,
formed over 12 years ago for the purpose
and it will continue its activities to further
time is reported at about $780.
$3,000 in July, 1933. The
sale was at $350.
T. E. Murchison, partner in the firm of
Paul H. Davis and Co., is President.
Listed on the curb at the present
time are 52 securities.
In financial circles, the
Curb's closing is attributed directly to restrictions
SEC. It is pointed out that the Curb
ground for stocks before listing on larger
it was used for a market in undistributed
placed upon trading in securities by
originally was formed as a proving
In its early years,
Regulation by the SEC now make such listings
issues and for new issues.
Impossible.
New Issues
Lacking
Lack of new issues and the preference on
to trade their issues over
There remains a large field of activity
the part of investment bankers
the counter rather than to list them, were said to
for this Association
program."
result of negotiations
which have been carried on during most of last
Bankers Conference, Inc. and the New York
Association, a plan has been agreed upon under which the
over two functions formerly carried on by the As¬
sociation.
Effective Feb. 8, 1938, the Conference through its New York
District Committee will take over the work heretofore carried on by the
Security Dealers
Conference will take
of the Associations, having to do
uncertain.
Several Ex¬
voluntarily asked SEC for with¬
The procedure to follow is therefore
result in some complications.
Governors of the Exchange have com¬
However,
anticipate
no great
difficulty in bringing
operations to a conclusion, It is said.
♦
Chicago Board of Trade Reduces Salaries of Employees
19%—Action Affects Those Receiving in Excess of
per Month
$150
Chicago Board of Trade on Feb. 2
ordered a reduction of 10 % in the salaries of employees who
receive in excess of $150 a month.
An annual saving of
The Directors of the
$25,000 is expected to result.
Advices from the Chicago
"Journal of Commerce" of Feb. 3 said:
curtailing
the heavy expenses which have prevailed for some years, particularly with
regard to the Board of Trade Building.
Numerous grain and stock com¬
special committee has been investigating ways and means of
mission houses recently have cut
of the restricted trade in
their forces and reduced salaries as a result
commodities and securities.
principally with
of quotations on Over-the-Counter se¬
and news services.
The work of the Uniform
Committee of the Association, having to do with rulings on delivery
compilation and transmission
curities to the newspapers
Practice
of a technical
Conference. It is 'expected that the
New York activities of the Conference in these matters will be extended to
other important financial centers in the near future.
Heretofore the entire expense of these services to the investing public
and the industry generally has been met solely by the membership of the
New York Security Dealers Association, and for some time it has been recog¬
nized that this financial burden should be distributed more equally among
all those actually benefited.
Upon the creation of the Investment Bankers
Conference, Inc. it seemed logical to transfer this work to the larger body,
but it has not been possible to work out the details of the transfer and
dates, dividend dates,
nature will
contract settlements, and other matters
also be carried on by the
cooperative program
York
New
until the present time.
Dealers
Security
Dues from $100 to
Independent Organization
Yearly
have suspended but none has
municated with the SEC and they
Investment
»
closing of a National Securities Exchange sets a precedent,
drawal of its registration statement.
A
a
between the Investment
factors also in the Curb's closing.
it is said, which possibly may
its
As
the welfare
business in the interest of the investing public and
announcement
The
that they do
Dealers Association, which is the pioneer
encompassed by the Conference
not
the
price paid for a membership was
Bankers'
has assumed supervision of the over-the-
Committee on Securities
Once
last reported
somewhat
thus far
*
year
changes
and that
industrial corporations in the fourth
earlier.
Even if the long-term
business men would be loath to go ahead with
they could see more assurance of profitable
A slight decrease was registered for the
following year when 6,063,669 shares of stock and $2,546,700 par value of
bonds
changed hands.
An irregular downtrend in volume followed,
culminating in 1937 when turnover involved 560,584 shares of stock and
value of bonds were traded.
The voluntary
due to greater
down
earnings of
that
suggest
of prices to adjustment,
before,
limit earnings
issued Feb. 7 by the
Bankers Conference, Inc. at Washington said:
be important
materials.
seems
Withdrawal of 113 members in the
summer of 1935, the purchase by the Exchange of 10 memberships, and the
surviving 77, account for the original membership.
Peak volume was attained in 1929 when 6,645,637 shares and $953,800
exchanges.
of
Stating that "current business conditions are a restraint
its members.
operations in July, 1928.
The highest
and
purchases
already doing so; but expectations as to the rate of recovery are conserva¬
tive.
Since the outlook for the
second quarter depends so greatly on
of the over-the-counter
Curb Formed in 1927
par
dis¬
to be that the recession
through its low point during the first quarter, and possibly is
organization in the industry, was
required by the
:
Exchange."
and began
many
in stocks,
the volume is encouraging only
prevailing opinion of business men
in turn
prospect of any increase therein;
And the dearth of new listing possibilities of the standard
The Chicago curb was
into
vision of Over-Counter
continue
for
sharp curtailment in
back
come
ducted by New
Discontinuance
of
more
or
to
have
manufacturers
♦
of
"Monthly Letter" the bank con¬
its February
tinues, in part:
Investment
690 and Feb. 5, page 850.
Members
the new year has brought a spotty
quarter were around 30% less than a year
named by the Exchange for the Study of
Administration of the Exchange, in which a
was
Improvement in Business Conditions Seen by
National City Bank of New York
improvement in orders in some of the industries and com¬
The
O. Max
"The
Limited
in
stated:
employees of the New York Curb
Exchange (ranging from 10 to 15%) was noted in our Feb. 5
issue, page 836.
modity
of the membership.
would obviously be improper for anyone now
the part
Reductions in salaries of
Board of
President will be made by the new
selection of a new
The
Governors and the
1003
Chronicle
Association
Reduces
$50—Plans To Remain
the New York
Association on Feb. 7 it was decided to
reduce yearly dues for active members from $100 to $50 and
for associate members to $12.50 for the year 1938.'
At the
same time a general meeting of the membership was called
At
a
meeting of the Board of Governors of
Security Dealers
with a view to making plans for a program to
membership in the New York area. An expression
the views by members on various matters will be sought
the meeting one of which has to do with the continuance of
for Feb. 24
increase
of
at
the association as an
members
on
independent organization; the letters to
this point says:
"Under the Maloney
bill, as you know, associations such as ours are per¬
The
feels that we
could serve best the interests of the investing public and our members by
remaining an independent association, and leave it to our members individu¬
ally to decide whether or not they want to indentify themselves with a
mitted
to
become affiliated
Board of Governors,
with a national securities association.
in anticipation of the passage of the bill,
national securities association.
Financial Chronicle
1004
Volume of Bankers' Acceptances
Decreased $17,261,552
Jan. 31—Is $61,-
During January to $325,804,395
January the volume of bankers' acceptances
decreased $17,261,552 to $325,804,395 Jan. 31 from $343,065,947 Dec. 31, 1937, according to the monthly report of
the New York Federal Reserve Bank, Acceptance Analysis
Unit, issued Feb. 10. The volume outstanding at the close of
January was $61,422,885 below the figure for Jan. 30, 1937.
The decrease during January in the volume was due to
losses in credits drawn for imports, exports and domestic
As compared with a year ago the
warehouse shipments.
decline
attributed to losses in all classifications of credit
was
excepting those drawn for dollar exchange. The following is
the report for Jan. 31 as issued by the New York Federal
Reserve Bank on Feb. 10:
bankers dollar
acceptances outstanding—united
—by federal reserve:
states
districts
securities."
From
1931
bank assets
while
their
business
the
of
the
the Federal
and
loans
among
Banks
markedly.
thus increasing
issues,
time making
funds available
the
to
increased
the
necessary
less
additional .borrowing
of
amount
of
all
commercial
banks
fnnds
proportion
since
in
by
in
interest
United
the
in
27% in 1929 and 25% in 1921.
this
There has been
rates
"Decreases
the
increased
government
new
which
investments
compared with
decline in
some
Government
made
securities
Commercial loan demand grew slowly,
same
of
and
by longer-
replace them
By the middle of 1936 investments represented 60% of
concerns.
as
the
at
expenditure
business
of
total
States
for
way
continues:
1936 the increased importance of
greatly accelerated
earning assets and
hands
under
been
widespread movement
a
and
survey
considerable part of the
a
government,
the
loans
The
through
was
borrowings
acquired
has
of corporate and large-scale borrowers to reduce
commercial
short-term
term
investments
to
and has been part of
years,
the part
on
422,885 Below Year Ago
During
loans
from
shift
many
Feb. 12, ms
"have
survey,
the middle of
1936.
during recent years," says
banks opportunities to realize
given
profits from the sale of securities, and that source produced
important part of net profits of the banking system in
1935 and 1936, and to a lesser extent in the first half
an
Jan. 31, 1938
1. Boston
2.
Dec. 31, 1937
$29,548,509
233,536,583
12,873,927
$30,624,184
246,738,783
16,351,543
$42,469,921
of 1937."
274,752.303
13,804,172
the survey, to
2,900.034
Federal Reserve District
3,320,882
1,192,110
1,961,236
12,115,999
3,856,627
1,113,823
1,444,004
17,414,700
1,049,060
646,630
1,933,208
--
-
New York
—
-
3. Philadelphia
4.
Cleveland
—
1,056,169
5. Richmond..
2,036,965
12,395,275
951,220
1,854,730
6. Atlanta
7.
Chicago
8. St. Louis
—
—
Jan. 30,1937
2,167*135
2,251~005
26,483,848
26,527,937
2,435,478
1,478
1,901,984
27,386,160
$325,804,395
$343,065,947
$387,227,280
9. Minneapolis
10. Kansas City
11. Dallas
12. San Francisco
.
Grand total
Decrease for year, $61,422,885.
to which the Board adds:
as
more
than
4%
and
were
The
broad
Jan. 31, 1938
-
$140,753,548
83,454,481
7,688,659
15,624,582
69,999,661
68,020,206
1,869,903
2,193,149
Domestic shipments
Domestic warehouse credits
Dollar exchange
on
Jan. 30,1937
31, 1937
$117,248,428
86,764,838
7,832,900
67,123,043
2,835,379
Exports
Based
Dec.
$106,024,634
82,194,997
by
retain
continued
goods stored In or shipped
77,281,314
59,494,458
59,793,442
$265,674,096
12,725,692
Total
■
CURRENT^ MARKET
RATES
PRIMEJ|BANKERS*
ON
FEB.
investments
ACCEPTANCES
1938
10,
30
K
90
X
Dealers'
Dealers'
Buying Rates Selling Rates
Days—
9-16
120
7-16
7-16
7-16
H
00
The decline
%
9-16
decreased
180
H
9-16
furnishes
a
in
expenses
the
$384,146,875
: 376,804,749
359,004,607
Oct.
$364,203,843
June 30
$330,205,152
349,053,490
31
372,816,963
Aug. 31
351,556.950
343,881,754
Sept. 30
344,419,113
Oct.
27
387,227,280
401,107,760
315.528.440
Mar. 31.....
396,471,668
Dec. 31
308,112,141
315,000,590
Apr. 30
May 29
395,031,279
385,795,967
Jan.
Nov. 30
Dec. 31
343,694,299
May|30
June]30
330,631,460
316,531,732
Jan.
30
Feb.
31
Aug. 31
Rates
in
July
1937—
Apr. 30.
Bank
of
31
30..... 346,246,657
348,026.993
Nov. 30
343,065,947
1938—
and
Earnings
325.804,395
Expenses-
presenting, in the February issue of the Federal Re¬
Bank
"Bulletin," details of the "Trends in Rates of
Expenses," the Board of Governors of the
Federal Reserve System notes that "net profits of banks in
relation to the volume of earnings assets have declined over
and
the past
"The rate of return upon capital
has, nevertheless," it is observed, "been
half-century."
invested
in
banks
well maintained except
during the depression years follow¬
increasing amount of earning assets
unit of invested capital."
"During the recent depres¬
ing 1929, owing to
per
an
"large deficits have oc¬
1920 enormous losses
have been suffered by both stockholders and depositors in
many banks."
The Board likewise says:
however,"
sion,
says
Board,
the
and during the
curred,
since
years
.
From
the
important
to
cover
capital.
expenses
and
expenses
as
on
the rate of return
losses,
and
the
and
of the banks the most
they are sufficient
profit on invested
invested capital involves many interrelated
to profits
and
losses
The rate of return
factors 6uch
to
point of view of continuous operation
question with respect
leave
on
a
is whether
reasonable
earning assets, experience with respect
relation
of
invested
capital
earning
to
assets.
is
to
the analysis
basic figures
trace
the
in
broad
previous
State banks
as
of trends in bank earnings over a long
The Comptroller of the Currency,
incomplete.
into
a
outline the
century.
whole.
trend
There is
of
no
earnings
of
recent
known
possible
National banks back
Kansas is the only State for which
official earn¬
Earnings returns for
System are available
years.
"new sources of income" (which we
below), the statement is made that "it is
in the past few years instalment and personal
grown substantially."
Pointing out that "the
commenting on
quote
loans
that
form
somewhat
to
employ
of
end
of
sponsored
1937
in
the
banks
75%
of total assets of
in 1936.
member
the form
in
of
banks
From the stand¬
deposits
so
cost
far
the
as
something
expenses.
Deposits
on
risk
between
and
1934
the
easy
1933
The
deposits.
on
was
deposits
and
1929
largely
of
interest
of
position
reserve
resulted
mainly
substantial
result
a
decreased
and
$100 of loans and invest¬
per
banks
from
in
prohibition
the
reduction
of
payments
had
time
on
become
wide¬
1933, many banks had begun to reduce rates paid to depositors
they
of
which
losing
being
were
had
deposits,
pressed
been
often
banks
some
in employing
difficulty
having
were
they
rates
under
of
of member banks
hesitated
though
even
funds
operating
profitably,
The
costs.
because of competitive situa¬
to
they
their
reduce
to
postponed
initiate
have
not
may
lower
rates
at
the
been desirous of
obtaining additional ^deposits at high cost.
Although the movement had begun
in
hibited
November,
on
interest
of
the
passage
of interest
payment
which
under
pay
rates
followed
costs,
the
1933,
Board
set
a
of
paid
on
Feb.
1,
1935,
all
and substantial
and thus
1933.
in operating
The Act
pro¬
deposits and contained provisions
of the Federal Reserve System, in
Governors
maximum rate
with
deposits,
demand
time and savings deposits.
effective
by 1933, widespread
on
the Banking Act of
of
even
of 3%
that
member banks
could
This maximum was lowered to 2%%,
lower rates on some types of time
provisions under which the
similar regulations setting
maximum rates which might be paid
by insured non-member banks at
the Bame levels as those applying to member banks.
With
the impetus of these measures and
continued pressure of idle
reserves,
many banks carried their reductions further, lowering rates on
ordinary savings deposits to 2% and 1%%, or even less. Mainly because of
these voluntary and mandatory decreases in interest rates, total operating
costs of banks were reduced sufficiently in 1934, 1935 and 1936 to offset
almost
entirely the effects of lowered rates of return
on
loans and
investments, and rates of net earnings (before losses) declined only slightly.
Federal
The Banking Act
Deposit
Insurance
of 1935 contained
New
The presence
for
loans have
issued
Corporation
Sources
of Income
of ample reserves and the slow rise in
caused banks
to
seek
new
commercial demand
employment for funds.
Although
reports, it is
known that in the past few years instalment and personal loans have
grown substantially.
Since gross rates of earnings on these advances are
higher than on other types of loans, continued growth of the business may
tend to raise the average rate of return on loans.
Some addition to gross earnings of banks in recent years has resulted
from extension of service charges in various forms.
These are primarily
on
deposit accounts, but some banks have installed such charges on small
loans.
While arguments
for imposition of
service charges on deposit
accounts have been widespread among bankers' associations recently, such
charges have not been of great importance as a source of gross earnings
to hanks generally.
Figures for service charges on deposit accounts were
not
reported separately until 1933, and in that year they constituted
somewhat less than 2% of gross returns of National banks.
During the
fiscal year ending June 30, 1937, they constituted about
8.6% of such
no
statistics
on
the
subject are included
in bank condition
period
comparable series of figures for
records for banks cover a period of decades.
such State banks as belong to the Federal Reserve
In
rates
paid off,
At the
but
the
however, has published
in his annual reports by means of which it is
ings
for
in
returns.
for
Material
certain
1933
because
deposits.
31
Survey by Board of Governors of Federal Reserve
System
Earnings
their
those
Interest
of
payments
Before
declines
1937—
1936—
1936—
because
occurred
demand
on
spread, in
tions
record
of the volume of bankers' acceptances outstanding at
In
of
outgrowth of
an
employment,
governmentally
lower
to
but only 68%
out-of-pocket
expenses
interest
reduction
close of each month since Jan. 31, 1936:
serve
various
case
banks
of the
other
in
which
ments
and
H
150
following table, compiled by us
Trends
by
about
years,
Reduction
interest
Dealers'
Dealers'
Buying Rales Selling Rales
Days—
Sept. 30
the
degree
seeking
competitive factors
income
constituted
and
interest
deposits.
July
loans
.
Decrease for month._-
Mar. 31
their
on
large volume of idle funds.
a
gross
offsetting liabilities
.$146,059,945
119,014,161
Bills of others.
Feb. 29
by
necessary
in
large
a
lower-yield securities.
during the pre-depreseion
in
31
it
or,
in
to
reserves
customers
found
by accepting banks
bills held
Own bills
Jan.
6%
point of the rate of net profits, this is of importance only in
between foreign countries
The
of
For 1936 the comparable rates
on total assets of banks has,
of course, been
by the large volume of idle funds which banks have held.
Loans
affected
and
of
return
gross
was
bank
supplemented
loans,
have
to
The rate
rates
idle
bank
investing
a
respectively.
of
was
Banks
to
realized
their investments.
interest
offered
rates
on
2%%,
in
amounts
influence
order
banks
4^%
decline
increasing
funds
Imports—
member
1929
In
and
agencies.
ACCORDINGJTO NATUREIOF CREDIT
"the decline in interest rates associated with
conditions which have obtained in recent years,"
easy money
low
Decrease for month, $17,201,552.
Reference is made by the Board of Governors, in
further
that
have
FCA
Reports Progress in
Land
tired
Liquidation of Joint Stock
Banks—Disposed of 60% of Assets and Re¬
66% of Bonds and Notes
May 1933, when the Joint Stock Land Banks went
into liquidation as required by law, they nave disposed of
about 60% of their assets, and so far have retired 66% of
their outstanding bonds and notes payable, according to a
statement issued Feb. 11 by W. E. Rhea, Deputy Land
Bank Commissioner, who is in charge of the Joint Stock
Land Bank Sub-division of the Farm Credit Administration.
Since
Financial
146
Volume
placed in liquida¬
in 1933 there were 46 banks in operation
management and three in receivership.
Since that date three of the 46 banks have completed liquida¬
tion and two have been placed in receivership, said the state¬
Joint Stock Land Banks were
When the
tion by Congress
under their own
which continued:
ment,
Total assets of
and total assets
operation May 1, 1933 were $492,638,952;
remaining in operation Dec. 31, 1937 were
the 46Jbanks in
of the 41 banks
$195,790,575.
and notes payable of the 46 banks in operation May 1, 1933
$419,810,184, The funds obtained through liquidation since
that date have been used primarily to retire secured indebtedness, so that
on Dec. 31, 1937, bonds and notes payable of the 41 remaining banks in
operation totalled $140,334,761.
"The condition of mortgage loans of the banks in operation improved
substantially during the year." Mr. Rhea said.
"The amount of loans
The bonds
amounted to
28.9% of the total outstanding at the end of 1936
outstanding Dec. 31. 1937. While this improve¬
ment reflects more favorable agricultural conditions in certain sections, it
follows also from elimination of some delinquent mortgages through fore¬
delinquent declined from
to 23.3%
of the amount
deeds."
closures or voluntary
operation had 21,423 loans,
amounting to $76,266,538, with no installments in default, and 4,248
delinquent loans amounting to $23,169,118.
Of total assets amounting to $195,790,575 at the end of the year, mort¬
gage loans not delinquent accounted for 39%; delinquent loans 11.8%;
purchase money mortgages, real estate sales contracts and notes receivable
12.9%; cash and securities on hand 8.7%; reai estate, sheriffs certificates
and judgments 24.5%; and other miscellaneous assets 3.1%.
During the 4 years and 8 months since liquidation was begun the banks
At the end of the past year,
reduced their mortgage loan
the 41 banks in
60.4%
represented fore¬
$293,984,233, of which
accounts by
represented loans refinanced, sold or paid off; 27.5%
closures or voluntary deeds; and 12.1% other deductions.
the amount of
Mr. Rhea said that
loans has
been diminishing
Stock Land Bank
liquidation of Joint
because of the
smaller volume of assets
Bank
remain¬
pointed out that out of the total amount of Joint Stock
loans refinanced or sold since 1933, $144,316,706, or 81.5% had
ing. He
Land
been
thelFederal Land Banks and the Commissioner,
amount was taken by other institutions.
"A steady increase in recoveries on real estate sold has aidedlin the
liquidation of many of the Joint Stock Land Banks," Mr. Rhea continued.
"Recoveries have increased hand in hand with improving agricultural con¬
ditions."
On sales made in 1937, prices received averaged 94.7% of the
investment value compared to 90.5% in 1936.
The number of farms sold
during the year—3,060 farms and sheriff's certificates amounting to $17,176,072—was smaller than the 3,596 farms and sheriffs certificates sold for
refinanced with or sold to
The remaining
exceeded the number of properties
acquired, so that total real estate holdings declined.
The banks in opera¬
tion acquired 1,265 farms and sheriffs certificates in 1937. representing an
investment of $9,025,671.
The total investment in real estate and sheriffs
certificates owned by these banks decreased by $9,002,815 during the year.
Outstanding Joint Stock Land Bank bonds decreased in 1937 from
$169,284,007 to $136,788,098.
During the year, 8 of the banks issued a
total of $24,256,000 of bonds for the purpose of retiring higher interest-rate
bonds.
In the meantime, 22 banks called $43,022,900 of bonds at par;
and in addition, bonds were purchased in the market from time to time bya
number of the banks having funds available for that purpose.
The total
of bonds by all
purchase, amounted to
Thereabouts, of 91-Day
Dated Feb. 16, 1938
Tenders to a new offering of $50,000,000, or thereabouts,
of 91-day Treasury bills, to be received at the Federal Re¬
serve banks, or the branches thereof, up to 2 p.m., Eastern
Standard Time, Feb. 14, were invited on Feb. 10 by Secretary
of the Treasury Henry Morgenthau, Jr.
The tenders will not
banks, either through
redemption or from
$56,751,909.
Liquidation of 21 Receiverships
During January, Comptroller of
of National Banks
Currency Reports
J. F. T. O'Connor, Comptroller of the Currency, an¬
nounced on Feb. 8 the completion of the liquidation of 21
receiverships during the month of January, 1938.
This
makes a total of 979 receiverships finally closed or restored
to solvency since
the banking holiday of March, 1933.
In his announcement of Feb. 8 Comptroller O'Connor said:
Treasury Bills—To Be
Department, Washington.
bills will be sold on a discount basis to the
highest bidders. They will be dated Feb. 16, 1938, and will
mature on May 18, 1938; on the maturity date the face
be received at the Treasury
The Treasury
of the bills will be payable without interest.
An
$50,044,000 of bills will mature on Feb. 16. In his
announcement of Feb. 10 bearing on the new offering of bills,
Secretary Morgenthau stated:
amount
issue of
No tender for
must be
basis of
unsecured
creditors
received dividends
of their claims.
■ rrr
closed
or
l.
•-
are
r—«=sr-m
-wu..
*
111
.
the 21 National banks
liquidated and finally
restored to solvency during January:
INSOLVENT NATIONAL BANKS
OR RESTORED TO
LIQUIDATED AND FINALLY CLOSED
SOLVENCY DURING THE MONTH
OF JAN.. 1938
Total Dis-
Per Cent
bursem'ts
Total Dis-
Dividend
of
of Bank
Per Cent
Date
Nam* and Location
Including
bursem'ts
Declared
to Total
to All
Failure
Offsets
Liabilities Claimants
Allowed
Hurley National Bank, Hurley, Wis
a Citizens National Bank, Monticello,
a
87.97
100.17
100.35
103.78
105.462
Bank, Ironwood, Mich
Rock Valley, Iowa, 10-31-33
487,951
91.69
87.3
257,700
91.78
84.05
9-26-33
363,603
164,453
103.68
or
55.63
the closing hour will
58.63
28.3
5-26-31
First National Bank,
a
First Nat. Bank, New Matamoras,
Ohio.
Northwood, N. Dak.
First National Bank, Yukon, Pa
a First National Bank, Ellis, Kan
Farmers National Bank, Hickory, Pa
First Nat. Bank, West Frankfort, III
First National Bank,
2-
8-23-33
134,626
79.36
70.7
5-
6-31
454.186
81.87
79.92
12-
7-31
789,242
76.8
57.47
7- 5-34
aqFirst National Bank, Livingston, HI
10-24-33
a First National Bank, Waverly, N. Y
3-30-31
Central National Bank, Ellsworth, Kan
1- 9-32
Creighton National Bank, Creighton, Neb.
9-26-33
a Olney National Bank, Hartford, Mich..
8-10-31
First National Bank, Maryville, Mo
7-25-35
*
Citizens National Bank, Winchester, Ky.
5- 3-34
*
Planters Nat. Bank, Fredericksburg, Va.
6-14-32
*
Holston Nat. Bank, Elizabeth ton, Tenn.
8- 9-34
*
Farmers National Bank, Havlland, Ohio.
♦
Receiver appointed to
value
of assets sold,
or
92.5
84.4
827,964
19.67
91.06
870.062
77.6
67.12
116,032
405,752
75.63
45.0
499,574
90.1
186.061
84.26
100.0
228,108
78.25
87.13
100.02
99,127
83,577
27.92
14,395
100.01
levy and collect stock assessment
to complete
102.81
31.52209
2.981
108.9859
covering deficiency in
a Formerly in con¬
unfinished liquidation,
servatorship!
Reference to the
liquidation of National banks
during December was
made in
our
receipt of tenders on
be opened and public
prices will follow as*soon as
Feb. 14,1938,
branches thereof up to
announcement of the acceptable
Reserve Banks or
all tenders received at the Federal
the following
possible thereafter, probably on
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 submit¬
ting 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 Feb. i(>,
The Secretary of the Treasury
morning.
1938-
- v;
'
The Treasury
inheritance taxes.
except estate and
taxation,
Treasury Decision 4550,
ruling that Treasury
No loss from the sale or
gift tax.)
tax now or
•:'
hereafter
(Attention is invited to
bills are not exempt from the
other disposition of the
Treasury Fills
the purposes of
imposed by the United States or any of its posses¬
shail be allowed as a deduction, or
any
■
principal and interest, and any (
other disposition thereof will also be exempt, from al
bills will be exempt, as to
gain from the sale or
otherwise recognized, for
■<
Treasury
Department Circular No.
scribe the terms of the Treasury
notice pre¬
conditions of their issue.
418. as amended, and this
bills and govern the
$150,294,000 Received to Offeringfof $50,000,000 of^91Day Treasury Bills Dated Feb. 9—$50,144,000 Ac¬
cepted at Average Rate of 0.080%
Announcement
bids of $150,294,000
that
ceived to the offering og
had beenfre-
$50,000,000, or thereabouts,
of 91-
day Treasury bills, dated Feb. 9, and maturing May 11,1938,
was made on Feb. 7 by Secretary of the Treasury Henry
Morgenthau Jr. The tenders were received up to 2 p. m.,
Eastern Standard Time, Feb. 7, at the Federal Reserve
banks and the branches thereof.
Of the tenders received,
Secretary
Morgenthau
Reference to the
Feb. 5, page
The
said, $50,144,000 were accepted.
made in our issue of
offering of bills was
839.
.
following is from Secretary
Morgenthau's announce¬
ment of Feb. 7:
Total applied for,
Range of
High
$150,294,000
accepted bids:
Low.
Average price---
Total accepted. $50,144,000
99.982 Equivalent rate approximately
99.978 Equivalent rate approximately
99.980 Equivalent rate approximately
(£T% of the amount bid for at the low price was
Offering of
0.071*
0.087*
0.08T
accepted.)
$31,500,000 of VA% Debentures of Federal
Banks—Issue Over-Subscribed
Intermediate Credit
Intermediate Credit Bank System on Feb. 4
$31,500,000 of llA% consolidated debentures
at a slight premium over par value; $7,000,000 of the deben¬
tures will mature in 5 months, and $24,500,000 in 9 months;
they will be dated Feb. 15, 1938.
The debentures, which
are the ioint and several obligations of the 12 Credit banks,
were offered on Feb. 4 and the books were closed shortly
thereafter following, it is stated, a heavy over-subscription.
There is a maturity on Feb. 15 of $26,950,000 of the deben¬
tures, and the securities now oustanding total $187,000,000.
The Federal
sold
39.45
69,818
8-23-33
from
trust company.
Immediately after the closing hour for
104.42
5-30
9-20-32
Haverhill, Mass...
a
,
incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a depositor
10% of the face amount of Treasury bills applied for, unless the tenders are
accompanied by an express guaranty of payment by an incorporated bank
without cash deposit
an
issue of
76.25
169,955
8-29-33 2022,692
First National Bank,
Iron National
6-21-32 $486,684
Ky_
be used.
amounting to an average
Dividends distributed to creditors of all active
of January, 1938, amounted to $1,579,075.
Total dividends paid and distributions to depositors of all receiverships
from March 6, 1933, to Jan. 31, 1938, amounted to $895,055,623.
—.
only, and in amounts or
$100,000, $500,000, and $1,000,000 (maturity
$1,000 will be considered. Each
amount less than
Tenders will be accepted
receiverships during the month
Below
an
tions must not
depositors and other
creditors of thfise 979 receiverships, exclusive of the 42 restored to solvency,
aggregated $367,440,359, or an average return of 79.9% of total liabilities,
of 65.97%
denominations
value).
tender
in multiples of $1,000.
The price offered must be expressed on the
100, with not more than three decimal places, e.g., 99.125. Frac¬
They will be issued in bearer form
of $1,000, $10,000,
including offsets allowed, to
Total disbursements,
while
Offering of $50,000,000, or
New
sions.
$18,417,133 in 1936.
However, sales of farms considerably
retirements
1005
Chronicle
completed
issue of Jan. 22, page 524.
Appropriation of $250,000,000 for Relief of Unemployed
Sought by President Roosevelt in Letter to Speaker
to
President by Midwest
Relief in Behalf of Unemployed
Bankhead—Petition
Mayors for
appropriation of $250,000,OCX) by Congress for the
unemployed is asked by President Roosevelt in
addressed on Feb. 10 to Congressman Bankhead,
Speaker of the House.
The President stated that the
number of persons on the rolls of the Works Progress Ad¬
ministration today is 1,950,000.
"Funds available at this
time" he said, "will not only not take care of the additional
burden caused by the recent increase in unemployment, but
will require a sharp reduction in the near future of the
number on the W. P. A. rolls." This estimate of $250,000,000
will", he said, "permit the continued employment for the
next five months of the number now on such rolls and will
provide a reasonable measure of relief for those who have
An
relief of the
a
letter
recently become
unemployed and are in need."
According
1006
Financial
Chronicle
to advices Feb. 10 to the New York "Journal of Commerce"
He
said
that
runs
he
It
is
adhere
to
his
previously announced
until mid-March, making this announcement
uncertainties
any
would
so
but
The whole question of the present
adequacy of the capital market was
opened recently by the Administration after
it
program
considered.
Mr.
In the last quarter of 1937 when
security prices began tumbling the under¬
writing market faltered and
Morgenthau declined today to make any
operation.
did not receive
On
to absorb
Aubrey Williams
should appear before the House Appropriations Committee this
morning
to explain the needs that now face the Government.
However, it was
to set in underwriters were
obliged
large portions of these offerings.
capital available whs forcibly reduced.
market
essential
is
to
The
recovery.
the
On the
date
same
market,
the total
A revival of the capital
Administration
studying ways and means of improving the mechanism
The Speaker of the House of Representatives:
mental estimate of appropriation of
large security issues which
consequence
were left on the shelves of underwriters.
amount of
President Roosevelt's letter to Speaker Bankhead follows:
I have the honor to submit herewith
a
moving large issues which proved unreceptive to
together and the session was postponed until tomorrow.
is
reported
to
be
to meet the demands.
(Feb. 8) advices, from Washington to
the New York "Sun" said:
v:
.
as
good reception
With the banks out of the capital market and
underwriters confined to
not possible for Chairman Taylor to get his members
''"■Sir:
a
Subsequently when improvement failed
that date about $162,000,000 of interest payments also will have to
made.
It had been planned that Acting Relief Administrator
was
two-year period during which
Losses Cited
incident
advance statement as to the character of the mid-March
understood that it
a
The capital market was receptive to
the immediate future.
as to
thought that
have to
pushed in the background.
was
financing in 1935, 1936 and part of 1937 when security prices were rising.
to formulation of the financing problem
covering the period after that date, issuance at least of short term securities
will
percentage of the capital and surplus which could be
a
utilized in the corporate security
financing is advanced as a step in that
direction.
'
to obviate
as
1938
12,
Revival of security affiliates is not favored by these sources,
It is learned,
from its Washington bureau, Secretary of the
Treasury
Morgenthau indicated that the $250,000,000 appropriation
would not require immediate financing operations by the
Government." The advices from which we quote added:
which
Feb.
Act of 1933.
for your consideration
a
A
supple¬
$250,000,000, for relief of the
recommendation that
National
banks be given limited
authority to
engage in the underwriting of bond issues
unem¬
ployed.
circulated among Administra¬
was
tion officials today by J. F. T.
O'Connor, Comptroller of the Currency, who
authority to the types of securities in which banks
Emergency and work relief: To continue to provide relief and work relief
as authorized in the Emergency
Relief Appropriation Act of 1937, and
would limit
subject to all the provisions thereof, $250,000,000, which amount shall be
added to, and proportionately increase the specified amounts of the
limi¬
The recommendation has not been given
Administration approval and
President Roosevelt has frequently expressed
opposition to any relaxation
are
tations
prescribed under the appropriation made in such act (50 Stat. 352.)
According to the best estimate available at this time it appears
that,
during the past three months, approximately 3,OOO.QOO persons have lost
their jobs with private employers.
This increase in unemployment could
of the
1933
segregation
own
account.
of commercial
and
investment
Hundreds
of
thousands
of
needy
unemployed
persons
have
on
hand.
near
going through Congress, has reversed his position
experiences of the past year.
v
on
Jan.
1, 1938, would permit employment of an
of only 1,700,000 persons for the six months ending June
30, 1938.
The number of persons on the Works
Progress Administration rolls today
is 1,950,000.
Funds available at this time will not only not take care of
the additional burden caused by the recent increase in
unemployment but
will require a sharp reduction
in
the
near
future
of the
number
on
the
Works Progress Administration rolls.
This estimate of $250,000,000 will permit the continued
employment for
the next five months of the number
reasonable
ployed and
measure
are
of relief for
now
those
on
who
such
rolls, and will provide
have
recently become
a
unem¬
in need.
Respectfully,
HFRANKLIN D. ROOSEVELT.
President
lowed
Roosevelt's request for the
appropriation fol¬
visit to the White House on
Job. 8 of a delegation of
Midwest Mayors, who it is said warned the President
that
the country is faced with a "period of industrial
a
unemploy¬
ment which
1932."
threatens to approach the dark
days of 1931Advices to the "Journal of Commerce" from its
Washington correspondent, Clarence L. Lenz, from which
quote, continued in part:
They declared that
"at
least
3,000,000 ablebdoied destitute workers,
who do not desire charity, but who wish to
work, should bejgiven W. P. A.
employment."
In some quarters it is estimated that
12,000,000 persons.)*
unemployment
now numbers about
/
Mayors Ask
$400.00Qrooo
delegation_ofJMayors.jwhicblncluded Edward'Jl^KellyT Chicago:
Richard WrReadingTDetroit;
Harold Jti. Burton, Cleveland,"and Bernard
of
.
Would
of
not
be
Self-Regulating, butjOver Regulation
Industry—Changes Proposed
"It is the judgment of the Investment Bankers Association
as first
presented nor as later
amended provides for real self regulation, and that it should
that neither Senate Bill 3255
be made in fact self regulatory,"said Francis E.
Frothingham,
President of the Association, in a statement
presented (on
Feb. 8 to the Senate Banking and
Currency Committee
during its hearings on the Maloney bill providing for the
regulation of over-the-counter dealers and brokers under
supervision of the Securities and Exchange Commission.
Mr. Frothingham in further
voicing the views of the Associa¬
tion said.
The
Association
realizes
that
self-regulation—or
regulation—will
any
have to go through a long period of evolution
and trial and
best accomplish desirable
error
before it
can at
results, but it believes the industry would
be glad, as the matter becomes more
clearly understood, to work coopera¬
tively with the Securities and Exchange Commission to demonstrate that
self-regulation designated to promote just and equitable
principles of trade
can be effective.
There is a feeling,
nevertheless, that the bill as it is
before you, even with the amendments we
undertsand the SEC has or is
about to suggest for your
consideration, is a denial of the principle of self-
regulation.
If passed in that form it introduces
grave doubts as to its
Our Association hopes, therefore, that the bill will
be passed in its present form, under which
in our opinion it will be
difficult to carry out successful
self-regulation.
The bill would not be
successful operation.
self-regulating but
Such is
our
regulation of
over
an
already sorely harassed industry.
sober conviction.
St.
Louis, accompanied by Paul V. Betters, executive
director, United States Conference of Mayors, advocated a new
appropria¬
tion of $400,000,000 to provide for
additional relief.
PThey left with the President
a
selves and Mayors Daniel W.
After the visit of the
delegation, the President is said to
Secretary Morgenthau, Acting Budget
have conferred with
Continuing, Mr. Frothingham in indicating his personal
views, had the following to say:
*
But having in this way, as President of the
Association, presented what
formal petition for relief signed by them¬
Hoan, Milwaukee; Mark Geehan, St. Paul;
Moines; Dan B. Butler, Omaha; Roy O. Start,
Toledo;
George Leach, Minneapolis, and Walter O.
Boetcher, Indianapolis.
J. H. Allen, Des
Director Daniel W. Bell, Jesse H. Jones of the
Reconstruc¬
tion Finance Corporation and
Aubrey Williams to
a new
came
result of the
not
The
Dickman
a
Hearings Before Senate Committee on Maloney Bill for
Regulation of Over-Counter Markets—President
Frothingham of Investment Bankers' Association
Declares Pending Bill in
Opinion of Association
It has become increasingly clear that these
needs cannot
employment by the Works Progress Administration is in¬
creased immediately.
The funds available
as
recently
be met unless
average
How¬
market
applied for relief work, which could not be provided for them with the
funds
banking.
in keeping the President to that stand in
1935, when an amendment
under consideration.
was
F.
permitted to invest for their
ever, it is understood that at least one of the advisers who were influential
not, of course, have been foreseen at the time the last relief
appropriation
we
the new
develop
relief program.
+
believe is its feeling,
before
Security
Underwriting
Proper Safeguards Are Provided
President Roosevelt indicated
during his press conference
on Feb. 8 that
proposals on the renewed underwriting of
securities by National banks will be
examined with a view
we
discuss
with
you specific
objections, I
hope
you will permit me to say a word about
my personal attitude toward
this momentous
question to which I do not want to commit or involve the
Association
its individual members.
or
years and have reached
an age
I have been in business for
many
where I feel that
ally honest point of view should
not
an
objective and intellectu¬
only fairly be expected of
me
but is
which I personally want to
take, and must express.
would not imply any small or
one
In saying this I
short-sighted consideration of the subject on
the part of the members of this
Association, many of whom are abler and
better qualified than I.
President Roosevelt Indicates National
Banks Will Not
Be Permitted to
Resume
Unless
I
feeling of the individual
Indeed
am
members
I rather impressed by a
unanimity of
which
instinctively is as searching as
feeling of the Association implies.
speaking personally, and not as President of the
Association, I am
confident that the general welfare of the
public, and of security holders
will not be best served
by the passage of this bill in its present form. It is
easy to say, "But you believe in this and that
provision, do
the above outlined
So
you not, then
why object to the bill."
I have spent my life in
trying to appraise values,
to
and needless to say I have made
many mistakes.
comment
bill, if I may express it so, does not add
up right.
I do not believe it will
win the support which so
laudable an effort should arouse.
So directly and
safeguarding against alleged evils formerly associated
with the practice. In
replying to a question asking him to
on
proposals to allow National banks
to
resume
security underwriting, the President said that he had received
two or three letters on the
subject recently, but that none of
them contained
any suggestion for safeguards against what
he called the old evil.
In
ington dispatch of Feb. 8
said:
discussing this comment,
a
Wash¬
to the New York "Herald Tribune"
The
President's remarks were
interpreted as a cold attitude towards
the re-entrance of the
general capital market by banks, which were
forced
sever their, ties with their
security affiliates under the Banking Act
of 1933.
to
The severance of
security
the important New Deal
affiliates from banks of deposit
was one of
At that time some
predicted that the
would be reduced under such
steps. *
measures.
adequacy of the capital market
Leaders Seek Advice
<
It is reported that
out
some of the
large New York institutions have sounded
high Administration officials about some modification of
the Banking
But in this
case
the whole
indirectly overpowered is it by Commission supervision and dictation, that
it does not inspire free men
to put forward the enthusiastic
self-6acrificing
energy without which the best results
in the world
the
on
are
impossible.
With all the goodwill
the part of the Commission, and on which
stagnating influence
of
we
greatly rely,
overriding authority must be in the back¬
ground of every effort of
any Association organized under it.
Gentlemen,
an
do not burden business with
additional fears, restraints and intimidations,
if you want it to make
good, as it so wants to in these times of doubt and
strain, but give it the
opportunity to make
regulation can be.
Pass a
a
demonstration of what self-
self-regulatory bill; test the voluntary will; do
not deaden it
by threat.
Of
the organization
of a self-regulatory
body should be subject to the approval of the Commission; of course there
a
machinery of election so that no special interest or clique could
gain control; of course the Commission should have the
right of veto, the
right to dissolve an association that did not function well or
wisely; but
beyond this, the idea of self-regulation is too seriously nullified.
A selfregulatory effort based on ultimate intimidation, deadens
thelfaculties and
course
should be
the goodwill of those who
should be marshalled enthusiastically behind the
effort to do
something that needs doing.
Furthermore, and vitally im-
Financial
146
Volume
of legislative percedent, the bill provides for a delega¬
with the force of law to the SEC and indirectly
to a private organization that is to my thinking inherently dangerous in
the extreme, both in practice and, as I say, as precedent.
Then too it should not be overlooked that members of an association
Washington Feb. 9 advices to the "Herald Tribune" said:
portant as a matter
tion of legislative powers
concessions to non-members if the rules so provide.
imperative if non-members are to be forced to join an
cannot grant
rule becomes
Such a
possess.
So my personal feeling is that unless the bill can
Morris
S. Tremaine, Comptroller of New York State, in a letter today
urged the Senate Banking and Currency Committee to exempt municipal
and State securities from the regulations of the
Robert F. Wagner, Chairman of the Committee.
The Senate committee received
by
B.
Howell
ference,
those doing the greatest
There will always be a
will escape any regulatory
sobriety and
of existence.
There are already powers in the Commission to bring fraudulent practices
to book.
It would be better, in my judgment, to give time for the objec¬
tives and rules of a voluntary association known to be cooperating whole¬
heartedly with the SEC to influence the investor so that on his own account
he will not do business except with an association member.
Therein lies,
I think, the chief hope of success of this effort.
Persuasion and not restraint,
But whether or not others agree with these personal views, I hope that
I voice the thought of many and of the great body of our Investment
Bankers Association that if, finally, a bill is passed, whether as written or
as I hope it may be, there will be no stint of effort to function under it
and to make it work so that if, finally, the bill is passed in its present form
and our present judgments are borne out, no criticism can be justly made of
the industry that it did not do its best, wholeheartedly and faithfully.
If,
however, you ask us to operate under a bill which contains provisions which
the great weight of our members do not enthusiastically support, then you
bankers claimed the bill set
difficulties and neither your nor
the desired object—self-regulation.
increased our
Commission will attain
from and should
operations (buying and
banking function is entirely separate
either the Stock Exchange
be confused with
not
the
Frothingham pointed out:
In his statement Mr.
The investment
problems which the investment
Most of the changes were confined to
up.
Section 2, which has drawn the fire of the I. B. C. and the I. B.
Under the
for the account of others), or with
selling on commission in the overscarcely an investment banking house,
Have
to
bill associations
new
Approval
can
not be
.:,
A.
r
reasonable
of
rate
The
commissions.
y'::
.
registered unless their rules
designed to provide safeguards against unreasonable profits,
are
associations
draw
may
or un¬
up
their
regulations, while approval rests with the SEC,
own
At the conclusion of the hearings today
author of the measure, indicated that a
Senator Francis T. Maloney,
committee meeting may be called
It is believed that few changes
and it would not be surprising if it is reported
early next week to consider the legislation.
will be made in the measure,
out in about 10 days.
impossible to legislate the deliberate crook out
immeasurably
have
It was impossible to legislate
confine them.
which studied the bill.
The revised draft virtually meets all of the
possible that not more than some
fringe of what may be called outlaw houses that
it will be as
Starkweather, Chairman of the Investment
be made truly
2,000 or 2,500
dealers in the country out of a total of some 6.700 are likely to join an
association, and that one of the fears of Senator Maloney and the Com¬
mission is that this large body of non-members will escape regulation.
But
I submit that the houses that will join will include the great mass of the
rules designed to
President of the Investment Bankers Con¬
Griswold Jr.,
Inc., and John K.
Bankers Association committee,
SEC
responsible and well intentioned houses as well as
amount of business in over-the-counter markets.
print of the bill at its resumed hearing
a
today, embodying substantially the recommendations and changes requested
self-regulatory it should not be passed.
I am aware that it is
Maloney bill designed to
The latter was sent to Senator
strictly regulate over-the-counter markets.
associa¬
non-members, and a large
membership is essential to successful regulation.
And expulsion of a
member is a serious matter as it in effect puts him out of business.
And I
think Mr. Starkweather will point out also that appeal cannot be taken to
the courts until after appeal to the Commission and that appeal does not
as I understand it necessarily act as a stay against expulsion.
If this is so,
members of an association are clearly deprived of a right they should
High dues may also operate to boycott
tion.
1007
Chronicle
Mr. Tremaine's letter, in part, stated: "For the whole
would be almost impossible to estimte
be listed if municipal
the
how
many
United States it
single items would have to
securities were under control of the SEC.
I believe
It would be far more sensible to put Federal
damage would be fabulous.
under such control."
securities
Feb. 9
From Associated Press advices
we
quote:
Roosevelt & Weigold, Inc., New York,
its final session today the proposed legislation,
Charles E. Weigold, a partner in
told
Committee
the
control"
to
over
devise
at
Maloney of Connecticut, would give the SEC "virtual
offered by Senator
By giving the SEC "blanket authority"
municipal financing.
regulations, it could conceivably interfere with
"thousands of
transactions" in municipal securities, he said.
Three
other
witnesses also
expressed a hope that municipal securities
They were David Wood of New lork,
would be excluded from the bill.
municipal law specialist; Charles McNear of
a
"~Previous~"referenees
Chicago and Francis H.
Los Angeles.
to
before
Ml
Ifr
the I hearings
Lindley, Assistant City Attorney of
Banking and Currency Committeelon the
peared in our Feb. 5 issue, page 842.
the
Senate
Maloney bill
ap¬
selling securities after they are issued
brokerage business of buying and
the
There
market.
the-counter
is
J. W.
of its customers, but that is not its
capital for industry.
Regarding the changes in the bill urged on
Association, the New York "Journal of
behalf of the
Commerce" from its
Washington bureau on Feb. 8 reported:
B. A. Committee]
tion
by Mr
who first called attention of the
follows:
as
1.
the
of requiring that
effect
sions
or
profits or
Eliminate subdivision (4) giving
brokers
between customers, or issuers,
and dealers."
3. Eliminate subdivision
(8)
"to provide for collection, recording and
relating to over-the-counter
of information
dissemination
4.
SEC power to issue rules "to provide
unfair discrimination
against
Eliminate subdivision (9), the
provided under this
markets."
soealled basket clause, authorizing SEC
equitable
comparable to that
title with respect to National Securities Exchanges,"
"otherwise to prevent acts or
principles of trade,
practices inconsistent with just and
and insure investors protection
With reference to the Feb. 8
heading
we
quote as follows
from the Associated Press:
bankers organizations followed
and backed his pleas.
Griswold, Jr., Baltimore, speaking for the Investment Bankers
Mr. Frothingham as witnesses
B. Howell
Conference, Inc., said the majority
of its 1,700 members approved the first
leigslation "with minor changes."
•
Restriction of the measure to the first section would eliminate SEC
part of pending
provisions which the Frothingham group
opposed.
Michigan State officials were
"doing a grand job of cleaning up" securities transactions under State laws.
Other regional officials of the Bankers Investment Association who joined
Mr. Frothingham's plea included Jean C. Witter, San Francisco; Edward
B. Hall, Chicago, and Devereaux C. Josephs, Philadelphia.
E. F.
Connely, Detroit, told the committee
Stating that
on
the
a group
of municipal security dealers conferred
day with George C. Mathews, SEC Com¬
Washington dispatch Feb. 8 to the New York
same
missioner, a
"Herald Tribune" said:
A. B. Roosevelt, of
Roosevelt & Weigold, New York, issued a statement,
stated: "We conferred with Com¬
missioner George C. Mathews, of the SEC.
We gave as our main objection
to the bill, the fact that as it is now drawn it in effect subjects municipalities
and State financing to regulations by the SEC with little or no limitation
of such regulations.
The dealers are going to request that municipal and
State bonds be exempted from the bill as they have been in all prior legis¬
as
spokesman for the group which in part
Senator Burke said that the
On Feb. 7, Mr. Mathews, according to the same paper,
asserted that there is "not the slightest desire on the part of
the SEC to control
He
was
municipal issues," under the Maloney
also quoted as follows:
of the qualifications of muni¬
The only way he said it affects dealers
securities is to subject them to the same rules of conduce as
'This is not
a
wedge to get into the question
cipal issues,' Mr. Mathews
of municipal
other dealers.
added.
Board's conduct had caused "a great many
"a curse to honest labor and a constant threat
to well-intentioned business."
He said that many blamed the Board in
"no small part
. for the present appalling economic depression.
.
.
."
Senator Burke attacked the Board before a Senate judiciary sub-com¬
mittee which opened hearings on his resolution to authorize an inquiry of
the three-man agency headed by J. Warren Madden.
Several committee members expressed doubt of the value of Mr. Burke's
people" to decide that it was
.
proposed inquiry. They suggested that, insteadjie should introduce amend¬
to the Labor Act to cover any defects and then allow the Labor
ments
Board itself to investigate
and determine whether changes were
advisable.
of Illinois, Carl Hatch, Democrat,
of New Mexico, M. M. Logan, Democrat, of Kentucky and George W.
Norris, Independent, of Nebraska, indicated opposition to the Burke plan.
Mr. Dietrich contended that Senator Burke should offer amendments to
H. Dietrich, Democrat,
Senators William
"I certainly
correct any abuses.
shall do that at the proper
lieve that there
the needs
are."
contended that "there are a
Senator Burke
the country
today who believe that
mmediate and drastic
A
great many people throughout
the Wagner Labor Relations Act needs
revisions.
of Feb. 3 to the New York
Madden's testimony as follows.
Washington dispatch
described Mr.
The hearing
*
time," Mr. Burke said, "but I be¬
investigation to determine what
should be a thorough-going
which was before a
Committee, was
"Times"
sub-committee of the Senate Judiciary
adjourned to-night, until further call
by Chairman Matthew
Just before its close Senator Burke, who devoted much of the
cross-examination of Mr. Madden, said that he did not believe that
the investigation he sought would ever be made.
Senator Neely interrupted to say that he wondered if Senator Burke had
N.
Neely.
day to
lost faith in the
Committee.
"No, not at all," Senator
Burke retorted, "but it begins to be clear that
should be made in the Act; that many things which
done have been done under the Act as it is written."
He added that he did not wish to see the hearings adjourned
some
changes
nesses
as
who would
have been
<*4
until wit¬
substantiate the statements referred to by Mr. Madden
half-truths could be
Senator Thomas
heard.
of Utah, Chairman of
the Committee on Education and
praise of the work of the Labor Board.
asserted that if an investigation was made it belonged to
Labor, spoke in
He
and that he did not
lation."
bill.
probably been "greatly imposed upon."
Sena¬
charges were reported as follows in United Press
Washington advices of Jan. 27.
Burke had
the Labor Act to
Haifa dozen other officials of investment
triviliaties,"
Chairman of the Board, told a Senate
subcommittee on Feb. 3.
Senator Burke on Jan. 27 intro¬
duced a resolution calling for an investigation of the NLRB.
Mr. Madden, in testifying on Feb. 3, said that Senator
.
other charges."
safeguards
or
shall
quotations" and "to provide
unreasonable rates of commis¬
National Securities Associations
issue rules "to prevent fictitious
safeguards against unreasonable
2.
Section 1 of the bill which would
Transfer subdivisions (2) and (3) to
have power to
misinformation, half-truths and
of
"supply
tor Burke's
Changes Suggested
have
Inquiry Into Board Shelved
Charges against the National Labor Relations Board by
Senator Burke of Nebraska appeared to be based upon a
J. Warren Madden,
Starkweather, [Chairman of the
Committee to the fact
opposition was unanimous among regional committees of the Associa¬
against Section 2 of the bill.
He proposed four changes in Section 2,
Changes in the bill were offered
A
that
Madden, NLRB Head, Denies Board Is Threat to
Labor—Burke Resolution for
Business and Honest
transactions for the convenience
primary function, which is to raise new
however, that does not execute commission
think there should be such an
his commitee,
investigation at this time,
actually begun functioning since the Supreme
Court decision of April 12, 1937.
%
Senator Carl A. Hatch of New Mexico asked Mr. Madden what he
thought about an investigation of the Board at this time and what effect
a Congressional investigation might have upon the operations of the Board.
"We are and always have been understaffed," answered the witness.
"I should frankly begrudge the time such an investigation would take."
Interrupting the reading of Mr. Madden's direct testimony, Senator
Burke quoted statements to show that labor troubles and strikes had
since the
Board had only
1008
Financial
ncreased during the
to
Chronicle
Jurisdiction of the Labor Board and asked the witness
suppliesJof
comment.
"You
instead of
that, beginning last April, employers began to accept this
assume
"That is not
law," answered Mr. Madden.
"Have they resisted the
law
or
comply
last
had
there
widespread^violations,
been
encouraged
by
some
only
not
was
that
asserted
April 12 some 8,000 complaints and charges have been
brought in to our regional offices." answered Mr. Madden.
"I would say
that
this
Mr.
said,
on
had
section
the
to
not
buyers,
been
but
was
important because it posed the question
as
He
previously considered by either
as
long
as
less and at the
com¬
Andresen added.
to whether the
farm
program
Mr.
will succeed, he
the Administration compels American farmers to produce
same
time permits foreign competition
in^dom^tic^markets.
A$sails\Purcha$es of Cotton^I
'
_______
union could live.
foreign
farmer protection against
No
plaints that employes had been discharged for union activities and said
that this was
who fail to
unworkable.
authority.
The bill does not give the American
competition,
of the charges had been based
unfair
ferees had exceeded their
very
UnionfActivliy Discussed
many
"abnormal*
to bring about an
as
branch of Congress, and that in writing it into the new measure the con¬
important people."
Mr.JjMadden added that
large
are so
normal granary.
cotton, rice and tobacco to collect the penalties from farmers
its erroneous application 7" Senator Burke
asked.
"Since
and wheat
corn
a
Mr. Andresen declared that the section compelling buyers of wheat, corn,
fact."
a
1938
12,
Andresen
objected also
to
a
by which the Commodity
provision
"Also the question as to whether an employer can live if he must
keep
Credit Corporation is required to buy all cotton upon which 9-cent loans
insubordinate and inefficient employes who have sheltered themselves
by
have been made, and to pay two cents a pound additional to the borrower.
union
have
This provision, he said,
activity," interjected Senator Burke.
feThe Senator then read
one
letter from
a
two worthless
or
effect, notably
a
lawyer stating that all employers
employes sheltered in this
and that the
way
the automobile industry, of this condition
on
was
marked.
gives the cotton farmer 11 cents
cotton, which is selling on the market
plus
now
other benefits under soil conservation.
any
the measure
was
pound for his
a
for about SH cents a pound,
In this respect,
he said
unfair to other classes of farmers.
_____
"He is wrong," Mr. Madden said; "the letter is hysterical."
Action
Agreement
the resolution of Senator
Burke, proposing an
investigation of the NLRB was indefinitely postponed on
Feb. 10 by a subcommittee of the Senate
Judiciary Com¬
mittee.
Advices to the "Times" from Washington said:
on
the bill by the conferees of the Senate and
our Feb. 5 issue,
page 842. The bill went
to conference after it passed the Senate on Dec.
17, as in¬
dicated in our issue of Dec. 25, page 4046; its
adoption by
House
was
on
noted in
the House occurred
on
Dec. 10.
Senator Burke joined in the vote to lay the resolution aside because of
a
plea by Board officials that many cases were awaiting action and
an
inves¬
tigation would cripple the efforts of the agency.n Several members thought
the Senate Labor Committee would more properly be
charged with the
United
information that
was
an investigation of his own^ to
would convince the
Senate
necessary.
+
Conference
By
a
Farm
Report
Farm
on
Bill
Passed
by
House
vote of 264 to 135 the House on Feb. 9 passed the
bill providing for control and production of
Relief
five crops, viz., cotton, wheat, corn, tobacco and
rice, with
a view
to stabilizing prices.
On a
standing vote, which
preceded the roll call, the conference report was agreed to
by a vote of 183 to 82. Under date of Feb. 9, Associated
Press advices from Washington said.
The action of the House
came
at the end of four hours of debate under
procedure which many Republicans described
was
permitted to change
any
as a
"gag rule."
section of the bill which
committee drafted from separate measures
a
No member
joint Senate-House
which the
Senate and
House
passed at the end of the special session of Congress last December.
fcHThe
program
would continue the Soil Conservation Act and
set up ma¬
chinery by which Secretary Wallace, with the approval of farmers, could
apply marketing regulations to wheat,
corn,
|ptl. Continuation of Soil Conservation
co-operate
with
the
Act
grower may
on
used for the
no
war involving either
country.
Washington dispatch of Feb. 7 by Leland C. Speers to
New York "Times" described the
hearing as follows:
A
A
tobacco, rice,
corn
or
wheat
a
a
from
crops
be
not
may
used for
limit is placed on the amount
of money
that
can
be
it will not cost more
$500,000,000 which has been appropriated recently for other farm
for
starting
wheat
a
insurance
crop
Authorization for the creation of $100,000,000 corporation to
provide insurance for other crops,
Ik
6. Individual payments under
JF 7. Machinery set
used
and
new
by which
up
markets
for
the
can
"I
commodities.
"It
island
a
"gag"
immediately
on
upon the
adequate discussion
of the 121-page bill.
Representative Jones, Chairman of the House Agriculture
Committee:
manager in the conference with
the
Senate
in which
the
rival
bills
were
composed,
explained
the
grams
that they had exceeded their
measure
drafted at this time.
fi|
Views of Farm Groups
Some farm organizations made known their views
during the day.
Grange urged members to strip the
features before enactment.
measure
of its
provide
The
a program
voluntary support of farmers and which
embodies the necessary provisions to constitute the basis for
a
sound and
permanent national program for agriculture."
Representative Andresen of Minnesota, the leading Republican
opponent,
devoted a part of his address to a denunciation of what he
said
was
"regimentation" of the American farmer through provisions
making the
compulsory.
measure
to
does not
the
endeavor throughout this hearing to convey to the
having been made
provide
farmer,
Mr.
or
attempt to give parity prices
Andresen
said,
and
its
or cost of
requirements
of
any
necessary
single foreign naval
power,
an
because of the increased naval pro¬
not
have in mind any particular possible enemy, but
foreign navies in its study of the
sea
defense needed by
thought of giving assistance in the solution of
no
the
problems
of any other nation.
"It has
no
foreign commitments.
are no
understandings regarding assistance to be given
or
received.
"There has been no talk of
giving or receiving assistance.
"The navy expects to solve naval defense
problems that may confront
the United States in the
navy's traditional way without alliances.
"It expects to stand
on
its
own
feet in providing protection to the United
States and it expects to succeed."
Leahy's statement failed, however, to close the controversy,
and two hours later resolutions
one
to
calling
on
were
offered in the Senate and in the House,
President Roosevelt, the other
Congress whether
any
agreements
or
or
on
Secretary Hull, to disclose
understandings involving naval
other nations exist.
Senator Johnson,
Republican, of California, sponsored the Senate movement and Representa¬
Sauthoff, Progressive, of Wisconsin, the resolution in the House.
tive
Johnson Calls for Hull to Reply
"The people of the United
"to know if there are
any
Great
States
are
entitled," said Senator Johnson,
alliances."
Britain, he added, became involved in the
World
War
as
the
result of
a "gentlemen's
agreement" and not one in 100 members of the
House of Commons knew
anything about it until the war was under way.
"If Secretary Hull
says a reply is not compatible with the public in¬
terest, that will satisfy me as to whether there are
any
there
are
compulsory
The American Farm Bureau
Federation, however, called upon the House
to enact the bill.
Federation officials said the bill would
"will attract the maximum
opportunity
an
misunderstanding.
"The navy has no thought of obtaining assistance from
any other nation.
A letter to each member from this
organiza¬
recalled that the conference report had been available
only a few.
hours before the House started debate
upon it, and urged more time for
discussion.
measure
that
of the
the United States.
none, it will do
no
such alliances.
If
harm to say so," said Senator Johnson.
Johnson Resolution
tion
The
said
nature
of other nations.
new
provisions which had not previously
been under consideration in either branch.
He pleaded with the mem¬
bership to support the bill, on the ground that it was the best that could be
production
my
does consider all
for nearly an hour.
defended the conferees from charges
authority in writing into the
that
Admiral Leahy replied, "to have
cooperation with Great Britain
and chief House
National
been
Admiral
rule, which many of its opponents termed
between
pleased,"
possessions against attack by
"There
It required two and a half hours for the House to
get set on its course,
He
very
has
increase
J
quote.
after it had decided by roll call, 250 to
140, to vote
differences
Vinson
accurate information as to the
Navy Department's under¬
standing of the purpose of this authorization bill, which is simply to au¬
thorize a sufficient navy to provide protection to the United States
and its
Research
Opposition from both sides of the House was voiced on
Feb. 8 to the rule
limiting debate on the bill to four hours,
but the rule was
adopted by a standing vote of 186 to 99,
said a Washington advices Feb. 8 to the New York
"Times"
measure
am
"It has
try to develop
aboratorlee to be established in four sectors of the
country.
we
Mr.
morning
by Captain Royal E. Ingersoll, U. S. N., Chief of the
to endeavor to remove
any
Act will be limited to $10,000.
Secretary Wallace
Nation's major
]
from which
this
Friday [Feb. 4] to disclose the
Navy Department, with officials of the British
Admiralty had occasioned much speculation.
Mr. Vinson asked Admiral
Leahy if he had anything he wished to say.
"The navy does
appropriation
program.
new
convened
on
Committee
soildepleting
farmer's normal needs.
program, administration sponsors say
$20,000,000
Committee
War Plans Division in the
the amount of cotton,
programs.
5.
the
con¬
beyond
new
Great Britain in the event of
Department of Agriculture in substituting soil
withdrawn
fe4. Although
from any other nation, Admiral William D.
Leahy, Chief of Naval Operations, told the House Naval
Affairs Committee on Feb. 7 at a
hearing involving the
Administration's program for a navy that would involve
increased expenditures of $800,000,000.
The statement was.
made in reply to questions by Committee members who
implied that an agreement or an understanding of some kind
exists involving cooperation between the United States and
recent conferences held
farmers voting in a referendum reject it.
than the
Assur¬
assistance
who
The quota scheme becomes inoperative, however, if more than one-third
of
crops
House
Reiterates
Hull
war in any
part of the world, the United
understanding with any other Power whereby
the Navy of this country expects assistance to be
"given or
received" and the United States has no
thought of obtaining
When
market if Secretary Wallace estimates that prospective supplies
|| 3. Acreage
Offensive Alliance
Leahy Tells
no
Admiral Leahy's refusal
to
will be dangerously high, with heavy fines for sale of
above-quota production.
dairy feed
Group—Secretary
farmers
payments
serving crops for soil-depleting crops.
ft2. Controls
or
Admiral
In the event of
States has
cotton, tobacco and rice.
I* The principal provisions of the revised bill follow:
Defensive
no
Powers,
ances—Hearing on Vinson Bill for Increased Naval
Program—Johnson Resolution—Representatives of
Peace Organizations Oppose Bill
of "The Labor
a'study
that
obtain
Has
Other
Naval
£Mr._Burke said he would make
Board
States
with
question.
The Johnson
resolution, which lay on the table for future consideration;
read:
be
"Resolved, that the Secretary of State be and he is hereby requested, if it
not incompatible with the
public interest, to advise the Senate (a)
whether
or
not any alliance,
agreement, or understanding exists or is
contemplated with Great Britain relating to war or the
possibility of war;
(b) whether or not there is any understanding or agreement, expressed or
implied, for the use of the navy of the United States in conjunction with
any other nation; (c) whether or not there is
any understanding or agree¬
ment, express or implied, with any
nation, that the United States Navy,
or any portion of
it, should police or patrol or be transferred to any particular
waters or any
particular ocean."
Senator Pittman of Nevada on Feb. 8 read on the Senate
a letter from
Secretary of State Hull, replying to the
resolution sponsored by Senator
Johnson, mentioned above.
floor
three questions asked by Senator
To each of the
Johnson,
Secretary Hull answered a categorical "No."
Admiral Leahy was the first witness to testify before the
Committee at its hearings on the Vinson Bill.
In his first
day of testimony, on Jan. 31, Admiral Leahy warned that
unless the national defense is strengthened, the United States
is vulnerable to attack
and invasion by "several combina¬
potential enemies.
United Press Washington ad¬
summarized his testimony on that date as
tions" of
vices of Jan. 31
follows:
navy's fighting strength over treaty
sharp comparisons between United
in the
limits, Admiral Leahy repeatedly drew
States naval power and the combined
bill authorizing a 20% increase
Italy and Germany.
forces of Japan,
Britain and
Japan," he declared, "Italy and Germany are also engaged in an extrava¬
gant naval building program, particularly in battleships which are the back¬
bone of naval power; and there is now in existence an Italo-German-Japanese
"In addition to the rapidly growing
America's
sea
off
must
be
enemies,
and warned, in
Admiral Leahy was the first
demanding the most
continue tomorrow with the
bill which was
Roosevelt's special
afloat.
The hearings will
witness at hearings on the
powerful navy
Admiral again on the stand.
told committeemen it would require a program
intensive as that contemplated by the Vinson bill
.
.
.
at least three times as
to prepare
world naval
without delay, a com¬
short time, have insufficient
[Jan. 28] shortly after President
Friday
Admiral Leahy
bill are necessary
view of the
overseas."
security against attack from
message
consideration by
United States commences,
parable increase In its navy, we will, in a
introduced
taken into
increases" provided in the Vinson
possible
that "unless the
race,
naval power of Great
defense-."
He said "moderate
ward
which
protocol
anti-Communist
to
the United States for any reasonably
successful aggressive action
overseas.
Secretary Hull's letter follows:
Feb. 8,
1938.
My attention has been called to
229 introduced
Jan. 5 (calendar Feb. 7), 1938, and
Senate Resolution No.
by Senator Johnson of California on
ordered to lie on the table.
Under the terms of the
proposed resolution the Secretary
quested, if it be not incompatible
Senate in response to
of State is re¬
with the public interest, to
advise the
three inquiries.
desire to make thereof,
point (A) which
reads "Whether or not any alliance, agreement or understanding exists or
is contemplated with Great Britain relating to war or the possibility of war"
the answer is, no; in response to point (B) which reads "Whether or not
there is any understanding or agreement, expressed or implied, for the use
of the navy of the United States in conjunction with any other nation,"
the answer is, no: with regard to point (C) which reads, "Whether or not
there is any understanding or agreement, expressed or implied, with any
nation, that the United States Navy, or any part of it, should police or
For your
information, and for such use as you may
I desire to state to you very
definitely that in response to
patrol or be transferred to any
is,
answer
particular waters or any particular
ocean,"
Miss
seven
CORDELL HULL
Secretary Hull's letter, read by Senator
Pittman, United Press accounts from Washington, said:
When he [Senator Pittman] sat down he asked that Senator Johnson's
resolution be withdrawn, but the Californian interposed, saying "I do not
desire to withdraw it because that would be withdrawing part of the record."
He added that he considered his demands as having been answered and said
that he hoped the reply would establish a precedent in relations between
With regard to
the Senate and the State Department on
previous statementjof
policy on the basis of which it can be determined what forms of armament
would be most effective for defense of our shores, which we believe is the
only purpose that the people want the navy to serve," Miss Rankin said.
Stephen Raushenbush, former investigator for the Nye munitions com¬
mittee, asked that a declaration of defense policy precede consideration
The Senate indefinitely
before and it establishes the
of the resolution which,
developments of the day
Feb. 9 stated:
United Press accounts
vigoriously denied a statement
Jan. 29
our
Arguments
to Validity
of Holding Company Law—Electric Bond & Share
Case Finally Reaches High Tribunal
Counsel for the Government and for the Electric Bond &
Share Company and its 26 subsidiaries began arguments on
Feb. 7 before the United States Supreme Court on the valid¬
ity of the 1935 law regulating public utility holding com¬
panies; the arguments were concluded Feb. 9.
The Electric
Bond & Share case, involving a suit by the Securities and
Exchange Commission seeking to compel the utility to com¬
ply with the registration provisions of the Act, is expected
to prove the most important test case of the constitution¬
ality of the Administration's utility legislation.
The case
was
last referred to in the "Chronicle" of Nov. 13, page
3133.
On Feb. 8, Assistant Attorney General Robert H.
Government and
although he admitted the importance of aviation in modern
warfare, and urged increasing the Navy's air force by the
addition of 950 airplanes as authorized in the Vinson Bill.
Representatives of peace organizations, who testified in
opposition to the bill on Feb. 10, contended that when
President Roosevelt recently referred to a "quarantine" of
other Nations, it was in effect giving notice of the United
intention
to
wage
aggressive warfare.
They also
what its policy of
to increasing the
Navy.
Testimony of witnesses was briefly outlined in the
olio wing United Press Washington advices of Feb. 10:
called upon the Government to declare
defense is, before giving consideration
Dr. Charles A. Beard
told the House Naval Affairs
Committe
today
Roosevelt's "quarantine" policy, enunciated in Chicago,
ships "to be used in aggressive warfare in the far Pacific
calls for big battle
the far
Atlantic."
The historian,
and
testifying in opposition to
the President's request for a
States naval power, said that the policy "implicit
explicit" in the Chicago speech carries far-reaching international im¬
increase in United
plications.
Dr. Beard said that
on
the "quarantine" policy
implies passing judgment
Europe and Asia.
.
Beard appeared before the Committee after Miss Jeannette
all the quarrels in
Dr.
Utility Counsel Conclude
Before United States Supreme
Legislative Secretary of the National
testified that the "wholly abnormal"
Rankin,
Council for Prevention of War, had
naval building program proposed by
the United States would speed the world toward war.
Miss Rankin, the first woman member of Congress and one of the small
group of legislators who voted against America's entry into the world war,
urged the Committee to withhold approval of the proposed 20% naval In¬
Court
as
Act was a constitutional effort
higher rule of financial morality," adding
that the legislation was intended "to remedy the conduct of
holding company system and to remove the vices they had
introduced."
Associated Press advices from Washington
on that date further reported:
"bring about
to
a
defending the measure by Benjamin V*
Roosevelt's advisors.
only a few minutes, will resume at noon tomor¬
row.
He assisted in drafting the legislation, which is under attack by
the Electric Bond & Share Co. and 26 subsidiaries.
Before the Government attorneys presented their views, Thomas D.
He [Mr.
Jackson] was joined in
Cohen, one of President
Mr. Cohen, who spoke
Bond & Share Co.,
Thacher, Counsel for Electric
unconstitutional delegation of
entire Act was an
had asserted that the
legislative authority and
violated State rights.
During the four hours of argument
the seven Justices
sitting in the case
perfunctory questions.
asked only three
Harold L. Ickes, Secre¬
tary of the Interior; Senator Burton K. Wheeler, Democrat, Montana,
one of the authors of the legislation; Jerome Frank, a member of the Se¬
curities and Exchange Commission and Thomas G. Corcoran, another
courtroom included
aided in drafting the measure.
Roosevelt advisor, who
Mr. Jackson and Mr.
involved in the litigation
barring use of the mails to holding companies unless they
the Securities and Exchange Commission and submitted
of Mr. Thacher, both
Disputing the contentions
Cohen
were
argued that the
provisions
registered with
only parts of the Act
financial statements.
Mr.
Cohen said the
Governemnt "doesn't know to
relying on in their
this day just what
the entire
contention that validity of
Act is an issue."
had argued earlier
that "it has long
publicity is one of the best regulators of
"The welfare of the investor and the
complete
disclosure of the
and their controlled
public is served by the
relationship between holding
subsidiaries," he said.
the "whole purpose of
registration and submission to
The former
New York
been contended that
national ills."
Thacher asserted that
a
great
the Act is to coerce
that the company was
Government as if it were "a gangster or a
industry," he said.
"Some of its features
or a
stealer of
7 a dispatch from
"Journal of Commerce" said
Only 7 of the 9
case
should be
ped¬
Under date of Feb.
New York
gunman."
is not a gangster, a white slaver, a dope
automobiles, as the Government would have you believe."
regulated, but this company
dler
provision
companies
control."
Federal Judge declared
being treated by the
"This is
Concluding his testimony on Feb. 9, Admiral Leahy told
the Committee that the Navy still regards the battleship as
the best combination of offensive and defensive sea power,
President
outlining his national de¬
and Senator Vinson's bill, were referred to in
issue, page 680.
President Roosevelt's message
•
Far East.
States
of
fense program,
Mr.
in London by Prof. Gilbert
Murray, Chairman of the League of Nations Union, that Great Britain
has assured the United States of support in event of direct action in the
Hull
traditional Ameri¬
"departed from
speech and said there is lack
that this Nation can be attacked successfully."
"convincing evidence
from Washington
20%
bigger navy program.
policy" in his Chicago "quarantine"
can
for
In citing
or
demands are made without any
Mr. Jackson
postponed consideration
in effect, kills it.
that
present
of the $800,000,000
Johnson said later.
record," Mr
of the biiq following
days of testimony by Admiral Leahy.
"The
the defendants are
such matters.
something that had not been done
was
Mr.
opened the testimony of opponents
Rankin
Spectators who packed the
no.
Sincerely yours,
"It
the basis of a declared policy
of defense only."
Jackson stated that the 1935
My dear Senator Pittman:
the
until "the demands can be judged on
crease,
He asserted that President Roosevelt
Testifying on behalf of the Vinson
sea
1009
Financial Chronicle
146
Voimne
members of the United
against Electric
of the Government
Washington to the
in part:
States Supreme Court will try the
Bond & Share Co. in the suit in¬
important questions to be heard by the Court this
term—validity of the Public Utility Holding Company Act—it was re¬
vealed as arguments got under way today.
With the active membership of the Court already reduced to 8 by the
illness of Associate Justice Cardozo, the number of Justices who will sit
in on the pleadings was further reduced by voluntary disqualification to¬
day of Justice Stanley Reed, former Solicitor General, who took his place
upon the bench one week ago.
This leaves a makeup of the court during consideration of the case along
the following lines: Two conservatives, Justices McReynolds and, Butler;
three liberal. Justices Stone, Brandeis and Black; and two moderate con¬
servatives, Chief Justice Hughes and Justice Roberts.
A sharply divided
court on the issue is expected.
Opening the arguments for the utility company that Congress exceeded
its Constitutional powers in attempting to regulate the utility holding
volving one of the most
company
industry, former
Solicitor General Thomas
D. Thacher no more
groundwork of the case before a recess was taken until to¬
The case was not reached on the docket until 4:20 p. m. and a
than laid the
morrow.
recess was
taken at 4:30.
.
.
.
Mr. Thacher told the court in
he opened arguments, is whether Section
4 (a), which invoked the controls of the Holding Company Act, can be en¬
forced.
The suit was brought by the Government to enjoin defendants
from engaging in activities prohibited by that section.
The
a
fundamental issue in the main case,
supplemental brief filed just as
In noting
that the Supreme Court on Feb. 9 took under
question of Constitutionality of the Act, the
advisement the
"Journal of
Commerce" stated that a ruling
is expected
1010
Financial
month.
next
Chronicle
Advices from its Washington bureau Feb. 9
The Commission has been holding hearings in an
also said in part:
minimum
Presenting rebuttal argument today, John F. MacLane
Bond &
tric
Share
case
also
questioned
Government's
the
arguments
that
"I cannot concieve that
corporation doing
a
commerce
Coal
the "elimination" of utility
hearing
not
minimum
price
coal
pea-6ized
on
on consumer
complaints after the court announced its order, and
ington—Completes Machinery for Making Available
Facilities of New Federal Housing Act—Announce¬
by Chairman Jones of R. F. C.—Advices to
Lending Institutions by F. H. A. McDonald
law
ment
is
holding companies.
It
announced
was
Feb. 10
by Jesse H. Jones, Chairman
Corporation that at the
request of President Roosevelt the R. F. C. has organized
"The National Mortgage Association of Washington" with
a paid-in capital stock of $10,000,000 and a
paid-in surplus
of
the
on
Reconstruction
Finance
of $1,000,000.
The directors of the Association are: C. B.
Henderson and Emil Schram, directors of the R. F. C.;
Robert V. Fleming, President of the Riggs National Bank,
Washington,
D.
C.;
Claude
E.
Hamilton,
General
Jr.,
Counsel of the R. F. C.; and W. C. Costello, Assistant to
F. C.
In his announcement Mr.
Jones also said:
the Chairman of the R.
Government's contention
that
the
registration
valid and valuable regulation,
simply because of the
publicity It would give structures and affairs of holding
company systems.
^ He said that the regulatory provisions and the registration
requirement
all were involved and the Court should
pass upon the constitutionality
of the Act as a whole.
is
the
into executive session.
coun¬
The Associated Press likewise stated:
"If it
suspended
Formation of National Mortgage Association of Wash¬
of the Act involved in the
litigation were those requiring
holding companies to register with the Securities Commis¬
sion and submit financial statements said, that that
require¬
ment would result in Control
by the Commission, and he
added "we don't wish to make that
symbol of submission."
the
previously
The Commission, it was learned, considered issuing an order to suspend
According to Associate Press accounts, Mr. MacLane dis¬
puting the governemnt contention that the only provisions
reiterated
The Federal
the entire minimum price schedule.
holding company system."
In itself is
Co.,
went
"Section 11 (the death sentence provisions)," Mr. Cohen
told the Court,
"is a means of effectuating the policy of
eliminating the evils found in
also
the second against the Commission.
was
Defends Death Sentence
"death sentence" provisions of the Act and denied
arguments of the
for Electric Bond & Share that the
primary objective of the
He
and
Commission Chariman Charles F. Hosford, Jr. recessed the Commission's
simply because
sel
section
Corporation
have protested the price schedules.
shipped from Southern West Virginia to New York Harbor.
Benjamin V. Cohen, one of the authors of the Act and
appearing as
special assistant to the Attorney General in the arguments, defended
some
effort to justify the
December.
Circuit Court of Appeals in New York City, at the request of the Carter
Congressional
sometime in the preliminaries to its operations it used the mails
to trans¬
act those preliminaries," he declared.
Cohen
last
12,
Second Order
intrastate business and
an
within interstate
comes
consumers
The court's order
power under the commerce clause extends to regulation of a
corporation
that does an intrastate business simply because it is a
part of a system
under control of another corporation.
subject to State control
schedules established
at¬
solely to the validity of the regis-
tratlon provision of the Act.
He
price
municipal
counsel for Elec¬
Co., questioned the right of the Government in
tempting to limit the issues in the
Feb.
a
competent for
he contended, "then there is
Congress to destroy holding companies,"
no
rational basis for control
provisions."
The organization of "The National Mortgage Association of
Washington"
completes the machinery for making available immediately the facilities
and
benefits of the
Federal
new
Housing law,
invest in first mortgages insured by the
and sell its debentures against them.
and this Association will
Federal Housing Administration
The President has also requested that we hold in
reserve
an
additional
$40,000,000 for the capitalization of other national mortgage associations,
for increasing the capital stock of "The National
Mortgage Association
or
Unites
States
All
Circuit
Court
Wire-Tapping Is
Boston
Holds
from Recent
in
New
York
Indicates
Illegal—Similar Tribunal
Inter-State
Wire-Tapping
in
Exempt
Supreme Court Decision
Appeals in New York
decision handed down Feb. 7, indicated that there
a
is serious doubt
as to whether
wire-tapping of any nature,
if confined to intra-State
communications, was admissable as evidence in a Federal Court, under the recent
ruling
of the United States Supreme Court in the
Nardone
even
case,
which
was
described in the
"Chronicle" of Dec. 25,
4048.
The Circuit Court's decision was
in the New York "Times" of Feb. 8:
reported
as
page
concurred in
rent
is
hoped that builders, material and supply people, and workmen
more
or
multiple dwellings for
sale.
or
A real building program will increase
perhaps than
employment and stimulate business
other one thing that
any
be done.
can
The
signing (on Feb. 3) of the New Federal Housing bill
by President Roosevelt was noted in our Fei?. 5 issue, page
840, and the text of the newly
elsewhere in these pages
today.
enacted
measure
is given
Federal
follows
Housing Administrator Stewart McDonald on
lending institutions throughout the United
that they might make insured loans for moderniza¬
Feb. 5 notified
The Circuit Court in
an opinion written
by Judge Harrie B. Chase and
by Judges Martin T. Manton and Learned Hand, set aside
the conviction of William J.
It
in the building trades will cooperate
generally in a building program that
will produce homes at the lowest
possible cost to prospective home owners,
and to those who may desire to build
private
The United States Circuit Court of
City, in
of Washington."
Bonanzi, found guilty of violating the narcotic
law.
States
tion and repair under Title I of
the new Housing Act.
A
Washington dispatch Feb. 5 to the New York "Times" in
reporting this, further said:
The court held unanimously that Mr. Bonanzi was
entitled to a new trial
because the government had not proved that
evidence used against him
had been obtained by tapping wires that crossed no
State line.
The court
held that it was the burden of the
government to offer such proof, if under
the Supreme Court decision
wire-tapping of any nature be considered as
original act of 1934 authorized government insurance of such loans;
but, after being extended twice by Congress, these
provisions were per¬
mitted to expire April 1.
They are reinstated by the bill lately signed by
evidence.
r.
The
the President.
The restored section also permits Insurance of loans
10 years for the erection of
The First District United States Court of
Appeals in Boston
ruled on Jan. 31 in a two-to-one decision that
evidence ob¬
tained through
of
wire-tapping by Federal agents in the State
was
legal.
Associated Press advices of
from Boston, in
reporting the decision, added:
Massachusetts
Jan. 31
Judge James M. Morton, of Massachusetts, dissented,
citing a recent
United States Supreme Court decision
rejecting interstate wire-tapping
evidence.
Judge Morton held the principle equally applicable whether the
statute involved is Federal
or
State.
marginal
National
Bituminous
Coal Commission for soft coal
the railroads.
The court also
suspended
minimum prices
affecting coal sold the city of Cleveland. The
court issued a
temporary stay upon the application of the
Assocatiion of American
Railroads, the American Short Line
Railroad Association, the Saxton
Coal Mining Co., the
Enos Coal Mining Co. and the St.
Louis & O'Fallon Coal
consumed
An
Associated Press dispatch from
February 11, further
The Commission made
requirements
^Modernization and repair loans
doubt
up
that
the
if producers
remainder
of
immediately, but
the
on
the ground that the
minimum prices before
holding a public
behind them.
"not
supported
hearing
contention that such
s
by
coal men expressed
minimum price structure would
hold
allowed to sell railroad coal at
any price they chose.
were
The court issued the order
The Commission
Washington, D. C.,
the
express
Commission had fixed
on the "facts and
figures"
hearing
language of the
statute," the court said.
was not
necessary is
(Guffey coal
Shortly after the ruling, the Associated Industries
control)
of New York
representing
State,
some 3,000 New York concerns, petitioned the
court to void
the Commission's minimum coal
prices for New York State.
The petition, like the
were
held
prior to
cases
ruled on, complained that
establishment
of
petition said, would cost the member
coal price increases.
prices.
concerns
The
no
public hearings
minimum
prices,
baout $5,500,000
a
the
year in
and the houses must be built to
deemed
up to
to
necessary
$10,000
the
protect
may be made to persons,
or corporations,
but the borrower must have an assured
income, demonstrate his ability to repay the loan and either own the
or
term of the
have it under lease for at least six months
loan, which cannot be longer than five years.
In its previous
experience with these two types of loans, the F.
more than
1,450,000 loans
insured
H. A.
amounting to more than $560,000,000.
Total claims paid to the lenders
420.75 up to Jan.
this amount
on
defaulted loans amounted to $13,416,-
15 this year, but the FHA recovered $6,556,826.53 of
through reinstatements
and the seizure of equipment, such as
stoves, refrigerators and the like, thus
making the net loss $6,859,594.22,
or
only 1.22%
Congress
.
originally
made
$200,000,000
Insured loans under Title I, but this
the Housing Administration's
was
to
available
to
meet
losses
on
later reduced to $100,000,000 at
Only
suggestion.
part of that will be needed
liquidate all claims growing out of operations
up to April 1, 1937, Mr.
McDona
states,
a
additional authorization will be required now.
so no
♦
Secretary Perkins Opposes Labor Provisions of Maritime
Bill—J. P. Kennedy Testifies Ship
Operations by
Railroads Would Aid in Building Up Fleet of 500
Secretary of Labor Perkins, testifying before the Senate
Commerce Committee
labor
provisions
dislike for
of
on
Feb. 4, indicated opposition to the
the
pending Maritime Bill and equal
"anything like them." She discussed in detail her
position regarding the Maritime Commission's proposals for
a
a
in the
partnerships
stated:
no comment
to $2,500 and
areas, or
owner's investment.
by
Co. of Illinois.
up
farms, in rural
on
secured by mortgages or deeds of trust,
conform to construction
Rail
February 11 minimum prices fixed by
houses
estab¬
lished by the mututal mortgage
system set up by Title Two of the original
act do not apply.
Insured loans made for such smaU dwellings must be
longer than the
Coal Rates Fixed by National
Bituminous Coal
Commission Suspended by Court—Federal Bench
Rules
Prices
Were
Set
Without
Hearing
The Federal District Court of
Appeals at Washington,
D. C. suspended on
new
surrounding the large cities where the standards
property to be improved
♦
the
zones
National Mediation Board
to
handle maritime labor
dis¬
Her testimony was reported as follows in a Washing¬
ton dispatch of Feb. 4 to the New York "Journal of Com¬
putes.
merce"
"I
plete
:
think
the
Railroad
development
of
voluntary arbitration
that
lations," she declared.
cessful
would
in
be
the
railroad
equally
Labor
Act
mediation,
is
"But
to
be
found
because
industry,
successful
in
embodies
conciliation,
it
the
this
does
in
not
fullest
voluntary
any
Act
shipping
the
has
and
most
com¬
agreem^jit
and
law governing labor
been
so
necessarily
industry,
or
re¬
eminently suc¬
follow that it
even
that
it
I
Volume
be
would
Financial
146
successful.
partially
On
the
contrary,
if
the shipping indus¬
ripe for a law like the Railway Labor Act, it may even prove
and impose such a law in the industry.
try is not
to try
disastrous
this bill into law a more constructive policy
"Instead of enacting
would
developments continue without interference by any such
governmental action as this bill proposes. Existing governmental agencies
can
help this development.
.
.
.
"I would recommend, therefore, that we permit the present promising
be
to
let
present
continue to work themselves out.
In a few years both
managements and the men and their organizations will have gained
developments to
the
maintenance and administration of
machinery that these agreements
set up.
They will have learned to maintain discipline and responsibility
in their organizations.
When this has been achieved to an extent that
approximates labor relations that prevailed on the railroads at the time
that the Railway Labor Act was enacted in 1926, then the time will be
ripe for enacting a law similar to this bill for the shipping industry."
the
experience
labor
necessary
for
proper
agreements and of labor adjustment
The Committee on Feb. 2 made
public a report of an ex¬
Representative Beiter (Democrat), of New York, made
public on Feb. 10 a letter from President Roosevelt in which
the President said he was giving "serious consideration" to
providing additional credit for small business.
Associated
Press accounts from Washington Feb. 10 further reported.
"Both prior to and since the conference of representatives of smaller busi¬
nesses,
500 merchant ships in ten years as
of how to get
the
might
Navy
not allow any
be repealed.
"After all, some of the railroads have considerable money and perhaps
that will be a way out; perhaps the theoretical harm therefrom might
be eliminated so that some of these ships might be built and operated
by the railroad companies.
That is only a suggestion, and before going
further than stating it to the committee, it should be carefully studied in
all its aspects.
It appears at first glance to have some good possibilities."
railroad
to
interstate
the
of
provisions
run
commerce act—which does
the same business—might
ship line in
a
The President said that Congress
of
Part
on
Plans May
Week
Be Developed Next
Secretary of Commerce
Roper made known to reporters on
announced in about a week for
small business men, and
for Government insurance of loans granted to them by the
banks.
The recommendations last week to President Roose¬
velt by the Conference of small business men, who met in
Washington, were referred to in our issue of Feb. 5, page 844.
The Committee presenting the suggestions to President
Roosevelt was headed by Fred Roth of Cleveland, and in¬
Feb. 9 that
the lending
a
plan would be
of Government funds to
James
Ohio; Joseph B. Kieckner, of
Kimball, of Long Island City, N. Y.; Harold D. North,
G.
William D.
Daly, of Columbus,
Chicago;
of Cleve¬
of Danville, Va.; B. F. McLain, of Dallas, Tex.; W. K.
Gunter, of Gafney, S. C.; D. E. McAvoy, of New York City; R. P. Hastey,
of Chicago; Leslie E. Sanders, of Orlando, Fla., and W. C. Tinsley, of
land; O. L. Roach,
Tampa, Fla.
Feb. 9 Secretary Roper
Chairman of the Reconstruction
Finance Corporation, and others in the Administration are
making a survey of the situation and will formulate the recom¬
mendations.
Further indicating what Secretary Roper had
to say the Associated Press advices from Washington Feb. 9
his
In
talk
with reporters on
stated that Jesse H. Jones,
stated.
question appeared to be
"The loan
foremost in the small business men's
The little business men
minds," he added.
reported that, while in most
90-day loans, what they needed was long-term
funds.
When money is used to expand a business a considerable period must
sometimes elapse before it can be repaid from profits, they said.
"It was brought out," Mr. Roper said, "that the well-established com¬
cases
they were able to get
requiring a large stock issue can secure financial
smaller company, whose capital requirements are not
pany
underwriters, even
though the company might
aid easier than the
attractive to large
be as successful as the large
unit.
the financial market is not implemented to adequately
enterprises."
Soon after Secretary Roper made his announcement a bill for RFC insur¬
ance of bank loans to small business was introduced in the Senate by Senator
"It is evident that
serve
such smaller
Pepper,
an
Administration supporter.
limited to $100,000 each, would have to be amortized in five
dustries act' of June
Maximum interest charges of 6% would be
exceed 1% a year. The
and 1 % •
Loans would be backed by mortgage on real estate or chattels worth
125% of the principal of the loan. They could be rediscounted by the banks
years
by installment payments.
to the
Federal Reserve System.
careful study by
several
employment or to
passed the so-called 'loans to in¬
19, 1934."
Branch Banking Priv¬
Extension Across State Lines of
ileges Opposed by
Asso¬
Annual
Convention the New York State
New York State Bankers
ciation—Upholds Dual Banking System
At
its recent
Association
Bankers'
adopted
resolution endorsing the
Association last
preservation of the dual banking
of the
October in favor
a
the American Bankers'
views recorded by
branch banking privileges across State
whose meeting occurred
system and opposing
The New York State Bankers,
lines.
adopted
in New York City,
a
resolution on Jan. 24 which
said:
and continuation of the dual
"We favor the preservation
by which banks in New York State are
or
banking sy-tem
free to operate under either State
of unit banks has been
We believe that the system
national charter.
peculiarly adapted to the highly diversified community life of the State
economiclnecessities of Its citizens. The operation of
of New York and the
branch banks in this State is now
authorized by law to a limited extent
and
limit ed~distrlct s."* We are definitely opposed to ^ny^proposal whlcb
wouldVeelTtb"extend the establishment of frrahchTFankfug privileges beyond
in
defined by law.
those limits now
with
that
to
State"banks, ofbranch;banking privileges}within the State. WeTbelieve
no class of banks in this State should enjoy a greater right inj*espect
establishment of branch
the
under State laws.
the establishment
or
bankgshould^contlnue to enjoy an equality
believe that national
"We
banking privileges
than" banks cllartered
opposed to any proposal looking to
of branch banking privileges across State lines, directly
We are definitely
indirectly."
of the American Bankers' -Association,
American Bankers' Convention Section of
Oct. 30, were referred to in these columns on page 2487 in
October last year.
At the meeting of the New York State
Bankers' Association Dr. John H. Williams, Vice-President
of the Federal Reserve Bank of New York, analyzed the
causes and characteristics of the current business depression
and declared that there were reasons for hoping that it need
not go very much farther. Much could be done to shorten it,
he said, by the cooperation of business, labor and government.
His remarks as eiven in the New York "Times" follow:
resolutions
The
given
in
our
especIaHy^Tmportant,he said, "that we should get clear in our
as to the difference between reform and recovery.
None of this
however, that I feeljthe)Administration has*"to go back on its long-
is
thinking
means,
rang(Tobjectlves. suchiasjregulation of the security markets^encouragement
of collective, bargaining arTd| socialjsecurity, all "of which I approve and
consider to have been long past due.
g
Dr.
Williams,*. whose! speech was madeT extemporaneously, rejected
completely the theory
thatltheT current depression! had»been
Taking ut> the charge that
monetary factors.
Reserve authorities in
raising!reserve
causedIby
the action of the
Federal
requirements 100% between
July.
banks to sell govermnentTsecurities, he
said that in the fiscal year 1937 the net sales of government securities by
the entire banking system were only $270,000,000, and that, including the
buying by the Federal Reserve Banks, net sales were only $174,000,000?
The truth was, he said, that although the big banks had sold the smaller
1936, and May, 1937, had forced
Furthermore, a survey
that non-bank investors
than in the
recently made, he said,
showed
government securities
the light of these facts, he said, the whole case
prove that Federal Reserve raising of reserve
had not bought many more
previous year, in
that had been made out to
requirements caused the depression evaporates.
Dr. Williams also rejected higher interest rates as a
cause,
pointing out
rise of about one-half of 1% last Spring interest
still remained far below what they were in the lowest period of the
that although there was a
rates
low interest
when
Twenties
rates were
charged with having caused
the
boom.
explanation of the business cycle—accumulation of
Williams said that this had been a definite factor in the
Taking up another
inventories—Dr.
present downturn,
Another
although it did not provide the whole explanation.
explanation of business cycles that might apply
familiar
the present case,
of investment
tention that
our tax
and should be
system had
crippled investment.
He said that the
and the capital gains tax had an adverse
changed, but added that "the real source of worry is
high sur-taxes
securities.
in
he suggested, was that there had been a lack of supply
There might be some truth, he thought, in the con¬
funds.
undistributed profits tax
on
incomes,
These taxes, Dr.
effect
in the
combined with the existence of tax-exempt
Williams said, were building up a
situation in
from private investment and into public investment.
Dr. Williams rejected as impractical the idea of a new pump-priming
which money runs away
program
be
of spending by the
government, but he indicated that It was to
again be a Federal deficit, in view of the
expected that there would
downturn in
business.
Contrasting current
conditions with those which
accompanied the last
he found that there was much that was favorable in the
existing situation.
There was at present, he said, no prospect of a credit
big depression,
collapse, there
had been no speculative excesses and there had been no
capital goods. All these factors, he said, were reasons
not go much further.
over-investment in
The loans,
permitted, plus an additional service charge not to
RFC insurance premium Would range between y2
been directed to the present
for longer-term credit.
"recognized the need of such businesses
provide additional employment when it
banks had bought.
cluded.
of the Department of Com¬
enable them to maintain
for additional working capital to
"It
Government to Aid Small Business
Men—Secretary of Commerce Roper Indicates—
Move
few days ago, under the auspices
this subject already has been given
"In fact,
auxiliaries
partially be met by permitting the
country's railway systems to build and operate merchant
fleets. A Washington dispatch of Feb. 2 to the New York
"Herald Tribune" reported this hearing as follows:
Another suggestion of Mr. Kennedy was to permit coastal and intercoastal tonnage to be built abroad at less cost than in the United States
after having given all American shipbuilding yards orders for two years
ahead.
In both cases it would be necessary to amend existing statutes.
While staunchly maintaining that he was opposed to government owner¬
ship and operation of merchant fleets, he admitted to the committee that
he saw no other way out and that "we are faced with government owner¬
ship within a reasonably short time."
Admiral William D.
Leahy, chief of naval operations, followed Mr.
Kennedy on the stand and reinforced his remarks as to the necessity of
an
adequate merchant marine to augment the Navy.
By adequate was
meant an immediate 65-ship program, with an expansion to 500 ships in
ten years at a cost of $1,250,000,000, he said.
v
•
Mr. Kennedy painted a dismal picture of the present status of the Ameri¬
can
merchant marine, particularly from the labor standpoint, and said
that "we had
better settle first" the interunion friction before making
any large outlay.
He again urged the setting up of a mediation board
for the settlement of maritime labor disputes and discounted the sugges¬
tion made before the committee last week that all personnel should be
trained by and enlisted in the Coast Guard.
The problem as outlined by Mr. Kennedy was how the moribund Ameri¬
can merchant marine could build up an adequate service as a carrier and as
fi Navy auxiliary with the least cost to the Government.
"There are only two fields," he said, "the coastal and the intercoastal.
They offer competition with the railroads and you have that problem to be
worked out.
There may be some suggestion made to Congress that the
to
a
agencies of the Government."
26, when Joseph P. Kennedy, Chair¬
the Maritime Commission, testified that the problem
of
held
merce," the President wrote, "my attention has
need of smaller business and industrial concerns
ecutive heading on Jan.
man
1011
Chronicle
for hoping
that the depression may
President of the Association and
Chemical Bank & Trust Company of New
York, in addressing the Convention declared it as his belief
that "business will go forward in a big way when it can look
Frank
K.
Houston,
President of the
1012
Financial
forward with confidence and know the rules by which it will
be governed."
"Now, least of all, does it need further artificial stimula¬
tion," he said and he added:
"To gain that confidence It needs to be assured that the
government
does not propose to continue its policy of competition with
private enter¬
prise or impose such restrictions that private enterprise cannot cooperate
with a profit and be able to retain some of said profit when made."
Modernization of Banking Stressed in Addresses Before
A.B.A. Regional Conference at Des
Moines—A.B.A.
Committed to Unit Bank and Dual
Include O.
ers
Benson,
W.
Russell
G.
Smith, H. A. Brinkman
Geis, Etc.—Extracts from Remarks
J. R.
Banks must
Adams,
System—Speak¬
Adams, J. A. Changstrom, P. A.
be
serviceable
President
of
the
as
well
American
and
Bankers
Association,
and
Executive Vice-President of the Utah State
National
Bank at Salt Lake City, said on Feb.
10, in opening a two-
12.
about physical depreciation of buildings; that homes
becoming free of debt—all these
are
and other properties
than compensate for the additional
more
trouble of servicing the loans in our banks
Russell G.
of
Smith, President of the National Bank Division
Cashier of the
Vice-President and
Association and
the
Bank of America National Trust and
San
Francisco, said
Savings Association,
Feb. 10 that banking is a highly dy¬
on
namic business and that bankers musti progress with the rest
of the world.
He urged full flexibility in credit-granting
facilities in order that banks may
fully serve the needs of the
they operate.
In discussing personal
communities in which
loans, he said in part:
The
excellent
at the expense
,
loans are not realized
possibilities of personal
earnings
of the borrower.
As
of fact, bank credit is for
a matter
credit available to the small borrower.
The particular earnings advantage which personal
other bank income
over
the average amount
on
sources
installment loans have
Be¬
lies in the amortization of the loan.
the loan is reduced steadily over a stated period
cause
of time, the return
Also, due to
outstanding is appreciably enhanced.
the amortization feature, personal loans afford a good turnover
Iowa.
funds.
and
of
means
broadening their banks' services in a way that
will appeal to and serve the modern
generation, all within the
limits of sound banking.
He urged the preservation of the
independent banking system, and said that the Association
opposes
"absentee ownership in banking."
In part he
the
other form of
part considerably lower in price than practically any
day Association Regional Banking Conference
at Des Moines,
Mr. Adams declared that bankers must
devise ways
1938
be concerned
that there is less danger of foreclosure; that we do not have to
most
sound, Orval W.
as
Feb.
Chronicle
There is
used
or
a
of loanable
steady flow of incoming funds which may be
for other purposes.
through amortization
many
reloaned
Because of the regular liquidation provided
bankers have found in the personal loan a very
satisfactory solution to the problem of frequent renewals
ered in small business loans.
As
a
so
often encount¬
matter of fact, a small
business loan
which is constantly renewed is a form of personal loan in which the borrower
gets all the benefits and
a
bank
none
of the advantages of the true
personal
also said:
loan in which provision for payment in regular installments is included as
The American Bankers Association has
always been committed to the
maintenance of the independent unit bank and the
dual banking system.
"The unit bank and the dual
system are part of the economic fibre of the
country.
Under them banking has been responsive to the needs
of American
community life.
With them this continent was
conquered and the American
agricultural and industrial system was built.
"The American Bankers Association has
never believed in absentee
owner¬
ship in the banking system.
It believes that the banks in the various com¬
part of the original agreement.
munities should be
directly responsible to the people in those communities
in the conduct of their affairs.
"I
am
glad to
heartening
say
to see these principles endorsed to
now
formerly did
some
degree by those
not accept them.
"However, the American Bankers Association
recognizes that in spite
of this re-assertion of need for
continuing the dual banking system, the
opposite trend obtains
more
than
so
far
legislative control is concerned.
But little
decade ago there were few national laws
and regulations af¬
Now there are many Federal laws
a
as
fecting State banks.
and
many
and regulations
Federal
borrower to begin paying his loan off within
made, is of real value in maintaining
a
a
short time after the loan is
good credit rating for such borrowers.
The necessity of making monthly payments keeps the loan in the borrower's
mind and
as
a
consequence,
good standing.
finds him better able to maintain his loan in
Then too, each monthly payment date is
current status of the loan and prompt
goes
inquiry
delinquent.
may
a
check on the
be made if
a payment
-
Country banks
urged to make greater use of the in¬
their city correspondent
banks, in an address on PYb. 11 by H. A. Brinkman, VicePresident of the Harris Trust & Savings Bank in Chicago.
He said that the service which the larger city banks render
"ranges all the way from answering inquiries regarding
market prices of securities to that of furnishing a complete
investment supervision of the portfolio for an annual fee.
However, only a comparative few of the banks have a service '
of the latter type and apparently none of them is
particularly
anxious to take on additional responsibility in this regard."
were
vestment information available at
the American Bankers Association restated its
position
emphatically in this regard at the Boston convention last October.
It is
who
a
This factor of amortization, of requiring
banking institutions
doing
form
some
of
a
business."
banking
He continued:
J. A.
Bank of
Changstrom, Vice-President of the Omaha National
Omaha, Neb., in an address on Feb. 10 discussing
miscellaneous
some
bank services, questioned the soundness
of
charges which certain banks make for miscellaneous
services.
He said that all banks can well afford to
analyze
the accounts of their
customers, and place unprofitable ac¬
counts
on
a
profitable basis.
He continued:
Banks need the goodwill of the
public.
absorbing charges that should properly
Handling
be passed
the
a
loss
customer
or
will
seldom create goodwill.
The customer has no way of
knowing that this is
done for him, and if we were to advise him
that we were absorbing a loss on
his account, but that we did it to hold his
goodwill, I wonder if he would
consider us a safe custodian of his funds.
We
require
mers
to furnish
us
operating
not out customers be
deciding whether
I
not
am
as
well
as
justified in asking
or not
to
our
borrowing custo¬
profit and loss statements.
us
us
as
handling securities, etc.,
use
in
?
going to discuss the many other services which
customers, services such
Might
for similar information for
deposit their funds with
render
we
our
issuing drafts, cashier's checks, collecting drafts,
because it is difficult
charges that could be applied uniformly to all
to
arrive at
accounts
a
in
schedule of
all locations.
The size and value of each individual
account would have a direct
bearing.
In addition to these there are
many other services offered by banks for the
purpose of creating goodwill and
attracting new business.
The cost
of
services could properly be
charged to advertising or new business.
Our business is to furnish sound and
efficient banking service and for this
service we are entitled to fair
compensation.
A uniform account
analysis
and a uniform schedule of
charges covering the miscellaneous services ren¬
dered customers will result in
satisfactory earnings and eliminate the costly
competition between banks as well as competition between
larger cities in
such
the
handling of national
accounts.
"Savings and Amortized Mortgages" were discussed on
Feb. 10 by Philip A.
Benson, First Vice-President of the
Association and President of the Dime
Savings Bank of
Brooklyn, N. Y.
Mr. Benson advocated loans against
amortized mortgages, and said
city banks are discontinuing
the practice of making loans for a definite
period without
amortization and then either renewing the loan
run
for its full amount
as a
in part:
Some years ago I heard
proved to be true.
payments on
It
a
letting it
or
past-due obligation.
He added,
statement that
was to
productivity
.
of his
not
earnings assets must be of primary
impressed me and which has
the effect that if we do not
get amortization
banker.
direct relationship.
was held, an
2% or 3% had been made, the loan would have
figure that the lender would not have had to take a
This statement is all the
you consider that all the
and
larger banks
probably realize that in
they are giving, costs them
are
more
worthy of notice when
analyzing their accounts regularly
many instances the investment service which
more than it is
possible to make
on
the account
in question.
One large
institution which
has
kept
a
record
for several
years
finds
the number of inquiries from its country banks
increasing regularly and in
1937 had received and answered approximately 100 letters
per
day in ad¬
dition to receiving personal calls.
The
answer
to make
then must be that the city banker feels that he
may be able
contribution to the integrity of the banking system of our
country
a
which is
of
more
importance than the few dollars profit which mayk be
a particular account.
sacrificed in connection with
Study of costs of operation and imposition of adequate
charges for banks were recommended at the Con¬
ference by J. R. Geis, President of the Farmers National
Bank, Salina, Kan.
Mr. Geis asserted that bank revenues
have declined sharply in recent
years, due to lowered interest
rates and the scarcity of sound loans.
"If we are to operate
profitable banks under such conditions," he said, "itfis
imperative that all wasteful operations and unprofitable
business be eliminated.
Therefore," he added. "cost analysis
and the imposition of
adequate service charges are of prime
importance at this time."
Mr. Geis stated that service
charges adapted by banks "should be adequate to insure a
reasonable profit on the business
handled, but not excessive.
service
In part he also said:
It is difficult to understand
why many banks continue to give to their
customers innumerable services without
proper remuneration, either in the
form of compensating balances or the
vast
imposition of direct charges.
The
majority of banks operating without any service charges, or imposing
fear of
during the period the loan
bears any
or profitableness of the account, it is rather remark¬
able that practically all of the banks consulted stated that there was no
there have been innumerable
where mortgages have been
foreclosed
I do
relationship to the size
inadequate rates,
and it has been apparent that
if,
every
any better way to increase the importance of correspondent
relationship than to help the country banker administer his investment
portfolio."
loan, gradually, even though reluctantly, we are
"buying
the property."
Experience has proved the truth of this statement, for
a
cases
concern to
know
On the question as to whether the amount of service
given
accounts at
to
On the other hand, almost without
exception the city banks indicated
that they would welcome an increase in the number of
inquiries from thencustomers
As an officer of one bank said, "The condition and
are
located in small communities where the volume of
business obtainable is limited.
Undoubtedly the restraining influence is the
a
of the
shrinkage in deposits, which they could ill afford.
Actual surveys
experience of hundreds of small banks imposing
adequate service
amortization payment of
charges have
been reduced to such
were closed in these
banks, but their deposit volume was small and the
loss was offset
entirely by increases in the balance maintained in the re¬
loss
on
a
acquiring the property,
or
perhaps there would have been
no
fore¬
closure at all.
From the point
amortized loans.
methods
to
the
read.
can
proven the
fallacy of this belief.
It is true that many accounts
maining accounts; thus effecting substantial savings
of view of the lender there is
no
reason
The amortized loan is not too much
trouble.
to
make
un¬
only degree of liquidity they will
mortgage loans
ever possess.
Reinvestment of the
funds received through amortization
may be difficult at times such as these,
but there will be times when the reinvestment can
be made profitably.
To know that we have mortgages that are more
secure and more
liquid;
no
in
operating costs,
loss in loanable funds.
♦
Accounting
be adopted that will make the records
easy to keep and plain
constant income from amortization
gives
The
with
Repeal
or Modification of Undistributed Profits Tax
Advocated by Executive Council of A. F. of L.
"As
a
step toward the restoration of public confidence
the part of those who
allege they
distrust," the Executive Council of
are
on
inspired by fear and
the American Federation
of Labor
Financial
146
Volume
suggested at its midwinter meeting in Miami, Fla.
repeal or modify the undivided
Feb. 8 "that Congress
on
piration on March 1,1938, under terms that have been
today (Feb. 9) between the parties.
Mr. Fairless
profits and capital gains taxes."
In its statement to this
on
the Hotel
a
form of
The needs of the
all who are able and
willing to work, are of supreme importance to the Executive Council.
Even though industry may complain because of curtailed earnings, labor
suffers most because of hunger and distress resulting from unemployment.
and threatening unemployment situation.
"Creation and maintenance
structure without
private industry."
A. F. of L. President
public the Council's recommendations,
William Green said:
indulging in something more
than generalities.
We have made
real co¬
labor."
Request for tax amendments aligned the Federation's ruling body with the
majority of business organizations which have been asking Congress for
specific recommendations to start business going and develop
operation between the three forces of Government, industry and
"The Executive
Council makes this suggestion in the
interests of labor,"
ft"It firmly believes that all must pull together—labor, industry and the
Government—in order to break down and overcome a most serious and
threatening unemployment
situation."
EtThe Federation's position, as outlined by the Council after three hours'
discussion of the economic situation, closely parallels that taken by the
rival Committee for Industrial Organization, upon which the Council
declared war yesterday by expelling three rebel unions.
However, the C. I. O. has not yet requested tax reform, basing its re¬
suggestions upon
heavy spending both along
relief and pump-
stated, in part:
"The change in the industrial and economic situation which became
noticeable last September has resulted in a decided increase in unemploy¬
ment.
Thousands of workers have been laid off in mass production, textile,
manufacturing, transportation and mining industries.
.
.
.
"It is that opinion of the Executive Council that adequate funds should
The Council's
position on economic matters
provided by the Federal Government
amount of relief for the
in order to supply a necessary
from practically every city
and com¬
The Federal Government is obligated to
retrench and reduce at this time."
Discussing suggested wage reductions, the Council said:
"Such action would only tend to aggravate and in no way help an already
distressing situation
It would serve to reduce buying power and decrease
munity throughout
increase
the land.
relief expenditures rather than to
the sale of
manufactured goods.
No Real
and conditions of a change of the
1937 agreements,
corporation in Pittsburgh
unless otherwise mutually agreed, and
If, because of
a
failure to agree, the 1937 agreements are not
changed
corporation and the union
within 20 days from the giving of said notice, then the 1937 agreements and
all of the provisions thereof shall terminate upon the expoiration of 20 days
by
written agreement entered into by the
a
from the
giving of said notice.
"2 Notice hereunder shall be given by
registered mail, be completed by
Steel
Pittsburgh, and if by the
union, be addressed to the corporation at Carnegie Building, Pittsburgh.
Either party may, by like written notice, change the address to which
registered mail notices to it shall be given."
and at the time of mailing, and
Workers
if by the corporation, be addressed to
Organizing Committee, Grant Building,
Open Shop Policy Preserved
of March, 1937, between the Steel Workers
Organizing Committee on behalf of members of the Amalga¬
mated Association of Iron, Steel and Tin Workers of North
Tax
Help in Checking Recession Seen by New York
of Commerce in Proposed Revision in
Laws—Repeal of Profits Tax and Capital Gains
repeal of the undistributed
Outright
gains taxes was
on
Taxation
York,
profits and capital
recommended in a report from the Commit¬
of the Chamber of Commerce of the State
presented by Chairman Edwin
which was adopted by
G. Merrill,
members of the Chamber on Feb. 3.
belief
Congress would
be of no real help in restoring confidence to business or in
stemming the tide of depression. As originally drawn the
report did not urge repeal of the capital gains tax, but
simply modification of it at a low flat rate. At the insistence
of William H. Williams, however, the report was amended
so as to recommend full repeal of the law.
It was noted in
the report that the Chamber had vigorously opposed the
undistributed profits levy before and since its enactment
on the ground that it would retard
recovery in the heavy
goods industries, hinder reemployment of millions on relief,
and prevent corporations from obtaining needed capital for
accompanying the report expressed the
Resolutions
that the
amendments under consideration in
development.
The report states it is unfortunate that the House com¬
mittee which has been preparing new tax legislation does
probability that complete
repeal of a tax "unsound in theory and universally con¬
demned by business men" would produce more revenue for
the Treasury under remaining tax laws by restoring con¬
fidence than has been produced by the objectionable tax
seem
to
have considered the
itself.
United
clearly preserved the open shop policy of
companies.
Under those agreements
the Steel Workers
the subsidiary
Organizing Committee was
for only those employees
recognized as the collective bargaining agency
Amalgamated.
policy is reaffirmed by the present
This
Illinois Steel Corp., the American
the Tenessee Coal, Iron
Tube Co.,
Amalgamated Association
Tin Workers of North America.
of Iron, Steel and
The employees
agreements between the Carnegie-
Steel & Wire Co., the National
& Railroad Co. and the
continue to have the right to
join or not to join a labor
organization, free from interference or coercion from any source.
Under the terms of the new contracts, the March, 1937 agreements are
Provision, however, is made
not
are
for a conference upon 10
days'
the agreements. If changes
within 20 days of the notice, then all agreements will
notice for the purpose
agreed to
of negotiating changes in
automatically terminate.
Council Expels Three C. I. O. Unions,
United Mine Workers—William Green
Resigns Mine Workers Membership—Action Ends
Hopes of Early Labor Truce
The Executive Council of the American Federation of
A. F. of L. Executive
Labor, meeting at Miami, Fla., on Feb. 7, announced that
voted to expel from Federation member¬
it had unanimously
Urged
New
America, and the Carnegie-Illinois Steel Corp. and other
manufacturing subsidiaries of the United States Steel Corp.,
Including
Chamber
not
of the parties for the purpose
conference shall be at the office of the
continued.
unemployed.
"The demand for assistance comes
of
of negotiating the terms
which
1938, at any time and
other party of the
10 days' written notice to the
time for the commencement of a conference
who were members of the
priming lines.
tee
"(a) Either party may, subsequent to Feb. 28,
from time to time, give
The agreements
it said.
be
until changed or terminated as
follows:
the present revenue load.
easement of
covery
The 1937 agreements shall continue
"1
Lee
the agreements for
provisions of the extension read as follows:
The
"(b)
In making
Secretary-Treasurer,
Clinton S. Golden, Director,
Mitch, Director, Southern Region, and
Committee."
the Steel Workers Organizing
reductions.
of work opportunities for working men
3.
David J. McDonald,
Bittner, Director, Western Region,
Friday.
Pressman, General Counsel, affixed their signatures to
unemployed
and women in
of Tennessee Coal,
of Columbia Steel Co., will sign
from the Pacific Coast
"Philip Murray, Chairman,
for tax reform comprised the salient feature
of a four-point industrial recovery program offered as a means
for lifting the country from depression said United Press
accounts from Miami, from which we also quote.
In ad¬
dition, the Council asked:
1. Adequate Federal relief funds to support the increasing number of
Maintenance of the present wage
A. N. Diehl, President
Northeastern Region, William
The request
2.
Co., C. R. Cox, Vice-President
and Robert Gregg, President
Tube Co.,
the agreement on his arrival
Van. A.
Corp., Clifford F,
President of Carnegie-Illinois Steel
Perry,
Iron & RR. Co.
unemployed, the creation of work opportunities for
are
L.
Hood, President of American Steel & Wire
relief which they assert is so urgently needed.
most serious
Those who signed for
Biltmore.
of National
|fc The Executive Council makes this suggestion in the interests of labor,
industry and the Government, in order to break down and overcome a
"We
J.
were
Further¬
more, such action on the part of Congress would answer the demand of
business for some concrete evidence on the part of the Government to supply
both the wisdom and soundness of such action.
settled
stated*
signed at two o-clock this afternoon at
TJ. S. Steel Corp subsidiaries
"The extension agreements were
effect the Executive Council went
to say:
Time "would prove
1013
Chronicle
ship three unions
Extends C. I. O. Wage
overtures were described in the "Chronicle" of Feb. 5,
848. The Council announced that it had deferred action
against the other seven C. I. O. unions until its next meeting
in April.
At the same time William Green, President of the
page
A. F. of
L., announced that he
Mine Workers.
Benjamin F. Fairless, President of the
United States Steel
Corp. on Feb. 9 announced that the agreements between
the Steel Workers Organizing Committee on behalf of the
members of the Amalgamated Association of Iron, Steel &
Tin Workers and the Carnegie-Illinois Steel Corp. and other
manufacturing subsidiaries of
of March 2
the United States Steel Corp.
and 17, 1937, will be continued after
their ex¬
had resigned his membership
in the United
^United Press Washington advices of Feb. 7 quoted Mr.
Lewis's comments to the Federation action as follows:
John L. Lewis, Chairman of the C. I. O. and President of the United
Mine Workers' Union which was expelled from the A. F. of L. today, said
the action "is unimportant and without significance."
He declined further comment.
John Brophy, a C. I. O. Director, said
that the decision of the Federation's Executive Council In Miami will have
effect on the "rebel" organization.
"The C. I. O. will go marching on."
no
-
he said.
fct While C. I. O. officials generally showed little
development in labor's internal war, there was
over
the decision
his membership
of William Green,
in the miners'
concern over
the newest
considerable speculation
resign
President of the Federation, to
union.
HMr. Green was charged with "treason" at the
miners here last week.
The miners' Executive
biennial convention of the
Board was ordered to try
action necessary. Some felt that in announcing
his decision to resign he had outwitted Lewis and his Board. Ora Gassaway.
a member of the Board, said, however, that Green would remain a member
of the union for 90 days after he ceased paying dues and could still be tried
take whatever
during that period.
Contract
Industrial
peace
his case and
States Steel Corp.
affiliated with the Committee for
Organization: the United Mine Workers of America, headed
by John L. Lewis; the International Union of Mine, Mill and
Smelter Workers, and the Federation of Flat Glass Workers.
The three barred unions are reported to have a membership
exceeding 600,000.
The action of the A. F. of L. Executive
Council was believed to end the last hope of peace between
the Federation and the C. I. O. in the near future.
Previous
*
dispatch of Feb. 7 by Louis Stark to the New
York "Times" gave the following additional details of the
Federation Council's action:
The United Mine Workers by the amendments to its constitution adopted
last week took action, according to the Council's ruling, "in effect severing
all affiliations and relationships with the A. F. of L., and in fact, declaring
the A. F. of L. an organization dual to the C. I. 0., and providing that
A Miami
1014
Financial
membership of
member or local union of the United Mine Workers of
any
American in any of the A.
P. of L. labor organizations would automatically
penalize them with expulsion from the United Mine Workers."
Attitude
Other I nions
on
The charters of the Smelter Workers and Glass Workers
because these unions had refused to
leave the C.
I.
were
Chronicle
12, 1938
naturalist, who died in 1921; Thomas A. Edison, who died
Henry Ford, who is still living. A brief biogra¬
phy of Mr. Firestone, as given in the New York "Times"(of
Feb. 8, follows:
in 1931, and
revoked
O. and the Council
Feb.
Mr.
Firestone
belonged to that generation of Americans who turned
new frontier of the factory and the
laboratory at the
from the soil to that
found nothing to indicate that "they intend to comply with the constitu¬
beginning of the
tional requirements
friends were the late Thomas A. Edison and Henry Ford, whose stories are
of the A. F. of L."
Revocation of the three charters is regarded as having been based on a
compromise between those members
of the Council who wanted all the
peace
hopes to flower again.
The failure to revoke the charter of the
of America
something of
came as
a
Amalgamated Clothing Workers
surprise, since influential A. F. of L.
members had been saying since the Denver convention last October that the
expulsion
revocation order, when
or
miners and the organization led by
For
reasons
it came,
would
least
at
cover
Sidney Hillman.
stone had a somewhat more
the miners and this union just as barriers now exist between Mr. Lewis and
the International
Ladies
Garment Workers
Like them, Mr.
He is
on wagon and carriage
separate business and set up a
a
consolidations he sold out in 1899 with
and
a
cash profit of
$45,000 for himself
has 32 subsidiaries and rubber plantations in Liberia.
a
^ Tires A Day Output
When he started out,
dues-paying member of
any
Mr. Firestone had
output of 12 tires daily.
a
head employed 15,000 men, had annual sales totaling
Progressive Miners of America.
independent
F. L. charter.
work of one
Mine Workers, of which John L. Lewis, head of the C. I. O., is President.
This probable new phase of labor's civil war will be fought out in the coal
man.
$150,000,000, and its
London and Hamilton, Ont.,^had
Tire & Rubber Co.
the result of the
was
A Securities and
1935, showed that of
par
expected that the Federation Council will enlarge the Progressive
union's scope to include the jurisdiction that had been held
by the United
now
an
was the
combined capacity of 80,000 tires a day.
The growth of the Firestone
The Progressive Miners Union was formed in Illinois several
years ago
a rebellion against the United Mine Workers.
It remained
staff of 10 employees and
a
In recent years the company of which he
factories in Arkon, Ohio; Los Angeles,
camps
wheels, and auto¬
afterward founded the Firestone Tire & Rubber Co., which today
soon
Mr, Green will be without actual union membership unless he joins the
It is
book¬
Union.
an
until recently, when it received an A.
as a
manufacturing tires
small shop in Chicago.
After several
honorary member of the Chicago musicians' union,
but this does not incur the obligation to pay dues, and it
appeared that
in
school education, sup¬
Beginning life
were new.
______
other union.
common
He hit upon the idea that there might be money in
_____
Green gave no clue whether he was
auspicious start in life than they.
Firestone had only a
beginning to replace the iron band
mobiles
May Join Progressive Miners
Mr.
his two closest
keeper, he tried his hand at selling patent medicines before finding a job
with a firm of carriage makers in Columbus, when the hard rubber tire was
as
wedge might be driven between
a
Quite naturally,
era.
plemented by a short term in business college.
the
of "policy" it was deemed best not to discipline the Hillman
organization at this time in the hope that
production
similar to his, except that as the son of a prosperous Ohio farmer Mr. Fire¬
C. I. O. unions disciplined and those who wished the situation to remain
flexible, with action deferred until the next quarterly meeting to permit
mass
a
Exchange Commission report of April,
total of 1,897,597 shares of common stock withfa
value of $10 the company owned 356,783; Mr. Firestone, 260,000; his
oldest son, vice-president, 24,920, and his second son, Russell A., a
director,
Mrs.
29,512.
Firestone,
daughter
a
and three
Raymond and Roger, all were understood to
own
younger
sons,
Leonard,
substantial blocks either
outright or in trust.
of 32 coal-producing States when emissaries of the Progressive Mine
Lewis's members from their present allegiance.
Workers try to woo Mr.
In the past such strife between "official" and "dual" unions has resulted
In
Death
of
George C. Van Tuyl, Formerly New^York
Superintendent of Banks
State
bloody clashes.
Expulsion of the three unions, according to observers,
possibility of peace in the major labor field.
The Executive Council of the A.
meeting
early
of L. concluded its
Feb. 8 without, according to the Associated
action to set up the Progressive Miners of America
on
Press, any
the A. F. of L.
as
F.
removes
successor
to John L. Lewis's United Mine
Workers Union in the national
George C. Van Tuyl, formerly New York State Super¬
a former banker, died at his home in
City on Feb. 9. Mr. Van Tuyl who was 65 years
old, was born in Albany, New York. Regarding his banking
activities the New York "Herald Tribune" of
Feb.^11 said in
intendent of Banks, and
New York
part:
mining field.
Mr. Van Tuyl started his
banking
career
in 1888
as a
messenger for the
National Exchange Bank in Albany.
He eventually became paying teller
1900, when the Albany Trust Company was reorganized, he was
elected Secretary, Treasurer and a member of the board of directors.*!
In
and in
Several
Important
Strikes
Settled
by
Agreement—
Walkouts in New Jersey at Crucible Steel Co. and
in
Seattle, Wash., and
Portland, Ore., Ended by
Concessions
With important strikes throughout the country reduced
to
minimum
recently, several of the largest walkouts were
settled by agreement.
On Feb. 2 a week-old strike of 500
employees of the Crucible Steel Co. at Jersey City, N. J.,
a
ended
when
the
Steel
Workers
Organizing
Committee,
Organization,
affiliate of the Committee for Industrial
announced that the company had agreed to reinstate most
of the 150 workers discharged three weeks before as an
economy move.
Settlement of a strike of 3,000
the S. W. O. C. at the Harrison, N. J.,
plant of
Steel Co.
was
1906 he
announced
on
members of
the Crucible
Jan. 18 when the management
conditions at the plant would be
improved and seniority rights would be established.
An eight-day tie-up of the
port of Seattle, Wash., ended
Jan. 13 when longshoremen and
shipowners agreed to submit
differences to arbitration, as described in Associated Press
Seattle advices of Jan.
The
I.
and Warehousemen's
Union
Banking Department and Tammany Hall.
As
sent 18 gangs of longshoremen,
accompanied by truckers, 400
all, to the waterfront at the call of the operators. Seven vessels
being worked and another
was
due in tonight.
The resumption of work will benefit
directly 1,500 longshoremen here.
No definite time was set for
starting arbitration of the
points In dispute,
a
meeting
was
and the Borden
arranged between union executive committee members
Line
Transportation Co.
company vessel, the Border
A
four-hour
conference
It
was
the small Borden Line
Prince, which precipitated the tie-up.
late
yesterday in the hotel rooms of Joseph
P. Kennedy, Chairman of the United States Maritime
Commission, led to
the settlement.
Under it, both sides agreed that the
longshoremen would return to work
in accordance with the arbitration award of
Feb. 4,
would give assurances they would
cooperate to
1937, and both sides
maintain
peace
on
the
waterfront.
The main point at issue, whether such
ships as the Border Prince may
moor alongside another vessel and
transfer cargo directly by sling-loads,
or
whether their cargo must be unloaded
on
a
dock for longshoremen to
handle in reloading, wiU be arbitrated.
1913-14 which recommended
won
small pay
and
Rubber
sweeping changes in the State banking laws
spring of 1914.
into safe deposit business,
then forbidden.
State
banks and
companies were allowed to accept drafts, and, by dealing in note paper,
to go into foreign business on the same basis as national
banks.
With some
exceptions, the private banks
were placed under State supervision.
Mr. Van Tuyl resigned his office in April. 1914, to
accept the Presidency
of the old
tan in
Metropolitan Trust Company.
He resigned from the Metropoli¬
1920.
Death of Sir
Sir
Harry G, Armstrong, Former British Con¬
General
in
New
York
from
1919
to
1931
Harry Gloster Armstrong, British Consul General in
New York from 1919 to 1931, died of
pneumonia on Feb. 6
at the home of his son,
Captain Thaddeus
Armstrong, in
Port Washington, L. I., N. Y.
He was 77 years old.
Sir
Harry, who had been living in London since his retirement in
1931, had been ill almost from the time of his arrival in this
A native of County Cavan, Ireland,
Sir Harry spent 53 years in the civil service of his
country.
country last October.
He
was British Consul General in Boston
for a few years
before being transferred to New York, in which
capacity he
served for 11 years.
Having reached the retirement
age
in
1931, Sir Harry returned to England where he became com¬
adviser to the Manchester Ship Canal
Company.
An outstanding achievement of his career in New York
was
the founding of the
Society of Foreign Consuls, of which Sir
Harry was one of the organizers and its first president. From
an outline of Sir
Harry's career as contained in the New York
mercial
In 1878 he
was
we
take the
commissioned
as
following:
second lieutenant in the Cavan regiment
and later served with the
Royal Irish Fusiliers and the 105th and
eighth Regiments.
Thirty-
He resigned from the army in 1884 with the rank of
on
the officers' reserve.
His first visit to New York
was
as
in 1891.
Consul General in Boston, Sir Harry was
transferred to New York in November, 1919.
His term
as
Consul General
twice extended, but on reaching the age limit he was forced to retire.
He announced, however, that he retired,
not to vegetate, but to spread the
was
Co.
of the Fire¬
Co., died at his estate in Miami Beach,
Fla., on Feb. 7. Mr. Firestone, who was 69 years old, was
a victim of
coronaiy thrombosis.
Mr. Firestone's body was
taken to his home in Akron, O., where funeral services were
held yesterday (Feb. 11). Burial was at the
village cemetery
at Columbiana, O., near his
birthplace. Mr. Firestone was
one of a group of four eminent men who
spent their vacations
together for many years. The others were John Burroughs,
the office, de¬
were enacted in the
After serving for some time
Harvey S. Firestone, Chairman of the Board
stone Tire & Rubber
won
large commission In
allowed to participate in the Federal Reserve
System
captain and remained
Harvey S. Firestone, Chairman of Firestone
&
go
These
"Times" of Feb. 7
increases.
Tire
to
were
a
trust
+.
Death of
Legislature.
State banks
The printers
of the three daily newspapers in Portland,
Ore., on Jan. 20 voted to accept a proposition from the
publishers on wages, hours and arbitration. The Strikers
He finally
Superintendent of Banks, Mr. Van Tuyl headed
to the
of the
O.
in
opposed by members of the Democratic State Senate who
an investigation into the connection between the State
termined to free the department from politics.
sul
International Longshoremen's
men
was
sought to prevent
13:
were
but
a
In May, 1911, when he was nominated for the
post by Governor John A.
Dix, he
announced that sanitary
C.
promoted to Vice-President and two years later was elected
position he held until 1911, when he became State Superintend¬
was
President,
ent of Banks.
gospel of high protective tariff in Britain.
Death of Andrew Furuseth President of
International
Seamen's Union
In the Senate
on
Jan. 26
eulogy
was
paid by Senator King
to
the memory of Andrew Furuseth, President of the In¬
ternational Seamen's Union, whose death occurred in Wash¬
ington
on
Jan. 22.
Senator King in describing Mr. Furussth
Volume
as
146
Financial
"one of the outstanding
at
of the Seamen's Union, and for
years
devoted his
energies to promoting the welfare of the seamen of the United States and
of
establishment
for the
a
sound merchant marine.
the
He visited many countries
of promoting better conditions for seamen and bringing
purpose
satisfactory cooperation
about proper and
among
those employed upon the
ships of the world.
became
I
Senate
17, received
sponsored by him calculated to improve the conditions of
and strengthen our
immigration laws by denying entrance into the
United States of persons who claimed to be seamen but who were
Mr. Furuseth was
from the Law School in 1916;
who devoted his life and his
days
He
were
ago,
in his lifetime
cause
and
were
of labor generally
familiar with
Senate, the House of Rep¬
Representatives
branches of the public service.
and other
of Labor,
Federation
American
his important con¬
Among those present were representatives
of labor.
present to pay tribute to one
were
Later he practiced law in New
School of Business
York City, then taught at
Columbia.
He became New York City Chamberlain
quitting after
the job
during the La Guardia admin¬
abolished under the new charter.
director of the American
was
Since then he has been engaged in business and as a
He is chairman of the
new
patriotic American
and the funeral services were held day be¬
of the Supreme Court of the United States, the
of the
returned to lecture in the Harvard Graduate
City Planning Board.
Andrew
Mills
Jr.
Named
Chairman
of
Committee
Arrange Program of Annual
tribution to the
resentatives,
member of the Russian section of the Peace Commission, and
war
istration,
ference of ABA in New
gathered at the services hundreds of men and women who knew
Furuseth
was a
after the
fore yesterday.
There
enter service as a lieutenant in the
to
World War.
energies to the interests not only of the seamen
of the United States but of those who belonged to the ranks
He passed away a few
He was graduated
14.
He served in the law office of Supreme Court
Justice Louis D. Brandeis, leaving
Molasses Co.
of character and ability, a
man
a
seeking
United States.
to evade the laws of the
Mr.
passing his entrance exami¬
Master's degree the following year and was graduated
a
Administration.
acquainted with Mr. Furuseth in 1917, and introduced in the
measures
seamen
infant prodigy at Harvard,
was an
nations at the age of 13 years and entering when
the Organizer
was
Mr. Berle
labor leaders of the United States"
said in part:
He
1015
Chronicle
to which
Mr. Furuseth belonged,
witji whom they had served so many
years.
King also noted that Senator La Follette of Wis¬
an address eulogistic of Mr. Furuseth, and
as a part of it read a tribute written by his father, Robert
M. LaFollette, Sr.
At the request of Senator King the
remarks of Senator La Follette and the tribute by his father
were inserted
in the Record as a part of Senator King's
Senator
consin delivered
Spring Savings
York City, March 3-4
to
Con¬
Andrew Mills Jr., President of the Dry
Dock Savings In¬
President of the Savings
Banks Association of the State of New York, has been named
Chairman of a committee of bankers to arrange the program
and other details of the Annual Spring Savings Conference
of the American Bankers Association at the Hotel Roosevelt,
stitution, New York City,
and
New
York City, March 3-4.
The committee includes
Joseph A. Broderick, former superintendent of banks and
now President of the East River Savings Bank, New York,
and Philip A. Benson, First Vice-President of the American
Bankers Association and President of The Dime Savings
Bank, Brooklyn, N. Y.
A;,//'/:
remarks.
outlining the career of Mr. Furuseth, who died at the
of 83 years, the New York "Herald Tribune" of Jan. 23
had the following to say in part:
In
age
labor leader since his election 50 years ago as Secre¬
Andrew Furuseth, a
tary of the Seamen's Union of the Pacific, had been
ternational
Seamen's
President of the In¬
1908, when it was founded under the
Union since
auspices of the American Federation of Labor.
He had been a familiar
and until old age weakened him. in 1936, he had attended every
convention of the American Federation of Labor since the
Administration
of Grover Cleveland.
Born in Hedemarken, Norway.
Andrew Furuseth went to sea when he
English, French, German and American vessels, he educated himself by
extensive reading.
In 1892 Mr. Furuseth succeeded in binding the various
into
legislation
Seamen's Unions
for
He
seamen.
appeared
before
laboration with
Senator Robert M.
the late
La Follette in drafting La
He fought for this Act for 21 years before it was
Follette Seamen's Act.
—♦
were
Adolf Bauer
of New York
was
elected
a
Director of the Merchants Bank
Feb. 8 to fill
on
a vacancy
in the bank's board.
The Marine Midland
announced
Trusty Co. of New York onJFeb. 8
appointment of^DanieljP.iAdams^as an
the
Assistant Treasurer.
♦
American seamen the right to quit their jobs in any safe
harbor and established three watches in place of four-hour shifts.
Mr.
The Act gave
Furuseth
was
also 6aid to have been largely responsible for that part of
the Jones Act of 1920 that gave
added benefits to seamen.
In 1913 Mr. Furuseth was American delegate to the
ference of Safety at
stating his conviction
Wilson,
owners as more
that majority of the committee on life-
"This
important than the safety of human beings at sea.
1918, he sailed for Paris to attend the Peace Conference
In December,
proposal to internationalize seamen's wages or the con¬
and to fight any
ditions under which seamen are employed.
Co.
&
Scheuer
Distributing
1937
Edition
of
Their
"Comparative Textile Chart"
Scheuer & Co., New
sultants,
are
This compilation it is claimed is the
document' of its
regarding the chart
The chart includes
cotton
York City, Textile Brokers and Con¬
distributing the 1937 edition of their Compara¬
Textile Chart.
only
a
kind issued.
The announcement
says:
The Seamen's Bank for
1829, observed the opening of its one millionth savings ac¬
on Feb. 8 by presenting Passbook No. 1,000,000 to
Giles C. Stedman, sea hero, and captain of the S.S. "Washing¬
ton" of the United States Lines.
Ralph H. Stever, Presi¬
dent of the bank, opened the account for Captain Stedman
who made it over in trust to his infant nephew, Giles Stedman
Brown.
"We have been 109 years coming to this point and
we want to celebrate fittingly our one millionth savings de¬
posit account," President Stever said in making the presenta¬
tion at the offices of the bank, 74 Wall Street.
The bank's first account was opened by James Chappel,
a stevedore, in 1829 when New York had a population of
scarcely 200,000. From deposits of only $14,494 at the end
of its first year, the bank has grown to the point where it
today has 134,707 depositors with savings totaling over
$136,900,000.
price history of 64 x 60 38 34-inch. 5.35 (the standard
and lowest average monthly mill margins, as well as
These mill margins
represent what mills receive for the services of manufacturing, financing,
the price ranges
and selling.
combed
yarn
low prices
are
of
of cloth and cotton during these years.
A record of monthly average mill margins of two standard
constructions makes a useful addition.
a
The First National
Monthly high and
constructions affords an opportunity for interest¬
ing comparisons.
+.
Berle Nominated Assistant Secretary of State—
Named
by President
Roosevelt to Replace H.
R.
♦
■
President Roosevelt
on
Feb. 9 sent to the Senate the
non-
ination of Adolf A. Berle Jr., of New York, to be Assistant
Secretary of State.
Mr. Berle will replace Hugh R. Wilson,
who was recently appointed Ambassador to Germany, as
was noted in our issue of Jan. 8, page 198.
Secretary of
Cordell Hull said that Mr. Berle's duties would be
principally the same as those performed by Mr. Wilson,
who specialized in European political affairs.
In Washing¬
ton advices, Feb. 9, to the New York "Times" of Feb. 10,
has for
several years been one of President Roosevelt's
close advisers on foreign
missions abroad.
Trust
Trust
affairs and has carried out several confidential
He was a member of the original "brain trust."
Assistant Secretary, and
Assistant Auditor.
Officer; Richard G. Miller,
Charles M. Neely,
•
Robert T. Marsh, Jr., was
of
the
First
&
elected
Merchants National
Assistant Cashier
Bank of Richmond,
an
Richmond, Va., at a meeting of the directors on Feb. 8.
He will take office on Mar. 1, when he will be associated
with the securities department. The Richmond "Dispatch"
of Feb. 9, from
stated:
nominee
Co. of Pittsburgh, Pittsburgh, Pa.,
announced this week the advancement of Frederick Gwinner
III to the office of an Assistant Vice-President. Mr. Gwinner
has been with the institution since 1929, and formerly was
Investment Officer in the trust department and has been
with the institution since 1929. Other promotions made by
the directors, according to the Pittsburgh "Gazette" of
Union
Feb. 9, are: Harold S. Overholt, Investment Officer; Jerome
P.
Corcoran, formerly Assistant Secretary to Assistant
Wilson
was
N. Y.
The
also included.
Rayon fabric statistics showing raw material prices and mill margins on
State
Bank & Trust Co. of Manhasset, N. Y.,
recently placed in voluntary liquidation. The institution,
which was capitalized at $100,000, was absorbed by the Port
Washington National Bank & Trust^Co., Port Washington,
was
wide range of staple cotton fabrics for the years 1932 to
several important staple
A.
Savings, New York, established in
count
print cloth of the market) covering the years 1926 to 1937, inclusive.
It records the highest
The
♦
International Con¬
of dividends," he said, "but not of life."
is safety
Brig. Gen. Bryer H. Pendry wasJappointedj[Counsel to the
Roosevelt Savings Bank of Brooklyn^at^the last meeting of
the Board of Trustees.
Sea in London, but cabled his resignation to President
saving devices, of which he was Chairman, regarded the interests of ship¬
it
/
completed^Feb. 4 for the sale of a
membership in The Chicago Stock)Exchange at $1,900, un¬
changed from the last previousj^sale.
Arrangements
finally adopted in 1915.
it was
A.
&c.
Congress in favor of the
Maguire Act of 1895 and the White Act of 1898, and later worked in col¬
1937
COMPANIES,
single body, and in 1894 went to Washington to seek protective
a
tive
TRUST
BANKS,
membership of Daniel E. Conklin in the New York
Cotton Exchange was sold Feb. 7 to Marshall Geer, Jr., for
another for $10,250, this price being $25(Fin advance of the
previous sale.
The
During 12 years of shipping, on Norwegian, Swedish,
19 years old.
was
ABOUT
halls and committee rooms of Congress for more than 40
figure in the
years,
ITEMS
career
as
which this is learned, outlined Mr. Marsh's
follows:
A native of Ridge
the University of
Spring, S. C., Mr. Marsh holds a B. A. degree from
Richmond and an M. A. from the University of Virginia.
Financial
1016
Until
1929,
when
he
Securities Corporation,
credit
Bank's
of the Dominion
became analyst and statistician
he was associated with the First and Merchants
Treasurer of the securities
He was elected
department.
corporation last January 20.
4-
Gurney P. Hood announced
onJJan. 30 that the Branch Banking & Trust Co. of Wilson,
N. C., had taken over the assets and assumed the liabilities
W State Banking Commissioner
of the Bank of Fremont at Fremont, N. C., and would open
a branch in that place on the following day.
In noting this,
Raleigh "News & Observer" of Jan. 31 also said:
the
Chronicle
Feb.
1938
12,
hour.
Pepperell Manufacturing Co. was one of the most
up 6 points to 68 on a single
transaction. Public utilities were represented on the side of
the advance by National Power & Light pref., which moved
ahead 134 points to 48, and Cities Sorvice pref., 134 points
to 2934Detroit Steel Products advanced 2% points to
2034, Mead Johnson 2 points to 98, Quaker Oats 134 points
to 9634, Sherwin-Williams 134 points to 8734, Aluminium
Ltd. 134 points to 7534, Chesebrough Manufacturing Co.
1 point to 107, and Electric Bond & Share pref. 134 points
stocks and climbed
active
to 48.
,
P Jack L. Satcbwell, formerly of the Branch Banking & Trust Co. office in
Goldsboro, will be Manager of the new branch at Fremont.
The active
per¬
sonnel of the Bank of Fremont will be retained in the new institution for
the present.
...
P H. D. Bateman of Wilson is President of the Branch Banking & Trust
Co., which maintains branches at Elm City, Selma, Fayetteville, Goldsboro,
Williamston, Plymouth, Kinston, New Bern, Faison, Warsaw, Wallace and
Trenton
-K'
'■
4
J. A. Garner, a partner
Sudler
&
in the investment firm of Amos C.
bankers of Denver, Col., died
on Feb. 3, while enroute for Rochester, Minn., where he was about to undergo
Co., investment
suddenly in
hotel in Omaha, Neb.,
a
medical treatment at the
Mayo clinic.
The Colville
Valley National Bank of Colville, Wash., as
25, went into voluntary liquidation.
This bank,
which was capitalized at $50,000, was absorbed by the
Seattle-First National Bank, Seattle, Wash.
of
Jan.
Curb market prices continued to move forward on Thurs¬
day though the changes were narrow and without special
significance. Industrial specialties and oil shares showed the
best gains, and while there were a few scattering advances
among other groups, they were largely among the preferred
stocks. Brill pref. was particularly active in the early deal¬
ings and climbed upward 4% points to 23, Colt's Patent
Firearms moved up to 58 with a gain of 334 points, Acme
Wire forged ahead 4 points to 34 and Pepperell Manufactur¬
ing Co. ignored the omission of the dividend and soared
upward 234 points to 70%. Mining and metal stocks and
public utilities were comparatively quiet. The transfers for
the day were 112,850 shares against 129,950 on Wednesday.
Declining prices and dull dealings were the features of the
curb market on Friday. During the opening hour a number
of the trading favorites registered modest gains but interest
fell off as the day advanced and prices again declined. Some
of the more active stocks wrere able to hold part of their
gains but a goodly number of tne market leaders were on the
downside
THE
Dull
CURB
EXCHANGE
trading and lower prices
apparent during the
were
forepart of the present week, but the market picked
Tuesday and
as
selling subsided
a
trading stocks enjoyed moderate advances.
metal issues
not
were
up on
number of the popular
The mining and
the most active, and while the gains were
especially noteworthy, the upward movement
was fairly
Oil shares and public utilities have shown little in
steady.
the
of advances.
way
prices
were
In the industrial specialties
slightly higher.
The transfers
were
group
compara¬
Narrow price movements
and quiet trading were the
the curb dealings during
abbreviated session
on
Saturday.
Some of the
more
stocks
were
steady, but
Public utilities
from the preceding close.
without
of
included
the
changes
among
were
on
Oil
Light pref., 4
points to 68; Alabama Power pref., 2 points to 45; Conti¬
nental Gas & Electric prior pref., 4%
points to 73, and
throughout the dealings
the
transfers
on
Monday.
barely totaling 85,000
Trading
shares,
taken around the previous close.
easier and industrials were without
were
were
the
Other losses
Public utilities
dividend, but recovered
were
to 62 at the
Babcock & Wilcox, 1 point to
83;
Carolina Power & Light $6
pref., 4% points to 65M; Carrier
Corp., 134 points to 24^; Gulf Oil Corp., 134 points to 37,
and National Power &
Light pref., 334 points to 45.
Substantial advances all
along the line were registered as
the market closed on
Tuesday. In the early dealings the
mining and^ metal stocks assumed the leadership and several
prominent issues made gains ranging from 1 to 2 or more
points. Public utilities were fairly steady but did not share
the
advances
to
the
same
extent
as
other
active
groups
laggards among the
but most of the popular trading favorites
o?rnnn^1YJi ^h0 transfers
85,000
on
Monday.
were 113,000 shares, against
Advances were registered by Newmont
Mining Co., which climbed upward 5 points to 60; Aluminium
Ltd., 3 points to 74; Babcock & Wilcox,
points to 853^;
Pa. Salt, 4 points to
140; Singer Manufacturing Co., 6
points to 338, and New Jersey Zinc, 2
points to 68.
New gains were registered
during the morning trading on
Wednesday by the oil shares, public utilities,
specialties
and mining and metal
stocks, but most of these fell back
due to realizing that came into the
market during the third
Domestic
EXCHANGE
Foreign
Government
Total
Corporate
591,660
$586,000
$8,000
$11,000
949,000
973,000
912,000
18,000
20,000
987,000
52,000
35,000
1,060,000
27,000
950,000
1,125,000
11,000
25,000
1,132,000
12,000
28,000
14,000
1,178,000
1,158,000
$5,677,000
$126,000
$135,000
$5,938,000
93,930
Monday
Wednesday.
Thursday..
Friday
Sales at
Week Ended Feb. 11
$605,000
Jan. 1 to Feb. 11
New York Curb
1938
Exchange
Stocks—No. of shares
1938
1937
1937
591,660
3,668,978
5,353,244
27,099,850
$5,677,000
126,000
135,000
$9,004,000
$36,119,000
$5,938,000
.
Bonds
Domestic
Foreign
government..
Foreign corporate
259,000
766,000
336,000
901,000
$76,072,000
2,217,000
2,920,000
$9,599,000
$37,786,000
$81,209,000
THE
BERLIN
STOCK
EXCHANGE
Closing prices of representative stocks
each
as
received by cable
day of the past week:
Feb.
Feb.
5
7
♦
Feb.
Feb.
Feb.
8
9
10
Per Cent of
Allgemelne Elektrlzltaets-Geeellschaft
Feb.
11
Par
118
117
117
Berliner Handels-Gesellschaft (6%)
136
Berliner Kraft u. Licht (8%)
169
Commerz-und Privat-Bank A. G. (5%)...122
Dessauer Gas (5%)
122
136
169
135
136
135
135
169
170
170
170
122
122
122
122
122
122
Deutsche Bank (5%)
126
Deutsche Erdoel (6%)
138
Deutsche Reichsbahn (German Rys pf 7%). 130
Dresdner Bank (4%)
114
Farbenlndustrie I. G. (7%)
160
Geefuerel (6%)
143
Hamburger Eiektrizitaetswerke (8%)
Hapag
154
Manneemann Roehren (4#%)..
114
209
..
122
122
118
118
123
122
126
126
127
127
127
141
141
144
142
130
130
130
130
130
114
114
114
114
114
160
160
159
163
160
144
146
146
145
147
154
154
155
154
154
114
..
Rhelnische Braunkohlen (8%)
Salzdeturth (6%)
230
229
210
212
170
..
114
114
81
208
80
115
114
208
208
80
209
..
209
Siemens & Halske (8%)
ENGLISH
117
140
80
Nordeutscher Lloyd
Reichsbank (8%)
groups.
Industrial specialties did well and oil stocks
recorded mod¬
erate gains.
There were occasional
various
Foreign
.
60,600
84,645
112,855
127,080
112,550
Tuesday
light,
Pepperell Manufacturing Co. was weak during the early
trading and dropped to a new low at 60 lA, due in a measure
close.
1938
Saturday...
smallest
special movement.
to the omission of the
CURB
apparent
was
turnover since April, 1935.
There were 287 issues dealt in
and the declines exceeded the advances
by a small margin.
Mining and metal stocks had a few firm spots and some oil
shares
Feb. 11,
Total..
was
YORK
NEW
Bonds (Par Value)
of
Shares)
movement.
the decline and
Utility Equities pref., 2% points to 363^.Scattered selling with a downward drift
THE
Stocks
As the market closed
others Arkansas Power &
AT
(Number
Total.
noteworthy
the side of
TRANSACTIONS
Week Ended
practically unchanged and industrial
were
specialties showed occasional gains.
most
DAILY
active
generally irregular and mining and metal shares
fairly
were
move
Aluminium Ltd.
end.
pref. was up 334 points to 2934. As compared
Friday of last week, prices were somewhat higher,
Aluminum Co. of America closing last night at 80 against
73 on Friday a week ago, American Cyanamid B at 2434
against 2334> Carrier Corp. at 2534 against 25, Glen Alden
Coal at 534 against 534. Gulf Oil Corp. at 3934 against 38,
Hudson Bay Mining &• Smelting at 2434 against 2334,
Humble Oil (New) at 63 against 61, New Jersey Zinc at 68
against 64, Newmont Mining Corp. at 5834 against 54 and
Sherwin Williams Co. at 8834 against 8734-
the
were many trading
favorites that did not appear on the tape until late in the
Others failed to
an
with
out¬
leaders registered small gains but there
day.
to
came
one
Service BB
tively small in volume during the early part of the week
but gradually improved.
standing characteristics of
the session
as
of the strong spots and moved up 634 points to 90,
Alabama Great Southern was in demand at 4334 and Cities
was
231
...
231
...
170
171
211
212
...
212
...
212
FINANCIAL MARKET—PER CABLE
The
as
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Feb. 5
Sliver, per oz._ 20#d.
Gold, p. fineoz. 139s.9d.
Consols, 2# %„ Holiday
Mon.,
Feb. 7
20 5-16d.
Tues.,
Feb. 8
Wed.,
Thurs.,
Feb. 9
Feb. 10
20 5-16d.
20#d.
20 5-16d.
Fri.,
Feb. 11
20#d.
139s. 9d.
139s. 8d.
139s. 8d.
139s. 8d.
139s. 9d.
£78#
£78#
£7 8#
£79
£79
Holiday
£103#
£103#
£103#
£103#
£103#
Holiday
British 3# %
War Loan
£114#
£114#
£114#
£114#
£114#
British 4%
1960-90
The
States
price of silver
on
the
Bar N. Y. (for.)
U. S. Treasury
(newly mined)
same
Closed
64.64
per
(in cents)
ounce
in the United
days has been:
44#
44#
64.64
64.64
'
44#
44#
44#
64.64
64.64
64.64
Volume
Financial
146
1017
Chronicle
SILVER
There was reaction from the high level reached at the end of last week
and prices declined until 20d. for cash and 19 13-16d. for two months' de¬
livery were quoted on Jan. 21; quotations remained unchanged at these
figures until today when, mainly due to the absence of selling, there was a
recovery to 20 %d. and 19 15-16d. for the respective deliveries.
During the week the Indian Bazaars and speculators made covering
purchases, but there was also some speculative re-selling and further sales
were made on Continental account.
The market has been rather quiet
and for the immediate future It seems that price movements may keep
others
Bankers, manufacturers, merchants and
interested in trade abroad will find it advanta¬
world-wide banking facilities.
geous to use our
OFFICE
PRINCIPAL
BROAD
55
STREET, NEW
The following were the United
Exports
Imports
Member Federal Reserve System
Member New York Clearing House
narrow
limits.^
■*>
.4» * **
*
Kingdom Imports and exports of silver,
registered from mid-day on the 17th Inst, to mid-day on the 24th Inst.:
'
DEPARTMENT:
YORK
FOREIGN
AND
within
COMPANY
MANUFACTURERS TRUST
Hongkong
Association
x £2,219,800
Australia
Deposit Insurance Corporation
15,000
y 17,3 83
2,611
2,354
France
RATES
EXCHANGE
FOREIGN
31,753
54,755
Germany
Belgium
Member Federal
British India
Other countries
United States of America.
£252,305
Canada
10,172
x5,448
4,205
Straits Settlements
France
Hungary
Portugal
2.927
1.450
Denmark
1,440
2,115
Other countries.........
Pursuant to the
requirements of Section 522 of the Tariff
give below
RATES
EXCHANGE
FOREIGN
BANKS TO TREASURY
5.
FEB.
1938,
CERTIFIED
11,
Silver per Oz. Std.2 Mas.
-Bar
Cash
19 15-16d,
Jan. 20.-.20 3-16d.
19 13-16d.
19 13-16d.
20d.
Jan. 21
1938, INCLUSIVE
Jan. 22...20d.
20d.
Jan. 25
20d.
Jan. 26— .20 %d.
19 13-16d.
19 13.16d.
Average—20.052d.
Noon Buying Rate for Cable Tramfere in
Value in United States Money
New York
Unit
Feb.
10
Feb.
S
9
$
$
Europe—
Feb. 9
Feb. 8
Feb. 7
Feb. 5
11
IN NEW
YORK
(Per Ounce .999 Fine)
Jan. 19
.......45
Jan. 20
45
Jan. 21—...—......
45
Jan. 22—.—.....—
45
Jan. 24-.-..——....—45
Jan. 25..................45
cents
cents
cents
19.854d.
Jan. 24
Country and Monetary
Including £9,666
IN LONDON
UNDER TARIFF ACT OF 1930
TO FEB.
y
Quotations during the week;
FEDERAL RESERVE
BY
United Kingdom,
United Kingdom.
Coin not of legal tender In the
x
in coin not of legal tender in the
record for the week just passed:
a
£280.062
£2,343,656
certifying
1930, the Federal Reserve Bank is now
Act of
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
19 15-16d.
cents
cents
cents
New York recorded during the period
1938, was $5.00 and the lowest $4.99%.
The highest rate of exchange on
from the 20th to the 26th January,
S
Austria, schilling
.189216*
.189220*
.189266*
.189320*
.189320*
.189380*
Belgium, belga
.169484
.169448
.169623
.169575
.169586
.169861
.012550*
.012550*
.012550*
.012550*
.012550*
.012550*
.035122
.035127
.035131
.035119
.035131
.035133
.223650
.223737
.224136
Bulgaria, lev
Czechoslo'kla,
_
koruna
LONDON STOCK EXCHANGE
THE
^
Quotations"of representative stocks
.223708
.223665
.223675
England, pound sterl g i.011166
.022115
Finland, markka
i.011000
.011083
i.010625
.012833
1.021458
.022135
.022118
.022118
.022130
.022167
France, franc
.032815
.032825
.032759
.032795
.032852
.033177
Germany, reichsmark
Greece, drachma
.403275
.403558
.403682
.403675
.043725
.404065
.009178
.009185*
.009187*
.009183*
.009183*
.009187*
Boots Pure Drugs
Hunger*
.198150
.198400*
.198400
.198400
.198425*
.052608
.052607
.052608
.052607
.052607
Cable & W ord
.558910
.198625*
.052611
.559664
Denmark, krone
Italy
pengo
-
ura
Sat.,
Mon.,
Tues.,
Wed.,
Feb. 7
Feb. 8
Feb. 9
45/7%
106/3
£62%
4/6
British Amer Tobaoco.
.558960
.558825
.558800
.558771
.251797
.251757
.251787
.251758
.251833
.189800
.189700
.189700
.189700
.189700
.252290
.189800
Central Mln & Invest.
Poland, rioty
Portugal, escudo
.045418
.045312
.045291
.045291
.045258
.045300
Courtaulds 8 & Co
Rumania, leu
.007375*
.007435*
.007407*
.007435*
.007435*
.007435*
De Beers
Spain, peseta
.061071'
.060833*
.061000*
.061000*
.061071
.060714*
Distillers Co
Sweden, krona
.258320
.258278
.258302
.258256
.258360
.258820
Electric <fe Musical Ind.
Switzerland, franc
.232137
.232012
.231978
.231857
.231992
.232303
Ford Ltd
Yugoslavia, dinar
.023441'
.023420*
.023400
.023410*
.023395*
.023415*
Gaumont Pictures ord.
Chefoo (yuan) dol'r
.295791
.295687
.295687
.295687
.295687
.296333
Hankow(yuan) dol'r
.295791
.295687
.295687
.295687
.295687
.296333
Imp Tob of G B & I..
London Midland Ry_.
Shanghai (yuan) dol
Tlentsln(yuan) dol'r
Hongkong, dollar..
.295791
.295687
.295687
.295687
.295687
.296333
Metal Box...
.295791
.295687
.295687
.295687
.295687
.296333
Rand Mines
guilder.
Canadian Marconi
Thurs.,
Feb. 11
46/1%
106/3
£106/3
4/6
45/6
106/3
45/10 %
106/3
45/7%
106/3
£62%
£63%
£65
4/6
4/6
4/9
Frt.,
Feb. 10
£24%
75/42/3
£25
75/7%
43/£io%
£10%
£10%
£10%
£10%
100/6
14/21/3
6/4%
6/6
2/4%
2/6
21/9
22/*145»i»
Z143/9
100/6
100/14/3
21/9
6/4%
2/4%
100/14/3
21/3
6/4%
2/4%
22/142/-
£25
Cone Goldflelds of S A.
100/-
14/6
Holiday
A
Asia—
Mln & Sm
Hudson Bay
China—
received by cable
Feb. 5
Norway, krone
Netherlands,
as
of the past week:
each day
21/9
£27 X
70/6
—
£26%
71/-
£24%
/7 %
42/3
75
14/3
21/6
6/4%
2/4%
22/3
22/3
141/3
142/6
£27
75/7 A
42/9
£26%
71/-
71/3
£8'A
.
£24%
75/7%
42/-
£87i«
£8%
£8%
£16%
17/6
£23%
70/9
£8%
£16%
.312500
.312812
.312500
.312500
.312500
.313375
Rio TInto—
£15%
£16%
£16%
British India, rupee..
.378343
.378309
.378437
.378375
.378518
.290370
.290342
.290342
.290282
.290160
.379112
.290342
Roan Antelope Cop M.
Japan, yen
Rolls Royce
17/3
88/9
18/88/9
88/9
17/6
88/9
Straits Settlem'ts, dol.
.586750
.586687
.586750
.586687
.586750
.587750
17/3
91/3
£38%
£38%
£39
£38%
£39%
—
£4»jj
£417»a
£4l8«
£417ai
£417 at.
Triplex Safety Glass...
49/-
3.993750*3.991822* 3.992750*3.992500* 3.993177*4.001041*
New Zealand, pound. 4.024017*4.021919* 4.020714*4.023214* 4.024285*4.032812*
Unilever
United
Africa—
8outb Africa, pound.. 4.962187* 4.963281* 4.963750* 4.963203* 3.965312* 4.975000*
North
Royal Dutch Co...
Shell Transport
Australasia—
Australia, pound
America—
1.000312
1.000156
1.000312
.999166
.999166
.999166
.999166
.277500
.277500 •
.277500
.997823
.997812
.997812
.997656
Argentina, peso
.334000*
.334079*
.334033
.334125*
.058020"
.058020*
.058080*
.058020*
.058260*
.058300*
Chile, peso—official..
.051680"
.051680
.051680*
.051680*
.051680*
.051680*
.040000*
.040000*
.040000
.040000*,
.040000*
.040000*
Colombia, peso..
.556300*
.556300*
.552425*
.551000*
.551000*
.549500*
Uruguay, peso
.659510*
.659277*
.659393*
.659343*
.659506*
.660380*
25/6
22/6
Wltwatersrand
.334666*
Brazil, mllrels
48/9
37/6
25/6
22/6
49/37/6
.997812
.334085"
49/37/9
25/6
22/10%
.277500
.997773
22/7%
49/36/9
25/6
22/3
.999166
.277500
6
25/6
Molasses
Vlckers
West
1.000299
37
Ltd
1.000305
1.000312
Cuba. peso....
.999166
Mexico, peso
Newfoundland,
.277500
Canada, dollar
South
dollar
♦Nominal rates.
THE
GOLD
ENGLISH
AND
SILVER
reprint the following from the
Samuel Montagu & Co. of London,
Jan. 26,
MARKETS
weekly circular of
written under date of
1938:
GOLD
against notes amounted to
Bank of England gold reserve
The
406,825 on Jan.
£8%
COURSE OF BANK
America—
export..
We
£8%
Areas
pared with
£326,-
CLEARINGS
week will again show
a year ago.
Clearings—Returns by Telegraph
Week Ending Feb. 12
19, showing no change as compared with the previous
The return of Jan. 19 shows that the fiduciary note issue has now
been
£200,000,000; it will be remembered that it was temporarily
Per
1937
$2,088,170,759
$2,435,731,926
199,846,136
236,000,000
137,264,000
—14.3
+ 7.0
58,900,000
57,071,904
55,500,000
95,945,000
89,450,000
+ 7.3
77,754,144
81,590,915
—4.7
52,990,106
51,353,414
46,034,192
New York
Chicago
_
.
56,369,948
—6.0
48,493,519
+ 5.9
195,933,251
.
250,000,000
raised to £220,000,000 in November last in order to meet seasonal demands
Boston
139,088,040
for currency.
Kansas City
week
market the bar gold offered at the daily fixing during the
amounted
Continent.
to
about
Conditions
£1,900,000,
were
which
was
taken mainly for the
St. Louis.
.
61,082,803
.....
...
San Francisco
Pittsburgh
.......
......
rather quiet and there was little change in
prices, which ruled at a premium over dollar parity varying from 5d. to 6 %d.
Cent
1938
Philadelphia
In the open
£8%
a 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,
Feb. 12), bank clearings from all cities of the United States
from which it is possible to obtain weekly returns will be
26.8% below those for the corresponding week last year.
Our preliminary total stands at $3,932,727,901, against
$5,373,744,720 for the same week in 1937.
At this center
there is a loss for the week ended Friday of 14.3%.
Our
comparative summary for the week follows:
Bank clearings this
Wednesday.
restored to
£8"i«
£8%
Cleveland
—2.0
+ 5.9
+ 1.3
+6.1
43,269,892
+ 6.4
—9.4
648,354,875
$3,440,588,240
630,393,005
$3,765,606,584
167,121,317
$4,070,981,245
1,302,763,475
—7.5
—87.2
$3,932,727,901
$5,373,744,720
—26.8
Quotations:
Equivalent Value
of £ Sterling
12s. 2.03d;
Per Fine
Ounce
Jan. 20
Jan. 21
Jan. 22
Jan. 24
Jan. 25
.....
Jan. 26
1398.
139s.
.—.139s.
139s.
139s.
139s.
7%d.
8d.
7%d.
7%d.
7d.
7%d.
12s. 1.98d.
12s. 2.03d.
12s. 2.03d.
12s. 2.07d,
12s. 2.03d.
12s. 2.03d.
139s. 7%d.
Average
The following were the United
Kingdom imports and exports of gold,
registered from mid-day on the 17th Inst, to mid-day on the 24th Jnst.:
Exports
Imports
British South Africa
British India
Canada
Australia
United States of America.
£981,068
131,806
764,391
401,917
82,910
Belgium...
France
Netherlands
Switzerland
Yugoslavia
Belgium
19,702
Morocco........
France
21,352
7,000
9,697
Syria
Netherlands—
Other countries
£2,419,843
The SS. Rawalpindi
...
Other countries
....
£86,972
233,431
337,673
907,993
100,351
3,380
8,220
4,371
Eleven cities, five days...
Other cities, five
days
Total all cities, five days
All cities, one
day*
Total all cities for
*
-
week
In 1938 Lincoln's
+2.8
Birthday (Feb. 12) falls on this day.
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
today
(Saturday) and the Saturday figures will not be available
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
until
present further below, we are able to give final and complete
for the week previous—the week ended Feb. 5.
For that week there was a decrease of 19.4%, the aggregate
of clearings for the whole country having amounted to
results
$1,682,391
which sailed from Bombay on Jan. 22 carries gold to
the.value of about £545,000.
$3,117,251,709
$5,377,477,433, against $6,667,965,577 in the same week in
Financial
1018
Chronicle
Feb.
Outside of this city there was a
1937.
decrease of 10.6%,
this center having recorded a loss of
24.9%. We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals are smaller by 24.7%, in the Boston
Reserve District by 16.5% and in the Philadelphia Reserve
District by 8.9%.
The Cleveland Reserve District totals
record a decrease of 10.8%, and the Richmond Reserve
District of 5.6%, but in the Atlanta Reserve District the
totals show an increase of 1.7%.
The Chicago Reserve
District suffers a loss of 16.9% and the Minneapolis Reserve
District of 10.4%, but the St. Louis Reserve District enjoys
a gain of 8.4%.
The Kansas City Reserve District records
a declino of 9.3%, the Dallas Reserve District of
3.7%, and
Week
the bank clearings at
Clearings at—
In the following we
furnish
1937
r
1936
Dec.
$
%
J
al Reserve D Istrict —Chi cago
437,416
1934
$
—
—24.0
575,181
82,323,262
2,647,375
r
t.
1935
$
523,420
424,818
70,056.569
Ind.-
e
—17.8
81.000,340
3,817,836
1,546,413
—30.7
2,862,332
+5.3
938.030
960,433
.
Grand Rapids.
100,183,438
1,628,657
Detroit
1,068,597
—10.1
916,056
702,922
20,065,000
1,352,691
—22.9
15,560.000
—13.7
986,738
4,644,236
12,504,000
715,944
3,231,304
15,512,509
15,462,000
Bouth Bend...
1,167,500
4,105,332
19,715,592
—11.6
3,731,262
e
21,868,362
—9.8
s
1,048,006
1,087,273
—3.6
18,921,756
943,212
8,634,108
Wis.-
8,143,146
2,971,315
455,819
+ 6.0
+9.5
5,861,132
2,875,433
Sioux City
3,252,323
111.-
10.3%.
Peoria
3,356,781
...
Rockford
1,061,398
Springfield..
districts:
428,977
267,164,990
216,602,820
—21.7
605,009
—22.6
3,132,156
581,551
2,331,686
—2.0
738,425
1.262,317
—9.7
1,065,773
616,190
859,770
—16.9
408.255,041
336,747,954
64,500,000
25,942,105
13,969,510
—19.0
—17.6
1,398,572
286,667,419
749,095
1,673,662
987,583
796,021
6,446,983
2,438,801
264,821
347,974,272
956,628
4,336,544
1,082,626
369,242
a
Decatur
by Federal Reserve
a summary
**
Inc. or
.
the San Francisco Reserve District of
1938
5
Feb.
Ended
12,
*
SUMMARY
OF BANK CLEARINGS
Total (18 cities)
)
523,527,949
434,848,256
Inc.or
Week Ended Feb.
1938
1937
Dec.
1936
1936
$
5, 1938
$
%
$
$
I
1 Reserve Dis trict— St. Lo uis—
Mo.—St. Louis.
Federal
Reserve
Dists.
1st
Boston
2nd
New
York. 13
"
3rd
PhiladelphlalO
"
4th
Cleveland..
"
5th
12 cities
.
5
Richmond .6
293,122,977
—16.5
264.923,027
4,212,455,639
—24.7
3,941,275,162
3,168,095,975
367,452,876
403,378,490
—8.9
401,947,641
276,087,712
257,643,321
288.697,378
—10.8
234,268,756
82,500,000
85,300,000
—3.3
33,286,539
201,743,432
3,170,584,957
"
244,781,935
21,476,270
16,335,564
+55.0
70,600,000
27,906,000
+ 8.8
14,782,858
188,295,047
129,394.791
137,125,649
—5.6
110,135,791
Atlanta
10
"
151,748,438
149,237,116
+ 1.7
117,270,641
Chicago ...18
"
434,848,256
523,527,949
—16.9
408,255,041
St. Louis._.
*•
134,156,545
123,728,834
+8.4
113,779,858
Total (4 cities).
104,831,615
9th
X
X
—3.2
491,000
420,000
134,156,545
123,728,834
+ 8.4
113,779,858
104,831,615
1,943,033
43,000,645
18,962,475
1,604,808
X
336,747,954
8th
X
617,000
108,210,819
7th
X
597,000
3
Qulncy.
92.664,559
6th
17,773,006
3
4
Minneapolis 7
"
82,804,400
92,411,156
—10.4
76,933,295
69,232,123
10th KansasClty 10
"
121,821,395
134,327,428
—9.3
118,483,715
108,204,322
11th Dallas
6
"
62,423,094
64,792,131
—3.7
48,639,563
45.579.006
Fran..11
"
Reserve Dls trict
+2.7
2,034,803
464,570
553,755
1,907,398
+ 6.7
1,956,423
2,790,809
82,804,400
92,411,156
—10.4
76,933,295
69,232,123
219,817,425
245.160,830
—10.3
208,257,260
,165,348,278
112 cities
5,377,477,433
6,667,965,577
—19.4
6,044,169,750
4,865,040,842
Outside N. Y. City.....
504,893
568,628
2,320,497,344
2,596,970,293
—10.6
2,214,875,992
1.816,548,717
345.998,670
440.731,482
—215
426,403,119
308,197,233
Total
Canada
32 cities
We
add
Total (7 cities).
detailed statement showing last week's
figures for each city separately for tne four years:
now
Inc.
1937
1936
603,261
R.I.—Providence
2,084,583
207,132,401
615,186
374,260
715,501
3,119,347
1,893,508
11,308,135
4,344,414
12,139,300
N.H.—Manches'r
718,710
-
Springfield...
Worcester
Conn.—Hartford
New Haven
Total (12 cities)
•
244,781,935
—7.8
465,485
—19.6
685,402
2,267,506
230,164,432
571,605
318,575
667,548
+ 7.2
648,418
—12.1
—13.7
5,355,345
—18.9
2,921,928
1,133,592
8,178,240
3,034,369
10,883,200
677,551
+ 11.5
3,113,897
1,771,018
10,942,978
4,250,691
9,742,100
—21.7
446,405
—3.4
—17.7
—20.7
11,152,175
—43.
+36.0
33,300,000
1,633.022
—35.9
702,412
Elm Ira
New York
1,721,565
1,047,082
Buffalo..
773,166
—9.2
3,056,980,089 4,070,995,284
Rochester
—8.4
—24.
10,337,099
5,748,994
4,194,371
4,176.962
563,862
Conn.—Stamford
J.—Montclalr
Newark
Northern N. J.
11,173,371
5,701,758
3,807,773
5,384,761
—22.4
*450,000
+ 25.3
23,054,890
24,682,224
Syracuse
Westchester Co
24,959,138
41,403,626
—7.6
—7.5
+0.8
+ 10.2
—40.4
Total (13 cities)
3,170,584,957 4,212,455,639
Third Federal
Reserve Dist rict—Philad
elphla
477,434
534,064 —10.6
Pa.—Altoona
Bethlehem
-24.7
542,262
330,006
959,436
1,032,481
356,000,000
1,408,553
1,275,969
390,000,000
1,345,898
Scranton
+4.7
2,257,497
2,648,889
—14.8
Wlikea-Birre..
933,758
1,558,885
2,912,000
932,523
+0.1
1,883,071
3,446,000
—17.2
367,452,876
403,378.490
-8.9
Chester
Lancaster
Philadelphia...
Reading..;.
York
N. J.—Trenton..
709,384
—26.2
688,524
121,821,395
134,327,428
—9.3
118,483,715
108,204,322
1,563.613
34,638,170
5,313,308
1,840,000
352,640
Feder al Reserve D istrict-
—43.5
—6.4
—19
—8.7
—15.8
ral
Texas—Austin...
Dallas
Ft. Worth.
7,530,400
264,923,027
201,743,432
Galveston
Wichita Falls..
La.—Shre vepor t
_
Total (6 cities).
5,941,098
16,823,986
1,281,784
1,359,909
26,800,000
22,500,000
996,659
796,396
580,906
425,121
,829,293,758 3,048,492,125
9,062,574
6,799,817
3,703,093
3,628,262
2,715,593
2,434,673
3,216,551
3,000.038
507,960
467,292
20,423,885
21,691,253
36,751,301
39,677,193
Reserve
1,653,093
47,055,501
6,863,185
2,760,000
53,723,759
74.246,180
11,105,700
1,368,038
Mansfield
Youngstown...
117,199,644
Total (5 cities).
324,349
257,643,321
—2.9
25,310,224
2,618,197
2,684,007
80,909,067
2,704,217
—16.3
—9.5
—10.7
—2.1
73,225
2,118,913
1,490,058
49,976,134
+ 10.9
—5.8
1,241,891
35,591,284
+5.3
6,204,989
+ 11.0
3,241,315
6,518,107
2,486,000
873,890
3,447,942
—6.0
2,220,000
746,759
2,634,640
62,423,094
64,792,131
—3.7
48,639,563
*850,000
Ore.—Portland..
Utah—S. L. City
Calif.—L'g Beach
Pasadena
San
30,289,293
—2.7
Franci
X
2,223,915
45,579,006
SCO
Francisco.
29,651,288
+ 2.2
26,844,936
6,160,000
7,207,000
—14.5
7,065,000
1,046,697
—24.6
644,988
468,867
27,001,147
12,208,944
3,928,770
3,716,933
23,699,309
+ 13.9
—21.7
23,279,339
11,443,111
10,006,572
15,588,199
4,452,596
4,374,056
152,889,000
129,672,000
2,439,425
—11.8
—15.0
3,838,439
3,862,618
—15.2
125,997,259
2,352,140
21,341,251
6,109,000
10,145,883
2,855.301
2,744,498
2,540,402
—4.0
Santa Barbara.
Stockton
1,566,485
2,045,039
1,559,125
2,153,158
+ 0.5
1,192,121
—5.0
1,737,309
107,454,536
1,810,444
978,083
1,433,843
219,817.425
245,160,830
—10.3
208,257,260
165,348,278
San Jose
1,019,803
390,000,000
1,016,446
2,564,607
1,057,068
1,634,359
3,762,600
323,696
953,759
267,000,000
Grand
total
(112
cities)
5,377,477,433 6,667,965,577
—19.4 6,044,169,750 4,865,040.842
Outside New York 2,320,497,344 2,596,970,293
—10.6 2,214,875,992 1,816,548,717
986,074
2,011,475
Week
831,716
1,136,643
2,520,000
401,947,641
Inc.
+ 9.5
45,657,179
-12.9
—3.8
64,007,702
9,655,400
-23.0
982,864
3
Dec.
1935
%
1936
$
1934
$
132,681,898
Montreal
11,543,000
1,777,079
Feb.
or
276,087,712
Toronto...
85,258,490
Ended
Clearings at-
...
Winnipeg.
168,964,534
—21.5
157,407,360
126,531,397
110,629,810
130,611,646
—15.3
125,255,169
46,974,696
89,944.401
x
141,062.481
288,697,378
x
-16.9
—10.8
113,965.611
234,268.756
40,947,314
49,181,515
10,078,900
1,075,656
x
87,011,662
23,495,604
18,016,483
44,089,073
—46.7
Vancouver
23,359,885
—22.9
21,826,258
30,822,919
14,482,683
Ottawa
16,379,480
24,357,837
—32.8
28,678,591
4,938,405
5,449,113
5,287,435
+3.1
4,898,532
4,110,055
2,270,926
+ 6.7
Hamilton
2,422,843
5,955,611
6,559,543
—9.2
2,289,433
5,740,141
4,246.852
4,388,823
5,922,179
—25.9
5,475,662
4,802,008
Quebec
...
Halifax
St. John
!
2,250,749
C.—Wash'g'n
Total (6 cities).
+ 26.0
—19.3
208,994
2,071,000
+ 7.8
30,064,771
2,292,000
26,661,250
—1.6
961,532
844,023
—11.9
57,411,036
19,418,458
46,125,184
16,609,225
110,135,791
92,664,559
129,394,791
137,125,649
Reserve Dist rict—Atlant
Tenn.—Knoxville
4,453,153
16,527,166
Nashville
Ga.—Atlanta
56,100,000
1,203,184
947,512
17,076,000
16,515,988
1,649,485
Augusta
Macon
Fla.—Jack'nvllie.
Ala.—Birm'hain.
Mobile
Miss.—Jackson..
x
Vicksburg
La.—NewOrleans
—5.7
—5.6
a—
3,374,728
+32.0
16,109,713
+ 2.6
53,700,000
+4.5
1,266,033
1,033,334
—8.3
17,755,000
19,369,201
1,778,443
x
132,877
—5.0
—3.8
—14.7
—7,3
x
—9.6
3,685,823
—27.4
Edmonton
Reglna
3,685,998
3,914,583
3,132,015
—5.6
—6.3
1,944,738
3,357,944
3,732,201
3,289,173
304,254
—14.4
288,508
419,756
368,661
+ 13.9
486,459
408.181
995,245
1,304,513
—23.7
447,191
924,100
501,436
—10.8
1.048,439
—11.9
1,519,606
574,769
987,666
1,329,698
529,593
Brantford..
Md.—Baltimore
273,485
2,850,000
35,715,060
1.276,108
72,041,142
24,969,854
1,880,433
2,675,410
Fort William
691.566
943,340
—26.7
609,836
606,350
New Westminster
344,695
2,300,000
38.513,536
1,255,724
63,441,550
23.539,286
Richmond
S. C.—Charleston
1,940,512
1,699,254
London
188,295,047
-Richm ond-
—13.2
Victoria
Va.—Norfolk
Total (10 cities)
87,074
2,167,947
24,057.371
789,389
Yakima
x
49,056,328
Reserve Dist rict
W.Va.—Hunt'ton
Sixth Federal
128,066
2,627.092
Total (11 cities)
323,628
317,786
251,344
x
x
.
Federal
104,937
+ 0.1
—19.6
Calgary.
Cleveland
Columbus
Pa.—Pittsburgh
+29.8
District—Da Has—
al Reserve D Istrict—San
Wash.—Seattle..
Spokane..
3,941,275,162 3,168,095,975
Clev eland-
x
Cincinnati
D.
Total (10 cities)
511,998
319,331
Canada—
Ohio—Canton
Fifth
Pueblo
1937
Total (10 cities)
Fourth
597,929
1,499,488
175,055,427
York-
6,255,824
2,341,148
30,500,000
City
—20.7
Wichita.:
366,013
as
594,717
3,549,466
2,194,352
14,251,008
2,158,004
251,635,146
—16.5
Jamestown...
N.
—16.1
Feder al Reserve D Istrict—New
Second
442,057
488,296
760,453
2,363,676
1934
_%
293,122,977
N. Y.—Albany..
Blnghamton
1.3
+8.7
561,050
26,730,997
1935
667,162
452,039
Lowell
New Bedford.
—
2,552,957
73,368,832
2,723,665
553,877
500,461
Lincoln..
or
Dec.
Reserve Dist rict—Boston
Me.—Bangor
Fall River
1,966,635
2,958,030
83,289,027
2,700,446
533,731
123,228
2,431,796
Mo.—Kan. City.
Mass.—Boston
—0.6
99,681
123,077
3,026,278
27,539,512
2,823,506
3,268,856
93,255,571
2,757,301
673,193
Hastings.
Clearings at—
Federal
,
—15.4
23,739,721
Reserve Dis trict—Kans
129,414
First
—6.8
2,708,740
61,070,337
our
Week Ended Feb, 5
Portland
Minn eapolls
2,224,305
47,292,179
22,594,139
1.825,075
498,450
542,724
2,525,741
51,636,705
23,593,499
1,940,131
12th San
—
_
670,216
584,722
+ 14.6
567,648
539,071
194,241
1,771,210
2,935,825
260,441
Brandon
Lethbridge..
Saskatoon
Moose Jaw
...
2,040,811
1,649,686
1,619,879
2,979,249
4,352,773
2,770,289
307,353
752,030
Medicine Hat
2,955,577
13,134,920
39,700,000
1,182,011
939,374
14,979,000
13,241,556
1,339,114
x
185,934
193,907
—4.1
2,553,626
12,660.501
Peterborough
550,950
519,015
+ 6.2
660,943
604,000
Sherbrooke
592,621
586,202
+ 1.1
589,023
536,274
39,100,000
Kitchener
1,515,858
1,206,164
+ 24.8
1,100,643
936,552
821,618
Windsor:...
3,095,909
—10.3
2,899,698
783,263
Prince Albert
221,937
271,746
3,451,194
327,313
—17.0
2,698,839
390,274
13,806,000
Moncton
660,577
768,955
—14.1
604,872
602,415
14,077,475
1,161,463
Kingston
562.814
610,614
—7.8
583,832
534,579
Chatham
712,173
486,166
465,161
x
Sarnia
475,811
459,270
Sudbury
362,838
891,373
+ 26.4
—16.9
167,990
563,377
436,695
935,958
—4.8
745,877
636,561
345,998.670
440,731,482
—21.5
426,403,119
308,197,233
251,921
242,635
+ 3.8
37,024,029
34,608,029
+ 7.0
161,189
29,637,900
23,078,883
151,748,438
149,237.116
+ 1.7
117,270,641
108,210,819
354,861
Total (32
*
cities)
Estimated,
x
No figures available.
Volume
Financial
146
LIABILITIES
TREASURY CASH AND CURRENT
Per
TREASURY MONEY HOLDINGS
Name
usually appearing here will be found on page 1051.
These reports
appearing here will be found on page 1052.
PRELIMINARY
This report usually
JAN.
STATES
UNITED
OF THE
DEBT STATEMENT
1938
31,
appearing here will be found on page 1052.
following information regarding National banks is
from the office of the Comptroller of the Currency, Treasury
Department:
INCREASED
STOCK
CAPITAL
Ami. of
Idaho.
Jan.
Bank of Idaho Falls,
National
28—American
Idaho Falls,
$15,000
From $159,000 to $165.000-
Lincoln
31—The Continental National Bank of Lincoln,
From $200,000 to $250,000..
Neb.
"B"
STOCK
PREFERRED
,
50,000
-
DECREASED
Amt.
of
Decrease
Rochelle, New
Rochelle.N. Y.
From $100,000 to $40,000--.--.Jan. 31—The First National Bank of Butler, Butler, N.J.
From
$50,000 to $25,000
31—The
Jan.
New
$60,000
25,000
STOCK REDUCED
CAPITAL
COMMON
of
Bank
National
Central
Ami.
of
Reduction
Jan. 31—The First National Bank of Butler
Butler, N. J.
$50,000
$100,000 to $50,000
31—The Central
Bank
National
Jan.
of
Rochelle,
New
From $150,000 to $15,000
Rochelle, N. Y.
From
135,000
DECREASED
"A"
STOCK
PREFERRED
New
-
Amt.
of
Decrease
Jan. 31—The First National Bank of Butler, Butler
N. J.
$175,000 to $87,500
Jan.
31—The
From
Bank
of
Rochelle,
New
New
VOLUNTARY
LIQUIDATIONS
Amount
1—The First National Bank of Jordan
Minn.;
stock
$25,000; preferred stock $25,000; total
Effective Jan. 31, 1938.
Liquidating agent, J. H.
Feb.
$50,000
Breunig,
1-—The Colville Valley National Bank of Colville,
Mar.
Feb.
17
50,000
Wash
25, 1938.
Liquidating agent, Fred W. Dickey,
Colville, Wash.
Absorbed by Seattle-First National Bank,
Seattle, Wash., Charter No. 11280.
of Manhasset, N. Y
100,000
Dec.
following securities
were
sold at auction
on
$ per Share
,
$100 lot
50
45
Works common
-----
By Crockett & Co., Boston:
$ per Share
Stocks
Eastern
Co. common, $3 paid in liquidation.-
16
Hotel
Assts.
Utilities
Touraine
16 Chapman Valve
55c.
3K
—...
convertible
10
Trust
3834
Mfg. Co. common, par $25
Utilities
18 Eastern
Assts.
common,
ex-div
22
-----
-
Per Cent
Bonds—
$2,000 One West 57th Street Corp. 5-year general mortgage 6s. Dec.
certificates
of
1, 1933,
$20 lot
deposit
$
Slocks
Share
per
4%
98 John A. Lindsay & Son Co. capital, par $50.
5
Fidelity-Philadelphia Trust Co.,
8 Philadelphia Bourse common, par
$100
par
(ex-dividend)
302
$50
8
734
39 First Camden National Bank & Trust Co. common..
50 Cedar Hill Cemetery Co.
15
CURRENT
a
whose writings started Dr. H.
Vice-President of Ketchum, LacLeod
and Grove, Inc., Pittsburgh agency.
—A
special
study
of
foreign
exchange
conditions
during
the
period
3 to Feb. 8 has been prepared for public distribution by Perera Co.,
Jan.
10 Broadway, New York, and is incorporated in their monthly review.
Dividends
we
current week.
the
grouped in two separate tables.
In the
together all the dividends announced the
are
bring
Then
we
follow with
a
second table in which
dividends
previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
we
show
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week are:
Share
Company
Alabama Water Service Co. $6 pref.
(quar.)
Inc. (action deferred)
Amalgamated Leather Co., pref. (no action)
American Box Board Co., 7% cum. pref
American Business Shares, Inc
Apr.
15
1
Mar. 15 Mar.
(interim).
15
1 Mar. 18
21 Feb.
Mar.
depositary expenses.
Calif. Art Tile Corp. $114 cum. con v. cl. A prefCanada Starch 7% pref. (semi-ann.)
Canadian Industries, Ltd., A & B (quar.)
Preferred
1
5 Feb.
11
Mar.
Feb.
1 Feb.
19
15 Feb.
7
Apr. 30 Apr. 15
Apr. 15 Mar. 31
Feb. 23'Feb. 18
(quarterly)
Casco Products Corp
Central Illinois Light, 434%
pref- (quar.)
Apr.
Mar. 19
Central Surety & Insurance
Co. (K. C., Mo.)..
75c
Feb.
Feb.
2
Chicago Rivet & Machine
Cincinnati New Orleans & Texas Pacific, pref—
15c
Mar.
Feb.
25
$134
$134
Mar.
Feb.
15
City of New Castle Water Co. 6% pref. (quar.)
Collins & Aikman Corp
5% conv. preferred (quar.)
Columbia Carbon Co.. voting trust ctfs
Columbia Pictures Corp. (quar.)
Columbus & Xenia RR
Columbus Foods $3 34 conv. cl. A pref. (qu.)__
Compo Shoe Machinery (quar.)
Congoleum-Nairn. Inc
—
Consolidated Biscuit Co
Continental Can Co., Inc., $434 pref. (quar.)__
Dayton Power & Light Co., 434% pref. (quar.)Detroit Hilisdale & Southwestern (s.-a.)-.
Mar.
Feb.
21
50c
Mar.
Feb.
18
$14
Mar.
Feb.
18
$1
Mar.
Feb.
Apr.
Mar. 18
Mar.
Feb.
25
Jan.
20
■
25c
$1.10
8734c
25c
Mar. 15 Mar.
5
25c
Mar.
1
10c
Mar. 23 Feb.
$134
Apr.
15|Mar.
19
llMar. 10*
Mar.
J 50c
Ltd
class A
Dominion & Anglo Invest. Corp. 5% pref
Dominion Coal, Ltd., 6% pref. (quar.)__.
4c
1 Feb.
July
Semi-annually
Diversified Investment Fund
5 June 20
5 Dec. 20
19
Mar. 15 Feb.
28
Feb.
5
15
15 Feb.
Mar.
37c
Feb.
Apr.
Mar. 15
Mar.
Feb.
21
Mar.
Feb.
21
40c
Mar.
Feb.
15
Apr.
(quar.)
—
Interurban Water Co.
Feb.
Apr.
Apr.
$1H
$134
Eastman Kodak
Feb.
9
50c
$134
$14
(quar.)_.
(action deferred)
Co. (quar.)
Eastern Utilities Assoc.
Conv. shares
Feb.
18
Jan.
7% preferred
(quar.).
6% preferred (quar
Electrolux Corp. (quar.)
pref. (quar.).
(Texas) 5
7% preferred A (quar.)-Empire Casualty (Dallas) (quar.)
Quarterly
—
Mar. 31
Apr.
Mar. 31
Feb.
Jan.
H
25c
25c
1 Mar.
1 Mar.
29
25c
Nov.
75c
(quar.)
May
Aug.
25c.
—
Mar.
Feb.
15
80c
Mar.
Feb.
28
Mar. 10 Feb.
28
8734c
80c
June
1 May 31
7% guaranteed (quar.).Guaranteed betterment (quar.)
8734c
June
10 May 31
$1)4
1 H%
6c
80c
87 Kc
7% guaranteed (quar.)-Guaranteed betterment (quar.)
80c
(quar.)...
Federal Mining & Smelting Co. pref. (nuar.)--tFinance Co. of Amer., com. class A & B (quar.)-
preferred (quarterly)
7% preferred class A (quarterly)
First Holding Co. (Pasadena, Calif.), preft
-,
I
Fiscal Fund, Inc., bank stock series
Insurance stock series-Both payable in stock.
Fishman (M. H.) Co. (quar.)--------Ford Motor of Canada, class A & B (quar.)--Ft. Wayne & Jackson RR., 534% pref. (s.-a.)-_
5)4% preferred (semi-ann.)
Fuller Brush 7% pref. (quar.)
7% preferred (quar.)-7% preferred (qpar.)
Gatineau Power Co., 5% cumul. pref. (initial)-General Acceptance Corp. $1)4 pref. (quar.)-___
7%
'
„
-
,
$5 preferred
^
.
,
(quar.) —
i
Extra
,— r
-
—
- - -
Gulf Statas Utilities,
1 Nov. 30
10 Nov. 30
21
15c
Mar. 31 Mar. 21
43 He
Mar. 31 Mar. 21
SHc
$134
24%
234%
Mar. 31 Mar. 21
1 Feb.
19
Mar. 15 Feb.
14
Mar. 15 Feb.
14
Mar.
1 Feb.
15
+25c
Mar. 19 Feb.
26
%2H
$2 H
$1H
$1H
Mar,
1 Feb.
19
Sept.
1 Aug.
20
Apr.
July
1 Mar. 24
15c
Mar.
Oct.
$1H
3734c
Apr.
30c
25c
Feb.
Feb.
1 June 23
1 Sept.
1 Mar.
15 Feb.
15 Feb.
22
1
5
5
$6 pref. (quar.)
Mar. 12 Feb.
17
May
Mar.
2 Apr.
1 Feb.
19
12c
North America (quar.)
Special
Dec.
Dec.
Mar. 15 Feb.
25c
—
Paper Co. (quar.)
Guarantee Co. of
8ltic
1 Aug. 31
Sept.
Sept. 10 Aug. 31
$14
—
(quar.)
Great Northern
Mar.
1 Feb.
19
4
15 Mar. 31
$1^
$234
Apr.
Apr.
$134
$1 %
Mar. 15 Feb.
28
Mar. 15 Feb.
28
1 Feb.
18
15 Mar. 31
87J4c
20c
Mar. 31 Mar. 25
J5c
Feb.
25 Feb.
11
t5c
Feb.
25 Feb.
11
10c
Mar. 10 Feb.
Extra
When
Holders
Payable of Record
Mar.
1 Feb.
20
Mar.
1
Eeb.
15
Mar.
1 Feb.
16
—---
—
Ilonomu Sugar
Co. (monthly)
Huntington Water Co. 7%
6% preferred (quar.)
-------
$154
pref. (quar.)
Atrt"
Independent Realty & Investment (monthly)-.
Liquidating dividend.
Interlake Steamship Co
International Mining —- - - —
International Nickel Co. of Canada.-International Products Corp., 6% pref
Full payment of arrears.
Iron Fireman Mfg. (quar.)
Quarterly
—
Quarterly
- - - Kemper-Thomas. 7% special pref. (quar.)
7% special preferred (quar.)
7% special preferred (quar.)
7% special preferred (quar.)--Le Tourneau (R. G.), Inc. (quar.)--Lexington Water Co. 7% pref. (quar.)---Life & Casualty Insurance of Tennessee
Lincoln Stores, Inc. (quar.)
Preferred (quar.)--Louisville Gas & Electric
Matson
15c
J50c
1 Feb.
5
21
1 Feb.
21
Feb.
3 Jan.
28
1 Mar. 15
Mar. 21 Feb. 28
Apr.
Mar. 31 Mar.
Feb.
15 Feb.
1
11
10-
30c
Mar.
Feb.
30c
June
Sept.
May 10
Aug. 10'
30c
Nov. 10
Dec.
19-
Mar.
Feb.
June
Sept.
May 21
Aug. 22
Dec.
Nov. 21
25c
Mar.
Feb.
15-
$1H
Mar.
Feb.
21
Apr.
Mar. 18.
25c
Mar.
Feb.
%1H
3734c
Mar.
Feb.
Mar.
Feb.
12c
Co., class A
25c
(quar.)------
participating pref. (quar.)--
Michigan Steel Tube Products (action deferred).
Midco Oil Corp. (quar.) — .
Midland Grocery Co. (semi-ann.)
Midwest Piping & Supnly (extra)
Monroe Chemical, pref. (quar.)
Motor
Wheel Corp. (quar.)
...
Muncie Water Works Co. 8% pref. (quar.)
-
25c
Mar.
Mar.
$1H
$1H
$1H
$1H
Navigation Co. (quar.).
Murphy (G. C.) Co
"if
Mar.
30c
—
Meadvilie Telephone Co.
Allen Industries,
28 Feb.
Less deduction for
Metal Textile Corp.
Per
Name of
Feb.
5% preferred (quar.)
Quarterly
DIVIDENDS
first
1
28
28
Agricultural Co. (monthly)
Hollinger Consol. Gold Mines (mo.)
to the founding of KDKA, the world's
first radio station, has been made
Feb.
Apr.
Hawaiian
P. Davis at Westinghouse Electric and Manufacturing Co. thinking about
commercial broadcasting and led
Mar. 15 Feb.
—
Butler Water 7% preferred (quar.)
Burma Corp., Ltd., Am. dep. rec.
15
Mar. 25 Mar. 10
$5)4 preferred (quar.)
Hanley (J.) 7% pref.(quar.)-------
NOTICES
—Vincent Drayne, the advertising man
1 Mar. 15
Mar. 15 Mar.
Mar. 15 Feb.
■.
6% cum. conv. pref.
General Motors Corp
By Barnes & Lofland, Philadelphia:
Shares
1 Mar. 15-
Mar. 15 Feb.
(C.) & Co., Ltd. (monthly)
7% guaranteed
Corp. 1st preferred A, par $10020 Nashua Gummed & Coated Paper Co. common
100 Amoskeag Mfg.
Apr.
Bucyrus-Erie Co., pref. (quar.)
Wednesday
Stocks
50
15
Feb.
15;Mar. 31
7% guaranteed (quar.)
_
Guaranteed betterment (quar.)
500 Huntington Shoe
Shares
Mar. 10'
Feb.
Apr.
Quarterly
Quarterly
By R. L. Day & Co., Boston:
20 Crompton & Knowles Loom
13
Mar. 10
Mar.
Brown Fence & Wire Co
of the current week:
Shares
19
Feb.
Apr.
Apr.
Bright (T..G.) & Co., Ltd. (quar.)
6% preferred (quar.)
SALES
AUCTION
The
Brewer
Feb.
Mar.
(quar.)
Equity Corp. preferred (quar.)..
Erie & Pittsburgh RR. guar, betterment
11292.
Co., Port Washington, N. Y., Charter No.
Mar.
El Paso Electric
20,
1937.
Liquidating agents:
James N.
Gehrig and Ernest M. Strong, care of the liquidating bank.
Absorbed by the Port Washington National Bank & Trust
Effective
Feb.
East St. Louis &
Effective Jan.
Feb. 2—First National Bank & Trust Co.
1 I
IT
17
Preferred
by Northwestern State Bank of
Jordan, Minn.
Succeeded
Jordan, Jordan, Minn.
Feb.
common
15«
llFeb.
Distillers Corp.-Seagrams,
90,000
From $150,000 to $60,000
UFeb.
Mar.
$87,500
-
National
Central
Rochelle, N. Y.
15|Mar.
$2)4 preferred (quarterly)
$2 preferred (quarterly)
American Lace Mfg. Co. (special)
American Laundry Machinery (quar.)
Atlanta & Charlotte Air Line Ry. (semi-ann.)
Bangor Hydro-Electric, 7% pref. (quar.)
6% preferred (quar.)
Baton Rouge Electric $6 pref. (quar.)
Beacon Mfg. Co. 6% pref. (quar.)
Belding-Corticelli, Ltd. (quar.)
Bunte Bros
Increase
Jan.
1 Feb.
Mar.
Mar.
Ltd./7% pref. (quar.)_
—
Birmingham Water Works Co. 6% pref. (qu.)_-
The
COMMON
Mar.
(quar.)
Biltmore Hats,
BANKS
Holders
When
Payable of Recort
American General Corp., $3 pref. (quar.)
Preferred
NATIONAL
Share
of Company
American Capital Corp., $5M Pref.
American Chicle Co
STATES
COMPLETE PUBLIC DEBT OF THE UNITED
This report usually
1019 n
Chronicle
—
3734c
8134c
25c
$3
40c
8734c
20c
21
21
28
Feb.
10'
Feb.
Jan.
31
Mar.
Feb.
21
Feb.
Feb.
25 Feb.
Feb.
1 Jan.
|Feb. 24
Feb.
1525
17
lApr.
1 Mar. 12
'Mar. 10 Feb. 19
$2
Mar. 15 Mar.
$1
Mar.
1 Feb.
1
18
Financial
1020
Per
Share
Name of Company
Nashua Gummed & Coated Paper
National Container Corp.
15
Mar.
Mar.
Feb.
18
$1
15c
Feb.
Feb.
14
Feb.
Feb.
15c
Mar.
Mar. 11
Feb.
Feb.
1
Mar.
Feb.
Mar.
----
Feb.
18
28
Mar.
Feb.
28
Mar.
Feb.
28
3714c
81H
(quar.)
(quar.)
6% cum. pref...
m
7% cumul. preferred (quarterly)
Onomea Sugar (monthly).
Paauhau Sugar Plantation Co. (monthly)
Patterson-Sargent Co. (quar.)
Peerless Casualty Co. (quar.)
Pen ick & Ford, Ltd
-------------Penna. Gas & Electric Corp., class A (omitted)
20c
Feb.
Feb.
10c
Apr.
Mar. 15
Mar.
Feb.
Feb..
Jan.
Mar.
Mar.
$1H
$1H
50c
Jan.
1
21
1 Feb.
9
Apr.
July
Mar.
18*
1 Feb.
Mar. 10
10
June
Oct.
4 Sept. 10
1-3-39
4-1-39
7-1-39
12-10-38
3-10-39
6-10-39
10-1-39
9-10-39
1-2-40
12-10-39
Mar.
70c
25
31 Jan.
Mar.
SIM
SIM
SIM
SIM
SIM
SIM
SIM
SIM
10
15
1 Mar. 21
1 Mar. 21
Apr.
Apr.
$1H
SIM
21
Feb.
18
Feb.
Mar.
Apr. 21
15*
SI
81
.
Mar.
Feb.
Apr.
Apr.
Mar. 21*
Mar.
15c
25c
Feb.
Apr.
Mar. 15
Mar. 21
18
Feb.
18
37Mc
SIM
Feb.
Feb.
12
Mar.
Mar. 11
25c
Mar.
Feb.
21*
15c
Apr.
Feb.
18
40c
Mar.
Feb.
19
25c
Mar.
Feb.
28
50c
Feb.
15 Jan.
Feb.
15 Jan.
31
31
3714c
62 He
81H
Feb.
15 Jan.
31
Feb.
30
25c
Feb.
15 Jan.
26 Feb.
6
Mar. 21 Feb.
28
Mar
21 Feb.
Mar.
1 Feb.
28
ItSlO
Mar. 15 Feb.
%
Mar. 15 Feb.
15
28
28
4$
J30c
1 Mar. 18
1 Mar. 18
t81H
Apr.
Apr.
tl2Hc
(quarterly)
Feb.
15 Feb.
Feb.
15 Feb.
11214c
Extra
8% preferred (quar.)
50c
Carman & Co., class A—
Carolina Telephone & Telegraph (quar.)__
Carter (Wm.) Co.. pref. (quar.)
82
81H
Caterpillar Tractor Co
5% preferred (quarterly)
(Quarterly)
Preferred (quarterly)
Case (J. I.) Co.. pref. (quar.)
Cedar Rapids Mfg. & Power Co. (quar.)_
Central Cold Storage Co. (quar.)
Central Eureka Mining Co
Non-rum. preferred
Central 111. Public Service, 86 preferred—
6% preferred..
Central Ohio Light & Power Co., $6 pref. (qu.)_
50c
1
Mar.
1
1 Mar. 10
1 Feb. 15
Apr.
1 Mar. 24
Apr.
Mar. 15 Mar. 10
Feb. 25 Feb. 15
50c
Feb.
25 Feb.
25 Feb.
15
15
81H
81H
Feb.
25 Feb.
15
Apr.
75c
Feb.
81H
Feb.
25c
Feb.
1 Mar. 12
15 Jan.
31
Feb.
5
6c
Feb.
Jan.
31
6c
Feb.
Jan.
31
81
Mar. 15 Feb.
19
81
Mar. 15,'Feb.
19
l'Feb.
17
Mar. 10 Feb.
19
Mar. 12*
Central Ohio Steel Products
Mar.
Feb.
Central Vermont Public Service, pref. (quar.)__
81H
Feb.
Apr.
Mar. 15
Centrifugal Pipe Corp. (quar.)
10c
Feb.
Quarterly
Quarterly
Quarterly
Century Ribbon Mills
Preferred (quarterly)
10c
10c
May 16 May
Aug.
Aug.
10c
Nov.
Nov.
5
10c
Feb.
Feb.
9
Mar.
Feb.
18
21
25c
Mar.
Mar. 21
Mar.
Mar. 21
10c
Mar.
Mar.
4
SIM
Mar.
Feb.
19
50c
Mar.
SIM
Mar.
Feb.
Feb.
16
16
S4
Sept.
10c
Mar.
Feb." 16"
40c
Mar.
Feb.
18
SI
Mar.
Feb.
S2M
SI.20
Feb.
Feb.
Feb.
Jan.
15
1
21
Apr.
Apr.
Feb.
14
Feb.
When
14
Holders
Payable of Record
Mar.
Feb.
15
Feb.
Jan.
31
Mar.
Mar.
Mar.
Feb.
Apr.
Apr.
Apr.
Mar.
n¥s
25c
Feb.
2
15
Mar. 15
1§
Mar. 19
Jan.
4
Mar.
Feb.
Mar.
Mar.
15
1
Apr.
Mar. 21
Mar.
Feb.
Mar.
Feb.
18
Feb.
Jan.
25
Mar.
Feb.
25
June
15
Sept.
May 25
Aug. 25
Dec.
Nov. 25
Mar.
Mar.
5
Mar.
Feb.
14*
Apr.
Mar.
Mar.
Mar.
Mar.
Feb.
Jan.
20
Feb.
Feb.
4
Mar.
Apr.
Apr.
Mar.
July
July
Archer-Daniels-Midland
Armstrong Cork Co. (interim)
Mar.
Artloom
1
Feb.
18
4
Mar. 15
5*
5*
Mar.
2 Mar.
Feb.
10
June 25
June 25
Mar.
Feb.
Feb.
18
9
Mar.
Feb.
15
Associated Dry Goods Corp., 6% 1st pref
Mar.
Feb.
11
7% 2nd preferred
Atlantic Refining Co. (quar.)
Atlas Corp., 6% preferred (quar.)
Atlas Plywood Corp. (quar.)
Mar.
Mar.
Mar.
Feb. 11
Feb. 21
Feb. 14
Feb.
Jan.
25
Atlas Powd,6r
Mar.
Feb.
28
1 Mar. 15
Feb.
Mar.
t30c
.
81H
Preferred (quarterly)
Chartered Investors, Inc.. pref. (quar.)
Chester Water Service, 8514 pref. (quar.)
-
Feb.
10
11
Preferred (quarterly)
Consolidated Paper Co. (quarterly)
Container Corp. of America
Continental Assurance Co. (Chicago,
Continental Can Co.
Copperweld Steel Co. (quar.)
Corporate Investors, Ltd. (increased)
Corrugated Paper Box, 7% pref. (quar.)
Cosmos Imperial Mills (quar.)
Creameries of America, Inc., pref. (quar.)
Cresson Consol. Gold Mining & Milling Co
Crown Cork & Seal Co., Inc. (interim)
Preferred x.w. &w.w. (quarterly)
Crown Cork & Seal Co., Ltd. (increased)
28
Feb.
28
Curtis
Feb.
Feb.>
Mar.
Feb.
4
Feb.
14
Feb.
Feb.
1
Mar.
Feb
15
Mar.
Feb.
15
+81H
87Hc
Feb.
Feb.
Mar.
Feb.
5
10
10
Oct,
50c
87 He
50c
87 He
50c
87 He
50c
Mar.
Feb.
June
June
May 10
May 10
Sept.
Sept.
Aug. 10
Dec.
Nov. 10
Dec.
Nov. 10
Aug. 10
5
Apr.
Mar.
81H
Mar.
Feb.
15
40c
Mar.
Feb.
25
Feb.
Jan.
Fe^.
Jan.
20
Feb.
Feb.
Jan.
20
1
81H
81H
81H
81H
68Hc
Feb.
20
Feb.
1
81H
Mar.
Feb.
50c
Jan.
15
25
50c
Feb.
Mar.
Feb.
15
25c
Mar.
Feb.
28
81 %
Mar.
Feb.
4c
6im
Feb.
Mar.
Feb.
15
15
Mar.
Feb.
15
81H
Mar.
Feb.
50c
Mar.
Feb.
15
11
81H
May
Apr.
15
Feb.
Jan.
Mar.
Feb.
15
15
Mar.
Feb.
18
20c
5
Feb.
Feb.
50c
Mar.
Mar. 15
Feb.
Mar.
Jan.
Mar.
Feb.
18
Mar.
Feb.
18
Mar.
Mar.
Mar.
25
7
1
Feb.
Jan.
31
Mar.
Feb.
15
25c
87 He
Jan.
Mar.
Feb.
31
10
Feb.
Jan.
31
50c
Mar.
Feb.
18
56 He
Mar.
Feb.
28
Feb.
Jan.
31
7c
—
25c
(quar.)
43 He
$1H
30c
81H
(quar.)—
Publishing Co., 87 pref. (quar.)
---
pref. (quar.)—
M
t8?3H5cC
Feb.
Feb.
Feb.
10
Mar.
Feb.
14
Mar.
Mar. 21
Feb.
Feb.
18
Feb.
Feb.
Mar.
Mar.
18
1
Apr.
Feb.
28
Mar.
Feb.
15
Mar.
Feb. 15
Feb. 20
81H
Mar.
—
preferred (qu.)
Mar.
Feb.
21
Mar.
Feb.
14
Mar.
75c
(semi-ann.)
(semi-aim.)
81
30c
50c
Derby Oil & Refining Co., 84 pref Detroit Gasket & Mfg., pref. (quar.)
Diamond Match Co
Preferred (semi-ann.)—
Diem & Wing Paper Co. 5%
Jan.
81H
50c
Crown Drug Co., pref. (quar.)
--—
Crown Zellerbach Corp., 85 preferred (quar.) —
Partic. preferred
Partic. preferred
81
20
Sept. 19
Dec. 19
June
$1H
Preferred (quarterly)
Cuneo Press, Inc. preferred
4
Mar. 21
81
Feb.
Mar.
Feb.
15c
(interim)
Apr.
Apr.
Mar.
Feb.
Apr.
July
50c
25c
Crum & Forster pref
Apr.
Apr.
Mar.
50c
81H
81H
30c
111.) (qu.)_
Crum & Forster Insurance Shares, A&B
5
Feb.
25c
Continental Oil Co
Cook Paint & Varnish (quar.)
84 preferred (quar.)
Cushman's Sons, 7% preferred
Deere & Co. preferred (quar.)
Denver Union Stockyards, 514%
Mar.
81H
15
15
5
Feb.
15
15
1
Feb.
Feb.
Mar.
Feb.
Feb.
Feb.
Feb.
Feb.
Mar.
Feb.
Feb.
Mar.
Mar.
50c
Mar.
Mar.
Feb.
4
25c
1
Feb.
1
Feb.
Mar. 15
Feb.
Chicago Yellow Cab (quarterly)
Chickasha Cotton Oil (resumed, special)
Chile Copper Co
Cincinnati Union Terminal 5% pref. (qu.)
5% preferred (quar.) —
5% preferred (quar.)
5% preferred (quar.)
City Ice & Fuel Co. pref. (quar)
Clear Springs Water Service Co., $6 pref
Cleveland & Pittsburgh RR. Co., reg. gtd. (qu.)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
Colgate-Palmolive-Peet. pref. (quar.)
Colonial Finance Co.(Lima,Ohio) 514% PL(qu.)
Columbia Broadcasting, A&B
Columbia Gas & Elec. Corp.. 6% ser. A pf. (qu.)
5% cum. preferred (quarterly)
5% cum. preference (quarterly)
Columbia Pictures, pref. (quar.)
Commonwealth International Corp. (qu.)
Commonwealth Utilities Corp. 6H% Pf- C (qu.)
Community Public Service
Compania Swift Internacional (quar.)
Compressed Industrial Gases (Interim)
Connecticut Light & Power Co. (quar.)
—
Connecticut Power Co. (quar.)
Connecticut River Power Co. 6% pref. (quar.)__
Consolidated Cigar Corp. 7% pref. (quar.)
Consolidated Edison of N. Y. (quar.)
Consolidated Laundries, pref. (quar.)
Consolidated Oil Corp. (quar.)
19
1
Mar.
Feb.
Feb.
Apr.
Chicago Corp., preferred (quarterly)
Chicago Mail Order (quarterly)
Feb.
Mar.
5
15
10
18
Feb.
8
5
75c
25c
Feb.
28
15 Mar. 31
5
15 Feb.
81H
81X
8114
25c
...
Champion Paper & Fibre
Feb.
2
Mar.
25c
Chain Belt Co
Feb.
Feb.
81H
25c
Mar.
„
11
31
1 Mar. 15
25c
SIM
,
6% preferred (quarterly)
Bandini Petroleum Co. (quar.)
Bangor & Aroostook RR. Co., common
Preferred (quarterly)
Bankers & Shippers Insurance (N. Y.) (qu.)
Barber (W. H.) Co. (quar.)
Barlow & SeeJIg Mfg., class A (quar.)
Beaunit Mills, Inc., preferred (quar.)
Belden Mfg. Co. (quar.)
Bethlehem Steel Corp., 7% pref. (quar.)
5% preferred (quarterly)
BIgelow-Sanford Carpet pref. (quar)..........
Blauner's (Phila.), $3 pref. (quar.)
Borden Co. (quarterly)
35c
1 Feb.
15 Jan.
21
50c
Baltimore Radio Show, Inc. (quar.)
Apr.
Apr.
11
Feb.
35c
Baldwin Locomotive Works, 7% pref
Baltimore American Insurance Co. (s.-a.)
Extra
Feb.
29
SI
20c
•
„
Corp., preferred (quar.)
Mar.
50c
40c
5
5 Jan.
1 Feb.
Mar.
Addressograph Multigraph (quarterly)
Agnew-Surpass Shoe Stores (s.-a.)
Preference (quarterly)
Agricultural Insurance (Watertown, N. Y.)
B (quar.)
37Hc
15 Feb.
25
Share
com.
Mar.
Feb.
25c
and
Feb.
Mar.
15c
SIM
Company
(s.-a.)
25c
20c
1
Apr. 15
Mar.
Abbots Dairies, Inc. (quar.)
Acme Wire Co com. Vot. ts.ctfs.__
com.
1 Mar. 15
21
Per
common
2
Apr.
Feb.
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.
Preferred (semi-ann.)
May
40c
(qu.)
*25c
$1H
Apr.
we
Amoskeag Co.,
1
18
Feb.
Mar.
5c
Co
19
15 Feb.
Mar. 15 Feb.
Feb. 15 Feb.
25c
Extra
Preferred (quar.)
19
14
Mar. 31
10c
Alpha Portland Cement
Aluminum Goods Mfg. (irregular)
Aluminium, Ltd., preferred (quar.)
American Arch Co. (reduced)
American Can Co. (quar.)
American Envelope Co., 7% pref. A (qu.)
7% preferred A (quarterly)
7% preferred A (quarterly)
7% preferred A (quarterly)
American Fork & Hoe Co. (quarterly)
American Home Products Corp. (mo.)
American Indemnity Co
American Metals Co. preferred (quar.)
American Paper Goods Co. 7% pref. (quar.)
American Re-Insurance (quar.)____;
American Smelting & Refining Co
75c
1
1 Feb.
28 Feb.
Mar.
1 Feb.
Feb.
75c
11
SIM
SIM
partic. pref
Extra
15 Apr.
1214c
Preferred (quarterly)
Canadian Oil Co., Ltd. (quar.)
Mar. 21
28 Feb.
Apr.
Mar.
(quarterly)
May
Apr.
1
Feb.
-
Additional
Canada Vinegars, Ltd. (quar.)
Canada Wire & Cable, preferred-.
Canadian Cottons, Ltd.
15 Feb.
82
(quarterly)
Preferred (quarterly)
Byron Jackson Co
Calamba Sugar Estates (quarterly)
7% preferred (quarterly)
California Packing Corp. (stock div.)
2-200ths of a sh. of 850 pref. stock.
(Quarterly)
Preferred (quarterly)
California Water Service preferred (quar.)
Campbell, Wyant & Cannon Foundry Co_
Canada Cement Co., Ltd., 0H% preferred
18
Feb.
Mar. 25 Mar. 10
81H
Burlington Mills Corp
Burroughs Adding Machine Co
25
31
31
Mar. 31 Mar. 17
Mar.
1 Feb. 15
60c
Butler Bros,
Feb.
5
15 Jan.
21 Jan.
Mar.
50c
Buckeye Pipe Line Co
Buffalo Ankerite Gold Mines, Ltd. (quar.)
Buffalo Niagara & Eastern Power, 1st pref.
Preferred (quarterly)
Feb.
1 Feb.
Feb.
Feb.
50c
(quar.)
Brooklyn Teleg. & Messenger (quar.)
Brown Fence & Wire Co., pref. A (semi-annual)
Brown Shoe Co., common (quarterly)
Buck Hill Falls Co. (quar.)
-
Mar.
SIM
Wright-Hargreaves Mines, Ltd. (quar.).
Alabama Great Southern RR. Co. preferred
Allegheny Steel Co. preferred (quar.)
18c
68Hc
Preferred
15c
—
American Tobacco Co.,
1114
Boston Fund, (quarterly)
Bourjois, Inc., preferred (quar.)
Bower Roller Bearing Co., commonBridgeport Gas Light Co. (quar.)
Bristol-Myers Co. (quarterly).
Brooklyn Edison Co. (quarterly).
Brooklyn-Manhattan Transit—
Preferred
Holders
of Record
75c
Ridge Corp., $3 pref. (quar.)..
Payable in common stock or cash.
Blue
Boss Mfg. Co
Mar.
SIM
Reynolds Metals Co,
—
514% conv. preferred
Rubinstein (Helena) class A (quar.)
Shenango Valley Water, 6% pref. (quar.)
Sherwin-Williams of Canada, pref
Simms Petroleum Co., liquidating div
Sioux City Stockyards Co. (resumed)
Sloss-Sheffield Steel & Iron, pref. (quar.)
Socony-Vacuum Oil Co
Standard Brands, Inc
Standard Dredging pref. (quar.)
Standard Oil of Ohio (quar.)
Preferred (quar.)
Terre Haute Water Works Corp. 7% pref. (qu.)_
Tilo Roofing Co., Inc. (quar.)
Timken-Detroit Axle pref. (quar.)
Underwood Elliott Fisher Co., common (quar.)_
Union Gas Co. of Canada (quar.)
Union Premier Food Stores (quar.)
Union Twist Drill Co. (quar.)
Preferred (quar.)
United Elastic Corp
United Wall Paper Factories, pref. (quar.)
Van Raalte Co., Inc
7% 1st pref. (quar.)
;
Wedl (Raphael) & Co., 8% pref. (s.-a.)--.
Weisbaum Bros.-Brower Co. (quar.)
Western Auto Supply Co., com. (quar.)
Wilson Line Inc. (initial)
5% first preferred (semi-ann.)
American Steel Foundries
American Sugar Refining
Company
75c
Mfg. Co. (111.) (quar.)
Name of
Name of
SIM
Preferred (quar.)
Below
11
25c
87 preferred
(quarterly)
7% preferred (quarterly)
Pennsylvania Sugar Co., common
Pepperell Mfg. Co. (div. omitted)
Philadelphia Suburban Water Co. 6% pf. (qu.).
Pittsburgh Coke & Iron Co., $5 pref. (quar.)..
Pittsburgh Ft. Wayne & Chiczgo Ry1.—
7% preferred (quar.)
7% preferred (quar.
7% preferred (quar.
4 /Q
CU (quar.)
7% preferred \V|IMW
7% preferred (quar.
7% preferred (quar.)
....
7% preferred (quar.)
7% preferred (quar.)
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quar.)
Prentice-Hall Inc. (quar.)
—
Preferred (quar.)
—
Procter & Gamble, 5% pref. (quar.)
Woolf Bros, class B
8
Feb.
Mar. 16
Feb.
8
25c
Ogilvie Flour Mills, pref.
Reliance
Feb.
Apr.
40c
AA (quar.)
Ohio Oil Co., pref.
Oklahoma Gas & Electric Co.,
Feb.
Mar.
60c
(monthly)
Monthly
O'Connor Moffat & Co. class
Per
Share
Holders
Payable of Record
$1
25c
Co
(quar.)
Newberry (J. J.) Co. (quar.)
New World Life Ins. Co. (Seattle, Wash.)
New York Air Brake
North Pennsylvania RR. (quar.).
Oahu Ry. & Land Co.
When
Feb. 12, 1938
Chronicle
Sept.
75c
75c
Mar.
15
Aug. 10
Feb. 10
81H
Feb.
Mar.
Feb.
15
Feb.
Jan.
21
Volume
1021
Chronicle
Financial
146
25c
Preferred (quarterly)
Dixie-Vortex Co. (quarterly)
Class A
(quarterly)
Mar.
Feb.
$2
37 He
62 He
Dictaphone Corp
Mar.
Feb.
Mar.
Feb.
75c
Feb.
Feb.
Feb.
50c
Preferred
Feb.
Feb.
Duplan Silk (semi-annual) .—- -- -- - - - - -—Eastern Shore Public Service Co. $6H pref. (qu.)
$6 preferred (quar.)
Eaton Mfg. Co., common
El Dorado Oil Works (quarterly)
Electric Shareholdings, preferred
$1H
$1H
Quarterly
Quarterly
Mar.
Feb.
10
25c
Feb.
40c
Mar.
Feb.
Feb.
$1H
Mar.
Feb.
Link Beit Co. (quar.)
Preferred (quar.)
7
18
5
cash.
,
v
Ewa Plantation Co.
Feb.
25c
Ely & Walker Dry Goods (quarterly)
Empire & Bay State Telep. & Teleg.,
4% guaranteed (quarterly)
Empire Capital Corp., class A (quar.)
Employers Reinsurance (quar.)
Emsco Derrick & Equipment (quar.)
Mar.
Feb.
18
10c
Feb.
Feb.
14
40c
Feb.
Jan.
31
10
5
$1
25c
Feb.
Mar.
Feb.
Mar.
Feb.
11
11
Mar.
Feb.
15
M
—
Fajardo Sugar of Porto Rico
- - -—- —
This payment includes a div. of 50c. from
Fajardo Sugar Growers Assoc. a sub. co.
Farallone Packing Co
Faultless Rubber Co. (quar.)
■——
8%
8%
8%
8%
Jan.
A.pr.
Mar. 15
$1H
$1H
Mar.
Feb.
15*
Mar.
Feb.
15
50c
June
June
Mar.
Light & Traction, preferred (quar.).—
preferred A_First Security Corp. of Ogden, cl. A& B (s.-a.)FitzSimons & Connel Dredge & Dock (quar.)
Florida Power Corp., 7% pref. A (quar.)
7% preferred (quarterly)
Freeport Sulphur Co. (quar.)
Firestone Tire & Rubber Co. 6%
Feb.
Feb.
10
18
Mar.
Feb.
15
Mar.
Feb.
Mar.
Feb.
15
15
Mar.
Mar.
1®
s7m
75c
- - - - -
General American Corp.
General Cigar Co., Inc.,
75c
18
Jan.
25
Feb.
Jan.
31
Mar.
Feb.
15
50c
Extra
20c
— -
7% pref. (qu.)
Globe & Rutgers Fire Insurance—
2nd preferred semi-ann.)— -—
Golden Cycle Corp. (quarterly)
Gossard
(H. W.)
- --Grace National Bank (N. Y.) (s.-a.)
Grand Union Co., $3 preference
Graton & Knight, 7% pref. quar.i
Great Atlantic & Pacific Tea
Preferred
(quarterly)
Great Lakes Dredge & Dock Co
Globe Democratic Publishing Co.,
Apr.
,2s1
25c
24
28
15
1 Feb.
24
Mar.
50c
Mar.
-
—-
10
29
4
$1H
Feb.
16 Feb.
4
25c
Feb.
15 Feb.
8
Feb.
15 Feb.
15 Feb.
1 Apr.
1
1 Feb.
25c
Mar. 15 Feb.
7% preferred (quarterly)
Hanna (M. A.) Co. $5 preferred (quar.)
Harbison-Walker Refractories Co
Preferred (quarterly)
. —
Hart-Carter Co., $2 con v. pref. (quar.) - Havana Electric & Utilities Co. 6% preferred-Hawaiian Agricultural Co. (monthly)
Hawaiian Commercial & Sugar Co. (quar.)
Hazel-Atlas Glass Corp
Heel a Mining Co
Hercules Powder Co., pref. (quar.)
Hershey Chocolate Corp
Conv. preferred (quarterly)
—
15
Mar.
Feb.
Apr.
Mar. 15
75c
Feb.
Feb.
1
25c
Mar.
Feb.
15
20c
Mar.
Feb.
15
15c
Mar.
Feb.
15c
Mar.
Feb.
21
21
Apr.
Mar. 20
Mar.
Feb.
15
Mar.
Feb.
10
Apr.
Apr.
6
Mar.
Feb.
15
t75c
Feb.
Feb.
1
20c
Feb.
Feb.
25
75c
Feb.
Feb.
5
$15*
Apr.
Mar. 18
Mar.
Feb.
15
Feb.
Feb.
4
Feb.
Jan.
25
$i
$i
Feb.
Jan.
25
dividend
Feb.
Jan.
25
Feb.
Co. (monthly)
--.
Monthly
Mar.
Feb.
15
Feb.
14
Mar.
Feb.
15
Mar.
Feb.
9
Feb.
Feb.
19
Feb.
Jan.
29
37Hc
37Hc
$1H
85*c
Imperial Tobacco of Gt. Britain & Ireland—
Amer. dep. rec. ord. reg. (final)
Bonus
15
Mar.
Feb.
15
Mar.
Feb.
10
Mar.
Mar.
5c
-—
pref. (quar.)
29
Feb.
$1
Inc
Jan.
$15*
pref. (quar.)
Feb.
Mar.
45c
(quar.)
partic. pref. (quar.)
Feb.
Feb.
10
$15*
Feb.
Jan.
31
4
Mar.
8 Feb.
11
Mar.
—
8 Feb.
11
»•--—
Free of tax but less deduction for
depositary
expenses.
Ingersoll-Rand Co
"8
Inland Steel Co
(Stock div.)
International Harvester, pref. (quar.)__International Rys. of Central Amer., pref-
Inter-Ocean Reinsurance Co. (s.-a.)
Inter type Corp.. 1st pref.
Iron wood & Bessemer Ry.
(quar.)___
& Light Co.—
6%
$15*
11 Apr.
1
Mar. 15
Apr.
1
Mar.
1 Feb.
15
15
25
Feb.
Mar.
Feb.
15
Mar.
Feb.
17
Mar.
Mar. 10
Mar.
1
Feb.
4
Apr. 20
Apr.
Mar.
Mar. 18
15
Feb. 15
Feb.
5
15 June
Sept. 15 8ept.
Dec.
15 Dec.
Feb.
Feb.
Feb.
May
May
15
5
5
Aug.
Aug.
5
Nov.
5
Feb.
Feb.
1
Feb.
10
Feb.
Feb.
Feb.
1
Feb.
Mar.
Feb.
15
Feb.
Jan.
15
31
Feb.
Feb.
Apr.
Mar. 20
Feb.
Jan.
31
4
15c
Feb.
Feb.
15
15 Feb.
81&
4
Mar.
1 Feb. 21
Mar.
1 Feb.
Mar.
(quar.)
Mar.
Mar.
(quar.) —
1
15|Feb.
26c
75c
Feb.
$1
Mar.
%\H
$2
$B*
$2H
Mar.
50c
Mar.
$2
75c
$1H
$1H
$1H
$1H
35c
$1
$1
$1
Mar.
Feb.
June
Feb.
Feb.
23
liFeb. 21
1 Feb. 21
l'Feb. 21
19 Feb.
4
1 Feb. 19
1 Feb. 21
1 Feb. 16
15 Feb.
1
1 May 10
15 Feb. 25
15 Jan. 31
15 Feb.
1
Apr.
July
1 Apr.
1
Oct.
Oct.
1
Jan.
Jan.
2
Mar.
Feb.
25
Mar.
Feb.
24
June
1
July
_
lc
Mar.
May 27
Aug. 27
Nov. 26
Jan. 27
Feb. 15
$15*
—
Mar.
$1
$1H
Sept.
Dec.
Feb.
Feb.
11
Feb.
Feb.
10
$1H
Mar.
Feb.
20c
Mar.
Mar.
12Hc
Feb.
Jan.
40c
Apr.
Mar. 11a
25c
:
$12*
Pf. (qu.) —
Feb.
15
5
31
Feb.
11a
8
Feb.
Feb.
1
12*c
$12*
Feb.
Feb.
1
Apr.
Apr.
Mar. 16
$1
.
25c
Mar. 16
Feb.
25
Feb.
Feb.
1
10c
Feb.
Feb.
$2H
$3H
Mar.
Feb.
Mar.
1
21
Feb. 21
Feb. 19
25c
Feb.
Jan.
31
$12*
Feb.
Jan.
31
$1H
(s.-a.) —
Mar.
July
30
•]&
...—
Inc. (quar.)
Mar.
Jan.
31
15c
(quar.)
...
Mar.
10c
25c
Corp., $5 pref.
Zinc Co
World Life Insurance Co
& Queens Electric Lfc.
Preferred (quarterly)
Mar.
Feb.
15
Feb.
Mar. 31
Feb.
Mar. 31
Mar.
Feb.
Feb.
Mar.
Feb.
Feb.
Apr.
Mar.
1
Feb.
Feb.
9
Mar.
19
Feb.
8
Mar.
1
"it
50c
$2
$12*
30c
—
$1
—
50c
28
1
16
Feb.
40c
& Power
pref. A (quar.)
(quar.)
Class A (quar.)
Class A (quar.)
Class A (quar.)
Noma Electric Corp
Norfolk & Western Ry. (quar.)
Preferred (quar.)—...—
North American Edison Co., preferred
Class A
15iFeb. 15
Feb.
(semi-ann.).
Niagara Share, (Md.)
1900 Corp., class B
25
1
1
Feb. 19
Feb. 19
Feb. 27
Mar.
—
New York
1
Mar.
New
May
June
Feb.
Mar.
Mar.
New Jersey
Mar.
$15*
Feb.
31
31
5
Feb. 18
Feb. 10
Mar.
Co., pref. (quar.)
Newberry (J. J.) Realty 5% pref. A (quar.)
New Amsterdam Casualty (semi-ann.)
New Jersey Insurance Co. (s.-a.)
Mar.
$15*
Feb.
Mar.
Neptune Meter
1
$15*
$15*
Jan.
Feb.
Feb.
-
Extra...
Neisner Bros.,
1
25c
Jan.
Feb.
May 31'May 30
Aug. 31'Aug. 30
Nov. 30 Nov. 29
$7 preferred (semi-ann.)
National Oats Co. (quar.)
10*
25c
Sept. 21
Dec. 21
Feb.
Mar.
-
National Linen Service
Feb.
May 15! May
Aug. 15 Aug.
Nov. 15 Nov.
Mar. 15 Mar.
Oct.
Jan.
pref. (quar.)
Extra
Feb.
25c
June 21
Feb.
(quarterly)
National Gypsum Co., 1st pref. (quar.)
2d preferred (quar.)
National Lead Co., pref. A (quar.)
National Liberty Insurance of Amer
Feb.
Feb.
5
July
Feb.
Class A
Feb.
Mar.
31*
Mar. 21
Mar.
Munsingwear, Inc
Muskogee Co., 6% cum. pref. (quar.)
Mutual Telep. Co. (Hawaii) (quar.)
Nash -Kel vinator Corp
National Biscuit Co. (quar.).
Preferred (quar.)
Nat. Credit Co. (Seattle, Wash.) 5%
Feb.
25c
Jan.
Feb.
Apr.
---
Machine (Irregular)
Mt. Diablo Oil Mining & Development Co
Mullins Mfg. Corp., pref. (quar.)
Mar.
$1H
Feb.
Feb.
pref. A (quar.)
5% preferred
1
1
31
5
Mar.
5% preferred (semi-ann.,
National Power & Light Co., com.
National Pressure Cooker (quar.)
National Union Fire Insurance
Feb.
Ian.
Mar.
Morse Twist Drill &
40c
(qu.)--
Feb.
-
1 Mar. 15
Feb.
---—.
Aug.
(quarterly)
Quarterly
Quarterly
Quarterly
30c
District Power, 7% pref.
6% preferred (quarterly)
Landis Machine (quar.)
Quarterly
Quarterly
Quarterly
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)
-
Aug.
(quar.)—
Moran Towing Corp., 7% partic. pref.
Morris Plan Insurance Society (quar.)
$15*
& Baking Co
1
Feb.
Mar.
(quar.)-.--(quar.)
Apr.
Mar.
25c
Aug.
Feb.
National Paper & Type
15 Feb.
Mar.
$15*
$15*
1
Aug.
-—-—
...
Mar.
$2
17
28
'
Feb.
29
Feb.
8
9 Feb. 26
Feb.
Feb.
Feb.
(quar.)
Quarterly
Quarterly
$1H
$15*
Kreege (S. S.) Co---------
1 Feb.
$15*
preferred
7% preferred (quar.)
6% preferred (quar.)
Mar.
7
15
$1
Kayser (Julius) & Co—_ — - —
Kendall Co., series A preferred (quar.)-
Lake Superior
1 Feb.
50c
7% preferred (quarterly)
Jantzen Knitting Mills pref. (quar.)
Jarvis (W. B.) Co. (quar.)—Jewel Tea Co. (quar.)
Kaufmann Dept. Stores, pref. (quar.)
Kentucky Utilities junior
Mar.
Apr.
International Business Machines Corp
Kroger Grocery
Mar. 15
Mar.
Mar.
10c
preferred (quar.)—
Hyde Park Breweries Assoc.,
20c
Mar.
—
Minneapolis-Honeywell Regulator Co.
Preferred B (quarterly)——
Missouri Utilities Co., 7% pref. (quar.
Mitchell (J. S.) & CoMonmouth Consol. Water, $7 pref. (quar.)
Monsanto Chemical Co. $4H class A pref. (s.-a.)
(Quarterly).
...
Montreal Light, Heat & Power (quar.I.¬
Moody's Investors Service partic. pref. (quar.)-Moore (W. R.) Dry Goods (quar.)
Quarterly
15
Feb.
Feb.
Feb.
(quarterly)
preferred (partic. div.)
Metal Textile Corp., pref. (quar.)
Middlesex Water Co. (quar.)
Minneapolis Gas Light, 5H% pref.
5% preferred (quar.)
$5.10 preferred (quar.)
30c
Horn (A. C.) Co. 7% non-cum.
Idaho Maryland Mines (monthly)
Illuminating & Power Securities 7%
10c
Mar. 18
Mar.
Partic.
50c
Holophane Co., Inc
Holt (Henry), $1.80 partic. A stock
Homes take Mining Co. (monthly)
Hormel (Geo. A.) & Co
6% non-cum.
Horn & Hardart (N. Y.)
50c
Jan.
Apr.
Class A & B
37Hc
Hires (Chas. E.) Co.. class A (quar.)
Hobart Mfg. Co., class A (quar.)
Class A
25c
Sept. 21
Dec. 24
Feb.
(quarterly)
Co. (quar.)
Melcher Distillers, Ltd., 6% pref. (extra)
Memphis Natural Gas, pref. (quar.)
Mercantile Stores Co., Inc., 7% pref. (qu.)
Merchants & Manufacturers Security—
$1H
$1H
Jan.
$5H preferred B
11
$15*
$15*
June 21
Oct.
Meadville Telephone
20c
-
-
Hibbard. Spencer, Bartlett &
Mead Corp., $6
25
Feb.
—
(P. H.) Knitting Co. (quar.)--
Mar. 22
July
7% preferred (quarterly)
15
25c
Apr.
Mclntyre Porcupine Mines (quar.)
McKesson & Robbins, $3 pref. (quar.)
20
15 Jan. 29
15 Feb.
1
Mar.
Mar. 31
McColl Frontenac Oil (quar.)
1 Jan.
Mar.
$1H
Mar.
7% preferred (quarterly)
7% preferred (quarterly)
5
10
18
Feb.
66c
Nov.
McClatchy Newspapers, 7%
8
Feb.
25c
6% preferred (quarterly)
Hammond Insurance Co., 6% pref. (quar.)-___
Hancock Oil Co. of Calif, class A & B (quar.)..
Class A & B (extra).
Additional
Masonite Corp.
Feb.
Feb.
Preferred (quarterly)
Apr.
Feb.
Nov. 25
Mar.
(quarterly)
(quarterly)
Extra
1 Feb.
15 Jan.
Feo.
Dec.
25
67c
-
Manufacturers' Casualty Insurance
16 Feb.
$15*
$15*
May 25
Aug. 25
25c
Mansanto Chemical Co.
Feb.
25c
Feb.
Sept.
_
-
Manhattan Shirt Co.
Feb.
M
Nov. 25
Mar.
June
$1
$1.10
$1.10
$1.10
_ _
Extra
1 Feb.
Mar. 10 Feb.
Mar.
1 Feb.
$3
May 25
Aug. 25
Dec.
_ -
-
Managed Investors, Inc.
Feb.
Hammermill Paper Co
Class B (quarterly)
Preferred
80c
Western
Hanes
Preferred
20
Mar.
Sept.
Feb.
% preferred
Mar. 15
1 Feb.
Mar.
$15*
Extra.,
Electro-Chemical
Griggs (C.) & Co., 7% pref. (quar.)
Guelph Carpet & Worsted Spinning Mills—
6H% preferred (quarterly)-Guggenheim & Co., $7, 1st pref. (quar.)
Gurd (Chas.) & Co., preferred (quar.)
Hale Bros. Stores, Inc. (quar.)
Hamilton Watch Co. (quar.)
Preferred (quarterly)
$1H
15
Feb.
Mar.
40c
—
Glens Falls Insurance Co. (quar.)
Great
Feb.
Feb.
25c
Gibraltar Fire & Marine Insurance
June
quarterly)
quarterly)
quarterly)
quarterly)
Luzerne County Gas & Electric, $7 pref. (quar.).
$6 preferred (quar.)
Lynch Corp
Macassa Mines, Ltd. (reduced)
MacMiilan Co. (quar.)
Madison Squares Garden Corp
Magnin (I.) & Co., 6% pref. (quar.)
Preferred (quarterly)--.---
15
Mar.
50c
— --
Mar.
50c
Lunkenheimer Co
1
Feb.
Mar.
50c
—
Ludlum Steel Co
6H
$1H
Apr.
preferred (quarterly)
6 H % preferred
6 H % preferred
6 H % preferred
(quar.)
-7% preferred (quar.)
General Foods Corp. (quar.)
General Metals Corp. (quar.)
26
Feb. 15
Mar. 15
Feb. 25
.
Holders
may convert pref. stock into com. at rate
of 3 1-3 shs. com. for each pref. sh. on or
before Feb. 1 and at rate of 2H shs. of
com. for each sh. of pref. on or before
March 5.
26
Oct.
Mar.
50c
preferred (quarterly)
preferred (quarterly)
preferred (quarterly)
Loew's. Inc., preferred (quar.)
Loose-Wiles Biscuit Co. 5% pref. (quar.)
Lord & Taylor. 6% 1st pref. (quar.)
Louisville Gas & Electric, class A & B (quar.)
Louisville Henderson & St. Louis RR
Common (semi-ann.)
5% preferred (semi-ann.).
5% preferred (semi-ann
Louisville & Nashville RR. Co
Ludlow Mfg. Assoc. (quarterly)
31
5c
50c
Federal
Preferred
Entire issue called at $103 per sh.
Feb.
25c
—
Feb.
60c
(quar.)
Fairbanks Morse & Co. (quar.)
Preferred (quarterly)
Feb.
July
Nov.
3
15
l'Feb.
1 Feb.
2 Apr. 26
50c
guaranteed (quar.)
Special guaranteed (quarterly)
Special guaranteed (quarterly)
Special quaranteed (quarterly)
Original capital
Original capital
Original capital
Original capital
Loblaw Groceterias, class A & B (quar.)
Lock Joint Pipe Co. (monthly)
Monthly
1
18 Mar.
May
Aug.
$1H
Litt.e Miami RR., special
Optional div. of 44-l,OOOths of a share of com.
or
30c
Liggett & Myers Tobacco com. & com. B (qu.)__
Lincoln National Life Insurance (Ft. Wayne) —
1
1
1
10
Mar.
50c
Mar. 10
1 Mar. 14
$1
30c
Mar. 10
llFeb. 15
Apr.
Mar.
30c
Apr.
Apr.
1K%
Dow Chemical Co. common
Mar.
Life Savers Corp
Feb.
Payable of Record
40c
Lake of the Woods Mining, pref. (quar.).
Lehigh Portland Cement Co. pref. (quar.).
11
11
Holders
When
Per
Share
Name of Company
Payablelof Record
Share
of Company
Holder»
When
Per
Name
Mar.
$2
Mar.
$12*
$1H
Mar.
Feb.
Mar.
Mar. 10
Feb.
Feb.
5
50c
Feb.
Feb.
5
50c
2
60c
May __jMay
Aug. 15 Aug.
50c
Nov. 15 Nov.
40c
Feb.
25c
$2,1
$1H
14
1
1
23 Feb.
10
Mar. 19 Feb.
28
19 Jan.
31
15
Feb.
Mar.
1 Feb.
Financial
1022
Nam$ of
Per
Share
Company
North River InsuranceiCo
—
Northam Warren Corp. conv. pref. (quar.)—_
Northeastern Water & Electric, $4 pref. (quar,)
Mar.
Mar.
19
19
12
Feb.
5
Feb.
5
Feb.
Feb.
3
1
Feb.
15
Feb.
Feb.
15
Mar.
Mar.
15
Mar. 15
Mar. 15
Mar.
Feb.
Apr.
Apr.
Mar. 16
Mar.
Feb.
Jan.
Pender (D.) Grocery class A (quar.)-----
--
Jan.
Feb.
20
15
8
Feb.
10
10
Mar.
Mar.
Feb.
Feb.
Feb.
21
Feb.
21
Mar.
Mar.
Feb.
4
Mar.
Feb.
10
Mar.
Feb.
19
60c
87
^c
40c
Feb.
1
Mar.
Feb.
Feb.
18
Feb.
15
10c
Mar.
Feb.
75c
Apr.
1
Mar. 15
$IH
Feb.
Feb.
5
Feb.
20
—
50c
(quar.)
5>* % preferred (quarterly)
Iivh
Procter & Gamble Co.
(quar.)
50c
Public Service Co. of Colorado,
7% pref. (mo.).. 58 l-3c
6% preferred (monthly)
50c
f
5% preferred (monthly)
412-3c
Public Service Co. of N. J.
(quar.)
65c
8% preferred (quarterly)
$2
7% preferred (quarterly)
$15*
$5 preferred (quarterly)
$15*
6% preferred (monthly)
50c
6% preferred (monthly)
50c
6% preferred (monthly)
50c
Purity Bakeries
15c
Quaker Oats Co. pref. (quar.)
$1H
Quaker State Oil Refining
25c
(quar.)
Quebec Power Co. (quar.)
t25c
Reading Co 1st preferred (quar.)
50c
Regent Knitting Mills, Ltd., pref.
(qu.)
40c
Republic Insurance Co. of Texas
(quar.)
30c
Reynolds (R. J.) Tonacco Co., com. & com. B.
60c
Rich's, Inc., 6V*% pref. (quar.)
$15*
Risdon Mfg. Co
62>*c
Rochester ButtonCo $1
>* pref. (quar.)
37 >*c
Rochester Gas & Electric,
£% pref. (quar.)
b 6% preferred C & D
(quarterly)
$15*
Roeser & Pendleton, Inc.
(quar.)
25c
—
—
—
25c
Rolland
25c
$15*
37
^c
Feb.
Feb.
Mar.
Feb.
Mar.
Feb.
15
Feb.
Jan.
25
Mar.
Mar.
Mar.
Feb.
15
Feb.
15
Feb.
15
Mar.
Mar.
Mar.
Feb.
Mar.
15|Feb. 15
Apr.
Mar. 15
Mar.
Feb.
Feb.
15
Feb.
1
Mar.
Feb.
28
Feb.
Jan.
25
Mar.
Feb.
17
Mar.
Feb.
Feb.
Feb.
15
10
Feb.
Jan.
25
Mar.
Mar.
15
Feb.
Feb.
Mar.
Feb
11
Feb.
11
Apr.
Mar. 10
July
June
Feb.
Feb.
10
5
Mar.
Feb.
15
Mar.
Mar. 10
Feb.
Feb.
15c
$2
P
—
$1?3
43 5* c
Scott Paper Co., common
Scotten Dillon Co
40c
50c
Sears, Roebuck & Co. (quar.)
Second Investors
Corp. (R, I.) $3 pref. (qu.)
Secord (Laura)
75c
75c
75c
Candy Stores, (quar.)
Servel, Inc.
(quarterly)
Preferred
(quarterly)
Preferred (quarterly)
Preferred (quarterly)
Preferred (quarterly)
25c
Feb.
15
15
Mar.
Mar.
Feb.
Apr.
Feb. 16
Mar. 17
& Power
July
June 16
Extra
$15*
"15*
$15*
5*
$15*
Trading
Feb.
Dec. 17
Jan. 25
Feb.
Feb.
Jan.
Feb.
14
Feb.
ShAsffp?' Ppti pA
Sept. 15
20c
(quar.)
Oct.
Jan.
Feb.
Jan.
Feb.
31
Feb.
Feb.
Jan.
17
$1
Ltd., Amer. shs
Sherwin-Williams (quarterly)
Feb.
Preferred
(quarterly)
(Wm.) Brewery (quar.)
$15*
Solvay American Corp., 55*% pref.
(qu.)
Soundvlew Pulp Co.
(quar.)
6 % preferred
(quarterly)
South Bend Lathe Works
(quar.)
South Carolina Power
Co.. $6 1st pref.
South
(qu.)
Feb.
Apr.
Mar. 15
Feb
10
$15*
$15*
30c
375*c
25c
(quar.)._
$45* cum. pref. (qu ).
(Quarterly)
Preferred! (qu ar terl y)
Standard Cap & Seal
(quarterly)
$1.60 preferred
(quarterly)
Feb.
375*c
Sovereign Investors,Sine
Spear & Co., 1st & 2nd pref.
(quar.)
Spencer Kellogg & Sons, Inc.
(quar.)__
Spiegel Inc. preferred (quar.)
Standard Oil Co. of Calif.Extra
Feb.
Feb.
Mar.
25c
_
(quarterly)
Standard Oil Co. of Indiana
(quar.)
15
Mar.
40c
_ -
Extra
Stamford Water (initial,
quar.)
Standard Brands. Inc.,
15
17
25c
5% cumul. partic.
pref. (extra)-6% preferred series B
comm<
common
Feb.
10
$15*
Pittsburgh Water Co.. 5% pref. (s-a.)_
Southeastern Greyhound,
pref. (quar.)
Southern Calif. Edison
Co., Ltd
Southern Canada Power Co.
Southern Pipe Line Co
Feb.
2c
—
—
Mar.
2c
;
25
Feb.
Feb.
15
15
15
Mar.
Mar.
Mar.
1 Feb.
10
5 Feb.
16
Mar.
1 Feb.
50c
Mar.
Mar.
Mar.
$15*
19c
125*c
40c
40c
.
—
Common
(quarterly)
50c
Common (quarterly)
United States Playing Car Co. (quar.)
Extra
United
States
50c
25c
25c
Steel Corp.,
pref. (quar.)
United States Sugar Corp pref. (quar.)..
$15*
$15*
$15*
Preferred (quar.).
Universal Insurance (quar.)
(quarterly)
Mar.
Feb.
Mar.
Feb.
5
Mar.
1
15c
Apr.
Feb.
$15*
June
June
1
Feb. 15
Feb. 15
40c
Mar.
40c
Mar.
18
Mar.
Feb.
10c
Mar.
25c
Mar.
'Feb. 15
15'Feb. 15
15
Feb. 24 Feb. 14
Mar. 24 Feb. 14
Feb. 14 Feb.
1
Feb. 15 Jan. 31
Mar. 19 Feb. 28*
June 20 May 31*
Sept. 20 Aug, 31*
Dec. 20 Nov.
1 Mar.
1 Mar.
Feb. 19 Jan.
Apr.
Apr.
30*
16
16
28
15 Mar. 15
15 June 15
Apr.
July
1 Feb.
19
1 June 15
Mar.
1 Feb.
Mar.
1 Feb.
$1
25c
$15*
$15*
$15*
$15*
$15*
$15*
preferred (quarterly)
preferred (quarterly).
(
$9
Quarterly
Quarterly
Westinghouse Electric & Mfg. Co
...—.—
—
July
Apr.
July
2 Mar. 26
Oct.
3
Apr.
July
2 Mar. 20
Oct.
Feb.
2 June 25
Sept. 24
2 June 25
3
Sept. 24
15
1 Feb.
15
June
1 May 16
1, May 16
50c
Apr.
25c
Feb.
$1
$15*
$15*
50c
$15*
25c
25c
$1
$15*
tin
$15*
$15*
$15*
30c
June
Mar.
1 Mar. 17
15 Feb.
1 Feb.
15
Feb.
19 Feb.
Feb.
19 Feb.
1
Feb.
Feb.
15 Feb.
4
15 Feb.
1
1
Apr. 30 Mar. 31
July 30 June 30
Oct. 31 Sept. 30
Feb. 28 Feb.
8
Feb
28 Feb.
May
1
8
1
Mar.
July
Feb.
Feb" 16"
1 June
15 Jan.
15
Feb.
21
21
Apr.
Apr.
3
1 Mar. 19
1 Mar. 19
15 Jan.
Mar.
1 Feb.
Feb.
Apr.
20c
Feb.
$2
25c
25c
Cumulative preferred (quarterly)
Williamsport Water Co., $6 pref. (quar.)
Wilisted Hosier Co. (quar.)
Extra
11
28 Feb.
$1
Will & Baumer Candle Co., Inc.,
pref
Williams (J. B.) Co. (quar.)
20 July
Oct. 20 Oct. 10
Feb. 20 Feb. 15
Mar. 15 Feb. 25
Feb. 17 Feb. 10
Mar. 15 Feb. 25
Mar. 15 Feb. 25
Mar.
25c
25c
7% preferred
Wheeling Electric, 6% pref. (quar.)
Whitaker Paper (quar.)
7% preferred (quarterly)
White (S. S.) Dental Mfg. (quar.)
Whiteman (Wm.) Co., Inc., 7% pref. (quar.)Whiting Corp
15
15
18
Mar.
1 Feb. 15
Apr. 20 Apr. 11
$15*
$15*
$25*
25c
Preferred
Westminster Paper Co. (semi-ann.I
Westvaco Chlorine Products (quar.)
West Jersey & Seashore RR. (s.-a.)
West Penn Electric Co.
6% preferred
15
1 Feb.
Mar.
$15*
t50c
5% preferred (quarterly)
5% preferred (quarterly)
5% preferred (semi-ann.)
Wayne Pump Co
Wentworth Mfg. Co., preferred (quar.)
Wesson Oil & Snowdrift Co., Inc.—
Convertible preferred (quarterly)
Western Cartridge Co., pref. (quar.)
6% preferred (quarterly)
Western Tablet & Stationery Corp., com
Western Virginia Pulp & Paper Co., pfd. (qu.)_
Westinghouse Air Brakes (quar.)
Apr.
15 Jan.
31
1 Mar. 19
15 Feb.
5
1 Mar. 15
Feb.
15 Feb.
Feb.
4
50c
$15*
50c
Extra
Wool worth
50c
i
(F. W.) Co. (quar.)
Worcester Salt Co., 6% pref. (quar.)
Worthington Pump & Mfg. prior pref. (quar.)_
Conv. prior preferred (quar.)
-Wrigley (Wm.) Jr. Co. (monthly)
Monthly
York Knitting Mills Ltd.7%lst&2d pf.(s.-a.).
—
—
-—
.
Youngs town Steel Door
60c
$15*
$15*
$15*
25c
25c
$35*
25c
15 Feb.
4
Mar.
1 Feb.
21
May
May
Aug.
Aug.
2
Apr.
2 Apr.
1 July
1 July
15
15
15
15
Nov.
$15*
$15*
Quarterly
*
15
2 Feb.
Quarterly
Mar.
1 Mar. 15
Mar.
10c
Extra
40c
1 Feb.
Apr.
Mar
1 Feb. 15
1 Mar. 15
Apr.
Apr. 10 Mar. 21
July
20c
Walker (H.)-Gooderham & Worts
Preferrred (quarterly)
Waltham Watch Co., 0% pref. (quar.)
Jan.
Mar.
Mar.
$15*
$15*
$15*
Wailuku Sugar Co
Walgreen Co. $4)* pref. (quar.)
Walker & Co.. $21* class A
20
Mar. 31 Feb. 28
Mar. 31 Feb. 28
Mar.
1 Feb. 15
1 Mar. 15
Apr.
10c
(quar.)
Washington Ry. & Electric
5
5
1 Feb. 10
25c
Extra
6%
Apr. 15
$2
50c
Virginia Coal & Iron Co. (quar.)
Vogt Mfg. Corp
Vulcan Detinnlng pref. (quar.)
Preferred (quarterly)
Preferred
1
25c
60c
Vanadium-Alloys Steel Co
Vermont & Boston Telegraph Co
Vick Chemical Co. (quar.)
Mar. 19
Feb. 19
40c
11
15 Feb.
15 Feb.
Jan.
$15*
15
1 Feb.
Feb.
Feb.
Feb.
Feb. 15*
Jan. 31
Feb. 15
Feb. 23
Mar.
1
15
1 Feb.
Mar.
50c
Engineering & Foundry Co. (quar.)
Preferred (quarterly)
$15*
Corp., $7 pref. (quar.).
$15*
United Gas Improvement (quar.)..
25c
$5 preferred (quarterly).
$i5*
UnVted Light & Rys., 7% pref. (mo.),
581-3C
ireferred (monthly)
581-3C
preferred (monthly)
53c
6.36% preferred (monthly)
53c
60c
6% preferred (monthly)
6% preferred (monthly)..
50c
United New Jersey RR. & Canal (quar.)
$25*
United Printers & Publishers, cum. preferred.—
t$l
Cumulative preferred
$1
United Shoe Machine (special)
$15*
United States Electric Light & Power Shares, B
4c
United States Pipe & Foundry Co., com. (quar.)
50c
Common (quarterly)
50c
Apr.
Mar.
1
18 Feb.
Mar.
Mar.
United
19
Mar.
Feb.
11
15
1 Feb. 15
1 Feb. 15
1 Feb. 24
Mar.
Feb.
31
1 Feb.
United Gas
20
15c
lc
15 Jan.
Feb.
Feb.
$15*
25c
Feb.
38c
Jan.
31
1 Feb. 21
1 Feb.
8
Mar.
15 Mar. 21
15 June 30
15 Jan. 31
Feb.
20c
$15*
Mar.
May
Mar.
Mar.
Feb.
Apr.
15
Apr.
July
2
Mar.
1 Feb.
Mar.
1 Mar. 15
1 Feb. 15
1 Mar. 15
15c
Feb.
5
1 Mar. 15
Mar.
Apr.
20c
Mar. 10
Mar. 10
1
31
$15*
Apr.
Apr.
Apr.
Apr.
Apr.
11
Apr.
Jan.
1 Mar. 15
1 Mar. 15
1 Mar. 15
581-3 c
United Bond & Share Ltd., common
Common
United Corp. Ltd., $11* class A (quar.).
Feb.
Mar.
Feb.
Feb.
Apr.
Apr.
Apr.
412-3 c
Prior preferred
Feb.
Feb.
1
25c
United Biscuit Co. of America (quar.)
Preferred (quarterly)
1
Feb.
Mar.
Feb. 19
Feb. 19
Jan. 31
25c
(quar.)
1
21
Mar.
Mar.
$15*
6% preferred (monthly)
5% preferred (monthly)
Feb.
Feb.
5c
15
10c
Prior preferred fquar.)
Prior preferred (quar.)
Mar.
Mar.
Mar.
90c
Timken Roller Bearing Co
Toledo Edison Co., 7% pref. (mo.)
15
5c
Shawinigan Water
Coal & Oil Co. (quar.)
Thatcher Mfg. Co., conv. preferred
Tide Water Assoc.
Oil (quar.)
Tide Water Power Co., $0 pref. (quar.)
6%
Mar. 10
Mar.
$15*
Texas Pacific
31
Mar. 10
Mar. 10
Feb.
25c
60c
7% preferred (quarterly)
19
Feb.
25c
(quarterly)
E 7% debenture C (quarterly)
6 5* % debenture D
(quarterly)
r
6% preferred (semi-ann.)
Savannah Gas Co.,
7% pref. (quar.)
5
Mar.
Mar.
25c
Savannah Electric &
Power, 8% deb. A (quar.).
7 5* % debenture B
1
8
Mar.
Texas-New Mexico Utilities Co.—
15
Mar. 15'Feb. 15
Feb. 15|Jan. 28
Feb. 15
Mar.
25 Jan.
Mar.
Feb.
Feb.
Feb.
62>*c
15
Mar.
50c
60c
21
Feb. 25
Feb. 28
Apr.
4
50c
Feb.
Mar.
Mar.
Feb. 25
Feb. 10
25
50c
(monthly)
7.2% 1st preferred (monthly)
7.2% 1st preferred (monthly)
Mar.
Mar.
$1H
685*c
Mar.
i\n
Union Tank Car Co.
Mar.
25c
$1.80
(monthly)
5
50c
25c
Rustless Iron & Steel, preferred
(quar.)
Saco-Lowell Shops, new (initial)
PlConv. preferred class A&B
(quar.)
San Carlos Milling
Co., Ltd
1st preferred
1st preferred
6
$1H
—
6%
6%
Feb.
55c
10
Feb.
Jan.
$1 J*
5% 1st preferred (quarterly)
6% 1st preferred (quarterly)
7% 1st preferred (quarterly)
7.2% 1st preferred (quarterly)
Feb.
$15*
Feb.
Feb.
$15*
Feb.
19
Feb.
Mar.
Feb.
56c
(quar.)——
Feb.
S1H
■
Electric Co, (quarterly).
Preferred A
75c
Mar.
Jan. 29
Jan. 31
Feb. 15*
Feb. 16
5c
$15*
87 lAc
Peoples Telep. Corp., 0% pref. (quar.).,
$5 H preferred (quar.)
Portland & Ogdensburg Ry., gtd. com.
(qu.)
Potomac Electric Power Co., 0% pref.
Tampa
17
17
(quarterly)
Holders
Tennessee Electric Power Co.,
7
Feb.
Feb.
$1 /*
Extra
31
,l2*c
Phillips Petroleum Co
Philadelphia Co. 6% pref. (s.-a.)
Philadelphia Germantown & Norristown
Philadelphia Insulated Wire (s.-a.)
Phoenix Hosiery, 7% 1st pref.
(quar.)
Pi lis bury Flour Mills
(quar.)
Pltney-Bowes Postage Meter (quarterly)
Pittsburgh Bessemer & Lake Erie RR. (s.-a.)
Pittsburgh Suburban Water Service Co.—
Preferred
Sunray Oil Corp., preferred (quar.)
Swift International Co., Ltd., dep. ctfs. (qu.)
Sylvania Industrial Corp.--Sylvanite Gold Mines. Ltd. (quar.
29
Feb.
12Mc
—
Trane Co., $6 preferred (quarterly)
Trustee Standard Oil Shares, series B, bearer—
Union Bag & Paper
(monthly)
Quarterly
Paper Co
Preferred (quarterly)
Roos Bros., Inc.
(Dela.) (quar.)
Royalty Income Shares, series A
31
Feb.
Peninsular Telephone Co.
7% preferred (quar.).
Penmans. Ltd. (quar.)
Penn State Water Corp., $7
pref. (quar.)———
Pennsyivanla Power Co., $0.00 pref.
$0 preferred (quar.)
Petroleum Oil & Gas Co. (semi-aim.)
Jan.
Jan.
Mar.
40c
Jan.
Feb.
Preferred (quarterly).
Mar.
1
Feb.
Mar.
ParkersburgIRig{& Reel (quar.)
Mar.
Feb.
—
Feb.
Feb.
95
4
Feb.
Feb.
Feb.
Pacuhau Sugar Plantation Co. (mo.)
Parker Pen Co.
(quarterly)
—--Parker Rust-Proof Co. common ($2 J* par)
Common (no par)
(quar.)
—Payable at such time as said stock Is turned
in for exchange into $2)*
par com. stock
25c
18
Feb.
Mar.
(quar.)
5p* % pref. (quar.)
% preferred (quarterly)
Pacific
Lighting^Corp. (quar.)
31**c
Sterling Products Inc. (quar.)
Storkline Furniture (quar.)_
Stromberg-Carlson Telep. Mfg. pref. (quar.)__
Struthers Wells-Titusville Corp. pref. (quar.)
Super Mold
Sun Oil Co. (quarterly)
18
Feb.
Feb.
0
8tanley Works (New Britain) preferred (quar.)_
1938
Payable I of Record
Stein (A.) & Co
31
Feb.
Mar.
12.
When
Share
15
Mar.
.
Per
Name of Company
19
Mar.
Pacific Fire Insurance
Pacific Gas & Electric
Extra-
Feb.
Mar.
.
Simon
Feb.
Feb.
Mar.
preferred (quarterly)
Oswego & Syracuse RK (s.-a.)..
Otis Steel, pref. (quar.)
Owens Illinois Glass Co
Shell Transport &
10
Feb.
Ontario Mfg. Co
Ontario Steel Products, pref. (quar.)
Oshkosh B'Gosh. Inc. (quar.)
conv.
Feb. 25
Feb. 15
Feb.
Mar.
Mar.
Mar.
Feb.
Feb.
Mar.
Feb.
Holders
Payable of Record
Mar.
Northwestern Public Service, 7% pref. (quar.).
0% preferred (quarterly)
.
Nova Scotia Light & Power pref. (quar.)
Oahu Sugar, Ltd. (monthly)
Occidental Insurance Co. (quar.)..
Ohio Power Co., 0% pref. (quar.)
...
Ohio Public Service Co. 5>* % 1st pref. (quar.)—
7% preferred (monthly)
0% preferred (monthly)
5% preferred (monthly)
Ohio Water Service Co., cumul. class A
Oklahoma Natural Gas, prior pref. (quar.)
Okonite Co., 0% preferred (quar.)
Omnibus Corp. preferred (quar.)
12
When
Chronicle
1 Oct.
15
Nov.
1 Oct. 15
Mar.
1 Feb. 10
Feb. 15 Feb.
5
Mar. 15 Mar. 4
Mar. 15 Mar.
4
Mar.
Apr.
Feb.
1 Feb.
19
1 Mar. 19
15 Feb.
Mar. 15 Mar.
12
1
Transfer books not closed for this dividend,
t On account of accumulated dividends.
J Payable in Canadian funds, and in the case of non-residents of Canada,
reduction of a tax of 5% of the amount of such dividend will be made.
*
*
in
date last year:
Time
Deposits,
Average
9,
Average
1938 Feb.
$
As jell—
Bank olN YA Trust Co
6,000,000
Bank of Manhattan Co-
20,000,000
National City Bank
77,500,000
Chem Bank <fc Trust Co.
20,000,000
147,015,000
13,372,700
476,161,000
25,862,300
158,834,500 al,441,174,000
443,008,000
54,625,900
Guaranty Trust Co
90,000,000
42,419,500
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
181,690,100 61,290,360,000
465,298,000
45,129,300
704,718,000
70,476.200
244,777,000
18,052,000
445,779,000
108,207,600
457,966,000
61,732,200
36,967,000
4,158,700
100,270,000
131,390,700 cl ,878,468,000
50,764,000
3,660,300
<2735,082,000
76,932,400
13,065,000
1,265,200
100,846,000
9,021,000
267,632,000
27,798,700
74,930,000
8,154,000
79,259,000
8.949,900
11,498,000
36,079,000
174,263,000
9,863.000
57,708.000
95,760,000
54,465,000
24,925,000
2,527,000
7.183,000
9,771,000
48,168.000
2,541,000
34,378,000
2,800,000
10,214,000
33,571,000
3,583,000
53,473,000
9,353,269,000
from
3,718,208,000 3,756,357,000 3,579,245,000
672.770,000
Manufacturers Trust Co
Cent Hanover Bk<fcTr Co
Corn Exch Bank Tr Co.
Flret National Bank
Irving Trust Co
Continental Bk & Tr Co
Chase National Bank
500,000
Fifth Avenue Bank
25,000,000
10,000,000
5.000.000
Bankers Trust Co
Title Guar & Trust Co..
Marine Midland Tr Co..
12,500,000
7,000,000
7,000,000
New York Trust Co
Comm'l Nat Bk & Tr Co
Publlo Nat Bk <fe Tr Co.
909,313,700
523,189,500
Totals
United States Treasury.*
;
1,588,000
90,877,000
1,399,000
97,792,000
Redemption fund—F. R. notes
Other cash t
1,712,000
69,198,000
3,817,399,000 3.848,822,000 3,650,155,000
Total reserves.
Bills discounted:
Secured
S. Govt, obligations,
U.
by
2,736,000
531,000
2,772,000
341,000
1,366,000
203,000
3,267,000
3,113,000
1,569,000
214,000
4,381,000
214,000
4,282,000
1,094,000
5,878,000
207,551,000
337,531,000
194,472,000
209,858,000
338,108,000
191,588,000
133,723,000
359,627,000
158,910,000
739,554,000
739,554,000
652,260,000
747,416,000
747,163,000
660,801,000
65,000
5,004,000
112,891,000
9,956,000
12,664,000
65,000
5,423,000
129,321,000
9,956,000
12,322,000
direct or fully guaranteed
Other bills discounted
Total
bills
discounted
Bills bought In open market
Industrial advances
United States Government
securities:
Bonds
.
Treasury notes
Treasury bills
Total U 8. Government securities.
National, Dec. 31, 1937; State, Dec. 31, 1937; trust
companies, Dec. 31, 1937.
a: As of Jan. 4, 1938.
Includes deposits in foreign branches as follows:
a $280,245,000; 6 $91,823,000;
c $116,282,000; d $39,885,000.
As
Feb. 10,1937
$
$
Gold certificates on hand and due
*
1938
2,
Deposits,
Profits
Members
Bank of
Feb.
Net Demand
Surplus and
Undivided
Capital
of the Federal Reserve
business Feb. 9, 1938,
comparison with the previous week and the corresponding
The following shows the condition
New York at the close of
statement issued by the New York City
Clearing House is given in full below:
STATMENT OF MEMBERS OF THE NEW YORK CLEARING HOUSE
ASSOCIATION FOR THE WEEK ENDED SATURDAY, FEB. 5, 1938
Clearing House
York
New
weekly
The
Bank of
Condition of the Federal Reserve
York^City
Weekly Return of the New
Clearing House
1023
Chronicle
Financial
146
Volume
.
official reports:
per
Total bills and securities..
Due from foreign banks
regularly each week
returns of a number of banks and trust companies which
are not members of the New York Clearing House.
The
following are the figures for the week ended Feb. 4:
York "Times" published
The New
CLEARING HOUSE WITH THE
WEEK ENDED FRIDAY, FEB.
IN
NOT
INSTITUTIONS
NATIONAL
AND STATE
banks...
Uncollected Items
Bank premises
Ail other assets..
CLOSING OF
85,000
6,478,000
133,035,000
10,138,000
10,893,000
4,705,395,000 4,753,072,000 4,471,585,000
Total assets
4, 1938
BANKS—AVERAGE FIGURES
FOR THE
BUSINESS
Federal Reserve notes of other
Liabilities—
879,481,000
917,680,000
905,077,000
circulation
3,323,310,000 3,132,757,000
Deposits—Member bank reserve acc't.. 3,242,435,000
31,448,000
23,042,000
35,660,000
U. S. Treasurer—General account
37,243,000
56,293,000
55,020,000
Foreign bank..
140,043,000
188,747,000
239,480,000
Other deposits
F. R. notes in actual
Including
Bank Notes
Sterling National
Trade Bank ofN Y_.
Brooklyn—
Lafayette National..
People's National...
2,740,400
4,239,000
254,546
26,699,000
1,488,336
909,213
737,000
461,000
7,697,331
5,479,000
Lawyers
United States
Trust Cos.
Deposits
$
$
$
2,938,000
1,614,317
3,686,300
2,313,330
13,887,400
1,490,032
3,816,217
611,900
80,998,000
32,143,433
Kings County
*
Includes amount with Federal
68,409,000
10.878,054
20,149
15,120,125
23,655,900
41,869,300
75,870,881
40,490,000
13,509,722
61,000 117,045,000
41,821,488
818,200
of
total
to
Industrial
make
85.3%
t "Other cash" does not
Reserve bant notes.
*
494,000
4,575,000
ad¬
include Federal Reserve notes or a
from the Reserve
given by the United States Treasury for the gold taken
banks when the dollar was, on Jan. 31, 1934, devalued from
59.06 cents, these certificates being worth less to the
difference, the difference Itself having been appropriated as profit by
under the provisions of the Gold Reserve Act of 1934.
Lawyers, $14,762,000.
8,216,000
bank's own Federal
These are certificates
over
Empire, $5,921,500; Fidu¬
86.5%
85.4%
403,000
vances
100
129,122,000
51,330,000
51,474,000
7,744,000
9,260,000
1,683,000
to
reserve
4,442,000
Commitments
13,767,343
377.300
Reserve as follows:
ciary. $946,837; Fulton, $6,085,600;
deposit and
F. R. note liabilities combined
Contingent liability on bills purchased
for foreign correspondents
Ratio
123,531,000
50,973,000
51,943,000
7,744,000
8,210,000
1,599,000
4,705,395,000 4,753,072,000 4,471,585,000
Total liabilities
Elsewhere
$
Y. and
Brooklyn—
Brooklyn
Surplus (Section 13b)
Reserve for contingencies
Gross
N.
53,152,400 *8,009,800
196,936
8,859,689
*1,312,700
11,300,725
20,791,000 *6,405,700
27,788,400 *15,538,100
71,380,032 19,214,956
Fulton
Surplus (Section 7)
All other liabilities
Dep. Other
Banks and
Res. Dep.,
Cash
Investments
Fiduciary
6,283,885
COMPANIES—AVERAGE FIGURES
$
107,626,000
50,961,000
51,943,000
7,744,000
8,210,000
1,339,000
Deferred availability Items
Capital paid In
Loans,
Empire
3,572,595,000 3,591,392,000 3,341,491,000
Total deposits
27,220,600
6,331,000
2,916,540
264,541
96,000
4,998,000
Disc, and
Federation
S
$
$
6,954,700
450,000
247,164
5,961,371
Manhattan—
Deposits
107,900
21,245,500
19,163,000
3,986,761
TRUST
Gross
Trust Cos.
Elsewhere
S
$
Manhattan—
,
Dep. Other
Banks and
,
Y. and
N.
Disc, and
Investments
Grace National.
Res. Dep
Other Cash,
Loans,
cents to
extent of the
the Treasury
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 Board of Governors of
the Federal Reserve System upon the figures for the latest week appears in our department of ''Current Events and Discussions",
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Weekly Return for the
Member Banks of the Federal Reserve
resources
of May 19, 1937, various changes were made in
the Federal Reserve Bank of New York of April 20,
Commencing with1 the statement
the breakdown of loank as
reported in this statement, which were
1937, as follows;
classification of loans and discounts. This classification has been changed primarily to show
and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement it was made known that the new items "commercial, industrial, and agricultural loans" and "other
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 an announcement of
the
The changes in the report form are confined to the
amounts of (1) commercial, industrial and agricultural loans,
loans*
$
Commercial, Indus, and
1,805
629
553
2,964
699
245
291
317
3,707
455
943
631
Open market paper..
Loans to brokers and dealers.
2,100
1,022
10
40
48
14
12
17
235
46
50
37
48
566
318
96
521
140
234
149
149
1,594
157
145
252
188
27
13
48
2
82
4
18
16
11
3
3
6
4
19
22
4
617
43
25
15
87
12
15
38
17
13
35
21
617
34
285
174
27
21
59
30
47
84
233
87
1,161
2
2
25
46
11
39
14
.
r 57
t372
1
37
4
7
4
2
4
65
securities.....
Loans to banks
Other loans:
58
263
50
123
29
2
II#
13
12
74
10
106
53
28
36
255
58
51
29
55
42
59
813
41
and unsecured..
227
173
obligations
U. 8. Govt.
308
1,441
162
3,337
288
194
429
155
8,165
1,141
2,947
5,674
188
31
128
33
14
45
35
47
392
94
39
52
288
74
115
61
144
71
161
113
322
105
804
714
On securities
United States Government
Obligations fully guar, by
Other securities
20
447
92
789
61
134
1,180
262
256
323
2,922
246
333
130
.
662
18
11
9
34
10
5
63
16
10
35
16
50
277
217
178
219
132
72
145
197
122
139
356
123
110
2,010
Federal Reserve Bank..
Cash in vault
Balances with
237
3,828
carrying
Real estate loans
Otherwise secured
263
171
493
762
unsecured..
Other loans for purchasing or
650
386
455
.........
Otherwise secured and
16
22
27
201
467
396
878
145
128
1,030
14
21
58
340
188
237
561
82
102
93
77
37
1,276
35
23
782
1,019
2,149
247
6,401
409
399
994
323
14,464
197
183
122
1,064
745
184
264
277
886
5,225
domestic banks
Other assets—net
2
27
354
18
12
8
23
85
639
17
210
197
759
263
115
7
"7
3
"""314
56
92
329
LIABILITIES
Demand
S
8,671
1,117
652
1,214
agricul. loans:
On securities
San Fran.
Dallas
$
8,981
investments—total
FEB. 2, 1938, (In Millions of Dollars)
Minneap, Kan. City
St. Louis
Chicago
Atlanta
21,234
Loans—total
Reserve with
LEADING CITIES BY DISTRICTS, ON
Cleveland Richmond
PMla.
$
%
ASSETS
New York
Boston
Total
Federal Reserve Districts—
Loans and
REPORTING MEMBER BANKS IN 101
LIABILITIES OF WEEKLY
ASSETS AND
deposits—adjusted
Time deposits
United States Government
deposits._
Inter-bank deposits:
5,316
Domestic banks
Foreign banks
Borrowings
Other liabilities
Capital account
•-
216
2,193
276
322
417
9
380
4
1
1
2
787
'"""23
""348
""17
16
3,621
239
1,616
227
349
1
18
88
363
14
1
7
1
5
I
90l
Financial
1024
Chronicle
Feb.
12,
193s
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the twelve Reserve banks at the close of business
for the System as a whole
week last year.
Reserve Agents
returns
Wednesday.
on
Thursday afternoon, Feb. 10,
The first table presents the results
in comparison with the figures for the eight preceding weeks and with those
The second table shows the
Reserve note statement
on
resources
of the
corresponding
and liabilities separately for each of the twelve banks.
The Federal
(third table following) gives details regarding transactions in Federal Reserve
and the Federal Reserve banks.
notes between the
The comments of the Board of Governors of the Federal Reserve System
upon
the
for the latest week appear in our department of "Current Events and Discussions
COMBINED RESOURCES AND LIABILITIES OF THE
FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS Feb.
9, 1938
Thru ciphers (000) omitted
ASSETS
Gold ctfs.
on
hand and due from U. 8. Treas.x
Redemption fund (Federal Reserve notes)
Other cash »
Total reserves—
Bills discounted:
Secured
direct
by
or
S. Government obligations,
U.
fully guaranteed
Other bills discounted
-
—
Total bills discounted
11,215
Bills bought In open market
Industrial advances
United States Government securities—Bonds.,
Treasury notes
Treasury bills
...
Total U. S. Government securities
Other
...
securities
Foreign loans
on
gold
Total bills and securities
Gold held abroad
Due from foreign banks
Federal Reserve notes of other banks..
Uncollected Items
Bank
premises
All other assets
Total assets
LIABILITIES
Federal Reserve notes In actual circulation
4,283,385
Deposits—Member banks'
Foreign banks
Other
deposits
4,293,307
6,982,752
139,604
172,634
239,983
reserve account
United States Treasurer—General account..
6,884,407
231,540
216.438
202,583
Total deposits..
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies....
AH other liabilities
Total liabilities
Ratio of total reserves to deposits and
Federal
Reserve note liabilities combined
.....
Contingent
foreign
liability
bills
on
purchased
Commitments
80.2%
80.2%
for
correspondents..
1,122
to make Industrial advances...
Maturity Distribution of Bills and
Short-term Securities—
l-l 5 days bills
discounted.....
16-30 days bills discounted....
1,379
13,149
13,369
...
.......
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills
discounted............
.........
Total bills discounted
1-15 days bills bought
16-30 days bills bought
31-60 days bills bought
61-90 days bills bought
In open market
In open market....
In open market....
in open market
Over 90 days bills bought In
open market.
Total bills bought 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.........
Total
Industrial
1-15 days U. 8.
16-30 days U. 8.
31-60 days U. 8.
61-90 days U. 8.
advances.............
Government
Government
Government
Government
securities
securities
...
...
securities
...
securities
...
Over 90 days U. 8.
Government securities.
Total U. 8. Government
securities......
1-15 days other securities
16-30 days other
securities.....
I.IIII!
31-60 days other
securities......IIIIIIH]
61-90 days other securities
"IIIIIII
Over 90 days other
securities..1111111111!
Total other securities
Federal Reserve Notes—
"
Held><bv°^u*r^1R^fJZf Bank
an£
Dy federal Reserve
ueia
F. R. Agent
Collateral Held by Agent as
Notes Issued to Bank—
"Other
4,537,632
4,536,632
~
4,516,887
361,615
4,587,496
397,362
4,623,282
365,436
4.683.094
369,986
4,119,084
4,155,272
4.190,134
4,257,846
4.869,198
399,709
4.283.385
4,346,383
4,293.307
4,165,838
4,730,632
15.H8
not
Include
Federal
4,671,132
4,685,632
9-907
4,735,132
33,000
4.569,632
10-159
33,000
4,606,632
9-936
9,472
33,000
9.998
25,000
9,538
25,000
11,950
25.000
4,572.568
does
"
4,709.922
363,539
25,000
Government securities
cash"
4,137,756
4,489,070
,
375.891
4,487,216
•
321,378
~
Treas..
Total collateral.
•
337,031
Security for
RvIpi»^/hi«0nOh^d and due from U. 8.
a states
4,474,787
349,595
In actual circulation
4,474,679
4,125,104
n
4,579,539
4,612,791
4,649,104
4,720,170
4,772,082
Reserve
notes,
t
Revised
figure.
4,706,13ol
4,705,632
4,492,132
20.000
14,801
20,000
87,000
4,765,750
4,740.433
4,581,522
2,39*
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 taelf having been appropriated as profit by the Treasuor under
orvivjtuuLM of cne Gold Reserve
Act of
x
1934,
OF RESOURCES AND
WEEKLY STATEMENT
hand
on
due
and
675,040
468
496
26,471
13,801
1,084
41,533
184,971
717,657
245
729
370
16,626
10,266
187,841
294,928
489,429 3,718.208
626
1,399
97,792
46,713
475,614
1,295
33,683
624,018
924
979
37,923
29,364
510,592
662,865
306,586
249,122 1,799,418
295,683
387
329
429
65
87
147
46
1,877
78
2,736
307
164
609
37
702
182
176
803
159
531
2
93
•
9,563,830
Total reserves
170,674
267,989
177,205
278,328
225,342 1,738,007
413
1,400
60,998
22,380
1,024
10,183
437,550
*
1
I
1
%
536,768 3,817,399
9,116,097
from United States Treasury
Redemption fund—Fed. Res. notes..
Other cash
%
$
San Fran.
Dallas
Minneap. Kan. Citg
St. Louis
J
%
%
%
%
S
I
RESOURCES
certificates
Gold
Chicago
Atlanta
Cleveland Richmond
PMla.
New York
Boston
Total
OF BUSINESS Feb. 9. I93«
THE 12 FEDERAL RESERVE BANKS AT CLOSE
LIABILITIES OF EACH OF
(000) Omitted
Federal Reserve Agent at—
System (Concluded)
of Governors of the Federal Reserve
Weekly Return of the Board
Three Ciphers
1025
Financial Chronicle
146
Volume
493
1,038
102
89
237
849
228
421
276,243
Bills discounted:
8ecured by U. S. Govt, obligations,
direct and (or) fully
7,450
3,765
guaranteed..
Other bills discounted
11,215
1,117
3,267
2,680
694
19
68
16
39
50
16
56
2
214
3
41
24
548
998
688
202
*475
17,625
719,573
1,170,213
674,229
1,727
38,251
933
27,999
45,533
26,235
1,475
60,571
98,507
56,754
49,498
3,425
59,387
96,578
55.645
570
4,381
207,550
337,532
194,472
124
2,627
188,239
739,554
211,610
Total bills discounted
Bills bought In open market
Industrial advances
.
U. S. Government securities—Bonds.
Treasury notes
Treasury bills
.
..
99,767
215,832
114,772
133,443
100,944
217,767
283,248
108,642
6
21
2
2
5
5
12
7
1,393
41,805
2,755
61,967
2,114
1,679
4,579
4,016
1,486
1,502
1,392
25,233
3,148
1,960
571
20,507
1,361
22,318
2,336
1,656
967
335
2,144
3,575
27,962
3,338
438,128
288,583
460,109
37,240
4,815
4,107
Deferred availability Items
479,882
Capital paid In
133,131
147,739
27,683
33,109
5,462
7)
Reserve for contingencies
liabilities.-..
1,122
13,149
Commitments to make Indus, ad vs..
does not Include Federal
419,463
196,828
154,046
967,035
177,979
135,538
165,559
81,749
335,686
309,988
181,232 1,013 929
47.324
7,567
210,601
4,072
120,462
183,191
555,636
18,260
4,603
239,153
15,126
4,450
376,427
3,234
446,678
14,432
223,567
15,038
411,397 3,242,435
35,660
7,893
14,117
6,598
55,021
239,479
977
3,551
478,778
240,672
8,210
1,339
488
131,299
258,960
194,056
585,510
24,285
3,889
4,667
12,251
1,215
934
24,193
3,930
3,892
1,270
1,776
28,363
10,102
3,153
1,001
1,943
25,538
4,127
3,613
1,142
4,964
3,409
1,401
1,603
63,611
13,023
22,387
1,429
7,312
450
588
191
499
236
158
382
230
384,214 2,156,004
438,128
288,583
460,109
311,024
973,969
46,409
13,154
14,323
1,007
3,177
41,211
4,917
474
730
493,632
775,337
976,785
403
110
103
48
39
1,491
4,442
136
1,483
1,576
2,899
545
330
New York
Boston
34
26
32
32
8
430
41
99
269
2,85
Minneap.
134
Atlanta
St. Louis
S
$
$
S
8
Chicago
$
Cleveland Richmond
Kan. City
5
192,824
14,845
140,294
4,756
173,985
8,426
91,835
10,086
381,052
26,603
165,559
81,749
335,686
177,000
93,500
404,000
829
224
407
177,829
93,724
404,407
27,822
11,673
905,077
309,988
419,463
196,828
154,046
967,035
177,979
135,538
276,156
337,000
2,122
452,000
209,000
161,000
196,632
136,500
341,000 1,035,000
3,198
1,075
995,000
4,537,632
400
490
811
92
87
342,075' 1,038,198'
339,122
349,595
336,060
26,072
208,501
447.285
$
993,638
4,125,104
313,667 1,021.413
116,336
37,511
San Fran,
Dallas
$
S
174,145
20,099
4,474,699
Bank
actual circulation
2,000
RESERVE NOTE STATEMENT
PMla.
$
%
$
Held by Federal Reserve
9,805
2,121
Reserve notes.
Total
Issued to F. R. Bank by F. R. Agent
12,707
6,081
81
Omitted
Federal Reserve notes:
2,873
20,197
4,448
5,626
427
7,744
10,895
231
225,347
2,944
37,088
12,281
13,466
4,411
2,000
107,526
50,961
51,943
49,210
9,400
9,900
2,874
1,448
6,272
4,450
1,106
5,371
3,100
395,676
3,542
3,743
3,529
3,565
197,114 1,080,619
7,407
11,048
FEDERAL
Federal Reserve Bant of—
973,969
905,077
Contingent liability on bills purchased
for foreign correspondents
3,658
311,024
493,632
783,541 4,705,395
12,746,721
Total liabilities
1,275
1,558
976,785
3,727
7,794,701
Surplus (Section 13-B)
12,730
775,337
434,065 3,572.595
280,341
Total deposits
2,606
384,214 2,156,004
276,156
153,380
deposits
2,694
21,700
783,541 4,705,395
7,204,708
bank
1,344
46,860
6,203
4,717
795
5,004
112,891
9,956
12,664
48,724
2,996
2,681
Foreign
held
132,103
84,055
138,541
156,272
Collateral
83,246
16
U. S. Treasurer—General account.
In
114,478
254,780
4,125,104
Member bank reserve account
Three Ciphers (000)
282,390
17
12,746,721
"Other cash"
107,461
217,771
Deposits:
*
136,297
65
.
resources
other
253,038
21,636
479,937
44,940
42,804
F. R, notes In actual circulation
All
37,074
60,291
34,738
747,416
resources
(Section
37,993
21,890
13
LIABILITIES
Surplus
30,103
192,024
premises
Other
23,363
28,258
79,251
128,882
74,257
52,247
35,841
71,013
115,487
171
Fed. Res. notes of oth^r banks
Uncollected items
1.
Total
30,158
49.045
32,128
62,205
66,538
'
2,593,403
Total bills and securities.
Due from foreign banks.
All other
85,913
2,564,015
Total U. S. Govt, securities
Bank
52,828
45,366
Agent as security
to banks:
by
for note? Issued
Gold
certificates
on
hand and due
from United States Treasury
9,936
Eligible paper.
4.572,568
Total collateral
20,000
25,000
U. S. Government securities
462,400
181,811
209,490
995,092
Transactions
United
States
York Stock
Government
Securities
on
the New
Exchange—See following page.
United States Treasury
Bills—Friday, Feb. 11
Bid
Quotations of
Feb. 5
Francs
0.12%
0.12%
May
11 1938
May
18 1938
0.12%
June
0.12%
0.12%
June
81938
June
15 1938
0.12%
0.12%
April 20 1938-...
April 27 1938
0.12%
0.12%
4 1938
May
0.12%
0.12%
16 1938
Feb.
23 1938
Mar.
Mar. 16 17 18&19
1938
Mar. 23 1938
Mar. 30 1938
April
6 1938
April 13 1938
June 22 1938
June 29 1938
0.12%
Cie Generale
July
6 1938
July
13 1938.
0.12%
0.12%
201938
0.12%
May 25 1938
11938
Treasury Notes—Friday,
a
32ds of
du Nord
du Littoral..
Capital
Maturity
Bid
Asked
Rate
Maturity
Asked
Rentes
151938...
Dec. 15 1941...
1
101.4
101.6
Mar. 15 1940...
1M%
101.29
101.31
1 H%
100.25
100.27
Mar. 15 1942...
IH%
102.6
102.8
Sept. 15 1939...
Dec. 15 1939...
1H%
101.16
101.18
Dec.
1 H%
102.7
102.9
1H%
1K%
101.16
101.18
Sept. 15 1942...
June 15 1939...
2%
103.10
103.12
2X%
102.14
102.16
2«%
2K%
101.28
101.30
101.18
101.20
101.5
101.7
15 1942
...
101.6
101.8
1939...
1 H%
101.13
101.15
Sept. 15 1938...
Mar. 15 1941...
1H%
101.17
101.19
June 151938
15 1940...
Dec 415 1940...
1K%
101.21
101.23
1K%
101.20
101.22
June
15 1941
Mar. 15
.......
1917
1918
1932, A
44%. 1932 B
1920
Royal Dutch
Saint Gobain C & C_.._.......
Schneider & Cle
.....
Soclete Francaise Ford
Soclete Generale Fonciere
Society Lyonnalse..
June
Mar. 15 1938...
3%
Soclete
Tublze
Marseillaise
Artificial Silk preferred..
d'Electrlclte
Wagon-Llts..
Union
24,600
589
1,170
34
32
407
413
658
663
665
160
160
213
210
32
160
207
1,180
33
392
435
440
442
1,330
1,360
1,360
1,130
1,160
1,160
262
259
267
267
465
474
475
477
604
m
m
mm
mm
m
m
160
mrnmm
m
m
-
m
1,370
1.170
mm mm
HOLI¬
mm
mm
mm
mm
589
606
1,070
1,080
1,100
1,100
786
796
795
mmmm
755
770
761
mm
364
361
365
22
Rentes 5%.
Dec.
24,600
588
1,170
363
Rentes 4,4%,
Bid
25,700
573
1,150
mm
mmmm
751
Perpetual 3%
Rentes 4%,
Rate
25,900
««
787
Pechlney
Rentes 4%,
Int.
Int.
214
1,130
DAY
Lyon (PLM)
Ry
Orleans Ry 6%
Rentes,
point.
211
1,320
Lyonnalse cap
Liqulde
Pathe
215
205
Nord
Figures after decimal point represent one or more
380
212
170
d'Escompte
Kuhlrnann
Feb. 11
5,900
1,018
380
430
Energie Electrique
Quotations for United States
1,038
650
Lyonnalse
Energie Electrique
L'Alr
6,000
33
Commercial de France..
Eaux des
6,000
370
392
Courrleres
Credit
11
Francs
1,007
556
...
d'Electrlclte
Transatlantlque..
Coraptolr Nationals
Coty S A
Credit
cable
Feb.
5,600
1,130
-
d'Electrlclte
Cle Generale
10
Francs
24,500
Canal de Suez cap
Cle Dlstr
Francs
Feb.
210
Pacific..-
Canadlan
Francs
Feb. 9
374
1'Unlon Parlslenne..
Banque de
Francs
Feb. 8
990
Des Pays Bas
Citroen B
0.12%
9 1938
Banque de Paris et
Feb. 7
5,900
Bank of France
0.12%
2 1938
0.12%
0.12%
0.12%
0.12%
0.12%
0.12%
July
Mar.
BOURSE
representative stocks as received by
Asked
Bid
Asked
Averages—See page 1041.
THE PARIS
quoted are for discount at purchase.
Feb.
141,701
196,719
the New York Stock Exch ange
Yearly—See page 1041.
at
Daily, Weekly and
Stock and Bond
Rates
■
201
5,000
22
23
23
576'
1,120
mm
365
m
m
m
m
m
m
m
m
1,875
1,905
1,933
1,945
69.00
69.10
69.40
69.20
69.60
65.40
65.90
66.50
66.10
66.80
64.25
64.80
65.25
65.00
65.75
71.70
71.80
72.10
71.90
72.50
72.50
72.60
72.90
72.80
73.30
92.70
92.60
93.10
92.80
93.30
5,890
5,980
5,960
5,960
5,950
1,865
1,900
1,933
1,949
925
935
983
985
55
56
60
58
82
81
82
83
1,126
1,130
1,158
1,144
481
484
400
494
108
110
116
112
360
372
378
384
66
67
69
47
mm
m
mm
mm
59
mmmm
Feb.
1026
Stock and Bond Sales—New York Stock
12,
1938
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded
sales in computing the range for the
account Is taken of such
In the day's range, unless they are the only transaction
United States Government Securities
furnish
No
of the day.
year.
on
the New York Stock Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more (62ds of a point.
Below
we
Corporation bonds
a
on
Feb. 7
Feb. 6
Dally Record 'of U. S. Bond Prices
Feb. 8
Feb. 9
117.11
High
117.1C
Low
117.1C
117.6
Close
Treasury
117.16
117.6
Feb.
117.6
1C
117.11
11
Feb.
•Treasury
117.11
117.12
1
5
3
High
107.16
107.16
107.18
107.18
107.22
Low.
107.15
107.16
107.15
107.18
107.22
(High
[Low
[Close
107.16
107.11
107.18
107.18
107.22
Total tales in $1,000 units..
3)4b, 1943-45
i*
Total
3 HB. 1940 68..
102.8
102.7
102.11
102.11
102.8
102.10
102.17
Low.
108.2
108.2
101.4
101.4
101.6
15
99.31
(High
....
108.1
107.30
108.1
101.6
101.4
101.12
100
100.2
100.2
28
99.31
99.31
99.25
99.28
99.29
99.27
99.31
99.30
47
69
46
76
103.2
103.5
103.1
103.1
103.2
103.3
103.4
|
103.1
103.1
103.2
103.5
103.4
59
Total tales in $1,000 unitt
104.11
104.11
104.11
104.15
104.14
104.9
104.7
104.7
104.9
104.12
104.12
104.9
104.7
104.11
104.9
104.12
104.14
34
Total sales in $1,000 units...
27
13
105.24
105.17
105.20
Low.
105.23
105.22
105.17
105.19
3
105.22
105.17
105.20
8
4
-{Low.
lis, 1944-64
Mortgage
104.4
104.3
104.5
9
106
105.31
Federal Farm Mortgage
3s. 1942-47
106
50
104.8
104.8
104.9
104.7
104.9
104.7
104.8
104.9
4
36
103.24
3
103.29
104
103.21
103.20
103.26
103.29
103.21
103.21
103.29
104
7
31
34
Total sales in $1,000 units..
1
104.8
2
103.21
(High
\1 Low.
3s. 1944-49
104.5
14
103.4
29
104.5
104.3
105.17
50
(High
Mortgage
Federal Farm
105.17
105.23
50
I Close
Federal Farm
105.17
Close
Total sales in $1,000 units...
6
103.1
104.9
18
99.31
100.2
10
1 Low.
23^8, 1945
108.6
7
99.31
100.2
103.4
53
105.30
101.4
101.5
99.30
5
High
101.5
60
99.30
15
105.23
101.12
(High
108.5
108
108.1
17
101.5
[Low.
108.6
108.1
108
107.30
Total tales in $1,000 units..
3s, 1946-48
101.15
101.16
11
101.4
3
(High
(High
101.14
101.15
28
101.6
1
Low.
Close
101.10
101.12
5
Total sales in $1,000 unitt...
108.3
Total tales in $1,000 units...
■
101.10
101.13
14
101.6
(Close
108
101.7
101.9
1
[Close
2Hs, 1949-53..
108
Close
101.14
Total tales in $1,000 units...
2Mb, 1956-59
3
Low
3Hs, 1943-47
101.16
1
112.26
112.24
....
108
101.15
112.26
112.21
1
111.5
108.2
101.12
101.14
[Close
Total sales in $1,000 units..
111.5
High
54
101.13
101.12
101.14
13
101.6
112.20
102.17
21
101.6
112.20
111.5
102.11
105
101.6
11
Total tales An $1,000 units.
3b, 1961-66
102.7
102.8
101.6
112.21
11
102.8
102.10
(High
-J Low.
112.24
112.21
Close
2Hs. 1951-64
112.26
112.20
Total tales in $1,000 units..
High
2Hs. 1948-51
2
112.24
(High
1 Low
[Close
|P»4taif (N®'**
117.10
117.8
4
«afe«_|n$ 1.000 units..
4b, 1944-64
117.6
117.6
10 Feb.
Feb.
102.10
102.11
Total tales in $1,000 units...
4Kb. 1947-62
Feb. 9
102.9
102.10
i Low
[ Close
3
Feb. 8
102.10
(High
1
Feb. 7
Feb. 5
Daily Record of U. S. Bond Prices
117.12
10
(High
104
104
103.31
104.2
104.2
104.3
Low.
105.30
105.29
105.31
105.30
\Low.
104
104
103.31
104.2
104.2
104.3
Close
3Hs, 1940-43
105.30
105.29
105.31
105.30
[Close
104
104
103.31
104.2
104.2
104.3
10
Total sales in $1,000 units...
Total tales in $1,000 units
1
2
4
107.2
107.1
106.31
106.31
107.1
106.31
106.31
107.1
106.31
Total tales in $1,000 units...
3
5
1
(High
106.10
3Ks, 1946-49
1
106.9
iLow.
106.6
106.6
[Close
106.6
106.9
Total tales in $1,000 units...
21
High
3 Kb, 1949-52
106.4
Low.
106.4
106.4
106.3
High
107.8
106.3
106.3
Close
Total tales in $1,000 units...
3 Kb. 1941
75
107.8
Low
104.1
103.23
103.27
103.29
103.31
103.24
103.25
103.27
103.29
104.1
27
16
2
3
101.28
101.26
101.28
101.29
102.1
Home Owners' Loan
2Jis, series
107.8
5
101.24
101.26
101.26
101.31
101.26
101.25
101.28
101.29
102.1
Total sales in $1,000 units...
91
8
10
5
53
101.18
101.19
101.17
101.18
101.22
101.24
101.18
101.14
101.14
101.18
101.18
101.22
101.18
101.15
101.17
101.18
101.22
101.24
37
150
1
Home Owners' Loan
2 lis, 1942-44
107.12
107.8
107.9
101.24
[Close
107,9
107.8
(High
B, 1939-49..] Low.
(High
•{ Low.
107.12
[Close
5
3
8
Total tales in $1,000 units...
107.15
107 20
2
103.29
103.24
107.16
107.18
107.16
107.19
107.9
lLow.
107.17
107.13
107.14
107.15
107.16
107.16
I Close
107.20
107.13
107.16
107.15
107.16
107.19
Total tales in $1,000 units...
2
21
40
12
6
4
Odd lot sales,
11
■
above table includes only sales
Transactions in registered bonds were:
fHlgb
102.7
102.7
102.6
102.8
102.10
102.12
4
-{Low.
[Close
102.5
102.2
102.3
102.5
102.7
102.7
4
102.6
102.2
102.10
102.12
4
3
Treasury 4)is
Treasury 3Jis
Treasury 3%s
Treasury 2%s
I
28
2
t Deferred delivery sale.
Note—The
bonds.
2
1947-1952
of
coupon
117.7
to
117.7
25
Total tales in $1,000 units...
102.5
45
High
102.7
8
141
104.6
104.9
104.5
104.8
Low.
104.6
104.2
104.4
104.4
104.4
104.6
104.2
104.4
104.4
104.8
1943-1945
1944-1946
1955-1960
United States
104.9
_
107.14 to
107.14
__
...107.10 to
107.10
102.2
to
102.6
104.6
Close
1945-47
103.27
[ C1086
*
2
103.25
*4
107.8
(High
2J4B. 1955-60
103.28
1
Close
Total tales in $1,000 units...
SHb. 1944-46
(High
«Low_
3
107.8
107.5
23
102.28
Total tales In $1,000 units...
106.10
106.8
5
107.5
35
3s. series A. 1944-52
106.4
106.3
107.5
102.28
Home Owners' Loan
106.8
106.3
6
102.28
102.25
2
....
6
106.4
102.25
102.24
102.24
106.14
106.7
106.8
5
102.24
102.20
(High
[Low.
2Mb, 1942-47
106.14
106.8
13
Total tales in $1,000 units...
106.30
High
3 Ha, 1941-43
2
[Close
106.30
Close
Federal Farm Mortgage
106.30
Low.
——
Total sales in $1,000 units...
104.5
22
2
104.9
7
30
United
4
Treasury Bills—See previous
States
Treasury
Notes,
page*
&c.—See
previous
page.
New York Stock Record
LOW
AND
Saturday
$ per share
37
$ per share
*36
37
39
36i8
9
83s
*33
19
19
19
20
*1938
1*4
1
65
12%
*19
65
13S
1234
138
13g
12i4
1212
12I2
12
12
*10
125s
*10
*12
1312
123g
*13
1558
784
161
678
40l2
*12
784
163
*8
INs
*46
16
87„
1178
7fy
48i2
4H2
13
238
*18
23g
24
12
125g
13i2
1558Tf 1558
*7i8J" 8i4
159* I6U4
8 Hi
634f 7
45
J
2h
*17
60
62
55
*53l2
13
13i4
53l2
*13
*
40
*33
40
*33
*40
44
40
40
9
9
61
*51l2
23g
2234
61
60
1334
5312
834
*19
20i2
*158
40
9
834
19l2
20i2
*19i4
20i4
is4
134
47i2
48l2
4912
Us
*-...
Us
66
*1
12l2
12
13s
H4
1234
138
114
13l2
12
*10
*60
12i8
1234
H4
12
1
123s
12
12
1312
1312
>10
1258
13VP 13i2
1558L 16i4
*7i2F 8i2
161^164
*734 m 878
i2i2ri2t2
658j)
.
*
7i4
45
1212! 12l2
*214» 2l2
Par
8
13
13
13
14
14
*14
8
43
42121 4438
13 <g. 13i2
214 j
214
*17
*62l2T 64
59
*5538| 60
19
13ntfl358
54
this day.
1634
*778
8U
16U2 163
*8
*12i4
87S
125s
678
734
*4338
45
4434
43l2
*13l8
*2i4
14l2
2%
500
12", 200
13g
13
3,100
1,900
13
13
400
*lli2
13
100
15
300
16
4,200
H4
16
*7i2
15912
8i2
161
*8
978
*12i4
714
425g
1314
2l4
44t4
1334
2l4
Allied Mills Co Inc
5%
20
*17
20
64
65
900
*56
62
200
*13
1378
800
*13
*5U2
60
1378
54
54
*5112
J In receivership,
a
share
$
per
1937
1
Jan
3
6
4
3
3
3878 Jan 12
52
Jan 14
lOSg Jan 10
*2034 Jan 20
23
Jan 24
1«4 Jan 10
58U Jan 10
1*4 Jan 7
55
Mar
69
Mar
Dec
85
4384
77$ Nov
17l2 Oct
1612 Oct
112 Oct
44i2 Nov
l2
Oct
Jan
2
Oct
146
Oct
166
7
1
Oct
588
Feb
177« Jan 12
1714 Jan 12
173s Jan 12
11
Oct
5984
Feb
11
Oct
59
Feb
10
Oct
Jan 12
10t2
Oct
Jan 17
13
Oct
58i2
5218
455s
237g
25812
17»a
3318
217s
war.
100
war.
100
12
Feb
5
war. 100
12
Feb
9
13l2 Jan 28
15i8 Jan 29
7l2 Jan 29
15412
8
.No par
11
No par
Jan 29
Feb
7
17i2
2134
978
176i2
9%
Jan 17
Jan 10
Jan 10
8
6i2
145
7U
Oct
Nov
Dec
Jan 29
143s Jan 19
10
3
9
93s Jan 12
53i2 Jan 11
49
Dec
34
Oct
6i2 Jan
42
Feb
No par
38
6is
Oct
Oct
24
Jan 12
19
Amerada Corp
No par
Am Agrlc Chem
(De!)--JVo par
American Bank Note
10
57
Jan
3
68lj
Jan 15
611* Nov
65
Feb
1
66
Jan
2is Jan 28
187g Feb 8
•
11
50
Cash sale,
Jan
Jan
15s Jan
15U Jan 11
r
Jan
Jan
133$ Feb
100
preferred
4-%
6
51»4 Jan 11
New stock,
36
8OI4
li4 Jan 3
1H4 Jan 26
1058 Jan
Mar
4
»
Aug
223s Mar
28®8 Feb
5U
100l2
1584
97
3
6%
share
Nov
Nov
Feb
30
per
36
1134 Feb
Def. delivery.
Highest
share $
Alpha Portland Cem
No par
Amalgam Leather Cos Inc
1
6% conv preferred
50
200
64
Corp
preferred
Allla-Chalmers Mfg
800
*17
per
100
pf A with $40
pf A without
Allied Stores
600
*62I2
*55l2
19i2 Jan
15s Jan
45i2 Feb
Industries Inc
1
Allied Chemical & Dye-No par
Allied Kid Co
5
13,800
1,600
17,900
4
Jan
10
Allen
400
734
45
3
par
$2.50 prior conv pref.No
par
Alegheny Steel Co
No par
700
4
Feb
19
.No par
5H% pf A with $30
3,800
$
Vlcksburg RR Co-.100
Albany & Susq RR
Allegheny Corp
5
share
8i4 Feb
No par
No par
Alaska Juneau Gold
MIn.._10
100
125s
45
Express
36
par
Ala &
12i4
Year
Lowest
Highest
37
Air Reduction Inc
No par
Air Way El Appliance..No
900
66
*1112
*12l2
1278
678 j> 7i4
*5112
*
12
62l4
on
6,000
1
12
20
53
178
4778
13
1878j
1334
Adama-Millis
Address-Multlgr Corp
Advance Rumely
No
Adams
per
36*4 Feb
25
400
13s
1312
1638
Acme Steel Co
800
$
No par
No par
700
1314
1634
*7i2
8l2
16H2 163
Abbott Laboratories
Abraham & Straus
4,500
12
62
*54*2
13i2
5234
Shares
1
H8
Range for Previous J|.
10W Share Lots
Lowest
191o
2034
19l2
*20
On Basis of
Week
*15g
47l4
1912
20U
134
49i4
66
Range Since Jan. 1
STOCK
914
1214
16
42
43
Bid and asked prices; no sales
40
YORK
EXCHANGE
40
65
40
$ per share
*33
Us
12i8
43
*12l4]H12l2
STOCKS
NEW
3714
4812
*
45V
11
*3612
19*2
20i2
is4
134
4714
H8
4014T 4134
55
*5112
8
*115811212
$ per share
Feb.
37i4
9
*19
1214
*11
734
48
10
*36i2
39
20l2
134
Feb.
$ per share
40
H8
*
Sales
the
37
38
1
CENT
Friday
*3612
*33
884
Thursday
37
37
125g
1 4
*36
19
*1&8
4678
48
$ per share
40
20
NOT PER
for
Feb. 9
40
1
SHARE,
Wednesday
Feb. 8
*36
*is8
PRICES—PER
Tuesday
*33
4712
SALE
Feb. 7
Feb. 5
*36
HIGH
Monday
i
Jan
4978 Jan
x
Ex-dlv.
3
3
y
318
157s
54
Jan 11
8
Jan 15
Jan 12
Ex-rights.
812
D4
Oct
Oct
Oct
53tg
Oct
in
r\nt
85
Feb
Aug
Feb
Feb
Mar
Apr
Mar
Aug
Jan
Mar
Mar
83i2 Jan
3934 Jan
87s Mar
52U Mar
1147s Mar
10H2 Jan
413g Jan
75i8 Feb
1 Called for redemption.
-1
SHARE,
SALE PRICES—PER
HIGH
AND
LOW
New York Stock Record—Continued—Page 2
146
Volume
NEW
for
Feb
Feb. 9
$ per share
36
3534
$ per share
S ver share
*121
$ per share
78
81
78%
20%
20%
20%
22
40
38%
38%
37
37
40
41
13%
13
13%
13%
14%
14%
1434
93
93
*89%
96%
*89%
96%
9834
98%
98%
25
1234
19%
19%
100
*93
97
«
99
98
♦
12
6%
*6%
10%
-
*10%
14
*13%
14
14
*78
80
80
80
6
8%
1318
103s
m2
*1912
21
*17
35i2
*35
36
3*8
3*8
734
8%
8%
13%
13%
133s
13%
12
1034
1034
*10%
3%
*1858
*355g
3i8
20%
103s
3%
3
13%
323g
32
31
115
115
*103
28
*27
2812
24%
1134
29%
30
25%
25
123s
1212
43s
4%
32%
*31
13
12%
434
*103
28%
28%
*27
28%
5
30%
*27
29
30
28
28%
25
24%
24%
13%
12%
25%
133s
434
458
4%
12%
434
13%
165
*157
165
*157
*157
165
165
*157
167
169i2 *157
1858
19
18%
19%
19%
19%
19%
18%
185s
18
18%
18i2
70%
70%
70%
70
70%
703s
703s
70
70
69%
70
6934
19%
19
*18%
18
*18%
18
*18%
20%
*18
181*
18l2
*1778
*157
1034
11
11
11
113s
113s
29
29
28iS
28i8
29
30
48%
47%
48U
12234 *12034 1225g
4634
*121
51
51
13314 *132
*50l4
*132
25
10
51
51
133% *132
25
2578
*934
9%
50
4734
133%
25
26
934
27
*10
1034
*1634
*2734
2934
*2734 2934
29%
29%
29%
112
*109
111
*109
112
115% *109
*17%
18%
18%
*17%
*17%
18%
18%
133% 134
132% 134%
13334 1355s
132% 135
*63
65
*65
6434
6534
*67
64%
68%
65
66%
69
3:6734
6734
66% 67
67%
139
139
13934
13934 *139
139% 139% *139
6%
6%
6%
6%
5%
6%
6%
578
834
9
9%
8%
834
884
132l2 13334
130i8 134
65
6412
63i2
65
66
66%
66U
66i2
139U
13914 13914 *139
578
578
578
6
9
884
8%
884
*
80
438
29
658
*29
*
"*4%
4%
293s
2934
634
678
*31
38
77%
80
434
478
29%
678
30
67s
*32
38
*
77%
"*4%
4%
31
3034
6%
7%
*29
38
*
78%
"4%
5
31
3034
7%
634
*29
38
30%
6%
7
*29
39
1512
29%
303s
29%
32%
3234
3158
36
36
39
39
*38
40%
*37%
41
1534
16
16
16
16%
*16
16%
15i8
1512
10512 105i2 *105li 107
*105i2 109i2
*1312
*13
16
*3
4
*3
*2812
31
96l2
55s
28i2
~9~6%
*963s
5%
534
*62
~32%
95i2
32i2
678
*62
6412
*
*634
*358
*
*6%
684
*334
*
*6%
*62
#
*6%
*334
4%
67s
66
*70
78
*70
78
*3214
34
*32l2
34
*73
77
*73
77
*
*55
*70
32%
*73
534
5%
"31%
4%
78
32%
77
63
3234
95
*6%
3%
7%
5%
64
*
32
66
6
*63
6434
6%
28%
*
v
"7"
*55
*70
32
*73
*
634
*3%
3%
85
7%
♦
*26%
*62%
63
25
preferred
100
6%
Amer Steel Foundries..No par
400
American Sugar Refining..100
American
400
2,300
6,900
700
""300
5,600
100
4~. 800
300
17,300
36%
35%
62%
63
37%
64%
6384
65
20%
534
22%
22
24
22%
2334
4,800
7
*6
7
9
9
10
10%
10%
2034
21%
21
2134
21
21%
734
7%
7%
40
40
40
40%
*40%
42
42
42
114
*110
114
7%
*40%
42
114
*2%
*16%
19
3%
3%
3%
8%
8%
8
8%
8%
10%
834
8%
8%
100
7
12
700
21%
21%
104% 104%
5,300
734
2,600
800
1034
10
10%
9%
.25
3
*2%
16%
3%
•16%
3%
2,500
8%
8%
9
8%
9%
8%
9%
9
834
9%
8%
934
9%
9%
13,100
16,200
3,400
11
11%
*8
*27%
13%
*1034
31
*30%
31
*30%
32
*31
34
*31
34
*31
34
wm-m-m
90
90
90
*89
95
*90
95
*90
95
*90
95
30
1534
1534
1534
1534
16%
834
*30%
*8734
15%
8%
8%
834
834
29
*2734
29
*2734
29
17
8%
*2734
17%
8%
29
17
17%
8%
9
*2734
29
14%
15
17
3,900
1,000
17%
9
*8
*2734
14%
29
»»
-
—
M
-
to
14%
13,500
11
11
*11
11%
11%
*11%
*110% 115
*110% 115
*110% 115
*110% 115
*110% 115
*110% 115
*16
16%
*16
16%
16
16%
*16%
*16
16%
16%
*16
16%
*92
105
*92% 106%
106%
*92
*92% 106%
105
*90
105
*90
33
42
*30%
42
*30% 33
*3034 33
42
*30%
*30%
*30%
400
1334
11%
13%
1034
1434
11
14%
*10%
15%
11%
1434
15%
109
*101
109
200
-
-
-
.
102% 102%
200
7%
600
101
101
101
8
8
8
7%
8
734
*81%
11%
83
*81%
83
*81%
83
*81%
*81%
83
12
12
12%
1234
1134
12%
12
12
*16%
17%
11%
16%
12
17
16%
16%
17
17%
17%
*17%
34%
*7%
*81%
11%
*16%
*32
*33%
34%
34
34%
36
36
5234
51%
53%
54%
56%
5434
1434
5234
1434
91%
55%
14%
14%
14%
14%
14%
56%
14%
*14%
1434
1,000
14%
95
95
*93
94%
300
*22
2334
8
86%
54
14%
*99
*91
94
*91
93
*21
*21
23
22
22
13%
13%
13%
13%
1334
11%
11%
11%
*12%
1134
11%
*12%
14
50
*42
2734
29
27%
*85
*
*42
27%
*26
15
♦14
*101
91%
*93
95
22
*21%
1334
12%
15
700
36
37
500
55
56
63,100
2334
*22%
24
14%
1434
15
1434
15
13
13
13%
12%
12%
15
14
14
14
14
50
*42
29%
26%
28%
*26%
29%
26%
100
50
*14
*42
50
*42
50
27%
*26%
29%
28%
29%
27
26
26
37
5,300
17%
1234
50
Bid and asked prices; no
83
7%
13%
28%
27
*36
734
sales on this day.
*42
29
*26%
t In receivership,
a
3684 Jan 11
FeD
7
15% Feb
4
6
36
103
Jan
12% Jan
Oct
50
5
Jan 11
39
Oct
18
Jan 16
10
Oct
3
96
Oct
Jan 11
7
107% Jan
19
Oct
2% Dec
2684 Jan
90
6
Jan 13
22
Dec
6
Jan 12
30% Jan 28
6% Jan 5
3% Jan
3
6% Jan
66
Feb
3
Jan 14
Jan 18
Jan 10
7% Jan 21
5% Jan 13
11684 May
93
4%
Oct
Oct
4%
Oct
2%
Oct
80
8% Jan 12
Jan 12
Oct
9
69
6
Nov
Dec
35
Jan 10
58
Dec
83
7
Nov
33
Dec
77% Jan 27
7184
Dec
72
Jan 22
70
Dec
Fe.-lOO
100
32
Feb
4
42
Jan 12
32% Nov
60% Feb
8
72
Jna 14
66%
20% Feb
3
2788
784
14%
22%
Jan 12
18
Oct
Jan 11
5
Oct
Jan 10
9
Oct
Jan 10
18
preferred
5%
RR—100
Atl G A W I SS Lines..No par
5% preferred
100
Atlantic Refining
25
4% conv pref series A...100
Atlantic Coast Line
—50
preferred
1,600
4,700
70
18.800
100
9
20
Feb
Jan
7
3
103% Feb 10
7% Feb
4
43
39% Feb
42
Feb
48
105
Jan
114
No par
No par
20% Jan 25
Baltimore A Ohio
100
784 Jan
preferred
Bangor & Aroostook
Conv 5% preferred
100
50
100
5
30
Jan 28
86
Jan 21
14% Jan 28
9% Jan
10
No par
100
25
S5 preferred w w
No par
Beech Cieek RR
50
Beech-Nut Packing Co——.20
Beldlng-Hemlnway
No par
Belgian Nat Rys part pref
Bendix Aviation
.—5
Beneficial Indus Loan.-No par
Best A Co
No par
Bethlehem Steel (Del)-No par
5% preferred
20
7% preferred
.....100
BIgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
Bloomingdale Brothers.No par
Blumenthal & Co pref
100
Boeing Airplane Co
-.5
Cigars Inc
preferred
Beatrice Creamery
Def. delivery,
a
New stock.
Oct
38
Nov
101
Dec
4%
3%
Oct
Dec
2
Sept
15
Dec
2% Oct
3% Sept
Sept
5
Oct
8%
Oct
934 Jan 15
10% Jan 11
1384 Jan 11
33
Jan 12
30
Oct
90
Jan 14
89
Dec
18
Jan 10
10% Oct
784 Dec
10
Oct
3
10% Jan 12
8
30
Jan 19
20
Nov
3
16% Jan 11
1234 Jan 13
10
Oct
108
4
17«4
Jan 31
Jan 13
4
96% Jan 17
92
Jan
10% Jan
110
5
Jan 12
16% Jan
92% Feb
115
9%
13%
29%
97" "Jan "4
7% Jan
83
3
Jan 11
102% Feb
8% Jan
83
Jan
Oct
Oct
Oct
Nov
Dec
9034
738
Oct
Oct
82%
8%
Dec
Oct
3
3
14% Jan
16% Jan
1784 Jan
15
Oct
29
Jan
3
29
Dec
50% Feb
4
9
26
3
3
38% Jan
65% Jan
16% Jan
41
Oct
14
Oct
98% Jan
85% Nov
28
22 %
10% Jan
14% Feb
89% Jan
20% Feb
12% Feb
3
11%
Jan
14
Feb 10
42
Jan
7
23% Jan 26
4
23% Jan
A Brass——5
Cash sale
39%
Dec
13
Bayuk
r
7%
Jan
8
50
5
5)4% preferred
Barnsdall Oil Co
Oct
1018s Sept
27% Jan
No par
Barker Brothers
4% Jan 10
Dec
3
78s Jan
;
9
Jan
3% Jan 28
13
Barber Co Inc
Jan 11
6% Jan 12
3% Jan 19
'
4%
Jan 11
Feb
7% Jan 12
16
Del (The)..3
Baldwin Loco Works..No par
Aviation Corp of
Voting trust ctfs—
8
4% Jan
3% Jan
2% Feb
No par
Automobile--No par
$5 prior A
Jan
9% Jan 10
100
5% conv preferred
Atlas Tack Corp
Bohn Aluminum
107
...No par
Powder
fAuourn
5% Jan 31
1
Corp..
Atlas
1st
*7%
101
*99
40
4
Jan 22
Atch Topeka A Santa
30
334
11%
x27% Oct
24% Nov
6
Jan 18
18
11%
Jan 10
Jan
2734 Feb
Oct
Feb
*16%
11
34
3%
72
Austin Nichols
3%
10%
3
77
1,100
3%
10%
25% Dec
484 Jan
33% Jan 10
8% Jan 10
pref
Assented
8%
8%
5
32
2,200
3
Jan
1st preferred
100
7% 2d preferred
100
Assoc Investments Co ..No par
4%
2%
27
6%
6
18
100
1
30
4%
3%
*2%
*16%
Oct
No par
Woolen
3%
Jan 12
6
3%
2%
18
Oct
82
86
39
4%
*2%
*16%
3%
2%
19
3%
8
Jan 20
Jan 28
128% May
4% Oct
Feb
6
234
*2%
*16%
13% Jan 12
96
*5%
4%
*2%
4%
139% Feb 8
7% Jan 21
8
Jan 31
60
5%
138% Jan 17
5% Jan 3
94%
115
114
Dec
Dec
*112
5%
6884
57
115
4%
7284 Jan 11
Jan 12
6%
4%
3
8% Feb
Oct
72
Atlas
5%
Dec
3
900
4%
57
4
400
5
Jan 10
3
43
4%
71
Jan
41
5%
Oct
3
Jan
43
4'%
Oct
14
140
5% Jan
Jan
58
7%
*39%
5
104%
14984
Jan 10
Jan 26
95
43
*110
2
18% Jan 17
17
119
41
4%
Jan
Oct
100
42%
6
*5%
4%
112
Dec
7% gtdlOO
Armour A Co of Illinois
5
$6 conv pref
..No par
7% preferred
100
Armstrong Cork Co...No par
Arnold Constable Corp
5
Artloom Corp
No par
Preferred..
100
Associated Dry Goods
1
41
*109% 114
5
Dec
24
Jan 12
preferred
41
♦112
108% Jan
Jan 11
3
Armour ACo(Del)pf
42%
7%
31
30%
120%
100%
6%
3,000
22%
42
II84 Jan 18
3
22%
7%
5% pref with warrants--100
$5 pref without warrants 100
""266
61%
*10
4
Jan
25
Dec
Jan
Copper Mining
20
Paper Co
No par
Archer Daniels Midl'd.No par
*71
*6
Nov
4
Amer Zinc Lead & Smelt
80%
37"
125
A P W
33
*73
Oct
9
Nov
80
Andes
78
*70
*31%
77
46
No par
Preferred
$5 prior conv
200
34
8% Jan
22%
7% Oct
24% Dec
41
3484 Jan 10
3
Dec
122
6I84 Feb
133% Feb
Feb
Oct
Dec
9
131
6
Jan 17
Oct
15%
63%
15%
Jan 17
9
130
Oct
140
Jan 12
Feb
Am Water Wks & Elec.No par
American
Jan 11
50% Jan
121
.25
....100
10
$6 1st preferred
""766
14% Jan 12
63% Jan
Am Type Founders Inc
Jan 15
35%
5684
4
Tel eg Co...100
Tobacco
25
preferred
6%
800
1,600
7,200
44% Feb
4
Common class B
5,200
64
78
20% Jan 12
127% Feb
6034 Jan
Amer Telep A
16,100
35
40
100
Preferred
Am Sumatra Tobacco..No par
T,306
*73
78
No par
Stores
American
22%
*39%
100
American Snuff
7
*31%
3
3
500
3%
*70
Jan
Jan 27
85
*50
4
Jan
200
"7"
6
10
12,200
32%
3%
K
165%
22% Jan 15
Jan
28
61
*41
25
Preferred
9%
17% Feb
165
...100
Ship Building Co.No par
50
63
78
104% 104%
Jan 12
Amer Smelting A Retg.No par
35%
10434 105
7%
7%
13% Jan 10
Amer
7%
32
10%
10%
21% 21%
104% 104%
8
*7%
4
American Seating Co..No par
21%
*5%
9%
*6
Oct
11% Feb
3
60%
7
26
Jan
900
*6%
4
*71
Jan 12
400
29%
80%
*71
33
17
95
32
3238
634
*50
3
290
*96% 100%
5%
5%
6
64
Feb
....100
*119
64
22
$6.50 conv preferred.No par
~
7%
Oct
_.Ari par
preferred
preferred
AnchorHockGlass Corp No par
28%
85
"<3%
Oct
..No par
31
Anaconda W A Cable..No par
95
"31%
7
Dec
3
4
29% Jan 18
7% Jan 12
40% Jan 12
26
3
4)4% conv pref
300
Nov-
3
American Safety Razor..18.60
18,800
100
Feb
400
1,300
Oct
2484 Nov
Jan 25
104
Jan 28
66
4
*96% 101
Oct
3
Feb
Preferred...
16
*119
*96% 10034
Oct
10%
Feb
20
*3
53
14% Jan 10
5% Jan 12
3884 Jan 12
4
200
*13
74% Jan 17
4
Feb
584 Dec
14% Oct
Jan 17
26
1,800
4
8
7% Jan 11
25
97",900
16
23%
No par
Light
32%
31%
16% Jan
3
4
preferred
Oct
Oct
Oct
16% Feb
Feb
conv
5
Oct
15% Jan 27
5S4 Jan 28
3
American Rolling Mill
6,800
33%
7%
Jan 10
Am Rad A Stand San'y .No par
2134
105
2
3% Jan
$5
63
105
3
12% Feb
$6
33%
*104% 105%
1% Jan
Amer Power &
3334
21%
No par
American News Co new No par
61%
11
Jan 14
5,800
2,800
2,900
28,900
63
534
3784
""loo
34%
7
3
103
6234
21%
33% Jan
100
33i2
*534
*9%
20%
1
Amer Metal Co Ltd
36
21%
Jan 13
4034
*37%
16%
16%
*105% 107
*3
30
*119
*71
*71
26
100
Jan
Jan
Oct
3
56
39
*13
4
*28
28%
*105% 107
16
*3
lOO"
85
"ei4
*14
4
95%
"3134
31i2
658
66
*71
534
64
70
*68
99%
*105% 107
17
*119
99%
534
85
"
28%
28%
95i2
~31%
4
85
"634
*
*3
4
*119
*119
*14
15
31%
14
Feb
No par
Jan
68%
38%
Oct
20
Corp
1384
Dec
734
2%
20%
32%
1%
60
preferred
Anaconda Copper Mining..60
3234
3034
434
30%
684
14%
Jan 18
4% Jan 13
Amer Mach & Metais—No par
78
434
4%
31
39
2934
*36
*
Jan 13
12
Jan 28
29
*11%
29
29i2
27
*28i2
1151s *109
119i8 *109
*17
18
18U *1634
27
*110
19
y
No par
2934
12258 1225s
51
*11
*1058
11%
11%
12
29%
29%
29% 30%
30%
49
47%
493s
50%
485g
50%
121
12234 *121% 1225g
121% *121
*5034
5134
5134
*50%
50%
5134
133% 133% *133% 134
133% 133%
27
28%
2734 2858
26%
27%
10
9%
9%
10
10%
10%
11%
1
6%
Mar
1
Feb
Amer Mach & Fdy Co..No par
600
1,900
1,000
3,100
Jan
225
3
Feb
American Locomotive..Ao par
Preferred
100
115
25%
*27
25
24
12
245s
1214
13%
13%
*438
32%
115
*103
115
*103
28%
484
2834
29
4%
325s
412
434
41*
28%
2358
2834
*438
21%
62%
.20
*58
17
Oct
2% Oct
17% Dec
4
7% Feb
10
Amer Interna t
Oct
175
Oct
12
6% non-cum pref
200
2,400
4,800
5
Jan 22
584
10
6%
Jan 17
4% Jan 13
Jan 14
No par
American Hide & Leather
Oct
Jau 13
$6
preferred
Jan
99% Mar
13% Jan
Nov
2
177
16% Jan 28
Amer Hawaiian SS Co
33%
Oct
80
24
No par
No par
13%
13
3
preferred
$7 2d preferred A
60
57%
13%
4%
27
Jan 28
2134
57
1258
4i2
*103
3
13%
4%
3238
56
13
434
Jan 22
100
65s
Feb
3084 Mar
Jan 12
434
6%
5
177
12%
23% Mar
Jan 18
83
100
S7
2,000
16%
3
78% Jan 25
3% Jan 3
No par
60
18
57
*12i2
6%
1334 Jan 15
I684 Jan 12
8
Amer A For'n Power...No par
200
*15%
6%
16%
10% Feb
13% Feb
7
Jan 11
8
Jan 27
6
100
20%
20
18
57
6%
2038
57%
19% Feb
19% Feb
10
1st preferred
6%
American Ice
16%
27
Jan
500
6%
115
29
2
*15%
45s
112
*1%
1%
*26
Oct
20% Dec
5% Oct
8% Oct
American Home Products
6%
19%
*103
90
200
16%
3014
Jan 26
36
178
31
31
101
*3558
*1434
6%
1818
414
30%
Jan
3534
178
4i8
95
20
6%
4
4
No par
J(AllegCo)25
3534
*1%
*15%
6%
16i2
I8I4 .1812
62i2
*55U
1212
12%
Chicle
Apr
Aug
600
20
Feb
3384 Aug
160
900
12
104%
Oct
*18
178
Oct
17% Jan 17
Oct
36
2
6i8
36
Jan 15
50
Jan
11%
20
16%
6
578
Feb
86
20
2
71
27*2 Jan 12
19% Feb
Feb
37
Feb
Jan 24
36
*3534
*1%
Jan
Oct
8
100%
500
3%
174
American Encaustic Tiling
2,700
1334?
3
Oct
Feb
Feb
Feb
Amer Express Co
3%
16%
*1034
151%
15%
167
Jan
8O84
Feb
Amer European Sees
13%
3%
121
12%
American Crystal Sugar
3,300
16%
12
160
Dec
93
21
178
178
*15
600
300
3%
Dec
69
American Colortype Co
10
Am Comm'l Alcohol Corp._20
10
4%
6%
4%
*4l2
*172
Oct
109
Jan 12
82%
Am Coal Co of N
1,100
14
80
*78%
28
2
100
preferred
American
200
6%
12
3
100
5%
10
25
$ per share $ per share
share
per
42% Jan
Am Chain A Cable Inc. No par
1.100
101
6%
*11%
*13%
$
125% Feb
163
100
Preferred
800
share
Jan 29
30%
25
.
*18
18l2
35i2
100
133s
3
3%
96%
8
8
734
1318
*1212
*10%
3%
5,900
*89%
17
*16
17
17
17
13%
*10%
8
*7%
13i2
8
*16
17
17
18
3,800
101
Can
per
Lowest
Highest
120% Feb 11
70% Jan 3
American Car A Fdy...No par
14%
*
$
100
Preferred-
2212
43%
3%
3%
300
14
300
*172
33s
3%
3%
3%
3%
3%
3%
3%
6%
300
*172
300
13%
*7834
4%
*4%
43s
*4%
6%
*4%
*172
300
14
83
*7834
4%
4%
4%
9
*4%
*172
300
*14%
4%
4
4
4
*4%
♦172
11%
11%
13%
14
80
11
American
5,800
2212
4312
634
11%
13%
80
4%
6%
*6%
11%
•
5tf% conv pref
10
165
165
25
6%
6%
10%
11
14
*78
*
25
Par
Am Brake Shoe & Fdy. No par
3.100
82
8O84
Year 1937
100-Share Lots
Lowest
Shares
120'8 120%
41% 41%
14%
1434
*89% 96%
100% 100%
100
100
*
25
6%
*6%
6%
*6%
$ per share
37
37%
37%
124% *120% 124%
81
80%
8034
*163
16634
16634 16634
23%
22%
2234 23%
21%
21%
*39
share
36
80
167
167
ver
$
36%
*121
81
79%
167
*164
*163% 167
36
125
*121
125
*121
125
77
35%
35%
36%
10
Week
11
Feb.
Feb.
On Basis of
STOCK
EXCHANGE
the
Friday
Thursday
Wednesday
Feb. 8
7
Feb
5
36
Tuesday
Monday
Saturday
YORK
Range for Previous
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
x
Ex-div.
y
Jan
17% Jan
14
Jan
Dec
13% Nov
9
Oct
1784 Jan
153s Dec
42
50
Dec
16
Oct
21
Oct
Jan
35% Jan
30
Jan
Ex-rights.
*if Called for redemption.
New York Stock
1028
WW
SALE PRICES—PER
HIGH
AND
SHARE,
NOT PER
CENT
Record—Continued—Page 3
Monday
Tuesday
Wednesday
Feb. 5
Feb. 7
Feb. 8
Feb. 9
$ per share
$ per share
♦86
89
88
88
$ yet share
*86
88
41*4
4212
a42
$
share
ver
♦12
17*4
2234
312
17%
22*4
3%
17
17
42
13*8
1312
175s
18%
24%
3*8
23 )8
*314
173g
*17U
834
17*8
85s
834
8*4
8>2
88
42
1278
18%
23%
3%
12*4
1312
18
23%
3%
*86
42
21*8
22
29%
26i2
29*4
26i2
29l2
1«4
712
934
\h
*1*4
2
22
28
21-ig
*24
1
16
*37
16
*37
43
8
8
*7%
734
10%
2734
17
17
*37
41
80%
80
2i2
8
*212
*8l«
*1278
7«4
14
*1278
20
20
3%
9i2
31 s
3*8
1312
7b
20
14
75S
20
358
9i2
9i2
9i2
33
*30%
32i2
31
*17
18%
20%
*17
18
1714
334
9%
3112
1714
20
20i8
62
*4714
20%
*47%
1%
8>4
12*8
1714
*40
52
1714
7
45
36
*7812
82
*1612
*37g
17*4
6
47s
4
88
104
105
106
15U
*37%
107
42%
15
16
I
100
"26"
'
"20%
20
312
90i2
108
108i2
108
47%
10034 10034
107
46
90
46
46%
101
16
16%
100
2II4
1612
106
*95
39
38
718
106
3714
7%
3812
27
104
*9
28%
11
39i2
714
*104
778
30i2
1053s
29
2978
10
10
10
*9i2
2814
104
*27
*9
39i2
*95
37i2
734
27
105
28l2
106
2812
7
25
♦104
*36%
31%
*95
26i2
39%
106
40
*3
39l2
3178
39l2
3134
3912
323a
39%
32
3234
89
♦84
*2%
b
*378
*212
*1114
*58
1%
1%
*3612
31%
39i2
3H2
*85
88
88
88
88
88
1%
**4
3i2
*212
1
4
34
1%
1%
*78
*2l8
*158
*9
alO
*14%
*412
27l2
1*4
*1134
*65'8
54*8
1212
70
*66
70
3
*107% 10734
21
7734
*113i4 124
115
87S
22
90
90
*23
16
*658
*8%
*7%
1878
1834
21%
*91
29
16
1134
9%
19%
13
1
*78
21%
94%
*20%
15%
*6%
*8%
*7%
8
29
15%
7
13%
9%
19
19
19
*18
19
68
63
63
44
214
2l2
212
214
""30
1S4
5
800
Carriers A General Corp
Case (J I) Co
1
3,800
450
"1,666
5734
140
2734
800
2,200
10434
Preferred
2,200
30
78
7g
600
*4%
*2%
*12%
434
1,000
13%
200
100
%
%
1,800
1%
1%
3%
*9%
1;%
1%
3%
10%
3,500
1,900
600
1,600
1%
1,100
*1458
15
15
15
34
35
*33
35%
55
54
11%
70
70
*278
20
*
47
*11414 124
118
*58%
834
118
60%
9
*11%
*66
67
70
*56
70
*56
3
3
*20%
21%
*
47
"38"
14%
3
*20
*
3
20
"38I4
15%
15
278
*20
21%
47
38%
38%
15
*115%
124
*115%
121
*115
118
*118
120
*
47
37%
14%
37%
15
*115% 121
*1157g 120
61
*58%
400
1,000
60
5%
30
*20%
30
10
Coloniil
16%
8
10%
*8%
19%
19%
10%
16%
8%
10%
9%
19%
19%
2,800
66
1,100
13%
16%
*6%
10%
9%
19%
*18%
65%
13%
900
8
32
*28
*16
17
8
8
8
*9%
10%
*8
93a
19
1938
*8%
19%
1934
19%
66%
67
9»8
19%
*65
9%
19%
19%
70
13
*13
*28
*68
70
*68
70
68
68
*72
75
70
70
*68
71
*60
65
*60%
65
*60%
65
*60%
65
*60%
3478
3478
35
36
36
7%
34%
*8278
39%
*97
1%
30%
23%
*
13%
32%
7%
13%
*28
7%
1334
32
7b
13%
*28
7%
1334
32
73«
13%
*28
7%
7%
•
88%
40
101%
7%
7%
778
1%
3134
23%
95
40
3934
*95% 100%
734
1%
31%
2338
778
1%
*8278
40
*9578
734
1%
31%
32%
2338
23
89
*833s
88
40
*39%
40%
99%
*963s
99%
8
8%
8
1%
33%
233,}
1%
1%
32%
23%
32%
23%
33%
23%
Bid and asked prices; no sales on this day.
88
*83%
41
40%
*96% 100
8
1%
36%
8
1%
33
23%
7
36
*83%
40%
*96
13%
7%
36%
11,400
200
8
1%
32%
23%
1%
32%
23%
a Def.
6%
preferred
11
Jan 10
Feb
% Jan
Feb 10
1%
3
Jan
2%
11
%
3
Jan
Jan
4
Oct
Nov
31
Oct
89
Dec
2
Jan 25
Oct
Oct
Oct
2%
14
1
Jan 10
3
Jan 22
Jan 11
2%
10
5
Jan
Jan 15
Jan 17
2%
1234
15%
57g
Jan 12
Jan 12
384 Jan
Feb
Jan
3
Dec
Oct
Dec
Dec
634
2834
Oct
Dec
84
Dec
1%
Oct
Jan 12
Jan 12
Oct
Dec
Dec
%
1%
78
2%
1% Jan 10
1% Jan 10
1% Jan 20
278 Jan 11
12% Jan
1
Oct
6%
Oct
12
3
Oct
Oct
36
Oct
46%
Dec
11
Oct
5
284 Jan 27
17% Jan 4
384 Jan
24
7
Jan 12
57
Dec
58
100
Dec
2
17%
179
106% Jan
7
19% Jan 28
Jan 27
109% Jan 28
26% Jan 10
76
Jan 27
Oct
Dec
Oct
10234 June
19% Dec
82
Oct
47% Mar
40% Jan 7
15% Jan 10
111
Jan
3
115
No par
112
Feb
3
125
Jan 17
58% Feb 10
8% Jan 28
59
Jan 25
Wo par
100
90
29
Colo Fuel A Iron
Corp.Wo par
Colorado A Southern
..100
15
4
95
Dec
18
Dec
Feb
5
96
Jan 22
98*4 Nov
Feb
8
29
Feb
26
Jan 27
20
Jan 15
884 Jan 12
1134 Jan 10
3
Jan
8
Jan 27
9
100
1178 Jan 12
27% Jan 12
6
100
Jan 14
24% Nov
13% Dec
110% Dec
9334 Oct
56% Jan
8% Oct
3
87% Feb 11
20% Feb
No par
4% 1st preferred
4% 2d preferred
5
z40
1
1278
32%
Feb
1% Jan
100
Beacon Oil
Dec
3% Oct
18% Oct
103% Dec
25% Nov
4% Jan 12
9% Feb
27
3434
Oct
Sept
Jan 10
Jan 27
1% Jan 26
3
5
95
2
1%
5%
5
Jan 22
Jan
1
Jan
Oct
3%
334 Jan 13
% Jan 26
par
Jan
8
95% Jan
8
6234 Feb
11234 Mar
Jan
45
Apr
11%
Oct
517g
Feb
5%
Dec
27% Mar
8
Dec
30
9% Jan 10
7%
Dec
29
Jan
Jan 15
1634
16%
Dec
32
Aug
Dec
31% Aug
Jan
Columbia Br'd Syslnc clA 2.50
Class B
2.50
Columbian Carbon v t c Wo par
17% Jan
62% Feb
3
Columbia Plct v t c
Wo par
$2.75 conv preferred.Wo par
1178 Feb
3
15%
Jan 10
10
Oct
39%
Jan
30
Jan
5
33
Jan 11
2534
Dec
46%
Jan
678 Feb
4
9% Jan 13
z4%
Oct
2078
68
Feb
8
79
Jan 15
108
Jan
Jan 28
65
Jan 18
z68%
64%
30%
Oct
61'
Dec
101
Jan
17% Jan 29
Columbia Gas A Elec__Wo par
6% preferred series A
100
1,800
4ii% conv preferred....100
Comm'l Invest Trust.-Wo par
$4.25
8.100
Jan 10
46% Jan
32%
2% Jan
100
2,200
6",400
97
89
preferred
Commercial Credit
17,000
1,600
Oct
88
100
No par
conv preferred
5%
88
40%
987g
8
{ In receivership,
900
32
June
8
4
100
Collins A Aikman
10
500
96
Jan 10
8% Jan 10
5% Jan 20
46% Jan 11
38% Jan 17
Wo par
Colgate-Palmolive-Peet
80
65
34%
*8278
*60%
36%
65
35
60
3
Jan
Feb
76
87%
10%
Jan 25
11
3
33% Jan 28
13% Jan 27
94%
1534
105
Jan 26
37% Feb
31% Feb
7% gtd.50
3,600
Dec
Oct
No par
25
5
Class A
97
Oct
105% Feb 9
30% Jan 12
12% Jan 11
No par
Preferred
Nov
Oct
7
7% Jan
100
Coca-Cola Co (The)
Dec
40
2
3
Special guar 4%
50
Molybdenum..Wo par
Cluett Peabody A Co—Wo par
100
Nov
97
4% Jan 12
27
Climax
"200
80
Dec
11% Feb
23%
30
10834 Feb 11
55% Jan 10
102% Jan 28
1878 Jan 12
Oct
24
59
87%
16
4% Jan 12
97% Jan 20
Dec
3
...100
*22%
29
13% Nov
27g Oct
Jan
No par
*92
29
90
Jan 11
36
23%
94%
9%
Jan 17
18
63% Jan 15
13% Jan 12
67% Feb 3
*2234
94%
*2014
16%
94%
87g
37% Jan 28
86
Dec
28
Jan 13
Clev Graph Bronze Co
(The) 1
Clev A Pitts RR Co
M
Oct
Nov
Dec
103% Feb 3
9% Jan 29
Clark
1,700
2,500
67s
28
4%
37%
5
par
Oct
Dec
52
3% Jan
No par
Equipment
Wo par
C C C A St Louis Ry Co...100
Clev El Ilium $4.50 pf.Wo
9%
44
10
Jan 15
46% Jan
23
23
*92%
*20%
89
8% Jan
67g Jan 18
32% Feb
89
9%
Jan 14
Jan 17
9% Jan
89
9%
Dec
60
100
89
58%
9%
Oct
10
Dec
% Fob
1% Jan
61
68%
4
Jan 10
13
Jan 28
Corp
Oct
Jan II
Jan 11
36
1
Jan 10
Oct
Dec
Dec
19%
634% preferred
City Investing Co....
City Stores.
800
M
44
12%
18%
497g
90
City Ice A Fuel
400
«.
2%
10%
1534
19%
Jan 28
*58%
878
94%
19%,
900
30
2234
65
12
67
*108% 112
*108% 112
*108% 110
23
21%
21%
*21%
22% 22%
*76
77
*75
90
75%
*75%
22
63
12
"566
*91
*18%
240
69,500
*66
Jan 11
Chrysler
400
56
5434
27«
21%
89
9%
35
Oct
Oct
Chlckasha Cotton Oil
10
Childs Co
——_Wo par
Chile Copper Co
25
70
89
*7
5
56%
12%
*56
3
77
47g
*11%
6634
20
10734 108
21
20%
*4%
x35
6
24
Jan 12
Jan
6% preferred
100
Chicago Yellow Cab...Wo par
500
5
*14%
4%
15
5
Jan 10
Jan 11
Oct
Jan 12
6
{Chic Rock Lsl & Pacific
7% preferred
400
Jan 10
Oct
Oct
10
25%
35%
Chicago Pneumat Tool Wo
"800
Oct
16%
2%
94
2234
10378
S3 conv preferred
1
2%
5%
Jan 13
3
3
Preferred
29
Jan 12
Jan 11
26
{Chic & East 111 Ry Co
100
6% preferred
...100
{Chicago Great Western..100
4% preferred
100
{Chic Ind A Louisv 4% pf.100
Chicago Mall Order Co
5
JChlc Mil St P & Pac—Wo par
5% preferred
100
{Chicago & North West'n.100
20
6
16
8%
2078
4%
11%
3634
19S4
24%
4
Jan
Preferred series A
Oct
4
3
Chesapeake Corp
Chesapeake & Ohio Ry
Oct
134
6% Dec
;
Jan
Jan
Cab
Oct
Dec
Jan
95
Checker
100
10%
584
15
55% Jan 31
...100
Common
1,200
Oct
Feb
6% prior preferred
100
Cham Pap & Fib Co 6% pf 100
8,800
Oct
18
Cerro de Pasco Copper. Wo par
Certain-Teed Products
!
1
5,800
11
35%
56%
12%
6634
14
2%
2% Oct
24% Dec
92
4% Feb
1,100
1 4
100%
preferred
100
Central Agulrre Assoc..Wo par
9,500
*2
4
100
Century Ribbon Mills.-Wo par
40
%
Jan
preferred
6
33%
89%
1%
3%
*25
4
Central Vloleta Sugar Co...19
40
*78
3
Central Foundry Co
1
Central 111 Lt4J4% pref-100
Central RR of New Jersey.100
3234
*3
3
39% Feb
5%
30
39%
*80
Jan
98% Jan
Celotex
5
*9
79
100
100
7%
*95
8
100
11
*4
Feb
100
Celanese Corp of Amer.No par
7% prior preferred
100
Co
No par
5,000
21%
32%
7%
*28
5%
3%
Oct
Dec-
35
3% Jan 15
Jan 17
Oct
76
Jan 11
11
3
3
Jan
No par
Preferred..—.-.
Caterpillar Tractor..
100
15
54
678 Feb
478 Feb 7
37% Jan 28
76% Jan 31
15% Jan 5
.10
Carpenter Steel Co
100
5
preferred A.
400
*634
134
3
Jan 11
29
Carolina Clinch & Ohio Ry 100
17%
3%
100% 10034
2%
3
25
No par
1
Capital Admin class A
$3
Jan
13% Jan
100
Cannon Mills
45
*9
3
3
Canada Sou Ry Co
Canadian Pacific Ry
""300
3%
29
1% Jan
678 Jan
10
"9/365
7
82
1
10
*26
1
Campbell W & C Fdy._Wo par
Canada Dry Ginger Ale
5
*26
«4
1%
1%
3%
10%
27
14%
87S
Callahan Zinc-Lead
31,700
6%
Jan
20
Dec
6%
8% Jan 21
20% Jan 10
.50
Calumet A Hecla Cons Cop..5
*56
6
1
3%
No par
Jan 26
Jan 29
3
1,200
*20%
13
27
37i2
90
13
67g
5,500
36
*-..
3912
3234
89%
1%
3%
b
47g
1
14%
61
3
"5" 300
19%
46
4058
28
"36%
*88
90
22
*5g
138
1%
14i8
115
19
Packing
preferred
♦334
4
91% 91%
10834 10834
10434
13g
134
35g
1012
46i2
3634
87S
*87i2
*64
234
20
*581S
California
10
*56
*113
60i8
3
10
70
*11314 124
115
15% Jan
...
*1534
21%
114
*314
10%
14
15
*58'8
13g
*1%
4
5%
1%
8%
*
47
138
334
IOI4
*35%
"3612 ~3~6%
*14
5c
134
3
3
11
lll2
6912
10734 10734
2H2 2112
*76% 78
21
*77
5314
234
r>o
34
Feb
Feb
Feb
13
10
8
3
134
*9%
52%
11%
*65%
*19
4%
*212
{Bush Term Bldg gu pf ctfs 100
Feb
30
1,300
19%
67g
7
Participating preferred..100
Byron Jackson Co
No par
1,600
1,400
11
*56
3
3
*9
*65
20
12% Jan
34
36
1U2
412
2i2
13U
Co
3
19
147g
*45S
5is
*33%
5U2
*4
Watch..
3
3
5% conv preferred
30
Butte Copper & Zinc..—...5
Byers Co (A M)
No par
11
*9
15
*4-%
3 434
52
1 4
1*4
11
15
5
*78
2i4
2*8
*9
15
*25
1
*2
134
34
*19%
334
IOI4
10
*25
78
2i2
*12%
H4
13g
IOI4
1
6
13
58
4
*78
*78
*78
*2l2
4
*2i2
*12
H4
1%
11
ia8
r,8
138
138
32
3%
4
834
*3
212
*78
*25g
4
r>8
1
13s
3i2
1
*7s
1214
28
*26
*7g
*2%
1
*3i2
*2i2
*11%
6
12
4
10%
1*8
312
1
3914
6% Jan 12
547g Jan 11
5% Jan 20
31% Jan 12
Feb
3% Jan
24% Jan
Butler Bros
8%
*1234
18%
11
*85
3
40
100
No par
No par
-
600
.
*10
preferred
700
40%
8
8
8b
778
8%
8%
30
3112
32%
29%
30% 31%
105% 1053s *104
105% *104
105%
29
30
29
29
*28% 30%
11
81% Jan 27
3
2
100
40i4
8
8
934 Jan
3
700
*95
79% Feb
4% Jan
Jan
834
1234
I9I4
56
*5534 56*4
5512
56
56
5514 56
5512
5634
27% 27% *27
28
27*4
2734 2734
2734
27%
27%
3i2
3i2
«3*8
312
3i2
334
35s
3*8
3%
3%
*100*4 10334 *10034 10234 *10034 10234 *10034 10234 *10034 10234
10
10
*9
10
*9i8 10
*958
113s a*9
11%
*7
*7
814
*634
8«4
714
714
714
*614
7%
*4
5
5
5
*4
*414
5%
*378
*378
5
*95
100
Jan
6,700
*20%
6
7
46%
*
21%
34
Jan 10
2
10034 10034 *10078 102
16
16%
15%
16%
100
21
Jan 24
10
-100
52
*5%
*37%
3i2
41
3
3
Jan
No par
19%
*47%
1%
*33
88
3%
85
6
7% Feb
Debentures..
20
17%
4
9134
108%
35
{Bush Terminal
500
Q9
15% Dec
100
18
512
45
*15%
334
Jan 11
200
3%
9%
*44
41
21%
15% Jan 27
18
36
1712
102%
16% Jan 26
18
7%
53
Dec
No par
290
52
Dec
21
17% Jan
No par
Feb
38%
7
Jan 13
-5
Budd (E G) Mfg
7%
5% Dec
13% Jan 13
37
par
No par
preferred
Oct
25% Feb
14% Jan 27
par
Bruns-Balke-Collender.Wo par
7%
9% Jan 13
6% Feb
8% Jan
par
par
Bui lard
34
512
*37%
80
8
Burlington Mills Corp
1
Burroughs Add Mach. _Wo par
33
67g
*1534
Oct
934
*34
45
80
165g
101
714
6
1
700
34
18
36
2% Jan 13
134 Jan
300
20
Feb
597g
53%
Jan
47
2,900
7%
Feb
4%
Dec
Bulova
15
Aug
23%
Dec
2,800
20
34
Oct
18
Budd Wheel
*7%
Oct
Dec
7
28
7%
*13
%
1578
Jan 11
22
18%
2%
*19%
3%
9%
6
Jan 13
Jan 20
430
*8
10
78 Jan
22%
1078
26%
Jan 20
2884
1834
18%
*2%
50% Aug
1584 Mar
30% Jan 13
2,700
*7
Oct
34
4%
*17%
28
Dec
Jan
Bucyrus-Erle Co
5,100
Dec
3
Feb
4614
28
*44
*5l2
80
16i2
312
106
15
♦
2034
578
45
80
3*4
S712
8b
1234
18%
*33
36
*3712
9
*46i4
678
16i2
43i2
41%
10H2 101*4
16
100
18%
*5%
52
838
"7"
82
85
4134 42
*10H2 10212
*33
5i8
45
*3712
*7914
16i2
334
86
678
13i2
z7%
*193s
3%
9i2
32%
*1758
19%
*4714
1%
8i2
1234
20
1234
17%
*46
48
7
30
*514
*37i2
*20"
8%
1234
*33
*33
*
178
7b
1234
1678
1%
*8
334
978
3212
17%
9
2
*46
7%
35s
9%
32%
17i2
*19%
*4714
52
815
16*4
48
*4714
1234
1%
7*8
125«
8*8
12*4
17%
7
20i2
20%
2
20
*2i2
*8
5%
16
2284
1934 Jan
60
4%
2834
1834
7%
18%
234
97g
13%
7b
1978
3%
*17%
7%
I8I4
*2l4
7
18U
234
978
13%
7b
80%
46
43s
I
100
Jan
Jan
28
Brown Shoe Co
100
1,200
6%
46
414
28
1,700
834
*78
5b
44
I8I4
7
18
234
7*8
514
412
1734
*31%
9%
283s
978
20
3*8
28
7
2%
7h
5381
4414
18
8
14%
5%
44%
4%
*8%
'
80
900
8
k*734
Apr
Aug
23
S8 preferred
—No
Bklyn-Manh Transit--No
$6 preferred series A.No
Brooklyn Union Gas ..-No
834
25
par
Brooklyn A Queens Tr.No par
8
46%
par
200
40
93
Oct
Dec
—5
Brlggs
2%
8i2
Oct
11
7684
4% Jan 10
16% Feb
778 Jan
share $ per share
per
39
Bristol-Myers Co
100
8
*79
Manufacturing.IVo
No
$
Brlggs A Stratton
1,000
*37
8%
18%
234
J Botany Cons Mills class A. 50
Roller Bearing Co..17
share
per
19% Jan 12
28% Jan 10
21% Feb
3% Jan
% Jan
Bridgeport Brass Co—No par
5,600
39
8i2
85a
*8
6
Year 1937
Lowest
92% Jan 12
44% Jan 12
137g Jan 13
5
12% Jan 26
17% Jan 3
15
23%
39,
7
978
714
20
*134
Jan 22
Jan
2734
30%
*26%
30%
*178
*1534
43
18
*778
20
23
30
31l2
2i4
87
40
Bower
4,400
16
414
*2l2
*127g
7%
24
*30i4
93s
$
No par
Corp
Borg-Warner
"""300
19
*1734
9l4
93
9b
23b
*26i2
1512
29
18
7*8
17*4
18
1778
23%
3%
share
per
Range for Previous
Highest
No par
1
B
Bond Stores Inc
400
414
27i2
*7
235g
27i2
3112
2
$
Boston A Maine RR——100
18
93„
8
4H8
4i2
17%
Borden Co (The)
5,300
1,900
18
24%
334
Class
4,700
8i2
2714
17
5,700
1778
43
4*8
7%
17*8
18
23%
3%
2378
312
77g
734
2612
*7
500
"l9
93g
514
17
13
*12
10%
2934
157g
5%
16*4
14
16
*37
42
*12
Bon Ami class A
50
77g
5i8
42
380
10%
2934
*15%
5
412
4334
734
51#
42
88
4334
1034
29%
16%
k*8
734
27
88
44
734
79U1
4%
Par
Shares
89
43
103g
7914
41
per share
Lowest
2834
"^lijj
26*4
Week
758
10%
*79
478
$
11
28
To*
79
Feb.
10
*88
378
*26i2
*30i4
*134
*7%
10%
Range Since Jan. 1
On Basis of 100-Share Lots
EXCHANGE
28
1534
814
8
2
1018
16
3i2
STOCKS
NEW YORK STOCK
the
Friday
I
% per share
23%
30i2
*26
27
18
*1734
Feb.
42%
1334
18i«
24%
24
2318
29
*6*4
7i2
10
934
27
43
*7*4
2214
*2612
3014
*1*4
2978
*7
7%
10%
27%
16%
27
18i2
914
4214
*1214
Thursday
Sales
for
Saturday
conv
Commercial
pf
ser
100
10
31% Jan
3
76
69%
Apr
Jan
Jan
Jan
5
86
5
80
Dec
3
4484 Jan 17
9684 Feb 3
34
Dec
Jan 17
86
Dec
Jan 12
5
Oct
21%
Jan
Jan
3
1
Oct
4%
Jan
34
Oct
75%
Jan
3
10
1% Jan 18
2
$6 preferred series
No par
Jan
Feb
4
42%
Jan 13
2284 Feb
3
25
x
y
114
80%
120
Jan
Jan
Jan
Jan 26
Ex-div.
30
Commonwealth Edison Co..25
Cash sale,
Dec
12534
Jan
7% Jan
r
Nov
86
Wo par
New stock,
65
93
Wo par
n
Jan 10
3834 Jan 17
Commonw'lth A Sou
delivery,
Jan 11
36
'35.No par
Solvents
4
22%
21%
Ex-rlghta.
1 Called for redemption.
LOW
Saturday
Monday
Tuesday
Feb. 7
Feb. 8
Feb. 9
$ per share
% per share
6
22
*8
15%
7%
65%
*61
1%
♦61
72%
*1%
72%
73
1%
1%
6
*5%
6%
5%
22%
22
22%
321%
91
91
91
91
91%
4%
9%
91%
4%
9%
*4%
5%
47$
91%
4%
8%
9%
87$
9%
'
5%
*4%
9
8%
*100
7
16
*15
5%
%
92
91
91%
5
5
5
9%
9%
9%
9%
3%
3%
3%
15%
15%
15%
4
*3%
4
17
*14
*84%
85%
♦84%
85%
*84%
85%
13%
13%
13%
13%
14
14%
13%
1%
13%
1%
14
14
14%
2
79
79
38%
38%
38%
38%
*109% 110
*109% 110
8
1%
1%
27%
♦12%
28%
50%
50%
59%
60%
8
28%
*1%
28
1%
28
13%
12%
12%
51
50%
50%
61
4%
3%
3%
4%
22%
23%
23%
23%
25%
91%
22
*8%
5
110
7% Jan 3
27% Jan 28
51%
62%
64
1%
*165%
4
4
25%
25
*91%
96
23%
*22%
23%
9%
9%
9%
*91%
*22%
9%
34%
34%
35%
34%
23%
36
*31
36
*34
36
*34
36
*34
36
*3012
32%
*30%
32%
32%
*30%
32%
*31%
32%
9%
9%
9%
*30%
9%
*68
72
68
*65
72
*66%
34%
82%
*%
*11%
12%
1%
12%
13%
4%
4%
4%
4%
1
16
16
*68
*15%
6%
612
6%
33%
12%
36
*46
Crown Zellerbach
3,000
10
72
6%
6%
44%
44%
700
72
10
17
*69
17
6%
2,300
400
11,400
6,600
4%
4%
4%
4%
4%
4%
4%
48%
4%
15%
15%
15%
15%
16%
15%
16%
15%
16%
49
49
*49
*21
*46
49
*19
22%
19
19
20
20
17%
16%
16%
17%
18%
18%
"l8%
18
18%
18
18
5%
6%
6
6
*5%
6%
*6
6%
6
6
15%
15
15
8%
8%
105% 105%
19%
19%
9%
*8%
*105%
20%
22%
19%
22%
*12
13%
14%
14%
6%
6%
6%
*1%
92%
2%
*1%
92%
94
5%
*4
*25%
25%
*7
21%
22%
*31
22%
12%
12%
12%
*12%
12%
15%
15%
16%
14%
15%
7
7
7%
7
♦2
2%
*2
7%
2%
12
12%
14
14%
15
6%
*1%
93%
*3%
*29%
*25%
35%
6%
2%
93
33%
25%
25%
35%
7
7%
22%
14
*34%
25%
22%
22%
12%
22%
4
4
37%
35
35
19%
22%
*14% 15%
9%
*8%
105% 105%
20% 22%
*14%
13%
*22%
15
*12
15%
15%
9
*8%
105% 105%
16
*14
16
*14
7
7%
6%
2%
93%
6%
*2
8%
105% 105% *105%
22%
21%
20%
2%
93%
93%
93%
93%
93%
Jan 18
...1
1
100
preferred........Wo par
13% Feb 4
48% Jan 11
15% Jan 28
5% Jan
13% Jan
—
25
pref...
3,800
4,700
Delaware Lack &
Western..50
6% Jan
1,100
Detroit
26%
26%
35%
1,100
35%
7%
1,000
Diamond T Motor Car
14%
5,200
Distil
72,
600
7%
*7
14%
14
14%
15
14%
15
14%
15
14%
15
69%
69%
69%
69%
69%
69%
70
71
*70
Diamond
Match
pref
25
Co.-.2
Corp-Seagr's Ltd No par
6% participating
300
13% Jan 28
5% pref with
warrants.-lOO
47g
37% Jan 10
16 j
100
Dixie-Vortex
par
*30
31?
70
Class A_.
par
30
19%
18%
17%
17%
19
19
19%
19%
58
58%
68%
67
58
56%
56%
7%
56%
*6%
56%
*7
7%
*6%
7%
*6%
37
38%
58%
*6%
37%
19%
56%
par
*17%
*17%
17% Feb
53% Jan
39%
39%
40%
40
40%
39
92
93%
97%
97%
99
98
99%
*17%
19%
*19%
24
10%
21%
10%
*96%
19%
10
10%
*9%
10%
*%
%
%
%
%
%
%
19%
19%
*17%
22
10
10%
*9%
10
%
*%
*%
*%
*2%
1
*%
3
*2%
3
*2%
♦108
109% 111%
109% 112%
*133% 134%
134% 134%
113%
*113% 113% *113
*11312 114% *113% 114
5%
*5%
5%
5%
155
152
163% 155
16%
*3%
17%
8%
16%
16%
17%
3%
18
3%
18%
1,000
6,000
Electric Auto-Lite
9%
7,900
Electric
3%
3%
3%
1,600
*3%
3%
3%
8%
9%
33%
3%
9%
9%
32%
30%
32
29%
28
28
28
28
*27%
28
28
*27%
28
28%
28%
28
28
28
%
%
%
2
*1%
1%
18
17%
17%
17%
*36
37%
*36
37%
106%
*106
106% *106
4%
4%
4%
4%
*1%
18%
37%
*105% 106%
4
4%
%
1%
37%
%
2
18%
37%
106% 106%
4%
4%
43
32%
18
♦36%
105
4%
42
*3%
9%
15,500
33
*31%
32%
2,900
29%
*28
29%
300
28
♦27%
28%
500
4%
10,200
42
42
42
44
44
400
*48
52
40
40%
*40
42
44%
*44
45
44
44
*43%
44%
*45
52
*48
52
*48
52
w._Wo par
$6 preferred
Wo par
Equitable Office Bldg.-Wo par
Erie Railroad
100
$5H preferred w
*45
51
2
2
2
2%
2%
3%
3%
5%
3%
3%
3%
3%
5%
5%
*3%
6
6%
*6
6%
900
4%
4%
*4
4%
400
*3%
4%
4
4%
4%
800
8%
8%
*3%
3%
*8%
3%
4
8%
1,500
1%
*1%
1%
Cleaner
6
Evans Products Co
5
Exchange Buffet Corp .Wo par
%
%
%
4,130
Fairbanks Co
8%
6%
6%
27%
*26%
1,340
2,100
8% preferred
Fairbanks Morse &
5%
*5%
5%
3%
♦3%
4%
3%
5%
4
4
4
4
8%
8%
8%
8%
8%
8%
*1%
1%
*1%
8%
1%
*1%
1%
*1%
1%
*1%
1%
*1%
1%
1%
1%
2
9
9%
*1%
9%
*3%
8%
*1%
%
10
5%
26
27%
10
10
24%
25%
10
10
*24%
25%
31%
25%
26
*95
*95
♦95
*95
31%
31%
*9
9%
*70
*71
73%
*60
75
*60
75
*60
*94
105
*94
105
*94
9%
*9
*70
73%
*60
75
*94
105
3%
*3%
3%
3%
3%
*3%
3%
*3%
3%
3%
1%
1%
1%
1%
1%
*15%
16%
*15%
17%
15
*31%
31%
9%
73%
31%
*9
*
par
52
3%
1%
$5 conv pref erred...-Wo
2
3%
15
100
1
Service
*45
*2
Bid and asked
33
9
73%
3%
1%
*15
2%
i~,66o
3%
3%
4,000
31%
♦
31%
28
32%
Co.No par
800
9%
100
100
Rico..20
Federal Light &
*8
*73
79%
75
75
75
*60
75
*60
75
100%
*94
105
*94
105
80
1,400
3%
3%
3%
3%
3%
3%
*3%
*1%
♦15%
3%
*3%
3%
1%
1%
1%
900
17%
*15%
17%
100
{ In receivership,
100
32%
73%
18
-.25
preferred
Fajardo Sug Co of Pr
9%
1%
100
100
4% 1st preferred
4% 2d preferred
Eureka Vacuum
6%
*93%
*8
prices; no Bales on this day.
2%
3%
*93%
9
*3
x27
2%
a
-
-
Traction...15
$6 preferred
100
Federal Min & Smelting Co 100
Preferred
100
Federal Motor Truck—Wo par
Works..No par
Federal Water Serv A ..Wo par
Federated Dept Stores.No par
Federal Screw
Det. delivery,
n New
stock,
r
8%
%
Oct
Oct
3% Jan
8
%
1%
% Feb 10
3
10
Jan 28
Jan 12
Dec
115
Oct
28
10
Oct
Jan 27
10
113
106
Nov
98
Nov
Jan
Feb
4
132
Jan
4
120% Jan 15
135% Jan 19
130
Oct
111
Jan
4
11378 Jan 17
107%
Oct
111% Jan
3
109%
Jan
3
114% Feb 3
7% Jan 12
149% Feb
3
167
Jan
5
144
Nov
162
Feb
1
150
Apr
106
5
10% Jan 17
4
Jan 11
1%
3%
3%
5% preferred
Engineers Public
Dec
21
3
8% Feb
par
Oct
79% Nov
Jan
%
par
par
par
26%
12% Jan 17
% Jan 3
21% Jan 12
3
50
Endlcott-Johnson
600
44%
*3
60
4%
4%
Jan 10
22
4
Gas..
Corp
*104
105
99% Feb 11
8778 Jan 27
19% Jan 27
8% Jan 3
% Feb 11
4
El Paso Natural
53%
Jan 21
Feb
Corp..No par
-.50
200
44
*5%
46%
15% Jan
{Elk Horn Coal
6% preferred
1,900
45%
3%
Feb
5
300
18%
*44%
.
35
3
300
53%
Dec
Jan
5
%
*37
Oct
5
6
2% Feb
Oct
35
Jan
1%
*18
*40%
31%
shares
Light.Wo
$7 preferred...
No
$6 preferred
No
Elec Storage Battery..Wo
Electric Power &
Oct
16%
5
3
(The)
Boat
5% Dec
10
22% Jan 11
3% Jan
1%
18
5
Jan
15% Jan
*%
%
2
*41
1%
1,800
9%
9%
*%
*1%
20
174
Eastman Kodak
Jan 12
1
60% Feb
8% Jan 20
Elec & Mus Ind Am
3%
*3%
5
Mills—
4
3%
17%
9
*26
17%
Eastern Rolling
18%
3%
18%
9%
9%
28
17%
*35%
200
500
400
9
*16%
32%
%
110
preferred
100
Du P de Nemours(EI)& Co.20
6% non-voting deb
100
$4.50 pref
No par
Duquesne Light 5% 1st pf 100
8%
18
17%
8%
Silk
1
No par
9%
17%
32
%
Duplan
165
*162
17%
17
28
2%
2%
100
100
18%
162
17%
9%
32%
*%
1,800
{Duluth S S & Atlantic
6% preferred
Dunhill International
9
156%
162
9
*1%
%
3,300
154
162
3%
30%
1,200
154% 154%
157
17%
8%
800
%
(N J).No par
6% cum preferred
100
Eaton Manufacturing Co
4
Eitingon Schild
No par
154
9
3%
200
10%
114
*108
114
*160
3%
9%
*108
23
Wo par
Dresser (SR)Mfg conv A No par
Class B
No par
15
*10
162
17%
8%
114
*108
2%
15
156
17%
334
3%
*2%
*10
154
17%
*3%
2%
15
*10
%
%
*2%
Aircraft...---Wo par
Dow Chemical Co
10,700
9
8%
3%
*2%
1
*19%
*912
2,700
116*
114
116
114
114
115%
110% 115%
134%
*133% 135% *134
134
134% *133% 136
113%
113% *113
113% 113% *113
113% 113%
114
114
114% 114% 114% 114% *114%
5%
6
6
5%
6
*5%
*5%
*5%
18
3%
*%
*%
*160
162
*160
165
*160
2%
114
*108
115
1
15
♦10
12
*10
115
♦108
1
*%
12
*10
%
Douglas
14,800
Oct
9%
16
Oct
*15
30
37%
30
Jan 27
36
Oct
15%
30
94%
Dec
Oct
27
15%
30
38%
18%
Jan 12
15%
30
*92
Oct
29%
26% Jan 20
34
*15
30
95
5
Jan 24
Feb
16
30
*91%
88% Dec
Oct
*15
7%
40
Oct
Jan 12
15
16
7%
Oct
1%
60%
31
*6%
Oct
5
Jan 12
*29
7%
Oct
Jan 15
*15
par
par
8
13
19% Nov
17
16%
8,900
20% Nov
73
31
57
Oct
"96% "6ot
Jan
*29
400
Oct
6
12%
Jan 28
Jan
Jan 26
*15%
19%
18% Nov
.
8
66
1578
Co.-l—No
No
Doehler Die Casting Co No
Dome Mines Ltd
Wo
Dominion Stores Ltd-.Wo
Nov
3
108
29% Jan 31
20% Jan
31% Jan
6% Jan
127s
24
8% Jan 12
2% Jan 10
Feb
4
Oct
Dec
15% Jan 11
17% Jan 12
178 Jan
A.-Wo par
No par
Oct
8%
54%
25% Jan 17
Jan 20
25
3
0212 Feb
35%
7%
Jan
Jan
Feb
107
Feb 11
12
pf.100
26%
7%
22
Edison.—100
Mackinac Ry Co---100
26%
26%
35%
9%
3
*35%
26%
15%
Dec
2
Jan 10
7
4
18% Feb
{Denv & R G West 6%
39%
22% Jan 7
24% Jan 10
7
Feb
19
Oct
4
Jan 12
5% Jan 10
18% Jan 17
Jan 12
50
Devoe & Raynolds
*35%
*7%
Dec
7%
Det &
35%
12
50%
3
400
6
3
10
26%
18% Jan
3
Davison Chemical Co
130
Dec
3
Conv 5%
1,800
70
Jan
A
Oct
3
Jan
30
*4
3
Oct
234
Jan
Jan
5%
*30%
Jan
Dec
3
Jan 10
4
30%
5%
30%
69%
13%
*66
15
7
5%
87
5
30%
5%
*4
30
Jan 27
Oct
Nov
%
7
39
-
33
*4
5%
33%
7%
70
80
Jan
13% Feb
5
Jan 27
Davega Stores Corp
27,100
93%
Jan
21
1%
3
4
Jan 11
94% Jan 17
Jan 31
% Jan
8% Feb
102% Jan
21%
-
44%
(The)
Dayton Pow &Lt4M% pf-100
Deere & Co new
Wo par
Preferred
20
Diesel-Wemmer-Gilbert... .10
Delaware & Hudson
100
22%
22
72% Jan 12
3
Cutler-Hammer Inc new Wo par
1,000
9
9
9
$8
90
*21
-
Dec
5
No par
Class
200
5%
~
Oct
57%
Jan
80
Cushman's Sons 7% pref..
300
*21
Dec
8%
31% Feb
Curtiss-Wright
1,200
*5%
17%
30%
Jan 12
..Wo par
Preferred
100
49
49
55
*49
55
*45
48%
*45
Packing
Curtis Pub Co (The)Cudahy
Dec
Jan 12
3
50
300
*6%
6%
6%
6%
44%
970
34
3
66
Dec
28% Nov
4
Feb
No par
Crucible Steel of America..100
Preferred
100
Cuba Co (The)
No par
Cuba RR 6% pref
100
Cuban-American Sugar
10
Preferred
100
1,400
1%
4%
i
6%
9% Feb
5
Corp
$5 conv pref
.
10
30
No par
ex-warrants
Pref
100
32%
49
15%
15%
Jan
*%
16%
*15%
17%
*15%
16
6%
44%
6%
Nov
37
4%
4
4%
4%
15
*15%
16
44
44
47
*44
21
39%
934
4%
72
*69
Jan 11
31% Feb 3
34% Jan 28
4,400
35
*1
70
Dec
Jan 17
100
70
74
*68
75
75
*68
88%
10% Jan 11
5.700
1%
Jan 14
25
72
4%
98
2
*68
12
100
Oct
22% Nov
1
4
36
4%
Jan 31
Feb
Oct
Apr
3
Jan
35%
11
19
90
Oct
153
Feb
*64%
4%
16578 Feb 11
4% Jan 12
Jan 12
27
8
82%
,
3
217b
37%
*4%
7
Wo par
Crown Cork & Seal
No par
$2.25 conv pref w w_.Wo par
82%
11
4%
4%
Jan
3% Jan
25
Co
5% conv preferred
36
*1
13
50%
Crosley Radio Corp
!%
12%
1%
13%
1%
1%
65% Jan 17
Cream of Wheat ctfs.—No par
82%
*78
4
Oct
9%
100
9%
72
*68
Crane
36%
34%
82%
♦79
82%
*79
35%
33%
34%
33%
33%
*78%
72
*68
8,500
46% Nov
164
No par
Coty Inc
3
Oct
24
500
32%
10
9%
9%
9%
9%
Preferred
100
1,600
Feb
16% Jan 10
Jan 12
56
Feb
25
100
Corn Products Refining
5
49%
Corn Exch Bank Trust Co..20
170
Oct
7$
1% Jan 15
34% Jan 11
27%
12% Jan 27
Continental Steel Corp.Wo par
4,400
23
3
Feb
5
Continental Oil of Del
300
9% Jan 17
Jan 12
Oct
Jan
1%
400
*34
*34
600
Jan 25
9%
34%
35
107
92%
*9
9%
20
No par
Continental Diamond Fibre.-5
Continental Insurance..._$2.50
Continental Motors
1
$4.50 pref
Oct
1
22%
*92%
22%
93%
100
8% preferred
Continental Can Inc..
100
1%
No par
Oct
16
32
51
93%
9%
Oct
Jan
13%
*22
33%
5%
3
13,400
*90%
33%
Deo
38%
Feb
29%
28%
14
*13%
50%
50%
64%
64%
165% 165%
4
3%
24%
24%
9%
33%
10678
5
1,900
23%
9%
33%
Dec
Jan
1%
91%
9%
33%
Oct
37%
73
1%
*9
96
22
65
3
1,800
*22
*90%
Oct
82% Jan 11
45% Jan 12
3
Jan
14%
24%
Oct
7%
4
10% Jan
300
25%
23
10%
12% Jan
5,700
4
16% Jan 18'
16% Jan 15
2% Jan 13
Container Corp of America_20
41%
63
Dec
Continental Bak class A Wo par
29
4
7934
2,200
41
♦165%
Oct
3
Jan 12
22
2,300
*1%
4
Oct
%
4,800
*109% 110
*109% 110
*8
8%
8%
8%
29
29%
29%
29%
4
Oct
Dec
86% Jan 21
13% Feb
83% Jan
B__
Oct
7
2%
3% Feb
14
41%
29%
3%
7% Jan 7
% Jan 4
5% Jan 12
3% Jan
38 Jan
{Consolidated Textile.-Wo par
(Del) v t C-.25
5% preferred vtc
100
Consumers P Co$4.50pfWo par
Class
Nov
100
Consol Coal Co
300
*77
Dec
10% Jan 10
3,600
80%
1%
63
62%
61%
*165
*164
*166
4
No par
5
No par
$5 preferred
No par
Consol RR of Cuba 6% pf.100
preferred
14%
29%
13%
*50%
13%
♦50%
60%
1%
29
1%
8% Feb
$5
1%
29%
28%
1%
28%
*13%
3
Consol Oil Corp
14%
13%
2
52
28%
28
14
29
4% Jan
96% Jan 3
6% Jan 15
100
40%
8%
*8
8%
8%
29
4
Oct
21%
Feb
300
*78
41%
92
Oct
4%
90
18
1%
*109% 110
110
110
8
28%
8
28
41
40
38%
,
Oct
1
Consol Laundries Corp
1%
80%
81
*77
80%
63
85
14
2
*77
Oct
75% Jan 25
1% Jan 11
6% Jan 12
25% Jan 14
85
14
14
13%
13%
*1%
13%
14
*77
65
14%
14%
85%
1%
82
Jan 15
*14
16
*84%
2
Oct
68
85%
16
*84%
1%
*3%
Oct
484
Jan 29
4,600
%
4
No par
Dec
8
Ja» 17
20%
2,200
1,100
%
4
$2 partic pref
57$
Jan 17
8
1% Feb
6% Jan
Consol Edison of N Y..No par
10,200
6
♦5%
%
%
1
106
*100
6%
6
%
Consol Film Industries
preferred
Dec
9% Jan 15
Jan
13,800
21%
6%
%
*%
71
100
5%
5
7%
7
%
*3%
*13%
3%
*100
7%
7%
%
%
%
3%
106
*100
106
7
66^4
100
300
1%
22%
106
100
6}£% prior pref w w
7%
19%
Jan
7%
22
*100
1
Cigar
120
92
106
♦100
106
Consolidated
Dec
5
Jan
8
6% Jan
13% Feb
6% Jan
Consol Aircraft Corp
Oct
4%
20
Jan 22
24%
Highest
share
per
7% Jan 14
Jan 31
Feb
No par
Conn Ry & Ltg 4^% pref.100
30
65%
*72%
22%
91
7%
700
1%
*1%
*5%
6%
5,800
65%
*61
22%
21%
6%
15%
*7
22%
6%
15%
7%
*1%
*5%
21%
1%
1%
*5%
*8%
♦6%
72
72
73
*1%
*5%
1%
*61
65%
*72
73
*72
7
7
9%
share
I per
Jan 27
6
20%
7%
No par
Lowest
Highest
share
per
Conde Nast Pub Inc.—Wo par
Congress Cigar
300
7%
9%
16
15%
I
(Songoleum-Nairn Inc.-Wo par
100
1,900
*7
*8%
16%
7%
65%
Par
Shares
23
100-Share Lots
On Basis of
Lowest
7%
*7
8
8
15%
exchange
6%
*6
22%
22%
*22%
7%
*7
15%
7
6%
22%
22%
9%
15
6%
*61
73
*72
*7%
6%
65%
*61
*7
7%
15%
15
7
*6%
7%
7%
7%
8%
15
*6
21%
21%
21%
21%
7%
*7%
7
*6
6
22
the
$ per share
% per share
*6
6%
$ per share
$ per share
*6
6%
new york stock
Week
11
Feb.
10
Feb.
stocks
for
Friday
Thursday
Wednesday
Feb. 5
Range for Previous
Year 1937
Range Since Jan. 1
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
1029
New York Stock Record—Continued—Page 4
146
Volume
157
8
Jan 26
3
21% Jan 15
434
Jan 12
13% Jan 12
Jan 12
43
2%
Oct
Oct
15% Dec
2% Dec
14% Dec
3% Oct
3%
6%
27
Oct
Oct
Oct
30
Jan 23
26
Jan 29
40
Jan 14
24
26
Jan 26
30«4 Jan 12
% Jan 12
278 Jan 12
20'4 Jan 12
22
29
Jan
8
33
Nov
60
Feb
106% Jan 18
100
Nov
115%
Jan
Jan 14
3
Oct
17%
41
Oct
78%
Jan
% Feb
2
1% Jan 27
Feb
3
17
347b Jan
Jan
104
3
3% Feb
3
Feb
3
40
43% Feb
50
5
3
Jan 31
1% Jan 31
Jan 18
3
5% Jan 26
3% Jan 19
3
3
3
% Feb 10
5% Feb 10
3% Jan
7% Jan
1% Jan
40%
6%
Jan
Oct
Oct
%
1%
14%
497g Jin
Oct
Oct
Oct
Jan
Jan
45
Nov
81
Feb
62% Jan
2% Jan
534 Jan
8«4 Jan
51
Nov
86%
Feb
9%
Jan
54
6% Jan
5% Jan
10% Jan
1«4 Jan
1% Dec
4% Oct
8% Oct
23% Mar
5
Oct
28% Mar
3
-
Oct
6% Dec
1% Oct
36% Mar
14%
Jan
34% Mar
6%
5%
Jan
Feb
3
Jan
Oct
7%
Oct
28
Jan
33% Jan
23%.
Oct
71%
Jan
150
24
1
11% Jan
Mar
210%
Jan
26
Oct
70
Jan
Oct
29%
Jan
2
Jan
Jan
2812 Jan 28
8
Feb 3
33
72% Feb
75
Feb
72% Deo
103
Jan
Jan
74
70
14% Feb
3
60
Nov
150
Mar
90
Oct
129
Apr
4% Jan
Jan 28
1% Jan 29
Jan
96% Feb
96% Feb
278 Jan
3
10% Jan
7%
2
Oct
4% Jan
2
Jan
18% Jan
Cash sale, z Ex-dlv. y Ex-rights. Tf
2% Oct
1% Oct
14% Dec
11%
11%
Feb
6
Jan
Feb
43% Mar
Called for redemption.
New York Stock Record—Continued—Page 5
1030
LOW
AND
HIGH
SALE
NOT PER
SHARE,
PRICES—PER
CENT
Sales
STOCKS
NEW
for
Saturday
Monday
Tuesday
Feb. 5
Feb. 7
Feb. 8
Feb: 9
$ per share
Thursday
Wednesday
f per share
$ per share
I
share
ver
*74
76
28
28
2734
*14%
1934
30
20
*14%
30
*90%
32%
92*2
32%
16%
76
76
29i2
76
76
29U
29l2
*14
30
*14
*9012
9012
2014
90le
*32
33
33
33l2
1634
I8I4
173a
*90
Feb.
11
Week
$ per share
*76
79
2934
2934
30
Lowest
Par
Shares
Fed Dept Stores 4K% Pf-.100
67% Jan
4
Fidel Phen Fire Ins N Y..2.50
27
3
"4*200
Firestone Tire & Rubber—10
90i4
90 ]8
34i2
90ig
3478
400
6% preferred series A—100
900
First National Stores..No par
28
1834
18
1834
24,900
Flintkote Co (The)
No
Florence Stove Co
No par
*23
27
*23
27
*23
26
*23
26
*23
26
18
*17
18
*1634
18
2i2
2884
95
1714
*16i2
18
16
16
68
16
*55
*3\
16
I6I2
17
*52
65
*55
68
4
4
4
4
*38
65
16
50
*38
50
*9378
4%
*38
50
*94i8
16l2
*56
*35s
*38
3%
12%
2
2
2
334
2
4
4
13
13
3%
3%
12%
*12%
14
*12%
14
15%
*14
15%
*13
15%
*13*4
15%
*88
90
*88
90
*88
90
*88
90
6
6
*57g
6*2
5%
57g
534
*94*2
95%
*94*2 97
36
38
36*2
37*4
8
8
734
734
120
121*4 *119*2 121*4
4
4
37g
37g
9
8%
9*4
9*4
18
18
18
17%
♦55
58
58
24*2
♦118
38%
3934
32
1
38*2
31*2
»
96
38
25
25
118
118
33
114
*26%
5
114
27
27
*87
1%
1%
5ig
99
51;
*87
1%
*1758
1%
734
H8
1834
23U
2314
♦95
1234
9%
1234
56
56
9%
7%
7%
105
*95
13
1234
934
958
57
57
7%
7i2
*4912
*48
56
*48
56
20*4
♦42%
21%
20%
*42%
21%
22i8
45
44
4*2
1%
*12%
44
2%
2%
3%
3%
*64
10
15%
48*2
19%
*47%
18%
83*2
*80
3%
3%
*5334
1%
434
*1%
*11%
5334
1*2
4*2
1%
13%
14%
14%
23%
*21%
23%
12
14%
22%
*21%
21%
12
12%
21%
21
20
2%
3%
2%
212
3%
3%
*314
8%
1658
1534
16-%
1534
50
49U
49U
*48i2
16*2
50%
19%
19
19%
19-34
2078
19'2
203s
1914
2014
81%
*80
8234
♦8OI2
8234
82l2
82
4
4
60i2
*5334
3%
*5334
1%
1%
5
5
5
1%
1%
1J2
5'8
1%
12%
14*2
*12
14%
22%
21%
23
23
21%
*112
*1158
13%
14%
21%
12%
21%
12
12
2034
20%
9
7%
7%
*434
*40
17%
I84
2434
*1%
*19%
*434
5%
♦15
10*2
*15
16
16
*24%
26
*24%
26
*33
34
*33
34
5%
*17%
*
5%
100
♦92"
5%
18
93*2
*17%
*
15
23i8
21i8
1212
21»4
*2834
12512
*40
*92%
*6*4
*60
21
20
126
20%
•123
*123
0*2
77*2
*6%
*60
2
1%
90
*1%
*86
*85%
50
17%
9%
112
514
158
,
5%
16%
♦16*2
*484
1,400
1534
15
15*g
2334
21%
12l2
2334
215g
12i2
237«
*42*8
92
90%
*18%
♦18%
20%
19*2
♦99% 100
*8
8%
18*4
♦102
18®4
---.
61%
62
*
*
100
100
*
*87
90
*87
*18%
19%
20%
42*8
*90*8
*18*2
19%
1934
*99% 100
90
42*g
91*2
20*8
21
*99*8 100
9
9
18%
18%
87S
♦102
*1838
8%
1834
*102
60%
22%
9
61%
22%
5834
23
9%
7
7%
6%
7%
44
4434
45%
*134
46%
73g
45
2
2
*5%
7%
7%
8%
1%
8*4
1*8
9»4
1%
9
*5
9%
17%
*16
18
18
3234
6%
32
32
*33
*5
6%
Bid and asked prices; no sales
Jan
30
Feb
3
3
50*4 Jan
118
Jan
4
29% Jan
112% Jan
4
3
Jan 31
26
4% Jan
30
5
Jan 26
1*2
18%
Jan
87
Jan
7
38*4 Jan 15
Jan 20
31*2 Jan 18
5
Jan
Feb
116
534 Jan 12
9?g Jan 11
7% Jan 28
102
3
Feb
57*4 Jan 11
121
106
Feb
3
Jan
90
*423g
*90*2
*18*2
21
on
*434
51
20*8
21*4
*99*8 100
8%
87g
*18*2
1884
*102
6034
23*4
77g
47*2
2
734
8*2
1*4
10*2
90*2
87g
I884
preferred-.
1*8
25
934
47
5%
Jan
16
Oct
Feb
90
Jan 18
65%
117*2
534
4878
70*4
14
Jan 10
20
Jan
6
♦6
8*4
1*8
9*2
67g Jan
3
No par
No par
50
20*4 Jan
3
50
(The)
44
9
preferred
Jan 27
14i2 Jan 15
58
Jan 13
105g
10*2
19
19
33
*32
6*2
this day,
j In
6*2
*4%
receivership!
67g
Feb
8*4
Feb
Jan 17
z83%
Dec
19*4
57*2
Jan 15
1234
Dec
Jan 15
46
Dec
Jan 21
23
72*2 Dec
3*4 Dec
54
55
1
5
4*8 Jan
10
20
3
22*4 Feb
20
Jan
preferred
2
Feb
3
Jan 12
6*2 Jan 12
Jan 28
178 Jan 11
3
135g Jan 11
18*4 Jan 10
z27% Jan 10
Jan
1334 Jan
23
Jan 24
16*8
Oct
Oct
100
1
preferred
40
16
par
..10
Guantanamo Sugar
8% preferred
200
Gulf Mobile & Northern
No par
100
127*2 Jan
Jan 22
40
Jan 31
213g Jan 12
5%
Jan
2734
Feb
13
Dec
22
Dec
1934
Dec
129
Dec
50*2 Sept
15*2 Oct
103g Jan 12
7*2
Oct
8*4 Jan 5
1»4 Jan 10
7%
Dec
28
5
100
15*2
Jan
3
25
25
Jan 17
25*8
preferred class A....25
32
Printing
Oct
4
Jan
Jan 12
512 Jan 14
19
17*4
434
15
48*8 Feb
47% Jan
5634
42%
145*2
64*4
39*2
167g
59
17% Mar
59*2 Mar
3434 Feb
12
Jan 13
23ig Dec
26*2 Apr
434
1734
Oct
Oct
434
36
Feb
Feb
Feb
100
Jan 18
95
Nov
108
96
Jan
6
92
Oct
105
25
Jan 15
18
Oct
123l8
Jan 29
121
Dec
100
Hat Corp of Amer class A..1
Hazel-Atlas Glass Co
25
Hecker Prod Corp v t c.No
par
Helme (GW)
..25
Preferred.
500
1,600
Hercules
100
Motors
Hercules Powder
6%
878
cum
No par
new.
.No par
preferred
100
Chocolate
5
x7«4 Jan 19
6
67
7
86
Feb
3
93
Jan 11
81
6
Jan
3
77g Jan 17
90*2 Jan 13
Dec
117% Aug
1578 Jan
86
Dec
126
166
89
140
Jan 10
8
Feb
8
284 Jan 11
5
Oct
55*4
1*2
Dec
107
Feb
Oct
8
Jan
5%
4
129
Nov
17
Jan 11
11
Oct
4
58
Jan 11
50
12684 Jan 19
130
125
Jan
4984 Feb
147*2
Feb
Feb
1
39*4
84ig Jan
3
93
83
"3",366
preferred
No par
Hlnde & Dauche Paper Co. 10
Holland Furnace
No par
"""966
Hollander & Sons
5%
"
61*2
6 ,800
2334
800
conv
7,700
3,300
500
100
3,200
13,100
9,000
19
(A)
B
Hupp Motor Car Corp
Illinois Central
6% preferred series A
Leased lines 4%
RR Sec ctfs series A
delivery.
135*2
Feb
Dec
Jan
Dec
37
June
Oct
5234
120*2
98
Jan 10
100
Jan
93
Nov
8*8 Feb
18*4 Feb
3
11
Jan
25*4 Jan
734
1512
Dec
4
52*2 Jan
2178 Feb
4
7
3
4
65% Jan
x3934
100
No par
1
100
109
8*4 Jan
46*2 Jan
83i2 Jan 26
6*4 Jan 3
41% Jan 3
H2 Feb 11
57g Feb 11
03s Jan 3
1*8 Jan 3
8% Jan 5
Jan
111
5
No par
25
6734
Nov
2212 Jan
stk.No par
100
preferred
Hudson Motor Car
160
May
Jan 31
No par
com
Dec
17
100
Jan
64
19*2 Jan
12.50
Feb
Nov
Jan 10
16*8
1512
Jan
Feb
19
A.No par
5%
700
3434
6i2
Class
Jan
1734
39%
No par
preferred
Holly Sugar Corp
7% preferred
Homestake Mining
Houdaille-Hershey cl
Nov
12% Jan 31
43*2 Jan
1,500
Feb
Jan
9
19
140
Jan
U8
42*8 Feb
conv
Jan
58% Mar
Feb
60
No par
54
Jan
20%
Jan 31
2,600
Jan
31
Jan 28
2
Jan
Dec
Jan 18
100
Feb
Oct
20
w
Mar
Oct
92
w
Mar
Oct
100
6)4% preferred
Hayes Body Corp
Jan
Mar
7g
Harbison-Walk Refrac.No par
6% preferred
100
20
May
11*2 Mar
6% preferred..
...100
Hanna (M A) Co $5
pf.No par
5
Jan
22% Dec
28*2 Mar
1,800
123*2 Jan 29
Feb
3*4
12
Jan 12
21*4 Jan 15
Jan
Oct
3
1*8 Jan 29
1784 Jan 5
Jan
Oct
Feb
7*2
5
preferred
Hackeasack Water
Jan 22
Mar
1*8
10
8*4 Feb
160
6%
6
13%
96
Oct
10
Jan
47% Mar
141
3
20*2 Dec
23*2 Oct
125
Feb
50*2 Mar
8734 Mar
Oct
15i2 Jan 12
Jan 14
115
Jan
13g
32
Hershey
a Def.
Oct
Oct
88*2 Jan 12
47g Jan 11
1*2
11*4
100
1078
1*8
2
Jan
100
90*4 Mar
Jan
Jan
;
Feb
51*2
58*8
80
1334 Jan
Aug
Oct
3*2 Jan 28
5334 Feb 5
1*4 Jan 22
5% preferred
Houston Oil of Texas v t C..25
Howe Sound Co
5
Hudson & Manhattan
100
19
Dec
76
par
100
3234
*47g
Oct
19*8
43
No par
85
19
49*2
27*4 Jan 11
61*2 Jan 19
No par
*83*2
35*4
Dec
46*2
17*4
par
Household Fin
8*4
1*8
6*4
Jan
400
1*4
8
3*4 Jan 10
3% Jan 11
Feb
Feb
3,100
83g
Jan
24
70
100
I84
57g
83g
1*4
105%
Nov
Jan
88*g Feb
29% Mar
Jan
400
47
Feb
2078
10
1*2
57g
Jan
4378
Oct
50
2*8
7*8
3334
Oct
3
51
75g
88
Oct
Oct
*9*8
738
Oct
26*4 Jan 12
200
Jan
Jan
Feb
Dec
9*2
16
Jan
1,700
Jan
8
50
47
1*2
95
2*8 Jan
7%
Jan
Dec
Jan 15
Feb
200
110
2*8
2012
6
Jan
1
5M%
Jan
Feb
Mar
56
10*4
734
Dec
19
103s Jan 11
50*2
84*2
48
*134
59*4
*22
Oct
Oct
3
Jan 28
1
91*2
20*8
2034
*102
6*0*4
59
*22
z99
Feb
Feb
60*2
15*4
No par
Brothers
100
91
♦18*2
2034
*99*8 100
8*2
70*2
122%
Oct
1134
100
*42*2
2112
3*2
Dec
Oct
111
8
Jar
l& n
60*2 Jan 11
938 Jan 10
Greyhound Corp (The) .No
91*2
283g
64*2
6578
124
5
1,400
91
Oct
May
3
8,000
90
Nov
48
3
9
*_
33
117
Jan
10*8 Jan
9*8 Jan
75g
100
*83*2
734
»
334
7
*50
*4
Oct
6
10*8
6*2
84
Jan
85
17%
13s Jan 11
Jan 31
497g
35
1
Hamilton Watch Co ...No par
10
*4
Feb
200
49*2
*17
647g
44*4
17*2
*83*2
*33%
Nov
55*8 Feb
9
75g
1*8
2434
5l2
1734
Jan
28*8
No par
8%
18
Oct
33% Jan 17
Jan
17*2
91%
9
152
34
3
Jan 25
30
Jan
52
884
*16%
3284
126% Mar
52*4 Jan
7
85
1%
9%
Oct
Dec
100
preferred
conv
Feb
Mar
Dec
34
*17*2
65
66
Jan 19
1712
Oct
22
558 Jan 26
17%
32*2 Mar
Z99
10
*50
1%
conv
Feb
14
Oct
13*2
preferred
153
Oct
Jan 24
Hall
*17%
Oct
212
6*4
14*4
Jan 10
Green Bay & West RR
Green (H L) Co Inc
6*4
Oct
2734 Jan 10
120*2 Feb 11
45i2 Jan 10
600
*84
9%
72
Feb
"*40
45
1%
7«4
7%
1*4
Jan 10
2578 Jan 12
243g Jan 27
110*4 Jan 13
36*8 Feb 4
5
117
Feb
5*8 Jan 12
13
6
84
1%
121*4
33
49*2
7%
1%
Jan
26
84
*5
Feb
19*2
6
49*2
1%
Jan
86*2
33
84
7%
105*4
Jan 15
*2478
49%
7%
Nov
31*2 Nov
34
♦47%
7%
91
Jan 10
26
♦57a
*83
6%
Jan
Feb 11
9
3*2 Jan
85g Feb
17*2 Feb
58
Oct
Jan
451;
*33
9%
45
118
512
33
106*4 Jan
19*2 Feb
15*2 Mar
97
*2478
6i4
6234
2234
6%
44%
1%
*4%
Oct
26
*42%
9%
Nov
4
34
*534
17*2
*90
62%
2234
88
*33
9%
9
Jan 17
7*2 Jan 12
7*8 Jan 10
*247g
5%
2234
21%
90
3
34
5%
90*2
20*8
9
88
3
Jan
26
51
1834
15% July
x39*4 June
11*2 Dec
10*8 Oct
Jan 17
2884
i'.ioo
*92%
93%
*92*2 93*2
♦92l"2 93*2 *92l"2 93*2
20%
2084
21
120*2 20*2
20*2
2034
207g
*123% 128
*125
*123*2 128
128
*125
128
6*2
6%
6%
♦6*4
65g
♦63s
6.
*63s
65s
67
77%
67
*60
*60
77*2
*60
77*2
77*2
2
2
2
2
2ig
2*8
2*8
178
178
*8
Dec
5
19
93*2
*18%
7*2 Mar
26*4
"
20*2
*102
Oct
Oct
17*2
128
♦18%
1834
1834
*99% 100
1*8
Great Northern pref
.100
Great Western Sugar. .No par
Preferred
.100
50
6%
0*2
*6%
6%
65g
67g
6%
634
65s
65s
*9034 100% *9034 100% *9034 1007g
95
*9034
95
*90»4
14934 *146
152% *146
152% *146*4 149*2 *146*4 152*4 *146*4 15214
13% 13%
13%
13*2
*13%
14%
14*4
14*2
14*4
15
14*2
*14*2
52
53
51
50%
51%
53
53*4
53
53*4
5234
*5234
5278
*127
130
127% 127% *127% 130
*1275g 130
*127% 130
*1275g 130
51
Jan
Jan
2*2 Jan 12
I684 Jan 20
5*4 Feb
9334 Jan
35*4 Feb
7*2 Jan
Mar
73
48*2
16
Feb 10
117
Oct
3*2 Jan 3
12*2 Feb 3
13ig Jan 28
5*4 Jan
Jan
Oct
18
17*2
0%
6*2
*9034 100%
♦41
3
Jan
Jan
32*4
Oct
Jan
83
20*2
6*2
18.200
*146
*90*2
2
Jan
1838
9
34
17%
90
Feb
Feb
*40
*17
Jan 21
14%
Jan 10
5%
120
18
*5*8
27
28
8
*17
102
4
3
Grant (W T)
600
1*8
*19*8
5*2
Jan 12
Jan 22 zl07
Feb
Gt Nor Iron Ore Prop.No par
29
112
2484
5*2
Oct
5,700
126
17l2
18
9*4 Jan
Grand Union Co tr ctfs
1
$3 conv pref series...No par
Granite City Steel..
No par
700
50
*1*8
*19*8
5l2
300
126
8
18
23 ig
29
15g
13
2334
2938
125i2
1712
8%
1*2
2434
*1*2
»12ig
Jan 21
Oct
19*2 Jan 28
1912 Feb 3
10% Jan 11
15*2 Feb 3
Graham-Paige Motors
Granby Consol M S & P
500
21%
1234
158
28
3
Feb
135
Dec
284
No par
Preferred
"l",966
24
*40
8
♦1%
*19%
5
40
Jan 31
103l2
22*2
Dec
5% Jan 12
40*2 Jan 13
3
Oct
$5 conv preferred
Gotham Silk Hose
7,300
13
125
914
1%
2434
5*4
5
66
3*2 Jan
Oct
5% preferred
No
Goodyear Tire & Rubb.No
10
60i2
1*2
2li4
12I2
21%
*28i2
17«4
8
l-3g
1,000
15,600
*23
50
8%
H2
10
6,400
*1%
*1218
1534
1278
1518
23%
21i8
1314
2278
293s
125l2
1712
7%
H2
5i8
74
Jan 18
Jan 28
*24%
5%
100
66
*334
'
1%
9*8
*18%
334
*5334
*70
65
56
Gold & Stock Telegraph Co 100
Goodrich Co (B F).._-No par
300
65
74
54*2
Nov
Gobel (Adolf)..
Goebel Brewing Co
500
4
83
334
82
*3%
*5334
3%
65
*70
74
Oct
1
4H%
700
1534
11*2
14
Glldden Co
1,300
49
*66
Jan 12
85
56
10%
20*2
Jan 10
Glmbel
100
70
Sept
3
Jan 10
$5
"2,800
3%
98
14*2 Jan
Oct
2
General Tire & Rubber Co-.5
Gillette Safety Razor..No par
2,900
1,100
1,800
2i2
Oct
19
_
"2,200
3>8
80
3
Gen Steel Cast 56 pref. No par
*214
95*4 Jan 21
1
Gen Theatre Eq Corp. No par
Gen Time Iastru Corp .No par
48%
9
5
234
3%
Apr
3
15
6%
45
58
Jan
General Refractories
5512
*4278
Oct
89
No par
500
2214
22
45
No par
950
77g
27
1*2
preferred
56
200
13
*50
No par
Signal...No par
preferred..
.100
Gen Realty & Utilities
4,700
70
9
2434
5
778
preferred
6%
934
577g
Jan 10
1
Gen Public Service
Dec
33*2
No par
Printing Ink
Gen Railway
99
1534
48%
17
*18*2
■56
1,100
1,100
15%
*16%
134
Common.....—
General
70
50
17%
7%
*1%
*57
22
2i2
3%
400
1,600
70
50
734
75s
5478
*12%
9%
22
3%
*40
7%
*1%
13
934
5758
10
No par
Gen Outdoor Adv A...No par
105
*4278
2%
50
17%
*50
55
2%
29*2 29*2
29% 29%
2834 2834
*125*8 127% *125% 127% *125% 127%
*40
738
22l2
45
45
70
1-%
57
7l2
21%
♦60
1234
9l2
1314
9i2
56
100
General Motors Corp
85 preferred
200
*95
105
*95
105
No par
preferred
6%
62,600
1,200
18
2312
18
*1512
General Mills
60
Dec
IS
5
107*2 Feb
5214 Mar
46*4 Feb
58*2 Feb
39*2 Mar
978 Feb
3
No par
$6 conv pref series A.No par
"""566
*16
12
*1114
18
*7%
50
*1078
24
12
*1512
Gen Gas & Elec A
500
22%
100
General Electric....—No par
.....No par
Foods
"4*,806
138
18'2
100
No par
preferred...
General
3,300
1*2
23
22
*11
10%
7%
38,500
2,400
18*2
2234
23*2
1134
22
12
105
*87
1*2
22
16%
99
17%
225g
21
9*2
160
34
347g
1137g 114*8
28
*26i4
*5is
514
*138
*11
56
28
1712
11%
2258
56
1534
♦48%
18%
*79%
*3%
5334
*87
99
15*2
12%
10%
353s
114
5
7% cum preferred
General Cigar Inc
900
5*4
9
8%
8%
8I2
8i2
8l2
812
8*2
105
*104
105
105
*104
10478 *104
10478
1*2
1%
1%
15g
158
15g
*H2
1«4
22
2034 2134
2134
2212 22l2
22i2
22i2
5%
2234
*95
13
2%
3*4
*2614
*518
15*2
56*4
21
3414
114
par
No par
No par
Class A
100
54%
54%
120% 120%
11
105
♦42%
*30
55*2
22%
21%
21
♦48
50
120% 120%
18
11
7%
35
114
30
34%
90
—5
No
Cable
*58
5
Bronze
General
*54%
17
16%
9%
34
114
$8 1st preferred
General
4,400
1,200
*30
55*2
55*2
120*2 120*2
22
22
55*8
50
90
1,200
9%
20
3214
1*8
50
*30
Gen Am Transportation
General Baking
*18%
41
$6 pi..No par
Inc—3
22
Jan
26*2 Dec
11*2 Oct
Jan 10
Industries
4%
9*2
25%
25%
120*4 120*2
39*2
4034
31%
32%
1
1%
*30
50
120
*4
121%
1
1*8
120
25
*120
17
*21
13
25
25
*2434
120
120
1
8%
22*2
*95
1,900
1
99
11
8
1
21
*15%
*7%
par
Gen Amer Investors...No par
86 preferred
No par
700
6%
10
(The)—.No
conv
Wood
Gar
1,700
200
1%
1%
*534
preferred—
Gannet Co
10
6%
2,800
397g
32%
105*2 105*2
*1%
1%
*15%
2134
90
6%
97
32%
534
1%
*85
$3
Nov
21
4
22l2 Jan
Game well Co
40
40%
32%
34*4 *32%
33*4
114
*110
11334 114
*26
30
30
*15%
21%
200
15%
97
32*4
*87
14
*13
90
34*8 Feb 11
I8S4 Feb 10
29*2 Jan 12
Jan
3934 Feb
413s Mar
Oct
3
38
Gabriel Co (The) cl A ..No par
Gair Co Inc (Robert)
1
1,300
*1234
39*2
39*4
*20%
4
15
96
32
99
300
15%
95%
95*2
39%
40*4
8
8
778
77g
734
121% 121% *119% 121% *119% 121%
4
37g
4%
4*8
4*4
4*4
10
10
10
9*8
9%
934
*19
19
19
19
19%
1934
*58
*58
*58
76
60
60*8
39
40
21
20
190
340
Jan. 11
45*8
Dec
16*2
share
per
108% Mar
Oct
26*8 Feb
par
Co
..10
f6% conv preferred
100
Fuller (G A) prior pref. No par
$6 2d preferred
No par
Oct
22l2
1
Free port Sulphur
"8"200
2
4
No
92
Feb 11
10
$7 conv preferred
39*2
*94*2
32
21
4
Feb
Francisco Sugar Co
No par
F'k'n Slmon&CoInc 7% pf 100
45
*1%
x65
Jan 15
Highest
share \
per
2*8 Feb
-100
Foster-Wheeler
1
38%
*87
""400
88
88
32%
8%
2
6%
3634
7%
*26
17
*17g
37g
*1234
*13*4
39%
*5%
*38
6
*30
*1*4
45
4,100
414
pref-_
4conv
90
16i2
68
*3%
6
56
*55% 56*2 *55%
121* 121 1*120*2 123
1%
4
0*4
562
*1%
4
6
50"
8*2
8%
105*2 105*2
*52
6%
123.
5
68
6
56
5
95
6%
♦121
*30
*9378
16i2
6
*94%
58
1
■1",
95
1714
0%
6%
*5*2
24% *24*8 2434
*118
120
120
32
94l2
*38
*13
534
2934
414
2
4
*37g
1,000
*28'2
25*8
3
16
t Follansbee Brothers ..No par
Food Machinery Corp
100
29
Jan
23*2
Florshelm Shoe class A .No par
900
2612
2
*178
"""266
23g
29
17
Jan 18
$
32% Jan 19
*18% Jan 4
90*8 Feb 11
par
2-3g
2ia
2714
2614
2634
2534
26%
10312 103i2 *103l2 10334 *103i2 10334
26
26
*24i2
26
*22l2
26
1414
145s
*1234
14 I
1378
1378
257g
27
2534 26U
26%
103 % 103l2 *10312 10334 *10312 10334
2334 2512
♦22% 24
*22-3s 24
*12%
13
1212
14U
13% *12-38
26
*17g
2-3s
*52
45
z79
I43g Jan 28
*17
share
per
20
34
23S
27
95
16i2
Year 1937
Lowest
Filene's (Wra) Sons Co.No par
18
18
23s
2884
Feb
34
27
214
28i4
9434
$
3,100
30
*2%
26%
*93i2
214
2814
9434
share
2012
*16
2%
2712
94i2
per
19-%
*23%
*2l4
2712
$
21 i4
913g
32%
183s
Range for Previous
Highest
100
2934
*14
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
YORK
12, 1938
EXCHANGE
2012
9014
203S
325s
1718
163g
193g
29i2
*14
30
1978
19%
92l2
19
10
$ per share
*74
76
2912
*74
29
15*8
*74
Feb.
the
Friday
Feb.
Oct
Oct
Oct
Feb
Jan
3034 Mar
43*2 Jan
114% Mar
5334 Dec
Jan
21
Dec
41
Jan
11 7b Jan
50*4 Jan
6
Oct
2778
Feb
44
Oct
73
Jan
85
Jan
78*2
Dec
94
Mar
87g Jan
63% Jan
2% Jan
434
Oct
17*2 Jan
90*2 Mar
578 Jan
7*2 Jan
10
Jan
1% Jan
11% Jan
37
Oct
1*8
Oct
3*2
Oct
4
1*8
8
Oct
Dec
157g Jan
23*4 Feb
4*4 Aug
Oct
38
100
16
Jan 28
20
Jan
16
Oct
67*2 Mar
100
29
Jan 28
38
Jan
34
Dec
72
5
Dec
2512 Mar
1000
58a
Feb
4
7*2 Jan
Ex-rlghta.
Mar
Jan
5 Called for redemption.
Saturday
Monday
Tuesday
Feb. 7
Feb. 8
Feb. 9
19i2
*
138*
75i2
117S
1278
1234
62i4
123s
*4
4U
*4
*378
I8I4
63
6214
12
123s
117s
4
4
*37g
*378
414
*17H
AH
1878
18*4
18*4
*82
88
86
86
4*8
11*2
3
314
314
*3i2
lOSg
11*8
10i2
3
3
24i2
*22lz
23l2
3*s
22i2
*35s
1078
27«
*23
148
148
61
60
*145
160
*145
*3l4
10*4
*3i2
83i2
4
33s
10*2
10l2
473s
*13212
7U
714
7
85
*82
85
4
1158
338
25
*23
26
158
*150
158
312
75g
29U
30i2
4*2
83*2 Feb
3*4 Feb
.100
9
No par
20
4*2
4234
*4118
20i8
3334
1734
65
64
*20i8
22l2
34
*3334
34
1714
1734
*
*50
65
"534
63s
934
1014
*6i8
22*2
100
34
*33*4
34
200
Shoe
No par
3334
*3314
International
3334
*1812
197g
20
100
19
20
International Silver
20
500
65
65
65
6I4
67
*10i2
48"
48
48"
75
64
*16
17
16
7i8
"714
*11812
75g
*14i8
18
*16
17
*16
1678
*1234
98
*83
35
36
35i2
3578
3458
2
*178
*16
48
*14l4
15
*15i2
*14i4
*178
16
1512
*1234
21
1H4
6
12i2
16*2
17
5~34
♦5i2
*334
2278
4
24
33l2
33
10*4
*22l2
33*8
734
*25l2
33*2
8
26*2
91
92
92
167
92l2
92
*165
*16
16l2
24i2
24
25
40
*36*4
*165
24»4
*90
92
94
167
92i2
•
337g
*784
26*2
34
4,300
8
900
734
26
26i2
26*2
9184
9134
92l2
9212
*160
92*4
92*2
27*4
27*4
18
I684
17*4
17*2
48*4
4834
475s
4878
48*8
4*4
414
107*2 *106
*8
4U
1*8
3614
35
43s
*38
1*8
3534
36*4
414
414
4*4
39
-
*13g
2*2
*2
734
*6
7
7
*12
17
*634
7*8
*6
7*4
*12i2
7*8
*11
*11
12
2
2
57g
6*8
578
♦34
1*8
*78
6*4
3*2
87g
*4
*7*4
878
*1*2
2
27
27
8*4
8
*178
*112
27
8
734
14l2
14*2
14*2
»6i2
7
7
*65g
7*8
*1034
1U2
2
7*s
10i2
11
*17g
2
2
6
6
6
57g
1*8
*78
Us
78
3*2
*4U
67«
*37g
12
2*8
9
9
2
*1*2
2634
27
8
378
534
24
♦22
*20
mm--
*85*4
*1234
♦938
*7178
.
32
32
*23
24
91
13*4
95g
80
BI1
38*2
*534
23
38*2
6*4
23
♦86
*13
93s
*717g
2
27
*H2
»25i8
8
8iS
8*4
17
1734
173g
37g
3134
2312
39*2
*584
22
37g
4
Lone Star Cement Corp
3934
♦534
*2h2
91
1314
13
13
125g
9*8
75
912
75
pri^,- nn mlw nn
95g
*73i2
*1034
2
7*2
19
7*8
578
*7g
6
12
*178
534
*34
1*8
6
*n2
2
6
37g
6U
23
13
97g
79
thin day.
1,700
2,200
100
10
10,800
1,700
2,900
1,000
"Too
*25
500
4,600
10
2
540
mm——mm
500
4
*35g
4
30*2
32
31*4
31*4
2,300
24*4
300
*534
39*2
*39
2,200
6,300
300
-mm
39*2
1,200
6
*584
6
100
23
*21*4
23
300
*20
------
20
91*2
91l2
*91
98
13
13
*127g
13*4
800
10
97g
978
1,400
97g
*72
79
*72
1 Id receivership,
19
22
75
I84 Feb 11
12&8 Jan
12
....No par
No par
Inc
Long Bell Lumber A...No par
Loose-Wiles Biscuit.......25
100
10
100
preferred..
Lorillard (P) Co
7% preferred
5%
Oct
24
Jan
28
Jan 12
22
Dec
17*2 Jan 17
18
Jan 12
14
Dec
14*2 Jan
12*2 Jan 28
19*4 Feb 11
30
1058 Feb
3
1278 Jan 10
Feb
4
5
Oct
9
97
Dec
Feb
4*2 Jan
5
65g Jan 10
34 Jan 31
33g Jan 3
1*8 Jan 12
5*4 Jan 13
283g Jan 12
Feb
Oct
Dec
Dec
Dec
Oct
27*4 Jan 17
23
Feb
31*4
73g Jan
25*4 Jan
42
Jan 11
335g
Dec
9
Jan 10
5
Oct
22*2 Feb
6
23
Oct
82
Dec
Jan
6
Feb
5
18*4
15g Jan 17
36*2 Jan 12
4*2 Jan 11
21
Jan 12
106
Jan 18
18
Jan 14
Feb
134i2
Jan 25
17*2 Jan 13
6612 Jan 10
21*4 Jan 12
Jan 7
31
Jan 21
126
30*4 Feb 10
1215s Jan 14
18
Jan
3
26
10
3
X Manati Sugar
100
Certificates of deposit. ..100
17g Jan
7
Oct
Oct
15*2
33
627g Jan 12
106*2 Jan 14
4
Oct
May
151
40*4 Jan 17
Jan 12
20
Hi Jan 3
3184 Jan 27
3*8 Jan 28
1712 Feb 4
10312 Jan
15*2 Feb
I295g
5
83*2
3484 Jan 12
3
Jan
44*4
Jan
16*2 Jan
347g Jan 31
16*2 Feb 3
105
Oct
Jan 10
27
2334 Jan
r Cash sale.
58
278
22«4
Feb
227g
4
100
4*4
8
3
preferred
Oct
9*4
Jan 14
11
87g Jan
Jan
Bros
Dec
5
102
10*8 Jan
100
100
Dec
14
4
2278
Oct
10*8
8
Jan
6
Jan
95
Oct
Jan 12
15*4 Jan 12
1934 Jan 12
11*4 Jan 4
14*2 Jan 31
Feb
Magma Copper
Dec
4
155g
Steel
n New stock,
Dec
15i2
Jan 12
100
1
MacAndrews & Forbes
10
6% preferred
No par
Mack Trucks Inc
No par
Macy (R H) Co Inc
Wo par
Madison Square Gard..Wo par
a Del, delivery,
Dec
11
6
Jan
6% conv
20
Jan
Feb
100
3
Feb
5
16
Mandel
134
16*2 Jan 12
188g Jan 18
15*2 Jan
44
Ludlum
1784
15
Jan
Louisville Gas & El A ..Wo par
Louisville & Nashville
Oct
Dec
Oct
5*2
Jan 17
25g Jan 10
Feb
2484 Jan 12
32*4 Jan 12
1312 Feb 10
3078 Jan 11
3
Jan 13
Nov
14
Oct
435g
Dec
9984 Nov
1
June
32
Oct
2*8
Oct
17*8
Deo
101
Oct
1538
125
Dec
Oct
14*2
Oct
48*2 Nov
13*8
Oct
2634
Oct
123*8 Nov
173g
Dec
25
Dec
8*4
Oct
181®
1*2
Oct
1
Oct
Oct
6
7*2 "Jan 10
Jan
3
Jan
6
Jan
6*8
8
Feb
10
*334
23
28*4 Nov
25
Maracaibo Oil Exploration..l
Marine Midland Corp
5
Market Street Ry
100
6% preferred....
100
6% prior preferred
100
6% 2d preferred
100
Marlin-Rockwell Corp
1
Marshall Field & Co...No par
Martin (Glenn L.) Co
1
Martin-Parry Corp
No par
Masonite Corp..
.No par
Mathieson Alkali Wks.Wo par
7% preferred
100
May Department Stores... 10
Maytag Co
No par
$3 preferred w w
No par
$3 preferred ex-warr. No par
$6 1st cum. pref
No par
McCall Corp
No par
McCrory Stores Corp
1
1778
39
43*4 Jan 10
97g Jan 12
Manhattan Shirt
40
95g
w
3258 Feb
75g Jan
300
28*2
8*2
24*4
Oct
Dec
12
83s
*157*2
4
80
No par
175g
24*4
7
65a Jan 10
Jan 14
Jan
X Manhattan Ry 7% guar. 100
Modified 5% guar
..100
40
8*2
*23i2
Wo par
Oct
984 Jan 10
87
67g Jan 31
4*4 Jan 3
300
600
177g
28
Nov
7
8*2
*20
Vl"
90
900
1734
27
*157i2
39*2
3,900
6
*1*2
8I4
10
1*8
9*2
2
2*8
*3*2
*20
9~1
12
10
24
*38
*11
*93g
24
6i4
22
2*4
*658
80
167
Loft
*6*2
Nov
Jan 10
Pref ctfs of deposit
*14
Oct
13
Jan 22
$6.50 preferred
Oct
14*8
14*4 Jan 12
16
Liquid Carbonic Corp..Wo par
Loew's Inc
No par
Oct
5
1258 Feb
165
Co.No par
Dec
15*8
15
102la Jan 11
3,700
1,400
400
3
100
5,900
4*2
Jan
6484 Nov
115*2 Apr
18*4 Jan 12
Feb
13s
35
20
3
Mar
16*8 Feb
Feb
Preferred
Belt
Jan 28
Feb 10
90
Lily Tulip Cup Corp...Wo par
Lima Locomotive Wks.Wo par
Link
Jan 10
19i2 Jan 10
9
Dec
65*2 Nov
120
88
Preferred-
*37g
18
300
Jan 10
.25
100
107*2
*H2
9i2
27«4
2,600
49
Tobacco..25
100
438
6
*15712
*86
93s
?8
32
~9l"
75
6
Liggett & Myers
Series B
1,800
6,500
1*8
35
2
31
3214
23l2
*20
*20
9i2
9l2
♦157i2
*157*2
3934
7*4
14l2
*334
534
*7
*7
7iS
1634
39
7U
Libby McNeill & Llbby Wo par
Life Savers Corp
5
9
7i8
13i2
4
24*4
*6
7i8
17*8
30
734
*6
2*4
13i2
*334
*23*4
*1*2
7U
16*2
*157*2
734
214
157g
17*8
32
♦6
*13g
2i4
No par
Libbey Owens Ford Gl.Wo par
1734
4834
414
4i4
19
*18
19
18i2 *18
18i2
19
18i2 18*2
I8I4 *17*2
*1714
104
*103i2 104
104
*10312 104
*103*2 104
*103i2 104
*103i2 104
16
16
1578
157g
16ig
157g
1578
1512
15*2
15*2
1578
1512
132
*129
131
131l4 *12912 132
131
131
131
♦129
*129i2 131
16*2
16*2
1634
*16i2
1634
*165g
16*2
16
16*2
16
16
16
*47
477g
45
4534
46l2 4712
44
44 *g
4478
44
44*2
44i2
I684
16*2
17*2
1634
17
173g
17
17
16*2
16*2
17
I6I4
*30
3034
30*4
3014
*29
313g
31
31*2
*2934
*2934
*29
31*2
126
126
126
*12158
♦1215s 126
♦12158 126
♦1215s 126
*1215s 126
2078
203g
207g
20
20
20'2
20
19*2 203s
20
20*2
1912
30
303g
30
30*8
SOU
3018
30*2
*29
295s
29*2
2978
2934
13*2
13*4
13
1312
*13
1312
13*2
13*4 *13
13
»1234
13
26*2
26
*2434
26
26
2612
26
25
26*2
25
25
25
•
6% conv preferred
Lehman Corp (The)
100
200
*17
35
2,200
16
18
34
92*2
167
16*2
1
900
300
16
39
1*8
26*2
*164
165
28*2
♦106*4 106*4 *10612 10712 *106
24
91*2
*89
38
1U
No par
50
1
Fink Prod Corp
5
Lerner Stores Corp
34
778
100
50
Lehigh Valley Coal
200
*2 712
1U
33*2
600
24
2314
3434
734
*16
1*4
1,200
3,800
24
*97g
2314
16l2
109
3
4% conv preferred
Lehigh Valley RR
Lehn &
40
473s
6*8
78
par
...5
Lehigh Portland Cement...25
600
23l2
165
165
40
1,100
No
Bryant
Lee Rubber & Tire
10*2
92
734
2578
734
26
2,900
Wo par
*9'8
10*4
35
34
"i"§6o
Lambert Co (The)
24*8
37g
10
10
*225g
100
preferred
24
84
37g
27
465g
414
37g
2414
18*8
6
1
4
118*2
118*2 Jan 28
6*2 Jan 5
Feb
Jan
78
Feb
16
£116
86
63i2 Feb
16
Oct
Sept
8
124*2 Jan 10
Jan 24
122
Nov
Jan
50«4
66*2 Jan 26
preferred
?8
334
2384
34
78
26U
17*2
33
4
78
37g
1378
102
102
*16
47
114
534
78
34
18*4
5%
9
Jan 15
Dec
20*2
Jan 18
24
117
L pf ser B Wo par
Southern
100
Lane
6
*4*2
*13*4
17*4
*38i2
17*2
♦106
6
6*4
10*4
23*2
6
14
*10034 103
63g
6
102
102
11*2
113s
42
46*4
3234
11$8
16*2
25*4
1734
32i2
11*2
2.000
6
12
8
Kennecott Copper
510
2334
*16
4612
138
10
193g
*38*2
16*2
1734
109
1234
19*4
40
45
*1U
15*4
1234
25
18
*105
15*8
1312
20*2
24
23
10*4
2334
91
*363s
153g
20
17
26
*16
1518
*1234
17i2
91
9114
1558
17
....
26 78
16
17*4
6
100
22
17*4
llSg
4,100
6*2
*25
4
Feb
St'l pref. 100
B
70
Jan 11
10*8 Jan
2H2
Kaufmann Dept
Class
75
85g Dec
116*4 Jan 19
46*4 Jan 28
100
Stores.$12.50
Kayser (J) & Co..
5
Kelth-Albee-Orpheum pf__100
Kelsey Hayes Wh'l conv cl A.l
4%
3
Oct
63g
784 Jan 11
138g Jan 12
Feb 10
Laclede Gas Lt Co St Louis 100
60
14*4
177g
*25
*412
*1312
26i2
166
1678
1,700
48
*5
584
2678
93g Jan
"2,700
40,606
30
13U
237s
8
8
30
584
lll2
*88
9H4
177g
1314
*734
*25l2
*160
18
IH4
*438
33
24
*23
1778
534
13*4
*22
1058
10
15
Kansas City
4
.Wo par
Keystone Steel & W Co No par
Kimberly-Clark
No par
Kinney (GR) Co
.....1
$8 preferred
No par
$5 prior preferred ...Wo par
Kresge (S S) Co
10
Kresge Dept Stores
No par
Kress (S H) & Co
Wo par
Kroger Grocery & Bak.Wo par
400
48
*1414
2
Preferred
Feb
6
80
178
*1512
17i2
Wo par
...100
400
15
2
Johns-Manville
4
Kendall Co $6 pt pf A ..Wo par
8
48
214
1
—
No par
500
217a
*14U
17i8
*47g
*2412
1558
*1314
20l2
*2
preferred
Jewel Tea Inc—
""760
8
8
22
*1512
2i4
7*2
38*s
37*4
38l2
8
5*2 Feb
No par
1
Corp
Island Creek Coal
85
*82
1534
— m
5*4
*4
334
23*4
10*4
*34
3712
22
734
13
*10034
*5*2
5*4
*34
*4
37g
334
♦10034
"
63
1,200
5*8
,
*5
85
*82
21
21
1584
*43g
100
Preferred
98
7*2
5lg
38
J'4
2078
11
5*8
*7434
8I4
17*8
12l2
98
5
13
*438
12l2
13
48
20l2
11*4
11*8
*4i8
*12*2
2178
134
*1584
14*4
15U
*13i2
1534
1678
2114
15'8
1538
Oct
700
*7l2
85
37
534
30
Oct
200
5ig
5i8
*82
*478
*24i2
22
16U
*7434
534
Oct
Kan City P &
13
Oct
4
"878 "2", 100
17l2
Oct
100
Wo par
Foreign share ctfs...Wo par
Interstate Dept Stores. Wo par
preferred
7%
Inter Telep & Teleg
Kalamazoo Stove & Furn.__10
18
Jan
Dec
65
Jones & Laugtdin
17*2
19*2
30
34
3
68*4 Jan 25
7*2 Jan 11
20
18
Jan
Jan 27
100
*1638
77g
778
1714
♦21
*10034
98
1678
*13i2
1H8
*7434
17*8
*24i2
30
15U
98
*478
534
*434
*24i2
13
1678
1714
1714
1278
38
85S
9
21
62
630
1712
*16i4
*12l2
8
48
85g
48*2 Jan 21
6
16
*118*2
~
17
17
16ig
20i2
20l2
2i4
*134
*11812
8
Jan
Jan 17
17*4
*163g
1714
*16i2
17l2
39*2 Jan 12
Jan 21
6
20
66
65
66
65
3
3
3584
7,200
123*2 123*2
*12312 124
83s
514
76*2
97g Jan 12
3
""500
75
Jan
12778 May
6*4 Dec
884 Sept
4*2 Sept
29*2 Dec
2*4 Oct
4*8 Sept
Jan 19
132
4
6
$6
5034
7912
16'8
*12l2
16i8
8
20i2
*20
75ig
16i2
16
2012
734
758
8
734
49
80
66
85
*83
85
*83
85
514
514
49
*16U
7l2
*7
7l2
*434
434
434
*7434
98
*7434
7i2
8
*7
Nov
Jan
Intertype
*50
49
65
"734
16i8
125g
1234
1234
127g
*7434
37
16
"""360
*117*4
*11714
*118i2
*14i2
18
*15i2
*1414
23
16
"734
51«4 Jan 17
3
31*2 Jan
1178
*21
65l2
*15ig
*19
*10*2
23
63
*12212 124
*122l2 124
67
*118l2
*73g
1178
*2134
77i2
17
*16
*63
*10l2
*48
65
*11812
65
68
117g
67
78
7212
*12212 124
I884
Jan 24
200
2212
*11714
*11714
65
65
10*4
22i2
12
75
7434
70i2
63s
*ioi2
*
67l2
2112
2H2
7,100
1,700
3,000
6*8
6*4
10*8
IOI4
10
10l2
10
10
10
22l2
Oct
20
Wo par
International Salt
40
69
"e"
6I4
12
*12314 124
*1834
*
65
612
68
6
38*4 Jan
100
43
*21
6I4
22i2
117g Jan 21
Wo par
preferred....
*41
2212
6i2
*21
4712
5%
41 ig
6lg
*10
Jan
15*4 Apr
27*2 Feb
3*8 Jan
..100
Voting trust ctfs
90
Jan
1678
Feb
150
.....Wo par
41
6
12
473;
C
Internat Rys of Cent Am.. 100
*21
*21
6I4
69
*117U
43g
140
9*8 Apr
63*2 Apr
189
No par
5% conv pref...
11,200
Oct
65g Feb
B
4258
22i2
*41
6i2
612
10i8
30i4
4ig
6
*10*8
4734
*43g
578
*67
♦116U
4*2
30i4
30i4
4i2
18*4
127*2 Nov
154«4 Jan 21
Jan 11
70
Jan 19
132
15
Class
64
10*8
*67*2
*21
2912
534
6
534
578
63s
3078
43s
43is
20i8
3334
18i2
2912
28*2 Mar
Oct
Oct
Inter Paper & Power Co
3
100
11*2 Mar
Oct
2
Oct
"5", 100
Preferred
Oec
6
17g
43*4 J&n
Mining Corp
2ig
37g Jan 17
Jan 17
29
3
1
2:4134
22l2
111*2 July
784 Jan 12
47g Jan 11
Int Nickel of Canada..No par
♦4i2
*33*2
*1714
Dec
Jan
1,300
4i2
»20*8
92
478 Feb
51,000
*414
44
44
6
Aug
10&8
293s
30
Jan
162
10*2
Internat
Jan
64*4 Apr
120
495g
48^8
495g
483s
4958
493s
*13234 138
*13234 138
*13234 138
7*2
7*8
714
7i2
714
734
75g
*10i4
Jan
Oct
77g Jan
I0i2
6
1384
Nov
3%
3*2
11
Oct
Oct
53*2 Nov
A....25
Int Mercantile Marine. Wo par
Feb
378
1*2
138
*3*s
3i2
Int Hydro-Elec Sys cl
33*8
484 Jan 12
13*2 Jan 12
55*8 Feb
142l2 Jan
800
5*8
July
131*4 Mar
Oct
1
100
No par
~3~eoo
514
143
6*4
95
9
Jan
Harvester
Oct
6884 Nov
29
Jan
140
Preferred
132
Jan 12
2*2 Jan
Agricultural..Wo par
100
Prior preferred...
Internat
6
Jan
47*2 Apr
25
Jan
Int Business Machines. Wo par
700
Feb
4*2 Jan 19
684 Jan 13
Jan 26
53g
5I4
534
3i2
1078
514
3i2
3058
458
2878
5
3*8
Class
714
3
Jan
17
Rubber....Wo par
Iron
Internat
11,600
*146*4 14934
152
*145
150
*145
Interlake
400
25
150*2 151*2
65*2
63*2
6578
6414
6434
6312
2,000
*3*4
*23
1
preferred
Intercont'l
100
25,200
33g
11
6%
20
4*8
1138
*33g
*33g
IH4
338
48l2
48*
48*2
*132
*82
1178
*151
5i2
3'2
10i2
*33g
*21*4
2412
6314
53s
22
144
78*2 Jan 12
1538 Jan 11
3
97g Jan
37g Jan
20
Interchemical Corp
2,100
21
8
X Interboro Rap Transit.—100
No par
500
438
22
8
Feb
Insuranshares Ctfs Inc
Nov
138
Feb
Inspiration Cons Copper
72
86
61
Jan
Jan 14
73*2 Jan 21
135
22*4
Dec
22
100
_
Steel
share
per
Oct
5*8
15
3
No par
preferred
Inland
100
414
43s
4i2
IH4
33s
150
5U
10*2
4914
4778
*132
8S12
4*8
lli2
314
2334
*145
150
13
*4
414
414
22
149
5*8
33s
538
358
1038
5i8
125s
4*8
4*g
21
6OI4
133s
2,400
15,800
*4
85
149
6134
64
6%
100
63*8
*
138
share $
per
878 Jan 10
Jan 18
8
Jan
16
No par
Ingersoll Rand
600
138
64i2
12«4
414
20
*82
148
148
60
*4
414
2,400
$
share
per
6*4 Feb
No par
Industrial Rayon
$
share
ver
10
Indian Refining
300
$
Lowest
Highest
Lowest
64
*
66
1314
414
63l2
74
74
76i2
138
63*4
61
63
*74
*
135
135
138
2H8
21
22
20i2
On Basis of
Par
Shares
7is
2H2
75i2
*6i4
2H4
75i2
7i8
*6t2
EXCHANGE
Week
$ per share
$ per share
7i8
♦6i2
6i2
1934
78
6I4
19*4
75i2
19*g
7512
19
76
1878
*75*2
*
6*2
*6
$ per share
$ per share
$ per share
$ per share
♦6
7*8
NEW YORK STOCK
the
Feb.
10
Feb.
STOCKS
for
Friday
11
Thursday
Wednesday
Feb. 5
Range for Previous
Year 1937
1
100-Share Lots
Range Since Jan.
Sales
SHARE, NOT PER CENT
HIGH SALE PRICES—PER
AND
LOW
1031
Record—Continued—Page 6
New York Stock
146
Volume
3
17* Jan 3
5«4 Feb 11
8
Jan 26
157g Feb
25g Jan
4
Feb
3
223g Jan
4
29
157
9
Jan 10
6
Dec
20*i Jan 13
10
Oct
Jan 13
4*4
Oct
12*4 Jan 13
234 Jan 11
7*2 Jan 11
9*2
Oct
Oct
Oct
Dec
9
8
1*8 Jan
26*2 Feb
75g
Dec
Jan 13
7
7
5*2
Jan 28
6
58
Jan 24
1'8 Jan 31
6*4 Jan 13
11*2 Jan 12
Jan
312 Feb
3
Jan 26
1*4
84
3
684
13g
24
97« Jan 12
2H2 Jan 3
10
45g Jan 24
37*4 Jan 10
25«4 Jan 13
Jan 26
157
7*4
3
8
25
Jan
Feb
Feb
3*2 Mar
Oct
20
Jan
Dec
Oct
39
Jan
Dec
5184 Mar
Dec
307s Mar
Oct
67g Mar
29*4
Apr
137g
Jan
Oct
74
Feb
22
Dec
142
May
20*4
Jan
Feb
684
14*4
20
Jan 10
5
2958
Oct
1*4
33*4
22
3
1*4
5*4
Jan 14
29
42l2 Jan 15
67g Jan 12
i3484 Jan
Oct
9"
4134
165
Jan
Jan
Dec
66*4 Mar
Oct
Dec
15*2
Jan
44
Jan
35
June
45
Jan
75
4*2
Jan
4
9U2 Feb 10
Nov
111
Jan
12*2 Feb
75g Jan
4
16
Jan 18
11*4
Dec
36
Jan
3
10
Jan 11
784
Oct
80
74
Feb
3
79
Jan 18
x66
Oct
24*8 Feb
106*4 Mar
Ei-<ltv. , Ex-rights. 1 Called tor redemption.
New York Stock Record—Continued—Page 7
1032
LOW
SALE
HIGH
AND
PRICES—PER
SHARE,
NOT PER
CENT
Sales
Tuesday
Wednesday
Feb. 5
Feb. 7
Feb. 8
Feb. 9
$ per share
$ per share
$ per share
$ per share
*10*2
♦87«
4312
|
*21
10*4
10*4
87«
11
914
44*8
22
42*4
21*4
21U
2II4
11
9*2
427g
21*4
7*4
33*2
*10*2
9*4
9
43*4
43
7
7
7
7
7
3212
3314
*32*2
33*4
33*2
7
7
7
7
*05
94
*05
94
12
*078
11
Feb.
STOCKS
11
*11
9
42l2
*33*2
7*8
*65
94
7
738
7
94
Week
Lowest
Par
Shares
1134
9*4
9
42l2
22
7*4
35
7*8
22
7
11
McGraw Elec Co new
500
1
Mclntyre Porcupine Mines..5
034
7
6,300
McKesson & Robbing..
*3334
34
500
21*8
07g
7*8
*65
S3
conv
preferred
6%
13
*12
13
*12
72
*02
72
*02
72
*02
72
*62
72
*02
72
*64
69
*64
59
54
54
*54
59
55
55
200
41
47g
*397g
42l2
4^
43
43
41*2
42
43
43
434
18*8
300
Mengel
19
4%
18
18
4*4
4*4
18
16
*13
15
*12*2
30J2
*30
37
30*4
87g
15
37*4
9*2
*13
3012
8*4
1778
2278
21*8
9*8
177S
21*8
93
93
93
9
9U
18
18
*21
93
13
12*2
434
*13
15
37
3034
938
934
1878
18*8
18*2
22
22
*22
23
93
93
♦93
100
18*2
*4l2
5
*18*2
19
*1212
15
36l2 36*2
9*4
95g
18l2
193g
*2212 23
♦94*4 100 '
,
9
9*4
19
19
♦22*4
94*4
*94
99
*
99
65*4
50l2
*100*2 100
*100*2 114
578
0*8
6*4
57s
♦42
*43
63
*14
**4
1414
2*8
8I4
•112
2%
7914
•111
31*2
*2678
♦33*2
*8
17
♦III4
*10*4
*14*8
25s
8*4
*1*2
2*4
14*4
2&g
8*2
1«8
2%
14*2
*14
1*4
1*4
15
2*8
*1
1*8
*14
8*2
1*4
2*4
14
0
578
52
53
12
*11
1258
•50
53
*50*8
51
45
*41
13s
17*4
0
1784
597S
I
18
*6
0*8
56
6*4
*513s
11*4
*52*4
50
12
Zll*8
113g
51
54
54*4
0*4
19*2
6*4
1434
*13
I484
13
10*2
10&8
11
11*4
8*2
105g
83g
19*4
187s
*164
14*4
*14*8
45
19*4
*41
46
*41
984
*8
15
15
♦34
8%
8*8
15
*15
15*4
*15*4
81
*75
81
*75
80*8
*75
80*8
*75
*39
41
♦40
♦108
15*2
13*2
14
111
108
*107*2 109
*5*4
01.
478
478
19*8
19*4
♦15*2
0%
22*4
♦157*2
*128
*22*2
684
6
5
1978
20*4
20*4
17*4
♦15*2
*15*2
078
2212
*157*2
7*4
23*4
7*8
2212
19
18*4
18*4
0*4
0*2
6!.
*4
♦*2
*14
*8
51
23
22*2
10
19
6*4
**2
**4
34
*8
61*2
10*2
22*2
51
16*2
2I84
*07
70
*07
70
*67
*00
75
*00
75
*60
378
9*4
378
*9
25
♦04
70
35
20*2
*04
*34
30*2
*104*2 110
*938 14
35s
35s
9*4
*20*2
*105
17*8
*1578
7*8
7*2
2334
2358
*157*2
♦3*2
9*4
9*8
20*2
20*2
70
♦64
34
Apr
Oct
Feb
11*8 Jan 10
Mar
Mar
Feb
2*8 Jan 8
35s Jan 11
9*4
34*8
6*4
12*4
4078
100
2,500
t Missouri Pacific
5% conv preferred
Mohawk Carpet Mills
100
100
9*4
15g
2l2
2,300
500
Morris & Essex
20
6,966
100
180
♦84*4
1078
*29*4
*2*8
4
9
61
9
2*8
412
1*4
914
*52
55
95
*82
95
*83
95
98*2
1*8
*92
98*2
1*8
*93
100
90
11*4
30
25s
180
100
*61*8
83s
*90
*80
10*4
*29*4
23s
17
17
*15*4
12*2
24*4
10*4
93*2
•5*4
13
12*8
25
24*2
lOSg
10*4
93*2
358
9*8
♦21*4
70
*64
35s
9*8
25
70
*7g
1*8
*5*2
12
*914
12
1534
10i2
16
17
33*2
33*2
17*8
33
33
53*2
*183
89
2434
♦86*4
1034
♦29*4
2*4
*16*8
12i8
24*2
105s
105s
1034
23g
217g
12S4
190
*1
*1
1*8
190
1*8
*185
185
185
88
*87
89
*87
90
llSg
11*4
*29*4
*2*8
12
1178
*29*4
*2ig
*1718
127S
25U
125g
295g
30
214
217g
13
25»4
11
*93*2 100
55
♦114
65**2
9%
9*2
*4*4
1078
0*2
*1158
5
5
5
1078
0*2
10
16
*0*2
*
13
*9*2
*1178
10
784
13
54*2
*9*2
5
16
♦684
*11*2
*17
1234
295g
23g
2178
13*4
26*4
25*2
1034
11*8
*93*2 100
*114
11
23s
217g
13
2634
11
*114
56"
50*2
58
10
10
10
5
16*2
77g
14
*4*2
15*8
*63s
*1178
16,700
8,700
Jan
Feb
26
Feb
51
Mar
60
5
9*4 Feb
500
1,700
6,600
6,700
900
National Supply
$2 preferred
Jan 12
102
Apr
108*2
20*4
3
358
9*4
35g
44
Dec
1212 Jan 10
1518 Jan 10
13*8 Jan 11
10
Oct
8
Oct
10*4 Jan
5
157
6
Feb
6*8
3,000
25
17*8 Jan 10
13
Dec
Jan 31
90
Aug
Jan 11
39
Oct
Jan
3
Jan 31
18*4 Jan 10
13
llll2 Feb
Jan 28
109
4
2
Jan 11
3
23*4 Jan
1812 Jan
70
18
*9*8
16*4
*33i2
1634
10
3
7
18
Oct
44
3
159
Jan 20
153
Oct
171
Jan
7
130
Jan
127
July
150
Jan
24
6*8 Feb
50
J84
29*4
4
*8 Feb 11
*8 Feb 10
(The) Pa..10
Feb
4
14U Feb
37
...40
21
prior preferred...100
prior preferred
100
..No par
1
412
4
Jan 11
4
8*8 Jan 12
*4 Jan 7
5
55
175s Dec
2014 Dec
63i2 Dec
Dec
75
3
Dec
Feb
1
10*4
23la
1*8
♦183
,
1*8
188
70
Feb 11
62
Dec
40
Jan 14
32
Dec
106
Jan 18
99*2 Nov
9*8 Feb
8
12
Jan 10
125g Jan
3
1914 Jan 15
58"
57
9l2
95g
5
5
5
16
16
6i2
12I2
6*2
1212
77g
12*2
t
*87
12
12l2
295g
23g
2178
125g
20i4
1078
*2914
*2lg
*17*8
12l2
25*4
1078
*93I2 100
6*4
6I4
213s 2H2
124i2 124l2
22,600
""366
10
10,100
11,300
1,500
10
300
2,200
9J
6,400
50
200
*13
14l2
*4212
46
100
57
9
*4i2
*15l2
*65s
*1214
receivership,
Jan
3
9
3*8 Feb
4
9*4
5
130
167g
77g
14
Jan
20
15
Jan 25
*8 Jan 10
2
Feb
7
100
412 Feb
*2 Jan
8*8 Jan
3
7
5
50
Jan 26
88
Jan 10
N Y Steam $6 pref
$7 pref series A
No par
No par
J Norfolk Southern
Norfolk & Western
100
Jan
3
100
180
Feb
5
Adjust 4% pref
North American Co
100
105
Jan 29
100
Jan
78
No par
4
61
2*4
Jan 18
Jan 10
03s Jan 10
Oct
234
Oct
5
Oct
110
Oct
5514 Mar
3178 Mar
1278 Jan
25*8 Jan
135
Jan
Oct
2
Jan
54*4 Dec
97
Feb
*8
2
Oct
Oct
4*8
9*4 Mar
2612 Feb
1*2 Jan 15
1
Oct
105g
Jan 24
3
Oct
67g
19i2
Feb
62
Jan 10
30
Oct
76*2
Jan
8814 Jan
5
63i2 June
4
73
Feb
Oct
102*4 May
112U May
4*4 Mar
198
Jan 13
180
Oct
272
100*4
Jan 17
102
Apr
114
100
Jan
1*8 Jan 11
June
*2
Jan
Jan
10*8 Feb
4
22
Jan 12
14*8? Oct
347g
Jan
50
60
Jan
3
North Amer Aviation
1
No Amer Edison $6 pf.No par
48*4 June
57*4
Feb
7*4 Feb
4
5412 Jan 13
1012 Jan 10
Feb
2
99
93
17*8
I04i2
Jan
92
88
Jan
26*
1U5
Jan
97g Jan
3
0%
preferred-
Northern Central Ry Co
Northern Pacific
60
100
Northwestern Telegraph
50
Norwalk Tire & Rubber No
par
Preferred
50
Ohio Oil Co
No par
Oliver Farm
Equip
.No par
Omnibus Corp (The) vtc No
28
6%
Otis
preferred
100
3
125g Jan 13
93i2 Feb 5
90
Jan 14
Cash sale,
Oct
Nov
512
Oct
247g Jan 11
127*4 Jan 21
20*8
Oct
12
Jan 12
56
Jan 11
16
Jan 10
50
Jan 12
125
Nov
6*8
48
Oct
Dec
12*4 Dec
44
114
Jan
Feb
19*8 Mar
45*4 Jan
140
Feb
24*81 Mar
97
28
Mar
Jan
4 Dec
75
Jan
115
June
9
Feb 11
4
No par
No par
r
012
7*4 Jan 21
4
Jan 28
66*2 Jan 12
11*4 Jan 17
55s Jan 11
2l2|Oct
15*8
Jan
4
17
1
7i2iOct
40
8*2 Jan 21
14*4 JaD 13
4
10*2 Dec
27*4
32*4
48*2 Jan 24
13
6
x
Jan
3
IDs Jan
Pacific Finance Corp
(Cal).lO
New stock,
Jan 12
1*8
15
114 » May
Pacific Amer Fisheries Inc...5
Pacific Coast
10
w
227s Apr
73
Apr
20i2 Feb
32
100
Owens-Illinois Glass Co..12.50
delivery,
Oct
Nov
147S Jan 10
3
81g Feb
No par
1st preferred...
2d preferred
40
9
3
45U Feb 8
127g Feb 4
42*4 Jan 26
Jan
24
Jan 13
Jan 14
,
365g Mar
53i2 Jan
07g Mar
Jan 12
122
No par
1st pref.-No par
Outboard Marine & Mfg
5
conv
I Oct
Oct
3
22
5*4 Feb 4
19*4 Jan 31
Oct
Oct
3
5
91
No par
Steel....
$5.50
8
^
91 <%0,t
97g Oct
30
Dec
117g Jan
225a Feb
9*4 Jan
par
Otis Elevator
Jan
Jan 13
93*4 Jan 13'
13*8 Jan 12
31*2 Jan 21
3
Feb
178 Jan
17
8% preferred A
100
Oppenhelm Coll & Co..No par
30
100
Mar
100
3
Shipbldg Corp part stk..l
7% preferred.
100
110
a Dei,
72
30*4 Nov
7
100
98i2 Feb
38*4 Jan 12
*8 Jan
Jan 10
|
Jan
Oct
7*4 Feb
56
Nov
Mar
Oct
112*4 Jan
Outlet Co
4,700
1,500
29
Jan
37
41*4
.
1518
50
4
Oct
14
Jan 10
4*4 Jan 11
10*4 Jan 11
114*2 Jan 20
Preferred
58
l'J
87
Sept
6434 Mar
109
Nov
10i8
Jan 10
..No par
t N Y Ontario & Western.. 100
30
934
*46l2
20
N Y
400
90
4
Conv preferred
21,900
10,200
23*8 Feb
t N Y N H & Hartford
10
Feb
5
t N Y Investors Inc
No par
N Y Lack & West Ry Co..100
100
Feb
3
0% preferred series A... 100
NYC Omnibus Corp..No per
New York Dock
No par
500
Jan
13ig
Jan
22i2
Oct
Dec
12i8
Jan 11
197g Jan
Oct
80*8
5714
Feb
39
Jan
Oct
05s
7
100
N Y & Harlem
Jan
99*4 Aug
20i4 Nov
22ig Dec
Jan 20
Jan
Oct
35
Jan 28
Jan
1
*4 Sept
63
29
Jan
30
75
15*2 Jan 28
13l2 Jan 21
preferred
Oct
*2 Sept
100
No par
Mar
617g
1434
214
*4 Jan 12
62*4 Jan 12
New York Central
No par
N Y Chle & St Louis C0...IOO
5%
18*8 Apr
10i2 Dec
4*2 Jan 14
6
Oct
1
Industries
N Y Air Brake
800
Jan
3i2 Jan
8i4 Jan
19l2 Feb
No par
Newport
Mar
38Mar
I07g Jan 2 6
25
t New Orl Tex & Mex
35
17*4~Dec
130*4 Feb
4J£% conv serial pref.-.100
Newberry Co (J J)
No par
5% pref series A
100
16,000
Oct
Oct
9
Jan
4
17
25*
Feb
-
5
F6b 11
Oct
106*2 Dec
104i2 Oct
514 Oct
7*4 Jan 11
5is Feb 1
Jan 20
Jan
33*4 Jan
103i2 Feb
5714 Aug
387g Feb
20i8 Feb
112i2 Mar
112
May
245g Mar
107g Jan
Oct
12
15*4 Jan 12
Jan 27
Jan
167
Feb
.100
Co
Nelsner Bros Inc..
May
43
Mar
18*8
33*8 Mar
65g
20*4 Feb
158
100
Natomas
400
24
Dec
145
5
Jan
Feb
Mar
z245s Jan
47i2 Mar
Oct
17
Feb
Mar
71
Oct
80
Jan 28
10
National Tea Co
500
9*4
*21
99*8 Mar
36i2
Oct
Jan 18
47
20*8 Jan 21
4
Dec
4
19*2 Feb
100
5% 2d preferred
National Steel Corp
90
104
Jan
15*4 Aug
97g Dec
Feb
5*8 Jan
4*2
17
Nov
Oct
Jan 11
106
No par
50
3
13*4 Feb
74
10
Jan 12
2
Jan 17
3912
147g
13*4
107*4
...100
50
57
4*4
75a Jan 17
95g Feb
7*2 Feb
17*4 Jan
150
Jan 10
7*4 Jan 15
0414 Jan 13
1312 Jan 14
Jan
Jan 26
1112 Jan 29
Nat Mall & St'l Cast Co No par
National Power & Light No par
Nat Rys of Mex 1st 4% pf.10
4,500
Jan 11
4378
No par
Lead
Jan 29
101
100
7% preferred A
6% preferred B
14
III4 Feb 10
4914 Feb
—.10
pref
*2 Jan
47g Jan
No par
Biscuit
cum
National
50
*114
16
Bid and asked prices; no sales on this
day.
Feb
Oct
1
Nat Enam & StampIng.No par
Nat Gypsum Co.....
1
100
1734
Mar
66i2
15*4 Dec
5
Co
6% preferred..
Nat Distillers Prod
4,000
23*4
69
46
Dec
21U Jan 10
Brass
7% pref class B
Nat Dept Stores
700
200
*8
56*4
Oct
Dec
36*8
10i8 Jan
15U Feb
Wheel
Nat Dairy Products...No par
7% pref class A
100
70
110
*4
*105*2 108*2 *105*2 108*2 *105l2 108l2
*10512 10812
16&8
1734
173s
18
173g
18*8
17*4
1778
52l2
5134
5134 *51*8
52*8
5l3g 5l3g *51
52i2
8 3s
884
87g
8*2
9*8
9
85s
858
834
94
*90
93*2 *90*2 93*2 *92
*92
93*2
93i2
30
2,300
7,400
800
6*2
17*4
*114
65
21
30
21
f
0*2
21*4
*114
lYlSg
3012 Jan 16
30*4 Jan 17
391S Jan 13
107i2 Aug
Sept
109
Oct
5% pref series A w w
100
Nat Bond & Share Corp No par
Nat Cash Register
No par
17*8
183g
1734 18*4 65,200
17
17
1638
17
1,800
25*4
27
2612 28
27i|j 4,800
24*2 25
247g 2478
247g 25
11,100
*3*4
4
4
4
3i2
35g
140
9
9
9
9
9
*8i2
160
113*4 113*4 ♦113*4 115
30
*113*4 115
*38
*2
*3g
*2
600
h
•
38 59
59
59*2 *
2*8
2*8
"2*8
2*4
2*8
2*8 "4",200
5
5
5
5*4
514
514
3,500
*1
*1
1*4
*1
1*4
1*4
9
9
93g
9*8
878
87g "2",700
*53
52*8
52*8
55
*50*4 55
10
*85
*83*g 95
95
*85
95
*95
*93*8 100
100
*95
100
*93*2 100
*93l2 100
6
*534
6*4
6*4
6*2
6*2 ■*6*4
634
20*4 2034
2078
2078
2H4 22
21*2 22
•120*8 120
*120*8 120
*12284 126
*12284 120
*12234 126
95s
95s
9*4
9*2
93s
97g
978
10*8
934
10*8
*45
49*2 *45
50
45*4 45*4
47
47
*46
50
*13
♦12*4 14
15
13
13
*13
*13
14*2
14l2
*42*2 40
46
*42-2
*42*2 46
*42*2 46
*4212 46
21
24
Oct
12i2
8i4
Nat Bond & Invest Co .No par
400
1778
16*8
2634
16
106
1034
7*2
Nov
105
21*8 Jan 10
7%
100
55
180
7*8
23*4
*15712
x71
3i2
38i2
Nat Aviation Corp
300
*50*4
180
17
Jan
Jan 31
Jan
6
Jan 26
Dec
National
81
17
Jan
Mar
Mar
*4
300
50
55
*10458 100
17*8
17*4
51*4 61*4
8*2
834
*90
93*2
15is
91
125g Dec
3
Nash-Kelvlnator Corp
5
Nashv Chatt & St Louis..100
National Acme
1,900
1,400
5,000
70
112*2 112*2 *113*4 113*2
*3g
*2
38
38
*78
15%
29U Feb
25
Munsingwear Inc
No par
Murphy Co (G C)
No par
5% preferred
100
Murray Corp of America... 10
Myers (F & E) Bros...No par
2,000
19l2
Jan 12
113
31
Mulllns Mfg Co class B
$7 conv preferred...No par
46
154
Jan
5*8 Oct
II4 Dec
lh Oct
Jan
Motor
110
154
77*2 Jan 29
17
6I4
*8 Jan
15*4 Jan
Mueller
000
95g
Jan
Jan 28
111
50
:
1*8
5i8 Mar
Mother Lode Coalition.No par
Motor Products Corp..No par
400
1434
107g
83g
10
130
12
9l2
13
20
100
38",800
53
107S
*7&8
2i2
7*2
li4
2*4
preferred
No par
Montg Ward & Co Inc No par
Morrell (J) & Co......No par
66
*13
Corp
$4.50
12
10312
Mission
Monsanto Chemical Co
2,200
110
24
"*78
9*8
2l5g
Jan
Dec
*35
2584
*
9*8
21*4
Aug
2*4
2
*105
♦1
Jan 12
16*8 Mar
108
15
38
24
9
1*4 Jan 11
Oct
*2 Dec
*4 Dec
78 Oct
3*8 Jan 12
110
24
*1
Dec
70
2434
*1
43g
50
*4 Jan 10
Jan
25*2
9*4
*51*2
*——
7*4 Jan 12
60
Jan 12
Jan 31
*8 Feb
*4 Jan
17*4 Jan 13
38
4*2
512 Feb
50
Feb
25
4*2
Oct
65
*64
Jan
Jan
*105
"2*8
98ig
70
173g
15*4
2*8
45g
1*4
9*4
10514 Jan 27
6%
15
2*8
*468
Mar
122
Feb
Preferred series A
38
*
124
Jan
5H%
16*8
01
102
75
10
....
Mar
71
105s
*
120
*60
15
*2
00*4
2*8
434
1*4
9*2
Nov
*6884
10
12
Jan
53
71
15*4
2638
23*4
3*2
8*4
*112*2 115
106
Jan 10
65
75
17
.
Oct
14
Mo-Kan-Texas RR
110
9
91
No par
No par
700
1,300
3,900
*35
87g
Jan 20
*94*2
*60
10*4
*8
Oct
Nov
*6834
70
Oct
15
75
9*8
16*4
33*2
*8
14
Jan
87
71
35s
41
72i4 Mar
20i4 Feb
35*8 Mar
48i2 Mar
Oct
Jan
*105
♦3*2
45g
225g Jan 11
27*2 Jan 12
101*2 Jan 12
*68
*3*2
Dec
33*4 Nov
1
38
334
5
*60
358
9*4
20*2
9*8
15*2
315s
*3*4
Feb
75
31&8
*3*4
I7ig Jan 29
205g Jan 4
93
14
43*2 Jan 17
117g Jan 11
Feb
47*4 Mar
100
110
16
3
Jan
16*8
Oct
100
*35
12
*22*4
24
*157l2
3
Jan
70
15*4
31&8
24*2
23*4
24*4
1
Feb
100
3
*76
734
Feb
7*4
3
16*2 Dec
22l2 Jan 12
25*4 Jan 11
7412 Jan 11
10*8
31*2
*14
7*2
23*8
15
—100
678 Jan 11
22*2 Jan 12
10*2 Jan 13
3
35
No par
10
♦41
17*8
Jan 28
86
'
3
1315s *129
131&8 *129
13158 *129
19*2
195s
*19
21
1934
*19*4
03s
6*2
65g
6*2
65g
6*4
34
**2
84
*8
*2
*8
38
*14
3g
*8
*4
*8
6234
54*4
54*2
55
5412 5634
17*8
1634
17*2
173g 1734
1712
22*4
*22*2 23*2
22i2 23
*22l2
31*2
15B8
*17
4
Feb
93i2 Aug
preferred
*105
39*8
110
*93s
17*4
734
17i2 Feb
34*4 Apr
101
7%
*39*2 41
*40
43
*40*2 43
16*4
16*4
16*4
16
16*4
16*2
16*4
1458
1378
145g
1334
1418
1378
14*4
110
108*2 109*2 *108
110
*108
10912
107
*107*8 109
*107
109
*107*8 109
534
6*4
6*4
6*4
038
6*4
6*4
5
5
5
*47g
5
*478
*478
205s
203g 21
20*8 2034
205s 2034
*157*2
13034 13034 *128
51*2
10*8
15
107
*47g
7
*h
*14
51
1378
♦106*2
10734
584
534
131*2
*18*8
0*8
14
108
107
175s
23*2
16
157s
37*2 Dec
Dec
Dec
4% leased line ctfs
42
15*4
13%
Jan 13
16
53
81
41*2
1578
Jan
114
*52
16
*75
♦39
z48
5
1st pref
Jan
Jan
11212
1*4
*1
1,100
8*2
195g
156*2
5
Minn St Paul & S S M
3,300
6*8
11
40*4 Feb
500
_
*57g
978
1484
50
40i2 Jan 28
6*4
11*4
Jan 19
Minn-Honeywell Regu.No par
4% conv pref series B—100
Minn Mollne Pow Impl No par
$0.50 conv preferred.No par
1834
56
6012 Dec
01
3
94i2~Jan 20
18*2
50
10
Jan 25
4
pf-.100
3,200
2,000
1,800
2,000
46
912
I884
193s
19*2
1934
15578 15578 *154
156
*154
158
'
Jan 12
72
Jan
600
6*2
53
*4
103*2 *102
103l2 *102
6*2
6*2
6*4
6*2
10*2
8*2
*6*4
*49
103*2 *102
1038
*8
70
15
47i2
19
Jan 27
Copper
cum
Oct
Oct
—1
—50
(The)
Mllw El Ry «fe Lt 6%
18*4
18
*12*2
14*4
10*2
8*2
14*4
2*2
93g
1*2
212
93s
*12*2
10*4
157
0*4
188
23a
3
27g
93g
♦41
♦12*2
19
*101
9
114
li4
1*4
16*4
3ig
97g
1*2
212
1412
*34
9*2
1434
9*4
157
50*8
278
3",000
a
*14
15
00
6*2
50
*1
1*2
45
9*2
*778
*54*2
*11*2
103
0
0*4
014
♦41
103
103
53
63g
*
60
♦105
105
*14
*84
99
603g
50
50
*14
8%
5*8
0
Sept
28i2 Jan
42i2 Jan
42i2 Mar
16U Mar
28i2 Dec
No par
Midland Steel Prod
'I
*94
9l2
15g
212
*14*2 15*2
1438
*1438
15*2
*82
84
84
81*2
84
8214 85
112*2 *111
112*2 *111
112i2 ♦111
112l2
3334
3384
3478
335g 347fi
33l2 34i2
30
*2434 30
20
20
*2434 29
*34
35
*34
37
35
30*2
35*2
*2
38
*2
h
*2
3g
h
17
17K
17*2
17*2 17*2
17*8
17*8
12
♦11&8
1134
11*8
11*2
ll3g
1134
534
*11
103
15
99
14
80
82
81*2
80i2
112J2 ♦111*8
U2i2 •111
32
31*2
323g
33
31*8 *24*4
31*8 *2484
34*2 *33*8
34*2 *3384
*8
*2
*2
38
17*4
10*2
10*4
1078
11*4
11*4
11*4 *11*2
10*4
10*8
17
1678
0
05s
*1
1434
234
884
1*2
23g
i
5834
105
108
50
1%
*94
59*4
6*4
50*2
*2
U4
*1
8*8
1*8
2h
14*2
69
6
1434
2&8
99
*105
105
634
50*2
**4
*84
*8
*94
57*2
105
63
**4
♦84
*g
1*4
*1
578
51*8
56
69
67
99
*94
11*4 Jan
Mld-Contlnent Petroleum..10
100
3
Jan 12
60
Merch & Mln Trans Co.No par
5
200
94*4
8*4 Jan 10
33*4 Jan 10
87g Jan 15
65
Mesta Machine Co
Miami
8,000
2,100
3
4
21
Dec
78*2 Dec
No par
5% conv 1st pref
'""766
23
Co
11
7*4 Dec
30*8 Oct
18i2 Dec
1
3
05s Feb
$6 pref series A
No par
$5.50 pref ser B w w.No par
330
'
*94
Mead Corp
400
13i2
Jan 15
Feb
Jan
Jan
Highest
share t per share
per
Jan 12
14*4
10i2
45*8
26*8
4
3
share
per
100
Melville Shoe,—.
18
45
47g
19
15
3034
900
18
*43*8
*4l2
*18*8
*12i2
*36*4
40*4
*438
1778
12*2
Year 1937
Lowest
05g Jan
30
1
preferred
conv
Jan 31
Jan
19*4
5
No par
Stores
McLellan
1,100
94
%
8*4 Feb
40
McKeesport Tin Plate.....10
69
Yl18
1938
Range for Previous
Highest
share
10
McGraw-Hill Pub Co ..No par
1,700
6,700
1,500
*64
12l2
$ per
43*4
215g
*62
*12>4
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
12,
EXCHANGE
the
% per share
9
35
♦05
94
Feb.
42lg
215,
9*4
22
10
11
42*2
7*8
*335s
Friday
$ per share
11
9
42*4
7*4
*05
Thursday
YORK
NEW
for
Monday
Saturday
Feb.
4
Ex-div.
y
Feb
Ex-rights.
51*4!Nov
j9*2lDec
Oct
103*4 Aug
23
Jan
Feb
Mar
Feb
Jan
5 Called for redemption.
New York Stock Record—Continued—Page 8
146
Volume
Feb.
Feb. 5
Feb. 7
Feb. 8
Feb. 9
S per share
% per share
$ per share
$ per share
STOCKS
fryr
JUT
Saturday
NEW YORK STOCK
the
EXCHANGE
10
2512
255g
25*2
25*4
25*2
26
25*4
255s
25*4
25*2
25i2
35*8
*35*2
36*2
35*4
35*4
35*4
35*4
36
36
37
37
1378
13
13
*13*8
13*4
14*8
*13*8
13*4
*12*4
13*4
13*4
13*4
115
115
113
114*2 114*2
113
*113*2 115
*112l2 115
*110*8 115
139
*135
139
*135
*135
139
139
*135
139
*135
♦136*8 139
13
*12*8
13*8
12
12
147g
*12*8
1214 ♦12*8
12i4
12*4
*11*4
4*4
458
478
478
45g
4*4
4*4
458
458
45g
458
45g
9
9
*8*2
*8
9*2
9*2
9*8
*8*2
*8*2
9*8
*8*g
*758
Us
Us
Ds
1*8
1*4
*1*8
1*8
Dg
1*8
*1*8
*1*8
*1*8
47
45
46
47
*44
46
46
45i2
49
4512 45*2
*43
39
*36*4
39*2
37
39*2
39*2 39*2
37*2
37*2 38U
35*4 35*4
94
95
♦87
95
93*2
*87
*87
95
♦87
95
*87
95
10*2
105s
10*4
10*8
10*8
978
978
9*2
9*8
95g
9*4
9*4
*85
89*4
85
88*2
87
88*2
*80
85
86*4
85
♦82
*83*2
10*4
10*4
10
10*2
10*8
10*4
978
10
978
9*4
9*2
97g
18
20*2
2*8
2*2
2*2
33*8
33*2
5*8
5*4
11
2*8
2
*5*4
11
33*2
*1*4
19*2
2
2
33*8
*1858
33*8
*18
18*2
,
*1*4
*10*2
6
5
5
44
42
42
66*2
66*2
65*4
2*8
2*8
4*8
20
4*8
20
2*4
4*4
19*2
13
13
*12
20*2
2078
20*4
*25
31
*11212
3212
114
*25*4
♦3*2
67g
*11
13*2
*11*4
29
29*2
20
29
♦15*2
♦105s
*15*2
1078
10*4
Park-Tllford
*32
33
678
*3*2
*11
*3l2
13*2
29
29*2
29
19
*15*2
107g
19*2
*15*2
19*2
11
*11*4
5*2
11*4
5*4
26*4
2678
5*8
25
5*2
5*2
245s
26*2
*33*2
36
35
35
♦34
36
*55
70
*55
68
*58
68
1,400
214
*1978
*12
13
22
2238
30
*35s
*11*2
5
1,000
31
31
31
29*4
29*4
18
*15*2
18
11*4
*11*8
11*4
6
6
6
2
*2
2*8
*2
2i8
*2
2*8
*178
2
*178
214
3*2
3*2
*3*2
4
*3*2
4
*3*2
4*4
*3*2
58
4
*3*2
4i2
*6
*6
8^2
6
*27*4
35
2U2
*6
*22
*21*2
23*2
21
6
*5*2
*5*4
*33*8
7
*6
*30
*6
57
7i8
11*8
♦11*4
36
36
*7*8
19*4
*31
*19
40
1U
♦84
*8
11*8
2
*1*4
12
12
11
*85s
9U
*2*4
3
**4
1
*3*4
35s
7*8
778
8
26
46*4
16*4
*10
*57g
658
47
16*2
10
10
8*4
*2U
**4
*3*4
758
♦7*4
*2114
47*4
7%
24*8
24*8
*25
26*8
*25
47
47*2
47
47*8
47ig
46*2
1183s 118i2
47*4
*84
*3*8
8*2
*8*8
3*2
8*2
9
118
3*8
834
3*4
8*2
314
200
884
3.900
9*8
*8*8
118
28
31
31
31*8
31*2
32
*90
92
*89
92
91*4
91*4
*91*4
*104*4 112
*103
110
*105
112
*105
112
*105
112
*106
122
122
*115
122
*115
122
*117
135
136
*117
*117
122
*135
136*4 *135
136*4
136*4 *135
*112
*112
*112
*112
118*2 118*2
31
31*2
29*4
31*2
107g
1U4
107g
9578
11
31
29*4
11
97
15
6I4
6
9
9*s
♦14*4
57g
957g
45l2
334
45
46U
37g
3*4
20
20
20
*24*8
27
20
20
*17*2
*24*8
19*4
*2934
34
29*2
*2434
26
4
24*2
19
*18
*3i2
58
*35
•3*4
*35
20
15
6*4
6*8
6
....
46*4
3*4
378
3*4
20
21
*20
31*2
*92
3,800
210
11*2
96
*14
*1
1*4
*1*8
205s
800
175g
18*4
1,600
*26
28l2
195g
1,000
17*2
*26
27
21
28
*25l2
30
26
*24
26
4
58
*3*4
♦35*8
*1
1*8
1
*1
11
*7
11
*7
11
*7*2
11
10
*8
9
*8
9
*8*8
9
*9
*61*2
4
19*2
1
10
5,500
18
*7
10
50*4
*20
*8
Ug
36,200
2078
♦24
58
658
*20*8
28
*35
100
15
20
28*2
58
65g
4
28*2
*3*2
*35*2
*14
6,000
958
4
58
Us
49*8
3*4
19*2
*25
37g
100
*3*4
200
•35*2
58
*1
11
*7*2
11
10
*8*8
10
♦8
10
*9*4
10
*8*2
11
13*4
13*4
67*4
14*8
3,000
♦64
•64
67*2
♦64
67*4
*64
67*4
♦64
67U
......
*52
57
*50
65
*53
65
*53
65
*53
65
♦53
65
2U
16U
214
23g
14
13*4
2*8
2l2
175g
2i4
2*8
14*4
14*8
14*8
2i2
212
14*8
212
14*8
2l2
1712
21*
17*4
17
18
67
*64
65
*64
67
65
65
64
64
*61
*61
64
65
*60
66
*60
69
*63
69
*64
69
13
13
1212
12*4
*223a
28
*223g
29*4
*8H2
»
163s
1678
*8H2
90
63
~15~
*8212
895s
»
*75g
8
734
55
7
*6*2
54
54U
7
6I4
6*8
10*4
187g
*17
17*4
*2
*165g
18*8
18
♦16l2
18
2l2
33
32
1*4
»2is
*
1*4
234
895s
7*4
*6
*10
15
40*8
54
6«g
63
1478
*80*8
758
40
12i2
*2514
8U2
3958
55*2
395g
6*8
90
*
778
4018
*10
29*4
*81*2
8958
40
*6
13l2
*26
14*4
*817g
17*8
135s
1212
90
63
15ig
16*2
16*4
614
65*2
678
6*2
10
10
*
56
*658
65s
*10
13*4
895g
8
*25
31
90
*8112
90
*
34,600
6% pf (ser ol Feb. 1 *29).100
Pub Serv Corp of N J..No par
*807g
56
56
6*4
612
658
*10
•1714
18*8
*1714
17*2
18*8
18*4
2i2
33*2
*2
19l2
212
19i2
*2
33
34
32*8
33
33*2
3214
Us
2*8
1J8
Us
Us
2*4
214
214
Bid and asked prices: no
Ug
2i4
*2
*u8
*2*8
157g
—
—
—
4,200
—
—
—
—
155s
15*4
814
2,900
9,600
56
56
56
7
100
18i«
205s
2t2
33*4
U4
2*4
658
♦10
12
*17i8
18ifi
20U
19*8
4,300
200
9,800
100
3214
21*
32*4
Us
♦212
Us
t In receivership,
Jan 12
Jan
8
50
Feb
36
a Def.
Oct
20*4
Jan
Jan
6
163
Feb
2
25
Oct
4
Dec
48*4
165
Dec
Apr
172
Dec
Jan 25
166
5
173*2 Jan
171*2 Jan 26
6*4
Oct
Jan 17
634 Jan 21
Jan 28
57
35
7
48
Dec
4i2
7*2 Jan 17
5*2 Jan 28
26*4 Jan 5
4
1
Jan 27
Oct
4*8
8
Oct
Jan 10
32
Dec
5
26*2 Jan 10
23
Dec
Jan
4
45
6
30
34 Feb
9
1
10*2 Jan 13
12
33
Jan
Jan 13
Dec
8
8
Jan
Dec
*4 Nov
Feb
11
13s
Apr
8*2
16*8 Jan 10
3
Oct
297*4
2*4 Jan 11
1*4 Jan 29
Oct
Oct
*4 Jan 19
*2 Jan 26
16*4 Feb 3
*2
19*4
Jan 10
13
Oct
Jan
3
11
Jan
6
9
Dec
7»8 Feb
2*4 Jan
4
12
Jan 15
7
Oct
9
7
33g Jan 13
*4 Feb
3*4 Feb
8
1*8
Jan 22
li2
*4
Oct
Oct
4
458 Jan 17
2*2
Oct
7*8 Feb
3
Oct
4
10*4 Jan 10
10*8 Jan 15
618
678 Feb
20*2 Feb
4558 Jan
6*2
Oct
4
31*2 Jan 17
20
Oct
3
6058 Jan 11
43*4
Oct
Jan 21
118*2 Jan 16
Feb
4
35*2 Jan 13
117
30
11412 Mar
303s
Oct
91
98*8 Jan 12
Oct
119
Jan 31
123*2 Jan 13
117
Oct
135
Jan 26
143
Jan 14
132
Sept
112
Jan 12
1127s Jan 21
110
June
367g Jan 17
133g Jan 11
28*4 Feb
10*4 Feb
3
3
100
Jan
3
7
7h Jan
3
Feb
9
6% preferred...
94
No par
Purity Bakeries
Quaker State OD Ref
Radio Corp of Amer
Corp..10
No
$5 preferred B
No
13.50 conv 1st pref.-No
t Radio-Kelth-Orph
No
par
par
par
par
Raybestos Manhattan.No par
Rayonler Inc
1
$2 preferred
...——25
15
678 Feb 3
60*4 Jan 31
44*4 Jan 28
3*4 Feb 3
I95g Jan 28
50
...60
4% 1st preferred
4% 2d preferred
6
100
Real Silk Hosiery
Preferred
No par
1st preferred
100
Reliable Stores Corp...No par
Reliance Mfg Co
—...10
Remington-Rand
1
Preferred with warrants..25
103*1
6
Jan
18
24
14
11
Oct
25*2
8*4
Oct
Oct
Oct
85
98*4
10*8
16*4
7*4
Jan
Jan
Jan
Jan
61
Jan 24
96*2 Dec
52
Jan 15
44
5*4
Oct
13*8
Dec
4*4 Oct
Dec
53s Jan 11
2*4
Oct
19*2
Dec
20
Dec
26
Dec
Feb
3
23*4 Jan 15
24i2 Jan 11
29i8 Jan 18
18*2 Jan
3
22
18*8
Dec
28
Feb
9
30
Dec
24
Jan
7
30*8 Jan 15
27*2 Jan 25
4i2 Jan 10
23
Dec
Jan 21
39
Dec
1
Sept
17
25
60
Reading
Rete (Robt) A
108
No par
Nt par
Pullman Inc
Pure OH (The)
Feb
2
383 Jan 17
38*2 Jan 13
1
Co
8
Jan 26
Jan 26
8
Jan
4
10
41
Jan 13
li2 Jan
Feb
3
11
Jan 10
9*4 Jan 10
11*2 Jan 12
12*8 Jan
3
14*2 Jan 15
65
Jan
8
66
50
Jan 28
Co—100
6
Jan 19
667g Jan 22
3*8
7*2
Oct
Dec
7*4 Dec
9*4 Oct
8*g
Oct
61*2 Nov
69
Dec
110
Oct
Oct
Feb
61
Jan 28
65
Dec
9*2 Feb
47*4 Mar
124
Apr
6% conv pnor pref ser A. 100
Revere Copper A Brass.....-6
60
Jan
6
73
Jan 13
60
Dec
110*4 Mar
1168 Feb
4
17i2 Jan
8
9
Oct
10
24
Jan 29
37
Jan
8
26
Dec
98
.100
81
Jan
4
85
Jan 21
139
63
Jan
8
60
14*2 Feb
Feb
7
3
64*2 Jan 21
17*4 Jan 7
Dec
Nov
87*8 Jan 21
80
2*8 Jan
Reo Motor Car.......
1578 Feb
Corp,..No par
preferred
100
Republic Steel
6% conv
Class A
7% preferred..
100
No par
100
1
Reynolds (R J) Tob class B.10
85
3
4
Jan 10
1*4
20*4 Jan 16
12*4
75i2 Jan 16
4
395g Feb 7
51*4 Jan 31
6*2 Jan
10
Common...
Westphalia Elec A Pow.
6*2 Feb
3
No par
Rltter Dental Mfg
No par
Roan Antelope Copper Mines
Ruberold Co (The)
No par
Rutland RR 7% pref
100
St Joseph Lead
10
5*8 Jan
3
Rhine
Rlchfleld
Oil Corp
X St Louis-San
6%
delivery,
w New
stock
10
Jan 27
17
Feb
3
2
Jan
6
297s Jan
4
Jan 28
Jan
100
Hftsh «al<>
Jan 19
17
Francisco-.100
preferred
r
sales on this day,
2412
100
400
7,200
Oct
20*2
3
7% preferred...
.-100
8% preferred....... .-100
Pub Ser El A Gas pf l5.No par
700
3
2lj
Oct
4
Jan
4
110
♦6
6l2
Jan 29
6
preferred
40ifi
65g
Dec
6J4% conv pref
Reynods Spring....
40
12
Oct
17g
27
Reynolds Metals Co
40*8
6i2
30*8
30*4 Jan 18
8*8 Jan 10
8
2,100
8958
Nov
Feb
—
*8078
*81S
Oct
5*8
9134 Feb
30
895g
8*8
Oct
65
8
105
No par
$5 preferred
300
•*
63
63
1578
8I4
4018
1U2
18i«
1414
31*4
40*4
7
1312
♦8U2
8U2
16
14*8
*24
32
*17*8
2*2
137g
63
1578
*8078
7*4
4014
*2
Ug
2ig
18
No par
Procter A Gamble
Rensselaer A Bar RR
3,600
67
*60
*64
Feb
6
....
200
10*2
13»4
6712
135g
..„6
..50
5% conv 1st pref
6% conv 2d pref...
—
100
U8
*607«
*7*4
s4 Jan
42i2 Jan 10
No par
Class B
100
4
Dec
3
t Postal Tel A Cable 7% pf-100
Pressed Steel Car Co Inc
1
400
26
*24
*7*2
*8*s
10*4
30,800
30
62
6
30*4 Jan 18
x34*8 Feb
No par
Poor A Co class B
200
97
*50* *
29*2
24*2
4
9*4
16,100
48*2
3*4
19*2
4
15
*95
11*4
6*2
*61*2
18*4
26*2
4
95g
11
100
..26
6% preferred
6*4
19*2
26
96
9*2
31*2
Jan
50
1
-
9,400
32*4
11*4
65
Feb
200
*48*58
26*2
*24
3,700
6*4
27*2
19*4
18*4
93
3212
9*8
19*2
17*2
*25
31i2
93
....
31
97
19*4
18
27*2
18
31
95
40
12
15
32
136*2 136l2
*135*4 136*2
♦112l2
*112i2
32l4
*63
*4*6*4
45
4
9*8
15
*60
45**2
*95
9*8
*14*4
6*8
*60
*60
97
9
15
11*8
1134
*95
9*4
31*2
95
34i2 Nov
19
""160
122
31*4
118
37*2 Jan 12
46
112
*117
117
18*2 Nov
8
914
Oct
313s Jan 10
Feb
'""960
Oct
3
4
178 Jan
Porto Rlc-Am Tob cl A. No par
1
Oct
9*8
Jan 26
34
Pond Creek Pocahon..No par
3
1
11
6
33
100
"'450
1,300
47*8
*23*2
*2*4
*34
78
3
Jan
13*8 Jan 11
678 Jan 10
100
---100
2,600
10
*2l4
3
15
3
3
unstamped
100
Pittsburgh A West Va
100
Plttston Co (The)
No par
Plymouth Oil Co
."
6
1078
26*8
8
*7*4
4714
*10*8
*9*2
8
3*2
7*8
26
95g
1078
95g
1284
17
17*4
6
484 Jan
Feb
22
Conv pref
•12
17
Jan
10*2 Jan 28
10*8 Jan
6% preferred
Pittsburgh United
'""366
9*8
34
*3*4
8
1078
34
15
No par
Pitts Term Coal Corp
90
12*2
14
Dec
Pittsburgh Steel Co
llSg
9*4
*2l2
7&
3*2
8*4
*7*4
*4
3*2
75g
17*4
3
*2*4
3
17
*10
12l2
*l2
17*4
*10*8
30*4
878 Jan 10
16*4 Jan 12
20
118*4 118*4
32
3214
*14*4
100
100
Plttsb Screw A Bolt...No par
40
118
93s
100
100
CorpNo par
No par
*33
84
38*8 Jan 16
40
39
118
*95
100
*19*2
13
5
100
No par
5
...
*33
2
Feb
Oct
Oct
1978
*1*4
Dec
91*2 Jan 15
5% pref class A
5 H 1st scr conv prior pref 100
*8
30
8
20
*52
37*4 Jan 11
3
203
178
4
Feb
*19*2
90
Oct
Feb
Oct
Dec
Oct
21
113s
9
*2
7% pref classB
Dg
3
7
No par
30
♦8
4*2 Jan 12
Jan 12
1*4
2*4
40
*52
22
15
1
214 Jan 26
4*2 Jan 12
*32
178
34i2 Jan 12
4
Feb
$5 conv pref
200
Oct
Dec
110*4 Sept
6
3*4 Jan 5
i2 Jan 11
40
**2
8*4
8*8
8*2
par
*33
U4
9
6478 Jan 21
0% preferred
700
*84
20
27
4
Feb
Oct
29
*1214
84
Feb
31
112l2
Oct
15
13*2 Dec
28
127g
84
2*4
Jan 11
3*4 Feb
11*4 Feb
50
Pitts Coke A Iron
1,900
12l2
5
Jan 18
Oct
Nov
50
Pittsburgh Coal of Pa
*12
3
6
20
Jan 10
2412 Jan 10
1512 Jan 11
24l2 Jan 15
3
Jan
212
Jan 10
30*4 Jan 26
Pirelli Co of Italy "Am shares'
100
7*g
f'
3
Jan
1934 Jan 28
6
Preferred..
7*4
Jan 27
81
'166
60
*55
57*2 Nov
1*4 Oct
1212 Feb
pref...100
Plllsbury Flour Mills
...26
7
6*
37
Jan 17
35g Jan
Pierce Oil 8% conv
200
35
*30
Feb 11
2*g
No par
Preferred
6i2
Oct
73
No par
35
8
3
Jan
17
39
90
13
12*2
*4
16*4
12l2
16*4
107g
178
*52
90
*4
17
*10
*22
20
378
Jan
8
No par
7% preferred
Phillips Petroleum
Phoenix Hosiery
600
45
6*2
No
Aug
7*g
Oct
1214
558
3
62
..100
100
100
Am
29&s
Oct
4
45
3
4*2 Jan
...100
Milk
Oct
1*4
Jan
97g Jan
par
Jan
634 Jan 12
Phillip Morris A Co Ltd...10
*173
34
Jan 20
4134 Jan 28
7*8
1212
113s
*8
17g
*1*4
*4
*16*4
♦75s
23
45
6
No
Phillips Jones Corp
*22l2
*2784
7
Cement
1,200
5,600
23
*2*2
35
Coal A
7% preferred
7~ 600
37*8
37«
60
7*8
7*8
34
14
*8
*52
90
12
♦*2
*33
7g
*a4
2
*52
90
«
35
78
10*8
12
17
39*2
19*4
33
Feb
tPhlla Rapid Tran Co
*60*2
38*2
*173
35
12*4
33
*19
11*4
h
65
7*2
*55
60
Feb
44*4
No par
Coke Corp...10
Phlla A Read C A I
*6
35
*7
7*2
714
11*4
*33*2
1978
12
19
♦52
*57g
*30
*173
714
36
37
**4
7
6*2
*55
—
7'8
1158
19
*1*4
35
8*4
Oct
3
Pitts Ft W A Chi
*32
*8
57
378
35
*6
7
*172
.
'7*8
11*8
48
35
6
*172
•171*2
7
7
*6
65
♦55
65
*55
*44
*27*4
*6*2
*30
6*2
32
32
35
21
48
*2i2
35
*44
48
*55s
6*2
♦5*2
♦33
23*2
♦44
49
*43
7
373s
37
378
Oct
28
2.50
$6 preferred..
48
21
36*4
*27*4
65
*44
65
35*4
»2l2
*27*4
*6*2
*50*2
37*4
*2l2
*27*4
*6*2
*217g
♦50*2
•50*2
378
1
Jan 20
No par
200
h
88*4
h
7
35%
67g
68
88
65
*6
*58
*5
*2l2
35
68
87
35*8
3*4 Jan 10
34
Phelps-Dodge Corp
25
Philadelphia Co 6% pref...60
200
7
4
34*8
313g Jan
Pfeiffer Brewing Co
12,000
34*2
88
36*8
*50*2
265s
*33*2
*5
»212
65
257g
34*4
87
355s
*50*2
26*4
86
6
7*4
*8
Oct
30
10
*12
Jan
18*2
No par
Petroleum Corp of
50
h
26*4
112
Pet
300
70
58
Oct
1
6% Prior preferred
5% preferred
1,200
36*2
00 eo
8
No par
Pere Marquette..
------
2
%
123g JaD 10
No par
380
*65
84*2
Feb
24
Peoria A Eastern
200
24*8
h
Jan
9
6% conv preferred
100
People's G L A C (Chic).. 100
„-
13
25*4
83*2
200*2
1278 Jan 10
3
20*2 Feb
2*g Jan
Peoples Drug Stores
24*4
*34*2
*2
Oct
Oct
No par
Penn G1 Sand Corp v t oNo par
Pennsylvania RR
50
16,000
31
*25*4
112l2 112l2
33
3278
5*8
86
8*2
80*2
$7 conv pref ser A
500
5*8
*2
97*2 Jan 10
Corp
Penn-Dlxle
Jan
Feb
1
Penlck A Ford
800
28*4
Feb
Peerless
458
1097g Mar
9
Patlno Mines A Enterprise par
214
Jan
82
1,400
25
4*i
1
Inc
(J C)
Jan
17*8
100
10
2,400
11*4
558
*5*8
84i2
Mar
4
29*4
*58
90
434 Jan
290
25*2
34*4
32i2 Nov
295
Sept
Pathe Film Corp
6
29
May
6
29*2
*15*2
*11*8
30
30*2
29
121
Jan 10
*4l2
13
31
29
*26*2
Oct
Jan 10
4*4
12
Oct
2*2
2*4
21
13*4
13*4
2212
2U2
21*4
31
31
*25*4
11212 *112l2 114
33
3212
3212
5*2
5*4
*35g
13
Oct
1
20*4
11*4
13
*11
Feb 11
93*2 Feb 11
100
Feb
7
3
Penn
213s
Jan 21
12*8
Oct
29
Jan 28
1,600
1,400
*25*4
11212
*30*4
3
Jan
Apr
7
Jan
1*4 Feb
2*4
205s 2112
31
*25*4
«112l2 114
Feb
Jan
29*4
Jan 15
Jan 10
Parmelee Transporta'n. No par
Penney
21l2
42
94
35
4
Jan 12
Parker Rust Proof Co
3,700
13
3
Oct
11*4 Dec
900
71
21
4
Jan 28
Jan 10
200
70
13
Feb
1*8 Feb
1134
No par
Parke Davis A Co
71
2U2
8
1578
5*2
858
1*2
55*2
Jan 29
40
Utah C M
Park
67*2
45g
149
578
6
2*4
Apr
18*s
178
18*8
2
21
133
10*8
335s
18*4
212
67*4
13
10*4
100
700
*20
30
29
29
29
4,200
45
4*4
Jan 28
3
6% 1st preferred
6% 2d preferred
5*8
214
4*2
140
Jan
4% conv preferred
4434
4*2
Jan 13
4
Paramount Pictures Inc__
400
5*2
2*8
1378
20
35,900
11*4
66*2
152
100
Parafflne Co Inc
44*2
2*4
678
800
115$
5*8
*4*4
Nov
16*2 Jan 11
No par
preferred
conv
44l2
4*4
20
32*2
*32
32*2
*3*8
8%
11*4
512
110
tPanhandle Prod A Ref No par
110
44
66*4
2*4
31
500
Jan
Jan 31
Pan-Amer Petrol A Transp__5
------
Jan
447S
116
134
Corp
53*4
4
..100
10
Packard Motor Car
44
5f2
66*2
2078
Pac Western Oil
17,200
44
64
*11212 114
200
Oct
3
13
100
6% preferred
234*4
Feb
109*2 Feb
No par
Pacific Telep A Teleg
178
33*4
6
5*4
Pacific Mills
50
$ per share $ per share
22
Oct
38
Jan
Jan 14
40
4
3,600
1,600
2l2
33*2
25g
18*4
*17g
500
share
per
28*s Jan 10
3434 Feb
No par
5*4
11*2
*5*8
11
5*4
*42i2
13
2*2
33*4
2
*1*4
5*4
11
11*4
♦45s
•4178
zl8
19*2
55s
5*2
25g
33*4
187S
2l2
33*2
2*2
2l2
Pacific Ltg Corp
22
*20
22
*20
22
♦20
22
*20
20*2
22
*20*2
2*2
33*8
25
900
$
$ per share
2514 Jan 31
Par
Pacific Gas A Electric
4.400
25*2
35*8
Lowest
Highest
Lowest
Shares
$ per share
% per share
Year 1937
100-Share Lois
On Basis of
Week
11
Feb.
Range for Previous
Range Since Jan. 1
Sales
CENT
Friday
Thursday
Wednesday
Tuesday
Monday
NOT PER
SHARE.
SALE PRICES—PER
HIGH
AND
LOW
1033
x
Ex-dlv.
5
y
3
10*8
46*2
58*2
8*2
77g
11*4
20*4
23*4
2i2
40*2
1*4
3
76*4
12*4
Oct
Nov
49*8 Apr
95*4
30*8
112
Apr
Apr
Jan
Jan
Jan
Jan 11
57g
Dec
34U
Jan
8
40*4
Dec
58
Jan
65
Oct
67
Jan
10*4 Nov
4*8 Oct
14
Feb
Jan
Jan 11
Jan
7
Jan 10
Jan 10
8*4
Dec
19
11
10
12
12
18*8
17*4
Dec
Oct
1
Oct
Jan
Jan
Jan
Jan
Jan
Jan 10
Ex-rights.
26*2 Nov
1
Oct
Uf
Oct
6*2
31*2
Oct
Feb
19*2
Deo
38
9*4
65
June
Feb
Mar
4*4 Mar
11*« Feb
U Called for redemption.
New York Stock
1034
LOW
AND
HIGH
PRICES—PER
SALE
NOT PER
SHARE,
Record—Continued—Page
CENT
Sales
STOCKS
for
Saturday
Feb. 5
*4»s
Feb. 8
Feb. 9
♦43s
*6
16
*438
16
♦90
91
*90
93
*90
93
♦90
93
102
102
*102
105
105
105
*15
16
*15
17i8
200
2418
81
l2
2384
*8014
H
5i8
*4034
a4
*238
2214
*3%
2414
3,400
10112 102
1512
1512
23
2334
80
514
5g
8I4
1434
83s
I6I4
16i2
2l2
2278
4%
14i2
16
8I4
*43
4%
*43%
4*2
46*2
*25
26%
*25
26*4
98
♦3
*1734
24%
98*2
7*4
3
19
25
25
95
*91
95
*91
59
59
*58
60
*96
99
*96
99
*96
99
17
17
*15%
12%
17*2
*16
17%
25
25
*12
34
212
2214
45s
834
834
1684
*16i4
60
60
*4%
10%
17
17
18
28
42
3
8
*7
334
*7
*
75
18*4
17*8
10%
16%
1634
*22
28
42
*2i"
10%
*3%
♦37%
234
*23
*314
♦3714
2%
*
17%
10%
16%
18i8
III4
2378
*21%
18%
19ig
*--
23%
19%
13
13
39
31
*21%
18%
1234
13
*31
31
9!
95s
31
9%
9%
28
42
53
53
54
55
9*8
54*2
17
173g
17%
17*8
17%
8
818
8
8
♦
75
23%
9%
107
107*8 *104
*105% 107
2%
234
3
2%
*2%
3*2
3%
334
3%
3%
7%
77g
7%
734
7%
734
17
17
1512
15l2
16
16
18
1834
18% 18%
18%
18%
107
1
*5g
3014
32
*30
*%
29%
31%
3034
32*4
3512
483s
15*4 Jan 28
11*4 Jan 3
*30
1
28
*3%
3
2%
*7
7%
23%
19%
*2134
18%
13%
*12
55
55%
19
19
*%
1
*%
30*4
31
3234
30%
32%
48
2234
2234
56
56
*22%
*56%
48
35%
*30
50
48*4
25*4
57*2
*23
56%
*30
35%
49%
48%
*23
1
*%
31
31%
32%
*30
32%
35%
49%
4,500
400
$6
cum
2,000
$7
cum
1
35%
19",700
49
48%
2534
56%
9%
*56%
2534
57%
9%
9%
9
*8
8%
8%
8%
*23
2534
57
67*4
*8%
93g
8%
9
9
8U
8
8
8
8
8
8
87g
8%
5*4
48%
8%
5*2
48%
838
834
8%
8%
8%
8*4
9,200
5%
884
5%
9
5%
5%
5%
6
0%
584
5,400
*119
5*2
50
124
123g
25
*119
12l2
25
12%
♦24
124
12%
25
25g
234
2%
2%
HI4
1414
13%
19%
8%
17%
*24%
7%
13%
19
19
*8
17U
2414
7l2
8%
1734
24*4
734
6
6
6
19%
8%
17*4
17%
17%
25
8
6
6%
25*8
7%
6%
6
♦63s
7
*4212
*434
6*2
3834
334
3012
45
8I4
5
83g
18
10U
10
10
rl075
•18U
~19%
1912
*8
7*4
7
65g
40i4
37g
3014
9
17%
24*2
45
*484
6ig
3914
3%
2984
*8
8
*63g
5
*63s
"42%
*434
7
*6%
9
17%
25%
17%
25%
8%
8%
6%
634
7
45
*42*2
5
*4%
*6%
*42%
4*4
6%
5
6%
634
*8
7
39
40*4
6%
40*2
4
4%
4%
3012
30*4
8I4
105g
9
11
44%
41
9
*8
17%
25%
8*4
4%
4%
31%
8*4
31%
10%
31%
834
10%
31%
10%
9
8%
113s
1075
1912
20
20
23
*19
23
*19
23
*20
23
61
*20
23
*58i2
61
*5812
60
*58*2
*334
61
*58%
3%
61
*40
50
*44
50
*
4i2
50
~~3%
*17g
*412
12ig
312
2
478
12*2
27g
27g
*1034
13%
1334
*77
81
lUg
39%
13
llSg
♦384
1
50
3%
178
*412
127g
2*4
17g
47g
127g
27g
*11
1312
*76
6
*7
1034
678
10%
6%
758
*314
♦_
3*2
80
"*514
534
784
712
3i8
*78
13
*438
*38
81
83s
74
2284
23
*70
2178
2112
£14
80*4
80*4
100
conv
pref
~i~66o
800
Thompson-Starrett Co.No
$3.50
~
200
4~700
com
pref
Tide Water Assoc OH
$4.60 conv pref.....No
10%
103g
1078
5,300
634
684
Transamerlca Corp...
4,900
8
8
3%
3%
300
5,100
512
*8
21i2
29*2
♦4*4
*38l2
83g
178
5%
10%
22%
5
*8
22
5*2
10*4
22*2
29%
*28%
29%
4%
40
4%
38*2
4%
38*2
9
834
9
1%
1%
*4914
10%
54%
11%
52
11
11%
7212
1978
7114
1912
73*4
19*4
73*2
74
19%
19%
74
75
75
7734
7734
74
72
72
22
2278
2234
22
2234
22%
Bid and asked prices; no sales
*1*4
1%
52
6*2
*8
9
*3%
3%
*
81
1,400
*778
217g
Truax Traer Coal
10*4
22
200
3,700
2912
Truscon Steel
20th Cen Fox FUm
5%
38*2
*37*8
10
9
1%
53*8
11%
300
5
100
38l2
87g
*53*8
1078
1.900
2i2
884
*is4
300
54
11
30
500
3,900
75
73
74l2
10,200
19%
1912
2012
5,400
78*2
78i2
79
2,000
73»4
*73
75
*21%
22%
22*4
23%
*2184
2234
22*4
23%
this day.
2912
*43g
*7314
223g
227S
1 In receivership,
75
200
223g
500
23%
26,700
a
34
Jan 19
23*4
Oct
3
5%
Oct
3
9% Jan 10
11% Feb 10
6%
Oct
Jan 19
900
3
22
Jan 16
Jan
3
23
Jan 11
3
12
Jan 21
Jan
4
Jan
3
2*s Jan
3
11
Jan 27
13% Jan 28
79
Feb 11
434 Jan 17
56
4*2
2%
5%
15%
Dec
Jan 15
10
Oct
Oct
Oct
13%
Oct
85
72
Jan 13
Dec
48% JaD
36
Oct
Jan
10
Oct
Jan
4
Jan
5%
Oct
Jan
3%
Dec
Jan
Feb
Feb
83
6
Feb
6% Jan
7*2 Jan
19*2 Jan
24
26% Jan
par
31*4 Jan
10% Jan
36
7»4
1*4
47*2
9%
new .No par
82
Oct
Oct
Dec
4%
Oct
7
Dec
18*2
25
Oct
Nov
Jan
Jan
44
Jan
39
Jan
10% Jan
7
Oct
Feb
2% Jan
1%
Oct
58
2*4
Oct
Dec
Jan
46% Nov
12*2 Jan
78% Jan
21% Jan
Feb
Jan
67*4 Feb
18% Jan
72*4 Feb
IIIlOO
Jan
8*4
6
3*4 Jan
l
Cash sale,
Oct
4
1%
80
10
r
1%
Jan 12
6%
Feb
ioo
New stock,
Oct
Jan 13
8
3
4% preferred
100
Union Tank Car
No par
United Aircraft Corp..
5
n
2%
Oct
Oct
Nov
137g Jan
10% Jan
55g Feb
Union Carbide A
Carb.No par
Union Oil
California.......25
Union Pacific
Def. delivery,
Jan 12
3*2
55
38
....No par
Under Elliott Fisher Co
No par
Union Bag A
Pap
Jan 13
3% Jan
6*2 Feb
Co..........
15% Nov
18*2 Dec
13% Jan 11
15% Jan 6
par
Preferred
Ulen A Co
Oct
10% Jan
$1.50 preferred
No par
Twin City Rap
Trans..No par
Twin Coach
2
Jan 19
Feb
12%
7*2
9%
4%
Corp No
Oct
3
No par
No par
$6 preferred
29*2
7334
on
100
Dec
3
par
22%
22
*28%
*438
38*2
9
81
Dec
Jan
1*4 Jan 28
4% Jan 3
2
Trl-Contlnental Corp..No
5
5%
Oct
Oct
Jan
37S Feb 10
Timken Detroit Axle
10
Tlmken Roller
Bearing .No par
~*4%
5%
*7%
1%
53*8
11%
74*4
19%
76%
x
Oct
4%
447S Jan 11
4% Jan 10
50
Transcont A Weet'n Alr"ino"6
Transue A WUllams St'l No
6%
9
Oct
4*4
65
par
10*4
3%
47
1734
10
11
81
3
19
par
10%
3*2
Jan
Jan 28
900
No par
7
*8
8
Oct
8% Jan
l
11
*
Oct
Oct
1%
7% Jan
No par
100
Preferred
634
3%
Jan 18
No par
1012
7%
7
9
18
Jan 12
10% Jan 11
8% Jan 11
27
100
714
7l2
80
Jan
37*4
3%
.....No par
10%
712
3
Oct
3,500
312
80
4
Jan
Oct
2,600
312
Oct
Dec
Aug
6%
34*4
12
80
3
44%
118
4
43
7%
Jan 13
Jan 15
12
7
Jan 12
Jan 24
Oct
Jan 10
Thermotd Co
1334
3
Feb
6% Jan 4
42% Jan 14
Third Avenue Ry
100
Thompson (J R)
25
Thompson Prods Inc..No par
79
Jan
7%
577g
125
Oct
Dec
Jan 11
The Fair
60
1334
8
6%
6*2
5
Texas A Pacific Ry Co
200
79
7
Jan 13
Dec
Dec
8
$3 .60
14
19*2
53*2
6*2
Jan 15
Oct
Nov
4% Jan 11
Thatcher Mfg
8034
42
6
Old
300
27g
30% May
Jan 24
51% Jan 12
6
100
13
34
6
900
13i2
27g
Dec
Dec
3
Feb
5% Feb
50
2
*11
*2
27*8
26*2
6%
41
4212
11
*70
7,800
23
13l2
2%
Oct
Jan 13
11
7% Feb
9
123g
1034
*22l2
2134
8,300
2,200
5
13
2*2
1
42%
IOI4
19i2
7334
*80
*234
*11
14
Oct
12
IOI4
715g
6 934
14
Oct
Oct
3378 Jan 12
35% Jan 7
11% Jan 12
Feb
Oct
5
10
5%
2%
42
49
197g
13%
81
3
13
2*2
Oct
27
21
Texas Corp (The)
26
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust
1
61
*384
*1%
1
Oct
Oct
2*2
Tennessee Corp
22,600
*43s
5*2 Jan 12
11% Jan 12
22% Jan 14
26% Jan 12
7*2
101
Telautograph Corp
100
19,100
5
Jan 10
23%
Without warrants
2,300
2
9%
107% Feb 5
3% Jan 10
Oct
12*8
49
72
2%
*11%
14
Nov
Dec
42
48
74*4
2%
13
13%
*1%
*4*8
*13%
2
484
13
Nov
16
7*4
12
48
19%
13
49
26
Feb
4% Jan
48*2
119%
11%
25
45
4
3
Dec
7
'7%
Talcott Inc (James)
5H% preferred
4i8
Jan 24
8*8
Jan
Jan 11
Jan 15
1,900
50
4
11*4 Jan 10
60
21%
1
3
Feb
Dec
8% Feb 7
187g Jan 10
634
50
4
5
Oct
Dec
39
5
21
41%
5*8
40
74
*1%
*4*2
3%
3*4
3
3
Feb
10
10
Jan
£39
Jan 26
11%
*4
8U
*n2
2
4%
13*4
384
4
6
Jan 10
Jan 26
41
30
178
*77
3%
Feb
Jan
8% Feb
16% Jan
Swift A Co
23
15%
7%
Symington-Gould Corp ww__l
*2012
*20*8
*58l2
*37g
21% Jan 17
13
llSg
30
83g
*112
133g
3%
4%
23
3
3
18
3934
22
*37*8
234
*12
50
*21%
22
Jan
Oct
5% Dec
73% Sept
19% Dec
10
11%
584
IOI4
2184
4*2
*13
4%
20%
Jan 12
50
40
*514
*784
21%
40
*3l2
*1%
*412
13%
30
784
2184
*29
*334
*40
3%
IH4
39i2
10l2
40
43g
20%
9
2134
Swift International Ltd
1
*19
7
Jan
100
1,000
IH4
Oct
13% Jan 6
2934 Jan 13
3% Jan 11
1734 Jan 10
2,100
834
I07g
Oct
Oct
34
1
Superior Steel
7
Oct
1*2
% Feb
No par
100
Sutherland Paper Co
Sweets Co of Amer
(The)
100
4U4
484
3H4
878
Dec
1134 Jan 12
800
6%
27
Jan 14
3% Jan 10
Feb
700
5
32
17*4
Jan 12
3178
Sunshine Mining Co
10
Superheater Co (The)..No par
Superior OH
1
1,500
4012
4i2
3012
41%
4%
3,100
2,600
634
Oct
Oct
Oct
4
28% Jan
1
4,000
*47g
9
15
Jan 17
No par
1734
*4212
7
17
58*2 Jan 12
(The)
Oct
22% Jan 12
1334 Jan 12
2134 Jan 10
54% Jan
87g Jan
7*2 Jan
6% preferred
Oct
20*2
130
3
3*4 Jan 28
678 Jan 28
5
Studebaker Corp
Sun OH
10
Oct
Mar
1*2
1*2
35*4
13% Jan 28
16% Jan 28
10
Stokely Bros & Co Inc
Stone A Webster
1,000
13
110
130*2 Jan 27
24% Jan 10
44% Jan
634
434
Jan 10
Oct
Jan 21
258 Feb
No par
25%
884
*6i2
28
9*4
46
8*2 Jan
No par
8*4
45
40%
prior pref
prior pref
17%
7
16% Jan 10
112*4 Jan 12
3*8 Jan 13
Feb
1
8 tewart-Warner
500
9
Dec
5
16*8 Feb 3
6% Jan 28
105*4 Feb 1
No par
No par
25%
7
*5812
*3l2
3,000
49*2
49*2
50
50
50
50
49%
50
119% 119% *119% 124% *119% 124% *119% 124%
12%
1284
12%
12*4
12*4
12%
12%
12%
25
25
24
24
25
25
2484
2434
2%
2%
2%
234
2%
234
2%
2%
14%
14%
1334
143g
14
14%
14
14%
*19% 20*4 *19% 20*4
*20%
21*4
20% 20%
25
*4212
9
10
Sterling Products Inc
600
914
8I4
884
5U
4912
Oct
15*4 Jan 15
137g Jan 15
Standard OH of New Jersey.25
Starrett Co (The) L S__No par
100
8%
13
3
50
1
Standard
6,300
Jan 10
20%
30
Stand Investing Corp..No par
OH of Calif..No par
Standard Oil of Indiana
25
Standard OH of Kansas
10
"8", 100
3184
3234
Nov
June
12
fStand Gas A El Co...No par
$4 preferred
No par
3,500
Nov
96
165s
No par
$4.50 pref
Stand Comm Tobacco
600
88
67
7
1
Standard Brands
300
Oct
Oct
2% Nov
15*4 Dec
26*2 Dec
Jan 13
No par
Conv $4.50 pref
Nov
2*4 Jan
No par
Square D Co class B
Dec
Feb
37
21
330
3,200
13,300
Jan 28
3*4 Jan
par
100
$3 conv preferred A..No
par
Spiegel Inc
2
310
8
8%
8%
*105% 106% *104
106
3
3
*2%
*2%
3%
3%
3%
3%
8
734
7%
7%
18
*16%
17%
*16%
18%
18*4
18%
18%
32%
1
15*4 Jan 28
2412 Jan 31
Spencer Kellogg A Sons No par
Corp (The) vto
1
Splcer Mfg Co
No par
6,900
19%
3
10
8 perry
300
55%
Feb
20*8
100
Sparks Wltbtngton
Spear A Co
19,000
934
4
Jan 17
Jan 13
100
3
Jan
100
$5.50 preferred
31%
Jan
16*8 Jan 28
let preferred
100
8
22
128
Mobile A Ohio Stk tr ctfs 100
31%
9%
9%
3
6% preferred..
2,800
13
Jan 14
2*4 Jan
Jan 11
82% Jan 12
3
13*4 Jan 28
25
8paldlng (A G) A Bros.No
23%
19%
*12
Jan
100
60
7
3
Southern Pacific Co
75
*21%
19%
32*2
*30
7
*
75
6*2
17%
3
Southern Railway
_j
334
41%
2%
91
Jan 11
7
Jan
112
100
Southern Calif Edleon
29,800
15,500
4,600
28
*3%
41%
2%
30%
35%
48*8
*25
334
43
8% preferred
1,200
18%
♦%
30
57
*56
18%
32%
24
47U
*22
1734
11
South Am Gold A Platinum. 1
So Porto Rico Sugar
No par
10
19%
10
Socony Vacuum OH Co Inc. 15
Solvay Am Corp 5 \4 % pref 100
mm
900
12
18%
mm
1,900
Jan 27
3
Smith A Cor Typewr. .No par
Snider Packing Corp...No par
29,600
Jan 11
24% Dec
14% Nov
3
100
mm
44
Jan 27
6*2 Jan
18*2 Jan
Smith (A O) Corp
300
Jan 14
2734
18*4
10134
9*8
24%
3*4
9634 Jan
100
Oct
48
100
6% preferred
3*4
9
5
.No par
conv preferred
180
1134
30*8
6%
Jan 14
5% Jan 10
437g Feb
24*4 Jan
1434 Feb
200
1834
32%
Feb
96
19%
19%
Dec
4
Feb 10
31%
18%
60
17%
14%
1234
15%
96
*16%
12%
19%
18
66
95
31%
9%
*16
Oct
Feb
Jan 10
18%
106*8 106*8
2%
2%
3%
3%
73g
8%
258
312
15
60
Jan 28
11%
1834
20*4 Jan 11
Sloes Sheff Steel A Iron
100
$6 preferred
No par
12
55
Jan 17
Dec
Oct
7*2 Jan 27
1478 Feb 4
$3.60 conv pref Mir A.No par
Sheaffer (W A) Pen Co.No par
m
"330
19%
18*4
8%
12*4
55
'
Oct
Jan 12
Feb
2,600
mm
Oct
3%
49*4 Nov
93
17%
14%
55
16
Jan 14
No par
Shell Union Oil
514%
Oct
.No par
pref
Sbarpe A Dohme
800
Oct
Jan 17
34*4
31%
9%
8
Jan
Jan 11
22
96
17%
3
5*2
64*4
16*4
8%
4
95
55
2534
4
13
No par
3
5
53% Feb
3
23%
8*8
Jan 27
Jan
378 Jan
4
17%
1734
2
20
*2
3%
34*2 Nov
*4 Oct
1*2 Oct
% Jan 3
2% Jan 13
6
Jan
17%
14%
12%
55
%' Jan
4
Jan 24
Feb
31%
9*8
31
No par
Jan
7*4 Jan 11
42
16*8
24*8
90%
96
19*4
12%
1
3g Feb 10
5% Jan 28
37*2 Jan 3
Silver King Coalition Mines.5
Simmons Co....
No par
81mms Petroleum
10
10
27
26%
95
*2112
19%
12%
19*8
1234
1
100
..No par
Jan
100
62
*
Dec
3
*92
75
Dec
71
Slmonds Saw A Steel..No par
Skelly Oil Co
26
*56
8
22
500
3%
95
*7
6
Jan 12
19
21%
62
3
Jan
81
Jan
19
26*4
42
27*2
76
No par
conv
Oct
2178 Feb
100
20%
3%
26%
*25
11
1,100
3,300
2,400
61%
384
4
99%
7%
20%
3%
*7
7%
*92
28
5
Jan
*98%
98*4
3%
42
19
3,600
19
*3%
*37%
2%
2%
8
8*8
*25
334
234
*7
8
*lll4
17%
*22
2%
18%
11*8
17%
11%
*3%
*37%
3*4
75
183g
Feb
15%
*43
12l2
*13
12%
14*2
*13
*13%
12
12
1212
11%
11%
*12*8
12%
12%
*11%
15
15
1484
15
15*8
15%
16
15*4
15%
15%
15%
*11212 114
*112% 114
*112% 114
*112% 114
*112% 114
*112% 114
234
2%
234
2%
2%
2%
2%
2*4
2%
2%
2%
234
2512 2534
25*2 25*2
25*2 25*2
25*4 26%
25*4
26
26% *25
142
*131
142
*13012 142
130% 130*2 *131
*131% 142
*131% 142
2012 2012
21
20*2 20*2
20% 20%
20*4
21
21
20*4 20%
17l8
15
15%
19
96
Dec
Dec
£24*4
15
7
95
86
z98
1,000
98%
27
Jan 18
Feb 11
4%
46%
2434
15
64
93
105
*4%
19
26
Jan
Jan
4-2% preferred
100
Seaboard Oil Co of Del. No par
Seagrave Corp
No par
Sears, Roebuck & Co.-No par
Servel Inc
1
15
Dec
70
88
par
8% preferred
500
Dec
100
JSchulte Retail Stores
Line
Oct
Nov
18
Jan 20
100
Shattuck (F G)
500
3%
10
81
100
Sharon Steel Corp
1,700
$ per share
23% Jan 12
18*2 Feb
72% Jan
100
60
20%
64
3,800
share
per
6*g Jan 26
46%
26%
*25%
98%
200
4,100
$
43s Feb 10
No par
6% preferred
6% preferred
7% preferred
Savage Arms Corp
No
Schenley Distillers Corp
5H% preferred
Scott Paper Co
t Seaboard Air
share
per
4%
*43
1937
Lowest
60
20%
3%
*91
*1112
1,600
1434!
85s1
1634
1634
Year
Highest
P100
Safeway Stores
600
350
1518
93
*16%
36,500
15
26
*12
%
53S
6084' 1~6~200
60
59%
400
41
1412
85s
*18%
*91
81
59
7%
3
10
150
6158
4*8
4%
43%
26%
15%
20*8
3*8
*18
60
*23s
2134
*378
£59*4
7
20*8
*4
212
2234
16'2
98*8
7%
20
34
60
*59%
43g
43%
*25%
15*4
153g
98*2
73g
19%
3*8
19*2
*3
3%
19i2
14%
53s
41
20l2
7712
1514
812
*218
2214
5914
4*2
46%
98
53g
4012
*378
6978
*2%
1584
3s
34
2i2
23
458
6034
*4*4
*7%
19%
24
6
41
*1934
7738
78
*7914
%
*58
*378
5712
15
80
%
*5l2
4012
5
22
8ig
24
80
41
41
15l2
2334
%
514
60
7%
*175s
1512
80
58
*58
20%
"3" 800
20
♦7514
$
t St Louis Southwestern..100
5% preferred
20
16
*7
19%
Par
20
16
77
60
*98
2034
Shares
5
*6
197a
60
14*4
*43s
16
1938
Range for Previous
On Basis of 100-Share Lots
Lowest
77
♦1584
15
$ per share
438
♦6
Range Since Jan. 1
STOCK
Week
77
41
63
26%
*25
4*8
11
YORK
Feb. 12.
EXCHANGE
20
60
*6612
4i8
*43%
Feb.
NEW
the
185s
17
♦165a
10
$ per share
5
16
*6
Friday
77
19
19
*18*4
19
78
77%
77% *75U
90% 90% *9012 93
101% 101% ♦IOI84 105
*16
1512 *14%
1512
2234 2234
2214
22*4
*79
80
♦78*2 80
34
34
84
34
7
*514
7
*5U
*39
40
3912 4012
6g
34
84
*4
*2
2
214
2%
2114 21%
2134 2134
*334
478
*3%
4%
57
583s
57k
58k
14
1414
1434
14U
8
6
*43g
512
*6
Feb.
$ per share
f per share
$ per share
5%
16
Thursday
Wednesday
Feb. 7
$ per share
*6
Tuesday
Monday
9
61% Nov
88*2 Jan
8%
Dec
17*2 Oct
80
Nov
Jan
78
Oct
217, Feb
23*2 Jan
22
Nov
20*8 Feb
27% Jan
10*4
72
x
81
Feb
Ex-div.
y
Ex-rlghts.
Oct
T Called for redemption.
Monday
Feb.
5
Feb.
S per share
7
818
7%
734
*8
9%
*8
$ per share
$ per share
712
*9
*8i2
11
*18%
19i2
*1834
11112 1U34 *112l2
11
18i2
19%
*18
$ per share
8
8
7
$ per share
18l2
*11134
*11134
41
40%
10
40%
*15i8
*15
234
2%
234
28
15i8
278
8
43
2%
2778
2778
18
44
16
27g
6%
6
6i8
6
6%
6%
6i2
6i2
7%
7%
7%
714
714
7%
734
8i4
8%
*63ig
434
73
70
5
5
32
20
5
1,500
600
*305s
9%
*4%
6%
634
5
6l2
1»8
**a
1%
*534
8%
6%
5%
8%
6234
8%
5%
8%
6334
7
7
75
*6
*8%
9
66%
68
167
16934
*8
734
734
8%
*56
86
28
*27%
*4%
26%
5434
28
27%
5%
28%
55%
57%
68
68
4%
28%
534
29%
58
60
68
69
68
68%
66
66
66
66
54
5134
10534 107
52%
162
*125
*156
162
2
2
*38
13
*11%
2
2
2
2
2
*38
42
*38
42
*38
*53
57
*53
57
*141
145
*142
145
44
*37
44
%
21
*97
*39
26
*3%
3%
47
45
45
47
49
49
121
*118
121
118
118
*118
2
*2
3
3
52
2%
*2
125
*3
19
19
79%
*79%
85
82
7%
7%
7%
82
8
734
8%
42
42
42
41
*40%
42
*18*4
*11%
19%
*1834
*1134
19%
*1834
19%
*18%
19%
1234
*1134
13%
*12
13%
3
3
*3
3
3
*3
3%
*38
44
*39
4134
*38%
5%
13
38
*36
3
3
3%
*9%
3%
42
584
*35%
6%
*38
6
5%
*36
38
13
22
*18
22
19
14%
25%
*13%
14
14
14
26
26%
*1%
25%
2%
1%
29
29
*29
1%
30
74%
*73
74%
86
*85
86
25%
*2%
2%
1%
*28
29
*73
74%
85%
86
85%
92
*73
92
85
*91
*83
85%
119
*119% 121
(*113%
*113%
*234
*1%
92
92
94%
*83
86%
86%
119
*119% 121
mm
m
23g
*2%
23%
2%
2%
2334
22%
2%
25%
92
22
z90%
24
22%
92%
*130
133
*129
132
*13
14
13
13
*31
3384
*31
3334
*13
14%
28%
*13%
*24%
14%
♦243s
2534
*80
86
*80
86
*80
22
22
22
*83
101
*83
22
223s
101
*83
*49%
59
15
*14
*49%
*14
103g
10%
10%
*10%
10%
*10%
2
2%
17
17
2
16%
133
1334
114
15%
1578
16
1,600
11834
23,400
134%
134% *133
14
14
*13%
*13%
*31
*31
3334
3334
14
14
14%
*13%
70
500
26
4,400
3,900
*80
*22%
■
""266
400
90
23%
200
26
90
23
101
10%
*10%
5,606
10%
'
2%
5%
5%
2%
4%
4%
4%
2%
5%
4%
5%
51
„mmmmm
1034
10%
2%
18
4%
2%
4%
4%
2%
18
18
*2%
2%
2%
5%
5%
4%
2%
4%
2
4%
*49%
53
49%
50
*50
53
50
50
500
15
15%
16%
15%
15%
500
24134
4278
4234
42
42%
18,100
16%
3,400
66
16%
*46%
1634
66
*15%
417g
16%
*46%
66
60
*45
60
*45
60
32%
*30%
32
*30%
32
*38
42
*38
42
200
76
76
15%
*1434
41%
15%
42%
42%
43%
15%
15%
16%
17
16%
*46%
66
*54
66
*46%
66
*47
*45
60
*45
*30
32
*35%
37%
60
*45
60
*45
30
30
♦28%
32
*29%
*35
39
35%
37
*3634
72
72
70
71
.
170
75
76
78
66
*63%
05
65
66
66
66
2134
2134
*22
23
*22
22%
22%
12%
12%
12%
1234
13%
13%
14
13%
13%
84
84
*85
87
12%
*84%
2434
14%
86
86
85
85
40
15%
15%
*14%
1534
16%
16
16
900
333)}
3434
33%
34%
73
63%
63%
*63%
13%
88
*84%
88
15%
16%
♦15%
16%
33%
35%
35%
78
......
23
73
*2134
3 684
*15%
35%
36%
77
*66
77
66
66
500
*22%
23
200
35%
36%
*65
77
*66
77
10
10
16%
17%
16%
17%
16%
1734
17
17%
17
17
1234
13%
3%
12%
13
13
13%
13%
3%
137g
3%
13%
1334
13%
13%
3%
334
3%
3%
3%
*
*06
3%
77
3%
*66
3%
77
3%
Bid and asked prices; no sales on
*66
this day.
5
No par
100
Preferred
48
par
71«4
3%
25g Feb
10% Jan
1834 Jan
par
6
12%
24
J In receivership,
Feb
Jan
100
Jan 14
16
Oct
46
Jan 17
11%
Oct
38%
Feb
Jan 17
20
Oct
50*4
Aug
Jan 12
Oct
July
2%
a Def.
52,800
18,900
mm
mmm
"5,400
6,000
7,300
1
Oct
Jan
Feb
103
Aug
4
121
Feb
1
117%
Oct
123% Mar
8'
110%
Apr
18% Jan 11
4% Jan 10
14%
2%
6%
Dec
Oct
115% Jan
29% July
11*4 Mar
Oct
23% Mar
1
Oct
4*4 Mar
1%
Oct
22%
17*4
Dec
Oct
11% Mar
83% Jan
57*4 Mar
111% Jan 6
14% Jan 28
3% Jan 5
4
Jan
Mfg
50
preferred
60
Instrum't.No par
Class A
No par
Westvaco Chlor Prod—No par
6% conv preferred
30
WheelAL ErieRy 6H%c pr 100
Wheeling Steel
6
1
10
S
Jan 10
1% Jan 11
3% Jan 11
23% Feb 3
2084 Jan 29
28% Jan 10
27% Jan 15
4
109% Jan 15
132
Feb 10
13
Jan 28
31% Jan 19
12
24
140
Jan 27
17% Jan 15
3234 Jan
5
Jan
3
15% Jan 18
Jan
3
x2634 Jan 13
34%
Feb
Jan
Aug
Mar
4
75
Nov
126%
Aug
Jan 14
55
Dec
14%
Oct
90*4 Aug
23% May
0
Oct
33%
8%
1%
Oct
18%
95
Jan
59
15
Jan 13
8% Jan
3
13% Jan 12
Jan
5
11
Jan 21
1% Jan
3
3
Jan 22
13% Jan
4
21% Jan 24
2% Jan 10
3
6%
684
60%
19%
43%
19%
Jan
27%
66
5
36
May
126
Jan
Jan
39
Oct
Jan 28
13
Jan
30%
Dec
Jan 26
100
Jan
170
Dec
14
49% Feb
31% Nov
10*4 Oct
Jan
167%
19
55
4% Feb
Oct
90
90
2% Jan
2% Jan
4% Jan
Oct
21%
Feb
10
10%
4
Jan
Jan 31
21
3
87% Nov
113
Aug
2734 Jan 12
90
85
No par
Co————10
Wool worth (F W) Co
10
WortblngtonPAM (Del) No par
Preferred A 7%
...100
Preferred B 6%
-100
114% Feb
5
8734 Feb
Feb
109
Jan 28
1st
84%
Oct
Jan
Weston Elec
Jan
Mar
56
Oct
1
Westlngh'se Air Brake.No par
Feb
9«4
70
100
18 preferred
Woodward Iron
2%
Mar
88
2
Westinghouse El A
Jan
Nov
3
7
Union Telegraph .100
Jan
9
3
100
6% conv pref
35%
Jan 13
108
8434 Feb
100
Co..-10
.100
preferred
Jan
12%
3
7% pref.100
6%
Jan
691*
Oct
102% Jan
102% Jan
9734 Jan
zll7
Western
18
Dec
2%
3
Jan 29
Maryland
Dec
Oct
434
33
Jan 13
73% Nov
84
Oct
Feb
2d preferred
10»4
Jan 24
84
Western Pacific.
60%
Oct
20%
Jan 18
Oct
2
75
91
Western
Jan
Feb
Feb
99% Mar
19%
7%
23%
...100
100
preferred
Feb
92% Aug
I884 Mar
61% July
Jan 10
A.-No par
6%
F*b
49
32
West Penn El class
Western Auto Supply
Mar
16
Jan
No par
West Penn Power
Oct
Jan
19%
7334 Jan
Snowdrift No par
preferred
preferred
Oct
17
4% Jan 13
Feb
1
Wayne Pump Co
Wesson Oil A
par
Dec
Oct
32
734 Jan 10
40
Oct
18
19% Feb 3
16% Jan 15
334 Jan 13
3
Feb
35
'
Oct
Dec
83S Jan 10
44% Jan 16
534 Feb
par
2%
6%
81
Feb
40
6
Warner Bros Pictures..
4
33g Feb
Jan 28
9% Jan
2% Jan
Ward Baking class A —No par
B
8
8% Jan 17
3934 Jan 29
18% Jan 11
Class
Feb
Jan 24
Walk(H)Good A W Ltd No par
Preferred
No par
"""166
41
*14%
15%
Jan
20% Jan 10
6%
Willys-Overland Motors
11%
*10%
*1%
37
4
18% Feb
74% Jan
Wilson A Co Inc
11
10%
18
Oct
25g Jan 11
4% Jan 11
Co
..—No par
4 H % pref with warrants 100
Walworth Co
No par
Walgreen
1,800
4,300
11%
2%
No par
2,200
1034
*10%
5%
4%
5%
5%
*10%
2
preferred A
preferred B_.
6%
Waldorf System
2%
10%
10%
2%
8
18% Mar
Wilcox Oil A Gas
15
15
18
12*4
10% Mar
100
58%
*14
2
Dec
115
122%
700
*49%
15
*2%
Jan 29
3
Oct
Oct
Oct
"V,4O6
58%
*14
Apr
June
23g
18%
Oct
2%
*497g
15
Apr
105
Feb
2%
58%
*14
*17%
5
3
2%
17%
*49%
16
2
Feb
12*4
74%
5% Jan 21
32% Jan 21
110% Jan 26
4% Jan 20
1534 Jan 11
3
2
2%
*2%
5%
4%
"2",400
101
58%
17
4
Jan
11734
17%
*83
*49%
10%
Jan
1% Jan 5
2% Jan 31
234 Jan 5
6% Jan 3
...100
100
100
Corp...No par
Preferred..
100
$5 conv prior pref—No par
WhiteDent'lMfgCo(The SS)20
White Motor Co..
1
White Rk Mln Spr ctf—No par
White Sewing Macn...No par
S4 conv preferred
No par
*14
11
May
118
200
24
59
10%
47
44%
117% Jan 11
Preferred
tWabash Railway
4%
"166
132
25%
39% Mar
Mar
100
16
2434
2%
15%
114
*117
96%
5%
1584
11334"
95
2%
42
90
118
98
*3%
15
60
118
*83
35'4 Nov
$4 conv preferred
24%
237g
5%
41
300
95
101
Jan 22
74%
23%
*83
42
31
98%
101
4
1% Jan 28
11334
22%
Mar
39% Feb
3% Jan
2234 Jan
3
24
23%
115
Jan
94%
2234
Oct
Jan
94%
23%
Oct
Oct
9%
Feb
*73
25%
14%
97
2%
74%
Jan
Jan
Jan
Jan 27
22% Jan 11
„118
27
29
*80
20% Jan 12
1
*73
Oct
101
No par
23
14%
3
Wells Fargo A Co
*2%
24%
23%
86
3
4%
2%
58%
Jan 19
97
Webster Elsenlohr
234
25%
Jan
Oct
10
Jan 17
50
24
*80
15
18% Jan
25
200
234
25%
*13%
*24%
6
1,900
*2%
24%
23%
14%
Jan
58
%
1%
1%
234
86
203g
«
Oct
98
9
25%
3
2%
4%
14%
Jan
26%
*1%
*2834
*1
*24%
Jan
84
1% Jan 7
1% Jan 10
*2%
*7
3384
Jan
108
26%
*4%
*31
164
Oct
1%
1%
14
Nov
29
27g
100
9
2%
2%
*1484
5,206
3%
12
*9%
4%
*13
135
Jan 12
13%
24%
17%
2934
12
4%
1334
Feb 10
54
Dec
S3.85 conv pref
*1
5%
51
12,300
*7%
134%
145
50
100
6%
3734
1%
*2%
52
41%
9
*2%
2%
52
41%
4
*129
6
Jan 29
Jan 10
600
4
3%
*2%
100
3
1534
3384
*31
mm
15%
133
Jan
Jan
54%
Jan
57
Waukesha Motor Co
*2%
86
3
6%
*1
Nov
!)34
Feb
7%
*0%
MaF
47
42
60
1%
21
Jan 24
100
100
60
4%
84%
3
% Jan 28
100
Detlnnlng
Vulcan
88
9
Oct
Dec
Jan
Mar
92
1%
94
500
mmmm
1134
3%
2%
13% Jan 14
41
135
86
*634
134
10% Jan 10
37
Dec
mm
11,400
734
19%
6
Jan
113
92
*4
169
Jan 10
86
1%
136
Apr
120
*83
9
Oct
147
1
88
4%
114
Feb
Feb
96
*1%
Feb 10
162
115
94
*0%
130
100
*83
*4
4
Jan 20
No par
Chem
preferred
6%
*85
1%
23
m
42
*35%
Jan
10
*92
9
Jan
152
6
preferred
6%
92
4%
Jan
Mar
Mar
75%
119
100
7% 1st pref
86
*6%
150
493g
104% Jan 28
5
Van Raalte Co Inc
88
*1%
2%
126% Mar
Vanadium Corp of Am.No par
88
15%
48% Nov
100% Oct
34
400
119%
1
140
92
118
Feb
62% Jan 25
114% Jan 10
...100
preferred
8%
400
29
68
4
40
14%
*2%
1%
3
72*8 Mar
Feb
Jan 26
21%
26%
Jan
Feb
50
*14
74%
86
*4
24%
mm
3
3%
63
Oct
3
*20
3%
*9%
105
20
Feb
'
1134
6%
3734
118
No par
14%
26%
30
15
90%
42
6%
*36
Dec
52% Nov
58
Dec
Universal-Cyclops Steel Corp 1
Universal Leaf Tob
No par
2134
30
*73
15"%
24%
*22%
*40
43%
Jan 11
United Stores class A..No par
*14
26%
2%
1%
*15
15%
3
13
Jan 21
Feb
*20
f 114% 114% r 113% 114
15
3
Mar
72% Mar
19% Jan
Feb
900
3%
42
112
Oct
8%
14%
14%
26%
2%
*1%
234
100
2%
*19
19%
Dec
Oct
3%
9%
10
125
734
778
42
*19%
*1134
24
Oct
21%
12
*7%
21%
2134
*13%
7%
*41%
Jan 17
Oct
No
t Warren Bros
No
13 convertible pref.-No
Warren Fdy A Pipe
No
3%
3%
13
*20
25%
2%
*1%
6%
38
*37
3%
13
44
6%
7%
38
3
3%
*8%
11%
41%
60
100
1834
82
18%
79%
Jan 20
32
1
mm
mm
85
1834
*77
*18%
*77
*77
mm
*79%
18%
63
Virginia Ry Co 6% pref...100
15
600
18%
22% Mar
3
3
19%
18%
7%
15% Mar
Oct
4
Va El A Pow $6 pref...No par
*18%
*18%
3%
Oct
Jan
Virginia Iron Coal A Coke. 100
"500
7%
334
Jan 13
Jan 20
110
5
7%
Feb
43%
Jan 13
6%
65
210
7%
5
7%
3
Jan 15
2%
Va-Carollna
*7%
*3
*7%
Feb
23% Mar
70
Mar
Jan 10
1,400
*3
5
734
3%
172
5% Dec
29% Dec
16% Oct
4% Jan 20
2,200
778
*3
*7%
154% Nov
Jan 12
8
Vlck Chemical Co
5
*3
*2
7%
Feb
4
Stockyards Corp
"600
3%
3
3%
7%
Feb
137
Feb
mm
*2%
3%
2%
Feb
35%
2334
6%
10%
Feb
Jan
Jan
Ntv
53
16934 Feb 9
8% Jan 11
Jan 26
Feb
3%
*118
*2
2%
3%
*2
Jan 31
108
*49
2%
3%
3%
34%
70
No par
100
4%
*3%
*11%
*118
125
2
734
500
m
-
20%
Oct
70
Jan 27
73
4% Jan
'
52%
*45
7%
"5^266
Jan
Oct
108%
108
*49
*118
41
mm
11534
49
*2
m
2484 Mar
63
100
26%
4%
26%
3%
*3%
'mm
40
*38
109
108
108
3%
3%
17%
17%
21% 21%
*98% 101
27%
26%
27%
108
108
108
434
4%
1734
17%
21%
21%
*98% 101
40
3934
4%
4%
3934
3934
4%
26%
%
25
Dec
3
tUtllltles Pow A Light A
1
Vadsco Sales
No par
Preferred
100
%
5%
Jan
3
Universal Pictures 1st pref. 100
*20
Feb
3
80
25
*20
16%
Jan
1,800
15
15
13
*11%
15%
*11%
*11%
11534 *114
11534 *114
11534 *114
11534 *114
*11
16%
11534 *114
*11
*114
3934
4%
26%
*34
25
18%
17%
21%
*20%
*98% 101
101
*98
4%
4%
4%
4%
25%
25%
26%
2534
*107% 108
*107% 109
3
3
3%
*3%
34
%
Oct
1
"loo
800
Jan
3%
8684 Mar
45% Jan
67% Jan
1
%
78
7g
78
mm
mm
113%
63g Jan 10
31% Jan 21
49
*43
43
42
%
*20
21%
*20%
39%
39%
39%
39%
101
144
1734
17
21
*98
21%
101
57
144
25
*20
17%
16%
17%
16%
20%
*53
145
45
%
*34
%
25
*20
57
145
%
%
%
*a4
%
25
*20
*53
*40
40
40
1
57
145
*53%
*142
13%
17
Oct
26
100
$6 conv pref. A
*12
Oct
50
8 Tobacco
United
100
13%
*12
13%
*11%
2%
Oct
9
50
Preferred
12
52
101
5%
4%
Preferred
42
12
Mar
63
43s
22%
U 8 Steel Corp
1,600
1,500
4%
2
57
*%
4%
4%
4%
Feb
0% Mar
Oct
63
100
Preferred
U
106%
Oct
7% Jan 12
93g Jan 11
Jan 4
72
No par
8% 1st preferred
U 8 Smelting Ref A Mln
_
Dec
Jan
Apr
4
...No par
U S Rubber.
100
162
*156
26*4
Feb
Jan
U S Realty A Impt
54% 100,900
4,100
5234
55
42
134
*38
144
%
%
100
162
*156
434
4%
4%
4%
4%
*53
■
70%
Oct
2%
5% Jan 12
8% Jan 17
734 Feb
100
20
U S Pipe A Foundry
1,900
60%
*65
70%
mmmmrnrn
105% 106%
106% 107%
*125
130
145%
130
130
162
*142
*36%
06%
53%
106% 107
130
4%
13%
55%
53%
*156
2
*11%
66%
7,000
75,500
11,100
2,700
60%
68%
*65
145% *125
43
*1%
5%
30%
6734
*64%
5%
28%
5834
28%
5834
*156
*38
5
5%
28%
58%
29
6%
Jan
Mar
3%
5
No par
Prior preferred
86
29
16
100%
63g
31%
17%
Partic A conv class A.No par
*60%
Oct
Oct
164
U S Industrial Alcohol.No par
30
28%
5
Nov
57
50
U S Leather
46%
84
Feb
.100
Corp...6
preferred
Mar
8%
Oct
3
Jan
106
8
IJan 27
No par
20
634% conv pref
29%
5%
86
*60%
5%
*8%
8%
8%
8%
29
56
105
105% 106
145% *125
4%
8%
800
68%
*125
4%
500
27%
50%
162
1,500
5%
5%
106
*156
19%
*5%
57
*64%
53
51
*1834
5%
86
*60%
28%
5%
28
35%
19%
28%
67
67%
*64%
86
27%
7%
35
Oct
1% Jan 18
100
U S Hoffman Mach
m
Dec
2
74
4
90
*5
5%
8%
8%
734
*60
86
*5%
Feb
1,400
7%
17%
25%
1% Jan 18
69
100
No par
„
Feb
24
4
U S Gypsum
19
19
19
534 Feb
1,100
Feb
91
64% Jan 24
118g Jan 5
No par
preferred—
117%
Jan 12
35
4
Conv
Oct
Dec
80% Jan 10
6% Jan 11
3
438 Feb
10,500
35%
35%
*31
Feb
70
4% Jan 28
30% Jan 3
56% Jan 3
Jan
Feb
3684
9% Jan 10
10
U S Freight
m
Jan 31
3
40
m
7
934 Feb
103% Feb
•50 first preferred
'rnmm
7
No par
U S DlstrlbCorp
16934
Jan
110
Jan 28
No par
USA Foreign Secur
*7
30%
Feb
No par
Fruit
700
*32
Oct
IH84 Feb 8
46% Jan 12
19% Jan 10
preferred
S5
United Pa per board
7%
7
*32
15
6
100
500
9
31%
19% Jon 11
United Gas Improvt
100
67%
65%
16934 16934 *165
7%
7%
United
1,200
24%
Oct
384 Jan 8
32% Jan 12
7% Jan 12
5
18,400
7
9
8%
*634
28
*6%
6834
*8%
65%
*165
*56
6%
67
8%
8%
63%
6%
8
Oct
7
234 Jan 28
26%
6
ll8
*34
6%
*6
6%
Hg
15% Feb
United Eng A Fdy
75
*72
75
*34
4
United Electric Coal Cos
67g
*65g
634
634
*72
1%
*34
li8
Jan
share
per
5%
10
Corp
5
5
5
5
5
*72
75
*34
60%
16934
16934 *165
16934 *165
7
7
7
7
7%
*31
*31
35%
35%
35%
*30%
18
19%
18%
183g
18%
18%
*5
5%
5t4
5%
5%
*5%
60%
5
32
32
5
6i2
*71
*84
*63lg
5
60l2
5%
978
5
75
*70
75
5934
4i2
*6%
6%
*70
105
4i2
434
70
478
32
934
9%
*103
105
*103
*69
478
315s
58
60
934
10
70
47s
3158
32
58%
6134
*60
*69
Jan 20
39
No par
preferred
Preferred
70
5
32
1,800
*3H2 32
32i4
61
61
*61
6312
60%
97g
10
978
10
97g
10
*1033g 104
1033s 1033B *1033s 104
*1033g 104
70
5
3
No par
United Dyewood
S3
3,300
2,600
8%
Jan
Highest
share $
per
884 Jan 5
984 Jan 11
_5
United Corp
United Drug Inc
67g
3
United Carr Fast Corp No par
14,900
8ig
3
Jan
100
27g
65g
6i2
8%
70
Feb
No par
28%
2%
6i2
81*
16%
110%
No par
United Carbon
800
16
16
6
No par
Bosch
Preferred
20
28
Amer
United Blacult
1,400
4434
*43%
28%
6%
*69
"""766
*111%
*11H2
4312
1534
15i2
3
234
28
28%
153s
27%
19i4
18
$
$ per
Un Air Lines Transport
11
*18
$ per share
share
Par
United
*9
Lowest
Highest
Lowest
7,000
7i2
7I4
7%
10i2
*9
19%
Shares
Year 1937
100-Share Lots
On Basis of
Week
10
73s
10
42
15i8
234
2%
28
28
28
42
*41
41
16
Feb.
EXCHANGE
$ per share
Thursday
Range for Previous
Range Since Jan. 1
STOCKS
NEW YORK STOCK
Friday
Feb. 11
I
Wednesday
Feb.
9
the
CENT
NOT PER
SHARE,
Tuesday
Feb.
8
Sales
for
SALE PRICES—PER
HIGH
AND
LOW
Saturday
1035
New York Stock Record—Concluded—Page 10
146
Volume
Jan
7
Jan 10
6
Jan 21
Jan 17
Jan
Feb 8
Jan 10
Jan 25
11
Oct
Oct
1>4
Oct
2
Dec
Feb
Jan
6*4 Mar
46%
Jan
6% Jan
6% Sept
12
Sept
4%
4%
Dec
Oct
12%
49*4
Dec
91% Mar
10%
Dec
13*4
34
Dec
65%
47
Feb
Dec
Jan
Jan 25
66
Jan
12
Oct
54%
Oct
112% Mar
40
143g Feb
66
Oct
100
Mar
434% series—10
30
Feb
34
Dec
40*4
Dec
convserieslO
Wright Aeronautical—No par
Wrigley (Wm) Jr (Del) .No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B..1
Preferred
100
Young Spring A Wire.-No par
Youngs town 8 A T—_ .No par
5H% preferred
100
Youngst'wnSteelDoorCoNopar
35
Jan 26
46
Jan 10
39«4
Dec
54
Nov
3
04
Jan 10
38
Oct
128
Mar
66
Feb
Prior pref
Prior pref AH%
Zenith Radio Corp
Zonlte Products
delivery,
n
New stock,
Corp
r
No par
1
Cash sale,
4
65
Feb
62
Jan 24
34S4 Jan 12
9
58%
Oct
76
2084 Jan 31
83g Jan 3
80
Jan 6
27% Jan 10
21*4
Dec
62%
Jan
15% Jan 21
7%
Oct
37%
Feb
3
3
18% Jan 10
43% Jan 12
75
Jan 26
34% Nov
Oct
101% Mar
115
Jan
22% Jan 10
17% Jan 12
3% Feb 10
11%
"Dec
43*4 Aug
2%
Oct
13% Jan
3184 Feb
73
Jan 29
15
Jan 28
12
Feb
4
2% Jan
3
x Ex-dlv.
93
Jan 11
y Ex-rlghts. ^
08
Dec
12%
Dec
70
142
46%
9%
Jan
Jan
Feb
Jan
Called for redemption.
1036
Feb.
NEW
Bond
NOTICE—Prloea
are
"and
occur.
Record, Friday, Weekly and Yearly
interest"—except for income and defaulted bonds.
Friday
BONDS
Week's
Last
Week Ended Feb. 11
Ranye
Sale
EXCHANGE
STOCK
Y.
Price
Bid
&
or
Asked
High
N.
Jan. 1
No.
Low
Y.
STOCK
117.12
107.22 107.15
107.22
18
107 .2
108.0
112.26 112.20
112.26
17
112 .2
113.11
m,mtm
m
m
111.5
mmmmrnrn
Mar 15 1941-1943 M 8
3Hs
June 15 1946-1949 J D 100.14
3Ha
Dec. 16 1949-1952 J D
3Ha..
-Aug. 16 1941 F A 107.12
3Ha.—Apr. 15 1944-1946 A O 107.19
2Ha...Mar. 16 1955-1960 M S 102.12
2Ha—Sept. 15 1946-1947 M S 104.9
2Ha...Sept. 15 1948-1951 M S 102.17
2Ha
June 15 1951-1954 J D 101.16
Treasury 3He
m
Week Ended Feb. 11
km
m "
106.30
13
116 .22117.24
111.5
3
110 .27111.22
108.6
78
107 .18108.19
104
104.28
104.15
104
115.24
72
106
17
105 .29106.13
107.2
10
106 .30107.12
34
105 0
106.11
106.6
106.14
106.3
106.8
89
105 .19100.20
107.5
107.12
21
107, ,4
107.22
107
107.31
107.13
107.20
85
102.16
227
101. .25102.23
104.2
104.9
66
1957 F
"52 H
A
Cordoba (Prov) Argentina 7a—1942 J
♦Costa Rica (Rep of)
1944 M
1949 F
External loan 4 Ha
200
100.2
100.2
254
99. 18100.8
Treasury 2Ha_.
103.4
103.5
190
102. 14103.20
59
103.28104.30
1st ser 5 Ha of 1926
2d series sink fund 5 Ha
1940 A O
Customs Admins 5Hs 2d aer.1961 M S
5 Ha 1st series
1969 A O
D
99.25
103.1
Federal Farm Mortgage Corp—
101. .30 102.29
101. 3
101.30
104.3
104.9
3s
Mar. 15 1944-1964 M S 104.9
May 15 1944-1949 M N 104
103.26
104
82
103.15104.12
3s
Jan.
103.31
104.3
30
103.22 104.26
102.28
60
102.18103.17
15 1942-1947 J
J
104.3
—Mar.
1 1942-1947 M S 102.28 102.20
Home Owners' Loan Corp—
3s series A
May
1 1944-1952 M N 104.1
103.33
2 Ha aeries B
Aug.
1 1939-1949 F A 102.1
101.24
J 101.24 101.14
2Hb series Q
1942-1944 J
2Hs
Agricultura IMtge Bank (Colombia)
♦Gtd sink fund 6s
1947 F
1948 A
*20 H
*28 H
O
1945 J
53
103.19104.15
102.1
167
J
f 7s series B
■
f 7s series C
1945
219
101.6
104.1
a f
7s series D
1945
102.4
7s 1st series
1957
♦External
s f
sec a
f 7s 2d series. 1957
sec a
f 7a 3d aeries. 1957
o
1972 F
A
8 f extl conv loan 4s Apr....1972 A
O
a
6H
J
3
6H
7H
6
~~7
5H
99H
99 X
2
5H
83 H
105H
82
101H
105
104
1O0H
A
*19H
6 H
7H
6H
5H
4
6H
5H
6H
99
99 H
92
85
114
83H
80
83 H
89 H
81H
SIX
96 H
106 H
101X
62
100
102
19
103
105H
105
22
104 H 106 H
104 H 106H
20 X
22
107
107
107 H
22
J
106 H 108
106 H
12
D
106H
U4H
106
1955 J
104 H 107 H
114H
101H
115
5a_—1960 M S
♦Berlin (Germany) a f 6 Ha
1950 A O
♦External sinking fund 6a...1958 J D
♦Brazil (U 8 of) external 8s
1941 J D
1
17H
1
102 H
106 H
*100 H
104 H
68
105 H
28
74 H
462
102 H
69H
102 H
102 X
2
7
102 H
8
23
20 H
20 H
20 H
17H
20
102 X
5
24
103 H
106H
96 H 100
102H 106
68
74H
102 H 104
102 H 105
105 H
103 H
25
105
102 H
51
100 H
101X
57
101H 104
99H 101H
105H
103 H
101H
90
90
S
*63 H
*60 H
*60 H
a60
a60
90
17
106
83
90
64 H
61
57
65
60
63
60
60 H
64
a60
55
64
58 X
62
*60 H
19
62 H
20
51
61H
19
20
♦El Salvador 8s ctfa of dep....1948 J
Estonia (Republic of) 7a
1907 J
Finland (Republic) ext 6s
1945 M
*23
25H
23H
30
J
J
1949
100
7s unstamped
j~~D
♦5 Ha unstamped
106H
106 H
99
1905 J
D
O
"32"
10
20
26H
23H
150
25H
27H
13
22 H
24
"33"
~76
32
27
*20
114H 115H
100
102 H
19H
21H
27
7
"30H ~33H
26
27
25
29
32 H
32 H
32 H
28H
29
28
28
30 H
29
*22
Helsingfors (City) ext 6 Ha
1900 A
Hungarian Cons Municipal Loan —
29
25H
27
71
O
71
70
85
20
19
20
19
17H
17H
♦
O
J
*16H
O
Z104H
1945 J
.1940 J
J
J
*17
♦Hungarian Land M Inst 7 Ha. 1901 M N
♦Sinking fund 7 Ha aer B
1901 M N
*17
♦Hungary (Kingdom
107
99H 100H
32 H
....1908
f g
105
*27 H
28
1904
1908 FA
(Republic) a f 0s ser A
1952 A
♦Hamburg (State) 6s
1940 A
♦Heidelberg (German) extl 7 Ha '50 J
s
99H
100 H
27
Haiti
♦7s secured
96 H
100 H
23H
♦(Cons Agrlc Loan) 6Ha....1958 J D
♦Greek Government a f aer 7a..1904 M N
f g
21H
102 X 108
*20
♦German Rep extl 7s stamped.1949 A
s
100
19H
26
26
♦7s unstamped
1949
German Prov <fc Communal Bks
♦7 Ha secured
8
25
99
106 H 108H
105H
.1905
♦6s part paid..
4
100
♦5Ha stamp(Canad'an Holder)'05
♦Sink fund secured 6a..
16
20
96 H
1949
German Govt International—
♦5 Ha of 1930 stamped
11
107
105
105
100
106H
19H
1941
External 7s stamped
100
S
88 H
50
33
1949 M S
a f
22
.1969 A O
♦Dresden (City) external 7a.—1945 M N
88H
106 H
1955 J
Bergen (Norway) extl
80
90
62
♦7s part paid
90 H
89 H
83
82
1957 J
f 6s
S
5
al03
O
1940 A
85
62 H
22
.
104 H
08 H
62 H
82
*14
*60H
7H
6H
1656 M N
J
100 H 102
6
7H
6
6H
5H
5H
5H
105H
105H
101H
1957 M S
1
1
6H
*5H
O
Antwerp (City) external 5a
D
1958
Argentine (National Government)—
8 (external 4 Ha...
1971 MN
External
A
O
55 H
♦104H
J
1955 F
Apr 15 1902 A
Deutsche Bk Am part ctf 6s...1932
J»Stamped extd to Sept 1 1935.. M
Dominican Rep Cust Ad 5HS..1942 M
22
4
6H
18H
17 H
31
6H
O
♦External
16H
6H
6H
6H
J
♦External
21
6H
100 H
J
♦External
External 30-year a f 7a
5Hs_.
99 H 100 H
97 H
80
101.19102.14
101.24
21H
101X
J
1946
s
♦External
1945 F
External gold
External g 4 Ha
7 Ha unstamped
A
♦External
1955 J
Denmark 20-year extl 6s......1942 J
♦Frankfort (City of) a f 6Ha... 1953 M N
French Republic 7 Ha stamped. 1941 J D
1963 M N
Belgium 25-yr extl 6Ha..
17
High
al03
5Hs 2nd series
Persian Govt. A Municipals—
♦Bavaria (Free State) 6 Ha
15
98 H
Low
82
84
103. ,25104.29
100. 20101.20
Deo. 15 1945 J
85
A
J
Sinking fund 5Ha...Jan 15 1953 J
♦Public wka 5 Ha.—June 30 1945 J D
Chechoslovakia (Rep of) 8a
1951 A O
Sinking fund 8s aer B.
1942 A O
76
7s
100H
-
~52H
A
108
External g 4 Ha of 1928
No.
97 H
S
1949 F
102.17
Austrian (Govt) a
High
99 H
.
J
101.16
Australia 30-year 5s..
External 5s of 1927
Range
Ask
*
1951 M N
7a
Cuba (Republic) 5s of 1904
External 5s of 1914 ser A
105 .28106.28
102.2
100 H
98
101.12
S f extl conv loan 4s Feb
Jan. 1
1952 J D
1953 M N
1957 F A
Copenhagen (City) 5a
25-year gold 4Ha.
♦Cordoba (City) 7s
♦7s stamped
102.7
♦Antloqula (Dept) coll 7s A
Since
&
Bid
Low
101.7
101.12 101.4
♦Gtd sink fund 6s
Friday's
Price
Treasury
Treasury 2Ha
Sept. 15 1966-1959 M S
Treasury 2 Ha.—Deo. 15 1949-1963 J D
Akerehus (Dept) Ext 5s
Range or
Sale
EXCHANGE
High
117.12 117.6
16 1943-1947 J D 108.0
107.30
Treasury 3s.....Sept 15 1951-1955 M S 104.14 104.7
Treasury 3s
June 15 1946-1948 J D
105.17
J
D
Treasury 3Hs
June 15 1940-1943
105.29
3Hn
Week's
Last
BONDS
Since
Foreign Govt. & Mun. (Cont.)
Treasury 3Ha...June
Treasury
Range
Government
Treasury 4He_.-Oct. 15 1947-1952 A O
Treasury 3Ha—Oct. 15 1943-1945 A O
D
Treasury 4s
Dec. 15 1944-1954 J
Treasury 3Hs
Mar. 15 1946-1966 M S
Treasury
Treasury
Treasury
Friday
Friday's
Low
U. S.
Treasury
Treasury
Treasury
STOCK EXCHANGE
Cash and deferred delivery sales are disregarded in the week's range,
they are the only transactions of the week, and when selling outside of the
regular weekly range are shown in a footnote in the week in which they
No account is taken of such sales in computing the range for the
year.
unless
N.
YORK
12, 1938
*
H
104 H
"57"
A
7Hs extended at 4Hs to ...1979 F
A
19
18H
18
18
-m>~-
*115
"67"" ~58H
*52
5a......I960 M N
18
18H
18H
18H
19 X
18
F
104 H 105
of) 7 Ha..1944
6
18H
Irish Free State extl
17H
34
O
17H
15H
23
16
19H
17
16
17
31
♦7s (Central Ry)
15H
D
17
21
Italy (Kingdom of) extl 7a
1951 J
Italian Cred Consortium 7s ser B
,'47 M
Italian Public Utility extl
7s...1952 J
57
2
21H
39
O
18H
16H
19
f 6Ha of 1926...1967 A
♦External a f 6 Ha of 1927
1957 A
57
♦External
a
1952 J
Brisbane (City) a f 5s
.....1957 M
Sinking fund gold 5s
20-year a f 6a
..1958 F
1950 J
♦Budapest (City of) 6a
1962 J
♦Buenos Aires (Prov) extl 6s... 1961 M
♦6s stamped
..1961 M
♦6 Ha stamped
1961 F
Extl
a
f
4Hs-4Ha
1977
s f 4Hs-4Ha.....1976
S
100
101H
100 H
4
102
102
3
22H
*70
S
73
A
1976 A
O
8% external
1984 J
23
1975 M N
*60
79 H
"78H
61H
63
53
79H
61H
62
63
22
62
70 X
63 H
62 H
63 X
63 H
79H
70 H
10-year 2 Ha
25-year 3Ha
Lower Austria
1947 F
J
f7s
a
'.Province) 7Hs_1950
12
62 H
70 H
8
63H
72 H
2Hs_.
47
47
53
♦4s of 1904
1954 J
27
33 H
11
32 H
34H
35H
♦AssentlDg 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
1954 J
31H
♦iTreas 6s of *13
assent (large)
*33 J
53
108 H 110
112H
18
101H
33
112H 113H
100 H 101H
102 H
41
Milan (City, Italy) extl
0Hs—1952 A
Minas Geraes (State)—
100 H 102H
99 H 100 H
♦Sec extl s f 6 Ha
♦Sec extl a f 8 Ha
♦Montevideo (City) 7a
♦Farm Loan
a
f 6s
♦Farm Loan 6b
aer A
Oct 15 1960 A
s
*30
f 8a
Jan 1961 J
J
♦Extl sinking fund
6a..Sept 1961 M S
♦External sinking fund 6s
1962 M S
♦External aiming fund 6a
1963 M N
♦Chile Mtge Bank 6 Ha
1957 J D
♦Sink fund 6 Ha of 1926
♦Guar a f 6a.
♦Guar a f 6a.
1961 J
A
"17H
17 X
17H
17H
D
15H
15H
13H
1951
♦Cologne (City) Germany 5 H8-1950 M
Colombia (Republic of)
♦6s of 1928
♦6s extl a f g
17H
1960 M S
J
Oct 1961 A
Jan 1961
♦Colombia Mtge Bank 6 Ha
♦Sinking fund 7a of 1926
♦Sinking fund 7a of 1927
1947
For footnotes see page 1041.
J
F
H
*21
S
21
O
13H
J
13H
A
12H
13
*20 H
*20 H
19
95H
59
96 H
62
36
37
30
31H
6
29H
31H
31 H
5
30
17H
17H
17H
67
32
16 H
31H
18H
18H
18H
17H
26
16H
18 H
17H
30
16H
17H
19
17H
40
16 H
16 H
18H
18 H
17H
17H
17H
17H
17H
17H
17H
15H
15H
15H
15H
12H
1
36 H
31H
31
D
1947 A O
1946 M N
98
31
17 H
1962 M N
♦Chilean Cons Munio 7a
♦Chinese (Hukuang Ry) 5s
18
96 X
30
O
..1961
100 H
62
*29
O
♦Chile (Rep)—Extl a f 7a...... 1942 M N
♦External sinking fund 6s...1960 A O
♦Extl Blnking fund 6s...Feb 1961 F A
♦Ry ref extl
62
O
Apr 16 1938 A
96 X
71H
61X
17
59 H
80 H
65H
76
111
59
58
49H
64 H
44
16
42 X
3
20 H
44
20 H
20 H
20
H
72
81
104 H
6H
*2H
*2H
3H
2M
6H
2H
6H
7H
2H
2H
4
3H
3H
3H
3H
2H
3H
2H
12
15H
10
15H
15H
41
15H
13H
16 H
16H
18H
J
11
10
z2H
38
24
1958 M
1959 M
.1952 J
2H
*2H
J
J
O
3
60 H
62 H
8
8H
S
8H
#
D
♦6s series A
1959 M N
New 80 Wales (State
)extl 5e_.1957 F A
External a f 5a
...Apr 1958 A O
3H
3H
2H
3H
7
54 H
103"
103
103 X
103 X
8H
8H
60
57 H
29
7
101
10
H
11
61
57 H
104H
100 H 103 H
105 H 107
A
'106H
106H
106 X
25
A
106 X
106H
106 H 107H
S
105H
105
107H
105H
25
1960 M
19
1905 A
O
103H
103 H
103H
104
47
104 H 106H
102 H 104
102 X
103H
94
102 H 103 H
*102H
A
20
20
"5
54
56
22
51X
51X
1
102 H
103 H
18
102
55 H
103H
6
103
104 H
Oriental Devel guar 6a.
Extl deb 5 Ha
11H
21
12H
14H
14H
22
22
19H
.....
1953 M
II1958
S
55 H
M N
14
17
10
9H
3
67
A
♦Stamped....
19H
10
3
60H
D
16H
13
3H
2
83
1903 F
f ext loan
15H
16 H
3
58 H
*
103 X
6
62 X
f 5a...1970 J
6s
1952 F
a
14 H
14 H
17H
2
2H
1944 F
Oslo (City) a f 4 Ha
Panama (Rep) extl 5
Ha
♦Extl a f 6s aer A
21 H
19
13
4s
15H
22
X
2H
..1943 F
Municipal Bank extl a
♦Nuremburg (City) extl
14 H
14 H
16
2
External sink fund 4
Ha
External a f 4Hs
19H
6
35
13H
13H
♦{Small
Norway 20-year extl 6a
20-year external 6s
2
2H
2H
109 H
100 X
82
53
55 X
H
D
31H
75
74
D
31H
112H
101H
101H
100 H
96 H
102
73
114H H4H
"78H "120
43 H
58
♦Assenting 5s large
♦Assenting 6s small
1
109 H
30-year 3s—
.......1967 J
♦Carlsbad (City) a f 8s
1954 J
♦Cent Agrlc Bank (Ger) 7a
1950 M S
♦Farm Loan a f 6s. .July 16 1960 J
J
61X
74 H
D
65
109 X
1961 J
—.1944 J
71H
59 H
A
33
31X
75
D
1954 J
♦Mexioan Irrig assenting 4
Ha. 1943 M N
♦Mexico (US) extl 5s of 1899 £ 1945 Q
J
♦Assenting 5s of 1899
J
1945 Q
112H
101H
A
J
78 X
72
♦Medellin (Colombia) 6 Ha
O
Aug 15 1945 F
S
Japanese Govt 30-yr a f 6Ha... 1954 F A
Extl sinking fund 5 Ha
1905 M N
♦Jugoslavia (State Mtge Bk) 7s 1957 A O
1952 M N
5a
D
47
65
J
♦Secured s f 7a
1967 J
J
♦Stabilisation loan 7 Ha.....1968 M N
"73"
62 H
63
Bulgaria (Kingdom of)—
7-year
22 H
73
Extl re-ad) 4Ha-4Ha..
Extl a f 4 H8-4Ha
i960 A
101H 102 H
100
S
Canada (Dom of) 30-yr 4a
22 H
S
A
f % bonds
19H
19H
99 H 101H
99 H 101H
15 H
♦Leipzig (Germany)
D
F
a
6
A
D
M
Refunding
lOOH
16H
100 H
a f
♦Pernambuco (State
of) 7a
♦Peru (Rep of) external
7a
1955 A
1953 J
O
102
D
103
1963 M N
1953 M N
*40
1947 M
♦Stabilization loan
a
f 7a
♦External sink fund g 8a
35
3
1959 M S
♦Nat Loan extl a f 0s
D
1st aer.. 1900 J
♦Nat Loan extl a f 6a 3d
aer..1901 A O
♦Poland (Rep of) gold 6a
104
8
11
10 H
10
9H
20 H
60
42
42 H
39H
1
7H
11
18
10H
68
9H
27
61
24
77 H
82 H
19
56 H
62
8
1940 A
O
O
03H
78 X
61
1947 A
77 H
1950 J
J
58 H
56 H
59
9H
51
47 H
35
"35H
10H
10H
63 H
78 X
10
20
37
9H
9H
11H
11H
11H
67H
Friday
Last
Range or
Sale
Friday's
Bid
&
Ask
Si
Low
High
10 H
No.
9 H
5
9
.___
EXCHANGE
STOCK
Y.
Price
Week Ended Feb. 11
Foreign Govt. & Munlc. (Concl.)
1961 J
1966 J
♦Porto Alegre (City of) 8a
♦Extl loan 7 He
D
*8H
9
J
♦Extl
sec 6
♦Deb
♦Debenture 6a
26
19
21H
O
108H
108H
1
109H
109H
1
36 H
(Cltyol) 8a
8
8H
10H
67 H
Rome (City) extl 6 Ha
1952 A O
1959
F
1953 J
J
1940 A
-—1950
1957
M
Bklyn Edison cons
Bklyn Manhat Transit 4Ha.—1966
-
*.
11 %
10 H
Bklyn Un Gas 1st cons g 5s
1st lien A ref 6s series A
3
13H
36
9K
13 H
3
9H
13
10H
14
Debenture gold 5a
10
34
9H
1st lien A ref 5a series B
1950 F
Buffalo Gen Elec 4 Ha ser B
1981 F
Buff Nlag Elec 3 Ha series C—1967 J
Buff Roch A Pitts consol 4 Ha. .1957 M
11H
37
20
34H
47 H
24
24
*17
*17
30
1947
----
{{♦Burl C R A Nor 1st A coll 5a 1934
1952 A
32 H
31
32 H
45
30H
33 H
32 H
57
31
32 H
67
31
33 H
Consol
57 H
20
60 H
25
{Bush Term Bldgs 5s gu
1960
A
CalPack
1940
J
D
1955 F
40
Yokohama (City) extl 6a
H
*101
103H 104H
48H
40
45
2
47 H
1955
5s
conv
deb 5s
103
102 H
45H
64 M
Guaranteed gold 6a.
28
42 H
54
Guar gold 4Ha
45
3
44
14
77H
100
-
53 H
40 H
63
46
46
1
42 H
45
7
46
42 H
*
40
42
H
deb stk
Canadian Pac Ry 4%
Coll trust 4 Hs
-
3
100
1956
AND
5s equip trust ctfa
95H 100
57
55
57 H
10
55
62
57H
56
58 H
46
63 H
61H
Collateral
Dec
Coll trust gold 6a
D
trust 4 Ha
1st A cons g 6s ser
INDUSTRIAL
D
M
8
*93
101
10-year deb 4Ha stamped.- 1946
A
1952
"8
100H
99
*98"
103
Coll A
conv
103
♦6s stamped
-
Allls-Chalmera Mfg conv 4s
Am A Foreign Pow
Alplne-Montan Steel 7a
deb 5a
1955
2030
American Ice a f deb 6a
1953
4 Hs debentures
1949
Amer I G Chem conv 5Hs
Am Internat Corp conv
5HB--1949
♦Mid Ga A Atl Dlv pur m
16
65
76
♦Mobile Dlv 1st g 5a
62
6
69
67 H
41H
1
37 H
41H
33 H
1943
1961
1988
deb.I960
20-year sinking fund 5 Ha
3Ha
3Ha
debentures
debentures
♦Am Type Founders conv
103H
S
M
8
J
1957
1st M a f 4s ser C (Del)
169"
7
5
86
92 H
83 H
11
82
87
103H
126
105H
102
99 H
M N
J
J
49 H
100
4
50
61
46
58
95
100
95 H
23
95
99
93
MN
103
4
92
104H
113
113H
73
100H
100H
101H
133
101
112
106
95
113H
A
O
101H
J
D
100H
J
J
93
103H
104
94
104H
27
27
39H
Jan
40
1
6
91
107
105
96 H
92
102H 105
2
27
31
3
39
41
98
2
98
98
89H
90 X
104
88
95
J
90 H
90
91H
87
O
109 H
108H
109H
130
106
Nov
102 H
102 H
103
16
98
100 ya
103
J
A
8
86 H
94 H
Atchison Top A Santa Fe—
General 4s
1996
Adjustment gold 4s
Stamped 4s
Conv gold 4s of 1909
-
1995
1996
1955
J
D
Conv 4s of 1905
1955
J
D
-
1960
1948
1965
J
D
J
D
J
Conv gold 4s of 1910
Conv deb 4 Ha
Rocky Mtn Dlv 1st 4a
Trans-Con Short L 1st 4s
1958
1962
Atl Knox A Nor 1st g 6a
—1946
Atl A Charl A L 1st 4 Ha A
1944
let 30-year 5s series B
1944
Atl Coast Line 1st cons 4s July 1952
General unified 4 Ha A
1964
10-year coll tr 5s
May 11945
LAN coll gold 4s
Oct 1952
Atl A Dan 1st g 4a
1948
Second mortgage 4s
1948
Cal-Arlz 1st A ref 4 Ha
A
Atl Gulf A W I SS coll tr 5s
M N
102 H
*
97
100
100
9
100
104 H
103
193
J
101
101
104H
101H
J
J
109H
108H
109H
5
108H H2H
M
8
109
109
5
106
112
J
D
♦106
116
J
J
97
97
97
J
J
91H
94K 104H
gold 5s
Ref A gen 6s aeries C.
88
33
83
94
72
15
70
77 H
88
M N
♦80
'l6
27H
28H
11
26
24 H
3
24
6
54 H
60
18
2
17H
20
♦85
92
70 H
28H
M N
O
64
66
40
D
34H
29H
34 H
159
O
68 H
68
69 H
77
1995
J
D
36 H
31H
36 X
161
51
N
J
M
8
2000
1960
1996
1943
Con ref 4s
1951
4s stamped
1951
Battle Creek A Stur 1st gu 38.-1989
Beech Creek ext 1st g 3 Ha
1951
Bell Telep of Pa 5s series B
1948
1st A ref 5t series C
1960
D—
4 Ha
M 5a series F
Bangor A Aroostook 1st 5s
For footnotes see page
1041.
55
46
39H
41 Vt
70
♦32 H
39H
28H
33 H
55
J
Ref A gen
69
100
A
1941 M
40 H
"33"
6
113H 114H
115H 116H
118H 119H
9H
13H
104H 109
J
J
S
H8H 119H
12
13
114H
12
124H
125
116H 117 H
113H 115 H
113H 114H
123H 125H
124H
J
*>
8
117H
115H
114
S
119H
117
114H
86
86
{♦Cent New Eng 1st gu
Central of N J gen g 5s
General
4a
3 Ha
Guaranteed g 5a—
32
100H 103 H
113H
113
H4H
26
112H 114H
101
100H
102
44
100 H 104
H
98H
99M
101 %
100
55
99H
76 H
20
22 H
63
50
50
11
10
12H
*6
7
6H
7H
14
I
23
"•7"
10H
*8
18H
102 H
98 H
*105H
*37 H
106
103 H
O
90 H
91 H
89 H
64 H
"63"
102H 105
86
169
101H
65H
34 H
29
27
""l9
104
46
29
'"20
107
35
29 H
30
*
104"
107 H 107 H
97
100
"16
"47
29
29H
70
63
75
107H
98
98
102H 112
2
103
*68
'105H
A
6H
5H
7
*9H
A
56
70 H
*6
F
83
"16
25
10H
F
108
81
53
71 H
*25
A
100
2
92
"70H
*21
1962
98H 101H
22
z82H
I
70 H
1987
1987
"l8
102
82 H
99
95H
13
96
*41
1961
1960
89
86 1
101
1966
4a
13
110
87 H
100H
1941
97 H
"69 H ~74H
"90
M N
{♦Cent RR A Bkg of Ga coll 6a 1937 M N
6s extended to May 1 1942
M N
Central Steel 1st g a f 8a
1941
M S
Certaln-teed Prod 6 Ha A
1948
Fibre deb 4Ha '60
Chee A Ohio 1st con g 6a
1939
General gold 4 Ha
1992
Ref A lmpt mtge 3 Ha aer D..1996
Ref A lmpt M 3 Ha aer E
1996
Craig Valley 1st 5s
May 1940
Potta Creek Branch lat 48—1946
R A A Dlv lat con g 4a
1989
2d consol gold 4a
1989
Warm Spring V 1st g 6a
1941
Champion Pap A
*6l"
M S
~69 H
120
*116
67 H
63
*105H
"34
63
56
"~7
105
106
28
117
121
64 H
105H 106
105 H
M N
105"
105
105H
M
S
119
117
119
M N
96
95
96 H
69
90 H
96 H
96
95
96 H
38
91H
96 H
F
1949
Ha—1949
—1949
General 4s
---1958
1st A ref 4 Ha series B
1977
1st A ref 5s series A
1971
{{♦Chicago A East 111 1st 6a_—1934
ref g 3a
Q—111 Dlv 3
Illinois Division 4a
{♦C A E 111 Ry (new Co) gen 58.1951
♦Certificates of deposit---
gold 6a—-.1982
{♦Chicago Great West 1st 4s—1959
{♦Chic Ind A Loulsv ref 6a
1947
♦Refunding g 5s series B
1947
♦Refunding 4s series C
1947
♦lat A gen 5s series A
1966
♦lat A gen 6s aeries B__May 1966
Chic Ind A Sou 60-yr 4s
1956
Chic L H A East 1st 4 H«
-1969
A
♦
J
106H
J
J
113
'
J
M
S
113
M
22 H
103 H
101H
107
106H
106
104H
106
26 H
99 H
107
S
21H
103 H
J
107 H
102 H
99
22 H
J
J
112H 115
113
*107 H
O
Chic A Alton RR
St. Paul—
A
-May 1
♦Gen 4s series
HI H
109
97H
93 H
105
100
102H
98 H
109H
O
*85
90 H
90
90 H
M N
15
16
14
17H
*14H
15
13H
16H
*7.5 H
80
72 H 108
18H
21
*12H
A
A
96H
97 H
101H
M N
M S
20 H
J
J
J
J
J
J
M N
*5H
6H
J
J
J
J
J
D
t
21
12
12
14H
.
H
12H
12
12
15
15
*11H
10 H
13
172
8
5H
6H
5H
13 H
7H
7H
85
89H
78H
28H
39 H
63
82 H
30 H
45
85 H
26H
35H
46
70
"63
38 H
59
40
46
27
38H
A
27 H
24H
28
282
23H
34
8
33 H
28H
33 H
117
27H
39
J
J
103 H
105
103H
"~2
107 H
16
%
n
107 H
111
k
112H
103 H
106
103
108
♦Conv 4
69 %
♦9§"
99H
119
119
119 X
127H
126H
128
{♦Secured 6 Ha—
1936
♦1st ref g 5s-_——May 1 2037
♦1st A ref 4Ha stpa.May 1 2037
♦lat A ref 4 Ha aer C.May 1 2037
23
6
118
126 H
i36
119H
128
Ha aerlea A
1949
38
30 H
28
31
28
27
28
J
33 H
32
33 H
13
J
series E—May
3 Ha--1987
1987
♦Stpd 4a non-p Fed lnc tax 1987
♦Gen 4Hs atpd Fed lnc tax—1987
♦Gen 5a stpd Fed lnc tax
1987
♦4 Hs stamped--—
19 87
112
J
1989
C—May 1 1989
{♦Chic A No West geu g
♦General 4a
niovt
J
1989
series B—May 1
1 1989
♦Gen 4Ha series F—May 1 1989
{♦Chic Mllw St P A Pac 6a A..1975
♦Conv adj 5a
Jan 1 2000
♦Gen 4 Ha
59 H
F
105 H
6s
Cent Illinois Light 3 Ha
Chic Mllw A
102
M
103 H
11
ref 3 Ha. 1965
III Elec A Gas 1st 6a
1951
♦Gen g 3 Ha
101H
65 H
51
116H
119H
1946
58.1947
1946
-1941
Gen mortgage 6a
♦Gen 4 Ha series
A
114H
116H
119H
118H
103 H 104 H
31
54 H
18
J
76 H
31 H
54 H
J
J
76
82 H
71
24
MN
113H
1950 M N
1198 F A
1947 J £
1948 * y
Chicago A Erie 1st
71H
J
Conv
103 H
86H
A—1959
Ref A gen 5s aerlea
101
71H
J
PLEAWVaSysref 4s
101H 106 H
87 H
Southwest Dlv let 3H8-5S—1950
Tol A Cln Dlv 1st ref 4s
101
J
1995
July 1948
Refund A gen 5a aeries A
1st
18
104 H
M 8
1959
July 1948
Bait A Ohio 1st g 4s
99 H 103H
101H 102
"""»
D
61
2
D
Chic Burl A
H 103
100
{♦Auburn Auto conv deb 4HB-1939
Austin A N W 1st gu g 5s
1941
Baldwin Loco Works 5s atmpd-1940
94
100 H
109H
"98H
"loo"
42
49 H
104H
117H
J
gold 4a. .1949
Through Short L 1st gu 4s.—1954
112H H3H
100H 101H
100H 101H
98
A
85 H
37
14
39H
11
D
Cent Pacific 1st ref gu
104H
98 H
90
J
F
85
116H
-J
99H 100
93
103 H
93
106
104H
10
8H
9
*13
Cent Hud G A E 1st A
Cent
64
47 H
D
Q
B.1955
105 H
Central Foundry mtge
Central N Y Power
M
J Ann Arbor 1st g 4a
1955
M
Ark A Mem Bridge A Term 5s_ 1964
Armour A Co (Del) 4a series
35 H
86
103H
♦Anglo-Chilean Nitrate—
1967
28H
83
83
Amer Wat Wka A Elec 6s ser A. 1975 M N
A O
Anaconda Cop Mln a f deb 4 Ha 1950
5 f income deb
58
107
Telep A Teleg—
Amer
"
86
106H
I960
1951
1952
Ha
28 K
*33
1998
Allegh A West let gu 4a
♦Mae A Nor Dlv 1st g 5a
90
61
"32"
Allegh Val gen guar g 4a—---1942
Allied Stores Corp deb 4
67
41 H
1950
♦Chatt Dlv
54
90
68
61
103 H
♦Ref A gen
57
86
1
67
68
1949
*99 U
30
47
106 H 106 H
44
30 M
8H
10H
6a—Nov 1945 f A
—1946 M N
6 Ha series B
1959 A O
5s series C
1959
pur money g 4a—1951
47
47
1950
58_—
77
♦Ref A gen
103
"35 H
54
{♦Central of Ga 1st g
♦Consol gold 6s
109
*60
Ha
58
conv
♦Cent Branch U P 1st g 4a
101
76H
74 H
*40
1948
1946
Alleghany Corp coll trust 6s—1944
♦Coll A
Celotex Corp deb 4 Ha w w
94 H
90
10
Cart A Adlr 1st gu gold 48
95
93 H
—
94
.*
1943 J
1943
with warr assented
«•
101
Albany Perfor Wrap Pap 6s—1948
6s
95
110H
91
95H
105H 106H
110
1111
114H
1938 J
A .Dec 15 1952
62 H
52
■■
'
Adriatic Elec Co extl 7s
1st cons 4s series B
7
53
93 H
9§H
F
Ala Gt Sou let cons A 5a
52 H
52 H
-1947 J
Coll trust 4a of 1907
Alb A Suaq 1st guar 3
— ..
Carriers A Gen Corp deb 5s w w
J
73
68
69
92 H
106H
85
\
J
1949
{♦Car Cent 1st guar 4a
COMPANIES
{{♦Abltlbl Pow A Paper let 6a.l953
Adama Express coll tr g 4a
1948
102
103H
f A
M
J
per pet J
1946 M
1944 J
1 1954 J
1960 J
4Hs—Sept 1951
Canadian Northern deb 6 Ha—1946
Guaranteed gold
Caro Clinch A Ohio 1st 5«.
RAILROAD
78 H
74 H
106H 108 H
106 H
102
76 H
108
104H
J
J J
Oct 1969 A O
1970 F A
June 15 1955 J D
Guaranteed gold 4 Ha
A
F
1958
1961 J
61
9H
Guaranteed gold 6a..
22
46
42 H
48 H
60
103H
103 H
July 1969
Guaranteed gold 5s
46 H
H
189
104 H
44 H
*
1957 J
Canadian Nat gold 4 Ha
60 H
104
47
40
54 H
"38"
39H
J
1942 A
1962 A
♦Camaguey Sugar 7s ctfs.
Canada Sou cons gu 5s A
45
44
102 H
57
7
{Bush Terminal 1st 4s
45H
42H
1952 M N
(City of) 6s
♦Warsaw (City) external 7s
.55
46
7a—1952|A O
Venetian Prov Mtge Bank
45
53
45H
M N
1964 M N
1979 M N
1978 F A
1984 J J
3H-4-4H% pxtl read)
4-4H-4H% extl read)
3 Hs Extl readjustment
51H
54 H
1960
f 6a
104H
40
41H
J
S
O
Trondhjem (City) let 5H«
1957 M N
♦Uruguay (Republic) extl 8a—1948 F A
J
25
18
52
51 H
1952 M
1961 A
55 H
31H
104H
104
A
1971
6a
55H
*21
A
28
*
1962 M N
J
104H
*7H
•Certificates of deposit
12
44
40
4
40
8H
A O
1962 M N
f 5Ha guar.—
9
9
40
J
N i04H 103H
64 H
51H
N
*
N
♦
J
*74 H
A
N 107H 107 H
102
N
68H
D "68 H
91
91H
N
106H
A
*110
A
*105H
D
32 H
35
N
Brown Shoe a f deb 3Ha
34H
D
1950
-1945
Bklyn Union El 1st g 5a
8H
10
D
1941
mtge 3H8—1966
10 H
—
1
10H
J
1961
JJ
Bklyn Qu Co A Sub con gtd 5a. 1491
1st 6s stamped
1941
10
J
Tokyo City 5s loan of 1912
Vienna
9
38
10H
O
Taiwan Elec Pow a f 5 Ha
a
1
73
Serbs Croats A Slovenea (Kingdom)
♦External
41
9
A
F
J
M
M
M
J
F
M
M
J
29H
37
1956 M &
J
1968 J
a f
45
O
A
32
65
8H
Secured
♦External
45H
35
21
10H
♦6a extl Dollar loan
a
34 H
6
41
11
External
25
30
29H
13H
Sydney (City) a f 5 Ha
*107H
20
67 H
29H
*18
8H
1958
95H
87 H
40
Brooklyn City RR 1st 6a
*8H
♦Slleslan Landowners Asan 6a—194 7 F
84
267
45
10 H
10H
♦Silesia (Prov of) extl 7a
87 H
92 H
45 H
8H
13H
extl
100 H 103 H
76
95
86
87 H
"50
42 M
19
J
sec
94H
24
39H
9 H
J
♦7s series B
102H
42 H
{♦Boston A N Y Air Line 1st 4s 1955
J
♦8s secured extl
23 H
101 H
94 X
40
lBt g 4 Ha series
10 H
1950 J
♦Sinking fund g 6 Ha
24 H
22H
162"
44 H
8
1952 M N
1945
1946
27H
27 H
21
45
8
1936
♦Saxon State Mtge Inst 7a
20H
7
J D
23
—
f 7s
4
24 H
M S
M N
1955
9H
|*8a extl loaftof 1921
a
25
24 H
*20
1967
1st M 5s series II
9
♦8a external
♦78 extl Water loan
24 H
1944
12 H
10 H
1957 MN
♦6 Ha extl secured a f
24 H
Big Sandy 1st 4a
10H
30
65
A
♦Saarbruecken
Sao Paulo (City of, Brazil)—
♦88 extl secured a f
8
10H
8H
8H
♦Roumanla (Kingdom of) 7a
(City) 6a
4
8
D
1967 J
♦7a municipal loan
59
High
26 H
12
8
8H
1966 M N
♦7a extl loan of 1926
9H
10 H
25
10
5
Low
Boston A Maine 1st 6a A C
A
1953 F
Ha
25
10H
10
No.
29 H
24 H
1955 A
A
Beth Steel cons M 4 Ha ser D
1960 J
Cons mtge 3H» aeries E
1966 A
3Hs a f conv deba
-1952 A
106H 109H
*23 H
High
*27H
♦Berlin Elec EI A Undergr 6 Ha 1956
107 H 108H
A
Rio Grande do Sul (State of)—
♦8a extl loan of 1921
1946 A O
♦6a extl a f g
1968 J D
San Paulo (State of)
98
21
F
Since
Jan. 1
Asked
Low
♦Berlin City Elec Co deb 6
19
20
<St
Belvldere Delaware cons 3
11H
10H
96
20
Bid
Price
Ha.-1943 J
Hs—1951 J
sinking fund 6Hs
1959 F
Range
Friday's
Sale
jo
K
High
10 H
1950 M S
1946 A O
♦Rhlne-Maln-Danube 7a A
♦Rio de Janeiro
Low
EXCHANGE
STOCK
Week Ended Feb. 11
A
Queenaland (State) extl a f 7S..1941
26-year external 6a
1947
Y.
1
98
20
20H
N.
Since
Range or
Last
BONDS
Range
Jan. 1
20 H
*97 H
1962 MN
Prague (Greater City) 7 Ha
•Pruaala (Free State) extl QHa-1951 M S
♦External a f 6a
1962 A O
Week's
Friday
Week's
BONDS
N.
1037
New York Bond Record—Continued—Page 2
146
Volume
33 H
32
33 H
32
10H
J
A
"llH
O
4H
25
30
36
5
28 H
28 H
32
2
28
33
12
268
10H
13H
8
3H
4H
200
M N
15H
16H
12
M N
15H
15H
16H
A
M N
16H
M N
M N
*16H
"19
M N
M N
19
*16H
"20
19H
*10
16H
18
120
14H
23
15H
18H
18H
15H
"51
"26" "22
11H
J
D
11
D
11H
11H
6
22
18H
22H
18
10H
10
12 H
11H
1
10
11H
401
5
7H
11
J
17H
17
16H
D
5
4H
15
20
20 H
J
M N
3H
35H
—-
New York Bond
1038
Record—Continued—Page
Feb.
3
Friday
BONDS
N.
Y.
STOCK
*t{tw Tork, <2\£. T•
*3
STOCK
EXCHANGE
—1951 J
Range
Sale
3
or
Friday's
Price
Bid
A
Since
Ask
Cqc<!
Ed El 111 Bklyn 1st cons 4s
Low
#
High
No.
2
17
43%
18%
15%
17
1988
18
Electric Auto Lite
Elgin Jollet A East 1st g 5s
|*Refundlng gold 4s
1934 A
1951
35
17
El Paso Nat Gas 4 Ha ser A
El Paso A S W 1st 5a
10
15 %
6s stamped
Erie A Pitts ggu3HaserB
J*Erle RR 1st
9
O
♦Certificates of deposit
I ♦Secured 4%s series A
♦Certificates of deposit
1962 MS
9
52
8
7%
8
47
6H
8%
9%
7%
4%
6
7%
10
7%
......
♦Conv g 4%s
I960 WIN
Cb St L A New Orleans 6s
1951 J D
Gold 3%s
June 15 1951 J D
Memphis DIv 1st g 4s
1951 J
Chic T H A S'eastern 1st 5s...1960 J
6s
8%
......
4%
4%
*50
D
Dec 1 1960 M
79%
6H
4 %
S
57%
47
5
67
44
---.
48
'80"
78%
57 %
54 H
78%
Guaranteed 4s
1963
106
108%
107%
106%
108%
------
1963 J
1951 M
1st A ref M 4 J4s ser D
Chllds Co deb 5s
t*Choc Okla A Gulf
105
108%
102%
103
108%
4s—1952 J
con
1943 A
82
88
58
65
64%
*12%
1648 J
Ref A lmpt 4 Ha series E
Cairo Dlv 1st gold 4s
D
J
1939
J
Cln Wabash A M Dlv 1st 4s_1991 J
J
J
MN
J
A
1942 J
*
106%
101%
101%
85
81
82
J
J
A
81%
19
------
101%
60%
60%
43%
42
93
101%
60%
44%
M N
A
1st mtge g 4s series F
1st mtge 3%s series H
O
1957 J
J
1981 M
8
...1965
2
"l06%
1961
104%
102%
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s...1956
20%
1951
------
1961
98
1960
------
1970 MN
1966 M N
1940 J
D
1943 J
D
15 1954 F
------
102%
103%
100%
102%
A
Crane Co s f deb 3 Ha
Crown Cork A Seal a f 4s
Crown Willamette
1951 J
J
Cuba Nor Ry 1st 5 Ha
1942 J
D
1951 F A
1950 MN
Cuba RR 1st 6s g
1952 J
7Ha series A extended to 1940... J
------
65
47 H
81
88 H
99
1
90
98
85
113
------
104%
40%
J
43
71
112%
112%
27
112H 113 H
16
112
112
110%
13
111
2
111
111
106
106%
48
104%
105%
10
*
5
100
*107%
*107%
105%
104%
102
20%
106%
-----
—
-
107%
-
--
-
105%
105%
102%
—
-
8
58
53
20%
106%
2
14
97
98
107
15
5
16
6
49%
*106
102%
101%
100
102%
85%
-----
-
--
-
103%
103%
20
100%
102%
15
86%
lOO'u
4
104%
104%
61
8
12
52
11
6
54%
107
107%
1969 J
J
------
103
103
1969 J
J
------
*107
see page
1951 M N
1936 J
J
1930 J
J
1041.
------
14%
*107%
85 H
105%
91
102
105% 106%
60
80
5
2
—
102 H
103 H 104 H
36
43
107
For footnotes
53
20
51
22%
23 H
60%
18H
18H
*20 H
"l~7%
O
17H
16%
17
40
54 H
41
58 H
52
45
105% 107 %
47
54H
100 H 107 H
103
106
—'
107%
3
21%
21%
36%
21%
155
16%
43
144
5
103 H
106 H
106 % 108 H
107 H 108M
-----
12%
14%
42
11%
14H
14%
15
17
13
15
16%
42%
J
65
65
4
57
60
62
4
54%
97 H
1
95
101%
60
01%
97H
S
1942 M
7s
60
98 H
7
95
47
97
"95" "97%
95
*75
57 H
5%
*6H
6H
Fonda Johns A Glov 4 Ha
1952
X|*Proof of claim filed by owner. M N
94 H
45
*47 H
J
98 H
85
94 H
*41 %
East Coast lst4Ha--1959 J D
♦1st A ref 6s series A
1974 M S
6H
5%
6%
5%
*2%
100
83
94%
95%
"57% "58"
7%
0%
9%
*1%
97
80
2
1982
owner M N
1%
*101
1%
1%
103% 103%
104% 104%
42
49%
1%
104
*
103%
k
45
*65%
85
101%
102
42 H
43
*42 %
45
*42
Galv Hous AHend 1st 5Ha A..1938
Gas A El of Berg Co cons g 5S..1949
♦Sinking fund deb 0Ha
♦20-year s f deb 6s
98% 102%
94%
97
5
95
*93"
97 H
^♦Florida
(Amended) 1st cons 2-4s
t {♦Proof of claim filed by
♦Cert'ficates of deposit
85
1
J
1943 J
60 H
99
94H
98 H
S
1940, J
105
100
1942 M S
1954 J
D
101%
99
1940
1948 M N
Gen Motors Accept Corp deb 3s.'46 F A
16-year 3 Ha deb
1951
Gen Pub Serv deb 5 Ha
1939
Gen Steel Cast 6 Ha with warr.1949
*42%
60
65%
100% 102%
98
99%
40% 45
40%
44%
H
45
39
45
103%
103%
103%
60
102% 103%
102 H
102
102 H
97 H
37
50 H
"48
101% 102%
95%
97%
*
"50 k
"46 k
45
*19
50
Caro A Nor 1st ext 6s..1934
46%
20%
*20
20
♦Good Hope Steel A Ir sec 7s. .1945
Goodrich (B F) conv deb 0s....1945
24 H
25
*19
25%
25%
90
98
t*Ga A Ala Ry 1st consSs.Oct 1
j|*Ga
1st mtge 4%s
1950
Goodyear Tire A Rub 1st 6s...1957 M
Gotham Silk Hosiery deb 5s w w '40 M
Gouv A Oswegatchle 1st 5s
1942 J
N
S
1st A gen s f 0Ha
92 H
96%
104H
70%
90
it
68%
66
66
105
J
107
General 6 Ha series B
1952
J
101
General 5s series C
General 4 Ha series D
General 4 Ha series E
....1973
J
..1976
J
Stamped
4 Ha
Hoe (R) A Co 1st
mtge
61
12
90
86 %
20
81
82 H
86
16
80%
100%
J
92%
75
76
Feb
*59
62
86
94%
87H
8%
1940 MN
1950 A O
156
91
104
99%
90%
89%
59
93% 103%
84%
95
32
72%
80
59 •
60
1952 J
1952 J
8%
81
76%
90%
91%
82
85
'76 k
O
J
83
1900 A
O
1940 A
O
1952
1949 J
J
84
83
88
81
108H
J
*24 H
*115
1999
1944 A
101H
102 H
J
O
1951
O
119%
115"
58
55
40
37
99%
21%
119H
"54"
100
23%
119%
37
80
21%
4
55
20
22
129
109
66
108 H
60
99% 101
19
109
119%
23
51%
21H
30%
119% 120%
51
56
18%
23%
106% 109
J
*75
97
98
98
*88
92%
88
o
93%
*88
1955 MN
Purchased lines 3 Ha
Collateral trust gold 4s
1952 J
1953 M N
"93"
I
"■41"
45
41 H
45
40%
54
46%
38
49%
t
J
1955 M N
1 1966 F A
1950
53%
"37H
41
52
42
*36" "45%
47%
52
45%
55%
31
36H
37%
98%
81%
79%
28%
38%
72
72
73
75
t
*59%
3Hb—1953
Omaha Dlv 1st
gold 3s
1961
St Louis Dlv A Term
g 3s...1951
Gold 3 Ha
1951
Springfield Dlv 1st g 3Ha—1951
1951
100% 102%
102% 103%
108
108%
*54 H
23 H
92
102%
102%
*35
100
91
J
1951 M S
1952 A O
1951
10
81
J
1901 A
9 %
"98"
O
Refunding 4s
Western Lines 1st g 4s
100%
92%
104% 111%
*104H
1950 A
Collateral trust gold 4s
g
70%
104
J
Illinois Bell Telep
3Hs ser B...1970
Illinois Central 1st gold 4s
1951
1st gold 3 Ha
1951
Litchfield Dlv 1st gold 3s
Louisv Dlv A Term
72
05
92
1967
Hudson Coal 1st s f 5s ser
A...1902 J D
Hudson Co Gas 1st g 5s.
1949 MN
Hudson A Manhat 1st 5s ser A.
1957 F A
♦Adjustment Income 6s.Feb 1957 A O
Aug
85
5
107
J
6s._.1937 M N
Houston Oil sink fund 5
Ha A..1940 M N
Refunding 5s
100% 100%
""8
81%
*86 k
cons g
Extended 1st gold 3 Ha
1st gold 3s
sterling
....
101
Feb
Gulf States Steel s f 4 Ha
Gulf States Utll 4s series C
10-year deb 4Hs
Hackensack Water 1st 4s
94%
99%
103% 105
76%
80
90
96H
J
♦Debentures ctfs B
40-year 4%b
Cairo Bridge gold 4s
70 H
67
1940
Greenbrier Ry 1st gu 4s
Gulf Mob A Nor 1st 6
Ha B
1st mtge 6s series C—
Gulf A S 11st ref A ter 5s Feb
5
II*
85
.1946
Gen mtge 3%s series 1
♦Green Bay A West deb ctfs A
g
96 H
106H
1977
General mtge 4s series G
Gen mtge 4s series H
♦Harpen Mining 0s
Hocking Val 1st cons
26
148
70 H
Great Northern 4Ha series A..1901
45
96%
104 H
78
106 H
*80
1950
"92H
95 %
103%
76 H
D
Grand R A I ext 1st gu g
4%s..l94»
GrayB Point Term 1st gu 5s
1947
Gt Cons El Pow (Japan) 7«
1944
99H 101
9
95
54%
58%
—
102H 104H
101H 103H
14
43
—
105H 107
99 %
49%
| ♦Consol gold 4 Ha
70%
25%
70
J
f 5s stamped
t}*Housatonlc Ry
100#»jl00l,i»
105%
Stamped as to Penna tax
J|*Den A R G 1st cons g 4s
21H
106% 107%
96%
99 H
15
17%
15
16%
15%
106
106%
20 H
54
D
107%
105 H
100% 101
105% 106
107 H 107 %
105
106 H
103 H 105%
101% 103 H
15%
O
f 5s—.1951 M N
107
49 H
J
s
105 H
104
9
A
J
110% 112
110H 111
49%
106%
105%
53
113
----
102
55
98
100%
103H
5
*100%
40
95 H
99 H
102
15%
6s series B extended to
1946...
53
109 H
108
97%
106
Dayton Pow A Lt 1st A ref 3 Ha 1900
1943 M N
109 H
100%
103%
49%
D
96 H
%
112% 112%
IO7"
*99^31
------
ioo" ioi'H
76
16%
15%
Consumers Power 3%s_May 1 1965 M N
1st mtge 8 Ha
May 1 1965 M N
92 H
39
15
1956
72
60
15
t*ConsoI Ry non-conv deb 4S..1954
♦Debenture 4s
1955
♦Debenture 4s
1955
101H 104H
82
105%
79% 102H
90
112%
106
------
108
100%
------
------
108
100%
97%
------
1951
106% 108
91
*
------
3Ha. 1946
Ha
47
83
22 H
O
Gen Amer Investors deb 5s A.. 1952
Gen Cable 1st s f 6 Ha A_.
1947
♦Gen Elec (Germany) 7s Jan 15 1945
9
93
88%
105%
1943
1951
1st A ref 4H8
110H 111
85%
91
112%
112%
1956 A
1966
1st mortgage 4H8
Den Gas A El 1st A ref
106
90
------
103%
D
1971 J
105
22
....
1954
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4
18
29 H
20
Fort St U D Co 1st g 4 Ha
1941 j"j
Framerican Ind Dev 20-yr 7 Ha 1942 J
J
Francisco Sugar coll trust 6a—1956 MN
----
A
J
Paper 6s
13
47
*99%
O
F
1953
ITCopenhagen Telep 5s-Feb
10
89
1st mtge g 6s series A
1st mtge g 5s series B
1st mtge g 4 Hs series C
1st mtge g 4 Ha series D
16-year deb 6s
"4
....
101%
94»%
91%
97%
Container Corp 1st 6s
101% 102 %
106H 106H
88%
100%
1st mtge 3 Hs
1st mtge3%s
1
106%
94
J
f 5a
15
106%
O
s f
~55k
26 H
----
105%
110%
o
D
s
-
*105
1942 J
♦Consolidation Coal
-
----
99
105%
*104
Commercial Invest Tr deb 3 Ha 1951 J
Commonwealth Edison Co—
♦Debenture 4s
90 H
----
104%
*
110%
O
Consol Gas (N Y) deb 4 Ha
Consol Oil conv deb 3 Ha
78
"56" *73%
82%
*l"66
105%
-
—
85%
♦
------
15
102
------
------
8
----
67%
o
Columbia GAB deb 6s...May 1952 M N
Debenture 6s
Apr 16 1952 A O
3 Ha debentures
50 H
109
22
♦Certificates of deposit
....
82%
107%
05
1977
4H8
109
102% 103%
92%
95 %
103H
1955
30-year deb 6s series B
Flat deb
60
112
f 0s—1957
f*Fla Cent A Penln 5s...
104H 108%
104
J
Coal River Ry 1st gu 4s
D
1945
Colo Fuel A Iron Co gen > f 6s. .1943
A
♦5s Income mtge
....1970 A O
Colo A South 4Ha series A
1980 M N
Stamped guar 4 Ha
Conn Rlv Pow s f 3%s A
Consol Edison (N Y) deb
109
-
106%
1973
Conn A Passum Rlv 1st 4s
Conn Ry A L 1st A ref
108
7
*
A
Debenture 5s
Jan 15 1961
ColumDlA A II V 1st ext g 4s..1948
Columbus A Tol 1st ext 4s
1965
Columbus Ry Pow A Lt 4s
1965
Commercial Credit deb 3%a-..1961
—
107
J
O
2 Ha debentures
— —
102% 104 H
107 H
82
66 H
A
1977
f 5s series B guar
f 4Ha series C
9
3
s
look"
80
90%
103% 103%
131% 131%
97% 101%
105
O
1975 A
1st lien 0s stamped
H
8
*92%
------
1948 M N
Gen A ref mtge 4 Ha series B.1981
Cleve Short Line 1st gu 4 Ha.—1961
Cleve Union Term gu 6 Ha
1972
s
1st lien
14
O
1960 F
s
92
103 H
*108
Ernesto Breda 7a
1954 F A
D
Fairbanks Morse deb 4s
1956
Federal Light A Traction 1st 5s 1942 M S
58 International series
1942 M 8
65
23
108%
*102%
O
...1938 M
14
84 %
100
100
1967 IV1 N
♦3d mtge 4Ha
56
O
Series A 4 Ha guar
1st
s
21%
106
100% 107
*50
103 H
*131 H
103 H
100%
*104%
1953
4s series D
6
104
55%
28%
1953
B
conv
80
100
109
*.....
82
J
A
107H
106%
----
Series C 3 Ha guar
Series D 3 Ha guar
1st
♦Gen
♦Ref A lmpt 5s Of 1927
♦Ref A lmpt 6s of 1930
♦Erie A Jersey 1st s f 0s
70
----
-----
------
1940 J
105
108 H 110
105 H 109 H
102% 105 H
108%
1940 M S
Gen 4 Ha series A
5
O
1965
37
108% 109"
102% 104
63
O
1953
87
108
*102
1990 M N
Cleve-Cllffs Iron 1st mtge 4%a.l950
Cleve Elec Ilium 1st M 3Mrs—1965
Cleve A Pgh gen gu 4 Ha ser B.1942
Series B 3 Ha guar...
1942
22
108
1940
1940
♦Conv 4s series A
123
34%
104%
108
J
D
1977
Bt L Dlv. 1st coll tr g 4s
Spr A Col Dlv 1st g 4s
W W Val Dlv 1st g 4s
21%
g
49
104
------
Cln Leb A Nor 1st con gu 4s._-1942 M N
Cln Un Term 1st gu 5s ser C—1957 M N
1st mtge guar 3 Ha series D..1971 M N
Cleve Cln Chic A St L gen 4s... 1993
General 5s series B__
1993
25
91%
88
6fl-—1952 (VI N
15
22
87
Cincinnati Gas A Elec 3%a—.1966 F A
1st mtge 3 %a
1967 J D
Clearfield A Mah 1st gu 4s
3
91%
1962 M
cons
103 H
107 H
D
1965
37
103%
4s prior..1996
Hen g 4s
1996
cons
♦1st consol gen
A
109
110%
100
"40
109%
♦N Y A Erie RR ext 1st 4s... 1947 M N
1944
1st mtge 4s series D
1st mtge 3 % s series E
1952 F
4s
-
♦Genessee River 1st
Chicago Union Station—
3%s guaranteed
Chic A West Indiana
conv
Series C 3 Ha
♦Series
79%
*56
8%
5H
....
~86
*
D
5
17
18
108
1941 M N
51
19H
18H
9H
8H
......
8
21
*33
J
High
7%
♦Certificates of deposit
Ino ku
Low
(
43%
108
110
105 H
*
J
43 H
f|*Chlcago Railways 1st 5s stpd
Feb 1 1937 26% par paid
J*Chlc R I & P Ry gen 4s
1939 J
3
113%
*33
J
Ed El 111 (N Y) 1st cons g 5s.. 1995 J
Jan. 1
3
105
J
10%
112%
107%
109%
104%
7
109%
D
7%
7
8%
113
108
108
i05H
High
5%
5
42
112%
East Ry Minn Nor Dlv 1st 4s..1948 A O
East T Va A Ga Dlv 1st 5s
1956 MN
Range
Low
7
10
4
*17
113
O
Jan. 1
9
Week's
Last
Week Ended Feb. 11
6%
6
♦Second gold 4s
1996 J D
Detroit Term A Tunnel 4Ha.-1961 M N
Dow Chemical deb 3s
Y.
5H
5%
S
A
I|*Dul Sou Shore A Atl g 6s—1937 J
Duquesne Light 1st M 3 Ha
1965 J
N.
No.
Since
High
6H
8H
ser F
1965 A O
Gen A ref mtge 3 Ha aer G...1966 M S
♦Detroit A Mac 1st lien g 4a... 1995 J D
Randolph 7711
Friday
Range
§3
Gen A ref M 4s
fi. T. 1-761 -<• 'Bell System Teletype •>- Cgo. 543
BONDS
or
6
f*Des Plains Val 1st gu 4 Ha...1947 HI
135 So. La Salle St.
Connections
A
Detroit Edison Co 4 Ha ser D..1961 F
Gen A ref 5s ser E
..1952 A
Chicago, III.
'Private Wire
<Dlgby 4-5200
gen fie.Aug 1955 F
♦Assented: subj to plan)
♦Ref A lmpt 5s ser B._.Apr 1978 A
fDee M A Ft Dodge 4s ctfs.._1935 J
J*Den A R G West
'BONDS
Price
a.
-1
Friday's
Bid
<k
Asked
Low
cBennett Uros. & Johnson
One Wall Street
Range
Sale
If
Week Ended Feb. 11
^ILWAD
Week's
Last
EXCHANGE
1938
12,
80
74%
80
95
*50
72%
Volume
New York Bond Record—Continued—Page 4
146
Last
bonds
Y.
N.
&
-
38
39%
107%
107%
29
42
{♦Man G B 4 N W 1st 3%s
106% 107%
*99
104%
104%
1966
49)4
48%
-
38
104%
152
50
48%
IMO-year conv 7% notes
O
M S
51%
♦Certificates of deposit
1947
Interlake Iron conv deb 4s
O
a
stamped 1942
{♦Int-Grt Nor 1st 6s ser A
1952
♦Adjustment 6s ser A—July 1952
77
16
23
51%
79
49%
56
50
49
54%
j
3
72
80%
100
100%
11
17
19%
100%
19%
19%
42*
22
5
4%
4%
5%
17%
17%
10
15
18
20
15
19
1956
1956
1944
j
"Is"
o
62%
16%
61%
59%
72%
o
40%
39%
63%
41%
32
1941
32
38%
48
A A B—1947
1955
J
87%
86%
87%
9
84
94%
8
77
76%
78%
81
70
80%
83%
82
87%
94
C
deb 6s
Internat Hydro El
Int Merc Marine s f 6s
Internat Paper 5s ser
f 6s series A
Int Rys Cent Amer
1st 5s B—1972
—1947
m
80%
80%
f
91%
91%
A
deb g 4%s—1952
J
j
53%
53"
54%
j
J
86%
84%
86%
220
1955
f
A
56%
56
57%
51
m
s
2%
Debenture 5s
{♦Iowa Central Ry 1st A ref
4s_1951
102
Ref A lmpt 4%s series C
{♦Mid of N J 1st ext 6s
102
103%
101% 103%
5%
*2%
*19%
17%
James Frank A Clear 1st
4s—1959
4%s A__1961
Mich 1st gu g 4S-.1990
j
Jones A Laughlln Steel
M
D
8
100%
101%
100%
100%
101
D
J
{♦M St P A SS M
*77
a
O
{|*K C Ft S A M Ry ref g 48.1936
A
O
27%
92%
29%
*
1950 a O
Apr 1950 J J
J
Kansas City Term 1st 4s
1960 j
Kansas Gas A Electric 4%s—1980 j D
M n
♦Karstadt (Rudolph) 1st 6s—1943
♦Ctfs w w stmp (par $645) -.1943
♦Ctfs w w stmp (par $925)—1943 mn
♦Ctfs with warr (par $925)-.1943
Keith (B F) Corp 1st 6s
1946 m s
Kentucky Central gold 4s
1987 J j
Kentucky A Ind Term 4 Ha—1961 j
Stamped
1961 j
Plain
1961 j
414s unguaranteed
1961 J
Kings County El L A P 6s
1937 A ©
Kings County Elev 1st g 4s—1949 F a
Kings Co Lighting 1st 5s
1954 J j
1st A ref 6 %s
1954 J j
Kinney (G R) 5%s ext to
1941 J d
gold 3s
Ref A lmpt 5s
69
74%
t
60
*18%
*18%
*5%
1951
Kresge Foundation coll tr 4s..1945
3J4s collateral trust notes—1947
{♦Kreuger A Toll secured 6s
M n
Hoppers Co 4s ser A
J
J
f
107%
104
m
2%
64
j
j
9%
6%
11
1938 J
1938
J
j
10%
12
98%
♦1st A ref 6s series A
1946 J
j
4%
_
29%
25
71%
63%
104
106%
-----
——
-----
14%
23%
19
27
IVI
s
♦1st ref 5%s series B
J
j
1
83
83
6%s
*
*11—1
%1 1I 111••
97%
1
1
1
I
I
1
1
1
1
a
O
-
-
-
-
-
*74
102
80
♦
—
98%
102
*98
Tom
....
99%
1
62
64
29
3%
21
100
100%
25
91
91%
10
98% 100%
86%
92
30%
100
102
30%
14
28
86%
60
85
85%
100% 103
A
57
57
34
f
A
56%
56%
58
8
F
a
48
49%
F
a
*48
56
53%
mm mm
89
95%
95%
mmmm
95%
13
96%
38
30%
29%
55%
93
90%
95%
102
J
29
29%
7
62%
57
53
67
43
62%
46%
55
45%
54
37%
48
J
40
36%
41
18
31
41
j
42%
7
35
42%
21%
70
18%
23%
21
22
22
19%
21
O
21
A
11"
f
1977 IVI
6%
6%
20%
s
22%
20%
1978 MN
22%
20%
MN
"5%
O
22%
A
A
f
A
95%
40%
*27%
——
f
A
*27%
J Secured 6% gold notes
5s
1938
j
J
99%
100
1964
f
A
*50%
J
95%
40%
34%
----
34%
----
47
j
5
50
1940
2003
m N
24%
22%
24%
2003
2003
6s—1941
IVI N
26
23%
26
47
29
32
27
M N
32
*
A
o
1965
a
O
113%
7s—1944
A
o
129%
1951
F
a
123%
6s
D
105%
series A—1962 M n
1946 f A
Lombard Elec 7s ser A
1952 J d
""98%
debs—1947
j
Little Miami gen 4s
Loews Inc s f deb 3 %s
1950
1938
to
Long Island gen gold 4s
Unified gold 4s
1949
1949
—1949
4s
95
95
a
j
18
21
19%
20%
7
18%
23%
22
6%
58
4%
6%
21
22%
65
19%
23%
21%
166%
50
21%
30%
23
32
29
40
5
113% 118
1
129% 131
6
122% 126
104% 106%
36
"96% "99%
75
s
45
29
4
---
-
11
100sia
*
s
62
----
61%
91%
*86%
89
86%
61
63%
75
90
100% 100%
——
86
86
....
86
1944
—1951
Louisiana A Ark 1st 6s ser A—1969
Louisville Gas A Elec 3%s
1966
Louis A Jeff Edge Co gu 4s
1946
Lorl'lard (P) Co deb 7s
6s
-
-
ivi
s
87
128%
F
128%
99
128%
116%
A
10
116%
"74
2
140
74
70
85
127
88
128%
115% 122%
60%
74
j
J
M
s
102%
102%
1
m
s
105%
106%
12
105% 107
102%
103
252
101% 105
94
29
102% 103%
Louisville A Nashville RR—
Unified gold 4s
1st A ref 6s series B
1st A ref 4%a series
C
1st A ref 4s series D
1st A ref 3 % s
series E
Paducah A Mem Dlv 4s
St Louis Dlv 2d gold
102%
1940
-—2003
2003
2003
2003
96
79
107
♦
Mob A Montg.
M
s
South Ry Joint
J
j
ivi N
F
85%
m%
106%
27
----
1
1
76
2
106%
*98
a
95
102
85%
93%
83
90
75
81
105% 107%
----
111%
76
106%
3
79%
77%
*105
----
85
85
1980
1st g 4%s
1945
Monon 4s—1952
Atl Knox A Cln Dlv 4s
1956
Lower Austria Hydro El 6%s._ 1944
93%
*88%
1946
3s
95
111% 112
74%
80
106% 111%
98
98
6S.1951
McKesson A Robblns deb 6 %s. 1950
Maine Central RR 4s ser A—1945
Gen mtge 4%s ser A
1960
|{*Manatl Sugar lstsf 7X8—1942
McCror* Stores Corp s f deb
100
ivi N
99%
85
12
99% 100%
99%
50
97%
98%
d
84%
*52
a
O
*41
70
Gen A ref
s
Gen A ref
s
d
55
41%
41
{♦Manhat Ry (N Y) cons
4s. 1990 a
♦Certificates of deposit
2013
j
1041.
m
-
-
mm
•
8
101%
102
90%
90%
100%
100%
56%
M n
52
M n
*112%
28%
30
53
24
32%
27
28%
11
22%
31%
61
67
22%
97%
10
m N
98%
99%
139
103%
65
m N
103%
103
71%
62
65%
27%
97%
98% 101
97
103
106
*1%
J
»
j
1%
4
"i%
A
O
A
O
1%
J
a2%
O
1%
1%
1%
1%
2
a2%
2%
2%
1%
*1%
♦2%
*1%
♦1%
A
O
j
D
Itf
105%
105%
m N
*65
J
d
*119
j
*
*25%
*122%
121%
122%
*
^'1%
"l% "1%
106
104% 107%
68
116% 116%
120%
47%
29%
126
122% 124%
122%
120% 122%
95
107"
107%
63%
23
106%
108"
1
60
64%
41
8
40
50
91
31
89%
90%
25
88%
89%
98%
98%
57%
60%
16
52
76
90
30%
16
28
30
30
35%
62
40
*33%
35
31%
1956
F
1956
1954
A
f
O
A
♦33%
a
"34% "35%
42
34%
34
28%
32
35
32
36%
34%
*29
34%
♦Certificates of deposit—
4%sl946
1998
1946
Ref A lmpt 4 %8 series A
2013
Ref A lmpt 5s series C
2013
Conv secured 3%s
1952
68
22%
*1%
♦Certificates of deposit.—
41%
92%
113% 113%
67
4s—1953
If*N O Tex A Mex n-c inc 68.-1936
♦1st 6s series B
1964
41
54%
48
22%
New-Orleans Term 1st gu
A
56%
11
27
*96%
A
J
10-year 3%s sec 8 f
28
J
5a—1948
N Y Cent RR 4s series
58
52%
114%
d
f
{♦New England RR guar 6b—1945
♦Consol guar 4s
1945 J J
J
D
New England Tel A Tel 6s A.-1952
m N
1st g 4%s series B
1961
f A
N J Junction RR guar 1st 4s—1986
N J Pow A Light 1st 4%s
1960
New Orl Great Nor 5s A
1983
N O A N E 1st ref A Imp 4 %s A 1952
New Orl Pub Serv 1st 5s ser A--1952
let A ref 6s series B
1956
Newport A C Bdge gen gu
64
j
1954
55
88%
99% 100%
73
73%
J
1965
91%
101% 104
90
94%
m N
4%s—
♦Assent warr A rets No 4 on. 1926
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off.—1951
♦Assent warr A rets No 4 on '61
45
84%
14%
107%
80
63%
Nat RR of Mex prior lien
D
14%
99
64
1914 coupon on.—1977
♦4s April 1914 coupon off
1977
♦Assent warr A rets No 5 on *77
♦1st 4 %b series
66
73%
M n
1978
♦1st 6s series C
91
*72
♦4s April
Newark Consol Gas cons
24
100%
*72
Nassau Elec gu g
Nat Steel 1st coll s f 4s
21%
11
102"
92
*72
f 4%s series
4s stpd
1951
Nat Acme 4%s extend to
1946
Nat Dairy Prod deb 3%s w w_. 1961
Nat Distillers Prod deb 4 %s—1946
National Rys ol Mexico—
♦4%s Jan 1914 coup on
1957
♦4%s July 1914 coup on
1957
♦4% July 1914 coup off
1967
♦Assent warr A rets No 4 on '57
20%
11%
102%
Gen A ref a f 58 series
45
30
*12%
102%
f 58 series A
Nash Chatt A St L 4s ser A
18%
69%
92
3%S-1966
1941
1955
f 58 series B
1956
12
13%
101%
99%
28%
O
D
•
For footnotes see page
-
13
102%
m N
at 5%—1941
"19% "24"
17
19%
I
M 8
Montreal Tram 1st A ref 6s
45
10
85
J
J
♦Certificates of deposit
♦Second 4s
100%
5
11%
*10%
13
Montana Power 1st A ref
•1st 5%s series A
ivi N
"63
88
*17%
A
f
88%
87
22%
20%
74%
s
{♦Naugatuck RR 1st g 4s
4s stamped
21
*68%
40
100
99
61
D
m
136
31
76
106
98%
*
O
m
105
71%
113%
129%
123%
99%
58
8
Lehigh Val (Pa) cons g 4s
General cons 4 %s
Long Dock Co 3%s ext
M
Mut Un Tel gtd 6s ext
65
19%
7
20%
4%
"22%
s
45
---
Leh Val N Y 1st gu g 4%s
Liquid Carbonic 4s conv
M
39%
71
62
23
56
M s
1977
♦Secured 6% notes
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%s
1960
6s debentures
1966
♦Ref A lmpt 4%s
30
58
Liggett A Myers Tobacco
32%
55%
-----
f
General cons 5s
29
108
23%
21%
8
23%
20%
{♦Mobile A Ohio gen gold 4s
1938
♦Montgomery Dlv 1st g 58.-1947
s
6%
18
20%
22%
20%
4%—July 1938 MN
31%
•
45
f
S
a
1981 FA
♦1st A ref 5s series I
Mo Pac 3d 7s ext at
1
92
*
1964
1964
1974
M
1949
1980
66
*
....
■
O
a
Leh Val Term Ry 1st gu g
♦1st A ref g 5s series h
♦Certificates of deposit
48
2
7%
*20
♦Certificates of deposit
5%s
34%
19%
J
A
m"s
gold
28
40
j
1975
3
56
5%
66%
j
C—1966
D——1955
Morris A Essex 1st gu 3 %s
2000
Constr M 6s series A..
1955
Constr M 4%s series B
1956
Mutual Fuel Gas 1st gu g 5s.—1947
2
55%
*46
A—-1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Val Coal 1st A ref s f 5s. 1944
Lehigh A New Eng RR 4s
Guar ref gold
60
48
10
61%
55%
92
*
J
D
90%
62
*85
J
j
31%
60%
D
♦Certificates of deposit
....
101%
f
j
78
2
3%
3%
j
1965
♦Conv
—
98% 100%
102
103%
85%
56%
j
—
71
....
102
-
11
j
♦Certificates of deposit
100
*153
7%
13%
5%
9%
J
♦Certificates of deposit
♦1st A ref 5s series G
*
11
6
32
3%
3%
63%
♦General 4s
{♦Mo Pac 1st A ref 6s ser A
82%
83%
108% 108%
—
8%
5
16
4%
3
3%
mn
1949
1978
1941
{♦Mo-Ill RR 1st 6s series A
1959
Mo Kan A Tex 1st gold 4s
1990
M-K-T RR pr lien 5s ser A.—1962
40-year 4s series B
1962
Prior lien 4%s series D
1978
♦Cum adjust 5s ser A
Jan 1967
♦25-year
♦1st A ref 6s series F
*25
*100
6%
23%
27
-----
10%
{1st Chicago Term s f 4s
---
55
21
1975
Lex A East 1st 50-yr 6s gu
39
4s Int gu '38 J
104% 108%
4
104
47%
*23
Lehigh C A Nav s f 4 Ha A
1954
Cons sink fund 4 %s ser C—1954
1st A ref s f 5s
3
5s
Gen A ref
Leh Val Harbor Term gu
2%
5s gu as to int
Ltd—
1st A ref 8 f 6s
2%
cons
65%
20
159
*17%
s
1959
Laclede Gas Light ref A ext 6s. 1939
Coll A ref 5J4s series C
1953
Coll A ref 6%s series D
1960
Coll tr 6s series A
1942
Coll tr 6s series B
1942
Lake Erie A Western RR—
6s 1937 extended at 3% to—1947
2d gold 5s
1941
Lake Sh A Mich So g 3%s
1997
1st A ref s f 6s
19%
"5% "5%
7
cons
23
63%
*37
A
Uniform ctfs of deposit
♦1st mtge Income reg
60
15%
55
3%
2%
-
Lautaro Nitrate Co
60
25
♦1st
24%
107%
56%
107
-----
20
----
70
67
62%
----
28
*24
♦Certificates of deposit
25
93%
19%
101%
95
*51
89%
15%
100% 102
99
78%
91%
71%
91%
93%
l6§"
87%
85%
17%
101
O
1961
63%
3
con g
101
102%
89
101%
90
2%
100
100
59%
70
6%
5%
6%
♦1st
2%
*
82%
107% 108%
J
1971 j
99
*1%
1940
1st mtge 5s
97
96%
108%
1951 M s
1952 IVI N
J
1979
Jack Lans A Sag 3%s
1st gold 3%8
84
97%
108%
1977 M s
1956 j D
♦Mlag Mill Mach 1st s f 7s
Michigan Central Detroit A Bay
City Air Line 4s
1940 j
76
*4%
{{♦MllwANo 1st ext 4 %s(1880) 1934 D j
1st ext 4%s_.
1939 J d
Con ext 4%s
1939
{♦Mil Spar A N W 1st gu 4s_—1947 m~s
J
{♦Mllw A State Line 1st 3%S-194l j
{♦Minn A St Louis 6s ctfs
1934 M n
IVI S
♦1st A ref gold 4s
1949
♦Ref A ext 60-yr 6s ser A
1962 q f
1
Conv deb 4%s
108%
52
55
1939
Int Telep A Teleg
Metrop Ed 1st 4%s ser D
1968 ivi S
Metrop Wat Sew A D 6%s
1950 a O
|{*Met West Side El (Chic) 4s. 1938 F a
♦Mex Internat 1st 4s asstd
1977 M s
81
97
96%
84%
6
1st lien A ref 6%s.
70
~8l""
90
56
m N
1
70
25
97%
Mllw El Ry A Lt 1st 5s B
19
j
♦1st 5s series B
80
94
♦4s (Sept 1914 coupon)
2
77
73%
"l9%
O
J
9
100%
m N
Int Agrlc Corp 5s
17
50
'"18"
A
18%
50
1932
1932
48%
17%
♦Certificates of deposit
§♦ 10-year 6s
85
*70
j
Mead Corp
5
85
1st 6s with warr.-1945 m N
Market St Ry 7s ser A.-.April 1940 Q
High
90
81
13%
Low
No.
99
I
J
O
87
100% 100%
103% 105%
47%
53%
48
51%
mm-"-
„
.
High
*86%
1941 j
1947 a
12%
---~
Since
Jan. 1
«3t>2
*72
8
f 5s... 1953 ivi
87
25
Friday's
&
Asked
Low
s
Manila RR (South Lines) 4s.—1939 m N
1st ext 4s
1959 M N
46%
33
40
Bid
High
35%
96
*13
1961
Kan City Sou 1st
40%
107%
*87
{Interboro Rap Tran 1st 5s
Kanawha A
110
Price
Range
Ranoe or
Sale
Sj5
11
Marlon Steam Shovel s f 6s
Inland Steel 3%s series D
s
No.
43%
EXCHANGE
STOCK
Week Ended Feb.
Manila Elec RR A Lt
40
{♦Ind A Louisville 1st gu 4s___1956
Ind Union Ry 3%s series B
1986
Ref
Low
High
Low
42%
1963
let A ref 4%s series C
1963
Illinois Steel deb 4%s
1940
Ind Bloom A West 1st ext 4s. .1940
Ind 111 A Iowa 1st g 4s
1950
Joint 1st ref 5fl series A
Last
BONDS
Y.
1
Jan.
St L A N
111 Cent and Chic
♦1st g 5s series
Asked
N.
Since
Bonds Sold
Friday's
Bid
Price
Nft.
Rauge
Range or
Sale
EXCHANGE
STOCK
Week Ended Feb. 11
1039
Week's
Friday
Week's
Friday
32%
32%
*110
J
j
f
A
76
72
a
o
83%
84%
56
60
76
28
111% 111%
71
82
73
82%
A
O
84%
59%
43
51
91%
65%
A
O
66%
62
67%
91
58
73
m N
75%
73
75%
89
71
84
New York Bond
1040
Friday
BONDS
N.
Y.
Last
EXCHANGE
STOCK
u
High
No.
91m
88%
,60m
<ft
38
IjOW
91m
88M
Ref A impt 4M» Ber A
.2013 A
O
Lake Shore coll gold 3 Ms
.1998 F
88%
88
A
Mich Cent coll gold 3 Ms
.1998
F
56
77 m
73 m
O
Since
IjOW
-•
94 m
98 m
77
65m
82 %
51M
51
63
S
O
53 m
46 m
73M
2
84
61
63
78 m
87%
1946
trust
1st mtge 3 Mb extended to—. .1947
N Y Connect let gu 4Mb A
1963
1st guar 5e series B
105
1963
N Y Dock 1 Bt gold 4s—
Serial 6% notes
-
59
1961
W3H
1st Hen A ref 314s ser E
N Y A Erie—See Erie RR
1966
104
43
123
1949
113m
50
113m
1956 (VI N
J
J
1940 A
♦Debenture 4s
1957 M N
D
♦General 4s.
4s
g
{♦N Y Providence A Boston 4s.1942
17
79
104 %
104%
J
S
A
N
A
A
No Am Edison deb 6s aer A
1957 IVI 8
Deb 6Ma aeries B
Aug 15 1963 F A
Deb 6a aeries C
Nov 16 1969 N M
10%
7%
77%
94%
106
108
105%
104
104%
104m 106M
104 m
104
13m
10 m
7
106 m
105m
106%
106
9m
10
6
45
40
16
11M
8m
m
43
100%
106 m
106 %
105
105 m
80
64 %
5
5m
105 m
104 %
108M
Q'?
92M
c96m
"lB"
.13
12
107
64
5M
70
4M
6%
106
104M 107
108M
92%
97%
107 %
91M
96 M
a
10 M
14 m
9M
108%
95M
70
51
14M
101 %
100 %
100M 104
103 m
99 %
101
99
m
99
105
103 %
125
J
4s
1944 J
73
J
116% 116%
1948 J
D
121
100 %
12
95 %
96%
33
99 m
99
113m
D
J
J
IVI
J
100 m
m
113m
111m
107m
106m
113m 113m
*115m
8
i04m
"72%
100 %
113%
111 m
105m
100 %
72
100*31
72 m
50
108m
105
106 %
102
101%
*75
*70
104
.
103 %
103%
*103
8
99m
59 m
1956
73m
8
1949 IVI
91m
72%
91
*44 m
8
s f 7s.
1942 IVI
Penn Co gu 3 Ms coll tr ser B..1941 F
Guar 3 mb trust ctfs C
1942
59 m
A
39
*117m
S
*70
103 %
85
1952 IVI N
28-year 4s
1963 F
1944
A
100 %
74 M
45
50
107M 109 M
104M 106 %
100 %
78
70
103
103m
110
67 %
84
102 M
82
70
104 M
102 % 104M
109
100
99M 100M
59 m
92
59 M
90
75 M
76
107 %
D
6
66%
108
108
107
110
115
115
114M
115
110%
107 H 110
108%
107
*109M
*
"86 M
87
S
106M
J
s
J
J
26
A
88%
O
28
26%
4%
21M
*108M
109 M
86 H
95 M
105
107 H
57
106%
16%
4%
105M
16M
16%
4%
208
14^
17
6
20
4%
5M
11
26M
108M 109
109%
100%
"84"
84
O
O
84
80
11
84
*108M
110M
*108M
108M 108 M
108M HO M
110%
1945 M N
1949 F
A
1953 J
D
Series G 4s guar
1957 M N
Series H cons guar 4s
Series I cons 4Mb
1960 F
A
1963 F
A
Series J
1964 IVI N
cons
4 Ms
guar
*109
*109
Gen mtge 5s series A
1970 J
D
Gen mtge 5s series B
1975 A
O
109
Gen 4 Ms series C
J
1977 J
Pitts Va A Char 1st 4s guar
1943 M N
Pitts A W Va 1st 4 Ms ser A—1958 J
D
101
"i09M
117
120
109%
108M
100
18
*45
104M 112M
101
49
105M H2M
108
*45
49%
1959 A
O
1st mtge 4mb aeries C
1960 A
O
1948 J
D
117
"l*5
109%
109%
108
1st mtge 4mb series B
98
24
-
-
104M
106
.
«.
108
-
*108M
ser
A
46
50
55 M
46
55 %
108
46
1st gen 5s series B
1962 F
A
109M
-
1974 J
D
*99 M
1977 J
D
1st 4 Mb series D
Port Gen Elec 1st 4 Ms
1st 58 1 935 extended to 1950
conv
1960 M S
J
"50M
"50 M
"52% "87
—
103 %
J
104M
44 %
13 %
14%
134
104M
104%
{♦Radio-Kelth-Orph pt pd ctfs
for deb 6s A com stk (65% pd)
61 M
97 %
82%
85
102M 103 M
103M 103 %
102 M 103
94
100 M
84
*83%
92
90%
*
112
78
90
90
35
J
99 %
J
J
*26 %
20%
20
1950 M N
*25
1952 M N
*25
♦Cons mtge 6s of 1928
1953 F
♦Cons mtge 6s of 1930.—-—1955 A
Richfield OllCorp—
4s s f conv debentures
100
41
78
99
28 M
32
—
~
«
28
21M
27
-
29
20
2
M
30
-----
2
26
28 M
3
26 M
26 M
94
95
90 %
95
J
I
A
95
18
*104 %
*
— —
52%
*26
43
16
43 M
17
*117M
109
~
-
50
41
60
-
40 M
43M
15%
20M
118M 119
15
108M
7
—
109 %
s
O
21
21
2
20M
21M
1949 J
J
12
12
1
10
10 M
9M
J
*10 M
32 %
J
*12M
22
*10M
12M
1947 J
D
102
102
102 M
47
Saguenay Power Ltd 1st M 4Mb *66 A
St Jos A Grand Island 1st 4s.-.1947 J
8t Lawr A Adlr 1st g 5s
1996 J
2d gold 6s
1966 A
St Louis Iron Mt A Southern—
O
101M
101 %
101M
18
108
108
s
f deb 4s
♦IRlv A G Dlv 1st g 4s
♦Certificates of deposit.—
J
O
♦Ctfs of deposit
stamped
{St L SW 1st 4s bond ctfs
61
58 %
58 M
61
17M
J
*65
J
13
J
11M
13M
1978 MS
1989 M N
♦2d g 4s lnc bond ctfs...Nov
1989 J
J
{♦1st terminal A unifying 68.1952 J
J
♦Gen A ref g 5s series A
J
1990 J
13 M
9%
4
10%
101% 104
100M 101M
109
108
12
10 M
1
1
1
1
•
1
1
1
1
1
•
•
»
1
I
57
64
59
5
55
62
17M
2
16
18M
65
68
11M
15
10M
13M
68
-
13M
77
10%
32
12
11M
13M
11
10 M
12
15M
2
10 M
13M
12M
102
9M
37
10 M
30
62
55
62
30
29 %
26 M
29
*19M
24
14M
1
•
12
11H
9M
1
t
.
10 M
j
9%
12
98 M
J
♦Certificates of deposit
9M
-
1
59
1950
—-
—
J
1933 IVI N
{♦S L Peor A N W 1st gu 5s—.1948 J
St L Rocky Mt A P 6s
Btpd—1955 J
{♦St L-San Fran pr Hen 4s A—1950 J
—
11
9
5
9%
J
♦Stamped
Safeway Stores
110
IVI
J
con
—
50
41
—
68%
43%
.1948 A
4MS--1934
J
1st
-----
26 M
26 M
4Ms.-.1941 J
RR
88 M
101
26%
S
♦Stamped.
♦Rutland
87 M
104M 108M
11
26 M
1952 IVI
♦Rut-Canadian 1st gu g 4s
75
40
47
A
{♦Rio Grande June 1st gu 6s..1939 J D
♦Rio Grande West 1st gold 4s..1939 J
J
♦1st con A coll trust 4s A
1949 A O
Roch G A E 4 Ms series D
1977 M S
Gen mtge 5s series E
1962 IVI s
|{*R I Ark A Louis 1st
♦Ruhr Chemical s f 6s
82
106 M
82 M
O
1962 J
1955
95 M
-----
111M 118
32
J
79 %
99
93 M
93
82
—
114
75
81
30
J
105M
79 M
60 M
10
92 %
110
♦Rhine-Ruhr Water Service 6a. 1953 J
Rlchm Term Ry 1st
gen 5s
♦Rlma Steel 1st s f 7s
87
70
4
85
82 M
45
70
"26
71 %
81M
105M
7s
8
1
70
M N
38 M
118M 118M
»
1
70
IVI N
Purch money 1st M conv 5 Ms *54
Gen mtge 4mb series C
1956
Revere Cop A Br 1st mtge 4Mb.1956
♦Rbelnelbe Union s f 7s
1946
44 m
96
82
80
5M
lOO N
*64 %
-
1997
♦Certificates of deposit
♦Con M 4Mb series A
101H 103M
1
I
—
Remington Rand deb 4mb w w.1956 IVI S
Rensselaer A Saratoga 6s gu
1941 IVI N
Republic Steel Corp 4 mb ser A. 1950 M S
Gen mtge 4Mb series B
1961 F A
♦Prior Hen 5s series B
94
9
"85M
70
1997
74 M
103
12M
5
—
1941
92 M
70
104%
48 M
18
103 % 105
44
9
80
*6
Reading Co Jersey Cent coll 4s. 1951
91
74
105
80
80
{♦Providence Sec guar deb 4s..1957 M N
{♦Providence Term 1st 4s
1956 M S
Purity Bakeries s f deb 5s
J
1948 J
71M
103m
103 %
3
13 M
"48M "55"
11
44
6S..1942
1951
73 m
122 v
14
46
*99 M
1st gen 5s series C
91m
103
96
%
99 M
102
111M 113%
111 M 111 M
104
*102%
*102%
Guar 3 Ms trust ctfs D
Guar 4s ser E trust ctfs
98
106M
107%
102
8
108M
99% 103M
99 M 102 %
94M
98
113M 116M
115M 118M
99 M 106 %
100 M 100 M
102
*45
O
12
107 m
108
1955
13
8M
113m
106
Pac RR of Mo 1st ext
g 4s.—-1938
2d ext gold 6s
1938
Pacific Tel A Tel 3Mb ser B_—1966
Ref mtge 3Ms ser C
1966
62
102
—1942 M N
♦Direct mtge 6s
13
1097a» 1077u
«
For footnotes see page 1041.
80
102
161M
A
J
♦Paullsta Ry 1st ref
79
64
102
100 %
100 m
D
J
A
64M
6
14
100
J
1947 IVI
18
6
100 m
Pacific Coast Co 1st g 6s
1946
Pacific Gas A El 4a series G—1964
1st A ref mtge 3Ms ser H—-1961
1st A ref mtge 3 Ms ser I
1966
1944
88M
33
A
J
1968 IVI
76
71
72
J
1945 IVI N
Paducah A 111 1st a f g 4 Ms
1955
Panhandle Eastern Pipe L 4s—1952 IVI
Paramount Broadway Corp—
50
62
108 M
100 m
96 m
Otis Steel 1st mtge A 4Ms——1962 J
53
56
9m
J
1943 F
93%
62%
102
*11
S
-.1946 J
79%
174
S
101M
4s.-.1946 J
conv debentures
Series C 4Mb guar
Series D 4s guar
Series E 3 Mb guar gold
Series F 4s guar gold
♦Rhlne-Westphalla El Pr
J
cons g 6s
1946
Guar stpd cons 6s
1946
Ore-Wash RR A Nav 4s_.
1961
KOslo Gas A El Wka extl 6s.—1963
Parls-orleana RR ext 5 Ms
Parmelee Trans deb 6s
Pat A Passaic G A E cons 6s
83 m
73
J
1943 M
Ore Short Line 1st
f g 3s loan ctfs
65
78%
69%
92
J
1967 M
Paramount Pictures deb 6s
57%
90 %
60
69%
1972 J
g
98 m
102
1965 M N
4s debentures
Ontario Power N F 1st g 6s
Ontario Transmission 1st 6s
con
J
O
63
52
170
.1949 IVI
Gen A ref 4 Ms series A
Gen A ref 4mb series B
64
"83"
80 %
65
.1967 J
{♦Debenture gold 6s
118
70
J
107
53
100 m
103
90 m
60
72
106
{♦Postal Teleg A Cable coll 58.1953
Potomac Elec Pow 1st M 3Ms. 1966
117M 119M
100M 104
1945
j
8M
105
62
*70
F
6
2
37
74
63
D
15
*70
1997 q
2047 q
2047 J
-
72
J
Porto Rlcan Am Ton
118M
*115"
J
gu g
"*6%
105M
104
.1981 J
Pressed Steel Car deb 5s
99%
116M 116M
109 M 112M
55
60
73 M
A
99
117%
100%
101 %
1
11
54%
7%
105%
101 %
89
105M
.1977 J
Plcts C C C A St L 4 Ms A. —-1940 A
Series H 4Ms guar
1942 A
Pitta Y A Ash 1st 48
64%
15
%
*53
118M
116%
109%
95
79M
104% 105m
*
8
IfOhlo Indiana A West 5e_ Apr 1 1938
Q
fOblo Public Service 7s ser B..1947 F
Oklahoma Gas A Eleo 3Ms._—1966 J
3mb
H
80
*
1938 A
Ohio Edison 1st mtge 4s
1st mtge 4s
1st mtge 3MB
s
8
6
98 m
8
2047 J
Connecting Ry 1st 4s
1st M
21
92 %
1974 IVI
.2047 J
Northwestern Teleg 4 Ms ext
Oregon RR A Nav
79
123
"65"
.1974 F
B—
95% 101M
84%
69
S
Phlla Electric 1st A ref 3MB-- .1967 IVI
{♦Phlla A Reading C A I ref 6s .1973 J
♦Conv deb
71
163
*
4s.—, .1943 A1 N
:
B
57
98%
98%
23
75%
98%
1974 IVI
2047 J
Nor Ry of Calif guar g 5s
♦Og A L Cham 1st
♦Stamped
12
20 %
1
9%
7%
♦40 %
coupons. .1945
Ref A Impt 4 Ma aeries A
Ohio
8m
53
April 1 *33 to
Ref A Impt 6s series B
Ref A Impt 6s series C
Ref A Impt 6s series D_
series
109M
88%
117M 120 M
99 H 106
105 M 111%
91
80M
10
155
D
3 Mb deb— .1952 J
Pirelil Co (Italy) oodv 7s—— .1952 IVI N
Pitts Coke A Iron conv 4 Ms A 1952 IVI s
"9
9%
6M
♦{Northern Ohio Ry let guar 6s—
♦Apr 1 1935 A sub coupons. 1945
Oct 1 1937 Incl coupons
North Pacific prior Hen 4s
Gen Hen ry A Id g 3a Jan
conv
103
J
..956 J
.1980 M
1st g 4 Mb series C
Phelps D< dge
95 M
118M
116M
109M
109M
J
35
79
10
14 m
| {♦Norfolk A South let g 5s—1941 M N
Norf A W Ry 1st cons g 4s
1996 O A
.'956 J
88 H
81 M
♦Income 4s
.April 1990 Apr
Peoria A Pekln Un lBt 5 Ms
.1974 F A
Pere Marquette 1st ser A 6s
1st 4f sen * B.
114
108 % 111
97
O
20
22
,
11m
O
|{*Norfolk South 1st A ref 5s.-1961 F
♦Certificates of deposit
S
4s_., .1940 A
4
108
O
.1947 M
cons
{{♦Philippine Ry is. =if 4s— .1937
PlHsbury Flour 1 nib 20-yr 6s. .1943
104m
O
IVI
1950 A
.1943 A
cons 6s
33
45
59
102
108
18m
23 m
104
1943 IVI N
as to sale of
20 m
104
♦Terminal 1st gold 6s
♦Apr 1938 and sub
16
107%
A
♦Stpd
5
19
21
77%
1940 F
North Cent gen A ref 6s
Gen A ref 4 Ms aeries A
15m
15m
16m
16m
19%
17%
98 %
10%
F
16m
107"
"l3%
1961
93
"63"
»«
107%
J
6a stamped
1946
{{♦N Y Westch ABost lst4Msl946 J
Niagara Falls Power 3 Ms
1966 M
84%
110 M
94
109
118
i02M
...
A
N Y Telep 1st A gen a f 4Mb—1939 M N
ref mtge 3Ms ser B
J
..1967 J
N Y Trap Rock 1st 6a
1946 J
D
1952
Genei alS
19
8m
OH
1937 F
North Amer Co deb 6a
80
93
17%
16 %
21%
21%
§♦20 gold 4 Ha
♦General gold 6a
Nord Ry ext sink fund 6 Ms
78
1
~~8%
21M
1950 M N
{♦|N Y Suaq A West 1st ref 5s.1937: J
Nlag Lock A O Pow 1st 6s A—1955
Niagara Share (Mo) deb 6MS--1950
113% 114%
102% 103
32
"oli
J
1951 M N
98
A
101
95
108M 109 M
"4
97
O
185
110M
85 M
98%
Peop Gas LAC 1st
123 %
*94%
1947 M N
1st mtge 5s
1st mtge 5s.
13
16M
If
1951 (VI N
N Y Steam 6s series A
88%
1981
1984
Peoria A Eastern 1st
18
O
IN Y Rys prior lien 6a stamp.. 1958 J
1970
122
21
*6%
A
1968
Debenture g 4Mb
102 % 104 %
103
104
16%
16M
16M
16M
20m
D
N Y A Putnam 1st con gu 4s—1993 A O
N Y Queens El Lt A Pow 3 Ms-,-1965 M N
N Y A Rlchm Gas let 6s A
46
M 104 M
96 H
General 4Mb series D
Gen mtge 4Mb series E
Conv deb3Ma
General g
Ms series C
Genera 4 H' series D
Phlla Co s»'C 6t series A
♦16M
1992 M S
1955 i
.
43 m
81
104 M
97
111
*108%
110%
110M
93 M
92%
1965
Phlla Belt A Wash 1st
♦16
♦Harlem R A Pt Ches 1st 4s. 1954 M N
{♦N Y Ont A West ref
49
77
104
95M
General 4Mb series A
General 5s series B
99
~W%
O
♦1st A ref 4 Ha aer of 1927—1967 J
44
5
High
102
1970 A
1960 F
79%
97%
♦inn
"2l"
♦Collateral trust 6s
1
O
M N
83
♦Hill
J
1948
50m
77%
92%
*
J
1956 1
debenture 6s
12
102 M
*__
1941 M S
{♦N Y A N E (Boat Term) 4s_„1939 A O
pNYNHAH n-c deb 4s
1947 M S
♦Non-conv debenture 3 Ms—1947 M 8
♦Non-conv debenture 3 Mb—1954 A O
♦Conv
109 m
46 %
45
4a
♦Conv debenture 3M»
108
105 m
2
*11111
♦Non-conv debenture 4s
m
78 H
Low
104
101
Gen mtge 3Ms ser C
Consol sinking fund 4Mb
90
No
J
A
1
Jan.
High
78 M
1948 IVI N
4s sterl stpd dollar May 1 1948 M N
104
10
J
Since
Asked
&
♦102M
102
Consol gold 4s
Refunding gold 5s
113m
4 Ha series B
1973 M N
NYLEAW Coal A RR 5MS.1942 NI N
♦NYLEAW Dock A Impt 6sl943 J
J
I
95
123
*102
1965
78 m
83
5
103 %
104
'.
N Y A Harlem gold 3 Ha
2000 M N
N Y Lack A West 4a ser A——1973 M N
♦Non-conv debenture 4s
77
m
♦N Y A Greenwood Lake 5s—1946 fVI N
N Y A Long Branch gen
62
57
3
46
103m
103 %
N Y Gas El Lt H A Pow g 5s_. 1948
43
....
43 m
1966
73
21
106
45
Certificates of deposit
N Y Edison 3M» Ber D
74
"49"
48
45m
50
46
♦106
49
1938
Purchase money gold 4s
66
m
Bid
Low
4Mb series B
--1981
Pennsylvania P A L 1st 4 Ms—1981
Pennsylvania RR cons g 4s
1943
Range
Friday's
Price
Penn-Dlxle Cement 1st 6s A—1941 M S
Penn Glass Sand 1st M 4 Mb.-1960 J
D
Pa Ohio A Det 1st A ref 4 Ms A. 1977 A O
1938
Range or
Sale
IS
12,
Week's
Last
S3
EXCHANGE
STOCK
High
51m
19
78 m
87
1978 M
Oct 1 1938 A
3-year be
4s collateral
58
Y.
Week Ended Feb. 11
85 m
88
3
73 m
N.
N Y Chic A 8t Louis—
Ref 6 His serlee A
Ref 4Ms series C
Feb.
BONDS
Jan. 1
131
79
A
.1974 A
59 m
Range
Asked
Friday's
Bid
Price
N Y Cent A Hud Elver M 3M« .1997 J
.1942 J
Debenture 4a
5
Friday
Range or
|
Rale
Week Ended Feb. 11
Record—Continued—Page
Week's
9M
14
11M
50
67 M
M
9
26 M
30 M
18 M
24 M
15M
2
14M
17
Friday
STOCK
y.
Last
EXCHANGE
Range or
Sale
Friday'8
15
Week Ended Feb. 11
A
Asked
cq<>5
No.
Low
D
Ha-—1947
4H8-1941
J
J
{♦St Paul E Gr Trk 1st 4
F
A
1940
1972
J
J
100 H
100 H
1
100
J
J
116H
116H
5
93
93
*8
24
8
7H
tPacific ext gu 4s (large)
St Paul Un Dep 6s guar
S A A Ar Pass 1st gu g 4s
J
70 %
72
9H
1939 F
102H
♦Det A Chic Ext 1st 58..
♦Des Moines Dlv 1st g 4s
♦Omaha Dlv 1st g 3 Ha
J
109 H
110
108H
108 H
M S
110
110
1946
J
{♦Schulco Co gu jr 6 Ha
s
J
J
f 6 H8 series
1946
B
♦Stamped
1989
({♦Seaboard Air Line 1st g 4a__1950
(♦Gold 4s stamped
1950
♦Adjustment 5s
Oct 1949
I ♦Refunding 4s
1959
Scioto V A N E 1st gu 4s
28H
A
"II
17
23
28 H
2
25
28H
27
27
114
114
O
1945
1933
{♦Seaboard All Fla 6s A ctfa._.1935
MS
6s series A
82
{♦Warren Bros Co deb 6s
1941 IVI
35
35
36%
38
34
79%
43%
Warren RR 1st ref gu g 3
22
5H
4H
S
F A
Q-M
F A
F A
Ha—2000
Washington Cent 1st gold 4s...1948
Wash Term 1st gu 3 Ha
1945
99 H
60
101
63 H
~65H
12
20 H
20 H
72%
72 %
82 H
98
85 H
98 H
8
105%
106 H
45
115H
102 H
115H
2
114
103
7
101% 103%
{♦Western Pac 1st 5s ser A— .1946 IVI
♦6s assented
,1946 IVI
107 H
107 H
8
107
Western Union g
4H
1st 40-year guar 4s
1945
54
64
65H
2
61H
20H
72%
63
79 H
77 H
88
97
99 H
20 H
105H 108
108H
100
92
93 H
89%
1st mtge 3 Ha series I
1951
coll)-.1949
A_—1977
1968
1969
1981
1946
1st mtge pipe line 4 Ha
So Pac coll 4s (Cent Pac
1st 4 Ha (Oregon Lines)
Gold 4 %s
Gold 4 Ha
Gold 4 Ha
10-year secured 3Ha
95
7
52
98 H
69 H
102
60
76
49
63 H
H
48 H
63 H
63
95 H
61H
64
64
66 H
53
57 H
109
57%
53
57 H
155
48
57
A O
D
S
S
N
N
J
53
57 H
154
64
66 H
M
M
M
M
J
57
.
54
100
99
67
83 H
97
104H
80 H
83%
68 H
39 H
55 H
!
107H
101H
4 Ha
1943
deb 6a. 1945
Swift A Co 1st M 3Hs
1950
Tenn Coal Iron A RR gen 5s—1951
Tenn Cop A Chem
Tennessee
8
70
102 H
70
22
14
104 H
"20
101H
86
100
96
65 H
39
62
4
105 H 106 H
119H
5
119H 121H
97
70H
82 H
105H 106 H
6
105H
105H
114"
112H
114
37
111
114
1953
A-—1950
105%
103 H
77
106
83
102
108H
3 Hs
Tex A N O con gold 5a
Texas A Pac 1st gold 6s
1951
1943
2000
105H
105H
105%
Gen A ref 5s series B
1977
1979
1980
79
83
23
78 H
78 H
83
9
83
45
A—1964
*96
1st
cons
1944
gold 6s
Gen refund
s
f g 4s
Texas Corp deb
Gen A ref 5s series C
Gen A ref 5s series D
Tex Pac Mo Pac Ter 6 Ha
77
n
♦Adj Inc 5s
4
77
104 H
ill %'
Inn lien
U1H
78H
78H
88 H
88H
78 H
101
85 H
104
102
J
30 H
29 %
O
7H
6%
30 H
7H
29
J
ioiH
D
55 H
54
55%
97
98
97 %
98
18
70
70
1
1953
*68
D
Tol A Ohio Cent ref A Imp 3Ha 1960
1950 A O
Tol St Louis A West 1st 4a
1942 M S
Tol W V A Ohio 4s ser C
100H
72 H
101
H|
8H
72 %
1952 F
*117%
UJlgawa Elec Power s f 7s
.1945 M
8
Union Electric (Mo) 3Ha
.1962 J
J
3
105"
105H
97
2
96
97
93H
1
93 H
96
74
2
70
80
106 H
19
105
117"
"~7
111 %
June 2008 M 8
1st lien A ref 6s
June 2008 M
110H
111H
49
106H
105%
106H
39
113H
113H
1
.1970 A
94M
11
8
O
M N
"94 H
94
A
O
.1952 A
O
74
.1953 M
8
79
.1944 M
8
106 H
93
92
106
72 H
76 H
108H
J
94
106 H
59
22
59
79
36
108 H
J
M N
110
107H
110
J
105
105
105H
25
20
75
U 8 Rubber 1st A ref 5s ser A.. .1947
107H
25%
29
2
4
2
81
7
118%
105H 108%
108H 114%
104
107%
113
8954
90 H
94%
94%
105 H 106%
69 54
76%
76
81%
108 H 109
27
25
107
111
28H
28H
1
27H
1
41
Utah Power A Light 1st 6s
.1944
82 H
79 H
82 H
103
2754
78 H
79%
30
81%
{♦Util Power A Light 5 Ha
.1947
50
50
50 H
26
50
86%
87%
50%
.1959
50
50
50
32
50
50%
84
82
84
19
81
(♦Vera Crux A P 1st gu 4
(♦July coupon off
♦Vertlentes Sugar 7a ctfs
1st gu 4s
1st cons 5s
A
O
ifo"
F
'89%
90%
92%
1
13%
J
96%
.1947 A
O
82%
.1960 J
J
3Ha
W mston-Salem S B 1st 4s
Certificates of deposit..
(•Sup A Dul dlv A term 1st 4s
"*36
101
*107%
13%
*13%
6%
14%
"13%
J
J
1942
1955
D
1949
2003
1958
Nl
1%
1%
.1961 M N
l"t mtge s f 4s ser C
9%
108
8
41
J
A
O
96% 100%
39
98
97%
97%
the cuTient week
Cash sales transacted during
t
and not included In the yearly
range:
during current week,
Cash sale; only transaction
transaction
a
Deferred delivery sale; only
during
Accrued
during current week,
n Under-the-rule sale; only transaction
x Ex-Interest.
( Negotiability lmpaiied by maturity,
t
week,
current
payable at exchange rate of 44.8484,
1 Bonds called for redemption or nearlng
maturity
In bankruptcy,
receivership, or reorganized under
Act, or securities assumed bv such companies.
Friday's bid and asked price. No sales transacted during current week
Section 77 of the Bankruptcy
♦
Bonds seUing flat.
,
.
Deferred delivery sale*
z
transacted during the current
.
,
_
week and not Included
In the yearly range:
Carriers & Gen. Corp, 5s 1950,
Cologne 6%s 1950,
Feb. 10 at 84.
Feb. 5 at 21%.
Transactions
104.
York Stock Exchange,
the New
at
Daily, Weekly and
Yearly
Feb.
11, 1938
Railroad A
State,
United
Total
Stocks,
^ Week Ended
Miscell.
Municipal A
States
Bond
Number of
Shares
Bonds
For'n Bonds
Bonds
Sales
4,804.000
5.616,000
824,000
387,210
4,895,000
1,001,000
436,000
275,000
395,000
$2,707,000
4,872,000
5,797,000
5,895,000
6,715,000
6,291,000
3,498,641
125,145.000
$4,731,000
$2,401,000
$32,277,000
$123,000
445,690
513,151
Saturday
Monday.
Tuesday
....
$2,090,000
3,444,000
$494,000
877,000
551,000
773,150
747,770
4,296,000
880,000
621,000
655,000
631,670
Thursday
Friday
Total
Week Ended Feb.
Sales at
Jan. 1 to Feb. 11
11
New York Stock
3,498,641
12,869,840
30,820,512
84,488.396
$2,401,000
4,731,000
25,14.5,000
Stocks—No. of shares.
$2,988,000
$21,051,000
29,103,000
$34,283,000
8,631,000
45,574.000
175,383,000
65,982,000
366,120,000
$225,537,000
$466,385,000
Bonds
Government
State and foreign
Railroad and
industrial
$57,193,000'
$32,277,000
Total...
1937
1938
1937
1938
Exchange
Stock and Bond Averages
the daily closing averages of representative
stocks and bonds listed on the New York Stock Exchange
Below
as
are
compiled by Dow, Jones
■
1
1%
4
1%
& Co.:
^
Bonds
Stocks
58%
"16% "19
954
32
108
41%
3
41
3
58 H
61
20
Total
10
First
Second
10
Utili¬
70
Indus¬
Grade
Grade
Utili-
40
Rail¬
trials
Bonds
roads
Rails
ties
trials
Rails
45
100%
58%
20
Indus¬
14
10
30
1%
Date
M N
J
9%
Youngstown Sheet A Tube—
10
J
J
6%
10
*5%
J
13%
13%
*5
{♦WorAConn East lst4%s— .1943 J
109%
15%
14%
13%
8%
6%
109
109%
MN
85
82
83
82%
7%
101*11
96% 100%
97%
96%
18
5
101
6%
101»«
6%
D
.
93
92%
J
7s A 1935 MN
.1938 J
A
J
85
91%
49
92%
M N
J
Ha—1934
Virginia El A Pow 4s ser A
Va Iron Coal A Coke 1st g 5a
Va A Southwest
1955
1957
*105%
"90%
D
86
5s. 1941
90
1942 J
30
28%
81 %
28 %
78 H
Cons a f 4s series B
62%
"62%
75%
64%
62%
58%
105% 105%
108
110%
103 54 105%
30
27H
28 %
Vandalia cons g 4s series A
58%
'
116
♦Sink fund deb 6 Ha aer A... .1947
.1944
Utah Lt A Trac 1st A ref 5s
Vanadium Corp of Am conv
18
{♦WP n.wlre Spencer St't 1st 7s 1935
J
Jtf dep Chase Nat Bank
Wednesday
•Un Steel Works Corp 6 Ha A.. .1951
.1951
♦8ec s f 6 Ha series C
(♦Debenture 5s
22
67
s
18
|{♦United Rys StL lstg4s_... .1934
U 8 Pipe A Fdy conv deb 3 Hs. .1946
J
10854
117
107
117H
107 H
K
1st Hen A ref 4s
.1971
20%
S
—
106
106H
.1952
...
"
74
74
.1945
{(♦Union Elev Ry (Chic) 68—
Union Pac RR 1st A Id gr 4s... .1947
80
93H
Union OH of Calif 6s series A—. .1942
Sts 5s
United Drug Co (Del) 5s
U N J RR A Can gen 4s
70
105 H
96
A
35-year 3 Ha debenture
9
1966
49H
60H
96 H 102
103% 10354
Tyrol Hydro-Elec Pow 7 Ha—
Un Clgar-Whelen
22
,1949
ALE Ry 4s ser D_.
100 H 102
54
*100H
J D
Toronto Ham A Buff 1st g 4s.. 1946
1949 M 8
Trenton GAEllstg5s
J
1953 J
Tri-Cont Corp 5s conv deb A—
1955 M N
United Biscuit of Am deb 6a... .1950
70
21%
64%
34
6H
72 H
62
65
J
34-year 3 Hs deb
59%
WheeUi g Steel 4 Ha series A... .1966 F A
1940 M N
White iew Mach deb 6s
—
1937 J
3 Ha debentures
77
J
•
1952 J
f 7a
64%
2361
...
Registered
Tokyo Elec Light Co Ltd—
sec a
61%
{ Companies reported as being
104H 106 H
f*Thlrd Ave RR 1st g 6s
Guar
72%
61%
8
Interest
81
77
74
Tide Water Asso Oil 3 Ha
1st 6s dollar series
61
Helsingfors 6%s 1960, Feb. 8 at
1960 J
Jan 1960 A
Third Ave Ry 1st ref 4s
68%
66
16
J
r
20
78
75
75
1947
4 Ha.-.1939
Texarkana A FtSgu 5 Ha
20
66%
D
No sales,
98
95
1944
Corp deb 6s ser C
Term Asan of St L 1st g
17
59%
72 H
106%
*95
deb 6s B—1944
Tenn Elec Pow 1st 6s ser A
11
27
100 H
63
119H
J
21
19%
62%
101%
10
105%
M N
18
102 H 105
98
"65"
J
14
14
12H
96
101H
20
♦Certificates of deposit..
107 H 109 H
103 H
101
28
100%
D
J
97 H
80
104
A
D
♦Studebaker Corp conv
97 H
19
19
2361
60
108 H
*12H
1961
Standard Oil N J deb 3s
Staten Island Ry 1st
52
95
"76"
70
108%
64 H
55
I
S
63
45
108%
61%
65%
{♦Wis Cent 50-yr 1st gen 4s.._ .1949 J
42H
102
105
J
conv deb
79 H
"55"
D
N
J
83
47 H
53
51H
54H
65
35
98%
9
62%
♦Westphalia Un El Power 6s.., 1953
Wlunar A Sioux Falls 5s
83
92
49H
52
93
262
69 H
43 H
66 H
42%
73 H
157
84 H
87
106
87%
19%
Wiison A Co 1st M 4s series A. .1955 J
J
1st 4s stamped
J
Southern Ry 1st cons g 6s
J
Devel A gen 4s series A
A
Devel A gen 6s
A
Devel A gen 6 Ha
A
Mem Dlv 1st g 5s
J
St Louis Dlv 1st g 4s
J
East Tenn reor lien g 5s
M
Mobile A Ohio coll tr 4s
1938 M
S-western Bell Tel 3 Ha aer B—1964 J
S'western Gas A Elec 4s ser D..1960 M
♦{Spokane Internet 1st g 5s—1955 J
Staley (A E) Mfg 1st M 4s
1946
—1955
1955
1994
1956
1956
1956
1996
1951
1938
93
33
105
89%
8
1960 IVI
{♦Wilkes-BarreA Eastgu 5s.
So Pac RR 1st ref guar 4s
90%
84
85
"26"
1951
conv
1
88
1950 IVI N
4Ha....
•C lis for col A ref
109% 110%
106% 108
S
25-year gold 6s.
Wheeling
102%
120%
116
"~2
107%
86
O
1943 A
RR L t consol 4s...
62
75 H
71H
*99%
1960 A O
San Fran Term 1st 4s
6
95
88
101
122
109%
109%
107%
'107%
J
1977
1st A ref 5 Ha series A
West Shore 1st 4s guar
Southern Natural Gas—
95 H
J
"40
102%
*118
O
1966 J
.1952
Western Maryland 1st 4s
124
101%
102%
S
J
1961 J
109% 109%
105
105%
121% 123
5
105%
105%
*121 H
30-year 5s
107 H 108 H
91
*109%
J
West N Y A Pa gen gold 4s
120 H
70
~~
*
D
1st mtge 4s ser H
68
*107%
1939, J
West Penn Power 1st 5s ser E..1963 IVI
*98%
*
Westchester Ltg 5s stpd gtd—1950 J
Gen mtge 3Ha
1967IJ
Wash Water Power s f 5s
97 H 100%
90 H
10
104%
71
99 H
89%
103
75
M S
Shlnyetsu El Pow 1st 6 Ha
J D
(♦Siemens A Halske s f 7s
J J
♦Debenture b f6%s__
M S
♦Silesia Elec Corp 6 Ha
F A
Slle8lan-Am Corp coll tr 7a
F A
Simmons Co deb 4s
A O
Skelly Oil deb 4s
19511 J
Socony-Vacuum Oil 3 Ha
1950 A O
South A North Ala RR gu 68—1963 A O
South Bell Tel A Tel 3Ha
1962 A O
Southern Calif Gas 4 Ha
1961 M S
1st mtge A ref 4s
1965 F A
Southern Colo Power 6s A
1947 J
J
Southern Kraft Corp 4 Ha
1946 J D
90 H
22
64
3
23
103
37
5
8
103%
13
11
4
10
9
9H
7H
19H
108 H
93
2
10
8%
34
4H
92 H
10
73%
9H
108 H
31
*20
82
4H
98
11%
"l"6%
*7%
10%
11%
13
67%
4H
106 H
10
72
6s debentures
5
_
4
10 H
8
1
13%
10
78%
Walker (Hiram) GAW deb 4HS-1945 J
Walworth Co 1st M 4s
1955 A
4H
85
10
9%
65%
106
*54 H
9
1
10
A
65H
10
2
67%
8
99
26
10
11
10
1980 AO
A
1951
1952
1935
1951
1946
1941
1962
"IlH
1978 AO
F
Shell Union Oil deb 3 Ha
13
11
11
A
1935 F
♦Series B certificates
69%
s
79%
73 %
6H
16
IVI
S
2
"39
S
O
8H
8%
40
.....
*
IVI
1939 M
4H
5%
30%
14%
51
*25
Warner Bros Plct deb 6s
17H
3H
8
30
94
*27"
D
O
12 H
3
8H
30
*
1955 A
4
33
*16H
67%
35
103 %
8H
7H
9H
26%
105%
45
♦Certificates of deposit
4H
♦Certificates of deposit
8
High
102
14H
14
15H
7
29
♦Certificates of deposit
6H
"sli
51%
Low
10
♦Ref A gen 5s series D
4
A
•♦Alt A Blrm 1st gu 4s
2
A
1976 F
♦Ref A gen 4 Ha series C
15
"15%
O
M S
cons
'11"
14
♦Certificates of deposit
♦1st A
30
*113%
O
24
♦Certificates of deposit
20
20 H
*27
M N
F
17H
124
10
♦Certificates of deposit
♦Ref A gen 5s series B
112%
27
O
A
110
1
20
O
A
81H
69H
109 H 110H
110
108
1
28
*18%
J
A
A
♦Stamped
♦Guar
72
No.
56%
26%
1939
14
M N
High
*
1941
♦Toledo A Chic Dlv g 4s
1941
{♦Wabash Ry ref A gen 5 Ha A. 1975
Jan. 1
105%
"29"
1941
116H 118H
Since
05^
103%
105
1954
29
J
San Diego Consul G A E
Santa
1943
6a..1962
4s—1965
Fe Pres A Phen 1st 6s__1942
J
San Antonio Pub Serv 1st
Is
54%
8
IVI N
♦2d gold 5s
8H
7H
St Paul Minn A Man—
Range
Friday's
A
Asked
Low
IVI
1968
{(♦Wabash RR 1st gold 5s....1939
9H
♦1st Hen g term 4s
{♦St Paul A K C 8h L gu
Bid
Price
Virginian Ry 3Ha series A
98
93
J
93
Sale
EXCHANGE
STOCK
Week Ended Feb. 11
High
Low
4
4s..1968
St Paul A Duluth 1st con g
Y.
N.
Since
Jan. 1
Range or
Last
BONDS
Range
§1
High
Bid
Price
Week's
Friday
Week's
BONDS
N.
1041
New York Bond Record—Concluded—Page 6
146
Volume
109
109%
ties
Stocks
Total
28.96
18.74
40.58
104.81
56.95
102.95
91.14
124.94
99.85
Feb. 11.
29.11
18.85
40.78
90.97
99.69
103.00
104.80
125.54
56.38
Feb. 10.
18.86
40.39
90.41
99.15
55.26
102.73
104.51
Feb.
9.
125.00
28.13
27.88
18.98
40.46
90.24
98.74
102.81
104.54
8.
125.52
54.86
Feb.
27.10
18.58
39.24
89.92
102.68
104.43
121.39
54.11
7.
98.45
Feb.
39.76
104.57
122.88
102.87
5.
98.55
54.17
Feb.
90.04
27.56
18.83
New York Curb
1042
NOTICE—Cash and
Exchange—Weekly and Yearly Record
Feb.
12,
1938
deferred delivery sales are disregarded In the week's
range unless they are the only transactions of the week, and when
selling outside of the
a footnote In the week In which they occur.
No account Is taken of such sales In computing the range for the
year.
regular weekly range are shown In
In the following extensive list
we furnish a complete record of the transactions on the New York Curb
Exchange for the
beginning on Saturday last (Feb. 5, 1938) and ending the present Friday (Feb. 11, 1938).
It is compiled entirely
from the daily reports of the Curb Exchange
itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
Friday
Sales
Last
Week's Range
of Prices
Week
Price
Acme w ire v t o com
Aero
Low
20
25
15
600
3
Invest
Jan
1
400
%
1%
Jan
8%
1%
Jan
100
Jan
2
Jan
45
48
2X
IX
%
9%
15%
%
Jan
Jan
Bowman-BUtmore com...*
Jan
Feb
64
Jan
45
Feb
64%
Jan
2d preferred
100
Brazilian Tr Lt A Pow...*
2%
1%
Jan
Breeze Corp
1%
Feb
Feb
Brewster
%
Feb
%
Feb
9%
Feb
10%
Jan
Bridgeport Machine
Preferred
100
Feb
Jan
Bright Star Elec cl B
80
50
9%
70X
94%
9%
67%
94%
Jan
90
Feb
Feb
94%
Feb
Feb
Jan
Jan
Jan
48
Jan
51
Jan
8%
200
Jan
10%
Jan
2
2X
23%
20%
2%
%
23%
Jan
57
23%
20%
2%
1%
25
100
"23% ~2l"
1%
23 %
110
1X
22X
IX
23%
109% 111
4%
'4~300
Bruce (E L) Co com
Jan
Buckeye Pipe Line
3,100
900
4%
1%
Jan
Jan
12%
Jan
Bunker Hill A SuUivan 2.50
Feb
27%
113%
Jan
Feb
Burco Inc common
*3 convertible pref
5
Jan
Jan
22
109%
100
300
12
150
%
22%
8
'466
%
5%
200
13%
3%
9%
25%
Jan
27%
Jan
11
Jan
13
Jan
Jan
Jan
11%
Jan
Jan
23
Jan
23
Jan
1
Jan
%
22
Jan
26%
Jan
Canadian
Jan
34
Jan
7%
5%
Jan
9%
Jan
Jan
7%
Jan
Carman A Co class A
%
Feb
1%
Jan
Feb
75
14%
200
12X
Jan
18
Jan
Carnegie Metals
Jan
4
Feb
Carolina P A L *7 pref.—*
Feb
2%
Jan
100
3%
1%
3%
Jan
4
3%
Jan
1
com
*6 preferred
li$
Jan
7ie
Feb
Jan
4%
4X
Jan
Catalin Corp of
Jan
5%
9%
98%
2,600
3%
5%
500
Feb
Feb
Jan
Jan
12
Jan
103%
Jan
A^mer
7
68
30
68
Feb
72
Jan
6
4
Feb
68
6
100
6
Jan
7
Jan
*7 dlv preferred
4
2,200
3X
Jan
4
Jan
1st preferred
3%
..
10%
10%
100
X
...
X
IX
7%
3%
21%
1X
1
3,000
,»
1
Jan
Cent Hud G A E com
*
Cent Maine Pw 7% preflOO
1
Jan
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Jan
Jan
Feb
11%
Cent Pow A Lt
7% preflOO
Cent A South West UtU 50c
Cent States Elec com
1
6X
Jan
1%
8%
Jan
ht
Jan
*i«
100
3%
23%
3%
25%
IX
Jan
%
Jan
6% pref without
7% preferred
Feb
4X
Jan
3
40
22
Jan
Jan
Jan
Cherry-Burrell com
Chesebrough Mfg
Jan
Jan
Chic Rivet A Mach
Chief Consol Mining
%
500
X
Jan
1%
7%
200
Jan
200
1%
7%
7
100
7
Jan
20
21
50
20
Feb
21
%
6
300
10
Feb
Feb
Jan
Jan
Jan
Jan
2%
10
15%
86%
83
15%
87
10
1,000
Jan
14%
Feb
19
Jan
82
Feb
93
Jan
2%
3%
7%
1%
2%
Bath Iron Works
Corp
1
Baumann (L) A Co com..*
7%
1%
2%
4%
15%
3,500
3X
13%
Jan
4%
Jan
400
Jan
15%
Jan
8%
1,100
6%
Jan
9%
Jan
1%
200
1X
2%
Jan
1%
2%
Jan
8%
Feb
6
Jan
2%
1.800
"ex "7x
'2:666
Jan
10
8%
Jan
Jan
Jan
100
Beaunlt Mills Inc oom__10
13%
1%
13%
3%
Jan
100
IX
Feb
13%
3%
200
200
12%
3%
Feb
160
160
118X 119%
17%
1
17%
X
17%
1
Feb
6%
com
7%
19
1047.
26%
Jan
Jan
33
Jan
22
Feb
31
Jan
5
Jan
Jan
2%
2%
7%
7%
22
Jan
Jan
Feb
Jan
3%
Jan
Jan
Jan
4%
Jan
8
Feb
39
Jan
21%
200
21%
Jan
98
100
95%
Feb
11%
13
4,700
11%
Feb
Feb
3%
Jan
3%
Jan
Jan
%
Jan
22
Jan
100%
18
Jan
Jan
2%
200
2%
2%
500
2
%
400
5
he
5
100
Jan
Jan
5
Jan
20
Jan
22
Jan
21
Jan
22%
Jan
Jan
4%
3%
Jan
Jan
Jan
Jan
1%
10%
1%
Feb
15
Feb
Feb
3%
20%
Jan
4
3%
1
1%
1%
"l%
15
3%
"l% "i'x
15
15
3%
20
"l%
3%
20
1%
1%
Jan
1
Jan
4,200
"666
100
100
100
10%
%
15
3%
20
500
1%
Jan
Jan
Jan
1%
78
25%
65%
24%
65%
27%
10
5,600
Jan
85
65%
Feb
80
Feb
32
23
5%
"l3
"l3"
""166
"2% "3%
T.Boo
Jan
6%
67%
3%
150
71
3%
300
10%
Jan
15%
24%
Jan
25
2%
Jan
67
3%
Feb
3%
82
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Jan
Feb
4%
18
Jan
22%
Jan
10
62
Feb
69
Jan
12
Jan
12%
Jan
80%
Jan
84
Feb
Jan
90
Jan
62
62
12%
12%
400
"85% "85%
'"""66
1.111"
.....
74
1%
7%
71%
1%
7%
74
5%
100
»18
2,200
2,000
5%
150
1%
%
12
100
12
25
84%
6%
71%
1%
%
4%
12
Jan
Jan
8%
Feb
77%
Jan
Jan
2%
%
Jan
6%
.Jan
Jan
Jan
Jan
Jan
3%
200
Strip Co
Charis Corp
6%
6%
100
5
3%
9
Jan
Feb
50
15
Jan
3%
Feb
5
Feb
Jan
4
Jan
8%
Jan
Jan
6%
Jan
10
7%
Feb
6
20%
Jan
21
Jan
100
Jan
107
Feb
40
Jan
104"
25
4
1
Chllds Co preferred
100
Cities Service common...*
1%
*
Preferred BB
*
Cities Serv P A L *7 pref.*
*6 preferred
1%
7%
Feb
%
Jan
500
1,250
15,400
26
1%
Feb
Feb
700
2%
29%
2%
29%
200
10
23
30%
75
29
27
27
25
4%
1%
*
Jan
26%
30
29
29%
City Auto Stamping
*
City A Suburban Homes.10
Cleveland Elec Ilium
Cleveland Tractor com
300
%
34
1%
"'"266
28
•
Clark Controller Co
1
Claude Neon Lights Inc__l
8%
%
28
*
Preferred B
8
%
34
107*"
1%
30%
4%
4%
2
300
2,600
7%
46%
Jan
Jan
9 %
Jan
uia
Jan
38
Jan
2
Jan
Feb
39%
3%
29%
Feb
Feb
35
Jan
26
Feb
33
Jan
4%
3%
17%
Jan
6
Jan
2%
Jan
Jan
Jan
Jan
Jan
Feb
Jan
1
3%
29%
2%
Jan
Feb
Jan
2%
16
4%
30%
33%
Jan
4%
Jan
5%
Jan
100
3
Feb
Jan
3%
Jan
1%
Cockshutt Plow Co com..*
Cohn A Rosenberger Ino.*
Colon Development ord
1%
Jan
165
Jan
Jan
119%
Feb
15%
X
Jan
Jan
18
*
*
Feb
Jan
1,200
1%
Jan
Jan
1X
%
Jan
Jan
10%
Jan
Columbia OH A Gas
1
Commonwealth A Southern
7%
Feb
8%
Jan
Commonw Dlstribut
Community P A L *6 pref »
Community Pub Service 25
Community Water Serv..l
Conv 5%
900
Feb
11
Feb
8X
3,200
6%
Jan
17%
Jan
9%
21%
Jan
25
Jan
1%
10
Jan
Jan
Jan
6
2%
200
Jan
6%
Jan
2%
Feb
3%
2%
Jan
3%
4%
Feb
5
Jan
Columbia Gas A Elec—
Jan
si«
31
9
6% conv pref
£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms. 25
7%
19
Jan
Jan
450
Feb
11
7%
26%
21%
5
5%
5%
700
58
100
52
Jan
7%
60%
53
58
preferred.. 100
Feb
60
Jan
Jan
Jan
Jan
4%
3%
4%
3,500
3%
Jan
4%
Jan
%
Warrants
7%
Jan
Jan
300
Blrdsboro Steel Foundry A
*
Jan
3
160
pref
21
20%
4%
116
50
Jan
Jan
3
70
2,100
Jan
Club Alum Utensil Co
Jan
30
2,100
*
Jan
8%
'2:260
5
9%
Purchase warrants
27%
Jan
Clinchfield Coal Corp. .100
6
1%
20
1
Feb
300
Centrifugal Pipe
..*
Chamberlln Metal Weather
Preferred
15
"3% "ax
Chicago Flexible Shaft Co 5
X
7
..1
11
Jan
100
5
100
30
1%
15%
%
2%
8%
8%
10%
2%
%
..100
Jan
1X
7%
*
warr
Feb
1,000
Jan
4%
2%
Conv preferred
100
Conv pref opt ser '29.100
700
Jan
2%
2
*
><«
7%
2%
*
Jan
10%
%
Jan
Feb
98
"llX
I
Feb
200
__
Jan
Feb
22
Celanese Corp of America
7% Jst partlc pref
100
Celluloid Corp common. 15
60
600
6%
26%
6%
2%
*
3X
500
•i«
Jan
33
24
*
common
900
1
Carnation Co
1,300
10
*
see page
*
*
7.e
Barium Stainless Steel... 1
Barlow A Seelig Mfg A...6
For footnotes
25c
Class B
3%
Automatic Voting Mach..*
Avery (BF)
6
6% preferred w w
25
Warrants
Axton-Flsher Tobacco—
Blauner's
600
*
3%
Atlantic Coast Fisheries. _»
Atlantic Coast Line Co..50
Bliss (E W) new com
1
Bliss A LaughUn com....6
1
200
"3:966
85
3%
18%
•
Marconi
6ie
*
com
B non-voting
Jan
3%
3%
5%
Option warrants
Assoc Laundries of Amer.*
Machine Co
800
Jan
300
Calamba Sugar Estate..20
Canadian Car A Fdy pfd 25
Canadian Indus Alcohol A*
7IC
Assoc Gas A Elec—
common
<
3%
23
Jan
Feb
26%
Amer dep rets pref she £1
Jan
Jan
4,300
Industries
Berkey A Gay Furniture.
18%
Cables A Wireless Ltd—
18%
14%
Carrier Corp..
*
Carter (J W) Co common. 1
Casco Products
*
Castle (A M) com......10
3%
5%
Arkansas P A L $7 pref...*
Art Metal Works com
6
Ashland OH A Ref Co
1
Bell Tel of Pa
6% % pf. 100
Benson A Hedges com
*
Conv pref
•
Jan
Warrants
Burma Corp Am dep rets..
Burry Biscuit Corp._12%c
Cable Elec Prods v t c....*
3%
10
1
Jan
3%
8%
81
40
•
6%
%
98% 100%
Arkansas Nat Gas com...*
Common class A
*
Bellanca Aircraft com
1
BeU Tel of Canada..... 100
2,300
2,400
84
*
Jan
69
13%
Appalachian El Pow pref.*
JArcturus Radio Tube
1
*1.60 conv pref
Beech Aircraft Corp
Bell Aircraft Corp com
5%
9%
81
26%
*
Capital City Products
Carlb Syndicate
5%
%
Wupperman__l
Apex Elec Mfg Co com...*
Purch warrants for com..
7% preferred
30
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
*5 1st preferred
Jan
2,500
24%
"7% "8%
Angostura
*
Jan
35
Buff Nlag A East Pr pref25
Feb
30
*
Babcock A Wilcox Co
Baldwin Locomotive—
Jan
4
*
Automatic Products
Feb
Jan
24
6
Atlas Corp warrants
Atlas Plywood Corp
Jan
Jan
7%
5%
10%
7%
23
5
20
"l2%
*
V tc common..
2%
12%
Jan
50
23
"l2"
Seal-Kap com
2
Superpower Corp com*
15 preferred
Jan
Feb
5%
Brown Fence A Wire com.l
16
11X
Amer
1
Jan
Jan
Jan
23
Jan
Jan
Feb
*
Jan
Jan
10
1%
10%
*!«
100
27%
10
1
Class B
(Brown Co 6% pref
26%
3%
27%
26%
1%
Feb
4%
%
Jan
100
£1
Feb
2%
Jan
reg-.lOs
19%
200
24%
24
Amer Meter Co
*
Amer Potash A Chemical.*
Common
Amer dep rets reg
British Celanese Ltd—
Jan
500
Feb
X
500
Am dep rets ord bearer£l
28
2%
3%
Jan
21
Feb
23%
Jan
Jan
20%
11%
24%
6% preferred
25
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co
1
Class A
Jan
Jan
Jan
*xi
Jan
5%
4%
84
Class A pref
*
Brown Forman Distillery. 1
*6 preferred
*
Brown Rubber Co com
1
4,700
27%
Amer Laundry Mach_..20
Amer Lt A Trac com
25
7% 1st pref
Jan
Jan
10%
Jan
100
British Amer Tobacco—
"460
12%
1%
67
2%
American General Corp 10c
12 preferred
1
12.60 preferred
1
Amer Hard Rubber Co..50
£1
X
British Amer Oil coupon.
Registered
9%
7%
Jan
400
4
British Col Power class A.*
*
Preferred
7% preferred
100
Brillo Mfg Co common.,
Class A
450
%
*
Preferred
Jan
1,300
21%
Amer Foreign Pow warr..
Amer Fork A Hoe com...*
American Thread pref
Anchor Poet Fence
Jan
Am dep rets ord
1
1st preferred
5X
3,150
8X
*
1
Republics
Jan
Jan
Jan
2%
16%
1%
10X
*
Preferred
106%
15%
Jan
Jan
Feb
10%
3%
90
94%
10c
com
Jan
Jan
15%
10%
""70
9%
10%
5%
4%
8%
9%
"56"
"50"
Class A with warrants 25
common
Jan
Aeronautical.__1
1
x94%
Amer Cyanamld class A. 10
Class B n-v
10
Austin Silver Mines
Jan
86
5
com
Amer deposit rets
14%
Feb
105
15%
90
25
Elec
Jan
70%
2,9.50
,105
"lex
Jan
Feb
Jan
7
Brill Corp class B
Class A
9
5%
3X
X
*
73
Am Cities Power A Lt—
Amer Gas & Elec
3%
500
100
37%
700
1%
39%
100
500
105
American Capital—
Class A common...10c
Class B
Feb
300
High
Jan
he
49%
2%
IX
2%
16%
Jan
200
Low
900
7%
7% 1st preferred—.100
Borne Scrymser Co
25
7% 1st preferred
Range Since Jan. 1,1938
Shares
1%
38
7
Feb
13
80
100
Class A
37%
Blumenthal (8) A Co
*
Bobacfc (H C) Co com...*
7
American Airlines Inc... 10
American Beverage com__l
American Book Co
100
Common class B
•
Feb
53%
2X
IX
X
9%
Aluminium Ltd common.*
$3 preferred
15.60 prior pref..
Amer Centrifugal Corp
1%
*11
Aluminum Industries com*
Amer Box Board Co
1
40%
51%
150
26
6% preferred
Jan
Price
fBotany Consol MUls Co
Bourjols Inc
10
conv com
Jan
Blue Ridge Corp com
*3 opt conv pref
80
43%
*
com
Week
80
40%
61X
*
com
for
of Prices
Low
High
14%
43 %
6% preference
100
Aluminum Goods Mfg.
conv
Jan
IX
*
Aluminium Co common..*
*2.60
4%
32%
Feb
*
$3 conv pref
Allied Products
BIckfords Inc
Feb
6%
Allied Internat Invest com*
Class A
Jan
"166
X
IX
Southern..60
<6 preferred
Associated
17
~~7~X "7%
A lies A Fisher Inc com...*
Am
Feb
500
Gt
American
Feb
700
Warrants
Class A
34
14%
*
Ala Power *7 pref
Alliance
Jan
23
*7 %
Week's Range
Sale
Par
26
3
Last
High
1
3%
common..
Conv preferred
Alabama
Low
1
Alnsworth Mfg common..5
Air Devices Corp com
1
Air Investors
Shares
34
3%
Scues
STOCKS
(Continued)
14%
*
Agfa Ansco Corp com
High
Range Since Jan. 1,1938
34
Supply Mfg class A_*
Class B
Friday
for
Salt
STOCKS
%
%
3,400
%
%
Jan
%
Jan
*21%
'""l25
%
Jan
21
Feb
28
20%
200
19
Jan
21%
%
100
1
*2l"
20
%
%
Feb
Jan
1
Jan
Jan
Jan
Volume
Sales
Friday
STOCKS
Last
Sale
of Prices
Low
High
Par
Price
1,1938
Range Since Jan.
WeeJt'e Range
(Continued)
Cities Service Co.
Week
High
Low
Shares
Common
Compo Shoe Mach—
12%
1946
Consol Biscuit Co
Consol Copper Mines
v
1
6
*
100
1
Consol Mln & Smelt Ltd
Consol Retail Stores
5%
8,500
1,400
%
Feb
70
Jan
Jan
115
Jan
%
Feb
1
Jan
600
%
64%
3
Jan
3%
80
.6
1
Jan
Jan
81%
"loo
1%
Consol Royalty Oil
10
Consol Steel Corp com—*
4%
4%
73
Cont G A E 7% prior pf 100
73
Jan
60 Wall
STOCKS
Last
Week's Range
for
Sale
of Prices
Week
Cont Roll & Steel Fdy
*
6
Jan
8%
Continental Secur com
5
4
Feb
4
Feb
Cook Paint A Varnlsn
*
9
Jan
9%
Jan
HA 2-5383
Par
S3 prior preference
7%
8%
5%
5%
Jan
20%
17
200
Jan
7%
22%
Feb
1%
1%
2%
1%
1,800
2%
1%
20
2%
Jan
Jan
Jan
200
1
S6 preferred A
conv
IX
9X
50
preferred
£1
....
23
*
9%
2%
13%
Jan
Feb
Jan
Fruehauf Trailer Co
12
Jan
12
Jan
6%
1
*
Crown Cent Petrol (Md)*6
1
Jan
Gatineau Power Co
Feb
600
X
5%
Feb
%
Crowley, Mliner A Co
1%
Cuban Tobacco
3
com v t c
9%
5
50
10%
Jan
1%
Jan
he
%
7%
7%
200
Jan
105%
Feb
Jan
Feb
Jan
Feb
10
Detroit Paper Prod
3%
1
20%
Detroit Steel Products..
Jan
Georgia Power S6 pref
55 preferred..
Jan
Jan
21
Jan
Jan
2%
Jan
Jan
7%
Jan
40
3%
Jan
9%
Jan
Feb
Jan
3
3%
300
Jan
Jan
S7 preferred..
Goldfield Consol Mines..
Jan
21%
Jan
Gorham Inc class A.....*
3%
2%
15%
50
14
Feb
16
Jan
3%
Jan
9
Jan
3
100
300
12
100
1%
1%
Jan
Feb
13
Jan
15%
Jan
3%
Jan
Feb
63
Jan
16
Feb
20%
Jan
1
Gulf Oil Corp
25
Gulf States Utll S5.50 pref
Jan
Jan
Hall Lamp Co
1%
Jan
Feb
61
1%
65
Jan
"~5% "~6
Hartford Elec Light
1,300
7%
Jan
3,000
8%
Jan
13%
Jan
Hartman Tobaccd
Jan
26%
300
26
Feb
31
Jan
8
Jan
11
Jan
—*
Ilearn Dept Store com..6
6% preferred
60
Hecla Mining Co
25c
Helena Rubensteln
*
Class A
*
Heller Co com
2
Preferred ww
25
Hewitt Rubber com
5
"466
1%
20
Jan
26
Jan
18
Jan
24
Jan
3
Jan
3%
3%
200
1%
300
6%
7%
43
46%
1
2%
2%
4%
Jan
Jan
14
Jan
Feb
13%
Jan
1
Feb
1%
Jan
19,800
6%
Jan
Jan
Jan
Jan
58
Jan
49%
3
Feb
4
Jan
1
*
Jan
4
Jan
Horn (A C) Co com
100
22%
Feb
35
Jan
Horn A Hard art
3%
1,000
3%
Feb
Jan
1%
IX
68
68
1%
400
5%
68
2%
Jan
Hud Bay Mln A
75%
Jan
Humble Oil A Ref
Jan
Jan
Hussman-Llgonler Co
Feb
§Hylers of Delaware
6
13
Jan
13
1
Jan
22
Jan
24
Jan
31%
1%
1%
1%
1,400
Jan
32%
Jan
1%
37
Jan
Jan
38
Jan
Illinois Iowa Power
28
Jan
36
Jan
6Hi % preferred
28
28
25
28
Feb
30
Jan
32
32
100
9%
10%
400
%
"1#
10%
5,900
800
•i«
*11
%
'ie
1,500
4,600
%
10
1
50
*
-----
11%
'10% "12"
1,800
%
Jan
»xi
Jan
Illinois Zinc
9%
Jan
13
Jan
Jan
31
Jan
%
Jan
Jan
%
Jan
Jan
11%
Jan
Jan
13%
Jan
«n
Jan
*u
6%
10
A.*
Imperial Chem Indust—
Am dep rets ord reg._£l
Imperial Oil (Can) coup..*
Registered —
*
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Jan
32
Jan
19
Feb
23
Jan
5%
2%
19%
Jan
Feb
20%
Jan
2,600
%
Jan
1%
100
8%
Feb
9%
3,300
4%
Feb
6%
Jan
Jan
Jan
49%
Jan
200
25
200
29
Feb
500
200
46
Jan
28
6%
2%
Feb
121
Jan
Feb
119%
33
Jan
Jan
6 %
Jan
Feb
3
Jan
Feb
*n
Jan
37
Feb
41%
Jan
Jan
80
Jan
Jan
81
Jan
300
5,900
Jan
3%
11%
100
Jan
Too
11
Jan
12
Jan
Jan
68
Jan
1%
Feb
1%
Jan
300
1
Jan
1%
%
4%
200
Feb
1%
Jan
Jan
100
%
4%
Feb
6
Jan
200
14%
Feb
5%
Jan
9
Jan
30
7%
3%
7%
Feb
10%
6%
Feb
8%
3%
6%
2,100
100
200
50
20
20
16%
Jan
Jan
Jan
Jan
Jan
Jan
7
Jan
7%
Jan
6%
Feb
Jan
20
Jan
13%
Jan
8
Jan
Jan
37
Jan
""ft"
""I06
9
Feb
12%
Jan
14
2,000
13
Jan
14%
Jan
Jan
14
Jan
Feb
4
Feb
7%
100
6%
4
22%
"16"
22%
"16
300
Jan
'""l65
21%
Jan
24
98%
21%
Jan
100
Jan
10
Jan
11
Jan
24%
23
24%
3,400
22%
Jan
27%
Jan
63
60%
4%
63%
5%
4,900
60
1,300
Feb
66%
Jan
4%
Feb
6%
Jan
Jan
3%
Jan
700
6%
Jan
7%
20%
Jan
20%
Jan
Jan
•
4%
4%
100
4%
Feb
6%
Jan
5
6%
6%
100
6%
Feb
8%
Jan
22%
400
Warehouse Co com...25
21
1
Si.
1
800
%
55
Fire Association (Phila). 10
6%
6%
6%
1,100
5%
58
100
1047.
%
Jan
%
Jan
7
Jan
7%
Jan
7%
Jan
17 %
Jan
5%
Jan
900
4%
1%
Jan
2%
Jan
400
24%
Feb
33%
Jan
4%
Jan
50
1%
25%
24%
"13%
12%
3%
2
25%
3%
13%
4%
500
3
Feb
Jan
12%
Feb
17
Jan
100
4%
Feb
6
Jan
10%
Jan
13%
Jan
48%
4%
200
Jan
49%
Feb
8%
18%
17%
18%
1,600
Feb
8%
Jan
17%
Jan
18%
Jan
17%
Jan
Jan
Feb
14
Jan
Jan
37%
Jan
200
Jan
7%
Jan
10
Feb
13%
Jan
Jan
13
Jan
86%
Feb
88%
Jan
Jan
1%
Jan
1%
18%
14%
36%
6%
1%
17%
14%
800
11%
18%
18%
14%
Jan
1%
Jan
50
7
Feb
8%
Jan
1,550
54
Feb
61%
Jan
300
Industrial Finance—
2%
7%
For footnotes see page
%
8%
6%
*
32
1,200
7%
1
Jan
13%
--Q-
Ireland..£1
10
Indiana Service 6% pf.100
7% preferred
100
Indpls P A L 6% % pref 100
Indian Ter Ilium Oil—
Non-voting class A
*
Class B
*
3%
1
500
Illuminating Shares cl
Federal Compress A
36 preferred
Feb
2
Jan
35
7%
Div arrear ctfs
Jan
3%
Fanny Farmer Candy coml
Flak Rubber Corp
—50
preferred
10%
1
Fldelio Brewery
Co—*
Jan
9
31
Option warrants.
Corp
2%
7% pref stamped
5%
European Electric Corp—
Ferro Enamel
Jan
Feb
1
Common
Jan
25
Fed tiers Mfg Co
»ii
*
28
28
Metallurgical
Jan
1,100
Inc—
32
8% preferred
28
Fansteel
*
100
7% pref unstamped. .100
Hydro Electric Securities. *
Hygrade Food Prod
5
Hygrade Sylvania Corp..*
Empire Gas A Fuel Co—
t
%
he
Jan
'
15
100
3
20
Hummel-Ross Fibre Corp 6
Jan
5%
Empire Dlst El 6% pf.100
100
100
7% preferred
100
8% preferred..
100
Empire Power part stock.*
Emsco Derrick A Equip. .5
Equity Corp com
10c
Smelt—*
Jan
Feb
1%
330
69
7%
3%
6%
5% preferred
100
Hubbell (Harvey) Inc.—5
1
1
1
*
2%
23%
3%
Elec Shovel Coal 34 pref..*
_
93
Holophane Co com
*
Hormel (Geo A) Co com.*
1,600
23%
3%
8%
Hollinger Consol G M—5
Feb
900
40%
46%
2%
10%
55%
Shareholding—
Falstaff Brewing
Jan
30
Heyden Chemical
10
Hoe (R) A Co class A—10
1
*
Falrchlld Aviation
15
200
15
Hazeltlne Corp.
200
43
49%
Jan
18
12%
7%
1%
175
13
1
Jan
3%
125
1
*
3%
*
*
Corp
35
Jan
15%
4%
Hat Corp of
51
Feb
%
Am cl B cornel
Jan
Feb
19%
Option warrants
Ex-Cell-O
Jan
12
1
1
.*
1
Co
26
Elec Bond A Share com..5
7% preferred
29
"T% "i%
49
Economy Grocery Stores.*
Edison Bros Stores
2
Evans Wallower Lead
Jan
100
200
58
225
19
Jan
Jan
39%
37
11%
49%
2%
Esquire-Coronet
Eureka Pipe Line com
Hartford Rayon vtc
Harvard Brewing Co
1%
21%
Jan
6%
2%
49
1%
6%
40
81
39%
*
5
25
1
Haloid Co..
Common
._*
*
*
Jan
Jan
._.*
Gypsum Lime A Alabas..*
Jan
Feb
Iron. 25
Feb
Jan
76
6
56 preferred..
East Gas A Fuel Assoc—
4% % prior preferred .100
6% preferred
100
Feb
78
Guardian Investors
%
11
Jan
5%
1,400
5%
*1*
Jan
16
6%
9%
9%
Elgin Nat Watch Co
28%
2%
67
Jan
10%
Electrol Inc vtc
29
Jan
Feb
10
88
Jan
6%
47%
47
25
Jan
%
9%
Jan
Jan
Jan
119% 119%
100
5%
5%
8%
Electrographlc Corp
5%
Greenfield Tap A Die...
25
8%
ww
8%
*
Non-vot com stook
'"906
5%
Jan
64%
325
Great Atl A Pao Tea—
Jan
%
X
Varnish..
Station .10
61
*
pref
Grand National Films Inc 1
Gray Telep Pay
Jan
11%
13%
100
61
14
15%
55
17%
Jan
1%
16%
16
17%
Jan
Jan
Jan
6%
2
2
Grocery Sts Prod com__25c
1
conv.
66%
%
67
Duval Texas Sulphur
36
300
extend
Vtc agreement
7% 1st preferred
Gt Northern Paper
100
Common
1%
11%
70
47
1%
11%
100
S3 preferred
16
Duro-Test Corp com
Electric
Jan
Jan
Feb
Feb
90%
Jan
Durham Hosiery cl B com*
Class A
'is
'is
40
12%
12
Class B
Jan
3%
3%
11%
Dubiller Condenser Corp.l
Elec P A L 2d pref A
Jan
Jan
31
5%
31
2
100
Elec Power Assoc com
65%
Godchaux Sugars class A.
14
Grand Rapids
10
36 preferred
13%
%
5%
5%
Jan
100
*
35 preferred
1%
11%
Glen Alden Coal
Jan
*
Eisler Electric Corp
Jan
6
55%
Douglas (W L) Shoe Co—
Easy Washing Mach B
Feb
%
40
Jan
100
36 preferred series B
10%
200
7*
Jan
Domln Tar A Chem com.*
J7 preferred series A
Jan
1,100
88
1%
Gilchrist Co
9
1
Eagle Picher Lead
19%
65
*
1%
Dominion Steel A Coal B 25
Driver Harris Co
Feb
I
2%
16
16
Dlvco-Twln Truck com__l
Dominion Textile com
18%
Gladdlng-McBean A Co..
6
Dobeckmun Co com
Jan
100
40
40
Preferred
Jan
£1
Distillers Co Ltd
2%
S3 preferred
300
1,100
Jan
Gorham Mfg Co—
Diamond Shoe Corp com.*
Distilled Liquors Corp
Jan
Jan
Jan
1%
Gilbert (A C) com
Jan
700
21
Jan
9%
79%
100
Gen Water G A E com
800
17%
87
Jan
Rubber—
Jan
12%
10%
10
Preferred
Eastern States Corp
A
Jan
10
De Vllblss Co com
Malleable
Tire
6% preferred A
Jan
2%
Det Mich Stove Co com..1
Eastern
General
Jan
1%
2%
1%
Jan
Jan
pref..
12%
20
1
Jan
Jan
11
1,000
8%
Detroit Gray Iron Fdy
Duke Power Co
conv
%
Detroit Gasket A Mfg...
7% preferred..:
S3
8%
50
6% pref ww
11%
40
*
*
General Telephone com. 20
Jan
40
3
18%
12%
%
18%
........
Jan
ht
6
Preferred
7% preferred
Warrants
Gen Pub Serv $6 pref
Gen Rayon Co A stock
8
2%
16%
Gen Outdoor Adv 6% pflOO
Jan
3%
29%
Feb
18%
12%
'ie
Jan
18
35
...1
Dennlson Mfg 7% pref.100
Derby Oil A Ref Corp com*
8%
Jan
Feb
....
7
Dejay Stores
Draper Corp
$6 preferred
Jan
10%
Jan
5,100
7%
5% % preferred
Amer dep rets ord
1
Jan
9%
*
17
Jan
Jan
General Alloys Co
Gen Electric Co Ltd—
11
lit
5
Davenport Hosiery Mills.*
Dayton Rubber Mfg com.*
Class A
Jan
Jan
102
200
10
Cusl Mexican Mining..60c
Darby Petroleum com
8%
14%
Jan
"50
75%
General Investment com.l
3
200
105% 105%
Jan
Jan
400
Jan
29%
100
6%% preferred
Curtis Mfg Co (Mo)
Jan
100
5% preferred-
5
%
*
Cuneo Press Inc
Jan
7%
5
9
Jan
7
150
10%
3%
2
Jan
Feb
86
reg.£l
Gen Flreprooflng com
*
Jan
Jan
18%
18%
3%
*
com
Jan
17
9%
Jan
Jan
Jan
1
5
"266
1%
25
*
10
Jan
8J
"15% "15%
15
preferred
Jan
1%
800
"x ""x
Drug Co com..25c
Preferred
Crystal Oil Ref com
6% preferred
Jan
Conv
Jan
10
Crown Cork Internat A__»
Crown
16%
300
4
4
27%
8%
%
2,100
%
100
7%
4%
7
•
2
3
Croft Brewing Co..
17%
Gamewell Co $6 conv pf..*
%
22%
Jan
7,800
23%
22%
17%
17%
1
Feb
200
1
5
Crocker Wheeler Elec
800
17
17
1
Common
1%
""200
Creole Petroleum
Jan
5%
Froedtert Grain A Malt—
Jan
-----
Cramp (Wm) A Sons com.l
41%
Jan
Jan
5
72
300
1%
10
Feb
5%
15%
Amer dep rets... 100 frcs
Fox (Peter) Brew Co
Jan
65
1
Courtaulds Ltd
32%
Ford Motor of France—
Jan
3%
Jan
2%
♦
High
Low
1,300
5%
5%
5%
*
Franklin Rayon Corp
Corroon A Reynolds-
Common.
Class B
1,1938
Range Since Jan.
Shares
*
dep rets ord reg_.£l
Ford Motor of Can cl A__*
Jan
Jan
4%
30C
20%
Jan
9%
Jan
6%
900
8X
17
Copper Range Co.
*
Copperweld Steel com.. 10
Cord Corp
6
Cosden Petroleum com
Florida PALI7 pref
Ford Motor Co Ltd—
High
Low
Price
Am
♦
*
*
14 preferred
Cooper Bessemer com
Tioo
"ex ""ox
%
Sales
Friday
Jan
Jan
Jan
%
1
Continental Oil of Mex
Street, New York City
Teletype: N. Y. 1-1943
(Continued)
80
Feb
73
25
1%
5%
Jan
3%
900
4%
WILLIAM P. LEHRER CO., INC.
Jan
Jan
Jan
Jan
Jan
Jan
59
100
8% preferred
6%
Jan
4%
61%
Preferred
and
BO UGHT—SOLD—Q VOTED
Jan
Jan
4%
113%
4%
61X
5
62 X
Consol GELP Bait com
5% pre! class A
Consol Gas Utilities
4%
62%
4
4%
Jan
500
Jan
14
Jan
3%
t c ext to
6%
1043
New York Curb Exchange—Continued—Page 2
146
Jan
Txi
Jan
Jan
60%
Jan
Jan
7%
Jan
Jan
61%
Jan
Britain
and
7
Indiana Pipe Line
V tc common
7% preferred
Insurance Co. of No
10
86%
---1
7
100
Am. 10
57%
55%
7%
10
86%
7
57%
10
50
New York Curb
1044
Friday
STOCKS
Last
(Continued)
Wtek'r Range
Sale
Par
Price
of Prices
High
Low
A stock purch
12 X
100
~~2H
2"700
"T
2X
IX
IX
Jan
17X
2X
Jan
Mountain Producers
Feb
Feb
2X
Jan
20 X
29X
2X
Feb
8X
X
22
Feb
International Petroleum..*
295*
29%
30X
2,600
28 X
29 X
3X
7X
3X
6X
3X
7X
1,100
1,300
2X
5X
Jan
X
Jan
Internat Radio Corp
1
Internat Safety Razor B-*
International Utility
Class A
-*
Class B
*
$3.60 prior pref
8X
•
8X
X
9
9
1
$1.75 Preferred
8
Feb
Jan
Jan
100
25 X
Feb
X
Jan
2%
4
700
"4x ~~4x
'""Io
Interstate Home Equip..1
Interstate Hosiery Mills..*
2H
Interstate Power $7 pref.*
4X
Investors Royalty
1
Iron Fireman Mfg v t O..10
he
14
14
Irving Air Chute
11H
10
25 X
Feb
900
he
Feb
500
3X
3 X
25 X
3X
Jan
ht
100
14X
11H
450
he
Jan
4X
Jan
Jan
28
Jan
9
Jan
*
Jeannette Glass Co
*
1
X
5X
2X
6X
X
700
6H
2H
5,700
Jan
Nat Service
15X
Jan
12
Jan
x
Feb
Jan
Feb
Jersey Central Pow A Lt—
5M%
preferred
100
6% preferred
100
7% preferred
100
Jonas A Naumburg—2.50
Breweries
Jan
Jan
2X
400
2x
Jan
3
Jan
34X
1,300
Jan
Jan
10
Jan
X
100
Jan
30
2X
4X
4
"is"
15
15
100
7
7
2%
4X
l.X
1%
Feb
Jan
Jan
37 x
Jan
New Mex A Ariz Land
Jan
30
Jan
2x
3x
ix
Jan
Jan
Newmont Mining Corp. 10
N Y Auction Co com
•
N
Jan
3x
4x
Feb
Jan
ix
Jan
15
Jan
6
Feb
15x
9
101
102 x
Jan
12x
Feb
12 x
100
9x
43 x
55 x
9x
100
7X
Jan
43 x
58 x
30
43 x
Feb
43 x
Feb
8,600
51x
Jan
58 x
Feb
New York Transit Co
5
N Y Water Serv 0% pf.100
57
2X
*
Leonard OU Develop...25
Le Tourneau (R G) Inc.. 1
Line Material Co...
•
Lion Oil Refining
•
Upton (Thos J) cl A
1
0% preferred
25
500
Feb
3x
Jan
Feb
85 x
1
Jan
Common
Jan
Jan
300
12x
Feb
13x
Jan
5
4,800
3x
Jan
6% 1st pref
6% 2d preferred
5% 2d pref cl B
he
2x
80
5
20
19x
13
Feb
68
65
2
"58X
55
Jan
Feb
Jan
Jan
52 x
Feb
02
Jan
Feb
102
Jan
Feb
10
Jan
2X
60
4x
2,250
1,200
60
2,600
54
ix
Jan
Jan
72 x
2x
29
72
Jan
Jan
2
Jan
Jan
24 X
8
Jan
29
30
300
9
9
200
99X 100
50
97
Jan
92
20
91
Feb
7
Jan
4
"99X
Jan
15
15X
40
15
Jan
7
7X
72X
4,100
91
91
15X
Jan
Jan
25x
Jan
Jan
13
Feb
25
Jan
Niles-Bement Pond..
Jan
Nineteen Hundred Corp B1
Nlpisslng Mines
5
2
2
3X
3X
IX
200
Jan
2x
Class A opt warr
Class B opt warr
Class B
X
200
IX
300
5
5X
600
89 x
Jan
Tix "35'x
5
common
Class A pref
*800
31
Jan
2
900
2
Jan
4X
500
3x
Jan
IX
500
IX
100
*
Jan
10x
Jan
10x
Jan
Noma Electric
Jan
9x
Jan
x
Feb
Jan
IX
1%
2,200
ix
Jan
ix
Jan
40
36 x
30 x
Jan
42
Feb
34 x
4x
Jan
Nor Amer Lt A Pow—
Jan
39
37 X
39
2\X
31X
2
2
8X
8X
50
200
Jan
2,900
Jan
2
Jan
2x
Jan
8x
Jan
9x
Jan
x
8X
Jan
33
x
Feb
38
Jan
Jan
Jan
ix
Jan
3
Jan
3x
Jan
45
Feb
7x
20
45
Jan
7x
Jan
4x
20
Feb
7x
Feb
Jan
ix
6X
7
1,100
Jan
2x
Jan
6x
Feb
7x
Jan
Jan
16x
Jan
14
47
2%
2%
11
100
Feb
47x
Feb
Jan
2x
9x
Feb
Memphis Nat Gas oom...6
Memphis P A L $7 pref..*
Feb
4
Jan
4
4
107 x
300
3x
Jan
4x
Jan
9X
3X
2X
2X
300
18
18
Feb
100
43
"~X ~"~X
3X
3X
"loo
160
3x
12
X
10
11
X
nx
21X
31X
X
lix
100
Jan
Jan
0% 1st preferred
Oils toe ks Ltd com
X
x
108
Jan
Jan
Overseas Securities
Jan
4x
Jan
x
Jan
Jan
50
Jan
pref
Pacific P A L 7% pref-.100
53
5
Feb
29x
Feb
Pacific Public Service
*
$1.30 1st preferred....*
Paclflo Tin spec stock
*
7
'*16
Jan
x
Jan
5x
8x
x
3x
Jan
100
6
Feb
7
•u
io
Jan
*16
300
x
Jan
Pan-Amer Airways
Pantepec OU of Venez
400
3x
Jan
2x
Feb
he
Jan
"u
Jan
Jan
4%
Jan
Peninsular Telp
Preferred
12X
100
75X
25
IX
7X
IX
7%
700
500
.
4
Feb
Jan
13x
Feb
14
Jan
73
Feb
80 x
Jan
Parkersburg Rig A Reel._l
24X
24%
50
75
75
10
7X
4X
1X
IX
29 X
700
Jan
28 X
Jan
Jan
"*50
102
53
53
4X
20
51
5
700
Jan
Jan
4x
Jan
Jan
29
200
24 x
Jan
15
15 X
1,600
14x
Feb
ex
18,500
5x
Jan
Jan
sx
Jan
ix
7x
Jan
Jan
9
Jan
Jan
2x
Feb
Pennroad Corp v t c
Pa Pr A Lt $7 pref.......*
$0 preferred
Penn Salt Mfg Co
50
Jan
24x
Feb
27
Jan
75
Feb
75
Feb
Jan
107
Jan
7X
5
$5 preferred
Penn Gas A Elec cl A
Penn Mex Fuel Co
PeppereU Mfg Co.
100
700
2X
3,000
IX
100
134X
100
$
Jan
8
Jan
Feb
5X
Jan
134
30
30
50
24X
24X
25
IX
IX
Jan
2X
Jan
Feb
2
Jan
Jan
5X
Jan
131
Jan
29 X
22
145
140
Jan
Jan
30 X
Jan
Jan
25X
Jan
Jan
145
Jan
iex
14X
16X
Jan
*24*"
""*50
14x
Jan
21
*24*
3,400
Jan
22
Jan
Perfect Circle Co
Jan
8
Jan
110
100
Jan
5
Montana Dakota Utll._. 10
page 1047.
Jan
3x
Pa Water A Power Co
100
Jan
Jan
21
ix
Voehrlnger
•
29X
com
7
104
Miss River Power pref.100
Missouri Pub Servcom...*
124X
*400
Class B
2
Mining Corp of Canada
1
Jan
21x
14x
Patchogue-PlymouthMllls*
Pender (D) Grocery A..-*
8x
4X
2X
250
Penn Edison Co—
$2.80 preferred
400
75X
2.50
26
10
1,200
12X
Minnesota Mining A Mfg. *
Minnesota P A L 7% pf 100
Jan
8
4
ex
Parker Pen Co
3x
X
4
7%
Jan
Jan
29
15X
.1
Jan
3x
*16
*
200
Paramount Motors Corp.l
2X
•
Midland Oil conv pref
Midland Steel Products—
$2 non-cum dlv shs
•
Feb
110x
17x
...6
Jan
2X
2%
9
102X 102 X
Jan
Jan
20
27 x
29X
5X% 1st preferred... 25
Pacific Ltg $0 pref
*
Feb
Jan
Jan
108
Jan
X
ix
x
Jan
91
100
Jan
Jan
X
31
100
6
x
x
4
125
92
3
29 x
1,300
Jan
2
10
3,700
Jan
108
"2*X "*2*X
100
X
21x
*
1,900
4x
100
Pacific Can Co com
*
Pacific G A E 0% 1st pf.25
X
4
Jan
Feb
91
ix
X
4%
n*
100
29x
♦
Jan
100
9x
ix
Jan
9x
188 X
29 x
IX
300
108
8X
24X
Oldetyme Distillers......l
Jan
300
94 x
50
Jan
2x
Feb
5
19
4x
Jan
Feb
21X
31X
111X 111X
com. 15
55
Feb
X
71x
5x
100
Oklahoma Nat Gas
$3 preferred
conv
Jan
92
*
Ohio OU 0% pref
100
Ohio Power 0% pref... 100
Ohio P S 7% 1st pref...100
0%
Jan
62 x
cl A.. 100
Ohio Brass Co cl B com
Ohio Edison $6 pref.
Jan
x
3x
200
"16
Jan
44
♦
18
18
71X
5X
Jan
x
6X% A preferred... 100
*
Jan
X
17x
3x
Participating preferred.*
1
Feb
16
71X
5X
55
Mercantile Stores com...*
Merchants A Mfg cl A...1
1
35
400
Northwest Engineering. _*
Novadel-Agene Corp....*
95 x
Mid-West Abrasive..
50c
Midwest Oil Co
10
Midwest Piping A Sup.,
500
18X
Nor Ind Pub Ser 0% pf. 100
7% preferred
100
Northern Pipe Line..... 10
Jan
50
•
35X
17X
INor Texas Elec 0% pf. 100
1,000
Michigan Bumper Corp.,1
Michigan Gas A OU
I
Michigan Steel Tube..2 60
Michigan Sugar Co......*
35
18
Nor Cent Texas OU
...5
Nor European Oil com
1
com
Jan
35
0% prior preferred
50
No Am Utility Securities.*
Jan
98
Mesabl Iron Co
__i
Metal Textile
Corp com..*
1
$0 preferred
*
North Amer Rayon cl A._*
Class B com
*
Nor Sts Pow
ix
100
97
Merritt Chapman A Scott *
Warrants
...1
Common
IX
97
oom.
Jan
Niagara Share—
7x
♦
Co
Jan
Feb
X
IX
....
7x
Dredging...*
;
7
100
Jan
13
250
71x
61
18x
10 x
23x
~2l" "5",700
.
Partlc preferred
Mexico-Ohio Oil
71X
Jan
1
Mead Johnson A Co
7
Jan
Jan
Jan
Jan
Feb
2
Jan
7,800
2,200
May Hosiery Mills Ino—
$4 preferred w w
,* *
McCord Rad A Mfg B_._*
For footnotes »ee
Feb
35
87
I'll
8
Massey Harris common..*
Master Electric Co
J
Moore Corp Ltd com
Class A 7% pref
110
100
17x
20x
*
Montreal Lt Ht A Pow.
Moody Investors pref
10
500
5X
70 X
Feb
*
Marlon Steam Shovel
Mass Utll Assoc v t c
A
42 X
5X
Feb
ix
8x
100
Monroe Loan Soc A
110
150
x
Communication ord regll
Margay Oil Corp
*
Montgomery Ward
Jan
Feb
52 X
14x
8%
100
Molybdenum Corp
Monogram Pictures
X
52 X
900
7X
*
$6 conv preferred
Marconi Intl Marine—
Jud.
Common
Jan
IX
1,200
6X
52 X
400
Lynch Corp common
6
Majestic Radio A Tel
1
Mangel Stores
.....1
Mock.
Feb
1,900
5
100
7X
Loudon Packing
*
Louisiana Land A Ezplor.l
Lucky Tiger Comb G M.10
Mid vale
""loo
100
1
Common
t c
Jan
Jan
1
.........10
»
Lockheed Aircraft
Lone Star Gas Corp
v
Jan
16X
X
41X
X
Long Island Ltg—
Preferred
Middle States Petrol—
Class A v t o
800
2X
110
15X
..5
7% preferred
6% pref class B
Jan
Feb
13X
19
15
»
com
Jan
x
3x
»ie
11
N Y Shipbuilding Corp—
Founders shares
13
13
4%
11x
""loo
.....
.....*
Lehigh Coal A Nav
2 X
2x
T
1
Locke Steel Chain
Feb
Niagara Hudson Power—
Lefcourt Realty oom
Preferred
Feb
3X
3X
8X
N Y A Honduras Rosarlo 10
Feb
Jan
Jan
City Omnibus—
N. Y. Merchandise
10
N Y Pr A Lt 7% pref.. 100
$0 preferred
*
Jan
Jan
Jan
45
200
1,300
Warrants
Jan
10x
2X
X
1
12x
Lakey Foundry A Mach..l
Lane Bryant 7% pref..100
Class B
Y
25
Jan
Jan
Jan
iox
17X
"~8X ~~8X
*
10
Lackawanna RR (N J). 100
Lake Shores Mines Ltd
1
McWilliams
6% preferred
100
New England Tel A Tel 100
X
7,200
1,500
1,000
13
Nelson (Herman) Corp ..6
Neptune Meter class A...*
New Engl Pow Assoc
31
500
2X
Jan
Feb
7X
41X
New Haven Clock Co
New Jersey Zinc
1
1,100
2X
4X
1st preferred
25 x
32
49
2X
2X
*
..1
Kreuger Brewing Co
Lit Brothers
6x
11x
6
50
100
Kress (S H) A Co
Jan
Jan
Jan
100
*
com
Koppers Co 0% pref
x
21x
6%
10 a
X
32
1
Kobacker Stores
10 X
43
Jan
600
Jan
Jan
Jan
Jan
Nebraska Pow 7% pref.100
Nehl Corp common
*
73
108
45
17
8X
85
t*
33
600
2X
Feb
Jan
100
8X
12X
IX
*
Feb
Feb
33
7X
12X
1
70
5
600
2*166
Feb
35
12.50
81x
5X
Feb
500
common
National Transit
90
6%
io x
49
Nat Union Radio Corp
Navarro Oil Co.
20
30
5X
"~4~X
Nat'l Tunnel A Mines
72
21x
1
Klrkl'd Lake G M Co Ltd. 1
Klein (D Emll) Co com..*
Knott Corp common
1
66
Jan
7X
9X
1,100
2X
Jan
81X
1
Klrby Petroleum
Jan
107
Kings Co Ltg 7% pref B10U
6% preferred D
100
Kingston Products
66
Jan
Jan
Feb
18
Jan
70
Jones A Laughlln Steel. 100
Kingsbury
25
8X
10X
33
8X
Jan
81M
2K
20 X
Kansas G A E 7% pref.100
Keith(G E)7% 1st pref.100
Kennedy's Inc.
6
Ken-Rad Tube A Lamp A *
66
66
1,300
4X
Jan
X
7X
3x
7X
9X
X
Conv part preferred
National Steel Car Ltd
*
National Sugar Refining..
National Tea 6X % pref-10
5
5X
4X
5X
X
X
Jan
2x
400
National P A L $6 pref...*
National Refining Co
25
Nat Rubber Mach
*
Jan
teta...20 Lire
Italian Superpower A
Jacobs (F L) Co
4*300
5
Nat Mfg A Stores com—*
National OU Products
4
Jan
X
Feb
"ex "ex
m*
National City Lines com.l
$3 conv pref
50
National Container (Del)-l
National Fuel Gas
..*
6X
Isotta Franschinl Co—
Amer dep
2X
1
J an
T«
13 X
500
4
Feb
Jan
6X
Jan
High
IX
5
Nat Auto Fibre
1
Low
800
iMountainSts Tel APower.*
States Tel 100
fountain
com
Range Since Jan. 1,1938
Shares
IX
National Baking Co com.l
Nat Bellas Hess com
1
9
High
IX
"ex
10
Jan
9X
25X
IX
Feb
Feb
2%
Low
8X
Jan
Feb
»ie
Price
Murray Ohio Mfg Co
*
Muskegon Piston Ring.2 X
Nachman-Sprlngfllled
*
Jan
8X
2,500
25X
Vitamin...1
1
Jan
Jan
Jan
100
Warrants series of 1940—
International
100
Par
Jan
2X
*
Week
Moore (Tom) Distillery..1
Mtge Bk of Col Am shs...
Mountain City Cop com 5c
Internat'l Paper A Pow war
Registered
International Products
for
of Prices
Jan
12
warr
Week's Range
Sale
High
Jan
IX
12 X
Last
Jan
19
12, 1938
Sales
STOCKS
(Continued)
Low
Internat Holding A Inv
50
Feb.
Friday
Range Since Jan. 1,1938
for
Week
Shares
International Cigar Mack •
Internat Hydro-Eleo—
Pre! $3.50 series
Exchange—Continued—Page 3
Sales
Feb
8
Feb
8X
200
2X
87 X
5,600
200
86
81X
20
79
Jan
..1
...1
2X
2X
87 X
81X
2x
Jan
Jan
136
140
50
131
Feb
*
67
68
200
67
Feb
100
60
70X
325
60 x
Feb
X
109 x
Week'e Range
for
{Continued)
Sale
of Prices
Low
High
WeeI
Price
Shares
1123*
275
U2H H3
1125*
3154
3134
50
3X
3X
200
33*
Jan
Pierce Governor com
Wlnterfront
Pines
Pioneer Gold Mines
1,100
23*
Jan
50
175*
Jan
Jan
Jan
13*
Jan
33*
Jan
900
534
Jan
Jan
6 34
Jan
Jan
Pltney-Bowes Postage
—*
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co "
554
55*
5X
1
13*
Jan
234
334
13*
4 3*
*ii
Jan
5X
200
554
91X
200
9134
Feb
225*
23X
12
14
Jan
29
1654
Jan
1033*
283*
273*
125
133*
225
89
963*
50
94
137
1383*
50
9
93*
175
3*
100
9 3*
X
Reed Roller Bit Co
*
•
Reevee (Daniel) com
Feb
400
19
Jan
22
Jan
983*
Feb
995*
Jan
193*
20
*
Jan
15*
Jan
200
34
Jan
134
Jan
534
Jan
83*
Jan
T,900
1
...»
*u
634% preferred
34
Jan
3*
Jan
Stroock (S) A Co
X
23*
500
1
700
43*
200
500
2
Russeks Fifth Ave
#n
Jan
Swiss Am Elec pref
Taggart Corp
534
Jan
Jan
Jan
Jan
Jan
Technicolor Inc common.*
"l73*
1
534
134
23*
Jan
963*
Feb
Texas P A L 7%
96
200
*953*
200
13
Jan
1334
Jan
Texon Oil A Land Co
734
Jan
Thew Shovel Co com
6
Tllo Roofing Inc
Jan
|134
Feb
400
3
Jan
334
Jan
Tobacco Prod
85*
100
83*
Feb
954
Jan
54
Jan
403*
250
Jan
83*
700
373*
33*
200
1
13*
2,500
77
773*
175
75*
373*
354
33*
IX
"X
3*
3*
50
Feb
49
Jan
634
Jan
6
Jan
734
Feb
39
93*
Jan
Jan
38
Feb
33*
Jan
4
Jan
1
Feb
13*
36
763*
500
34
Feb
Jan
23*
23*
200
123*
"600
Jan
Feb
254
*i»
Jan
Jan
434
633*
33*
Jan
Jan
Jan
23*
Jan
Feb
15
Jan
Jan
293*
Jan
Jan
113
Jan
1
Jan
*
73*
Jan
United
Feb
134
Feb
13*
Jan
Jan
Shawlnlgan Wat A Pow..*
Sherwin-Williams com..25
Sts—lOo
13*
Jan
Un Clgar-Whelen
Jan
434
Jan
United
50
1534
Feb
Jan
United Gas Corp com
1
1,300
34
Feb
13*
Jan
200
63*
Jan
854
55
Jan
583*
Jan
5834
Jan
Jan
Jan
17
1st
3*
7
1
$7 pref non-voting.*
100
1%
Feb
154
Feb
Jan
•11
Jan
A.*
»
$0 1st preferred
*
United Milk Products...*
$3 preferred
._....*
5
Jan
United
Jan
254
Jan
Jan
103*
Jan
20
563*
Jan
20
Jan
IVs
lVs
400
•n
*i»
100
43*
43*
43*
100
2
83*
900
"83*
13*
73*
3*
434
13*
2,200
654
"86"
Jan
5% cum pref ser AAA 100
"883*
2.7 50
81
Jan
90
Jan
1083* 1083*
"883*
10
107
Jan
110
Jan
554
Jan
63*
2,100
34
Jan
25
63*
7
Jan
Feb
Slmmons-Broadman Pub—
.*
Simmons Hard're A Paint *
2
1
100
238
4
23*
700
43*
238
13*
Jan
1,500
4
Feb
20
224
Jan
234
554
243
Singer Mfg Co Ltd—
53*
dep rec ord reg.£l
1047.
53*
Am
400
43*
Jan
63*
Jan
Jan
Jan
Jan
Jan
Feb
11
Jan
103
Feb
1163*
Jan
4
2654
34
534
Feb
2934
Jan
134
Jan
Feb
534
Jan
634
5*
15*
Jan
Jan
Jan
Jan
Jan
Jan
21
55*
Jan
Jan
48
Jan
975*
Feb
102
Jan
4
Jan
454
Jan
123*
93*
Jan
Feb
1034
900
934
Feb
93*
1,000
73*
Feb
33*
334
600
25*
Jan
354
Jan
Jan
Jan
10
Jan
1634
134
51
75
443*
Jan
54
Jan
9434
30
92
Jan
9534
Jan
Jan
99
103
Jan
Jan
>16
*18
100
*!•
Jan
'h
Jan
5*
34
200
5*
Jan
134
Jan
25*
534
234
700
Jan
334
65*
2,800
234
534
654
Feb
754
200
»i«
Jan
34
Jan
Jan
Jan
73*
Jan
1154
Jan
Jan
35
Jan
ni,
"834'
1,200
8
9
234
234
634
25
134
1434
100
100
1234
133*
600
754
83*
1,000
334
Jan
Feb
Jan
734
234
Jan
Jan
Jan
25*
Jan
134
1334
Jan
134
Jan
Jan
15
Jan
534
134
1434
Jan
134
200
254
634
23*
63*
100
Jan
Jan
Jan
Jan
10
Jan
634
143*
1234
54
"334"
7
Feb
3
Jan
4
Jan
34
Feb
34
Feb
Jan
"u
Jan
54
1,600
34
he
Feb
5*
Jan
"sk "434
"9",000
334
Jan
53*
Jan
•1.
95
953*
34
200
94
Jan
34
500
1
Jan
Feb
70
100
13*
77
Jan
Jan
Jan
2",800
234
Jan
354
Jan
Jan
4
"2:566
Feb
34
2654
Jan
"l754 "l9X
434
165*
193*
193*
50
1734
Jan
1934
Jan
63*
Jan
034
Jan
Jan
230
Jan
3*
34
200
X
Feb
1
Jan
634
434
734
9,800
23*
Jan
734
Feb
23*
6934
13*
683*
23*
703*
40
5,800
350
13*
683*
Jan
Feb
150
39
Jan
43*
434
400
45*
Feb
534
53*
300
5
Feb
234
"19""
193*
"2k "254
reg—
A...1
1
United Shoe Mach com.25
Preferred
.-—25
United Specialties com... 1
U S Foil Co class B
~
363*
Jan
93
228
Preferred..
...
Jan
134
Canal 100
United Profit Sharing
*
United Shipyards cl
33*
1634
Molasses Co—
dep rets ord
Jan
503*
United N J RR A
Class B
34
com
United Lt A Pow com
Common class B
Feb
234
3434
1534
"33*
Option warrants
United G A E 7% pref. 100
153*
Corp warrants
Jan
1334
734
--
Jan
Shreveport El Dorado Pipe
For footnotes see page
Warrants
Jan
Feb
400
United Chemicals com—
563*
1
Mining..5
300
434
434
"i03*
Aircraft Transport
Jan
ht
Selfridge Prov Stores—
Severeky Aircraft Corp
9
200
Sts.l
Union Premier Foods
7
153*
563*
£1
1
Jan
300
com.
1
4,500
Allotment certificates...
Seton Leather com
Investment
23*
13*
3
»i«
25
7
""70
preferred
Ulen A Co 73*% pref—.25
6% preferred
2
Unexcelled Mfg Co
.10
Union Gas of Canada....*
200
1
3
7
12
'"973* "9934
Tung-Sol Lamp Works... 1
183*
Selected Industries Inc—
5
Feb
48
$3 cum A part pref
"153*
Jan
934
6,400
1,500
Class A
Jan
•
Convertible Stock
Tublze Chatlllon Corp.._l
134
5
900
X
*
Common
1
10
Common
Trans western Oil Co
113*
1634
1
154
34
13*
100
7% preferred A
Union
Warrants
1
Selberllng Rubber com...*
Selby Shoe Co
•
Jan
125
Trans Lux Plct Screen—
Jan
113
*
*
Segal Lock A H'ware
53*
Tonopah Belmont Devel.l
Jan
92
2434
113*
•
Water Service pref
Jan
134
183*
34
80c dlv
Manufacturing..25
Scran ton Elec $t) pref
Scranton Spring Brook
854
400
27
13*
Tonopah Mining of Nev.l
134
113*
Jan
4,900
Am dep rets def reg
Jan
•
*
Jan
734
Am dep rets ord
Tri-Contlnental warrants..
3,300
3
49
33*
33*
5
Schlff Co
Jan
354
400
434
17
reg___£l
£1
Todd Shipyards Corp
*
Toledo Edison 0% pref. 100
1
»i»
Savoy Oil Co
434
Jan
Tobacco Securities Trust—
40
Samson United Corp com.l
Securities Corp general
Seeman Bros Inc
1
Exports...*
""266
33*
83*
*
*
Ryerson A Haynes com_.l
Safety Car Heat A Lt
*
St. Anthony Gold Mines. 1
St. Lawrence Corp Ltd...*
$2 conv pref A
50
St Regis Paper com......5
7% preferred
100
""34
2
Jan
Jan
Feb
100
109
434
2634
pref—.100
33*
1
103
434
Tenn El Pow 7% 1st pf.100
Ti»
Jan
Feb
""lX "lX
pref
Scullln Steel Co com
Mines
13
*955*
Ryan Consol Petrol
common
100
1
Tampa Electric Co com..*
Tastyeast Inc class A...1
Taylor Distilling Co
1
75*
300
334
1134
23*
com
Jan
Feb
254
50
pref
29
Jan
25
$3.30 class A particlpat.*
Swan Finch Oil Corp
15
Feb
3*
700
234
com
conv
Jan
11
1
534 %
454
43*
»
Teck-Hughes
X
54
•
Rustless Iron A Steel
Sunray Drug Co
Jan
Feb
1334
Jan
Feb
154
13*
73*
154
934
834
934
Jan
23*
3*
45*
43*
...
123*
100
Superior Ptld Cement B__*
Jan
Feb
23*
Machinery
6
*
*
434
Jan
500
434
254
73*
154
934
834
254
254
Jan
34
934
200
434
434
434
554
1,400
Feb
Jan
55*
283*
Jan
Feb
Jan
28
Jan
Jan
233*
10
Jan
33*
*
Sunray Oil
200
3
354
1,100
20
Feb
234
Jan
Jan
254
60
preferred
preferred
Jan
Jan
Jan
934
115*
5,400
434
2J4
434
Sterchl Bros Stores ..._..*
Feb
100
•ll
Jan
234
100
Sterling Aluminum Prod.l
Sterling Brewers Inc
1
Sterling Inc
1
Jan
14
Feb
734
Stein (A) A Co common..*
54
Feb
Jan
734
1
13*
13*
1
Stetson (J B) Co com
Stinnes (Hugo) Corp
1,500
1
4 5*
20
7
Works com...20
1383*
*
Amer
Jan
100
7
100
6
Royal Typewriter
Simplicity Pattern com
Jan
18
Wholesale Phosp
Jan
233*
13
Rossla International
Singer Mfg Co
Jan
143*
Jan
7
Standard
Feb
234
334
is
5
_.l
Conv pref
14
Jan
1,400
9
23*
43*
93*
5
Rome Cable Corp com
Sllex Co
Jan
Jan
3*
137
33*
Roeser A Pendleton Inc..*
Line stamped
1934
17
•w
1st
*
reg
Jan
Jan
11
3*
2d
233*
Relter-FosterfOU new.-50c
Reliance Elec A Engln'g .5
Reybarn Co Inc
1
Reynolds Investing
1
Rice 8tlx Dry Goods
*
Richmond Radiator
1
Rio Grande Valley Gas CoVoting trust ctfs..
1
Rochester GAE6%pf D100
Sentry Safety Control
18
12
1
Jan
Jan
105*
Jan
Jan
900
Jan
1,350
14
12
54
900
734
73*
34
Jan
Jan
1754
654
7
Feb
Jan
134
18
654
10034
34
Jan
45*
Jan
400
1
Jan
10
3*
Jan
1934
Standard Products Co
Feb
400
X
23*
$5.50 prior stock
100
43*
16
25
Standard Pow A Lt.
Common class B
Jan
163*
Jan
Jan
3*
10
preferred
Sullivan
•
50c
pref
Oil
3*
*
Common
3*
434
134
43*
♦
*
1734
Feb
Raymond Concrete Pile—
Shattuck Denn
Jan
Jan
Jan
*
Class B
rts
223*
654
•
Amer dep
Feb
634
Class A..
8covlll
Jan
21
West Pa Pipe Line..50
1734
Jan
33
Jan
12
X
Sanford Mills
3834
Standard Sliver Lead
Jan
29
13J*
Railway A Utll Invest A..1
Rainbow Luminous Prod—
conv
Jan
Preferred
94
Ry. & Light Secur com...*
$2.50
373*
63*
373*
Starrett (The) Corp vto.l
2854
Manufacturing..10
Quaker Oats com
*
0% preferred
100
conv
Jan
1,000
63*
3754
Standard
Jan
Pyrene
$1.20
734
1934
Jan
Puget Sound Pulp & Tim
Roosevelt Field Inc
Jan
A Acid
1354
Root Petroleum Co.
634
preferred
10
Standard Dredging Corp—
$1.00 conv preferred..20
Standard Invest $53* pref*
Jan
Jan
89
$0 preferred
com
Red Bank Oil Co
Jan
63*
38
100
Standard Steel Spring....6
Standard Tube clB
1
*
Raytheon Mfg
2 34
19
fPub Utll Secur $7 pt pf..*
preferred
Jan
Jan
Standard OH (Ohio) com 25
1033*
Puget Sound P & L— •
conv
Feb
654
234
Jan
98
1134
7% prior lien pref... 100
13
14034
Jan
800
(Ky)
Standard Oil (Neb)
22
50
350
100
preferred
Feb
43*
254
5%
Public Service of Okla—
<5
14034
234
Conv
com..*
60
Common
Jan
100
preferred
Jan
Jan
734
634
Jan
Colorado-
Pub Serv of Nor 111
263*
Standard Brewing Co
Standard Cap A Seal com.l
Jan
63*
913*
1334
Jan
Jan
Feb
800
273*
243*
2754
253*
Am dep rets ord bearer £1
Jan
18
Jan
Jan
5X
*
*
100
2534
Spencer Shoe Corp
Stahl-Meyer Inc com
Jan
Jan
34
534
200
834
Feb
16
200
7
$0 preferred
*
Public Service of Indiana—
7% 1st pref
Jan
1,800
634
2754
253*
Jan
Spanish A Gen Corp—
Am dep rets ord reg__£l
Jan
14
50
16
16
Jan
2754
25
So
143*
3*
354
1,000
2X
363*
Jan
2134
300
2
Jan
Southland Royalty Co
5
South Penn Oil
...25
193*
1
1434
Jan
3554
Southern Union Gas
Jan
400
1434
23*
30
South New Engl Tel...100
Southern Pipe Line
10
Jan
Jan
Jan
Jan
Jan
Feb
7J*
23*
2X
4
400
7%
Jan
13*
Jan
Jan
Feb
Jan
Feb
13*
"ioo
2X
3X
334
363*
2754
Southern Colo Pow cl A.25
Jan
90
Feb
80
1,700
82
80
80 34
"~8X ~~8X
Public Service of
73*
73*
25c
Potrero Sugar com
5
Powdrell A Alexander
6
Power Corp of Canada—*
Pratt A Lambert Co
*
Premier Gold Mining
1
Pressed Metals of Amer..*
Producers Corp
1
Prosperity Co class B—
Providence Gas
*
Prudential Investors
*
16 preferred
934
6234
Jan
56
Co
17 prior pref
Jan
63*
1,000
8
7
8
Plough Inc
Polaris Mining
Jan
1734
7,500
"~2~X "T~
Ltd-.l
Jan
Jan
Jan
534% prefserlesC
Jan
21
23*
113*
.....
Meter
Feb
334
South Coast Corp com
Jan
Jan
1,100
14 %
134
363*
Jan
1
13X
14
2 34
1
1
33*
3
19
Jan
Feb
5
154
800
Southern Calif Edison—
19
234
1
10
*
1
A
Conv pref series
Jan
234
134
300
234
13*
254
5% original preferred .25
6% preferred B
25
Boss Mfg com
4
Jan
High
88
Jan
65*
334
Feb
313*
Phoenix Securities—
Common
Feb
113
Low
Shares
88
City Q AE 7% pf 100
Solar Mfg Co..
...__l
Sonotone Corp
1
Jan
73*
Jan
31
Range Since Jan. 1,1938
for
Week
of Prices
High
Low
Price
Sioux
43*
Feb
Jan
Feb
63*
Philadelphia Co com
Par
High
35*
100
3X
3X
1
*
Phlla Eiec Co $5 pref
•
Phila Elec Pow 8% pref.25
Phillips Packing Co
*
Rubber
Sale
{Continued)
Low
Week's Range
Last
stocks
1,1938
Range Since Jan.
Last
Par
Sales
Friday
Sales
Friday
stocks
Pilaris Tire A
1045
New York Curb Exchange—Continued—Page 4
146
Volume
393*
53*
Jan
25*
Feb
7734
423*
Jan
Feb
65*
634
Jan
Jan
New York Curb
1046
Friday
STOCKS
Sales
Week's Range
iMSt
(Concluded)
Sale
Par
of Prices
High
Price
Jj)w
U 8 and Int'l Securities.
Va.
let pref with warr
U 8 Lines pref
U 8 Playing Card
U 8 Radiator
10
22
1
com
'134
134
100
22
134
22
50
Wall
Paper
300
M
*ii
1,900
1,000
"334
5
134
3634
Jan
8
Jan
Jan
34
134
34
»n
400
234
234
36
15
Va Pub 8erv 7%
pref.. 100
Vogt Manufacturing
Waco Aircraft Co
*
Wagner Baking vtc
*
334
Jan
Jan
2
Jan
Jan
Jan
Jan
4034
Jan
Jan
16
Jan
234
400
134
7234
Jan
1,700
3
Jan
Feb
134
7734
72
934
934
934
Jan
Jan
Feb
334
1134
Jan
Jan
Jan
83
Jan
7
Jan
83
7
•
Feb
634
634
500
300
634
Jan
234
600
534
234
Feb
234
Feb
334
334
100
3
Jan
234
434
Jan
600
Jan
634
Jan
El Paso Elec 5s A
634
Jan
Jan
8
Jan
9
9
75
Jan
Jan
2134
Jan
234
500
"hx
"366
9
Feb
69
Feb
234
734
Jan
Jan
534
Feb
Gary Electric
334
Jan
434
Jan
Jan
34
Jan
34
Feb
Jan
Jan
Jan
1
Jan
8
Jan
10
Jan
934
Jan
6534
Feb
234
Jan
434
Jan
6
1634
934
6534
934
6634
100
"534 "534
'300
6534
'"534
1
634
634
Woolworth (F W) Ltd—
Amer dep rets..
..6c
6% preferred
£1
Wright Hargreaves Ltd..*
Yukon Gold Co
Feb
734
134
6
834
134
20
100
10,100
Jan
Jan
734
134
300
Jan
1634
Jan
Dairy 6s
1942
Alabama Power Co—
1st A ref 6s
1946
1st A ref 6s
1961
1st A ref 6s
9034
8034
1st A ref 6s
1967
69
Aluminium Ltd debt 6sl948
Amer G A El debt 5s..2028
Am Pow A Lt deb
6s..2016
Amer Radiator
434s—1947
Amer Seating 6s
stp—1946
Appalachian El Pr 68.1956
Appalachian Power 6s. 1941
Debenture 6s
2024
Ark-Loulslana Gas 4a.1951
Arkansas Pr A Lt 6s_. 1956
Associated Elec 4348—1953
Associated Gas A El Co—
Conv deb 534s_
Conv deb 434s C
1938
10634
10534
10834
10034
9234
3734
"2534
2934
1965
'~32~"
834
Feb
Jan
89
Jan
99
Jan
79
Jan
92
Jan
78
Jan
5,000
73
Jan
9134
8634
Jan
36,000
65
Jan
81
Jan
3,000
71,000
51,000
8,000
2,000
10634
10634
Feb
Feb
67
Feb
105
Feb
79
Jan
10734
10834
81
10534
90
Jan
Jan
Jan
Jan
Jan
Jan
60,000
10434
Jan
5,000
10634
Jan
42,000
54,000
81,000
10834
Feb
112
Jan
99?4
Jan
10134
Feb
86
Jan
9534
4134
Jan
10534
10734
Jan
Jan
mm'mmmm
22
Jan
27
Jan
23,000
2234
Jan
29
Jan
634s series
10,000
16,000
2634
Jan
3434
Jan
Jan
33
Jan
8234
Feb
1,000
30
Jan
3634
Jan
21,000
46
Jan
53
Feb
47
43
48
28,000
42
Feb
48
Feb
7,000
72
1st M 5s series A
1955
11234
1st M 5s series B...1957
5s series C
I960
95
Jan
♦Indianapolis Gas
9934
Feb
Ind'polls P L 5s
Bethlehem Steel 6s
1998
Birmingham Elec 434s 1968
Birmingham Gas 5s
1969
Broad River Pow 5s..1954
Canada Northern Pr 5s.'63
♦Canadian Pac Ry 6s. 1942
Carolina Pr A Lt 5s
1956
Cedar Rapids M A P 6s '63
Central III Public Service—
6s series E
80
10334
10634
8334
11334
4348 series
80
Jan
105
95
8234
8734
36
3534
4134
1961
Chicago A Illinois Midland
Ry 434s A
1966
3434 3534
4134 4234
10534 106
{10534 108
{9134
Chic Jet Ry A Union Stock
Yards 5s
..1940
4434
83
90
1955
1047.
83
9134
10334
Jan
Jan
10834
Jan
Feb
98
Jan
8,000
11334
Feb
115
Jan
9534
Feb
10134
1952
Isotta Fraschtnl
Italian
7s... 1942
Superpower 6s. 1963
Jan
Stamped
88
Feb
93
Jan
9534
8934
Feb
9934
Jan
5s series B
Feb
9134
Jan
434b series C
9334
Jan
95
Feb
1961
66 34
Jan
7034
Jan
8234
Feb
90
Jan
3434
Kansas Power 6s
Feb
41
Jan
3434
Kentucky
Feb
41
Jan
46,000
3934
Jan
4634
Jan
3,000
105 34
Jan
106
Jan
10534
Jan
10734
Jan
92
Jan
95
10434
8434
10634
Jan
5234
Jan
4334
Feb
83
Feb
87
Jan
89
Jan
9134
Feb
--««.
Jan
7834
Jan
Jan
56
Feb
10234
Feb
105
Jan
64
Feb
103
Jan
Jan
10334
Feb
Jan
10234
7134
10534
10534
Jan
103
Jan
95
Jan
-
634b series D
534s series P..
8434
8734
Jan
83
Jan
89
Jan
35,000
8,000
mmmmmm
10334
Feb
104 34
Jan
10134
Jan
10134
Feb
10134
10134
Jan
67
Feb
73
1969
Jan
Jan
84
80
Feb
8734
6934
67
Jan
74
Jan
76
75
Jan
76
Feb
11,000
7,000
72 34
1,000
81
103,000
58
3,000
3334
10,000
6534
33,000
5834
3334
9134
18,000
72
Feb
Jan
78
Jan
7834
Jan
8834
Jan
58
Feb
68
Jan
33.34
Feb
3334
Feb
62
Feb
7134
56 34
90
Jan
63
Jan
Jan
9254
Jan
Jan
10734
107
Jan
Jan
65
60
Jan
65
Jan
59
53
Jan
56
Jan
35
9,000
80
8,000
2 1 34
2,000
8434
33
Jan
3734
10634
8534
Jan
10534
Jan
7634
Jan
4,000
2134
8334
Feb
88
Jan
4,000
103
10134
Feb
103
Jan
9834
Feb
9934
Feb
Jan
10434
Feb
------
1,000
5834
7,000
5834
10834 109
9634
4,000
93 34
91
8834
8634
8534
76
7434
2,000
9634
9134
8734
76
8534
{88
72
84,000
37,000
48,000
29,000
8534
2,000
Jan
Jan
10334
Feb
57
Feb
57
Feb
10734
9334
8834
8434
7434
78
m
mm'm
11134
•
_
"5134
{10734
18,000
mm
78
mm
mm
2,000
6,000
21,000
Jan
Jan
Feb
Feb
100
Jan
Jan
9434
Jan
Jan
9134
8534
Jan
Feb
Jan
Jan
10534 10534
107k"
89
Jan
Feb
91
Jan
7134
Feb
78
Jan
10834
Jan
-78
Feb
Jan
111
Jan
51
Jan
50
Feb
5,000
35,000
{56
57
{54
62
{54
60
10734 10734
49 34
Jan
10534
Jan
5234
Jan
10834
81
10734
11134
Jan
Jan
Jan
Jan
58
Jan
58
Jan
6434
10634
Jan
Jan
Jan
Jan
57
Jan
5634
60 34
57
Jan
57
1,000
63,000
107
Jan
3934
Feb
48
23,000
23
Feb
2834
Jan
65
Feb
73
Jan
61
Feb
93
Feb
6934
9834
9634
Jan
mm
61
6434
17,000
21,000
93
93 34
10,000
{9334
{10634
9434
10834
Jan
Jan
Jan
Jan
Jan
9434
10634
Jan
Jan
10634
Jan
1,000
9834
Jan
10234
Jan
3,000
5834
Jan
_
fl9934 a9934
60
62 34
110
12,000
53
I6S34
60
63
Feb
Jan
10734
—
11134 11134
5134
53
5134
52 34
53
83
2134
8834
90
75
{109
m
60
63
Jan
80
7834
80
5,000
78
Jan
80
Feb
4534
4034
4534
48,000
39
Jan
4534
Feb
32
32
Feb
3634
Jan
3434
32,000
10334 10434
10034 10134
26,000
9834
9834
{11434 117
I6l"
11,000
9934
74
1955
58 series
Feb
Jan
Jan
10,000
57
1947
1961
Jan
8034
70
57
08.2022
...
Jan
95
79
mmmmm'm
9934
73
50,000
75
6,000
Utilities Co—
1st mtge 5sser H
Jan
11,000
26,000
81
1948
9134
{80
74
7234
18,000
92
2,000
8334
■
■
_
13,000
74
Jan
Feb
Y
{9834 100
10434 10434
{17
25
1947
72,000
14,000
31,000
10634
105
2 1 34
Kansas Elec Pow
3348.1906
Kansas Gas A Elec
8,000
12,000
1,000
5,000
4,000
5,000
11,000
100
62
Jersey Central Pow A Lt—
I
90
73
22,000
10334
8334
34
15,000
2o",66o
6534
10334
10434
10434
{94
8234
8034
60
5334
{50
55
10234 104
Jacksonville Gas 5s... 1942
20,000
93
10634 10634
4434 1/4734
Jan
8134
3,000
4,000
Jan
6434
18,000
13,000
70
Jan
10234
Jan
102
Iowa-Neb LAP 5s... 1957
70
10434
Jan
84
6834
58 series B...
1901
Iowa Pow A Lt
434s.. 1958
Iowa Pub Serv 5s
1957
Isarco Hydro Elec 7s.
34 34
70
Jan
101
65
Jan
Jan
104
6834
Jan
103
Jan
2,000
1958
F
Feb
41,000
67
10634
14,000
44,000
104
10234
8934
7434
7734
1956
D
67
8734
5s series
Feb
87
35
see page
Jan
132
64,000
20,000
102
4034
2434
85
Cent 8tates Elec 6s
For footnotes
12134
Jan
3,000
Jan
23
Jan
8934
9334
Feb
7134
40
Jan
Cent (>hlo Lt A Pr 68—1950
Cent Power 5s ser D..1957
Cent Pow A Lt 1st 58.1956
6s series B
Jan
130
17,000
Jan
Feb
24
5534
9734
8834
9734
8934
Jan
4034
82
96 34
|*Chlc Rys 5s ctfs
1927
Cincinnati St Ry 534 s A '52
Feb
3,000
88
6s series B
Jan
12234
3,000
9634
Cent States PAL
5348 '63
Chic Dlst Elec Gen
434s'70
11434
Jan
30,000
8834
1981
1948
Jan
11934
12034
82
1968
1954
Interstate Power 5s... 1957
Debenture 6s
1952
Interstate Public Service—
11234
6,000
83
ser F.1967
ex-warrants
1951
66
103
10334
10534 10634
8134 8334
11334 11434
Jan
134
7934
10834
Jan
{20
1952
55,000
Jan
Jan
Jan
79
1957
7s series F
International Salt 5s..
83
9534
,.
A. 1957
65
9534
434 b series H
1963
7s series E
Jan
10534
10234
34
5s A 1952
ser
80
1956
6s series G
1st lien A ref 5s
International Power Sec—
034 s series C
1955
7334
Jan
Jan
34
{107
1957
1950
Jan
mmmmmm
-
35
1957
Indiana Service 5s
8034
Feb
Jan
Jan
{56
1958
60
Jan
6134
9634
10334
10934
Jan
{58
1953
Feb
112 34 11234
120
12034
{12034 121
{12034 12134
m'mm
—
Indiana Gen Serv 5s.
1948
Indiana Hydro Elec 5s
Feb
66,000
Feb
Feb
Jan
5434
Jan
{57
9034
9034
{107
-
1947
9234
70
-
34
1951
9734
94
9334
9934
10834
10334
10034
Corp—
2,000
Jan
Jan
134
_
6534
C...1956
B
18,000
84
6134
Electric
92 34
{89
6834
ser
534s—.May
9934
177
-
Indiana A Mich Elec
5s.'55
Works—
♦Convertible 6s
1950
Telep of Canada—
Bell
Indiana
50
5
58
.
B.1954
5s series C
26
ser
6s series A
26
32
1947
534b
27
Jan
4
58
warrants. 1943
1st A ref 5s
8f deb
Jan
100
Jan
72 34
80
1949
111 Northern Utll
5s... 1957
30
Jan
103
Jan
Feb
80
111 Pow A Lt 1st 6s
ser A '53
1st A ref
Jan
Jan
Jan
Feb
"72
6s series B
Feb
Feb
96
134
7534
♦Hungarian Ital Bk 734s'63
Hygrade Food 6s A...1949
3234
6534
10134
Jan
334
69
Houston Lt A Pow
334s.*66
62
Jan
434
.Y.Y.
Heller (W E) 4s w
W..1946
Houston Gulf Gas 6s..1943
33,000
6534
8034
Feb
1,000
{6534
{75
♦Hamburg El Underground
A St Ry
5348
1938
26,000
75 34
—
Print 6s stpd
1947
♦Hamburg Elec 7s...1935
6348 with
Feb
60
6,000
m m w -
Had
5,000
$3,000
53
7334
92 34
9834
a.
A West 6s.'58
30,000
32
58 with warrants
1947
5s without warrants.
534s
Guantanamo
8234
29
-
m
„
Guardian Investors 5s. 1948
Hackensack Water 6s. 1977
4834
4^8.1955
434 s
Jan
12034
27,000
8634
10334 10334
10134
10134 10154
{10134 10134
Gobel (Adolf)
434s... 1941
Grand Trunk West 4s.
1950
102
Jan
Jan
4 34
84
Glen Alden Coal 4s...
1965
234
Jan
m
81
Gen Wat Wks A El
5s. 1943
Georgia Power ref 5s.. 1967
Georgia Pow A Lt 6s.. 1978
♦Gesfurel 6s
'....1953
Jan
51
Atlantic City Elec
334s '64
Avery A Sons (B F)—
1st A ref
88
10434 10434
10634 10634
10834 10934
10034 101.34
92 34
8934
33
3734
27
Assoc T A Tdeb 5Kb.A'55
Atlanta Gas Lt
Locoro
10534
12534
2334
2834
1949
Baldwin
105
7734
1948
1973
6934
8234
1950
Conv deb
434s
68
7034
10634 10634
106 34 107
88
Conv deb 434s
Conv deb 534s
1977
Assoc Gas A Elec
Corp—
Conv deb 5s
1973
74
79
67
69
Conv deb 5s
Debenture 5s
9034
8034
7934
73
1968
1st A ref 434s
9034
7934
102
m
«
Gt Nor Pow 5s
stpd.,1950
Grocery Store Prod 6s. 1945
1102 34 10434
1956
j
10434
Utll 634s A. 1956
♦General Rayon 6s A. 1948
Jan
BONDS
Abbott's
10534
10634
12234
134
64
Gen Pub
Jan
Jan
Jan
88
mmm
'164"
Deb gold 6s. June 15 1941
Deb 6s series B
1941
Feb
334
734
634
Jan
62,000
1,000
7634
General Bronze 6s
1940
General Pub Serv 6s.. 1953
Jan
Feb
A Gas—
Jan
934
6634
9734
3,000
17,000
28,000
334
1
7434
76
10734 10834
6034
6434
89
Gatlneau Power 1st 5s. 1956
•
*
1
mmm
6s ex-warr
stamped. 1944
34
234
9
7034
Jan
Jan
4
104
Residential Mtge
Banks 6s-5s stpd...l961
Firestone Cot Mills 5s. 1948
Jan
"5"
*
10834
6334
Firestone Tire A Rub 5s '42
First Bohemian Glass 7s
*57
Florida Power 4s ser C 1966
Florida Power A Lt 6s. 1954
1
Williams Oll-O-Mat Ht..*
IWll-low Cafeterias Ino-.l
109
Finland
100
234
mm
7534
Erie Lighting 5s
1967
Federal Water Serv
634 s '64
Jan
2134
West Texas UtlJ$0 pref.-*
West Va Coal A Coke
*
wmm m
1953
8
Westmoreland Coal Co.-.*
Woodley Petroleum
A
67
134
1950
65
com
Wisconsin PAL 7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com....2
6340 series
87
104
Jan
334
Empire Dlst El 5s
1952
Empire Oil A Ref 534b. 1942
Ercole Marelll Elec
Mfg—
Jan
Jan
Feb
4 34
Aug 1 1952
Jan
Ry—
7% 1st preferred
100
Western Tob A Stat—
Conv preferred..
Wilson-Jones Co
Wilson Products Inc
434
♦Deb 7s
Feb
Jan
10334
lo'ooo
10434 105
10234 10234
10234
Jan
6
634
534
10434
1950
Jan
534
234
Western Air Express
1
Western Grocery Co...20
Weyenberg Shoe Mfg
Williams (R C) A Co
5s 1st series B
Detroit Internat Bridge—
♦634s
Aug 1 1952
♦Certificates of deposit
Jan
70
8.000
109
Feb
5534
5534
5934
9434
—
9934
10234
10534
63
109
Jan
Feb
Feb
103
6534
6834 100,000
10134 10134
4,000
{9634
98
{5034
52
9334
9334
36,000
9934 100
26,000
"9334
Jan
47
'
Denver Gas A Elec 68.1949
Det City Gas 6s ser A. 1947
34
Jan
62
6734
Cudahy Packing 3248-1955
Delaware El Pow 634S.1959
134
7
100
200
1
62
Jan
47
9,000
{10634 107
12034 12134
Cuban Telephone 734s 1941
Cuban Tobacco 5s
1944
Jan
Jan
Va.
13/H
5
A stamped... 1943
ser
Jan
6334
6034
5634
Feb
100
21,000
7,000
10434 10534
"121" 34'
1954
Jan
X
Bros-Brower..l
105
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
Edison El 111 (Bost) 334 s '65
Elec Power A
Light 5s. 2030
Elmlra Wat Lt A RR 5s '56
13i
34
134
634
634
10334
64
9634
9634
9734
{12654 130
6134
Cont'l Gas A El 5s... 1958
Crucible Steel 5s..„.1940
Jan
134
...1
1.26
6s
103
1939
Gen mtge 434s
Consol Gas Utll Co—
Jan
Jan
9
200
Waltt A Bond class A...*
Vot tr ctfs
Jan
634
234
(The) Co common.*
Wayne Knitting Mills
Jan
334
134
10
100
Wellington Oil Co.
Jan
_
"l03
(Balt> 334s ser N... 1971
Consol Gas (Bait City)—
Jan
34
234
*ji
1334
200
334
134
7234
44
26
76
1434
Jan
234
1734
234
200
35
Venezuela Mex Oil Co..10
Venezuelan Petroleum...1
Western Maryland
Jan
Jan
Jan
15
1
Wentworth Mfg
Jan
134
4334
Feb
34
28,000
50,000
31,000
12,000
31,000
87
Conn Light A Pow 7s A.'51
Consol Gas El Lt A Power-
134
10134
86
Jan
3634
Jan
49
334
75
99
4934
Jan
"BOO
Jan
Feb
4834
Community Pr A Lt 6s.'57
Community P 8 5s... 1960
3734
56
9434
48
Jan
"134 "lYs
IVs
Feb
42,000
4834
Jan
Feb
52
9 6 34
100
100
49
134
Jan
Feb
5348-1949
♦Gommerz A Prlvat 6348'37
Com'wealth Subsld 634■ '48
7
Jan
5034
5134
53
5334 168,000
46,000
5434
5434
25,000
Cities Serv PAL 5348-1952
234
Jan
Feb
Jan
34
Jan
134
$6 conv pref
6
Van Norman Mach Tool. 5
Welsbaum
1943
Jan
134
3434
100
Class B
Walker Mining Co
6s
Jan
300
common.. 1
preferred
Line
High
55
94 34
Debenture 5s.
..1969
Cities Service Gas 634«-'42
Service
Gas
Pipe
5s
134
5434
9634
Low
8.000
Cities
134
300
5034
5234
1958
134
200
5434
Range Since Jan. 1, 1938
i
56
"53 k
2
"800
134
3534
55
1950
Jan
1938
Week
Higf
Jan
Jan
4
134
3434
34 34
preferred.......7
preferred
Jan
Jan
for
of Prices
Low
1966
7
2
Y
6
*
Vale par Corp com
Wabl
Jan
4
Utility Equities Corp
*
Priority stock
Utility A Ind Corp com...6
7%
Jan
Feb
434
334
34
8
—
7%
Feb
Jan
134
234
Jan
134
Feb
Universal Pictures com..
lUtll Pow A Lt
Class B
Debenture 5s
200
134
1
U tab-Idaho Sugar
Utah Pow A Lt *7 pref.
Utah Radio Products...
Conv
Jan
400
•u
1H
2
10
Universal Corp v t o
Universal Insurance
134
2234
334
*
United
Jan
234
34
Verde Exten..-60c
Universal Consol Oil--
56
Jan
49
200
Cities
Service 5s
Conv deb 6s
Jan
Week's Ra„gi
Sale
Price
Jan
34
12,
Bales
Last
High
234
*
United
BONDS
(Continued)
Low
334
U 8 Rubber Reclaiming.-*
U 8 Stores Corp com
*
$7 conv 1st pref...
United Stores v t c
Range Since Jan. 1, 1938
200
134
22
3H
for
Week
56
Feb.
PridOi
Shares
%
56
*
Exchange—Continued—Page 5
\
10334
10034
97 34
11434
9934
Feb
106
Jan
Feb
10534
Jan
Jan
Jan
99
Jan
Jan
11434
10134
73
Jan
8034
9134
Feb
97
Jan
82
Jan
90
Jan
7134
Jan
79
Jan
Jan
Jan
Jan
Volume
New York Curb
146
Friday
BONDS
Week's Range
Last
Sale
(Continued)
Pow 3%s '66
95%
Lehigh Pow Secur 68.-2026
7%s—1946
Lexington Utilities 6s. 1952
Llbby McN A Llbby 6e *42
Long Island Ltg. 6s—1945
97
*23
""94"
94
103%
103
96%
------
Louisiana Pow A Lt 5s 1957
101%
93
Jan
95%
7,000
Feb
95%
103
97%
94
27,000
22,000
102%
91
20,000
84,000
101%
Jan
Jan
Jan
Feb
97%
103%
98
104%
Jan
Jan
Jan
Feb
Jan
Jan
J22
4%s.l952
Marlon Res Pow
98%
McCord Rad A Mfg 6s '43
80
*75
105
Feb
83
Jan
69
1,000
69
Feb
81
Jan
89
9,000
4,000
81
Jan
93
Jan
104
Jan
105
105
106
17,000
85
5,000
10,000
22,000
10,000
75%
53%
60 K
60
60%
Mllw Gas Light
4%s.-1967
4%s
1978
94
91%
94%
86
86
86
1st A ref 5s
1956
98 K
98
99%
1957
•
.
-
Missouri Pub Serv 58.1960
Jan
86
92%
Jan
Standard Inveetg 5%s 1939
IStandard Pow A Lt 681957
♦Starrett Corp Inc 6s. 1950
97
Feb
100
Jan
63
62
Feb
75
Jan
78
Feb
87
Jan
109
Jan
110
Jan
9,000
63
Feb
68
Jan
1,000
90
Jan
94
Feb
♦Munson 88 6%s ctfa.1937
Nassau A Suffolk Ltg 5s '45
4
94
Nat Pow A Lt 6s A...2026
Deb 6s series B
2030
|*Nat Pub Serv 5s ctfa 1978
------
Nebraska Power 4%s_1981
6s series A
2022
108%
Nelsner Bros Realty 6s.'48
Nevada-Calif Elec 6s. 1956
116
Conv deb 5s
-.
.
.1950
3%s.l961
5,000
4,000
85
44"6OO
73%
-.
51%
116
2.000
49%
-
51
50
50
13,000
2,000
49
51%
37,000
102% 102%
79%
77%
79%
6,000
13,000
81%
79%
81%
44,000
......
New Eng Pow Assn 5s. 1948
5^8.... 1954
3%
Jan
5%
Feb
91
Jan
95
Jan
73%
Feb
Jan
65%
Feb
86%
76%
44
Jan
2d stamped 4s
1942
86%
♦Income 6s series A. 1949
N Y Central Elec 6%s 1960
New York Penn A Ohio—
5s
26,000
*80
6%s._1953
6s series A
Jan
85%
Jan
Feb
Toledo Edison 5s
108%
Jan
114%
Jan
116
Feb
93%
Jan
Twin City Rap Tr
70
Jan
73%
Jan
Nippon El Pow 6%b..1953
115%
Jan
118
Jan
1956
Nor Cont'l Utll 5Kb__1948
48
Jan
57%
Jan
46
Jan
57
Jan
46%
102
Jan
57%
Jan
Feb
102%
Jan
77%
Feb
85
Jan
79%
Feb
87
86%
Feb
91
Jan
64
Feb
71%
Jan
Jan
99
84
Feb
Feb
108%
97%
Jan
2,000
103%
Jan
104%
......
No Indiana G A E 6s. 1952
Northern
6a
Indiana P
112%
Jan
112%
35%
107
4%s series E-.
90
Ogden Gas 5s
1945
104
Ohio Power 1st 5s B..1952
5s
conv
debs
53%
Jan
58%
Jan
75
Jan
80%
Jan
Pacific Invest 5s
A. 1948
-
-
.
-
»
-
-
106%
84
61%
5Ks.- 1972
112%
79
89
Feb
97%
Jan
5,000
102
Feb
5,000
6,000
86%
103%
Jan
91
104%
10,000
31,000
22,000
36,000
6,000
105
8,000
Jan
93%
99%
104%
91
Jan
55
Jan
44
Jan
55
43%
Feb
56
Jan
42
Feb
56
Jan
65
Feb
72%
Jan
Jan
89%
98%
41
Jan
54%
Jan
21%
Jan
28
Jan
43
Jan
39
Jan
1,000
105
Jan
106%
Jan
10,000
105
Jan
106%
Feb
45
Jan
44
Feb
4,000
67%
Jan
78
Jan
1,000
57%
Feb
Jan
58
58
5,000
57
Jan
63%
60%
85%
89%
69,000
85%
Feb
100%
Jan
76,000
97%
Feb
Jan
94
Jan
104%
99%
82%
Jan
86%
Jan
Feb
108%
Jan
97% 101
*90
97
83
"2",000
83
Jan
Jan
Jan
44
43
44
24,000
40
Jan
47
Jan
114
Jan
57
Jan
60
Jan
35
24%
Jan
Jan
23
Jan
24%
27%
Feb
72%
Jan
75
Jan
106
107%
......
*114%
57
57
1956
......
....
"moo
57
*23%
*23%
105%
58%
Jan
60%
62
25,000
11,000
57
60%
58
Jan
95%
94%
95%
12,000
94%
Feb
66
64%
67
70,000
64%
Feb
100%
78%
100
10,000
96
Feb
106%
6,000
3,000
53%
Jan
70
Jan
64
Feb
78
Jan
1952
1973
96
4KB
75
1,000
75
Feb
82
Jan
83
86
83
Feb
90%
Jan
83%
83%
10,000
24,000
80
Feb
85
Jan
80
80
8,000
75
Jan
80
Jan
Waldorf-Astoria Hotel—
1954
Wise Pow A Lt 4s
15%
105
------
-
107
Jan
106%
Jan
-
104%
106
93%
♦York Rys Co 5s..... 1937
98%
11,000
17,000
6,000
14%
104%
Jan
17%
Feb
105%
Jan
106%
Jan
107%
Feb
104% 105
41,000
104%
Feb
106
Jan
100
Jan
102
Jan
100%
Feb
103%
Jan
80%
Jan
Jan
35
Feb
Jan
89%
39%
105%
Jan
107%
Jan
Jan
106
Jan
104% 104%
*107%
105% 106
4,000
2,000
75.000
8,000
24,000
....
93%
98
*70
"5",066
94%
104%
107%
105%
91%
Jan
Jan
Jan
98
5,000
72%
Jan
96%
Jan
98
Feb
105%
Feb
70
19,000
Jan
Jan
73
Jan
80
101%
Jan
92
Jan
Jan
15
15%
104% 105%
107% 107%
100% 100%
.
-
------
1966
Jan
Jan
Jan
80
1946
Feb
Feb
Jan
75
6K8 A.. 1946
let ref 6s series B...1950
6s
58%
65
Jan
86
1944
Va Pub Serv
56
64
58%
Utah Pow A Lt 6s A..2022
104
73
Jan
60%
105%
86%
114%
1959
Yadkin River Power 5s '41
96
106
1974
Wlsc-Mlnn Lt A Pow 5s '44
Jan
67,000
35
61%
Jan
Feb
103%
Jan
115%
Jan
116%
FOREIGN GOVERNMENT
Feb
84
Feb
88
Jan
60
Jan
67
99
Feb
101
Jan
7,000
85
31%
Jan
34%
Jan
83
Jan
88
Jan
87
Jan
22,000
1,000
11,000
1,000
8
Jan
87%
Feb
96
Jan
100%
Feb
103%
Jan
108%
Jan
107%
Feb
109
Ja-i
79
4.000
56
108
2,000
7
Jan
111
Jan
76%
56
106
99
24
96%
Feb
Jan
10%
112%
79
60%
Jan
Feb
Feb
Jan
108
Feb
100
Jan
62
19
Jan
19%
Feb
"7,066
48
Jan
58
Jan
12,000
106
Jan
107%
Jan
107%
Feb
107%
Jan
59%
.
6,000
62
21
57
Jan
65
Jan
■
*100% 101%
------
21
1,000
100%
20%
Jan
100%
Jan
Jan
21%
Jan
Public Service of N J—
6% perpetual certificates
133%
133
133%
59,000
130
Jan
133%
Feb
15,000
5,000
110%
Jan
112
Feb
105%
103%
103 %
Jan
106
Jan
Jan
104%
Jan
Feb
104%
102%
104%
Jan
104
1966
1978
103%
110% 112
105% 105%
103% 103%
1980
103%
103%
103% 103%
1960
105%
106%
105% 106%
2,000
5',odd
Feb
76
Feb
Jan
80%
Jan
7
Jan
9
Jan
27
Jan
Jan
25
Jan
Jan
5Ks
5,000
8~oo6
100%
Jan
101%
Feb
100%
Jan
100%
Jan
22%
*22
...1955
1953
5s
22%
26
100% 101%
22%
25%
*99% 104
Danzig Port A Waterways
54
58
Jan
58
Jan
1952
*50
20
20%
3,000
21%
Jan
21
21
6,000
19%
19%
Jan
1947
Jan
Jan
♦Hanover (City) 7s... 1939
♦Hanover (Prov) 6K8-1949
20
20
1,000
20
Jan
19
Jan
21%
21%
20%
1T000
11%
Feb
13%
Jan
4,000
2,000
13,000
16%
7%
Jan
18
Feb
64
Feb
72
22
Jan
22%
Jan
Jan
External
6%s
♦Secured 6s
♦Lima
*19
11%
1958
18
♦Medellln 7s series E.1951
*20%
*20%
1927
♦Rio de Janeiro
6Kb.-1959
♦Russian Govt 6K8...1919
♦6Kb certificates... 1919
♦5KB--1921
♦5Kb certificates...1921
70
64
69
Mendoza 4s stamped. 1951
♦Mtge Bk of Chile 6s. 1931
6s stamped
1931
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s
1958
7%
7%
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
♦Issue of Oct
18
15
15
'
*12%
-
.
-
-
-
-
100%
9%
•
------
~
11%
17%
(City) Peru 6Kb.'58
♦Maranhao 7s
21%
9%
23
23
15%
18
100%
9%
9%
Jan
Feb
Jan
16%
Jan
23
7,000
14%
Jan
15%
Jan
5,000
2,000
98%
Jan
100%
Feb
9
Feb
10%
Jan
2,000
8%
%
Feb
10%
Jan
Jan
%
Jan
%
Jan
Jan
%
Jan
%
%
%
Jan
%
Feb
t%
%
%
------
7%
Jan
Jan
%
26:660
%
i9~66O
Feb
18,000
103% 104
F.1981
9
76
25
86
9
80
76
*73
Jan
Feb
Pub Serv of Nor Illinois—
......
76
......
1952
♦6 series A
♦
Jan
Feb
56%
52%
1952
1947
Danish
Jan
90%
26~000
112% 112%
Jan
Jan
♦German Con Munlc 7s '47
91
-
Jan
21
♦Prov Banks 6s B..1951
Jan
Feb
Feb
-
23
Jan
♦78 stamped
Jan
107%
106
Feb
.
Jan
21
♦Cauca Valley 7s.__-.1948
Jan
88
.
20
22
Buenos Aires (Province)—
Jan
91%
107%
84
.
23
*19%
*20%
Cent Bk of German State A
4,000
+
Jan
17%
*20%
1951
♦7Ks stamped
11,000
''
23
23
1947
♦20-year 7s
♦Baden 7s
Jan
83
92
"2^066
85%
89%
Agricultural Mtge Bk (Col)
♦20-year 7s
1946
Jan
106% 107
*107% 108%
(Can)4%sB '59
ser
55
Jan
63%
Feb
92%
*19%
..
56%
Potrero Sug 7s stmpd. 1947
4%s series D
4Kb series E
1st A ref 4%s
4%s series 1
Jan
Jan
Feb
Wheeling Elec Co 5s.. 1941
Jan
16,000
4,000
1,000
8,000
63%
*97%
1961
5s series C
55
56%
Feb
11,000
85
56
.'
Potomac Edison 5s E.1956
1956
------
West Newspaper Un 6s *44
West United G A E 5Ks '55
101%
103%
44
44
Jan
Jan
105%
69%
57%
37%
89
Feb
57%
68%
39
*107
_
Portland Gas A Coke 5s *40
1st A ref 5s
57%
35
9,000
1,000
77,000
99%
102%
43%
11,000
4,000
84
*85
91
87%
87%
106% 107
78
♦Pomeranian Elec 6s.. 1953
6s. 1954
..-...
81
86
88%
Pittsburgh Steel 6s... 1948
Electric
44
83%
32
*7%
Phlla Rapid Transit 6s 1962
Power Corp
45
106% 106%
106
106%
Jan
99% 100
84
89
»*PeoDles Lt A Pr 5s. .1979
♦Prussian
....
100
107% 107%
1961
4%s series F
44
-J,
Feb
107% 108
1981
Pledm't Hydro El 6%s_*60
Pittsburgh Coal 6s... 1949
26%
94
100% 100%
...
4%s series B
1968
Peoples Gas L A Coke—
Pblla Elec Pow
26%
101
116% 116%
84
Penn Water A Pow 58.1940
B
23%
34,000
101%
32
Penn Pub Serv 6s C..1947
6s series D
1954
series
65
43
42%
42%
West Penn Elec 5s
2030
West Penn Traction 6s *60
West Texas Utll 5s A 1957
77
*88
1950
4s series D
65
41
45
......
Jan
85
85
Deb 5%s series B..1959
4s
44%
100
98
1971
„
46
42
Feb
Penn Ohio Edison—
6s series A
44%
43%
94%
88
1979
Penn Electric 4s F
44%
......
11,000
3,000
3,000
18,000
21,000
1,000
54,000
9.000
*114% 116
1938
5s.
-
63%
Park Lexington 3s
1964
Penn Cent LAP 4Kb. 197/
1st
45
Feb
100
AND MUNICIPALITIES
116%
Pacific Ltg A Pow 5s. .1942
Pacific Pow A Ltg 5s..1955
Palmer Corp 6s
45
44%
104%
76
1941
ser
~5~66o
Jan
52,000
♦5s income deb
Pacific Gas A Elec Co—
1st 6s series B
45
Wash Water Power 6s 1960
96%
*101
*100
Jan
86%
-—-
79
Jan
104
97
Jan
Feb
67
101
40
105% 106%
1946
Okla Power A Water 5s.'48
Pacific Coast Power 6s.'40
98%
108
104
4%s ser D. 1956
Nat Gas 4%8_..I961
Jan
Jan
105%
let A ref
Okla
104
Jan
95%
66%
Feb
95
102
95
35%
94
N'western Pub Serv 6s 1957
Feb
105%
94
98%
85
3,000
96%
89
11,000
10,000
2,000
2,000
94%
.1970
89%
98
35%
94%
North'n States Pow 3%s '67
N'western Elec 6a stmpd'45
Jan
107%
1969
6s series D
50
Wash Gas Light 5s... 1958
Wash Ry A Elec 4s... 1951
1966
Jan
13,000
58
6s series A
Jan
8—
C
Beries
107
Jan
51
44
45
Un Lt A Rys (Del) 5%s '52
United Lt A Rys (Me)—
Feb
3,000
5,000
18,000
Jan
56%
6 KB
6Ks
Jan
Jan
77%
Jan
57%
♦United Industrial 6%8-'41
♦1st s f 6s
1945
United Lt A Pow 6s...1975
Jan
Jan
91%
57
104
Jan
5%s *52
68 series A
98%
105%
77
3,000
105%
105%
109%
105%
56%
Jan
Jan
106%
United El Serv 7s
Jan
28,000
55
77 K
Jan
104%
107%
1962
Conv 6s 4th stamp. 195U
United Elec N J 4s.-.1949
No Amer Lt A Pow—
5%s series A
27,000
13,000
7,000
104%
108%
Ulen Co—
"19",000
104% 104%
112% 112%
1954
104% 105%
104% 105%
66%
Tide Water Power 6s..1979
Tleta (L) see Leonard
94
92%
Jan
97%
2022
44%
109%
82
......
Jan
106%
44
Texas Elec Service 6s. 1960
Texas Power A Lt 5s..1956
Jan
105% 106
93
4%s 1980
N Y A Westch'r Ltg 4s 2004
Debenture
65
*97% 100%
♦Ext 4%s stamped.1950
N Y P A L Corp let 4%s '67
N Y State E A G
6,000
64
65
90
95%
Jan
85
......
1946
Tenn Puollc Service 6s 1970
Ternl Hydro-El
New Orleans Pub Serv—
58 stamped
Jan
50
1940
2d stamped 4s
Super Power of 111 4Kb-'68
1st 4Kb
1970
Tennessee Elec Pow 5s 1956
84%
44%
44%
108% 108%
114% 114%
71
N E Gas A El Assn 58.1947
1948
67%
*81
73
New Amsterdam Gas 5s '48
6a
75%
65%
66
94
73%
75
37,000
2,000
11,000
30,000
4,000
5%
82
106
Stlnnes (Hugo) Corp—
5,000
94
Debenture
Jan
95%
62
65%
.
New Eng Power
60%
Jan
Power—
8
46,000
67
Jan
High
24,000
97%
Feb
Low
84%
83%
108
......
6s. Dec 11966
1938
Range Since Jan. 1.
%
104% 104%
......
|*8tand Gas A Elec 6s 1935
♦Certificates of deposit
♦Convertible 6s
1935
♦Certificates of deposit
Debenture 6s
1951
Debenture
for
Week
106% 106%
106%
105%
......
88%
84%
94
Dakota
Jan
62
-
1951
S'western Assoo Tel 5s 1961
S'western Lt A Pow 5s 1957
So'west Pow A Lt 6s__2022
Feb
109% 109%
-
63
gy
Jan
88
17,000
1,000
24,000
1944
Montana
106%
106%
Jan
78
-
-
.
78
Mies River Pow 1st 5s. 1951
Jan
of Prices
High
Low
84%
Debenture 3%s_.__ 1945
Ref M 3%s.May 1 1960
Ref M 3%s B.July 1 *60
1st A ref mtge 4s...I960
Sou Counties Gas
4Kb 1968
So'weet Pub Serv 6s.. 1945
94%
Minn P A L
1956
80
85
Midland Valley RR 58.1943
Miss Power A Lt 58
Jan
104% 105
1965
6%s '45
Mississippi Pow 5s
98%
69
69
Metropolitan Ed 4s E. 1971
4s series G
Jan
87
Memphis P A L 6s A
1948
Mengel Co conv 4%s_1947
Middle States Pet
97
3,000
80
Memphis Comml Appeal
Deb 4%s
1962
7,000
98%
""/j
Southeast PAL 6s...2025
Sou Calif Edison Ltd—
Sou Indiana Ry 4s
Mansfield Mln A Smelt—
♦7s without warr'ts.1941
Week's Range
Sale
Price
29
101% 103%
Last
(Concluded)
High
Low
5
95%
95%
103%
BONDS
Range Since Jan. 1, 1938
for
95% 100% 141,000
♦Leonard Tlet*
1047
Sales
Friday
Week
of Prices
High
Low
Price
Lake Sup Diet
Exchange—Concluded—Page 6
Sales
9,000
41,000
5,000
Feb
1
*%
_
%
%
56
♦Santa Fe 7s stamped-1945
56
1949
13
13%
1961
*13
18%
♦Santiago 7s
•7s
Jan
5,000
56
Feb
65
6,000
11%
11%
Jan
13%
Feb
Jan
13%
Feb
Jan
Pub Serv of Oklahoma—
4s series A.
1966
100
1st A ref 5s series C. 1950
1st A ref
4%s
ser
D
99% 100
65%
;
1950
58%
99
Feb
101%
Jan
62%
65%
19,000
61%
Jan
62
60
Feb
57
58%
11,000
23,000
69%
65%
Jan
60
Puget Sound PAL 5%s '49
53
Jan
63
Jan
85%
Jan
93%
Jan
29,000
Jan
Queens Boro Gas A Elec—
5%s series A
1952
♦Ruhr Gas Corp 6%8- 1953
♦Ruhr Housing 6K8..1958
Safe Harbor Water 4Ks_'79
*9C
Pub
103%
:
-
.
1955
Wks 6s.. 1937
5s
4Kb series B_. .1968
1st 4Kb series D...1970
Pow
/
11
3,000
103% 104
27,000
102%
Jan
104
Feb
1,000
128%
Feb
128%
Feb
128% 128%
Feb
11%
Jan
"
~
"
"
~
a
x
Deferred delivery sal;* not Included In year's range
r Cash sales not included
not Included n year's range,
Ex-d'Vldend.
v Ex-lntereet.
rule sales
* Friday's bid and asked price.
Bonds being
n Under
n year*
No salee were transacted during current week
traded flat.
i Reported In receivership
0
Cash sa»es transacted
during the current week
and not included In weekly o?
yearly ranger
112
No sales
28
25
101%
15,000
44
4.000
jan
25
Jeid
21 %
101%
101
No par value,
range,
*
10
Jan
24
Feb
100%
Jan
101
Jan
50
Jan
43
Jan
1,000
107%
Jan
30,000
106%
103%
Feb
103% 104%
103% 104%
Jan
104%
Jan
5,000
103%
Jan
104%
Jan
104%
25,000
103%
Jan
104%
Jan
55
55
*
*
the
Feb
104
104
1947
5s. 1957
Feb
110
106% 106%
104%
1st
Carolina
23
Jan
43%
..1948
Sheridan Wyo Coal 6s
Feb
Jan
*23%
101%
Sbawlnlgan WAP 4%b '67
Sou
27
21%
108%
*101
Scripp (E W) Co 5%B-1943
Scullln Steel 3s...
1951
Inc
Feb
1.000
6,000
*110
♦Scbulte Real Est 6s.. 1951
Servel
25%
23
110
11
San Joaquin L A P 6s B '52
•8axoD
"5;6OC
23
San Antonio P S 5s B. 1958
Falls 5s
27
...
110
------
|*8t L Gas A Coke 6s. 1947
Sauda
27
'•
93
55%
55
Feb
63%
Jan
*72
73%
73%
Jan
77%
Jan
4,000
-
-
-
-
r
-
v
Under-the-rule salee transacted during
the current week and not included »n
weekly or yearly range:
No sales.
z
Deferred delivery sales
In weekly or yearly range*
transacted during the current week and not included
/
'
No sales.
Above—"cod," certificates of deposit: 'cons," consolidated
"cum." cumulative: 'conv," convertible; "m," mortgage: "n-v,' non-voting stock;
"v t c. " voting trusts ertlflcates "w 1." when issued: 4w w." with warrants "x-w
Abbreviations
Used
without warrants.
1048
Financial
Chronicle
Feb.
12, 1938
Other Stock Exchanges
Friday
Closing bid and asked quotations, Friday, Feb. 11
Unlisted Bonds
Stocks (Concluded)
Unlisted Bonds
Bid
Ask
Common
38th
8t
65 West 39th Street Bldg—
Certificates of deposit—
Bldg—
1945
90
Bryant Park Bldg 64$sl945
25
•
11 West 42d St 64$8
29
mmm
7s
—
1945
Mergenthaler
20
10 East 40th St Bldg 581953
250 W 39th St Bldgs 6s '37
••
21
77
100
mmm
6
7%
North
Baltimore Stock
S. Calvert
Established
St.
BALTIMORE,
1853
39
MD.
Louisville, Ky.
Feb. 11,
Par
Arundel Corp
*
Atl Coast Line (Conn)-.50
com v t c.
for
of Prices
Low
High
Broadway
Torrlngton Co
(new)
Price
15%
25%
15%
25%
*
1%
Black A Decker com.....*
14%
Utah Metal A Tunnel
1
Vermont A Mass Ry._.100
Waldorf System
624$
5% preferred
100
Eastern Sugar Assoc com.l
Preferred...
1
114%
326
275
106
8%
14
24$
2%
2%
2%
24$
24$
14%
23%
144$
55
234$
2%
Preferred
100
New Amsterdam Casualty5
No American Oil com
1
Penna Wat A Pow com...*
U 8 Fidelity A Guar
2
7
24$
45
45
10%
27
114$
39
"ll'Vs
134$
134$
970
115
Feb
84$
Bait Transit Co 4s (flat) '76
A5 8 flat
1975
Jan
1044$
Jan
Feb
174$
Jan
Feb
24$
24$
7
Feb
234$
24$
Feb
45
Feb
Jan
4$
22%
25%
224$
23
$12,600
254$
26
7,300
Established
Jan
91c
40
Feb
74$
Jan
160
25
Feb
27
Jan
275
19
Feb
Feb
70
948
684$
Feb
204$
77%
404$
170
1.00
1,700
92c
97
97
74$
24$
"34$
23
Feb
7
Jan
24$
Feb
370
23
10
20
Jan
Jan
414$
14$
Jan
97
125
74$
34$
404$
Jan
384$
90c
60
97
Jan
Jan
103
Jan
84$
Jan
44$
Jan
23
Jan
Feb
SECURITIES
La
Salle
Feb.
11, both inclusive, compiled from official sales lists
3
Week's Range
of Prices
Stocks—
Par
Sales
Price
Low
Jan
Feb
75
Jan
134$
Jan
154$
Jan
Jan
Jan
Jan
Jan
234$
Jan
Jan
214$
244$
27
Jan
Tyson
and
Common
(new)
*
Adams Oil A Gas Co com.*
364$
36 4$
37
1887
250
34$
34$
64$
9
Common
10
Amer Pub Serv pref... 100
Armour A Co common
6
Corp
Borg
64$
Sales
Week's Range
for
Sale
of Prices
Low
High
Week
Range Since Jan. 1, 1938
Low
Shares
100
100
Boston-Herald-Traveller .*
134"
95
1174$
50
194$
51c
134$
14
1304$ 1354$
94
150
30
4,595
277
954$
1144$ 1174$
494$
50
19
615
275
20
274
51c
13
1294$
914$
1144$
484$
Jan
Common
100
34$
34$
60
Prior preferred
CI A 1st preferred
100
8
94$
428
100
2%
24$
34$
24$
34$
34$
15
3
3
CI D 1st pref stpd
100
Boston Personal Prop Tr.*
Boston A Providence —100
34$
4
12
94$
60
25
44$ % prior preferred 100
6% preferred
100
6
Feb
64$
Jan
150
1
Jan
14$
Jan
5% conv preferred
30
Consol Const Co conv pref*
Castle (A M) common.. 10
Central Cold Storage com2Q
84$
24$
494$
26
27
1
6
1
34$
'164$
Feb
1224$
Jan
Jan
56
Jan
Jan
Jan
Common capital
Chicago Yellow Cab Co
Cities Service Co com
Jan
Commonwealth
Jan
Feb
24$
24$
Feb
34$
12
24$
34$
] 44$
i 34$
Feb
Jan
Jan
Jan
4
Feb
94$
Feb
124$
Jan
Feb
75
Jan
*
For footnotes see page 1051,
Jan
13
Jan
144$
Jan
12 4$
400
114$
Jan
64$
1,750
64$
Feb
184$
300
164$
Jan
224$
Jan
244$
1,800
284$
Jan
5
Jan
*
Jan
1,085
150
24$
Feb
Jan
104$
74$
137
49
Jan
115
26
Feb
65
3
514$
304$
Jan
7
350
74$
Feb
94$
Jan
44$
44$
500
4
Jan
54$
Jan
74$
"*74$
150
214$
54$
Feb
6
84$
74$
1,550
64$
Jan
84$
Jan
204$
200
184$
Jan
4$
Feb
20
4$
650
5/$
21
'
14$
Jan
Jan
Jan
214$
23
300
19
Jan
25
Jan
12%
124$
134$
140
124$
Feb
14
Jan
"47"
464$
54$
14$
14$
29 4$
50
54$
510
47
14$
Feb
Feb
24$
314$
Jan
Jan
97
Jan
12 4$
150
24$
314$
7,100
46
47
234$
Compressed Ind Gases cap*
Consolidated Biscuit com.l
Consumers Co—
50
600
"44$
Feb
14
24$
Jan
Feb
33 4$
Jan
384$
Jan
47
Feb
14$
Vs
Jan
614$
Jan
65
Feb
124$
Jan
Vs
50
94$
Feb
14$
6,500
14$
Feb
23%
14$
Jan
Feb
31
10
10
^
124$
Jan
60
Vs
65
10
*
Jan
Jan
92
124$
14$
314$
Vs
64$
504$
294$
964$
64
Jan
Feb
80
250
944$
64
5
464$
2,950
14$
30
Vtc part shs pref
50
Continental Steel pref.. 100
Cord Corp cap stock
5
23
6,800
224$
Feb
274$
17
Jan
25
204$
4
<
150
44$
20
W
2
Jan
Jan
550
rr5
20
5
98
98
14$
114$
14$
Jan
134$
Feb
24$
154$
Jan
Jan
104$
Jan
Deep Rock Oil
Jan
Dodge Mfg Corp com
*
Eddy Paper Corp (The)._*
Elec Household Util cap.5
Jan
1
Jan
Elgin Nat Watch
16
Jan
23
Feb
Gen Finance
Jan
34$
124$
Jan
Feb
24$
Jan
34$
Jan
*184$
Jan
10
61
Feb
61
Feb
18 4$
20
184$
Feb
184$
Feb
300
10
Feb
144$
Jan
450
19
Jan
21
Feb
10
10 4$
19
21
750
*134$ * 34$
34$
Jan
44$
Jan
Gen Household Util—
298
24$
124$
154$
50
24$
8
61
61
*
Jan
98
Jan
10
64$
Jan
Jan
21
Jan
Jan
250
2%
5
14$
9
24$
Feb
974$
84$
100
Jan
44$
10
Dayton Rubber Mfg com. *
Decker A Cohn com..
10
pref..*
Jan
550
200
conv
34$
Jan
f,
14
Jan
Jan
8
134$
Jan
8
e
25
New..
100
16
17
274$
14$
74$
104$
14$
35c
24
14$
104$
Feb
23
"15$
490
24
40c
*
Jan
94$
84$
*
34$
124$
35c
1
25
9
Cunningham Dr Stores_24$
.
40
75
10
4$
27
Feb
Jan
18
Feb
30
40c
14$
14$
Jan
Jan
Corp
'
15
com
1
Common
24$
Godchaux Sugar Inc—
Class B
i? 22 «
100
34$ Ik 34$
550
22
34$
L
*
24$
*
Feb
14
Jan
18
Feb
234$
Jan
Feb
84$
Jan
124$
134$
750
74$
124$
6 *
150
6
Feb
74$
Jan
54$
150
54$
Jan
7
Jan
Feb
19
Feb
Feb
104$
Jan
Great Lakes DAD com..*
Harnlschfeger Corp com.10
6
«
14$
Feb
2
Jan
Helleman Brew Co G cap.l
54$
27c
Jan
35c
Jan
Heller (WE) pref
24
Feb
Jan
Jan
4$
14$
Goldblatt Bros Ino com..*
Gossard Co (H W) com..*
13
19
ex-warrs25
Feb
Hormel A Co
Jan
Houdatlle-Hershey cl B
Hubbell (Harvey) Inc com5
Feb
com
A
*
Jan
12
50
1
24$
50
110
24
Feb
250
Jan
40c
2
450
74$
10
Jan
2,950
24$
7%
Feb
400
Jan
44$
124$
Feb
615
24
Feb
20 4$
19
14$
400
Feb
34$
.
124$
Feb
10
21
74$
*
14$
64$
94$
Hathaway Bakeries—
*
Jan
100
350
Edison—
20
14$
*
Vs
94$
10
Chicago Towel Co—
204$
34$
124$
274$
14$
74$
94$
*
Jan
2%
64$
184$
*
20
100
East Steamship Lines 00m*
Economy Grocery Stores.*
Employers Group..
*
General Capital Corp
*
Georgian Ind cl A pref—20
Jan
44$
Feb
114$
184$
95
108 4$
64$
44$
East Mass St Ry—
364$
JaD
Vs
Vs
.__*
Prior Hen pref
Chain Belt Co com
Jan
Feb
125
Jan
34$
300
94$
94$
Pr6^61T6(l
$
Chic Flexible Shaft com..6
Chicago Rys part ctfs 2 100
Feb
60
324$
150
94$
Chicago Corp common.—*
Feb
70
50
44$
94$
Central Illinois Sec—
Convertible preferred..*
Cent 111 Pub Serv pref
*
Central S W—
Jan
Jan
3
10
24$
34$
32 4$
44$
1
com.
Jan
32 4$
1
Feb
8
Jan
Jan
100
Jan
19
9
56
64$
14$
5
Jan
Feb
Feb
64$
52
1
53
*
com
60c
50
64$
6
144$
2
651
1
"27"
Jan
Jan
64$
1494$
35
4%
49
100
74$
114$
1
Preferred
24$
Feb
Jan
Jan
25
12
7%
54$
25
236
60
East Gas A Fuel Assn—
Common
Jan
9
54$
Feb
Boston A Maine—
Class A 1st pref stpd-100
Class B 1st pref std-.lOO
CI C 1st pref stamped 100
64$
240
40
Preferred
100
100
9
850
Common
High
Amer Pneumatic Service..50
Jan
Jan
64$
64$
53
Warner Corp—
(New)
Last
.100
Jan
74$
44$
6
Bruce Co (E L) com
•
Burd Piston Ring com... 1
Butler Brothers
..10
Exchange
Friday
1st preferred..
394$
Jan
Jan
1
cap
Brown Fence A Wire
both inclusive, compiled from official sales lists
Amer Tel A Tel
Boston A Albany
Jan
5
34$
54
Bliss A Laughlln Inc cap. 5
Lewlston
51c
364$
350
54$
com
Berghoff Brewing Co
Portland
51c
High
Products—
Barlow A Seelig Mfg A com 5
Belden Mfg Co com
10
Bendlx Aviation com
6
Bangor
*
Low
1,000
"34$
54$
6
Advance Alum Castings. .5
Aetna Ball Bearing com__l
Automatic Washer com..5
N. Y. Tel. CAnal 6-1541
Common
Range Since Jan. 1, 1938
Shares
Abbott Laboratories-
Athey Truss Wheel
30 State St., Boston
Price
for
XVPPY
High
Jan
67
Jan
to
Sale
Private Wire System
Par
St., CHICAGO
Last
New York Curb Exchange (Asso.)
Boston Stock
Chicago Stock Exchange
Chicago Curb Exchange
Friday
474$
114$
14$
Boston Tel. LAF 7010
Jan
Jan
Feb
Jan
254$
204$
Jan
Jan
UNLISTED TRADING DEPARTMENT
c
Jan
75c
160
Jan
New York Stock Exchange
Boston Stock Exchange
Copper Co
Jan
104$
114$
100
Jan
24$
164$
254$
Membera
Preferred
9
*
75c
394$
~95c*
Associates Invest Co com.4
Isle Royal
Jan
'
Townsend, Anthony
Helvetia Oil Co t
44$
Chicago Stock Exchange
Feb. 5
Jan
3
Feb
Feb
94$
14$
So.
10
Asbestos Mfg Co com
Class B
-
Jan
27
9
"
Jan
24$
Jan
Aro Equip
Class A
978
Members
New York Stock Exchange
New York Curb (Associate)
Allied
Gilchrist Co
Gillette Safety Razor
160
194$
Allied Laboratories com..*
1st preferred
34$
Jan
Jan
Jan
18 4$
Bonds-
Common
20
Jan
5
164$
244$
Jan
14
1,625
67
Jan
Feb
303
14$
684$
1%
14$
100
.
174$
70
Jan
64$
825
234$
Jan
Jan
14
1,600
14 H
24$
Jan
31
1
Jan
Feb
914$
76
%
Common class A
Copper Range
508
79c
Jan
?mlRDavis & 6a
Jan
1
Feb
64$
59
520
64$
4$
Mercb A Miners Transp—*
Monon W Penn P S 7 % pf 25
Mt V-Woodb Mills com 100
Calumet A Hecla
Feb
25
*
Jan
28
Feb
14$
124$
614$
1134$
16
154$
174$
Feb
50
99% 1004$
*
Boston Edison Co
Boston Elevated
Jan
44$
124$
Jan
High
Feb
Feb
160
16
6%
Mar Tex Oil
23
150
7%
20
100
114% 115
25
Lou>
194
154$
634$
16
100
Stocks—
42c
133
Jan
24$
Listed and Unlisted
154$
14$
51%
Feb. 11,
Feb
14$
Jan
102
Feb
68 4$
194$
694$
*
*
90
40
CHICAGO
372
1
13
*
to
205
545
40
Range Since Jan. I, 1938
Shares
154$
254$
%
Consol Gas E L A Pow
Feb. 5
800
5
94$
84$
*
5
United Shoe Mach Corp.25
Preferred
25
York, Pa.
310
If
Union Twist Drill Co
Feb
2%
94$
94$
84$
*
15c
Jan
34$
134$
224$
204$
34$
75c
2d preferred
Feb
Jan
14$
60c
224$
34$
*
54$
10c
25
924$
24$
44$
Common
Jan
100
2
55c
25
Week
*
1st pref vtc
Mfrs Finance 1st pref
2d preferred
6,818
15c
14$
*
Sates
Week's Range
Sale
Fidelity A Deposit
Houston Oil pref
54$
44$
Exchange
Last
Bait Transit Co
Jan
both inclusive, compiled from official sales lists
Friday
Stocks—
Jan
14$
904$
.—50
Warren (SD)Co
to
Jan
24$
124$
Warren Bros Co
Feb. 5
9
244$
100
Stone A Webster
Members New York, Baltimore and Chicago Stock
Exchanges
Chicago Board of Trade
New York Curb Exchange (Associate)
Baltimore Stock
Jan
Jan
Feb
Suburban Elec Sec Co—
NEW YORK
Hagerstown, Md.
64$
14$
214$
15c
2.50
Shawmut Assn T C
SteinBros.&Boyce
5
25
221
100
Butte
Pennsylvania RR
Qulncy Mining Co
Exchange
74$
14$
54$
Pacific Mills Co
6
High
224$
com v t c. 1
Old Colony RR
on
Low
14$
14$
New England Tel A Tel 100
...
Orders Executed
Range Since Jan. 1,1938
Shares
Narragansett Racing Ass'n
N YNHAHRR
t c
High
214$
1
v t c
Linotype.
Natl Service Co
Dodge Corp—
v
Low
National Tunnel A Mines. *
54$
Income bonds
Week
Inc
12
Internet Commerce Bldg—
64$s
Park Place
for
of Prices
Price
....
Mass Utilities Ass
B'way
Week's Range
Sale
Maine Central-
Ask
Bid
Sales
Last
[New York Real Estate Securities Exchange
174$
19
17
"104$
]
18
94$
104$
94$
104$
100
19
Feb
15
Jan
400
164$
Jan
21
Jan
50
84$
104$
Jan
114$
Jan
Feb
11
Jan
1
^
50
Volume
1049
Chronicle
Financial
146
"
Week's Range
Last
Sale
of Prices
High
Low
Price
Par
Stock* (Concluded)
Indep Pneum
Week
105
4k
*
4
2
Jan
108
Jan
National Pumps
*
29
Jan
P & G
*
*
*
4X
14
Feb
15X
Jan
Rapid
14X
Jan
18X
Jan
U S Playing
20X
iex
20 X
4X
150
OX
5X
65
23 X
Jan
Jan
6X
Jan
Wurlitzer
5X
250
Feb
4
100
4k
Feb
7X
100
Jan
5
Jan
Jan
45k
Jan
50k
Jan
75
15
Jan
16
Jan
2k
24k
50
Feb
23
67
2k
22k
21k
47k
47
15
15
2k
24k
2k
24k
22
22
5
k
10
Jan
3k
Jan
Jan
27
Jan
23
Jan
Jan
65
10
High
Jan
3
25
4
4
Low
97
1
15
10
Card
US Printing
Week
97
97
47k
*
350
15k
65
.
B
250
20 X
100
Feb
4X
14
14
c—*
Jarvis (W B) Co cap
1
Jefferson Electric Co com *
Kati Drug Co com
1
Kellogg Switch A Sup com*
Iron Fireman Mfg v t
Feb
4X
20
Shares
Price
97
Feb
24
150
25
Little Miami Guar
for
of Prices
Low
High
50
Jan
105
10
105
24
Tool v t c__*
Preferred
Par
Jan
IX
400
Interstate Power—
$7 pre!
Stocks (Concluded)
High
Low
Week's Range
Sale
Shares
IX
Range Since Jan. 1, 1938
Last
1,1938
Range Since Jan.
for
Randall A
1X
Hupp Motor com (new)__l
111 North Utll pref
100
Sales
Friday
Sales
Friday
Feb
66
*
2k
2k
2
9
100
9
30
k
2
Jan
3
15
9
8k
Jan
10
Jan
.
Jan
Feb
Ken-Rad T A Lamp com A*
10
10
150
10
Jan
12
Jan
Kentucky Utll Jr cum pf 50
25
25
20
25
Jan
28 X
Jan
100
Kerlyn Oil Co cl A com__6
Kingsbury Breweries cap-1
54 X
55
50
54 X
Feb
00 X
Jan
4X
Jan
6% preferred
3X
6
La Salle Ext Unlv com
4X
1,600
3X
X
2k
4X
Jan
%
2k
400
X
Jan
1
100
2X
Jan
3
Jan
3X
500
2X
Jan
4
Jan
20
19X
8X
7X
Feb
22 X
Jan
Jan
9X
Jan
Jan
9
Jan
Jan
4
Ohio Listed and Unlisted Securities
Jan
Jan
Members Cleveland Stock Exchange
Leath A Co—
--*
Common
Cumulative preferred
3X
20
.*
9k
•
3k
*
*
"20 X
250
3k
3X
50
7X
7X
Libby McN A Llbby___10
Lincoln Printing Co—
Common
20
9k
10
Le Rol Co com
100
3
27
Jan
30
Jan
19 J*
Feb
25
Jan
IX
Feb
30
Loudon Packing com
850
IX
IK
100
Feb
32
50
32
Jan
900
Feb
IX
2,950
7X
Jan
9X
Jan
650
3X
Feb
4X
Jan
X
24
50
16
"ie
16
100
Jan
16
24
16
Cleveland Stock Exchange
Feb.
5
Feb. 11, both inclusive, compiled from
to
Jan
Feb
24
Feb
2k
950
2X
Jan
3
5k
3,400
Jan
7
Jan
Stock purchase warrants
lk
lk
200
4X
IX
Week's Range
Jan
2
X
Range Since Jan. 1, 1938
for
Week
of Prices
High
Jan
X
Sale
Jan
6
2k
4k
official sales lists
Sales
Friday
Last
Mlckelberry'a Food Prod—
A. T. & T. CLEV. 565 & 566
Feb
34
X
24
___*
Union Tim! Building, Cleveland
Telephone: CHerry 5050
Jan
3X
3X
Metrop Indust allot ctfs
2X
8X
H
8X
com.l
Prior pref
10
21
32
Lynch Corp com
5
Manhatt-Dear'nCorp com*
Marshall Field com
._*
Mer a Mfre Sec cl A
30
20
$3k Pref
Lion Oil Ref Co com
WOODcb
CILLIS
1
Common
Middle West
Corp'cap
3
3
Conv preferred A
X
500
X
Jan
Jan
Feb
3
1,200
Jan
Midland Utll—
6% prior lien
1
National Standard com
_
"Tx
Northwest Bancorp com..*
Jan
Dow Chemical
40H
Jan
Electric Controller & Mfg.
131
Jan
120
21
20
3k
X
Jan
k
Jan
Jaeger Machine
Jan
8X
Jan
Lima Cord Sole A
Feb
12k
Jan
McKee
Jan
ox
Feb
33
100
32X
Feb
28
28
40
28
Jan
4
4
50
4
Feb
50
50
9X
Feb
Jan
17X
11X
Jan
Jan
Jan
Jan
2x
60
58
Jan
03 X
Swift A Co
22
Feb
27
10k
UX
100
10 X
Feb
13k
100
64k
Feb
63 X
Viking Pump Co com
Wahl Co (The) com
6
6
25
5
Jan
40
65
39
Feb
6k
44k
Jan
39
16k
3k
17
69
Feb
20
Jan
50
16k
3k
Feb
4
Jan
28
28
50
28
Feb
31
Jan
15
15
400
15
Feb
Jan
Feb
18k
3k
4k
28
Feb
29
Jan
31k
10 k
4k
Jan
33
Jan
Feb
Ilk
5k
Ilk
36k
Jan
3k
9
*
__2
27
282
340
31
Jan
6k
80
6
Feb
7
Feb
450
2
Jan
3
Jan
2k
ek
2k
Jan
5X
Jan
150
10
Feb
17k
22k
70
Jan
28k
2k
500
20
*
Jan
22
Inc
4k
12
2k
2X
5k
150
Feb
Feb
10
100
11
5%
Feb
3X
13
Jan
Jan
Jan
6k
10k
100
9X
Jan
13
25k
700
23 X
Jan
27
1,600
10X
Jan
18k
Jan
"i 6k
15k
300
14X
Feb
16
1,300
IX
Feb
IX
Jan
X
Jan
Jan
IX
lk
450
17k
17k
20
lk
lk
50
IX
Jan
IX
Jan
Jan
16
18
Detroit Stock
Jan
ik
Jan
Feb.
5 to Feb.
11, both inclusive,
Exchange
Sales
20 k
Jan
Jan
Friday
4X
Last
Week's Range
5k
Jan
Sale
0] ITices
4
4
4k
500
3X
Jan
5X
Jan
100
IX
12X
Feb
2
2
Yates-Amer Machine cap 5
13k
12k
Zenith Radio Corp com..*
2,500
Jan
2
17k
Par
Stocks-
Price
lk
Allen Electric
1
Burroughs
Members Cincinnati Stock Exchange
com—12kc
Corp com
5
Burry Biscuit
Chrysler
Consolidated Paper corn. 10
Det & Cleve Nav com... 10
Trading Markets in
Cincinnati and Ohio Listed and Unlisted Securities
100
5
Det-Mich Stove com
1
Det Paper Prod com
1
Det Steel Corp com
5
Ex-CeJl-0 Aircraft com. ..3
Federal Mogul com
*
Frankenmuth Brew com.-l
Gar Wood Ind com..
3
Detroit Edison com
Det Gray Iron com—
BALLINGER & CO.
Cherry
6711—Bell
CINCINNATI
Sys.
Tel. Cln.
363
Cincinnati Stock Exchange
11, both inclusive,
Sales
Week's Range
for
Sale
of Prices
Low
High
16
3k
15k
3k
Eagle-Picher Lead—.
28
30
411
104
1
6k
99k
4k
6k
99k
4k
201
79
78
79
167
12
4k
9k
22k
12k
*
*
Gibson Art
Hatfield part pref
100
*
Hobart A
*
Kahn com.
1st pref
100
Kroger
For footnotes see page
7
6k
99k
4k
4k
Ilk
♦
Early & Daniel.
Formica Insulation
586
104
12
10
515
30
*
Dow Drug
16k
3k
104
*
Cin Union Stock Yard.
Shares
25
12k
24k
7
12k
535
Low
15 k
Jan
Kingston
Products com._l
31
Jan
Kresge (S
S) com
104
Jan
High
Feb
18k
3k
3
Jan
27
Feb
Jau
Feb
7k
100k
Jan
Jan
Jan
5
Jan
Jan
80
Jan
103k
6k
97k
4k
75
Jan
100
12
Feb
13
Jan
127
Jan
Jan
Jan
5k
12k
25
24
4k
9k
22k
Feb
25
Jan
12k
22
11
Jan
12k
Jan
24
Jan
25k
Jan
5
Uk
115
24
25
315
7
7
10
6
Jan
167
31
Jan
7
32k
Jan
Feb
Jan
31k
sk
31k
8k
31k
9
45
8
Jan
9
Feb
92
92
92
10
92
Jan
92
Jan
15k
15k
15k
175
15
Jan
17k
Jan
1051.
1
Graham-Paige com
1
Grand Valley Brew com.-l
Jan
1938
Week
Price
10
1
Hall Lamp common
-*
Hoover Ball A Bear com. 10
Hudson Motor Car com..*
Kurd Lock & Mfg com—1
Range Since Jan. 1,
Last
..50
General Motors com
Goebel Brewing com
compiled from official sales lists
Friday
Shares
2k
54k
14k
"94"
lk
2k
3k
1938
High
Low
10
-.1
Mahon Co (R C) A pref..*
Masco Screw Prod com._.l
McClanahan OH com
1
McClanahan Refln com.-l
Mich St'l Tube Pr com 2.50
Michigan Sugar com
.*
Micromatic Hone com—1
Mid-West Abrasivecom 50c
Murray Corp com
10
Packard Motor Car com..*
Parke-Davis com
*
Parker Rust-Proof com 2.50
Penin Metal Prod com.._l
Prudential Investing com.l
Rick el (H W) com
2
Jan
20 k
Jan
26
Jan
17
Jan
20 k
2
Feb
48
Jan
3k
62k
15k
Jan
Jan
Jan
Feb
lk
100k
Jan
Jan
2
Jan
Jan
311
2k
4,284
56k
14k
lk
94k
lk
2k
3,173
2
3
"lik
9k
34k
3k
lk
3k
671
14
Jan
600
lk
93k
lk
Jan
395
400
690
1,315
3k
Jan
3k
16
Jan
11k
9k
lk
6k
12k
400
10k
Feb
10
651
13k
10 k
lk
7k
Jan
Jan
Jan
33
35
3k
lk
y
lk
6k
3k
lk
100
1,385
2,525
Jan
8
lk
5k
29k
Jan
100
140
Jan
69c
Jan
Jan
4k
3k
12k
9k
Jan
Feb
140
10
Feb
8k
825
7
Jan
53c
55c
2k
17k
1,300
2,875
17k
934
53c
100
53c
18
10
3
19
56
lhc
Jan
Jan
3k
Jan
Jan
50c
Fetj
18k
k
19k
lk
18
Jan
Feb
lk
900
lk
42c
2,203
37c
1
100
7k
100
65c
65c
k
Jan
Jan
Jan
6
Feb
100
62c
Feb
4k
ik
6k
4k
1,000
Jan
Jan
33k
818
10k
367
3k
lk
5k
4k
31k
9k
2k
2k
650
2
2
2k
3k
200
2
460
3k
ik
6k
4k
33k
10k
3k
900
1,260
1,165
Jan
Jan
Jan
k
2k
16k
40c
4
Jan
Jan
Jan
lk
k
3k
2k
325
Jan
Jan
1,210
69c
38
3k
lk
Jan
7k
6k
4k
33k
Jan
3
1
4k
lk
Jan
2,310
3k
2k
lk
40c
Jan
Jan
7k
53c
Jan
2k
15
10
19
2
100
69c
55c
Feb
Jan
k
15
3k
2k
3
Jan
Jan
Jan
k
430
400
23k
18k
52k
14k
lk
93k
lk
2k
lk
1*16
1,100
lk
56
15
General Finance com
Kinsel Drug com
1
51
23k
18k
51
com..5
Add Mach
*
Bohn Alum A Brass
TRUST BLDG.
Range Since Jan. 1,
for
Week
High
Low
Jan
Jan
Auto City Brew com
Active
5530
compiled from official sales lists
Jan
Cin Telephone
& Hayes
Jan
X
IX
Telephone: Randolph
Jan
50
Jan
Jan
lk
Jan
Jan
—
20
DETROIT
Buhl Building
Jan
17 k
4X
Cin Street Ry.
Jan
Jan
18
New York CurbJAssociate
Chicago Stock Exchange
NewjYork Stock Exchange
Detroit Stock Exchange
Jan
3X
Churngold.
Cin Gas A Elect pref.. .100
Jan
2k
Members
18X
__
6k
Feb
Watling, Lerchen
100
..20
Jan
2k
50
20
150
*
pref..
Champ Paper A Fibre.
.100
Champ Paper pref
6
90
350
Mach
Jan
20
4k
Amer. Ldry
Jan
271
3k
Amer Prod part
Jan
34k
18 k
Par
Jan
Jan
Jan
Feb
4k
Stocks—
Feb
9
18 k
3k
Feb. 5 to Feb.
3k
3k
Jan
70
9
6k
2k
6k
2k
19k
2k
100
4k
33
6k
2k
6k
350
11
9
33
24
3k
3k
3k
3k
4k
Phone
Jan
50
3k
UNION
37 k
36k
Wisconsin Bank she com.*
2
Jan
35
36k
Walgreen Co common
Williams Oll-O-Matlc com *
Woodall Indust com
35
35
Jan
1,150
4
17k
14k
lk
5
7
*
•
•
pref
Feb
Jan
60 k
24 k
Utah Radio Products com *
Utll a Ind Corp com
35
Jan
10
2
Trane Co (The) com
Jan
Feb
Jan
250
Jan
2
35
15
3k
3k
Works. ._.*
63
Jan
2k
100
2k
2k
15
Van Dorn Iron
22
25%
15
25
67
3k
1
Weinberger Drug
5k
Sunstrand Mach Tool com5
Swift International
Jan
Jan
18k
17
--*
Warren Refining
11
10
Storkline F'ur com
60
Jan
6
Upson-Walton
Jan
22
22
*
Convertible preferred. 20
21
Feb
Jan
39
*
3
Reliance Electric & Engrg 5
Richman Bros
*
Feb
11
30
Preferred
Standard Dredge com
61
61
36k
Peerless Corp..
IX
4
.*
Feb
35
Packer Corp
Jan
20 X
Slgnode St Strap Co—
...
Jan
113k 114
114
31k
57 k
4
1
Serrlck Corp cl B com
31
Jan
31k
10k
5k
Jan
62 k
22
'
Feb
109
31k
10k
5k
Feb
cap.*
Sangamo Electric Co
*
Schwitzer Cummins cap__l
'lok
10
61
3,335
Ohio Brass B
x
20k
com.*
31
29
20X
*
St Louis Natl Stkyds
31
29k
14k
30k
28
20
20 k
Ross Gear & Tool com
171
29
600
1
H
X
1
Common
30k
15k
2k
Heel—1
Vlchek Tool
Rollins Hoa Mills—
29k
14k
61
(AG) B
Jan
100 X
90
9k
29
Feb
150
17k
10k
33
Feb
lk
97 k
17k
...
9X
lk
95X
iex
lk
55
Feb
13
4k
lk
95 k
*
Quaker Oats Co com
•
Rath Packing Co com
10
Reliance Mfg Co com...10
Process Corp com
371
Corp A*
*
Jan
50
56
Nineteen Hundred
k
Jan
450
55
Jan
Jan
1
8
Jan
Jan
11
Jan
13
17
65
*
Medusa Portland Cement *
Metropolitan Pavg Brick.*
National Refining
25
Feb
Jan
Feb
no
28
9X
32k
Pictorial Paper Pkg com.
23
40
6k
"7'x
Jan
250
X
13
*
Penn Gas A Elec com
Convertible
X
X
12X
x
Peoples G L & Coke cap 100
Perfect Circle Co
Common
Jan
9k
9X
Penn Elec Switch conv A 10
Sears Roebuck A Co
Jan
11X
500
150
12
Jan
3X
23H
18X
ox
200
20
7k
Ilk
*
Northwest Utll 7% pref 100
Peabody Coal Co cl B con *
300
22k
Jan
Jan
3X
20
150
X
Jan
21
120
21k
Jan
140
32
11k
19
H3k
100
*
Fostorla Pressed Steel
*
Greif Bros Cooperage A._*
Halle Bros pref—
100
Harbauer Co.
*
Interlake Steamship
*
pref
27 X
Jan
Feb
Uk
31
Commercial Bookbinding. *
Jan
Jan
Feb
12k
20k
64k
Ilk
18k
29k
15k
*
Cliffs Corp v t c.
40
7
Northwest Eng Co com
Jan
Feb
40k
k
19k
Noblltt-Sparks Ind com..5
k
21X
135
21
National Un Radio com._l
4
30
3k
'"21k
.
Jan
50
21
pref *
Feb
Jan
Cleveland Railway
24
134
134
Tr pref *
10
Natl Republic Inv
260
40
Montg Ward a Co cl A__
National Battery Co
4k
24
Modlne Mfg Co com
Monroe Chemical Co pref *
1
2X
30
4
4
Miller & Hart Inc conv pf
X
IX
X
10
X
lk
X
100
100
6% pref A
Jan
Jan
6
56
*
100
Cleve Cliffs Iron pref
High
Jan
6
19
Ilk
*
1
City Ice & Fuel
Clark ControUer
10
6
6
Low
Shares
Low
6
Airway Electric Appli pf 100
Midland United Co—
Common
Price
Par
Stocks—
Jan
Jan
Jan
Jan
k
lk
Jan
Jan
Jan
Jan
Jan
Jan
iS
Feb
k
4k
Jan
Feb
2
Jan
7k
5k
Jan
Jan
34
Jan
12
Jan
Jan
Jan
3k
3k
Feb
4
Jan
Jan
Jan
1050
Financial
Last
Scotten-Dlllon
for
of Prices
Low
High
Price
27
1
corn
com..
Preferred
100
Tlvoll Brewing com
1
Tom Moore Dist
1
424
m
United Shirt Dist com.... *
Unlv Cooler B.
"2%
com
W
m
424
22i
2%
Wolverine Brew com...,..!
30c
4
Feb
22
Jan
14
Jan
Jan
107
"ill
1
com
93 c
BANK
UNION
Jan
1024
Jan
105
1,075
3A
Jan
4,541
Jan
m
1%
400
Jan
5
2
Jan
3A
120
Jan
800
2
Feb
2%
lVs
3A
A
BLDG.,
PITTSBURGH, PA.
Tel. Court-6800
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
Jan
1A
VA
4.50
30c
Warner Aircraft
Jan
Jan
65
Wayne Screw Prod com..4
H. S. EDWARDS & CO.
Feb
2A
18 A
377
4A
-\A
2
*
27
100
4 2*
2Vi
2%
124
2H
Walker & Co B
High
Jan
3,454
105
105
Low
22
100
3%
1M
122*
ISA
12A
10
Range Since Jan. 1.1038
Shares
27
2X
3%
Stearns & Co (Fred'k) com*
Timken-Det Axle
Jan
1,045
•i«
600
Jan
2%
A
650
Feb
Jan
Jan
Specialists in Pittsburgh Securities
Jan
Jan
Jan
Friday
Jan
Sales
Last
Stocks (Concluded)
Phoenix Oil Co
...25c
Low
4c
High
4c
*
5
Renner Co
San Francisco Stock Exchange
Los Angeles
1
Vanadium Alloy Steel....*
Victor Brewing Co..
1
Weetinghouse Air Brake..*
Teletype L.A. 290
3
46
7
W'house Elec & Mfg
50
724
16/8
1
....
2 24
25
9
Jan
Feb
1824
134
3424
124
Jan
200
1
30 A
Jan
100
124
Jan
39
100
Los
the Los
Angeles Stock Exchange
Jan
Jan
Jan
45
Feb
Jan
60c
......
60c
1,280
Jan
60c
Jan
2234
9224
«
24 24
464
21
Jan
Jan
9724
266
8934
Feb
2734
10724
3
Jan
60c
Jan
,
Pennroad Corp vtc
unable to give our usual record of transactions
are
Jan
9034
Feb
175
39
Jan
Jan
Unlisted—
F We
3
624
1624
124
39
Jan
5C
Jan
Feb
32 24
3124
124
60c
Jan
80
235
1
High
4c
357
16 24
United States Glass Co..25
Low
500
81
224
United Engine & Fdry.._5
Range Since Jan. 1, 1938
Shares
4c
80
Plymouth Oil Co
Chicago Board of Trade
Los Angeles Stock Exchange
Week
Pittsburgh Plate Glass..25
Pittsburgh Screw & Bolt..*
MEMBERS
New York Stock Exchange
for
of Prices
'Price
Par
Pittsburgh Brewing
Wm.Cawlier & Co.
Week's Range
Sale
623 W. 6th St.
1938
12,
Week
10
com
Standard Tube B
Week's Range
Sale
Par
Feb.
Sales
Friday\
Stock* (Concluded)
Chronicle
1
124
224
201
124
Feb
on
Angeles Stock Exchange for the week ending Feb. 11,
ST. LOUIS MARKETS
due to wire trouble, caused by storms in the west.
.
I. M. SIMON &CO.
LOS
ANGELES
BANK
Business Established 1874
STOCKS
Enquiries Invited
Revel Miller
MEMBERS
650 SOUTH
LOS
ANGELES
STOCK
SAN
1
New York Stock Exchange
New York Curb (Associate)
Chicago Board of Trade
Chicago Stock Exchange
EXCHANGE
St. Louis Stock Exchange
SPRING STREET* LOS ANGELES
Telephone: VAndike 2201
Teletype: LA 477
FRANCISCO
SANTA
all
on
Mid-Western and Southern Securities
:V".
MEMBERS
Co.
&
315 North Fourth
ANA
St., St. Louis, Mo.
Telephone Central 3350
St. Louis Stock
Established
Feb. 5
1874
to
Feb.
Friday
DeHaven & Townsend
Stocks—
New York Stock Exchange
Philadelphia Stock Exchange
Par
Amellcan Inv
Feb.
Sale
Stocks—
Par
Price
of Prices
Low
High
*
...
American Tel & Tel
100
Barber Co
134
10
Bell Tel Co of Pa pref_.100
Budd (E G) Mfg Co
*
Budd Wheel Co
...*
Chrysler Corp..
Curtis Pub Co
"III
.....5
*
com
Elec Storage Battery... 100
General Motors
...10
Horn & Hardart(N Y)com*
Lehigh Coal & Navigation *
Lehigh Valley
50
Mitten Bank Sec Corp..25
Preferred..:
A
25
Natl Power & Light
Pennroad Corp v tc
*
1
Pennsylvania RR
1
6A
2A
50
22
Phila Elec of Pa $5 pref...*
Phila Elec Pow pref
25
113
Phila Rapid Transit
Philadelphia Traction
3124
9A
1024
130% 135%
16 A
17/
117 A 118/
VA
5/
4 24
4H
52
55/
6
63/«
27 A
28/
35 >4
32A
22/
22/
4A
VA
5A
6
A
1A
1
l%
6A
6%
2
2A
20%
22/
11224 11434
3034
VA
27
8
27
29
29
42
29
3824
39
100
29
29
20
2
2
250
26
*
com
Columbia Brew
*
5
Week
Shares
Low
50
2
50
5A
512
65
489
50
High
Ely & Walk D Gds
100
60
142
541
948
Reo Motor Car Co.
5
2A
1
17 A
5/8
2/
233/8
*
39%
Jan
Jan
Feb
9
Feb
189
744
20
20
35
24,570
41
40
1
1
400
2/
2A
2/
3A
100
924
10324
9/
5,420
103 A
101
1
50
Preferred
28
United Gas Improve com.*
Preferred
.*
Westmoreland Inc
Westmoreland Coal
*
9
145
28
10/s
105/g
9A
9/s
9/8
Jan
2
19/
11234
29 A
1A
524
2A
10 24
3734
H
lA
2A
2624
924
10324
934
2A
Tonopah Mining
Union Traction
United Corp com
6A
1,774
14
28
317
Feb
Jan
Jan
Feb
Feb
Jan
Jan
Jan
116
3134
3/8
724
224
2324
4234
1A
Feb
Feb. 5
to
6
$3,000
Stocks—
Par
Allegheny Steel Co
Armstrong Cork Co
Price
*
*
*
common
Carnegie Metals
1
Columbia Gas & Electric.*
Duquesne Brewing Co...5
Fort Pitt Brewing
1
Jeannette Glass pref...100
1A
"13"
80c
*
5
Fireproofing Corp...5
For footnotes
see page
13
13
80c
80c
40
10124 102
724
8
36 A
36 %
524
5%
2A
224
Mountain Fuel Supply.. 10
Natl
1624
32/
1324
9%
1%
7A
40
Hoppers Gas & Coke pf 100
Lone Star Gas Co
Mesta Machine Co
1624
31A
U5A
m
1A
7A
1051.
40
20
Feb
45
95
8
525
176
25
2,330
442
Jan
Feb
Feb
Jan
100
com
Jan
Jan
Feb
Jan
32
1134
10624
1034
924
7
com
55
Jan
1
Feb
Jan
36
Jan
Jan
11
25
9
30
30
50
30
Feb
32
Jan
10
175
Feb
10
Feb
1124
1124
282
82*
92*
Feb
13
Jan
25
30
*
924
1124
150
312*
Jan
25
20
24 24
Jan
42*
5
465
42*
Feb
52*
Jan
*
224
224
210
2 24
Feb
3
Jan
*
5
60c
5
,
18
60c
50
101
101
101
122 X
122
12224
Jan
Jan
Wagner Electric
"25"
Jan
75c
10
*
com
15
com
6
5
Feb
60c
Feb
45
101
64
120
724
1.23
Feb
101
Jan
123 24
6
5
52*
Jan
232*
25
255
2324
Feb
$5,000
77
Feb
724
Jan
Jan
Jan
Feb
Jan
Jan
27
Jan
Jan
Bonds—
Jan
Jan
St Louis Car 6s extd
Jan
fUnited Rys 4s
t4s cash deliveries
Jan
77
77
79
Jan
1934
252*
252*
1,000
25 24
Jan
28
Jan
J
25 24
25 24
5,000
2524
Feb
27
Jan
Feb
Feb
Jan
Feb
Feb
Dean Witter
Jan
Jan
Jan
municipal and corporation bonds
Jan
Co.
&
New York Curb
Jan
Feb
Exchange, SanFranciscoStock Exchange, Chicago Board ofTrade
Exchange (AssoJ, San Francisco Curb Exchange, Honolulu Stock Exchange
San Francisco
Seattle
Sacramento
Tocoma
Stockton
Portland
Fresno
New York
Beverly Hills
Honolulu
Los Angeles
Ppsadena
Long Beach
Jan
Feb.
5
to
Feb.
Francisco Stock Exchange
11, both inclusive, compiled from official sales lists
Par
Week's Range
for
Sale
Anglo Cal Natl Bk of S F 20
Jan
Sales
Last
of Prices
Low
High
Week
Price
High
2124
Private Leased Wires
Members: Nerr York Stock
Jan
San
Feb
15
15
15
Range Since Jan. 1, 1938
Shares
267
Low
14
High
Jan
19
Jan
Jan
39
32*
32*
32*
22*
Jan
32*
Feb
14 24
Assoc Insur Fund, Inc.-.10
Atles Imp Diesel Eng Co_5
190
Jan
Jan
724
724
724
150
Jan
92*
Jan
Jan
1124
124
934
Jan
18524
62*
18524
Feb
Bank of California N A..80
Bishop Oil Co
Byron Jackson Co
Jan
14
Jan
Jan
Jan
Jan
199
75
342*
10
Jan
Jan
1,133
1
332*
*
*
com
Securities Inv pref
100
Southwstn Bell Tel pref 100
Sterling Alum com
1
Jan
Jan
75c
925
1
Jan
*
com
Warrants...
Feb
3 24
1234
25
Feb
10
St L Bk Bldg Eq com
Scullln Steel com
Jan
247
10
Feb
8
3524
Rlce-Stix Dry Gds
3
Low
7
Jan
97
Jan
302*
Friday
1524
3134
1124
824
134
21
Feb
62*
Jan
Jan
Jan
500
94
724
Jan
Jan
Stocks—
Shares
426
Jan
202*
Range Since Jan. 1, 1938
95
Feb
30
Jan
2724
824
Week
*
Blaw-Knox Co
for
of Prices
Low
High
3124
224
Jan
97
Sales
Week's Range
Sale
Jan
23 24
95
Jan
11, both inclusive, compiled from official sales
lists
Last
254
125
20
Jan
Pittsburgh Stock Exchange
Feb.
Friday
Byers (A M)
6
500
27
Oakland
6
85
224
2724
..25
Mo Portland Cem com-.25
Natl Bearing Metals com.*
Jan
Bonds—
El A Peoples tr ctfs 4s 1945
3024
75
Feb
3,270
Jan
85
6
Feb
Feb
55
Feb
1
Jan
2
10
Jan
Jan
30
Feb
35
17%
119 A
6A
534
3634
Jan
4024
Feb
2
302*
Jan
Feb
Jan
29
10
14%
11624
4A
3H
47 A
Jan
34
30
Internatl Shoe
Jan
Feb
5
Laclede-ChrLsty Clay
McQuay-Norrls com
Midwest Pipe & Sply
Feb
Feb
29
10
Jan
26 A
27
Feb
34
Jan
2924
21/
3A
424
A
25
Jan
Feb
■■
Griesedleck-W Brew com.*
11%
734
3024
4.124
2324
434
6A
134
124
834
224
3024
202*
303*
2A
1
149 A
100
.
com
Jan
Jan
224
High
Feb
100
com
2d preferred
Feb
Jan
30 A
20
27
8A
Jan
1
5
.
com
129 %
'
1,004
2
Salt Dome Oil
Corp
Scott Paper
...
225
1,102
2
70
Huttlg S & D com
Hyde Park Brew com
Range Since Jan. 1, 1938
299
Low
27
Falstaff Brew
for
110
Range Since Jan. 1, 1938
Shares
25
Hydraulic Prd Brk
American Stores..
High
25
Dr Pepper com
Sales
Week's Range
Low
20
Burkart Mfg pref
Central Brew com...
11, both inclusive, compiled from official sales lists
Last
Price
20
Brown Shoe
30 Broad Street
Friday
Week
8% preferred..
YORK
Philadelphia Stock Exchange
to
for
of Prices
*
com
Coca-Cola Bottling com
Feb. 5
Week's Range
7% preferred...
NEW
1513 Walnut Street
Sales
Last
Sale
Members
PHILADELPHIA
Exchange
11, both inclusive, compiled from official sales lists
Jan
18524 189
210
524
Feb
524
1724
250
1624
Jan
1924
Jan
Packing Corp pref.50
Caterpillar Tractor com..*
49 24
4924
4924
10
49
Jan
50
Jan
422*
422*
313
40
Feb
10024 10024
5124
5524
40
100
630
50
Calif
100
40
Feb
Chrysler Corp
5
105
5524
Jan
Claude Neon Elec Prods
*
Jan
9
72*
Jan
Cons Chem Indus A
Crown Zeller Corp com
5
924
924
*
6824
6724
692*
Gioeglo Fruit $3 preflOO
25 24
2524
2524
Feb
Jan
Feb
4324
624
334
Jan
Preferred
Jan
Jan
Jan
Jan
524
172*
Jan
2
190
524
1724
Jan
10034
734
3624
524
Feb
524
*
422*
10024
80C
25
5
Preferred
Di
*
29
72*
29
7?*
100
72*
Jan
Jan
Jan
522*
10124
Jan
622*
Jan
Feb
72*
Feb
Jan
29
255
10
1,894
924
Feb
12
Jan
300
64 24
Jan
73
Jan
10
25 24
Jan
28
Jan
29
Jan
33
Jan
Volume
Financial
146
Friday
Last
Par
Range
Low
4%
High
Feb
5
Jan
United States notes
365
Feb
19
Feb
Federal Reserve notes
117,262.50
225
115*
Jan
145*
Jan
Federal Reserve bank notes
503,006.50
34
390
285*
Jan
345*
Jan
National bank notes
105*
673
*
Eldorado Oil Works
•
19
185*
19
Emporium Capweli Corp_*
Em Cap 4 % % cum pf ww50
Emsco Derrick A Equip..5
12
12
12
32 %
325*
45*
10 %
Fund Insur._25
300
45*
95*
75
29
Firemen's
$1,590, 521,476.58
405,680.09
45*
185*
Doernbecher Mfg Co
Food Mach Corp com...10
""
FUND
Assets—
Gold (as above)
Silver (as above).
High
Low
Shares
GENERAL
1,1938
Range Since Jan.
for
Week
of Prices
Price
1051
Sales
Week's
Sale
Stocks (Concluded)
Chronicle
75
265*
Subsidiary silver coin
Jan
105*
Jan
20
69
Jan
76
Jan
690
75
29
26
Feb
33
Jan
Silver bullion (cost
95*
645,646.00
468,802.50
6 ,805,088.96
.....
_
Minor coin
3 ,764,279.10
441 ,016,708.36
i
value)
10
32 %
32%
325*
155
315*
Jan
38
Jan
Silver bullion (recoinage value)
General Paint Corp com..*
8%
8%
85*
490
75*
Feb
9
Jan
Unclassified—Collections, &c
j
25%
Feb
Feb
Deposits in—Federal Reserve banks
Special depositaries account of sales of Govt, securities
General Motors com
Preferred..
__*
—
27
27
175
27
Gladding McBean A Co..*
8%
85*
85*
420
Golden State Co Ltd....*
3%
3
35*
*
13%
13
135*
*
Home F A M Ins Co.---10
26%
25%
265*
85*
45*
Jan
Jan
135*
Jan
225*
428
Hawaiian Pineapple
Feb
Jan
Feb
11%
420
Hale Bros Stores Inc
27
7
3
Jan
29J*
Jan
3,250
•
Langendorf Utd Bak A
...
B
34
34
35
17%
18
1,145
335*
175*
Jan
17 %
Feb
19
15V*.
15
1654
2,415
12
Jan
165*
1,395
2
Jan
45*
367
35
Jan
155*
650
14
85*
717
5*
100
4
10
37
LeTourneau R G Inc
3%
36
1
15K
1
8%
8
Magna vox Co Ltd
2%
%
20
37
15
Lockheed Aircraft
I Maguln A Co com
%
17
105*
Jan
Jan
15*
Jan
To credit of other Government officers
11
11
600
11
Jan
13
13 %
125*
135*
441
125*
Feb
145*
Liabilities—jj
Board of
95*
95*
10
95*
Feb
95*
F'eb
5
5%
355
5
Feb
75*
Jan
95*
1,533
1,200
*
Occidental Ins Co
*
5%% pref
65*
Jan
160
95*
Feb
10
Feb
Jan
285*
305*
Jan
295*
275*
147
37
177
265*
355*
Jan
37
1015*
45*
Feb
120
1015* 1035*
5
Jan
Jan
109
Feb
175*
1195*
60
39
134
Jan
136
Jan
and the monetary
35
F"eb
42
Jan
certificates issued
1934 and under the President's proclamation dated Aug.
17%
175*
185*
255*
265*
55
55
10
4
4
4
17
Feb
25
Jan
Jan
295*
Jan
56
Jan
127
210
1,317
55*
Jan
250
155*
Feb
17
110
155*
Jan
165*
21
120
205*
Jan
24
Jan
155*
17
Shell Union Oil
*
15%
155*
*
21
21
65*
75*
agencies today
Jan
18H
18
185*
17
Jan
23
305*
305*
120
285*
Jan
305*
520
165*
Jan
225*
335*
Jan
Jan
Jan
175*
HOLDINGS
MONEY
following compilation, made up from the daily Gov¬
ernment
statements, shows the money holdings of the
Treasury at the beginning of business on the first of Novem¬
ber and December, 1937, and January and February, 1938:
Jan
19
TREASURY
The
Jan
30%
Soundvlew Pulp Co com_ _5
Sou Calif Gas Co 6% pref25
9, 1934.
Feb
17
Signal Oil A Gas Co A
difference between the cost value
revalued and held to secure the silver
acquired under the Silver Purchase Act of
$2,104,105,334.71.
Jan
155*
1
com
145*
Feb
12 5*
bullion
account of silver
Jan
65*
Richfield Oil Corp com
Roos Bros com
6%
Jan
125*
125*
12 5*
value of silver
on
Note 2—The amount to the credit of disbursing officers and certain
was
55*
Jan
35*
$3,133,261,183.64
Note 1—This item of seigniorage represents the
Jan
54
200
55
Total
Jan
255*
1,019
26%
*
2,949,580,068.33
6
150
1355* 1355*
.1
(see Note 1)
Jan
*
Rheem Mfg Co com
Jan
Jan
Jan
100
Cumulative pref
Seigniorage (silver)
Working balance
Jan
1045*
$1,223,019,805.61
141,756,449.09
413,290,848.90
1,171,512,964.73
880
135%
36
40
$183,681,115.31
Balance today—Inactive gold (as above)
Increment on gold (as above)
16
303
114
38
28
Jan
Jan
951
5
165*
165*
1105* 1145*
Railway Eq A Rlty 6% 100
Republic Petroleum
1
335,031.62
9,175,096.40
Jan
255*
5
*
Southern Pacific Co
Redemption of National bank notes (5% fund, lawful money)..
Uncollected Items, exchanges. Ac..
Jan
692
16%
_*
com
285*
55*
300
1,461
103%
-.-100
com
24
Jan
37
Pac Tel A Tel com....100
Paraffine Co's
Deposits for:
Jan
30
Pac Pub Ser(non-vot)com *
(Non-vot) pref
Jan
125*
27%
*
*
6% pref
10
95*
255*
29%
6% pref-..-
Jan
Jan
95*
25%
9%
25%
Pac Llght'n Corp com
554
59,300,000.00
18,833,332.69
88,480,248.69
Postmasters, clerks of courts, disbursing officers, &c
Feb
85*
10
25
55*
$5,669,757.27
1,887,648.64
Trustees, Postal Savings System:.
105*
295*
275*
5
25
6% 1st pref
125*
25
5%
-.--25
25
Pacific G A E com
Ray oilier
12
25
10
Pacific Amer Fisheries
95*
9%
12
North Amer Oil Cons.-.10
'
5% reserve, lawful money
Other deposits
Jan
9%
5%
1 ,850,680.66
$3,133,261,183.64
Treasurer's checks outstanding
Deposits of Govt, officers—Post Office Department
Jan
Market St Ry pr pref--100
...
Total
Jan
Feb
Natl Automotive Fibres._*
Marchant Cal Mach com .5
Oliver United Filters B
1, 333,637.81
1 ,188,252.79
Philippine Treasury—To credit of Treasurer United States
Jan
Feb
75*
5*
39
11
*
Natomas Co
,458,070.81
30 ,584,388.59
F-eb
*
Leslie-Salt Co
16
To credit of other Government officers
Feb
45*
775 ,731,000.00
...
Foreign depositaries—To credit of Treasurer United States
Jan
*
,475,619.70
168 ,389,918.69
National and other bank depositaries:
To credit of Treasurer United States
Jan
34
*
Honolulu Oil Corp
1,664.00
4
,
Jan
Jan
19
1,948
*
31%
175*
295*
315*
1,854
Super Mold Corp of CaliflO
13%
15
165*
470
295*
135*
Transamerlca Corp
Union Oil Co of Calif
2
10%
105*
4,600
105*
Jan
125*
25
20%
105*
195*
205*
1,296
195*
Jan
21
Jan
25
16%
890
165*
Feb
225*
Jan
7%
165*
75*
175*
5
75*
249
75*
Jan
85*
Jan
0%
85*
95*
2,657
65*
Feb
100
Standard Oil Co of Calif.
Union Sugar Co com
United Air Lines Trans
Universal Consol Oil
_
10
Co
4
10
com
Preferred...
Nov. 1, 1937
4
Jan
Jan
Net silver coin and bullion
320
95*
Feb
105*
Jan
Net United States notes..
415*
Jan
Net National bank notes.
225*
Jan
Net Federal Reserve notes
Walslua Agricultural Co .20
39%
395*
20
195*
35
20
465
Jan
165*
10
395*
Western Pipe A Steel Co 10
Jan
•
Jan. 1, 1938
$
$
Net Fed Res. bank notes..
Members New
111
York
3,764,784
Minor coin, &c
6 222.776
—
Total cash in Treasury. 2,276,193,874 2,251,154,236
Less gold reserve fund
Stock Exchange
156,039,431
Cash balance in Treas.. 2,120,154,443
account
wire
to
Barbara
own
offices
Del
—
Francisco
in San
Monte
—
Treas'y
—
Hollywood
Los
—
San
the
San
Francisco Curb
unable to
give
Francisco
156,039,431
156,039.431
2,095,114,805 2,092,452,732 2,137.725.233
552,317,000
127,894,164
485,038,000
834,858,000
775,731,000
132,298,398
180,582,678
168,389,919
14,698,840
32,173,933
2,185,515
17,012,008
15,079,865
16,458,071
2,513,600
30,064,298
1,843,557
2,864,681
34,364,041
1,751,548
2,816,504
30,584,389
Deposits In foreign depts.
—
Dep. in Fed. Res. banks..
Hills
Dep. in National banks—
Exchange
usual record of transactions on
Exchange for the week ending
in the West.
our
Curb
2,248,492,163 *2293,764,664
Cash in Philippine Islands
Angeles
Beverly
To credit disb. officers.
are
8,239,899
bonds.
To credit Treas. U. S._
We
156,039,431
503,006
6.805,089
Treasury notes and cer
tiflcates of indebtedness
Santa
313,718
5,420,655
Dep. In spec'l depositories
Broadway, New York
Cortlandt 7-4150
Private
1938
$
6,341,825
473,057
5,223,291
5,502,362
675,758
Net subsidiary silver.....
Schwabacher & Co.
Feb. 1,
1,783,993,334 1.758,006,399 1,747,660,257 1,746,560.907
467,867,809
512,424,052
463,706,ltd
462,303,030
3,149,555
3,645,646
2,787,322
2,510.J59
468,803
943,824
916,812
1,084,600
16,794,520
15,117,262
14,403.260
15,774,175
Net gold coin and bullion-
300
95*
45*
Jan
4
95*
Dec. 1, 1937
$
10
4
1
..5
Victor Equipment
Jan
Net
cash
in
Treasury
and in banks
2,851.937,495 2,764,235,747 3,161,905,368 3,133,261,184
.......
176,137,262
Deduct current liabilities.
Feb. 11, due to wire trouble, caused by storms
1,850,681
2,521,891
156,007,607
189,064,409
183,681,115
2,675.800,233 2,608,228,140 2,972.840.959 2,949,580,069
•No par value,
c
Casb sale,
a A. M. Castle A Co. split Its common stock on
1937.
b Ex-stock dividend,
d Stock split up on a
*
two-lor-one basis on March 9,
as
Stock dividend of 100% paid Sept. 1, 1930.
r Cash sale—Not
Included In range for year,
x Ex-dlvldend.
y Ex-rlghts.
z Listed,
fin default.
two-for-one basis,
a
Includes on Feb. 1,
$441,018,372 silver bullion and $3,764,279 minor, &c.. coin
Money."
included In statement "Stock of
J Company In bankruptcy, receivership or reorganization.
CURRENT
TREASURY
The cash
CASH
AND
holdings of the Government
as
—The Commodity
the items stood
figures
United
ASSETS
AND
customers' men, solicitors and others associated with firms
interest in commodity futures are invited.
first -lecture, which will be held on Thursday, Feb. 17,
1938, at 3:30 p. m., will be "Cotton." The address will be given by Mr.
Richard T. Harriss, an Ex-President of the New York Cotton Exchange. At
All partners,
having any connection or
The topic of the
GOLD
$12,755,353,307.41
Total
this meeting a
$12,755,353,307.41
Redemption fund—Federal Reserve notes
reserve
$2,897,537,519.00
6,300,943,051.08
10,311,829.82
150,039,430.93
booklet can
Interest in Connection with
York Cotton Exchange." will be distributed.il This
be purchased through the New York Cotton Exchange at the
following rates:
Orders from 1 to 500 at
Orders above 500 to
Note—Reserve against $346,681,016 of United States notes
Treas¬
of 1890 are also secured by silver dollars In Treasury.
the cover if desired
In orders of less
$11,164,831,830.83
Gold in general fund—Inactive
first
$1,223,019,805.61
Balance of increment resulting from reduc¬
tion in weight of the gold dollar
$12,755,353,307.41
Silver
■
"
$961,773,670.09
503,877,968.00
dollars
of the formation of White, Dunbar & Co.,
Whitney Bldg., New Orleans, La., and 710 Lamar
investment securities business
specializing In municipal bonds. Officers of the new firm are: H. H. White,
Geo. J. Bourg, Gilbert Hattier Jr., W. D. Dunbar, J. H. De La Vergne
and J. B. Sanford Jr. Members of this firm were former officers of, or
connected with the bond department of the Whitney National Bank of
SILVER
''
thereof up
booklets.
Life Bldg.,
Assets
be a charge of $2.00 for the
25c. for each additional 100 or fraction
Inc., with offices at 403
1,590,521,476.58
Total
than 500 booklets there will
—Announcement was made
225,745,221.88
balance
without extra charge.
100 booklets and
to 500
141,756,449.03
the rate of 6c. each.
booklets or more the firm's name will be Imprinted on
In orders of 500
1,800,000,000.00
the rate of 10c. each.
1,000 at the rate of 8c. each.
Orders above 1,000 at
and $1,170,372 of Treasury notes of 1890 outstanding.
Exchange stabilization fund
Sliver
booklet entitled "Some Facts of
Trading on the New
Liabilities—
Gold certificates—Outstanding (outside of Treasury)
Gold certificate fund—Board of Governors, Fed. Res. System..
In working
State of New York, 65 Liberty Street, New
York City.
Assets
ury notes
conducting'a series of talks and
commodities to be held in the Great Hall of the
Chamber of Commerce of the
LIABILITIES
Gold..
Gold
Club of New York is
illustrated lectures on all
Jan.. 31, 1938 are set out in the following.
The
are taken entirely from the daily statement of the
States Treasury of Jan. 31, 1938.
CURRENT
NOTICES
CURRENT LIABILITIES
Jackson, Miss., to conduct an
New Orleans, La.
Total
$1,465,651,638.09
A. E. Weltner &
Liabilities—
Silver
certificates
outstanding
Treasury notes of 1890 outstanding
Silver in general fund
Total
$1,465,651,313.9
Co., Inc., dealers in investment securities, formerly
Co., announce the resignation of C. W. Bigelow as an
and director of the company and the resumption of the name under
Weltner, Bigelow &
$1,393,075,586.00
1,170,372.00
71,405,680.09
officer
hlch the company
o
originally operated,
0ffices at the Dwight Building,
A. E. Weltner & Co., Inc., with
Kansas City, Mo.
1052
Financial
Chronicle
COMPLETE PUBLIC DEBT OF THE UNITED
STATES
This statement of the public debt and
interest attaches to the details of available cash and
the gross
and net debt
on that date, we
append a summary thereof,
making comparison with the same date in 1936:
CASH AVAILABLE TO PAY MATURING
1937
Oct.
31,
h Excess of credits
1936
1,763,629,480
—
+7,994,341
—18,692,238
2,683,794,574
1.744,937,242
47,665,196
„
31,778,950
613,485,231
3,672,200
894,858
482,115,978
3,587,025
582,656
PRELIMINARY
DEBT
UNITED
533,950,855
Balance, deficit (—)
or surplus
(+)
649,831,239
...+2149,843,719 +1095,106,003
Interest
3s of 1961
3s convertible bonds of
1946-1947
Certificates of Indebtedness:
Oct. 31,1937
Oct. 31,1938
Payable
Q.-M,
Titlelof Loan—
$
S
49,800,000
28,894.500
Q.-J.
49,800,000
28,894,500
Special:
4s Adjusted Service Ctf.
Fund—Series 1938
234s Unemployment Trust Fund—Series
1938..
43$B Treasury bonds of 1947-1952
A.-O.
3s Treasury bonds of 194+1954
...J.-D.
3Ks Treasury bonds of 1946-1956
M.-S.
3«s Treasury bonds of 1943-47
J.-D.
3«s Treasury bonds of 1940-1943
J.-D.
3%8 Treasury bonds of 1941-1943
M.-S.
3 Mb Treasury bonds of
1946-1949
J.-D.
3s Treasury bonds of
1951-1955
M.-S.
33*8 Treasury bonds of 1941
F.-A.
4 3* 8-3 3*sJTreasury bonds of
1943-1945
A.-O.
334s Treasury bonds of 194+1946
A.-O.
3s Treasury bonds of
1946-1948
J.-D.
334s Treasury bonds of 1949-1952
J.-D.
234s Treasury bonds of 1955-1960
M.-S.
2Kb Treasury bonds of 1945-1947
M.-S.
2Xb Treasury bonds of 1948-1951
M.-S.
2Xa Treasury bonds of 1951-1954
J.-D.
2Kb Treasury bonds of 1956-1959
M.-S.
234s Treasurylbonds of 1949-1953
Savlngsjbonds, series
A
.
758,945,800
1,036,692,900
489,080,100
454,135,200
352,993,450
544,870,050
818,827,000
755,434,600
834,453,200
1,400,528.750
Fund series 1946)
104,649,000
Treasury statement, is
as
192,515,727
231,623,962
Deduct Treasury
surplus
or
a36,958,843,959 33,830,262,426
+2149,843 719 +1095,106.003
.b34,809,000,240 32,735,156,423
Total gross debt Oct.
31, 1937, on the basis of dally Treasury
statements, was
$36,956,368,228.85, and the net amount of public debt
redemption and receipts
In transit, &c., was
$2,475,729.70.
b No reduction Is made on
account of obliga¬
tions of foreign governments
or other investments.
a
CONTINGENT
LIABILITIES
OF
THE
UNITED
STATES,
OCT.
31,
1937
Compiled from Latest Reports Received
by the Treasury
Interest
862,085,600
98,028,600
236,482,200
103,147,500
100,122,000
*1,399,865,900
{^3% debentures
a
11,925,517
472,759
.
250,305
Treasury Notes—
'
2h/s% series A-1938, maturing
234% series B-1938, maturing
3%
series C-1938,
maturing
2)4 % seriesD-1938, maturing
134% series E-1938, maturing
\
Feb.
Sept. 15,1938..
Dec.
2)4 % series A-1939, maturing June
134% seriesB-1939, maturing Dec.
1)4 % series C-1939, maturing Mar.
1)4% seriesD-1939, maturing
Sept.
1% % series A-1940, maturing Mar.
1)4 % series B-1940, maturing June
134 % series C-l940, maturing Dec.
1)4% series A-1941, maturing Mar.
1)4 % series B-1941, maturing June
134% series C-l 941, maturing Dec.
134 % series A-1942, maturing Mar.
2%
series B-1942,
maturing Sept.
IX % series C-1942, maturing Dec.
account
1,1938..
June 15, 1938..
Mar. 15,1938..
15,1938..
15,1939..
15,1939..
15, 1939..
15,1939..
15,1940-.
15,1940..
15, 1940-.
15,1941.
15,1941..
15,1941..
15,1942..
15,1942.
15,1942.
15,144,598
$10,547,067,350.00
119,269
914,224,788
1,104,309,550
49,632,100
325,254,750
7,592,122
206.383
2,032,842
1,111,901.672
49,638,483
327,287,692
543,513,950
4,076,354
547,590,304
f2,937,178,600
13,564,241
296,872,666
fund,
60,000,000.00
series
3,318,000.00
1939
4%
119,269
Alaska Railroad retirement
fund series,
maturing June 30, 1941 and 1942
Postal Savings System
series, maturing
June 30, 1940 and
1942....
2% Federal Deposit
Insurance
1,691,200
279,000.00
40,000,000.00
Corporation
series, maturing Dec. 1, 1939 and 1942
100,000,000.00
maturing Jan. 1, 1939
•
2)4 % Unemployment Trust
turing June 30, 1938
11,681,393,350.00
$31,000,000.00
Fund series, ma¬
648,765,000.00
679,765,000.00
1,951,933,000.00
Treasury bills (maturity
value)
g2,950,742,841
298,563,867
3,629.000.00
Certificates of Indebtedness—
4% Adjusted Service
Certificate Fund series,
c298,563,867
Total
interest-bearing
Matured Debt
on
debt outstanding
...
.$36,887,472,584.32
Which Interest Has Ceased-
Old debt
Housing Authority
upon
guarantees
4.454,436,477
On Credit of the U. S.—
matured—Issued prior to Apr. 1,1917
(excluding Postal Savings bonds)
2)4 % Postal Savings bonds
3)4 %. 4% and 434 % First
Liberty Loan bonds
of 1932+7
4% and 4J4 % Second
Liberty Loan bonds of
1927+2
Secretary otjfAgriculture
Postal Savings 8ystem:
Funds due depositors.
Total, based upon
1,272,766,468
32,527,070 dl,305,293,538
credit of the U.S.
1,305,293,538
Other Obligations—
F. R. notes (face
amt.)_
e4,269,537,020
After
deducting amounts of funds deposited with the
Treasurer of the United
States to meet Interest
payments.
b Does not
Include $10,000,000 face amount of bonds
and accrued Interest
thereon,
held by Treasury and
reflected In the public debt.
Does not include
$3,495,000,000 face amount of notes
thereon, held by Treasury and reflected in the
public debt.
d Figures as of
Aug. 31, 1937—figures as of Oct. 31,
1937,
c
by cash In designated
depository banks amounting
pledge of collateral
a
face
as
value
provided in
of
434 % Third Liberty Loan bonds of
1928
434 % Fourth Liberty Loan bonds of
1933-38-.
334 % and 434 % Victory notes of
1922-23--...
Treasury notes, at various interest rates
Ctfs. of
and
accrued
interest
indebtedness,
at various interest rates.
Treasury bills
Treasury savings certificates
Debt
Includes only bonds Issued and
outstanding.
554,100,000.00
373,000,000.00
Foreign Service retirement
to 1942
bl, 415,010,498
978
Tenn. Valley Authority
having
■
$16,009,800.00
618,056,800.00
455,175,500.00
596,416,100.00
433,460,900.00
1,293,714,200.00
526,233,000.00
941,613,750.00
426,554,600.00
1,378,364,200.00
738,428,400.00
737,161,600.00
676,707,600.00
503,877,500.00
204,425,400.00
426,349,500.00
342,143,300.00
232,375,200.00
series, maturing
4% Canal Zone retirement
fund, series
4Q
the
840,898,706.40
2%
*1348,461
2% bonds, ser. E, 1938
134% bds., ser F, 1939
234 % bonds, series G,
1942-44
by
$340,740,750.00
500,157,956.40
$22,574,381,234.32
1938 to 1942
874,011,117
98,435,690
238,571,126
103,620,259
100,372,305
407,090
2,088,926
118,291
234% bonds, series B,
Reconstruct Fin. Corp.
1X % notes, series K_
20,476.286,850.00
$183,697,504.25
340,849,563.25
413,473,632.00
11,989,087.50
110,425,970.92
1.060,435,757.92
Adjusted Service bonds of 1945
Railroad retirement account
series, ma¬
turing June 30, 1942
4% Civil Service retirement
fund, series 1938
Total
914,568,250
Home Owners' L'n
Corp.
3% bds., ser A, '4+'52
Savings System,
Series C-1938
Unclassified sales...
4%
3% bonds of 1942-47.
234% bds. of 1942+7.
134% bonds of 1939..
secured
Series B-1936
Series C-1937
to 1942
Fed'l Farm Mtge.
Corp.:
3%|bonds of 1944-49.
334% bds. of 194+64.
FedTlHousing Admin.:
1,626,687,650.00
981,837,550.00
1,786,150,050.00
540,843,550.00
U. S. Savings bonds
(current redemp. value):
Series A-1935
June 30, 1941 and 1942
¥*Guaranteed by the U. S.
a
;
bonds of 1956-59..
bonds of 1949-53
bonds of 1945
3%
Principal
based
2,611,095,150.00
1,214,428,950.00
1,223,496,350.00
bonds of 1945+7
bonds of 1948-51
bonds of 1951-54
3% Old-Age Reserve
Amount of Contingent Liability
Detail
bonds of 1955-60
$758,945,800.00
1,036,692,900.00
489,080,100.00
454,135,200.00
352,993,450.00
544,870,050.00
818,627,000.00
755,434,500.00
834,453,200.00
1,400,528,250.00
1,518.737.650.00
1,035,874,400.00
491,375,100.00
Total bonds
..36,368,177,016 33,081,218,859
482,088,058
570,580,921
108,578,885
178,462,646
add Treasury deficit
2% %
2% %
2% %
2% %
2% %
234 %
2)4 %
$49,800,000.00
28,894,500.00
118,065,420.00
482,092,050
500,157.957
J.-J.
118,367,560
119,974,320
11,538,529.950 11,367,738,550
2,402,732,000
2,353,629,000
Net debt.
.
3% bonds of 1946+8
3)4 % bonds of 1949-52
(Government Life Insurance Fund
series)..
Life Insurance
bonds
__
334% bonds of 1941
3}4 % bonds of 1943+5
334% bonds of 1944+6-_
1,400,534,750
1,518,737,650
1.035,874,900
491,375,100
2,611,112,650
1,214,428.950
1,223,496,850
1,626,688,150
981,848,050
to 49th ser.)
$196,759,920.00
Treasury bonds:
434% bonds of 1947-52
4% bonds of 194+54
3 J4 % bonds of 1946-56
ZVs % bonds of 1943-47
3Vs % bonds of 1940-43
3Ys % bonds of 1941+3
3Ys % bonds of 1946+9
3% bonds of 1951-55
755,476,000
834,463,200
Total debt
*
THE
daily
follows:
3% Panama Canal loan of 1961
3% Conversion bonds of 1946+7
2)4 % Postal Savings bonds (15th
818,627,500
_
Aggregate of Interest-bearing debt
Bearing no Interest
Matured, Interest ceased
Total,
OF
1938
preliminary statement of the public debt of the United
States Jan. 31,
1938, as made up on the basis of the
758,955,800
1,036,702,900
489,080,100
454,135,200
352,993,950
544,870,050
-
Unclassified sales
3s Adjusted Service
bonds of 1945
434s Adjusted Service bonds, (Govt.
2HsjPostal Savings
Treasury notes
Treasury bills
31,800,0001
495,653,000)
1,518,737,650
1,035,874,400
491,375,100
2,611,095,150
1,214,428,950
1,223,496,350
1,626.687,6-50
981,837,550
J.-D. 1,786,360,050
185,288,809
344,270,158
335,833,044
44,959,688
356,236,550
U. 8. Savlngsjbonds, series B
U. S. Savings bonds, series C
U. S.
31,
The
INTEREST-BEARING DEBT OUTSTANDING
109Q
STATEMENT
STATES JAN.
Bonds—
Total
U. 8.
and accrued interest
(deduct).
$
Balance end of month by dally statements
2,676,800,233
Add or Deduct—Excess or
deficiency of receipts over
or under disbursements on belated
Items
Disbursing officers' checks
Discount accrued on War Savings
certificates
Settlement on warrant checks.....
with the Treasurer of the
United States
payable in gold certificates, (2) United
States Government securities of a
face value
of $20,000,000 and
(3) commercial paper of a face amount of
$20,519,000.
f Includes only unmatured
bonds Issued and
outstanding.
Funds have been
deposited with the Treasurer of the United
States for payment of matured
bonds
which have not been presented for
redemption.
debt,
31,
$
Deduct outstanding obligations:
Matured Interest obligations..
In actual
e
circulation, exclusive of $9,381,654.07
redemption fund deposited in
the Treasury and $323,329,045 of
their own Federal Reserve
notes held by the
Issuing banks.
The collateral
security for Federal Reserve notes issued are
(1) $4,643,132,000 in gold certificates and credits
ft Does not Include $10,000,000 face
amount of series H bonds
thereon, held by Treasury and reflected in the
public
OBLIGATIONS
Oct.
12, 1938
System amounting to $67,551,706.14
and Government and
Government-guaranteed
securities with a face value of
$1,091,006,450 held as investments, and other assets.
Treasury cash hold¬
ing© of the United States, as officially issued as of Oct.
31,
1937, delayed in publication, has now been received, and as
Feb.
not available.
Offset
$136,166,118.25, cash
In
possession
of
50,660.00
18,189,850.00
1,375,500.00
2,217,800.00
26,013,950.00
679,050.00
18,248,050.00
5,049,750.00
22,739,000.00
249,650.00
98,742,170.26
Bearing No Interest—
United
States notes..
Less gold reserve
$346,681,016.00
156,039,430.93
Deposits for retirement of National
bank and
Federal Reserve bank notes
Old demand notes and
fractional
...
currency
to $133,468,777.25, which Is
the Regulations of the Postal
$3,928,910.26
Thrift and
Treasury savings stamps, unclassi¬
fied sales, &c
$190,641,585.07
$270,382,861.50
2,032,046.25
3,256,022.99
466,312,515.81
Total gross debt
......
...
$37,452,527,270.39
Financial
146
Volume
1053
Chronicle
Canadian Markets
ANT
LISTED
Provincial and
UNLISTED
Montreal Stock Exchange
Municipal Issues
Closing bid and asked quotations, Friday, Feb. 11
Bid
1 1948
Jan
5s
434s.
11956
Oct
Ask
15 2
Province of Alberts—
/fil
5s
July 12 1949
99
434a
Oct
Sept 16 1943
117
118
May
12134
June
1 1959
1 1962
120
4s
434s
10034
96
Jan
10834 10954
Province of Manitoba—
1 1941
89
92
58
June 16 1954
86
89
434s.
Mar
2 1950
56
2 1959
87
90
4s
Feb
1 1958
10934 11034
10734 10834
434s
May
1 1961
10934 11034
434«—i—Aug
Dec
^rov of New
10534 10634
Apr 15 1960
—Apr 16 1961
4^8
4H>s
Province of Quebec—
Brunswick—
10334 10434
Saskatchewan—
June 15 1943
Prov of
5s
434s.
Sept 15 1952
10734 10834
Mar
1 1960
Noranda
10834 10934
7434
76
74
76
73
Nov 15 1946
Oct
1 1951
534s
4Kb
(Concluded)
Mines
75
Bid
8634
4s perpetual debentures.
Dec 15 1944
9834
113
1 1944
July
1 1946
6s
Sept 16 1942 /10634 107
434s
9934
Dec
1 1954
1 1960
117
Ask
115
11534
11434 11434
11634 11654
11934 11934
11934 11934
1 1946
July
12434 125
11734
1 1956
.Feb
Bonds
Bid
634s
.July
1 1957
5e
.July
1 1969
Preferred
56
.Oct
1 1969
56
.Feb
1 1970
31
1 1962
11962
Jan
3s
Jan
Jan
245
Feb
15134
150
Jan
155
Jan
29
Jan
31
Feb
31
951
101
1
3034
101
100
*
Price Bros & Co Ltd
*
Preferred
1334
*
25
108J4 10934
9734
9634
15
Jan
Jan
5134
1434
479
1234
13 34
43
1,961
1234
Feb
380
1634
Jan
1634
43
Feb
50
Jan
170
16
Feb
18
Feb
9
25
9
Jan
25
40
99
36
;-.vV
100
35
24
Jan
Jan
934
25
98
Jan
Feb
10234
Feb
Jan
10234
100
Feb
Jan
4
Jan
534
570
1334
680
1234
Feb
17
Jan
1834
*
434
1234
434
13
50
18 34
36
25
1834
Feb
20
Feb
578
34
Feb
48
Jan
1,445
19
Feb
2034
Jan
1334
Jan
16
Jan
Jan
105
4
35
34
*
1934
1934
1934
mmmmmm
15
15
130
102
102
1
4
100
m
m
mm
mmm
60
*
•
«
mmmmm
434
United Steel Com——..*
Feb
1334
Jan
60
Feb
69
Jan
56
Feb
63
Jan
10
148
Feb
149 ;>
1
3
Jan
3
434
Jan
6
Jan
115
6134
630
56
56
25
148
3
434
Jan
8634
Feb
5
1234
'•'■'■St-
105
Feb
86 34
1234
60
mmmmm
8634
148
..100
Southern Canada Power..*
Preferred———.—25
Tuckett Tobacco pref..100
Twin City
*
Jan
Jan
5134
5134
1334
10234 10234
pref
100
Saguenay Power pref--100
St. Lawrence Corp
*
Steel Co. of Canada
55
12
20
25
16
*
Shawlnlgan W & Pow
35
35
3434
9
100
Quebec Power
Jan
Feb
10134
16
5134
Corp. of Canada..*
Jan
Jan
43
3434
Penmans
10034
3434
13 34
Ottawa Electric Rys
215
434
*634
1234
Jan
Jan
100
45
45
45
4
45
Feb
45
Feb
*
Viau Biscuit pref
Grand Trunk Pacific Ry—
4s...
225
30
Sherwin Williams of Can 25
Ask
11434 11434
15134
10134
9634
96
Canadian Northern Ry—
1 1951
June 15 1955
12
..*
Preferred
Sept
245
6034
Ottawa L H A Power—
8t Lawrence Paper pref 100
101
July
Dominion Government Guaranteed
434s
434s
434s.
434s..
Jan
151
Simpsons pref.
Canadian National Ry—
55
240
St Lawr Flour Mills
114
Bid
2,947
»
A preferred
Sept
434s
Jan
60
100
102
101
434s
87
6a
5e
411
Bid
Canadian Pacific Ry—
High
Low
Shares
High
59
59
Holland Paper
Ask
Ry—
Low
Preferred
Regent Knitting
Railway Bonds
Pacific
Week
...*
Preferred
Canadian
for
of Prices
Price
Par
Ogllvle Flour Mills..
Power
Province of Nova Scotia—
5s
Stocks
Week's Range
Sale
(New)
11634 118
15 1965
Range Since Jan. 1, 1938
Last
112
58
9434
1 1963
111
6s
5234
|
Prov of British Columbia—
1 1942
Oct
5s
Sales
Friday
Ask
Bid
Province of Ontario—
6334
60
60
60
15
62
Jan
65
Jan
Western Grocers Ltd
B
.*
Preferred
234
234
646
234
Feb
3
Jan
1.75
234
*
Winnipeg Electric A.
1.75
130
1.75
Feb
234
Jan
12
Jan
1434
Jan
5934
Feb
13
100
50
13
Banks—
Canada
Montreal Stock Exchange
Feb. 5
to
11, both inclusive, compiled from
Feb.
Range Since Jan. 1, 1938
Last
Par
*
*
of Prices
Low
Price
7
7
mmmmmm
*
Associated Breweries
1034
106
100
Preferred
rnmm'rn
m m
Bathurst Power & Paper A*
"leo"
1234
934
934
pref. .100
100
Bawlf (N) Grain
Bell Telephone
1054
British Col Power Corp A- *
B
♦
31
*
*
Canada Cement
Canada Forgings class
Canada Steamship
--50
•
100
Canadian Browse
Preferred
mm—
m'Sm'm
mmm
m
mm
834
22
—*
Preferred 7%..
mmmmmm
100
Canadian Celanese
Converters..100
Canadian Induat AJoohol.*
•
Class B
Canadian Locomotive
Canadian Pacific Ry
*
*
Con Mln A Smelt new...25
Dominion Bridge
Dominion Coal pref
334
125
25
11
Jan
17
61
18
Jan
175
181
99
175
Feb
19134
Jan
56
32
234
Jan
193s
334
934
934
183
834
Jan
12
Jan
Jan
39
Jan
Jan
105
36
36
10354 10334
834
834
1034
934
21
2234
18
1734
103
50
36
1
105
15
1,382
1,135
385
..'^■i'VvlO
Montreal Curb Market
Jan
both inclusive, compiled from official sales lists
Feb. 5 to Feb. 11,
Friday
Feb
834
Feb
Last
Week's Range
for
9
Feb
1134
Jan
Sale
of Prices
Week
2034
Jan
2234
Jan
1634
Jan
20
Jan
107
Jan
Price
Abltlbl Pow & Paper Co..*
Range Since Jan. 1, 1938
Shares
1.60
1.60
1.95
4,880
High
Low
1.50
Feb
234
Jan
18
Feb
20
Jan
1534
1434
1534
1434
Jan
19
Jan
20
1034
Jan
1034
Jan
Aluminium Ltd
---*
86
86
86
1,000
86
Feb
86
Feb
334
624
334
Feb
434
Jan
55
56
815
62
Feb
62
Jan
354
820
334
Feb
4
Jan
7
8
9
Jan
10
Jan
834
1134
6434
Jan
Ltd..—.—*
Bathurst Pr A Pap class B *
Beauharnols Pow Corp...*
Beld-Cortlcelll 7%cmpfl00
56
334
1
15
1034
15
4,790
634
Feb
9
436
1,088
834
5554
Jan
60
w
634
834
734
Jan
.....100
6% cum pref
Asbestos Corp
Jan
Brewers A Distill of Van.
Jan
Feb
3234
Feb
26
Jan
100
100
50
100
Feb
110
Jan
10
14934
Feb
14934
1634
Feb
4,471
13
Feb
Jan
Ltd.—..*
*
Canadian Gen Invest
*
Cndn Industries Ltd B.. *
1334
734
14
Jan
10
mmmmmm
82
82
110
80
Jan
85
Jan
70
69
70
240
65
Jan
70
Jan
149
149
30
148
Jan
149
Jan
Cndn Pow & Paper
7
125
Jan
Can Vlckers Ltd—
634
13
2
734
834
1434
234
734
205
734
634
Feb
834
Jan
620
13
Feb
15
Jan
150
2
Feb
3
Jan
9
7
Jan
10
Jan
mmmmrnm
23
23
25
23
Feb
23
Feb
14
14
14
50
1334
Jan
1534
Jan
834
7934
9
440
834
7534
Jan
10
Jan
8034
Jan
81
Jan
972
Preferred-..--—-
334
55
334
Jan
434
434
434
1,031
434
Feb
534
132
132
Jan
Jan
Jan
634
100
534
Jan
734
Jan
980
2034
Feb
2134
Jan
129
10
Jan
13
Jan
6434
10
6734
Jan
6734
Jan
3434
217
34
Jan
36
70
103
Jan
110
26
16
Jan
1234
6434
'3434
34
110
1634
1.30
17
1634
110
1634
1.45
18
834
650
1.30
16
Jan
100
8
Jan
1.95
10
1.95
1.00
1.15
1,300
1.00
1
1
1
634
6
634
Feb
290
834
1.95
...1
1634
1.55
18
Jan
Feb
Feb
Jan
Feb
Jan
Feb
834
1.95
Feb
Feb
1.35
Jan
300
1
Jan
2
20
6
Jan
8
10
21
Jan
30
Jan
Feb
Jan
Jan
21
Cndn Westlnghouse
1.25
21
5134
100
Co—*
Commercial Alcohols Ltd.*
Consol Bakeries of Can---*
Consolidated Paper Ltd.*
Oonnacona Paper A
*
B
*
135
2034
1234
Inv—*
*
7% cum pref
Feb
132
2034
1.00
Cndn Marconi Co
30
634
2034
Cndn Breweries
.14934 14934
319
334
""434
.6
Brit Amer Oil Co
19
mmmmmm
High
17
29
14
Low
Jan
105
Par
Stocks—
292
mmmmm m
Sales
Jan
834
732
mmmmmm
Montreal
330 Bay Street, Toronto
Sparks St., Ottawa
2954
-
1883
James St.,
St.
20
1334
Municipal
Utility and Industrial Bonds
Jan
3
5134
1
6134
Feb
5134
1.25
1.30
1,195
1.25
Jan
1.50
Jan
1434
Feb
1434
634
634
Feb
Jan
Jan
Jan
Jan
1434
1434
50
"534
534
534
6,362
534
534
6
5
5
9
40
7
25
5
Feb
726
634
Feb
635
5
Jan
9
Feb
634
1134
7
Feb
734
Jan
7
1,315
pflOO
9
12
12
14
676
12
Feb
17
Jan
EasternDalrle87% cmpflOO
7
5434
5434
5434
20
54
Feb
56
Jan
10c
150
lc
Jan
10c
Feb
734
734
120
7
Jan
European Elec warrants A.
Falrchlld Aircraft Ltd... .5
10c
734
434
5
300
434
Feb
634
Jan
634
Feb
A.*
1734
Jan
1834
634
634
734
mmm-rnmm
mmmmmm
1834
1234
95
95
18
1834
834
Ea KootenayJf7%cm
734
Jan
834
834
Jan
Ford Motor Co of Can
Jan
Jan
1434
Jan
Foreign Power Sec
Fraeer Cos Ltd—
320
12
Jan
1534
Jan
15
94
Jan
98
Jan
1734
Jan
19
Jan
35
4,050
1334
Feb
Jan
8
14
8
634
Jan
1334
845
634
1334
8
44
Jan
5134
Jan
10
2834
Jan
27
Jan
2634
Jan
Jan
Lake Sulphite..
Jan
3034
434
Jan
77
Jan
1334
Jan
1434
Jan
75
27
Jan
2934
Jan
49
4734
4934
6,511
2634
2934
2634
Internat-Pet Co Ltd
*
International Power
*
434
434
434
76
International Power pf.100
76
34
34
Lake of the Woods
*
mmmmmm
1234
1234
Lake Sulphite
*
mmmmmm
334
•
mmmmmm
mmmmmm
8
125
434
25
76
50
34
Jan
34
Jan
335
1234
Feb
Jan
5,960
334
Feb
1634
1234
Jan
634
Feb
734
Jan
—-
B
*
Paper..*
Maseey-Harr 6% cum pflOO
McCoU-F Oil 6% cum pflOO
Melcher Distilleries Ltd—*
Melcbers Distilleries Ltd—
Preferred
10
734
1,235
1334
13
1334
2,200
11
Jan
14
3034
2,959
2834
Jan
31
Jan
Mitchell (Robtl
80
Jan
89
Feb
Jan
4134
Jan
39
Jan
41
Jan
1st pref—..100
Quebec Tel A Pow A
*
3334
Jan
3834
Jan
Feb
31
Jan
61
16
50c
Jan
Jan
1634
1234
Jan
1734
Jan
Jan
Jan
38
Jan
Feb
70
50c
*334
1434
1534
995
3734
30
38
62
62
60
62
8
35
8
Feb
75c
.....
75c
70c
Feb
334
Feb
334
334
Jan
Jan
1.00 rJan
334
Feb
Jan
31
Jan
334
20J4
Feb
Feb
1234
2134
Jan
Jan
165
12
Feb
17
Jan
60
210
44
Jan
50
Feb
93
73
8634
Jan
8834
Jan
24
334
2034
734
2034
12
"4734
25
834
24
24
"534
625
Jan
Jan
13
12
4734
90
91
8,590
50
234
234
652
2
Jan
234
Feb
6
6
389
6
Jan
634
Jat
Power Corp of Canada
3734
100
8
MacLaren Pow A
2,357
45
50c
15
37
Loblaw Groceterias
Jan
1434
2934
30
*
Voting trust ctfs
15
Freiman (A J) 6% cmpf
GenSteel W aree7 % cm
1734
15
——*
634
1434
2934
50c
Corp—*
100
pflOO
Intl Utilities Corp A
*
Internati Utilities Corp B.l
Inter-State Royalty B
*
Lake St John PAP
*
2,827
29
1434
mmmmmm
pref-25
177
19
834
Niagara Wire Weaving... •
Feb
29
8634
25
305
19
*
—*
Jan
mmmmmm
•mm mm** m
National 8tee! Car Corp..*
297
Jan
18
734
Preferred
1234
104
18
1034
1354
National Breweries
80
Jan
mmmmm
•
MU L H A P Consol
•
Montreal Tramways—100
Jan
305
Jan
Jan
Oil
208
Established
Jan
Jan
Jamaica Pub Serv Ltd—*
Feb
Jan
5234
1534
100
202
300
255
Jan
Jan
5
*
MoColl-Frontenac
Jan
4
Jan
Gypsum Lane A Alabas..*
Hamilton Bridge
___._*
Maseey-Harrte..—
Feb
17
Imperial Oil Ltd
*
Imperial Tobacco of Can. 6
Industrial Accept Corp.—*
Intl Nickel of Canada
*
174
Feb
Feb
*
Int Bronze Powder
3334
534
f£8
*
Preferred
334
Feb
Jan
*
Jan
16634
204
HANSON BROS., Inc.
Jan
13
Rights
Goodyear T pref inc '27.50
Feb
16634 168
300
Ltd....*
British Columbia Packers*
Can A Dom Sugar Co—.*
Canada Malting Co
*
Can No P Corp 7%cmpfl00
Can Vinegars Ltd
100
Holllnger Gold Mines
Howard Smith Paper
434
1234
17
.*
Gurd (Charles)
334
31
Jan
25
Players C vot tr..*
Foundation Co. of Can.—*
General Steel Wares
561
Jan
Jan
2,260
Famous
Preferred
5
17
166
15
•
178
Jan
Jan
18
._.*
Electrolux Corp
-1
Enamel A Heating Prod..*
Gatlneau
325
Jan
Feb
10
£
854
58
Dryden Paper,...
English Electric B
3,863
32
9
17
15934
1034
14
—-
162
100
Public
Feb
17
...100
Preferred
550
1254
1034
15
100
Dominion Textile
Jan
17
Dom Tar A Chemical
(New) pref
12
48
m
100
Preferred
110
1234
954
Feb
*
Dominion Steel A Coal B 25
Jan
Feb
Canadian Government
Jan
,
20
......
100
Dominion Glass
106
*
—-•
25
Crown Cork & Seal Co
Distill Corp Seagrams
Jan
1034
462
1103
iii 7
1034 11034
334
*.334
25
Cockshutt Plow
11
105
11
m rn m m m m
Rights
Feb
10
50
(50
mmmmmm
1034
25
100
3
1034
"is"
Convertible preferred--*
Preferred
160
100
100
_*
Feb
11
11
7
104
'mmmmmm
Canadian Car A. Foundry. *
Canadian
434
334
434
Feb
106
5
(new)-*
Preferred
58
20
5934
High
Low
25
467
31
A..*
Canada North Pow Corp.*
Shares
7
15
....*
Bruck Silk Mills
High
159 34 160
11
1034
15
Braztlllan Tr Lt A Power.*
Building Products A
Jan
41
162
202
16634
100
...
Royal
162
Week
*
Agnew-Surpass Shoe
for
Sale
Stocks—
Week's Range
100
Commerce
Montreal
Nova Scotia
Sales
Friday
Acme Glove Works
official sales lists
5934
50
100
Canadlenne
634
30
3034
mmmmmm
89
89
40
40
4034
4034
4034
4034
36
35
36
947
30
50
30
30
82
1,001
10
30
Feb
6 % cum
•
No par value
Co Ltd—*
1234
1234
1234
Feb
1534
Jac
94
9434
9334
Jan
Feb]
434
434
Feb
9434
434
434
Fel
Financial
1054
Feb.
Chronicle
1938
12,
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Par
Stock* (Concluded)
Week's Range
for
Sale
of Prices
Low
High
Week
Price
1.15
1.60
1.15
40
14 H
United Securities Ltd.. 100
Walkerville Brewery Ltd.*
55
14H
15
1.50
1.50
30
165
Walker-Good A Worts (H) ♦
42
40 H
42 H
Walker-G A W $ 1 cm pf-»
19
19
19
54
Low
High
1.15
Jan
Brit Dominion Oil
18H
Feb
Brown Oil
Jan
Buffalo-A nkerite
44 %
Jan
Buffalo-Canadian
*
4c
4c
19
Feb
Building products—
*
48 H
48 H
Hill
*
16Hc
1 00
Jan
Jan
Jan
1.60
40
Feb
18H
Jan
106
Bunker
4H
Corp.,.*
47c
---1
*
2c
5,100
47c
Feb
Jan
Jan
67c
Burt
...
2c
4,700
20
3Hc
Jan
2c
2c
2,200
lHc
Jan
2C
Jan
Calmont
16c
2 000
16c
Feb
22c
Jan
23c 26 He
23c
Beaufor Gold
3,200
20C
Jan
31c
Jan
27c
1,000
24Hc
Feb
35c
Jan
9c -6300
80
Jan
lie
Jan
24Hc
,
Bldgood-KIrk Gold
1
Bouacadlllac Gold Mines. 1
""8c
8c
Brazil Gold A Diamond..!
5c
5c
5c
400
5c
Feb
5c
8c
25,060
7c
Feb
8c
2,105
B
.-50
Preferred
29 H
26 H
Jan
30
Jan
Canada Permanent.
95c
1.00
2,150
95c
Feb
1.15
Jan
7c
2.200
6Hc
Jan
9Hc
Jan
Canada Steamships
Can Steamship pref
Cartler-Malartlc G M Ltd 1
7c
8c
10,800
6c
Jan
9c
Jan
Canada Wire A
40c
25,350
340
Feb
43 He
Jan
Canadian
2.63
2.900
2.15
Jan
2.63
Feb
30c
500
26c
38c
1
2.60
2.28
1
29c
...*
56 H
1
5c
Consol ChJbougamau
Dome Mines Ltd
57
54 H
1.40
1.47
Jan
1.54
Feb
2.54
7,400
11,535
1 05
2.26
2.19
Jan
2.54
6.00
6.00
200
5.60
Jan
6.95
Jan
2d
Falconbrldge
*
Nickel
"38c
37c
39c
Hudson Bay Min A Smelt *
24 %
1
20C
24 H
23c
1.36
1.37
600
1.30
Jan
56Hc 56Hc
525
52 H
Jan
Francoeur Gold M Ltd
*
J-M Consol Gold
Klrkland Lake Gold
1
Lake Shore Mines.
1
56Hc
37c
4,700
190
24
48c
Feb
Jan
Feb
Feb
62c
Jan
314
Jan
4H
Feb
Feb
92 H
Jan
Feb
92
10H
92
45
103
7
34
43
11
170
9H
5
10
103
68 H
68H
144
147
26
60
Jan
46
13
100 H
Jan
108
Jan
68H
Feb
72
Jan
Feb
150
Jan
142
25
60
2H
Jan
9
Jan
12
100
10H
Jan
Jan
59
3
9
10H
3.10
3X
58
Jan
60
Jan
Jan
Jan
Jan
1.35
1.40
250
Feb
1.60
Jan
16H
17H
765
15
Jan
16H
Jan
166
17
8H
10H
9H
168
119
166
Feb
17H
215
17
Jan
8H
10H
208
8
Jan
9H
Feb
21H
177
17H
9
Jan
Jan
Jan
11H
Jan
302
20M
Jan
22 H
Jan
180
30
Feb
36
215
22
30
"3K
1.30
31
-
Jan
3H
27 H
Jan
23c
Feb
1.50
Jan
Canadian Malartic
58H
4Ho
Feb
Canadian Oil
Jan
C P R
3Hc
4c
2,500
12c
12c
1,000
3 Ho
12o
Jan
14c
Jan
Canadian
Macassa Mines
...1
4.90
5.00
1,125
4.90
Jan
5.60
Jan
Lake....l
90c
91c
1,500
90c
Feb
91c
Feb
Castle
4H
Jan
3H
Jan
4
Feb
8
15
8
Feb
10
91c
Feb
99c
91c
99c
9,250
*
12tf
12 H
12H
75
7H
2,861
7
12
Jan
1.16
16
Jan
Jan
Jan
Jan
6H
Feb
*
2H
2H
45
2H
Jan
..1
Cariboo Gold
Mackenzie-Itecl
Feb
25
360
1*
...
25
Lamaque Contact Gold--*
Lebel Oro Mines Ltd
1
3H
4
8
Canadian Loco motive.. 100
314
4
Jan
Jan
92
45
45
B__
Jan
13c
4,635
2.39
40 He
100
167
Canadian Dredge
*
Canadian Ind Alcohol A..*
Jan
8,085
25
Preferred
Jan
2,700
17
*
*
preferred
Can Car A Foundry
Feb
Jan
Feb
48c
*
6Hc
2,300
1.40
2.48
Jan
23
16HC
12H
21H
4H
Canadian Cannerslstpref20
1
13
Jan
25
20
Jan
Jan
2.70
*
Breweries
Preferred
Cndn Bk of Commerce.100
1
Jan
12,140
48
4
*
Jan
East Malartic Mines
Feb
140
20
3
60
Jan
Eldorado Gold M Ltd
52 H
22c
2,065
12.500
43 0
100
Feb
320
Jan
Jan
50
Duparquet Mining Co
..
.
60
Jan
598
5c
17HC
5Hc
17c
4Hc
49
Jan
2.45
*
Canada Packers
6Hc
Central Patricia Gold
13Hc
3Hc
Feb
46c
*
100
Canada Cement
28 H
Central Cadillac G M Ltd 1
Jan
Jan
4H
2.70
100
7c
6c
37c
68 Ho
16Hc 18Hc
12H
12H
22
-1
*
'29H
Capltol-Rouyn Gold
15c
Feb
16Hc
Oils..;
1
Gold Dredging...6
Can Malartic Gd M Ltd..*
Feb
...1
A
Feb
12c
39c
12c
45c
Calgary A Edmonton
Feb
7c
(1986)-.1
Brownlee Mines
1,000
25,500
120
40c
Canada Bread..
2c
Arntfleld Gold
Feb
12c
25
*
Feb
4H
43c
(FN)
16c
Alexandria Gold
Arno Mines Ltd
51c
47c
High
Low
Shares
50
—*
16Hc
Week
4H
4H
Burlington Steel
Mine*—
Aldermac Copper
Bulolo
Price
Brit Columbia Power B__*
Jan
1.50
Par
(Continued)
of Prices
Low
High
Jan
104H
15
Stocks
Range Since Jan. 1, 1938
for
Sale
Shares
104H 105 H
Sou Can Pow 6% cum p1100
United Distill of Can Ltd.*
Sales
Last
Range Since Jan. 1. 1938
Last
Exchange
Friday
Sales
Friday
1.97
1.98
1,000
1.65
Jan
2.00
Feb
61c
61c
1,560
550
Jan
70c
Jan
1.36
Jan
2.65
Wineries
1
Trethewey
6H
61c
2.55
8H
Jan
3
Mclntyre-Porcuplne
5
43 H
43H
50
40 H
Feb
Central Patricia
1
2.65
45,275
2.10
McWatters
*
35c
35c
600
30Hc
Jan
38c
Jan
10 He
12c
14,200
9Hc
Jan
140
Jan
2.18
2.20
750
2.05
Jan
2.20
Feb
Central Porcupine
Chemical Research
1
Mining Corp of Can Ltd..*
Moffatt-Hall Mines Ltd-.l
1
40c
40c
40c
Feb
45c
Feb
lHc
1HC
37,000
IMC
Feb
3c
Jan
Chromium
*
51c
51c
56c
1,106
3,600
43o
Jan
70c
4,650
30Hc
Feb
43c
Jan
8
Jan
11H
Jan
Feb
2.25
Jan
Gold...
lHc
Jan
44
<
Mining
Montague Gold
1
15c
15c
800
15c
Jan
20c
Jan
Commonw'lth Petroleum.*
32 He
32c
34c
Murphy Mines
i
2c
2c
200
2Hc
Jan
Jan
Cockshutt Plow
*
8%
8H
9
Newbec Mines
*
3c
3c.
3c
Feb
2Hc
4<Hc
Jan
Coniagas Mines
5
1.75
1.75
3.10
Jan
5.40
Jan
3.60
Jan
4-30
Feb
Cons
...1
4.00
3.45
4.20
1,000
23,795
Pamour Porcupine M Ltd •
Pandora Cad...
....1
3.90
3.80
3.90
3,115
48c
47c
53c
23,600
39o
Jan
62c
Jan
Consol
Pato Gold
1
2.65
2.50
2.65
2,900
2.20
Jan
2.70
Jan
Cons
Pend-Orellle
1
2.00
2.10
Jan
2.65
Jan
Consumers
1.45
1,575
16,800
1.85
1.30
1.02
Jan
1.45
Feb
Cosmos....
4.80
600
O'Brien Gold
Perron Gold Mines Ltd._l
Pickle-Crow Gold
1.44
4.80
1
Pioneer Gold Mines of B CI
~2~95
Conlaurum
Mines
*
Bakeries
*
Chibougama
5
Gas
..100
Preferred
Feb
Jan
Darkwater
Jan
17H
Feb
Davies
1.21
1,200
1.14
Jan
1.33
Feb
Denison Nickel Mines
1
32c
58c
200
65c
Jan
65c
Jan
14H
4.30
1.20
1
54c
Jan
Jan
64 H
199 H
Jan
Jan
Jan
1.100
60
1,063
55 H
189
136
185
Feb
22
136
21
Jan
24
103
42
103
Feb
104
Jan
Jan
21 He
57
Feb
46c
Jan
16c
18c
18,200
53c
26,040
31c
35c
10,700
13 H
15H
6,265
58 H
3,186
5,950
4.00
Feb
'4.50
Jan
5,000
29Mo
Feb
42c
Jan
Dominion Bank
3,500
5c
Feb
6HC
Jan
Dominion Coal pref
2c
2Hc
1,500
2o
Jan
2H0
Jan
24c
24c
1,000
21c
Jan
26c
Feb
Dominion Explorers
Dominion Foundry
Jan
Dom Steol Coal B......25
56H
56 H
...100
25
1
*
...1
1.42
1.40
1.53
4,382
1.28
Jan
1.78
1
2.64
2.55
2.75
39,355
2.55
Feb
3.40
Jan
Dominion Stores
*
1.00
1.02
3,500
94o
Jan
1.10
Jan
Dominion
205
Tar..
206
19 %
17
Jan
310
Jan
Jan
16
Jan
Jan
60
Feb
Jan
206
Jan
13
53 H
200
Feb
19 H
Jan
19H
2,000
4c
Jan
5c
25 H
13
Jan
32
Feb
16H
Jan
8X
Jan
4Hc
4Hc
29
29
32
90
13H
13
14
1,724
6H
7
345
8H
8H
7
12c
40
Jan
Jan
25
19H
4Hc
*
...1
Jan
40c
37c
Slacoe Gold Mines Ltd
33c
17c
5Hc
Sladen Mai
16
53c
5c
1
1.84
Jan
Jan
250
*
32c
Shawkey
Sberrltt-Gordon
Jan
14H
1
.......*
4.00
1.55
205
Mines
Reward Mining
1
Ritchie Gd Mines Ltd—1
4.20
2,000
28c
Petroleum
Distillers Seagrams......*
Dome Mines
*
1
1.60
15
103
100
Jan
2.95
3.15
800
185
187
4.60
5.15
1.80
58
"58k"
15H
16
1.75
Jan
22
Smelters
20
2.95
15H
Red Crest
1.57
15
28c
200
2.95
Placer Development..... 1
Preston-East Dome
1
Quebec Gold
Read Authler Mine
1.60
15
1
427
Feb
50
Jan
Jan
Feb
6
Jan
7H
Jan
10
Jan
Jan
84
Jan
*
24Hc
24o
25c
18,480
22o
Jan
44c
Jan
Preferred
Sullivan Cons Mines Ltd. 1
1.00
95c
1.00
6,150
95c
Jan
1.10
Jan
Dorval Siscoe
1
15c
14c 15Hc
9,400
14c
Feb
20c
3.40
3.60
750
3.05
Jan
East Crest Oil
*
11c
11c llHc
4,900
11c
Jan
15c
Jan
1
1.39
1.38
1.45
37,980
1.05
Jan
1.54
Feb
..1
2.50
2.25
2.55
70,530
2.17
Jan
2.50
Jan
25
6H
Stadacona-Rouyn
Sylvanlte Gold
1
100
3.60
...1
5.40
5.40
5.40
150
5.40
Jan
5.60
Jan
East Malartic
1
Teck-Hughes Gold
Feb
27Hc
25c
28c
27,323
20o
Jan
38c
Jan
Eldorado Mines.
Equitable Life
Falconbrldge
Famous Players voting
Thompson Cad
Ventures Ltd
*
6.50
6.50
10
6.50
Feb
6.80
Jan
...1
36c
36c
38c
17,500
35o
Jan
43c
Jan
*
Wood Cad
8.05
7.90
Wright-Har greaves
8.05
400
7.75
Jan
Jan
8.10
Oil-
70c
Jan
Ford
51c
Feb
10c
Feb
Foundation Pete.
Francoeur
1.10
Feb
1.40
Jan
Gatineau Power.
2iHc
Feb
21Hc
Feb
300
2.00
Jan
2.20
Jan
100
lie
Jan
11c
Jan
Jan
46 H
Jan
2,200
2.40
55c
60c
1,850
43c
51c
1,500
10c
10c
1,200
1.10
1.26
2lHc 21He
*
"sic
Davies Petroleum
East Crest Oil
*
...
Home Oil Co...
...*
1.22
3.10
660
Jan
43c
Feb
10c
Feb
4,325
2,000
2.05
14c
Dalhousle Oil Co Ltd
Feb
21H
10Hc
20 H
21H
8Hc
11c
18c
20c
17 HI
13 He
17
A
37c
37c
*
...*
*
1
9
OJalta Oils
*
2.05
Pacalta Oil
Royallte Oil Co
*
42
45
360
41
100
80 H
8H
79H
General Steel Wares
Gillies Lake Gold
*
7H
6H
1
Glenora
1
16Hc
4Hc
*
Preferred
1
Gold Belt
6
to
Feb.
11, both inclusive, compiled from official sales lists
Goodflsh Mining
1
Goodyear Tire..
Sale
Stocks—
Par
Price
ADltibl
of Prices
High
Low
1.70
6% preferred
100
Acme Gas A Oil
*
Afton Mines Ltd
1
Alberta Pac Grain pref.100
A P Cons Oils
1
Aldermac Copper.......*
Alexandria Gold
Amm Gold Mines.......1
Anglo-Can Hold Dev
*
Range Since Jan. 1, 1938
for
Week
Shares
1.80
115
2H
Jan
14
Jan
Jan
Gunnar
6,200
2 He
Jan
3c
Jan
25
10H
Jan
26c
5,200
24c
Feb
14
24c
612
14
14
15
Jan
37c
Jan
97c
Gypsum Lime A Alabas..*
7%
Halcrow-Swayze
Aztec
Mining
Bagamac Mines
50c
19,155
47c
Jan
68c
Jan
lHc
7,000
2 He
Jan
30,100
1HC
16Hc
Feb
21c
Hamilton Theatres preflOO
Harding Carpets
*
Jan
25c
Jan
Hard Rock
""20c
Bankfleld Cons........
69c
Bank of Canada
50
Bank of Montreal
59 H
100
Jan
1.65
Jan
Harker
1
3.50
Jan
4 15
Jan
19c
13,700
Hlghwood Sarcee...
Feb
24c
Jan
7Hc
3Hc
2,900
*
5Hc
Hinde A Dauch...
Jan
10c
Jan
Holllnger Cons
6
13,900
3Hc
Feb
4Hc
Jan
Home Oil Co
*
40c 147,000
25c
Jan
42c
Jan
7c
1
Jan
9c
Jan
Homestead Oil..
Howey Gold
20c
21c
4,775
20c
Jan
27c
Jan
68c
69c
11,034
62c
Jan
73c
Feb
25
57 Ho
202
Jan
59 He
Jan
Huron A Erie
Jan
100
207
Jan
Imperial Bank
297
Jan
100
305
Jan
Imperial Oil
6
Base Metals Min
»
""36c
36c
38c
8.250
Bathurst Power A
»
9H
9H
9H
180
1.38
3,350
Beattle Gold
1.36
Beatty 1st pref
100
2d pref
100
Beauharnols
...*
Bell Tel Co of Canada. 100
Bloodgood Klrkland
Big Missouri
Biltmore Hats
4H
..1
Mines.........*
.....*
Brewers A Distillers.
B A OU
...
26c
•
249
3
103
5
101
15
120
4H
245
26c
9H
1.25
103
100
4H
Jan
Jan
Feb
249
6HC
5c
Feb
80
Jan
6HC
Jan
lie
Jan
8H
Feb
12
28
20
26
Feb
50
11
Feb
Jan
Jan
33
11
12
1.07 207,000
75c
Jan
Jan
Jan
1.07
Feb
Jan
7%
1,400
6H
Jan
2c
3,000
2c
Feb
2Hc
Jan
105
33 X
Feb
34
Feb
55
Feb
55
2c
34
55
15
8H
Feb
30
3H
Jan
H
Jan
1.67 341,241
1.10
Jan
1.67
Feb
28,425
1,400
11c
Jan
15c
Jan
14HC
Jan
20c
Jan
Jan
16H
Jan
Jan
14H
3H
13c 13Hc
15c
15c
100
14
2,562
13
3
Jan
37c
Jan
27 He
30c
9,100
27c
Jan
33c
Jan
9H
Feb
...»
B
9H
*
♦
Jan
Imperial Tobacco
42c
Jan
Intl Milling pref
10H
Jan
1.49
5
9H
10
65H
202
18H
14H
100
10
65H
65H
201
17H
14H
102
Jan
204
18H
14 H
102
5
20
10
Feb
5
65
Jan
39
201
Feb
17H
13H
Jan
17
99
Jan
43
5,165
905
Jan
10H
Jan
10
Feb
67 M
214
19
14H
102
Jan
Jan
Jan
Jan
Feb
International Nickel
International Pete
•
"48 k
47 H
49 H
23,423
Jan
51H
Jan
*
30
Jan
30 H
28H
30 H
Intl Utilities B
1
75c
70c
Feb
1.00
Jan
Feb
105
70c
Jan
1,806
1,000
Jan
106
29H
Jan
Feb
Jack Waite
1
36c
36c
700
36c
Jan
53c
Jan
28c 163,139
15c
Jan
28c
Feb
38 He
lie
Jan
73c
Jan
Jan
17c
Jan
Jacola
Jellicoe
J
58c
Jan
Kelvlnator
*
10H
25
9
Feb
10H
Jan
Kerr Addison
1
1.94
Feb
34
Jan
Kirk Hud Bay
1
1.13
M
Mines
Cons
Consolidated...
12c
Jan
9.05
8.85
9.15
2,320
8.85
Jan
9.15
Feb
10H
11
Laguna
3,357
10H
Jan
13
Jan
Lake Shore
Jan
Jan
Lake Sulphite...
5
Feb
1.40
Jan
10
Jan
5C
Feb
39c
85
Jan
56
Feb
2,650
1,623
72 H
Jan
20C
48c
6H
Jan
53 K
78
1.10
Jan
20H
Jan
56
68
131
71H
9,750
Jan
32
12c
9,700
Jan
6H
Jan
25c
5H
20 H
8Hc
1.29
37Hc
31H
Jan
46,500
•
Hunts A
10 X
~2QX
35o
14
166H
9H 0
Jan
Jan
20c
Jan
8.500
43c
29c
15H
Feb
9Hc 10Hc
Feb
Jan
8,720
1.10
Feb
30
24c
30c
31c
13H
20c
30
Jan
15,950
11,000
1,400
1.23
480
•
19c
38c
13H
70,141
30
Jan
21 He
28c
27c
03
9Hc
68c
Jan
15
160 H
159
Jan
6H
"ish
20c
159
10
.5
Brit Col Power A
300
46o
52c
55
47c
160
50
Bobjo Mines
1.34
103
*
Blue Ribbon pref
36
100
l
1
1
58 H
59 H
202
202
249
Jan
34
*
15c
300
5c
13Hc
1.20
380
"300 ~
Jan
3 H
5,850
Bank of Nova Scotia... 100
Bank of Toronto
100
4Hc
1.45
1.35
1,200
Jan
6,500
3%
3.55
7 He
Jan
23o
1.65
1.20
7Ho
81
Jan
—..1
3.55
60c
Jan
Jan
76
10c
2c
19c
32c
10
77,400
85c
Hamilton Cottons pref. .30
47c
6Hc
Jan
Feb
11
1
lHc
3Hc
Jan
6H
27
._.*
20c
7c
Jan
19c
500
8H
5 He
47c
3Hc
18H
Feb
5Hc
Gold
Jan
6H
.....1
lHc
36c
1
9
5c
Greening Wire
9c
19H
9Hc
Jan
1,000
3c.
15 H
Jan
Jan
114
9 He
Feb
Jan
8H
15H
Jan
20C
17c
Great Lakes Papa*......*
Preferred
14H
14c
Jan
35C
6 He
9Hc
....*
Astorla-Rouyn
Augite-Porcuplne Gold..
Traction
Feb
Feb
11c
535
5c
Mines
8Hc
8,800
*
Grandoro
Feb
1.50
40c
5,200
1,700
2,100
2Hc
Arntfleld Gold
Ashley Gold
Brazil
High
21H
7H
1
15c
Anglo-Huronlan
Bralorne
Low
Jan
420
69H
54 H
60
Graham Bousquet
Granada Mines
Jan
Jan
20 H
8 He 10Hc
*
Preferred
Feb
8
6.95
24
29c
8Hc
Sales
Jan
Feb
70
17 H
21c 23 He
29c
Week's Range
Jan
22
37c
22Hc
]
Last
5H
5.40
Jan
15Hc 18Hc
4Hc 4Hc
50c
Gold Eagle...
Friday
1,072
66,400
78,656
1,161
1,900
78
80H
50c
Toronto Stock Exchange
Feb.
20
18c 18Hc
God's Lake Mine
Goldale Mines
Homestead Oil A Gas
85
1,000
23
1
Fontana Gold..
2.68
7H
6.25
22
*
Jan
2.50
6.00
*
1
Federal-Ktrkland
2.68
6H
.*
25
__1
Fanny Farmer
Calgary A Edmonton....*
82
82
Feb
20
Feb
7H
21H
Feb
34
Jan
Gold
*
No
par
26c
15c
47Hc
47 He
13 He
1
14c
33,400
3,500
13 H
13
1.92
2.05
34,720
1.13
1.25
3,300
32,425
13
1.36
51c
1.34
1.39
value.
1
33c
31c
_.i
Jan
31H
Klrkland Lake
1
]
1
56 H
55 H
58
•
5H
3 H
7
34c
7,383
5,156
6,820
Jan
Jan
Feb
15
Jan
1.80
Jan
2.10
Feb
1.00
Jan
1.50
Jan
13
1.27
3
Jan
1.50
Jan
H
Jan
36c
Feb
Jan
28c
52
58 H
Feb
Feb
13
Jan
and Unlisted
Canadian Markets—Listed
Toronto Stock
1055
Chronicle
Financial
146
Volume
Exchange
Toronto Stock
Exchange
Sales
Friday
Sales
Friday
for
Sale
of Prices
Low
High
Price
Par
4c
*
1
1
1
Laura Secord
Gold
Lava Cap
Lebel
Oro
Lee Gold
Leltch
Jan
99c
Jan
1.13
11 Ho
2Ho
Jan
1.05
Jan
5.25
5.10
5.95
44,650
9,435
5.10
Feb
6.00
620
22
Feb
24
598
20
Feb
22
22 H
20
20 H
13c
21H
10c
Jan
17c
6,940
Feb
5.55
4.85
4.85
5.10
1.95
1.46
1.95 144,075
1.30
Jan
1.95
38c
49c
45,500
28 He
Jan
49C
22c
23c
2,500
22c
Feb
27c
2Hc
2HC
2%e
Jan
4c
9Hc
9c
Jan
lie
6H
Feb
Jan
7H
*
6 H
6H
46 H
13
46 H
13
50
93
90
93
68
44
2,310
19,460
9,600
H
42
13H
H
95c
McKenzle Red Lake——1
95c
89c
1
*
15c
14c 15Hc
Moore Corp
Klrkland
Feb
1.10
Jan
13c
Jan
170
Jan
32c
Jan
42c
15c
Feb
18c
Jan
2.49
3HC
3o
Feb
4Hc
17H
700
16He
Feb
20c
2.20
17 H
2.17
2.30
30,870
2.07
Jan
2.39
31
34
Feb
35 H
llHc
2Hc
17c
Jan
15c
3c
403^
7%
Groceries
*
7
National Sewerplpe
*
1
15
New Golden Rose
Normetal
Oils
Page Hersey
Jan
32c
2.15
60H
Jan
58 H
59 H
12Hc
1,900
l2Hc
Jan
14c
3c
2,500
2%
Feb
3Hc
90c
6,558
68c
4Hc
2,350
43,275
10,125
21,000
36c
8,634
Jan
Jan
73c
Jan
lie
Jan
14c
Jan
89
Feb
4.20
27,440
3.65
Jan
4.30
8,900
40c
Jan
63c
6%
Jan
6H
200
5H
15c 17Hc
7Hc
Jan
Jan
2
0c
Feb
1
8c
Jan
56c
Jan
67c
Jan
12Hc
Jan
19%C
Feb
1.02
lc
Jan
99%
14c
1.46
Jan
1.46
Feb
1 He
4.50
Jan
5.10
2.85
Feb
3.25
Jan
99%
2.19
23,260
1 73
Jan
2.25
14H
300
13 H
Feb
15
35c
35c
500
35c
9,950
1.89
Jan
2.24
Feb
19
1.05
Jan
1.33
60c
Feb
70c
1.25
30c
41,925
60c
900
8c
1,940
6c
Jan
10c
4.30
4.05
Feb
4.55
Jan
*
*
*
30c
39c
30c
Feb
45c
23c
28c
10,700
3,500
30,950
19c
Jan
36HC
44c
44c
600
35c
Jan
55c
Jan
2%
2Vh
140
2
Jan
2%
Feb
13,070
39 He
Jan
60c
Jan
89,700
10c
Jan
18c
Feb
54c
14c
56c
18c
182
53
42
70
12
109H 109H
100
5
1
13Hc
16c
1
1.32
1.37
-----I
50c
24c4
24c
1.12
1.18
1
—*
1.40
1.53
Shawkey Gold
Sliver woods pref
86
1
40 H
Feb
70
Jan
Jan
Jan
190
48%
Jan
70
Jan
Jan
Jan
18c
Jan
Jan
1.55
Jan
12c
1.35
21o
Jan
27c
Feb
98o
Jan
1.18
Feb
1.27
Jan
1.80
Jan
81
Jan
95
Jan
Feb
3.40
Jan
1
1
2.52
2.75
111,885
2.52
96c
1.02
16,000
87c
Jan
1.10
Jan
-1
*
12c
16c
11,300
10c
Jan
24c
Jan
6c
Feb
10c
Jan
Siscoe Gold...
Bladen Malartlc
Slave I^ke
6
6
Petroleum....*
45c
45c
650
45c
Feb
70c
Jan
25c
21c
21c
2,000
20c
Jan
25c
Jan
24c 26He
34,530
22c
Jan
45c
Jan
6%
61H
432
5%
60H
Feb
6%
Feb
55
South End Petroleum
Spy Hill Royalties
3tadacona
Steel of Canada
Preferred
5%
*
Standard Chemical
*
-——-25
•
60%
Sudbury Contaet
Sullivan Cons
1
*
Feb
2.95
Jan
3.80
Texas Canadian
Jan
16c
96c
Feb
1.00
19,200
6,725
12Hc
1.11
3.60
19,880
3.05
Jan
3.60
Jan
3
He
Jan
5.70
Jan
14 H
30
14H
2c
2Hc
6,200
2c
Feb
5.50
5,280
5.15
Jan
Jan
2.30
Jan
2.90
Jan
65
15H
Jan
17
47c
1.709
47C
Feb
66c
Jan
1.45
1.57
30,545
90C
Jan
1.75
Feb
1,010
12H
Jan
15%
Jan
13 %
15
1.20
110
Feb
3H
Feb
31
Jan
Jan
Feb
31
Feb
25o
Jan
10
20
Jan
23
Feb
38
38
15
38
Feb
42
1.50
19c
120
11,250
1.40
200
1.50
Jan
Feb
1.50
Jan
MM***
*
SECURITIES
Municipal
•
Corporation
•
Montreal and Toronto
New York,
York
•
HAnover 2-6363
Tele. NY 1-208
Feb. 11
Bid
Ask
Bid
99 H
100 %
fls—1956
Gt Lakes Pap Co 1st 5a '65
lot Pr A Pap of Nfld 5e '68
Lake St John Pr A Pap Co
5%e
19«1
68..
1951
103 H
73
Manitoba Power
...
...
103
.
..
103H 103 %
96%
95%
101
par
...
value)
3%a
3%a
96 H
95 H
98
113H 114H
33%
50 %
60%
102% 103
1941
100% 100H
Montreal Tramway 5s
76
77
75
75 %
95
mmm
49
.
.
96
94
93
102
...
92
100% 101H
103
101
5%a '47
Saguenay Power 4%a A '66
4%s ser B._.
1966
Shawlnlgan WAP 4%a '67
Smith H Pa Mills 4%» '61
United Grain Grow 6s. 1948
United Securs Ltd 6%» '52
Winnipeg Elec fia.Oct 2 '54
66 H
101H 101H
102 % 103H
104
104H
103
104
78
67
76 H
...
69
...
94
64H
97
105
Provincial Pap Ltd
.
34
103% 104H
Ottawa Valley Pow 5H8'70
Power Corp of Can 4%a '59
5s
Dec 1 1957
/46
99
105
3s-.--1939
1956
I**™
41
40
40
104 %
McColl Frontenao Oil 6s
98
97
44
2H8 to '38—5%a to '49
Massey-Harns Co 5s.. 1947
'49
Minn A Ont Paper 6s. 1945
Montreal Island Pr 6%a '67
Montreal LHAP ($50
112H 112 »
60
75
5^8-1951
Maple Leaf Milling—
68
67 H
Ask
101H 102
MacLaren-Que Pr 5HJs '61
53%
103 %
Gatlneau Power
Bonds
asked quotations, Friday,
f52%
*
/ Flat prioe
No par value
n
I
Nominal
CURRENT
26c
Jan
Heller, Bruce &
with
NOTICES
Co., Inc., specialists in
San Francisco, announce
headquarters in
21c
5,600
18HC
Feb
4H
4%
Jan
6.00
Jan
7.40
99c
1.05
1,230
1,440
1,400
99c
Feb
1.25
Jan
1.67
1.79
5,025
1.59
Jan
2.14
Jan
40 H
42 %
780
40
Jan
44%
Jan
of Robert
18 H
13c
19%
568
18H
Jan
19%
Feb
4-6640.
14c
4,700
13c
Feb
18c
Jan
3
Feb
3
3
35
8
6
4%
-—Effective Feb. 10,
—Edmonds & Co.,
Jan
1938, the New York to Baltimore
Garrett & Sons was
28 H
Feb
31
Feb
the removal of
10
Feb
14
Feb
466
lOHc
Feb
14c
lHc
Jan
2c
Feb
4Hc
2H
4Hc
4c
Jan
4 He
Jan
1
*
~
100
1,500
2,000
2%
765
2H
Jan
3H
Jan
1.65
Feb
2%
Jan
190
190
10
10
190
12H
10
50
Digby
Stock Exchange, announce
Broadway, at Josephthal & Co., New
members of the New York
their offices to 120
Jan
2c
16,400
telephone number
changed from Andrews 3-6639—to
York.
11%
1 He
Jan
4%
23
17c
'53
Alberta Pac Grain 68-1946
Beauharnols Pr Corp 5s *73
Bell Tell Co of Can 5a, 1955
Burns A Co 5a
1958
Calgary Power Co 58—1960
Canada Bread 6s
1941
Canada North Pow 5e. 1953
Canadian Inter Pap 6s '49
Canadian Lt A Pow 5b 1949
Canadian Vlckere Co 6a *47
Cedar Rapids M A P 5s '53
Consol Pap Corp 5%a 1961
5%b ex-stock
1961
Dom Gas A Elec 6MB-1945
Donnaconna Paper Co—
4s.
1956
East Kootenay Pow 7s 1942
Eastern Dairies 6s
1949
Eraser Co 6s—Jan 1 1950
6.50
10H
A
67
4
21
Feb
2%
23
1
Abltibi P A Pap etfis 5a
4H
10Hc
31
31
400
Feb
Feb
19
5
3
Jan
Feb
110
Feb
3H
70
3H
19
19
*
55
110
110
110
Closing bid and
6.35
18 He
Petroleum50c
*
Winnipeg Electric
B
Jan
28 H
11c
Wlltsey-Coghlan
Preferred.
Jan
28 H
10c
Westons
White Eagle
2HC
engine industry.
1.57
981
47c
Western Can Flour
West Turner
Jan
Jan
15,075
2.75
15H
1.40
Flour—*
preflOO
lHc
Jan
1.49
2.50
1
Gold
40,000
California municipal bonds
the opening of offices at
1 Wall St., New York, under the management of Harry A. Bruce.
jj. c. Wainwright & Co., members of the New York Stock Exchange,
announce that Gilbert P. Cooper is now associated with their New York
office as manager of their municipal bond department.
—Hornbiower & Weeks, 40 Wall St., New York, members of the New
York Stock Exchange, announce the publication of a study of the Diesel
15
-—
Western Canada
2Hc
Feb
16
5.30
15
lHc
100
Jan
3.40
14 %
Elevators-.—--*
Towagmac Exploration._1
Uchl Gold...
1
Union Gas
*
United Oils
•
United Steel
——*
Ventures
*
Vulcan Oils
1
Walt® Amulet
•
Walkers
*
Preferred
•
3c
*
Jan
15c
—
To burn Gold
Feb
lc
Jan
1
Toronto
Jan
2c
Industrial and Public Utility
Jan
2,240
3.10
96c
3.40
Jan
2.62
3,000
Jan
15 He
-•
*
1
Teck Hughes
Jan
63%
Feb
i
Jan
Tashota.
69 H
Feb
lie
19
8,700
13c
1
Sylvanite Gold
Tamblyns
80
55 H
3.00
*
I
Sudbury Basin
60 H
55
2,0001
He 13 He
Straw Lake Gold
Wendigo
Jan
109 H
Jan
54
88
Feb
103 H
6,100
6,259
2,200
3,700
17,795
St Anthony
San Antonio
Sheep Creek
Sherritt Gordon
174
416
70
100
174
42
175
2c
Jan
2Hc
2c
Jan
4.05
1
Motors pref
Southwest
Jan
*
Russell Motors
Russell
Jan
7%c
60c
100
»
Jan
1.85
2c
• New
Bell System
Jan
15H
1.15
Royal Bank
Royalite Oil
\
215
30 Broad Street
Feb
15H
Roche Long Lac
3%o
2,000
Feb
15H
»
1
4,200
Feb
2.24
1
Reno Gold
4c
1.90
Jan
Preston E Dome
Reinhardt Brew
Jan
Royal Securities Corporation
Jan
2.05
Pressed Metals
Red Lake G Shore...
4%C
1%C
2%
Jan
100
Reeves-Macdonald
Jan
Feb
1.90
Private wire connection between
Feb
|2.10
Red Crest Gold
Jan
38%
3%c
l%c
Government
Jan
97
13H
1
30 %
Jan
Feb
20
Read Authier
Jan
33 %
1.93
CANADIAN
Jan
12c
99%
*
Jan
28 H
265
»
2.95
Quebec Mining
Quemont Mines--—
24c
Feb
40
2.85
25c
Feb
160
Feb
53c
lc
Premier
Feb
Jan
95
94
4.85
Power Corp
lHo
36%
Walkerville Brew
17c 19Hc
2.15
Feb
3Hc
"
100
*
♦
Supertest ordinary
Temlskamlng Mines--
46c
1.30
Prairie Royalties
Robt Simpson pref
4,305
4.70
Powell Rouyn
Robb Montbray
13,900
57c 60He
100
-.1
Jan
lo
30
35%
Standard Paving
Jan
23c
25
30
1
1
Rogers Majestic
Jan
Feb
1,100
Ritchie Gold
Jan
19C
20c
36
Jan
500
20c
1
Shawlnlgan WAP
Feb
76
1,900
*
Jan
5%0
Jan
lHc
1
Jan
107
72
lc
-
Feb
43 He
5
76
76
19c
Pend Oreille
73c
Feb
Feb
1
Oil Selections
1.14
Feb
220
6
20%
9%
19c
Pawnee-Kirkland
5.45
Feb
96
6H
6
6H
*
60c
K lc
-
17H
*
Jan
106
1
1
1
.
45c
8
45c
1
Jan
3 He
33Ho
1
Porto Rico pref
Jan
Townslte
60c
Perron Gold
Pioneer Gold
Feb
60c
*
3.10
Pet Cob Mines
Pickle Crow...
Jan
50%
Feb
Thayers 1st pref
United Fuel pref
12c
1
———1
8%
Feb
National Steel Car
Jan
22,600
2,200
43,941
58,850
27,220
2,000
7,415
3,035
Paymaster Cons.
Jan
48
j Montreal LHAP
Jan
5%
15c
1
1
8
35
Mandy
Jan
Jan
3.80
1
...
25
Malroblc
Jan
Jan
45c
Paulore Gold
8
49
*
Klrkland
Jan
89
Pandora-Cadillac
8
100
Preferred
Jan
26c
14
Jan
48
Inter Metals A
Jan
1.89
55c
*
Payore Gold
41H
7%
1,000
4,143
107
Feb
»
Humberstone
Jan
2.30
Jan
65c
Jan
1,500
Feb
32 %
Jan
30c
1.80
60c
*
2.10
Jan
Feb
Feb
29%
100
Preferred
12Hc 13Hc
Porcupine.——-*
Pantepec Oil
Partanen- Malartlc
1,300
Hamilton Bridge
Jan
106
——*
•
Oro Plata
125
65c
Jan
66c
50
Ontario Loan
29%
60c
Feb
4HC
3Ho
29 H
*
17H
Feb
33 He
»
69c
140
3c
1
57c
Jan
53c
2,320
56c
20
4,200
83c
70
70
*
Jan
17H
3Hc
•
Olga Oil & Gas
Omega Gold
Feb
14
Feb
2.08
Jan
70
70
27 H
35HC
1.85
7
Feb
5
Jan
Jan
—*
Okalta Oils
Feb
1,556
Jan
Jan
4.25
6%
6
5H
5H
*
100
lHo
12
22c
3.45
Feb
22 H
12 H
1
Jan
lc
854
25
c
2.60
2,000
12
39,300
53
410
lHc
24 H
3 He
19
3.60
lc
12
34c
15
Jan
3.60
1
23 H
83c
—
Gold
Feb
7
505
Jan
4.00
———5
Honey Dew preferred-—-*
Hudson Bay MAS
*
2%c
—
North Canada
Feb
Jan
1.40
Jan
12 He
59 H
1
Norgold Mines
40%
17
Feb
Jan
28c
1
Nordon Oil
10
Jan
1.05
45c
2.00
*
Mines
2Ho
Feb
Jan
Jan
15H
180
1,600
*
3c
5
Nlpisslng
11 Ho
36
Honey Dew
28c
*
.1
Newbeo Mines.
6,050
11,200
Jan
Dominion Bridge
Jan
31
185
Jan
Jan
34
1.10
1.05
1.10
Jan
9o
7Hc
10
8
16
16H
12c
Jan
7c
20
8c
34H
16%
8
1938
High
5,800
8c
7Hc
1
official sales lists
Low
Foothills
Jan
2 He
Jan
Week
Dalhousie Oil
Jan
7,200
Marconi
Consolidated Paper
Cons Sand & G pref
Jan
1.73
40 %
Pamour
89c
600
36c
llHc
Feb
28c
Shares
34H
*
Coast Copper
Cobalt Contact-
Jan
10,592
13,000
*
Pacalta
45
15c
1
Naybob Gold
of Prices
High
*
Canada Vinegars.-——*
Feb
2.20
Murphy Mines
O'Brien
93
15c
National Brew
Noranda
14
Jan
Jan
1
Moneta Porcupine
National
Jan
2.04
33c
8.20
Jan
Range Since Jan. 1,
for
Week's Range
Low
Price
1
Malting
Canadian
Jan
86H
40H
960
Brett Trethewey
Canada Bud
Jan
15c
25c
Monarch Oils
Par
Canada
Feb
2.05
Minto Gold
Morris
7%
50
1
•
Corp
Jan
Sales
Sale
Jan
*
*
Mercury Oil
Mining
41 %
11
3c
McWatters Gold--—
7.50
22 Ho
Exchange—Curb Section
Last
Jan
42
Jan
43c
Jan
inclusive, compiled from
Feb. 11, both
to
Stocks—
Jan
9c
21,100
3,325
2,480
1,136
2Hc
9Hc
—5
High
Low
35o
8,400
11,953
7,300
Friday
Jan
100
McColl Frontenao
*
Preferred
-—-100
McVlttle-Grabam
27c
Toronto Stock
Feb
22c
Preferred
Mines
8.15
25c
Feb
40c
1
Massey Harris
7.80
27c
Feb. 5
Jan
*
East
8.00
Jan
4.85
*
Mines
*
*
Jan
1,000
13c
13c
38c
Jan
1
1
—
McDougall-Segur
&
1.00
20 H
36c
Shares
Feb
93c
22 %
37c
Jan
88c
1
Jan
lHc
Feb
Feb
15C
2,500
Price
Par
Feb
1
Mines
Madsen Red Lake
Mclntyre
65
62%
99c
*
MacLeod Cockshutt
Maralgo
llHc 13Hc
lHc
lHc
*
•
A..—
B
Lower y Petroleum
Manitoba
12Hc
Week
Ymlr Yankee Girl
Feb
40
1.13
1.06
of Prices
Low
High
Wright Hargreaves
Feb
55C
(Concluded)
Wood Cadillac
Jan
4%o
4,500
48,333
65
65
1~08
Jan
Jan
37Hc
*
Little Long Lac
Macassa
55c
"
3 Ho
11,400
66,625
4c
45c
1
Gold
Loblaw
4c
52c
Cadillac—
Stocks
High
Low
Shares
for
Sale
Week
Contact-——--*
1
Lamaque
La pa
Week's Range
Week's Range
1.1938
Range Since Jan.
Last
Stocks (Continued)
Range Since Jan. 1,1938
Last
10
Feb
16
Jan
—Distributors Group, Inc.,
a
summary
now
associated with
have prepared
Co., Ltd., and its common stock.
formerly with Ganor & Co. in
MacBride, Miller & Co. there.
Benjamin Y. Hingle,
s
63 Wall St., New York, N. Y.,
of Oceanic Insurance
Newark, N. J.,
Financial
1056
Quotations
hid
a3a
1 1977...
Jan
July
a4s
Nov
1 1958...
a4s
a4a
May
May
1 1977......
a4s
Oct
1 1954—
May
1 1954...
Nov
1 1960...
Mar
15 1976...
Jan
1 1975...
«3*s July
1 1967...
a4s
May
1 1959
Bid
101*
102*
105
106
105*
106
104*
105*
104* 105*
108
110
111
112*
111* 112*
111* 112*
114* 115*
a4*s
a4*s
a4*s
a4*s
a4*s
a4*s
a4*s
a4*s
a4*s
a4*s
a4*s
1 1966
Apr
Apr 15 1972
1 1974
June
15 1976
Feb
I 1977
Jan
Nov 15 1978
1 1981
Mar
1 1957
May
1 1957
Nov
1 1963
Mar
1 1965
June
Par
Ask
118 * 120
119* 120*
119* 120*
119* 121
121
122
117* 118*
117* 118*
119* 120*
...
120
Bid
Ask
Par
Bank of Manhattan Co. 10
22*
24
Bank of Yorktown._66 2-3
48
54
Bensonhuret National—50
95
105
Chase
116* 117*
118* 119*
13 55
31
33
12*
27
28*
National.. 100
135
141
800
850
City (National)
Commercial
Fifth Avenue
100
First National of N Y..100 1755
Flatbuab National..... 100
National—100
Merchants Bank
100
Ask
65
100
115
National Bronx Bank...50
National Salety Bank. 12*
10
40
45
10
12
Peoples National.
50
47
54
13
Penn Exchange
Public National
15
46
25
28*
Sterling Nat Bank A Tr .25
24*
30*
26*
Trade Bank
1795
36
Bid
Kings bo ro
17
21
12*
121*
1 1980
115*
116*
1 1987
1 1960
115* 116*
115* 117
15 1971
122
123*
1 1962
1 1979
124
125*
1 1964
a4*s Sept.
a4*s Mar
a4*s Mar
1938
12,
New York Bank Stocks
City Bonds
Ask
99* 100
1 1975...
a3*s
a3*s
a3*s
a3*s
a3*«
Feb.
Over-the-Counter Securities—Friday Feb. 11
on
New York
Chronicle
116
120* 122
New York Trust
Par
117*
Banca Comm
Bid
Ask
Companies
Par
|
Bid
Ask
Italians. 100
96
102
Fulton
...100
200
220
Bk of New York A Tr._100
359
369
Guaranty
Irving..
100
236
241
Kings County
100 1600
Bankers
...10
47
7
100
6
8
83
88
Bronx County
Brooklyn
New York State Bonds
Central Hanover
49
Bid
8e 1974
62.65 less 1
World War Bonus—
3e 1981
62.75 lees 1
Canal A Highway—
5s Jan A Mar 1964 to '71
4*8 April 1940 to 1949
Highway Improvement—
62.85
Ask
4a Mar A Sept 1958 to'67
Highway Imp 4*s Sept '63
133
Canal Imp 4*8 Jan 1964..
Can A High Imp 4*s 1965
133
Barge C T 4a Jan '42 A '46
130
Barge C T 4*s Jan 1 1945.
m
+
m
Canal Imp 4s JAJ *60 to '67
93
42*
50
55
60
25
12
15
New York
11*
20
Continental Bank A Tr.10
52.10
Corn Exch Bk A Tr
20
Empire
124*
124*
110*
113*
12*
1640
33
96
40*
Clinton Trust
Colonial Trust
Ask
11*
28
25
Chemical Bank A Trust. 10
Bid
10
Lawyers
10
Manufacturers
37
39
50
52
25
90
13
Title Guarantee A Tr...20
6
6
51*
Underwriters
100
80
90
23*
50*
22*
20
20
United States
100 1450
Preferred
93
1500
Chicago & San Francisco Banks
Par
Bid
Ask
Pari
American National Bank
Port of New
A Trust
York-Authority Bonds
Bid
Ask
Bid
Holland Tunnel
Gen A ref 4s Mar 1 1975.
Gen A ref 2d
ser
Gen A ref 3d
ser
Gen A ref 4th
3*a *65
3*s '76
109
110
104*
105*
97
98
99
99*
Gen A ref 3*s
George Washington Bridge
4*« ser B 1940-53.M N
Ask
ser E
MAS 60.5U to
1942-1960
MAS
A
Inland Terminal
4*s
First National..
.100
112
Par
MAS
108
Bid
87*
42*
23*
62*
19*
25*
8*
10*
44*
Home Fire Security
Homestead Fire
25
Importers A Exporters...5
....
10
4*s Oct
4*s July
1959
fie
Apr
1955.
fie
Feb
1952
1952
5*s Aug 1941
Hawaii 4*8 Oct 1966
10
American of Newark
American
2*
Re-Insurance. 10
114
116
Ask
63.50
U S Panama 3s June 1 1961
114
3.00
Baltimore Amer
4*s July 1958
July 1948
63.70
108
U 8 conversloi
3s 1946
Conversion 3s 1947
3.50
110*
108
110*
108* 111
—2*
Bankers A Shippers
5*
74*
25
100
Camden Fire
.....
Carolina
102,,« 1021,«
4s 1946 opt
1944
JAJ
110* 111*
-JAJ
102'u 1021,.
4s 1958 opt 1938
MAN
MAN
102»i. 1021,e
4*s 1968 OPt 1938—MAN
100»i« 100*
102»ia 102*
3*8 1955 opt 1945..MAN
.....
580
6
31*
6
2
7
8
20
111
115
2
11
...
New Amsterdam Caa
12*
27*
20
New Brunswick
10
New Hampshire Fire
New Jersey
10
41
43
20
40*
27*
New York Fire
38*
14*
26*
Northern
12.50
75
78
North River
.2.50
24*
25*
43
4*
6
10
Northwestern
6*
33*
100
35*
103
60*
74
5
2
25*
16
115
119
Pacific Fire
25
95
98
Phoenix
10
73*
13*
75*
28
30
National.25
Preferred Accident.
56*
Flyman's Fd of San Fran25
5
9
18*
55*
21*
19*
5
10
Firemen's of Newark
8
4
16*
53*
41
6
.2*
Fire Assn of Phil a.
National Liberty
National Union Fire
43""
41
25*
24*
3*
10
20
10
4
42
18
18
Fidelity A Dep of Md
6*
77*
595
10
3*
3
19*
10
Franklin Fire...
103* 104
2*
Merchants (Providence). .6
National Casualty..
National Fire
Employers Re-Insurance 10
Ask
Merch Fire Assur com
6
Merch A Mfrs Fire New'kS
26*
Federal
Bid
JAJ
3s 1966 opt 1946
12
...5
40*
Excess
3a 1955 opt 1945
38 1956 opt 1946
Maryland Casualty
1
Mass Bonding A Ins.. 12*
Lincoln Fire
23
Boston
Eagle Fire
Ask
10
2*
16*
10
..6
38*
Connecticut Gen Life
Continental Casualty
Bid
11*
Ins Co of North Amer. ..10
Knickerbocker
25*
City of New York......10
Federal Land Bank Bond:
8*
67*
66
20*
26*
25
10
Ask
1 *
—10
American Surety
Automobile
Bid
10
14*
7*
56*
118
Govt of Puerto Rico—
5s
43*1 45*
10
29*
21*
American Reserve
H*a
5s
Par
83*
10
United States Insular Bonds
Honolulu
Ask
10
Aetna
American Home
Ask
NTA3A—12*1
Aetna Caa A Surety
Aetna Life...
101*
102* 103*
102* 103*
100* 102
105* 107*
108* 110*
Bk of Araer
1-25%
MAS 60.75 to
110* 112
Bid
560
|
110
1938-1941
1942-1960
100
SAN FRANCISCO
Insurance Companies
113
ser D
..25
American Alliance......10
American Equitable
6
4s 1946
100
1.50%
Agricultural
Philippine Government—
210
530
70
205
| Ask
'305
285
Northern Trust Co...
185
67
Trust-—33 1-3
102* 103*
3s 1976
1977
ser
4*s
1938-1941
155
Continental Illinois Natl
Bank
Port of New York—
Bid
Harris Truet A Savings. 100
100
6
15*
76
8
,
9*
26*
Providence-Washington. 10
Reinsurance Corp (N Y).2
6
27*
Republic (Texas)
10
10
21
33*
7*
23*
22*
22
Revere (Paul) Fire
Rhode Island
General Reinsurance Corp5
Georgia Home..
10
bid
Atlanta 38...
Atlantic 3s
Burlington 5s
4
8-
Bid
100*
99
100*
/43
101
5s
Central Illinois 5s........
48
103
99*
Dallas 3s
First Carollnaa 6e
101
101
91
First of Fort Wayne 4*8..
First of Montgomery 5s
First of New Orleans 6s
First Texas of Houston fie.
First Trust of Chicago 4 *s
Fletcher 3*8
96
99*
101
99
98*
100*
98* 100*
100
Fremont 4*8 and 6a
Greenbrier 6e
101
68
72
100
101*
99* 100*
Greensboro 3s
Illinois Midwest 5s
85
89
94
97
99
4*s
Lafayette 5s..
99
99* 100*
99
101
101
r5o
Pacific Coast of L A 5s—
••
100
Pao Coast of Salt Lake 5s..
Pac Coast of San Fran 6s.
101
.
Pennsylvania 5s..
Phoenix 4*s
5
5
6
183
193
34*
12*
29*
2d preferred
15
101
•
■
—
t
101
99* 100*
99
Southwest 6s
29
100*
75
Southern Minnesota 5s....
Union of Detroit 4*s
5s
80
14
ri2
98* 100*
99
101
99*
5s
V lrglnla-Carollna 3s
100*
99
76
24
Sun Life Assurance..—100
395
445
io
22*
24*
Travelers
Hanover
410
420
10
30
32
U S
Hartford Fire
10
64
66
U S Fire
10
62*
54*
U S Guarantee
27
28*
Westchester Fire
Home
8
5
Stuyvesant
9
Bid
Allied Mtge Cos
Fidelity A Guar Co..2
4
13*
15
47
49
10
45*
48
2.50
28*
29*
Arundel Bond
A St
Lnc—
All series 2-5s
1953
82
mmrn
Corp 2-5s '53
75
mmm
Arundel Deb Corp 3-6s '53
Associated Mtge Cos lnc—
Debenture 3-6s
1953
55
43*
Coot'1 Inv Bd Corp 2-5s '53
Cont inv DebCorp 3-6s'53
46*
Bid
Nat Union Mtge Corp—
Series A 3-6s
1954
Series B 2-5s
Potomac
45*
Bond
Issues) 2-5s
73
44
47
44
47
44
47
Ask
100
45
New York
100
10
12
100
40
50
North Carolina..
100
43
100
48
76
80
Denver
Pennsylvania
100
20
of
—
—
m
Md
1953
3-6s
1953
Potomac Maryland Deben¬
85
21
25
Potomac
100
70
—
ture
100
37
/25
Nat Cons Bd Corp 2-5a '53
Nat Deben Corp 3-6s.l953
44
Deb
Corp 3-6s
Realty
Corp 3-6s
1953
72
Atlantic
1953
44
28
Realty
1953
43
47
Unified Deben Corp 5s 1955
32
—
47
Bond
A
Mortgage
75
San Antonio
Bondholders part ctfs
(Central
Funding
series)
25
100
.
Potomac
Potomac
Dallas..
mm
1953
—
Potomac Deb Corp 3-6s '53
Franklin Deb Co
49
72
(all
33
lnc 2-5s
Atlantlo
1954
Corp
Potomac Cons Deb Corp—
3-6s
.1953
77
Nat
Bid
Ask
55*
—
100*
Joint Stock Land Bank Stocks
Atlanta
6
100
Surety Guaranteed Mortgage Bonds and Debentures
mteretate Deb Corp 2-5s'55
Par
10*
73
Mortgage Bond Co
Ask
8*
19
27* 29*
108* 111*
4*
6*
22*
Empire Properties Corp—
2-3s.
1945
Bid
Seaboard Fire A Marine. .5
Seaboard Surety
10
Security New Haven
10
Springfield Fire A Mar..25
7
m
/26
San Antonio 3s
5
101
100
Potomac 3s
St Louis 5s
14
31*
6
Great American
5
Great Amer Indemnity... 1
104* 106*
106* 108*
5s..
Virginian
-
101
Pacific Coast of Portland 5s
..
100* 102
...
Iowa of Sioux City
6*
97*
98
Oregon-Washington 5s
Rossia
St Paul Fire A Marine. ..25
Hartford Steamboller
77
78
Ohio-Pennsylvania 5s
28
99
Chicago 4*8 and 6s......
Denver 5e
/25
/5*
73
74
North Carolina 5s
22
22*
36*
Halifax
Ask
Lincoln 4*8
5s
New York 6s
48
/43
_
California
Ask
99
...
20
21
Glens Falls Fire
5
Globe A Republic. ......5
Globe A Rutgers Fire
15
Joint Stock Land Bank Bonds
31*
Gibraltar Fire A Marine. 10
......
Dee Moines
100
45
First Carollnaa
100
2
Fremont
100
Llnooln
ioo
55
50
5
*
1
Virginia
1*
Virginia-Carolina
5
100
1*
Par
Teleg (N J)
com. •
Preferred
100
Bell Telep of Canada... 100
Bell Telep of Pa
pref.—100
Cuban Telep 7% pref.. 100
Emp A Bay State Tel.. 100
Bid
F I C
1*8...Apr 15 1938 6.25%
F I O 1*8
May 16 1938 6.30%
F I C I**...June 15 1938
6.35%
Ask
Bid
F I C
F I C
1*8...July 15 1938 6.40%
l*a__.Aug 15 1938 6.45%
F I C
1*8...Sept 15 1938 6.45%
F I C
l*s
Oct
Ask
Franklin Telegraph
100
Gen Telep Allied
Corp—
36 preferred...
*
Int Ocean Telegraph
100
Mtn States Tel A Tel. .100
Bid
86
115
footnotes
see page
90*
Par
New
York Mutual Tel. 100
158
161
Pac A Atl Telegraph
125
Peninsular Telep com
40
---
Preferred A
25
*
18
Ask
22
17
24*
100
110
34
37
85
88
So A Atl Telegraph
25
Sou New Engl Telep... 100
68
73
S'western Bell Tel pref. 100
115
118
Wisconsin Telep 7% pf. 100
Rochester
14
21*
107
59
1059.
Bid
100
53
16 1939 6 .60%
For
Ask
118
117
15 1938 6 .50%
F IC 1 *s.._Jan
34
Telephone and Telegraph Stocks
1*
Federal Intermediate Credit Bank
Debentures
15 1938 6 .25%
15 1938 5.25%
deb 3-6s
43
'
74
3
Am Dist
FIG l*s...Feb
F I C l*s...Mar
73
---
Telephone—
36.50 1st pref
13
17
139* 142
121* 123*
116*
---
Volume
1057
Chronicle
Financial
146
Quotations on Over-the-Counter Securities—Friday Feb. 11—Continued
Railroad Bonds
/42
45
1945
42
45
1963
77
84
1939
52
54
Birmingham Terminal 1st 4s.................*.
1957
Boston a Albany 1st 4 Ms..—
April 1. 1943
92
96
86
92
6s...—....................1940 1946
1061
42
46
75
80
Akron Canton a Youngstown
Baltimore a Ohio
Tel. REctor
GUARANTEED
NEW YORK
4Mb...........................
Boston a Maine conv
2-6600
STOCKS
1945
...
-
Augusta Union Station 1st 4s...............
Exchange
Dealers in
120 Broadway
6Ms
6s
3o$epb Walkers Sons
Wrtifen Jslrw York Stock
1942
60
66
.............--1949
68—......—.1965
1995
/24
33
60
58
43
49
1945
1978
.........................1946
35
39
Chateaueay Ore a Iron 1st ref 5s
...
Choctaw & Memphis 1st 5s
...
Cincinnati Indianapolis a Western 1st
Cleveland Terminal a Valley 1st 4s
Guaranteed Railroad Stocks
Georgia Southern a Florida 1st 5s
Goshen a Deckertown 1st 6 Ms.........
(Guarantor In Parenthesis)
1st 5s
Ho bo ken Perry
60"
1978
Little Rock a Hot Springs Western
Atked
Bid
70
45
87
90
...1939
1949
/13
15
84
86
Kansas Oklahoma a Gulf 1st 6s
Dividend
1st 4s......
Long Island ret mtge 4s
100
(Delaware A Hudson).....100
6.00
60
65
10.60
116
125
100
6.00
50
55
........60
(New York Central).........—100
(New Haven)
100
2.00
31
33
8.75
95
99
8.50
60
70
New York a Ho Do a en Ferry general 6s
Alabama A Vicksburg (Illinois Central)
Albany A Susquehanna
Allegheny A Western (Buff Roch A Pitta)
Beech Creek (New York Central)
...
Boston A Albany
4
Buffalo Creek 1st *ef 6s
vSincel855/v
Par in Dollar)
Boston A Providence
100
2.85
43
6.00
79
78
3.60
76
...60
..26
100
38
58
35
45
55
86
91
60
63
Betterment stock
Delaware (Pennsylvania)
Fort Wayne A Jackson
pref (N Y Central)
6.00
55
82
86
...
...
1st mtge 3*«
Piedmont a Northern Ry
Portland RR 1st 6 Ms
Consolidated 5s
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western).... 100
10.00
172
177
4.U0
43
47
Michigan Central (New York Central)............100
Morris A Essex (Del Lack A Western)—.—......60
60.00
800
100
60
6.00
54
68
4.00
87
90.30
4.60
39~"
1.60
..................
....
70
1951
84
90
Shreveport Bridge a Terminal 1st 6s
.......
1956
Somerset Ry 1st ref 4s................................1965
Southern Illinois a Missouri Bridge 1st 4s....
1961
78
86
45
61
72
80
105
Toronto Hamilton a Buffalo 4Mb.......
1957
1966
75
83
Washington County Ry 1st 3 Ms........
1954
40
45
43
38
3.00
70
1946
I960
1961
1945
1967
40
6.60
28
........
.
St Clair Madison a St Louis 1st 4s..........
49
2.00
1955
90
...
Rock Island Frleco Terminal 4Ms
79
46
45
86
Minneapolis Bt Paul a Sault Ste Marie 2d 4a............1949
Montgomery A Erie 1st 6s
....
...1956
83
2.00
90
38
.......
Meridian Terminal 1st 4s____
83
Carolina Cllnchfleld A Ohio common
96
1965
Maryland a Pennsylvania 1st 4s...............—.....1951
Macon Terminal 1st 6s_.
48
6% stamped..100
Cleve Clnn Chicago A St Louis pref (N Y Central)..100
Cleveland A Pittsburgh (Pennsylvania)
60
Canada Southern (New York Central)
Aited
Bid
Guaranteed Railroad Stocks
76
Western (D L A W)
New York Lackawanna A
Northern Central (Pennsylvania)......
Northern RR of N J (Erie)
Oswego A Syracuse
4.00
;
(Del Lack A Western). —
60
(U S Steel)....—60
60
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
Preferred.
100
Rensselaer A Saratoga (Delaware A Hudson)
100
St Louis Bridge 1st pref (Terminal RR)..
...100
Second pref erred
.....
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)....100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
100
Vloksburg Shreveport A Pacific (Illinois Central)
100
Pittsburgh Bessemer A Lake Erie
Preferred..
......—
(Pennsylvania)
Toledo Terminal RR 4 Ms
Public
7.00
160
7 00
173
177
6.82
55
Utility Stocks
136
141
3.00
65
70
Bid
Par
Alt
53 m
69
Alabama Power $7 pref..*
Arkansas Pr A Lt 7%
6.00
136
141
Associated
10.00
224
230
6.00
48
53
pref *
65
71
Electric
Gas A
Original
2m
$0.60 preferred....
4*
6m
6.00
55
6.00
60
6.00
61
3.60
27
30"
preferred..—.*
*
$7 preferred
...-*
Atlantic City El 0% pref.*
Bangor Hydro-El 7% pf 100
Birmingham Elec $7 pref.*
3.00
54
68
Buffalo Nlag araA Eastern—
66*
$1.60 preferred
25
Carolina Pr A Lt $7 pref—*
•
preferred
6%
preferred.......100
7%
$6 preferred...
100
Cent Pr A Lt 7% pref.. 100
EQUIPMENT TRUST CERTIFICATES
62
53*
22
Newark Consol Gas
73
75m
New Eng G A E 5M%
64
67
New Eng Pub Serv
Consol Traction (N J).100
Consumers Power $5 pref.*
preferred
100
Dallas Pr a Lt 7% pref. 100
Derby Gas a El $7 pref..*
Stroud &, Company Inc.
Gas
100
Federal Water Serv Corp—
Essex Hudson
Philadelphia, Pa.
$8 cum preferred
$6.60 cum preferred...*
•
$7 cum preferred
I
'
Ait
Bid
7%
Atlantic Coast Line 4Mb—
62.25
1.50
Baltlmore a Ohio 4Ms—.
65.75
4.75
68_
5 Ms
4.00
Interstate Natural Gas.—*
4.00
Interstate Power $7
4.00
Iowa
65.00
65.75
Ms
6s
Ms Dec 1 1936-1944...
Canadian National 4Mb...
4.75
64.75
4.00
New Orl Tex A Mex 4Ms..
65.00
4.00
64.75
_•
Boston a Maine 4
3
.
65.00
65.00
Missouri Pacific 4 Ms
6s
4.00
New York Central 4Ms
63.25
2.50
62.00
1.25
64.75
3.75
64.50
3.60
6s
N Y Chic A St L 4Mb
63.30
2.75
preferred...—.—..*
preferred...——100
6s
64.75
3.75
pref..*
91
6M
7%«sum preferred...100
NortherniStates Power—
99
40
44
96m
97
73
114
116
20
25
181
98
101
108
4
24m
6m
39
40*
63m
65 m
81
83
65.00
4.00
Kings Co Ltg 7% pref..100
32
35
65.00
4.00
Long Island Ltg 6% pf.100
82
33 m
Cent RR New Jersey 4 Ms.
64.60
3.60
Northern Pacific 4mb
61.75
1.20
62.00
1.25
61.60
1.00
1.00
4s scries E due
1937-49
62.90
66.00
6.00
2 Ms series G non-call
Deo 1 1937-60
62.75
2.00
66.50
6.60
Fere Marquette 4Mb
63.25
6.50
Reading Co 4mb
63.25
5s
Chic Mllw a St Paul 4mb.
68
Chicago R IA Pacific—
Trustees' ctfa 3 Ms.....
2.50
6a
81
65.00
4.00
6s
66.00
4.00
6 Ms
66.00
4.00
4Mb
St Louis Southwestern 6s..
6 Ms
Southern Pacific 4Ms
89
94
6s
89
94
4mb
89
94
6s
89
6s..
Southern Ry 4Mb....
6a
Texas Pacific 4s........
—
1.25
4Mb
61.75
Hocking Valley 6s
Illinois Central 4Ms
2.15
61.80
6s
preferred.———*
1.00
6s
64.75
4.00
Union Pacific 4mb
6s
Virginia Ry 4Ms.......
64.75
4.00
Nor 4Mb—
65.00
4.00
Long Island 4Mb.........
63.25
90
94
63.25
2.75
61.75
1.10
—
6s
Louisv a Nash 4 Ms
6s
61.75
3.00
64.00
Minn St P A S S M 4s
3.00
64.00
5 Ms
1.10
64.00
-
Maine Central 6s
37 m
39
24 m
45*
43*
45 m
42 m
50mi 63
23 m
Bid
88*
39*
3*
RepubllolNaturai Gas...
100
05
06
Sioux City G A E $7 pf.100
84
80M
27*
28
preferred G
6% pref series B_.
26
South Jersey Gas A El. 100
181
Tenn"KlecTPowT0% pf.100
41
42*
46*
47
7%
preferred
100
pf-100
Toledo Edison 7% pf A.100
United Gas A El (Conn)
Texas Pow A Lt 7%
7% ''preferred
100
PoW;A Ltj$7, pref.. *
Virginian *Ry
100
Utah
92
95
66,00
4.00
65.00
4.00
63.00
2.40
62.60
4.00
64.75
4.00
9
7% preferred
100
/G Foods Ino common..*
Blck fords Inc
*
$2.60 conv pref
*
75
09
3.00
1059
34
152
71
35 M
156
Par
6s
1M
9m
30
O) common...*
preferred
100
Bo hack (H
7%
63.25
2.50
100
Flshman (M H) Co Inc..*
5 Ms
68
Western Maryland 4Ms.
Western Pacific 6s
6 Ms
2
10*
33
63.25
2.60
Kobacker Stores
62.25
1.60
61.50
Bid
12
H) 0% pref
Alt
3
12*
5
MUler'(I) Sons common..*
8 M % jpreferred
100
MurphyifG.C) $5 pref.100
17
23
101
104
Reeves (Daniel)
100
61t.70
7*
9
*
8
70
$5
preferred.—.—
»
19
20m
16
...100
1.00
pref...100
United Clgar-Whelan Stores
80
1.00
61.70
2M
17
102
1.00
61.60
1*
15
90
1.00
preferred
7%
Miscellaneous Bonds
Bid
Wabash Ry 4 Ms
6s
Kress (8
85
B
85
92
85
85
92
85
92
Associates Invest
3s..1946
93
63.00
94
4.00
65.00
4.00
Bear
Mountain-Hudson
7s....1953
River Bridge
99
Federal Farm Mtgs Corp—
IMS
l*s
2s
1955 103* 104*
omc Owners' Loan Corp
2s
Aug 16 1938 100.27 100.31
101.3 101.5
1 Ms ..—...June 1 1939
Marine Parkway Bridge—
4*s
..Deo 1960 103* 104*
A prill
101.6
Sept 1 1939 101.4
Reynolds Investing 6s.l948
Banks
Trlborough Bridge—
April 1938 100.4 100.6
4s s f revenue 1977.AAO
July 1938 100.11 100.14
Doc 1940
101.20 101.22
Alt
Henry Hudson Parkway—
4s
2.25
65.00
Bid
Alt
92
IMS
09
97*
101* 103 M
2.00
64.75
6
Federal Home Loan
For footnotes see page
4*
Roc heater." GaeiA* Kleo—
Alt
*
Berland Shoe Stores
2.75
6s
Interaat Great
88 M
Chain Store Stocks
Par
Diamond Shoe pref
62.80
Great Northern 4 Ms
$7
2.50
94
Erie RR 6 Ms.
66 M
87
85
St Louis-San Fran 4s
Denver a R G West 4Mb—
62 m
QueenstBorouglvG A,E—
0% preferred..——.100
2.50
62.10
Jan A July
Chicago a Nor West 4 Ms.
6% conv partlo pref..60
Memphis Pr A Lt $7 pref.*
Mississippi Power $6 pref.*
2.00
6.00
66.60
.....
61.75
66.00
6s
100
Mass Utilities Associates—
6s
03 M
99* 100 M
99
100*
91m
109 m
N YNH AHartfiMs
5s
Pennsylvania RR 4mb
110* 112
110
22 m
2.75
2.00
00
91m 03*
101M 103 M
24
2.70
62.75
preferred
65*
89
Penn Pow A Lt $7 pref..,
22
63.20
4Mb
*
pref—100
pf-100
7% preferred.......100
Okla G A E 7% pref
100
$7
63*
Pacific Pr A Lt 7% pf-100
22*
21*
63.30
Chesapeake a Ohio—
Ohlo'Edlson $6 pref
Ohio Power 0%
20*
21m
108
preferred
(Del) 7% pref
100
(Minn) 6% pref—<•«._*
Ohio Pub Serv 6%
Jer Cent P A L 7% pf—100
Kan Gas A El 7% pref.100
7%
100
76
Canadian Pacific 4 Ms
6s
63*
Southern i,Callf Edison—
60
preferred
92 H
$6 cum preferred......*
Jamaica Water Supply—
7m%
19M
28
New York Power A Light—
0%
100
preferred
18
20M
61M
72 m
Southern Utilities—
7%
Df-»
Co—
76 m
121
$0
18
121
84 m
181
Alt
16
108 M 111M
100
74
Idaho Power—
Bid
2
17
70 *
82
100
Hudson County Gas
M
24m
13
$7 prior lien pref
.*
New Orl Pub Serv $7 pf—*
Gas a Elec of Bergen..100
Railroad Equipment Bonds
6*
,
123
Continental Gas a El—
7%
23*
100
7%.preferred
107
4*
Nassau A 8uf Ltg 7% pf 100
Nebraska Pow 7% pref.100
21m
109
66
106
Pub Serv 7% pref
25
Mountain States Pr com..*
4m
Consol Elec a Gas $6 pref.
Quotation*-Appraisals Upon Request
64
Mississippi P A L $0 pref.*
Miss Rlv Pow 6% pref.100
Missouri Kan Pipe Line. .5
Monongahela ^Wart
Penn
6M
6m
111
Central Maine Power—
Private Wires to New York
At t
Bid
Par
60
6.00
60
N J (Del Lack A Western)...
West Jersey A Seashore
36M
166
100
60
Preferred
Warren RR of
34*
3.876
/;
4s serial revenue 1942-68
04
108 M 109*
42.40 to3.70
1058
Financial
Quotations
Public
Water Bonds
Alt
Bid
60 M
62M
83
Green Mountain Pr 6«.1948
10OM 100M
Idaho Power 3 Ms
Iowa Sou Utll 6 Ms
1967
1960
47
89
86 M
88 M
Missouri Pr A Lt 3 Ms.1968
Mtn States Pow let 6e.l938
21
23
....
23
mm
mmm*
102 % 103 M
99
101
North Boston Ltg Prop's
Secured notes 3 Ms—1947
104
104 H
Parr Shoals Power 6s—1952
Pennsylvania Elec 6s.l962
Calif-Oregon Pow 4s._ 1966
85
87
80
84
Central G A E 5 Ms—1946
62
63 M
1st lien coll trust 6s. 1946
Cent Maine Pr 4s ser G *60
102
Ore-Wash Wat Serv 5s 1957
80
84
1951
5 Ms
102
1951
series A
5g
103
Penna State Water—
1st coll trust 4Ms„1966
...
1941
101
Peoria Water Works Co—
1st A ref 5s
1950
mmm
1st consol 4s
100M
mmm
107
4M8
1947
City G A E 4«—1966
59
5 Ms series B
1946
6s series A
58
1946
60
64
100
PhJla Suburb Wat 4s..1965
Pinellas Water Co 6 Ms. '59
62
Connellsvllle Water 6s 1939
96
97
100
Roch A L Ont Wat 5e.l938
E St L A Interurb Water—
100
10CM
6s series A
1942
95M
6sserle8 B
1942
100M
35
6s series D
1960
St Joseph Wat 4s ser A__'66
Scranton Gas A Water Co
100% 101%
95
104 M 105
4Ms
mmm
69
Utlca Gaa A El Co 6s—1957
2M
121
60
flH
Greenwich Water A Gas—
6s series B
95
98
96
1952
93
Hackensack Wat Co 6s. '77
105
5 Ms series B
1977
Huntington Water—
109
Shenango Val 4s
35
101H 102
101M
102 M
102 H
103
104
103
Cumberl'd Co PAL 3 Ms *66
99 M 100 M
Dallas Pow A Lt 3 Ms. 1987
Federated Utll 6 Ms—1957
6s series B
—.1954
65
102 M 103M
67
1964
mmm
103
6s
1962
104
Illinois Water Serv 5s A '52
6s
105
1961
98M 100
72
101
67
70
'
.1960
102 M
1960
104 M
60M
6s series A
mmm
91M
103
101
W Va Water Serv 4s..1961
99 M 101M
m m
101
1949
Texarkana Wat 1st 5s.1958
Union Water 8erv 6 Mb '51
103
74
74 M
72M
68
102 %
Terre Haute Water 5s B '56
mmm
101
Indianapolis Water—
1st mtge 3 Ms
1966
Indianapolis W W Secure—
94"
102
104%
—1955
6s series B
6s
—1961
■mmm
104 M
91
Sprlngf City Wat 4a A *56
■mm'-
101
mmm
mmm
Pittsburgh Water—
1st mtge 5s
5s series A
...
105M 105 X
1st mtge 4s
ser B
South Bay Cons Wat 5s '50
South
103 M 103 M
67
72
mmm
105 M 107
94 M
Scranton-Sprlng Brook
mmm
36
33
1958
Water Service 5s. 1961
1st A ref 5b A
1967
1952
m mm
99
93
34
-
-
oux
•
98
101
1958
1st mtge 5s
98
100
...1958
4MB
93%
102
103 M
Pittsburgh Sub Wat 5s '58
Plainfield Union Wat 6s '61
Richmond W W Co 5s.l957
Roanoke W W 6e
1950
mmm
Consol Water of Utlca—
61
.1948
1948
92 %
99
1948
1st consol 5s
Prior lien 5s
mmm
104 M
98 M
96M
106
69
34
Consol Edison 3 Ma—1958
Consumers Power 3 Ms *67
105
103 M
105
1962
...
103
6s series A
1963
6s
78
74
Chester Wat Serv 4 Ms '
Citizens Wat Co (Wash)
90
/79
80 M
104M 105
Tel Bond A Share 58-1958
Power
105
80 M
99M
Central Public Utility—
6s series B
101
78 M
96 M
104 M
St Joseph Hy Lt Heat APow
Cent Ark Pub Serv 5a.1948
Colorado
87
98
Ohio Water Service 6s.l958
91M
85
Penn Telep Corp 1st 4s '65
Peoples L A P 5 Ms—1941
Publlo Serv of Colo 6S.1961
Pub Utll Cons 5 Ms—1948
Consol E A G 6s A...1962
84
Ohio Cities Water 5 Ms '53
Ohio Valley Water 5s.l954
mmrn
Community Water Service
101M 103
108 M
Income 5 Ms with stk '62
mmm
77
74
101M 103M
99M 100
48
46M
Dominion par 6e—1951
34
67
mmm
105M
City of New Castle Water
Ohio Pub Service 4s..1962
Old
29
m
6M-6M8—-1980
1951
mmm
6 Ms
1951
New York Wat Serv 5s '51
104 %
101
B
City Water (Chattanooga)
25
■m mm> •
series
6s
90M
23
mmmrn
mrmm
71
—1966
29
m
5s
99 M
74
98M
Narragansett Elec 3 Ms '66
Newport N A Ham 6s. 1944
N Y Bute Elec A Gaa Corp
34
mm mm
100
Newport Water Co 5s 1953
103
97
25
'
m,
—.
105
Calif Water Service 4s 1961
4s
Bellows Falls Hy El 6s 1968
B lac ketone V G A E 4s 1965
94M
67
Assoc Gas A Elec Co—
Sink fund lnc 6-6S..1986
.
104 M
New Jersey Water 5e 1950
New Rochelle Water—
■
104
28 M
87
S f lnc 4M8-6Ms—1986
26M 28
109M 109%
26
45
1983
101
Keystone Telep 6 Ms.-1955
65
Sink fund lnc 5mb-1983
Sink fUDd lnc 4-6s.-1986
97
Morgan town Water 5s 1965
Muncle Water Works 5s *65
105M
101
95M
Kan Pow A Lt 1st 4Mb *66
23 H
25M
27 M
S f lno
100M 101
Kan City Pub Serv 4e.l967
23M
23
mm
99
105
Ask
Bid
Ask
96
Alton Water Co 6«.
22M
Sink fund lnc 6s
101M 103
6s seriee B
Corp—
Sink fund lnc 4mb—1983
Bid
42
40
Cons ref deb 4Mb—19
Sink fund lnc 4s
1983
Ask
85M
Appalachln Eiec Power-
1938
12,
Over-the-Counter Securities—Friday Feb. 11-Continued
Utility Bonds
Bid
Assoc Gas A Elec
on
Feb.
Chronicle
...
103"
100M
97M
99 M
6s series B
1950
91
94
1st mtge 5s
1951
88
Western N Y Water Co—
1958
81
1967
104
80
'
Joplin W W Co 5b
Investing Companies
Par
AdmlnlsteredFund2ndlnc*
Affiliated
Fund
Bta
Ban
Ask
11.58
Investors Fund C
12.32
Inc.-1M
3.87
4.25
Amerex Holding Corp...*
19M
20 M
Amer Business
New common
3.35
Amer A Continental Corp.
Amer Gen Equities lnc 26c
Am Insurance Stock Corp *
3.69
8
68c
45c
23.97
13 H
3.07
3.55
3.95
20.63
22.18
1
3.09
3.31
7 M
8M
Corporate Trust Shares.. 1
2.06
Series AA
1
*>mmm
2.00
Accumulative series... 1
2.00
mod
1
■
mm
m
2.44
10
m m m
mm mm
'
mm
22
100
mm
-
2.44
1
Series ACC mod
115
mm
25
mm
mm
Crum A Foreter Insurance
Common
B
shares...10
7% preferred..
100
10.59
26
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
2.78
Deposited Insur Shs
2.56
mrnrnrn
4.28
mm
mm
mm
1.55
5.56
3.60
3.35
D
)
5.15
m
m
mm
19.08
20.24
10.18
11.13
Nation
Wide Securities 25c
2.85
1.19
m
■
mrnrnrn
1.16
1.26
16.88
11.73
Agriculture
7.84
8.48
Bank stock
7.86
6.60
Electrical equipment
Insurance stock
8.38
9.06
Machinery
7.29
7.89
6.93
Metals...
8.68
8.69
7.57
Alden 1st 6s
7.41
8.02
Broadmoor
52 M
1
2.42
Series 1956
1
2.37
1
4-6s
2.17
6M
*
Plymouth Fund lno
10c
28
M
40c
7M
1
48c
Quarterly lno Shares.. 10c
6% deb seriee A
10.74
96 M
11.76
101
17.87
19.25
Bank stock series... 10c
12.78
2.73
Insuranoe stk series. 10c
Fixed Trust Shares A... 10
x3.10
m
m
mm
mm
mm
7.23
Foundation Trust Shs A_1
Fundamental Invest lnc
3.60
3.85
15.31
16.53
Fundamental Tr Shares A2
4.36
6.00
7.84
....
Selected Amer Shares.2M
Selected Income Shares...
8.73
Sovereign Investors
64c
Spencer Trask Fund
*
Standard Am Trust Shares
Standard Utilities lno. 50c
State Street Invest Corp. *
8uper Corp of Am Tr Shs A
AA
...
9.51
3.78
14.13
71c"
14.87
1.95
4.82
Supervised Shares
1.18
D
5.27
Series C
3
8.96
9.74
1
2.14
Trustee Stand Oil Shs A. 1
Series B
..1
6.17
76 c
Trusteed Amer Bank Shs B
60c
67c
87c
96c
Trusteed Industry Shares.
87c
95c
1.17
1.28
1.03
1.13
71c
79c
Guardian Inv Trust
H
com
1
45c
M
85c
U 8 El Lt A Pr Shares A..
B
ser F
Wellington Fund
11M
12 M
1.61
1.71
77c
Voting shares
Un N Y Bank Trust C-3-*
UnNYTr Shs
5.54
85c
2
2H
*
1
1X
l
12.39
13.66
16.16
17.38
1.15
Investors..*
1.27
Bank
Group shares
Insurance Group Shares
1.22
1.35
Insuranshares Corp (Del)l
Invest Co. of Amer
com.
10
1
32
1M
35
Bancamerica-Blalr Corp.l
4
5
Central Nat Corp cl A.—*
Institutional Securities Ltd
27
27
28 M
30
46
34
■
6 Mb series F-l
/39M
41M
/20
22
5 Ms series C-2
...
/6%
19th A Walnut Sts (Phlla)
1st 6s
July 7 1939
8
54
Deb 5s 1952 legended
50 Bway Bldg 1st 3s lno '46
600 Fifth Avenue—
53
56
Oliver Cromwell
37
38 M
1st 6s
Nov 15 1939
1 Park Avenue—
29
33
6 Ms stamped
1949
52d A Madison Off Bldg—
6s
Nov 1947
Film Center Bldg 1st 6s '43
40 Wall St
Corp 6s
/34
/41
1958
46
1939
1949
1946
Harriman Bldg 1st 6s. 1951
Hearst Brisbane Prop 8s *42
36 M
2d
..
.
33
38
2
•
First Boston Corp
10
13 K
Schoelkopf, Hutton A
Pomeroy lno
com
2
103 E 57th St 1st 68...1941
165 Bway Bldg 1st 5 Mb *51
/6M
70
41
/44M
...
...
45
47
Prudence Co—
48
5Mb stamped..
1961
Realty Assoc Sec Corp—
mmm
5s income
60
62
1943
/5IM
53 M
6%
1st fee A l'hold 6 Ms. 1940
/48M
50 M
OiJ
37"
40
59
60
35
37
58
Savoy Plaza Corp—
62
%
46 M
41
43
3s with stock
1956
27
29
(ws).1956
/19
21
60 Park PI (Newark) 6s '37
618 Madison Av 1st 6Mb'38
/25
Sherneth
Corp—
3-5 Mb deb lnc
61 Broadway Bldg—
3 M-5s with stock
59
Jov
60
62
89 M
91M
37
1950
39
Syracuse Hotel (Syracuse)
1st 6 Ms
Oct 23 1940
-..
27 M
63
41
mmm
Textile Bldg—
1st 3 58 (w 8)
Trinity Bldgs Corp—
1st 5 Ma
1958
39 M
1939
52
/41
2 Park Ave Bldg 1st 4s 1946
57
Walbridge Bldg (Buffalo)—
1st 6Ms
Oct 19 1938
55 M
41
...
...
Ludwlg Bauman—
1st 6s (Bklyn)
1942
1st 6Ms (LI)
1936
Metropolitan Chain Prop—
Metropolitan
1948
6s
65
Wall A Beaver St
83
85M
87
90
Corp (Can)—
1947
14M
For footnotes see page
10c
1951
68
Roxy Theatre—
15
5
class B
mtge
(The)—
mmm
1st 6 Ms
Apr 16 1937
Lincoln Building—
Loew's Theatre Rlty Corp
1st 6s
1947
London Terrace Apts 6s *40
34 H
52
56 M
61
lst3Ms-6Ms stpd_.1948
6s.....
Investm't Banking Corps
Incorporated
/32
/28
Lefcourt Manhattan Bldg
1st 4-5s extended to 1948
Lewis Morris Apt Bldg—
Merchandise
Huron Holding Corp
62 %
/43%
/32M
/49M
1956
5Mb series BK
Income 5Ms w-s__. 1963
Series D
Investing shares.....
1.16
/25
/25
Alt
Corp—
4a with stock.
2.18
69c
1.00
1947
Hotel Lexington 1st 6s *43
Hotel St George 4s
1950
...1
1.22
1.06
1st A ref 6 Ma
(w-b)
Graybar Bldg 6s
Trustee Stand Invest Shs—
83c
91c
1st mtge 2s stpd A reg '55
1st A gen 0s
1946
60 %
N Y Title A Mtge Co—
East Ambassador Hotels—
1st 2M-4s
83c
Tobacco shares
Court A Remsen St Off Bid
1st 6s
Apr 28 1940
Dorset (The) 1st 6s—.1941
Fox Theatre A Off Bldg—
1st 6 Ms
Sept 1 1941
Fuller Bldg deb 6s
1944
2.92
1.12
shares
Bid
Metro pol Playhouses lnc—
S f deb 5s
1945
N Y Athletic Club—
N Y Majestic
62
1400 Broadway Bldg—
5.27
30.76
1.08
RR equipment shares...
58 M
36 M
56
42 Bway 1st 6s
75c
Steel
34M
50
2.60
1.95
75c
shares
24
48
45c
Food shares
Petroleum
mmm
54
77
BB
C
....
1948
42c
2.40
3.03
4.43
shares
...
Chsebrough Bldg 1st 6s '48
74
B
28.61
1.24
1-588
Mortgage Certificates
Eqult Off Bldg deb 5s. 1952
Fidelity Fund Inc.......*
6.61
NY
5 Ms series Q
26
60c
Mining shares
/31
/34M
B'way Barclay lBt2s—1956 /22
Chan In Bldg lno 4a.—1945
Pacific Southern Inv pref.*
Class A
•
40c
1.14
1941
1st leasehold 6Ms—1944
Broadway Motors Bldg
Series 1955
Royalties Management—1
10
Bell System Tel.
w
Alt
B'way A 41st Street—
35c
Foreign Bd Associates Inc.
m,
.
(The) 1st 6s '41
1.97
9.18
shares
D
Bid
6.99
Railroad equipment
Steel...
30c
3,41
& CO.
■
**
Broadway, N.Y.
Real Estate Bonds and Title Co.
9.40
8.68
Chemical
150
2360
9.39
Oils
Republic Invest Fund.25c
Building shares
BAKER
7.51
Representative TrustShslO
shares...
ACr.
7.15
27 X
Fiscal Fund lnc—
Issues
Markets
8.51
Building supplies
27.69
Automobile
-
INCORPORATED
BArclay 7
24 %
Group Securities—
Agricultural shares
AMOTT,
N Y Stocks lno—
26.03
3.98
Estate
Reports
12.61
ment Fund series A-l...
Corp...*
103 M
2.95
Eqult Inv Corp (Mass)..5
Equity Corp $3 conv pref 1
8.43
Real
5.16
18.13
General Capital
101
...
105
104
W'msport Water 5s—.195^
101
5.75
Eaton A Howard Manage¬
General Investors Trust
101%
1960
..1949
1.32
4.91
m
Dividend Shares.. —.26c
B
—1950
6.15
1
10
Voting Jiares
National Investors Corp.l
New England Fund
1
Class B
C
B
5 Ms
1956
6s series C
08 series A
90
101%
5.13
No Amer Bond Trust ctfs.
No Amer Tr Shares 1953.*
29
110
*
ser B1
Diversified Trustee Shares
6s series B
mmm
88
91
■
2M
Seriee 1958
Cumulative Trust Shares.
104%
98
99 %
16.23
4.62
Middlesex Wat Co 5 Ms '57
Monmouth Consol W 5s *56
1st mtge 5 Ms
1950
Westmoreland Water 6s '52
Wichita Water—
Monongahela Valley Water
15.84
Continental Shares pf.100
Commonwealth Invest
9.68
13.91
Mass investors Trust
Mutual Invest Fund
30c
Century Shares Trust—*
——;
2%
12 M
Canadian Inv Fund Ltd—1
Series K-2
Series 8-4
Major Shares Corp
•
Maryland Fund Inc.—10c
22.41
—1
8% preferred..
15.48
6 %
British Type Invest A
1
Broad St Invest Co lno..6
com
14.24
Long Island Wat 5 Ms. 1955
mmm
103 M
■'mmm
103
105
4%
14.81
Crurn A Foreter
14.53
2
Bankers Nat Invest Corp *
AA
10.02
23.08
13.24
5%
Baslo Industry Shares..ID
Boston Fund lno
Series
9.43
21.13
4M
Assoc. Stand OH Shares..2
Bullock Fund Ltd
1
Series B-3
Series 8-2
9
61c
Ask
Keystone Cust Fd lnc B-2
Seriee K-l
Shares-
Bid
Kokomo W W Co 6s..1958
1059.
1st 4Mb w-s
/18
...
Corp—
1951
Westlnghouse Bldg—
1st fee A leasehold 4a '48
24M
68
26M
...
Securities—Friday Feb. 11-Concluded
Quotations on Over-the-Counter
Common
Tennessee Products
1059
Chronicle
Financial
146
Volume
Bonds and Coupons
Foreign Stocks,
Exchanges
Inactive
CO.
S. EDWARDS &
H.
York
120 Broadway, New
Union Bank Building,
BRAUNL
WALTER E.
1-869
Teletype N. Y.
Tel. REctor 2-7890
52 William
Pittsburgh
Tel. HAnover 2-5422
St., N. Y.
Bonds
Foreign Unlisted Dollar
STEEL
WICKWIRE SPENCER
/99
22*
Housing A Real Imp 7s '46
/20
22*
Hungarian Cent Mut 7s '37
/20
18
Hungarian Ital Bk 7*8 '32
22
Hungarian Discount A Ex¬
/15
/2Q
8s.
7s.
£xpfceAA fcxcAongts
/84
1939
Hansa SS 6s
21*
/19*
Antioqula
New Common
>
6s unstamped
21
/26
1948
/24
54*
64*
>
/14
17
r
113*
14*
Ilseder Steel 6s
5
N. Y. 1-1642
10*
Jugoslavia 5s funding. 1956
7s.
3
/9*
/3*
/3*
7s.
3
/3*
3*
6s.
A. T. & T. Teletype
2-3080
HAnover
)
/6
/20*
28*
21*
1935
Nov 1935 to May 1937
Koholyt 6*8
19431
30
Land M Bk
7
3
CORP.
SYLVANIA INDUSTRIAL
,
,
<|
Teletype N.
195
0*s
Buenos Aires scrip
9-3565
Y. 1-1666
/25
Leipzig Trade Fair 78.1953
/21
Luneberg Power Light A
1948
/20*
/48
) /U0
1941
Merldionale Eleo 7a... 1957
J
52"
/20
/62
64
...1945
/20
21*
Munich 7s to
...
/19*
21*
Recklinghausen 7s__1947
/20*
22*
6*8 '38
Panama
/27*
'45
Munlo Bk Hessen 7s to
Municipal Gas A Eleo Corp
/7*
/13
8*
14
1
Bonds
Scovill
'
83
100
pref
Singer
mm
m
Singer Mfg
10
Construction. 10
Bankers Indus Service A.*
Belmont Radio Corp...
Beneficial Indus Loan pf_*
Bowman-Blltmore Hotels
1st preferred
...100
49
51*
6*
com..*
100
A... 10
Reynolds B com *
0
15
116
100
34*
m
m
-
45*
49"
preferred. 100
16
19*
*
57
61
(Jos) Crucible... 100
Draper Corp
Federal Bake Shops
Preferred
Fohs Oil Co...
4*
19*
23
20
—
36*
87*
2
*
8*
*
3*
4*
7
42
preferred
100
105
West Va Pulp &
Pap com.*
100
Preferred
West Dairies Inc com v s c
6*s.
1
*
20
3
16*
18*
97*
1*
2*
57 1st preferred
100
W Irk wire Spencer Steel. _*
14
98
7
50
8ta__5
100
GIbbs com
3*
Wilcox A
2*
WJR The Goodwill
Worcester Salt
*
Gen Fire Extinguisher...*
Good Humor Corp
1
Graton & Knight com
♦
Preferred
100
37*
39*
16*
7
8*
38
42
Great Lakes SS Co com.
31*
33*
7%
Paper...25
Harrlsburg Steel Corp
5
Klldun Mining Corp
1
28*
30*
8*
1
Mortgage Co..20
6*
Great Northern
King Seeley
Lawyers
Corp com
Lawrence Portl
Cement 100
15c
12*
100
100
1st 6% preferred
2d 8% preferred
150
110
common.*
*
11*
14*
28*
55
14*
...
*
47
31
preferred
Mock Judson &
Voehrlnger
7%
preferred
Muskegon Piston
National Casket
100
Ring.2 *
*
*
Preferred
75
9*
42
...
mm
10*
45
Wire Fabrics
6s..
German Building
c
oH
4s.1951
7s..1942
92*
1940
Cudahy Pack conv 4s. 1960
86
88
90
93
1st conv s f 6s
.
1937
1938
Wheel Co—
Conv deb 0s
1948
Martin (Glenn L)—
Conv 6s
1939
Nat Radiator 5s
1946
/77*
/ll*
/58
79*
13*
f Flat price,
n
dlvldend.
v Now
1st 6s
2d conv Income
1962
5s..1962
t
t
i
97"
93
Par
Ask
Haytlan Corp Amer
..»
Savannah Bug Ref com_..l
West Indies Sugar
Corp..l
Bid
Ask
*
*
30*
32*
3
4
York Curb Exchange, f Ex-stock dividend
Now listed on New York Stock Exchange.
Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold,
Ex 25% stock dividend Jan 27th.
7s..1945
1951
0*8
6s. .1947
mmm
27
9
/8
'mmm
/21
mmm
/21 *
68.2930 /385
State Mtge Bk Jugoslavia
60
5a
1960
60
2d series 5s
1950
Coupons—
Oct 1932 to April 1935
6*
8*
/7*
/20*
/65
to April 1937
mmm
405
/44
Oct 1935
63
62
...
m
m m
7S...1946 /20
/9
/62
Stlnnes 7s unstamped. 1930
19
/18
/50
Certificates 4s___1938
7s unstamped
1940 /58
12*
/ll*
/40
Certificates 4s... 1940
14*
/14
62
58
Toho Electrlo 7s
1955
106
8*
/7 *
Tolima 7s
1947
114* Union of Soviet Soo Repub
113*
*87.10 91.73
7% gold ruble
1943
m
/20
Unterelbe Electric 6s. .1953
/19*
Veaten Eleo Ry 7s....1947
/20
1946 /20*
8 6" Wurtemberg 7s to
70
Stettin Pub UtU
mmm
mmm
mmm
mmm
1 '37..
CURRENT
■—The
NOTICES
Traders Club of New York has appointed the
function during 1938, it was announced by Arthur
Corporations Bond
following committees to
102*
a
selling on New
1948
(Brazil) 0s..1943
Saxon Pub Works
Slem A Halske deb
28
61
/ Flat price.
Interchangeable, ft Basle price, d Coupon.
« Eftc-rlghts.
Nominal quotation, w i When issued, w-e With stock.
* £k-
value,
Santander (Colom) 7s.
20
10
8*
59
/80
90
85
& Co., President:
Committee on Arrangements, with
N. Bloch of Speyer
Lawrence C. Keating of Wood,
composed of J. B. Janes of Evans, Stillman
& Co.; Walter V. Kennedy, A. C. Allyn & Co., Inc.; Allan J. Nix, RIter
& Co.; and Homer O'Connell, Adams & Peck.
Charles L. Bergmann of R. W. Pressprich & Co. is Chairman of the
Committee on Business Conduct, whose other members are Phillip W.
Brown, Smith, Barney & Co.; Thomas M. Byrnes, Brown Harriman &
Co., Inc.; Charles Hodge, Field, Glore & Co.; and Gordon Jones. Washburn
& Co.,
No par
stamped. 1942
Scovill Mfg 5*s
Sugar Stocks
*
mmm
20
The
17*
15 *37.
1960-199(
White & Co. as
15*
mmm
/20
1947
8%
Santa Fe 7s
Saxon State Mtge
mmm
14
/25
mmm
8s
19&1
Great Britain <fc Ireland—
Woodward Iron—
1
/19*
/17*
/13
mmm
155
145
/16*
15
Preferred
/19*
mmm
37
8*
/8
/20
...
12
•11
/25*
8
1948
8s ctfs of deposit. 1948
Santa Catharina (Brazil)
mmm
9*
Graz (Austria)
4s
deposit-1957
Sao Paulo
/23
/6*
f
35
7*
/20
6s.
43
9*
/32
80
45
Cuban Atlantic Sugar. ..10
Eastern Sugar Assoc.. —1
/35
/33*
1936.
June 1 '35 to June
1957
/68
4s scrip
mmm
,
Dec 1 *34 stamped
70
Bid
...
/36*
1935.
July to Dec 1935.
Apr 15 '35 to Apr
60
Par
...
mmm
Jan to June
7%
7s ctfs of
...
/40
German Young coupons:
•
8*
130
mmm
/38
mmm
100
Northwestern Yeast... 100
Norwich Pharmacal
5
Ohio Leather common...*
Ohio Match Co
*
7*
Royal Dutch 4s
.1945
Saarbruecken M Bk 6s '47
Salvador
1934.
Jan to June
Kelsey Hayes
Shipbuilding 5s..l946
/22
Scrip
July to Deo 1933.
f'2'2
/20
95
Dec 1934 stamped
%X
Clock—
Preferred 6)4%
«...
/20
1941
Rhine Westph Elec 7% '30
08....
1941
Rio de Janeiro 0%
1933
Rom Cath Church 6*s '40
R C Church Welfare 7s *46
30
German Dawes coupons:
20*
New Haven
108
/88
German scrip
100
95
19
New
-mm
/29*
mmm
1945 107
Standard Textile Products.
22*
1st 6s assented
1942
/21
WestVa PulpA Pap 5 *s '62 *100* 101
41
Wltherbee Sherman 6s 1944
/38
preferred
Britain Machine
••
mmm
3
3
24
5%
/21*
3
.
21
& Type
•
'
9~~
/8
Westphalia 6s '30
A
mmm
com...*
100
Nat Paper
Prov Bk
/30*
8s
July to Dec 1936.
■
Chicago Stock Yds 5s_1901
Cont'l Roll A Steel Fdy—
N Y
109
O 1/
97
Deep Rock Oil 7s
Haytlan Corp 8s
50
29
114
6%
87
6*
1
100
Preferred
Merck & Co Inc common.
preferred
100
Co com...100
preferred
100
35c
200
105
/100
/lOO
5
/42*
Jan to June
11
04*
American Tobacco
30*
...
July to Dec 1934.
10*
106
27
*
50
120
27
/24
mmm
■
/25
Am
8
113
5*
7%
/23
/35
many) 7s
1940
Prov Bk Westphalia 0s '33
mmm
3
26*
/19*
1956
Coupons
1930-1937
Porto Alegre 7s
1908
Protestant Church (Ger¬
6*s
Poland 3s....
e
62*
Young (J 8)
*
100
Lord A Taylor com
Macfadden Pub
7*
6*
/19*
3
Bonds—
4*
mm-
7 1100
Funding 3s...
*
York Ice Machinery
/35
/28
4
8
17*
5*
mmm
/28
7
16
88
8*
/36
3
7s.
60
58
/21
5% scrip
Panama
/20
6s..
94*
/98* 100
g8_
'mmm
17*
White Rock Mln Spring—
1*
Garlock Packing com
/20*
3
2*
*
com..6
2*
Foundation Co For she...*
American shares
*
3
3*
2*
35
80
to...
Panama City
18
/7*
3
7s
19
/20*
/19*
/19*
/19*
2
(Northam)—
preferred
$3 conv
$3 cum preferred
3*
14*
*
30
Corp
Welch Grape Juice
7%
36
36
Dictaphone Corp
18
5
Warren
2"
1
30*
/15
/17
/15
1
10*
9
/20
Oldenburg-Free State
3
Dortmund Mun Utll 6s
31*
109
preferred
Dennlson Mfg class
Douglas Shoe
5*
13
Crowell Publishing
Dixon
8
49
29*
*
Preferred
*
.*
*
Tublze Chatillon cum pf.10
United Artists Theat com. *
United Merch A Mfg com ♦
United Piece Dye Works.*
Preferred
100
Products..
Trico Products
4*
01
5
Steel common
Tennessee
43
37"
/58
5
53
4
preferred
6*
14*
5*
13*
/20
1945
1952
/33
9
5s.
/94
1940
Oberpfals Eleo 7s
3
29*
/94
1947
4s
1
Costa Rica funding 5s.
8
0*
15*
70*
7
5*
4*
A
Taylor Wharton Iron
12
9
Columbia Baking com..
Devoe &
5
/20
15*
3
240
27*
Bank
(A A B)
Savings Bank
City
4*
3*
1
Chic Burl <fc Qulncy ...100
Chilton Co common
10
$7
20*
3*
Burdlnes Inc common
SI cum
61
19
Art Metal
75
4*
26*
235
Corp..*
Standard Screw
20
Stromberg-Carlson Tel Mfg
Sylvan la Indus Corp
♦
3
/24
A3*
A3*
/68*
3
10*
25
Skenandoa Rayon
70
/3
0*8.1946-1947
(C A D) 6*8.1948-1949
Nat Central Savings Bk of
Hungary 7*8
1962
National Hungarian A Ind
Mtge 7s
..1948
North German Lloyd 0s '47
Chilean Nitrate 5s
9*
Ltd
22
13
Nat
5
7s assented
5
3*
1
Manufacturing..100
21
Amer Maize
9*
I
i*
*
*
Manufacturing..25
Hardware
25
Products
*
American Mfg 5s pref.. 100
Andlan National Corp
*
American
/8*
mmm
3*
Remington Arms com
12*
11*
Nassau Land bank
Central German Power
Ask
100
7% pref
•
Conversion—1
Heat A Power_»
Pilgrim Exploration
Cynamld—
5% conv pref
10
American Hard Rubber—
American
8% cum
Petroleum
54
49*
100
Book.
American
Petroleum
27
23
American Arch
7
7
Pat he Film
5*
3*
»
Alabama Mills Inc
Ask
Bid
Par
/0
5
Bid
/20
—
Mannheim A Palat 7s.
7
Par
/22*
/59
19
/30
3
Industrial Stocks and
/44
Warsaw 8s '41
Water 7s..;
2
55*
/60
20
Brown Coal Ind Corp—
BOwling Green
New York
19€
7*s
Dealers Association
j Commodity Exchange, Inc.
61 Broadway,
Nov 1932 to May
British Hungarian Bank
f New York Security
„
Members
3*
7
55*
Coupons—
Leipzig O'land Pr 6*8 '46
/17
/16
5
UNTERBERG & CO.
E.
Jugoslavia 2d series 58.1956
4
/45
Brazil funding scrip.
)
C.
/20
1936
change Bank 7s
Bavarian Palatinate Cons
City
New York
52 Wall Street,
stamped. 1939
/19*
/17
/19*
I
Ask
Bid
Ask
Bid
Chairman, is
Inc.
The Reception
Committee consists of Mervyn
C.
B. Stitzer of Weeden &
Chairman; Lewis Bulkley, G. M.-P. Murphy &
Eaton, LIsman Corp.; Herbert Washer, Wm. Cavalier
Co., Inc., as
Walter Winfield,
Van Alstyne, Noel &
—Stanley R. Rowland has
Co.; Stanley
& Co.; and
Co., Inc.
become associated with Kereeqy
Co.
1060
Financial
General
Chronicle
Feb.
1938
12.
Corporation and Investment News
RAILROAD—PUBLIC
UTILITY—INDUSTRIAL—MISCELLANEOUS
Note—The above statement does not reflect accrued liabilities for legal,
auditing, custodian, transfer and any other administrative expenses, other
taxes, as Corporate Administration, Inc., Manager, has agreed to
assume liability for all such expenses.—V. 145,
p. 4106.
than
RIGHTS-SCRIP
Alaska Juneau Gold Mining
Specialists since 1917
Month of January—
Gross earnings
x
Net profit
x
p.
Members
New York Stock
Exchange
Bell
FILING
OF
following additional registration statements (Nos.
refiling) have been
Exchange Commission under
the Securities Act of 1933.
The total involved is approxi¬
mately SI,409,112.
I
Allen
p.
53
Period Ended—
Net operating profit
The last previous list of
registration statements
in our issue of Feb. 5,
page 898.
Cotton
Mills,
Spartanburg,
S.
Depreciation
Maintenance and repairs
Int. paid on 15-yr. div.
co.
C.—Plan
Officials were directed to have
prepared by a certified public accountant
of assets and liabilities as of
Sept. 30, 1931.
condensed balance sheet
being $1,133,125 due Deering-Milliken Co. of New
York, being
composed of one item of $195,105 for plant
operators' advances prior to
has agreed that the remainder of its
as advances for operations are
now
company's books.
Under the plan,
outstanding capital stock
would be $296,770. all common.
Laboratories—Listing of Stock—
The New York Stock
Exchange has authorized the listing of 20,000
shares of 4H% cum. conv.
pref. stock (par $100 and 40,000 additional
common shares (no
par) upon official notice of issuance, upon conversion
of the 4H% cum. conv.
pref. stock.—V.
898.
Inc.—Earnings—
Income—Cash dividends
Expenses
$218,458
56,167
Net income for period, excl. net
profit from sales of invest. &
before deducting management fee for
period from Jan. 1 to
Feb. 4, 1937, incl
Balance Sheet Dec. 31,1937
$12,425)
Cash dividends receivable
15,315
10,750
Def'd charges—Federal capital
stock tax
Net
2.895
unrealized
$3,515,376
deprec.
cost of investments
Total
surplus..
$9,015
952
Capital stock (par $1)
Capital surplus
Earned
Total
commissions
Due for corp.'s cap. stk. repur.
Unclaimed dividends
stock (collected in Jan. 1938
$220,083
30,772
32,190
34,547
35,690
$573,737
$518,766
$296,706
$184,394
132,020
150,979
77,370
accruing
131,369
75,489
131,369
131,369
to
31,336
515,841
1,141
660
41,001
6,274
22,051
co.
acquired
1,040
year
24,533
985
$174,718
507,379
53,236
Previous surplus
Surplus credits
Total surplus
1,750
Assets—
Cash
$287,731 dec$352,914
219.648
572.562
$735,333
Consolidated
Jan. 1 '38
$507,379
Balance
Dec. 26 '36
$767,640
$486,618
2,591
dec$12,509
583,883
1,189
$219,648
$572,562
Sheet
Liabilities—
2,591
U. 8. Treas. bonds
U. 8. Govt, secure,
Jan. 1 '38
Dee. 26 *36
$15,484
$60,314
2,400
2,400
Accts. payable and
accr.
liabilities..
275,000
Unrepre. bonds of
~9~2~48l
102,088
Houston Bis. Co.
7,795
406,144
105,359
3,832
401,952
Miscell. investm'ts
600
b Plant &
equip.. 2,997,555
Goodwill
2,093,861
a
Cust. accts.
Sundry
accts.
rec.
rec.
Inventories
Prepaid
expenses.
and accrued int.
Res. in lieu of sales¬
men's fidel. bds.
1,266
1,414
600
Prov.for inc. taxes
350,795
189,587
2,781,757
Pref. stock of sub.
73,877
2,093,861
434,200
company
5% 15-yr. div. notes
396,993
7% cum. pf. stk. 1,913,900
c Class A stock...
2,221,842
d Class B stock—
232,110
e
Earned surplus...
735,333
Capital surplus...
Total
a
..$6,474,027 $6,222,1761
After
reserve
of
Total
169,705
455,000
515,842
1,876,700
2,221,842
232,110
507,379
159,589
$6,474,027 $6,222,176
$2,936 in 1938 and $6,547 in 1936.
b After
reserve
for depreciation of $1,905,494 in 1938 and
$1,684,574 in 1936.
c Repre¬
sented by 50,330 no par shares, after
deducting 8,170 shares held in treas¬
ury.
d Represented by 77,370 no par shares, after
deducting 12,630
shares held in treasury,
e Represented by 19,139 (18,677 in 1936) shares,
after deducting 2,235 shares held in
treasury.—V. 146, p. 587.
American Beverage Corp.- —EarningsYears Ended Nov. 30—
Income from sales
yl937
$3,497,723
2,967,815
Delivery expenses
183,129
Selling and admin, exps.
378,171
Deductions from Income
9,421
Deprec. on mach. and
equipment, &c
Res. for Fed. inc. tax...
3,500
*1936
$3,244,159
2,659,229
179,748
287.848
30,707
xl935
$1,798,475
1,325,361
156,687
201.386
16.932
*1934
$1,369,590
955,859
192,067
166,426
35,337
^
39,095
10.545
38,077
9,502
3,000
loss$44,314
16,619
$36,985
16,134
$50,531
8,411
$16,900
$53,119
$58,942
444
135,460
$0.43
$24,572
Profit
Other Income
Shs.
Prov. for State & Fed. taxes..
Selling
Inc.
DIvb. paid
Liabilities—
182,916
$331,253
Net profit for period..
loss$27.695
the exception of taxes.
subscr. to capital
$550,955
Increase in surplus for
$162,292
Note—Corporate Administration, Inc., Manager, assumes and
pays legal,
auditing, custodian, transfer and any other administrative
expenses with
$3,303,500
41,750
$604,509
Cost of sales
Earnings for Year Ended. Dec. 31, 1937
Assets—
12,896
67,500
by Deering-
on
Investments
25,791
187,500
State
paid on sub.
pref. stock
subs.
Under the plan stockholders voted to
reduce capital stock par value
from $10 to $5, and
Deering-Milliken agreed to accept 50,000 shares of
same in full settlement of
$500,000 of its indebtedness.
Capital stock
was increased from
10,000 shares of $10 par value to 60,000 shares
$5 par
value, thereby increasing capital stock from
$100,000 to $300,000.
The
Cash in bank
23,590
&
value of pref. stock of
.
Outstanding authorized capital stock is 9,354 shares ($10 par)
aggregating
$93,540.
Total indebtedness as of last
Sept. 30 was $1,308,052, principal
items
Administered Fund Second,
$740,853
267.881
211,139
Equipment abandoned or
replaced..
Unreal, apprec. on equip.
disposed of
Prov. for add'l Fed. tax
prior years
Excess of cost over par
The order further stated the
debtor, "as reorganized, hereby assumes and
to the United States
p.
$878,751
274,503
192,600
Class A stock
Class B stock
The order of confirmation of the
plan, amended solely upon court orders,
made binding upon the
company, aU its stockholders and all secured
and unsecured creditors.
146,
$1,298,478
282,799
251,433
parent company
Divs. paid by parent co.:
was
I)lan stipulates thatbe carried by it
Deering-Milliken
ndebtedness shall
$1,422,173
321,094
256,862
income
Net
Federal Judge C. O. Wyche at
Spartanburg, S. O. on Feb. 4 signed an
of reorganization, under Section 77-B
declaring it effective as of Jan. 10.
Millilf^n C1937' and anofcher for $938,020 further advances
$710,583
30,270
Dividends
given
proceeding," and also that
"ail statutes of limitations
upon the collection" of various claims listed
"shall be suspended."
The court also preserved full
right and jurisdiction over the matter until
the making of the final decree
contemplated under subdivision H of the
Bankruptcy Act.
The order held it was "satisfied" the amended
plan is
fair and equitable,
complies with provisions of the Bankruptcy Act and
has been accepted
by or in behalf of creditors holding more than two-thirds
in amount of claims which have been
allowed and would be affected by the
plan: and makes adequate and full provisions for
payment of all debts of
debtor.
Years Ended*36 Dec. 28 '35 Dec. 29 '34
216,118
for Fed.
income tax
Approved—
.
Dec. 26
$849,191
29,560
notes
Prov.
order approving an amended
plan
of the Bankruptcy Act, and
agrees to pay in full, all tax liabilities
owing
.
whether or not claims have been filed in this
'38
$1,257,603
40,875
Preferred stock
was
1
$1,379,253
42,920
Total Income
Net
Corp. (& Subs.)—Earnings—
Weeks End.
Jan.
Miscellaneous income
1938.
on
regular quarterly
Dec. 4, last.—Y. 145,
on
2685.
American Bakeries
Eureka Mining & Milling Co. (2-3596, Form
A-l) of Seattle, Wash.,
a registration statement
covering 109,112 shares common stock,
$1 par, to be offered at a minimum price or $1 each.
Proceeds will be used
for payment of debt,
development, equipment and repayment to stock¬
holders claiming violation of the Securities Act.
No underwriter was
named in the registration.
George A. Kirkbride is President of the com¬
pany.
Filed Feb. 5, 1938.
Callahan Consolidated
Mines, Inc. (2-3343, Form A-01, a re-filing)
has filed a registration statement
covering 2,166,300 shares of common
stock, $0.10 par, of which 166,300 shares will be delivered to underwriter
to be exchanged share for share for
stock of Delaware Mines Corp., and
2,000,000 shares will be offered to the public through underwriter at
$0.15
per share.
Proceeds will be used to acquire
property for mill equipment,
development and for working capital.
C. O. Jennings & Co. will be under¬
writer.
Donald A. Callahan is President of the
company.
Filed Feb. 7,
Amt. due
Industries, Inc.—Common Dividend Deferred—
a
has filed
Abbott
three bond issues.
dividend of 25 cents per share was distributed
Milling & Refining Corp. (2-3595, Form A-l) of Mancos,
1938.
carried
appraised value of
behind Alleghany's
W Directors have deferred action "for time
being with respect to declaration
and payment of regular quarterly dividend
normally payable March 4 on
account of prevailing unsettled business conditions."
A
registration statement covering 10,000 shares 6%
cumulative convertible preferred stock, $100
par, to be offered at $100 per
share.
Proceeds will be used for buildings, plant,
machinery, expansion
and working capital.
Ver Hulst & Co., Inc., and John T. Pratt will be
underwriters.
John A. Pratt is President of the
company.
Filed Feb. 3,
a
Includes gold premium.—V. 146,
y
146, p. 899.
The
Abbeville
130,000
The change in the indenture of the 5s of 1950 became
effective Feb. 9
with the certification to Guaranty Trust
Co., trustee, that more than 60%
of the holders had ratified the
plan.—V.
3595 to 3596, inclusive, and No.
2-3343, a
filed with the Securities and
San Juan
taxes,
270.
collateral
UNDER
SECURITIES ACT
Colorado, haa filed
1935
y$335,500
Officials of the corporation and the Guaranty Trust Co.
signed final papers
Feb. 9 to make effective a plan by which
Alleghany will buy its $24,387,000
of 5% bonds of 1950 in the market and cancel them.
The maximum price is to bear a
given ratio to the
Teletype NY 1-1640
STATEMENTS
1936
$419,000
200,400
in Plan
Telephone REctor 2-3815-30
REGISTRATION
1937
$466,000
251,200
Alleghany Corp.—To Buy Bonds—Final Papers Signed
for Retirement of 5s—
New York Curb Exchange
Broadway, New York
Co.—Earnings—
After operating expenses and development charges, but before
depre¬
ciation, depletion, and Federal
McpONNELL&ra
120
1938
$409,000
156,600
43,066
41
305,505
4,750.470
under
7)^4,609,616
145.944
...
-$3,515,376
com.
Earnings
x
on
stk.
preferred.
(par $1).
29,499
135,760
per share
Consolidated statements,
Nil
,
26,883
135,760
$0.19
7,672
134.460
$0.18
During the last week of November, 1937
the three
operating subsidiaries: Carl H. Schultz Corp.; Schoneberger &
Noble, Inc., and tne Brownie Corp. were liquidated by merger and their
assets were acquired and their liabilities assumed
by American Beverage
Corp.
The income account includes the accounts of the operating sub¬
sidiaries which were merged.
Note—Depreciation provided for year ended Nov. 30, 1937, on the cost
basis, amounted to $28,056.
Had such cost basis been used for computing
depreciation for the previous year, the provision would have been $26,751
rather than the amount of
$39,096 actually charged.
y
Financial
146
Volume
Chronicle
Balance Sheet Nov. 30
1937
Assets-
al936
Liabilities—
Cash In banks and
Acc'ts
$152,851
$150,282
Accts. receivable—
193,185
Inventories
527,283
332,922
556,174
on
hand
accrued
company.
Depos.
1,150
''
21,258
_
266
_
1
2
surplus
290,006
Earned
trade¬
marks, formulae
goodwill
stock
135,760
170,020
289,677
153,261
b Surplus
a
|
$1,263,533 $1,549,204
Total
b Net unrealized appreciation resulting from appraisals
$105,761, and autos and trucks,
Consolidated,
$47,499.
Note—In prior years the fixed assets were stated at amounts representing
sound values as determined by appraisals made in 1927 and 1928, plus
$4,305,744
Income taxes
644,532'
Surtax on undist. profits
42,134
Previous surplus
d Res. for sell. & adver.
During 1937 the companies restated tneir
for
depreciation on the basis of rates accepted by the U. S. Treasury Depart¬
ment, thereby eliminating from the accounts all elements of appreciation
due to such apprisals.—V. 144, p. 760.
Brake
Shoe
&
Co.—Consolidated
Foundry
Balance Sheet Dec. 31—
Assets—
Cash
3.079,055
593,481
633,481
U. S. Govt, secur.
Marketable secur.
263,883
Accrued
Notes
2,724,646
2,624,172
4,302,210
Min.
14,332
12,050
Mtges. receivable-
Difference
31,908
33,234
$3,558,546
$113,937
$117,965
$100,632
77,151
General
reserves
c Excluding dividend paid Jan. 2, 1936.
d No longer
25,000 shs. f Including shares held in treasury: 2,881 in 1934
g Including dividend paid Jan. 2, 1936.
h After deducting
2,500 shares held in treasury.
The fourth quarter of 1937 showed a net profit, after providing for all
income taxes, of $811,039 against $741,111 for 1936.
The earnings per
share for the fourth quarter of 1937 were $1.85 on 437,500 shares compared
with $1.68 for the fourth quarter of 1936 on 440,000 shares outstanding at
required,
and
e
1935.
that time.
1937
a
183,092
1936.
calendar year was published In V. 146, p. 900.
254,598
248,119
Res. for selling and
1,773,189
2,198,041
advance expense
200,000
Federal inc. taxes.
686,660
477,456
Earned surplus...
389,020
649,702
4,886,564
3,025,623
1,898,522
General
securs.
$546,976
$721,945
17,400
23,300
17,400
60,498
32,509
317,633
252,032
..11,204,496
Total
10,820,666
American Lace Mfg. Co.—Pays Special Dividend—
paid a special dividend of 50 cents per share on its no par
stock on Feb. 8.
This compares with a dividend of 25 cents paid
on July 20 last; one of 12^ cents paid on Dec. 21, 1936, and 25 cents per
share paid on June 30, 1936 and on Dec. 21,1935.—V. 145, p. 748.
The company
American
Seal-Kap Corp. of Del. (& Subs.)-
Prov. for
$432,725
138,971
229,417
$648,538
138,971
153,675
$477,726
143,351
307,350
$64,337
$355,892
$27,025
1937
$715,775 $1,466,200
Cash
d Inv. sees, at cost
Securities
7,279,920
6,667,610
220,000
220,000
a
11,486
Accrued interest..
3,766
Deferred charges..
8,121
7,997
.
$8,239,067 $8,433,335
Total
a
Represented by 25,268 no
(102,450 in 1936) no par shares,
par
462,415
26,097
$75,217
1,246
$68,247
1,233
$45,499
5,156
$64,573
7,102
$76,463
7,588
$69,480
7,646
$55,874
8,628
ylf.OOO
yG'.OOO
"5",800
5,400
$52,471
27,791
$62,875
41,687
$56,134
27,791
$41,147
416371
$24,680
$21,188
$28,343 def$375,724
$0.38
$0.45
5,218
erty bonds
Interest paid
Loss on
697
(fispos. of equip-
Net
x
profit
Surplus
Earns.persh. on 138,957
shs.cap. stk. (par $2).
$45,771
$41,169
$0.29
Accts.
&
1,024,500
Class B com. stk.
Capital surplus
Earned surplus—
from
63,266
4,304,616
571,789
Surplus
b Represented by 97,000
c Represented by 110,472 shares class A
632,662 shares class B stock in both years,
d Market value
$4,257,246 in 1937 and $7,153,281 in 1936.
Note—There were outstanding at Dec. 31, 1937 warrants entitling the
holders to purchase 537,437 shares of class B common stock on or before
July 1, 1940, at $10 a share.
»
The company is also obligated to Issue before Jan. 1, 1938 warrants en¬
titling the holders to purchase, under conditions set forth in a contract
dated March 19, 1936. not to exceed 70,000 shares of class B common stock
before Jan. 1, 1942, at $1 a share.—V. 145, p. 3809.
7,163
129,312
277,914
376,356
163,996
7,309
134,563
277,914
376,356
147,162
Total
$1,015,919
$984,307
Mtges. payable...
Cap. stk. (par $2).
Capital surplus...
Reserve for Federal
taxes
gee'd demand note
rec., less reserve
Sundry investm'ts
y
6,556
3,166
823
and employees.,
4.178,772
560,918
7,149
3,551
taxes, wages, Ac
Unclaimed divs...
69,999
4,463
officers
63,266
....$8,239,067 $8,433,335
Total
Rec.
57,230
Interest,
9,801
Shop & plant supp.
c
$32,281
Accrued
1,213
Inventory
c
1936
$48,475
Accounts payable.
73,417
104,937
3,813
receivable
11,885
11,047
$77,843
notes
2,400,460
not received
1936
$34,940
Cash
1937
Liabilities—
1937
Assets—
x
bought
Prior pref. stock
shares,
_
$0.40
infringement expenses amounting to $7,855
in 1934, $12,284 in 1935, $18,860 in 1936 and $5,844 in 1937.
y Including
$450 in 1937 and $200 in 1936 estimated surtax on undistributed profits.
Before deducting patent
x
13,435
b
52,247
14,450
4,830
receivable.
602,530
31,050
sale of Lib¬
2,400,460
Preferred stock.
970,000
Class A com. stk.
11,047
and
(cost)
Divs.
761,580
33,562
Consolidated Balance Sheet Dec. 31
Acer. exps. & taxes
Cap. stock of Pac.
Capital Corp —
Co.'sown pref. stk.
$534,011
990
depreciation._
Profit from
1936
1937
Liabilities—
1936
1934
$701,827
$63,582
Cost of sales, sell., deliv.,
admin. & gen. exps—
$870,358
849,602
34,787
sales
Net
Earnings
1935
1936
1937
$947,971
Years End. Dec. 31—
Dividends
$425,020
138,971
296,920
10,820,666
11,204,496
common
12,246
39,604
12,528
43,479
21,617
41,278
26,677
6,239
Total
depreciation of $3,038,347 in 1937 and $2,996,550 in 1936.
b After reserves of $79,214 in 1937 and $74,115 in 1936. c Represented by
440,000 shares of no par value, d 2,500 shares at cost.—V. 145, p. 2999.
After
a
Balance Sheet Dec. 31
Assets—
5,600,289
d Treasury stock. Dr244,575
589,691
616,064
Prov. for Fed. inc. tax..
def$10,871
Surplus.
reserves..
chicle
—
Balance
$551,836
24,766
63,701
26,150
-
Accruals
1,500,000
$158,658
388,319
$148,158
573,787
200,500
$564,036
24,400
Prior pref. dividends
140,950
106,312
1,500,000
Balance
1934
1935
$351,336
profits
Preferred dividends
141,322
166,202
payable
2,099,228
&
Interest received
31
1936
1937
$344,407
219,629
Net income
4,400,000
2,091,313
Capital Corp.—Earnings—
Income Account Years Ended Dec.
Surtax on undist.
4,400,000
32,680,738 29,607,902
Total
preferred stock, and is therefore included in the 1937 consolidation.
y U. S. Government and marketable securities are adjusted at the end
of the year to the lower of aggregate average cost or aggregate quoted
market value and gains or losses from revaluation and from sales are trans¬
ferred to reserve for contingencies.
Gains from sales of investments in
securities of subsidiaries not consolidated and of other companies are applied
to reduce the remaining investments in such companies.
The increase, since acquisition, in the equity in subsidiaries not consoli¬
dated, resulting from profits, losses and distributions, amounted to $464,890
at Dec. 31, 1937, ana $302,744 at Dec. 31, 1936.
The equity in the earn¬
ings, after dividends, of subsidiaries not consolidated amounted to $55,495
in 1937, and $50,584 in 1936.
z Represented by 769,092 no par shares in
1937 and 611,712 shares in
trustees, &c_.
Gen. exps., incl. salaries
Federal income tax
$
$
Common stock..
Accts.
mach'y, after de¬
Investments
32,680,738 29,607,902
Total Income
Liabilities—
c
purchases...
Research fees and exps..
Fees of transfer agents,
$
Land, bldgs. and
Advances
Profit from sales of sees.
1936
1937
1936
$
Assets—
Inventories
Interest and dividends
f445,000
$4.51
b 5,000 shares,
1,370,596
American
e874,746
$4,542,927
f445,000
$5.94
9,568,215
Calendar Years—
$5,980,281
1,546,989
1,141,091
Cash
1,916,565
b Accts. receivable
535,805
x Ramapo Ajax Corp., not consolidated in 1936 because less than 95%
controlled, became wholly owned in 1937 through the retirement of its
r
$6,200,873
gl ,657,946
b268,591
1,350,995
The income statement for
$7,575,155
c2,420,000
$4,886,564
440,000
$6.89
Prepayments
Total
$2,006,398
3,973.883
„,i.
13,201,490
383,796
$2,642,327
3,558,546
81,945
$5,600,289
Shs. com. stock (no par)
h437,500
Earned per share
$8.27
a After deducting:
Depreciation
$129,251
Surplus
Ins. & other prepd.
items
$2,344,752
338,354
& stated value of cap.
Marketable
and
(less
Patents & goodwill
$3,063,767
421,440
cost
stock retired
preciation
Goodwill, pats.
2,357,439
2,496,202
depreciation)
between
trade-marks....
cost)
bldgs.
6,569,434
surplus... 4,612,906
9,395,500
7,647,150
5,078,319
4,398,419
4,812,796
1,511,089
$3,681,272
591,551
57,493
Consolidated Balance Sheet Dec. 31
Capital surplus...
Earned
-
114,843
5.463,300
Common stock.. 12,544,800
($100 par)
(at
cos.
$8,671,589
3,071,300
pref. 534%
z
$2,262,807
.
con¬
38,082
Investments—
Sub.
cos.
not
equipment
in
56,337
Misc. other assets.
Land,
int.
cum.
ployees.
consolidated
1,361,271
not
solidated subs..
Conv.
advances
—officers & em¬
Other
922,580
290,237
1,139,397
—
Reserves
5,506,386
Inventories
y
1,272,666
accounts.
pay.
current—
(lees reserve)—
&
689~ 820
Accounts payable.
Notes & accts. rec.
Loans
257,082
530,916
Notes payable
5,139,674
$
$
Liabilities—
$
$
dep. & on
on
hand
$3,037,793
25,974
165,947
Total surplus
Common dividends
1936
*1937
1936
*1937
$3,619,078
4,886,564
expenses
fixed assets on the basis at cost and also restated the related reserves
American
$4,682,020
2,419,213
$3,032,228
4.542,927
Gross income
of fixed assets: machinery and equipment,
subsequent additions at cost.
$6,096,329
3,058,536
$3,595,741
85,530
$4,203,951
101,793
Other income (net)
Net profit
$1,263,533 $1,549,204
Total
1934
1935
1936
$7,254,726
3.658,985
$8,338,224
SeUing & adm. expenses.
4,134,273
Net earnings
21,817
421,385
421,385
135,760
163,269
Common
(& Subs.)—Earnings—
1937
Gross profit
1,351
1,300
refundable
Capital surplus
34,483
Calendar Years—
a
Preferred stock
29,241
American Chicle Co.
10,545
Minor. Int. in cap.
stock of sub
21,661
def'd
Items
Leaseholds,
sub.
6,845
This posi¬
charge of all engineering activities at the Berwick, Pa., plant.
was formerly held by Mr. Campbell.—V. 146, p. 98.
Unclaimed divs. of
real
Prepaid and
tion
21,823
Notes payable
271,009
estate
Mtge. receivable.
$173,298
150,000
175,824
175,931
Real estate invest.
Unimproved
$223,249
24,125
4,438
Prov. for Inc. tax-
162,631
cases
Fixed assets
with
payroll,
taxes & expenses
State liquor tax pay
Bottles, siphons &
E. D. Campbell succeeds Mr. Wllloughby as General Mechanical Engineer
headquarters in New York.
W. F. Dietrichson becomes Assistant General Mechanical Engineer in
al936
1937
incl.
pay.,
1061
9.801
Ld., bldgs., ma-
544,184
496,292
8,609
235,000
32,855
235,000
$1,016,919
$984,307
chin. &eq. (cost)
Deferred charges
Goodwill
stock and
American
Telephone & Telegraph Co.—Earnings—
Period End. Dec. 31—
1937—Month—1936
$
Operating revenues
Incollec.
Unco!"
oper.
rev
9,174,672
58,666
Operating revenues
Operating expenses
9,116,006
7,232,979
Net oper. revenues
$
Net oper. income
$
35,824
9,840,779 107,339,531 106,920,784
6,808,375
78,951,869
74,847,934
28,387,662
4,058,212
18,284,065
10,103,597
32,072,850
6,762,993
25,309,857
—Y. 146, p. 588.
American Car &
Foundry Co .—New Official—
Victor R.
Charge of
..
.
After reserve
American Water
Works & Electric Co., Inc.—Weekly
Output—
of the electric properties of American Water
ended Feb. 5, 1938, totaled 39,300,of 24.48% under the output of 62,041,700 kwh. for
the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
Output of electric energy
Works &
Electric Co. for the week
000 kwh., a decrease
^
„
1938
Jan;
15-1-
1937
1936
1935
1934
40,233.000
49,494.000
50,441,000
50,683,000
52,042,000
44,401.000
43,821,000
43,089,000
44,163.000
37,637.000
38,469,000
39,285,000
38,450,000
32,519,000
33,056,000
32,957.000
33.939.000
22
40,743.000
Jan
29— 39 727,000
Feb.
5— 39.300.000
Jan
--
—V. 146, p.
900.
Amoskeag Industries,
Inc.—New Directors—
added to the board of directors of Amoskeag
election held Feb. 3.
Arthur E. Moreau was re¬
Five Manchester men were
Industries, Inc., at the
Charles J. Hardy, President, has announced the election of
Willoughby to the newly created office of Vice-President in
Engineering.
_
for doubtful accounts of $3,781 In 1937 and $3,845 In
1936.
y After reserve for depreciation of $310,681 in 1937 and $281,839
in 1936.—V. 145, p. 1408.
x
364,987
585,827
3,032,404
864,900 Crl,025,808
1.018,127
$
9,876,603 107,925,358 107,285,771
1,883,027
Operating taxes
1937—12 Mos.—19361
Total
elected President.
The new directors are
Joseph W. Epply, Arthur L. Franks,
Jewell, Frank W. sergeant
include Harry
and Albert J. Precourt.
L. Addition, Norwin 8. Bean, Frank P.
Edmund F.
Directors re-elected
Carpenter. Mars ton
1062
Financial
Chronicle
Heard, Harry C. Jones, Arthur B. Moreau, WJllard D. Rand and
Avery
R. Schiller.—V. 145, p. 1575.
Arkansas Power &
The
American Woolen Co., Inc.—-Consol. Bal. Sheet Dec. 31—
1037
1936
$
Cash
Accts.
1937
$
2,203.660
Liabilities—
(trade),
rec.
lees reserves
10,497,011 11,903,151
Inventories. .....22,066,511 33,566,986
Res.
Adv. on raw mat'l
int.,
V
115,961
on
88,939
Woolen
dwellings
stock
cap.
28,279
407,922
45,796
44,740
Federal taxes..
7,671
paid Ins., Ac—
504,860
z
493,343
1,100,000
Jan.
65,199,932 78,629,2841
in V.
1 *32—def.
Total
6,564,277
Tons
.
_
140,000
130,000
150,000
943
2,791
$184,596
77,511
$92,047
57.725
$65,142
52,544
$107,086
55,177
$4,794
$34,322
$12,598
$51,908
36,848
14,189
14,189
Preferred dividends
Bal. avail, for com.stk
Shares of common stock
......
outstanding
Earnings per share
x
Nil
1937
1936
138,028
146,855
80,189
1,564
3,184
93,371
14,830
Mortgages
71,972
1st
Total revenue...
63,540
11,497
Notes payable
Accounts payable-
62,700
42,962
27,700
40,045
8,064
952
3,354
Acer .items,not due
Reserve for deprec.
547,335
Deferred items..
$155,711
102,583
$37,210
Net operating profit before deduct¬
ing depletion, depreciation, &c
Suspense
A. P. W. Paper Co., Inc.—
$47,423
$53,127
$1,494,456
1934
$1,519,734
1,085,509
319,655
1,048,387
309,736
on
$140,363
2,838
$136,332
3,307
$81,975
96,768
$143,201
96,764
$139,639
101,241
$108,273
103,561
782
79,840
Notes, acceptances, &c_
Depreciation
Net
2,906
83,227
loss
2,318
$100,926
102
79,635
on
$41,339
$75,911
Associated
Gas
&
Electric
Co.—January Output Off
For the month of January, Associated Gas
& Electric System reports net
electric output of 373,947,351 units
(kwh). This is a decrease of
22,893,803
units, or 5.8% below production reported for January of
1937.
This is the
largest percentage decrease reported for any month since
March of 1933, a
period of nearly five years.
For the 12 months ended Jan.
units which is an increase of
31, production amounted to 4,661,938,115
7.9% or 343,149,597 units above the previous
12 months' period.
Production for the week ended Feb.
4, was 85,041,448 units, which is
6.4% below that for the same week of last year.
Gas sendout for January was
up 18.1% to 2,460,826,800 cubic feet. For
the 12 months ended Jan.
1, sendout increased
7.1% to 22,755,413,300 units.
—V. 146, p. 901.
Associated Gas & Electric Corp.
(&
Consolidated Statement of Earnings and
Dates
of Acjuisition
12 Months Ended Dec. 31—
Electric
1937
$102,587,473
13,808.683
Gas
Transportation
6,606,428
Water.
2,671,973
1,627.940
1,295,296
Heating
Ice
Total gross
1936
Increase
Amount
$95,699,317 $6,888,156
13,401,234
407,449
5,847,847
758,581
2,617,852
54,121
1,650,834
X22.894
1,229,141
66,155
oper.
revenues..$128,597,793 $120,446,225 $8,151,568
expenses and maintenance
66,348,755
61,533,717
4,815,038
Provision for taxes...
15,813,735
13,030,875
2,782,860
Oper.
Net operating revenue
Provision for retirements
T
3
13
2
xl
5
7
8
21
$46,435,303
11,066,229
$553,670
1.326,105
1
14
$35,369,074
Operating income
$45,881,633
9,740,124
$36,141,509
x$772.435
x2
Decrease.
Note—The above statement excludes certain
non-re«urring expenses in
both years.—V. 146, p. 742.
x
Atlantic
Gulf
&
West
Indies
Subs.)—Earnings—
Period End. Dec. 31—
Operating revenues
Oper. exps. (incl. depr.).
Steamship Lines
xl937-Monfh—1936
$2,055,208
1,872,812
$2,113,533
2,125,852
(&
xl937-12 Mos.-1936
"
$26,247,177 $24,414,560
24,546.048
22,412,645
1934
164,484
27,291
$139,309
220,762
29,032
$13,477
23,306
$33,236
17,230
$110,486
7.521
$46,886
6,000
$9,828
1,200
1,300
xl,172
$21,859
$6,157
.
Net profit
loss$16,006 loss$102.965
"4",229
" 1~263
loss$20,235 loss$104,228
Interest paid only.
Comparative Balance Sheet Dec. 31
Assets—
1937
1936
$318,045
$334,656
1
1
9,498
21,804
68,058
7,847
Liabilities—
Land, bldgs. and
equipment
x
Goodwill, patentsPrepaid ins., office
Receivables-..
Officers'
24,360
241,528
snd
1937
for
1936
$958,980
Capital stock
Reserves
$958,980
con¬
tingencies
Paid-in surplus...
supplies, Ac.
188,411
626,060
647,920
Current liabilities-
142,669
75,865
25,388
66,865
140.413
1,103
23,630
19,667
188,411
Deficit.
25,730
em¬
ployees' accts.
Investments
.
Total
853
$683,667
Total
$600,724
$683,667
$600,724
x Represented
by 37,900 shares of preference stock after deducting 1.197
shares held in treasury and $139,900 shares of
common stock, after
200 shares in treasury,
y After
1937 and $280,327 in 1936.
reserve
for
deducting
depreciation of $287,395 in
Note—On Jan. 8. 1938, pursuant to a
plan of reorganization adopted in
1937, the corporation amended its certificate of
incorporation, changing
the authorized capital stock of the
company to 180,000 shares of common
stock having a par value of $3
per share and providing that
"every share
of the convertible preference
stock of the corporation now issued and out¬
standing is hereby changed into three fully paid and
non-assessable shares
of such common stock
having a par value of $3 per share.
Every share of
the
Subs.)—Earnings—
Expenses of Properties Irrespective of
1935
$158,539
150,653
24,645
9,122
8,500
10,527
Inventories
5.8%-
1936
$170,942
profits
x
Earnings—
undistributed
Cash..
$34,412
$3,204,955 $3,165,374
1937
Other charges
y
78,531
—V. 145, p. 3490.
Total
5,500
53,258
444,978
prof$33,782
13,105
Other income—
$124,742
Drl6,469
funded debt-
455,646
61,120
553,290
$230,139
166.036
22,917
7,404
Depreciation
Royalty expenses
1,074,076
320,915
Total
Interest
1935
$1,545,528
$92,598
Drl0,623
profit
Miscell. earnings (net)..
Calendar Years—
Gross profit on sales
Sell, and admin, exps...
Surtax
1936
1,085,902
288,057
tax) before deprec
Sell., adm. & gen. exps_.
.$3,204,955 $3,165,374
Total profits
Provision for taxes
-Earnings-
6 Mos. End. Dec. 31—
1937
Net sales
$1,466,557
Cost of sales (incl. proc.
62,494
Earned surplus
Operating loss
-
Gross
$116,161
32,753
6,795
$128,407
80,984
—V. 145, p. 3000.
64,427
Other reserves
-V. 144. p. 922.
$126,282
89,072
-
Operating costs
80,606
Serial notes
3,562
13,271
1935
$88,975
34.438
4,994
21,399
4,208
sources
1,048,500
20-year
3,298
17,766
9,381
Automatic Washer Co.-
$100,675
Revenue from sale of quicksilver
Revenue from other
1936
$477,850
361,030
1,006,500
mtge.
$466,350
361,030
bonds
(Ice In
Prepayments
■Earnings—
1937
1936
Preferred stock
Common stock
16,188
storage)
Mat'ls & supplies
128,702
151,506
43,013
1937
34,619
84,772
-
Total
Anglo-American Mining Corp., Ltd.
$1.06
34,612
Each of which is Incorporated in the Union of South
Africa.
Note—Revenue has been calculated on the basis of £6.
19. 0. per ounce
tine.—Y. 146, p. 431.
3 Months Ended Dec. 31—
Revenue from sale of gold and silver
bullion
Nil
Liabilities—
.$3,036,422 $2,991,119
Notes receivable.
Accts. receivable
Profi
£138.085 £11,106,008
123,202
14,189
$0.06
Condensed Balance Sheet Dec. 31
Assets—
Inventories
x
$15,060
14,189
Inter-company sales eliminated.
Fixed capital
Cash..
Costs
£244,093
266,730
298,361
90,000
.
370,135
$181,804
$62,275
57,480
Investments
Value of
Gold Declared
Milled
402,669
$138,928
$139,871
74,729
Balance
3,559,731
65,199,932 78,629,284
(In South African Currency).
Companies—
Brakpan Mines, Ltd
Daggafontein Mines, Ltd
Springs Mines, Ltd
West Springs, Ltd
455,840
$165,089
since
Anglo-American Corp. of South Africa, Ltd.—Results
of Operations for Month of January, 1938—
x
1934
$551,940
523
Balance
statement for the calendar year was
published
146, p. 900.
1935
$541,597
$165,612
73,565
Depreciation
x The
Textile Realty Co., a wholly-owned
subsidiary, holds inactive
plants, properties, dwellings and other assets with an adjusted net book
value or $1,152,665 as of Dec. 31, 1937, based on
1934 assessed values
when such values were substantially lower than book
values,
y After
reserve for depreciation since
July 1, 1931, of $10,913,745 in 1937 and
$8,940,710 In 1936.
z Represnted by 400,000 no
par shares,
p. The comparative income
1936
$620,928
3,354
Interest & amortization.
Capital surplus...29,547,740 28,622,952
A loss
common
one-tenth of
stock
a
now
issued and
outstanding
share of such common
stock,
having a par value of $3
per share."
is hereby changed into
fully paid and non-assessable
of the corporation
Concurrently the capital
was reduced from
$958,980 to $383,070 and the amount of the reduction
transferred to capital surplus account.
The plan of reorganization
provides
that the deficit of the
corporation be eliminated, by charging the amount
of such deficit against the
capital surplus so created.
The plan of reor¬
ganization also provides for the
granting to present common stockholders
of an option, expiring Dec.
31, 1938, to purchase at $4 per share one and
one-half shares of new common stock for
each shares of new common stock
held by them after the
exchange.
Officers and directors were granted an
option, expiring Dec. 31, 1938, to purchase in the
aggregate not to exceed
4,000 shares of the new common stock at $4
per share.
Upon consummation of the plan and
completion of the exchanges the
capital stock and capital surplus accounts of the
company will be as follows:
Common stock:
Authorized 180,000 shares of $3
par value—20,985 shares re¬
served under an option
expiring Dec. 31, 1938, granted to
common
stockholders to purchase at $4
per share and 4,000
shares for sale to officers and
directors on or before Dec. 31,
1938, at $4 per share.
Issued 127,690 shares
Capital surplus, after write-off
of deficit
as
of Dec.
31.1937
$383,070
138,261
$521,331
—V. 146, p. 432.
Baldwin Rubber
Co.—Earnings—
3 Months Ended
Net profit after
deprec., Fed. income taxes, &c.,
but before surtax on
undistributed
profits
Dec. 31 *37
Sept.30 *37
$73,957
$66,162
Net oper. revenue
Taxes
$182,396
236,636
def$12,319
61,992
$1,701,129
753,384
$2,001,914
449,724
Operating income
def$54,240
8,488
def $74,311
$947,744
55,192
$1,561,190
63,022
—V. 145, p. 3188.
12,070
def$45,751
107,496
def$62,241
109,698
$1,002,936
1,315,934
$1,624,212
1,381,475,
$153,247
$171,940
George M. Shriver, senior
Vice-President, said Feb. 10 that $925,000
of equipment trust certificates
which matured on Feb. 1 were sold to bankers
with the result that a like sum
was freed from a Reconstruction Finance
Corporation loan to be used for other
purposes.
He said that it was ex¬
pected that certificates due March 1 would be
paid from an RFC loan.
-—V. 146, p. 902%
Other income
Gross income
Int., rentals, &c
Not loss
x
Earnings
per
share
on
capital stock
$0.23
$0.21
Note—As company's fiscal
year has been changed to end Sept. 30, no
exact comparison with the
quarter ending Dec. 31, 1936 can be made.
Baltimore & Ohio
$312,998prof$242.737
These operating earnings are before
any year-end audit adjustments.—
V. 146, p. 432.
to
$136,313
74,039
Total income
788,284
cum. ($100
par)37,271,500 38.321.500
Common stock.. 2,000,000
2,000,000
Profit
company
468,064
refrigerators
3M% from July
9,389
the
$132,960
Net income from sale of
726,148
authorized
Operating exps., maint,
and
taxes,
including
Bldg.,
1'37 to July 1'40 1,100,000
open account-.,
1937
$601,023
Res. for conting's.
Pref.
stock,
7%
y Fixed assets
29,774,262 29,428,246
Other assets & pre¬
Total
7,572
inc.
141,381
and
has
Atlantic Ice Mfg. Co.
Co.—Earnings—
N. Y., extend, at
Textile R'lty Co.
Light Co.—$1,000,000 Loan—
Commission
Calendar Years—
Prepd. rent's, stor¬
ree'le
notes
326,489
age & deposits..
5% mtge. on Am.
reserve........
Mtge.
x
44,000
less
&c.,
$
738,964
9,050,000
1,414,623
438,994
taxes, year 1936
y purchase?......
Acer, storage, r'ts,
»
for Fed.
Utilities
a
one-year 3% loan of $1,000,000 to pay $1,014,500 of 6% bonds
1.
The company's application indicated that $666,667 will be
borrowed from Chase Nati
ional Bank, New York, and $333,33d from First
National Bank of Boston. -V.
145, p. 4107.
1936
$
Notes pay., banks
Accts. pay., tradeAcer. liabilities
2,955,568
Arkansas
negotiate
12,
due April
[Including all subsidiary companies except Textile Realty
Co.]
f'Assets—
Feb.
Ry.—Equipment Notes—
Financial
146
Volume
1063
Chronicle
Balance Sheet Oct. 31. 1937
Co.—Earnings—
Belding Heminway
1,108,418
55,385
1,081,643
53,569
$472,424
76,626
expense
Depreciation..
$559,005
76,331
Oper. profit before int.
Other income
plants—
12,240
13,280
i
........
-
60"666
45,000
Prov. for Federal taxes.
465,032
$98,063
$263,468
465,032
$1.06
$77,504
$1.21
$1.16
465,032
The road has
RR.—Asks Bond Price Cut—
requested the Interstate Commerce
modify
consolidated
stipulated
refinancing an equal
Commission to
a
previous order to permit selling $117,000 of convertible
refunding mortgage bonds at 106% of par or less instead of 110, as
by a previous order.
The bonds would be used for
amount of St. John River extension and Washburn extension
The road stated that due to the drop in the market price of
bonds.
the issue
impossible to sell the bonds at a
1, 1937, it is
yield the 110 stipulated in
izing the sale.
the Commission's order
Co. as trustee under
the consolidated
Bangor Hydro-Electric Co.—Earnings1938—12 Mos.—1937
1938—Month—1937
$194,242
$190,724 $2,220,992 $2,147,419
Period End. Jan. 31—
Gross earnings
Operating expenses
30,000
345,050
159,104
27,850
11,087
10,965
$89,633
$86,516
24,004
$973,960
288,111
$62,512
25,483
$685,849
-—
revenue—.
charges
oper.
24,010
305,794
228,077
$637,511
305,794
195,494
$151,978
$136,222
Commissioners.
Bell Telephone
Operating revenues
Operating expenses
24,783
1937—12 Mos.—1936
$5,829,789 $69,018,646 $65,654,062
14,101
213,097
170,633
Net oper. revenues..
$5,904,858
4,249,322
$5,815,688 $68,805,549 $65,483,429
4,104,095
47,176,685
44,421,976
$1,655,536
423,503
_
Operating taxes
$1,232,033
income
902.
Franklin
$1,366,653 $15,853,027 $16,114,282
Foundation, Inc.—Charged with
Fraud Provisions of SEC Act—
and Exchange Commission
announced Feb. 4 that it had
Judge William Clark in the U. S. District Court
at Newark, N. J,, charging that the company has violated the registration
and fraud provisions of the Securities Act of 1933 in the sale of Benjamin
Franklin Foundation trust certificates.
of
the
officers
Schryer, and Edward
corporation, Frank D.
of the
Tiel Clark, are also charged
tration provisions of the statute.
The bill alleged that since Feb.
Hughes, Walter
with violating the regis¬
26, 1936, the defendants had sold to the
"complicated financial arrangement" behind the securities,
characterized by the defendants as a "thrift" or "savings plan," as actually
"a trust on a trust, with two sets of trustees and with two sets of sponsors'
fees and expenses and other costs of operation."
The bill stated that because of the complicated financial arrangement
there was peculiar need of protection of the Court for the reason that the
company followed the practice of soliciting purchases "principally by the
financially uninformed class of investors, of small means and moderate
Income" who have no adequate avenue of information concerning the true
described the
character of the investment.
Judge Clark ordered the defendants to appear
why a preliminary injunction should not
cause
Bingham Central Ry.,
The Manufacturers Trust
before him Feb, 14 to show
issue.—V. 145, p. 3967.
Utah—Foreclosure Proceeds—
that it would distribute,
of the company on presentation of
Co. announced Feb. 3
rata, proceeds from the foreclosure
the first 6% 40-year bonds.—Y. 104, p.
pro
1386.
Birmingham Gas Co.—Exchange Agent—
Continental
6% notes due Oct. 1, 1938, for new 4H% notes and the ex¬
change of the $6 first preferred stock for new $3.50 cumulative prior pref¬
erence stock and common stock.
See also V. 146, p. 902.
52,818
298,354
$0.11
$0.60
Blaw-Knox Co.—New Officials—
President of this company, announced the appointment
Ornitz as President of the Power piping division of Blaw-Knox
of
W.
Quartz,
N.
Vice-President in Charge of
as
Operations.
Electro-Plating Field—
Company has announced its entrance into the production of equipment
for the electro-tinning of steel as well as other continuous electro plating
processes through the acquisition of the Electrochemical Processes Co. of
Youngstown, which will be operated as the electrochemical processes
division of Blaw-Knox.
J. S. Nachtman, President of the Electrochemical
Co., will be in charge of the new division with offices at Groveton, Pa.
The new division will also produce equipment tor continuous plating of
tin, nickel, brass, bronze, terne plate, copper, &c., on steel and for the
continuous cleaning and pickling of strip, sheet and wire, including rustproofing and coloring.—V. 145, p. 3339.
To Enter
Inc.—Sales—
Bond Stores,
Month of
1938
$1,235,913
January—
—V. 145, p.
1937
$1,277,668
3811.
Brooklyn Edison Co.,
Net income
x
Inc.—Earnings—
1937—3 Mos.—1936
1937—12 Mos'—1936
$3,182,454 $2,920,461 $11,643,218 $10,416,734
including Federal income tax.—V. 145, p. 2837.
After all charges
British Columbia
shares for the quarter
Brothers—To Pay Si Dividend—
declared a dividend of $1 per share on the common stock,
of record Feb. 15. A dividend of 50 cents was
of $1 was paid on Dec. 1, 1936, and a dividend
cents was paid on April 1,1936, this last being the first dividend paid
Feb. 1, 1932 and $1 per share was distributed.—V. 144, p. 4336.
Bunte
Directors have
of 50
since
ended Jan. 31, 1938.
paid on Oct. 25, last.
3 Mos. End. Dec.
Profit
Total income
_
sold
-
__
Administration and general expense
$510,471
251,568
155,950
27,064
45,021
$30,868
1,712
Operating profit
Other income (net)
$32,580
Net income
undistributed profits-
Net income
Cash dividends
Earnings per share on
——^-loss$l 17,013
22,727
amortization—Depreciation
Patent
Net
x
125,959
yl936
y9135
yl934
$101,961 loss$30,883 loss$64,941
9,872
540
1,133
$111,833 loss$30,343 loss$63,808
22,728
22,727
22.727
,
133,765
134,513
134,624
$45,519
$187,583
$220,300
Consolidated, Including Orient Coair&
$265,699
loss-
After expenses, taxes,
&c.
y
Coke CJo
follows: Profit
miscellaneous income,
$612,248; patent amortiza¬
$33,607; net loss,
account for 12 months ended Dec. 31, 1937,
from operations after expenses and taxes, $473,720:
$25,468; total income, $499,188; depreciation,
tion, $90,909; Federal and State income taxes accrued,
$137,576.—V. 146, p. 433.
The income
Corp.—Tenders—
Byrndun
Hanover
The Central
Bank & Trust Co. is calling
for tenders of three-
discounted collateral trust notes due Jan. 15, 1939, at prices not
greater than the current redemption price of $99 per $100 note, in amounts
sufficient to exhaust the sum of $37,146 now held by the bank as trustee.
Tenders will be received at the offices of the bank, 70 Broadway, up to
12 noon on Feb. 21
1938.—V. 142' p. 1460.
year
Dividend—
California Art Tile Corp.—Accumulated
have declared a dividend of 25 cents per share on account
on the $1.75 cum. conv. class A stock, no par value,
payable March 1 to holders of record Feb. 19.
A dividend of $1.50 was
paid on Sept. 1, last; one of 50 cents was paid on June 1, last; one of 25
cents was paid on March 1. 1937; dividends of 50 cents per share were paid
on Dec
1 and on Sept. 1, 1936, and 25 cents paid on June 1 and March 1,
1936 this latter being the first distribution made since April 1, 1930, when
a regular quarterly dividend of 43M cents per share was paid.—V. 146,
The directors
of accumulations
p.
102.
California Oregon Power Co.—Listing—
York Stock Exchange has authorized the listing of $13,500,000
bonds, 4% series due 1966, which are now issued and out¬
standing.—V. 146, p. 433.
first mortgage
California
Water Service
Co.—$300,000 Bonds Placed
Privately—
series B,
will be used
has sold an issue of $300,000 1st mtge. 4% bonds,
1961, to an insurance company at par.
Proceeds
reimburse the treasury
ments.—V. 146, p. 745.
to
See list
Delivery expense
normal inc. tax & surtax on
1937
loss$119,257
2,244
31—
Other income
Callahan
Ended Oct. 31, 1937
Net sales.
-
—Earnings—
(A. M.) Byers Co
x
dividend of 15 cents per share was
Sales expense.
Company—
payable Feb. 21 to holders
paid on Feb. 15, 1937; one
due May 1,
the
A regular quarterly
Jan. 18 decided not to pay a dividend on
Earnings for 3 Months
Nickel Mines, Ltd.—New
have approved terms of a new financing agreement
capitalization to $3,000,000 from $6,000,000 and changing
company's name to Pacific Nickel Mines, Ltd.
The new company will
acquire the assets and liabilities of the old as of Feb. 15, 1937, and issue
3,000,000 shares ($1 par).
British Columbia Nickel stockholders are to
participate on basis of one new share for four old.
The stockholders
reducing the
The company
Bireley's, Inc.—Dividend Omitted—
Directors at their meeting on
Prov. for Fed.
1934
$689,313
178,328
298,354
$0.53
200,077
298,354
$0.19
,038,945
1935
L
The New
of"New York has been appointed
plan of recapitalization covering the exchange of
Bank & Trust Co.
exchange agent under the
Cost of goods
—
z380,000
332,279
W. P. Witherow,
the company's
common
71,141
365,457
Earnings per share
—V. 146, p. 903, 101.
public over $4,000,000 of Benjamin Franklin Foundation trust certificates
and were preparing to seh $10,000,000 of additional securities.
The bill
The
9,644
200,000
;
-
1936
$1,281,834
Shs.com.stk. (nopar)—
suit in equity before
Three
7,994
46,702
6,192
Co.—Earnings—
1937
$1,211,354
Net profit after deprec.,
Federal taxes, &c
$1,711,593 $21,628,864 $21,061,453
344,940
5,775,837
4,947,171
Violating Registration and
a
Black & Decker Mfg.
3 Mos. End. Dec. 31—
sales
1937—Month—1936
$5,929,641
Uncollectible oper. rev..
The Securities
Pennsylvania—Earnings—
Co. of
Period End. Dec. 31—
Operating revenues
filed
50,006
$1,153,404
Net
x
Co.—Merger Approved—
The merger of the Clinton Water & Water Supply Co. into the Beaver
Brook Water Co. and the issuance of 1,200 shares of capital stock (par $100)
to effect the merger, was approved Feb. 5 by the New Jersey State Board
Benjamin
91,589
-
—deemed adequate
Sales
Beaver Brook Water
-V. 146, p.
-
deposits
Total
$1,153,404
x After reserve for losses
of $10,545.
y After reserve for depreciation
of $162,497.
z Arising from sale of capital stock having a par value of
$40,000 for a consideration of $420,000.—V. 145, p. 2836.
374,644
$18,928
$18,418
oper.
creditors
Customers' refundable
Earned surplus
589.
of Public Utility
contracts
and other
Period End. Dec. 31—
Balance
p.
payable to trade
Capital stock (par $1)
$1,012,155
18,101
$65,622
25,483
21,721
Surplus
DIv. on pref. stock
Dlv. on com. stock
729,023
251,400
154,840
742,877
65,392
63,522
Taxes accrued
Net
Other assets..
and
Depreciation
&
accounts
Notes,
of N. B.
as
146,
Deferred charges
author¬
refunding
mortgage deed dated July 1,1901 .securing consolidated refunding mortgage
4% bonds, has notified the New York Stock Exchange that it has received
additional collateral $6,000 par value Bangor and Aroostock RR. Co.,
St. John River extension 5% bonds, due Aug. 1, 1939.—Y. 146, p. 743.
—V.
Intangibles
price which will
of Jan. 22, 1937,
Collateral—
The Old Colony Trust
Fixed
Fixed assets—at cost
amount
share on 464,532 shares in the
1938.—V. 145, 3002.
Includes dividend of 25 cents per
Bangor & Aroostook
18,000
secured
1,594 on bottles and cases
y582,864 Sundry creditors
Accrued liabilities
24,670
48,152 Deferred rental Income
13,244 Res. for products deterioration
$495,984
232,516
$542,536
465,032
$1.06
$3,363
$116,133 payable Jan. 31,
Net
391,724
empl., salaries and
to
$12,000
payable to banks—un¬
Paid-in surplus
464,532
stock
Earnings per share.
since Sept.
Advs.
bank—secured
by Inventory—contra
Notes
2,239
ing within 1 yr.—secured--Inventories
Total
Surplus
Shares common
66,000
$563,095
465,032
$490,770
x487,407
profit
Dividends paid
x
receivable—matur¬
Contracts
20,113
26,118
2,995
25,000
14,640
13,858
net
of
4,270
Sundry debtors
$570,210
$637,034
$635,336
$549,050
Expenses of idle
Net
$26,331
x58,317
.
Accts. receivable—customers.
$517,549
52,661
$582,053
54,981
hand
on
Note payable to
demand deposit and
Cash on
commissions
Total income
Interest.
1934
_
$1,465,502
936,684
892,690
57.684
55,262
adminis.
Selling, gen. &
„
$1,576,421
$1,694,217
$1,636,227
operating profit..
Gross
Liabilities—
Assets—
1935
1936
1937
Calendar Years—
200,000 shares capital stock (par $1)
4,599
Consolidated Mines, Inc.—Registers with
of this department.—V. 145, p. 2065.
Canada Foundries
Net
additions and improve¬
SEC
given on first page
Years End.
Dec. 31—
operating profit
Invomefrom
investm'ts-
charges
Profit-
A stock.
$80,880
$57,604
18,952
30,800
4,972
19.389
18,586
2,500
5,207
15,216
17,589
1,000
6,828
15,727
$140,321
Total
Divs. on class
& Forgings, Ltd.—Earnings
1937
1936
1935
$57,471
$214,434
$79,880
133
1,000
$214,434
Deprec. on fixed assets.
Provision for taxes
Bond interest
Other
$27,981
30,000
$0.14
for sums expended on
$39,371
$16,459
38,000
1934
$21,795
279
$22,074
18,637
1,330
7,315
loss$5,208
1064
Financial
Chronicle
Balance Sheet Dec. 31
Assets—
1937
1936
Liabilities—
Cash inf bank and
on hand..
*3,360
*2,002
Accts. & bills rec..
201,365
170,075
Stock
1937
Accounts and
Feb.
(A. M.) Castle & Co.
1936
Calendar Years—
Net earnings after oper.
bills
payable <fc accr.
-Earnings-
1937
1936
charges
*113,125
110,777
exps.. repairs & roz '
$1,282,389
Proceeds from life ins.
*93,991
131,473
hand, raw
Loans from bank..
Provision for taxes
30,800
2,033
1st M, 6% bonds.
Accrued interest..
73,100
86,300
1,827
1,570,000
z225,348
1,670,000
437,705
Marketable
321,722
10,825
10,825
secur.
Deferred
expense,
19,521
Lands, buildings,
mach'y & equip. 1,182,239
Other Investment.
19,902
Sinking fund
Goodwill
250,000
Capital stock
Surplus
y
23,107
$456,245
$398,140
220,267
$778,656
55,500
106,278
$456,245
54,111
53,726
$484,181
56,040
37,792
48,000
17,500
less cash surrender val.
previously
*86.041
$1,282,389
52,888
Federal
taxes
Prov. for Fed. surtax on
undistributed income.
Addl. provision for prior
1,170,585
19,962
9,130
250,000
...
recorded
Depreciation
91,580
x
years' taxes.
2,301
Prov. for general conting
Total
After
Net profit
for
reserve
Canada Dry Ginger
1937
-
for
3,754,122
57,638
depreciation.
Other
income.
1937
hand..--.-
$162,526
33,988
$260,420
26,619
Income deductions
Provision for estimated Federal and Dominion of
Canada income taxes..
$195,459
615,157
Earnings
per
$128,780
512,631
$0.32
borrowed
on
$0.25
Prepaid
Years End. Oct. 31—
1937
Profit from operation...
Government taxes
1935
100,142
Profit.
Miscellaneous income—
Total income
Prov. for income tax
$2,931,271
2,404,255
368,659
89,250
$463,784
92,006
Provisions for deprec'n..
Bank & other interest
$69,107
48,004
$555,790
99,416
Net profit for year
Applic. to minority int..
$456,373
Dr33,507
$422,867
including income taxes.
$86,929
Surplus
Note—Dividends
1937
Mktble.
securs..
Receivables
(net).
Inventories
1,543,499
1,543,049
50,448
223,767
5,923,868
460,681
5,646,105
415,296
457,350
Invest. In & advs.
toaffil.
Prepaid
(sec.)...
5 }4 series A debs
cos.
expenses.
b Fixed assets
Other investm'ts..
Total
bilities
658,804
635,116
Bldgs., mach. &
.*5,340,546 $4,972,8841
251,545
Rev.
1937
.$9,302,058 $9,356,825
906.
1935
$147,318
7,734
4,165
1934
$123,006
5.514
$74,409
3,599
Dr8,976
Dr4,700
expenses.
Res. for income taxes
Prof,
on
sale
of
sec.
&
2,487
Legal fees
Non-oper.
1,400,000
Net profit
Previous surplus
Adjustments
693,219
$67,649
40,681
202
91
3,193
10,164
expenses
Res. for income taxes
3,318
$132,125
26,223
1,400
directors
3,605
$156,724
41,418
26.237
1,400
226
exec,
Directors' fees
1,673
$134,418
41,950
-
Total income
Res. for depreciation
1,274,328
Total
1936
$127,766
from investment-_
Non-operating
4,910",205
1,276,932
reserve
[Formerly Catelli Macaroni Products Corps., Ltd.]
Years End. Nov. 30—
Min. Int.
Distrlb. cap. surp.
After
Products, Ltd.—Earnings—
Operating profit
29,326
(sub.)..
278,627
Capital stock
4,918,154
Capital surplus
627,555
y
p.
*430,884
612,865
c
Total
Vice-President, &c.—
Catelli Food
1936
22,255
1,300,000
*4,972,884
199,396
19.205
Sal. of
1937
$200,000
738,534
*5,340,546
Paid-in surplus
John McL Simpson, a director, was on Feb.
8 elected Vice-President to
George R. Boyce, who resigned because of illness but will continue
with the company.
John B. Bobbins was elected Vice-President in
charge
of the Seattle office,
succeeding H. Erskine Campbell, who will remain
there in an advisory capacity.
J. J. Fountain was elected First Assistant
Secretary and Treasurer to succeed Mr. Bobbins.—V. 146,
$166,184 def$166,040
IAabUUles—
1,200,000
1,399,397
1,892,740
succeed
351,131
78,935
$167,592 loss$165.164
Drl,408
Dr876
*69,614 Bank loans
749,339 Payables..
179,130 Sundry current lia¬
40,000
2,221,672
15,493
2,211,334
other income
1936
*109,811
844,277
251,091
40,000
2,400,000
...
642,573
New
Consolidated Balance Sheet Oct. 31
a
7,532
2,710,627
rec
..
were
Assets—
contingencies
918,801
x After reserves of
$81,831 in 1937 and $89,435 in 1936.
for depreciation of $789,698 in 1937 and
$753,280 in 1936.
paid in the amount of $285,973 in 1937, $244,883
in 1936, $243,910 in 1935, and
$121,648 in 1934.
Cash
767,308
.
26,621
$221,892 loss$134,914
54,300
30.2.50
$86,929
124,933
expenses,
Total
$209,078 loss$138.657
12,814
3,743
$117,111
30,181
57,825
268,267
Fed.
taxes
Reserve for general
equipment
$2,155,298
1,863,889
2,302,031
370,950
71,491
of
1936
*257,990
61,538
Capital stock ($10
642,218
y
1934
$2,953,550
198,678
income
in¬
held forexpans'n
Earnings
1936
$3,440,877
2.571,432
305,518
x
Not
Subs.)
-
1937
*149,071
.
Provision
advs., suppl., &c
Land, includ. land
cash discounts on sales, net
loss or profit on capital assets in
1936; premiums on insurance policies on
life of officer, which policies were canceled as of
April 14,1937, &c. y Incl.
interest accrued on mortgage
receivable, offset by reserve provision for
provision for accrual; other interest; cash discounts on
purchases; &c.
—V. 145. p. 3968.
money;
Canadian Breweries, Ltd. (&
Liabilities—
120,875
surance pollciesCustomers' accts.
Inventories
share
Including interest
120,000
$2.90
Accounts payableAccrued expenses
*210,809
213,315
—
& notes receiv.
24,442
on
«...
1936
*193,245
120,875
Comm. & misc.
Net income before provision for Federal tax
undistributed profit
$161,058
114,497
on
—
companies
Value of life
x
Shares capital stock (par $5)
$114,105
$4.66
Dep. with life ins.
$196,514
43,291
38,342
$109,377
120,000
Balance Sheet Dec. 31
A 8 sets—
Cash in banks &
$221,601
38,818
$390,349
229,291
$3.41
Excluding the $86,041 earnings per share were $2.66.
y Excludes
$89,525 dividends paid in treasury stock (5,712
z
shares)
Resulting from
stock split-up of one old share into two new shares.
selling, distribut-
Provision
$348,407
y234,302
x
$3,974,286
4,233,287
67,122
$559,377
450.000
$328,932
z240,000
$4.00
Profit
Shares of stk. (par $10)per share
Earnings
1936
$4,522,009
$958,932
630,000
Dividends
Ale, Inc. (& Subs.)—Earnings—
3 Month Ended Dec. 31—
Gross sales, less returns and allowances
Cost of goods sold, advertising,
x
40".666
....*2,124,979 *1,978,134'
Total
*2,124,979 $1,978,134
depreciation as adjusted at $621,633 in 1937 and
$602,682 in 1936.
y Represented by 38,000 shares class A and 9,600 shares
class B, both no par.
z Including $38,000 dividends due and
payable
Jan. 6, 1938.—V. 145, p. 3813.
x
x
1934
$778,656
2,158
on
&c
x
1935
'
mat'l,
supplies,
goods in process,
y
1938
12,
4,663
16,147
4,718
10,464
$66,657
55,555
0479
30,000
1,050
2,411
2,115
$82,160
$80,140
$55,555
$2,841
$52,203
$26,968
2,841
def22,426
02,922
0414
11.500
Res. for inventories
*9,302,058 $9,350,825
24,044
$51,263
80,140
03,708
30,000
22,951
Preferred dividends
Common dividends
Quoted market value $813,792 in 1937 and $702,057 in
1936.
b After
deduction of depreciation reserve of
$4,292,513 in 1937 and $3,751,562 in
1936.
c Represented
by 163,428 no-par shares pref. stock and 673,861
(671,911 in 1936) shares common stock.—V. 145,
p. 3813.
40,605
a
Canadian
Balance Sheet Nov. 30
Assets—
Call loan
dividend of $1.75 per share on the class A
payable April 30 to holders of record March 21.
with a year-end dividend of $2.75
paid on Dec. 28 last;
$1.75 paid on Oct. 30 last; $1.50 paid on
July 31 and April 30, 1937; $2
paid on Jan. 30, 1937, and $1.25 per share
paid on Oct. 31, 1936.
Pre¬
viously regular quarterly dividends of $1 per share were
distributed.
In
addition, the following extra dividends were
paid; 75 cents on July 31,
1936; $1.25 on Dec. 16, 1935; 75 cents on
July 31, 1935; $1.50 on Dec. 15,
1934; 75 cents on July 31, 1934, and
87H cents per share paid on Jan. 31,
1933.—V. 145, p. 3969.
Canadian National
$3,258 883
—-V. 146, p. 905.
Canadian Pacific
Ave., New York, will be sold
successor
trustee,
a
as
$115,221
a
foreclosure action
plaintiff against the 342 Madison Avenue
Corp., de¬
552
140,757
273,285
20,689
13,915
502,076
21,627
469.860
275,874
281,701
600,000
459,020
600,000
460,000
179,263
244,334
108,311
80,551
1,512,679
12,335
1,508,994
12,911
Land,bldgs.,mach.
& equipment
Def. debits to oper
Goodwill, patent
rights, &c
Canadian Pacific
$2,407,000
1937
1936
$704,718
Inventory
968,409
Cash
884,389
216,818
Accts. receivable—
Adv. to salesmen.
Other assets
118,528
Patent rights
Goodwill
246,054
360,000
Trade-marks.....
176,759
Deferred charges4,883
*772,859
929,680
831,325
279,892
4,503
115,148
246,103
Liabilities—
1937
Common stock...*2,292,400
Preferred stock
Central Illinois Light Co
.—Preliminary
Period End. Dec. 31—
Oper. exps. & taxes
Prov. for retlr. reserve..
secur.
taxes
Res. for Fed. taxes
Surplus
Balance
x
7,618
360,000
176,598
24" 759
927,897
975,200
910,000
$292,680
82,298
$281,828
71,905
$2,978,284
945,568
$2,914,116
902,140
$209,923
41,802
$2,032,715
501,608
$2,011,976
588,728
$168,121
$1,531,108
$1,423,248
Includes provision for Federal surtax
on
undistributed profits for
1936.
No provision was made for such tax
in 1937 as all taxable income was dis¬
tributed.
y Includes, effective as of July 1, 1936, amortization of
preferred
stock premium,
discount, commission and expense.—V. 146, p. 103.
Chain Store Investment
Corp.- -Balance Sheet Dec. 31Assets—
1937
*24,864
x
Investments
1936
Liabilities—
*6,621
(at
Note payable
Reserve for taxes.
311,979
Accrued int.
354,969
75
pref. stock
'"82
64
Preferred stock
rec._
Prepaid interest
_
_
Common stock
Capital surplus
8,507
Total
*3,880,560 $3,724,615
p.
273.
Casco Products
Total
Corp.—To Pay $1.50 Dividend—
Directors have declared a dividend of
$1.50 per share on the common
stock, payable Feb. 23 to holders of record Feb. 18.
An initial dividend of
$2.75 per share was paid on Feb.
23, 1937.—V. 145, p. 430.
Total
*336,924
*361,729
1936
8,006
*50,000
16,493
14,268
98,775
10,000
537,453
537,453
376.670
369,987
Total
98,775
10,000
secur¬
ity transactionsCurrent surplus—
-$3,680,560 $3,724,615
1937
*42,898
Res. for 1 yrs' divs.
Deficit from
-V. 146
Earnings—
1937—12 Mos.—1936
$8,820,588
$8,277,561
x4,867,104
x4,453,445
$168,580
pref. stock
138,741
13,171
6,963
19,935
942,290
on
1937—Month—1936
$845,569
$799,589
470,288
437,761
82,600
80,000
$210,382
41,802
Gboss Income
Int. & other fixed charges
330,200
96,600
81,513
or
Gross revenue
$2 295,400
309,200
Accounts payableAccrued payables
Social
31—
1930
80*140
82,160
80,704
*2,109,727 *2,076,016
Total
*2.109,727 *2,070,010
from expiration and cancellation of fractional
warrants,
subject to issue as at Dec. 31, 1936.
b After reserves of $8,981
In 1937 and $9,342 in 1936. c
Represented by 45,902 no par shares (46,000
in 1936).—V.
144, p. 3491.
$89,000
(Wm.) Carter Co., Needham, Mass.—Bal. Sheet Dec.
Assets—
Real est.,mach.,&c
a980
Resulting
Issued
Decrease
$2,318,000
Trafficearnings
—V. 146, p. 905.
1937
17.278
cum. red. pref.
Common stock._
Earned surplus
Distribution surp.
Divs.
1938
5%
(par*15)
Net income
Ry.—Earnings—
Week Ended Feb. 7—
Plants
c
fendant, in satisfaction
of a judgment of
$1,734,943 and interest, with taxes
and other liens of more than
$24,550.
The upset price
largely is based upon
a first mortgage of
$4,477,500 at present outstanding against the
property.
Thomas F. Burchill is the
auctioneer.
Res. for inc. taxes.
Res. for gen. depr.
Special res. for Idle
Capital surplus
basis upon which the
Building, at 342 Madison
Vesey Street rooms on Feb. 23.
brought by thefColonial Trust Co.,
at auction in the
*63,345
361
trade
Building—Upset Price Fixed—
An upset price of
$5,250,000 has been fixed as
office skyscraper known as the
Canadian Pacific
The sale follows
Decrease
1936
*73,888
Dividends payable
Accrued liabilities.
securities.
Total
1937
$3 374,104
1937
Accounts payable-
Inventories
a
1938
revenues
Liabilities—
*9,518
50,000
Invest,
Ry.—Earnings—
Earnings of System for Week Ended Feb. 7
Gross
1936
42,000
sec
b Accts. rec.,
a
compares
1937
*10,805
Cash
Industries, Ltd.—$1.75 Dividend—
The directors have declared
and class B stocks, both
This
Surplus, Nov. 30.
2,195
18,994
*336,924
*361.729
Investments carried on books at cost at which
originally purchased by
predecessor corporation or this corporation.
x
The income statement for the 3
and 12 months ended Dec. 31
lished in V. 146,
p. 906.
was
pub¬
Financial
146
Volume
Central Illinois Public Service Co.
1937
1936
$1,518,688
after deprec.,
amort., &c.
Net income
taxes, int.,
(& Subs.)—Earns.
1935
1934
$1,542,505
Calendar Years—
$672,063
$933,716
$12,974,922 in
1937, an increase of $492,298 or 3.9% over 1936.
Net income for 1937
amounted to $1,518,688 or $5.33 a share of preferred stock, compared with
of the company amounted to
Total operating revenues
1936.—V. 146, p. 905.
$1,542,506 and $5.42 a share in
Chartered Investors, Inc.—Earnings—
Calendar Years—
1937
1936
1935
1934
$261,785
39,743
$392,439
17,253
$392,629
25,650
$294,305
33,267
$409,691
$418,279
y62,387
$327,572
45,457
$301,528
y75,068
surplus.
$334,623
599,300
$355,892
558,558
$282,115
519,155
Adj. prior years' taxes..
721
850
23
$260,980
500,812
1,363
$934,645
211,784
$915,299
232,770
$801,293
242,735
$763,155
244,001
Crl ,314
Crl ,771
$724,175
170,000
$0.72
$599,300
$558,558
170,000
$519,155
$0.23
$0.09
Dividends received
Interest earned
Total income
Expenses & taxes
Operating income
Previous earned
Total surplus
Pref. divs. paid or accrd.
Net adj. on pref. divs.
accrued
Common
Surplus Dec. 31
Shs.com.stk.out.(par $1)
Earns, per share.
No par.
x
170,000
$0.72
Including $18,410 ($3,200 in 1936) provision
y
40,548
85,000
dividends
xl70.000
for surtax on
undistributed profits.
Balance Sheet Dec. 31
Cash in bank
:
$136,018
Res. for
Clark, Dodge &
285,812
7,323,327
6,118
3,000
3,326
5,150,397
2,525
Def. chgs.—Taxes
3,088
Co
Sees, at mkt. value
Acer. int. recelv'le
$6,000
9.300
18,351
1,101,075
170,000
3,426,979
5,850,250
Res. for div. accr'd
on
Preferred
x
Com. stk. (par
$1)
Capital surplus
Unapprop. dlv.
Proposed Plan Takes Control from L. & N. and
Control
170,000
Southern—
would be taken from Louisville &
Nashville and
for reorganizing the Monon, which
has been prepared for submission to the Interstate Commerce Commission.
The Southern and Louisville & Nashville each holds 38.8% of the Monon's
outstanding preferred and 46.7% of the common shares.
The new plan, prepared by the protective committee for the first and
general mortgage bonds, of which Reese D. Alsop, New York, is Chairman,
would completely eliminate all the present preferred and common stocks.
In addition to losing their present stock interest in the Monon, the
Southern and Louisville & Nashville, for their outstanding advances to the
road, would only be allotted a small number of new shares of common stock,
with each share subject to an assessment of $10.
The new plan provides total capitalization of $43,319,833, with fixed
charges of $159,740 and contingent charges of $1,197,334.
Equipment obligations, under terms of the plan, would remain undis¬
turbed.
The following obligations would be paid off 100% in new income mortgage
4% bonds: Monon refunding 4s, refunding 5s, refunding 6s, Indianapolis &
Louisville 4s and Indiana Stone RR. 4s.
Holders of the Monon 1st & gen. 5s and 6s would receive 75% of their
claim in new preferred stock and 25% in common stock.
For advances to the Monon of $750,000 with interest of $207,500,
Southern and Louisville & Nashville would be allotted 9,575 shares of new
common stock with each share subject to an assessment of $10.
y
The new capitalization would consist of $394,808 equipment obligations;
$3,500,000 of new first mortgage bonds, which would be sold to provide
funds for
improvement
an
$21,007,425 of income 4s $13,812,950
stock and common stock (no par), set up
$4,604,650.
program;
of $4 non-cumulative preferred
on the basis of $20 per share,
the plan, states that
$12,600,000 annually over a
in a statement accompanying
average
reasonable period of years.
This gross, after the institution of
economies and improvements which have been recommended, by
bondholders committee, should produce
$1,565,000, it is stated.—V. 146, p. 746.
funding
the re¬
income for interest of
Chicago Mail Order Co.—Directors—
have elected as directors George B. Everitt to succeed
Maurice A. Riskind, to succeed E. N. D'Andeceased.—Y. 146, p. 747. "
Stockholders
H. D. Pettibone, retired, and
cona,
&
599,300
724,175
int. income
of the road
operating
24,160
$6,175
of the plan they said, is to
holders of various securities
Southern under provisions of a new plan
the Monon's gross revenues should
1936
cap.s.tock
payable
Res. for Fed. taxes
mortgaged lines in the system.
The purpose
help determine the treatment to be received by
in recapitalizing the railroad.
The Alsop comnittee,
,
17,038
pref. stock.,
Btock. 1,022,250
tax
Balance uninvested
\
1937
Liabilities—
1936
1937
$231,441
Assets—
1065
Chronicle
Paul & Pacific RR.—Reorgan¬
Adjourned—
Chicago Milwaukee St.
(44,043
by 40,890
Represented
145, p. 2839.
x
$5,390,776 $7,754,277
Total
$5,390,776 $7,754,277
Total
1936)
in
shares
no
value.—V.
par
ization Hearings
The Interstate Commerce
Commission has granted a further
adjournment
in the reorganization until March 21.
This followed an appeal
by the railroad management concurred in by several other parties, that an
adjournment be taken until at least July 1.
The merger of the St. Paul road and the Chicago & North Western Ry.
has been suggested by William W. Wakefield, technical
adviser to
St. Paul preferred stockholders' committee of which II. C. Orton is Chair¬
of hearings
Chicago City & Connecting Rys.
Other income—
1934
1935
the
None
None
None
\
/
Collateral Trust—
1936
1937
Years—
Earnings Cal.
Interest received
$2,825
man.
$2,825
1,030,800
30,306
Gross income
$1,030,800
Bond interest
$1,030,800
23,355
$1,030,800
20,616
20,616
23,952
20,616
$1,070,892
$1,074,771
11,440,664
$1,075,368
10,365.296
$1,078,897
9,286,400
$13,586,328 $12,515,436 $11,440,664
of Current Assets and Liabilities Dec. 31
$10,365,296
19,476
General expenses
Taxes
20,616
Pointing to the fact that there is extensive paralleling of the two
and many duplicating facilities, Mr. Wakefield asserted:
"This situation is worthy of the most serious consideration by
carriers'
lines
in this
the ICC
proceeding."
O. E. Sweet, in allowing the adjournment asked,
the March 21 hearing would be the final one in the case.
77 was not a "moratorium statute" and the ICC
mandate to proceed as expeditiously as possible with reorgani¬
ICC Finance Director
Loss...
...
12,515,436
Deficit, Jan. 1
made it clear that
He asserted that Section
was
Deficit, Dec. 31
Statement
3,317
129,800
$
3,443
129,800
assets. 11,763,870
10,692,978
$
Cash
investments
Other
Excess
liabil.
curr.
over curr.
1937
Liabilities—
11,896,988 10,826,222
Total...
—V. 144, p.
$
11,393,313 10,353,673
Accounts payable.
55,881
45,371
Bills payable
221,000
221,000
Reserves...
226,793
206,177
Accrd.int. payable
.11,896.988 10,826,222
Total
Years Ended—
Co.—Earnings—
Dec. 25 '37 Dec. 26 '36 Dec. 28 '35
$1,103,791
$1,669,922
$1,529,858
116,280
116,832
104,345
Dec.
for depreciation..
Maint., repairs & replace¬
ments of tools, &c.—
29
'34
$596,199
132,375
Profits from operations.
Prov.
128,199
232,015
170.044
40,287
16,800
30,408
261,460
26,305
10,086
12,568
"8",494
$317,042
pers'l prop. &
other general taxes—
Fed. unemploym't tax..
Royalties
Real est.,
Profit from operations
$1,164,053
$1,233,579
$778,591
(incl. interest
charged to subs.)
3,729
43,741
28,223
26,366
$1,167,782
$1,277,321
$806,815
$343,408
4,594
y200,000
y260,762
138",500
54",049
$1,012,825
94,354
$668,315
$289,358
x64,220
$1,107,179
$732,535
287,811
$368,040
179,882
179,882
$4.07
179,882
Court Allows Trustees to Seek ICC Permit
H. Holly at Chicago has
Federal Judge William
Total
profits
Miscell.
deductions
Prov. for Federal taxes....
3,733
Profit & inc. of parent
for year..
$963,188
Prof.of for .subs.for yr.
157,759
company
Combined profit & inc.
of parent
$1,120,947
719,628
& subs
Divs. decl'd & paid
No.
of shs.
(par $5) outstanding.
Earns. per
611,684
of cap. stk.
179,907
179,907
$6.23
.
sh. on cap .stk.
$6.15
$2.04
for TJ. S. income taxes thereon,
y Includes $29,000 in
1937 and $68,000 in 1936 provision for Fed. surtax on undistributed profits,
z At average of U. 8. rate of Australian and Canadian exchange.
After provision
x
Cash.
614,944
1,134,052
Accounts receivable
—
Claims against
Dec. 26 '36
969,129
RR. above.
to Trustee for Sparta Bonds
proposed by the mutual savings
bank and life insurance groups and the data substantiating that plan,
establish that the equity of the stockholders of the road has no value,
according to a memorandum filed Feb. 7 with the Interstate Commerce
Commission by the Bank of New York & Trust Co., as trustee of the
Milwaukee Sparta &
insurance
Due from Cooper-Stewart Engineering Co., Ltd
Ad vs. to employees for purchase of company's capi¬
tal stock pledgedTas viol lateral
Inv. in & ad vs. to wholly-owned foreign subs
Cash surrender value of life
$4 par common
22,966
514,927
776,756
39,426
Machine Co.—15-Cent
$364,746
157,968
133,500
paid on Dec. 15 last; 45 cents paid on Sept. 15 last,
dividend of 30 cents paid on this issue of June 15 last.
stock was recently split on a 2-for-l basis, two new $4 par
shares being issued for each old no par share.
,,
See V. 144, p. 1271, for detailed record of dividend payments on old
common stock.—V.
145, p. 3342.
and an initial
The common
Chicago Railway
106,519
36,000
297,602
Reserves
Reserve for taxes
899,629
x
—
2,946,904
$4.545,303
Total...
After deducting cost of 93 shares (par
284,550
899,629
2,495,877
&
Louisville
The Interstate Commerce Commission resumed hearings Feb. 8 on the
reorganization^planfof the road.
H. C. Howard and ^W. P. StarrTof the^Commission's finance bureau,
submitted a tentative plan ^for segregation iof earnings and expenses of
surtax
on
Net
1935
z$586,311
^RR'RcR
z$109,011
100,000
z$166,290
100,000
$405,855
430,982
$9,011
$61,290
$9,011
96,563
361.290
35,274
$96,563
169,800
80,456
profit
—
$681,342
517,181
59,936
dividends
-
$104,225
Previous surplus-------
80,448
def$25.127
105,575
$184,673
$80,448
Surplus
Balance, surplus
x
z
After
1934
z$952,342
5.000
1.200
Preferred dividends
Common
Subs.)—Earnings
1936
undist.
profits
Ry.—Hearings
Resumed—
Operating profit
Depreciation
Federal & State inc. tax.
x
Fed.
Equipment Co. (&
1937
Calendar Years—
$4,336,271
$5 each) held in treasury, amount¬
After reserve for depreciation.—V. 145, p. 431.
Indianapolis
Dividend—
declared a dividend of 15 cents per share on the new
stock, payable March 15, to holders of record Feb. 25.
This
$4,336,271
$258,648
payable
Miscellaneous accrued liabilities
Chicago
The memoran¬
provision should
they put up
with 50 cents
compares
728,493
Liabilities—
Accounts
y
_
Sparta mortgage and
undisturbed.
Chicago Rivet &
$4,545,303
Total
x
North Western Ry. mortgage.
contains a request that the
The directors have
72,336
1,023,928
35,484
6Land, buildings, machinery
eferred charges
ing to $371.
memorandum
rights of the holders of Sparta bonds remain
dum said that under the legal doctrine of the Boyd case no
be made in the final reorganization for the stockholders unless
new cash.—V. 146, p. 907.
57,359
12,692
(non-current)
Capital stock
Surplus
of St. Paul and
524
closedSbanks
Trade accounts receivable
$1,018,774
921,430
Western Ry.—Merger
Road's Stock Valueless. According
The plan of reorganization for company
The
Dec. 25 '37
$938,351
Inventories
Chicago & North
C. & N. W. Proposed—
See Chicago Milwaukee St. Paul & Pacific
Sheet
Balance
Assets—
to Issue Notes—
entered orders authoriz¬
Interstate Commerce Commission for
% equipment ttust certificates, proceeds
locomotives, passenger and freight cars.
In its petition the road said it proposes to acquire four steam passenger
locomotives of the Hudson 4-6-4 type, 55 passenger train cars and 464 52foot 6-inch 50-ton flat cars, at an estimated cost of $3,210,922.
/
The road said it will be in position to defray 30% of the cost of such equip¬
ment, proposing to issue $2,235,000 ot3%% equipment trust certificates
for the remainder of the cost.
Such certificates would mature in equal
annual instalments from April 1,1939 to April 1, 1953, inclusive, and would
be guaranteed both as to principal and interest by the road.—V. 146, p. 906.
ing the trustees to apply to the
authority to issue $2,235,000 of SH
of which would be used to buy new
x7&$81
Other inc.
z
time.
been
has
928.
Chicago Flexible Shaft
a
proceedings.
,
. '
counsel for the St. Paul management, asserted that there
is at present no basis on which a proper and sound reorganization can
made.
Pointing out that the 1928 reorganization of the St. Paul had
been "bitterly criticized" by public authorities, Mr. Swaine said that that
reorganization had for its basis "a far more thorough study of every problem
involved" than exists in the current record.
He said it would be "perfect
folly" for the ICC to proceed with reorganization of the road at this
On the subject of consolidation, Mr. Wakefield told the Commissioner:
"There has been considerable public discussion by Government officials
concerning the problems of the railroads in general, and particularly the
problems of those which operate in the Mississippi Valley, and it has
suggested that one of the solutions may be a consolidation, and there
been further public discussion of a possible consolidation between the
debtor in these proceedings and the Chicago & North Western.
"We are authorized to say that the protective committee for the holders
of the common stock of the Chicago & North Western share the view that
the ICC should give consideration to such a consolidation, and that no
C. & N. W. plan of reorganization should be proposed until the feasibility
of such a merger is thoroughly explored."
R. T. Swaine,
be
1936
$
1936
1937
Assets—
under
zation
deducting
After including
manufacturing, selling and
income from investments,
&c.
$105,575
administrative expenses,
1066
Financial
Chronicle
Feb.
Consolidated. Balance Sheet Dec. 31
1937
Assets—
Cash
L
1936
Liabilities—
$117,431
847,445
$251,757
620,684
Investments
494,289
548,541
Inventories
1,081,682
1,051,541
chln'y, plant, Ac 1,190,098
Other assets-..—
3,270
26i468
1,100,059
1,897
26.468
766J757
766.757
16,201
19,707
Land, bldgs. ma-
x
Patterns
1937
1936
Acc'ta payable
$38,843
Accrued
229,893
taxes
1937
_
Goodwill A patents
Deferred charges.
-
Assets—
$147,967
41,849
32,762
2,684
Acer, wages & com
Acer, royalties, Ac.
21,148
Dlvs. unclaimed..
Notes A accts. rec.
""102
102
2,47~5~6O6
Common
stock
Capital surplus
Earned surplus..
y
Cash
on
$4,505,461 $4,425,594
Total
174,443
(no
167,467
1,990,322
1,609,000
receivable—.
653,551
292,462
3,319,419
3.417,904
accrued
858,561
879,240
286,862
286,860
Consumers' dep.
Other current A
571,642
649,507
68,176
53,164
27,188,306
285,700
12,520,440
24,728,473
294,950
11,886,545
Taxes accrued..
3,391,095
Pref. stock, auth.
Payroll accrued.
Interest
Other accts. and
[Excluding Chicago Rock Island &
tured
1935
$5,840,460
693,358
$6,497,130
1,411,319
295,872
793,867
$5,339,692
236,349
def212.973
Gross from railway
Net from railway
Net after rents
—V.
....
73,668,144
9,418,935
750,881
3,487.507
South Shore
Chicago
63.177,754
6,203,483
657,436 defl023,558
& South
Bend
$4,709,867
306,859
defl00,451
Accts.
48,290
3,259,661
closed
63,328,500
9,245,869
1,727,645
....
448,795
518,610
255,622
255,562
New capital set-up of the company is as follows: 43,094 shares ($100 par)
first preferred stock, 19,476 shares (no par) $6.50 2nd pref. stock,
122,000 shares of common stock, $1,341,000 series "B" bonds, 3% and
$212,787 five-year 5% notes.—V. 145. p. 1093.
1936
1935
$7,744,545
7,324,566
1934
$4,513,607
3,976,860
$365,904
40,861
$211,521
22,886
$419,979
16,891
$536,747
117,867
$406,765
$234,407
$436,870
5,465
16,268
137,645
45,675
$654,614
1,347
4,369
125,000
97,500
10,810
136,864
45,000
Depreciation
Federal and State taxes.
18,121
133,662
14,250
■
Shares of loss—net sales
of Guymon Invest. Co.
14,090
Cr5,514
17,627
1935
1934
$7,745,846
788,193
382,843
358,076
$7,654,423
705,540
300,279
$10,102,721
revenues
18,713
$9,455,025
14,473
$8,892,116
14,177
$8,660,242
23,449
Total oper. revenues._$10,084,008
$9,440,552
1,521,966
1,618,033
1,559,364
435,313
100,713
816,429
1,161,621
$8,877,938
1,451,764
1,585,178
1,509,683
419,602
100,627
791,277
1.058,637
$8,636,792
1,391,720
1,608,128
1,419,438
387,716
182,132
708,427
985.313
$200,000
$73,050
$214,190
revenues---
revenues-
Uncollec. oper.
Current maintenance—
Depreciation
Traffic
1,736,860
1,540,698
1,614,760
461,342
107,108
845,412
1,327,512
expense—
expenses
Commercial expenses—
Operating rents
Gen. & miscell. expenses
Taxes-
Net operating income.
Net non-oper. income..
available
$2,450,315
65,146
$2,227,111
111,847
$1,961,170
97,152
.$1,953,917
$2,515,461
60,275
$2,338,958
56.568
$2,058,322
52,826
$2,065,891
48,759
$2,455,186
2,473,956
$2,282,390
2,473,956
$2,005,495
2,473,956
$2,017,132
2,473,956
fixed charges
Interest
—
Bal. avail, for divs
Dividends
stock
on com.
Balance, deficit
Shs.
com.
$18,770
Building
1937
1936
1935
1934
rentals...
Miscellaneous income
Total income
$17,637,325 $16,709,949
Cost of restaurant sales. 14,069,848
13,387,790
Cost of building rentals.
923,443
901,882
Cost of miscell. income..
$17,065,403 $18,385,523
13,962,301
15,127,236
858,352
989,498
380,323
422,644
480,400
398,486
J.
i 4 U
$15,391,776 $14,669,994 $15,243,298 $16,597,134
2,245,548
2,039,954
1,822,105
1,788,389
Other general expenses..
826,373
721,296
649,273
714,949
A
\J vai
»
»
•
M
«'{p I u
w
"
Net income from oper.
0
"
$1,318,659
26,376
Total income
$1,172,831
28,651
$1,444,373
426,561
596,010
Income deductions
Depreciation
Net profit
Previous earned surplus.
$1,345,034
455,570
598,325
$1,201,482
454,312
630,108
$1,100,814
511,480
624,405
$421,802
2,152,845
$291,139
1,968,888
$117,063
3,107,470
Total
adjustments...
Transfer
to
reserve
$2,574,647
258','844
$2,260,026
y 107,181
$3,224,533
xl,232,671
$2,152,846
$1,968,888
3,136,916
5,625
$
18,396
Earned surp. Dec. 31.
$2,297,407
$3,107,470
22,973
$3,107,470
x
Lease cancellation costs, write-off of unamortized
costs of units dis¬
continued prior to lease
expirations, and of goodwill of $854,287 carried
on books
of subsidiary,
$1,926,773; less portion charged to reserve for
contingencies of $694,101; net, $1,232,671.
unam°rtized cost (based on cost prior to revaluation in
1932) of leasehold improvements and of cost, less depreciation, of
equip¬
ment
abandoned through lease cancellation and non-renewal
of lease;
and incidental expenses. $109,908; less adjustment of
prior years' lease can¬
cellation costs, &c. (net), $2,727; net,
$107,181.
z Includes write-off of unamortized cost
(based on cost prior to revalua¬
tion in 1932) of leasehold improvements and of
cost, less depreciation, of
equipment at restaurants closed prior to expiration of related
leases,
§232,750; lease cancellation cost, $22,500;
and other incidental expenses,
$3,156; net, $258,407; and expenses applicable to prior
year liquidation of
p. 2840.
subsidiary of $437.—V. 145,
Cleveland Electric
Calendar Years—
Gross earnings
Operating
expenses
Illuminating Co. (& Subs. )—Earns.
1937
1936
1935
1934
---$28,370,754 $27,193,695 $24,701,794 $23,508,977
yl6,040,357 yl5,128,097
13,645,227
13,226,161
Net oper. revenue
$12,330,397
Int. & amort, of dis. and
depreciation
1
$12,065,598 $11,056,567 $10,282,816
5,228,599
5,146,042
4,773,009
5,011,487
Net income
$7,101,798
Divs. on pref. & com. stk
6,377,720
$6,919,555
6,377,554
$6,283,558
5,909,357
$5,271,329
6,022,609
reserve--
-
Balance
$724,078
$542,001
$374,201 def$751,280
x Includes non-operating revenues of
$117,897 in 1937; $109,802 in 1936:
$105,502 in 1935 and $266,232 in 1934.
y Includes $3,345 in 1937 and $301
in 1936 for provision for Federal surtax on undistributed
profits.
$
31
X1937
Liabilities—
Prem'm
trolled
con¬
32,937
16,000
120,298
cos
investments
Working
32,937
19,340
120,298
stock
72,756
1,482,718
265,172
250,380
depos.
A adv. paym'ts.
Accts. payable and
other curr. liab.
1,105,283
2,928,928
505,415
680,374
562,025
680,905
Prepayments.....
35,134
49,602
Deprec. reserve
Other def. debits..
10,093
10,260
Other
47,579,827!
552,378
806,723
Taxes accrued
996,735
974,442
Dividend
615,740
615,740
41,682
Deferred
declared
credits..
35,302
13,005,374
18,884
Total
12,760,000
3,051,876
reserves
Surplus
x
72,756
1,570,075
Notes
Customers'
Mat'ls A supplies.
Accts. receivable..
V.
$
capital
10,247
Temporary cash in¬
vestments
on
1,800,755
1,980,566
8,712
funds...
1936
$
stock...27,488,400 27,488,400
3,063,303
23,680
47,672,695 47,579,827
Consolidating assets and liabilities of the Citizens Telephone Co.—
145, p. 2386.
Collins & Aikman
Corp.—-To Pay 50-Cent Dividend—
The directors have declared
mon
stock,
no
This compares
extra dividend
per
share paid
1936.—V. 146,
a dividend of 50 cents per share on the com¬
value, payable March 1 to holders of record Feb. 18.
with $1 paid on Dec. 1 and on Sept. 1, last, and with an
of $1 per share and a regular quarterly dividend of 50 cents
on June 1 and Feb. 19, 1937, and on Dec. 1 and Sept. 1,
p. 105.
par
Commercial
Credit
IF A. E. Duncan, Chairman,
Co.,
Baltimore—Annual Report—
in part;
1937 were the largest and most satis¬
factory of any year in its history.
Volume, Interest and Discount Charges—Gross volume of all receivables
acquired during 1937 was $933,854,331 (larger than any previous year),
compared with $789,508,418 for 1936.
Net income from operations available for consolidated interest and dis¬
count charges for 1937, after charging off or
providing ample reserves for
doubtful items, was $20,719,161, compared with $16,511,336 for 1936.
Consolidated interest and discount charges were earned 5.47 times for
1937, compared with 8.50 times for 1936.
says
The operations of the company for
for
preferred stock
Dec.
1936
Investment in
loss $35,072
Sundry adjustments
Miscell.
$1,073,440
27,374
$3.67
Common
"
$1,419,175
$3.65
Telephone plant. .43,177,882 41,364,528
«
Other income (net)—25,198
$4.15
Balance Sheet
Total .........47,672,695
Total cost
VVOUh
Gross profit.
549,768
$4.46
xl937
Miscell. phys. prop
Cash
$16,212,055 $15,306,714 $15,580,920 $16,720,868
910,655
919,043
949,343
1,065,897
514,615
484,191
535,139
598,758
$456,824
549,768
Consolidating revenues, expenses and income of the Citizens Telephone
Co. arising out of its operations under lease of Kentucky properties of the
Cincinnati & Suburban Bell Telephone Co.
Assets—
Subs.)—Earnings—
Calendar Years—
Restaurant sales
$468,461
549.768
x
Other
Childs Co. (&
$191,565
549,768
stk. outstand¬
ing (par $50)
Earnings per share
$403,442
$0.78
$0.29
$0.84
$1.58
x After share of loss to others, jointly owned
gin properties, of $5,256.
—V. 146, P. 907.
111,974
for
x22,956
Netprofit
Earns, per sh. on 255,000
shs. cap. stk. (par $10)
Telephone Co.—Earnings
xl937
1936
Income
$4,875,017
4,663,496
Bad debts
149,770,468
$8,155,361
916,820
Total
Co.—Earnings—
837
152,852,101
145, P. 3493.
$8,677,326
1,001,686
423,709
Miscellaneous
5%
Total income
Interest
1936.—V.
Toll service
sbaras.
Operating profit
Total
149,770,468
Cincinnati & Suburban Bell
certificates, J. N. Shannahan, President, declared that the road has executed
delivered a mortgage to First National Bank, Chicago, and that
certificates may be exchanged for bonds at the bank.
Class A preferred
shares will be exchanged at offices of the Midland Stock Transfer Co., 122
S. Michigan Ave., Chicago.
The reorganization provides for issuance of new 3% "series B" mortgage
bonds to replace the $1,341,000 of 5>£% equipment trust notes and replace¬
ment of present preferred and common stock with new issues of common
and preferred and satisfaction of general creditors with new
preferred
Other income
surplus-
for doubtful accounts and notes of $332,334 in 1937 and
reserve
Calendar Years—
Local service revenues..
and
6 Mos. End. Dec. 31—
1937
Gross earnings
$4,382,115
Costs and expenses
4,016,211
152,852,101
prop¬
31, when trustees
The company has been in reorganization since Oct. 1, 1933, under Section
77 of the Bankruptcy Act. It operates 113 miles of owned track and about
60 miles of leased track, serving the industrial area southeast of Chicago.
In a letter addressed to holders of series A, B and C equipment trust
Oil
After
$330,328 in
of the road conveyed the property to the corporation.
New securities are now ready to be Issued in exchange for old securities.
Chickasha Cotton
of
erty and plant
Other reserves
Earned
a
48,290
A retire¬
ment
under
restriction
Total.
;
prec.
Deferred charges
RR.—Reorgaro-
(see
Reserves for de-
892,844
banks
or
on
premium
contra)
from
rec.
in
re¬
1935,
1,
thereon
re-
municipalities
Bals.
Completed—
The reorganization of the road was consummated Jan.
and
750,975
907.
146, p.
ization
76,861,216
11,634,080
3,927,187
Dec.
(contra)
Inventories
1—
Jan.
for
stock
1934
for
tirement
ma¬
tirem't of pref.
1936
Net after rents
called
15,234
7,546
interest
Deposit
Ry.J
1937
Gross from railway
Net from railway
From
Gulf
of
500,954
1923,ser. 1923,
notes receiv..
Chicago Rock Island & Pacific Ry. —Earnings
December—
2,392,446
Deposit for pay¬
ment
40.000.000
1,090,111
.
2,356,204
3,000,000
1,000,000
Accts. A notes
....$4,505,461 $4,425,594
40,871.520
40,000,000
accrued liab..
Time deposits..
U. 8. Govt, sec-
After
payable
Pref. dlvs. decl.
and In banks.
60,496
77.353
40,871,520
debt...
Accts.
hand
on
25,499,500
stock
par)
Funded
45,010
$
25,498.900
Common
deposit with
Cash
1936
i
(no par)
trustees
deducting reserve for depreciation of $2,607,609 in 1937 and
$2,683,844 in 1936.
y After deducting $3,095 cost of 490 shares of pref.
stock in treasury.—V. 145, P. 3970.
x
x
Liabilities—
Serial pref. stock
Investments
a
Total
1937
$
and secur.
1,498,400
1.498,400
60,496
181,578
1936
134,962,358
%
1
Prop. A plant.. 140,842,694
88,981
2,475,000
Reserve for taxes.
Preferred stock
1938
12,
Consolidated Balance Sheet Dec. 31
Net Income Available for Dividends—Net income from operations avail¬
able for dividends, after deducting minority interests portion—$4,844
1937 and $8,305 in 1936—and after providing for all Federal and other
in
taxes, including surtax on undistributed profits, was $13,593,119 for 1937,
compared with $12,005,779 for 1936.
This net income does not include
appreciation of any investments of company or of any of its subsidiaries.
It
does, however, include a taxable dividend of $2 per share, or $300,000
(represented by $12 in cash and 16,666 shares of common stock of Gleaner
Corp. at $299,998, or $18 per share) received Dec. 15, 1937, on
150,000 shares of common stock of Gleaner Harvester Corp., Independence,
Mo., held by company.
After payment of $518,752 dividends for 1937 on the 4K% cumulative
convertible preferred stock outstanding (which dividends were earned
26.20 times), there remained $13,074,366, or $7.09 per share, applicable to
1,841,994 shares, including scrip, of common stock of tne company out¬
standing on Dec. 31, 1937.
This compares with $11,184,326, or $6.07
per share, for 1936, applicable to 1,840,744 shares of common stock, includ¬
ing scrip, outstanding on Dec. 31, 1936.
Harvester
...
.
Net Profit on Volume—Although the percentage
_
of charges for financing
received by the company during the past two years was substantially less
than previously, net income on invested capital showed material improve¬
This was largely due to the increase in volume and resources em¬
ployed and in part to the reduction in percentage of management expense,
improved operating efficiency, and to the low cost of borrowed money.
The net annual profit, after providing for all Federal and other taxes, on
gross volume of receivables acquired was 1.45% for 1937, compared with
1.52% for 1936; 1.48% for 1935; 1.42% for 1934, and 1.47% for 1933.
ment.
Even though business conditions may not show material improvement for
some months, the current results of the company's operations should con¬
tinue satisfactory on account of the large volume of outstanding receivables.
Volume
the balance sheet.
Special Compensation to Officers
shown in
and Employees—Company was
1937 operations the company has provided $4,126,618, or $2.24
the number of shares of its common stock outstanding on Dec.
on
with $3,050,331, or $1.65 per
stock outstanding on Dec. 31, 1936.
Stockholders—On the December, 1937, dividend record date,
had 22,649 different stockholders, compared with 19,623 for
December, 1936.
On the December, 1937, record date the company had
which
organized
Number of
the company
less",
each, averaging
21,419 common stockholders, of which 18,487 held 100 shares each or
averaging only 26 shares, and 2,932 held over 100 shares
462 shares.
At the same time there were 4,468 holders of 4 X % Cumulative
convertible preferred stock, many also holding common stock, of which
4,338 held 100 shares each or less, averaging only 19 shares, and 130 held
over 100 shares each, averaging 293 shares.
$
$
$ \::
933,854,332 789,508,418 525,999.303
33,966,634 26,210,909
17,339,592
700,218
340,838
78,175
.
.
purchased
Gross receivables
earnings
Gross
Sundry income
Cr59,939
Cr912,636 Crl,345,657
1,353,550
1,368,633
2,916,610
422,984
4,844
2,409;569
145,803
8,306
1,338,064
923,207
13,593,119
12,005,779
7,800,133
6,391,133
Cr41,828
056,065
Cr87,392
11,386,067
Interest and discount charges...
result of various com¬
of motor lien retail time
during 1937 was between 15 and
consol. return)..
profits.
Net income for minority int
to filing
due
Res. for surtax on undlst.
shows a reduction of:
85.80% in the proportion of new cars financed with
over
months; and 32.69% of the total with maturities over 18 months.
59.12% in the proportion of used cars financed with
over
months; and 4.36% of the total with maturities over 12 months.
62.44% in the proportion of new cars financed with down
than 25%; and 18.28% of the total with down payments less than
63.11% in the proportion of used cars financed with down
than 25%; and 46.02% of the total with down payments less than
For various reasons, past dues, repossessions and credit losses on ah
stalment and other receivables have been below normal during the past
This analysis
24
maturities
18
payments less
30%.
payments less
maturities
30%.
in¬
expected
has not
There has been, however, somewhat of an
the past few months, although so far the increase
been serious, nor do we expect it to become so.
Alleged Violation of Anti-Trust Laws—Upon complaint to the
three or four years.
increase during
U. S. De-
competing finance companies which do not
Department presented to a Federal Grand
Jury at Milwaukee during several weeks last fall, as violations of the AntiTrust Laws, alleged facts concerning the relations of each of the three major
motor manufacturers with its wholly owned or affiliated finance company,
and its dealers, to wit: Chrysler Corp. with Commercial
Credit Co.;
General Motors Corp. with General Motors Acceptance Corp., and Ford
Motor Co. with Universal Credit Corp., owned by Commercial Investment
Trust Corp.
provid¬
ing a nation-wide satisfactory financing service at reasonable rates avail¬
able to their dealers, so that their products can be delivered to the time pay¬
ment purchaser at the lowest cost consistent with good service and a rea¬
sonable profit.
This service can best be obtained either through ownership
manufacturers have always
been vitally interested in
working arrangement with a national financingfcompany.
Much has been appearing in the daily press recently regarding the nature
of the aforementioned proceedings and the reasons for the dismissal of said
Federal Grand Jury by U. S. District Judge F. A. Geiger.
What, if any,
further action may be taken by the Government is of course not known.
After fully investigating the facts, the company's attorneys and attorneys
expertly versed in Anti-Trust Laws advised the company that, in
opinion, its methods of operations are not in violation of law, and the com-
Net income
Excess
their
advised
Eany is also informed that the other companies likewise haveconsideration to
y their counsel.
Nevertheless, the company was giving been so
consent decree, if one satisfactory to the company could be formulated,
closed bank
earned surp.
on
reserve
accts. returned to
valuable time of its
protracted litigation.
officers and employees and expense
Government, relations
remained on the cordial
and cooperative basis which has characterized them during the past 15
years of close business association, and there is every reason to believe that
should any changes be required by law or be made as a matter of future
policy, the company will continue to be in a position to render the dealer
organization of Chrysler Corp. and others a nation-wide financing service
Commercial Credit Tr. pref
Commercial Credit Co.—
638,218
1st preferred
6 X & 7%
670,068
8% class B preferred
and appreciated.
Factoring Subsidiaries—"Factoring" is the purchasing of open accounts
receivable from mills, converters and manufacturers whose shipments are
made subject to investigation and approval by the "factor" of the credit
of
the "factor" taking the risk of credit loss and collecting the
from the customers.
Occasional advances are also made on
current staple inventories or on open account.
Textile Banking Co., Inc., 99.25% owned by company, is financed in¬
dependently through its direct loans from its depository banks.
Its gross
volume for 1937 was $71,452,426, compared with $81,494,368 in 1936.
Net income from operations availalbe for dividends, after|charging off or
providing ample reserves for doubtful items and providing or all Federal
the customers,
accounts direct
$344,642, for 1937, compared with $605,895 for 1936.
Edmund Wright Ginsberg Corp., wholly owned by company, is financed
entirely through loans to it by this company.
Its gross volume for 1937
was $45,379,971, compared with $20,653,766 for 1936.
Net income from
operations available for dividends, after charging off or providing ample
reserves for doubtful items and providing for all Federal and other taxes,
was $481,172 for 1937, compared with $194,628 for 1936.
American Credit Indemnity Co. of New York—This company, 99.93%
owned by company, through "credit insurance" reimburses manufacturers
and wholesalers against credit losses on their insured receivables in excess
of an agreed percentage of their total annual sales, and also guarantees the
2,258,288
13,789,352
2,055,252
11,734,10 1
4,080,929
7,653,172
2,391,532
5,261,640
of period 16,047,641
stk. out.
$7.09
13,789,352
11,734,101
7,653,172
$6.07
$5.60
profit
bal. begin, of period
Consolidated Balance Sheet Dec. 31
Assets—
Motor lien retail
$
28,077,827
time sales notes.155,015,564
Motor
sales notes.
mission.
On
May 11. 1937. the
Gleaner Harvester Corp. authorized the issuance
stock, par $2.50 per share, in exchange for Its
of two shares of its common
outstanding no par value (stated value $5 per share) common stock, thereby
increasing the number of shares held from|75,000 to 150,000, none of which
Is reflected in the balance sheet.
The 16,666 shares ef stock received as a
dividend on Dec. 15,1937, are, however, included therein at $14 per share,
market value on Dec. 31, 1937.
Gompany now owns 166,666 shares, or
-58.79% of the
The Gleaner
outstanding common stock of Gleaner Harvester
Harvester Corp. is in good financial condition.
Corp.
11,176,967
22,191,367
36,948,482
29,626,535
15,811,101
54,449,131
14,968,071
30,365,062
32,121,518
33,893,956
15,488,030
1,980,699
subject to specific conting. res.
Customers' llab. on foreign drafts
138*684
130*151
78,598
6,391
receivable.
740,537
779,746
527,629
424,738
145,112
57,088
16,690
7,061
31,952
3,111
26,930
414,935
378,224
132,600
124,942
Sundry accts. & notes
Repossessions in co.'s possession,
at depreciated value:
Motor cars
(U. S. & Canada)..
Other than motor cars
.....
Investments:
Sundry marketable
Securities held by
ance
securities_ .
Credit Alli¬
Corp.......
....
by Am.Credit
4,775,710
aver,
common,
per
3,309,772
15,000 shares
stock,
Treasury
19,909
370,111
Invest, sec. held
$16.91
cost
share, for option
in acqui¬
253,689
Co., Inc.
7s due 1935
(Gleaner Harvester Corp.)..
Deferred charges,
interest and
sition Textile Bkg.
trust notes,
Coll.
200,000
......
1,923,312
491,057
240,361
272,533,345 166,559,626
115,170,965
94,653,288
52,844,165
1,276,966
Furniture and fixtures.
343,678,697
Total
Liabilities—
Unsecured short-term
Sec. short-term notes
notes
171,786,656
& accept's.
—
after
deducting
amounts reacquired
Conting. liab. on for'n drafts sold
Sundry accts. payable, lncl. all
Federal and other taxes
142,142,273
27,433
debt
Funded
138,684
130,151
78,598
2,430,600
6,391
6,123,729
6,176,507
4,693,487
2,399,411
4,470,478
4,907,592
4,007,578
4,862,866
5,283,987
2,800,252
3,479,596
2,594,628
2,277,633
2,634,300
2,689,107
—
35,000,000
due 1942
30,000,000
3X% debentures, due 1951
Manufacturers and selling agents
2,164.215
credit balance (Textile Co.)—.
2SA% debentures,
»
-----
30,000,000
Contingent reserves:
Margin due cust'rs only when
receivables are collected
6,054,633
6,268,433
5,226,991
Dealers' partic. loss reserve...
Reserves for
Amer.
possible losses
Indemnity Co.
Credit
N. Y.—Insurance reserve,
Minority pref. & com.
surplus (subs,
of
&c.
5,972,570
4,048,733
44,668
45,235
74,228
1,498,301
9,526,160
—
x
6% (preference)
cum.
pref.
conv.
stock
12,194,800
18.419,940
17,964,494
16,047,641
9,540,520
3,145,696
7,653,172
343,678,698 272,533,345 166,559,626
Total
x
12,269,900
11,669,320
4,580,106
11,734,101
116,170,965
Common
changed from no par to
1935.—V. 146, p. 908.
Shares
June 30,
3,470,525
7,071,250
19,371.800
preferred stock
Convertible
4K%
See y
See y
See y
Preferred class B 8%
CI .A conv.ser. A
917,725
12,369,094
stocks and
cos.)
3,766,356
1,122,607
15,121,209
QX% and 7%
First pref.
for 1936.
Corp.—Net income from operations of Gleaner Har¬
vester Corp., after providing for Federal and other taxes, prior to surtax
on Its undistributed profits (returns filed on calendar year basis), for its
fiscal year ended Sept. 30,1937, was $693,346, or $2.67 per share on 259,486
shares of common stock outstanding Sept. 30, 1937.
Company has for several years held 75,000 shares of common stock of
Gleaner Harvester Corp., upon which It received in 1936 a dividend of
$2.50 a share, or $187,500, of which $37,500 was in cash and $150,000 in
6,000 shares of common stock at $25 per share.
The 6,000 shares of stock
received as a dividend in 1936 were sold early in 1937 at an average of $40.41
per share, and the proceeds credited to a special reserve pending the con¬
summation of certain requirements of the Securities and Exchange Com¬
18,282,279
77,068,360
16,662,274
Credit Alliance Corp.,
Assets of
$4.11
1934
725,331
57,795,609
wholesale notes and
lien
acceptances
44,025
$
$
$
23,529,530
143,998,158
60,740,756
Indus, lien retail time
1935
1936
1937
payment of current open
Gleaner Harvester
84,275
320*,612
Earned surp. bal. close
Net inc. per sh. on com.
Cash
1,173,815
8,982,790
202,351
...
off...
Transf. to res. for deprec. of sees.
Transfer to capital surplus
and other taxes, was
accounts of specified customers.
Net premium income of American Credit Indemnity Co. for 1937 was
$2,073,298, and net earned premiums were $1,779,879, compared with net
premium income of $1,338,322 and net earned premiums of $1,273,512
2,45~9~360
10,123,657
359,825
374,424
Common
Net
289,680
518,753
stock
Furniture & fixts. written
Earned surp.
531,706
531,772
5M% conv. pref. stock
4K% cum. conv. pref.
277,630
423,045
6% class A convertible
During the development of this situation with the
between the company and Chrysler Corp. have
which will be needed
8,236
114,020
Dividends—
a
incident to
4,178
57,010
undlstrlb.
Net inc. for minor, int.
of or a close
in order to save
900,000
(less credit
Res. for Fed. inc. taxes
well as
sales
sales paper pur¬
16 months. The
down payments, with small
sale or used cars, as well as
new cars, through the.inability of dealers to accept trade-ins freely.
This
condition, the stocking of new models with dealers, and the present business
recession explain the large amount of motor lien wholesale paper outstanding.
For the past several months the executives of company, as well as those
of many others, have been taking definite steps to check this tendency
by accepting a lesser proportion of transactions with extended maturities
and low down payments.
The results of this program have been very
satisfactory and encouraging, as indicated by an analysis of motor lien
retail time sales notes of company purchased during the three months ended
Dec. 31, 1937, compared with tne nine months ended Sept. 30, 1937.
The motor
C*r364,607
1,941,880
14,860,327
Reserve for contingencies
The average maturity
ave
Cr353,817
3,781,605
26,551,747
Oper. exps. (excl. int. & discount)
Net loss in excess of reserve
acceptance of extended maturities and low
monthly payments on new cars, slows up the
factory affiliations, that
Sartment of Justice by certain
Dr23,018
14,242,474
6,024,108
34,666,853
Income
Gross
377,959,931
14,213,493
51,999
17,477,707
7,339,776
retired
Discount on notes & debs,
especially
chased by the company
1934
J
1935
1936
1937
petitive conditions, there has developed dining recent years,
during 1936 and 1937, a general lengthening of average maturities, as
a lowering of down payments, on motor and industrial lien retail time
notes.
and
[Company
deserved.
Down Payments—As a
Operations for Calendar Years
Subsidiaries]
Summary of Consolidated
'he aggregate amount of this Jan. 1, 1937 and July 31, 1937, inclusive,
?laced on the pay roll between special compensation was $472,054, which
Extended Maturities—Low
compares
shares of its common
by its present Chairman of the Board, charter being
granted on May 29, 1912, and its cash capital of $300,000, less under¬
writers' charges, was paid in on June 12, 1912.
In June, 1937, the direc¬
tors resolved that as and when any officer or employee shall have been con¬
tinuously on the pay roll of the company or its subsidiaries from date of
their acquisition, for 25 consecutive years (to be considered as not inter¬
rupted by furlough for military service during the World War, or, in special
cases, by disability or other causes), he or she should at the expiration of
such 25 years' service receive a special compensation or bonus of 25%
(1% for each year of such service) of his or her annual salary at that time.
The amount so paid in 1937 was $48,147, inasmuch as several of the chief
executives had been with the company for 25 years.
In the future this
should amount to only a few thousand dollars in any one year.
When declaring a special cash dividend on the common stock at their
meeting on Nov. 19, 1937, the directors desired to recognize the efforts of
the officers and employees of the company and its subsidiaries as reflected
in the operating results for 1937.
The directors therefore declared, and
there was paid, on Dec. 15, 1937, a special compensation to the full time
officers and employees in good standing and on the pay roll on Dec. 15,
1937, of one months' salary to those who were on the pay roll of the com¬
pany Dec. 31, 1936, and one-haif of one month's salary to those who were
nearly 26 years ago
well earned and
other taxes on its
per share
31, 1937,
share, on the number of
payment of Federal and
Increasing Taxation—For the
month the proportionate accrual of earned
reserve for deferred income and charges
upon which will be realized each
service charges from the substantial
was
1067
Financial Chronicle
146
18,407,440
17,901,982
13,789,352
$10 par value
Commonwealth Edison
fectlve June 28,1933. y Retired
Co.—Weekly Output—
Commonwealth Edison Co. group (Inter¬
company sal^de^
for the week ended Feb. 5, 1938 was 131,778,000
kilowatt-hours compared with 138,877,000 kilowatt-hours in the corre¬
sponding period last year, a decrease of 5.1%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
—Kilowatt-Hour Output—
The electricity
output of the
1938
131,778,000
133,737,000
132,912,000
135,259,000
Week Ended
Feb
5
Jan
29
Jan
22
Jan!
ltl-l
"I..I.
—
—V. 145, p.
138,401,000
139,745,000
137,494,000
% Decrease
5.1
3.4
4.9
1.6
908. 747, 592.
Congoleum-Nairn,
The directors
mon
1937
138,877,000
have
This compares
Inc.—Dividend Reduced—
declared a dividend of 25 cents per
share on the com¬
value, payable March 15 to holders of record March
with dividends of 50 cents per share paid in each quarter
stock, no par
1,
of
1068
Financial Chronicle
1937 and 40 cents per share previously distributed each three
months.
In
addition the following extra dividends were
disbursed; 25 cents on Dec. 15,
1936, and Dec. 16, 1935; 40 cents on Dec. 15, 1934, and 50 cents
per share
paid on Dec. 15. 1933.—V. 145, p. 754.
Consolidated Investment Trust
Years End. Dec. 31—
Connecticut General Life Insurance Co.—New Director
Connecticut Power
Co.—Earnings—-
Total.—
-
Total operating
Operating expenses
Retirement
Taxes.
for
3,695,976
606,499
671,285
$1,776,195
97,943
107,416
2,671
408
$1,874,547
133,129
$1,741,418
1,647,752
$2,006,645
1936
1,884
590,269
14,576
1,290,728
25,040
492,729
Prepayments
Mlscell.
invest'ts.
Sinking fund
Misc. special funds
Unamortized debt
disc't & expense
Work In progress..
Mlscell.
25,000
229,935
180,556
Bonds
4,931,000
Notes payable
Accounts payableMisc. curr. liab—_
Interest accrued-.
Misc. accrd. llabs-
137,062
135,015
14,968
119,655
Conn.
802,438
xAfter
on
on
$
16,569,775
17,000
2,955,000
500,000
225,863
112,580
486,572
32,665
Total
Consolidated
com..
Ctfs. of deposit &
accrued interest
Funds in closed bks
deducting
$0.54
sur¬
Gas
Electric
Light
&
Power
Co.
of
Rev. from gas
1937
1936
1935
Miscell. oper.
revenues.
8,959,971
756,204
202,959
9,114.298
8.907,550
712,197
306,271
775,087
310,057
Gross oper.
revenue—$34,735,495 $33,109,098
Operating
1934
salee.$24,816,360 $22,909,655 $21,039,186 x$19041,378
sales
Rev. from steam sales—
expenses
x8,876,357
675,900
359,646
$30,965,207 x$28953,281
15,886,613
14,411,985
2,443,726
2,409,680
3,744,654
3,571,805
18,098,774
2,859,407
5,106,581
17,598,527
2,487.146
4,268.481
$8,670,732
557,785
$8,754,943
401,905
$8,890,212
341,490
$8,559,811
200,018
Net revenue
$9,228,518
Fixed charges and other
Retirement
expense
Taxes
Net oper. revenue—
Miscell, non-oper.
rev—
Surplus
Dec. 31
standing (no par)
Earnings
6,469,623
1
rec.
Special depositsCash
-
sec-
Other notes
rec.
Material & supp.
Prepayments
cur. assets
Sinking fund...
Unamort. disc't
$515,815
10,014,351
eral & admin,
expenses
Prov. for doubtful notes
1,167,397
1,167,397
1,167,397
$4.41
$4.04
Co.'s propor. of loss of
unconsol. sub. co. not
1,811,518
6,000,000
33,157
142,018
1,,581,146
5 .856,051
193,000
1,,103,725
Total
x
Com. stock
39,414,812
ser. A
22,306,300
Long-term debt. 67,728,000
cap.
2,643,021
146,612
Contrib. for exts
50,727
Mlscell. reserves
Hydro equaliz'n
256*935
doubtful assets
Unamort.
165,546,650 164,395,186
Represented by 1,167,397
no par
180,000
or
33,066
115,639
50,658
Contingent
res.
-
639,531
723,002
806,110
1,269,708
100,182
1,174,947
723,002
793,045
1,093,051
additional
375.215
328,466
11,190,570
Total
165,546,650 164,395,186
shares.—V. 146, p. 909.
2,131 shares of stock have been listed
Exchange, bringing total listed capital
on
the
Toronto
to 3,265,116 shares
of an
authorized 4,000,000 ($5 par).
This additional listing covers
shares issued
as bonuses to the
operating staff and
rec. or accr.
&
Total income
Int. & exch. pd.
or accr.
Provision for taxes
Inventory
price decline
other contingencies
Net income
Divs. declared on $4.50
cum. pref. stock
Common dividends—
Previous earned surplusAdjust, of divs., bonus &
on
3,833.542
3.641,584
222,710
416.632
575,385
$9,722,838 $10,114,221 $13,311,459
$13,048,641
812,268
607,624
732,435
471,397
$10,535,107 $10,721,846 $14,043,894 $13,520,038
173,274
66,929
57,983
100,430
bl,448,306
bl,616,128
2,262,332
2.212,486
500,000
$8,913,526
500,000
$9,038,787 $11,223,578 $10,707,122
dl92,500
8,560,5l2
8,970",608
6,793,319
5,326~,732
$160,514
18,479,836
Surplus
int.
4,854,746
234,080
119,959
$68,179
18.411,657
$4,430,260
13,981.398
$5,380,391
20,600,767
cancel. of sub-
scrip. under stock subscrip. plans & divs. on
Co.'s
on
Consolidated Mining &
Smelting Co. of Canada, Ltd.
An
4,536,297
co.'s stock held
prem.
bonds
334,998
Unadj. credits._
589,876
Surplus
12,488,826
—Additional Shares Listed—
Stock
$17,534,315 $18,121,974 $20,105,654
$19,704,222
3.041.099
2,810,336
2,544.021
2,438,612
invest., &c-
32,650
2,100,464
1,191,126
2,871 301
12,326,733
Inc.—Earnings—-
owned
on sees.
or
Res. for slow
1,803,148
482,756
978,243
39,414,813
22,306,300
68,293,500
stock
3, .299,876
1, 558,927
-
Hydro equaliz'n
Deferred chges.
$
32,650s
Acer, liabilities1,913,270
4,290,154 Accts. payable.
1,175,531
5,116,825 Other cm. liab.
2,084,274
Deprec. reserves 13,759,578
4,784,914 Res. for doubtful
193,000
accounts
180,000
1,111,225
51,893
wholly
Divs, & int.
1936
$
Pref. stk.
on
Gross profit
Net operating income1937
x
Continental Can Co.,
Cinsolidated Income Account
for Calendar Years (Incl. Wholly Owned Subs.)
1937
1936
1935
1934
and accounts
Liabilities—
Premlum
& exp. incur'd
bonds
Consolidated Textile Corp.—President
Resigns—
$940,810
10,647,698
Affected by rate
1937
$571,048
Frederick K. Rupprecht, President of this
company, has resigned from
that position.
Henry B. Stimson, Secretary-Treasurer, has also
resigned.
—V. 146, p. 437.
$1,076,744
11,190,570
1936
3,,614,740
Accts. and notes
receivable
Marketable
on
1938
$610,867
Prov. for depr. & depletSelling, advertising, gen¬
6,,000,000
Corp
Misc.
Month of January—
Sales
—V. 146, p. 437.
4,202,577
x
employees.—V. 145, p. 3650.
146,
Consolidated Retail Stores—Sales—
4,202,629
Har. Wat. Pr.
Int. & dvis.
The income statement for the
calendar year was published in V.
p. 909.
$5,877,319
1,158,927
726,501
Total
11,093,835 11,343,773
After allowance for depreciation of
$5,450,426 in 1937 and $4,902,451
y Includes Federal capital stock tax.
z Accounts
receivable only.
a Amount
payable to Port or Monroe to discharge all
obligations arising
from a contract dated April
30, 1932, providing for certain payments to be
made toward the cost or
constructing the Monroe Harbor.
2,882.509
140 014,365
134,897,996
7,500,000
3,006,992
830
x
$6,288,204
1,144,764
Consolidated Balance Sheet Dec. 31
Mlscell. invest..
Invest, in Safe
1,350
1
$6,394,688
1,115,315
4,202,629
%
303,799
1,900
7,500,000
Surplus, Dec. 31— 2.847,154
11,093,835 11,343,773'
$8,759,828
$
78,283
50,804
..
59,334
1
64,440
27,446
a23,770
312,694
accr. accts
7,035,671
70,922
-
2,943,498
1937
4,996
77,522
78,867
Deferred incomeCommon stock
-60,000
Pats. & goodwill..
$9,231,702
per share a.—
$4.63
$4.52
Based on shares
outstanding at end of period,
reductions made
during 1934.
Assets—
319,196
Other accts. payFed. taxes payable
Other
38,107
2,762,160
a
Fixed capital
,,
6,407
buildings,
machinery, &C—
Prepaid items
$9,156,848
Profit and loss
surplus.. 12.488,826
Shares com. stock out¬
wages.
Land,
x
1.167,397
dividends
Common dividends
$
229,549
8,016
claims
6,426
40,000
$1,198,459
Preferred
1936
$
y Acer, local taxes.
Accrued salaries &
12.658
accts-
$6,516,403
1,115,315
4.202,629
Net income
100,071
722,391
894,674
1.378,319
13,771
-
2,712,115
.
charges
common
in 1936.
Subs.)—Earnings—
Calendar Years—
Rev. from electric
100,070
1,032,216
z435,718
1,718,831
145,920
Mortgages & land
Total
Consolidated
Baltimore (&
Liabilities—
Accounts payable.
1,022,351
Empl. compensat'n
Plant not used——
Other real estate.,
Federal
1937
$
1,074,129
Inventories
$0.£
y After
146, p. 105.
1936
$
Cash
Employees'
taxis &c.
profits.—V.
117,165
8,191,394
2,201,683
150,224
Paper Co.—Balance Sheet Dec. 31-
1937
Assets—
2,006,645
1937—12 Mos.1936
$892,57
y$813,038
1,250
preferred and
stockholders of the predecessor
companies.—V. 145, p. 3343.
U. S. Govt, secure.
Notes & accts. rec.
Subs.)—Earnings-
$
1,821
12,287
Total
11,659,372 10,675,824
Total
11,659,372 10,675,824
b Represented by
298,199 (273,401 in 1936) shares of $1
par
(after
deducting 10,300 shs. in treasury at cost of
$166,536) issued or yet to be
issued in exchange for certain
preferred stocks of the predecessor com¬
panies, plus shares issued on the exercise of
39,591 warrants.
Warrants
providing for the issuance of 400,475 shs. at $30
per share at any time prior
to Aug. 1, 1938 are
issued, or to be issued to the
4,589,955
29,944,022 27,827,761
1936
—
331,601
2,134,441
1937
..
103
Co.
1936
$
Liabilities—
$
176,423
233,805 Accounts payable.
1,171
Investments
11,275,994 10,183,397 Accrued expenses.
10,187
Acer. int. receiv'le
27,738
51,441 Reserve for taxes.
3.046
Notes & accts. rec.
117
10,115 Res. for Fed. Inc.
Real estate..—
176.321
tax
195,719
10,897
Def'd real est. exp.
1,379
1,346 b Capital stock
141,963
Def. cap. stk. tax.
1,400
Paid-in surplus
8,832,536
Capital gain surp. 2,541,842
Income surplus...
117,730
6,024,587
Power
1937—3 Mos.—1936
$369,481
y$369,485
$0.83
$0.80
depreciation, Federal
undistributed
$441,104
324,618
as
Cash...
contracts..
Period End. Dec. 31—
$378,380
439,654
$786,151
769,113
$
349,258
surplus
29,944,022 27,827,761
x
$763,698
It is the practice of the trust to
consider
144
Reserves
20,175
69,814
Consolidated Cigar Corp. (&
tax
215,171
146,476
531,025
25,142
Taxes accrued
-V. 145, p. 1581.
Net profit
Earn, per sh.
1936
Liabilities—
$
Com. Btk.(825 par) 16,569,775
Premium on stock.
17,000
Mlsc. unadj. cred.
suspense-
Total
17,692
1,298,178
24.639
19,398
90,473
Balance Sheet Dec. 31
$2,002,521
1937
3,131
"3",628
10,897
1937
$93,665 def$105,938
89,541
18,719
2,002,521
2,127,179
Condensed Balance Sheet Dec. 31
Int. & divs. recelv.
4~,427
24,600
19,398
66.655
8,612
$1,539,766
1,645,705
$2,134,441
Materials & suppl's
"
income only those stock
dividends which appear to be
subject to Federal income taxes and then
only to the extent of the amount per share charged to earned
surplus by the
144,094
Figures for 1936 include the operations for the 6 months
ended June 30
of Bolton Electric
Co., Thomaston Electric Light Co. as an
investment
organization, and of all subsidiaries except East Hartland
Improvement
Co.
Figures for 1935 are on a comparable basis except that the
operations
of Bolton Electric Co. and
Thomaston Electric Light Co. as an
investment
organization, are excluded.
Notes & accta.
3.046
respective payor corporations.
of Dec. 31
8
"l",242
~4~,475
Net inc. from opers..
$1,683,861
$135,802
8,006
2,006,645
$
1,142
11
30
Dividends
z
1,646,356
1937
1,174
Real estate taxes
Est. Fed. inc. taxes
divs.
25,158,330 24,232,934
1,458,062
359,560
rec.
946,898
949,586
2.716
Other charges
$1,958,145
175,986
Balance to surplus
Assets—
10,000
3.547
5,211
6,000
3,328
$1,573,772
Net direct charges to
surplus
Surplus as of Jan. 1
Fixed capital
Cash
4,228
3,464
60
Assets—
as
8.000
4,806
bookkeep¬
Exchange
$6,447,534
3,639,912
686,000
819,694
$1,864,987
87,686
5,471
and surplus
Common stock dividends
Surplus
$616,837
14,968
2,625
Licenses & other exp—
$1,782,159
"stock
common
$529,170
16,221
2,625
Cap. stk. & misc. taxes.
Mortgage interest
Deprec. on buildings—
$6,921,802
-
.-i
$833,976
18,100
2,750
Transfer agent expenseDiscount Canad. funds.
Rent & office expense—
976,091
3,604,393
710,000
921,024
Gross corporate income
Interest charges, amortization, &c—
Balance
$6,644,621
$7,100,404
—-—-
accrual
Operating income
Dividend revenue
Other income.
$6,921,802
1934
$144,822
361,400
110,615
7,000
9,881
6,042
...
197,087
revenue.—--..—
reserve
$5,668,530
$7,100,404
-
Value of free electricity and eas
$5,948,047
973,755
1935
$91,090
344,652
93,429
ing services
$6,133,573
966,831
-Earnings—
1936
$127,172
z695.988
10,816
Legal and auditing
1935
1938
$826,097
18,560
2,775
Total income
Salaries
Trustees' fees.
Custodian and
Calendar Years—
Gas sales
1937
12,
$102,902
z711,670
11,525
Rents
Stockholders elected Lucius F. Robinson Jr., a member of
the board
of directors, filling the
vacancy caused by the death of John T. Robinson.
V. 146, p.908.
Electric sales
Feb.
propor. of loss
unconsol. sub. co
240
of
ell9,959
Total surplus
$18,760,309 $18,479,836 $18,411,657 $25,981,398
Propor. of 50% stk. div.
charged
.
to earn, surp-
Earned surplus
Shares
com.
stock
cl2.000,000
$18.760,309i$18.479,836 $18,411,657 $13,981,398
out-
standing ($20 par)
Earned per share
2,853,971
2,853,971
2,665,191
2,665,191
$3.06
$3.17
$4.21
$4.02
Including $1,000 surtax on undistributed profits,
c In
addition
$5,767,940 was charged to capital surplus.
d(Less amount accrued to
b
date of sale of stock,
ment in stock of
e
For prior ..year, recovered^on sale
in.1937 of invest¬
subsidiary
company.
Financial
146
Volume
"Compared with
last annual report," President O.
our
receivables
of the slower movement of canned goods inventories
partly to the increase in the volume of our business,
particlarly in packers'cans.
"The inventory value at Dec. 31, 1937, amounting to $39,445,448 is
carried at less than the present market value, and compares with $25,080,857 at the end of 1936.
Some of this increase of $14,364,591 resulted
from the manufacture and stocking of raw materials to meet an anticipated
demand estimated to be above normal requirements.
Although a somewhat
larger volume of business was transacted, there was a considerable decline
in demand in the last quarter of the year, partly the result of the reduced
activity in general business, but largely due to the effects of unfavorable
weather on the late seasonal packs of canned vegetables.
"Certain commodities, principally tin, required by the company in
its operations, must of necessity be imported.
Our general practice is to
have at least six months' supply of such commodities either on hand or on
forward purchase commitments.
With respect to the quantities of such
commodities on hand at Dec. 31. inasmuch as the market price was over
$400,000 less than the company's cost, the inventory has been written down
to the market, which is in accordance with the company's practice of
valuing its inventories at the lower of cost or market."
Security investments carried at cost, amounting to $2,332,048, repre¬
sent the company's investment in Vulcan Detinning Co. and in Metal
Box Co., Ltd., of England.
Market value of the company's holdings in
these listed stocks on Dec. 31 was $3,545,561, it was stated.
Other
security investments carried at or below cost in the amount of $2,034,542
represent the company's investment in non-competitive allied or associated
companies not subsidiaries of the company, both foreign and domestic.
of the year as a result
of our customers, and
Consolidated Balance Sheet Dec. 31
a
b Common stock
Rl. est., bldgs.,
51,367,574
Security invest'ts
subsid.
Pref. divs.
Accts.
inv.,
Other sec.
stock
Bank loans
561,160
co
Accrued
notes
taxes,
39,445,448
1,648,358
25,080,858
receivable.v.# 26.458,487
pay.
20 ,000,000
12 ,000,000
225,000
,699,608
3,360,290
3, 003,647
3,517,744
1,357,560
18,479,836
20,948,588
,340,971
1.
Other reserves..
8,550,250
4,479,601
& accts. rec_.
&
Notes
accts.
Cash..
.
43.749
254,763
757,207
,760,309
18,
20,299,839
44,867
262,689
Earned surplus
Capital surplus.
Inventories
647,861
Acer. int. & disc.
Deps. with mut'l
Insurance
cos.
Prepd. insur., &c
a
After
reserve
and $18,992,010
for
$20,936,789 in 1937
and depreciation of
depletion
b $20
in 1936.
134,408,796 104,743,439
Total
134,408,796 104,743,439
Total
par value.-—V.
146. p. 437.
Continental Service Co.—Receiver Asked—
asking appointment of a receiver for the cmpany—a holding
sponsored by B. E. Buckman & Co., Madison, Wis., investment
recently was declared bankrupt—was filed in Federal District
Court at Madison, Wis., Jan. 31.
Harry J. Allen, Milwaukee attorney, who filed the petition on behalf of
30 Wisconsin holders of 15,000 shares of Continental stock, said the purpose
of the suit was to place assets of the company under the court's control
to prevent their dissipation.
'i*-2'-:
The petition cites failure of the company to pay a 1lA% share dividend
declared last October.
It alleges that about $400,000 of Continental cash
was "fraudulently and dishonestly" transferred to the Buckman company.
The Federal marshal's office issued subpoenas against Buckman com¬
A petition
concern
firm which
pany officers ordering them to appear
receiver should not be appointed.
within 10 days to show cause
why a
company.—V. 144,
Bankruptcy action is pending against the Buckman
p. 276.
Continental Steel
31
...$19,723,904 $18,539,795
Cost of sales
16,758,294
15,784,358
Adm., sell. & gen. exps..
1,510,176
1,402,240
Prov. for depreciation..
463,544
491,895
Net
sales
and Charles
Periods
$9,767,520 $16,535,401
8,336,062
13,897,536
702,992
1,293,168
241,738
This reorganization plan, approved by the Court, was outlined and
proposed and argued by the committee of preferred shareholders known as
the Charls committee.
Under the plan, stockholders will receive securities of a new firm, to be
built upon the superstructure of the old, but which must bear a name
different from the parent firm.
Judge Dickerson's decision stated that the Court will approve a plan* of
reorganization involving the following features:
„
"(a) The incorporation of a new company with a name distinctly different
from that of the old, in order that the opprobrium which attached to the
old company would not impede the new, and with powers similar to those of
the old company.
"(b) With an authorized capital stock of one class with or without par
value, in the discretion of the organizers, of 394,011 shares.
"(c) With provision that each holder of preferred equities shall receive
one share in the new company in exchange for one share of preferred stock
formerly held in the old company and the holders of common and founders'
shares in the old company to receive one share in the new company for each
200 shares of old; scrip to be issued for fractional shares, with provision for
cash liquidation of the interest of those who dissent.
"(d) The receivers may sell or exchange the remaining assets in their
hands for 384,374 shares of the new company, to be distributed by them,
share for share to the holders of preferred equities who concur in this plan.
"(e) The new company shall assume all of the debts of the receivers,
including expenses of administration.
"(f) The holders of the preferred equities, who shall decline in writing
addressed to the receivers, within 30 days from the date of the decree to
passed in accordance with this memorandum, shall be entitled to have
petition, filed for that
within 60 days after the date of such decree, in a manner to be
designated by the Court and to be paid in cash tae value of their respective
equities within 90 days after such appraisal.
"(g) As a condition precedent to the transfer by the receivers to the new
company of the assets in their hands, satisfactory arrangements shall be
made, by or on behalf of the new corporation with the Chase National
Bank, New York, and the National City Bank, Cleveland, for the assump¬
tion and payment of their respective claims, through a pledge, if required
of assets, or retention by the receivers of sufficient assets to meet these
claims, until fully liquidated, with remainder to the new corporation.
"(h) The directors of the new company shall include the receivers, or
their nominees, until all the receivership indebtedness and costs of adminis¬
tration have been liquidated, with equal representation on the board,
designed in the charter of the new corporation, by or on behalf of the
proponents of both plans.
"(i) The stock of the new corporation should, if possible, be listed on
the New York stock board prior to the delivery by the receivers of the
new corporation of any of the assets remaining in their hands."—V. 145,
p. 3494.
the value of their respective equities appraised upon
purpose
Coos Bay Lumber
Co.—Earnings—
Income Account for the
Year Ended Dec. 31, 1937
operations before charging interest or providing for !.
depreciation or depletion
$465,481
Interest paid or accrued (net)
80,720
Int. on unpaid 1934 property taxes (originally payable in 1935)
waived by Chapter 96, Oregon Laws 1937 (see note a appended
to balance sheet)
CV8.037
Profit from
Depreciation....
Depletion.....
...
......
.............
on
disposal of capital assets
$861,300
80,448
$486,727
42,377
$845,001
74,338
$1,075,438
56,956
xl 1,445
7,558
$941,749
65,572
xl2,290
$529,104
32,102
x6,305
1,389
613
$919,339
60,750
8,543
839
717
1,705
520
1,185
7,969
156,272
2,725
118,353
19,968
Amort, of dt. disc. & exp.
Interest on loans
Loss
of
3,485
Loss
on
sales
ment of
or
$814,553
1,781,237
$736,227
$410,609
1,621,627
dismantle¬
Balance Sheet Dec. 31,1937
Liabilities—
2,192
surplus
Loss
on
contracts
rec.
4,115
228,927
Inventories
c
92,009
1937 (est.)..
&
"Lumbertown"
Bal. of 8.8.
mtge. & int. accrued thereon
Accounts payable, &c
122,887 Accrued payroll
227,174 Accrued social secur. taxes &
7,226,745
Plants, properties, &c
Deferred charges
Deficit
a
Acer.
years
29,063
8,739
5,857
3,285
.
prop,
taxes for the
1931 to 1934 Incl. (due
261,488
6,350,000
d Capital stock—
$715,914
1,895,069
pref. stock
173,139
stock
300,866
$2,032,236
88,499
150,434
$2,611,939
731,060
200,579
10,293
12,065
38,977
on com.
sales
int. accrued thereon
126,039
955
$2,595,790
on
Sundry notes & accts. ree'le..
Prop,
$1,156,202
$4,993 Payable to bank
73,018 a Acer. prop, taxes for 1930
(unpaid bal. of 25%), and
18,783
6,069
73,275
•
Reduc. of minor, int..
Total
b Trade accts. & notes ree'le..
1939 to 1954)
Previous earned surplus.
Dividends
Dividends
Cash in bank & on hand
contributions
trib. profits of subs
Balance earned
328,921
$227,174
-
'
properties
Prov. for Fed. inc. tax..
Prov. for surtax on undis-
y
$556,096
Deficit, Dec. 31, 1937
3,485
Allot¬
Superior
ment Co
$30,538
22,150
473,150
30,1937- 30,256
-
Assets—
Interest on funded debt.
212,821
210,515
--
Net loss....... ......- i-...iiCapital surplus balance, Dec. 31,1936
499,696
$991,890
83,548
Profit from opera'ns__
Other income
Wachner, Ohio receiver, be
until liquidation of all in¬
S.
Loss from operations
6 Mos. End. 12 Mos.End
'36 Dec. 31 *36 June 30 '36
'37 Dec. 31
Maryland receiver,
Loss on disposal of investment in Coos Bay Land Co
Loss of Coos Bay Land Co. for the nine mos. ended Sept.
12 Mos.End. 12 Mos.End.
Dec.
millan,
included among directors of the new company
debtedness.
Loss
Corp.—Annual Re-port—
Consolidated Income Accounts for Stated
Period—
Inc.—Court Approves Plan—
of the company, which will give 97% contro
preferred stockholders and a 3% interest to other shareholders,
was approved Feb. 4 by Judge Edwin T. Dickerson in Circuit Court No. 2
at Baltimore, Md.
Net assets of the corporation as of Dec. 31, last, were valued at $3,948,458, or $10.35 on a share of par $100 stock.
The company which formerly
was dominated by Cyrus S. Eaton interests once had assets of about $150,000,000.
In approving reorganization, Judge Dickerson ordered the company to do
business with a different name.
He also directed that William D. MacA plan for reorganization
to former
be
wages,
&c
12,795,122
5,726,858
57 ,079,420
payable-
other invest. &
mtges.,
57,079,420
$4.50 cum. pref.
3,792,622
2,332,048
Inv. in unconsol.
$
$
Liabilities—
$
machinery, &c 54,902,706
1936
1937
1936
1937
Assets—
Continental Shares,
C. Huffman
letter to stockholders, "cash declined $2,823,392 and current
after reserves increased $13,663,364.
This increase in re¬
ceivables was due partly to a falling off in collections in the latter part
states in his
1069
Chronicle
major dismantle¬
ments, &c
Unamort. disct. & prem.
paid on bonds retired
prior to maturity
19,695
Total
$7,906,645
Total..
$7,906,645
-
to 1934 taxes (due 1938 to 1954) will be
Laws (Chapter 5, Special Session 1935,
as amended by Chapter 96, 1937) if the taxes payable in 1938 and subse¬
quent years are paid when due.
No provision has been made for such
interest and penalties,
b Less reserve of $6,233 for bad debts,
c After
reserves for depreciation,
depletion and amortization,
d Represented by
63,500 no par shares, at stated value of $100 per share, after deducting
257 shares held in treasury.—V. 145, p. 4115.
a Interest and penalties on 1930
waived in accordance with Oregon
Credit Utility
Banking Corp.—Earnings—
Subsidiary)
(Including Credit Utility Co., Inc.,
Balance earned surplus
Shares common stock
Earnings per share
$2,111,492
200,576
$3.20
200,648
$2.78
$1,781,237
200,648
$1.60
$1,621,627
200.648
$2.67
debentures retired,
y With respect tof
preferred stock acquired by parent co.
x Including premium paid on
accrued dividends on subsidiaries'
1937
1935
$269,424
xl88,444
$196,392
143,427
$110,027
158,339
$80,980
102,431
16,178
$52,964
66,345
24,370
$268,367
55,000
$199,590
41,250
$143,681
41,250
$213,367
Operating expenses and Federal taxes.
1936
S367.989
x257,962
Years Ended Dec. 31—
Gross operating income
$158,340
$102,431
Consolidated Balance Sheet Dec. 31
Notes & accts. rec.
1,134,955
secur.
Inventories
Liabilities—
$
$
521,684
Marketable
1937
1936
1937
Assets—
Cash...„-w
1,200
731,768
1,964,811
1,200
4,391,897
unsold
land
935
505
11,075
114,729
11,362
103,284
Sundry receivables
in outside
Invest,
companies, &c..
20,035
12,205
7,854,443
7,804,886
Patent
Deferred charges..
Payrolls payable..
Accrued int., gen.
121,577
281,999
a400,413
298,555
&c
taxes,
debt
due
75,000
1
1
83,336
118,610
100,000
1,202~6O5
(current)
Funded
debt
1,300,000
408,675
2,630,600
5,279,310
d
surplus
Treas.
cost
stock
Balance, Dec. 31
per sh. on
Earns,
x
495,000
Operating reserves
425,765
7% cum. pref. stk. 2,527,600
c Common stock..
5,279,310
Earned
Dividends.
class B no par
Notes payable.;...
Initial & cap. surp.
b Land, bldg., ma¬
chinery & equip.
652,702
95,545
95,385
Advances to em pi.
$
312,936
Funded
Deb. sk. fd. depos.
1936
Accounts payable.
4,112,944
Land contr. rec. &
$
1,848,771
2,111,492
1,850,093
1,781,237
JDr75,188
Dr 121,049
Includes $10,845
14,229,675 14,957,122
Total
($6,724 in 1936) for surtax on
1,034
$571,607
1,034
4,450,415
Investments
penses,
.....
int.,
&c
1937
Dividend payable.
Reserve
Notes & accept'ces
receivable
31
Notes payable
3,275,031
$559,185
$1.47
$0.96
undistributed profits.
Liabilities—
1936
1937
Assets—
Cash
due
ex¬
14,334
1
9,906
1
741,398
Deferred income..
General reserve.
x
..
Capital stock...
Surplus
1936
$2,650,000 $1,750,000
13,750
10,313
to
customers
Reserve for taxes.
14,229,675 14,957,122
b After deducting reserve for depre¬
and $6,353,368 In 1936. "c Represented by
d Represented by 776 (1,216 in 1936) shares
preferred stock at cost and 71 (69 in 1936) shares common stock at cost.—
V. 146, p. 106.
$2.00
Consolidated Balance Sheet Dec.
Prepaid
at
55,000 shs. com.
stock
Furniture & fixt's.
Total
^
622,658
34,654
256,799
23,174
178,095
15,000
15,000
1,100,000
213,367
1,100,000
158,340
Federal and general taxes only.
ciation of $6,613,718 in 1937
200,648 shares no par value,
Total..
x
$5,024,969 $3,857,579'
Total
Represented by 55,000 shares common class
938.
V. 145, p.
$5,024,969 $3,857,579
B stock of no par value.—
—
Chronicle
Financial
1070
rec,
1 ,000,415
16,343
55,555
secure.
&
85,364
—11 171,094
22,811
Prepaid expenses.
Impts.
to
leased
Accrued
67,613
150.845
75.748
358,642
1,552,225
3,377,820
Drl6,500
County
Power
Cushman's Sons, Inc.-
Cost expenses
16,840,6881
.16,078,256
Total
Total
16,078,256 16,840,688
334,161
No. of
Description
Cost or
Nominal
Value
par Value Owner>
of Bonds
ship
Stocks Carried at Cost—
$3,541,038
193,532
316,718
3,841,742
3.747.559
$216,764
14,987
$409,935
40,940
$716,771
36,144
$201,777
2,750
$368,995
6,787
$680,627
8,592
$204,527
1,729,968
y21,620
$375,782
2,201,798
$689,219
3,337,941
$1,547,061
,73,932
$1,826,016
96,048
$2,648,721
155,571
291,352
$1,729,968
$2,201,798
s
%
of
or
$3,995,260
221,122
342,331
Depreciation.
'
Shares
.
Market
Quotations
1
Aviation Corp., capital
stock ($3
par), (of which shares with a
of $212,562 and market
quotation of $138,750 were
pledged)
825,372
Checker Cab Mfg. Corp., capital
stock ($5 par)
32,430
New York Shipbuilding Corp.,
founders shares ($1 par)
46,200
Participating shares ($1 par)..
300
.
Refunds processing taxes.
cost
29.71
$3,827,613 $3,095,145
29.93
227,376
917,487
3,150
.
Preferred, 7% cumul. dividends..
Pref., $8 per share cumul. divs
275,655
26.40
—
167,475
1,462
.09
market
have
for
z75,000
x
$1,398,128
Year comprises a period of 53 weeks,
y After reserve pending deter¬
of Windfall tax liability of $86,481.
x Contingency
reserve
mination
against decline in market price of
commitments at Jan. 1, 1938.
,
17,528
35.06
Comparative
filed peti¬
reorganization under
15,000
5,194
75.04
130,828
Res. pending deter-
13,137
12,628
mlnat'nof Wind¬
220,343
263,209
inter-co. balance
1,919,130
336,810
329,867
Mtge. indebtedness
Contingency res..
175,000
100,000
2,084,500
3,641,900
2,195,300
—at
65,000
Statutory dep.with
Associated
or
$32,000
$19,520
62,197
40.300
A organiz. exps.
32,340
Total
American Woolen Co., 7% preferred
19,552
78,325
1,150
8,100
39,000
1,000
Atchison Topeka & Santa Fe Ry, common...
100
500
Bancamerica Blair
Corp., common
Bank of America, National Trust & Savings
Assoc., common
Barber Co., Inc., common
Barnsdall Oil Co., common
Chicago Electric Mfg. Co., class A
Chicago Yellow Cab Co., Inc., common
Cuban Atlantic Sugar Co., common..
Ourtiss-Wright Corp., class A
Johns Manville Corp., common..
Narrangansett Racing Association, Inc., com.
1,000
5,000
10
Goodwill,
5.679
600
5,000
1,133
3,856
53,950
6,600
61,250
89,223
57J)00
1,937
94,875
23,940
72,450
5,000
71,484
9,375
14,460
33,000
1,500
64,375
29,550
19,687
27,500
83,062
3,783
stock
4,000
125
5,000
300
6,300
2,500
1,500
16,100
National Guysum Co., common
National Gypsum Co., second preferred
Ohio Oil Co., common
Paramount Pictures, Inc., first
preferred
Pioneer Gold Mines of B. C., Ltd., common.
Transamerica Corp., common
United States Steel Corp., common
Ymir Yankee Girl Mines, Ltd., common
x Received
redeemed.
bonus
as
with
bonds
purchased
20,000
17,000
67,500
161
$975,300
$732,451
were subsequently
which
Of the above securities, securities with a cost of $449,593 and a market
no
Craddock-Terry Co.-
Annaul
$8,350,672
-
28. '36 Nov. 30. '35 Nov. 30,34
$7,359,170
$6,988,043
$7,544,265
8,100,813
382,328
5,423,229
1,009,179
7.038,605J
penses at Farmville
561,408
5,699,490
1,125,193
8,731
(estimated).
$320,565
37,702
$164,576
30,015
$154,507
41,127
$274,074
41,743
Profit
Other deductions..
Prov. for Fed. & State
$358,267
50,341
$194,591
46,466
$195,635
63,028
76,397
profit
$155,933
45,222
14,894
12,000
$133,228
$262,704"
$120,606
Comparative Balance Sheet
Nov.27,'37
Nov.28,'3Q
Liabilities—
267,614
540,001
334,714
791,647
2,074,178
1,589,180
Accts. receivable..
Inventories
surr.
val.life
|k insur. policies..
Investments
Class C pref. stock
995,600
Common stock
3,300,000
Accounts payable.
26,517
995,600
3,300,000
60,567
Accr'd royalties A
36,200
117,742
Other assets
3,269,306
10,610,261
shares.—V.
16,217
160,029
35,300
115,978
20,516
Accr'd
145,953
Res. for Federal A
payrolls
36,663
A
commissions
1938—6 Mos.—1937
$3,340,720
$325,961
$2,851,764
Dayton Rubber Manufacturing Co.—Meeting Adjourned
At the
stockhplders' meeting held Feb. 7 directors and officers
were re¬
elected.
Although there were almost 100.000 shares of common stock represented
at the meeting in person or by proxy, all of which voted for the proposed
change in the stated par value of the present no par common stock to a
$1 par value, this was not sufficient to constitute the two-thirds majority
required for approval of changes in the company's charter.
The meeting
accordingly, was adjourned to Feb. 21.—-V. 146. p. 594.
^
De Havilland Aircraft Co., Ltd.—Extra & Final Div.—
Directors have declared
10%
on
an extra dividend of 2 M % and a final dividend
the ordinary registered stock both payable to holders of record
Jan. 19.—V. 145, p. 605.
.
Period End. Nov. 30—
1937—Month—1936
Gross earnings
Oper.
expenses,
$1,225,166
&c
1,065,060
Balance
$160,106
Balance Sheet Nov. 30, 1937
Assets—
Liabilities—
Accounts payable
b
Taxes accrued
Dispensing eqpt. in hands
of customers
114,594
...
Securities owned
-
._
Notes receivable
a
Accounts receivable
90,881
67,526
Cash deposited in escrow..—
Fed. income tax refunds rec.Due from sub. companies
28,396
29,197
Advances to agents
21,874
22.800
32,296
32,835
1,795,258
Dr70,100
1,929,686
Prepaid accts. A def. chgs.—
Miscellaneous deposits
Res. for pens. fds.
Deficit..
$5,183,181 $5,079,3921
Total
Dr70,100
...$5,183,181 $5,079,392
r x After reserves for depreciation and amortization of $2,085,343 in 1937
and$2,026,763 in 1936.—V. 145, p. 756.
$2,126,232
$2,520,401
Addns' to plant A prop. acct. $4,846,181
Inventories
Treasury stock
$115,679
Note—The foregoing figures disregard the minority interest outstanding
Deep Rock Oil Corp. of Nebraska, a subsidiary. The operating expenses
shown include no provision for rental of properties of Deep Rock Oil &
Refining Co., and such operating expenses are before making any pro¬
vision for interest charges, Federal and State income taxes, depletion and
depreciation, amortization of non-productive leaseholds, and amortization
of debt discount and expense, cost of dry holes drilled, property abandon¬
ments, oil and gas lease rentals, marketing investigation expense and bad
debts.
33,988
A contingencies-
1937—12 Mos.—1936
$1,283,219 $15,084,301 $15,854,565
1,167,540
12,563,900
13,728,333
in
29,473
State taxes
$2,518,207 in 1937.
Represented by 100,240
1938—4 Weeks—1937
$261,887
Cash
23,503
expenses
Due wholly-owned
Total
and
c
—V.145, p.2542.
accts. discounted
.
Total
Davidson Brothers, Inc.—Sales—
Sales
subsidiaries
Res. for customers'
Deferred charges.
10,678,829
3,269,306
10,678,829'
146, p. 910.
Period End. Jan. 29— '/
Nov.27,'37 Nov.28,'36
xt-Ld., bldgs., maFirst pref. stock..$1,250,000 $1,250,000
fcTchin'y, eq., Ac.$l,971,202 $2,046,102 2d preferred stock. 1,250,000
1,250,000
Cash
10.610,261
tr.-mk.
of an application to strike the common stock (par 50c.) from
listing and registration, for the reason that the company has terminated
all or substantially all, of its business operations, with no plans either for
the resumption of such operations or for liquidation.—V. 145, p. 2691.
3,668
$249,859
24,214
Operating profit
Other income
Assets—
1,729,968
5,822,965
247,636
Deep Rock Oil Corp. (& Subs.)—Earnings—
counts, &c
Cost of goods sold
\
Sell., adm. & gen. exps__J
Installation & school ex¬
Net
851,200
236,935
1,398,128
Common stock..
Capital surplus...
3,641,900
851,200
214,017
The Board of Governors of the New York Curb Exchange, at a meeting
held Feb. 9, authorized the filing with the Securities and Exchange Com¬
Returns, allowances, dis¬
inc. taxes
100,000
mission
of
Report—
Nov. 27, '37 Nov.
Sales
par
1,637,612
Cusi Mexicana Mining Co.—To Delist Stock—
value of $385,375 were pledged as at Nov. 30, 1937 as collateral
security
for the guaranty of a bank loan of an affiliated company.—V.
146, p. 909
Years Ended—
cum
a After
depreciation of $2,681,117 in 1938
b Represented by 36,419 of no par shares,
587
27,500
36,250
144,412
158
113,580
5,580
26,250
71,544
-
5,687,155
479,718
208,833
86,481
Earned surplus
equipment
Shares
300
c
Prop., plant and
216,987
cos.—
b $8 pref. cum
95,920
77,706
Def. charges, Ac..
20,738
1944
106,760
cos.—
a
tax
7% pref.
lnter-co. balance
Market
Value
Cost
-
77,000
cost...
State authorities
Cost
City of Chicago tax anticipation warrants,
6%, 1929 issue
Delaware & Hudson Co., 1st & ref. mtge.
gold bonds, 4%, 1943
Parmelee Transportation Co., 6% conv. debs.
fall
Associated
cost
sec.—at
67.36 $1,548,614
Amortized
$32,000
accrued expenses
Invest, and sundry
Marketable Securities, Nov. 30, 1937
Description
'37
$
133,114
supplies A prod.
$3,767,238
3-year
debs., 1939
$1,526,912
Jan. 2,
$
Accts. payable and
Customer accounts
Co.
Par Value
Jan. 1, '38
428,765
rec., less reserve
519,400
45*% conv.
Sheet
Liabilities—
Sundry trade accts
Hour, Ingredients,
375.000
Preferred stock ($100 par)
Balanoe
$
363,918
28.53 $2,872,838
37.50
stock
com.
$
Cash..
Lycoming Mfg. Co.
(no par)
Automobile
material involved under purchase
Jan. 1, '38 Jan. 2, *37
Assets—
Auburn Automobile Co., capital
stock (no par)
65,124 3-50
Auburn
raw
cos. which
Sec. 77-B of Fed. Bankruptcy
Act-
Cash,
price, &c.
subsequently
tions
.
Earned surplus
$4,975,627 $3,539,737
Stock Carried at Nominal Value—
Aviation Mfg. Corp., common
($10 par)
Stocks and bonds of affil.
Co.—Offering
4,366,901
1937 and $1,025,775 in 1936. b Reprec
Represented by 13,300 (3,300 in
by 2~260,000 shares, par $5.
itC
1936) shares, $5 par capital stock.
w The comparative income statement for the year ended Nov. 30 was
published in V. 146, p. 909.
Stocks and Bonds of Affiliated Companies, Nov. 30, 1937
sented
"
Light
&
$4,702,526
218,228
.
After depreciation of $890,460 in
a
$2,972,343
Jan. 1, '38 xJan. 2, '37 Dec. 28
*35
.$10,877,538
$9,750,800
$9",285.709
8,175,012
5,755,541
5,744.670
Sales—net...
1
Goodwill
$2,991,864
-Earnings—
Years Ended—
9,939
Patents, less amort
1938—4 Mos.—1937
$697,021
Company has filed an amendment with the Securities and Exchange
Commission postponing offering date of its proposed security issue to
March 14.
The registration covers 10,000 shares of 5M% cumulative
preferred stock ($100 par).—V. 146, p. 910.
5,635
property
1938
Delayed—
Unearned disc., Ac
and reserves
12,
437.
Cumberland
Ac
com.,
$681,322
—V. 146, p.
salaries,
wages,
1938—Month—1937
Sales
$
11,300,000 11,300.000
Accounts payable.
85,068
41,908
37,621
340,299
Minority Interest.
1,013,880
184,494 Capital surplus
11,854,442 Earned surplus... 3,300,276
20,551 c Treasury stock.. X>r66,500
ac-
receivable
Investments
Period End. Jan. 31—
1936
$
Capital stock
137,312
228,752
notes
count
b
718,584
Interest..
Inventories
>
1,730,567
1,292,079
831,529
Marketable
Accrued
Defd.
Liabilities—
$
$
1 ,062,224
,515,950
975,301
Notes & aocts.
►
1937
1936
1937
Assets—
Land, bldgs., Ac
a
Feb.
Crown Drug Co.— Sales—
Cord Corp.—Consolidated Balance Sheet Nov. 30-
Total
Deep
82,103
Co
4,706,215
65,143
1,124,610
2,728,218
257,500
76,484
258,271
22,246
50,479
16,136
$14,348,183
Other
Rock
Oil
reserves
Equity
Total
$1,191,913
80,828
A
Refining
122,557
105,280
12,847,604
$14,348,183
a After reserve for bad and doubtful accounts of $608,188.
b Lees reserve.
Note—The above balance sheet does not give effect to value of property
account and miscellaneous investments, including ownership of subsidiary
companies, as of March 1, 1933, which have not been taken up on trustee's
books, nor liabilities and contingent liabilities of the corporation prior to
receivership and undischarged as of Nov. 30, 1937.—V. 144, p. 1106.
Financial
146
Volume
& Rio Grande Western
Denver
Financing—
RR.—As&s $2,000,000
Commission for
$2,000,000 of trustees' certificates of indebtedness,
interest and mature on Feb. 2,1939, to finance improve¬
have applied to the Interstate Commerce
The trustees
authority to Issue
series F, to bear 4%
ments to the property and equipment.
It
is
proposed to sell the certificates outright for
cash, but to
guard
the
loans.—V.
against a possible inability to dispose of the obligations in this manner
trustees have asked permission to pledge them for short-term
146, p. 910.
Salt Lake Ry.—To Complete Financing—
E. Sweet, Director of the Bureau of Finance of the
Commission, the company, through its general coun¬
sel, Elmer L. Brock, has asked permission to file a supplemental applica¬
tion for the sale of $1,000,000 of series A 4% first mortgage bonds to take
Denver &
In
a
letter to Oliver
Interstate Commerce
in the near future.
Dec. 19, 1935, authorized the issuance of $2,500,000
$1,500,000 to be sold at that time and $1,000,000 to be held
further order.—V. 146, p. 910.
care
of additions and betterments
The Commission on
of the bonds,
for
Distillers
Corp.-Seagrams,
Ltd.—Bronfman Family to
Buy More Stock—
Bronfman family,
who are majority common stockholders, to buy $500,000 of 5% preferred
stock with warrants attached, in payment of which the family proposes to
apply dividends received on the common stock.
This is the second successive quarter in which the family has used its
The directors have
accepted an offer by members of the
dividends in this way, having
acquired $500,000 of 5%
50-Cent Common Dividend—
19278
Ltd.—January Production—
with
Company reports January gold production of $640,622, compared
$644,377 in January, 1937.
Average recovery from 50,700 tons of ore
milled was $12.63.
December output totaled $609,260 from 48,900 tons
an average
recovery
of $12.46.—V. 146, p.
Sales.
594.
Ltd.—Sales—
Dominion Stores,
4 Weeks Ended Jan.
1938
$1,404,480
29—
-
!®37
$1,457,927
—V. 146, p. 438.
Duluth South
Seeks
Shore & Atlantic
Ry.—Stock Exchange
Delisting of Stocks—
the New York Stock Exchange has au¬
Stock List to make application at once to the
Commission to strike from listing and registration
on the Exchange the preferred and common stock of the company.
Company was organized in Michigan in 1887.
It operates approximately
550 miles of railway, chiefly a through route from Sainte Marie, Mich.,
to Superior, Wis.
Company has outstanding 100,000 shares of preferred
stock ($100 par) and 120,000 shares of common stock ($100 par).
These
issues were listed on the New York Stock Exchange in 1909 and are now
listed and registered pursuant to the Securities Exchange Act of 1934.
The Canadian Pacific Ry. owns, through a trust, 51,000 shares of the
preferred stock and 60,725 shares of the common stock, and a large propor¬
tion of the company's funded debt and unpaid interest accumulations
The
Governing Committee of
thorized the Committee on
Securities and Exchange
thereon
•
On Jan.
1937, owing mainly to settlement of a suit brought by
Chemical Co. against company for alleged infringement,
Southern Electro
during the years
method of concentrating nitric acid.
Contingent liability arising from this suit was one of the items for which
provision had been made in the reserve for contingencies, and the amount
paid in settlement was charged thereto.
On July 7, 1937, the capital stock of company was increased by sale of
the entire authorized issue of 500,000 shares of preferred stock—$4.50
cumulative to a group of underwriters for $48,750,000, which was placed
in the general funds of the company to be used for general corporate pur¬
poses.
These shares are without par value but are stated in the balance
sheet at $50,000,000, the difference of $1,250,000 having been transferred
1915 to 1918, of a patent relating to a
from the surplus account.
Sales Volume—Sales to customers
and other operating revenues of com¬
and its wholly-owned subsidiary companies for the year 1937 were
approximately $286,000,000, an increase of about 10% over 1936.
In addition to sales billed to customers, there are many intra-company
pany
bills for products manufactured by one unit of the company and transferred
to another unit for use in the manufacture of other products.
These intracompany
$31,000,000, are
total volume of business transacted, as are
Therefore, the total volume of your com¬
be more properly stated at approximately
billings, which in 1937 aggregated approximately
as definitely a part of the
sales made direct to customers.
just
pany's business in 1937 may
$317,000,000.
The following tabulation sets forth, by quarterly periods, the per cent
Increase or decrease of the company's dollar volume of business to customers
for the year
as
per cent
1937 as compared with the year 1936; also the quarterly volumes
of the total for each year:
As Per Cent of
Year's Total
1936
1937
1936
increase
increase
increase
increase
26%
28%
25%
21%
22%
25%
25%
28%
10% increase
100%
100%
1937
First
30%
24%
7%
16%
Quarter
Second quarter
Third quarter
Fourth quarter
50 cents per share on the
common stock, payable March
15 to holders of record Feb. 28.
A like
amount was paid on Dec. 21, last, this latter being the first distribution
to be made on the common shares since 1931.—V. 145, p. 4115.
contingencies was reduced in
vs
6 declared a dividend of
The directors on Feb.
or
The balance in reserves for insurance and
preferred stock in
Each preferred share carries a warrant, detachable after
April 30, 1938, to buy one common share at $28 a share until April 30, at
$30 thereafter through Oct. 31, 1939, and at $32 for two years thereafter.
November, 1937.
Dome Mines,
1071
Chronicle
2, 1937, the company
filed a petition under Section
77 of the
of its first mortgage bonds
due on the same date $1,400,000 bonds outstanding under the Marquette, Houghton & Ontonagon
RR. and Marquette & Western RR. 6% mortgage of 1885, which the com¬
pany had assumed and agreed to pay; that there was due and unpaid $21,579,935 of interest on $15,107,000 of the company's bonds outstanding
under its first consolidated 4% 100-year gold mortgage dated July 17, 1890:
that the company was unable to meet its obligations as they matured; and
that it desired to effect a plan of reorganization under Section 77.
The accrued deficit in the company's profit and loss account as of Dec. 31,
1936, amounted to $22,243,787.
Total assets at the figures shown in the
company's balance sheet as of Dec. 31, 1936, amounted to approximately
$48,000,000, against which there was outstanding $20,684,000 of funded
debt (part of which has since matured) and $25,247,780 of current liabilities,
including $24,693,135 of unpaid matured interest.
The book deficit in¬
dicated for the 6%
non-cumulative preferred stock was approximately
$200,000 ($2 per share) and the book deficit indicated for the common stock
was
approximately $10,200,000 ($85 per share).
The company's income accounts for the last 10 years indicate that there
have been substantial deficits each year, before provision for dividends on
the preferred stock.
Deficits per share on the common stock, after provi¬
sion for current unpaid dividends on the preferred stock, were as follows:
$7.25
1932
$17.45
8.83
1933-.—
13.26
8.39
1934
11.89
1930—
12.13
1935
9.68
Bankruptcy Act, which showed that $4,000,000
became due on Jan. 1, 1937; that there became
-
—
—
1931
—
13.96
1936.
....
7.47
quotations for the preferred stock from 1927 to Jan. 1, 1938,
ranged from a high of $11M in 1927 to a low of $J^ in 1932.
During the
same period, market quotations for the common stock ranged from a high
of $7J^ in 1927 to a low of
in 1932.
The last sale during January, 1938,
for the preferred stock was at %'% and for the common stock was at
The approximate total market value as of Feb. 1,1938, amounted to $65,000
for the preferred stock issue and $30,000 for the common stock issue.
In view of the foregoing information, the Committee on Stock List is of
the opinion that it is in the interests of the investing public to terminate
the listing of the preferred stock and the common stock of the
company.
-~V. 146, p. 748.
Market
E. I. du Pont de Nemours
L. du Pont. President,
& Co.—Annual Report—
annual
and Pierre S. du Pont, Chairman, in their
report for 1937 to stockholders state in
Consolidated Income—Consolidated net
part:
income (see V. 146, p. 911) was
$88,031,943, equal to 13.4 times the amount required for dividends on the
outstanding debenture stock.
After providing for full dividends on the
debenture stock, and on the preferred stock—$4.50 cumulative from July 7,
the date of issue, to and including Jan. 25, 1938, to which date dividends
were declared, and including company's equity in undivided profits or losses
of controlled companies not wholly-owned, the balance applicable to the
common stock was $80,420,790, equivalent to $7.29 a share on the common
stock outstanding during the year, excluding shares held in treasury.
In
1936 the balance applicable to the common stock was $83,557,741, equiva¬
lent to $7.56 a share.
Surplus—The following adjustments were made in the surplus account:
(1) An increase of $8,500,000 resulting from revaluation of the invest¬
ment in 10,000,000 shares of General Motors Corp. common*stock from
$17.60 to $18.45 a share.
The amount at|which this investment is carried
in the accounts is adjusted annually to an amount closely corresponding to
the equity indicated by the consolidated balance sheet of General Motors
Corp. at Dec. 31 of the preceding year.
(2) A reduction of $1,250,000 resulting from a transfer to the capital stock
account in connection with the issue and sale of 500,000 sbaresjof new
preferred stock—$4.50 cumulative for $48,750,000.
Consolidated Balance Sheet—As in prior years, inventories are stated sub¬
stantially at the lower of cost or market values.
Approximately $1,200.000
was charged to operating expenses to adjust the book value of inventories on
hand in cases where book value at Dec. 31, 1937, was greater than market
price.
Commitments for purchase of raw materials were, in the aggregate,
at prices less than current market values.
Securities of controlled companies not wholly-owned, i. e., companies
In which company owns in excess of 50%|but|lessfthan 100% of the out¬
standing voting capital stock, are stated! in| the balance sheet at cost.
Other securities and investments! consist principally of investments in
companies in which company! owns 50% or less of the outstanding voting
capital stock.
The aggregate amount!at which this*item is stated is be¬
lieved to be conservative.
For the year
Owing to its wide range of products and their use by practically all of the
important consuming industries, company's volume of business throughout
the year is usually maintained at a comparatively even rate, as is indicated
by the second and third columns of the foregoing tabulation.
The reduced
volume in the fourth quarter of 1937 is consistent with general business
prevailing during that period.
conditions
Company's principal manufacturing and sales activities are conducted
through 11 departments or divisions.
Sales Prices—Of the 10% increase in dollar volume of sales for 1937 over
1936, about two-thirds was due to increase in physical volume, and about
sales prices.
On a weighted average basis, the sales prices of company's products in
1937 were approximately 3.6% higher than the 1936 average.
The average
of the wage rates paid company in 1937 was about 17% higher than in 1936,
and the average market price of the more important materials used in the
manufacture of company's products was about 13% higher in 1937 than in
1936.
There were also substantial increases in various other elements of
the cost of doing business, and in taxes.
Although sales prices of the company's products in 1937, on the average,
were slightly higher than in 1936, its sales price index for November, 1937,
was slightly lower than in February,
1933, whereas the official wholesale
price index of the United States Bureau of Labor Statistics for all com¬
modities, shows, for the same period, an increase of 39%.
Plant Extension and Betterment—For these purposes approximately $48,one-third to higher
the year. About $30,000,000 of this amount
capacity, and approximately $18,000,000 provided
equipment and facilities.
Patents—Company now owns about 3,400 unexpired United States patents
and 1,500 foreign patents, and has a number of patent applications now
pending.
In addition, the company has acquired, through license agree¬
ments, the right to operate under about 1,100 other now active United
States patents.
Licenses have been granted by your company to one or
nore other manufacturers to operate under a total of about 420 of its own
unexpired United States patents.
000,000 was expended during
additional
provided
renewal and betterment of
Foreign Affiliates—Net
earnings of the company's foreign
affiliates, as a
for the previous year.
Foreign Exchange—Economic conditions continued unsettled In many
foreign countries, making it difficult to exchange foreign collections for
dollars.
Constant specialized attention has been given to this problem,
whole, were higher than
and no losses of consequence
occurred.
Payrolls—At the end of the year there were approxi¬
including about 4,200 engaged in construction of
plant additions and new plants, on the rolls of the company and its con¬
trolled companies, a decrease of about 7%, including construction em¬
ployees, since the close of 1936.
The average number of employees on the
rolls of the company and its controlled companies in 1937 was approxi¬
mately 57,800, an increase of about 13% over the 1936 average.
Total wages and salaries paid in 1937 by the company and its controlled
Employment and
mately 52,000 employees,
companies was approximately $107,500,000, an increase of about 26% over
paid In 1936.
These figures include wages and salaries of em¬
ployees engaged both in operations and in construction.
Upward adjustments in hourly wage rates were made during the year at
all operating points.
.
^
the total
The
satisfactory relations
mutually
heretofore prevailing between the
1937. Through
and manage¬
similar items
company's employees and its management continued in
free discussion between the representatives of the employees
ment, such subjects as wages, hours, conditions of work, and
of employee-company interest were satisfactorily adjusted.
General Motors
General Motors Corp. common
A stock of General Motors Se¬
curities Co., under a provision of its certificate of incorporation, exchanged
56 404 shares of class A stock of the Securities company for a like number
of shares of General Motors Corp. common stock held by General Motors
Securities Co.
At the end of the year the assets of General Motors Se¬
curities Co. consisted of a relatively small cash balance and 11,754,587
shares of General Motors Corp. common stock, equivalent to 27.02% of the
issued common stock of that corporation.
Du Font's Interest In the
General Motors Corp. common stock held by General Motors Securities
Co
as represented by company's ownership of ad of the outstanding com¬
mon stock of General Motors Securities Co., amounts to 9,843,750 shares,
which
together with 156,250 shares directly owned, makes the total of
10 000 000 shares of General Motors Corp. common stock shown In the
balance sheet. This is equivalent to 22.99% of the issued common stock
of that corporation and to approximately 9-10ths of a share for each share
of the common stock of company outstanding at the end of the year.
Ownership of du Pont Company—The individual holdings of the capital
stock of company on Dec. 31, 1937, were as follows: Common stock,
56,577; debenture stock, 13,358; preferred stock, 7,857; total, 77.792.
About 2% of the stock is held in foreign countries.
There are now nearly
m times as many stockholdres as employees; the total number of the latter
at the end of the year was approximately 52,000.
General Motors
Investment—.At tne beginning of the year
Securities Co. held 11,810,991 shares of
stock.
During the year holders of class
Of the 56
577 owners of the
shares or less.
hold lots of 100
than 200 shares.
More than
are
women.
company's common stock, more than 90%
The average common stockholding is less
.
,
,
,,
30 000 of the company s stockholders,
More than 6,000 stockholders are
,
~
.
about 42% of the total,
trustees. About 4,000
stockholders are employees of the company.
Among the larger stockholders are many insurance
beneficial ownership is divided among a great
a considerable number of investment trusts,
companies, whose
number of policyholders;
educational institutions, hos¬
pitals
and charitable organizations, in the continuing revenues of which
still broader groups of American citizens have an important interest, so
that the above figures substantially understate the actual number of persons
interest in the earnings of your company.
500,000 shares of newly Issued preferred stock—$4.50
who have an
The
which were sold to a group
latter
panies
of underwriters in Jiny, were
cumulative,
distributed by the
individual Investors, including insurance com¬
educational institutions, charitable organizations and trustees.
to
more
than 7,000
93% of the investors
purchased lots of 100 shares or less.
Future Outlook
of this report our view turns naturally to the future.
The
past year was made up of three active quarters, followed by one of sharply
diminishing activity.
Because certain facts of the present industrial situa¬
tion demand earnest attention, it is thought worth-while to set forth briefly
the essentials of the present situation as they appear from the viewpoint of
the management of company.
At the close
1072
There Is
Financial
Chronicle
thought of finding fault with things done or omitted in the
past; all that belongs to history.
The Important present issue, and the
only one with which we here concern outselves, is the question "Where do
we go from here?"
■
At the close of our 1936 report it was stated that the then current business
improvement could be traced mainly to two sources—the great natural
forces of recovery, and certain large scale measures of artificial
stimulation;
and the hope was expressed that the latter, being of
necessity temporary,
could be terminated promptly.
Since the Government cannot indefinitely
keep on priming the pump or running with the kite, it now seems necessary
no
,
to
assume
that
for
our
further
national
.
,
progress,
,
reliance
must
be
Feb.
Eastern
had
Manufacturing Co.—Committee—
A committee has been formed of Maine
savings banks holding 7% bonds
of the company, which is now under Section 77-B of the
Bankruptcy Act.
The committee has petitioned the Federal Court at
Portland, Me., for the
right to intervene in the reorganization.
No action has yet been taken
on the petition.
The new committee states that it is in conference with
and
cooperating with the Treat committee looking to the presentation of a
plan
of reorganization.—V. 146, p. 106.
mainly upon natural economic forces.
To that progress American industry
can, if given the opportunity, make the major contribution.
h» There appears to be no fundamental economic reason for business to re¬
main at the present relatively low level, or for it not to recover with
reason¬
able promptness to new high levels.
Government figures show that we still
have a long way to go before the leve, of per capita
consumption attained
in 1929 is again reached and maintained—and it is firnuy believed that
in
due course we can and will surpass that record.
Yet it must be admitted
that the pathway of industry is now beset with fears, and the future
is
rendered increasingly doubtful, because of a continual and
bewildering maze
Eastern States
Corp.—Earnings—
Calendar Years—
Income—dividends received
of uncertainties.
,
|fe To appreciate the practical importance of this fact, consider the extent
to which forward planning and the assuming of financial risks
are parts of
the every-day job of industrial management.
The course is not fixed or
rigid, but must be continually charted ahead.
New and improved facilities
Other
expenses
Excluding of profit
x
Moreover, continued vigilance must be exercised day
by day
in the scheduling of ordinary production in order that
output may not to
on
1937
any great extent exceed demand.
Assets—
problems of
our
In
The income statement for the calendar
year was
in V. 146, p. 911.
published
•
Consolidated Balance Sheet Dec. 31
[Including Wholly-Owned Subsidiary Companies]
1937
j^sscts
Cash
$
1936
$
45,489,017
65,844,572
Accounts and notes receivable...
19,365,829
26,036,925
Inventories
63,472,896
2,394,979
50,547,571
2,830.095
Misc. accts.reo. advances, &c...
Marketable securities
d58,636,044
9,970,783
General Motors common stock.a
184,500,000
Investment in affiliated cos. not
176,000,000
wholly-owned &mlscel. Invests 38,139,973
Notes
receivable
for
common
37,521,122
stock sold
awards
Operating
Operating
1934
$
31,485,867
36,771,460
2,428,577
acquired
for '
employees
under
bonus plan
5,816,773
2,856,219
1,810,244
1,554,603
354,399,421 317,807,884 293,596,018
275,413,934
29,995,523
29,943,125
30,014,351
29,905,938
1,897.381
1,489,938
1,379,876
1,188,929
Plants and property
Patents, goodwill, &c
Deferred charges
Total
804,107,836 721,230,126 666.728,999
631,120,282
Liabilities—
Accounts payable
Dividends payable
Dividends payable
5,259,694
6,230,021
7,687,036
on
deb. stock.
1,639,422
1,639,422
pref. stock.
562,500
f Accrued liabilities
Miscell. accts. pay., adv., &o
Provision for awards to employees
19,551,106
5,875,869
20,246,799
2,734,210
5,127,481
1,639,422
6,575,014
1,639,422
13,456,522
2,341,242
9,104,441
el,836,751
221,315,240 221,315,240 221,315,240
221,315,240
Preferred stock
h50,000,000
Res. for deprec. &
obsolescence..104,968,541
Res. for insur., bad debts, &c...
8,036,240
to
trustee under pen¬
sion plan
c
Surplus appllc. to company
Total....
95,818,127
9,413,634
85,585,479
8,850,484
75,54~0~299
24,413,506
22,001,174
20,724,847
19,685,952
244,772,477 226,236,595 196,312,228
178,729,397
804,107,836 721,230,126 666,728,999
631,120,282
6,313,305
6,313,305
1,000,000
1,000,000
2,746,261
2,748,295
$156,310
2,831
50,893
Deficit
1937—12 Mos.—1936
$9,303,408 $10,299,463
9,269,057
9,035,490
695,356
$70,047 prof$34,351 pfll,263,973
2,023
13.716
15,327
51,960
658,588
614,034
$204,372
$119,984
$610,521prof$665.266
Note—The above statement of operations is after
depreciation, interest,
rentals and local taxes, but before Federal
income tax, capital stock
tax,
capital gains or losses and other
non-operating adjustments.—V, 146,
P. 275.
Eastern Texas Electric Co.—Dissolved—
Donald C. Barnes, President of
Engineers Public Service Co., on Feb. 9
that Eastern Texas Electric
Co., a subsidiary company, has
been dissolved.
This company owned all the
announced
common
stocks
of
Gulf
States Utilities Co. and Western Public
Service Co. and certain bonds and
preferred stocks of the latter company.
Under a plan of liquidation the
above securities have been transferred to
Engineers Public Service Co.
The minority will receive $46 in cash
per common share.
This action elimi¬
nates
an
unnecessary
intermediate holding company from the Engineers
Utility Act of 1935.—
group in accordance with the purposes of the Public
V. 145, p. 1900.
Eastern Utilities Associates—Dividend Deferred—
Directors at their recent meeting deferred
action on the payment of a
on the convertible
preferred stock at this time.
A dividend of
dividend
10 cents per share was paid on
p.
Dec.
16, and
on
911.
Eastman Kodak Co.—To
Pay
Directors
Nov. 15, last.—V. 146,
Si .50 Dividend—
Feb. 9 declared a dividend of $1.50 per share on
the common
value, payable April 1 to holders of record March 5.
This
compares with $2 paid on Jan. 3, last; and extra dividend of
50 cents paid
on
Dec. 10, last; $2 paid on Oct. 1 and on
July 2, last; $1.50 per share
paid on April 2, 1937, and regular quarterly dividends of
$1.25 per share
previously distributed.
stock,
no
on
par
In connection with
the
declaration of the current
dividend, Frank W.
Lovejoy, President, made the following statement:
"It is too early in the year to forecast with
any degree of accuracy what
our volume of business or
earnings will be for the year.
While our business
far has not been affected
by the current recession in general business to
the extent experienced
by some other industries there has been a decline
in the sales of some of our
products.
In line with the conservative dividend
policy of the company in the past, the directors therefore feel it
advisable
so
to pay the same dividend
—V. 146, p. 438.
on
Calendar Years—
Net
April 1, that
was
paid in April of last year."
-
Eddy Paper Corp.
-Earnings—
1937
Depreciation
1936
1935
1934
$9,694,209
8,009,730
645,416
Cr54,064
308,189
135,000
sales
General expenses.
$7,917,979
312,711
108,500
$6,984,287
5,456,001
530.414
31,551
306,494
93,000
$6,588,803
5.292.750
472,636
84,212
318,557
60,000
$649,937
$428,257
Net income
Earns, per sh. on 178,000
shs. (no par)
cap. stk.
Dividends
6.430,932
604,690
32,889
$566,826
$360,648
$2.41
$3.18
$2.03
266,735
$3.65
533.495
124,471
Balance Sheet Dec. 31
Assets—
Cash....
a
Notes &
1937
$145,667
1936
$143,700
accts.
413,984
570,635
Raw materials and
Liabilities—
Note rec.
(current)
Note pay. (curr.).
Prov. for Fed. in¬
come taxes
1,408,611
1,406,841
115,000
Notes receivable
(non-current)
5,979
17,395
1936
$362,980
139,644
250,000
112,231
767,905
193,170
(curr.)
1st mtge. 6s
15,000
63,500
Pur. money notes.
41,250
Res. for workmen's
..
Adys. und. contract
Investments
1.260,000
com p.
153,479
11,145
chinery & equip. 4,170,197
Prepaid expenses.
66.135
4,531,707
42,355
ma¬
.
Insurance
Capital Btock— 4,073,500
1,311,222
Earned surplus
660,142
d Treasury stock.
Dr2,357
c
10,621
Ld., bldgs.,
profit...
Pur. money notes
15,135
19,289
$275,017
109,513
140,006
Long term liabils..
Deferred
Sundry accts. and
notes receivable
Cash val. of life ins.
1937
Accounts payable.
Acer. exps. & Int..
supplies & stocks
b
a General Motors
Corp. common stock—10,000,000 shares carried at
$18.45 a
share in 1937, $17.60 a share in 1936 and
$16.20 in 1935 (9,843,750 shares of
which
represented by E. I. du Pont de Nemours &
Co.'s interest in General Motors
Securities Co.).
b Represented by common shares of $20
par value (In 1937 includes
44,337 [20,458 in 1936, 17,823 in 1935 and
20,078 In 1934] shares in
treasury ac¬
quired for awards to employees under bonus
plan),
c E. I. du Pont de Nemours &
are
638,532
Deficit
Other income
Other expenses
fin. & in process
under bonus plan
8,805,446
4,984,414
1.985.150
1,536,411
Bonds of subsidiary companies in
hands of public
gl,055,000
gl,135,000
1,135,000
1,135,000
Debenture stock Issued
109,294,800 109,294,800 109,294,800
109,294,800
b Common stock
Obligation
expenses
receivable
on
__
Subs.)—Earnings—
1937—Month—1936
$482,222
$625,309
revenue
Prov. for income tax
381,889
stock
to
$
to employees under
executives' plan
Common
1935
40,299,163
30,879,071
20,828,361
17,043,617
44,571,517
43,669,985
8,487,547
1,616,280
29,827,478
30,816,771
162,000,000 157,000.000
Common.stock..
Eastern Steamship Lines, Inc.
(&
Period End. Dec. 31—
threat of direct competition by Govern¬
short, the crying need is for a lifting of the fog, and for a
reasonable
stability in the conditions under which industry must operate.
The problem of when normal
prosperity and progress will be restored seems
to be mainly the
question of how soon a state of reasonably assured
stability
and permanence can be
brought to prevail.
d
Capital surplus.
the securities,
was approximately $3,400,000.
The value of total investments at Dec.
31,
1936 similarly determined, was approximately
$9,707,000. b Reepresented
by 40,000 no par shares, c Represented by 60,000 no par shares, d
Repre¬
sented by 572,132 no par shares.—V.
144, p. 1598.
nature and
assurance of
38,249
19,961,470 19,963.928
Total
.19,961,470 19,963,928
Value of total investments at Dec. 31,
1937, based on market quota¬
as of that date with
respect to securities carried at $19,569,329, and
estimated market values with respect to the
remainder of
loyalty of its em¬
by much labor
needs and
1,408,085
4,838
3,900,000
6,000,000
a
distracted
modern industrial life.
1,439,038
deposit..
3,900,000
Ser.
c
18,517,593
tions
extent of future Government controls and restrictions
upon business under¬
even a
on
2,328
Total
evitably a brake upon industrial expansion.
Moreover, the present outlook is further obscured by a lack of
assurance
as to a
balancing of the Federal budget, with the inevitable consequent un¬
certainty as to the future stability of our money.
In the vital field of labor
relations, although your company has reason
Finally, there is some reason for concern over the current evidences of
hostility to "bigness" as such, which ignores the indisputable
necessity of
large-scale organization and resources to cope with many of the
pref. stock
$
1,904
"B," $6 div.,
pref. stock
6,000,000
,
Earned surplus...
With respect to taxation, of which the direct burden
upon company In
1937 was approximately $18,900,000, the future is clouded with
uncertainties
not only as to the amount and form of future
imposts but also as to the
extent to which the revenue-rasiing power of Government
may be converted
Into an instrument for forcing acceptance of sudden new
ideas of industrial
and social reorganization.
The funds for the development of new
industries
or for the expansion of established lines
must he provided out of
savings—
either a prudently withheld part of the
earnings of industry itself, or the
savings of individuals.
Any unnecessary taxation is a direct subtraction
from the funds available for this
purpose; and excessive taxation is in¬
takings of various sorts, and
Regis Paper
Other investm'ts
Cash
and
curtailed, if
the prospect is not sufficiently clear and stable to
give reasonable assurance
that the opportunity will continue for the efficient
enterpriser to earn a
profit upon the capital that he must risk.
The smaller the business
unit,
the more pronounced this tendency must be.
Today, industry's forward
pathway is blanketed with a fog of uncertainties more retarding to
progress
than any burden industry must
carry.
ment with business.
val'n;
1936
$
Accrued taxes, &c.
b Ser. "A" $7
div.,
Co., 1,000,000
and research will be avoided or less
freeiy undertaken,
the ordinary rate of daily manufacture and sales will be
disquieting uncertainty with respect to the
1937
Liabilities—
$
shs. com. stk. 18,517,594
construction
a
co.'s
or
St.
In all business units, large and small,
throughout all industry, plans for
replacement and expansion will be deferred or abandoned,
expenditures for
industry generally is concerned and
$1,881
1936
$
Invest'ts, at cost
a
Both of these newly developed industries are now distinct
national assets;
both are contributing regularly to your
company's annual earnings; and
the two together now provide employment for a total of about
8,000 workers.
By land and sea, the universal practice under conditions of fog is to slacken
speed.
Industrial navigation is no exception.
When the way ahead is
obscured by doubts and uncertainties, then caution
inevitably outweighs
reasonable daring, speed is slackened, and momentum is lost.
Further, there is
x$l,318
sale of securities in 1936.
Balance Sheet Dec. 31
With respect to development and expansion in industry, the
necessity for
long-time planning and for boldness in the taking of risks is of crucial im¬
portance.
Two outstanding examples from your company's own com¬
paratively recent experience may help to make this clear.
For the manufacture of du Pont dyestuffs, more than
$22,000,000 had
been invested, over a period of six years, before a dollar annual
net profit
was earned; and more than
$21,000,000 of additional investment was made
in this business over a further period of 12 years before
sufficient profits were
earned to offset the accumulated previous losses.
In
company's develop¬
ment of the manufacture of synthetic ammonia, and
related chemicals,
more than $27,000,000 was invested, by gradual additions
over a period of
10 years, before the cumulative yearly net
operating results showed a dollar
of profit.
unrest.
1935
$9,443
2,992
4,006
4,325
Net loss—
employment.
ployees,
1936
$15,916
4,550
4,812
7,871
$2,034
Registrar and transfer fees
provided, and new methods and new products developed to combat
obsolescence, to provide growth and to take up the slack of industrial un¬
to be grateful for the continued
general confidence and
1937
$17,423
3,805
7,449
8,202
■
Taxes
must be
even
1938
12.
Co.'s equity in surplus of controlled companies not
consolidated has increased since
acquisition by a net amount of $2,685,431 in 1937; $2,501,498 in
1936; $2,270,621 In
1935 and $2,121,564 in 1934.
d The quoted value on Dec.
31, 1937, was $58,808,094.
e Including current accounts
payable to controlled companies not whollyowned, $389.
f Including provision for Federal and other taxes of
$13,971,526 in
1937; $15,074,914 in 1936; $8,369,669 in 1935, and $5,885,732 in
1934.
g As¬
sumed on liquidation of a subsidiary company,
h Represented by 500,000 no
par
shares.—V. 146, p. 911.
Paid-in surplus
.
8,842
4,073.500
1,311,223
603,877
Dr2,288
Total
$7,778,121 $6,729,757
Total
..$7,778,121 $6,729,757
a
After reserve for bad debts of $28,668 in 1937 and $21,525 in
1936.
b After reserve for
depreciation of $5,465,198 in 1937 and $5,865,913 in
1936.
c Represented
by 178,000 shares, no par.
d Represented by 103
shares (cost $2,804) at stated amount of
$2,357 in 1937 and 100 shares in
1936. stated at $2,288—V. 145, p. 3972.
Ebasco Services, Inc.—Weekly Input—
For the week ended Feb.
3, 1938, the kilowatt-hour system input of the
are subsidiaries of American Power & Light
operating companies which
Financial
146
Volume
Co., Electric Power & Light Corp. and National Power &
compared with the corresponding week during 1937, was as
Light Co., as
follows:
Xtxcrcuso
Operating Subsidiaries of—
1938
1937
Lght Co_ 101,702,000 98,709,000
Electric Power & Light Corp.
48,491,000 49,393,000
National Power & Light Co..
75,651,000 86,289.000
♦Decrease.—V. 146, p. 911.
Amount
2,993,000
902,000*
10,638,000*
American Power &
Edison Brothers Stores,
Month
1938
$1,183,617
1937
Eureka Mining & Milling
Co.—Arguments Ended—
&
Share case to test the constitutionality
of the company to bring the regulatory provisions of the Act
into issue before the Court.
"This is the case chosen by the Government for a decision on the con¬
stitutionality of this Act," he said. He did not challenge the Government's
right to limit the scope of the test, but said the company should not be
criticized for "trying to bring the whole issue before the Court."
Speaking for the Government, Benjamin V. Cohen asked the Court
not to hold the entire Act constitutional.
He said the Government did not
want to deny utility holding companies the right to contest the control
provisions of the Act when they are applied by the
Commission.—V. 146, p. 911.
Elk Horn Coal
changeable for a warrant representing the rightto subscribe for one-tenth
of a share of Common stock of Evans Wallower Zinc, Inc., at various prices
on or before Dec. 31, 1942.—V. 145, p. 2073.
Evans Wallower Zinc,
312,000
a
to increase
the
is proposed to
stock to the St. Louis Trust Co.,
loans of a similar number of shares
of the company's common stock.
The balance of the authorized stock will
be held in the company's treasury.—V. 146, p. 438.
deliver 37,710 shares of the additional
as trustee for an estate, in
repayment of
Corp.—Wages Reduced—
has ordered a 10 % reduction in wages of its 20,000 workers,
14, and also announced that workers hereafter will have to
pay their Federal social security tax which the company has paid for them
since imposed.
Reduction will continue only as long as absolutely necessary, company
officials said.
Company last week ordered a 20% reduction in pay of all
administrative officials.—V. 146, p. 612.
This company
effective Feb.
Engineers Public Service Co.—Earnings—
1936
1937
12 Months Ended Dec. 31—
219,500
59,811
notes
Time notes
Miscellaneous
76",274
Dividends—Preferred
225,000
63,057
tip*.
48
87,672
2,470,222
150,714
$2,976,522
„
105,226
Expenses
44,543
al 14,468
1,130
$2,741,670
Falconbridge Nickel Mines, Ltd.
89,443,868
invest.
b427,975
(at cost)
Notes rec.
(sub.
10,534,000
companies)
$
41,075,633
1,909,968
90.504,157 dCommonstock
Accounts pay..
20,244
295,364
927,975 Taxes accrued..
Sundry liabilities
. .
10,666,000 Capital surplus. 56,149,545
2,569,062
1,944,437 Earned surplus.
c
companies
Miscell.
1937
Liabilities—
;•>:$••:v
Invests, in sub.
Cash in banks..
1,476,873
Accounts receiv.
120,111
..
debits..
102,019,817
Total
102,019,817 104,067,999
Total
$
81,632
2,012,684
76,951
100,118
2,337,040
75,296
$2,355,654
339.347
$2,320,012
520,412
$2,309,668
$1,986,047
102,061
$2,695,001
181,671
,840,424
$2,588,309
242,789
246,819
$2,088,108
163.857
178,735
545,292
135,772
437,159
104,711
403,654
x
24,819
Liabilities—
8
Cash on hand &
Debentures.
166,006
2,707,918
Coupon
.
notes
Notes payable
78,679
Customers'
dep.
1,706,025
788,028
1,871,683
468,412
Prepayments
239,862
267,630
Divs. declared..
51,432
188,932
Sink, fund cash.
294,508
291,662
Int.
deposits
14,093
1,620,208
4,527,394
3,877,475
189,283
Accounts
rentals
charged
Special
Unamort.
pay..
and
Sundry liabilities
debt
210,205
524,130
10,436,070
8,881,455
b Minority ints.
575,709
601,211
Capital surplus.
9,767,639
56,149,545
2,564,803
56,149,545
4,596,882
10,408,169 Retirem.
288,827
disc.
24,434,630
1,571,739
424,803
not declared.,
& exp..
Unadjust. debits
182,897
reserve
26,290,092
Oper. reserves..
1,862,146
Unadj. credits.,
a
Total
a
369,071,783 366,720,5201
Not declared (subsidiary
surplus of subsidiary companies.
Total
companies).
surplus.
$17,597 in 1934.
tures
in
Capital stock- -.
Accounts payable-
$
7,038,396
1936
$
7,038,396
20,789
rec.—ven¬
Unclaimed divs—
1,765
240,000
251,000
taken into rev..
565,129
89,102
126,314
62,405
1,906
Reserve for taxes.
149,238
913,364
—-
limited,
1937
Liabilities—
y
rec.—trade
Notes
$
31
1936
40,648
Earned surplus.—
3,270,092
94,726
2,799.872
Wages
Int.
a
74,106
shareholder,
665,782
696,405
30,300
50,256
Inventory.------ 1,108,205
x Property account
7,028,358
238,107
61,093
payable—
on
Rafflne-
ringsverket Aktleselskap adv. not
1,077,323
6,902,611
Investments
'
ciates cos.' shs__
Def.
z
expenditures,
Aktieselskap
a
Deposit.
—
-
788,369
822,538
40,648
70,001
supplies. &c
Raffineringsverket
75,196
75,270
10,890,102 10,374,618
Total
Total
10.890,102 10,374,618
depreciation written off in the amount of $3,046,901 in 1937 and
$2 230 337 in 1936.
y Represented by 3,337,407 no par shares,
z
advance recoverable as a tonnage charge on custom metals as and when
refined
less repayments,
a Deposit with municipality of Kristiansand
re power supply.—V.
145, p. 2844.
x
After
Special
of Christ, Scientist, Cleveland, Ohio—
Offered—Dempsey-Tegeler & Co. are offering $180,000
1st mtge. 4%% serial bonds, dated Dec. 1, 1937, and due
semi-annually Dec. 1, 1938 to Dec. 1, 1947.
Fifth Church
Cum: pf. divs.
Earned
in 1937; $435,736 in 1936;
766,224
taxes
accrued
$513,713
Investment in asso-
69,449,796
238,331
less
$770,888
21,731
banks
1,909,968
4,000.000
2,919,500
862,077
225,209
Appl. on rental,
$872,373
sale of securities: $226,188
$
Assets—
$
3,644,000
2,919,500
1,817,565
.......
&L415.886
902,173
Consolidated Balance Sheet Dec.
41,075,633
142,871,000
..........
&L768.558
997,670
1937
1936
1,909,968
equipment .--329,293,937 323,887,212 Common stock.
10,092,868 Subsidiary cos.; '
9,362,548
Pref. stock... 69,206,854
Cash
8,670,362
7,587,483
Prem. & disc,
638,537
Notes receivable
636,337
on pref. stk.
78,679
Accts, rec., incl.
Bonds
142,734,000
lnstal. accts..
7,318,637
8,090,332
$1,873,607
1,001,234
$470,220
$184,372 in 1935, and
Investments
3,032,673
1,001,275
Includes profit on
Sundry
41,075,633
63,880
__________
the year $1,471,495
Balance
x
278,641
_
225,271
816,564
Net profit for
104,067,999
Accts.
1937
Preferred stock.
Interest receiv..
velopment & deprec..
Non-operating revenue
Dividends paid.-
$
Materials & sup.
-
Provision for taxes----Deferred
development
written off..^
preferred stock in arrears and not declared, $3,485,305.
Consolidated Balance Sheet Dec. 31
.?
-
— -
Total revenue
e4,692,526
acquire stocks of subsidiaries and an amount of $5,263,498 arising from
b Represented by 51,357 shares of common stock of El Paso
Natural Gas Co. held by trustee under declaration of trust,
c Represented
by 158,080 shares $5 (cumulative) dividend convertible preferred, 196,934
shares $5.50 cumulative dividend preferred and 75,000 shares $6 cumula¬
tive dividend preferred, of no par value,
d Represented by 1,909,968
shares of $1 par value,
e Before provision for cumulative dividends on
Assets—
-
-
56,149,545
to
Prop., plant and
_
Operating profit before
taxes,
deferred de¬
4,645
210,862
at an amount based on
issued, and cash paid,
1936
61,05?
187,913
1.909,968
revaluation,
1937
$4,265,029
263,477
2,946,694
...
Depreciation
W a Investments in subsidiary companies are carried
the stated value of securities of the parent company
1934
1935
,829,720
189,347
Administrative expenses
1935
21,918
3,086
companies)
(& Subs.)— -Earnings
$5,366,754
187,942
41,075,633
Divs. rec. (subs.
Unadj.
.
.
3,460,734
.
425
16,988
Pref. stock...
.
.
that it is in the interests
the common stock of the
Operating costs—mining,
smelting, refining, Ac-
(Company Only)
1935
1937
Assets—*
a
$6,079,570
Gross metal sales
217,112
Selling & delivery exps_.
Increase in metal inven¬
30,882
tories.
-
Includes normal Federal income tax
Balance Sheet Dec. 31
.
1936
1937
Years End. Dec. 31—
of $78,770.
In addition, $165,536
normal Federal income tax on profit realized from sale of investments was
charged to earned surplus.
The company is of the opinion that it has no
liability for Federal surtax on undistributed profits for 1937.
a
.
,
List is of the opinion
public to terminate the listing of
company.—V. 145, p. 2693.
of the investing
$2,537,890
Interest.
Balance for dividends and surplus
mately $105,000.
The Committee on Stock
118,853
1,593
Taxes
been
moo'
stock from 1927 to Jan. 1, 19oo,
ranged from a high of $13 % in 1929 to a low of $H in 1931.
The last sale
during January, 1938, was at $1H •
On Feb. 1, 1938 the approximate total
market value of the entire listed common stock issue amounted to approxi¬
$2,763,564
119,252
Total revenue
The
1.41
3.56
8.27
substantially reduced.
Market quotations for the common
2,343,243
Common
Revenue from miscellaneous investment
1932
$9.18
1933..—....— 7.76
1934..
5.66
1930
1935
6.02
1931--..
1936
3.26
amount of depreciation charged against income since 1933 has
...$2.64
2.06
1929. ....(prof.)
(Parent Company Only)
Revenue from subsidiary companies:
Interest—Income
Securities and Exchange
stock of the company.
organized in New Jersey June 11, 1891, for a period
terminating May 1, 1941.
It manufactures valves and other products
and had the exclusive right to sell the Fairbanks Scale until 1927, when this
right was sold to another company.
As of Dec. 31, 1936, the company had outstanding 10,000 shares (incl.
1,651 shares in sinking fund) of 8% cumulative first preferred stock (par
$100), 20,000 shares of 8% cum. pref. stock (par $100), and 60,000 shares
($25 par) common stock.
The second preferred and common stocks were
listed on the New York Stock Exchange in 1919 and are now listed and
registered pursuant to the Securities Exchange Act of 1934.
Cumulative dividends on the first preferred and preferred stocks are in
arrears since May 1 and April 1, 1921, respectively, the unpaid accumula¬
tion at Dec. 31, 1936, being $1,046,408 on the first preferred stock and
$2,520,000 on the preferred stock.
The accrued operating deficit before provision for accrued dividend on
the preferred stocks at Dec. 31, 1936, amounted to $3,007,279, indicating
a
deficit applicable to the common stock as a class of approximately
$1,500,000 before accrued dividends, and approximately $5,000,000 after
allowance for unpaid preferred stock dividends accrued since 1921.
It appears from the company's annual reports for the last ten years that
there have been no earnings available for the common stock, after current
dividend accruals on preferred stock, except for the year 1929.
Deficits
per share on the common stock, after provision for current accruals on senior
preferreds, were as follows:
Mfg. Co.—Stock Increased—
Income Statement
Stock Exchange is to apply to the
The New York
Commission for authority to delist the common
The company was
meeting held Feb. 9 ratified a proposal
shares from 350,000 to 500,000.
It
Endicott-Johnson
-V. 145, P. 3653.
Delist Stock—-
Fairbanks Co.—Exchange to
Corporation was organized in We6t Virginia on Feb. 23, 1937, with a per¬
petual charter for the purpose of acquiring the assets and business of Elk
Horn Coal Corp. (W. Va.), pursuant to a plan of reorganization dated
Oct. 30, 1936, and confirmed by the U. S. District Court for the Southern
District of Ohio (Western Division), by order entered Jan. 11, 1937.—
V. 145, p. 3816.
common
Inc.- -New Company-
See Evans-Wallower Lead Co. above.
total authorization of 500,000 shares).
Emerson Electric
19278
share of 7% preferred stock of Evans-Wallower Lead Co. will be
exchangeable for four shares of common stock of Evans Wallower Zinc, Inc.,
and each share of common stock of Evans-Wallower Lead Co. will be ex¬
each
outstanding: and
10,000 additional shares of common stock upon official notice of issuance
for the purpose of paying that part of the salary of R. H. Kelly which is
payable in common stock and to cover option to R. H. Kelly to purchase
common stock, making the total amount applied for 322,000 shares (of a
Stockholders at
Company Formed—To
of reorganization which has been approved
by stockholders, the common stock, no par value, and the 7% preferred
stock, par value $100 will be stricken from unlisted trading on the New
York Curb Exchange upon the Exchange's receipt of information of the
closing of the transfer books for said issues and the issuance of the new
securities in exchange therefor as provided in the plan of reorganziation.
In accordance with the plan of reorganization, a new corporation named
Evans Wallower Zinc, Inc., has been formed, and, as provided in the plan,
shares of common stock
authorized
-New
Lead Co.-
In conjunction with the plan
Corp.—Listing-—
listing of
-f-'y
Co.—Registers with SEC—
this department.
Delist Stock—
Securities and Exchange
Stock Exchange has authorized the
(no par) which are issued and
York
Evans-Wallower
of the
the right
New
Company has outstanding common stock purchase warrants, which
originally issued attached to certificates for the $5.50 cumulative
196,934 shares of common stock at
$68 per share on or before Nov. 1, 1938; and 158,080 shares of $5 (cumula¬
tive) dividend convertible preferred stock convertible at option of holders
up to June 30, 1938 into one and one-half shares of common stock for each
share of preferred.
Note—The consolidated earnings for month and 12 months end Dec. 31,
was given on page 912.
(2)
were
dividend preferred stock, to purchase
See list given on first page of
Bond
Electric
On March 31, 1937 the physical property and certain other
this is reflected in the balance
sheet for the current year.
$1,042,067
Utility Holding Company Act is now before the Supreme Court for decision
following completion Feb. 9 of argument by Government and defense
counsel.
/'v.y-v.
;
'■?'' ■ '
y?:'yy-:'
"i:'1 y
John F. MacLane, concluding the argument for Bond & Share, defended
The
Notes— (1)
assets of Ponce Electric Co. were sold and
276,
Electric Bond & Share
The
3.0
1.8*
12.3*
Inc.—Sales—
of January—
Sales
—V. 146. P.
Pet.
1073
Chronicle
369,071,783 366,720,520
b In common capital stocks and
Bonds
Principal and interest
office of
payable semi-annually June 1
and Dec. 1, at the
Mercantile-Commerce Bank & Trust Co., St. Louis, Mo., trustee.
$500 denom. The bonds may be prepaid on any
Bonds in coupon form,
1074
Financial
Int. payment date prior to maturity at
interest on 30 days' previous notice.
Chronicle
10034 % of the principal plus accrued
Fiscal
r
business Feb.
Co.—Earnings—
1937
1936
•
1935
1934
from
inv. & other income..
$354,582
$321,463
$257,451
285,932
256,079
24,820
27,063
166,030
16,510
159,825
15,417
$43,830
$38,321
$74,911
$67,820
$43,830
788,484
$38,321
750,163
$64,911
685,252
assets of the fund on the basis of market value of portfolio stocks
date exceeded $2,000,000.
See also V. 145, p. 3496.
V
$243,062
Cost of borrowed money
and oper. expense
Taxes---
—-
Net inc. after taxes—
Charge to surplus
for contingencies
Follansbee Brothers Co.—Additional Time—
10,000
Surp'at begin, of year.-
$67,820
617.432
Surplus Dec. 31, fully
earned
Frye Investment Co.—Earnings—
$832,314
$750,163
$685,252
$37.45
$33.91
Income Account for Year Ended Oct. 31,1937
Earns,
per sh. on 2,000
shares capital stock—
Rentals
$21.91
$19.16
$162,722
49,164
62,170
27,298
3,818
Expenses
Miscellaneous charges
Depreciation on buildings
-
Balance Sheet Dec. 31
Assets—
1937
Cash
1936
$224,282
Note receivable
Interest
Liabililies-
126,947
16,790
Aoc'ts receivable..
Trusteed assets
1936
$3,078
32,268
20,485
377,661
$5,584
18,656
17,723
459,876
Obligations secured 1,390,500
Reserves
99,932
Unearned income.
138,090
1,317,000
Federal taxes
286,867
8,086
2,557,526
2,726,309
1937
Accounts payable.
Accrued accounts.
$132,001
&
—
Res. agst. notes
rec
Cap.stk.(par $100)
$3,094,328 $2,984,480
Total
Provision for Federal income tax
76,548
Assets—
rentals
788,484
Prepaid
receivable---—-—-
and founder of this
69 years old.—V. 146, p. 277.
was
expenses..
Calendar Years—l
Interest earned.-.
Other earnings
1937
——
.$10,295,336 $10,177,140
3,383,304
3,348,814
Gross earnings
Other exps. paid or accrd
$9,810,618
3,309,245
1934
$10,722,798
3,393,335
$14,116,134
3,028,593
387,618
8.356,102
8,084,743
9,318,371
Minority interest
8,834,643
$2,781,388
41,524
Net operating earns.,
earns,
1935
$13,678,639 $13,525,954 $13,119,863
1,578,881
1,582,543
1,961,924
Int. paid or accrued
Fed'l deposit insurance.
Propor'n of
1936
$3,108,768
33,153
$2,801,836
37,054
$2,615,177
35,770
$3,075,615
$2,764,782
$2,579,407
net
v..' ■'
oper.
by First
rep.
Comparative Balance Sheet Dec. 31
1937
Resources—
1936
$
Cash in banks
1937
$
798,124
Capital stock
Surplus
& bonds guarant
byU. 8. Govt..
802,607
249,084
158,399
assets
Total
101,120
$
own
53,920
liab.
40,600
Res.
on
of
credit
1,017,700
Bk.bxdgs.&fixt.
8,635,527
earned
The stockholders will vote
*
Deposits
1,297,173
151,680
412,899,161 448,366,0511
* Inter-bankbalances
Total
deprec., int. and
1,031,892
1,017,700
18,252
1,222,944
114,717
412,899,161 448,366,051
y
-
170.000 shares
Assets—
©334 519
IIIII
57 614
3 735
IIIIIIIIIIIIIIIII
I.IIIII"!
I-IIIIIII IIIIIIII
2 380
3638
IIIIIII1111111""
Work
rec.
hand and in banks..
$21,417
35,200
cap. stock (no par)
$1.36
fund
treasury
(at cost)
gold
bonds
($8,000
par
Deferred charges..
Investm't in 1107
Accrued franchise, capital stock
in
$18,227
Total.———
x
After
reserve
y3, 028,133
36,097
$3,212,204
of $300.
Represented by 170,000
5,563
189,148
Real est. &
1937
1936
on
300,640
1 ,445,129
x
Prior pref. stock.
3 ,627,900
y
2d pref. stock—
Common stock..
3 ,501,500
Deficit..
206,710
58*677
real est.
Reserves
z
$2,460,469
3
—
150,000
,037,836
64,888
300,640
1,489,657
3,627,900
3,501,500
150,000
2,709,677
1
2,495,570
equipment.fi,917,289
2,006,971
bldgs.j
$7,815,647
$9,092,0861
Total
$7,815,647 $9,092,086
Represented by 36,279 no par shares,
y Represented by 35,015 no
shares,
z Represented
by 30,000 shares of no par value.—V. 146,
912.
-
Gatineau Power Co.—Initial Preferred DividendDirectors have declared
an initial dividend of $1. 26
per^hare on the new
5% preferred stock, payable
April 1 to holders of record March 1.
Holders of the first preferred shares of Canadian
Hydro-Electric
Corp.,
Ltd., still outstanding may receive this dividend by exchanging their shares
for the new Gatineau
shares, on the basis of 1 preferred and 1
common
shares of Gatineau for each Canadian
Hydro rpeferred.
More than
of
1937
1936
1937
1936
$28,014
$34,806
Accounts payable-
$38,159
$16,262
88.077
61,512
Acer, taxes & exp.
Deferred liabilities
42,552
8.962
2,664
30,193
38,096
36.915
244,900
249,490
Liabilities—
52,744
865,000
Paid-in surplus
zS50,000
865,000
-
—
_
49,968
47,913
1*71*306
140,415
64,656
Surplus-
73,071
52.942
d Treasury stock.
149,950
$558,391
Class
726
_
111.,
chargesexpense._
A
pref.
cum.
stock
7%
(par
$100)
c
plant
Deferred
11,452
40.379
149,295
$630,867
Champaign,
Prepaid
Reserves
61,520
(cost)
b Fixed assets (cost)
35,200
95%
146, p. 913.
General Alloys Co. —Balance Sheet Dec. 31—
Assets-
Securities
12,016
Funded debt of sub. companies
Capital stock
Canadian Hydro shares have been exchanged.—V.
6,387
Common stock—
-
1
1
248,555
198,254
Dr5,953
*
-
m.m -
.
3.462
502,712
Total
......
Goodwill,
pats. &
tradem'ks (cost)
Total..
$3,212,204
After reserve for depreciation of $1,139,961.
par shares stated value $5 per share.—V.
145,
y
no
188,559
ployees & others
Inventories
Earned surplus
x
219,988
24,883
Mtges. stks., bds.,
&c., invest., cost 2,289,631
Construction plant]
4,919
and other taxes
Provision for income taxes
Reserve for repairs
8.000
Fixed assets
Mtges.
3,649,348
Fifth Ave. Corp.
and
Liabilities—
Int. & taxes accrd.
2,709,689
Receivables—Em¬
22,739
86,304
value)
Deferred charges...
654,323
56,600
Accounts payable-$1 ,769,636
Notes payable
and accrued
Accts. rec., trade-
Accounts payable
Accrued payroll
Accrued interest
by
sinking fund trustees
Other investments and accts..
Sinking
$556,927
accts.
Cash
x9,513
receivable
held
1936
$654,167
completed.
&c., other
$231,951
170,000
Liabilities—
securities
1937
Cash..
p.
Consolidated Balance Sheet Dec.
31, 1937
and
$399,820
490,474
3,688
[Exclusive of 1137 Fifth Avenue Corp.]
Assets—
6,449
Net profit
Dividends paid
Cash
$153,739
537,762
687.023
$328 070
IIII.IIII
Interest paid and accrued
Premiums on bonds retired
Amortization of financing
expenses
Miscellaneous charges
Provision for income taxes
on
$546,683
$696,237
taxes
x
Profit
Cash
yl934
$326,740
73,080
par
Consolidated Statement of Earnings Year Ended
Dec. 31, 1937
Accounts
1935
$96,246
57,493
$9,214
$8,921 loss$340,424 loss$311,104
Exclusive of Newplan Holding Corp. and of 1107 Fifth Avenue
Corp.
Total
Co., Inc. (& Subs.)—Earnings—
per share on
1936
$412,415
111,070
23,198
Net profit
Inventories
eliminated from both sides of balance
sheet, $16,-
Profit from hotel
operations
Other income
Earnings
1937
$558,389
90,299
47,548
Loss from allied oper
125,381 in 1937, and
$14,784,128 in 1936.—V. 144, p. 1108.
Ford Hotels
the proposal Feb. 15.
on
Corp.]
int. receiv., &c.
Cash in closed bks.
1,870,492
1,898,680
365,953,665 402,524,236
& acceptances
1,492,766
227,759 Other liabilities.
cumulative
Consolidated Income Account for Calendar Years
'Exclusive of 1107 Fifth Avenue
Letters of credit
Other resources.
-
Accrd. expenses,
taxes and int.
1,243,468
9,216,441
but
not collected.
Total..
20,640,000
16,133,700
4,351,083
1,480,691
mfrs. &
purch.fr. them
and
acceptances..
Int.
of
4%
stock.
$
others on notes
acct. of letters
U. S. Realty &
new
preferred stock (par $100) and 9,892 2-3 shares of the new
(par $1) out of the total outstanding (before any conver¬
sions) of 24,186 shares of 4% cumulative convertible
preferred stock,
17,507H shares of $3 convertible stock, and 25,096 shares of common
stock
common
1936
%
114,582,571 133,906,296 Capital (com.). 20,550,000
U.S.Govt. secur.145,328,508
159,507,722 Surplus
16,196,800
Oth. bds.&secur
29,658,227
35,670,854 Undivid. profits
5,028,007
Loans
&discts_.112,173,854 107,060,144 Res. for contlng.
1,232,353
Overdrafts
$2,553,621
Consolidated Balance Sheet Dec. 31
1937
Liabilities—
Cash
Cust.
150,753
Total
flan of capital readjustment has 1-3 shares of the
mprovement Co. will
7,785 been consummated,
38,146,862 38,502,293
1936
$
714,122
surplus
vertible on a share for share basis into new common
stock) and one-third
of a share of new common
stock; each share of 2d preference stock will be
reclassified into one-half of a share of new $3 convertible
stock (convertible
into new common stock on the basis of
three-fourths of a share of new com¬
mon stock for each share of
new $3 convertible
stock) and one-fifth of a
share of new common
stock; and each share of common stock will be
reclassified into one-fifth of a share of new common
stock.
If and when this
Consolidated Balance Sheet Dec. 31
1937
Earned
^(George A.) Fuller Co.—Capital Readjustment—
Total income
Gen. & corp. exps.,(incl.
Total
The book value of co's interest in the
stocks of banks and active af¬
filiates represented in this
total, based on co's proportionate interest in the
capital, surplus and undivided profits of each
affiliate, amounted to $42,569,522 on Dec. 31, 1937.
Resources—
618,882
"^Company, in which United States Realty & Improvement Co. owns
11,678 shares of prior preferred stock, and 30,000 shares of common
stock,
has submitted to
stockholders, for approval, a plan of capital readjustment
under which each share of prior preferred stock will be
reclassified into twothirds of a share of new
4% cumulative convertible preferred stock (con¬
Other income (net)
Profit from allied oper'ns
36,286,682
1,894
873,000
Common stock
Surplus by appreciation
3,837
$2,553,6211
104,904
x
*
2,509,858
Years Ended Dec. 31—
Profit on bldg. contracts
38,146,862 38,502,2931
—
$
23,567
4,583
Interest accrued..
Stocks ol
affll—*36,120,248
c
140,774
After reserve of $2,236.
b After reserve for depreciation of $496,914.
Represented by 4,005 no par shares.—V. 145, p. 2391.
29,762,360 30,352,585
8,283,382
8,044,804
Res've for expense
and taxes
704,127
322,601
161,859
14,813
3,589
1936
$
Liabilities—
998,873
U. 8. Govt, bonds
Oth. bds. & secur.
Bills receivable
Real estate & other
22,046
buildings
53,399
convertible
B.S.Corp .ownership $2,739,863
$796
-
a
Corp.—Earnings—
Consolidated Earnings of Affiliated Institutions
[Including earnings of the parent company, other than inter-company divs.J
payable
Due to Chas. H. Frye
Lease depos. & unearned rentals
1st mtge. 5% s. f. gold bds...
1,901
Total.
c
First Bank Stock
829
Unamort. bond dist. & exp._
Firestone Tire & Rubber Co
.—Harvey Firestone Dies—
Accounts
Accrued liabilities
Cash in hands of sinking fund
trustee
Harvey S. Firestone, Sr., Chairman of the Board
He
$15,149
Sundry notes, accounts and
a
1937
Liabilities— *
Cash in bank
200,000
b Land and
company died on Feb. 7.
$20,270
Balance Sheet Oct. 31,
W
$3,094,328 $2,984,480
-V. 145, p. 2073.
*
Net income
L
100,608
200,000
832,314
Earned surplus
Total
that
on
Judge R. M. Gibson in U. S. District Court at Pittsburgh has grantecTa
90-day further general continuance of the confirmation of the plan, to allow
company further time to continue negotiations for new financing in connec¬
tion with its reorganization.
William B. Paul, counsel for the company,
had previously filed a report on the status of the
reorganization.—V. 145,
p. 3008.
-/J
.
reserve
Net add'n to surplus. .
11.
The dividend just declared is the third stock dividend declared
since
inauguration of the fund in January. 1937, each of 2H%la addition,
two semi-annual cash dividends have been declared, the last of these
being
5}4, cents per share on the bank stock series and 6 cents per share on the
insurance stock series, paid Dec. 15, 1937.
As of Dec. 31, 1937, the fund had outstanding 342,155 shares of
the
bank stock series and 392,722 shares of the insurance stock series.
Total
maturing.
Farmer & Ochs
1938
12,
Fund, Inc.—Declares Stock Dividend—
The directors on Feb. 7 declared a stock dividend of
2lT%"o»^otK,Has8es
of outstanding shares, bank stock series and insurance stock series.
The
dividend, which will be paid in shares of each series, is payable March 15
to holders of record Feb. 14, the shares
selling ex-dividend at the close of
These bonds are a direct obligation of the Fifth Church of Christ,
Scientist, Cleveland, Ohio, a corporation of the State of Ohio, and are
secured by a first mortgage deed of trust on
property located in the City
of Cleveland, Ohio.
The church building was erected in 1927 at a cost of
$456,106, and the land is valued at $15,000, giving a total cost of land and
building of $471,106.
The purpose of the issue is to refund outstanding indebtedness now
Calendar Years—
Discounts rec., inc.
Feb.
b After
no
deducting
par shares,
reserve
The income statement for
V. 146,
p.
913.
Total
for depreciation,
$630,867
c
$558,391
Represented by 233,613
d 860 shares class A preferred stock at cost.
the
years
ended Dec. 31
was
published^in
ttw
.
Financial
146
Volume
(& Subs.)—Earnings—
General Candy Corp.
Calendar Years—
b Consol.net prof, for yr.
Previous earned surplus-
1937
$185,069
el80,533
1936
$274,795
al47,l76
1935
$177,431
c73,858
Total surplus
Class A diva, paid
$365,602
176,900
$421,972
d239,606
$251,289
90,886
(net)-
General Paint Corp.—Earning s$132,179
211,510
$343,689
80.194
,
Marketable invest.
18,277
Prepaid expenses-
177,881
8,309
463,603
32,672
equip.,
furniture, &c_._
119,028
Miscell. rec. & adv
Inventories
,
Accounts
$303,466
94,690
181,814
7,156
549,213
22,133
$86,846
payable-
38,182
17,976
Tax reserve
Social security tax.
Sundry payables &
deposits.reserves.-
18,380
15,385
732,500
25,000
15,141
x
Class A stock...
732,500
y
Class B stock
25,000
179,183
Sundry
123,241
Capital surplus...
& loss sur¬
Net
188,703
Dr73,304
182,366
Dr73,690
Cash.
$39,071
5,265
5.130
$76,304
$33,805
$14,835
753
4,728
*12,060
2,481
$19,875
7,843
$19,965
—
Undistributed income be¬
ginning of period
credits to earned
$12,032
3,611
2,037
surplus
......
•—--
tal gains
15,558
paid
$89,117
85.232
Total surplus
$15,642
13,605
$16,871
12,143
55,820
end
shares repurchased,
$2,037
$4,728
$753
$3,885
account of income on
on
shares sold $17,588 less paid on ac¬
$5,528.—V. 145, p. 3654.
Represented by 79,934 (73,724 in 1936) (no par) shares pre¬
cum. dividend stock, 66 (6,276 in 1936) shares (no par) class A
(no par) common stock.—V. 145, p. 113.
y
$2.67
General Motors Corp.—To Pay
25-Cent Dividend—
Feb. 7 declared a dividend of 25 cents per share on the
$10 payable March 12 to holders of record Feb. 17.
This compares with $1.50 paid on Dec. 13 last; $1 paid on Sept. 13 and on
June 12 last; 25 cents paid on March 12 1937; a year-end dividend of $1.50
paid on Dec. 12, 1936; regular quarterly dividends of 50 cents paid in each
of the five preceding quarters
and dividends of 25 cents per share paid
each three months previously. Previous extra distributions were as follows;
75 cents on Sept. 12 and June 12, 1936; 50 cents on Dec. 12, 1935; 25 cents
on Sept. 12, 1935; 50 cents on Sept. 12,1934; 25 cents on Dec. 12,1933, and
30 cents per share on Jan. 3, 1930, and on July 2, 1929.
stock
par
January Car Sales—The company on
following statement:
January sales of
Feb. 8 released the
General Motors cars to dealers in
the United States
together with shipments overseas, totaled 94,267j compared
103,668 in January a year ago.
Sales in December were 160,444.
Sales of General Motors cars to consumers in the United States totaled
and Canada,
with
with 92,998 in January a year ago.
63,069 in January, compared
December were 89,682.
Sales
in
dealers in the United States totaled 56,938
January, compared with 70,901 in January a year ago. Sales in Decem¬
Sales of General Motors cars to
in
ber
were
108.232.
this year's figures with those of a year ago, it should be
and February, 1937, the sales did not fully
demand because of the stoppage of production and
the shortage of cars in the field resulting from the strike.
.
In comparing
borne in mind that in January
reflect the consumer
Total Sales to Dealers in
January
February
United States and Canada Plus Overseas Shipments
1938
1937
1936
1935
94,267
-
158.572
144,874
103,668
74,567
98,268
121,146
March....
260,965
196,721
169,302
April
May
238,377
216,654
229.467
222,603
184,059
203,139
217,931
226,681
188,010
82,317
204,693
121,943
19,288
167,790
124,680
39,152
June
-----
JulyAugust.
September
October..
November
December............
.
90,764
191,720
239,114
166,939
195,136
160,444
-
A
1 ■"
|
<lt
2,116,897
2.037,690
1,715,688
1936
1937
1935
92,998
51,600
102,034
96,134
54,105
77,297
196,095
181,782
126,691
198,146
178,521
200,117
May
143,909
109,051
June
153,866
189,756
137,782
163,818
156,322
88,564
163,459
133,804
85,201
108,645
127,346
66,547
107,216
117,387
89,682
44,274
155,552
173,472
68.566
136,589
122,198
1,594,215
1,720,213
February
—...
March.
April..
July
—
August
September
October
November
December
Total
195,628
483,556
1,732,155
—
_
1937
1935
75,727
92,907
70,901
49,674
131,134
116,762
March....
216,606
162,418
132,622
April
180,085
199,532
187,119
194,695
105,159
152,946
162,390
186,146
150,863-
187,869
157,000
58,181
177,436
99,775
4,669
139,121
103,098
22,986
136,370
153,184
108.232
69,334
156,041
1 97,065
56,938
January
February.
May-.-..
June
—
July
...i
August
September
October
November
December
1,682,594
1.370,934
Chevrolet, Pontiac, Oldsmobile, Buick, La Salle
and Cadillac
1,680,024
Total
Unit sales of
passenger
and
97.746
148.849
150,010
commercial
146, p. 913. ^1
cars
are
included in the above figures.—V.
127,071
Divs.
171,691
533,853
Paid-in
payable-
.
71,000.
114,814
1,737,751
1,328,173
1,737,751
1,514,065
surplus
Earned surplus.
151,712
183,500
114,815
expenses..
.
1,632.577
46,827
48,703
132,800
on
rec.
68,669
43,675
.12,401,601 12,127,851
of $550,352 in 1937 and
The estimated market value Dec. 31,1937 was $471,848.
-...12,401,601
After reserves for
Total
12,127,851
shrinkage in market value
$580,815 in 1936.
b After amortization of $3,215,035 in 1937 and $3,014,607 in 1936.
resented by 321,030 no par shares, after deducting 3,970 shares
and held in treasury at $79,400.
d After reserve for depreciation
196,799 in 1937 and $3,120,053 in 1936.
e Represented by
^
c
Rep¬
reacquired
of $3,shares of
Th^ income
page
statement for the calendar year was
published in Y, 140.
913.
General
Co.—Ex-Directors
Surety
$500,000—
•
Liable for
Held
s
of this defunct company and the defunct
both affiliates of the National American Co.,
7 by Supreme Court Justice Samuel H. Hofstadter,.
total of about $500,000 to Louis H. Pink, Superin¬
tendent of Insurance, now liquidating both companies. Justice Hofstadter
ruled that the officials were liable in varying amounts for illegal investment
of the funds of their respective companies while they were in office.
i
The liability of all the directors of the two companies, together with
interest, was found by Justice Hofstadter to amount to about $850,000.
As a credit against this total, he ruled, the directors could apply $350,000
that Mr. Pink had received in settlement of claims against other directors
who were not defendants in the actions before him.
Awards made by the Court before adding interest charges amounted to
$362,169 in the General Surety Co. case and to $279,697 in the State Title
case.
In many instances the defendants served as members of both boards.
Those ordered to pay were David H. Knott, John Kadel, Audley Clarke,
John A. Dilliard, Edmund J. Donegan, Frank H. Kenny, Max N. Koven,
Charles P. Loeser, William H. Lyons, Jamas E. O'Kane, Albert N. Roemer,
A Albion Russell, William O. Smith and the estate of Louis Gold.—V. 143.
p.'272.
former directors
Fourteen
State Title &
Mortgage Co.,
Inc., were ordered Feb.
of New York, to pay a
General Telephone
This
corporation reports
Corp.—Gain in Phones—
for its subsidiaries a gain
of 948 company-
for the month of January, 1938, as compared with a gain
of 1,810 telephones for the month of January, 1937.
The subsidiaries now have in operation a total of 363,489 company-owned
telephones.—V. 146, p. 441.
owned telephones
Georgia &
Florida RR.—Earnings¬
'—Week
Jan. 31—
-Jan.
1 to Jan. 31
1937
1938
1937
$80,375
$30,153
$24,875
Operating revenues
—V. 146, p.
Giant
End.
1938
Period—
$105,928
914.
Portland Cement Co.—To Recapitalize—
asked at their annual meeting on Feb. 28 to approve
which would eliminate $23.50 in accumulated
Stockholders will be
recapitalization plan
dividend arrears on preferred stock.
Announcement of the proposal was made
issuance of the annual earnings report.
on Feb.
1 In connection with
second attempt to revise its capital structure.
A plan was offered late in 1936, but withdrawn when a Delaware Supreme
Court decision against Wilson & Co. in a similar case raised legal barriers.
The present plan which has been approved by Delaware and company
counsel as conforming with the court's ruling, contemplates issuance of
new $1 75 cumulative convertible prior preferred stock, par $20, on a two
for one basis to present preferred stockholders who voluntarily turn in old
stock and relinquish accumulation claims.
■
The plan also provides for reclassification of present $50 par common
stock into $5 par shares, and reduction of goodwill boom value from $1,177,The move
marks company's
^The
showed net income of $44,409, or $1.36 a share on
compared with $55,757, or $1.71 a share, in 1936.—V. 145.
earnings report
preferred stock,
p. 3973.
(W. T.) Grant
1936
accr.
740,482
132,800
advances
estate
Prepaid item
Sales to Dealers in United States
1938
Prov. for Fed. and
Off. & em pi. invest
1,278.996
63,069
January.....
Accts.
1,414,175
902,243
978,943
563,341
Mkt. sec. at cost
$
2,303,800'
6,420.600
payable and
4,440,876
in affil,, &c.,
companies
Contr. work unblll
„
$
2,303,800
Common stock.. 6,420,600
Preferred stock.
State taxes
181,188
Sales to Consumers in United Slates
1938
4,278,601
993,852
1,054,827
&c
a
e
c
Accts. receivable-.
a
Total
2,041.778
goodwill
Cash
1936
/•!':
Liabilities—
$
2,093,024
31—
1937
1936
1937
134,597
127,054
182,754
185,698
Balance Sheet Dec
General Railway Signal Co.
The directors on
common
$3,356,431 $3,091,049
Total
of $905,744 in 1937 and $831,559 in 1936 and after
of management of $483,734 in 1937 and $541,616-
stocks and 169,413 shares
a
of period
Received
x
66,318
$3,091,049
5,283
2,000,000
758,416
658,577
70,033
$3,356,431
1936.
ferred
income
count of income on
688,899
After depreciation
Total
Undistributed
946,088
1
Total.
Mortgage
$56,573
567
adv., &c-
Capital stock— 2.000,000
y
allowance for revaluation
real
Dividends paid-.
for royalties,
Surplus..
mach., equip.,&c
and
Amount of realized capi¬
12,109
30,791
30,000
for conting—
38,433
Inventories.
Other
106,876
4,038
_
Res.
136,570
144,012
Deferred charges..
Inv.
-
Deferred income.
Res.
Patents, &c
x
146,019
payroll, &c
53,152
buildings,
Land,
1936
$177,574
Accrd. prop, taxes.
1,188,067
29,002
Investments
x
1937
$229,718
Accounts payable.
Due from Fire Ins.
1934
1935
$90,911
14,607
Expenses
63,472
Other assets..
5,311'
$200,889-
-V
Liabilities—
1,466,331
39,259
Inventories
-
undistributed profits.
$411,188
509,740
583,869
Accts. rec. (subs.).
b Patents,
1936
1937
Years Ended Dec. 31Gross income
$326,338
1936
$300,555
------
d Plant, fixts., &c.
-Earnings-
General Investors Trust-
$484,802
1937
.
Notes & accts. rec.
1936 in
5,000 in 1937, 4.175 in 1936 in treasury).
In 1937 and $623,766 in 1936.—V. 145. p.
Net income
$530,291
13,000:
017,039
Balance Sheet Nov. 30
in
Represented by 146,500 shares, par $5 (of which 28,417 in 1937, 28,567
treasury),
y Represented by 5,000 shares, par $5 (of which
z After depreciation of $516,896
3973.
x
in
37,500
Crl8,686
Includes $23,744 for surtax on
x
179,183
$1,241,141 $1,281,716
Total
$1,241,141 $1,281,716
Total
68,000
Cr36,279
profit
Assets—
Profit
plus
Treas.stk.atcost-
1934
$2,801,279
275,496
39,829
16,467
xl02,000
Co.'s
16,167
18,514
Accruals
Mach'y,
$112,325
74,099
12,400
1935
$3,290,799
390,617
40,256
3,562
Prov. for estimated Fed.
Applicable to min. int.
of sub. companies
1936
1937
Liabilities—
1936
1937
$421,371
Accts. receivable..
z
$4,993,555
Profit from operations..
666,125
55.913
Deprec. & amortizationOther charges
14,199
.
4 Assets—
Cash..
1936
and
returns
allowances
income tax
31
$188,703
$182,366
$160,403
$266,423
a After
deducting $13,227 for additional taxes paid for prior years,
b After Federal and New York State taxes,
c After deducting prior years'
additional taxes paid of $13,841, sundry adjustments of $1,336, and transfer
to capital surplus of $177,387.
d Including 10% dividend paid in class A
stock to class A stockholders on 107,075 shares outstanding March 14,1936,
amounting to $27,596.
e After deducting $1,833 for prior years additional
taxes paid.
"
'J://:..
:
v;
Consolidated Balance Sheet Dec. 31
Earned surpl. Dec.
'
less
Sales,
$4,093,025
581,006
48,759
Cr1,870
1937
Years Ended Nov. 30—
1934
CV2.929
Sundry ad j., prior years _
1075
Chronicle
Period End. Jan.
Sales
—V. 146, p.
Co—Sales-
31—~~
1938—Month—1937
1938—12 Mos.—1937
$5,625,776 $99,056,957 $98,346,043
$5,325,180
278.
Goodyear Tire & Rubber
Subs.)—Earnings—
Net
profit
pf. stockDivs. on 5% pref. stock.
Common dividends
1936
1935
1934
$1,910,867
$2,068,276
$2,025,105
546,520
551,932
579,907
$2,028,310
599.474
$1,364,347
Years End. Dec. 31—
Total earnings
Depreciation reserve—
y
x
$1,516,344
$1,445,198
1937
233,595
Divs. on 7%
300,000
1,286,300
sin-plus
def$221,953
stk. (nopar)..
257,260
Balance,
Shs.com.
Earnings per
x
Co. of Canada, Ltd. (&
share.
Redeemed June 17, 1935.
$4.14
y
300,600
$1,428,836
504,171
643,150
150,000
643,150
643450
$573,194
$418,453
$281,515
257,260
$4.73
257,260
128,630
$7.10
_
$4.12
After providing for income tax.
1076
Financial
Chronicle
Consolidated Balance Sheet Dec. 31
1937
1936
$
8
Assets—
Real
Hazeltine
1937
Liabilities—
bldgs.,
mach., eq., Ac_12,760,152 12,465,239
Miscell. lnvestm'ts
93,674
187,106
est.,
Pref. stk. red. fund
Accounts payable.
87,000
Dlv.
on com.
349*286
Deprec. reserves—
840,924
7,326,500
Res. for taxes
1,646,867
Res. for raw mat'l
Call loans A Govt.
commitments
bonds
1,537.817
Deferred charges
Total
_
2,713,096
56,924
55,355
.,
Capital surplus...
463,068
Surplus
7,808,840
—22,706,437 22,622,113
Total income
Loss
sale of investm'ts
Prov. for Fed. inc. tax..
Total
463,068
8,030,793
y
86,536
Netprofit
Dividends paid
22,706,437 22,622,113
x After deducting reserve for bad and doubtful
accounts,
by 257,260 shares no par value.—V. 144, p. 1959.
770
$549,293
525,000
Shs .cap .stk.out. (no par)
Represented
Earned per share
175,000
$1,318,502
16,513
$968,534
366,002
277,334
97,404
45,000
$1,335,015
471,642
277,110
$358,909
x524,075
175,000
408,957
70,998
on
1934
$961,449
7,086
$1,142,268
438,082
278,026
3,150
64,100
$1,116,555
.
1935
$1,136,366
5,901
3,413
Expenses and taxes
Res., amort, of patents
146,162
..
1936
$1,113,142
Other income
162,074
321,329
7,612,390
4,806",957
Inventories
*
1937
Royalties
128,630
189,720
stock
4,700,119
Accts. receivable 2,283,742
Cash
1,093,577
Calendar Years—
6,000,000
198,061
1938
(Including Wholly-Owned Subsidiaries)
$
5% pref. stock
6,000,000
y Common stock..
128,630
12,
Corp.—Earnings—
1936
$
Feb.
$182,795
304,992
175,000
$501,722
501,803
175,000
$2.86
84,540
$3.14
$2.05
$1.04
Dividends paid have been charged to
surplus to the extent of $210,887,
and the balance, $313,187, has been reflected as a
distribution from pro¬
vision for amortization of patents.
—
x
Gray Telephone Pay Station Co.—New Management—
H. Otto Vogt, a former director, was on Feb. 9 elected to the
of the company, succeeding
George A. Long.
The
Presidency
directors of the
new
Consolidated Balance Sheet Dec. 31
con¬
cern, elected in a proxy battle at the annual stockholders'
meeting held
Feb. 9, chose Mr. Vogt at an organization meeting.
Other officers are Franklin 11. Arnold,
Vice-President, and Leicester H.
Lancaster, who was reelected Secretary-Treasurer.
Mr. Vogt and Mr.
Arnold serve without salary.
The action
was
Assets—
Ac..
plant
Royalties
dividend of 12 cents per share in
dividend of 25 cents per share on the
quarterly
stock, par $25, both payable March 1 to holders of record Feb. 19.
An extra of 63 cents was paid on Dec.
1, last; one of 12 cents was paid on
Sept. 1, last; one of 13 cents was paid on June 1 last and extra dividends
of 12 cents were paid on March
1, 1937 and on Dec. 1, 1936.—V. 145,
p. 3197.
Period Ended Jan. 31—
.
a
After
16,
1933.
Gulf Power Co.Period Ended Dec. 31—
Gross revenue
Oper. exps. and taxes
Prov. for retir. reserve.
Non-residents of Canada
are
subject to
_
a
-Preliminary Earnings—
1937—Month—1936
$151,504
$137,808
105,696
73,805
11,942
32,000
to
determined
made
as
$24,293; total de¬
ductions after amortization charges,
$1,583,811; balance of stated capital,
$2,157,373. d Amortized balance of patents, patent
rights, inventions and
agreements.'—V. 144, p. 1786.
Hein-Werner Motor Parts
$8,688
$10,163
$138,541
undistributed profits for 1936
Edward H. Miller, Emmett V.
Thompson, T. Frank James and Rowland
Feltman have been elected directors
succeeding J. J. Walsh, E. F. Collins,
W. H. Matoushek, and J. E.
Woracek, resigned.—V. 145, p. 281.
Hartford Electric Light
Local sales
1936
1935
1934
$5,983,531
1,117,520
117,361
1,217,530
139,552
$7,744,370
338,392
Total..
Customers' dividends
$7,546,775
Net sales elec. current $7,405,978
Misc. oper. revenues—.
27,347
revenues.
$7,433,325
& maint.
3,581,226
accrual.
281,724
$7,410,702
3,619,572
510,636
900,900
996,000
924,000
Net oper. income
Inc. from other sources.
$2,574,374
195,361
$2,394,270
160,167
$2,380,493
Total Income
Miscell. interest, &c
Common stock divs
$2,769,736
a71,122
2,338,861
$2,554,437
3,303
2,303,303
146,265
3,948
117,322
$2,547,208
Aprop. to retire, reserve
Adj. for prev. periods, &c
136,860
13,406
Flood loss
$2,331,111
175,772
166,714
$2,506,884
4,218
2,303,304
135,512
8,712
4,508
2,303,303
184,944
6,394
$209,485
def$19,706
$48,058
a;includes debenture bond interest from
April 1, 1937, net.
Comparative Balance Sheet Dec. 31
1937
1936
§
§
Fixed capital
Cash
29,378,430 27,608,487
2,483,279
1,222,410
Notes & accts. rec.
741,958
802,034
Mat'ls A supplies.
1,121,984
854,856
curr. assets.
8,576
Co.
stock
Miscellaneous
Hartford El. Light
Co.
com.
7,706
stock.
2,038,064
192,061
2,038,064
206,061
117,026
953,123
1937
36,424,720 33,809,770
227",611
166,730
23,192
29,158
53,849
719,709
37,229
Accrued taxes, Ac.
Retirem't reserve. 7,261,576
Contributions
for
line extensions..
Miscell.
637,751
7.216,376
115,090
1,280,863
853
Total
7,226
3,362,790
36,424.720 33,809,770
p.
on
1937
$155,335
$175,831
After
surtax
on
1937—3 Mos.—1936
x$8,744 loss$51,804
$0.02
Nil
depreciation, interest, Federal income,
undistributed profits.—V.
146,
p.
442.
1937—12 Mos.—1936
loss$18,824 loss$ 110,317
Nil
taxes,
&c.,
Nil
but
before
1936
$25,644
Accrued expenses.
$8,866
12,688
Prov. for Fed. and
Wis. inc. taxes.
23,804
300,000
34,120
20,000
300,000
20,000
Paid-in surplus
241,666
200,197
$536,949
Total
$548,643
18,135
56,578
56,578
115,014
94,166
$536,949
$548,643
Earned surplus..
Total
145,
Hobart
1937
payable
a After reserve
for bad debts of $2,000.
b After
of $196,203 in 1937 and
$173,494 in 1936.—V.
Manufacturing Co.—New
reserve
p.
for depreciation
3198.
President—
J. M. Spencer,
formerly Vice-President and General Manager of this
company has been elected President and General
Manager to succeed H. L.
Johnson who died Jan. 21.
Edward S. Johnston was elected a director for
the interim period until
the company's annual
meeting March 16 to fill the unexpired term of H. L.
Johnson.—V. 145,
p.
3974.
Household Finance Corp.—Annual
Report—
Consolidated Income Account
for Calendar Years
1937
Gross income from
oper_$17,513,849
expenses.....
Net income
Other income credits
Other charges
Prov. for losses
c9,039,769
1936
$7,303,794
$5,424,458
36,049
62,774
$8,490,048
293,207
1,344,076
$7,339,843
>,487,233
201,860
771,083
261,658
1,142,725
463,000
290,000
2,206
295,000
13,055
claims
against closed banks.
_
5% pref. stock divs
Partic. preference divs..
Common dividends
Balance, surplus
outstanding
per share
$4,809,473
7,610
$4,817,083
351,280
757,382
29,393
33,367
Minority interest against
sub. company
1934
371,500
2,909
on
1935
$14,656,628 $12,540,287 $12,364,225
c7,352,834
b7,115,829
b7,554,752
$8,474,080
15,967
Gross income
Interest paid
a
1938
370,233
shs. com. stk. (par
$2)
x
3,411
plant
and equipment.
Earnings
Ry.—Earnings—
.
Earns. per sh.
3,804
Property,
Com. shares
441.
Hayes Body Corp. (&
Subs.)—Earnings—
Period End. Dec. 31—
surr. value of
life insurance..
Cash
earns, of
3,572,275
Gr^rAvenu^Vo
145, p. 3818.
Netprofit
70,365
118,852
4,838
Net income
..
Accounts
Mortgage payable
Cap. stock ($3 par)
5,336
137,723
10,764
unadjust.
credits
Month of January—
—V
41,385
.
Notes A accts. pay.
Consumers' deps..
Misc. curr. liabll—
Liabilities—
expenses.
Inventories
tributed profits
Prov. for contingencies.
Represented by shares of $25 par.—V.
146,
Havana Electric
$
1936
$150,980
(trade)
Federal & Dominion tax
Federal surtax on undis¬
Miscell. reserve.
x
1936
$
Liabilities—
Capital stock...21,000.000 21,000,000
30-yr. 3% debens. 3,500,000
Surplus
Total
1937
x
11,444
117.026
343,338
Suspense
$55,138
undistributed profits,
Accts. and notes
Operating
Total added to
surplus
for year
*\.3SCtO
a
b
$7,060,306
3,380,180
486,215
862,800
_
-
on
Balance Sheet Dec. 31
Prepaid
$7,010,550
49,756
7,793
y70,000
------
$107,035
...
$7,010,550
$7,340,613
70,089
$7,592,655
3,704,972
569,412
$101,887
61,800
26.326
Includes extra dividend of 10 cents per share
amounting to $10,000.
Note—The provision for depreciation of
property, plant and equipment
for the year amounted to
$22,709 in 1937 and $19,599 in 1936.
$5,733,453
1,138.324
138,773
$7,340,613
$7,546,775
45,880
$136,007
■
Includes $2,837 surtax
receivable...
$6,311,894
895,415
116,339
Street railways
$113,727
xl8,251
5,553
y
Cash
$6,732,616
Other electrical corps.
t
Net income
Cash dividends paid
Assets—
Co.—Earnings—
1937
$130,516
5.491
expenses-
Net income before provision for income
taxes
Federal income tax
Wisconsin income tax
x
Hamilton-Brown Shoe Co.—New Directors—
Calendar Years—
Sales of electric current;
$235,777
105,261
$89,923
$140,853
on
$245,748
136,605
Miscellaneous Income (net)
$207,867
67,014
Includes provision for Federal surtax
and 1937.—V. 146,
p. 109.
$883,046
647,269
$109,144
4,583
Selling, general and administrative
$205,555
67,014
1936
$1,022,312
776,563
x949,798
120,000
$15,748
5,584
x
1937
freight outward)
Cost of sales
$1,484,263
$14,272
5,584
Balance—.
Corp.—Earnings—
allowances, discounts
135,500
Net income
Divs. on pref. stock
Power
$2,486,755 $2,201,892
by U. S. Circuit Court of Appeals, $1,163,750;
xl ,095,953
$414,465
206,598
Conn.
Total
for
amortization of $3,227,523.
b Capital stock
shares (no par); issued 175,000 shares,
$3,741,184
reflect reduction of value of
patents, trade-marks and
$1,665,526
$434,072
228,517
Misc.
5,347
to
stockholders from provision for amortization
of
patents; during the period prior to Dec. 31,1936 before adjustment,
$1,797,773; adjustment of provision for amortization patents,
$826,746; reinstate¬
ment of cost of patent applications
charged to expense, $630,619; provision
for contingencies at Dec. 31, 1936,
$150,000.
Additional Federal income
taxes for periods ended Dec. 31, 1936
plus interest, paid in 1937, $192,852;
sundry contracts written off $61,094. Net adjustment, $l,353,4i9; balance
as at Dec. 31,1936 as
adjusted $444,354. Earned surplus after amortization
charges; balance, Dec. 31, 1936, nil; net income for 1937,
$549,293; divs.
paid during 1937, $525,000; balance, Dec. 31, 1937,
and
1937—12 Mos.—1936
$32,003
16,255
res.
150,000
5,145
5,388
Years Ended Dec. 31—
Gross sales (less returns and
$33,865
19,593
exps.
-
300,000
adjustment
5%
Gross income
Int. & other fixed charges
Operating
tingencies———
quarter since and
including Jan.
tax.—V. 145, p. 4118.
Retirement
75,448
189,917
con¬
1,106
.
allowance
distributions
.
Guarantee Co. of North America—Extra Dividend—
Taxes
for
10,326
$2,486,755 $2,201,8921
contracts
1938—Month—1937 ~ 1938—12 Mo~m7~
$1,789,829
$2,021,862 $33,468,752 $32,710,98.3
134
135
The directors have declared an extra dividend of
$2.50 per share in
addition to the usual quarterly dividend of $1.50
per share on the common
stock, par $50, payable in Canadian funds on
April 15 to holders of record
March 31.
Similar distributions have been made each
Total oper.
93,592
.......
Provision
empl.
authorized
(H. L.) Green Co., Inc.—Sales—
Sales
686
expenses.
Total
common
Stores in operation
—V. 146, p. 278.
fr.
rec.
for stock pureh
Prepaid
tax.:
Deferred item
272,192
1,080.763
1,233,302
Acer. Int. receiv'le
1936
extra
an
the regular
to
17",330
135,957
Dem. note receiv.
Bal.
addition
recelv'le
1937
Provision for Fed'l
17,255
124,657
226,975
.
Cash
Great Northern Paper Co.—Extra Dividend—
The directors have declared
Liabilities—
Capital stock—.b$2,,157,373 $1,943,411
Accounts payable.
45,872
33,032
a$673,724
244,375
Office A lab. equip.
Investments
on an
3498.
p.
1936
$634,117
Trademarks
taken
on a
temporary basis pending plans for placing the
operating basis, directors said.
New directors include the following:
F. A. Arnold, B. W. Bartlett,
George W. Cohen, J. E. Day, Lawrence A. Howard, Allan K.
Smith,
II. Otto Vogt, H. S. Woodbury, and C. S. House.—V.
146, p. 753; V. 145,
concern's
1937
d Pats., pat. rights
4,700
3,469
$6,382,156
899,782
$5,268,285
3,565,228
$1,917,146
717.025
$7.65
2.308
2,015
$4,203,926 a$3,643,646
1,031,600
2,490,685
1.005,012
2,372,602
780,833
1,847,573
$1,746,000
601,674
$826,312
590,674
$1,015,240
586,113
$7.04
$5.42
$4.88
Not taking into
account $335,000 proceeds of life insurance
policies
$135,000 appropriated to reserve for contingencies and $200,000
to surplus,
b Including provision for losses on instalment notes
receivable,
less recoveries on
notes previously written off, $550,792 in 1935 and
$1,784,762 in 1934.
of which
c Includes
provisions for losses on instalment notes receivable.
Prior to
1, 1937 recoveries on notes receivable
previously written off were
applied to reduce operating expenses.
Effective Jan. 1, 1937 the com¬
panies adopted the policy of
crediting such recoveries to the reserves for
Jan.
losses
on
instalment
notes receivable.
Deductions from current income for
additions to the reserves are being made
periodically in amounts considered
adequate In view of the circumstances at the time,
giving consideration to
the amounts of the
recoveries, to the end that the
reserves
for losses will be
Financial
146
Volume
maintained at amounts considered to be adequate not only for current
losses but also to some extent for extraordinary losses.
The provisions for
losses and the amounts of recoveries which were applied to reduce operating
expenses were as
follows:
Years End. Dec. 31
1936
1937
Provisions for
$808,945
$770,000
$808,945
for losses
reserves
Net charge to operating expenses
Summary of Consolidated Surplus Year Ended Dec.
31
130,192
$188,740
$188,740
Total
resulting from
financing:
charges
related
146,
From Jan.
—V.
97,459,738
15,606,159
6,724,243
91,144,973
23,289,573
13,543,614
1—
114,015,809 114,955,547
29,701,552
29.103,295
17.881.815
17,115,016
146, p. 916.
$3,019,518
$188,740
$1,205,039
634,706
$46,074
$598,594
$570,333
50
49
641
838
19,613
1,925
187,325
129.475
$30,141
Net oper. revenues
Rent for lease of operat¬
$1,315,313
716,719
$49,804
expenses
$103,505
57,431
$44,100
$410,628
$440,020
$188,740
Net operating income .
Premium received on sale of 20,000 shares of com-
—V. 146, p. 110.
$317,000
stock under present stock purchase plan—
Adjustment of minority interest in surplus in conk nection with purchase of additional capital stock
L of subsidiary company
mon
Industrial Rayon Corp. (&
$13,884
stock
6,091
Prem.onpurchasesandsalesoftreasurystock.net
Total
—
$297,382
$188,740
$7,569,651
$5,823,651
5,268,285
...
3,223,067
1,000,000
1,000,000
1,257,391
524,457
975,717
39,990
5,248
-
6,382,156
Net income
Other credit—amount transferred from reserve
-
$6,901,239
y
Assets—
on
a
Notes pay.,
pur¬
Other receiv.,
$
242,030
1,916,700
1,556,282
941,942
637,369
54,179
36,205
72,974
78,183
500,000
745,220
Reserve for Cana¬
stock
to
263,753
35,931
exchange
dian
371,894
50,820
&c.
460,196
541,755
interest
Minor,
in
25,290
21,079
10,635",050
subs,
c
company.
Common
stock..17,925,625 15,041,850
297,382
6,901,239
Capital surplus—
Earned surplus—
a
After
$2,503,901 in 1936.
of $3,198,804 in 1937 and
188,740
7,569,652
-21,558,060
b After
depreciation and amortization of $387,884 in 1937 and $353,948 in 1936.
c Represented by 717,389 no par shares, less 364 shares in treasury in 1937
and 601,674 no par shares in 1936, at a stated value of $25 each.—V. 145,
p. 3499.
Canada, Ltd.—Earnings
Hinde & Dauch Paper Co. of
$664,436
185,146
$721,872
190,812
$852,576
164,944
Depreciation
1935
1936
1937
Calendar Years—
Gross profits
1934
$542,464
182.715
41,389
63,237
66,167
68.457
$646,243
$467,823
$413,123
$291,291
Bond interest
Net prof. bef. inc. tax
1937
Liabilities—
1936
Trade acct.
pay..
Accts.
$17,655
$6,631
Call loans
292,000
43,469
650,000
Accts. receivable
404,146
454,469
Bond
Inventories
648,994
438,918
Accruals
1,681
4,404
113,380
10,089
101,674
12,694
2,191,685
2,681,941
Life insurance..
Sundry accts. rec.
Investments
Deferred chgs., &c
b Real estate,
a
Cash surrender value,
1936
$180,315
92,383
19,522
10,285
76,048
750,000
1,122,000
stock (no
value)
1,088,853
Appraisal surplus
Earned surplus
1,501,013
1,088,853
343,729
interest
1st mtge. s. f. bds.
Capital
$3,723,100 $4,389,7811
Total
pay.
contracts
39,050
bldgs
and equipment.
1.937
$271,329
equip.
Cash.-.-.
a
par
Total
1,568,550
$3,723,100 $4,389,781
b After depreciation of $1,945,157 in 1937 and
Hollinger Consolidated Gold Mines,
Ltd.—Extra Div.—
dividend of 5 cents per share in addi¬
tion to the regular monthly dividend of 5 cents per share on the capital
stock, both payable Feb. 25 to holders of record Feb. 11.
An extra of 10
cents was paid on Dec. 31, last, extras of 5 cents were paid on Dec. 2, Nov. 4
Oct. 7, Aug. 12, June 17, April 22 and on Feb. 25, 1937, and an extra of 10
cents was paid on Dec. 31,1936.
Extra dividends of 5 cents per share were
paid on Dec. 1, Nov. 3, Sept. 7, July 14, May 19, March 24 and Jan. 28,
1936, and on Dec. 2, Oct. 7, and July 15,1935.
See also V. 140, p. 973, for
further dividend record.—V. 145, p. 3819.
The directors have declared an extra
Co.—Listing—
The New York Stock
Exchange has authorized the listing of 26,050 shares
(no par) upon official notice of issue to officers
of additional capital stock
and
employees of the company
amount
and of its subsidiaries, making the total
applied for 1,600.000 shares.—V. 146, p. 916,
Federal
RR.—Held Not Subject to Railway
Woolsey on Feb. 4 held that the company s
and geographically interurban," and therefore not sub¬
Judge John N.
ject to provisions of the Railway Labor Act.. Judge Woolsey ruled that
Interstate Commerce Commission determination on July 24, 1936,
within the
fter hearings, that the Hudson & Manhattan was "a carrier"
the
755.
Inc.—Annual
Certificates,
Meeting—
Feb. 19 will consider and vote
upon the retirement of stock of the corporation purchased up to the date
of the meeting: also to amend the by-laws so as to change the date of the
annual meeting of stockholders from the third Saturday in February to the
fourth Saturday in February.—V. 146, p. 756.
"""Stockholders
at their annual meeting on
Interborough Rapid Transit Co.—Tenders—
Trust Co. of New York will until 3 o'clock p.m., April 1,
sale to it of sufficient first and refunding mortgage 5%
gold bonds due Jan. 1, 1966 to exhaust the sum of $1,836,819 at prices
not exceeding 110 and accrued interest.—V. 146, p. 755.
receive bids for the
Co.—25-Cent Dividend—
Interlake Steamship
The directors have
declared
a
dividend of 25 cents per share on the com¬
stock, payable April 1 to holders of record March
$2.50 was paid on Dec. 20, last; $1.50 was paid on Oct.
mon
15. A dividend or
1, last; dividends of
and April 1, 1937, and previously regular
quarterly dividends of 25 cents per share were distributed.
In addition,
an extra dividend of $1.75 was paid on Dec. 19, 1936, an extra of 50 cents
on Oct. 1,1936, and one of 60 cents paid on Dec. 31,1935.—V. 145, p. 3820.
50
cents
were
paid on July 1
International Mining Corp.—To Pay
The
15-Cent Dividend
have declared a dividend of 15 cents per share
stock, par $1, payable March 21 to holders of record Feb.
on the
directors
28. A
paid on Dec. 24, last; dividends of 15 cents per
share were paid on Sept. 20, June 21 and on March 20, 1937; a dividend of
45 cents was paid on Dec. 24, 1936 and previously regular quarterly divs.
of 15 oents per share were distributed.—v. 145, p. 3658.
dividend of 45 cents was
International Products Corp.—Clears Pref. Arrearages
declared a dividend of $6 per share on the 6% cumul. pref.
Directors have
dividend
stock, par $100, payable Feb. 15 to holders of record Feb. 11.
This
clears up all accruals on the preferred stock.
For detailed dividend
see V. 146, p. 443.
International Shoe Co. of St.
record
Louis—Gets Governmen
Contract—
has been awarded a contract for $1,002,259
Conservation Corps.—V. 146, p. 280.
This company
Investment Bond
31—
Year Ended Dec.
Total revenue
Gen'I expenses and taxes
Interest on loans
Exchange on int.,
divs.,
&c
Interest on 5 %
debens.
_
Exchange on deben. int.
U. S. A. tax on int. and
dividends receivableProvincial profits tax—
Prov. for inc. & excise tax
Balance,
1937
1936
1935
1934
$119,312
12,030
10,981
$101,931
7,809
14,748
$110,413
7,682
34,696
250
98,875
1,259
98,875
98,875
107~575
36
138
499
281
4,093
8,584
25
25
259
311
267
3,896
sur$l,224
deficit
Previous balance
—
Income tax adjustments
Bal., deficit, Dec.
to supply shoes
$123,014
11,954
6,298
$12,890
def9,063
$20,268
8,010
Cr3,195
$43,718
53,984
Dr2.255
$9,063
sur$8,010
Labor Act— "
"an electric railway
21,558,060 17,585.102
Total
916.
for the Civilian
$2,183,152 in 1936.—V. 144, p. 2655.
Hudson & Manhattan
page
common
Balance Sheet Dec. 31
Assets—
17,585,102
2
The Guaranty
66,716,872 57,376,660
Total
.66,716,872 57,376,660
reserve
49,998
Insuranshares
5% pref. stock
18,000,000
Partic. pref. stock
Total
1
44,644
patent
x Represented
by 759,325 (606,500 in 1936) no par shares,
y After
depreciation of $4,996,993 in 1937 and $4,641,996 in 1936.
The income statement for the calendar years was published in V. 146,
fluctuations
Res've for conting.
equip, and
improvements..
10,217,028
Fixed assets
Inland Steel
Miscellaneous
ownership plan.
b Office
216,540
taxes...
capital
6,935
Loans to officers &
employees
1936
Dividends payable
487
Accounts rec., &c.
2.049
rights, &c
Def'd charges, &c.
banks. 19,865,000 20.625,000
6,771.242 Notes pay., ernpls.
rec.57 ,893,291 49,715,574 Federal and Dom.
7 ,981,655
Instal. notes
suant
$
Liabilities—
$
$
hand and
in banks
2,671
2,282
6,718,240
Goodwill,
Total
Cash
2,360,793
5,927,473
$7,569,652
1937
1936
5,053,095
Profit & loss surp.
26,750
698,049
28,208
1,780
2,490,685
Consolidated Balance Sheet Dec. 31
1937
'■
5,895
1,031,600
Balance at end of the year
30,563
and advances...
3,565,228
Common stocks
39,607
Capital surplus... 4,735,714
Miscell. accts. rec.
899,782
....
2,092,906
Officers'accts. rec.
Dividends—Cash:
5% preferred stock
Participating preference stock
3,625
Water & ins. dep..
2,830,778
capital surplus account...
867,312
303,250
189,831
12,832
8,220
life insurance...
Inventories
$14,197,028 $11,091,937
Total...
1,455,087
and accruals
Dividends payable
Reserves..
Cash sur. value of
Mtge. note receiv
245,220
-
Transfer of deficit in the
798
bank..
for
contingencies
44,990
int. rec..
$
8,086,667
x
with closed
Deps.
Earned
Surplus—
Balance at beginning of the year
stock
Bank
$
Capital stock...10,124,333
Accounts
payable
4,800,000
164,975
Com'l paper at cost
Accts. receivable..
Accrued
$19,976
_
Balance at end of the year
—
6,160,787
U. S. Govt, secur.
Expenses in connection with sale of 20,000 shares
Cash
Time deposit..—.
$188,740
$317,358
1936
1937
Liabilities—
$
Assets—
Balance Sheet Dec.31
Subs.)
1936
1937
358
Total
of common
1937—12 Mos.—1936
$122,686
72,882
revenues
ing property
Operating taxes
2,830,778
Corp.—Earnings—•
1937—Month—1936
Prriod End. Dec. 31—
Operating
Operating
Remainder.
i
$7,855,474
2,184.605
1,763,714
Indiana Associated Telephone
earned surplus $2,830,778
1934
1935
1936
1937
Gross from railway
charge resulting from re¬
charged to earned surplus
$1,487,092 $15,098,244 $14,484,594
$8,541,375
$9,557,383 $10,730,783
3,672,757 def3216.034
3,147,477
2,560,724 def3831,546
2,176,210
railway
Net from railway
Net after rents
Net from railway
Net after rents
162,429
capitalization and related new financing-
Amount
—
the sale of 5,315.85
Balance (deficit) before transfer to
$1,434,846
916.
December—
Gross from
$3,181,947
Remainder—net
$2,428,750 $28,032,214 $26,869,495
941,658
12,933.970
12,384,901
Illinois Central System— ■Earnings—
5% pref. stock and 90,399.6 shares of common
issued under exchange plan over par
value of 200,888 shares of participating prefer¬
ence stock received in exchange
$2,259,990
Premium on the redemption of 11,813 shares of
309,146
participating preference stock
Underwriting commissions on sale of 5% pref.
stock and in connection with exchange plan
512,512
and retirement of partic. preference stock
100,298
Other recapitalization and financing expenses
stock
Total
p.
$7,303,826 $87,489,839 $81,371,163
4,875,076
59,457,625
54,501,668
$2,345,821
910,975
Net oper. revenues...
—V.
,
on
shares of common stock
$7,691,759
5,345,938
Net oper. income
new
Less premium received
rev..
Operating taxes
Excess of par or stated value of 100,444 shares of
Co.—Earnings—
1937—Month—1936
1937—12 Mos.—1936
$7,692,020
$7,320,636 $87,677,539 $81,567,702
261
16,810
187,700
196,539
revenues
Operating revenues...
Operating expenses
and
recapitalization
law.
Illinois Bell Telephone
Uncollectible oper.
1936
$58,547
$188,740
of the year
Credit—Prem. and disc, on purchases and sales of
treasury stocks (net)
of
Period End. Dec. 31—
Operating
1937
Capital Surplus—
Balance at beginning
conclusion
erroneous
Hearings on the Hudson & Manhattan's appeal for a review of the ICO
fmdings were held before Judge Woolsey last November.
Numerous labor
organizations opposed the road's contention that it should be declared ex¬
empt from the Railway Labor Act provisions on the ground that it was
"an electric interurban railway."—V. 146, p. 755.
981,125
prior periods
Net
meaning of the Railway Labor Act's provisions and thus not under the
administrative jurisdiction" of the National Mediation Board, was an
Cr$211,125
Less recoveries on instalment notes written off in
1077
Chronicle
31-
def22,35o
Cr2,978
$18,152
Dr400
$22,353
Financial
1078
Chronicle
Feb.
1936
$5,392
Interest accrued
$3,619
Bank l'n
3,560
73,683
3,201
2.774,465
3,054,836
S. A.
Accrd. int.
3,295
Deficit
1,228,513
1,977,500
1,750,000
1936
Liabilities—
1937
1936
$118,761
Accounts payable.
$46,584
$54,013
444,848
481,270
Note pay. to bank
224,000
12,000
24,980
1,538,579
53,351
88,761
1,070.105
_
Inventories
Accrued items
5.580
Dividends
182,482
364,641
Note pay. to bank
1
51,085
108,814
taxes...
........ ,
_
Deferred charges.
_
250,000
xMarket value $1,268,999
in
Total
20,000
20,000
1,632,076
1.632,076
138,801
656.829
305,160
490,847
$2,746,352
stock.
$4,088,815 $4,313,885
Total
1937 and $2,506,921 In 1936.—-V. 145,
2395.
p.
for
reserve
Represented
by
1938—12 Mos.—1937
Jewel Tea
$22,534,656 $23,514,298
.
depreciation of $327,842 in 1937 and $368,237 in 1936.
(150,698^ in 1936) no par shares.—V. 145
165,768
Co., Inc.—Balance Sheet-
443.
Jan. 1 '38
Assets—
Investment Co. of America—Asset Value—
Jan. 31, 1938, was $34.97 per
$35.07 per share of commo i
share on Jan. 31, 1937.—V. 146,
Goodwill
Liabilities—
1,930,342
1
1
2,063,,441
Inventories
Jan. 1 '38
$
2,551 ,756
y
2,365,185
31, 1937, and $62.55 a
of Philadelphia—-Earnings1936
1937
Years End. Dec. 31—
1935
1934
"
$41,727
$90,332
1,526
6,609
$55,216
8,221
$47,144
5,829
$43,253
30,571
24,161
2,098
$96,940
26,945
10,978
10,572
$63,437
29.449
15,552
11,715
$52,973
$48,445
$6,720
"
Total
Expenses
Fed. capital stk. tax
Interest paid
Balance
517,841
securities
500,848
6,983
60, ,801
53,973
7,426
Federal, State and
35, ,482
34,007
Sundry
Misc.
Investments
pi.
em
other taxes
484, 041
482,241
1,391, 259
5, 967
1,165, 340
&
adjustments.
Surety deposits...
Deferred charges..
1,051,977
4,171 Res. for con ting..
1,133,353 Res. for auto, acci¬
484,041
482,241
285,000
285,000
194,849
190,058
228.883
228,241
2,618,479
2,410,674
Common stk. for
employees
149, 674
.....
184,762
Res.
for altera'ns,
impt. & devel..
Surplus...
Total
77,652
_
dent & fire losses
Loans to empl'ees.
27,141
4,050
6,516
accruals..
Lease assumptions
trust
Cash
z
mq
bonus...
...
and deposits
Net realized profit on the
of
458,926
m
Accounts payable-
Accrued wages and
$15,265
-
259,857
371,005
222,712
2,559,739
fund assets
loss$13,577
Interest
263,728
236,117
261, 798
1,846, 675
Jewel
received, whether out
of surplus or capital of
the paying company)-
4,935,462
59,923
acceptances
Accts. receivable..
policies
Cash divs. (incl. all divs.
sale
4,935,462
Letters of credit &
Value of life lnsur.
Investment Corp.
Jan. 2 '37
$
Common stock..
Marketable securs.
Dec.
on
600.
p.
Jan. 2 *37
$
L'd, bldgs., &c._
x
The company reports net asset value on
of common stock, comparing with
share
stock
Total
Stores, Inc.—Sales—
Period End. Jan. 31—
1938—Month—1937
Sales
$1,012,825
$1,236,107
—V. 146, p.
$2,746,3521
..$2,933,966
After
x
y
Interstate Department
35,000
$2,933,966
Common
Capital surplus
Surplus from oper.
$4,088,815 $4,313,8851
Total
70,821
78,000
..
Land contract pay.
y
250,000
84,326
(non-current)
140,000
shs. (no par)
37.675
Prov. for Fed. inc.
597,179
1
chin'y & eq., &c.
Patents.
payable
606,564
Land, bldg., mar
8,240
1,977,500
pref. stk. 1.750,000
6% cum.
Common
1937
$85,428
x
8,240
Debs. ser. A 5%..
l,ljr0,224
Assets—
Notes & accts. rec.
Inv. In idle plant.,
2,475
5%
on
debentures
1,222
rec
1938
Cash
Mtge. receivable.
2,432
Deferred income..
U. 8. A. Inc. tax
Invest, at cost,.
Aooounts
$713
325,000
Income tax
Claim for refund of
x
(secured)
for U.
Res.
7,007
73,683
debentures
1936
$600
100,000
Accounts payable-
on
bonds
5%
1937
Liabilities—
1937
Assets—
Cash
12,
Consolidated Balance Sheet Nov. 30
Balance Sheet Dec. 31
10,016,235
10,022,4621
Total
10,016,235 10,022,462^
After deduction of $1,469,639 for depreciation in 1938 and $1,379,556
x
in 1937.
&
other transactions
30,442
552,685
386,836
120,710
y Represented by 280,000 shares of no par value,
z 6,066 shares
(7,337 in 1937) of which 589 shares (41/ in 1937) are under contract
employees.
The comparative income statement for the year ended Jan.
1 was
published in V. 146. p. 916.
in 1938
for sale to
Total
loss$44,019
$601,130
x95,000
$393,556
x65,612
$135,976
14,500
Net profit for the year loss$44,019
$506,130
394,267
$327,944
49,331
$121,476
44,100
Prov. for Fed. inc. tax..
Dividends paid
76,471
Kirkland Lake Gold Mining Co.,
Calendar Years—
Balance
._..def$120,490
Includes
x
Note—At
$111,864
$278,612
$77,376
1937
Pennsylvania Income taxes.
31, 1937, unrealized net loss on securities and other
(before provision for Federal excess profits tax and surtaxes
the unrealized profits and appreciation) were approximately $68,910
compared with unrealized net profits of approximately $300,456.
Profit
1935
1934
$745,489
11,278
$778,555
11,560
8,207
$702,720
12,502
1,782
$1,262,644
Rents, int., divs., &c
Dec.
Ltd.—Earnings-
1936
$1,249,725
12,920
Bullion production
$756,766
$798,322
$717,005-
564,595
21,246
104,823
46,480
7,220
514,015
20,218
18,432
43,098
535,227
21,072
18,495
56,798
495,592
19,899
10,546
27,454
$161,003
$166,729
$163,513
sale of securs..
on
transactions
on
as
Balance Sheet Dec. 31
Assets—
1937
Cash
1936
Liabilities—
$249,586
$24,312
182,000
Divs. & int.
9,988
Invest's.
1,340,128
1.658,329
rec...
cost
aver,
Deposits (to
for
Pa.
transactions)
10,348
27,750
1,050
1,050
1
come tax
Accts. pay.
1
_
Administration expenseTaxes
$70,019
y$35,488
Depreciation
Explorat'n of other
(sec'd)
short
169,989
20,500
Total
..$1,784,111
$1,778,7301
Total
702,995
$1,778,730
Capital stock authorized, 23,000 shares of no par value: issued and
outstanding at stated capital value, 20,046 shares (including 487 shares in
treasury) $501,153; capital surplus $1,750,809 less excess of cost over stated
capital value of 4,000 shares of treasury stock canceled and retired during
the year, $124,279; balance, $1,626,530; add excess of proceeds over stated
capital vaiue of 3,346 shares of capital stock sold during the
year, $118,104;
total, $1,744,634; less cost of 487 shares capital stock held in treasury.
$31,550; balance, $1,713,083; total foregoing, $2,214,233.
y Provision for
Federal and State taxes.—V. 144, p. 3003.
x
Calendar Years—
Net sales
1936
1 935
$1,345,418
$1,303,712
1,053,678
907,452
478,265
& gen. expenses.
Operating income
Other income (net)
$349,218
Dr2,113
x68,462
1934
$291,740
Dr66,888
16,296
$396,260
Dr4,256
55,727
$122,187
Cr6,252
8,640
$208,556
198,900
198,900
$1.41
$1.05
profits tax and surtax
$336,277
169,065
198,900
$119,799
19,900
199,000
Income taxes
Net
income
Earnings
x
common
stock.
per share
Income
tax,
excess
$278,643
228,175
197,500
$1.69
undistributed
on
estimated.
1937
1936
Bonds
1937
$373,676
398,145
189,084
Accrued Govt, tax
Marketable
195,455
227,733
Accrued
3,813
334,123
3,995
Reserve
279,641
sees..
Accrd. Int. recelv.
Inventorles
x
Fixed a-sets
137,372
17,354
135,583
86,389
$0.60
profts
Restricted for. cash
for
80,171
$68,235
83,704
6,815
2,077
.
con¬
tingencies
50,000
«.
..
»
250
16,076
_
y
depreciation,
211,000
964,790
1937-
Sales, less returns, allow¬
ances and discounts..
$3,367,101
Cost of sales
2,108,977
Sell., gen. & adm. exps.
637,163
Profit.
Prov. for Fed. inc. tax..
_
Depreciation
Amort, of devel.
exps
Int. paid & other cngs__
Prov. for Federal
surtax-
Net profit for year
Surplus
Earnings
Total
y
$1,489,268 $1,379,807
Represented by shares of $1 par.
share
1936
1935
14,351
46
Def. chgs. to oper.
3,032
3,201
Total
$5,545,633 $5,538,214
Total
35,545,633 $5,538,214
-V. 145, p. 2396.
Koppers Co.—New Vice-President-—
J.
T.
Allen
Tierney,
W.
President of this company, announced the election of
as
a
Vice-President of the company.
Mr. Morton
charge of Kopper's American Hammered Piston Ring
Baltimore, where he has been General Manager.—V. 145, p.
Morton
continue
in
3349.
(S. S.) Kresge Co.—Sales—
Month of January—
1938
1937
$9,021,745
$9,348,850
had 735 stores in operation of which 680 were
American and 55 Canadian.
A year previous, stores in operation totaled
727, with 676 American and 51 Canadian.—V. 146, p. 601.
Sales
During January
company
(S. H.) Kress & Co.—Sales—
Month of January—
Sales
1938
1937
$5,158,589
$5,108,85
—V. 146, p. 917.
4
Weeks Ended Jan. 29—
1938
Sales
1937
$17,961,840 $18,798,326
Average number of stores in operation during the period was 4,109 as
compared with 4,218 in corresponding period a year ago, a decrease of
109 or 2.6%.—V. 146, p. 3975.
Lake Sulphite
Pulp Co., Ltd.—Receiver Appointed—
George S. Currie, of McDonald, Currie & Co., Montreal, was appointed
and manager of the company, Feb. 7 following the
granting of a
petition for receivership in Toronto.
Mr. Currie stated that immediate
conserve
the assets of the company and pending
$1,328,167
$483,227
56,789
$97,165
$700,624
78,969
40,388
$540,016
69,821
$137,884
44,061
28,555
4,891
24,698
926,167
304,835
40,719
658
21,944
19,316
17,842
no
further statement would be
A statement issued
by the sponsors of the company said:
"As a result of
the necessity for unforeseen construction
expenditures and in spite of the
fact that the company recently raised more than $1,000,000
by means of
all further
necessary financing.
"As under these circumstances the company
is unable to meet its obliga¬
they become due, an application has been made on the part of the
the appointment of a receiver and manager to which the
company agreed.
"Steps are being taken to formulate a plan which it is hoped will permit
the receivership to be terminated at an early date and construction to be
completed."—V. 146, p. 602.
tions
$2,723,125
1,715,580
524,317
9,163
5,357
1934
$875,921
548,593
233,162
$94,166
7,349
$101,515
1,250
16,726
6,833
4,076
$412,052
75,349
$78,124
22,605
$72,629
15,070
$336,702
$55,519
$57,559
$3.15
$2.73
$0.51
$0.48
on
stock (no par)
187,598
an issue of
10-year notes, the company has not been able to issue its first
mortgage bonds, the proceeds of which it had been estimated would provide
$191,149
per
common
1,438
84,000
101,476
39,060
921
investigation of the company's affairs
forthcoming.
$522,686
331,537
Dividends paid
13,352
53,176
Accts. receivable..
an
$620,960
79,662
Operating profit
interest
stores
Res. for taxes
Profit & loss acct..
steps would be taken to
Jaeger Machine Co. (& Subs.)—Eamin.au—
Interest income, &c
33,946
and
10,126
1,437
comp.
50,000
211,000
984,741
2,120
23,623
—V. 145, p. 3997.
Years End. Nov. 30—
Workmen's
12,353
18,544
Accounts payable.
191,313
50,446
cost
148,484
receiver
-$1,489,268 $1,379,8071
After reserve for
Capital stock...
20,681
1,802
•
Miscell. assets
x
ex peases
$156,541
46,020
Other securities
Deferred charges.
Accounts payable.
1936
75,846
174,128
Good-will, patents
Treasury stock
40,614
accrued
Mine
13,482
payable
277,971
at
1936
Cap. stk. (par $1).$5,326,699 $5,326,699
Wages
cost
1937
Kroger Grocery & Baking Co.—Sales—
Liabilities—
$126,162
Accts. receivable..
$5,107,814
cos.
Bullion
Consolidated Balance Sheet Dec. 31
Assets—
$5,106,121
Liabilities—
$600,452
1,440,858
1936
Cash.
Cost of sales, sell., admin
Shares of
other
Division at
1937
$1,790,076
Dividends
in
will
Irving Air Chute Co., Inc. (& Subs.)—Earnings—
1037
Capital assets
at
2,044,030
823,485
...$1,784,111
JLss6t8"~~~
Shs.
186,961
capital surplus.. x2,214,234
Balance Sheet Dec. 31
524
Capital stock, and
Earned deficit
$518,281
300,000
094
Proceeds of sale of
secure,
prop.
Profit for the year.
46,653
Unclaimed divs
Furri. and fixtures
gen.
expense
in¬
Demand notes pay
secure
contracts & oth.
Real estate
& cap. stk. taxes
Prov.
profit...
Oper., develop, and
1936
1937
Prov. tor Fed. inc.
57,301
999
Accts. receivable..
Total
as
note holders for
Lane Bryant, Inc.—Sales—
Month of January—
Net sales
1938
$961,012
1937
$1,039,43?
—V. 146, p. 602.
Lawyers Mortgage Co.—Reorganization—
Holders of mortgages and mortgage certificates guaranteed
pany, who have not released their
guarantees, are urged to sign
their assents to the plan of
by the
com¬
and forward
reorganization without delay.
i
The creditors managers will file proofs of claims against the company
with the Superintendent of Insurance for those who assent to the plan.
April 16, 1938 is the last day on which proofs of claim can be filed, so
prompt action is necessary.
No personal liability or expense is involved.
Holders will retain complete control of their mortgages and certificates.
Financial
146
Volume
$70,000,000 In assents have already been filed by more than 8,500
and certificates.
.
and further information can be obtained by addressing:
Reorganization Managers Lawyers Mortgage Co., 345 Madison Ave.,
New York, N. Y.—V. 146, p. 602.
Liquid Carbonic Corp. (&JSubs.)—Earnings—
Over
holders of mortgages
Forms of assent
1079
Chronicle
"
3 Months Ended Dec. 31—
1937
$3,376,045
Net profit before int.
Interest charges
1936
$2,925,282
194,811
35,000
171,532
228,310
183
156,977
2,817
Net sales
7,056
depreciation and Fed. taxes.
Depreciation
1936
$654,535
19,503
1937
$421,237
37,847
Income from sales
Other income
$459,084
Total income—
Deprec., int., amort. &
Federal taxes, &c
.
$373,572
331,766
Dividends paid
345,907
273,123
279,946
$328,131
150,000
def$71,418
$93,626
sh. on 75,000
stk. (no par).
Note—Estimated provision for surtax on
undistributed profits amounted
Accts. payable
$567,243
$497,948
Cash
Inventories
Cost of goods sold,
1934
1935
1937
1936
$75,962,585 $67,127,695
Calendar Years—
Gross sales
Not Available
sell.,
71,049,311
61,941,048
$4,913,274
425,632
$5,186,647
$4,487,642
& adm. expense._
$59,200
$4,763,987
Profit
111,263
44,998
States taxes
$4,435,493
349,354
$4,320,950
$4,086,139
394,157
$3,956,254
320,676
$4,480,296
821,961
594,043
10,582
$4,276,930
886,190
543,379
14,042
$3,053,709
$2,833,318
686,399
4,152,839
$81,348
Operating profit
Depreciation..
Res. for Federal &
128,525
702,703
121,726
847,303
6,120
receivable
1936
and
accrued charges.
Notes and accts.
x
31.
X ■■'■v
1937
Liabilities—
1936
provision for undistributed profits tax.
of an interim audit for the six months ended March
course
Waterhouse & Co. changed the method of estimating several
items of expense which are not precisely determinable until the end of the
fiscal year. Company has continued that method in all subsequent interim
statements.
1936 figures shown above have been restated to reflect that
change and to make them comparable to 1937.—Y. 146 p. 757.
gen
Balance Sheet Dec. 31
1937
Assets—
In the
(P.) Lorillard Co. (& Subs.)—Earnings—
$2,500 in 1937 and $20,000 in 1936.
to
Note—No
1937, Price
„
$1.24
Nil
$4.37
$1.70
$14,538 prof$64,093
Net loss
$355,096
18,476
$201,704
$674,038
•
1934
1935
$183,763
17,942
$127,318
75,000
Profit.
Earns, per
shs, cap.
Provision for U. S. and Canadian income taxes—„
Portland Cement Co.—Earnings—
Lawrence
Calendar Years—
4,453
15-year 514% debs
771,000
147,200
147,200
2,270,432
Land, buildings,
machinery, &c-_ 5,663,217
18,368
Deferred charges..
5,910,206
8,445
2,271,467
3,750,000
71,118
58,228
136,840
$4,545,870
Bond interest
709,962
Federal taxes, &c
487,588
11,003
Minority interest
1,059,280
Spec, charge due to flood
$4,900,827
747,289
Other income-
364,696
908,000
Res. for conting..
422,660
Sundry debtors...
Investments
z
y
275,579
$7,301,882 $7,468,775
Total
$7,301,882 $7,468,775
Total
3,750,000
71,118
335,134
Capital stock
Capital surplus
Earned surplus
x After reserve for
doubtful accounts and cash discounts of $13,505 n
1937 and $8,948 in 1936.
y After reserve for depreciation and depletion
of
1936.
$3,684,563 in 1937 and $3,439,148 in
shares.
Profit
z
Represented by 75,00i0
Net income
^X'.:xXX
At the recent
elected
dividends
J. Minsch was
annual meeting of stockholders, William
dividends
2,246,610
required
Corp.—Sales—
Lerner Stores
Sales
146
—V.
1938—Month—1937
1938—12 Mos.—1937
$1,993,635
$2,091,572 $39,327,728 $37,153,235
281.
p.
686,000
2,246,890
$120,819 def$2005920
14,658,647
16,866,640
$23,603
14,550,445
def$654,574
14,232,337
Previous surplus
Miscell. reserve no
longer
130,758
...
$13,708,521 $14,574,048 $14,779,466
Total
Period End. Jan. 31—
$3,517,850
686,000
2,808,246
686,000
Common
director.—V. 145, p. 3659.
a
7,680
$2,278,036
Preferred
no-par
New Director—
628,008
$14,860,720
227,771
172,463
27,581
of
341,711
22,661
5% & 7% bonds...
Adj. of outst g contracts
Excess cost over par val.
1,250
of sub. cos.' stk. pur__
Lincoln
&
Mortgage
Title
Co., Newark,
Guaranty
N. J.—Earnings—
9 Mos. End.
—Years Ended Dec. 31—
—
1935
1936
Sept. 30 '37
Period—
Gross receipts
Excess of receipts over
Jersey.
A plan of reorganization was submitted in June, 1937, by the bondholders'
protective committee, which has on deposit about 96% of the outstanding
bonds.
Holders of each $1,000 bond would receive a $400 10-year 5%
cumulative debenture, 10 shares of capital stock aggregating almost 100%
of the equity, and a cash distribution.
The plan would be effected through
purchase of the company's assets by the committee.—V. 144, p. 3677.
London Canadian Investment
1935
1936
$344,205
Income from investm'ts.
$317,217
a$287,076
657
e2,264
ruling on date ofreceipt
3,064,312
35,685,836
7.383,433
Sub.co.empl.accts.
762
2,147
$346,469
170,595
Total..
Int. paid & accr. on debs.
Exchange on corp.'s de¬
$269,582
bl73,678
$317,217
170,595
$292,403
a200,677
1,556
2,022
1,355
12.933
21,573
1,156
17,405
19,042
652
1,506
1,744
1,534
2,070
1,655
1,922
22,015
8,750
Management expenses..
Prov. & municipal taxes
Trustee,
registrar
and
transfer agents' fees..
expenses.
British
23,831
8,750
9,596
7,000
24,428
18,155
currency
Misc.
investments
780
780
Deferred charges..
155,033
bonds
222,259
After reserve for
e
West RR.—Committee Seeks
North
&
56,013,234 56,782,286
1937 and $3,228,450 in
receivable, d Par value $100.
depreciation of $3,511,802 in
b After reserves,
c Includes notes
Par value $10.—V. 145, p. 3501.
Louisiana
surplus...13,685,860 14,232,337
Total
56,013,234 56,782,286
Total
a
Earned
1936.
issued
a
Goldstein of Goldstein & Goldstein
holders of the first 5% bonds of 1935 to
in their behalf in support
Directors' fees
;
v'V.
'
'
Co.—Earnings—
profit from operafns
after depreciation
Previous surplus
Miscellaneous credits—
Write-up of U. S. secur's
7,903
4,500
$98,871
d40,295
469,688
Net profit for year...
Securities received, &c_.
Previous surplus...
$73,106
d44,474
352,107
$37,251
c70,721
244,135
$30,984
z$774,743
4,144,629
$4,919,371
surplus
34,047
450,000
8,132
Common dividends
Miscell. deductions—..
Surplus Dec. 31
sh.on 200,000
stock.
of 1936
$4,065,449
34,063
120,000
3,629
$4,478,676
34,047
300,000
$3,961,365
e
Stock dividends received
$4,144,629
$3,907,759
$3,846,800
$2.67
$0.91
$0.19
After Federal Income tax of $32,473 in 1935 and $9,647
Federal income taxes and surtax on undistributed profits.
Balance Sheet, Dec. 31
$136,288
4,392
$185,986
4,438
424,509
424,509
Other market, sec.
11,187
305,401
21,250
Accts. receivable.,
Inventories
x
$9,019
Cash.
x
$62,279
cost, less Invest.
9,049.046
9,427,298
1,285
Accounts rec'le...
bonds
Rec.
...
10,489
13,227
77,232
5,389
$14,216
74,841
1,081
6.575
550,000
Gold debentures.. 3,791,000
625,000
3,791,000
liabilities
Reserve
in respect of
securities sold..
Sundry accts. rec.
$14,216
Pay. on sec. pur..
Accts. pay &accrd.
Demand loan (sec.)
Accrued Interest on
1936
Int. accr. on 4
debentures
Bonds & stks. at
reserve
1937
for
tingencies
Def. revenue
100,000
100,000
6,188
5% cum. pref.shs. 3,000,000
y Common shares. 1,000,000
Revenue surplus..
611,458
$9,073,943 $9,581,321
469,688
2,443,136
130,431
in 1934. z After
1937
payable.
$214,714
(banks)
1936
$172,928
225,000
Notes pay.
Pref. dividends
8,512
"8"512
Reserve for county
taxes
&
miscell.
45,270
items
Res.
for
Preferred stock
y
Common
Surplus
46,609
197,308
523,800
132,999
523,800
1,000,000
1,000,000
4,144,629
Federal
income tax.....
stock,
4,427,192
-
$6,641,797 $6,029,477
Total....
$6,641,797 $6,029,477
depreciation of $3,035,887 in 1937 and $2,937,426 in
Represented by 200,000 no par shares.—V. 145, p. 3013.
Less reserve for
1936.
y
McLellan Stores
Period End. Jan.
31—
—V. 146, p.
Co.—Sales—
1938—Month—1937
1938—12 Mos.—1937
$1,248,206 $22,615,194 $21,992,306
$1,208,700
Sales
444.
Co.—Listing—
Stock Exchange has authorized the listing of $5,500,900
sinking fund bonds, due 1957 of which $4,340,600 is issued
and outstanding and $1,160,300 is to be listed upon official notice of issu¬
ance thereof: and 615,045 shares of common stock ($1 par) of which 308,772
shares are issued and outstanding, and 306,273 shares are to be listed upon
official notice of issuance thereof.
.
Of the 614.045 shares of common stock in respect of which application
is made 275,045 shares are issued or issuable to holders of old first mortgage
20-year 7}A % sinking fund gold bonds, 105,000 shares are issued or issuable
to holders of old preferred stock, and 50,000 shares are issued"or issuable
to holders of old common stock, making a total of 430,045 shares.
The
remaining 185,000 shares will be reserved against the exercise of the 10The New York
20-vear 4%
3,500,000
1,000,000
2,379,657
31,997
tr.-marks, copy¬
Manati Sugar
con¬
Total...
$9,073,943 $9,581,321
x On the basis of market quotations in the case of quoted securities and
of prices considered fair by the directors in the case of securities not cur¬
rently quoted, the value of toe securities owned by the corporation at the
close of the year 1937 was $5,294,047 and in 1936 was $8,268,626.
y Rep¬
resented by 350,000 no par shares.—V. 145, p. 2081.
Total
139,660
Accounts
408,071
patents,
rights, &c
31
Liabilities—
26,973
Def'd & miscell
Goodwill,
x
1936
3,055,177
Plant and equip. 2,538,206
Total
Balance Sheet Dec.
...
Other assets
Liabilities—
1936
1937
Assets—
and sold.
1937
Assets—
34,112
75,000
5,453
$3.70
Accrued interest..
2,603
$611,458
$469,688
$352,107
$244,135
a Includes interest of $16,629 in
1934 on corporation's gold debentures,
series A4^%, 1948, repurchased during the year and canceled,
b Includes
$1,437 interest on corporation's debentures owned by it.
Discount on
corporation's debentures purchased and canceled has been credited to
investment reserve,
c Securities received in respect of interest and dividend
arrears, applicable to prior periods, at realized values in respect of those
sold and at prices ruling at date of receipt of those held as investment,
d Received in respect of dividend arrears applicable to prior periods,
31.
631
$4,427,193
shares common
Cash
...
Rev. surplus Dec.
3,866,017
2,162
Earns .per
U. S. Treas. bonds
respect
y $73,458
y$216,487
3,846,800
z$568,550
3,907,759
2,366
21,259
Preferred dividends
213". 151
for taxes in
1934
1935
1936
1937
Calendar Years—
y
prov.
of the reorganiza¬
plan for the railroad recently approved by the Interstate Commerce
The Commission has denied a rehearing on the plan.—V
Net
1,529
and
other income taxes
Over
Bond-
headed by Jonah P.
statement, Feb. 8, urging
authorize the committee to act
Total
*
Exchange paid on curren¬
cies other than Canad.
Dominion,
11,896,950 11,974,250
1,267,203
1,114,132
228,848
230,201
3,792,310 Accr. int. on bonds
157,987
3,178,960 Misc. reserves
357,447
496,956
145,403 Accts. payable...
For'n
649
1,491
1,760
loans and carry¬
ing charges.
Miscellaneous
53,513
54,016
equity in sub.co.
Accr. taxes & exp.
1
Cash
7,813,914
b Accts. recelv'le.c3,548,991
&c........
5,328
17,845
22,403
1,182
benture interest
on
Mln. stockholders'
Gold
hr«nds,
Tr.-mks.,
Lunkenheimer
Int.
9,800,000
9,800,000
e Common stock..18,718,620
18,718,440
Com. stk. div.scrip
4,289
4,469
mfd.
U. S. Govt, bonds.
145, p. 2851.
prices
at
tobac.,
$
Pref. stock, 7%
cumulative
6,371,156
stk. & oper. sup.34,920,261
1936
$
Liabilities—
d
Commission.
taken into
investments
$
chin'y & fixtures 6,509,179
Leaf
1937
1936
$
:
Real estate, ma-
tion
Bond int. arrears ctfs. &
stock divs.
1937
Assets—
a
A committee
1934
b$268,924
$14,658,647
1,871,738
$1.15
holders' Support—
Corp.- -Earnings-
1937
.
.
disbursements
47,888
155,039
79,467
During the nine-month period $236,404 was paid against a probable
total 1937 tax bill of about $265,000, and real estate operating expenses
included an insurance payment of $77,788, compared with an average annual
insurance cost for 1934-1936 of about $47,600.
If proper accruals are made
for these items, earnings of approximately $129,000 are indicated for the
nine-month period, equivalent to 1.57% annually on the outstanding bonds.
The annual percentage earned on the outstanding bond issue in 1936 was
1.42% and in 1935, 0.73%.
The company was declared insolvent in August, 1930.
The trustee in
liquidation held on Dec. 23, 1937, $1,971,119 of real estate mortgages.
This substantial decrease from the $10,951,542 in mortgages taken over
by the trustee in 1930 is due to gradual conversion of mortgages to owned
real estate through foreclosures.
On Dec. 23, 1937, the trustee held title
to 475 properties comprising 522 building units in suburban northern New
Years Ended Dec. 31-
surplus..$13,685,860 $14,232,337 $14,550,445
Shs. com. outst. (par $10)
1,871,862
1,871.844
1,871,805
Earns, per sh. on com..
$0.85
$1.51
$1.26
Consolidated Balance Sheet Dec. 31
Profit & loss
$810,655
$909,961
$679,313
2,029'
Miscell. adjust'ts (net)
Excess cost over par val.
1080
Financial
Chronicle
Massey-Harris Co., Ltd. (& Subs.)-
£ear option warrants. Warrants to purchase 35,000 shares are issued or
suable to holders of old preferred stock, and warrants to purchase 150,000
■hares
Issued
are
issuable
or
to
holders
of old
stock.—V.
common
146,
603.
page
McCrory Stores Corp.—Earnings—
%
1937
,
1936
Salee (merchandise, restaurant & concession)
$41,001,242
Cost of goods sold & oper. exps., incl. occupancy,
$40,235,113
37,711,254
36,567,081
Net sales
——
-
$3,289,987
13,158
-
Miscellaneous deductions (net)
$3,668,032
Cr7,409
Profit from opers. before deprec. & amortiz. &
other charges
$3,276,830
Depreciation and amortization
618,068
Prov. for Federal income taxes.
251,101
Other charges
239,039
Net profit for the year ended Dec. 31,1936
Divs. paid or declared on pref. stock
Divs. paid on common stock
Balance, Dec. 31
Number of shares of
Earnings
650,993
474,199
Prov. for for. inc. taxes.
149,302
54,991
Approp. for for'n exch__
Approp. for pension fund
Prov. for contingencies.
112",796
808,392
129,549
execu¬
tive officers, &c
"$2,211,168
990,253
$1.89
990,253
$2.15
x Operations of the company by
the Irving Trust Co., trustee for the
period beginning Jan. 1, 1936 and ended May 4, 1936 have been included
bad
for
780,527
Previous deficit
No provision has been made for Federal income taxes for the year ended
Dec. 31, 1936, as the company claims as taxable deductions various items
in an amount exceeding the net profits of the
company for the year ended
Dec. 31, 1936. The validity of such deduction is subject to final determina¬
tion with the Federal Government.
in 1937, or
been made
for
undistributed profits tax
any
$
Cash
in
hand,
1937
Misc.
c
in
Accts.
Misc.
c
4,763,899
39,636
151,832
169,242
Acer,
rec.
secure.
773,932
2,500,000
Deficit at Nov. 30
$21,138,400 $22,182,128 $22,123,713 $20,703,020
x Loss,
y Includes income from investments of $295,262 in 1937 and
$202,519 in 1936.
Consolidated Balance Sheet Nov. 30
1937
Assets—
663,233
27,505
instl.
9,155,762
630,384
curr
29,100
75,000
750,000
765,300
4,252,000
debs
6%
1,000,000
5,000,000
990,253
conv.
3,277,540
2,211,168
3,571,947
Total
Less
reserve,
d Includes notes receivable.
January
1938
Elevated Spurs—
exceed
$1,000,000 were made Feb. 8
by New York Supreme Court Justice Charles B. McLaughlin to the com¬
pany for its light
air and access rights along the East 34th St. elevated
spur and along the spur in Sixth Ave. from 53d to 59th streets.
Both spurs
have been removed by the city.
For the light
air and access rights along the Sixth Ave. spur Justice
McLaughlin awarded $386,606 with interest at 6% from June 9,
1924,
when title was vested in the city.
For similar rights along the 34th
St.
spur the award was $252,776 with interest from July
15, 1930.
Justice McLaughlin awarded the company $470 as the
value of the
Sixth Ave. structure removed.
No corresponding award was made in
the
34tb. St. case but allowances were made for reconstruction
made necessary
by the spur's removal. An award of $34,103 was made for reconstruction
along the Sixth Ave. line.
In the 34th St. case
an award of
$13,979 was
made for engineering studies necessary for
reconstruction and $1,188 for
repairs to the stations at Third Ave. and Second Ave.
An immediate appeal will be taken
Corporation Counsel William
V. 145, p. 3660.
Market Street
Gaud
by the city
who
tried
according to Assistant
the
case
for
the
city.—
[Including South San Francisco RR. & Power Co.l
a
revenues...
Net oper. rev. (before approp. for retir.
reserve)
1937
$788,463
482,464
24,650
loss$178,257
4,766,377
$277,173
4,477,279
4,175
$4,780,446
14 001
' 68
$4,584,272
$4,766,378
being
made
by certified public
145, p. 2230.
Directors at their meeting held Feb. 10 deferred action
on the payment
ordinarily due at this time.
Dividends of 50
paid on Dec. 10 and on Sept. 10, last, and dividends
of 25 cents per share were paid on June 10 and on
March 10, 1937.
For
detailed record of previous dividend payments see V.
145, p. 1265.
of the
dividend
common
cents per
share
were
Middlesex & Boston Street
Ry.—Earnings—
Period End. Dec. 31—
1937—3 Mos.—1936
$27,490
$76,921
2,221,226
2,315,402
$0,093
$0,093
loss
Average fare
145, p. 3351.
initial dividend of 16 2-3 cents
per share on
5% pref. stock, payable Feb. 1 to holders of record Jan. 31.
Com¬
an
recently effectuated a recapitalization plan
on old pref. stock.—V.
145, p. 3502.
Period End. Dec. 31—
Operating
revenues
Operating
Operating
—
rev..
revenues..
expenses.
Net oper. revenues...
Operating taxes
Net
oper.
income
—V. 146, p. 444.
$60,328
8,942,243
$0,094
$0,094
Midwest Piping & Supply Co., Inc.—Extra Dividend—
Directors have declared
an extra dividend of 40 cents
per share on the
stock, payable Feb. 24 to holders of record Feb. 17.
A regular
quarterly dividend of 15 cents per share was distributed on Jan. 15, last.
An extra dividend of 15 cents
per share was paid on Dec. 22, last.—V.
145,p. 3823.
Minneapolis-Honeywell
Regulator
Co.
(&
Subs.)—
Earnings—
Calendar Years—
xNet income
1937
x
After interest,
1935
1934
621,900
$1,793,339
207,300
$4.78
$8.00
$1,007,786
197,474
$4.69
.y$2,929,249 y$3,082,360
Shares com. stk. (no par)
Earnings per share
on
1936
621,900
$4.52
depreciation and
undistributed profits.—V.
145,
Federal income tax.
p.
y
After surtax
3661,
1937
expenses,
$1,002,676
719,886
depreciation and taxes.
Dividends
Dividends
on
common
designed to
661,880
$284,432
100,000
2,687
12,725
1,200
$165,108
99,319
49,200
stock
$167,820
99,319
49,200
Note—The
Uniform System of Accounts prescribed by the Federal Power
Commission, effective Jan. 1, 1937, requires the company to follow depre¬
ciation rather than retirement
accounting.
A study is now in progress to
determine appropriate rates of depreciation and it is not known at this
time
to
what extent this change in accounting practice will affect future
Income accounts.
The above income account for 1936 includes minor
reclassifications to
make it comparable with 1937.
1937
Cash
42,194
Materials,
and
66,195
rec.
y
suppl's
fuel
y
98,445
97,148
232,952
243,159
Com'11s & exps. on
capital stock.._
45,317
45,317
Ihv.
in other than
affiliated
y
30,671
69,948
Accts. <fe notes
Liabilities—
1936
Prop., plant & eq.$5,380,893 $5,342,337
1937
7% series A cum.
pref. stock
$561,100
6% series B cum.
pref. stock
1,000,700
Common stock.. 1,230,000
1st mtge. 5%
cos
1936
$561,100
1,000,700
1,230,000
bds.
2,000,000
2,000,000
Notes pay. (banks)
Accts. pay. (gen.).
65,000
115,000
43,725
Acer.
pref.
divs..
Other
accr.
50,890
97,250
12,351
Accrued taxes
Accrued interest-
eliminate
85,769
12,693
3,273
3,273
liabil.
7,560
860
Other liabilities...
28,942
Res. for deprec..
Cas. & ins. res've.
579,241
30,396
492,581
57,444
61,960
x
--
Donations in aid of
construction
29,224
...
—
$3,429,915
2,250,382
$3,293,738 $40,557,974 $36,655,925
1,785,922
25.329,782
22,376,526
$1,179,533
401,729
$1,507,816 $15,228,192 $14,279,399
403,832
5,019,601
4,332,299
$1,103,984 $10,208,591
1936
$946,313
$282,790
100,000
3,756
12,725
1,203
preferred stock
on
1937—Month—1936
1937—12 Mos.—1936
$3,443,471
$3,301,660 $40,634,117 $36,697,019
<r> """*
13,556
7,922
76,143
41,094
$777,804
$187,869
8,695.323
common
Michigan Bell Telephone Co.—Earnings—
Uncollectible! 1oper.
1937—12 Mos.—1936
—V.
Prepd. & def. Items
Acceptance Corp.—Initial Pref. Dividend—
accruals
144,
Michigan Steel Tu.be Products Co.—Dividend Deferred
(net)
758.
Directors have delcared
1936.—V.
Balance Sheet, Dec. 31
$4,593,762
1,775
7,714
Earned surplus, end of period
p.
in
On April 1 Mead Corp. will take over
property which includes the factory,
and 85-acre tract.
Fifty employees are working at the Hagar
Assets—
—
funded debt acquired for sinking fund
Miscellaneous deductions
pany
500,000
25,994
on
146.
value,
par
warehouse
plant.—V.
5,641
now
no
Corp.—Acquisition—
Bond interest
,
audit
of
This company has bought the Hagar Straw Board &
Paper Co. at CedarOhio
for $150 000.
Miscellaneous interest (net)
Amortization of debt discount and expense
Miscellaneous deductions
$305,858
456,882
22,926
4,306
Net Income
Earned surplus, beginning of period
Refund of taxes, prior year
Miscellaneous additions
to
shares
vilie
1936
$1,288,463
Other income deductions
Preliminary—subject
35,180,958 31,179,262
1936)
$3,836,929
Operating
$805,858
500,000
reserve
—...
616,545
3678.
$1,281,399
7,064
7,408
Total
1,136,238
1,640,153
630,307
Total
(729,409 in
(before
income
Mercantile
by 733,668
$798,450
_
Interest charges
Amortization of debt discount and expense
new
.35,180,958 31,179,262|
Represented
$7,523,415
6,242,016
Other income
the
a
$7,192,722
6,394,272
expenses, maintenance and taxes
Appropriation for retirement
Contlng. & foreign
exchange
2,132,673
Calendar Years—
Year Ended Dec. 31—
operating revenue and other income
appropriation for retirement reserve)
277,814
1,119,312
Mississippi Valley Public Service Co.—Earnings—
Ry.—Earnings—
Net
422,294
1,846,694
2,621,463
& other taxes...
Bank loans
b After depreciation, &c., of $9,019,893 in 1937 and
$8,720,571 in 1936.
c After
contingency reserve of $2,400,100 in 1937 and $2,355,623 in 1936.
d After reserve of $3,443,293 in 1937 and
195
on
863,372
Res. for inc., sales
Accounts pay., &c.
Rev. pass, carried
will
320,900
1,183,329
Pensions....
Net
Ry.—$1,000,000 Award
dealers
8,600,000
Profit & loss def..21,138,400 22,182,128
$2,509,667
200
Stores in operation
—V. 146, p. 757.
accountants.— V.
186,248
and
12,801,240 10,926.803
327,824
689,929
3,265,533
3,265,533
Cash
1937
$2,475,637
Sales
a
357,853
154,918
Investments
$
Sk. fd. deb. bonds 8,400,000
1st mtge. bonds..
262,600
Comm's due agents
d Bills & accounts
22,018,210 20,932,603
$5,200,248
Sales for Month of
Loss
277,888
govern..
Mead
a Exclusive of $116,000 withheld
by Irving Trust Co., trustee for possible
additional claims and contingencies, any excess
being returnable to McCrory
Stores Corp. b After reserve for depreciation and amortization of
Gross
1
South
in
Amer.
4,552,000
500,000
con ting..
Earn, surplus
..22,018,210 20,932,6031
with interest
a
10,694,580
p.
pf. stock 5,000,000
Com. stk. (par $1)
990,253
Capital surplus
3,919,369
Operating
Operating
%
Invest,
1936
$
stock...12,089,900 12,089,900
Common stock..26,730,098 26,698,155
832,617
purchase
obllg'n..
5% s. f.
15-year
Manhattan
5,058,314
Inventories—.1—13,456,087
c
receivable
505,162
<fe
Res. for
Awards which
4,897,467
Total.....
37,317
75,000
replace. & cont.
money
c
1937
Liabilities—
$
Preferred
&c...
251,101
Divs. payable.:
Res. for def. maint.
Mtge.
in 1937 and $4,745,474 in 1936.
1936
$
Land, buildings,
Mtge.pay.& mtge.
24,338
10,738,588
Deferred charges..
Total
b
459,448
291,735
bonus.
taxes
22,123,714
$21,138,400 $22,182,128 $22,123,713 $18,203,019
Prov. for Fed. Inc.
&
notes
accts. recelv'le..
bFlxedassets
em pi.
$2,209,999
15,993,020
Contingent provisions set
$
payable...$1,028,002 $1,183,097
348,826
280,647
Accts. pay., exp_„
Accrued expenses.
4,606,307
d40,484
accts.
(current)
Marketable
1936
$
Liabilities—
bks. & in. transit$5,635,834a$6 303,767
Merchandise in v..
713,923
$1,420,694
20,703,020
Deficit
expenses
1936
$
590,273
$58,414
Ins. dep. & prepd.
Comparative Balance Sheet Dec. 31
1937
Assets—
555,199
prof$l,043,729
22,182,128
Net loss
y
has
150,000
14,609
414,313
125,650
and
doubtful debts
In the above statement.
provision
1936.
65,973
1,871
46,761
483,250
106,211
160,000
Legal fees
Provision
1934
$185,136
165,074
464,126
493,510
3,928
aside
$1,373,494
Note—No
1935
$986,808
69,657
460,376
419,080
4.050
114,402
456,001
Directors' fees
Remuneration to
12, 1938
-Earnings-
1936
y2,534,254
444,116
479,358
Approp. for depreciation
See y
495,126
share
per
$3,675,440
588,280
$2,168,620 x$2,436,168
300,000
225,000
...
stock outstanding
com.
Years End. Nov. 30—
1937
Profit from operations
y$3 ,339,529
Interest on borrowings..
179,702
Bond interest & expense.
Years Ended Dec. 31—
general & adminis. expense—
Feb.
Miscell. reserves..
•
Total
....$5,869,750 $5,824,8291
Total
29,724
9,233
8,273
144,704
Earned surplus...
141,608
$5,869,750 $5,824,829
x
Depreciation reserve Includes $266,222 transferred from capital surplus.
In prior years the
company, under the retirement method, has provided
for property retirement losses
currently realized,
and,
in
addition,
has
provided
$9,947,100
a reserve for future retirements.
This method did not contem¬
full provision for accrued depreciation as determined by the
age and
estimated service life of the
plate
a
properties.
As of Jan. 1,
1937, the balance
Volume
146
Financial
in the retirement reserve was transferred to reserve for
depreciation.
The
balance sheet at Dec. 31,1937, is subject to the
adequacy of the reserve for
depredation at that date,
P-lZoo.
y
The directors have declared a dividend of $1.75 per share on account of
accumulations on the $7 cumul. pref. stock, par $100, payable Feb. 1 to
holders of record Jan. 22.
?noT°n ^fay D
A similar payment was made on Nov. 1, Aug.
and a dividend of $5.25
1937.
See V. 144, p. 781,
payment.—V. 145, p. 3014.
for
detailed
2
per share was paid on March 29,
of
record
Period End. Dec. 31—
Oper.
Prov. for retir.
Adjust, prior
$1,098,532
613,468
$959,212
602,915
def$23,639 def$126,291
21,088
21,088
Net income
Divs.
on
pref. stock
$485,063
253,062
$356,296
def$44,728
$33,500
594,248
35,000
3,498
52,500
def$28,491
597,765
Z)r3,197
def$35,262
636,864
Dr3,838
$566,076
$597,765
35,000
14,063
52,500
$10,097
627,749
$636,864
P. & L. surp. Dec. 31.
,
Dr981
def$17.380
$103,234
Accts. receivable
x
Missouri Pacific RR,-^-Plan Protested
by RFC—
Vigorously criticizing company's pending plan of reorganization. Recon¬
Finance Corporation, in a brief filed with Interstate Commerce
Commission, Feb. 3, asked that steps be taken to eliminate provisions of the
proposal that would allow the Allegheny Corp. to continue control of the
RFC brief explained that under the proposed reorganization plan
Allegheny Corp. would receive 16.9% of all outstanding stock of the new
"MOP" company in exchange for present bond holdings. It was added that
through exercise of purchase warrants for 338,400 shares of new common
stock of "MOP" that Allegheny will receive for stock it now holds, the
holding company could increase its total holdings in the reorganized road
Goodwill,
827.242
995,905
Fixed assets
995,905
111,700
13,125
3,498
and
deposits.
loans
Sundry
Pref. div. payalbe.
Res. for inc. taxes.
750,000
750,000
1,275,000
1,275,000
597,765
Preference stock-
contr's,
&c
Common stock
566,076
Surplus
Total
.$2,990,404 $3,042,188|
Total
$2,990,404 $3,042,188
x After reserve for
doubtful accounts of $26,000.
y After reserve for
depreciation of $1,082,150 in 1937 and $1,047,150 in 1936—V. 145, p. 3503.
Ltd.—Earnings—
Monarch Mortgage & Investments,
Earnings for the Year Ended Dec. 31, 1937
The
Interest, rentals, &c
$113,805
-
82,064
Administrative and property expenses..
Provision for uncollected interest
19,004
Provision for depreciation of properties
to
25.75% of the total outstanding common stock.
RFC contended its $23,000,000 loan to the railroad would be left virtually
unprotected.
"In short, the debtor's modified plan is not only devised to perpetuate
control by interests that have dominated Missouri Pacific
.
.
.
and
were
responsible for practices which contributed to the bankruptcy,"
RFC asserted, "but likewise the new company which will continue to be
dominated by the same interests, many
.
.
.
drop or compromise
suits arising out of their own misdeeds."
RFC charges contradicted a brief filed, Feb. 2, by Missouri Pacific
management, in which it asserted Allegheny Corp. would not control the
reorganized road.
,
Senator Burton K. Wheeler (Dem., Mont.), heading a Senate investiga¬
tion of railroad financing has branded the plan a move to continue Allegheny
control.—V. 146, p. 919.
20,164
21,219
821,533
$222,994
68,107
78,950
13,125
7,049
Accounts payable-
em pi's'
charges
$249,252
50,951
(see'd)
Bank loans
1936
1937
Liabilities—
1936
$55,240
280,236
863.400
265,152
824,443
Inventory
Unexp. ins. & def'd
x No provision was made in 1936 or 1937 for Federal surtax on undis¬
tributed.profits as all taxable income was distributed.—Y. 146, p. 114.
struction
1937
$62,150
Cash
258,062
$232,001
$627,749
Balance Sheet Dec. 31
y
Balance
$135,063
5,024
52,500
years
Assets—
$27,768
51,407
1934
$107,718
35,000
10,121
52,500
1937—12 Mos.—1936
$60,453
186,744
Gross income
1936
$55,736
Reserve for taxes
Preferred dividends
$3,103,243
x2,036.031
108,000
Int. & other fixed charges
1935
1937
$64,033
35,000
but
before depreciation
Reserve for depreciation
Previous surplus
$3,472,155
x2,193,623
180,000
reserve..
Knitting Co., Ltd.—Report-
Surplus
1937—Month—1936
$302,430
$272,972
205,661
203,519
69,000
9,000
& taxes
exps.
Monarch
Calendar Years—
Net after charges
dividend
previous
Mississippi Power Co.—Preliminary Earnings—
Gross revenue
f Represented by 5,921 shares at cost (4,934 in 1936)*
value capital stock,
—V. 146, p. 919.
Represented by shares of $100 par.—V. 144,
Minnesota Valley Canning Co.—Accumulated Dividend
1081
Chronicle
12,805
.....
$67
Net loss.
Balance Sheet Dec. 31, 1937
Liabilities—
Assets—
$294,982
Investments
166,726
1,141
Properties
Investm't in sub. company
Cash
on
7,622
hand and in bank
Accts. and rents receivable (less
res.
955
1,782
for doubtful accts. $530)
Unexpired insurance premiums
8% cum. pref. stock (par $10).
$463,108
Common stock
ylOO.OOO
100,000
of 100,000 shs. of com. stk.)
home im¬
1,155
1,183
payable (secured).
Interest accrued on mortgages
8,201
1,617
&c
payable,
Accounts
Goodwill (satisfied by the issue
on
provement loans.
Conditional
sales
agreement
x275
Furniture and fixtures
bankers
Due to
payable
Taxes
1,827
1,069
......
Rents paid in advance
Reserve for doubtful mortgages
Mohawk
Carpet Mills, Inc.—Earnings—■
Calendar Years—
Net sales
Cost of sales
_
1934
Deficit
$9,561,357
7,170,507
trading $5,391,464
Depreciation
552,032
Sell., gen. & admin, exps.
2,512,809
Int. & misc. charges—net
CY15.997
Prov. for Fed. inc. taxes
a265,000
$3,815,592
530,346
2,551,910
019,855
120,000
$4,617,663
539,251
2,562,009
075.103
330,000
$2,390,850
After reserve for depreciation of
531,746
1,974,709
042.036
cost
market in
to
ventory
Montgomery Ward & Co.,
$21,840,243
—V.
Montreal Light, Heat
$1,242,084
928,710
Net profit
$313,374
$414,740
546,300
$2.27
$638,190
409,725
$1,261,505
846,765
546,300
$2.30
Balance, surplus
capital stock out¬
standing (par $20)
Earnings per share
def$73,568
137,025
$223,465 def$210.593
Shs.
a
Includes $40,000 ($65,000 in 1936)
548,000
546,300
Represented by 100,000 no
Inc.—Sales—
1938—12 Mos.—1937
$22,578,088$432,539,796$376,944,690
146, p. 444.
835,537
Dividends paid
$573,484
y
1938—Month—1937
Period End. Jan. 31—
in¬
value
$947.
shares.—V. 136, p. 671.
par
Sales
Provision for decline from
....—.
Total
$573,484
Total
x
Grass prof, on
61,641
66,317
receivable
1937
1936
1935
$18,195,246 $17,591,646 $13,901,592
12,803.782
12,973,983
10,086,000
& Power Consolidated—January
Output—
Electricity output for consumption in the Montreal area during the month
of January, excluding secondary and export power, amounted to 103,668,970
kwh., as compared to 100,082,070 kwh. in January 1937, an increase of
3,586,900 kwh., or 3.58%.
Nil
$1.16
provision for Federal undistributed
profits tax.
Balance Sheet Dec. 31
1937
a
Land,
1937
$
Liabilities—
b
building,
equipment, &c_ 6,646,195
Prepayments..
366,010
Cash
430,526
6,895,735
286,591
1,887,848
3,281,050
Accts. receivable..
Trade accepts, rec.
Other accts.&advs.
631,167
40,341
39,962
28,077
33,909
36,000
31,000
205,729
rec.
11,304,826
_.
Inventories
Corp.—Dividend Reduced—
Directors have declared a dividend
of 20 cents per share on the common
stock, payable March 10 to holders of record Feb. 19.
Previously regular
quarterly dividends of 40 cents per share were distributed.—V. 145, p. 3202.
1937
1937
$
2,611,627
Liabilities—
Serial
5,033,310
1,666,087
54,847
JDr48,587
Deposits in closed
& restricted bks.
15,531
23,060
Dividends payable
Real estate purch.
20,939,119 19,518,7461
17,535
188,691
Acer. exps. & other
Cash
—
accts.
After
Monarch Machine Tool
render
20,939,119 19,518,746
Total
able to banks..
57,376
24,994
6,433",020
19,388
Investments
Profit before prov. for deprec.,
tive and general expenses
Reserve for Fed'l
11,544,388
9,491,918
215,264
255,593
Prepaid expenses..
Reserves
notes
$684,143
52,237
19.772
66,659
Depreciation
Selling expenses
Administrative expenses
'
and
1,083.382
—
4,000,000
1,729,800
Paid-in surplus... 1,300,391
Preferred stock—
$417,710
38,362
25,502
48.720
y
Common stock..
8,153,635
Earned surplus...
Treasury stock...
h
.
$545,475
25,481
$305,125
15.020
.
Other expenses
Federal normal income tax (estimated)
$570,956
15,840
80,999
16,446
profits taxes
Federal surtax on undistributed profits
21,146
Net income
.
Dividends paid
Shares common stock (no
par)
Earnings per share
$436,524
$436,524
301,161
150,079
$2.91
$320,145
4,226
45,776
Sales for
Marketable secure.
Receivables
1937
$258,078
149,586
115,066
$2.24
$148,979
all5,658
330,134
321,550
and
securities..
life insurance...
paid insurance.
cLd.,bldgs. &eq.
$34,950
Accrued
300,668
Commls's
129,339
12,522
267,684
Accrued
Patents
taxes
earned.
1,439
1,976
23,171
21,110
3,598
372,952
3,872
e
Paid-in surplus
Earned
5,435
.
1,000,200
surplus
250,000
500,000
.
f Treasury stock..
6,157
1,374
wages—
d Common stock..
5,026
587,929
$46,191
71,276
Accounts payable.
Cash surrender val.
Pr
1936
134,790
125,894
Acer. int. on notes
SalesStores in operation
—V.
$2,490,097
-
389,591
£>7-27,280
284,822
Dt-27,275
$2,519,024
i»o
-
146, p. 920.
National Associated Investors,
Inc.—Receivership Ter¬
minated—
1937
Liabilities—
1936
Month of January
12,064
Balance Sheet Dec. 31
Inventories
19,966,061 17,385,564
Total
After depreciation of $4,301,436 in 1937 and $3,751,025 in 1936.
Represented by 480,500 (465,0001 n 1936) shares (no par),
z Includes
surtax on undistributed profits,
a 402 shares in treasury at cost.
Earnings for the calendar years were published in the
Chronicle of
Feb. 5, page 920.
y
.
Excess
b
19,966,061 17,385,564
Total
x
[.
Cash
1,869,331
4,000,000
1,646,915
453,276
6,883,024
al)r28,140
'
Other income.
Assets—
244,314
Purchase money &
other mtge.
selling, administra¬
822,238
176,833
851,613
153,524
59.784
Long-term loan—
Im¬
50,000
198,460
(current)
z
Furn. & fixtures,
leaseholds,
1,132,453
Term indebtedness
Income taxes...
,
1936
1937
4,712,620
19,685
135,319
1,061,150
acc'ts payable..
value—
Inventories
x
350,400
973,921
50,000
-
Accounts payable.
provements
Co.—Earnings—
Years Ended Dec. 31—
$
pay¬
rec_.
depreciation of $6,757,423 in 1937 and $6,234,758 in 1936.
b Represented by 550,000 shs. par $20, incl. treasury stock,
c Treasury
stock at cost, 3,700 shares.—V. 145, p. 1266.
a
notes
1936
$
1936
$
Life ins.—cash sur¬
Total
Balance Sheet Dec. 31—
(G. C.) Murphy Co. (& Subs.)Assets—
Misc.
424,113
Capital surplus
424,113
Earned surplus... 5,346,685
c Treasury stock..
Dr48,587
8,148,669
& advs.
(non-current)
Capital stock...11,000,000 11,000,000
187,304
Accounts payable.
286,354
2,000,000
Notes payable
3,000,000
500,973
Cust. credit bale..
583,100
89,192
Accruals
82,611
Res. for Fed. taxes
264,843
332,439
164,229
Invest, securities..
Notes
$
Motor Wheel
1936
$
1936
$
Assets—
_
__
.
.
10-years-old receivership of the company which collapsed
1928 was terminated Jan. 28 before Superior Court Judge Edward
The
atAccepting' statements
of services, Judge Daly
.
early in
J. Daly
allowed compensation of
Hartford
$16 000 to Anson T. McCook, receiver's counsel; $2,500 to the
National Bank & Trust Co. receiver; and authorized a final dividend of
60 cents a share on the 32,871 shares of class A common stock.
Despite elements of fraud in the situation, which resulted in imprison¬
ment for Roger W. Watkins, its fiscal agent, the receivership was unusually
successful in protecting the assets of the corporation and liquidating in
such
a
that all allowed claims of creditors were paid in full; all preferred
liquidated at par and accrued interest and liquidating dividends
$6 a share, over 60% of par, paid upon the Class A common
way
stock was
of more than
Total
$1,539,321 $1,132,546
Total
$1,539,321 $1,132,546
$51,117 to reduce to approximate market values at
Dec. 31, 1937.
b After allowance for doubtful notes and accounts of
$8 771 in 1937 and 8,746 in 1936.
c After allowance for depreciation of
$576,670 in 1937 and $541,335 in 1936. d Represented by 156,000 (120,000
n 1936) no par shares,
e Rising from change from par value to no par
a
After allowance of
stock.
National Distillers Products Corp.—New Vice-Pres.—
election of Tom W. Balfe as a Vice-President of this corporation
announced on Feb. 4 by the company.
Mr. Balfe will continue in
charge of all sales in non-monopoly States.—V. 146, p. 445.
The
was
1082
Financial Chronicle
National Bond & Investment Co. (&
Subs.)—Earnings
Years Ended Dec. 31—
1937
$6,097,275
2,290,611
$3,806,664
9,907
$3,908,272
509,447
3,008
579,386
220,472
-
.
Miscellaneous deductions
Provision for income and excess profits taxes
Provision for surtax on
undistributed proifts
Net income for the year.
Dividends paid
Shares common stock (no par)
dividend of 50 cents
per share on the capital
value, payable Feb. 15 to holders of record Feb. 9.
This
compares with $1 paid on Nov. 15, last; $2 paid on Aug. 16 and on May 15,
last; $1.50 paid on Feb. 15, 1937, and a regular dividend of $1 per share
paid on Nov. 16, 1936, and each three months previously. In addition, an
extra dividend of $1.50 per share was paid on Dec. 23, 1936.—V.
145,
p. 3016.
stock,
x
on
$
$
x
1937
7,366,630
6,186,833
Notes <fc accepts,
Accrd.
recelv., Ac
45,788,934
Accts. receivable..
3,333
39,191.160
3,940
Oth.
curr. llablls..
Defd. Income—un¬
Ad vs.
receivable,
sundry
Due
from
18,048
2,222,751
Long-term debt...
3,294
officers
994,000
Pref.
2,736
Investments
63,397
73,545
53,397
52,427
149,659
z
Earned surplus...
259,898
1,045,359
243,863
53,456,181
45,597.0711
Total
z
6,000,000
6,000,000
7,000,000
53,456,181 45,597,071
National Grocer's
National Lead Co.—Balance Sheet Dec. 31—
1937
$
Assets—
Cash
6,900,066
1,147,888
1937
4,517,638
1,147,888
Domestic
608,013
1,416,953
Foreign
3,452,282
3,380,066
rec.
6,351,999
9,136,592
167,345
128,359
20,781,131
Pension
116,193
4,797,284
22,085,738
Domestic
5,064,469
Foreign
8,838,821
& misc. res've
166,543
426,664
4,387,895
166,543
24,367.600
6,950,230
10,327,700
yCommonstock 30,983,100
Surplus
25.340,891
Nat. Lead Co.
capital stock.
Misc. Invest.:
y
Earnings
x
352,606
Foreign
124,453
Deferred charges
Total
500,000
500,000
2,441,012
Total
$3,615,195 $4,278,646
common
stock, no
Co.—Earnings—
1936
$935,757
1935
1934
$763,557 loss$101,668
$3.61
$2.94
$54,556
Nil
$0.21
On 259,120 shares
y
Halves Dividend—
stock,
common
have declared
no par
a
dividend
of 25
cents
share
per
the
on
value, payable March 1 to holders of record Feb. 18.
of 50 cents paid in each quarter of 1937;
This compares with dividends
$1.50 paid on Dec. 15, 1936, and 50 cents distributed on Dec. 1, and on
Sept. 1,1936, this latter being the first distribution to be made since Aug. 1,
1931, when 25 cents per share was paid.—Y. 145, p. 2554.
New York Auction
Calendar Years—
190,339
20,240
199,287
21,120
6,155
23,624
18,994
212,282
17,600
2,169
1,749
19,968
y3,225
2,882
$14,643
14,383
advances,
1934
$216,858
y 1,793
reserve
1935
$256,183
$24,328
23,972
19,420
7,916
4,923
charges
Loss on merchandise—
Depr. on bldgs. & equip.
losses on
1936
$281,322
223,976
general expenses
Int. on mortgage debt..
to
Co., Inc.—Earnings—
1937
$291,665
Total inc. from oper__
Sell, exp., admin, and
x
4,129
582
20,526
for
ac¬
counts recelv., &c
Federal income tax
75.000
Profit for period
Dividends paid..
$17,485 def$108,327
Includes other income of $3,857 in 1937, $2,957 in 1936, $3,662 in 1935
and $3,356 in 1934.
y Including $17 in 1937 and $44 in 1936 Federal
undistributed profits tax.
Balance Sheet Dec. 31
45,300,720
196,568
125,137
Assets—
105,984,645 107,529,002
Total
105,984,645
29,883 shs. of pref. A, 25,815 shs. pref. B and
3,210
National Rys. of
107,529,002
com. shs.
y
Par
Mexico—Exchange to Delist Stocks—
The New York Stock
Exchange is seeking authority from the Securities
and Exchange Commission to delist the
1st pref. and 2d pref. stocks of the
company.
1937
Adv.
Company has outstanding 288.310 shares of first
4% non-cumulative
($100 par) and 1,247,613 shares of
5% non-cumulative
stock ($100 par). These Issues were listed on the New York
Stock Exchange in 1909 and are now
listed and registered pursuant to the
Securities Exchange Act of 1934.
second pref.
The Committee
on
Stock List has been advised that the Mexican Govern¬
ment has resolved for reasons of
public utility to expropriate for the benefit
The effect
of the national
properties pertaining to the National Railways.
or this decree
upon the status of the
presently listed National Railways of
Mexico first 4% non-cumulative and
5% non-cumulative second preferred
stocks is as yet unknown to the
committee on stock list.
According to the published report of the company, the deficit (calculat¬
ing United States dollar obligations and
unpaid accrued Interest thereon
at the rate of two
pesos equal one United States
dollar) at Dec. 31, 1936
amounted to 384,994,746 pesos,
indicating a book value of only 63,377,000
'or t*ie JPre^' stocks
outstanding in the amount of 298,765,243.34 pesos. The above-mentioned indicated book value as
of Dec. 31,
1936. would be more than
wiped out if the company's funded debt out¬
standing as of that date of approximately 480,000,000
pesos and unpaid
accrued Interest thereon of
approximately 500,000,000 pesos, most of wnich
is payable In United States
dollars, were calculated at
the
exchange.
current rate
Market quotations for the 4% first
pref. stock from 1927 to Jan. 1,1938
ranged from a high of $8 H in 1928 to a low of 25 cents
in 1933.
During the
saP*e,perI°d market quotations for the 5% second pref. stock ranged from
a high of
$5H in 1928 to a low of 12 H cents in 1933.
The
last sale during
January, 1938, for the 4% first pref. stock
was at 75 cents and for the
5% second pref. stock was at 25 cents.
The approximate total market
value as of Feb. 1, 1938 amounted to
$145,000 for the
4% first
pref. stock
and $310,000 for the
5% second preferred stock issue.
on stock list is of the
opinion that it is in the interests
public to terminate the listing of the 4% non-cumulative
first pref. stock and the
5% non-cumulative second pref. stock.—Y. 146,
page 605.
ssue
The committeee
of the
investing
National Tea Co.—Sales—
4 Weeks Ended Jan. 29—
1937
$4,619,163
$5,251,312
1,157
Stores in operation
—V. 146, p.605.
1,224
(J. J.) Newberry Co., Inc.—Sales—
January—
& accts. receiv..-i
Misc. accts. rec...
x
$2,656,065
146, p. 445.
1937
$2,752,591
England Telephone & Telegraph Co.—Earnings—
Period End. Dec. 31—
Operating re venues
Uncollectible oper.
rev..
1937—Month—1936
1937—12 Mos.—1936
$6,369,881
$6,314,957 $74,868,097 $71,788,721
42,608
26,088
254,819
133,653
Operating revenues
Operating expenses
$6,327,273
4,702,746
$6,288,869 $74,613,278 $71,655,068
4,568,032
53,848,715
50,932,217
Net oper. revenues
$1,624,527
681,200
$1,720,837 $20,764,563 $20,722,851
533,059
8,123,207
6,869,111
$943,327
$1,187,778 $12,641,356 $13,853,740
Operating taxes
Net operating income.
—V. 146, p. 921.
747.287
807,896
1937
Miscellaneous
$250,000
294,272
3,313
3,169
4,840
3,201
Mortgage payable
Capital stock
z592,948
331,414
12,117
3,225
4,424
2,872
352,000
y592,948
288
435
—
Accounts payable.
Fed. & State taxes
Interest accrued..
634,403
5,250
Prepayments sun¬
dry charges
652,163
8,250
23,104
.
23,497
$1,504,032 $1,549,436
1936
to
payable
Vouchers payable.
inventory.,
Land, bldgs. and
equipment
Mortgage recelv.
Liabilities—
Notes
bank
Mdse.
352,000
Surplus
Total...
$250,000
$1,504,032 $1,549,436
x After
reserve
for depreciation of $157,660 in 1937 and $139,047 in
1936.
y Represented Dy 2,150 shares of class A stock, 40 shares of class B
stock, and 93,697 shares of common stock, all of no par value,
z Repre¬
sented by 95,887 shares of no-par common stock (includes 1,768 shares
to be issued in exchange for class A and class B
stock).—V. 145, p. 4122.
New York Chicago & St. Louis RR.—Director—
Robert R. Young, Chairman of the Board of the Alleghany and Chesa¬
peake corporations, has asked the Interstate Commerce Commission for
authority to hold the position of director of this railroad while at the same
time serving on the board of Chesapeake & Ohio
Ry.
Mr. Young pointed out in his application thta the C. & O. and the Nickel
Plate are grouped, in the ICC's official consolidation
plan and that the
interlocking directorate would not adversely affect the public interest.
The C. & O. now controls the Nickel Plate
through a wholly-owned sub¬
sidiary and has been authorized by the Commission to take direct stock
control of the road.—V. 146, p. 921.
New York
Telephone Co,—Earnings—
Period End. Dec. 31—
Operating
revenues
Uncollectible oper rev..
1937—Month—1936
1937—12 Mos.—1936
$17,821,034 $17,647,244 $207166,660 $199918,538
71,678
52,396
870,197
805,776
Operating revenues...$17,749,356 $17,594,848$206.296,463 $199112,762
Operating expenses
12,454,537
11,889,117 140,643,740 136,182,770
Net oper. revenues
Operating taxes
Net oper. Income
—V. 146, p. 922.
$5,294,819
2,294,781
$5,705,731 $65,652,723 $62,929,992
2,495,322
29,311,615
25,057,269
$3,000,038
$3,210,409 $36,341,108 $37,872,723
New York State Electric & Gas
Operating
Corp.—Earnings—
1936
yl937
$23,347,004 $21,695,480
13,245,318
12,457,951
1,594,435
1,780,686
1,403,244
1,039,390
85,833
216,679
2,062,502
1,568,889
expenses
Maintenance
Provision for retirements
Federal income taxes
Other taxes
....
1938
S^----
$57,630
shippers
Year Ended Dec. 31—
Total operating revenues
1938
Consolidated sales
1936
$93,988
to
Total
preferred stock
New
39,523
capital stock.
23,962,813
The comparative income statement for
the calendar year was published
In V. 146. p. 920,
—V.
41,532
2,442,473
After all charges including taxes and depreciation,
Cash
Month of
51,487
30,983,100
332,803
335,855
Plant prop'ty &
equip, (net)-. 45,850,927
of
38,592
$56,000
x
Domestic
x
1,149,093
Equity of com'n
1937
share
per
1936
$100,000
478,774
55,356
Includes 100,000 shares of
y
Calendar Years—
Net profit
Addition
CI. A pref. stock 24,367,600
CI. B pref. stock 10,327,700
4,731,418
7,137,450
6,950,230
426,664
3,796,880
reserve.
Foreign exchange
Sees, of affil. cos.:
$3,615,195 $4,278,646
Other
reserve
from
employees
x
1,981,422
116,193
4,797,284
3,816,931
2,500,000
1,676,279
Employers' llab.
recelv. (net)..
6,006
New York Air Brake
1936
3,680,366
Div. payable...
Fire ins. reserve
Accts. and notes
2,038,649
Total
$
Acc'ts payable..
Notes payable..
Oth. mkt. secure,
Inventories
all of the capital stock]
Liabilities—■
Tax reserve
U. 8. Govt. sees.
Notes
owns
1936
$
in which it
Notes payable
629,845 Accruals
1,519,052 Prop, taxes pay..
1,912 Fed. & State taxes
2,068,697 8% cum. pref. cap¬
ital stock
5,036
1,816
The directors
the application of company for
approval
of the plan of settlement for preferred
dividend arrears.—V. 146. p. 283.
on
Company and domestic subsidiaries
337,431
x Depreciated value,
par.—V. 145, p. 2085.
Co., Ltd.—Judgment Reserved—
reserved
Nil
1937
Liabilities—
|
y
2,166,476
After reserves for losses of $1,042,623 in
1937 and $762,308 in 1936
After reserve for depreciation, $140,689 in 1937 and
$158,036 in 1936
Represented by 612,600 (612,200in 1936) noparshares.—V.
145,p.3662
Judgement has been
1936
1,204,473
...
Plant property..
Deferred charges..
2,346,474
1,459,000
7,012,000
3,360,377
152,025
$6.48
Nil
stockholders
*
y
Nil
152,151
Accounts payable.
x
x
Total
$87,722 loss$580,295
$54,104
Investment
cum.
(par $100)
Common stock..
$13,875
$26,919
Inventories
102,323
3,696
Fixed assets
Deferred charges..
Other assets
stock
$1,461
accts.
receivable...
$
25,076,000
1,017,881
159,635
earned discount-
and directors...
y
liabilities..
1934
$239,873 loss$428,270
Consolidated Balance Sheet Dec. 31
1936
Liabilities—
$
Notes pay., unsecd32,530,000
Accounts payable.
159,637
1935
1936
$166,515
152,640
1937
Customers'
hand & de¬
1937
$162,324
160,863
shares.
no par
Assets—
Consolidated Balance Sheet Dec. 31
Assets—
100,000
Cash
1936
-
...
Net income for year.,
Earns, per sh. on com.
x
stock*
mand deposits..
Jersey Worsted Mills (& Subs.)- -Earnings—
Depreciation
$2,562,115
xl ,054,642
a
par
Calendar Years—
Net inc. before deprec--
561,529
283,323
1,402,680
612,600
612,200
Earnings per share
$3.74
$4.07
x $306,100 on old common.
$679,542 on new common and $69,000 on
5% cumul. preferred,
y After deducting $69,000 for 5% cumul. preferred
Cash
no
New
409,604
$2 ,595,959
1937
Again Reduced—
$3,816,571
expenses
Profit
Other income
Total income
Interest paid._
The directors have declared
1936
$6,858,268
2,959,983
$3,898,285
9,987
Operating Income
Oper., general & admin is.
Feb. 12, 1938
Newmarket Mfg. Co.—Dividend
__
Operating income
$4,955,671
280,628
$4,631,884
389,538
Gross income
$5,236,299
Annual interest requirements on funded debt outstanding at end of respective periods
2,386,677
x Interest on
unfunded debt, &c
771,034
$5,021,422
Other income.....
Amortization of debt discount and expense
Amortization of miscellaneous suspense.
Interest charged to construction
-
158,890
96,563
Cr45,859
2,462,380
746,689
174,931
118,016
CY9.092
Balance of income
$1,868,993
$1,528,496
x Interest on
unfunded debt for 1937 includes $196,720 representing the
excess of actual interest
charges over the annual interest requirements on
funded debt outstanding at Dec. 31, 1937.
This excess is principally a
result of the fact that the bond issues which were refunded during the year
could not be redeemed until various dates later than the date from which
interest had to be paid on the new bonds,
y Preliminary—subject to
Volume
annual audit and such sundry book adjustments, if any, as may be necessary
incident to closing for fiscal year ended Dec. 31,
Note—Includes operations for the full periods of
1937.
merged companies and
all other properties which are now part of New York State Electric & Gas
Corp., irrespective of dates acquired.—V. 145, p. 3353.
New York Transit Co.—Annual
1935
1934
$193,802
129,970
14,889
$199,361
118,199
14,607
$169,826
$68,285
7,815
$48,943
$37,889
,8,981
$66,555
8,853
$76,099
27,114
$57,924
23.702
$75,406
22,034
$49,084
21,416
174
Non-operating revenuerevenue
Local, State & Fed. taxes
Misc. income charges
non-recurr.
120,190
11,747
11,195
$29,855
$52,723
30,000
$34,048
35,000
$48,985
100,000
$952
sur$22,723
Balance Sheet Dec.
a
receivable-_
275
1,410,880
100,000
$0.49
of capital stock
outstanding (par $5).
£
100,000
$0.34
100,000
$0.52
100.000
$0.30
Capital surplus—
Undistributed inc.
1937
1936
$500,000
$500,000
Liabilities—
1936
b
Capital stock.
$349,866
$348,880
U. 8. Govt. bonds-
122,650
158,567
Municipal bonds-
56,650
51,650
Cash
78,486
Accounts payable.
Accrued
Accts. receivable.-
14,369
89,539
17,173
Mat'ls & supplies.
10,020
11.003
__
Capital stock red.
177
Divs. mat'd
1,080
4,301
13,946
Res.
paid in advance-
1,271
525
1,976
1,734
359
720
33,983
130,761
unpaid
187,554
taxes
Surplus.
Carrier insur. fund
34.000
2,301
33,450
carrier
for
Insurance
33.434
1937 and $611,180 in
deducting depreciation of $622,518 in
b Par value $5.—V. 145, p. 3825.
After
Norfolk Southern RR.—Hearing on Reorganization—
with Judge Way in Norfolk,
Counsel for bondnolders conferred Feb. 4
Va., in an attempt to reach an agreement on minor amendments to the
road's reorganization plan.
Bamberger brothers, who hold the plan, as now
constituted, is unfair to holders of common stock, were not at the con¬
ference. They hold 30,o00 common shares.
Judge Way hoped the plan would be agreed upon by Feb. 11 at which
time an order would be signed either to seek Interstate Commerce Com¬
922.
approval or set a date for argument.—V. 146, p.
mission
North American Oil Consolidated- -Earnings1934
1936
$1,212,651
taxes royalties, &c
Federal income tax
551,181
541,204
34,304
4,247
Depreciation & depletion
293,753
291,002
$369,908
275,659
$376,199
275,659
$199,068
$94,249
$100,540
def$76,59i
Calendar Years—
Net income
Dividends
Balance, surplus.
$1,100,903
507,770
11,330
259,983
$981,676
483,405
15.493
283,/10
275,659
.
$321,819
220,527
$101,292
y
$629,263
46,651
Purchase obllgat'ns
3,416,558
Accrued Fed. tax.
34,304
55,650
3,429,155
42,038
payroll..
28.649
7,033
4,725
2,756,690
1,399,391
-
Land and wells.
Plant &
$62,596
Accounts payable-
$692,966
62,039
37,426
Accts. receivable.
equipment
Accrued
Accrd.cap. stk. tax
Prepaid & deferred
charges
x
Capital stock
Surplus
$4,264,639 $4,175,756
Total
j
Total
After deducting $5,835,225 in
for depletion.—Y. 145, p. 2399.
Par $10.
x
North
y
Lighting
Boston
1936
1937
Liabilities—
1936
1937
Assets—
$57,347
9,457
4,247
5,973
4,886
2,756,590
1,337,255
$4,264,639 $4,175,756
1937 and $5,564,423 in 1936
Properties—Definitive Notes
Ready—
The Chase National
Bank on Feb. 7 announced that
definitive secured
H % series due 1947 are now available for delivery in exchange for
the temporary notes at its corporate trust department, 11 Broad St., or at
the office of the State Street Trust Co., trustee, in Boston.—V. 146, p. 762.
notes 3
Northern States Power Co. (Del.)—Weekly Output—
Electric output of the Northern States Power Co. system for the week
ended Feb. 5, 1938, totaled 25,828,243 kwh., an increase of 3.5% compared
with the corresponding week last year.—V. 146, p. 922.
Norton
^
1937
$
Liabilities—
4,845,266
1,672,528
5,429,333
5,345,404
Accts. receivable.- 1,229,672
Merchandise
6,695,037
Cash & Govt. sec.
x
Accts.
1,483,126
22,553,280 22,175,630
1,802,932
accruals
Common stock
5,732,067
7,946.324
273,649
4,162,876
7.626,076
7,807,861
$
payable &
Surplus
bldgs., ma¬
chinery & tools. 8,736,656
Investments, sub¬
1936
$
1936
A. 8$€t$™
302,105
Land,
sidiary
plants.-
Misc. assets.—
30,088,279 27,821,632|
Total
Includes reserves for
x
U.S. District Court at New
against the New Haven presented by the bondholders of the
who claimed that under the provisions of the lease the New
bondholders, Judge Hincks held
In his decision on the claim of the
Judge Hincks held that under the
sible for its funded indebtedness
Total
30 088,279 27,821.632
taxes.—V. 143, p. 2529.
Of the claims allowed, $3,600,000 was designated as a secured claim
representing the par value of the New Haven 1st & ref. 4s held by the
Colony.
The other items contained in the $22,450,327 allowed by the Court
were granted as common claims, with the largest amount being $10,246,912,
which came under the heading of equipment value utilized in the operation
of the Old Colony.
Another item was one of $3,072,006, being damages accruing since the
Old
rejection of the lease by the New Haven up to Sept. 30, 1937.
disallowed any future damages but indicated that supplemental
x
Net
$1,159,842
profit
x
After full
$918,261
$348,992
$2.64
$0.66
$3.34
depreciation charges $248,378 in
$263,590 in 1935, and
Co., Muncie,
Ontario Mfg.
sales
Cost of goods sold and
commercial expense--
Depreciation
$1,426,925
$1,127,696
1,442,488
1,382.112
1,268,761
1,030,855
65,694
25,120
69,050
12,240
73,374
2,640
$132,038
$115,589
$76,874
$20,827
994,964
994,948
1,063,517
$1,110,953
$1,071,822
2,254
75,273
11,641
60,218
$1,084,344
16,410
12,880
5,000
5,240
$1,020,546
$994,964
60,218
$1.08
$994,948
63,863
_
29,551
profit for year—.
stock & surplus
Common
Dec. 31
of cap.
stock tax at Dec. 31'35
Excessive
accr.
400
...—
$1,152,584
Total surplus
dividends
Common dividends
Premium paid on pref.
stock purchased
Add! Fed. income tax..
Preferred
90,327
stock & sur¬
Common
plus Dec. 31
....
Earnings per
$1,062,202
60,218
$1.88
60,218
outstand.
share
$2.19
Balance Sheet Dec.
1937
Cash
$106,515
Receivables...-196,352
Inventories
384,833
x Land, buildings,
Assets—
Farm
428,204
31
321,177
Accts.
accrued wages..
Accrued
taxes
Common stock..
Earned surplus...
y
421,815
1936
$415,027
Marketable secure 1,236,737
Notes receivable.40,303
Accts. receivable—
868,576
Inventory
2,307,044
1937, $249,678
Mfg. plants & eq._.
Total
3,024,325
1937
Liabilities—
$685,004
1,592,441
Reserve for taxes.
235,006
61.416
1,717,876
Com.
stock
534 2-58
$1.09
in 1936,
other corps
3,970
Prepaid Ins. prem.
1936
$442,435
189,578
After
Otis Steel
$1,119,877 $1,081,209
y Repre-
Total
$453,349 in 1937 and $445,356 in
shares.—V. 146, p. 923.
Co.—To Eliminate
Chairmanship Abolished—
7,411,260
Preferred Shares—
annual meeting on April 22 will vote on a proposed
capital stock by all authorized prior preference stock, which
retired on Jan. 1 last.—V. 145, p. 2859.
Stockholders at their
-Earnings-
of Chairman of the
Provision for
1936
$77,398
7,315
$70,083
$53,296
)
deprec.)
depreciation
$102,980
153,109
$51,587
1,708
.
1937
$162,643
197,126
28,453
$62,936
11,348
Ended Dec. 31—•
Gross profit on sales before depreciation
Selling, administrative & gen. exps. (excl.
3 Months
Net loss
$71,319
27,268
Co. of California1937
Calendar Years—
Int. & disct.
$7,892,014 $7,907,833
1,236
923.
1936
& oth. inc.,
incl, earns, of subs.
_ _ .
$4,704,855
$4,441,081
Earnings—
1935
1934
$3,639,461
$2,203,238
incl. int.,
3.124.205
2.610.607
2,040,483
1,563,401
Sl.580,650
$1,830,414
1,390,128
$1,598,977
462,236
$639,837
258,021
$3,220,542
286,874
1,508,346
$2,061,213
$897,858
283,225
387,860
292,208
969,651
31 $1,666,914
$1,425,321
$1,390,128
$462,236
7,275,819
Board of this company has been abolished,
Feb. 9 after the annual meeting of directors.
the company, was Chairman from 1928 until
he died on Dec. 19, last. Spokesmen for the company said that C. B. King
had been retained as President.—V. 144, p. 1610.
The office
the company announced on
Frank B. Black, founder of
1936.
reduction in
Exps. & chgs.,
par
shs.) andsurpl..
Total
31,979
404,947
1,857
3,024,425
$7,892,014 $7,907,833
615,600
446,602
1
.$1,119,877 $1,081,209
-V. 146, p.
(347,no
615,600
1
Pacific Finance
$245,747
826.671
$17,605
40,069
50,564
1
of
stocks
Other charges.
Accounts payable.
Cash
1936
$28,683
payable and
1934
$268,323 in 1934.
1937
1937
Liabilities—
1936
$96,160
189,635
60,218
$0.07
Mtge.
Corp. bonds
Patents
Capital
67,746
55
Shs. com. stk.
Fed'l
1934
1935
1936
$1,588,515
Provision for Fed. tax..
Net
Ind.—Earnings
1937
$1,667,941
1,020,546
Calendar Years—
$500,271
Consolidated Balance Sheet Dec. 31
Assets—
The Court
claims may
presented at a subsequent date to be fixed by the Court during the pen¬
dency of the proceedings.
Otner figures included $3,101,801 as the cost of improvements of the
Boston & Providence RR., a leased line of the Old Colony; $970,000 for
maintenance and replacements; $1,400,000 for bank loans for which the
New Haven is held liable, and $59,608 for disputed credits.—V. 145,
p. 2555.
Other income.
1935
1936
Haven to
there was
the bond¬
holders' claim.
was
Co.—Debentures Extended—
1937
alone was respon¬
of accounts of both
lease the Old Colony
and that the "books
parties fail to show entries indicative of an obligation of the New
pay the principal of this indebtedness."
The Court held that
no breach of obligation during the life of the lease and dismissed
depreciation of
sen ted by 60,218 no par
(& Subs.)—Earnings-
Earns, per sh. on 347,534
shs. com. stk. (no par)
that
considered, it is impossible to find in the lease language imposing
obligation on the New Haven with respect to the principal of the funded
"all things
x
declared effective the renewal plan submitted to bond¬
holders Dec. 1, last.
The plan offered all holders of the company's out¬
standing
10-year 6% sinking fund debenture bonds the right of renewal
with the same interest rate and under substantially the same terms and
conditions for a period of 10 years.
The debenture bonds, outstanding in
amount of $460,500, were originally scheduled to mature Feb. 1, 1938.
—Y. 146, p. 616.
Ohio Brass Co.
Old Colony,
Haven was
tion.
The directors have
Calendar Years—
Haven
guarantor of the principal and interest.
The interest charges sought were
from Oct. 23, 1935, when the New Haven road filed its plea for reorganiza¬
Totai
State and Federal
O'Connor, Moffatt &
decision filed with the Clerk of the
4, Judge Carroll C. Hincks allowed claims aggregating $22,450,327
the New Haven, now in process of reorganization.
The claims arose from the rejection of a lease between the New Haven and
the Old Colony roads.
At the same time Judge Hincks disallowed a claim for $16,448,000
of the Old Colony against
mach'y & equip.
Co.—Comparative Balance Sheet Dec. 311937
a
Feb.
Net
Balance Sheet Dec. 31
Cash
RR.—$22,450,326 Claims Against New Haven
Rejection of Lease Allowed—
be
1935
1937
$1,249,146
Exp.
Total revenues
Old Colony
iitudobto^^css * *
$727,904
$683,399
Total
$727,904
$683,399
1936.—V. 145,
$1,115,338 in 1937 and $1,545,037 in
RR. Arising from
any
93
Other def. debits..
936.
3,293
13,834
Other def'd credits
15,007
a
644
2,308
account
prems.
Total
$1,465,247 $1,492,219
Total
.$1,465,247 $1,492,219
568,130
718,652
121,437
88,322
3354.
In
Balance Sheet Dec. 31
1937
Insurance
100,859
478,172
792,891
payable.
Cap. stock ($5 par)
Market value,
$84,000
$5,000
3
Acer. spec. sec. tax
Securities at cost
5,487
1,220,804
Accounts
1936
1937
Res. for Fed. taxes
Total.
sale
31
Liabilities—
1936
$265,927
a
74,265
on
$145
Shares
Working fund advs
$55,879
$54,092
30,000
$51,015
Deficit
Int. receivable
$34,973
1936.
1937
Assets—
Cash In banks
p.
Plant
$60,794
x434,674
69,233
$341,178 special dividend declared from net profit
81,057
of securities for year
Divs.
items.
Dividends
a
8,552
Cr2,l87
Net income
Assets—
7,435
$47,942
dividends
Including
x
946
10",731
651
15,308
Net oper. revenue
Misc.
652
12,832
General expenses
Cash
$65,377
$43,060
$71,525
824
1934
1935
1936
1937
$61,598
Int. on funds borrowed-
Operating income
1936
$207,567
123,974
Operating revenues
Operating expenses.——
Depreciation
Oilstocks, Ltd.—Earnings—
Calendar Years—
Divs. & Int. from securs-
Report—
1937
Calendar Years—
Total
1083
Financial Chronicle
146
Net Income
Surplus Jan. 1
Gross
Divs. on
—
surplus
preferred stock.
stock.
Divs. on common
Earned surp.. Dec.
1,425,321
$3,005,971
369,406
143,414
1084
Financial
Chronicle
Feb. 12. 1938
"Our decision to make this price reduction, following our all-time unit
Eroduction only of motor was but of all the products of to stimulate public
uying not record year, cars actuated by our desire American industry,
WE DEAL IN
and to
City of Philadelphia Bonds
help restore consumer confidence generally," said M. M. Gilman,
Vice-President &
General Manager of this company.
The price cut, according to Packard, is in no sense a move to liquidate
inventories.
Its car stocks at Detroit and in the hands of dealers actually
Penna. R. R# Serial Secured 4s, 1939-1964
Phila. & Baltimore Central 4s, 1951
lower than the normal figure for this time of year.
Also, Packard officials stressed that absolutely no change of
are
Northern Central
Railway Stock
Philadelphia Electric Co. Common Stock
any
kind
is being made in the Packard Six either in chassis, body, or equipment.
"It's the same car in every detail of materials and workmanship that was
Introduced at the automobile shows last fall," said Mr. Gilman.
YARNALL & CO.
The price
reduction applies to the delivered prices of all five body types,
145, p. 3506.
and the chassis of the Six.—V.
A. T. & T. Teletype—Phils. 22
Parke Davis &
1528 Walnut St.
Philadelphia
Co.—Obituary—
O. W. Smith, President of this company, died on Feb. 7 at Palm Beach,
He had been in ill health for the past two months and was taking
Fla.
his
Consolidated. Balance Sheet Dec. 31
Assets—
$
Cash
Accts. receivable..
mobiles
re¬
alizable value)..
78,181
61,378
63,830
331,467
382,583
wholly-
session loss res..
1,352,560
1,308,620
3,500,000
Com.stk.($10 par) 4,309,560
Paid-in surplus
1,822,685
3,500,000
Pref. stk. ($10 par):
Furniture, fixtures
and
2
2
Deferred charges..
130,882
120,522
Ser.C—6H% cu
Ser.D—7% cum
5%
series
Earned surplus
43,797.525 43,810,191
2,821,141
and
(J. C.) Penney Co.—Sales—
Month of January—
—V. 146, p. 446.
1,701,746
1,425,321
Company—
on
Total
1937
$350,488
1936
1935
1934
$808,439
156,988
6,194
$769,890
168,305
5,578
$1,976,810
170,000
37,000
$971,622
170,000
32,400
$943,773
170,000
30,300
27,856
Gen. exps., incl. salaries
and taxes
$1,592,331
368,416
16,063
38,100
.
27.311
13,667
14,323
61,279
78,151
52,965
84,721
Prov. for Fed. inc. tax..
Surtax on undist. profits
65,384
92,653
38,006
9.399
......
$2,138,217
19,145
1,289,544
$351,083
$789,799
$829,528
429,848
$5.00
429,848
429,848
$5.08
429,848
$4.93
10,871
1937
1936
Property account.37,040,628 35,573,790
Mat'ls & supplies.
260.535
240.327
Invest, securities. 5,407,939
5,412.975
Accts. receivable..
Cash
Special deposits
Sinking
fund
593,649
2,216,329
962,654
743,429
107,669
141,097
268,380
1,433,516
for
redemp. of bds.
Subscr. to cap. stk.
c
617,319
1,092,847
Restricted assets
Prepaid charges..
income
$382,934
1,963,162
$1,546,455
1,257,129
$616,125
965,220
$665,314
557,058
$2,346,096
205,721
334,148
$2,803,584
205,721
377,940
256,761
$1,581,345
308,581
268,380
1,319,183
143,995
92,692
Gross earned surplus.
on pref. stock
class A stock._
class B stock-.
Fed. stock transfer taxes
on
on
on
1st rntge. bonds.. 10,998,000
1st ref. mtge. 4)^s 11,057,000
Accounts payableMatured
667,723
725,016
upon
Assets—
1937
Total
Secur. sold & unde-
4,811
Common stocks. 4,188,095
Preferred stocks
415,669
4,528,955
114,891
Bonds
own
641,107
171,309
debs.—
cost..
1936
$32,145
Acer. exp. & taxes
41,492
5% debentures— 3,480,000
In vestment sees.:
Co.'s
1937
not received
livered
a
Liabilities—
Secur. bought and
53,620
53,620
Co. of Amer
692,873
Pac. Cap. Corp.
330,000
435,412
b $3
c
pref. stock
Class A com.stk.
$33,690
156,688
3,480,000
685,737
685,737
167,074
51,452
Capital surplus
1,399,403
Earned surplus... 1,806,227
167,074
d ClassB com.stk.
51,352
Am. Cap. Corp.
receivable
& accr. Int. rec.
Total
12,966
13,423
_
20,153
13,348
$7,663,529 $7,934,2061
There were outstanding at Dec.
31,1937, warrants entitling the holders to
purchase 265,774 shares of class B common stock
before July 1, 1940 at
$10 a share; 59,000 shares at $3 a share before Jan.
1,1942.—V. 145, p.1110.
Telephone & Telegraph Co.—Earnings—
Period End. Dec. 31—
Uncollectible oper.
rev..
al937—Month—cl936
bl937—12 Afos.-dl936
$5,741,311
$5,461,391 $67,257,866 $62,752,555
14,700
17,500
252,598
199,899
Operatingrevenues... $5,726,611
Operating expenses
4,357,043
Net oper
revenues...
$1,369,568
Rent from lease of oper.
property
93
Operating taxes
688,708
Net oper. income
^°J^£P?rating
$680,953
revenues include
$5,443,891 $67,005,268 $62,552,656
3,662,176
47,437,792
42,285,229
$1,781,715 $19,567,476 $20,267,427
70
573,071
890
866
8,775,460
7,520,474
$1,208,714 $10,792,906 $12,747,819
(a) $37,700; b $448,500;
c
and d $448,400 reserved for
possible refunds.—V. 146, p. 446.
$36,800,
Packard Motor Car Co.—Reduces Car Prices
$100—
In a surprise move the
company on Feb. 4 announced a reduction of $100
in the prices of all
body types of its Packard Six.
This is the first reduction
in the automotive
industry in the prices of current
cut
on
models.
ranging from 8K% on the four-door touring sedan to
the^hassis.
1,433.516
168,010
bds..
liabil..
167,855
11,101
14,222
141,009
137,693
2,689,302
retlrem't
surplus...
Total
Represented by 429,848 shares (no par),
3,286,704
47,888,874 47,441,203
b Represented by 21,493
banks
Peoples Drug Stores, Inc.—Sales—
Month of January—
1938
—-V.
146,
p.
1935
$1,751,667
Sales.
$1,798,040
286.
Phoenix Silk Mfg. Co., Inc.—Limits
Refinancing Fees—
It means a
than 12%
more
146,
p.
607.
Peoples Gas Light & Coke Co.—Annual Report—
$7,663,529 $7,934,206
$3,520,389; in 1936. $7,708,046. ' b Rep¬
c Represented
by 57,074, no par shares,
(513,521 in 1936) no par shares.
Notes—The investment securities shown above
are stated at cost to the
company on the "first-in-first-out" method.
Operatingrevenues
.
no par.
c Represents certificates for funds in reorganized
and notes receivable from former fiscal
agents.—V. 145, p. 3355.
$15,000.—V.
Total
a Market value
Doe. 31 1937'
resented by 68,574 no par shares,
d Represented by 514,581
Pacific
47,441,203!
47,888,874
725,016
1,319,183
for
Federal Judge Robert P. Patterson on Feb. 8 made
possible a speedy
reorganization of the company by limiting allowances for services rendered
by attorneys in the proceedings and for disbursements to
$15,000.
Under
the plan of
reorganization, approved by Judge Patterson some weeks ago,
the Reconstruction Finance
Corporation will lend the corporation $150,000
for working capital on condition that
reorganization expenses do not exceed
Divs.
Deferred charges.
on
accr.
shares
1,396,503
1,963,162
596,896
330,000
434,329
......
Capital stock In v.
4,853,040
287,400
667,723
reserve
for
Earned
"first-in-
a
1936
$1,401,767 $1,144,488
268,380
5,153,456
nd expense
annuities
$965,220
Balance Sheet Dec. 31
Cash
268,380
replacements
Other
the
874.827
Subscr. payable for
Res.
based
281.205
7,262
Accr. int.
Note—The profit from sales of securities is
456,714
Res. for renewals &
15,635
first-out" method.
280,238
671,638
735.617
restricted assets
$1,257,129
10,998,000
11,134,000
120,668
debt
Taxes accrued
Surplus
$1,963,162
124,497
Res. for debt disc.
.
$1,806,227
$
on
capital stock...
security transac'ns
Earned surp. Dec. 31-
int.
Dividends payable
Matured long-term
i
in prior years
1936
10,868,312
2,130.895
Equalization res've
$1,222,372
257,151
Earned surplus, Jan. 1__
Divs.
Divs.
Divs.
count & expense
1937
Liabilities—
$
Common stock.. 10,868,312
b Preferred stock. 2,130,895
a
funded debt
Amort, of debt dis¬
Net
$4.81
Consolidated Balance Sheet Dec. 31
170,000
on debentures.
Research fees
Fees of trustees, transfer
agents, &c
$2,272,190
85,385
1,397,006
out¬
■Earnings—
$713,010
revenues
Interest
$2,177,940
107,465
1,719,392
standing (no par)
Earns, per sh.on cap.stk.
350,902
11,620
bonds, &c
$5,642,112
2,030,748
413,699
1,059,446
$215,329
($3)
stock
com.
1934
$6,094,676
2,302,369
464,336
1,055,780
Balance, surplus
Shares
Earnings
1935
$6,510,313
2,809,328
468,526
1,054,519
$2,257,110
107,465
1,934,316
Preferred dividends
Common divs.
1936
483,092
1,099,662
Netincome
Co.—Rehearing Denied—
606.
Interest
1937
$6,416,008
2,576,143
Exp., maint., taxes, &c.
Renewals & replacem'ts.
Interest, &c
The Federal Power Commission has denied the
application of the Inland
Power & Light Co. and the Pacific Power &
Light Co. (both affiliated with
the Electric Bond & Share Co.) for a
rehearing on their joint application
for authorization and approval of the
merger of the two companies.—V.
Years End. Dec. 31—
Profit from sales of sec..
Dividends on stocks
(Del.)—Class A
Pennsylvania Water & Power Co. (& Subs.)Years Ended Dec. 31—
Gross inc. (all sources)..
See British Columbia Nickel Mines Ltd. above.
Investors, Inc.-
Corp.
Directors at their recent meeting decided to omit payment of the dividend
on the class A stock at this time.
A regular quarterly dividend of
Corp., estimated at about $2,000,000 a year.
The reduction will be effec¬
April 1 and will apply to about 500,000 domestic and commercial cus¬
tomers in territory served by the two companies.—V.
146, p. 762.
Pacific Southern
Electric
37 Yt cents per share was paid on this issue on Dec. 1 last.—V. 145, p. 2860.
tive
p.
&
due
Pacific Gas & Electric Co.—Rate Reduction Ordered—
146,
Gas
Pennsylvania
Dividend Omitted—
43,797,525 43,810,191
The California Railroad Commission has ordered a reduction in
natural
gas rates of this company and its subsidiary, San Joaquin
Light & Power
Pacific Power & Light
1938
1937
$15,265,222 $15,928,022
Sales..
4,309,560
-V. 145, p. 3664.
Pacific Nickel Mines, Ltd.—New
previously regular quarterly dividends of 75 cents per share were dis¬
In addition, an extra dividend of 75 cents was paid on Dec. 24,
145, p. 2703.
1,308,620
210,250
1,666,914
Total
Ltd.—50-Cent Dividend—
1936.—V.
cum.
(par ($100)
Total
1936
$110,904
tributed.
Ser. A—8% cum
equipment.
1937
$238,564
have declared a dividend of 50 cents per share on the
stock, no par value, payable March 15 to holders of record March 1.
Dividends of 25 cents were paid on Dec. 15, Sept. 15, and on June 15, last,
1,352,560
Reserves..
404,530
Corp.—Earnings—
Penick & Ford,
2,029,387
600,000
14,630
was 67 years of age, has
President since 1921.—V.
was
common
2,194,191
2,609,553
600,000
Investments
and
years
The directors
In loans & repos¬
owned subs
Other
Mr. Smith, who
52
3 Months Ended Dec. 31—'
Profit after deprec., &c., but before Fed. inc. taxes
—V. 146, p. 446.
805,192
Customers' equities
26,838
Investment In and
advs. to
Peerless
560,596
Fed. inc. & capital
stock t xes
for
$
24,080,000 23,900,000
Accounts payable.
Divs. payable
auto¬
(est.
$
Davis
Parke
145, p. 4124.
payable—
unsecured
44,468
68,413
1936
Liabilities—
Notes
6,360,503
37,030,073 36,214,178
39,150
Miscell. loans
Repossessed
1937
$
5,875.342
Loans & discts
regular winter vacation.
been with
1936
1937
Income Account for Years Ended Dec. 31 (Company
Only)
1937
1936
1935
Gas sales
Other oper. revenues
1934
$36,676,111 $36,575,342 $34,328,891 $32,696,883
447,431
497,591
562,450
544,347
Total gross earnings..$37,123,542 $37,072,932
Gas purchased
Gas produced.
Operation expense
Maintenance
State, local and miscell.
_
Federal taxes..
Federal income taxes
Depreciation
Net
earns,
from oper.
Other income
Net earnings
Int. on funded debt
Int. on unfunded debt
Amort .of dt. disc. & exp.
Profit on sale of misceu.
13,049,276
1,144,481
9,640,451
1,877.215
12,940,537
1,452,565
9,833,969
1,966,685
3,514.537
3,527,553
x401,224
2,941,780
12,153,354
1,546,348
11,831,253
1,418,692
3,004,524
2,615,577
158,400
2,849,030
2,731,925
$4,554,575
1,211,772
$4,347,998
$4,357,283
1,469,964
605,497
$4,095,313
808,741
$5,766,347
3,187,328
347,451
237.147
$5,817,062
3.528,528
163,418
195,645
$4,962,780
3,977,674
107,438
144,069
$4,904,054
4,127,693
100,955
185,690
$1,994,421
1,399,444
$2,003,177
$733,599
$489,717
$594,977
$2,003,177
$733,599
$489,717
investments
Net income
Dividends
Surplus for
year
$34,891,342 $33,241,230
11,211,349
9,743.525
See y
3,319,822
100,700
Cr73,706
x
Including $99,138 for surtax on undistributed earnings,
y No provision
has been made by the
company for Federal normal income tax or Federal
surtax on undistributed earnings for the reason that the net income
which
Volume
Financial
146
would otherwise
be taxable
by certain non-recurring deductions
arising from the refunding program which are allowable for income tax
Rate Rise
Years
1937
Gas sales
Other oper. revenues—
31
Ended Dec.
1936
(Including
Sub. Cos.)
1934
zl935
$39,770,182 $38,975,110 $36,181,118 $33,806,249
829,278
841,904
800,342
845,857
Total gross earnings,_$40,599,460 $39,817,015 $36,981,460
Operation
16,472,206
9,382,499
1,909,810
14,100,253
10,109,862
1,564,752
$34,652,106
10,203,445
11,859,223
1,432,926
3,623,458
84,803
17,917
3,288,246
2,695,855
220,213
2,173,249
253,177
187,417
3,307,491
3,174,477
the
to
case
Federal
$5,154,605
1,521,801
$5,116,047
824,688
$5,755,938
$6,948,839
3,474,934
$5,940,735
4,350,940
166,282
158,808
$6,774,938
4,507,501
114,153
202,919
209,276
Crl5,563
Cr3,001
$1,070,989
$1,953,365
$1,070,989
$1,953,365
374,673
Depreciation
from oper.
Other income..
earns,
—.....
Net earnings
Int.
on
funded debt
Int.
on
unfunded debt..
416,695
Amort, of dt. disc. &exp.
Amort, of intangibles of
237,266
$6,676,406
3,847,760
226,921
197,463
subsidiary companies.
Minority interest
209,276
185,942
209,276
135,411
$2,424,725
1,328,850
$2,133,280
Surplus for year..... $1,095,875
y Shs. cap. stock outst'g
V
(par $100)...
664,425
Earned per share.
$3.65
$2,133,280
Profit
.
1,018,999
.
■
It
will
Pepperell Mfg. Co.—Passes Dividend—
Net income
Dividends
......
664,421
676,377
$1.61
$2.89
y Does not include 35,297 shs. in 1937, 1936 and 1935, 34,897 shs. in 1934
acquired by Peoples Gas Subsidiary Corp. z As adjusted.
Consolidated Income Account 3 and 12 Mos. End. Dec. 31 (Incl. Sub. Cos.)
664,421
$3.21
...
Fourth Quar. Ended—•—Year Ended Dec. 31—
Dec. 31, '37 Dec. 31,'36
1937
1936
......$10,217,392 $10,149,375 $39,770,182 $38,975,110
(net)..
236,431
228,631
829,278
841,904
—
Gas sales...
Other oper. revs.
$10,378,006 $40,599,460
4,193,541
16,472,206
2,726,848
2,327,631
9,382,499
535,075
453,387
1,909,809
823,727
804,353
3,307,490
$39,817,014
16,120,230
9,521,008
906,209
3,830,587
63,361
374,672
84,803
4.223,803
produced.
Operation....
Maintenance...
Provision for deprec
...
per share paid on Feb. 15,1936.
Relative to the omission of the dividend, Treasurer
1,052,618
99,826
action
penalties of the undistributed profits tax a larger
severe
portion of the earnings for the fiscal year ended June 30, 1937, was paid in
dividends than would otherwise have been considered conservative or ad¬
It is to be hoped that this inequitable and unwise tax will be
repealed in the present session of Congress.
We paid at the rate of 17%
on undistributed profits in addition to normal taxes of 15% and excess profits
taxes of 6 %.
Additional amounts withheld might have been penalized at
the rate of 22% or 27%.
"As a result we were unable to build up reserves against subsequent
decline in values of inventories.
Since the close of our fiscal year the
2,006,745
the most drastic in the country's
history.
The precipitous recession in the past few months resulted in a
large shrinkage in value of raw cotton and cloth inventories.
"Recently the volume of new orders has improved but, as a whole, costs
of production are still higher than selling prices.
Excess inventories at
present are in the hands of the mills, and only persistently sustained curtail¬
ment of production schedules will remove this barrier to profitable operations
Fortunately. reliable reports indicate that the cotton textile inventories of
jobbers, retailers, chain stores and mail order houses have already beer
reduced to normal and possibly below by a persistence of consumer demand
decline in general business has been one of
surprising under present conditions.
,rCompany has an almost unique record of continuing dividend payments.
Some dividends (to be sure, it has been small in some years), has been paid
in every calendar year since 1852.
It is hoped, of course, that this record
will not be broken in the year 1938."—V. 145, p. 2087.
(Albert) Pick Co., Inc.—Earnings—
Consolidated
Income
$904,507
$1,611,604
$5,134,775
$5,154,604
1,032,925
954,607
1,814,063
$1,937,432
866,673
105,790
$2,566,211
873,142
58,193
$6,948,839
3,474,933
416,694
$6,676,406
3,847,760
226,921
60,160
237,266
197,463
52,319
151.555
52,319
140,798
209,276
185,942
$1,381,597
$2,424,725
$2,059,573
Other income less other deductions
209,276
135,411
$701,727
General interest
Amort,
of debt
subs
Min. stkhldrs.' int.....
on
-
73,706
investments
— ...—>
$2,133,280
664,421
$3.21
664,425
$3.65
664,421
$2.08
(Company Only)
1936
fjj>
1937
'**••"$
"
...
Deposits for matured bonds Interest, &c
Deferred charges and prepaid accounts
21,438,872
Customers'
credit balances—
10,639
Merchandise inventories.....
423,601
Acer, exps., payr., taxes, &c._
57,711
42,049
Accrued social security taxes..
13,120
23,113
hand
1,310
Prov. for Fed. taxes on income
8.361
Unearned int.
Real est. not used in opers....
2,684
Advances to employees.......
748,310
9,586,673
112,467
110,771
Other assets...
7,129,571
Accounts receivable.
Tax anticipation warrants
4,911,869
150,165
1,893,287
1,916,921
190,560,083
Capital stock ($100 par)
Capital stock subscribed
69,972,200
149,800
69,971,800
157,600
Funded debt....
72,548,000
1,425,677
73,548,000
1,676,272
Month of January—
2,004,191
1,952,420
525,603
7,599,734
198,694
525,603
8,652,231
228,356
21,707,320
500,000
579,560
500,000
b Reserve for prospective loss..
Reserve for contingencies
4,195,357
1,419,700
7,785,895
7,118,926
190,560,083
191,067,739
Miscellaneous current liabilities
reserve
...
reserves
Insurance reserve
*
Total.
After
reserve
for uncollectible accounts,
b Due to guarantee of bonds
Odgen Gas Co., a subsidiary.
Consolidated
Balance
Sheet
Dec.
31
(Including Subsidiary
Deferred charges and
Other assets
13,675,765
801,750
Deposits for matured bond interest, &c
8,928,242
prepaid accounts
Real estate taxes
182,643
8,564,083
5,288,911
314,145
2,143,150
9,772,005
Cash on hand and demand deposits
b Accounts receivable
5,291,965
Tax anticipation warrants—
Materials and supplies
150,165
2,107,748
Net operating
$196,107,911
Total.
$195,464,186
$66,442,500
206,800
78,222,000
Deferred liabilities
2,436,838
Accounts payable
Accrued interest on funded debt....
2,191.771
574,188
8,324,093
Net loss
a
Including
.„—
202,898
Assets—
$195,464,186
a
After
reserve
reserve
of $8,065,528
for uncollectible accounts.
in
1937
($8,681,652
in
1936).
b After
$
1936
$
167,369
Accounts payable.
164,758
162,652
secur.
4,850
4,850
Accrued interest..
34,072
35,017
150,509
191,881
taxes..........
30,115
15,623
174,763
Rents rec. in adv.,
Accrued wages and
Accounts and notes
receivable (net).
Inventories
Fixed assets
Prepaid insurance.
14,721,633 15,016,551
26,472
32,950
.
17,959
14,912
4,255,000
4,405,000
Y. 6,800,000
6,800,000
&c_......—
Notes payable....
blst mtge. on Plaza
balance
Hotel & 22 West
of cost of Persian
alterations
15,756
9,319
7,926
59th
28,356
charges
Other def.
St.,
N.
1st mtge. on 26 W.
62,500
58th St., N. Y
Res. for plate glass
9,830
10,140
2,500,000
2,500,000
d34,483
e3,448,300
breakage..
cum.
pref.
stk. (par$100)..
6%
Common stock..
c
Surplus
Deficit
Total-.-..
15,301,992 15,624,648
Total..
3,413,817
1,958,042
1,829,497
15,301,992
15,624,648
After depreciation of $4,678,227 in 1937 and $4,383,309 in 1936.
3% to May 1, 1938 and 4% thereafter, due May 1, 1941, subject to
a
b
Total
1937
194,019
179,436
Marketable
1,419,699
8,818,164
$196,107,911
Reserve for contingencies
Earned surplus
31
—
Cash
597,215
500,000
500,000
1,419,699
9,921,798
Insurance reserve
307,519
Liabilities—
$
23,385,062
562,088
Miscellaneous reserves
$172,972
307,519
1936
231,168
25,038,136
$178,974
Balance Sheet Dec.
$
65,100
Equipment trust certificates
Miscellaneous current liabilities
Depreciation reserve
216,720
$134,546
$128,545
Federal and State social security taxes of $37,309.
1937
room
"$389,692
17,593
574,188
9,086,922
—
$401,218
204,651
int. charges and deprec.
2,194,208
Accrued taxes
$375,775
13,917
17,737
Net profit before depreciation
Depreciation
.......
$66,442,100
215,200
79.287.100
2,713,157
Funded debt
$383,480
2,481,518
298,053
13,430
301,695
a4.9,470
profit before depreciation
Net profit before
Unamort.
Capital Stock ($100 par)
Capital stock subscribed
$3,262,601
2.527,955
—
Interest on mortgages
Interest on notes
a
Liabilities—
1936
$3,168,776
Other income
$154,489,414
14,103,693
764,235
9,613,909
167,308
1937
.
,
Taxes other than real estate
1936
$155,212,960
cos.
,
Operating revenues and gross sales (after deducting
provision for doubtful accounts) __
...
Operating expenses and cost of goods sold
Company)
1937
Asstes—
Plant, property, rights, franchises, &c
a Invest, in and advances to affil. & other
Operating Co .—Earnings—
Plaza
Years Ended Dec. 31—
4,165,703
1,419,699
Earned surplus
Accrued taxes
a
$270,000
194,500
$170,500
.....
V
1936
1937
1938
'
$175,000
Net after expenses—
88,800
98,000
x Before depreciation, depletion and taxes.—V. 146, p. 446.
Gross
20,571,565
527,909
payable
Accrued interest on funded debt
of
7
,.w •
Deferred liabilities.
Depreciation
$1,389,549
C., Ltd.—Earnings—
Mines of B.
Pioneer Gold
x
Miscellaneous
89,476
_
Total...
/■'r;v.;"■■■''V;".,-
—V. 145, p. 3828.
191,067,739
Accounts
128,475
..
171,640
744,726
Earned surplus
$1,389,549
Total......
314,145
Materials and supplies
Total
12,500
Common stock ($1 par)
4,934,213
deposits
Liabilities—
1
.
appllc. to iastalrn't sales
Preference stock, $1 cum
Capital surplus
6,668,183
a
hand and demand
87,931
less reserve_..........*
Patents
7,429
—
Prov. for Fed. normal inc. tax
Land, bldgs., mach. & equip.,
■
lnstal. accts.
on
& notes receivable
22,016,189
783,057
8,793,297
Investments and advances
on
$130,719
Accounts payable
767,91)1
on
145,349,189 144,770,636
Plant, property, rights, franchises, &c
Cash
Liabilities—
|
$55,617
Cash in banks and
,
Balance Sheet Dec. 31
*\.SSCtS'
31, 1937
Prepaid expenses
$2,424,725
$1,381,597
$701,727
664,425
$1.06
public
Per share earnings
0.81
171,640 shs. com. stk. (par $1)...
Consolidated Balance Sheet Dec
-
Investments, less reserves....
of
$147,166
8,905
60,029
._—
—
;
Notes & accts. receiv., less res.
sale of miscell.
Net income..
Shares of stock in hands
...
...
Assets—
Balance
$176,043
28,877
....
Net income
Common dividends
Earns, per sh. on
Amort, of intangibles of
...
Provisions for Federal taxes on income
Preferred dividends
disc't &
expense
Profit
942,186
$119,879
56,164
.
Net income before Federal taxes on income.
Net earnings
on funded debt
$1,062,065
1,521,801
from opers.
Total other income
Int.
1937
.
17,917
187,416
17,917
87,416
59,366
earns,
31,
Dec.
..
Profit....
Net
Ended
Year
Account
Gross income from sales
Selling and administrative expenses
earnings
,
3,288,246
undistrib.
on
Russell H. Leonard
held today it was decided
view of present business
"At the meeting of the trustees
with respect to a dividend in
Feb. 4:
no
conditions.
<
Normal tax
Surtax
on
take
to
State,
local &
miscell.
Federal taxes......
Federal income taxes:
dividend
1936, and $1.50
stated
3,623,458
Total gross earnings..$10,453,824
Gas purch. &
payable at
Feb. 4 decided to omit the dividend ordinarily
on
on the company's $100 par capital stock.
A semi-annual
of $3 per share was paid on Aug. 16, last; a special dividend of $5 was paid
on June 28, last; $3 paid on Feb. 15,1937; $5 on Dec. 15,1936; $3 on Aug. 15,
this time
visable.
Cr73,706
investments
Slattery, Chairman of Illinois Commerce Commission, says
Judge Klarkowski's decision granting the company a rate
to the Illinois Supreme Court, if possible.—V. 146, p. 764.
M.
appeal
increase direct
"Because of the
sale of miscell.
on
in higher
courts.
Directors
Net
impound
As a part of the decree the company voluntarily agreed to
additional revenue collected, pending determination of the suit
James
taxes
to refer
of additional evidence.
Illinois
appeal the decision to
presentation
for
master
a
Commission reaffirmed its intention to
higher courts.
State, local and miscell.
Federal income taxes
Surtax on undist. earns.
After allowing
increase in its rates.
such rate increase would indicate an
additional $2,500,000 of annual net income for the company.
The Judge overruled the plea of Illinois Commerce Commission
2,974,148
$5,134,776
1,814,063
Maintenance.
16,120,230
9,521,008
2,006,745
3,830,588
expense
Klarkowski on Feb. 4 entered a decree granting the
company a $35000,000 immediate
for additional Federal taxes, &c.,
Commerce
Gas purch. & produced.
Upheld By Court—
Circuit Judge S. H.
purposes.
Consolidated Income Account
1085
Chronicle
is offset
amortization based on income,
c Arising from reduction
common stock from $100 per share to $1 per share,
d Par
—V. 145, p. 618.
in par value of
$1. e Par $100.
Financial
1086
After allowing
Pittsburgh Steel Co.-—Earnings1937—3 Mos.—1936
Period End. Dec. 31—
Net sales.
Costs and expenses
12,
$3,230,000 to cover 1937 dividends on preferred stocks
to the common stock are equal to 41 M cents a
share.
comparison with the previous year, 1936, the corporation's operations
showed an increase of 11% in gross income, while net profit
46% over the net profit in 1936 or $6,155,900.
•
During the year the holders of first preferred stock received their regular
dividends, the dividend arrears on tne few remaining shares of B pref.
stock were paid in full and the holders of common stock received a dividend
of 20c. a share.
The total dividends paid by the corporation during the
year amounted to $6,409,226.
This amount was paid to 11,790 holders of
916,142 shares of preferred stock and 230,659 holders of 13,853,415 shares
of common stock.—V. 146, p. 925.
In
for
1937
increased
XiOSS
x$663,218 *$1,528,484
725,505
630,756
$111,897
343,657
Loss
...
Interest, &c
Fed. income taxes, &C—
Net loss
Earns. per sh. on 354,900
shs. common stock...
*$463,954
117,984
84,100
*$58,063 *$1,003,934
218,144
,236,820
3,197
196,000
$420,438
Loss
Other Income...
*$407,021
56,933
$374,220
108,066
Cr61,848
depietionjrr^
x$726,712
31&.691
$455,454
81,234
-
Deprec. &
*$261,870
$163,278
x$897,728
106,206
$62,287
120.350
*$571,114
$0.22
Nil
Postal Telegraph
Radiomarine
1,953,301
2,009,651
expenses-
21,524,462
22,928,025
$419,221
56,000
951,438
Operating income
def$l 11,623
Non-operating income..
3,020
$258,098 def$588,218
2.953
41,183
$1,447,313
33,092
Gross income.
-def$108,603
Deducts, from gross Inc.
251,261
$261,051 def$547,035
241,648
2,962,910
$1,480,405
2,853,171
Net deficit......
$817,945
$1,506,190
$354,677
9,046
18,538
144,747
123,761
107,075
It
$1,232,578
$1,659,983
$496,977
328,866
335,853
349,199
count and expenses...
31,496
176,715
undistributed profits.
Net profit
on sub.
co.
guaranteed and extended if and when they are acquired by it.
reimburse its treasury for the expenditures made and to be made
acquiring these bonds, the Reaading desires to accept offers which it has
received, as well as any further offers which it may receive prior to July 1
1938. for the sale of the bonds at par and accrued interest.—V. 146, p. 926.
(Robert) Reis & Co.—Sales—with
.
$2,664,370 in the preceding
Reliance
Net
Mfg. Co. (Illinois) (& Subs.)—Earnings—
86,418
$934,279
244,165
loss$10,859
240,724
$455,483
246,265
$462,567
462,886
$690,114Jloss$251,583
Prov. for Fed. taxes
$209,217
771,476
$1,023,059
$562,259
Prov.
$0.60
Nil
$0.89
Jan.
Liabilities—
of
contra
y
$0.27
1
'38
Jan.
$
to
2 '37
$
Common stock.. 10,066,203
Contractual
10,066,203
oblig.
5%
Customers'
147,500
6,200,000
982,985
Res. pending deter-
325,305
expenses..
335,370
Sund. tr. accts.,Ac.
30,844
Inventories
1.303,692
Funds segregated. b323,051
29,739
1,243,612
mina'n of
..
a
Prov. for Fed.tax
150,954
State authorities
106,760
69,950
323,051
324,249
in stk. of subs..
348,925
348,372
6,308
100 000
400,000
100,000
3,330,748
3,467,832
4,180,972
Capital surplus... 4,282,929
Earned surplus... 6,987,052
Mtge. receivable &
7,087,974
Dr419,743
5,320
z
Treasury stock.. Z>r419,743
charges
937,581
Transf'd
to
x
$253,705
for
reserve
150,000
723,339
Total
1936
$37,387
1937
(1) Capital Surplus—
Bal'ce begin'g of period.'
Credit arising from sale
1934
of co.'s com. stk. to of¬
$80,000
.
Total
3,311
$80,000
$37,387
$145,248
$257,016
33,668
3,718
107,509
351
111,768
17.709
-
$37,387
$145,248
$2,146,438
$1,992,186
265,741
$2,042,791
Divs. paid or declared on
prer. stock out of capi¬
tal surplus
Prems.
on
cap.
stk .purCh
Balance at Dec. 31
$62,291
Earned Surplus—
Bal'ce at begin'g of period $2.463,857
Net profit for period
def 151,099
32,480,436 32,279,063 I
$966,762
$4.05
loss$151,099
Nil
Includes miscellaneous income.
Contingency
Total
1935
$145,248
3,500
100,000
Net profit
Earned per sh. on com
(2)
Prepaid expenses A
deferred
$194,229
$0.38
15,906
57,900
365,341
Min.stkhldrs.' int.
95,920
$265,741
$0.73
157,500
Disct. on cap. stk. purchased for retirement-
Indebt. of subs...
Conting. res've...
gold debentures.
Statut. deps. with
$446,380
178,343
.
ficers & employees
wind¬
fall tax liabil..'.
20-yr. 5% sink. fd.
sundry invest..
Bal. due fr. em pi's
debentures...
Accts. pay. & accr
acc'ts
$519,264
185,606
5,416
62,500
Surplus Accounts as of Dec. 31
147,500
6,000,000
1,038,448
147,500
Goodwill, Ac.
10,578,268 10,578,268
Cash............ 1,918,130
1,920,685
receivable.
$1,440,739
151,293
11,683
profits
loss on
for poss.
materials
acquire, prop,
in year 1939—.
147,500
$221,191
225,188
contingencies
Jan. 2 '37
$
13.326,231
$283,352
235,912
i
Prov. for Fed. surtax on
Consolidated General Balance Sheet
$
13,741,712
$1,169,992
270,747
$159,491
158,684
33,906
18,000
_
771,476
raw
Prop., plant and
equipment
16,303,119 16.780,989
Prop, to be acq. in
yr. 1939 in terms
16,516,172
$159,491
available
Total income
Prov. for depreciation.
Interest paid
$81,362
x
t
x
771.476
$319
Jan. 1 '38
Assets—
Not
(
*
general expenses.
undistributed
Deficit
Earns, per sh. on 771,476
shs. com. stk. (no
par)
1936
1935
1934
($17,686,164 $14,025,064 $13,547,423
1937
f.
saies
Net profit
Other income
$683,252
220,686
.
1937, totaled $2,719,711, comparing
gain of 2.1%.—V. 145, p. 2556.
year, a
121,647
31,102
pref.stk
Consol. net profit
Common dividends.
31,496
31,496
140,487
the
To
Cost of sales, selling and(
31,496
278,923
of the bonds,
be
Calendar Years—
Prov. for Fed. inc. tax..
Prov. for Fed. surtax on
the extension
connection with
in
$957,825
310,013
debs. & other in¬
Divs.
that in
appears
Reading has acquired, guaranteed, and extended, and now holds in its
treasury, $363,000 of the bonds, consisting of $275,000 of the first series
and $88,000 of the second series, which the previous holders were unwilling
to extend.
The Reading anticipates that it will be called upon to acquire
additional bonds to the maximum amount of $18,400, consisting of $10,400
of the first series and $8,000 of the second series.
These bonds will also
Gross sales for year ended Dec. 31,
debtedness..........
Amortization of debt dis¬
sell at par and accrued
bonds and $96,000 of
tne Commission.
32,805
98,276
2 modified its order of
Commerce Commission on Feb.
applicants, or either of them, unless or until so ordered or approved by
?
10,121
Interstate
bonds and $1,125,000 of second-series mtge. bonds, to bear interest
during the extended period at the rate of 3H% per annmu, and (2) the
Reading Co. to assume obligation and liability in respect of the payment
of the principal of, and the interest on, the bonds as extended.
The
Reading agreed that bonds of holders not assenting to the extension would
be acquired at par by it, or some of its subsidiary companies, and extended.
The order further provided that except as therein authorized, such bonds
should not be sold, pledged, repledged, or otherwise disposed of by the
Purity Bakeries Corp.—Earnings—
$1,124,180
$186,967
The order of Sept. 17. 1937, authorized (1) the Perkiomen RR. to extend
1, 1938, to Jan. 1, 1951, the maturity of $799,500 of first-series
equity in the real estate and $144,000 for personal property.—V. 146,
on debs, retired
through sinking fund.
Interest, discount & sun¬
dry receipts.
5,680
$317,117
mtge.
the
Discount
485
$13,771
from Jan.
of the company in reorganization under Section 77-B of the Bankruptcy
Act.
Dec. 28, '35 Dec. 29, *34
$14,323,390 $11,802,694 $11,651,747
690,008
629,007
524,868
Deprec. of pl't & equip't
1,181,063
1,205,429
1,124,858
1,157,222
Sell., gen. & adm. exps. 12,353,037
10,921,763
9,694,150
9,151,712
175
second-series mtge. bonds of the Perkiomen RR., the proceeds to be sued
to reimburse its treasury for expenditures made and to be made in acquiring
the bonds.
The report of the Commission says in part:
Co., Chicago—Assets Sold—
Jan. 2, '37
50,164
$184,789
2,178
as to authorize the Reading Co. to
interest not exceeding $285,400 of first-series mtge.
Federal Judge John P. Barnes at Chicago, has entered an order accepting
bid of S. Winternitz & Co., professional auctioneers, for the assets
Consolidated Income Account
'$311,437
Reading Co.—Authorized to Sell Perkiomen RR. Bbnds—*
the
Years Ended—
Jan. 1, '38
Gross operating profit..$15,407,354
Maintenance & repairs..
749,074
$13,286
250
146, p. 286.
The
Note—Preliminary report.—V. 146,
The sale price of the property was $145,000, of which $1,000 was for
$399,877
3,000
85,440
$237,953
3,000
6,258
Sept. 17, 1937, so
$1,372,766
$3,509,945
$359,864 prof$19,402
p. 119.
$19,795
$3,932
Gross income
$2,110,461
50,000
613,147
$309,705
2,500
49,106
def$22,435
4,000
85,188
revenues
Uncoil, oper. revenues..
1937—12 Mos.—1936
$1,332,048 $1,038,587
932,171
800,634
$3,756
Operating income
Non-oper. income
—V.
Taxes assignable to opers
'
$8,652
250
4,646
Taxes assign, to oper—
Net tel. & cable oper.
on
1937—Month—1936
$107,539
$87,464
98,887
67,670
Net tel. & cable op.re v.
Uncollectible oper. revs.
Land Line System—Earnings—
Total tel. & cable oper.
Int.
Corp. of America—Earnings—
Period End. Dec. 31—
Tel. & cable oper. revs._
NilJHUJfej* $0.57
Period End. Dec. 31— 1937—Month-1936
1937—12 Months—1936
Tel. & cable oper. revs.. $1,987,216
$2,263,005 $23,347,246 $23,634,923
Prima
.
Total tel. & cable op.exp.
Profit.—V. 145, p. 3208.
x
1938
the earnings applicable
1937—6 Mos.—1936
.
$8,697,408 $13,111,147 $15,725,113
12,447,929
14,196,629
7,870,696
$4,781,860
4,893,767
Feb.
Chronicle
.32,480,436 32,279,063
„?^After^eserve for depreciation of $9,091,395 in 1938 and $8,450,154 in
1937.
y Represented by 805,045 shares of no par value,
z Represented by
33,569 shares at stated value,
a Includes $85,009
($86,415 in 1936) surtax
on undistributed,
b Funds segregated pending determination of Windfall
tax liability.—V.
146, p. 925.
reserve
966,762
,
194,229
re¬
stored to surplus
Miscellaneous credits
167,837
83,942
46,437
17,333
$2,564,537
$3,159,637
599,354
68,937
27,488
$2,275,261
128,823
$2,237,020
242,194
381,562
402,179
439,081
$2,082,295
$1,744,258
$1,553,105
,
Total
—
Divs.
on com.
Divs.
on
199,849
93,334
stock--
pref. stock
Miscellaneous debits.
Cost of capital stk. pur¬
__
Rademaker Chemical Corp .—Bal.
Assets—
Cash
on
Sheet Oct. 31, 1937—
Liabilities-—
hand and In banks.
Customers'
$16,364
receivables
Accounts payable
15,837
25,864
x426,863
Inventories
Fixed assets
Other assets....
Accrued liabilities-
Rebates due customers
Reserve
70,560
for
Fed.
income
....
$2,391
5,957
1,841
*Bal. of earned surplus $2,271,354
capital stock taxes
Common stock (par $!).._.
506,361
Surplus
y31,141
2,050
5.747
After
x
.-.$555,488 I
reserve
Total
for depreciation of $23,998.
$555,488
From appreciation of fixed
organization to
I7ia®'*v t
charged to appreciation surplus in accordance With resolu¬
tion by board of directors.)—V.
142, p. 967.
{a&8£
Radio
y
®V* Profit and loss deficit for period from
o
Cash
$339,895
$296,647
accts. receivable
Inv. in outside
Property
2,239,417
763,523
61,501
cos.
1,405,062
3,785,352
25,124
107,142
734,199
Inventories-
a
sources
Net income before the following
deductions
Provision for Federal income
taxes,
1937
50,191
5,043,924
21,068
65,970
Estimated,
b Actual.
Loans from banks.
1936
$1,000,000
415,724
$181,956
Divs. pay., not yet
due
22,867
24,528
36,492
340,242
98,066
244,238
Wages,
exps.
com'ns
accrued
A
Res. for Fed. inc.
(less de¬
Ac
A other taxes, Ac
Res. for poss. loss
ou raw materials
100,000
Res.forcontings.-
preciation)
Prepaid ins. prem.,
150,000
375,000
pref. stk. 1,306,700
75,000
1,401,600
2,140,550
red. of pref. stk_
bl935
7%
$112,650,000 $101,186,300 $89,228,900
'
15,400,000
11,464,100
5,308,200
$5,126,900
2,228,550
62,291
5,216,300
$6,155,900
'
Capital surplus
10,343,200
6,400,000
cum.
Common stock
Earned surplus—
Appropriated
Unappropriated.x2,271,354
Total
Net profit
1937
Surplus approp.for
bl936
$9,000,000
interest, deprec., and amortiza¬
tion of patents and goodwill
Liabilities—
Accounts payable.
Customers' notes A
Corp. of America—Earnings—
Calendar Years—
Gross income from all
a
1936
1937
Value life Ins. pols.
Total
2,639
Consolidated Balance Sheet Dec. 31
Assets—
and
Earned, since Aug. 31, 1936...
chased and in treasury
$6,458,275
x $465,490
is restricted
146, p. 926.
$8,480,7411
on
account
Total
of
381,562
2,082,295
$6,458,275 $8,480,741
capital shares reacquired.—V.
Volume
Financial
146
Reiter-Foster Oil
Rochester &
Corp.—Earnings-
holds, interest and other deductions
—V. 145. p. 3829.
$26,233
Remington Rand, Inc.—Rights Extended—
Serial stock subscription rights for the purchase of common stock have
been extended as follows: Series B, from March 31, 1938 to Dec. 31, 1938;
«enes C from Oct. 1
1938 to Dec. 31, 1939; and series D from March 1,
1939 to March 31, 1940.—Y. 146, p. 765.
Republic Investors Fund, Inc.—Earnings-
Preferred dividends
Common dividends.
$71,619
23,958
$32,693
10,486
$47,661
18,154
c23,003
$22,207
8,863
b6,813
Exclusive of results from security transactions which are carried direct
to special surplus,
b Exclusive of 4% stock dividend charged to special
surplus amounting to $2,003.
c Exclusive of $30,781 in 1937 and $54,991
in 1936 charged to special surplus.
a
proposed that interest on the bonds
for
the
at 5%
annually, and that sinking fund be set up to provide
retirement of the entire issue in the hands of the public at the end of
p.
286.
Safe Harbor Water Power
14
$41,079
16,070
cl8,711
Net income
a
New York Water Service is guarantor.
The application to the Commission
remain
13-year extension.—V. 146,
$76,652
35,572
Total..
Expenses.
maturity date of $2,000,000 5% first mtge. bonds 13 years.
Extension
of the maturity of these bonds to Marcu 1, 1951 from March 1, 1938, was
requested by the company in a joint application filed with New York "Water
Service Corp., its parent and a subsidiary of Federal Water Service Corp.
$32,679
$67,056
4,563
Interest received.
Asserting that the financial condition of the company makes it necessary,
the New York P. S. Commission has authorized the company to extend the
1935
1936
1937
$76,652
•-
Lake[Ontario Water Service Corp.—Bond
Extension Authorized—
Earnings for Nine Months Ended Sept. 30, 1937
depreciation, depletion, surrendered lease¬
Net loss after taxes,
12 Months Ended Dec. 31—
1087
Chronicle
Calendar Years—
Rev. from power sales—
Miscell. revenue
Total gross revenue.
Operating
Corp.- -Earnings—
19351
1936
1937
$2,000,000
$1,800,000
656
1.337
37
45
$2,001,337
$1,800,037
347,775
323,003
$1,600,045
251,345
57.676
45,391
147,152
95,177
945,000
55,506
33,940
118,329
88,696
945,000
55,506
$2,500,656
1
459,400/
_
expenses.
Maintenance expenses. _/
Renew. & replace, exps.
143,896
156,979
Taxes
188,062
124.165
943,553
945,000
55,478
Int.
on
1934
$1,600,000
$2,500,000
funded debt....
Amort, of dt. disc. & exp.
Taxes assumed on int
54,975
18,689
■
:
Balance Sheet Dec. 31
$76,894
Cash....
1936
$58,370
Note
bank
Securities owned at
cost.
Acer. div.
1,485,989
Divs.
furniture
2,545
receivable.
Office
1,291,513
3,450
--
payable
to
(secured).
stk. issued
&
on com.
Accrued
fixtures, less de¬
on
$380,000
$200,000
pref.
323
stock..
"4" 145
expenses.
214,512
588,070
249~929
176*233
270,200
81,000
$11,103
Previous surplus
Approp. to res. for re¬
newals, replacements
$197,846
$107,228
$188,808
201,938
$314,263
$692,079
197,846
99,570
20,552
.
div.
as
Net income
1936
1937
Liabilities—
1937
Assets—
Divs. on common stock.
Net deduc'ns from surp.
«•
«.
-
-
-
-'
4,859
3,080
'
791
550
1,811
1.345
preciation
Prepaid
expenses.
M
Res. for Fed. taxes
Total surplus Dec. 31-
12,005
5,850
1,324
Res. for sell, chges.
2,945
$201,938
$214,512
Balance Sheet Dec. 31
6% pref. stock:
51,200
Earned
499,731
Total.
——
—
—V. 145, p.
65,687
$1,568,936 $1,354,323
Total..
.$1,568,936 $1,354,3231
684,221
90,531
surplus...
224,890
99,131
Directors have declared
a
10,462
126,427
.
95,813
During the year
were
distributed.
stocks
series due
805,275
27,040
securities
26,000
72,296
.
1,217,509
1,040
Int.
on
10,650
accr. on
bonds
Taxes accrued—.
5,528
$5,648
20,374
$25,446
5,551
$26,023
$20,476
44,873
for
219,463
11,455
Expenses.
6,626
200
$38,728
187,832
$19,895
$235,395
45,009
$226,561
$207,836
35,007
20,004
$190,386
income
Previous earned surplus-
Surplus
12,382
Dividends
Surplus Dec. 31
—
$191,554
$187,832
Res.
5,547
Total
stock and
146, p. 448.
Sagamore Mfg. Co.—Earnings—
$187,941
Dec. 31'37
Years Ended—
Note—Net
Net profit after
tion charges
1936
a$186,614
Provision
—
Earns, persh. oncap.stk.
stocks
4,000
129,730
129,730
Others..
949,350
797,103
Provision
...
4,937
Divs.
...
-T,.-
82,278
c
Total
2,453
—
The
quoted
35,007
Capital stock...
b500,100
b500,100
587,850
190,386
191,553
foregoing
of the
d Special surplus appropriated for losses on securities,
Rose's 5, 10 & 25-Cent Stores,
e
The
Inc.—Sales—
-
1937
Provision for management fund
Provision for Fed. &
1,650
State capital stock taxes
Plant rearrangement expense
Taxes and insurance on
1936
$276,190 loss$ 154,459
126,937
63,956
152,235
_—
...
...
inoperative properties....
...
No provision for income taxes or surtax on undistributed
included since it is deemed that there is no liability therefor.
Consolidated Balance Sheet Nov.
Notes, drafts and
accts. receivable
$77,723
Notes pay.
378,103
313,117
Property
80,930
723,769
583,909
b Investment
100,000
100,000
735,901
15,493
727,142
18,355
3,002
Fixed assets
Deferred charges.
-
Goodwill & patents
3,002
(banks)
$183,750
240,819
Earned
-
1936
$258,750
157,166
4,000
....$2,129,653 $1,904,179'
After allowance of
24,808
15,268
2,021
1,000,000
15,000
1,000,000
rearrang, exps__
res.
for
E*
proceeding at that time.
Fort Scott Bondholders' Committee Represents 60% of Issue—
bonds of the Kansas City Fort Scott & Memphis
Holders of the ref. mtge.
Total
surplus...
participated in conference with other committees regarding the pro¬
posed reorganized capital structure for the debtor road—the St. LouisSan Francisco Ry.
The ref. 4s of the Fort Scott are guaranteed as to
principal and interest by endorsement by the St. Louis-San Francisco.
Interest was defaulted in April, 1933.—Y. 146, p. 926.
has
Louis
Ry.—Plan
Southwestern
Offered
by
ICC
Road—
Examiner J. V. Walsh has recommended to the Interstate
Commission a plan of reorganization for the road which would
capitalization to $81,060,439 from $107,634,678.
Under the examiner's proposal fixed interest requirements would be cut
to $1,327,270 from $4,305,1/5.
Total capitalization is without allowance
for a claim for guilder value which, if allowed in full, would make total
Commerce
reduce
451,974
58,350
$97,792,002.
_
,
,
Walsh's plan would leave undisturbed in reorganization the rail¬
$957,000 equipment trusts, $20,000,000 first mortgage certificates,
$500,000 Gray's Point Terminal bonds and $450,000 Shreveport Bridge &
Mr.
road's
Terminal bonds.
The
451,974
$2,129,653 $1,904,179
d 4,000 shares of capital stock reserved in
dated Nov. 12, 1936, 3,044 shares to be issued in
settlement of management participation for year ended Nov. 30, 1937,
at par of $50 per share,
e Federal and State capital stock taxes onlv —
V. 144, p. 1123.
accordance with contracts
St.
provisions of the plan proposed by Examiner
Walsh
follow:
d152,235
doubtful accounts, notes and drafts of $71,953 in
b In affiliated company, at cost,
c Repre¬
1936 and $119,251 in 1935.
sented by shares of $50 par.
H.
the
present time the committee represents $16,046,000 principal amount or
bonds, including $361,000 of conditional deposits and assents.
This total
amount of Fort Scott bonds Is more than 60% of those outstanding in the
hands of the public.
Since the early part of December the committee
man¬
fund.,
by Apr. 22
has adjourned hearings on plans
He directed the several bondholder com¬
mittees which desire to file plans to have such proposals before the Com¬
mission by April 22 with at least an outline of evidence in support of them.
The adjournment of hearings was allowed after counsel for the several
bondholders committees had so requested, stating that they hoped in the
interim to reach an agreement on an alternative plan for revising the road's
in the
capitalization
ell.093
cCapital stock...
agement
a
The Interstate Commerce Commission
Examiner for
income & capital
stock taxes
Capital surplus
Total
6,626
taxes...
Payrolls, &c._.
Uncompleted plant
Shs.
Adjourned to
of reorganization for the company until May 3.
Finance Director O.
Sweet made it clear that the Commission expected to complete hearings
profits is
Fed., State & Can.
81,830
Inventories
policy..
Ry.—Hearings
Finance
1937
Accts. pay., trade.
Cash surr. value of
life ins.
61,221
19,722
30
Liabilities—
$91,555
Cash
a
1936
1937
Assets—
Francisco
x$58,350 loss$362,339
Net income for year
-$5,386,309 $5,452,575
Ry. have been advised by the protective committee, of which James
Brewster Jr. of the Aetna Life Insurance Co. is Chairman, that at
Subs.)-—Earnings—
...
— — _ —
Total
stock.—V, 146, p. 765.
Louis-San
St.
1937
Years Ended Nov. 30—
Includes treasury
May 3—ICC Directs Bondholder Groups to File Plans
$317,107
146, p. 765.
Net profit..
Depreciation
2,233,164
2,291,241
capital structure.
1938
$300,839
Month of January—
Russell Mfg. Co. (&
349,925
-.15,386,309 $5,452,575'
Total
$1,315,093 $1,272,52
Total
value
book value of the foregoing securities at
Dec. 31, 1937, exceeded the
aggregated quoted market value at that date by $232,443.—V. 146, p. 119.
—V.
securities
a
capital stock at $28
share prior to Dec. 31, 1938, and thereafter to Dec. 31, 1939, at $29
Sales
& reserve
for depreciation.
541,228
_
surplus...
31,1936, exceeded book value at that date by $469,600.
per share,
Surplus
Cash & U.S. Govt,
the holders to subscribe to a like number of shares of
per
1,000
1,048,053
277,503
35,007
1,598
market
1,000
968,872
Jan. 2 *37
$3,000,000 $3,000,000
95,068
219,411
Dec. 31 '37
Capital stock.
cloth,
payable.—.
d Special surplus.
$1,315,093 $1,272,524
.
aggregate
Debts rec.,
cotton & Invest.
securities at
b Authorized
250.000 shares of no par value; outstanding 100,020 shares of no par value,
but at the stated value of $5 per share,
c Not including 124,980 shares
issued to trustee to satisfy stock purchase warrants outstanding, entitling
a
Dec.
$20,738
$0.69
Accounts payable.
ment houses....
a
4,000
Earned
accrued
interest
$635
for Fed.
$1,750
Divs.
receivable &
Dec. 29'34
2 '37
Liabilities—
Jan. 2 '37
$4,138,934 $4,053,596
Real estate «fc tene¬
income tax.....
5,240
38,008
Miscell. securities.
Cash.
Dec. 31 '37
Assets—
Construction
chise tax...
69,960
Hank stocks..
Pref.
1936
1937
for New
York State fran¬
Common stock:
$220,247
$7.34
....
Balance Sheet
Liabilities—
1937
e$186,614
A suets—
Bonds..
Dec. 28'35
$282,722 loss$l 12,488
$9.99
Nil
Jan.
deprecia¬
Balance Sheet Dec. 31
Securities owned:
.31,460,450 31,050,614
Total
31,460,450 31,050,614
Represented by 98,011 shares (no par) of non-voting class A common
196.024 shares (no par) of voting class B common stock,—V.
x
profit on sales of securities amounted to $44,172 in 1937,
$4,323 in 1936 and $6,682 in 1935, and has been credited to special surplus.
Net loss on sales and write-down of securities during 1934 amounted to
$24,238 and has been charged to special surplus, v
197",8 46
for restricted
funds ..."
207,473
$227,949
40,008
11,314
Res. for retirement
Surplus unapprop.
187,941
483,575
126,427
11,102
& replacements.
400
$43,841
191,554
Prov. for Fed. inc. tax__
Net
$45,754
$51,269
7,227
""6.035
633,291
renewals
annuities
Total income
78,750
167,005
206,782
.
Other def. credits.
Res.
10,462
78,562
funded debt....
Other accr. llabil—
$1,113
24,333
62,482
147,017
..........
Matured
Int.
1 162,534
Other def'd charges
36,006
1979.20, 950,000 21,000,000
33,142
52,275
payable
Matured long-term
23,500
Unamort. debt dis¬
count & expenses
805,275
Accounts payable.
debt
of bonds
Invest,
805.275
fd.
gold bds., 4V£%
1934
$880
$1,625
49,644
1st mtge. sink.
Dlvs.
805,275
8,194,725
Cap. stk. subscr—
159,035
112,303
Restricted funds..
8 194,725
Capital stock
192,746
...
stock.
1935
1936
1937
bonds, &c
on
663,938
10,650
231,654
x
Sink, fund for red.
Capital Corp.—Earnings—
Calendar Years—
Dividends
620.755
Cash
dividend of 15 cents per share on the common
stock, payable March 1 to holders of record Feb. 15.
1937 four quarterly dividends of 25 cents per share
—V. 145, p. 3209.
on
Liabilities
27,850,807
Special deposits
Accts. receivable-
1936
1937
1936
$
..28 ,255,508
Subscrip. to capital
Reynolds Metals Co.— To Pay lb-Cent Dividend—
Interest
Assets—
Fixed capital
Mat'ls & supplies.
3829.
Rochester
1937
62,040
183,820
352,335
Ser. A (par $10)
Ser. B (par $10)
Com.stk.(par 25c)
Capital surplus...
as
By the provisions of
amended, a plan of
Subsection (b) of Section 77 of the Bankruptcy
Act,
reorganization shall include provisions modifying or
altering the rights of creditors generally, or any class of them secured or
unsecured, either through the issue of new securities of any character or
otherwise; shall provide for fixed charges (including fixed interest on funded
debt, interest on
unfunded debt, amortization of discount on
funded debt,
railroads) in such amount that, after due consideration
probable prospective earnings of the property in light of its earnings
experience and other relevant facts, there shall be adequate coverage of
such fixed charges by the probable earnings available for the payment
thereof, and shall provide adequate means for the execution of the plan.
and rent for leased
of the
1088
Financial
Subsection
(e)
of Section 77 provides that the judge shall approve the
planicertified to the court by tne Commission if satisfied, after hearing,
and without hearing if no objections are filed, that it complies with the
provisions of subsection (b), is fair and equitable, affords due recognition
to thejrights of each class of creditors and stockholders, does not dis¬
criminate unfairly in favor of any class of creditors or stockholders, and
will conform to the requirements of the law of the land regarding the
partici¬
pation of the various classes of creditors and stockholders; that approximate
amounts to be paid by the debtor, or by any corporation or corporations
acquiring the debtors' assets, for expenses and fees incident to the reorgani¬
zation, have been fully disclosed so far as they can be ascertained at the
date of the hearing, are reasonable, are within such maximum limits as
are fixed by the Commission, and are within such maximum limits to be
subject to the approval of the judge; and that the plan provides for the
payment of all costs of administration and all other allowances made or
19320
to be made
by the judge, except that allowances for the actual and reason¬
able expenses (including reasonable attorney's fees) incurred in connection
with the proceedings and plan by parties in interest and by reorganization
managers and committees or other representatives of creditors and stock¬
holders, and the actual and reasonable expenses incurred in connection with
the proceedings and plan and reasonable compensation for services in con¬
nection therewith
by trustees under indentures, depositaries, and such
assistants
the Commission with the approval of the judge may especially
as
be paid in securities provided for in the plan if those entitled
The plan approved by the Commission
these requirements of Subsections (b) and (e) and be
compatible with the public interest.
On the question of the proper amount of fixed interest charges on which
the plan of reorganization should be based, varving analyses of earnings
presented past and prospective were in support or the several plans.
The debtor's plan calls for SI,139,040 of fixed interest charges, the
Southern Pacific plan as amended for $1,007,136. the bank plan for $1,769,329, the Glines committee plan for $1,868,912, and the foreign bondholders'
plan for charges substantially in excess of those of any of the other plans.
The figures in each case are stated approximately.
During the period 1930 to 1936, inclusive, the system failed to earn its
charges in every year; but in each year except 1932 a substantial amount
toward charges was earned.
Earnings available for the payment of interest,
as shown by the books, and as adjusted to correct
accounting not in con¬
formity with the Commission's accounting regulations, to include income
items entered in profit and loss account, and to reflect retroactively the
effects of the Social Security Act, the Railway Retirement Act, and the
Commission's order of Jan. 1, 1935, respecting equipment depreciation
accounting, were as follows:
employ,
may
thereto will accept such payment.
must
meet
with
Year—
a
a
b Income
Income
Year—
$2,380,379 $1,536,852
2,710,861
2,054,552
defl25,867 def563,905
1,840,184
1,319,654
Available for interest
as
stated
1934,
1935
1936
on
a
Income
b Income
$2,024,891 $1,035,344
2,695,112
2,216,705
3,330,399
See c
books of account,
b Available for
interest as adjusted,
c Not determined.
The requirement for interest on funded and unfunded debt in 1936,
$3,379,341, represents an increase of $770,000 over the $2,609,209 required
in 1929, the last year in which the system earned its charges.
In their determination of the proper amount to m allowed for fixed
interest in the new structure, the debtor and the Southern Pacific Co.
appear to give too great weight to the figures for income adjusted as indi¬
cated.
These figures represent a condition which has never existed; one
of depression earnings coupled with the recent taxes.
Also these parties
have based their determination on average expenditures for maintenance
additions and betterments, items which are never constant and very gener¬
ally reduced at times of minimum earnings.
It would appear, on the other hand, that the bank plan, the committee
plan, and the foreign bondholders' plan count on income available for in¬
terest in greater amounts than can be relied on in view of past conditions.
Considering all the evidence of record, but with particular attention to
the figures mentioned, it seems that fixed interest charges of the debtors
after reorganization should not exceed about 50% of the pre-depression
requirement ($2,609,209 in 1929), and should run somewhere between
$1,300,000 and $1,350,000 a year, or slightly in excess of average earnings
for the three years 1932, 1933 and 1934.
All plans presented provide that the equipment obligations, the Gray's
Point Terminal Iiy. first mortgage bonds, due 1947, the Shreveport Bridge
& Terminal Co. first mortgage bonds, due 1955, and the debtor's first
mortgage bond certificates, due 1981, on all which interest has been paid
during these proceedings, should remain undisturbed in reorganization.
None of the parties to the proceeding has opposed such provisions, except
that the Security Research Bureau has presented a contention, with reference
to the first-mortgage bond certificates.
The total of obligations proposed
to be left undisturbed as of Jan. 1, 1938, will thus be $21,907,000 and the
initial interest requirement $894,540 a year.
Expected earnings are ade¬
quate to meet this requirement.
The securities mentioned should remain
undisturbed in the Commission's plan of reorganization.
Next in rank to the undisturbed securities
are
the debtor's second mort¬
gage 4% income bond certificates of 1989.
Expected earnings are suffi¬
to support a fixed interest-bearing security at the position in the
capital structure occupied by these certificates; the total of the certificates
outstanding in the hands of the public is only $3,042,500, face amount,
with unpaid interest to Jan. 1, 1938, $304,250. and the amount of such
certificates pledged under the junior first terminal and unifying mortgage is
$6,957,500, face amount.
It is apparent that these bonds cannot be left undisturbed if the reor¬
ganized debtor is to have a practical financing mortgage at its disposal;
cient
and if the needed simplification of the present
structure is to be effected in these
unduly complicated financial
proceedings and not left for some future
reorganization.
Holders of the outstanding second mortgage income bond certificates
should receive, to the amount of principal and unpaid
interest, $3,346,750
of
new
fixed interest 4% second mortgage bonds, which will be part of an
issue of $25,000,000 secured on all the
reorganized debtor's
authorized
railway property, except the Valley Terminal Ry.
Appropriate recognition
of the pledged certificates should be given in the treatment of the
junior
Chronicle
12,
and unifying bonds outstanding In the hands of the public, stated In dollar
value.
The alternative of issuing a lesser principal amount in new 5%
bonds would appear clearly less advantageous to the recipients.
Com¬
pensation for the reduction in interest rate may be provided by making the
which the remainder of the claim is paid participating,
securities in
The
corresponding treatment of the debtor's general and refunding
mortgage bonds would require 8.55% of principal for holders of that issue,
in recognition of the terminal and unifying bonds pledged as collateral
thereunder.
However, in addition to this collateral, the general and
refunding mortgage bonds have a first lien on the St. Francis Basin lines,
comprising about 139 miles of railroad.
For simplification, the lien on
this
property should be transferred to the new second mortgage issue:
and Holders of general and refunding mortgage bonds should receive in
compensation therefor an additional 1.45% of principal in the new second
mortgage bonds, making 10% in all.
There would thus be issued to the
holders of the terminal and unifying mortgage bonds $2,015,750 of new
second mortgage bonds, and to the holders of general and refunding mortgage
bonds, issued or pledged, $3,955,750 of new second mortgage bonds, of
which $932,750 would be issued to the holders of bonds outstanding in the
hands of the public, $2,390,300 to the Southern Pacific Co., $492,150 to
the Chase National Bank and $140,550 to the Mississippi Valley Trust
Co.
The fixed interest requirement of the new second mortgage bonds
would amount to $372,730 a year, which, added to the $954,540 required
for the undisturbed securities and the Railroad Credit Corp. note, would
total $1,327,270.
The latter amount, somewhat in excess of average
earnings for the years 1932,1933 and 1934 as shown on the books of account,
cannot be
could
be met
obligations
are
by this debtor without default, if its fixed interest-bearing
limited to the figure indicated.
To the extent that holders of the outstanding first terminal and unifying
mortgage bonds are entitled to securities additional to the new second
mortgage bonds thus proposed to be issued, they may be allocated new
income mortgage bonds, income debentures, or preferred stock.
The new
capital structure of the debtor should, however, be so arranged as to make
practical
a
a
lease of the property to the Southern Pacific, if and when such
desirable. Contingent interest debt securities would place
such a lease, with no apparent compensating ad¬
lease shall appear
obstacles in the way of
vantages.
In addition, it would be highly undesirable, if at all practical, to introduce
into the reformed capital structure, in the form of debt, the uncertainty
as to the result of the claim for guilder value.
The additional securities,
should therefore, be preferred stock.
Principal and unpaid interest to
Jan. 1,1938, on each $1,000 bond will amount, in dollars, to $875 additional
to the $250 of new second mortgage bonds, or to $1,651.25 in dollar equiva¬
lent of the
guilder as of the date of claim.
There should accordingly be
issued to the holder of each $1,000 first terminal and unifying mortgage
bond actually outstanding, preferred stock in the amount of $875, par
value; and reserved for future distribution, if and to the extent that the
claim for guilder value if finally allowed, $775 par value additional.
In like manner there should be issued for each $1,000 general and refund¬
ing mortgage bond, collaterally secured by first terminal and unifying mort¬
gage bonds, $300, par value, of preferred stock; and reserved against each
such bond, for future distribution if and to the extent that the claim for
guilder value of the first terminal and unifying mortgage bonds shall be
allowed, $265, par value, additional of preferred stock.
To the extent
that the amount finally allowed on the claim or claims made by or on behah
of the holders of first terminal and unifying mortgage bonds outstanding and
pledged shall in any case be less than $1,400, preferred stock of like par
value reserved for future distribution should be canceled.
The
preferred stock proposed should have a par value of $100 a share
preferred as to dividends to the extent of $5 a share.
Principal and
to Jan. 1, 1938, on each $1,000 general and refunding mortgage
new
and be
interest
bond will amount to $725 additional to the $100 of
new
second mortgage
stock thus allocated.
Holders of these securities outstanding or pledged
should, since these bonds are junior in lien to the first terminal and unifying
mortgage bonds, receive $725, par value, in common stock.
Holders of Central Arkansas & Eastern bonds and Stephenville Co.
bonds should each receive $1,125, par value, in common stock, since the
these securities appears to rest on the debtor's guaranty
rather than their liens on specific property.
The trustees of these two
chief value of
mortgages have made claims for cash on account of salvage recovered from
the properties and property sold.
To the extent these claims are allowed
and paid, the amount of common stock to be distributed should be reduced
at the rate of one share for each $100 thus allowed and paid.
The Southern Pacific Co., the Chase National Bank
and the Mississippi
Valley Trust Co., as holders of the debtor's notes secured in part by pledge
of the debtor's general and refunding mortgage bonds in amounts in excess
of the amounts due on the loans, should not be issued new securities in
excess of the amounts due on the loans, since to do so would be to increase
capitalization, and the debtor is plainly in need of a reduction in capitali¬
zation.
To compensate for the par value of securities which these note
holders must sacrifice to this consideration they should be accorded a
larger proportion of preferred stock than the holders of general and refunding
mortgage bonds actually outstanding.
The most equitable treatment
would appear to be to issue to the noteholders such second mortgage bonds
and preferred stock as would be issued in respect of the collateral if it
were actually outstanding, and, for the amounts by which the amounts
due on the loans exceed the second mortgage bonds and preferred stock so
issued, 5)% in additional preferred stock and 50% in common stock.
The noteholders will thus share to a greater extent in the prior interest
in earnings enjoyed by the preferred stock.
Under the foreign bondholders plan, holders of old preferred stock would
receive share for share in new preferred stock and holders of old common
stock share for share in new common stock.
This treatment is clearly
inconsistent
the treatment accorded holders of Central Arkansas &
with
Eastern bonds and the Stephensville Co. bonds.
Under the committee plan,
holders of old preferred stock would receive one share of new common stock
for each share of old preferred, and holders of old common stock one share
of new common stock for each three shares of old common stock.
The
bonds thus secured.
treatment of the
treatment accorded
The new bonds will thus be as well secured at the
the certificates given in exchange, and will have the
additional
On the other hand, with earnings supplemented
safely exceeded.
by temporary borrowing, such as should be possible in view of the much
greater earnings of the property in better times, it would appear that a
recurrence of the conditions existing during the years 1932, 1933 and 1934,
outset as
advantage
and
convertible.
preferred stock, at least, is clearly inconsistent with the
the Central Arkansas &
Eastern
bondholders and the
of being a fixed interest bearing obligation.
Any ultimate
diminution of security will probably be more
apparent than real, since a
financing mortgage in a strong position in the capital structure will add
to the debtor's power to borrow in times of
necessity and to avoid a recur¬
rence of proceedings such as the present
one, in which payment of interest
on the certificates was
suspended.
Initial interest on undisturbed obliga¬
tions and the new second mortgage bonds will be
$1,028,410.
stock.
Credit Corporation is so well secured
by the
pledge of securities of other companies owned by the debtor as to require
that it be given treatment
substantially equivalent to cash.
Ten-year
4% notes secured by the same collateral now actually deposited with the
Railroad Credit Corporation would appear
reasonable, with no restrictions
common stock.
The proposals of the debtor as to distribution of new
securities to the old stockholders appear to be inconsistent with the treatment
accorded holders of the Central Arkansas & Eastern and Stephenville bonds.
The note to the Railroad
in this
terest
connection
on
on
the payment of dividends after
reorganization.
$1,500,000 of such notes would
In¬
amount
tol$60,000 a year, which,
added to the $1,028,014 required for undisturbed
obligations and the new
second mortgage bonds, would account for
requirements of $1,088,410.
\
..J^6 securities next in rank are the first terminal and unifying mortgage
5% bonds of 1952, of which $8,063,000, principal amount, is
outstanding
in the hands of the public and
$13,533,000, principal amount, Is pledged
for securities of junior issue.
Interest matured and unpaid to and
including
Jan. 1, 1938, will, if no further
payments are made, amount to $1,007,875
on
the outstanding bonds and $1,691,625 on bonds
pledged for junior
securities in default, the debtor's general and
refunding mortgage bonds.
The total of principal and interest will thus be
$24,295,500.
These are
sums
issued
stated
under
at
face amount
its
terminal
in
and
dollar
value.
The bonds
unifying mortgage were,
of the
debtor
however,
made
payable at the option of the holders in dollars at New York, in
pounds
sterling at London, in guilders at Amsterdam, in marks at Berlin or in
francs at Paris, at stated equivalents of the
dollar, the guilder rate stated
being 2.49 to the dollar.
On Sept. 24, 1936, the valuefof the guilder in
terms of dollars, was at a
69% premium
payment of principal and interest
was
over the ratio stated in the bonds;
then demanded in guilder value by
the mortgage trustee; and proof of claim was
made on that basis
If
the claims of the mortgage trustee are
allowed, the total obligation in respect
of the first terminal and unifying
mortgage bonds will be increased by 69%
over the amount stated on the books of
account.
As yet, the claim of
the mortgage trustee has been neither allowed
nor denied by the court.
The earning power of the property, as
previously determined, will permit
the issue of additional fixed-interest second
mortgage bonds, bearing in¬
terest at 4 %, to the extent of 25 % of the
principalamount of the old terminal
Stephen ville Co. bondholders.
Under the debtor's plan holders of old preferred stock would receive 70%
in
new common
Under
the
stock and holders of old
Southern
common
stock 35% in new common
Pacific
plan and also the bank plan, holders of
old preferred stock would receive one share of new common stock for
each two shares of old preferred stock, and holders of old common stock
would receive
one
share of
new
common
stock for each five shares of old
The
proposals of the banks and the Southern Pacific, while providing
ratios of exchange, do not in fact or effect provide the same
treatment, owing to the differences in debt and preferred stock,
and in fixed interest, contingent
interest, and preferred stock dividends,
preceding the common stock proposed to be issued under the two plans.
Although the ratio of exchange proposed by both the banks and the Southern
the
same
relative
Pacific may appear reasonable under the doctrine expressed in Downtown
Investment Assn. v. Boston, &c. 81 Fed (2d) 733, and consistent with the
foregoing proposals of this report for the treatment of creditors, it will not
sufficiently reduce capitalization and should not be adopted.
Holders of the old preferred stock should
accordingly receive one share of
new common stock for each five shares of old
preferred stock, and holders
of the old
of old
common
common
securities
stock
stock.
one
share of
This is to
new common
pay
stock for each 10 shares
stockholders in the
same
class of
certain creditors but at rates only one-fifth and one-tenth as
great.
Counsel for certain minority holders of old preferred stock urges
that the Southern Pacific Co.'s
holding of the majority of that stock should
be subordinated to the
as
minority interest.
without the Southern Pacific's consent.
The only unsecured accounts not
This would appear impracticable
being paid by the trustee are inter¬
company items, all of which are held within the system except $785,798
owed to the Southwestern
Transportation Co. and $10,000 owed to the
Main Street Warehouse Co.
If the surplus accounts of these companies
do not permit cancellation of the
debts, the debts should be paid in common
stock of the reorganized debtor, par for par.
So far as the record
shows, trackage contracts and contracts for the
oint use of bridges and terminals should all be assumed by the reorganized
company, as should also guarantees of securities connected therewith, so
far as may be necessary, as determined
by the reorganization managers.
Volume 14$
Financial
Tinder the proposals of this report the
approximate new capitalization,
exclusive of allowance for claim for guilder value, as of Jan.
be
as
1, 1938, would
follows:
Equipment obligations
$957,000
20,000,000
500,000
450,000
9,318,250
1,500,000
First mortgage certificates
Gray's Point Terminal bonds
Shreveport Bridge & Terminal bonds
;
Second mortgage bonds outstanding.
Railroad Credit Corp. Corp. secured loan..
Total funded debt..
Preferred stock outstanding...
Common stock...
Total
.....
$32,725,250
25.425.647
22,909,542
$g]_ 060 439
....
Capitalization adjusted for the second mortgage bond
certificates
acquired
ti"18 1x3 educed from $107,634,678 to $81,060,439, or to
$97,792,002 if the claim for guilder value is allowed in full.
Income required to pay interest or dividends on each class of
and securities prior in rank
securities,
thereto, would be
as
follows:
Undisturbed obligations
/
Second-mortgage bonds, 4%
Railroad Credit Corp. loan, 4%..
Preferred stock, 5%
Common stock..
..
__
...
...
_
$894,540
1,267,270
1,327,270
2,598,552
None
►-.With income available for interest and dividends equal to that received
in 1927, 1928 and 1929, earnings on the common stock would be
$9.14,
$7.79 and $4.87 a share, respectively.
Such earnings will not, in their entirety, be distributable as
dividends,
Jince sinking fund requirements will amount to $46,591 at the outset;
and it will be necessary to pay a part of the cost of additions and better¬
ments from income.
On the other hand, charges to operating expenses for
depreciation of equip during 1936 amounted to $605,496, and serial pay¬
equipment trusts to $456,000.
The treatment of present security holders would be as follows:
Equipment obligations ($957,000): Undisturbed.
First mortgage certificates ($20,000,000): Undisturbed.
Gray's Point Terminal bonds ($500,000): Undisturbed.
Shreveport Bridge & Terminal bonds ($450,000): Undisturbed.
Second: mortgage certificates ($3,042,500): 110% of principal in second
mortgage bonds.
Railroad Credit Corp. loan ($1,500,000): Extended for term of 10 years at
4% interest.
First terminal and unifying bonds ($8,063,000):
25% of principal in second
mortgage bonds; 87 H % in preferred stock; 77 ^ % in additional preferred
ments under
stock reserved.
26H % in additional preferred stock reserved.
bonds ($1,085,000): 112^% of principal in
Central Arkansas & Eastern
stock.
Stephenville bonds ($2,423,000): 112)4% of principal in common stock.
Southern Pacific loan
($17,882,250 principal and $2,260,145 interest):
$474,000 of Southern Illinois & Missouri Bridge Co. first mortgage 4s of
1951; $2,390,300 of debtor's second mortgage bonds; $12,461,497 of
preferred stock; $5,290,598 of common stock; $6,334,295 of additional
preferred stock reserved.
Chase National Bank loan ($3,500,000 principal and $354,785 interest):
$98,000 of Southern Illinois & Missouri Bridge Co. first mortgage 4s of
1951; $492,150 of debtor's second mortgage bonds; $2,419,542 of preferred
stock; $943,093 of common stock; $1,304,198 of additional preferred
stiock rGsorvod
•
*
Mississippi Valley Trust Co. loan ($1,000,000 principal and $101,367 int.):
$28,000 of Southern Illinois & Missouri Bridge Co. first mortgage 4s of
i 1951; $140,550 of debtor's second mortgage bonds; $691,233 of preferred
stock; $269,584 in common stock; $372,458 additional preferred stock
reserved.
Old preferred
1089
economies that may be effected in that manner are important; no incon¬
sistency with the provisions and purposes of the Interstate Commerce Act
appears; and the banks' assumption that separate proceedings under the
Interestate Commerce Act are required is expressly rebutted by Section
77(f) of the Bankruptcy Act.
The plan of reorganization approved by the Commission should accord¬
ingly make provision for a merger of the railway companies included in the
present system except the Valley Terminal Ry.
Although the stock of the
Texas company, pledged under the first mortgage certificates, would be
canceled in a merger, it would appear that submission of the plan to holders
of the latter securities will be unnecessary, since it is clearly apparent that
the interest of the certificate holders will not be adversely and materially
affected within the meaning of Subsection 77 Ce).
Unsecured inter-com¬
pany debt between companies included in the merger should be canceled,
consistently with the provisions of the plan proposed.
The proposal of thebanks' plan, that all costs 6f administration and all
other allowances made or to be made by the judge in the reorganization
proceedings, including allowances provided for in Subsection (c), paragraph
(12) of Section 77, shall be paid in cash by the railway company at or prior
to the consummation of the plan, appears reasonable.
Prior to the ap¬
proval of a plan by the court, the Oommission should fix macimum limits
for allowances for fees and expenses which are to be paid by the debtors or
the reorganized debtors with the approval of the court, as incidental to the
reorganization, upon the basis of representations theretofore made to it,
and pursuant to appropriate petition of interested parties to the court
transmitted to the Commission in accordance with the provisions of para¬
graph 2 (c) of General Order in Bankruptcy XLIX of the United States
Supreme Court.
The provision of the banks' plan, that the board of directors of the
present railway company shall be designated as the reorganization managers,
and that the final approval of the plan shall constitute authorization and
direction to said board to take all necessary action within the limitations
of the plan to carry it out, does not appear to be warranted by the extent
of the interest which the debtor or the new company will have in the prop¬
erty after reorganization, under the proposals of this report.
The provisions of the committee plan calling for three reorganization
managers appears the more reasonable, these reorganization managers,
subject to the express provision of the plan, and to the approval of the court,
to have full power and authority to determine the method of carrying out
the plan, the form, and except as otherwise in the plan expressly provided,
the terms and provisions of all mortgages, indentures, bonds, notes, coupons,
charters, certificates of incorporation or amendments thereto, stock certifi¬
cates, scrip certificates, acceptances, assenst, and all other instruments
necessary or convenient for carrying out the plan; and, subject to such ap-
Eroval of thesupervision of the consummation reorganization managers to
general court as may be required, said of the plan, with authority
ave
General and refunding mortgage bonds ($9,327,500): 10% of principal in
second mortgage bonds; 30% in preferred stock; 72 % % in common stock;
common
Chronicle
stock ($19,893,600): 20% in
($17,186,100): 10% in
Old common stock
The miscellaneous provisions of none
new common stock.
new common stock.
of the plans presented would be
in all respects consistent with the proposals of this report.
Since there will
be no contingent interest securities in the new structure, provision for a
capital fund need not be made.
The new second mortgage should be a lien on all the property of the
reorganized debtor, except the securities pledged with the Railroad Credit
Corporation, and subject only to the undisturbed securities.
This is re¬
quired as compensation for opening the mortgage for future issues of addi¬
tional bonds.
The bonds presently to be issued should be part of an
authorized issue of $25,000,000, this sum representing an adequate but not
excessive provisions for new financing.
Additional bonds should be issuable
for refunding the Gray's Point Terminal bonds due 1947 and the Shreveport
Bridge A Terminal bonds due 1955, and should be issuable to the extent
of 80% of the cost thereof for additions and betterments and acquisitions
of property.
They should not be issuable for equipment unless provision
is made for the retirement of such bonds serially within a term of 15 years.
The bonds immediately to be issued should be convertible par for par into
either class of stock and should bear interest at 4%; and future issues should
bear interest at rates not to exceed 6 %.
All bonds issued under the mort¬
gage should mature not later than Jan. 1
1988.
A sinking fund should be
provided into which there would be payable each year out of net earnings
exclusive of earnings of the fund, W of 1% of the maximum amount of
bonds previously outstanding; and the bonds immediately to be issued
should be redeemable on any interest date on 60 days* notice, in whole or
jn part by lot, at 102 for the first 10 years of the term, at 101 for the next
10 years, and at 100 thereafter.
The new preferred stock should be preferred as to assets to the extent of
$100 a share and preferred as to dividends to the extent of $5 a share yearly,
should be redeemable at $105 a share plus divs., and should participate
equally with the common stock in all earnings in excess of those required
to pay a $5 dividend on each of the two issues.
The common stock proposed in this report appears to represent propor¬
tionately so small an interest in the probable earnings of the property pres¬
ently in prospect, as indicated by the record, as to require that the preferred
stock shall have voting rights, and to require that the preferred dividends
shall be cumulative for not more than three years' requirements.
The
entire control of the property should not be in the hands or those not having
an interest representing a substantial proportion of the entire value of the
property.
The preferred stock, of which the Southern Pacific Co. will
receive about 49%, should consistently with the proposals herein, have the
right at all times to elect with the proposals herein, have the right at all
times to elect not lees than one-third of the board of directors, and the entire
voting rights when and if dividends on the preferred stock shall at any time
be three years in arrears, subject to the proviso that at such times as the
preferred stock has the entire control of the property, the cumulated
preferred dividends in arrears shall be paid in whole or in part whenever
the surplus and cash accounts permit.
The cash account should be understood to permit such payments, if,
after payment, current assets would be not less than twice the sum of current
liabilities and accrued taxes.
The preferred stock should be convertible
at the option of the holder, after 1943, into common stock at the rate of
two shares of common for one share of first preferred, with
appropriate
provision made for reducing the par value of the common stock to $50 a
share in order to provide for the exchange.
The preferred stock should be
part of a total authorized issue of $50,000,000; and the common stock part
of a total authorized issue of $100,000,000.
These provisions may be
expected to furnish a means in times of high earnings to finance retirements
of debt through the issue of stock.
No restrictions on the payment of divi¬
dends on any class of stock should be provided in the plan of reorganization.
The plan of reorganization here proposed, contemplating as it does, that
there snail be issued in reorganization securities of one
company only,
might be effected through a merger or consolidation of the debtor, or its
successor, and the wholly owned railway subsidiaries, except the Valley
Terminal Ry., or their successors; or, on the other hand, in lieu of such
merger, all the stocks and bonds of wholly owned railway subsidiaries,
except the Valley Terminal Ry., held within the system, might be pledged
under the new second mortgage, preserving present corporate identities
and operating distinctions.
The debtors' plan proposals such form of ownership or control as the
Commission may approve; and the evidence indicates that a merger or
consolidation would make possible economies in operating expense of $96,000
a year.
A merger is urged by the debtor on brief, by the Southern Pacific
Co., and by the Glines committee.
No provision for a merger was made
in the bank's plan because it was believed that a reorganization might be
seriously hindered by the interjection of numerous problems incident thereto.
Apart from the banks, no objection to a merger has been presented; the
,
to take or cause to be taken all such action as they may deem necessary or
appropriate to carry out the plan, with the right to employ such agents,
attorneys and others as they may deem desirable for such purposes: and
one of said reorganization managers to be designated by the Southern
Pacific Co., one by the committee for holders of first terminal and unifying
mortgage bonds, and the third by the Chase National Bank of New York
and the Mississippi Valley Trust Co., jointly.
However, this Oommission
has jurisdiction over acceptances and assents, rather than the reorganiza¬
tion managers; and the debtor should appoint one of the three reorganiza¬
tion managers, rather than the Southern Pacific Co.
If the banks do not
desire to appoint a manager, the Southern Pacific Co. should be permitted
to appoint the third manager.
Committee to Intervene in
Reorganization—
A committee headed by Horace A. Davis has been authorized by the
Interstate Commerce Commission to intervene in the reorganization case
behalf of holders of Stephenville North A South Texas Ry. first mortgage
bonds and Central Arkansas & Eastern first mortgage bonds.—V. 146,
on
P.
926.
St. Regis
Paper Co.—Vice-President Resigns—
Having completed the period of his contract with the company, Charles R.
McMillen has tendered his resignation as a director ana Vice-President,
to take effect at the convenience of the directors, it was announced on
Feb. 2.—V. 145, p. 2405.
San Diego
Consolidated Gas & Electric Co.—Earnings
Period Ended Dec. SI—
yNet
xl937—Moni/i—1936
■.
oper. revenue...
$699,317
$8,196,163
$7,833,278
$265,001
$274,086
$3,268,320
551
3,006
$3,304,179
2,033
$274,637
$3,271,326
Other income (net)
y Net oper. revenue &
other income
$264,879
Appropriation for retirement reserve
x
Preliminary,
p.
y
1,285,000
$3,306,212
1,250,000
$1,986,326
$2,056,212
— -
Gross income
accountants,
xl937—12 Mos.—1936
$729,790
Drl22
Operating revenues
subject to audit now being made by certified public
Before appropriation for retirement reserve.—V. 146,
448.
San Joaquin
Light & Power Corp.—To Reduce Rates—
See Pacific Gas & Electric Co. above.—V.
San Juan Milling & Refining
143,
p.
2067.
Corp.- -Registers with SEC
See list given on first page of this department.
Savannah Electric & Power Co.—New President—
Curtis President,
Directors of the company on Feb. 1 elected Claude C.
Foss, deceased.—-V. 146, p. 927.
to succeed Howard C.
Schiff Co .-Sales-
1938
1937-
$559,677
$623,819
Month of January—
Sales
Company had 278 units in operation in January as
in January 1937.—V. 146, p. 448.
Scott
compared with 255
Paper Co.—Earnings—
Calendar Years—
sales
Net
Mat'ls, labor &exp., Ac.
Repairs & maintenance-
Deprecia'n A deple'n—
Sell., adm. A gen. exp.,
incl. freight paid on
goods sold
Operating income
1937
1936
1935
$13,843,542 $11,624,477 $10,206,961
7,767,235
6,046,526
5,242,249
377,032
494,429
336,020
585,618
596,443
563,749
3,491,587
3,145,512
2,753,727
2,559,174
$1,622,070
$1,341,565
$1,311,216
$1,181,653
38,670
a184,101
42,348
37,982
$1,806,171
114,891
$1,383,914
13,927
x312,000
x235,292
$1,349,198
7,513
73,117
212,141
125,000
136,683
95,453
22,219
earnings$1,254,281
Divs. on pref. stock
Cash divs. on com. stock
883,474
$998,011
46,703
598,412
$938,754
Balance to surplus...
$370,807
Shs. com. stk. outst'g-569,984
Earnings per share..—$2.20
$352,896
284,990
z$3.34
$468,721
253,031
$3.17
Other income
Total income.-..
Int. paid A misc. exps..
Prov. for conting. liabils.
Prov. for Federal tax—
1934
$9,011,644
4,494,352
282,287
494,178
$1,220,323
15,885
189,797
Prov. for Penna. income
stock taxes.
Other Federal taxes. —
A capital
y
Net
136,504
333,528
108,885
$905,757
140,518
312,407
$452,831
168,868
$4.53
Including estimated surtax on undistributed profits amounting - to
y Including Compensatory processing
$58,000 in 1937 and $20,700 in 1936.
z
tax in effect since latter part of 1933.
* Earnings per du«,v on 284,990 «w
share
w-i.,oo\j no
par shares of common stock outstanding on Dec. 31,1936, and $1.67 a share
on 569,980 common shares outstanding after payment of the 100% stock
dividend on Jan. 11, 1937.—a Includes interest on investments in Bruns¬
wick Pulp A Paper Co. bonds of $134,000 and other interest and discount on
purchases, Ac., of $50,101.—V. 146, p. 927.
x
Financial
1090
Scotten Dillon
1935
1936
1937
$482,453
44,804
$600,793
76,500
$647,586
88.000
Provision for conting
W Ui
l/A UO
$479,058
55,542
49,731
$527,257
71,000
Total income
Prov. for Federal tax
$418,451
60,607
80,000
1
««
M
•>
w
$423,516
878,332
144.356
$444,293
xl,155,722
1*5,879
29,878
$1,763,600
540,000
$1,629,893
420,000
$1,446,204
390,000
$1,205,065
#>
$559,586
1,209,893
$1,685,065
480,000
MO'tCtUCV/.
$1,223,600
$1,209,893
$1.86
$1.48
Total surplus
Dividends paid
1936
1937
Assets—
Accts. receivable
Inventories
Investments
Res. for gen. cont.
Co
35,000
74,179
374,075
32,500
57,313
378,634
y Fixed assets
Prepaid taxes, in¬
surance, <fcc
Total
Operating revenues—
Operating expenses.
$5,345,789
3.516,628
$5,153,987 $62,391,225 $57,290,777
37,486,839
3,181.248
41,461,166
Net oper. revenues—
$1,829,161
659,813
$1,972,739 $20,930,059 $19,803,938
7,326,083
667,577
7,894,582
$1,169,348
$1,305,162 $13,035,477 $12,477,855
1936
1937
Liabilities—
Accounts payable.
165,734 Accrued accounts.
1,882,137 Prov. for Federal
income tax
1,656,203
Pref. stock Detroit
Trust
Dec. 31
Capital stock
Surplus
Southern Colorado Power Co.—Earnings-—
$5,373
114,544
$1,740
$197,869
$133,104
155,580
1,932,912
1,656,203
Other assets
1937—12 Mos.—1936
$5,165,008 $62,632,324 $57,460,560
11,021
241,099
169,783
1937—Month—1936
Operating revenues
Net oper. income
—V. 146, p. 767.
A8 adjusted.
Balance Sheet
x
$5,366,835
21,046
Period End. Dec. 31—
Operating taxes
stk. (par $10)
Cash
Te'ephone & Telegraph Co.—Earnings
Uncollectible oper. rev_.
Earns, per sh. on 300,000
x
Southern Bell
$1.41
_
Surplus
capital stock, par $15, payable March 15 to holders of record Feb. 21. This
compares with a special dividend of 30 cents paid on Dec. 15, last; 25 cents
paid on Sept. 15 and March 15, 1937, and on Dec. 15 and Sept. 15, 1936;
20 cents paid on March 16. 1936. and 15 cents per share distributed on
Sept. 16 and March 15. 1935.
During 1934 four quarterly dividends of 15
cents per share were distributed.—V. 145, p. 3668.
$1,056,204
$1.52
$456,257
1,223,600
5,208
<•>
Adjustment of reserves
Sundry surp. adjustm'ts
shs. cap.
28,213
71,000
3,000,000
1,223,600
38,319
39,772
1937
1936
y
4,661.562
26,223
7,360
Interest charges (net)
Cash value life ins.
1936
1937
Liabilities—
Coll. trust notes..$3,109,000
$1,734,000
290,000
Accts. pay. & accr.
84,486
80,168
loss res..
96,198
61,871
Res.for cred. losses
6,698
225,000
Dealers'
11,058
54,625
679
11.423
9,124
Deferred income..
55,441
272,020
210,262
65,321
83,263
5% conv. debs....
420,000
6% cum. pref. stk.
(par $25)
436,621
565,864
531,448
Capital surplus
35,748
7,117
Earned
58,221
168,591
Dividends
36.795
8,153
7,666
Furniture & fixt's.
20.260
12,954
$5,358,599
$3,872,1881
(par $4)
surplus—
Surplus, end of period
a
Preliminary—subject
accountants.—V. 146, p.
b Used in the business at depreciated
The
comparative income statement for the
published in V. 146, p. 927.
Dec. 31
ended
years
was
Sherwin-Williams Co. of Canada, Ltd.—Accum. Div.—
The directors have declared
dividend of $1.75 per share on account
a
of accumulations
on the
7% cum. preferred stock, par $100, payable April 1
A similar payment was made on Jan. 3, last;
Oct. 1, July 2, April 1, March 1, and Jan. 2, 1937; Oct. 1, July 1, April 1,
and Jan. 2, 1936, and on Oct. 1, July 2, April 1 and Jan. 2, 1935, this latter
to holders of record March 15.
being the first dividend paid
on
Simms Petroleum
liquidating dividend of 50 cents per share
on the common stock, par $10, payable Feb. 28 to holders of record Feb. 18.
A dividend of 75 cents was paid on Nov.
3, last; dividends of 50 cents were
paid on Aug. 3, April 30 and Jan. 9, 1937; $1.25 was paid on July 29, 1936;
$1 on Jan. 27, 1936; one of $1.25 on Oct. 18, 1935, and one of $10 per share
on July 5. 1935.—V. 145, p. 2863.
a
dividend of 37 lA cents per share was paid on
May
V. 145, p. 3509.
15 last;
none
1937
gen. exp
_
Prov. for depreciation.
_
Interest & other incomeNet profit
Prov. for income taxes..
Sundry charges
Net profit for year.._
Shs. com. stk. (no par).
Earnings
$326,614
11,113
$182,826
20,203
$54,389
10,703
$15,260
8,479
$337,728
78,290
19,653
$203,029
44,849
10,189
$65,092
6,292
21,894
on
$147,992
79,990
$36,906
79,990
x$5,521
80,000
1937
$278,225
$144,893
Accounts payable-
16,186
26,719
74,575
68,567
Accrued taxes...
117,956
156,876
1936
$6,470
rec.
277
curr. assets
Inventories
227,093
.»
13,976
17,833
2,192
Southern
Ry.—Listing—
Years Ended Dec. 31—
Gross operating revenues
1937
$98,435,414
71,811,204
7,069.947
Total operating expenses
Taxes
Operating income
Equip. & joint facility rents
1936
$96,274,498
67,416,701
5,892,304
$19,554,263 $22,965,493
4,442,017
3,667,221
-
Net operating income
$15,112,246 $19,298,272
2,594,660
2,225,304
Other income
Total income
17,706,906 $21,523,576
386,947
386,344
$17,319,959 $21,137,232
16,514,038
16.832.306
Net income
$805,921
—Fourth
1938
Gross earnings (est.)
Week of Jan.
1937
$2,893,865
$3,100,166
$4,304,926
Jan. 1 to Jan. 31
1937
1938
$9,196,246 $10,701,020
—V. 146, p. 928.
Southwestern Bell Telephone Co.
Period End. Dec. 31—
1937—Month—1936
Earnings—
1937—12 Mos.—1936
Uncollectible oper. rev
$7,351,836
28,538
$7,046,630 $86,409,542 $80,224,973
22,495
310,086
307,497
Operating revenues
Operating expenses
$7,323,298
4,951,076
$7,024,135 $86,099,456 $79,917,476
3,928,939
55,67J,954
59,841,318
$2,372,222
$3,095,196 $30,428,502 $29,076,158
Operating
revenues
Net oper. revenues
for lease of oper.
864,944
3,908
839,580
10,751",381
47,0.50
8,735,580
$1,507,278
$2,251,708
$19,677,121
$20,293,528
property
Operat 1 ng taxes
78,290
1,200,000
1,200,000
248.707
129,966
140,302
210,453
I>r53
Dr53
x
.
Common stock..
Earned surplus
appraisal valua'n
$1,640,7841
South Carolina Power
...
Total
ky 80,000 shares (no par) stock,
$958,742 in 1937 and $890,490 in 1936.—V. 145,
Period End. Dec. 31—
Gross revenue
Southwestern Life Insurance Co.—Paqs Stock Did.—
44,849
This company paid a stock dividend of
record
Dec.
23.—V.
$1,715,544 $1,640,784
y
p.
After depreciation of
3830.
1937—12 Mos.—1936
$285,708
163,508
35,000
$264,704
152,524
18,000
$3,290,058
xl,927,235
375,000
$2,847,703
xl,710,320
216,000
Gross income
Int. & other fixed chgs__
$87,200
55,959
$94,180
52,972
$987,823
$921,383
666 157
641,856
pref. stock
(A. G.) Spalding & Bros.—Directorate Reduced—
Stockholders
at their annual
$31,240
14,286
$41,208
14,286
$321,666
171,438
$279,527
171,438
$26,922
$16,954
* No provision was
made in 1936
tributed profits as all taxable income
meeting held Feb. 8 voted to reduce com¬
Keith Spalding, Herbert H. Pease and Stanley A. Sweet were elected
directors by the second preferred and common stockholders.
Charles F. Robbins, President of this company, stated at the annual
meeting that domestic sales for the quarter ended Jan. 31, 1938, were
about 7% above the like period a year ago.—V. 146, p. 767.
*
$150,228
$108,089
1
r
100% on Dec. 24 to holders of
4191.
pany's directorate from 15 to 7 members.
First preferred stockholders, who elect a majority of the board, elected
Julian W. Curtiss. Chairman, Charles F. Robbins, President. H. Boardman, general counsel, and Dean Mathey, of Dillon, Read & Co., to the
Spiegel, Inc.—Sales—
Month of January—
Sales
r Balance
p.
board of directors.
Co.—-Preliminary Earnings—
1937—Month—1936
Oper. exps. & taxes
Prov. for retire, reserve-
Net income
142,
Surp. arising from
Treasury stock
$1,715,544
Net operating income.
-V. 146, p. 928.
986
Res. for inc. tax..
206,186
1,023,226
13,002
Deferred ch arges..
on
$436,761
The New York Stock Exchange has authorized the listing of 1,298,200
common stock (no par), in substitution, share for share, for the
17,766
18,162
Sundry accruals..
342
988,228
Properties
$18,984
21,473
wages
life insurance
Divs.
$296,981
Accrued salaries &
secur.
Total
$24,330
$52,600
Operations for
Rent
Liabilities—
Surrender value of
Sundry
$1,002,834
566,073
shares of
373
17,845
Balance Sheet Dec. 31
y
$839,458
412,296
130,181
10,848
1937 reflect the effect of flood conditions in January
February and extraordinary maintenance resulting therefrom,
y No
provision was made 'n 1936 or 1937 for Federal surtax on undistributed
profits as all taxable income was distributed.—V. 146, p. 122.
x
Compensation Act.
Accts. & notes
$85,806
61,476
pref. stock
Balance
$23,739
1936
$1,328,308
325.473
and
$195,507
122,520
57,727
per share
$1.85
$0.46
$0.03
Before deducting $3,234 provision for
unemployment benefits in accordwith Wisconsin Unemployment Reserve and
1937
$1,188,172
348,714
Income available for fixed charges
Fixed charges...
1934
1935
$263,786
146,014
63,383
$457,859
199,156
75,877
$239,785
79,990
$3.00
$115,761
29,954
$97,807
34.358
-
$3,609,321
yl,969,021
311,991
Net income
Divs.
xl937—12 Mos.—1936
$3,913,696
y2,311,625
413,899
Miscellaneous deductions
1936
$645,941
246,471
72,855
public
$123,748
25,941
reserve.
Period—
Marketable
$168,591
made by certified
$342,929
197,169
30,000
Amortiz. of pref. stk.exp
since.—
Sivyer Steel Casting Co.— -EarningsCalendar Years—
Gross profit.
being
$378,739
219,096
35,895
and taxes
Prov. for retire,
City Stock Yards Co .—-To Pay 37 }4~Cent Dividend
Directors have declared a dividend of 37 H cents per share on the common
stock, payable Feb. 15 to holders of record Feb. 12.
A regular quarterly
Cash
55.945
3,611
presently issued shares of common capital stock ($100 par).
Co.—Liquidating Dividend—
The directors have declared
now
1937—Month—1936
revenue
exps.
the pref. stock since the regular quarterly
dividend of $1.75 per share was paid on Dec. 31, 1932.—V. 145, p. 3509.tA
Assets—
3,235
448.
Gross income
payment therefor have been received, making the total amount applied for,
612,960 shares.—-V. 145, p. 3830.
audit
to
Period End. Dec. 31—
Gross
Int. & other fixed chgs_
Corp.—Listing—
The New York Stock Exchange has authorized the listing of 3,132 addi¬
tional Bhares of common stock (no par) on official notice of issuance to cer¬
tain officers and employees of the company from whom subscriptions and
x
$398,211
170,064
Southern Indiana Gas & Electric Co.—Prelim. Earns.
....$5,358,599 $3,872,188
Total
amounts.
and
$431,027
170,064
provision
Oper.
For redemption of debentures,
Sharon Steel
$258,530
139,681
$257,728
preferred stock—cash-for Federal income tax and
interest thereon applicable to prior years.
Other charges
on
Additional
365,900
Com. stk.
b Automobiles....
Sell., adm. and
432,809
5,246
$262,436
Surplus, beginning of period.
—
Sioux
$696,586
6,573
500,000
13,191
Sinking fund
Deferred charges..
a
$996,586
300,000
425,395
Gross income
After reserve for
Coll. trust bonds..
3,247,973
....
Total
$994,404
300,000
$4,386,018 $4,423,517
Total
$482,027
$555,849
Accts. receivable..
a
592
$694,404
Net oper. rev. (before approp. for retire. res.)__
Other income
Acceptance Corp.—Balance Sheet Dec. 31
Assets—
Repossessions
$995,994
579
maintenance and taxes
80,000
80,000
3,000,000
1,205,065
Other income deductions.
Notes receivable..
$993,825
—
other income (before ap¬
propriation for retirement reserve)
Appropriation for retirement reserve
x After reserve of $7,586 in 1937 and $6,653 in 1936.
depreciation.—V. 146, p. 766.
Securities
1936
$2,212,501
1,216,507
a
revenues
expenses,
1937
$2,336,744
1,342,919
Year Ended Dec. 31—
Operating
Operating
Net operating revenue &
$4,386,018 $4,423,517
Cash
the
The directors on Feb. 8 declared a dividend of 25 cents per share on
1934
$600,793
$597,855
,
1938
12,
Socony-Vacuum Oil Co., Inc.—2o-Cent Dividend—
Co.-—Earnings—
Calendar Years—
Net inc. from operations
Miscellaneous income..
Feb.
Chronicle
1937 for Federal surtax on undis¬
was distributed.—V. 146, p. 122.
or
;
1938
1937
$1,720,410
$1,840.-562
—V. 146, p. 448.
Spokane Oklahoma Gas & Oil Co.—Offering Delayed—Company has filed an amendment to its registration statement with the
and
Exchange Commission, postponing the proposed public
offering of its securities issue to March 15.—V. 146, p. 122.
Securities
Volume
Financial
146
Standard
Brands, Inc. (& Subs.)—Balance Sheet Dec. 31
v':'
1937
1936
Assrn—
$
$
/.
Cash
1937
Liabilities—
Govt,
6,698,194
Accounts payable-
Accept's
bonds...
Accrued int.
&
Notes
2,448,972
2.464,761
728,934
1,120,582
954,121
collateral
Accr'd Fed. & for.
loans receivable.
220,586
6,022,141
Pref. div. payable-
225,000
Reserves
297,304
and employees..
41,546
Inventories
22,903,296 24,801,099
Gen. ins. fd. acct.:
from
Due
5,804,164
officers
Investments
Total gen. ins. fd.
aside
1,331,207
1,239,269
Sundry sees. & inv.
634,023
a
dellv.
incl.
subsidiary
b %7 cum.
eq„27,977,769 27,359,134
797,410
Trade marks, pats,
and
a
204,417
co
7,069,300
pf. stk-
$4.50 cum.pf.stk. e20,000,000
c Common stock-.25,296,216
25,290,846
reserve
77,647.215 70,340,244
Total
for depreciation of $21,555,134 in
1937 and $21,163,650
inJ1936.
b Represented by 70,693 shares of no par value,
c Represented
by|12,648,108 (12,645.523 in 1936) no par shares at stated value of $2 per
share including 1,259 (383 in 1936) shares reserved for unexchanged com¬
mon stocks of companies acquired,
d After reserves of $830,396 in 1937
and $965,001 in 1936.
e Represented by 200,000 no par shares,
f After
—V. 145, p.2246.
Toledo Edison Co.—-Subsidiaries to Dissolve—
Directorate Increased—
.
physical assets
Application has also been made for transferring stock of three other
companies, now heldjby Ohio Utilities Finance Co., to Toledo Light &
Power Co.
They
Oswald
,
caused by the death of Lansing P. Reed.
were
is 1st Vice-Pres. and Mr. Oswald is Sec. & Treas. of Standard Brands,
Inc. .both having been connected with the company
Standard
Suit
Co., for over 40 years.—V. 146,
Electric
p.
and its predecessor,
928.
___
Equipment Corp .—Files Anti-Trust
Transamerica Corp .—To Reduce
Stockholders
at
action,
Standard
Electric
Standard Gas & Electric
Capital—
special meeting on March 31 will
a
consider proposed
Transue & Williams Steel Forging
Corp.—Earnings—
1937
1936
1935
$90,195
$66,621
$55,350
Shs. cap. stock (no par).
134,150
134,150
128,000
Earnings per share
$0.67
$0.49
$0.43
x After Federal taxes, deprec'n &c.—V. 145, p. 3360.
x
Years Ended Dec. 31—
Net profit
Treadwell Yukon Co.,
Equipment Corp., seeking damages
totaling $3,000,000, names the following defendants:
General Electric
Co., National Electric Products Corp., Anaconda Wire & Cable Co.,
Columbia Cable & Electric Co., Circle Wire & Cable Corp., Triangle Con¬
duit & Cable Co., Inc., Crescent Insulated Wire & Cable Co., Eastern Tube
& Tool Co., Inc., and the Paranite Wire & Cable Co.
The second action, naming the same defendants and asking damages of
$2,250,000, was filed by Utility Tubing Co.
one
Transit
—V. 146, p. 449.
.
Triple damages of $5,250,000 are asked from nine defendant companies
Sherman
in two actions involving alleged violations of the Clayton and
anti-trust laws started in Federal Court at New York, Feb. 3.
In
identity.
companies, however, will retain their corporate
The board of directors
12 and Paul W. Fleischmann and Hugo A.
elected directors to fill the position thus created.
Mr. Fleisch¬
the Fleischmann
The
Lake Shore Lines, Inc., Lake Shore Coach Co. and Lorain
are
Lines.—Y. 145, p. 3984.
also increased from 10 to
mann
v-
Light Co., Sandusky
Application seeking dissolution of Lake Erie Power &
Ry., and Ohio Utilities Finance Co., all controlled by Toledo Edison Co.,
have been filed with the Ohio,Utilities Commission.
If the application is approved, Toledo Edison Co. will take over the
reduction of capital of thd'corporation in the amount of $781,568, by the
retirement of 390,784 shares of $2 par value stock owned by the corporation.
F. A. O. Schwarz has been elected a director of the company to fill the
was
401,305,884
90,160,174
26,488,595
1937—12 Afos.—1936
$3,614,172
$3,490,127
140,335
118,647
$956,963
61,799
$989,361
63,192
Profits
deducting $22,987,694 book value of goodwill, trade-marks, &c.
The income statement for 3 and 12 months ended Dec. 31 was published
in V. 146, p. 928.
vacancy
Assets
<$831,291,743
-Earnings—
1937—3 Afos.—1936
Period End. Dec. 31—
Sales
f24,877,501 28,817,621
Surplus
—.77,647,215 70,340,244
After
1,331,207
1,239,269
1
goodwill-,.
Total
»
meet
to
contingenciesMinority
int.
in
L'd, bldgs., machin'y & equip.,
Deferred charges969,566
215",754
$163,191,996
102,774,503
19,288,997
6,249.288
1937
1927
1917
1907—
Approp. surp.set
53,058
—..
Payments to
Policyholders
$76,203,342
42,224,249
8,840,245
2,393,491
Income
in Force
$2,896,589,103
1,533,910,284
313,088.072
111,135,694
—V. 145, p. 1916.
(G.) Tamblyn Ltd.
3,263,283
2,142,371
income taxes
Sun Life of Canada:
Insurance
taxes and exps._
9,457
d Accts. receivable
\
be healthy, and Great Britain's
high level.
The following table perhaps best illustrates the remarkable growth of the
In Canada business conditions continue to
payrolls,
rec..
bringing about a sane solution of current
problems.
trade and business remain at a consistently
payable-
Accrued
government would cooperate in
1936
$
3,006,413
18,119,128
U. S. & Canadian
1091
Chronicle
Electric output of the public utility operating companies in the Standard
Gasj& Electric Co. system for the week ended Feb. 5, 1938 totaled 102,-
439,633 kwh., an increase of 2.5% compared with the corresponding week
last year.
The comparison includes Louisville Gas & Electric Co. where
output was below normal during the corresponding period last year on
account of flood conditions.—V. 146, p. 928.
loss$99,636
128,000
Nil
Ltd.—Votes Liquidation—
and
Stockholders of this company, Alaska Treadwell Gold Mining Co.,
Mexican Gold Minkng Co., on Feb. 7 approved plans for
Im¬
Alaska
mediately dissolving the companies.
Distribution of all assets will be
accomplished in a few days, it is believed.
The surviving company, Treadwell Yukon Corp., Ltd., already has
started operations, having taken over all property formerly owned by the
companies being dissolved.—Y. 146, p. 770.
,
II ■
■
Tri-Continental
p.
v-
-
.
V.'V
.
V
,
•
,
-i
Corp.—New Director—
John W. Castles has been elected
a
director of this
company.—V. 146,
770.
Underwood Elliott Fisher Co.—-$1 Common
Co.—Weekly Output—*
1934
,
Dividend—
on Feb.
10 declared a dividend of $1 per share on the
stock, no par value, payable March 31 to holders of record March 12.
A special dividend of 25 cents in addition to a dividend of $1 was paid on
Dec. 15, last; a special of 50 cents in addition to the $1 quarterly payment
was disbursed on Sept. 30, last; a dividend of $1 was paid on June 30, last;
dividends of 75 cents were paid in each of the four preceding quarters;
directors
The
common
,
Superior Steel Corp.-—Earnings—
Period End. Dec. 31—
1937—3 Mos.—1936
Net sales
$2,535,406
2,202,972
$8,182,789
7,638,780
$7,086,121
6,273,116
loss$32,283
6,893
$332,434
14,019
$544,009
41,364
$813,005
43,777
loss$25,390
taxes, &c.
45,345
$346,453
89,655
$585,373
345,848
$856,782
401,839
loss$70,735
$256,798
114,276
$239,525
113,276
$454,943
114,276
$2.25
$2.11
$3.98
Profit
Other income..
Deprec.,int.
f Net profit
Shares
1937—12 Mos.—1936
$1,308,786
1,341,069
Costs and expenses
common
stock
113,276
Earnings per share
—V. 145, p. 2865.
Nil
each'quarter from Sept. 30, 1932 to and incf. Sept. 30, 1933.-
tributed
145, p. 3361.
Union Gas Co. of
Canada, Ltd.—Earnings—
9 Months Ended Dec. 31—
Profit after charges
^
.1936
1937
$457,370
$266,220
Windsor Gas Co.
but before income taxes
figures include earnings of subsidiaries
Ltd., and City Gas Co. of London.—V. 145, p. 2708.
Note—Both
United Fruit Co.
(& Subs.)—Earnings-
Calendar Years (.Incl. Subsidiaries)
1937
1936
1935
1934
$21,944,762 $24,753,727 $21,145,178 $23,037,360
Other income.
1,309,289
1.786,428
1,326,075
1,363.864
Gain on foreign exchange
181,415
Consolidated Income Account for
Operating income
Sun Life Assurance Co. of Canada—1937
Report—
The Sun Life of Canada—the Dominion's largest life insurance
company—
issued
over
$250,000,000 of
paid-for life insurance during 1937, $30.000,000 more than in 1936.
The total assurances in force held by more
than a million policyholders now exceed $2,890,000,000, an increase
during
the year of $120,000,000.
Marked increases in both new business and
assurances
in
force
were
recorded
in
Canada,
United
States
and
Great
Britain.
The assets of the company were increased
by more than $53,000 000 during 1937, bringing the present total to more than $831,000,000, the
$23,435,466 $26,540,156 $22,471,253
Total income--
new
$24,401,224
?«j|9,463
8,849,315
9,236,653
bl,688,804
Interest
215,948
Loss on foreign exchange
Loss on property sold or
abandoned
476,932
8,834,777
Depreciation
Income taxes—
1,889,361
439,420
1,687,045
327,709
b2,142,961
234,027
61,379
519,806
153,206
1,090,015
827,008
1,020,623
_
highest in the history of the company.
The 1937 statement discloses the wide scope of the
company's operations
which practically encircle the globe.
It also reflects economic conditions
in the countries where the Sun Life does business and offers striking evidence
of the stability and service of life insurance.
^
The financial report of the
statement
company is impressive.
reveals strength in its reserves, which
An analysis of the
have again been further
strengthened from the surplus earnings of the year, a wise conservative
policy which, together with the writing down of values at which the assets
are carried, will
be of benefit to policyholders.
During the year over
$5,000,000 in profits were realized from the redemption or sale of ledger
Government and other bonds were increased during the
year by
$59,000,000, bringing the total in this class of investment to $369 000 000, an amount representing 46% of the ledger assets.
Despite the writing
down and expansion of reserves the surplus and contingency reserve of the
company remain at something like $30,000,000.
The investment income
increased substantially during 1937 to a total of $32,000,000, while for the
third successive year the average rate of interest on all investments shows
an improvement.
The total income from all sources exceeds $160,000 000
assets.
Total
over disbursements amounts to
$59,000 000
The
total payments to policholders and beneficiaries during 1937 exceeded $76 000,000. bringing the total payments under this heading since the companv
began business in 1871 to well over $1,100,000,000.
Arthur B. Wood, President, reviewed the financial statement at some
length, emphasizing the purpose of life insurance whereby millions of
policyholders are enabled to provide financial security for their dependents
He stressed that life insurance is not a profit-making undertaking, but rather
alprofit-sharing enterprise founded on cooperative principles.
In fact it is
the
cooperative enterprise in the world.
In the course of his
remarks he lauded the Canadian government for its determination to main¬
tain the Dominion's credit and he expressed the belief that the appointment
of the Rowell Commission
Canada's
most
was
a
practical step towards solution of some of
problems.
Mr. Wood, continuing re¬
pressing financial
mercial activity, its export and import trade contributing largely to the
marked progress of the Dominion.
The recovery movement reached its
peak in September and was thereafter followed by a slight decline.
In the United States general business conditions during the early part
of the year were quite good but declined sharply towards the end.
In spite
of the decline in business, however, the national income during the year
1937 showed a gain of 10% over 1936, and was approximately $70,000,000,000.
The national income in 1937 was 10% less than in 1929 when it
reached a high of $81,000,000,000.
The low point was $39,000,000,000 in
1932, which clearly demonstrates the recuperative powers of Canada's
neighbour.
Mr, Wood refused to forecast immediate business conditions
in the United States, but he firmly believes in that country's future.
He is
of the opinion that the whole business situation, not only in the United
States but throughout the world for that matter, would appear to depend
upon the turn of relations between business interests, labor and the govern¬
ment in that country.
He expressed the hope that capital, labor and the
Tl,826.511
$3,331,315
30,750,972
$35,643,920 $37,187,179 $35,723,522
—
$34,082,287
35,360,668
Loss result'g from scrap¬
ping of narrow gauge
equipment in Cuba—
transferred
Amount
reserve
362,854
•
1,750,000
------
$35,643,920 $35,437,180 $35,360,668
Surplus
-
to
for insurance..
$34,082,287
ShsTa?dmgit(n1oTarL°-U-tr
c2,896,600 |a2,906,000 Ia2,906,000 a2,906,000
Earnings per share
$4.08
$4.88
$3.57
$4.15
a Excluding
19,000 shares held in treasury,
b Includes $180 for undis¬
tributed profits tax.
c Excluding 28,400 shares held in treasury.
Consolidated Balance Sheet Dec. 31
1937
1936
1937
$
assets—
95,086,479
98,682,348
a
Insurance fund-
11,750,000
960,473
11,750,000
417,620
Accts.
3,144,455
820,584
— —
4,993,350
578,710
1,377,198
27,894,757
U. S. Govt. sees.
17,162,253
bFixed
d Co.'s own stk_
bonds-..-—-
Sees, of affil. cos.
Leasehold-
Cash-—
Other
—
-
1,437,421
31,607,612
13,638,595
5,841,292
4,651,557
571,080
582,124
7,189,187
2.179,497
and
deposits
U.S. Govt loan
Divs.
•$
payable-
7.094,500
2,173,198
884,236
956,770
11,750,000
11,750,000
reserve-...
2,472,056
Other reserves..
182,608
1,844,488
35,643,920
3,268,231
2,267,749
35,437,180
Deferred income
Insur'ce reserve-
Surplus.
Notes <fc accts.
receivable——
other
c
1936
118,499,671
payable &
accrued llab—
Tax
market'le
securities
e
Capital stock.118,499,671
Customers'
Other stocks and
$
Liabilities—
$
Assets—
greatest
viewed briefly the economic conditions as they affected the business of life
insurance in the various countries in which the company operates.
In Canada the year just closed was one of great industrial and com¬
$10.359,222|$12,049,300
8,717,987
8,717,985
SI,641,235
34,082,287
$206,740
35,437.180
Surplus
Previous surplus
over
and the excess of income
$11,817,128 $14,176,995
11,610,388
12,350,484
Net income
Dividends
4,663,797
2,636,402
1,942,479
6,094,795
v
4,438,487
4,899,019
Sugar and other
products
Merchandise
Mat'ls & suppl's
Deferred assets.
Deferred charges
Transit Items
7,381,082
4,064,111
3,482,412
1,629,011
6,592,365
4,242,035
5.947
Total-------186,774,443
186,781,969
Total
—
.186,774,443 1 86,781,969
Represented by 2,925,000 no par shares (incl. 28,400 shares in 1937 and
treasury.)
b After reserves for depreciation
of $151,219,574 ($153,570,598 in 1936)
and revaluation of $21,505,736
($24,369,037 in 1936).
c For construction of mail ships,
d 28.400 shares
(19,000 in 1936) having a market value of $1,618,800 ($1,560,375 in 1936).
e After reserves of $126,386 ($252,053 in 1936.)—V. 146, p. 930.
a
19.000 shares in 1936 held in
1092
Financial
Union Premier Food Stores, Inc.—To
New Director—
Directors
Pay25-Cent Div.—
Feb. 10, placed the common stock on a $1 annual basis
with the declaration of the first regular quarterly dividend of 25 cents
per
payable April 1, to holders of record March 15. Three cash dividends
of 20 cents each per share were paid in 1937, the first on
July 1, together
on
share
with an extra of 90 cents per share paid on Dec. 27, in cash or at the
option
of the stockholders in common stock at the rate of one-tenth of a share of
common for each share held.
Louis Stein of Stein & Mandel, attorneys, Union City, N. J., was elected
director of the company.—V. 146, p. 929.
a
Chronicle
directors
declared
have
dividend
a
of
10
cents
Niagara Hudson Power Corp. 2d preferred stock received in exchange for
pref. stock, on which latter stock no divs.
paid in 1936.
In the consolidation of Mohawk Hudson Power Corp.
with Niagara Hudson Power Corp. under the name of the latter
company,
U.G.I, received stocks of Niagara Hudson Power
Corp. in exchange for
stocks of Mohawk Hudson Power Corp.
were
Investment
per
share
on
the
stock, no par value, payable March 24 to holders of record March 4.
This compares with 15 cents paid on Dec. 24, last; 20 cents paid On Sept.
24,
last; dividends of 15 cents paid in each of the four preceding quarters; 10
cents paid each three months from Sept. 24, 1934 to and incl. June 24,
1936;
20 cents paid on June 23, 1934: 25 cents on March 24,1934, and on Dec. 23,
1933; 20 cents disbursed on Sept. 23, 1933, and 10 cents per share paid each
quarter from June 24, 1932 to and incl. June 24, 1933.
In addition, a
special dividend of 15 cents
was
paid on Dec. 24,19o6.—V. 145,
United States Hoffman
3361.
p.
Machinery Corp. (& Subs.)—
Calendar Years—
1937
1936
1935
$6,582,699
4,223,702
$5,309,433
$3,854,209
2,397,413
1934.
$3,251,008
2,034,742
$2,358,997
$2,143,602
1,684,007
1,403,450
$1,456,796
1,172,103
$1,216,266
1,044,980
3,165,831
$674,989
261,235
Depreciation
Net profit
Divs. paid and decl.on
pref. stock
Shs. com. stock (par $5)-
$171,286
155,679
$964,952
219,462
95,001
$480,028
181,745
23,699
$326,965
121,438
15,960
25,000
20,818
156,692
13", 598
17". 890
140,161
127,303
$489,104
distrib. profits (est.).
Loss on foreign exchange
$284,694
195,334
20,235
154,062
Gross profit
Int. & other inc. charges
Federal, &c., taxes
Prov. for surtax on un-
$740,152
224,800
$936,224
170,414
102,409
Interest, &c., income...
$447,980
$120,825
$44,376
215,203
$0.56
215,203
$0.20
Weekly Output—
a
1937
1936
$395,097
,
4,846,278
3,623,003
accr.
accts.
1936
499,372
Fed,
taxes
est'd
1.697,273
64,182
1,297,660
Prepd. & del. chgs.
23,216
20,466
Due fr.
within
Deps.
one year.
on
423,615
of
acct.
17,709
19,596
383,794
Reserves
contracts,
410,634
uncompl'd sales.
leases,
on
273,135
10,378
Cum.
94,750
pf. stk. ($50 par)
Com. stk. ($5 par)
1, 391,450
1,497,500
1, 130,081
15,494
Capital surplus...
1 346,138
1,297,838
42,670
Earned
1 ,976,492
d Plant property..
42,670
880,762
,
the Committee for
Industrial
1,556,702
Pats., goodw., &c.
1
cost
Treasury stock..
The contract, which was to
preceding page
Activity.'"]
See under "Indications of Business
John
Activity"
on a
preceding
page.
Official—
:
M.
Sias, previously Assistant to the Vice-President in charge of
operations has been appointed Assistant Vice-President of United States
Steel Corp. of Delaware, raw materials
department.
He has served with
the corporation or its predecessor companies since 1893.—V.
146, p. 930.
The New York P. S. Commission has been asked to
permit the company
$1,000,000 in mortgage bonds to refund holders $761,900 from a
previous bond sale. At a hearing before the Commission the
company said
the issue would be sold at 4%.
The balance of the issue will go toward installation of dial
systems at
Fonda, Fort Plain and Johnsonville and construction work.
to issue
Ry.—Earnings—
1937
$122,097
29,942
22,049
Net from railway
Net after rents
From Jan. 1—
Gross from railway
xl,243,853
266,046
140,423
Corrected figure.—V. 146, p. 930.
Net from railway
Net after rents
1
investments,
at
c
conv.
Oragnization.
January Shipments—
725,338
Bund,
8,763
94,550
rec., at cost
94,641,902
Corp.—Extends C. I. 0. Contract—
have expired on Feb. 28, will be continued as of March 1.
|A detailed account of the renewed contract is given on a
under "Indications of Business
1,111,767
24,156
Mtgs.
Feb. 6,'37
90,531,140
acting for four of its subsdiaries, employing 240,000
Feb. 9, renewed "indefinitely" its contract of March
1937, with
December—
Gross from railway
to become pay'le
34,696
employees
incl. exp. funds.
Deps.
United States Steel
Jan. 29,'38
This corporation,
men, on
Utah
incl.
679,349
Inventories
89,353,594
$500,000
Accts. payable and
rec.
b Other accts.
Feb. 5,'38
—V. 146, p. 930.
Upstate Telephone Corp.—Seeks Bond Issue—
Liabilities—
1937
Notes pay., banks.$2,100,000
$316,324
Instalment accts.
receivable
Week Ended—
Electric output of system (kwh.)
x78.204
Consolidated Balance Sheet Dec. 31
Assets—
Offers to Buy City Gas Works—
*'W>11 Street Journal":
City Controller Robert C. White of Philadelphia has received an offer
for purchase of the Philadelphia city-owned
gas works.
He said that he
would transmit the letter outlining the offer to
city council.
The offer, it is
reported, was made by A. Webster Dougherty, of Dougherty, Corkran &
Co., investment firm of Philadelphia. Mr. Dougherty would not comment
on the report, saying that
any statement must come from city officials.
The suggestion that the city sell its
gas works as a solution of its fiscal
problem has been made before, but has not met with favor among councilmen.
Mayor Wilson is said to be against the proposal.
New
41,215
219,016
215,353
Earnings per share
$1.87
$1.92
x
Including $6,377 applicable to January, 1938.
Cash
Firm
The following is taken from the
Earnings—
Net sales.
Cost of goods sold..,
1938
12,
Mohawk Hudson Power Corp. 2d
United Elastic Corp.—10-Cent Dividend—
The
common
Feb.
Of the total income of $31,057,996, dividends amounted to $29,657,213.
of which $22,623,414 represented dividends from
subsidiary companies, and
$7,033,799 dividends from other companies.
The decrease in subsidiary
dividends was due principally to reductions In dividends of Luzerne County
Gas & Electric Corp. of $132,521, and Delaware Electric Power Co. of $45,000.
Of the increase of $405,402 in dividends from other companies, $340,816 was in preferred stock dividends, due principally to dividends on
5lA%
surplus...
x
1936
1935
1934
$123,798
27,680
13,895
$129,006
64,615
50,385
$110,258
73,278
45,355
1,088,209
307,660
191,221
1,060,182
354,072
198,865
735,800
189,809
def35,184
United States Realty & Improvement Co.
(& Subs.)Consolidated Income Account Years Ended Dec. 31
al937
al936
bl935
bl934
$2,244,596
1,083,535
597,570
$2,328,390
1,179,094
608,137
$2,354,550
1,043,003
630,834
$2,518,406
959,703
635,964
322,637
327,520
327,520
327,520
$240,854
$213,639
$353,192
$595,218
33,202
26,751
12,899
12,813
$274,056
$240,390
$366,091
$608,032
Oper. revs.(after deduct,
Total..
$8,756,300 $6,680,152
|
Total
$8,756,300 $6,680,152
After reserve of $175,000.
b After reserves of $120,463 in 1937 and
$100,379 in 1936.
c 7,000 shares com. stock at cost,
d After reserves of
$452,041 in 1937 and $454,112 in 1936 (including $52,097 in 1937 and $55.865 in 1936 of net plant property not in
use.)—V. 145, p. 2867.
provision for doubtful
a
United Gas Improvement
Co.—Earnings—
Income Statement for 12 Months Ended Dec. 31
(Company Only)
cl937
1936
1935
1934
Divs.—Sub. companies.$22,623,414 $22,834,718
$22,272,581 $23,419,823
Other companies.....
7,033,799
6,628,396
6,334,361
7,539,044
Operating
Deprec. on office & hotel
buildings, as provided
by company
Net
oper.
inc.
real estate &
Other income
on
Total
dividends......$29,657,213 $29,463,115 $28,606,942 $30,958,867
Int.—Ad vs.
to sub. cos
127,836
197,950
18,112
272,977
37,443
304,269
160,302
14,013
1,863
3,991
Bank balances
Notes, bonds & misc
interest
if
Total interest.
Miscell. inc.—Services to
e
$288,139
$230,075
$312,284
$356,918
310,947
801,697
386,841
789,748
361,438
786,510
375,415
802,434
$1,147,949
$1,177,849
sub. companies
Other income
Total miscell. income.
Total income
Salaries, traveling
48,659
$1,112,644
$1,176,589
$31,057,996 $30,869,780 $30,067,175 $32,493,634
expenses
Real estate taxes
—
General expenses
securities, &c
Total income
c Gen.
& corp. exps.
parent co. & subs
Interest charges—
1,322,569
461,831
1,246,367
423,875
1,321,823
542,860
1,328,271
395,510
,
b75,000
23,251,760
Fed.
&
State
social
b65,000
23,251,755
$1,072,709
23,251,753
27,902,093
$875,920
$1.05
$1.04
Includes $69,469 provision for Federal
surtax
b
$658,104df$l ,504,572
$1.03
on
$1.13
undistributed profits,
Represents advances, without interest, to the
Connecticut Gas & Coke
Securities Co., to create sufficient
surplus on the books of the Coke com¬
pany, to enable to to pay dividends on its
cumulative preferred stock,
ci
Preliminary figures, subject to verification
by auditors,
d Provision for Federal taxes in
1937 includes $370,959 of income
taxes,
credited to surplus.
This credit resulted from deductions to be
claimed in
1937 income tax return, for loss in
investment in Nashville Gas &
Heating
Co., the charges for which were made to the
contingent reserve in 1937 and
to surplus in a prior year.
As a further result of these
deductions to be
claimed, it is estimated that no undistributed
profits tax will be payable for
the year 1937.
Includes professional
services, reimbursement Items and compensation
for operation of Philadelphia Gas
Works, &c.
e
Company's Income Account Years Ended Dec. 31
1937
.,
.
n?ie} in«>me ------ - r - r — -,on
Dividends
140,974
135,340
426,037
152,267
d437,356
166,413
e288,689
25,645
23,872
34,904
42,455
$535,633
$413,555
$61,503
183,051
19,721
tax of subs
20,000
Net
loss
of
G.
common
on common
Balance to surplus
1936
$28,150,549 $27,953,755
preferred stock...
stock
stock
3,826,080
-
3,826,080
$24,324,469 $24,127,675
23,251,760
23,251,755
$1,072,709
$875,920
The Income statement does not Include the
company's proportionate share
in the earnings of subsidiaries not
distributed as dividends.
A.
F.
Realty Corp., int.chgs
$166,500 on debs.
guar, by parent co
of
Less interest accrued
407,936
on
obligations of G. A. F.
Realty Corp. held by
the parent company.
10,086
_
$460,152
$535,633
$413,555
$459,353
Summary of Deficit Account Dec. 31
Consol.
deficit, Dec. 31.
"
Net loss, as above
Exp. in registration of
63,000 shs. treas. stk.
$1,568,316
460,152
$1,032,829
535,633
$623,550
413,555
$713,925
459,353
$1,568,463
$1,037,105
$1,273,278
24,560
Prov. for losses & exps.
in connect, with pend¬
ing litigation appdc'le
prior years
to
Total loss
Adjusts,
(net
.
made
100,000
$2,053,029
in
connect .with elimin.
of
Plaza
Operating
Co. & sub. & G. A.
F. Realty Corp. fr.
consolidation—
Plaza Oper. Co.& sub.
525,575
15,000
G. A. F. Realty
Corp.
on bonds & notes
Profit
$311057,996 $30,869,780
2,907,447
2,916,025
Expenses, taxes, &c
Balance for
173,847
415,878
141,471
se¬
curity taxes
Prov. for Federal income
"
Balance to surplus...
Earns, per sh. on com..
Dividends
131,493
Mtges. & debentures.
Note payable
Bank loans, &c
State franchise & Federal
capital stock taxes
Net income
$28,150,549 $27,953,755 $27,735,936 $30,223,600
Divs. on $5 dxv. pf. stk.
3,826,080
3,826,080
3,826,080
3,826,080
Divs. on common stock.
_
of
$460,152
Inc. avail, for taxes,
int., divs. & surplus.$29,273,596 $29,199,538
$28,202,492 $30,769,853
Provisions for taxes
d 1,048,047
al,180,782
466,518
544,266
Int. on notes pay., &c_.
37
1,987
Advs. under agreement.
Total income.
hotel
interest
exps.,
office rentals, supplies,
&c
a
from
retired—
G. A. F. Realty Corp.
bonds and debs
Other bonds & notes.
_
Consol .deficit,Dec. 31
3.784
146
4,276
100,839
8,310
$2,049,245
$1,568,316
$1,032,829
$623,550
a Exclusive of
George A. Fuller Co. and subsidiaries and of Plaza Oper¬
ating Co.
b Exclusive of George A. Fuller Co. and subsidiaries; of Plaza
Operating Co. and subsidiaries, and of Savoy-Plaza Corp., a subsidiary tn
bankruptcy.
The accounts of G. A. F. Realty Corp. have not been in¬
cluded for the year 1935 but operating results for 1934 are Included,
c In¬
cludes depreciation on office furniture and fixtures of $1,572 in
1937,
$1,753 in 1936, $1,960 in 1935 and $2,139 in 1934.
d Including $158,878
interest on G. A. F. Realty Corp. debentures guaranteed by parent com-
Volume
146
Financial
pany.
e Exclusive of Interest on G.
anteed by parent company.
A. P.
Realty Co. debentures,
1093
Balance Sheet Dec. 31, 1937
Liabilities—
Assets—
Cash
Consolidated Balance Sheet Dec. 31
Assets—
Cash
x
Chronicle
guar¬
bl937
$709,061
67.404
12,383
175
Accounts, notes & accrued interest receivable" 1
Inventories
Sinking fund deposit
$549,245
67,451
17,041
115
...
Invests, in & advances to subs, not consolidated:
c George A. Fuller Co...
W d Plaza Operating Co
817,460
325.001
c817,460
d537,501
Mortgage
3,247
Accounts receivable
73,769
144,810
4,004
(net)
Inventories
Other assets
Fixed assets
d Patents
-
b Notes and accounts
$4,733
i.
Notes receivable-.
bl936
one
trademarks
Capital stock (par $1)
Capital stock subscribed
issued)
5,398
prepaid items
11,965
....
c
rec., invest, in and advances to other real
estate cos., & invests, in other stocks & bonds._
838,620
24,673,454
yflteal estate, buildings and equipment
Office furniture and fixtures
Deferred
12,031
63,626
9,864
...
charges
...
807,351
26,723,988
13,126
58,742
48,706
$27,529,081 $29,640,716
Liabilities—
7,
Accounts payable
Accrued taxes, interest & wages
Reserve for pending litigation
63,128
147,121
Mortgage payments due within one year
Payments due within 1 yr. acct. of principal of note
10,000
150,000
1,509
Rents receivable in advance.
Notes payable (secured by pledge of inter-co. mtge.
mot
$4,000,000
on
Whitehall Bldg.)
.
to
_ _ _
Consists
a
Reserves
Capital stock..
Deficit
369,500
1,288,500
1,373,500
1,168,500
1,148,000
United States Tobacco
of capital
Valvoline Oil Co.—Directorate Increased—
At the annual meeting of stockholders held Feb. 9 G. Carlton Hill and
R. B. Smethurst were elected directors, increasing the board from 12 to 14
members.—V.
144,
1621.
p.
Walgreen Co.- —SaleS
Period End. Jan. 31
..
Total income
Co.—Earnings-
5 Months Ended Dec. 31—
Net profit after depreciation and provision for Fed¬
eral income taxes & surtax on undistrib. profits
3,710,500
Earnings per share on 150,000 shs.
145, p. 1756.
Western Auto
670,000
680,000
510,568
2,142,738
al8,000,000 zl8,000,000
2,049,245
1,568,316
1936
common
stock.
.
Month of
Net
Pref. dividends
(7%)...
Common dividends
Rate
1938
Balance, surplus
Western
Fed.
"
'• '
■■'
$4,247,331
138,052
515,638
$4,028,060
122,397
494,547
$3,411,116
164,937
a3,250,735
$66,316
5,447,012
$225,332
5,284,286
def$4,555
5.303.467
$94,508
income1
$7.10
■'
tax, prior years—Dr..
Excess of cost over par of
14,624
t
—Week End.
Jan.
1938
Gross earnings (est.)
—V. 146, p. 931.
31
Jan.
1937
$408,887
1938
$505,441
Western Union Telegraph Co.,
$1,536,825
Inc.—Earnings—
7\/T nln for)
Xr
u r) po
for deprecia'n.
oper.
rent
1934
$88,757,205
18,152,307
17,301,847
15.425,895
76-204,644
reserve
Other
1937
1936
1935
'
$102,076,710 $100036,603 $91,389,311
revenue
70,620,864
65,360,846
68,998,370
$7,719,759 $12,113,892 $10,602,570
4,393,990
4,914,772
5,344,492
$7,595,174
5,352,090
12,163,661
incl.
exps.,
of leased lines
&
taxes
Net income
a
$3,325,769
$7,199,120
dividends and interest.
Including
$5,513,328
$5,447,012
$5,284,286
standing (no par)....
457,850
g$7.21
457,850
$8.89
457,850
$7.49
457,8.50
$7.09
$2,243,084
undistributed profits.
Wheeling Steel Corp.—Exchange Time Extended—
corporation
has notified the New
York Stock Exchange that the
time within which 6% preferred stock may be exchanged for $5 cumulative
convertible prior preferred sotck and common stock pursuant to the plan
of recapitalization dated June 8, 1937, has been extended lip to March
13,
1938.
The corporation has further notified the Exchange that upon each
period from Feb. 1, 1938, to March 12, 1938, both
inclusive, of 6% preferred stock for exchange there shall be payable to the
corporation, as a condition precedent to such conversion and for the purpose
of effecting an equitable adjustment of dividends on such exchange, an
amount equal to 50 cents per share of 6% preferred stock so surrendered.
—V. 146, p. 291.
surrender during the
Willson Products,
$5,605,765
$5,258,078
on
—V. 146, p. 931, 450.
The company reports net
Profit & loss surplus..
Shares of common out¬
Earns, per share on com.
1 to Jan. 311937
$1,146,781
12 Mos. End. Dec. 31—
Gross
a
62,606
2,071
pref. stock—Dr
$1,793,000
Maryland Ry.—Earnings—
Period—
$3,582,872
445,188
$3,593,641
163,359
e3,204,950
$7.00
5,513,328
Additional
1937
$1,906,000
1934
$3,600,883
646,448
$4,235,863
163,359
b4,006,188
$8.75
$7.00
$0.53
—V. 146, p. 450.
The
$3,462,687
163,229
c3,204,950
earnings
1936
$79,084
Supply Co.—Sales—
January—
Sales.
Net earnings.
Int. on funded debt
1935
$5,029,370
135,689
657,819
125.435
546,590
303,235
1937
$79,873
$0.53
—V.
3,710,500
$4,356,890
672,481
$4,437,948
Federal income taxes—
i Flood loss
''r
—Y. 146, p. 450.
Note—No deductions has been made for surtax
Deprec. & obsolescence.
i'; '
•"
'■ ■■■■;■
1938—Month—1937
1938—4 Mos.—1937
$5,507,855
$5,353,936 $24,345,691 $23,429,960
—
.
Co.—Earnings—
1937
$3,915,793
522,155
$418,990
authorized by Board
Savoy-Plaza, Inc., class A common stock.—V. 146, p. 611.
Calendar Years—
4,281
Total.
surplus deficit at
as
Weisbaum Bros.-Brower
Total
$27,529,081 $29,640,716
x After reserve for doubtful accounts of $92,036 in 1937 and
$90,612 in
1936.
y After reserve for depreciation of $2,666,097 in 1937 and $2,425,537
in
1936.
z Represented
by 900,000 no par shares,
a Represented by
900,000 no par shares, of which 63,000 shares (at cost of which $472,287
was charged to surplus in
prior years) are held in treasury,
b Exclusive
of George A. Fuller Co. and subsidiaries and of Plaza
Operating Co. c In¬
cluding 11,000 shares prior preferred stock having a book value of $770,000
deposited as collateral to note payable of $325,000 ($475,000 in 1936).
d Including 4% note of Plaza Operating Co. for $325,000 ($475,000 in 1936)
due April 30, 1939, deposited as collateral to notepayable of $325,000 and
$475,000 and including $62,500 mortgage on 26 West 58th Street in 1936.
e Also $688,000
principal amount of Savoy-Plaza, Inc., Income bonds, due
Oct. 1, 1956, and voting trust certificates representing 8,256 shares of
Operating profit
Divs., int. & misc. inc..
10,387
surplus arising from appreciation of fixed assets,
Dec. 31, 1935 and reorganization expense,
of Directors,
b Including $50,000 loan
secured by $72,000 of inventory,
c Arising from appreciation of patents,
d Including $5,000 appreciation.—V. 145, p. 3672.
earned
combined
3,000,000
325,000
338,000
to
Earned surplus
$418,9901
Total
Sales
prin. at maturity, int. & sink, fund payments)
6% sinking fund debentures due Jan. 1, 1944, of
U. S. Realty & Improvement Co
1st mtge. 20-yr 5H% gold loan of Trinity Bldgs.
Corp. of N. Y., dated June 1, 1919 (guar, by
parent co. as to prin., int. & sink, fund paym'ts.
6% 1st mtge. of Lawyers Bldg. Corp., due $10,000 semi-annually to Sept. 1, 1938
150,000
8,148
©3,345,500
175,000
Note
payable..r
i......_
6% deb. notes, due Feb. 1, 1938, of United States
Realty & Imp. Co
15-yr. sin. fund 6% gold debs, of G. A. F. Realty
Corp., dated Jan. 1,1929 (guar, by parent co. as
__
95,368
151,278
35,000
20,000
-
6,488
5,000
(prior
surplus
Jan. 1, 1936).....
less
Total
Combined
219,322
(not
(_
Capital surplus
a
Mtges.
Prepaid expenses, &c
2,000
9,410
51,844
Long-term liabilities
171,063
and
Deferred and
payable..$110,258
payments due within
year
Accrued liabilities
with
$1,261,264 in 1936.
Inc.—•Net Sales—
sales for the year 1937 of $1,355,536, compared
Sales for December, 1937, were $56,673, com-
72,549
?ared with compared with $100,588 in January, 1937, and $86,318 in Janu¬
$100,967 in December, 1936. Sales for January, 1938, were
as
ary,
Includes special dividend ($2.25) amounting to $1,030,163.
b Includes
special dividend of $3.75 amounting to $1,716,938.
c Includes special
dividend of $2 per share amounting to $915,700.
d Excludes treasury
1936.—V. 145,
p.
3833.
a
Btock.
Includes special
dividend ($2) amounting to $915,700.
f Leaf
After deduction of flood loss.
If flood loss was not deducted
income for the year would amount to $3,765,923, equaling $7.86 per share
e
tobacco,
on
g
common
Wilson Line,
on
$
y
Preferred stock...
2,582,992
ch'y&fixtures- 3,097,826
Trademarks, good¬
will, &c
1
Cash....
5,734,269
x
Marketable
Capital
other
Accounts
Other
►
stocks
notes
580,349
653,418
707,067
40,840
Getaeralreserve— 2,758,810
Surplus
5,605,765
5/2,313
3,602,116
5,513,328
taxes
600,039
142,065
62,402
x
shares
payable
964.
Ltd.—Earnings—
Hotel,
1937
depreciation.
Net loss
—V. 145, p.
1936
$127,317
186,333
$133,776
100,000
—
...
186,333
100,000
$159,016
a
$152,556
2250.
Wisconsin Public Service
Corp.—Listing—
authorized the listing of $24,749,000
bonds, 4% series due 1961, all of which are now issued and
outstanding.—V. 146, p. 612.
The New York Stock Exchange has
123,606
Woolf Brothers,
60,455
Directors
Total...
common
p.
first mortgage
600,039
and
expenses.
share on the
Interest on bonds
803,423
Com. div. pay. Jan
per
Feb. 15.—V. 145,
Earnings after operating expenses, general taxes
and provision for bad and doubtful debts, but
before interest on bonds and depreciation
Provision for
Pref. div. pay. Jan
of
accts. receivable
Prepaid
payable.
Acer, taxes Aexps.,
incl. Federal Inc.
9,874.543
1,408,328
8,518,389
11,189,302
1,070,652
secur. 5,029,134
.
rec.
companies
2,330,000
2,333,700
Common stock-.14,943,700 14,943,700
Leaf., mfg., stocks,
supplies, Ac.
? ',■■■
1
5,294,485
...
Bills & accts.
$
of $1
Calendar Years—
1936
$
Liabilities—
Real estate, ma-
dividend
initial
Windsor
1937
1936
$
an
March 1 to holders of record
Balance Sheet Dec. 31
1937
Directors have declared an initial semi-annual dividend of $2.50 per share
the 5% first preferred stock, payable Feb. 15 to holders of record Feb. 1,
and
stock.
Assets—
Inc.—Initial Dividends—
26,925,692 28,462,8381
Total
Represented by 457,850 shares of
26,925,692 28,462,838
value,
y After depreciation
1936.—V. 146, p. 772.
no par
of $2,418,682 in 1937 and $2,561,873 in
have
Inc.—Dividend Increased—
declared
a
dividend of $1.20 per share
on
the class B
participating preferred stock, payable Feb. 5 to holders of record Jan. 31.
An initial dividend of $1 per share was paid on this issue on Feb. 23, 1937.
—V. 144, p. 1127.
(F. W.) Woolworth Co.—Sales—
Utilities Elkhorn Coal Co.—Files Under 77-B—
The company, subsidiary of Utilities Power & Light Corp., has filed with
the U. S. District Court at Chicago, a petition for reorganization under
Section 77-B of the
Bankruptcy Act. The company has $1,103,500 bonds
outstanding on which it was unable to meet interest and sinking fund due
Jan. 1, 1938.
The company, states its mines in Floyd, Pike and Knott
Counties, Ky., are approaching exhaustion and that $250,000 will be
—V. 146
required to develop mines on another leased mining property.—Y. 141,
1938
Month of January—
Sales
I
1937
addition
Van Raalte
The directors
on
Co., Inc.—50-Cent Common Dividend—
Feb. 4 declared
a
$19,157,086 $18,649,912
932.
Wright-Hargreaves Mines, Ltd.—Extra Dividend—
dividend of 5 cents per share in
The directors have declared an extra
to the regular quarterly dividend of 10 cents per share on the
stock, no par value, both payable April 1 to holders of record
Feb. 14.
Like amounts were distributed in each of the 16 preceding quar
common
ters, prior to
dividend of 50 cents per share on the
stock, par $5, payable March 1 to holders of record Feb. 16.
This
compares with $1.37H paid on Dec. J, last; 75 cents paid on Sept. 1 and on
June 1, last; 62H cents paid on March 1, 1937; $2 paid on Dec. 1, 1936;
$1 paid on Sept. 1, 1936, and 25 cents per share distributed in each of the
four preceding quarters, the Sept. 1,1935 payment being the initial dividend
on the stock. -V. 145, p. 3024.
common
p.
which the company made quarterly distributions of 5 cents
Ser share, and in addition paid an extra
2, 1934.
an.
dividend of 5 cents per share on
The company also paid a special interim
the common stock on Jan. 15, last, and on
on
Yellow Truck & Coach Mfg.
dividend of 10 cents per share
Feb. 1,1937.—V. 145, p. 3362.
Co.—Earnings—
Years Ended Dec. 31—
$73,451,555 $59,426,329
Net sales.
Vento Steel Products
Co.—Earnings—
Earnings for Year Ended Dec. 31, 1937
Net earnings for period
Dividends paid
—
.
Deficit
Earned surplus, Dec.
31, 1936-
Surplus.
V
y
5,011,939
Profit from operations
depreciation
$22,476
27,406
$4,930
9,210
$4,281
x
Provision for
Federal taxes on income—
6,762,014
1,017,100
Provision for
'
922,600
423,170
750,390
Net profit
$3,571,669
$5,089,024
x Includes provision for surtax on undistributed profits—1937,
$17,192;
1936, $21,000.
y Including the company's proportion of net profits or
losses of wholly owned and controlled companies not consolidated,
z Pre¬
liminary.—V. 145, p. 3833.
Feb.
Chronicle
Financial
1094
The Commercial Markets
12,
1938
and the Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS-RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
futures closed 16 to 18 points off.
The
African crop hold-up situation left cocoa
futures in a more nervous state than ever.
These strongly
denied that native farmers were entertaining any ideas of
On the 7th inst.
COMMERCIAL EPITOME
latest cables on the
Friday Night, Feb. 11, 1938
closed unchanged to 2
Coffee—On the 5th inst. futures
wholesale crop destruction, which were being circulated here
the end of last week.
As a result liquidation drove prices
points higher in the Santos contract, with sales of only four
lots. The Rio contract closed 1 to 5 points higher, with sales
of six lots. The narrow market reflected the usual Saturday
quiet in the "street," where offerings were about
considerably lower.
Opening sales had been at gains of
4 to 6 points.
Sales totaled 239 lots, or 3,203 tons for the
day. London showed no change to a 3d. loss on the outside
market, and losses of 134 to 734d. for futures on the Terminal
Cocoa Market, with 1,900 tons trading.
Local closing;
Feb., 5.37; March, 5.43; May, 5.46; July, 5.52; Sept., 5.58;
Dec., 5.71.
On the 8th inst. futures closed 18 to 14 points
net
higher.
Transactions
totaled 214 contracts.
The
market rallied today following receipt of cables which re¬
iterated that Gold Coast cocoa farmers have decided to
unchanged.
coffee in Brazil was easier today (Satur¬
The market for spot
Soft 4s were quoted at 20.100, hard 4s at 18.200 and
Rio 5s at 15.700, all off 100 reis. Havre finished 234 francs
day;.
to
Brazil coffee in stock here and afloat
2M francs lower.
amounted to 1,144,526 bags on Saturday. On the 7th
futures closed 2 to 6 points off in the Santos contract,
The Rio contract closed 6
of 37 lots.
sales
to
inst.
with
11 points
Brokers believed that
professional in
character, representing buying and selling within the range
of a few points.
Although not up to the previous week's
volume, clearances from Brazil last week were heavy at
355,000 bags, of which 210,000 were for the United States.
In the previous week clearances were 447,000 bags with
197,000 bags for the United States. On the 8th inst. futures
closed 12 to 9 points off in the Santos contract, with sales
totaling 81 lots. The Rio contract closed 10 to 13 points off,
with sales totaling 11 contracts. Coffee futures continued to
drift lower. Behind the decline are the apathy of roasters
and the easier tone of mild coffees as the new crop finds
greater sales resistance except at concessions. Santos con¬
tracts opened 2 to 5 points lower, while Rios were 3 to 9
points lower. Cost and freight offers from Brazil sagged
with Santos 4s reported offered generally at from 6.70c. to
lower, with sales totaling 25
lots.
about half the volume in both contracts was
Milds
7.05c.
were
easier
with
Manizales
for
shipment at 934c. Mild stocks in the United States
rose about 70,000 bags during the week.
In Havre futures
were 234 to 334 francs
lower.
On the 9th inst. futures
closed 7 to 9 points off in the Santos contract, with sales
totaling 95 lots, or 24,000 bags. Rio contracts were 3 to 7
points higher at the close, with sales totaling 12 lots. Despite
decided weakness in actuals, coffee futures reversed thenearly downward trend in today's session. Improvement was
considered purely technical in view of the fact that the mar¬
ket has drifted gradually lower to the extent of about 50
points without an appreciable advance. Santos 4s, soft, in
Brazil were 400 reis lower at 19.700, and hard 4s were 300
lower at 17.900, while Rio 5s at 15.500 were off 200. Havre
futures closed 234 to 4 francs lower.
On the 10th inst. futures closed 7 to 10 points off in the
Santos contract, with sales totaling 57 lots.
The Rio con¬
tract closed 1 point up to 6 points down, with sales of only
contracts.
most of the
The
coffee
markets
appeared weak during
session, with rather pronounced selling pressure,
believed to have
come
from Brazilian
sources.
Interest cen¬
tered upon the
Santos contract, with March selling off 2
points and the remainder of the list losing 6 to 7 points in
the early trading.
In the actual market it was reported that
Santos 4s were offered c. and f. by Brazil at 6.25c. a pound,
prompt shipment.
Other offers were made at 6.50 to 7c.
Rio futures were dull.
Sales of 1,250 bags were made at
5 points decline.
Havre futures were 2 to 234 francs lower.
Today futures closed 3 to 9 points down in the Santos con¬
tract, with sales of 126 contracts.
The Rio contract closed
7 to 10 points off, with sales totaling 21 contracts.
Coffee
futures turned downward on selling from trade sources.
Santos contracts opened 1 higher to 6 lower/while Rios were
5 to 8 lower.
In the early afternoon trading Santos were
2 to 5 lower, with December at 5.75c., off 3 points, while
Rios were at 7 to 8 points lower, with May at 4.01c., off 7
points. Cost and freight offers from Brazil were about the
same,
Ms
with Santos 4s at from 6.50 to 7c.
were
ment 4s
reported sold at 4.40c.
were
said to be offered at
Medium color
For July-December ship¬
6.25c.
Milds were easier,
with nearby Manizales at 9c.
Altogether roasters' demand
was
disappointing.
Havre futures were 634 to 9 francs
lower.
Rio coffee prices closed as follows:
March
May
July
Santos
4.221 September
4.01
(December
3.831
coffee prices closed as follows:
On the 9th inst. futures
lower. The opening range
was unchanged to 3 points up.
Transactions totaled 4,007
tons.
Activity appeared to be centered in the March
delivery, which is now being liquidated by both sides quite
actively.
London ruled 3d. firmer on the outside, while
5.68; Sept., 5.73; Dec., 5.85.
closed 2 points higher to 3 points
futures
3.83
__3.84
ran
6d. lower to 3d. higher, with 740 tons trading
Local closing: Feb., 5.57;
5.72; Dec., 5.85.
down to 1 point
up.
Transactions totaled 285 contracts. Prices fluctuated
idly while waiting for the situation in Accra to clear up.
Cables reported that a commission would investigate the
holding movement, a step which was expected to stiffen the
resistance of native farmers.
The British secretary of the
colonies meanwhile asked farmers to refrain from burning
their cocoa.
In the meanwhile the supply situation here
continued to tighten.
Warehouse stocks decreased 5,500
bags overnight. They now total 569,118 bags compared with
601,091 bags a year ago and with 759,537 bags two years
ago.
Stocks in London on Feb. 5 totaled 111,670 bags
against 139,930 bags a year ago. Local closing: Feb., 5.56;
March, 5.58; May, 5.60; July, 5.66; Sept., 5.72; Dec., 5.85.
Today futures closed 20 points off on all deliveries. Trans¬
actions totaled 475 contracts.
The market was upset by
cables reporting pressure on farmers to sell their cocoa.
Liquidation in March was active with switching to deferred
positions also in progress, and some hedging was reported.
on
the Terminal Cocoa Market.
March, 5.59; May, 5.62; July, 5.65; Sept.,
On the 10th inst. futures closed 2 points
February-
March
8
destroy their cocoa.
The market rallied about 14 points
low levels on the buying inspired by that in¬
formation.
Local closing: March, 5.60; May, 5.63; July,
from the early
.
London also
was
easier.
Early prices
were
off 12 to 15
points, but by early afternoon the market was down 20 to
22 points, with March selling at 5.37e.
At that time 215
lots had been done, stop loss orders being caught.
Ware¬
house stocks showed the first increase income time, 600
bags, which brought the total to 569,752 bags.
closing: March, 5.38; May, 5.40; July, 5.46; Sept.,
Dec., 5.65.
Local
5.52;
Sugar—On the 5th inst. futures closed unchanged to 1
point higher.
Transactions totaled only 31 lots. As the
market neared the 3,15c. level, the low for 1937, and a price
only 5 points above the 1936 level, the tendency
during the past week was to limit offerings. The market for
sugar ruled quiet and unchanged today (Saturday).
Offerings were held at 3.18c., but buyers locally were not
generally interested at better than 3.15c. The inclination
of both buyers and sellers was to await developments in the
new week.
The world sugar contract was steady on Satur¬
that is
raw
day, with prices ranging at the close from 34. point lower to
unchanged, a slight improvement from the initial levels of
1 to 34 point lower.
Sales were 81 lots. On the 7th inst.
futures closed 1 to 2 points off.
This brought domestic
sugar futures back to their seasonal lows. The volume of 200
or 10,000 tons, was swelled by the posting of 57 lots of
March at 2.24c. and 59 lots of May at 2.25c. On a purchase
lots,
by Arbuckle of 8,000 bags of Puerto Ricos, nearby arrival,
at 3.27c. delivered today, the spot price was 1 point higher.
At the same level on Saturday Colonial bought a cargo of
Puerto
Ricos
for
February
shipment.
Eastern refiners
_
March
6.15
(September
5.74
May
July
5.84
December
5.75
5.721
Cocoa—On the 5th inst. futures closed 6 to 11 points net
higher.
points.
The opening ranged showed a net rise of 7 to 12
Transactions totaled 198 lots, or 2,653 tons.
Lon¬
don came in Is. 6d. higher on the outside and Is. 3d. to Is. 9d.
stronger on the Terminal Cocoa market.
A fair volume of
short covering developed.
Selling was viewed chiefly as
profit taking and scattered liquidation
New buying proved
limited in the short session.
Local closing: Feb., 5.54;
March, 5.60; May, 5.63; July, 5.70; Sept., 5.74; Oct., 5.77.
generally, however, were not interested at better than 3.15c.
The world sugar contract closed 34 point off, with sales
totaling only 93 lots, or 4,650 tons. In the London market
raws were held at 5s. 434d., equal to 1.04c. f. o. b. Cuba,
with freight at 15s. per ton.
Futures there ended 34d.
higher to 34d. lower. On the 8th inst .futures closed 1 point
down throughout the list in the domestic contract. The open¬
ing range was 1 point down to 1 point up. Domestic futures
held fairly steady in spite of the drop of 2 points in the spot
price when American bought 4,000 tons of Philippines, due
next week,|at 3.15c.
Further offers were liberal at 3.17c.
and up, while buyers were indicating no better than 3.15c.,
and in many cases had backed away from that level. Heavy
Volume
Financial
146
liquidation and
new
lows again featured trading in the
world
futures contract, which in early afternoon stood 1 y2 to
2 points lower.
Cuban producers were putting out hedges
injthe distant months, although such operations were not
sugar
apparaently attractive at 5 to 10 points higher. London
futures were 1 to l^d. lower except for the spot month,
February, which was unchanged. Raws there were offered
at 5s. 3^d., equal to about 1.01 J^c. per pound f. o. b. Cuba.
Freight remained at 15s. per ton. On the 9th inst. futures
closed unchanged to 1 point lower in the domestic contract.
Short covering and some new buying acted as an offset to the
offerings that were rather liberal at times in today's session.
Transactions totaled 235 lots. The strike still continues in
Puerto Rico, and the more prolonged, the more of a factor
it becomes in the general sugar situation. After business at
3.15c. today, the same as in the previous session, when a
new spot price was established, the raw market turned easy
as sellers offered at the 3.15c. basis and found buyers gen¬
It was presumed that the best price the
was 3.13c.
At 3.15c. Revere bought
1,500 tons of Philippines due Feb. 23, and at the same
equivalent Cubas were sold to both National and American
on
the previous day, it was generally believed, although
details were withheld. The world sugar contract closed 2 to
336 points lower, with transactions totaling 445 lots, or
22,250 tons. London prices broke sharply, the terme market
ranging 2 to 4%d. lower. Raws there were offered down
erally withdrawn.
refiners
to 5s.
would
pay
Ih2<i-
points down to un¬
Transactions totaled 572 contracts. Domestic
contracts were comparatively steady until news was re¬
ceived that the Porto Rican shipping strike had been
terminated and that work would be resumed pending
arbitration. Losses of 1 to 2 points ensued.
Trading was
active, 5,000 tons of Mar. being switched to Sept. at 5
points, while other sales totaled 17,000 tons. According to
Cuban advices, 146 mills are now grinding their new crop.
In the raw market
two sales of Mar .-April shipment
Philippine were reported at 3.15 c., unchanged. Buyers of
nearby positions were bidding 3.12 to 3.13c. London market
prices were from J4 to 13id higher, with raws offered at
5s 2d. The world sugar contract closed 1 to 2 points up.
After touching 98^, Mar. No. 4 contracts rallied 1K points.
Today futures closed unchanged to 1 point up in the
domestic contract, with sales totaling 191 contracts.
The
world sugar contract closed 1 to 23£ points up, with sales
totaling 394 contracts.
Domestic sugar contracts were
unchanged to 1 point lower at the opening, and in the early
afternoon were unchanged to 1 point higher. Although the
end of the Puerto Rican strike is expected to bring heavy
shipments, little selling pressure has appeared in the futures
market.
In the market for raws, sugars were offered at the
new
spot price made yesterday, 3.13c., the lowest level
since Jan., 1936.
Bids today were not above 3.10c. World
sugar contracts opened 1>£ to 2 points higher, but by early
afternoon had sagged slightly on further hedging and Mar.
liquidation, and were but 36 to llA higher. The improved
tone reflected gains in the London market.
Sales of raws
there were reported done at 1.00 A per pound f.o.b. Cuba.
Refined was advanced 13^d per cwt., after about 40,000
tons had been done on a spot basis.
On
the
10th inst. futures closed 2
changed.
*
Closing quotations were as
follows:
2.25
2.201 September
March
May
July..
-
2.23 December
2.241 January (new)
-
2.26
closed 5 to 10 points net
12 to 5 points higher than the
firm display was attributed
tolspeculative buying influenced by the strength in cotton¬
seed oil and grains.
Export clearances of lard from the
Port of New York over the week-end totaled 125,535 pounds,
Lard—On the 5th inst. futures
higher. The opening range was
previous finals. The market's
Liverpool lard futures were un¬
Hog prices at Chicago were nominally
steady at Friday's levels.
The top price reported today
(Saturday) was $8.85. On the 7th inst. futures closed 2 to 5
points net higher. Opening prices on the active deliveries
were 7 points higher on the nearby March and only 2 points
higher on the deferred positions.
Export clearances of
American lard over the week-end from the Port of New York
were fairly heavy and totaled 279,000 pounds, destined for
Southampton, Cardiff and Bristol.
Receipts of hogs for
the Western run totaled 73,700 head, against 71,600 head
for the same day last year. Prices of hogs at Chicago ad¬
vanced 15c. to 25c., with the top price reported at $9.
The
bulk of sales ranged from $8.15 to $8.90. On the 8th inst.
futures closed 5 to 7 points net lower. The market ruled easy
during most of the session, prices at one time showing losses
of 7 to 10 points.
Exports of lard from the Port of New
York today totaled 412,710 pounds, destined for Aberdeen,
Hull and New Castle. Liverpool lard futures closed 6d. to
9d. higher. Hog prices at Chicago closed 15c. to 25c. lower.
Total receipts for the Western run were 74,600 head, against
67,500 head for the same day a year ago. The top price
reported during the day was $8.75, and sales generally
ranged from $7.15 to $8.65. On the 9th inst. futures closed
15 to 7 points net higher.
The opening range was 2 to 5
points higher. At one time during the session the March
delivery advanced 20 points over the previous closing price.
Exports of lard from the Port of New York today were
188,720 pounds, destined for Bristol. Liverpool lard futures
destined
for
Liverpool.
changed to 6d. higher.
1095
Chronicle
were
3d.
to
9d. lower.
Western hog receipts were 48,000
head, against 70,500 head
Hog
Sales generally ranged
for the same day last year.
prices at Chicago closed 10c. higher.
from $7.75 to $8.85.
On the 10th inst. futures
closed 2 to 5 points off.
At
one
time during the forenoon session prices were 5 to 10 points
under previous finals.
The declines were attributed largely
to
selling by packing interests.
Export clearances of lard
Yqrk today totaled 736,875 pounds,
Kingdom ports and Rotterdam. Liver¬
from the Port of New
destined for United
pool lard futures were unchanged to 6d higher. Western hog
receipts totaled 45,200 head against 66,200 head for the
same day last year.
The top price for hogs registered $8.90,
with the bulk of sales ranging from $7.05 to $8.85.
Today
futures closed 2 points up to 5 points down.
Trading was
moderate and without any
outstanding feature.
DAILY CLOSING PRICES OF LARD FUTURES IN
Sat.
Mon.
Tues.t
Wed.
8.52
March
May
July
September
—
8.55
8.50
8.80
8.92
9.07
8.82
8.97
9.12
8.77
8.92
9.07
CHICAGO
8.82
9.00
9.12
Thurs.
8.60
Fri.
8.50
8.77
8.92
8.65
8.70
8.87
9.05
9.10
Pork—(Export), mess, $27.3736 perfbarrel (per 200
pounds); family, $29.50 (40-50 pieces to barrel) nominal,
per barrel.
Beef: (export) steady. Family (export), $27 per
barrel (200 pounds) nominal.
Cut Meats: steady. Pickled
Hams: Picnic, Loose, c. a. f.—4 to 6 lbs., 1336c.; 6 to 8 lbs.,
1236c.; 8 to 10 lbs., 1136c. Skinned, Loose, c. a. f.—14 to
16 lbs., 17Mc.; 18 to 20 lbs., 15c.
Bellies: Clear, f. o. b. New
York—6 to 8 lbs., 203£c.; 8 to 10 lbs., 1936c.; 10 to 12 lbs.,
18c. Bellies: Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs.,
12%c.; 18 to 20 lbs., 1236c.; 20 to 25 lbs., 1236c.; 25 to 30
lbs., 1236c. Butter: Creamery, Firsts to Higher than Extra
and Premium Marks—30A to 31.
Cheese: State, Held '36—
22 to 24; Held, '37—19 to 2136Eggs: Mixed Colors, Checks
to Special Packs—143^c. to 1834c.
* .
generally was quoted at 9.3c. on the
openly. Quotations: China Wood: Tanks, spot and
nearby 1436 to 15; if shipped 1434; Drums 16 to 1634* Coco¬
nut: Crude, Tanks,
.0334; Pacific Coast, .0334Corn:
Crude, West, tanks, nearby, .0734 to .0734Olive: De¬
natured, Spot, drums, $1.00; New crop, 9734 to 1.05.
Soy
Bean: Crude, tanks, West, forward, .0634 to .0634; L. C. L.,
N. Y., .077.
Edible: 76 degrees, 1034- Lard: Prime, 1034Extra winter strained, 934.
Cod: Crude, Norwegian, light
Oils—Linseed oil
inside
or
filtered,
$8.75.
3434-
Turpentine: 32 to 35.
Rosins: $5.40 to
including switches, 239 contracts.
Prices closed as follows:
Cottonseed Oil, sales,
Crude, S. E., 634c.
February
7.85@
March
7.87@
April
7.80 @
7.90@
May
-
n
n
7.90@
June
July
August
September
Rubber—On the 5th inst. futures
i
n
7.93*
7.93 (
7.97<
closed 16 to 18 points
higher. The opening range was 4 to 14 points above the
previous finals. Transactions totaled 1,060 tons. Prices in
the outside market were quoted on a spot basis of 1434c.
for standard sheets.
Local closing: Feb., 14.34; March,
Sept., 14.81; Dec., 14.97;
inst. futures closed 6 to 9
points off. The opening range was 4 to 11 points down.
Transactions totaled 1,160 tons. There was some switching
from March, trading in these two deliveries alone amounting
to 810 tons.
The London and Singapore markets closed
quiet and steady, respectively, prices showing only small
changes.
Local closing: March, 14.34; May, 14.51; July,
14.65; Sept., 14.74; Dec., 14.89. On the 8th inst. futures
closed 5 to 6 points net higher.
Transactions totaled 84
contracts.
The market was steady at a slightly lower level
in quiet trading. Factory interest continued at a minimum
and foreign markets were easier, while shipment offerings
increased.
In the early afternoon May stood at 14.46c.,
off 5 points, July at 14.58, off 7 points, and September at
14.70c., off 4 points on transactions involving 420 tons.
The London and Singapore markets closed steady, prices
ranging from unchanged to 3-32d. lower.
Local closing:
March, 14.40; May, 14.56; July, 14.65; Sept., 14.80; Dec.,
14.95; Jan., 15.00. On the 9th inst. futures closed 3 to 7
points net higher. The opening range was 10 to 17 points
above the previous day's finals.
Transactions totaled 2,640
tons.
In the morning outside prices showed a gain of as
much as 3£c. per pound, but at the close the advance had
been reduced to l-16c., with standard sheets quoted on a
spot basis of 14 7-16c. London and Singapore markets closed
quiet and steady respectively, with prices showing only
minor changes.
Local closing: Feb., 14.35; March, 14.43;
May, 14.60; July, 14.72; Sept., 14.83; Dec., 15.00.
On the 10th inst. futures closed 11 to 2 points net higher.
Transactions totaled 217 contracts. This market was influ¬
enced somewhat by the improvement in the stock market,
but decreased port stocks in Malaya also were an influence
on
trading, which to early afternoon totaled 1,370 tons.
At that time prices were 11 points higher on March at 14.54c.
and 5 to 9 higher on other positions.
The London market
closed steady unchanged to 36d. higher.
Singapore was
dull and 3-32d. lower.
Local closing: March, 14.52; May,
14.70; July, 14.83; Sept., 14.85; Dec., 15.06. Today futures
closed 7 points down to 3 points up.
Transactions totaled
92 contracts.
Demand for rubber futures was moderate,
but selling pressure was still lighter with the result that the
14.42; May, 14.60; July, 14.71;
Jan. (1939), 15.02.
On the 7th
1096
Financial
Chronicle
Feb.
12,
1938
market had a firm undertone, opening 1 to 5 points higher.
Prices were steady throughout the morning.
In the early
afternoon March stood at 14.57c., up 5 points, and July at
corresponding'week in 1937, however, there was an increase
of 19.9%.
Cumulations for the calender year to date are
19.4% above the same period in 1937, the Bureau of Mines
14.83c., unchanged.
Sales to that time totaled 400 tons.
London closed quiet, with prices unchanged to l-16d. lower.
It was estimated that United Kingdom stocks had increased
reports.
this week.
The Singapore market observed a
holiday and shijiment offerings were light.
Local closing:
March, 14.45; May, 14.65; July, 14.77; Sept., 14.88; Dec.,
15.03; Jan., 15.14.
1,800 tons
Metals—The report
Steel
will be found in the
department headed
"IndicationsjofiBusiness Activity," where they are covered
more
fully.
Wool—The
Hides—On the 5th inst. futures closed
11 to
15 points
net higher. The opening range was 13 points higher than the
previous final quotations. Transactions totaled 1,800,000
pounds. No further developments were reported at the close
of the week in the spot hide markets. Local closing: March,
8.60; June, 8.95; Sept., 9.27; Dec., 9.58. On the 7th inst.
futures closed 40 to 41 points net lower. The opening range
was 10 to 18 points off, and as the session progressed, the list
continued to give ground. Due
partly to reports of weakness
in the domestic spot hide situation and partly to the drop in
the securities market, hide futures lost considerable ground
today. Transactions totaled 4,880,000 pounds. Stocks of
certificated hides in warehouses licensed by the exchange
decreased by 1,186 hides to a total of 769,431 hides. In the
domestic spot hide market it was reported that 11,000 Coast
steers were sold at 8 He. a pound and 9,000 Coast cow hides,
November-December, at 6He. a pound.
Local closing:
March, 8.20; June, 8.55; Sept., 8.86; Dec., 9.17.
On the
8th inst. futures closed 34 to 30 points net higher. Trans¬
actions totaled 114 contracts.
Hedge selling early in the
session tended to depress raw hide futures. However, in the
later trading outside demand appeared and rallied the mar¬
ket, with the result that in early afternoon prices were 10
to 13 points higher, with March at 8.32c. and June at 8.65c.
Sales to that time were 1,680,000 pounds.
Local closing:
March, 8.54; June, 8.85; Sept., 9.16.
On the 9th inst.
futures closed 8 to 16 points net lower. Trading around the
ring was unusually active, transactions totaling 7,760,000
pounds. The opening range was 5 to 11 points down from
the previous day's finals.
Stocks of certificated hides in
warehouses licensed by the Exchange remained unchanged
at 769,431 hides. It was reported today that 20,000 Novem¬
ber-December branded Fort Worth
cow
hides
were
sold
at
decline of approximately lc. from the last previous
business. In the Chicago market it was learned that January
light native cow hides were offered at 8Ho., but tanners
showed little interest.
Local closing: March, 8.41; June,
8.72; Sept., 9.08; Dec., 9.39.
On the 10th inst. futures closed 9 to 14 points net lower.
8c.,
a
Transactions totaled 138 contracts.
The market
was
under
early, opening 16 to 24 points off. However, there
was a partial rally during the forenoon as a result of com¬
mission house buying in sympathy with the strength of the
stock market.
In the domestic spot market a packer sold
20,000 Nov.-Dec. branded cow hides at 8c. a pound. Local
closing: March, 8.27; June, 8.63; Sept., 8.95; Dec., 9.26.
Today futures closed 2 points up to 1 point down. Transac¬
tions totaled 185 contracts.
After opening 5 to 7 points
higher, raw hide futures went to new lows for the move¬
ment under persistent selling by trade interests, the decline
catching stop loss orders.
Trading was active, with total
sales of 4,440,000 pounds to early afternoon.
In the domestic
spot market sales of heavy native cows at 8c. a pound were
reported, while in Argentina steers sold at 11 He.
Local
closing: March, 8.29; June, 8.62; Sept., 8.95; Dec., 9.26.
pressure
Ocean
Freights—There has been no outstanding feature
freight market the past week, the demand for tonnage
being more or less spotty. Charters included: Grain: Albany
to Antwerp or
Rotterdam, last half February, 2s. 9d.,
option Scandinavia 3s. 6d. New York to French Atlantic
ports, 20c.
Two loads, New York to Rotterdam, February,
15c.
One load, New York to Antwerp, February, 14c. Gulf
to Antwerp or Rotterdam March 17-31, 2s.
10Hd., option
London or Hull, 3s., Belfast, 3s. lHd.
Ten steamers,
Australia to United Kingdom—Continent,
March-AprilMay loading at minimum rates (31s., West Australia; 32s.,
South Australia).
Gulf to Antwerp or Rotterdam, Feb. 25Mar. 10, 2s. 10 Hd.; option picked ports United
Kingdom,
3s.
St. Lawrence to Antwerp or Rotterdam, November 525, basis, 3s. l#Hd.
Rover Plate to U. K.-Continent, Feb.Mar., 25s. Trip: Trip across, delivery Norfolk via St. John,
Feb.-Mar., $1.55. Trip across, delivery Norfolk, redelivery
to the
Black Sea,
Gydnia
prompt, $1.25.
Scrap: North Atlantic
range to
Danzig, Feb., 18s. 6d., one port loading; 19s.,
two port loading.
Sugar: San Domingo to United KingdomContinent, Feb., 14s.; 14s. 3d., for two ports loading.
or
of Copper, Tin, Lead, Zinc,
and Pig Iron,
usually appearing here,
articles appearing at the end of the
raw
wool situation has shown little
dency towards improvement.
quarters, and it is hard to
ment
take
can
place
see
long
or no
ten¬
Uncertainty prevails in many
how any appreciable improve¬
the business world is in such
unpromising.
Small lots of
original bag territory are selling for immediate need, but
the price problem, as well as the matter of
supplies, continue
a dominant feature.
In a generally irregular price situation
consumers apparently are
looking for good class 3 wool to
ground in the neighborhood of 65c., though the price has
not been reached.
Large owners of wool East and West,
so it is
reported, are quite disinclined to sell at any such
price.
Fair amounts of good French combing original bag
are available at 66 to
68c., with the price ranging up for the
staple wool to 70c.
Graded fine territory is priced around
75c. and the best delaine about 2c.
per pound higher.
The
a
turmoil
and
the
as
outlook
as
so
best 12 months' Texas has sold at 73c. and the
average 12
original bag at from 68 to 70c. A cable from London
on the 9th stated that wool sales at
Melbourne were some¬
what disappointing on
months'
Wednesday, withdrawals amounting
to
20% of the 10,000 bales offered.
crossbreds, which were 5
because of Japanese competition.
some
Prices
to
were
7H%
easier except
higher, chiefly
Silk—On the 7th inst. futures closed
He. lower to lc.
higher. Transactions totaled only 370 bales. The opening call
showed no trades.
There was commission-house
liquidation
at intervals during the
session, especially in the nearby posi¬
tions, and some trade switching.
The average quotation of
crack double extra moved
up He. to $1.56H.
Yokohama
showed
a
range
of 3 to 4
yen
better and Kobe
was
2 to 5 yen
higher.
Grade D closed at 685 yen in both centers, 2H yen
higher in Yokohama and unchanged in Kobe.
Spot sales
totaled 325 bales, while transactions in futures in these
Japanese markets totaled 1,550 bales.
Local closing: Feb.,
1.51; March, 1.49H; May, 1.47H; June, 1.47; Aug., 1.46HOn the
8th inst. futures closed H to 2c. net
higher.
After
opening unchanged to lc. lower, the raw silk futures market
turned decidedly firm, showing advances of
H to lc. by
early afternoon on sales of 360 bales.
At that time March
stood at $1.50H» up lc.
The price of crack double extra
silk in the New York spot market was
unchanged at $1.56H.
The Yokohama Bourse closed 1
yen lower to 3 yen higher.
Grade D silk in the outside market was
unchanged at 685
a bale.
Local closing: Feb., 1.51 H; March, 1.50H;
April, 1.50; May, 1.49; June, 1.49; July, 1.48; Aug., 1.48;
Sept., 1.47H*
On the 9th inst. futures closed unchanged
to 2c. higher.
The opening range was lc. higher compared
with the previous closing.
Trading continued active, with
1,450 bales being sold.
The average quotation of crack
yen
double extra moved up
through with
lHc. to $1.58.
Yokohama
came
spread of 5 to 8 yen higher, while Kobe
range of 6 to 11 yen higher.
Grade D advanced
5 yen at both centers to show 690
yen at the close.
Spot
sales in the primary markets totaled 550
bales, while futures
totaled 3,450 bales.
Local closing: Feb., 1.53H; March,
1.52; April, 1.50H; May, 1.50H; July, 1.48H; Aug., 1.48;
Sept., 1.47Hshowed
a
a
-
On the
10th inst.
futures closed
Transactions totaled 64 contracts.
unchanged
to lc. up.
Commission houses were
buyers of silk on reported improvement in the spot market,
supplying the contracts. The market was steady
throughout the morning and in early afternoon stood 1 to
1 He. higher, with Mar. at $1.53,
up lc.
The price of crack
double extra in the New York spot market was lc.
higher at
$1.59. Yokohama Bourse prices closed 4 to 11 yen higher,
while the price of Grade D silk outside stood 10
yen higher
at 700 yen a bale.
Local closing: Feb. 1.53H; Mar. 1.53;
May 1.51 Hi June 1.49; Aug. 1.48; Sept. 1.48HTo-day
futures closed He. up to He. down.
Transactions totaled
38 contracts.
Trading was quiet throughout the morning
and prices were steady.
In early afternoon July contracts
stood at $1.48H,
unchanged on sales of 130 bales.
The
price of crack double extra silk in the New York spot market
was
unchanged at $1.59. The Japanese markets were closed
on
account of a holiday.
Local closing: Feb. 1.54; Mar.
1.52H; April 1.51 H; June 1.49H; July 1.48H; Aug. 1.48;
Sept. 1.48.
the trade
Coal—The
feeling appears to be quite general among soft
that the National Bituminous Coal Com¬
be able to avert adverse final action on pending
litigation by procedures just adopted.
It is believed that
the commission's action in opening its records to consumers
may eventually weaken the case of those operators and con¬
sumers who are
contending in court that the price schedules
were set without disclosure of evidence
upon which they were
based.
The upward trend of anthracite production in Penn¬
sylvania was halted during the week of January 29th, when
total output was estimated at 1,189,000 tons,
being 9.8%
less than that of the preceding week.
In comparison with the
coal
operators
COTTON
mission may
Friday Night, Feb. 11, 1938
The
Movement
of
the
Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the
week ending this evening the total
receipts have reached
112,608 bales, against 104,958 bales last week and 120,588
bales the previous week,
making the total receipts since
Aug. 1, 1937, 6,202,679 bales, against 5,375,132 bales for
the same period of 1936-37, showing an increase since
Aug. 1,
1937, of 827,547 bales.
\
'
Volume
Financial
146
that for the month of December the exports to the Dominion the present season
say
Houston
.
__
3,376
4,180
354
28
605
13,726
5,579
376
6,670
14,373
2,193
254
295
51,114
2,144
359
Mobile.
439
Penscaola, &c
.
Jacksonville
24
220
Charleston
Lake Charles
.
421
10
10
.
""37
""74
351
.
313
685
"126
"121
314
38
122
19,760
16,043
24,967
505
37
.
.
"264
1,194
1,723
""66
543
.
—
Norfolk
On
Feb. 11
22
30
"327
90
164
446
22,766
Leaving
Ger¬
Other
Foreign
Stock
Coast¬
many
wise
Total
1,055
15,642
Shipboard Not Cleared for—
Great
563
.
Baltimore-.
Britain
Galveston
Houston
Totals this week.
telegrams tonight also
at—
37
446
Wilmington
In addition to above exports, our
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
37
136
—
.
_
Savannah
exports were 45,482 bales.
21,115
32,565
3,097
6,336
1,833
5,330
223
-
8,573
New Orleans
22,934 bales.
In the corresponding month of the preceding season the
For the five mbnths ended Dec. 31, 1937, there were
122,601 bales exported, as against 145,808 bales for the five months of 1936.
have been
Total
Fri.
Thurs.
Wed.
4,576
5,909
5,338
3,716
2,895
7,094
Corpus Christi
Tues.
Mon.
Sat.
Receipts at—
Galveston
1097
Chronicle
13,430 112,608
New
Orleans.-
France
2,400
2,280
2,661
2,300
5,229
11,144
4,000
3,358
5,004
38,500
23,172
9,570
2,000
1,532
5,672
849,473
881,729
795,290
150,656
72,982
62,509
30,455
139,138
49,200
35,571
34,041
Savannah
table shows the week's total receipts, the
total since Aug. 1, 1937, and the stocks tonight, compared
Charleston
with last year:
Other ports
The following
This
1, 1937
Week
Total 1936
1, 1936
6,538 1,580,921
898,673
32",565 1,652",450
5",962 1,190", 681
917",300
281,683
13,137
1.623.436
204,295
86,827
3,615
112,828
149,945
53,916
19.440
30,349
58,816
14,730
829,341
65,921
11,280
3,092
150,656
72,982
25,069
21,363
30,455
438,785
49,198
25,729
617,339
99,187
6,045
2,288
155,863
44,469
15,061
21,045
34,324
100
538
24,059
3,663
1,025
3,156
1,175
57,820 5,375,132 3,104,466
2,141,824
389,873
8,944
154
51*114 1,741,967
35", 228
4,047
605
Corpus Christi.
Beaumont
New Orleans...
Pensacola.&c..
10
180,586
70,362
Jacksonville
37
3.591
1,194
118,886
1,723
1,055
177,396
77,833
19,587
47,104
446
14,756
2,144
Mobile.
Savannah
Charleston
Lake Charles.
37
_
563
Wilmington
Norfolk
2,395
2,308
"354
834
New York
Boston
Baltimore
112,608 6,202,679
Totals.
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
13,176
8,673
13,096
1,445
2,144
1,194
1,723
"2",308
1,148
"l~,543
563
&c_
Houston,
Orleans.
Mobile
Savannah
354
688
859
"
~
Charleston
16,642
32,518
36,228
8,741
27,637
24,208
18,227
1,675
1,018
3,261
1,547
64
Brunswick
1932-33
1933-34
1934-35
11,719
17,514
23,458
4,372
1,255
6,538
5,962
35,228
4,047
2,395
21,115
32,565
51,114
Galveston
New
1935-36
1936-37
1937-38
Receipts at—
799
1,200
695
518
337
1,055
834
526
564
315
562
"l".l35
Wilmington.
"""154
"2",950
1,475
"6", 544
"4",802
112,608
57,820
63,630
40,895
84,994
102,480
_
Norfolk
Npt. News,&c
All others
Total this wk_
Since Aug.
6,910,782
1. 6,202.679 5,375.132 5,868,975 3,564,588 6,096,544
for the week ending this evening reach a total
of which 27,230 were to Great Britain,
8,984 to France, 8,937 to Germany, 14,679 to Italy, 10,014
to Japan, 100 to China, and 7,598 to other destinations.
In the corresponding week last year total exports were
123,354 bales.
For the season to date aggregate exports
have been 4,018,054 bales, against 3,631,438 bales in the
same neriod of the previous season.
Below are the exports
The exports
of
77,542 bales,
for the week:
Exvorted to—
Week Ended
Feb.
11, 1938
Exvorls
Ger¬
Great
from—
Britain
France
Houston
New Orleans
5,046
3,117
2,169
Corpus Christi --
many
2,849
10,305
3,362
Galveston
1,061
...
Japan
1,028
3,698
1,467
....
....
....
....
....
61
....
431
Pensacola, Ac
1
Charleston
.
.
—
300
....
..
.
217
Norfolk
100
1,351
8,984
....
....
-
....
...
.
100
61
732
100
1,719
12,402
10,014
100
7,598
928
8,835 123,354
14,936
966
18,157
20,342
9,631
32,314
5,007
15,482
5,084
15,007
77,542
88,796
Exported to—
From,
1937 to
1938
Feb. 11,
Ger-
Great
France
Exports from,—
Britain
Galveston
251,785 165,558
217,538 144.557
71,516
90,344
Houston
Corpus Cbriati
—
Orleans.
Lake Charles.
Mobile
Italy
Japan
China
138,840
89,612
55,782
14.846 159,328
56,971
52,882
25,677
3,556
8,105
1,900 147,353
934,257
2,959
54,380
152,114
1,457
45,338
83,486
123,570
105.932
91~194
2,586
1,284
77,623
17,083
33,266
10,103
14,039
"113
11,158
20*689
60
114
47,894
86,500
30,508
33,009
"250
243
648
4,436
3,961
100
1,000
3J98
6,699
3,989
5,341
700
769
Boston
227
28,270
15,818
""io
6,861
8,472
3,613
4,090
2,157
New York...
1,000
1,621
18*522
1,541
250
Wilmington..
420
132
"398
30
Baltimore
561
322
428
81,684
12,864
19,813
1,162
Francisco
12,885
10,863
65,112
17,327
Seattle
Total
Total 1935-36
1283,166 652,823
814,916 597,009
998,756 556,469
300
3,214
66,375
247,310
66,871
200
Los Angeles..
1*977
107,946
10
Philadelphia..
154
Total 1936-37
820,503
357,978
300
6,534
Savannah
Norfolk.
57,032
23,017
1,283
Total
16,239 189,673 1020,308
343,312 223,877
33,574
Gulf port
Other
73,619
3,625
Penscaola, Ac.
Charleston...
many
207,116 116,318
61
4,119
Jacksonville..
San
...
.
63,231
Total 1936
New
....
14,679
Total 1937
Beaumont
,
8,937
2,230
Aug. 1,
....
....
....
1,502
2,150
27,230
..
....
9,476
676
Los Angeles
Total
....
....
2,169
24.257
'
Jacksonville
10,330
1,158
•
193
Lake Charles
24,421
1,275
538
10,733
Total
Other
China
2,523
1,323
....
-
457
10,226
Italy
10
258,886
36,841 747,253 4018,054
483,622 221,358 1019,056
582,312 244,224 1135,119
19,403 476,074 3631,438
29,046 676 .200 4222,126
674,802 364,283
Canada—It has never been our practice to include in the
of cotton shipments to Canada, the reason being that virtually
destined to the Dominion comes overland and It is impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
however
of the numerous inquiries we are receiving regarding the matter, we will
NOTE—Exports to
above table reports
all the cotton
7,341
10,211
6,417
12,362
4,864
14,007
73,383
66,239
46,292
9,204 122,234 2,982,232
9,884 101,697 2,040,127
2,000 83,203 2,347,840
Speculation in cotton for future delivery has been any¬
627,572
50
Texas City
Houston
19,944
10,499
14,487
1937
1938
21,115 1,699,344
Galveston
.....
Total 1937
Since Aug
Week
11
Feb.
Since Aug
3",4l2
2",l41
1,271
Norfolk
Total 1938--
Stock
1936-37
1937-38
Receipts to
This
Mobile
thing but buoyant during the past week.
as
At times it looked
though the market were getting under way for a
stantial
rise,
based
on
bullish
reports
from
concerning the farm bill and its passage.
ever,
sub¬
Washington
Recently, how¬
uncertainty has again gripped the market, with prices
seeking lower levels.
On the 5th inst.
prices closed 2 to 5 points net higher
liquidation again was an important feature which had
a tendency to check advances.
There were selling orders
here through commission houses and from abroad and further
active switching of interest from March to the later months.
Foreign houses seemed to show a preference for the new crop
positions, probably on the theory that the new crop will come
under more drastic governmental control.
Many leading
traders at the close of the week were anxiously awaiting the
reception of the new farm bill in the House and Senate, where
it is expected to come up on Tuesday and Wednesday.
It
has been intimated that the bill might meet strong opposition
and, in fact, the numerous controversial features in the two
bills prior to the conference and uncertainties over what has
March
been done in the conference have left the trade in
considerable confusion.
Southern spot markets
as
a
state of
officially
reported, were 2 to 5 points higher.
Average price of
middling at the 10 designated spot markets was 8.66 cents.
On the 7th inst. prices closed 2 to 7 points net lower. These
principally the result of hedge sales.
Generally
slightly easier under¬
tone due to lower markets abroad and an increase in hedge
selling.
There was sufficient trade buying and scattered
buying to offer resistance, but closing prices were 2 to 7
points lower.
With the new farm bill due before the House
tomorrow and the Senate the following day, cotton traders
were confused in their endeavor to decipher what it is all
about.
The trade was particularly interested in an amend¬
ment which made it possible for farmers to dispose of loan
cotton outright to the Commodity Credit Corporation and
receive 2 cents a pound of the subsidy payment due them.
Whether this provides for an outright subsidy of 2 cents on
cotton already in loan or will be limited to the original pro¬
posal to pay up to 3 cents on 65% of base production when
farmers could prove compliance with the crop control progran, was disputed.
Southern spot markets, as officially
reported, were unchanged to 5 points lower. Average price
of middling at the 10 designated spot markets was 8.63 cents.
On the 8th inst. prices closed 13 to 15 points net higher.
The market opened barely steady and 5 to 6 points lower, in
response to declines in Liverpool and Bombay and under
overnight liquidation and foreign selling.
Early trading
operations were small, but increased rapidly when reports
from Washington on the progress of the farm bill were re¬
ceived
Foreign orders were on the selling side early, and the
action of the foreign markets overnight was believed to be
highly important, as it was thought that selling might de¬
velop on Bombay on straddles, if the Bombay market should
fail to equal our advance and the difference should widen to a
point where the closing out of these spreads should become
profitable.
Reports of a House "gag" rule on the farm bill,
and predictions that the House would pass the bill, had an
electrifying influence on the cotton market today and sent
prices soaring through old resistance points to highest levels
reached since September of last year.
Profit taking and in¬
creased hedging resulted in a partial reaction from the best
of the day.
Southern spot markets, as officially reported,
were 10 to 15 points higher.
Average price of middling at
the 10 designated spot markets was 8.77 cents.
On the 9th
inst. prices closed 5 to 13 points net higher.
The chief
factor responsible for today's rise was the House passage of
the farm bill.
At the advance the market showed gains of
SI.50 to SI.75 a bale from the low levels made early on Tues¬
day.
This sharp upward movement attracted liquidation,
profit taking ana hedge selling, but while prices at one time
experienced a setback of ab'out 10 points, the highest levels of
the day were reached after the final vote in the House on the
farm bill had been announced.
Interest broadened materi¬
declines
were
the cotton market was inactive with a
.
ally, although a large percentage of operations was in the form
of evening-up outstanding contracts through liquidation and
covering.
There was still uncertainty over the action in the
Senate on the farm bill.
Private reports indicated growing
1098
Financial
opposition in that body, with
Chronicle
protests not only
but from labor, which evi¬
from
agricultural associations,
is apprehensive over the possibility of a falling off in
labor in connection with the transportation of cotton.
There was confusion over the interpretation of a number of
measures in the
bill.
Southern spot markets, as officially
reported, were 10 to 19 points higher.
Average price of
middling at the 10 designated spot markets was 8.89 cents.
Saturday
Monday
Tuesday
Feb. 5
Feb. 7
Feb. 8
dently
On
the 10th
insfc.
market received
uncertainties
fate of
the farm
bill
in
the
points net lower,
9c.
the
with late positions again selling below
Foreign markets were easier and there was
level.
considerable early foreign selling, while later commission
with Wall Street connections were aggressive sell¬
Trade
ers.
houses
ington
little
gave
insight
received in the Senate.
bill
best
were
buyers,
fair amount of scattered buying.
a
to
as
how
although there was
Reports from Wash¬
the
farm
bill
was
be passed.
Traders, however, felt less confi¬
at least it was believed that the recent advance of
or
more than $1.50 a bale probably had discounted the bullish
possibilities, as far as the bill has progressed through Con¬
gress.
Southern spot markets, as officially reported, were
5 to 10 points lower.
Average price of middling at the 10
designated spot markets was 8.82c.
Today
fluctuated within
active.
2
prices closed
a
to
narrow
6
points
net
higher.
with trading moderately
range,
Initial prices were 4 points higher to 1 point lower
fairly active trading.
Opening dealings were influenced
mostly by rather heavy hedge selling by cooperative brok¬
and spot houses and trade-fixing in the near deliveries.
The selling of about 4,000 bales of May,
July, October and
Feb.
Friday
10
Feb. 11
8.62 n
48-
8.7 5n
8.44
51
—
8.53
8.52
8.64
8.68
8.67 n
8.68
8.77
—
8.79
8.63
8.71
8.69
—
8.67- 8.73
8.71
—
Range..
Closing
May—-
8.58n
8.56n
8.69n
8.82n
8.74n
8.76«
Range..
8.59- 8.64
58-
8.63
8.54- 8.79
8.78- 8.89
8.74- 8.81
8.77- 8.83
Closing.
8.63-
61
8.62
8.75
8.87- 8.88
8.79- 8.80
8.81- 8.82
8.64
—
June—
Range..
Closing
8.67n
8.64n
8.79n
8.90n
Range..
8.68- 8.73
65- 8.72
8.62- 8.88
8.85-
Closing.
8.72
68
8.82
.
8.81«
8.84/t
8.77- 8.88
8.81- 8.89
8.94
8.83
8.88- 8.89
8.96n
8.85n
Ju'y—
—
—
—
8.95
—
Aug.—
Range-
Closing
Sept.—
8.76n
.
8.71n
8.85n
8.90/1
Range..
Closing
8.80«
.
8,74n
8.88n
8.97n
8.73- 8.98
8.93-
8.92
8.87 n
8.92 n
•
Oct.—
Range..
8.79-
Closing.
8.83- 8.84
8.85
.76-
8.82
78
9.04
8.88- 8.95
8.99- 9.02
8.90
8.94- 8.95
9.00n
—
8.85-8.92
8.91n
89.6/1
8.88- 8.96
8.89- 8.98
Nov.—
Range..
8.86 n
Closing.
8.80n
8.95n
Dec.—
8.85- 8.90
Range-
,80-
8.87
8.77-
9.00
8.96-
8.89-
8.90
82
8.97
9.02
Range..
8.93-
8.93
84- 8.89
8.81- 9.01
9.01-
Closing.
8.92n
86n
9.01
9.07
9.06n
Closing.
8.92
8.98
8.89- 8.97
8.92- 8.98
8.94n
9.00/1
Jan. (1939)
Prices
in
8.49n
8.55
8.54
Closing.
April—
Private advices intimated that the
might
dent,
8.52n
8.49-
Range..
houses
also
Thursday
Feb. 9
Range.
Closing.
Senate.
The market opened barely steady and G to 9 points down.
The downward trend continued until prices were 13 to 17
Wednesday
March—
prices closed 8 to 12 points off.
The
largely as a result of the
the
over
12, 1938
Feb. (1938)
setback today
a
Feb.
numerous
Nominal.
n
.
9.11
Range of future prices at New York for week ending
and since trading began on each option:
Feb. 11, 1938,
Option for—
Range for Week
Range Since Beginning of Option
ers
December
and
the feature of the early business.
was
the trade
for
good buyers.
were
The consumption report
of consumption slightly
Reports of disturbed conditions on the
January showed
above
Liverpool
December.
daily
a
rate
Feb.
1938—
7.69
Nov.
3 1937 13.85
8.44
Feb.
8
8.73
Feb.
11
7.39
Dec.
3 1937 13.97 Apr.
8.54
Feb.
8
8.89
Feb.
9
7.60
Oct.
8 1937 12.96
9.63
Aug. 27 1937 11.36 July
27 1937
8.65
Mar. 1938—
Feb.
8
8.95
Feb.
9
7.65
Oct.
8 1937 11.36
July
27 1937
Mar. 31 1937
5 1937
Apr. 1938—
May 1938June
1938—
July
1938-
Mar. 21 1937
Aug. 1938Sept. 1938—
Continent failed to
Oct.
interests and
Nov. 1938—
opening.
bring any foreign selling, and European
Liverpool bought more than they sold on the
Prices
in
the Liverpool
pathy with the firmness
at
market
Bombay.
rallied
The
in
sym¬
Continent
and
local traders
also bought, but some profit-taking
appeared,
prices closed 2 points higher.
and
The official
quotation for middling upland cotton in the
day for the past week has been:
New York market each
r
Feb. b to Feb. 11—
Sat.
Mon.
Tues.
8.64
8.61
8.74
Middling upland
Wed.
Thur#.
8.87
Fri.
8.79
8.81
Premiums and Discounts for Grade and
Staple—The
8.73
Feb.
8
9.04
Feb.
9
7.85"
Nov.
4 1937
9.04
Feb.
9 1938
Dec.
1938—
8.77
Feb.
8
9.07
Feb.
9
8.73
Dec. 29 1937
9.07
Feb.
9 1938
Jan.
1939..
8.81
Feb.
8
9.11
Feb.
9
8.67 Jan.
9.11
Feb.
9 1938
1938—
Volume of Sales for Future
28 1938
Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton
Exchange,
which we have compiled the
following table.
The
from
figures
are
given in bales of 500 lb.
gross
weight:
table below
gives the premiums and discounts for grade and
staple in relation to the base grade, Middling
established
for deliveries
contract
on
on
Feb. 18, 1938.
discounts for grades and staples are the average
quotations
of 10
Open
Contracts
Feb. 4
Feb. 5
Feb. 7
Premiums and
markets, designated by the Secretary of Agriculture,
60% of the average premiums
J^-inch cotton at the 10 markets on Feb. 10.
Feb. 8
Feb. 9
Feb.
10
Feb.
10
New York
Current crop
March.-
(1938):
and staple premiums represent
49,300
24,400
22,900
53,200
64,500
52,900
May
32,800
16,500
27,600
41,100
60,900
49,500
over
July
49,000
18,400
17,900
58,900
73,200
25,300
18,400
4,100
15,400
9,700
18,400
5,300
12,400
1,100
5,800
1,600
33,700
30,200
400
178,900
80,400
H
16-16
1 In. dk
%
15-16
Inch
Inch
Longer
Inch
Inch
White—
1 In
<ft
Longer
New crop (1939):
October
December
January
All inactive futures.
5,300
26,700
17,800
2,700
.66
.90
on
on
13
on
Good Mid
.08
on
.29
on
.51
on
on
.34
.
.69
on
.83
on
06
on
St. Mid
.08 off
.12
.61
on
.76
on
99
on
Mid
.67 off
.47 off
St. Mid
.34
on
.60
on
83 on
Mid
Basis
.25
on
47
.61 off
.36 off
St. Low MidLow Mid
Total futures
91,600 179,000 267,800 199,300 2,941,400
on
St. Good MidGood Mid
on
.28 off
Open
♦St. Low Mid.. 1.48 off 1.40 off 1.31 off
♦Low Mid
2.28 off 2.21 off 2.16 off
17 off
Contracts
Feb. 2
Feb. 3
Feb. 4
Feb. 5
Feb. 7
Feb. 8
New Orleans
21 off
Good Mid
.48 off
.32 off
.14 off
09 off
St. Mid.
.75 off
.57 off
.39 off
74 off
♦Mid
March
1,900
♦St
May..
2,050
3,400
8,350
4,400
3,650
July
4,800
11,400
2,700
13,150
12,850
3,450
4,050
10,850
1,050
3,600
4,600
850
1,550
6,850
100
500
600
500
1,000
2,400
1,200
Extra White—
Good Mid
.61
on
.76
on
.99
on
St. Mid
.34
on
.60
on
.83
on
Mid
Even
.25
on
.47
on
St. Low Mid
.61 off
.36 off
.17 off
1.38 off 11.28 off 1.21 off
Low Mid
•St. Good Ord. 2.19 off 2.14 off 2.09 off
Good Ord
2.78 olf;2.76 Off 2.74 off
•
1.54 off 1.44 off 1.37 off
Low Mid.. 2.31 off 2.26 Off 2.18 off
♦Low Mid
1.19 off 1.05 off
1.66 off 1.59 off 1.50 off
2.38 off 2.33 off 2.28 off
•Mid
.91 Off
.56 off
.36 off
...
—
8.81c.
—
...
...
13.17c.
..11.80c.
1935
12.60c.
1934... ..12.65c.
6.10c.
1933
—
1932
—
1931
—
—
1930
1929
1928
1927
1926
6.70c.
1925
1924
-.11.00c.
1923
—
—
-
—
—
.80 off
.59 off
—
—
—
..
—
15.90c.
—20.20c.
18.50c.
14.00c.
—21.00c.
—24.50c.
—34.85c.
...28.10c.
—
—
1922
1921
1920
1919
1918
1917
1916
1915
December
January
—
...
—
—
—
—
—
—
17.00c.
13.85c.
—37.55c.
—
—
Closed
Saturday
Monday
Tuesday
WednesdayThursday
Friday
..
Steady,
Quiet, 3
Steady,
Steady,
Steady,
Steady,
4 pts. adv..
pts. dec
13 pts. adv.
13 pts. adv.
6ipts. dec..
2 pts. adv..
69,300
96,900
169,900
94,950
11,400
1,600
7,800
31,150
36,250
10,400
14,100
37,500
444,050
The Visible Supply of Cotton
tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's
returns, and consequently all
—27.45c.
—31.50c.
--14.60c.
—12.00c.
8.70c.
—
on
1914- —12.75c.
191312.95c.
1912..
10.00c.
1911
14.65c.
1910- —14.90c.
1909
9.90c.
1908
---11.85c.
—
—
—
-
.
-
figures
are
foreign
brought down to Thursday evening.
To make
complete figures for tonight (Friday) we
exports from the United States, for Friday
the total show the
add the item of
only.
Feb. 11—
Stock at Liverpool
1938
bales. 1,005,000
at
—
11.00c.
Closed
SALES
Spot
1936
1935
790,000
107,000
606,000
93,000
808,000
75,000
1,184,000
261,000
332,000
15,000
897.000
206,000
278,000
21,000
49,000
14,000
9,000
15,000
12,000
10,000
699,000
250,000
206,000
16,000
69,000
*76,000
*11,000
5,000
291,000
172,000
26,000
74,000
34,000
19,000
8,000
680,000
Total Great Britain
Stock at Bremen
Stock at Rotterdam
Stock at Barcelona
Stock at Genoa
Stock at Venice and Meetre
Stock at Trieste
New York
Market
Steady...
Steady
Steady
Steady
Steady
Steady
1937
179,000
Stock at Manchester
542,000
633,000
624,000
...
-
1907
Futures
Spot Market
3,850
400
Stock at Havre
Market and Sales
1,200
(1939):
October
.42 off
Quotations for 32 Years
—
9,450
1.40 off 1.29 off 1.20 off
for middling upland at New York
Feb. 11 for each of the past 32 years have been as follows:
1936
10,500
.18 off
quotations
1938
1937
(1938)
All inactive futures..
Gray—
Good Mid
future contract.
New York
Current crop
New crop
Yel. Stained—
♦St. Mid
♦Mid
on
2.89 off 2.84 off 2.81 off
Good Mid
St. Mid
•Not deliverable
Feb. 8
Tinged—
1.38 off 1.28 off
•St. Good Ord. 2.19 off 2.14 oft
•Good Ord
2.78 off 2.76 off
—
454,700
136,700
10,900
Spotted—
Mid. Fair
The
321,500
877,700
49,700 1,139,900
Contr'ct
883,000
Total
Total Continental stocks
Total European stocks
India cotton afloat for
"319
"319
200
200
400
400
1,864,000 1,439,000 1,332,000 1,507,000
Europe
118,000
219,000
186,000
132,000
American cotton afloat for Europe
310,000
278,000
284,000
218,000
Egypt, Brazil,&c., afl't for Europe 102,000
155,000
123,000
147,000
Stock in Alexandria, Egypt
369,000
385,000
316,000
309,000
Stock in Bombay, India
748,000
968.,000
548,000
683,000
Stock in U. S. ports
3,104,466 2,141,824 2.431,043 2,629,879
Stock in U. S. interior towns
2,575,215 1,952,548 2.158.658 1,708.042
U. S. exports today
24,603
19,270
4,396
2,784
_
Total week
919
Futures—The
20'906 158,573
highest, lowest and closing prices
week have been as follows:
New York for the past
919
37,673
_
Since Aug. 1
at
Total visible supply
9,183,284 7,589,642 7,383,097 7,336.705
Of the above, totals of American and Gther descriptions are
as
follows:
Financial
146
Volume
658,000
Bremen stock
Havre stock
Other Continental stock
Europe
American afloat for
U. 8. port stock
U. S. interior stock
U. S. exports
today
-
320,000
66,000
150.000
250.000
23,000
3 10,000
273,000
323,000
129,000
224,000
307,000
62,000
278,000
bales.
62,000
206,000
190,000
60,000
284,000
51.000
245,000
138,000
88,000
218,000
3,104,466 2,141,824 2,431,043 2,629,879
2,575,215 1,952,548 2,158.658 1,708,042
24,603
19,270
4,396
2,784
—7,362,284 5,232,642 5,719,097
Total American
5,353,705
535,000
East Indian, Brazil, &c.—
347,000
470,000
283,000
50,000
37,000
25,000
25,000
118,000
Liverpool stock
41,000
45,000
33,000
41,000
219,000
31,000
44,000
16,000
117,000
186,000
Manchester stock
Bremen stock
Havre stock
Other Continental stock
Indian afloat for Europe
102,000
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
316,000
548,000
309,000
683,000
1,821,000 2,357,000 1,664,000
7.362,284 5,232,642 5,719,097
1,983,000
5,353,705
9,183,284 7,589,642 7,383,097
5.02d.
7.30d.
6.21d.
Total East India, &c
Total American
supply
Middling uplands, Liverpool
Middling uplands, New York
7,336,705
7.06d.
385,000
968,000
12.65c.
9.20d.
6.04d.
11.80c,
9.53d.
5.41d.
8.81c.
13.17c.
9.45d.
4.30d.
11.02d.
6.27d.
5.90d.
has been 23,176 bales, against 16,190 bales for
the week last year, and that for the season to date the
aggregate net overland exhibits an increase over a year ago
of 179,168 bales.
this
year
1936-37-
1937-38
In
Aug. 1
6,202,679
57,820
16,190
5,375,132
565,408
3,605,000
9,912,255
1.823,884
112,608
11
Receipts at ports to Feb.
204,010
*49.348
744,576
2,965,000
23,176
11
Net overland to Feb.
SouthernconsumptiontoFeb.il. 85,000
220,784
22,825
Total marketed.....
Interior stocks in excess
takings
consumption to Jan. 1
Excess
over
9,545,540
768,493
1,056,143
477,540
154,662
243,609
during week.
Feb. 11
11,370,176-
12,213,679
Decrease.
1,212,423;
27,721
845,501
25,357
spinn's'takings to Feb. 11-
North,
130,000
mill
Southern
of
Came into sight
Total in sight
*
Week
Aug. 1
Week
Takings
Since
Since
Sight and Spinners'
,
Movement into
sight in previous years:
Bales
Since Aug. 1-
Bales
Week—
10,887,151
-.142,498 1935
126,361 1934
150,940 1933
1936—Feb. 14
9.55d
4.42d.
Egypt, good Sakel, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple.s'fine.Liv
*
147,000
123,000
155,000
369,000
748,000
Stock in Bombay, India
Total visible
24,000
46,000
34,000
73,000
132,000
overland movement
foregoing shows the week's net
The
1935
1936
1937
1938
American—
Liverpool stock.
Manchester stock
1099
Chronicle
5.88d.
Below
97,000 bales.
been
Continental imports for past week have
7,197,454
10,170,313
-
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
available.
Figures for Jan. 24; later figures not
1935—Feb. 15
1934—Feb. 16
figures for 1938 show an increase over last
week of 453 bales, a gain of 1,593,642 over 1937, an in¬
crease
of
1,800,187 bales over 1936, and a gain of
The above
Southern and other
day
principal cotton markets for each
of the week:
Cotton on-
Closing Quotations for Middling
Week Ended
1,846,579 bales over 1935.
Wed'day Thursday
Tuesday
Monday
Saturday
Feb. 11
Friday
8.69
8.71
8.98
New Orleans
8.54
8.75
8.87
8.77
9.06
receipts for the week and since Aug. 1,
Mobile
8.58
8.56
8.70
8.82
8.74
9.00
8.76
Savannah
9.02
8.94
8.96
Norfolk
8.76
8.85
8.88
the week and the
8.79
8.55
8.95
9.10
9.00
9.00
8.90
8.85
9.00
9.10
9.00
8.95
8.98
8.96
9.10
9.22
9.14
9.16
8.55
8.55
8.50
8.65
8.75
8.70
8.55
8.65
8.77
8.70
8.69
8.70
8.65
8.65
is, the
movement—that
the
Towns
Interior
the
At
the shipments for
stocks tonight, and the same items for the
in
corresponding period of the previous year—is set out
detail below:
Galveston
Montgomery
Augusta
Memphis
Houston
8.51
8.72
8.64
8.71
Little. Rock
7
Movement to Feb.
Movement to Feb. 11, 1938
Ship¬
Hope
274
57,075
10,363
45,384
68,199
164,552
51,548
91,514
64,671
Jonesboro__
358
35,765
Rock
1,136
140,652
1,015
Ala., Birm'am
Eulaula
747
Moutgom'y
759
Selma
238
760
Ark.,Blythev.
1,139
3,051
City
Forest
Helena
Little
245
1,258
8,852
47,078
8.39
Fort Worth
8.22
8.19
8.32
8.45
8.37
8.39
1,753
62,012
Market—The closing quotations
leading contracts in the New Orleans cotton
for
the past
121
53,974
833
62,064
115.938
170
167,111
8,687
66,348
Saturday
Monday
Tuesday
490
32,162
10,482
Feb. 5
Feb. 7
42,205
329
58,782
1,394
3,390
Feb. 8
32,457
236
26.873
96
53,898
910
1,081
2,398
1,424
28,339
99,844
3
18,836
19
10,302
March.
1,136
175,014
7,636
89,007
April
70
13,764
May
2,694
27,479
127,799
8,038
48.609
June
132
43,452
242
14,746
July......
13,259
713
17,885
August
September
1,540
12,099
13,402
8.77
8.91
8.83
8.86
8.87
8.98
8.91
8.93
8.96
9.00
9015- 902a 9.065-9.07O
300
29,115
300
30,372
17,100
278,770
10.626
235,219
October
2,537
167,781
4,062
115,884
November
600
200
36,300
December-
8.99
8.95
9.07
35,609
650
13,125
37,671
400
581
521
38,226
Jan.
9.01
8.97
9.07
50
21,824
69,606
76,288
200
20,998
200
31,907
100
99,389
1,000
17,157
1,470
17,044
37,378
34,000
100
153,863
37,854
7,925
533
300
32,769
3,839
282.183
6,348
2,000
186
63,795
17,444
857
48,540
1,312
Columbus—
400
23,400
Macon
896
Rome
125
42,891
16,477
144,889
230,058
1,493
6,554
68
—
404
La., Shrevep't
Miss., Clarksd
6,565
Columbus..
4,582
265
-
-
254,116
12,000
29.022
200
59,011
18,526
1,200
1,055
18,380
2,828
138
38,612
833
7,330
City
503
74,455
1,451
106,039
29,453
11,950
21,421
38,831
76
51,310
2,381
5,480
Mo., St. Louis
N.C., Gr'boro
6,695
6.713
2,350
8,663
229,001
8,285
2,298
27
118,281
3,691
154
3,182
151
7.968
278
3,787
4.990
504,254
9.614
196,052
461
172,478
2,681
91,289
95,497
6,763
70,163 2061,590
3,477
84.436
13,907
75,390
679,209
175
118
Greenwood
.
Jackson
Natchez
"389
Vicksburg—
•»
-
Oklahoma—
15 towns
*_
S. C., Gr'vUle
Mem's
35
980
45,185
17,317
13,364
108,061
1,561
298
Brenham
19
__
m
«.
•»
.
receipts
912
433
3
407
26
503
20,691
41
7,993
357
34,599
77,706
439
18,076
468
2,843
4f,591
307
88,416
516
86
824
315
~
1,022
2,109
•
-
-
«.
97,666 5224,095 147,014 1952,548
totals
show
the
that
same
during
(1939)
8.79
8.93
8.94
8.90
9.04
9.10
interior
—
9.04
—
9.095-9.10a
9.06
—
9.11
Steady.
Steady,
Steady.
Steady.
Steady.
Steady.
Steady.
.
Steady.
Steady.
Steady.
Steady.
Steady.
of CCC Through Feb. 3 Aggregated
4,883,701 Bales—Announcement was made
on
Feb. 4 by the Commodity Credit Corporation that
"Advices of Cotton Loans" received by it through Feb. 3,
1938, showed loans disbursed by the Corporation and held
by lending agencies on 4,883,701 bales of cotton.
The
amount of the loans aggregated $213,734,439.43 and repre¬
sented an average loan of 8.38 cents per pound.
Figures showing the number of bales on which loans have
been made by States are given below:
Loans
Cotton
$213,734,439
on
-
Bales
728,112
62,770
532,360
41,686
989
—
406,013
State
Alabama
Arizona
Arkansas
-
California
Florida
-
Georgia
267,369
511,451
stocks have
week last year.
9.13
9.15
—
Tone—
Spot
Options
Mississippi
bales
the week 22,825
__
8.82
9.03
Louisiana
totals of 15 towns in Oklahoma.
and are tonight
bales more than at the same period last year.
The
at all the towns have been 30,341 bales more than
increased
622,667
78,649
68,855
8,686
12
129
w
Includes the combined
above
58
931
Total, 56 towns 128,007 5567,332 150,832 2575,215
The
6,003
13,698
555
15,657
7,561
-
San Antonio
Waco—
4,107
13
14
63
92,578
2
112
Robstown.,
89.770
633,849
180
10,286
5,677
408
Paris
6,286
46,432
38,336
15,977
26,127
82
Dallas
161,602
37,661
Austin
4,077
34,989 2153,251
8,824
1,663
2,716
254
Texas, Abilene
Texarkana
Feb. 11
8.73
8.76
140,806
34,450
7,319
Augusta
Friday
Feb. 10
Feb. 9
8.64
8.66
8.75-
154,186
1,250
Athens
Thursday
Wednesday
Feb.(1938)
530
26
Atlanta
market for
week have been as follows;
2,179
234
the
8.37
4,551
Walnut Rge
Ga., Albany -.
*
8.45
6,332
2,781
1,526
2,559
2,628
Tenn.,
8.32
27,494
86,104
37,430
17,760
37,599
Bluff-
Yazoo
8.19
New Orleans Contract
46,452
10,269
196
1,625
8.22
Feb.
11
4,115
69,449
2,911
;
Week
Season
Week
11
1,487
Stocks
ments
43,945
8,613
51,740
62,285
45,272
173,224
61,395
16,547
43,131
155,145
148,338
346
Newport
Pine
Receipts
8.45
Dallas
11, 1937
Ship¬
Feb.
Week
Season
Week
Stocks
ments
Receipts
Towns
8.50
8.60
'
'
Returns
by
-
North
Carolina
Oklahoma
South Carolina.-.
Tennessee
—
Texas
-
Bales
76,088
43,825
98,090
82,574
215,146
248,996
1,558,988
9,244
Virginia
Telegraph—Reports to us by telegraph this
evening denote that even
belt has
State—
Missouri
New Mexico
though the weather over the cotton
been little or no in¬
recently improved, there has
in field work, mainly because of the uncertainty
what the Government's new cotton program will be.
crease
-
about
Thermometer-
Rain
Overland Movement for the
We
give below a statement showing the overland
and since Aug. 1, as made up from
for the week
reports Friday night.
The results for the
Aug. 1 in the last two years are as follows:
1937-38
Since
Feb. 11—
Shipped—
Aug. 1
Week
Via St. Louis
6,713
1,750
Via Mounds, &c
Via Rock Island.
-
59
Via Louisville
Via
118,546
86,216
2,374
3,729
3,920
17,767
Virginia points
Via other routes, &c
-30,209
Deduct Shipments—
103,584
..
602,924
917,373
movement
telegraphic
week and since
1936-37
Week
8,285
985
186
3,319
12.000
24,775
228,581
111,652
3,662
6,648
124,965
416,520
892,028
6,408
8,334
24,059
8,109
294.452
7,033
7,033
172,797
8,585
326,620
-23,176
23,176
744,576
16,190
565,408
..
..
Total to be deducted
446
179
251
63
54
0.36
0.01
80
50
38
60
63
57
70
0.01
0.01
74
62
68
72
48
60
0.09
76
78
52
64
44
61
78
76
58
48.
68
74
78
74
58
66
56
67
38
56
76
38
57
76
78
44
54
66
78
50
40
64
64
2
1
2
Houston
—
Palestine
Port Arthur
San
Antonio
2
1
1
1
Oklahoma—Oklahoma City—
Arkansas—Fort Smith—-—
1
Little Rock
Louisiana—New Orleans
Shreveport
Mississippi—Meridian
Alabama—Mobile
Birmingham
Montgomery
—
Florida—Jacksonville
*
overland*
Including movement by
rail to Canada.
Pensacola
3
1
Tampa
Leaving total net
1
Miami
dry
0.20
0.01
0.20
0.02
dry
dry
0.02
dry
dry
dry
78
Low
dry
77
drydry
dry
1
Vicksburg
76
dry
1
El Paso
14,544
5,789
152,464
.-
32
1
Christ!
Del Rio
Aug. 1
57
76
76
,
Brownsville
Since
69
^
—
Abilene
Corpus
Dallas
High
0.03
dry
Amarillo—
Austin..
Inches
3
Texas—Galveston
Rainfall
Days
Week and Since Aug. 1—
78
50
47
48
78
48
80
76
54
68
76
54
84
58
0.74
0.32
0.02
0.01
78
Mean
62
60
59
62
63
63
67
72
65
71
1100
Financial
Rain
Rainfall
Days
Inches
Low
High
0.18
79
46
74
42
58
Augusta
Macon
South
dry
dry
-
Carolina—Charleston—
78
North Carolina—Asheville
Charlotte
1
61
45
61
0.04
70
76
34
55
Raleigh
1
0.12
38
57
Wilmington
2
0.10
76
76
57
Tennessee—Memphis
Chattanooga
1
0.02
1
0.14
75
72
38
41
42
2
0.38
78
38
dry
Nashville
32,000 bales.
59
44
76
0.22
40
78
2
26
of
decrease of 761,000 bales.
48
60
.
57
58
The 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:
Feb. 11,1938
Feet
Alexandria
Receipts and Shipments—We now re¬
cable of the movements of cotton at Alexan¬
The following are the receipts and shipments
for the past week and for the
corresponding week of the
previous two years:
ceive
weekly
dria, Egypt.
a
Alexandria, Egypt,
1937-38
Feel
Above
zero
of gauge.
9.8
17.8
200,000
7,296,970
This week
Above
zero
of gauge.
19.9
Since Aug. 1
Nashville
Above
zero
of gauge.
12.9
48.5
30.2
...Above
Above
zero
zero
of gauge.
of gauge.
19.6
26.2
51.3
from
the
15.6
Plantations—The
1935-36
210,000
7.903,963
6.892,016
Receipts (centars)—
New Orleans
Receipts
1936-37
Feb. 9
Feb. 11, 1937
Memphis
Shreveport
Vicksburg
1938
decrease
62
0.02
Feb. 12,
According to the foregoing, Bombay appears to show a
compared with last year in the week's receipts of
Exports from all India ports record a decrease
125,000 bales during the week, and since Aug. 1 show a
Mean
1
1
Atlanta
Chronicle
-Thermometer-
following
This
Exports {Bales)—
Since
Aug.
8,600
116,696
106,287
439,012
Liverpool.To Manchester, &c
table
indicates the actual movement each week from the
planta¬
tions.
The figures do not include overland
receipts nor
This
Week
To
To Continent &
India
Since
Week
1
90,000
Aug.
This
Aug.
9,000 139,487
429,984
27,282
8,000 678,220
30,000 721,920
1
146,697
98,271
437,009
24,324
125,167
21",606
16,225
To America
Since
Week
1
15",660
Southern
consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Week
Slocks at Interior Towns
Receipts at Ports
Total exports
Receipts from Plantations
End.
Manchester
1937
1936
1936
1937
1936
15,000 706,630
Note—A cantar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the
receipts for the week ended Feb. 9 were
200,000 cantars and the foreign shipments were 8,000 bales.
1935
1937
1936
1935
Market—Our report received by cable to¬
states that the market in both
yarns
night from Manchester
and in cloths is
Nov.
12. 246,688 264,096 330,485
2342,886 2316,783 406,335 305,198 359,714
19. 195.034 251,440 271,993 2459,694 2373,757 2321,538 267,158
28,2311 276,748
26. 160,560 217,564 222,432 2501,559 2397,188 2350,425 202,425
240,994 251,319
We
steady.
Stocks of goods are accumulating.
give prices today below1 and leave those for previous
for comparison:
weeks of this and last
year
Dec,
3.
169.362 211,898 258,950 2545,908 2366,617 2358,279 213,711 181,327 266.804
10. 165,506 133,018 157,455 2610,850 2327,953 2369,180 230,448
194,354 188,356
17. 169,71) 143,595 188,143 2640,423 2290,467 2371,801
199,284 106,109 190,764
1937
8)4
24.
139,333 119,319 158,812 2663,852 2253,715 1911,138 162,762
82/67 169,268
31. 141,563 117,505
99,705 2658,348 2250,247 2361,505 147,067 112,749
78,953
1937
1938
Jan.
7.
14.
125,265
121,714
21.
116,840
1936
1938
1937
1936
1938
1937
120,588
98,804 2619,799 2180,501 2337,209
86,716
92,756 2613,016 2142,612 2311,287 128,497
82,643 103,103 2629,639 2090,671 2285,388 133,463
86.523 2628,795 2046,413 2249,736 119,744
61,831
4.
104,958
54,826
11.
112,608
57,820
28.
32.? Cop
26,355
74,508
23,351
30,702
77,204
17,573
50.871
Feb
to
d.
66,834
1936
Shirt¬
ings, Common
Twist
1936
96,101
61,240
Lbs.
s.
s.
814 Lbs. Shirt¬
d.
10,309
8,472
12
lO^@12Bi
—
19.. 10«/i@12
26-- 10«/4@12
9 10M@10
9
IX
d.
4.63
d.
11
(1) That the total receipts
from the plantations since Aug. 1, 1937, are
8,018,061 bales;
in 1936-37 were 6,132,341 bales and in 1935-36 were
6,875,005
bales.
(2) That, although the receipts at the outports the
112,608 bales, the actual movement from
plantations was 135,433 bales, stock at interior towns
having decreased 22,825 bales during the week.
for the last two
seasons
from ail
sources
obtainable; also the takings
sight for the like period:
are
from which statistics
amounts
or
out
gone
of
d.
s.
9
@11
d.
0
6.71
IX
4.55
11
IX
4.64
11
9 10H@10
9 10M@10
11K@12H 10
11H@12H 10
9
@11
0
6.81
9
@10
4X
6.93
17-
9
IX
IX
IX
IX
IX
4.65
10.. 10K@11«
nx@i2*4 10
UX@12X 10
UX@12X 10
6
@10
9
6.88
6
@10
9
7.61
6
@10
9
7.10
6
7.11
3—
10XWA
10H@115i
24.. 10^@11%
31
—
10X@UH
Jan-
10H@10
9 10H@10
9 10H@10
4.70
4.81
4 88
4.84
19 38
7— lOtf @12
14—
10^@11^
21
loxmix
28- ioy8@nx
—
9
@10
6
6 76
@11
0
6.72
,
19 37
IX
IX
4.97
UX@12X
11^@12^
9
4
@
9
6.02
9
4
@
9
6
9 10J4@10
9 10M@10
IX
IX
4.93
12
@1214
9
6
0
7.16
4.82
12tf@13H
9
6
@10
@10
0
7.34
12H@13H
12X@13X
9
6
@10
0
7.30
9
6
@10
0
7.30
10X@11%
9
9
@10
4.93
11- IOXGHIX
9
9
@10
5.02
Shipping
3
9
10^@10
10H@10
9
Fph
f t/U,
4„
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
d.
10H@I0
past week were
World's Supply and
8.
@1214 10
@121* 10
@12tf 10
9 10H@10
17,101
26,023
The above statement shows:
Middl'g
Upl'ds
to Finest
Nov.
Ilp/l
70,572 2598,040 2001,896 2196,265 74,203
63,630 2575,215 1952,548 2158,658 135,433
Cotton
ings, Common
32? Cop
Twist
Middl'g
Upl'ds
Finest
d.
Cotton
News—As
shown
on
a
previous
7.20
page,
the
exports of cotton from the United States the past week have
reached 77,542 bales.
The shipments in
detail,
up
from mail and telegraphic reports,
are as
as
made
follows:
Bales
Cotton
Takings,
1937-38
GALVESTON— To Ghent—Feb. 5—Nevada, 375
To Antwerp—Feb. 5—Nevada, 150
1936-37
Week and Season
-
Week
Visible supply Feb. 4
Visible supply Aug. 1
American in sight to Feb. 11.
Season
Season
7,664,325
4,339,022
4,899",258
243,609 12,213,679
82,000
1,016,000
18,000
282,000
40.000
1,452,000
20,000
269,000
Bombay receipts to Feb. 10—
Other India ship'ts to Feb. 10
Alexandria receipts to Feb. 9Other supply to Feb. 9*6
Total supply
9,586,440 19,571,901
Deduct—
Visible supply Feb. 11
9,183,284
Total takings to Feb. 11
Of which American
To
Week
9,182,831
a
154,662 11,370,176
114,000
1,616,000
67,000
488,000
42,000
1,584,200
18,000
332,000
8,059,987 20,289,634
9,183,284
7.589,642
403,156 10,388,617
253,156 7,268,817
150,000 3,119,800
Of which other
•
Embraces receipts in
a
7,589,642
470,345 12,699,992
306,345 9,228,792
164,000 3,471,200
This total embraces since
Aug.
Europe from Brazil, Smyrna, West Indies, &c.
1 the total estimated consumption by
Southern mills, 2,965,000 bales in 1937-38 and
3,605,000 bales In 1936-37—
Copenhagen—Feb. 5—Vasaholm, 478
To Havre—Feb. 5—Nevada, 1,775
To Dunkirk—Feb. 5—Nevada, 1,074.
To Genoa—Feb. 5—Nicolo Odero,
2,523
To Oslo—Feb. 5—Vasaholm, 396
To Gdynia—Feb. 5—Vasaholm, 1,310
To
Gothenburg—Feb. 5—Vasaholm, 859
To Bremen—Feb.
10—Eisenach, 981
To Bremen—Feb. 4r—Bockenheim,
4,043
To Hamburg—Feb. 4—Bockenh eim, 22
To Havana—Feb. 1—Ruth
Lykes, 38
To Buena Ventura—Feb. 1—Ruth
Lykes, 92
To Liverpool—Feb.
9—-Emilie Maersk,
6,408
Feb.
10—
Haytonian, 2,992
To Manchester—Feb.
10—Haytonian, 905
HOUSTON—To Ghent—Feb. 4—Nevada, 100
Feb. 9—Leerdam,
250...Feb. 11—Floridee. 35---•To Antwerp—Feb. 4—Nevada, 350
Feb. 11—Floridee, 109To Bordeaux—Feb. 11—Floridee, 743
To Havre—Feb. 4—Nevada, 1,549
Feb. 11—Floridee, 9—
To Dunkirk—Feb. 4—Nevada, 376
Feb. 11—Floridee, 183
India Cotton Movement from All
Ports—The
ports for the week and for the
season
for three years,
follows:
have been
as
1937-38
from
Aug. 1
as
1936-37
1935-36
Feb. 10
Receipts—
Since
Week
Bombay
Aug. 1
82,000 1,016.00C
Since
Week
from—
Britain
Jap'n&
nent
China
Since
Week
Aug. 1
Since Aug. 1
Exports
Conti¬
Aug. 1
114,000 1,616,000 103,000 1,189,000
For the Week
Great
cabled,
Great
Conti¬
Japan &
Total
Britain
nent
China
Total
Bombay—
1937-38-
4,000
1936-37-
3,000
1935-36-
18,000
81,000
94,000
18,000
330,000
173,000
26,000
33,000
450,000
799,000 1005,000
61,000
35,000
188,000
522,000
18,000
18,000
90,000
192.000
48,000
282,000
67,000
180,000
8,000
2,000
14,000
io'ooo
143,000
308,000
264,000
488,000
8,000
Other India-
1937-381936-37—
19~666
1935-36-
124,000
308,000
745,000
407,000
Total all—
1937-38-.
4,000
1936-37-
22,000
58,000
1935-36-.
2,000
34,000
18,000
14,000 36,000
81,000 161,000
33,000 69,000
108,000
316,000
213,000
481,000
452.000
178,000
308,000 732,000
799,000 1493,000
522,000 1152,000
396
1,310
859
981
4,043
22
38
92
9,400
905
385
459
743
1,558
559
257
-
To Marseilles—Feb. 3—Nicolo Odero, 257
To Genoa—Feb. 3—Nicolo Odero, 1,323
To Bremen—Feb. 7—Eisenach, 1,061
To Liverpool—Feb. 4—Mathias Stinnes,
receipts
Bombay and the shipments from all India
478
1,775
1,074
2,523
-
takings not being available—and the aggregate amounts taken
by Northern
and foreign spinners, 7,423,617 bales In
1937-38and9,904,992 bales in 193637, of which 4,303,817 bales and 5,623,792 bales American,
b Estimated.
of Indian cotton at
375
150
-
.
1,323
1,061
1,241—Feb.
10—
Emilie Maersk, 1,135
To Manchester—Feb. 4—Mathia^ Stinnes, 906
To London—Feb. 4—Mathias Stinnes, 80
To Gdynia—Feb. 4—Mathias Stinnes, 320To Rotterdam—Feb. 9—Leerdam, 242
2,376
906
80
320
242
To Riga—Feb. 9—Leerdam, 61
CHARLESTON—To Trieste—Feb. —Laura O, 100
NEW ORLEANS—To Bremen—Feb 5—Lockhaven, 1,028
To Melbourne—Feb. 5—Lindenbank, 300
To Hull—Feb. 3—Youngstown, 533
To Marseilles—Feb. 1—Istria, 457
To Japan—Feb. 3—Kakuragi Maru, 538
To Copenhagen—Feb. 7—Brasilien, 100
To Gdynia,—Feb. 7—Brasilien, 250To Liverpool—Feb. 3—Logician, 7,097
To Manchester—Feb. 3—Logician, 2,596
To Genoar—Feb. 2—Ada O, 5,886
To Naples—Feb. 2—Ada O, 500
To Leghorn—Feb. 2—Ada O, 100
To Ancona—Feb. 9—Maria, 1
To Venice—Feb. 9—Maria, 3,189
To Trieste—Feb. 9—Maria, 1,057
1 --rrTTo Susac—Feb. 9—Maria, 300
To Havana—Feb. 2—Sixaola, 25
Feb. 2—Cefalu, 300
LAKE CHARLES—To Ghent—Feb.
9—Syros, 708
To Havre—Feb. 9—Syros, 193
To Rotterdam—Feb. 9—Syros, 450
PENSACOLA, &c.-To Liverpool—Feb. 8—Azalea City, 216
To Manchester—Feb. 8—Azalea
City, 215—
To Havre—Feb. 8—Yaka, 1
To Bremen—Feb. 8—Lekhaven, 300
JACKSONVILLE—To Liverpool—Feb. 9—Tulsa, 60
To Manchester—Feb.
9—Tulsa, 1,
NORFOLK—To Dunkirk—Feb. 8—Collamar, 149
To Bordeaux—Feb. 8—Coll am
er, 68
To Hamburg—Feb. 11—City of Hamburg, 1,502
61
100
1,028
300
533
457
538
100
250
7,097
2,596
5,886
500
100
1
3,189
1,057
300
325
708
„
193
450
216
215
1
300
60
1
149
-
-
_
68
1,502
Volume
Financial
146
Bales
CORPUS CHRISTI—To Liverpool—Feb. 6—Daytonian, 1,872..
To Manchester—Feb. 6—Daytonian, 297.
:
LOS ANGELES—To Liverpool—Feb. 7—Pacific Shipper, 676—
To Havre—Feb. 5—San Diego, 2,050
To Dunkirk—Feb. 5—San Diego, 100
To Japan—Feb. 5—La Plata Maru, 4,017
Chronicle
season's
2,050
100
Feb. 7—Yamasato
Maru, 2,695
Kinai Maru, 2,764
To China—Feb. 5—La Plata Maru, 100
9,476
100
domestic winter wheat territory southwest were also given
attention. A countering influence, however, was that new
export business in North American wheat lacked volume.
Considerable
passage
Total.
77,542
Cotton
Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Stand¬
High
High
Density
Stand¬
High
Stand¬
.67c.
Trieste
d.45c.
.60c.
Piraeus
ard
Density
1.00
.85c.
Manchester.52c.
•67c.
Flume
d.45c.
.60c.
Salonlca
.85c.
Antwerp
.52c.
.67c.
Barcelona
Havre
.52c.
.67c.
Japan
ard
Density
.52c.
Liverpool
ard
*
*
Venice
*
.72c.
.72c.
l.oo-
d.85c.
.67c.
Shanghai
d.45c.
.60c.
Bombay
.50c.
.65c.
Copenhag'n.57c.
Naples
d.45c.
Leghorn
d.45c.
Oslo
.58c.
.73c.
Bremen
.52c.
.67c.
Gothenb'g
Stockholm
.63c.
.78c.
Hamburg
.52c.
,67c.
Rotterdam .52c.
Genoa
♦
No
quotations.
x
Only small
♦
x
lots,
*
.60c.
Feb. 4
Feb. 11
66,000
51,000
50,000
54.000
1,106,000 1,141,000 1,126,000 1,184,000
680,000
726,000
722,000
787,000
67,000
87,000
37,000
94,000
Totai stocks
NtOf which American
Total imports
43,000
73,000
21,000
71,000
Amount afloat
261,000
255,000
255,000
175,000
LuOf which American
167,000
147,000
148,000
85,000
KOf which American.
The tone of the
Liverpool market for spots and futures
each day of the past week and the daily closing prices of
spot cotton have been as follows:
Saturday
Spot
Tuesday
Monday
Thursday
Wednesday
Futures,
f
{
Market
opened
Market,
4
P. M.
5.01d.
Quiet.
5.01d.
4.91d.
4.93d.
4.96d.
Mid.Upl'ds
and un¬
changed.
Quiet. "
Quiet.
Quiet.
More
demand.
-{
L
12:15
P. M.
Friday
Quiet,
(
Market,
5.02d.
Steady:
Quiet but
Steady,
Quiet, un¬
1 pt.
changed to 8 to 9 pts. steady, un¬ 1 to 3 pts.
changed to
advance.
advance.
1 pt. dec.
changed to
2 pts. adv.
decline.
1 pt. adv.
Quiet but
Quiet but
Steady,
Quiet but
Quiet but
Steady,
2 pts.
steady, un¬ stdy., 2 to 10 to 11 pts stdy., 4 to st'y: 2 pts.
decline.
advance.
5 pts. adv.
advance.
changed to 3 pts. dec.
Quiet,
Quiet,
un¬
1 pt.
Prices of futures at
Feb. 5
closed %a. to lMc. net higher.
d.
d.
d.
d.
d.
d.
d.
d.
d.
March (1938)--
4.81
4.84
4.80
4.81
4.90
4.92
4.90
4.88
4.91
4.90
May
4.90
4.87
4.89
4.86
4.87
4.95
4.98
4.96
4.93
4.96
4.95
4.94
4.92
4.94
4.90
4.91
5.00
5.02
5.00
4.98
5.01
5.00
5.01
4.98
5.01
4.97
4.98
5.06
5.08
5.06
5.03
5.06
October
-
5.03
5.03
December
5.06
5.04
March
5.09
—
5.09
May
5.11
5.11
July_
5.12
-
-
-
5.03
5.12
—
-
-
_
-
5.11
—
5.16
5.08
—
—
-
.
5.18
5.19
5.09
5.07
5.05
—
5.13
5.06
--
-
5.10
5.00
-
5.02
5.06
January (1939)
bushel
a cent a
a
highly buoyant
rose
1-^c.
bushel
a
Improved export demand for Ameri¬
Southwest, counted also
disposed
as an
over
moisture shortage
influence toward higher
today of 1,700,000 bushels of wheat to Great
buying of wheat for ship¬
Britain.
Estimates of overnight
ment
to Europe put the amount at
400,000 bushels, in¬
cluding 250,000 bushels of United States hard winter wheat
for Great Britain.
There were also advices that Germany
taking more wheat at this time than a year ago, having
imported 12,616,000 bushels so far, against only 3,424,000 in
the corresponding period last year. On the 9th inst.
prices
closed %g. to y8e. net higher. The market was firm
during
most of the session, prices showing substantial
gains at
times, which latter of course brought out considerable
profit-taking. Helping to lift wheat values was continued
export demand for wheat from North America, with esti¬
mated purchases of 500,000 bushels, chiefly United States
hard winter wheat to be shipped via the Gulf of Mexico.
Persistent drought in domestic wheat areas Southwest and
West, with reports of dust and high winds, were also a stimu¬
lus.
With no moisture of consequence in prospect for
domestic drought regions, and only light supplies of wheat
in Canada, with no aggressive selling pressure from Argen¬
tina, friends of higher prices built hopes largely on increases
of European demand.
A report that Germany was buying
was
Buenos
Aires
was
wheat futures
5.11
5.08
5.11
more
5.10
less
or
attracted considerable notice,
offset
by
official estimate that
an
purchase of Australian wheat
the
last two days
amounted to around 4,000,000 bushels.
On the 10th inst. prices closed % to lc. lower.
Disap¬
pointing current export trade in United States wheat, to¬
5.05
—
—
today.
wheat, together with uneasiness
in the
Britain's
Fri.
Thurs.
Wed.
Tues.
4.84
July
today appeared to have
Chicago wheat values, which
on
maximum late
can
% of
On the 8th inst. prices
The strength and vigor of
Australia's wheat crop totaled 20,000,000 bushels more than
last year's output.
It was observed likewise that Great
d.
d.
New Contract
Chicago wheat fluctuations today kept
virtually unchanged.
the stock market
ocean
Under
Liverpool for each day are given below:
Mon.
Sat.
closed
on
values.
but
Close Noon Close Noon Close Noon Close Noon Close Noon Close
11
and
wheat
on
dec.
to
Feb.
of
drag
The fact was not overlooked, though, that
Australia received the lion's share of export business, and
Jan. 28
Jan. 21
a
wheat values.
d Direct steamer.
Liverpool—By cable from Liverpool we have the follow¬
ing statement of the week's imports, stocks, &e., at that port:
Forwarded
stocks
of
within unusually narrow limits of but
.60c.
.57c.
enlargement
to Europe served, too, as
such circumstances
effect
1.00
Unabated dust storms and dry weather in
peak.
1,872
297
676
1101
gether with predictions that Europe would buy only mod¬
erate quantities from this country the remainder of the
season,
did much to pull Chicago prices down.
One leading
asserted that the United States was the sole
authority
5.11
5.13
—
5.13
5.15
Nation which possessed an important surplus of wheat not
--
5.14
5.16
likely to disappear Within the year.
—
—
—
—
few loads of
A few loads of Cana¬
dian
wheat and
were
October
all that was purchased from North America today for
shipment
BREADSTUFFS
resumed
Friday Night, Feb. 11, 1938
tralian
ica,
Flour—Following
the
bushel in wheat prices,
recent
slump
of
about
lc.
per
flour in this area was marked down
5c. per barrel by leading
standard bakery patents.
millers.
This applied only to the
A 10c. advance of family patents,
tive this morning.
Sales resistance of bakers appears more
Only a routine business is passing, and even
pronounced.
this is hard to obtain.
there
is
no
indication
their current frame of
Observers state that at the moment
that
consumers
will
deviate
from
mind.
Wheat—On the 5th inst.
Trading
becomes effec¬
prices closed M to
lower.
light, and there being no real substantial
was
sup¬
port, wheat prices fell back from an early advance of almost
a cent a bushel and closed at fractional losses for the session.
Scattered buying orders, presumably inspired by firmness in
the Liverpool
this
In spite of
encouragement the speculative element showed no dis¬
position to take an aggressive position on the upward side,
and this was especially surprising in view of the continued
unfavorable weather conditions in the Southwest and the
cast
an4
political developments in Europe.
The weather fore¬
suggested unsettled weather in the Southwest, however,
some traders expressed hope long overdue precipitation
grave
might be received soon. Only scattered overnight export
business in North American wheat was reported.
On the
7th inst. prices
that European
closed J^c. off to l/i<s.
up.
Persistent talk
importers must sooner or later become active
buyers from this country, had a steadying effect on Chicago
wheat
prices today.
accelerated
decrease
One reason that traders gave
of the United States wheat
was an
visible
supply total today to almost 62,000,000 bushels under the
It
offerings
reported
was
and
United States hard winter
that
Russia
that
big discounts
on
had
Aus¬
wheat had taken the
Tumbles
wheat.
of Kansas
of
play away from North Amer¬
sellers of United States hard winter
wheat
values
here
in
were
the
face
reports that high winds and above normal tem¬
depleted soil moisture in virtually
Kansas, and that a large portion of the wheat in
sections was completely destroyed.
peratures had further
all
of
Today prices closed % to %c. net lower.
Wheat moved
%c. maximum today in pre-holiday dealings.
downward
Export takings of North American wheat totaling 490,000
bushels were about the sole supporting influence.
Most
of this export business, however, was in Canadian wheat,
with Australian shipments much larger than either last
week or a year ago.
Prospects of moisture relief for dry
districts of United States winter crop territory were another
factor that tended to bring about lower wheat values.
One
Australia could export 17,500,000 bush¬
els more wheat than at this time last year.
Only very
small export business overnight in United States wheat
was noted.
Open interest in wheat was 90,968,000 bushels.
estimate figured that
wheat market and in New York stock, lifted
Chicago wheat almost a cent at the opening.
Europe.
wheat
especially from
some
announced Wednesday, remains in force and
to
a
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
Sat.
No. 2 red—DAILY
—112%
-
CLOSING
PRICES
OF
Season's
94%
90%
90 J
—-
—
High and
May
122%
July
105%
September.— 92%
Tues.
111% 112%
WHEAT
Sat.
May
July
—
September
Mon.
Wed.
FUTURES
Mon.
94%
90%
90%
Tues.
95%
91%
91%
Thurs.
113%
IN
Wed.
112_
CHICAGO
Thurs.
95%
91%
91%
When Made
I
Season's Low and
July 29. 1937 May
85%
Sept.28, 1937 July--—— 81%
Feb.
9, 1938 j September
86%
Fri.
112%
Fri.
95%
94%
91%' 90]
90
When
Made
Nov.
8,1937
Nov.
Jan.
8.1937
6, 1938
DAILY CLOSING PRICES OF BONDED WHEAT IN WINNIPEG
Sat.
May
July
—
-
October
Mon.
Tues.
Wed.
Thurs.
Fri.
127% 127% 128% 129% 128% 128
-119
119% 120% 121% 120% 119%
99% 100% 101% 101% 100%,100%
Corn—On the 5thinst.
prices closed Y8g'. to %c7off.""This
change even though sales of
200,000 to 300,000 bushels for export were reported overnight.
New Orleans cleared 231,000 bushels today (Saturday). On
the 7th inst. prices closed xAg. to ^c. off.
With corn export
market
showed virtually no
Financial
1102
business
Chronicle
prices lacked buying support.
On the
prices closed %o. to 1 Kc. net higher. This market
appeared to derive most of its firmness from the vigor and
strength of the wheat market. On the 9th inst. prices closed
l/gc. off to
up.
Export buying of corn totaled 200,000
bushels.
Corn futures trading showed considerable broaden¬
nil,
8th inst.
10th
the
inst.
prices closed
unchanged
%c.
to
1938
12,
Saturday and since Aug. 1 for each
of the last three years:
Flour
Wheat
Corn
Oats
bbls. 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at-
Chicago
234,000
Rye
Barley
bush 56 lbs bush 48 lbs
164,000
1,547,000
344,000
82,000
185,000
Minneapolis
338,000
397,4)00
114,000
75,000
641,000
Duluth
ing in volume, whereas to arrive bookings of corn at Chicago
were reduced to almost nothing.
y
On
Feb.
for the week ended last
corn
169,000
234,000
88,000
23,000
145,000
519,000
_
.
Milwaukee.
2,000
27,000
4,000
21,000
97,000
106,000
8,000
1,000
14,000
335,000
150,000
194,000
642,000
104,000
19,000
Toledo
up.
Indianapolis
Trading was light, with some buying for Eastern interests.
St. Louis
No export business was reported.
Today prices closed un¬
changed to V4c. up.
This market was steady, though with
Peoria
62,000
23,000
553,000
34,000
Kansas City
Omaha
12,000
632,000
407,000
354,000
74,000
52,000
1,000
24,000
142,000
12,000
111,000
St. Joseph
small volume of business.
Wichita
DAILY CLOSING PRICES
OP CORN IN
Mon.
Sat.
No. 2 yellow...
72%
NEW YORK
Tues.
72%
Wed.
73%
Th.urs.
73%
Fri.
73%
30,000
.
33I600
36,000
80,000
126,000
...
4,000
124I600
8,000
2,000
8,000
171,000
Sioux City.
Buffalo
744,000
246,000
3,000
46,000
1,658,000
73%
Tot. wk. '38
438,000
2,106,000
5,522,000
1,210.000
243,000
DAILY CLOSING PRICES OP CORN FUTURES IN CHICAGO
Same wk '37
480,000
1,455,000
2,733,000
956,000
Same wk *36
341,000
1,629,000
3,485,000
968,000
1,490,000
164,000
Sat.
438,000
1,271,000
May
July
September
*
Season's
May..
July
September
59%
00%
60^
— —
and
74
00%
02%
High
-
Mon.
Tues.
58%
59%
60^
Wed.
59%
00%
01%
Thurs.
59%
00%
01%
When Made
Season's Low and
July 29, 1937 May..
55%
Sept.30. 1937 July..
50%
Jan.
8. 1938 September
59%
Fri.
59%
59%
01
01%
00%
01%
When
Since Aug. 1
1937
10,325,000 213,085,000 168,355,000
1936
Made
11,608,000 158,580,000 102,846,000
10,111,000 251,750,000 90,043,000
1935
Nov. 30. 1937
Nov. 30. 1937
Feb.
2, 1938
Total receipts of flour and grain at the seaboard ports for
the week ended
hi Oats—On the 5th inst. prices closed unchanged to Mc.
lower.
This market was quiet and without feature.
On the
7th inst. prices closed unchanged to 34c. advance.
There
was very little of interest in this department.
On the 8th
inst. prices closed 34c. decline to 34c. advance.
This market
was quiet, with trading largely routine.
On the 9th inst.
prices closed 34c. higher.
Trading was light and without
any
10th
the
There
was
no
DAILY
news
prices closed unchanged to %c. off.
of importance concerning this grain.
%c. off.
unchanged to
CLOSING PRICES
OP OATS
Trading
31%
tliQh and"1 When
33%
32%
30%
July
Oct.
Jan.
Tues.
31%
29
28%
29
28%
September
FUTURES
Mon.
Sat.
May
July
September
IN
Mon.
Sat.
49K
41%
-
Tues.
48%
45%
41%
46
Thurs.
31%
29%
29%
Made
I
Season's Low and
29. 1937JMay
28^
2, 19371 July
28
10, 19381 September
28%
May..
July
When
Fri.
31%
29%
29%
Oct.
6.1937
5. 1938
as
markets.
of
of wheat
absence
acting
Thurs.
23,000
8,000
16,000
20,000
11,000
134,000
New Orl'ns*
27,000
142,000
St. John W.
39,000
627,000
345,000
25,000
313T660
2,000
a
49%
influenced
Tot. wk. '38
41%
This
selling of
RYE
Sat.
while other
rye,
May
July
September
Season's High and
84
72%
September
09%
75%
71%
08%
75%
71
iiy*,
08%
Tues.
IN
70%
Sat.
May
July
68%
When
May
July
Mon.
00%
were as
Made
Nov."' 8. 1937
Jail. *26, 1938
Tues.
IN
WINNIPEG
Wed.
85
83%
64^
60
Tues.
Thurs.
85%
85
84%
83%
Wed.
05%
60^
05%
00%
Fri.
841
83
74,000
199,000
117,000
315,000
696,000
1,329,000
261,000
522,000
919,000
36,000
43,000
16.000
1,471,000
1937
3,877,000
4,601,000
291,000
144,000
33,000
*
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
The exports from the several seaboard ports for the week
ended
Saturday, Feb. 5, 1938,
Exports from—
Wheat
73 %
All the statements below
Corn
Flour
Oats
Rye
Barley
Bushels
Bushels
Barrels
Bushels
Bushels
Bushels
New York
237,000
Albany
125,000
38,280:
77,000
272,000
l'elooo
17,000
204,000
520.000
I3~66O
838,000
Galveston
691,000
189,000
St. John West
627,000
25,000
Philadelphia
Baltimore
Mobile
3,000
711,000
New Orleans
3,000
31,000
39",000
18,000
18,000
9,000
101,280
27,000
31,000
102,000
84,580
4,000
8.000
16,000
Halifax
Port Arthur, Texas—
Total week 1938—
1,788,000 3,051,000
25,000
3~54~666
Same week 1937
812.000
1,000
The destination of these exports for the week and since
July 1, 1937, is
below:
as
Flour
Wheal
Corn
Exports for Week
and Since
Week
Since
1938
Kingdom.
Since
Week
Since
Feb. 5
July 1
Feb. 5
July 1
1938
1937
1938
1937
Bushels
Bushels
Bushels
Bushels
'1937
Barrels
United
Week
July 1
Feb. 5
July 1 to—
Barrels
48,485
1,523,014
Continent
8,795
298,731
1,285,000
494,000
So. & Cent. Amer.
West Indies
9,500
376,000
9,000
32,500
186,231
101,280
Total 1938
3,215,476
3,381,104
3,000
Total 1937
The
44,996,000 1,844,000 12,082,000
35,776,000 1,207,000 9,865,000
1,040,000
170,000
30,000
5,000
828,500
*21666
Brit. No. Am. Cols
84,580
1,4791666
1,788,000
83,321,000 3,051,000 22,122,000
85,382,000
1,000
4.000
812,000
visible
granary
at
supply of grain, comprising the stocks in
principal points of accumulation at lake and
Saturday, Feb. 5, were as follows:
seaboard ports
GRAIN
STOCKS
Boston
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
1,000
283,000
New York
"
afloat
3181666
Islooo
27ll000
9591666
20I666
261666
580,000
18,000
26,000
87,000
WINNIPEG
Baltimore
New Orleans
177,000
1,625,000
1,987,000
37,000
,4,160,000
198,000
65
59%
Fri.
65
59%
.»
Galveston
Fort Worth
Wichita
69,000
72,000
11,000
1,000
mmmmmrn
7,000
6,000
2,599,000
13,934,000
7801656
771666
iolooo
11,000
3,477,000
3,013,000
5,196,000
650,000
1,042,000
246,000
72,000
86,000
Sioux City
St. Louis
470,000
1,104,000
186,000
11,000
21,000
3,165,000
2,809,000
183,000
10,000
14,000
Indianapolis
1,256,000
514,000
10,000
9,294,000
Chicago
"
afloat
7,252,000
13,000
2,521,000
776,000
545,000
1,862,000
Peoria
1,243,000
72,000
9351666
2541666
1191666
"
-
65,000
8,209,000
3,406,000
Duluth
Detroit
"
170,000
aflaot
50,000
6,410,000
3,099,000
Buffalo
"
aflaot
Total Feb. 5,1938
Total Jan. 29,1938
Total Feb. 6,1937
35,000;
mmmmm
386,000
7361666
mmmmmm
13,718,000
5,762,000
3.823,000
2,000
3,000
3,094,000
total,
108,000
1.153,000
1.065,000
5,803,000
1,793,000
1,000
168,000
3471666
5271666
2,0851666
4711666
600,000
197,000
90,000
69,359,000 38,128,000 23,803,000
72,325,000 39,174,000 23,998,000
45,500,000 13,814,000 28,132,000
4,281,000
9,962,000
4,436,000 10,129,000
4,291,000 12,583,000
Note—Bonded grain not included above:
York,
20,000
'
Minneapolis
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
mm
49I666
'
Omaha
St. Joseph
Kansas City
Milwaukee
Rye, Ne.2,f.o.b. bond N. Y—
Barley, New York—
47% lbs. malting
64
Chicago, cash
48-63
1,000
837,000
2,600,000
Hutchinson
45%
8814
1421666
29,000
Thurs.
follows: |[||
Oats, New York—
No. 2 white
Corn
Bushels
United States—
afloat
No. 2 red, c.i.f., domestic
112
Manitoba No. 1. f .o.b. N.Y.. 170
shown in the annexed
are
793,000
935,000
GRAIN
531,000
7,150,000
Philadelphia
FLOUR
Corn, New York—
No. 2 yellow, all rail
1.295,000
Week 1937.
75%
70%
08%
Spring oats, high protein .6.45@6.75 Rye flour patents
5.15 @ 5.35
Spring patents
5.95@6.15 Seminola, bbl.,Nos.l-3i. 7.25 @
Clears, first spring
5.45 @5.65 Oats, good
2.50
Soft winter straights ——.4.80@500 Cornflour
190
Hard winter straights
6.45@5.65 Barley goods—
Hard winter patents
Coarse
5.65@5.85
4.00
Hard winter clears
4.70 @4.90
Fancy pearl. Nos.2,4&7 5.25@5.60
Wheat, New York—
2,000
9,000
Wheat
84%
83
65
Fri.
Nov.f 8, 1937
OF BARLEY FUTURES IN
Sat.
70%
71
68
FUTURES
Mon.
84%
82%
DAILY CLOSING PRICES
Thurs.
77%
71
Made
I
Season's Low and
Aug. 10, 1937 [May
63%
Oct. 21, 1937 July
62
Feb.
9, 1938[September
66
DAILY CLOSING PRICES OP RYE
CHICAGO
Wed.
When
Closing quotations
1,000
9,901,000
Other countries-
FUTURES
Mon.
1,000
25"ooo
18,000
296,000
The lack
flected in the further decline of prices.
OP
11,000
Since Jan. 1
rye.
are
PRICES
80,000
1,000
37,000
1,415,000
40
41^
considerable
161,000
Since Jan. 1
49
40%
41%
Today prices closed % to %c. lower.
May
July
29,000
2,000
10,000
15,000
18,000
i~8~666
Halifax
of any appreciable export demand has been
depressant in the rye as well as the wheat
CLOSING
.
Fri.
49%,
showing substantial export purchases, had a
rather depressing effect on holders of
rye, which was re¬
DAILY
179,000
25,000
Barley
statement:
46 %
foreign demand for American wheat and
countries
138,000
Rye
bush 56 lbs bush 48 lbs
WINNIPEG
quiet and devoid of any interesting feature. On
the 7th inst. prices closed unchanged to %c. up.
There was
no news of interest concerning this
grain. On the 8th inst.
prices closed unchanged to lc. higher. The firmness of rye
was attributed
largely to the firmness of wheat and corn. On
the 9th inst. prices closed %c. decline to Mc. gain.
This
market at times showed exceptional strength, prices at one
time scoring gains of over a cent, due to some brisk
buying.
On the bulge, however, some holders appeared anxious to
take advantage of the situation, and considerable
profit
taking was indulged in.
On the 10th inst. prices closed % to %c. down.
The
The
NewYork
Baltimore—
13. 1937
Jan.
was
heaviness
Oats
bush 32 lbs
Made
Nov.
Wed.
49%
40%
41^
31%
29%
29%
Rye—On the 5th inst. prices closed Ygd. to %c. off.
market
was
CHICAGO
Wed.
31%
29%
29%
DAILY CLOSING PRICES OP OATS FUTURES IN
October-
Corn
bush 56 lbs
1938
May
July
Season's
Wheal
bush 60 lbs
Philadelphia
less routine.
or
Flour
Houston
inst.
Today prices closed
more
Saturday, Feb. 5, 1938, follow:
bbls 196 lbs
Receipts at-
Boston
special feature.
On
76,860,000 21,285,000 67,924,000
52,002,000 11,725,000 62,849,000
94.935,000 15.858.000160,397,000
Barley—Duluth, 110,000 bushels: New
145,000 bushels, against 5,262,000 in 1937.
Wheat—New
Volume
1,658,000
York,
bushels;
New
afloat,
York
winter wheat
the crop improved dining the week; snow
and winter wheat is reported in very good
Barley
Wheat
Corn
Oats
Rye
Bushels
Canadian—
Bushels
Bushels
Bushels
Bushels
in eastern Wyoming and
Strong winds caused additional damage
needs moisture in the Southwest,
lands.
Buffalo, 155,000; Albany,
22,093,000 bushels In 1937.
63,000;
276,000; Erie, 731,000; total, 2,883,000 bushels, against
1103
Chronicle
Financial
146
Oats
are
but west of the Rockies
cover increased in many sections
to excellent condition.
Kansas and Oilahoma and in northern
being sown in southeastern
11,571,000
656,000
27,000
1,942,000
11,351,000
Other Cndn. & other elev 26,407,000
873,000
934,000
1,260,000
Arkansas, with much ground prepared where the
dormant in Nebraska, but that crop and barley
7,876,000
334,000
6,282,000
Missouri during the week.
1,295,000
1,558,000
1,572,000
9,484,000
9,734,000
8.903.000
4,281,000
1,295,000
9,962,000
9,484,000
Lake, bay, river & seab'd
Ft. William &Pt. Arthur
5,1938.
49,329,000
9,405,000
Total Jan. 29,1938._
50,088,000
75,427,000
12.966.000
m Total Feb.
Total Feb. 6.1937...
9,361,000
soil is favorable. Rye is
greened considerably in
THE DRY GOODS TRADE
Friday Night, Feb. 11, 1938.
New York,
Summary—
American
69,359,000 38,128,000 23,803,000
...
49,329,000
Canadian
29,1938
Total Feb. 6,1937
business to make
5,576,000 19,446,000
5,994,000 19,863,000
5,863,000 21,486,000
118,688,000 38,128,000 33,208,000
122,413,000 39,174,000 33,259,000
120,927,000 13,814.000 41,098,000
Total Feb. 5,1938
Total Jan.
9,405.000
......
As
motional efforts
Since
Week
Since
Since
July 1,
July 1,
Feb. 4.
July 1,
July 1,
1938
1937
1936
1938
1937
1936
Black Sea.
Australia
2.183,000
200,000
India
52,968,000
4,000
22,554,000
3,144,000 14,680,000
95,000
552,000 176,669,000 255,163,000
11,496,000
7,712,000
14,088,000
16,472,000
900,000
10,868,000 288,320,000 323,042,000
Total
Weather
Report for
62,031,000
14.894,000
4,577,000 264,398,000 284,741,000
the Week Ended
Feb. 9—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Feb. 9, follows:
At the beginning of the week high pressure dominated the eastern half
of the country, with much colder weather prevailing along the Atlantic
Coast.
Lower pressure over western sections was accompanied by moder¬
ately warm weather and general precipitation over the Pacific Coast and
the Northwest.
,
"low" moved slowly eastward, reaching eastern Canada on
accompanied by rising temperatures and rather general precipi¬
over the Lake region and the Northeast.
At the same time per¬
The western
the 4th,
tation
sistently low pressure over the Far West brought widespread rain or snow
to most of the country west of the Rocky Mountains, although the amounts
were relatively light, except on the Pacific Coast.
On the 5th-7th a rather shallow depression moved rapidly
with increasing intensity, bringing general precipitation to most
northeastward,
of the
East, with rising temperatures.
Unsettled conditions continued in much
of the West during this period, with rain or snow general in coast dis¬
tricts.
At the close of the week cooler weather prevailed over eastern
States, but elsewhere temperatures were rising, except locally in the North¬
west.
Precipitation was generally light, except in some Pacific Coast
districts,
abnormally warm in practically all parts of the country,
in the Northwest and some Pacific sections. Temperatures
were unusually high for the season in central-valley sections where the plus
departures from normal ranged mostly from 13 degrees to 19 degrees. The
week was generally from 9 degrees to 11 degrees warmer than usual in the
northern Great Basin, while in most southern districts it was from 5 degrees
to 10 degrees above the average.
Slightly subnormal temperatures were
reported from California, parts of the northern Pacific Coast districts,
The week was
except locally
and
locally in Montana.
J
0.5 inch.
Week Generally
^
Favorable
contrast to last week, the one
favorable for outside operations.
In
In marked
just closed was generally warm
most sections of the country
Mississippi Valley eastward conditions are now generally satis¬
factory for practically all crops, with sufficient moisture for present needs
indicated in Missouri and Iowa and the ground generally moist elsewhere.
While the soil was somewhat too wet to plow most of the week in central
sections
it had dried considerably toward the close and plowing and
preparations for spring planting made rapid advance at the close.
Mild
weather caused rather general greening of grain and grass, while some
early spring oat seeding has been done northward to southeastern Kansas.
Dry weather continues in the western portions of Kansas and Okla¬
the
from
homa
and the eastern
storms
Mexico, with dustgrain crops by soil
rain as the extremely dry
with stock water scarce
portions of Colorado and New
and some damage to
reported on several days
blowing
In this area there is urgent need for
conditions have extended slightly to the eastward,
and much water hauling necessary .
In
most southern
districts conditions were
.■
.
t
,
.
extremely favorable during
with early spring crops being planted rather generally and
weather favorable for practically uninterrupted outside operations.
In
portions of the Southeast tobacco in beds is growing well, while beds are
being prepared northward to Maryland.
Truck crops in general are doing
well and are showing improvement in southern Texas. The extreme warmth
caused too rapid advance of most fruit trees, with premature bloom reported
the
as
week,
far north as
southern Arkansas
other sections.
_
.
and buds developing too rapidly in many
,
,
_
,
_
increased during the week from central and northern
California northward and in this region accumulated depths are normal
or above
Depths are also above normal in parts of Nevada and Mon¬
tana
while in Colorado nearly double last year's amounts are reported
in some areas.
Supplies continue deficient in the Southwest, with the
Snow
storage
situation causing
considerable apprehension at the present time.
River eastward, most grain States
reported a favorable week with advance about normal in the Southeast
and greening noted in more eastern sections.
Condition is about the same
as last week and there are still considerable complaints of deficient subsoil
moisture in portions of the Mississippi Valley. Beneficial precipitation was
reoorted in Iowa and winter wheat shows slight greening in the extreme
southeastern portion of that State and also in Missouri and to southward.
In the northern and southern Great Plains wheat is generally in fair to
eood condition, but in Nebraska it is dormant and dry while in central and
western Kansas dry top soil and dust storms were unfavorable, though
only moderate damage was reported from soil drifting.
The week was
unfavorable for winter wheat in this State, especially so in the southwest;
Small Grains—From
the crop
is fair in
buying continued to be retarded by
the
than heretofore, particularly in the home
Department store sales in the metro¬
during the week ending Feb. 5, according to
area
of the
survey
Pro¬
met with less satis¬
Federal .Reserve Bank of New York,
compared with
month of January,
a
loss of 10.2% reported for
Store sales the country over, for the
previous week.
according to the monthly compilation of
the Federal Reserve Board, declined
4%
as
compared with
The Chicago district registered the largest
January, 1937.
loss, with 9%, whereas the Dallas district showed a gain of
9%.
In the New York district the loss in the volume of
sales amounted to
4%.
Trading in the wholesale dry goods markets continued
spotty.
goods
A fairly large number of fill-in orders for wash
mained
far below
of
movement
but their total volume re¬
reflecting the slackening
into the market,
came
expectations,
goods in retail channels.
fall lines of blankets and outing
placed
flannels
on
expected to be
moderate scale, once anticipated price adjust¬
on a
ments have been
announced.
Percales moved in moderate
volume, with prices holding steady.
remained dull,
in
Initial orders
are
although slightly
prints for the spring trade.
Business in silk goods
interest was shown
more
Trading in
further increase
over
rayon yarns
with sales showing
continued its moderate improvement,
a
the preceding month although still reveal¬
ing large losses compared with the active business of February,
1937.
Chief interest centered in the finer counts, whereas
coarse
numbers remained
neglected.
,
for the week were not unusually low, although
in the East the line of freezing extended southward over the southern
Appalachian area.
In central sections freezing weather was not reported
south of central Missouri, northern Oklahoma, and northwestern Texas.
Sub-zero weather was confined principally to the extreme Northeast and
the more northern portions of the country, with the lowest reported for
the week from a first-order station being 14 degrees below zero at Bismarck
and Williston, N. Dak., on the 3rd.
,
Precipitation was light in most of the South and the Great Plains, with
amounts in these areas mostly too light to measure.
Precipitation was
moderate to heavy in the Lake region and portions of
the Northeast,
while most Pacific Coast sections reported unusually heavy falls, particu¬
larly northern California and western Oregon where the amounts were
generally above four inches for the week. In practically all other parts of
the country the weekly totals were generally light, averaging less than
Minimum temperatures
and
politan
the
Other
countries
response
declined 1.9%,
49,686,000
520,000
.
beginning to recede
In the industrial sections of
the part of retailers
on
furnishing division.
3,030,000
3,575,000 116,324,000 135,396,000
1,376,000 62,066,000 45,760,000
31,378,000 68,016,000
3,014,000
Argentina.
factory
Bushels
Bushels
Bushels
Bushels
Bushels
previous high levels.
reported from the
noted that in the
growing unemployment and spreading wage cutting.
Since
Bushels
Southwest, although it was
the country, consumer
Feb. 4,
No. Amer.
from the
Com
Week
Exports
and
purely agricultural districts sales were
July 1, 1937 and July 1, 1936,
Wheat
year's corresponding figure.
heretofore, relatively best results were
South
shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
caused retail
fairly good showing, the total volume of
a
sales continued to fall below last
The world's
ended Feb. 4, 1938, and since
are shown in the following:
mostly favorable weather conditions
While
the Mississippi
the northwest
anwSte^*wh^t1<isSfair
and spotted and needing rain in central
to good in central and eastern sections of Okla¬
homa and is fair to poor in the west where rain is urgently needed; dust
storms occurred on several days and some grain was blown out of sandy
Goods—Trading in the gray cloths
markets continued in its previous desultory fashion.
Al¬
Domestic
Cotton
though the steadiness of raw cotton values which became
particularly pronounced following the passage of the farm
bill in the House of Representatives, served to improve senti¬
ment, little actual buying developed, chiefly because mills
were unwilling to accede to
the requests of purchasers for
price concessions.
While the movement of finished goods
turned somewhat less satisfactory, predictions were made
that the improved inventory condition of most converters
will lead to early replenishment purchases, particularly in
view of the fact that no diminution in the curtailment meas¬
ures of the mills has taken place.
Business in fine goods
was
very quiet, and transactions were confined to small
lots for fill-in purposes.
Slub yarn broadcloths continued
to move in fair volume.
Quotations for most constructions
held steady.
Closing prices in print cloths were as follows:
39-inch 80s, 6%e.; 39-inch 72-76s, 63d$c.; 39-inch 68W2s,
5H to 5Mc.; 38H-inch 64-60s, 4%c.; 38K-inch 60-48s, 3^c.
fabrics continued
number of orders on
spring goods failed to materialize, owing to the inability of
producers to accept specifications for early delivery.
In¬
terest continued to center in cheviots and chalk stripes, with
some inquiries being received on blue serges.
Reports from
retail clothing centers made a less satisfactory showing as
lack of employment and reduced wage incomes interfered
with consumer buying.
Business in women's wear goods
gave a satisfactory account, with the previous insistent de¬
mand for tweeds, shetlands and boucles showing no signs
of abatement.
A feature of the week was the growing
interest in worsted fabrics used for the manufacture of
Woolen
Goods—Trading in men's
its moderate improvement,
mannish
although
wear
a
suits.
Foreign Dry Goods—Trading in linens was somewhat
stimulated by the holding of the New York Linen and
Domestics show, the attendance of which showed a slight
increase over last year.
Business in printed dress linens
expanded moderately. Reports from foreign primary centers
stressed the firmer price trend for the raw material and in
the yarn markets.
Business in burlap turned very dull as
traders awaited the outcome of the Calcutta negotiations
pertaining to the contemplated curtailment of production.
Domestically lightweights continued to be quoted at 3.75c.,
heavies at 5.10c.
1104
Financial
Chronicle
Page
Feb.
Name
309
Rate
Indian Lake, N. Y
Specialists in
Ionia Co.,
788 Iowa
471
Mich
3 «fe
City 8. D., Iowa
25,000
100.399
35,000
98.68
2.75
101.37
2.38
626
788
Lake
476
Lake, Wis
792
794
790
DIRECT
CHICAGO
WIRE
MUNICIPAL
BOND
314 N.
SALES
IN
949
Broadway
ST.
630
LOUIS
476
JANUARY
628
was
given
of the "Chronicle" of Feb. 5.
page
465
465
month stands at
$48,787,644.
This total does not include
Emergency Relief Administration or Public Works
Administration loans or grants actually made or
promised
to States and municipalities during the month.
The number
of municipalities issuing bonds in
January was 245 and the
sejiarate issues
Page
789
Name
Kale
Abbeville, La
Maturity
3K & 4
1940-1963
308 Aberdeen, Miss
Albert City, Iowa
4
Texas
3K
Anniston, Ala
4K
Arnolds Park Con. 8. D., Iowa...2K
Atchison County, Kan..
2K
14,000
100.62
3.12
100,000
96.13
4.35
Athens, 111
788 Atlanta, Ga
m
625 Avondale 8. D., Ga
50,000
4
101.011
2.60
100.17
2.22
95,000
80,000
81,500
3K
1942-1951
3
Malone, N. Y
Mankato, Minn
5,000
8,000
40,000
1940-1959
100,000
100.079
12,000
100,000
100.166
2.95
100
3.00
—
1.60
1939-1943
55,000
100.117
75,000
101.07
1955
rll6,000
95.05
1943-1959
r85,000
2K dl943-1958
4K
1941-1956
2%
1938-1945
101.079
2.43
76,000
100
4.25
98,000
103.35
1.97
100.11
2.08
100.27
1.85
..
4
Meadville, Pa
111
20,000
1.47
2.10
....
1939-1948
1.90
1939-1948
955,000
350,000
3
1940-1953
85,000
102.25
2.78
1939-1948
10,000
100.15
3.47
15,000
100.05
796
Monroe County, N.Y..
Mondovl 8. D. No. 1, Wis
787
—
Idaho
-
2.99
1938-1952
—2K
631
m
-
....
100
1939-1944
3
3
D., Minn
2.19
101.512
10,000
100.803
r23,000
1940-1949
1939-1946
...
3K-3M
Los Angeles County, Calif
100.41
12,000
2.49
885,000
300,000
725,000
1940-1977
4.28
99.82
100.059
1945
Monterey County, Calif
3K
Montgomery County, Kan
4K
306 Moscow Independent 8. D. No. 5,
.
25,000
1939-1948
466
1939-1948
1942-1946
467
55.000
1939-1948
2.47
793
3.75
Anna 8. D., Ohio
100.13
629 MiUburn Twp. 8. D., N. J
791 Minneapolis, Minn. (2 Issues)....2.10
100.01
100
1954
3K
Abilene,
947
$45,000
73,000
200.000
18,000
625 Marlon County, Fla..
789 May field, Ky
Basis
1939-1965
788
794
626
Price
25,000
475
624
Amount
1.98
1938-1947
290,000
Madison 8.
473
100.03
100.11
D., Mich
Little Rock, Ark. (2 Issues)
Los Angeles County, Calif
625 Metropolis,
50,000
75.000
—
Miss
309
290.
was
6.00
r485,000
624
791
2~.7i
2.66
500,000
4%
628
Federal
number of
8.
100.27"
100.59
100
1940-1975
1941-1968
—2K
2K
2M
2K
Liberal, Kan
Park
22,000
1941-1945
2-3
795 Lincoln Towp. 8. D., Pa
794 Lincolnton, N. Caro
944
The total of awards
during the
on
Level
2.37
11,000
12,000
2,530
..
Lauderdale
306
The review of the month's sales
..
2
(3 issues)
County,
306 Leavenworth,
Kan
lishing at the usual time.
4.375
1940-1951
2-12 yrs.
....4
469
pub¬
6.00
100
1938-1954
3K-3K
County, Ind
312 Lampasas, Texas
625 Lanark, 111
We present herewith our detailed list of the
municipal
bond issues put out during the month of
January, which
the crowded condition of our columns prevented our
100.188
100
10,000
r315,000
Lakewood Township, N. J
626
STIFEL, NICOLAUS & CO., Inc.
105 W. Adams St.
58,000
25,000
1950-1967
6
—
398,000
1939-1948
4K
Township, Ind. (2 issues)/2K
Jonesboro, N. C. (2 Issues)
Junction City, Kan
Junction City, Ore
Kandiyohi County, Minn
Kansas City, Mo
Kenmore, N. Y. (2 Issues)
Kenosha County, Wis
Kentucky (State of)
3.26
5,900
1938-1957
6
—4K
\2%
951
Basis
1939-1960
1939-1948
1939-1944
1939-1957
Islip U. F. 8. D. No. 9, N. Y—2.40
306 Johnson
Price
Amount
3.30
628 Isola Cons, 8. D., Miss
468 Jennings, La
311 Johnson City, Tenn
Illinois & Missouri Bonds
Maturity
1938
2K
3K
2K
947 Inman, Kan
469
12,
3&3K
Mountain
Consol.
8.
475
1938-1958
175,000
3-12 years
Home
10,000
100.286
D.
No. 54, Okla
-
1.75
101
3.88
40,000/
790 Bay City, Mich
2K
1940-1957
35,000
471
Beacon, N. Y
2.20
1940-1958
260,000
626
Belie Plain Indep. S. D.,
1948-1952
1939-1958
1940-1947
23,400
789 Bellingham, Mass
788 Benton School
Twp.,
Iowa...2K
2K
2%
Ind
790
Benzonla Twp. 8. D. No. 1, Mich.
466
Bethalte d. D. No. 152, 111
2.19
101.735
2.60
100
1939-1958
60,000
1939-1948
1,400,000
470 Bunceton 8. D., Mo.
Butler Grove Township, 111—
Cabarrus County, N. C
...3 & 2%
466 Cache Twp. Road Dist. No. 10, 111.
1939-1958
300,000
1939-1954
<11954-1989
3,000,000
200,000
334
1940-1965
229,625
4
1939-1963
Cedarhuret, N. Y
472 Chapel Hill, N. C
311
4K
1940-1957
13,000
Charleston County, 8. C
Cherokee County, Kan
3
310 Cleveland, Ohio
4
310 Clinton Twp. Rural 8. D„ Ohio..3
466 Clover Township, 111
3K
626
104.0166 2.20
115.7625 2.88
100.33
3.22
1.56
1939-1948
16,000
100.397
100.329
788
1948-1955
1939-1948
1939-1962
1939-1948
30,000
101.082
2.89
100.75
12,000
12,000
1943-1952
50,000
104.67
2.45
1939-1953
500,000
100.87
2.89
1957
950,000
103.443
1.85
1941-1969
2-20 years
98.54"
2.03
50,000
2.400
100
4.00
180,000
1941-1968
1930-1947
1940-1943
1940-1954
2J4
1939-1946
1940-1957
3,000
3
210,000
31,500
85,000
250,000
100.59
2.85
1938-1947
1939-1958
48,500
200.000
1948-1952
rd95,000
1.72
51,000
100.07
1.80
1938-1944
26,500
100.08
1.77
100
100.62
3.75
10,000
N. Y
Pulaski 8. D.. Iowa
Racine County, Wis
1938-1954
85,000
2K
1939-1949
Richmond School City, Ind
3
624 Riverdale Public Utll. Dist., Callf.4K
467 Riverside Twp. 8. D., Ill
633 Roanoke, Va. (2 Issues)
...2K
1946-1953
Rocky Mount, N. Caro.
Roscoe Indep. 8. D„ Texas
1939-1974
Huntington S. D. No. 3, N. Y...2.90
789
Hucthlnson 8. D., Kan
1941-1968
„£
4
IK
1939-1944
1939-1958
1940-1948
306 Sabetha, Kan
2.22
26,000
200.000
101.061
—
400,000
2,000,000
100.277
2.22
100.0599
1.69
50,000
100.057
1.74
35,000
25,000
44,000
6.00
100
4.00
1
2.86
N
500,000
100
3.00
1939-1972
34,000
100.32
4.47
10,000
100
2%
F.
-
8.
Y
—
Mass
Conn
311 Summerville, 8. C
Stonington,
100,000
1,350,000
20,000
1939-1968
6,000
109,000
1.45
2.93
3
1941-1968
370,000
2M
4K
IK
2K
1939-1958
1939-1948
1939-1963
100.000
100.38
101.059
2.97
2.14
/7.500
100
105,000
125,000
4
1S41-196S
28,000
Sweetwater Co. 8. D. No. 25, Wyo.5
1939-1943
1938-1957
10,000
113,500
791
ThomasvilleCon. 8. D. No. 7, Mo.5
—
2.89
-—
Teaneck Twp., N. J. (2
issues)—3K
100.16
103.01
312
100.13
2.69
-
280,000
1-15 yrs.
1939-1963
309
——,
100.525
100.479
D.
2.90
Miss
1939-1956
1939-1952
3
1
-
ConA-----
790 Stoneham,
625
100.61
1945-1948
-
Starkville,
4.60
2.49
4K
Spencer School Township, Ind—4
Springfield, Ky
4
793 Starkey, Barrintgon, &c., 8. D.
628
97.04
100.028
3
788
No
2.52
100.7775 2.10
750,000
-
Sioux City, Iowa
South Carolina (State of)
625 Stafford,
100.058
2.74
5,000
—
Secaucus, N. J
Shelley. Minn
100.29
100
4.60
2.16
100.14
3,197,000
175,000
311
100
100
100.64
8,000
r55,000
1948-1964
1939-1958
792
1.87
100.03
48,107
7-25,000
791
100.29
106.39
500,000
1941-1948
1939-1948
Seattle, Wash—
Seattle, Wash
3.70
4.00
100.17
IK & 2%
3K
2%
M
2M
St. Mary, Mo
2.61
45,000
340,000
1938-1969
1941-1967
1941-1950
4
100.50
100
1941-1943
1939-1968
4K
2%
25,000
1,982,000
137,500
2,000
412,500
347,000
47,000
110,000
1943-1953
5
1964
3-4
Rossville, Ind
Royersford, Pa
628 Ruthton, Minn
101.04
1941-1968
4.92
4
467
6,000
2.75
100.454
101.373
467 South Elgin, 111.
472 Southhampton Union
7,000
70,000
100
11,000
100.768
100.6599 2.17
1952
25,000
37,500
19,000
No. 2, N.Y
787 Huerfano Co. 8. D. 41, Colo
1939-1950
60,000
468
793
1-10 years
275,000
312
1941-1963
2.50
3.97
1939-1957
28,
Holdenvllle, Okla—4K. 3M & 534
100
100.38
7-50,000
1939-1948
475
4.91
2.18
r9,000
1939-1958
2%
Z%
18,000
788 Homerdale. Idaho
.5
475 Houston, Texas (15 issues) —_2K & 3
792 Howell Twp. Con. 8. D., N. J
4
2,000
3
County, N. Dak
471 Raritan Township, N. J
947 Richmond,
Ind
2.32
5,000
1939-1952
r5,240,000
20.000
7-15,000
Port Jervis, N. Y
4
306 Pottawatamie Co. Rural H. 8. D.
No. 7, Kan
2%
470 Prentiss, Miss
5
633 Pulaski, Tenn
100.70
1939-1958
6
1939-1958
1939-1948
38,000
626
1939-1958
1941-1952
3,000
5
472
2.65
4
466 Hillsborough Co. Special Tax S. D.
1938-1942
2K
100.78
789 Hancock County, Ky..
469
2.69
35,000
3
3K
467
100.57
1939-1942
Salina 8. D., Kan
464 Salt River Project Agr. Impt. and
Power District, Ariz—
4K
22,000
10,000
r30,000
3.00
4.00
20,000
1%
795 Salem, Ore
2.99
305 Idaho (State of)—
788 Indianapolis, Ind
101.08
100
-.-3
Plymouth, 111
County, Iowa
Polk, Neb
308
102.40
473
42,000
40,000
624 San Bernardino County, Calif——2K
—
100
29, Fla
2.09
4.00
1943-1957
4
306
100
1938-1967
795 Pittsburgh, Pa....
1.24
9,500
No.
1,271,000\ 100.027
1938-196
3K
2K
2.33
9,000
200,000
42,000
4K
2.83
.—
3K
Pawnee County, Neb
100.038
5,000
No.
101.77
4
N. J
793 Peeks kill, N. Y
793 Penn Yan, N. Y. (4 Issues)
796 Pendleton 8. D„ Texas..
101.6799
1938-1947
6
N. Y
98,500
225,000
8,000
1940-1957
788
2.20
625 Hanover, 111
Harrison County, Miss
471 Hempstead U. F. S. D.
629 Palmyra,
625 Peru, 111
312
-
2,000
Tex_3K
r95,000
2%
794
100.04
471
Goliad Co. Road Dist. No. 1,
305 Grangeville, Idaho
Greene County, N. Y
1939-1968/
97.50
4
18,000
Fillmore Co. 8. D. 174, Minn
Galatia, Kan
Gilbert, Minn
306 Gladbrook, Iowa (2 Issues)
626
628
633
Orfordville, Wis
949 Pacific Con. 8. D. No. 3, Mo
Palmer Indep. 8. D., Texas
795
234
2%
949
.....
472 Rochester, N. Y
1.70
628 Rochester Indep. 8. D., Minn. —IK
45,000
793
Fernald Con. 8. D., Iowa
Ferris 8. D., Texas
1939-1963
626
11,000
471
Edge water, N. J
Elba, Batavla, Stafford, &c., S. D.
1, N. Y
2.90
467 Elllnwood, Kan
3
629 Elmira, N. Y
1.20
467 Evansvllle School City, Ind
1942-1948
4
475
312
3,500
1939-1943
Orange. Texas
310 Ransom
dl,850,000
1939-1948
Davis City, Iowa
East Wenatchee, Wash
1.89
3K
-
30,000
3K & 3
2.81
100.44
467 Plymouth
1939-1941
1%
101.15
16,800
350,000
308
65,000
4,000
4
788
2.48
8,000
4
633
100.29
10,000
1939-1940
476 Dresser Junction, Wis
472 Durham. N. C. (4 Issues)
312
44,000
3
634 Dayton, Wash..
472 Deer Park, Ohio
10,000
1939-1946
312 Pittsburg, Texas.,
794 Pleasant City, Ohio.;
2.95
334
—4
1940-1949
3
310 Pine Bush Fire Dist.,
400,000
2%
Cumberland, Md
3
794 Cuyahoga Heights 8. D., Ohio—-3
1.02
2
Ohio..
796
791
101.50
140,000
468
101.063
_.3
---4
467 Peru 8. D„ 111
2.37
..
470 Dakota County, Neb
475 Dallas, Texas
Norwood, Minn
Norwood. Ohio
Nueces County, Texas
Oak Park, IU....
796
....
100.14
5
Council Bluffs. Iowa
3.68
309 Onondaga Co., N.Y. (9 Issues)...2.10
100.025
16,700
Copeyville, Kan
625 Columbus, Ga
628 Cosmos, Minn..
2.99
100.50
101.56
8,
Oakwood,
100.07
100,000
20,000
789
100.11
15,000
No.
Odessa Independent 8. D., Texas.3
Ogden 8.1)., Texas
7,000
1939-1947
..
Cleveland, Texas (2 Issues)
Coal port 8. D., Pa.
1,000,000
D.
312
56,000
1942-1958
954
1939-1958
1939-1953
8.
473
1938-1942
2K
311
3
Z%
Com.
Minn
475
1940-1960
& 3K
962
1.86
4.00
1939-1944
Clackamus Co. 8. D. No. 114, Ore.
791 Clayton, Mo
2/4
308 Clara City, Minn
3
467
1.48
101.03
3.45
51,000
.1.60
2.40
3/4
100.06
150,000
2
100
109,000
......
793
r30,000
1939-1953
788
...
Calllcoon, Bethel, &c., 8. D. No. 1.
'
N. Y
1939-1944
Newburgh, N. Y
Newport, R. 1
312 Norfolk, Va
469
5,000
2%
4
Campbellsville, Ky
467 Carrollton, Ky
470 Cassville, Mo..
793 Cattaraugus County, N. Y
1.40
793
474
1,600
15,000
..
..
793
145,000
473
21,332
466
467
1938-1942
100.279
1939-1949
"
1K
...
30,000
rl42,000
4
472
~
12,000
New Britain, Conn. (2 issues)
90,000
796
3K
California (State of)
California (State of)
1939-1948
469 Norman Co.
8,000
..3K
465
4
631
2.75
54,000
24,000
308 Bolivar County, Mi s
628 Brookhaven Sep. 8. D.f Miss
309 Buffalo, N. Y.(2 Issues)
"i
2.41
100.129
10,000
..
796 Bexar Co. Water Control & Import
District No. 7, Texas
5
305
100.65
Mt. Pleasant, Texas
Neche, N. Dak
Newago, Mich
625
100
43.000
4
308
425,000
1939-1959
9,500
•,
100.02
100.615
4.25
1.49
2.19
101.532
3.87
100
100.16
5.00
3.47
Volume
Financial
146
Rale
Name
Page
794
Thomasville. N. C.._
Maturity
__3>£-3%
789 Tongaiioxie, Kail
Amount
1939-1948
r25,000
1939-1948
4
real
"""
4.00
4
626 Topeka.
2
2>£
1939-1943
60,000
100.78
1.40
1938-1950
35,000
100.62
2.40
4
2.90
100
4.00
1939-1954
67,500
100.166
2.88
1940-1958
73,000
470 Union, Mo
3
3
1939-1954
40,000
100.91
795
3M
1945-1954
80,000
100.08
3.24
2.70
1940-1959
186,000
100.51
2.65
1939-1950
35,000
Kan
Tracy, Minn
474
Tripp, 8. Dak
631
Tuckahoe, N. Y
628 Two
Creek
Mile
District,
Sanitary
20 years
35,000
rl5,000
100
Sewer
Mo
Union Co., 8. C
472 Union U. F. 8. D. No. 2, N. Y
624
Ventura Co.,
468
->..-.3
Dlst. No. 1, La
.6
472 Vestal Central 8. D. No. 1, N. Y..2.90
466
2.75
100
6.00
546,000
100.618
2.84
20,000
113.975
4.41
rl7,500
101.47
2.89
30,000
1939-1962
Villa Rica Local 8. D. No. 40, Ga.5
626
Vlncennes, Ind
466
1952-1961
90.50
7.00
Valusia Co. Spl. Tax 8. D. No. 8,
3
1955
6
1940-1966
2%
Fla.
1939-1957
30-50 yrs.
1938-1950
1938-1957
626
Walker Indep. 8. D., Iowa
789
Washington Sub. San. Dlst. Md._3H
792
324
2H
Washington Twp., N. J
634 Wawatosa, Wis
465 Weld Co. 8. D. No. 107, Colo
West Carrall Par. 8. D. No. 2, La
1.5M
625
Westcllffe 8. D.,
Colo
625 West Hartford, Conn
629
West New York. N. J
629
West Orange, N. J
947
Williamson
Non-High
S.
25,000
1938-1962
1,000,000
Woodbury Co., Iowa...
bond sales for January
100.217
100.169
3.71
101.152
2.89
r30,000
3,500
60,000
1939-1944
Nevada
District,
County,
York.
Calif.—$16,000 school
Douglass & Co.,
bonds; two bids, $1,001 and $1,010; higher by Howell,
San
Francisco.
Carbondale, Col.—$23,000 waterworks improvement bonds, series 1935;
five bids, $950.14 to $1,016.86; highest by J. K. Mullen Investment
Beach, Fla.—$148,000 water revenue certificates; four bids,
$98.1.50; highest by Milwaukee Company, Chicago.
Daytona
$971.25 to
District No. 94, Cook County, 111.—$12,000 school bonds; two
bids, $906 and $953.75; higher byM.B. Vick & Co., Chicago.
Hartford,
111.—$21,000 water bonds; four bids,
highest by Channer Securities Co., Chic«a^.
100
$981.10 to $1,050.50;
100.12
4.22
1.72
Winchester, 111,—$20,000 waterworks revenue bonds; five bids, $960.05
to $1,000; highest by First National Bank, Jewett, Ohio.
100
4.00
Quindaro,
100.01
1.62
100.333
(245 municipalities,
Wyandotte County,
Kan.—$112,000 waterworks revenue
bonds, withdrawn.
East Carroll Parish, La.—$55,000 court house building bonds; three bids,
$980.20 to $1,010.11; highest by Southern Ohio Savings Bank & Trust
$48,787,644
covering 290 separate issues)
School
Truckee
School
150,000
100,000
Sacramento, Calif.—$23,000
bonds; one bid, $921.60, by R. H. Moulton & Co., Inc., New
Orlando, Fla.
650,000
1939-1945
American River Flood Control District,
Gordon, Ga.—$20,000 waterworks bonds; two bids, $976.11 and $976.50;
higher by Norris & Hirshberg, Inc., Atlanta, and associates.
233,000
1942-1961
bids, $920.10 to
School District No. 42, .Crawford County, Ark.—$61,000
school bonds, 1934; one bid, $893.61, by Vinson-Hill, Inc.
Van Buren
1.47
100.01
D.
Kan.l^
Wyandotte Co. 8. D. No. 8.
100.20"
1939-1946
4
bonds; one bid, $941.01,
Ark.—$27,000
County,
Special (Apopka) Tax School District No. 3, Orange County, Fla.—
$14,000 school building bonds; one bid, $906, by Leedy, Wheeler & Co.,
1939-1958
475 Woodbury 8. D., Texas
v
Dermott, Ark.—$17,000 waterworks revenue
by Southern Securities Co., Little Rock.
Co., Denver.
1943-1958
_4J4
1%
Winona, Miss
626
d Subject to call
2.24
30,000
308
Total
100.036
100,000
No. 202, in
789
3.45
10,000
Wichita 8. D. No. 1, Kan....
306
3.30
100.35
1940-1949
124
,.3-224
3^
3
West Virginia (State of)
104.40
1939-1963
-
476
101.25
26,000
424
627
Co.
20,000
d250,000
278,850
6,000
Special School District No. 8, Saline County, Ark.—$23,000
bids, $933.10 and $963.10; higher by Walter R.
school bonds, 1935; two
Bass Co., Little Rock.
court house bonds; five
$961.30; highest by Vinson-Hill, Inc., Little Rock.
101.481
3,400
1945
Benton
Lee
Vermilion Parish 5th Ward Drain.
Calif-
Ark.—$34,000 schoo
$930.60; highest by Cherry, Villa-
School District No. 14, Saline County,
Bauxite
bonds of 1935; three bids, $922.86 to
& Co., Little Rock.
100.07
15,000
950 Toole Co. 8. D. No. 14, Mont
628
1105
Chronicle
Basis
Price
in and during the earlier years and to mature in the later year.
including $186,428,161 temporary loans or funds obtained by States
municipalities from agencies of the Federal Government, r Refunding bonds.
k Not
and
Co., Cincinnati.
Parish, La.—
and $1,001.10;
East Jefferson Waterworks District No. 1, Jefferson
$226,000 waterworks improvement bonds; two bids, $936
higher by A. C. Allyn & Co., Inc., Chicago.
The following items included on our totals for the
months should be eliminated from the same.
We
page
previous
give the
number of the issue of our paper in which reasons for
be found.
these eliminations may
Basis
Price
Amount
Maturity
Rate
Name
Page
465 Arkansas State Board of Education
57,000
793 Penn Yan, N. Y. (Dec.)
26,500
We have also learned of the following additional sales for
Maturity
Rate
Name
Basis
Price
Amount
1938-1953
5
475 Big Sandy, Texas
4
305 Butte Co., Calif
5
311 Cherokee Co. R. D. No. 5, Texas.3J4
308 Columbus, Neb
2)4
310 Convoy, Ohio
4
Dlst. No. 2, La
15,000
5.00
100
102.122
3.65
1938-1957
50,000
5.500
100
5.00
"~1948 "~
r25,000
100
3.50
1939-1960
r43,000
100.758
4~00
7,000
100
1944
3,000
100.216
1939-1954
50,000
100.436
1940-1953
3%
2%
Daly City, Calif.
306 Decatur, Ind
2.70
1939
5)4
473 Harney Co 8. D. No. 29, Ore
7,100
100
3.75
1947
Fairfield Co., Ohio
794
5,000
100
5.50
r2,400
100
5.00
304 Huntsville, Ala
4%
1940-1962
75,000
100.13
4.72
310 Johnstown, Ohio
5
1940-1947
4,000
100
5.00
5
Hill Co. 8. D. No. 18, Mont
308
Galien,
Berrien
County, Mich.—
$983; highest by
School District No. 9,
Washtenaw
County,
Fractional, Scio and Webster Townships,
Mich.—$50,000 school improvement bonds;
Commer¬
bids, $931 to $1,002.50; highest by Ann Arbor Savings &
cial Bank, Ann Arbor, Mich.
three
Guar¬
Copiah County,
$981.20; higher by
Walton & Jones, Jackson, Miss.
,
highest by Citizens
Bank, Columbia, Miss.
Special School District, Greene County, Miss.—$11,700
4% schoo Jbonds; two bids, $931.25 and $960.70; higher by Walton &
Jones Jackson, Miss,
Consolidated District No. 2, Camden and Laclede Counties, Mo.—
$19,000 Central School bonds; one bid, $972.80, by Callender, Burke &
Leakesville
MacDonald, Kansas City, Mo.
Perry, Mo.—$42,000 water bonds; one
Co., Kansas City, Mo.
bid, $960.44, by Baum, Bernheimer
Consolidated School District No. 2, Webster County, Mo.—$14,500
bonds; one bid, $962.80, by Callender, Burke & MacDonald, Kansas City.
State
of Education, Montana—$97,000 university land grant
A; four bids, $982.50 to $1,013; highest by Charles
Minneapolis, and associate.
Board
income bonds, series
A. Fuller Co.,
470 Lewis & Clark Co. 8. D. No. 13,
6,500
Mont..
1941-1950
3
Millerton, N. Y
3.40 1938-1942
1939-1956
626 Perry, Iowa
3)4
1941-1950
632 Philomath, Ore
4
796 Seattle, Wash.
4^ 1941-1959
1939-1950
469 Sherburn, Minn
..3
1-20 years
312 Skagit Co. 8. D. No. 317, Wash.__4
1939-1947
311 Toledo, Ore
...—5
310 Trenton. N. Y
...3.40 1940-1972
1939-1957
308 Washington 8. D., Mo
..3
1938-1957
311 Wllllamstown, Pa
..._.4M
1941-1950
306 Wood Lake H. 8. Dist., Ill
5)4
308 Wykoff, Minn
3
311
of
Kokomo Line Consolidated School District, Marion and Walthall
Counties Miss.—$15,000 school bonds; four bids, $925.50 to $1,000;
307 Arcadia Parish Fifth Ward Drain.
305
Township
Hazlehurst Municipal Separate School District,
Miss.—$26,000 school bonds; two bids, $931.25 and
previous months:
Page
District,
$55,000 general obligation bonds; three bids, $911 to
Stranahan, Harris & Co., Inc., Toledo.
Crosby, Miss.—$17,000 school bonds; one bid, $931.25, by Deposit
anty Bank & Trust Co., Jackson, Miss.
240,000
Ark. (Nov.)
788 Nilee Center, 111. (Dec.)
School
Mayes Co. 8. D. No. 7, Okla
309
5,000
100.10
2.99
2,500
100.28
3.28
Garwood, Union County, N. J.—$25,000 trunk sewer bonds of 1935;
two bids, $970.50 and $985.90; higher by B. J. Van Ingen & Co., Inc.,
New York.
~
...
11,000
100.363
Board
4.00
5,000
898,000
100
12,000
100
10,000
100.12
94.00
3~oo
100
V.oo
30,000
100.26
3.35
36,000
16,000
101.89
2.80
100.656
4.42
100
3.00
rl6,000
10,000
8,500
December, 1937.
These
additional December issues will make the total sales (not
All
of the
above
sales
including temporary
month $85,222,370.
or
for
are
RFC and
DEBENTURES SOLD BY CANADIAN
Rate
Name
476 Canada (Dominion of)
Page
—i2
\3
PWA loans)
for that
MUNICIPALITIES IN JANUARY
Maturity
Amount
4 years 150,000,000
Price
Basis
13 years]
*25000,000
476 Canada (Dominion of)
a50,000,000
100.08
4
1958
16,400
99.11
634 Montreal East 8. D., Que. (3 Iss.).4
1938-1957
119,500
796 Ontario Hydro-Elec. Power Com.,
Ont-_3)4
1953 r9,000,000
99.75
796 Shelburne, N. 8.
4
15 years
16,000
Total long-term Canadian debentures sold in January.$109,151,900
796
Canada (Dominion of)
796
Mahone Bay, N. S
--
-
*
Temporary loan; not Included in total
a
4.02
Sold to London, Eng., banking group.
for month.
RECONSTRUCTION FINANCE
CORPORATION
follows:
Now York
City—$1,203,000 rapid transit subway serial bonds; eight bids,
$1,101.19 to $1,121.59 per
Inc., New York.
$1,000; highest by Barr Brothers & Co.,
Sylacauga, Ala.—$83,000 water works bonds; two bids, $923.30 to
higher by King, Mohr & Co., Montgomery, Ala., and associates.
$951.70;
bonds, 1934; two bids, $902.10 and
& Co.
No. 1, Maricopa County, Ariz.—$85,000 school im-
Talladega, Ala.—$14,800 sewer
$955.70; higher by King, Mohr
School
District
ErovementL. Vidrine & Co., three bids, $1,021.38 to
bonds of 1935; Phoenix, Ariz.
y Kirby
$1,062.30; highest
University of Arizona, Tucson, Ariz.—$265,000 building and improve¬
ment bonds, series or 1937; one bid, $930, by Widmann & Holzman,
Cincinnati, and associates.
N. J.—$48,000
Co., Inc., New
York.
N. M., Municipal School District—$27,000 municipal
bonds* seven bids, $1,032.50 to $1,103.26; highest by
Loughridge <fe Co., Denver.
Albuquerque,
school
district
Bosworth, Ohanute,
Board of Education,
Union Free School District No. 15, Hempstead,
N. Y.—$23,000 school building bonds; nine bids,
highest by Hayden, Stone & Co., New York.
$1,031.02 to $1,130.50;
Yonkers, N. Y.—$49,000 water plant Improvement bonds; four
$995.30 to $1,035.12; highest by Southern Ohio Savings Bank &
Co., Cincinnati.
Oxford, Granville County, N. C.—$45,000 sewer
$976.25 to $990.61; highest by F. W. Craigie & Co.,
bids,
Trust
bonds; three bids,
Richmond, Va.
Randolph County, N. C.—$50,000 school building bonds; three bids.
$951.32 to $976.60; highest by F. W. Craigie & Co., Richmond, and
&ssocid't/6»
Selz, N. Dak.—$7,000 school bonds of 1935; one
H. E. Mueller, Hazen, N. Dak.
Fairfax, Okla.—$22,000 waterworks improvement bonds of 1934; three
bids, $951 to $991.13; highest by R. J. Edwards, Inc., Oklahoma City.
School District No. 16, Baker County, Ore.—$34,000 school building
bonds; three bids, $1,042.80 to $1,080.80; highest by Blyth & Co., Inc.,
New York, and associates.
Board of Education,
bid, $950. by
School District No. 3, Curry County,
two bids, $992.80, and $1,025.30;
York, and associates.
Ore.—$21,000 school building bonds;
higher by Blyth & Co., Inc., New
School District No. 8, Malheur County,
ing bonds; three bids, $1,022.30 to $1,057;
New York, and associates.
School
PT High Bids Received for Municipal Offerings—At the offering
on Feb. 10 by the above Federal agency of the 77 issues of
municipal bonds aggregating $5,616,100, bids were received
for most of the bonds.
The largest offering was an issue of
$1,203,000 New York City 4% rapid transit subway bonds.
For this eight bids were submitted, the highest being 112.159,
tendered by Barr Bros. & Co. of New York.
The securities
offered and the bids received by the RFC are listed briefly
as
of Education, Mountainside, Union County,
bonds; one bid, $932.50, by B. J. Van Ingen &
school
District
of
Ore.—$34,000 school build¬
highest by Blyth & Co., Inc.,
Lackawanna County, Pa.—$99,000
bonds; five bids, $1,012.90 to $1,018.30; high¬
Olyphant,
junior high school building
est by Hemphill, Noyes &
Co., New York.
The Citadel, Military College of South Carolina, Charleston, S. C.—
$323,000 building bonds, first lien revenue and second series.
One bid of
$952.80 by Middendorf & Co., Cincinnati.
Independent School District fo Springfield. S. Dak.—$L5,000 school
construction bonds of 1935; one bid, $971.25, by Harold E. Wood & Co.,
St. Paul.
Polk
Tenn.—$60,000 courthouse bonds of 1936; three
County,
bids,
highest by C. H. Little & Co., Jackson, Tenn.
Independent School District, Aransas County, Texas—
$40 000 school building bonds, series of 1934: three bids, $960 to $961.20;
highest by Fenner & Beane, Washington, D. C.
Sonora Independent School District, enlarged, Sutton County, Tex.
—$19,500 school house bonds; seven bids, $970.70 to $1,016.75; highest
by Beckett, Gilbert & Co., Inc., Dallas.
$940 to $951;
Rockport
Sweetwater,
Texas—$52,000 municipal hospital bonds, series 1935; one
by Fenner & Beane, Washington, D. C.
College, East Radford, Vt.—$91,999 dining hall bonds;
$968.71 to $976; highest by Scott, Horner & Mason, Inc.,
bid, $961.80.
State Teachers
three
Dids,
LvnehburK.
University
Va.,
and associates.
of Virginia,
Charlottesville, Va.—$155,000 University of
Virginia hospital bonds; two bids, $1,011.60 and $1,025.68; higher by
Scott & Stringfellow, Richmond, Va.
State of West Virginia—$147,000 Hopemont administration and hospital
building revenue Donds; two bids, $974.19 and $987.90; higher by Scott,
Horner & Mason, Inc., Lynchburg.
™
v.
Frederic, Wis.—$11,000 water revenue bonds; one bid, $1,005.09, by
Foster Petroleum Corp., Dover, Del.
, ,
.
v.,^
1106
Financial
Chronicle
Feb.
1938
12,
increases in The Bronx of
$5,207,835, in Queens of $55,664,875, and Rich
All boroughs shared increases on corporation or
News Items
mond of $1,328,635.
utility properties.
Concerning the assessments on utilities, William Stanley Miller, President
of the Tax Commission, said:
"Our program in the reassessment of utility properties has been con¬
tinued during the past year.
Many complete inventories have been made,
price trends studied and revaluations made by qualified engineers.
For
this year special emphasis was laid on reappraisal of railroad
propertiess
and, in addition, the reappraisal of other public utility property was con¬
tinued, resulting in an increase of valuations for the year 1938 over 1937
for this class of property in the sum of $119,334,750, in which increase is
Arkansas—Special Legislative Session Seen Likely—Call for
special session of the State Legislature to convene on Feb. 21
or 28 is said to be anticipated by officers
working with Gover¬
nor Carl E. Bailey in the plan to refinance and refund
$145,000,000 of highway debt to release a part of the highway
a
fund
for
income
new
construction
and
lift
to
tolls
from
included
Price
Bond
Chart
of
18
Bonds of the 18 cities, which, in
as
December, 1927, ranged in price within
approximately 20-100
few points of par and which showed a yield range of
a yield
range
4% obligations
20-year maturity, both general and water bonds being weighted.
At the top of the list, based on December, 1937
prices, are the bonds
of Cincinnati, Baltimore, Milwaukee, St. Louis and
Pittsburgh,
a
yields of from 2.25 to 2.50%.
is
between
2.50
and
bonds of San Francisco, Los Angeles, Kansas City and
between 3 and 3.50% are the bonds of Chicago,
3%
the
are
Minneapolis; yielding
Cleveland, Boston, New
City, Philadelphia and Buffalo; yielding 4% are the bonds of Detroit,
Newark and Jersey City.
While no attempt is made to analyze the reasons for the
present wide
differential in the prices of bonds which 10 years ago were
selling on an
approximately equal yield basis, a study of the chart raises the question
as to what, if any, change in fundamental or
individual credit conditions
may have been responsible for the divergent trend of the various issues.
The chart reveals that September, 1931, marked the
beginning of a sharp
change in trend of most of the bonds selected for study.
Rules
Stock
Dividends
a
decision
Taxable—
he has recommended to
appellants," the decision said, "do not show themselves entitled to
any
benefit
abatement."
New
as
cided between Massachusetts laws and
Federal laws.
On
decisionlsays:
this
point the
estimates.
revenue
payments to
the
the
Legislature that provision for
partially unemployed under the
York State
soon
as
Unemployment Isnurauce Law be made
practicable after April 1, 1939.
Mr. Andrews'
was
based upon the report of the Com¬
Partial Unemployment and studies made
by the
recommendation
mittee
The trustees received for the trust in
1933, a stock dividend on stock
of the Thompson Wire Co. of two new shares for each share
then out¬
standing.
The trustees paid the tax and then petitioned for abatement.
A portion of the decision comments on differences on
the matter de¬
why the banks
is beyond our
rate
Payments Urged to Aid Partially Unemployed—Industrial
Commissioner Elmer F. Andrews announced on Feb. 7 that
The Court's decision, written by Chief Justice Arthur P.
Rugg, declared
the law constitutional and dismissed a petition before the
Court.
"The
The question of the law's constitutionality reached the
High Bench
an appeal from a decision of the State Board of
Tax Appeals which
had refused abatement of a tax assessed on stock dividends in
1933 to the
trustees of a trust left by George M.
Thompson in his will for the benefit
of Barton J. Thompson.
Just
tax
Committee.
to state:
as
low
a
Actually the supplemental budget, which is an amendment to the exec¬
utive budget submitted by Mr. Lehman a month
ago, contains additional
appropriations amounting to $439,259.06.
A reduction of $155,103.09
in the State item for county health activities held the
grand total down.
The budget was received without comment in both
houses and sent
to the Ways and Means Committee of the
Assembly and the Senate Finance
by the State Supreme Court, according
on
foreclosure.
smallest
but still within the Governor's
passed by the State Legislature in
1933, malang stock dividends subject to taxation under the
income tax laws of 1933, 1934 and 1935, was held constitu¬
to the Boston "Herald" of Feb. 4, which went
default and
State—Supplemental Budget Put at $284,156—
supplemental budget in years, totaling only
$284,156.01, was submitted to the Legislature on Feb. 7
by Governor Lehman, according to Albany advices.
The
additions contained in the message
bring the total of the
State budget for the fiscal year 1938-39 to
$386,108,615.18,
The
The emergency measure
tional in
to
New York
York
Massachusetts—Court
definite invitation
a
can justify a high interest rate and attack
comprehension."
showing
Yielding
follows:
paid, and to charge
that approximately 2Ji % paid to the
city for services rendered is con¬
fiscatory and the ruination of property.
"The savings
banks, however, officially determine that when John
Brown deposits $5,000 in one of their banks the
just, fair and equitable
return thereon for the loan of that
money is 2%, and that any greater
return would jeopardize the safety of all
deposits.
"If the same John Brown, however, owns a
piece of property upon which
the same bank holds a mortgage of
$5,000, immediately the economic
picture changes and the just, fair and equitable return on the money so
invested is either 5, 5J4, or 6%,
entirely disregarding the fact that the
income from the property in question will not stand this interest tax
and
of 1%, showed a price range 10 years later of 100 to 128 and
of approximately 1 lA%.
Bonds selected for the study were
with
of
sum
"We have no quarrel with the financial institutions of this
city engaged
in lending money on real estate, but it is
manifestly unfair to maintain that
an interest rate of 5, 5H, or
6% is divine and must be
Cities
Prepared—A striking
contrast between the price and yield differentials of the
bonds of 18 leading cities of the country, based on market
prices of December, 1927, September, 1931 and December,
1937, is portrayed in a trend chart prepared by the Govern¬
ment Bond Department of Lehman Brothers.
a
the
$44,238,850, the value of property transferred from
ordinary real estate to real estate of corporations."
The report of the Commission criticized
high interest rates on mortgages
highway bridges.
It is reported that some subject apart
from highway debt adjustment may be included in the call.
on
Division of Placement and
Professor
Herman
A.
Gray,
Unemployment Insurance.
Chairman
of
the
committee
Unemployment Insurance State Advisory Council, pointed
studies show
that
and
out
of
the
that the
the
problem of partial unemployment is much more
was at first supposed, and it is
possible that a larger unem¬
ployment insurance fund may be necessary if partial unemployment is
to be compensated.
For that reason the committee advised the accumula¬
serious than
"Under the Constitution and laws of this Commonwealth
stock divi¬
dends may be taxed as income.
Such a scheme of taxation violates no
constitutional rights of the taxpayer.
The rule is different under deoisions
of the Supreme Court of the United States.
The Constitution of the
United States in this respect does not impose a limitation
upon the taxing
power of this Commonwealth.
This taxing power is reserved to the
several States as an attribute of sovereign power, and no Federal
question
is involved.
In this particular, decisions of this Court are final as to
the
construction of the statutes of this Commonwealth."
tion of
more facts before a specific plan for the
payment of such benefits
adopted.
Concurring with Professor Gray in this report were Marion B.
Folsom, Treasurer of the Eastman Kodak Co., and George F. Meany,
is
President of the New York State Federation of
Labor,
the Advisory Council.
In
both members of
recommending
the report of the committee to the Senate and the
Assembly, Commissioner Andrews said:
"No one is more aware than 1
of the need
M Mississippi—Industrial Plan Held Valid—The State's
Industrial Act, approved by the Legislature in
1936, per¬
mitting cities and counties to issue bonds to build factories
for private operations, was held constitutional
by a vote of
five to one by the State Supreme Court on Feb.
7, according
to the Jackson "News" of that
date, which continued in
follows:
par as
Justice W. D. Anderson dissented, saying that in his
judgment
decision "drives a steam shovel through our constitution."
The Court decision removed legal clouds that have hovered
the
unique Act since its enactment in 1936.
Industrial bonds had not found
ready markets their constitutionality was questioned.
"We will get more industries than we know what to do with if
this Act
is upheld,"
Governor Hugh White had said. The Act was the key to his
industry."
today held that the Legislature had
authority to set up means for improving the economic life of its citizens.
"The purpose for which the State exists," the
opinion said, "is to promote
the welfare of its citizens—their peace, happiness and
prosperity.
"The Government is the State's agent, created
by its constitution and
charged thereby with the duty of accomplishing this purpose, which duty
rests with equal force on each of the
departments into which the Govern¬
ment is separated—the
executive, the legislative and the judicial.
"In determining whether an Act of the
Legislature violates the constitu¬
tion the courts are without the
right to substantiate their judgment for that
of the Legislature as to the wisdom and
policy of the Act and must enforce
it, unless it appears beyond all reasonable doubt to violate the constitution."
program to "balance agriculture with
The majority opinion of the Court
.
.
.
I^New York,
N.
Y.—Tax
Valuations
1938—Final assessed valuation
of
.
.
.
Up $50,602,600 for
taxable
real
estate
and
special franchises in New
York City was announced on
$16,650,297,794 by the Tax Commission, which
as
to which his past employ¬
entitles him, rather than determine that he worked for half
day and therefore may not receive any benefit payments for an entire
ment record
a
week.
"But the fact remains that the report of the Committee on
Partial Unem¬
a situation which would stamp as
foolhardy any attempt
ployment discloses
new
charter succeeded
the
legislation whereby payments to the partially unemployed should
be undertaken at once.
The factual studies made to date by our research
staff show that in some important industries a fair
plan for the payment
of such benefits would cost almost half of the annual
contributions of those
industries to the Unemployment Insurance Fund at the
present 3% rate
of contribution."
the
over
under the
sidering whether he should be paid the benefits
to suggest
Five of the six justices agreed that subsidization of
industry to promote
commercial enterprises came within the power of the
Legislature under the
general welfare clause of the State constitution.
Feb. 6
eventually to construct an unemployment insurance law which
will fulfill the promise that the words
'unemployment insurance' hold for
every worker who is unemployed, either partially or totally.
I realize
it might be better to look to a man's income—or lack
of income—in con¬
Board of Taxes and
Pennsylvania—Validity of Franchise Tax Statute Assailed
constitutionality of the State's 1935 franchise tax law
was
argued in the Dauphin County Court on Feb. 8 with
Pennsylvania standing to lose about $20,000,000 if the Act is
discredited, according to Harrisburg press advices.
—The
The
case
is of vital
importance, according to tax experts, because an
virtually would smash the Commonwealth's budget and
special session of the Legislature almost imperative.
Attacking the Act is the Columbia Gas & Electric Co., a large holding
adverse decision
would make
a
company which controls 50 subsidiaries furnishing gas
in sections of
Pennsylvania, Ohio and West
A
and electric service
V.irginia.
Delaware
corporation with offices in New York, the company is
appealing an assessment of $192,193 on its capital stock for 10 months of
Prior to that year, capital stock of the
corporation was exempt because
it was held outside the State, with the result that
only about $1,200
assessed
was
on the Pennsylvania
holdings.
The new law imposes a tax of
on out-of-State
corporations, on a schedule designated to make
them carry a burden commensurate with
Pennsylvania firms.
five mills
George Ross Hull, attorney for the company, argued the franchise tax is
unconstitutional because it is confiscatory in that it imposes an added
burden on foreign corporations, and
discriminatory because it favor#
domestic firms.
Assessments.
The total showed an increase of
$.50,602,600 over 1937,
injcontrast to the reduction of $79,070,354 in 1937 under
1936.
The total for ordinary real estate, as
distinguished
from public utilities
properties, declined $38,469,530, while
the
valuation
1937.
over
as
fixed
on
The
by the State Tax Commission, decreased $30,262,620.
M The final total of $16,650,297,794, which includes
ordinary real estatel
corporate real estate, and special franchises, represented a net reduction
of $114,549,065 made in the tentative
valuations for
and corporate properties announced Oct. 1.
The assessment rolls will go to the
ordinary real estate
City Council, which must fix the
tax rate by March 1.
Determination of the tax rate will depend in part
on the result of the suit over the
budget, which wiU be taken to the Court
of Appeals.
Supreme Court Justice John E. McGeehan has ruled that
the budget adopted by the Board of Aldermen last
year
is
valid, while
the Administration holds the budget passed
by the new Board of Estimate,
which totals $800,090 less, is legal.
The
1937
final
in
valuations
Manhattan
ordinary real estate showed reductions under
of $76,672,375,
in
Brooklyn of $23,888,500, and
on
Tennessee—Special Session on District Power Plan Con¬
templated—It is reported that Governor Gordon Browning
contemplating calling a fifth special session of the State
Legislature to provide legal authorization for his private
power purchase plan.
Speaking on the radio to advocate his
proposal he said in part as follows:
is
"The
State
under
my
proposal
does
nothing
more
than
incorporate
the districts and the law directs that the Governor
appoint the Com¬
missioners to direct their administration. The districts are
non-profit, and
all
earnings from their operation must go to the reduction of rates. When the
bonds incident to a purchase are amortized the properties
belong to the
districts and will be available to them for power distribution at cost from
Tennessee Valley Authority."
United States—Municipal Bond Dealers Protest Moloney
Counter Regulation—Morris S. Tremaine, Comptroller
Bill
of New York State, asked that municipal securities be
exempted from the provisions of the bill introduced recently
in Congress by Senator Maloney of Connecticut which would
Volume
permit over-the-counter dealers in securities to impose selfregulation under strict supervision of the Securities and
Exchange Commission. Several representatives of municipal
security dealers and city officials appeared on Feb. 8 and 9
before the Senate Banking and Currency Committee in
opposition to the measure. They advocate that investment
bankers be given a chance at "real self-regulation" rather
than supervision by the SEC.
banking group, represented by the
Investment
Bankers
Association of America, and the
Investment Bankers Conference, Inc., united in opposing
The
investment
the ground that it
over-regulation of an already harassed
industry.
On Feb. 9 a revised committee print of the bill
was
issued
which
embodied substantially the changes
the
second
section of the proposal on
would bring about
recommended.
Section 2 of the bill in its present
form does not give the
SEC the authority
impose rules providing safeguards against unreasonable profits or com¬
or to impose rules providing safeguards against unfair discrimin¬
ation between customers, issuers, or brokers and dealers.
Dealers asso¬
ciations are required to provide such safeguards under the revised measure.
to
missions
Representatives of municipal bond dealers declared that the bill would
the market for small municipal issues since the SEC could
require, for example, that dealers not be permitted to trade bonds for which
municipalities refused to supply certain financial information.
C. E. Weigold, of Roosevelt & Weigold, declared that dealers
could
not secure this information in most cases, and in many instances States
and municipalities would not or could not supply it. He stated that in his
opinion the bill would give the SEC virtual control over municipal
State financing and that the losses to investors from such issues has been
so small that there is no need for shackling municipal dealers by requiring
them to register with associations.
It was explained in SEC quarters that the bill as it affects trading in
municipals presents problems no different from those encountered
other securities traded over-the-counter
and not registered under the
Securities Act. From this it appeared that the Commission would similarly
have the power to pass rules regulating trading in securities not
under the Securities Act or the Securities Exchange Act, if it had such
result in freezing
and
with
registered
power with respect to municipals.
David Wood of the law firm of Thompson,
Wood & Hoffman, contrasted
the ability of small municipalities to secure funds with that of small business
and declared that anything which would affect the business of small dealers
would increase the cost to small municipalities in securing such funds.
Commenting on the formation of National Associations, Mr. Wood
said that he thought that small dealers would be lost in them and their
policies would be those of the large dealers who would control them. He
said that large dealers now control the Investment Bankers Association and
the Investment Bankers Conference because the small ones can't afford
the expense of attending the meetings.
He urged that dealers who trade
only in public securities be exempted from the bill, stating that it is com¬
pletely impractical for State and municipal issues.
So long as a Federal
agency can change the rules overnight dealers cannot make commitments
for large issues, he said, in criticizing the delegation of powers given by
Congress to the SEC.
C. W. McNear of C. W. McNear &
Co. of Chicago,
expressed the opinion
difficult to get municipal dealers to register. He said that
of registering by dealers in corporate issues in order to get
dealers discounts was not present in the municipal field where there were no
that it would be
the advantage
commissions.
Francis
H.
Lindly, attorney for the
City of Los Angeles,
stated that
and muni¬
about $25,fear that the
the prices
he thought that the bill should be amended to exclude State
cipal bond dealers.
He added that his city planned to issue
000,000 of bonds in the next two years and he expressed the
bill might so restrict the bond market as to unfavorably affect
of his municipality's
securities.
approximately $13,000,000.
Governor Bailey is particularly anxious to
obtain funds to qualify the State for Federal aid grants.
Legislature in 1937 passed Acts 103, 151 and 278 to authorize refinancing
of highway debt.
Validity of the program was challenged in a taxpayers'
suit and after return of a decision by the Arkansas Supreme Court bond
market conditions did not warrant new offering authorized in the three Acts.
IZARD
CITY, Ala.—BOND TENDERS
INVITED—It is stated by
Bird, City Clerk, that the city has $5,937.50 with which to
bonds of the issues hereinafter described and will accept tenders
on Feb. 23, from holders of $15,000 4M% refunding water bonds,
S.
retire
until noon
dated
July 1, 1935; $125,000 5% water works bonds, dated Nov. 1, 1925, matur¬
ing on Nov. 1, 1955, and $180,000434 % water works refunding bonds, dated
July 1, 1935, maturing on July 1, 1955 (which tenders shall be at less than
par).
From said
tenders the city shall purchase a sufficient number of said
price to exhaust funds on hand for this purpose, the
to be based
solely upon the price at
ADDITIONAL TENDERS INVITED—It is also stated
that the city has the sum of $7,000 in a special sinking fund,
the levy and collection of the special five-mill tax authorized
by Mr. Bird
derived from
by law for said
for the retirement of bonds hereinafter described, and the city
will receive tenders until noon on March 10 by the holders of the following
bonds: Refunding public improvement 5% bonds, series A, B, C, D, E
and G, and No. 7, dated Jan. 1, 1936, numbered from 1 to 399, due and
payable on Jan. 1, 1956, and Alabama-Girard 5% refunding bonds dated
Dec. 1, 1935, due and payable on Dec. 1, 1955.
Said tenders must be less
than the call price of the said bonds.
*
The above City Clerk states that he will receive at the same time sealed
tenders from the holders for sale to the city of Series B, Series D and Series
No. 7 refunding public improvement 5% bonds, dated Jan. 1,1936, due and
payable on Jan. 1, 1956, at the Central Hanover Bank & Trust Co., N. Y.
City.
Bonds of said issue in sufficient amount to retire $1,000 of principal
amount of series B of said bonds of said date; $3,000 principal amount of
series D bonds of said date, and $2,000 principal amount of Series No. 7
bonds of said date.
Said tenders shall be mailed to the City Clerk or de¬
purpose,
and shall not be opened until 30 days from notice
which time the holders of bonds offering them at the lowest
will be accepted in sufficient amounts to retire bonds in
each of the particular series of bonds mentioned.
livered to him in person
of offering, at
tender to the city
ARKANSAS
ARKANSAS, State of—SCHOOL BONDS SOLD—We are now informed
by G. C. Floyd, Director of School Law and Finance, that the $240,000
4% coupon State Board of Education bonds which had been purchased on
Nov. 3, 1937 by H. C. Speer & Sons Co. of Chicago, the sale of which
was canceled on Jan. 27, as noted in these columns—V. 146, p. 945—were
sold on Feb. 2 to Walton, Sullivan & Co., and T. J. Raney & Sons, both of
Little Rock, for a premium of $1,281, equal to 100.533, a basis of about
3.88%.
Dated Nov. 1, 1937.
Due on Jan. 1 as follows: $35,000, 1939;
$30,000, 1940 and 1941; $25,000, 1942 to 1945; $15,000, 1946; $10,000,
1947 and 1948, and $9,000 in 1949, without option of prior redemption.
Prin. and int. (J. & J.) payable at the State Treasurer's office, Little Rock.
Legal approval by Rose, Hemingway, Cantrell & Loughborough, of Little
Rock.
ARKANSAS, State of—HIGHWAY
SOUTHEAST ARKANSAS
plan of Stifel,
and other measures.
Schedules will be based on highway fund income of $8,400,000, to be
pledged for debt service, and excess over this figure will be used for mainte¬
nance and new construction.
Total highway fund income in 1937 was
approved the issuance
of
LEVEE DISTRICT
(P.
O.
McGehee),
LOAN APPROVED— Refunding of the
long-standing bonded debt of $2,413,500 was assured
on Feb.
1 when the Reconstruction Finance Corporation in Washington
announced approval of a loan of $1,448,100, which is sufficient to pay 60
cents on the dollar.
Funds on hand will be used to bring the total payment
REFINANCING
Ark.—RFC
districts's
above
to 75 cents.
The loan has been sought for several months by members of the Arkansas
Congressional delegation and others.
Much credit for success of the effort
generally was given to Mrs. Joe T. Robinson, widow of the late Senator
Robinson, who appealed personally to President Roosevelt and to Jesse
Jones, Chairman of the RFC Board and a friend of the late Senator, for
approval of the loan, Mrs. Robinson's brother, Grady Miller, has been
receiver of the district since February, 1932.
Others credited with vigorous effort in behalf of the loan's approval are
Senator Hattie W. Caraway, Senator John E. Miller, Grady Miller, Con-
Sessman John L. McClellan and Clifton H.Washington office for several
Scott, head of the National
rainage, Levee and Irrigation Association's
years,
former receiver for Drainage District No. 17 of Mississippi County,
Chairman for the National Democratic organization in
Finance
and
Arkansas
Emii Schram, a member
of the RFC's governing board,
Grady Miller that the loan had been granted.
Details were not revealed, but it is believed
officially notified
likely that the RFC will
require deposit of 90% of the outstanding bonds before releasing the funds.
Grady Miller said he has been assured by representatives of the Bond¬
holders Committee in St. Louis that in their opinion the proposed refunding
plan will be satisfactory to bondholders.
Completion of
probably will require several months.
Federal Judge Trimble, at a hearing held recently, said
the refunding
that he would
RFC loan if it could be secured,
offered by the district's Board
obtained. Belief that the RFC
loan would be refunsed was expressed at that time by representatives of
various factions, and telegrams indicating failure of the loan negotiations
approve a refunding plan based on the
and that he would approve a substitute plan
of Directors if the RFC
were
read.
V
loan could not be
,
CALIFORNIA
DAVIS, Calif.—BOND OFFERING—It is stated by the City Clerk that
he will receive sealed bids until Feb. 21 for the purchase of a $20,000 issue
of city building bonds.
Interest rate is not to exceed 6%, payable semi¬
annually.
Dated Feb. 15, 1938.
Due $2,000 from 1939 to 1948, incl.
These bonds were approved by the voters at an election held on Feb. 1 by
wide
margin.
DORADO COUNTY
BONDS
SCHOOL
(P. O. Placerville), Calif.—PLACERVILLE
$10,000 bonds of Placerville Grammar
SOLD—The
School District which were offered on Feb. 8—V. 146, p.
awarded to Kaiser & Co. of San Francisco as 3j4s, at par plus
equal to 101.88.
GUSTINE DRAINAGE
VOTED—The
voters
j
465—were
a premium
*
DISTRICT (P. O. Gustine), Calif.—BONDS
of the district recently
approved a bond issue of
$100,000.
LOS ANGELES,
Calif.—LARGE BOND SALES
CONTEMPLATED—
Assistant Attorney representing the Los Angeles Depart¬
told the Senate Banking and Currency Com¬
mittee on Feb. 9 that his department expected to issue $25,000,000 or $30,000,000 in bonds during the next two yens, according to Washington, D. C.,
advices .fe
Francis Lindley,
ment
of Water and Power,
LOS
ANGELES
COUNTY (P. O. Los Angeles),
SCHOOL BOND OFFERING
Calif.— KEPPEL
DETAILS—In connection with the offering
Keppel Union School District bonds,
mentioned in these columns recently—V. 146, p. 946—we are informed by
L. E. Lampton, County Clerk, that the bonds will bear interest at a rate
not to
exceed 5%, payable semi-annually.
Denoms. $100 and $150.
Dated Feb. 1, 1938.
Due from Feb. 1, 1939 to 1963, incl.
A certified
check for 3% of the amount of bonds bid for, payable to the order of the
Chairman of the Board of Supervisors, is required.
at 2 p.
m. on
Feb. 15 of the $3,500
MONTEREY COUNTY (P. O. Salinas), Calif.—BOND ELECTION
SCHOOL DISTRICT—An election is to be held on Feb. 25
of Salinas Union High School District will be askedlto
IN SALINAS
at which the voters
approve a
SAN
proposition calling for the issuance
FRANCISCO
$650,000 coupon, fully
of $250,000 bonds.jkImmi
(City and County),
Calif.—BOND SALE—The
registerable, airport bonds offered on
Feb. 7—V. 146.
Lehman Bros, and Phelps, Fenn & Co., both of
Youngberg of San Francisco, as 2s at par plus a
premium of $714.35, equal to 100.1099, a basis of about 1.98%.
Dated
Jan. 1, 1938.
Due $65,000 yearly from 1940 to 1949.
The Bankamerica
Co. and associates bid a premium of $141 for 2% bonds.
BONDS OFFERED FOR INVESTMENT—'The successful bidders reoffered the above bonds for public subscription at prices to yield from
0.85% to 2.10%, according to maturity.
p. 946—were awarded to
New York, and Stone &
FRANCISCO-OAKLAND BAY BRIDGE AUTHORITY (P. O.
Calif —BOND PURCHASE CON TEMPLA TED—Two
currently are discussing public offering of up to $76,000,000 bonds of the above Authority.
This structure was financed through
sale of bonds to the Reconstruction Finance Corporation.
The syndicates,
headed by Dillon, Read & Co. and by Brown Harriman & Co., Inc., con¬
template the purchase of the bonds either directly from the RFC or else
from the Authority after that body arranges for resale with the RFC.
The negotiations still are in an early stage.
SAN
San
Francisco),
banking syndicates
PiSANTA BARBARA COUNTY
ELECTION IN SOLVANG SCHOOL
School District on Feb.
school building bonds.
in Solvang
DEBT TO BE REFINANCED—
Board will meet in the near future to consider revised
Nicolaus & Co. and A. C. Allyn & Co., syndicate managers,
to refinance $145,000,000 of highway debt through exchange of new bonds
for outstanding securities and public offering of new bonds to provide for
redemption of callable bonds not offered for exchange.
Schedules will be
prepared by syndicate managers and if approved by Advisory Finance
Board, of which Governor Carl E. Bailey is ex-officio Chairman, Legisla¬
ture will be called in special session to enact the necessary appropriation
Advisory Finance
Ark.— BONDS VOTED—It is
PARAGOULD, Ark.—PWA OFFICIALS INVESTIGATING MUNIC¬
from Paragould to the Little Rock "Gazette"
reported as follows:
Marshall W. Anis, Public Works Administration lawyer, and Harlan
Mayes, financial investigator of PWA projects, both of the Fort Worth
(Texas) office, arrived here yesterday to investigate the records and plans
of the municipal light plant project as approved at a city election in January.
1933, when a bond issue of $100,000 was voted in anticipation of a $90,000
grant from the government to construct a home electric utility service.
Following the recent favorable Supreme Court ruling and the dissolution
of a Federal injunction against the project, the proposal was confused,
causing the PWA to hold up the project pending an investigation. PWA
officials gained the impression from the letters that Paragould did not
desire to proceed with the construction.
The visiting officials have asked
State Senator Jeff Bratton, who as city attorney handled the litigation
for the city, to prepare a brief.
They indicated that they city could start
construction within 60 days, if their findings are favorable.
bonds at the lowest
determination of the lowest tender
which said bonds are tendered.
O. Melbourne),
of Feb. 2
of $188,
ALABAMA
PHENIX
J.
(P.
IPAL PLANT—A dispatch
EL
Proposals and Negotiations
COUNTY
reported that at a recent election the voters
$25,000 in court house construction bonds.
a
Bond
1107
Financial Chronicle
146
SIERRA
(P. O. Santa Barbara), Calif.—
DISTRICT—An election is to be held
15 to vote on a proposal to issue
COUNTY (P. O. Downieville),
$30,000
Calif.—LOYALTON SCHOOL
DISTRICT VOTES BONDS—The voters of Loyalton Elementary
District have approved a proposal to issue $26,500 school building
The bonds will be offered for sale in about a month.
School
bonds.
COUNTY (P. O. Modesto), Calif.—OAKDALE
OFFERED—C. C. Eastin, County Clerk, will receive bids
14 for the purchase of $10,000 promissory notes of OakSchool District.
Interest rate is not to exceed 5%.
Sale will not be made at less than par.
Dated Feb. 1,1938. Due May 30,
1938.
Certified check for $150, payable to the Chairman of the County
m
STANISLAUS
SCHOOL NOTES
until 2 p.m. Feb.
dale Union High
Board of Supervisors,
required.
Financial
1108
\
i
Chronicle
COLORADO
DENVER,
.
refunding road and bridge or highway bonds, time warrants, certificates
of indebtedness and negotiable notes of the Florida Counties, and
Special
Road and Bridge Districts therein as follows:
Bay, Brevard, Broward, Charlotte (except McCall S. R. & B. Dist.),
Desoto, Glades, Hardee, Indian River (except Atlantic-Gulf, Fellsmere Sc
Vero Bridge Dists.), Jensen R. & B. District, Levy District 7, Martin,
Monroe, Okaloosa, Okeechobee, and Palm Beach S. R. & B. Dists. No. 3,
8, 9, 17, 21 and Cross State Highway Bridge District.
All offerings submitted must be firm for 10 days subsequent to the date
of opening, i.e., through March 7 and must state full name, description,
and serial numbers of bonds, interest rate, date of issue, date of maturity,
and price asked.
The offer must specifically state exactly what coupons
are attached and will be delivered with
the bonds for the price asked.
being called for payment at par, on Feb. 10.
are
Colo.—COUNCIL APPROVES BEH REFUND PLAN ON
FIRST READING—For
second
the
time
within
month, refunding
a
of
$4,127^,000 worth of local improvement bonds has been approved by City
The ordinance,
approving
a
contract with the Carlton D. Beh Co. of
Des Moines, was passed on first reading
by a vote of six to three.
The proposal provides for issuance of callable bonds in a refunding series,
without regard for the 300 or more individual districts.
The bonds would
mature within 15 years.
For the first 18 months of the refunding issue they would bear an Interest
of 5H%, compared with the present average of 5.38%.
From this
11 come the bankers' refunding commission of 1.81%, for the
51/i%
WJ
u
„
Thereafter, the bonds will average 3.4375% interest
year and a half,
annually.
rate
LARIMER COUNTY SCHOOL DISTRICT NO. 5 (P. O. Fort
i
Bonds that are in default of interest must be offered at a flat price which
price shall be understood to be the price asked for such bonds with all
maturities of past due, defaulted or unpaid coupons attached, and notice
is hereby given that if any such coupons have been detached prior to de¬
livery of any bonds accepted and or purchased hereunder, the face value
of such missing coupons will be deducted from
purchase price, and offerings
Collin.)
Colo.—BOND CALL—It is said that the County Treasurer is calling for
payment at his office on March 1, on which date interest will cease, 4H %
bonds, dated March 1, 1924, numbered from 41 to 50.
must be submitted on this basis.
FORT MYERS, Fla.—CERTIFICATES SOLD TO PWA—It is stated
by James B. Roberts, City Clerk-Treasurer, that $109,000 4% water works
certificates were purchased at par by the Public Works Administra¬
tion.
Due on Dec. 1 as follows:
$2,000, 1936; $3,000 from 1937 to 1943:
$4,000, 1944 to 1949; $5,000, 1950 to 1954; $6,000, 1955 to 1959, and
$7,000 in 1960.
Prin. and int. (J. & D.) payable at the City Treasurer's
office or at the Chase National Bank, New York.
MANITOU SPRINGS (P. O. Manitou), Colo.—BOND OFFERING—
The Town Council will receive bids until March
water
1
on
an
issue of $50,000
revenue
department refunding bonds.
MORGAN COUNTY SCHOOL DISTRICT NO. 3 (P. O. Fort Mor¬
gan), Colo.—BOND SALE—The district has sold $31,000 bonds to Bosworth, Chanute & Loughbridge and Sislo, Simmons, Roberts & Co., both
of Denver.
The total is divided into two issues, as follows:
$19,000 2H%
refunding bonds.
Due yearly
as
follows: $1,000,
1938
12,
FLORIDA State of)—BOND TENDERS INVITED—The State Board
of Administration will receive until 10:00 a.m., Feb.
25, at the Governor's
Office in Tallahassee, sealed offerings of matured or unmatured original or
COLORADO, State of— WARRANT CALL—It Is reported that various
State warrants
Feb.
GULF
COUNTY
(P. O. Wewahitchka), Fla.—BONDS SOLD—It is
Hunter, Clerk of the Circuit Court, that the $200,000 4%
bonds approved by the voters at the election held on
Sept. 14, 1937, have been sold to the Clyde C. Pierce Corp. of Jacksonville
at a price of 98.00, a basis of about
4.13%.
Dated Jan. 1, 1938.
Due on
Jan. 1, 1965.
stated by J. R.
1942 to
1946, and $2,000, 1947 to 1953.
semi-annual canal
12,000 2%% athletic field bonds.
Due yearly as follows: $500, 1942 to
1952, and $3,.500 in 1960.
Bonds maturing from 1954 to 1960 are optional after 1950.
WOODLAND PARK, Colo.—BOND SALE—An issue of $20,000
4^%
Brown, Schlessman, Owen & Co. and Peters,
water bonds has been sold to
Writer & Christensen, both of Denver.
MANATEE COUNTY (P. O.
Bradenton), Fla —BONDSPURCHASED
—It is stated by Iveson Lloyd. Clerk of the Board of County
Commissioners,
that he has purchased $30,000 road bonds of an issue of
1909, from the
holders.
CONNECTICUT
MIAMI,
NEW
BRITAIN, Conn.—NOTE SALE—The $200,000 tax anticipation
Feb. 10 were awarded to Cooley & Co. of Hartford on a
0.31% discount basis.
Due June 20, 1938.
R, L. Day & Co. of Boston
bid 0.33% discount.
notes offered on
Other
bidders:
Bidder—
Discount
Kidder, Pea body & Co., Boston
Premium
0.40%
0.42%
First National Bank of Boston
$1.50
NEW
HAVEN, Conn.—NET DEBT REDUCED OVER $900,000 IN
1937^—In delivering his annual message to the Board of Aldermen recently,
Mayor John W. Murphy said as follows:
On Dec. 31, 1937, the net bonded indebtedness of the city was
$12,070,768.
The net bonded indebtedness reduction in 1937 was $957,900.80.
Tax anticipation notes in the amount of $300,000 issued Dec.
28, 1937,
will be paid on Feb. 4, 1938.
The interest rate on the notes is .15 of 1%
per annum, and the interest charges will be $47.50.
These tax anticipation
notes constitute the only loan secured by the city during 1937.
Interest charges on bonds for 1938 will be $46,587,50 less than in 1937.
A surplus for 1937 is shown in the amount of
$65,520.70, and charter
provision requires that this surplus be used as an item of income in the
1939 budget.
A condensed statement of the finances of the
as
city
as
of Dec. 31, 1937, is
follows:
Fla.—BOND
REFUNDING
GATED—We quote in part
out of Miami on Feb. 4:
as
ARRANGEMENTS INVESTI¬
follows from
an
Associated Press dispatch
"A special
grand jury completed a two-week investigation of the city
administration today, reporting 'suspicious circumstances'
surrounding a
bond refunding deal, 'numerous irregularities' by the Civil Service
Board,
and indications that a syndicate held a monopoly on
illegal horse race bookmaking and was virtually immune to arrest.
"The jury declared the $28,000,000 refunding program
recently was
'railroaded through' and while it found 'no direct or positive evidence of
corruption in regard to this, we are, however, suspicious of the circum¬
stances.' "
PUNTA GORDA, Fla .—REFUNDING PLAN ADOPTED—The
City
Gorda has completed plans for the refunding of its
outstanding
bonds and judgments.
The plan was adopted after an exhaustive survey
of Punta
of the economic situation facing the
city and it is felt that with the comple¬
tion of the refinancing as planned the city will resume its interest
payments
and
possibly start early liquidation of
some of its debt.
Callable bonds maturing in 40 years, with a graduated interest rate, will
be offered to the holders of the present bonds and
judgments.
Arrange¬
ments are being made to liquidate past-due interest
coupons through cer¬
tificates of indebtedness.
Holders of bonds affected and others interested
may secure full information
Punta
P.
by writing to the City Clerk of the City of
of Punta Gorda Refunding Agency,
Gorda, Fla., or to the City
O. Box 628, Fort Myers, Fla.
City of New Haven, Conn.
Taxable grand list, 1937-1938
Deduct:
Intangible property
Add:
IDAHO
$309,031,532.00
816,243.00
Usable exempt property (1936-1937).
COTTONWOOD, Idaho—BOND OFFERING—Sealed bids will be
received until 2 p. m. on Feb. 25 by J. B. Engel,
Village Clerk, for the pur¬
chase of a $20,000 issue of drainage and sewer bonds.
Interest rate is not
$308,215,289.00
63,900,463.00
to
Grand list for bonding purposes
$372,115,752.00
Five per cent of grand list for bonding limit
$18,605,787.60
Bonded Indebtedness—
Total bonds outstanding (including town of
New Haven
and former
Westvifle School
District
Less:
;l—
Sinking fund
r
a
Other Indebtedness—
Tax anticipation notes
outstanding,
due
Feb. 4, 1938
300,000.00
Total net indebtedness, Dec. 31,1937
Margin
as
12,370,768.00
on
Jan. 31.
HOMEDALE, Idaho—MATURITY—It
is now reported by the Village
Clerk-Treasurer that the $6,000 sewer system bonds purchased by Lawrence
N. Smti h, of Caldwell, as 5s, at a price of 100.294, as noted in these columns
recently—V. 146, p. 788—are due from Jan. 1, 1940 to 1952.
presentation:
Nos. 81 to 90, dated March 1, 1920, interest ceases after March
1, 1938.
Nos. 121 to 145, dated April 1, 1919, interest ceases after
April 1, 1938.
Nos. 49 to 54, dated July 1, 1919, interest ceases after July
1, 1938.
of Dec. 31.1937
Principal and interest payable at the office of the District Treasurer.
$6,235,019.60
THOMASTON, Conn.—BOND SALE—The issue of $150,000 school
building bonds offered Feb. 7—V. 146, p. 946—was awarded to
Cooley &
Co. of Hartford, and Day, Stoddard &
Williams, Inc., New Haven, as 2s,
at 100.639, a basis of about
1.92%.
Dated Feb. 15, 1938, and due $10,000
annually commencing two years from date of issue.
Other bidders
6%, payable semi-annually.
Dated Feb. 1, 1938.
Due in 20
optional in 10 years.
These bonds were approved by the voters at
election held
TWIN
FALLS COUNTY
INDEPENDENT
SCHOOL DISTRICT
NO. 1 (P. O. Twin Falls), Idaho—BONDS CALLED—It is stated
by
S. H. Graves, District
Treasurer, that he will pay the following bonds upon
$12,070,768.00
A
■v.*
$13,146,000.00
1,075,232.00
exceed
years;
an
ILLINOIS
ARGO
to issue
were:
Name—
R. F. Griggs & Co., Water bury
Price Bid
_
Interest Rate
100.09
2(
Estabrook & Co., Boston
100.06
Aldrich & Co., Hartford
Coffin & Burr, Boston
102.02
2%
2%'
2}4'
100.912
101.27
101.3746
R. L. Day & Co., Boston
Bancamerica-Blair Corp., Boston
HIGH
VOTED—At
a
SCHOOL
DISTRICT
(P.
O.
Argo),
recent election the voters of the district
III.—BONDS
approved
a
proposal
$270,000 school building bonds.
BANNER
TOWNSHIP, Effingham County, 111.—BOND SALE—An
issue of $15,000 road bonds has been sold by the township to the Midland
Securities Co. of Chicago.
Due serially from 1940 to 1949.
2}%%
2>£%
CHICAGO, 111.—CERTIFICATE OFFERING—R. B. Upham, City
Comptroller, will receive sealed bids until 11 a. m. on March 1, for the
purchase of $2,600,000 certificates of indebtedness, divided as follows:
$1,500,000 3% water works system, dated Feb. 15, 1938 and due $300,000
on Feb. 1 from 1943 to 1947, incl.
Of the total, $600,000 will
be delivered March 1, and $900,000 on April 1, 1938.
No bid
FLORIDA
for less than the total amount
BONDS
as
No
Clyde C. Pierce Corporation
JACKSONVILLE
Building
T.
TAMPA
S.
bid
for
$100,000 in 1952, and $500,000 in 1953 and 1954.
less
than
the
total
amount
and
interest
will
be
Interest payable M. & N.
Denom. $1,000.
Principal and semi-annual interest payable at the City
Treasurer's office, or at the fiscal agent of the City in New York
City.
The certificates, in coupon form and
registerable as to principal in the City
FLORIDA
Branch Office:
National Bank
follows:
considered.
Barnett National Bank
Building
First
and interest will be considered.
Interest payable F. & A.
1,100,000 3Yi% water works system, dated May 1, 1937 and due May 1
Comptroller's office, are payable solely from revenue derived from opera¬
tion of the water works
system.
A certified check for 2% of the par value
of the certificates,
payable to the order of the City Comptroller, must
Pierce, Resident Manager
accompany each proposal.
Legal opinion of Chapman & Cutler of Chicago,
and engraved certificates to be furnished
by the city.
FLORIDA
CLAY
CITY
COMMUNITY
HIGH
SCHOOL
DISTRICT
NO.
103
(P. O. Clay City), III.—BOND SALE—The district recently sold an issue
$100,000 school building bonds to the Midland Securities Co. of Chicago.
of
taxes has been
reported by Dade County tax collector Wood. From Nov.
1.
1937 to Jan. 21, a total of $170,812 in
intangible personal property taxes
have been collected, compared with
$75,936 collected for the same period
last year.
This reveals that 57.55% of the current
intangible personal
property roll of $296,228 has been collected.
Total collections since Nov 1
have been $2,342,208 on all tax
rolls, which is $173,777 more than was
collected on all tax rolls this time last
year.
Collections on the real estate
roll of $3,624,230 aggregate
$1,841,931, or 50.82% of the tax roll and an
of $69,307, or 3.91% over the same
period last year.
Of the
increase
Eersonal property tax of Jan. 21, or $9,593total of 49.51%, or $329,463 had
collected to date roll of $665,503, a
than last year, representing
een
an
m
more
increase of 3
6
%.
FLAGLER AND VOLUSIA COUNTIES OCEAN
MENT
DISTRICT
(P.
O.
Daytona
Beach),
SHORE IMPROVE¬
Fla.—BOND TENDERS
INVITED—It is stated by Ross Parish,
Secretary of the Board of Bond
Trustees, that he will receive sealed offerings at the office of Green &
West
of Daytona Beach, until April 6 at 2 p.
m., for $57,000 Ocean Shore Im¬
provement District highway refunding bonds dated Dec.
1, 1932.
Offer¬
ings must be firm for at least 10 days in order to be considered.
Due serially in 20 years.
DALLAS
CITY,
III.—BONDS SOLD—N. L.
Rogers & Co.,
Peoria,
purchased an issue of $25,000 4j^% water system bonds at 96, a basis of
about 4.91%.
Dated Oct. 1, 1937.
Denom. $1,000.
Due Oct. 1 as
follows: $1,000 from 1939 to 1953, incl., and $2,000 from 1954 to 1958. incl.
LANARK, 111.—BOND ISSUE DETAILS—The $80,000 sewage disposal
plant bonds purchased locally, as recently reported in these columns, bear
4% interest and were issued at par.
NORTH CHICAGO, 111.—BONDS AUTHORIZED—'The City Counci
an ordinance authorizing the issuance of $115,000 funding
has
adopted
bonds.
ST. FRANCIS
TOWNSHIP, Effingham County, 111.—BOND SALE—
the Midland Se¬
Due serially from 1943 to 1953.
The township has sold an issue of $25,000 road bonds to
curities Co. of Chicago.
WARREN COUNTY (P. O. Monmouth), 111.—BOND ELECTION—
The County
Supervisors have decided to submit a $250,000 state aid road
bonds proposal to the voters at the primary election scheduled for April 12.
Volume
Financial
146
1109
Chronicle
AUTHORIZED—An ordinance has been passed
of $28,000 refunding bonds.
Topeka), Kan.—BOND SALE—Bonds
were sold Feb. 1 by the Township Board at par and
Proceeds from the bonds will be used by the board to
ERIE, Kan.—BONDS
which authorizes the issuance
INDIANA
GARY, Ind.—WARRANT SALE—In connection with the recent report
Gary State Bank had submitted a bid
In these columns that on Feb. 1 the
Savings Bank a bid
City Controller
of par for $97,000 4% warrants and the Gary Trust &
of par for $33,000 4% warrants, R. H. Ditty, Deputy
TOPEKA TOWNSHIP (P. O.
totalling $270,000
accrued interest.
cost of the new Highland Park water distribution
Bonds bear 4%.
The purchasers were Estes & Co., Columbian
Corp., Beecroft, Cole & Co. and L. C. Atkins and Co., all of
finance its share of the
be awarded as follows:
A total of $100,000 to be divided proportionately between the two banks,
to be issued as of March 15, payable on May 4, to be in the denomination of
$1,000 each, the balance of $30,000 may be issued at a later date, if needed.
system.
INDIANAPOLIS, Ind.—PLANS BOND ISSUE—The city is planning
$362,982 not to exceed 6% interest street improvement bonds, to
mature in not more than 30 years.
Net assessed valuation of taxable
property in the city is $512,582,860, and the outstanding debt of the city,
exclusive of the proposed issue, amounts to $9,068,081.44.
semi-ann.
informs
that the warrants will
us
to issue
Ind.—BOND CALL—Mel Good, City Clerk, announces
that the following park extension bonds have been called for payment on
March 10, 1938, at the Union Bank & Trust Co., Kokomo: Nos. 74 to 83,
KOK.OMO,
both inclusive.
MLAPORTE,
.
Ind.—BOND OFFERING—C. E. Anderson,
Treasurer, will receive sealed bids until 10 a. m. (central
on Feb. 18 for the purchase of $92,500 not to exceed 4M%
Topeka.
WICHITA, Kan.—BOND SALE—The $157,003 issue of 2M% coupon
refunding bonds offered for sale on Feb. 7—V. 146, p. 947—
awarded jointly to the Harris Trust & Savings Bank of Chicago, and
Estes & Co. of Topeka, paying a premium of $2,381.69, equal to 101.517,
a basis of about 1.95%.
Due on Feb. 1 as follows: $16,000, 1939 to 1945,
and $15,000, 1946 to 1948.
The second highest bid was an offer of
was
101.38,
submitted
by Stern Bros. & Co. of Kansas
Other builders were:
CityClerk-
standard time)
interest refund¬
ing bonds.
Dated March 1, 1938.
One bond for $500, others for $1,000
each.
Due March 1 as follows: $2,500 in 1939, and $5,000 from 1940 to
1957 incl.
Bidder to name rate of interest in a multiple of M of 1%.
Principal and semi-annual interest payable at the office of the ClerkTreasurer.
A certified check for 3% of the issue, payable to the afore¬
mentioned official, must accompany each proposal.
Bonds will be issued
subject to approving legal opinion of Chapman & Cutler of Chicago, which
bidder.
fcvM*
simultaneously with the presentation, payment
of municipal water works improvement
bonds, dated Sept. 1, 1928.
Redemption of these bonds will be made at
par. (It was previously reported that the above offering would be
Feb. 16.).
wid be furnished the successful
$1,000
Name
held
Indianapolis), Ind.—WARRANT OFFER¬
ING—Charles A. Grossart, County Auditor, will receive sealed bids until
10 a. m. (Central Standard Time) on Feb. 16 for the purchase of $300,000
not to be exceed 5% interest welfare fund tax anticipation warrants.
Dated
March 1, 1938.
Denom. $5,000.
Due June 15, 1938.
Payable out of
taxes heretofore levied for the welfare fund and now in course of collection.
Principal and interest payable at the County Treasurer's office.
A certified
check for 3 % of the issue bid for, payable to the order of the Board of County
Commissioners, must accompany each proposal.
Opinion as to the validity
of the warrants to be furnished by the purchaser, and bids are made subject
York;
Lathrop-Hawk-Herrick Co.,
Wichita
$13.51
The Dunne-Israel Co.; The Ranson-Davidson Co., Wichita
Lazard Freres & Co., Inc., Chicago; Callender, Burke & Mac-
12.63
Donald, Kansas City, Mo..
F. S. Moseley & Co., Chicago
Phelps, Fenn & Co., New York; Brown Crummer Co.; SmallMilburn Co., Wichita
Brown, Harriman& Co., Inc.; A. H. Gillis& Co., Chicago
The Northern Trust Co., Chicago
11.19
10.73
City National Bank & Trust Co.. Kansas City, Mo
Mississippi
Valley Trust Co.;
Boatmen's National
10.01
9.299
9.25
8.03
Bank,
7.17
SALE—
of $40,000 2M% Works Progress Administration projects bonds
sold to A. H. Gillis & Co. of Kansas City at par plus a premium
St. Louis
The bonds will be issued
and cancellation of a like amount
City.
Premium, per
Smith-Barney & Co., New
^
.
Securities
WYANDOTTE COUNTY (P. O. Kansas
An issue
has been
of $340.40,
City), Kan .—BOND
equal to 100.851.
MARION COUNTY (P. O.
legality of the issue.
to
STEEN
TOWNSHOP
SCHOOL
(P.
O.
SALE—The issue of $8,000 refunding bonds
—was awarded to the Fletcher Trust Co.
Wheatland), Ind.—BOND
offered Feb. 4—B. 146, p.
306
of Indianapolis, as 3s, at par
SIus a premium of $26, equal to 100.32, a 1940 to 1947 incl.
1, 1938 and due $1,000 on Jan. 1 from basis of about 2.94%.
an.
Dated
IOWA
GRAFTON, Iowa—BOND SALE— The town
3 % water
at par
has sold a block of $7,000
works improvement bonds to the Farmers
plus a premium of $15,
State Bank of Grafton
equal to 100.214.
Iowa—BOND
offered for
State Bank
of Lime Springs, as 2Ms, at par, according to the Town Clerk.
The issues
are as follows: $6,000 sewer, and $6,000 sewer outlet bonds.
The second
highest bid was an offer of $68.10 premium on 3s, submitted by the WhitePhillips Corp. of Davenport.
The bonds are in denomination of $500.
each, bear date of March 1, 1938, and mature serially to 1958.
Interest
LIME
SPRINGS
STATION
(P.
O.
Lime Springs),
SALE—The two issues of coupon bonds aggregating $12,000,
sale on Feb. 2—V. 146, p. 789—were awarded to the Exchange
payable May 1 and Nov. 1.
LUCAS COUNTY (P. O. Chariton),
Iowa—BOND SALE—'The $34,000
fund indebtedness funding bonds offered for sale on Feb. 8—
947—was awarded to Shaw, McDermott & Sparks, of Des Moines,
issue of poor
V. 146, p.
2Ms at par, according to the
Due from Jan. 1, 1944 to 1947.
as
County Treasurer.
Dated Jan. 1, 1938.
1957.
MORNING SUN, Iowa—BOND SALE—The $4,805.01 street improve¬
ment bonds offered on Jan. 31—V. 146, p. 789—were awarded to two local
investors as 3Ms and 3.60s.
The bonds are divided into two issues, as
follows:
$2,004.01 bonds.
Denom. $600, except one for $204.01.
Due $600 on
May 1 in 1938, 1939 and 1940, and $204.01 May 1, 1941.
2,801.00 bonds.
Denom. $900, except one for $101.
Due $900 on May 1
in 1938, 1939 and 1940, and $101 May 1, 1941.
Dated Dec. 15, 1937.
Interest payable May 1 and Nov. 1.
POTTAWATTAMIE COUNTY (P. O.
Council Bluffs), Iowa—
SALE—The $97,500 poor fund funding bonds offered on Feb. 10
—V. 146, p. 789—were awarded to Stern Bros. & Co. of Kansas City, Mo.,
as 2s, at par plus a premium of $901, equal to 100.924,
a basis of about
1.80%.
Dated Jan. 3, 1938. Due on Jan. 3 as follows:
$5,000, 1939 and
1940; $10,000, 1941; $30,000, 1942; $10,000, 1943 and 1944; $14,000, 1945,
and $13,500 in 1946.
The Iowa-Des Moines National Bank & Trust Co.
of Des Moines bid a premium of $900 for 2% bonds.
BOND
SCHOOL DISTRICT (P. O. Sioux
OFFERING—It is reported by H. C. Roberts, Dis¬
receive sealed and open bids until March 7 at
5 p. m. for the purchase of $57,000 school building bonds.
Interest rate
is not to exceed 4%, payable A. & O.
Dated April 1, 1938.
Due on
April 1, 1945.
No bid for less than par and accrued interest will be con¬
sidered.
The district will furnish the approving opinion of Chapman &
Cutler of Chicago.
The purchaser is required to furnish the bonds
and
all bids should be so conditioned
These bonds were approved by the voters
on March 8,
1937.
A certified check for $3,000, paybale to the district,
SIOUX CITY INDEPENDENT
City), Iowa—BOND
trict Secretary, that he will
must
p.
be submitted with bid.
(This notice supplements
789.)
TROY MILLS
the offering report given here recently—V. 146,
CONSOLIDATED SCHOOL DISTRICT (P. O. Troy
Mills), Iowa—BOND SALE—The $28,750 issue of school building bonds
for sale on Feb. 7—V. 146, p. 789—was awarded to Shaw, Mc¬
Dermott & Sparks, of Des Moines, as 2Ms, paying a premium of $303,00.
equal to 101.05, a basis of about 2.60%.
Dated Nov. 15, 1937.
Due
from Nov. 15, 1939 to 1952.
offered
FULTON, Ky.—BONDS OFFERED TO INVESTORS—An issue of $55,
000 4% coupon water works revenue bonds is being offered to investors by
the Bankers Bond Co. of Louisville ar ptices to yield from 3% to 4%.
Denom. $1,000.
Dated Feb. 1, 1938.
Principal and semi-annual interest
(Feb. 1 and Aug. 1) payable at the City National Bank of Fulton.
Due
on Feb. 1 as follows: $3,000, 1939 to 1948; $2,000. 1949 to 1953; and $3,000
1954 to 1958, callable at 102.50 on any interest payment date.
In the opinion of counsel. these bonds constitute valid and legally binding
obligations of the City of Fulton, payable solely from income and revenues
of the Water Works plant.
The City of Fulton, by ordinance and in ac¬
cordance with State laws, pledges itself from the gross revenue of the Water
Works System, first to pay into a "Bond and Interest Redemption Fund"
an amount sufficient to pay principal and interest for this issue of bonds,
and to place 90% of the remainder in the operating fund and the remaining
10% in a depreciation fund.
FINANCIAL STATEMENT
As of Nov. 30,
(P. O.
Less sinking
Net bonded indebtedness
Net debt ratio
(State of)—BONDS OFFERED FOR INVESTMENT—
Co. of Louisville and the Security Trust Co. of Lexington,
The Bankers Bond
who
on
bonds
Jan. 20 were awarded
are
now
denomination
$885,000 2M % bridge revenue
$63,50(T2M%
First National
Bank:.
CRAWFORD COUNTY (P. O. Girard), Kan.—BOND
county has sold $45,000 public assistance bonds to the State
Commission at par.
SALE— The
School Fund
project No. 14
offering the securities to investors.
Coupon bonds
of $1,000 eacn, registerable as to principal only.
in the
Dated
Principal and semi-annual interest (Jan. 1 and July 1)
Chemical Bank & Trust Co. of New York or at the State
Treasurer's office in Frankfort.
Due July 1, 1945; redeemable in whole
or In part by lor or by or under the direction of the Commissioner of High¬
ways in such method as he may determine at the option of the Depart¬
ment of Highways of Kentucky on any interest payment date beginning
Jan. 1, 1939, upon 30 days published notice at 102M if called on or prior to
July 1, 1940; thereafter at 102 on or prior to July 1, 1941; thereafter at
101 on or prior to July 1, 1942; thereafter at 100 M on or prior to July 1,
1943; thereafter at 100 to maturity, plus accrued interest in each case.
The validity of this issue was approved by a decision of the Court of
Appeals of Kentucky in Long vs. Mayo, decided Dec. 17, 1937.
is approved by Woodward, Dawson & Ilobson, Louisville.
The Kentucky State Highway Commission, which was created m 1920,
was authorized in 1928 and 1930 by the General Assembly of the Common¬
wealth of Kentucky and in 1930 by an Act of Congerss to construct, operate
and maintain bridges and to fix and collect tolls on each project at such rates
Jan.
1938.
payable at the
I,
Legality
as
would be necessary to pay
the interest and
principal and premium, if
bonds Issued to pay the cost of such project.
Three
were subsequently constructed,
on
any,
eight Intrastate bridges
being grouped into one bond
and
Interstate
the latter
The Kentucky State Highway Com¬
mission in the year 1935 purchased two privately owned Interstate bridges
and in 1937 purchased one privately owned Intrastate bridge and two
.privately owned Interstate bridges.
In the year 1938, one Interstate bridge
issue.
these
purchased, namely, the Catlettsburg-Kenova Bridge, and
and sold to purchase the stock of the operating company
separate and distinct and the bridge revenues
each project can be used only for the service of the debt of that
These bonds are payable only from the gross receipts of the bridge running
from Catlettsburg, Kentucky to Kenova, West Virginia.
The
terminal is in the center of the business section of the town and the bridge
provides a connection over Federal Route No. 60 between
West Virginia and Ohio highways and provides a crossing over
been
has
bonds issued
collected from
project.
Catlettsburg
Each project is
Kentucky,
the Big
Kentucky. This particular
of traffic in the last few years
and west crossing for travellers between the
Sandy River connecting West Virginia and
bridge has attracted a much larger volume
provides the best east
and
sections served«
Under the terms
Highway
cost of
of the Indenture covering this issue of bonds, the State
Commission covenants that it will pay from other State funds all
operating repairing,
maintaining and insuring the
bridge, and that
outstanding that none of the gross tolls or
other than the payment of prmapal
and interest on bonds issued with respect to this project.
Although these
bonds are payable only from the gross receipts of the bridge, the State
Legislature in authorizing their issuance, pledges the good faith ef the Com¬
monwealth to give its moral support to the payment of principal and interest
long as nay
revenue
of the bonds are
shall be used for any purpose
COLLECTIONS
$137,815.45
$148,997.65
$141,432.15
2M% annual interest
1937
1936
1935
1Q34
payable J. & J.
$62,706
approximately 2.9%
Population, 1930—3,500—City of Fulton, Ky.
Population, 1930—1,988—South Fulton, Tenn.
ATCHISON SCHOOL
CHANUTE. Kan.—BOND SALE—The city has sold
bonds to two local banks, the Bank of Commerce and the
71,500
8,794
fund
TOLL
Interest
$4,200,000
2,126,318
.
of City of Fuiton)
Voted bonds (direct obligations
KANSAS
DISTRICT (P. O. Atchison), Kan .—BOND
SALE DETAILS—We are now informed by the Clerk of the Board of
Education that the $19,000 school building bonds sold to the Baum,
Beraheimer Co. of Kansas City, as noted in these columns recently—
V. 146, p. 947—were purchased as lMs,2Msand 2Ms, paying par and
accrued interest.
Coupon bonds, dated Jan. 15, 1938.
Denom. $1,000.
Due $1,000 on Jan. 15. 1939, and $2,000 from Jan. 15, 1940 to 1948, incl.
1937
Estimated actual value ail taxable property
Assessed valuation, 1937
so
Ottumwa), Iowa—BOND SALE—The
$66,000 poor fund warrant funding bonds offered for sale on Feb. 9—V. 146,
p. 789—were awarded to the White-Phillips Corp. of Davenport as 2Ms,
paying a premium of $851.00, equal to 101.289. a basis of about 2.65%.
Dated Jan. 1,1938.
Due $13,000from 1952 to 1955, and $14,000 in 1956.
WAPELLO COUNTY
bonds."
revenue
KENTUCKY
INDEPENDENT SCHOOL DISTRICT (P. O. Mason
City), Iowa—BOND SALE—The $120,000 issue of school building bonds
offered for sale on Feb. 4—V. 146, p. 626—was awarded to Halsey, Stuart
& Co. of Chicago, as 2Ms, paying a premium of $1,400; equal to 101.16,
a basis of about 2.38%.
Dated Feb. l; 1938.
Due from Nov. 1, 1939
MASON CITY
to
KENTUCKY
CAMPBELLSVILLE, Ky.—CITY GETS TITLE TO WATERWORKS—
The following item is taken from the Louisville "Courier-Journal" of Feb. 4:
"The City of Campbellsville formally took over the waterworks system
here when a group of City Couneilmen completed negotiations with the
West Virginia Water Service, former owners of the plant, it was announced
today.
The purchase price was $100,000, financed entirely with water
requirement—$24,337.50.
SEBREE, Ky.—BONDS
OFFERED FOR
$163,694.95
INVESTMENT—'The Bankers
Louisville is offering to investors at prices to yield from
4.50%, an issue of $20,000 5% school building revenue bonds.
Bond Co. of
to
1,
Sebree, at a maximum annual rental of
bonds is under the supervision of the
all building
approve
and construction plans.
the yearly budget of
$2,500.
3.20%
Dated
and July 1)
yearly
Jan. 1 from
M"*
pledge
property on a
the City Council or
The issuance of all school
1938.
Principal and semi-annual interest (Jan. 1
payable at the office of the City Clerk.
Due $1,000
on
1939 to 1958; callable at 105 on any interest payment date.
These bonds are payable soiely from an secured by an exclusive
of the gross income and revenues derived by lease of school
yearly basis to the Sebree Board of Education by
Jan.
8tate Board of Education, as are
The State Board of Education must
the board of Education of
Sebree.
1110
Financial
FINANCIAL
STATExMENT—SEBKEE
SCHOOL
Chronicle
Estimated actual value taxable property—
Assessed valuation 7-1-37 (50% actual)
♦Total bonded debt
496,571
-
-
building
revenue
Other
MALDEN, Mass.—OTHER BIDS—The $500,000
July 1.
Their bid
was par
as3%s.
were
ORLEANS,
La.—FINANCIAL
STATEMENT—The
following
Following up Bulletin No. 1237, I believe you will be interested in this
additional information:
Bonded debt of the City of New Orleans
Dec. 31, 1930
$56,822,000.00
Bonded debt of the City of New Orleans
Jan. 2,
1938
47,140,000.00
(17%)
Liquidation funds,
Practically all cities in the United States
in bonded indebtedness in the same
period.
Paving certificates refunded Jan. 1, 1936
-
Jan. 22, 1938
showed
;
$7,854,080.00
4,647,620.00
Reduction in outstanding certificates
Cash on hand Jan.
22, 1938, applicable to paving ctfs
Accounts payable July 31, 1936
Accounts payable Nov. 30, 1937
Notes payable July 31, 1936
$3,206,460.00
234,808.16
$1,397,015.20
441,684.84
4,451,928.02
Notes payable as of Jan.
18,
collected taxes of 1936 and
1938, secured by balance
prior years
was
New Orleans is
borrowed in 1937.
on
a
cash
9,682,000.00
3,248,598.79
substantial increase
a
Paving certificates outstanding Jan. 2, 1938
Nothing
Discount
;
__0.44%
0.443%
0.45%
0.465%
0.528%
0.55%
Maiden Savings Bank
Maiden Trust Co
Leavitt & Co
First National Bank of Boston
Middlesex County National Bank
METHUEN,
__
Mass.—NOTE OFFERING—The
bids until
receive
10
m.
a.
on
Town
Treasurer
un¬
607,479.28
All outstanding accounts are current.
basis.
General
Fund—Cash on hand Aug. 17, 1936--Cash on hand Jan.
22, 1938
Real estate assessments, 1930
$303,391.71
830,089.47
450,675,087.00
Real estate assessments 1937
363,792,111.00
Reduction in real estate assessments in 7
years (19%)
90,135,017.00
Personal assessments 1930
175,797,070.00
Personal assessments 1937
130,949,581.00
Reduction in personal property assessment in
7 years (25%)_ 44,847,489.00
...
14. for the purchase at discount of
$175,000 notes, payable $150,000 Nov. 5 and $25,000 Nov. 16, 1938.
on
NATICK, Mass .—NOTE SALE—The issue of $100,000 notes offered
Feb. 7—V. 146, p. 948—was awarded to Merchants
National Bank of
Boston,
at 0.38% discount.
Due Nov. 18, 1938.
0.40% was made oy Washburn & Co. of Boston.
Second high
In spite of the fact that
personal property and real estate taxes have been
more than
20% in the last seven years, resulting in a corresponding
revenues from these
sources, a remarkable program of improve¬
ments has been carried on
by Mayor Maestri, without any cost to the
property holder.
ST. LANDRY PARISH
(P.O. Opelousas), La.—OPELOUSAS SCHOOL
DISTRICT CERTIFICATES OFFERED—W. B.
Prescott. Superintendent
Parish School Board, will receive
bids until 10 a. m. March 17 for the
pur^
chase of $37,000 certificates of
indebtedness of Opelousas School District
No. 1, First Police
Jury Ward.
Interest rate is not to exceed
6%.
Dated
March 1, 1938.
Principal and annual interest payable at the office of the
bid of
Other bids:
Bidder—
Discount
Savings Bank
0.48%
0.48%
0.48%
0.483%
0.544%
Jackson & Curtis
First National Bank of Boston
Second National Bank of Boston
Bancamerica-Blair Corp
NEWTON, Mass.—NOTE SALE—The $500,000
notes
on
a
offered
0.21%
on
Feb.
discount
8
were
basis.
revenue anticipation
to the Day Trust Oo. of Boston
Nov. 16, 1938.
The Merchants
Second National Bank of Boston each
awarded
Payable
Bank of Boston and
the
bid 0.289% discount.
Other bidders were:
Discount
Bid
National Shawmut Bank of Boston
First National Bank of Boston
.31 %
E. H. Rollins & Sons Inc., Boston
.34%
-37%
„
NORFOLK COUNTY (P. O.
Dedham), Mass.—NOTE SALE—The
$400,000 tax anticipation notes offered on Feb. 8—V. 146, p. 948—were
awarded to the Boston Safe Deposit & Trust Co. of
Boston on a 0.22%
discount basis.
Dated Feb. 8, 1938, and payable Nov.
10, 1938.
The
Second National Bank of Boston bid
0.269% discount.
Other bids were as follows:
Bidder
Second National Bank of Boston
Merchants National Bank of Boston
First National Bank of Boston (Plus $1
premium)
Discount
0.269%
0.269 %
„
0.30%
NORTHAMPTON, Mas s.—NOTE OFFERING—Albion L. Fichard,
City Treasurer, will receive bids until 5 p. m. Feb. 15 for the purchase on
interest basis of $150,000 revenue anticipation
temporary loan notes,
dated Feb. 17, 1938. and payable Nov. 17, 1938, at the
Merchants National
Bank of Boston.
Denom. 5 for $25,000, 2 for $10,000 and 1 for
$5,000.
The Merchants National Bank of Boston will
certify that the notes are
issued under the authority of an order of the
City Council of Northampton,
the legality of which has been
approved by Storey, Thorndike, Palmer &
Dodge of Boston, and that the signatures thereon are genuine.
Legal
an
papers incident to the issue will be filed with the Merchants National
Bank
of Boston, where they may be inspected.
Delivery will be made at the
Merchants National
Bank of Boston for Boston funds.
Bids stating the rate of interest that bidders will offer for
the whole, but
part, of the loan must be sealed and must include interest to
date of delivery.
Interest on a 360-days to the year basis is to follow and no
offer to discount the loan will be considered.
not for any
reduced
decrease in
will
Feb.
Name
of the City:
Net reduction in seven years
Cash on hand in all Board of
follows:
,
To Investors in New Orleans
Securities,
and Friends
as
Bidder—
National
bulletin has just been made available
by Jesse S. Cave, Commissioner of
Public Finance:
also bid for
were
National Shawmut Bank
West Newton
four syndicates
was second
Halsey, Stuart & Co. headed a syndicate which bid par
plus $110 pre¬
mium for the $2,341,000 of the series T bonds as
4s and $1,659,000 as 3^8
and for the $1,000,000 of series C bonds as
4s, an interest cost basis on the
lot of 3.895%.
NEW
previously reported in these columns,
as
and
bidding for the above bonds.
high with an interest cost basis of 3.85%.
for $875,000 due 1942-51 as 4s and $3,125,000 due 1951-61
group
revenue anticipation
Maiden, at 0.43% discount,
notes awarded to the First National Bank of
1 from 1942 to 1961.
1
0.41 %
0.47%
0.534%
LOWELL, Mass.—NOTE SALE—Award was made privately on Feb. 9
of $700,000 notes to the First National Bank of
Boston, which took $500,000
0.90% discount and $200,000 at 0.85%.
They mature Nov. 18, 1938.
neapolis and Harold E. Wood & Co. of St. Paul.
Jan.
0.33%
0.369%
0,378%
at
Mahan, Dittmar & Co. of Aan Antonio, the Allison-Williams Co. of Min¬
payable
Discount
_
Bancamerica-Blair Corp
Georgia,
Interest
Second high bid of 0.33% was
follows:
as
Merchants National Bank of Boston
Field, Richards & Shepard
Cleveland, Edward Lowber Stokes
Philadelphia, James H. Causey & Co. of New York, Steiner Bros,
of Birmingham, Crouse & Co. of
Detroit, C. Edgar Honnold of Oklahoma
City, William R. Compton & Co. of New York, Blair, Bonner & Co.
Chicago
1938.
were
Jackson & Curtis
& Co. of
1,
bids
Bidder
net interest
The bankers are reoffering the bonds to investors as follows:
4% bonds
maturing from 1942 to 1956, to yield from 2.50% to
3.70%; and 3M%
bonds maturing from 1957 to
1961, to yield 3.65%.
The bonds are divided into two
issues, as follows:
$4,000,000 series T bonds.
Due on Jan. 1 as follows:
$77,000, 1942;
$62,000, 1943; $52,000, 1944; $44,000, 1945; $35,000, 1946;
$31,000, 1947;
$20,000, 1948; $1,000, 1949; $170,000, 1950; $243,000,
1951; $240,000,
1952; $236,000, 1953; $235,000, 1954; $233,000, 1955;
$362,000, 1956;
$517,000, 1957; $595,000, 1958; $630,000, 1959, and $217,000 in 1960.
1,000,000 State highway fund No. 2, series C bonds.
Due $50,000 yearly
$7,808.65
37,219.89
427,541.68
1,363,015.65
Masb.—NOTE SALE— The issue of $25,000 notes
awarded to the New England Trust Co. of Boston
at
R. L. Day & Co
Second National Bank of Boston—
First National Bank of Boston
cost basis of about
3.72%.
The bid
100.012 for 4s and the 3j^s, $2,791,000 4s maturing from 1942 to 1956
and $2,209,000 3Hs from 1957 to 1961.
Associated with Lazard Freres
& Co. were: The First Boston Corp., Goldman
Sachs, & Co., and L. F.
Rothschild & Co. of New York, Weil & Co. of New
Orleans, R. S. Dickson
& Co. of Charlotte, the Illinois Co. of
Chicago, the Trust Co. of
of Atlanta, Anagnosti & Walker of New
Orleans,
of Cincinnati, llayden, Miller & Co. of
was
Payable Nov. 25, 1938.
named by R. L. Day & Co. of Boston.
was
OTHER BIDS—There
about Feb. 16 at the First National Bank of
EASTHAMPTON,
(State of)—BOND SALE—The $5,000,000 coupon or
registered highway bonds offered on Feb. 9—V. 145, p. 4149 and V. 147
pp. 138 and 307—were awarded to a syndicate managed by Lazard Freres
Blyth & Co.
and
Trust Co. in New York.
offered Feb. 8
LOUISIANA
Dated Jan.
on or
0.32% discount.
The measure passed without
a dissenting vote, after much debate during a
long session in which members
of the Police Jury and the Parish School Board met
jointly."
$1,000.
$10,000
Tax Data
the fund to be derived from the bond election.
Jan.
1938
12,
at
Uncollected taxes prior to 1935, as of Feb. 8,1938
1935 levy, $7,407,855.40; uncollected Feb. 8. 1938
1936 levy, $7,224,195.60; uncollected Feb. 8, 1938
1937 levy, $6,839,308.08; unco.lected Feb. 8, 1938
Tax titles. $382,961.63.
Tax title loans, none.
CALCASIEU PARISH (P. O. Lake Charles), La .—BOND ELECTION
A dispatch from Lake Charles to the New Orleans
"Times-Picayune" of
Feb. 2 reported as fodows:
"The Calcasieu Parish Police Jury today approved a resolution
setting
March 15 as the date of a special tax election to raise funds for construction
of a live stock arena and punlic auditorium on the 84-acre
parish-owned site
of the old poor farm south of Lake Charles.
Property owners will vote on
a 20-year % mill tax to provide $250,000.
The entire outlay has been esti¬
mated to cost $850,000, with Government aid expected as an
adjunct to
Denom.
eight
Boston, 17 Court Street office, Boston, for Boston funds, and are payable
Boston, in Boston, or at the Central Hanover
Bank &
on
$25,000;
at The First National Bank of
LOUISIANA
on a
at
validity by the
Ropes, Gray, Boyden Sc
Notes will be delivered
5% bonds.
Population (1930 census) 1,200.
& Co. of New York
eight
Perkins, and all legal papers incident to this issue will be filed with said
bank, where they may be inspected.
None
-
$50,000;
be authenticated as to
genuineness and
Bank of Boston under advice of
First National
None
-----
♦This does not include this issue of $20,000 Sebree school
at
four at $5,000.
Said notes will
..$1,000,000
Floating indebtedness
Feb.
Four
nominations:
DISTRICT
Financial Statement
1935 tax levy, $851,202.54; uncollected Feb. 1, 1938--X.
1936 tax levy, $837,340.19; uncollected Feb.
1, 19381937 tax levy, $830,549.69; uncollected Feb.
1, 1938Bonded
$856.51
76,836.88
191,754.26
105,000.00
—25,123,200.00
debt
1937 assessed
valuation,-
Tax rate, 1937
Tax titles, Feb.
$32.50
1, 1938---Borrowed against tax titles
36,894.31
0
Population, 25,525.
Treasurer of the School Board.
WELLESLEY, Mass.—NOTE
receive bids until Feb.
$200,000 each
OFFERING—The
14 for the purchase of
Nov. 14 and Dec
The sale will be held at noon.
MAINE
on
Town
$400,000
Treasurer
revenue
notes,
will
due
14, 1938.
BREWER, Me.—BOND SALE DETAILS—The $30,000
3H% city hall
building bonds purchased by Smith, White &
Stanley, Inc., Waterville,
previously
as
reported in these columns—V. 146.
p. 948—were sold at par
1 ** follows: $1,000 in
1938 and 1939 and $2,000 from
1940 to
MICHIGAN
1953, inclusive.
MUNICIPALS
MASSACHUSETTS
BRAINTREE, Mass.—ROTE SALE—Jackson
$100,000 each
Boston
was
Other
Bidder
7
an
on
National
DETROIT
RAPIDS
_
n Z
0*44 <7
"
I-IIIIIII
to
0^615%
plant carried by a
shortly.
SALE—The Brockton
National Bank
Brockton was awarded Feb. 8 an
issue of $20,000 notes at 0
375%
discount.
Due Oct. 7, 1938.
Other bids were as follows:
iBidder
Discount
Merchants National Bank of Boston.
0 44%
Bridgewater Trust Co.
0 46%
Jackson & Curtis
IIIIIZII"l0A9%
Mass.—NOTE
receive bids until 11
of
OFFERING—William
a.
m.
Feb.
J.
Shea
City
15 for the purchase at dis¬
$500,000 revenue anticipation temporary loan
notes, dated Feb
1938, and maturing Nov. 3, 1938.
This loan will be in the
ADRIAN, Mich.—BONDS
0 47 °7
BRIDGEWATER, Mass.—NOTE
CAMBRIDGE,
MICHIGAN
0 447%
0 46%
Bancamerica-Blair Corp
of
Telephone 9-8255
A.T.T. Tel. Grps. 7
Discount
Second National Bank of Boston
Frederick M. Swan & Co
First National Bank of Boston
Treasurer, will
GRAND
Telephone Cherry 6828
A.T.T. Tel- DET 540-541
bids:
National Shawniut
Bank
State Street Trust Oo
count
Cray, McFawn Si Fetter
& Curtis of Boston
purissue of $200,000 notes at
0.41% discount.
Due
Nov. 8 and Nov.
15, 1938.
Shawmut
Bank of
second high in the
bidding, naming a rate of 0.42%
Feb*
16
following de^
issue
$125,000
ALLEGAN,
not
sold,
for
VOTED—At
as
a
recent
election the proposal
improvement of the city's sewage disposal
to 121.
Work on the project will begin
vote of 643
Mich.—BONDS NOT
sewage disposal
was
bonds
SOLD—The
issue
of
$10,000
5%
system revenue bonds offered Feb. 7—V. 146, p. 948—
no bids were received.
Dated Feb. 1, 1938 and due as
follows: $2,000, 1941 to 1945
inci.; $2,500, 1946 to 1948 incl.; $3,000 from
1949 to 1953 incl. and $3,500 from 1954 to 1958 incl.
BARAGA, Mich.—BOND
OFFERING—Melvin Gauthier, Tillage Clerk
will receive sealed bids until 8
p. m. on Feb. 14 for the purchase of $14,000
5% judgment bonds.
Dated Jan. 2, 1938.
Denom. $1,000.
Due Jan. 2
follows: $2,000 in 1939 and $3,000 from 1940 to 1943 incl.
Interest
payable J. & J. 2.
A certified check for $1,000, payable to the order of the
as
Financial
146
Volume
village, must accompany each proposal.
The villageTwill pay the cost
approving opinion of the attorney for the purchasers, cost of such opinion
to be borne by the purchasers.
Typed printed certificates in the average
amount of not less than $100,000 each will be furnished at the expense
of the city, if acceptable to the purchasers.
In case the certificates are
in materially smaller denominations
and on printed blank forms, the
purchasers will be required to pay the cost of the preparation
in
addition to other specified costs.
Delivery will be made at any National
bank in the city, charges for transportation from the city to be paid by
the purchasers, and will be made as soon after Feb. 14 as an approving
opinion can be secured from the attorney of the purchasers.
pro¬
posal is to be accompanied by a certified check of an amount
to
of the amount of the obligations bid for, payable to H. C. Brown, City
of
printing the bonds and will furnish, at its own expense, the legal opinion
of Joseph O'Connor, of L'Anse, Mich., and of H. C. Schulte of Houghton,
as to the legality of the issue and the liability of the village therefor.
Mich.—PETITIONS
DETROIT,
STATE
FOR
thereof,
FURTHER RELIEF
FUNDS—Mayor Richard W. Reading has petitioned Governor Frank
Murphy for additional funds to carry the cost of the city's relief load.
The
Mayor stated that proceeds of the recent $1,500,000 advance from the State
will be exhausted by Feb. 11.
He asked the Governor for sufficient funds to carry the welfare relief costs
for the rest of February and for March.
Requirements for the rest of the
current month were estimated at $1,060,000 and for March at $1 235,000.
The loan will be against tax receipts for the 1938-39 fiscal year.
Each
equal
2%
Treasurer.
BOND OFFERING—Geo. M. Link, Secretary, Board of Estimate and
will receive bids on Feb. 24 on $1,000,000 public relief
$150,000 Works Progress Administration project bonds and
storm
drain construction bonds.
(P. O. St. Paul), Minn.—BOND SALE—The
public welfare bonds offered on Feb. 7—V. 146, p. 628—
Trust & Savings Bank of Chicago and Bigelow,
Weob & Co. of Minneapolis as 2 Ids at par plus a premium of $2,562, equal
to 100.588, a basis of about 2.15%.
Dated Feb. 1, 1938. Due Feb. 1
as follows:
$43,000, 1939 to 1947: and $48,000 in 1948.
Halsey, Stuart
& Co. and the Bancamerica-Blair Corp., both of Chicago, submitted the
second high bid, offering a premium of $1,461.60 for 2H% bonds.
Assessed value of taxable property, 1937
$297,421,021
Frank Murphy will call the
$435,000 coupon
were
Legislature into
special session within the next three or four weeks for consideration of relief
needs only.
While he would not definitely admit it, the Governor, saying
there were funds available to meet relief needs for that much longer, ap¬
parently expects that an emergency will exist when lawmakers are called.
Murphy said that a session called on a non-partisan basis for relief "will
be successful."
He said he would not indicate to members how they might
raise additional State revenue.
.
.
BUDGET
Assessed value of electric light
Series A to
Minn., 1923
and bridge bonds, Chap.
98.20.
and 40%, actual
the water
said.
Taxable
property is 10% to 40% of the
and credits is $3 on $1,000 actual value.
1930 Census, 286,721.
value of personal
Population,
Mich.—REFUNDING PLAN APPROVED
plan, under consideration by the State
than two months, has been approved.
SCHOOL DISTRICT NO. 8 (P. O.
DETAILS—In connection
& Co. of St. Paul,
stated by the Village
on Oct. 1 as follows:
$2,000, 1939 to 1941, and $3,000, 1942 to 1945.
WASECA COUNTY INDEPENDENT SCHOOL DISTRICT NO. 72
(P. O. Waseca), Minn.—BOND OFFERING—It is stated by W. C. Manthey, District Clerk, that he will receive sealed and auction bids until
Feb. 18 at 8 p. m. for the purchase of an issue of $185,000 refunding bonds.
Interest rate is not to exceed 3%, payable M. & S.
Denom. $1,000.
Dated March 1, 1938.
Due on March 1 as follows: $15,000, 1939 to 1949,
and $10,000 in 1950 and 1951.
Prin. and int. payable at any suitable bank
or trust company designated by the purchaser.
The approving opinion of
Junell, Fletcher, Dorsey, Barker & Colman of Minneapolis will be furnished.
Bonds and legal opinion to be paid for by the purchaser.
All bids must be
accompanied by a certified check in an amount of at least $3,500, payable
$18,000 funding bonds to Kaiman
noted in these columns recently—:V. 146, p. 949—it is
Recorder that the bonds were sold as 3
and mature
Royal
to the
District
Offerings
certifi¬
Bond Department
WHITNEY NATIONAL
NEW
Bell Teletype
on Oct. 25.
postponed from Dec. 14.)
DISTRICT (P. O. Vandercook
WANTED—F. L. Yoss, District Secretary,
of certificates of in¬
bonds, dated Aug. 1,
SCHOOL
until 4 p. m. on March 8
debtedness dated Aug. 1.1935, and series A refunding
1935.
O. Collingwood Road, N. W., Grand
SOLD—The issue of $50,000 4% coupon,
registerable as to principal only, special assessment district water system
bonds offered Feb. 8—V. 146, p. 949—was not sold, as no bids were sub¬
mitted.
Dated Nov. 1, 1937 and due $5,000 on May 1 from 1940 to 1949,
TOWNSHIP
(P.
Rapids], Mich.—BONDS NOT
incl.
Callable at
a
price of 105 in inverse
numerical order.
MINNESOTA
DULUTH, Minn.—BOND SALE—The $125,000 coupon, registerable
as
to
principal, permanent improvement unemployment project bonds
offered on Feb. 7—V. 146, p. 790—were awarded to Halsey, Stuart & Co.
of Chicago as 2 60s at a price of 100.146, a basis of about 2.585%.
Dated
April 1, 1938.
Due on April 1 as follows:
$6,000, 1941 to 1945; $10,000,
1946 and 1947, and $15,000, 1948 to 1952.
GILBERT, Minn.—BOND SALE DETAILS—In connection with the
$18,000 warrant funding bonds to the Village Fire Department
noted in these columns recently—V. 146, p. 628—it is
stated by the Village Clerk that the amount was reduced to $15,000, which
was sold as 4s at par.
Due as follows: $2,000, July 15, 1938, and on Jan.
sale of the
Relief Association,
and July 15,
1939 to Jan. 15, 1941, and
$3,000 on July 15, 1941.
KENYON, Minn.—BONDS VOTED-—At an election held on Feb.
the voters approved a proposition to issue $13,000 water system-bonds.
Raymond 5409
N. O. 182
4
(P. O. Milaca), Minn.— WARRANT SALE—
county welfare fund warrants offered on Feb. 1—V. 146, p.
awarded to the First National Bank of Miiaca on a 3% int. basis.
$1,000.
Interest payable semi-annually.
Payable on demand.
MILLE LACS COUNTY
SPECIAL CONSOLIDATED SCHOOL DISTRICT
(P. O. Carthage), Miss.—BONDS SOLD—It is reported that $48,500 4%
semi-annual school bonds have been purchased by the Carthage Bank
of Carthage.
Dated Dec. 1, 1936.
'
CARTHAGE
$33,688,000 issue of high¬
Feb. 8 to a large syndicate
& Co both of
Chicago paying par on the bonds divided as follows: $23,788,000 as 3J^s,
maturing: $871 J)00 on Aug. 1, 1938; $887,000 on Feb. and $900,000 Aug. 1,
1939; $915,000 Feb. and $930,000 Aug. 1, 1940; $945,000 Feb. and 961,()00
Aug. 1, 1941; $976,000 Feb. and $992,000, Aug. 1, 1942; $1,008,000 *eb.
MISSISSIPPI, State of—BOND SALE—A
First Series coupon bonds was awarded on
way
jointly managed
by A. C. Allyn &
and $1,024,000 Aug.
$1,076,000 Feb. and
Co., and John Nuveen
1, 1943; $1,041,000 Feb. and.f},058,000 Aug. 1, 1944;
$1,092,000 Aug. 1, 1945; $1,111,000 Feb and $1,128,Feb. and $1,166,000 Aug. 1, 1947; $1,184,000
1948; $1,223,000 Feb. and $949,000 on Aug.
000 Aug. 1, 1946; $1,147,000
Feb. and $1,204,000 Aug. 1,
$294,000 Aug. 1, 1949;
$507,0001 Feb.. and $516,000
1952; $544,000 £eb. and
$573,O^O
1 1954; $583 000
Aug. 1, 1956;
$647,000
Feb 1, 1958.
these bonds are
principal only and pay¬
able from the proceeds of the six-cent gasoline tax.
Prin. and int. (F. & A.)
payable at the First National Bank of Chicago, the Chemical Bank &
Trust Co
New York, or at the office of the State Treasurer, Jackson.
Legal approval by Chapman & Cutier of Chicago.
These bonds were
authorized recently by the State Legislature in the total amount of $60,3^s,
1, 1949; the remaining $9,900,000 as
maturing:
$490,000 Feb. and $499,000 Aug. 1, 1950;
Aug. 1, 1951; $525,000 Feb. and $535,000 Aug. 1.
$553,000 Aug.1. 1953; $563,000 Feb. and
Aug.
Feb. and $593,000 Aug. 1, 1955; $603,000 Feb and^ $614,000
$625,000 Feb. and $636,000 Aug. 1, 1957, and
on
Denom. $1,000.
Dated Feb. 1, 1938.
It is stated that
not callable prior to maturity.
Registerable as to
previously noted in these columns.
stated that the Equitable Securities Corp. of Nashville; Stifel,
Nicolaus & Co. of St. Louis; B. J. Van Ingen & Co. of New York; Stranahan
Harris & Co., Inc., of Toledo; the Leland Speed Co. of Jackson;
M
A
Saunders & Co. of Memphis; C. W. McNear & Co. of Chicago;
Scharff & Jones and the Deposit Guaranty Bank, both of New Orleans;
Kelley, Richardson & Co. of Chicago; J. S. Love & Co. of Jackson;
& Thomas of Memphis; Eldredge & Co. of New York; Morris Mather & Co.
of Chicaco- Ryan, Sutherland & Co. of Toledo; Walton & Jones of Jackson;
the Wells-Dickey Co. of Minneapolis; C. F. Chi Ids & Co. of Chicago;
Cady & Co. of Columbus; Kaiman & Co. of St. Paul; Dane & Weil
Newman. Harris & Co., both of New Orleans; Stern Bros, of Kansas City;
J
G
Hickman & Co. of Vicksburg; Ballman & Main and A. 8. Huyck &
000,000 as
It is also
Lewis
and
Co
both of Chicago;
Commerce
628—were
The Weil,
MINNEAPOLIS. Minn.—CERTIFICATE OFFERING—It is stated by
Link, Secretary of the Board of Estimate and Taxation, that
receive sealed and auction bids until Feb. 14 at 10 a. m., for the
purchase of an issue of $1,500,000 tax anticipation certificates of indebted¬
ness.
Dated Feb. 23, 1938.
Due $500,000 on May 23, Aug. 23, and
Dec. 23, 1938.
The certificates will bear interest at a single rate for all
George M.
he will
the
certificates or
a
different rate for the certificates maturing
be in a multiple of
or 1-10th of 1
different dates, any such rate to
The certificates are issued for
at the
%.
the purpose of paying the current expenses
of the Board of Education for the year 1938 and are offered pursuant to
the provisions of Amendment No. 8 of the city charter and subject to the
the National Bank of
Inc., of New York;
Heimerdmger and Fox,
Securities Corp. of Nash¬
Smith, both of New
National Bank of VicksInc., of Meridian; Wiggins & Co. of
Leftwich & Ross of Memphis;
of New Orleans; Schlater, Noyes & Gardner
Roth & Irving Co., Walter, Woody &
Einhorn & Co., all of Cincinnati; the Cumberland
ville- Bronson & Scranton and Nusloch, Baudean &
Orleans; John Clark & Co. of Chicago; the First
The $10,000
Denom.
BANK
ORLEANS, LA.
MISSISSIPPI
CHARLES, Mich.—BOND OFFERING—William C. Krause, Village
will receive sealed bids until 6 p. m. (Eastern Standard Time) on
March 1 for the purchase of $41,000 4% general obligation water works
system bonds.
Dated Jan. 1, 1938.
Due Jan. 1 as follows: $1,000 in
1940 and 1941; $1,500 from 1942 to 1947. inch, and $2,500 from 1948 to
1959, incl.
Coupon bonds registerable as to principal only, at holder's
option.
Principal and interest (J. & J.) payable at the Village Treasurer's
office or at the St. Charles State Bank, St. Charles.
Issue was approved
ST.
WALKER
Wanted:
LOUISIANA A MISSISSIPPI
MUNICIPALS
tenders
of each
Clerk,
Mich.—TENDERS
SALE
Minn.—BOND
ROBBINSDALE,
with the sale of the
purchased shall be delivered to the Detroit Trust Co., Detroit,
within 10 days after acceptance of tender.
Interest refunding certificates
purchased shall be delivered to the Manufacturers National Bank of De¬
troit within 10 days after acceptance of tender.
Tenders specifying the
lowest price will be accepted up to the amount available in each fund.
Tenders should fully describe securities offered, including serial numbers,
and specify the sum for which the bond, with April 1, 1938, and subsequent
coupons attached, or the interest refunding certificate, with interest paid
by endorsement to Oct. 1, 1937, will be sold to the school district.
by more than two-thirds of the qualified voters at an election
A certified check for $250 must accompany each proposal.
actual value.
Tax on money
$7,500.
Lake),
3,406,000
value.
Bonds
will receive sealed tenders
122,000
1,573,000
Average tax rate for 1937 for $1,000 taxable value,
Taxable value of real property is 20%, 25%, 33 1-3%
has balanced
Samuel Backus.
system will not entail
publicly opened and the money made available March 9 on the
accepted.
The approximate amounts available for the retirement
series are as follows: Series A bonds, $10,500; interest refunding
TOWNSHIP
4,571,000
$12,238,000
Oak), Mich.—BOND TENDERS INVITED—Sealed tenders of 1936 re¬
funding bonds, series A, dated April 1, 1936, and interest refunding certifi¬
cates dated April 1, 1934, will be received by Ralph Valom, Secretary of the
Board of Education, up to 7:00 p. m. March 5, at which time they will be
(The above offering was
116, S. L.
Minn., 1929
provides that the entire township debt of $379,553.43 in bonds
and tax anticipation notes and $100,136.24 in delinquent interest be re¬
funded and retired in a period extending over 30 years.
Special assessment
bonds in the amount of $316,553.43 will be refunded in three series, all
maturing 30 years from the date of issue; $63,000 in tax anticipation notes
will be refunded in one series maturing in 12 years; and the interest coupons
will be exchanged for certificates of indebtedness, maturing in 11 years.
The four series of bonds will carry an increasing scale of interest rates,
starting at 2% and increasing to 4>£ % after 10 years, as compared with the
present rates varying between 4 lA and 6 %.
The certificates of indebtedness
will carry a flat 2% interest rate.
The plan provides for a gradual retirement of bonds, as they will be call¬
able at specified terms, thus reducing tne total outstanding township obliga¬
tions gradually over the refunding period.
SUMMIT
2,494,000
Hospital bonds, Chap. 398, S. L. Minn., 1923
Series A, B and C court house and city hah bonds, Chap. 397,
S. L. Minn., 1929
Series A, B, C, D, E, F, G, H, I, and J public welfare bonds.
Chap. 120 S. L. Minn., 1933, as amended by Chap. 48 Laws
1935, as amended by Chap. 105 Laws 1937
The plan
cates,
$72,000
L.
-
Series G to M incl., road
—The township's debt refunding
Public Debt Commission for more
ROYAL OAK TOWNSHIP
_,
Jan. 17, 1938
bonds
F incl., road and bridge bonds, Chap. 388, S.
•
in the city's revenue from
ROYAL OAK TOWNSHIP,
and power companies.
Total Bonded Indebtedness on
BALANCED—By increasing from $41,000 to $135,000 the
received from the municipal water works system and placing
advance in water rates, the Mayor
114,506,868
25,950,527
156,803,666
159,960
i
Trunk highway reimbursement
amount to be
an
to the Harris
Assessed value of personal property
Assessed value of money and credits
the golf course and airport on a self-sustaining basis the city
the 1938 budget, it was announced recently by Mayor
The increase
awarded
Assessed value of real estate
Mich.—TENDERS WANTED—E. H. Tinsman, Director
of Finance, announces that sealed tenders addressed to the City Clerk
covering offers to sell to the city series A and series B bonds will be received
until 5p.m. (Eastern Standard Time) on Feb. 28.
Tenders will be opened
and promptly acted upon at 2 p. m. on March 1.
Tenders should fully
describe bonds offered, including serial numbers and state sum for which
bonds will be sold.
The right is reserved by the City Commission to
reject any or all tenders to waive any irregularities in said tenders, and to
accept the tender or tenders which, in the opinion of the City Commission,
are most favorable to the City, up to the total amount of $55,000 for series A
bonds and $70,000 for series B bonds.
Interest will be paid on all tenders
accepted by the City up until the time the bonds are received by the paying
agent, but not longer than seven days after the date of the mailing of the
acceptance of tenders, after which time all interest on accepted tenders
PONTIAC,
ceases.
COUNTY
RAMSEY
State of—SPECIAL SESSION ON RELIEF CONTEM¬
dispatch from Lansing to the "Wall Street Journal"
PLATED—A special
of Feb. 8 had the following to say:
Indications are that Governor
bonds,
$153,000
Taxation,
HOLLAND, Mich.—BONDS TO BE CALLED—Oscar Peterson, City
Clerk, states that the $8,000 refunding bonds of 1933 for which no tenders
were received will be called for payment Aug. 1, 1938.
MICHIGAN,
1111
Chronicle
burgh; the
Jackson
Municipal Securities Co.,
and Mason-Hagan.
PUTheseGtonds^part11of a
Inc., of
Richmond, were associated in the
total authorization amounting to $60,000,000 of
highway bonds authorized by an Act known as House Bill No. 287, Laws of
1938
are to be issued to refund at a lower interest cost approximately
$21 217.000 outstanding callable highway notes and to construct and im¬
prove highways.
They are, in the opinion of counsel, valid and binding
negotiable obligations of the State of Mississippi, payable solely from the
1112
State tax
Financial
on
gasoline
or
any
substitute
Chronicle
motor
fuels, and secured by an
irrevocable pledge of sufficient of these revenues to
pay principal and int.
The State of
Mississippi levies a tax of 6 cents per gallon on gasoline and
motor fuel and the
gross collections for the past four
years, reflecting the
increased motor vehicle traffic
following the construction of modern paved
roads, were as follows:
1934
Gross collections of
line tax
$8,368,277
these
first
to Jackson & Curtis of
Boston on a 0.41% discount basis.
Dated Feb. 8, 1938.
Due $100,000 Dec.
10, 1938; $200,000 Dec. 15,
1938 and $100,000 Dec.
20. 1938.
The National Shawmut Bank of
Boston
bid 0.439% discount.
$9,557,052 $10,820,276
1936
annual
12, 1938
were awarded
1937
In Other bids
gaso¬
were as
follows:
Bidder—
.....
(Maximum
1935
$7,485,848
Feb.
MERRIMACK COUNTY (P. O.
Concord), N. H.—NOTE SALE—
The $400,000 tax
anticipation notes offered on Feb. 8—V.
146, p. 950—
debt
service
on
$2,864,234.)
$33,688,000
series
Discount
National Shawmut Bank
Ballou, Adams & Whittemore.
Merchants National Bank
is.
By law the State may issue no additional bonds in excess of this authoriza¬
tion, payable from gasoline and motor fuel
taxes, unless the proceeds there¬
from (averaged over three
immediately preceding fiscal years) shall be three
times the amount required for the debt
service of all bonds so payable.
BONDS OFFERED FOR
INVESTMENT—The successful bidders reoffered the above bonds for public
subscription, the 3 Ms at prices to yield
from 0.50% to
3.05%, the 3'j^s priced to yield from 3.10% to 3.25%,
all according to
maturity.
Leavitt&Co
i
0.439%
0.445%
0.45%
0.465%
0.51%
-
E. H. Rollins &
Sons. Inc
NEW
JERSEY
ATLANTIC CITY, N.
Director of Revenue and
J.—TENDERS WANTED—Frank B.
Off,
Finance, announces that he will receive sealed
tenders
until noon (Eastern
National Newark and Essex
Standard Time) on March
14, care of the
Banking Co. of Newark, of outstanding bonds
following issues: $24,651,000 refunding bonds and
$2,285,000 re¬
funding water bonds, all dated July 1, 1936.
Tenders will be
of the
MISSOURI
not more than par and accrued
interest and the
of bonds of the two series are
$300,000 and
BONDS
Markets in all State,
County & Town Issues
BUILDING,
ST.
CAPE*~ MAY,* N. J .—BONDS PASSED ON FIRST
READING—'The
Board of Commissioners of the
city on Jan. 28 gave first reading to two
ordinances providing for the issuance of
$70,000 sewer and $14,000 golf
course bonds.
Final consideration will be
given the two proposals on
Feb. 11.
LOUIS, MO.
FORT LEE, N. J .—REFUNDING
ASSENTS—The Municipal Finance
Commission announced Jan. 28 that assents
or
KANSAS CITY, Mo.—BOND
SALE—The City Commissioners have sold
$53,840 2M% bonds to Stern Bros. & Co. of
Kansas City at par plus a
or $596. equal to 101.107.
Of the total, $33,840 is for
street im¬
provements and $20,000 for relief
projects.
premium
JKIRKSVILLE, Mo.—BOND
OFFERING DETAILS—It is now stated
by R. N. Howell, City Clerk, that the
$60,000 3% semi-annual water
works bonds scheduled for
sale at 2 p. m. on Feb.
21, as noted here re¬
cently—V. 146, p. 949—are dated Feb.
1, 1938 and mature on
Aug. 1 as
follows:
$2,000, 1940 to 1943, and $13,000, 1944 to
1947.
No bids may
be withdrawn within a
period of 30 days from and after the
date fixed
for opening bids.
The successful bidder must
pay all legal expense of
examining the records of the proceedings of the
City Council with regard
to the voting and sale of
the bond issue.
A $3,000 certified
check, payable
to the City
Treasurer, must accompany the bid.
MAPLE WOOD
TOWNSHIP, N. J.—PLANS INCREASE IN TAX
RATE—The budget for 1938 as
adopted on first reading by the
Township
Committee recently provides for an estimated
tax rate of
$3.38, compared
to last year's rate of $3.32.
The higher rate is due
solely to increase in
school. State and county taxes.
Total appropriations,
including debt
service, is $756,426.96, a drop of
$2,212.14 from $758,639.10 in 1937.
Expenditures last year, however, amounted to
only $731,477.11.
The
sum to be raised
by taxation in the current budget is
$11,169.38 less than
in 1937.
KIRKWOOD, Mo.—BOND OFFERING—Wilfred
Donworth, City
Clerk, will receive bids until 8
p. m. Feb. 14, for the purchase at
not less
par of $150,000 public sewer bonds.
Bidders are to name rate of
interest, in a multiple of M %. all the bonds to bear
a uniform rate.
Denom.
$1,000.
Dated Feb. 1, 1938.
Principal and semi-annual interest (Feb. 1
and Aug. 1) payable at a
place designated by the successful
bidder, and
approved by the City Council.
Due serially on Feb. 1 as
follows:
$6,000,
1943 and 1944; $7,000, 1945 and
1946; $8,000, 1947 and 1948;
and 1950:
$9,000, 1949
$10,000, 1951 and 1952; $11,000. 1953 to
1955; $12,000,1956 and
1957, and $13,000 in 1958. Certified check
for $2,500, payable to the
city,
required.
The city will pay for
legal opinion of Charles & Trauernicht and
for printing of the bonds.
than
CREEK
SEWER
DISTRICT,
St.
MILLTOWN, N. J .—BOND ISSUE APPROVED—The State
Funding
Commission has approved a
proposal providing for the issuance of
$33,500
refunding bonds to mature with 13
years.
While the plan does not involve
a cash
basis, the Commission said, the tax collection
history of the borough
warrants formal consideration.
NORTH
BERGEN
TOWNSHIP, N. J.—NEW
RECEIPT OF BOND TENDERS—It is now
Louis
to name rate of
Feb.
GROVES, Mo.—BOND ELECTION—It
Yji
E.
is stated by
George
an election will
be held on April 5 in order
to
$70,000 in bath house>
swimming pool and park
Waite, City Clerk, that
vote on
the issuance of
bonds.
DATE
SEX.
FOR
announced that the Hudson
County National Bank, 75
Montgomery St., Jersey City, fiscal agent for
the township, will accept sealed
tenders oh or before the close of
business
on Feb. 18 (which will be
opened at 11 a. m. on Feb. 19)
covering offers
to sell to the
township outstanding 4-4 H % registered and bearer
refunding
bonds, dated Dec. 1, 1936 and due Dec. 1, 1975.
Previously it was stated
that tenders would be
accepted until Feb. 23.
No purchase will be made in
excess of par and accrued
interest and the amount
currently available to
purchase the bonds in question is
$257,042.73.
In connection with the
call for tenders, we
quote from the notice as published in the New
York
"Times" of Feb. 3:
County, Mo.—
BOND OFFERING—
George H. Sibille, Secretary, Board of
Trustees, will
receive bids until 8 p. m. Feb.
15, at 2100 Lucas and Hunt
Road, St. Louis,
for the purchase at not
less than
par of $127,000 sewer bonds.
Bidders are
interest, in a multiple of M%Denom. $1,000.
Dated
15, 1938.
Principal and semi-annual interest (Feb. 15 and
Aug. 15)
payable at a place to be
designated by the bidder and approved
Board of Trustees.
by the
Due on Feb. 15 as follows:
$3,000, 1940 and 1941;
$4,000, 1942 and 1943; $5,000,
1944; $6,000, 1945, 1946 and 1947: $7,000.
1948 to 1951:
$8,000, 1952, 1953 and 1954- $9,000,
1955 and 1^56, and
$10,000 in 1957 and 1958.
Certified check for
district, required. Approving opinion of Charles & $2,000, payable to the
Trauernicht of St. Louis
will be furnished
by the district, which will also
pay for printing of the bonds.
MARSHALL SCHOOL DISTRICT
)P. O.
Marshall), Mo.—BOND
SALE— The city has sold
a
block of $12,000
2M% refunding bonds to
Stern Bros. & Co. of
Kansas City, Mo., at
par plus a premium of
$230.88,
equal to 101.924.
Dated Feb. 1, 1938.
Due Feb. 1, 1948.
SCOTT COUNTY (P. O.
Benton), Mo.—BOND SALE—The $50,000
judgment funding bonds offered on
Feb. 10—V. 146,
p. 950—were awarded
to the
Commerce Trust Co. of Kansas
City as 2}i& at par plus a premium of
l^eikual to 100.01, a basis of about 2.24%. Dated March
1, 1938.
Due
$10,000 yearly on March 1 from
1939 to 1943.
Whitaker & Co. of St.
Louis was second
high bidder, offering par for
2Ms.
TWO-MILE CREEK SANITARY
SEWER DISTRICT (P. O.
Clay¬
ton), Mo.—-BOND SALE
DETAILS—It is now reported by the
District
Secretary that the $73,000 sewer bonds
purchased by Francis Bro. &
and Crago, Hitchcock
Co.,
& Co., both of St.
Louis, jointly, as noted in these
columns recently—V.
146, p. 628—were sold as 3s, at a
price of 101.81, a
basteof about 2.82%.
Due on Feb. 1 as follows:
$2,000, 1940 and 1941;
*3.000; 1942 to 1946; $4,000,1947 to 1952, and $5,000,1953 to 1958. Prin.
and int. (F. &
A.) payable at the
Mississippi Valley Trust Co., St. Louis.
agreements to the
plan of
refunding of the borough's indebtedness totaled
$1,463,000.
r JERSEY CITY, N. J.—FACES
$3 TAX INCREASE— On the basis of
the budget submitted to the
City Commission by Arthur Potterton, Com¬
missioner of Revenue and
Finance, the tax rate for 1938 will be $3 more
than that of last year, when the
figure was $44.24 per $1,000.
According
to Mr. Potterton the
projected rate increase resulted in part "to a
further
loss in ratables
amounting to $8,000,000."
The school appropriation for
this year is almost
30% greater than in 1937.
Restoration of salary reduc¬
tions for city and school
employees accounts for about $900,000 in the
new budget.
MISSOURI
MARIA
received at
available for purchase
accompany each tender.
SCHERCK, RICHTER COMPANY
LANDRETH
sums
$50,000, respectively.
Tenders
specify full name of the bonds and serial number
offered for sale to the
city.
A certified check for 1% of the bonds
tendered for purchase must
to
"Such tenders of
refunding bonds shall be enclosed in plain sealed en¬
velopes marked 'Tender of Refunding Bonds' and shall be
opened by the
fiscal agent in public, at the office of
the fiscal agent, Paul F.
Cullum,
Mayor of North Bergen, designated by resolution of its
governing body,
shall be entitled to attend and
may after the opening of tenders
require
the fiscal agent to reject all tenders or
all tenders in excess of a certain
price
to be fixed by him.
.Subject to the exercise of this right of
rejection, as
much of the applicable" moneys as the
acceptable tenders permit shall be
applied immediately to the purchase of
refunding bonds tendered at
the
lowest prices submitted.
In the event that a
greater amount of bonds
is tendered at the same
price than can be purchased with the
applicable
moneys (after all bonds tendered at lower
prices, if any, shall have been
purchased), then any of the refunding bonds so tendered at said
price
shall be purchased at said
price in such manner and order as the fiscal
agent
shall prescribe.
OCEAN CITY, N. 3.—BONDS
EXCHANGED—'The $138,000 refund¬
ing bonds approved in December—V. 145,
p. 4004—have been
issued to
the old bondholders in
exchange for their
PALMYRA,
N.
J.—PRICE
which purchased
Philadelphia,
refunding bonds,
as
holdings.
4
PAID— Hendricks
&
Eastwood,
inc..
of $48,500
4%
previously reported in these columns, paid a price of
some
time
ago
an
issue
97, a basis of about 4.64%.
follows:
$5,000 from 1938 to
Dated Nov. 1, 1937, and due Nov. 1 as
1946 incl. and $3,500 in 1947.
Award has
just been approved by the State Funding Commission.
PERTH AMBOY,
N. J.—BOND OFFERING—Joseph E.
Hornsby,
City Treasurer, will receive sealed bids until 11 a. m. on
Feb. 16 for the
purchase of $275,000 not to exceed
6% interest coupon or registered bonds,
divided as
follows:
$200,000 emergency relief of 1938 bonds.
1939 to 1946 inclusive.
NEBRASKA
First Trust Co. of Lincoln is
said
purchased $20,500
paving bonds.
FARWELL, Neb.—BONDS
SOLD—It is reported that
$9,400 water
bonds were purchased on
Feb. 3 by the State
Board of Educational
Lands and Funds, as
works
system
extension
3)^s, at par.
NEBRASKA,
State
of—DEBT
REDUCTION REPORTED— Since
June 30, 1936,
municipalities in the State of Nebraska
have reduced their
bonded indebtedness
$4,439,064, according to a report by State
William H. Price. at
Auditor
Lincoln.
Total bonded debt of
all municipalities as
of Jan. 1,
1938, the report reveals, was
standing revenue bonds of the Nebraska $74,909,999, exclusive of out¬
State Normal Board and
Nebraska State Fair Board.
the
Of the total bonded
debt,
sents
outstanding obligations
$33,161,928
of
repre¬
Douglas County, the cities of Omaha
Lincoln and the various
and
school districts of Omaha
and Lincoln.
NEVADA
ELY, Nev.—BOND OFFERING
DETAIL—In
ing
connection with the
NEW
MANCHESTER, N.
HAMPSHIRE
offered
on
Other bids were as follows:
Bidder—
First National Bank of Boston
Frederick W. Swan & Co
First Boston Corp
Wrenn Bros. & Co., Inc
on
Feb.
from
All of the bonds are dated
Feb. 1, 1938.
Denom. $1,000.
Rate of
interest to be expressed in a
multiple of K or l-10th of 1 %.
Tenders are
be made on the basis of both
issues constituting a
single issue and
maturing Feb. 1 as follows:
$35,000 from 1939 to 1945 incl., and
$30,000
in 1946.
Bids for less than all of the bonds
may be considered and accepted
only if the bonds bid for are those first
maturing and amount bid equals
or exceeds
$275,000.
Principal and interest (F. & A.) payable at the
City
Treasurer'8 office.
A certified check for
2% of the bonds bid for, payable
to the order of the
City Treasurer, must accompany each proposal.
Ap¬
proving legal opinion of Caldwell &
Raymond of New York City will be
furnished the successful bidder.
ROXBURY TOWNSHIP SCHOOL DISTRICT
(P. O. Succasunna),
N. J.—LEGAL
OPINION—The $150,000 not to exceed 4% interest
coupon
registered school bonds being offered for sale on
Feb. 15, as described in
V. 146, p. 950 will be
approved as to
or
SOUTH
legality by Hawkins, Delafieldl&
of New York City.
RIVER,
N.
3.—BOND
OFFERING—Guy
Gilbert,
Borough
Treasurer, will receive sealed bids until 8:30 p. m. on Feb.
15 for the
purchase of $20,000 not to exceed
6% interest coupon or registered emer-
fency1 from 1939 to 1943 incl. 1, Rate of interest to $1,000.
bonds. Dated Feb.
1938. Denom. be
'eb.
Due $4,000
on
expressed in a multiple
y± or l-10th of 1 %.
Principal and interest (F. & A.) payable at the First
National Bank, South River.
Bids for less than all of the bonds
may be
considered and accepted
only if the bonds bid for are those first ma
of
and the amount bid
equals or exceeds $20,000.
A certified check for 2%
of the amount of the
issue, payable to the order of the Borough
Treasurer,
must
&
accompany
each
proposal.
The approving legal opinion of Caldwell
Raymond of New York City will be furnished the successful
bidder.
(A preliminary report of the
offering appeared in a previous issue.)
SPRING LAKE, N. J.—BOND SALE—The
$88,000 coupon
Discount
0 545%
-
1
$10,000
tiding
H.—NOTE SALE—The
$500,000 tax
anticipation
Feb. 8—V. 146. p.
950—were awarded to E. H.
& Sons of Boston on a
Rollins
0.539% discount basis.
Dated Feb. 8, 1938. and
payable Dec. 7, 1938.
The First National Bank
of Boston bid
discount.
0.545%
notes
$25,000
to
Longfellow
offer¬
scheduled for Feb. 21, of the
four issues of not to
exceed 6% semi-ann.
bonds aggregating
$40,000, described in these columns
recently—V. 146.
pi 950—it is stated by D.IO. Simon,
City Clerk, that the
of Pershing,
approving opinion
Nye, Bosworth & Dick of Denver
will be furnished.
Due
75,000 emergency relief of 1937 bonds.
Due Feb. 1 as follows:
from 1939 to 1945
inclusive, and $5,000 in 1946.
CURTIS, Neb.—BONDS SOLD—The
to have
I 0.55%
""
0 565%
0.57%
or
regis¬
tered beach
improvement bonds offered on Feb. 7—V. 146, p. 792—were
Lehman Bros, of New York as 3s at
par plus a premium of
$463.76 equal to 100 527, a basis of about
2.89%.
Dated Feb. 15. 1938.
Due Feb. 15 as follows:
$8,000 in 1939, and $10,000 from 1940 to 1947.
awarded to
H. B. Boland & Co. of
New York
premium of $159.52 for
3% bonds.
were
second high
bidders, offering
a
<.
VERONA, N. J.—BONDS PASSED ON FIRST READING—On Feb. 1
Borough Council gave first reading to an ordinance authorizing the
$35,000 library bonds.
the
issuance of
NEW
MEXICO
AUTHORIZED—An ordinance has
of $31,000 sewer bonds.
FORT SUMNER, N. Mex.—BO,NDS
been passed authorizing the issuance
SANTA FE, N. Mex.—BOND ELECTION—An election is scheduled for
April 5 at which a proposal to issue $75,000 sewer bonds will be submitted
tO Bt VOt/6«
NEW
YORK
AMSTERDAM, N. Y.—BOND SALE—'The $240,000 coupon, fully
registerable, general obligation, unlimited tax, bonds described below,
which were offered on Feb. 11—V. 146, p. 950—were awarded to Adams,
McEntee & Co. of New York on a bid of 100.37 for 1.90s, a basis of about
1.96%:
$170,000 emergency relief bonds, series D.
Due on Feb. 1 as follows:
$3,000, 1939 to 1943; $23,000, 1944 and 1945; $33,000, 1946 and
$38,000, 1947 and 1948.
70,000 general city bonds, to finance public works projects. Due $7,000
yearly on Feb. 1 from 1939 to 1948.
Dated Feb. 1, 1938.
Principal and semi-ann. interest
(F. & A. 1) payable at the First National Bank of Amsterdam, with New
York exchange.
Denom. $1,000.
BINGHAMTON, N. Y.—BOND OFFERING—Sealed bids addressed to
A. Culver King, City Comptroller, will be received until noon (Eastern
Standard Time) on March 2, for the purchase of $92,000 not to exceed 5%
interest coupon or registered relief bonds of 1938.
Dated March 1, 1938.
Denom. $1,000.
Due March 1 as follows:
$8,000 from 1939 to 1942, incl.
and $10,000 from 1943 to 1948, incl.
Bidder to name a single rate of
interest, expressed in a multiple of ^ or l-10th of 1%.
Principal and
interest (M. & S.) payable at the office of the City Treasurer.
A certified
check for $1,840, payable to the order of the City Comptroller, must
accompany each proposal.
The bonds are general obligations of the city,
payable from unlimited ad valorem taxes.
Approving legal opinion of
Hawkins, Delafield & Longfellow of New York City will be furnished the
successful bidder.
at not less than par
CENTRAL
BURLINGTON,
SCHOOL
NEW
DISTRICT NO.
LISBON
1
(P.
AND
PITTSFIELD
O. Edmeston), N. Y.—
proposition calling for
BONDS VOTED—At an election held on Jan. 31 a
$190,000 school building bonds was approved by the voters.
the issuance of
registerable, general obliga¬
of $125,000 coupon, fully
tion, unlimited tax, school building bonds.
Bidders are to specify rate of
interest, in a multiple of }i% or 1-10%, but not to exceed 6%.
Denom.
$1,000.
Dated Feb. 1, 1938.
Principal and semi-annual interest (Feb. 1
and Aug. 1) payable at the Dalton Banking House, Dalton, with New York
exchange.
Due Feb. 1 as follows: $4,000, 1940 to 1962; $5,000, 1963
1965, and $6,000, 1966 to 1968.
Certified check for $2,500, payable
Mrs. Minerva B. Hill, District Treasurer, required.
Approving opinion
Clay, Dillon & Vandewater
to
to
of
be furnished by the district.
of New York will
PLEASANTVILLE, N. Y —BOND SALE—The $19,000 coupon or
registered bonds described below, which were offered on Feb. 9—V. 146,
p. 951—were awarded to the First National Bank of Pleasantville, as
2.80s, at par plus a premium of $95, equal to 100.50, a basis of about 2.72%:
$14,500 general improvement bonds, payable from unlimited taxes.
Due
Feb. 1 as follows:
$1,000 from 1939 to 1945, incl. and $1,500 from
1946 to 1950, inclusive.
4,500 special assessment bonds issued to finance sewer construction.
Although general obligations of the village, the bonds are payable
primarily from assessments on benefited property and if not paid
from that source, all of the village's taxable property is subject to
levy of unlimited taxes in order to meet both principal and interest.
Issue is due $500 on Feb. 1 from 1939 to 1947, Inclusive.
Denom. $500. Principal and interest
payable at the First National Bank, Pleasantville, with New
Each issue is dated Feb. 1, 1938.
(F. & A.)
York exchange.
bidders
Other
were:
Price Bid
Int. Rate
Bidder—
$19,017.00
3%
Ira Houpt & Co
R. D. White & Oo_
19,026.79
3M%
19,023.94
3M%
Seasongood & Haas
Mt. Pleasant Bank &
3>|%
Trust Co
r
3.40%
Sherwood & Reichard
19,019.00
19,038.00
N. Y.—NET INCOME FOR
of The Port of New York Authority
Frank C. Ferguson, Chairman of the Board, told
in an address Feb. 3 at luncheon at the Bankers'
"But no profit," he added, "because there isn't any profit.
What
is left over goes toward reserves for amortization.
The increase
OF NEW YORK AUTHORITY,
PORT
WAS $5,500,000—Net income
1937
last year was $5,500,000,
the Municipal Bond Club
Club.
money
over
1936
From
24%.
organization with total expenditures 14 years ago
was
an
of $213,000
the speaker declared that the Port Authority
with $205,000,000 invested In physical property
and with a gross income in 1937 of $14,000,000, a gain of 7% over 1936.
Mr. Ferguson, who was speaking on the subject, "The Security of Port
Authority Bonds," enumerated 10 points that gave special protection to
and
EDMESTON,
1113
Financial Chronicle
146
Volume
outstanding $ebt,
had grown into an agency
no
ENDICOTT, N. Y.—TO ISSUE BONDS—The Board of Trustees will
on Feb.
14 a proposal to issue $50,000 paving bonds.
Formal
proceedings are now being prepared for review on that date.
investors.
HARRISON (P. O. Harrison), N. Y.—BOND OFFERING— Benjamin I.
Taylor, Town Supervisor, will receive sealed bids until 10:30 a. m. on Feb. 16
for the purchase of $18,000 not to exceed 5% interest coupon or registered
sewer
improvement
bonds.
Dated Feb.
15,
1938.
Denom. $1,000.
Due $1,000 on Feb. 15 from 1939 to 1956 incl.
Bidder to name a single
rate of interest, expressed in a multiple of M or l-10th of 1%.
Principal
and interest (F. & A. 15) payable at the First National Bank, Harrison,
with New York exchange.
The bonds are general obligations of the
town, payable from unlimited taxes.
A certified check for $360, payable
to the order of the town, must accompany each proposal.
Approving
legal opinion of Clay, Dillon & Vandewater of New York City will be
important asset which does not show on the balance sheet.
Investors gen¬
erally will come out all right in the long run if their funds are adminis¬
consider
furnished the seccussful bidder.
HASTINGS-ON-HUDSON,
N.
Y .—BOND
OFFERING—John
C.
White, Village Clerk, will receive sealed bids until 3 p. m. on Feb. 17 for
interest coupon or registered
15, 1938.
Denom. $1,000.
Due Feb. 15 as follows:
$13,000 from 1939 to 1943 incl., and $8,000
from 1944 to 1948 incl.
Bidder to name a single rate of interest, expressed
in a multiple of K or l-10th of 1%.
Principal and interest (F. & A.)
payable at the First National Bank, Hastings-on-Hudson.
Proceeds will
be used to pay the village's share of the cost of projects to be undertaken
jointly with the Works Progress Administration.
The bonds are general
obligations of the village, payable from unlimited taxes.
A certified
check for $2,100, payable to the order of the village, must accompany
each proposal.
The approving legal opinion of Caldwell & Raymond of
New York City will be furnished the successful bidder.
the purchase of $105,000 not to exceed 6%
Federal Aid
Project bonds.
Dated Feb.
OFFERING—Sealed bids addressed to
Lester C. Elmendorf, City Treasurer, will be received until 2 p. m. on
Feb. 25 for the purchase of $140,000 not to exceed 5% interest coupon
or registered bonds, divided as follows:
$60,000 series A general bonds of 1938.
Due March 1 as follows:
$5,000
from 1939 to 1943 incl., and $7,0^0 from 1944 to 1948 incl.
80,000 series B general bonds of 1938.
Due March 1 as follows:
$8,000,
1940 to 1945 incl.; $10,00., in 1946, and $11,000 in 1947 and 1948.
All of the bonds will be dated March 1, 1938.
Denom. $1,000.
Bidder
to name a single rate of interest, expressed in a multiple of \i or 1-lOth'
of 1%.
Principal and interest (M. & S.) payable at the City Treasurer's
office.
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.
KINGSTON,
NEW
YORK,
INCREASE
Y.—BOND
N.
IN
McGoldrick issued
N.
Y.—COMPTROLLER
McGOLDRICK
REPORTS
BORROWING
CAPACITY—Comptroller
Joseph
D.
Feb. 4 a revised statement on the city's constitutional
which he indicated that the city can still authorize
debt incurring power in
Although on Jan. 20
this margin was $81,194,449, the Comptroller said that he had been able
to transfer $48,870,800 in subway obligations to the rapid transit revolving
fund of $300,000,000, which is exempt from the city's constitutional debt
new
improvements to the extent of $130,065,249.
limit.
The
transfer
enabled
him
to
increase
the
borrowing
margin,
he
said, permitting additional committments and authorizations for municipal
projects, which otherwise might not have been possible.
The $40,870,800 transfer is composed of two items.
The first, totaling
$33,320,800, includes moneys for the new Sixth Avenue Line of the Inde¬
pendent System; cars and additional facilities; construction and equipment
for the Fulton 8treet Extension and for the recapture of the Culver line;
acquisition of the Rockaway Division of the Long Island RR., and con¬
and equipment of the Concourse Line.
These items represent
remainders of appropriations already authorized by the Board of Estimate
and contained in the current capital outlay budget.
The second item in the transfer totals $15,550,000, and represents reser¬
vations not listed in the capital outlay budget for additional expenditures
in connection with the recapture of the Culver Line.
With the shift
of these two totals to the rapid transit fund and the cancellation in that
fund of $53,029,692 in bonds already redeemed, the unencumbered balance
of the rapid transit debt outside the constitutional limitation is $5,898,671,
struction
Mr. McGoldrick stated.
r
NEW YORK, State
of—BILL INTRODUCED FOR CONSIDERATION
Albany on Feb. 9 reported
legislative proposal:
A constitutional amendment restricting legislative sessions to considera¬
tion of State finances every other year was introduced yesterday by Senator
T. C. Desmond, Orange County Republican.
He cited the inactivity of
OF FINANCES—A United Press dispatch from
foliows
as
on
a
new
the current session.
"In the past five
only
weeks during which the Legislature has been in session,
few major proposals have been considered," Mr. Desmond said.
forced to remain in the background, overshadowed
multitude of unimportant and unnecessary measures."
a
"The budget has been
by
a
N. Y.—BOND OFFERING—Calvin Van Pelt, Village
Clerk, will receive sealed bids until 2 p. m. (Eastern Standard Time) on
Feb. 18, for the purchase of $17,000 not to exceed 5% interest coupon or
registered sewer bonds.
Dated March 1, 1938.
Denom. $1,000.
Due
March 1 as follows:
$5,000 from 1939 to 1941, incl. and $2,000 in 1942.
Bidders to name a single rate of interest, expressed in a multiple of % or
1-10th of 1%.
Principal and interest (M. & S.) payable at the First
National Bank & Trust Co., Northport, with New York exchange.
The
bonds are general obligations of the village, payable from unlimited taxes.
A certified check for $340, payable to the order of the village, must accom¬
NORTHPORT,
pany
water
The approving legal opinion of Clay, Dillon &
York City will be furnished the successful bidder.
each proposal.
of New
Vande¬
NUNDA, PORTAGE, GROVE AND GRANGER CENTRAL SCHOOL
DISTRICT NO. 12 (P. O. Dalton), N. Y.—BOND OFFERING—Floyd.W.
Ryan, District Clerk, will receive bids until 3 p. m. Feb. 21, for the purchase
"I am personally
convinced," he commented, "that we enjoy our high
of these enumerations, but rather be¬
of purpose which has brought us an
credit rating not necessarily because
cause of the character and sincerity
tered honestly."
The Port Authority Chairman
declared that the Port Authority had been
liberal in the dissemination of information pertaining to its operations
had done its best to keep investors and others supplied with complete
and
and
up-to-the-minute knowledge of its activities and its finances.
"I know of no organization," he went on, "public or private, which dis¬
closes with more thoroughness or with more frequency, information per¬
taining to its activities and to its financial status.
"The baiance sheet lists, item by item, the funded debt and other 11abilities totaling about $220,000,000.
Glancing at the left side of the bal¬
ance sheet, I see that we have invested $205,106,493 in physical property.
I can see from that side also that we hold $25,800,000 in cash and that our
investment portfolio bulges with securities having a value of some $17,000,000.
"The income account shows me that our 'gross' during the year was
$14,000,000 and that we paid out of this for operating expenses and interest
about $8,500,000, and show a net income or $5,500,000.
But no profit,
because there isn't any profit.
What money is left over goes toward re¬
serves for amortization.
"There is no surplus, as such.
What moneys accumulate, accumulate in
reserves for paying off the debt.
The satisfaction comes from knowing
that we have done things.
Over 22,600,000 vehicles found good use for
our facilities and we have made rapid progress toward the completion of
,
,
.
another great
facility—the Lincoln Tunnel.
with large reserves on hand and
facilities actually in operation,
"With
potentially safe position, the bonds are sold only after searching analysis by
one or more firms of outside public accountants, independent checks of
traffic estimates and the application of varied legal restrictions.
Now, all
this seemingly unending quest for data and more data may be all right.
I am for giving people all the information they want, but on the other hand,
I believe a lot of confusion is created in the mind of the prospective buyer.
The phraseology output Is more than he can absorb.
"If it be true that the underlying principles of the Port Authority are
not fully understood by all those concerned, it is not because of the fact
a
avoided publicizing these principles.
In one form or another
engaged in almost constant dissemination of information, *
of all efforts, inquiries which reach us from time to time indicate
that many are still somewhat at sea.
This situation will always exist,
but it is hoped it will ultimately exist to a lesser degree as people gradually
become more familiar With our workings.
"Refunding and the establishment of general and refunding bonds was
brought about after the enactment, In 1931, of legislation permitting the
that we have
we
have
"In spite
fund.
pooling of revenues through the then authorized general reserve
as contended by some, the provisions of the plan seem involved, it
remembered that those provisions were instituted and
to
banking and investment interests (or perhaps I should say by
If,
should be
agreed
by the
the lawyers
representing
them).
,
.
\
plan, in my opinion, contains an extraordinarhy large measure
designed particularly for the protection of the bondholder.
I know of no class of bonds of this type which is afforded better protection.
The following points are among the more important ones embodied in the
plan which lead me to the conclusion I have just stated:
"General and refunding bonds may not be issued to finance any new
project; serial bonds acquired for refunding are pledged as additional security
for the payment of debt service on general and refunding bonds.
"The whole
of provisions
"No revenues or reserves may
where minor capital
improvements except
economical operation.
through bond issues.
upon the net operating
the outstanding serial bonds are
be used for capital
improvements are necessary to
Major capital improvements must be financed
"General and refunding bonds have a first lien
of the various facilities as soon as
refunded by general and refunding bonds.
"All revenues must be used in paying operating
revenues
costs or In amortizing
Amortization of general and refunding bonds will be accomplished
the earning power of the facilities.
This is done through
the medium of sinking funds, special reserves and the general reserve fund.
All of these are surrounded by lengthy and technical resolutions and regu¬
lations, but the net result is the same.
They are established for the pro¬
the debt.
in direct ratio to
tection
of the investor.
.
,
_
refunding bonds is further
bonds are exempt
for investment in
banks, trustees
"Payment of debt service on general and
secured by the general reserve fund; general and refunding
from Federal and State income taxes.
They are legal
New York and New Jersey for State and municipal officers,
an"Unq^stionaWythe
Port Authority is
aided in its endeavors by the fact
to time the question
Any answer to that
immunity from taxation.
From time
this immunity may continue.
question is nothing more than a wild speculation.
that it enjoys
arises
as
to how long
Federal taxation is
based upon the
The immunity from
fundamental nature of the Port Authority
instrumentality of two sovereign States.
"Its immunity is a constitutional immunity.
Of course, the Constitution may be amended at some time in the future, and perhaps not only
Port Authority bonds but all State and municipal bonds may be made sub¬
ject to taxation.
That possibility, in the opinion of many of us, is very
remote and it seems to us that at this time any consideration of it which
might adversely affect the present position of our securities is quite unas
the
governmental
*°"ffegarding
munity rests
the immunity of Port bonds from State taxation, that im¬
squarely and firmly upon the compact between New York
an"Inv(*tmentTof moneys in the general reserve fund and the special reserve
fund is restricted to obligations of the United
York and New Jersey, of the municipalities of
of the Port
f
Authority.
States, of the States of New
those States, and obligations
1114
Financial
Chronicle
"Based upon the theory that Investment of capital is properly protected
through the established plan of automatically applying available surplus
informs
earnings to the extinguishment of debt, no reserves are set up for deprecia¬
tion or property.
Theoretically, the toll level is set so as to retire the ex¬
isting debt within
a
UTICA,
Y.—BONDS AUTHORIZED—On
N.
Feb.
Council authorized the issuance of $300,000 relief bonds.
2
which
the
might
Common
WHITE
PLAINS,
N.
bid of the Ohio National
the
Clerk
1938
12,
on
Helen
Howard
T.
Bank of Columbus
to
take
a
DAYTON, Ohio—ADOPTS LOWER TAX RATE—Although it had
registered vigorous protest with the Montgomery County Budget Com¬
mission against the
lowering of its tax
rate to the lowest level
in 20 years.
City Commission, in approving
,
WEBB (P. O. Old Forge), N. Y.—BONDS VOTED—'The voters of the
town on Jan. 31 approved a proposal to issue $49,500 recreational facilities
bonds.
Y.—TO
ISSUE $175,000 BONDS—The City
Feb. 10 authorizing a bond issue of
a $470,000 paving and
drainage project to be undertaken by the Works Progress Administration.
Final approval of the project has not yet been made by Federal and State
Council
AWARDED— City
\M% interest basis, paying the city a premium of
$10,700, has been accepted.
The notes are being issued to refund out¬
standing 4% waterworks bonds, and will later be converted into 2
%
refunding bonds.
reasonable period, Which period is considered shorter
facilities are adequately insured against adversities
be suffered because of fire, earthquakes and similar risks."
that
us
NOTES
$1,200,000 notes
than the entire life of the facilities,
"All
Feb.
REFUNDING
approved an ordinance on
$175,000 to finance the city's share of the cost of
authorities.
an emergency ordinance accepted the rate
$15.80 per $1,000 of valuation, a reduction of $4.20 under the flat $20
rate in 1937.
City officials and Commissioners protested the tax rate established by
the County Budget Commission in a
hearing on Jan. 26, followed by a
written request for an increase from $15.80 to $16
per $1,000 of valuation.
The County Budget Commission refused the
request in a communication
to City Manager Eichelberger which was read to the
City Commission.
of
FINDLAY, Ohio—BOND SALE—The $24,000 first mortgage sewerage
system and sewage treatment plant bonds offered on Feb. 10—V. 146, p.
631—were awarded to the Ohio Bank & Savings Co. of
Findlay as 3s, at
plus a premium of $101, equal to 100.421, a basis of about
2.91%.
Dated Dec. 1, 1937.
Due $3,000 yearly on Oct. 1 from 1939 to 1946.
Seasongood & Mayer of Cincinnati bid a premium of $61.85 for 3% bonds.
par
$25,000
GRAFTON, Ohio—BONDS SOLD—The State Teachers' Retirement
System purchased the $5,000 fire truck bond issue which was
approved by
RUTHERFORD COUNTY, N. C. Road 5s
Due
the voters last November.
July 1942-45 at 5.50% basis
HAMLER SCHOOL DISTRICT, Ohio—BOND SALE
DETAILS—
The $85,000 coupon school building bonds purchased
by the State Teachers
Retirement System, Columbus, as previously noted in these columns—
V. 146, p. 952, were sold as 3Ms at par plus a
premium of $1,200, equal to
F. W. CRAIGIE & COMPANY
101.41.
Richmond, Va.
Phone 3-9137
A. T. T. Tel.
Rich. Va.
Two bonds for $2,500 each, others in denoms. of
$2,000.
Dated
1, 1938 and due serially until 1959.
Interest payable semi-annually.
Feb.
83
HASKINS,
NORTH
ALBEMARLE,
N.
C.—BOND ELECTION—The
said to have set March 8
as
the date of
City
on
Commission
is
the issuance of
$50,000 in city hall and $40,000 in water system bonds.
HAZEL WOOD,
C .—BOND
N.
ELECTION—It 'is
reported that an
election will be held on Feb. 24 to vote on the issuance of the $15,000 street
improvement bonds approved recently by the Local Government Com¬
mission,
HIGH POINT, N. C.—HYDRO-ELECTRIC PLANT BOND OFFERING
CONTEMPLATED—An Associated Press dispatch from High Point on
Feb. 3 reported as follows:
The High Point City Council voted today to go ahead with plans to
construct a $.5,300,000 municipal Public Works Administration-financed
financed hydro-electric plant on the Yadkin river.
City Manager E. M. Knox, City Attorney Grover H. Jones and Judge
Roy Deal of Winston-Salem left tonight for Washington to confer with
D. Clark Foreman, PWA official, and representatives of a New York bond
house about financing the project.
The Council acted on the recommendation of the City Attorney to draw
a new resolution to
comply with the State Supreme Court decision handed
down yesterday.
He suggested the resolution state that High Point would
not enter the power business generally.
MOORE COUNTY (P. O. Carthage), N. C.—BOND OFFERING—
W. E. Easterling, Secretary. Local Government Commission, will receive
bids until 11
as
to
a.
Feb. 15 for the purchase of $40,000 coupon, registerable
general obligation, unlimited tax. school improvement
m.
principal,
bonds.
Bidders are requested to name the interest rate or rates, not
exceeding
6 % per annum in multiples of M of 1 %.
Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but
bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the county, such cost to be determined
by deducting the total
amount of the premium bid from the aggregate amount of the interest
upon
no
all of the bonds until their respective maturities.
and accrued interest will be entertained.
Denom.
No bid of less than par
Dated Sept. 1,
$1,000.
1937. Principal and semi-annual interest (March 1 and Sept. 1)
New York.
Due Sept. 1 as follows: $1,000, 1938 to
payable
at
1941; and $2,000,
1942 to 1959.
Certified check for $800, payable to the State Treasurer,
required.
Approving opinion of Reed, Hoyt & Washburn of New Y'ork
will be furnished by the county.
NORTH
Russell,
Village
Clerk,
system construction bonds.
election to vote
an
Ohio—BOND OFFERING—Jenny
will receive bids until noon Feb. 23, for the purchase of
$12,000 4% sewer
Denom. $1,000.
Dated Feb. 1, 1938.
Int.
CAROLINA
payable April 1 and Oct. 1.
Due $1,000 yearly on Oct. 1 from 1939 to
1950, incl.
Certified check for $120, payable to the Village, required.
HURON COUNTY (P. O. Norwalk), Ohio—TO PAY
$40,000 OWED
STATE—The County Commissioners have decided to
pay the $40,000
owed to the State for care of county patients in State institutions in instal¬
ments of $400 a month.
For a time the county's share of sales tax
receipts
were withheld for failure to arrange for settlement of the debt.
KENTON,
recent
Ohio—EXTRA LEVIES REJECTED BY VOTERS— At a
the voters discisively rejected two
proposed special tax
election
levies, each of which required a 65% majority.
relief received 473 votes for and 923 against, and
A one-mill levy for poor
a three-mill tax for general
operation expenses was defeated with 392 for and 1,013 against.
Mayor E. H. McFarland said the city may have to reduce its fire and
police force, members of which have not been paid since Dec. 1.
Firms
holding unpaid bills amounting to nearly $30,000 may be compelled to
seek
Pleas
Common
money
Court
judgments against the city and obtain their
court orders.
on
LORAIN, Ohio—BOND SALE—The issue of $34,000 coupon fire
apparatus bonds offered Feb. 7—V. 146, p. 473—was awarded to Fox,
Einhorn & Co., Inc., Cincinnati, as 2Ms, at par plus a premium of
$256.90,
equal to 100.755, a basis of about 2.12%.
Dated Feb. 1, 1938 and due
Sept. 15, as follows: $2,000 in 1939, and $4,000 from 1940 to 1947, incl.
SOUTH CHARLESTON, Ohio—BOND SALE—The issue of
$32,000
bonds offered Feb. 7 was awarded to G. Parr Ayres & Co. of
Columbus, as 2)^s, at par plus a premium of $331.40, equal to 101.035.
a basis of about
2.36%.
Dated Feb. 1, 1938 and due $1,000 March 1, and
Sept. 1 from 1939 to 1954 incl.
Legality approved by Squire, Sanders &
sewerage
Dempsey of Cleveland.
WARREN, Ohio—BONDS AUTHORIZED—The City Council has
an ordinance providing for the issuance of $100,000 not to exceed
4% interest general improvement refunding bonds.
Dated March 1, 1938.
Denom. $1,000.
Due $10,000 on Oct. 1 from 1940 to 1949, incl.
Principal
and semi-annual interest payable at the office of the
Sinking Fund Trustees.
passed
WINCHESTER, Ohio—BOND SALE—The issue of $2,200 fire ap¬
paratus bonds offered Jan. 24—-V. 146, p. 310—was awarded to the Win¬
chester Bank as 4MS. at par.
Dated Dec. 1, 1937.
Due $200 each six
months from June 1.
DAKOTA
1939 to June 1, 1944, inclusive.
R. J. EDWARDS, Inc.
JAMESTOWN, N. Dak.— WARRANTS SOLD—City Auditor A. R.
Thompson informs us that no bids were received for the $108,000 special
assessment
Municipal Bonds Since 1892
paving district warrants offered on Feb. 8—V. 146, p. 794—
but that the contractor took the securities in lieu of cash.
Due on April 15
1940 to 1944.
from
Oklahoma
KENSAL SCHOOL
DISTRICT, Stutsman County, N. Dak.—
CERTIFICATE OFFERING—F. L.
Nichols, District Clerk, will receive
bids until 2 p.m. Feb. 17 at the
County Auditor's office in Jamestown on an
issue of $5,000 certificate of indebtedness.
Interest rate is not to exceed
6%.
RUGBY
SCHOOL
DISTRICT
(P.
O.
Rugby),
N.
AT&T
Ok
Long Distance 158
CARNEGIE,
Ok 1 a.—BOND SALE—The $5,000 issue of park bonds
Feb. 8—V. 146, p. 952—was awarded to R. J. Edwards,
Inc., of Oklahoma City, according to the Town Clerk.
Due $500 from 1942
offered for sale
on
1951 incl.
to
CARNEGIE
MUNICIPALS
City, Oklahoma
19
OKLAHOMA
Dak.—BOND
ELECTION—It is stated by the Clerk of the Board of Education that an
election will be held on Feb. 8 to vote on the issuance of about
$15,000 in
not to exceed 6% semi-annual
building addition bonds.
OHIO
Cy
SCHOOL
DISTRICT
(P.
O.
Carnegie), Okla.—BOND
SALE—The
V.
3s
$3,000 issue of construction bonds offered for sale Feb. 7—
146. p. 952—was awarded to Calvert & Canfield, of Oklahoma
City, as
and
3)^s,
according to the
District
Clerk.
Due
$300
from
1942
to
1951 incl.
MITCHELL, HERRICK & CO.
700
CANTON
CUYAHOGA
AKRON
ENID, Okla.—BONDS EXCHANGED—It
COLUMBUS
SPRINGFIELD
OHIO
AVON
LAKE SCHOOL
DISTRICT, Ohio—BONDS SOLD—Nelson,
Browning & Co. of Cincinnati purchased as 3s, an issue of
$27,500 building
bonds, maturing $2,750 from 1938 to 1947 incl.
BLOOMVILLE, Ohio—BOND SALE-—The village has sold
$15,000 water works revenue bonds to the Commercial
an
issue of
CINCINNATI, Ohio—HIGHER TAX RATE—The County Budget
Commission has fixed the city tax rate at
$21.78 per $1,000. this being
increase of $2.90 over the previous
figure.
The rise is explained largely
by the approval last November of an extra
levy of 2.30 mills for city schools
and one mill for city relief work.
an
CLEVELAND, Ohio—$3,000,000 BOND ISSUE BILL APPROVED
BY SENATE—The State Senate on Feb.
8, by a vote of 38 to 0, passed a
bill authorizing the city to issue $3,000,000 bonds
voted in 1930 to improve
the Cuyahoga River to the extent of
relocating bridges,
bulkheading.
A similar
on
the
dredging and
The bonds would be exempt from existing debt limitations
measure
same
was
introduced in the lower branch
day.
COLUMBUS, Ohio—TO
of the
Legislature
REFUND $1,200,000 WATERWORKS ISSUE
—The city plans to refund
$1,200,000 4% waterworks bonds which mature
March 1, 1945, and have been callable since
March 1, 1920.
The Ohio
National Bank of Columbus and the Provident
Savings Bank & Trust Co.,
Cincinnati, each submitted offers to underwrite the
refunding issue.
The
bids provide for an interest rate of 1
on notes and
2%% on refunding
bonds.
The Columbus bank offered a
premium of $10,700, while the
Cincinnati institution specified a
premium of $7,572 and agreed to pay the
cost of
printing the refunding bonds.
CARRIER UNION GRADED SCHOOL DISTRICT NO. A
(P. O.
Carrier), Okla.—BOND OFFERING—A. C. Walker, District Clerk, will
receive bids until 2 p. m. Feb. 15, for the purchase at not less than
par of
$20,000 school building bonds.
Bidders are to name rate of interest.
Due
$1,500 yearly beginning four years from date of issue,
except that the
last instalment will amount to $2,000.
Certified check for
of bid,
2% of amount
required.
GRAND
National Bank of
Tiffin.
stated
by H. E. Evans,
City Clerk, that $10,000 Street Improvement District No. 102
refunding
bonds authorized by the City Council last
August, have been exchanged
with the holders of the original bonds.
BUILDING, CLEVELAND
CINCINNATI
is
RIVER
DAM
AUTHORITY,
Okla.—CONSTITUTION¬
ALITY UPHELD BY STATE SUPREME COURT— R. V. L.
Wright,
General Manager, informs us that the State
Supreme Court on Feb. 1
rendered a decision sustaining constitutionality of the Act of the
Legisla¬
ture creating the above
authority and the legality of its bonds.
The
Public Works Administration approved last
September an allotment of
$20,000,000 to finance the authority's program, of which amount $11,563,000 constituted a loan and the remainder of $8,437,000 a grant.
The
obligations to be issued by the aqthority will bear
4% interest and be
designated water reservoir
revenue
bonds.
GUTHRIE, Okla.—BOND OFFERING—LIoyd Jay, City Clerk, will
ceive
bids
until
7:30 p. m.
Feb.
15
for purchase at not less than
$25,000 water works improvement bonds.
Bidders are to name
par
re¬
of
of
Due $1,500 yearly beginning three
years from date of issue,
except that the last instalment is to amount to $1,000.
Certified check
for 2% of amount of bid,
required.
rate
interest.
PERKINS, Okla.—BONDS
$4,000
sewer
have been
SOLD— It is stated by the Town Clerk that
system extension bonds approved by the voters last November,
to the Payne
County Bank of Perkins.
sold
TULSA, Okla.—REPORT ON BOND PA YMENT—Bringing to $3,500,000
the total reduction of principal since
May, 1934 the city will pay shortly
$350,000 of principal to complete retirement of three issues, and the pay¬
ment will reduce the total debt to
$12,709,049, a record low in recent years.
The February total of debt
compares with the record high of $17,492,407,
reached June 30, and the total of $13,445,508 as of
July 1, 1937.
Financial
146
Volume
PHILADELPHIA SCHOOL DISTRICT, Pa.—TO ISSUE $8,350,000
Board of Education has voted to issue $8,350,000 bonds
OREGON
BONDS—The
Ore.—BOND SALE—The $15,000 swimming pool bonds
9—V. 146, p. 794—were awarded to the Bank of Albany,
at par, the first $7,500 to bear interest at 2% and the next $7,500 at 2% %.
Dated March 1, 1938.
Due $1,500 yearly on Sept. 1 from 1939 to 1948.
Atkinson-Jones
& Co. of Portland bid 100.17 for $9,000 2Ms
and
ALBANY,
offered on Feb.
$6,000 2X*.
HOOD RIVER
IRRIGATION DISTRICT (P. O.
LOAN AUTHORIZED—A
RFC SUPPLEMENTAL
Hood River), Ore.—
supplemental loan of
of
$8,000 has been authorized for the above district, to permit the payment
the balance due on a recently constructed small reservoir dam.
The
Reconstruction Finance Corporation had previously closed a refunding loan
of $63,000 for the district.
will be
Judge, for
aggregating $105,400:
March 1 as follows: $3,000, 1939 to 1955,
1958.
Callable on any interest payment
KLAMATH FALLS, Ore.—BOND OFFERING—Sealed bids
received until 7:30 p. m. on Feb. 28 by O. H. Langslet, Police
the purchase of the following issues of coupon bonds,
Due on
1956 to
date on or after March 1, 1941.
A certified check for $5,000 must
accompany this bid.
37,700 general improvement bonds.
Due on March l as follows:
in 1939 and $2,000 from 1940 to 1954.
Callable on any interest
payment date on or after March 1, 1941.
A certified check
$63,000 bridge bonds.
and $4,000 in
$2,700
for
$3,000 must accompany this bid.
7,000 chiorination plant bonds.
Due $10,00 on March 1,
to
incl.
Callable on any interest payment date on or after March
1941.
A certified check for $1,000 must accompany this bid.
1945,
1939
2,700 underpass bonds.
$250 is required.
Interest rate
two for
$700.
Due on March 1,
A certified
1939.
1,
check for
pursuant to authority of the Mansfield Act, which
of debt against delinquent taxes.
In addition, the
$2,000,000 available for
State for a share of the
permits the incurrence
board voted to ask the
distressed school districts.
O. New Kensington,
PUBLICLY OFFERED—Johnson & McLean,
SCHOOL DISTRICT (P.
PLUM TOWNSHIP
R. D. No. 2). Pa .—BONDS
making reoffering of the $37,000 3% school bond
Issue purchased by them recently, as reported in these columns at the time.
The bonds are dated Feb. 1, 1938 and priced to yield from 2.20% to 2.85%,
according to maturities, which are from 1941 to 1958, inclusive.
RICHLAND TOWNSHIP SCHOOL DISTRICT (P. O. Johnstown),
Pa.—BOND SALE—The $14,500 bonds offered Feb. 7—V. 146, p. 474—
were awarded to Singer, Deane & Scribner, of Pittsburgh.
The sale con¬
Inc., of
Pittsburgh,
are
sisted of:
$6,000 operating revenue bonds.
Due
to 1944 incl. and $500 in 1945.
8,000 funding bonds.
All of the bonds are
Jan. 1 as follows:
$1,000 from 1939
from 1939 to 1942 incl.
Due $2,000 on Jan. 1
dated Jan. 1, 1938.
SALISBURY, Pa.—BONDS AUTHORIZED—'The Borough Council
ordinance authorizing the issuance of $28,000 water works
has adopted an
bonds.
SHAMOKIN, Pa .—BOND OFFERING CANCELED—The offering
viously announced for Feb. 23 of an issue qf $75,000 improvement
canceled, according to John C. Wary, Borough Secretary.
pre¬
bonds
has been
SOUTH
tional
CONNELLSVILLE,
Pa .—BONDS SOLD—The Second Na¬
December an issue of $3,000
Bank of Connelisville purchased last
4M% Hre apprartus bonds at a price
Due $500 annually.
of 102.798, a basis of about
3.64%.
SCHOOL DISTRICT (P. O. Westfield), Pa.—BOND
SALE—The $26,000 coupon bonds offered on Feb. 8—V. 146, p. 632—were
awarded to the Green Home, of Canton, as 3s, at par plus a premium of
WESTFIELD
$1,000,
The
is not to exceed 6%, payable M. & S.
Denom.
Prin. and int. payable at the City Treasurer's office.
of Port¬
total of
approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley,
land, will be furnished.
These bonds are said to be part of a
$127,400 authorized at an election held on Dec. 3, 1937.
(This notice supersedes the offering report given in these columns
cently—V. 146, p. 953.)
re¬
bonds offered for sale on
McClearey, of Portland, as
3.17%.
Dated Jan. 1. 1938.
1, 1942 to 1947.
Due $1,000 from Jan
WILLAMETTE WATER DISTRICT
(P. O. Route 3,
Eugene), Ore.—BOND SALE—The $12,000 issue of water supply bonds
offered for sale on Feb. 7—V. 146, p. 953—was purchased by Ferris &
Hardgrove, of Portland, at par, according to the Secretary of the Board of
Commissioners.
Dated Feb. 1, 1938.
Due from July 1, 1940 to 1950;
callable in regard to bonds maturing after July 1, 1945.
SOUTH
1, 1938.
$150, equal to 100.577, a basis of about 2.94%.
Dated March
Due on March 1 as follows: $1,500, 1941 to 1949; $1,000, 1950
to 1961;
National Bank of Westfield
1962.
The Farmers & Traders
premium of $130 for 3% bonds.
and $500 in
Ore.—BOND SALE—The $6,000 issue of refunding
Feb. 7—V. 146, p. 795—was awarded to Tripp &
3Ms, at a price of 100.45, a basis of about
SILVERTON,
1115
Chronicle
bid
a
RHODE
ISLAND
NEWPORT, R. I.—NOTE SALE— The $175,000 tax anticipation notes
offered on Feb. 10 were awarded to the Boston Safe Deposit & Trust Co. of
Boston on a 0.23% discount basis, plus a premium of $2.
Dated Feb. 15.
1938.
Due Aug. 25, 1938.
The Second National Bank of Boston bid
0.31% discount.
CAROLINA
SOUTH
(P. O. Ridgeland), S. C.—BOND OFFERING—
C. J. Getsinger, Chairman, School Board Authority of Jasper County, will
receive bids until 11 a. m. Feb. 21 for the purchase at not less than par of
$50,000 school bonds.
Bidders are to name rate of interest, not to
5%.
Denom. $1,000, or such denominations as purchasers may
Dated March 1, 1938.
Principal and semi-annual interest payable at the
Bank of Ridgeland, Ridgeland.
Due $3,000 yearly beginning March
1940.
Cert, check for $500, payable to the Authority, required.
The
purchaser will be required to furnish the legal opinion and pay
JASPER COUNTY
DISTRICT NO. 32, Polk County, Ore.—
BOND OFFERING—Mrs. Elmer D. Cook, Clerk of the School Board, will
receive bids until 7:30 p. m. Feb. 15 on an issue of $4,000 4% bonds.
Dated
Jan. 1, 1937.
Due serially from 1940 to 1943.
WEST
SALEM SCHOOL
exceed
prefer.
1,
City of Philadelphia
for printing
September 16, 1975/45
Net 3.40%
4^% Bonds due
of the bonds.
105.663 & Interest to
Price:
OLYMPIA SCHOOL
PRICE
DISTRICT NO. 4 (P. O.
PAID—It is stated by the
Columbia), S. C.—
Trustees
Chairman of the Board of
school bonds purchased on Jan. 27 by McAlister, Smith
& Pate, of Greenville, as noted in these columns—-V. 146, p. 953—were
sold as 3M8, paying a premium of $480, equal to 100.96, a basis of about
3.39%.
Due from Jan. 1, 1939 to 1958; without prior option.
that the $50,000
Moncure Biddle &
1520 Locust St..
Co.
Philadelphia
S.
SPARTANBURG SCHOOL DISTRICT NO. 34 (P. O.
C.—BONDS AUTHORIZED—The State Legislature
approved
PENNSYLVANIA
a
bill providing for the
council.
TOWNSHIP SCHOOL DISTRICT (P. O. Bellefonte,
Pa.—BOND SALE—The issue of $32,000 building bonds offered
953—was awarded to E. H. Rollins & Sons, Inc., Phila¬
delphia, as 38, at par plus a premium of $224, equal to 100.70, a basis of
about 2.85%.
Dated March 1, 1938.
Due March 1, 1958; optional on
any interest payment date on and after March 1, 1943.
COLLEGE
R. D. 1),
Feb. 9—V. 146, p.
SCHOOL DISTRICT, Pa.—BOND OFFERING—
Secretary, will receive sealed bids until 6 p. m.
of $60,000 2M% coupon, registerable as to
DOWNINGTON
N. Leland Wilson, District
March 15 for the purchase
$1,000.
principal only, refunding bonds.
Dated April 1, 1938.
Denom.
Due $6,000 on Oct. 1 from 1938 to 1943, incl.
Interest payable A. & O.
A certified check for 2% of the bonds bid for, payable to the order of the
District
Tresaurer,
must accompany each proposal.
Legality to be
approved by Townsend, ElJiott & Munson
of Philadelphia.
DAKOTA
SOUTH
OFFERING—
will receive sealed
of $215,000
1, 1938.
1953 and
Prin. and int.
(J. & J.) payable at the County Treasurer's office.
These bonds are being
issued under Chapter 77 of the 1937 Session Laws of the State, the proceeds
to be used to pay off an equal amount of the county indebtedness to the
Permanent School Fund of the State.
The approving opinion of Jenell,
Dorsey, Fletcher, Barker & Colman, of Minneapolis, and the printed,
lithographed bonds will be furnished by the county.
These bonds are said
to be general obligations of the county and also payable from the liquidation
of the revenues from the mortgaged farms held by the county and from the
sale of the farm lands.
A certified check for $4,000 must accompany
DAVISON COUNTY (P. O. Mitchell), S. Dak .—BOND
It is stated by G. W. Carlson, County Auditor, that he
and auction bids until Feb. 15, at 2 p. m., for the purchase
a
issue of coupon county bonds.
Denom. $1,000.
Dated Jan.
Due on Jan. 1 as follows: $15,000, 1940 to 1952, and $10,000 in
1954.
The bonds may be registered as to principal only.
the bid.
S. Dak .—BOND
bonds offered on Feb.
FLANDREAU,
plant revenue
SALE—The issue of $10,000 3% coupon,
7—V. 146,
registerable as to principal only, underpass bonds offered Feb.
p. 144—was awarded to Singer, Deane & Scribner, Pittsburgh, at
of 102.175, a basis of about 2.57%.
Dated Dec. 1, 1937 and due
on Dec. 1 from 1938 to 1947, incl.
Other bids were:
Trust Co
Safe Deposit <fe Title Guaranty
E. H. Rollins & Sons, Inc
Glover & MacGregor,
S. K. Cunningham &
ceeds
PENNSYLVANIA
OFFERING PLANNED—Plans
$55,000,000 highway bonds. The pro¬
construct a 162-mile highway halfway
(State of)—BOND
being made for the offering of
of the sale will be used to
across the State.
are
(State
ISSUES
for
part
school
has approved
municipality,
Approved
District, Allegheny County
SENECA
S.
INDEPENDENT SCHOOL
Jan. 28
______
Paying operating expeases
and debt services
$5,000
Feb. 1
33,000
Feb. 1
400,000
Pa.—SALES TAX APPROVED OVER MAYOR'S
Council on Feb. 8 passed a 2% sales tax over
of Mayor S. Davis Wilson.
Mr. Wilsoh said he would ask the
PHILADELPHIA,
rule the tax unconstitutional.
the same as that by which
revenue measure
the tax originally was passed
to help balance the 1938 city-county
budget.
termed it a "soak the poor tax." He said a suit challenging
the legality of the tax would be filed immediately in common pleas court
on behalf of himself and his wife as taxpayers.
Council did not attempt to pass over Mr. Wilson's veto a four-mill levy
on the assets of mutual savings banks and fire and life insurance companies
with home offices in Philadelphia.
This measure was returned to com¬
mittee for further consideration.
The sales tax would not apply to foodstuffs, motion pictures, drugs,
Mr. Wilson
cigaretts, newspapers or
periodicals.
SINKING
received tenders
CHATTANOOGA,
Tenn.—BONDS PURCHASED BY
FUND—The City Sinking Fund Commission on Jan. 28
of $23,000 funding and refunding bonds in response to its
$61,000 of these bonds—V. 146, p. 474.
Including these bonds, it received tenders totaling only
issues of city bonds.
The $23,000 funding and refunding bonds were purchased at
price to yield approximately 3.86% and in accordance
the act, these bonds will be canceled.
The commission
$31,000 of other bonds on a basis to yield the sinking
advertising for
VETO—A 15-to-7 vote of City
The vote was
DISTRICT (P. O. Seneca),
$19,000 issue of 4% semi-annual refunding
24—V. 146, p. 633—was purchased by the
according to the Clerk of the Board of Education.
Due from
1940 to 1958; optional on any interest payment date.
Dak.—BOND SALE—The
sale on Jan.
bonds offered for
TENNESSEE
of purchasing or acquiring a
building; erecting, equipping and
equipping and furnishing school building thereon
Scranton City School District, Lackawanna County—
a
Jan. 31, as
county,
Jan. 1,
Towaship School District, Wayne County—
Purchasing site or grounds; erecting constructing,
by Council as
Minneapolis,
These are the bonds that were approved by the voters
noted here.
A certified chock for $300 must accompany
will be furnished.
Amount
Salem
the veto
received until 2 p.m. on Feb. 19, by John E. Loberg.
District Clerk, for the purchase of a $15,000 issue of gymnasium-auditorium
bonds.
Interest rate to be specified by the bidder.
Denom. $1,000. Dated
Jan. 1, 1938.
Due $1,000 from Jan. 1, 1939 to 1953, incl. Prin. and int.
(J. & J.) payable at a place to be specified by the purchaser. The approv¬
ing opinion of Junell, Fletcher, Dorsey, Barker & Colman, of
cost
furnishing same.
court to
SCHOOL DIS¬
OFFERING—
HARRISBURG INDEPENDENT CONSOLIDATED
NO. C-l (P. O. Harrisburg), S. Dak.—BOND
Sealed bids will be
APPROVED—'The
Date
site
4^%
the bid.
of)—LOCAL
Municipality and Purpose
—Paying
Minneapolis bid for
TRICT
on
Department of Internal Affairs, Bureau of Municipal Affairs,
the following bond issues.
Information includes name of the
amount and purpose of issue and date approved:
Lincoln Township School
Webb & Co. of
Dated Feb. 1, 1938.
to 1948; $7,000, 1949
Feb. 1, 1943. Bigelow,
bonds, at par less a discount of
$5,000.
102.00
101.33
100.786
100.57
Co
Inc
Co
PENNSYLVANIA
$1,000
Rate Bid
102.00
Bidder—
Armstrong County
a price
SALE—The $134,000 electric light
4—V. 146, p. 953—were awarded to
par less a discount of
Allison-Williams Co. of Minneapolis as 4s, at
$3,000, equal to 97.761, a basis of about 4.30%.
Due Jan. 1 as follows: $7,000, 1939; $8,000, 1940
and $8,000 from 1950 to 1955; optional on and after
the
KITTANNING, Pa.—BOND
exceed 6%
construction bonds.
CLA1RTON, Pa.—FOUR MILL TAX INCREASE—An increase in the
millage rate from 9 to 13 mills was voted unanimously recently by
The sharp rise, according to Mayor John Mullen, is necessary to provide for
payment of maturing bonds.
Previously, the Mayor said, the rate was
maintained at 9 mills, which always left a 2-mill deficit and forced the sale
of bonds in order to balance expenditures.
on
Spartanburg),
is said to have
issuance of $300,000 in not to
$102,000 of all
_
an average
with provisions of
also purchased
fund approximately
3.35%.
Tenn.—BONDS AUTHORIZED—The City Com¬
passed an ordinance authorizing the issuance of
hospital bonds.
HAMILTON
COUNTY (P. O. Chattanooga), Tenn .—BONDS
AUTHORIZED—The County Court recently authorized the issuance of
$125,000 city-county hospital bonds.
CHATTANOOGA,
on Feb.
1
missioners
$125,000 city-county
SCOTT COUNTY
County Court
(P. O. Huntsville),
has sold a
Tenn.—BONDS SOLD—The
total of $175,000 funding bonds. Citizens took
the remaining $50,000 was purchased by W. N.
$125,000 of the issue, while
Estes & Co. of Nashville.
1116
Financial
Chronicle
ROANOKE, Va.—BOND ELECTION—At
TEXAS
"News"
years
3% for the following five
1% through 1941, 2% for
4j^% for the re¬
1947 to 1976,
The readjustment plan provides for
cancellation of the levee district'tax
has accumulated against properties in
the district.
Tax state¬
ments for 1937 will be sent
shortly to all property holders of record in the
district.
lien which
The
"As
Feb.
16
street and
election to be held
issuance of $100,000
bonds and $25,000 city hall, fire station and
jail bonds.
the voters
drainage
will
be
an
ESTABLISHED
asked to approve the
NORTHWESTERN
HARLINGEN, Texas—BOND ELECTION—It
tion will be held
in
on
a
^nimhdbr, OurMman & IPhib
_____
on
result of
VIRGINIA, State of—SURPLUS PUT AT
$7,566,441—Virginia had a
surplus of $7,566,441.61 for the first six montas of the current
fiscal year,
as of Dec. 31,
1937, Comptroller E. Ii. Combs reported on Feb. 1.
Of
this amount, $5,085,791.03 was in
the general fund.
Special funds con¬
stituted the remainder of the
surplus.
The State's revenues for the six
month period increased
$6,884,247.54 over the same period a year ago,
the Comptroller said.
tax rate is expected to
produce $15,000 annually to
defray the
maintenance and operation of the district.
GALENA PARK, Tex.—BOND
ELECTION—At
a
survey made some two years
ago, the cost of the pro¬
posed South Norfolk plant was placed at $331,000 on
which a PWA allot¬
45% or $148,000 was asked and granted.
"Recently, however, a second survey was
made, in which it was esti¬
mated that the cost of the plant would be
$50,000 more than the original
figure, or $381,000 due to rising costs of labor and materials."
new
cost of
4:
ment of
years and
of their life.
tax rate assessed against
properties in the district for the purpose
of meeting principal and interest
payments on the bonds will be: 60c.
per
$100 from 1937 to 1941; $1 per $100 from
1942 to 1946, and $2.70 per $100
from
new
Feb. 23 to vote
is reported that an elec¬
the proposed issuance of
$234,000
on
refunding bonds.
AND
HOWE INDEPENDENT SCHOOL
DISTRICT (P. O. Howe), Texas
—BONDS SOLD—It is reported
by J. H. Carnes, Secretary of the Board of
Education, that the $25,000 4% semi-ann. building bonds offered on
July 26,
1937, have been sold to Geo. L. Simpson & Co. of
Dallas.
"f\
Exchange
14
a
an election scheduled for
proposal to issue $60,000 school bonds will be
submitted to the
approval.
NUECES COUNTY (P. O.
Corpus Christi), Texas—MATURITY—
It is now reported
by the County Auditor that the $350,000
county road
bonds purchased by Garrett & Co. of
Dallas, at a price of 97.50, as noted
in these columns
recently—V. 146, p. 796—are due as follows: $5,000, 1939
to 1942; $15,000,
1943; $35,000, 1945; $40,000, 1946 and
1947, and $50,000
from 1948 to 1951,
giving a basis of about 4.30%.
ODESSA, Texas—BOND TENDERS INVITED—It is stated that the
City Council will receive tenders for
$11,000 refunding bonds, Series of
1936, until March 1.
Denom. $1,000.
PARIS
SCHOOL
PENDLETON SCHOOL DISTRICT NO. 66
(P. O. Pendleton),
Texas—BOND SALE DETAILS—We are now
informed by the District
Secretary that the $10,000 school construction bonds
purchased by the
State Board of
Education, as noted here recently—V. 146 p. 796—were
as 5s, for a
premium of $400, equal to 104.00.
Coupon bonds in the
denomination of $500.
Due from 1940 to 1952; optional after
five years.
sold
_
RAYMONDVILLE
INDEPENDENT
SCHOOL
DISTRICT
(P.
SAGlNAW COMMON
SCHOOL
Texas—BONDS VOTED—It
Schools that
of the
is
„
SAN
stated
(P. O. Fort Worth),
by the County Superintendent of
at the election held on Feb.
5 the voters
ANTONIO
approved the issuance
It is said that they will be offered
INDEPENDENT
Antonio), Texas—BONDS
SCHOOL
DISTRICT
DEFEATED—At the election
(P.
O.
held
on
Jan. 31—V. 146, p. 633—the voters
rejected the proposal to issue $550,000
in school construction
bonds, according to report.
TEXAS
(State of)—TEACHERS RETIREMENT BOARD INVITES
BOND TENDERS—The Teacher
Retirement Board will call for sealed
proposals for investing
approximately $750,000 of teacher retirement funds,
the proposals to be received
by Claude D. Teer, chairman, at his office in
the Board of
Control, Capital Building, Austin by Feb. 16, at 10 a. m.
The proposals are to be based
upon the following requirements of Senate
Bill 47 of the last
regular session:
"All retirement funds, as are received
by
the Treasury of the State of
Texas from contributions of teachers and
employers as herein provided, may be invested
only in bonds of the United
States, the State of Texas, or counties, or
cities, or school districts of this
State, wherein said counties, or cities, or school
districts have not defaulted
in principal or interest on
bonds within a period of ten
(10) years."
Bonds
to be submitted in
amounts of $5,000 or more.
Each proposal must be
accompanied by financial statement of the
county, city or district on which
bond Is submitted.
Each bidder must show
yield on each offer or block submitted.
Board of Trustees will meet at
10 a. m. Feb. 18, to canvass the
The
proposals.
VICKERY INDEPENDENT SCHOOL
DISTRICT (P. O. Vickery),
Texas—BOND SALE DETAILS—It is now
reported by the Secretary of
the Board of Education that
the $80,000
building erection bonds sold last
November, as noted here at the time, were
purchased by the Continental
Illinois National Bank & Trust Co. of
Chicago, as 4Hs at par.
Due from
April 10, 1938 to 1974 incl.
SEATTLE, Wash.—BOND SALE DETAILS—In connection with the
$898,000 4\i% semi-ann. light and power. Series LU-6 bonds
to
syndicate headed by the Bancamerica-Blair
Corp., and Ballman & Main,
of Chicago, at a price of
94.00, as noted here recently—V. 146, p. 796—
it is stated by H. W.
Carroll, City Comptroller, that E. H. Rollins &
Sons; B. J. Van Ingen & Co., Inc., both of New
sale of the
a
Co.,
Inc.,
York; Stranahan, Harris
of
Toledo; Drumheller, Ehrlichman & White, of
Seattle,
Paul; Ferris & Hardgrove, of Spokane; McDonaldof Cleveland; Hartley Rogers & Co. of
Seattle; Bacon,
Stevenson & Co. of New
York; Conrad, Bruce & Co. of San Francisco;
Bramhall & Stein, of Seattle; Burr & Co. of New
York; William P. Harper
& Son Co. of
Seattle; the Wells-Dickey Co. of Minneapolis; Cray, McFawn
& Co.; Crouse & Co., both of
Detroit; Jaxtheimer & Co. of Portland, and
Richards & Blum, of Seattle, were associated in
the purchase.
Due on
Feb. 1 as follows:
$18,000, 1941 and 1942; $42,000, 1943 to 1951; $60,000,
1952 to 1954: $66,000, 1955 to
1958, and $40,000 in 1959, giving a basis
of about 4.88%.
Kalman & Co.
Collidge &
of St.
Co.
SEATTLE, Wash .—MAYOR
2uote in part of Jan. 30: from
atelligencer" as follows
"Mayor John F. Dore yesterday vetoed both the business and
occupation
and an increase in water rates—the
two measures designed by the
to bolster city revenues and return
the general fund to a cash
basis.
"Of the business and
occupation tax, Dore said he was 'convinced that
this ordinance would not
produce a dime of revenue.' "
Of the proposed increase in water
rates, Mayor Dore said:
"
'I refuse to be a
party at this time to the
raising of rates to 86,000
water users in this
city.
Of these 86,000 water users, about 75,000 use
less water than
they should use.'
"A poll of Councilmen
yesterday disclosed that the passage of the two
measures over the
Mayor's veto—six votes are
required—is problematical.''
YAKIMA,
Wash .—BOND OFFERING CONTEMPLATED—It is re¬
ported that the City Finance Commissioners will
advertise for sale about
Feb. 15. an issue of
$141,840 sewage disposal plan tbonds.
WISCONSIN
ELMWOOD, Wis.—BONDS VOTED—A
ance
of $23,000
recent
sewage
project
»»?&££££» SCHOOL DISTRICT (P. O. Ogden). Utah.—NO BIDS
RECEIVED—No bids were received for the
$150,000 school refunding
bonds offered by the district
on Feb. 10—V.
146, p. 954.
SOLD—It is reported by the
City Clerk that
sewer bonds approved
by the voters at an election held on Oct. 16,
purchased in January by the State of Utah.
$20,000
VIRGINIA
In the
past five years, John J. Wicker
Jr., President of the bridge corpora¬
tion, explained, tolls from the R. E. Lee
Bridge have reduced the original
bond issue of 1933 from
$1,700,000 to $1,500,000, which represents the
amount of
a
15-year period, the
accept new securities bearing interest at
4%,
5M%, paid on the original issue.
While the city is the sole stockholder
of the bridge
corporation, the muni¬
cipality, Mr. Wicker said, is not liable for
redemption of the bonds.
Mr.
Wicker calculates that tolls from
the Lee Bridge will
entirely liquidate the
debt in 12
proposal calling for the issu¬
approved by the voters at a
LA CROSSE, Wis .—BOND SALE— The
$47,000 park bonds offered on
Feb. 7—V. 146,
p. 796—were awarded to Harley, Haydon & Co. of Madison
1 Ms at par plus a
premium of $210.50, equal to 100.447, a basis of about
1.02%.
Dated Feb. 15, 1938.
Due Feb. 15 as follows: $16,000 in 1939
and 1940; and $15,000 in
1941.
The Milwaukee Co. of Milwaukee bid a
premium of $57 for 1 Ms.
OCONTO COUNTY (P. O.
Oconto), Wig.—BOND SALE— The $160,000 issue of 3% semi-annual
highway, series H bonds offered for sale on
Feb. 8—V. 146, p. 634—was awarded
to T. E. Joiner & Co. of
Chicago,
paying a premium of $7,266.00, equal to
104.54, a basis of about 2.08%.
Dated Dec. 1, 1937.
Due from June 1, 1942 to 1944.
NATRONA
NOT
COUNTY
(P.
O.
CONTEMPLATED—We
are
Casper),
Wyo.—BOND
ISSUANCE
informed by the County Clerk that the
Board of County Commissioners have
decided that no bonds will be issued
for at least serveral
months to come, correcting a recent report that an issue
of $150,000 fair
ground bonds was scheduled for the near future.
CANADA
BRANTFORD,
Ont .—BOND SA LE—Domini on
Securities
Corp.,
Toronto, recently was awarded an issue of $50,000
3H% refunding bonds
at a price of
100.58, a basis of about 3.43%.
Dated Dec. 31, 1937 and due
$2,500 on Dec. 31 from 1938 to
1957, incl. Other bids were as follows:
Bidder—
Midland Securities
Corp
J. L. Graham & Co
.
RICHMOND, Va.—BRIDGE BONDS TO BE SOLD BY RFC— The
following news item is taken from the Richmond
"Dispatch" of Feb. 4:
The City of Richmond stands to
save $22,500 a year
through the sale of
the entire issue of Richmond
Bridge Corporation's bonds by the Reconstruc¬
tion Finance
Corporation to a syndicate composed of
Mason-Hagan, Inc.
of Richmond and A. C.
Allyn and Associates of Chicago, Mayor
Bright
said yesterday.
years.
was
as
.SANDY, Utah—BONDS
bonds acquired by the
syndicate.
In consideration for the
reissue of the bonds for
syndicate has consented to
bonds
election.
WYOMING
small blocks by local
Investors.
instead of
VETOES PROPOSED CITY TAXES—We
an article appearing in the Seattle "Post-
City Council
UTAH
OGDEN, Utah—BONDS
SOLD—It is now reported
by M. L. Critchlow,
City Auditor, that the $110,000
6% semi-ann. Paving District No. 158
bonds offered for
subscription on Dec. 15, as noted here, were
purchased in
were
Washington
tax
DISTRICT
$30,000 4% construction bonds.
during the latter part of March.
San
SEATTLE
WASHINGTON
O.
Raymondvilie), Texas—BOND ELECTION—An election is scheduled for
Feb. 19 at which a
proposition to issue $20,000 school
building bonds will
be submitted to the voters.
MUNICIPAL
KING COUNTY SCHOOL DISTRICT NO.
147 (P. O.
Seattle),
Wash.—BOND SALE—The $21,000
coupon building and auditorium bonds
offered on Jan. 31—V. 146, p. 634—were awarded
to State of
Washington
on a bid of par for 4s.
This was the only bid received.
Due serially in
from 2 to 23 years, subject to call after
one year.
&
DISTRICT
(P. O. Paris), Texas—BOND CALL—
It is reported that the entire
issue of high school, series A bonds are
being
called for payment at
par, at the First National Bank of
Paris, on Feb. 10.
Due on May 10, 1959.
1921
CORPORATE SECURITIES
Building
McKINNEY, Texas—BOND ELECTION—At
Feb.
voters for
on
obtained by the Virginia Electric &
of the bondholders.
The old bonds were issued on June
1, 1928, and have
been in default as to principal and interest of
5M% since Oct., 1931.
The new bonds will
carry an interest rate of
next five years,
held
Power Co.
Its dismissal clears the
way for the South Norfolk project:
but the South Norfolk City Council has
not yet decided definitely to under¬
take it.
Issuing of $6,000,000 refunding bonds for the City and
County of Dallas
Levee Improvement District,
carrying a lower rate of interest than hereto¬
fore, was authorized Monday by the Dallas
County Commissioners' Court.
The new bonds will be exchanged for those
outstanding against the dis¬
trict in accordance with a plan of
readjustment approved by a majority
The
be
"Dismissal was the result of the
Supreme Court's decision validating a
similar grant to the Duke Power
Co., which automatically upheld a large
number of similar allotments over the
country.
"The South Norfolk injunction was
DALLAS LEVEE IMPROVEMENT DISTRICT
(P. O. Dallas), Texas
—ISSUANCE OF REFUNDING BONDS APPROVED—'The Dallas
the
1938
12,
to
"An injunction against a Public
Works Administration allotment of
$148,000 to the City of South Norfolk, to be
applied toward the cost of a
proposed municipal power plant, was
among four dismissed yesterday by
Justice James Bailey in Federal District
Court in the District of Columbia.
construct and maintain in said county.
maining 25
election
SOUTH NORFOLK, Va.-PITA
PROJECT CLEARED OF INJUNC¬
TION—We quote in part as follows from
the Norfolk "Virginian-Pilot" of
Feb.
CAMERON
COUNTY
(P.
O.
Brownsville), Texas—RFC LOAN
AUTHORIZED—A loan of .$235,000 has been authorized
by the Recon¬
struction Finance Corporation for the above
county, to purchase right-ofways for the floodway which the International
Boundary Commission will
of Feb. 1 carried the following report:
an
March 22 a proposition
calling for the issuance of $5,000,000 water works
purchase bonds will be submitted to a vote.
BRAZORIA COUNTY (P. O. Aneleton), Texa+-BOND
ELECTION
POSTPONED—It Is stated by Floyd Enlow, County Judge, that the
elec¬
tion which was scheduled for Nov,
20, 1937, to vote on a $300,000 Issue of
bridge bonds, as noted In these columns, was indefinitely
postponed.
.
Feb.
A. E. Ames & Co
Rate Bid
Biddpr—
100.27 R. A. Daly & Co
Par
Wood, Gundy & Co
Rate Bid
99.47
99.11
99.75
ST.
MARY'S, Ont.—OTHER BIDS—The $10,000 4% improvement
bonds awarded to
Pezzack, Pepall & Hara of Toronto, at 104.40, a basis of
about 3.13%, as
previously reported in these columns—V. 146, P- 954—
were also bid for as
follows:
Bidder—
Dominion Securities Corp
Harrison & Co
Harris, Ramsay & Co
Rate Bid
Bidder—
103.26 J. L. Graham & Co
103.10
Midland Securities Corp
Rate Bid
„—102.775
102.67
103.02
TIMMINS, Ont.—BOND SALE—An Issue of $357,000 4^% bonds was
sold privately to an account
composed of McLeod, Young, Weir & Co.;
Harris, MacKeen; Goss & Co., and Draper Dobie &
Co., all of Toronto.
Dated Dec. 1, 1937 and due
serially on Dec. 1 from 1938 to 1957, incl.
The bonds were issued to finance
various local improvements.
The bankers
re-offered the 1948 to 1955 bonds at a
price of par and accrued interest.
@FedFRASER